REGISTERED CHARITY NUMBER: 1176649
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2024
for
Greenwich Music School
Trading as Greenwich Music School
Finsbury Robinson Limited 237 Westcombe Hill Blackheath London SE3 7DW
Greenwich Music School |
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|---|---|---|---|
| Trading as Greenwich Music School | |||
| Contents of the Financial Statements | |||
| for the Year Ended 31 August 2024 | |||
| Page | |||
| Report of the Trustees | 1 | to |
3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Actvites | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 15 |
| Detailed Statement of Financial Actvites | 16 | to |
17 |
Greenwich Music School Trading as Greenwich Music School
Report of the Trustees for the Year Ended 31 August 2024
Trustees report 2024
1. Introduction
Music has the power to transform lives. At Greenwich Music School (GMS), we witness this transformation daily— children taking their first steps in musicianship, young people finding confidence through performance, and adults rediscovering their passion for music. Our mission is to provide high-quality music education to all, breaking down financial and social barriers. This year, we've expanded our reach, introduced innovative programs, and deepened our impact, thanks to the generosity of our supporters and the dedication of our team.
A major success this year has been securing funding from The Portal Trust to establish our new scholarship programme, which has been designed to support talented students who would otherwise be unable to access high-level music education. This programme, based on both musical potential and financial need, will launch in the next academic year and provide highly subsidised tuition and support for selected scholars.
2. STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the Constitution of Greenwich School, and is a Charitable Incorporated Organisation ( Foundation structure) whose only voting member are its charity trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1176649
Principal address
Vanbrugh Studio 137 Vanbrugh Hill Greenwich London SE10 9HP
Trustees
-
Rachel Hill (Chair)
-
Yun Zheng
-
Sam Stockley
-
Lucy Beveridge
-
Mike Pickering (joined 21st November 2023)
-
Benjamin Rous (reappointed for a third term effective 21st January 2024)
Executive team:
-
Ed Scolding (MMus) – Chief Executive Officer
-
Bethan Scolding (MMus) – Principal
Page 1
Greenwich Music School Trading as Greenwich Music School
Report of the Trustees for the Year Ended 31 August 2024
Independent Examiner
Finsbury Robinson Limited 237 Westcombe Hill Blackheath London SE3 7DW
3. Achievements and performance
Over the past year, Greenwich Music School has continued to thrive as a centre of excellence for music education, serving an estimated 1,098 students over the course of the year. Our work is rooted in our values of creativity, positivity, quality, and respect, and we have taken significant steps to expand our reach, enhance our programmes, and improve accessibility for our community.
The new scholarship programme, funded by The Portal Trust, was designed and developed during this period. It will provide financial and developmental support alongside existing donations from parents and other funders, to students based on both musical potential and financial need, with scholars set to begin tuition in the next academic year.
A key highlight was the full rollout of Voyagers: Instrument Discovery!, which began as a pilot but is now a fully established programme. This course introduces young children to multiple instruments, fostering curiosity and confidence while ensuring they can make informed choices about their musical journey. Children aged 4-7 in our musicianship groups now regularly perform in our concerts, helping to build their confidence and musical skills from an early age. One parent reflected on their child’s experience, "Amy has absolutely loved the classes and adores her teacher. They seem to be very encouraging and help those new to piano to enjoy the sessions."
Our partnership with Young Greenwich has enabled us to deliver the Music Studio programme free of charge to 14-18-year-olds, providing them with the opportunity to create, arrange, and record music in a structured but creative environment. This initiative reflects our commitment to widening participation and supporting young musicians, regardless of financial background. One student from the programme has gone on to write and record their first original song, demonstrating the confidence-building impact of this provision.
Our approach to working with SEND students has also developed significantly, with the introduction of a dedicated team member leading on SEND support and training. Additional training sessions for teachers and structured learning plans for students have improved accessibility and personalised learning pathways.
Page 2
Greenwich Music School Trading as Greenwich Music School
Report of the Trustees for the Year Ended 31 August 2024
4. Financial review
GMS has maintained a steady trajectory towards financial stability. We have a net positive income for the year, enabling us to begin building up reserves. We are on track to reach full capacity at The Stables at Charlton House by December 2024. With the upcoming full repayment of our £100k social finance loan from CAF Venturesome in May 2025, we anticipate a significant reduction in annual outgoings, allowing us to strengthen our reserves and reinvest in our programmes.
A revised book-keeping approach has improved internal financial reporting accuracy, and we continue to monitor enrolment trends and financial commitments to ensure long-term sustainability.
The trustees would like to thank Orinoco Foundation and the members of Amici friends scheme, for their generous ongoing support.
5. Plans for the future
As we move forward, we are focusing on streamlining processes, improving data security, and increasing value to students and parents through the implementation of a new lesson booking platform. This will enhance the efficiency and accessibility of our services, making it easier for students and families to engage with our programmes.
We are also focusing on strengthening partnerships with schools to improve access to quality instrument and singing lessons for hundreds more pupils across South-East London. Our teachers have contributed to research by presenting at music education conferences and consulting on pedagogical publications, reinforcing our commitment to educational excellence.
6. Conclusion
Despite economic challenges, Greenwich Music School remains financially stable and continues to provide highquality, accessible music education. Through strategic growth, community engagement, and prudent financial management, we are well-positioned to achieve long-term sustainability and expand our impact in the coming years.
Approved by order of the board of trustees on 20 March 2025 and signed on its behalf by:
R Hill - Trustee
Page 3
Independent Examiner's Report to the Trustees of Greenwich Music School
Independent examiner's report to the trustees of Greenwich Music School
I report to the charity trustees on my examination of the accounts of Greenwich Music School (the Trust) for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
20 Mar 2025
Gemma L Fogarty FCA
Finsbury Robinson Limited 237 Westcombe Hill Blackheath London SE3 7DW
20 March 2025
Page 4
Greenwich Music School Trading as Greenwich Music School Statement of Financial Actvites for the Year Ended 31 August 2024 |
Greenwich Music School Trading as Greenwich Music School Statement of Financial Actvites for the Year Ended 31 August 2024 |
Greenwich Music School Trading as Greenwich Music School Statement of Financial Actvites for the Year Ended 31 August 2024 |
||
|---|---|---|---|---|
| Donations and legacies Charitable actvites Tuiton Total EXPENDITURE ON Raising funds Charitable actvites Tuiton Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Notes 2 INCOME AND ENDOWMENTS FROM |
Unrestricted funds £ 4,718 509,152 513,870 10,787 506,894 2079 519,760 (5,890) (77,538) (83,428) |
Restricted funds £ - 35,073 35,073 - 18,175 - 18,175 16,898 9,769 26,667 |
31.8.24 Total funds £ 4,718 544,225 548,943 10,787 525,069 2079 537,935 11,008 (67,769) (56,761) |
31.8.23 Total funds £ 11,770 446,309 458,079 6,737 469,064 410 476,211 (18,132) (49,637) (67,769) |
The notes form part of these financial statements
Page 5
Balance Sheet 31 August 2024 Greenwich Music School Trading as Greenwich Music School |
Balance Sheet 31 August 2024 Greenwich Music School Trading as Greenwich Music School |
Balance Sheet 31 August 2024 Greenwich Music School Trading as Greenwich Music School |
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|---|---|---|---|---|
| FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year NET CURRENT ASSETS/(LIABILITIES) CREDITORS Amounts falling due after more than one year NET ASSETS/(LIABILITIES) Notes 5 6 7 8 TOTAL ASSETS LESS CURRENT LIABILITIES |
Unrestricted funds £ 42,695 26,626 38,718 65,344 (163,172) (97,828) (55,133) (28,295) (83,428) |
funds £ - - 26,667 26,667 - 26,667 26,667 - 26,667 Restricted |
31.8.24 Total funds £ 42,695 26,626 65,385 92,011 (163,172) (71,161) (28,466) (28,295) (56,761) |
31.8.23 Total funds £ 47,653 21,131 73,896 95,027 (165,838) (70,811) (23,158) (44,611) (67,769) |
The notes form part of these financial statements
continued...
Page 6
Greenwich Music School Trading as Greenwich Music School
Balance Sheet - continued
31 August 2024
| FUNDS Unrestricted funds: General fund Restricted funds: Bursary Fund Portal Trust TOTAL FUNDS 10 |
(83,428) 8,740 17,927 (56,761) (77,538) 9,769 (67,769) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 March 2025 and were signed on its behalf by:
R Hill - Trustee
The notes form part of these financial statements
Page 7
Greenwich Music School Trading as Greenwich Music School
Notes to the Financial Statements for the Year Ended 31 August 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance Computer equipment - 33% on cost Large Instruments - 10% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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Greenwich Music School Trading as Greenwich Music School
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
1. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| Support costs | 3,643 | 1,756 |
| Investment management costs | ||
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| Property repairs | 4,339 | 1,254 |
| Interest payable and similar charges | 2,805 | 3,727 |
| 7,144 | 4,981 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
continued...
Page 9
Greenwich Music School Trading as Greenwich Music School Notes to the Financial Statements - continued for the Year Ended 31 August 2024 |
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|---|---|---|
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and tuition 439,821 EXPENDITURE ON Raising funds 6,737 Charitable actvites Operatng costs 451,427 Other 410 Total 458,574 NET INCOME/(EXPENDITURE) (18,573) RECONCILIATION OF FUNDS Total funds brought forward (58,785) TOTAL FUNDS CARRIED FORWARD (77,538) |
funds £ 18,258 - 17,637 - 17,637 621 9,148 9,769 Restricted |
Total funds £ 458,079 6,737 469,064 410 476,211 (18,132) (49,637) (67,769) |
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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Greenwich Music School Trading as Greenwich Music School Notes to the Financial Statements - continued for the Year Ended 31 August 2024 |
Greenwich Music School Trading as Greenwich Music School Notes to the Financial Statements - continued for the Year Ended 31 August 2024 |
Greenwich Music School Trading as Greenwich Music School Notes to the Financial Statements - continued for the Year Ended 31 August 2024 |
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|---|---|---|---|---|
| TANGIBLE FIXED ASSETS COST At 1 September 2023 Additions At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for year At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 |
Large Instruments £ 2,100 3,995 6,095 700 539 1,239 4,856 1,400 |
Fixtures and fittings £ 57,746 - 57,746 19,040 3,871 22,911 34,835 38,706 |
Computer equipment £ 50,954 3,047 54,001 43,407 7,590 50,997 3,004 7,547 |
Totals £ 110,800 7,042 |
117,842 63,147 12,000 75,147 42,695 47,653 |
5. TANGIBLE FIXED ASSETS
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors Other debtors |
31.8.24 31.8.23 £ £ 18,808 19,313 7,818 1,818 26,626 21,131 |
|---|---|
continued...
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Greenwich Music School Trading as Greenwich Music School
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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|---|---|---|---|---|
| Bank loans and overdrafts (see note 9) Trade creditors Taxation and social security Other creditors 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 9) 9. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years |
31.8.24 £ 22,892 - 6,652 133,628 163,172 31.8.24 £ 28,295 31.8.24 £ 22,892 5,748 22,547 |
31.8.23 £ 32,199 3,109 3,418 127,112 165,838 |
||
| 31.8.23 £ 44,611 |
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| 31.8.23 £ 32,199 |
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| 26,563 | ||||
| 18,048 |
continued...
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Greenwich Music School Trading as Greenwich Music School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2024
10. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Bursary Fund Portal Trust TOTAL FUNDS Unrestricted funds General fund Restricted funds Bursary Fund Portal Trust TOTAL FUNDS Net movement in funds, included in the above are as follows: |
At 1.9.23 £ (77,538) 9,769 - 9,769 (67,769) Incoming resources £ 513,870 17,146 17,927 35,073 548,943 |
Net in funds £ (5,890) (1,029) 17,927 16,898 11,008 Resources expended £ (519,760) (18,175) - (18,175) (537,935) movement |
At 31.8.24 £ (83,428) 8,740 17,927 26,667 (56,761) in funds £ (5,890) (1,029) 17,927 16,898 11,008 Movement |
|
|---|---|---|---|---|
continued...
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Greenwich Music School Trading as Greenwich Music School Notes to the Financial Statements - continued for the Year Ended 31 August 2024 |
Greenwich Music School Trading as Greenwich Music School Notes to the Financial Statements - continued for the Year Ended 31 August 2024 |
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|---|---|---|---|---|
| Unrestricted funds General fund Restricted funds Bursary Fund Postlethwaite Fund TOTAL FUNDS Unrestricted funds General fund Restricted funds Bursary Fund Postlethwaite Fund TOTAL FUNDS MOVEMENT IN FUNDS - contnued Comparatives for movement in funds Comparatve net movement in funds, included in the above are |
At 1.9.22 £ (58,785) 7,773 1,375 9,148 (49,637) Incoming resources £ 439,821 439,821 18,258 - 18,258 458,079 as follows: |
Net in funds £ (18,753) 1,996 (1,375) 621 (18,132) Resources expended £ (458,574) (458,574) (16,262) (1,375) (17,637) (476,211) movement |
At 31.8.23 £ (77,538) 9,769 - 9,769 (67,769) in funds £ (18,753) (18,753) 1,996 (1,375) 621 (18,132) Movement |
|
10. MOVEMENT IN FUNDS - continued
continued...
Page 14
Greenwich Music School Trading as Greenwich Music School
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2024.
Page 15
Greenwich Music School Trading as Greenwich Music School Detailed Statement of Financial Actvites for the Year Ended 31 August 2024 |
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|---|---|---|
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Tuiton Fees Bank Interest Charitable actvites Other Income Total incoming resources EXPENDITURE Other trading activities Purchases Investment management costs Property repairs Interest Paid Charitable actvites Wages Sub Contractors Pensions Room Hire Light and heat Depreciation of tangible fixed assets Grants to individuals Other Staff Training Bad Debt |
31.8.24 £ 4,718 35,073 508,037 886 548,714 229 548,943 1,047 4,339 2,805 7,144 60,714 343,612 1,441 59,078 4,680 12,000 16,675 498,200 97 1,982 |
31.8.23 £ 11,770 18,258 426,575 99 456,702 1,377 458,079 2,273 1,254 3,727 4,981 57,297 289,173 1,514 57,439 2,897 15,369 16,372 440,061 410 - |
This page does not form part of the statutory financial statements
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Greenwich Music School Trading as Greenwich Music School for the Year Ended 31 August 2024 Detailed Statement of Financial Actvites |
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|---|---|---|
| Support costs Management Advertising Finance Other operating leases Bank charges Other Insurance Telephone Postage and stationery Sundries Cleaning Computer Costs Other 2 Travelling Governance costs Accountancy and legal fees Total resources expended Net expenditure |
31.8.24 £ 3,643 - 67 67 1,405 1,266 792 6,369 3,333 5,289 18,454 387 6,914 537,935 11,008 |
31.8.23 £ 1,756 1,620 108 1,728 1,175 1,460 718 6,038 3,141 4,952 17,484 592 6,926 476,211 (18,132) |
This page does not form part of the statutory financial statements
Page 17
Issuer
Finsbury Robinson
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