MUSIC CAMP TRUST Charity Number 276270 MUSIC CAMP TRUST REPORT AND UNAUDITED ACCOUNTS 30 APRIL 2025
MUSIC CAMP TRUST REPORT OF THE TRUSTEES Trustees and key managem6nt personnel S Laughton {Chairman) H P N Steinitz (Deputy Chairman) R Horrocks N Jones l Noonan R Solomon Williams A Wyse C Danskin A Young (appointed 15th April 2025) J Hatwood (appointed 15th April 2025} Principal address Pigotts Farm Pigotts Hill North Dean High Wycombe HP14 4NF Bankers Naest Business Banking 250 Bishopsgate London EC2M 4AA
MUSIC CAMP TRUST REPORT OF THE TRUSTEES The trustees present their annual report and accounts for the charity for the year ended 30 April 2025. Structure, Governance and Management Music Camp Trust {'MCT' or 'the charity'l is a Charitable Incorporated Organisation {CIO). a charity registered as a body corporate under Part 11 of the Charities Act 2011, charity number 276270. The charity has been a CIO Sin 7 April 2022, having previously been a company limited by guarantee with charitable status: Music Camp Limit8d, company number 01374076, incorporated on 19 June 1978. The change of name from Music Camp Limited was approved by special resolution at a General Meeting ofthe company on 19 January 2022 and thè conversion to CIO status and the adoption of the CIO constitLrtion were approved at a General Meeting on 29 March 2022. The new legal status is a simpler arrangement that is more suited to a small charity. There is no requirement to comply with company law or to lodge aGcounts with Companies House. Until this year, as a lower-income charity as defined by s133 of the Charities Act 2031, the charity was also permitted to prepare simplified, receipts and payments, accounls. Following the Sharp rise in income this year for the reasons explained in more detail below under Objects and Activities, the charity is now reverting to accrual accounts and is planning to continue this in future. The constitution is the 'association' model constitution, which allows for voting members in addition to trustees as under the previous company stNcture. The original signatories to the company memorandum and articles of association decided that the membership should be kept to approximately fifty people who were Gurrently involved with Music Camp activities (see below). Up to now, the trustees operate a policy whereby any members who cease to be involved in Music Camp are invited to resign, so that their pla$ may be taken by more active Music Campers. In practice the membership has gradually increased. At 30 April 2025 there were 97 members (2024.. 97). All those involved with Music Camp activities, whether members or not, are encouraged to pay an annual subscription of an amount of their Choi to MCT. The trustees manage the affairs of the charity - and up until this year, appointed new members. Trustees receive no remuneration. Until this year. there have been no employees of MCT. However. MCT has engaged the services of Jeremy Hamilton on a freelance basis as a project manager to support and deliver on the changes outlined below. More broadly the future expectation is for MCT to have a small team who will be paid to undertake day-to-day management of the site, although the bulk of the collective effort will still be carried out by volunteers. The trustees have a wide range of skills and experience suitable for their roles. They take the operational and strategic decisions in consultation with the members. as they consider appropriate. In the coming year, the approach to membership will be substantially revised, and replaced by a scheme by which members pay a subscription and anyone will be able to apply to be a member of MCT, subject to certain criteria. All existing memberships will lapse at thal point, although all those are welcome to apply to be members under the new scheme. and the expectalion is that the vast majority of them will do. In the coming year, the way that trustees are decided and will be elected will also substantially evolve. This is to reflect the far more active nature of MCT as a charity, including the expectation that it will own and operate Music Camp, and Pigotts, in full. The intention is that there will be six trustees, who will serve 3-year terms, and be elected on rotation. There are due to be elections in October 2025 at which all current trustees will stond down, bar Sam Laughton and Rob Horrocks,
MUSIC CAMP TRUST who will remain for continuty. The remaining four trustees will be elected by the membership, and any current member can apply to stand. Objectives and activities The year 2024-25 has been a pivotal year for MCT. In March 2024 the Wheeler-Robinson family came to the reluctant decision that Pigotts would need to be sold. Their goal was to find a way to secure the future of Music Camp at Pigotts, so they approached MCT about the possibility of it buying Pigotts. A steering group (Sam Laughton, Rachel Solomon Williams, Rob Horrocks and Jeremy Hamilton) was set up by the MCT Council (Trustees) to invesligate whether and how MCT might erther pur¢has8 Pigotts or come up with an alternative plan for the future. After various surveys, discussion groups, conversations and camper feedback collected over the subsequent six months, it became clear that across the Music Camp communily there was a deep- seated commitment towards keeping Music Camp at Pigotts, and widespread willingness to contribute towards a major fundraising campaign to secure the future. On that basis in August 2024 a suNey was launched to assess the possibility to raise the funds to purchase Pigotts from the Wheeler-Robinson family. The results of that survey demonstrated the willingness of the community to proceed, with the intention being to launch a major fundraising in early 2025. However in October 2024, anonymous benefactors stepped forward with an incredibly generous offer to provide the funds to secure Pigotts for the future use of Music Camp, by way of a long lease. This resulted in a repositioning of the fundraising campaign, which was now focussed on raising £1.5m short term through the 'Fortissimo Appeal" whilst continuing to add further funds through ongoing chantable donations and a legacy programme. Currently this campaign has raised close to £1.9m including GiftAid and future pledges. As at 30th April the campaign was only partially complete and therefore while a considerable uplift in income can be seen in these accounts, the remainder will fomi part of the financial year 2025-6. In the meantirne, a 99-year extendable lease of Pigotls in favour of MCT was completed on 6 October 2025. As the responsibilities for MCT going forwards will be significantly greater than previously, a working group has proposed and is implernenting revisions to the governance structure of MCT and enabling all Music Campers to become members of MCT rf they wish, and as MCT members to elect future Trustees and have a greater say in how things will be run. A 99-year extendable lease gives MCT full ownership of Pigotts for as long again as Music Camp has existed so far. The lease provides for complete use of all the buildings and the camping fields as we see fit, and MCT will be responsible for insuring and maintaining the property. MCT can develop whatever facilities Music Camp might need- although (as has always been the casel that will of course be governed by what is permissible under extremely restrictive local planning regulations. (Pigotts sits within green belt land and is part ofwhatwas called an Are8 ofoutstanding Natural Beauty, now"The Chiltems National Landscape'}. Our benefactorswan* to leave the running of Pigotts and Music Camp entirely to MCT, trusting Music Campers to ensure that Pigotts remains at least as well used in the future for amateur music-making and other educational activities as it has been to date, and within the terms of the lease granted to MCT. In taking on a 16ase of Pigotts, MCT is also taking on a wide range of operational and financial responsibilities. ThL¢S, having hitherto been responsible for a small charity making annual grants to help sustain the activities of Music Camp, MCT Trustees will now become responsible for ensuring that Music Camp and Pigotts are run effectively, with due regard for understanding and managing financial, health & safety and other risks. The trustees will also be responsible frjr ensuring that MCT meets its legal obligations as a charity. These obligations will include considerations of planning,
MUSIC CAMP TRUST licensing and other regulation. and also that MCT is fulfilling its obligations under the lease. The board will also be the final decision-making body regarding how Music Camp is run a role that in the past was the prerogative of Bemard and latterly Nick Wheeler Robinson. All of the above, most importantly, needs to be done whilst sustaining the core values and ethos of Music Camp and enabling it to continue to flourish on into the futurè. The objects of the charity were amended by the trustèes on 15 April 2025. The rationalè for the expansion of the previous objects was to belter reflect the range of activities that the charity would be undertaking in the coming years, and specifically given that it was embarking on a material fundraising campaign it was important that the current objects reflected what those needs would be. These objects are as below.. To advance the education and training of musicians and to promote the appreGi8tion of music and creative arts by the pubJiG. To advance public education in woodland. the environment, the countryside and its h8rilage. To conseNe, forpublic benefit and well-being, Pigotts Fann (looated in North Dean. HP14) and its environs. The main purposè of the charity remains to advance the education and training of musicians and to promote the appreciation of music by the public. However, the evolution is that historically this was enabled through the provision of facilities at Pigotts, North Dean, near High Wycombe, Buckinghamshire, owned by the Wheeler-Robinson family. MCT will now own the facilities that it uses to conduct the vast majority of its charitable activities. It remains the case that all those attending make a contribLrtion and no one reGeives a fee - although one additional feature will be a bursary scheme to support anyone who requires additional financial support. MCT will continue to provide support by way of such matters as the purchase of music, musical instruments and necessary equipment in support of the overall charitable objectives. The trustees have complied with their duty under section 17{5) of the Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission in exercising any powers or duties to which the guidance is relevanl. MCT'S support of activities at Pigotts helps to ensure that Campers of all ages and backgrounds benefit from the opportunity to participate in diverse and ambitious music-making experien$ which challenge, educate and extend their musical knowledge and ability and which help them develop their instrumental Dr vocal teGhnique, repertoire and sight- reading skills. Participants then use these skills to benefit the other music-making groups to which they belong across the UK and beyond. These activities provide a cultural, social and educational experien that would be unaffordable to many participants if provided commercially. Al campers benefft without restriction, and the only requirement for participation is musical ability and a personal recommendation. The Elizabeth Library collection contains a wide range of sheet music for vocal and inslrumental ensembles of all sizes. Most of the collection is available for use, at no charge, by community music groups. Borrowers are encouraged to make a donation towards the cost of maintaining the collection. The library makes an important contribution to the financial viability of amateur arts groups in an environment of Steeply rising commercial music hire charges and cuts to public music library services.
MUSIC CAMP TRUST Review of activities In a normal year, many weekend and other musical events are organised at Pigotts, the success of which is partly dependent on the facilities that MCT provides. The running costs of each occasion are borne by those attending. Overthe last couple ofyears, the practice has been slightly amended, so that a fixed cost has been calculated which means that over the course of the year, the total contributions made cover the overall operating costs of Pigotts. There are no paid staff. participants organise and run the activities. So, despite many changes behind the scenes, the day-to-day activities that MCT operates at Pigotts follow a very similar pattern to previous years. In addition to the two main camps, works rehearsed during 2025 over suGh weekends ranged in scale from a jazzlclose harmony weekend to large orchestra (Prokofiev 5th Symphony, Tippett 2nd Symphony) and including operas such as Wagner's Rheingold-the beginning of athird Musiccamp Ring Cycle. Other events included weekends for string orchestra, brass band, Ghoirs, chamber music groups and Bach cantatas. For younger music campers there were weekends for 'Families and Music,, junior orchestra, young singers and young chamber music. The annual cycle ofworking Parties continued, run to maintain and improve the fabric of Pigotts., it is anticipated that they will continue to play an important role into the future. In addition, in January 2025, MCT organised the annual Music Camp Reunion, in London, when Bach's B Minor Mass was rehearsed, each participant paying subsGriplion to take part, with any proedS going to MCT to support its charitable objectives. Financial Review The income of the charity comes from a combination of subscriptions, donalions, tax claimed on donations under gift aid, and investment income. The trustees consider that generally activities at Music Camp should be self-supporting, but that MCT should stand ready to help by providing funds to irnprove or maintain the facilities there. The charity has funded several wooden buildings at Pigotts, and Pigotts houses MCT'S extensive library, music from which is made available to similar organisations. These principles will remain in the future, although of course, MCT will take a more active role in running the day-t¢>day operations at Pigotts, in addition to providing financial and non- financial support as it did do up to this year. Expenditure is therefore made on such things as the provision of music, instruments, and necessary items, and contributions towards the cost of music hire, the provision of which will enable those attending to gain more from the experience. Ownership of such equipment remains with MCT. During the year 2024-25, MCT had a substantially different year. It launched a number of new policies and practices in anticipation of ils changed role, and it reiVed considerable donations as part of the first part of the "Fortissimo Appeal" These changes have understandably dominated the year. The additional expenditure in the accounts relates prinGipally to the consultancy work that has been required in order to ensure the successful transition and execution of the transaction. It is worth noting that while not included in these accounts, as a result of the transaction taking place MCT'S major asset will be its lease of Pigotts- although these changes were still pending as at 30 April 2025. Risk Review The trustees have considered the risks to which the charity is exposed, which mainly concern potential damage to the library and the instruments owned by MCT, and the vulnerability of the charity's investments to stock market fluctuations. The trtjstees are satisfied that it has taken appropriate and adequate measures to manage these risks. which include having in place insurance, holding a spread of investments and moniloring investment perfomance.
MUSIC CAMP TRUST In the coming year, MCT will need to consider new risks which hitherto have been the responsibility of the owners of Pigotts these will include (but may not be limited to) health and safety, public liability, safeguarding, premises letting, and employment. There is current activity underway to complete this risk inventory. Reserves Policy The Irustees of MCT review the charity's reserves policy annually. During the course of the year 2024-5, very little Changed in practice, in anticipation of the upcoming changes. During the previous year, one of the providers of long-lerm investments closed MCT'S accounts and the trustees took the decision to retain those reserves in cash until thère was more certainty about the future. This was to ensure that MCT had sufficient liquidity to support any activity during this period of uncertainty. In May 2025, a new Finance and Investment Policy, and a sub-committee reporting to the main board were set up, including two trustees and a cross-section of relevant expertise from across the Music Camp community. One of the objectives of this group will be to ensure appropriate investment of the resetV8s held by MCT, which have grown, and will hopefully continue to grow in the future. An Investment Slrategy outlining the proposed balance of risk, reward and accessibility of cash was presented to the board in June 2025 in order to maximise return in support of MCT'S charitable objectives. This plan is now being executed during the second half of 2025. It will then be presented to the Board of Trustees at regular intervals, and at least annually. Ethical and Sustainable Objectives will be considered in any such investment. The intention is to continue hold c. 200% of reserves in cashlcash equivalents, and to rebalan on a regular basis. This will depend on level of donations, levels of capital expenditure, as well as investment performance. In this way the charity should be well positioned to both benefit from long term capital gain through investment while managing the various risks of liquidity, concentration and inflation, amongst others. It is particularly pleasing to note that MCT deliberately built up and held reserves since its inception in order lo have a fund available for possible future expenditure, to mitigate any material change of circumstances and to allow the activities of MCT to continue. The intention was that MCT'S reserves would at that point serve as the'seed capital, for any major required fund-raising exercise. In practice over the last 18 months this is precisely the actions that the trustees have been able to take on behalf of the charity, thanks to the prudent investment and retention of those reserves over the previous 40+ years by fomier and current trustees. The charity also holds a violin as a rnixed-motive inv8Stm8nt. The trustees have agreed to explore a sale of this asset given the other changes in the charity. As noted above, the charity has a restricted reserve for funds to be spent on renewal of the main barn roof and floor, with any surplus funds being used for other ne$sary repairs and renewals of facilities used principally by Music Camp. The charity also holds a Bursary fund. This is a restricted income reserve for donations made on the condition or expectation that the income will be used to help participants of limited means with the cosl of Main Camps and, if the fund allows, Camp weekends. No bursaries have been made from the fund sinGe 2020. It is anticipated that this Bursary scheme will be refreshed and fomialised as part of the transition to the new model in 2026. Tax Status As a registered charity the charity is able to recover basic rate income tax on donations paid under Gift Aid by UK laxpayers During the year, no gift aid daims were made to HMRC due to changes in
MUSIC CAMP TRUST the status of charity whiGh meant that MCT needed to set up a new account with HMRC in order to process Gift Aid claims. The anticipated amount of Gift Aid receivable during the year has been accrued in these accounts, and is being claimed during 2025 as part of the regularisation of MCT'S account with HMRC. Appointment of Independent Examlnors In spite of the sharp rise in income this year, Music Camp Trust continues to be under the income and asset thresholds laid out in sections 144 and 145 of the Charities Act 2011, and is therefore exempt from the requirement of an audit. While an audit is being considered for future years on voluntary basis, an independent examinalion of the charity's accounts forthe current year ended 30 April 2025 has been carried out as in previous years. The report of the independent examiner is provided on page 9. The trustees would like to take the opportunity to fomially thank Giles Taylor for carrying out this role in support of the charity over the last few years. Approved by the Irustees on and signed on their behalf by.. S Laughton Chairnian
MUSIC CAMP TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIC CAMP TRUST I report lo the charity truslees on my examination of the accounts of the charity for the year ended 30 April 2025, which are set out on pages 10 to 23. Rèsponslbllllles and basis of report As the charity trustees of the Trust, you are responsible for the preparation of the a¢Unts in accordance with th8 requirernents of the Charitiès Act 2011 ('Ihe Act'l. I report in respect of my examination of the Trust's aoUnts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 14515)(b) of the Act. Independent examlner's statement I have completed my examination. I confimi Ihat no material matters have come to my attention which gives me cause to believe that, in any material respect.. accounting records were not k8Pt in accordance with section 130 of th8 Act. or the accounts do not accord with the accounting records. I have no concerns and have com& across no other matters in connection wifft the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Giles Taylor MA MSC 65 Dresden Road, London N19 3BG Date: . 2025
MUSIC CAMP TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025 10
MUSIC CAMP TRUST SUMMARY INCOME AND EXPENDITURE ACOUNT FOR THE YEAR ENDED 30 APRIL 2025 2025 2024 Incom• Incorno Gthns.'IbJssesl on nvestrnonts Inlorcsl and Invcstmcnl Incon Gffjss Incom• In lh• y••r 1,346,717 4,796 6,217 1,357,730 18.881 12.8191 178 16.240 Exp•ndltur• Ex PLindilure DepreCon Tot•1 •xp•ndlturn In th• y•ar 163.2111 14.636 77.847 19.9111 14.685 24.5% Net come,,1expndrtLtrQ) lof tho year befwe tax Tax payabkj N•t Incom•/(•xp•ndltur•) lor th• yur 1,279,883 18.3561 1.279.883 8.356 The notes on pages 14 to 23 form part of these financial statements.
MUSIC CAMP TRUST BALANCE SHEET AT 30 APRIL 2025 Notos 2025 Tolal lunds 2024 Total funds R&striclad UnrestrKled Endowment funds funds funds Flx•d assots Tangib assols Investments vlIn hekl as an invosimonl Total Ilxod ass•ls 93.776 21.488 21.300 136.564 93.776 107,927 21.488 19,498 21.300 21.300 136.564 148.725 12 13 Curr•nt ass•t• Deblofs Cash al bank and in hand Toial cuTh•n¢ •ss•ts 14 15 11)0.000 28.390 128.390 114,114 835.127 949,241 214.114 859 4c,000 1.263.517 182.184 4,000 1.477.631 183.043 Llablllth8 Crèdrtors arTh)unls la111 due Wilh onts yoar 16 12,5631 12.5631 1191 N•1 ¢urnn¢ ass•ts or Ilabllltl 128,390 1.083,242 4(KJ,000 1,611.632 331.749 Tot41 n•1 ass•ls or Ilablll¢l•s 128.390 1.083.242 4(KJ,000 1.611.632 331,749 Th• funds of th• charfty Er>Oowmenl Funds Restrld income funds R•$trl¢i•d lunds 4,000 400.000 128.390 60.883 4W,000 528.390 60.883 128.390 128.390 Unf&strle funds Revtslualion roserve Unr•8lhct•d lunds 1.073,757 9.485 1.083.242 1,073.757 263.371 9.485 7,495 1.083.242 270.866 Toi•J eharliy fundo 17 128.390 1.083,242 4,000 1.611.632 331.749 Approved by the trustees on 2025 and signed on their behalf. fvILG4Lkn, S LAUGHTON - Chaimian 12
MUSIC CAMP TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 APRIL 2025 N¢tos 2025 Totsi fund8 2024 Tolal fvnds Ca4h flowj from op•rnllng actlvltl•• N•t ¢•$h pffjvld•d by (u$•d In) op•rntlno 4ellvltl•$ 18 672.795 8,942 44h flA)wi Imm Inv••tlng •¢tlvlth• Inloio$l In¢om Othor Invo3lmonl Incom Purchase of langiblo fixed ass613 Sas of Inveslmcni assL.1S ¢•8h provld•d by (u$•d In) Inv•4tlng •cilvftl 6.217 178 14851 (31,4171 2.806 94.290 8.538 63.051 12 Caah flows Irom Ilnanlng a¢llvltl•8 RopayrDonls of borrowing Cash Inflows from now bOrrowg Receipt of endcjwmeni N•t c•sh pmvld•d by (u$•d In J Iln•n¢lng a¢tlvltl•J 400.000 400.000 Ch•ng• In cish and c•$h •qulvl•nts In th• yoar Cash and cash OqUNalenls at the begnIng ol tho year C•sh and cash •qufval•nts al th• •nd ol lh• y•af 19 1.081.333 71.993 182.184 110,191 15 1.263.517 182,184 13
MUSIC CAMP TRUST NOTES TO ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024 Change in basis of accounting The financial statements are prepared on the historical cost basis of accounting, on a going conrn basis, and in accordance with applicable accounting standards. This year, the financial statements have been prepared in accordance with Accounting 8nd Reporting by Chanties.. St8tement of Recommended Pr8Ctice applicable to chanties preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 102), known as the Charities SORP (FRS 102) (second edition - October 2019). The basis of accounting has changed since the 2024 accounts, which were prepared on a ReiptS and Payments basis, as permitted by the Charities Act 2011 for charities with gross income less than £250,000 {whiGh does not apply to the charity this year). Prior year 12024) comparative figures in these accounts have been restated to the accrual accounting basis required lo show a true and fair view under the SORP. Reconciliations of the income and expenditure and assets and liabilities on the two bases are given in notes 20 and 21 respectively. In addition to the change in accounting basis, the charity has chosen to re-capitalise fixed assets that were treated as expenditure under the previous accounting regime. This is explained in Note 21. 2. Accounting policies Income Income is recognised when the charity has entitlement to the funds, any p8rformance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Accordingly, Gift Aid is accrued on donations and legacies received in the year. Donaled services. assets and facilitles are recognised as incom8 when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donations in kind are recognised on the basis of the value of the gift to the charity, which is taken as the cost to the donor., or the market value of the good where the value is capable of reliable and practical measurement. A corresponding amount is then recognised in expenditure in the period of re[pt. In accordance with the Charities SORP (FRS 102), general volunteer time of members is not recognised as income. The charity gratefully acknowledges the contribution of the time volunteered by its members and by the Independent Examiner, who have made no charge for their services. b) Depreciation of tangible fixed assets Depreciation is not charged on expenditure on assets not yet in use. Depreciation on other tangible fixed assets is charged so as to write off their full costs less estimated residual value over their expected useful lives at the following rates.. Buildings Fixtures, ffftings & equipment 10yea 10 years 14
MUSIC CAMP TRUST Musical instruments Music library 10 years - 20 years Investments Investments are stated at mid-market value. All movemen1$ in value are shown in the Statement of Financial Activities. d) Violin held as investment Most of MCL'S musical instruments are held as fixed assets at C05t and used in the ordinary course of activities. In March 2018 MCL acquired a violin to be held as a mixed motive investment (held both for a financial and a charitable retum}, recorded at valuation. The asset was initially recorded at its purchase price including initial set-up costs {as an approximation of its current market value). It is independently valued every five years. Its first valuation was in April 2021 and it will be revalued to market value again prior to the next year end in April 2026 if the charity still owns it at that lime. f} Direct charitable expenditure and admlnistratlve Costs Direct charitable expenditure comprises all expenditure directly relating to the objects of the charity. Vljhere necessary, costs are allocated between direct charitable expenditure and administration on the basis that any costs not directly altributable to Music Carnps are considered to be administrative costs. h) Recognltlon of Ilabillties Expenditure is recognised when a liability is incurred. i) Costs of generating funds are those Gosts InCued in attracting voluntary income and in activities that reuse funds ill Charitable activities include expenditure on music, equipment, venue hire, instruments and other goods and services which allow the Charity to cary out its objectives of supporting amateur music making. The Charity undertakes direct charitsble activities only and does not usually make grant payments. iii) Support costs are the administration costs incurred in the course of carrying out the trust's charitable activities. These are principally insurance costs, an annual subscription to Making Music (the National Federation of Music Societies) and postage and stationery. iv) Management costs are the costs of administering the charttable trusL Irrecoverable VAT Irrecoverable VAT is charged against the Category of resour$ expended for which it was incurred. Inveslment Income The chanty's investment income currently comes from interest on bank accounts. 15
MUSIC CAMP TRUST k) Financial investments The company 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. The company's investments are stated in the balance sheet at their fair value (market value} at the balance sheet date. Movements in the fair value of investments are taken to the income and expenditure acGount and as a movement in reSeeS. Donations and legacies 2025 Total fijnds 2024 T¢)tal fvnds ReStrle0 unles1rted Endowmenl fvnd6 funds funds For11s5rn appcal donalk)nJ Bonolaclor ondowmonl Grfl AKI on Fortissimo donations Grft on Bon6f&cior ondowm•ni ExclIan11 In¢om• RogLtl&r Sub5cribL T donalKYI8 Othor Grft ANJ To¢•1 695.17S 715.175 400.000 41)0.000 113.068 100.000 400.000 1.328.243 6.603 328 400.000 1.335.174 113.068 100.000 120,000 808.243 6.603 5.827 1.266 7.093 328 120,328 814.846 Donations during the spring and summer of 2025 (spanning the current and the next financial year) have been of a different order of magnitude to previous years. During the year, the anonymous benefactors gifted £400,000 of the total £600,000 towards the purchase of the lease of Pigotts and Music Camp supporters donated about half of the £1.5m finally achieved from the Fortissimo appeal lof which £20,000 is restricted}. The benefactors, donations are considered endowment funds because they were specifically designated for the purchase of an asset, rather than spending on charitable activities. The Fortissimo funds, on the other hand, were explicitly raised without any restrictions lo provide the trustees with the maximum flexibility. All benefactor amounts and approximately 60 percent of Fortissimo donations are eligible for Gift Aid. which will be recovered next financial year. The Fortissimo Gift Aid is unrestricted, like the donations themselves. On the other hand, the benefactors stipulated that the Gift Aid could be used on anything except improvements lo the land and buildings at Pigotts. (This would create tax complicalions, as they themselves are the treeholders.} The benefactors, Gift Aid is thus in a special I'everything-but") restricted fund. A fuller explanation of the various funds is given in Note 17. 16
MUSIC CAMP TRUST 4. Trading activities 2025 2024 Incomo from sale of hood$. c&l6rrtlArs elc Costs of morchandtso Nor Incom• Investment inGome 5,808 4.229 1,579 2025 2024 Bank w)ltsrosl Otlu)r mlerosl Inveslmonl incomo - di$tr*Julod Invostmonl income - ronvestsd Total 6,217 178 6.217 178 6. Charitable activities 2025 2024 Contfrt)ulion lo M$Js hire al Camps Krtclion oquipmoni Miriof repairs ReUnn costs Pn0 removals Acoustic sliiokls Deprocialion Toi•l 2.800 472 3.650 474 295 14,685 18.254 14.636 18.758 7. Support costs 2025 2024 Subscfiplions Imakng muSFMSl Insurancè Library slalion@ry IT costs laccounijng software 8nd card r6adèri Tolal 348 903 422 492 360 2.142 564 1,815 17
MUSIC CAMP TRUST 8. Administration costs 2025 2024 Legal, consultancy and vaal)n foas Fortt5smo projoci manag¢rnonl (Bonolaclor Fundl 186nelacior Fund 21.104 31.717 52.821 vaatn f66 SurKlry &xponsos rot•l 4.200 224 53.045 4.200 Administration costs in the current year include exceptional items relating to the transition to Ihe ownership and management of Pigotts and, as such, have been drawn from the Benefactor fund as explained in Note 17. The previous year's valuation fee is similar, but the fund did not then exist. Employee infomiation There were no employees during the year. The Trustees reiVed no remuneration. 10. Related parties There were no out-of-pocket expenses incurred by Trustees and reimbursed this year {prior year.. £nill. 11. Tangible fixed assets Bulldlngs Flxlur•¥ Muslcal Flttlngs & InstTum•nts Equlpm•nt Muslc Llbrary Tol41 Cost Ai 1 May 2024 AddrtK)ns Diswsals AI 30 Aprtl 2025 98.711 56.669 55,677 43.$77 254.634 485 98,711 56,669 56,162 43.S77 255.119 D•pr•¢latlon Al 1 May 2024 Dtswsals Chargo lor the yoar At 30 Aprll 2025 137,8731 129.6701 (47,7631 131.4011 1146.7071 3.274 32 944 1,826 49.$89 872 32.273 14.636 161,343 46.5371 N•t book valu• Al l May 2024 60.838 26.999 7,914 12.176 107.927 At JO Aprll 2025 52.174 23.725 6.573 11.304 93.776 Buildings and fixtures, fittings and equipment were not shown in the previous yearfs Receipts and Payments accounts. A reconciliation of the 2024 figures is provided in Note 21. 18
MUSIC CAMP TRUST 12. Listed investments 2025 2024 Markol valuo at 1 May 2024 AddrtDns Disposals Revaluation gaini'l loss I Mwk•f v•lu• at 30 Aprll 2025 19,498 116.607 (97,1091 1.990 21,488 19,498 Realist*J gains Ilossos l on dk)SaI 2.806 Unrealtsod gains I lossos l on revalUatn above 1.990 N•t galns (lo$s•s) on In¥•8tm•nts 4.796 2,819 A settlement for assets that were suspended when the CAF UK Equity fund was closed last year was received in the year, accounting for the proceeds and gain of £2.806 and cost of £nil. 12,8191 13. Violin held as investment 2025 2024 C F Langonel violin lal markel Va) Tol41 21.300 21.300 21.3(KJ 21,300 14. Debtors 2025 2024 Debtcw$ Piepaymonls AccrLM)d Grfl Ad DebtN$ unri3S Iricled Accruoo Gift on Bonola¢ior •rKk>wm8nt Irestriclod seo Noie 31 Tol•l 718 113.396 114.114 859 859 100.000 214.114 859 19
MUSIC CAMP TRUST 15. Cash and cash equivalents 2025 2024 Cash In l)and NotKe doposils lup 10 J months, not8) Overdrafts payable on domand Total 788.729 122.345 474.788 59,839 1.263,517 182,184 16. Creditors 2025 2024 Credrtors Accruals Delcriod income Tolal 19 2.563 2.563 19 17. Funds Fund brought forwafd Fund Galnil c•rrl•d Incom• Exp•ndlturn Tran8f•r• Ilos¥•sl lorward
25 Endowm•nt lunds Pwtts otthmonl Tor•1 •ndowm•nl 400.000 40Q.000 4()J,CQO 400.ChJO R•8trlct•d Incom• lund8 Bursar$ R(K)l tsppoal ForttSSrTh) Donor Fund Benelaclof fund Totol r•srrfcl•d Incom• 516 60.367 516 60.695 20.OCMJ 47.179 128.390 328 20,CKJO 100.LNX) 120.328 52.821 52.821 60.883 Unr•8trlct•d lund• FortlS5Jmo DLsKJnaled Ftsnd& UnrostrKILYJ funds Revalu3lLbn resorve Total unr•strlcl•d funds 808,243 24,363 808.243 4.796 265.514 9.485 4.796 1,083.242 263.371 7.495 270.866 125,0261 11.9901 1.990 832.606 25,026 Tol•l lunds 2025 331.749 1,352,934 77,847 4.796 1.611,632 20
MUSIC CAMP TRUST Fund brought loThvard Fund G•lnsl carrl•d Incom• Exp•ndltur• Trnnsl•rn IlosM*) fon¥ard 24 R•$irlcl•d Incom• fund• 8ur5arwJs 516 57 331 57.847 516 60.367 60.883 5.826 5,826 2,790 2.790 Tolal r•strlce•d Incom• Unr•8trtct•d lund• unrestrted funds ROvalualJn roserva Tot•1 unr•slrlct•d 274 763 7495 282.258 13,233 124.5961 2.790 12.8191 263.371 7.495 270.866 13,233 24.596 2.790 2.819 Total lunds 2024 340.105 19.059 24.5% 2.819 331.749 Wtth the benefactors, gifts and the Fortissimo appeal. a number of new funds have been added this year. The charity's funds al 30 April 2025 are described below= Pigotts endowment fund. The benefactors. gifts were specifically designated for the purchase of the lease of Pigotts. This is a permanent endowment. Bursaries restricted fund. A restricted fund has existed for many years for the purpose of subsidising Music Camp subscriptions for students and Ihose in financial difficulty. Roof appeal restricted fund. This fund contains the balance of the money raised in the 2019 barn roof appeal and the 2024 barn floor appeal. Ils use is restricted to barn and related improvements. Fortissimo donor restricted fund. One Fortissimo donor stipulated that their donation be spent only on improving the land and buildings at Pigotts. It is therefore a restricted fund. Benefactor restricted lund. The Gift Aid on the benefactors, gifts is unrestricted except that il must not be spent on the land and buildings at Pigotts. It is an "everything-buf restricted fund that the trustees are using to pay for the transition costs associated wilh the recent changes. Fortissimo dosignated fund. The Fortissimo appeal is for capital projects at Pigotts over the next decade, but. as the funds can be used for other purposes at the trustees, discretion, it is designated for that purpose rather than restricted to it. Unrestricted funds. Other reserves built up over the years are unrestricted in that they can be spent on any charitable purpose. Revaluation reserve. The revaluation reserve represents unrealised gains on investments and, as such, the amount is theoretically unrestricted, bLrt it cannot be spent without the gains being realised. Nick's Fund (The Nicholas Wheeler-Robinson Key Fund). For completeness, the £0.75 million promised by the benefactors to match the £1.5 Million raised by Fortissimo will be 21
MUSIC CAMP TRUST used to supplement the bursary fund and for other purposes which the trustees believe Nick would have approved of. The fund will be restricted in that, coming frorn the benefactors, it cannot be used for Pigotts improvements. The fund is not shown in the balan sheet at 30 April 2025 as no funds had been received (and the target had not been reached) at that date. The 2025 transfer between unrestricted funds and the revaluation reseTve reflects the revaluation of investments passed through the income and expenditure account {statement of Financial Activities). The 2024 transfer between the 'Roof Appeal. restricted fund and unrestricted funds arises to compensate for the fact that money was taken from the restricted cash raised from the 'Fix the Floor, appeal and spent on the Bam floor, which is unrestricted because it is held by the charity for its own use. The result is the expected reduction in 'Roof Appeal, funds. 22
MUSIC CAMP TRUST 18. Reconciliation of net income (expenditure) to net cash flow from operating activities 2025 2024 N•1 Income (•xpMdltur•) Stal•m•nt ol Flnanclal Actlvltl•s Deprocialion chargos Incomo Irom inv&stsng aclNths i Irbcrease) d6croaso In maikel value of invoslmenls j Pfofrtl loss on rhe salo of v(StMentS |Thcreasej docrcase in dob15 Incroasts Idocroast I In crodrtor8 N•t c•sh pmvld•d by (u4•d In) opw•ilng •ctfvhl•s pw Cash Flow Stat•m•nl 879.883 14.636 16.217} 11.990} 12.806 1213.255 {8,3561 14.685 11781 2.819 {471 19 672.795 8.942 19. Analysis of changes in net debt At 8t•rt ol y•ar Ca•h Ilows At •nd of y•ar Cash Cash oqulvalonts I nolico deposts I Ovofdfafts payabl on domand Loans falling due rth ono year Loans talhng due after rnOr than one year Total 122,345 59.839 666.384 788,729 414.949 474.788 182,184 1.081,333 1.263,517 20. Reconciliation of net receipts in the prior year Receipts and Payments Statement to 2024 net income In the Statement of Financial Activities The accounts of the previous year were prepared on a receipts and payments (cash accounting} basis as explained in Note 1. The Statement of Cash Flows on page 13, together with Nole 18, shows how the change in cash and cash equivalents is derived from the net income in the Statement of Financial Activities. The same information is repeated below in a more concise form. 2024 N•t r•¢•lpts (paym•nts) p•rprfof y••r R•c•lpts and Paym•nts Sl•t•m•nt Purc hases Isalcs l of iangtjlo f(1d assols j Sa5 I purchases ol inveslmfrnt assols Depr)ciaikJn charges Increa80 Idecr(Jastl In tho mafk81 valuo of inv681m6nts Incr+iaso Idocroasol in doblof S Ilncroas•JJ docrtsasts In crodior$ 2024 n•t Incom• (•xp•ndltur•J p•r Sl•t•m•nt of Fln•ncl41 A¢tlvltl•s 71.993 31.417 I94,2) {14,6851 {2,8191 47 {191 8.356 23
MUSIC CAMP TRUST 21. Reconciliatlon of net assets in the prior year Receipts and Payments Ststement of Assets and Liabilities to the 2024 net assets in the Balance Sheet The 2024 comparative figures in the Balance Sheet include debtors and creditors and the depreciation of fixed assets, none of which are included under cash accounting. In addition, expenditure on buildings and fixtures, fittings and equipment at Pigotts have been reinstated as fixed assets in anlicipation of MCT'S acquisition of the lease of Pigotts (see Note 22 below). The effect of this is shown in the following tsble.. 2024 comp•rnilv•• Ass•li & R•lnst4t•d B•m rool, Ac¢um D•btor• l Balan D•pn Cr•dltorn Sh••t Buiklings rwlure$. frtlinos & eouipmenl muSal In51iumonls al cost 1rtus Lbrary ai c051 r•nglbl• •$$•to Financol Inve51mon15 hebj as an InvostnL Dobtorg Cash and cash oquivabnts Credrtors. 2024 n•¢ •ss•¢4 12.070 28.322 86.641 28.347 137.873) 129.6701 147.763) 31.401 114.988 1146.7071 60.838 26.999 7.914 12.176 107.927 19.498 21.3CMJ 859 182.184 19 19 840 331.749 55.677 43.577 99.254 19.498 21 300 40.392 8S9 182.184 322.236 40,392 114,988 146.707 This capital expenditure was treated as a fixed asset under accrual accounting until 2021 but was treated as an expense under cash accounting {2022-2024) on the grounds Ihat MCT, not owning Pigotts, did not own these assets. The 2024 figures in the balance sheet thus reflect {1) the reinstatement of the fixed assets and depreciation written off in 2022, (21 Ihe significant expenditure on the barn roof and floor (buildings) and new Klargester (fixtures) in 2022-2024, and 131 the depreciation that would have been charged on these items and subsequent additions, had the fixed asset accounting policy been maintained without interruption since 2021. 22. Post Balance Sheet Events On 6 October 2025, funded by the gifts and an addilional loan from the benefaclors. MCT acquired a 99-year lease (extensible to 149 years) on Pigolts, the location of all Music Camp activity (except for the annual Reunion in London) Sin 1965. 24