REGI￿ERED COMPANY NUMBER.. I1•M84￿ (Ell￿nd and Wakn) REGISTERED CHARrrY NUMBER: 313663 RF.P RT FT TRUSTEES AN ORTH AR NDED31 DE BENSLOW MUSI ENT FTH 'IAL SI'ATEM . MBF.R 20 Pa Report of the Tru*es Ito9 10 R¢yl otth¢ Ind¢pthnt Audilo 11 to 13 Coniolidi*d Stst¢mttht of FiTMcial Activlti¢R 14 St•ternentof FI￿•1 Art¢viti¢8 15 C4nwlld&tcd StstCmQDI ofFIn￿lI] Positlott 16 Sithment ofFinanC￿l Po•tior* 1710 18 Conwl*lAtrd StDtem¢nl of Cuh Fl 19 thc Collwlidaled St•i¢mMt ofcuh Flowi 20 stst¢m¢fttof Cath Flow$ 21 Nolu ￿ the Stst¢m¢nt of Cmh Fltywi 22 Nolel to the FID•Thoi•l StstenKllts 23ty42 LO EGISTERED N RE TF.E F.CV.MbF. Bemslow Mllik I'rust rvWTrd￿ 1929 u thc firsl Rural Musi¢ SLhool and in 1946 Inco[w￿¢d LI Tr RuTal Music SchLN)l¥ ASSO￿￿￿.00. rc-inCo￿tsfflted its IYd6 85 Bcnslow Mwsic TT￿1. Trusteei Annual Reporl fur lh¥ yujr ended 31 DEc¢m￿r 2024 Thc Tn￿1CC￿ who are alyo thrtttors of the charity for the pu4)oses orth¢ Companicy Aet 20061 preyeril their rwort the fin•nGial $tat¢menl¥ of th¢ Charity for the y￿r Cnd￿ 31 D¢c¢mber 2024. The Trusiccs have adopkd th¢ provisiom of Accounting and Reporting by Charilie8'. stsrem¢ni of R¢commcndcd Praciice applicable ￿ chvities prep8rin8 ihur accouo(s in acGunlance with the IdinanLial Reporting Siandard applicable in the UK and Republic of T￿l￿nd (FRS 102) (ctrcglive l January 2019). oWE￿IVEs AND AcfiviTIES Objectlvei and Ilmi Benslow Mu81¢ TrnsV8 charitable objects, 98 Sct Oul in i1% govcrninB doctknncnt. arc 'lo promotc mu5[¢ ¢d￿￿tiOn ft>r th¢ publi¢ bcncfit through the st￿lY and prActi¢¢ of mu81¢, e%pecially in its social 4nd c0-0￿￿tIve foTrn4 arnon8St studcnts of iub8tanli*l Victorian house thAt fornis thc hub of thc or8ani¥ation bqwathcd in 1952 by EAther Se¢TrM)hm lo br used in pcrpetuity for the iupptsrt thf mugic-making,. Th¢ org4nisatioA ¢onlinucs to m¢¢t 11$ obj¢¢t$ thmugh thc cxtensivc music pro8r*mm¢ offered at its campui. Sl8ttlfie*nt •rdvldo¥ Thc Truyl achieves 115 Obj￿IlYeS prln¢iphlly Ihrough an ¢xl¢nsiv¢ prvyavThm¢ of short T￿Id￿nti#l musi¢ rourses led by promincnl Mus￿￿}￿1Ulm and wcIcL)min8 amatLur mu$iL'iun$ of All •bilitics Iv purliiipatc. CCI￿r8￿ orror procli￿1 8llPPOrt In studyin8 rnU5iCAI in8lruments And fr¢qu¢ntly m¢ludc coopcrativc c1￿mblE plwyin8. Alongiid¢, It offerg a wId¢-r￿s￿l swiel of public concerts, an exteMiv¢ music lrnding library and Ope￿ Its facilitieg 10 Iocpdl and nlltional or8anisation$ from loddl8ri' 8roup8 and music eximin￿ttiN bodits lo choral $ocictI￿ and other musiC-m￿lA9 ygup¥. This providL* • vanety of opponuniti¢s for Ihc public Iv ¥nA¢ with llwsic m•kin8 and music The programme li iupported by trading activity auch pmwdlng bed And ljreaktast ttcommodalion th ipare ij aYatlAblc. Plblle beneflt The Trusieei confirm Ihal have Lomplid wilh the r¢quirvmenlx uf ¥¢¢liun 4 of th¢ Chpriii¢8 A¢i 2011 ￿ have due r¢8ard to public b¢ncfit 8uidancc Publish￿ by th¢ Charity Cvmmi¥$ion tor In8lind 4tnd Wal¢s. Public benefit ii prineipilly d¢rived from th¢ PTO8ramme of •clivities presettled li the Trnst* ¢arnpu8. Th¢ rypes of upportllnrtie$ th¢ or88n1¥￿1on provides tn aduli learnErs ytudying mvsic are increasingly ￿n￿mmOn ￿[068 Bn8land but hav¢ si8nifi¢ant impa¢t to p4rti¢ipanW deY¢lopm¢nl. The Trust c4nlinu¢¥ lo offer bursariu ￿ participants in need. JuGh 49 those from lower ￿l0￿¢¢0n0M1c backgrounds, and to cmcr8in¥ profcssionals, iu ordcr to broad￿ th¥. reth¢h of Its Aclivity and bcncfit. Volunteen Bemlow Mugie grAtefvlly receives 8UPPOrt tr4)m voluntCLTB throughout the yCAr in two key &rea8: - Library - & d&lic&ted team runq the day-to-day mana8ernent of Ihc music library. including th¢ ￿¢¢IVIng, accessl(*n Ind dcacc¢&Yion of itcmg. ￿SIs11￿8 with participant quuies. and gcncTal colkction mana8cmcni. - volunteepa support thc delivery of our concrrt Progr￿￿n¢, notubly the monthly Monday afternoon Seri￿ with &t¢warding, box olTwx and stsgc man&8emenl. The time give￿ by our vulunteers TK around 2,034 hours per y¢ar. This haA an iftdicknvc valiie ot £23.833. b￿d on ¢mployin8 wiYaleTht StalT. ST F TIIF. TRU DF.D 31 DF.CEMBFR STrATEGfc REPORT Aehlev¢m¢nt arml ptrforma•c¢ A¢¢lvlty 2024 wa8 a year of con501idation fw tht Tft￿l as li looked to Srnbilisc a ba50 on which w bu1￿ ollowitig for focus Dn str8le8ic growth And developrncnt going fDrwttrd. In tcrnll of th¢ TnoV$ primary activity - ils Ye￿-TOY￿d pro8ramm¢ ofihort r¢8id¢ntial ¢ours¢s and Series of collcwts- the Trust prod￿ed 144 coursc&. including one onlinc COUT8e, wel¢omin8 1.925 ￿rtiCipa￿ts lo Bcnslow. While this wa8 a sli8ht Teduction in the overall Dumtw of participants of aryjund 7'A (2,0112 10 1.925k th¢ Programme performcd v4t 74% capa¢ity: compaTabk to perfornwice in 2023 01 760/D Lw¥cily. Across ihe year 69 cours¢$ 148•A) rcaL'hcd 01 excv¢d¢d iheir t¥￿11￿¢￿¢ tar8¢13. Throuxh thi5 pcriod of relalivc ¥thbilily. lh¢ T￿￿1 h¥$ bccn ablc to rcvi¢w i¢¥ ￿￿r5E progrrnc and farlots arr¢ctini its PCTformancc. Thi$ h&8 resulted in a nurnbcr of changes, including in¢rcaRing thc pricing of collrses 10 help ke¢p up with rising rthts. Thc Trust ha% 1180 %penl time focusing on updAlin8 Its 8y8tms and pTrJccMeA to improve the cxpcricnee for participants. Coursu enmw*d a wide vviety of M￿1¢•7 genTe8 and stylcs of ty￿rin8 and perf*)Tmm¢¢. The maintained • itron8 pro8ramme of chamber mu8ic und bamque mu8ic uppotluniti¢s for Musicia￿ ol all •bilili¢o, 4ioD8¥id¢ dcdiut iolo in¥trurrwnl ￿UrSeS. Ja2z coursc& UPPUnUAlti¢s tv ¢xplore lulk and iraditiond music, and tbc annual Benslow Baroquc Opcra pr¢scnting Hatsdcl's Acii & Calpdtea akso f¢•¢ured ift thc 2024 progr8mmt. Ai well 85 e8tsblighed coursu, wernl new courtes wett with hlghlighlA Inc￿diNg Bach Arias Mtorj includlng l)•me Emrn8 Kirkby. •nd Viol C4>nsoyts with TeDowned ¢nsemble Fretwork. All courRM ir¢ OK￿$1b1¢ to m￿l¢lan who mcets the ¢ouroc rcquiTmcnls and providc b¢neflt In iupporting musiciaN' dcvelopmenl irt knowledge and 5kill%. AS one pthicipant ¥ttid: loved the viri¢d types nt muslc and yforming wlth th¢ 8ing¢rg too... [Ihe lutorl w encouY8ging. arnl hii direrlion on goin8 ovor the more complu rhythms wag w¢l¢orncd. H¢ mlde UA all feel vlll￿d #s (mwr) Musici￿4." Th¢ TfU8¢0 ¢oncert S¥Ti¢S pr¢6ented 33 con¢¥rt8 tn¢ludin8 sITinB qu￿ttl. piano thiet& jazz ¢ns¢mblcs, OPCTa and folk mulic. dc8igDed to app¥#l ty audicn¢es 8cr05y Hitchin Ind lh¢ surrounding ￿1. Con¢erts rcmain 8 Det-loss DEtivily. yet both ¢Dible the Tn4t lo deliv¢r on ils ¢h8rilable ubjecl$ knd 10 $¢¢UTe courne lulors with a high arti¥li¢ profile. 2024 s4W 4 light reducllon In pcrformanc4 with Audiencc¥ thwn 13% (1.492 10 1.293) c4Thpared lo 2023. Ilow¢v¢r, frorn a firt￿¢]41 peryiectiv< the iarlel A&w the continued r¢duthion in the over￿¢ nei IOAB of Gonccrts by 45% (-£379 to -£208). HighlightB from thc concert scrics included: P¥lisandcr Rxordcrs, the Maggini Coull and Bin8harn quartelg. A jaT,7, ni8ht with Paul Eshelby ind frieftd& an evenin% of Klczmer fy4M) &TOSS th¢ Am¢ricA8, a ceilidh. PTivik hircs of the Ttu8i¥ ¢ampus remain a core ￿peCt of the busincss model. This i¥ an are& thAI conlinues lo p¢rfonn well, with A hi8h retetition rate of r¢Bular annual Icrtin8s. Nvw relllionships ond bookin￿9 resultttd in & 14% gTowth ot revenue (£166,726 to £190,403) from this activity. The Tr￿l'S new Chiof Exc¢u¢lve b¢¥an in post In JaThuary 2024 provSdln8 Stablllty to stsff leaderthip. Howov•r, thrin8 thc yew there wolo ilthhcr ch￿se8 to both staff and the Boord of ThistC¢5. While this has had xome impact on tpkin8 foThvard itralegic development and k¢y projects su¢h a% the delivery of 4 ncw digital ruqlomer armj PTO8ramme managemelll sysi¢m. il hxs Also allowed thc Tw$1 lo review 11$ currenl w5iLiun prcp4r¢ rot lulwe growth. This h&q includcd d TrAnsforni*tion Progrwnmc. launched in Octobcr 2024, to review ihc 8talTing stw¢lure. syslemRI pro¢esse5 and praG17(¢8 io ¢niur¢ that it Is workin8 eFfectively and cffi¢ienily ag po89ibl¢. Th¢ pro8rnmm¢ will ¢onclude ID 2025 And will hclp rcdu¢e ringncial pressu￿. allowinw (he Tn￿t ￿ r￿u8 on its ￿ture. P•e¢ 2 BEN ST NU REP AR F.NDED IDF. EMBF.R 2 STrATEGIC REPORT Achlevement and performan¢¢ FundrthlDg performance Don&tioM continue lo bc a vi￿1 SOUTCC of income for thc TTUSt. DoDation& levi￿ and 8rnnts for th¢ ycllr iotsll £177.485. While this is 8 r&i¢tian on ￿rfOrManCe in 2023. which was an cxception duc lo a large legacy yft, it showcd posiiive step forward *tir the Trn4t. Fundraised income includcd £50.500 of le8￿Y income and the ￿COnd in8ts1ment of a three-Ye￿ 4ttemont with a foundatttift valued at £IOO.000 pcr ycar. The r¥muining income wax rCCwv￿ via donation8 to re¥trictiyl fvnds for burgaries (£6.OOOJ and piorjo maintcnwKe {£IO.(UX gcnwil donalions (£10,985). Incom¢ from memberships was £34,035 inclusive of Glft Aid. Fundrai8in¥ ¢xpenditure the yettr i(JtallcAI £24.133 thi4 intluded a pcrccnla8e of the salary for a Hc*l of D¢vclopmcnL who wlls in poit until ScptcmbcT. and the cosi ol'miinlthinin8 #n online don•tiOD platforn). Additionally. th¢ Tru81 wnlinu¢d to run # licenced bar on ils cBmpu8 for thc of rAiiin8 fuThli. This rniKd £39,005 1ft￿me uf 4•A on 2023) )8ainsl ¢xp¢ndilur¢ of£13,853. P¢rformAD¢¢ of Inwtme•ts At the beginning of the year the 'frust held IJ)veslm¢nts of £466.025. The investments a￿ held in i number Dt fvnd4 including one aimcd al rnlximisalion ofcapitzl growth. oi* al inwm¢ ¥Enerulion. r)urin8 th¢ yeaT the valu¢ of 7nve8tments iDcreR$¢d by £42.1267 {ittclu3iv¥ of dividcTknls) growth vf VA - cnding 2024 with a val￿¥ of Lfj03206. The BoaTd's Invcitment Cornmittcc TCPOrted that whil¢ 2024 ¢onlinued lo ¥e¢ maTkclfj impacled by volatile global ¢ir¢umAtsnce$ the TrpJ8ts inv¢8thw¢t4 due the globaliw4 und varlcd nabue of the portfolio weathered well returning valuabk income to the Tru Fln•nelal r¢vl¢w Ineome oftd Expenditure The r¢$ult for lh¢ y¢ar 2024 wuy an ovcrall 8urplu¥ uf £12,419 on thc TrnEVy unre¥trict¢d funth. However, on th¢ Tru81'1 operAlionil budgel (which excludts donaied incornc and ¢xpcnditurc aB8itisI dc¥i¥natcd fvndts. and Includc$ gain¥ on investinenis) thcTf wu an operalional deflcit uf £9,677. Th¢ Tr￿te¢S ts)ok a cwtsous apprulch to ¢xpuThlitvv# in 20241 •PPYOVIII8 a dcficit opefational btJd8el of £138.9(M) ror J&nuary-Junc, whtch wa5 ￿vI¢W￿ ond rcapproved as a £84,9￿ defi¢ii bud8cl lor July-D¢L¢mber. This wal on the assumption Ihal whilc th¢ Tntst ¢onsolidated and roviow¢d its financial mod¢l, it would not b¢ pogsiblc to brcak cven At th owalioMI levcl. Operaisonel in¢omc (which excludes voluntary income *nd ￿¢0￿C lo rcstri¢tcd and de¥iinated fvnds) totsllcd £1.372,378 lor the y¢ar, £24,578 abovc Ihe revised budgvL. This was l&r8cly achieved due to increL4ed incornc from hiTe$, b•nk inter¢rt iTrvutm¢nti. The pojition wu¥ uided by & rcductiott in upLrntiL>nal ¢xpondilure (which ¢xclud¢J cxp￿dI&￿e frnm reitriEicd WKi d￿18n8t¢d funds) of£48545 to £1 J82,055 which was laryely Mchiov¢d thrnu8h oivin88 in gtatTi PD)sramrn¢ d prcrni5¢¥ costs. ENSLOW M si RECISTE ED NUMB£X: (10408404 RF.PORT F THE TRUSTE R TIIE YF.AR F.NDF.D 31 DF F.MRF.R 2024 SThATEGIC REPORT Thc T￿￿1,$ tradittg 8ubsidiAryJ Benslow Mu8Jc Entcrprises Limilcd. look adv4niagc of unused caphekry on Iho sile 10 8enernt¢ income through B&B Icltings of othenvise vacAnt roDm%, ulongside privatc htTe$ of f￿11?11¢¥ for non•musiGal events. The cornwny ￿rned over, £l17,31¥, Tclurningv £3561 to the Tn]st atler cuyts and cxcluding managcmeTht ¢hor8¢S. This wag & lar8e T¢duction in wh8t had be¢n achievcd in 2023, which way prinCI￿llY due to Chang￿ In $thft]mg of thi8 ar of wDtk. alon8 With th¢ decision tsj limii B&B kttin8S to days when thc Tn￿￿$ main activities wcre tAkhn8 placc in ordcr r¢duco costs. ARAtyits of Ileome ￿￿re0 Courscs & Ilox orrice Hlres & Evcnts Voluntsry incom B•nk & Investmcnl incorne lfi¢omc from sub$idiaries Bor sak& Memberships liTrG. Gift Aid) Libnry & Mi5Eellanco Insurancc clAim Total 1024 £955,085 £190,403 £177,485 £87.216 £61,961 £19.QOS £34,Q35 £10.340 2023 £934.791 £l66.726 £519.0115 £42,524 £114.487 £37,584 £51279 £8.417 £197,699 £2.072 J93 12% iiy. 25% 20A 6% 2% 4% 3% 1% 0% io% £1,555,530 Expendltur¢ •cm88 the year was 4ainst the coil of producift£ th• pro8rammc of courn¢¥ Ind ¢on¢crts, aNI th¢ •Mociated expen8¢ ofmiinllining and running the ¢impus for rL'sidentswl P¥Tlicipanls of our Adivty. All ofthis Ktivity18 in servi¢e or Iht ch8ntAble objeclives. The realities of OP￿4tIng IWT pro8fAmm¢s in )n cvjvironment that conlinucs lo see hish costs of liviftg higher inflalion have continucd lo h•vc a si8nifi¢anl ¢ffc¢i on th¢ Tru%V% finMnceB. Once again gencrouy donauons have played an important p•rt in enabling the I'ru# to climinak defKit thig y¢•r. Th¢ monthly bud8¢l monilorinB prncegs, inLluding u¥h flow TCPOrts. coAlinu¢d to b¥ used io infonn mtnogm and Tru61e¢s vl tho latest tlnon¢ial posilion. Th¢ Trusvs Board of Tru$ie48 mAintain5 R slrons finurnciil policy at¥1 robwi fm¥nciNI eontroli lo ¢omply with latsrt guTdan¢¢ from the Chartty Commiss￿. Invethe*t polky Trlls￿ investment policy is to invest a portinn of itR 8¢neral unre8lriclcd ff¢Krve8 and oih¢f fiLndB that vc not Tequir•d in thE sFfftt krrn in ihe slDck mark¢l. 'fhis is with the lim of generttlinB addilional in¢om¢ thal bo uiilise414s r¢quireiL either for Nnnin8 ¢0818 or dc8igna*d projecls. It lakos a risk appro& prwtsDnatL ￿ lh¢ amounl ofilu￿ ihc inY¢stnwnts are ¢x￿Gi￿ ts bE hcld. Th¢ ¢uttcntly I￿ld6 two fill￿, on¢ for cipi181 irowth aod onc for in¢omc g¢ocration. The wlicy in re9￿Cl of ¢thicil, Roci&I and eDvifoDmentsl li lo rc8¢The the right to ex¢lude from 118 investments comp•nic% ih8t C8ny oul a¢tivities contrJry lo il¥ uim5 or from holdin8 p￿tiCular inYesttn¢nts which the Trust's reputstion. Thc Trustces kccp Ihits poli¢y undcr annujl Tfy'Vi¢W. Mirket Value of l.lnd and Billdlny Thc Ghuilablv provisions undcr which uwn¢rship of Ih¢ (r￿hOld uf Ihc propcrty al Ilcnslow Music (forn]crly known as Little Bcnslow Hilis) w85 Iranrf¢rrcd to the Trust in 1952 rutrict the ug¢ to which Ib¢ propcrty Tnny b¢ puL therefore the Tnthcs f¢¢1 unable to provide a meanin8fv1 Ma￿et vAluc for Ihp Camp￿. fJcpreci&tton of a¢¢umul•t¢d wital expEndityre the property of £74,11110 w•$ m)de Lluritig thc year on th¢ Rcvtrl¢t¢d Fwth of ih¢ TruNI. Py4 NS RF.CI NU FTHF TR THE YEAR F.NDED TE 024 STIiATKGIC REPORT Flu￿111 rpvkw ReRrYe8 Th4 regerv¢s policy or th¢ Trust 18 ￿ build to Dnd m*intain 4uivalcnl to iix months of op¢rattn8 expenditure a8 a rniTrimum 6¢¢urc level. This IA held to en8ute lon¥ ierrn security for the TTUSt ITr the ¥v¢nt of future delicils, or wwApcct¢d cvonts that rcsuli in loss of. 11 also enables resolltco4 to bc built to invcsl in Benslow M￿1c'S pr¢mis¢8 and equipmcnL Reserves held in invthnts are counted towardy this poli¢y. The Trust held £437.286 in ￿￿triCted fuods ￿ the end of2024, Thifo wa¥ ctjmprised ol: - Propcrty (£368,680) repr¢￿nIIn￿ ihc Y￿UL of ihe Benslow Musi¢ ¢ompu¥. ri$lriLi¢d in by li¥ Ori￿1￿81 bequeAt - Prupcrty Inve5thicnl Fund (£34.435) for the purposc ofmointaining and Ik.v¢loping the B¢nslow Music campus - Bursary Fund (£13.192) for Ihc puryose of oftgrin8 bur￿￿5 to musicians from low soeio-¢¢¢nornic bACk8TOun￿ or at ¢arly earcer %ts8C to Ailend courses. - Palm¢r H*ll Re￿rdIn& Swdio Fund (£5.233) h¢ld whil¢ addltlonal fundin8 for the pTrjoEI is 80u8hL - l)iano Fund (£125115) tor ihe puryose of m84intsining and ￿r¥I¢l￿8 pianos acros¥ the curnpu4 which will be dyawn upon In 2024. - Oih¢r Funds (£3.IS9) rLwrS¢nIi￿ Ihe total of sm8ll¢r r¢¥trivt¥d (und¥ hcld. unrestrieted re*rv¢ fvndq at lh¢ cnd of thc year were £1,436,187. This includcs £25,044 held as tangible as8ets (wuipm¢nL fixiure8 and fittings), £3,30U in stock% (music librnry), al￿ *5Ud,192 IA the TrusV8 invcsthienl portfolio. Dc8ignal¢d fund¥ h¢ld arc., - Continicncy Fund (£190,000) for the purr￿¢ of providm8 cmeru•i¥y r¢yuuTv¢¥ in the event of unfofQ8¢¢n ¢X￿ndits nd to u]low capi1￿ proje¢i8 10 ￿MmOnce whil¢ AwiltsnB other fundin8. Thi¥ fund is courlled knv4rds the reserve¥ Poli￿. - A81vn Dcv¢lopmcnl Fund (£17,671) fvr th¢ putpos¢ vf dzvelopinB th¢ Trnsl's nwkeling And furKlrnisin% ¢a￿lly, which will b¢ drawn down in 2025 - Haynu Dev¢l(Jpm¢nt Fund (£119,417) for thc PUTP05¢ of or8anisf4tiun41 developmcnl whi¢h will bc drawn upon in 2025. - Inslrument Fund (£5.235) a bquest tor the ot piano restoration. which will be thawn down in 2025. - G•rd¢n Fund {£1.011). for the purpofte nf cxtr￿All￿1ry expcnsc in develuping Fjemlthw Music's Campu8 gard¢ns, - Dliilal Dcv¢lopm¢nt Fund (£150.000), for Ih¢ purpvx of implemelllin8 a ncw m•n•8em¥iil bLW)kin8 ¥y8t¢m, websi 4Nd IT ¢quipm¢nl, which will be drawn on in 2025. Afier tskin8 into account rvstri¢t¢d and d¢si¥natcd tiinds and fixed #￿ets, th¢ Tn￿ hold% £419J66 of free re￿1. In ¢on8idoMtion of the Teserves policy, which includcs the l'n￿1,$ invutrncnt ￿rtfolIO and th¢ Contlngency FuJd. the Th￿1 cx¢¢ed8 its rcierves tsT¥ci by 56% (a surplus of £402,45A). The Surplus in rcscms will be deyignated towgrds Ihc dev¢lopment of the Benslow Mug1¢ campue and oihcr infristruenire projccis, Is well as tDwardA plang for lh¢ 'fThit's in 2029. Thc Tru8teeg eonsider Ihbt il li appmpriffle to prepare the ￿toU￿￿ on i Boing concern basis. The charitys rexeryej at un appropriat¢ kvcl, and ih¢ 8rowth ol income fll>m activity from 2023 10 2024 demo￿$traI¢S Ihat there 18 still domand for our pro8taTnmes. IA dellell While ihe over•ll i)ulcomc for 2024 a susplu$ in I￿nds, the TTh￿t again experiettc&l an operational deficii. 41beit al a mu¢h low¢r l¢v¢l ih81 iniliully Untici￿l￿d, This situilion will L￿ntInUe to bc addr¢5scd in 2025 throu¥h th¢ ¢uDlinued ex•minoti¢ll of the charity's tinincial m(Kl¢l. from which a ncw ¢ost-ba8c and buyiness plfftn will bc developed io ensur¢ thal the chirlty will opmlionally brcak cven. -l-hi8 will support exigtin8 reviews of expenditure and operational model 2nd will b¢ ¢omPlLincnl￿ by a fundraising stralegy to maxirni8e the Trust's resources and avoid future (kficil. W IMIJSIC TRUST RKGISI'ERED NUMBER. OIJ4 RF.P RT F.AR F. F.TR IDF. TF.F.S s'rRATEGIC REPORT Fvtyr¢ pliA# ThB Tn￿(,5 plw)$ for 2n25 ccnlrc cffi r¥newing ils slrlllegy I￿1 b¢ginning to PUTsue Bro￿￿ for Ihc orB￿lSatiOn. A Transform•tTon Pro8rarnmE lo rrvicw staffing struclurcl VStem¥• pr[￿8￿.$ And practices will culminal¢ nexl yGBr. This hBs included appointing a number of nvw 6taff wlw will bc 4blc lo Support ¢han80 gnd 8roth across ihc Trnsl's operation. Thi¥ will bc cornplemcnted by ihe launch of • n¢w mana8emeTrt and boakin¥ syylern. Integr￿ed with a new webiitc, improvin effi¢ien¢y as well ay customer Yclation$hip man8gement and introdu¢in8 tsnline bookinB. Work Is undcmy on 8 new sirnieRic plan, which will a¢i a TuadmBP lo the TN$¢'$ cen￿n￿ry in 2029. Thi¥ will drnw on work und¢rt&k¢n lo evalua￿. lh¢ Truyl's costing model, Bnd ￿ rrafliculal¢ T￿$1,5 Vision. mission value&. Thc plan will Corn8￿¢r gmwth and divetsificulion of the Tnjsl's in¢om¢ ilreoms and activtty h help brothn its reach. Tr appointments of n¢w Markcling gnd tkvelopmeni mw¢r5. duc to a￿1ve in poAI in early 2025, will al80 sive the opportunity establioh grcatcr Ca￿e1ty it th¢sc kcy arw of vmrk. Thi% will enable th¢ 'fntst to in¢T¢a￿ engagement wlth aulience and Jupport bMe%. Att¢ntion and r¢sour¢cs will ilso ￿ ¥iv¢n lo ¢r¥wtin¥ plaDS lor tho futUTO d¢vclopm¢nl vf thc Bon8low Mugic ¢ampus progrgrnme. STRUCTUR[ GOVERNANC￿ ATID MANAC.VMENT Governlng documtnt Benslow Mu31¢ Trnst is a th•rity gov¢med by Mcmor8nthim and Arti¢lcs of Asjocithtion most reCen￿Y in June 2023. It is A re8isl¢red Ch￿lty cornpany limited by guArantec, and it was cstiblished •s • m¢rnbership OT80n1￿tIOn. Gvvwnoncc of thc Tr￿1 is through u B(Mrd of TnJsl¢es (who musl be mernb¢rs) of nol morc Ihan 14 and no fewLY S. TrusttC8 arc also r)iw¢tor8 of th¢ re8i%ler¢d compony. Thisteu are responsible for ffileg￿ diT￿li0n, ensurirtg ill activity iupportl the Tn￿1% obi¢cli, approvil of the mmual bud¥et, rnoniloring ri8k and policy ￿tting. Truylee¥ cl￿1 a Chair and Vice Ch¥irf8) from their Dumber appoint ttn Ilonorary TTe•surer and HoNr•ry SccrL'14ry (who doe8 nut Krve ￿ a ln￿tcc), Onc third of Tnthl¢¢s rnuxt retir¢ It ¢•th Annual G¢ueril Meeting, but rnay offer thrn8¢lv¢g for iCry¢l¢clion. All Tn]slee8 give their time voluntarily And reccive no r¢muncrntion olher lh￿ rcDvonJbl¢ ¢XP¢TW to enable their participation aA Trus￿¢. In 2024. £384 Ol'exp￿￿ W#T¢ ela7med by Tru8lccs. Trustees appoint genior 8t&ff lcd by a Lhief Exerulive whts arc rcswnsible for th# d#y-1041ay op¢rntion of th¢ £hArity. I￿luding PTvgramminR. ¢ommunicaliuns, fundraiiin& f￿anCIal managcmcnl. nmnin¥ and Enaintyinins the campus. M¢mbBrship of the Trusl. opcn to ill by sub$criplioTh, enablu support of tho Trust and giveB Mrynbez5 Ihe right to ¢kct TnL8l¢¢s and vot¢ ttt tht Annual G¢nprAI Mceting. Pag¢ 6 WIM si TRUST RECI TERED RF.PORT OF THE TR R THE VF.AR F.NDED IDE TE EM STRUCTURE, GOVERNANCE A]¥IJ MANAGEMENT R¢crultment and Appolntmeot of new trustees Try$￿￿¥ JTC reL'ruited via an op¢n ¥pplic4tion prtsc&%S. AppliLffiliott¥ w¢liom¢ Irorn m￿l¥ldUIl8 OE all bxckurwnds. How¢v¢r, the T¢ust highlights parti¢ular ar¢as of sp￿1#11¥1 knowlcdgc when #dvcrtisin8 should li feEI there arc skill$ g• amoni ¢yTrent TTuilees. Applications arc reviewed by A Nominallons subn The tnjstses are rcwsible for the other infornialion, "I'he other InfomiotloTr LN)mprises the inforniation ineludcd th the Annual Repork other financial stalcmcnts and our R¢port ofihe Indcpcndenl Auditors thcr¢on. Our opillion on the fin•nci81 &l*lemeni¥ du¢% not cover th¢ ￿h¢r inlom8lion except ￿ ihe exlenl oll￿wile expliGiily ¥W¢d in our report. wc do Dol ¢XPTW ¥ny fwm ofvJ¥¥urunge Lontylusiun thcr¢on Tn conn¢thifin with Lwr ludit of the financitl ￿￿terneAts, our rc4)on$ibility 1$ io read thc other infornwli¢)n and, in doin$ so. consider whether tht other inforn)atton Is materially inconsistcnt with the financial slatem¢nts or our knowledge obtaioed ITh th¢ audit or othe￿1$e appc•rs to be materialfy mi55thtod. It w¢ id¢ntify such mlicriul incon8iAt¢n¢iu OT apparent mlletial isslatCrncn￿ wc are iequircd lo det¢rminc whthr Ihix givu rile to & mAieriAI mis8tslernenl in the financid styt¢mMts themselves. If, bAsed on the work w¢ have performe4 we con¢lud¢ thAt there is a material m1s51alwn￿I of thi8 vihvr Inform￿10￿. we are required lo fepm thai fact. We have nothin8 lo report in t￿$ r¢8ard. MAltrr¥ Ivhl¢h we ore requirtd to report by exeeptlon W¢ havc nothing to report in relpoci ot the followin8 matt¢r% whcrc the Charities (Accounts and R¢port*) Rc8ulattons 2008 r￿￿lI¢S UA to report to you if, In our opinivn.. tho iThfoimaiiOn sivcll in ibe R¢port uf th¢ Truslccs Is inLvnsislcnl ITh any malerial rcspcct with th¢ fuwiGial slat¢m¢Dts,' or th¢ ¢lwitabl¢ 00mp￿Y ha8 not k¢pt adequate ic¢ounting TKord4 or the financial stalements are nnl In 4gre¢m¢nl with the accountin8 records •nd Telurns; or we not rcce1V￿ all thc infornialion aftd explanations we require for our audtl. Page 11 RT F THF. IliDEPkliD r AUDIT ENbLOW MUSIC IY) THK TRUSTEF.S Reipon¥lbS111iei of trulte A8 ¢xplained more fully in thc Ststcmcnt of Trnsteeb, Rcspon5ibilitics. the trU￿teS (who 8r¢ also the dircctOTS of the cbaritabl¢ company for the putyoses of company law) aTe responsibl¢ for the prq)0121ioTh of the flnAnci&l st•tcmcnts and for beirAS satisfied thai they zive a true fAir vi¢w. Ind fur %u¢h internAI control the knwlees d¢t¢rmin¢ is ￿¢￿e￿ary io ¢nthk th¢ PT¢ParntMin of fllwGiAI statcmenlg ihal Jr¢ free frum M￿erial mts¥tslement. whcihcr du¢ lo ffaud or erfor. In pr¢p&rin8 the financial st8tements, Ihe tr￿tteS are respon%ible for iqwsing ihc charitsble company's ahilily lo conliThuc a5 fd Boin¥ ¢otteern. disclosing, 88 iippliublkn matters Tclatcd to 8Otn8 conccrn Ind using ihe 80in8 basis of acGoty)lin8 th¢ IN81¢¢s ¢ither inlend w liquidalc the ¢h8ritable company or to ¢¢a$¢ OP¢Tations. or hr4ve no rcalisti ahernativo to do so. Our réwilbllltlu for Ihe •udlt of the Iln•ncl•l itat¢ments We knv¢ bc¢n appoIntL￿ as pudilufs tsndcT Scgtion 144 of Ihc Charitics Act 2011 and report in ￿COrd￿￿ with the Act Ind r¢lcv•ni regul￿10n3 mad¢ or lJavin8 efft¢t Ih¢r¢und¢r. Our objec1iv￿ •ro to o￿aIn rcasonabk Assuranc¢ aboul whcther the finthci•l 8tat¢mcnL4 ¥x a whole are fre¢ from moteriil MI￿lAICrnOnt, wh¢th¢r thlc to fraud or crror, iA$ue ll Report of ihe Inthpcndcnt Auditor$ that Includ￿ our opinion. Reaf4Jnknle assur•n¢e ig A high level of 888urance. but li not a 8u8r8ntee thAL an audii cunducted in mrdance with ISA5 (UK) will alway8 delect a matcrial rnis81aternelll wh¢n it ¢xiJis. Mi¥¥lalem(tThls ¢#n ari1¢ from fraud ur ¥Yror considered M￿Lyi&l if. indivi(hwlty or In thc a¥8re8atc, Ihcy could r¢a$onabty ￿ ¢xp¢cled to influE￿e thc economic d¢¢ision5 of uscrs takfflj on the basis ofih¢s¢ financiul 5tatem¢nts. The exteni w whKh our pro¢&4ures are capabl¢ of dcrccting ingularitiefv inchMlin8 fTaud i* d¥l&ikd b¢low.' We considcrd the naNre of IhL Ch¥ritablL Cumpany's indu$lry and it8 Con￿07 enviTonm¢nL &nd reviewed th¢ Cbarithbl¢ CnmpHny's docum¢fitslinn of Iheir pulicics tnd procedurcs ￿lating lu fraud and complianc¢ with laws aud r¢iulAtions. Wb algo enquired of men8gcmenl about their own identificnlion and asÉessm¢nt of thc riskj ofitreuulariiics. W¢ obtained understanding nf thc le801 and regulatory framework that the Charitable Compfiny operfttci ill, 8nd idenlified the key18ws #nd wulation8 thai: - had a dirKt cffecl on the detcmiinalton of milerial amoun1¥ #nd diicloxures in thc fin&n¢i•l liatem￿ts, Th￿¢ includd the UK Comp*nig1 Act JDd Chority Cvmmi85ion: and - do not havc a direct cffcct on th¢ finBnLitil 8thlcm¢nts bui compliDn¢¢ with whi¢h may ba luthentsl to th¢ Charitable Companli abillty to op¢ratt tsr th avoid a mAtcrial PenAIry. We diKusKd among th¢ audit ¢ng48emcnl kam including rekv#ni iiternal spccialisls yuch spKiili%L¥ Te8irdin8 thc opportunities and in¢¢ntlvei ihit may exiit within th¢ L)rganisation for fraud ¥nd h()w Mnd where fraud mi8ht occur in the financial it•lemertt$. Fn common with all audits undcr ISAS (UK), we arc also rcquiTcd i(Tr pwfoTm specific procedur￿ to r#pM)nd lo the of manogemenl overrid¢. In addressin8 the of liaud through management oyenidc of controlj, we ¢￿ted tho SPPTopriatcn¢is of journal entTi¢S and other tdjUAmc￿I. hsse&8ed whvthcr ihc judgements made in mgkin8 accountin8 tim&te8 are indicativ¢ of ll wtcnti&l bi&s: and evAluatcd the businests ralionale of any i18n1f￿nI 1rn0￿CtiO￿s ihat arc unusual oroutsidr th¢ normal Gour￿ of bu87￿5% Page 12 R&P I. OF THE INDEPV.ND RSTn THK TRUST In adthtson to th¢ abo￿, our prnc¢dllro% In tespond to Ihc nsks identtfied included the followinB'. r¢vi¢win8 financial ¥tsthent disclosures by ie8liftg Io 8UPPOrting documenlulion ID asseu compliance with proviiions of rclcvanl laws and rc8ulalions d¢5Giibcd as huving a direct ¢ffc¢t on the finan¢iJl IDlaicments,' - peTfonning ￿alY￿ra1 pnKcdurcs lo tdeniify any llrtusu81 or unL'xpeilvd rejalionships ihal may mdI￿te risks of material mi$8t¥¢¢meni due to fraud. - gnquiriTh8 of mllnagLm¢nt thd l¢g•l COLmscI Loncernins tt¢￿&1 and potcntl￿ liti¥alion ond ¢laims and in3lance4 of n(Jll-compliancc with law5 and rcgulations. and r#Ading minutcs of meetings of thoie ch8T8ed wth 8ovemancc, rcviewing intCrnA] audit remw And reviéwing ¢omponden¢¢ with HMRC. A further description vfour responsibillii¢s for the ll￿111 Df lh¢ financial stslcments is lordl¢d on lh¢ Fina￿1￿1 Rcporlinjj Coun¢il'$ w¢bsil¢ At www.fr6'.orB.uklauditor8re$ponsibililie¥. This dcscripiion forms part of our lieJx)rt of Ihc Indcpcnd¢nt Audittyx. Uio of our r•pDrl This r¢port i¥ madc 801ely io tho ¢harii&bk' cumpany's trustCC4 as a budy. in aGconlance with Part 4 of lh¢ Clwilies (Aecounts ADd R¢ports) R¢8ulations 2008. Our audil work has be￿ unthrtJkED 5g that w¢ might slat¢ lo Ih¢ ch￿1￿1b1c ¢ompany's Itust¢e8 thos¢ matters we are rcquireA4 to $tst¢ ty thcm in in auditors, Teport ¥nd for no oth¢r purpoae. To the full￿¢ exlent permitt¢d by law. wr do aecept or aJ8ume respon¥ibility to anyon¢ oth¢T Ihan the ¢haritablc CoM￿nY Ind the charitabl¢ ¢ompony'i Iru$l¢¢i a body, for our audil work, for this report, or fttr th¢ Opihions we hav¢ forn)ed. 6rasD ror ¥tsd Dn behJllofBrathhaw Juhn¥on CbArt¢r¢d Accountants Statuiory Audiloi Bli8ible to ￿cl ps an ll￿1110r ID krms of Sccllon 1212 of Ihc Compynii¥ A¢¢ 2006 Croft Chamber$ 118on¢roft Hi*hin I1¢rtfOn￿h1re SGS IJQ P88¢ 13 DATF.D 8 NcoiifoRATliyf? Aiy IEY ML8 ouN' MLAN EXPFN'D¥TURLA 31.12.24 Totsl 31.12.23 Tot41 funds Unreslricled fvnd¥ R¢stri¢ted Elndowmcnt funds funds NoicA INCOME AND LNI)OWMF.NTS FROM Donatlons and lega¢i¥¥ Ch*rlt•bli xctlvliles m￿1¢ ¢oursG% 95.804 116.H85 212.689 5711364 939,839 185.837 15250 939,839 185.837 15,250 916,076 160.512 111,715 Coft¢¢rt%, i￿ludin4 8r&Thts from B￿loW Musi¢ P.n Cxb¢r IrAthns aGlivitics Inv¢gtmenl incomc Oihcr in¢affl¢ 40,856 39,278 64,7R2 40,856 39,278 64.7112 43.419 117227 43.799 29,105 1,42S,065 116,88S 1,541.950 2.()95,404 EXPÉNDITURE ON RAisJn8 fundi Ch*rhAble a¢ilvlfle¥ Op¢rntion of¢Durn*s ¥TKI mu%ical Klivitt¢8 104,841 104.841 104,334 1 140 116 IAO SC>3 520 679 1398 952 TthtAI 1.611a2Q N¢t 8Ainil(1065¢8) 4)ft inve51mEnts 25.749 NET INCOMFJ(EXPENDITURb) Trmnifen belw¢rB fythdi 5.857 (63,678) (57,821) 604,837 (63,6781 {57.821) 604.8J7 RECONCII,IATION O To1*1 fuDd• brought fornrd .424,757 498,566 1,923,323 l Jlll.4#6 rAL FUNDS CARIUF.D FORWARD 1.430 614 4J4.888 1.865.5n2 a23 The noies fyum p&rt of th￿¢ finanGiNI ￿8￿MeThI¥ Y4e 14 SIC TRUST CHARITY TAT F FINANCIAI. A NGANIN MF. AND F.XPE YEAR ENDED 31 DECEMBER 2 31.12.24 Tvtsl (urt 31.1223 Total UrJr¢stri6*d runth Re￿n¢t¢d fun(ts th5 Te51uled Nolcs INCOME AND ENDOWMENTS FROM Donations and Icgacies 99,305 116.885 216.250 607,501 Ch#rllAbl¥ ietlvltle Mu¥ic courses Music Icttings Concerti. includin8 8rnnts 939,839 185,837 15,250 939,839 185,837 15.250 916.076 160,512 18,715 Oth¢r trthding ll¢livili Inv¢8tm¢nt in¢omc Oth¢r inwn 39,27¥ 64.782 39,278 64.782 43,799 29,805 Tot*1 413 370 153Q 255 2 059 874 EXPENDITURE ON isiThg funds 24,532 24,532 17,194 ChirkAble Aellvltl Op¢rntion of courscs musical a¢tiviiies 408 730 I'olAI 1¥0 563 ￿23 1467 756 Net 8aiDS on iftv¥slmeni¥ NET INCOMEI(EXPENDITURE) 5,857 (63,678) (57,821) 604,837 RECQNCILIATION VUNDS Tol41 funds brousht lorward I,280,671 642,648 1.923.319 1,318,482 TOTAL FUNDS CARIUED FORWARD 578 970 1865 498 1923319 The not¢g fomi port of these financi&l %tatem¢nls ge15 W MUSIC TRUS REGISTERED NUMBK NSCJ TEM AT31 nECEMBER 2024 31.12.24 Totsl fl￿d% 31.1223 Un￿¥tricted tiinds kcstr1¢￿d EDdowmenl fvndy riindg N(￿kn.% FIXED Assrrs Tangible ￿se15 InV￿lM￿lS 16 17 25.(M4 508.310 368.680 393,724 SOA310 474,917 533,354 J68,610 902,034 940,941 CURREKf ￿￿ET8 Stock5 Debtoti Inve¥tments Cath at bank IB 19 20 6,841 35.017 989,097 6,841 35.017 1,079,431 5.596 52.829 598,837 5923l6 90J34 119956 I,OA7,459 210.290 1297,749 1,249.578 CREDITORS hllin8 due within on¢ 21 (334,2BI) (334.211) (267,196) NET CURRENT ASSETS 963.468 TOTAL ASSETS LESS CURRRNT LIABILITIES 1,286,532 578,970 1,865,502 1.923,323 Nrr ASSETS 1286 532 578 970 02 1923 323 VUNDS UnrBytriclAI 23 1.286,532 578.970 1.280.675 TOTAL FUNDS 1865.502 1923 323 The not¢A forni pnrt orthese flMn¢i&l tsteml￿1% Pylo NSLOW MUSIC TRUST ED R: 00408404 CHARI. STATEME 31DE T OF FINANCIAL PO 31.12.24 Total nds 31.12.23 Tolal funds os restat¢d UDr¢siri¢led fund5 RG%lrictcd funds Not¢5 FIXED ASSETS Tan8iblc ll55cIs InvestmenL8 16 17 25,044 308311 368,680 393.724 508311 474.917 533.355 368,680 902.035 940.942 CURRENT ASSETS Stocks Debtors Inveb%menl$ Cash at bank 3,330 31J.247 989,097 3JJO 38,247 1.079,431 171496 3JOO 62,818 598.837 570 700 19 20 90.334 119956 1.082,214 210290 1,292,504 1,235,855 I CREDfmRS Amounts fillin8 due within one year (329,041) (329,041) (253,478) NET CURRENT ASSETS 753.173 963.463 982 377 TOTAL ￿￿ETs LESS CURREKr LIABILITIES 1,286.528 578,970 1,865,498 1,923J19 NET ASSETS 1286 528 578 970 1865 498 1923 319 FUNDS Unr¢stri¢tcd furtd Rc*rict¢d fund% 23 1286.528 578 970 1.280,671 TOTAL FUNDS 1.923.319 The ¢tMTitable company is entitled to exemption from audit under Seclion 477 ¢f lh¢ Companies Act 21J)6 for the y endal 31 D￿￿ber 2024. The member¥ have not deposited noiice. pursuant to S¢ction 476 of the Lompanie5 Act 2006 Tequiring an ￿dit of th¢s¢ rinaneial stat¢m6nts. The ￿Sle&8 acknowledge their rewonsibilities for (4) ¢nsuring that the charitable company keeps accounting re￿rdS that comply wilh Sections 386 and 387 of thc Compani¢s Act 2006 and preparing finart¢ial statemenl¥ whi¢h ¥ive a true and fair view of the state of affairs of the charitsble company as at ¢h¢ end of financial yw and of its. surplu.4 or deficii for ￿ch financial year in accordance with ihe r¢quirem¢nts of Sections 394 and 395 and which otherwi¥e ¢omply with the requirnments of thc Companies A¢t 2006 relating to finan¢ial ￿lI¢m¢nI5, ?*0 far as applicable to the charii#bl¢ ¢y)mpaDy. (b) The notes forni part of these financial *alements Page 17 continued... BEN IVMU TRUST REGI ER R: 01)40841M TA OF FINANCIAL POS 31D R2 fitwicial *aterncnts have bcert audited under lh¢ wuirtments of Section 145 of ibe Cb•itie8 Act 2011. The fill￿¢111 8tatdiKnts were 3pprovd by the Board of aNI authorised for i8su¢ on 26 April 2025 ￿ w¢ré gi￿* on its behalf by: J.L. l(4 Thtstee- H Malaur¢ The not¢g form part of these financial 5￿ternents Page 18 NS N801.IDATF. TA AS YEAR ENDED 31 DECEMRER 2024 31.12.24 31.12.23 Not¢s Cilh from op•r&d*g Aerfvltltt: C¥sb ¥¢n¢ntcd Irom operatio￿% Net t*sh pyfjvlded by (Mcd in) •perathi¥ •¢dvltlei 19 Cish flo￿ frnm IDVUtlthi A¢llvltkn: Purch8¢ of thn81b￿ fAxol Purrhuje of fixcd wet inveAtswi¢s Sal¢ of fixed LIS￿ lnvtslm¥￿i¥ Cutrent asycl invc4trn¢ntJ Intcrcrt rtteived Dividrnds nxcivcd (2.772) (118.3561 101,819 (480.594) 3,365 (13,349) (119,440) 109.601 (313,7951 IS.757 N•t ¢Ath provld¢d by Inv￿11 tlvll 435 121 307.178) Ilm from flnIncl￿ acllvltkni: Pmc¢¢di Trom iiw¢ of shar¢s reportlTrg perltsd (415J56) Cth cuh equlv•lefjts 41 ¢lJe beRlnnlfj¥ ot th• r•porllry peYl•d 355,884 592 236 432 Ciih •nd u•h eqlllvalents *t the eAd ofthe reportlnq p•rlDd 176460 592310 The no￿$ form part of thcxc floanci￿ si&i¢m¢nl P￿¢ 19 BLNSLOW MU.SIC TR THE CO Fo NTOF DFD 31 DF.CF.MBER li bi.ow lJ24 RECONCILIATION OF NRT INCOMFJ(iXPENDrruRE) TO NET CASH FLOW FROM OFERAI'IIYC ACTIVITIES 31,12.24 31.12.23 Net knketsmel(expeDdl¢ur¢) lor th¢ reporllng P¢Tlod (95 per the st•tement offinanclal •ttlvltleg) AdJ*ilments f•r: Tax paid Deprcciatiott ¢h*ryi L•Sw￿(gAin} on invcthmts InteRBI rrc4i¥ed Diyidcnds rcctivtd (Tnu¢a*yDecteL8e in sto¢kq (In￿¢￿¢￿1)cCrc￿e in d¢bt Tncrewl(Decru8c) tn credilor8 (57,R21) 604,837 13.965 (25,749) (3,365) (61,417) (1.245) 17.812 80,797 (12.719) (1S.757) (14.048) 1838) 6,985 Nét prvvld¢d by (u••d lft) oper•tlni •ctlvlll 192Cb5 Pw20 HARI TATF.MENT OF YF.A ED31 YIE ASII FL EMR ws 31.12.24 31.12.23 4$ restsied flo￿ from tsptr•tlni aellvltl Lash g¢nernted ffom op¢rati(Jns 669 437 N¢t rnlh Provid￿ by operatin8 a¢tsvitl¢8 669 437 C•ih flow8 from knvestlng *¢tlvldei PuTchL% of langiblc fixed usc Dt"tixcd asict invcAtments Sale off￿￿ a¥¥et inv¢sttncnts Current iuet invextrnents Inler¢st re￿ived Dividend8 reccivcd (2,772) (118,356) 101,819 (480,594) 3.365 (13,349) (119.440) 109.601 (313,795) 15,757 Net uBcd In inve¥tsnB aclivilias 435 121) 307.178 Ch#A8e In And equlvAlenli In the r¢portlnE p•rlod Cajh And c•h tqulvalen¢• at the boRlnnlnR of the repDrllog ptrlod (399,204) 362,259 C*•h and e*h equIv￿¢￿ti Ie the end ol th¢ reportlng pvrlod 570 700 The not¢s Vorni part of th¢8c fsnancial ststernenls Pa8e21 Tru TE HARITY THE YEAR ENDED 31 DEC PCASHF RECONCTLIATION OF NKT (EXPENDITUAIYINCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 31.12,24 31.12.23 88 re$￿tea Net (èxpèrAdltureyln¢nme for reportln¥ ptTlod per Ihe Sl*l*Jhxnt uf Fkn*ndal Aettvltles) AdJuitmeDts for. DepTCCi8tion charges Oain oft inv¢slments Inlcrcsi r¢cciv¢d Dividctth r¢c¢ived DerJeasd[itKrcas¢) in slocki Dc¢re4se in debts) Inmse in ¢rditors (57,821) 604,837 113,965 (25.749) (3.365) (61,417) 170 24,571 80,797 (12.719) (15,757) (14,048) (170) 16.116 Net provlded by oper*tloni ANALYSIS OF CHANGES IN NET FUNDS Ai 1.1.24 Cath flow Al 31.1124 Net ¢• CAsh ￿ Imnk 171496 J71496 Llq¥ld rejourcei rjeposits included in cash CurT¢nt arfet investsfKnl8 598 837 480 4 1079431 598 837 480 594 1079431 T•tsl I169 537 12SO 927 Tht form part of fiDancial thternenls Pagc 22 RU LIDAT DFI EDJIDE TA 211 R THF. YF. EMBE STAYEMENT OF COMPLIANCE Ben51ow Mu$1¢ Trnsl is a ¢h4rithbk company in¢orpoNed in En8Jond. The tesiskred orrice i¥: B¢n81ow MUSAL, FJen%low LDnc, Hitchin. H¢rtfordshiTe SG4 9RB The choritable company's finan¢MI Slalemcnl$ havc been piepllred in compl19n￿ with Ch¥iti¢6 SORI> (FRS 102) as it ttppliu to the finAncial statemenls for Ihe yeir ended 31 Doeemhtr 2024. ACCOUNTING PnLIC.IF.S Bis1$ of prepArlng tht nn*n¢l#l $tAIL4menls The financial stat¢m¢nts ol LIK Lhuitablc company. which 18 J public benefil en¢ily uDdEr FKS 102, have been prepored ITh accoTd4n¢e wilh the Chiritics SORP (FRS 102) 'A¢couniin¥ and RLpoTlin8 by Clwiiies.. Ststcrncnt of Recomm¢nded Pra¢iice #pplicahlc to ch￿111¢8 prepiring their Aceounis in ae¢ordan¢¢ with the Financial RqK*rting Siandard applieable in thc IIK and Republic of Ireland (FRS 102) (effectsve l January 2019),, Financiol Reportin8 Sthndard 102 The financial Rcportsn¥ StsndArd uppli¢abl¢ in th¢ UK 8nd Republlc of Ircland, and the Comp4Thie¥ Act 2006. The financial statcmcnts have been pweparcd undcr Ih¢ historiGa] ¢os¢ ￿nventiOn. with th¢ ¢x¢¢ptlon of invcathjcnts which Arc tncluded at market valuc, as modified by the r¢valuAtion of eerlain a8s¢18. The StAtement of Financial Aclivities (¥OPA) #nd Ihe St4ternent of Fiuoncial PoAition conaolidate the fiThthcA81 Al&temenlA of the chanty and ils wholly owned $ubiidi8ry undErtaking, Bcnslow MusiG Enl¢rpriscs Limit¢d on a Ilne by lille h81& Thc fin4n¢i41 stthtemenls are prepired In iterling, B¢n$low Mu•1¢ Trust m￿11 the d¢finilion of a Publ￿ bcnctli enlity undw FRS 102. Goln£ ¢outtrn Th¢ Fin￿clo1 8tat¢m¢nts hJv¥ b¢¥n prep&r￿ un a Boin8 Concern basis. Income All incomt is rKo8ni8ed in th¢ St•l¢m¢nl of Financial Actsvilios once the clwity ha8 cntiticmcnt kn the fund¥, it ts probabl¢ that the income will b¢ r¢¢¢ivcd Dnd thc amount¢an b¢ m¢a8uKd r¢liably. Expendltve Liabiliti￿ Tcco¥ni8ed Ay expenditure as soon 45 there is a kgal or consliuctivc obli8ulion committing the clmrity lo that expenditur4 il 18 probable that a Iransfer of ¢cunorniG bcncfils will ￿ required in settlemeni thc &mount of the Dbligaiion caTr bE mcASUTcd r¢liably. BxpendilurL' 1% a￿ounted for on An accnMls basis And bas bcen classified und¢r ludinBs that awe8al¢ all ¢051 relatcd to th¢ category. Wher¢ cos18 cannot b¢ diTt¢tly attnbut¢d to plrticular headin85 ihey hav¢ been 4lloLated lo activitics on a baai8 wnoj81¢nt wjth th¢ of re6OU￿El. Tan￿blO nx¢d 45sets D¢prcGi4tson is provided DI Ihe fullTrwin8 annual rat¢s in ordw lo writ¢ oftcoch 0s8el over ils eSum￿ed u*ful Iilv. Freehold pm Plant mxhinery Fixtures and fitiiDSS 4•A on cost 7.S•A on c05t 251Jh on rcducing bai4n¢e Fixcd assbts <￿￿Lm11ng inYLslmcnls) arc stalcd at Ic¥¥ 4￿.￿mu131¢d dcprccialion. Th¥ ¢o*ls ofmmor addilions or Ihoye coslift¥ b¢low £150 llr¢ nol L¥Pitulised. EN TR TF.S TO THE C()NSOLIDATED FINA FO AL ATRMF.wrs - efjftilnu•d DE EMBF.R 2024 ACCOUNTING POIJCIES- go￿tI￿￿ed 'I'*nglbk fixed is•Bts Th¥ fr¢¢hoid land and buildin85 Bre subjecl to Lharilable ¢ovcnants laid down in the origin&l bequEsl UDder the1952 Seebohm Will (see Nole 15). Ruildin¥ dcvcluprn¢nl sin¢¥ Ihal lime. Tho¥tly from unrestricted fund& hAs b¢b sub$lantial, lo Ihe point where the original clcmcnts of th¢ buildingi are14wvly ofa¢adcmic intercsl. It how¢v¢r bccn Ihc a¢counting practlLC In previtius ycars io dislingpJish bctwcen building work financed from Un￿striCted funds and buildings Attributcd to th¢ original b4ucsL As all building& on the sile - wha*v¢r their funding ¥ource - elTeclivefy be¢ome subj￿1 to the original charilY4blg eoven4nls which apply ￿ Ihc18nd on which Ilw stand. Ihis ￿￿OuntIn¥ dislinclioD is now considcr¢d iTh¢l¢vaol and ontrary to clcnr preKThtslion. Lund Ind buildlngs on lh¢ Littlc Bcnslow Ili115 5i(c #nd any felatcd fundA are wholly SI￿￿￿ withm a rcstrict￿ ￿nd known as th¢"Property Fund" Stocko Stock ¢on$i8ts of th¢ rnuslc library, whi¢h is iocludcd •t a mod￿1 valuation of £3,330. T*xadtsn Th# ch4rity is excmpi from corporalion tax on its Ghwlt•bl¢ activitics. Value Add•d Tix chaTitsble company is partially ¢x¢mpt fmm eharging Valu¢ ALkled T￿. AccordiThRly, it can only r¢¢ov¢r from HM Customs and ExciK pllrt of thg iTrCUfTcd on supplie¥ s¢rviccs boubThi. Nun.r¢¢¢)v¢rnbk Voluc Addcd Tax 19 shwwn within ¢hvil•blc ￿lIVi11¢S In the Sialem¢nt of Financi￿ Actsvitiu. aecoundn un￿otrICted fvnd8 can bc in JG¢oniance with the chaTitabl¢ obi¢¢tiv¢f at thc di￿re110n of th¢ tr￿t¢¢8. De#i8n4tcd fun(ts ¢omprii¢ unrcAtritted Ilwth Ih&t have been Ket asid¢ by th¢ TnL11￿ for panlculor puqyow. T aim and uye de¥l￿ted fvnd is sel oul in lh¥ nuts¥ ty th¢ fin¥nciul ¥tsi¢mènts. Rcitr4cl￿ fwidj ¢an only be 118¢d (ur pDrti¢ular rtstrictcd purpos￿ within the obj¢¢l$ of the chArity. Restriction% rise when ypecificd hy th¢ dor&or Dr when fvndl are Trised for p•rti¢ular rc8trict¢d purpo$e8. Ptnslon ¢Mts And other PD1t-retlren￿nt bentlli$ The ¢hafilablc CoMpA￿Y operntex a defined contribution pension Achcmc. Contributions p&yabk to the ¢barithble ¢ompaThyl pen¥ion Rthem¢ ￿¢ ch*rKed io the Sial¢m¢ni of l•in8ncial A¢tivitie% in ihc p¢riud tv which they r¥lalc. FInaD¢1￿ th8trnmeuts The TnL8t only has fin8nclBI os*ts and financi￿ liftbililiei of # kind Ih•t qulllify ￿ basic inytNments. BaBi¢ rinancial innruments are initijlly recognised at traniaction valuc and subsequently measured ai th¢ir xttlemenl valur wilh th¢ cx¢eption of hok loans which ore iubscqucntly m￿Su1¢d at omortioed cout uyio¥ ihe cffcctivc in1C￿St m¢ihod. Leeal of the Tryit Th¢ Trust 18 & ￿mp￿Y lirnitcd by suar#nt¢c and hus ntr $hur¢ capitsl, Th¢ liability of each member in Ihc ¢v¢nt of windin8-up 1$ Itmiled 10 £1 per ￿rnbEr ot the charity. Page 24 BENSLOW MUSI TFIE TA MBF.R 20 R TIIF. YF DONATIONS AND LEGACIES Group 31.12.24 31.12.23 ¥8 te8t8ted l)oMtinns subs￿1p￿0nS 178,654 519,085 212 689 Charlty Donations Subscriptions 1112,215 556222 216250 OTHER TrADINC ACTJVITIES Group & ChArlty 31.12.24 31,12.23 Olh¢r lettin88 Bar s&1 273 6,214 ESTMENT ￿coME Gnwp & Charlty 31.12,24 31.12,23 a8 rutated Dividenth re¢¢iv¢d Depo8it a¢oount intcreji 61,417 14,048 INCOME FROM CHARITABLE ACTIVITIES Group & CTh•rlty 31.12.24 31,12.23 restated A¢iivity Music cour8&q Mu%ic l¢ltin8S ConccrtA. including grants Cour¥¢ f¢ Muyic l¢ttin8S Concert4 including 8rants 93Y,839 185,837 916m6 160J12 140926 1095 303 Pa£e 25 contsnuc4t.. BENSLOW usi TIIF. LIDATF.D AL STA IDF. EMBER 2024 - tODltnue RTHE OTHER INCOME Gmp 31.12.24 31.12.23 as re5ts*d MJnag¢meftl charge Olh¢r in￿rne Covid busincgs inlwnwlion Giaim 32,AINJ 10.619 32.7WJ 8.417 197 699 238 906 Ch#Aty M4nagem¢nl ¢tsr8¢ Other income CA)vid b[￿in￿ interruption daim 38,400 10,619 77,350 8.417 69.019 RAISING FUNDS Group 31.1224 31.12.23 Bar PUT¢ha$c$ Fundrai*r costs 94.S61 104,334 ChArlty Baf pur¢htt8¢s Fundr4bi8¢r ¢oits 14252 io 17,194 CHAIUTABLK ACTTVITIES COSTS Cyroup Dirc¢t Los1¥ ¢oils (Aee nots 10) Totals 0￿￿110￿ uf6ourn¢L¢ ￿￿1 musical arAiviti¢s 1 $20 679 ChAtlty 5upporl sts note lo) Dir¢ct Co*J Totsl$ Operntion of courses and musical 895,907 693.386 1.589 293 Pa¥¥ 26 THE ONSOT.IDATED FINAN FOR THF. YEAR F.NDF ECEMBER SUPPORT cosrs Group 31.12.24 Cbarlty 31.12.24 ()peraiion Operationx 31.12.23 31.12.23 Opvruiiuny of cuurges nd musical a¢tivitscs Tot&1 •ctiviiie8 T¢)tAI liviiies tivitiei Wa8eg Rent, rateR and service charge Insuraoc¢ Lighi ftnd heat Gardenerrr¢chnical and Supervisory fe¢9 Rcpaits ynd mainlentthce to gn)uJ)ds and buildings Printing, postlg¢ And slationcry Drprecirdlion ofian¥ibk fix¢d osscts Compulcr costs Hir¢ of equipmcni Adv¢rti81ng Telephone CoD*uIl￿eY fees Profmsionil f¢ Subs¢riptiun6 InlcKst and char8¥S NOn-￿0Verable VAT General expenses Lomrnis8ion paid Bad debts Audits)r¥' ¥Lmunera(iu 2117.279 15.4¢)0 10,089 77,728 264.635 15,34U 10.855 69.67 287,*9 15,400 lQ.0¥9 77,728 15,340 10,855 69,678 11,680 11.ID7 11.680 11,107 47.378 2.978 83,965 44,375 7,968 24,409 4.154 150 33.958 4,853 0.797 49,625 9.940 6,736 7,009 4,209 47,378 2,929 83.965 44.375 7.968 24.409 4.154 150 33,958 3.746 RO.797 49.625 9,940 6,736 7,609 4,209 1.513 8.606 48.009 12,511 4,142 596 10,097 40,282 22,896 12.2R6 1.513 7A49 48,009 12.511 596 8,048 40,282 22,896 701.234 664512 693 386 046 670 Ntr INCOMFJ(EXPENDITURE) Nct incomel(expendilur¢) is slated aft¢r Chargin￿(Cr¢dII1ng). 31.12.24 31,12.23 rcylthlcd Dcpreci•tlon . owned a&qets Puge 27 BENSLOW MUS TR ST I.IDATF.D FINANCIAL STATEMENT THF YEAR FNDED 31 DEC 12. TRUSTEES, REMUNERATION AND BENEFITS 'lTher¢ were nts IN$leel remuNcTalion or other benefiN for th¢ y¢ar ¢nded 31 Decernber 2024 nor for y¢ar ended 31 DcKmbcr2023. M¢mher4 of C(>un¢il have not received any Tcmiin¢T8tinn cithcr dirccily or mdirectly during th¢ yer4r and ptovide ¢h¢ir seryi¢cs volunttrily. Cerlain cxpens￿ inlurr￿ on behalf of Ihc Tn￿1 rcimbur8ed to Mcmbm of Council. An exception is madc by agrccmcnl with lh¢ Charity Commi¥toTh wknr¢ tcrt&in Tn￿t£¢$ o¢¢asion8lly act tutOT8 and rcc¢ive the nornial fec. Truit¢¢s' exp¢n Expenses imounting lo £384 were r¢imbursed to 2 Tnjsttts in thc year {2023 - £nil). STAFF COSTS 31,12.24 31.12.23 Ww% & S8I•TieS Employ¢rs Nl 672.492 615.591 721967 The averabi¢ monihly Nmbcr ofcmploy¢LY during thc y￿r wis as follows,, 31.12.24 31.12.23 rostat¢d 19 18 Direcl staff Supporl ¥tsff IB 18 36 37 Tbe of employ¢￿ whox crnp1oy￿ benefi18 (exeludlng ¢mptoyer pension ¢08ts) Kuce¢ded £60,0(K) was.. 31.12.24 31.12.23 1,001- £70,r Thc key monA8emenl p¢rsottnel of ihe chArilablc cntlnved 15. PRIOR YEAR ADJUSTMENT Historically. thc Dcvcloprncni fund. Gard¢n fwid. In51nuDcnt fimd, and HAyn¢s Foundaiiott were treated dcsi8nated tunds. hvw¢v¥r. Ihg TTusl¢e¥ hav# now T¢Yicw¢d th¢ tr¢Atment #nd believe Ihis tr¢almenl incorreci and they should bu Irealtd us rE5trioicd fund5. This r¢sultsd in the desi¥nat¢d (und8 being ov¢rBlalcd and iestrbctcd fimds bcinB Ul￿erAtated as at 31 D0￿mbC¢ 2023. Historically. the Colfr Chllritiey Dejwit Funds werc trcatcd Cash at Bank, however. the Tru8tee& have now t¢virwcd the Ir¢aimMi and b¢li¢Yc Ihis Ire4lmenl wa8 in￿rr¥¢i ind ih¥y ilN)uld bc ITcakd as inveslmellts. The rollowing balancc? ¥rL at[L¢tL￿ by Ihts adju¥lm¢nt: Ori8inal Corroctlon 598.837 (598,837) Restated 5911,837 570.700 Inve$tm¢nts Cath at bank ,169.537 A& TANGIBLE FIXED ASSETS Gro￿￿ & Charlty Fixtures and rittingg Frcchnld pmpcty PIAnt and M￿hl￿ery Tolals COST At l January 2024 Addilions I.872.003 85.017 2fJ6,726 2,22J,746 Al 31 Decembcr 2024 1872 003 269 498 ￿￿.PREcIATIoN At l January 2024 Cbarge for year 1,4211,443 85.017 23S,369 1.741¢.¥29 At 31 Deccmbcr 2024 1503 323 244 454 1832 794 Nrr BOOK VALU At 31 Dec¢mbcr 2024 308 680 393 724 At 31 Dc¢cmb¢r 2023 474977 OwnBrship of the freelwld l￿d Compnsing Littlc Bcnslow Hill8. with buildings thereon, was as8i8n¢d in 1952 to kur&l Music Slhuob. A550cialion (sU￿¢9UcnIIY rcnamed Ilen¥lvw Muyi¥'ftu¥l) by the will of Miss Esther Seebohrn and inci)tpuruled inu) th¢ finaDLial ¥lAtemcnt9 Al lh¢ liin¢ ol lh¢ giTh, Th¥ Lharitable cuyenants wntsined in the will rcsinGI its us¢ lo th¢ main obj¢cliv¢s of Ibc Trust as sel down in lh¢ rutt¢nl Mcmorandum and Arti¢1¢5, and PPTovrd by thc Charity Comm188iL)n, A s818 of èny part of ihc pmpcrty OT • major varialion in Dr the overall 8lte would th¢r¢fore rcquirc lorn)Jl approval by th¢ Charity G)Mmission. In thc opinioTb of the Board of'frusleej, it ig not prartI￿1¢ tp value Ihe l&nd separatrly. Pag¢31 BEN W MUSIC TRU NQ AN IAL TATEMF.N EMBER 2024 In ND 17. FIXED ASSET INVEsfMENTS Chxrlty Shares In ¥roup undert&kiD85 L,isieAI inveslmcnls Unli%led inve5tmcni¥ To(sl¥ MARKET VALUE At l January 2024 Additions 312.443 118.356 IJ2 372 7.076 319A20 118.356 152 At 31 December 2024 278.427 PRcJVI$IONS At l Janu¥ry 2024 Revaluation adjllsrments (146,600) 95 948 (146,505) At 31 r)exeM￿r 2024 218,954 222 8OT) NET BOOK VALU% At 31 De£ernber 2024 497381 508311 Ai 31 fjtccmkn 2023 T￿r* were no Invc8tm¢nt as¥cts ou18￿C ikn. UK. C08t or valualiun 1131 D¢c¢mb¢r 202418 ￿Pre8Cn(￿i by: Sharei in ¥roup undcrtakiTrRs Unlisled inveslments iTrv¢$lm¢nli Tot&l$ Valu81ion in 2020 Valuation In 2021 ValU￿10n in 2 V4lu8lion in 2(Y23 V•luition In 2024 370,967 46.Ll15 (52,994) (52,345) 7,070 37¥.044 46,115 (52.994) (52,345) 278.427 285 504 Th¢ compAnYs inv¢$lm¢nts il th¢ bJlanLe sheet dot¢ in Ihc shu¢ copilal of Comp￿ie8 include the followin8: BeThilow Mllilc FAterpvl ¢8i$tered officc: B¢nslow Music, BM3low Hitchio, Herts. SG4 9RR Natyre of busine￿.. Lettin8s and other commcKiBI adivities Cl•1• of ghir¢.' OrdiT>ary holdin 31.12.24 31.12.23 Aw¢8at¢ capitsl and reservei markcl valuation carri¢d oul by Inv¢81¢¢. P￿¢ 32 ¢ontimKd... TF. TO TIIV. TF.D FINAN IA TF.MF.N BER2 17. FIXED ASSET INVE%fMKNTS- ooAtffilluEd Other unlisted iftv¢Slm¢nts rcprcsent ¢ash hcld by the investment pendin8 reiTh¥eslmenL Rulii¢d yin$ arc includ¢d in Ih¥' StatheJ]i of Financial A¢tivilic¥. Investmeftls &re held primarily to providc an invc%tm¢Tht rckn for th¢ ¢harity, STOCKS Group & Ch8rlty Group 31.12.24 Ch•￿ty 31.12.23 31.12.23 31.12.22 Strt 5,596 19. DEBTORS: AMOUNTS FAWNG DUZ ￿THIN ONE YEAR Crnup 31.12.24 ChArlty 31.12.24 31.12.23 31_12.23 Ttude 4*blor6 Other d¢biors Prewm¢nl8 •nd accnled incom¢ VAT 10,320 10,907 13.790 32,186 12,241 B.402 9,705 14,752 13,79) 29,772 24,644 8,402 38 52 829 ￿47 CiIRRFIYT ASSET INVESTMV*iYTS Gr0￿P 31.12.24 Cb•rlty 31.12.24 31.12.23 31.12.23 other 1079431 598.837 1074431 598 837 21. CREDITORS: AMOUNTS FALLING DUF. WITHIN ONE YEAR Group 31.12,24 Charlty 31.12.24 31.12.23 31.12.23 Trnde cr¢diloT8 Social 8cCUTily Dnd other taxrs Other creditors cxpenses 47.769 17,970 235,163 32,324 16.025 23,118 204.447 19,812 3.794 46,163 17,970 235.QkM 29.824 11.755 23,118 201.531 17,074 VAT 334281 267 196 Pa8e 33 FINAN R THE YEAR ENDED J TAT 21 LEASINC AGREEMENTS Minimum lease payments under non•c4nLellibl¢ operAliThg le&ges fall duc 45 follows: Charfty 31.12.24 31.12.23 rosl&tcd Withim onc y￿r Behveen one and five yea 2,996 8.987 2.996 MOVFMFNT IN FIINDS Tronifcrn betwccn nd8 Gro•p mov¢m¢nl In fuThl8 Ai 31.12.24 Ai I,1,24 Unrntrfeted f¥ndi Gencral futyl D¢8i8natcd . ConLingen¢y fund D¢sl8natcd fvnd- Digithl duvclopmenl 1.090,675 190.UOO 9,306 (150.000) 949,981 190.(KN) 146 551 150000 ,2XO,675 S.U57 1286#32 Rulrlcted fumds Other Prop¢rty fi￿d Inve8trn¢nl fvnd- PTopety Burjary PAlrn¢r Hall RceoTdin8 Siudio 3.159 443.560 34,435 6,803 5,000 2.360 l.fJ85 53,860 3.159 368,680 34,435 9,l72 5,241 12.360 (74.880) 2,369 246 10.000 (674) {2,961) Garden fund DevelopmcTht tund Inst￿n￿l lund Haynex Development 50,899 642.64S 63.678 TOTAL FUNDS l.Y23 323 11165 502 Pagc 34 TEST TF.D FIN EAR ENDF.D 31 DECEMBER 2 23. MOVEMENT IN FUNDS - ¢ofttth￿ed Nd movem¢nl iti funds, inclthd in lh¢ abov¢ arc as follows: Gromp Incomin8 resour¢cs R¢sour¢¢s cxpefithd G4inJ und Ios5e5 ovement In funds Unrotrltttd f#D Gener•1 fiind DesignattA fund- DiBitil develuprnenl ,425.065 (1.441,508) 25.749 9.306 1,425,065 (1.444.957) 25.749 5.857 Rcilrleted funds Propctiy fund Rur88ry Paimer Hall RecoTding Studia Pi Garden fund Development fund HAynts fjevelopment (74,880) (4,270) (74.880) 2.369 246 10,000 (674) (2,961) 6.639 246 lo,￿0 (674) P.961) 97 77¥) 116885 1110 563 63 7B TOI'AL FUNDS 541950 1.625 520) CompAr•tlvts T•r movemeDt In Croup N¢1 movcment in fund# TTansfcrs between rut)ds Al 31.12.23 Ai 1.1.23 Unre•trkted fundo G¢n¢ral fund Dosi8nat¢d fund - Conting¢n¢y fiind 476,064 190000 578,255 36,356 1,090,675 666.064 578.255 36,356 1,280,675 Reitrlcted funds Oth¢r Pmperly fill Inv¢¥¢llKnl fimd - Propcrly Bursory Palrncr Hall Recordlng S￿di0 Piano Glnkn fund Dev¢loprnent fiu IDStrumetti fuDd H4yn¢5 D¢v#lopm¥ni 3.159 518.440 34.435 10.950 5,000 3.159 443.56D 34,435 6,803 5.000 2.360 1,685 53,860 5,000 (74,880) (898) <3249) 2,3 1,685 73.753 (19,893) 652 422 36.356 TOTAL FUNI)S 131A416 1923 323 Po8c 35 EN LOW MUSIC T NS I.IDATED FINANCJAI. STATEM .AR F.NDED 31 DECE BER 2024 MOVEMENT IN FUNIJS- ¢onrfTrued CompRrp4tive net movement in fund%. included ID the above arc y¥ fvllvwg: Group I￿oming resource% Re%ourc expendcd C￿1n* and los￿& Mov¢ment in fund5 Unrutrl¢ted Ocncral .955,014 (1.389,478) 12,719 578255 R¢itrlcted fundi Property fuftd (74.880) (3.398) (74,880) (898) 2,360 2,SlX) 2 Jtd) Piano Hayrtcs D¢vclopm¢nl 78.2711 TOTAI. FUNDS 2 059 874 1467.756) A ¢￿ttent y¢ar12 moThthi and prior Ye￿ 12 Tronth% curnbincd posilton 15 U5 followx: Gco•p N¢1 movem￿1 in fvndi Transft b¢twetn At 31.12.24 Al 1.1.23 Unr￿1￿cl¢d fullds Cjenernl fund De8bgDaled fund. Co￿]￿1¢n¢Y fvnd r)¢ii8natcd fund- Digithl d¢v¢lopmcnl 476,064 190,000 5117,561 (113,6M) 949,981 19D,000 146 551 150000 666,￿fj4 5M,111 36,356 1.286,532 R¢￿TI¢￿d fbnd¥ Other 3,159 51&,440 34.435 10,950 5,000 3,159 368.680 34.435 9.172 5,246 12,360 1,011 50,899 (149.7fj0) Invesimenl fund- Prop¢rty Bursary PalmcT Hall R¢¢0￿1￿8 Studio Piano Jvden fuDd D¢veloprncni fu Instsumcnl fund Haynes Development 1,471 246 12.360 (674) (2.961) (3,249) 1,685 73,733 5.000 {19.1193) 102 222 13214) 652 422 ￿ ￿36 3561 578 970 TOTAL FUNDS 547 016 Page 36 ENbLOW MUSI TRUSI. CONSOLIDATKD FINANCIAL $TATF.MRNT R Z•Z4 13. MOVEMEN'f FUNDS- eDndllu¢d A Cuttchi year 12 months And prior yeLr 12 months eAimbined net movernent in I￿l￿ded ia thc •boYe ve M follow8.. Incoming rcsourecs Rexovf¢¢% expLndL Mvtyrt in funds Unretskted f¥nd¥ a¢￿ra] fund D￿18n￿l¢d fund- Di8lixl d¢v¢l¢)pm¢nl 3,368,J84 <2,819,291) 31,468 587.561 3.368,384 (2.822.740) 38.468 584.112 Rtttrleted PrDpety Bursnry Paimer HAII ReeThrdin8 Srud Piano Glrdcn fund Developmont fund Hiyo¢s Dev¢lupment (149,760) 17.668) (149,7601 1,471 9,139 246 12,360 12J60 (674) {2.961) 102 1674) (2.961) 221745 IDTAL FUNDS 3 390 129 3 081.581 547016 Chirlty TTrD¥fcr¥ In fundi lJttw¢¢n fun At 1.1.24 Ai31.12.24 UTrmtri¢¢•d fftstsd• Crtnernl Fund Es]￿alL.d fund- Contin8¢ncy fund D￿18n21¢d fuThl- Di8itsl deyvlopmettt 1,09(J,671 190,000 9JOé (150,000) 949.977 190,000 14 15U OW ￿551 .280,671 S,857 1.2tlI528 Reilrl¢t¢d Burn OthBr Ptwty lI￿d lrtvullnent fund - pTr)pGrty P8lrn¢r H411 Recordin8 studlo Piano Oarthn fund D¢vlDpment fund Inthmcni fund Hayrfs develorm*nt 6,803 3.159 443,$60 34,435 2,369 9,172 3.159 366,610 34.435 5.246 12.360 1.011 50.899 (74.R80) 246 10.0( (6741 (2.961) 2.360 1.685 53.860 642.648 (63,678) 578,970 TOTAL IIUI¥DS 1865 498 P￿37 DATKD FINANCIAL sfATLM FOR THE YEAR ENDED 31 DECEM ZJ. MOVEM￿ IN Fi￿Ds. tonthilled N¢tmovon*ni ID fiumts. includ¢d ill lh¢ ￿0vts al follow8: Ch•rlty IncvJnin8 Resuur¢¢s eXp¢r￿d GaiTri ￿ Movcmcnl ID Ufjr¢Mrl¢ted Genernl fund Dejwattd fihMI- nigilal d¢veloprnEnl 1.411.370 (1.429J13) (3,449) 25,749 Y,306 (3.449) 1.413J70 (1,433,262) 25.749 5,857 R¢thlcted fundg Property fund Buryiry Palmer Hall Recordini Studio Pian 174.880) (4,270) (74,880) 2.369 246 10,000 (674) (2,961) 6,639 246 10,0 (674) {2,901) Development fund IIAyn¢8 D¢vdopnxnl 116185 180363) TOTAL VUNDS (L6J3.,82J5 PAg¢ 38 IYSIA)W MU ' UST I.YDAT R THE YEAR F.N ANCIAL STATEME D 31 DECEMBER 2024 INUED MOVEMENT N FUNDS- ¢ontlnued ConwAratlYes for rnovem•nt In lund$ cknAty Net mov¢m¢nl TnnsfcrB in fiu)th hctwccn fund8 At 1.1.23 At31.12.23 Unmtrktsd funds Gcncral fitnd Designated fund- ContingeDcy fijnd 476.060 190000 578,255 36,356 1.(190.671 666.LkSO 578,255 36,356 .280.671 RuirktE41 fundi BurY￿Y Other Propcrty fund Piano Investmcnt fi￿￿- property Gardcn fund Ikv¢lopmen( fund H#ll R¢Lording Siudio In$lNment fund Haymes Dcvelopmcnl 10.9.50 3.159 518.440 (A911) (3,249) 6.803 3,159 443560 2,360 34,435 1.6R5 53.860 (74.flilO) 2,360 34,435 1,6115 73,753 (19.A931 5,0 652,422 26582 (36.356) 642.648 TOTAL FUNDS Cordparnlive ￿.1 Mo￿￿¢￿1 in fund4 included in thc above as followB Charlty Incoming r¢s￿r£C$ Ruourccs expended Gains and Mov¢m¢nl in losses fundi Genernl fund 1.955,014 (1,389,478) 12,719 578,25S Restrleted Propety fund BuTsary Piano H#ynes D¢velopm¢ni (74,8110) (3,398) (74,1180) (898) 2.36U 2,SC(> 2.360 100 000 7¥.278) TOTAL FUNDII -.1059,17a .UAALZL6) P4e 39 BENSLOW MUSI TR THF. TA TV.MF. I DECFMBER 2 THE YEAR DED 2J. MOVEMENT IN FUNDS- runtlnutd A CUTTBnl year12 monihs and prior y￿r 12 monihs wThbined ￿)AItiL)n is &8 follows: ChArlty Nei movenxnl Trnnsferi in fuTKk beiween fund$ At 1.1.23 At31.1224 Unrutrlcted fuN Gcn¢rAI fund Lk8iAnaied fvnd- Conlin8cncy tiind DeliB￿led lund- Di￿1￿1 development 476.060 587.561 (113,644) 949.977 190.000 146 551 666.060 584,112 36.356 128&528 R¢strlcled funds Other Proporty fi￿d Inveilm¢nt f￿d propcty Burs Paimer H&ll Rerordlng Siudio Piano Garden fi￿d Dc￿lopm￿lI ￿nd Inltwmcnt fvnd Hiynes l)evelopm¢nt 3.159 518.440 34,435 0,950 5,000 3,159 368,680 34,435 9.172 5.246 12,360 (149,760) 1,471 246 12,360 (674) (2,961) (3.249) 1.683 73,753 5.000 (19,R91) 50,899 5,000 89.(KJ8 102.222 (13,214) 578 970 TOTAL FUNDS 1318482 $47016 1865 49R A ¢urr¢nt y¢ar 12 months and prior y¢Ar 12 months ¢ombin¢d net movcment in fundi. includcd ID the alw)V¢ aT¢ ftilloM: ai•rlty In¢ominy Tcsour¢¢s R¢%()urces ¢xpcnd CiaiD% Bthd Movement in nds UprHtrlcted fundi Ou￿ra1 fund D¢SIb￿lL￿1 - Digltal developm¢nl 3.368,384 (2.819,291) 38.468 587,561 3J68.384 (2,1122,740) 38,468 584.112 Rertrided fun Burswy Property fvnd Palrrter Hall Recording srutho Pi8no Oarden fi￿d DGv¢lopmcnt fund IIMyneB Develupm¢nl 9.139 (7,668) (149,760) 1,471 (149,760) 246 12.360 (674) (2.961) 102222 246 12,360 (674) (2.961) (97,778) 200.0 221745 258.841 TOTAL Fu￿16 3,590.I29 81 547.016 Page 40 Continucd... •L USIC IHUST TIIR NSOLIDATED FINANCTAL STATEME FOR I'HF. YEARENDED 31 DECEfvIBER 2024 23. MOVEMENT IN FUNDS- eomtloutd PllrpoBU of unrtstrlttod tknnd8 G￿er81 Thnd The gefteral reserve rofieets thc 8ccumul&ted Surplus from the 8eneral hetlvilici Of Ben$low Music Trusi #nd is h¢ld to cnsurc lon8-terni sccurily fur ihc TTUSt in the event of f￿1￿£ thficits. and to cnablc rcsourccs to btr built up lo Invest in Ren$low'8 premi8e$, p13ni and equipmcnl DeL4i8nalal fund- Conting¢n¢y fund Thc wrp08c of thc contin80￿Y fund i¥ to pruvid¥ en￿'r￿cn￿Y rc%our¢¢?+ in thc cvent of unfowsttn ¢xp¢rKliture and to allow cipital projccts to commthL'e wbil$t Jw8ilin8 other fLU]dinB. rJeii8natcd fund- l)igil&l J)evelupmeDI fund Thc purpose of the Dl8ital D¢v¢lopm¢nt fimd 1$ for impl¢mentin8 a ncw di8llal vcnu¢ rnana8cmcnt booki sy&lem. or8anisnl￿￿￿I rebTh￿, ncw ￿b511¢ aftd ￿$0¢•lIed costs Purpthiei of regtrktod fvndi Burs This re4lriciBd fwid set up to ptoyide scholaTrhips en8blin8 attendAnce al courses by 6wdents unthbk lo affoftl full fceA. The capital hDs bccrb built up a rtsult of genezou8 don￿40￿ and legacies by fornwr 81udents and by Ih(Jse markin8 the work of cclcbrated Lurrrnt ¥nd foTmer n]Lmbcr8. Qther This is mAde up of s¢v•rnl 8m4ller reatncted fvndi bui no individual fvnd hAS more than £3,oIXI. Propcrty This fvnd mirrors the value al whl¢h land and huildingts ar¢ ineludcd in Ihc halAncc xhect, Invcilrneni fvDd- PTopety This fund was csthbli&hed by the sale of an inV¢Bmi¢nl portfolio in 2013 to fund n￿jOr buildTn8 work. P4lmer IIall Re￿rdIng Studio fund Thege funds ar¥ to dL'vel4)p Lhe $ludiL) inio a wwking w¢ordin¥ studio, Piano fund Thii fund 1$ for thc purpox of malntoining and iervicing pianos icmss Ihe campus. D¢v¢lopment ￿ttd This T¢pr¥%nls q donation to IhL' Trust by a torm¢r tru$l¢¢. 'fh¢ fvnd is lo allow the Tru¥t Lo dwelop in Ihe rulurE. CJavd¢n fvnd Thi8 ￿nd wu cre&tcd using ¥ Specific donation in order kn ¢nhgn¢e IFrtI4nd$¢￿c of the campus. Hayn¢s Dev¢lopment fuod Thls fiuKI is for the Pur￿1¢ ofurBJnisilional d¢velopmeDt. InJlrum¢nt fvnd The fimd 18 a b4uegt receiv¢d far the purptsse ofpiano ￿tOratiOn. Prlor year *dJllrtm*nt HisloriLally* the Lkv¢lopm¢nl fund Garden fi￿(( lu5trumcllt fun¢ and Hayneg boundatsuL fund werr Ir¢d*d deyignat¢d fiJnd$. ho￿v¢[, thc TnMtc¢$ have now reviewed Ihe trcalm¢nt ynd brli¥ve this trethi￿l wa¥ incorrLYt and they should be I￿rtted reslrictrd fvnd%. This ruulted In the da8ignatcd knnds hcing over.qknicd and re8lricicd funds beiths undu¥lated as at 31 r)*¢mbcr 202.3. Pagc41 continuod.., WMU C TRUST TO TEMENTS- oontlfiu I DECEMBER 2024 EYRA 2& RELATED PARTY DISCLA)SURES During the year lh¢ LI￿rI￿blE ¢omp&ny zeceived a doDalion of £3.561 (2023 £37.137), manyment fees or £25,60D (2023 - £44.560) and oih¢Y cr05s ¢haTg¢¥ of £NiL (2023 £NIL) frurn BL'nylow Mu¥ic Enterprm Lid, wholly owned Éubsidiary. Thc charit4bl¢ wmpany also purch1￿1 goods amthunting to £76,462 {2023 - £69,452) fTom Ben$low Music Fnterpriies Lid durin￿ th¢ year. Ai the r¢pitin8 datc. £3.845 (2023 - £12,403) wos receivable from Ben%low [nt¢TprI%￿ Ll¢l 4nd £NIL (2023 - £NIL) wia payablc to Bcnslow Music Eut¢rpri5¢s L 25. INDEMNITY INSURANCF Th# ¢barithble cvmpany pid fur th¥. insurttn¢c prL'niium$ ￿ indemnify t￿￿ and Senior stari frnm ￿Y lo¥¥ Jrwi rTom n¢gl¢ct or defaults of trustecs ur S￿(rI1￿d any cun$quLMI Iosi, Page 42