Registered number: 05464855
Charity numbar: 1110639
KENT MUSIC
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

KENT MUSIC
(A company limited by guarantee)
CONTENTS
Page
Reference and administrative details of the company, Its trustees (at the date of
approval of the Statements) and advisor&
Trustees Report
4-10
Independent auditors rèport on the financial statements on the financial statements
11-14
Statement of financial activities
15
Balance sheet
16-17
Statement of cashflows
18
Notes on the financlal statements
19-38
Page 2

KENT MUSIC
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES (AT THE DATE OF
APPROVAL OF THE FINANCIAL STATEMENTS) AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
Trustees (at the dato of approval of the financlal statements)
Jessica Cooling
Rebecca Evernden
Heulwen Finley
Sarah Hamilton (appointed by Kent County Council)
Robin Hammerton
Timothy Leates
Ray Mia
Geoffrey Miles, Chair
Alicia Moyles
David Robey (appointed by Kent County Council)
Kyle Siwek
Elizabeth Topiwala
Company reglstered number
05464855
Charity registered number
1110639
Registered office
Units 25 & 26, Creative Enterprise Quarter
Javelin Way
Ashford
Kent
TN24 8FN
Chlef Executlve
Peter Bolton (retired April 25)
Gerry Sterling (appointed April 25)
Independent auditor
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
37 St Margarets Street
Canterbury
Kent
CT12TU
Patron
Jools Holland OBE
Page 3

KENT MUSIC
(A company Ilmited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The Tnjstees present their annual report together with the audited financial statements of Kent Music (The
Charity) for the year ended 31 August 2024. The annual report serves the purposes of both a Trustees, report
and a directors, report under company law. The Trustees confirm that the annual report and financial statements
of the charitable company comply with the current statutory requirements, the requirements of the charitable
company's governing document and the provisions of the Statement of Recommended Practice (SORP)
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of IreSand (FRS102) (effective 1 January 2019).
Since the Company qualrfies as small under section 382 of the Companies Act 2006, the strategic report
required of medium and large companies under the Companies Acl 2006 (Strategic Report and Directors,
Report) Regulations 2013 has been omitted.
Structure
ovemance and mana
ement
Constitution
Kent Music was incorporated as a charitable company limited by guarantee on 26 May 2005 and registered as a
charity on 29 July 2005. The charity took over the assets and liabilities of Kent Music School on 1 September
2005. Kent Music School was registered as a charity on 20 November 1969.
The Charity was created under a memorandum of association which established the objects and powers of the
chariiy and is govemed under its articles of association.
Methods of appolntment or election of Trustees
The management of the charity is the responsibility of the trustees who are elected under the terms in the articles of
association.
Kent Music is keen to ensure that the board of trustees includes a broad base of relevant ski115 and experience. The
method adopted for the recruitment and appointment of trustees is that vacancies are advertised, and applications
invited. Shortlisted candidates are interviewed by the chair and one other trustee.
Trustees
The Trustees who served during the year are as follows..
Francesca Christmas (retired June 2024)
Jessica Cooling
Rebecca Evernden
Heulwen Finley (appointed July 2024)
Sarah Hamilton (appointed by Kent County Council)
Robin Hammerton
Sarah Hohler {retired September 2023)
Timothy Leates
Ray Mia
Geoffrey Miles (chair)
Alicia Moyles
David Robey (appointed October 2024)
Kyle Siwek
Elizabeth Topwala
Page 4

KENT MUSIC
(A company limited by guarantee)
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
structure, governan¢e and management (continued)
Chlef Executive
Peter Bolton
Senior Leadership Team
Olivia Edwards (Senior Leader, Music Hub)
Trevor James (Senior Leader, Tuition & Ensembles)
Ruth Roberts (Senior Leader, Operations)
Organisational structure and decision-maklng policies
The Board of trustees of up to 14 members meets four times a year. A chief executive is appointed by the trustees to
manage the day-to-day operations of the charity. There is an executive committee which also acts as the audit
committee which meets to support the chief executive and senior leadership team on matters Coll￿rned the day-to-day
running of the organisation. During the year the Articles ofAssociation were reviewed by the trustees including terms of
office for trustees which were confimied as up to three temis of three years.
Ob'8Ctives and activities
The objectives of the charity are the promotion of the perfomiing arts in all their forms, in particular music and for this
purpose to provide education, tuition and activities for the benefit of the public generally, particularly in the county of
Kent and the unitary authority of Medway.
Vision
Kent & Medway is where music thrives and musicians flourish.
Mission
Transform lives with high-quality, inclusive music education that responds to need and provides inspirational
opportunities for growth and progression.
Values
Creativity- we champion creativity, nurture imagination and spark inspiration.
Achievement- we empower people to progress and excel.
Inclusion - we open doors, fostering inclusivity and accessibility.
Awareness- we recognise the impact of our actions and make ethical and informed choices.
Joy- we encourage fun, seeking enjoyment and opportunities for celebration.
Core aims
Support schools to create the conditions where music thrives.
Provide accessible music education pathways for all children & young people.
Empower children & young people to pursue their musical aspirations.
Deliver a sustainable business.
Page 5

KENT MUSIC
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
ObJe¢tives and activities (continued)
Review of Activltles
Tuition numbers remained stable during the course of the year. 2,700 people received instrumental & vocal lessons
during the year at schools and in music centres.
Our music ￿ntreS offered instrumental & vocal lessons and ensembles & choirs in Rochester, Sevenoaks, Tonbridge,
Maidstone, Ashford, Folkestone, Broadstairs and Gravesend throughoul the year.
Our creative ensemble, Orchestra ONE, took place during each half term creating new music frorn scratch in four-day
courses, each ending with a performance. In October 2023 we collaborated with Jasmin Vardimon Company IJVC) on
a music and dance project which brought together a group ofyoung musicians and young dancers to create a new piece
of music and dance which was performed in a double bill with Orchestra One at JV Home, the new home for JVC. The
dance piece was repeated in a special performance for the Kent Ambassadors in November 2023. We added new
courses in singing, strings and winds during the October 8nd February half terms in response to excellent attendance
at summer school courses.
Our county ensembles and county choir met throughout the year culminating in courses and concerts at Benenden
School during the period of Kent Music Summer School. The summer school continued to grow and in summer 2024
there were 333 attendances on eight courses. In addition, primary Schools from north Kent attended the summer school
for a one day Experience Day" which gave them the opportunity to play in the new Centenary Hall at Benenden School
and see other courses taking place.
Music Hub
During the year Kent Music continued as the lead partner for the Music Hub for Kent. This included delivering whole
class instrumental teaching to 3,752 children in 120 primary schools and funding a further 239 to buy in provision from
other providers. 32 primary schools were supported to run an ensemble, 23 received bespoke curriculum support and
39 were supported to give them access to resources from Sing Up to enable them to develop singing in their schools.
78 secondary schools w&re funded during the year.. 70 to enable them to provide an ensemble; 8 received bespoke
support,. 7 accessed Sing Up resources.
In addition, the hub supported 20 special schools and 19junior schools during the year.
n total 145 ensembles were funded by the Music Hub in state schools in Kent during the year.
In November our annual Music Hub Schools Conference took place at the Kent Event Centre attracting delegates from
148 schools for a day of sessions from leading practitioners in the field of rnusic education including an inspiring keynote
presentation from Vaughan Fleischfresser, music education advocate and internationally recognised music educator.
The Music Hub provided professional development courses for classroom teachers and governors as well as tutoring
on initial teacher training courses in partnership with Kent Medway Trainers. In total these activities reached 234
teachers and 16 school governors.
The Music Hub is prioritising "cold spot" areas as part of its future planning, focussing on areas of low engagement
including Dover and the Isle of Sheppey. During the year the Hub uncjertook research in p8rtnership with Pie Factory
Music in Dover to understand the extent of the music provision in the town. The Hub was supported by Royal Opera &
Ballet to undertake a similar piece of research on the Isle of Sheppey, commissioning The Audience Agency to carry
out the research.
Page 6

KENT MUSIC
(A company limlted by guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Objectives and activities (continued)
In May 2024 Arts Gouncil England appointed Kent Music to lead the Music Hub for Kent & Medway from September
2024. The new hub will be a partnership of organisations including schools that come together to deliver the aims for
Music Hubs as set out in the National Plan for Music Education. Kent Music has been appointed until the end ofAugust
2030 and funded with a revenue grant of £2,648,822 for the year beginning 1 September 2024. Kent Music has also
been awarded a one-off capital grant of £870,116 for the purchase of musical instrument5 and equipment. As part of
the planning forthe capital grant research has been undertaken to understand the need for adapted and adaptive music
instruments to support children & young people with special educational needs and disabilities (SEND)-
Environmental Sustsinability
Kent Music has developed an environmental sustainability strategy which includes.. banking ethically to ensure that
funds in Kent Music bank accounts support environmentally sustainable investment,. ensuring that our headquarters in
Ashford is run as sustainably as possible, this includes investing in renewable energy., providing access to Cycle to
Work and electric vehicle sa18ry sacrifice schemes and providing advice and support to teachers who work in schools
and other venues around the county.
Equity, Diversity & Inclusion (EDI)
Kent Music employs a full time Inclusion Manager O-ob share) who delivers the organisation's inclusion strategy. The
main priortties in the strategy are to.. support children & young people in disadvantaged communities in Kent,. support
music in special schools in Kent. provide adapted and adaptive instruments for children and young people with SEND;
ensure the voice of children & young people is integrated into the organisation., ensure ourworkforce is EDI trained and
our recruitment practices support EDI and to reduce the financial barriers to accessing music education.
Charying and remissions policy
Kent Music has a charging and remissions policy designed to remove as many barriers to music education as
possible. The policy covers the following..
Kent Music'5 tuition fees aim to recover the hourly rate paid to Ihe teacher, the cost of providing DBS checks,
the cost of hiring teaching venues and a small contribution to the overheads of Kent Music.
We run a whole class instrumental teaching programme that provides every child in Kent the opportunity to
have free instrumental teaching for one hour per week.
We receive subsidy from Kent County Council that enables us to provide a ne￿Ork of out of school music
centres and county ensembles and choirs at a subsidised rate.
Other projects and programmes run by Kent Music are provided for a small charge or free. This includes
professional development courses for teachers, large scale celebration events for schools, the Kent Music
Roadshow and occasional short-term projects.
A financial assistance scheme funded by part of the grant from Arts Council England and other ad hoc grants
and legacies supports 75 % of the cost of tuition fees for children & young people who fall into various
categories for state benefits. During the year 507 children & young people received support from the financial
assistance scheme.
Page 7

KENT MUSIC
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Future activities
The organisation has set itself the following priorities for the future..
Continuing its work in "cold spor areas to bring music to children and young people who are currently
underserved. This will mean delivering programmes in Dover and on the Isle of Sheppey, producing research on
music activity in Medway and commissioning a study into music in Gravesham.
Continuing to support schools throughout Kent & Medway through a programme of funding, specialist consultancy
and professional development.
Completing the purchase of our office and storage facility in Javelin Way, Ashford.
Continuing to provide a tuition service, music centres throughout the county, county level ensembles and choirs
and the annual Kent Music Summer School.
Continuing as the Lead Organisation for the Kent & Medway Music Hub
Developing a plan for bringing live professional perfomances to children & young people.
Seeking ways to develop income, particularly through individual giving.
The cu￿ent Chief Executive 15 Standing down at the end of April 2025 and a new Chief Executive has been appointed
to lead the organisation.
Financial review
Going concern
The accounts have been prepared on a going concern basis. The trustees have a reasonable expectation that the
charity has adequate resources to continue in operational existence for the foreseeable future.
Kenl Music have been confirmed as the Hub Lead Organisation until 2030 and funding of £2,648,822 has been awarded
to Kent Music until August 2025 plus a capital grant of £870,116 until August 2026. This significant level of restricted
income ensures the financial stability of the charity for the foreseeable future. Kent County Council have confirmed that
they wish to continue to support Kent Music with a grant of £175,000 until March 2025 which allows us to invest in the
county music programme. It is anticipated that this will be renewed unlil March 2026.
The unrestricted income has increased to £1,044,51812023.' £920,732) whilsl cash equivalents at 31st Aug 2024 were
£1,868,537 (2023.. £1,655,975) reinforcing the trustee view that Kent Music is a going concem.
Pay Pollcy for Key Management Personnel
Kent Music's pay policy sets out how pay for all staff will be reviewed including key management personnel. lthen
senior staff appointments are made, a benchmarking exercise is carried out to establish pay levels.
Reserves policy
The charity has a target level of free reseNes of three months, worth of unrestricted expenses this is circa £220,000.
We currently have unrestricted reseNes of £1,699,856 (2023: £1,556,683) with general funds of £1,537,114 (2023..
£1,433.239). For a detailed breakdown please see page 30.
Free reserves are held for the following eventualities..
As a depostt in purchasing Javelin Way.
To cover a shortfall on the annual budget due to unforeseen expenses.
To allow Kent Music to explore opportunities in line with its charitable objectives.
Page 8

KENT MUSIC
(A company1Smited by guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Financial Review (continued)
In addition, we have an endowment fund of £333,694 resulting from a gift to the charity by Mrs D Baker and restricted
funds of £3,628,762 {2023'. £2,270,100) for a detailed breakdown please see page 30.
Risk Management
The charity maintains a risk register that sets out the major risks in the following categories.. business interruption.,
governance & management., financial management & resilience., reputation; transition to the Music Hub for Kent &
Medway. The risk register is updated for each board meeting and the changes since the previous board meeting are
brought to the attention of the trustees who discuss and agree any action that is required.
Guarantees
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charitable
company in the event of winding up. The total number of such guarantees at 31 August 2024 was 11 (2023'.13).
The trustees have no beneficial interest in the ¢hantable company.
Information on Fund Raising activitie8
Kent Music complies with sector best practice. There were no complaints in relation to fundraising dunng'the year and
no professional fundraisers or commercial partners conducted fundraising as representative5 of Kent Music. The
trustees have been made aware of the Fundraising Regulator's 2019 Code of Fundraising Practice which is applied to
all fundraising activities.
Statement of Trustees. responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law> are responsible for
preparing the Trustees, report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law,
the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair
view of Ihe slate of affairs of the Company and of ils incoming resources and application of resources, including
its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to-
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP (FRS 102)-
make judgments and accounting estimates Ihat are reasonable and prudent.,
state whether applicable UK Accounting Stsndards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Company's transactions and disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial stalements comply with the Companies Act 2006. They
are also responsible far safeguarding the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Page 9

KENT MUSIC
(A company limlted by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Disclosure of inforniation to auditor
Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is
unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit information and to establish that the charity's auditor is aware of that information.
Auditor
The auditor, Kreston Reeves LLP, has indicated willingness to continue in office. The designated Trustees will
propose a motion reappointing the auditor at a meeting of the Trustees.
Approved by order of the members of
hebo
d of Trustees and signed on their behalf by:
Geoffery Miles Ichalr)
Date..
£tl,[,
Page10

KENT MUSIC
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KENT MUSIC
Opinion
We have audited the financial statements of Kent Music (the 'charitable company'l for the year ended 31 August 2024
which comprise statement of financial activities (incorporating income and expenditure account), balance sheet, and
notes to the financial statements, including significant accounting policies. The financial reporting framework that has
been applied in their preparation is appliGable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting stands￿ applic8ble in the UK and Republic of Ir8land (United
Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 August 2024, and of its
incoming resourTrs and application of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
have been prepared in accordance with the requirements of the Companies Act 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and applicable law,
Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the
financial statements section of our report. We are independent of the charitable company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast signrficant doubt on the charitable company's ability to continue as
a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant
sections of this report.
Other infomiation
The other infomiation comprises the information included in the trustees, annual report, other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the
financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation
and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the course of the audit or othenNise appears to be materially misstated. If we identrfy such
material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a
material misstatement in the financial statsmenls themselves. If, based on thè work we have performed, we conclude
that there is a material misstatement of this other infomiation, we are required to report that fact.
We have nothing to report in this regard.
Page11

KENT MUSIC
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KENT MUSIC (CONTINUED)
Opinions on other matters pr8scrib8d by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the infomiation given in the trustees, report for the financial year for which the financial statements are
prepared is consistent with the financial ststements; and
the trustees, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable ccmpany and its environment obtsined in the course
of the audit, we have not identified material misstatements in the the trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us
to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of trustees, remuneration specified by law are not made- or
we have not received all the information and explanations we require for our audit. or
the trustee5 were not entitled to prepare the financial statements in accordance with the small companies.
regime and take advantage of the small companies, exemplions in preparing the trustees, report and from the
requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement set out on page 9, the trustees (who are also the
directors of the charitable company for the purposes of company law) are responsible for the preparation of the
financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the
trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to
continue 85 a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or
have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users tsken on the basis of these financial statements.
Irregularities, including fraud, are instsnces of non-compliance with laws and regulations, We design procedures in
line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page12

KENT MUSIC
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KENT MUSIC (CONTINUED)
Auditor responsibilities for the audit of the financial statements (Continued)
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and
other management (as required by auditing standards). we identified that the principal risks of non-compliance with
laws and regulations related to safeguarding health and safety, anti-bribery and employment law. We considered the
extent to which non-compliance might have a material effect on the financial statements. We also considered those
laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities
SORP IFRS 102) Second Edition (released October 20191, the Companies Act 2006 and other relevant charity
legislation. We communicated identified laws and regulations throughout our team and remained alert to any
indications of non-compliance throughout the audit. We evaluated Trustees, and management's incentives and
opportunities for frdudulent manipulation of the financial statements (including the risk of override of controls) and
determined that the principal risks related to management bias in accounting estimates and judgemental areas of the
financial statements. Audit procedures performed by the engagement team included..
Discussions with management and assessment of known or suspected instances of non-compliance with laws
and regulations (including safeguarding and health and safety) and fraud, and review of the reports made by
management and internal audit., and
Assessment of identified fraud risk factors- and
Challenging assumptions and judgements made by management in its significant accounting estimates., and
Confirmation of related parties with management, and review of transactions throughout the period to identify
any previously undisclosed transactions with related parties outside the normal course of business., and
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected
relationships, including related party transactions, that may indicate risks of material misstatement due to
fraud,. and
Reading minutes of meetings of those charged with governance, reviewing internal audit reports and
reviewing correspondence with relevant tax and regulatory authorities., and
Review of internal controls and physical inspection of langible assets susceptible to fraud or irregularity.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financi81 statements or non-compliance with regulation. This risk increases
the more that compliance with a law or regulation is removed from the events and transactions reflected in the
financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater
regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery,
collusion, omission or misrepresentation.
As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audil procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, a5 fraud may involve callusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control r&levant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
charitable company's internal control.
Evaluate Ihe appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material untsrtainty exists related to events or conditions that may
cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future events or
onditions may cause the charitable company to cease to continue as a going concern.
Page13

KENT MUSIC
(A company limited by guarante8)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KENT MUSIC {CONTINUED)
Auditor responslbllltles for the audlt of the financlal statements (Contlnued)
Evaluate the overall presentstion, structure and content of the financial statements, including the disclosures,
and whether the financial statemènts represent the underlying transactions and events in a manner that
achieves fair presentation (ie. gives a true and fair view).
We communicate with those charged wilh governan￿ regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
Use of our report
This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's
members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charitable company and
the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed.
cfckp
Samantha Rouse FCCA DchA Isenior Statutory Auditor)
For and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountsnts
Canterbury
Date.. 28 March 2025
Page 14

KENT MUSIC
(A company limited by guarantèe)
STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024
Unrestricted
funds
2024
Restrlcted
funds
2024
Endowment
Total
funds
2024
Total funds
2024
2023
Note
Income and
endowments from:
Donations and legacies
Charitable activities
Investments
13,261
3,698,938
16,784
13,261
4,713,981
46,259
10,083
4,210,717
10,433
1,015,043
29,475
Total income and
endowments
1,044,518
3,728,983
4,773.501
4,231,233
Expenditure on:
Charitable activities
855,345
2,370,321
3.225.666
3, 115.030
Total expenditure
855,345
2,370,321
3,225,666
3,115,030
Net movement in
funds before other
recognised
gainsl(losses)
189.173
1,358,662
1,547,835
1,116,203
other recognised
gainsl(losses):
Actuarial (losses)Igains
on defined benefit
pension schemes
21
(46,000)
(46,000)
(22, 000)
Net movement in
funds
143,173
1,358,662
1,501,835
1,094,293
Reconcillatlon of
funds:
Total Funds brought
foward
Net movement in funds
Total funds carried
forward
1,556,683
143,173
2,270,100
1,358,662
333,694
4,160,477
1,501,835
3, 066,274
1,094,203
1,699,856
3,628,762
333,694
5,662,312
4, 160,477
The Ststement of financial activities includes all gain5 and105ses recognised in the year.
The notes on pages 19 to 38 form part of these financial statements.
Psge15

KENT MUSIC
IA company limited by guarantee)
BALANCE SHEET
AS AT AUGUST 2024
REGISTERED NUMBER: 05464855
2024
2023
Note
Fixed assets
Tangible assets
Intangible assets
152,482
10,260
123,444
11.1
162,742
123,444
Current assets
Debtors
Investments
Cash at bank and in hand
12
13
3,730,981
333,694
1,868,537
2, 482, 002
333, 694
1,655,975
5,933,212
4,471,671
Creditors.. amounts falling due within
one
14
413,642
414,638
year
Net current assets
5,519,570
4, 057, 033
Total assets less current Ilabllltles
Provisions for liabilities
5,682,312
(20,000)
4,180,477
(20. 000)
Net assets excluding pension asset
5,662,312
4,160,477
Total net assets
5 662,312
4, 760,477
Charlty Funds
Endowment funds
Restricted funds
Unrestricted funds
15
15
15
333,694
3,628,762
1,699,856
333, 694
2,270, 100
1.556,683
Total funds
5 662,312
4, 160,477
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section
476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
Page16

KENT MUSIC
(A company limited by guarantee)
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The Trustees acknowledge their responsibilities for complying with thè requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subjecl to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Timothy Leates
Date..
The notes on pages 19 to 38 fomi part of these financial statements.
Page17

KENT MUSIC
(A company limited by guarant8e)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
Note
Cash flows from operating activities
Net cash used in operating activities
17
239315
199,815
Cash flows from Investing
activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from sale of tangible fixed assets
Net cash used in investing activities
46,259
(64,752)
(10,260)
2,000
12,320
(84,272)
71,952
Cash flows from financing
activitles
Cash inflows from
financing
Net cash provided by financing activities
Change in cash and cash equivalents in the
year
212,562
127,863
Cash and cash equivalents at the beginning of the year
1,655,975
1,528, 112
Cash and cash equivalents at the end of the
year
18 1868,537
1,655,975
The notes on pages 19 to 38 form part of these financial statements
Page18

KENT MUSIC
(A company limited by guarant8e)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
l. Charity informatlon
The principal activity of the entity during the year was the provision of music education.
The charity is a charitable company limited by guarantee which is incorporated and registered in England
and Wales (05464855).
The address of the Registered office is..
Units 25 & 26,
Creative Enterprise Quarter,
Javelin Way,
Ashford,
TN24 8FN
2. Accounting policies
2.1 Basls of preparation of financlal 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 accordartce with the FinanGial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Kent Music meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless otherwise stated in the relevant
accounting policy.
The accounts are prepared in Pound Sterling (GBP£) and are rounded to the nearest pound.
2.2 Company status
The company is a company limited by guarantee. The members of the company are the Trustees
named on page 3. In the event of the company being wound up, the liability in respect of the
guarantee is limited to £1 per member of the company.
2.3 Going concem
The accounts have been prepared on a going concern basis. The trustees have a reasonable expectation that
the charity has adequate resources to continue in operational existence for the foreseeable future.
Kent Musi¢ have been confirmed as the Hub Lead Organisation until 2030 and funding of £2,648,822 has been
awarded lo Kent Music until August 25 plus a capital grant of £870,116 until August 26. This signrficant level of
restricted income ensures the financial stability of the charity for the foreseeable future.
Kent County Council have confimied that they wish to continue to support Kent Music with a grant of £175,000
until March 2025 which allows us to invest in the county music programme.
The unrestricted income has increased to £1,044,51812023.' £920,732) plus cash equivalents as at 31st August
2024 was £1,868,537 {2023.. £1,655,975) reinforcing that Kent Music is a going concem.
Page19

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.4 Income
All income is recognised once the Company has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of
income received for specific purposes but not expended during the period is shown in the relevant
funds on the balance sheet. Vvhere income is received in advance of entitlement of receipt, its
recognition is deferred and included in creditors as deferred income. Vvhere entitlement occurs
before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Teaching income is recognised in the period in which it is receivable and to the extent the lessons
have been provided or on completion of the service.
For legacies, entitlement is taken as the earlier of the date on which either.. the company is aware
that probate has been granted, the eslate has been finalised and notification has been made by the
executor(51 to the Charity that a distribution will be made, or when a distribution is received from the
estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be
measured reliably and the company has been notified of the executorfs intention to make a
distribution. Where legacies have been notified to the company, or the company is aware of the
granting of probate, and the criteria for income recognition have not been met, then the legacy is
treated as a contingent asset and disclosed rf material.
2.5 Expanditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, 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 classified by activity. The costs
of each activity are made up of the totsl of direct costs and shared costs, including support Costs
involved in undertaking each activity. Direct costs attributable to a single acttvity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depr8ciation
charges allocated on the portion of the asset's use.
Expenditure on charitsble activities is incurred on directly undertaking the activities which further the
Company's objectives, as well as any associated support costs.
Charitable activities and Governance costs are costs incurred on the company's operations, including
support costs and costs relating to the governance of the company apportioned to charitable
activities.
All expenditure is inclusive of irrecoverable VAT.
Page 20

KENT MUSIC
(A company limited by guarant88)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued
2.6 Intangible fixed assets and amortisation
Intangible fixed assets are initially recognised at cost and are subsequently measured at cost net of amortisation
and any provision for impairment.
Amortisation is provided on intangible fixèd assets at rates calculated to write off the cost of each asset, less their
residual value, over their expected lives on the following basis..
Website Development and Design- 20 % straight line
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working candition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the c05t of tangible fixed assets less their residual value
over their estimated useful lives.
Depreciation is provided on the following bases..
Fixtures, fittings and equipment - 3.33 %-250/0 Straight line
Instruments - 4D/o-33V/o Straight line
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposrt or similar account.
2.10 Investments
Current asset investments includes cash or other short-term liquid investments with a short maturity of
more than three months but less than 12 months from the date of acquisition or opening of the deposit or similar
account.
Page 21

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.11 Llabilities
Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a
result of a past event, it is probable that a transfer of economic benefit will be required in settlement,
and the amount of the settlement can be estimated reliably.
Liabililies are recognised at the amount that the Company anticipates it will pay to settle the debt or
the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Vvhere
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discoLsnt rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.12 Financlal instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
2.13 Operating leases
Rentals paid under operating leases are ch8rged to the statement of financial activities on a straight
line basis over the lease term.
2.14 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the company to the fund in respect of the year.
Th& charity previously operated a defined benefits pension scheme and the pension charge is based
on a full actuarial valuation dated 31 March 2022 and updated to the 31st August 2024.
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Company and which have not been designated for other
purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial
statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Company for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 22

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
3. Critical accountlng estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Critical accounting estimates and assumptions:
The company makes estimates and assumptions concerning the future. The resulting accounting
estimates and assumplions will, by definition, seldom equal the related actual results. The eslimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed below.
11 The present value of the Local Government Pension Scheme defined benefit fund depends on a
number of factors that are determined on an actuarial basis using a variety of assumptions. The
assumptions used in determining the net cost (income) for pensions include the discount rate. Any
Changes in these assumptions, which are disclosed in note 22, will impact the carrying amount of the
pension fund.
Furtherrnore 8 roll fonmard approach which projects results from the latest full actuarial valuation
performed at 31 March 2022 has been used by the actuary in valuing the pensions fund at 31 August
2024.
Any differènc8s between the figures derived from the roll forward approach and a full actuarial valuation
would impact on the carrying amount of the pension fund.
The liability has also been calculated using mortality rates used by the UK government.
The plan surplus as at 31 August 2024 was £629,000 (2023.. £591,000). A pension plan asset is recognised to the
extent that the charity is able to recover the surplus either through reduced contributions in the future or through
refunds from the plan. In the opinion of the trustees, the charity will not recover the surplus through reduced
contributions and they do not antiGipate receiving any refunds from the plan and therÈfore the net surplus
recognised within the financial statements has been restricted to £NIL.
4. Income from donations and legacies
U nrestricted
funds
2024
Total
funds
2024
Total
funds
2023
One off donations by individuals
13,261
13,261
10.083
Page 23

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
5. Income from charftable activities
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
Tuition fees
916,035
916,035
734, 902
Kent County Council
175,000
175,000
119,000
Instruments hire fees
88,342
88,342
59, 906
Concert fees and admission charges
2,788
2,788
3,016
Other income
7,878
5,000
12,878
3,908
Grants
3,518.938
3,518,938
3,289,985
1.015,043
3,698,938
4,713,981
4,210,717
Total 2023
920,732
3,289.985
4,210,717
ncome from Kent County Council in the financial year was £175,000 (2023, £175,000). In the prior year charitable
income from Kent County Council was shown against Kent County Council £119,000 and Grants £56,000.
6. Investment income
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
Investment income
29,475
16,784
46,259
10,433
Page 24

KENT MUSIC
(A company limttèd by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
7. Analysis of expenditure by Fund type
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
Pension finan￿ costs
Staff costs
Travel costs
I nstrument costs
Staff training and recruitrnent
Operating lease rentals
Accommodation. computer and office
costs
Other expenses
Other teaching and administrative costs
Bursaries
(Profit)ILoss on disposal of fixed assets
Trustees, Indemnity Insurance
Professional fees
School funding
Life insurance
Depreciation and amortisation
6,600
380,572
41,575
6,600
2,003,014
41,575
31,959
43,457
7,349
307,966
8,250
1,860,448
51,408
18,291
24, 224
7, 290
358,457
1,622,442
31,959
43,457
7,349
159,714
148,252
142,347
5,000
55,449
160,253
147,347
55,449
160,253
201
1,097
76,581
303,509
5,795
33,513
147,674
57,693
140,421
2,201
554
63, 683
302, 744
5,926
65, 766
201
1,097
76,581
303,509
5,795
33,514
855,345
2,370,321
3 225,666
3 115,030
Total 2023
931,753
2,183,277
3,115,030
8. AUdit0￿S remuneration
2024
2023
Fees payable to the Company's auditor for the audit of the Company's
annual accounts
14,450
15,000
Fees payable to the Company's auditor in respect of..
Preparation of the financial statements
3, 000
Page 25

KENT MUSIC
(A company limitèd by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. Staff costs
2024
2023
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
1,82q,675
133,421
47,918
1, 698,370
117,231
44,847
2,003,014
1,860,448
The 8verage number of persons employed by the Company during the year was as follows..
2024
No.
90
36
2023
No.
89
30
Teachers
Administration
126
119
The number of employees whose employee benefits (excluding employer pension costs and national insurance)
exceeded £60.000 was:
2023 -
As
restated
No.
2024
No.
2023
No.
In the band £90,001- £100,000
In the band £100,001- £110,000
The prior year number of employees has been rèstated from banding £100,001￿110,000 to £90,001-£100,000 as
previously it including elements not classified by SORP as employee benefits.
The senior management team comprtsed the Chief Executive. senior leader music hub, senior leader
tuition & ensembles and senior leader operations. The total remuneration of key management personnel
in the year was £253,947 (2023 - £245,525). Total remuneration includes gross pay, employer national insurance and
employer pension costs.
Page 26

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
10. Trustees. remuneration and expenses
During the year ended 31 August 2024, £135 was reimbursed or paid directly to a Trustee for travel expenses.
(2023 - £nil).
11. Tangib18 fixed assets
Assets
under
Construction
Flxtures,
fittings and
equipment
Instruments Totsl
Cost or valuation
At 1 September 2023
Additions
Disposals
210,288
39,731
(1,254)
618,472
20,021
(24,834)
828,760
64,752
(26,088)
5,000
At 31 August 2024
248,765
613,659
867 424
Depreciation
At 1 September 2023
Charge for the year
On disposals
127,002
18,240
(1,254)
578,314
15,273
(22,633)
705,316
33,513
(23.887)
At 31 August 2024
143,988
570,954
714,942
Net book value
At 31 August 2024
104,777
42,705
152 482
At 31 August 2023
83,286
40,158
123,444
Page 27

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11.1 Intsngible fixed assets
Assets under Construction
AUC Website
Development
and Design
Total
Cost or valuation
At 1 September 2023
Additions
Disposals
10,260
10,260
At 31 August 2024
10,260
q 0,260
Net book value
At 31 August 2024
10.260
10.260
At 31 August 2023
12. Debtors
2024
2023
Due within one year
Trade debtors
51,742
3,679,239
35,797
2,446,805
Prepayments and accrued income
3,730,981
2, 482, 002
Page 28

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
13. Current assat investments
2024
2023
Unlisted investments
333 694
333, 694
14. Credltors: Amounts falling due within one year
2024
2023
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income
49,221
38,808
25,808
85,954
213 851
413 642
690
34,981
35,445
151,997
191,525
414 638
At the balance sheet date the Charity held funds received in advan￿ of the 2024125 financial year in respect of tuition
fees.
2024
2023
Deferred incorne at 1 September 2023
Amounts released from previous periods
Resources deferred during the year
Deferred income at 31 August 2024
191,525
(191,525)
213,851
213,851
191,525
191.525
P8ge 29

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
15. Statement of funds
Statement of funds- current year
Balance at 1
Balance al
September
2023
Transfers
Galnsl
31 August
2024
Income
Expenditure
inlout
(Losses}
Deslgnated funds
Fixed Asset Fund
123,444
(33,513
62,561
152,482
Assets under construction -
Intangible
General funds
10,260
10.260
General Funds-
all funds
1,433,239
1,044,518
(821,832)
172,811)
(46,000)
1,537,114
Total
Unrestricted
funds
1,5S6,683
1,044,518
(855,345)
(46,000)
1,699,856
Endowment Funds
333,694
333,694
Restrlcted funds
lil KYWO instrumenl fund
(ill 8ursary fund
liiil Kent Youth Choir (KYC)
livl Youth Music
Iv) Arts Council England
Ivil D A Baker Endowrnent
Iviil Kent County Council
Iviiil Royal Opera House
6,015
33,702
3,078
10,724
2,197,399
6,015
43,921
13,261
(3,042
13,078
10,724
3,518,938
4,982
44,182
3,518,938
16,784
175,000
5,000
(2,197,399)
(11,802>
(150,000)
15,0001
19,182
2,270.100
3,728,983
12,370,321
3,628,762
Total of funds
4,160,477
4,773,501
13,225,666
146,000)
5,662,312
Page 30

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
15. Statement of funds (continued>
Statement of funds - prior year
Balance at
Balance at
September
2022
Transfers
Gainsl
(Losses)
31 August
2023
Income
Expenditure
Inlout
Designated
funds
Fixed Asset Fund
86,288
(65, 766)
102, 922
123,444
General funds
General Funds-
all funds
1,482,900
947.248
865,987
102, 922
22.000
1433 239
Total
Unrestricted
funds
1.569, 188
941248
931, T53
22.000
1556,683
Endowment
Funds
333,694
Restricted fund5
(il KYWO instrument
fund
(ill Bursary fund
(iii) Kent Youth Choir {KYC}
(iv} Youth Music
(vl Arts Council
England
Ivil D A Baker Endowment
Ivii) Kent County
Council
11.865
37,091
3,078
10,724
(5,850)
(3,389)
6,015
33, 702
3,078
70, 724
1,089, 855
10, 779
3, t13,098
1,887
(2,005,554)
(12,666)
2,197.399
175,000
(155,818)
19,182
1, 163,392
3,289,985
2,183,277
2,270, 100
Total of funds
3,Q66,2T4
4,231,233
3,715,030
4, 160,477
Page 31

KENT MUSIC
(A company Ilmited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
15. Statement of funds (continued)
Purpose of restricted funds
(i) The Kent Youth Wind Orchestra instrument fund relates to funds received for the benefit of the Kent
Youth Wind Orchestra.
(li) The bursary fund relates to income received specially to assist students with the cost tuition fees.
(iii) The Kent Youth Choir fund is a donation received from Medway Opera when it closed and relates
to the unspent balance of monies received.
(iv) Youth Music is the unspent balance offunds received from the National Foundation for Youth Music
for the completion of a project.
(v) The Arts Council England fund is funding from Arts Council England to deliver the core and extension
roles of the music education hub for Kent.
(vi) The D A Baker endowment fund is a fund left to Kent Music to support music tuition for children in
West Kent. The figures in Unrestricted Funds relate to the annual income and expenditure derived
from the interest earned on the capital sum.
(vii) Kent County Council grant runs from April 24 to March 25 and is to support out of school provision including
orchestras, ensembles and the summer school.
(viii) Royal Opera House provided a grant to support music education in Isle of Sheppey which was fully utilised in the
year.
In the prior year there was a change in the timing of the grant re￿1v3b1@ from the Arts Council
England which brought the funding in line with the academic year. Previously grant income was confirmed
as at 1 April for the 12 month period and was recognised in full at that date. Costs are considered to be
incurred evenly over the term of the grant which was previously 1 April to 31 March. The prior year figures
historically included 7 months of income which was to be used from September to
March in line with the grant term. As at 31 August 2024 there is a balance of £3,518,938 which recognises the entire
revenue grant for the increased area of Kent and Medway and the newly awarded capital grant confirmed in accordance
with the accounting policy, but takes into account no costs as the entire amount relates to the post year end period.
Purpose of designated funds
The Fixed asset fund represents Ihe value of funds invested in fixed assets which are not, by the nature of
fixed assets, readily available for other purposes.
Page 32

KENT MUSIC
(A company limited by guaranteè)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
U nrestricted
funds
2024
Restrlcted
funds
2024
Endowment
funds
2024
Totsl
funds
2024
Tangible fixed assets
Intangible Fixed Assets
Current assets
Creditors due within one year
Provisions for liabilities and
charges
152,482
10,260
1,970,756
(413,642)
152,482
10,260
5,933,212
(413,642)
3,628,762
333.694
(20,000)
(20,000)
Total
1,699 856
3,628,762
333,694
5 662,312
Analysis of net assets between funds - prior year
Unrestrict8d
funds
2023
Restricted
funds
2023
Endowment
funds
2023
Total
funds
2023
Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and
charges
Differen
123,444
1, 712,059
(4 14, 638)
123,444
4,471,671
(474,638)
2.425,978
333, 694
(20, 000)
755,818
(20, 000)
(155,818)
Total
1,556,683
2,270, 100
333, 694
4,q60,477
Page 33

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
17. Reconciliation of net movement In funds to net cash flow from operating activities
2024
2023
Net income for the year (as per Statement of Financial
Activities)
1547 835
1,116,203
Adjustments
for:
Depreciation charges
Actuarial gains
Dividends, interests and rents from investments
Lossl(profit) on the sale of fixed assets
Increase in debtors
Increase in creditors
Non cash Fixed Asset additions
33,513
(46,000)
(46,259)
201
(1,248,979)
(996)
65, 765
(22, 000)
(12,320)
2,201
(1, 157,616)
228, 432
(20, 850)
Net cash provlded byl(used in) operating activities
239,315
199,815
18. Analysis of cash and cash equivalents
2024
2023
Cash in hand
1,868,537
1,655,975
Total cash and cash equivalents
1,868,537
1,655,975
19. Analysis of changes in net debt
At1
September
2023
At31
August
2024
Cash
flows
Cash at bank and in hand
Liquid investments
1,655,975
333,694
212,562
1,868,537
333,694
1989,669
212,562
2,202,231
Page 34

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
20. Provisions
Dilapidation
provision
At 1 September 2023
20,000
20,000
21. Actuarial gains on defined benefit pension schemes
Pension
Total
funds
2024
Total
funds
2023
reserve
2024
Net pension asset in the statement of financial position
Present value of the defined benefit obligation
1,688,000
Fair value of Fund assets
(2,317,000)
Non recognised pension surplus
629,000
1,688,000
(2,317,000)
629,000
1, 664, 000
(2,255, 000)
591,000
Total for 2024
Actuarial losses and gains on defined benefit pension schemes as shown in the Statement of financial activilies are as
follows.
2024
2023
Actuarial (losses)I gains - defined benefit obligation
Actuarial {losses)I gains from fair value of scheme assets
Actuarial (losses)I gains on defined benefit pension schemes
(95,000)
49,000
46,000
78, 000
100, 000
22, 000
Page 35

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
22. Pension commitments
The Charity operales a defined contribution pension scheme. The assets of the scheme are held separately
from those of the company in an independently administered fund. The pension charge represents
contributions payable by the company to the defined contribution pension scheme and amounted to £47,918 (2023:
£44,847) as shown in note 9. These were payable to the funcl at the balance sheet date and are included in creditors.
The Charity also operates a defined benefit pension scheme which is closed to new members.
The pension charge is based on a full actuarial valuation dated 31 March 2022, and updated to the 31st
August 2024. The plan surplus as at 31 August 2024 was £629,000 (2023.. £591,000). A pension plan asset is
recognised to the extent that the charity is able to recover the surplus either through reduced contributions in the future
or through refunds from the plan. In the opinion of the trustees, the charity will not recover the surplus through reduced
contributions and they do not anticipate receiving any refunds from the plan and therefore the net surplus recognised
within the financial statements has been restricted to £NIL.
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
At 31 August
2024
At 31 August
2023
Discount rate
Future salary increases
Future pension increases
RPI increases
CPI increases
5.40%
3.85%
2.85Yo
3.350A
2.850A
3.80 /0
2.80 /0
3.250
At 31 August
2024
Years
At 31 August
2023
Years
Mortality rates (in years)
- for a male aged 65 now
at 65 for a male aged 45 now
- for a female aged 65 now
at 65 for a female aged 45 now
20.7
22.0
23.3
24.7
20.7
22.0
23.2
24.6
Page 36

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
22. Pension commitments (continued)
The Company's share of the assets in the scheme was..
At 31 August
2024
At 31 August
2023
Equities
Gilts
Other bonds
Propety
Cash and other liquid assets
Absolute return fund
Infrastructure
1,323,000
162,000
337,000
214,000
56,000
117,000
108,000
1, 432, 000
13,000
312,000
227, 000
24, 000
162, 000
85, 000
Totsl fair value of assets
2,317,000
2,255,000
The amounts recognised in the Statement of financial activities are as follows..
2024
2023
Interest cost
Administrative expenses
Totsl amount recognised in the Statement of financial activities
(32,000}
2,000
30,000
(8,000)
1,000
7,000
Movements in the present value of the defined benefit obligation were as follows..
2024
2023
Opening defined benefit obligation
Interest on assets
Actuarial (gains) I losses
Benefits paid
Unfunded pension payments
Non recognised pension surplus
1,664,000
87,000
95,000
(115,000)
(5,000)
(38,000)
2, 156, 000
90, 000
(78, 000)
(87, 000)
(4, 000)
(413, 000)
Closing defined benefit obligation
1,688,000
7, 664.000
Page 37

KENT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
22. Pension commitments (continued)
Movements in the fair value of the Company's share of scheme assets were as follows..
2024
2023
Opening fair value of scheme assets
Actuarial gains l (losses)
Contributions by employer
Contributions by scheme participants
Benefits paid
Administrative expenses
2,255,000
49,000
16,000
119,000
{120,000)
(2,000)
2,342, 000
(100,000)
15.000
90, 000
(9 1, 000)
(1,000)
Closing fair value of scheme assets
2,317,000
2, 255, 000
23. Operating lease commitments
At 31 August 2024 the Company had commitments to make future minimum lease payments under noncancellable
operating leases as follows-
2024
2023
Not later than 1 year
Later than 1 year and not later than 5 years
10,584
14,722
10,584
26,327
25,306
36,911
In 2022 Kent Music entered into an agreement for the purchase of the virtual freehold (999-year lease) of units
located in Javelin Way, Ashford. The purchase is being made from Kent County Council at the agreed purchase price
of £1,400,000. The funding of this purchase will be made via a loan of £1,400,000 from Ashford Borough Council. The
loan period will be 40 years with the interest rate and term under consideration. No contract had been signed as at 31
August 2024, and therefore there is no accounting implication of this arrangement in the current year beyond a £1
peppercom rent.
24. Related Party Disclosures
There have been no related party transactions in the year under review.
Page 38