Company registration number- 04044936 Charity reglstration number.. 1087445 NORTH MUSIC TRUST (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025 North Music Trust Contents Reference and Administrative Detall8 1 to2 Chalr's Slat8ment Trustees, Report 41020 Independent Auditors, Report 21to24 Consolldaled Statement of Flnancial Acllvltles 25 Consolldaled Balance Sheet 26 Company Balance Sheet 27 Consolldaled Slalemgnt of Cash Flows 28 Notes lo the Financial Statements 291054 Comparallve Consolldated Statement of Flnancial Actlvllles 55 North Music Trust Reference and Administrative Details Trustees Slr Martin Narey, Chair Ireslgned 31 December 20241 Roy McEwan-Brown OBE, Vlce-chair (resigned 31 December 20241 Michael Barker {reslgnéd 10 July 2025) Darren Collins (resigned 10 October 20251 Emily Cox MBE, Interim Chair Emyr Dance (resigned 31 December 2024) Suba5his Das (resigned 31 December 20241 Gabriel Day Hllary Florek Ireslgned 31 December 20241 Jacquellne Hodgson Young Kim Ireslgned 31 D8cemb8r 20241 Joanna Lawson Ruth Lyon Jane Spiers Tony Wadsworth CBE Alfred Whlllis Ire51gned 31 December 20241 Eleanor McGreevy (appointed 21 March 2025) Rory Cowen lappolnled 21 March 2025) Pula Darbarl lappoSnted 21 March 2025) Margaret Scott lappolnled 13 September 20241 Dale Owens lappoinled 10 Oclob8r 20251 Andrew Haldane lappolnled 1 October 20251 So¢r8tary Fraser Anderson Senlor Management Team Wendy SmSth, Cr881ive Director James Thomas, Director of Royal Northern Slnfonla & Classl¢al Programme Jared Bowers, Chlef Operatlng Offlcer Ilolned Dec 20241 Fraser Anderson, Inlerlm Chlef Executive Offlcer Regl8tered OffSce Sl Mary's Square G8leshead Tyne & Wear NE8 2JR The company Is Incorporated in England & Wales. North Music Trust Reference and Administrative Details Company Registratlon Number 04044936 Charlty Reglstratlon Number 1087445 SolScltor8 Muckle LLP Time Central 32 Gallowgale Newcastle Upon Tyne Tyne And Wear NE148F Bankers Barclay5 Bank plc Percy Street P6rcy Street Newcastle upon Tyne NE14QL Audltor Azels Audlt Servlces Bulman House Reg6nl Cenlre Gosforth Newcastle upon Tyne NE3 3LS North Music Trust Interim Chalr's Statement As Interlm Chalr of the Board of Trustees, I'm proud to share thls review of 2024125 at a plvotal moment In The Glasshouse's Journey - one that celebrates 20 years of extraordlnary Impact and looks ahead with bold ambition. Over the past two decades, The Glasshouse has made a remarkable contributSon to the UK and beyond: Nearly £1 billlon In comblned economlc and social value £681.2 milllon added to the UK economy Thls year alone we added £14.1 million In soclal value through educatSon, Incluslon and communSty programmes. Over 20 years it's In the reglon of £282 rnllllon 8 mllllon people reached through live muslc 1 .8 mlllion engagements wlth young people that have sparked creatlvlty and confldence These numbars are Impressive but the real story Iles in the lives transformed, th8 communitles str8nglhened, and the futures shaped through muslc. A8 we enter our thlrd decade, we're setting our Blghts even higher. We've deflned four bold goa55 that reflect our valu8$ and our potentlal- 1. Launch a new Muslc Academy to open the door to a Ilfe of muslc from the very b8glnnSng. 2. Become the most flnancially aocesslble muslc centre In Europe, ensurlng no one Is prlced out of partlcSpation. 3. Enler our mosl Grealively ambitious Ora, enabllng artlsls - local and global lo do thelr besl work. 4. Invest in our Sconic buildlng, so It continues lo Inspire and welcome for generations to come. These ambitions are rooted in a simple but powerful belSef'. muslc Is not a luxury - it's 8 vlt81 force for loy, confld8nce, connectlon, and growth. Thls annSvers3ry year offers another moment for reflectlon. After years of dedlcated servlc@, Slr Martln Narey stepped down as Chair in December 2024. His unwaverlng bellef In th6 power of music and hls d8ep commllmenl lo Ih8 North East have h6lped shape The Glasshouse Snto the organisallon we are today, On behalf of the Board, l extend our heartfelt thanks lo Martln for hls wlsdorn, generosity, and visS0n. Nong of thls would be posslble wlthoul the Incredlble team at The Glasshouse whose dedlc8110n, creatlvlty, and bellef In what muslc can do powers everyihlng we 8chSev8. The Gl3sshouse Is more than a v&nue - It's a movement. And wlth your support, wa're lust geltlng arted. Co BE Interim Chair North Music Trust Trustees, Report Year ended 31 March 2025 The trustees of The Glasshouse are delighted to present our annual report together with the audited flnancial statements of the North Muslc Trust for the year 1 Aprll 2024 10 31 March 2025. Thls report not only serves the purposes of both a Irust6es' report and a slra16glc and director5, report under company law - It also highlights our achi8vemen15 and progress ov8r the year. We confirm that our annual report and financlal stal8m8nls me&t all curr8nl legal requir6menls, align wlth our governlng documents, and adhere to the relevant standards for charity accounts in the UK and Ireland IFRS1021. Objectlves and actlvltleo What is The Glasshouse? We're a home for Ilve musl¢ lovers outslandlng musSc. 8 place where absolutely anyone can enjoy and create Our Charltable obJectlve8 are: To promote and dev61op the enloymenl, practlce and underslandSng of muslc, and the edu¢atlon of the publSc In th8 underslandlng and appreci8tlon of the arts., The provlslon and maintenance of The Glasshous8 Internallonal Centre for Music as a base for producllon, presenlalion, partScipatlon, enloymenl and understanding of muslc, and as 8 fully accesslble centre In whlch the public may explore, understand and enjoy them., To fost8r awareness, knowledge, underslandlng, appreclatlon ané partlclpalion In folk and traditional 8rt9', To brlng together, malntaln and promote muslcal ensembles Includlng professlonal orchestras, paylng parllcular regard to the repertolre for the chamber orchestra, and the tradlllonal music of the North of Englend, the UK and beyond., To provlde and promote educBtlonal courses, programmes and acllvllles in a broad range of muslc for the benefit OF the people of, but not exclusively, the Northern reglon., To achieve excell&nce in ils work locally, reglonally, nationally and Internationally with all forms of music. Thls rnean8 that We bring some of the world's best muslc lo people in the North East hostlng top-notch gigs and concerts in our own venue, In communilies across the reglon, and online. And we support people in the North East to create some of the world's best music runnlng classes for all ages and stages, nurturing new artists, and sharlng our orchestra wlth audlences acros5 the globe. North Music Trust Trustees, Report Why does our work matter? Because music is mighty- but not everyone get5 the same chances to benefll from it. From boosting confidence and concentration to ban15hing lonellness and stress, muslc rnakes a practical dlfforence In people's lives every day. So we're maklng sure that anyone can grab hold of the pow&r of muslc - no matter where you're from, how old you are, how much money you have, or what challenges you face. AchSevements and performance Headllnes Muslc Ilves and grows here. The Glasshouse is a home for live music lovers from dlehard fans, aspirlng artists, and lambourlne-shaklng loddlers. to rock legends, pop Icons, and our own acclalmed orchestra, Royal Northern Slnfonla. Wlth top-nolch glgs, concerts, and classes every week - In our home at Gateshead Quays, out In communllles across the North East, and onllne anyone Can loln us In cr8atlng and celebratlng outstandlng rnuslc. And as a ch8rlty we're focused on maklng sure all of th8t is available to anyone no mattar where you're from, how old you are, how much money you hav8, or what challenges you face. Audlences and programme Numbers don't qulte capture the magic of Ilve music, bul they do capture just how busy we've been. We put on 462 Indlvldual performance events and reached over 2.2 mllllon people in person, vla radlo, and onllne. And lo make sure the doors are open lo everyone, we gave out nearly 20,000 free or heavlly dlscounted tlckets for locals who've never been before, young people, those out of work, and people faclng hardshlp at Chrlstmas, and we were part of Gateshead Councll's Warm SpaGes network. Flnance We're sllll experlenclng rislng costs In rLtnnlng our bulldlng and activitl8s. We've Improved the performance of our core model and are generating more Income. But to stay ambltlous and suslaSnable In our third decade we need lo make another gear change the Income we generate. We are targellng further growth In fundraisSng, box off Ice, and tradlng income. Revlew of actlvltle8 Muslc Ssn't just something that happens on our stages. Il's In our audlences slnglng along, it's Sn babies comlng lo theSr first cla55es, It's In the 100-year-old practlclng her gultar, It's In the schools and In the parks, It's beaming digitally across the world. We don't lust host music. we're th8 place for livlng This year we put on 314 gigs at Th@ Glasshouse and 82 gigs out and about beyond The Glasshouse. For a live audience of 200,000 and over 2.2 mlllion through broadcast and stream. WB held 11,825 courses, classes and workshop5 for all ages with attendance of over 88,500. We also supported 320 up and coming artlsts and worked with over 50,000 young people in school projects. Artistic Programme North Music Trust Trustees. Report In June 2024, we welcomed back the weekend-long BBC Proms festival, and It was bigger than ever. More than 5,000 music lovers ncluding 500 young people loined us across 8 concerts. From Jordan Rakei and Royal Northern Sinfonia, to Fantasies Myths and Legends, and from Night Tracks Llve lo BBC Introducing. The critics loved It., our audlences raved about it. Fanlastic venu8 - éxcellent Vl8w of the p8rformanc8 and excellent 8coustlCS and above all 8 f8ntastlG performance by Jordan Rak818nd Ihe Roy81 Northern Symphonia. - Audience member There were sold-out concerts across the board. We took the seats 'oot' for Richard Hawley, Publlc S6rvlce Broadcasting was heaving, and Lea Salonga performed lo a hall full of exclted new bookers. Teaming up with our nelghbours at GemArts allowed u5 to spotlight the best classlcal Indian muslc through Rlverslée Rag8S. In November we announced our new Artlstlc partners The Unthanks, Corlnne 8alley Rae and Marla Wltsszczowska. Over the next three years CorSnne, Marla and The Unlhanks wlll create new work, champlon the muslc of emergSng artSsls, and work alongslde The Glasshouse's Make Muslc educatlon team lo inspire and engage young peopl&. These exci1Sng new partnerships will spark new Ilnks between artlsts, audiences and venues In the North East. '1 m re811y excited about this partnership with The Gl8sshous8 because It s a step into the unknown. Thr88 y8ars is a long time,. il gives me e r881 opportunity to dream and schgmo and do something Ihat I haven I done b9fore, There s a lot of timo and sp8ce here,. it s a place I can let my Imagination run wild, which is very exciling., Corinne Bailey Rae Royal Northern Slnfonla, led wlth gusto by Prlnclp81 Conductor Dlnls Sousa, conllnues to go from strength to strength. They played at home and away, In concerts halls and communlty centre5 from Barnard Castle to Brlstol, and they beamed Ilve Into people's Ilvlng rooms. Share th8 Stage brought log8th8r nonprofessional musicians and slngers wlth Roy81 North&rn Slnfonia and The RNS Chorus for a movSng performance of Mlchael Tippet's Child of Our Time. 'Share t17e Stage exlsts Èo brlng onto the Glasshouse's slaggs enÈhusi8Stic amateurs who'd nev6r nom78lly have Ihe chance to porform alongsidg the prof&ssion8ls of th8 Royal Northern Sinfonia, The Glasshouse's resident orchestra, and it was clear from the almospherg in the hall thal this wasn't just a r@gular concert., The Times Although Royal Northern Slnfonla call The Glasshouse home, we are very proud that more than 500 of Royal Northern SSnfonia gigs look place outslde The Glasshouse. More than half of this lourlng was to venues In postcoées wilhln the lowest 300/0 of deprlvatlon Indlces. We know that It matters who folk see on our stages and we're commltted to championlng those underrepresentgd In the music industry. We've backed aspiring women conductors alongside our friends al the Royal PhSlharmonlc Society. Our commitment lo gender balance through our Keychange pledge remains a lop priority. Our Recruillng Classical project working with Black Lives in Music and other UK orchestras has expanded lo include wind players. And 86 % of those who engaged with our artist development programme were from underrepresented groups. Our concert series From The Glasshouse brought audlen¢es a garden of muslcal delights, including homegrown talent, wlldflowers from further afield, and new muslc. Through resldencies. stage tlme, rehearsal space, flnancial support, expert advice and networking opportunities, musScians were able to try new things, get gig ready, write new music, and connect with fellow musicians and industry contacts. North Muslc Trust Trustees, Report Last year's Arti5t5 In Residence showcased the results of thelr hard work. Hayden Thorpe recorded wlth Royal Northern Slnfonla and created The Hlde, influenced by the natural word around hlm. Fay Maccalman developed her AV installation 'lnv151ble Real,, highlSghtlng anonymous experiences with mental illness. She turned a dreamllke subconscious spaGe into an expanded Ilve experience with ethereal visuals and music for a brand-new ensemble of muslclans. The resid6ncy has boosted my Gonfidence as a composer and planner. I hop8 to take Invisible R881 to different venues, continually learning from now surveys and experiences. l also plan lo record new albums with my band, Archipelago, and my solo work. This period has been inspiring, challenging, and exciting, and I look fO￿ard to continulng this creative journey., Fay Maccalman New Artlsts In Resldence Frankle Archer, N8lalle Sharp, and ako were chosen from an Impresslve range of appllcants from acros5 the region who answered an open call out looklng for the most excStlng artlsts In the North to explore what happens when muslc and digltal creatlvity colllde. Working wlth our partners at Newcastle Unlverslty, Medla16, and PROTO'S Advanced Muslc ProduGllon IAMPI these artists will gel support and Irainlng lo make turn th81r Idea5 Inlo reality. Our Young Programmers made creative d8cisions behind the scenes. The58 16- 10 25-year-old local music lovers had 8 say in who's on our stages and how we do Ihlngs al The Glasshouse, plcking up new skills and new friends along the way. 'I'v8 been part of the Young Progr8mm8rs group sln¢o M8rch 2021. Not only has il been insightful to learn about how an arts organis&lion works, il has 81so allowed me to flnd more amazing opportunities to be Involved In the North East muslc Industry. 11 h8s glven me transferable skllls which I've taken into my car88r' . Adam, Young Programmer Mak8 Muslc '1 feel so grateful to have thls am8zing facility in my Ilfe.. it has enriched 8nd expanded my life so much. It is extrem81y importont to me and 8 very G6ntral elem8nt in my daily Ilving., M8k8 Muslc P&rtlClP8nl Stars don't lust grace our stages, they work wlth our young people too. For ex8mple, Royal Northem Slnfonia have been working even more closely wSth our In Harmony Programme Ihls year, and aspirlng Jazz artists had the opportunity lo take part In 8 workshop with Jamle Cullum. Young people look centre stage throughout the year. In July we ended the Make Musl¢ academic year wlth a weekend celebratSon of young people's muslG-making, Includlng a slde-by-slde performance wlth Young Slnfonia and Royal Northern Sinfonla. Volces of the Rlver's Edga, our inclusive choir for 18-35-year-olds, join8d five choirs from around Ihe country to perform Handel's Messiah at the Royal Albert Hall for a BBC Prom choral day, broadcast live on BBC Radio 3. And more than 2,300 chlldren from 64 local schools sang theSr hearts out at aur annual Big Sing. Adults got Iheir weekly dose of stress busting muslc from classes ranging from West African percussion to Elizabethan MadrSgals, a contlnued range of live streamed classes, and On Demand packages. We dellvered 11,825 Make Music 5e55ions aGross the whole programme wlth over 88,500 attendances. Digital North Music Trust Trustees. Report Thls year, we expanded our dlgit81 commissloning work, building on the Success of our free livestreams and onllne Make Muslc classes. Taking Inspiration from the magical world of composer Maurlce Ravel, we launched our very flrst In-bulldSng dlgltal-led inst8llalion in Aprll 2025 The Mother Goose Series. Created by the brllllant artist James Bulley and co-produced with Medlal&, thls enchanting experience invited visStors lo step into beloved fairy tales Ilke Sleeping Beauty and Beauty and the Beast. Through a series of soundboxes filled with nalural textures, collage, field recordings, and beautiful music performed by Royal Northern Sinfonia and Musl¢ Director Dinis Sousa, th8 stories truly came lo life. We also supported three Incredible emerging musicians Frankle Archer, Nat Sharp, and ako through this year's Artist Residence programme. Over 8 10-monlh journey, they explored the excltlng posslbllltSes of dlgltal technology in music-making and perforrnance. Wlth sUPPOrt from Newcastle Unlverslty, Medlale, and the Advanced Media Productlon (AMP) Studlo al PROTO, they learned new 5kllls, experlment8d boldly, and pushed cr8atlV8 boundaries. Thelr final showcases in June were nothlng short of spectacular featuring 6verythlng from crg8tlv8 codlng and modlfled game con501es lo VHS manipulation, CGI, sensory Inslallalions, and tactile tech. Through these Innovative tools, they explored powerful Ihemos 1Ske hyper-consumerism, our relationship wSlh Al, d15abllily, and womanhood magic. all with Imagination, heart, and a spark of digSlal Envlronmental rasponslblllty The cllmate crlslB Is a critlcal threat to our audlences, artlsts, reglon, and planet. That's why we've mad8 a pledge to be nel zero by 2030. W8're sleadlly r8du¢lng our carbon emisslons lo a mlnlmum by 2030. After that, we'll contrlbule to local rewlldlng projects that capture carbon to offset whatever 18 left. So, when people come to us, they'll know we're not lust looking after them, but the Earth loo, Our journey lo net zero Involves working wllh artists and audiences, as well as maklng changes lo our buSldlng. 11 won't Come as a surprlse the bullding lakes a lol lo k8ep golng, and al 20 years old, there's lots lo upgrad9. Plu5, we're out on lour, and all that fuol adds up. Measuring and reportlng on our c8rbon emlssions since 2013 has helped us168rn where to focus our efforts. We encourage people altendlng concerts and events at our venue to use publlc transport for example wlth fr88 Metro tickets for concert goers and by sharSng local publlc transport Info on our websSte, Our energy is generated round the corner at Gateshead Distrlct Energy Centre renewable 5018r pow8r and an innovatlve mlne water heal pump. they use local Joining with Music Declares Emergency and LIVE Green Is one way we're worklng hard lo mak8 change in the music sector. We're taking part in local environmental action a5 part of Net Zero North East England. We have an Environmental Action Plan which acts as our annual to do Ilst. We were awarded Gold standard by Green Meetings, verifylng the envlronmental credentlals of our Conferences and Events. They assessed everythlng from our plans and the energy we use through to the food we serve and the Ingredients in our hand soap. North Muslc Trust Trustees, Report We're worklng to reduce our orchestra's tourfng emissions by setting annual carbon budgets and experlmentlng wlth lower Garbon ways to travel. We're Investing In th8 energy efficiency of our bulldlng and equlpment so we're re8dy for the future. Everything from the plant equlpment that rnoves alr and heat around aur building, to the bespoke LED lightbulbs w8've fltled in our halls. We're on 8 mission lo reduce water usage. We've been fitting aerators to our 250+ slnks, savlng c.750 litres of water per minute at p8ak times like Intervals in concert5. And because muslc can change hearts and mlnds, we put music about the cllmate crSsis on our stages. The Hide saw singer songwrit8r Hayden Thorpe write new muslc inspired by hls experlences In nature. He recorded with our orGhestra, Royal Northern Sinfonl8, and the new music was experienced Inslde a Ilfe-slzed bSrd hSde bu511 on our concourse. Our greenhouse g8$ emlsslons and energy conBumptlon for 2024125 were.. Dlrecl greenhouse gas emlsslons for the year were 1,003 lonnes C02e Tot81 energy use was 3,324,952kWh spllt balmeen 1,918,424kWh eleclriclly, 1,705,360kWh h8al, and 77,511 kwh gas Inol weather normallsedl This has been calculated wlth help from our friends al JulSe's Bicycle and IheSr Crgative Gre8n loolklt. We track energy and waler usage, fuel used by vehicles we own, the waste In our bln8, and travel from our staff and audiences. Equlty, Dlver81ty and Incluslon 20 years ago, Incluslon was one of our foundlng prlnclples, and Il's stlll al the he8rt of everyih5ng we do. We want lols of volces to shlne brlght. Thls goes for our team, the 8rtSsls we support and put on our stages, and the muslc lovers who come to hear and make musSc wlth us. Knowlng our communltles, we focus on maklng sure people from dlfferent backgrounds and wlth dlfferenl abllStles can loin in. Because for lols of peop58, money's light, or they have difforent access requirgment5, and IhSs should never Stop us from enjoying music, or making a career out of It. It matters who we see on our stages. Here are some of the thlngs we have been dolng thls year. We chalred a new North East Culture and I46rilage Poverty Proofing group, In partnershlp with Children North East. Wo're sharing experiences and ideas with other local cultural organisations who've been through the Poverty Prooflng process lo see what we can learn together, and to Use our collective voSce for change. We want to become the most affordable music centre in Europe. Recrulting Classical is growing In re8¢h beyond strlng players, wSnnlng awards, and being recognised as drivlng change in raGlal diversity In the UK'S orch8slral sector. Over 650 North East newborns ben@fitted from our Music Pass, which gives them free music vouchers lo use in the first 10 years of their Ilves. We want everyone to have the chance, no matter how much money they have or their background, We're working to become a Theatre of Sanctuary, welcoming local refugees and asylum seeker5. We ollaboraled with The Comfrey Project on a gardening club for the greenery inside The GI8S5house, and we offered free tickets to gigs to asylum seeklng familles to bring people together. North Music Trust Trustees, Report And we made sure local people can live their best creatlve Ilfe. Young adults with addltional needs and disabilities played, sang, and experSmented wSlh tech during thelr music w8&kly sessions. Over half of the young people on our Make Music programme recelved a bursary. And more than 50 % of all our tlckets were under £32. 25 Young Programmers and two young trustees gol involved in shaping what happens on stage. All th15 means that p6op18 from across the cornmunity can mak8 The Glasshouse Into their stage, have a say in what happens here, and live their verslon of creativity. Performance agaln8t Strateglc Alms 1. Belng creatlve In the next flve years... Wllh artlsts, muslcSans and other creatlve folk we'll share brlllSanl Ilve muslc that st8nds out from the crowd. Audlences wlll be entertained, enthralled and come from all walks of Ilfe. PIGk up a glg gulde or scroll the Royal Northern Slnfonla webslte and you'll see an Internallonal programme with a proud Norlh Easl acconl. Thls'll happen at home In The Glasshouse, across the North, further afield, and through a growing dSgllal presence. Our famou5 muslc cenlre, wlth Its fantasllc facllllles, muslc lovers and learn8rs, and awe-insplrlng artists will Greate a home for1Sve muslc where we all feel welcome. A place where muslc Ilves and grows. 10 North Music Trust Trustees, Report For Ihls year we focused on... Gettlng more people to see live muslc on our stages. Buildlng local support for Royal Northern Sinfonia's concerts across th6 North - part of our promise to brlng muslc direct to communities. Working with a small number of big-nam8 artists to develop cracking new collabor8tions. 2. Supportlng breakthrough artlsts and all muslc makers In the next flve years,.. Whatever you want to do In music The Glasshouse wlll help make It happen, For th15 year we focused on Making St easler for people lo make muslc wlth the latest dlgltal tech, wlth some cracklng new P8rtners like Medlale, Offerlng frlendshlp and support to artlsls who have extra challenges placed on Ihelr p81h, Ilke women conduclors15tlll Rn all-too-rare slghtl and 8rt1sts struggllng lo make ends meet. 3. The Glasshousa experlenc8 for muslc lover8 In the next flv8 years. We're savvy business folk wllh a keen eye for commerclal opportunities. Thls In the $8rvlce of brlnglng everyone whalever Iheir background or income - the joy and nourlshment of Ilve music. For thls year we focused on Gettlng as many people comSnG to Ilve music as we did before the pandemlc. Asklng everyone to champion and support colleagues who are maklng the sale and tell our story we're one volce. Puttlng on more shows to appeal to people who are a blt younger. 4. Worklng together In the next flv& years..- We'll work together to Ilve our values and care for our culture. This'll help us be brllllant at servlng audiences. We'll also create new rout8s into car8ers In the cultural Industries. North Muslc Trust Trustees, Report For this year we focused on Startlng a new project Ilnklng our values, behaviours, audSence experience and organlsalion design we're currently calllng these things 'The Glasshouse World,. Updatlng some of our HR systems. 5. Bulldlng to support our mlsslon In the next five years... We'll gSve our 20-year-old bulldSng and facillties some TLC, ensurlng we can keep our doors open and stages humming with Ilve music. We'll a150 get fully back on our feel after th8 pandemic, creating as much financial and human value from music as possib5e. For Ihls year we focused on Worklng 88 one team to g818s much value as possible from our evenl spaces, Taking our loyful new brand and ensurlng Ihls15 fell by audlences In all Ihelr Interactlons wlth us. 6. Telllng the world our story In the next flve years... We'll us8 our new br8nd lo shout about the difference music can make to peopl8's Ilves and why thls Is important. For Ihls year we focused on Making the case for culture to people who declde or Influ8nce our counlry's and communlty'8 prSor1116s all of us Can do somelhlng lo help, Ensurlng as many people 8$ posslble are aware of our new name, and buSldlng up the brand so people feel good about It. 7. Havlng money to spend where It matters In the next flve years... We'll be financially sustainabl8, m8ximlslng the money we get from our live events, whlle also unearthlng new sources of bankable Income. For Ihls year we focused on Building the fundraislng team. Plannlng an 8xpanslon of our commercial company's plans lo generate income that supports our charity. Hilling income targets for the yearl 12 North Music Trust Trustees, Report Duty to promote the success of the company to achieve Ils charitable purposes The trustees bolleve, both individually and as a group, that they have acted In good falth and In a way that they belléve will best promote the success of the Gharlty for the benefit of all its members. They have considered several important factors, Sncluding.. The long-lerm cons8quences of any decislon, dlscussed In the Rlsk Management sectlon on page 14. The Interests of the ¢h8rily's employees, d8talled In th6 Equlty, Diverslty, and Inclusion 5eclSon on page 9 and the Worklng Together section on page 11. The Smportance of fosterlng good relatlon5hlps wllh third-party stakeholders such as funders, 8udlences, artlsts, partner organizallons, slatulory bodles, and the government, whlch Is hlghllohled throughout the report. The Impact of the charlty's operatlons on the communlty and the envlronment, speclflcally covered In the Envlronm6ntal Re5ponslb1151y section on page 8 and th8 Publlc Beneflt sectlon on page 17. The importance of malnlalnlng a repulatlon for hlgh standards of buslness conduct, BS dlscussed In the Financ181 R8vlew on page 13. The need lo act falrly among all members of the communlty, ensuring everyone 15 fully represented. In cansiderlng these factors, the trustees alm to ensure the charlty operates in a way th8t benefSls everyone Involved, Flnanclal revlew Flnancl81 performance We make a dlfference In our communltles through muslc, but we're also fln8nci8lly savvy. We don't rely on one Income source to support our charitable work Instead we balance lots of dlfferenl Ihlngs. We make money from selllng tIGkets, food 8nd bevvles, and from hosllng conferences and even15. Vve g6t inv851menl from government, and 5UPPOrt from businesses, trusts and foundallons, and p80pSe 811 over th8 region and beyond. In 2024125, 27D/o of our income is from grants, philanthropy and endowments, 19.8D/o from public sources, 35.50/0 from eamed income and 17.7 % from tradlng. 13 North Music Trust Trustees. Report Fundra151ng Fundralsing Is a vital part of our flnancial mix. As we navlgate rlslng Costs, our communlties and audlences are also faclng tough challenges. Phllanlhropic GonlrSbutlons mean w8 can continue our charStable work for chlldren, young people, artists and local communitles. We are deeply grateful lo The Foyle Foundation for their transformative £2 milllon donation lo our endowment, ensuring support for our work wllh young people in perpetuity. Wé are grateful that Arts Council England and Gateshead Council lour two statutory fundersl, have malntained their grants to us desplte the straSns on their own budgets, We want lo sSncerely thank our Founding Patrons, Foundlng Endowment Donors, Frtends and Ch8mpSons of The Glasshouse, Frlends, Champions and PrlncSpal P8rtners of Royal Northern Slnfonla, as well as everybody who donated onllne, Every donatlon from Indlvldu81s, Institutions and comp8nles help5 us provSde world-class muslc and Ilf8-changlng rnuslc-maklng opporlunilles lo people across the North East. Trusts and Foundatlons 29th May CharSlabl8 Trust, Barbour Foundatlon, Catherine Cookson Charitable Trust, CommUn￿tY Foundation North East, D'oyly Carte Charitable Trust, Esm88 Fairbairn Foundation, Foyle Foundation. Garfield Weston Foundation, Hadrlan Trust, Harrlson Frank Family Foundation, Hlnrlchsen Foundation, The John Horseman Charitable Tru51, Kavll Trust, Marchus Trust, Nelherton Park Trust, Percy Hedley 1990 Charitable Foundation, PRS for Muslc Foundallon, Shears Foundation, Slr Jarnes Knoll Trust, St Nlchol85 Educatlonal Trust, Swlre Ch8rltable Trust, WA Handley Charlty Trust, Wolfson Foundatlon Corpor818s.' Adklns & Cheurfi, Asplre Technology SolutSon5, Explaln Market Research, Gr8ggs Plc, Henry Colbeck, Isis Facillty S8rvlces, LWC Drinks, Molson Coors, Nexus, Northern Elevator, PSoneer Foodservice, Sage Plc, Solullon Group, Zerolighl, Power Wholesale, Unilink, Northumbrlan Water, FenwSck Commerclal Events and Hlre$ As the reglon's prime conference spot, we greeted over 26,000 delegates, often introducing them to the North East. Profll from this area of our work is glfled across lo the charlty 8nd conference organisers know that holding thelr event 8t The Glasshouse supports our work In the region and beyond. 49 events took place in 2024125 {2023124.' 59) with a contract8d value of £1,123,553 12023124- £741,573), It'5 also th& flrst time In 20 years that we have secured ovar £1 m in revenue from this area of work! 14 North Music Trust Trustees, Report Royal Northern Slnfonla Limlted During the financlal year to 31 March 2025 the trading subsidl8ry earned Income of £5.5m12023124: £5.1ml which comes from both Classical Box Office sales and Grant Income. Profit of £1.3m (2023124.. £0.8m} was recorded for the year after the application of Orchestra Tax relief. Consolldated balance sheet FIx8d 8ssets The Trust Invested £0.7m (2023124.. £0.7m) In fixed assets and Improvements to the buildlng durlng the year. Unr@strlcted general and designated funds Consolldated unre81rfcted reserves Increased durlng th8 year to a surplus of £6.4m {2023124'. surplus of£8.2m>. RestrKted fvnds Consolldated restrlcted reserves decreased sllghtly durlng the year to £0.58m (2023124.. £0.58m). Endowmenf funds The charlty has two sources of endowment Incom8'. A fund of £11.2m <2023124. £11.7m) whlch Is held off balance sheet on behalf of North Music Trust by the Community Foundation. An annual grant Is drawn down from the Communlty Foundatlon proportional to the Trust's Inter851 In the fund and this Income Is included wlthln the Trust's voluntsry Incom8 for the year, North Music Trust also has Its own endowmenl fund held on Ils balance sheet at a value of £9.4m 12023124.. £7.5ml. £6.4m of thls fund Is invested and managed by CCLA, while the remalning £3m 18 held In a high interest Nollce Account at Barclays. The fund was created from £4m in donatlons to The Glasshouse and £2m In matched fundlng from Arts Council England via its Catalyst fund. A further £2m was added In 24125 following a donatlon from the Foyle Foundation. An annual contrlbutlon from the investment, Income will be applled to each year's results In perpetuity. Invastment management Our endowment fund at North Music Trust Is managed by CCLA Investment Management Limited. We're aiming for a balanced approach, seeking both income and capital growth, with a medium rlsk profile to achieve retums above inflatlon over time. 15 North Music Trust Trustees, Report We also have some important ethical Investment rules.. No direct investments in tobacco, pornography, gambllng, environmental damage, high-interest unsecured loans, or any companles supportlng oppressive regimes. Golng concern We understand that times are tough, and thlngs change qulckly. That's why we regularly review our risks with a strategic risk reglster to stay on top of everythlng. We're happy to report that all our current rlsks are well within manageable limits. Our trustees have thoroughly checked, and they're confident that we have the resources to keep going strong for the foreseeable future. So, we're contlnulng with our current plans and preparing our flnancial statements accordingly. You can find more details about this in our accounllng policies. R18k management Our trustees keep a close eye on our progress by reviewing our business plan every year. To keep things running smoothly, our directors have created a risk management strategy that includes.. An annual revlew of potentlal rlsks lo the charlty. Settlng up systerns and procedures to reduce those rtsk8, Implementlng procedures to mlnlmlze the impact if any risks do occur. The maln challenges we face at The Glasshouse are the speed of audlence recovery, the broader economic climate, and the development happening next door. Reserves pollcy Th8 trustees have agreed that the level of free reserves (that Is, funds not tied up fixed assets or designated and restricted funds) required to sustain the Trust's operations wlll be in the region of £1,000,000, which represents staff salaries and other operating expenses for 3 months. After taklng Into account the group's unrestricted funds not tled up In flxed assets, free reserves 88 at 31 March 2025 are £1.5m {23124.' £1.6ml. structure, governance and management Govamance North Music Trust is a charltable company1Smited by guarantee and does not h8ve share capital. The charity is governed by its memorandum and articles of associ2tlon last amended on 2110112009. The trustees agree to conlrlbute £1 in the event of the charlty windlng up. 16 North Music Trust Trustees, Report Organlsatlonal structure and declslon maklng pollcles To help us run smoothly, our Board has set up four 5ubcommlttees'. FinanGe & Audlt, Investment, People, and Programme & Development. These subcommlttees, made up of Board members, allow for mor8 regular and detalled Involvement from nonexecutives and Ind8pendent representatlves than would be possSble Sn full Baard meetings. Since North Muslc Trust was establlshed In 2000, th8 Board and Its subcommlttees have play&d an active role in shaplng our goals, policies, slrategles, and procedures. They're involved in any major decisions that fall outside our approved framework. Board recruitment is open, with opportunities advertised, and c8ndldales go through a formal interview process. New Iruslees get an induction, meet key staff, explore all our activities, and learn about our policies and responslbillties. The Board appolnts the Chlef Execullve Offlcer, and other key members of the Le8dershlp Team to carry out our work wlthln aSm5 pollcies and procedures approved by the board. The Chalr reviews the Managlng Dlrector's performan¢8 agalnst set targets annually, following our organlsatlon-wlde Perforniance review process. Our Chair, commlttee chalrs, and Board members often consult with the Senior M8nagem6nt Team on polS¢y development and speclllc issues or opportunities. They also meet with SMT periodScally to d15cuss progr855, plan5, and any signlll¢anl current concerns. Our trustees are confldent that our governance and management structures are well-sulted to th8 needs of our dlverse, large, 8nd growing organisallon. Pay pollcy for k8y management personnel Pay levels for all staff Includlng senlor staff are set In a bandlng system and are benchmarked agalnst peer organlsatlons as parl af the Newcastle Gateshead Cultural Venues group. Related party relatlonshlps The Irusl has a close relatlonship with Arts Councll England, North East and Gat8shead Councll, both of which provide fundlng lo enable th8 charlly lo carry out Ils charSlablè objectSves. Dldeaf and Dlsabled People We welcame lob appllcatSons from people who identlfy as Dlde8f or dlsab18d, focuslng on thelr abllilies. If any staff member becomes disabled, we make every effort to conlSnue Ihelr employment and provide the necessary trainlng. Our pollcy ensures that Iralnlng, career development, and promotlon opportunStles for disabled employees are as slmllar as posslble to those for other employees. 17 North Music Trust Trustees. Report Publlc beneflt North Music Trust is a company Ilm5ted by guarantee and a reglslered charlty which operate5 under the name North Music Trust, trading as The Gla55house Inlernallonal Centre for Muslc. It was founded in 2000 to expand musical horizons of audience, artlsts, students and staff through muslcal dlscovery,. seeking lo make connectlons between performance, education and participation. It has a P8rticular objective of serving the North East in which il is based. This obleclive Is set out in Its memorandum and articles of assoclation and forms the basis upon which the charity's vision, mlssion and alms are formulated. The dSrectors have complled with the duty in Section 17 of the Charities Act 2011 to have due regard to guldance publSshed by the Charlly Commlsslon and are salisfied that the charlly's actlvltles are falthful to the charSty's objectives and are for publlc beneflt. We brlng some of the world's best muslc to people In the North East - hoslSng top-nolch glgs and concerts In our own venue, In communitles a¢ross the reglon, and onllne. And we support people In the North East lo creat& some of the world's best music running classes for all ages 8nd stages, nurlurlng new artlsts, and sharSng our orchestra with audlences across the globg. We're also focuslng on m8klng events 8cces8ible to everyone. We're carefully plannlng tlckel prSces and offerlng schemes lo allow firsl-llme attendees lo join events or projects for free. We aim lo offer range of Il¢kel prlces lo ensure affordablllly for a11- 500/0 of young people partlcipaling our Weekend School recelve a bursary and other bursarles are avallable for some Make Muslc projects. Partlclpanls In Make Muslc Can also enjoy special Ilcket offers for performances. Accesslblllly has always been Important to us, The pandemlc hlghllghted the need for streamed Ilve performances and onlln8 lessons, which have been a hll wllh our audlences. We'r8 contlnulng to offer hybrid models to ensure everyone can partlcSpal6, whether In p8rson or onllne. Plans for thè future - Into our thlrd decade As the charlly moves Inlo IIB third dec8d8, our po8ltionlng focuses on Increasing crealSve ambillon and reach wllh young people, financial accessibillty, producing world-class music, and securing and developSng our SconSc buSldlng and campus. We are committed lo serving the whole reglon, and to belng an anchor inslilutlon wlth an Internatlonal proflle. Board membershlp and team proflle, programme plans, and external relatlons havo all been allgned behlnd Ihls. We are maklng subslantlal progress In developlng our busine55 model and Income proflle. By the end of Ihls decade, the charity alms lo have proved that a natlonal cultural inslllulion can subslantively be based oulsSde of London, with all the Impact for the region which this bring5. Dlsclosure of Informatlon to auditor Each of the persons who are trustees at the time when this trustees, report Is approved has confirmed that.. 50 far as that trustee is aware, there15 no relevant audit information of whlch the charitable group's audltor Is unaware, and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charitable group's audltor Is aware of that information. 18 North Music Trust Trustees, Report Audltor The auditor, Azets, has indlcated their wlllingness to Continue Sn offlce. The deslgn8ted truslees wlll propose a motion rgappointlng the audltor at a meetlng of the trustees. 19 North Music Trust Trustees, Report Statement of trustees. responslbllltles The trustees (who are also the dlrectors of North Music Trust for the purposes of company lawl are responslble for preparSng the trustees, report and the flnanclal statements in accordance wlth applicable law and United Kingdom Accounting Standards Iuniled Kingdom Gener811y Accepted Accounting Pracllcel, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law requires the trustees lo prepare financial statements for each fSnanclal year. Under company law the Iruslees must not approve the financial statements unless they are satisfied that they glve a true and falr vlew of the slate of affalrs of the parent charltable company and the group and of the Incomlng resources and appllcatlon of resources, Including its Income and expenditure, of the charltabl8 group for that perlod. In prep8rlng these financlal stal&ments, the trustees are r&quired to.. select sultable accounting pollcles and apply them con61stenlly', observe Ihe methods and prlnclples in th8 Charities SORP., mak8 judgements and estimates that are re850nabl6 and prudent., Slate whether appllcable accountlng standards, comprI5ing FRS 102 have been followed, subject to any malerlal departures disclosed and explained In the finan¢lal stalemen15', and prepare the fln8nclal s18t8monts on the golng concern basls unless It Is Inapproprlate lo presume that the parent charllable company wlll contlnue In buslness. The trust68s are responslble for keeplng proper accountlng records that can dlBclose wlth reasonable accuracy al any tlrne th8 flnancl81 posillon of the parent charltable company and the group and enabl8 Ih8rn to ensure Ihat the financlal slalem8nls comply with the Companles Act 2006. They ar8 also responslble for saf8guarding the assets of the parent charStable company and the group and hence for t8klng reasonable steps for the preventlon and d61ectlon of fraud and other SrregularS1ies. The Iru51ees 8re respcnslble for the maintenance and integrity of the corporate and financlal informallon included on the charilable company's webslle. Leglslalion governing the preparation and dlsseminallon of fin8nclal statements may dSff&r frorn leglslatlon In other lurisdlctlons. 018closure of Information to audltor Each trustee has taken steps that they ought to have lak6n BS 8 Iruslee In order lo make Ihernselves aware of any relevant audll information and lo @slablI5h that the company's audSlor is awar8 of that InformatSon. The Iruste8s confirm that there is no relevant Informallon that they know of and of which they know the audltor Ss unaware. The annual report was approved by the trustees of the company on iJ.IiilaS.. alf by.. and slgned on Its mll ox MBE 20 North Music Trust Independent Audltor's Report to the Members of North Music Trust Oplnlon We have audlted the flnanclal statements of North MusSc Trust (the 'charltable parent compantyl and its subsidiarles {the 'group'l for the year ended 31 March 2025, which cornprise the Consolidated Statement of Financial Actlvlties, Consolidated Balance Sheet, Company Balance Sheet, Consolldaled Statem8nt of Cash Flows, and Notes lo the Financial Slalements, including a summary of signlficant accounting polScies. The financial reporting framework that has been applled In theSr preparation is United Klngdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted AccountSng Pracllce). In our opSnion the flnanclal statements.. g5ve a true and falr vlew of the slate of the group's and par8nt company's affalrs as at 31 March 2025 and of the group's incoming resources and applicatlon of resourGes, includlng Its Incom8 2nd expenditure for the year then ended., have been properly prapared In accordance wSlh Unlled Kingdom Gen8rally Acc8pt8d Accounting Pracllce., and have been prep8red in accordance wlth th8 requlrements of the Companle5 Act 2006. Basls for oplnSon We conducted our audlt In accordance wlth Internatlonal S18ndards on Audltlng IUKI (ISAS IUKI) and appllcable law. Our rasponslblllties under thos8 standards are furth8r descrlbed In the audSlor r8sponsibilities for the audit of the fSnanclal slat8menls section of our report. We are indep8ndenl of the group in accordance wlth the elhlcal requiremen15 that are rel&vanl to our audlt of the financlal stalements In th6 UK, Includlng the FRC'S Elhlcal Standard, and we have fulfllled our other gthical responslbllllles In accordance with these requlremenls. We believe that the audlt evldence we have obl8lned is sufllcSent and appropriate to provide a basis for our opinion. Concluslong relatlng to golng concern In audlllng the flnanclal statements, we hav$ concluded that the trustees use of the golng concern basls of accountlng Sn the preparatlon of the financlal statements Is approprlale. Based on the work we have performed, we have not Identlfled any malerla5 uncertaSntl6s relatlng to events or conditlons that, indlvidually or collectlvely, may cast sSgnlflcant doubt on the group's abillty to conllnue as a golng concern for a p8rSod of al least twelve monlhs from when the flnancial 5talem8nts were authorised for Issue. Our responslbllStles and the responsibllitles of the trustees with respect lo going concern are described in the relevant sections of this report. Other Informatlon The trustees are responslble for th8 Other informatlon, The other Informatlon comprls8s the inforrnatlon Sncluded In the annual report, other than the financial statements and our audltor's report thereon. Our opinion on the financial statements does not COV8r the other information and, exc@pt to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financSal statements, our responsiblllty is to read the other information and, In doing so, consider whether the other informatlon is materlally incon51Stent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identlfy such materlal inconslstencies or apparent material mlsstatements, we are requlrèd to determine whether there is a materlal m15Statement in the financial statements or 8 materlal mlsstatemenl of the other Information. If, based on the work we have perform8d, we conclude that there 15 3 material misstatement of this other information, we are required to report that fact. 21 North Music Trust Independent Auditor's Report to the Members of North Music Trust We have nothing lo report In thls regard. Oplnlon on other matter prescrlbed by the Cornpanles Act 2006 In our oplnlon, based on the work undertaken in the course of the audSt'. th8 Information glven In the Trustees, Report for the flnancial year for which the fln8nclal statements are prepared is conslstenl with the financial slalemenls., and the Trustees Report as been prepared In accordance wilh applicable18gal requlrements. Matters on whlch we are requlr8d to report by exceptlon In the Ilght of our knowledge and understanding of the group and the parent charitable company and ts environment obtained in the course of the audit, we have not Identlfled material mlsslatements In the Trustees, Report. We have nothlng to report In respect of the followlng matters where the Companles Act 2006 requlres us to report ta you if, In our opinion.. adequate accountlng record5 have not been kept by the parent charStable company, or return$ adequate for our audlt have not been recelved from branches not visited by us., or the parent charSlable company flnancial slalements are not In agreement wllh the accounting records and returns., or certaln dlsclosures of trustees r8muner811on speclfied by18w are not made,. or we have not recelved all the Informallon and expl8natSon5 we requlre for our audlt. Respon81bllltles of tru8tee8 As explalned more fully In the Statement of trust885' responslbllltles {58t out on page 20), the Iruslees are responslble for th& prgparalion of the flnancial statements and for being sallsfi8d that they glve a Iru@ and fair view, and for such Internal control as the Iru51ees delermlne Is necessary lo Ènable the pr6paralion of fin8nclal slal8monts that are Iree from malerlal misstatement, whether due to fraud or error. In preparlng the flnancial statements, the Iruslees are re5pon5ible for assesslng the comp8ny's abllily lo contlnue as a golng concern, dlsGlosSng, as appllcable, matters relat8d to golng concern and uslng the golng concern basls of accountlng unless the Iruslees either Intend to IlquSdate the company or to cease operations, or have no reallstlc alternative but lo do so. 22 North Music Trust Independent Auditor's Report to the Members of North Music Trust Audltor responsibllitles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the flnanclal statements as a whole are free froTll material mSsstatement, whether due to fraud or error, and to Issue an auditor'5 report that includes our opinion. Reasonable assuranc8 is a hlgh level of assurance, bul is not a guarantee thal an audit conducted In accordance with ISAS (UK) will always detect a materlal misstatement when It exists. Misslalemonts can arise from fraud or error and are considered malerSal if, individually or in the aggregate, they could reasonably be expected to Snfluence the economlc decisions of users taken on the basis of these financial 5t8lements. A further descrlptlon of our responsibilltles Is avallable on the Flnancial Reportlng Council's webslt6 8t: www.frc.org.uklaudllorsrespon5lbllltles. This de5crlption forms part of our auditor's report. Extent to whlch the audlt was consldared capable of detectlng Irregularltles, Includlng fraud Irregu18rities, Including fraud, are instances of non-compllance wllh laws and regulatlons. We design proG8dures Sn Iln8 Wlth our responslbllStles, oulllned above and on the Financial Reporting Council's webslte, lo detect materSal mlsstalements respect of Irregularlties, includSng fraud. We obtain and update our understanding of the entity, Its acllvilles, Ils Control envlronmenl, and1Skely future developments, includlng In relallon to the legal and regulatory framework appllcable and how the entity Is complylng with that framework. Based on thls underslandlng, we Id6ntSfy and assess the rlsks of malerlal mSsslatement of the flnanclal stalemenls, whether due to fraud or error, desSgn and Perforrn audlt procedures responslve lo thos& rlsks, and ob181n audlt evldence that Is suffScient and approprlale lo provide a basls for our opinlon. This Includes conslderation of the rlsk of acts by the enllty that wer6 contrary to applScable laws and regulations, including fraud. In response lo the risk of irregularlties and non-compllance with laws and regulations, Sncluding fr8ud, we deslgned procedures which included.. Enquiry of management and those charged with governance around actU818nd potentlal Iltlgatlon and clalms as well a5 actual, suspected and alleged fraud,, Revlewlng mSnutes of meetlngs of those charged wlth governance., Assasslng the ext6nt ol Gompllance wlth th8 laws 8nd regulatlons consldered to have a dlrect material effect on the flnancial statements or the operations of Ihe entlly through enqulry and n5pection', Reviewing financial Btatem8nt dlsclosures and teslSng lo supporung documenlatlon lo assess compliance wllh applScable laws and regulation5; Performing audlt work over the risk of management bias 8nd overrlde of contro15, Includlng lesling of lournal entries and other adjustments for approprlateness, evaluatlng the busines5 rallonale of signiflcant transacllons outside the normal course of buslness and reviewSng accountlng estimates for IndlGators of potential blas. Because of the fleld In whlch the charlty operales, we idenllfied the following areas 8$ the most Ilkely to have a materlal impact on the flnancial statements.. compliance wSth the UK CompanSes Act and Charities Act 23 North Music Trust Independent Auditor's Report to the Members of North Music Trust Because of the Inherent Ilmilatlons of an audit, there Is a risk that we will not detect all Irregularllles, Including those leading to a material misslalement in the financlal statements or non-compliance with regulation. Thls risk increases the more that compllance with a law or regulatlon is removed from the events and transactions reflected In the financlal statements, as we wlll be less likely to become aware of instances of non-compliance. The rlsk of not d8lectlng a materlal mi55tatemenl resulting from fraud is higher than for one resulting from error, a5 Iraud may Involve colluslon, forgery, Inlenllonal omissions, misrepresentations, or the override of internal control. Use of our report Thls report is made 501ely lo the charitable parent company's trust6es, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken so that we mlghl slate lo the group's trustees those matt8rs we are requlred to stale to them In an audllor's rèport and for no other purpose. To th8 fullest extent permltled by law, we do nol accept or assume responsibility lo anyone other Ihan Ihe charltable parent company and Its trustees as a body, for our audlt work, for this report, or for the opinlons we have formed. Slmon Brown BA Hons ACA DChA IS8nlor Statutory Audltor} For and on behalf of A29ts Audit Services Chartered Accounlanls Slalutory Audllor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS D8te'. ..11/13/2a2S..,.... 24 North Music Trust Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2025 Total 2024 Unrestrlctèd Restrictad Endowment Note Income and Endowments from: Donatlons and legacles Charltable activilles Other Iradlng activi1Ses Investment income 6,012,747 6,740,835 3,350,939 212,392 421,054 2,000,000 8,433,801 6,740,835 3,350,939 459,549 6,612,449 6,000,972 2,725,941 490,486 247,157 Total Income 16,316,913 421,054 2,247,157 18,985,124 15,829,848 Expendlture on: Raising funds - fundraising Raislng funds Tr8dlng 8Ctivllles Charllable actSvStles 1254,9781 114,094} 1269,072) 1371,5021 (2,377,119) 9 (13,737,307 12,377,119) (2,152,432) {14,158,361 113,731,195 421,054 To181 ExpendSture Gainsllosses on investment assets 116,369,404) 1421,0541 (14,0941 (16,804,552) (16,255,129) 99,217 99,217 334,279 Nel (expendlture}lincome Transfers between funds 152,4911 263,777 2,133,846 247,157 2,081,355 191,0021 16,620 Net movement In funds 211,286 (16,6201 1,886,689 2,081,355 191,002) Reconclllatlon of funds Total funds brought forward 6,214,607 577,542 7,547,520 14,339,669 14,430,671 Total funds carried forward 26 6,425,893 560,922 9,434,209 16,421,024 14,339,669 All of the group's aclivitSes derlvs from continuing operations during the above two perlods. The funds breakdown for 2024 is shown in nole 26. 25 North Music Trust (Registration number: 04044936) Consolidated Balance Sheet as at 31 March 2025 2025 2024 Note Flxed assets Tangible ass8ts Investments 16 17 4,974,143 6,431,390 11,405,533 4,710,309 5,547,520 10,257,829 Current assets Slocks Debtors Cash 8t bank and In hand 18 19 20 58,899 5,063,209 7,018,079 12,140,187 43,910 3,177,266 7,967,612 11,188,788 3,926,471 Credltors: Amount8 falllng due wlthln one yaar 21 4,166,248 Net current assets 7,973,939 7,262,317 Total a88ets less current Ilabllltles 19,379,472 17,520,146 3,180,477 Credltor8' Amounts falllng due aftèr more than one year 22 Net 8888ts 2,958,448 16,421,024 14,339,669 Fund8 of the group: Endowmont 9,434,209 7,547,520 Restrlcted 560,922 577,542 Unrestrlcted Income funds Gener81 funds 6,425,893 6,214,607 Total funds 26 16,421,024 14,339,669 The fl lal tatements on pages 25 to 55 were approved by the trustee5, and authorlsed for Issue and signed on IheSr behalf by.. Eml ru XMBE ee 26 North Muslc Trust (Registration number: 04044936) Company Balance Sheet as at 31 March 2025 2025 2024 Note Flxed asset5 Tanglble a55ets Investment5 18 17 4,905,982 6,431,392 11,337,374 4,648,210 5,547,522 10,195,732 Current assets Deblors Cash at bank and hand 19 20 1,693,825 5,367,189 7,061,014 4,154,984 692,858 6,796,963 7,489,821 Credltor8: Amounts falllng due wlthln one year 21 3,447,129 Net current assets 2,906,030 4,042.692 Total assets less current Ilablllt108 14,243,404 14,238,424 3,180,477 11,057,947 Credltors: Amount8 falllng due after rnore than one year 22 2,958,448 Net a88et5 11,284,956 Funds of the company: Endowment 9,434,209 7,547,520 Restrlcted 560,922 577,542 Unr8strlcted Income fund8 Unreslrlcted funds 1,289,825 2,932,885 Total funds 26 11,284,956 11,057,947 The fln ncial slatem@nts on pages 25 to 55 w8re approved by tha trustees, and aulhorlsed for issue Tru 27 North Music Trust Consolidated Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Note Cash flows from operatlng actlvltles Net movement in funds 2,081,354 191,0021 Adju8tments to cash flows from non.cash Items Depreciation Investment income Interest payable Revaluatlon of Investments 488,515 1459,549} 62,051 93,821 546,949 1490,486) 64,777 333,906 2,266,192 {303,6681 Worklng capltal adlustment8 {Increasellde¢rease Sn stocks Increase In debtors Increase Sn credStors 18 19 21 114,989) 11,885,942) 149,450 11,509 1904,007} 249,329 Net cash flows from operallng actlvltles Cash flow8 from Inve8tlng actlvltles Acqulsltlons of tangSble assets Proceed5 from sale of Investments Dividend Income Purchase of investments 514,711 946,837 (752,3491 6,260,817 459,549 7,238,508 1700,472) 1,184,608 490,486 1,153,138 N8t cash flows from invesllng actlvitles Cash flow8 from flnanclng actlvltle8 Interest Payable Movement on ather loans 1,270,491 178,516 162,0511 131,702 164,777) 14,402 Net cash flows from financlng activltles Nel d8crgase In cash and cash equlv8lents CaBh and cash equlvalents at 1 Aprll Cash and cash equivalents at 31 M8rch 193,753 79,179 1949,5331 7,967,612 {1,204,5321 9,172,144 7,018,079 7,967,612 All of the cash flows are derived from continuing operations during the above two perlods. 28 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 1 Company statu5 The company Is limited by guarantee, incorporated England & Wales, and consequ6ntly does not have share capltal. Each of th8 trustees Is liable to contribute an amount not exceeding £1 towards the ass8ts of the company in the &vent of1Squidation. The addr8ss of its regSstered offlc8 Is: St M8ry's Square, Gateshead, Tyne & W6ar, NE8 2JR The charlty rneets the deflnltlon of a public benefit entlty under FRS102. 2 Accountlng pollcl88 Summary of slgnlflcant accountlng pollcles and key accountlng estlmates The princSpal accounting pollcles applied In the preparation of these flnanclal statements are set out below. These policies have been conslstently applled to all the years presented, unless otherwlse statad. Statement of compllance The Ilnancial sta18m@nts have been preper6d in accordance wlth Accounting and R6porllng by Charllies.. Slalement of Recommend8d Practlce lappllcable lo charllies preparlng IheSr accounts In accordance wllh the Fln8nclal Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 10211 (issued in October 20191 (Charllies SORP IFRS 102)), the Financial Reportino Standard appllcable In the UK and Repub15c of Ireland (FRS 102) and the Companles Act 2006. Basls of preparatlon North Muslc Trust Meets the deflnltlon of a publlc benefit entity und8r FRS 102. Assets and118bSlltl8s are Inltially recognised al hlstorlcal cost or transactlon value unl8gS Otherwis6 slated in the relavant accounting pollcy notes. Ba815 of ¢on8011datlon The consolldaled flnancl31 statements consolldate the financlal statements of the company and Its subsidlary undertaklngs drawn up lo 31 March 2025. No statement of flnanGSal actlvltSes Is presented for the charity as p8rmStled by sectlon 408 of the Companies Act 2006. The comp8ny made a surplus after tax for the financial year of £227,00912024 deficit of £1,017,155). A subsidlary is an entity controlled by the charlty. Control is achieved where the charSly has the power lo govem the flnancial and operating pollcies of an entity so as lo obtain beneflts from its activities, Inter-company Iransactlons, balances and unreallsed gains on transactlons b8tween the charlty and Its 5ubsldiarles, whlch are related partles, are elSmlnated In full. Intra-group losses ara also ellmlnated but may indlc8te an Impairment that r8quSres recognltlon in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlllng interests In the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those Interest5 al the date of the original business combination and the non-controlling shareholder's share of changes in equlty slnce the date of the combination. Total comprehenslve income Is attributed to non-controlling Interests even If this results In the non-controlllng interests having a deficit balance. 29 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Golng concern The flnanclal statements have been prepared on a going concern basis. The charlty meets its day to day worklng capital requirements through cash generated from operallons. The Charitable companls forecasts and projections for Ihe next 12 months show that the charity will be able to contlnue In operallonal existence for that perlod. The charity has strong posltlve cash and Investment balances alongslde a programme of activity for the year that reflects our commitments to our core funder, our strateglc dlreclSon, and a reallstic vlew on audlence numbers. Based on these factor5 set out above, th6 Iruslees believe that It remains appropriate to prepare the financial slatemenls on a golng concern basls, Estlmatlon uncertalnty and Judgement3 The preparallon of the flnancial slalemenls requlres m8nagernenl lo m8ke ludgemenls, estlmates and assumptlons that affect the amounts reported, A group subsldlary c181mB Orch8Stra Tax Relief. At the year end Includ8d wlthln accru8d Income are 8mounls clalmed from HMRC for prlor years and current years whlGh we are awalting payment. Until the ¢lalm18 processed, the d8btor reflects the best estimate of the valu8 of the claim. Income and endowm8nt8 All income Is recognSsed once the company h8s enlillemenl lo the income, il Is probable that the income will be received and Ihe 8mounl of the Income receivable ¢8n be measured reliably. Donatlons and legacles Income from donalSons and legacles Includes sponsorships 8nd donatlons and grants that provld8 core fundlng or are of a general nalure. Income Is r8cognSsed where there Ss entillemenl, certainly of receipt and the amount can be measured wllh sufficlenl relSabilily. Such Income is only deferred when the donor specifies that the grant or donalSon relates lo future accounting pprlods. Grants recelvable Orchestra tax rellef Income Ss recognised based on a prudent estlmate of the 8mount of quallfylng expenditure and applying the repaym6nl rates set out in current HMRC legislation. Other grants are recognised at the earliest opportunity, unle55 there are any performance conditions preventing recognltlon. 30 North Music Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 Gifts In klnd Donated services or facillties are reGognised when the company has control over the item, any condillons assoclated wllh the donated item have been mel, the receipt of economic benef51 from the use of the company of the item is probable and that economic benefit can be measured rellably. On recelpt, donated profe55ional services and donated facililies are reGognised on the basis of the value of the gift to the company whlch Is the amount the company would have been wllllng lo pay to obtain services or facllilies of equivalent economic beneflt on the open market., a corresponding amount Is then recognlsed in expandlture In the perlod of recelpt, or capltallsed as a flxed asset Sf the goods are to be retalned for future beneffts. North Muslc Trust leas8S the premises from which it operates from Gateshead Metropolllan Borough Council at a poppercorn rent. It is not considered possible to determine the market Value of the donated f8¢ilily and Iherefore nelther income nor the correspondlng rental charge have been recognlsed In the statement of flnancial aclivllies. Glft ald IncomSng resources from lax reclalms are included In the Stalem8nt of Fln8ncSal Actlvltles at the $8m8 tlme as the glft lo whlch they relate. Other tradlng actlvltles Income generated from commerclal trading Is recognlsed as earned as the related goods and servlces ar8 provlded. Investment Income Interest on funds held on deposlt Is Included when receivable and the amount can be measured reliably by the charlly., th1$ Is normally upon notiflcallon of the Interest paid or payable by the bank. Divldends are recognSsed once the dSvldend has been declared and notlflcatlon ha8 been recelved of the dSvSdend due. Gharltable actlvltles Performance Income Includes box offSce sales, engagement Income, hall hlre and other performance related income. It Is recognised as earned las the related good5 or servSces are provldedl, Gr8nt Income included In thls category provldes fundlng to support performance act1vit￿e8 and Is recognlsed where ther8 Is enlltlement, certalnty of recelpt and the amount can be measured wlth sufflclenl rellablllty. Tlck8ts ar8 sold through the box office for three dlfferent event cat8gorles In terms of income recognilion,. Self-Promotions, Co-Promollons and Hall HSres. Where Ihe event is a Self-Promotion, Ilcket sales are recognised gross In full wilhln revenue. Where the event is a Co-Promolion, a portion of the ticket income is recognised withln revenue., where the event is a Hall Hire, any income from Ilcket sales belongs to the promoter and thus does not form part of the revenue flgure. Educatlon Sncom8 Includes 8ducatlon fees from musSc lesson5 and school vlsSts and other educatlon related Income. It is recognised as earnad {as the related servlc6s are provldedl. Grant Income included in this category provides fundlng to support education activities and is recognised where there is entitlement, certainty of recelpt and the amount can be m8asured with sufficient reliability. Charltable actlvity income is deferred when box office sales or bookings are received or Invoiced Sn advance of the performances or event to which they relate or when the donor specifles that the grant or donation relates to future accounting periods. 31 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Expenditure All expendllure is recognised once there Is a legal or conslructivÈ obllgation to that expenditur8, It Is probable settlement is required and the amount can be rneasured rellably. All c051s are allocated to the applicable expendlture heading Ihat aggregate slmilar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basls consislenl wllh the use of resources, with central staff costs allocaled on the basi5 of lime spent, and depreciation charges allocated on Ihe portlon of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralsing funds These are costs Incurred Sn attracting voluntary income, the management of investments and those ncurred In tradlng actlvltles that raise funds. Charltablo 8Ctlvltles Expendlture on charltable acllvllles Includes costs as$ocl3ted wllh the staglng of ¢oncerts, muslcal Performances and educallonal programmes and Includes both the direct costs and support costs relating to thes8 acllvltS88. Support costs Support costs include central funclSons and have been allocated to aclivSly cost calegorles on a b851s conslslent wllh the use of resources, for example, allocatlng proporty costs by floor areas, or per capita, staff costs by the tlme spent and other costs by thelr u58ge. 32 North Music Trust Notes to the Financlal Statements for the Year Ended 31 March 2025 Governance costs These include the costs attribut8ble to the company's compliance with constSlulional and statutory requirements, including audit, strateglc management and truste8s meetlngs and relmbursed expenses. Taxatlon The company Is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the defSnitlon of a charllable company for UK corporallon tax purposes. Accordlngly, the company Is potentlally exempt from taxatSon In raspecl of income or capital galns recelved withln categorles cov8red by Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or Sectlon 256 of the Taxallon of Chargeable Gains Act 1992, to the extent that such Income or gains Bre applied exclusSvely to charllable purposes. Intanglbl8 assets Intanglble assets are inltially recognlsed at Cost and are subsequently measured at cost less accumulated amortlsallon. Tanglble ftxed as8et8 Indlvldual langlblo fixed ass61s costlng £5,000 or more are c8pltallsed. Flxed assets are InSllally measur8d at cosl and subsequently measured at cost less accumulated depreclallon. Depr8ciation Is calculalod so as lo write off tho cost af an assot, nel of anticipated disposal prDC8eds. Depreclatlon and amortlsatlon DeprecialSon not charged on stringed instruments as under normal clrcumslances the resldual values are considered to be greater than cost. However, the carrySng values of strlnged In5trument8 are revlewed for Impalrment If events or changes In clrcumstances Sndlcate the carrylng value may not be recover8ble. Sub5equant costs, Sncludlng replacement parts, are c8Pltalised only when It Is probable that such costs w511 generate future eGonomic benofils. Any replaced parts or remaining carwng amounls are then derecognlsed. All other costs of repairs and malntenance are Gharged lo the statement of flnancial aGlivities, Depreclatlon is provlded on tangible flxed assets so as lo wrlte off the cosl or valuatlon, less any 8slSmated resldu81 value, over their expected useful economlc life as follows.. Depreclatlon method and rate 3-10 years slralghl line 10 years straighl Ilne 3 years straight line 5 year5 Straight line 10 - 20 years 5tralght line 50 years slraight1Sne 3-5 years straight line 5 years straight Ilne Asset class Furniture, fixtures and fSttlngs Music & Instruments Computer Equipment Technical Equipment Leasehold property improvements Forestage lift Kitchen Equlpment Car park equSpment 33 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Fixed asset Inve8tment5 The group's endowment fund investm8nts are classlfied a5 financial Instruments and accounted for in accordance with the accounting policy at fair value Ihrough the statement of financlal aclivit18S. In the separate accounts of the charity, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Interests In subsldlarles are assessed for Impalrment at each reportlng date. Any impalrmenl losses are recognised Immediately in expenditure. Stock Stocks are valued on a flrst Sn f￿rst out basls and staled al Ihe lower of cost and estimated selling price less costs to complete and sell. Cost comprises dlrect materia15 and, where applicable, direct labaur costs and Ihose overheads that have been Incurrod In bringing the stock lo Ihelr present location and condllion. Stock held for dislrSbution al no or nomSnal considerallon are measured at cost, adjusted where applicable for any loss of servlce potenllal. Trade debtor8 Trade and oth8r debtors are recognisgd at th8 sett18mgnt amount after any trade dlscount offered. Propaymenls are valued al the 8mounl prepaid nel of any trade discounts du6. Cash and cash equlvalent8 Cash 8nd cash equiv8lenls cornprlse cash on hand and call deposSts, and other short-term hlghly Ilquld Investments that are readily Gonvertible to a known amounl of cash and are subject lo an InslgnlfScant rlsk of Ghange in v81ue. Trade credltor8 Llabllltles ar8 recognlsed when there Is Bn obllgallon at the balanc8 sheet date as 8 result of a past event, It Is probable Ihal a transf6r of 8conomic benef51 will be required in selllement, and the amount of the selllement can be es1Smated rellably. LlabS1ities are recognlsed al the arnount that tho company anllcipates 11 w511 pay lo settle the debt or the amount 51 ha5 received as advanced payments for the goods or services11 musl provlde. Borrowlngs Interesl-bearlng borrowings are InStlally recorded at fair value, net of tran5actlon costs. Interesl-bearing borrowSngs are subsequently carried al amortlsed cost, wlth th& difference betweon the proceeds, net of transaction costs, and the amount due on redempllon being recognised as ¢h8rge to the Statement of Financial Aclivltles ov8r the perlod of the relevant borrowlng. Interest expense Is recognlsed on the basls of the effecllve Interest melhod and 15 included in interest payable and simllar charges. Borrowlngs are classlfled as current Ilabilitles unless the company has an uncondltlonal right to defer settlement of the liablllty for at least twelve months after the reportlng date. 34 North Muslc Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Forelgn exchange Transactions in Gurrencles other than the functional currency (forelgn currency) are initially recorded at the exchange rate prevalllng on the dale of the transactlon. Monetary assets and liabilities denominated In foreign curroncies are translated at the rate of exchange ruling at the reporting dale Non-monetary assets and Ilabilities denominated in foreign currencies are translated at the rale rullng at the dale of Ihe Iransactlon. All transacllon differences are taken to the statement of flnanclal actlvlties, except to the extent that they relate to gains or 1055es on non-monelary Items recognlsed In other comprehenslve Income, whén the related translatlon gain or1055 Is also recognlsed In oth8r compreh8nsSve Income. Fund structure Designated funds are unrestrlcted funds earmarked for speciflc purpose by the directors. They include amounts held as flxed assets purchased with speciflc capital fundlng secured. The Trust has a number of restrlcted income and capStal funds to account for sltU8tlons where a donor requlres that a donatlon must bo spent on a partlcular purpose or where funds have been ralsed for a speclflc purpose. The alm and use of each restrlcted fund Is set out In the notes. The perman8nt endowment fund Is treated by the dlreclors as a long term fund. All other fund5 are unreslrlcted Income funds, r8celvable or generated for th8 objects of th& charlty wSthoul further speclfled purpose. Pen8lon8 and other p08t retlr8ment obllgatlons The group operates 8 defln8d contrlbullon penslon scheme which is a pension plan under whlch flxed conlribulions are pald into a pension fund and the group has no legal or constructive obligation to pay further conlrlbutions even If the fund does not hold suff Iclent assets lo pay all employees the beneflls relatlng to employee servlce Sn the current and prlor perlods. Contrlbutlon5 to deflned contrlbullon plBns are recognlsed In the Statement of Flnanclal Actlvltl&s when th8y are due. Ir conlrlbutlon payments exceed Ihe oonlribulion due for service, the excess Is recognlsed as a prepayment. Short-term beneflts Short-term beneflts, including hollday pay 8nd other simSlar non-monetary beneflls, are recognised 8$ an expense In the perlod In whlch the servlce is recelved. Flnanclal In8trument8 Classlflcatlon The group only enters into besic flnanclal instrument Iransacllons that result in the recognltlon of flnanclal assets and liabllllles Ilke trade, Intercompany and other accounts receivable and payable, cash and bank balances and loans from related partles. All such instrum8nts are initially recognised al transaction prlce, unless the arrangement constitutes a fin8ncing transaction, In which case the transaction is measured at the present value of the future receipts discounted at a market rate of Interest. All financial instruments are subsequently carried at amortised cost using the effective Interest method. 35 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 3 Income from donations and legacies Unre8trlcted Endowment Total 2025 Total 2024 General Restrlcted Permanent Arts Counc51 England core grant GMBC - core grant Community Foundation The Glasshouse Fund Other income from donallons and legacles 3,576,745 187,534 3,576,745 187,534 3,576,745 187,534 678,953 678,953 646,424 1,569,515 6,012,747 421,054 421,054 2,000,000 3,990,569 8,433,801 2,201,746 6,612,449 2,000,000 4 Income from charltable actlvltle8 Unrastrlcted funds General Total 2025 Income from performance programmSng and Make Muslc acllvlties 6,740,835 6,740,835 Unrestrlct8d funds General Total 2024 Income from performance programmlng and Make Muslc 8ctivltl8S 6,000,972 6,000,972 5 Income from other tradlng actlvltles Unre8trlcted Total 2025 Total 2024 General Conferences and events Catering Income Car park income Retail sales 1,172,686 1,988,301 147,595 42,357 1,172,686 1,988,301 147,595 42,357 3,350,939 824,138 1,715,668 139,415 46,720 2,725,941 3,350,939 36 North Muslc Trust Notes to the Financial Statements for the Year Ended 31 March 2025 6 Investment Income Unrestricted funds General Endowment funds Permanent Total 2025 Total 2024 Income from dividends., Dividends receivable from other Ilsled Investments Interest recelvable and simllar Income., Interest receSvable on bank deposlts 149,121 149,121 243,335 212,392 212,392 98,036 247,157 310,428 247,151 459,549 490,486 7 Expendlturn on ralslng fund8 - fundra181ng a) Ralslng fund8 - fundral8lng Allocat8d 8UPPOrt costs Total 2025 Total 2024 Dlract costs Costs of generating donatSons and legacies Inveslmenl management costs 90,474 14,094 104,568 164,504 254,978 14,094 344,966 26,536 371,502 164,504 269,072 8 Exp8ndlture on ral8lng funds - tradlng actlvltl88 Unrestrlctad funds General Total 2025 Total 2024 Note Other resources expended Allocated support Costs 1,965,859 411,260 1,965,859 411,260 1,764,704 387,728 2,152,432 10 2,377,119 2,377,119 9 Expendlture on charltable activitles Unrestrlcted funds General Restrlcted funds Total 2025 Provislon of chadt8ble actlvitie5 13,737,307 421,054 14,158,361 37 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Unrestrlcted funds General Restrlcted funds Total 2024 Provlslon of charitable activities 13,247,344 483,851 13,731,195 Actlvlty undertaken dlrectly Actlvlty support cost3 2025 2024 Performance Programmlng - ¢18ssical Performanca Programmlng - popular and contemporary Make Music - Young People Programme Make MusSc - Publlc Engagement Programme Other c0518 3,902,090 3,020,430 6,922,520 6,738,437 1,024,201 3,020,43Q 4,044,631 3,752,787 1,219,897 1,197,311 2,417,208 2,621,707 159,693 203,049 6,508,930 411,260 570,953 203,049 14,158,361 555,486 62,778 13,731,195 7,649,431 38 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 10 Analysls of governance and support costs Cost of Raislng funds Tradlng ActlvStlas Charltable Actlvltles Total 2024 Bulldlng servlces DeprecSatlon Dlrectlon and policy Flnance and audlt f88 People Team Irrecoverable VAT 40,126 9,524 17,655 100,316 23,810 44,137 1,865,881 2,006,323 442,868 476,202 820,955 882,747 2,039,196 534,279 703,963 7,709 5,872 5,455 11,984 40,149 19,273 14,681 13,638 29,961 100,372 358,485 385,467 273,063 293,616 253,669 272,762 557,275 599,220 1,866,923 2,007,444 505,994 261,826 376,385 576,883 1,417,582 MarkelSng and CE strategy & external re18tlons Technology 9.900 16,130 24,750 40,322 460,359 495,009 749,953 806,405 7,649,431 8,225,195 696,693 641,758 7,754,559 164,504 411,260 11 Net Incomlngloutgolng r8source8 Net Incomlnglloutgolng) resources for the year Include.. 2025 2024 Oper8tlng leases other assets Audlt fees other non-audlt servlces Depreclatlon of flxed assets 13,733 34,000 1,600 534 503 30,780 8,525 488,515 12 Trustees remuneratlon and expen808 No trustees, nor any per50n5 connected with them, have received any remuneratlon from the group durlng Ihe year12024.' £Nil). The amount expenses w81ved by the trustees durlng the year totalled £3,01512024 - £5,526). 39 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 13 Staff costs The aggr8gate payroll costs were as follows.. 2025 2024 Staff costs durlng the year were: Wages and salaries Social securlty costs Pension costs 7,327,321 590,036 340,122 6,893,829 551,973 291,405 7,737,207 8,257,479 The monthly average number of persons Ilncludlng senlor management I leadershlp team) employed by the group durlng the year expre588d as full Ilme 8qulvalents was as follows.. 2025 2024 Performance and programme Make MusSc Management Bnd Admln Customer ServSc8S 58 81 84 182 57 79 86 183 405 405 The number of employees whose emoluments fell wlthln the followlng bands was.. 2025 2024 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,DQ1- £110,000 £120,001- £130,000 The tot81 employee beneflts of the key management personnel of the group were £564,885 (2024 £535,832). 14 Taxatlon The group is a registered charity and 15 therefor& potentially exempt from taxation in respect of income or capital gains received wSlhln c3tegories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such income or gains are applied exclusively to charltable purposes. 40 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 15 Intanglble flxed asset5 Group Software & Website Development costs of £60,163 which were previously capllalised hav8 been fully amortisted. 16 Tanglble flxed assets Group Leasehold property Improvement8 Furnlture and Assets undor equlprnent con5tructlon Instruments Total Cost Al 1 Aprll 2024 Addillons 4,493,126 438,923 5,047,698 269,409 57,482 44,017 617,624 10,215,930 752,349 At 31 March 2025 4,932,049 5,317,107 101,499 617,624 10,968,279 DapreclatSon At 1 Aprll 2024 Charge for the year 1,441,303 3,637,388 426,930 5,505,621 194,204 281,994 12,317 488,515 At 31 March 2025 1,635,507 3,919,382 439,247 5,994,136 Net book value At 31 MBr¢h 2025 3,296,542 1,397,725 101,499 178,377 4,974,143 At 31 March 2024 3,051,823 1,410,31Q 57,482 190,694 4,710,309 41 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Company Leasehold property Smprovements Furnlture and Assets under equipment constructlon Instruments Total Cost At 1 April 2024 Additions 4,493,126 438,923 4,244,760 243,974 29,448 44,017 617,624 9,384,958 726,914 Al 31 March 2025 4,932,049 4,488,734 73,465 617,624 10,111,872 Depreclatlon At 1 Aprll 2024 Charge for the year 1,441,303 2,868,515 426,930 4,736,748 194,204 262,621 12,317 469,142 At 31 MarGh 2025 1,635,507 3,131,136 439,247 5,205,890 Net book value At 31 March 2025 3,296,542 1,357,598 73,465 178,377 4,905,982 Al 31 March 2024 3,051,823 1,376,245 29,448 190,694 4,648,210 17 Flxed asset Inve8tment8 Group 2025 2024 Other Investment5 6,431,390 5,547,520 Other Investments Llsted Investments Total Cost or Valuatlon At 1 Aprfl 2024 RevaluatSon AddS1ions DSsposals 5,547,520 5,547,520 193,8211 193,8211 7,238,508 7,238,508 6,260,817) 6,260,817 Al 31 March 2025 6,431,390 6,431,390 Net book value Al 31 March 2025 6,431,390 6,431,390 At 31 March 2024 5,547,520 5,547,520 42 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Company 2025 2024 Shares in group undertakings and parlicipaling Interests Other Investments 6,431,390 6,431,392 5,547,520 5,547,522 Shares In group undertaklng8 and partlclpatlng Interests Subsldlary undertaklngs Total Cost At 1 Aprll 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Other Investments Llsted Investments Total Cost or Valuatlon Al 1 April 2024 Revaluallon Addltlons Dlsposals At 31 March 2025 5,547,520 5,547,520 193,8211 193,8211 7,238,508 7,238,508 6,260,817 6,260,817 6,431,390 6,431,390 Net book value At 31 March 2025 6,431,390 6,431,390 At 31 March 2024 5,547,520 5,547,520 43 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 D8talls of undertaklngs Details of the inv8slments In whl¢h the company holds 20 % or more of th8 nomlnal valu8 of any class of share capital are a8 follows.. Country of Incorporatlon Undertaking Proportlon of votlng rlghts and shares held 2025 2024 Prlnclpal actlvlty Holdlng Subsldlary undertaklng8 Support5ng acllvllles lo the performlng rts Muslc North Llmlted Unlted Klngdom Ordlnary 1000/0 Performances for the Royal Northern Slnfonia Royal Northern SSnfonia Unlted Klngdom OrdSnary 10001 44 North Muslc Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Subsldlarles Th8 profit for the flnanclal perlod of Music North Llmlled was £1,379,231 (2024 £921,512) and the aggregate amount of capllal and reserves at the end of the period was £1,511,80212024 - £994,537). Th8 profit for the financial period of Royal Northern Slnfonia was £1,337,081 {2024 £829,497) and the aggregate amount of capital and reserve5 at the end of the perlod was £3,624,268 12024 £2,287,187). Reserves wlthln Royal Northern Slnfonla are 51gnflicant due to the tlming of the recelpt of the orchestrlal Tax Rellef. The 2025 and 2024 year end debtors Includes two years worth of clalms that were not yet r8C8IV8d. 18 Stock Group Company 2025 2024 2025 2024 Flnlshed goods 58,899 43,910 19 Debtors Group Company 2025 2024 2025 2024 Trade deblors Due from group undertakSngs Prepaymenls and accrued ncome Other debtors 194,648 469,723 181,173 28,876 251,754 245,868 4,584,835 283,726 2,629,156 78,387 1,200,050 283,726 1,693,825 116,849 78,387 5,063,209 3,177,266 892,858 20 Cash and cash equlvalent8 Group Company 2025 2024 2025 2024 Cash on hand Cash at bank 41,202 6,976,877 7,018,079 27,265 7,940,347 14,559 5,352,630 8,212 6,788,751 6,796,963 7,967,612 5,367,189 45 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 21 Credltors: amounts falllng due wlthln one year Group Company 2025 2024 2025 2024 Trade creditors Other loan5 Due to group undertaklngs Other taxatlon and socSal securlly other credltors Accruals and deferred Income 477,468 169,547 268,968 79,220 448,453 169,547 270,396 261,639 79,220 260,843 44,841 3,213,549 302,969 39,133 3,236,181 3,926,471 152,446 44,841 3,069,301 183,143 39,133 2,883,994 4,166,248 4,154,984 3,447,129 Deferred Income Group 2025 2024 Deferred Income al 1 Aprll 2024 Resources deferred In the perlod Amounts released frorn prevlou8 perlods Deferred Income at year end 2,564,368 2,417,469 2,564,368 2,513,110 2,564,368 2,513,110 2,417,469 2,564,368 Company 2025 2024 Deferred Income al 1 Aprll 2024 Resources deferred In the perlod Amounts released from prevlous perlods Deferred income 8t year end 2,280,764 2,362,654 2,280,764 2,215,046 2,280,764 2,215,046 2,362,654 2,280,764 22 Credltors: amounts falllng due after one year Group Company 2025 2024 2025 2024 Other loans 2,958,448 3,180,477 2,958,448 3,180,477 Other loans are made up of the GMBC loan with Gateshead Councll, £NII12024'. £79,220) repayable in annual Sn5talments until 1 April 2024 and bear Interest annually at a rat& of 1.620/4, and a further loan of £3,ODO,000, whiGh was taken out on 10 March 2021 to support and malntain the cultural ecology of the charily. The balance at Ihe end of Ihe year was £3,127.995 {2024'. £3,180,477). The loan is repay8ble in bi-annual instalments until 10 March 2041, commencing from 1 February 2025. The loan bears interest annually al a rate of 2 %. The loan balance above includes accumulated interest of £242,355 {2024'. £180,477) and one repayment of £114,552 has been made. 46 North Music Trust Notes to the Financial Statements for the Year Ended 31 March 2025 23 Obllgatlons under leases and hlre purchase contracts Operatlng lease commltments Total futur8 minimum18ase payments under non-cancellable operatlng18ases are as follows.. Group Company 2025 2024 2025 2024 Other Within one year Between one and flve years 12,020 12,020 14,668 26,748 12,020 12,020 14,668 26,748 41,416 24,040 41,416 24,Q40 24 Pen8lon and other 8cheme8 Deflned contrlbutlon penslon Scheme The group operales a defined contribulSon pansion scheme. The pension cost charge for the year represents conlributlons payable by the group lo the scheme and amounted lo £313,116 12024 £291,405). Contrlbutlons totalllng £44,517 (2024 £37,174) were payable to the scheme al the end of the ye8r and are Included In credltors. 25 Commltm8nts Group Capltal commltments The lolal amount contr8Cted for bul not provlded In the flnanclal statements was £Nil 12024 £28,000). Company Capltal commltment8 The total amount contracted for but not provided in the financial statemen15 was £NS1 {2024 £NIII, 47 U) O r a> (N (D O O nc UJ in r C (N Oln CN in a) trJ o o ll r 17) CF) O Q) C ￿(0￿ CQ Ln r tD(n t3) tr r r (T) CN co (u 1111 North Muslc Trust Notes to the Financial Statements for the Year Ended 31 March 2025 28 Analy515 of net funds Group othèr non cash changes At 1 Aprll 2024 Flnanclng cash flows At 31 March 2026 Cash at bank and in hand Debt due wllhln one year Debt due after more than one yèar 7,967,612 179,2201 1949,5331 79,220 7,018,079 1169,5471 (169,547) 3,180,477 222,029 648,284 169,547 4,707,915 3,890,084 Other non cash change8 2,958,448 Net funds At 1 Aprll 2023 Flnanclng cash flows At 31 March 2024 Cash at bank and In hand Debt due wllhSn one year Debt due after more than one year 9,172,144 {76,714) 11,204,532) 76,704 7,967,612 179,2201 179,2101 3,197,385 16,908 3,180,477 Net funds 1,127,828 62,302 4,707,915 53 North Muslc Trust Notes to the Financial Statements for the Year Ended 31 March 2025 29 Related party transactlons Company Durlng the year the company made th& following related p8rty transactions., During the year, the group made purchases of £597,115 (2024.. £739,556) from Gateshead Energy Company Limited, a company under common directorship. Payments made in the year totalled £658,642 12024.. £782,938) and the amount owed at the year end, included wlthin the company's credltor5, totalled £56,03712024.' £65,870). Durlng th8 year, the group made purchases of £138,900 12024.. 189,065) and sales of £196,754 (2024.. £187,534) wlth Gat8shead CouncS1, an organlsatlon under common dlreclorshlp. Payments In th8 year totalled £100,031 {2024. £193,331) and the amount Included In the company's Gredilors at the year end lolalled £37,29612024'. £NIII. The was no debtor al the year end (2024.. £Nill. Dtjrlng the year, the group made sales of £25,60212024.. £NIII to Thlnklng Dlgllal Llrnlted, 8 company under common dlreclorshlp. There was no year end deblor12024'. £Nill. Durlng the course of the year, the company made payments on behalf of the subsldlary. Musl¢ North Llmlted, tolalllng £806,300 12024.. £610,232). R8celpts from the subsldlary agalnst thes8 payments totalled £806,300 12024.. £946,512> and Ihe amount owed al Ihe yeHr end, Included wllhin th8 company's debtors, tolalled £28,876 12024.. £28,395). The company also recieved donallons of £861,966 {2024.' £824,925) from the subsidiary In the year, no amounts remain oulslanding in respect of these donallons at the balance sheet dale. At the year end, the company owed £270,396 12D24.' £245,868 Debtor) to Its subsldl8ry Royal Northern Slnfonia Llmlted, Included wllhln the company's credltors12024.' debtors) North Music Trust Comparative Consolidated Statement of Financlal Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2024 Unrestrlcted RestrScted Endowment Note Income and Endowments from: Donations and legacles Charllable actlvltles Other trading aclivitles Investment Income 6,128,598 6,000,972 2,725,941 247,151 483,851 6,612,449 6,000,972 2,725,941 490,486 243,335 Total Sncome 15,102,662 483,851 243,335 15,829,848 Expendlture on.. Raising funds Charitable actlvStles Other expenditure 1344,9661 (13,247,344) 2,152,432 (26,536) 1371 ,5021 {13,731,1951 2,152,432 1483,851) Total expenditure Gainslloss8s on Inveslm8nt assets {15,744,7421 1483,851) 126,5361 116,255,129) 334,279 334,279 Net lexpendlturelllncom8 Transfers between funds {642,080} 265,262 551,078 248,642 191,0021 16,620 Net movement In funds {376,818) 116,6201 302,436 191,002) Reconclllatlon of funds Talal funds brought forward Total funds carrled forward 6,591,425 6,214,607 594,162 7,245,084 14,430,671 26 577,542 7,547,520 14,339,669 55