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← Richmond Upon Thames Music Trust Company Limited

2025-03-31-accounts

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

Registered number: 04218180 Charity number: 1090623

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

(A Charitable Company Limited By Guarantee)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

CONTENTS

Page
Company information 1
Directors' report 2 - 11
Independent auditor's report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 39

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

Trustees Mr P Willan
Dr H Dodman
Ms J Harnden
Cllr J Humphreys
Lady C Panufnik
Mr A Price
Ms E Rowley
Company registered
number
04218180
Charity registered
number
1090623
Registered office
7 Briar Road
Twickenham
Middlesex
TW2 6RB
Company secretary
Miss C Peirson
Independent auditor
Cooper Parry Group Limited
Statutory Auditor
Broadwalk House
5th floor
5, Appold St
Broadgate
London
EC2A 2AG

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Directors (who are also trustees for the purposes of the Charities Act) present their report with the financial statements of the Company for the year ended 31 March 2025. The Directors have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Administrative information in respect of the charity can be found on the company information page.

Governing Instrument

RMT’s charitable objects are regulated by its Memorandum and Articles of Association dated 16 May 2001 and updated 24 January 2002 and is constituted as an incorporated body.

Objectives

The principal objective of RMT is to provide musical opportunities of the highest standard for young people and others in and around the London Borough of Richmond upon Thames.

Aims

The aim of RMT is to be the main provider and key contributor of musical opportunities within the borough, transforming individuals and the community through:

Through this work, RMT utilises music as a vehicle to enrich and enhance the education, health, and quality of life of its clientele.

Structure and Governance

The Chief Executive, Caroline Peirson, is responsible for the day to day running of the charity and reports to the Board of Directors who oversee and approve strategic and financial plans. The CEO is assisted by the Development Director, Development Manager (Vocal), and Head of Music Therapy. Together they co-ordinate the work of three administrative staff, seven Team Leaders, one Lead Teacher and specialist teams of Associate Teachers and Music Therapists.

Going Concern

The statement of financial position shows an overall net asset position. No asset has been recognised in respect of the Local Government Pension Scheme at 31 March 2025, in line with a prudent approach under FRS 102 applying a Minimum Funding Requirement (2024: surplus of £429,000). The impact of increased pension costs in the future is a matter that the directors will continue to keep under review. The day to day working capital requirements are met from the income received. The Directors have a reasonable expectation that RMT has adequate resources to continue in operational existence for the foreseeable future. They therefore continue to adopt the going concern basis for accounting in preparing the annual financial statements.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Directors

The following Directors have held office during the year: Dr H Dodman (Deputy Chair) (S) (R) Ms J Harnden (R) Cllr J Humphreys (F) Lady C Panufnik Mr A Price Ms E Rowley (R) Mr P Willan (Chair) (S) (F) (R)

Directors and Method of Appointment

The Directors who are also the Trustees, are elected at the AGM or may be appointed during the year by the Board with election at the following AGM. The candidature of people with skills, experience and/or interests relevant to the charitable companies’ activities is encouraged through local organisations, existing contacts and search channels. A skills matrix was developed and adopted during the financial year 2017/18 to help ensure the Board has the right blend of skills, knowledge and experience to support the executive team and provide the necessary scrutiny and strong governance. All new Board members are given induction training which includes learning about the background, ethos and day to day activities of the charitable company as well as outlining their responsibilities. Formal arrangements are supplemented by opportunities to meet staff and to attend events and/or classes to ensure Directors have an overview of the workings of RMT.

Staffing

The organisation is committed to a policy of equal opportunities in its employment practices. All members of staff having contact with children must be cleared through the Disclosure and Barring Service (DBS). RMT has safeguarding policies in place with all teachers undertaking Level 2 Safeguarding Training, renewed within a three-year cycle. Music Therapists receive Level 3 training.

Caroline headed a team of six core staff, seven part-time Team Leaders, one part-time Lead Teacher, eighty Associate Teachers and twenty Music Therapists.

Organisation

The Directors determine the organisation’s strategy and consider and approve proposals for new policies or variations on existing policies. Annual budgets, business and development plans are subject to Board approval. The Board appoints the CEO and the Company Secretary. The Board met four times during the year.

The Safeguarding sub-committee meets annually to review any issues arising during the year and to review safeguarding policy and procedures, reporting back to the full Board. It also meets when an individual issue requires more detailed scrutiny and/or immediate action. The Funding sub-committee scrutinizes the funding of the organization and considers future funding and fundraising opportunities. The Remuneration and Appointments sub-committee meets to consider remuneration policy and senior staff appointments.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Review of the year and plans for the future

Funding

Arts Council England

RMT continued their role supporting the delivery of the refreshed National Plan for Music Education, 2022 (NPME), with responsibility for the five strategic functions set out in the plan: Partnership, Schools, Progression and Musical Development, Inclusion, Sustainability .

A strong and mutually supportive relationship continues with Arts Council England (ACE) who distribute funding on behalf of the Department for Education (DfE). A significant amount of background information and statistical data relating to the NPME is provided to ACE on a regular basis to secure release of grant payments.

Hub Lead Organisation (HLO) Restructure

During 2023-2024, Music Hubs in England underwent a process of reorganisation reducing from 117 Hubs in 2023 to just 43 by September 2024 via a competitive process. In June 2023, DfE announced the revised Music Hub geographical areas, which included the creation of a new London Southwest Music Hub encompassing the boroughs of Croydon, Hounslow, Kingston, Merton, Richmond, Sutton and Wandsworth. During the year ending 31 Aug 2024, RMT collaborated with existing HLOs across the seven SW London boroughs to jointly bid to lead the London Southwest Music Hub. The seven services agreed to create a new company 'SWL Music Ltd.' to act as the HLO to ensure a flat structure of leadership in which each organisation retains its sovereignty.

Each music service retains their individual identity and local focus, coming together to ensure efficient and effective delivery of the NPME and to create additional opportunities for children and young people. Therefore, from September 2024 RMT moved from acting as the HLO to become a Member Organisation of the new Hub, and the Lead Delivery Partner for Richmond Borough.

Quarterly feedback from ACE rated both RMT (pre Sept 24) and subsequently SWL Music Ltd. as ‘minor risk’ which is the lowest category of concern.

DfE/ACE Capital Grant

In addition to the annual Revenue Grant, as a partner in the London Southwest Music Hub, RMT has also been awarded a Capital Grant from the Department for Education to be used for purchases of musical instruments, equipment and technology. We claimed the 1st instalment in March 2025 which was put towards supplementing and replacing RMT’s instrument/equipment stock which is used for whole class delivery, courses and events. The remainder of the grant will be issued in 3 further instalments with the final payment due by September 2026, and this funding will be used to support in-school music-making as well as RMT’s music therapy provision.

LB Richmond upon Thames Council Grant (via Achieving for Children)

RMT continues to benefit from an annual grant from Richmond Council through Achieving for Children, and the Trustees are extremely grateful for the Borough’s ongoing support. The grant is integral to maintaining the breadth and quality of provision that has been developed over the last 30 years. It is also vital for the support of disadvantaged families, ensuring children who are likely to miss out have the same opportunities that are available to others.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Charitable Funds and Remission Scheme

Over 300 children and young people benefited from the remission scheme this year. This is a small increase on the number of pupils in the previous year (approx. 280, 2023/24) and represents approx. 14% of those receiving tuition overall. RMT remains deeply grateful to the Hampton Fund, Richmond Foundation (formerly Richmond Parish Lands Charity) and the Barnes Fund for their support this year which, alongside additional funding from RMT, ensures that children from families in financial difficulty do not miss out and are able to participate in instrumental/vocal tuition and to enjoy the significant benefits of music-making.

Following a strategic review in March/April 2024, and after a number of further meetings/discussions and subsequent funding application, the Hampton Fund confirmed that they would not be in a position to continue support of our remission scheme after the end of the existing funding period (end 31 August 2024).

The Richmond Foundation also completed a review of their funding streams, and have made the decision to reroute the funding previously allocated to the RMT scheme, directly to schools. Therefore, from September 2025 this funding has been added to schools’ Young Catalyst (formerly Child Support) grants. This funding can still be used to support music tuition in schools and we appreciate Richmond Foundation’s help in encouraging schools to maintain access for their pupils.

We have subsequently reviewed the RMT Remission Scheme and put the necessary changes in place in order to ensure it is sustainable, and we remain able to offer support to those in need.

Operations

Music Makers

RMT’s provision for Year 1 pupils continues to offer a preparatory course for children intending to start learning to play an instrument. It offers a wide range of musical activities for young children and provides an invaluable preparation for those starting instrumental tuition in Year 2. During the year approximately 300 children participated in the Music Makers programme in 11 schools across the Borough.

First Access to Music

Under the refreshed NPME, enabling first access to instrumental music making for all children remains a priority. Over the last year the Trust’s four term Whole Class Ensemble Tuition (WCET) programme was delivered in over 80% of borough primary school. The four-term programme includes an optional introductory term of vocal work followed by a term of whole-class instrumental learning. Children can then choose to continue learning in large groups for two more terms. This Transition Stage leads on to RMT’s standard small group tuition. The term of whole-class instrumental tuition remains free to school. A small per-pupil charge is made for those continuing to the large group stage, which is usually passed on to parents. The continuation rate is on average around 20%. The programme ensures all children experience learning a musical instrument, and is particularly valuable for those schools that find it more difficult to sustain a programme of small group and individual instrumental tuition funded by parents. Our whole class provision has also been further developed, beyond the standard WCET programme, in a number of schools, extending across a number of different year groups.

Standard Tuition

RMT offers standard small group and individual tuition, delivered weekly during term time in schools across the Borough, and at our out-of-school centres. This activity forms a significant part of RMT’s provision, and plays a key role in supporting our wider offer. 2085 pupils were “on-course” and receiving small group or individual instrumental and vocal tuition at the start of the new academic year (Autumn 2024) in comparison to 2105 the previous year (Autumn 2023). A small amount of tuition continued online, via the model developed in Summer 2020, creating additional opportunities for students unable to access face-to-face tuition at a school or centre.

Examinations

During the year RMT ran a total of five face to face private visit sessions, three for ABRSM and two for Trinity exams. A total of 132 candidates successfully achieved their grading, of which 19 passed with distinction. In addition, a number of teachers continued to support the digital performance options that are now available.

As well as ABRSM and Trinity College of Music exams, many RMT students continue to be entered for Registry of Guitar Tutors exams, Trinity Rock and Pop exams and Rock School exams.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Courses

Courses remain an important strand of RMT work, bringing young musicians together to create and make music.

BandIt: RMT’s contemporary band course continued grow. The Easter course (2-5 April 2024) saw an increase in participants, with nine bands coming together to learn covers, rehearse, write and perform their own songs, with the Summer course (19-23 August 2024) maintaining its full capacity of twelve bands. Both week-long courses culminated in fantastic gigs, taking place at The Exchange in Twickenham, in front of enthusiastic audiences of parents and friends.

Instrumental Day Workshops: As part of our 30 year anniversary celebrations a series of instrumental workshops took place during the Spring and Summer Terms 2024. This included the Recorder Day in March 24, two Percussion Days in April/ May 24, and the Woodwind & Brass, BandItos (Beginner Band Course) and String Days in June 24. Building on the success of this series the programme for 2025 was put in place, with the Keyboard, Recorder, Strings and Percussion Days going ahead in the Spring Term 2025. A significant increase in pupil numbers was achieved across all 2025 workshop days and this in turn has supported ensemble recruitment.

Music Centres

Ensemble rehearsals and instrumental/vocal tuition continued to take place at our Saturday Centre, with additional out of school instrumental tuition taking place in Briar Road in the evenings, Monday to Friday. RMT Youth Screen Orchestra and both Junior and Senior Concert Bands also rehearsed on Tuesday and Wednesday evenings at Waldegrave School. Beginners can join Junior Strings or Junior Concert Band, moving on to Intermediate Training Orchestra or one of our senior ensembles when ready. Chamber Group, Ensembles, Jazz Band and Saturday Bandit offer a broad range of additional opportunities.

Senior Ensembles

Richmond Youth Screen Orchestra (RYSO), Richmond Youth Concert Band (RYCB) and our re-launched Richmond Youth Jazz Band continue to attract new members, and to perform regular concerts of a high standard. Notable performances included the RMT Ensembles Concert on 9 July 2024 at The Exchange, Twickenham, featuring RMT ensembles from beginner to advanced. Also, for the first time in many years, RMT held a Christmas Concert which took place in the Chapel at St Mary’s University, Twickenham on 14 December 2024. The RYSO, RYCB, and RMT Choir were joined by players from some of Kingston Music Service’s ensembles, performing a programme of festive music.

Instrument Hire Scheme

RMT maintains an instrument hire scheme helping children access a range of instruments. Free instrument loan is provided for children from families eligible for the remission scheme (subject to availability). A whole-class set of instruments is also provided and maintained in every KS2 school for the four term WCET programme. All children continuing to the Transition Stage are provided with free instrument loan for the final two terms of the programme.

Website/Social Media

RMT’s website and social media presence continues to be a valuable tool for the organisation, both in the promotion of our services, and in supporting the day to day operations of the Trust. RMTs social media platforms have seen increased engagement over the last year, and we continue to seek out opportunities to reach a wider audience.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Staff Training and Development

The main RMT Inset session took place on Thursday 12 September 2024, with a focus on best practice in small group instrumental/vocal teaching, and how student engagement and motivation can be harnessed to drive progression and achievement. This session was delivered by Dr Elizabeth Stafford, an internationally recognised music education expert from Music Education Solutions.

Instrumental/vocal team meetings also took place with the opportunity for more instrument specific discussion.

Throughout the year, all newly appointed staff attended the usual induction course providing details about work practices, expectations, Health and Safety for employees and Safeguarding children. New teachers are closely monitored and supported (including observation visits in their first and second terms), whilst ongoing support for all instrumental teachers, including informal visits and formal annual observations with written feedback, continues to be undertaken by Team Leaders and Lead Teachers.

Support for Schools

RMT continued to provide additional advice and support to schools as and when required, on a wide range of musical issues. Additionally, ongoing communication and support is provided to school-based music staff as part of the primary and secondary schools singing events and the schools ensemble day. Specialist RMT staff work with the children alongside school staff, modelling a variety of teaching and rehearsal techniques and helping to raise standards and expectations. The success of this approach is reflected by the very high levels of engagement of school music leaders and the depth of technical and musical knowledge and skills on display at our large-scale events.

Events

Live at The Exchange 2024

Our Secondary singing event Live at The Exchange took place on 5 July 2024. The event remains as a studentled gig which offers the opportunity for soloists and small groups to sing with a live professional band. Close to 40 students took part singing a mixture of covers and students’ own songs. The event provided an exciting opportunity for the students to rehearse and perform at a professional venue and the standard of performances was extremely high.

Choirs Connect 2024

RMT also introduced our new Choirs Connect event – a workshop to give local secondary school choirs/vocal groups the opportunity to perform for each other and sing together as part of a massed choir. We successfully piloted the event on 13 June 2024, hosted by St Richard Reynold’s Catholic College in Twickenham, with choirs/vocal groups from 5 schools taking part. Plans to build on the success of the first event and establish regular workshops are already underway.

Primary Singing Festival 2025

The festival maintained its collaborative character, with choir leaders and the RMT singing team continuing to work closely together. Taking place at the end of the Spring Term (2/3 April 2025), 35 Borough Schools registered for the event, with approximately 1400 pupils taking part. Four concerts took place over the two days, with all schools performing to capacity audiences at the Rose Theatre in Kingston.

Music coordinators and choir leaders attended a vocal workshop in January 2025 and visits by the singing team to participating schools, along with ten regional workshops, took place throughout February and March 2025. The theme Wonderful World inspired imaginative song choices from the schools partnerships, and the four massed songs were greatly enjoyed by children and teachers alike.

Schools Ensemble Days 2024 & 2025

This event was devised to help support the development of school orchestras/ensembles. Schools were invited to bring players to The Exchange in Twickenham on 26 June 2024 for a day of ensemble work and informal performance, celebrating young musicians from across the Borough. Approximately 200 pupils from 8 Borough Primary schools got the chance to meet and play alongside their friends as well as pupils from other schools, led by a team of specialist RMT Team Leaders/Associate Teachers. For the academic year 2024/25 it was decided to move the Day to the Spring Term, to fit better with both schools and RMT calendars. The next event took place on 27 March 2025 with 9 Primary schools participating.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Music Therapy

During this past year RMT has achieved growth in the music therapy service across all areas of clinical activity. Areas of activity have included the following:

RMT’s main focus of delivery has been from our therapy room in Twickenham, which is fully utilised 6 days a week, as well as an additional therapy room hired next door for Saturday provision. Sessions are also delivered on an outreach basis to schools, day centres, care homes, family homes and hospitals as well as online.

We have maintained and developed our online offer, which continues to be of interest to some clients and enables our service to reach vulnerable children and adults, who otherwise would not have access to RMT’s services. In this context RMT has continued to work with a nationwide specialist provider for online content to care homes (www.personcentredsoftware.com), providing a weekly singing and well-being group which is livestreamed via an online platform to a wide selection of care homes for older adults.

RMT has continued to provide Singing Together, an online singing group for adults (age 50+), in particular those with Dementia, living in their own homes, as well as people experiencing loneliness and mental health issues. This group has a steady membership of approx. 15-20 participants.

Future Plans

RMT will continue to work across all areas of provision to achieve our stated objective to provide musical opportunities of the highest standard for young people and others in and around Richmond. We will seek to maintain current levels of provision, as well as creating opportunities to increase the number of families and schools accessing our services and the range of provision and services offered.

Following the ACE Music Hub restructure and the subsequent formation of SWL Music Ltd. RMT has worked closely with the other six member organisations (Merton, Wandsworth, Croydon, Sutton, Hounslow and Kingston) to manage the updated funding requirements to ensure efficient and effective delivery of the NPME. We will continue to work together over the coming year, whilst retaining the individual focus and identity of each organisation, in anticipation of further changes expected from September 2026, when the planned National Centre for Arts and Music Education is due to take over the management of the Music Hubs network.

The risks of changing local and national government priorities affecting grant funding remains, and RMT continues to apply flexible working practices to mitigate risk. Careful management of finances over the last few years has maintained financial stability with reserves remaining at Charity Commission recommended levels. The decision to withdraw from the Teachers Pension Scheme, following significant year on year increases, has also provided RMT with more control moving forward, in relation to both staffing costs and the way in which we support our teachers and therapists. We will continue to explore funding opportunities to support our remission scheme and maintain access for families in financial need.

RMT’s programme of events/activities for the 2025/26 academic year will continue to support our young musicians across all age groups and ability levels. We will continue to focus on the development and growth of our ensemble provision and a variety of opportunities for new players to experience the benefits of playing together across a range of genres. We will also be continuing to develop our Schools provision, bringing school groups/orchestras together and providing a platform for them to perform and experience music.

Demand for our Music Therapy is expected to remain high with the department continuing to see strong growth in all areas.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Overall RMT is in a strong position to continue moving forward, particularly in terms of its relationship with, and support from parents, schools and the wider community.

Financial Review

Operating Deficit/Surplus

The Directors report that RMT incurred an operating deficit of £20,028 for the year, compared to the operating surplus of £59,067 at the end of the previous year. This operating deficit is after inclusion of the FRS102 adjustment for the net operating expenditure of the defined benefit pension scheme of £13,000 (2024: £19,000).

There was an increase in income to £1,790,469 from £1,696,275 in 2024, primarily due to increased levels of charitable activities during the year.

Total expenditure also increased to £1,810,497 from £1,637,208 in 2024. Total assets less current liabilities (excluding pension liabilities) decreased by £20,028 to £521,686 from £541,714 in the previous year. Restricted funds at the year-end were £20,755 (2024: £60,936), with unrestricted funds showing a surplus of £500,931 (2024: £909,778), resulting in total funds of £521,686 (2024: £970,714).

Although the operating surplus or deficit is regarded as a meaningful measure of financial performance, in accordance with accounting standards, the charity is also required to consider the position of the Local Government Pension Scheme (a defined benefit scheme for administrative staff). Under FRS 102, a surplus can only be recognised to the extent that the charity can obtain an economic benefit from it, such as through a refund or reduction in future contributions. Historically, when a surplus has arisen it has been shown but not treated as a free reserve because any realisation would potentially be long term through actuarial adjustments to the contribution rate. This year, in line with a prudent approach, the directors have decided to apply a Minimum Funding Requirement, meaning no pension asset has been recognised at 31 March 2025 (2024: surplus of £429,000).

Reserves policy

It is the policy of RMT to continue to seek to maintain free reserves of the charity, excluding the defined benefit pension scheme liability, at a prudent level equating to three month’s of unrestricted expenditure, as recommended by the Charity Commission. These reserves are to provide sufficient funds to cover management, administration and operational costs over the stated period and for the purchase of necessary equipment and any other unforeseen capital costs. RMT free reserves increased at 31 March 2025 to £490,248 (2024: £479,856). Average one month’s unrestricted expenditure increased to £118,504 (2024: £110,983) so that free reserves covered approximately 4.1 months of unrestricted expenditure (2024: 4.3). It is expected the cover will reduce next year, but will remain at a prudent level, on account of increased national insurance and other costs.

General Data Protection Regulation (GDPR)

Work continues to be carried out to ensure compliance with the UK GDPR. The RMT Data Protection Policy continues to be reviewed regularly. The Policy shows RMT’s commitment to the principles when collecting, processing and storing personal data and informs all RMT data handling procedures.

The RMT Privacy Notice, approved by the Board in 2017, is reviewed regularly. The Privacy Notice continues to appear whenever users apply for RMT services or provide information to RMT online.

Further IT updates have been carried out to enhance the security of the RMT data system from any external cyber-attacks. These go beyond the level of security required in the Cyber Essentials certification which is processed on an annual basis. RMT will continue to work with our IT provider, Minerva, to ensure any additional measures required are put in place to continue to comply with GDPR.

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RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Risk Management

As required by the Charity Commission, the Directors undertake regular reviews of the significant risks to which RMT is exposed and ensure that mitigation policies are in place. A risk register exists and is updated regularly.

The key risk that RMT has identified is the inability to secure or sustain current level funding. A number of lower priority risks have also been identified and procedures have been implemented which minimize these identified risks. The Board regularly discusses aspects of the operations to understand and manage the risk it faces.

Relationships with other organisations

RMT is keen to form partnerships with other organisations that offer specialist support and contribute to the breadth and quality of provision. Existing partners include M:Tech, LBRuT Arts Service and the six other member organisations of SWL Music Ltd. The Music Therapy department engages with a range of partners that refer clients to RMT. We actively seek and welcome new partners who might improve, enhance or broaden our provision.

Funders are another group who have a continuing interest in RMT’s performance and its use of resources. They include Arts Council England, LBRuT, Barnes Fund and The Arts Society Richmond. We are also supported by donations from individuals. To all of them, the Directors give their thanks on behalf of the most important stakeholders, the young people, to whom we continue to provide musical opportunities.

Charitable Activities

Music provision: the aim of RMT is to be able to offer music tuition to all children and young people of school age within the borough. RMT aims to provide music tuition as and when requested. However, this is not always immediately possible therefore waiting lists are created. Waiting lists are closely monitored and pupils are offered places as soon as tuition becomes available. Additional teachers are engaged to increase capacity where appropriate. There are currently 45 primary schools, 11 secondary and 3 Special Educational Needs schools within the Borough. The Trust engages with all these schools, and offers a variety of music provision in the majority, including small group/individual lessons, whole class programmes and ensemble support.

Planning and Development

The Annual budget is presented by the Executive for Board approval. Alongside stringent budget monitoring procedures, indicators are used to measure performance. These include pupil numbers, waiting lists, the quality of teaching and learning and feedback from stakeholders.

Public Benefit

The Directors confirm that they have paid due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charitable Company. The Charity Commission, in its “Charities and public benefit” guidance, states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit and, secondly, that the benefit must be to the public or a section of the public. The Directors are satisfied that both these key principles are met by the operation and achievements of the Charitable Company.

Directors’ responsibilities

Charity law and Company law require the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors have been required to:

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Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

Opinion

We have audited the financial statements of Richmond Upon Thames Music Trust Company Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011, UK tax legislation, and the Charities SORP (FRS 102). Where relevant, we also considered compliance with fundraising regulations and safeguarding requirements, and reviewed guidance issued by the Charity Commission.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

In the context of the charity’s operations, we assessed the risk of non-compliance with the relevant legal and regulatory frameworks, particularly in relation to the use of restricted funds, public benefit reporting, and the recognition of grant income. Our procedures included reviewing correspondence with regulators, examining fund movements, and evaluating disclosures in the Trustees’ Report and financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 14

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kevin Hodgetts (Senior Statutory Auditor)

for and on behalf of

Cooper Parry Group Limited

Statutory Auditor Broadwalk House 5th floor 5, Appold St Broadgate London EC2A 2AG

Date: 02 December 2025

Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Grants and donation
4
Charitable activities
5
Investments
6
Other income
Total income
Expenditure on:
Charitable activities
Governance costs
Raising funds
Total expenditure
Net movement in funds before other
recognised losses / gains
Other recognised losses / gains:
(Loss) / gain on defined pension
schemes
15,22
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
funds
2025
£
348,210
-
56
-
348,266
388,447
-
-
388,447
(40,181)
-
(40,181)
60,936
20,755		 Unrestricted
funds
2025
£
63,040
1,366,886
5,955
6,322
1,442,203
1,275,264
42,107
104,679
1,422,050
20,153
(429,000)
(408,847)
909,778
500,931		 Total
funds
2025
£
411,250
1,366,886
6,011
6,322
1,790,469
1,663,711
42,107
104,679
1,810,497
(20,028)
(429,000)
(449,028)
970,714
521,686		 Total
funds
2024
£
412,054
1,277,456
4,150
2,615
1,696,275
1,514,777
37,969
84,462
1,637,208
59,067
261,000
320,067
650,647
970,714

The Statement of financial activities includes all gains and losses recognised in the year.

Page 16

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash from operating activities
19
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash from investing activities
Cash flows from financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20		 2025
£
(16,288)
(15,335)
6,011
(9,324)
-
(25,612)
631,065
605,453		 2024
£
112,298
(1,382)
4,150
2,768
-
115,066
515,999
631,065

Page 18

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Richmond Upon Thames Music Trust Company Limited is a company limited by guarantee in England and Wales. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charitable Company. The address of the registered office is; 7 Briar Road, Twickenham, Middlesex, TW2 6RB. The nature of the charity’s operations and principal activities are to provide musical opportunities of the highest standard for young people and others in and around the London Borough of Richmond upon Thames.

The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Companies Act 2006 and UK Generally Accepted Practice.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Richmond Upon Thames Music Trust Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The presentation currency is pounds sterling and amounts are rounded to the nearest pound, except for transactions and balances relating to the defined benefit pension scheme which are rounded to the nearest thousand pounds.

2.2 Going concern

The statement of financial position shows an overall net asset position at 31 March 2025. This position is stated before any recognition of a defined benefit pension scheme asset, as no asset has been recognised at the year end. The pension scheme in question relates to the Local Government Pension Scheme (see note 22). The impact of future pension costs remains a key consideration for the trustees.

The Charitable Company meets its day to day working capital requirements through government grants and tuition fee income. There is some uncertainty concerning future income from some of these grant-making bodies, but the directors are pursuing new sources of income. The Charitable Company has demonstrated it has a robust business model and with careful management of overall costs has put itself in a strong and stable position from which to move forward.

The directors consider that it is appropriate to prepare the financial statements on a going concern basis, as they expect the Charitable Company to be able to conduct its activities within the facilities made available for a period of at least twelve months from the date of signing the accounts. Furthermore, budgets are prepared and carefully monitored by the directors who meet to discuss these regularly throughout the year.

Page 19

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Income from charitable activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. If necessary, any element relating to future accounting periods is deferred.

The charity receives government grants in respect of music education. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Tuition fee income is stated net of refunds and examination fees and the income is recognised in the period to which the tuition relates.

Music therapy income is recognised in the period in which the service is provided.

Investment and other income are accounted for on a receivable basis.

2.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs.

Costs of raising funds

Includes all of the costs incurred in generating voluntary income.

Costs of charitable activities

Comprises services, supplies and activities undertaken which directly support the Charity’s objectives. 95% (2024: 95%) of the office costs are estimated to have been in relation to charitable activities and 5% (2024: 5%) relating to costs of generating voluntary income of the company.

Governance costs

Includes those costs incurred in connection with enabling the charity to comply with external regulation, constitutional and statutory requirements and in providing support to the Directors in the discharge of their statutory duties.

Page 20

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.5 Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and other overheads have been allocated on an accruals basis.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

2.6 Tangible fixed assets and depreciation

Fixed assets for Charitable Company’s use are capitalised at cost, where acquired, or at market value, as determined by the Directors, where donated. Fixed assets costing in excess of £250 are capitalised on the balance sheet and are included in the financial statements at cost/market value less depreciation.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the following basis:

Musical instruments - 33% per annum straight line
Fixtures and fittings - 20% per annum straight line
Office equipment - 33% per annum straight line

A full year’s depreciation is charged in the year of acquisition and none in the year of disposal.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash and cash equivalents include petty cash, cash held in current accounts and fixed term deposit accounts with a short-term maturity of twelve months.

2.9 Liabilities and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Page 21

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.10 Financial instruments

The Charitable Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets

Financial assets are recognised in the Charitable Company’s statement of financial position when the Charitable Company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measure at fair value.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Charitable Company’s obligations are discharged, cancelled, or they expire.

2.11 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term.

Page 22

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.12 Employee benefits

The cost of short term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.13 Pensions

The Charitable Company operated two defined benefit pension schemes for the benefit of its employees.

One of these schemes, the Teachers' Pension Scheme, is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. On 30 September 2024, RMT formerly withdrew from the Teachers' Pension Scheme as per note 22.

For the other defined benefit scheme, the Local Government Pension Scheme, the pension costs are assessed using the projected unit credit method, the cost of providing pensions is charged to the profit and loss account so as to spread the regular costs over the service lives of employees. The pension obligation is measured at the present value of the estimated future cash flows using interest rates on government securities that have terms to maturity approximating the terms of the related liability.

When the benefits of a scheme are improved, past service costs is recognised as an expense on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits are already vested immediately, following the introduction of, or changes to, a defined benefit plan, the past service cost is recognised as an expense immediately.

In addition to these defined benefit schemes, the Charitable Company also operates one defined contribution scheme, the People's Pension Scheme.

Under FRS 102, a surplus can only be recognised to the extent that the charity can obtain an economic benefit from it, such as through a refund or reduction in future contributions. Historically, when a surplus has arisen it has been shown but not treated as a free reserve because any realisation would potentially be long term through actuarial adjustments to the contribution rate. This year, in line with a prudent approach, the directors have decided to apply a Minimum Funding Requirement, meaning no pension asset has been recognised at 31 March 2025 (2024: surplus of £429,000).

2.14 Fund accounting

Unrestricted funds are comprised of the general reserve. The general reserve is the accumulation of surpluses and deficits and is available for use at the discretion of the Trustees in furtherance of the Charitable Company’s general charitable objectives.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 23

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Critical accounting estimates and areas of judgment

In preparing these financial statements, the directors have made judgements, estimates and assumptions that affect the application of the Charitable Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The items in the financial statements where these judgements and estimates have been made include:

Debtor Recoverability

The directors have reviewed the year-end balances in respect of trade debtors due in less than one year and consider that all amounts are fully recoverable and that no further adjustment is required.

Useful lives and residual value of fixed assets

The directors have reviewed the useful lives and residual values of fixed assets as detailed in note 11 and consider that no adjustment is required.

Local Government Pension Scheme

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 22, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 March 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

The asset values are reported using estimated asset allocations prepared by the scheme Actuary. The asset value is calculated at each triennial valuation. Thereafter it is rolled forward to accounting dates using investment returns, contributions received and benefits paid out. During each annual reporting period between triennial valuations, asset returns are estimated using 11 months of market experience and one month of extrapolation being assumed.

Where a scheme is in a surplus according to the accounting valuation, the associated asset has not been recognised on the basis that it is not likely to be recoverable either through future reductions in contributions rates or future repayments. Further details of pension assets not recognised can be found with the pensions note to the financial statements.

4. Income from grants and donations

Restricted Unrestricted Total Total
funds funds funds funds
2025 2025 2025 2024
£ £ £ £
Grants and donations 348,210 63,040 411,250 412,054

Page 24

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted funds

2025 As
previously
reported
2024		 As
restated
2024
£ £ £
Standard fund Grant/MEG (As explained in note 25) - 245,941 -
LBRUT Grant 47,500 48,000 48,000
Other donations 15,540 1,923 1,923
Peter Willan - 350 350
63,040 296,214 50,273

Restricted funds

2025 As
previously
reported
2024		 As
restated
2024
£ £ £
Hampton Fund 9,455 16,545 16,545
Clive Searby Fund - 25,700 25,700
Richmond Foundation (formerly Richmond Parish Lands Charity) 25,000 15,909 15,909
Barnes Fund 2,500 1,800 1,800
Arts Council TPS Grant 39,686 55,886 55,886
ACE-Capital grant 25,048 - -
Standard fund Grant/MEG (as explained in note 25) 246,521 - 245,941
348,210 115,840 361,781

Page 25

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from charitable activities - unrestricted

Tuition fees
Activity fees from schools
Wider opportunities
Course fees
Concert income
Exam fees
Music therapy		 Unrestricted
funds
2025
£
901,233
36,229
20,052
25,700
26,612
2,637
354,423
1,366,886		 Total
funds
2025
£
901,233
36,229
20,052
25,700
26,612
2,637
354,423
1,366,886		 Total
funds
2024
£
870,349
30,016
24,602
18,248
6,796
2,748
324,697
1,277,456

6. Investment income

Restricted Unrestricted Total Total
funds funds funds funds
2025 2025 2025 2024
£ £ £ £
Bank interest receivable 56 5,955 6,011 4,150

7. Total expenditure

Charitable activities
Governance costs
Raising funds		 Activities
undertaken
directly
2025
£
1,663,711
42,107
104,679
1,810,497		 Total
funds
2025
£
1,663,711
42,107
104,679
1,810,497		 Total
funds
2024
£
1,514,777
37,969
84,462
1,637,208

Page 26

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Operating (deficit) / surplus (total incoming resources less total resources expended)

Operating (deficit) / surplus is stated after charging:

2025 2024
£ £
Depreciation of tangible assets 5,574 3,843
Operating lease rentals-land and buildings 74,099 68,924
Auditors'remuneration 9,900 9,250
Auditors'remuneration for non-audit work 6,400 7,375
Net movement between the decrease in defined benefit pension liability and
the gain on defined benefit pension scheme - (9,000)

9. Comparative figures for the Statement of Financial Activities as restated

Restricted
funds
Unrestricted
funds		 Restricted
funds
Unrestricted
funds		 Total
funds
2024 2024 2024
£ £ £
Income from:
Grants and donations 361,781 50,273 412,054
Charitable activities - 1,277,456 1,277,456
Investments 49 4,101 4,150
Other income - 2,615 2,615
Total income 361,830 1,334,445 1,696,275
Expenditure on:
Charitable activities 305,416 1,209,361 1,514,777
Governance costs - 37,969 37,969
Raising funds - 84,462 84,462
Total expenditure 305,416 1,331,792 1,637,208
Net movement in funds before other recognised gains 56,414 2,653 59,067
Other recognised gains and losses:
Gain on defined benefit pension schemes - 261,000 261,000
Net movement in funds 56,414 263,653 320,067
Reconciliation of funds:
Total funds brought forward 4,522 646,125 650,647
Total funds carried forward 60,936 909,778 970,714

Page 27

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Taxation

The Charitable Company enjoys tax-exempt status as a charity under Section 505 Income and Corporation Taxes Act 1988.

11. Tangible fixed assets

Cost or valuation
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Musical
instruments
£
167,208
-
(824)
166,384
166,620
295
(824)
166,091
293
588		 Fixtures and
fittings
£
55,314
-
(2,350)
52,964
55,314
-
(2,350)
52,964
-
-		 Office
equipment
£
126,629
15,335
(52,807)
89,157
126,295
5,279
(52,807)
78,767
10,390
334		 Total
£
349,151
15,335
(55,981)
308,505
348,229
5,574
(55,981)
297,822
10,683
922

Those assets classified as musical instruments are used to further the Charitable Company’s objectives. The office equipment is used for administrative support. Those assets included under fixtures, fittings and equipment are furnishings and fittings purchased for the Briar Road office.

For all instruments and equipment purchased using the ACE Capital Grant, ownership remains with Southwest London Music Ltd. and as such they are not included in our fixed assets.

Page 28

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
292,471
5,561
20,182
318,214		 2024
£
310,647
-
17,105
327,752

Included within Trade debtors is £11,778 (2024 – £11,778) which relates to a rent deposit that is recoverable after more than one year.

13. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
35,002
12,528
365,134
412,664		 2024
£
44,950
4,414
368,661
418,025

14. Deferred income

2025 2024
£ £
Brought forward at 1 April 2024 348,971 293,514
Released in respect of prior years (348,971) (293,514)
Deferred in current year 342,133 348,971
Carried forward at 31 March 2025 342,133 348,971
Carried forward at 31 March 2025
Grant income 9,091 18,546
Tuition and course fees 333,042 330,425
Total 342,133 348,971

Income has been deferred for the above events as they are all due to take place in the next financial year.

Page 29

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Defined benefit pension scheme asset

Pension scheme surplus
Retained funds
Accumulated surplus at 1 April 2024
Retained (deficit)/surplus for the year
Accumulated surplus at 31 March 2025		 2025
£
-
2025
£
970,714
(449,028)
521,686		 2024
£
429,000
2024
£
650,647
320,067
970,714

16. Retained funds

17. Analysis of charitable funds

Analysis of movement in unrestricted funds

At 31
At 1 April Losses on March
2024 Income Expenditure pension 2025
£ £ £ £ £
General reserve & total
unrestricted funds 909,778 1,442,203 (1,422,050) (429,000) 500,931

Name of unrestricted fund

General fund

Description, nature and purpose of the fund

The 'free reserves' after allowing for all restricted funds.

Page 30

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Analysis of movement in restricted funds

At 1 April
2024		 Income Expenditure Losses on
pension		 At 31
March
2025
£ £ £ £ £
Jane Wadeson memorial fund 3,315 48 - - 3,363
Hampton Fuel Allotment (9,455) 9,455 - - -
Clive Searby fund 19,931 - (9,272) - 10,659
Richmond Foundation
(formerly RPLC)		 (9,091) 25,000 (15,909) - -
Mandy Lee scholarship fund 350 8 - - 358
Barnes Workhouse - 2,500 (2,500) - -
Arts Council TPS grant 55,886 39,686 (95,572) - -
Standard fund Grant/MEG - 246,521 (246,521) - -
ACE - Capital grant - 25,048 (18,673) - 6,375
Total restricted funds 60,936 348,266 (388,447) - 20,755
Total funds 970,714 1,790,469 (1,810,497) (429,000) 521,686

Name of restricted fund

The Jane Wadeson Memorial Fund

Description, nature and purpose of the fund

The balance of monies transferred from the related charity in respect of a £3,000 capital donation, the interest thereon being available to be offset against fee remission.

The Mandy Lee Scholarship Fund The balance of monies donated by the International Bar Association of £10,000, to fund expenses in connection with the musical education of children in need.

Page 31

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Analysis of movement in unrestricted funds

At 1 April Income as Expenditure Gains on At 31 March
2023 restated as restated pension 2024
£ £ £ £ £
General reserve & total
unrestricted funds 646,125 1,334,445 (1,331,792) 261,000 909,778
Name of unrestricted fund Description, nature and purpose of the fund
General Fund The'free reserves'after allowing for all restricted funds.

Analysis of movement in restricted funds

At 1 April
2023		 Income Expenditure Gains on
pension		 At 31 March
2024
£ £ £ £ £
Jane Wadeson memorial fund 3,276 39 - - 3,315
Hampton Fuel Allotment - 16,545 (26,000) - (9,455)
Clive Searby fund - 25,700 (5,769) - 19,931
Richmond Parish Lands - 15,909 (25,000) - (9,091)
Mandy Lee scholarship fund 1,246 10 (906) - 350
Barnes Workhouse - 1,800 (1,800) - -
Standard fund Grant/MEG - 245,941 (245,941) - -
Arts Council TPS grant - 55,886 - - 55,886
Total restricted funds 4,522 361,830 (305,416) - 60,936
Total funds 650,647 1,696,275 (1,637,208) 261,000 970,714

Name of unrestricted fund Description, nature and purpose of the fund

The Jane Wadeson Memorial Fund

The balance of monies transferred from the related charity in respect of a £3,000 capital donation, the interest thereon being available to be offset against fee remission.

The Mandy Lee Scholarship Fund The balance of monies donated by the International Bar Association of £10,000, to fund expenses in connection with the musical education of children in need.

Page 32

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
10,683
20,755
902,912
-
(412,664)
20,755
500,931		 Total
funds
2025
£
10,683
923,667
(412,664)
521,686

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
922
60,936
897,881
-
(418,025)
-
429,000
60,936
909,778		 Total
funds
2024
£
922
958,817
(418,025)
429,000
970,714

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net movement between the decrease in defined benefit pension liability and
the gain on defined benefit pension scheme
Net cash (used in)/provided by operating activities		 2025
£
(20,028)
5,574
(6,011)
9,538
(5,361)
-
(16,288)		 2024
£
59,067
3,843
(4,150)
(530)
63,068
(9,000)
112,298

Page 33

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 2025
£
605,453
605,453		 2024
£
631,065
631,065

21. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2024
£
631,065
631,065		 Cash flows
£
(25,612)
(25,612)		 At 31 March
2025
£
605,453
605,453

22. Pension commitments

During the financial year 2024-25 the Charitable Company's employees belonged to three pension schemes: The Teachers’ Pension Scheme (“TPS”), for academic and related staff, the Local Government Pension Scheme (“LGPS”), for non-teaching senior staff, managed by Wandsworth Council, and The Peoples’ Pension Scheme (“TPP”), for non-teaching admin staff.

Both the TPS and LGPS are defined benefit schemes, the pension costs for which are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS was 31 March 2020 and the LGPS was 31 March 2025. The TPP is a defined contribution scheme, authorised as a Master Trust by The Pensions Regulator.

Contributions of £17,004 were payable to the three schemes at the year-end (2024: £26,895).

Teachers’ Pension Scheme

During the year, the Charity participated in the TPS, a statutory, unfunded, defined benefit multi-employer scheme governed by the Teachers' Pensions Regulations 2014. As the Charity is unable to identify its share of the underlying assets and liabilities, contributions were accounted for as if the scheme were a defined contribution scheme, in accordance with FRS102.

On 30 September 2024, the Charity formally withdrew from the TPS following a consultation with staff, who agreed to the contractual change. From 1 October 2024, all eligible staff were enrolled in The People's Pension Scheme, a defined contribution Master Trust arrangement.

The decision to withdraw was made in response to changes in funding arrangements and contribution rates that affected the affordability of contined participation.

Employer contributions to the TPS for the period up to 30 September 2024 amounted to £113,018 (2024: £188,587).

The People's Pension Scheme

The TPP is a defined contribution scheme authorised as a Master Trust by The Pensions Regulator. From 1 October 2024, as above, all eligible staff previously in the TPS were enrolled in TPP, joining existing members from the core team. Employer contributions to TPP for the year ended 31 March 2025 amounted to £47,934 (2024: £5,222).

Page 34

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Pension commitments (continued)

Local Government Pension Scheme

The LGPS is a funded, defined benefit scheme with assets held in separate trustee-administered funds. The total contributions for the year ended 31 March 2025 were £53,441 (2024: £44,449) of which employer’s contributions totalled £41,509 (2024: £35,531).

The latest triennial valuation was carried out at 31 March 2025 and the following information was provided for disclosures under FRS102 as at 31 March 2025, by Barnett Waddingham LLP as part of their annual review of the scheme.

The total recognised cost in the period was as follows:
Current service cost
Net interest
Administration expenses
Recognised in net expenditure		 2025
£'000
34
(22)
1
13		 2024
£'000
26
(8)
1
19

Under FRS 102, a surplus can only be recognised to the extent that the charity can obtain an economic benefit from it, such as through a refund or reduction in future contributions. Historically, when a surplus has arisen it has been shown but not treated as a free reserve because any realisation would potentially be long term through actuarial adjustments to the contribution rate. This year, in line with a prudent approach, the directors have decided to apply a Minimum Funding Requirement, meaning no pension asset has been recognised at 31 March 2025 (2024: surplus of £429,000).

2025 2024 2023
£'000 £'000 £'000
Amounts recognised in the balance sheet were as
follows:
Present value of funded obligations (1,651) (1,844) (1,854)
Fair value of fund assets (bid value)
Surplus
Impact of asset ceiling		 2,324
673
(673)		 2,273
429
-		 2,013
159
-
Net defined benefit pension scheme asset - 429 159
Opening impact of asset ceiling
Loss as a result of asset ceiling adjustment
Closing impact of asset ceiling		 2025
£'000
-
673
673		 2024
£'000
-
-
-

Page 35

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Changes in the present value of the defined benefit obligations were
as follows:
Opening defined benefit obligation
Current service cost
Interest expense
Change in financial assumptions
Change in demographic assumptions
Contributions by scheme participants
Estimated benefits paid net of transfers in
Experience (gain)/loss on defined benefit obligation
Closing defined benefit obligation
Changes in the fair value of the pension plan assets were as follows:
Opening fair value of fund assets
Interest income
Actual return on plan assets (excl. interest income)
Administration expenses
Contributions by employer incl. unfunded
Contributions by fund participants
Estimated benefits paid plus unfunded net of transfers in
Closing fair value of fund
The contribution of each major class of assets to the fair value of the
total plan was:
Equities
Bonds
Property
Cash
Multi-asset fund		 2025
£'000
1,844
34
89
(247)
(4)
11
(72)
(4)
1,651
2025
£'000
2,273
111
(36)
(1)
38
11
(72)
2,324
2025
£'000
1,331
347
316
90
240
2,324		 2024
£'000
1,854
26
88
(45)
(25)
9
(67)
4
1,844
2024
£'000
2,013
96
195
(1)
28
9
(67)
2,273
2024
£'000
1,326
343
293
80
231
2,273

Page 36

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The return on plan assets was as follows:
Interest income
Actual return on plan assets (excl. interest income)
Total return on plan assets
2025		 2025
£'000
111
(36)
75
2024		 2024
£'000
96
195
291
2023
The principal actuarial assumptions used were as
follows:
Discount rate
5.80%		 4.90% 4.80%
Expected rates of salary increases
3.20%		 3.25% 3.30%
Expected rates of pension salary increases
2.90%		 2.90% 2.95%
Expected rate of increase-RPI
3.20%		 3.25% 3.30%
Expected rate of increase-CPI
2.90%		 2.90% 2.95%
2025 2024 2023
The mortality assumptions used for longevity (in years)
on retirement at age 65 are:
£		 £ £
Retiring at the balance sheet date
-Males
20.7		 20.8 21.1
- Females
23.3		 23.3 23.5
Retiring in 20 years
-Males
22.0		 22.0 22.3

Page 37

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. Staff

Number of employees

The average number of employees during the year was as follows:

2025 2024
Number Number
Raising funds - 1
Charitable activities 103 98
Governance 4 6
107 105
2025 2024
£ £
Employment costs

Wages and salaries		 1,242,554 1,135,553
Social security costs 68,236 65,069
Total pension costs 202,281 224,118
1,513,071 1,424,740

One employee, including directors, earned more than £60,000 during the year (2024: 1).

No expenses were reimbursed to directors during the year (2024: £Nil).

Directors' remuneration:

The number of directors receiving remuneration during the year amounted to Nil (2024: Nil).

2025 2024
£ £
Remuneration - -
Company pension contributions to defined benefit schemes - -
- -

The number of directors for which retirement benefits were accruing under defined benefit pension schemes amounted to Nil (2024: Nil).

Key management personnel

Key management personnel includes all directors and a number of senior staff who together have authority for planning, directing and controlling the activities of the Charitable Company.

The total compensation paid to key management personnel for these services was £286,533 (2024: £249,817).

Page 38

Docusign Envelope ID: FA3F348B-7F7C-4419-B462-D0BF9BAC664F

RICHMOND UPON THAMES MUSIC TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Related party transactions

Except for remuneration paid to key management personnel disclosed in note 23, no further related party transaction took place.

25. Prior year restatement

The prior year figures have been restated following a reclassification of grant income from unrestricted funds to restricted funds. This adjustment was made after a review of the terms and conditions attached to the grant income, which indicated that the funds were subject to specific restrictions on their use.

There is no impact on the total reserves as a result of this reclassification. Comparative figures have been restated to reflect this change and ensure consistency and comparability.

Page 39