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← Incorporated Society Of Musicians Trust

2024-08-31-accounts

Company number: 9296727 Charity number: 1160261

INCORPORATED SOCIETY OF MUSICIANS TRUST

DIRECTORS’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

CONTENTS

Legal and Administrative information 1-2
Directors' report 3-7
Independent examiner’s report 8-9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12-17

INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024

Directors and Trustees Vick Bain Pauline Black Dr Marius Carboni Dr Michelle Castelletti (resigned 20 June 2024) Nicolas Chisholm MBE Professor Christopher Collins Dr Kirsty Devaney Dr Paul Edlin Ivor Flint (Treasurer) Professor Stephen Goss Deborah Keyser Eugene Monteith Professor David Smith Nicky Spence (Chair) Dr Jeremy Huw Williams Bushra El-Turk Company secretary Deborah Annetts Company registered number 9296727 Charity registered number 1160261 Registered office 4-5 Inverness Mews London W2 3JQ (and principal office)

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024

Independent examiner James Mathieson FCA
Lindeyer Francis Ferguson Limited
Chartered Accountants
North House
198 High Street
Tonbridge
Kent TN9 1BE
Bankers NatWest Bank plc
Baker Street
London, W1U 6AT
Solicitors Bates Wells Braithwaite
10 Queen Street Place
London
EC4R 1BE

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Directors (who are also Trustees of the charity for the purposes of the Charities Act 2011) present their annual report together with the financial statements of Incorporated Society of Musicians Trust (‘ISM Trust’ or ‘the Trust’) for the year ended 31 August 2024. The Directors confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of “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 2019) (Charities SORP (FRS 102)).

Structure, governance, and management

The ISM Trust, which is a Company Limited by Guarantee, was incorporated on 5 November 2014. It was set up by the Council of the Independent Society of Musicians (‘ISM’), formally the Incorporated Society of Musicians (‘ISM’) and received its charity status on 30 January 2015. It is governed by its Articles of Association. The management of the charity is the responsibility of the Board of Directors. The Directors are appointed by the members and the sole member of the charity is the ISM (a company limited by guarantee, registered number 36882). On a regular basis new Trustees are appointed to the charity and they are identified on the basis of their skills and their knowledge of the music sector.

In 2015, the ISM Trust became the sole corporate trustee of the Benevolent Fund of the Incorporated Society of Musicians (‘ISM Members Fund’, a charitable trust). The three organisations, namely the ISM, the ISM Trust and the ISM Members Fund, work closely together and are operating under the name “the ISM Group”.

Objectives and activities

The objects of the ISM Trust are to:

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Professional development was delivered by the ISM Trust through webinars, webcasts, a regional seminar, and resources. The Directors had due regard to the Charity Commission’s guidance on public benefit when setting objectives and planning activities. A number of ISM staff delivered services on behalf of the Trust: none of them were employed by the Trust. The work of the Trust was also supported by the Senior Leadership Team and the Trust’s Board.

Achievements and performance

In the 2023-24 financial year the Trust focused on delivering a new ground-breaking digital resource, including Breaking the Singing Barrier (delivered in partnership with Voices Foundation) and 14 webinars on subjects such as tax, flexible working, Ofsted, advocating for music in your school, arranging and composing, and engaging D/deaf musicians in music-making.

In February 2024, we launched Breaking the Singing Barrier, a new, free resource aimed at helping teachers to understand and overcome the barriers to singing for children, young people and adults of all cultures and backgrounds. The resource was delivered in partnership with the Voices Foundation and supported by the Schools Music Association (SMA). The online resource included webinars from leading voices in the music education sector and 20 bite-sized videos full of support from singing specialists and tips on topics such as:

The webinars were attended by 147 people live and replayed a total of 1000 times on YouTube. In total, the resource has been accessed over 3000 times since its launch. It has been shortlisted for Outstanding Music Education Resource at the Music & Drama Education Awards 2025.

Webinars, seminars and partnerships

A total of 14 free webinars were held across the year, attracting 631 live attendees and 4,560 views overall. Webinars included the Breaking the Singing Barrier series, arranging and composing using Dorico 5, coping with hearing loss as a musician, synthesis in music production, advocating for music in schools, engaging D/deaf musicians in music-making activities, and flexible working for parents and careers in the music sector.

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

In terms of in-person sessions, the ISM Trust delivered one session at the MTA conference on the Primary Music Toolkit.

Future activity

The Trust's future programme includes the release of new and updated National Curriculum documents (due early 2025) and free webinars including on the new National Curriculum resources, on accessing music technology at primary education level, and teaching children on the autism spectrum.

Compliance

The ISM Trust is registered as a data controller in its own right at the Information Commissioner’s Office (ICO). All ISM staff working on Trust activities are bound by the provisions of the ISM Group Data Governance Policy introduced across all ISM Group companies in 2018 as part of our activities to ensure compliance with the General Data Protection Regulation (EU) 2016/679 (‘GDPR’) and the Data Protection Act 2018. The Trust was also registered with the Fundraising Regulator and in accordance with Charity Commission guidance further training in trustee duties and charity governance was provided to Trustees in 2020. New Trustees received guidance in relation to trustee duties and charity governance during the course of the year.

Financial Review

Overview

During the reporting period, total income increased by 22.8% compared to the previous year, reaching £86,053 (2023: £70,094), while expenditure decreased slightly by 1.4% to £56,134 (2023: £56,926). This resulted in a surplus of £29,919 (2023: £13,168), exceeding the budgeted figure. The ISM Trust derives its income from three primary sources: membership subscriptions, professional development activities, and donations and legacies.

Income

The Trust generated a total income of £86,053 during the reporting period, with the majority sourced from donations and legacies, supplemented by membership fees and income from charitable activities. Donations and legacies increased, with £77,237 received during the year (2023: £55,897), including

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

a £75,000 contribution from the ISM (2023: £50,000) to support the Trust's activities. The Trustees are deeply grateful for the generosity of all donors and would like to acknowledge a legacy received from the estate of Annemauraide Hamilton.

Membership subscriptions income grew to £4,011 during the reporting period (2023: £3,752), supported by a 19% increase in membership numbers, which rose to 186 by August 2024. The ISM Trust also launched a new resource, Breaking the Singing Barrier , with sponsorship from the School Music Association (SMA), of £1,781. This, along with income from other professional development activities, contributed to total income from charitable activities of £4,805 (2023: £10,445).

Expenditure

Total expenditure for the year amounted to £56,134, with £54,833 allocated to charitable activities (2023: £54,216). A key driver of this expenditure was the launch and delivery of the Breaking the Singing Barrier resource, which formed part of the Trust's ongoing commitment to education and professional development.

Reserves

The ISM Trust’s reserves policy ensures that normal operations can continue for up to four months in the event of an income shortfall, while also accounting for potential risks and contingencies. As of 31 August 2024, the Trust held £94,947 in unrestricted reserves (2023: £65,028), equating to over 20 months of annual expenditure for 2023-24. This figure significantly exceeds the target range, providing a strong foundation to support upcoming conferences, events, and new educational resources aimed at developing the professional capacity of the music industry.

Statement of Directors' responsibilities

The Directors (who are also Trustees of the charity for the purposes of the Charities Act 2011) are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 Companies Act 2006. 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.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the Directors of the ISM Trust on 13 February 2025 and signed on their behalf by:

Nicky Spence Chairman of the ISM Trust

Deborah Annetts

Chief Executive Officer

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

INDEPENDENT EXAMINERS’ REPORT TO THE DIRECTORS OF INCORPORATED SOCIETY OF MUSICIANS TRUST

I report to the trustees on my examination of the accounts of the Incorporated Society of Musicians Trust (‘the charitable company’) for the year ended 31 August 2024.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company 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 charitable company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

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:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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INCORPORATED SOCIETY OF MUSICIANS TRUST (A company limited by guarantee)

INDEPENDENT EXAMINERS’ REPORT TO THE DIRECTORS OF INCORPORATED SOCIETY OF MUSICIANS TRUST

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.

James Mathieson FCA

Lindeyer Francis Ferguson Limited

North House, 198 High Street Tonbridge Kent TN9 1BE Date: 17 February 2025

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(ISM Trust)

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Income from:
Donations and legacies
Charitable activities
Other trading activities
Total income
2
Expenditure on:
Raising funds
Charitable activities
Total expenditure
3
Net income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2024
£
77,237
4,805
4,011
86,053
1,301
54,833
56,134
29,919
65,028
94,947		 2023
£
55,897
10,445
3,752
70,094
2,710
54,216
56,926
13,168
51,860
65,028

There were no restricted funds in the current nor preceeding period.

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(ISM Trust)

(A company limited by guarantee)

BALANCE SHEET AS AT 31 AUGUST 2024

Notes
£
Current assets
Debtors
193
Cash at bank and in hand
101,578
101,771
Creditors: amounts falling due within
one year
6
( 6,824)
Net current assets
Total net assets
Funds of the charity
Unrestricted funds		 2024
£
94,947
94,947
94,947		 £
251
74,875
75,126
( 10,098)		 2023
£
65,028
65,028
65,028

For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 13 February 2025 and signed by:

Nicky Spence Deborah Annetts Chairman of the ISM Trust Chief Executive

Company registration number: 9296727

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are presented in pounds sterling and rounded to the nearest pound.

Incorporated Society of Musicians Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

1.2 Group reporting

The charity has taken advantage of the exemption under section 399 of the Companies Act 2006 and section 139 of the Charities Act 2011 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the charity as an individual entity and not about its group.

1.3 Status

The charity is a company limited by guarantee, incorporated in England and Wales. The address of the registered office is 4-5 Inverness Mews, London, W2 3JQ. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.4 Income recognition

Income is recognised once the charity has entitlement to income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. For donations this is usually on receipt. Professional development fee income is recognised in the period in which the services are performed.

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1.4 Income recognition (continued)

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

1.5 Resources expended

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably. It is inclusive of any VAT which can be recovered.

Expenditure has been included under expense categories that aggregate all costs for allocation to activities. Support costs are those incurred in support of expenditure on the objects of the charity, and have been allocated between charitable activities and costs of raising funds on the basis of direct staff costs.

1.6 Financial instruments

The charity has financial instruments of a kind that qualify as basic financial instruments. The charity's short term debtors and creditors are recognised at settlement value.

1.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(ISM Trust)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2
Income
Donations and legacies:
Donations from Independent Society of Musicians
Legacy income
Other donations
Charitable activities
Professional development fees
Other trading activities
Membership subscriptions
Total income
3
Expenditure
2024
2024
Direct
costs
Support
costs
£
£
Raising funds
Membership services
1,240
61
Charitable activities
Professional development
31,219
23,349
Promotion of the arts
105
160
31,324
23,509
32,564
23,570		 2
Income
Donations and legacies:
Donations from Independent Society of Musicians
Legacy income
Other donations
Charitable activities
Professional development fees
Other trading activities
Membership subscriptions
Total income
3
Expenditure
2024
2024
Direct
costs
Support
costs
£
£
Raising funds
Membership services
1,240
61
Charitable activities
Professional development
31,219
23,349
Promotion of the arts
105
160
31,324
23,509
32,564
23,570		 2024
£
75,000
2,187
50
77,237
4,805
4,011
86,053
2024

Total
costs
£
1,301
54,568
265
54,833
56,134		 2023
£
50,000
5,729
168
55,897
10,445
3,752
70,094
2023
Total
costs
£
2,710
52,439
1,777
31,324
23,509		 54,216
32,564
23,570		 56,926

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INCORPORATED SOCIETY OF MUSICIANS TRUST

(ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3
Expenditure (continued)
Direct costs
Wages and salaries
Employer's national insurance contributions
Employer's pension contributions
Professional development
Membership services
Consultancy fees
Seminars
Webinars
Advertising
Other
Support costs
Wages and salaries
Employer's national insurance contributions
Employer's pension contributions
Advertising
Management charges
Irrecoverable VAT
Administration
Governance:
Legal and professional fees
Independent examiner's fee		 2024
£
13,017
1,460
976
8,588
1,200
-
700
5,019
1,488
116
32,564
2024
£
11,683
1,328
1,098
376
6,008
573
39
170
2,295
23,570		 2023
£
14,644
1,634
1,309
6,248
994
105
1,042
2,744
2,466
221
31,407
2023
£
11,539
1,331
1,123
1,613
5,884
969
465
420
2,175
25,519

Management charges comprise costs recharged from the Independent Society of Musicians (ISM) for the use of premises, administration and other related expenditure.

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4 Staff costs

Wages and salaries relate to employment costs recharged from Independent Society of Musicians (ISM) for the time spent by their employees working on the activities of the ISM Trust.

No Trustee received remuneration or reimbursement of expenses during either year.

The key management of the charity includes Trustees, the Chief Executive, the Director of Finance & Facilities and the Head of Charity Development of the ISM. The aggregate amount of employee benefits recharged from ISM in respect of key management was £17,910 (2023: £21,467).

5 Creditors: amounts falling due within one year

Trade creditors
Amounts due to Independent Society of Musicians
Accruals and deferred income		 2024
£
-
1,782
5,042
6,824		 2023
£
100
4,122
5,876
10,098

6 Control

The parent company is Independent Society of Musicians, a company limited by guarantee and registered in England and Wales (registered number - 00036882), which is the charity's sole member. The Independent Society of Musicians is a professional body for musicians, and its principal purpose and activities are to promote the art of music and to protect and support the interests of musicians and the music profession.

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INCORPORATED SOCIETY OF MUSICIANS TRUST (ISM Trust) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

7 Subsidiary undertaking

The ISM Trust is the sole corporate trustee of the Benevolent Fund of the Incorporated Society of Musicians (ISM Benevolent Fund, a charitable trust) and is deemed to have control. Its registered office is 4-5 Inverness Mews, London, W2 3JQ. The principle activity of the ISM Benevolent Fund is to provide relief and prevent poverty amongst ISM members and the dependents of deceased members.

The aggregate amount of reserves and the results for the last relevant financial year were as

Surplus for
Reserves at the year to
31 August 31 August
2024 2024
£ £
Benevolent Fund of the Incorporate Society of Musicians 5,029,144 354,220

8 Related party transactions

At the balance sheet date, the charity owed £1,782 (2023: £4,122) to the Independent Society of Musicians (ISM) in respect of expenses paid on behalf of the charity. Re-charged expenses totalled £35,570 (2023: £37,463), consisting of £6,008 (2023: £5,884) of management costs and £29,562 (2023: £31,581) for employment costs. During the year, the charity received £75,000 in donations from the ISM (2023: £50,000). The ISM is considered to be a related party as it is the charity's sole member, and it has directors in common with the charity.

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