Regvstered number.. 08123495 Charity nurnber.. 1148615 LOVE MUSIC TRUST (A Company Ilmited by guarantee TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
LOVE MUSIC TRUST IA company Ilmltèd by guarantee) CONTENTS Page Referenc• and admln15trative detalls of the Company. Trusiees and adviso Trustees, report Independènt audltors. report on th• fin•n¢ial statem¢nts Slal•m•nt of flnanclal actfvltles 9- 11 12 Balance sh¥gt 13-14 Statement of cash flows 1S Notès to th• flnanclal statèments 16-35
LOVE MUSIC TRUST (A company Ilmrted by guarantètl LEGAL AND ADMINISTPAMVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 Trustees SIBums J P Savage J Cowell R Gardiner P Dickson lapwinled 26 September 20241 M Hurnphreys iappointed 26 Seplernber 20241 M Pathin$ (appointed 26 Septernber 20241 E L Clart (appointed 15 Juty 2024. reSned 26 September 20241 S A M Corcuan Ire5yred 26 September 20241 S Ishe00d Ire51gned d July 20241 Company reglsl•red number Q8123495 Charlty r•gl$t•rgd numbor 1148615 R8g1st•r offi¢• Unrt 2. Bradwall Ctyjrt Br$w3N Ro• Cheshiie cwtI 1GE ¢¢mpany Becretary D Ostsorr Page 1
LOVE MUSIC TRUST IA company limiled by guarantse} TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2Q24 The Trustees present Iheir annual report logether wrth Ihe audileLI finanoal statements ofthe Love Mu51c Trust for the year 1 September 2023 to 31 August 2024 The Annual report serves Ihe purposes ol bolh a Trustees. report an¢J a direc¢ors' report under coMpaY la¥v The Trustees confirm thai the Annual report and finanual slalernents of the tharitats company umply wrth the Current sialutory requirements, the requiremènts ol the Charitab companys go¥erning document anLI the provisiDns ol the Slalefflenl tsl Recommended Pr8¢tice ISORPI 8pplieable to chanlEs prep8nng Iher accounts In accordance with the Financial Reportino Standard applicable in Ihe UK and Rewbk ol Iwland IFRS1021 (effeclNe 1 January 20191 Oblectlves and aetlvltl•s Oblecllves and acll¥ltS9s The Love Music Tru$1 ILMTI commilled to pro¥Ing access to hvJh quality rnusic education ana exposur8 io outsiandini musral exrienceS lo all pupils In Cheshire E8SI The LMT Is th¥ned. led and managed by xhools and supported by carefully chosen key 08rtners within the local community The Trust will build en and extend the excellent pract ol many 5choo15 throughout Ch¢shire Easi Thi$ high quality work reds 10 be de¥eloped and appld 5y51ernalic8lly for every young p•r5cn The Objectives ol the TnJ$i are #s folbw l To ofter a br08d mv51c education cu1ul7 enlrtlemenl for all pupils which. as a minimurn, fulfil8 the requirements Qullined wlhin the Nalicnal Plan lor Music Education INPMEI. 2 To recruit. train and m8n8ge 8 team ot in5trvmeniai Ivlor5 to tsli¥et the Tru81'$ v•iioys mu$wl adi¥i118$. 3 To $upport. faolitate and rnan8ge dear progmyon roules lor oll y¥ung mu$1ts0n$ Ihfough the music81 athvities ol the Trust. ano Ihrough forging and consolidaling d05e links Wrth olher agen¢$ as ¥ppropri8ie. including the Royal Northern College of Mu8Ic IRNCM, Manchesler PAeir¢poliian Universrty. cheshirè Ea$1 Council. Youth Music, Foden's Band. Conduciive Music and national muc organi5alicns outh 05 the NalionJl Youth Or¢htslr8. Nalw)nal Youth J822 Orthesira. National Youth Brass Band Great Brdain. 4 To prOve an extensi programff and support of exlrn-DJrricuiar muul a¢vie$ In 8 r& ol genw$. for young vo¢allsis ond instrumentalists 088 the wh¢Je of Cheshire East.. 5 To provide an Instrumental stor8 that faolilates Ihe needs ol young insirunnlalists In the borough. 6 To provKle a delivery model Ih8t 18 bolh fft foT purpose and ollers value for money,. 7 To $upport partnw en8embs across Chèshire East to becorre nèiional be•n8 ¢f ex¢in." 8 To Initiate and 5Usiain posrtwe links wrth all pnmary schooL5 1hroh Ihe offer of the %wder eortunitIes, ¢ontlnuo1ion programrnes and olher Iniliaiives. 9. To provide 3 framevlotk of ConknnuirYJ Prolessional Develownent ICPDI for ali d#$$roorn. inslrumenlal staff and ensemble leader5 10. To identity and Support emerging taDI In a personalEed aD¢J rjifferenliated way, 11. To create and develop 8 v1 strategy Ihal encojiage greater involvernenl with and pattycipatlgn in high level singing activities amss Cheshire Easi. 12 To explort the potential of new fr¢hnologies to translorni approaches lo music educat Ihrough based media an through key partnef5hips, 13. To 5UPPOrt all young peop on Iheir musical journey. wrth an emphasis of reaching those In Challenging circumstances, ncludin9 Ih05e ¥vho are NEET. HoTne Edurated. in or On the ltr.e Youth Justi Sysleffj and Young Carers 14 To develop new approathès 10 Ihe recruitment and training of new music teachers through the links will the Teaching School ne¢ and Manchester Melropoiitan Univeisrty IMMUI. Page 2
LOVE MUSIC TRUST IA company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Oblectlv•s and activltles Icontlnuedl 15 To forge and maintain links lu thE work of professional artists and other profesSnal mu51c organisalion$. thereby crealin9 a Culture ol asrxration In ihe wNk ol the trust, 16 To explore ways io support sth00ls an¢J young peopb and thew mu5Kal ioumey indudn9 online delivery and proviswjn b. ActlvltSe undortjkgn to achievo objectives Iru5tees have paid due regard t? guidonce Issued by the Charity CM¥nlOn In dotsdin9 %hat activit8 lh8 charltsb cornpany should undertake The activilie8 ofThe Love Musi¢ Tnjst may be suffffiard ty a number of coro rolos which are lled behJw. 1 First Acees$ IWNlew OpporturMt%sl 2 EDsernbB 3 Continuation 4. Singing These core ro$ Wre 5UPPOrted by 8 ThJrnter OleXteOTh role$ 8$ tsullined below.- 1 ConliDued Professional DevelOpTrt 2. Instrument Loan Service 3 High Quality Musical Experiences 4 S¢ThDols Mu51G Education Plan Ioualily Assurance) Publlc B•nel In setting our otyeclives ano planning our a¢twIl$ the TnAtees have given c8reful e¢nstdÈraiion lo the Charity Commi55ion's general guid8nce on public benefil Love Muc Twsl prov¥ges a benefii 10 the publi¢ Ihfough ihe provision of qUoIrty rnU51c educatn for over 10.000 pvpils #cross lil Prrn8ry. sendary and Spotsal Schools Ihrou9houl Cheshire East. The Trustees confiryn Ihai they have had due rega1 for Ihe 9ubjae published by the Chanty Comrn188Kn on putylic benefrt. c. Grant.maklng polkbos Grants are offere<1 to all primary schoots in Ihe Ea$1 Cheshire area as a financial Inc¢ntive 10 gign up lor Whole Clags Ensemble Tuition prcgrammes The schools %rk as Ihe Commissioner ol services. not necessarily havin9 to engage the LMT lo deliver the programme. however all vi40 accepl Ihe grant sign up to the Quality Assuran PrograTnffle. AddlIJa1ly, grants are offered to au secondary and spÈtsal s¢hooL% foF prOgrrys of new musi¢4'. aL*vity d. Volunteers The company does noi use Ihe senrices of volunteers Achlevements and perfomian a. MaSn achlevements of the Company - 108 lof 1231 Cheshire East Primary Scho)l$ engaged with Ihe Fit51 Access MusAc prDgrnmrnè across the Academic year, UP Dn 2022.23 124 lof 1241 cheshi East Prny ScheoL8 èngaged with one or more ol Ihe frJur ro as sei out In the National Plan for Music Education. Page 3
LOVE MUSIC TRUST IA company Ilrnited by guafdnteo) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2024 Achievements and ptrrfomn¢• Icontfinuedl - 22101231 Cheshire Easl Secondary Schools accepted Ihe LMT new mus¥cal athvily grant, wod(ing In partnership with the LMT - 8 10191 S•1 $choo15 8Pted Ihe LMT new mvsicol Wvily grant. partnership wlh the LMT. . The LMT en$eMe8 neh¥ork engag85 ovor 800 5tudefits in teWy ensemble and choir fehe8rsals throughout Cheshire East Effeclive partnership working the Royal Northem College of Musi¢ IRNCMI ontl Sandbach School de¥elopin9 ihe Cheshire SpeGiali$i MUS Course lor gifted A.Ve1 Music sludents This s the first tirnÈ the RNCM h8s partnered with stsie $¢hool and a music educ4lion hub le create such a COU Now In its fifth year Ine course ha$ 8 $lLleni% across years 12 and 13 For September 2024. 5 016 rnember5 01 the 2022-2024 course have now sthrted places ai one of three Mu$1¢ conservato1$ (Royal Academy ol Music. Royal Northem Colege of MUSK and Roy818imiingham ConseNaloirel wh1151 the 6th slucJÈnt IS sty1j music ai Oxforé Unwersily - The LMT ran our first SEND Day 81 cOngten Town Hall In May iTKluding a Ms8)n frK PMLD Students trom two cheshire East Specral schoo Addrtionally. Ihe LMT swrted the 8dlin Valley SEN Taster O#y In June, providin9 $omb• anLI Ingiry se5510n5. The Cheshire Ea$t Y•un9 Muswn ol the year competrtion ran in February 2024 wth 85 youn9 vocalists 8nd in5trumenlalisls taking part The annual Halk 'Coft and Play. took pU8ce al tne 6ndgewaler Hall In Manchester (June 20241 1400 young inslrumenlalisls performed along wilh Ihe Orchestra ai the Iconic hall In a massed celebrglion The LMT Surnmer Celebf8lion Weekend teok place In June 12024181 cnter Opera Cctngleion Across the 4 ¢on¢¢rts some 7SO young Peop perfomed Ir¢rn our own LMT and partner ense1kS rtriork - The conclu&icn ol the EYFS '8eMy Bearf musical developmeni programme for nursery and KSI #tudenls ¥%tro lake pJrt In singing 8nd ether musical aclivities look plate ai Congleton Tokyn Hall (March 20241 The LMT worked In paflnership witn ConduttNe MUS from Ocober 2023 - March 24. 10 njn 8 s•riè$ of pregrammes focusing on comp051Trg compuler programmin9 and $lOrylling for gamiry. Nine schools were involved In the progratnrre across 18 days ol delNery - 7 online CPD o)urses ran for Prmary School Mu$ic coordina and NOTS online throughout 2023Q4. The LMT Singing programme. 'Sing Fesi. en989ed 25 s¢houl dasses In 2023124 culminaung In 6 m855ed cone•rty at Conglelon Town Hals (March 20241 The 8dveniures ol'Re% the Oino¥aurf programme engaging EYFS in musical devekpment conclLvJed wth a 'Dinosaur Pi¢nic' ai Congleton Paik lJune 20241 The LMT has suceesslully ap¢ lo be the Hub Lead (kg3nisKJn IHLOI ol Ihe ne%Y lorned Cheshire and Wiffal ttub The LMT will receive funding from Ihe DfE for the Who foo4)nnt and through a partrv&rship agreernenl wll initially be devolving funding to Ed11 CIC, 10 man¥Je the musical provision lor young people in Cheshire West and Wirral Flnanclal revlew . Going concern After rnaking apprwriale enquiries. Ihe Tfttstees have a reasonable expectstion that the C<x))pany h8s adequate resource8 lo continue In operational existence foi Ihe foieseeable futu th15 rea50n. they conknnue lo adopt the gtsing concern basi5 in prepanng the financial statements Further detai15 regardin9 ihe adoption of the going contrr basis trAn be found in the accounting pdiuES. Page 4
LOVE MUSIC TRUST IA company Ilmfjted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 b. Reserves pollcy The Love Music Trusl has re¢ived a grant of £49).014 for 2023124 frDm The Arts Council Eryland Income Is al$0 generated frem parenial tx)ntribulions for rnu51¢ luibon. contrtsJlions Irom schoD15 for musKal luilion and 5UPPOrt, ticket 5ak5 from eoncerts. arKJ selling and hirin9 of In51ruments The unreslricled lunds for IhÈ year show a Su18 of £13.171 after takww Inlo accJJunt transfers to feslricled funds of £26,971 foi Ihe purchase of fixed ?ssels The unresiricled fund$ al 31 Augus1 2024 are £295.831 12023" E282.6601. Induded %rfhin the fvn¢ balance al 31 August 2024 is £100,OOD de5¥nated for future reth80n ¢os The Tw51ee5 review the Ve1$ ef resources Ihfoughout the penoLI. Thva revw encompasses the nature ol Income 8nd expenditure 51rearns. the need lo match Income wilh tbmmitryn15 and Ihe nature of the reserves The Tru51ee5' policy Is lo carry lorward 8 pru<leni ol raources to 8uFporf the effeth¥¢ d&livery Df mu$i¢èducation into th¢ future The level ol re8erves wll be hepl under regular VW In carrying out this review the Trusifres will consitsr any potential chart9e$ to fijlure funding levels Funding from Arfs Counul has been secuTed until 31st August 2025 The business p14n includes B delatd budget shoY•ng how these lunds wll fijlly ulillsed. Stru¢tur¢, govern•nce and management Constltutlon The Ghorilable company 18 a company Iimileé by guarantee and Is con1rdd by rt8 governing documeni, the Memorandum & Artide$ ol Association and con51ilules a Iimiled ¢4)mpany. Iimrtea by guarantee, as defined by Comp4nies Act 2006 Tho Iru51ee5, who ore aL4Q the diiectors for the putpose of ¢omo•ny law. and ho Served durfn9 the year and up 10 da of signaium of the financk81 &tatements Werè". S l Burns J P Savage J Cowell R G8rdiner P Dickson (appointed 2S September 20241 M Humphreys 18ppoinied 26 Septemr 20241 Parkinson (appointed 26 September 20241 E L Clark iappoinied 15 July 2024. resrgne(l September 20241 S A M Corcoran (resigned 26 September 20241 S Isherwood (resigned 4 July 20241 Page 5
LOVE MUSIC TRUST IA ¢ornpany limiied by guaranlee) TRUSTEE5' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governan¢¢ and management Icontinuedl b. Methods of appointment or •l•ctlon of Trustees The minimum number ef Trustees shau be 3 aTrJ the maximurn number ol Trusiees shall be 9. The OlarItY of Tru5te8S Must not kye Sandbach Scb¢ol Governo Whert possible the Trustees will indude follolhing". - One ropresÈnlèiive from Cheshire East Counc41 - One Sandbach Schwl Governor - One Headlea¢her Irorn a secondary sthool In the region - One Headteacher Irorn a primary school In Ihe reg10Th - The Headleacher tsf Sandbach School The criteria for the above h8ve betn mel by the cvrrent membership Trustee5 have ¥aried and broad skills basis. and effort5 hav b4•n made during the yeai lo recruit Trusiees to fiJrther bdsler this skill Set Tiu$iee& a ie¢ruil&d from Headle8¢hern NOrk and rnu8 professionals who alieady ha 8 cfvJ8e r•wiien$hip wrtn tho Trust c. OrgaDls•tlon•l $tructur8 and d•c181on.makSng pollcl•s During the year, John Barber diiected the day 10 day runniTYJ of Th• Love Mv$i¢ Tru He was 5UPPOrted as part of the rnanagemenl t8am by Sarah Burns (Headtexher S•ndbich S<odl and David OsLmè (Sandbach School 8usine85 Managorl as Fin¥n¢pal A¢¥ir d. Poll¢le$ adopt•d for the Inductlon and tralnlng ol Trustees New Trustees are provided win èn overview ol Trustees 8nd theii skill sel and bathground They aTe 0150 briefed on Ile business plan OT the Trusl and havo open a¢¢e$$ to Direttor$ 10 •$k ouesbons New Trustee5 are also provided wth all P8pern, minute8 ar.d agenda8 Irorn pieviou5 Board meelsngs. Tiu¥leei arè al80 ¢n¥iied io Love MUSK Trb8t evants, and are nsumed with as and when the need •n$es about specific i$sue$ •. WSder network In May 2012 an applicaiion was m8de 10 The Arts Council by S8nLlbach S¢hod which w8$ supported by Cheshire Easi Council, for Sandbach S¢hool 10 hosi a new music education hub. The Love Mu5¢ Trust Is Ihe leao organisaiion and lund holder for the [nuseLallon hub In Cheshire East and Is based at Bradwall Courtin Sandbath This year the Love Musit Trust wll be bvorking with over 10.LNX) pupils acro55 all Primary. Se¢ond8ry and Speci81 Schools Ihrou9houl Cheshire East Across Cheshire Easl. The Love MUSK Tlusl 15 the sing largest provider of music education with a comprehensive qualrty assuranc progFamme f. Related party relptlonshlps Cert3In trust ar& 8ssocialed wlh and can exerose significant Influence over entr. with which the chariiy receives and provides goods and services Where this (Kcuts tl assooaied eniilies are oeclared on the iruslees. register ol business intere515 Th? transactions are disdosed In the related party ntste lo the accounts Plans for future perlods The list below Outn the aspiralK) for the Trust ever CA)ming months" For 2024125 all Pnmary sc*ools In the borough have again been Offer a grani to support FirstAccess programmes and an addilional grant to 5UPPOrt eontinuation the level of which B based on numbers on the school roll. Page 6
LOVE MUSIC TRUST {A company limited by guaranté•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2024 Plans for future perlods Icontlnuedl - All Cheshire Ea$t Secondary and Speryal Sthools ha%t been oftered a Capital grant for the purpose ol purchasing of new musical Instruments - Tre pHrtner5hip with the Royal Northern Cdge of Music and Sandba¢h school %Yill continue into rt8 8ixlh year, 8UPPOrtlng the Cheshire Speciali51 Music Course The course ¢onbnues to uter for h¥hly tsnleO A Level music $iudenis Inte$te in career based In musral pertorrnance Small Group and Insirumentsi kssons ISG&II cLinlmuE lo be advertised to 8th00lslpupi aThJ p8ronls, as we continue developing a lJlor base wAh the Skil and capa¢ily to deliverthi5 programme In partnership wilh Cheshiie East S81 S¢h0015 Ihe LMT bwll ojntinue lo develop 'Noleworthy', our addlirtaI need& Orch8slr8 providing a regular e•ledNe mw81¢ wp¢)nunity for young peop ¥wth SEN - Through ongoing needs anaiy$i$ CPD ¢ourse5 wll continue to be hJentifie¢l whil$t lor 2024125 a rtew curriculurn packag8 ha8 been launchea Including ar53 10 thE LMT curn(luM aTrl CPD pcogramme. The LMT 1$1ookin9 10 expan¢J and the'Hear Me. programrr that ran frwn September 2022 to August 2023. Initially $upported Ihrough a Youth Music grant of £22 SS8. the prograrnme WO %Mlh Ihree groups of Young People ranging Irom Young Afghan familiès In Sandbach Io Ihose who a NEET and those In or on the fringes ef the Youth Jusiice &y$iem in ¢r¢we pnd Macclesfiel(l Looking al 51ory caplure 8ThY song writing. the programme leo to the production ol an EP for online felease and a showcase event ol songs written. pertornied al the Vilxono Hall Middl8wi&I. Ttte LMT h8& applied lor o youlh Mu$1¢ Trailblaz•' lund of £20.000 IAugust 2024110 run a progr8mrne'Now they Hear us. werk %Wih Care L•avef8 . Thè LMT laund)•d a YouTube channel to broadca$l wogramw inio SEN setb'ng8 at Ihe end ol Septembw 2024. LMT'S cost effective Instrument ban service 11 ¢ontsnue 10 be promoted Addiih?nally. for 8tudents conlinuln9 to learn folwIng First Acces8 progr8mme8. the c4)51 of truMents1 IoBns has been kept to • minimum tu help Support eng8gemenl. The Trust will continue 10 engage Wrth the range of kKal regional 8nd naiKJnal panners and artists to deliver the broad progr8mme of musical Oaivily $upporbW young p&0 in Choshire East Rl8k factors The Iruslees have assesse(J Ihe major risks 10 whKh the charitsb ttfflpany li exwsed, and oo $#ti#fi¢d th¥1 systems are In p18r lo mrtgale exposure 10 the rnajor n$k• Page 7
LOVE MUSIC TRUST IA company limited by guarants¢ TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 statement ol Trnstees. responslbllltles The Trustees l%dho are also the 1clOrS of the thpany foT Ihe pO$e$ of company lav41 are respon51ble lor preparing the Trvsiees. report and the finanryal $t#iements acthrdani vmh applieaNe law and United Kingdwn Accounling siandaids (Uniied Kingdom Gererally AccEpled A(rounliny PradKel Company law require5 Ihe Trust 10 prepare financjal 5taterreTrts lor each finan(>81 ye¥r. Under company la%v, the Trustee5 mu51 nol approve the finanoal statements unle55 they 8re s811sfEd thai they give a true and fair wew Of the Stale of affair5 of Iho C¢mpany and tsl Ils InMing resources appIaln of resources, Induding rt$ Income and expendllure, for thBI period In preparing these fin8ncJal statements. the Twstses are required to. select suiiable accounlirvj polioes and then appty Ihem consi51enlly. observe the meihods and pnapS ol the Chatitss SORP IFRS 1021. make iudgrnni$ aThJ a¢c¢unling estime8 that are reasonable and pwdent, siaits whether ¥pph¢atAe UK Accounting Standard5 IFRS 1021 have tyeen followed, Subject to any material eparture$ di$do$od and explaired in the finanryal $talementS, prepare the fin8ncrol slaleftnIS on Ihe going concern basis un88 1118 Inappropnale lo prowme thal Ihe Company 11 ¢onlinue In business The Tru$lee8 or¢ r¢spon81ble for keeping •de4uale a¢U9 rewd$ that are $uffiGni lo show and explain the Company's Iransaclions and dtsc105e wilh reasonable a¢QJra¢y at any lime Ihe financial p06ilion of the Comp8ny an(5 enable Ihem 10 ensure Ihai Ihe financial stsiemonis comply wrth Ihe Companies Act 2006 Tttey are a150 responsible lor $aleguardin9 ihe asse ol the Company and hen¢e lor taking re#sM•ble steps lor Ihe pVentIOn and deteaion ol fraud and Qlher Irregu18Dbes Dl$clo8ur• ol Inforn)atlon to audltors E8ch ol Ihe persons who are Trusiees al the time when this Trusiees. report 15 approved h3s confirne¢ Ihal 80 lar as thai Truslee Is 8ware. there Is no revJnl audit Inl(xmation olwhK Ihe charity s auditors are un8W8re. 8nd that Tru8tee has 18ken all the sleps Ihal oughl 10 have been tsken 8S 8 Trustee In order te be aware ol any relevant audit information an(J lo eBt8bhsh thai Ihe chantys audrtor8 arn aware of tbal Informati. Audltorn The audit¢r$. WR Partners, have I41ed their wllingn8$s 10 eonlinuo in offte The 4esonaied Tru81ees wll propose a rnotion r¢8ppoiDling Ihe aOr9 al a meetrng of Ihe Trustee3. Approved by 0er olthe mernbers of board of Trustees and $pJn*l on ¢heir behaff by Mark Humphrsys M Humphreys (Chair of Trustee51 Dale. 16 December 2024 Page 8
LOVE MUSIC TRUST IA ¢ompany limrted by guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LOVE MUSIC TRUST Oplnlon Vve have audited the financial slaienEnts ol Love Musjc Trusl Ilhe eharilable ()mpany'l for the year ended 31 Augusl 2024 whh eomprise the Slalefflenl of financial aetrythes. +he Balance sheet. the Slalemenl of c35h flows and the related notes, Including a syrnmary of svnrficanl accouniirYJ pol$. The finanoal reporting framework Ihal has been applied In their preparation 1$ applrcab law and Unded Kingdom Accounting Standards. In¢lj1n9 Finanoal Reporting Standard 1 D2 'The Financial Reportiry Standard aA)licae in the UK and Republic ol Ireland, lilnited Kingdom Generally AG¢epled Acwunling PraGlicel In our opinion the ftnanthal stotBrrent5". give a true 8nd fair W of the stsie ol Ihe chafilable c4mp8ny'$ affairs 8S 8131 Augusl 2024 and of 11$ Incvrning $our¢¢s and application of It(Ce9. IncI1n9 its Income and expendrture for the year then ended, have been prop•rly prepared in ac£ordanc wilh Uniled Kingdom Generally A¢¢opted Accounting Pradics. aftd have been prep8red In •ttordan¢e wilh the requirements ol the CharilEs Act 2011 Basls lor oplnlon We ¢onduded our audrt in aeeordan¢ wrth Iniemational Standards on Audrtirs IUKI IISAS IUKII ènd applicab law Our responsibililies reT Iho$e $tsnd8rd$ Jre hJrther descrited In ihe Auditors. re$ponsibilili8s for Ihe aud1 of the finan&81 5talemenis sectTr ol our Teport We are Ind8pendeoi of the eharitable e¢mpany In accordgnce Wlih Ih8 eltticgl reguiremenl$ thai ore leVan¢ lo our au¢Jrt ef Ihe fin8n¢i81 5talerrenls In Ihe United Kjngdm, Induding the Fin8n&o1 Reporting Council's Elh¢al Standard. and we have lulfilled our Other ethul respgnsibilitie$ in accordance wilh Ihase requirernenls We belie¥e Ihai thé audit evidence have Obtained is sulfioenl and approprwte lo provide a basis for Qui opinion. Concluslons relatlng to 9olng conc¢m In auditing the financial siatemenis. have condu¢Jed that Ihe Tfusiees, use of the gn9 con¢•rn basis of auting in Ihe prep8rBlion ol the financial $tatsm&ni$ 1$ ¥pprcpriath. Based on lh8 ¥vork we have perford. have not IdenlilEd any rnatenal unfrtainiie$ reFatsn9 to events or conditions th81. Individually or ¢ollecti¥ely. may casl signific8Th1 doubt on th• charitable uJmpany'$ ability 10 continue as a going concem tor a period ¢1 ai leasi hvelve month5 fvom when the finarKial ststeffnts are authon¥ed for 158ue. Our responsibilities and Ihe iesponsbilrtie$ ol the Trustèe5 respect to 90in9 contem are descrited in the relev8nl se¢tion$ of this report Oth•r Informatlon The other Information compr585 Ihe Infoirnabon InduJed in tnÈ Annual report olher than the financial slaiemenls and our AuditDr5' report thereon The Truslees a respOn5Q) for olher nfomiaknon Contained wlhin Ihe Annual report Our opinion oll the financial statements does n¢1 cover the other tnformalion an¢J. exct 10 t exlenl otherwise explitilly slaiÈd In our report. we do not express any form of assuran condusion Ihereon. Our responsibility Is lo read the other Inforrnalion and. ITr doing so. consider whether the other Inf¢yfflation is materially Incon51s1eDI Vii4'h the financ181 sialemÈnls or our kno¥edge obtairye4 in the couise of audil. or OtheSe appears lo be matpnally misslaied If VbE Identify surh material Inconsistencies or apparent material mStatements. are required lo deterffline Vdhelher this gives rise lo a maienal rn15slalement In the finanoal staleffnts themselves If. based on the worf( have perfonnets. we Gonclude thai IhÈre Is a material misstalernent of Ihis other inlotmalion. are required to report that faL1 We have nothing to ieport In Ihis regard. Page 9
LOVE MUSIC TRUST IA company limited by guaranleel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LOVE MUSIC TRUST ICONTINUEDI Matters on whl¢h we are requlred to report by exceptlon We have nothing te pOrt in respect of the following matlefs where the Charits (Accounts and Report51 Regulations 2008 uire5 U5 report lo you rf, sn our opinion". Ihe inlormalion given In the Trustees, repDT1 Is incxjnsistenl in any malenal re5ped wrth the finants81 $lalements. or sufficient accounting records h8ve not been kept. or Ihe firtan¢ial statements are n¢X In agr9ern1 Vlilh Ihe artouniing fy¢r>rd8 and relum8,' or t have nol re1Ve all the InforrnaiK)n and explanations * require for ouraudit Rgsponglblllti•$ of tru$t•es As explained rn0 fully In the Trustees. Tespon$ibililS siaiemenl. the Trustee5 (who are 9150 the diredors of IhÈ charitab company for the purpose8 of company lawl art responsib for Ihe preparaiion of the fInancal s18lemenls and for being satlsfied Ih8t they give a Irue an¢J lair VEW. and for such Internal control as the Trusts$ d•i•rmine 1$ ne¢e$$ary t¢ ènable the pr#pargiioD of Tinanry81 statements that are free from m8ieiial missiaiemenl. twhether due lo Iraud or error In preparing Ihe finanryol Slatemenls, the Truslee5 are resp0rwb for 4sse$$Mg the ¢hantsbl? company's ability 10 coniinu? as a going concem. disebsing. as arvlicable. rnatters lated t¢ gDing concern and using the going concem basis of accounting unless the Tru$iee$ ¢ith?r innd 10 Iiquidaie the cnaniabie company or lo ceas? op8ralions, or have no realistic allernatiye bul lo do 30 Audltors, responslbllllle¥ lor lh• audlt of the financl•l statements We have apptynied as 8LwJilor under seclion 144 ¢f the Chartw A¢1 201 l and pOrt in aceordant wlh the A¢t on¢ relev8nl regulalions made ¢y h8viThJ eflecl thereunder r objectives are tc colain rea$tyi8bie assurance aboul whelher Ihe finanoal 5t8iemeni$ 8$ a whole are free from rnal8ri81 mlsstatemeni, whether due 10 Iraud or error and to Issue an Audilors. report Ihai indddes Dur Dplnlon Reasonable a$$uf8nce Is a hwh level of a$$urance. but 1$ not a guaraniee thai an audit ¢onduttÈd In accordance wlh ISA5 IUKI will always dclect a malerial rni551aiÈmeni bwen Il exists Misslalemenls can ar@e from fr8ud or error and are considered rnalenal If IndivK1ually or In a99regate. they could reasonably be expected tc infiuen( the economic deci&ions ol users taken on the basis of the8e financial si¥iemeni$ Irregularitie$, Ind1ng fraud. are Instances of non<ompliant wilh laws and fegulaiions We design procedures in line wilh our responsibilities, outlined above. lo delecl material misstatements In respecl of Irregularities, Including fraud. Tfve eent to which our procedu$ are Capab ofdelectirvj irre9ularrt$. Induding fr8ud Is detailed below." The audit team obiainÈrJ an understanding of Ibe gaI and regulaiory framewoA¢s that are applicable to Ihe Company and determined Ihal Ihe most $ignrficAnl are Ihose Ihat relale to the PDrtlng framewoth IFRS 102 and the Companies AGI 20061. the Charilie5 Act. SORP. the rele¥anl lax complia1 regublK)ns, ernOYment law. HeaKh and Safely Regulalion5 8nd the EU General Data Proiection RegutiOn IGDPRI W8 under51ood how Ihe company Is complying Wrth these frameworft$ by making enquines ot management and those responsible for legal 3nd complia procedures We also revWed board minutes to Qeniify any recorded instances ol Irregularity or non-compliance thai might have a rnateI Impacl on the finanual $tatements We assessed Ime 5U5ceptibilrty of ihe company's finanual stalement5 to material missiatemeni. Induding how fraud mwhl 0[ur by rneeling wr.h key rn3nagemtrnt 10 understsnd they cOnsere there was susceplibilily to traud Based on our understanding our procedures invohfed enouines of mariagernent and those charged wlh govem8nce. manual journal entry testing, cashbook VieWS for large and unusual iterns and Ihe ChaInge of $ignifi(nt accounting e8timale8 used In preparing the finanGial slaletnenls Because trf the inherent limilation5 of an audrt Ihere is a risk that wll Trot detecl all irEguiiritEs. Induding Ihose adIng to a matenal misslatemeni In the finan-ial state,eI5 or non4omplian(* wilh regulation This nsk Increases the TllDre Ihat compliance with 2 law or regulalx)n is removed frotn thtr Èvents and transacbons relecied In the finanaal staletnents. as Page 10
LOVE MUSIC TRUST (A ¢ompany lirnited by guardnteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LOVE MUSIC TRUST ICONTINUEDI will be 1889 likely 10 bBcome aware of ItanCeS of nonmplian The risk is also greater re9ardiTvJ Irregularities occurring due lo fraud rathEr than error a5 frauLI involves Intentional tontealmenl. forgery. collusien om15sion or misrepresentation. A further descriptn ol our rÈspotsibilrts for the aYrt of the finano81512tements is Iated on the Fin8naal Reporting Counci15 Wtbsite ai ors nybilrts. descAiptKm fomi$ part of DurAudrters' report. Use of our report Thi5 report Is rnade io the ¢¥fitab cornpanls trustees. 88 a body. In a¢¢ordance ith Part 4 of the ¢harilY8S (Account8 and Reportsl Regu&ln$ 2008 Our aLJrt wcrk has been undertaken so ihat might 51al8 to the charitable mpany'5 trustees ihose rnaller5 are required lo slate to Ihem In an Auditors. repDrt and lor no olher purpo$e To the ftJlle81 extent pefft)itted by law, do not accept or assume responsibility to any¢no Olhr than the chanl8bl8 Company and memters, as a body. lor our audil work. for th15 report. u lor the opinions ¥ have forned. WR Partner8 Chonere¢ A¢union15 Drake Hou Gadbrook Way Gadbrook Par Northwlch Cheshire CW87RA 24 Janu8ry 2025 WR Partners are eligib to ad 8$ audrtors in tern ol seuion 1212 01 thè Companies Act 2006. Page 11
LOVE MUSIC TRUST {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2024 Unrvdtricted lunds 2024 Restrscted fun¢J6 2024 Totsl fund¥ 2024 Total ftjnds 2023 Income from= Donations antj legaeJe8 Charitable actl¥itses 27,242 523,964 2.273 494.574 621,816 523,964 2,273 512, 746 470,034 1, 101 Inv¢$lm¢nts Total Incom• $53,479 494,674 1.048.053 983,281 ExndItuTe on: Charitable activitie5 513,338 521.193 1,034,631 957.585 Total expondltu 513,338 621,193 1,034,531 957.585 Net Incom•llgxpgndltur•l Translors befvleen luThJs 40,141 126,9711 126,6191 26.971 13.622 25.696 15 Not mov•m•nl In lunds 13.170 362 13,S22 25,696 R¢conclllatlon of lunds.. Total funds brought forwafd Net movernenl in funds 282.660 13.170 96,503 362 379,163 13,622 353.467 25.696 Total funds earrl•d forward 295.830 96,855 392,685 379. 163 Thè Stai•menl ol Finantsal ActNrt*$ IrdeS 011 gams and105ae5 recognised in the year. The nole$ on page3 16 to 35 loryn part of Ihese finanoal ststernents. Page 12
LOVE MUSIC TRUST IA company limited by guarant•èl REGISTERED NUMBER.. OB123495 BALANCE SHE AS AT 31 AUGUST 2024 2024 2023 Not• Flxed assets Tangl0 as$els 12 96.855 96,503 96.866 96,5Q3 Currènt assets Debtors Cash al bank and in hand 13 13,525 344.507 9,834 368,286 3S8,032 378. 120 Creditors.. amounts f¥llin9 due wthin one year 14 162.2021 (95,460) N•t currtrnt ass•ts 294830 282,660 Total 485gls less currenl Ilabllltl 392,686 379. 163 Net assèts èx¢lydlng p•n¥lon ass•t 392,685 379, 763 Total n•t ass•ts 392,685 379. 163 Charlty fund$ Restricted funds Urrestncted funds 96,855 295,830 96.503 282, 66Q Total funds 392,685 379, 163 Page13
LOVE MUSIC TRUST IA company limited by guarantee) REGISTERED NUMBER.. 08123495 BALANCE SHEET ICONTINUEDI AS AT J1 AUGUST 2024 The entity was entilled to exemption trom audrt undei secaion 477 oflhe Compan5 Ad 21x16 The members have not required Ihe enwy to obtain an audii for the yaar In questson In accordance with section 476 of the Companies Act 20C However, an audrt 1$ reqUId atX4)rdance wth section 144 of the Charitw Acl 2011. The Trustees their responsibiliS for cornplying v•th the requirements of the Act with resp1 to ¥cMuntino records and preparnlion of finanrial stalements The financial slalemEnts ha¥e been prepargd in a¢fance with Ihe provisKsns applicable lo entities subled lo the small companies regime. The financial 8latemen15 We approved and aulhorSsed lor issue by the Twslees aThJ syned on their behalf by. M2rL Humphrey5 M Humphr•ys (Chalr of Trustees) Date.. 16 Demb•r 2024 The noies on pages 16 10 35 lorm part ol these hnanwl $tslements. Page 14
LOVE MUSIC TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2024 2024 2023 Cash flows from op•ratlng attlvlties Nel cash used in operabng aclivrties 7,751 60,387 Cash flows from Investsng activitl•s Procoeds frorn the Sa 0ftangl& assets Purchase ol lan9ibl• fixed 8$sel 268 131,78BI 205 (19,841) Not ¢••h used In Investing actl¥ltl•s 131.5301 {19,6381 Cash flows frorn financlng actlvltl•s Net cash provld•d by Ilnanclnu octivltlel Chang• In ¢4sh and cash equbval•nts Sn th8 y•ar Cash and ¢a8h equivalents al the beginning of the y•ar 123,7791 368,286 40,751 327,534 Cash and cash 8quIvaftts at the ¥nd of the year 344,S06 368,285 The notes on p8ge$ 16 10 3$ lom) part of these financ¢al stsleffÉnls Page 15
LOVE MUSIC TRUST
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Charlty inlormation
Love Music Tntsst is a private company limited by guarantee inc
LOVE MUSIC TRUST {A company limite(I by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounllng polkbes Icontlnuedl 2.6 Resources expended Expenditure is recognised once there is a legal or ¢onstnJctive obligation to transfèr economic benef I lo a third party. It 15 prObae that a transfer of economic benefit5 wll be required In settlernenl. and the amount olthe obligation can be measured relwbty. Expenditure 1$ Classified by aclivty The costs of eath ath"¥rty are made up of the total ol direct cost$ and shared costs, in¢1lIng svpport costs involved in undertaking each activity. Direct costs attribulae to a single activity are allocated ¢Yireclly lo that activity Shared costs which contribuia to rnore than one activily and 5VPPOrt costs which are not attributabl• to a sirgle 8Ctivity are apportioned between those activities a bas conslstent wth the use ol resources. Central staff costs ar• allocated on the basis of tim¢ spent. 8rJ depreciation cthargas alb¢alea on the portion ol the asset's Use. Liabilities are recogNsod as eXndItUre as str)n •$ Ihere 16 a legal u eCstrUCtive obligalion committing the ch81ily to that expendrture. rt Is probable that a transfer of economic benefits will bè required in setilement an¢Y Ihe arnount of the oblig81ion can be rneasured rellay. Expenditure is accounted for on an accruals basis and has been classified under headings thai ag9règalè all cost related to the category. Where cosls cannol be diiectly attntyjied to particular headings they have been allocated to actNitlès on a bas$ consistent with the use ol re50uices Irrecoverable VAT is charget1 as a cost ag•nsl Ihe activity lor which the •xp•nditure wa8 incurred. Grants offered subiecl lo con¢Jrtions whh ha¥e not ben mei at the year end data ar8 noted as ¥ mmitrnenl bul not accrued as expendrture 2.6 Tanglble Ilx¢¢ aets and depreclatlon Tangibl8 fixed assets a knrb'ally measured at cosl and subsequènty m¢8sur¢d ai ¢ost or valuation. nel ol depreciaOn and any impaiment losses. Depreciation is charged so as lo allocat• Ihg ¢0$1 ol tangib fixed assèts kss thélr residual value over their estimated useful lives. Daprec181ion is provided on the followro basis." Fixtures, frttsngs arKI media Computers lTrstruments 15.0% reducing balance 33 3% straight line 12.5% straight line Gains and losses on disposals are determird by cornparing the proceeds wMth the carrying amount and are recognised in the Slalement of finanaal aclivths. 2.7 Impalrnient ol fixed assets At each porting end date, Ihe charitable company rev*ws the carrying amounts of its tangible assets lo determine wheiher there is any Indication that Ihose assets have suffered an irnpairmenl loss If any such indicatK)n e$1$. the recoverable arnwnt ol ihe asset is estirnated in order to determine the exlenl ol Ihe impairment knss lil any). Page 17
LOVE MUSIC TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGLIST 2024 Accountln9 policies Icontinuedl 2.8 Cash and cash equlvalents Cash and Gash equivalenls indude cash in hand. deposits held at call with banks, other short-t8mi liquid investments wrth original maturitles ol three months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowirKJs in CLKrent Iiabilibes. 2.9 Financlal Instrum•nts Thè charitable company has elected to apply the provision5 01 S•¢tson 11 '6asic Finanu81 Instruments, of FRS 102 10 all of its Iinancial Instrwnents. Financial instruments are re¢ognised In the ¢tsrrtable ¢ompanf$ balan¢ shegt 4th9n the charitable company becomes party to the ctsntrathal provi>ons of th instrument Finanual assets and li•.11¢ arè offsal. 1b net amounts pres8nted in the financi81 stalementS, when there Is a legally enforable right lo set olf the recognise(J arnounts and there is an intention to Bettle on 8 n&1 ba$ or to realise the asset and settle the Iiabilty smultaneouly 8•$i¢ Iln•nclal assets Basic finanual assets. vthich include debtors 8nd cash and bank ba18nces. 8fè Initially measured at transaction price includirtg transactirA) costs and arè subsequently earnéd at amortlsad cost using thè effective interest method unless the arrangement consiilules a financing transaction, where the transaction 15 rne8sured at thè present value of the future receipts discounted at a market rale ol intereBI Finan¢ial assets Classthed as récèivab wlhin one year are not amortised. 8851¢ finanel•l Ilabllltl•s Basic financial liabilities. induding creditors and bank loans are inibally recognised al transadion price unl6ss the arrarrfJement constrtvles a financing transaction. where the debt instrument is measured al the present value of the luture payrnent5 d15counled al a market rale of Inl¢r¥sl. Finanaal liabslities clasgfed as payable wilhin one are not arn115ed Debt instrurnents are sub5equenlly carried * amortised cost, usiNJ the effective Interest rate method. Trade creditors are obligabons to pay lor goods or services that have been acquired in the ordinary course tsl operations Irom suppliers Amounts payable are dassified as currenl118bililies if payrnenl is dLJe within one year or less. If not. they a presented as non-current liabilities. Tra¢Ye creditors a rècognised inrtialty at Iransaction price and Subsequently measured at amorti$ed cost using the elfective interest melhod Dgrecognilion of financial liabiliti•s Financial Iiabilrties are derecognise(I when the charitable company's contractual obligations expire or are alarged or canr£lled 2.10 Employ•• b•n•flts Payments to defined contn'bulion reW"rement benefrt schemes are drge as an expense as they fall due. Page18
LOVE MUSIC TRUST IA company limlted by guaranttÈl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donalions and legaclos Unr•strlcted funds 2024 Rvstdetsd Fixed a¥$et fund 2024 Total funds 2024 Donations Gran15 Other Incomir¥J r9(¢5 5.153 13,668 8.421 3,440 8.693 603,682 9,541 490.014 1.120 27.242 490,014 4.560 521,818 Unreslii¢ted funds 2023 R&sliiGt8d Fixed assgt ds lund 2023 2023 Tolgl funds 2023 Donations Gr8nl3 Other incomln9 resourcès 7.015 8.890 7.345 7.075 491,376 7.815 488.426 470 23.250 488,426 470 572, 146 Incomè from ¢harftabl• •ctlvlti Unrtstrl¢tod tund8 2021 Totsl lunds 2024 funds 2023 Progression CPDISMEP Enserllbles First Access HQME Instruments Singing 212,569 54,345 13,152 164.888 24,433 37,917 16.66 212,669 64,34S 13,152 164,888 24,433 37,917 16,660 I T6.008 56.334 12.208 152.389 25.3to 27. 738 20.047 Total 2024 523.964 523,964 470.034 Total 2023 4T0.034 470.034 Page 19
LOVE MUSIC TRUST (A company Ilmited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 In¢ome Irom Charitable acthvitie5 IGontlnuedl Investment income Unr•8tri¢ted lund8 2024 Totsl lunds 2024 Tolal 2023 Interest receivabl8 2,273 2,273 Tolal 2023 I, ioi 1, lQl Grants payabl• Grants to 8choo18 2024 Tot41 fund8 2024 Progression CPDISMEP First Acce5S 20.492 28.000 42.689 20,492 28,000 42,689 Total 2024 91.181 91,181 Grants lo schools 2023 Tolal fvnds 2Q23 Progression CPDISMEP First Access 19,084 28.OOQ 42.439 19.Q84 28.QOO 42.439 Total 2023 89.523 89.523 Page 20
LOVE MUSIC TRUST IA company limited by 9uarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysls of oxpgndllure on ¢haritsble a¢tlvllles Summary by iund type Rextrlcted fund 2024 fufids 2024 Total 2024 Progression CPDISMEP Ensembles First Accesy HQME Instrurnenls Singing 259,945 2S9,946 181.331 95,4B6 241,79S 86,704 82,727 86,S4J 181.331 95,486 11,726 88,704 51,548 86.543 230,C69 31,179 513.338 521,193 1,034,631 UnTrstncted Reslrtcteé fun(ts liinds 2023 2023 Total 2023 Continuation CPDISMEP Ensembles First Access HQME Instruments Singing 238,634 238,634 136, 550 109,034 250,5Q1 65,233 74,617 83,016 136.550 109,034 250,501 65,233 43.273 83.016 31,344 437. 106 520.479 957,585 Page 21
LOVE MUSIC TRUST IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls ol expendbture on charltsblÈ acllvltles Icontlnuedl Summary by expeDdure typo Stsff cots 2024 Doprtttl0n thherCts 2024 2024 Total 2024 Progression CPDISMEP En$eme3 First Acce 168,267 50.608 16,518 21.043 32,689 15.425 57,457 91,678 130,723 78,968 220,752 54,015 38,123 29,086 259,945 181,331 95,486 241,795 86,704 82.727 86,543 HQME Instruments Singing 31,179 Total 2024 362.007 31.179 641,345 1,034,531 Staff costs Depreciafin Oihercosls 202? 2023 2023 rotal 2023 Continualn CPDISMEP Ensembles First AcLess HQME Instruments Singing 153,367 52.204 18,814 18, 755 24.234 13.854 51,883 85,267 84,348 90,220 231, 748 40,999 29,419 31, 133 238,634 136,550 109,034 250,501 65,233 74,677 83,076 31.344 Tot812023 333.111 31.344 593. 130 957, 585 Page 22
LOVE MUSIC TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendSture by actlvltles Gr•nt fundlng of a£tiviiie% ndÈwtsken dlreetty 2024 Support costs 2024 Total fund• 2024 2024 Progressits CPDISMEP Ensemble$ First Access HQME Instrument Sin9ing 189.815 113.243 74.976 148.56S 66.983 62.436 68.228 20.492 28,000 49.638 40.088 20,510 50.541 19,721 20.291 18,315 2S9,945 181,331 95,486 241,79S 86,704 82,727 86,543 42.689 Totsl 2024 724.246 91.181 219.104 1.034,531 Aclivrfs undertaken diTrcUy 2023 Grnnl ftsndmg ol activities 2023 Support Costs 2023 Tolal lunds 2023 Continualion CPDISMEP EnSeMe8 Firsi A¢¢e$s IQME Instruments Singing 179.334 95.441 87. 109 163.591 50.294 54.305 65,723 19.084 28.000 40.216 13. IQ9 21,925 44,411 14,939 20,312 17,293 238, 634 736,550 109,034 250,501 65,233 74,617 83,016 42.439 Total 2023 695, 797 89.523 172,265 957,585 Page 23
LOVE MUSIC TRUST IA company Ilmited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Analysls of expendSture by actlvllles l¢ontlnu•dl Analys15 of dlr•tt costs ProgrÈsslo 2024 CPDtsMEP 2024 En8ernbl8a Flrnt A¢ce$8 2024 2024 HQME 2024 Staff cosls Tutor charges Inslrumenl costs Venuelevent costs mUC direction Travel and subsisten¢è Training and quality a$surare Cornmissioned parlner costs Marketing Sundry Music purcha RemissK)ns 9.022 167.087 50.608 48.195 16,518 21.043 126.532 32,689 3,760 21 6.396 31,201 2,126 6,940 28,069 33 I,oso 3.5D4 1,383 825 15.250 2.414 2.946 440 383 2.540 148 1,616 10,394 Total 2024 189.815 113.243 74,976 148,585 66.983 Page 24
LOVE MUSIC TRUST IA company Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 Analys15 01 expendlture by activitl•s Icontinuedl Analysi5 01 dlrect costs Iconllnuedl Totsl lunds 202 In•trum•nts 2024 Sln9lnq 2024 Staff costs Depreciation Tutor charges Instnjment co$ls Venuelevent costs Musi¢ dir¢thtsn Travel and subsistenc• Training and qualrty a$$uran¢e Commissioneil partner Costs Marketing Sundry Music purchase$ Remi58ions 15,425 27.444 57,457 202,762 27.444 351.441 12.446 39,660 31,201 9,267 4,329 16,250 742 9,260 3,330 17,114 5,867 12.425 25S 2.132 1,699 830 2.082 4,180 Totsl 2024 62.436 68.228 724,246 Page 25
LOVE MUSIC TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysls of expenditure by actrvltfies Icontinuedl Anafy51$ of direct costs l¢onllnu$dl ProgTrswi CPDISMEP Efisembles Ftrsl Access 2023 2023 2023 2023 HQME 2023 Staff costs Tutor charge5 Instrum•nl ¢o$ls Venuelevenl costs Music dliacti¢n Travel and subsi51ence Training an¢J qualrty assurance Cornmissioned partner costs Maikelin9 Sundry Mu51c purchas8s Curriculurn development ¢o$ls Remissions 8.435 157.855 52.204 33,647 1,293 632 18.814 1,977 476 8.376 31. 726 18, 755 143,876 24,234 3,413 1.805 20,332 276 1.227 2, 789 499 848 19.5C 57 557 494 1.238 2,249 35 1.365 279 316 461 881 9,231 1,488 Total 2023 179,334 95,441 87, 109 163.591 50.294 Page 26
LOVE MUSIC TRUST IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of oxpendlture by activiti•s {contlnuodl Analysis of direct Costs (Conned) Tolal lunds 2023 Instwments 2023 Sift9 2023 Staff costs DeprerAation and impaimient Tutor charge$ Inslrurnenl cosis Velluelevent costs Music direction Tfavèl and $ubsi5tence Training and quality a55urance COMMI10ned partn81 Costs Marketing Sundry Music pur¢h85QS Curriculurn development costs Remission$ 13.854 28, 132 51,883 188, 179 28, 132 347, 724 10,596 32,369 31,726 10.848 2. 789 6.956 8.827 1.224 2.092 1.806 19,50Q 645 31 1,225 2,598 5.589 4,216 1,365 12,119 1.400 Tot&1 2023 54,305 65, 723 695, 797 Page 27
LOVE MUSIC TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls ol expendlturè ty actfv6tles Icontlnuedl Analysis of dir•ct costs l¢ontinu¢dl Analys1$ of support costs Totsl Tol81 funds 2023 2024 Staff costs Depre¢ialt*n Insurance 1S9,246 3.736 4,385 6,661 1.159 2,327 12,368 6,63S 6,901 99 466 8,733 9,600 144.932 3.2t2 (79. 780) 6. 148 1.117 2.818 12.637 4, 748 5,034 128 253 8,698 2,320 IT software and ¢on$um8bles Sundry Postage aDd stationary Rent and pr&mise$ costs Repairs and renewals Telephonè Ènd Intèrnet Staff d8v&lopment Advertisir Professional fees Auditors I Independent examina"On lee 219.104 172,265 Audltora. r•mun•ratlon The audilO@' remuneration amounts to an auditor fee of £8,000 (2023 _ £-l. and prepar8tion of finanaal stslernenls of £1.50012023- £1.43 10. Staff costs 2024 2023 Wages and salaiies Stxial securrty etssts Contribution to defined contnbubON pension schemes 278.841 27,534 55.632 257.948 22.352 52.811 362,007 333,111 Page 28
LOVE MUSIC TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEPIENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Stsff costs Icontinuedl The average number ol per30n8 ernployed by Ihe Company during the year wa5 a5 fdb*s.' 2024 2023 Management Charitable Activities Support No employee rec•i¥ed remuneralion amounting lo rn0 than £60.0)O in either Or. 11. Trust••s' r•mun•ratlon and expens•s During year. no Tru8iee$ received any Mu•raon or other benefils 12023- £NILJ Durin9 year eDded 31 Augus12024. no Truslee exFen8e5 h8¥e been Incurred (2023- £NIL}. 12. Tungible fixed assets FSxtures and fittings Computer Other fixed equlpment ass•ts Total Cost or valuatlon Al 1 September 2023 AdditnS Disposa15 20,028 19.2S1 8,214 412,779 23,S74 18951 452,058 31.788 18951 At 31 Au9USt 2024 20.026 27.465 435.4S8 482,951 Depreciatlon At 1 September 2023 Ch8rgÈ foT year On disposals 13,401 16.394 2,740 325,760 27,444 16371 355.555 31.178 16371 At 31 August 2024 14.395 19,134 352.567 386,096 Page 29
LOVE MUSIC TRUST IA company limited by guarantse) NOTES TO THE FINANCIAL STATEkqENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Tangible fixed asseis Icontinuedl Flxtures and rittings Compuier equiprnent Other lfjxed 0$$8ts Total Net book valu¢ Al 31 August 2024 5.633 8,331 82,891 96,855 Al 31 August 2023 6.627 2.857 87.019 96,503 13. Debtors 2024 2023 Due wlthin on• yeai Trade deblo¢s 4.21S 2,833 6,477 1,431 3,499 4,904 Other der)lors Prepayments aNI accruod Income 13.526 9.834 14. Credltors: Amounts falllng du• wrthln one y•ar 2024 2023 Trade credrtors Other taxaton and swal securrty Other cre¢Jitors Accrua15 and delerred income 15,832 4,032 4,062 38.276 25, 747 3, 743 2, 635 63, 935 62.202 95,460 Page 30
LOVE MUSIC TRUST IA company Ilmitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDEO 31 AUGUST 2024 15. Statement of funds Statèment of funds-eurrent yeaf Balance at 1 Sèptember 2023 Balance at 31 August 2024 Transl•r* Inlout Income Expenditur• Unrestrf¢lgd lund$ Unrestricted funds 282,660 553.479 {513.3381 126,9711 295.830 Restrlcted funds Arts Coundl 490.014 1490,0141 Flxed a$sets Fi¥ed assets 96,503 4.560 131,1791 26,971 96,855 Totsi Restrlcted funds 96.503 494.374 1621,1931 28,971 96.855 Totsl of funds 379.163 1,048.063 11.034,5311 392,685 Page 31
LOVE MUSIC TRUST IA company limtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Icorntlnuedl stst$m•nt of funds- prSor year 8alance al I Septemtje 2022 Balance al 31 Augu51 2023 Transfers in/oul Income Expendku Unrestrf¢ttd fund¥ Unrestn'¢ted fund$ 244.545 494.385 1439.8481 116,422) 282,660 Rg$trlct•d funds Art8 Coun¢ll 709 488,426 (489, 135) Flxed assgt fund Fixed assets 108,213 (28, 132) 16,422 96,5Q3 Total Restrkted funds 108.922 488,426 (517,267) 16,422 96.503 Total of lunds 353.467 982,811 {95T,1151 379, 763 16. Anaty$ of n•t a$$¢ts bètwthn funds Analysls ol net a$sttis b•tw••n funds- currant pedod Unrestricled funds 2024 Flxed asiet ds 2024 Total fundB 2024 Tangible fixed assets Current H&8ets Creditors due wrthin one year 96,855 96.865 353.676 167,8461 353.676 157.8461 Total 295,830 96,855 392,685 Page 32
LOVE MUSIC TRUST (A c¢)mpany lTrmited by guarantee) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. AnalysL8 of n•t ass•ts ts¥¢en fund5 Icontlnuedl Analysls of net as$9ts belween funds- prior perlod un$tricI& lund5 F8<* asset funds Tol funds 2023 2023 2023 Tangible fixed assets Current assets Creditors due vdthin year 98.503 96,5Q3 3T8. 720 {95,4601 378. 120 (95,460) Totsl 282,660 96,503 379, 763 17. Reconclllallon of net mov•mont In funds to n•t cash flow from operating actlvlt 2024 2023 Nel Inco for the period 18s per Siatement ol Finanoal A¢twiiSI 13,S22 25.696 Adjustments lor: Deprèciation Charges Decrease in debtors Decrease In credilor$ 31,178 66S 137,6141 31.345 3.619 (273) N•t cash pro¥ld•d by op¢r•tlng actlvltl 7,751 60.387 18. Analysls of cash and cash equlval•nts 2024 2023 C8sh in hand 344.507 368,286 Total cash and cash equlvalents 344,507 368.286 Page 33
LOVE MUSIC TRUST {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Analysis of chang8s in net debt At1 Séptsmber 2023 At 31 August 2024 Cash llows Cash at bank and In hand 368,286 123,7791 344,507 368,286 123,7791 344,507 P•nslon commitm•nts The group operates a ¢Jelined conlribulion pen510n scheme. The assels ol the scheme are held separately frorn Iho$e ol the company in an independently 8dm¢nistered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £33.086 12023 - £31.6681 Thg contributions payable to the fund at thè balanc& she81 date are induded in credrtors. The pension ¢rodllors at the balance sheet dale were £4.06212023 - £2.6351 21. Oporatlng leas¢ ¢ommiim*nts At 31 August 2021 the Company h&J ¢¢mmitmÈnts to make future minimurn ase paymeni$ under nèn-c8n¢ell•ble operating le8se8 a5 lollows.. 2024 2023 Not latef than 1 year Later than 1 year and not later thaft 5 Or$ 556 696 270 1.252 270 Page 34
LOVE MUSIC TRUST IA company limlted by guarants81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Related party tran$adlons The charily ha5 the f¢llov4ing relaled party tranSaCtn$ during the f1n8n¢ial year. in compliant wth FRS 102 Section 33 Trustees and key managèmÈnl personnel are considered lated parts, as well as entilie5 Wrth which trustees htsbd svJnifKaDt InflLnt or ¢<trOl. The folllI¥j Iransaction5 Wth RL8ted parties ocrTed during year. Emma Clath. Trustee of the chanly Sa5 of 5erwKe5 to Erth Hall Primary School. where Emma clath holds Irectorship, arnounled to £15,211. Pvrthases of 58rwces from the same in$trtution amounted lo £182. TheTe no OLrtslandiny b8larKes at yegr end. Jane Cthvell Trustee of the eharily and chair of Ihe governor board at RÈ8sehe•ih Comege, where 8he is deemed to hold si9nifiunl conllol No transa¢tiOll5 occue¢ %%h Reaseheaih Cole. however. s81eB ol serye$ lo Jane Cowell person•lly arnounted to £200. th no eutstanding balance at ye•r end. S8r8h Eurn$. Tfu51ee of the ch8nly arnl Qireclorat Sandbach s(1, ¥vhich •lso sel8 member ¢1 Love Music Trusl and Inu$ the ullirnaie controllin9 party Sa5 to Sandbach Sthool totald £164. Whi purchase5 of seryiee6 r £ioe.407, £B.034 o*d 10 Sarbobach SchMI at Ihe end ofthe fin8nc4al yoar. Page 35