2024-09-30-accounts - The Trott Musical Foundation

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THE TROTT MUSICAL FOUNDATION Charity Reg. No. 1129182

TRUSTEES' ANNUAL REPORT AND UNAUDITED ACCOUNTS

for the year ended 30 September 2024

The Trott Musical Foundation Charity Reg. No. 1129182 Contents

	Page
Reference and administration details	1
Trustees' annnual report	2
Independent Examiner's report to the Trustees	4
Receipts and payments account	5
Statement of assets and liabilities	6

The Trott Musical Foundation Charity Reg. No. 1129182 Reference and administration details

Charity's principal address

McGarry & Co 54 Main Street Sedbergh Cumbria LA10 5AB

Trustees

Wendy Preston Ysobel Sugden Kate Seymour Nicola Cann (Chair) John Seymour

Bank

Barclays Bank plc 9 Highgate Kendal Cumbria LA9 4DA

Solicitors

McGarry & Co 54 Main Street Sedbergh Cumbria LA10 5AB

Independent Examiner

Jackson & Graham 4 Finkle Street Sedbergh Cumbria LA10 5BZ

The Trott Musical Foundation Charity Reg. No. 1129182 Trustee's Annual Report for the year ended 30 September 2024

Structure Governance and Management

The Charity's trusts

The Trott Musical Foundation is an Unincorporated Association, governed by a Trust Deed dated 11 September 2008 and registered as a Charity on 16 April 2009. There must be at least three trustees. Apart from the first Trustee, every Trustee must be appointed for a term of 5 years by a resolution of the Trustees passed at a special meeting.

All Trustees give their time voluntarily and receive no remuneration or other benefits.

Objectives and Activities

Objects

The Trustees must apply the income of the Charity in furthering the following objects:

Assisting any child, or children born, permanently residing in, or being educated at a school maintained by a local authority, or having grant maintained status, in any of the parishes of Sedbergh, Howgill, Firbank, Cautley, Garsdale and Dent and Cowgill in the county of Cumbria, to be educated in the appreciation of the art and science of music, and the teaching of the playing of any musical instrument to any such child or children.

At their discretion, the Trustees may append all or part of the capital of the Charity in furthering the objects.

Summary of main activities undertaken for the public benefit in relation to these objects

In planning our activities for the year we kept in mind the Charity Commission's guidance on public benefit at our Trustee meetings.

Achievements and Performance

A Christmas concert was held this year and was very well attended. Many of the pupils receiving grants played a variety of instruments or sang, and the concert ended with a lively program of pieces by the Settlebeck School Band. In March, Trustees were invited to a concert at Dent Primary School, where we were entertained by nine young violinists. Sedbergh Pepperpot funds the violin tuition at Dent School, and receives grants from the Trott Musical Foundation.

The standard work of the Trust in helping the local children to learn a variety of musical instruments has continued with an average of 51 (47 in 22/23) grants awarded per term. Grants are awarded to individuals for the Spring, Summer and Autumn terms.

The Head of Music at Settlebeck School, the local state secondary school, has been very active in encouraging pupils to learn to play an instrument. Their band played at the Christmas concert and was excellent.

The Trustees monitor the progress of the applicants by reviewing the comments made by the music teachers on the application forms. It is pleasing to read these reports and to hear of the enthusiasm and progress being made by the students. Applications and the preparation of the termly grant reports are dealt with by an administrator.

The Trott Musical Foundation website has been a great success. This has enabled applicants to apply online. There is an information section which gives details of: the rules governing who may apply, how to apply, frequently asked questions, and a synopsis of Freda Trott, the founder of the Trott Musical Foundation. All grants are paid directly via on-line banking by a Trustee, a second Trustee authorising the payment on-line.

Financial Review

As at 30th September 2024 investment funds managed by Charles Stanley & Co Limited had a value of £546,352, and investment funds managed by the Trustees had a value of £75,427 giving a total value of £621,779 (2023 £571,122).

At the year end, Charles Stanley held cash balances of £7,359 on the capital account (2023 £16,000) and £7,562 on the income account (2023 £6,452). The Trustees held a cash balance of £10,900 in a Barclays Community Account (2023 £14,816).

The income of the Foundation, dividends and interest from the investments, has risen this year from £23,798 in 2023 to £29,358. A legacy of £719 was received from the Estate of the late Mary Hamilton who was a local music teacher.

Grants of £30,981 (2023 £24,936) were awarded in furtherance of the Charity’s objects. Grants totalling £24,281 (2023 £20,936 ) were made to the children having individual lessons, an increase of £3,345.Grants were also awarded to; Sedbergh Primary School received £1,700 for a yearly provision of ukelele lessons. Sedbergh Music Festival received £2,000 to fund the BBC Singers Workshop for local children. It was a great success. Sedbergh Pepperpot received £3,000 to support the violin tuition at Dent Primary School.

The Trustees declare that they approved the Trustees’ report above and the Unaudited Accounts for the year ended 30 September 2024 on

Signed on behalf of the Charity’s Trustees:

Nicola Cann – Chair Wendy Preston – Trustee

Independent Examiner's Report to the trustees of The Trott Musical Foundation

I report to the trustees on my examination of the accounts of the above charity ('the Trust') for the year ended 30 September 2024

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

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

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

Independent Examiner's Statement

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

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and
content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

J Simon-Norris ACA

Jackson & Graham Chartered Accountants 4 Finkle Street Sedbergh Cumbria LA10 5BZ

Date:

The Trott Musical Foundation Charity Reg. No. 1129182 Receipts and Payments Account for the year ended 30 September 2024

Donations, Legacies and Grants Dividends on Investments UK Interest Asset and Investment Sales Stocks & Shares Total Receipts Payments Grant Awards Adminstrator costs Admin expenses Concert Expenses Room Hire Website Sundry AGM Expenses Charles Stanley Management Fees Independent Examination Fee Asset and Investment Purchases Stocks & Shares Total Payments Net Income/ (Payments) for year Cash funds brought forward Cash funds carried forward	2024 £ 719 26,176 3,182 30,981 1,100 48 49 - 241 - - 6,978 420	30,077 15,035 45,112 39,817 16,742 56,559 (11,447) 37,268 25,821	2023 £ - 22,360 1,438 24,936 1,340 32 - 18 722 53 18 7,010 420	23,798 39,681 63,479 34,549 27,066 61,615 1,864 35,404 37,268

The Trott Musical Foundation Charity Reg. No. 1129182 Statement of Assets and Liabilities as at 30 September 2024

Barclays community account Charles Stanley income account Charles Stanley capital account Total Investment Assets Stocks & Shares Market valueof investments as at 1st October 23: Portfolio Administered by Charles Stanley Investments administered by the Trustees Total Purchases during year at cost Less Disposals Proceeds from the sale of shares Gain on disposals Gain/ (Loss) on revaluation of assets Market Value of Investments as at 30 September 2024 Represented by: Investments administed by Charles Stanley Investments administed by the Trustees	10,900 7,562 7,359 498,798 72,324 15,035 -	2024 £ 25,821 571,122 16,742 (15,035) 48,950 621,779 546,352 75,427 621,779	2023 £ 14,816 6,452 16,000 37,268 497,676 53,004 550,680 27,066 39,681 (10,371) (29,310) 22,686 571,122 498,798 72,324 571,122