REGISTERED CHARITY NUMBER: 1103952
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 May 2025
for
The David Morgan Music Trust
Kenneth Morris Limited 1 Aston Court Bromsgrove Technology Park Bromsgrove Worcestershire B60 3AL
The David Morgan Music Trust
Contents of the Financial Statements for the Year Ended 31 May 2025
| Page | |||
|---|---|---|---|
| Trustees' Report | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
The David Morgan Music Trust
Trustees' Report for the Year Ended 31 May 2025
The trustees present their report with the financial statements of the charity for the year ended 31 May 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activity of the trust in the year under review was that of
1) to advance the education of children and young persons by the provision of bursaries or scholarships or workshops to enable those in full-time education to study music in particular but not, exclusively within the district council of Bromsgrove in the county of Worcestershire; and
2) to foster and promote for the benefit of children and young persons within the district council of Bromsgrove the advancement and improvement of general education in the art of music and the development of public appreciation of music.
Significant activities
The trustees have invested the funds available with an investment manager and will utilise income and profits generated therefrom to meet the grants they consider appropriate in each year
Grantmaking
Requests for grant funds must be made to the trustees for consideration.
Grants totalling £29,766 have been made during the year, supporting both individual young musicians and larger scale activities for the benefit of local schools.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. At the year end these amounted to £21,295 relating to 2025 and £750 relating to 2024.
CONTACT DETAILS
The charity website is: www.davidmorganmusictrust.org
The trust administrator is : Vicky Hadley
ACHIEVEMENTS AND PERFORMANCE
Investment performance
The trustees have invested the funds available with an investment manager, Evelyn Partners and are satisfied with the performance, which is reviewed regularly.
FINANCIAL REVIEW
Financial position
The net assets of the charity mainly consists of listed investments valued at £335,886 (2024 £342,839) which are managed by Evelyn Partners. During the year, the charity made acquisitions of £42,267 and disposals at valuation of £46,862.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 10th May 2004, as amended by deed of amendment dated 6th April 2005, and constitutes an unincorporated charity. The charity is a registered charitable trust.
The David Morgan Music Trust is a fund created by the late Mr Morgan because of his love of and lifetime involvement with the world of music. Mr Morgan was former Councillor for Bromsgrove District Council and an enthusiastic participant of the Bromsgrove Festival.
The charity funds are all available for application towards the main charitable objectives, with no restriction on any funds.
Page 1
The David Morgan Music Trust
Trustees' Report for the Year Ended 31 May 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The trustees are selected by existing trustees and have no fixed term of service.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1103952
Principal address
Flat 20, Midland Court 29 Cox Street Birmingham B3 1RW
Trustees
Mrs P Kelly-Edwards Chair Mrs A Porter J S Cowperthwaite J Martin J Hawthorn (appointed 3.3.25)
Independent Examiner
Kenneth Morris Limited 1 Aston Court Bromsgrove Technology Park Bromsgrove Worcestershire B60 3AL
Investment Advisers
Evelyn Partners 103 Colmore Row Birmingham B3 3AG
Approved by order of the board of trustees on 15 October 2025 and signed on its behalf by:
Mrs P Kelly-Edwards - Trustee
Page 2
Independent Examiner's Report to the Trustees of The David Morgan Music Trust
Independent examiner's report to the trustees of The David Morgan Music Trust
I report to the charity trustees on my examination of the accounts of The David Morgan Music Trust (the Trust) for the year ended 31 May 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
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 content 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.
Signed on 21 October 2025 @ 15:27
Teresa Ford
Kenneth Morris Limited 1 Aston Court Bromsgrove Technology Park Bromsgrove Worcestershire B60 3AL
15 October 2025
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The David Morgan Music Trust
Statement of Financial Activities for the Year Ended 31 May 2025
| 2025 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,097 Investment income 2 29,824 Total 30,921 EXPENDITURE ON Raising funds 3 2,464 Charitable activities Music scholarships 29,766 Governance costs 4,879 Total 37,109 Net gains/(losses) on investments (2,339) NET INCOME/(EXPENDITURE) (8,527) RECONCILIATION OF FUNDS Total funds brought forward 348,814 TOTAL FUNDS CARRIED FORWARD 340,287 |
2024 Total funds £ 75 38,488 |
|---|---|
| 38,563 | |
| 2,332 24,993 4,214 |
|
| 31,539 | |
| 4,492 | |
| 11,516 337,298 |
|
| 348,814 |
The notes form part of these financial statements
Page 4
The David Morgan Music Trust
Balance Sheet
31 May 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 8 | 335,886 | 342,839 |
| CURRENT ASSETS | |||
| Debtors | 9 | 753 | 689 |
| Cash at bank | 3,648 | 5,286 | |
| 4,401 | 5,975 | ||
| NET CURRENT ASSETS | 4,401 | 5,975 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 340,287 | 348,814 | |
| NET ASSETS | 340,287 | 348,814 | |
| FUNDS | 10 | ||
| Unrestricted funds | 340,287 | 348,814 | |
| TOTAL FUNDS | 340,287 | 348,814 |
The financial statements were approved by the Board of Trustees and authorised for issue on 15 October 2025 and were signed on its behalf by:
P M Kelly-Edwards Signed on 21 October 2025 @ 15:55
P Kelly-Edwards - Trustee
J S Cowperthwaite - Trustee
The notes form part of these financial statements
Page 5
The David Morgan Music Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Listed investments
Listed investments are carried at market value provided by the investment brokers.
Page 6
continued...
The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
2. INVESTMENT INCOME
| Investment income Profit/loss on sale of investments Gross interest 3. RAISING FUNDS Investment management costs Investment management expenses |
2025 £ 6,295 20,874 2,655 29,824 2025 £ 2,464 |
2024 £ 7,669 29,383 1,436 |
|---|---|---|
| 38,488 | ||
| 2024 £ 2,332 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 75 |
| Investment income | 38,488 |
| Total | 38,563 |
| EXPENDITURE ON | |
| Raising funds | 2,332 |
| Charitable activities | |
| Music scholarships | 24,993 |
| Governance costs | 4,214 |
| Total | 31,539 |
| Net gains on investments | 4,492 |
| NET INCOME | 11,516 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 337,298 |
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 6. GRANTS MADE Grants made during the year: Music tuition Event funding Instrument purchase 7. INDEPENDENT EXAMINER FEES Independent examiner fees for the year totalled £660 (2024 £606). 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 June 2024 Additions Disposals Restatement to fair value Equalisation adjustments At 31 May 2025 NET BOOK VALUE At 31 May 2025 At 31 May 2024 The investments can be split as follows: UK Other |
Unrestricted funds £ 348,814 |
Unrestricted funds £ 348,814 |
|
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| 24,777 | 21,616 | ||
| 150 | 1,866 | ||
| 4,839 | 1,511 | ||
| 29,766 | 24,993 | ||
| Listed investments £ 342,839 42,267 (46,862) (2,339) (19) 335,886 335,886 342,839 % 73 27 |
|||
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
8. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 May 2025 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2022 | 78,405 |
| Valuation in | 2023 | (22,560) |
| Valuation in | 2024 | 4,492 |
| Valuation in | 2025 | (2,339) |
| Cost | 277,888 | |
| 335,886 |
The investment portfolio is currently managed by Evelyn Partners, who are paid a quarterly management charge.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income MOVEMENT IN FUNDS Unrestricted funds General fund Fair value reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 30,921 TOTAL FUNDS 30,921 |
At 1.6.24 £ 323,768 25,046 348,814 348,814 Resources expended £ (37,109) (37,109) |
2025 2024 £ £ 753 689 Net movement At in funds 31.5.25 £ £ (8,527) 315,241 - 25,046 (8,527) 340,287 (8,527) 340,287 Gains and Movement losses in funds £ £ (2,339) (8,527) (2,339) (8,527) |
|---|---|---|
10. MOVEMENT IN FUNDS
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.6.23 £ Unrestricted funds General fund 312,252 Fair value reserve 25,046 337,298 TOTAL FUNDS 337,298 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 38,563 (31,539) TOTAL FUNDS 38,563 (31,539) |
Net movement At in funds 31.5.24 £ £ 11,516 323,768 - 25,046 11,516 348,814 11,516 348,814 Gains and Movement losses in funds £ £ 4,492 11,516 4,492 11,516 |
At 31.5.24 £ 323,768 25,046 |
At 31.5.24 £ 323,768 25,046 |
|---|---|---|---|
| 348,814 | |||
| 348,814 | |||
| 11,516 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.6.23 £ 312,252 25,046 337,298 337,298 |
Net movement in funds £ 2,989 - 2,989 2,989 |
At 31.5.25 £ 315,241 25,046 |
|---|---|---|---|
| 340,287 | |||
| 340,287 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 69,484 | (68,648) | 2,153 | 2,989 |
| TOTAL FUNDS | 69,484 | (68,648) | 2,153 | 2,989 |
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2025.
12. GRANTS APPROVED BUT UNPAID
Grants approved during the financial year but unpaid at the year end amounted to £21,295 (2024£17,776). Grants approved in 2024 but unpaid at the year end amounted to £750.
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The David Morgan Music Trust
Detailed Statement of Financial Activities for the Year Ended 31 May 2025
| Detailed Statement of Financial Activities for the Year Ended 31 May 2025 |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,097 | 75 |
| Investment income | ||
| Investment income | 6,295 | 7,669 |
| Profit/loss on sale of investments | 20,874 | 29,383 |
| Gross interest | 2,655 | 1,436 |
| 29,824 | 38,488 | |
| Total incoming resources | 30,921 | 38,563 |
| EXPENDITURE | ||
| Investment management costs | ||
| Investment management expenses | 2,464 | 2,332 |
| Charitable activities | ||
| Grants made | 29,766 | 24,993 |
| Support costs | ||
| Governance costs | ||
| Insurance | 679 | 663 |
| Independent examiner fees | 660 | 606 |
| Admin fees | 3,540 | 2,945 |
| 4,879 | 4,214 | |
| Total resources expended | 37,109 | 31,539 |
| Net (expenditure)/income | (6,188) | 7,024 |
This page does not form part of the statutory financial statements
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