Charity registration number: 1176649
GREENWICH MUSIC SCHOOL TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
Finsbury Robinson Ltd 237 Westcombe Hill London SE3 7DW
Greenwich Music School Contents
| Page | |
|---|---|
| Trustees' Report | 1—4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Comparative Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9—14 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Statement of Financial Activities | 15—16 |
Greenwich Music School
Trustees' Report For The Year Ended 31 August 2025
The trustees present their report and the financial statements for the year ended 31 August 2025.
Objectives and Activities
Aims and Objectives
The charity’s mission is to enable creative, artistic and personal growth through music education for the people of Greenwich and the surrounding areas. During the year trustees engaged in further development of long-term strategic direction. In June 2025 a proposal was presented outlining an ambitious goal to expand reach significantly through schools partnerships, potential venue growth and digital provision. Expanding access through carefully structured schools partnerships aligns closely with the charity’s mission and North Star ambition to enable more students to make music regularly each week. Further development work is ongoing.
Public Benefit
The object of the CIO is for the public benefit to advance education in music, particularly but not exclusively of people living in Greenwich and the surrounding areas. The trustees confirm that they have complied with the Charity Commission’s guidance on public benefit. Activities during the year advanced musical learning, widened access to tuition, and supported the creative and personal development of learners of all ages.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Achievements and Performance
Main Achievements
During the year Greenwich Music School served an estimated 1,180 students, representing an increase of approximately 7% compared with the previous year.
Teaching and learning
Teaching took place across permanent venues, hourly-hire spaces and new school partnerships. Group musicianship provision continued to grow, with younger children regularly performing in concerts. A structured practice diary was introduced to support home learning and strengthen communication with families.
Progression and access
The first cohort of Portal Trust scholars began tuition in January. Scholars received 80% fee support alongside additional resources and performance opportunities. SEND provision continued to develop under dedicated leadership, improving accessibility and structured support.
Schools partnerships
Curriculum-time tuition was delivered at Henwick Primary School and Bannockburn Primary School. The executive team developed clearer operational processes for direct parent billing, timetable structuring and school engagement. This marked a shift from exploratory conversations in the previous year to tested delivery with a defined pathway for responsible expansion.
Organisational capacity and systems
The office team was strengthened through targeted recruitment and fractional specialist roles, including operational, bookkeeping and schools partnership expertise. A structured programme of documenting and systemising internal processes began during the year. The migration to SpeedAdmin Play! introduced rolling enrolment and monthly payments, improving long-term administrative capability, while requiring careful management during transition.
Facilities
Building works at The Stables were completed, including room reconfiguration and improved accessibility. These works strengthen the long-term suitability of the venue.
Plans for future periods
The coming year will focus on strengthening the systems and processes that underpin schools partnerships, ensuring an excellent experience for schools, parents and pupils. This includes refining operational workflows, developing relationship management capability, and building internal expertise to support sustainable growth. Further work will continue on longterm strategic planning, financial resilience and capability development across the organisation.
Page 1
Greenwich Music School Trustees' Report (continued) For The Year Ended 31 August 2025
Financial Review
Financial Position
The charity recorded a deficit for the year. Following a year of positive income and reserve-building in 2023–24, trustees approved strategic reinvestment in staffing, systems and infrastructure to strengthen long-term sustainability. The deficit reflects this planned investment alongside the cashflow effects of transitioning to monthly payments and undertaking building works. During the year the charity made the final repayment of the £100,000 CAF Venturesome loan. A new loan facility of up to £70,000 was approved to stabilise short-term cashflow, support building works and provide headroom for continued development. Cashflow projections were reviewed regularly by trustees during the year.
Fundraising and support
The charity is deeply grateful for the continued support of The Portal Trust, Tesco Stronger Starts, the Co-op Local Community Fund, and in particular the Orinoco Foundation, whose generosity has played an important role in sustaining and developing our work. Trustees remain committed to strengthening fundraising capability over time.
Risk Management
Trustees maintained oversight of the risk register, with particular focus on cashflow during the payment transition, operational capacity during systems change, safeguarding, and growth planning.
Structure, Governance and Management
Governing Document
Greenwich Music School is a Charitable Incorporated Organisation (CIO) governed by its Constitution and registered with the Charity Commission for England and Wales (CCEW). The Board of Trustees are the only voting members and hold ultimate legal responsibility for the charity’s strategic direction and financial health.
Organisational Structure
Structure, governance and management
The charity is governed by a board of trustees who meet regularly throughout the year. The board provides strategic oversight, financial governance and safeguarding assurance, while day-to-day management is delegated to the Chief Executive and Principal. During the year the board strengthened its financial oversight in light of the transition to monthly payments, the completion of building works, and the agreement of a new loan facility. Trustees reviewed cashflow projections and risk assessments regularly and provided scrutiny and challenge where appropriate.
Reference and Administrative Details
Trustees
Ms L Beveridge Ms R Hill Mr B Rous Mr S Stockley Ms Y Zheng Mr M Pickering Mr S Solomonidis (appointed 24/03/2025) Mr E Grande (appointed 21/08/2025)
Other Personnel
Ed Scolding - Chief Executive Bethan Scolding - Principal
Charity Number
1176649
Page 2
Greenwich Music School Trustees' Report (continued) For The Year Ended 31 August 2025
Principal Address
Vanbrugh Studio 137 Vanbrugh Hill Greenwich London SE10 9HP
Independent Examiner
Gemma L Fogarty FCA Finsbury Robinson Ltd 237 Westcombe Hill London SE3 7DW
Page 3
Greenwich Music School Trustees' Report (continued) For The Year Ended 31 August 2025
The trustees' report was approved by the board of trustees and signed on its behalf by:
Ms Y Zheng Trustee Date: 26/05/2026
Page 4
Greenwich Music School Independent Examiner's Report to the Trustees of Greenwich Music School For The Year Ended 31 August 2025
I report to the trustees on my examination of the accounts of Greenwich Music School (the Trust) for the year ended 31 August 2025.
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 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I have considered the charity’s net liability position of £73,081 at 31 August 2025. The Trustees have taken steps to stabilise the financial position, including the securement of a new £70,000 loan facility and the strategic shift toward school-based tuition delivery. I have found no material uncertainties that would cast significant doubt on the charity’s ability to continue its operations for at least twelve months from the date of this report.
I confirm that no other 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 contents 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.
Gemma L Fogarty FCA 237 Westcombe Hill London SE3 7DW
Date: 04/06/2026
Page 5
Greenwich Music School Statement of Financial Activities For The Year Ended 31 August 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities: Service Delivery Investments 4 Other 5 EXPENDITURE ON: Charitable activities: 7 Service Delivery Support Costs Governance Costs NET (EXPENDITURE)/INCOME Transfers between funds 18 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 18 |
Unrestricted funds £ 2,193 511,690 888 7,006 |
Restricted funds £ 1,000 49,089 - - |
2025 Total funds £ 3,193 560,779 888 7,006 |
2024 Total funds £ 4,718 543,110 886 229 |
|---|---|---|---|---|
| 521,777 | 50,089 | 571,866 | 548,943 | |
| (512,558) (11,695) (17,119) |
(46,812) - - |
(559,370) (11,695) (17,119) |
(509,044) (7,106) (21,787) |
|
| (541,373) | (46,811) | (588,184) | (537,937) | |
| (19,596) 1,013 |
3,278 (1,013) |
(16,318) - |
11,006 - |
|
| (18,583) (83,430) |
2,265 26,667 |
(16,318) (56,763) |
11,006 (67,769) |
|
| (102,013) | 28,932 | (73,081) | (56,763) |
The notes on pages 9 to 14 form part of these financial statements.
Page 6
Greenwich Music School Comparative Statement of Financial Activities For The Year Ended 31 August 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities: Service Delivery Investments 4 Other 5 EXPENDITURE ON: Charitable activities: 7 Service Delivery Support Costs Governance Costs NET INCOME NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 18 |
Unrestricted funds £ 4,718 508,037 886 229 |
Restricted funds £ - 35,073 - - |
2024 Total funds £ 4,718 543,110 886 229 |
|---|---|---|---|
| 513,870 | 35,073 | 548,943 | |
| (490,869) (7,106) (21,787) |
(18,175) - - |
(509,044) (7,106) (21,787) |
|
| (519,762) | (18,175) | (537,937) | |
| (5,892) | 16,898 | 11,006 | |
| (5,892) (77,538) |
16,898 9,769 |
11,006 (67,769) |
|
| (83,430) | 26,667 | (56,763) |
The notes on pages 9 to 14 form part of these financial statements.
Page 7
Greenwich Music School Statement of Financial Position As At 31 August 2025
| Notes FIXED ASSETS Tangible Assets 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 14 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Amounts Falling Due After More Than One Year 15 NET LIABILITIES FUNDS OF THE CHARITY Restricted Funds Unrestricted Funds TOTAL FUNDS 18 |
Unrestricted funds £ 63,274 |
Restricted funds £ 1,013 |
2025 Total funds £ 64,287 |
2024 Total funds £ 42,694 |
|---|---|---|---|---|
| 63,274 7,941 11,051 |
1,013 - 27,919 |
64,287 7,941 38,970 |
42,694 26,626 65,386 |
|
| 18,992 (121,214) |
27,919 - |
46,911 (121,214) |
92,012 (157,426) |
|
| (102,222) | 27,919 | (74,303) | (65,414) | |
| (38,948) | 28,932 | (10,016) | (22,720) | |
| (63,065) | - | (63,065) | (34,043) | |
| (102,013) | 28,932 | (73,081) | (56,763) | |
| 28,932 (102,013) |
26,667 (83,430) |
|||
| (73,081) | (56,763) |
On behalf of the board
Ms Y Zheng
Trustee Date: 26/05/2026
The notes on pages 9 to 14 form part of these financial statements.
Page 8
Greenwich Music School Notes to the Financial Statements For The Year Ended 31 August 2025
1. General Information
Greenwich Music School is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1176649. The principal address is Vanbrugh Studio, 137 Vanbrugh Hill, Greenwich, London, SE10 9HP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements 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 charity is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income is not recognised until any conditions for receipt have been met or are within the control of the charity.
2.3. Resources Expended
Expenditure is recognised on an accruals basis as soon as there is a legal obligation committing the charity to that expenditure. It must be probable that the amount of the obligation can be measured reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery | 10% on cost |
|---|---|
| Fixtures & Fittings | 10% on reducing balance |
| Computer Equipment | 33% on cost |
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Donations and Legacies
| Donations and gifts Donations and gifts |
Unrestricted funds £ 2,193 |
Restricted funds £ 1,000 |
2025 Total funds £ 3,193 |
|---|---|---|---|
| Unrestricted funds £ 4,718 |
Restricted funds £ - |
2024 Total funds £ 4,718 |
4. Investment Income
Page 9
Greenwich Music School Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
| Bank interest receivable 5. Other Income Other Income 6. Net Income/(Expenditure) The net (expenditure)/income is stated after charging/(crediting): Bad debts Depreciation of tangible fixed assets - owned 7. Analysis of Expenditure Service Delivery Support Costs Governance Costs Service Delivery Support Costs Governance Costs |
Activities undertaken directly £ 399,903 - - |
2025 Unrestricted funds £ 888 |
2024 Unrestricted funds £ 886 |
|---|---|---|---|
| 2025 Unrestricted funds £ 7,006 |
2024 Unrestricted funds £ 229 |
||
| 2025 £ - 9,420 |
2024 £ 1,982 12,001 |
||
| Support costs (see note 8) £ 159,467 11,695 17,119 |
2025 Total £ 559,370 11,695 17,119 |
||
| 399,903 | 188,281 | 588,184 | |
| Activities undertaken directly £ 403,737 - - |
Support costs (see note 8) £ 105,307 7,106 21,787 |
2024 Total £ 509,044 7,106 21,787 |
|
| 403,737 | 134,200 | 537,937 |
Page 10
Greenwich Music School Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
8. Support Costs
| Employee costs Premises expenses General administration Depreciation Interest payable Employee costs Premises expenses General administration Depreciation Interest payable 9. Independent Examiner's Remuneration Independent examination of the financial statements 10. Staff Costs Staff costs were as follows: Wages and salaries Social security costs Other pension costs |
Service Delivery £ 106,423 9,544 43,500 - - |
Support Costs £ - - 11,695 - - |
Support Costs £ - - 11,695 - - |
Governance Costs £ - - 5,896 9,420 1,803 |
2025 Total £ 106,423 9,544 61,091 9,420 1,803 |
|---|---|---|---|---|---|
| 159,467 | 11,695 | 17,119 | 188,281 | ||
| Service Delivery £ 62,595 8,013 34,699 - - |
Support Costs £ - - 7,106 - - |
Governance Costs £ - - 6,981 12,001 2,805 |
2024 Total £ 62,595 8,013 48,786 12,001 2,805 |
||
| 105,307 | 7,106 | 21,787 | 134,200 | ||
| 2025 £ 2,200 2025 £ 96,832 4,861 3,145 104,838 |
2024 £ 2,100 |
||||
| 2024 £ 57,884 2,830 1,441 |
|||||
| 62,155 |
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
11. Average Number of Employees
Average number of employees during the year was: 3 (2024: 2)
Page 11
Greenwich Music School Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
12. Tangible Assets
| 12. Tangible Assets |
|||||
|---|---|---|---|---|---|
| Plant & Machinery £ Cost As at 1 September 2024 6,095 Additions - As at 31 August 2025 6,095 Depreciation As at 1 September 2024 1,240 Provided during the period 610 As at 31 August 2025 1,850 Net Book Value As at 31 August 2025 4,245 As at 1 September 2024 4,855 13. Debtors Due within one year Trade debtors Other debtors 14. Creditors: Amounts Falling Due Within One Year Trade creditors Bank loans and overdrafts Other creditors Taxation and social security Accruals and deferred income 15. Creditors: Amounts Falling Due After More Than One Year Bank loans Other creditors |
Plant & Machinery £ 6,095 - |
Fixtures & Fittings £ 57,746 30,000 |
Computer Equipment £ 54,001 1,013 |
Total £ 117,842 31,013 |
|
| 6,095 | 87,746 | 55,014 | 148,855 | ||
| 1,240 610 |
22,911 6,484 |
50,997 2,326 |
75,148 9,420 |
||
| 1,850 | 29,395 | 53,323 | 84,568 | ||
| 4,245 | 58,351 | 1,691 | 64,287 | ||
| 4,855 | 34,835 | 3,004 | 42,694 | ||
| 2025 £ 123 7,818 7,941 2025 £ 17,237 16,255 2,254 4,935 80,533 121,214 2025 £ 39,722 23,343 63,065 |
2024 £ 18,808 7,818 |
||||
| 26,626 | |||||
| 2024 £ - 17,144 1,713 6,652 131,917 |
|||||
| 157,426 | |||||
| 2024 £ 5,748 28,295 |
|||||
| 34,043 |
Page 12
Greenwich Music School Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
16. Loans
An analysis of the maturity of loans is given below:
| Amounts falling due within one year or on demand: Bank loans Amounts falling due between one and five years: Bank loans |
2025 £ 16,255 2025 £ 39,722 |
2024 £ 17,144 |
|---|---|---|
| 2024 £ 5,748 |
17. Pension Commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.
During the year the charge to the statement of financial activities in respect of defined contribution schemes was £3,145 (2024: £1,441).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
18. Movement in Funds
| Unrestricted funds General: General unrestricted fund Restricted funds Bursary Fund Tesco Stronger Starts Jack Petchey Foundation Scholarship Fund Total restricted funds Total funds Unrestricted funds General: General unrestricted fund |
As at 1 September 2024 £ (83,430) 26,667 - - - |
Income £ 521,777 28,023 1,490 2,750 17,826 |
Expenditure £ (541,373) (38,202) (1,490) (2,750) (4,369) |
Transfers £ 1,013 (1,013) - - - |
As at 31 August 2025 £ (102,013) 15,475 - - 13,457 |
|---|---|---|---|---|---|
| 26,667 | 50,089 | (46,811) | (1,013) | 28,932 | |
| (56,763) | 571,866 | (588,184) | - | (73,081) | |
| As at 1 September 2023 £ (77,538) |
Income £ 513,870 |
Expenditure £ (519,762) |
As at 31 August 2024 £ (83,430) ...CONTINUED |
Page 13
Greenwich Music School Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
Restricted funds
| Restricted funds | ||||
|---|---|---|---|---|
| Bursary Fund Total funds |
9,769 | 35,073 | (18,175) | 26,667 |
| (67,769) | 548,943 | (537,937) | (56,763) |
19. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
20. Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure.
Page 14
Greenwich Music School Detailed Statement of Financial Activities For The Year Ended 31 August 2025
| INCOME AND ENDOWMENTS FROM: Donations and legacies Donations Donation - Chapman Charitable Trust Charitable Activities: Service Delivery Sales Tuition Fees Grants Government Grants Grant - Orinoco Foundation Scholarship Income Jack Petchey Foundation Income Tesco Stronger Starts Investments Bank interest receivable Other Other Income EXPENDITURE ON: Charitable Activities: Service Delivery Purchases Subcontractor costs Travel and subsistence expenses Room Hire Tools and equipment Wages and salaries Employers NI Employers pensions Staff training Travel and subsistence expenses Light and heat Cleaning Hire and leasing of motor vehicles Vehicle running costs Computer software, consumables and maintenance |
2025 Total funds £ 2,193 1,000 |
2024 Total funds £ 4,718 - 4,718 - 508,037 - 35,073 - - - - 543,110 886 886 229 229 548,943 (1,047) (343,612) - (59,078) - (57,884) (2,830) (1,441) (97) (343) (4,680) (3,333) - (44) (5,289) ...CONTINUED |
|---|---|---|
| 3,193 42,855 468,835 8,741 - 18,282 17,826 2,750 1,490 |
||
| 560,779 888 |
||
| 888 7,006 |
||
| 7,006 | ||
| 571,866 (2,853) (322,581) (86) (70,036) (4,347) (96,832) (4,861) (3,145) (365) (1,220) (6,155) (3,389) (95) - (10,738) |
Page 15
Greenwich Music School Detailed Statement of Financial Activities (continued) For The Year Ended 31 August 2025
| Repairs, renewals and maintenance Subscriptions Charitable donations Bad debts written off Sundry expenses Bursary Fund spending Jack Petchey Foundation Expenditure Scholarships Expenditure Restricted Funds Expenditure Support Costs Insurance Printing, postage and stationery Advertising and marketing costs Telecommunications and data costs Accountancy fees Governance Costs Independent examiner's fees Professional fees Bank charges Depreciation of plant and machinery Depreciation of fixtures and fittings Depreciation of computer equipment Bank loan interest NET (EXPENDITURE)/INCOME |
(11,097) (870) (59) - (7,151) (6,305) (2,750) (4,370) (65) |
(4,339) (123) - (1,982) (6,247) (16,675) - - - |
|---|---|---|
| (559,370) (1,563) (726) (4,773) (1,380) (3,253) |
(509,044) (1,405) (792) (3,643) (1,266) - |
|
| (11,695) (2,200) (1,702) (1,994) (610) (6,484) (2,326) (1,803) |
(7,106) (2,100) (4,814) (67) (540) (3,871) (7,590) (2,805) |
|
| (17,119) | (21,787) | |
| (588,184) | (537,937) | |
| (16,318) | 11,006 |
Page 16