Company regIStratn number.. 11198293 IEn9land and Wales) Charity registration number.. 1177780 BUCKINGHAMSHIRE MUSIC TRUST TRUSTEES. REPORT AND FINANCIAL sfATEMENTS FOR fHE YEAR ENDED 30 AUGVST 2025 Ametsham AccountaY Linjited JA Sthtion Ro8d Amcrsham Bwkinghamshire TrIP7 OBQ
BUCKINGHAMSHIRE MUSIC TRUST Contents Poge Reference and Admlnlstrative Oetails Trustses. Report Independent Auditor's Report Statement of Financial Activities lincludin9 Income and Expendlture Accountl Balance Sheet Lo Cash Flow Staternent Notes to the Flnancial Statements 12-21
BUCKINGHAMSHIRE MUSIC TRUST Reference and Administrative Details For The Year Ended 30 August 2025 Trnstees P Downton S J Imbrianc D C Mansfield-clark Cltarity Number Company Number Registered Offlce 1177780 11198293 Aylesbury Muslc Centre Walton Road Aylesbury HP21 75T Accountants Amersham Accountancy timited Chartered Certified Accountant5 3A Station Road Amersham Bvckingharnshire HP7 OBQ CaloJlo Tax Audit Limited The Threshing Barn Nanor Fartn Bam5 High Wycombe Buckingharnshire HP13 SUX Auditors Page I
BUCKINGHAMSHIRE MUSIC TRusr Company No. 11198293 Trustees. Report For Th¢ Year Ended 30 August 2025 The trustee5 present thelr report and the flnanclal ststements for the year ended 30 August 2025. Objeciives and Activities Aims and Objectfves BMT'S oblectS¥es are to be a Music ser¥e that inspires exciting, meanlThJful and engaging mustal experlences for every child in the county,. Experientrs and opportunitles that include all abilitie5, tslents, genres and forFllS of tnu51c, svpportlrKJ all the outstanding work that happens now and that %ve will build in the futsjre. Experiences and opportunltles that tske place In all type5 of sthwl <th In the currlculurn and beyond), In muslc centres, In communlty settings and in cotnmerclal 5etting5. Promoting OPPOrtunitSes for all students to access meanlngfvl and hSgh quallty vocal and Instrumentsl experlences indudlng opportunltles to progress to the highest levels of excellence. Promoting and supportSng the Importance of muslc In all chlldren's lfve5 as 501rEthlng valuable, rewardSw and fun. Providing a wide range of performance opportunities to both lebrate the achievements of young musicians ond ernpower them to be confident and skilled individuals who can express their ereativity and work together for success. Leadin9 a radlcal development of muslc In schools and other educatlorwl setting5 worklng partnershSp wlth other organisations, including the Lo¢al Authorty, to realise an outstandiNJ education for all students in the tounty. Faulitatlng the Bucks MusSc Hub as an open. creatlve aThJ posltlve network of partners who share a cemmon vlslon and drlve wlth Imaglnation and high expectations. Achievements and Perforniance Main Achievements has been a highly successful year for BNT as It contlnued to broaden actlvlty and partlclpatlon desplte the severe fundlng challenges In the landscape. namely the tontinuing le9acy of the pandemlc, the ongoing real-terms reductions in oovernrnent funding for education and the Increases in running costs. Things are slowly moving In the right direction, but taking time to do so, and at the time of wrltlng this report, essential adjustments have finally been able to be made to both the organisational structures and the ernoYMent contracts that secure the future for BMT without irnplementing the level of pri rises that would go agaSnst our charftable mission of Incluslon and equity of opportunify. From Summer term 2024 to summer term 2025 the following increases in attivity were ¥egiStered.. Instrumental & vocal teachin9 increased by 8% Music Centre membershlp Increased by 6% School membership increased by 4% Delivery of Whole aass Prattieal Muslclanshlp IWCPMI increased by 8% Young musicians belng 5UPPOrted by subsldles Increased by 12%, demonstratlng our ongolng commltment to ensurlng equlty of opportunlty and inclusion. This mean5 that 8NT dellver music educaOn to approxlmately 6500 chlldren and young people on a weekly basls atress Bucks Our commitrnent to Eoulty of OpportunSty contlnues to be a sSgnSfScant mlssh)n ef the charSty and we saw an increase in the number of families applying for 5ubsidie5 who then benefitted frotn the support Df their 5thDoIs With the use of Pupil Premiu nd the support of BMT uslng ralsed funds, most slgnlflcantly from the Rothschild Foundation to provSde a range of subsidies for low Incorne Families and those with siblings having le5SOn5 with us. Charitable Activities We 8150 saw an Increase in all area5 of the number OF perforrnance OppOnie5 for young musrtian$, both locil and cwnty-wide and across all genres. The year Sèw o full range of large events includiThJ.' The 8attie of the Bands Nnal at the Swan Old Town Hèll In Mèrch wSth a record number of appltations and audltlons The Bucks Young Musician of the Year Final took p14ce 8t Aylesbury Music Centre in late Mar£h ar was streamed 05 well. We had a record entry again for both the lunlor and senior categorles All the County groups (Youth Orchestra, Wind fn5emble, jazz Co11ecti¥e and Youth Choir), tompri5ing 92 outst4nding young musicians, had Succef1 overseas tour In Northern SpaSn, playing to large audienw in several clties from our base in Burgos. ThSs culminated in our End of Season Concert èt Sinfonia Smith Square in July 2025 to a 501d out audience. The second Bucks Cholr of the Year contest took platr In the SprSng term wlth entrfes from a large number of prlmary schools. We were delighted with the range of types OF choir and Style and genre of rnusic perfortned. Our Summer Fe5tsval In partnÈrship with Chiltern Open Alr Museum took pLace In July 2025 and was a syonderful afiernoon of musit from all muslc centre members and varlous extra guests, attended by about IOQQ people and performed under clear skles after a tnornino of rain Page ?
BUCKINGHAMSHIRE MUSIC TRUST Trustees, Report Icontinuedl For The Year Ended 30 August 2025 Signifieant Partnership/Hub aetivities 0 8uck5 Schools (new actiVitS only) Delivery of GCSE and A-level support in schools ¥Yhe recruiJng music teacher5 is provlng a challenge and Increase In demand for support from secondary schools who have not previously engaged wlth BMT. PMary Muslc Conference at The Wades Centre in Princes Rlsborough. Well attended with excellent feedback on all sessSons c Yeung Creètive Bucks.. our Cultural Educat Partnershlp BMT continues to le6d on CatIon of this partnership to support young reople across the county by hosting activities and continue5 to second the programme man4ger YCB has successfully secured CIO status, and beglns its delery of rneanSngful and Impactftjl a¢tivitie5 for the benefit of young people in Bucks. Network of partner5 5trengthenlng overall arts landscape and beglnnSng to provlde guidants for young pep looklng for routes into the creJUve Sndustries o CPD dellvery Deputy Director delivering whore day prfmary mus+c tralnlng for MK & N Bucks trainees, for E-Qualltas and sesslon5 for Astra Teaching Schools Hub Director delivering rnentoring and supp)rt packages for traie5 In 3 5econd3ry schools in partner5hlp wlth Astra and UnDiÈrsity of Herts o NMO I Instrutnental Relaunch ef combined prograrnme of school concerts and follow-up in5trurnentsl vlslts leadlng to signifltant uptake of lessons in previously unengaged schools and extra ProvK}n into schools In Opportunlty 8ucks areas School vlslts and streamed'meet The Orchestra, durtng sumtner ter Financial Review Financial Posltlon However, all these svccesses are withln a continued period of recovery where flnancial constraints syere 5tlll evldent from managlng the Company through the pandernie and the continued challenges of DE Funding remainirwJ flat, repsentIng a significant real terms reductlon that is now equivalent to 26% sintr the creation of the ch4rity. Whllst Servi levels have rets)rned to levels above those previous, the overall flnancial recovery has Still been in progress. The recovery plans outline(I belo4¥ have all been effertively iffiplernented and are beginning to make a difference. Hobyever, the additional accounyng Impact of the change of funding cycle by Arts Council Englarid, the UltIng, necessary change of invoicing cycle by BMT to mana9e cashflow effectlvely and the longer-term impact of the contlnued Increases to pension contrlbvtlor6 wlthln the contractual state stheme5 lead to the posltSon or these accounts shovling a deficit. The entirety of thls dertclt & now contained wlthln approved long-temi repayment scheme5, whSch are at a level that 1$ 8fft)rd8ble and contalned wlthin the balanced In-year budget and cèshflow upon which BMT contlnues to operate. BMT continues to rnanage Sts trading and income and expendlture effettively across the year, and thls is well-manaoed whilst preventing the accrual of signifant reserve as these repayments a tnade, although It Ss projected that BMT will build some operational reserve during 25126 as the liabilitles are fully contained and will begln to reduce significantly by then due to the next phase of the recovery plan. The projected deficit in the accounts to date therefore show these lyabllltles will begin to reduce and are funded In year by the following measures put In place during 24125 and Jre proving effective. steady increase in pritr5 slSghtly above the rate of irsflatlon that Ymere not able to be Impkmented previou5ty are nosv In place on an annual basis. In addition, there wlll be a further Increase of 5% in September 2025 to ensure that the margin retn41n5 effective in delivering hlgh quallty tuitlon to all. Contlnued increased demand for IV lessons and school order5 increa51ng rnargln on Income. Increased number of BMT member schools. Increase in Music Centre rnembershlps without increased st4ff costs. Increased detnand from Schools for consultancy and training. Incre45e In sponsorship and donations already secured. A re-structurlng and reduthon of the senior team, tnoving from four Area Leaders to three and the prospettive TVPE of the progr4mrne manager of Young Creative Bucks to the new CIO In January 2026 These elernent5 represent a further addlOonal level of Incotne (tpared to 24125 wlth no èLklition81 tQSts in the region of £90k per annum. Most significantlyi by the tlrne of writlng this report. 8NT has tompleted a full consultatyon wlth teaehers to Èxlt the Teachers. Pension Scheme and move into an approved workplace scheme. Thls Is a significant cost saving for BMT and also removes the ongoing risk of Increases In employer contributions beyond our tontrol that has Cated most of our financial challenge5 currently. We also belleve that it provldes better Security and savlngs potsntial for our mainly part-tirne staff. The Ilablllties to the TPS have therefore been consolidated Snto an affortable long-term repaytnent scheme that is fiJlly fattored into the ongolng budget and cashflow. ThLq change of penslon provlsion reduTr5 BMT'S salary on-costs by approximately £190k per annum.
BUCKINGHAMSHIRE Musfc TRUST Yrustees, Report Icontinuedl For The Year Ended 30 Auoust 2025 Flnancial Position contlnued The evidence at the tlme of writing th15 rtkK)rt 1$ that all these fattors are accurate and sUPPOrt the buslne5s plan for the next three years wlth the ability to recoverthe existing Ilabllltles wlthout Incurrlng further obligatlons. On this basls the Trustees have a reasonab expertation thèt the BMT has adequate ongoing re50urTr5 to tontlnue in operatlonal exlstentr for the foreseeable future whilst meeting all repayments and so conttnue to proceed wlth these accounts on the bas of a going conorn. Reserves Policy It Is the policy of the BMT that Unrestr1tt funds which have not been designated for a speclfic use Should be maintalned at a level equlvalent to tvlo month's expendlture, not Includlng the satsry cost as the transfer agreement novated from Bucks Leamlng Trust In 2018 designates that In the event of wlthd-up, all employees wlll be transferred back to the Local Authority. The Trustee5 conslder that reserwes at this level will ensure that, In the event of a significant drop in funding, they wlll be able to conunue the BMT'S current activities while con5iderètion is glven to ways Sn whlch addlOnal funds May be raised. This level of reserves has yel to be reached but measure5 are in place to work towards this position acr055 the next three yeats and the cashflow prolectlons for the comlng Indlcate that this is a reasonable assumption. structure. Governance and Management Trustee Seletlion Methods Trustee5 are appointed by the existiThJ board to ensure a broad range of relevant skills and agreed cornmitment to the charlty. They are approachlng using th local contacts from the muslc educatlon landscape in 8uckinghamshire and from charity trustee search support frorn Music Mark, our sector skills organ15ation. Induction and 7ralning of Trustees New and existing trustees are sent any relevant guidance, tr4ining and support opportunities COMMUnred by the Charity Cornrni5sion. New trustees are inducted by the Director and the exlstlng chair usSng recognised Charity Cotnmis5ion resources and BMT speciflc guidance. Trustees can acctss this information and 411 relevant iriformation using a central shared site withln the BMT secure environment that only relevant parties have access to. Key Management Remuneratlon All managÈTnÈnt posts are paid at a level derermined by a transparent pay range and the level of each role Is totnrnen5ur4te sylth the level of responsibility. ensuring conslstency acrw the tearn. These pay ranyes are subject to perlodlc revlew and where a % pay rtse 15 itnplemented it applies to all points on the pay spine, includlng all teachers and Jjministration roles. Organisational Strudure BNT Is a company lirllited by guarantee and a not-for-profit charity. During thls year of trading BMT employed a senlor leadershSp tearn of 7 and central 8dministratton team of 6 and a teaching staff of approximately 85 wlth a FtE of approxiFnately 46. BMT Shadow Structure Is VIeWed annually by the Dlrector arK1 the board afong51de the annu41 budgÈt 5Éttlng proces5. Th15 ensured that the senior team remains fit for purpose and focused on the rnission and priorities of the charity, whllst remalning affordable. Related Parties All trustees declare any related party relationships at quarterty meetings. Any consultancy work, comrnissioned work and freelan syork that is undertaken by external contractors is procured faSdy and Whe any rnan4ger involved could be deemed as a related party they do not take part In the appolntment PrO5S arml thi5 15 recurded. Risk Management The organisation malntalns a risk gIster and this is aligned wlth the Arts Councll England rL4k ratlng that 15 revlewed quarterty- Thls nalyses the risk under varlous catsgorles and steps taken to address tnitigate those risks to ensure the ongoln9 Strength and health of the or9anlsatlen. Pose 4
BUCKINGHAMSHIRE MUSIC TRUST Trustees. Report {continued) For The Year Ended 30 August 2025 Statement of Tru5tees' Responsibilities The trustee5 (who are also the directots of BUCKINGHAMSHfRE MUSIC TRUST for the purpD5es of cornpany lawl are responsible for preparing the Trustees. Report 4nd the financlal statements in accordan syith 4pplicJble law and Unlted Klngdom ACCOUnn9 Standards (United Kingdom Generally ACpted Accrxjntlng Practlcel. Cornpany law requires the trustees to prepare flnancial statements for each financlal year. Under company law the trustees must not approve the flnanclal statement unless they are sattsfied that they give a true and falr vlew of the stste of affa1 of the charltable cornpany ar of the incotning resour5 and applScatlon of resources. includlng the Incorne and expenditure. of the charitable £ompèny for that perlod. In preparlng the financlal statements the trustee5 are requSred to.. selett sultable attountlng poltles and then apply them ¢onsistentty,' observe the methods and prlnciples In the Charlty SORP: make judgrnents and acceunting estimates that are re4sonèble and prudent.. and prepare the financial statements on the goSng cencern basis unless it is inapproprfate te presume that the company will continue In business. The trustees are respcinslble for keeplng adequate accountlng records which disclose with reasonable accuracy at anytlme the financkal position of the charitable company and to enab thetn to ensure that the accounts comply with the Cotnpanies Act 2006. They are a150 responslble for safeguarding the asset5 of the company and hence for taklng rtasonable Steps for the prevention and detection ef fraud and other Irregularltie5. The Iru5tees are responsible for the maintenantr and Integrfty of the corporate and finanoal inforrnation Included on the charStable company's website. LeglatIon in the Unlted Kingdom goveminy the preparation and dissemlnatlon of financial statements tnay drffer frorn legislation Sn other jurisdictions. statement of Di5c105ure of Information to Audltors Each of the persons who are trustees at the time when thls trustees. report Is approved has confirmed that= so fai as the trustee Is aware, there Is no relevant audit informatK>n of %vhith the charitable company's audr$ are unaware.. and they have taken all the steps that they ought to have takefi as trustees In order to rnake themselves aware of any relevant udit inforrnatlon and to establlsh that the charit4ble company's audltors are aware of that informatlon. The trustees, report was approved by the boiard of trustees and sloned on Its behaw by.. D C Mansfield-clark Trustee Date.. 10107126 P4e5
lftdependent Audltor's Report to the Members of BUCKINGHAMSHIRE MUSIC TRUST Qualified opinion We have audlted the finanthal statements of Bucklnghamshlre Must Trust (the 'Tru5VI for the year ended 30 August 2025 whlth comprise the statetnent of financlal actlvltles, the bal4nce sheet, the Statement of cash flows and notes to the flnancial statements. Includirvj signifScant accounting policies. The financial reporting framework that has been applied in their preparation 15 applic4ble law and United Kingdom Accounting Standard5, including Flnancial Reporting Standard 102 The Financial Reporting Standard apICable in the UK and Republlc of Ireland Iunlted Kin9dom Generally ACpted AccountSw Practltrl. In our oplnlon, except for the posslble effts of the matter de5crlbed In the Basis for Quallfied Oplnion section of our report, the rinancial ststements: glve a true and falr vlew of the state of the charty's affalrs a5 at 31 August 2025 and of Its Incomlng resources and appllcatbn of resources, for the year then ended,. have been properly prepad Sn accordance with United Kingdom Generally Accepted Accountlng Prlce: and have been prepared in accordance with the Charities Act 2011. Bèsls for Qualified Opinion During the course of our audlt, we Identlfled a difference of É206,691.flJ within trade debtors, whlch ha5 been wrltten off Irs the financial ststements. We were unable to obtsin sufflclent appreprlate audlt evldentr to support the nature and validlty of thls amount, in¢ludiw wwher it represents irrecoverable debts or error5 in underlying records. Consequentlyi we were unable to determine whether èny adjustments might be necessary in respect of trade debtors, income, or reK3ted b4lance5 in the flnanclal statements. Conclusions Relating to Going Concern In auditino the flnancial statements. we have concluded that the trustee5' use of the going ¢on¢ern bas$ of accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed, we have not identified any materlal uncertainties rellting to events or conditions that, IndSvldually or collectively, may cast slgnlficant doubt on the charitable cotnpany's ability to centinue as a going concem for a pertod of at least 12 months frorn when the financièl statements are authorised forlssue. Our responslbiif(les and the responsibilf(ies of the trustees wlth respect to golng conc¥n are described in the relevÈnt sectlons of thls report. Other Informatlon The other infortnation compr15e5 the informatlon included in the anrxjal report, other than the flnancSal statements and our audY(o¢s report thereon. The trustees are responsible for the other informatSon contaird within the 8nnual report. Our opinion on the fin4fKMHI statements does not cover the other information and we do not expre55 any fDrm of assurance concluslon thereon. Our responsibillty is to read the other Infortnation and, In dolng so, consider whether the other Inforrnation 15 materially incon5i5tent with the financkAI statetnents or our knowledge obtained in the course of the audit, or others¥ise appears to be materlally mlsstated. If we bdenfy such material Snconslstencies or apparent materlal m&statements, we are requlred to determine whether this gives rise to a material misstatement in the financlal statement5 themselves. If, based on the syork we have performed, we conclude that there Is a materlal mlsstaternent of this other informatlon, we are required to report that fatt. We have nothing to report In this regard. Maiters OA Whlch We Are Required to Report by Exception In respect solely of the limitatlon on our work relatlng to charitable cornpany described above.. we have not obtained all the infortnation and explanations that we consldered netrss4ry for the purSe of our audit., and we We unèble to determlne whether sufficlent accountlng reco5 had been kept. We have nothing to report in respect of the fellowSng matters In relatn to which the Charities (Accounts and Reportsl Regulations 2008 requires us to report to you IF, in our opinion.. the Inforrnation given in the financial statements Is Incon51stent In any material re5pett with the report,. or the financlal statements are rt In agreernent Sytth the atcounting records. Pag¢ 6
Independent Auditorfs Report (tontinued) to the Members of BUCKINGHAMSHIRE MUSIC TRUST Responslbllltles of Trustees A5 explained more fully in the Trustees, Re5ponsibilitles Statement set out on plge 2 6, the trustees (who are responsible for the preparation of the financial ststetnents and for belng satisfied that they glve a true and falr view, and for Such InterTrHI coritrol as the trustees determine is necessary to enable the preparatlon of flnancial statements that are free from materlal mlsstatement, whether due to fraud or error. In prepèring the flnanclal statements, the twstees are responslble for assÈ551ng the charltable company's ability to tontinue as a going toncern, dlsclosing. as applicable, matters related to 90ing concern and uslng the going con¢ern basis of accounting unless the trustees elther Sntend to Tra5e operatbns. or have no realistic alternatlve but trj do 50. Auditor's Responslbllltles for the Audit of the Financial Statement$ We have been appointed ès auditor under section 144 of the Charitie5 Act 2011 and report in accordan with the Act and relevant regulations made or havino effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frotn tnateri41 misstatement, whether due to fraud or error, ènd to Sssue an auditor's report that Includes our opinlon. Reasonable a5suranTr 15 a high level of assurance, bijt is not a guarantee that an audit conducted In accordance with ISAS IUKI wlll always detect a material misstatement when It exlsts. Nlsstatements can arlse from fraud or error and are consldered material rf. Indivu811¥ or In the agggate, tY could reasonably be expected to Influente the economlc decisions of users tsken on the basts of these flnanclal statements. IrregUlarIt$, Including fraud, are Instances of non-cornpliarKe wlth laws and regu14tKns. We deslon procedures in line syith our responsibilities, outllned above. to detect material MStatements in respect of irregularities, IrKludino fraud. The extent to which our protrdures are capable of detecting irregularitles. including fraud 15 detsikd below. As auditers, we are required to report on our assessment OF the 5usceptiblllty of Buckinghamshire Music Trust '5 financlal statements to material misstatement. We believe that our tests cornpleted which are not limited to the tests detslled below are sufficient for detecting material misstatement, and therefore any such materièl mi5Staternent would have been identified. Our approach h85 been purely substantial and ri5k-b?sed. Irregularltles include Fraud which Is also a form of non-compllance wlth laws and reguLatlons. The tests designed are In Ilne wSth our responsibilitie5 a5 audltors whlch are outlined above. Fraud Is however assumed to be concealed and therefore rn0 dlffKult to detect. and therefore special attention ha5 been glven to transactlons with related partks. There We no laY4s or regulatlons specific to th industry whlch we believe tD be signific4nt to the audlt. The extent to which our procedures are capable of detecting irregularleS. including fraud 15 detslled below-. Audit protsdures perft>rrned Sncluded.. Dlscussion amongst the audit team regardlryj the sustsptlbility of the cllent to fraud,. Consideration of the rsk of frèud when documenting and revievrfing internal controls and precedures,. Enqulrlng of management how they.. èsse5S the risk of fraud,. and identify and respond to the risks of fraud.. Enqulrlng of management whether they have any knowledge of actual or suspected frauds er non-compliante with laws and regulations,. Review of how those charyed wlth governance exercise oversight of management's process for Identifying and re5pondlng to the risk of fraud,. Substantive testing OF opening balances. 9rant income, revenue, deferred Income and debtors- Recalculatlon of substantive procedure5, and analytlcal revw.' Verlficatlon of employees.. Revlew of bank reconciliations for evidence of wlndow dressing.. Enquiry of manaoement. those charged with governance around actual and potential Iltlgatbn and clalms. Reviewlng firiancial ststement dlsclosures and testing sUPPOrting documentation to asses5 compli4nce with applScable laws and regulatSons. Evaluated the appropriateness of accounting policie5 Used and the reasonableness of accounting e5tirnJtes and relatsd dlsclosure5 made by mana9ement.' Reviewed areas for management overrlde of controL4, Includlng testing of journal entries and other JUstMentS For approprlateness. and Èvaluated the buslness ratlonale for slgnifkant tran5action5 outslde the nomial course of bu51ness' Review legal e¥pen5e5, and ebtaln an explanation as to what they relate to, to detect evidence of any legal cases frem non- compliantr. Page 7
Independent Audltor's Report (continued) to the Members of BUCKINGHAMSHIRE MUSIC TRUST There are Snherent limitatlons In the audlt protrdures described above. We are less likely to become aware of Instances of non- compliante %Yith laws and regulation5 that are not closely related to events and transactlons flected In the financlal statements. Also, the risk of not detecting a materlal mlsstatement due to fraud 15 higher than the risk of not detectlng one resultSng frem error, as fraud rnay Involve deliberate concealment byi for example. forgery or intentlonal mSsrepre5entations, or throu9h collusion. A Further descriptlon of our wportsibilities is avallable on the Flnandal Reportlng Council's webslte at.. https'.l/www.frc.ory.uk/auditorsresponslbillties. This description forrns part of eur audito¢s report. Other matters Yeur attention 15 drawn to the fact that the charity hès prepared flnancial statements In accordance wlth 'Accounting and Reporting by Charltles.. Ststement of Recommended Practlce appllcable to charit4e5 preparlng their accounts in accordants with the FSnanclal Reporbng Standard appllcable In the UK and Republic of Ireland IFRS 1021. las amended) in preference to the Accounting and Reporting by Charitie5'. Statement of Recommended PrartlTr 155ued on l Aprll 2005 whlch Is referred to Sn the extant regulatSons but hè5 now been witYK1rawn. This has been done In order for the financial statements to prevlde a true and fair view In a¢¢erdan with current Generally Atpted Accounting Practice. Use Of Our Report This report is made solely to the charity's trustees, as a bodyi In accordance with Part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audfjtwork has been undertaken so that we mlght state to the charfty's tru5tee5 those matters we are required to state te thern in an 4uditorfs report and for no other purpose. To the fullest extent permltted by law, we de not actrpt or 35surne responsibility ro anyone other than the thartty and the chathty's trustees as a bodyi for our audit syork, for this report, or for the opinlons we have forffled. Jonathan Walton BFP FCA For and on behalf of Calculo Tax Audlt Umlted, Statutory Auditor Ch)rtered Attountants The Threshlno Barn Manor Farm Bams C04tes Lane HKJh Wycom Buckinghamshlre HP13 SUX 11107126 Date.. C4loJlo Tax Audlt Llmlted is el)Ible for app)Intment as audltor of the by vlrtue of ellglblllty for appolntmeni as auditorof a company under section 1212 of the Companles Act 2006. Pa5
BUCKINGHAMSHfRÈ MUSIC TRUST statement of Financial Activitie$ {including Income and Expenditure Account) For The Year Ended 30 August 2025 Period Period Ended Ended 30 August 31 August 2025 2024 Restricted Uttrestrrcted fixed asset Restrrcted funds funds funds Total funds Totsi funds Notes INCOME AND ENDOWMENTS FROM: Donation5 an(1 legacies Ch4ritable activities.. Music 5erwlce 157,630 989,650 1,147,280 887,54D 1,729,127 1,729,127 1,586,383 1.729.127 157,630 989.650 2,876,407 2,473,923 EXPENDITURE ON: Charltable actlvltles-. Music servi 11,952.738) 116.2731 1989,650) 12,958.6611 12,813.5811 11,952,738) 116,2731 1989,6501 12.958.6611 (2.8L3.58LI NEf EXPENDThURE 1223,6111 141,357 182,2541 1339,6581 NEf MOVEMENT IN FUNDS 1223,6111 141,357 {82,2541 1339,6581 RECONCILIATION OF FUNDS: Totsl funds brought forv4ard 1865,2701 1865,2701 1525,6121 TOTAL FUNDS CARRIED FORWARD 21 {1,088,8811 141,357 1947,5241 (865,2701 The notes on pages IS to 25 forrn part of these flnancial statemenE5. P¥¢9
BUCKINGHAMSHIRE MUSIC TRUST Balantr Sheet As At 30 Auoust 2025 30 August 2025 31 August 2024 Notes FIXED ASSETS Tanglble Assets 33,025 LO,465 33,025 10,465 CURRENT ASSETS Debtors Cash at bank and In haThl 13 337.589 5,862 205.768 343,451 205,768 Creditors: Amounts Falling Due Within One Year 14 (1,324.0001 (1,074,003) NET CURRENT A55ETS (LIABILITIES) 1980,5491 1868,235) TOTAL ASSETS LESS CURRENT UABILThIES 1947,524) (857,770) ¢Tedit¢rs: Amounts Falling Due After More Than One Year 15 (7.500) NET LIABILITIES (947,524) (865,2701 FUNDS OF THE CHARITY Restrirted Funds Restricted Fixed Assets Funds Unrestdcted Fund5 141,357 11,088,881) 1865,2701 TOTAL FUNDS 21 1947.5241 1865,2701 These financial statements have been prepared In accordance with the provisions appllcable to companles subject to the small companies regitne. The financial statements were approved by the Trustees on On tehalf of the board D C Mansfield-clark Trustee The notes on pages 15 to 25 form part of these financlal ststement5. Pas¢lO
BUCKINGHAMSHIRE MUSIC TRUST Cash Flow Statement For The Year Ended 30 August 1025 30 August 2025 31 August 2024 as restated Notes Cash ftows from operatlng activities Net cash generated from operadons Interest pald 25 66,013 117.3431 23,746 Net cash generated from operating actlvlues 48,670 23,746 Cash flows from investiny activitie5 Pvrchase of tangible assets Proceeds frorn dispasal of tangible assets (31,0311 15,4721 13.0001 Net cash used In Investing aLtivities 131.0311 18.4721 Cash flows from financing èctÈvities Repayment of bank borro>wings Iio.oDoI 110.8841 Increase in cash and rash equlvalents Cash and cash equivaknts at begSnnlno of year 7.639 11,7771 4.390 16,1671 26 Cash and cash equi¥alent5 at end of year 26 5.862 11.7771
BUCKINGMAMSHIRE MUSIC TRUST Notes to Ihe Ftnancial Slatement5 For The Year Ended 30 Aygust 2025 l. General Informatlon BUCKENGHAMSHIRE MUSIC TRUST is a company Ilmited by guarantee, Incorporated In England & Wales, reglstered nurnber 11198293 nd rÈglStered charlty number 1177780. The registered office Is Aylesbury Music Centre, Walton Road. Ayksbury, HP21 7ST. 2. Accounting Policies 2.1. Basls of PparatIon of Financial Statements The nnandal ststements have been prepared in accordance wlth the Companles Act 2006, FRS 102"The Flnanclal Keportlng Standard appllcable In the UK and Republlc of Ireland" fFRS 102.1 and the Charltles SORP Accountlng and Reportlng by Charities.. Statement of Recommended Practlce applicable to charities preparin9 their accounts in acc9rd4nce with the Financial Reporting Stanoard appllcable In the UK and Republlc of Ireland IFRS 1021. leffectlve l January 20191. The BMT Is a Publlc Benefit Entity as defined by FRS 102. The financial staternents are prepared in 5terfirKJi Y4hich is the funthnal currency of the BMT. Nonetary amounts in these financial staternents are rounded to the nearest É. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at falr value. The prlncipal accounting policies adopted are set out below. 2.2. Goin4 Concern Disclo$yre At the tSme of approviny the financial statements, the Trustees have a reasonable expectstion that the BMT has adequate resour to continue in operational existence for the foreseeab future. Thu5, the Trustees eontinue to adopt the going concern bas of accountlng in preparin9 the financial ststements. At the tirne of approving the nnanclal ststements, the Trustees have a reasonable expectation that the BMT ha5 4dequate re50urce5 to contSnue In operational existence for the ftsreseeab future. Thus, the Trustees contSnue to adopt the golng contsrn basis of accountlng in preparSng the flnanclal statements. 2024125 vlas another ch3llenglng year as SMT contrnued to recovErfrorn the Impatt ofcovid-19 pandemic and the effect that h4d on both activity levels and ability to trade effectively. Although BNT has a negatlve BabnTr Sheet, the malorlty of thls Is contained within a debt spreading agreements, rn05t notably with TPS that Is being repaid gradually withln the current budgÈtary profile and Is belng met cornfortably, whilst contlnuing to run an in-year surplus. BMT has been extremely successful In rebuilding and further gro%Yino actlvlty leve15 and this h85 been cornbined with sorne changes to the structure of the business providino some significant change5 dun0 2025126 and moving forwar(Is. The m05t 51gnificant has been the changes to pÈnsion prov1510n which has both allowed cost OF living pay increa5e5 and in-year savinos of èbout £190k. This comblned with a more successful and ever-9rowing fundraising provision and increasing sales rnargins due to modest price increa5e5 and internal efficiencies, has placed BNT in 4 posStlon ts be generating in-year surplus, whilst repayin9 liabilities as part of tFot cèshflow control. Thereft>re, at the time of approvlng the flnandal statements, the Trustee5 have a reasonable expectstlon that the BMT has and w511 have adequate resource5 to contlnue In operatlonal existence for the foreseeable future whllst meetlng all its repayment obligations. Thus, the trustees contlnue to adopt the golng concern basls In preparlng the financial statements. See full trustees report for further detalls. 2.3. Fund Accounting Unrestrlcted funds can bÈ used in accordance with the charitable ¢blectives at the dtscretlon of the trustees. Restthcted funds are sublect to specific condltions by donors or granters as to how they may be used. The purposes and uses of the restrftted funds are set out In the note5 to the financi415tatements. Further explanatlon of the nature and purpose of each fur 15 Incle In rhe notes to the financlal statements. 2.4. Incoming Resourtts All Income Is recognised in the Statetnent of Financial Activities 0e the Chartty has entitlement to the funds, it is probable that the Incotne will be receed and the amount can be rneasure(I reliably. The following specific policie5 are applied to particular categode5 of Income.. Donatlons- recognised at polnt of mtrflcation Grants - recognised at point of r1Ved or retrlv4ble Traded income - recoonSsed at polnt ef Involce Pay 12
BUCKINGHAMSHIRE MUSIC TRUST Notes to the Financial Statements (continued} For The Year Ended 30 August 2025 2.5. Resources Expended Expenditure ts recegnised once there 15 a legal or constructlve obligation to transfer economic benefitto a third p4rty, it 15 probable that a transfer of economic benefits will be reoulred in settietnent, and the arnount of the obllgatlon can be measured reliably. Expenditure is atcounted for on on accruals basts and ts cLassified by actlvlty. The c05ts of each actfvlty a¥e made up of the total of dlrect costs and sh4red costs. Including support costs involved in undertaking each actfvlty. Direct costs attributable to a single actSvSty are allocated directly to th4t activlty. Shared costs which centribute to tnore than one actlvlty and support costs whlch are not attributable to 4 single 4ctlvSty are apportioned between those aitivlties on 8 ba55s conslstent with the use of resources. Central Staff costs are allocated on the basls of fjme spent, ond depreclatlon charges are allocated on the of the assevs use. 2.6. Tangible Fixed Assets ènd Depreelatlon Tangible fixed assets are measuTed at C05t les5 accumulated depreciation and any ac£umulatÈd itnpairmerit losse5. Depreciatlon Ss recognised so as to write off the cost or valuatk7n of assets less their residual values over their useful Ilves on the following bases.. Muslc instrument5 Motor Vehitle5 Computer Equipment 20% on reducing balance 33.33% on reducing balan 20% on costs A full yea¢s depreciatlon is charyed in the year of acqulsltlon and rtne in the year of disposal. The galn or loss ar151ng on the disrM)sal of ari asset is determined as the difference between the sale proceeds and the carrySng value of the asset, and is reCOgned sn the statement of financial activities. Impairmentof fixed assets At each reporting end date, the BMT revlews the carrylng amounts of Its tanglble assets to deterFnine whether there Is any Indlcatknn that those assets have suffered an 5mpalrment loss. If any such indlcatlon exlsts, the recoverable arnount of the asset Is estimated In order to determlne the extent of the Itnp6lrrnent 105$ Ilf any). 2.7. Cash and Cash Equivalents Cash 4nd cash equlvalents are baslc financial assets and include cash in hand and deposlts held at call With banks. other short- term hlghly Ilquid investments that mature In ro rn0 than three months from the date of aCqlsIt10n and ore readlly convertlble to a kno¥vn aFnount of c4sh wlth Inslgnlflcant risk of change in value, and bank overdrafts. 2.8. Financial Instruments The BMT has elected to apply the provlslon5 of Secuon Il'BasSc Nnanclal Instruments. and Se¢bon 12'0thEr Flnanclol In5trumentS Issues. ¢f FRS 102 to all OF Its flnandal Instruments. Flnancial instruments are recognised in the BMT'S balantr sheet when the BNT becomes party to the contractual provlslons of the instrurnent. Fin4ncièl assets and Ilabllitles are offset, with the net arnounts presented In the financkil statsments. when there is a legally enforceable light to Set off the recognised amounts and there Is an Intention to settle on a net b4515 or to rea115e the asset and Settle the Ilablllty 51multsneously. Basic financlalassets Basic nnanclal assets, whSch Snclude debtor5 and cash and bank balances, are inltlally measured at transattion prite intluding transaction costs and are subsequently carrled at amortised cost usino the effective interest rnethlxl uriless the arrangement constitutes a financlng transactlon. where the transaction is measured It the present value of the future receipts discounted at 8 market rate of interest. Financi8145sets dasSifd as recelvable within one year are not ètnortised. Basic finan¢i81 li&bilitie5 Basic financial liabilities, includlng creditots and bank loans are Inltlally recogni5ed at transattlon prltr unless the arrangement constitutes a financing transaction, where the debt instrument Is rneasured at the present value of the future paytneThts dlscourited at a market rate of Snterest. Fnancial Ilabllitles dassified as payable within one year are not arnOrsed. Debt Instruments are Subsequently carrled at amortlsed cost, uslng the effectwe Interest rate rnetho(l. Trade credltors are obli9atlons to poy ft>r goods or servlces that have been acquired in the ordinary course of operJtlons frorn supplier5. Amounts payable are classlfled as current liabilitie5 if payment is due within one ye?r or le55. If noL they are presented as non-current liabilities. Trade creditor5 are recognised Initially at transaction prte and subsequendy measured at 4mortised cost usln9 the effettive interest rnethod. ..CONTINUED P•ge 13
BUCKINGHAMSHIRE MUSIC TRUST Notes lo the Financial Statemenls Icontinuedl For The Year Ended 30 August 2025 2.8. Financlal lftstruments- continued Derecoprtitioll of financial liabilitie5 nancial liabilities are derecogntsed when the BMT'S contraciual obllgauons expire or a dlscharged or cancelled. 2.9. Employee Benefits The cost of any unused hollday entitlement15 recognlsed the Ferlod In whlch the employee's servltes are refved. Termination benefits are recogn6ed Immedlately as an expense when the BMTIS demonstrably (X)Mmted to terminate the employment of an ernployee or to provide termination benefits. 2.10. Pen$lons P4yments to denned contribution retlrement benefit schemes are charged as an expense as they fall due. 3. Income from Donatlons and Lega¢ies 30 August 2025 30 Auoust 2024 Restated Unre6trictsd Restricted Restricted fixed assets funds Unreltrieted Rtstridtd Restricted fixed assets funds Total Total funds fund5 funds funds funds funds Grants.. Grants 157,630 989*50 1,147,280 2,000 885,540 887,540 The ACE fundivj to BMT Is to support our role as the CO OrganoOn of the Bucks Music Educatlon Hub ar to 5UPPDrt the re4lisation of the core and extension role5 Within the National Plan for Muslc. As this destrSptSon encompasses vlrtually all of BMTS activitles, including the development of partneryhlp work, therefore it Is treated as an Un$ttted grant that supwrts the mission and aims of the organisation. A significant amount of this grant is used to support speclfic actSvltle5 Sn the core roles, such as Who Class Practical Mu5icianshlp delivered at a hlghly subsidised rate to schools. 4. Net IncomellExpendlturel Income from charitable a£tlvStle5'. Unrestricted Unrestricted funds funds 30 August 31 Aygy5t 2025 2024 Music tultion 1,620,155 36,252 72,720 1,409.158 51,825 125.400 Exam fees Other Income 1,729,127 1,586,383 The net expendbture is stat& after charglng/lcredY(Sngl- 30 August 2025 31 August 2024 Bad debts DepcltiOn of tangible flxed assets - owned GainlLoss on disposal of tangible fixed assets 206.692 8,471 2,913 3,000 PJg¢ 14
BUCKINGHAMSHIRE MUSIC TRUST Notes to the Financial Statements (¢ontinued} For The Year Ended 30 Auoust 2025 5. Analysis of Expenditure 30 August 2025 Artivitie5 undertaken Support directly costs 15ee note 61 (see note 71 Total Music servlce 2,015.433 943,230 2.958.663 31 August 2014 Activltles undertaken Support directlv costs Isee note 61 (see note 71 rotai Muslc servlce 2,073,531 740,050 2,813,581 6. Direct Costs 30 August 2025 31 August 2024 Music servlce Musi servlce Fundraising activitES'. Events and tours Investment managetnent costs.. Rent collectlon. property repairs and mainten8nce charye5 Cost of goods So.. Exam fees costs storage expenses Instruments repalr Employee costs.. Wages and salarfes Employers NI Employers pensions defined contribut 5cheme5 Subsidies and bursaries General admlnlstrètlon.. Tran5PQrtation costs Support and admInIstratn costs Subscrlptions DepreclatS0n'. Depreciation LOSS on dlsposal of tsnglbk fixed assets 200,812 109,324 97.177 69.428 39,820 7,136 5,633 34.801 6,281 9380 1,287,078 113.726 247,879 1,377,224 101.788 310,087 34,055 13,670 38 1,542 7.701 8,471 2,913 3,000 2,015,433 2,073,531 Page 15
UCKINGHAMSHIRE MUSIC TRUST Note5 to the Finantial Statements (continued) For The Year Ended 30 August 2025 7. Support Costs 30 August 2025 31 August 2024 Musie seThice Music seryice Employee costs.. Wages and salaries Employers NI Employers penslons- defined tontributtons scheme St4ff training staff welfa 413,077 36.506 79,570 1,398 3,211 441,518 32.674 99,539 1,382 3,261 Prern&es expenses.. ght and heat Water rates Other premises costs General admlnlstratlon.. 11,343 4,137 8,449 10,096 4,523 7,583 Motor expenses Computer software, consumables and maintenarKe Insurance 40.602 49,759 15,346 39,939 53,335 13,865 Prlntlngi Postage and statlonery Telecommunicattons and data costs Audit fees Accountancy fees Bad (Jebts written off Sundry expenses 085 checks Intsrest P4yable'. 84nk charges 84nk loan Interest other InterÈst payable IHMRC14te payrnent Interest) 7,009 4.632 33,600 6,627 206,692 2,539 1,390 10,243 5.354 5,130 2,102 2,408 2,517 327 2,679 4,419 14,499 943.230 740,050 Page 16
BUCKINGHAMSHIRE MUSIC TRUST Notes to the Financial Statements (continued) For The Year Ended 30 August 2025 8. Audltorfs Rernuneratio Remvnera¥on recelved by the charitable cornpany'5 audSters and their associates during the year wa5 as follows.. 30 August 2025 31 August 2024 a5 restaled Audit Setvices Audit of the company's financial statements for perlod ended 31 August 2024 Audit of the company's finarici41 st4ternents for perlod ended 30 August 2025 16,800 16.800 9. Staff costs Staff costs were as follows.. 30 August 2025 31 August 2024 as restated Wages and salar$ Soclal security costs Other pensh)n costs 1,700.155 150,232 327,449 1.852,797 134,462 409,626 2.177.836 2.396.885 The number of employees whose employee beneflts (excludlng employer penslon costs) for the reportlng perfod exceeded £60,(K)O was.. 30 August 2025 31 August 2024 as restated £90,000 to £99,999 10. Average Number of Employees Average number of ernployee5 during the year was.. 104 12024.. 1071 11. Prlor Perlod Adjustment During the year, the trustees revlewed the presentation of certain income and expenditure rf(ems relatlng to restricted grhnt-funded activlt*s. As a result. comparative figures have been reckis55fled from unrestricted funds to restritted funds in order to better refkct the nature of the underlyirwJ fundlng and sOcIated expenditure. The reclassification rel4te5 to grant Income and dlrectly attrfbutable exptnditure previously presented wlthSn unrestrlcted funds which have now been presented within restricted funds. The eFFect of the recLassificatlon on the prior year comparative figure5 Is set out below.. Comparlson reclassifitation Unrestr¢cted Funds Restricted Funds Grants 1829,9191 829,919 Events and tours 99,397 199,3971 Wages and salarles 489,883 1489,8831 Penslon costs 119.943 1119,9431 ..cofrmNueD Page 17
BUCKINGHAMSHIRE MUSIC TRusr Notes to Ihe Financial Statements (continued) For The Year Ended 30 August 2025 Wages and salarfes 120,696 {120,6961 The reclassification has no Impact on the net movement In funds, total fund5 carrled forward. or the cleslng balan on restrkted funds at the prior year end. There is w efFect on the b414nce sheet comparatives. 12. Tan9lble Asset$ Music instryments Motor Vehicles Computer Equipment Total Cost As at I September 2024 AddltlOll5 10,865 31,031 3,550 5,472 19,887 31,031 As at 30 August 2025 41,896 3,550 5,472 50,918 Depreciation A5 at I Septetnber 2024 Provlded during the period 5.479 7,143 2,849 234 1,094 9,422 8,471 A5 at 30 AUgLt 2025 12,622 3,083 2,188 17,893 Net Book Value A5 Ht 30 AugLt%t 2025 29,274 467 3,284 33,025 As at I September 2024 5,386 701 4,378 10,465 13. Debtors 30 August 2025 31 August 2024 as restated Due wtthin one year Trade debtors ppaYments 321,040 16,549 194,506 11,262 337,589 205,768 14. Creditors: Amounts Falling Due Within One Year 3Q August 2025 31 August 2024 as restated Trade credltors Bank loans and overdrafts Other credltors Taxation and soclal securlty Accruals and deferred SrKome 70,086 7,500 526,891 304,268 415,255 79,895 11,777 729,525 92,855 159,951 1,324,000 1,074,003 Page 18
BUCKINGHAMSHIRE MUSIC TRUST Notes to the Flnantial Statements (continued) For The Year Ended 30 August 2025 15. Creditors: Amounts Falling Due After More Than One Year 31 August 2024 30 August 2025 as restated Bank loans 7,500 16. Loans An an6ly515 of the mabJrlty of loans given below.. 30 August 2025 31 August 2024 as restated Amounts falllng due wlthln one year or on demand: Bank loar 7,500 10.000 30 August 2025 31 August 2024 as restated Amounts falllng due between trne and flve year5.. Bank loans 7,500 17. Deferred Intome Deferred incorne movements Sn the year were as follows: 30 August 2025 31 August 2024 Balance at the start of the perd Income deferred In the current perlod Am(xJnts release(I In Income frorn prevlous peOdS 154,884 376,370 1154,8841 82.181 72,703 BalarKe at the end of the period 376,370 154,884 18. Capltèl Commitments At the end of the perlod, the charltable cempany had no capltal commltments outstanding as at 31 August 2025 12024- nonel. 19. Other Commilments The totsl of future mlnlmum lease payments under non-¢an¢ellable Operan9 leases are a5 followlng: 31 August 2024 as restated 30 August 2025 Not later rhan one year 12,000 10,000 12,000 10,000 P48e 19
BUCKINGHAMSHIRE MUSIC TRUST Notes to the Financial Staternent5 Icontirtuedl For The Year Ended 30 August 2025 20. Pension Commitments The ch4ritable company operates a defined contrSbutbn penslon scheme. The assets of the scheme are held 5epJratety frorn those of the charitable cornpany in independently administered fund. Durlno the year the charye to the 5taternent of financial activit$ in respect of defined contrSbuthJn schemes was £327,44912024'. £409,6261. At the balance sheet date contrllwtk)ns of E501,891 12024.. É644,5841 were due to the fund and are included In credltors. 21. Movement in Funds Asatl September 2024 Asat30 Expendlture August 2025 Income Unrestricted funds General.. General unrestrlcted Restricted fvnds Restrlcted Flxed Asset Funds {865,2701 1,729,127 11,952,738) 11,088,881) 989,650 157,630 1989,65Ql 116,2731 141.357 Total restrietÈd funds 1,147,280 11,005,923) 141,357 Total funds 1865,2701 2,876,407 12,958,661) 1947,5241 As at 30 July 2023 Asat31 Expenditure August 2024 Ineome Unrestrlcted funds General.. General unre5trirted fund Restricted funds Restrlcted 1530,9051 1,588,383 11,922,748) 1865.2701 5,293 885,54D 1890,8331 Total funds 1525,6121 2,473,923 12,813,581) 1865.2701 22. Transactions wilh Trustees None of the trustees received any remuneratlon or any other benefits from an employrnent Syith the ch4rity or a related entrty durlng the current or previou5 year. No trustee expenses have been incurred. 23. Related Party Disclosures There have been nc> related party trans05 in the reportin9 period that require disclesure. 24. Taxation The charity is exempt frorn tsx a5 all it5 Income 15 charitable and apPld for charitable purposes. P•&e 20
BUCKINGHAMSHIRE MUSIC TRUST Notes to the Frnancial Statements (continued) For The Year Ended 30 August 2025 25. Reconciliation of expenditure to cèsh generated from operations 30 August 2025 31 August 2024 a$ restated Net expenditure Adjustrnents for.. Interest expense DepreCIaOn of tangible a55ets Less on disposal of tanglble assets Movernents In working capital= Increase in trade and other debtor5 Increase in trade and other creditors Intrease in defeed income {82.2541 1339.6581 17,343 8,471 2,913 3,000 (131,8211 32,788 221,486 138,5621 323,350 72,703 Net c4sh generated from operatlons 66.013 23.746 26. Cash and cash e4Utvalents Cash and cash equlvalents, as stated In the Statement of Cash Flows, relate5 to the followlng Items in the 8olorKe Sheet- 30 August 31 August 2025 2024 as restated Cash èt bank and In hand Overdraft Facllltle5 repayable on demand 5,862 11,777) Cash and cash equivalents as stated In the Statement of Cash Flows 5.862 11,7771 27. Analysis of changes in net debt Asat I September 2024 Cash flow5 Asat30 Auoust 2025 Cash at bank and in hand Overdraft faciltiie5 repJyJble on demand 5.862 1,777 5,862 11,7771 11.7771 110.ODDI 17.5001 Cash and cash equlvalents Debts falllng due wlthln one year Debts falllng due after more than one year 7,639 2,500 7,500 5,862 (7,5001 119,2771 17,639 11,6381 Pa8e21