THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 OHARITY NUMBER (ENGLAND AND WALESI CHARITY NUMBER (8COTLAND 6C043343 COMPANY NUMBEIt 1x926395 THE A880CIATED BOARD OFThE ROYAL 8CHOOL8 OF MU81C REFERENCE AND ADmINisrRATh￿ INFORMATION PATRON Tr*sty KI￿cha￿•s111 PRESIDEiir M•1* Klry C￿￿•$111 GOVERNING BODY Tory ￿1•4 Ch•lr. CBE Bk Frnnces Andersm M.SocSc (URS), Bk (E¢￿). FRSA Alxlul Bh•rfl OBI FCA Fleet CBE Prof•5wJon•t￿n Fr•wnan.Attwcod CBE BMu4 MPhll,14on RAM, FKC, FRNCM (prIn￿￿L Royal Ac4demy of Prnlessw Undi PIArrlck CBE GRSM, MMu4 PhD. FRAM. FRCK FLCKi FRSi Hon VCM FHEA (Prtnclpal. Rtyal Northem Colleg¢of Muslc) Gwln R•ld ALCK LLCK GMusRNCP4 PPRNCkl FR￿ LVO Robb. FCA PrDfeuorJoffr•yShvkay. MPhll (Cartab) rf* MA (CaAl•b) James Wllll•m& BA (Hons). LVO. FRCM (Dlr•ctor. Rwl Collqo of Mu*) D•mlan WlsnlDwskt F5c (￿). ACGI, BFP. FIJ LRAK Hon FRAM CHIEF EXEcufivE Chrts Cobb 8SG FR5A DEPLifY CHIEF EXECLrrivE Pqnny MI150￿ BA CHIEF OPERATING IJFFICER Hol￿ Cohm•rn BA MBA ACTING CHIEF DIGITALAND INFORMATION OFFICER stew Wlwl•r, Bsc CHIEF PRODucf OFFICER Torn L••. BA CHAIR OFTHE CHIEF EXAMINER GROUP M•p4m Cousln4 MMu4 ARCO CHIEF RNANCIAL OFFICER ChirlDti• Raz2BII, 85¢, MA EcoTh CPFA SECREfARY TO THE GOVERNING BODY R4th•81 C•sstle4 LL8 (Hons) THE ASSOCIATED BOARD OF THE ROYAL 8CHOOL8 OF MUSIC REFERENCE AND ADMINISTRATIVE INFORMATION CHARITY NUMBER ￿NGLAND AND WALES): 292182 CHARrrY NUMBER (SCOTLAND): SC043343 COMPANY NUMBER: 01926395 TRADING NAME: A8RSM REGISTERED AND PRINCIPAL OFFICE. 4 London Wall PI•c4 London, EC2Y SAU TELEPHONE: +44(0) 20 7636 54(K) EMAIL. abr5m￿bISm.1c.uk WEBSITE: www.abrsffLorg ADVISERS: Ext•rnd Audltorn: Crowe UK LLP 55 LudDt• HIIL L￿dOn EC4M 7JW Int•rn•l Audltor& BDO LLP 55 B•ker Stro•L London W7U 7EU B*nk•rn: rclays Bank PLC Level 27 I Churchlll Pla￿ London E14 5HP Santandtt UK PLC 3￿ floor. S•ntander House 100 Lu*t• Hlll, London EC3M 7RE Uoyds Bank PLC 25 Gr•shim Str••i London EC2V 7HN Sollcltorn Firrer & Co 66 Llnco1rf5 Inn Fl•lth, London WC14 3LH Pension Sch•m8 Adrnlnlstrntors: Broadstone Pen51onsind Inv•5tm•nts Limited 100 WOLKI 5tree¢ London EC2V 7AN Penslon Scheme Actuary and Invostmwrt Advlsors: Lan• Clwk & Pe•cock LLP 95 Wl8Th•)r• Strrf London. WIU1DQ Inv•stm•nt Man•8•rs (Prlu Funds): Bla¢kRod¢ Investment Mana8Bment (UK) Limlted 12 Throwiortpn Av•nue, London EC2N 2DL THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MU81C CONTEKf8 OFTHE REPOTh AND ACCOUNT8 P￿• Numbw Govtrnlng R•FXXt (Incorpry￿1￿￿the str￿1￿¢ R•pw stst•m•rtofth• Govemfvry Botyi Re¥thMYollltles Independent Audmorfs Reportto the memb￿ Ind Gobvnorn ofthe Asso¢L•t•d Boird of thq Ru￿1 Schools of Mu5fc 2>26 Con￿lIdated St*tom•rtol Flrwndjl ktmths 27 B•larM Sheets C¢xMlld•tod st￿m￿t01 C•th Fl¢ 3fy63 Py 27- 63 comprlse th flnanclbl statqrn•nts. THE ASSOCIATED BOARD OF THE ROYAL SCHOOL8 OF MUSIC GOVERNING BODY8 REPORT (INCORPORATING THE STRATEQIC REPORT) FOR THE YEAR ENDED 31JANUARY 2025 The member5 ofthe Governir￿ Body (the'Governor5'), are also dlrectors ofthe compary, pre5entthelrannual report (IncorporatlnK the Strategic Rewt) for the year ended 31 Jarnuary 2025, tO8ether wlth the audited financlal statements for tho y•ar In KcOrdan￿ T￿th the Char￿185 Act 1993 •$ •m•nded by the Chrltles Art 2011, They confirm that theso comply wtth th• requlrements of the Companies Art 2006. the Company'5 Memorandum and Articles ofAssociation Jnd Accountlng and Reportln8 by Ch8rltles,' Ststement of Re£ommended Prath appllcable to charftiu pr•parfnzth•lr accwrts In accord*xe wlth th• Flnandil R•pwthig 5t•nthrd Inth• UK and R•publlcof lrnland (FRS 102>. STATUS AND ADMINISTrATION The A5X¥CiBted Bollrd of Rgy41 SdMls of Muslc IABRSM) 1$ 4 Yy15t•r•d tharlty, wmber 292182 (Charlty re8i5tered In Scouand number. SC043343), and a com￿nY Ilmited by 8uarant•8, r•glstsred nLmber 1926395, establlshed by four Royal S￿￿013 of Muslc for the beneflt of music educatlon. The company has rM> share capttal and the Ilability of the mimbw¥ In th •¥ent ofwlndlng up Is Ilmlt•d to £1 p•r rrwnber. The m•mberJare th• Royal College of Muslo the Royal Academy of Muslo the frustees of the Royal North•m Collqe ol fvIu5ic Endowrrnnt Fund and th8 Trustees ofthe knyal Cc4)servatolr• of Scotland Trust. The ch•rfty h•$ J tholly Dwned subsldlary company. Th• Assoclatad 8oord of the R￿1 ScPthls Of Mud¢ (l>ublishing) Limited (ABRSM Publlshlng). the resu￿5 of whith ar8 ￿￿olIdated in these fl￿ncl￿1 statwn•nt& QOVERNINQ BODY, CHIEF EXECLrnVE AND MANAQEMENT 6TrUCTURE For the purposes ofthe Comp3nle5 Art 2006 the Governors are the directors of ABRSM. Thty •re also the ¢h4rlty tnjstees under the Charttles Art 2011. Th Governlng Body15 constituted under the Articks of As3￿JatIOn of the company*s drawn up In19854nd amendodon26July2011. The amqndmbnt illiMforthr•eaddrllo￿l Indynd•nt mombernto loln the Gt>v•rnlrra Body. Mèmber5hlp of the Governlng Body Con￿sts of hvo person5 appolnted by •ach ofthe Royal Academyof MusiG the Royal Collw of Mu$l& th• Roy•l Northwn Colle8e ol Mullc Endowment Fund ond the Ro￿1 Cons•rvitolr• ol Scotland Trust trqether wlththrnfj Ir*Ind￿t Gtyffinor51 ind a Chalrman who Isappolnled bythe memb•rs. Nominati￿¥ for n•w Gowrntys are consldered by the Nomlnatlons Committ•e. In the ￿ of Indep￿dert GoverncY& th• Nomlnatlons Commlttee follows thn OPEn r•cruSbnent prC￿$ •nd recommends pr•f•rred ndidatestothe Governlng Body. New Governors follow a pro8ramrne of inductlon Involvtry¥ briefings on ABRSM'5 strategyi dsk& govemance and trustee dutles and future plans. New GovÉrnc*s meet other Govern(Ys th Chief E¥•cutl%• Ind ￿nIOr staff to leam about thelr ar￿$ of work Thu• ma•tln8s •r? ts11￿e￿ to tP• r*•ds of each Governor dependlng on th¢lr background. experl•nce and expert15e. The Gov8rn0ts In office from 1 February 2024 to tho date ofthl$ report are Ilsted belowind, where 4pplic4ble. tholr altsmate dlr•ctors I'Allemths?. Govemor3 Tony Hales CBE, Chalr Frances Anderson Abdul Bhanll OBEI Professor Jonathan Fr¢wnan-Attwo)d CBE Nicola Irvlne (resl8ned14 March 2024) L•s119 Kw•n (r•s[w￿d 9 AuDtyt 2024) Professor Colln Lawson CBE (rwlgned I septem￿ 2024) James Wllllams (appolnted I September2024) Prof•ssor Llnda M•rrl¢k CBE Alternrt•J Karen DI Lorenxo Kevtn Pcrt•r Geory W￿11￿ fra51￿ed1 March 2024) Deb¢Yah Harry (appolnted14 March 2024) Gavin Rald (appolnted14 March 2024) Georglna Robb (appolnted 25 5•ptember2024) Profe550r Jaffroy 5h4rk•y Bronwyn Syiekl Baroness Fléet CBE D•mlan Wlsnlawth. Deputy Chalr IFrances Anderson, Abdul Bhan'i Bro n S lekare Indooendent Govemors THE A￿)CIATED BOARD OFTHE ROYAL 8CHOOL8 OF MU81C GOVERNINQ BODYS REPOFU ONCORPORATINQ TrIE 6TRATEQIC REPORT) {coKriNUED> FOR THE YEAR ENDED 31JANUARY 2025 ¢X>VERNhYQ BODY. CHIEF EXECIrnVE AMD MANAQEMEKf STRUCTURE (¢ontlrN•d) Altern￿•$ arn appdntsd by th• G0￿MOr ft*whom th•y Kt Th•y •r• •ntttl•d to att￿d. vot• ind 8•n•rnlly•ct on bohalF of th• appolntlni Govemor It Bny Govqmlng Body mq•tlnz whr• that Gwnor ￿ not pruent. Alt•rnths •r• offlcers ol ABR5M. r•ther than iynts of •ppointifY4 GoverrKn. ire ther•for• subi•ct to ill tern15 and condltlon& other thon renWner•tIo￿ &Xl•tI￿ wth r•l•Mc•to oth•r Gov•rnors FINnc• & Busln•M Dw•lDpThnt CmmKt•• M•mbv• mlan w1sn1￿1k1. Chalr TIM Barton Tory Hales CBE th•1 Hirrfs Karen DI Loreruo Br¢Jnwyn 5ylek Alldlt & RIAk Commltt•• M•mb•rn Abdul B￿nI1 OB£ Chlr Frinc•s Andffson p*L￿h H4fry in 5mlth TMY H•fes CBE (*tt¢nth) mU￿r Educitlon Advlsory Comrnltt•• 550rJeffr¢y Shark•y. Chalr Nata$ha b•ldwln Carolyn Bax•ndJle Cummlr Bary F•rrlrnond Mlrnnda Frincls Romun•rnllon Commlttm M•mb•ri Bronwm SyleK Chllr Baron¢u Fl¢¢tCBE ProfesgorJt)nrtPwn Fr¢em•trAtth•od CBE Hales CBE Nomlnllloni Commltt•• Tony HI1￿ CBI Ch• Abdul B￿nI1 OBE James ￿lI￿rn$ Professor Lknda M•rrk* CBE an Gl•Jv• Paul Harrls John Hutchl Gabriel L•• Orth Robinwn Jlmmy Roth•rhm BronwsTr Syiak Aled Tudor Mltt Wlnfj•Fd Ethlu Commltt•• FrnrKes Andergon Abdul Bha K•y M•n•ym•nt P•l￿nMI The Govtmors dele8•ts th• dty-to4y min•sThnt ofA8RSMtothe ChlofExecutlN&NI thr(wh hlmto hlstum of *nlor executl¥e stall, WI￿ Col￿r￿ th• k•y mJrwBwn•nt p•rwnnd.' Chrfs Cobb. Chlef Executt¥e P￿nY Mllsom. Deputy Chlèf Exearf¥• H¢len CDlemarn Chlef OpEratlng Offl Mwvyn Cousln4 Chilr ol Chlef knmln¢r GNp J•m85 HallivnlL Chlef Dlgltsl Offlcer (rul￿￿ 31#J•nuwy2025) St•vo Wheeler, Actlrw Chlef DI￿1 Ind Infomwtlon offi￿r C•ppolnt•d 31*j￿U￿y 2025) Tom LN Chhf PriKluct Officer Qulnn. Finance Dlrector (resI￿ad12th Aprfl 2024) Charlotte RazMII. Chl•f Finnnclal Offlcor (•ppoknted 6th Auwst 2024> D•clslon M•kl Prop05a15 IDr developlng ABRSM'S vmk •redlwJJMd •nd r•ftThJd bythls srthlorteam. Whwt •prnlth thffy miy be rnviewod by OM Of the 5peciillst comrnthes ol the G0￿mIn8 Body, set tyjt bilow. Any proposals th•t h fln•ncial implication are we5Urted bythe Chlel Emecutlvetothe Flmnce & Buslne55 DeY•lopm•rtCommWwhlch r8vlews thB Impuct ol 1115uch propoMIs on the budget 4nd long-tgrm hl8h-l•Y•l planforthe charlty. Dependlrq on the value ol thB prop05•1 ￿ miy iddttlonalty proreed to the G¢)Yttnlng Bodyfor flnjl ipproval. THEASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC (3OVERNINQ BODYS REpoKf (INCORPORATINQ THE STRATEQIC REPO {co￿nNuED) FOR THE YEAR ENDED 81 JANUARY2025 QOVERNINQ BODY. CHIEF EXEC(rnVE AND MANAQEMEKf STrUCTURE (¢xxftlnu•d) All asF•cls of ABRSM'S work in support of its charitable objectlv8s ar• brought together In a Corporat• Plan whlch. together with linancial prolactlons (comprlsin¥ budsaty forecasts and hlgh-l•vd plarb), is monittyed by the Senlor Management Team and cowld•red by FlnJnc• & Bu￿nI￿ D•v•lopTrent COMMItt￿ and then the Governlng Body. The Corpty*e Plan sets out the strateg1¢ dlrecllon for ABRSM In the medhjm term Is then communlcated to all staff. The Flnonce & BUSIne￿ Development Commltt•È holds rnanwm￿t to accwnt for the flnanclal performince of ABRSM and oversee5 the develDpment of th? bu5inp55. It meet5 four Ilme5 a year and monitor5 the flnances of ABRSM on behaw of the Governing Body. It exerc15E5 overslght of the fvndini Strate￿ and related policies The Commthe wlll evaluate bu5ine55 case5 for ImiB5tment and monltor th?Ir bEnEfit5 and r¢turn on inv•¥tmqrrt, The Finance & Busine55 Developrnent Committee comprbe5 UP to six mwnbers.. The Chalr shall be an A8RSM Govemw,. ￿e iTrlependent GvRrnor.' upto tsyo rnember5 Co-opted ty the membEr5 01 the c￿MIttee wlth relevant 5klll$ and ￿peri¢l￿ to supwt the ABRSM strategy; and two Royal Schools of Mulic Dlrector$ of R￿n¢ The Audlt & Rlsk C¢xnmltl•e oversees rfsk rnan4￿ent on behalf of the Governlng Body and meets three tlme5 year. It provkles a$s￿rKe tt1th8 Govemlng Bodyon theeffKtlvenessof rlskmanagemeni cth)trols and8OVBmance arr•ns•mints, It also m••t5 wlth both th• •xt•rnil Jffld Internal audltw4 to dLKuK th• flndlnus Ind recommendatlons from t￿￿￿[* reports The Audrt & Rt5k Commlttee comprlse5 four m•bYkne￿ two Independent Governor5 and two Dlrectors of Flnance from two of th• Royal Schools ol Muslc. The Atyjlt & lknsk Commtha requlres that at Iqast on• membershoukl have r•c•nt audlt and/or flnan¢lal account1￿ •xwlenc•. ABRSM procur•s kknmal aud6t from BDO LLP. BDO dellvws s•l•¢t aud￿$ d￿ned by mpna¥ement. An annual audit plan is Informed by an analysls ol rlsks to wthlth ABRSM 1$ expo*4. The Audit & ￿sk Commithe appr¢¥ves the Internal audlt plan. BDO LLP submlt r•8ular reports to th• Audlt & Rtsk Commthe on I￿Alts conducted, risks Idertthed •rAI manaDment's response to th•lr flndlrN as well as their independent oplnion on intemal control. The Nornlnatlon5 Commlttw 1$ r•spMslble for 8•lectlng and recommendlng new appolnlrnents to the Gmrnlng Body. The Muxlc Educ*lon Advlsory Commlttee Is an advlsory body whlch supports th Senlor M•naKement T•irn and Governi￿ Body to assure the muslcal Intwlty. qUal￿Y and relevance of ABRSM'S offer in the context (* cortemporary8lobAI landseape. Th• R•munerntlon Commlttse 19 responslble for det•rM1nl￿ and ImplementlnK the remtheratloh pollcy of th• senlor personnel. In doin8 so It conslders remuneratlon trends xross comparable in5titutlons as well as performanc& The remunerètion of theseniorexecLrtive staff Is detsmiined throu8h the completlon ol pertorm•n r•ltt•d luessm￿ts In I[￿ wllh ¢omp4ny pollcy. Th¢ I￿1 1$ dthrmlned by eValu￿n9 • tomblnatlon of performance and m•rket rat& The Ethla Commltt¢¢ 1$ In ￿viSOry body which supports thè Senior Mana8ement Team Ind Govern1￿ Body to ¢onsld•r the lpplkadon of ethlul prlnclplegto ABRSM'$ decT4ong and actloni. ABRSM'S governan¢e is strucbjred around its Articles of Association and 8uided by the ￿nCIpleS of tho Charfty Governin￿ Code. Th¢ G+)v•mlw Body ind commltte•s rthl•wth¢lrpr•¢tlca$ •qalnst the prfn¢lpl•stO •Mur• h￿h 51andirds 018ovwnince.' P•y 3 ThE A880CIATED BOARD OF THE ROYAL SCHOOLS OF MU81C GOVERNINQ BODY8 REpoKf ONCORPORATINQ THE STRATEGIC REPORT) ICONTINUED) FOR THE YEAR ENDED 31JANUARY2025 QOVERNOR4 CHIEF EXEcufivE AM> MANAQEMEKf 8ThUCTURE {oontlN Go¥•rnors' and Offic•rf Liiblllty Gowmor5' Illbility is Indudod in the cornb1n￿ bJslnes5 Ir￿uranCe pollcy •nd h purd¥u•J by aultr￿ contaIr￿d wlthln the Memornndum and ArUd•$ of Assoclatlory as pwmltted by Se¢tlon 232<2) of th Companlos Act 2006 andwlthth• •w•wn•rt Oft￿ Chvtty Commlsslon.Thetot•l cost ofG0Wno￿and OIAcers' Nabllmy Insurnnu wa5 £406 (2024. £403), CHARrrABLE OWECTIVE8 ABRSM h•¥ thB followlngalms ar#1 obJxll¥w s•t tyjt Memorandum •nd Artfd•s ol Asf¢xlaUon: to •dAnce the scfenc• WKI *H15 of musk Speech and dram• the UK Ind o¥ernea4 ts kY¢xnot• the ￿l￿allOn ind lrn and the study •MI apwedttlon of musl sp••th and drarn•. Dud￿2021, ABRSM d￿¢10￿d and Implemented 15**reooorat•strat•8y centr•d artyJrMI ow mlsston to •Mkh IIV•sbyln￿1r{n1 mu$lcJl achle¥ementartyJndthe world Afocu50n the noedsofourcustuThm b ￿thE corn ofthls strtB8y, *thkh15 •150 8ulded by Ih key themeL' ed￿tIO￿l •xcell•nw collaboratlorn IvadeT3hip and •dvocy, u•lity, dlverilty irKI Incluslorn and gjstaknablllty. Durlni 2023. ABRSM •volyod (￿r brind and estd>ll¥hEd an upd•ted mhslon.. W• brln¥th•Joy ol mwk to Ilvu e￿wh￿l by InspirirY& racwlslrq ind suppwtlng the glo￿1 ffW51cd CDYnrn￿1ty. Thls •¥olutlon dld not rathCa1￿ ch•ny ￿rth•M•S or 2024wq cununued V•ly••nd xpport ¢JurlwfflerJ•TrJ tudws 88 in innDVator In mu51c t¢•chln& l•Jmln8 and a5s•ssmert Support ind promots musk educ)Ilon*￿uY By14nu•ry 2026 VM wlli hve yown: Th number ol la•rners enyllrq wlth u5 Our ch•dtsbl• doniUon5 The braadth ofour•cllv[tl￿ )xlthlwthw *Trph￿s on d•monstratkn¥that Imp•ctthrwhtyJtthe y￿r The follo*ln8 rwt exPhI￿ In more detail how our 04•CtI¥￿ aro J¢hle¥ed. Qur mln mt1wreTh￿S of suc ¢onUnuetobethe level of tsndldite numbersand tUrn0¥•r.￿s￿ersI￿5l4C￿0n. the delhEry of ky t•ri•tslorthe liurth of products *nd servke4 dlwally and In per%>n. ABRSM also ￿kS to pwres51¥ely rfjd￿ rts Ufbon footyrfrL THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC QOVERNINQ BODYS REPORT ONCORPORATINQ THE STRATEGIC REPORT) (CONTINUED) FOR THEYEAR ENDED 31JANUARY2025 STrATEGIC REPORT PRINCIPAL AUllVITIES In alll•n¢¢wlth I￿r Royll Schools of Mulc, we cany on a lon¥ le8icy of mu51ul •xu11•n￿ Morethan in •w4rdl organis4￿On. we support learn•rs the first note thBy play arKI •mpDWV t•Jchers who holp bulld musk41 skllls and encolnge pr¢)8ress ar￿nd the woAd. We contlNeto ddfverourstratesygulded by thethree plllar5 of our buslness whlch underpln our wrpose. to Insplre love ol muslc ar•J ourvision of a worfd that •mbraces a lif• of muslc maklng. l. Muslc Maklng- Be Insplr•d We Insplre and celebrate mu51c miklng Jnd pqrfomianc• In our core rol• 8$ a musk edK•tlon charlty. eFthcir¥ nw5kal dlverslty and cr•ativity asw• h•lp wrture fu￿re yneratlons of rnu*l4n5. 2. Teachln8and Learn[r￿- Be support•d Wesupport mu51CteaC￿r5 and leamer5 andvalue thelrongolng leamI￿and de¥eli¥)ThAnL Wear• introduckng new courses and resources to support excellence In musl¢ leachln& 3. Quallflcathjns arHI Ass055ments- Bo recogn15ed Wo continue to grow our portfollo of quallflcatlons to recwise i wide rangfj of musical achlev•mon¢ qrrkn•cl￿ Inu•U1n8￿d1¥•r￿ ¥•nr•¥ actmtlos and l••mlrq sottlry. rfng the last fw y•ar4 our corpNate str•iw has remalned focused on supportln¥ teach?￿ and improviryservices for customers and expandlng the dlversityof the M￿lc￿e offer. Sustslnability a150 continuasto b• an lrnportant w]th our O￿oIng0b1¢etl¥Q to reduce Lwjr carbon ¢ml$8loMln Iln•vAth the Paris ABreem8nt. Thè GO4vn0￿ belièva that th•se Jctlvltles contlnue to ABRSM'S rtharltable ObleC￿ both In thq y•ar LfKler revlew and Into ￿ lutu ABRSM'S subsidiary* Th• A5￿>clat8￿ Board of the Royal Schools of mU￿C (PU￿1$h7n8) iirrthd, Is engaged in th• prodvctlon and s￿0 ol muslc publlcatlons recordings and d*ltal resources In support of thE charltsble activitle5 of ABRSM, both of•xwn rel•t•d publIcatl￿ and wld•r rnpertolrè musk ￿dtlXIbUDkS supportlnx muslc •thcaUon. ACHIEVEMENT8 AND PERFORMANCE Expandlng and •rthanclng th• way• w• wjpport ar￿ g••￿ rrw•kal progr•••lon We rontinuad tolocu5 Qn th¥ cor¥ athlty of ABRSM, deli￿rIng musk ex¥m$ of • ¢on$lst•nUy hl8h quallty both In tho UK Int•rMtk*nallyi while Jlso dBvelopln¥ our offer of iltem•tlv• ind n•w form•t onlln• •xaminatlons •pproved by Ofqual to meEt our leBrner5' nEed5 both In the UK and Intsmatiwlly, Thw• were 459.000 (2024. 469.OCQ) ABRSM assessments In 202*25. a d•cr•ts• ol 2.1% on thE wioryear, Now Perforrnan¢• Dtploma5 LRSM arwj FRSM were 5uccqsslully Introduced in Aprll 2024,folowed dosaly bythe new Teathlng Dlpbma5 in November 2024. Flnal results were Issued for the FRSMS from our pr￿[DuS sult• of Iplgmas In Decemhr 202*K Jazz Performance Grade51-S were succ¢ssfvlly lawKh•d In January 2024 for Pilrn, Flute, Clarhrt Saxophone, Trumpqt •nd Trombon• Ind w• a150 liunch•d Drumklt P•rformnc• Grthi M05t of ABRSM'squaiificatluns areformally recogn15ed bythe UKqualific*ions re8wlator&' in England bythe Office of qualTficatlons and Examln•tlons RewlitlDn (Ofqual); in Wales by ¢)4lrfl¢¥tlons Walw Ind In Northern Irfjland by Coun¢ll IDr th• Currlculum, Examinatlon5 and A55e55ment ICCEA Regulatlon). All ow re8ulated qualwlcati are Ilsted on Ofqual's Re¥i5ter ol QualificatiDll5. The Goveming Body is respmslble for overseelro ABRSM'S compliance wlth the conditions of recwrfolutl¢Jn wisc¢Jmpkted In A￿u$l 2024, All custofflers rxelve theirdryllal c•rtificat•S at t￿￿me tlr lrnpKth• ofthelr locatloN ¥hlch dlrrfvy •ddr•MM dlstrllxrtlon 2024 our pr(l¢ct m•wm•nt •nd dell¥ery foc￿ tawn succ•Mfully d¢llbwed a rnn8• of Ind pportlry actlYAd•& The strats￿c thy d•ll￿d Included Dlplom•i In PqrfomMnc• and T••chln& 0￿1 rolloul of our DI￿11 cwufiutss, solutlm an ¢xtornal qunllty usurnnce wrtmrshlp Play Vlrhmo Ind an Improv•d Th•ory on D•mand us•r Tlw teJm's vmrk to ¥wlny of drcj &OOO hows of mon￿1 operntlfyvl ts$k¥ •rKI a 30% Incr•u• In spoclfic ¢)JstMi•r expwl•nc• knpro¥•ments. pportlr¥ and rnoognl•lr4 •xo•ll•no• In nKwlo t•ooN ABRSM suppryts tuchrs worldwldo by dev•bplry prlnt•d and d￿1￿1 reK*urc•s thlt ￿Mp￿T￿￿ ow exam foujtsed boDh. r•cDrdln¥s ipp3 and ￿d004 and thro￿1 i rnn8e of onllne Ind events Ind q￿lItICatIo P•8• 6 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC GOVERNING BODYS REPORT IINCORPORATINQ THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31JANUARY2025 ACHIEVEMEKf8 AND PERFORMANCE (oont1rn￿d) Supportlng and r•oogni•lng •xco11onc• In mu•lc t•achlng loorfclnu•d) ABRSM'S Teicher Hub conlinued to be succe$sfuL with a rnlaunch durir4 th• ye•r, The relaunth Introduced a perso￿l￿ed d8sP&o•rd, expanded rey>urce$, updates ind i Athes of wthlniri whlth hlve drfven plltlomi growth by over 2&000 new users. Key hlghli8hts Included 1.159 ccfft enrolment4' 37 free resour￿ 8 weblnars and 92 presentstions delivered to teachers globally and In the UL We ljynched Te•thlng Dlplomis In January 2024fortlrst JSW5rnentln O¢tob¢r2024,' thu• IncIL￿d a b￿nd new AR5M Level 4 as J fully access[b￿ quallflcallon, A key ¢hJrarterlstk of these qu•lWlcatlon$15 that they are Instrument agno5ttG The wnknsls Is now on Muslc T•athln& and [￿t IrstwmentsV¥ocal, whlth wlden5 th•lr JppeJl c¢Jnsldernbly. pport for1oamor8 of mu?Ic & produot d•v•lopment 2024 was the first fvll year of our new approach to Product man•￿ent wlth • r¥rth•d focu$ on •nbeddlr4 ¢wtomerY•T ss Appl• and Googl• storns Includln8 Plino Prttdc• P4rtnersyIla￿￿ r•fresh as p•rt of Piar￿2025 and th ￿￿￿Ch af DJ Quillflcatlorra - a n•w d•pgrtuM lrto ¢ontompurJry g•nres for ABRSK In collaboratton wlth PlayVtrtUOs0. av•llablo vfa Spotffy •nd assessed vt• EQ Audl•rK* d•v•lopm•nt Includlng brond. •ryg•m•rt arKI advooqoy Th15 y•ar. Busln•ss D•velopm6Trt conttrwjed to dd¥• growth tI￿Sh Str￿41C int•m￿lon1l and oxpin51on. W• h￿• stren8thened Durglobal presenca by att1ndl￿ key Intsm•tioMI scho￿ confer•nc4 Includ Tho Mwlc and Drama and Music Mirk In th• UK a5 w•ll as FOBISl*K COBI& YMOG intwnatlon•lly. P•y 8 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC GOVERNING BODYS REPOF¥f ONCORPORATINQ THE 8TRATEQIC REPORT) (co￿nNUED) FOR TrIEYEAR ENDED 31 JANUARY 2025 ACHIEVEMEMf8 AND PERFORMANCE (Oontlrwd) Audl•ne• d•v•lopmort Inoludlrva bran4 •ngag•m•nt and odvoca¢y (eontlnu•d) Addltlpn•lly, wo h•v• •xpand•d ourteam ofover8usconsultnn￿ with four nowsupportingoureffortsln Southeast Asl4 •nd on• d¢dlutsd to Intematlonal xhool$8lobilly, W•also successfully launched and rnn a pl•no competltlon In Chlnl further strengthenlng our presence in the rewDn and en￿￿n¥ with a wld•r communlty of aspiring muslclans Thls Irowth en•bles US to provide tailored 5UllJOrt to schooli teachers, and candldate5 across the rn8lons In whlch we operat4 mlnfordngourcomrn￿rnant to •xcellerK• In muslc •duUt1￿ worldwld¢. ABRSM'S website relBunched In October 2023 ar￿ In 2024 Vanuaryto January) tt attracted 12.5 mllllon vlew4 an Sncreaseof 77% Dn the pro￿5 yearind 5.6m tot•1 usw4 an incr•as•of156% on 2023. The $its currqntlyfeatures mlnimil locilis8d content for •vory country Sn wthlch w• oporate and responds •utomatlcally to e4¢h vlsltor's IDcatlon in orderto wovlde local exam entry, contact and event information. In 202*5followin8 development work w• planto further enh4nc• thls localiution w￿h mom cont•rt both translatsd and localis￿. Our dlglt•l footprkrt In¢re•sed a¢ross our soclal dwnneL% last year wlth 6.9m vlaws on our YouTube chanMI F•¢èbook followers Incrnasin8 to 158.81A Insta8ram to 33A28 and TlkTok followers to 1758. Oui reach on these th•nn•lsfar axc*l•d ourfolbw•rs wlth at leist one IG pu5t eKe8d1￿2M vl0￿ Our em•ll enKaymemtGontknues to b• Wond Industy benchmarks vlth •n av8ra8• 52% opan rat• ind 2.90% crK12% ofour ditabase eorrtac •re OP￿ In to rKdve markAtlniand we cwrently have 3 •JtomatlonJt)umeys Ilv•. As w• contlnued the loum6y of br1￿1￿ our br•nd to Ilf• TMI knunch•d St•rt a po&asi tsaturf￿ 4 r•n88 01 expert guests discussing a wtd8 varlaty of muslcal hostad by our Art15tk Director, Alex15 Frwch. We a150 launched ABRSM Sts8e. a Yr 5erie5 of pthrmarKe vtd•os featuringa ran¥8 of muslcal styles and performances. We also hostsd our flrst amual symp051um. Mu¥k th rhjth of our Nve& a panel debate featurlng Professor lan Cross. Dr Hannah Crltchlow and Dr Tara Venkat*n to an invited audience at the Royal Inst￿UtIon In LondorL The nel $￿t9 explore the myrlad c￿lt￿e4nd physioloocal ber*llts OF listenln¥to or playing muslcand was part of our Idvocacy work In 2024 ThlA event Mt akn8sld• other comrn1551on•d artlcles IncludinB RoBer Kn••bon• (Profes50r of 5urgtcal Etlucatlon and Engagement Sclence at Imperfal Colle8e London on crnatlmty), MkhelleJame5 and Barry Fairimond-Chuon& Co-chalrs ofthe MusSc Educatlon Coun¢ll,•xplorin8the role ofAJ In pramollngequty, dlvorslty and Inclu￿on In muslc education. and H#t¢r Cockcrofi Chl•l Ex¢¢utF¥e of Youni Soundy UK on pro8r•ss and pro8ression in muslc arxl why It's so Important W¢ have contlnued to play our pirt In adwratlnslorthe place and purp05e of musl¢ educatlon, We dothls thr¢xwh member5hlp of varlou5 forum4 throu8h thou8ht leader5hlp pl?ces ond through dellverlng keynote presentations ourKI the WDrld. In 2024-25, much ol th15 work wa5 undwpinned by ABRSM'S MI￿n£ Music research. Chartin¥ tr•nds In teachln8 and learnin& thi5 project has a thirty-year history and as such prt)vide5 Incr*libly USE￿1 lon¥ltudlNI d•te to tha 50Ctor. This r•5urch wlll •xt•nd In 202>26 to tsk• In kly Int•rnatlonal mark•ts glvln8 us the OPPDrtunity to Interrogate both c0Thwnonall￿•S and dllF•renc&5 In how progrèsslon In rNsk Is approac around the world. Following the crethn of an En8a8ernEntTeam tD I￿lId on and drlve forward our phllanthropk worl we have gI￿n new to our 5trate8lc partnershlp4 dev•lopment programmes for n•xt 8eneratlon musidan4 r￿earch ojects and advocacy for rnuslc educatlon globally. Partnor•hlp•, spon8orthlp and donatlon• for th• b•n•fft of wlo oth¢rtlon ABRSM has undertaken a range of activities and supportforthe benefft of music education. wIthfund1￿ omourtlng to É379,000 In th•>wrto 31 Januory 2025 (2024, É291.000). Thli Ibxludes: Portnor•hlp• In 2024 w• estsblished several new 51rnte8lc wrtnirships in th• UK ind k•y Interna￿onal rwMs. A new p•rtnerghlp ￿th Mu$lc ftt Youth In support of Ilve perform*nce opportunltle5 for young people acrosstha UK THE A880CIATED BOARD OFThE ROYAL 8CHOOL8 OF MUSIC QOVERNING BODY8 REPORT ¢INCORPORATINQ THE PJTrATEGIC REPORT) (coKriNUED) FOR THEYEAR ENDED 31JANUARY2025 ACHIEVEMEKf8 AND PERFORMANCE (oorrtlrnmd) P¢atr•thlp•, •pon•orthlp• and donqtlon• fw th• b•n•fft of nw•la •&Katlon (e4Xbtlr￿•dj ¢ulmlnthd kn tho Muslc for y￿rth Proms In Noveffkn•r. T*hlch I•￿Ur1d mor• thjn 1000 yourq mugldMs p¢rfwmlr4 * new lec• by Cassle Ktnothl that we co-commissKxwAI al¢ryid• tho BBC, Muslc for Youth •rKI tP* Roy•l Albert Hill. In W•l•s our pJrtn•vJhlp wlth Natlonil Youth Arts W4105 SUPP(yt￿ muslc •dwatkn •nd the l¢nt plpellneicrwthE county. And In Scotland ournew partnership wilh StAMPswth• launthofa newcr¢•tlve ompp¥ldon project In Kh0￿$ l•d by SCotlan&￿￿d compow4 holixry to sur4>Nt t•ath•rs In scPthls *¢r s￿11nd toewg¢ wlth comp051tlon. W• •lw e¥tsb115hwl k•y pJrtMThhlw •ro￿d the world to stroll4th￿ ABRSM'X rol• •1 • 8lob•l leader In Mu￿¢ educ•tlM. Our pwtnershlp wfth Muslc Chlldren Foundation ￿pport•d youn8 Mu￿¢1•n$ from ltr*lnctyn• backgrwrKl$ln Hong KO￿t0 icces5 hlsh qu•llty muslc educ•tlon*nd exper1￿¢¢1. our p•rtnwshipwrth Hong Kong Vlrtuox> Chorus sUPPOrt•d thelr wlth thoumnds of youngmudcl•n$ icr(w thitfjrrlt￿, Indudlry UKlr ￿n￿l Hong Korry Intw-school Chor•1 Festlyal. one of th¢ l*r8Ut ¢holr ￿$t￿lS In Asla. And In mala￿1¥ ow rtnershlp wlth Young Chor•1 Academy supported their l•rgtrx•le Mlknyslan Chrnl Elst￿ wlth mor• thin 4000 partKipAnts from 164 l¢MI and Int•rn•Oonal cholrg taklryq p•rt. W• wer• d•llKht•dto pkny J k•y rol• In smrnl Ilts-profil• ev¢nts durf￿the y••r. Indudlrq as Prtr￿1￿1 5uppwt•T for Claslicalty Blici • c•l•br•tk)n of Black nwslclans •nd musk ¢ur*ttd Ind host¢d by vur partners Black Livm In Muslc*Kirf5PIK• In Londtyk Aspartofourcollaboratl¢K w¢¢ommlMlorKd • newpoK•ofTh￿th byJ•sonY•rd whlch p•rforni•d on th• d•y by a bespDkn ensernble of muskl4ns the l¢xil W• al80 contIn￿d to pport th• VA>Tk ol th• Royal Phllhrmonlc Soclety •nd Ivurs Audwny In thimplonlrq compusers Ind now In¢luthry¥throuth th• •nrrtMI RPSAvArds and I￿15 CliMk41 Aw•ri Wlth our compow mentorfn8 wogrlmmi Wrfthq formwk n￿¥ flrmly •5tabllsh•d wlthln the UK laurthed th proyrnmme In South¢•st A$14 tofiJrther•xp•rKI oursupport for early careor compoJerJ Interethd 1ncomposln8muslcfor¢dLK•tlon•l sottlry. W•delfver•d a twTrd•ywor*shop atRondoFestin Mjlaysl Idlo*ryd tya sIx￿￿nth pra8ramme of onllno Msslons ind mentorkng for eitht comp(urs bas•d acrossA￿. FOllO￿n8th6 l•unth of tyjr Inau8uril Y*)uth Ad￿Stsry Board th• pr•¥lous year, 2024saw th8 succ•55ful c¢ynpletlon of Its flrst academleyear and recrultmentof tyjrseeond cohort ofyoungmuslclans ased bel￿ Ioand 25. Av•ll•ble to r*oTrUK oryanlsltlons and prolerts ind minwd ￿ our yrtnws The Commonvmlth R•50unds. our •y On fvnd supported e18ht uryanisatlon5 and thBlr prole¢ts In 2024, Includlrw a compothlon summar sthoDI In the C•rthar4 • MU￿¢thI￿PY In fwknli •nd 4 mirlnth Pr0￿mme1n SouthAffic•. Imryothws. Oth•r aotmtl ABRSM 5UPPOrts a rnwoforyan1satlonslnt•rnit￿￿l1y￿nd wlthintho UL Orhi r•clplfmt Up Musk- wPM• mIs￿On Is to OP￿ up muslc to YOU￿ dlmblqd mu5iaans. T1￿Y note that Yh• imp•ct of IABRSM's] support has b•w tremer•Jov5. Toyth•r, we have crethd • mor• •qultabl• and xcoulbl• sp•c• for youn8 dlsabled mu$klw tothrlv• •nd pursu• thelrp•ulon.' i￿1 •Mm d15count sth•me. mir* M￿k Miri contlnu•s to 8aln trJctlon •Mo￿thI UKS netvth of musk s•rvlcw JrKI hub4 follovAng a successful t￿r pllot W• contlnue to pmmots th• $ch•me and explore to Improve tts admlnlstratlon as we looktc reach mv¢ p¢oplef•c1￿ flNrKlal barrlersto pro8ressioft In rnU￿ P•so 10 THE ASSOCIATED BOARD OF TrE ROYAL SCKIOLS OF MUSIC QOVERNINQ BODYS REPORT (INCORPORATIN¢3 THE STRATEQIC REPORn (coKnNUED) FOR THE YEAR ENDED 31JANUARY2025 ACHIEVEMENTS AND PERFORMANCE (oorrtlrNJ•d) pportlng n•w s•n•rqtlon• of mu•ldon• In all10r￿• wlth our t￿r Royal SthoolB of Mu•lo Durlng the y•ar ABRSM made dlstrlLwJtlon$ to tho I￿r Roy*l Seh¢)ols of Mu¥l4 totalllni £4m. (￿r dlstrfbutlons suppurtthe Royal Schools in offerlngthelr own unlque progrnmmes to lsplrlng wofeMion81 mu51clBns ofth•firtw4 helpin8tO Sustain on internatlonal muslcal communmy. Our prosramme of valuable scholJrshlps Is Jn Imp¢Ytantel¢ment In lulfllllng our mission to enrlch liv•s by Insplrkng muslcal achlevement ABRSM Malntsr￿d schoi)rshlps for UK-bas¢d and Internatlonil students of thè Royal Acaderny of Mu¥l4the Royal Collese of Musi4th• Royal Northern Coll¢¥e of mU￿C ind the Royal C(rnrvatdre of Scotlar￿, and alsoat th• Royil Welsh College of Mvslc and Dram• and the Hong Kong Academy of Parfomiln8Arts. A total of 82 (202&. 87) scholèrs beneffted from ABRSM fundlng durfn8the year. An ABRSM scholarshlp Is an award that Is valued hlthly and Is sIgnlflc￿t In nurturln8 newyneratlons of tslented muslclan& Scholarshlps aw•rded totslled £1.258.000 (2024. £1,379,000>. Students who bonalltad durln8 the year Included: Royd Aoad•my of Mu• NOr￿lan Baritom Aksel Rykkvin 15 currently U￿akIng the thlrd year of hls undewaduate stu¢f1•5 under Prof. Mark Wlldman at the Royal A¢ademy of Mu$< wlth the generous support ol ABRSM. Aksel rec•lv•d se¥eral accglade5 In 2023 and 2024 Inrludlngthlrd plac• In th•Joan ChlsielVRex Stephens Schumann Lled•r Prize, S¢cond Prlze and the Son8 Prlze atthe ￿thleen Ferrier kniety &rspryloryow￿SlnsIr$, and M05t Promlsingyoungsiryr at the SDmersqt kng Prize. Aksel and duo partner planSst Zany Denyer were 'Leeds Lieder Young Artists. in 202 At Christian Gerhih¢r4nd Gerold Hubels Lled fethal In 20a Neu• ZDrcher ZoriU￿ priised his'¥￿e8 as beautlful as bloDd Ind mllk, and Deutschlandlunk rldlo ¢cwnTh*rthd hls'extremely clear dlctlon,. In AU￿￿t 2024 Aksel wlll re-v151t Oslo Chamber Music FestSval fortwo concerts Royql Ooll•g• *)f Mu• Denlz Sonsoy has enjoyed a ye¥filled wilh extraordlnary perfonnance opportunlli85 acrosstheglob& As a member of LGT Youn8 Soloists, she ha5 performed at worl&renowned venue5 In Garmany. AustrfJ, Swltzerland. Hong K Th•iland, Stn¥apm, Australla. and the Unltod Stot•5. H•r •chiovam•nts at th• RCM h￿* b•en equllly impre551ve. She won s¢¢ond prfze In the RCM Conc•rto COm￿tItIon ind perforrn•d Bruch's Vknlln Concerto I wlth thi RCM Symphony Orchestra urKlerthe baton of Martyn Brabbins. She has record•d Sarasate's G&psyAirs as a soloist wlth chamber orchestra. wlth the release set lor sprtng 2025. D•niz was IrNited to pwforni at the Klosters Christmas Concerts, dlrected by Stsphenjehns. Ind plllyod Wwaldl's FourSeuson5wth th8 Orch•stra ofS* John's at Dorcheknr Abbey In January. In addrf(ion. as a London Symphony Orchestra Scholar. she partlclpated In a concert at the SerpentineGallery. Her chamber ensemble. Flora Quartet ha5 also hid a remarkable year. pwfomiir@ as part of the lrtemlezzo Concerts 5erie5 at the New North LorKton Synago8ue. Th• quartet was reCen￿Y Select￿ as a Brlt Pearsyoung Artlst ensembl4 ind thtyir• currnrthund•rtiking4 t￿w8•k rnsldancyat Sn•pe M*ldny, roc•lvlng coaching from John Myer5cough of the Doric Strlng Quartet and performlng at JubllÈe Hall and the Britten Studlo, Deniz's year has been filled wllh extraDrdinary growth and inva￿abl1 experienc4 •ll made possible tFYough the eneroslty of A8RSM, Royal North•m Coll•g• of Mu•lo T•ko Trabladz•1s yrt way throuth her Mcond yurof undergraduate study •nd Is Imrnwsqd In RNCM Ilf& She led thB Auturnn RNCM Opera (ChabrS¥s 'L'etolle') wlth flnesse In the vlolln solos ard a yeat s•nse ol the respOn￿bIlItIeS of the leader's role. Her strln8 quartel Emerz Quartet have been active In coachln& masterdasses and ¢onc•rt perf0rnan￿ As a solo violinisl Tako was selected to play in a mastvclass for the RNCM Strlngs Fthal wtth vlsltlng Jrtlst, Slmom Larnsmffj ind also reached tho flnals of thg RNCM Concerto Competitlon wlth the 8rrtten Vtolln Concerto. It Is rare for a sxorthyear studerrt to roach this stay and a clear teslamentto h8rtslent and potentlal. Page li THE ASSOCIATED BOARD OFTHE ROYAL 8CHOOL8 OF MUSIC GOVERNINQ BODYS REPORT ONCORPORATINQ THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31JANUARY2025 ACHIEVEMEKf8 AND PERFORMANCE (aorrtlrx pportlrq n•w q•n•ratlon• of mwlolan• In alllano• vAth our Royal 8ohool• Qf 10 (4x)ntlrMwd) Vihntln Danlsevlclus his Brown J Icl M a ￿rf0m7*. confidently unylnz hls flrst WID conurt prwamme throu¥h h1>1￿ yearof Mllster Ind SI￿ni muftlple p•rfonNnceA in Scirtland- notalAy at tho UII4poDI Gult•r Festfv•l- Ind In Frlln￿ Slnce the start of h15 71 ￿r, be￿ ex￿nding hLs r•portoir• by w•p4rfng •n amb1t10￿ corKerto f¢x ltsr irKI developlng • new guttsr duo. He •lio up h15 wofes5i¢x￿I wthtts and Is ¢urrently de￿loPIng m1nd1u1ne￿ WDrkshopsforMu￿&lls on th•sld8, Hlsprwess hs bmn not•d by both hIst￿th￿s1tRCs.1ndthfjY vècommend￿ hlmfor hlj eommltmertand vmrk ethla Th• chiriW5 endovlrnerrt funds •r• r•strkt•d to ydftc purpM•i r•lat•d to pr¢y•sslon and ac¢orryllshment In music Id￿1th)n.￿￿l to P￿de Indlvlduil pr1zesform￿Icll￿￿￿Q¥Vfi•nt In ABRSM'swmiNtlon& All fvndj hw¢ be•n donat•dtothe charity. In miny us•$ 15 Iwcle& The maJorfty•r•bJsqd InthD UL All Investffl•ntshM be•n Kquivd in arcordince wlth tha w>wJav•llabl•tothe Thè or8ar4s*lon dD•s not •ng•x• In fvnthlslrw •cttvltl•& Its Inconw h dwl¥•d frwn Thulc •x•mln•llon fe•s and from Mles of assoclthd public*lonL W• rnco8n￿ i dimit• omer￿ 1$ ￿PPInIng. Ag • 8lob•l v8anls•llon brIn￿￿muskll ich1￿M￿tt0 i audkYK4 we hava comrnitt•d to gryg• ourstlff and the vAder A8RSM ¢MinMmltyto prot•ct the pl•net for firtur• yneratkn& We Ire id•ptin8 our xUvltt85 to r•duci our Imyci on tt* ¢nvlrMm¢nL Our bng-tenn ￿11 ￿ to cut our GHG •mlssit%u In hilfby 2a30 and r•duc• thom to net zaro by 205Q In¢kI￿thI ilms of th• P•rli on zlDbal t￿Per•ture r￿•. We are Cha￿￿n¥the￿ayw@ dothinpta imwmourenvlrorffiental ImpicL Of•ll our*¢tl¥ftl•s Int•rnatlon•l trav•1 produces the hl8h•st emimions ind we c￿nUe to plan Int•rn4tlonal t￿r$ urefvlly to mlnlmh thelr imp•cL DlOts1 C•rtlNcates by d•l•uli ¥Mr• fully rolled In 2024 Durlnq t￿ fin￿¢thI y¢•r, nooo print•d c•rttftat•5 ordered whlch Indudod c•rtlllcates r•l•ttng to past •xams that took pl•¢¢ bth the curr•rt flmnchl perlod Ovwtlme we expect thls to reduc•. W• monltor our Carbon foo(tylrrt through ￿l￿nn￿l ludlts of C￿1 cm Ir￿￿ •nd pA¥llthlng1upp￿ chln. Dlv•r•lty and kthlan Our Dlverjlty •nd In¢lU￿On Plin li bamd on 4 d•ftnff(ion of dtVW51ty and Indusknn thrt promots oppwtunmy for •ryone reyrdius of d[￿bIlIty• W sexual rKlQntstion.￿d￿ ur *hnklty. There are ft¥e arni$ fly •¢tkn *lthln our Dlverslty and Inclusion Plan, each of whlth h$ the expficlt ￿1 bro•denlns the musl¢ w• pmot* comm1s610￿ and publish to r•coKnise th• rkhn¢s5 of dlKrse musk •rKI our gkbal Tdenuty. to Kkkwwl•d8e cultural dlv•rslty, and compos•rsfrom ofwclrty. Trnjfor •cllon •1 l. An actlve commlulonlng pyogrnme Z TransfOnn1￿ ssrfl•bu 3. A mentorshlp and devtlom*ntproy•mm• for composers 4. Developlns parIn￿￿p11nd •dwcKy Transform[￿ our 0rDn1$￿IDn We ha￿ detall•d work undertsken In the last yur •¥alrst thue icuon ar￿$ In th• p4ys ibw Is thlj VMFk 1$ Int•r4¥0ven Into ev•ry asPKt of ¢wr orRJnlutlGn. P488 12 ThE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC QOVERNINQ BODYS REPORT IINCORPORATINQ THE STRATEGIC REPORn (CONTINUED) FOR THÈ YEAR ENDED 31 JANUARY2025 FINANCIAL REVIEW The cortsdldated statementof flnandal •rtlvttles Is81￿ll on paD 2701 the acC￿ntS Totsl tumover Df ABRSM and Its UK subsldlary from •xamknatlon¥ publlutlorts. toachor supwrt ind Invéstmènt income forthe yearamwnted to É50A99,000 (2024.. £48,890.000). The Increase In tumover malnty arises Irom incre?se(l exarn irKome from carHlldate5 for tsur a55tssmerbts, both In the UK and Intemationally. Tumover for our PublSsh1￿sUbS1d1Iry 4lx) In¢r••sed to £7256,000 (2024.. 6P33,000). Net Income for the year was £4,859,000 (20X. £6.973.000). Th• perfomi•nc• of the puwlshlng (xmpany Is set oul In rth• 6 to the accounts, The net In¢on* 15 5tsted after charwng aA67,000 (2024,. 4079,000) of amortlsatlon ¢05ts1n IlnewSth ABRSM'S pollcy r•8jrd1￿the raph11s￿l￿n of*oft￿re ￿•￿1￿ment¢05ts (not• 2h). Thls amortls*lon relat•s to contlnuSngdevelopmentof our CRM systEm. Increased cash recelpts and hlsher Inter•st rth¥ h¥t 4110￿d us to IrKrease th• le￿1 of cash held on deposSt to £26,079.(h)0 <2024. £22,300,000). Thls 1$ held in v4rfous accounts with dfffvent maturfty date$ to maximis retum5 whilst still •llowin8 flexibllity. Tho l•v•l of credtton due wlthln one yew Inrnasod to aL647,000 (2024: £10,291000). Tha total •rn¢￿nt due to our Intern8twJnal Representati￿ at fv year-end ha5 I￿reaSed to £2,681,000 (2024. £1561.000). due to Increased revenue h territory. The rfsks a550clated wlth our penslon fvnd arn well rn•Nged, repaym•nts bern8 made urmler the defktt rocovary plan. Alt￿)ugh the defined bernfft valuatlon as at 31 January 2025 5how5 a surplus of £2.0￿ In •¢cordance with FRS102 and IFRIC14. the surphjs been capped at £0 and nol rec￿* on th8 Ixlance sheet (2024., a.796,000). Qolrvj eonc8m Th• strong p•rForminc• ol the Group d￿rythI ymr enthd 31 Januiry 2025 hii provld•d a flrm fOUnd￿lOn forth• forthcomlngyear. A bud8et has been set lorthfollowlng ywr whlch shows thl Groupg•neratin8 a surplus for the year. Relor4c•sts tothe end of JLme 2026 havealsobeenprep4red ￿Sed0n ￿￿￿1 p•rformance inthe yearto Aprf12025and IncludlnK adAustrnrrts for any known future charys in pwformanc• or costs, for example the thanglng global prfces ft*r energy 4ThJ Mw matsrlals such as paper. H(¥h level assumption5 have bo•n mc*klled to assess sc•n•rlos that may arfse If there wjs a downturn In •ctMty. In boththe bas• r•forDcast and mod•llod scenarfo4 It Is •xpected th&t the Group wlll contlnue wlth net posltlve current a55•ts and total a55ets. along with sumclent P05Rlve cash balan Thetharltyhasthe rnsourcestoallow ￿tocOntinUe*0 Invastln ltsdlwtal prowamrneto me•tthe¢hanklnxcustomer ne¢ds. The Go¥emors therefore • reasonabl• 0X￿Clat[On that the charlty hu adequate resourw to contlnue In operatlonal exlstenc• for th for•5•eabl• futuri bein¥ at l•a5t twefve months from th• date of approval of these flMn¢l•l statements and ¥re not awar• ol any oth•r mat•rlal unc•thlntl•s whlch may 8dvergdy thect tho or8anlsètlon. Accordln8ty, thÈ flnanclal statèments contlnue t¢ be prepared on the 8oinsconcern bas1& Inv••tm•nt 8•l•otlon Polky and P•f•rmo On the I￿Orporat￿)n of the Associated Board in1985, It wasdKld¢d that the pthllshin8 buslne5s of ABRSM should be transferred to a wholly ovmed subsidiary. The Assoclated Board of the Royal Schools of Musl¢ (Publlshlry¥) Llmltod. Th1$ Comp￿Y w•nted an unsecured loan note to ABR5M a5 cmslderntlon forthetr•nsforolthe publlshlng bu$lness ABRSM rece1￿ Inthst on thlg loan note It 2% above the bjnk b•se rate. Addttionzlly, the subslthary company pays royaltlesto ABRSM on copyrl8htsowned by ABRSM. FINlly, It donates its taxable proffts to ABRSM undera deed of covenan( which imounted to ￿19,000 (2024.. £807.000). Thls is a loni-term Investment held for th• b￿offt of ABRSM •nd lrte8ritthl wlthln ABRSM'S operjtlons utllLsln8 the Intellectual pr￿artY contjlned In ABRSM'S ￿l￿1￿J5 listings, which are ptrlodlcally refreshed. P￿9 13 THE ASSOCIATED BOARD OF THE ROYAL SCHOOL8 OF MU81C (aOVERNIN¢3 BODY8 REPORT ONCORPORATINQ THE sfRATEQIC REPORT) (CONTINUED) FOR THEYEAR ENDED 31JANUARY2025 RNANCIAL REVIEW (oontlnu•d) lTrv••tThnt 8•l•otl¢n Polloy 4nd P•rlornwnp• (oortkw•d) ABRSM occUlo￿llY r•cefves sum¥ of m¢Jnry to provld• for th¥ for caThlldbtsJ ￿rfOrM[rU VMII In Its •X•mIn￿l0nS. In order to m•lnl•ln the rnil value of these Ilfts It Inv•sts a sknllk•nt proportlon af th PrT2e ETh1￿M•nt Fund51n BlackrockChrftl•s UK Bond and Equty Commm Inv•stment Fund& At31 JIn￿ry2025thuQ cost of £879,000 and • m•rk•t ￿l￿atIon of £I810,000 Q024'. é879mO and a.666,OOD r•spectlvely), r•flqctlrY& •n Incr•ue In m•rket v•lu• of 8.6% fromthe Frlorye•r, (20X' nol Increa￿ of S8%). All oth•r surplus Ilqukl furth held by ABRSM are pl•ced on dip051t to *fqyrd the fvndi InvolThl to urn krt•r•st untll suth tlm• as they arè to m••t the ¢xponditure In¥l￿ved In A￿m.• op*•t10￿ Th? krt•r•rt rn•d on th•s• d•poth durfngthe yurwas ￿3711x$0 (2024. £837AQO). Prlndpal Ill•k• and ur￿rtaInt1•• Th• Go¥qrnln¥ W Is r09pon￿ble for th• i38•￿￿8n1 ind control ofth• hc•d by ABRSK Consfder•tlon ol rlsks ts delegat•d to the Audlt ind R15k Commlttee •nd m•naBed on • d•￿t￿dIY basls by x•nlor st•ff. The b•llov• th•t awa￿•￿ ol tho k•y rfsks is tha most Imp(wknnt element In ensuriru that thy Ire eontroll•& Rlsks aro Id•ntiired. •swJ•d Ind controls milni•in4d yur. wlth • formal r•¥l•w of ABRSM'S risk manwent proc•w on an •nrnwl buiL In ￿11110￿ to tho rfsk m•roym•nt ind m￿1￿￿0￿ acllora Idwbtlw In th• ￿lOw. ABRSM t￿ followk cortrolsto maw• rlsk form•1 and mlnut•s for ill Govwnlru Body aThl C1￿MIllI• £har tsmis ot r•loTinc• lor 411 commSttMs - FIMnu & Busln•55 D9￿10pment Commltt* Audlt & Rlik Commlttw R•TnunIr￿Ion Commlttffj NomSnkn CammlttDp And th• Muslc Educ•tlon Commltt rvlllng prwimm¢ ol 5nt•rnil I￿st ¢gmwthonslve strnt4lc plannln& IDrKa5tkn& b￿1￿% m•Muement •ccountlry •nd virlince •n 05tsblished gmrnllnce orpnlMtloMI struclur•wlth clear IIMS of r•portl formll Vlrltten polkkn, Includlry st•ff polides repdlly •cc•Fslbhtoall Jtth. hlerarthlal •utlmyrf￿1lon and iPkYov•I le￿14. and Py 14 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC GOVERNING BODYS REPORT (INCORPORATINQ THE STRATEGIC REPORn (Co￿rINuED) FOR THEYEAR ENDED 31 JANUARY2025 FINANCIAL REVIEW (¢JontIrK￿d) Prlnolpal Rl•k• and Ltho•rtalrtl•• (¢¢ntlN•d) In additlon to th¥ ￿￿IfiCant I￿sineSS and financK41 risks Whk￿ towher ￿th the miti8atiryd ictions llre rehrrEAI to In the Flnanc141 Ra￿aw. k•y rlsks affectinz th• ch•rity Includ Rlsks What w• the keyrlsks tsclng ABRSMP Manjiement Jnd mltl8atlon What Is ABRSM do1￿ to reducethe Ilkellhood or mlnimlse the Im act of these dsks o¢currt Cyber SeoJrity 5irnulation by an &xtemal consultant to Inform updates to Dur Buslne55 Contlnultyand Di58st•r Rxovuy plins Cyber-attacl malor Incldent or technology fallure l••din8to loss of dat• )nd bu51n•s5 Intwrnption Cybor E55enttals Hus Accr•dttatlon and •xt•rnal r•wl•w of sysl•m5 Vandatory Securltytralnlngforall stsff Tutln& Scann1￿ ind phlshlnz Jtrntq8y Pthltlfactor Authantkatlon for rerMt• acc•ss Automatk*d partywur5ty patrh mJn•8•rMnt anced Flrewall securfty Support contract wlth PWC D•sl nat•d s•curlty roles and slbllltl•s Involvement of ABRSM'5 vol¢e in the pollcy debate Changes to educational pdicy and Changes In soclal attilud•s lead to a decline in SUrtsb￿ skllled musl¢ tearh•rs and th popul¥tlon of1è4rnws who can and want to m•k• Supportlnx th• D•partsment of Educatlon Progress Fund Grants and p#tr*rshlps w￿h communtty musk hubs and c•ntr•s of￿•l￿n¢1 Makln8 Tr￿s￿ lryttudl￿l rese•rch and publkatlon Scholarshlps and donatlons Brand messa8ln8 and PR Dh•rslflcatlon ol mu51c genres In syllabuses Teacher Hub communlty and CPD prwammes and r8wJrces Customer and 4udSence Insl8htar￿ en888ement Fallure to Innovat• and rnove irrto nEw mark•t Segmen￿ leadlng to ABRSM products and services beconlrry l•ss Jttractlve arml r•l8vint toth• ma COMM￿[¢￿tIOnS strat•Jy Sales and mwketlng strate Produrtdevelop.mert Pag• 15 THE A880CIATED BOARD OFTHE ROYAL 8CHOOL8 OF MUSIC QOVERNING BODY8 REPORT (INCORPORATINQ THE 8TRATEQIC REPORT) (coKriNUED) FOR THE YEAR ENDED 31JANUARY 2025 THE A8RSM PEN51(X4 AND LIFE ASSURANCE SCHEME cfHE SCHEME) ABRSM d•fln¢d b•nfft penslon sch•m• Twhlch rlDwJ to future •¢¢ru•l on 31 L)ecember 201& The notlonal svrplus that can bt reeo8nlMd, or delicit on the funolnB of the Sch￿¢ ul¢ul•tsd annual￿ urmler thls st•ndard, li In the fln•ncl•l stst•ments Is • fund fffltitlad 'P•n￿on Resom". TNS kn d•dKted from Unr•slrlctsd Fundi In thi bJlanc• sheet, The ipproxlm•tt actrJarl•l V•lU￿1•n carrfed wt at 31 JIn￿ry 2015, as requlred by FRS 102, rnpresentsthe ma luèof theas4ts oftho Scheme u £40.4mllllon*nd ofthe IlabllMes •t dateas É3&4milllon (2024: É40.3 mllllon •nd £42.1 mllllgn), Th• Mt $urplus on thq Sthem• of £2.0 mllllon (2024,. d•lkR of £1.8 miiifon) Is a statement of the tran5hnt 51tU￿On 15 at 31 JIn￿ry 202& Both the Govemorg •nd the Trustees of the pen51on schem• r•cwlse that Such ￿l￿￿10n¥ can 4iific•ntly In r•spons• to market fictors and th• acknmr￿l aswmptlons rnad•. Although the definod hn•fftsChthn•￿1u￿ion•s It 31 January 2025shows • surplu5 of £2.0 Chirlty has no U￿ondItIonal rL4ht to i refvnd or reductbon in futur• contrlbuth)ns. In iccordance with FKS102 and IFRIC14. the iurplus has been upped it £0 and rKrt on th• b•lanc• sl TheGov•mornrecWlseth￿thefUnd1n1￿Q$11I0n •rWrrdun&rFRS 102dw not h•￿4 kn[l￿nt tmm•dht•cash- flow Impxt on th•ch•rlty as cunlrlbutlonsarn iy•edwthth• P8n51Dn scheme Trustses everythree yur& Th• Irfann￿l let￿rIal valuaUonwa5 prepiredas at31 Decenkn2021 showod • d•fidt 01£123 mllllon. Th• ScTrwn¢ clowl to fvtur• •c¢nAI from 31 December 2018 and *Ir•￿ dDx•d to new entr•nts wlth c•rt*ln Ilmlt •xc4pkn& on l Febru￿201 A new dèfi¢lt rKovwy plan w•5 we•d by the P￿lon Trust•os kn 202Z Under th¢ plirn th• Emphy•r 48re4d to wy d•ffdt rndKUon contrIbuU￿3 of Q.75m per •nnum lor a of 3 ￿1$ •nd 4 Mont1￿ from I J•nuDry 2023 to 30 Aprll 2026. The Employer abwayeed to piy•ll Costs •8socLthd T￿th runnlnsthe Sch*ne and to tske o¥er Mpon51blllty for Llh Assurinc• alr￿T￿ th effect fram l Fobruiry 2019. The Sthamo Is under8olng • trIann￿l •ctuarlal vduatton is at 31 Deca)*er 2024 and dlsvJsslon5 •r• ￿1¢• to •xre• r•vls•d contrlbutlon Khedule. RESERVES ur rwerves comprfso unrestrlcted funds and •ndowm•nt funds. Tr and0￿*d fvnds ruult from donbtlons •rKI aths ththlth C￿ t)nly Ix appll•d for a purw>s• specw1￿ by the donor ind Ire not mllabh for Beneral purFth& Thw funds ire uxed to award prfzes to •xamlMtlon arrfhdates In *¢¢ord•nc• YAth th crltqrkn ¥•cFfled by th• donor. Endowed funds tthl ￿.9M at 31 JIn￿ry 2025 (nfth a 5 1Th124). Th• unr•strfcted furth ropreswrt thè accumul￿d swpluses seneratsd from Iwsln•55 •Ltlvltl•s ind ir• funds that ar• avallable for us• atth• dlwx•tFon ol th• Thy comprfse th• flx•d th•ts fvnd, d85knthd fuThls and 8ffier41 fundj (note 24). FIX￿ Amets Fund Tho flx•d •ss•t5 fund tots15 £41m (2024. £4.6m) at 31 JIn￿ry 2025 (note 24) Ind comwb•s the IurKls Investad Inllx•dassetsth•ttheGuwnrys conslder •ss•nti•l in •Mblln¥usto ImplementoffKtlv*ouropwatloNlstr•t4y. Th• fvnd r•pre5ent5 the net book value of arml lThtanzlble flxed asset% The Irrtan8l￿o a55•ts arfse from •5tment In ￿rd￿artrani1ormrtlon prwimm•, D￿LInated Fur#ls D•siqMt•d funds ar•fundsth•tthe Gov•rnor5 h•vewnnwk•dft*speclfk purpos0& As atl Febru•ry 2024£3.4m wis d¢slsnatsd for thg ￿l￿ts1 transfomwtion pro8r•mm4 and a not mov8m•Trt of £500k rnmoved from thls fvnd durlng 2024. DU￿n# thi ye•r, £12m was expended from the fund on thg CPM and the Flnince vJt•I￿ Unlt4 Pw 16 THE A8SOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC QOVERNINQ BODYS REPORT (INCORPORATINQ THE STRATEQIC REPORn IcoKnNUED) FOR THEYEAR ENDED 31 JANUARY 2025 FINANCIAL REVIEW (QontIN￿d) RESERVES (￿ntInued) ERPK luvlns £1.7m remalnlrq at 31 J•nu•ry 2025 to ￿ us•d lor onsolnz dl8Kal tr•nsfomi•tlon and Intern•tl+)n•l develOpm￿L The desl•)ated for examlnercosts last year has been Irtteasedto £1.3m at 31 JIn￿ry 2025. Genernl Funds In accorkncèwlth ChartyC(*nmlsslon8uld8nc4the Gov•morsset*t*rgètft)rthe level of Iree reser¥¢8 orgmwal funds, that we should maintain to ensure our financial Security and funding of our bu$lne5s plan, Frw reserves or I￿0r11 fvnd4 •r¢ d￿n￿d 1stotsl unre5trfthd fvnds1¢51 flxed a¥¥ets •rKI d¢$lgn•t•d fvnd& Slnc• many ol ABRSM, costs are directly related tothe numbqr of exarninrtions held, It Is A8RSM's aim to have sufficS¢nt Ilquld resources and cash balance$ 50 tw, In the event of a downturn irb the demand for it$ 3eNlces, Its operatlng costs, excludln8 costs dlrectly relat1￿ to 4dlvlty (e4, ¢x4mln¢r f¢¢$ pnd venue hlrt), wjuld be met for a perlod ol slx fflonth4 plug •ny outstandlng 1labll1￿e￿ Durfngthls perlod, oth•r actlons to mltlgate1055 would be Implrxnented. Thls Implles the need for a level of free reserves ol ￿4.7rn Q024: £13.2m). As the Charlty Is wholly rellant on Slobal trading cotxlftlons to generate Income. the G0￿mOr$ cOn￿der that slx months represents a reallstle and prUd￿t pO￿tIon. General fund5 sta￿ at a&4m at ￿ January 202% Thls Is an Increase of É3.8m on the prFor year (202￿. £146m) and Is a7m above the mlnlmum level of general reserves set out In the Preced1￿ paragraph (2024.. £1.4m), Th15 enables t￿ chirlty to contlnue ID Invest In our buslnms de¥elopmert and pr0￿ct d•vekpmrt Ind to meet the obleetlveg outilned In the >year ctyporate stratey. The pension Ilablllty represents the present value of the penslon Irdbllttles lessthe falrvalue ol the pension scheme assets (to the extenl that the assets can be recosnlsed under accounttn¥ requlrements for th¢ re¢o8nltl+)n of surplus•s). Calculated In accordance vAth FR5102 (note 31) and does not Imply a *nrflcanteonstralntover the use of reserves for the foreseeabkfuture other than to ensure monthly contrlbutlortsare budty•l for and met. PLAN8 FOR FLMJRE PERIOD8 a•n•vol obJ•gtlv ABRSM wlll contlnue to COnd￿t Tts opwatlons to th• hl8h•st stanthrd4 Incluthn8 •11 forms of online a55e55meni reco8nlsln8 that Integrlty and Impartl411ty are lundamental to ABRSM'S contlnuln¥ Succe￿ All deYelopmEnts are eYaluat¢d lor finandal vlablllty to •nsur• sound cost and bud8•tary controls and b enable ABRSM to maximise contrlbuuon to mu$lc ed￿atIOn. ABRSM wlll contlnu¢ to us• Its Inffluenc• In promotln8 muslc educatlon Benerally, In accordance wlth rts chrltable mlulon and vlll contlnue to tske sty to protect our envlronment by operat1￿1n waysthat reduce our carbon footwlnL 8hort t•m ¢bJ•th Our areas of focus in 2025 ar Developln8our presenc8 and d•lSver grcNrth In key Internatlornl re8lor Evolylng our muilc •duutlon Ind ¢hJrltsbl¢ Sdentlty Devoloplng r8latlonshlp5 and services wlth Instltutlonal customers and partn•r5 Growin8 our productsand sernlce4 Portfollo and reach Enablin¥ and 5uPWtI￿ our Feople and infrastruciure Long Term Pl•n&' During 2021, ABRSM developed and iMplem￿ted a new 5-year cryrnte sirategy centred around our on8oing mlsslon to enrkh1Sves by InJplrln8 MU￿￿1 achleNYment amund the world, A focus on the n•￿S of our customws 15 at the core of t)ur strate8y. whlch Is also gulded by five key theme* educatlonal excellence; collaboratlon.. leader5hlp and athiocacy,. equality, divenKy and inclusion; and sustainability. As Come to the end of this &year strategy we are in the proce$$ of developin8 our next 5-year ￿an. Thè core of ourstrategywill contlnue to focus on dvoutlng for Mu￿¢ educatk*n, supportln¥ teachers and learn￿ contrlbJting to •duc•tloMI •xcellanc contlnuinKtO 8row our reach and enywent and Inspirfni people aroLmd the worfd to five 8 life wlth rnusl Pw 17 THEA88OCIATED BOARD OFTHE ROYAL 8CHOOL8 OF MUSIC QOVERNING BODY8 REpoKf ONCORPORATINQ THE 8TrATEGIC REpO￿n (coKnNUED) FOR ThE YEAR ENDED 31JANUARY2025 PUBUC BENEFIT Th fmrnors hve¢on￿dWedth￿￿ldIrK•On Publlc8•n•fft publlshed bytheCh•rftyCunmlsth.The Gobwnors bellm that IrKrHsl￿ the sklll& and undorslandlrw of musl¢ kYry4lths bonefft slnc• th• wbJKt lts•W 1$ of •JucatloMI rrKrlL Addmonally, Ilsv b•li•¥• that th• procesw In¥olv•d In r•achln¥ th• ￿rtICuL*r l•v•l of compBtqncq teStid In on• ol AbRSM's us•um•nts delI￿r educ￿10￿[ v•lue of thfrnsely•5. Th• beneflts of Incr•￿d musicpl Jklll 4T•dlrectty Y•l•t•dtoth•cP*'$alms•nd nodetrkn•nl orhrm Iscon￿der•d I[k•￿t0 arfse from thu• *clivili The GDy•rn¢Ys Can￿d•r the beneflthrf•s to verywld• of peopl4 In¥ofar as the asf•55m•nts off•rnd ABRSM ir• tsk•n up In over 90 dlffer•nt courrtrt•s throu8hout thE world wlth miny thousands of undldlies both In tho UK•nd worfdvld•.Thw• Is no a8• Ilmlt forthose wt•rfn8eyAms •￿houghthe vast Majori￿01th8 c•ndklat4s ar• of*hoDI w Cry•h•nsfv• •cc•M •rr•rwwrth are In plK• to m•èl • wld• r•ny ofn••d A number OF exam f•es tharged Intsm￿￿•1lY ire bJ5ed on local etonomlc rondluons and In UK ￿ operale In exam d￿Count ￿•m& Some ofABR5M'$ onHn• ruources, such as aawoom 200 Jre w4lliblo at no charye Intematlonally. A8RSM wlll conUThJe to support th•s¢ IMoYatfv• educationil tooli irKI deNYlop iddllloml onllr to￿¥ to wpwt music •diutlon. ABRSM •lso pr•vldes publlc benefft by fundlnx scholarshlw and bvrsari•s for students it four Royal Schools of Muslc.AddllloMly. ABRSM pro¥id•s sponsorthlpfor other mu*il orK•n15atlons In UK and lrt•rnrtlonally sublectto thèav4l•blllty otfunds ABRSM siwOrtst￿ Royal Acad•myofMuslth• Rwl Colle8e DIP￿tt th• Royal Northern Colleyof Mwlc•nd th• Royal Con￿r¥•to1￿ al Scotland. whlch ar¢ c￿rItI•l In thlr own rithL It dou th15 the yo￿$10n of h￿lIShIPS ard wh•r• posslblq throuqh dlStrfb￿I9ll5 In th? form of don•tionL It Jupports th• Rwl Welsh Colle8e of m￿￿e ind Drnm• and the Honi K￿￿ AC￿emY of P*lorminx Art& Thg pulAlc berKfft d¢lfvw•d by ABRSWI supwt for th•w •nd other musIc•d￿lIon ￿mI51t[0￿ II on pw¥ 9t0 11 The 8oWI R•wt arKryratlry the Str•te81¢ R•pNO d•monslrnt4s th• way In whtth ABRSM'S str4t8ts4upth its ¢w•ctI￿ •nd wovlth publc b•nth, ENVIRONMENTAL IMPACT ABRSM Is commltt¢d to protectlng our •rNlmnrn•nt by Irtcr•asln8fy op•r•tlrry In tl*t r•duu pw ori fr*rfnt hame551nit•¢hnolrylcal devolopm•ntsto rn•th l•imers around th• ￿d. In etynpl￿nce wlth thi Stmmllned Eneryy irKI Carl>on R•pwtTng ISECR) ADRSM Is r•portlr¥ on •rwy ABRSM'S tot•l uKener￿ us• •rJd We￿hou￿ ga$ •mlsslons du¢ ts UK•nwy us•15 Shown below,, Y•ir •rKled 31 Januiry 2025 704479 154933 Yew¢nded 37 JaNwry 2024 876.452 191442 UK •nery use (kwh) Auoclthd gre￿hou* w wnlMI(Th (k¥C02 •qufvalent) Int•nth r*lth' Efflls8lws (k8 C02 equlvaknt) pw•Mmln•tlon 034 OAI Thq and emlsslons roport•d abo¥• arls• from Duf Dfflu * 4 London Wall Hic• ard car fud. Infomi•Uon rwrding our office is d¢rl¥•d from Infvrmatrlm pr(r4lded by our qner8y wppjler who prthrfded •l•ctrlclty •nd h•atIn￿c0OIInsfrgM a loul ¢￿bInOd heat•Thl po*wtsclI￿. The imourtofcarthjel us•d Is b•wd on cl•lmi from st•ff irrtl •x4mlnws. Th•fftoutof4 London W•ll Pl1￿1¢h1o¥¢dth• Bronz•st•ndird SKArJtlw bylnfrarndwuorx •nd th• hutlr¥and coollr*Ayxtom lstlmet•bled. Usinz 2022 •nd 2023 dts w• ¢thxpl•t•d a urbon audit ofthe fvll scopfj of ABRSM'S •¢ti¥lti•& In¢ludlrYa our prlnt publish1￿ supplychaln.W¢ h•ve •lso comp1etdyr0ll￿ out Di￿tal CertSflcatosbyd¢f•ultwlth•napllon topurchis• i prlntsd c•rtffic 18 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC QOVERNINQ BODYS REPORT (INCORPORATINQ THE 8TRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 ENVIRONMENTAL IMPACT (coKfiNUED) The delfvery of Practical and Theory wms in the UK and around the world contribute5 s[￿11[Cant1Y to th• gr¢)up's emiironmentsl Impact Examlner Internattonal tours for practlcal exams are organlsed •fflclently to r•duc4 alr trav•1 to th• mlnlmum possibl• and •misslons ar• monitorqd. W• ¢ontinu• to Car•fUl￿ plan Snt•mational tours and th• d•ploymwrt of locally based examln•rs to rnrnaln on target. Our dlgFt•l examlnotlons offerfng of Performanc• Grades and Onllne Theory rwnaln popular since thelr laU￿h In 2020, As ex•mlners do not need to travel for these examlnatlons, ow •nerTY and assochted em15slons ar• reduced compwed wth tradltton41 lau to fac• •xamlnaUor Th• Introductlon ofautomatsd bookin& processing4nd markln8of examlnat1or￿In2o21 supplant•d pr•vious pJp•r- bamd rxoc•ss85 and S1￿￿¢•ntIY r•duc4d papv con5umpUon. Howthr, In rommen wlth other busln•sw who have moved their opErations onlin< we are aware that the increased use ot tech￿l08Y brings wlth ￿ Incra￿d energy we by ourstaff. examkner& teKhers and le¥ners InthE operatlon ofthelrelectronk devlce& Our publlshed book5 and resources are made frorn sustslnable sources. PJ8e 19 THE A880CIATED BOARD OF THE ROYAL SCHOOLS OF MU81C 130VERNING BODY8 REPORT ONCORPORATINQ THE STRATEQIC REPORT) (coKnNUED) FOR THEYEAR ENDED 31JANUARY 2025 8ECTION 172U) sfATEMEKr Thlssoctkn4 to3•th•r wlth thLY• p•gu Incwpmt•d by r•fer•bu •¢ts li ABRSM'S S•ctlon172n) ststem•nL Th*GO￿nor5 havE • rnsponslbllltytQKI to wmte the Succem •fthegroup Tfvlth r•8•rd tothe followlrw Oth￿). Th• Ilk•ly coni•qu•nc•sof•nydxlilon kn the Wlqrm- Pw 4det•lls how •r• pr•p•r•d •rKI uptht•d. Th• ImsMrtofth• compan￿$ operations on th•comnwnlty•nd th• •nVIr￿M￿ are *t fArt on P•8•s18 to19. Thè do5irnbility of the comwny mjlntslnlrq • reput•tlon for standards of bu51ne55 c¢Jnduct'. ABRSM Is re8ulat•d by Olqual, Chjrfty Comm1s51on and the Offlc• of th8 Scotush Ch•rlty Rwlator (OSCR) arKI f•c8s cornwtitlon In tho mirk•ts In ¥•thlch tt operthj •nd th•r•for• must In￿8 th•t It milrrfalm the sthndird5 consistqnt tts r•wtatlon and hlstory, The need to act hlrly •$ b•twwn m•mbws of com￿￿. R•pr•S￿•￿v•S of ￿ch ot the fow m•mbw5 Jr4 as GoVerr￿rS on the Go¥¢mlrw Bo*. uch mernber h•5 th• opportunlty to be fvlly Or￿ed In th• d•c151rms of thè Govemlni Boty. Th• Governor5 recoBnls• •doldon to A8RSM's men*w4 th•y have a r•yponsfblllty to enga1• wFth tsth•r stakahold8r& The Go¥ernorn cer•ldBr oth•r mJln stakeholders to b• cindidts ind th•lr p•rnnt& muslcteKhr4 examlners r•prnSentstlve4v￿unte¢rl)nd W￿l0>￿￿T￿G0W￿0r5UYz•W￿hthAW stak*ddeYsYl•thèg¢nl Imdershlp In a v•rletyof ways •5 foll ndldrt•5 •nd thelr parnnts - W• I￿stoMAr5 thrwh •malLs ind ￿111 M￿11 •nd malntsln InfLvmatlon pn upcoYnln8 exam s•s$k￿ and n•w producls •rKi on the w¢bilt& W• run rexuhr surffjs to s•ek cu5tomerfeethack Muskte•ch•rJ- In •ddlU¢)ntoourcommUnlc•tlonth•M¢lsf¢r￿d1drt1$￿dt￿1r￿r•rtl ABRSM prw separate r•sourcu on tts wdbsSts to support t•acheYs. S￿7￿1$1 ¢oursw and ovents ir• h•ld lor tsadKr& Ex•mlners - A dedlcated t¢•m erqryo oxarrlners In policy ind othw contlnuous profes￿OnI1 de¥elownert nt4 x wdl is town h•ll style dI￿%%￿n* Examimr onllm confernncu •r• also held annually. Illowlng •xaminwstO wlth thelr pews ind ABRSM, At 31 Januiry 202& ABRSM had 521 UK bAs•d ex•mlr d 66 over￿5 ￿$•d •xamlr RqJres•ntatl¥•s ind volunt•erx- Corrtactls malntalnad th1￿ • d•dlcthd ABRSM and newshtt tr•lnlryK &v•nts ind w4blnir& Th￿* Indud• tho follow5ry rol¢%' o Honorary Loul Rwtsentstl¥•s (HLRS) ar• loul communty volunt•er from ABRSM. Th•y h•lp to orsanlse exam v•nu4 ￿le￿ wple to uslst wlth In¥W￿lT￿ ovldlng candldatej wlth i poslth* expw1￿￿ HLR5 are ￿led In the UL A¥ at ￿ Janu•ry 202% ABRSM hod160 HLR Local r•kYuentsthes (LPJ? In tho d•ltv•ry of ABRSM Ilve and remote asswsments ind products and provldo cuJt(xner supwt arKI •n offic￿1 point Df customer mr￿C¢ ¢ont•ct locallyi pproprfats and ￿thIn in •reed Country or terr￿y. lor all rnlated ABRSM woducts. In iddltT wlll prn￿de knowled8e on lo¢•1 actlbltl•s, musl¢ •xwns •nd ABRSM provlslon locally. As at 31 JIn￿ry 2025. A8RSM had 115 LRk R•11￿•1 Dmkpm￿tExQcUIIvts (RDES) Ir• ex•CUt￿ respM5ibl•ftryu*rfngsJl•s •nd mana81 kay account& ore based In thelr r￿On Jnd rngLrL•rly mq•t with cu5tom•rs both current and pot•ntl41. As Qt 31 JIn￿ry 2024 ABRSM had 7 RDES - 2 employ•es ￿5•d In the UK and 5 CDnsult•nts o¥ttsea Pq8 20 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC GOVERNING BODYS REPORT ONCORPORATINQ THE STRATEGIC REl￿RT) (cO￿nNuED) FOR THE YEAR ENDED 31 JANUARY2025 SECTION 172a) STATEMENT (COKllNUED) Ern￿oYeeS - The stjff forum m•ets each wwk to dlscuss matters dlrectly affectlng staff. This group meets wlth the Chl•f EX•CUtT￿ and HR dlrnctor on • qujrterfy bas15 to provid? feedback kn all-stiff rneetI￿ Is hdd quart•rly, to•llowth• s•nlor leadershlp and othersto wu¥lde an upjèts on*)n8olnB projects and Issue$ tfrot affect thom and ABRSM. The Grr•vnln8 Bod￿$ Rewt vemlng Bodvs Report ClrKryr•Un8 th1 Strwc R•pwO th•fininclal stat•m•Trts in xeordancewith iw>llubl¢ F•w and reaulatk*n& Cornp•ny l•w requlrts the Gtrrtrnors tD pryre finlndal stat•merts for each Itnancknl Joar, Undor that law the Go￿rnOr$ haveelectsd to Pre￿￿etherinaThCl￿l statements In iccordance wtth Untt¢d ￿ngdoM Gener411yAcc*d Acc￿ntIn¥ Practk• (Unit•d Accountirlq Stsndarth ind appllc•ble ￿W). [r￿u￿TrI FRS 102 The Hnanclal R•portlng Stsndard ipplicable in th UK •nd Rqpubllc of Irelind. Under company law the Govemors must not apprcve the flnanckl statthrnnts unless theyare ¥tlsfi•d that they a tNe and falrvlew of the ¥tth of affalrs of th• char5tsbh company and tho group arKI irf th• In￿rnIng r•sowces •nd •p￿Ic1119n ol resour¢•% IndUd1￿ the Income and •xpendliur4 ot the charitabl• youp for that prfod. In prewrlns these flmnthl stat•menty the G¢b*rnor5 are requfred t x•loct sultablo ¥r￿n11￿ ￿7¢185 and then •kWy them Co￿53t￿l￿, observethe m•thod$ wlnclples In the Ch•riti65 SORP (FRS 102); rn•k•IUdw￿nt5 afKI iccDuntlng¢stlmth5 thrtare rusonible Ind prud•nt st•t• whother applIC•b￿ UK Accountlw Stsndirds ha￿ been follow•d 5ublectto any dtxlN•d Ind wililned Mthe tTMKl•l *it•rrxnts' •pJr•tr*fln•rKlalstat•mentsonth•¥oin¥concern ￿l&UnI•ll 1tlslnapprwlatstopr￿mIth￿th0zrnuP wlll cont1rn4e In Iwslnu& Th• CJty¢rnOrn *r• r•spoMlbl•lor kwlry •de4uate •crDuntkry rewr The fin•n¢￿1 reportln8 framework that ha5 been applibd In th•ir proparauon is appllcable law and Unit•d Kngdom A￿OUntIng Stsnd•rd4 Includini Flnancial Reporting Stsndard 102 Tha Flnanclal R•portlng Stsndard •ppJluble In the UK •nd Rwbllc of Iroland (Unlted Icingdom GenerallyAc￿ptad Ac¢ountln8 Practlce). In our oplnlon th•llnJncl•l st•tement&' vè a and falr vlew of the state of the wp's and the charllable cOmpan￿S affairs •s at 31 January 2025 and ofthe group's and thecharftable COM￿n￿$ income and expendlture, fortha yaar then ende¢. baen properly pr•par•d In accordance wlth Untted Ktnydom Genernlty Ac¢epted Accountlff4 Practlw h8¥e been prepared In a￿)rdarKe wlth the requlremwts of the Companie5 Acl 2006 and the Charlties and Trustee Investmerrt (Sco￿4nd) Act 2005 and Re8ulatlon5 6 and 8 of tha Charitl•s Accounts (Scorfand) R¢wl•tlon$ 2006 (am•nd•d). Ba•1• for oplnlon We conducted our audK In accordance wtth Intem8tional Stsnd¥rd$ on Auditlng (UK) (ISAS (Uf)) and appllublo law. Our responslbll￿les underthose stsndards arefUrth¢rd￿rlbe￿ In the Audft+*s responslbllltiES lorthi iudtt ol the flnarKlal ststements sedlon of our report. We are Independent of the charttable cowyany arKf the group In accordance wtth the ethlcal requlrernents that are relevant to our a￿Tt of the ffinancial Statements in the U Includlngthe FRC'S Ethlcal Standard, and we h•v•fulltll¢d our other ethlul rtsponslbllltles In aceordarv wlth these requlrements. We belleve thatthe audlt evldence wè have othlmd l$sufllclert and approprlate to provlde a hsls for our opjnlo Conokwlom r•latlrrfJ to golng oono•rn In auditing the financial statements, vn have concludad th4t the governor's us• of the golng concern of accounting in th• prBparatl¢m of the flmnclil ststwn•nts Is approwlats. Based on the work we hav• p•rformrt we havB not idontlfiad any miterf41 uneertalrtles relat1￿ to #vents or corKJrtion5 that Indlvidually or collactlvaly, may cast slgnlfkant doubt on the charltable company's or the 8ro41'5 115ty to contlnu• as • soln8 conc•m for4 perlod of at leJsttw•lv• months from when th• flnancl•l ststements •r• rArthorlsed for Iss Our reS￿nsIbIl[￿eS and t￿ r•¥>onsiblllUes ol th• 8ovemors wych respert to loing concern are dexribed In the rnl•v4nt s•rtlon$ of thlj r•porL Our responsibllltles and th r•5ponslblllUes of the 8ov•mors wV(h respect to iolng concern are described In the rfj1￿nt s#tlons of t￿3 reporL Oth•r Informatlon The governors are responslble fortht other infomation cont4ined wlthin the anNal repo￿ The other informatlon ¢omprls•stho Infommtlon Included In theannual reporL otherthan thpfinanclal statementsand ouriudltorf$rewt Iher•on. Ow oplnlon on the flnanclal ststements does not Co￿r the other InformatSon ar4 except to the exient otherH1￿ expllclUystat•d In ow r•poiL w• do notexpres5 any form ol Is$uran￿ conduslon thereo Our rwnslblllty Is to read the other Informatlon and, In dolni so. consld•r whether th• uthqr Informatlon Is materlally Inconslstent wlth the ffnanclal statements or our knowSed8e obtained In the audit or othrwlse appears to be matthally mlsstated. If w• Identlfy such material inconslstenci¢s or appor•nt material m155tatemEnts, we are requlrthj to d•t•rmlne wh•therthls wv•s rise to • mllterial misstst•rr•rrt In thg Iln•nGiol slthents thuns¢fvM. N, b•sed M the work we have pwfomied, we conclude that there 1$ • m4terial rnisstst•m¢nt of th15 Other Informatlon, we are required to report that tsct. Page 23 INDEPENDENT AUDrro￿S REPORT TO THE MEMBERS AND QOVERNOR8 OF THE A880CIATED BOARD OF THE ROYAL 8CHOOL8 OF MU810 (coKriNUED) REGisfERED CMARrrY NUM8Ek 2V2102 CHARITY REaisfERED IN 8COTLAND NUMBER 8CO COMPANY NUMBEIt OlV16395 oth•r Inft4rmqtlon (oortw We hm nothlrrdto thls reyrd. In owoplnlon b•sed tho T*ork ur#1•rtak￿ In eow ofour •udtt th? Inforn￿on 8hen In the Govemlry BodYJ rw¥ whlth Indud•s th• 8rJ¥•rnorf V•F#%i MKF th• 5trWc rewt propar•d for the pjrposes of company law, for th• fina￿1•1 >wr for whlch th• IlnancL•l stst•m•rrts •r• prwrod is consistsntwlth the finandal siatsments,. and th• str•t•xlc r•wt •nd tha dlrectorn, rwt Includ•d wlthln th• Go¥wnln8 Bowl r•yt hm be￿ prqpared In •¢cryd•nc• wlth ¥plkable108al r¥ulr•ment& In Illht ol th knowhdy and understandln8 of the 8rtyJp and tharftsble company and the* envlronment obtsln In the course ol the *jd￿ w• hv8 not Identlfied matwlal mlssiatsments In tho strèt* report or the govem¢n' rwt Included w*Nntho Go¥•rntr¥ Botys r•porL W• have nDthln8torwt In r•¥p•ct ofthe follovlry mitters In rel￿an to whlch the Cwryrl•sAct 2006 •rnl the Charftles AcC￿nts (Scotlind) Rwljilons 2006 rnqulrns u5 to r•portto you If, In our opknlon: •d•qu￿• arml prLyr •ccountinK rqcords h•v• not bwn k•pl or r•turns •d•qu•t• fDr ow iudlt hav• r￿ boon rocqivqd from brnI￿h•S not Visrf(￿ by u4 or thaftn8ncW Statem￿ arn not kn Jwe&rnnt wlth theaccounthw Mcords•nd r•turns lx certaln dlsclowru of8mrnors' rwnurwation speclned by law •r• not mad￿. cr w• hm not rK•lwl •ll th• Inlorm•tlon •rKI •xphn•Yons w• r•qulT•tw our •udlL AG •xplalned m(refiJty In the St•twn•nt ofth• G¢MrnI￿ Botys Rwonslbllltlos s•t wt on pw21the ￿vernor$ (￿th0 are also the dlr•dor5 01 the tharltsbl• company for the pwposes ol company l•w) ar• r•SponsI￿e tr the pr•par•tlon ofth•flnJKlalstat•mwrts ind forbelrysatlsfied th•tth•y8fv••tru•and farr￿•W.•ndIOrs￿h Inlema Contr￿ a$th• govwnors d0t•rmlr￿ Is nxes51ryto en*￿• the pr•wr•tron of fininclil Jt•t•mwbts th•t•rnfre•frr#n mthrL41 mtsststwnen( wh•ther due to fri￿1 ororror. In PryrI￿ the fin0￿141 th• 80￿M￿S 4r• r•sponslbl• fix a5s•sslrq the ch4rltsbl• comynl$ abll to corrtlnue as a 8olrw corK•m. dl5clos1r￿ 1$ ipplluble. matters r•lated to 8oln8 Conum ind usln8 th• 801 cornm basls of Jcuuntlni unlus th ¥ov•mors •tth•r Int•rKI to Iquklats th• chwltsbl• c¢ry4ny or to ce• op•rdon4 or havo llo r*41Fsilc ilk•mth but to do s 24 INDEPENDEKf AUDITOF¥S REPORT TO THE MEMBERS AND GOVERNORS OF THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC (co￿riNuED) REoisfERED CHARITY NUMBEFt 2fA82 CHARITY REaisfERED IN SCOTLAND NUMBER 8C04 oir26395 COh&PANY NUMBE Audltorf• rMpoMlbllltl••for th• audlt of th• fin￿l01a1 •tat•m•nts We hm b8•n IF￿07nted as a￿lItOr urMl•r sectkni 44a)(c) ofthe Chrttles and Trust•e Inv05tmont (Scoiland) Act 2005 and underthe Cixnpanles Acl 2006 and r•wt In accordanc• wSththe Acts Ind rele¥￿t re8ulatlon5 made or havlng effect th8r8und•r. Our oblactlvo5 Jr•to oblaln reason•ble4s5uran¢e about whether the fimnclal ststem•nts as a whole are free from m•teiial misstatem8n¢ whoth¢r due to fraud or effor. •nd to issue in 4uditorf$ report that includes our opinion. Reasonablè•ssuran¢e Is a level of assurance. but is not a gu4rant¢ethat an audit conducted In accordanc8with ISAS (UK) wlll alwa￿ detect a materl•l mlsststement Wh￿ It exlsti. Mi$5tht•m•nts can ariso from fraud or orr(Y and ar• cwldÈr•d matsrfal11. lnd1vrdual￿ N in the a8gre8ate, they could reasonably be expected to Influence tha economlc declslons of userstaken on the basts of these fln¥Kl•l ststement& D•tBlls of the extent to whkh the ludlt was consldexed capable of dete¢tlng Irr•gvlarltlE5, Includlngfraud and non- Compllanee wlth LI￿ and rellulation5 are set out below. A further descrfptlon Of our respoN1￿1[tr•S for th• ludlt of the flnanclal rtatemints Is louted on the Flmnclal eportinK Counclvs website at vnww.IrcMrg,uVaudltorsr¢¥Knslbllltle&This de￿riPtIon11￿rns partof our audlthrfs report. Exi•nt to whloh tho audlt wa• ¢oMld•r•d •apabl• of d•t•otlN4 Irrylarltlu knO￿dIng fraud Irrwlarttt•4 Includln8 fraud, are Instsnees of non*ompltsnce w6th lJw$ •nd We Tdentffi•d and •ssoss¢d the rlsks of matarlal mlsststemenl of theflnanclal 51attments Irtsm Irregularltles, whether due to fraud or error, and d15CU55ed these between our audit team mernbe￿ We then dedgned and performed audit proc•durns pon51ve to those rlsks. InchAln8 obtslnlng aud￿ evldertt sufficient and approprlate to provlde a basls for our oplnlon, W? obtained an understanding of the legal and resulatory frameworks ￿thIn whlch the charitabl• company and Sroup opBrat95, focu51n8 on those law5 Ind regulations tht hJv¢ • dlr•ct •ffert on the det•rminotlon of mat•rial amounts and dlsclo5ure5 in th• flnanclal statem?rrt%. The I•ws ind regulatlons consldered In thls contaxt ￿re the Companie5 Act 2006, thB char￿•5 Act 2011 and The Chritles and Trustee Investment (Scotland) Act 2005 108Ether with the Chariti•5 SORP (FRS 102). W• •sse55ed thè required compllance wlth l¥ws and r•¥ulation5 as part of our ¥udFt wocedureson thE r•lthd finincl•l st•t•ment It•n In add￿0￿ we con51der￿ pro￿510n$ of other laws and regulations that do not have i direct effert on th• flnaKiJl Statements but ccfflplianc• with whith mtght be fundam•ntal to th8 charftable company'$4nd the grwp'$ abilltyto op•rit• (* to avo￿ • mat•rl•l penalty. WO also con5ider•d the opportunltlas •nd Incentlw that may •xlst the charithble cornpany and th•group for fraud. The laws arKI r8gulatiMs we consldered in thls cont•xt for th• UK operatlons were General Data Protectlon R•gulatlon (GDPR). OFQUAL and Health and Safety *l$latk*n. We a150 conild•r•d complianc• wlth local le8islation forthe 8roup's ov•rs¢4s op•ratln8se8ments, A￿ltIng siandard5 limlt the reqthred audtt procedurns to Identify non-compllance with these laws and resulatiun5 to enqulryof the Govemors other mana8•m•nt and inspo¢tlon ol re8ulatory and1è4¥1 ¢vre$pondence, Ifany. We Identified the8reatest r15kof mJterFal lrnpact on th• flnandal statementsfrom Irreguliritie5, Includlngfraud. to be wlthln the e5timatton of overseas tax provlsionsand defir& benef￿ pen51on Ilabllity, and the ¢)verrfd• of controls by man•8ement. Our iLKlIt proe•dure5 to rnspord to th•$e rlsks Included enqulrfts of m•n•8emen¢ Intemal aud le8al counsel and the Audlt & Rlsk C4xnmlttee about thelr own Identlflcallon and a55e5sment of the rlsk6 of irre8ularitle5, Sample testing w the tThtlng of journals r•vlewln8 accountiry estlmate5 for blase& revtewlng regulatory Corresp￿der￿e wlth the Charlty Commlssion abvj leadin¥ rnlnutes of ffleetings of those char8•d with overn¥n Owin8 to the inherent Ilmlt¥tlons of an audK there Is an unavoidable riskthat we may not have detectd some Page 2S INDEPENDENT AUDITOI¥S REPORT TO THE MEMBERS AND GOVERNOR8 OF THE A88OCIATED BOARD OF THE ROYAL 8CHOOL8 OF MUSIC (coNriNUED) REaisrERED CHARrrY NUMBBè CHARITY REQI8TERED IN SCOTLAND NUMBER 8C043343 COMPANY NUMBEFt OlV26396 Ext•rt to whk4h th• audlt Twa• oon•ld•r•d oopabl• of d•t•atlrvJ Irr•qthltlM IMkKllhV4 fraud (OontkX￿d) mtt•rt•l mlulAtwnffits fln•nthl Atstwrrt ￿ th0￿ w• *nMd Ind p•f￿￿*1 •udlt In •eeord•ne• *fth •udlilni itandwd hr •x•mpli th• lurth•r r•ma¥•d norrt•bY•l*ne• wllh Md r•xulrtTa r irnl on l*hllof Crowe U.K. LLP St*utory Audltor London Date.. 3 July 2025 P4y 26 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC CONSOUDATED STATEMEKf OF FINANCIAL ACTWMES ONCLUDINQ AN INCOME AND EXPENDrruRE AccouKn FOR THEYEAR ENDED 31JANUARY 2025 un1•￿rf¢tId P•nilon EndowTrw* Funth RwN• Fynds (not• 31) £'ooo Tat41 Funds 2025 £000 Tot•1 Funds 2024 eooo INCOME & ENDOWMENTS FROM: Charitsbl• •cllvThl•s Examinitloft# TeKh* Supptyt Othwtr•dlrr4 •Ctlvltl•E Publi5hinK sales In￿strnOnts Other 41118 25 42.118 25 4I09B 14 7245 1216 231 V80 231 Total 50099 44890 EXPENDrruRE ON., chaT￿•bl•ACthiIt1 Examln•tlDrns Tuth•r kknlarships Music qducrfon OthvthdlrqactMII• Pu￿rShIng 31149 491 1258 4378 749) n) 3￿23 441 1379 490 1258 4378 634 &666 44910 Q750) 44163 4l800 Pvffjlon Ilronc• thary• 21 Totsl ￿P￿￿111¥r• 41910 Q729) 44184 4I909 NetualD/(l¢J59) On 16 144 18) NqtlnumV(•xp￿dTts￿I) l925 1729 4859 6,973 Oth•r Iw[￿d ylr&/(loSs￿). Acluarfal (loss)/galn on pe￿10n Ajset Cellltrl 1,095 (2,028) 1095 (W28) (639) N•t fflov•mwl Inlun l925 1926 RECONCILIATION OF FUNDS: linc2 forward Net mo¥•rn**ln lunds 4574 l925 0.796) iT24 205 21502 3.926 ,168 Fund b•larKU urrfulforward, Inthdknl slon ruem 2324 25499 l929 .428 w02 For Companle$ ALt purposes ¢onsolid8tsd gross IrKome lor the flmnclal ye•r was ￿0,83&000 (2024: £48,832.thJO). cOr￿OI1d1ted yosg expendlture was £46,18IOOO (2024. É41,89ZOOO) INI net profft w•A £4,654,0(N) (202￿. £6.940.000). All inc¢)me is derfvod contlnulngoperatlons The notes on page$30 to 63 form part af these aCc￿trtS Pa8e 27 ThE A88001ATED 80ARD OF THE ROYAL 8CHOOL8 OF MUSIC BALANCE SHEET8 AS AT 31JANUARY 2025 Group 2025 £'ooo Chirfty 2025 2024 eooo 2024 eODO FIXED ASSErs Tan¥lbl• 855•ts Ints￿bI• iH•ts In¥estmpthts 14 15 16 1,103 1990 1,810 3J49 3>9 92 5,903 6270 7,052 CURRETrif AS5Ers 17 18 19 no 1993 24079 5,599 704 1724 a300 5296 Invethnts Cash at binlt4nd In hand 21079 5250 20550 4.704 343 31024 33,961 30.575 CREDITORS,. •mountshllln wlthln oneye•r NEfcuRREMf AS5Ers 20 01,647) 00298) 01.017) (9fi40) TJ4 2l726 U944 20.935 TOTALA55Efs LESS CURRENT LIABIUTIES 29.629 27.987 CREDITO￿. •ftMunls hlll thhi•ftw mor• than oro y••r <578) (561) (578) n.631> <561) (1137) PROVISIONS NET ASSEfs EXCLUDING PENSION UABIUTIE5 27A20 25289 PENSION FUND DEFICIT 0.796> n,796) TOTAL NEf Assrrs 27.428 21502 27,420 21493 THE FUNDS OFTHE GROUP/CHARITY: EndDwmenttunth UMe¥trlct•d fur 1,929 25A99 1.724 a574 11,796) 1,929 25 24 a,796) TOTAL FUNDS 25 27N28 23,502 27,420 23A93 Th• net Incmi• ofthe thirltyfpr theY￿r was £4￿60￿)00 (2024.. £1974000) Appr¢)ved by thè Gov•rnln¥ on 25 Jw20 Tony H•l•s CBE Chilrman of lh• G0￿M(￿S R•8lstered Charlty Nurnber 292182 Ch•rtty R4lst¢red In S¢otland NwnberSC043343 coM￿nY Numbir 01926395 The n(th on w¥e530 to 63fm wt of th•H Kcounts P48• 28 THE ASSOCIATED BOARD OFThE ROYAL SCHOOLS OF MUSIC CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31JANUARY 2025 2025 Notes Cash flowi from op•r•tlng •¢Uvltl 7ts35 Ci$h flow5 from In¥•stlnz •ctlvltl•s Int•rest Incorm Purchases of Ilxed assets Purchase of flxed asset investmenis Purchase of current asyet Investments (wlth mllturrty srnatsr than 3 months) 1280 (7￿9) 895 12,086) (100) 14,15 750 (9.750) Net cash from/ C￿ed) In Investln8*ctlvltlex 201 01,041) Cash fl(MTS fromflnanclry actlvrtl•s Nvwfinanc• lus• oblLqJtlons Ryym•nt offinanc• loase oblwats￿5 N•t caih US￿ In fln•n¢lni •thtl•i N•t Incrw5•/ld•cms•> In ush •nd cuh •qthT•l•rrts 4832 Cash and cash equlv&lents at l Februory 2024 C•¥h Ind u¥h ¢qutv•14rrt¥ at 31 J•nuary 2025 lo￿46 15,678 14,285 Analy515 of cish and cash •qulv•lert&' Cash In bjnk In hand D•po$lts and noUc¢ i¢cwnts than 3 months) Totsl cath and cuh •qUI￿lInts 5599 52% 5550 10.846 27 15,678 Th• not•$ on p•g•s 30 to 63 lrym wrt ofthese accL￿nts Plie 29 THE A860CIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTE8 TO THE CONSOUDATED ACCOUNT8 FOR THEYEAR ENDED 31JANUARY2025 COMPANY INFORMATION ABRSM 1$ a dwrftsble company IncorpDrnted in En8l•nd Ind W•le5 wlth ￿ltratIon number 01926395.lts r•thr•d offlc•15 4 London Will Plac4 LorKlon, EC2Y SAU. AccouMllNG POUOIE8 Th• prtrKlwl accourt1￿ polld15 lud8un•nts and key I￿re￿ OF utlm•tlon In th• of tho ftmnclal statements ire •$ followm.. Ba•1• of w•wYatkn Th• flnlndal 5t•tements hav• b•Bn pr•￿Ted In Kcordancfj wlth th• ￿rrent Statemert OF R•comm•nded Pr*d¢•'A¢countln8 •nd RepDrtin¥ by ChritiBI' (the Chirluu SORP (FR5102)1gwed In 0¢to￿r 2019,the Fkn•nd41 Rfjpwu￿ Standard th• UK ind Republic ol Irdand ftwar• d•v•loprn•rt Expenditur• on comwtersoftwire de￿Wr￿tIl￿pIts1l￿d and imortlsed o¥wi 3 y•v pwlod. 8tholar•hlp fxrfard• All sch¢larshly otrered byth• b•lanc• Jh••tdat•tsrth• ¢wrwbt Kod*nlcyur •r• wovfded In fvll. A￿rdS for fvturn years •r• ￿b1•ct to r•vl•w and authorfs•tlon by ABRSM •Kh y•ar and are dlxlawd •$ commltm•nts In nots 2& Th• futuro commrtmthts are Mtlmat•J bued on corrtlnuod fund1￿ ofthe ¢urrent Jiudpnts In r8c•lpt of a sehoknrshlp to the •r#J of thelr studi￿ plus students rt*rt1￿ thlr Jludkw bw•d on cumtfvhdlry wtt•m& 5hDrt-twm •mploy•• bwwflt& Indudlry hdkliy ply JrAI Contrrb￿1On5 to th• defined ￿510n h•m•4r• r•co¥ni5ad 01 •n •¥p8nse In the pwkd In whl£h th•y Ire incuTr4d. The dofined ben•fft scherm clos•d to future ac¢ru•l on 31 Dec￿n￿r 2018 and •mplDyeeJ hnshrred to th• d•fin•d Contr1￿J11¢n ￿5[On 4dMrrk• on l Janu•ry 2019. Contrtknlon5 to￿ D￿rn￿r2018 In rup•ct ofthq d•fir•d bon•fft xhwno v• c￿ry•d to ¢Mts for respxth• octhlll•s In th• statttn¢nt of fhwnclal advlU8%. Th¢ •mour)ts recosnlmd In the statement d flnindil actI￿lAS IrK4udirry any ithirlal yln or k>s1 are ertlm•ted b•sed on the r•quir•m•nts of FRS101 arjd •re ￿lY wilatn•J in nDt• 31. T¢mqlbl• fr•d o•••ts Deprn¢i•ti(m 15 P￿￿ded on cost •t followtns ann￿1 r•t•s In order to WTlt• off •wt 0￿r Sts tStlmat•d umful IFfe.- Short lu*hold knrKI and bJlWI rthe rumlnlrry Ille ofthg Im￿t0 th lo￿ lY&•k pdnt 33% Z9%- 33% C(thputer •qulmnt •n(flxturu ind •(wlpm•nt ExpendFbJrnonfumlturn •qubrMrt not•xc•edln8 a,000 kn tot•1 •rnl Ill expendltureon rylralnd mi1ntv￿nc•ls *Tltten off In the yew In wthlch Ft Is Incurr•d. P•8e 32 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 AccouKfiNQ POLICIES (CONTINiED) lrtanglbl•fix•d ¢J•••ts In accordance wlth FRS 102 software development C05t5 have been recognlsed as intangible assets as they can be id¢ntifled with a prolert anticipatsl to produce futuro benefits. On Inltlal recognStlon, assets are measured it cost and Include all costs dlrectly att￿bu￿ble to brfnKlng th•m Into wor￿n8 condltlon. Amortlsation Is provlded on cijst at the follo￿n¥ annual rates In ord•r to wrfte off each asset over Its rnatod us•ful Ilh:. Software development 33% The investment In th sub$ldiarycompany isvalued ￿ c05t. Flxed 8M£t Inv•siments are Included In the bal•nc• th•qt ￿ th•lr rnark•t valu• tha end of th• flnancl•l perlod. Reallsedand unreallsed 8alnsand ID5ses are credited ordebrted toth• statèment of financlal actmtles the year In whlth thw arise and are ba5wJ on brouBhtforwBrd val￿% Curr•nt •ss•t Inv•stkTh•nts con51* of tronury d•poslti and ncAlc• acc￿5 wlth maturlty ind not[￿ to vmthdraw of k5S than 8 year. Leues are d•ullied as Iln•n¢¢ luse5 whenever the tvms of the lease tranSfer￿bstan￿11lY Ill the rlsksand reward5 Qf ownershlp of the leased asset to the grou￿ All other leases are classified as operating lea$•& Al￿ts h•ld under flMnc• lias•s •r• reco8rtsed Inltlilty •t th• lalr value ofth• l•u•d assat (or, W Iov•Yr, the preswrt value of rnlnlnwm lea% payments) at the Inceptlon of the lease. The corTesporKling Ilability to the ssor Is Induded In the stateThnt ol flnanclal pOs￿10n as a finance leasè 0bl1gati￿. Lease pjyrnents are •pportlon•d between flnanc• char8e$ aNI reduction of the leam 01￿1￿10n usinK the •ff•ctlv• Int•rest method so as to Khleve a constsnt rate Of Intsrest on the r•malnln8 balance of the liabillty. Flnancè charges arededucted In measurfng profft orloss, Assets held under financ• leasesare included ￿ tsn8ibk fixed a55ets and depredated and assessed for Impalmient losses in the same w8y #$ohThd ass•t& Rentals applkable to operatlng leasts, whwe $ubstsnUally all ol the benefft5 and rfsks of ownershlp remaln rfth the lessor, ar• char¥ed toth•statem&tt of finandal actI￿tI8$ on a strnlxht lim basls over the lease tqrm. The aggr•iats ben•fft of any la￿ in¢•rtives arn recwlMd r•ducUon to the •xponM chwwl ovqr th• leaye t•m) on 4 str41ght Ilne Publiutlons 51ocks ar• valuld rt th• low•r ot C05t ind n•t rullMbl• vilw For prkrt•d musl4 cost 1$ bu•d on the unlt cost of production for each publication. Work in Progr￿ at prlnters Is valued at the cost of the paper usedand is Included in p0￿r$tOckS. In e5timatin8 net realisable value. due allowanet is madefur$lo movin& obSDIth, defKtlv• ind it•ms. Origin*lon costs ar• char8od to revenu• In the ywr In thich th•y •r• Incurr•d. Rat•• of •xohang• Ass•ts and Illbllltles kn for•kn fxrrendu are convwled Into stsrfln8 •t th• rate of •xchans• rullng at th• b&￿nCe sho8t date. All income and expendlture Is ¢onv•rted at dally I￿hanSe rate5. All dlfferences on •xchangfj are d8•lt wlththroughlhe net mmm•nt In fund$ frrthe year. Pw 33 THE A88OCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIQ NOTE8 TO THE CONSOUDATED ACCOUNTS (coKnNUED) FOR THE YEAR ENDED 31JANUARY 21x5 AooouKfiNQ POUCIE8 (coKfiNUED) FIn￿￿1￿1 In•trum•nt• Basle flMnd•l iss1ts arKI Il•btiitl•s such as short t•rm debtDr4 credtorn bo￿ ￿lanc￿ ir• Irltknly r•c¢¥nlsed at f•lr varu• Iw •ny Im￿lm￿t •nd ￿1￿*(10n coxts and subS•qu￿ M￿ur1d ￿ thelr Jettl•meTht v•lu•. Prfz• Endowm•nt Funds Inv•si•d In Ch•rfnco Ind Chrlshwi COMM￿ In￿nt Funth are at falr v•lu& Exwnlmtl¢￿ ifKI courn• f•es rncelvedforfulur•se8slon¥ •ft•rth• r•ytlw dat•K• In cr•dttornas l>r9vId￿￿ aKI I￿ntIng•no1•* Provlslons are reco8nlsed when the chvltable comp•rry has a present le¥al or ￿nstruC11¥e ob1Wl￿th x • r•sultof p•st ev•ntiwhern It Is wd)atA• th* an outllow of T1￿Ure81 wlll be requlr¢d to srttl•th•obI￿0n •nd amwrtun be I￿￿mI￿d r•ll•bly. Th• imount reco8n]8ed Is th• best thi con￿de￿￿on requlr•d to s•ttle oblwlon at th• fAKI olth r•portln8 perlolts￿n1 Inio aCc￿￿t iny •nd urK•rt•lntles wrroundhwth••blWo wh￿ the corkslderatlon r•quhd to s•tde * pr•Mnt 01￿181t[On Is corffirnx4 •mrArt pryabh tr•nsf•rr•d tp cY•dltorJ and any ￿14￿¢4 rele•s•d t•th•slat•ment of fimncld •ctl¥ltl•& Conllnzent Ilibllltkgs •rI￿rI as a resu￿ of ptst events arn not r•cqnls•d when (D ￿ Is not probl￿e that thern Twlll be In outhowof restyj1￿Qrthrtthè imourrt r•nnot h r￿lablY measur￿1 atth¢ rEPOrtI￿d￿le or wh•n th• ￿5Sten¢0 wlll ￿ con1tr￿ by fulurl •vw)ts not withln the charrtatAq comwny'i control. Contlngertll•bllTtl•s•M d1sdos•dlnth•fln￿¢kn1 st*tpm•ntsunl•Mthoprob•blltyofin¢xrtfifMof fwourc•8 Is immjtsthl. Fund ¢Joownti Urw•strkt•d funds comprls• thos• T*Nch b• wed t0￿rdS m•ètln8 tho ¢hirftabh obJKtl*Ys of thD ￿￿T￿Y itth dlscretlon olth• G￿￿nOr D•kn￿ed funds ar• unrestrkted lunds urmwkad by th• Govwrbxg to be u*1 for p¥t[￿lar purp)ses In th¢futur& Transfers are madeto desiinot•d lund30n th• b￿15 of •PkY(wal bytheGo¥ernm ol future plan& Reltrktod fvnds Jr• 8rants or monhs ri15•d for • xpeclnc purpos• or don•1¢￿$ suble¢t to donor Imposed tormllllons. Th• wlz• WKI0￿nI 1￿￿r￿tt•nt elth•rp•rmin•nt Ca￿￿1fund$Whf￿th¢r1 ts no powwtoconvertthe p￿￿1 Into Incomo ind whkh must piernlly bo h•ld Indofknltsly or eXp￿dable fvnds whem apllNI u￿d fort￿ purwjw ofth fun THE ASSOCIATED 30ARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO ThE CONSOUDATED ACCOUNT8 (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 AccoupmNG POLICIE8 uth Muslc In Afrka Ftsund•Uon Mu51c Ma51ers Natlonal Chlldren'g Or¢heslr• Natlonal Concort F•stl¥*l Natlonal Youth Arts Wales Natlonal Youth Chdrs NJtlon•l Y(xrth Jjzz Orth•slr• Natlonal Youth Orchestra Open Up Musl¢ Rordl Phllhlmi(￿k S￿l•ty Ruban C•ntr• Sthool Grounds S￿nds St Chrlstoph*$ 5¢hod CBahrnln) Tandln Trust Sch+)ol The Brltlsh School Al Khubalrnt 17 27 10 10 10 10 15 24 16 io 15 15 25 15 10 25 10 Paga 39 THE ASSOCIATED BOARD OF ThE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (CO￿nNUED) FOR THE YEAR ENDED 31JANUARY2025 I￿ MUSIC EDUCATION- UN•strlct•d furaA (¢ontlnu•d) SPONSORSHIP (CONTINUED) Th• Comnmwulth R8%ounds Tho Hong Kong vrrtwso Chonjs Ltd Th• Ivors Arademy Th• Rondo Producth)n Tri4oTOU8h Muslc Hub Th• UKAssoclatlon for Muslc Educ￿on- m￿1¢ Mirk Thr1￿ Mu51cAcademy Afrlcn Ltd lknrsmyof 5tAndr V•ntsr• Musk Asla Ch¢Yal Ac•d•my 5dn thd io 10 16 10 Ot 35 11. GOVERNANCE COSTS- Ufir•rtrl￿ funth 2025 2024 £(￿0 Fws pAr*rt¢<*nwny Audlt Fe•s Pen91on ￿h¢m0 Irnlependent Panth￿ S¢￿￿ c￿IrMan Non I￿111 sBr¥lc Int•mal AudFt Gwnln8 Boty members •nd Ollkws Uablllty InAwin P•nsFon FurKI Tru5tqq Indimnlty Insurnn¢a 19 47 29 49 269 147 IZ NEf INCOVI FOR THE YEAR 2025 2024 .N•t IrKome forthe year15 Stated ¥fter ¢hJr8lngl(credftlng): FM5 pJy•bl•tothe compan￿5 •ud[tora￿ Its assodatss for the •udlt of dwrltsble comyn￿$ •Mu•I accounts F•w wy•bi•to the •udrtorand Its a550dDtsslor other s•rvl Audltof subskllary c(*npany Tu compllinc• PwMlon sch•m• •udTt conv[e￿I by othr iudt flmis DyKl•tlon ofowned assets pr•¢l•tlon of assets held und•rlknanc• fus• oblFptlons ArrK)rt14rtlon ol Intsrqlble•sMts Op•r•tlru Iuso r•ntals- leasehold bulldl - offlce equlwnent Dllapld•tloni provlslon Exchang• loW(zaln) on r•venu• 23 394 37 79 474 1,a07 1,097 10 17 13 17 Page 40 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTE6 TO THE CONSOUDATED ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 13. STAFF COSTS 2025 £'ooo 2024 £'ooo Stsfl costs durlng theyear Included: Wa¥es arKI salarf•s Sttlal 5Ècurlty ¢osts Ernployer ￿sion costs Dlfined Ben￿11 Pen51on adlustment (u¢ rth31) 51on finllnce charge Other staff costs 9,617 986 1378 (1750) 21 707 a336 859 3293 (2,750) 109 526 11,959 10,373 Thi numbBrof employees who earned £60,000 or more (Induding br￿￿) durln8the yearwere as fdlows: 2025 No. 2024 No. £ 60,001 - £ 70,000 £ 70.001- £ 80.000 £ 80.001 - £ 90,000 £ 90.001- aOO,000 00.001- alO,000 £110.001- ￿20,000 a20.001- a30,000 a30,001- £140,000 £140,001- £150,000 50,001- a60.000 60,001- £170,000 £220,001- É230,000 £230,001. £240,IXKI Durlns the year £24168 (2024,. £1752) wa% pald In redundarKy and pay In lieu of notke. These payments *r• Includod in th¢ tsblu 4boveand ha￿ been r•cwised in full In the stat•ment of flnanclal acttvltlm. PJ8• 41 THE ASSOCIATED BOARD OFTrIE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (coKllNUED) FOR THEYEAR ENDED 31JANUARY 2025 13. STAFF cosrs (contknu•d) Th• nurn￿r Df qmplvrn5 who qarned £60,000 gr more durlw tho y￿rt0 WPKJM r￿Ir•mert ben6ffts 4r• •ccrulnK undv Pen￿on sch•m•s fvnded by th• conwny ar• 2025 No 2024 Dqfin•d contrlbutk)n xh•m• 24 The cony•ny m)de penslon contrlbJtfon9 of a98￿34 (2024. a78Y7) In rupxt Of•mploY￿ noted Tho defined benefit xhqml Clos￿ to luiurn •ttNil on 31 Dt£wth2018 •nd •¢kl¥• mimbDrselect•d to nsferto the deAned contrlbjtlon p•nslon schm• from1 J•r￿ry 2019. The nurn￿r d emplosryu. •xdUdT￿ tqrnpornryst￿. durlry¥th•yurwu Jsfollows.. 2025 2024 Char UKtr•dlrY4 subildlary 177 14 13 197 Th•k•ymanaymorrt pBr50nnplofthe charltymnd ltswholly D￿ed wbsldhry rK•lvedtotslemployeeber of£l.194,095 <2024.. a.111.147).The key mwgernent personnel ￿ con51doredto be th• I￿￿[duall noted on No Governor re¢d￿d p￿￿nt(￿thQ1r s•rVIc￿ In th•ywr <202&. £nll). Total tr•v•lllng•nd subslstenc• •xP￿￿ rilmbursqd by ABRSM to Go¥•rn¢Ys ind Alt•rn•t•5 In th? Y￿r, for •X￿d￿ur0 necessarify incurred on ABRSM's ￿SIn•S4 ￿re ￿.290 (2024., £708). NoothwGovwnor. Mr any Per￿rt ￿nn1¢tod wlth anyGo¥•mor. r•c•l%*d•ny rwnuner•tknn 5nth• year ended 31 Januiry 2025 (2024.. £nlD. P•ye 42 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTES TO THE CON80UDATED ACCOUNTS CCONTINUED) FOR T4EYEAR ENDED 31JANUARV 2025 14 TANGIBLE RXED Assrrs Short l•M•hold lind and Ildln85 é'ooo Furnitur•, CDmput•r fixturns •nd equipmwrt •qulpment £'ooo eooo Totsl £'ooo Group •nd Ch•rlty Cost At l F¢bnMry 2024 Addltlons Dtsp05al$ Trarthrs 58 1995 313 (251) At 31 January 2025 Z358 855 4,057 Depred•tlon At l February 2024 Charge forthe year On disposals IA39 212 614 76 1740 472 (258> At31 January 2025 1.651 613 690 2,954 N•t bookv•ly•s At 31 January 2025 707 165 At31 January 2024 97 239 All 455ets are used for dmrltable pjrposes. The net bookvalue of •ssets held underfinance leases Is £nll (2024., £nll). P•8e 43 TrIE A88001ATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTE8 TO THE CONSOUDATED ACCOUNTS (coKllNUED) FOR THE YEAR ENDED 31JANUARY 2025 15. INfANGIBLE RXED ASSErs AM•ts und•r conttrurtlon £'ooo d•v•lopm•nt Ttstsl £'ooo Group •nd Ch•rfty Co At l F•bru•ry 2024 Addlllons DknpoHI¥ Transfor¥ 1375 11,751 7￿08 13,126 1￿08 (850) 850 At31 janu￿ 2025 14,109 14.634 At1 February 2024 C￿ry• forth• yur 9,7n 1867 9.777 1￿67 Al 31 ￿nUary2025 11,644 N•t book vilu At 31 JIn￿ry 2025 2,465 1990 At 31 J*nu•ry 2024 lJ75 1.974 3349 l Is￿ts irn uMd ftlr chiritabla purpos¢s. Th• tr•nsf•r from aoets undw constpJdkJn to softw•r¢ dm10pm￿t milnly r•l•t•Sto W￿nd￿￿￿on roa(kn•p4 dwtal c•rUfic•ts4 ind Musk Medals. Roadmaps relate to cantinuou5 dov•lopment on th• CRM, In ordor tr* holp wlth IrKome Mcrw￿l0n. Dl8lt•l c•rtSfiutss hive ba•n mllld duri1¥ the yur. and off•r customws cwtm¢ts r4th•r thnn knlc•l ¢ople& A new Jyllibus of Muslc M•da15 was dèNTlopo4 alNykl• rnctydI￿ of th￿• trarA•cUoM on the CRM. Thlswas•l￿ compl•t•d durfrwth•y•4r. 44 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS CCONTINUED) FOR THEYEAR ENDED 31JANUARY 2025 16. FIXED ASSEf INVESTMENTS Sulxldl•ry undortJklnp £'ooo •ndowm•nt fvnds £'ooo 2025 Total tooo 2024 Totsl £'ooo Grwp Prtze endowment funds-11st8d InwJstm8rts at market Value At1 Februjry 2024 Addltlons Ufftallsed g•ln/(lo$s) In the year 1,574 (8) Al 37 Jinuary2025 1,666 Ch•rlty Pflze end0wmenifu￿l5- listed Inv•stments market value (as ab(Ne> Investment In SUb￿d￿ry Ordlnary thares ofa each * cost Unsecured loan not* IAIO 1,666 10 772 io 772 10 772 782 1.810 1592 2.448 The prlze eThJowment Iimds are Invested In Blackrock Charfcigs UK Bond •nd Equlty Common Investm￿* Funth wych a of £879,000 (2024. É879.000). The ¢harlty's wbsId￿ und•rtakbry is The A550C5￿Id Board of the Royil Schods of Mu51c (Publlshlru) Llmlt•d. The charlty owns 100% of the company'5 ￿S￿ed ordlnary £1 S￿r¢s. Th• prirKipal actlvhy of the omwny bthe productlon arrfl sal• of muslc publIc￿l0￿ and rec(*dln8s. The charlty ha5 gtven an ur#JertakinB to rts subsldlary not to demand repayment of the unsecured loan I￿1• before l July 202& Inter•st 1$ charyable onth• unsecwed loan at a rat¢ of 2% overthe Bank of England b•se rate from tlme totlme. No wovislon 1$ conslderod necessary a8alnst the £10,000 Cost of the investrnent Inthls subsldlary. Pa40 45 THE ASSOCIATED BOARD OFTHE ROYAL 8CHOOLS OF MUSIC NOTES TO THE CON8OUDATED ACCOUNTS (coKllNUED) FOR THE YEAR ENDED 31JANUARY 2￿25 17. STOCKS Grw> 2025 Group 2024 Prlnt•d and rKordl 616 xo 704 18. DEwfoRS Gvtyjp Ch•rlty 2025 eDOO 2024 £000 2025 £'ooo 2024 Trade d•bt¢rs 902 413 1.149 455 413 655 Amounts due from SUb￿d￿ry Otherdebtors F*rMnts aThl Kcn*d In¢om• 570 183 1,126 1,143 1993 3,724 5,632 19. CURRENT ASSEf INvE￿mE￿￿5 Gr￿P Ch•rlty 2025 eooo 2024 £000 2025 £'ooo 2024 sh hdd ￿ d•pas •at•rthin 3 months 1055 thin 3 months i&ooo 10,079 14750 s￿50 14000 9.079 15.000 5550 Indud•d wkhln the abo¥e fi8ur• ire tr•uwy dwlts wlth In prl8Tnil nmtwlty of12 month or I￿ At tt linc• sheet drte the •verw rnatw￿ of thex de￿￿ts wa5 6 morrth5for the yoJp1202&. 7 m*￿th￿ and 6 monthifor the dmrlty (2024: 7 month5). The a¥erw Interest rnte w•5 4.47% <2024.. 5.11%) for the wp Ind 456% (2024. 5.08%) forth thirfty. THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTE8 TO THE QONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY2025 20. CREDITORS: aM￿ntS fallln8 due wlthln on• y•ar Group Chirlty 2025 É'ooo 2024 £'ooo 2025 £'ooo 2024 eooo Trnde credltus Overseas representatlves Refvnds duEto customers Dthrred Inc(KnB: ¢xJrn feu Cnot• 3) Other taxe5 and soclal s•curlty costs Finance leaSearran8￿*nts Other credittys cruals and other deferred Income 1,875 1,447 2,561 27 3,039 426 1,74B 1561 27 3,039 396 3,099 300 3,099 676 1016 656 2,142 676 226 1126 11,647 10,298 11 21. cREDrr0￿. amounts hllln8 du¢ aft•r mor¢than on• y•ir Group C￿r 2025 2024 000 2025 £'ooo 2024 £'ooo Other cretht(Ys 578 561 578 $61 578 561 561 FRS102 requlres the full amount of a dllapld*iDn provlslon to be rqcognlsed when the obllgatlon arlses Other credilors repr•seftttheeslimated infflatlon Ind￿ed dilapidationsfund potenually payable ￿ exltfrom the lease of our currentpremlse$ Salters. Hill. 22. PROVISIONS Group £000 Ch•rlty £'ooo Tix prwlslcffj •t1 F•bN•ry 2024 Total In¢rea5ed Total settl 1137 462 (968> 1137 462 (968) Tax provlslon It 31 Janwry 2025 1.631 Ih31 ABRSM contlnued to seekldvlce on Its taxoU*)n posltlon In relltlon to Its Intemitlonal operitlonsJnd expects that most resuttin8 Ilobllltie5 wlll be settled over thecour5e of thenext five years wlth thetime5cale being partly dependent on the speed of response of the relevant tsx au*hLvltle& ABRSM has estimate a Lix contln8ent Ilablllty Df £620,000 (2024.. É781,000) for direct I￿1 Indlrect tsx In terrftoriel where th•r• Ss uncertalnty. contlnualfy ￿￿1*In8 wlth local arthorttlesind oxtffml tsx advlsors. P•go 47 THE A880CIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTE8 TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 ENL)OWMETrif FUNDS Mov•m•nl In Funds Incom• INI Exp•ndltrr• 841ni Ind IOSMJ At l F•bw•ry 2024 A131 J•nu•ry 2025 £'ooo £'ooo eooo Group ind c￿lIty P•rrninqnt prlz• wdowm•nt fvnth Shelli MOS￿￿1n Prfz• •¢courrt Ralph Bass•tt Prfzo •¢¢ount Constsnce Haddon Prlt• 0¢￿Unt Wintfred Uversld8¢ Prh •¢wunt Ir•ne L4ssen Bequttt W•lnm¥nlDur•lMmy Pr12• 5unthyNmed prlz8s gln￿1 prfzw account 179 139 124 15 17 590 317 1,418 770 Eynthbl• prfz• •ndowmwrt fund• Gordon Bryan FurKI Alan Pkkard PrvL• ToylorWhlt• Gibbs Prlz• 14 128 27 1&5 (3) 341 Totsl •ndo*Th￿nt fun& 1,724 l929 Irthr•st rtt•fv•bl• New prfz• don•tlon E¥yndliure on prfz Unreallsed loss on Inv¢stments 144 <3) Incomi Exwdftur• •nd •ndyiM 2024 £'ooD 2024 Intsr•st receTv•blo Ind sundry irKom• Exponditurn on prlze3 Unr•alls•d loss on1Thry5tffl•nts 07> (8> 58 (25) The•ndowmqntlvndsvMr• •Jtab1lSh￿ to provlde pr12ufty musl¢al athlevemenb In ABRSM's euM1na￿Ons, For pwman•nt prkn •ndowmBnt turKl& unwended Inct)m• 15 ar￿MUlated as cllpitsl arwj added to th• fund •Ach year. Exp•rNtsbl• priz• •ffldowm•nt fvndscomwlse unwfjnded bal•nc8s of dOn￿on% h•ld ontrurtto be applled for1pK￿ purposes, Pw 48 THE ASSOCIATED BOARD OFTHE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY2025 UNRESTRICTED FUNDS TrnrdlwA In At31 J•nu F•br￿ry £'ooo £'ooo eooo eooo £'ooo £'ooo Gr(•Jp 4,604 (￿2) 4092 D•tyated fundA Deyalopmentfvnds Examlwfvnd 3270 1,030 0,172) 1500 (2.000) 250 1,698 1,280 G￿11[ ch•rli¥bl• fun 14570 50,835 147.738) (578> 35? 01,647) (578) Not asfots bthr• penslon d•ffdt Per%fon defic 25A99 1,929 27,428 Totsl net •Jsots ¢ldldt & provlsk>ns 25A99 1,929 27A28 Tan￿1• flx•d asmts Intsnsiblefixed amets In¥e5tments CUrr￿t assets cU￿￿t Ilabilitles Non-current liablltths 1.103 I103 1990 1591 31961 1.017) (578) ,6￿> 782 31811 00.986) (578) i￿0 Net Msets before p￿￿On dEfldt & tr￿S1on$ Penslon d•ficlt 25A 27A20 Tot•1 net •sfets aftw ￿$1¢n d•ff¢lt & provlslons 25A91 1,929 27A20 Group •nd Ch•rlty Unreallsed ylns Includod •boNw on In¥eJtm•nt45s•ts (50• nrt• bdow) 931 931 Unrnlllsed ylns F•bruiry 2024 Net Dln •rf$l￿ from r•valu•tl(KJ In the year 787 144 UMea115•d ylns •s at 31 jIn￿ry 20 931 P48v 50 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 26. RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING AcTIV￿lEs 2025 cooo 2024 £'ooo Net Incom• for th• reportln8 wlcd,. Depreelation chargfj Amortlsation charge G•ln/(loss) on dlsposal of ftx8d iss•ts Int•re$t recelved Galn/(los$) on Investments Decrease/(Increa5e) in stocks Decrease/(Increa$e) In d•btors IrKrease/(decre85e) In Cr0d￿oIS (Decrease) In proviw¢x Net cash mov¢ment In ponslon dBflclt 4,859 472 1,867 6973 1079 13 (895) 0,280) 044> (6) 127 lJ66 (506) (172B) 494 (2,647> Nal cash hfflow provldod by operatlng acU¥ltl•s 4,631 7,635 27. ANALY515 OF CHANGES IN NEf DEBT At l F•kn•ry 2024 Cash flows At 31 J4nu•ry 2025 É'ooo £'ooo £'ooo C45h •nd ￿$fv •quIv41¢nts 5296 5550 99 10.079 Cash •qulvalents 10.846 4￿32 15,678 Borfowln Flnan¢e leas• TOTAL 10,846 4.832 15,678 28. FINANCIAL COMMITMENTS 5thol•rshlps 5th0￿rshIpsa￿rded1or whlch r￿ Fyovlslon ha5been M￿elnth1￿•1cC0Unts ireexpertedto bec(ffie payable as tolbw*- 2025 eooo 2024 £'ooo Year endin¥31 January 2025 Yur ¢ndlng31 January 2026 Year endlng31 January 2027 Year endlng 31 January 2028 Year ending 31 January 2029 IMOO 895 429 246 788 350 200 1970 2569 All scholarships uffered by the bJlance date for the current acadEmlc yeir are provlded In fvll. Awardsfor Jture years are subject to revlew and authorfsatlon by ABRSM laeh ye4r •nd Ire therelore not Included In provlslans as at the balance sheet dat& THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNT8 (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2¢Y25 2& FINANCIAL COMMITMEpifs (curtlTrJ•d) At 31 Jinuiry 2025 the 8TQUP Ind hd lutur• tot•1 mlnlmum lelw pym•nts ￿fOllow￿. L•nd ind bulldkn 2025 tooo 2024 2025 £'ooo 2024 On• y••r Two lo y•ars 1,207 4,169 1207 4169 10 S376 5376 Th•totsl future mlnlmum Ilnirt• Iw p*ym•nts •sth• •nd ofth• Mwrtrng pwtod K• •sfolkY4M: Grwp chrfty 2025 £'ooo 2024 2025 Not lthrthan ornyur Ltsth•n oni yew fftndnot L•t•rtrAn fl¥oye•rn 29. TRANSACTIONS WITr1 RELATED PARTIES ABRSM mid• contributlons ol aOOO,000 C2024: £500.000) t¢ •Kh 01ft￿r Royal S¢trAwls d m￿TC or th•lr c￿TRabl&trUSt% Two r8vw￿l￿V•Sfrorn ••th ofthew slt onthe Go¥emkn8 Body. ABRSM w•5 pnrty to i bMThber of fiMrKl•l tranM¢*lws wlth Its ￿bsIdtsry, ABR5M PubllsNw durln¥ thè year 45 f￿lD￿. 2025 £'ooo 2024 Chried by ABRSM to ABRSM PuWIthI Administr•t￿ •xp•rMs reth•r8•d P•n5ion costs r•chr¥•d L￿n irrt•rest nag•m•nt chary• Copyrl8htC￿r11 PU￿k$hI1¥ VAT 385 2592 118 Charyd by ABRSM Pul￿•h1n$t0 ABRSkt Paper stod( recharg•d Prfnted muslc Ind r•cordlnKs Glft lld don•t1￿1r•ffl ABRSM Publlthln¥to ABR5M: 319 807 B4l•nu •tth• ywr•nd'. Du•to ABRSM frtsm ABRSM Publlthln8 Duefrom ABRSMto A&gSM Publlthlnl 3A55 Pl￿ 52 THE ASSOCIATED 80ARD OFTHE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 29. TRANSACTIONS WITH RELATED PARTIES (¢ontlnueA) Durln¥ the y Professty Colln Law50n due a5 (2024.. £0) In r￿aItI￿ by ABPSM (P￿lIshIng> Llmlted on normal commtrctsl temi& The balance outstandin8 Btthe y•ar and was £0 (202&. £0). ABRSM provldèd ￿MI￿tIon $ervlc•s to rehtod pirtlu on nDrmal comme￿141 l•mis as follo￿. 2025 £'ooo 2024 £'OOD Ch•rged by ABRSM Royal College ol Musl¢ Royal Academy ol Muslc oynl Northern Colh8• of Muslc Royal Conserv4tolre of Scotland 12 14 16 a•lincè at th• ywr •nd: Royal Coll•y ol Muslc Rwl Academy of Muslc Roy41 Northem College of Musl Rwl Conwvatolre of Scotland Ther• have been no other related p•rty tran￿¢tIOnS dwlnl tha ￿T. 30. FINANaAL IMSTRUMENTS ABRSM has the followlng fknanchl assets whlch ar• Indwjed at fjfr value tFYough the st4temert of flnanclal •ctMtles'. 2025 eooo 2024 eooo FINn¢lal amots It f•lrNilu• thr￿ryh the st•tsmw# of IIMnd•l activities.. Inve5tmerrts 1￿10 1.666 Page 53 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNT8 (CONTINUED) FOR THEYEAR ENDED 31JANUARY2025 31. PENSION SCHEMES Th8 opwth5 two penslon sth£m•s • group st•ktholder penslon plin •md 4 ddned benefft schem& Froml F•bruwy2014. qLk•llfylrQ5t￿IQ1nl￿1ABRsm areauto Bnrolled Intoth wvup stskeholder penslon plin ovld•d by Scottl¥h Equltsble plc und•rthe brlnd Awin (Flnanct41 knAc•s R•¥lsler number165548). ContrlbulloTh% ar• r•¢wlnd kn the St•tem￿t af FI￿ncI¥l ActI￿tI•$ In th• year In 7Arf)kh they ire ewned. The mlnlmum ￿n￿oy•1 ¢￿trIbUtIOn 1$ 3%01 baslcsaliry. ABRSM contrlbthffl 596 01 b1￿¢91￿ry. Ellch PUCEnt• IncM8• Inthe em￿¢Ye1 contrlbulkn Is m•tch•d byA8RSM up to* maxlmum •mployer contrlbutkjn d 10%. deth1￿ berKIfft w•s •st•bll%h•d to provld• rfr•mnt benaffts thirws bu•d uponflnol PIn￿onIblE￿￿ri￿10rth￿IoT￿Inl before 6Aprfl 2006 orcarmr Mlarie5 forthDs•joinl from 6 Aprll 200& On l April 2013 411 memb•ri of th• flNI 41•ry *ctlon of th• xh•me trinsf•rr•d to tl reer •¥er•s• s•Ctkn ofth• sthqm•. The •￿ts Oft￿ schn Ire held sep•r•tdylrom thos• ofth• chrlty. The selMne do3￿ on 31 Dqc•mb•r 2018 to ftrturo iccru•l. AcUYé memb•rs tho opkn to loln tl orynlsatlon'sgroup ￿kOhOldEr schrm at1 Jan￿ry 2019. C0ntrTrxrtk¥ns￿Yabl8•Tfjd•t•1mIr￿d on th• basls 0ftrI￿ni1[YaIu￿1oTr*￿rrkn1oU1 bya q￿lI￿od •¢tu•ry. chnrws contrlbutlon5 we ¢h•ryd as resoLrces ind eXp￿ded in tho year In vthlth contrlbutlonl •r¢ mad Th• th*ltyceaMd corrtrfbuuonsforthe 4ccNIl offvtur• benBfftsfroml JIn￿ry2079. Th• Per￿ 8eThlc• hr the year wer• £nll Q024' £nll). The w•¥rt ¥ahhi d the IlJblllU•s includes £831000 (20X' é795,000), carrT•d forward from tho an •stlmth ofth• p•¥t Wrvkq cost ot GMP •w•lls•tlon. These •¢¢4¥unts rnfi•ctthi rnquk•m•nts of FRS IOZ Th* e¢ryK¥mlc asSump￿onI Ilrt•d b•low hbve been calculthd by * qu•llfi•d I￿ent actuary. They ir• b•wJ M mirketcmdltlons as rt 31 JiNJiry2025 bjt hm b￿n derlftd m•thodolo8y ￿toUt In FRS 102, e $4 THE ASSOCIATED BOARD OF THE ROYAL SCHOOL8 OF MUSIC NOTES TOTHE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY2025 31. PENSION SCHEMES l¢ontlnuod) The discount rate ha5 been derfved u51ns a corporate bond yiEkl curve approach as requlred by FRS 102. The i8oKx over 15-year corporate AA rated bond inde¥ had a yleld of 5A0% per anwm of 31 Jirwary 2025. Thls Index ¥ durptlon of pround 14A year4 whlch Is less than th• ration of the Scheme's Ilabllltie5. The discount rate has been Increased by 0,2%.which Is 51mllar to the Increase In ￿lt spot ylekjs at 74,5- and 20-years' duratSon, resuliin8 In 8 discount rkn of 5.6% per anNm (to I declmal ￿aCe). Ratall prlco Infiatlon (RPI) has been d•rlv•d from th spot Infiatlon r•t•s publlshed ty the B•nk of E￿land. At duration of 20 y•ar4 tha spot rate for Irrflatlon Is 3A3% per annum as of 31 January 2025. An RPI Increase a55umption of 3.4% has been used (tol decimal place). In the prlor ￿ar tt w15 1s$umed that Consumer prkn Infiatbn (CPI) would be 0.6% 4 yeJr ltr￿r than RPI. However, It Is expected t￿t the RPI wlll be calcul*ed In the same way a5 CPI-H from 2030, $0 tho dlffer•n¢e bets￿n the two Indl¢u should reduce considerably. Nonotholess. until 2030 the two indice$ will be calculatsd dlff•renty, and 11 should be noted that a Si8ntficant proportlon of the d•f•rr•d pernbnlr Ilabllllles VAII r•tlre bth the Indlces ar• illgned. It Is proposed that the asumption ofthe dlfference betW￿n RPI and CPI Is reduced to 05% (and will reduce by 0.1% uch year until 2030). ThLs results In a CPI increase assumption of2.9%, No¢stImat￿ salary Incr•I￿S duo to tha sch•rn• cknsure on 31 De¢embor 2018. Inryeases to penslons In payment which are related to prfce Irrfl?tlon hav• been taken to Increase In Itnewlth the RPI assumptlon orthe annual Increase Capi whlchever Is lower. Inrxusu to d•f•rr•d p•nsions whlch arn r•lat•d to Fxlc• inflatlon have been taken to Incréise in Ilne wtth the CPI a￿UMPI10￿ orth• up. whlch•vor15 th0 lower. Commutation of pension by menknrs estlmatsd •t25%. allowing for an kncrease in commutatlon ratss sin¢e the 4rtuarial valuati¢)n. It Is also assumed that eon¥nutatlon factors WFII be lrtcreayed by 20% Ind thli 1$ refieLled In th FRS102 Ilabllltl¢ Th• prln¢lMI •¢luirl•l us•d p•r •nnum •r•: 2025 2024 Dlscounl R• 5.6% Retail price Inf￿tIOn Consum•r prlce Inffatlon Z7% Increa5esto penslonable earnln Incrnoses to penslons In payment Eamed up to 31 December 2001 Earned Irom lJ•nuary 2002 to5 Aprfl 2005 Earned fr¢￿ 6Aprll 2005 5.0% 33% Z5% Prtrrntlrernffflt Incruses for d•f•rr•d penslon5 Earned before 6 June 2009 Eamed from 6 June2009 19% 25% Pase 55 THE ASSOCIATED BOARD OFTHE ROYAL 8CHOOLS OF MU81C NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR ThE YEAR ENDED 31JANUARY 2025 31, PENSION sCH￿E5 (contlnu•d) R•candllrtlon offvndd rtltuito ball￿• th•t 2025 eooo 2024 £000 •nt value of Illbllltlos Filr¥Jlu• of pl•n I$￿ts (38395) (41141) SurpluV(deficlO Re5trktlon on r•cth•rnbl• surplus 1028 028) ,796) N•t d•ffned bemfit ismvakblllty) to h recO￿lI•d on bal•rKt theol 0,796) 2025 W•ltht 2024 Wd8ht Ewltt•S 19A Tl.6 293 67,9 2.8 31355 l222 Cmh (IndUdl￿dIvId¢ndS recelvabl•) 27384 Totsl m•rketvdu• of •ss•ts 11)0.O 40345 100.0 Th••mounts rncoxnl¥•d In Ih Stth•rt ol Flmncthl Actl¥ltl •M •• follow 2025 fooo 2024 É'ooo Intwest Incom 1066 (1045) 1051 0,942) Penthn FIMnc• chir8• 109 Empl￿5 d•lkltuntrTtsrtlons 750) (Z750) D*fin￿ Ben•ftt P•nilon AdlUstrr￿rt 12,750) (2,750) Ch•nDs In th• pr•Mntnlu• ofth• D•fin•d B•n•fft Obllptlon (DDO) thI1￿th¢ y•w•r• 431011 Ymr ?ndlnk 31 January. 2025 £'ooo £'ooo Pr•s•nt viluo of the Il•bllltles Is attheJt•rtof Cwrwttwvl¢• cost Contributbns by the membws Intsr•st•J¢ponse Pasl 5•r¥lce cost P*M￿SUr￿Ment- effe¢t of experiEnce idJu9tsnents loss/(8aln) Rtrm•uur•m•nt- Affect of chanys In•55umption¥18•lnM05S Wtswld 41141 46,343 1066 zo 887 (5A21) £3,632> .634) Prexwrt of the Ilibllltl•8 IS rtth• and olyÈir 38,395 41141 Pw $6 THE A880CIATED BOARD OF THE ROYAL SCHOOLS OF MU81C NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) FOR THEYEAR ENDED 31JANUARY 2025 31. PENSION SCHEMES (￿ntInu•d) Chnpj In tho lllr v•fu• ol assets durln8th• wr•r¢ •$ follo￿.. Y•ir ended 31 j￿Ul1Y. 2025 £'ooo 2024 £'ooo Fair value of plan a￿ts￿5 •t stwt ol year lrterest In¢omq Rtrmea5urement- retum on plan assets excludln8 Inter•st Incomè Employerfs normal contributions Employ•rf$ d•flclt ¢ortslbutlons Cc￿trIbUtIor￿5 bythe m￿)berS Benefits pald 40,345 42545 1,942 (5373) (3,083) 2,750 2.750 0.634) a.519) F•lrvalue of plan assets Is at •ndol y•ir 40A23 40345 Acttwl retL¥n on phn a5s•ts {loss)/pln ,038) Based Dn cu￿ent pBn51onabl8 earntngs and the delldt recovery Fdan agreed In 2021 the empl￿5 defKIt recovery contrfbutlDns •xpeLt•d to be ￿ld to th• ScPMme for the year endlw31 January 2026 amounts to £0 (2024,. £2,750.000). Amounts forth• curmnt Ind prthrtousfour p•rlods 4r• 4$ follo￿. Asal 31 JaNary'. 2025 É'ooo 2024 £'ooo 2023 £oDo 2022 20X £'ooo Present value ol the Ilab51ths Fairvalue of plan ass•ts (38J95) 40A23 (42.141) 40,345 146343) 4Z545 (67,033) 57,867 (75661) 49242 Swplus/(deficlt) 1028 ,796) (3.798) (9,166) (21419) Rtrrneasuramont- Effect of perlanca adlustm•nt an 5theme liibllitles <10$￿18•1n 546 1887) (1070) 739 42 Rtrm•asur8m•nt- Eff•ct Df chjnge In ¥ssumptton on seh•m• Ilabllltles galn/(loss> 1632 5621 21004 (7,94n (1181) Rovm•Jsurern•nt- Retum on plan assets exdudln8 interesl IrKom8 (loss)/¥ain Eff•tt of asS•t ¢ailin8 (3,083) (5?73) 09,041) (594) 028) FRS102 adJustmMt (933) (639) 1093 8,092 (3304) Vol•tllMy of FRS 102 The results dlsclosed ab￿e are Inherentfy volotll& Thls 15 bocauso the fiabilities been c•lculBted by dis¢ountlnstr* benePIts ￿1n¥ the yteld Dn i witabl• AA-rat•d c(Yporat• bond. wherus tlx 5¢P￿le does not Invest solely In hl&th quality corpmte bords. To that ￿ent there 14 for FRS 102 purposes, a 'rnismJtch' between theass•ts and liabilities, Vlthlch mean5 that thè assèts and liabllltSes tsnd hence the surplus or delklt) can be volatlle between dilfererrt accwntlrq perfods, dependin8on general movefflerts In the market. Pa8e 57 THEASSOCIATED BOARD OFTHE ROYAL 8CHOOL8 OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (coKfiNUED) FOR THE YEAR ENDED 31JANUARY 2025 32. CHARITY STATEMENT OF FINANCIAL AcfiviTY Unrnttrfcthd P•n*n Rutrlthd& Tot•1 Toi•l Funth End•wrn￿t Funth Fur 2025 2024 £'t)00 (ngh 31) É'ooo Not INCOME &ÈNDOWMENTS FROM: c￿rtIabl•l￿1lAllI&. Emrnlrthkni 42.na 41.098 14 0thwtr￿Iry •cthilth&' Co¥•n•ntfrom iubsfdl•ry 319 807 336 1.108 Totsl Incwn• 443n 4168 EXPENDITURE ON: Ch•rft*l•Acllbill Emmintlons T••¢h•r￿pp 5oW•rsN Mwl¢ educthn 3&160 ¢1749) o) 53A14 490 lJ79 io 4J7a 750> 39x1 Totsl •yndluY• 42287 729) 39J01 X186 N•t In¥••tsNnl 16 1926 Z729 974 Actu•rl•l ylrrf1055 on Asmtcdlh 1095 (Z028) 1.095 fA020) 1.796 1927 RECONCILIATION OF FUN￿. 14fKe * Imrd Totsl cornw&￿ Ir 0.796? t796 I,r24 IYA93 1927 17,158 1.926 l•nu c•nl•d fmr 25h91 1.929 27A20 23493 Pw 58 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO THE QONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 31 COMPARATIVE GROUP STATEMENT OF FINANCIAL AcfiviTY FOR YEAR ENDED 31 JANUARY 2024 Penslon R•s•MI Restrlcted & Endlvwmgnt Funth Total Funds 2024 tooo Fundj eooo INCOME &ENDOWMENT5 FROM: Ch•rrt4ble Kthiltl•i Examlnatlons T•athÉr Supwt Oth•rtradin¥icllvlllM: Publlihlnx Id In￿Stmants 41.098 14 41,098 14 6,829 895 837 58 Totsl Ineom 4¢890 EXPENDrrLK ON: •rflibl• Athlu Eyaminatlons T•ather Sup SchDlar5hip5 Mu8lc•duc*lon OthvtiadlThT idMtI• Pthlishlnz 34755 442 79 749) o) lJ79 5066 4666 4¥33 Q.750) 17 410OD P•wlon th•r¥• 109 Totsl •xP￿dI1￿m a641) 17 41,909 Net (1055)I￿n on inveslThnl (8) (8) N•tInCom￿(IXp￿d￿tUr1) 1641 49TJ Oth•rrKowSMd VIn￿(lO¥￿). Aciuirf•l yln/loJs on w51on schern• (639) (639) Tot•1 Inc•m• 4299 1002 33 6J34 IIECONaLIATION OF FUNDS.. lance brou8tht forward N•tmo¥wn¢ntln fvnds 19275 4299 (3,798) IOD2 1.691 17.168 334 B•lwK• r4rf•d 0,796) 23.502 PW 59 THEA880CIATED BOARD OF THE ROYAL 6CHOOL8 OF MU810 NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THEYEAR ENDED 31JANUARY 2025 COMPARATNE GROUP ANALYSIS OF EXPENDITURE FOR YEAR ENDED 31 JANUARY 2024 Dlr•ct Chr4ti•l￿o eooo Support Co Slth C04ts D•pf•cl•tlan & Totsl Imortlsrtlon 2024 Cooo e(x £Tho Ch•rft•b]• ictlvltl EyAmlnatiolls T￿cher Suppryt Sthol•rshlp plYm￿ts Mu$lc •ducatlon PU￿1$h1 11561 8216 7,806 206 023 441 79 1579 678 2252 49 19.978 9,108 10264 I￿0 41.800 P•Mlon Iln•nc• thirK• 109 Totsl 19,918 9,108 10373 2510 41,909 COMPARATIVE GROUP ANALYSIS OF suppoKr cosrs FOR YEAR ENDED 31 JANUARY 2024 Ex*nln•tlo Tuch•r Publlshln¥ Totsl 2024 É'ooo £'ooo eooo 3,142 812 ll4) 1l60 147 24 87 3A55 967 00) 1054 147 1.650 S•l•s and Mirk•tlr Flnanc Fadllt iknem•rKe HR & oth¢r nNin•x•rn•rrt 134 8216 214 678 9.108 P•ge 60 THE A880CIATED BOARD OF THE ROYAL SCHOOLS OF MU81C NOTES TO THE CONSOUDATED ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31JANUARY 2025 36. COMPARATIVE MOVEMENT OF ENDOWMENT FUNDS FOR YEAR ENDED 31 JANUARY 2024 Atl F•bru•ry 2023 Incom¢ and galnj Expendltw? A131 Ind losus J•rAMry 2024 eooo £'ooo £'ooo £'ooo Group Ind ¢hirlty P•rmin•nt ylz• •ndowmwbt lundi Sheila Mossmin pry￿ acc￿nt Ralph Bassett Prize 4c¢rMnt Constance Haddon Prize att￿nt Winlfied Liver5idge Prlze account Irtne L•ssen Bequest Welnman/Durnlsamy Prlze Sundry named prlzes and8ener81 prizes account 160 124 141 (2) a) o) n) (2) 160 124 141 144 527 17 317 317 IN18 th) IA18 Expend•ble prlz• ￿dowmant fundi Gord{￿ Bryan Fund Alan Plckjrd Prfze Taylor Whltfj Glbbs Prizè 114 27 <1) 27 165 a) 306 10 <4) 306 Tot•1 •ndowm•nt f￿d* 1,724 (25) 1.724 Interest recefvable Expendlturè on prlz¢s Unreallsed loss on investments 58 07) (8) 58 PJg• 61 THE ASSOCIATED BOARD OF THE ROYAL SCHOOLS OF MUSIC NOTES TO THE CONSOUDATED ACCOUNTS (coKnNUED) FOR THEYEAR ENDED 31JANUARY2025 37. COMPARATIVE MOVEMENf OF UNREsTricfED FUNDS FOR YEAR ENDED 31 JANUARY2024 Atl Al￿ J•n￿ry 2023 E'ooo eooo £000 £'ooo Group Flx•d •M•1￿MI 5043 (439) D•*n4t•d funds 3,750 780 OA80> 1500 250 3J70 Ex•mln•r lurwj G•nqr•l thirhbl• 9,702 48832 (42h53> 14570 Totsl 19,275 48m2 (44J33> <439) D•4•10pThntf￿th ExamlMrfr￿d 3.750 OA80) 1SOD 110 (31930) 14J61 fvrm Totsl 19.265 iio <3&￿0> Pw 62 THE ASSOCIATED 80ARD OF THE ROYAL 8CHOOLS OF MU81C NOTES TO THE CONSOUDATED ACCOUNTS ICONTJNUED) FOR THE YEAR ENDED 31JANUARY2025 38, COMPARATIVE ANALYSIS OF NEf ASSEfs BETWEEN FUND5 FIX YEAR ENDED 31 JANUARY 2024 Unrostrlrted FthKli