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
Na￿est
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 pro￿edS 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 re￿iVed 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 a￿oUnts 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
DepreCo￿n
Tot•1 •xp•ndlturn In th• y•ar
163.2111
14.636
77.847
19.9111
14.685
24.5%
Net ￿come,,1exp￿ndrtLtrQ) 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
v￿lIn 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
Restr￿l￿d 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&str￿le￿ 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$l In¢om*
Othor Invo3lmonl Incom
Purchase of langiblo fixed ass613
Sa￿s of Inveslmcni assL.1S
¢•8h provld•d by (u$•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 bOrrow￿g
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 •qulv*l•nts
In th• yoar
Cash and cash OqUNalenls at the beg￿nIng
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 con￿rn
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 Re￿iptS
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 InCu￿ed 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 reSe￿eS.
Donations and legacies
2025
Total
fijnds
2024
T¢)tal
fvnds
ReStr￿le0 unles1r￿ted Endowmenl
fvnd6
funds
funds
For11s5rn appcal donalk)nJ
Bonolaclor ondowmonl
Grfl AKI on Fortissimo donations
Grft on Bon6f&cior ondowm•ni
Exc￿lIan11 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
ReUn￿n costs
P￿n0 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 muS￿￿FMSl
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 va￿al￿)n foas
Fortt5smo projoci manag¢rnonl
(Bonolaclor Fundl
186nelacior Fund
21.104
31.717
52.821
va￿at￿n 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 re￿iVed 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 d￿￿k)SaI
2.806
Unrealtsod gains I lossos l on revalUat￿n 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, not￿8)
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•
unrestr￿ted funds
ROvalual￿Jn 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 dob1￿5
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 Sa￿5 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
muS￿al In51iumonls al cost
1rtus￿ Lbrary ai c051
r•nglbl• •$$•to
Financol Inve51mon15
hebj as an Invostn￿￿L
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