R•port ofth• Th In*•nd•n¢ Examlwrts R•port 9 to 17 The ¢oApora¢¢ truthe Presents its rcport with the financial 8th¢¢ments of the clwity for thc year ended 31 D¢¢embcr 2023. The Thirtee adopted thc provisions of A¢¢ourfin8 and Reporting by Charities: Ststemeni of Recommended Pra¢¢i¢e *pplicable tochariti¢S pvepKin8 their #c¢ounts in a¢eordance with the Financial R¢ponin8 Sthndard applicablc in the UK and Republie of Irdaod (TrRS 102). Objeellrn •Ad alm• B¢D￿0W Muiic Instrwn¢n¢ S¢h¢md8 choritsbk objec￿ •$ o¢t out IN its governing doeumenL •r¢ lo l¢nd 8oc41 qudty inthumcnts to prnmi¥ing youn8 mu8ic thidents who aye unable lo *ff•xd or obtain a S￿111b1¢ inBtrument of their owD'. Th¢ chaTity achiev￿ its Ob)￿tive1 prin¢ipally thmugh a rollln8 progr￿nMe of lo•nin8 initrum¢nts to y(xuw muii¢iwM (•pl 7-251 Thi$ incorwrate8 miintainin8 a coll￿)0￿ of ￿O￿Thd 850 in8Thment4 m*inly *in8 in￿n￿en19 K well Aq a smaller mber of woodwind br•ss instruments. Where 1ppropTi￿￿ buThories ue m•d¢ avail￿1¢ lo bonow¢rn who f•miliu othenvitt m•y not Ix able to meci the lojn ftt8. Additiomlly, th¢ ehvity offm • pTo8ramme for Knior knower4 offering young musicians ￿ ¢xtended lo•n to 48e 30 tjw n•vl8it¢ the finW￿l#l and108iStical difficuliiu faced by youn8 pfDf¢8sian•i musi¢i•n8. The or8anisation algo produc A An￿1 numberof ¢onc¢rt8 * B¢n$low Music lo showcu¢ ¢urr¢nt and alumni instrum¢nl borTow¢r hblk b¢fjdlt Th¢ confirnu th•t it romplicd with th¢ r¢quir¢ments of •e£tion 4 of th¢ Ch4TitiM Art 2011 to have due re8•rd lo the publi¢ bcn¢fii 8uidance publi•h¢d by th¢ Chwity CommiMion for En8l*nd and WAI Publi¢ b¢n¢fit i• derived from the pro8r•mmc of In￿r￿ments which 18 managed through opcn wpli¢*ions. Ag fwnilies incr¢uin8ly #ruBglc to make ends me¢L ind funding ehallen8a in muJi¢ ￿u￿¢10ft continu4 I¢￿8 to low-co8t, high-qU￿￿ty in8lNments ¢•n h•v¢ 4 significant beneficial impac¢ on younB musi¢ian< developm¢nL The ¢h•rity ¢oniinucs lo offer buThATiU lo borrow¢rn from lower ￿e10.¢¢onom1C bxkgrounds lo broAden the re￿ ofits xtivily Md ben¢fit. ACHIKVEMENT AND PERFORMA]¥CE Cb•rlt•bk idlvld 2023 wu a perlod of growth for th¢ Sch¢me. Thi$ y￿r * rte4dy iNre¥¢ in the Trumber of thdents bDrrowln8 an inthm¢n¢ from Ihe Scheme, risin8 from 48610 537 ol thc end of thc yur. Thig included 124 n¢w borrowcTr joinin8 and 75 borrowm leAvI￿ the xhthne. Th¢ s¢heMe￿ burw 9￿￿lfi¢•I10n criteri* chw¢d in S¢plemb¢r ￿ that family in￿rne up to £AO,(KX) p¢r now qudifits for bunary gupport. Thi$ is 1 ri8¢ of £5,(#J) (14%) Tefleaing in¢rn•sed preAwr¢J on of livin8 for m￿Y f•nili Dwin8 the y¢ar th¢ S¢heme alw 44uirthl 94 n¢w In￿n￿entI bows via don•tioM •nd lo•M (80 don•tion4 14 loans). 14 1nthfflenttrw￿ •ho.withdr•wn.durin8 the yew* m4kin8 a.net 8•iTrof 80.to.the.Seh¢md•.¢olle¢tion.. ._ Th¢ IntrOd￿￿on of In 8¢Trice chv8¢ of £60 to the S¢hemrf8 borrow¢rs be￿ phased in linc¢ S¢pi¢mber. This is helpin8 to ensure that the requircrn¢nt to have lokncd instrum¢nts serviced Annu411y is bein8 followed. Borrow¢rs within r¢uoMbl¢ dithn￿ of Hit¢hin 11¢ requethd to brin8 in*rum¢Dts to th¢ Schemds workshop for 8¢r¥i¢in8. Opportunilies wer¢ giv￿ to currcnt and forn]¢r boTrowern to ￿rfOnn u part of B¢n￿oW Musids afternoon r¢cital Krle& Thae coftKrts atlrxted 8ood •ff¢ndee number8 and Provid￿ •n opportuni¢y to 8IK)WC#e the WQTk of the S¢hern¢ to lo￿1 F¥ndratslD¥ yrformante Don￿1￿5 and grants for th¢ yar £22J29 (￿¢lUdIng inrtruments donatedl •ft in¢r¢a* of 35% from 2022. Tbis included £1ffi35 through the Friends of BMILS 8ivin8 8chem¢, £14,693 in gfflcral donations and le8￿1￿ (in¢luding 4107 in Gift Aidk and a 8raDt from the Scop$ Arts Tnut of £5,(J)O per yw for Ihre¢ years towKds th¢ S¢h¢md$ bursary fuftd. Pa8¢ 1 FINANCIAL REVIEW F1#Aad￿ pothA Ineome And Expendhure The result for th¢ year was an oNtr411 ￿lpluS of £116.701. How￿, within this was an oixrational ￿rPluS of £31.430. Th¢ Schcmds policy for ils Qpcrntlon￿ financa excludes instrument donatiLMts, disp￿￿8 and Tevaluations m(xidw dOn￿lOn￿ burwies 8r*nted twible Th¢bud8rt Wroved by th¢ Gov¢Tnors was prnpwthl ¢)n th¢ b•siiof • £1,3(ii defiti¢ on the yw. Thii haswumedaT¢duction in iftcomc frThn instrnmenl IoAn fe£s due to the impact of the UK'S cost of living challengeg on families. However, a rtthmb¢r of f•ctiJr4 guch ￿ the iDtroduclion of annual 8eTvice char8c4 ￿On8 with an incrcaKd n¥rnbcT ofbomiwcJ4 lcd to • 8i8nlfK￿I Incre￿ ofcgernlionai inwrne, r￿um)ng in lh¢ iuTrlus as noted abov¢. 22 ment lolln fecs olun incom¢ n5trumcnts don4lcd and funds for instYum¢nt$ ank and investrncnt incornc isc¢114neou8 in¢omc•• $UTan¢¢ ¢ommi8sion 139 128 87 656 1% si 70 • The S¢h¢M¢￿ poli¢y for r￿ldIn8 inthment valuation WAJ upda￿1 in 2023. ffl¢￿1￿ tha¢ in¢om¢ fn>m lft•trum¢nts donated 18 not dir￿tlY ￿mPaTIbLe 10 2022. •• Miscell￿e0u1 income Includ￿ in¢om¢ frnm ¢onc¢rts and piym¢nl winst •n insurwKe ¢laim. Exp¢nditwe th¢ yw wu th¢ Gosl of runnin8 the S¢hem< includin8 th¢ maint¢n*nc¢ and ¢aT¢ of th¢ inthmth¢ ¢ollcctiOD and the allocation of bursaries lo individuals from lower 80¢ifre¢onomic b￿kSr￿ldj. The •mouDI wt on bursariu in 2023 £21,040, Aft increu¢ of 44% on 2022. All of this activity IB in Mrvicc of the chlritsble obj¢¢liv The mmthly bud8¢t proc¢4 includtng cth flow report4 conliftued to b¢ uxd lo inforni rnawcrs, Govffiw8•nd th¢ Trustee of the IAte& fIn•n¢1￿ p￿Ill0n, Thc TNstee miiM*in$ i #ron8 fina￿1￿ policy robux fill￿cIal controls lo comply with late418uid•n¢e fTom the Clwity Commis6ion. The poli¢y of the Scheme 18 to build and maintain cquiv•lent to 8ix months of opa*tin8 expthditure u i mlnimum Itcure Icvel. Thi3 is held ￿ emure long term security for the Scheme in the event of fiJthTe defi¢il& or w)exp￿ted events that It In lou of lftcom< Th¢ unT¢*rided rcwve fvnds ai Y￿ ¢nd w¢re £2.956.039. Of thi& £1566,784 i• Tr￿d as tan8ible • includin8 tl le88¢hold on th¢ Scheme's off￿¢ Ind workshop (Aslon Building), rnus1￿l In•trnM￿1• C￿¢4 orri¢c cquipmenL as well the musical in8lNmenl ￿lI￿lon hcld as a dG5i8n*te41 Mugi¢al Instrumcnl Fund (£1,940.911). Additional d¢5i8n4tcd fundi held •r¢: - Agton Dev¢lopm¢nt Fund {£IOQ,OIX)) for the purpL*e of the orgllnisalional development of the Scheme. . PKk¢r tnslrument Fund (£lOo.￿J} foT the purpose of purchwsing high-quality cellos lo thc instrument coikdion. After tskin8 into restricted and degi8nated funds •nd ￿sets, the Scheme holds £189255 of fKr< reservH, ex¢eedin8 its t*i8et by 116% The surplus in reserves will be reinves¢ed into Ihe d¢ve]opm¢nt and m•iDteDanc¢ of th¢ instrument collKtion. Coth8 ¢oneern The Trustee ¢on$idrys th•1 it 1$ 4ppropri•te * pr¢pw¢ lh¢ accounts on * goin8 C4)ncern basis. Th¢ &h¢m¥8 r¢xr¥H ￿ a¢ aD appropriat¢ level, •nd th¢ growth of in¢om¢ from rI￿r activity from 2022 to 2023 demon#ntss lh￿ is rtill dmftd for FufiJRE PLANS Th¢ S¢hemdg plan8 for 2024 will f￿u$ on dcvcl(yment. A DCW He￿ of BMILS wa8 aPPOilltfyl in ￿y. and is leadi￿ a review of thc scI￿e.9 sythm$ pToccssc5 to improve effieicncy communications. This is bcinl undert•kcn early in 2024 with rccommuthttom to bc implcmcntcd by the end of the year. Thr Schane will invest moff in its cxtCTnal Communi￿tiOnS and appoinlai a social media consultant in j•Du￿ 2024 to pport the dv¢Jopment of the Schem¢$ PTofile •rnoThg 11$ t•r8¢t d¢mo8rnphi¢& Continued dcyelopmont of the inthment ¢olltttion r¢maiM a priority. with pl4ns to inve4t in b(*h full siz¢ •nd fryffjtion Jizal inthm¢nt& driven by ￿rellI d¢m4nd aabled by * sisnifi￿it d(uli Th¢ S¢h¢me will 1180 dev¢lop its r¢l•tionship$ wilh luthiers, wilh the intention of ¢thblishin8 a nrtWOTk of luthiffs xross the COUDlry to ¢nxwc that insirurnent borrowern h•v¢ a¢¢¢sJ to inthmcnt ryir wvi¢¢8 ￿8￿1￿ted with th¢ S¢hm¢ Ind at a reason￿le ¢ost. STRucfuR4 GOVERNANCE AND MANAGEMENT Gov•rthltti do¢ym•nt Ba￿loW Musi¢ In8trumcnt S¢h¢me is ￿ unincorpora*d tru# rn8iA¢red u • ¢h•rity. with B￿￿oW Mulic Thut u itl 1¢ •e trufftee. It 18 8overn¢d by • Deed, most re¢¢ntly amend￿ in Jun¢ 2022. The of Benslow Musi¢ Tn￿ •ppoint • Committe< of GovcrnoTr ￿nU￿ly. The m¢mber¥hip of thc ¢ommitlee mu Lx)nlain a m4iority of B¢nslow Music Tryst Trurtccs, however additional GOver￿rn may be *ppoiftt¢d from beyond thctru*e body and are not required ￿ be membcrs of Ben81ow Music Truit. The Governors dect their own Chair, who mu81 b¢ • ThI￿¢è of Bemlow Mu$1¢ Tru#. Bondow Musi¢ rfains ultlm* responsibllity for the scheme, wlth Gov¢rnorg b¢in8 dde8•l¢d the T¢1po￿￿]liIY for overwein8 W**i¢ dire¢lion, ¢nsurin8 activily ￿PPOrt9 the S¢hMnd8 obje¢livu approvin8 *nnu•l budsets. Benkn m￿1¢ Thist Appoints xnior Id by the Chief EX￿￿tIve of B¢Mlow m￿1¢ A Head of B¢nslow Musi¢ In8trnmen¢ LI>￿ Scheme, Over￿ th¢ d*y4￿daY operalion of the S¢h¢m* ffportin8 to the Chi¢f Ex¢¢utive And wpported by other Ben8low mu￿¢ Tru* eommuni¢•tion4 hndrniiiTr8 fift￿¢1￿ m*)•8em#m, All Gov¢rnoT8 8iv¢ th¢ir lim¢ volunl•TiIy 4nd rwKivc no remunOTrti￿ olhv r¢•wn4bl¢ ¢xp¢nw to en•bl¢ their parti¢ip•tion u Oov•mor. No expen￿ were 8iv¢n to Gov¢rnorn in 2023. The remunerntion of•ll m¢mb¢rs of is rcvi¢wcd annually by Benglow Muoic Tn￿¢% Botrd ofTrust¢¢4 followin8 Tg from its Remunerntion Committee. SiatT are appraiKd IDn￿llY by Line M*n48¢rn: th¢ir Te¢•mm¢nd4tion8 •Y¢ ￿nSIder alonyide daAil8 of movem¢nt in S¢andvd indi¢es PT¢pwed by the offi￿ of Nationd Stattstici in¢ludin8 CPI, RPI, N*ional Livin8 Wap av¢rw ¢miiny. Bendow ￿￿1¢ Tru* (Re81￿CTed Charity No. 313663) took on reBpffl8ibility for the Sehemc as ils solc Corp￿￿(e trustee when the TM¢ in¢orpornted in 1986. The Scheme is part of a group IradiD8 ts Ben81ow Mu81¢ knd premises on the Benolow Music cwnpus •nd p4y$ In tsnthal m•na8cmenl chorye to Benslow Music Trust for the CO￿ of utilili￿ scrvitt4 and rtaff tim¢. Th¢ S¢h¢m¢ li part of • youp operatin8 •J B¢nslow Muii¢. Alonyid¢ Benslow Music Thll¢ thi8 includes Bendow Mud¢ Ent¢Jpri*s Limit￿ (R¢8islpAed Comp•ny 109673441 which manys Bcmlow Mu8ir TTU¥t's non-mu•i¢ tradi￿ xlivity. P4e3 RUCTUR& GOVERNANCE AND MANAGEMENT In its duty lo man28e the Schcm&s exposuT¢ to risk, the Tntstee Innually Teviewl its risk m￿tAl policy r¢8ulw r¢view key rith8, mainlainin8 a risk rc8i51cr. Th¢ 8¢nior mwemeDt team support in developin8 plans control m¢45UKS ¢0 provid¢ rf4mthk miu8Alion. A8 th¢ UK ¢on¢inu¢8 to f￿¢ coit of livin8 challen8¢s th¢ principal rith w th¢ xheme is dimitii$hin8 danwl foi i¢• Bervitt• familiu incrn•ing financial Pressurcs. This ha9 bcsAlind Hedlry-miller Nornla Kins Joely Kooj Peter Neville (Ch8ir) Sandrn S•undu5 Michael Taylor S•nlpr Staff Chief Executivc." Pct¢rLollyv (until Julyl MichKI Duffy (fmm January 2024) Head of BMILS: Ett• D&inty {UDtiI April), Nick Evans-Pu8h¢ (from May) REFERENCK AND ADMINISTRATIVE DETAILS HItshI￿ SG5 IJQ Barclayi B/nk plc. 516 High Strtt4 Hitshin, SG5 IBJ CCLA Invutm¢nt M*n•8emeDt LirnitaL Senator Hou 85 Queen Violori• StreeL L4xuion, EC4V 4 W•p•od•nt Br￿sh•W Jobnwn chartff￿ A¢¢ountsnK Croft Ch•mbv I l Bancroft. Hitchi￿ Hertfordshirc. S05 IJQ Approvol by order orth¢ boud of on 23 My 2024 Ind •wl on its beh￿r by.. P W N¢ville Indopendettt *umln•r'i report to the trMt•• of Btnth lutnullent Scheme I report lo the charity trustee on my examin￿10￿ of the accounts of knlow Music Jnstnunent S¢heJn¢ {th¢ Thul) for the year ended 31 De¢ember 2023. Re¥on￿blutI•0 *nd b••l• of report A5 the chwity tnth of th¢ Trust you are T¢sw￿lb]e for th¢ preparatlon of th¢ %4)unls in a¢¢ordAnce with th¢ requiremf41ts of the Chariii¢s Act 2011 Cthc Act?. I re￿ in reswt of my exwnination of the Thi￿,8 K¢ounts CATricd out under Sextion 145 of the Act in Carryi￿ Out my cxamination I have followed ail applicable Directions given by thc Charity Commi59ion under *tion 145(5Xb) of the Aci. Ind•pendoAt •xamln•r'i rt•lem•it Sinee your ch8rity'$ gro￿ in¢om¢ ¢x¢¢¢ded £230.0th) your ¢x•miner must be • memb¢r of a body. l ¢in confsm) that I •m qu￿1r1ed lo undertake the examination becau% I 8 m¢mb¢r of th¢ Inrtitule of charter￿ Arcouniants in En8l•nd •nd Wal¢4 whi¢h 18 on¢ of th¢ listed bodia. I have completed my cxamination. I confirni no m•t¢ri41 matte[8 hav¢ ¢ome to my attcnlion in c(*nne£tion with the cxomin•tion livin8 me cau* to believe th￿ in matrrial r•.. ¢ountin8 ret4)rd8 were not k¢pt in res￿1 of the Tlurt •6 rnquired by S￿lI1)ll 130 of the A¢l' OT thc K¢ounts do not ￿¢Ord with those r￿OrdS. or the do not ¢omply with the applic￿1¢ requiremeni$ ¢on¢¢rnin8 th¢ f4)rni •nd ￿ntellI of •¢¢ounts 8¢1 out irt Ihe Charities {Ac¢ounts and Rcports) Regul￿10n3 2008 oth¢T th￿ requ1rcm￿f Ihli Ihe ￿¢oUnts 81¥¢ • tru¢ flir vicw which 18 not a mittcr considered w part of ￿ indqjendent ¢x&mination. I hiv¢ no COAcern$ And have ￿me acrosg no Ixhcr m•tter8 in ¢onn¢¢tion with the examination to whi¢h •ttention thould be drnwn in thii rwl in order to trlable a proper undeT*knding of the a¢￿unts lo be reached. Nell Hwdin8 FCA Bradshaw Johny>n Chartered Accountants Croft Chambers I l Bancroft Hitchin S05 IJQ Pasc 6 31.12.23 Tot41 fund8 31.12.22 UDrc8tricted Rutricted fund Y¢stated Nol¢s INCOME AND ENDOWMENTS FROM Don￿lon5 and le8a¢i 155.457 161,457 318,062 iknr1rndin8 ￿1Viti ljher income 687 185 019 185019 Totsl 351270 463 KXPENDrruRE ON Cb•rlt•bl• Ietfvltl B￿loW Musi￿1 kn#nun¢ni Lun S¢h¢mc 24 224 835 on inv¢#ments Nrr INCOMMEXPENDITURE) Tr•nrfer• b¢¢w¢M fvndi 131.741 (15,040) 116,701 ISI J37 116,701 116.701 ISlJ37 R￿0￿cIL￿TIoN OF FUNDS Totsl fuDd• bTOU8bt fotiv*rd 2.839,338 2.839,338 2,687,801 T(yfAL FUNDS CARRIED FORWARD 2 956 039 2 956 039 839 338 The n(Mc• forni of th¢e¢ t1n•n¢1￿ *at¢m¢nts 31.12.23 Total funds 31.12.22 Totsl funds Unrestricted Restrict fund Nrf FIXED ASSETS Tan8ibl¢ •￿et5 2.566,784 2.566,784 1481514 CURRE￿ ASSETS 85,638 85,638 63.6Q7 376 571 Cash at bank 490,471 490.471 440,178 CREDrroRS Amounts fdling du¢ wlthin one ye (101216) (1012J6) (83J54) NET CURRKNT ASSKTS 389 255 389 JJO TOTAL ASSETS LESS CURRENT LL4BILITIES 2,956,039 1956.039 1839J38 Nrr ASSETS 2 956 039 2 956 039 2 839 338 FUNDS Unre8trick4J funds: io 815,128 100,(M)O 1,940,911 797,570 100,IM)o 1,841,768 Duiwted fund. knon Development Fund Dcsi8n•ted fund. M￿1¢￿1 In*TumentB Design￿e4 fund . Parker Instrum¢nt Fund 2 956 039 ￿31 TOTAL FUNDS 2 956039 ￿31 The fill￿ClaI 8tatem¢ntB w¢rc approved by the Board of Trusieeg •ftd auihwi#ed for isJu¢ on 23 May 2024 Ind werc Bi8Kd on b￿￿rby. ? Ihj KJ*Tri(C( P W Nevill¢ Tru¥t¢t Thc not¢5 fonTr part of these fin￿¢111 statcm¢nts Pale 8 BENS AT D31D ACCOUNTING POLTCIES ofprwlry tkn IlnanelRI ltstemexts fill￿1￿ statern￿ts of thc ¢harity, whi¢h is • publi¢ benefit ¢ntity under FRS 101 havc be¢n prwated in 4¢cOrd￿¢¢ with th¢ Chariiie8 So1￿ IFRS 102)'Ar¢ountin8 and Reportin8 by Ch4Tiliu: Slatem¢nt of Rwmm¢nded Prnthl¢c •ppli¢*bl¢ lo chAriti¢8 preprin8 their Ac¢ounts in accordanc¢ with the Financial Rwin8 Stsndard applithle in thc UK Republic of Ircland (FRS 102) (eff￿t1ve l JanuAry 2019),, Fin4nciaJ Reportin8 Standard 102 Tr Fin￿￿]￿1 Re￿rting StAndwd applicable in the UK and R¢public of treland, and the Ch•Titie8 Act 2011. The rinan¢thl #At¢m¢nts hav¢ been prepared undcrthe historical ci¥st convention, u modifie41 by ihe r¢￿]￿lion of ¢¢thin B¢nglow Musi￿1 tn8¢rumortt LoAn S¢hcme meetg the definition of a public benefit entity under FRS 102. Incom• me 1$ in¢lud&l in the Siiiement of Financial AclivitiC8 whcD: - the S¢h¢me becomu ¢ntitlcd to the dortation, Iwy or similar in¢om• any ¢onditions for rwdpt m¢t' . th¢ S¢h¢me Is virtually cert4ln that it will rvxive it: - the Sclwn¢ io reuonthly certain that the vAlu¢ be reliably meuured. Donated in#rnment• included in the I¢￿￿￿￿ In the yw in which the in*rumMI 18 ff£oivfA. Th¢ S¢heme* poli¢y li only to di￿(# of in#nun¢nts wh¢re they ire Unwit￿1¢ for the S¢h¢md8 objectivu. In¢omc frnm thx ¢l*ims is in¢lud¢d in the ae¢ount8 at the time u th¢8ift towhich il reJ•ts& in¢ame from l¢wieB li included wh¢n the Sthttn¢ hu be4n ￿tified of ￿ impNMlin8 di¥tributioTr or the108ary b¢inR rn¢elv•d. Adminiw*ion chK8¢8 (from l¢ndin8 inthm¢nts) repregent •mounts iftvole&l in the yev for the T¢nt•l of rn￿1( inthim¢n¢ All inc4m¢ li *ted Irom li wholly derived in the UniteAI Kin8dom. Exp•ndhur• Expendilure li reeo8niMd in the ye•r in which il is in¢urred. ChAritabl¢ ¢xprndi¢ure Compri￿ th0￿ ¢orti incurred by the Scheme in th¢ delivery of iii Ktivyliu •nd xrvi¢es for its beoeflciwits. It In¢lUd￿ both ¢0518 that ￿ b¢ illo¢atcd dire¢tly lo Such activiti￿ ind th0￿ cost• of •n Indi￿¢t Th•lure lo support them. This includu thosc ineurr¢d in c￿le¢tIOn with ￿MInI•l￿tIon of the S¢h¢m¢ and ¢ompli•%¢ with ￿nI¢ll￿tIOn11 and 8tAtutory rcquiremcnts. TaD8lbk Ilud MMt• Fixe41 a$8ets at cost leu i￿umul￿¢d dcprttiation. Minor ￿lI110n8 of leu th4n £50 are •ithliKd. M￿1¢*1 In*rumenls dOn￿ed to th¢ S¢hcmc arc initially y￿￿ed prOf￿1¢n￿lY and I￿luded on that basi$, Instwments purch•8ed are included #t ¢¢)sl. Th¢ Individu￿ values of all in8tNm¢ni8 Irc continuously r¢viewed on • rollin8 b•8ii - primarily for inwr•n¢¢ purpo￿. and adjustments made where ntt¢85ary. D¢pMialion is provided at rntos calcul*ed ¢0 write off th¢ cost le8s ruidual v•lue of •llet over its eXp￿ted lif¢, u follows: Freehold prop - 2% thr•ight line MUSIC￿ Instruments . Not dcprcciat In*rument ¢quipment - I￿A s¢rni8hi line Offi¢e oquipm¢nt - 20% strni8hi lin¢ PRIOR YEAR ADJUSTME Th¢ comp4rn¢iv¢J have been adjusted lo Corr￿1 An ￿QU￿t credited to bank Ind ush rnther than to bdween fund& The discount Ipplied to the in81rumcnl valuAtion has been incTea8ed from 2tPA to 50% to r¢fleth mark ¢ondiiion& This been applicd to th¢ valuation as llt 31.12.21 and 31.12.22. TANGIBLE FIXED ASSETS Long leasehold InrtTumenl Musical inthrum¢nts Office equipment Tothli COST OR VALUATION Ai l J￿UIry 2023 Additions DiswMI8 Revalu•tions 676,860 36,898 Iso ,841,768 139,748 (48,400) 11,637 96 2,567.163 139,994 {48,400) AI 31 DK¢mber 2023 67 37048 ￿911 2 666 $52 DEPRECIATION At l January 2023 Ch•ry¢ f*Y ye4r 40,024 34,653 796 9,972 785 84,649 At 31 DKemb¢r 2023 NET BOOK VALUE Ai 31 Dec¢mb¢r 2023 623 298 1940911 Ai 31 Decernber 2022 636 836 1841761 1665 ￿14 Co81 or V￿￿*ti0Th at 31 D￿rnber 2023 is represenied by.. In&tTumenl Musi instrum¢ni8 otyice equiprneni l¢u¢hold Totsis 1940911 11733 a52 Musicd In*Tuments . th¢ Schemc'5 policy ig only to Kll or disp05e of instruments wh¢Te thry are deaned Un￿l￿ble for purpose. (kca6ionally thi8 may include instrumcnts which prov¢ unappc8ling io borrower4 when they m•y b¢ di8poscd of OT rdurned to th¢ owner u appropriat¢. Thc ov¢rnll in#Yum¢nt Mock fonns no p•rt of•tty coll*l¢Tal liven or ¢ontcmplated. As noted abov¢ the ts)tal owned instNM￿¢ stock ￿fleets th¢ a8gTegatc of Individu￿ valuations undeT conslanl Thiew. Th¢ mfjrket for instNmcn15 is a highly speciajiscd one and much dist¢)rted in rttcnt years by th¢ PCTceplion of knamed. musical instrumcnis lls a pure investmcnt asset. To keq> our aggrcgate knk value within bound5 w¢ have 4)pli¢d a diswunt of 51rh to th¢ insur•n¢e vdualion •nd Ihc di8count￿ figure is the fi8ure of £1.940,911 included abo P4c 12 DEBTORS: AMouNfs FALLING DUE WITIUN ONK YEAR 31.12.23 31.12.22 Tr* dthrs 82,388 57268 63 CREDrroRS: AMOUTh FALLING DUE ￿r￿IN ONE YEAR 31.12.23 31.12.22 Trad¢ ¢reditorJ 90,970 71415 101216 1I•d¢ ¢r¢diton r¢preKnl8 the dep￿111 held for in•tNmfflts out on lo•n. MOVEMENf IN FUND8 N¢t movemrnt ID funds Tr•nif¢T• b¢¢w¢¢n funds At 1.1.23 31.12.23 797J70 100,000 1,841,768 123.946 (106J88) 115,128 100,1 1,940.911 D￿lIn•t￿l fithd. A*on tkvd(yment Fund De#ign4l¢d fi￿d. Mu8ical In¥tNments DeM8natsd tlmd . P•Tk¢r Inltrument Fund 7,795 91J48 2,839,338 131.741 (13,040) 2.956.039 Burw fuThl (15,040) 15,040 TAL FUNDS 2 839 338 116701 Pagc 13 io. MOVEM￿ IN FiINDS- tt•Dthiued mov¢m¢nt in fund4 included in thc ibov¢ ar¢ A8 follows: InMmin8 R￿OUr¢•I OaiM #nd Movement ID fund• Uorutrleted fvnd• General fund De8i8nate4J fund- Mu6iuI In*rnm¢nls 345,270 (221 J24) 123,946 345270 (221324) 7,795 131,741 ¢Tktsd thndl Bursary fund (21,040) (15.040) 351 Comp•Y*llv•• for Ax*vtmont In IWI N¢¢ movement in fvTrJs T[￿rfe betw¢¢n At 31.12.22 A¢l.1.22 UDre•trl¢ted fud• Oenernl fund Desi￿ated fithd. Aston Dev¢lcwi¢nt Fund DaignI￿4 fund- Musical Instruments Dwi8nat*l fund. PaTk¢r InstNm¢nl Fund 800,418 100.0 1,787,J83 133.698 {156,546) 797,570 {87,521) 141,906 1.841,768 2.687.801 166.177 (14.640) 2,839J38 BUTWY fi￿d (14,640) 14.640 TOTAL FUNDS 151 2687801 a37 39 P4g¢ 14 10. MOVEMENf IN FUNDS- Mntllllled CompU￿1ve movMMt in included in the Above •1¢ M follows: Incoming G•ins •nd Mov•x¢nt infiu 363.893 (210,195) 1 $3,698 (87,521) D￿l￿aItI fund. Muiiul Irthments (87.S21) 463,893 (210.193) (87.521) 166,177 BUTWY (14.640) (14￿40> 87521) 151537 A ¢urr¢nt yw 12 rnonths and prior yw 12 month ¢ornblT*d wlilon )• u foll¢rn.' Net movement in funds TrM•fern At 31.12.23 Ai 1.1.22 81Y).418 I￿,(1x) 1,787,383 277,6M (261934) 815.128 I(￿,000 1,940,911 De8i8nated lknd. Devcltymcni Fund De8iWt&l fund. M￿1¢￿ In*rnm¢nts fiuMI. P￿ Inthmeot Fund <79,726) 233354 2,687.801 297.918 (29,680) 2.956.039 BUTWY fund <29,680) 29.680 T(YfAL FUNDS 168 238 95 Pa8¢ 15 MOVEMEKf IN FUNDS- eonthilled A currcnt ytK 12 months and prior yw 12 months Combined net movemcnt in fiwds, i￿lUded in the li￿ w¢ follows.. In¢omin8 resources GAins and losses Mov¢m¢nt in funds ¢xp¢nded Unr••trl¢ted General fund Desi8nated fund- Musi￿] Inrtrum¢ni$ D¢6i8nat¢d fund . Pwker Inthment Fund 709.163 (431,519) 277ffj44 (79,726) {79.726) 809,163 {431J19) (79,726) 297.918 RM¢rkted fundi Bursary fund 6,OiJ) {35,680) (29.680) TOTAL FUNDS 815 163 467 199 Unrestrieted fund- Genernl This fund repreaents the ac¢umulated surplus wisins from th¢ 8¢neral activity of th• S¢h¢me after all4x￿In8 ineorn¢ d expenditure to other funds where Approprith •nd 18 con8iStenl With th¢ policy of th¢ Governo De•i8Mt¢d fund. Mu•i¢•l instrum¢n¢• This fvnd repre8enl8 the to1￿ v4lu¢ of musical in8trumenl$ owned by th¢ Scheme, ilihou8h it thould be not41 the operational thck Includ￿ wb*anlial numbers of in8trumcnlB pla¢¢d in ¢h¢ Scheme by 8UPPQrt¢rs. AS noted in 9 above Ihe Schcme only pwts wilh instrum¢nl$ if they are deeme4J unsuilabl¢ for PUTPOK, And th¢ G0￿mOTh iherefoTe ronsid¢r Ihit for Accountin8 clarity the proportion of 8eneral ￿SerVe• rcgrcscntin8 the net aWC8lte v￿u¢ thouid be own separate ilcm. DeBi8Mted fund. Aston D¢vdopm¢nt Fund This fund repreBcnlJ a donation lo the Scheme by Tony Aston. fornier Governor and Chair of the Scherne knd fornier trustee of Bcnslow Music Trust. Th¢ fund is lo allow Ih¢ Stheme lo continu¢ to d¢v¢lop in th¢ futur¢. Designat￿ fund- P8rk¢r Instrumeftt Fund This fund r¢pre￿Al$ a thm•tion 8iven specifi￿llY for the Purch•￿ of injlrnment Rc51ricted fund. BursAry Fund The Scheme mainlains 11$ ¢h4rgH to borro￿rn al 4 low level and Ihcx wim•rily refl￿1 only th¢ divA or maintsining Ind inwrin8 the instrumcnt& To rn¢et casts of extreme h￿dshiP however, burgaTi¢s given that furttr rfAlU￿ th¢9¢ ¢har8¢s knd in 2023 awords ¢olpllin8 £21,040 were 8ivcn. Th¢8¢ are shown 8¢puat¢ly on the Ststement of Financial Activitic& b¢ing effe¢livcly a reduclion in the yeatrs income. Tru•fen fuud• The IT￿sfer from th¢ Unr￿trICted funds lo thc burspry fund has bea madc as no r¢rtricted funds are ¢urr¢ntly hdd for this purpose. Pa8e 16 INsfR 11. RELATED PARTY DISCLOSURES A mknwcrrt ¢hargeof£28.447 w•sp•id lo Bensl(w Music TDJ*, th¢ 801¢ThiW fortheyurend•l 31 De4¢mb 2023 (2022: £25.080). This Mvcrrd pr¢mi8es. fa¢ililiH wd oth¢r support ￿1¥112 At the end of th¢ y¢•r fA61 wa8 owed to B¢nBlow Music Trult (Owed ￿ BMT at 31 Dewnbty 2022: £2.835). Page 17