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← Pro Corda Trust

2024-09-30-accounts

Company Registration No. 05829570 (England and Wales) Registered Charity Number: 1116213

PRO CORDA TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRO CORDA TRUST

CONTENTS

Page
Legal and administrative information 1
Report of the Chief Executive Officer 2
Report of the Trustees 3-7
Independent Examiner’s Report 8
Consolidated Statement of Financial Activities 9
Consolidated and Trust Balance Sheet 10
Consolidated Cash Flow Statement 11
Notes to the Financial Statements 12-25
The following pages do not form part of the statutory financial statements
Detailed Income and Expenditure Account 26-27

PRO CORDA TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024

Charity name: Pro Corda Trust
Registered Charity number: 1116213
Registered Company number: 05829570
Registered Office: Leiston Abbey
Theberton
Leiston
Suffolk
IP16 4TD
Telephone: 01728 831354
Email: mail@procorda.com
Website: www.procorda.com
Co-Founders: Pamela Spofforth, MBE (deceased)
Elizabeth Hewlins, MBE (deceased)
Trustees: David Ballance (Secretary)
(resigned as Trustee 17 April 2025 & Secretary 1 May 2025)
Jacopo Blumberg (appointed 20 September 2024)
Graham Bowler (Chair until 18 June 2024; continued as trustee after this date)
Keith Daley (Appointed Chair 19 June 2024)
Camille Daulne (appointed 21 February 2025)
Chris Elkins (resigned 3 April 2024)
Jane Fenoulhet (resigned 1 May 2025)
Rachel Riley (appointed 18 January 2024)
James Shirras (Secretary) (appointed as Secretary 1 May 2025)
Priscilla Turner (resigned 1 June 2024)
Boa-Y Van Cong (resigned 20 March 2024)
Peter Wilson (appointed 7 February 2025)
Chief Executive Officer: Miranda Johnson (appointed 17 March 2025)
Andrew Quartermain (in post until 16 March 2025)
Independent Examiner: Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Bankers: Royal Bank of Scotland
Drummond House (AB) Branch
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN
Solicitors: Marshalls
102 High Street
Godalming
Surrey
GU21 1NL

PRO CORDA TRUST REPORT OF THE CHIEF EXECUTIVE OFFICER FOR THE YEAR ENDED 30 SEPTEMBER 2024

The year saw a significant restructuring of Pro Corda's delivery in reaction to the commencement of the Sizewell C project, and its impact on Pro Corda's permanent home of Leiston Abbey.

The Trust's outreach and schools work was delivered almost exclusively as in‐school provision throughout the year. Within the Trust's continued sustained work for Special Educational Needs and Disabilities (SEND) this enabled a significant uplift of students per school receiving Pro Corda's work.

For the first time, the Trust's flagship residential chamber music course series was also taken off site. These courses were held at venues in Devon, Lancashire and Cambridge which in turn enabled a new regional approach to course recruitment.

Pro Corda's existing and long standing offsite activity ‐ its annual Schools Festival ‐ saw the largest Festival entrant number to date; including a large increase of state school participants.

The Trust engaged, during the year, several periods of consultancy to assist with ongoing site strategy and restructuring / marketing needs during the period of change needed because of the Sizewell project. Alongside these extra areas of expenditure, Pro Corda received the first instalment of the £500,000 Section106 grant secured as mitigation against the Sizewell project.

During the year, I took the decision to give one years' notice to the Board of my intention to step down as CEO and Artistic Director in March 2025 after nearly 17 years in post. A recruitment process took place during the year, and Miranda Johnson was appointed as CEO from 17th March 2025. 41h Andrew Quartermain CEO until 16th March 2025. ~~—~~

2

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees are pleased to present their annual Trustees’ Report together with the consolidated financial statements of the Trust and its subsidiary (together the “Group”) for the year ended 30 September 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Statement of Recommended Practice (“SORP”) applicable to charities preparing their accounts in accordance with FRS 102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and administration

Pro Corda Trust is a charitable company limited by guarantee, incorporated on 26 May 2006 and registered as a charity on 26 September 2006. The Charity was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed by its Articles of Association. On 29 September 2006 the assets and liabilities of the original charity (Charity Number 313772) were transferred into Pro Corda Trust. In the event of the winding up of the Trust, each member’s liability is limited to £10.

The Trustees, who are also the directors for the purposes of company law, have all served in office throughout the year and to the date of this report, except where indicated on the Legal and Administrative page, which is included as part of this report.

Investment powers, policy and performance

The Trustees’ investment powers are governed by the constitution. Pro Corda Trust currently maintains its liquid resources in banks with stable reputations.

Method adopted for the recruitment and appointment of new Trustees

When a vacancy arises, existing Trustees, the Chief Executive Officer, Course Directors, and other interested parties are invited to put forward the names of suitable candidates. The Trustees will also approach suitable recruitment agencies if felt appropriate.

Candidates are invited to submit a CV and to indicate how they might assist in the furtherance of the principal objectives of the Trust. They are subsequently invited to a Trustees’ meeting. Following the meeting, those candidates still interested are discussed by the existing Trustees and a choice is made if there is more than one candidate for a particular vacancy.

Policies and procedures adopted for the induction and training of new Trustees

The Group has only limited resources and does not offer a formal induction programme and training for new Trustees who are generally expected to already have the skills necessary to perform their duties. Comprehensive information on Pro Corda’s background, current activities, operational guidelines and development plan are provided for new Trustees upon their appointment.

The Group is prepared to consider sponsoring any Trustee who wishes to undertake external training geared to improving his or her contribution in the governance of the Group.

Organisational structure

The Trustees aim to have amongst their number a diversity of skills and professions to enable them to fulfil their obligations. Trustees add value by assuming responsibilities commensurate with their experience. They delegate the day-to-day running of the Trust and Pro Corda Ventures Limited to the Chief Executive Officer, who provides detailed and timely feedback on progress against their expectations.

The key management personnel of the Group comprise the Trustees and the Chief Executive Officer who is appointed by the Trustees to manage the day-to-day activities of the Group.

The pay of senior staff is reviewed annually by the Trustees.

3

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Relationship between the Trust and its subsidiary

Pro Corda Ventures Limited exists to provide a financial contribution to the Trust in the form of trading income from lettings, including wedding receptions and outside courses.

During the year it made a loss of £3,387 (2023: profit of £1,412). Please see note 4 to these accounts for details.

Grant making policy

This year, the Trust awarded £57,685 (2023: £40,616) of scholarships and bursaries. The Trustees’ policy is to make these awards on the basis of musical ability, financial need and subject to the restrictions imposed by the original donor of the funds.

Course
Prep
Primary
Junior
Intermediate / Senior
Senior / Advanced
Combined
Pro Corda North
Pro Corda West
Cello / Viola
Violin Plus
YSE
Core Course Student Development
New Year
Piano		 Total Funding
2024
2023
£
£
6,788
1,194
11,602
1,672
11,553
3,832
5,989
7,317
7,276
3,582
-
1,666
9,188
6,753
-
593
1,347
-
-
2,419
1,380
795
-
10,793
1,590
-
972
-
57,685
40,616		 Number of Students
2024
2023
7
7
10
8
10
6
8
17
8
8
-
3
15
14
-
5
2
1
-
6
5
4
-
69
4
-
2
-
71
148		 Number of Students
2024
2023
7
7
10
8
10
6
8
17
8
8
-
3
15
14
-
5
2
1
-
6
5
4
-
69
4
-
2
-
71
148
148

OBJECTIVES, ACTIVITIES AND PERFORMANCE

Pro Corda Trust was founded in 1969 and exists to provide for and conduct the education of young persons and others in the whole art, philosophy and theory of music, particularly chamber music.

To fulfil the purpose set out above, for which the Trust was established, its long-term strategy is to provide a continuous and progressive programme of education through the medium of chamber music. The more detailed aims and objectives of the Trust are therefore to provide:

All of the above are provided either at the Trust’s administrative base at Leiston Abbey, Suffolk, online, or increasingly at locations across the country. All courses employ leading international artists and musicians at the forefront of their fields.

The Trust’s work employs a holistic approach and is based on the core principles of ensemble training the person and his/her social interaction, as well as the musician. Its central mission is to unleash the wider social benefits of chamber music in terms of participation, access and learning. The Trust also has a passionate belief in equality of access and opportunity in the arts. Its aim is to assist all young people to access, experience, and participate in the highest quality professional performances and music-making opportunities.

4

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

In setting aims and objectives of the Trust and planning its activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. Please see the Report of the Chief Executive Officer for details of activities and performances during the year.

Board policy and Fundraising

The policy of the Trustees is to raise finance to make the continued running of the courses viable through:

The Trustees will maintain their focus on the financial viability and growth of the Charity through careful and regular review of its cashflow and cost base, taking appropriate action where necessary.

The Trustees monitor closely all the activities of the Trust and its subsidiary.

Activities and Achievements

In the year, Pro Corda had 510 students (2023: 760) attending courses, analysed as follows:

2024 2023
At Leiston Abbey, Suffolk:
Adult Piano (October) 5 10
Pro Corda Viola (October) - -
Pro Corda Piano Plus (October) 3 6
Pro Corda Cello Plus Course (October) 9 10
AU (December) 15 -
Piano Sanctuary (November) 4 5
Piano Sanctuary (December) 5 -
Combined Course (January) 21 13
Young Carers (January) - 3
Piano Sanctuary (January) 3 7
Piano Sanctuary (February) 5 -
Pro Corda Violin (February) - 12
A Live – February 11 -
Clarendon School 17
Piano Sanctuary (March) 5 3
Primary 1 (April) - 17
Alde Valley Pro Corda Academy Pilot (March- - -
July)
Young carers (April) - 3
Piano Sanctuary (April) 4 6
Saxmundham Free School (April) 35 35
A Live (May) 9 -
Castle East School (May) 85 70
Garston School (May) - -
Junior 1 (May) - 19
Shrubberies - 21
Parkwood - 40
Piano Sanctuary (May) 2 4
YSE Preparatory (May) - -
Preparatory (May) 15 23
Adult Piano / Piano Sanctuary (June) 3 4

5

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Kingswode School (June)
Brentwood School (June)
St Albans School (June)
St Nicholas School (June)
ASNP
Music Makers (June)
Piano Sanctuary (July)
CSCIC Youth
Centre Academy
Woodside Academy
Prep/Primary 2 (July)
Young Carers (July)
Junior 2 (July / August)
Intermediate 2 (August)
Senior 2 (August)
Pro Corda Plus Violin (August)
Adult Piano / Piano Sanctuary (September)
PCC Chamber Residency
Activities Unlimited (A-Live September)
At Sedburgh School, North Yorkshire:
Pro Corda North (August)
At Wells Cathedral School, Somerset:
Pro Corda West (August)
In London:
Y.S.E
Total		 -
-
-
20
15
-
6
-
-
20
36
-
32
27
22
-
4
-
5
29
-
55

510		 -
38
-
18
-
-
7
16
10
20
16
3
21
44
25
24
7
13
47
29
-
94
760

In addition to the above courses, Pro Corda had attendees at the following activities:

Chamber Music Festival
Total		 542

542		 473
473

FINANCIAL REVIEW AND PLANS FOR THE FUTURE

Financial Activities and Results

Unrestricted reserves stood at £491,769 (2023: £268,205) following a surplus in the year of £193,194 (2023: deficit of £1,937,496). Restricted reserves stood at £78,465 (2023: £108,935) following a deficit in the year of £19,162 (2023: surplus of £22,925).

Reserves

Notes 18 to 21 to the financial statements show the assets and liabilities attributed to the various funds by type and also define the various funds in the Group and summarise the year’s movement on each fund. The Group’s unrestricted funds as at 30 September 2024 amounted to £491,769 (2023: £268,205). The Group has tangible fixed assets, predominantly the site at Leiston Abbey, underlying its unrestricted funds valued at £550,000 (2023: £550,000) following the impairment loss recognised in the previous year. The reduced use of the Abbey for musical courses combined with the closeness of the Sizewell C project led the trustees to seek a professional accounting valuation of the Abbey and associated barn. In 2023 the trustees impaired the Abbey and associated barn which was previously valued at its deemed costs, down to the valuation provided by the professional valuer. Given the nature of the Abbey there are significant assumptions and judgements in the calculation of this valuation, which the trustees have placed reliance upon the professional expert. It is the Trustees’ continuing objective to increase the level of unrestricted reserves over time to ensure that the Group is secure financially in the long term.

6

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Going concern

The trustees have considered the financial position, including the net current liabilities of £19,941 (2023: £214,034), the negative free reserves of £98,588 (2023: £322,969), and the future grant income pledged in relation to Sizewell C, and have considered both the Group and the Charity to be a going concern. Thus, the Trustees have continued to adopt the going concern basis of accounting in preparing the financial statements.

Further details are disclosed in accounting policy b).

Risk management

The Trustees examine the major risks the Group faces each financial year when preparing and updating the strategic plan. The Group has adequate systems and procedures in place to control these risks to mitigate any impact that they may have on the Group in the future. Attention is focussed on financial risks to ensure that the Group has sufficient funds to conduct its activities. Attention is also on nonfinancial risks such as those related to staff, service provision and the site.

Fundraising

The Group follows the Fundraising Regulator’s Code of Fundraising Practice. All fundraising is undertaken by the Group’s staff. We have not received any complaints regarding our fundraising activities and we always take steps to ensure we treat all supporters fairly and transparently, especially if we believe they may be in a vulnerable position.

Statement of Trustees’ responsibilities

The Trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees’ annual report and financial statements in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP.

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of both the Trust and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period. In preparing the financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of both the Trust and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of both the Trust and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed by order of the Trustees

K Daley

Approved by the Trustees on .........................

29/07/2025

7

PRO CORDA TRUST INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF PRO CORDA TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2024

I report to the trustees on my examination of the financial statements of Pro Corda Trust (the charity) for the year ended 30 September 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Mark Hewitson

Mark Hewitson (Jul 29, 2025 16:34:53 GMT+1)

Mark Hewitson For and on behalf of Ensors Accountants LLP

Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ

29/07/2025 Dated: .........................

8

PRO CORDA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Notes Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2024 2024 2024 2023
£ £ £ £
Income:
Donations and legacies 23,584 49,110 72,694 116,469
Income from charitable activities:
Course fees 3 348,873 - 348,873 410,425
Income from other trading activities:
Trading income 4 12,190 - 12,190 26,902
Lettings and related income 3,285 - 3,285 6,500
Concert tickets and other income 2,787 - 2,787 7,176
Investment income 5 1,892 - 1,892 5
Exceptional Grant Income 6 423,649 - 423,649 -
────── ────── ────── ──────
Total income 816,260 49,110 865,370 567,477
Expenditure:
Costs of raising funds:
Trading expenses 4 15,577 - 15,577 25,490
Fundraising costs 37,461 - 37,461 21,332
Expenditure on charitable activities: 7
Bursaries and scholarships granted 3 - 57,685 57,685 40,616
Music and pastoral staff 156,477 10,587 167,064 169,897
Food, cooking and cleaning 18,504 - 18,504 72,409
Administration costs 8 230,000 - 230,000 1,182,081
Establishment costs 66,238 - 66,238 79,247
Other course costs 79,647 - 79,647 20,464
────── ────── ────── ──────
Total expenditure 603,904 68,272 672,176 1,611,536
────── ────── ────── ──────
Net movement in funds before transfers 212,356 (19,162) 193,194 (1,044,059)
Transfer between funds 20 11,308 (11,308) - -
Reversal of revaluation reserve 21 - - - (870.512)
────── ────── ────── ──────
Net expenditure and net movement in 223,664 (30,470) 193,194 (1,914,571)
funds for the year
Total Funds brought forward at 1 October 268,205 108,935 377,140 2,291,711
────── ────── ────── ───────
Total Funds carried forward at 30
September		 491,869 78,465 570,334 377,140
═════ ═════ ═════ ══════

All income and expenditure derive from continuing activities.

All gains and losses recognised in the year are included in the Consolidated Statement of Financial Activities.

The notes on pages 12 - 25 form part of these financial statements.

9

PRO CORDA TRUST CONSOLIDATED AND TRUST BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2024

Group Group Trust Trust
2024 2023 2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 12 590,175 591,174 589,022 589,816
Investments 13 - - 100 100
─────── ─────── ─────── ───────
590,175 591,174 589,122 589,916
Current assets
Stocks 1,599 1,599 1,330 1,330
Debtors 14 7,722 7,229 7,719 7,225
Cash 105,269 4,952 105,169 466
─────── ─────── ─────── ───────
114,590 13,780 114,218 9,021
Creditors: Due within one year 15 (134,531) (227,814) (134,531) (227,814) (132,600) (228,748)
─────── ─────── ─────── ───────
Net current (liabilities) / assets (19,941) (214,034) (13,385) (219,727)
─────── ─────── ─────── ───────
Total assets less current liabilities 570,234 377,140 570,740 370,189
═══════ ═══════ ═══════ ═══════
Funds
General 78,465 97,627 78,465 97,627
Barn Fund - 11,308 - 11,308
─────── ─────── ────── ──────
Restricted funds 20 78,465 108,935 78,465 108,935
General 486,289 149,285 486,289 145,315
Designated 5,986 115,939 5,986 115,939
Non-charitable trading funds (506) 2,981 - -
─────── ──────── ─────── ──────── ─────── ───────
Unrestricted funds 21 491,769 268,205 492,275 261,254
─────── ──────── ─────── ──────── ─────── ───────
Total funds 570,234 377,140 570,740 370,189
═══════ ═══════ ═══════ ═══════

The company is entitled to exemption from the audit requirement contained in section 477 of the Companies Act 2026, for the year ended 30 September 2024.

The members have now required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

29/07/2025

Approved by the Board for issue on .........................

K Daley Trustee

Company Registration No. 05829570

The notes on pages 12 - 25 form part of these financial statements.

10

PRO CORDA TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £ £
Cash generated from operating activities 23 180,886 (58,439)
─────── ───────
Cash flows from investing activities
Interest income 1,892 5
Purchase of tangible fixed assets - -
─────── ───────
Cash used in investing activities 1,892 5
─────── ───────
Increase / (decrease) in cash and cash equivalents 182,778 (58,434)
Cash and cash equivalents at the beginning of the year (77,509) (19,075)
─────── ───────
Total cash and cash equivalents at the end of the year 105,269 (77,509)
═══════ ═══════
Disclosed as:
Cash and Bank 105,269 4,952
Bank Overdraft - (82,461)
─────── ───────
Total cash and cash equivalents at the end of the year 105,269 (77,509)
═══════ ═══════

The notes on pages 12 - 25 form part of these financial statements.

11

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. Principal accounting policies

Charitable company information

Pro Corda Trust is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Leiston Abbey, Theberton, Leiston, Suffolk, IP16 4TD.

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP (FRS 102).

Pro Corda Trust is a public benefit entity.

The financial statements are prepared in sterling, which is the functional currency of the Trust and of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

b) Going concern

The trustees have reviewed the financial position and the results generated during the financial year, along with the results since the year-end and the balance of pledged grant funding in relation to the Sizewell C project. The trustees and management of the Trust are reviewing the longer-term operational model, including a refocus on utilising the Leiston Abbey site to deliver core activities and generate income, whilst maintaining close management of expenditure and cashflow.

Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Group accounts

These financial statements consolidate the results of Pro Corda Trust and its wholly-owned subsidiary, Pro Corda Ventures Limited, on a line by line basis. A separate statement of financial activities for the Trust itself is not presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

d) Course fees and similar income

Course fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Course fees receivable include contributions received from restricted funds for scholarships, bursaries and other costs and are stated net of VAT.

12

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. Principal accounting policies (continued)

e) Donations and fund accounting

Donations received for the general purposes of the Trust are included as unrestricted funds. The Trustees may, at their discretion, designate funds to be used for a particular purpose. Such designation of unrestricted funds may also be reversed at the discretion of the Trustees. Donations for activities restricted by the wishes of the donor are taken to be ‘restricted funds’ where their wishes are legally binding on the Trustees.

Income from donations (including donated goods or services) or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

For legacies, entitlement is recognised from the earlier of the date of receipt or when sufficient notification is received by the Trust to enable it to quantify its entitlement with reasonable certainty. Income is not recognised for legacies which remain subject to a life interest.

f) Resources expended

Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These estimates are based on staff time. The irrecoverable element of VAT is included with the item of expense to which it relates.

g) Operating leases

Rentals payable are charged on a time basis over the lease term.

h) Pension schemes

The Trust offers a defined contribution pension scheme for its employees. The contributions are charged to expenses as they fall due for payment. There are currently 5 employees (2023: 9) who are members of this scheme. Pension scheme costs and associated liabilities are split between restricted and unrestricted funds based on the proportion of employee time spent on restricted and unrestricted activities.

i) Tangible fixed assets

Capitalisation and replacement

The land, together with the original buildings (which are all Grade II listed properties), were acquired by the Trust in 1986. The Trust is responsible for keeping the original buildings in fit and useful condition, and these costs are written off as incurred. Building improvements and extensions costing more than £5,000 are capitalised and carried in the balance sheet at cost. On transition to FRS 102 the Group adopted the provision to treat the property at deemed cost and dispense with valuations going forwards.

Depreciation

Land is not depreciated, depreciation of other assets is provided at rates calculated to write off the excess of cost over estimated residual amount evenly over the estimated useful economic lives of each class of asset, subject to annual review.

These rates are currently as follows:

Property improvements: 50 years (straight line)
Musical instruments: 10 years (straight line)
Furniture and equipment: 5-10 years (reducing balance)
Computers: 3 years (straight line)

The residual value of certain musical instruments is considered such that any depreciation charge would be immaterial. Accordingly, none is charged.

13

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. Principal accounting policies (continued)

i) Tangible fixed assets (continued)

The Trustees consider the residual value of listed buildings is materially consistent with the carrying value of the asset. Accordingly no depreciation has been charged on listed buildings.

j) Impairment of fixed assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the SoFA, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the SoFA, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

k) Stock

Stock is carried at the lower of cost and net realisable value.

l) Grants and bursaries payable

Grants and bursaries from restricted funds are included as expenditure in the period for which the award is given.

m) Financial instruments

The Trust 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. Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

14

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Course fees

The course fee income comprised:
Gross fees
Less: bursaries, scholarships, grants and allowances		 2024
£
348,873
(57,685)
291,188		 2023
£
410,425
(40,616)
369,809

4. Income from subsidiary’s trading activities

The Trust owns the whole of the ordinary share capital, consisting of 100 ordinary shares of £1 each, of Pro Corda Ventures Limited, a company incorporated in the UK, which undertakes activities that fall outside the scope of the Trust’s objectives (Company No. 02868983).

The registered office of Pro Corda Ventures Limited is Leiston Abbey, Theberton, Leiston, Suffolk, IP16 4TD. Pro Corda Ventures Limited’s trading results for the year as extracted from the financial statements are summarised below, together with the Trust’s own results for the year to distinguish them from the group results in the Consolidated Statement of Financial Activities.

Turnover and fee income
Cost of sales: subsidiary
Gross profit: subsidiary
Administration: subsidiary
Other income
Operating profit / (loss)
Bank interest receivable
Gross incoming resources
Cost of charitable activities
Cost of generating funds
Retained surplus / (deficit)		 Subsidiary
2024
2023
£
£
12,190
26,902
(1,694)
(3,715)
10,496
23,187
(13,883)
(21,775)
(3,387)
1,412
(3,387)
1,412		 Trust
2024
2023
£
£
348,873
410,425
502,415
130,145
1,892
5
853,180
540,575
(619,138)
(1,564,714)
(37,461)
(21,332)
196,581
(1,045,471)		 Trust
2024
2023
£
£
348,873
410,425
502,415
130,145
1,892
5
853,180
540,575
(619,138)
(1,564,714)
(37,461)
(21,332)
196,581
(1,045,471)
540,575
(1,564,714)
(21,332)
(1,045,471)

Details of the subsidiary’s balance sheet is given in note 12.

5. Investment income

Interest on cash deposits 2024
2023
£
£
1,892
5

15

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. Exceptional Grant Income

During the year the Trust received £423,649 in grant funding from Sizewell C to support Pro Corda’s business resilience.

7. Analysis of expenditure on charitable activities

Notes
Music
Courses
Barn
Costs
Depreciation,
impairment
and loss on
disposal
£
£
£
Governance & support costs8
229,205
-
795
Music and pastoral staff
167,064
-
-
Other course costs
79,647
-
-
Establishment costs
66,238
-
-
Bursaries and scholarships granted
57,685
-
-
Food, cooking and cleaning
18,504
-
-
618,343
-
795
Analysis of governance and support costs
General
support
Governance
Function
£
£
Other legal and professional costs
66,020
-
Staff costs
50,660
-
Travel and subsistence
37,062
-
Insurance
25,026
-
Other costs
16,368
-
Office costs
15,928
-
Advertising
10,281
-
Independent examination fees
-
6,000
Audit costs
-
1,860
Depreciation and loss on disposal
795
-
222,140
7,860
Expenditure for the year is stated after charging:
2024
£
Fees payable to the group’s auditor for:
The audit of the consolidated and subsidiary company
financial statements
1,860
Independent examination fees
Accountancy services
6,000
16,769		 Total
£
230,000
167,064
79,647
66,238
57,685
18,504
619,138
Total
£
66,020
50,660
37,062
25,026
16,368
15,928
10,281
6,000
1,860
795
230,000
2023
£
9,870
-
16,248

8. Analysis of governance and support costs

9. Expenditure for the year is stated after charging:

The cost of inventories recognised as an expense during the period was £10,497 (2023: £24,162).

16

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. Analysis of staff costs and trustee remuneration and expenses

Wages and salaries
Employers National Insurance
Employers pension contributions		 2024
2023
£
£
140,536
214,600
13,042
17,889
2,797
4,127
156,375
236,616

The average number of employees in the year, on a head count basis was 7 (2023: 9).

One employee earned between £70,001 and £80,000 in the year (2023: One employee between £60,001 and £70,000).

The key management personnel of the parent charity, the Trust, comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the Trust were £74,035 (2023: £62,703).

The key management personnel of the Group comprise those of the Trust and those of its wholly owned subsidiary Pro Corda Ventures Limited. The key management personnel of Pro Corda Ventures Limited are the directors and the Chief Executive Officer, whose employee benefits total £nil (2023: £nil). The total employee benefits of key management personnel for the Group was therefore £74,035 (2023: £62,703).

11. Related party transactions

The Trust has taken advantage of the exemption from disclosing transactions entered into between itself and Pro Corda Ventures Limited, due to Pro Corda Ventures Limited being a wholly owned subsidiary.

Neither the Trustees, nor any persons connected with them, received any remuneration or other benefits from the Trust or any connected organisation other than the reimbursement of expenses.

Reimbursement of travel expenses to Trustees totalled £nil (2023: £nil). No Trustee received any subsidy for their offspring to attend.

Two immediate family members of D Ballance (Trustee) were hired by the charity to perform teaching and pastoral duties on core courses. They were remunerated a total of £3,421 (2023: £4,633), of which £nil (2023: £2,317) was outstanding at the year end.

During the year, an immediate family member of J Shirras (Trustee) was hired by the charity to perform pastoral duties on core courses. They were paid a total of £810 (2023: £Nil), none of which was outstanding at the year end.

17

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. Tangible fixed assets

Subsidiary
Freehold Musical Furniture & furniture & Group
buildings instruments equipment Trust total equipment total
£ £ £ £ £ £
Cost or Valuation
1 October 2023 2,484,454 65,737 16,877 2,567,068 41,433 2,608,501
Additions - - - - - -
Disposals - - - - - -
─────── ─────── ─────── ─────── ─────── ───────
30 September 2024 2,484,454 65,737 16,877 2,567,068 41,433 2,608,501
══════ ══════ ══════ ══════ ══════ ══════
Depreciation
1 October 2023 1,934,454 29,686 13,112 1,977,252 40,074 2,017,326
Charge for the year - 42 753 795 205 1,000
Impairment loss - - - - - -
On disposals - - - - - -
─────── ─────── ─────── ─────── ─────── ───────
30 September 2024 1,934,454 29,728 13,865 1,978,047 40,279 2,018,326
══════ ══════ ══════ ══════ ══════ ══════
Net book values
30 September 2024 550,000 36,009 3,012 589,021 1,154 590,175
══════ ══════ ══════ ══════ ══════ ══════
30 September 2023 550,000 36,051 3,765 589,816 1,358 591,174
══════ ══════ ══════ ══════ ══════ ══════

Within freehold buildings there is property with a historical cost of £1,229,488, which has been impaired to its professional valuation, which was performed by Savills on 20 February 2024, of £550,000.

13. Investments

Group Trust
2024 2023 2024 2023
£ £ £ £
Fixed asset investments
Investment in subsidiary - - 100 100

18

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Investments (continued)

The assets and liabilities of the subsidiary were:
Tangible fixed assets
Current assets
Creditors: amounts falling due within one year
Represented by:
Share capital
Profit and loss account		 2024
£
1,153
14,121
15,274
(15,680)

(406)
100
(506)
(406)		 2023
£
1,358
24,295
25,653
(22,672)
2,981
100
2,881
2,981

Details of the subsidiary’s profit and loss account are given in note 4.

14. Debtors

Trade debtors
Prepayments
Corporation Tax Recoverable		 Group
2024
2023
£
£
6,770
6,275
949
951
3
3
7,722
7,229		 Trust
2024
2023
£
£
6,770
6,275
949
950
-
-
7,719
7,225		 Trust
2024
2023
£
£
6,770
6,275
949
950
-
-
7,719
7,225
7,225

15. Creditors: Due within one year

Bank overdrafts
Trade creditors
Advance course fees15
Taxation and social security
Amounts owed to subsidiary
Other creditors and accruals		 Group
2024
2023
£
£
-
82,461
33,769
48,647
25,289
62,856
3,558
3,064
-
-
71,915
30,786
134,531
227,814		 Trust
2024
2023
£
£
-
82,461
31,790
44,708
25,289
62,856
3,558
3,064
13,749
23,506
58,214
12,153
132,600
228,748		 Trust
2024
2023
£
£
-
82,461
31,790
44,708
25,289
62,856
3,558
3,064
13,749
23,506
58,214
12,153
132,600
228,748
228,748

Bank overdrafts are secured on the Trust’s freehold property.

19

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Deferred income

Balance at Released to Deposits Balance at 30
1 Oct 2023 income received Sept 2024
£ £ £ £
Advance course fees 62,856 62,856 25,289 25,289

Deferred income relates to deposits received for future courses, all of which will take place during the year to September 2025.

17. Operating lease commitments

At the reporting end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Due within one year
Due between 1 and 5 years
Due after 5 years
Total		 Group
2024
2023
£
£
6,741
5,255
9,197
10,206
-
-
15,938
15,461		 Trust
2024
2023
£
£
6,741
5,255
9,197
10,206
-
-
15,938
15,461		 Trust
2024
2023
£
£
6,741
5,255
9,197
10,206
-
-
15,938
15,461
15,461

The cost of operating leases recognised as an expense during the period was £9,488 (2023 £9,484).

18. Financial instruments

Group
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at
amortised cost
6,770
6,275
Equity instruments measured at
cost less impairment
-
-
Carryingamountof financial liabilities
Measured at amortised cost
105,704
79,433		 Trust
2024
2023
£
£
6,770
6,275
100
100
90,024
56,861

Measured at amortised cost

20

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. Analysis of group funds at 30 September 2024

Fixed
assets
£
Restricted funds:
General
-
Barn LEADER Project
-
-
Unrestricted funds:
General fund
589,022
Revaluation fund
-
Designated fund (Abbey House Fund)
-
Non-charitable trading funds
1,153
Group
590,175
Analysis of group funds at 30 September 2023
Fixed
assets
£
Restricted funds:
General
-
Barn LEADER Project
-
-
Unrestricted funds:
General fund
589,816
Revaluation fund
-
Designated fund (Abbey House Fund)
-
Non-charitable trading funds
1,358
Group
591,174		 Net current
assets /
(liabilities)
£
78,465
-
78,465
(102,733)
-
5,986
(1,659)
(19,941)
Net current
assets /
(liabilities)
£
97,627
11,308
108,935
(440,531)
-
115,939
1,623
(214,034)		 Fund
balances
£
78,465
-
78,465
486,289
-
5,986
(506)
570,234
Fund
balances
£
97,627
11,308
108,935
149,285
-
115,939
2,981
377,140

The Restricted General Funds represents funds available to the Trustees at their discretion for the provision of bursaries and similar financial support.

The LEADER Project represents funds made available specifically for the design and installation of a heating system for the Barn.

The Freehold purchase, including legal costs, of Leiston Abbey by Pro Corda Trust from the Diocese of Bury St Edmunds, was entirely funded through a pre-arranged pledge. The transaction was completed in September 2020.

The Abbey House Fund is a designated fund created to provide for the restoration and improvement of the Abbey House which is used for accommodation and teaching by the Group.

21

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

20. Restricted funds: movement in the year

Bursary
Chamber Competition
NYMO
Piano
SEN
Barn LEADER Project
Bursary
Piano
SEN
Chamber Competition
Barn LEADER Project
NYMO		 Balance at
1 Oct 2023
£
72,823
17,800
4,655
2,349
-
11,308
108,935
Balance at
1 Oct 2022
£
55,096
2,349
-
12,602
11,308
4,655
86,010		 Income
£
49,110
-
-
-
-
-
49,110
Income
£
58,343
-
3,500
10,000
-
-
71,843		 Expended
£
57,685
10,587
-
-
-
-
68,272
Expended
£
40,616
-
3,500
4,802
-
-
48,918		 Transfers
£
-
-
-
-
-
(11,308)
-
Transfers
£
-
-
-
-
-
-
-		 Balance at 30
Sept 2024
£
64,248
7,213
4,655
2,349
-
-
78,465
Balance at 30
Sept 2023
£
72,823
2,349
-
17,800
11,308
4,655
108,935

22

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

21. Unrestricted funds: movement in the year

General reserve
Revaluation reserve
Designated fund
(Abbey House Fund)
Trust
Non-charitable trading
funds
General reserve
Revaluation reserve
Designated fund
(Abbey House Fund)
Trust
Non-charitable trading
funds		 Balance at 1
Oct 2023
£
149,285
-
115,939
265,224
2,981
268,205
Balance at 1
Oct 2022
£
1,217,681
870,512
115,939
2,204,132
1,569
2,205,701		 Income
£
804,070
-
-
804,070
12,190
816,260
Income
£
468,732
-
-
468,732
26,902
495,634		 Expended
£
536,458
-
51.869
588,327
15,577
603,904
Expended
£
1,537,128
-
-
1,537,128
25,490
1,562,618		 Transfer
£
69,392
-
(58,084)
11,308
-
11,308
Revaluation
reversal
£
-
870,512
-
870,512
-
870,512		 Balance at 30
Sept 2024
£
486,289
-
5,986
492,275
(406)
491,869
Balance at 30
Sept 2023
£
149,285
-
115,939
265,224
2,981
268,205

23

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. Restricted fund expenditure

22. Restricted fund expenditure
Bursary
SEN
Chamber competition
Group and Trust		 Bursaries
granted
Music and
pastoral
staff
SEN
Total
£
£
£
£
57,685
-
-
57,685
-
-
-
-
-
10,587
-
10,587
57,685
10,587
-
68,272

23. Reconciliation of group net incoming resources to net cash (outflow) / inflow from group operations

Net income
Disposal of Fixed assets
Depreciation charge
Impairment loss
Interest received
Decrease in stocks
(Increase) / Decrease in debtors
Decrease in creditors
Net cash generated by operating
activities		 £
-
1,000
-
(1,892)
-
(493)
(10,923)		 2024
£
193,194
(12,308)		 £
1,077
9,031
968,588
(5)
287
28,543
(21,901)		 2023
£
(1,044,059)
985,620
180,886 (58,439)

24

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

24. Consolidated statement of financial activities (including income and expenditure account) for the year ended 30 September 2023

Unrestricted Restricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
Income:
Donations and legacies 44,626 71,843 116,469
Income from charitable activities:
Course fees 410,425 - 410,425
Income from other trading activities:
Trading income 26,902 - 26,902
Lettings and related income 6,500 - 6,500
Concert tickets and other income 7,176 - 7,176
Investment income 5 - 5
────── ────── ──────
Total income 495,634 71,843 567,477
Expenditure:
Costs of raising funds:
Trading expenses 25,490 - 25,490
Fundraising costs 21,332 - 21,332
Expenditure on charitable activities:
Bursaries and scholarships granted - 40,616 40,616
Music and pastoral staff 161,595 8,302 169,897
Food, cooking and cleaning 72,409 - 72,409
Administration costs 1,182,081 - 1,182,081
Establishment costs 79,247 - 79,247
Other course costs 20,464 - 20,464
────── ────── ──────
Total expenditure 1,562,618 48,918 1,611,536
────── ────── ──────
Net movement in funds before transfers (1,066,984) 22,925 (1,044,059)
Transfer between funds - - -
Reversal of revaluation reserve (870,512) - (870,512)
────── ────── ──────
Net income and net movement in funds for the
year		 (1,937,496) 22,925 (1,914,571)
Total Funds brought forward at 1 October 2,205,701 86,010 2,291,711
────── ────── ──────
Total Funds carried forward at 30 September 268,205 108,935 377,140
══════ ═════ ══════

25

PRO CORDA TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (This page does not form part of the statutory financial statements) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Donations and legacies
Donations received
Friends subscriptions
Income from charitable activities
Course fees
Lettings and related income
English Heritage contributions
Other lettings
Concert tickets and other income
Concert tickets
Refreshments, cream teas & lunches
Merchandise sales
Miscellaneous Income
Investment income
Deposit account interest
Exceptional Grant Income
EDF Sizewell C Grant
Total income
Less: Expenditure per schedule attached
Net (deficit) / surplus for the year
Net (deficit) / surplus for year transferred to		 2024
£
£
71,939
755
───────
72,694
348,873
3,250
35
───────
3,285
2,591
172
24
-
───────
2,787
1,892
423,649
───────
853,180
(656,599)
───────
196,581
───────
total funds
196,581
═══════		 2023
£
£
115,494
975
───────
116,469
410,425
6,500
-
───────
6,500
5,898
932
30
316
───────

7,176

5
-
───────
540,575

(1,586,046)
───────
(1,045,471)
───────

(1,045,471)

═══════

26

PRO CORDA TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (This page does not form part of the statutory financial statements) FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
£ £ £ £
Fundraising costs 37,461 21,332
Bursaries and scholarships granted 57,685 40,616
Music and pastoral staff and other costs 167,064 169,897
Food, cooking and cleaning
Provisions 10,497 24,162
Domestic staff 8,007 48,247
─────── ───────
18,504 72,409
Governance and support costs
Administrative staff 50,660 86,524
Travel & subsistence 37,062 27,174
Postage, printing & stationery 1,580 1,904
Telephone, fax & internet 2,840 3,794
Website maintenance & computer costs 11,508 14,293
Legal & professional fees 49,251 3,826
Bookkeeping 16,769 16,248
Equipment hire & maintenance 9,448 9,484
Bank charges & interest 5,119 6,801
Insurance 25,026 21,461
Advertising 10,281 2,460
Independent examination fees 6,000
Audit fees 1,860 9,870
Miscellaneous 1,801 110
Bad debt write off - 872
Depreciation and loss on disposal 795 8,672
Impairment loss - 968,588
─────── ───────
230,000 1,182,081
Establishment costs
Grounds & maintenance staff 12,813 11,623
Rates 8,421 7,978
Light & heat 26,066 36,976
Repairs & renewals 18,938 22,670
─────── ───────
66,238 79,247
Other course costs
External accommodation 77,302 16,656
Concert expenses 1,655 400
Sheet music purchase 72 33
Miscellaneous 618 3,354
Merchandise Purchases - 21
─────── ───────
79,647 20,464
─────── ───────
To income & expenditure account 656,599 1,586,046
═══════ ═══════

27