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 finan￿al statements of the chanty for the year ending 28 January 2025. REFERENCE AND ADMINISTRATION DETAILS The registered name of the charity is cres￿nd0 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 Con￿rtS, 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. Y2￿lfjQ I CRESCENDO TRUSTEES. REPORT FOR THE YEAR ENDED 28 JANUARY 2025 sol￿tIng 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 dIv￿endS, interest and reclaimable lax, amounted lo £30,851, a decrease of £617 on the previoijs year's figure of £31.468. 32￿￿160 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 applIcat￿n$ 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 the￿fore 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 pro￿sSeS. 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. 32￿6160.1 CRESCENDO TRU5TEES' REPORT FOR THE YEAR ÉNOED 28 JANUARY 2b2S Risk managem•nl "usi¢e$ n4*'.'e rie r3.1 Ir. cceolej kcwu-. toG 'attiCe, -ie law 3FplicaDle tu-*a.-tes i ￿￿OI0,-￿ S Y*4￿$ itqb T¢$ Lie trastee8 io ￿e03"e Inan-iai ￿aleMe￿$ e&.- 11raI￿al ¥ear *b JI )I'ie a I￿lIe iair....eh e. 4t2T- ts* al* ￿ cf tnÈ -ndzf.y anc c ',rÉ -011.￿l.)r c. E50Jr-&s Jf .-wri *r tna". Ir pTF.ar ig tyese stareg 3ThJ 3-. f-3icia i 3'e-erlS È I￿$.,e&S ale raoaffea 10 m and Republic of Ireknd IFRS102} and the Slalemenl of Re¢ommended praCt￿e ISORPI Isecond edrth)n}. Basis of accounting The financial statements have b&n prepa￿d 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 End0￿ent Fund fomi part of the Fund. Investment income Income from interest is recognised when receivable," Dividends are recognised when the sharet￿Ider'S right to re￿1ve 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. R￿liSed 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 gaIns￿oSseS 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