Unaudited Flnanclal Statements for the Period l October 2023 to 30 September 2024 (fourth set of accounts) for THE CHERYL KING TRUST Registered Charity number 1191604 Contents Trust Inform3tion...-....... Trustees Report.............. Receipts and Payments...... Balance Sheet.......... NOTES............ Appendix- Independent Examiner's Report
THE CHERYL KING TRUST Trust Information TRUSTEES: M E Windham (Chairl C W Grant A J Hennessey-Brown P J Brayne (resigned 20 April 20241 SECRETARY: C W Grant TREASURER: P J Brayne REGISTERED ADDRESS: 24 Litchfield Wav Guildford Surrey GU2 7QH The Cheryl King Trust was registered with the Charity Commission on 2 October 2020, following submission of a 'Constitution of t7 Charit(Jble Incorporated Organisotion whose only voting members are its chority trustees ('Foundation' model constitution),, dated 16 September 2020. The CIO took over all the activities and the funds from an unregistered trust, 'The Cheryl King (Hir5tl Trust. which was then wound up. The object of the Charitable Incorporated Organisation ICIOI is For the public benefit to promote Gnd advonce the musical education of children and young people (the 'beneficiaries'J in particular. but not exclusively. by the provision of grants and funding to enoble the beneficiaries to stort or continue with individual or group musical instrument lessons. Page 2
THE CHERYL KING TRUST Trustees Report Vision and Mission The Charity was set up in memory of Cheryl King who played alto sax and piano and was a very gifted and popular music teacher. She tragically passed away just before Christmas 2014. The Trust's aim is that no young person in Surrey should be prevented from learning a musical instrument because their parents or guardians cannot afford it. The trust seeks to achieve this by bursaries for individual and group instrument and singing lessons and grants for music and vocal ensembles which target children and young people aged 18 or under living In Surrey wnose parents have iuw li ICOI 5 ies Charitable Activities In the period from l October 2023 up to 30 September 2024, the trust has undertaken the following charitable activities.. We provided funding of £11,680 for individual bursaries to 39 students. In addition to the above, as last year, the trust funded two young musicians through Young Sounds UK (formerly Awards for Young Musicians) and one through the Future Talent Junior Programme- however the payment for the later was still outstanding 3t the end of the financial year. We were able to 5UPPOrt two group teachin8/ensemble projects during the 2023124 academic year with total funding of £2,495- a group Strings tuition project for children in year 4 of a Guildford prirnary school; a wind ensemble for year 7 in a Dorking secondary school. This enabled us to help an additional 45 young people to make music over the course of the 2023124 academic year; at the end of the financial year we committed to fund a third group teaching project for brass players in 3 secondary school on the Bellf ields Estate in Guildford. Fund Raising The trust continued to increase the amounts of funds raised notwithstanding the ending of funding from the Guildford Spring Music Festival which had donated its final remaining reserves to the Trusts in the previous financial year. Our'give a gig" initiative continued to thrive with local music groups in Surrey raising £12,020 from a total of 11 events and Guildford Jazz's regular raffles. A highlight of the year was our role as charity partner to G Live's International Concert Series. We greatly expanded funds from donations from individuals on the back of a highly successful fundraising event at the Guildford County Club in April 2024 and a sponsored cycle ride from Surrey to Italy. For the first time we successfully applied for a restricted grant from a local trust giving us £698 to f und bursaries for two young Guildford based musicians. Finances and Reserves During the year, the Trust had total receipts of £28,652 lup from £ 23.488 in 2022-231 and payments of £15,126 lup from £11,422 in 2022-231 of which only £351 was for administrativo costs and not used directly for funding bursaries or ensemble projects. As of l October 2024, we liave reserve5 of £33,143. Page 3
THE CHERYL KING TRUST The Trustee5 recognize their responsibility to maintain sufficient reserves so that the young people who are the beneficiaries of the trust's charitable activity do not experience disruption in their musical development. It is therefore the ambition of the charity to cre3te and maintain reserves sufficient to ensure that the trust can continue to fund lessons for any child or young person whose parents receive a CKT bursary until that child or young person reaches the end of their junior or senior school as appropriate and can f und any ensemble or group teaching projects currently being funded for one more year in order to allow time for the project to try to secure alternative funding. The current level of reserves is essentially in line with this policy. Future The resources available to help young people make music continue to decline and many parents continue to struggle with the cost-of -living crisis. Both pressures disproportionately affect parents on low incomes with the county music services under growing pressure to reduce the support they provide for young people on free school meals. Against that background we are aiming by 2026 to double the number of children and young people from low-income families that we support to and double the grant money that we provide for group teaching and ensemble projects targeting those children and young people. ,/,/ Zoz M E Windham- Chair Page 4
THE CHERYL KING TRUST Receipts and Payments for the Period l October 2023 to 30 September 2024 RECEIPTS 2023-24 2022-23 Unrestricted Restrtcted Funds raised by events Donations frorn individuals Donations from Trusts Gift Aid reclaim Bank Interest £ 12,020 14,348 13,886 2, 762 6,464 306 698 1,321 265 70 Total Receipts £ 27,954 698 23,488 PAYMENTS Unrestricted Restricted Individual Bursary Awards Future Talent Bursary Awards for Young Musicians Bursary Special Projects Administration Costs £ 10,982 600 698 8,153 600 750 2,495 351 1.570 349 Total Payments £ 14,428 698 Jl,422 SurplusllDeficitl for the period Balance brought forward 13,526 19.617 12,066 7,551 33,143 19,617 Page 5
Ib y4J>• Ill l¥ J!,., rMrD &•rn (.•ah •1 b•ntr l•p• noip Zl Nl I r Iinni't41 A551TS Ini Al ASSfT5 L155 CURRI-NI I.1111T{[s 4 1!,lJJ NI I ASSI TS 1 11,141 IINIII'5fHIC TI D I'.UNDS I I'J41 I li¢, Iinxiii'iil ill&*ments wtrt bw a• I I 1011 •MI -ItI 01) 115 boliall bv. M I Wiiidham- Ch•ii Pw6
THE CHERYL KING TRUST NOTES l. Donations from Trusts Although the Trust income of £698 was restricted, it was expended in the same year as it was received and therefore not restricted income is carried forward into the coming year. 2. Cash at Bank Metro Bank Current Account- £ 2,397 Metro Bank Instant Access- -£ 30,746 Total £ 33,143 3. Creditors We hold two invoices, unpaid as of 30 September 2024. Surrey Arts Ire Christ's College Special Project}- Awards for Young Musicians (late invoicel- -£472 -£ 750 Total £ 1,222 End. Page 7
CHARITY COMMISSION | FOR ENGLAND AND WALES | Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees1 members of fk4E CfriLrtYi KINC. fIN.)T On accounts for the year ended Charity no (if anyi Set out on pages I report to the Ifustees on my examination of the accovnts of the above charty Ilhe Trust") for the year ended ,4 ' 1 C> g I icL* Responslbllltles and As the charity tfuslees of the Trust, you are responsible the preparation basis of report of the accounts in aecordance with the requirements of the Charrties Act 2011 fthe Acri. 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 Charty Comrnission under section 14515llbl of the Act. I have completed my examination. I confirm that no material matters have come to my attention { } in connection with the examination which gNes me cause lo believe that in, any material respect. accounting records were not kept in aecordants wth section 130 of the Act or the accounts do not accord with the accountin9 records Independent examinerfs statement I have no eoneems and have come across no other matters in conneelion with the examination to which attention should be drawn in order lo enable a proper understanding of the accounts to be reache(S. Please delele the vvords in Ihe brackets if they do not apply. Slgned: Date: Name: A. w. Lr Relevant professlonal qualificationlsl or body Ilf any): Fci Address: &K)i W LA IER October 2018
Sectlon B Disclosure Only complete rf the examiner needs to highlight matters of concern (see CC32. Independent examination of charity accounts.. directions and guidance for examineTSI. Give here brief details of any items that the examiner wishes to disclose. IER October 2018