CRESCENDO CHARITY No. 271375 TRUSTEES. REPORT AND FINANCIAL STATEMENTS ACCOUNTS FOR THE YEAR ENDED 28 JANUARY 2025
CRESCENDO TRUSTEES, REPORT FOR THE YEAR ENDED 28 JANUARY 2025 The trustees are pleased lo present their annual trustees. rewrt together with the finanal statements of the chanty for the year ending 28 January 2025. REFERENCE AND ADMINISTRATION DETAILS The registered name of the charity is cresnd0 and the Charity Commission registration number is 271375. The pnncipal office ot the Charity is One Bartholomew Close, London, EC1A 7BL Trustees MrA B Caird Ichaimian) Mrs C Caird MrA Laing Solicitors.. BroadfEld Law UK LLP. One Bartholomew Ck)se. London. EC1A 7BL Officer". Mrs H D'monte Ise(*etsry lo the Trustees) A Dawson Paul, Rathbones, 159 New Bond Street, LorKlon W1S 2UD Financial Adviser.. OBJECTIVES AND ACTIVITIES The Trust was registered as a charty in 1979 Énttially to establish and maintsin a scheme of Swards to deseNing artists of any kind, who by reason of their poverty, are unable effectively lo pursue their vocation as such artists. In 2004. the Trustees decided on the current policy lo support children. who would not normally have the chance, the opportunity lo'.- Leam an acousti¢ musical instrument. {21 Gain a wider experienee of INe music by attending ConrtS, workshops and other musical events. Because ofthe drficulties In managing safeguarding of chiklren and to extend the beneff(s ofthe Charity lo a wider group the truslees are continuing lo revÈew their cur(enl grant making policy. Funding Policy The Trustees do not seek to raise money from the general public. The Trustees have appointed Rathbones to act as their investment advisers and this appointment every 3-5 years. The fund has been fully invested with Rathbones during the year. The Trustees receive inveslment reports from Rathbones on a regular basis and review their investment policy periodrally. Y2lfjQ I
CRESCENDO TRUSTEES. REPORT FOR THE YEAR ENDED 28 JANUARY 2025 soltIng applicant$ and making awards The Trustees historically had contact with schools in Manchester. London and Birmingham. Students were proposed by teachers and the trustees consider each sludenl on an individual basis. A report. for the Trustees. consideration, is compiled by the teacher and will include details of the student, musical instrument proposed and the student's family circumstances. Svpport usually comes to an end wher) the sludenl leaves full lime secondary education but this is at the Trustees, dis¢reknon. The Trustees have, in the light of their objeclwes and activf(ies las 5pecrfied above), decided lo adopt an incremental approach to supporting children. involving taking on as many new cases each year as they see fil in light of income and caprtal available to them and also any reserves. In the Current year the Trustees supported one student The Trustees continue to consider new ways of engaging children with music and the arts and have been considering their grant making 5tralègy. They are reviewing three year temi large grants to organisations within their objeciives and have an agreement in place wrth Dunkfield for a £30,OLK) grant payable over three years Public Benefit Statement The Trustees have had regard lo the Charity Commission's guidan¢e on publFC benefit. The charty's aims are far-reaching and for the public benefit. By making grants to individuals for educational purposes and also lo registered charities the Trustees are confKJent that their public benefrt duty is fulfilled. ACHIEVEMENTS AND PERFORMANCE The Trustees nomially aim to spend the income arising in any one year with any surplus being carried forward to the next year. Any shortfalls are covered by transfers frorn the Expendable Endowrnenl fund. There were no shortfalls during the year ended 28 January 2025. Char(table grants were made in the year of £37.750 {2024_ £1.6801_ The Trustees supported one child lo learn an acoustic instrument this year. Scene & Heard. a registered charity recewed a one off donalK)n of £5.000 in addition to the continuing annual pledge of £1,000 made in 2022 for fwe years. FINANCIAL REVIEW Income Income for the year. comprising dIvendS, interest and reclaimable lax, amounted lo £30,851, a decrease of £617 on the previoijs year's figure of £31.468. 32160 1
CRESCENDO TRUSTEES. REPORT FOR THE YEAR ENDED 28 JANUARY 202S Charitable expendlture As mentioned above, 2025 Grants were £37.75012024.. £1,680). Support costs were £6.950 12024.. £4,0221 the total charitable expendrture is therefore £44.70012024' £5.7021. Future grant commitments in place at 28 January 2025 were £2.000 lo Scene & Heard payable as lo £1,000 each year in February and £20,000 to Dunkfield. Other Expenditure Fundraising costs linveslmenl managemènt eharge51 amounted to £5,401 12024. £5.2041. Investment Policy Rathbone Investment Management remained. on a dis¢relK)naty ba515, the Trustees. investment adviserduring the year. The perforrnan of the funds is monitored al Trustees. meetings and by review of the quarterfy valuations. The Trust Deed gives the Trustees very wide powers of investment. The Trustees. policy is for the preservatKJn of the real value of the trust fund combined wrth an above slock market average income yield. Reserves Policy and Going Concem The Trijstees normally aim to spend the income from investmenls in any one year. In some years. the applIcatn$ do not juslrfy expenditures lo this level and the applicable funds are carried fotward lo the next period. It is not envisaged that there will be future commrtmenls that exceed future Income on an annual basis thefore the trustees are happy wrth the current reserve level. The trustees are of the view that the Trust is a going concern. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document Crescendo is a registered charrty govemed by a Trust Deed dated 29 January 1976. Crescendo was established with general charitable objects It would be the responsibility of the senior trustee lo induct any new trustee and explain his SponSibl1111es and duties. New trustees are appointed by deed and are provided with a eopy of the goveming deed. past years accounts and guidance booklets provided by the Charity Commission and are encouraged lo attend rdevanl courses. No special ski115 are required as the Charty does not delwer a servi. Appointment of Trustees and Trustee induction and training Trustees are appointed by deed. New trustees are briefed on their legal obligations under charrty law, the Charty Commission guidan on public benelit. informed of the contents of the Will. decision- making prosSeS. the business plan and recent financial perfomiance of the Charity. Before taking on the role they meet key advisors and other Ifuslees. Trustees afe encouraged to attend appropriate external Iiaining events where these will facilitate the undertaking ol their role. 326160.1
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CRESCENDO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 JANUARY 2025 I report on the accounts ofthe Fund for the year ended 28 January 2025. vthich are set oui on pages 6 10 10. Respective responsibilities of trustees and examiner The Trustees are responsible for the preparation of Ihe accounls. The Tnjstees consider that an audrt is not required for this year under section 144121 of the Chartties Act 2011 Ilhe 2011 Act) and that an independent examination is needed. Having satisfied myself that the charty is not subject to audit under company law and is eligible for independent examination. it is my SPOnSIbl1ty lo.. examine the accounts under section 145 of the 2011 Act; follow the procedures laid down in the general Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act." and slate whether particular matters have come lo my attentn. Basis of independent examiner's report My examination was Carried out in accordance wrth the general Directions given by the Charty Commission. An examination includes a review of the ac¢ounling record5 kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. an¢Y seeking explanations from you as trustees conceming any such matters. The prctedures undertaken do not piovide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounis present a 'true and fair view. and the port is limrted lo those matters sel out in the statement below. Independent examiner's statement In ¢onnectKJn wrth my examination, no matter has come lo my attention". which gNes me reasonable cause to believe that, in any material respect, the requirements.. to keep accounting records in accordance wrth section 130 of the 2011 Act., and to prepare accounts which accord with the a¢¢ounling records and comply with the accounting requiremenls of the 2011 Act have not been met.. or to whi¢h. in my cpinion. attention shoukl be drawn in ordei lo enable a prolkr understanding of th accounts to be reached. Cin y Chaplin ACI holomew Clo .1. 1411012025 TEP London, EC1A 7BL Ba 32XE160 1
CRESCENDO STATEMENT OF FINANCIAL ACTIVITIES for the year ended 28 January 2025 Note Expendable Endowment Fund Unrestricted Fund Total Funds 2025 Total Funds 2024 Income and Endowments from: Investments 30.851 30.851 31.468 Total 30,851 30,8S1 31A68 Expendtture on: Fundraising costs 5,401 5,401 5.204 Charrtable expendrture". Grants Support costs 37.750 6.950 37,750 6,950 1.680 4,022 Total expenditure 44,700 5,401 50.101 10,906 Net income I (expenditure) {13.8491 {5.401) {19.2511 20,562 Other recognised gains l (losses) Realised and unrealised gains Ilossesl on investments 85.824 85.824 4,917 Net movement in funds 113,8491 80.423 66,574 25,479 Reconciliation of funds= Balances brought forward at 29 January 2024 108.305 942.576 1.050.881 1.025.402 Balances carried forward at 28 January 2025 1.022.999 1,117,455 1.050,881 The notes on pages 8 to 10 form part of the financial stalements
CRESCENDO BALANCE SHEET a8 at 26 January 2025 Not•• Z026 20Z4 Fixed A55et5 1 31 JLCfj 91e.sÉ Current AsJet5 8sP- Current Ajgets 13¥4&4 L•s¥.. Curreni lljbllit9 e¢-iJr &t _aw LLP F"ÈSsIC.?d -&aS Ci.'&.'.7?o 95 G-an15 ScrP,fr & 4-3¢.'. Net current Assets 22 CW. i 714 Total Net Asuets 1.117,465 1.050 881 Fund8 of the crity.. L Yrt<t-_t¥d Fur ExF9,t é ErJtr*Tei': FJra 94 i5e 1 C22 G99 4c8 IC,S 1.117.455 1.050 811 Ttre noies (sn 8 1¢ IQ rar. Jt f vi"'al st3iemep The account$ •nd balante sheet re approvod by th on 1311)lir Authorised lo s¢gn ort b•hall ol ih• tru•l•es'.
CRESCENDO Notes fomiing part of the financlal statements for the year ended 28 January 2025 1 ACCOUNTING POLICIES The following accounting policies have been applEd consistently in dealing wth rtems which are considered material in relation to the Trust's financial statements. The account5 have been prepared in accordance with the Financial Reporting Standaid applicable in the Unrted King(k>m and Republic of Ireknd IFRS102} and the Slalemenl of Re¢ommended praCte ISORPI Isecond edrth)n}. Basis of accounting The financial statements have b&n prepad in *cordance th the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Charities Act 2011. The Charity conslrtules a public benefrt enlily as defined by FRS 102. Hawng assessed the Charty'5 financial position and plans for the forseeable future, the Trustees are satisfied that (( remains appropnate to prepare the financial statements on a going concem basis. Funds Unrestricted Funds comprise those funds which the trustees are free to use in accordan wlh the charrt8ble objects. The Expendable Endowment Fund represenls those assets which are held for the k)ngei term for the Trust. in accordan¢e wrfch the terms of the Trust deed. Income arising on the Expendable En(k)wmenl Fund can be used in a¢COrdan wf(h the objects of the Trust and is included in the Unreslricled Fund. As an Expendable Endowment, caprtal can also be spent in rtain circumstances in fuifilmenl of the Trust's objects. Any capital gains or losse5 arising on the investments heky in the Expendable End0ent Fund fomi part of the Fund. Investment income Income from interest is recognised when receivable," Dividends are recognised when the sharetIder'S right to re1ve payment Is established, although 81 the year end rf the dwidend is due but not received {i.e. il is "ex- dividend") it is not included in these accounts. it will be shown in the subsequent year when received. Some investments accumulate dividends. As these are added lo the underfying hokling and not paKY out Ilo use for charitable purposes), they are not shown in these awunls. Charitable expenditure A liability and related expenditure is recognised when there is a legal or constructwe obligation at the balance sheet date as a result of a past event," that rt is likety lo be settled and that (( Can be measured or estimated reliably. Charrtable expendf(ure represents those costs incurred by the charty in providing grantsldonalions lo ils beneficiaries 11 includes both amounts direcdy paid to the beneficiaries and management and administration costs necessary lo support them. Shown as "Support Costs" in these accounts. Governance costs are no longei included. all adminislralion expenses are now part of charrtable expendrture and are shown as "SupF)Ort Cosls.. Grants are recognised when the trustees have made a decision to make a payment aThJ that decision has been communicated lo the recipient and rt is probable that payment will take place. However, the recognition of any liability wll be dependent on any condrtions attaching to the commrtmenl. Investments Quoted investments are included at market value at the Balan Sheet dale. RliSed and unrealised gainsryosses on investments Realised gainsllosses on the disposal of investments are ¢akulated by ference to the market value of those investrnents at the start of the a¢¢ounling period or. ff purchased during the accounting period, the ¢osl of acquisition. Unrealised gaInsoSseS reflect Ihe increaseldecrease in value during the accounting period of investments held throughout that period or, in the case of investments purchased during the accounting period and still held at the end of the period. the incceaseldecrease in value compared to Iheir acquisi(ion cost.
CRESCENDO Notes forniing part of the financial ststements for the year ended 28 January 2025 2 EXPENSES- Fundraislng costs Expendable Endowment Fund) 2025 2024 Rathbones Investrment management fees 5,401 5,204 5,401 5.204 3 EXPENSES- Charitable Expenditure 2025 2024 Charitable Grants12024 - £1,680 all to an individuall 37,750 1.680 Support Costs Broadfield Law UK LLP Bank ¢harges 6,900 50 4,002 20 6,950 4,022 Total Charitsble Expenditiure 44,700 5.702 DISCLOSURE OF TRUSTEES. REMUNERATION, BENEFITS AND EXPENSES & RELATED PARTY TRANSACTIONS None of the trustees have been paid any remuneration or receNed any other benefrts from an employment with their chaiity or a related entity, no trustee expenses have been incurred nor have there been any related paty transactions in the reporting pericxj that require disckjsure 12024 also £nil in all casesl. The Charty had no employees in the year. 4 INVESTMENTS Market Value Additions at C05t Gains Market Value (Losses) on 28.01.2024 Disp05als UK quoted securities 918,542 68.661 62,622 85.825 1,010,406 Unrealised gains Realised gains 85.474 350 Historic cost as al 28 January 2025 is £626.68912024". £605.2781
CRESCENDO Notes fomiing part of the financial statements for the year ended 28 January 2025 S CASH AT BANK 2025 2024 Metro Bank Rathbone Investmenl Management Broadfiekl Law UK LLP 14.135 114,734 180 6,415 129,638 129.049 136,053 6 ANALYSIS OF FUND ASSETS AND LIABILITIES Expendable Endowment Fund Unrestricted Fund Total As at 28 January 2025 Invesiments Nel Current assets 1.010.406 12,593 1.010.406 107,049 94,456 94,456 1,022,999 1,117,455 A5 at 28 January 2024 Investments Net Current assets 918,542 24.034 918.542 132.339 108.305 108,305 942,576 1,050,881 7 SUMMARY OF FUND MOVEMENTS Balance on 29.1.2024 Gains and Ilossesl Balance on 28.1.2025 Income Expenditu Unreslri¢led Fund Expendable Endowment 108.305 942,576 30,851 144,700) {5,4011 94.45S 1,022,999 85.824 Total Funds 1.050.881 30.851 50.101 8S,824 1,117,455 Balance on 29.01.2023 Gains and Ilossesl Balance on 29.01.2024 Income Expenditure Unrestricted Fund Expendable Endowment 82.S39 942,863 31,468 (5,7021 {5.2041 108.305 942.576 4.917 Total Funds ,025. 10