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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

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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

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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

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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 RegiSte￿d 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. pa￿cUlar￿ 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.
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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.
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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 a￿1 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 COn￿rt 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.
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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-spe￿allS*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.
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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.
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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 FO￿5t 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 enVir￿mental 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. resour￿5
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 t￿Y 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.
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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.
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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 £4,48sk12￿3'. £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 redU￿d 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 ac￿Unts
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.
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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 kn￿edge 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 Be￿shIre Music Trust
staff Association and the Chair of the Young Musi￿￿9 Councal are also invited to attend Board meetings Ithese
reP￿entativeS 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.
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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.
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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
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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 MusI￿anS 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
SUffi￿ent 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 ffinan￿al 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 kno￿edge 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.
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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 I￿ht 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 e￿Or.
In preparing the financial statements, the trustees are responsible for assessing the charitable CoMpan￿S 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.
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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
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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 Finan￿al Activities indudes all gains and losses recognised in the year.
The notes on pages 20 to 48 fom) part of these finan￿al statements.
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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
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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.
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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
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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 lesour￿S Can be Ineasured wiu) suffi￿ent 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
con￿rtS and other fundraising. These monies are accounted for on an accruals basis and matched
with the associated expenditure incuffed.
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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.
EXPe￿￿￿re 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

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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.
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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.
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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 pro￿ty 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.
Cu￿ent 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 o￿lgationS under hire purchase contracts
12,136
21,318
The COmpan￿S 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 re￿iVed 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.
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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.
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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
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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)
Fo￿e
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
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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
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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 operatI￿g 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
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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 fU￿lment of certain key sofbNare implementation by
the SUP￿ler.
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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.
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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
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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 Finan￿al 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
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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,C￿7
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.
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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 CUrren￿Y 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.
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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