Charity registsation number 1165778 (England and Wales) Cotnpan). registraiion number 09947772 HOUNSLOW MUSIC SERVICE Annual report and financial statements For the )"ear ended 31 March 2025 HOUNSLOW MUSIC SERVICE LEGAL AIYD ADMINISTRATIVE INFORMATION Board Of Truslee5 OMBanv C W, Hill C P Saliers Dr P K Basra T G F S)'Ivesitt D F S Rogers D B Me)er S Chaudharj. (Apw)inied 26 September 20241 Charitv number 1165778 Company number 09947772 Principal address 64A Pears Road Hounslom. London T￿,3 ISR Rtgi5tered offi¢¢ (AA Pears Road Hounslow London TW3 ISR Auditor 'SM Advisors Limited Connect House lJ3-137 Alexandrd Road London SW19 7JY Bankers Barclajs Bank plc HOUNSLOW MUSIC SERVICE CONTENTS Page Trustees, report Staiemeni of TnJ5tees' responsibilities Independent audito¢s re￿rt Staiement o( f￿ancIal activities Balance sheet 12 Siatemeni of cash flom's 13 Nole5 to the accounts 14-27 HOUNSLOW MUSIC SERVICE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) Forthe vearended 31 mA￿h 202$ The trustees. ii'ho are also the dirertOTS of the chority lor the ￿1[pose5 of the Companies Act 2006, present their rew)rt iiiih the financial 5taiemenls of the charit). for the )'¢ar ended 31 March 2025 The truslees have adopted the proiisions of Accounling and RetM)rting b). Charities. Siaiemeni of Recommended Praclice applicable to charities prcparino their accounts in accordance iviih the Financial R¢poning Swidard aN)liobk in the UK and Republic of Ireland IFRS 102) (effecii%'e l Januar). 2015). The accounts have been prepared in accordance Ihe accouniing wlicies set oul in note 2 to ihe accounts and ¢ompl}' M'iih the chatÈtable cotnpan)'5 Tnetnordndum and articles. Ehe Companie5 Act 2006 and -A¢counting and Reponing bi. Charities." Statement of Recornmended Practice applicable to clLin"ties preparing iheir accounts in accordance iviih iht Financial Reportin(p Standard applicable in the UK and Replblic ol brland IFRS 102)" (as amended for accounlin - petiods cornmencinu fron] l JaThuar)' 2016}. Our Purpose and Activities The compan) s charitable objects are se¢ out in its Memordndum and ArticlcsofAssociation. The principal objeciiv¢ of the compan). is lo provide the highesi qualiry musical opportunities for chiklren. s'oung pei>ple and oihers in and around the London Borough of Hounsloiv. Our mission is to encoura¥e panicipalion: enjoj'meni and achievement by providing the highest quality. learning opportunities in music and ihe perfomiing ans. HOUNSLOW MUSIC SERVICE {HMS}ACHIEVEMENTS 2024r25 The Year in Numbers Hollnsloiv schools where HMS delivered th¢ Naiional Plan for Music Educal￿n Priiiiar). Schools IOOO/• Secondary SLhools SpeLial SLhools Schools ￿,here HMS supported singing Number of pupils in Firsl Access Number of pupils continuing Toial Pllpils talight iieekl!. by HMS PME l(K)Y* iiNr/• 4.860 .672 6.534 First Acce55 to music Although the ne￿. NPME no loneer has core and eXte￿lon roles. HMS continues to delivei y'hole class instrumental piogrammes in schools. Most schools M"ho had had ivoo(hi"rn(L bras5 or Strin(i ill$tru￿cntal pro£rarnmes pre-pandemic have re￿rned io ihese. Hoii'e%'er. the declininu school population- cotning aftei alrnost a decade of increased numbcr5 in schools- is creaiing significant budget pressures for schools. Whilst tnost 5chooJs have chosen to continue ivith iiliole c[￿S programmes. il'e are aii.are schools. abilit). to pa>. for this pr￿Ja[nIne is at risk_ The TunelN programme ￿a$ del'ised in response to primar%. 5chi)015 asking u5 to deliver the music c￿￿1¢U1VM either alongside or instead ol'their Class ¢eachers and continues io be Yer). popular. Children learn io pla}. insiruments as part of ihis programme, bill the instnimenis are less complei. and the focus is the dei'elopmeni of musical skills rather ihan technical sk'ills. These miiSi¢1£15kills Crea￿ a foundation on ii.hich children can wogress to leaming a niore complex musiLal instrument ivhen the!" leel read}. This is a grO1￿h area for us althouoh ensuring li'e have ihe riohi ieaLhers io do this i¥ork is not ea5I'. Man!. teachers jusl *'anl lo teach 1=1 les50n5 ond are less interested in M'hole class teaching because it 15 a lot harder. Contlllllation bei'ond first a¢ce55 Ilntil ?O?O, cotilinuation li.as an identified sirengih of HMS ￿1th numkrs ￿￿tInUIng beyond first access 5ignifLcantly above national ai'eTages. This dropped signifi¢anili' across 2021:'?2. The lack of in person leacliing. perforn)ances iihin schools and eiira prtsjecis.%eiereli' affected uptake. Although ihe number of children i1.￿lling to continue has risen, Ihe cosi-of-livin¥ crisis and ihe squeeze on school funding has a(fecied uptake. The number of children ii'ho vant ro Coniinue is ti5inu. but their abilin. to pay is a barrier. This is a Ke>. ara where more fi￿dIng is needed to support hatd pressed fatnilies. HOUNSLOW MUSIC SERVICE TRUSTEES, REPORT (CONTINUED)(Ii¥CLUDING DIRECTORS. REPORT) For the vear ended 31 March 2024 Musit CeDtres, S¢hools and Afadeffly Saturda}, Music Academi, numbers have stabilised durin￿ 20?4125. i¥iih severnl The￿. teachers joining enabling us to respond to ivaiting lists. Recruiting and retaining iea¢hers coniinues io be a Challenge. A few secondar%' scliools are ow running complllsory. Sanbnla}' progra¥nme5 for GCSE pupils. so we losesome pupils through this. Ensemble membership is again under pressure due to exiended school hours_ rhe nurnberof Children continuing wilh insirumenlal tllltion after ivhole class programmes has a direct impact on ensemble membership, so there is a new straie¥J io encuurage mole children to ¢oniinue io pla!. be)'ond first access. The challenge ofen¢oura¥ing more Lhildren lo join ensetnble5 is noiv ciM)mon acn)ss man!. par15 of London. Tr impact ofschools extendin¥ the school da}. and more children having tutoring io prepare for applications to grammaT schools, cannot be oversthied. Ex#mirt#tions We ran tilo eKamination centres ill ?024n5. in Febwary haIl￿mi aJ)d in Juty. for ￿th Trinity and The Associated Board of ihe Rol'al SLhoo15 of Music IABRSMI examinaiions. A iothl of 154 pupils i the year. ABRSM ha% conlinued io proi'ide a bursary scheme to mak'e examinaiions more accessible for families for ivhom flnance ma!. have iEen a barrier. For man). Hounsloii pupils this has ￿en hugel). helpful. Support for Schools Hounsloiv Music Service has eonirnued to lead primary music netwo￿ meetings. Alihough ihese have remained online, schools have been exlremel). positive in their feedback aboui the training and attend in laJEe numbers. FIMS does not chaT¥e foT these meetings althou£h sch￿)IS pa). inio the Hounslow Education Partnership ii'hich proi'ides the secreiaTiai function. HMS ian another PritnaTr' schools Music Educaiion Conference ai the Musical Museum in Bteniford. It ivas ￿'ell attende(L and the feedback was ¢xcelleni. FIMS algo pa5's for all Primary and Special schools in the borough io access tharanga resources free of dlarge. and broker traitking (or schools to use these. FIMS also attends and SUPPQTts the Se¢ondaTh' Neiivork. meeiings. Ivhich are Tun b). Ihe Head of Music al Gumley House Scliool, which hosts most meeiings. A strong relationship with the Univet5it)' of ￿eSt London has been develop¢d and th¢v support our l(Kal Battle of ihe Bands ai their premises. Inslrument Hire Scheme During ?024'25, HMS plaied 4285 insuuments in primal?. ￿h(￿lS io piovidemhole class lessons for children at no Chil￿e. A fiinher 210 instmmenis i¥ere placed in secondar¥" schools io suptM)rt njusic leaders iliere io deliver their curriculurn. In addition 10 ihese li'e placed butkeis and spoons, b(K)m whackers, x}'lophones ￿ld djembes in schi)ols ro sUp￿rn the TunetN programme. The annual programme of mouthpiece: slide and insirnmeni cleaning and reEMir resumed during the )ear alongside replacemeni Of asset tags thai had fallen off. Duringy 20?4.1?5 M'e took the decision lo use rn05t of the DIE Instrument GraDI io build up insuumental stocks in schools to support the￿ to deliver the music ¢urriculutn. Instruments m.ere noi ordered during ihe fll)ancial )'ear, but HMS conducted a comprehen5lVt 5urvei' of school need5 for purchases in ?0)5. ?6. End of ierm and chamber concerts During 20,4 ?$ there iiere SIN chomber concens held at the Music Centre_ These ate extremelv popular events and proi'ide pupils at evet?. level the opponunity to plav in a comfortable space. End of tenn concerts ￿"ere ii-ell received and aiiended. In Siunn)er 20?4 11"e returned to tkan's Yard foi Ihe annual concert band peifonllance as part of ihe Weslminsler Abbe}. Cathedral School summer lete. Thi5 15 a wpular concert iiiih parents and pupils ivho enjo￿ perftsTmin¥ in such an iconic space in central London. Unfortunatel!.. it a ver%. M'et da>", and the fele had io be abandoned early. HOUNSLOW MUSIC SERVICE TRUSTEES, REPORT (CONTINUED)(ll¥CLUDING DIRECTORS, REPORT) Forthe Trear ended 31 hlareb 2025 Bur5#ries and scholarships The Saturda}" Music Academv flagship programme is ihe Special Award. M'here a ￿SpOKe progrdmme of activities is creaied io piovide keen musician5 W'ith a holisiic music education. Young musicians ivho show. a irack record of ommitmenl and pro£res5 on an instrument are ¢ligible io appl%'. regardless of age. Cruciall). the progratnrne 15 heavil}, subsidised lo make it aflordable and ensure that finance is noi a batTier io prws in the borough. Pupils in receipi of the special Aw"ard sinu in a choir, attend theor)., have a lesson and are membffs of ensembles. The IIMS Subsidy is almosi £18,000 pei annum. London Music Fund (LMF) Loniinues io profv'ide funding for Scholars and awarthd scholarships ¢0 a neiv cohort in 2024. In HouThslOi￿, every. LMF scholar is joined bs. another child to share their lesson. and this is knoivn as our Shadow Scholar scheme. We have found thai children i%.ho Share Iheii lessons in ihe earl). stages of leorning are mor¢ likel}. lo rontiniie io plav iheir insirumenL particularly ifihe paired scholars JJY from the same school %hadoiv Scholars are chosen from those students ii'ho ho%'e finished a vear of Firsi Ac¢es&iTuneln i¥ithin iheir primary school and are keen to continue. Tliest children share an insuumental lesson ii'ith the LMF scholars and avail of the w'ider Special Aw'ard programm¢. HMS also tops up the LMF scholarship. The cosi 10 HMS of th¢s¢ two progrdmmes is just under £19.000 per ￿ltiuM. HMS has also created a bursary ￿l￿d to support these programmes and help ￿ rnany children as possible to reach their musiLal polenlial. Children froin these programmes have gone on io srudN' music al some of the country'5 niost PTe51igTlOUS instiiutions. including the Yehudi Menuhin and Purcell S￿CialiSt ￿UsiC schools, London Conservaloires and ihe music depanments of the UniN'ersities of Oxford aDd Cambridge_ Piiblic benefit -I'he Trusiees confum thar, in detemiining rhe aclivities undenaken by HMS, they have had due regard to the public benefit requirement. and ihe guidance publtshed b!" the Charin. Cornmi55ion. We have rei'ieii'ed all OUT programme5 againsi the public benefii requiremenr and ¢onfimied thai all activiiies ive in%'esi in delii'er public benefiL in the forn) of ad%'anLing education and ihe ans or increasing access io music-maK'ing from under-represenied groups u'ithin the Borough of IIout]sloii'. Anv pri&'aie benefit- for example for indii'iduals benefiting from our bursan. scheme- is incidental io the i%"ider public benefit of remoN'ints b￿TlerS to accessing music All nJv projects and PTograThmes ivill be caretully re%'ieii"ed against Ihe public benefii requirement and guidance. The TNsieeg are satisfied that ihe public benetii requirement is met in respect ol'all Houn510ii' Music Service's activip.. SOUTHWEST LONDON MUSIC Effective from 2023124, the Music Hub Progrdmme leo￿aniSed io cteaie 43 structure5 in place of the 117 that previoiisly eyisted The DfE announced that the 7 Southiiesi London Nqusic Seriice5, comprising Croydon Music and Arts, Ilounsloii. Music Service. Kinv510n Music SeTr'ice. Metlon Music Fourthtion, Richmond Music TTU51, Sutton Music Trusi and Wandsm'orth Music. Ivould be required to repoti Iv ACE as a combined area. IIMS, iviih the Inusic 5er%'ices the oilier six Southiiest London local authorilies. fomied a n•1" r(mpanv, Souihii'est London Music, lo coordinate centralised reportlng io ACE and to distribiile funding in line li ith D￿.5 published forn)llla for fundilig al local aiithority level. All music ¢ducaiion activit). is delivered b) the individual rnu5ic services in each of the s¢ven local a￿thorily. and all iraded income is on the ac£ouni of each ot8ani5ation. HOUNSLOW MUSIC SERVICE TRUSTEES, REPORT ICONTINUED)(INCLUDING DIRECTORS, REPORT) Forthe Trear ended 31 Mar¢h 2024 Financial revie Taking Ilkto account incorne and expendiiure. the charity reali5ed an operdtional surplus of£s:919 for the )'ear. The n¢¢ movcnienl fLir the N'ear ivas an increase of £5,919 in total charil! s funds. Nde ihai the surplus excluding use of the Houn51ow Bursar). reserve was £13,014. Teaching iyiihin and outside sch(M)I has recovered well and in￿lee% ￿tre pleased io g¢nerdte a surplus of £5,919. Durin¥ ihe priLTrr period. the Tnistets creaied a neil bursa￿ fund to support llKJr¢ children and young people: for .h()ni linance ¥ould be a barrier, to continue ivith their music making. and this ￿rplUS Ivill used io sUPPOrt this. Total fund balances as at 31 March 20?5 ivere £461.815, of which £75.9(K) related io the revaluation reserve, £2,905 io the Houiisloii Bursary reserve and ihe generdl unrestricied fimds stood ai £383,010. Total income for the year from grani monies and tuitio￿ lee5 w'a5 £1,461,741 llJ£Te&' cast significani doubl on ihe Ch￿ilable compans s abilit￿ to continue as a 80in concern for a period of at l¢asl M'¢lv¢ monihs from Mhen the f￿ancial Slaten￿nts ate auihoris¢d for issue. Oiir responsibilities and the responsibilities of the Board Of Trusiees H'ith respect io going concern ore described in ihe relevant sections of ¢his r¢port. Other information The other iTrfonnaiion cornprise5 the inforn]atton included in the annual rep￿ other than the financial siacements and our audiloes repon thereon. The Board Of Trustees are reskK)nsible for ihe oihei illfoTmation contained ￿'Ithin the annual report. Our opinion on the financial staiemenis does noi coi'er the oiher infO¥￿atiOn and. eicepi ro rhe e.xtent othcnvi5e expliciily stated in our rew)rt, ii"e do noi express ani, forni of assutance conclusion thereon. Our responsibility is to ￿ad the other inforniaiion and in doing so. ¢onsider ii'hether ihe oiher lnfornjaii￿ is maleriall!" inconsisieni ivith the financi21 statements Lir our knoii'ledge obtained in ihe course of the audii. or otheDvise appears io be maieriall!. misstated. If M'e ideniifv. such material inconsistencies or apparent maierial misststements. ￿'eare required io detem]iTEe ii"hether thi. gives rise io a maierial missiatemeni in the fmancial siaiemenis iheEnsel%'e5. If. based on the M'ork ii"e have perfornied, we conclude that thert 15 a material misstaiemeni of thi5 other infonnation. w.e are required io report that fact. We have nothing to rerA)rt in this regard. Opiniotts on other matters pres¢rib¢d bi. the Companie5 Act 21x16 In our opinion, based on the ￿"ork undertak'cn in ihe course of our audit.. the infottnation given in the T￿Sites, [t￿rt for the fmancial l'ear for vhich ihe flnancial siaternents are prepared. .hich includes the director5. rewrt prepared foi the PUTposes of cotnpany laii. is consi51enl ivith ihe fin' io ¢hai aciiwiiy. Shared COSLS iihich coniribuie io more than ￿¢ aciivilv and 5UPPOti Los15 14hiLh are not aiiribuiable io a single activiTh' are appornioned beNe¢n those adiTr*ilies on a basis con5isienl Illth the use of resuurLes. Ceniral siaff costs are allocaied on the basis ofiime speni. aThl thpreciation charges are allocaied on the portion of the asset's use. Resour¢es expended are recognised in the year in H.hich the>. are incurred. Ke50urces expended include attributable Value Added T&x which cannot be recovered. Expenditur¢ for tharitable purposes Direct charitable expendi￿re tncludes all ex￿ndItUre ditecil). rtlaied io ihe d)je¢iives ofihe charitable compan). and comprises ihe cosis of prL)i'idtng instrlltnental tuiiion. tollcert perfthmances. tours. and edu¢aiion and communiij projects undenak-en bi. the charitable compan%. and is accowhted for iihen pasable. Certain other cosis, i'hich are auributhble io more than one actiViN. are apportioned across cost categories on the basis of an esiima of Ihe proportion of time speni bj. staff on those activities. Goi'erNance costs Governance cosis represent expendiiure incuTred in the mana£ement of the charitable compaThy'5 assets, organisational adtninistralion and compliance M'ith ¢onsiithiionai and 5tatuiory requiren]ents. 2.6 Tangible filed assets Tangible fixed assets are iiiiiiall!. m¢asured at cost and subsequentl). measured at cost or valuaiion. nei of depreliation and any impainn¢nt losses. Depreciation is recognised so ￿ io i%riie off ihe c¢N or valuation of &%sets less their residual values over their us¢tul likes on thc follo￿"Ing base5". Musical insrnmenis O￿aCe equipnient Oi'er 5-50 lears on a straiLyhi line basis per annum Oi'¢r 3 )"¢￿5 on a S￿lShI litle basis rKr annum The gain or Ios5 arising on the di$￿)5a1 of an assei is deiermined as ihe diffeience beh4"e£n the sale proceeds and th¢ carry'ing value of ihe asset. and is recognised in the sÈateFTreni of fuwicial actlVlLie5. 15- HOUIYSLOW MUSIC SERVICE E¥OTES TO THE FINANCIAL STATEMENTS (CONTINUED) Forthe vear ended 31 Marcb 2025 AeetsulltiDg policit5 (Continued) 2.7 1mp#irmeDt of fiied assets Ai each reporting end dai¢. the charitable cotnpany reVIe￿'S the carying a￿￿n(S of its tan8tble assets lo detemline hether there 15 an!. indicaiion thai those assets have suffered an iM￿￿}entIo55. If an}. Such indi¢aiion exisis. the recoverable amounl of the assel is esiimoied in older lo detern]ine ihe ￿ten( of the itnpaimJeni10ss (ifan).). 2.8 Cash and cash tquiv#ltThts Catsh and Lash equivalenls include fdsh in Iwi(L deposits held at call with bajjks. other shon4emi liquid investments i¥ iih ori¥inal maiurilies of three months or les& and bank overdrafts. Bank overdrafts are sho%'n wiihin ￿rro￿vIn¥S in cutrent liabilities. 2.9 Financial instruments The charitable companv has elected io applv the prO￿lSionS of Section I I 'Bastc Ftnancial Instnmients, and Section 12 -other Fingncial Insiruments 15sue5' of FRS 102 to all of its financial insmments. Financial insrnments are reCO￿lsed in the ¢h3ritable compani s balance sheet Mthen the charitable compans. becomes pam. io ihe conirnciual provisions of the instrumeni_ Financial assets and liabilities are offki. M'ith ihe net amounts presented in the financial statements, when there is a legall}. enforceable right to sei off the recO￿tsed amounts and there is an intention to settle on a net basis or to realise ihe assei and settle the liabiliw simultaneous1}'. Bo51L'fiiiancitTI ￿Sets Basic financial a5set5. Ivhich tnclude debtors and cash and bank balances. are inÉiiallN' measured at tian5aclion price including tran5acLion costs and are sub5equ¢ntl)' carried ai amortised cosi using the effective interest tneihod unless the arrangenient constitutes a financing tran%aciion. m.here the tsansaciion is measured ai the piesenl value of the tuture receipts discounted ai a tnarkd rate of inieresi. Financial assds classified as receivable within one }e2r are not amortised. BusiLfiiiHni'i&l liubiliiies Basic liiiancial liabilities, including credilors and bank loans ate Énilial]Y recosni5ed al transaction price unless the arrangemeni con51ituies a financing iransaciion. where the debi ill5ttumenl Is measured at th¢ present value of ihe future pavmenis discounied ai a markei Ne of in￿reSt. Financial liabilitie5 classified as payable within one year are no¢ amortised. Trade creditors are obligations io pai. for g(K)ds or services that have Ixen acquired in the ordinar), course of operaiion5 from supplievi. Amounts pal'able are classified a5 Cutrellt liabilities tf paj'menl is due i￿lihin one year or less. If not, the% are presented as non-curreni liabilities. Trdde creditors are recognised initially ai iransaction price and SLibseqiienilJ" measured ai amofti%ed cosi ￿Ing ihe effeciive inieiesl rnetlK*d. 2.10 Emploi'ee benefit5 The c05t of an) unused holiday eniitlemeni is recognised in the I￿riOd in M'hich the emplo}'tt's service5 are receii"ed. Temiination benefits are recognised immediatel). as an eX￿n$¢ ii'hen th ¢haritable compaT]}' is demonsrrably committed to ierniinaie the emplo}Inent of an emplos'¢e or to provide *minaiion benefits. 16- HOUNSLOW MUSIC SERVICE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Fortbe vear ended 31 March 2024 AecountiNg policies (Continued) 2.11 RetireThent benefits Pa)men15 to defined contributiijn retiruneni benefii schemes are charg￿ as an expense as ihey fall due. HMS contriljuted io TPS until Aug￿￿1 2024. All sthff are now on a defir*d coThtribution scheme. apart from one .ho remains ort the Local GoYern¥neni Pension Scheme. Pension cosis Charged in the Statement olFinancial Activities repre5enl the COn￿lbUl]0￿S payable by the chari¢abl¢ Company in the year. 2.12 Ikases Retitals pa)'able under operating leases. including ans, lease inceniii'es received, are charged as an expense on a straight line basis over the ienn of the relei'ani lease. The lease for 64A Pears Road ivas agreed ai an annual renial expense that ￿ below" jnarket-raie. This 'non- exchange iransacrion satisfies a donation amouniing io difference beiii'een the amounts paid and the expected market rent. An independent market valuation established the propens's annual rentsl ￿luc lo £35,0(KJ based on prevailing market rdtes. Don2tions and legacie5 Unreslricted Rtstricted lund5 fund5 Total 2025 Total 2024 Donation5 alhd gifts Grani receivable for core activiiies 32.808 32.808 407.077 798 4n4,197 407.077 32.808 407.077 439.885 404.995 Donation5 and gifts Non eKchaniTe donaiion- ren￿1 income Generdl donations 31,970 838 31,970 838 798 32.808 798 Cwran15 receii.uble for core # per annum over 20 years and rentals are fixed for 5 leat5. The rent M ill be revieived Upi￿ardS everN' 5 l.ears b!. beii%'een 2 and 40/0, M'hichever is Llo%er io ihe leiel of inflation, for the entire 20 )ear lease. There is no staled comn]ilmenl tKriod in the lease coniraci. 20 Related party transactions Remuneration of ke!. management per50DNel The remilneration olkev management I￿rsOnnel Mas as follows.. 2024 Aggregate compensation 66.791 63.065 -24- HOUNSLOW MUSIC SERVICE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) For tbe )'earended 31 Marcb 2025 21 PeDsion $¢hemes Teachers Pension Scheme The LhaTit)" participated in the Teachers, Pension Scheme (the "TPS"), IOT Its teaching staff. The pension charge for the }'ear Èncludes contributions pa)'abl¢ io ihe TPS 01£88.048. The TPS 15 an unfundtd multi-etnplo!'¢r deftned ￿￿tfIts pen5kon Scheme govemed b}. the Teachers, Pensions Regulaiions 2014. Members Coniribuie on a "pa). as l'ou go" basis wtth contribuiion5 from metnber5 and die emplo}'er being crediied 10 the Exchequer. Retiremeni and other pension t¢nefits are paid b}. public fimds provided b}. Parliament. The emplo)'er contribuiion rnie is set folloiving schem¢ valuaiions undertak-en b!" the Government Actuary's Department. The laiest actuarial valuaiion of the TPS prepared &% at 31 March 2020, and the valuation Teport. .hich li'as published in October 2023. The emplol'ers contribution rate increased to 28.6ty/0. Emplo}"eT5 are also requirLd ro pa). a scheme adminisiraiion lewTr" of 0.0￿,0 gii.ing a total eniplo5.er contribution rate of 28.680, This valuation ii'ill also deiemiine the openin(p balance of the c05t cap fi￿￿ and provide an anal5'5ls of the c05t cap as required bj. Ihe Public Service Pensions Act 2013. tAbcal Cvovernment Pension Scheme The LGPS is a funded defined benefii scheme and took on b). the charitable cotnpani. as paTI of the transfer. The LOPS is ¢l()sed 10 the chariiable compan}. so no new member5 can be adtnttied from ihe point of externali5alion. BJ. March 20?5 jwsi one member of remains. Thr scheme w.ould conlinue until the last member leave5 the charitable company. The totsl coniribuiion made in the )'ear £15,625. Defined Contribution Scheme The Lliariiable company operates a defined contributÉon pen5É0n 5chellie for all qualify'ing eniplo)'ees. A total of £10,160 lias Lhai¥ed Èo piufii or loss in iespeci of der￿ed contribution scbeEnes. The assets of the schenie are held separaiely from those of ihe charithble company in an independently administered fi￿d. 22 Compan). limited bv guaraniee The liabili￿ of ihe members is limited. Evers. member undertakes to contribute an amount nor exc¢¢ding £1 to the assets of the compan).. in the evenl of the compan%. being y.ound up iihi1s1 the!. are a memb¢r, or M'iihiti oiie N'ear afier cea5inu lo be a member, for the payThent of the debts and liabililics ofthe company wntracted before c¢asing to be a member. -25- HOUNSLOW MUSIC SERVICE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the Trearended 31 Marrh 2024 23 Cash generated from operatlollS 2025 2024 Surplus for the year 5.919 48,697 Adjuslment5 for-. Investment income recognised in 51atement of fmancial artivities Depreciation and impairn)enl of (an8ible fixcd assets Loan intere51 prol'tsion Movement in designated restricted fim(Ls {2,892) 18,849 {55} 20,151 440 Mov¢m¢nts in working ¢apiial= Decrease.'{in¢rease) in debtOf5 IncTease/ldecrease} in crediwrs Incre&se in defetred iThcome 29,969 25.272 47,631 (25,928) (26.361 } 1,636 C25h generated from operations 124,748 18,580 -26- HOUNSLOW MUSIC SERVICE NOTF.S TO THE FINANCIAL STATEMENTS {cowfiNUED) For tbe )'earended 31 March 2025 24 Analvsis of c8sh and cash ¢quii"*lethts 2024 Cash in hand 426.828 299,188 25 ADal)'515 of changes in net funds ThL ¥harhthble comipan). had no ￿laterIal delx during th¢ year_ -27-