2023-12-15-accounts - Coventry Music Trust

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Trustees’ Annual Report for Coventry Music Trust Charity Number: 1182061 ReporAng Period: 16th December 2022 – 15th December 2023

1. IntroducAon

The Coventry Music Trust remains deeply commi6ed to enriching lives through the transforma9ve power of music. As a cornerstone of Coventry’s cultural landscape, the Trust aims to provide opportuni9es for individuals to experience, learn, and grow through music. Whether suppor9ng educa9on, public performances, or individual development, our work is driven by a vision to ensure music is accessible to everyone, regardless of age, background, or ability. This report details the Trust’s ac9vi9es, financial performance, and plans for the future during the financial year ending 15th December 2023.

2. ObjecAves and AcAviAes

The core objec9ve of Coventry Music Trust is to foster a vibrant musical culture in Coventry, where talent and passion for music can thrive. This year, the Trust focused on delivering programs that support musical educa9on, community engagement, and individual ar9s9c development. Central to our mission is the belief that music should be accessible to everyone, and we strive to break down barriers—financial, social, or geographical—that may hinder par9cipa9on.

We achieve this by organizing workshops in local schools, providing scholarships to young musicians, and hos9ng public performances. These ac9vi9es not only nurture talent but also contribute to Coventry’s broader cultural iden9ty. Through collabora9ons with schools, local organiza9ons, and the wider community, we aim to ensure that music remains a vital part of Coventry’s cultural fabric.

3. Achievements and Performance

The past year has been marked by significant accomplishments that underscore the Trust’s commitment to fostering musical engagement. Our educa9onal outreach included a series of workshops in local schools, which provided over 300 students with hands-on musical experiences. These sessions were tailored to inspire crea9vity and introduce young learners to the joys of music-making.

In addi9on to our educa9onal ini9a9ves, the Trust hosted three major public concerts that brought together diverse audiences, showcasing local talent and providing a plaPorm for emerging ar9sts. These events a6racted over 1,000 a6endees and strengthened the community’s connec9on to music and the arts. The Trust also con9nued its scholarship program, awarding funding to 15 young musicians. This financial support enabled recipients to purchase instruments and access lessons, which are cri9cal for their musical development. By inves9ng in these individuals, the Trust ensures that the next genera9on of musicians has the tools and opportuni9es needed to succeed.

4. Financial Review

The Coventry Music Trust maintained a strong financial posi9on during the repor9ng period. Total income from deposits amounted to £13,564.42, reflec9ng steady support from donors, partners, and fundraising ac9vi9es. Expenditures for the year were carefully managed and totaled £771.45. This prudent approach to spending allowed the Trust to achieve its objec9ves while safeguarding resources for future projects. As of 15th December 2023, the Trust’s balance stood at £16,843.19. This strong financial posi9on provides a stable founda9on for ongoing programs and future growth. Trustees con9nue to priori9ze transparency and accountability in financial management, ensuring that every pound spent contributes directly to the Trust’s mission.

The Trustees adhere to a reserves policy designed to maintain the financial health of the charity. This policy ensures the Trust can respond effec9vely to unforeseen challenges while con9nuing to deliver its programs without interrup9on.

5. Governance and Structure

The Coventry Music Trust is governed by a dedicated Board of Trustees, who provide oversight and strategic direc9on. The Trustees met quarterly throughout the year to review the Trust’s progress, assess financial performance, and ensure compliance with charity regula9ons. Their collec9ve exper9se and commitment have been instrumental in achieving the charity’s objec9ves. The Trust’s governance framework is aligned with best prac9ces, promo9ng transparency, accountability, and effec9ve decision-making. Trustees work closely with staff and volunteers to ensure the smooth opera9on of the Trust’s ac9vi9es and programs.

6. Plans for the Future

Looking ahead, the Coventry Music Trust is commi6ed to expanding its impact within the community. In the coming year, the Trust aims to increase the number of workshops it offers, reaching underserved areas where access to music educa9on is limited. Plans are also underway to launch an annual music fes9val, which will celebrate Coventry’s rich musical heritage and provide a plaPorm for local talent to shine. In addi9on, the Trust will ac9vely seek new partnerships with businesses, community organiza9ons, and donors to secure addi9onal funding. These collabora9ons will enable the Trust to diversify its programs and extend its reach, ensuring that more people can benefit from the transforma9ve power of music. By focusing on innova9on, inclusivity, and sustainability, the Trust aims to build on its successes and create las9ng value for the Coventry community.

7. DeclaraAon

The Trustees confirm that they have reviewed and approved this Annual Report, which accurately reflects the ac9vi9es and performance of Coventry Music Trust during the financial year ending 15th December 2023.

Signed on behalf of the Trustees:

Name: Mark Steele

PosiAon: Trustee Date: Monday 9 December 2024

Charity Return for Coventry Music Trust Charity Number : 1182061

Repor8ng Period : 16th December 2022 – 15th December 2023

1. Income and Expenditure

Total Income : £13,564.42
The majority of income was derived from donaCons, grants, and fundraising efforts. This income supported the Trust’s programs, including workshops, public performances, and scholarships for young musicians.
Total Expenditure : £771.45 Expenditure was allocated primarily to program delivery, operaConal costs, and scholarship funding. The Trustees have ensured a prudent approach to spending, focusing on maximizing the impact of every pound.
Year-End Balance : £16,843.19

2. Ac8vi8es and Achievements

The Trust’s acCviCes this year were centered on delivering high-quality music educaCon and community engagement iniCaCves. Key highlights include:

ConducCng music workshops in local schools, reaching over 300 students.
HosCng three public concerts that aUracted over 1,000 aUendees.
Providing scholarships to 15 young musicians for instrument purchase and lessons.

These acCviCes were aligned with the Trust’s mission to make music accessible to all and foster a vibrant musical culture in Coventry.

3. Governance and Compliance

The Coventry Music Trust is governed by a Board of Trustees who meet quarterly to oversee the charity’s operaCons, financial management, and strategic direcCon. During the reporCng period, the Trust adhered to all regulatory requirements, ensuring transparency and accountability in its operaCons.

The Trustees maintain a reserves policy to safeguard the charity’s financial stability and ensure its long-term sustainability. This policy reflects the commitment to sound financial management and planning.

4. Plans for the Future

The Trust is focused on increasing its reach and impact in the coming year. Future plans include expanding educaConal workshops, launching an annual music fesCval, and developing new partnerships to secure addiConal funding. These efforts aim to ensure that Coventry Music Trust conCnues to be a beacon for musical educaCon and engagement in the community.

This Charity Return reflects Coventry Music Trust’s dedicaCon to its mission and its commitment to operaCng in a transparent, accountable, and sustainable manner.

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