THE EXETER AND DISTRICT CLASSICAL MUSIC TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Charity registration number: 1090945
THE EXETER AND DISTRICT CLASSICAL MUSIC TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
CONTENTS
| Pages | ||
|---|---|---|
| Trustees’ annual report | 1 - 3 | |
| Independent examiners report | 4 | |
| Receipts and payments account | - Unrestricted funds | 5 |
| - Endowment funds | 6 | |
| Statement of assets and liabilities | 7 | |
| Notes to the financial statements | 8 |
Page 1
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025
| Registration number | 1090945 |
|---|---|
| Principal/registered | |
| address | Tozers LLP |
| Broadwalk House | |
| Southernhay West | |
| Exeter | |
| EX1 1UA | |
| Board of trustees | Mr J Crowley |
| Mr D Batty | |
| Mr D Chubb | |
| Ms A Chubb | |
| Mrs C Whewell | |
| Investment Managers | Rathbones |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| Hawksmoor Investment Management | |
| 17 Dix’s Field | |
| Exeter | |
| EX1 1QA | |
| Bankers | Tozers LLP client account |
| Independent Examiner | Mr A Hemmings BA (Hons) FCA CTA |
| Simpkins Edwards LLP | |
| Chartered Accountants | |
| The Summit | |
| Woodwater Park | |
| Pynes Hill | |
| Exeter | |
| EX2 5WS |
Page 2
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025
____________
The trustees have pleasure in presenting their Annual Report and the unaudited financial statements for the year ended 5 April 2025.
The financial statements comply with current statutory requirements, the governing document and the Charities Act 2011.
Aims and organisation
The Trust was established by trust deed on 5 February 2002. The Trust was set up to advance education in classical music in Exeter and its surrounding districts by the provisions of grants towards the cost of public professional performances and extended by a Deed of Variation dated 23 November 2006 to include the provision of grants or bursaries for training and education in music and also the provision of grants to assist in the upkeep and maintenance of venues providing such performances. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Exeter & District Classical Music Trust’s aims and objectives and in planning future activities.
The decisions of the Trust are made by the trustees. The trustees have the authority to appoint replacement trustees.
The focus of our Charity’s activities remains to provide grants and bursaries towards the advancement, education and training of classical music and toward the cost of public professional performances of classical music in Exeter and its neighbourhood and to provide grants towards the upkeep of venues holding such performances.
Our activities remain open to applications from individuals or organisations that in particular, but not exclusively, comply with the Trust activities as stated above.
In 2018 and 2019, the charity received legacies totalling £245,181 which are designated and reported in the annual financial statements as the Attenborough Fund. The trustees have agreed that, although the Attenborough Fund will be held on the terms of the charity, the primary aim of the fund will be for the provision of grants and scholarships to support the musical education and advancements of gifted students wishing to develop their musical careers.
Review of financial activities and affairs
Unrestricted funds:
Receipts
Total unrestricted receipts have decreased from £69,719 to £59,186 in 2025.
Payments
Total unrestricted payments have decreased from £59,335 to £53,299 in 2025.
Endowment funds
The Trust sold investments for £448,357 as shown on page 5. It also purchased investments for £525,549.
Funds
At 5 April 2025 the funds of the Trust totalled £2,322,600 (2024: £2,372,170).
Risk
The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finance of the Trust and are satisfied that systems are in place to mitigate exposure to any such risks.
Page 3
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025
Reserves policy
It is the policy of the trustees to maintain reserves at a level appropriate to the Trusts operations. Reserves are maintained at such a level as to be able to respond to any requests for assistance.
Investment powers
The trustees have the power to invest the funds of the Trust under their own discretion.
Signed and approved on behalf of the trustees by:-
Mr J Crowley
Date: 11 July 2025
Page 4
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
I report to the Trustees on my examination of the financial statements of the charity for the year ended 5 April 2025 which are set out on pages 4 to 7.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and air view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr A Hemmings BA (Hons) FCA CTA Simpkins Edwards LLP Chartered Accountants The Summit Woodwater Park Pynes Hill Exeter EX2 5WS
Date: 27 August 2025
Page 5
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
RECEIPTS AND PAYMENTS ACCOUNT – UNRESTRICTED FUNDS FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| £ £ |
£ £ |
||
| Receipts | |||
| Dividends and Interest | General Fund | 44,494 | 55,326 |
| received from investments | |||
| Attenborough Fund | 9,212 | 9,468 | |
| Equalisation | General Fund | 561 | 529 |
| Attenborough Fund | 75 | 70 | |
| Interest received | 4,844 | 4,326 | |
| ______ | ______ | ||
| Total Receipts | 59,186 | 69,719 | |
| ______ | ______ | ||
| Payments | |||
| Donations: | General fund | ||
| Two Moors Festival | 12,000 | 12,000 | |
| Exeter Cathedral School | 3,350 | 4,550 | |
| South West Music School | - | 5,000 | |
| Topsham Music Festival | - | 500 | |
| Whiddon Autumn Festival | 10,000 | 7,500 | |
| Budleigh Music Festival | 7,600 | 4,000 | |
| Viva Las Musique – Duo Tutti | 750 | - | |
| Pipe Up Devon | 1,800 | - | |
| St Boniface Choral Society | 360 | 360 | |
| Dartington Summer School | - | 2,500 | |
| Libraries Unlimited Southwest | 1,500 | - | |
| Music in the castle | - | - | |
| Devon Baroque | - | 2,500 | |
| Exeter Contemporary Sounds | - | 500 | |
| Gabrieli Roar | - | 1,900 | |
| RAMM | - | 1,000 | |
| Exeter Festival Chorus | - | 655 | |
| Exeter Cathedral Foundation Trust | 1,500 | 1,500 | |
| ______ | _____ | ||
| 38,860 | 44,465 | ||
| Legal fees | 4,566 | 5,554 | |
| Portfolio management fee | 8,157 | 7,682 | |
| Independent Examination fee | 1,410 | 1,320 | |
| Website costs | 114 | 114 | |
| Reimbursement of expenses | 192 | 200 | |
| _____ | _____ | ||
| 14,439 | 14,870 | ||
| ______ | ______ | ||
| Total payments | 53,299 | 59,335 | |
| ______ | ______ | ||
| Net receipts/(payments) for | the year | 5,887 | 10,384 |
| Balance as at 5 April 2025 | 74,080 | 68,193 | |
| ______ | ______ |
Page 6
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2025
| RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2025 |
RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2025 |
RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2025 |
|---|---|---|
| __________ | ||
| 2025 | 2024 | |
| £ | £ | |
| Capital receipts | ||
| Miscellaneous receipts | ||
| Proceeds from sale of investments | 448,357 | 540,764 |
| ___ | ___ | |
| Total receipts | 448,357 | 540,764 |
| ___ | ___ | |
| Other expenditure | ||
| Payments for investments and other assets | ||
| Purchase of shares: | ||
| Rathbones | 479,188 | 397,482 |
| Hawksmoor | 46,361 | 63,909 |
| ___ | ___ | |
| Total payments | 525,549 | 461,391 |
| ___ | ___ | |
| Net receipts/(payments) for the year | (77,192) | 79,373 |
| ___ | ___ | |
| Balance as at 5 April 2025 | 53,290 | 130,482 |
| ___ | ___ |
Page 7
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2025
| STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2025 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2025 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2025 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2025 |
|---|---|---|---|
| __________ | |||
| 2025 | 2024 | ||
| Monetary assets | £ | £ | |
| Tozers Client Account (Unrestricted Fund) | 93,047 | 89,457 | |
| Rathbones Client Account (Endowment Fund) | 20,364 | 100,006 | |
| Hawksmoor Dealing Account (Endowment Fund) | 13,959 | 9,212 | |
| ___ | ___ | ||
| 127,370 | 198,675 | ||
| ___ | ___ |
||
| 2025 | 2024 | ||
| Investment assets | Cost | Market value | Market value |
| £ | £ | £ | |
| Investments (Endowment Fund) | |||
| General Fund | 1,642,549 | 1,930,938 | 1,903,504 |
| Attenborough Fund | 257,516 | 292,862 | 297,941 |
| ___ | ___ | __ | |
| 1,900,065 | 2,223,800 | 2,201,445 | |
| ___ | ___ | __ | |
| 2025 | 2024 | ||
| £ | £ | ||
| Liabilities – (Unrestricted Fund) | |||
| Amounts falling due within one year | |||
| Professional fees | 1,620 | 1,400 | |
| Amounts reserved for grants (note 4) | 24,000 | 20,300 | |
| __ | __ | ||
| 25,620 | 21,700 | ||
| __ | __ | ||
| Amounts falling due after one year | |||
| Amounts reserved for grants (note 4) | 2,950 | 6,250 | |
| __ | __ |
The financial statements were approved by the trustees on 11 July 2025
Mr J Crowley
Page 8
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards and Charity Commission guidance in the form of CC16 for charities preparing financial statements on a receipts and payments basis.
2. Breakdown of the charity’s funds
Unrestricted funds:
Unrestricted funds are those funds that can be used in accordance with the charitable objects of the Trust at the discretion of the trustees.
Capital funds :
The capital fund includes the endowment of the charity, which is held on trust to be retained for the benefit of the charity. The capital funds are retained to provide income for the charity.
3. Trustee remuneration
No trustee has received remuneration during the financial year.
Trustee expenses reimbursed for the year were £192 (1 Trustee) (2024: £200 (1 Trustee).
| 4. | Amounts reserved for grants | Due within 1 year | Due after 1 year |
|---|---|---|---|
| South West Music School | 5,000 | - | |
| Budleigh Music Festival | 12,000 | - | |
| Exeter Cathedral School | 3,750 | 2,950 | |
| Devon Baroque | 2,250 | - | |
| Topsham Music Festival | 1,000 | - | |
| __ | __ | ||
| 24,000 | 2,950 | ||
| __ | __ |
5. Analysis of funds
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Investments | - | 2,223,800 | 2,223,800 |
| Balances at bank | 93,047 | 34,323 | 127,370 |
| Net liabilities due within 1 year | (25,620) | - | (25,620) |
| Net liabilities due after 1 year | (2,950) | - | (2,950) |
| __ | ___ | ___ | |
| 64,477 | 2,258,123 | 2,322,600 | |
| __ | ___ | ___ |