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2025-12-31-accounts

LGMC Trustees’ Annual Report 2025

London Gay Men’s Chorus (A Charitable Incorporated Organisation)

Report and Financial Statements Year ended 31 December 2025

Charity No. 1092827

Table of Contents

Table of Contents
Chair’s Review: A Year of Transformation 3
Overview: Vision and Ambition 3
Artistic Highlights & Social Impact 3
Navigating the Headwinds: An Honest Assessment 3
Investing in the Future 4
Acknowledging Our Journey: Bringing Everyone With Us 4
Our 35th Anniversary: A "Momentus" Turning Point 5
The Future, Together 5
2. 2025 Board of Trustees 6
a. Name 6
b. Charity Registration Number 6
c. Registered Office 6
d. Independent Examiner 6
e. Board 6
3. Who Are We? 8
a. Our Vision, Mission & Values 8
b. Our Charitable Objects 8
4. Artistic Director’s Report 9
5. Our Members 11
6. Development (Fundraising, Partnerships & Alumni Engagement) 13
7. Equity, Diversity & Inclusion (EDI) 14
8. Our Employees & Freelance Consultants 14
9. Structure, Governance and Management 15
a. Governing Document (Constitution) 15
b. Organisation 15
c. Responsibilities of the Trustees 15
10. Our Finances 16
Main Drivers for Changes in Income and Expenditure 17

Chair’s Review: A Year of Transformation

Overview: Vision and Ambition

We began 2025 with a significant energetic drive. Following a series of sell-out performances at the Southbank Centre, St Martin-in-the-Fields, and the Royal Albert Hall, we set out with a clear mandate from our members: to simplify and modernise our infrastructure and professionalise our operations.

This year, we focused on placing the final building blocks of our foundational work. In collaboration with our members, we overhauled our mission, vision, and values. This resulted in a new charitable entity and updated Charitable Objects, approved by the Charity Commission, which we will bring for member approval at the 2026 Annual Meeting. These objects are the DNA of our organisation, ensuring that for the next 35 years, we remain legally and strategically committed to everyone brought together through song.

Artistic Highlights & Social Impact

Our artistic output remains a point of great pride. While the Artistic Director will explore these in detail, our performances, from corporate sets to community cabaret, directly serve our mission to create, enable, and connect confident voices:

Navigating the Headwinds: An Honest Assessment

It is important to be candid: 2025 presented a "perfect storm" of economic and operational challenges. We must face the reality of historic accounting errors, overly optimistic show income, rising market costs, and an over-reliance on grant applications. This occurred against a backdrop of shifting customer behaviour and significant increases in venue costs, felt across the entire entertainment sector.

Staffing changes affected our operational capacity, and issues with our former professional bookkeepers resulted in inaccurate management accounts. In light of these factors, the Board decided, guided by our value of Harmony , to find the right balance between reality and ambition:

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Investing in the Future

While we recorded an operational deficit, we were shielded by the foresight of former members whose generous bequests provided a vital "cushion." Our 3-year plan was to utilise these reserves strategically for growth; however, the poor sales for London Legends necessitated a reduction in the pace of our spending.

Despite these challenges, the Board persisted in developing stable, diverse income streams. This included adjusting membership subscription donations to help meet fixed costs (venues, rehearsals, and our music team), while introducing a revised, fairer subsidy policy aligned with membership recommendations.

We sincerely thank the members who enable allies at work and home to donate, as well as those who give extra. Your contributions are vital to our All-in spirit. We also preserved our restricted reserves and consolidated our designated reserves to ensure we can continue to support members through aid and bursaries.

While grant applications exceeding £250,000 have not yet generated income, we remain active in our pursuit of these funds. We have also launched sustainable initiatives, including the Big Give , and set the groundwork for a Friends Scheme , Legacy Giving , and Direct Debits to build long-term financial resilience.

Acknowledging Our Journey: Bringing Everyone With Us

While we look to the future with confidence, the Board is acutely aware that the challenges of 2025 have taken a toll on our finances and our members' trust. We know that members feel discouraged by financial setbacks and the pace of change. We hear that sense of being "let down" and recognise that it is hard to feel motivated when the "business side" feels heavy.

However, members are the heartbeat of this organisation and bringing them with us is our top priority. We are committed to transparency and to rebuilding the trust that makes our community so unique.

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Our 35th Anniversary: A "Momentus" Turning Point

Our 2026 production, Momentus at the Pan Pacific, is more than just a performance; it is a celebration of 35 years of resilience and joy. We know that asking members to push for ticket sales is a big ask, but 2026 is the year we turn the tide. When we fill an audience, we aren't just selling tickets; we are:

  1. Celebrating our survival and our 35-year legacy through song.

  2. Proving that our community is stronger than any balance sheet.

  3. Launching the next chapter of the LGMC with the fearless allyship we are known for.

The Future, Together

Change can be challenging and, at times, painful. But it has given us a laser focus to move past our current issues. We have done the hard work of laying the foundations. We have the Vision, the Charitable Objects, and, most importantly, our members .

Let’s show our allies, audience and our community that we are not just a choir that survives, but an organisation ready to thrive.

Martin Brophy MBE

Chair of the Board of Trustees

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2. 2025 Board of Trustees

Position Trustee Date of Appointment / Retirement
Chair Mr Martin G. Brophy MBE Appointed 17 June 2021 (Trustee)
Appointed 28 November 2022(Chair)
Vice-Chair Ms Sylvie Pierce MBE Appointed 17 July 2021 (Trustee)
Appointed 8 February 2024 (Vice-Chair)
Secretary Mr Cameron J. McLeod Appointed 24 April 2023 (Secretary &
Trustee)
Treasurer Mr David M. Weitzmann
Mr Martin J. Oliver		 Appointed 13 October 2024 (Treasurer)
Retired 13 August 2025 (Treasurer)
Appointed 13 August 2025 (Treasurer)
Trustees Ms Nicola S. Berry
Mr Nikhilesh B. Dasgupta
Mr Alexander J. P. Dixon
Ms Caroline Fry
Mr Jeremy Haneman
Mr Mark I. Harvey
Mr Jonathan M. Howard
Mr Martin P. Kaufman
Mr Martin J. Oliver
Mr Sami H. Qasem
Mr David M. Weitzmann		 Appointed 1 July 2024
Appointed 16 September 2024
Appointed 24 April 2023
Appointed 1 September 2024
Appointed 1 July 2024
Appointed 21 July 2025
Appointed 1 September 2024
Appointed 7 February 2022
Retired 21 July 2025
Appointed 21 July 2025
Appointed 1 July 2024
Retired 16 June 2025
Appointed 4 September 2023

a. Name

London Gay Men’s Chorus

b. Charity Registration Number

1092827

c. Registered Office

124 City Road, London, EC1V 2NX

d. Independent Examiner

Powdin & Co Limited, Hampshire House, 204 Holly Road, Aldershot, Hampshire, GU12 4SE

e. Board

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The CIO was managed by a Board of elected and appointed trustees, as listed above. This Report and Financial Statements were approved by the current Trustees on 10th June 2026 and signed on behalf of the CIO by:

Martin Brophy, MBE Chair of the Board of Trustees

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3. Who Are We?

The London Gay Men’s Chorus (LGMC) began in December 1991 as an informal supportive social group for singing for pleasure and has evolved into a Charitable Incorporated Organisation (CIO) which is an internationally recognised, high-quality, inspirational part of the LGBTQ+ global choral family with 300+ members.

a. Our Vision, Mission & Values

Our Vision (the change we want to see in the world): Everyone Brought Together Through Song.

Our Mission (what we do to achieve our vision): Create, enable and connect confident voices across communities with fun, hope, love, joy and fearless allyship.

Our Values (the ingredients that create our culture): All-in, Community, Harmony, and Transformation.

b. Our Charitable Objects

When our charity was established in 2002 as a charitable company limited by guarantee, our Charitable Objects were approved as follows:

“For the study and practice of choral music in order to foster public knowledge and appreciation of such music by means of public performance.”

This Object was framed at a time when Section 28 legislation was still in effect, which prohibited local authorities from “promoting homosexuality.” It is therefore perhaps unsurprising that no explicit mention of our LGBTQ+ identity was included. While the Object has provided a sufficient framework for our musical activities and commitment to sharing choral music with the public, our charitable work has always been more targeted and community focused.

Following a major consultation with our members and stakeholders, and in the context of adopting a new Vision, Mission and Values, we have proposed that our Charitable Objects be updated to better reflect who we are and the public benefit we deliver. We therefore approached the Charity Commission in October 2025 to replace the existing Object with the following:

The objects of the CIO are, for the public benefit:

- To advance, improve, develop and maintain public education in and appreciation of the art and practice of choral music, particularly through the promotion and performance of choral works by members of the LGBTQ+ community.

- To promote social inclusion for the public benefit by working with people who are socially excluded on the grounds of their sexual orientation, gender identity or other characteristics, to relieve the needs of such people and assist them to integrate into

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society, particularly through opportunities for musical participation, performance, and community engagement.

- To promote equity and diversity by advancing education and raising awareness of issues affecting the LGBTQ+ community and other marginalised groups, in particular but not exclusively through music and performance, to foster mutual understanding and respect.

- To advance mental health and emotional well-being by participating in musical and cultural activities promoting confidence, connection, and community.

The proposed Charitable Objects build directly on our original purpose of advancing public knowledge and appreciation of choral music. Music remains at the heart of our charitable activity and the primary vehicle through which we deliver inclusion, education, and wellbeing. The proposed revisions appropriately broaden the Objects to reflect the social, cultural, and community dimensions of our work as it has evolved over the past three decades.

The trustees believe the proposed Charitable Objects will strengthen the Chorus by (a) aligning our constitutional purposes with the breadth of our current and future activities; (b) enabling us to access funding opportunities that prioritise inclusion, wellbeing, and community impact; (c) clarifying for members, beneficiaries, and the public the social purpose underpinning our music-making; and (d) ensuring that our outreach, inclusion and wellbeing initiatives are properly embedded in our governing document.

Once approval is received from the Charity Commission, the new proposed Charitable Objects will be put to members for approval at a General Meeting in 2026.

4. Artistic Director’s Report

2025 has been a busy and ambitious year for the London Gay Men's Chorus, marked by a programme that combined large-scale theatrical productions with intimate performances and meaningful collaborations.

The year began with a moment of extraordinary distinction. Our Ensemble performed for His Majesty King Charles III at a reception at Windsor Castle, in celebration of community music across the UK. In a memorable exchange, His Majesty requested an impromptu performance during the post-concert reception, a fitting and humbling prelude to what would become one of our most ambitious performance years.

Our spring season opened with Saturday Night Diva at the Marylebone Theatre, a full production hosted by Trevor Ashley that brought energy and theatrical flair to an intimate West End venue. Our summer season saw the Chorus present two contrasting and exciting productions. London Legends at Alexandra Palace offered a

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bold and celebratory tribute to four icons with deep roots in the capital: David Bowie, Elton John, Freddie Mercury and George Michael, delivered on an expansive stage that allowed the Chorus to perform at its most dynamic and visually engaging. This was complemented by Alive! at Cadogan Hall, timed precisely forty years after Live Aid, featuring a live band and special guests. Bringing together the icons of 1985 alongside the voices of today, it provided a more focused and musically driven experience whilst making a bold artistic statement in its own right.

Alongside these headline performances, we continued to develop our presence in more intimate and acoustically rich settings, with both summer and Christmas concerts at St Martin-in-the-Fields. These performances remain an important part of our artistic offering, allowing us to connect with audiences in a more direct and immediate way, and to explore repertoire that thrives in a more traditional choral setting.

Across the year, the Chorus and Ensemble also delivered a wide range of performances that extended our reach into new spaces and audiences. These included appearances at Summer by the River , Pride Celebration with Wicked , and Mischief’s Christmas Carol Press Night , as well as corporate and community events such as Plexal Members’ Night and performances at Chesil Rocks. We also explored more playful and seasonal programming through events such as Ghouls Just Wanna Have Fun! , demonstrating the versatility and breadth of the Chorus across very different performance contexts.

Among the most moving performances of the year was our participation in the AIDS Quilt Installation at Tate Modern's Turbine Hall, where the Ensemble gave two performances as part of a name-reading event. The response from those present was overwhelmingly positive, and it stands as one of the year's most resonant and meaningful engagements, a reminder of the deep relationship between this Chorus and the communities we serve.

We were also proud to lend our voices to Solidarity Pride, performing outside the Hungarian Embassy in an Ensemble appearance that, whilst necessarily partial given other commitments that day, carried real significance. Our involvement with the Peter Tatchell Foundation on this occasion reflected our ongoing commitment to LGBTQ+ rights beyond our own borders.

A particular highlight of the year was our international collaboration with the Amsterdam Gay Men's Chorus at Conway Hall, reuniting eight years after our last shared stage in Amsterdam. This performance celebrated not only musical excellence but also the shared values and community that unite LGBTQ+ choirs across the world. Opportunities such as this continue to strengthen our artistic network and broaden our perspective as an organisation.

Our Autumn programme included a thoughtful and warmly received concert at West London Synagogue, performed by an Ensemble and small group, alongside our

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earlier Faith Community Concert. These engagements underline our commitment to building bridges across diverse faith and cultural settings.

Our winter season culminated in The Gay Gatsby at Troxy, a richly theatrical production inspired by the glamour and spirit of the Roaring Twenties, bringing together live music, choreography and storytelling in a show that pushed our creative boundaries and showcased the Chorus at full scale. Productions of this nature are central to our artistic identity, allowing us to blend musical precision with bold, contemporary presentation.

Across all of this work, a key focus has been the continued development of opportunities within the Chorus. Through featured solos, small ensembles, choreography and character-driven performance, an increasing number of members have been able to contribute creatively, enriching both the rehearsal process and the final performances.

I am very pleased to enjoy the continued support of Assistant Musical Director Chris Pethers, Principal Accompanist Laurie Denman and Assistant Accompanist Tris Davies, alongside our wider pool of freelance musicians, including Richard Baker, Sean Green and Julian Muhr. We are also grateful to Mary Owen for her work as Operations and Production Manager, and wish her every success as she moves on. I am delighted to welcome Alice Wright into the role, who already provides strong operational support and production management. As our profile continues to grow, there are many more opportunities for us to pursue, and this enhanced team is essential in realising our ambition.

I am enormously grateful to our creative collaborators and production teams who make this work possible, and to the Board and volunteers who support the Chorus behind the scenes. Above all, my thanks go to our members, whose commitment, energy and openness to new challenges continue to drive the artistic ambition of the LGMC.

Looking ahead, we are excited to present MOMENTus in May 2026, a landmark production marking 35 years of the Chorus and a celebration of everything this organisation has become. We remain committed to creating bold and original work that reflects our community, expands our reach and continues to push the boundaries of what the Chorus can achieve.

5. Our Members

The Chorus thrives on the extraordinary time commitment of its members. Participation in all major performances represents over 224 hours of rehearsal and performance. Optional events added another 245 hours, and Ensemble members dedicated an additional 268 hours. This remarkable investment of time, which is 20% higher than the previous year, is further augmented by member subscriptions and extensive volunteer work.

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The Board would like to thank all members for their continued support and commitment to the Chorus, especially those who have taken on additional volunteer duties and tasks across the organisation.

Prospective singers continue to be assessed and admitted on a seasonal basis, with the Chorus maintaining four vocal sections (Tenor 1, Tenor 2, Baritone, and Bass), an Ensemble, and a non-singing Semitones section, which remains open to all. Retention of new singing members at year-end stood at 69% for the September cohort (month 4) and 38% for the January cohort (month 12). The latter represents a significant departure from our 90% one-year retention average. Recruitment efforts reached a significant achievement in September, resulting in our first notably large Baritone intake in several years. Additionally, 11 members successfully transferred between sections during the year, while non-singing intake remained ongoing.

All
Members		 Singing
Members		 Non-Singing
Members
Membership at start of the year 277 218 59
New Members 53 40 13
Transferred 9 -8 / +2 -2 / +8
Members who left 35 20 15
Membership at the end of the year 295 232 63
Total Membership 330 260 80

Each section and the Ensemble elect representatives, who, with the Membership Lead and volunteers, form the Membership Committee. The monthly Membership Committee oversees member welfare and administration, including social events, tours, feedback, subscriptions, and bursaries. In September the Committee was joined by a Trustee board sponsor, and two new Deputy Memberships Leads

Several key improvements were implemented this year to enhance the member experience and ensure organizational fairness. Following a focused campaign and

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extensive consultation with the Board, agreement was reached for a new, more equitable subscription split and updated fee amounts, alongside a reduction in carer subscriptions, for implementation in February 2026. A revised and more supportive Bursary Policy was proposed and agreed upon by the Board, with Trustees dedicating specific fundraising actions to ensure the sustainability of these funds. Furthermore, the updated Membership Policy established fairer waiting list rules and a single source of reference, supported by the new "Guide to Singing Membership"—a one-stop shop for member information.

The committee also achieved a significant improvement in the Chorus’s feedback mechanisms. This work culminated in the presentation of qualitatively significant feedback to the Board, ensuring that the diverse voices of the membership are clearly heard and integrated into the organization's strategic decision-making.

The Chorus supports and encourages members to run independent peer support and social groups. We currently have five such groups:

social groups. We currently have five such social groups. We currently have five such groups: groups:
LGMC+
for HIV+ members to connect
confidentially and offer mutual support		 LGMCa
for members who are or have struggled
with addiction of any kind
LGMC∞ (Infinity)
for neurodivergent members, and those
who think they may be neurodivergent		 LGMC Connect
for impromptu member meet-ups
(formerly LGMC soloists)
LGMC Classic
for classical music enthusiasts to
pursue other singing opportunities
(launched in 2025)

6. Development (Fundraising, Partnerships & Alumni Engagement)

During the year, the London Gay Men’s Chorus (LGMC) has taken important strategic steps to strengthen and diversify its fundraising base, with a particular focus on building sustainable, unrestricted income streams to support core operations.

A key priority has been the development of relationships with trusts and foundations, with a targeted programme of applications for unrestricted funding. This work has been underpinned by the development of clearer Case for Support materials and improved prospect research. While much of this activity will not yield income until the 2026 financial year, early responses have not been discouraging but are in line with industry feedback on lengthening timeframes for responses in a competitive sector

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that is subject to economic and financial challenges in the UK economy. Bearing this in mind we made a strategic pivot later in the year towards project-based applications. By diversifying, it positions the organisation well for future success.

Significant progress has also been made in strengthening fundraising infrastructure. The implementation of a new Customer Relationship Management (CRM) system will improve donor stewardship, data management, and reporting, enabling more effective and coordinated fundraising activity across the organisation.

In parallel, groundwork has been laid for the launch of a new “Friends of LGMC” scheme, planned for 2026. This initiative will provide a structured approach to individual giving, offering audiences and supporters new ways to engage with and financially support the Chorus, while building a stronger base of regular donors.

The Chorus also participated for the first time in the Big Give Christmas Challenge, marking an important step into match-funded digital fundraising campaigns. This provided valuable insight into campaign delivery, donor engagement, and digital fundraising techniques, and will inform future participation in similar initiatives.

Overall, this year has been one of investment and capacity-building in fundraising. While some of these efforts will come to fruition in future financial periods, they represent a significant step forward in developing a more resilient and sustainable income model for LGMC.

7. Equity, Diversity & Inclusion (EDI)

Our Vision, Mission and Values together with our EDI Policy continued to inform the development of our proposed new Charitable Objects and key areas of development for the future.

The EDI Working Group has recently embarked on a collaborative journey with the Music Forum to make sure every programmatic decision we make celebrates, promotes and protects diversity. The process involves long-listing, medium-listing, and short-listing all potential concert repertoire in different forums, to make sure that none of the music we sing compromises our EDI ethos.

Our plan is for the Music Forum to continue to work with the EDI Working Group particularly at the medium-list stage - to review all our research about proposed repertoire and to raise any EDI-specific concerns - before the final shortlisting process. Our hope is that, by working together, these two groups will ensure that our artistic leadership team can deliver the best possible concert programmes, championing the chorus’ broadest vision, mission and values.

8. Our Employees & Freelance Consultants

The Chorus employs both the Artistic Director and Operations and Production Manager, and engages a range of other freelance consultants to support the delivery of our artistic strategy.

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9. Structure, Governance and Management

a. Governing Document (Constitution)

In 2024, the LGMC became a Charitable Incorporated Organisation (CIO) and adopted the Charity Commission’s model CIO constitution with only minor amendments to reflect the nature of our organisation.

As previously foreshadowed, during 2025 the Board consulted with stakeholders to update the CIO’s charitable objects, which had been in place since our establishment as a charity in 2002. In October 2025, the proposed new charitable objects were submitted to the Charity Commission for approval, with the intention to hold a General Meeting of members during 2026 to gain final approval.

b. Organisation

Following our conversion to a CIO and the adoption of our new constitution in 2024, there is provision for a Board of up to thirteen Trustees, comprising the Chair of Trustees, a further six Trustees elected from amongst the membership of the CIO, and six non-member Trustees recruited and appointed by the Board. In line with Board Election and Recruitment Policy, currently the Chair of Trustees must be a member of the CIO and is elected by the members. Trustees are elected or appointed for three-year terms of office and may only serve for two full terms. The Board elects office-bearer roles (Vice Chair, Secretary & Treasurer) from among their number. This means that office-bearers may be either member- or external-trustees.

The Board invites a number of other individuals to attend Board Meetings in a non-voting capacity. In 2025 this included the Artistic Director, Communications & Marketing Lead, Development & Fundraising Manager, and the Membership Lead.

The Board has five committees, each chaired or sponsored by a Trustee: Communications & Marketing, Development, Finance, Membership, and People. Committee members are Trustees, members, or friends of the Chorus, and each committee has Terms of Reference approved by the Board.

As a membership organisation, we rely heavily on volunteers to help the organisation run smoothly - both operationally and artistically - and the Board wishes to express its gratitude to the many members who take responsibility for fulfilling these roles.

c. Responsibilities of the Trustees

Key Responsibilities:

Public Benefit: Trustees must ensure the CIO operates for the public benefit, as outlined in the LGMC constitution and the Charities Act 2011.

Compliance: Trustees must comply with the constitution, the Charities Act 2011, and other relevant laws and regulations.

Resource Management: Trustees manage the CIO’s resources, including finances, investments, and assets.

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Safeguarding Assets: Trustees must safeguard the CIO’s assets and take reasonable steps to prevent and detect fraud and other irregularities.

Accountability: Trustees must ensure the CIO is accountable to its stakeholders, including donors, beneficiaries, and the public.

Annual Review: The Trustees' Annual Report must include a review of the charity's activities and achievements and a statement on compliance with the public benefit duty.

Financial Reporting: Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.

Strategic Direction: Trustees are responsible for setting the CIO’s strategic direction and effectively implementing it.

Monitoring and Oversight: Trustees must monitor the CIO’s performance and ensure it operates effectively and efficiently.

Conflict of Interest: Trustees must declare and manage any potential conflicts of interest.

Trustee Conduct: Trustees must act responsibly, skillfully, and diligently in carrying out their duties.

Delegation: While Trustees can delegate certain tasks, they retain ultimate responsibility for the CIO’s management and administration.

Each LGMC Trustee affirms their commitment to the Trustee Code on their appointment and annually thereafter.

10. Our Finances

a. Financial Health & Governance

After the financial success of 2024, 2025 proved to be a difficult year. Investments we made have not yet paid off and shifts in audience buying behaviour have proven hard to manage. Coupled with significant competition for suitable locations in central London, it meant that we staged two shows in venues we found difficult to fill – Alexandra Palace and the Troxy. On reflection, the decision to split the first season into two shows added another layer of complexity and cost. Other factors played in: ticket pricing, a later sales launch, concepts that didn’t land as well as we’d hoped, among others.

That said, our reserves at year-end still stood at £107,489, 93% of which is unrestricted or undesignated.

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The Treasurer and Finance Committee plan to meet at least monthly in 2026 to ensure appropriate and ongoing oversight of the financial health of the CIO.

b. Financial Performance & Key Initiatives

2025
2024		 2025
2024
Total income
£319,317
£587,612
Donations and Legacies
£147,285
£334,734
Performances and Events
£153,935
£234,193
Other Income
£18,097
£18,685
Total expenditure
£494,318
£389,548
Core Activities*
£279,505
£249,617
Performances & Events**
£214,813
£139,928
Total Surplus/(Deficit)
(£175,001)
£198,064

Main Drivers for Changes in Income and Expenditure

Income and Expenditure Overview

Income for the year was £319,317 , which represents a £88,295 decrease compared to 2024 on a like-for-like basis (excluding the legacy bequest from the late John Holt). During the same period, expenditure increased by £104,770 .

Strategic Investment and Market Performance

As outlined in our 2024 Annual Report, the Board committed to investing in the Chorus’ long-term future by utilising a portion of the John Holt legacy to recruit a Development & Fundraising Manager. While the 2025 budget was set with the expectation of replicating 2024’s financial successes, several projections did not materialise:

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Operational Challenges

Although the Board moved to halt discretionary spending in the latter half of 2025, the increased costs associated with major productions were already committed. These were further compounded by significant rises in general operating costs.

Corrective Actions and 2026 Outlook

To stabilize our financial position and professionalise our administration, the Board has taken the following decisive steps:

Commitment to Members The Board acknowledges the concerns raised by our members. We are listening and are committed to transparency. We are taking the lessons of the past year to heart, balancing our artistic ambitions with the reality of rising costs, and will continue to share details regarding Board decisions and our path toward financial sustainability.

*** ENDS ***

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Charity registration number: 1092827

LONDON GAY MEN’S CHORUS TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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London Gay Men's Chorus Contents

Page
Reference and Administrative Details 21
Trustees' Report 22—23
Independent Examiner's Report 24
Statement of Financial Activities 25
Comparative Statement of Financial Activities 26
Statement of Financial Position 27
Notes to the Financial Statements 28—35

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London Gay Men's Chorus Reference and Administrative Details For The Year Ended 31 December 2025

Trustees Mr Martin G Brophy MBE - Chair
Ms Sylvie Pierce MBE - Vice Chair
Mr Cameron J McLeod - Secretary
Mr Martin J Oliver - Treasurer
Ms Nicola S Berry
Mr Nikilesh B Dasgupta
Mr Alexander J P Dixon
Ms Caroline Fry
Mr Jeremy Hanemann
Mr Mark I Harvey
Mr Jonathan M Howard
Mr David M Weitzmann
Charity Number 1092827
Principal Address 124 City Road
London
EC1V 2NX
Independent Examiner Mr Laurie J Powell BSc FCA
Powdin & Co Limited
Chartered Accountants
Hampshire House, 204 Holly Road
Aldershot
Hampshire
GU12 4SE

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London Gay Men's Chorus Trustees' Report For The Year Ended 31 December 2025

The trustees present their report and the financial statements for the year ended 31 December 2025. Aims and Objectives About the London Gay Men's Chorus

The London Gay Men's Chorus began life in 1991 as an informal social group to sing for pleasure and has evolved into an internationally recognised high quality inspirational chorus numbering upwards of 300 members.

Purpose

Our charity's purposes as set out in the objects contained in the CIO’s constitution is the study and practice of choral music in order to foster public knowledge and appreciation of such music by means of public performance.

Our Vision

Everyone Brought Together Through Song.

Our Mission

Create, enable and connect confident voices across communities with fun, hope, love, joy and fearless allyship.

Our Values

All-in, Community, Harmony, and Transformation

Public Benefit

Following the adoption of our new Vision, Mission and Values, and in consultation with members and other stakeholders of the CIO, the Board has reviewed our Charitable Objects and submitted a proposal to the Charity Commission for approval. The proposed Charitable Objects build directly on our original purpose of advancing public knowledge and appreciation of choral music. Music remains at the heart of our charitable activity and the primary vehicle through which we deliver inclusion, education, and wellbeing. The proposed revisions appropriately broaden the Objects to reflect the social, cultural, and community dimensions of our work as it has evolved over the past two decades.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Achievements and Performance

Main Achievements

Refer to LGMC Annual Report 2025.

Financial Review

Financial Position

Refer to LGMC Annual Report 2025, which also details income and expenditure activities for the year.

Investment Policy

Under the constitution, the Board of Trustees of the charity has the power to make investments however it sees fit in line with the furtherance of its objectives. The majority of Chorus funds are spent in the short term as such to retain a prudent amount in reserves each year. The Board of Trustees has not considered investments this year.

Structure, Governance and Management Governing Document

In 2024, the LGMC became a Charitable Incorporated Organisation (CIO) and adopted the Charity Commission’s model CIO constitution with only minor amendments to reflect the nature of our organisation.

As previously foreshadowed, during 2025 the Board consulted with stakeholders to update the CIO’s charitable objects, which had been in place since our establishment as a charity in 2002. In October 2025, the proposed new charitable objects were submitted to the Charity Commission for approval, with the intention to hold a General Meeting of members during 2026 to gain final approval.

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London Gay Men's Chorus Trustees' Report (continued) For The Year Ended 31 December 2025

Trustee Selection Methods

Following our conversion to a CIO and the adoption of our new constitution in 2024, there is provision for a Board of up to thirteen Trustees, comprising the Chair of Trustees, a further six Trustees elected from amongst the membership of the CIO, and six non-member Trustees recruited and appointed by the Board. In line with Board Election and Recruitment Policy, currently the Chair of Trustees must be a member of the CIO and is elected by the members. Trustees are elected or appointed for three-year terms of office and may only serve for two full terms. The Board elects office-bearer roles (Vice Chair, Secretary & Treasurer) from among their number. This means that office-bearers may be either member- or external-trustees.

The Board invites other individuals to attend Board Meetings in a non-voting capacity. In 2025 this included the Artistic Director, Communications & Marketing Lead, Development & Fundraising Manager, and the Membership Lead.

The Board has five committees, each chaired or sponsored by a Trustee: Communications & Marketing, Development, Finance, Membership, and People. Committee members are Trustees, members, or friends of the Chorus, and each committee has Terms of Reference approved by the Board.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Martin Brophy MBE Chair of the Board of Trustees 10th June 2026

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London Gay Men's Chorus Independent Examiner's Report to the Trustees of London Gay Mens Chorus For The Year Ended 31 December 2025

I report to the trustees on my examination of the accounts of London Gay Men’s Chorus (the Trust) for the year ended 31 December 2025.

Responsibilities and Basis of Report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or the accounts do not accord with those records; or

the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair 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 Laurie J Powell BSc FCA Date Powdin & Co Ltd Chartered Accountants Hampshire House, 204 Holly Road Aldershot Hampshire GU12 4SE

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London Gay Men's Chorus Statement of Financial Activities For The Year Ended 31 December 2025

2025 2024
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 142,059 5,226 147,285 334,731
Charitable activities:
Performance Fees 18,834 - 18,834 94,735
Summer Show 7,650 - 7,650 -
Winter Show 51,067 - 51,067 -
Ensemble 42,507 - 42,507 -
Events 33,877 - 33,877 139,458
Other trading activities 4 4,001 - 4,001 4,578
Investments 5 8,331 - 8,331 8,097
Other 6 5,765 - 5,765 6,010
314,091 5,226 319,317 587,609
EXPENDITURE ON:
Charitable activities: 8
Core Activities (278,155 ) (1,350 ) (279,505 ) (249,617 )
Summer Show (87,154 ) - (87,154 ) (64,242 )
Winter Show (94,440 ) - (94,440 ) (61,443 )
Ensemble (25,949 ) - (25,949 ) (13,985 )
Pride - - - (258 )
Outreach Events (7,270 ) - (7,270 ) -
(492,968 ) (1,350 ) (494,318 ) (389,545 )
NET (EXPENDITURE)/INCOME (178,877 ) 3,876 (175,001 ) 198,064
NET MOVEMENT IN FUNDS (178,877 ) 3,876 (175,001 ) 198,064
RECONCILIATION OF FUNDS:
Total funds brought forward 278,716 3,774 282,490 84,426
TOTAL FUNDS CARRIED FORWARD 17 99,839 7,650 107,489 282,490

The notes on pages 28 to 35 form part of these financial statements.

These financial statements were approved by the Board of Trustees and authorised for issue on 10th June 2026, and are signed on behalf of the Board by

Martin Brophy MBE Chair of the Board of Trustees 10th June 2026

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London Gay Men's Chorus Comparative Statement of Financial Activities For The Year Ended 31 December 2025

2024
Unrestricted
funds		 Restricted
funds		 Total funds
Notes £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 334,731 - 334,731
Charitable activities:
Performance Fees 94,735 - 94,735
Events 139,458 - 139,458
Other trading activities 4 4,578 - 4,578
Investments 5 8,097 - 8,097
Other 6 6,010 - 6,010
587,609 - 587,609
EXPENDITURE ON:
Charitable activities: 8
Core Activities (249,617 ) - (249,617 )
Summer Show (64,242 ) - (64,242 )
Winter Show (61,443 ) - (61,443 )
Ensemble (13,985 ) - (13,985 )
Pride (258 ) - (258 )
(389,545 ) - (389,545 )
NET INCOME
 198,064 - 198,064
NET MOVEMENT IN FUNDS 198,064 - 198,064
RECONCILIATION OF FUNDS:
Total funds brought forward 80,652 3,774 84,426
TOTAL FUNDS CARRIED FORWARD 17 278,716 3,774 282,490
The notes on pages 28 to 35 form part of these financial statements.

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London Gay Men's Chorus Statement of Financial Position As At 31 December 2025

2025 2024
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 127 - 127 203
127 - 127 203
CURRENT ASSETS
Debtors 14 91,354 - 91,354 179,493
Cash at bank and in hand 56,420 7,650 64,070 164,248
147,774 7,650 155,424 343,741
Creditors: Amounts Falling Due Within One Year 15 (48,062 ) - (48,062 ) (61,454 )
NET CURRENT ASSETS (LIABILITIES) 99,712 7,650 107,362 282,287
TOTAL ASSETS LESS CURRENT LIABILITIES 99,839 7,650 107,489 282,490
NET ASSETS 99,839 7,650 107,489 282,490
FUNDS OF THE CHARITY
Restricted Funds 7,650 3,774
Unrestricted Funds 99,839 278,716
TOTAL FUNDS 17 107,489 282,490
On behalf of the board

Mr Martin C Brophy Trustee 10 June 2026

The notes on pages 28 to 35 form part of these financial statements.

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London Gay Men's Chorus Notes to the Financial Statements For The Year Ended 31 December 2025

1. General Information

London Gay Men's Chorus is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1092827 . The principal address is 124 City Road, London, EC1V 2NX.

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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.

The charity is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.

2.3. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a most significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertaint y

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2.4. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.5. Incoming Resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

  1. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

  2. legacy income is recognised when receipt is probable and entitlement is established.

  3. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

  4. income from performances is recognised when the performance has taken place. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

  5. income from charitable trading activity is accounted for when earned.

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.6. Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 3 Years Fixtures & Fittings 3 Years

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Financial Instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

...CONTINUED

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.9. Financial Instruments - continued

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.

2.11. Pensions

The charity operates a defined pension contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

3. Income from Donations and Legacies

3. Income from Donations and Legacies
2025
Unrestricted Restricted Total
funds funds funds
£ £ £
Donations and gifts 8,988 5,227 14,215
Member subscriptions and sponsorships 106,306 - 106,306
Gift aid 20,432 (1 ) 20,431
Legacies 6,333 - 6,333
142,059 5,226 147,285
2024
Unrestricted Restricted Total
funds funds funds
£ £ £
Donations and gifts 11,648 - 11,648
Member subscriptions and sponsorships 122,230 - 122,230
Gift aid 20,853 - 20,853
Legacies 180,000 - 180,000
334,731 - 334,731

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

4. Income from Other Trading Activities

4. Income from Other Trading Activities
2025 2024
Unrestricted funds Unrestricted funds
£ £
Income from other trading activities 4,001
4,578

5. Investment Income

5. Investment Income
2025 2024
Unrestricted Unrestricted
funds funds
£ £
Interest on short-term deposits 8,331
8,097

6. Other Income

6. Other Income
2025 2024
Unrestricted funds Unrestricted funds
£ £
Commission 1,015
-
Employment Allowance 5,000
5,000
Members contributions to travel costs -
10
Other income (250)
1,000
5,765
6,010

7. Net Income/(Expenditure)

The net (expenditure)/income is stated after charging/(crediting):

7. Net Income/(Expenditure)
The net (expenditure)/income is stated after charging/(crediting):
2025 2024
£ £
Bad debts 500 350
Depreciation of tangible fixed assets - owned 76 26
8. Analysis of Expenditure
2025

8. Analysis of Expenditure

8. Analysis of Expenditure 2025
Activities Grant Support
undertaken funding of costs
directly activities (see note9 ) Total
£ £ £ £
Core Activities 144,660 3,110 131,735 279,505
Summer Show 86,362 - 792 87,154
Winter Show 94,440 - - 94,440
Ensemble 25,949 - - 25,949
Outreach Events 7,270 - - 7,270
358,681 3,110 132,527 494,318

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2024
Activities Support
undertaken costs
directly (see note9 ) Total
£ £ £
Core Activities 108,293 141,324 249,617
Summer Show 63,089 1,153 64,242
Winter Show 61,443 - 61,443
Ensemble 13,985 - 13,985
Pride 258 - 258
247,068 142,477 389,545

9. Support Costs

2025

9. Support Costs 2025
Core Summer
Activities Show Total
£ £ £
Employee costs 91,125 - 91,125
Premises expenses 6,570 - 6,570
General administration 14,425 792 15,217
Depreciation 76 - 76
Interest payable 6 - 6
Governance costs 19,533 - 19,533
131,735 792 132,527
2024
Core Summer
Activities Show Total
£ £ £
Employee costs 108,475 - 108,475
Premises expenses 4,975 - 4,975
General administration 17,232 1,153 18,385
Depreciation 26 - 26
Interest payable 140 - 140
Governance costs 10,476 - 10,476
141,324 1,153 142,477

10. Independent Examiner's Remuneration

2025 2024
£ £
Independent examination of the financial statements 480 480

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

11. Staff Costs

Staff costs were as follows:

11. Staff Costs
Staff costs were as follows:
2025 2024
£ £
Wages and salaries 70,727 78,375
Social security costs 7,069 8,228
Other pension costs 4,848 5,342
82,644 91,945

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

12. Average Number of Employees

Average number of employees during the year was: 2 (2024: 2)

13. Tangible Assets

Plant &
Machinery		 Fixtures &
Fittings		 Total
£ £ £
Cost
As at 1 January 2025 5,300 1,110 6,410
As at 31 December 2025 5,300 1,110 6,410
Depreciation
As at 1 January 2025 5,300 907 6,207
Provided during the period - 76 76
As at 31 December 2025 5,300 983 6,283
Net Book Value
As at 31 December 2025 - 127 127
As at 1 January 2025 - 203 203
14. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 5,398 37,509
Event debtors 64,667 110,001
Income Tax recoverable 21,261 31,983
Sundry debtors 28 -
91,354 179,493

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

15. Creditors: Amounts Falling Due Within One Year

15. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors (1 ) -
Other taxes and social security 1,026 1,961
Event creditors 8,989 45,798
Sundry creditors - 52
Accruals 38,048 13,643
48,062 61,454

16. Pension Commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

During the year, the charge to the statement of financial activities in respect of defined contribution schemes was £4,848 (2024: £5,342).

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.

17. Movement in Funds

17. Movement in Funds
As at 1 As at 31
January December
2025 Income Expenditure 2025
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 274,611 314,091 (491,208 ) 97,494
Designated:
LGMC + Group 50 - 50 -
Seedbed Community Fund 4,055 50 (1,760) 2,345
4,105
 - (1,760 ) 2,345
Total unrestricted funds 278,716 314,091 (492,968 ) 99,839
Restricted funds
Derek Butler Trust Fund 3,134 - - 3,134
Bursaries Fund 640
 5,226 (1,350) 4,516
Total restricted funds 3,774 5,226 (1,350 ) 7,650
Total funds 282,490 319,317 (494,318 ) 107,489

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London Gay Men's Chorus Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

As at 1 As at 31
January December
2024 Income Expenditure 2024
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 76,547 587,609 (389,545 ) 274,611
Designated:
LGMC + Group 50 - - 50
Seebed Community Fund 4,055 - - 4,055
4,105
 - - 4,105
Total unrestricted funds 80,652 587,609 (389,545 ) 278,716
Restricted funds
Derek Butler Trust Fund 3,134 - - 3,134
Bursaries Fund 640
 - - 640
Total restricted funds 3,774 - - 3,774
Total funds 84,426 587,609 (389,545 ) 282,490

18. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred.

19. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

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