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2025-03-31-accounts

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

Registered number: 00979681 Charity number: 261645

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and 3
Advisers
Chair’s Statement 4
Trustees’ Report 5-15
Independent Auditor’s Report on the Financial Statements 16-19
Statement of Financial Activities 20-21
Balance Sheet 22
Statement of Cash Flows 23
Notes to the Financial Statements 24-45

Page 2

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

REFERENCE AND ADMINIISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2025

Trustees A Aitken (Appointed 9 December 2024
D Danskin (Resigned 16 September 2024)
S Hasson
D Harrington
Dame Ann Limb DBE DL (Retired 8 December 2025)
D Meadowcroft (Appointed 10 June 2024)
N Powell (Appointed 09 December 2024)
J Rice (Resigned 10 June 2024)
Professor L Ryals OBE (Appointed 9 December 2024)
L Tawney
D Tosar
J Upton MBE DL (Resigned 16 September 2024)
Company registered 00979681
number
Charity registered 261645
number
Registered office The Stables Theatre
Stockwell Lane
Wavendon
Milton Keynes
MK17 8LU
Company secretary K E Roberts
Independent Steve Robinson
auditors Mercer & Hole LLP
The Pinnacle
170 Midsummer Blvd
Milton Keynes
MK9 1BP
Bankers Metro Bank Plc
Unit E, Babbage Gate
Oakgrove
Milton Keynes
MK10 9SU
Solicitors Dentons UKMEA LLP
The Pinnacle
170 Midsummer Blvd
Milton Keynes
MK9 1FE

Page 3

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

CHAIR’S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

This year we remember our Founder and Life President Dame Cleo Laine who sadly died in July. Along with her late husband Sir John Dankworth, her inspiration and commitment to music performance, participation and providing opportunities for all led to the founding of the wonderful institution that we know as The Stables. She will be missed.

2025 was a busy year and I extend my sincere gratitude to the Trustees for their unwavering commitment and hard work. The Stables' operations are significantly powered by our volunteers, and I particularly thank the Stablemates whose steadfast support is crucial to delivering our annual world-class program.

I also commend our Chief Executive & Artistic Director, Monica Ferguson and the entire Stables team for another outstanding year, highlighted by the preparations for eighth edition of IF: Milton Keynes International Festival, staged in July 2025. This biennial festival enriches Milton Keynes with extraordinary artists, fostering inclusive community engagement and delivering world-class cultural experiences. Under Monica's leadership, the Festival attracts international artists and audiences, generating significant economic impact and solidifying Milton Keynes' reputation as a dynamic and nationally recognised arts hub.

The ongoing financial sustainability of The Stables remains our primary challenge with pressure arising from increasing costs, added competition and the need to re-invest in the buildings. The audited accounts for the year ending March 2025, show a good performance with targets being exceeded, however vigilance and careful planning will be required to ensure the future sustainability of the organisation.

We are incredibly grateful to our audiences for their continued support, and we also acknowledge the vital contributions from Arts Council England and Milton Keynes City Council, who have consistently supported IF: Milton Keynes International Festival. Furthermore, we deeply appreciate the support from trusts, foundations, business sponsors, and individual donors, which has enabled our exciting program, including extensive learning and participation activities.

I look forward with confidence to continuing our tradition of delivering world-class events, upholding our commitment to learning and fostering participation in music and the arts.

David Meadowcroft Chair

Date: 8[th] December 2025

Page 4

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year to 31st March 2025.

The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Wavendon AllMusic Plan was incorporated on 14 May 1970 with Memorandum and Articles of Association which have been amended by special resolutions the most recent being dated 22 March 2021. Wavendon AllMusic Plan was registered as a charity in England and Wales on 17 November 1970. Exemption from using the word "Limited" has been granted by the Registrar of Companies.

At 23:59 on 31[st] March 2024, the net assets of The Stables Theatre, a wholly owned subsidiary, were transferred to this, the parent company Wavendon AllMusic Plan (WAP). All activities previously delivered by The Stables Theatre will continue to be delivered directly by WAP, under the operating names of The Stables and IF: Milton Keynes International Festival. These accounts represent the first full year operating under this new structure.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The Charity’s principal objective is:

providing a centre of musical activity for the purposes of the promotion of education in, and appreciation of, good music of all kinds amongst persons of all ages and social backgrounds

This is distilled into our Vision Statement:

to engage the widest range of people with music in all its diversity

Our Mission for the period covering 2023 - 2026 is:

to enrich people's lives with opportunities to access, participate in and experience live music and the arts in general

Our organisational values underpin our work and we strive to be:

Excellent, Adventurous, Inclusive, Relevant, Inspiring, Sustainable and Dynamic

b. Strategies for achieving objectives

Wavendon AllMusic Plan (WAP) was founded by Sir John Dankworth and Dame Cleo Laine in 1970, with the first music performances taking place in February 1970. With the assistance of funds from the National Lottery and many other generous supporters, the Charity was able to extend and refurbish The Stables in Wavendon Milton Keynes. The 398 seat Jim Marshall auditorium opened in October 2000, followed by the development of the 80 seat Stage 2 in September 2007. In addition to an extensive concert programme of all types of music, the Charity also offers a comprehensive programme of learning and participation activity, with Stage 2 providing a platform for emerging artists. In 2010 the biennial IF: Milton Keynes International Festival was launched to a wider audience delivering a multi-arts festival programme which takes place across Milton Keynes.

Page 5

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In the next 3 years the Charity aims to:

In order to achieve these aims the Charity will:

Page 6

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

c. Activities undertaken to achieve objectives

WAP delivers an extensive programme of events which typically features a wide range of music, theatre, film and comedy with a focus on engaging people with music. A comprehensive learning and participation programme provides opportunities for people of all ages and backgrounds to deepen their engagement with music and provide a platform for emerging artists to develop new audiences.

In addition to work in the venue, the Charity produces events and projects that engage wider communities in our goals such as IF: Milton Keynes International Festival.

Programme and Projects

345 events were presented at The Stables during the year. Some of the highlights included Red Priest, Katherine Priddy, The Shires, Martin Taylor, La Voix, Curtis Stigers, Karine Polwart & Dave Milligan, Maisie Adams, The Spooky men’s Chorale, Shaparak Khorsandi, Lulo Reinhardt & Yuliya Lonskaya, Punt & Dennis, Big Big Train, Afro Celt Sound System, Lady Nade, Seckou Keita, Omid Djalili, Remi Harris, Nick Heyward, Turin Brakes, Ed Byrne, The BBC Big Band, Ward Thomas, Ivo Graham, The Cinelli Brothers & Brave Revival, The Breath, Sarah Keyworth, Graham Gouldman. We also collaborated with the Alina Orchestra providing a residency opportunity involving full concerts and educational projects including a conducting weekend.

We commissioned a brand new family Christmas production by Dizzy O’Dare. The show featured a fun blend of music, circus, slapstick and special effects and was well received by audiences. During the process we were able to support the Company with rehearsal and production facilities as well as staff support and mentoring.

We also supported a range of emerging artists with performance opportunities in our intimate Stage 2 space.

Learning and Participation

Our Learning and Participation programme included workshop sessions to learn Ukelele, Saxophone, Blues Guitar, Cajon, Lead Vocals & Microphone Technique, Harmonica, Melodeon, Latin Percussion, Songwriting, Concertina, Music Recording & Production, and Live Sound Engineering,

Rock Experience, Jazz Experience and Ceilidh Experience courses also provided opportunities for musicians to meet, form bands and play for audiences. Work for children and young people also included school concerts, educational film events, and a free family fun day.

IF: Milton Keynes International Festival

Preparation was made for the eighth edition of IF: Milton Keynes International Festival which was delivered in July 2025. Partnerships were developed with stakeholders across the city. Two new commissions were planned: One Sky by Pagrav Dance – a co-commission with Sadler’s Wells Theatre and in collaboration with centre:mk, Maureen Onwunali was commissioned to work with young people in Milton Keynes to write a new poem Utopia in Verse.

d. Main activities undertaken to further the Charity’s purposes for the public benefit

The Trustees have complied with their duties under section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Page 7

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance on public benefit:

STRATEGIC REPORT

Achievements and Performance

a. Main achievements of the Charity

The Trustees consider that progress was made towards most of the major goals set in advance of the year as described above.

b. Key performance indicators

The comparatives in the accounts are for WAP only and do not include the historical subsidiary “The Stables Theatre”. The figures for the current year are directly comparable to the Group as per the previous structure. Notes 24 to 26 show the current year against the Group results for information.

Unrestricted activities

The year to 31 March 2025 the company had unrestricted Income of £3,259,373 (2024: £174,486, Group £2,614,739) with expenditure of £2,914,264 (2024: £29,498, Group £2,698,640). After a transfer of £660 to the Endowment Fund, a surplus on unrestricted activities of £344,449 (2024: £144,988, Group deficit £83,901). Activities which are unrestricted from specific requirements relate to the operation of the venue in which the concert and education activity is delivered, employs the staff and supports all overhead and related venue operating costs and much of the activity of IF: Milton Keynes International Festival.

Restricted activities

A significant part of the external funding for IF: Milton Keynes International Festival is provided by bodies which impose specific restrictions on the use of the funds and therefore these elements of the Festival are reported as being “Restricted“ activity. As there is a mixture of funding, the rest of the Festival activity is shown as a Designated Fund within unrestricted reserves. The Festival is delivered over a 10 day period, with planning and delivery period spread over a two year time frame. The period reported here is the planning phase for the 2025 Festival. The prior year comparisons relate to the period which incuded the delivery phase for the 2023 Festival. Restricted Festival Income £42,307 (2024: £712,518) and Expenditure of £21,288 (2024: £1,501,541).

The land and buildings, known as The Stables, are also restricted, with a depreciation cost of £67,148 and improvements to the building of £6,930.

Total Income of £42,307 (2024: £443,761, Group £712,518) with expenditure in the year £95,366 (2024: £67,148, Group £1,568,689) with a net spend of £53,059 (2024: £376,613, Group deficit £856,171).

Endowment activities

Bank Interest Income of £660 was transferred into The Limb Family Endowment Fund during the year. The balance has increased to £64,010.

Page 8

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Balance Sheet

The Unrestricted and Restricted activities referred to above resulted in the total net assets of the Charity increasing by £292,050 to £4,920,146 at 31 March 2025. Of this, £2,523,593 relates to Unrestricted funds, £2,332,543 to Restricted funds and £64,010 to Endowment funds.

There are currently five Restricted funds:

As before, the major assets are the property and tangible assets of the charity which are depreciated over time in accordance with the Charity’s accounting policy. Fixed asset expenditure amounted to £12,702 (2024: £77,714) in the year which related to the upgrade of our kitchen facilities and equipment in preparation to reopen our catering facilities for concert attenders in March 2025. The previous “Café in 2” was closed due to the pandemic, and after working with external consultants and audience numbers recovering to pre-pandemic levels, the Trustees supported the management team to relaunch the catering offer for pre-concert food to complement our bar service.

The surplus for the year, together with sundry working capital movements including fixed asset investment through additions and depreciation adjustments, resulted in the net current assets increasing by £407,962 to £2,632,489. Cash balances increased by £525,493 over the previous year to close at £3,610,870 .

Reserves Policy

The Trustees have the objective of establishing unrestricted reserves to allow the Charity sufficient capital to implement its development plans and to ensure the Group has sufficient resilience to continue its charitable activities in the event of a sustained downturn.

Within Unrestricted Reserves there are six designated funds with a combined value of £2,431,542.

Their current value and purpose are:

Page 9

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Reserves amounted to £2,523,593 in total of which £92,051 are General Funds at 31 March 2025. The Trustees consider this adequate to meet the Charity’s Reserves Policy objectives.

Summary

In summary, the financial performance of the Charity outperformed the budget, achieving a surplus ahead of expected timeframes. It continued to improve and stabilise over the year, with venue activities achieving preCOVID levels. However the inflationary increases continue to be a challenge with expenditure increasing ahead of inflation and are still higher than the increase being achieved on the related income. The continued tight management of expenditure, coupled with the historical Unrestricted Reserves and cash positions, means that The Stables is in a position of strength to invest in the future with a buffer against any adverse trading developments in challenging economic times. The Trustees are confident that this will continue to be managed well, utilising the Charity's reserves as necessary, whilst exploring new income streams and opportunities to enable a resilient, innovative operation for the future.

Volunteers

In common with most charities, The Stables enjoys the support of volunteers who gave some 33,335 hours (2024: 29,154) during the year, assisting the Charity to deliver its objectives across many areas of the organisation including administration and in the delivery of events. No financial value has been placed on the contribution of volunteers in these accounts. The Trustees are extremely grateful to all those who support the Charity on a voluntary basis.

c. Investment policy and performance

The Trustees adopt a cautious, low risk approach to investment. Surplus cash balances are held in interest bearing bank deposit accounts and money market deposits with no exposure to the capital sum.

Financial review

a. Going concern

The Trustees are confident that the measures undertaken enable the activities of the Charity to continue to build back to the levels delivered before the onset of the Covid 19 pandemic. The key funding partner Arts Council England has awarded funding with The Stables being retained as part of the National Portfolio until March 2027.

The Trustees therefore have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Page 10

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

b. Principal funding

The Charity earns most of its income, but also fundraises from several sources. It receives National Portfolio Organisation funding from Arts Council England, currently to the value of £386,201 per annum. The other major source of funding is Milton Keynes City Council for specific projects such as IF: Milton Keynes International Festival.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Charity is constituted under a Memorandum of Association dated 30th September 1976 and is a registered charity, number 261645.

The principal object of the Charity "to provide a centre of musical activity for the purposes of the promotion of education in, and appreciation of, good music of all kinds amongst persons of all ages and social backgrounds."

b. Methods of appointment or election of Trustees

The Trustees seek to obtain a widespread of experience and appropriate skills through an open recruitment process managed by a Search and Nominations Committee supported by the Board of Trustees. Trustees are elected by the members in a general meeting and normally serve for a period of three years, following which they may serve for up to two further three years.

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

c. Organisational structure and decision making policies

The Board of Trustees is responsible for the policies, strategic planning and organisation of the Charity. No person who is not a member of the Charity is eligible to hold office as a Trustee.

Membership of the Charity is by payment of an annual subscription set by the Charity.

Each member is liable to repay debts of the Charity up to a limit of £10 in the event of the charity being wound up.

The Trustees, listed on page one, meet quarterly, but there are sub-committees, which may include non-Trustees and members of the management team, that meet more frequently to assess operational and risk management issues and offer support to the Executive Team for specific projects. These committees which report to the board of Trustees during 2024/25 comprised:

Audit and Risk Committee which reports to the Trustees regarding their financial responsibilities and assists them in fulfilling their responsibilities including:

Page 11

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Search and Nominations Committee which advises the Trustees on the recruitment of Trustees and senior posts.

Festival Advisory Board which supports the planning of IF: Milton Keynes International Festival.

New Trustees are provided with an induction which features a meeting with the Chair of the Board and with the Chief Executive & Artistic Director to familiarise themselves with their responsibilities and legal obligations in connections with their role as a Trustee.

Key Management consists of the Chief Executive & Artistic Director and the Finance Director.

Remuneration for senior executives is determined using industry benchmarking with pay reviews conducted as part of the annual budget setting process overseen by the Board of Trustees.

There is a performance related pay scheme with clear policy guidelines set by Trustees. The Chairman on behalf of the Board of Trustees is responsible for approving staff bonus payments in line with the agreed policy.

f. Financial risk management

The Trustees have assessed the major risks to which the Charity are exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Charity’s Risk Register is reviewed each quarter and updated immediately a change to risk is identified.

The risk management strategy comprises:

Page 12

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The major risks identified by the Trustees (and with mitigation in place) currently include:

Mitigation: ACE has agreed National Portfolio Organisation funding until March 2027. Project budgets are adjusted and developed.

Mitigation: Designated funds are earmarked to provide confidence that reserves are available should an urgent need arise for repairs/renewals and a planned maintenance programme is under constant review.

Mitigation: Robust budgeting and review of costs of services procured, as well as investment in fundraising and marketing. Exploring additional revenue streams to offset the increase in costs.

Mitigation: The Chairty works closely with the Safety Advisory Board who inform and advise on threat levels and our planned mitigation for specific large-scale high risk events such as IF: Milton Keynes International Festival which takes place in the public realm.

A key element in the management of financial risk is the setting of a reserves policy and its regular quarterly review by Trustees.

Page 13

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

g. Plans for future periods

During the coming year the Charity aims to focus on the following:

h. Information on Fundraising Practices

The Charity is registered with the Fundraising Regulator. Income comes from multiple sources including ticket income, secondary sales, philanthropy, membership, sponsorships and public funding.

Current fundraising activities include:

The Charity is committed to ensuring that its fundraising is not overly intrusive or persistent and does not put members of the public under pressure.

Page 14

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Mercer & Hole LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

David Meadowcroft, Chair Date: 8[th] December 2025

Page 15

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN

OPINION

We have audited the financial statements of Wavendon AllMusic Plan (the 'Charity) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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 Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' 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 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 16

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 17

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAVENDON ALLMUSIC PLAN (CONTINUED)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items:

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 18

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Robinson (Senior Statutory Auditor) Mercer & Hole LLP The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP

Date: 16[th] December 2025

Page 19

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
INCOME AND
ENDOWMENTS FROM:
Donations and grants
3
Charitable activities
4
Other trading activities
5
Investments
6
Transfer of activity from
subsidiary
23
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
NET
INCOME/EXPENDITURE
Transfers between funds
17
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED FORWARD		 Unrestricted
funds
31 March
2025
£
420,737
2,629,111
163,179
46,346
-
3,259,373
156,145
2,758,119
2,914,264
345,109
(660)
344,449
2,179,144
344,449
2,523,593		 Restricted
funds
31 March
2025
£
42,307
-
-
-
-
42,307
-
95,366
95,366
(53,059)
-
(53,059)
2,385,602
(53,059)
2,332,543		 Endowment
funds
31 March
2025
£
-
-
-
-
-
-
-
-
-
-
660
660
63,350
660
64,010		 Total
funds
31 March
2025
£
463,044
2,629,111
163,179
46,346
-
3,301,680
156,145
2,853,485
3,009,630
292,050
-
292,050
4,628,096
292,050
4,920,146		 Total
funds
31 March
2024
£
,
108,217
-
58,000
45,378
469,152
680,747
-
96,646
96,646
584,101
-
584,101
4,043,995
584,101
4,628,096

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 24 to 45 form part of these financial statements.

Page 20

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
INCOME AND
ENDOWMENTS FROM:
Donations and grants
3
Other trading activities
5
Investments
6
Transfer of activity from
subsidiary
23
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
NET
INCOME/EXPENDITURE
Transfers between funds
17
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED FORWARD		 Unrestricted
funds
31 March
2024
£
108,217
58,000
45,378
(37,109)
174,486
-
29,498
29,498
144,988
(850)
144,138		 Restricted
funds
31 March
2024
£
-
-
-
443,761
443,761
-
67,148
67,148
376,613
-
376,613
2,008,991
376,613
2,385,604		 Endowment
funds
31 March
2024
£
-
-
-
62,500
62,500
-
-
-
62,500
850
63,350
-
63,350
63,350		 Total funds
31 March
2024
£
108,217
58,000
45,378
469,152
680,747
-
96,646
96,646
584,101
-
584,101
2,035,004
144,138
2,179,142		 4,043,995
584,101
4,628,096

The Statement of Financial Activities includes all gains and losses recognised in the year.

Page 21

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

BALANCE SHEET
AS AT 31 MARCH 2025
Note
2025
£
FIXED ASSETS
Tangible assets
12
2,287,653
Investments
13
4
2,287,657
CURRENT ASSETS
Stocks
14
9,084
Debtors
15
92,903
Cash at bank and in hand
3,610,870
3,712,857
Creditors: amounts falling due within
one year
16
(1,080,368)
NET CURRENT ASSETS
2,632,489
TOTAL NET ASSETS
4,920,146
CHARITY FUNDS
Endowment funds
17
64,010
Restricted funds
17
2,332,543
Unrestricted funds
17
2,523,593
TOTAL FUNDS
4,920,146		 7,986
201,019
3,085,377		 2024
£
2,403,565
4
2,403,569
2,224,527
3,294,382
(1,069,855)
4,628,096
63,350
2,385,604
2,179,142
4,628,096

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

David Meadowcroft, Chair Date: 8 December 2025

The notes on pages 24 to 45 form part of these financial statements

Page 22

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025

CASH FLOWS FROM OPERATING ACTIVITIES
Note
Net cash used in operating activities
19
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of fixed assets not proceeds from sale
Transfer of assets from subsidiary
NET CASH USED IN INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
20		 31 March
2025
£
491,849
46,346
(12,702)
-
33,644
525,493
3,085,377
3,610,870		 31 March
2024
£
(375,018)
103,378
(6,980)
(241,836)
(145,438)
(520,456)
3,605,833
3,085,377

The notes on pages 24 to 45 form part of these financial statements

Page 23

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

Wavendon AllMusic Plan is a charitable company limited by guarantee and incorporated in England and Wales. Its registered office and principal place of business is The Stables, Stockwell Lane, Wavendon, Milton Keynes, MK17 8LU.

The members of the Charity are the Trustees named on page one. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £4 per member of the Charity.

2. ACCOUNTING POLICIES

2.1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Wavendon AllMusic Plan meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

In the previous financial year the financial statements were prepared on the basis of consolidation. For the current year, the financial statements present information about the company as an individual undertaking and not about its Group as one subsidiary is dormant, and the other has been struck off since the year end. The directors have taken advantage of the exemption in section 402 of the Companies Act 2006, as all subsidiary undertakings are immaterial in the context of the Group as a whole.

The Charity’s functional and presentation currency is GBP.

2.2. GOING CONCERN

The Trustees have assessed the appropriateness of the going concern basis by reference to forecasts, budgets and the resources available.

Based on this assessment, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

There are no material uncertainties in relation to going concern.

2.3. INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Page 24

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (CONTINUED)

Income from charitable activities includes educational programmes and box office income and other customer ancillary services. The income is recognised as received except where it must be deferred due to:

2.4. EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 allocated on the portion of the asset's use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the. Charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

2.5. INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6. TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

Page 25

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.6. TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)

Depreciation is provided on the following bases:

Freehold property -1.33% on cost
Improvements to freehold -10-20% on cost (included within freehold property)
Sculpture - Not depreciated
Office furniture and equipment -10-15% on cost
Piano -5% on cost
Theatre equipment -10-25% on cost
Bar equipment -15-20% on cost
Computer equipment -33% on cost
Café & catering equipment -20% on cost

2.7. INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8. STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

2.9. DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10. CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

Page 26

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.11. LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.12. FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13. OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.14. PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.15. FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

The Limb Family Endowment Fund is an expendable fund. The income from the funds can be spent on the charitable purposes of the Charity or reinvested. The terms of the endowment allow the capital to be spent in accordance with the terms of the gift agreement.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.16. GROUP RESTRUCTURING

On 31 March 2024 at 23:59pm, the trade and assets of The Stables Theatre were hived up to Wavendon AllMusic Plan. The assets and liabilities were transferred at net book value. The comparative figures in this years accounts are for the charitable activity of Wavendon AllMusic Plan only, not from the consolidated Group. A comparison memorandum statement of income and activities is shown in note 25 with the consolidated Group activities that are all now delivered by WAP.

Page 27

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. INCOME FROM DONATIONS AND GRANTS

Donations
Grants
Donations
Grants		 Unrestricted
funds
31 March
2025
£
34,538
386,199
420,737
Unrestricted
funds
31 March
2024
£
3,217
105,000
108,217		 Restricted
funds
31 March
2025
£
24,307
18,000
42,307
Restricted
funds
31 March
2024
£
-
-
-		 Endowment
funds
31 March
2025
£
-
-
-
Endowment
funds
31 March
2024
£
-
-
-		 Total
funds
31
March
2025
£
58,845
404,199
463,044
Total
funds
31
March
2024
£
3,217
105,000
108,217

Page 28

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. INCOME FROM CHARITABLE ACTIVITIES

Box office
Front of house
Education
Other income
Box office
Front of house
Education
Other income		 Unrestricted funds
31 March 2025
£
2,038,455
540,390
49,780
486
2,629,111
Unrestricted funds
31 March 2024
£
-
-
-
-
-		 Restricted funds
31 March 2025
£
-
-
-
-
-
Restricted funds
31 March 2024
£
-
-
-
-
-		 Total funds
31 March 2025
£
2,038,455
540,390
49,780
486
2,629,111
Total funds
31 March 2024
£
-
-
-
-
-

Page 29

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. INCOME FROM OTHER ACTIVITIES

Income from fundraising events
Fundraising events
Other fundraising income
Fundraising events
Other fundraising income
Other income		 Unrestricted
funds
31 March
2025
£
-
163,179
163,179
Unrestricted
funds
31 March
2024
£
-
-
58,000
58,000		 Restricted
funds
31 March
2025
£
-
-
-
Restricted
funds
31 March
2024
£
-
-
-
-		 Total funds
31 March
2025
£
-
163,179
163,179
Total funds
31 March
2024
£
-
-
58,000
58,000
  1. INVESTMENT INCOME
Bank Interest Income
Bank Interest Income		 Unrestricted
funds
Total
funds
31 March
2025
31 March
2025
£
£
46,346
46,346
31 March
2024
31 March
2024
£
£
45,378
45,378

Page 30

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. EXPENDTURE ON RAISING FUNDS

FUNDRAISING EXPENSES

Raising funds
Raising funds		 Unrestricted
funds
31 March
2025
£
156,145
Unrestricted
funds
31 March
2024
£
-		 Restricted
Funds
Total funds
31 March
2025
£
31 March
2025
£
-
156,145
Restricted
Funds
Total funds
31 March
2024
£
31 March
2024
£
-
-

Page 31

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Summary by fund type

Box office
Education
Membership and raising funds
Box office
Education
Membership and raising funds		 Unrestricted
funds
31 March
2025
£
2,727,197
30,814
108
2,758,119
Unrestricted
funds
31 March
2024
£
29,498
-
-
29,498		 Restricted
funds
31 March
2025
£
95,366
-
-
95,366
Restricted
funds
31 March
2024
£
67,148
-
-
67,148		 Total funds
31 March
2025
£
2,822,563
30,814
108
2,853,485
Total funds
31 March
2024
£
96,646
96,646

Summary by expenditure type

Summary by expenditure type
Box office
Education
Membership and raising funds
Box office
Education
Membership and raising funds		 Staff and
Artist costs
31 March
2025
£
1,925,461
-
-
1,925,461
Staff and
Artist costs
31 March
2025
£
-
-
-
-		 Depreciation
31 March
2025
£
128,616
-
-
128,616
Depreciation
31 March
2025
£
74,072
-
-
74,072		 Other
costs
31 March
2025
£
768,486
30,814
108
799,408
Other
costs
31 March
2025
£
22,574
-
-
22,574		 Total
31 March
2025
£
2,822,563
30,814
108
2,853,485
Total
31 March
2025
£
96,646
-
-
96,646
Page 32

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Activities
undertaken
directly
31 March
2025
£
Box office
1,161,176
Educational
30,814
Membership and raising funds
108
1,192,098
Activities
undertaken
directly
31 March
2024
£
Box office
-
Education
-
Membership and raising funds
-
-
9. ANALYSIS OF SUPPORT COSTS
Staff costs
Depreciation
Recruitment, training & development
Marketing
Infrastructure
Premises
Governance
10. AUDITOR’S REMUNERATION
Fees payable to the charity’s auditor of the Charity’s annual accounts
Fees payable to the charity’s auditors in respect of:
Statutory accounts preparation		 Support
costs
31 March
2025
£
1,661,387
-
-
1,661,387
Support
costs
31 March
2024
£
96,646
-
-
96,646
Total
funds
31 March
2025
£
856,796
128,616
(2,778)
153,899
216,593
289,173
19,272
1,661,387
31 March
2025
£
16,000
3,000		 Total
funds
31 March
2025
£
2,822,563
30,814
108
2,853,485
Total
funds
31 March
2024
£
96,646
-
-
96,646
Total
funds
31 March
2024
£
-
74,072
10,250
-
820
-
11,504
96,646
31 March
2024
£
20,500
5,500

Page 33

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. STAFF COSTS

Wages and salaries
Social Security
Pension costs
Contract costs		 31 March
2025
£
643,526
52,863
15,620
712,009
105,368
817,377		 31 March
2024
£
-
-
-
-
-
-

In the prior period employees were remunerated through The Stables Theatre.

The average number of persons employed by the entity during the period was 40 (2024: 0). Average headcount expressed as a full-time equivalent was 18 (2024: 0).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. They consist of the Chief Executive & Artistic Director and Finance Director. The aggregate cost of Key Management Remuneration for the period was £149,825 (2024: £Nil) of which some are contractors. Such remuneration is permitted by the Memorandum and Articles of Association and permission granted from the Charity Commission. Remuneration for Key Management Personnel is set using industry benchmarking and overseen by the Chairman.

One employee in the Charity received employee benefits between £80,000 and £90,000 per annum (2024: 0 employees between £80,000 and £90,000). Pension contributions in respect of the paid employee in the period were £2,417 (2024: £Nil).

During the period ended 31 March 2025, no Trustees expenses have been incurred (2024: £Nil).

Staff costs are shown as a comparison against prior year for the consolidated Charitable Group in note 26.

Page 34

Total £ 6,198,550 12,702 - 6,211,252 3,794,983 128,616 - 3,923,599 2,287,653 2,403,567
Bar & Foyer equipment £ 75,335 - 75,335 65,816 2,537 - 68,353 6,982 9,519
Office & theatre equipment £ 554,744 - 554,744 322,425 59,635 - 382,060 172,684 232,319
WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Café & Freehold
catering		 property
Sculpture
equipment		 £
£
£		 5,535,501
32,970		 -
-
12,702		 -
-		 5,535,501
32,970
12,702		 3,406,742
-
-		 66,232
-
212		 -
-
-		 3,472,974
-
212		 2,062,527
32,970
12,490		 2,128,759
32,970
-
12. TANGIBLE FIXED ASSETS COST At 1 April 2024 Additions Disposals At 31 March 2025 DEPRECIATION At 1 April 2024 Charge for the year On disposals At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. FIXED ASSET INVESTMENTS

Investments
in
subsidiary
companies
£
CHARITY
COST
At 1 April 2024 4
At 31 March 2025 4
PRINCIPAL
SUBSIDIARIES
Company
Names number Holding Status
The Stables Theatre was dormant in the year.
The Stables Theatre 03224226 100% On 2 December 2025 the entity was struck off
The Stables Trading Limited 04008990 100% Dormant
Names Income Expenditure Profit/(Loss)/ Net Assets
Surplus/(Deficit)
for the year
£ £ £ £
The Stables Theatre - - - 2
The Stables Trading
Limited - - - 2

Page 36

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. STOCK
15. DEBTORS
Trade debtors
Prepayments and accrued income
16. CREDITORS: AMOUTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods
Bar stocks		 31 March
2025
£
81,553
11,350
92,903
31 March
2025
£
56,979
58,911
29,352
935,126
1,080,368
31 March
2025
£
791,740
799,376
(791,740)
799,376
31 March
2025
£
9,084		 31 March
2024
£
162,677
38,342
31 March
2024
£
7,986
201,019
31 March
2024
£
61,482
38,974
27,990
941,409
1,069,855
31 March
2024
£
3,021
791,740
(3,021)
791,740

Deferred income comprises Box Office receipts for future events (£745,332), grant income (£38,734), hires (£13,990) and camps (£1,320).

Page 37

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Education and Community
Engagement Project
Support
Facilities and Grounds
Renewal & Replacement
Sustained Downturn
Support
Artistic Projects and New
Commissions Support
Facilities Development and
Growth Capital
IF: Milton Keynes
International Festival
GENERAL FUNDS
General Fund
TOTAL UNRESTRICTED
FUNDS
ENDOWMENT FUNDS
The Limb Family
Endowment Fund
RESTRICTED FUNDS
Building
Arts Council England
Catalyst
Education
Small capital
IF: Milton Keynes
International Festival
TOTAL OF FUNDS		 Balance at
1 April
2024
£
40,000
500,000
600,000
150,000
700,000
0
1,990,000
189,144
2,179,144
63,350
1,474,329
139,350
22,258
305,906
443,759
2,385,602
4,628,096		 Income
£
-
-
-
-
-
298,448
298,448
2,960,925
3,259,373
-
-
-
-
-
42,307
42,307
3,301,680		 Expenditure
£
-
(29,050)
-
-
-
(70,599)
(99,649)
(2,814,615)
(2,914,264)
-
(32,956)
-
-
(41,122)
(21,288)
(95,366)
(3,009,630)		 Transfers
in/out
£
-
-
-
-
200,000
42,743
242,743
(243,403)
(660)
660
-
-
-
-
-
-
-		 Balance at
31 March
2025
£
40,000
470,950
600,000
150,000
900,000
270,592
2,431,542
92,051
2,523,593
64,010
1,441,373
139,350
22,258
264,784
464,778
2,332,543
4,920,146

Page 38

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Education and
Community
Engagement Project
Support
Facilities and Grounds
Renewal &
Replacement
Sustained Downturn
Support
Artistic Projects and
New Commissions
Support
Facilities
Development and
Growth Capital
GENERAL FUNDS
General Fund
TOTAL
UNRESTRICTED
FUNDS
ENDOWMENT
FUNDS
The Limb Family
Endowment Fund
RESTRICTED
FUNDS
Building
Arts Council England
Catalyst
Education
Small capital
IF: Milton Keynes
International Festival
TOTAL OF FUNDS		 Balance at 1
April 2023
£
40,000
200,000
600,000
150,000
600,000
1,590,000
673,895
2,263,895
62,500
1,541,477
139,350
22,258
305,906
1,232,782
3,241,773
5,568,168		 Income
£
-
-
-
-
-
-
2,614,739
2,614,739
-
-
-
-
-
712,518
712,518
3,327,257		 Expenditure
£
-
-
-
-
-
-
(2,698,640)
(2,698,640)
-
(67,148)
-
-
-
(1,501,541)
(1,568,689)
(4,267,329)		 Transfers
in/out
£
-
300,000
-
-
100,000
400,000
(400,850)
(850)
850
-
-
-
-
-
-
-		 Balance at 31
March 2024
£
40,000
500,000
600,000
150,000
700,000
1,990,000
189,144
2,179,144
63,350
1,474,329
139,350
22,258
305,906
443,759
2,385,602
4,628,096

Page 39

WAVENDON ALL MUSIC PLAN

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS

Education and Community Engagement Project Support

Designated to support bursaries and special education projects.

Facilities and Grounds Renewal & Replacement

To ensure adequate long term maintenance and investment for The Stables facilities and grounds.

Sustained Downturn Support

To cover 2 years loss of external funding plus 20% reduction in ticket income for period of 6 months, calculated annually.

Artistic Projects and New Commissions Support

To support artistic projects and new commissions.

Facilities Development and Growth Capital

Funding towards additional complementary facilities that will enable growth of the organisation.

IF: Milton Keynes International Festival

Funding towards future and current editions of the biennial festival and related signature events.

ENDOWMENT FUND

The Limb Family Endowment Fund is an expendable endowment to support the Charity to achieve the following aims:

RESTRICTED FUNDS

Building

This represents accumulated funding received to date in respect of the construction of the building housing the Jim Marshall Auditorium and Stage 2, less costs of fundraising, impairment and depreciation to the value of the property. The Charity is restricted in the use it can make of the building.

Arts Council England Catalyst

This represents restricted grant income and donations (less restricted expenditure) awarded for capacity building and match fundraising.

Education

This represents the accumulated funds held on behalf of the Kenny Clare, Sylvia Kendrick, Dorothy Mowatt Foundation and the Pete Smith Memorial Fund. They are to be used to provide bursaries for students on WAP courses and workshops.

Small Capital

Grant funding received for renovation and environmental enhancements of The Stables Theatre facilities.

Page 40

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. STATEMENT OF FUNDS (CONTINUED)

IF: Milton Keynes International Festival

Funds carried forward to current and future editions of the biennial International Festival.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Current assets
Creditors due within one year
TOTAL
ANALYSIS OF NET ASSETS BETWEEN FUNDS -
Tangible fixed assets
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
31 March
2025
£
2,287,653
1,316,308
(1,080,368)
2,523,593
PRIOR YEAR
Unrestricted
funds
31 March
2024
£
2,403,567
845,432
(1,069,855)
2,179,144		 Restricted
funds
31 March
2025
£
-
2,332,543
-
2,332,543
Restricted
funds
31 March
2024
£
-
2,385,602
-
2,385,602		 Endowment
funds
31 March
2025
£
-
64,010
-
64,010
Endowment
funds
31 March
2024
£
-
63,350
-
63,350		 Total
funds
31 March
2025
£
2,287,653
3,712,861
(1,080,368)
4,920,146
Total funds
31 March
2024
£
2,403,567
3,294,384
(1,069,855)
4,628,096

19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interests and rents from investments
Decreases/(increases) in stocks
Increases/(decreases) in debtors
Increases/(decreases) in creditors
NET CASH USED IN OPERATING ACTIVITES		 31 March
2025
£
292,050
128,614
(46,346)
(1,098)
108,116
10,513
491,849		 31 March
2024
£
584,101
74,074
(103,378)
(7,986)
(201,019)
(720,810)
(375,018)

Page 41

WAVENDON ALL MUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 31 March
2025
£
3,610,870
3,610,870		 31 March
2024
£
3,085,379
3,085,379

21. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand As at 1
April 2024
£
3,085,377
3,085,377		 Cash flow
£
525,493
525,493		 At 31
March
2025
£
3,610,870
3,610,870

22. OPERATING LEASE COMMITMENTS

At 31 March 2025 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 31 March
2025
£
5,981
8,330
14,311		 31 March
2024
£
3,986
8,411
12,397

The following lease payments have been recognized as an expenses in the Statement of Financial Activities:

31 March 31 March
2025 2024
£ £
Operating lease rentals 3,986 4,220

Page 42

WAVENDON ALLMUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. GROUP RESTRUCTURING

On the 31 March 2024 at 23:59pm, the Group underwent a restructuring whereby the trade and assets of The Stables Theatre were hived up into Wavendon AllMusic Plan. The assets and liabilities were transferred at net book value.

At the point of the hive up, The Stables Theatre held the following assets and liabilities:

FIXED ASSETS
Tangible fixed assets
CURRENT ASSETS
Stocks
DEBTORS
Trade Debtors
Amounts due from parent
Prepayments and accrued income
Cash and cash equivalents
CREDITORS
Trade Creditors
Social security and other taxes
Other creditors
Accruals and deferred income
NET ASSETS		 £
241,836
7,986
162,677
759,227
38,342
308,458
(61,482)
(37,132)
(27,990)
(922,770)
469,152

24. RELATED PARTY TRANSACTIONS

Donations totalling £6,350 were made to Wavendon AllMusic from Trustee’s during the period.

During the period, Absolutlee Accounting, a partnership which K Roberts controls, made sales of £56,388 (2024: nil) to Wavendon AllMusic Plan. At the year end the entity owed £4,950 (2024: £Nil) to Absolutlee Accounting.

Page 43

WAVENDON ALLMUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 WITH GROUP CONSOLIDATED COMPARATIVE FIGURES FOR THE PRIOR YEAR

Note
INCOME AND
ENDOWMENTS FROM:
Donations and grants
3
Charitable activities
4
Other trading activities
5
Investments
6
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
NET
(EXPENDITURE)/INCOME
Transfers between funds
17
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds
31 March
2025
£
420,737
2,629,111
163,179
46,346
3,259,373
156,145
2,758,119
2,914,264
345,109
(660)
344,449
2,179,144
344,449
2,523,593		 Restricted
funds
31 March
2025
£
42,307
-
-
-
42,307
-
95,366
95,366
(53,059)
-
(53,059)
2,385,602
(53,059)
2,332,543		 Endowment
funds
31 March
2025
£
-
-
-
-
-
-
-
-
-
660
660
63,350
660
64,010		 Total
funds
31 March
2025
£
463,044
2,629,111
163,179
46,346
3,301,680
156,145
2,853,485
3,009,630
292,050
-
292,050
4,628,096
292,050
4,920,146		 Total
funds
31 March
2024
£
562,674
2,398,857
320,027
45,699
3,327,257
165,944
4,101,385
4,267,329
(940,072)
-
(940,072)
5,568,168
(940,072)
4,628,096

This memorandum Statement of Financial Activities has been included to show a like for like comparison for the activities delivered by The Stables. The consolidated Group figures for the prior year are directly comparable to the charity activities of WAP in these accounts.

Page 44

WAVENDON ALLMUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

26. CONSOLIDATED STAFF COSTS

Wages and salaries
Social security costs
Pension costs
Contracted costs		 2025
£
643,526
52,863
15,620
712,009
105,368
817,377		 2024
£
606,592
48,610
15,351
670,553
122,170
792,723

Prior to the merger at 23:59 on 31[st] March 2024, the staff were employed by The Stables Theatre. All staff were transferred under TUPE to Wavendon AllMusic Plan. This comparison has been provided to show a true like for like costs.

The average number of persons employed by the Group during the period was 40 (2024: 40). Average headcount expressed as a full-time equivalent was 18 (2024: 18).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. They consist of the Chief Executive & Artistic Director and Finance Director, who are also Trustees of The Stables Theatre. The aggregate cost of Key Management Remuneration for the period was £149,825 (2024: £141,648) of which one is a contractor. Such remuneration is permitted by the Memorandum and Articles of Association and permission granted from the Charity Commission. Remuneration for Key Management Personnel is set using industry benchmarking and overseen by the Chair.

One employee in the Group received employee benefits between £80,000 and £90,000 per annum (2024: one employee between £70,000 and £80,000). Pension contributions in respect of the paid employee in the period was £2,417 (2024: £2,341).

During the period ended 31 March 2025, no Trustee expenses have been incurred (2024: £NIL)

Page 45