## 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|
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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
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## 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.
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## 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:
- ! provide a financially sustainable, inclusive and excellent programme of events and activities that are relevant and inspiring for our communities;
- ! reach and engage more people with live music and the arts;
- ! continue to refresh and extend our programme to ensure artistic excellence, diversity and integrity;
- ! encourage children and young people's engagement with, understanding of and participation in music and the arts; and
- ! support the development of creative potential and access to the highest quality cultural experiences.
In order to achieve these aims the Charity will:
- ! support national/international live music touring presenting world class artists across a range of genres;
- ! support national/international artists by planning the next edition of IF: Milton Keynes International Festival and associated signature events providing opportunities for new commissions, residencies and engaging new audiences in unusual spaces and places;
- ! provide platform opportunities for emerging/early career artists to support career development with support slots, performances in Stage 2 and on the acoustic stage at the next edition of IF: Milton Keynes International Festival;
- ! deliver an extensive programme of learning and participation working with experienced tutors and renowned artists providing an opportunity for children, young people and adults to extend their understanding of music;
- ! deliver a community engagement programme on a project-by-project basis connected to the work of The Stables and IF: Milton Keynes International Festival providing creative opportunities and connecting communities;
- ! work with the BLMK Music Hub, MK Music Services, and directly with schools to develop opportunities for increasing creativity in schools and increasing school audiences;
- ! contribute to the development of cultural communities in Milton Keynes and beyond, engaging in strategic collaborations and partnerships, providing leadership, employment, skills, development and training;
- ! contribute to the wider development of a more informed arts audience as well as supporting the development of tourism and contributing to wider economic impacts;
- !
- extend the reach and impact of our organisation locally, regionally, nationally and internationally;
- ! develop our digital platforms and assets to streamline processes, reach new audiences and provide new artistic opportunities;
- !
- !
- reduce the environmental impact of the organisation in a financially sustainable way;
- respond to major local, regional and national opportunities; and
- ! strengthen our resources and capacity to grow.
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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.
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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:
- ! the advancement of education; and
- ! the advancement of the arts.
## 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.
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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:
- ! £22,258 to provide educational bursaries;
- ! £1,441,373 relating to the property;
- ! £139,350 ACE Catalyst to be expended in future years on capacity building and new commissioned work;
- ! £264,784 Small capital works grant funding; and
- ! £464,778 IF: Milton Keynes International Festival funds to be expended on future Festival events.
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:
- ! Education and Community Engagement Project Support £40,000 - donated and other income available to support bursaries and special educational projects;
- ! Facilities and Grounds Renewal and Replacement £470,950 - to ensure adequate long-term maintenance and investment for The Stables facilities and grounds. £29,050 spent in the year on improvements to the car park and lighting at the venue;
- ! Artistic Projects and New Commissions Support £150,000 - to support future performance projects and commissions;
- ! Sustained Downturn Support £600,000 - to cover 2 years loss of external funding plus 20% reduction in ticket income for a period of 6 months; and
- ! Facilities Development and Growth Capital £900,000 - additional complementary facilities that will enable growth of the organisation; and
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## WAVENDON ALL MUSIC PLAN
(A Company Limited by Guarantee)
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
- ! IF: Milton Keynes International Festival £270,592 - funds to deliver current and future editions of the biennial festival and related signature events.
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.
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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:
- ! overseeing the Charity’s financial reporting process and management of risk;
- ! monitoring the adequacy of financial, operational and compliance with internal controls and risk management;
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## WAVENDON ALL MUSIC PLAN
(A Company Limited by Guarantee)
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
- ! processes designed to management significant risk exposure;
- ! monitoring the adequacy of financial, operational and compliance with internal controls and risk management;
- ! processes designed to manage significant risk exposure;
- ! overseeing the selection, compensation, independence and performance of the Charity's external auditors; and
- ! supporting, monitoring and challenging the Finance Director and the wider Executive Team.
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.
- d. Policies adopted for the induction and training of Trustees
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.
- e. Pay policy for key management personnel
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:
- ! a quarterly review of the risks the organisation may face;
- ! the establishment of systems and procedures to mitigate those risks identified in the plan; and
- ! the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise.
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## 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:
- ! the reliance on public funding, particularly Arts Council England (ACE) for the realisation of some of the Charity's major projects and activities;
Mitigation: ACE has agreed National Portfolio Organisation funding until March 2027. Project budgets are adjusted and developed.
- ! the increasing costs of maintaining and running the venue;
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.
- ! inflationary pressure on cost of activities and affordability for audiences;
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.
- ! the reliance on key staff and volunteer resources;
- Mitigation: Staff and volunteer recruitment, training and incentives are in place and reviewed regularly.
- ! political, economic, social and technological factors outside the control of the Charity could impact adversely on the Charity's ability to carry out its activities and plans; and
- Mitigation: The global pandemic has highlighted the severe impact of risks outside of the control of the Charity. Reserves are designated to cope with substantial downturn in the business and relationships with stakeholders are maintained and developed to facilitate access to support in times of crisis.
- ! the impact of developments arising from the Strategic Land Allocation on the operation of The Stables in Wavendon.
- Mitigation: The Charity draws on expert advice from external consultants on technical matters and is developing a strategy for engaging new communities local to the venue.
- ! the risk of terrorism posing operational issues and fear
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.
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## 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:
- ! investing in artistic work that is excellent, accessible, inspiring and engaging;
- ! developing high quality learning and participation projects with children and young people in mind and support the development of emerging artists;
- ! developing annual operating budgets that are sustainable financially, operationally and environmentally and provide for future investments in the facilities and programmes of the Charity;
- ! developing artistic projects in other spaces including temporary structures, mobile units and for digital platforms;
- ! engaging in strategic collaborations and partnerships, providing leadership and mentoring in some cases;
- ! investing in marketing and audience development;
- ! expanding revenue streams through fundraising and trading activity; and
- ! exploring opportunities for expansion and growth.
## 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:
- ! donations solicited at point of sale via the in person or online booking process;
- ! donations solicited via direct marketing and social media channels for specific projects or activities;
- ! donations solicited via dedicated crowdfunding / philanthropy sites;
- ! grant applications to trusts, foundations and public bodies for projects, activities and capital works;
- ! Gift Aid claims on applicable donations via HMRC;
- ! event support by companies; and
- ! special fundraising concerts/events.
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.
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## 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:
- ! select suitable accounting policies and then apply them consistently;
- ! observe the methods and principles of the Charities SORP (FRS 102);
- ! make judgments and accounting estimates that are reasonable and prudent;
- ! state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- ! prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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:
- ! so far as each Trustee is aware, there is no relevant audit information of which the charitable Group's auditors are unaware; and
- ! each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable Group's auditors are aware of that information information.
## 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
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## 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:
- ! give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- ! have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ! have been prepared in accordance with the requirements of the Companies Act 2006.
## 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:
- ! the information given in the Trustees’ Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- ! the Trustees’ Report and the Strategic Report have been prepared in accordance with the applicable legal requirements.
## 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:
- ! adequate 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 Trustees' remuneration specified by law are not made; or
- ! we have not received all the information and explanations we require for our audit; or
- ! the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report.
## 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:
- ! the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- ! we identified the laws and regulations applicable to the Charity through discussions with Trustees and other management, and from our knowledge and experience of the sector;
- ! we obtained an understanding of the legal and regulatory framework applicable to the Charity and how the Charity is complying with that framework;
- ! we obtained an understanding of the Charity's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; and
- ! we identified which laws and regulations were significant in the context of the Charity. The Laws and regulations we considered in this context were Companies Act 2006, Charities Act 2011 and taxation legislation.
We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items:
- ! we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity's ability to operate or to avoid material penalty; and
- ! identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- ! making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- ! considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- ! tested journal entries to identify unusual transactions;
- ! assessed whether judgements and assumptions made in determining the accounting estimates out in the accounting policy were indicative of potential bias; and
- ! investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- ! agreeing financial statement disclosures to underlying supporting documentation;
- ! reviewing minutes of meetings of those charged with governance; and
- ! enquiring of management as to actual and potential litigation and claims.
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:
- ! grants where funding is for future periods and so there is not yet entitlement;
- ! box office income where it relates to shows and concerts that have not taken place at the period end; and
- ! other trading activities when the service is delivered after the year end.
## 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|
6. 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:
- ! to engage the widest range of people with music and the arts, and in particular to enable access for young people, disabled people, and people from economic and socially deprived backgrounds;
- ! to support the development and creation of extraordinary new projects and new commissions from artists; and
- ! to build, purchase or lease necessary space and equipment to enable artists, audiences, students and those working behind the scenes to come together to create amazing experiences.
## 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)
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