VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 1150 Registered number.. 1673689 Charity number: 284555 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUST) IA company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 2150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) CONTENTS Page Roference and administralive details of tho company. its Trustees and advisers Trustaes. report 2-12 Independent auditor's Teport on the financial slatsrnents 13-15 Statement of financial activities 16 Balance sheet 17-18 Statement of cash flows 19 Notes to the financial statements 20-48
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 3150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees R Belshaw A Butler J Carroll, Chaim)an A Greenish (resigned 9 June 20241 D Harris K Hatton {appointed 12 September 20231 A Jackson A Knight (resigned 18 June 2024} R May (resigned 23 October 20241 R Millar A Pollard Iresigned 12 September 2023) L Williams Iresigned 4 January 20241 S Williams The trustees retiring by rotation and putting themsefves forward for reelection are A Jackson, D Harris and A Butler. Company registered number 1873689 Charity registered number 284555 Registered office Stoneham Court. 100 Cockney Hill. Reading. Berkshire. RG30 4EZ Chief executive officer D Wren Independent auditor James Cowper Kreston Audit, 2 Communications Road, Greenham Business Park, Greenham, Newbury, BeTkshire, RG19 6AB Bankers Bardays Bank Plc. Business Centre. PO Box 6193. Basingstoke. Hampshire. RG213RX Solicitors Field Seymour Parkes Solicitors. The Old Coronerfs Court. 1 London Street, PO Box 174, Reading, Berkshire, RG14QW Page 1
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P4150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees, who are all directors of the company, present their annual report tcoelher with the audited financial statements for the year ended 31 August 2024. The trustees confirm that the accounts comply with the Companies Act 2006 and the Char¢lies Act 2022, have been prepared in accordance with the revised Statement of Recommended Practice 'Accounling and Reporting by Charities, IFRS 102) 2019 and comply wth the company's Memorandum and Articles of Association, which is the company's goveming document. The Berkshi Young Musicians Trust {'Berkshire Music Trust'l is a RegiSted Charitable Company limite(I by guarantee and incorporated as a company registered under the name the Berkshire Young Musicians Trust. On 25 August 1982 the Trust was established under a Memorandum of Association whith established the objects and power5 of the charitable company and is govemed under its Articles of Association. Executive Summary Berkshire Music Trust has continued to deliver high quality musical opportunities for young people in the 2023- 2024 academic year however the impact of the worsening economic climate post-pandemic saw a dedine in student numbers in regular lessons and ensembles across the year. We did however see growth in other activities that we offered. pacUlar in developing programmes in communty settings for adults as well as young people. None of this would have been possible without the hard worf( and dedication of our slaff - the leaching stsff who continued to provide lessons. ensembles and school activities through a variety of fom)ats as well as the operations teams, th work hard lo keep everything running in the background and support our customers and pupil5. Ob'ectives and activities Berkshire Music Trust exists lo provide a high quality. comprehensive musical experience to the widest group of pupils, regardless of their background or abilty. We work with schools and a wide range of professional and voluntary sector partners lo provide an innovative range of creative and perfomiance opportunities for our students. On behaw of Arts Council England {ACE), Berkshire Music Trust leads the Befkshire Music Education Hub and is responsible for the delivery of the National Plan for Music Education INPMEI across Berkshire. Our objectives are delivered through individual and group tuition in Vol and a variety of instruments in Schools and in five large music cenlres in Bracknell, Newbury, Reading, Wokingham and Windsor as well as one smaller satellite ntre in Caversham. Tuition is supplemented by a wqde range of ensembles and other extension activilies at all levels. Setvices are contracted directly lo parents and carers of students, to schcKJls and lo Arts Council England who are responsible for the distribution and management of the Music Education Grant provided by the Department for Education IDfEI. Page 2
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Public Benefit The trustees review Berkshire Music Trust's Public Benefit commitments annually. The services provided.. music education and promotion of the arts, are both defined wthin the Charities Act 2006 as charitable activities. The Trust has comprehensive anti-discriminatory poliaes that are regularly reviewed to ensure compliance. These policies cover all discrimination including financial hardship for which a number of restricted funds have been created to assist students from such backgrounds. Provision of financial assistan is not limited lo students of families who qualify for assistance from 'Pupil Premium,. The Iruslees recognise that students from families whose income is only a little above the level to qualify for 'Pupil Premium, bul contend with the high cost of Ibving in Berkshire. may also require support and these applicats'ons are looked uwn favourably. We ¢)perale a bursary fund lo assist children and young people in this category. Our vision is lo enhance and enrich the lives of children. young people and aduhs through the unrivalled range of musical opportunitie5 we offer. Mission Statement= We work collaboratively to inspire and develop musicians through creative, enjoyable and enriching leaming experiences. We seek to empower our community to achieve its potential, explore their own creative pathways and enjoy music in all ils forms. Inclusivity- we believe music should be accessible to all Respect- we respect others. views and lived experiences Tfansparency- we are open and honest Innovation - we continuously evolve and adapt to changing needs Responsibility- we tske responsibility for our mission Partnership- we embrace partnership working Strate ic Pillars 2023-2026 EVERYBODY A MUSICIAN to ensure everybody can access music opportunities regardless of background or ctrcumslance CONTINUOUS LEARNING- lo develop and grow as a reflective learning organisation EMBRACING INNOVATION - lo utilise technology lo enhance systems and diversify opportunits'es GROWTH & SUSTAINABILITY- to develop the organisalion's resilience and make it future proof Deliverin the National Plan for Music As lead organisation for the Berkshire Music Education Hub, we continue to fvlly implement the NPME. In the quartet1y feedback from Arts Council England. we were assessed and remained at a minor risk level attached to our application of the DfE funding. Summa of 2023-24 Year5 Our Earfy Years work continues across the County with sessions in music centres remaining popular in Reading and providing an excellent progression route into instrumental and vocal music making for young people. Our other music ntreS and community branches have suffered as a result of the cosl-of-living crisis and due to challenges in recruiting earfy years staff. We did, however, identify a new development area this year Mqth focus on the parents of young children and our Head of Early Years has trained with Singing Mamas in order to build singing groups next year for mothers with small children to help tackle social isolation for this sub-set. Page 3
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 p eis0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 The Berkshire Music Trust Early Years Network IBEYMNI has continued with a strong membership which includes triannual e-bulletins, access to the BEYMN Facebook page to share ideas and resources and regular CPD sessions. First Access First Access (government funded whole class instrumental programmel continued to be well received in schools. 118 schools signed up which was an increase of 6Qh from the previous year. We reached a total of 6,360 slvdents and had 19 schools taking up the fvll three-year offer (we enable a reduced price to do this). To ensure better progression from First Access, we lrialled largtrgroup continuation lessons with 60 students participating in the Spring and Summer Terms. a fantastic increase in individual students continuing their instrumental studies and we are Iwking to build on this each year. We continued to provide Whole Class Ensemble Tuition IWCETI in our srecial schools and altemative provisions. an example of this is The Pod KS2 which is a specialisl day provision for primary pupils with SEMH (Social. Emotional. Mental Health) and complex leaming need5 in West Berkshire. We deliver a temi programme here of music making bespoke to the students participating. Instrumental & Vocal Tuition in Schools & Music Cenlres We continued to provide a Mqde range of opportunities to children and young people including instrumental and vocal lessons. Our student numbers remained fairly static this year despite strategic opportunities for students to try instruments out. With no increase in withdrawal data, it is clear that the worsening economic dimate is really impacting families for whom music lessons would be a stretch. The majority of our teachers were observed as per our Teaching & Leaming Policy. We supplemented our weekly provision Mqth a variety of holiday courses as well as music theory lessons for Grade 5 and Grades 6-8. Teaching staff were sent out to schools in our annual 'Listen-up week,, visiting 42 schools across the County to enable children and young people to experien live music as well as lo promote leaming an inslrumenL Each event was followed by a hands on try-out of inslfuments. We have re-engaged wth several SEND and AP settings in the last 6 months a1 have been able to better support them with their music provision. {The Grange, icollege, Heathemiount, Forest Bridge, Brookfields, The Foundry). We expanded our aduh provision. starting a new mixed ensernble in Reading that mirrors our existing model for adults in West Berkshire. We hope to further expand this in the East of the CrHJnty. Ensembles Coun Grou s & Events We fooused this year on our progression routes at the advanced inslTumenlal level and used a massed Senior Wind Band COnrt to launch a new County Vvind Orchestra to ensure that we are providing indusive and a¢¢essible a(fv3nced progression routes for all our instrumentalists. The new County ertsemble wll launch in October 2024. We took 91 students from our County Youth Orcheslra and County Youth ChoiT abroad to Palencia in Spain. Despite the very high lemperalures, this was a fantastic trFP and the concert audiences were very receptive to the high quality music making of our young people. Page 4
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 7150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 After the introduction of a weekend residential for students aged 7-11 last year, we gathered feedback in order to plan the trip again. This year we took 45 skndents away for the weekend lan increase of 12.5%) wth parbcipants taking part in a variety of activities as well as singing and making music together. We held our annual competition, this year for young woo¢hqnd and piano players to be named Berkshire Young MusicÈan of the year, in partnership wth the Windsor Festival. We held concerts in wonderTrJl venues both in Berkshire and outside of Berkshire, from The Hexagon Theatre in Reading lo The Anvil in Basingsloke. We also worked with professional artists such as the Royal Philhamionic Orchestra, where a number of our junior Reading inslTumentalisls got to perfom as part of the RPO'S Notsy Kids Concert at The Hexagon Theatre. We continued to run a successful instrument hire scheme which helped children and young people access a range of instruments. We hired out over 600 instTurnents across the year. wqth a further 5,340 being hired out to schools for our WCET programme. We also fundraised for and purchased our first digital accessible music instrument, the Soundbeam which formed the start of our plan to build an accessible instrument library for schools. Su rt for Schools We offered Continued Professional Development ICPDI for schools both online and face to face in order to maximise accessibility for staff working in schools. Topics covered included Charanga, Gain Confidence in Conducting your School Choir, Making Music Outdwrs with EYFS. Ukulele Skills, Music through Movement for EYFS and Musical Games and Ath"vities for the Primary Classroom. Schcx)I newsletters go out trmce a term to communicate our offer lo schools clearly, lo signpost to national developments and to help open up important conversations wth schools. Through the hub's partnership wth Charanga, supporting schools with CPD and Training has benefited 12 schools. Schcx)l Development Managers conts'nue to build relationships wth schools and supwrt them to develop Iheir Schc4)l Music Education Plans. We continued to support schools with singing through our Singing Development Coordinators who work across the County all schools supporting their individual needs. This is a bespoke support function offered to every school and can range from support with running choirs, signposting to resources, offering CPD training to nOn-speallS*S as well as singing assembly &Jvice and warm-up ideas. Our Junior Music Festival continued lo be a highlight of each term and the growth that we saw in 2022-23 continued in 2023-24 wlh a total of 8 perfonmances across the year. The theme was 'Rainforest Rumble, this time, featuring songs from the Yanomamo musical {the story of the destruction of the Amazon Rainforest) by Peter Rose. In lolal 113 schools took part includng staff accessing singing delivery CPD with our singing development coordinators. A total of 3,018 students perfomied across the year at The Hexagon Theatre. The feedback was incredibly wsitive and it was wonderful to have schools taking part for the first time sending feedback such as "Today has been beyond moving. emotional, and an experience of a life time for all my litde children. We are so grateful for what you all do. Our School cannot thank you all enoughl" Having idenltfied that there was a gap in our provision for KS3 and above, we introduced our first Senior Music Festival in July 2024 which saw 8 secondary schools participating in a joint performance at The Hexagon Theatre with a total number of 224 students. The concert was boosted by performances from the Berkshire Youth Training Choir and Berkshire Youth Choir to help hHJhlight the progression routes available lo young singers. We gathered some very posits.ve feedback after the event which was hugely posrtive and we wqll continue it on a biennial basis. Page 5
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P WSO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Partnershi We continue to have a strong focus on partnerships as demonstrated by our Senior Leader role {Partnerships, Progression & Development) as well as our Middle Leader role of Partnerships & Ir*dusion Development Manager. Both parbes have worked on maintaining current partners as well as seeking out new partners where the need arises. We have worked closely Readipop and Culture Mix again this year who are our key delivery partners with whom we are proud to share a vision of support for children and young people across Berkshire. We have worked closely with our neighbour, Slough Music Seryice. in light of the changed Music Hub geographies that were established prior to the Nlusic Hub Investsmenl PrcyJramme for funding from the Department for Education from September 2024. This partnership enabled more collaborative work almost straight-away for the benefit of children and young people across Berkshire and wll continue to have a positive impact on the opportunities we can provide. We continued to work wth partner5 in the Reading Cuttural Education Partnership and took an active part in developing cultural activity in Wokingharn through the Wokingham Arts and Business Forum. We continue referrals and signposting to our Music Therapy partner, Wholestep CIC and we continued working alongside the Royal Philhamionic Orchestra, notably getting the opportunity to bring students along to the Noisy Kids day at the Hexagon to parb"cipate in some music workshops wth animateur, Tim Steiner. Our partnership with Windsor Festival continued and we are delighted to be able to afford our young people the opportunity to engage with professional musicians through this relationship. We continued to run Trinity and ABRSM exam sessions for our students atthough there is a decline in numbers as can be seen in the trend across the last 2 years. Our numbers decreased to 488 from 587 exam entries in 2023-24. Of these. 97% passed with 41% gained a merit and 25% gained a dislinclion. 6.1% of the total number of entTies were Grade 8, this is a small decrease of 1 enty compared lo last year. 33% of the Grade 8 entriesachieved a distinction, 37Qkn achieved a merit and 240/fr passed. 2% of the total number of entries were for ARSMIAdvanced CertificalelDiploma level, this was an increase of 3 entries compared to last year. 660A of the ARSMICertfficale entries achieved a distinction and 8.5% of them achieved a merit. We also support student5 to undertake exams wth the Music Teacher5 Board and Trlnity Rock and Pop Exams depending on what 15 appropriate for each student. We are unable lo collate data on these results. Funding We successfully bid for the followng fundiThJ during the year. £2.000 from Berkshire Community Foundation for our Dementia Singing Café work £1.000 frotn the Prino Philip Trust Fund to support 51udents in Ea51 Berkshire to ac¢ess musi¢ lessons £5.535 from the Earley Charity for our pianos in libTaries project £3,000 from the D'oyly Carte Charitable Trust lo start an inclusive choir with Soundabout £750 from the Gmryn ch Foundation for a Boys &nging Day £500 from the Wokingham Lions Charity for our pianos in libraries project Technolcgy The Music Hub continues to worf( in partnership with Charanga, a murti-hub online leaming platfomi through which schools. in51rumenlal teachers, and children and young people acces5 a variety of online musical digital technology support programmes, as well a5 training and CPD. In 2023-2024, 145 schools were provÈded wth access to the Charanga TrAusical School programme where its musical digital technology was used in 8,256 hours of vocal actimty. We continue to use Microsoft and Office 365 wthin the organisation and staff are confident in using a variety oflhe digital tools that are on offer thmugh Microsoft. The addition of Al to Microsoft as well as the use of (K¢line Al tcols is slowly being used more and more to increase effiuencies. Page 6
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P WSO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Meetings wth stakeholders, trustees, staff and other partners have continued lo be online or hybrid and remain an advantageous way to have meetings. We continue to use a sign-in app to enable staff and students to register at our music centre sites. We completed a comprehensive review of our music library across the year, including moving to an online catalogue of music and an embedded sign-out process to enable both intemal and extemal hires of this untapped resource. We successfully completed 63% of the second year of our inclusion strategy whilst also reviewing lthat we had achieved in order to influence our priorities in Year 3 Mith our expanded Hub boundaries incorporating Slough Unitary Authority. We remain ambitious in our intentions to preclude barriers for children and young people in accessing music opportunities. We expanded the pool of inclusion champions wsthin our workforce incorporating staff from the operation5 team who share a passion for inclusivity. We a150 established an inclusion SharePoinl where useful and informative resources are shared. As mentioned previously, there has been an increase in our activity in altemative settings, an example of this was seen in the Soundbeam that we fundraised for being used at the Purfey Park Trust which is a residential facility for people Nvilh leaming difficulties. Here we used Soundbeam to make music making accessible for PMLD participants with higher Supp needs. We 5ucce55fully developed a positive relati0Tr5hip 'Ntth both Bracknell FO5t and VVind50r and Maidenhead Virtual Schools, Bracknell Forest committed £5.000 for us to support Children in Care with music lessons and activities. We also provided some holiday courses specifically lor Children in Care in these areas. In order to consider our enVirmental impact and to consider ways in which we can be more environmentally sustainable. we installed solar panels and EVF chargers at our Head Office. In addilton to this we appointed a Sustainability Champion from within the organisation to ensure we are investing in the future SL¢Stainability of the organisation. We are also looking at other changes we can make with lighting and aiming to secure grants to support any further investment. Financial review The finanual results were set out in the Statement of Finanaal Actiwties and demonstrate a surplus for the year of £100,21212023= deficit of £115,752}. In order to comply wth accounting standards and. in particulaT FRS 102 Post-Employment Benefits. resour5 expended indude a credit of £69,00012023'. charge of £44,000} for pension costs relating to the Defined Benefft Pension Srheme ft)r aijtninistrative Staff. Thi5 accounting standard requires that the pen5ion3 liability IS recognised as the benefits are eamed. not when tY are due to be paid. and accordingly an estimate of the liabilities accrued for the period is provided by the scheme's actuary (for fvll details see note 261. This adjuslment is calculated at the year-end and is nol monitored throughout the year when reviewing operating finances of the company. The totsl value of the pension scheme liability as of 31 August 2024 was £340,CK)O {2023.' £340.000) as shown in the balance sheet. Page 7
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft-NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P IOISO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 For operational purposes, the trustees use the"Operating surplus I Ideficitl" of the unrestricted fvnds as a more meaningful perfomiance measure. The unrestricted operating surplus for the year was £9k12023: £49k deficit) as shown below.. 2D24 2023 Unrestricted Restricted Unrestricted Restricted £'ooo £'ooo £'ooo £'ooo Income 3,319 13,3101 1,248 {1,2441 3.339 {3,388} 1491 1441 1231 1116} 1,367 11,367} Expenditure Operating surplus l {deficiti FRS 102 adjustment Unrealised investment gain I (loss) Nel income I lexpenditurel 69 18 96 Operational re5uIt5 demonstrate that the year continued to be one of challenge. Student numbers slightly decreased throughout the year. Due to the cost-of-living crisis, many families cut back their household expenditure and music lessons become an earty victim of any downtum in the economy. As result, our fees from lessons and ensembles including their Gift Aid daims decreased by 1.5% year-on-year to £2,812,06912023.. £2,853,218) to Unrestricted Income. It has been positive to raise additional income from subletting room5 al Stoneham Court of £22k {2023= £16k) as well as eaming interest income of £19k12023.. £1.gkl from bank savings account. Action has continued to be taken throughout this post-pandemic time to seek additional fvnding and to reduce costs wherever possible_ Some staff opted tr) reduce their contracted hours which has also resulted in Teaching Costs decreasing. Although some savings have been made on Nnning costs. overheads were largely unaffected. with Music Centre premises costs remaining payable under the Contractual lems. Overall total income decreased year on year to £4,567k {2023= £4,706k). Fees from parent paid and school lessons ensembles showed a decrease of 1.5% to £2.812k12023". £2.853kl. Govemmenl funding was reported at £1,234k. These are restricted funds provided specifically to support delivery of the National Plan for Music Education Ihrough first access programmes and music hub aclivities together with funding from the Department of Education lo support the Teachers, Pension Scheme, total £1,031 k12023.' £1,172kl- There was a one-off adjustment to Restricted Income during 2022-23 due to the change of the ACE funding cycle from'Financial Year" to'school Ye*,, it caused a difference compared to the previous year. other income raised through music related activities such as examinations, concerts, tours and instrument hire were increased to £450k12023= £419kl. Page 8
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft-NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 11150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 nditure Total expenditure showed a decrease to £4,48sk123'. £4,799k): Contracted staff costs were lowered to £3,087k {2023.. £3,303kl as a result of reduced contracted hour5. Fees paid to self-employed staff were increased lo £375k12023'. £343kl due to higher rates paid for higher infiab.on and more projeclslmusic actimlies. Event costs were increased lo £202k12023.. £182k) as concerts and events were resumed at the nomial level and tours operated again as nom)al. Governance costs were decreased to £28k {2023'. 45k) due lo a redUd usage of extemal legal advice. Cashfiow There was a net inflow of cash during the year with cash balances of £1.369k {2023: £1.220k) at year-end. Restricted funds The total value of restricted fund5 held at the year-end was £46k12023.. £40kl. The funding received from Arts Council England was used to directly support our actNities a5 Lead Organisation of the Berkshire Music Hub, with no balan carried forward. Other restricted funds relate to donations spectfically provided by individuals or organisations to provide financial support for students in the form of fee assistance or donated instruments. The Sponsor a Child fund has become a part of BMT Eursary, speafically supporting children whose families are suffering specral short-tem) finanaal hardship or who sit just outside the Fee Remission criteria. Princi al risks arKI uncertainties The trustees have a Trsk management strategy which comprises an annual revtew of the risks Berkshire Music Trust may face and establishes systems and procedures to mitigate those risks identffied. The trustees consider the major risks facing BeTkshire Music Trust are.. Arts Council England funding continues to be confirmed on a one-year cycle, currently confimied until Aug¥Jst 2025, giving limited fopNard certainty on this portion of our funding. Underfunding of the defined benefit pension schemes, the Teachers, Pension Scheme (TPS) and the Local Govemmenl Pension Scheme ILGPSI. This could result in additional provisions in the acUnts andlor an increase in costs. Relevant updates are disdosed in Note 27 and Note 32. Uncertainty created by the current economic clirnate and the impact of Brexit. music lessons being an early ctim of any downturn in the economy. Rises in inflation and increased limng costs affecting ability to pay staff adequately and limiting our fees increasing rate. Reserves The trustees have reviewed their reserves policy during the bNo years in light of the Covid-19 pandemic. It was agreed to maintain the existing threshold of reserves Ilhree times the average reg¥Jlar monthly expenditure) as being adequate against costs and that the funds invested with Ruffer should only be divested as a last resort. The level of expendable reserves as of 31 August 2024 was the unre$tri¢ted fvnds of £2,739,284 less tangible fixed assets £1,546,954, a total of £1,192,330 12023= £1.162,308), better than our target reserve £1.1 million approximately 3 months, expenditure. Page 9
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 12150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Structure, govemance and management Constitution The Berkshire Young Musicians Trust (operating as Berkshire Music Trust) is registered as a Charitable Company limited by guarantee and was set up by a Memorandum of Association. Trustee Board The company is managed by a trustee board. The board is ultimately responsible for the activities and performance of the company. Day-t(Fday management is delegated lo the Chief Executive and supported by a Senior Leadership Team. The board seeks a range of trustees wth relevant skills and experience. Under the nominations cc*nmittee. as part of a planned trustee recruitment eycle, an annual audit of the board's skills and experience is undertaken to assess the current breadth of knedge and skills. identtfy any gap5 and enable the recruitment of new trustees wth relevant skills and experience. In addition to the trustees there are also representatives from the Local Authorities.. P Gittings (Reading), A Gray {Wokinghaml, G Bemard {Bracknell Forestl, Julian Tisi IRoyal Borough of Windsor & Maidenhead}, and O Jeffery (West Berkshire}. Three representatives from BeshIre Music Trust staff Association and the Chair of the Young Musi9 Councal are also invited to attend Board meetings Ithese rePentativeS do not have trustee powers). Election and intment of Iruslees The Articles of Association require that each year one-third of the board retire and, rf eligible, seek re-election at the Annual General Meeting. New trustees appointed within the year are required lo stand for re-election at the first Annual General Meeting following their appointment. Each trustee undertakes induction training which consists of a briefing by the Chief Executive and Chair of trustees on their roles and responsibilities. They are fumished with a range of infomation and literature for future reference. Emphasis is placed on the legal status and reswnsibilities of a trustee. Governance The full board meets at least six times a year to consider overall perfomiance, future direction and strategy. Committees comprtsing trustees, the CEO and other appropriate senior managers, support the board by considering matters in greater depth and maintaining a closer link with the Companys. executive management. These committees generally have "non-executive. roles, except where financial and operational control procedures requi trustee-level authorisalion. Currently, there are three Committees each chaired by a trustee with other members drawn from trustees, staff, extemal experts as required. 111 Finance and Propety, with areas of responsibility involving monitoring and reviewing operational and financial perfomiance t(wJelher with ensuring appropriate financial controls are in operation. Additionally. it has responsibility for risk management, governance and statutory audit. 12) Nominations committee, Md)0 wll annually review the board skills and experience, identfy gaps and rf necessary, advertise and interview new trustees. 131 Remuneration Committee. which sets policy and levels of remuneration. The Committee will ensure that the remuneration policy is con51Stenl wlh the chariws value5 and objective5 and that remuneration levels are competitThie and appropriate. Key management are considered to be the Chief Executive and members of the Senior Leadership Team {SLTI. Their salaries are reviewed each year by the ttustees and any increase is usually at the same rate as other staff. Page 10
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 13ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Health & Saf and Child Protection The health and safety of staff and students together Mth child protection are primary concems to the trustees. All key staff undertake trx)th first aid and fire marshal training and all staff are made aware of their own duties and responsibilf(ies for health and safety issues_ P¥ticular attention is paid to risks to staff and students from prolonged exposure to high-volume instruments. Berkshire Music Trust adopts the current requirements of the Home Office and Departsnent of Education (DfE) to arrange the registration and Enhanced DBS checks for all new staff. Al staff are required to complete a "Declaration of Disqualification" and undergo Prevent training. We hold on to file and verify all personnel, right to work, medical and disqualification checks in line with OFSTED including home address and Nl number- in line with DfE Guidance - Keeping Children Safe in Education. OBSS are regulady re-checked for all staff and a regular cycle of safeguarding training is in place. SLitement of tru51ees' res nsibilitie5 The trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance Mqth applicable law and United Kingdom Accounkn"ng Standards {United KirKJdom Generally Accepted Accounting practs.l. Company law requires the trustees to prepare finan¢ial statements for each financial year. Under company law the tnjstees musl not approve the finanaal statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently obsetve the methods and principles of the Charities SORP IFRS 102) make judgemenls and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on a going concem basis unless il is inappropriate to presume that the company wll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the companls transactions and disclose wth reasonable accuracy at any time the financial position of the company and enable them to ensure that the finanaal statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who are tnjslees at the time when this Trustees. report is approved has confimied that.. so far as that trustee is aware, there is no relevant audit information of Nthich the companYs auditor is unaware- and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the companys auditor is aware of Ihat information. Page 11
VkiuaBunatLnTrarffjxlvM Ref. 9PVR-YIR¥NPBG 26 F£b2025 09..30..11 W (UTC +0) D t14P 141 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUST) IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Reselected in the previous cyde. James Cowper Kreston Audit are retained as audit partner. Approved by order of the members of the board of trustees and signed on their behalf by.. J C4LrrtrlL J Carroll Chairman of Trustees Dale= 26 Febrnary 2025 Page 12
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P ISIS0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST {OPERATING AS BERKSHIRE MUSIC TRUST} Opinion We have audited the financial statements of The Berkshire Young MusIanS Trust (operating as Berkshire Music TTU511 (the 'charilable companv) for the yeaf ended 31 August 2024 which comprise the Ststement of finanGial aGtivities. the Balance 5heel. the Statetnent of cash flows and the related nole5, inGluding a 5umniary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted lfjngdom Accountillg Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United iQngdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the stale of the charitable compan$ affairs as at 31 August 2024 and of its incoming resources and applicab.on of resources, including its income and expenditure for the year then ended.. have been properly prepared in accordan wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance Mqth Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorf5 responsibilities for the audFt of the financial statements section of our report. We are independent of the charitable company in accordance wrth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Finanaal Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements_ We believe that the audit eviden we have obtained is SUffient and appropriate lo provide a ba%s for our cpinion. Conclusions rolating to going concern In auditing the financial statements, we have concluded that the Iruslees. use of the going concern basis of accounting in the preparation of the ffinanal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable companls ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concem are described in the relevan* sections of this report. Other information The other infomialion comprises the infom)ation induded in the Annual report other than the financial statements and our Auditorfs report Ihereon. The trustees are responsible for the other infomialion contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except to the exlent otherwse explicitly stated in our report. we do not express any form of assuran conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider Mthether the other inforniation is materially inconsistent wth the finanaal statements or our knoedge obtained in the course of the audit, or otherv¥qse appears to be materially misstated. If we idenbfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. Page 13
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 161SO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRusn ICONTINUEDI We have nothing to report in this regard. Opinion on other matters prescfibed by the Companie$ Act 2006 In our opinion, based on the work undertaken in the eourse of the audit: the infonnation given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the Iht of our knowledge and understanding of the charitable company and its environment obtained in the COUTse of the audit. we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters in relation to Nthich Companies Atx 2006 requires us lo report to you if. in our opinion- adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the aocounting records and returns" or certain disclosures of trustees. remuneration speafied by law are not made.. or we have not Teceived all the information and explanats'ons we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance wqth the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Rosponsibiliti8s of trustees As explained more fully in the trustees. responsibilities stslement. the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they gtve a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or eOr. In preparing the financial statements, the trustees are responsible for assessing the charitable CoMpanS abilty to continue as a going concem, disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Injslees either intend to liquidate the charitable company or to cease operations. or have no realistic alternalive but to do 5Q. Auditorfs responsibilitifrs for the audit of the financial ststfrments Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl. whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasonable assuran 15 a high level of assurance, but is not a guarantee that an audtt conducted in accordance with ISAS (UK) wll alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit, there is a risk that we Mqll not detect all irregularities, including those leading to a material misstalemenl in the financial statements or non-compliance with regulation_ This risk increases the more that Complian wth a law or regulation is Temoved from the events and transactions reflected in the financial statements, as we will be less likety to become aware of instances of non-compliance. Page 14
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft-NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 17150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRusn ICONTINUEDI The risk is also greater regarding irregularities occurring due to fraud rather Ihan error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. The speeific proeedures for Ihis èngagement that wè designed and pèrfomied to dèteet matèrial misstatements in respect of irregularities. including fraud. were as follows.. Enquiry of management. those charged with govemance around actual and potential litigation and daims- Enquiry of management to identify any instances of non-compliance with laws and regulations- Reviewng minutes of meetings of those charged wth govemance., Reviewing financial statement disclosures and lesting lo supporting documentation to assess compliance with applicable laws and regulations. Perfomiing audit work over the risk of management override of controls, including testing of joumal entries and other adju5tment5 for appropriatenes5, evaluating the business rationale of significant transactions outside the nonnal course of business and revieing accounting estimates for bias. A further description of our responsibilities for the diE of the financial statements is located on the Financial Reporting Council's website at.. This description forms part of our Auditorfs report. Use of our report This report is made solely to the chatitable companys members, as a body. in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit WO has been undertaken so that we might state to the charitable companrfs member5 those matters we are required lo state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the challtable company and its members, as a body, for our audit work. for this report, or for the opinions we have fomied. Fiona Hawkins Msc FCA (Senior statutory auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Dale= 0610312025 Page 15
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 18ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and grants Charitable activities= 24617 8.744 33.361 55,063 Fees Govemmenl funding Other music related activities 2.812,069 2,812,069 1,223.959 450.145 24 2.853.218 1.343.903 419.018 1,223,959 450.145 24 Orchestra tax relief Investments other income 19,048 28,589 19.048 28.589 1.945 30.649 Total income 1,248,576 3,318,619 4,567,195 4.706.440 Expenditur8 on: Raising funds Charltable acuvltles 55.925 3.185.257 55.925 4,429.493 59.628 4.739.214 1,244,236 Total oxpenditure 1,244,236 3.241.182 4,485.418 4.798.842 Net incomellexpenditure) before net gainsl{losses} on investments Net gainslllossesl on investments 4.340 77,437 18.435 81,777 18.435 192.4021 123.3501 Net incomellexpenditure) Transfers betsveen funds 4,340 1,023 95,872 {1.023) 100.212 {115.7521 Net movement in funds before other recognised gainsl{losses) 5,363 94,849 100,212 {115,7521 Other recognised gainslllosses): Atharial {lossesllgains on defined benefit pension schemes 27 169,000) 169.000) 147.000 Net rnovement in funds 5,363 25,849 31,212 31.248 Reconciliation of funds: Total funds brought forward Net movement in funds 40,415 5,363 2.373,435 25,849 2,413.850 31.212 2.382.602 31,248 Total funds carried forward 45,778 2,399.284 2,445.062 2.413.850 The Statement of Finanal Activities indudes all gains and losses recognised in the year. The notes on pages 20 to 48 fom) part of these finanal statements. Page 16
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 19150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) REGISTERED NUMBER: 1673689 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 1,546,954 100 1,551,127 100 15 1,547,054 1,551,227 Current assets Debtors 282,275 615,394 1,368,964 392,155 596,959 1,220,126 Investments Cash at bank and in hand 17 2,266,633 2.209,240 Creditors.. amounts falling due wthin one year 18 (1.016,4891 1985,2991 Net curront assets 1.250,144 1.223,941 CreditrJrs- amounts falling duè after more than one year 19 (12,1361 {21,318) Net assets excluding pension liability 2.785,062 2.753,850 Defined benefit pension scheme liability 27 1340,0001 1340,CK)O) Total net assets 2.445,062 2,413,850 Page 17
VkiuaBunatLnTrarffjxlvM Ref. 9PVR.YIR¥NPBG 26 F£b2025 09..30..11 W (UTC +0) D t14P 201X) THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUST) IA company limited by guarantee) REGISTERED NUMBER: 1673689 BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2024 2024 2023 Note Charity funds Restricted funds 45,778 40,415 Unrestricted funds Unrestricted funds excluding pension asset Pension reseNe 20 2.739,284 1340,0001 2.713,435 1340,000} 20 Total unrestricted funds 2,399,284 2,373,435 Total funds 2.445,062 2.413,850 The trustees ackno%edge their responsibilities for complwng wth the requirements of the Act with respect to accounting records and preparation of financial statements. The fir*ancial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the trustees and signed on their behalf by.. J CwrtrtL J Carroll Chairman of Twstees Dale= 26 Febnjary 2025 The notes on pages 20 to 48 foryn part of these financial statements. Page 18
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft-NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 21150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Nots Cash flows from operating activitios Nel cash provided by operakn.ng activib.es 23 203,077 Cash flows from investing activities Interest from investments 19,048 (64,1051 1,945 {35,874) Purchase of tangible fixed assets Net cash used in investing activities {45,0571 {33.9291 Cash flows from financing activities New hire purchase contracts Repayments of hire purchase contracts 30,117 14,208) 19,1821 Net cash {used inllprovided by financing activities 19,1821 25,909 Change in Gash and Gash equivalents in the year Cash and cash equivalents at the beginning of the year 148,838 16,6361 1,226,762 1,220,126 Cash and cash equivalents at the end of the year 24 1,368,964 1,220,126 The notes on pages 20 to 48 fomi part of these financial statements Page 19
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P t2150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information The Berkshire Young Musicians Trust is an incorporated charity limited by guarantee. It is registerwj in England and Wales wth charity registered number 284555 and company number 1673689. The principal address of the Charity is 100 Cockney Hill, Stoneham Court, Reading. Befkshire, RG30 4EZ. Accounting polieies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wlh the Chailties SORP IFRS 1021- Accounting and Reporting by Charitie5". Statement of Recommended Practice applicable to charities preparing their accounts in accordance i*ilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Berkshire Young Musicians Trust (operating as Berkshire Music Trust) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical Cost or transaction value unless otherNise slated in the relevant accounting policy. 2.2 Going concern As at 31 August 2024 the balance slieet shTJNS net assets of £2.445,062, winpared to £2.413.850 at 31 August 2023. The increase in assets reflects the current year operating surplus. Taking this into account and together wth a strong net current asset position. the Trustees have a reasonable expectation that Ihe company has adequate resources lo continue in operational existence for the foreseeable future. Aco)rdingly. the Trustees contsnue to adopt the going concem basis in preparing the financial statements. 2.3 Income Fees Fees represent amounts charged for lessons and ensembles and are accounted for on an accruals basis. Assistance Mqth gross fees and fee remissions is included in expenditure as Charitable Support. Voluntary income Voluntary income comprises legacies and other donations Mthich are made available for the general purposes of the company. They are recognised when the amounts are received unless there is sufficient evidence to provide the necessary certainty that the legacy or donation will be received and Ihal Uie value of the inTxJining lesourS Can be Ineasured wiu) suffient reliability. Donations and grants Donations made for other specific purposes are treated as restricted funds. Government funding Payments received under contracts from Arts Council England and any of the Unitary Authorities of Berkshire to subsidise the provision of music tuition services are recognised in the Statement of Financial Activities in the period to which they apply. Events, courses, concerts and tours Income from events, courses, concerts and tours represents monies charged for tours, receipts from conrtS and other fundraising. These monies are accounted for on an accruals basis and matched with the associated expenditure incuffed. Page 20
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 23ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting polieies {continuodl 2.4 Expenditure Expellditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of eGonomiG benefrts will required in settlement and the amount of the obligation can be measured reliably. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including 51JPPOrt Costs involved in undertaking each activity. Direct cost5 attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportÉoned behveen those activities on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of b.me spent, and depreciation charges allocated on the portion of the asset's use. EXPere on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs ol all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities fvrther the compan¥s objectives. as well as any associated support costs. Support and administration costs are split across activities on an basis of estimated lime spent. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company., this is nomally upon notrficalion of the interest paid or payable by the institution with whom the funds are dep0511ed. 2.6 Taxation The company is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusively to charitable purposes. 2.7 Tangible fixed assets and depreciation Assets that individually cost less than £500 are not capitalised. The cost is written off lo the Statement of Financial Activities in full when purchased. Assets that have been donated are capitalised at their full market value at the time of donation and depreciated. The value of the donation 15 treated as income in the Statement of Financial Activrties as a restricted fund. Tangible fixed assets are initialty recognised al cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 21
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 24150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting polieies {continuodl 2.7 Tangible fixed assets and depreciation {cominued) Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful live5. Using the 5traight4ine method. Depreciation is provided on the following bases-. Freehold property Motor vehicles Fixtures and fittings Computer equipment other fixed assets - At 2% and 5% ofc05t At 200A of cost At 200/0 of cost At 33Q/o of cost - At 20% of cost 2.8 Investments Investments are stated at the martet value indicated by the Report of the Investment Managers to the trustees al the Balance Sheet date. Any resulting unrealised gain or loss is taken to the Statement of Financial Activities. The BeTk5hire Young Mu5iaans Trust has a fully owned subsidiary called Maestros Enterprises Limited, company number 11609495. Group accounts have not been prepared as the Subsidiary is not material to the group. The resutts of the subsidiary are disclosed in note 33. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Debtor5 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposf( or similar account. 2.11 Liabilitias Liabilitie5 are recognised when there is an obligation at the balance sheet date a5 a result of a past event. il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the company anticipates it wll pay to settle the debt or the amount it has received as advanced payrnenls for the goods or services it must provide. 2.12 Financial instruments The company only has financial assets and finanryal liabilrties of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value. Page 22
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 25150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting polieies {continuodl 2.13 Finance leases and hire purchase Assets obtained under hire purchase i))ntracts and finance leases are capilalised as tangible fixed assets. A55els aGquired by finanGe lease are depreGiated over the shorter of the lease term and Iheir useful lives. Assets acquired by hire purd)ase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors. net of the finance charge allocated lo future periods. The finan elernenl of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the nel obligation outstanding in each period. 2.14 Operating leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease lemi. 2.15 Pensions Teaching staff employed by The Berkshirè Young Musicians Trust are eligible for membership of the Teacher5, Pension Scheme, which is a national, statutory, contributory, unfunded defined benefit scheme administered by the Teachers Pension Agency, an executive agency of the Department for Education. Pension costs are assessed in accordance with the advice of the Govemment Actuary. As this is a multi-employer scheme whose assets and liabilities are not separately identifiable. under Financial Reporting Stsndard 102 "Post-employment Benefits" it is Irealed as a defined contribulion scheme with a charge to the accounts for the contributions paid and relevant disclos¥Jres about the scheme a5 a whole provided in note 26. The Berkshire Young Musicians Trust has a funded defined benefit scheme for those members of staff who are not eligible lo join the Teachers, Pension Scheme. The assets of this scheme are administered by the Royal County of 8erkshire Pension Scheme. This is also a multi*mployer scheme, bul the assets and liabilities relating to The Berkshire Young Musicians Trust are separately identifiable and are accounted for as belonging lo The Berkshire Young Musicians Trust. The financial statements take account of the annual valuats'on of the defined benefit scheme undertaken by the pension fund's actuaries. Actuarial gains and losses arising from updating the latest actuarial valuation to reflect conditions at the balance sheet date are recognised in the gains and losses section of the Statement of Financial Activities. More detsils are included in note 27. Page 23
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 261SO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting polieies {continuodl 2.16 Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objedives of Ihe Gompany. Designated funds comprise unrestricted IL*nds that have been sel aside by the ITU51ees for particular Purposes. The aim and use of the designated funds is Set out in note 20 to the financial statements. Restricted funds are those funds where monies have been received for a speafic purpose and are matched against the expenditure as incurred. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on histofical experience and other factors. including expectations of future events that are believed to be rea$able under the circumstances. Critical accounting estimates and assumptions.. The company makes estimates and assumption5 conceming the future. The resulting accounting estimates and assumptions wll, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wthin the next financial year are discussed below. Critical areas of judgement= Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factos. Residual value assessments consider issues such as the meaning life of the asset and projected disposal values. Bad debts Using information available al hte balance sheet date. the company makes a judgement based on experience regarding the level of provision required to account for potentially uncolleclible debtors. Pensions The present value of the Local Government Pension Scheme defined benefrt liability depends on a number of factor5 that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net C051 lincomel for pensions include the carrying amount of the pension liability. Furthemiore a roll forward approach which projects result5 from the latest full actuarial valuation perfomied at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carwng amount of the pension liability- Page 24
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 27150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ineoma from donations and grants Rostricted Unrestricted funds funds 2024 2024 Total funds 2024 Totsl funds 2023 Donations 24,617 8,744 33,361 54,963 100 Grants 24,617 8,744 33,361 55,063 Total 2023 37,084 17,979 55,063 Investmem income Unrestricted funds Total funds Total nds 2024 2024 2023 Bank interest received 19.048 19,048 1,945 Total 2023 1,945 1,945 Ineoma from charitable activities Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total fiJnds 2023 Fees (see note 71 Government funding Other music related activities {see note 8) Orchestra tax relief 2.812,069 2,812,069 1.223,959 450.145 24 2.853,218 1.343,903 419,018 1.223,959 450,145 24 1,223,959 3,262,238 4.486,197 4,618,783 Total 2023 1,343,903 3,274,880 4,618,783 Page 25
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 28ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Foes 2024 2023 Lèssons and ensèmbles 2.779.917 32,152 2.809,269 43,949 Gift Aid 2.812,069 2,853,218 Other rnusic related income 2024 2023 Examination fees Instrument income 43,497 130,555 41,734 122,554 113,507 125,441 15,782 Tours Concerts Courses and workshops 154,906 21,838 450,145 419,018 Analysis of charitable expenditure by activities Activities undertaken directly 2024 Grani funding of activities Support costs Total funds 2024 Total funds 2023 2024 2024 MarkeliThJ costs Charttable financial support Teaching costs Music related costs Events, courses, concerts and tours 33,363 33,363 173,299 3.593.404 468.021 43,102 134,308 3.802,023 488,477 173,299 2.802.835 353.882 790,569 114,139 155.466 46,450 169,0001 28,490 201.916 {69,000) 28,490 182,347 44,000 44,957 Pension adjustment Governance costs 3,345.546 173,299 910,648 4.429,493 4.739,214 Total 2023 3,538.615 134,308 1.066,291 4.739,214 Page 26
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 29150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of support costs 2024 2023 Staff Costs 550.156 57,786 588,732 58,302 4,113 86,860 3,(%9 23,6 38,559 1,535 26,217 17,153 22,822 46,673 59,393 27,567 17,390 44,(X)O Depreciation Travel costs IT costs 120,223 3,299 21,278 23,276 6,604 28,276 9,413 24,162 38,647 64,498 7,886 20,604 {69,0001 Postage Telecommunications Staff training Recruitment Insurance Bad debts Bank charges Repairs and maintenance Premises costs Legal and professional Auditorfs remuneration Pension adjustment 910,648 1.066,291 Suppjrt and administration costs are split bebNeen teaching costs and music related costs in the ratio of 88Vh and 12% respectively. The total allocal&J is= teaching costs £837,01912023.' £860.2531 and music related costs £114,13912023.' £117,081 }. 10. Governanc8 Costs 2024 2023 Audttorfs remuneration Other professional costs 20,604 7.886 17,390 27.567 28,490 44,957 Page 27
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P X)ISO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Unrealised gainl{lossl on investment 2024 2023 Gainsl{lossèsl M invèstment assets 18A35 {23,350) In 2017 surplus funds of £500,000 were originally invested in an absolute return fund. During the year to 31 August 2020 the fijnds were transferred lo the LF Ruffer Total Return Fund. For the year ending 31 August 2024 the )lJnd value resulted in an unrealised gain of £18,43512023= loss of £23,3501- 12. Net Incomellexpenditure) This is stated after d)arging'. 2024 2023 Depreciation of tsngible ffixed assets Auditorfs remuneration 68,278 20,604 68,740 17,390 During the year, no trustees received any remuneration (2023 - £NILI. During the year, no trustees received any benefits in kind12023- £NIL}. During the year, no trustees received any reimbursemenl of expenses {2023- £NIL). Page 28
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft-NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 31150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Staff costs 2024 2023 Wages and salaries National insurance costs Other pension costs 2,309,887 202,536 574,931 2,S35,127 220,501 547,CK)3 3.087,354 3,302,631 The average number of persons employed by the company during the year was as follows". 2024 No. 2023 No. Full time management and administration Part time management and administration Full time teachers Part time teachers 14 22 21 17 22 47 37 39 104 115 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,1J)1- £70,000 During the year remuneration paid to key management personnel, inctuding national insurance contributions, totalled £145,14312023.' £162,230). Page 29
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 32150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Tangible fixod assets Fixtures Computer and and office Musical fittings equipment instruments Land and Motor buildings vehicles Total Cost or valuation At 1 September 2023 Additions 1.T19.327 35.400 40.917 129.492 10.600 252,584 13,093 500.253 2.642,573 5.012 64,105 At 31 August 2024 1.754,727 40,917 140.092 265,677 505.265 2.706,678 Depreciation At 1 September 2023 Charge for the year 257.855 33,222 8.183 8,183 93.450 13,835 233,291 10,729 498.66T 1.091,446 2,309 68,278 At 31 August 2024 291,077 16.366 107,285 244,020 500,976 1,159,724 Net book valu8 At 31 August 2024 1.463.650 24.551 32.807 21,657 4.289 1.546,954 At 31 August 2023 1,461,472 32,734 36.042 19,293 1.586 1.551,127 Page 30
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 33ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Tangible fixod assets {conlinued} Included in land and buildings is freehold land at valuation of £346.747 12023= £346.747) which is not depreciated. The cost or valuation at 31 August 2024 is as follows: 2024 2023 Ai Valuation Land and buildiThJ at original cost Revaluation in 2014 891,953 508,047 891,953 508,047 Land and building valuation Ai Cost 1,400,000 1.400.0 2015 additions 2016 additions 146,747 3,606 53,749 91,757 11,870 5,092 6,506 35,400 146,747 3,606 53,749 91,757 11,870 5,092 6,506 2017 additions 2019 additions 2020 additions 2021 additions 2022 additions 2024 additions Total 1,754,727 1.719.327 The freehold propety was revalued on 31 August 2014 by Thameside Survewng Ltd, Chartered Surveyors on a full vacant possession basis. The company has applied the transitional provisions of the Charities SORP {FRS 1021 and Ihe valuation of freehold proty has not been updated sin¢e the last valuation in 2014. If the land and buildings had not been revalued they would have been included at the fdlowng values= 2024 2023 Cost 1.246,680 1588,0171 1.211,280 1555,648) Accumulated Depreualion Not book valu8 658,663 655,632 Page 31
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 34150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Fixed asset investments Investments subsidiary companles Cost or valuation At 1 September 2023 100 At 31 Augus12024 100 Net book value At 31 August 2024 100 At 31 August 2023 100 See note 31 for further information. 16. Debtors 2024 2023 Due within on8 year Amounts due in relation to tuition fees Amounts owed by group undertakings other debtors 170,341 11,193 70,728 30,013 221,800 43,298 71,239 55,818 Prepayments and accrued income 282,275 392,155 17. Cuent assel investments 2024 2023 LF Ruffer total retum fijnd 615,394 596,959 Page 32
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 35150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Craditors: Amounts falling due wilhin one year 2024 2023 Trade creditors Other taxation and social security Obligations under hire purchase contracts other creditors AccNals and deferred income 6,419 41,070 4.591 100 964,309 76,045 77,747 4,591 58,012 768,9)4 1,016,489 985,299 2024 2023 Doferred income Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 761,315 1,097,532 904,539 761,315 1761,3151 11,097,532) 904,539 761,315 The Companls obligations under hire purchase contracts are Secured by the a5set5 acquired under these agreements. These as5et5 serve a5 collateral for the outstanding hire purchase liabilities. 19. Creditors: Amounts falling due after more than one year 2024 2023 Net olgationS under hire purchase contracts 12,136 21,318 The COmpanS obligations under hire purchase contracts are secured by the assets aquired under these agreements. These assets serve as collateral for the OLrtslanding hire purchase liabilities. Page 33
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P WSO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. stsiemeni of funds Staiement of funds - Current year Balance at 1 Septernbor 2023 Balance at Gainsl 31 August (Losses} 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Building maintenance IT development fund 59,982 (23,5001 36.482 74,000 21,131 10.500 {20,0001 12,9501 54.000 18,181 10.500 Tour funds BMT Bursary Endangered programme 3.000 3.000 168.613 {46,4501 122,153 General funds General Funds all funds Pension reseNe 2,544.822 3.318,619 {3.263,7321 11.0231 18,435 2.617,121 1340.000) 69,000 (69,0001 1340,0001 2,204.822 3.318,619 {3.194,7321 11.0231 (50,5651 2.2T7.121 Total Unrestricted funds 2,373.435 3.318,619 {3.241,1821 11.0231 (50,5651 2.399,284 Page 34
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 37150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. stsiemeni of funds {continuad) Balance at 1 Septembor 2023 8alance at Gainsl 31 August (Losses) 2024 Transfers inlo Income Expendiiura Restricted funds ACE fijnding Sponsor a child UA disadvantage d funds Greenham Trust 1,031,151 1,000 {1,031,1511 11,4901 6,416 5.926 16,548 (2171 16.331 2,670 12,6701 Donated instruments Rock band project Covid-19 hardship fund Teachers, Pension fund 7.539 17,5391 5,289 15,2891 5T7 (5771 192,808 3,873 9,535 {192,8081 11,7401 (7231 The Toby Fund Ringfenced BMT Scholarship East BerkslPhilip Trust Bursary 7,304 2.031 9.437 11.866 1.023 1,250 (321 1.218 1,000 1.000 40.415 1.248,576 {1.244,2361 1.023 45.778 Total of funds 2,413.850 4.567,195 {4.485,4181 (50,5651 2.445,062 Page 35
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 38ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. stsiemeni of funds {continuad) Restrictod funds Sponsor a child Amounts donated by individuals to provi& children from disadvantaged backgrounds with the opportunity to leam a musical instrument. The support can be short or long term and is provided at the company's discretion. UA disadvantaged fund The Unitary Authority Disadvantaged fund 15 money previously reiVed from Wokingham Borough Council to support specific disadvantaged children within the Wokingham district in musical education. Arts Council England (ACE) Funding Berkshire Music Trust is in receipt of funding to 31 August 2024 allocated by Central Government via Arts Council England to support the Bertshi Music Hub deliver the National Music Plan. Berkshire Music Trust is leader of the Berkshire Music Hub. Graenham Trust Greenham Trust has donated monies to the company to support children just above the FSM level 1th lessons and instfuments in the area supported by Greenham Trust. Donatad instruments Represents instrument5 bought for the company by friend5 and other organisations. Covid-19 hardship fund We fundraised for and set-up a hardship fund in April 2020 in order to support families to continue their music-making activities for their children and young people during the pandemic. If parents had been financially impacted whether through job-loss or by being fudoughed, we offered them 85% reduction in their fees. We got an initial £5,000 from the Berkshire Community Foundation and have also received individual donations to enable us to keep this knndraising wt going for as long as possible. Foyle Foundation We applied for a grant to cover the cost of digital equipment required to support online lessons: webcams, laptops, microphones etc. We also were able to purchase iPads to enable music projects in altematiye provisions thanks to this grant. Rock Band Project As part of our new inclusion strategy, we started a rock band project with young carers in West Berkshire. This has not only given these young people a new fun activity to try but also brought them together in a safe space to escape from their caring responsibilities for a short length of time_ The project were awarded by financial support from The Miss LawTence Trust. Englefield Charitable Trust and Greenham Trust. The Toby Fund We continued lo fundraise for the Toby Fund for the repair and maintenance of bassoons which was setup in memory of bas500nist Toby Davies who died in 2013. The fund can also be used for the development of young bassoonist5 leaming through u5 at the Trust'5 discretion. Page 36
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P 39150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. stsiemeni of funds {continuad) BMT Scholarship BMT Scholarship prowdes opportunities for students who fa barriers to prcYJression in their chosen musical field. Scholarships will be awarded up to £100 per student to be used towards the cost of music lessons, ensemble activity or residential trips and tours. This scholarship is specifically for families that are not eligible for any other finanaal support Irom Berkshire Music Trusl IBMT). Easi BerkslPrince Philip Trust Bursary East BerkSlPrin Philip Trust Bursary is a funding specFfically to support students in Windsor who sit just above the FSM criteria and for th)m music lessons would be out of reach finanaally. Designated funds BMT Bursary Fund After rebranding our trade name to Berkshire Music Trust IBMT). we set aside some general donations for supporting less advantaged children to cortinue music activities. Endangerèd Progrnmm8 Fund We set aside a designated fund from general fundraisin9 efforts to support less advantaged Ghildren to continue endangered instrument leaming activities. Page 37
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P40150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. stsiemeni of funds {continuad) Staiement of funds - prior year Balance at 1 September 2022 Balance at 31 August 2023 Transfers inlout Gainsl {Lossesl Income Expenditure Unrestricted funds Designated funds Building maintenance IT development fund 59,982 59.982 74,000 21,131 74.000 21.131 10,500 Tour funds BMT Bursary Endangered programme 10.500 3.000 3,000 155,113 13,500 168.613 General funds General Funds all funds Pension reseNe 2,630,564 3.338.953 {3.387.845} {13.500) (23.350) 2.544.822 1443,000) {44.000} 147.000 1340.000) 2,187,564 3.338,953 {3.431,845} {13,500) 123,650 2.204,822 Total Unrestricted funds 2,342,677 3.338.953 {3.431.845) 123.650 2.373.435 Page 38
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft-NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P41150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. stsiemeni of funds {continuad) Balance at 1 September 2022 Balance at 31 August 2023 Transfers inlout Gainsl {Lossesl Income Expenditure Restricted funds ACE fijnding Sponsor a child UA disadvantage d funds Greenham Trust 1.194,835 {1.194,835) 893 12,964) 8,487 6.416 21,113 14,565) 16.548 3.553 13,553) Donated instruments Rock band project Covid-19 hardship fund Teachers, Pension fijnd 7,539 7.539 8.450 18.450) 1,097 (520) 577 149.068 1149,068) Foe Foundation The Toby Fund Ringfenced 1,653 11,653) 7.304 3.384 7.304 2.031 11.389} 39,925 1,367,487 {1,366,997) 40,415 Total of funds 2,382,602 4.706,440 {4,798,842) 123,650 2,413,850 Page 39
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P42150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Summary of funds Summary of funds - current year Balance at 1 Septernbor 2023 Balance at Gainsl 31 August (Losses} 2024 Transfers inlout Income Expenditure Designated funds General fvnds Restricted funds 168.613 2,204.822 (46,4501 3.318,619 {3.194,7321 122.163 2.277.121 11.0231 (50,5651 40,415 1.248,576 {1,244,2361 1.023 45,778 2,413,850 4.567,195 {4.485,4181 150,5651 2,445,062 Summary of funds - prior year Balance al 1 September 2022 Balance at 31 August 2023 Transfers inlout Gainsl {LossosI Incomo Expondituro Designated funds General funds 155,113 2.187.564 13,500 {13,500) 168.613 2.204.822 3.338.953 {3.431,845) 123.650 Restricted funds 39,925 1.367.487 {1.366.997) 40.415 2,382,602 4.706,440 {4,798,842) 123,650 2.413,850 Analysis of net assets between funds Analysis of net assets between funds- current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 1.546,954 100 1.546,954 100 Current assets 45,778 2,220,855 2,266,633 11.016,4891 {1,016,4891 {12,1361 (12,1361 1340,0001 {340,0001 Creditor5 due within one year Creditors due in more than one year Provisions for liabilrties and charges Total 45,778 2.399,284 2,445,062 Page 40
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P43ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of nei assets between ndS Iconiinued) Analysis of nat assais betwean funds- prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 7,539 1,543,588 100 1.551,127 100 Current assets Creditors due w¢thin one year Creditors due in more than one year Provisions for liabilities and charges 32,876 2.176,364 1985,2991 {21,3181 1340,0001 2.209,240 {985,299) {21,318) {340,000) Total 40,415 2.373,435 2,413,850 23. Rcconciliation of net movernent in fund5 to net cash flow frorn operatIg activities 2024 2023 Nel incomelexpenditure for the perFod {as per Statement of Financial Activities) 11x1,212 1115,752) Adjustments for- Depreciation charges Unrealised gains on investments Interest from investments 68,278 (18,4351 (19,0481 68,740 23,350 11,945) 18,500) 212,820 1221,329) 44,CK)O Gain on disposal of fixed assets Decrease in debtors 109,880 31,190 (69,0001 Decrease in creditors FRS 102 pension adjustment Not cash provided by oparating activitios 203,077 Anatysis of cash and cash equivalents 2024 2023 Cash in hand 1,368,964 1.220,126 Total cash and cash equivalents 1.368,964 1,220,126 Page 41
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P44150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Analysis of changes in net debt Changes in markat valuo and exchange Septomber rate At31 2023 Cash flows movemenis August 2024 Cash at bank and in hand Finance leases Liquid investments 1,220,126 (25,9091 596,959 148,838 9,182 1.368,964 (16,7271 615,394 18,435 1.791,176 158,020 18,435 1.967,631 Capital commitments 2024 2023 Contracted for but not provided in those financial statemonts SoftrNare implementation 18,776 On 5th June 2024, the Company entered into an agreement to engage with a service for software implemenLition for a consideration of £28,318 IVAT inclu5ivel. As of the year ended 31 August 2024. the Company has paid an upfront sum of £9,542, representing 34% of the consideration of the service. Settlement of the balan sum is currently pending fUlment of certain key sofbNare implementation by the SUPler. Page 42
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P45150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Pansion commitmenis The companls employees belong to principal pension schemes: the Teachers, Pension Scheme England and Wales ITPSI for academic and related staff", and the Local Govemment Pension Scheme {LGPSI for non-leaching staff. which is managed by The Royal County of Berkshire Pension Scheme. Both are multi-employer defined benefit schernes. The latest actuarial valuation of the TPS related lo the period ended 31 March 2020 and of the LGPS 31 March 2022. Contributions amunting to £nil were payable lo the schemes at 31 August 202412023.. £57.9121. Teachers. Pension Scheme The Teachers. Pension Scheme ITPSI is a statutory, contributory, defined benefit scheme, governed by the Teachers. Pension Scheme Regulations 2014. Membership is automats'c for full-time teachers in academies. All teachers have the option to opl-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The Trust have been infomied that they are no longer eligible to offer the Teacher's Pension Scheme to their teaching staff and are therefore Gurrenly undergoing Gonsultation with a eW to findtng an altemative provider from May 2025. The Trust were admitted lo the TPS as a grant-mainlained body and as their funding from govemment no longer fully covers the costs of emplowng teachers. they are no longer able to be a participating employer in the Teachers Pension Scheme. Page 43
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P461SO THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Pension commitments (eontinuadl Valuation of the Teachers. Pension Schem• The Govemment Actuary, using nom)al actuarial principles. conducts a fomal actuarial rewew of the TPS in accordance with the Public Service Pensiolls (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applyng a notional investment return based on 1.7% above the rate of CPI. The key elements ofthe valuab.on outcome are.. Employer contribution rates set at 28.68% of pensionable pay linduding a 0.08% administration levy) This is an increase of 50/0 in employer contributions and the cost control result is such that no change in member benefits is needed. total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for Servi lo the effective dale of £262.000 million and notional assets lestimaled future contributions together with the notional investments held at the valuation datel of £222,200 million. giving notional past service deficit of £39.800 million. The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028. The employerfs pension costs paid to TPS in the year amounted to £353k12023= £425kl A pY of the valuation report and supporting documentation is on the Teachers. Pensions website. Under the definttions set out in FRS 102. the TPS is an unfunded multi-employer pension scheme. The company has accounted for its contributions to the scheme as if il were a defined contribution scheme. The company has set out above the information available on the scheme. Local Government Pension Scherne The LGPS is a funded defined benefit pension scheme, wtth the assets held in separate trustee administered funds. The total contribution made for the year ended 31 August 2024 was £260k 12023.. £160kl, of which employer's contributions Ictalled £211k 12023.. £125k) and employees. contributions totalled £49k12023'. £36kl. The agreed contribution rates for fvlure years are 16.5 per cent plus £33,250 for the company and 5.5-12.5 per cent for employees. Principal actuarial assumptions at the Balan sheet dale (expressed as weighted averages).. Al 31 At 31 August August 2024 2023 Discount rate Future salary increases Future pension increases Inflation CPI 5.05 3.85 2.85 2.85 5.30 3.90 2.90 2.90 Page 44
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P47150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Pension commitments (eontinuadl Ai 31 At 31 August August 2024 2023 Years Years Mortality rates lin years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now at 65 for a female aged 45 now 20.7 23.6 23.6 25.0 25.0 The companys share of the assets in the scheme was" Al 31 At 31 August August 2024 2023 Equities Other bonds Property Cash and other liquid assets Infrastructure 2.297,000 473,000 271,000 73,000 395,000 1165,0001 2,055,CW)O 386,CN)O 304,0 24,CKJO 409,CKJO 1149,000) Longevity insuran Total fair value of assets 3,344,000 3,029,000 The actual retum on scheme assets was £209,0 (2023- £19,00011. The amounts recognised in the Statement of Finanal ActiMtie$ are as follows: Movements in the present value of the defined benefit obligation were as follows.. 2024 2023 Opening defined benefit obligation Current service cost 3,369,000 75,000 177,000 141,000 18,0001 (18,0001 1151,0001 50,000 49,000 3,S56,tsJO 156,CKIO 150,CK)O 1815,CK)O) {50,0} 445,0 1113,fy)0) Interest cost Change in finanaal assumptions Change in demographic assumptions Experience lossl{gainl (m defined benefit obligation Benefits paid Past service costs Employee contributions 40,CK)O Closing defined benefrt obligation 3.684,000 3,369,000 Page 45
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P48ffj0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Pension commitments (eontinuadl Movements in the fair value of the compan$ share of scheme assets were as follows- 2024 2023 Opening fair value of scheme assets Interest income 3.029,000 16J,000 46,000 3,113,CNJO 134,CwJO I143,0} I130,0> 13,C#)O) I31,0 40,CN)O 1113,CNJQ) Return on a55et5 less interest Other actuarial gainslllosses} Administrative expenses Contributions by employer Employee Ixjntribulions Benefits paid 13,0001 211,000 49,000 1151,0001 Closing fair value of scheme assets 3,344,000 3,029,CN)O 28. Operating 10aso commFtmonts At 31 August 2024 the company had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 year5 71,106 104,060 53,604 49,463 175,166 lo3,C7 Indernnity insurance Funds of the company amounting to £1.34912023.. £1,414) have been used in the purchase of insurance to protect the company from loss arising out of neglect or defaults of its directors or officers and to indemnty its directors or officers against the consequences of any neglect or defaull on their parL Related party transactions During the year, 5 Trustees 12023.. 5 Trustees) paid £9.636 {2023= £6,553} to the company for music lessons, ensemble and other related activities. These activities are all invoiced at nomal fee tarrff rates and on an arm's length basis. Page 46
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P49150 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 31. Gvarante8s The liability of the company is limited by guarantee. In the event of the company being wound up, each member lor members who have ceased lo be members for less than one yearl, undertakes to contribute to the assets of the company such amount as may be required. not exceeding £1. Post balance shoat events The Trust have been infomied that they are no longer eligible to offer the Teachers, Pension Scheme to their teaching staff and are therefore CUrrenY undergoing consultation with a wew to finding an altemative provider from 1 May 2025. The Twst were admilled to the TPS as a granl-maintained body and as their funding from government no longer fully covers the costs of employing teachers, they are no longer able to be a partiapaling employer in the Teachers. Pension Scheme. Page 47
VrbJJkgunJturvTrarffjxbcn Ref. 9Pvft.NPBG 26 Feb2V25 09..&)..11 GMTIUTC +0) D 114 P }$0 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MUSIC TRUSTI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 33. Principal subsidiaries The followng was a subsidiary undertaking of the company.. Nam8 Company number Regisiered office or principal place of business Principal activity Class of Shares Maestros Enterprises Limited 11609495 Stoneham Court Cockney Sales of 50ftware Ordinary Hill, Tilehurst, Reading. United Kingdom, RG30 4EX Holding Included in consolidation 1% No The finanaal results of the subsidiary for the year were= Nam• Incom• Expendituro ProfiU{Loss) for tha year £ Not Maestros Enterprises Limited 1619) 12451 (8641 {943) Page 48