Company registration numbei., ()4871846 Charity registration nuinber.. 1100443 Musicworks (Chamber Courses) IA company limi*d by guaraDre¢) Annua] Report and Fin￿￿]¥1 Sratements for the Year Endeil 31 October 2025 I Iu5icworks (Chamber Courses) Contents RelcTCnCC and Adn)ini5tra¢ive D¢tsils Tnistees, Report 21017 Statenient ot Financial Activities lJalan¢e Sheei 19 Notes to ihe Fin8nLial Siai¢ments 20103 Ind¢pcndcnt F.xamin¢Vs Repon Musieworks (Chamber Courses) Reference and Administratii'e Details ChairmAn Lachlan Burn Se¢re¢gr}' Elspeth Margard Arden Reglstered Office 29 Church Ro Totternhoe DLI'STABLE Bedfordshir¢ LLT6 1 RE Chirits Regi5tr*tlon Number 1100443 Indep¢ndent Examlner Anthony Ivilliams & Co Ltd Trevcnson Hou5C Church Road Pool REDRLTH Comwall TR15 3PT Page I lusicworks (Chamber Courses) Tru5tee$' Report Report The Tru5teeq pr¢sent thcir rcpon and th¢ financial srai¢tntnts of music￿rorkS for the year ended 31 October 2025. The rcpon and financial ststemenis comply with applicable statutory requirements, the Memorandurn 2nd Arti¢l¢s of A550cJation and the relevattt parts of A¢¢ouDiin8 and Reporting by Chan'tLC5.' Statem¢ni of ReLumminded PracliLe (FRS 102)- Seeond Eth"tion Oaober 2019. Objectives and activities Objectives Musicll'orks irains youn8 people. from early childhood io ¢arly adulthood io play and appreciate chAmber MUSIL. It does this for a number of impotwit r¢&gons. notabl). bec4use'. ' IIIIISIL 1% on a¢lLNLty thai is imFQrtant io the development of humans and their co￿ltiV¢ abilitte5 • ini'olvcmeni in playing chamber music teaches imwJrt8ni social skills in¢ludirt8 ream-wot*ing. con5id¢ration I. £?Iicrn&iii&e poinis vf view and thc imporw)ce of n¢8Otiition 8nd compromise, 5ki115 which. once learnt, can bL' applied more generally if, as Klu%icll'Lirk¥ hopcs. th¢ pcople it train$ tak¢ their skills inio the ￿'ider world Ihrou8houi their lives. they iiiav 5prcad an apprcciaiion of ch8mbcr rnu5iC to those they inl¢rdci WLtIL in the wider comrnunity. The anDC¥ lo this Report CODtsins a more de￿Iled dwription of these objeciive5. Mii.4iL14'orks Wds sei up Ln 2003, By the ¢nd of(ktober ?025. a total of660 students agcd 13.18 hal'e attcnd¢d 115 siiiniller coursis. %inic the first Junior cours¢ w75 prcsented in 2014. a ioul of 320 swdenis aged 7.13 have aiiended Ihe4e courses. Around half the students on the summer course5 have gone on to study M￿51C in tertiary ¢diiLdtion dnd Inany now hhNe very distinguisbcd carccrs as Performi￿ mwsicians. 'I'hcrc is increa.8in8 ovidcrtcc Ihat thi ambiiion of Nlusi¢H'orks lo facilitate the sprcad ()f chamber music in the 'idcT communitv is bein8 achieved. FOT example. the annual Lev*e$ Chamber Music Festival ￿'aS established in ?0 l • bv foriner Mu&iiWoTks student Bc31rice Philipi, w'ho also c51ablish¢d the Eusebius Quartel, of which Hann%ih Sloane, dnotlier fomier Musicll'orks Snldcrbt and ￿rrenT MusLcWorks Trustee. 15 also a member Again, a tormer student H'hu mo%'ed io San Ffancisco to follow- a career Olltsidc music wole to say that she w.as part of an aniJieuT siring qijartci, rog¢ih¢r with anothcr fomier swdent. and ihat they pui on inforn)al eonccrts for rricr.d&. A5 yct anoth¢r illu5trdlLon, AnneA 2 10 this Report includes a lisi of lornier Musicworks &tud¢nts- who hai'c coached on Junior Courses or have performed ai the Frinion F¢StiN￿ in rwent vears. Actii'ities (a) OptritioAal Activities- Covnes In !0:5 two SuTnTn¢r Courses ￿er¢ held in Bournemouth. Junior Courscs were held in Lewes in December 2024 and in London IN May 2025. The series of Musicworks Sundavs was held ai Kings Place from January lo May of 2025 and then Loniinued in a modified fomj and in N'arious diff¢r¢nt ienues after that. Pag¢ 2 Musicw'orks (ChAmber Courses) Trustees, Report Surn￿¢r Cours¢s Forty-slx 81udenis (49 in 2024) attended th¢ tw'o resideniial Courses. which were held at Talbot Ileaih SLhool in Bournemouth. This i5 below. Ihe optim81 Du￿be[(s6}. R¢¢nLimJenT for th¢ y¢dr coN'eTcd by this R¢port was far from nomial. w'ith man}. people iho*'ing $i8Ds of reluctance 10 comrnii and general unccnainiy 10 Iheir fun]re plans. The first cowse had 12 returnees ou¢ of 21. and the second cour5c had 10 returnces OUI L)r a total of 251?024 _ first course had 7 returnees out of a iotal of 16 and the Second eourse had 18 returnees our of a total of 331. T.1e courses w'ere very suc¢e$5ful and included six students (the )oun8esi being 131 ￿'hO had prex'ii)u51y aiiended Musicworks jL￿10r COu￿e5. This continued an experifftetst introduced in the pr¢vious year% and Pio￿.td io bc ¢xtremely posiiive, ￿'1th all th¢ students 1nie8rai￿g wrll. boih musicall>' and L)IhcN'is¢. ￿lih oldcr colleagues. Caiherine Manson and Robert Max weT¢ joined oft the leaching stsff b). Daiid Rabino%'ich IAmsi¢Td41i1 Baroque Or¢h¢$tra and Apollo Ens¢mbl¢l, Daniel Cubero {Qutxore Quartet). John Crockatt ILot)doll Haydn Quari¢ii and rtnowied pianis1 Alasdair Beatson. Swd>' of chambcr musi¢ Mxs ihc main focus of ihe Courses. bui in addiiii)n Students ul%0 swdied other rElated subjects. On the first cowse. &iolin mdker Nigel Crinson Joined the cour%e foi" Ihc first two days bringin¥ with him a van full of i'iolins in various siagts of construciion. Wilh these hc able to dcmonstrdl¢ how String insinmJ¢nLS are made fwm the raw bloLk of wood ihrou¥h 10 Ihc finished iiem, 8(Imethin8 which the swd¢nts tound absoluicly fasctnaiirtg. Aftcr this. cellisr Robin Mlchacl arrived. and w'iih his considerabl¢ knowled8e of and infectious loi'e for hamiony. worked on under51aThJing m(Mles and ho￿. Ihey 81¢ used, as well as analysin8 Mozan's E minor violin sonaia. discussing and 8nglysin¥ il frvIn a nuii)bLr u( diftereni an8les. One of th¢ siudenis who Is particularly srtteresicd in Composition said Ilial 5hc liad ¥¢rn' niuch Sought afier this kind of appmch bui had never come across so rnuch Inforniaiion and maieTial, so very in%piTed io put it to ￿se ID hcr composilions. On the second course Charles Tebbs r¢iurn¢d. Ihis lime ITr introducc the swdcn¢s lo mo￿rt'S Marria8c of FL8Aro. For mosi of rhe studenib this wa5 Ihcir first iiinc licaring ihis masierpsecc And th¢ opportllnliS' not only to hear it bui a150 to Stop and look in dcpth at ihe scor¢ was vcry, eNi¢hin8. R=pcrtokrc for Ihe cours¢s included piano quintcts b> DvoVdK S¢hunJaniL Btahms, Faurc and Taneyev alortytTrid a wide seleciion of oiher M￿rkS bj Haydn, Becthoi'en. Schumann and Bridge. A ¢¢)neert given ai th¢ end of each ¢ours¢ at two residential cart homes, each bcin8 re¢¢ived by both resident$ and ¢ar¢rs with de￿ apprecialion. In exh concert there is somcthin8 close 10 miraculous in ihc expericnce of ai leasi one of the audience membcrs. and thi$ helps to remind th¢ atudent* ih?I wliai happens hen they pla). for other people 15 something magical. Once cach day's fornial activities wer¢ over. studenL4 volunrarily speni their free time playing n)ore music. Fttr the lirst f￿%. evenings this inNoli'ed delving into IIusicIITorks' music library and 518htreading v'haicver thc! fcund irtreresting. One ￿"ening b￿ame a"Haydn Night" w'ith ¢i'eryone fmding a group and a room In which to read a Haydn quanct or piano trio. L4oT in the *'e¢k groups playcd io each other at improi'i5ed concerts. sojnc lasting five hours. Thes¢ tw'o i'ery supw>niV¢ audience5 - r¢sidents of rar¢ horne5 and fellow 4Ludcnis proi'ide an imponant coniexl. enabling perfornier5 and list¢D¢f5 to understand the ￿￿$1¢ plased at a PTofound lei'el. io gain experiettLe in shan'ng the idcas ¢onlaincd in thc music. Ir. addition to thegc conccrls, a Concert was giv¢n at thc end of each ¢ourse for family and friends of thos attending the course. Page 3 Musicm'orks (Chamber Course5) Trnstees, Report Juijior Cour5¢5 Junior ¢ourse.% are non-residential aDd usually take place oier a ￿eekend. Th¢r¥ ivere 37 siudenLS on Ille Lewes Course in D¢¢¢mber 2024, aga from 7 to 13 and teachers included thr¢¢ former Musiilvorks students and seven other coaches. On the Saturdai. eycning around 90 swdents aDd their parents and sJl)Itngs attended a concert ai Westgatc C'hapel, itl which Hana Miruta-Sp¢ncer. Catherine Mallsort and Robert Max played M07art's Divertimento. 'I'hey introduced ihi5 work io the swdeniy in the afternoon to 8iie them an idea of what to listen for. leading to ery actile lisicning throu8hout the fifty roinuie Work. On¢ parent la musician) had asked his son what ￿'aS ¥oing to be played on the con¢¢n programm¢. and his son answctcd ihii he coulthi'i quite rLmember the n2]n¢ of Ihe piece. but it slaned w'ith a d¢sc¢Ddin8 E flat aTPCB8lO in unison and that the second moN'enJ¢ni started with an ascendin8 A 11a1 arp¢ggio. Thc London CoiLrs¢ in May 2025 was organised by Robtrt Max, assisied by Charloite Lane Isince Hannah Sloanc was on maierniiy leai'el and Wd5 attcnded by 39 siudenL%, Wltb 10 ¢oach¢s and 2 helper8. Fil'¢ of the coa¢h¢s had aitend¢d .MusicWorks SunuDeT Courses as s¢udenis thern5elKes. Aboui half of the students had aticndia a Junior Course before and many new $wd¢nts came becausc their ieachcT {boih priv81¢ and ai school) suggested li to Ihem. 'rhe age% tsl. Ihe .srudenlS ran8ed from 7 to 14. For many. li ￿aS their firsi experien¢e of playin8 chamber music. A5 usual, Lach student r¢c¢ived four 45 minute coachin8 s¢ssions. and everytsll¢ playd in N'o 5i¥ht reading Mii$i¢Works Sunday$ "I'his serie% ot one evertis is funded by a donaiion from the Albert and Eu8¢ni¢ FTOSt Music Trust. Four Musiim'orks Siindayb took place bctw'een J￿uary and May of 2023 with two 8rvups ancnding each ci'cnl. VhilL thL original conLcpt was thai these cvent$ should bc held at Kin￿ Pl8cc in London ￿1th up to four group5 itendiIig, Lt b¢eoming more ¢hallen8in8 every. season to make ihis ￿'Ork. Kings Place ￿ere not Able io ntitin d&tes with %ufficicnt nolicc for Musicworks to be abl¢ io advertise the cv¢nis. Oncc thc dates ￿ere knU￿rt th¢}. did not neccssarily work for the groups w'ho wanicd coaching. Fr¢qu¢ntly groups would sign up and then liavc to Ca￿e1 ai short noiice. r¢sulting in uncenoinry Iboui the numbeT of ieachcr5 rtquircd. As ¢on%equcnce, pan of Ihe grani was unspeni ai the end of the series. In dLSCU55LOrt ￿1th ihe Frost TnLSI it was agrced that th¢ grant could be sp¢nl in the n¢xt financial year. al￿ thai in futur¢ thc fonnai shovld become mor¢ Ilcxiblc lo endbli Working with groups whenever they were able lo meci. finding diff¢r¢ni i'cnues iccording 10 th¢ suitability for=a¢h ¥roup. Thi5 more Ilexible style of work ¢omm¢n¢¢d in September of 2025. (b) ()Pff8tionwl trlctli"ities- FuDdra15ing A concen wab held at Riverhouse Barn Arts Ccntre in Walton on Thames on 17 NovemteT 2024. The Tcl) Quanet Iloiir Musiclvorks alurnni Tabitha Appel. Alma Wink Isobcl Neary AdaTll5 and S¢th C(>llinl perlortned Mendel%sohn s Quart¢1 In E flat op 44 no 3. and on¢ of the groups from the summer IAlisrair Harnilion. Ma)"d Broman Crawford.Phillips and Finn Andern)n-Hendral playd BeethoN'en s piatio trio op I no 2 to an aiidicncc of p3tr1)lls and gu¢sts. Includ]ng matched funditL8. ati aTILOUllt of jusi over £35,000 wa5 raised to fiind Mu%icll"(>rk% actiN'ilies in the Coming year aod 10 supplem¢ni ihe Compan>.5 5lrate8LC reserves, which had beLn si¥iiifi¢un(Iw depleied b) the disTupiions caused bv the recent pandemic. Page 4 Mu$ic*orks (Chamber Courses) Trustees, Report Marketing fundrai$itig T_1e folloH'ing discussion of marketln8 and fijndraising relat¢s to the activities that Musi¢Th'orks undenaLe5 on a Tegular basis. li docs noi, therefor¢, lake aceouni of the bequest received in 2018 &s Ihe PULP05C of ihis seliion is to ￿ve a vi¢w of the ofMusicWorks' normal a¢iivities. which M'ill nol be fvnded bj. thai bcquisf. lal Marketing On resumption ofits activities followin8 the disNpuon ¢aus¢d by Covid pandemic and ihe ￿nSeqUent lebTal resiri¢tions on 8atherin8% Nlusi¢ll-'orks has had to rebuild its Tecruillnent aciii'iiies. In nomial times the Cjmpany athii'ely market5 115 courses using 8 variery of means. Infonwdlion and an applicatioji fomi are available on thc website. The iniernei has increased as a point of first conia¥t and ihe websiie ha> b¢in iipd&icd regularly to ensure the infomiaiion which it coniains is ¢UTr¢ni. Insragram is also an increagingly Iniportanl rneihod for reaching wtenlial applicants for Summer COUTSCS. The Junior Courses are also noH' proi"iding regular ￿rUitS lo Ibe Summer Courses. Over thc years immediaiely precedirt8 Ihe On5￿ of the pandemic Musi¢lVorks b¢nefii¢d Significantly from .￿Ord of mouth" maTketLll8 &$ ihose who bad attended courses ialked to their Cont￿15 &ind reconirnended the i)ur5es to them. Ho￿.e%.er, thc disruption caws¢d by the pandemic and lockdowns had. to an Lxreni, brvkin that clwin, bui Iherc &re siws thai the resumpiion of cour5¢i during the currcni and previous yeaTS have helpcd 10 rc-csiablish ¢h¢ chain ofeonthcis. (E,) Fundraisin¥ T1e raising of funds is very important EO Musi¢Works. As course fees do noi come near to ¢0￿crin8 the c0818 of Tunning ihe courses. Ihe Company noThnally ha5 a substantial operdtin8 loss. Th¢ miin reAS()ns tor ihis dLficit Ai¢.. rhe faci ihat the Company aims io take 5tudetsts bhsed on muit and their abiliry to benefit from th¢ courses, ratheT than on their dbiliry w pay the full fees. Perceived competltion fTom other music courses (especially or¢he5tral course51 wbieh constrains ihe ability 10 raise pric¢s. Ti¢ first facTor is entirel}. eonsisten¢ with Musieworks. Status as a charity haling two distinct Purpose to achieve the objectives set oui above and Whe￿ p)ssible io bcnefii those from less afflueni back8rouiid%. This is iniportan(, b￿aus¢ it CTeaies a (ension %'ith thc sccond f8Ctor. li'en if compeiiiion wcrc noi a r¥siraini. there is # level bevoiid which Music￿,0Tks would nor ￿.1$h io raise Lts fees. for f¢ar of losing students who w'vuld noi aiiply If they thought the fecs w¢r¢ kn-ond their Tcaeh. Given these constraints, costs inevitsbly exceed oper81ing revertues. Page 5 lusicworks (Chamber Courses) Trustees, Report Musicll'vrks tries to fill the 8ap ill several ways. Thc rtlies on self-help through fuDthaising events, Such as ¢oncerES. The balance ot thc defieit has to be futtded by donations. Charitable In￿1$ fonn an important part of this tiiiiding. Ilowcvcr. much of the fwiding frorn Ihis source i5 derikcd from trusts that wll only colllmii for a singl¢ year. and Some of these rrus15 do noi ￿E1C0￿)e fi]rthcT applicarions in subsequ¢ni years. Thi5 led Miisiell'ork5 10 5¢¢ up a Patron Scheme to attract individual donors who Sre prepared io ¢ommit over lon¥er periv(t, I1$u￿llY ot. Ihree vcars. Patrons people wbo share MusEcIVorks' iiision, who know and lik¢ the iyav 11 opcraies and who. on the basis of this personal involvemeni, are prepared to help ihe charity by commjiiing & glven amount of Trb)ney. or an equivalent donation iD kind Ilor ¢xamplc the contriburion of a piano for ihc courses. 4L OT foud or w'ine for fundrdiSirt8 ¢venis or the donation of music for the library) over period of ieveral !'¢ars. This shared involvement of the Patrons provid¢5 a relanvelv 6rable source of ftmds which supplement% ihe fundin8 ob¢aiDed from chariiable irusis. A list of the current Patrons is sei out at the end uf IhL% Repon. It W35 parti¢ularly pleasing th81 2025 saw the firsi fonner swdeni to b¢come a Patrvn. Isabella FulfurLI. li violinisr w'ho aitendcd th¢ eourses for many years now lii'¢s and works Jn Silicon Vallcy wherc she till resularly play8 Charnber music with another MusicWork% alumnus. Mainthining th¢ balance of tn¥ome and expenditure is not an wy process. ExpenditUTe tends to be nx)re prediLtabl¢ than iniome. which vdries a5 dorK)rs #re mow. or le55, inclined to provide funds. This is coniplicaied bv tli¢ taci Ih&T donors do not aliva}'s lime Iheir 8ll'lrt8 to wincide ihe financial year. so ihai 2 rcgular donL)r may mdke two annual donaiionq thai fall withtn a single year. thus boosting in¢ome for thai year. but reducin8 11 tor thc ncx¢. lTrartly as a re8uli of rhis ineN'ilabl¢ timing misnulch of and ¢xpenditure. Mu%i¢lVorks' actounis %om¢iimes show a profit and someiimes a lo&s. However, th¢ trend over the five yeyr5 irnrnediaiely preceding Ihe paiidLnii¢ had bL"In iowdrJs a neutral w5iiion. Inevitably. the ad%'ers¢ financial cffcc¢s of thc pandemic hai'e had a sJ¥nificani LITect on th¢ operations and finances of MusicWork5, AS notcd in this R¢pon and the dLiQTnpan)Ing Iindn¢ial stalernents, 8lihou8h the effeci 15 les%enirtg as time elapses and memory of th¢ pand¥miL laQ¥s. Thc 'Frusiecs monitor this siNarion cndeavour io ¢nsure thai income and ¢Kpenditure b¥ioti)e again mDrc ¢loscly align¢d over futur¢ fuwi¢ial peri￿￿$. Icl-fhc Bllinda Sc)mour-Ni¢hol> Bequcst In 2018. fvqusicworks received a bequem amouniin8 10 £79.728 from the esthte of Belinda Seynour-Nichols. Thc 'l'rusie¢s dnd Mcmbers of fvIu5ieWork5 decided that boih the capi¢o1 and Ihc interesi on th¢ bequest i¥ill be uscd ID fund purpose% thai are ￿1th1.￿ rhe char"Ltabl¢ objeaives of the Company bui arc addilional io its nornial acti￿l[lL5. Tlic Trust¢¢s and Nlcmbers considcr annuallj. how th¢ kqutsl 5hvuld be applied, pcnding w'hich Ihe nds are invcstcd on a pwdent basis. Financial Rei'iew In genero1 tenns. Ihe operating and overdll fiTLancial position of Mu5icWork5 is improTring. Jvith an overall loss in ?U?3 tst. Just over £lO,O¢)O turning into a small profits of just under £5.(M)O in each of the two follo￿ing ye&if5, rcsulting In a small reco￿.cry of risern'es that bad been depleted by the disrnpiion ¢aused by the pandemic. HoliC￿¢r thi% reco￿ery y?s achieved in1oTge part by exceptional rnaiebed lunding arrans¢ni¢nts of £15,000 for Ihe fund-r2lsin¥ concens in the f￿ancIal years ended Ociober 2024 and 2025, w'ithout which each vear would h&ie resulted sn a sigwficatti loss. The Trusttts a￿d Members are considering how to reduce the funding gap on a Enore su51iiinable bails throu8h a combinatioD of litllittng rosi riscs wher¢v¢r p)S5ible. increasing fLe income dnd recruitin8 niore Patrons and other doTKbrs. Page 6 Musicw'orks (Chamber Courses) Trustee5' Report Ir_vestmeni and resetves policy T_ie objective of lh¢ Company is to maintain o resm'e equal to a pnjdent expcffiarion of aDy possible fyndinb dcfi¢it Iloss before donaiionsl and io eliminaic any risk of a negaiive cash flow due 10 misnuiLh of liming bciiveen c¥pcndlft￿C 8nd rweipi of donations and other income. Ai the J'ear end ihe Company's total tund 8mounted to £128.218. As all operdting revenue had been received and all expenditure bad been paid by that date. this sum col￿titUteS the rescr%'e that is available io meet possible futur¢ deficits OT oegative cash now. T.ie Company reittins a signitL¢ant ponion of its re5er¥es as cash with ir5 bankers. The amounr w retainLd 1% ihat hich the Company con5ider5 necessary 10 manage cashflou. {nece$sirated by the fact ihat expendiiure precede% income receipt. to a Sibmificant exicnll and io hai'e immcdiately available in c8se of an emer¥en¢J'. rather than being subje¢1 10 any $hort-¢emi inve5tsnent risk &1 a result of rnarkei volaiility. Part of the Belinda SeymouT-Nichols Bequesi was r¢iain¢d foT use in th¢ short terrn and the majariry of th¢ remainder was invested during the }'ear pr¢c¢din8 this Report in a fund, in the hope thai it will PTovide son) prote¢ti()n agains1 inflaiion. Pan of the Company's fund% thai are noi considered nece%$ary for reieiiiion in cash oè the reserve referred io above ha%.¢ also been inl'ested in a sepJTate iAierest-bearing bank *ccouni which alloM's in5tani access M'ithout ￿nal¢Le$. R.laied Pary Tran58Ctions There w¢re no relatcd party transa¢iions during the period ro which this Rew)rt Tclate5 Other than rhosc ref¢￿ed to in the financial SMlem¢nts for that period. Exp¢ndiDJre Expendilwe for the year has be¢D exclusively applied towards the objectives ofthe Company. Bnnkin8 facilities T.ie Company banks CAF a Subsidiary of the Clwities Aid Foundaiion, and the C'oop¢r&tiN'e Bank. Evenis subsequent io the fin8n¢ial year end lal Plans for 2026 .usicM'ork$ is plaJJning io bold summer courses. two Jwiior courses and to continue wirh its other n(Trmal a¢tivithes. V.usi¢ll'orks M'ill continue its ¢ffon5 10 amct the n¢¢essary funding for these activiri¢5, including througli thc holding of a fulldrn.sjng concen in No%'ember 2025. Ibl Lon8 tem) strai¢gy Ir_ the shorter tem th¢ Company is stjll focussing on how 10 re¢o%'er from the advcrse cffects of ihc i)andcmic. T.Ic summer courses ha(L prior to the pandemic. been fillly subscribed for a numkr of ycars. Th'aiiillg lists were becoming longer. How'ei"er. the restrictions and uncenainues cau%d by the pgmdemic changed thib sltualion, tnaking it more diffilult to aitrdct sludents lo cout5¢s. As rncntioned abovc. how¢veT. MusicI￿orkS is wurki118 to rei'erse tkn"s trend. Page 7 MusicHorks (Cbamber Courses) Trustee$, Report In the l(Trngcr terni. th¢ Company coTrstatsilv ¢onsid¢r5 how it can enlarge its aciis'iries. Over iecent year5 ibese activities haN'e dei'eloped ¢ottsiderabl}'. with the dcN'elopment of Junior Courses. the Summer Course5, Mu5icM'vrks Swiddy5. occasional Scnior Cour5cs and coaching se*sioThs. Coniinual expansion is, hom.e￿Cr, not easy or d¢sirable. Musiclllorks is built 011 %'Cry specific foundations atyi UDderlying concepts Thai Deed ro bc pre>erned in any expansion. These concepts havc been dei'eloped by. and are io a very large ¢xtcnT embodied in, the existing members. M'IM) are busy professlonal musicians and C￿n[￿l. th¢r¢forc. lightly )Iloc4ie significant amoun1% of additinnal time to te4Lch on fifftber COUTses. As explained in thc Annex it is also noi possible to Increas¢ iht numbers attending the exislLDg ¢OUr￿5. beuuse this would signifiLAntly d¢troL't from their eollLgiai¥ atmosphere. Any expansion M'ill theref¢)r¢ depenl among IAher things. on bringing into the organisaiion other teaching staff ho shi￿¢ ihe eihos and i'alues of thc curreni m¢mbers. To fae11its￿ i]ll"5 Pr￿¢S$, the nUM￿r of icaching Staff n each ¢our5e has been increased several years ID the hope thai new stsff will d¢Kelop an understanding of Mu%icll'orks' teach2ng methi>ds and ethos and thai some of them ￿.11[. oi'er time. wi4h to become more pcnnancnt members of siaff. P¢Thaps undenth'n8 the superrfision of additional courses. where ih¢ cuThent Inenibcrs are un41ble lo do so. This wliiy is illustrai¢d in prnctice by Hannah Sloane, & former Musicworks 4tudini ivho noH runs one of the Junior Courses and is a Trusttt of Musicworkg. The Jx)licy will be coniinued. Lt'possible. In the nLxt fInanc￿l year. Anviher constrhint on Lxpansion Is fundinx. Eiery addiiiunal student and ei'ery addilionol ¢OUTse will add 10 ihe ovcriill operational loss of the Company, given lis chaniable ngwre and objeciivcs descnbed earlier in this Rep(irt. Despit¢ ¢hi5. the Company 1$ actively con5ideTin8 thiuyc developmeni and has put Ln place $￿a￿81¢S designed io achici'c e.Kpansion of it$ actii'iiies in due course. Page 8 Musiem'orks (Chamber Courses) Trn$tees' Report Structure, Goi'ernance and Management V,u5icWoTks is a charitable company limited by 8uarani¢e. li w&$ incorpordted on 19 Augusl 2003. ILS objecrs atid pO￿.erS are Set Out in its Memorandum of ASWCLaiion and it 1$ 80I'erned in accordance wryth PTocediirc% set out in Ils Articles of AssoLiaiion. The Trustccs are sele¢t¢d and appointed by th¢ mcmbeTh. On eleciion ot a new T.rystee, one of the ex)$ling TNsie¢s or a Member will explain ihe obj￿ts, strategy. goi'ernancc and L)peTaiions ol. Mi usi¢Work5 and. dq)eThding on the ¢xperi¢n¢e of tbe ttew Trustee. th¢ durie5 and responsibiliLies of the position. .u$icWorks 15 organi5ed so that the Trustees meet regularly ￿ rnanag¢ 115 arrairs. Overall re%pon4ibiliiv for anagement and dir¢¢iion rests with Ihe Trustees. How¢v¢r, da>. to da). administration 15 delegttted io ih¥ c.hief ecutii'e OtTiier. w.ho may fyom time to iitne further delegaie 5￿cIfIC task% io oiher m¢mbers of the Companj.. V.¢mb¢rs of ihe Company are also a¢ti%'ely ini'olved ir2 leaching during the courses run bv Musiiwoiks. for which they receive remun¢rarion At market ra￿. Wilh the excepiion of th¢ Chicf ExecuiJv¢ Ot'fi¢¢r. Ivlio rec¢iv¢s Temunerdlion at markei rares, Ihe Trusiees and Members *lTnL'ni$ter ihe Company on a volunidry basi and are rtut f¥muncTated for their adminisuanve duii¢s. T1e Company und¢nakes eomprehensive risk a5ses5ments. pa>ing particular 8ttentkon Irj ihe fact ihat iho%e 8ti¢ndins most of the courbes are mostly under 18. As a result of ih05e ass&ssmentS, separate Sateguardins Children Jnoi H¢alth and Safety poliiies hav¢ been de%'eloped and arc Tegularly revi¢wcd by MusiL Works and updaicd where niiessary, to CO%'CT poienrial are￿ of concm. The Child Proieciion Policy. M'hich i¥ Tcl'iewed annually, li'85 IlTilten follo￿'m8 ihe NSPCC guidelines and aftcr considcrable sDJdy of %imilar Or￿janIsa11onS. p(Ilicies. It ￿'d$ re￿.1¢Wed and apPr0￿.td b). the Su￿ey.4rea Child Proieciion Committre and has been sair to the Child Proi¢ciion Commiiiees in the area in which Musicm'orks holds ils sumrtw cours¢S. A ¢opy of the policies is displayed both on the websiie and also on the nuin noti¢¢ bwd ai each courie 50 a5 to bL acces¥ibl¢ to students and paTenis. TtH)sc attending thc ¢OUTS¢S tcachcrs and doracslic helpcrs arc given C()PiC5 vf the policies and each member of signs a copy of th¢ code of conduct %eciion. In addiliun, LusicII'ork5 obtsiny a CUTreni ¢enificate from the DBS IDi5closure and Barrin8 ScThicel lor cach 1¢4Lhcr and helper, ensuring ihat TK)ne of them has a criminal reeord. Funding risks are subje¢1 io rcgular revicw and the Nlembers and Trusiees mcct regularl>. lo cvn¥ider wdys to dii'ersify and incrcase fundirt8 (see "Marketing and Fundraising- aboN'el. Internal cnntrol risk5 are IMinin)i$ed b>. Ihe implemenTarion of procedures for auihoris81ion of all significant expenditure and by ensurin8 that responsibilities are properly delegated. N1.usi¢￿.OrkS eurren¢ly maintains a minimum Tesery¢ fimd that li deems io be sufficient 10 Tnanak7e cash tlow flJeDJalions and to provide it ￿'1th prudcni PTOi¢¢tion against cu￿ent risks. Al Ihe end of ihe fiiiancial l'ear, li had cash reserves of £77,157 Pan of this is the pro¢¥Lxls of the B¢lind3 S¢yTrour-birho15 Bcqucsi. i¥hich will bc w¢d for purposeq ou￿]de MUSIC￿.0[k9. nonnal operaiion$. and part represents the re5CTve rcferr¢d lo ahovc and fvndb- raised but noi expended duriti￿ previous years due to ¢he lockdothm. The ￿Ma]ndC[ I'epre%¢nt pre-fur,ding for the followin8 year's artiviiies. It norn)ally thcrefore be exp¢nded in running Musicll'urks. aLtiviiies during the following year. T_ie Trn51ee5 believe thai rhis Repon and the policies adopied by th¢ Company 8dequaiel} idelllifv Ihe operational and business risk5 faced by th¢ Company ¢ODfllin that They have established 5ysiem5 to manag¢ 511ch risks. T.1e Trusies and Members have considered and implementcd the requirements of the UK GeneraL Dai Protection Regulation {"GDPR"l a5 inco[￿rat¢￿ inio the la￿5 of the LDlted Kin&¢knm. The Company's Daia Protection Poli¢yt which incorporates those rcquircm¢nts. is published ott the Companv s websile. Page 9 I¥Iu51c￿ork9 (Chamber Courses) Trustee5' Report Reference and Administr*tlve Information Charity Name Charii). Registrdiion Number CoTnpany R¢gistraTiUtt Nurnber R¢bTisiered oi'fice and operational address Trus£Ls M￿iCwtsykS (Chamber Cowse$l Limited 1100443 487 1846 29 Chw¢h Road. Tollernhoe. Bedfordsbire. LL6 1 RE La¢hlaTh Burn (Chainnan) El$peth Arden IS¢¢retary) Simon Rowe Hannah sI￿ne Mi¢hael Spencer Alex Tamiyn Catherine.Manson (Chief Executiv¢ Officer) Robcrt.11 Exccuiivc OffLccr*lMi embe Company SeLreiary Ilspeth Arden Anthony Williams & Co Limiied Chartered Ac¢ount&nts. Trei'tnson House, Pool. Cornw'all TRIS 3PT CAF Bank, 25 Kin8's Hill, Wesr Mallhn8. Keni. ME19 4JQ Repvrting A¢¥ountanl BankeTS Page 10 -Musicworks (Chamber Course5) Tru51ees' Report Rtsponsibllities of the Directors Cjmpany law r¢qllire5 the Directors (who are also the TntsteesJ to prepare fJt)an¢ial siatements for eacli fi iancial year ￿'hICh gil-e a true and fatr viem, of the stsie of thc affairs of the Cornpans as ar the balancc sheet ddte and of its incomin% r¢sources and applicaiion of r¢sourccs. including inwme and expendiwr¢. for the ri_)art¢idl year. In preparing those finan¢i21 siaiements. the Direciors should follow best practice ilnd.. select guiiable accounting policies and then apply tbem consistently . .Make judgements and cstirnatr5 that are reasonable and pnmletsi and Prepare the ilnancial Stalemen￿ ott the Boing ¢on¢ern ba51$ unless li is inappropriaie to assun)e rhai the CJmpally will coniiThue on thai basis. T1e Directors are responsible for mainthining proper accouniing records wthich di5c105¢ ￿'Ith Itasonable &¢Lura¢y a¢ any tirnc the firtanciai P0511Lon of the Company and kn enable th¢m ￿ ¢nsure thai th¢ financial siai¥m¢nts compl). with the Companic5 Aci 2(M16. The Directors arL also r¢spoiisiblL for Saf¥g￿rdIng tliL as%eis ot the Compan>. and hence for tsking re¥sonthle st￿5 for th¢ preN'ellti¢)n and d¢te¢iion ol Iraud and otli¢r ire8u14Lrities. Tle Trusfees. who are directors for ¢he PUrr￿e of company law and trustees for the pu￿05¢ of chaTily law, who stTh'cd during the y¢aT 3nd up to the dai¢ ofthi5 T¢POrt lexcepi where indi¢aiedl are sei oui 8bove. Ir. ac¢ordAnc¢ with Company law, as the comp￿￿$ dIrt¢￿rg, we certify th*L' So far as we aware. there is no relevant *lldil Lnfonnation of which ihe Company'5 audii(Frs are unaware nd As ihe directors of the Comp3ny we have takcn all th¢ step5 that we ought to have Takcn in order io rnlL I Appro%'ed by the Trn5tees on ..... . 2026 and Signed on their behglf by.. I[.L.IL_ Lacblan Burn Ichaimwil Page 11 Music￿orkS {Chamber C(Jurses) Trustees, Report PAtron5 Elspeth AnJ¢n t2ehlan Burn The D￿18 Tasker Memorial Futtd Steven and Joan Fogel Isabella Fuiford Oscar and Mar8ard Lewisobn Wendy Max Michael and S¢iko Miruth-spe￿¢T Nat and Rebecca Slo¥ne Aidm Woodcock (Honorary Patron iti memoriam) Pa8e 12 Mu$i¢works (Chamber Courses) Trustees, Report Annex I at Musl¢W'orks Does _usicll'orks train5 young people, ranging from the earlieqt age ai ￿l¢h a ¢hild can IKJld an insmllneni to early adulthood, 10 play and appreciaie chamber music. li runs short eourses for children between rhe ages of 8 and 14. longer. more intensiie. cows¢s for students Aged bei￿ren 14 and 18 and coutses for young adulii seuing up chamber wups. Younger Lhildren. beloii, the age of 14. attend shon non-residential weekend COU￿5. Students aged beni'cen 14 and 18 anend residential wttk-long Lourses dwing the sutnrner months. In addiiion. Musicwoi'ks runs a %eric4 ofstud>' days IMu$icWorks Sunda>'sl. All of the courses are Tun by the m¢mbeTS of Musicworks. who professional chamber musicians. an(L in Ihe ¢*is¢ of thc London Junior eouTse. a tsusicc who was also a forn)er student of Musicil'orks How IIu51eN'orks Operat¢$ Participanis In the ¢ourse5 are dii'ided inlo small gTOUPS. many of ￿'hICh inelude a professional ¢humb¢r musician coaehing from wiihin th¢ BTOUP. The course enviTonrnent is non-compciiliv¢ as in a compeiiiii'e eiivironment th¢ study of music Can becom¢ u vehicle for the demonsrauon of ￿hnICAl exp¢nise raihcT than an activity thai fosters a J¢eper undcrst8nding. This imponani fActor distinguishes Mu5icWL)rks fruin oili¢r siiniliir I)UT%es. Ideas about forniinB an inteTpreiatiort are shared within the 8roup rather thon imp05cd by a iL'achcr. Studcrtts on the sumrn¢r COLW a150 swdy ￿MPOsI110n ￿ closely Telai¢d iopics which assisis Ih=ir Unders￿nding of ihc music Ih¢y play. On these courses, fom)al swdy durin8 the day is supplementrd by Ènforn)al M￿$1£ m8king in the ei'enings wstl) 51udtnis lomiing their own imprompru groups to play works chosen by tbem from Mu$i¢ll'orks' cxiensav¢ lil)raT)' vf Chamber music. T.ie emphasis of the courses is ot) the process of dI￿0Very rather thart on producing a fjnished produci, Neverthclc55 the summer ¢ours¢s in%'olve perfornian¢¢s for three cxtremely supportive iudicnccs . f1rsi fuT th¥ musicians themselves where everyone In the audiencc. including teachers. is also perforn)in£. second for audience5 01 clderly people in residential homes and third for parents and (riends at the cnd of the courses. .'h>' Do li: Au¥i¢Wgrks is irnportani for ¥ number of reasons. Firs1 it bring5 taienied young p¢ople into diTec1 contsct wilh SiyfLifi¢ant music. is a language and ils function LS lo ¢ommunicatc ai th¢ point where othLY languages slop. It gives Ih05e who panicipaie in it5 ¢rcation a gr¢ai depih of undcrsLandin8 of w'hai li meaiis 10 be hiinian. IhrouBh th¢ commLLnication of the ¢omw)ser's expenences, emotion5 and ideos. By enabIll￿ soung musicians tu CKpcrien¢e ch8mb¢r M￿5]C through ￿rformIng It.-m￿l¢Work$ enhaDces their education iti a fundamental way. Second. involvement in pla￿￿ng Chamber musi¢ leaches Imi￿rtant so¢ial ski115 including le￿￿-working, consideratiort of aliern81ive poinis of view and the importance of negorEation and comprotni5e. In small groups each player is an Im￿[￿￿¢ and ¢qual part of a team, responsible to th¢ other plajets in a way rhat builds Inutual siippori and cortfidence. Students gaift an ￿ders13nding of ¢onflict a￿d how. conflict can be resolved. Greai inusir often cmbodie5 signifi¢ant conflicrs. expressed in hamionic and thematic iern)s. that are in ninst ca5C resoli'cd. LINing through this experience by pla}'in8 and lisiening to mu5ir ieachcs importaiit lessons about nflici re501ution, as does the process of derid"Lng w'hich of the rnanv pos5ibl¢ inicrpretations should be adopted. Thi5 inevitably produc¢s differeni i'i¢w5 and while incorpordling someone else s conLrar! idea Ina initially seem 1￿C a comprotni5e, the proces5 of wothing iogethcT Ii'hile being open io ne￿ ideas rdther than resisring them allow5 the potential for enorn)ous deielopment, both musically and personally. for ull concerned. On¢¢ these lesson¥ are learned in the context of playing ehamber music. they Lan b¢ applied anvwhere. Pag¢ 13 L%lusicM'orks {Chamber Courses) Trustees, Report The sutntner cuurs¢s ineludc a wider range of age and ability thats many other similar ¢outse5. thereby bringing youn8er or le55 cxpericneed players inio contact ￿7th those fi]rther ￿0￿8 the sarne path and 8enerdting an eni'ironmcnt in M'hich the older players feel they can Contribu￿ somdhiDg that b¢nefits the younger ones. In nw%t contex￿. an age difference of oDly a few years can crcat¢ a significant gap b¢N'cen young peopl¢. Partliipaiion in Mi￿1¢WorkS courses lea¢l￿S children thai in thc contexi of engaging yith great musi¢, agc is itrelei'ant and profound iosights are jusi as likely to come from th¢ young&st in ihe group as from the oldest. This willingttess lo see people as they are and no¢ as defined by their age transfers itself io other conrext¥. The di%'ersiiy of aBe. Talial. cultural and social backgrowids among the sttjdents 8Thd ieacheis ￿orking closely ith¥¢ih¢r a150 hclps tts reveal the undcrsianding that superficial diffeTellce$ between people mtrel) disguise fundatnLnial similarities. The siz¢ of each of the resideAiial COUTses is d¢liberdtely restricied enablin8 everyone ro gct lo each other ii'ell and io feel included. Third. Musicll'orks has an indirect objeci - lh¢ promotion of ch8mber rn￿1¢ in ihe wider community. Many oung people learn lo an insirum¢nl well but slop pla}'ing regularly when ih¢y reach Adulihood. One r¢asoD fL)r IhLS 15 laik vt. oppominitj., b¢¢auK playing an insTnuDent (other than a keyboard insiTum¢ntl alone can be a r¢ldiivclv iLnrLwarding cxperiencc. Chamber M￿51C groups are easily formed onc only ￿ed$ ￿ fjnd a few liko-mindcd collcll¥ue8. fri¢nds QT neighbours. Swd¢nts who dei'elop a pa55ion for Chambw music are much more likLly to coiiiinue playing ihroughour their adult lile. By doin¥ so, particularly when they plaj. for others, Ihe>' chambL'r music playing a p051tive rol¢ in societv. It i$ this idea that ha5 led tv Ihe introduction of the ¢vurse lur older siud¢n15 who hai¢ fonncd rheir owi quan¢ts. This 15 a nawral progression for Musicw'urks, whi¥li now prokides tr)inin8 to chambcr mwsi¢Lan5 from the younges1 child can play an ins(rument 10 )oiin¥ ddulis who are formin8 chamber groups. either PTolessional or 4t)wew. io tske chamber music into ihe id¢r ￿.￿r1d. Th¢ main obJecTi¥e of fvlusi¢ll'orks is enabling the creatioll of ihese diTe¢l and indirect benefi1$. In 8¢hieYing its É>bjc¢tii'¢s. IhL Company. aim$ lo promole excellen¢¢ and ertthu$iasm for charnbcr music and to do so ￿lthOU1 rL8￿d lo IhL abilii). ot the irtdii'iduoj to pav the nonnal fccs for th¢ cour5c. The Idcal Is thai tslcnt. willingness to learn and poieniial should be the deiemiinin8 foctors thai enable io panicipaic in the COUTSC5. Pag¢ 14 MusicThorks (Chamber Courses) Trustees, Report T.4e FutTher Study Qiiartel Course is beld from UEue 10 tÈme. when n¢¢d 8riws and fvnding is availabl¢. li is prinwily for former MUsi¢l￿.0rkS smdenis B'ho aTe too old ¢0 allend ihc oiher ¢ourse% and, having fomed tlieir groups, r¢quire ￿rther coaching in perfomling chamber music {although groups ￿7th no former dssociaiion with Mu5icWorks may also b¢ ini'iied on 0¢￿]0￿). %Iu5icWork5 decided to introduce this ne￿ element inio Its gular a¢riiiii¢s for 5¢veTal important reay)n$. First. ii is a natural extension of its afflivities. SDthnts who are older tlw) 18 cannot attend the oiher courses biit may still need Ilelp as they fomi chamber Jnusic 8fouFfj. It i$ appropriat¢ thai Musicworks should continue the work it has staned and help such sroup$ in their fornuiion SVdgc$. Second. it ].% perhaps the final qiep toM*rds the achiei-ement of one of MusicWoTks' m8in objeciii'es io piomoie chamb¢r music both for ihose WI￿ perforni it and for those in tbe wider ￿MmunI1y. Assis1in8 new chamber music groups. who Thill go on 10 perforni in public al an in¢emaiional, naTional and,OT local l¢vcl, compleies th¢ musical rnission thai beBin& for NIu5icWorks, with children of primary school a8e. Tlird, du¢ lo scheduling conflicis and a rangc of differeni prioriii¢s. music colle8Cs find li dirriculi io provid¢ the intcnsivc experiencc necessary io dei-elop ¢harnber music playing ai a high levcl. SNdeni% ￿h0 u'ls11 10 dL'%'elop their ski114 &$ chamber musicians mu51 therefore look for additional support from Iho%e ivlio dr¢ dli'¢ad eiiablished in th¢ Chamber music world. SULh as lh¢ musicians ￿'bO 8r¢ aUl￿elY inl'oli'ed wiih.MusiiW'vi"k4. The offl¢lAI objective$ of Mu$lell'orkJ T.ii*¢ actil'ilics are ihe praciical irnplcmeniation of the Company's objeciivcs, as set out in its MeiDorandum uf Associaiion. which are.. l. io educaic th¢ public in The art of m￿]¢. 2. 10 adi'attce Ihe educaiic)n of ihc public in ihe an of ¢hambLY music and ¢nsemble playing and die 8eneral ciiliifvaiion of charnber Music and ensemble playing as an a 3. 10 tr4in ¢hildrcll and young peopl¢ in the art of playin¥ Chamber Tnusic and en5ernble playing, 4. 10 proTnolc hi8h s￿ndardS of training for le￿1￿ of rn￿41¢ Mith p¥rtl¢u1￿ reference to chamber music and enscmble playin8. Pag¢ 15 lusie￿orkS (Chamber Courses) Tru$tees' Report Annex 2 Musi¢M'orks Alumni coathlng on Jynlor Courses ITh 202314 Hana Nlizuta Spencer Tabiihd Appel Hannah Sloane B¢atriLe Pliilip% Ci¢neviiie 18roihwood Hraim£ih Kannch Mason Maxiim Call'er Ed Keenan IIu5icII'orks Alumni performAng th¢ 2024 Frlnton FfstlTr*l Mathilde Milm'idsky Mizuta-spcncer Ilugo MJX .MJ)'a dc Svuza AIL'X Aldr¢ii CJraLL Lhatiu SopliiL Loekeii Pagc 16 Musicwork5 {Ch*mber Courses) Trustees, Report Trustee5 and offlcers T.ie trustees and officers seryiDg during the year and since the year end ￿tr¢ as follow5.' Trystee5'. Alexander Tam]yn Simon Ddvid Rowe E14wh Margarcr Arden hael Jatnes Spencer (resigned 5 November 20231 Flannah Mar> Aeheson Sloane Chainn8n.' LachlaD Burn Secretary= Elspeth Margarn Arden Si#tL&meni of irMste¢s' r¢5ponslbi]liies T ie trultees Iwho ar¢ a150 the diieciors of Musicworks (Chamber Cours¢sl for the purpose8 of ¢ompan> lam,) ale responsible for preparing lh¢ uu5te¢s' report and the [￿anCial s¢aiemertts In a¢cordancc wilh appliLahlL law aijd United Kingdom Accountin8 Siandards (Uniicd Kin¥dom G¢n¢r8lly AcCep￿d Accounting PraLIILC}. including FRS I O? "The Finan¢ial Reporting Standard applicable in the UK and Rgpublic of Irelaiid.. Company law requires the mislces io prepare financial stsiemcnis for ¢a¢h filla￿la1 year. Ui)dir Cuiiipiiny law the t￿stec$ M￿1( noi approve ihe finantial staiemenis unless they are satisfied thji they 8ii'c a True and fair i'ithi. ot the Sta￿ of offairs of Ihe charitable ¢ompan>' and of the In¢omin8 resources and applicaiion of resource¥, iDcluding ils itiLomc and ¢xp¢nditure, of the chan'tabl¢ company for that period. In preparing thc5¢ financial siaicmenis, Ihe trustces are required io.. %eleci 5ULtable a¢couniin8 policies apply them Lonsisi¢tttly' obseTh'e the methods and principles in th¢ Charities SOR￿. makc jud8emcnis and csiimaies thAt are reasonable and prudettl stale whcthcr applic#bl¢ accounting standards, ¢omprisin8 FRS 102 havc b¢tn followed, subject io uny maierial departure5 disclosed and explaincd in Ihe finat)CL81 staicmcnts: and preparc the finattci81 staicments on the 80ing ¢on¢ern b&si5 unless li is inappropriate to presumc thai tbe charitable company will continue in busincss. T1e ITUSt¢e5 are rc5pon5ible for ke¢pin8 propcr a¢couniing records thai can disclose ￿'Ith reasonable aiLuf In￿eStmenT in¢orne 50.121 4.241 54.362 65,600 53.046 2.008 53.046 2,008 51.704 2,285 Toial Iiicoin¢ 105.175 109,416 119,589 F.IpLndlture on: CharildblL aciik'iues 110%.927 1108.927) 1114,7931 Toial Lxpendiiurc Ciain%..losscs on inN'esim¢nt a5sel5' 110¥,9271 11011,927 1114,791 3,723 3.723 11551 Nei lexpLndiiur¢l(income Tran%fers bL'rw"een tiinds (29) 4241 4.212 4.641 14.241) i)Iher rt￿l)It)IS*d galn5 And lou¢$ 4,212 4.212 4.641 Reioni1113tion of funds Toial liinds brtTrughi foTh*zrd "I'ol&l fiinds carricd f(Trrward 124.006 124.(K>6 119.367 14 128.218 128.218 124.1108 A15 ofthc charsTr's aciii'itie5 derii'e from CODtinuing operaiions during the abovc N'o periods. Transtirs bciwLen funds arc reslncted donations *thich hai'e bc¢n used ￿ cover admission for 5tudeni5. The funds breakdts1￿ tor 2024 is showTr in note 14. The twtes on pages 20 th 30 fortn an inte￿ra1 part of these finan¢ial ststemtnts. P2ge 18 Mu$icTh'orks (Chamber Courses) (Registration number." 04871846) Balance Sheet as at 31 October 2025 2025 2024 Fixed asset5 Tangible assets Ir.vesunenis 52.467 47,948 5?.467 4",.948 CurreDt aSS¢tS Debiors Co-operaiive bauk aecount CAF bank a¢Louni CAF Gold account 10 ,79¢4 13.998 5.405 7.136 18,27? 48,347 39,511 78.951 79.160 Credltors: Amourtti f•llinR due w5thln one >'e#r 12 (3,21NJI 13.1001 et current assets 75.751 76.060 r*¢t a$$¢ts 128.218 174.008 FuDd$ of the tharSty: Llnrestrleted Income luDd$ Unrc5trictcd 1?8.21X 124.008 Tot•1 funds 14 12¥.21¥ 124.011 FOT thc financial year ending 31 Ociober 2025 the charity cntitled io exemption from audit under SLYtion 477 of the Companies Aci 2￿)6 relaiin¥ to small cunwallies. Directors, respon.sibilities: The niembers have noi required the eharity to 0￿1n an audit of its accounts for the year in question in accordance w'ith section 476: and The directors acknowled8e their reSpor￿1b111Iits for complying with the requiremeni$ of thc Acl w'ith rcspecr to accounting records and the preparation of a¢¢ounis. ancial statements on pages 18 10 30 were approved b> the ￿￿$￿e$. and authorised for issue on t& and signed on their behalf by.. 11 L,LL. L Lachlan Burn Chairman E15p¢th Margarei Ardcn Cornpani SecretaTh' and Trnsiee The noics on pagc5 20 to 30 fonn an intrgral part of tbese fillancial ststeTn¢nts. Page 19 Musi¢Th'orks (ChAmber Courses) otes to the Financial Statements for the l'ear Ended 31 October 2025 1 .4£touniing policies Summarv ofsÈgnific*ni AC¢OUnthng pollcies And kei. *¢countlDg estirn4te$ The principal accouniing poli£ies applied in the preparauon of theie financial statemcnls are s¢¢ out below. I'hese policies hai'c beell consistentl} applied io all the y¢at5 presented. uThles5 oth￿WIse stated. Statement ol complianc The liiiaiilidl stiiiemeTits. have been prepared in accordance with A¢couniin8 and Reporting by Cliarities.. Staiemenr ol. RL¢ummendcd PTa¢iice (applicable to charities preparing their accounts in a¢¢ordan¢¢ with the 'inan¢ial Rcponing Siandard applicable in the LK and Republic of Irtland (FRS 1021) (issued in OciobeT 019) IChiirilie% SOKP (F'ks 10?)). th¢ Finan¢xal Rep)rtiDg Standard applicobl¢ in the UK and Republic of Ircland IFRS 1021 artd lh¢ Companies Act 2006. Llg%is ol preparatlott MusiLiiork% ICh&nib¢r Course$l meets the definition of a public benefit en¢iiy under FRS 102. Asse15 and liabilitics arc iniijully rccogniscd at his1ori￿ Cosi or trartsaction valu¢ unles5 othmTr75e sta¢ed in the Telcvanr LivuTiling poli¢y notC5. Croing cott¢ern Thl Ini4iee4 Lon.qider that there are no matcrial unceftainTies aboui the ehwkty's abiliry ￿ con¢inu¢ as a 8oin8 coii¢¢m nor any.4i¥nifiiani are￿ of uneertainry tho1 afteci (he cart)4ng value of assets held by the chariiy. InLome #nd £'nd0￿mL,￿1y 'oluniiWJ Ill¥oinL in￿lUding donarions, 8ift5. l¢ga¢ies And grants thit provide corc fimdin8 OT arc of a general naiiire is rLLo¥nised when it is probablL Ihai the in¢ome will be received and the arnouni cart be mcasur¢d with suifi¥i¢ni reliability. Fee income is rcLognised M'b¢n the charity has cniitl¢ment io ihe income. Don￿11￿￿.¥ l*gocle5 Donations drc rccosni4cd when thc cbariry has b¢eiJ noiifi¢d in WTitin8 of boih the amounl aDd seitlcmcnt dale. Til thc rv¢ni thiil a iknnation is subjell io ¢ondiiions thai require a lel'el of perforniancc bj. the ¢hariry b¢for¢ the Charity Is entitled lo ihc furtds. the in¢ome 15 dcferred ind nol rttognis¢d until eiihtr those eondiiions are fijlly mct. OT ihe fuifilmeni of those conditions is ￿h0]lY within ihe coll￿[ of the charity and ir 15 probable thal thcle c()nditivns M'ill be fulfilled in the T¢poMin8 perivd. Exp¢Dditure All txpenditure Jf Tecogniscd once th¢re is a legal or coosmi¢rii'e obli8aiion io thar expettditUTe, it is probable beiilernlmi is required and the amount Can be mea5urvJ reliably. All ¢osts are allocated to the applirable e.xp¢nditure heading that aggregate similar costs to thai caicgory. ¢osts eanThot be directly attributcd tD paniLulai heddings they have been all￿al￿ on a basis consistenl with ¢hc use of resources, ￿nIh ¢cnir&l stsff LOSIS allocated on Iht basis of lime spcnr. and dcpre¢iaiion ¢har8¢s allocated on the portion of the &%set's use. Oilier sUPPOrt cosis are allocated based on the spread of 5tsff costs. Page 20 MusicM'ork5 {Chamber Courses) 1Sotes to the Financial Statements for the Year Ended 31 October 2025 Choriloblé aciivities Cnaniablc Lxp¢nditure ¢ompri5cs those ctssts incurred by the charity in the delii'ery of its aciii'iiies and serv'ices for irs bcneficiaries. It includes both costs that can be allocaied diwtly to s￿h activiiies and those c05ts of ail indirect nature necessary io support them. Sijpport COSts Siipport cosis include central fimciions and have bttn allocaied to tietivity co$I catcgories on a basis con81sl¢ni with the use of r¢souTC¢5. for example, staff c0$15 by the time spenr and other cosi$ by their usage. Goi'ern&nct costs T.i¢se iThcludc the LOSIS allribuiable to the ¢hariry's compli8n¢¢ ￿7th constiwiional and slalutory rcquiremcnts. iDcludin¥ audil strJi¢gi¢ Dwhagement and ￿￿1¢¢$ mecliDgs and reimburs¢d exp¢T￿e$. Tixa¢lon Ti¢ charity is considered io pa5$ ihe tests set oui In P8ra8Taph I Schedule 6 of ihe Financ¢ ALI ?111 O and Iherefore il meets the deftnirion of a chaTitabl¢ company for LK COTpofdtion tax purposes. Accordiiigkly, the chariiy iy potentiallj Cxempt from iaxaiion in res￿￿1 of income or c8pitsI gains recei¥cJ within LarciiL)ries CLivcrcd bv Chapt¢r 3 Part I l uf the Corporaiion TaK Aci 2010 or S¢crion 256 of the Taxaliun of Chargcnbl¢ Gains Act 199? ¢0 ¢he exi¢nt ihai such income OT gains 8rc applied exclusi>¢ly to ch8ritab5e putpnse5. Dtpreclotion and 8mortlsAtlon Depreciation is provided on iangible fixed assets $0 as io ￿11¢ off the cost or v¥luation. less any estiinated rc5idual i'alue. ov¢r Ih¢ir ¢xptcitd usefvl e¢onorni¢ life as follo￿.$.. A55et elass Computer equipment Depreelition method rate 3 }ears Straighi linc Fixed •$¥et Inve5trnEnii F.,xed in*es1￿cllt$, othcr than programme related in%'esthknts, are in¢luded at markct valuc at ihe bal&n¥¢ sTrieet date. Realiscd gains and losses on invesiments are colculal¢d as the differencc belwecn Sales PToLecds 41nd Their market i'alue ai the swt of ihe year. OT th¢ir subsequcnt cost. and are ehargcd or ¢r¢diicd 10 ihe Staiemeni ol-Finan¢ial A¢iivilie5 in the period of dis￿$11. Unreali5cd gairts and losscs represent th¢ rnoverneni in mwket values during the year and are crediied or charged to the Staterneni of Financial Actil'lties based on the nwkei ￿lue at the year end. Tr*de debtori T..ade d¢bior% are amounts due from ¢usiomers for mcr¢handise 501d or servic¢s wfornied in the urdinary ¢vurse of business. T.-ade d¢biors are recognised initiall!. ai the traT￿ction price. Thev are subsequenily measured at amonised coiis in foreign currencies are recorded ai the r¥t¢ of exchan8e ai the dat¢ of the tran5acrion. Moneiary asscis and liabililics d¢noTninated in foreign currencies at ihe balan¢¢ shect dale are report¢d at the raies of exchang¢ prei'ailing ai thai d8*. Th¢ results of ok¢rs¢as operdT)ons art tran$iat¢d al thc ai'eragc rates of exchange during the period and their b 10 th¢ ¢onlractUdl Pfol'lsions of the in5tnLmeni. F.,nancial liabililies are classified a¢COTdittg to the substance of the eontracwal arrangements ¢nter¢d into. Re¢ogniffiOM meosuremtml All financial as5et% and liabiliiies gre initialty measured ai transaction price (including transaction cosisl, except fcr rhose financial as8els ¢las5ificd as at fair value through profit or loss, which are initially ineasured #T fair iluc IM'hi¥h is normally ihe tyansaciion price excluding w4nsaciion cosisl. unl¢ss Ihe arTaii8cmeni ¢onsiirulc% a fi )ancing trdnsaciion. If an arrangcmeni ¢onsiiwie5 a financing msaciion. the financial assei or financial liability is measured ai Ihe pre5eni value of the future pa)ments dis¢owJted ai a market rare of interesi for a yimilar d¢bi instsunicn¢. F.nancial a%%e¢s and liabilities are offset in ihe sratement of financial posiiion M,hen, and onlv ￿hen rhere exisis a legally enlorccable Tight tu set off th¢ recowjised amounts and thc ¢harity iniends either to 5cttle un a nL41 basi%. or lo realise the assc¢ and 5eiilc the liabiliry simyltan¢ously. F.,nancial os5eis ar¢ derecognised when. al the contracnjal nghts io the eash flows from ihe fJnan¢ial ass¢1 e¥pir¢ or OT¢ settled. bl the chariry iransfer5 10 another panv subswitiaily all of th¢ risks and rcwaTd$ of owncr%hip of tbe financial asset. or cl the chariiy, d¢spiie hai'in¥ rdaincd some. bul noi all, si8nifiLanl risks and TL'W4irds or oThner5hip. has transferred ¢pntrtsl of the assei to another pthy. Financial liabililic5 are dcrccognised only when the obligaiion specified in the contra¢1 is discharged. cancelled or expires. Page 23 Musicworks (Chamber Courses) LNotes to the Flnancial Statements for the Year Ended 31 October 2025 2 Iniome froTh dtsnation5 leg4¢i¢5 Unrestricted futtds D¢signattd GeDernl Restricted funds Total runds Dollarion5 and le¥vaLies', Dundlions from corT>panies. mists aiid siniildr procecd5 Donali(?n% from Indi￿.iduajS 5,350 4241 9,591 44,771 44.771 Total fvr 2025 44,771 5.350 4,241 54,362 'l-olo1 for 2024 33207 20.863 11.530 63,600 3 In¢ume from 8cili.lrfes to fvrther the ehArfty y objeeis LTnre5trl¢i¥d funds Totgl 2025 Total 2024 C-oursc fees 53,046 53,046 51.704 4 Imi"e*im¢nt income Total 2025 TolHI 21124 General IncomL from dividends; Dii'idends r¢Lei¥abl¥ from tsiher list¢d invcsttnents Ini¥r¢%t r¢iciNable and similaT income. InlLfLSt rLceivable on bank deposits 795 795 1.529 1.213 756 2.008 2,008 2.285 Page 24 lusicm'orks (Chamber Course$) Notes to the Financial Statements for the Year Ended 31 October 2025 5 Expendilu￿ on ¢h4rit*bl¢ *¢tivities Total 2025 Ttsial 2024 LVIusicM'orks oper8tloD ClYJts .U5iLians' fees Ti7vclling and transport ';usiciams' fees restricied 38.855 4.406 3,964 4.6611 43,261 40,162 Cost of runnlng eourses Accommodauon Jtid iood Ir.surdnce Dome5tics' fees Course expenditure 38,996 597 7.335 449 42.415 S%7 6.140 548 47.377 49.h611 Govern*nct Costs T¢lephonc Adminisiraiion fee$ '¢bsite updaic and mainienan¢e PiYnLing, pos￿8¢ and 5Tationery 682 577 1?,40(J 30n 479 300 14,1?4 li.756 Le%#1 profes$lon¥l f¢es A¢iountaniV fccs 3.282 -3.136 Other Sundry expens¢s Publi¢Lty and 8di'enisinB 504 250 926 654 754 Fin#nrt charges Bank charges 129 99 Total 108,927 114,793 Page 25 Mu$icworks (Chamber Courses) Notes to the Flnancial Statements for the Year Ended 31 October 202S 6 Trusiees rernunerAtion and expen5e5 Duri&i&J ihe }ear Lh¢ Lharity mad¢ Ihe following ￿ll￿Wil0n5 with ¢ntsiees'. Ilannah llory Ache50n SIo8ne Ilannali Achcson Sloan¢ receii'ed remu￿tratIon of £56012024.. £1,900) and £27 {2024.. £125) of exp¥nses 'cre ieiinbursed 10 Hannah Mary, Atl￿on Sloane durin8 ihe vear. Page 26 MusicTb'orks {Chamber Courses) Notes to the Financial Statements for the l.ear Ended 31 October 2025 7 TAxailo T.1e ¢hariiy is a re8lStered charity and is th¢r¢fore ¢xety from taxaiio¢L 8 Tangible fixed a$set5 Furniture #nd ¢quipmtnl Total Cost At l NoNember 2024 5179 879 At 31 October 2025 879 X79 DepreelAilon At l November 2024 879 879 At 31 October 2025 1179 879 Triet book Tralue Ai 31 October 2f125 Ai 31 O¢iober 2024 9 Flxed #5sCt Inve$tm¢nts 2025 1024 Other Inves￿¢n 52.467 .948 Page 27 lusicworks (Chamber Courses) Note5 to the Finxneial Statements for the Year EDded 31 October 2025 Other investments L151ed In%e5tments Tut31 Cost or I'alu*tlon Ai L embL'r 70?4 Rei'aliiaiion Additions 47.948 3.724 795 47,948 3,724 795 AI 31 OLiob¢T 21)25 52,467 52,467 Nei book i'glue Al .1 l (ktobeT 7025 52.467 5?.467 At 31 Ociobor •0?4 47,948 47,948 10 Debiors 2025 2024 nw'cd b), 5wdenlS 1.799 5,405 I I Cash find cisfrA wulvAlenis 2025 2024 Cash al b8nk 73.755 Page ?8 Iusicm'orks (Chamber Courses) Notes to the Financial Statements for the l'ear Ended 31 October 2025 J? Credltor5: *mtsuttts f•lllffjg du¢ within one ye*r 2025 2024 Accruals 3.200 3.100 Accruals - Accouniancy AC¢n￿lS . Telephon¢ 3.200 3.010 42 IJ Ch4rlh' s¢aiu$ Tie Chariiy is limitcd by share capital. incoryorated in. T.1e address of its registered offJ¢e is.. 21) Church Road T)tlk'rnhoe DbNSTABLE Bedfordshire LU6 IRE Page 29 Musicm'orks (Cbamber Courses) N'otes to the Financial Statements for the Year Ended 31 October 2025 14 Funds Balance at J oveJDber Inc•minK resollrces Resources eip¢nd¢d B#lAnc¢ at 31 Octob¥r 21125 2024 Unrestri¢ied 124.006 109.416 {103.204} 128.218 Restrlcted 4.241 14.241} Total funds 124,IK16 113.657 1109,4451 128,218 The 5pLiifiL purwses for which the fiumts are io be applied are as follows.. Restncted funds are used to prcscnt th¢ series of Musicworks Su￿laY5 and to suppon bu15￿1c$ donated to indii'idual %iud¢nt%. Due lo difficulties in scheduling Mu5icIVorks Sundays aL the Nenue Agreed with the donor. Ihc donor a8rccd thai Ihcsc funds should be available to Nlusicll'otks on att wJrestri¢i¢d b45is. 15 plii#lvsl$ of uet fynds At I NO￿¢mber 2024 Fln*neln% eash At 31 October now"J 2025 Cash ai bank and in hand 73.755 3.391 77.15? Nct Ikbi 73.7$5 3.397 77.152 Pa8e 30 Musicivorks (Chamber Courses) Independent Examiner's Report to the trustees of Musleworks (Chamber Courses) ('the Cornp&ny') I repurt to the charity tTUStees on my exomination of the aecoullts of the Company for th¢ ended 31 Ociober 2025. Responslbllltles Ind ba51s of report .45 the itu%iee5 of Nlusicil'orks Ichambcr Cour5esI land also its directors for thc PUTP05es of compunj la￿.} you aTe responsible for the preparation of tbe accounts in ac￿rdanc£ ￿7th the requiremenis (Trf the Qornpaiiies Act 20061.the 2006 A¢t'l. Having satisfied myself thai the accounts of Musiryorks ICThallthr Courses) are not Tequirci) to be audit¢d under Pan 16 of the 2006 .4a and are eligible for independ¢ni examinaiion. I repon in respect ol my examination of YOUT chariry's accounts as carried oui under Sttlion 145 0( the Charitie% Act ?01 I I'ih¢ ?01 I Aci'l. ID ¢mying out my examinaiion I hav¢ followed Tbe DiTrytiOnS gii'en by the ChariTy Commissivn under s¢dion 14S151{bl of the 2011 Aei. Independenl eiamln¢r'$ 51#1emtDt I hai'e completed my examination. I confinn no matters have Come io my attetttion in ¢onneciion ￿'1(h lh¢ eKamination 8ii'ing rne cause io beliei'e". accounlins records wrre kcpt in respea of Musicw'oTk5 (Chamber Courses) as rcquircd by seciion 386 of the 2006 Act., or 2. the ￿COunt5 do DOI accord with those record5: or 3. lh¢ accounis do not eomplj i%'ith the hc¢ountin8 requirements of 5e¢tion 396 of thc 20a6 Aci oiher Than any requiTerneni that th¢ accounts give a'ttue and fajr view, which is not a matier ion%idercd as paTI of dn ind¢pcndcni examinaiion., or 4. the accounts ha%'e not been prepared in accordance with the methods and princip1¢5 of thc Sraicmcni of Rk¢ommcnd¢d PTaLlice for aceouniing and reponing by ¢hAriiies lapplicablc to ¢hariiiLS pr¢purinB ihiir accoun15 in Bccthrdance with the Financial ReportinB Swid)Td applicable in the LK and RepiibliL or ITelartd IFRS 10211. I have no concerns and have come across no otber mailers in conn¢ciion *'ith the examii)ation io ￿'hich allentillrt should drawryl in this rcpon in order to enable o prtsper understanding of the accounts to b¢ reach￿d. Keiron 5icphcns ACA FCCA ICAEM, Trcvenson House Church Road Pool REDRLrtH cOrn￿all TR15 3wr Date.. Page31