## **TRUST MUSIC**
CHARITABLE INCORPORATED ORGANISATION Registered Charity Number: 1156540
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**CONTENTS**|**PAGE**|
|---|---|
|Charity Information|1|
|Trustees’ Report|2|
|Accounting Policies|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6|
|Independent Accountants Report|7|
1
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **CHARITY INFORMATION**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
_**TRUSTEES**_ :
Ian Southern (Chair) Rob Tinniswood (Vice Chair/ Treasurer) Jacqueline Tinniswood (Secretary) Carolyn Baxendale (Education Adviser) Daniel Chandler David Greenhalgh Jane Hampson Rachel Carr Steevie – Leigh Crossley David Porter Sheila Tonge
_**REGISTERED CHARITY NUMBER**_ : 1156540 _**PRINCIPAL SERVICE ADDRESS**_ : Trust Music Mere Hall Merehall Street Bolton BL1 2QT _**BANKERS**_ : NatWest Bank 32 Market Street Leigh WN7 1DX _**ACCOUNTANTS**_ : DonnellyBentley Limited Hazlemere 70 Chorley New Road Bolton BL1 4BY
2
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Trust Music was registered as a charitable incorporated organisation in the North West of England on 7 April 2014 and is governed by its constitution. The Charity registered number is 1156540. The Charity is non-profit making and its trustees are volunteers.
The trustees are appointed by the members of the organisation at the Annual General Meeting. Trustees have the power under the governing documents to co-opt individuals who support the objects of the organisation to fill vacancies on the Board of Trustees.
As part of their induction, any new trustees are provided with information about the charity, the management structure, its history and working practices. In addition, they are also provided with information from the Charity Commission regarding the duties and responsibilities of trustees.
## **OBJECTIVES AND ACTIVITIES**
To advance the education of children, young people and the public in music in all its aspects so as to build confidence, raise aspirations and strengthen local communities. Our aim is to create an inclusive environment for all children through music, from our work in the community, we provide practical and financial support for music projects which raise aspirations and enable young people to fulfil their potential. We develop strategic partnerships, and work closely with our supporters to develop the case for continued investment in music education.
## **PUBLIC BENEFIT**
We have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees have considered the activities of the Charity as set out in the ‘Objectives and Activities’ section above, and the ‘Achievements and Performance in the Year’ and assessed their future plans. They are satisfied that the criteria for public benefit are comprehensively achieved.
## **ACHIEVEMENTS AND PERFORMANCE IN THE YEAR**
In 2024 the Trustees expressed a wish to continue to support three main programs with funding.
1. Furthering Talent The Furthering Talent Program was a huge success throughout 2023 and continued throughout 2024, supporting young children from low income families to access music and learn an instrument. The Charity hosted two concerts showcasing the progress of the children involved. The Charity supported this project with £15,000, awarded to Bolton Music Service to deliver. Everyone selected for the program receives weekly instrumental tuition for a minimum of two academic year, as well as wider help for their musical progression in the form of an Individual Learning Plan. They also receive a bursary to support their ongoing progression.
2. The Muster Trust Scheme This is a scheme run by Bolton Music Service, funded by Trust Music and the Muster Trust (each giving £5,000 to the scheme) to fund talented young musicians in need of financial support. The awards help support young musicians achieve their aims by funding their educational fees and
**TRUST MUSIC**
2.1
## **CHARITABLE INCORPORATED ORGANISATION**
## **REPORT OF THE TRUSTEES (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
subsidising concerts to ease their transition from student to professional life. Well respected in the classical music world, this scheme makes a real and significant contribution to the advancement of talented young musicians.
1. Bursary Scheme
The Trust Music Bursary Scheme awards bursaries, to families who apply on a means tested basis, to support the costs of individual music lessons, examination fees and instrument costs for students. In the last couple of years, the number of applications from genuine applicants has risen significantly as families struggle with the costs associated with learning a musical instrument. These bursaries allow children to learn a musical instrument with a professional musician and attend ensembles each week. The Charity was pleased to be able to support the Bursary Scheme with £12,500 in 2024.
## **RESERVES POLICY**
It is the policy of the Charity to maintain unrestricted funds, which are free reserves of the Charity, at a level which as a minimum equates to approximately three months operating expenditure. A reserve in the order of £2,500 is considered sufficient since the Charity has little in the way of overheads and this would allow the Charity to react to changes in funding in a constructive manner.
## **FINANCIAL REVIEW**
|The profit for the period was
To which is added the surplus brought forward
Leaving a surplus carried forward of|£
10,546
11,661
22,207|
|---|---|
## **TRUSTEES**
The Trustees who served during the year are listed below:
Ian Southern (Chair) Rob Tinniswood (Vice Chair, Treasurer) Jacqueline Tinniswood (Secretary) Carolyn Baxendale (Education Adviser) Daniel Chandler David Greenhalgh Jane Hampson Julie Hilling – Resigned 21.03.2024 Rachel Carr – Appointed 29.03.2023 Steevie – Leigh Crossley – Appointed 29.03.2023 David Porter – Resigned as Chair 11.01.2024 Sheila Tonge – Appointed 12.09.2024
2.2
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **REPORT OF THE TRUSTEES (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **TAXATION**
The Trustees are of the opinion that as a charity the organisation will be exempt from taxation, and will be granted exemption by the Inland Revenue under the provisions of section 505 of the Income and Corporation Taxes Act 1988.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **APPROVED BY THE TRUSTEES AND SIGNED ON BEHALF OF THE TRUSTEES BY:**
………………………………………… Robert Tinniswood - Trustee
Date: 24/04/25………………………………..
3
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **ACCOUNTING POLICIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
The principal policies adopted in the Financial Statements are set out below.
## **BASIS OF ACCOUNTING**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2022) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
## **FUND ACCOUNTING**
Unrestricted funds represent the accumulated funds of the charity that are not subject to any restrictions regarding their use, and are available in the furtherance of the general objectives of the charity.
Designated funds are designated by the Trustees for particular purposes, and are also unrestricted, as these monies can be re-assigned by the Trustees if so required.
## **INCOME**
All income is included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Income includes grants in respect of revenue and capital items.
## **EXPENDITURE**
Expenditure is recognised on an accrual basis as a liability is incurred.
- Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
- All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the end of the year are noted as a commitment, but not accrued as expenditure.
3.1
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **ACCOUNTING POLICIES (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **TAXATION**
No provision has been made for taxation as exemption from taxation is being granted by the Inland Revenue under the provisions of Section 505 of the Income and Corporation Taxes Act 1988.
## **VAT ACCOUNTING**
The Charity is not liable to be registered for VAT. Irrecoverable VAT on expenditure is not analysed separately but attributed to the category of expenditure on which it is incurred.
## **CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **CREDITORS AND PROVISIONS**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
## **CASH FLOW STATEMENT**
The Board of Trustees have elected to take advantage of the exemption under Update Bulletin 1 of the Charities SORP (FRS 102) not to prepare a cash flow statement.
## **GOING CONCERN**
The trustees have reviewed the circumstances of Trust Music and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The trustees are of the view that the charity is a going concern.
## **JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
The preparation of these financial statements require certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
4
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR 31 DECEMBER 2024**
|**Note**
**Income:**
_Donations_
_Income from charitable activities:_
Fundraising
**Total income**
1
**Expenditure:**
_Expenditure on charitable activities_
_Administrative expenditure:_
Accountancy
Professional fees
Website costs
Bank charges
Depreciation
Loss on disposal of fixed assets
**Total expenditure**
2
Net income/(expenditure) and net
movement in funds for the period
Transfer between funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**BUR010**
**GRA002**
**Total**
**31/12/2024**
**Total**
**31/12/2023**
£
£
£
£
£
13,910
750
14,660
18,848
7,478
-
31,000
38,478
5,500|
|---|---|
||21,388
750
31,000
53,138
24,348|
||28,958
750
11,750
41,458
29,656
1,040
-
-
1,040
1,620
-
-
-
-
48
-
-
-
-
288
94
-
-
94
89
-
-
-
-
-
-
-
-
-
-|
||30,092
750
11,750
42,592
31,701|
||(8,704)
-
19,250
10,546
(7,353)
-
-
-
-
-
11,661
-
-
11,661
19,014|
||2,957
-
19,250
22,207
11,661|
BUR010 and GRA002 are Restricted Funds.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
5
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2024**
|||**As at 31/12/2024**|**As at 31/12/2024**|**As at 31/12/2023**|**As at 31/12/2023**|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|**£**|**£**|
|CURRENT ASSETS||||||
|Debtors|3|-||-||
|Cash at bank and in hand||24,318||13,426||
|CREDITORS: AMOUNTS||||||
|FALLING DUE WITHIN ONE|4|(2,110)||(1,765)||
|YEAR||||||
|NET CURRENT ASSETS||22,208|||11,661|
|TOTAL ASSETS LESS
CURRENT LIABILITIES||22,208|||11,661|
|Represented By:||||||
|FUNDS||||||
|Restricted funds||19,250|||-|
|Unrestricted funds||2,958|||11,661|
||5 & 6|22,208|||11,661|
The financial statements on pages 3 to 6.3 were approved by the trustees and signed on their behalf by:-
…………………………………………
Robert Tinniswood - Trustee
………………………………………… Carolyn Baxendale - Trustee
Date: 24/04/25………………………………….
6
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. INCOME**
The income is entirely attributable to the Charity’s principal aims and objectives.
The operating surplus is stated after:
|Trustees remuneration
_Income from donations:_
Donations less than £250
Donations more than £250
_Income from charitable_
_activities:_
Event ticket sales
Book sales
Backstage Trust Award
Grants – General Funds
Grants – Further Talent
Scheme|**Year**
**Year**
**Ended**
**Ended**
**31/12/2024**
**31/12/2023**
**£**
**£**
-
-
**Unrestricted**
**BUR010**
**GRA002**
**Total**
**31/12/2024**
**Total**
**31/12/2023**
**£**
**£**
**£**
**£**
**£**
6,627
-
-
6,627
9,199
7,283
750
-
8,033
9,649
7,478
-
-
7,478
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,500
-
-
31,000
31,000
-|**Year**
**Year**
**Ended**
**Ended**
**31/12/2024**
**31/12/2023**
**£**
**£**
-
-
**Unrestricted**
**BUR010**
**GRA002**
**Total**
**31/12/2024**
**Total**
**31/12/2023**
**£**
**£**
**£**
**£**
**£**
6,627
-
-
6,627
9,199
7,283
750
-
8,033
9,649
7,478
-
-
7,478
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,500
-
-
31,000
31,000
-|
|---|---|---|
||21,388
750|31,000
53,138
24,348|
Restricted Funds:
BUR010 – Bursary Fund J Minshul GRA002 – Grants Received – Furthering Talent Scheme
6.1
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. EXPENDITURE**
|**Direct costs:**
Choir festival expenses
Choir costs
Concert costs
Contract staffing
Bursaries
Tutor fees
Consultancy
Cultural consultancy
Project support
Staff costs
Travel expenses
Venue hire
Outreach work
Donations
**Support costs:**
Insurance
General expenses
Website costs
Cleaning costs
Repairs and renewals
Stationery
Telephone
Computer costs
Electricity
Rates and water
Subscriptions
Marketing
**Governance costs:**
Accountancy
Professional fees
**Finance costs:**
Bank charges
**Depreciation:**
Improvements to property
Fixtures and fittings
Instruments and equipment
**(Profit)/Loss on disposal:**
Improvements to property
Fixtures and fittings
Instruments and equipment|**Unrestricted**
**BUR010**
**GRA002**
**Total**
**31/12/2024**
**Total**
**31/12/2023**
**£**
**£**
**£**
**£**
-
-
-
-
-
1,500
-
-
1,500
500
-
-
-
-
400
-
-
-
-
-
-
750
11,750
12,500
3,750
-
-
-
-
-
3,150
-
-
3,150
350
-
-
-
-
-
20,000
-
-
20,000
20,000
-
-
-
-
-
-
-
-
-
-
880
-
-
880
3,020
-
-
-
-
-
-
-
-
-
-
308
-
-
308
263
1,433
-
-
1,433
77
-
-
-
-
288
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
615
-
-
615
307
-
-
-
-
-
-
-
-
-
-
989
-
-
989
989
84
-
-
84
-
1,040
-
-
1,040
1,620
-
-
-
-
48
94
-
-
94
89
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|
||30,093
750
11,750
42,593
31,701|
6.2
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE PERIOD ENDED 31 DECEMBER 2024**
|**3.**|**DEBTORS**|||
|---|---|---|---|
|||**As at**|**As at**|
|||**31/12/2024**|**31/12/2023**|
|||**£**|**£**|
|Trade debtors||-|-|
|Other debtors||-|-|
|||-|-|
## **4. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR**
||**As at**|**As at**|
|---|---|---|
||**31/12/2024**|**31/12/2023**|
||**£**|**£**|
|Accruals|1,610|1,530|
|Trade creditors|235|235|
||2,110|1,765|
## **5. ANALYSIS OF MOVEMENTS OF FUNDS IN THE PERIOD**
|INCOME
EXPENSES
TRANSFERS BETWEEN
FUNDS
FUNDS AT START
CLOSING BALANCES|**Unrestricted BUR010**
**GRA002**
**Total**
**31/12/2024**
**Total**
**31/12/2023**
**£**
**£**
**£**
**£**
**£**
21,388
750
31,000
53,138
24,348
30,093
750
11,750
42,593
31,701|
|---|---|
||(8,705)
-
19,250
10,545
(7,353)
-
-
-
-
-
11,661
-
-
11,661
19,014|
||2,956
-
19,250
22,206
11,661|
6.3
## **TRUST MUSIC**
## **CHARITABLE INCORPORATED ORGANISATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE PERIOD ENDED 31 DECEMBER 2024**
## **6. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Fund balances at 31 December 2024 are represented by:
|Tangible fixed assets
Current assets
Current liabilities|**Unrestricted BUR010**
**GRA002**
**Total**
**31/12/2024**
**£**
**£**
**£**
**£**
-
-
-
-
5,066
-
19,250
24,316
(2,110)
-
-
(2,110)|
|---|---|
||2,956
-
19,250
22,206|
Fund balances at 31 December 2023 are represented by:
|Tangible fixed assets
Current assets
Current liabilities|**Unrestricted BUR010**
**GRA002**
**Total**
**31/12/2023**
**£**
**£**
**£**
-
-
-
-
13,426
-
-
13,426
(1,765)
-
-
(1,765)|
|---|---|
||11,661
-
-
11,661|
## **7. TRANSACTIONS WITH TRUSTEES**
There have been no transactions with Trustees during the period. None of the Trustees received any remuneration or expenses for their services during the period.
## **8. RELATED PARTY TRANSACTIONS**
There are no related party transactions in the year.
## **9. CAPITAL COMMITMENTS**
The Charity had no capital commitments at the year end.
## **10. ULTIMATE CONTROLLING PARTY**
The Charity is under the control of the Board of Trustees.
**INDEPENDENT EXAMINERS’ REPORT TO TRUST MUSIC**
7
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
I report on the accounts of Trust Music for the year ended 31 December 2024, which are set out on pages 1 to 6.
## **Respective responsibilities of the Trustees**
The Trustees are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- Examine the accounts under section 145 of the 2011 Act;
- To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
- To state whether particular matters have come to my attention.
- To adhere to the FRC Ethical Standard when conducting review engagements, including “Provisions Available for Small Entities” as described in the circumstances set out in note 11 to the financial statements.
## **Basis of Independent Examiner’s report**
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
7.1
## **Independent examiner’s statement**
Since the gross income for the year exceeds the amount provided in section 145(3) of the Act, I confirm that I am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below.
In connection with my examination, no matter has come to my attention:
- 1 which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Alexander Stewart Howarth**
## **BA (Hons) FCA**
**DonnellyBentley Ltd, Chartered Accountants and Registered Auditor Hazlemere, 70 Chorley New Road, Bolton, BL1 4BY**
24 April 2025