Charity registration number 1197785
Company registration number 13632478 (England and Wales)
THE ASPECT FOUNDATION FOR MUSIC AND ARTS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
S JDhnslon
l Knasler
F Friedman
Charlty number
1197785
Company number
13632478
Reglstered offlce
25 Park Lane
London
W1K1RA
Auditor
Vvhitley Stimpson Limited
Penrose House
87 Hightown Road
Banbury
Oxfordshire
OX169BE

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
CONTENTS
Page
Trustees, report
Stslemenl of trustees, responsibilities
Independent auditorfs report
Stslemenl of financial activities
Balance sheet
Statement of cash flows
Notes lo the financial statements

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting Policies set out in note 1 to the
financial statements and comply with the charitable company's goveming document, the Companies Act 2006 and
"Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021 leffeclive 1 January 20191.
The finanryal stslemenls have been prepared having taken advantage of the small ￿mpanIeS exemption in the
Companies Act 2006.
Objectlves and actlvltles
The Aspect Foundation for Music and Arts is the incorporated form of the charitable trust, Aspect Foundation for
Music and Arts, sharing the same trustees and charitable objectives l°Aspecl°l.
The objectives of the charity are the advancement and promotion of the arts, culture, heritage and science, in
particular music and visual arts. In furtheran￿ of these objectives, the charity arranges cultural and educational
activities which are accessible to the public, in particular classical concerts, educational talks and meetings with
musicians artists.
All funds held by the charity al the reporting dale are unreslri¢led and may be spent al the absolute discretion of the
trustees in furtherance of its objectives. There have been no changes lo this policy during the year.
The trustees have paid dLJe regard to guidance iSSLJed by the Charity Commission for England and INales in
deciding what activities the charity should undertake with regard to public benefit.
Achlevemènts and porfomianc
In 2021, Aspect purchased a concert and education venue, as a suitable facility for the charity's ongoing and
growing activities wrthin the ¢ullur818nd educational space. The venue required total refurbishment in order lo be
effectively ulilised in furtherance of Aspect's charitable aims. This refurbishment work is ongoing, with completion
expected in 2027. Once completed. the venue wll be used extensively lo host concerts, and lo provide music
practice spaces and educational fa¢ilrties lo local musicians and community groups.
In addition to supervising the ongoing works on the new building, Aspect has also continued ils cultural and
educational activities in the year, including the hosting of a classical concert in April 2024 at a third party venue.
The charity has not perfomied any fundraising activf(ies during the year.
Financial review
For the year ended 31 De￿mber 2024. Aspect received donations lolalling £1,375,000. The charity ended the year
with a cash at bank and in hand balan￿ of £400.331 and liabilities due within one year of £51,586. There is a
liability due after one year of £18,425,763, being amounts due lo Mr A Knaster. Mr A Knasler is a related paty lo the
charity by virtue of being the SPOLJse of a trustee, Mrs l Knaster.
Taking all of the above into account, the trustees consider that the charity's financial position at the year end is
satisfactory.
Aspect does not have a policy of maintaining a set level of reserves because it has 8 strong oversight of upcoming
liabilities and is therefore comfortable of ils ability lo meet any such liabilities and charitable needs as these fall due.
The Iruslees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in
place to mitigate exposure to such risks.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Structure. governance and management
Aspect operates as a charitable company which is a registered, incorporated Charity established in England and
Wales. The company was established under a Memorandum of Association, establishing ils objects and powers,
and is govemed under its Articles of Assoaation. both together fomiing the charitable company's constitution. In the
event of the Company being WOLJnd up, members are required to contribute an amount not exceeding £1.
As the Incorporated form of a charitable trust (Aspect Foundation for Music and Artsl, the charitable company
formed ils constitution based on the charitable trust's Deed of Trust dated 23 March 2011 las amended 10 May
20111. The conslitulion, and fotmedy, the Deed of Trust, sets out the principal objectives and purposes of the
charitable company which are exclusively charitable under the law of England and Wdles. Specifically, the trustees
must use the income and may use the capital of the charitable company in promoting ils charitable objectives.
The constitution provides for a minimum of three trustees. Founder trustees, being a trustee appointed at the
incorporation of the charitable company, are appointed for a five year term of office. Al other trustees may be
appointed for a year term of offi￿. Trustees may be appointed by a resolution of the serving trustees and may
be removed by a resolution of all trustees other than the one to be removed.
Trustees a￿ recruited from individuals who are known to be sympathetic lo the aims and objectives of the
charitable company. There has been no change of the trustees since the eslablishmenl of Aspect and the Iruslees
are up lo date on their obligations and responsibilities to the charity. As such, no fomial trustee training is usually
considered necessary, but this is kept under review by the Iruslees on an ongoing basis.
Trustees
The Iruslees, who are also the directors for the purpose of company law, and who seNed during the year and up to
the dale of signature of the financial stslemenls were..
S Johnston
l Knasler
F Friedman
No trustees received any remuneration from the charitable company during the year ended 31 December 2024.
Relationship with rèlated partias
As previously mentioned, the charitable company is the incorporated form of Aspect Foundation for Music and Arts,
a charitable trust which has common trustees with the charitable company. In 2022, the trust entity donated ils net
assets to the charitable company and is now dormant. 11 is expected that the trust will be liquidated in due course.
A long term, non-recourse, interest free loan was made to Aspect in 2021 by the spouse of Mrs l Knaster and is
outstanding as al the balance sheet dale.
Donations have been made lo the charity by the spouse of Mrs l Knaster amounting to £1,325,000 in the year
ended 31 December 202412023 - £300.0001.
Auditor
In accordance wth the company's artides, a resolution proposing that ￿l￿eY Stimpson Limited be reappointed as
auditor of the Company will be pul at a General Meeting.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of infomiation to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant lo the
audit. bul of which the audV(or is unaware. They have further confirmed that they have taken appropriate steps lo
identify such relevant information and to establish that the auditor is aware of such information.
The trustees, report was approved by the Board of Trustees.
l Knasler
Tru$taa
10 July 2025

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees, who are also the directors of The Aspect Foundation for Music and Arts for the purpose of company
law, are responsible for preparing the Trustees, Report and the financial statements In accordance with applicable
law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice).
Company Law requires the Iruslees lo prepare financial statements for each financial year which give a true and fair
view of the slate of affairs of the charitsble company and of the incoming resources and application of resources,
including the income and expenditLJre, of the charitable company for that year.
In preparing these financial statements, the trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and eslimales that are reasonable and prudent.,
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disdosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unless il is inappropriate to presume that the
charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al
any lime the financial position of the charitsble company and enable them lo ensure that the financial slalements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THEASPECT FOUNDATION FOR MUSIC ANDARTS
Opinion
We have audited the financial stslemenls of The Aspect Foundats'on for Music and Arts Ilhe 'charilable company'l
for the year ended 31 December 2024 which comprise the statement of financial aclivilies, the balance sheet. the
statement of cash flows and notes to the financial ststements, induding significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and
Republic of I￿land (United Kingdom Generally Accepted Accounting Practi￿1.
In our opinion, the financial slatemenls..
give 8 true and fair view of the slate of thè charitable company's affairs as al 31 December 2024 and of its
incoming resources and application of resources for the year then ended",
have been properly prepared in accordance with United Kingdom Generally A￿epted A¢¢ounling Pra¢ty'¢e,'
and
have bèen prepared in accordance with the requirements of the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorts ￿SponSIbl1itAes for the audit of
the financial statemenls section of our report. We are independent of the charitable company in accordance with Ihe
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
standard, and we have fijlfilled our other ethical responsibilities in accordance wth these requirements. We believe
that the audit evidence we have obtsined is sufticienl and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial ststemenls, we have concluded that the Iruslees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the ￿Sponsibl11t1es of the ttuslees wth respect lo going concern are described in the
relevant sections of this report.
Other inforniation
The other infomiation comprises the information included in the annual report, including the Iruslees report. other
than the financial slalements and our auditor's report Ihereon. The Iruslees are responsible for the other information
contained within the annual report. Our opinion on the financial statements does not cover the other information and
we do not express any fomi of assurance conclusion thereon.
Our responsibility is to read the other information and, In doing so, consider whether the other Information is
materially inconsistent wlh the financial slalemenls or our knowledge obtained in the course of the audit, or
otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material
misslalemenls, we are required lo detemiine whether this gives rise lo a material misstslemenl in the financial
statements themselves. If. based on the work we have performed, we conclude that there is a material
misstslement of this other information, we are required lo report that fact.
We have nothing to report in this regard.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THEASPECT FOUNDATION FOR MUSIC ANDARTS
Matters on which we are required to report by exception
In the light of the knowledge and understsnding of the company and ils environment obtained in the course of the
audit, we have not identified material misslalements in the directors, report which is included within the Iruslees,
report.
We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and
Reports) Regulations 2008 require us lo report lo you if, in our opinion".
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of Iruslees, remuneration specified bylaw are not made, or
we have not received all the information and explanations we require for our audit., or
the Iruslees were not entitled lo prepare the financial slalements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the
requirement lo prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of Iruslees. responsibilities, the trustees, who are also the directors of the
charitable company for the purpose of company law, are responsible for the preparation of the financial slalements
and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable
company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concem and
using the going concern basis of accounting unless the trustees either Intend lo liquidate the chantsble company or
to cease operations, or have no realistic allernalive bul lo do 50.
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan￿ wth the
Act and relevant regulations made or having effect Ihereunder.
Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a whol& are free from
material misslalement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always detect a material misstatement when il exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected lo Influence the economic decisions of users taken on the basis of these financial
slalemenls.
Irregularities, induding fraud, are instances of non-compliance wV(h laws and regulations. We design procedures in
line with our responsibilities, outlined above, lo delecl material misstslements in respect of irregularities, including
fraud. The extent lo which our procedures are capable of delecling irregularrties. including fraud. is detailed below.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that relate lo the financial reporting framework FRS102 SORP,
Companies Ad 2006, Charities Act 2011 and VAT legislation.
We assessed the risks of material misstslemenl in respect of fraud. We evaluated management's incentives and
opportunities for fraudulent manipulation of the financial slalements. We made enquiries with management and
those charged ¥Arith governance and corroborated our enquiries through review of third paty documentation and
correspondence where appropriate.
We identified that the principal risks related to income recognition being materially misstated due lo fraud. We
considered the risk of fraud through management override and, in response, we incorporated testing of manual
journal entries and management eslimales into our audit approach.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THEASPECT FOUNDATION FOR MUSIC ANDARTS
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such
laws and regulations identified above and lo identify and lo address material misslalemenls in relation lo fraud. The
engagement team collectively had the appropriate competence capabilities lo identify and recognise non-
compliance with laws and regulations and fraud and perform these procedures effectively.
Audit procedures performed included".
Discussion amongst the audit team regarding the susceptibility of the dient to fraud.,
Consideration of the risk of fraud when documenting and reviewing internal controls and procedures.,
EnqLJiring of management how they assess the risk of fraud, and identify and respond to the risks of fraud.,
EnqLJiring of management whether they have any knowledge of actual or suspected frauds or non-
compliance with laws and regulations..
Review of how those charged with governance exercise oversight of management's prO￿sS for identtying
and responding to the risk of fraud.,
Subslanlive lesling of income, including review and lesling of donations received,.
Review of joumals for unusual items,
Review of indicators of impairment relating lo propety.,
Review of VAT return entries and perform analytical procedures on input VAT recovery.,
Substantive testing on fixed assets, induding physical verification.,
Review of bank reconciliations and the statement of cash flows for evidence of window dressing,.
Substantive testing of expenditure, and.,
Review of trade creditors and loans due after more than one year to confirm existen￿ and appropriate
presentation wthin the financial slatemenls.
There are inherent limitations in the audit procedures described above. We are less likely lo become aware of
instsnces of non-compliance wth laws and regulations that are not closely related lo events and transactions
reflected in the financial slalements. Also, the risk of not detecting a material misstalemenl due to fraud is higher
than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example,
forgery or intentional misrepresentations, or through Collusion.
A further description of our responsibilities is available on the Financial Reporting Council's websrf(e al.. https'.11
www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely lo charitable company's trustees. as a body, in accordance with part 4 of the Charities
(Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state lo charitable
company's trustees those matters we are required to State lo them in an auditorfs report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable
company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we
have formed.
Date10 July 2025
Whltley Stlmpson Llmlted
Chartered Accountants
Stslulory Auditor
Penrose House
67 Highlown Road
Banbury
Oxfordshire
OX18 gBE
Vvhilley Slimpson Limited is eligible for appointrnenl as auditor of the charitable company by virtue of ils eligibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestrlcted Unrestrlcted
funds
funds
2024
2023
Notes
Income from:
Donations and legacies
Charitable activities
Investments
1,375,000
1,100
4,293
435,303
717
4,064
Total income
1,380,393
440,084
Expenditure on-
Charitablè activities
Concert expenditure
Property eosls
7,112
62,333
4,397
77,074
Total charitsble expenditure
69,445
81,471
Total expenditure
69,445
81,471
Net income and movement in funds
1,310,948
358,613
Reconciliation of funds:
Fund balances al 1 January 2024
1,175,816
817,203
Fund balances at 31 December 2024
2,488,764
1,175,816
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from Continuing activities.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Fixed assets
Tangible assets
12
20,480,362
19,430,136
Current assets
Debtors
Cash at bank and in hand
13
83,420
400,331
17,876
213,849
483,751
231,725
Creditors: amounts falllng due wlthln
one year
15
{51,5861
160,2821
Net current assets
432,165
171,443
Total assets less current liabilities
20,912,527
19,601,579
Creditors- amounts falling due after
more than one year
16
118,425,763)
118,425,763)
Net assets
2,486,764
1,175,816
Income funds
Unrestricted funds
2,486,764
1,175,816
2,486,764
1,175,816
The company is enliued to the exemption from the audit requirement contained in section 477 of the Companies Act
2006, for the year ended 31 December 2024, aythough an audit has been carried out under section 144 of thè
Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect lo accounting records and the preparation of financial ststemenls.
The members have not required the company lo obtain an audit of f(s financial statements under the requirements
of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The financial stslemenls were approved by the Trustees on 10 July 2025
l Knasler
Trustee
Company r&glstratlon number 13632478

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
Cash flovts from operating activities
Cash generated from operations
21
1,232,415
358,239
Investlng actlvltl&s
Purchase of tangible fixed assets
Investment income received
11,050,226)
4,293
1248,1381
4,064
Net cash used in investing activities
11,045,933)
1244,0741
Net cash used in financing activities
Not Increase In cash and ¢a$h equlvalgnts
186,482
114.165
Cash and cash equivalents at beginning of year
213,849
99,684
Cash and cash equlvalents at end of year
400,331
213,849
10-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies
Charity inforniation
The Aspect Foundation for Music and Arts is a private company limited by guarantee incorporated in England
and Wales. The registered office is 25 Park Lane, London, W1 K 1 RA.
1.1 Accounting convention
The financial slalements have been prepared in ac¢ordance with the charitable company's governing
document, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and
Republic of Ireland. I'FRS 102.1 and the Charities SORP '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 IFRS 1021" leffective 1 January 20191. The
charitsble company Is a Public Benefit Enlily as defined by FRS 102.
The financial slaternenls are prepared in sterfing, which is the functional currency of the charitable company.
Monetary amounts in these financial stslemenls are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are sel out below.
1.2 Going concern
Al the lime of approving the financial slalemenls, the Iruslees have a reasonable expectation that the
charitsble company has adequate resources lo continue in operational existence for the foreseeable future.
Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial
statements.
As the basis for the trustees determining this, the trustees have considered the liabilities of the charitable
company and the future funding requirements. The charitable company has a long-term liability al the year
end of £18,425,763, being a loan due lo Mr A Knasler. Within the terms of the agreement for this loan, Mr A
Knaslei holds no rights to recall the loan before 115 repayment dale. The current funding for the charitable
company is provided in the fom of donations from Mrs l Knasler, a trustee of the charitable company, and Mr
A Knaster, the spouse of a Iruslee. The Iruslees have obtsined confirmation that Mr and Mrs Knasler will
continue lo fund the charitable Company in the 12 months from approving the financial slalements. allowing
the charitable company to continue to further its objectives.
1.3 Charitable funds
Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable
objectives.
Restricted funds are subject lo specific conditions by donors or grantors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial slalements.
1.4 Income
Income is re￿nised when the charitsble company is legally entitled to it after any perfomiance Conditions
have been met, the amounts can be measured reliably. and il is probable that income will be received.
Cash donations are recogni5ed on receipt. Other donations are recognised once the eharilable company has
been notified of the donation, unless performance conditions require deferral of the amount. Income lax
recoverable in relation to donations received under Grft Aid or deeds of Covenant is recognised al the lime of il
being claimed from the relevant tsx authorities.
Charitable income is raised through Con￿rts, One being held in the year. The income is recognised on
completion of the concert, and consists of the lolal ticket sales.

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng pollcles
Icontlnuedl
1.5 Expendlture
Expenditure is recognised once there is a legal or Conslruclive obligation lo transfer ewnomic benefit to a
third paty, il is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and
shared Costs, including support Costs involved in undertaking each activity. Direct costs attributable lo a single
activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and
support ¢osls which are not allribulable lo a single activity are apportioned between those activities on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, nel of depreciation
and any impairment losses.
Freehold land and buildings under the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is detemined as the difference between the sale proceeds
and the carrying value of the asset, and is recognised in the slalement of financial activities.
1.7 Impairment of fixed assats
Al each reporting end dale, the charitable company reviews the carrying amounts of ils tangible assets to
determine whether there is any indication that those assets have suffered impairment loss. If any such
indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the
impaiment loss lif anyi.
1.8 Cash and cash equivalents
Cash and cash equivalents indude cash in hand, deposits held al call wth banks, other short-lerm liquid
investments with original malurilies of three months or less.
1.9 Financial instruments
The charitable company has elected lo apply the provisions of Section 11 '8asic Financial Inslrumenls, and
Section 12 '0ther Financial Instruments l$sues' of FRS 102 10 ils finanryal inslrumenl$.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company
becomes party lo the conlraclual provisions of the Instrument.
Financial assets and liabilities are offset, wrth the net amounts presented In the financial statements, when
there is a legally enforceable right to sel off the recognised amounts and there is an intention to sellle on a nel
basis or lo realise the asset and setue the liability simultaneously.
Basie financial assets
Basic fi'nancial assets. which include debtors and cash and bank balances, are initially measured al
transaction price including transaction costs and are subsequently carried at amot*'sed cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted al a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
12-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng pollcles
Icontlnuedl
8aslc flnanclal Ilabllltles
Basic financial liabilities. including creditors and loans. are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within
one year are not amortised.
Debt instruments are subsequently carried al amortised cost, using the effective interest rale method.
Public bènefit entity concessionary loans received are inikn.ally recognised al the IT8nsaclion price.
Subsèquently, the cairying amount of concessionary loans is adjusted lo reflect any accrued interest payable.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable company's contractual obligations expire or are
discharged or cancelled.
Crltlcal accountlng estlmates and Judgements
In the application of the charitsble company's accounting policies, the trustees are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
eslimales are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
The charitsble company's key accounting estimates include the measurement of impairment on land and
buildings and the useftjl economic life of the charitable company's fixed assets.
As at 31 December 2024, the land and buildings owned by the charity, together with the capital costs added
during ownership, have been recognised as an asset under construction. No depreciation is currently being
charged on the property. The trustees have determined that this is the most appropriate treatment, given that
the project is not yet complete. The property is recognised al accumulated cost to dale.
As al 31 December 2024, no impairment charge has been pul through on the value of the propety. Taken into
account the position of the project, the future developments, and the expected outcomes, the trustees do not
consider there to be any indications of impairment.
The value of the asset under construction at 31 De￿mber 2024 is £20,480,36212023- £19,430,136).
In¢omg from donatlons and 19gac19$
Unrestrlctod Unrestrlcted
funds
funds
2024
2023
Donations and grfts
Gift aid from previous year donations
1,375,000
300,000
135,303
1,375,000
435,303
13-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
Income from charitable activities
Unrestrlcted Unrestrlcted
funds
funds
2024
2023
Events income
Sale of lickels
1,100
717
Income from investments
Unrestricted Unrestricted
funds
funds
2024
2023
Interest receivable
4,293
4,064
Expenditure on charitable activities
Concert
expenditure
2024
Property
costs
2024
Total
Concert
expenditure
2023
Property
costs
2023
Total
2024
2023
Direct costs
Propety repairs and
maintenance
Legal and professional
fees
Light and heal
Insurance
Rates
Event costs
1,198
1,196
1,989
1,989
14,003
2,890
29,885
185
14,003
2.890
29,885
185
1,391
20,173
3,169
28,747
136
20,173
3.169
28,747
138
1,993
1,391
1,993
1.391
48,159
49.550
1.993
54,214
56,207
sha￿ of support and governance costs (see note 71
Support costs
4,118
125
Governance costs
1,603
14,049
4,243
15,652
1,100
1,304
1,100
24,164
22,860
7,112
62,333
69,445
4,397
77,074
81,471
Analysls by fund
Unrestricted funds
7,112
62,333
69,445
4,397
77,074
81,471
14-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
Support costs allocated to activities
2024
2023
Administrative support
Bank charges
Governance costs
4,103
140
15,652
1,100
24,164
19,895
25,264
Analysed between-
Concert expenditure
Propety costs
5,721
14,174
2,404
22,860
19,895
25,264
2024
2023
Govèrnance costs comprisè..
Audit fees
Accountancy
10,500
5,152
13,000
11,164
15,652
24,164
Net movement In funds
2024
2023
The nel movement in funds is slated after chargingllcredilingl..
Fees payable lo the charity's auditor..
for the audit of the charity's financial slalements
for other financial services
10,500
5,152
13,000
11,164
Trustees
None of the trustees lor any persons connected wth them) received any remuneration or benefits from the
charitable company during the year12023- £nill.
10 Employees
The charitable company had 1 employee during the year {2023- 11.
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from taxation on its activities because all ils income is applied for charitable purposes.
15-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
12 Tangible fixed assets
Assets
under
construction
Cost
At 1 January 2024
Additions
19,430,136
1,050,226
At 31 December 2024
20,480,362
Carrying amount
Al 31 December 2024
20,480,362
Al 31 December 2023
19,430,136
13 Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and a¢¢rued income
160
69,486
13,774
3,633
14,243
83,420
17,876
14 Loans and overdrafts
2024
2023
Loans from related parties
18,425,763
18,425,763
Payable after one year
18,425,763
18,425,763
Loans from related parties include arnounts received under a public benefit concessionary loan, being
£18,425,763. This was a loan provided in 2021 from an individual connected lo the charitable company, Mr A
Knaster, lo a charitable trust, Aspect Foundation for Music and Arts. As detailed further within note 19, this
loan was transferred to The Aspect Foundation for Music and Arts in 2022 as part of a wider transfer of trade
and assets.
Under the lemis of the loan, no interest is charged on the loan by MrA Knaster. The loan is also not repayable
on demand and instead, is repayable three months after completion of a sale of property recorded in the
charitsble company's tangible fixed assets.
No security is pledged lo Mr A Knasler for the purpose of this loan.
16-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
15 Creditors- amounts falling due within one year
2024
2023
Trade creditors
Accruals and deferred income
38,074
13,512
47,182
13,100
51,586
60,282
16 Creditors- amounts falling due after rnore than one year
2024
2023
Note
Borrowings
14
18.425.763
18,425.763
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
not subject ID specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unreslricled funds by the trustees for specific purposes.
At 1 January
2024
Incoming
resources
Resources
expended
At31
December
2024
General funds
1,175,816
1,380,393
169,4451
2,486,764
Prevlous year:
At 1 January
2023
Incomlng
resources
Resou￿9$
expended
At31
December
2023
General funds
817,203
440,084
181,4711
1,175,816
18 Capital commitments
2024
2023
Amounts contracted for but not provided in the financial stslemenls..
2024
2023
Acquisition of propety. plant and equipment
1,242.067
The capital commitment is in relation lo a building contract for the propety.
17-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
19 Events after the reporting date
On 24 April 2025 the charity entered a contract wth builders for £1,068,444 of capfcal works lo be completed
on the propety.
20 Related party transactions
Transactions with related parties
During the year the charitable company entered into the followng transactions with related parties..
Donations recelved
2024
2023
MrA Knasler
1,375,000
300,000
1,375,000
300,000
The followng amounts were outstanding at the reporting end dale..
Amounts owed to related
parties
2024
2023
MrA Knasler
18,425,763
18,425,763
The amounts detailed above are due lo Mr A Knasler {husband of a Irusteel.
No condf(ions are attached lo the loan outstanding.
21 Cash generated from operations
2024
2023
Surplus for the year
1,310,948
358,613
Adjustments for..
Investment income recognised in statement of financial aclivf(ies
14,2931
14,0641
Movements in working capital".
{Increaselldecrease in debtors
IDecreasel in ereditors
165,5441
18,6961
13,847
110,1571
Cash generated from operations
1,232,415
358,239
18-

THE ASPECT FOUNDATION FOR MUSIC AND ARTS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
22 Analysis of changes in net Idebtllfunds
At l January
2024
Cash flow5 At 31 D8comb8r
2024
Cash al bank and in hand
213,849
186,482
400,331
Loans falling due after more than one year
118,425,763)
118,425,763)
118,211,914)
186,482 118,025,432)
19-