RKGISTERED CIIAIU'TY NUMBF.R: 313755 VOR7. OIP'I'IIk" Fl 31 I)Tr:C'F.MR IlkN.l>IW,1lu$lc INS'rR IM )AN .SC.'Hb.
VPiSi.()IV u. F()R'I'IIF YEAR f.N'Y)F.D 11 fCF.MR Tr R 21124 PJg¢ R¢pDrl trf tbe Trustets I to 6 Tru¥le¥i' Ruponilblllly sIxent Repprtuf the IMdtpeTrd¢DI Audlto 8 to lu StatehTrI •t VID1#1 A¢flvlllEI S(Ai¢ment of Flninrlll Poilrffj 12 SltomeN¢ of Cih Fluwi No¢¢i to tho Stwt¢ment of (:gik Illowj 14 N•tu to th• Vlnan¢i•l Sl•tements 15 22
RE F. YF. OFT b:MIJV.R Th¢ lrnstet prescnt¥ 11% rewrt wilh the flnnci81 slolements ol IhL' chJrity tor the ye41 ended 31 December 2024. The wt¢¢ has J(lupled the provisions of Accouniing RLfM)riing by ChaTiliL'¥'. Staletnent of R¢eonim¢nded Pra¢ts¢e appli¢ablc lo Chuitscs prL?uniig their hLeounis ui aLLvrd8ll with ibc Finan¢ikl Repotring SwiduTd applitxblo ITr th¢ UK Republic of I[nd (FRS 102). OBJEcfiv&s AND AcfiviTIF ObJtc¢fve¥ ¥nd Bcnslow Music Insirum¢rtr Loun 8¢hcJnE's clwrildble obj¢cL8, as set out in 11$ gov¢riiinx documen4 arc lo lend good quolity inslrurn¢nlb pmmisjmg youog music 8trJd¢nts who ar¢ unable lo gffDTd Dr obiHin a $uitabl¢ inlnuneN ot'thcir thvn,. Malll aedvltlex Th¢ charity achi¥v¢s It% objiTtives prineipAlly th8h & rollinu PTO¥Tammc of knllnins ln¥tnJMty younB rnuiitians (aged 7-2s). 'fhis Incorporth.i TD4inlaining u ¢olle¢tiun uf Amund Ssn iftSthzmtnt& mainly $trin8 1n5tsum¢Th ay well u • snller numbcr of hèrp¥, wolW1nd und brilss iIl%lrumLnt¥. Where &ppmpriJ. bUart¢S 4T¢ made Bviilsble boffow¢ wlwse families othcrwi% may nol be ablc to m¢¢t thè la4n f¢cN. Athlitsunally, thc chariiy otfem ll programmc for %nivr borrow¢rs, vrreriD% youag muxician% ext¢ndLd Ip4n to N8¢ 30 DS they n8vigalL ihr fiJ)6n¢i•l und logisticrtl dirriculties fLcLd by young profeg$ianal mi1cIans. Thc orwisation also produeex m&ll numb¢r oftonccrts ai BeiTrslow to $howGa5¢ ¢iirrLnl und alumni insmimcnt tr•)rrnw¢ri. Publle b¢n¢frt The TtU5tcc ctsnfimu ihat Il ha¥ 6mplied with tht rcquircmenu of swtson 4 of the C.Iiarilie5 Act 2011 io hive duo re8¥rd to Ihe publi¢ be111 yidrfnce publish¢d by Ihc Charity CumtniMinn for Fmylund and WAie¥. Publi¢ b¢Dcfil is d¢riYed frtsm iht programmr uf 1nstNMLth loan$. which Is m48¢d through ts plicAtiON, As famllies conttnu¢ to fllGc prE55urc lin finan¢es, and there arc on8nin8 fundins challcn8es ifi music edutIon, D¢¢¢w to IowryCOSt, h4Kquality in8hwm¢ntg can hav¢ a si8niliGant bcnelici&l impact on youn¥ nw¥t¢ians' dcvclopment. ThÈ ¢hority contiThuc$ to offer bursleY tn borro%%'er¥ From low¢r SULiC¢¢onomL. bock8ruun(ts ts broaden the rexh of its u¥¢ivily and bCrI1. ACH.vmE AND PERFORMANC.F. AtbltV•mEnt #nd perf•rniince 2024 wol a periud of Col15dlIn ftir x¢hem¢. lThii ycar $4w th¢ numbcr ol- people bormry¥ iNMmicnl remdln I•dY1 Slarfin¥ ihe year with 537 and finishin¥ wilh 538 al ihc end of ihe y¢&r Th1$ Includcd 87 new boNoweri joininu and 86 boTrowcrA leaviaE lh¢ 8chemE. A¢r055 the year the s¢heme awunjd bursarics lo 145 borrow¢rn. offering 201A th¢ cosi of lollqiftg aft initruniehi fruin thc x'heme 10 youny people from famili¥s with 2 loial h41usehnld ?Ttwffle of Ic Ilial £50,000, Durlng the year the Schemc •160 the4uircd 67 new in%trurnents and 98 bowli VTa donauonfi. pUrCheS And lotsn¥ (106 doDation& 31 pur¢hases and 48 loans). 14 instrurn¢nis wer¢ Al¥ii withdrawn during lh¢ year, rnakinB a n¢1 8iin of 73 10 the S¢h¢m¢'s collcclton. Th¢ instrym¢nts lldtJ¢d to th¢ Kh•me includ1 ¥ number of h1&h-qliiY cqllos puKhased wilh fimds Ptcviously 8en¢rously donad to thc SlMe. Th¢ 8rmuul servi¢e charby. d¢sign¢d ts) ensur¢ thot ihe requircmenl 10 have luaned Instnmivnts *T¥i¢ed 8nnuJlly 15 being followcd, Ltynlinued kn k. roll¢d oui Ihrou8hout Lh¢ year a% lTrum)wcr5 IMcwEd luw or Join¢d thc schem¢. This has bc¢n SupprJrt through d¢veloping rcl&tiun5hip wilh a nLiwurk of luthiers across ih¢ country to providr Inslrumenl servicing to boffow¢rs who are notwithjn Teayt)nable diglance orth¢ khrjnc's work8hop VIA¢
cih, Tl 'P()IIT 'I'IITr IR FOR I'HF I'VAR F.Nl)b.D 142 A new pArtncrshlp with the Music ifi Secondary S¢hiKJlI 'fr ixgan pilw aaivily in 2U24. 'the aim is W WOTk lo8eth¢r 10 suppolt yOW?K PLople from thfferellt backgruun&s in rhew mui¢al Lducylion. Thi% saw Lhe Schemc loan instniinents to youns playus ht Central F(Jur¥J8tson SL'hutsl ift Lon41on. Th¢ Sch•nc also look limo to fo¢u$ on ils bu%i11¢ss sy¥iem5 and process¢5 dunn8 the yciw. In o proj¢ that will culmin•i¢ irt 2025, A new insLTUrn¢Ai dbse and cu51(mier r¢lJliott$hip 5ys¢¢m is k.iJiÈ jnw1¢tnend lo effi¢ien¢y ihat will Ultim41Y help IhL %chcmc ¢onliiiu¢ 10 gro, it5 iiunil>ct of b¢neliLiariLN. I'1Tr14 Wil% LOlI)pl¢ment¢d by purchA8ing addilion81 tr¢hnolo8y ts allow for in%lrum¢ntlll teaLhers to join &pp)inimcnES r¢inotely wliert Ed¢d. Opporiuiiilis WBTf KIV¥n lo Gurr¢nl ind foin)¥T borffV14'¢fi rI41T as pjrt vf Hiiislow Mu51L'¥ JftLYnoon 5Lrik Thc¥e ¢on¢¢rtx •MraLl¢d B(x]d attcudc¢ nunibm proviik.d an vppurlunity to s?111L thc work of lh¢ S¢h¥rt)e to lottal alD$. performanct I)wJliorts and uranls foT lh¢ ycar totallcd £84,033, Jn incrus6 of76Yo from 2023. Thi5 irtclud¢d £3.745 ihrollgh thr Fnends of BMII.S giving scheme, £27,IQO in g¢n¢ril donatio8, Ic8acies of £40,000, and th# Aranl Irom the Scops AFIS Trustof IS.(K)O, part of a thr¢¢-year JrroD¥cmrn¢ limft15 rhc S¢h¢me'8 bllr5 furMI. FINANCIAL RF.VIEW Flnin¢lal posltlo Income F,xp¢ndlturc I'h¢ Rwli for th¢ yeur was oYeTill surplui of £634.2SJ on the Schrrn¢¥ ynrcstriGied fund%. Witbin thili ih¢re wyx op¢rntionAI wilK)n ILxLluding vvltll)IBry ond in-klnd incornc bur$iri¢g 8llucydl Df £9,200 WFpIu8. I'hc bud8e¢ approved by lh¢ (m)venr¥ wax pr¢poro(l L)n thc bail5 of a £6,11]O opcraiional xuTrlus on the yeor. This 4um¢d that the Kheme would ¢oniinu¢ t(y attTael a similw number trl. hOow0r3 kn 2(J23 81)d thal booW1n6 re would r¢main 81 ¢unenl Icvcls. Whit¢ ihi$ wos the C¢, opcralionol 10¢omc and expendilurc 8r¢w 22% ind 21 % hi8her thun bud8d¢d rw¢¢rivcly. AnIty of lcome lour¢¢ InstNmeftt loon f¥cs lttcomo in kind• Voluntkry iftcom¢ Bank & In51¢ni 5n¢ome Mi%¢¢li•neous im¢ 2024 £192,U4?. K225,080 £84,033 £14,1¥4 £6.35V £4,001) 2013 L173J44 £139.1211 £22.328 £4.794 8,870 £16.2112 £2,800 1367,546 37% 43'A 16% 3% Iv. 47% 38% 60A 2% Ivran¢t ¢0mmi41n o•A 1% 1525,689 * in kird r¢pwcnt$ lh¢ valu¢ ofin81rum¢rtts don¥lLid to rhe &i¢heM¢. MiJ¢¢llwKoui incomo TCP]rsents in¢ome from ¥re¢l such insuTatt¢e claims. Exprthdliwe ¥¢TQSS the year againsi wit niiinin6 tht SCh¢n, Includm8 Ihc rnaini¢nan¥¥ und ¢ore of the instrument toll¢¢lioTh ind the iliocaliuii of byfbarics lo individuJls ftom hiwcr %O¢iOv¢wnomie ba¢kBrounds. amourtl Jpen¢ on bursarieB in 2024 w•5 £29.914. Jn IpCre uf42•/ts Dn 2023. All of this arlivily i% Lll s¢rvii¢ oiihe ¢h¢ritsble obic¢iiv¢5. The mfjnthly bud8¢t procc5& IIIGlllding nrtw repo, Clllllinu¢d to be to inftsmi n)8niger¥. Clovemorn Qttd the Tn)st¢e of ihe latsst finun¢i•l polilion Thc Trus¢¢¢ muirbluin.i J 5trontt r?n¥nbl poli¢y and robust financial eontsD]s lo compty with laicst 8ULdènce from the (lTIry CommiqsiorL 8¢2
IILh'SL()I USIC INSTRUMV.NI' IA>AN I'IIF. TR IDF, CJII'I'IIF. Y 2024 FINANCIAL REVIFW U¢i¢rv¢¥ poll¢y Th¢ r¢5crycs policy ofihe .bern¢ is io hujld 4nd nlnIa1n tqllivulLat to six nionth¥ ofop¢r•iing cXnditurC os h mitiimum curc level. This is hcld i(> Ln¥ure IoD¥ ILM) S1rItY for ihc Sehcmc in th¢ everf of lU[ £i•C1t or un¢xpe¢kd uvm that r¢sul¢ in lo%> fjfin¢orn The UleStrIc1Ld T¢y¢N¢ fvnds ui year end wcre £3.43Y.37x. (Jr thi& L3.IH? J93 is held as iangible llSSLl%, the kb0]d on ihe Schcrne'.4 orfiLe Hn¢J workshop {A$ton Huildingl. InLfbjLal inslrumcnts cases and 0[r¢ ¢9UiPm¢ftt, tss well as th¢ mWiL'al in%tNm¢ni ¢4)Il¢&liDn h¢ld as a d¢sign&iLd Musical Instnlmenl Fund {£2.576.649). Additional d¥signaiod rund& hcld ue.. Aslon ikv¢ltspmenf Fiind {176,136) fi)T the purpose ol. thi organiMlion&l develnpm¥nl of ihe Schi)&. The fund will continuc lo be drawn down in 20?.5. Porker In%lniment Fund (L18,2621 for th¢ purpos& af ptsrehasink bighquilily cello¥ io ¢xpand ihi inx(nirneni ¢oll¢¢tion. ThiB will b¢ dT•Wn dowii in 2V25. Aner tsking iiiio aL?nI lld$ hckt DS resirtcicd, designated and lix¥d s$¢1s. th¢ &-h¢rn¥ hold5 E251.985 of frte reserve excecdinx il¥ lJrLtL4 by 78%, Th¢ ¥urplus iti rrV(¥ will b¢ reLnvcsicd Into the d¢velopmenl #nd m41iinae of th Cbolng conurn 'I'he'fru8te¥' coNid¢ri thii il 15 appropriale lo Prepa the on a Lnn¢¢rn basis. 'fh¢ Schem¢'s Tesetves 8r¢ at aTr 8pproprwt¢ Icvcl, and ilte llrUh of InYmC from Core e¢livily of lnsNmet loaThs from 2022 Lo 202J denn51r41¢ts Iht thore Is Siill d¢m¥nd for ihc S¥h¥me ¥ Llivilic8. FVTURF. PLANS The S¢hem¢'$ plahy for 2025 will locus on d¢Yclopmcni and gr0h. 'I'hc lee of the digltil ryil¢m$ IF expe¢i¢d lo bc e0mpletc improvin8 effiLien¢y and incrcasin8 the 8Lhom¢'s copaciiy for borrowcr pinIMn1, which l(J rdm will help io xrow thc Sehome. Tbe &hFmr will al review somd tsf 11% OP¢T41ions alDTV(Ik that of thL TnJ¥i¢¢ help ]tnpro cffKtiv¢ oprrol10n burdei) on th& &.hrm¢ in of¥har#d adminisirBlion. such 4s mftrkclin8 8nd luThlTai¥ing. Continucd dcvelopmont of ih¢ IWMim¢nt Lx>IIKlion remains a pft¢)rity. with plans to invost in IK)th full gix arA fi*C1k>#l 5iyxd Initruments, driY¢n by ¢urr¢ni d¢mand. In addiii¢)n, further cxplorwlion of rhc S¢h¢m¢ WOLNlwind Coll110 li expe¢t¢d. Thc S¢h¢me ho8Led art Op¢n Day In spring 2025 ¢0 build relationships wilh curreiii Poienlial iTh¥trurnLnts donDrs, lender¥ #nd bottowL'rb. ¥$ w¢ll a5 aluinni OF the SLbom¢, Il ulso )n opporlunily Iu 5how¢ase new in&rum¢nt 44uisiiions. P•ge J
BTr. 'I,UIV MUSIC IN'S'I'R SCH?",MY, R>.P 'Ilk TRU% I'Tr',fr. IF. YTr.AR >'.NDr 31 Dl&. F.NlllTr:1121)24 STRIICTUR[ COVkRNANLb MANAGkMENT CiovernlnR do¢umcnt Benslow Music Inslrumeni I,w S¢hen ts wiinLorpornleiJ Irusl rvgi%ter¢d os a LbATity. wilh Rcn%low Musli Tru81 as Its 4ul¢ Corporate Iru81¢¢. li is govcmed by a'ri1 Dccd, mL)51 411Y urnended In 2022. The IN¢0$ of T4enslow IvluAi¢ Tn¢ appoint a fommitt¢e i?fc¥OV¢rnOTS dnnually Thg rnci)Ibership of ihe conimittce miiAt ¢ontain a TnaJaTily of lj¢nslow Music Tnisl tru¥tc¢S. Addittonol Governors Y hc ippoinled Irom btyond ihe Injstee bfidy and •r¢ rtoi rcquired to bg mcmbbrs of R¢n%lDw Mu3Jc TTu¥I The (iov¢rnors ¢lc¢i their Own Ch&ir. who rn1 be * Irustc¢ of H¢nJl¢)w Music I'LWL BeNe¢n 29 JunL' and 23 Ntsv¢p)b¥Y 2U24. th¢ iruslLL% Ljf LlcAslow Mu¥1¢ Trust clLLted to su¥p¢nd the requ¢MLft1 for truylcG% t¢> lomi 8 mJitsrity orihc GovcrnDT%' f,on)millL¢ while B¥iiJlsiw Music I'Nst iinil¢rw¥ni i re¢ruilm¢nl und induciioll prnc¢s$ for Ils own tru%t¢cs.'I'his r¢in%iai¢d on 23 Nuvcmbcr 2024 wilh the wpoiijlrncnt of ftew Govcvnor& Ikn¥low Muslc I'Th$t r#lain8 Ultinth r¢%pDnsibility for the i¢hernL, inLILvJink po13cy wLting ond ri8k manA8¢mcnl wilh Gov¢mor¥ being dclclatcd Ihe ¥pUnI1blIiry fur vverseeiD8 %trAILgi¢ dirLiva cnsvrittg all (tiVitY $uppc•rti the SLh¢m¢'8 ¢)bjeLliv¢$, eleincftls tsf risk management, aiid •ppTovin¥ unniLuI buds¢ls. Renilow Musi¢ Tru8t ap)In[S senior 51RI'I' ILd hy ihc Lhiel. Fxeculivc of13cnslow MlC TNSI A Ilcad of R¢nilow Mii%iL' In$lnimeiit T.iJthrt 8¢h¢m¢. ovcrK'¢A th¥. day.to.day op¢r¥liiin trf ihe Sch¢mc, rLPOTlln8 to ih¢ Chiel'F.xecuiiv¢ Aftd.¥upport¢d by other Bcnslow Music Tru¥1 8ialTin comrnuni¢lllions, fun(IraL¥itsB And finallciJl n114na8ernLIII All Ciowjrnots giv¢ ihLiT time volumlly and r¢i¢ivc no remuACtation otlier than Tr¥%onthbl¢ expenses lo en1• panl¥ipJiiOTh &% cvernOr. No ¢xp¢nsK$ wer¢ l¥¢n io (ii)VcMo in 2024. Key mAA•ymonl romunerallun rernun¢rJtinn of411 m¢mber% fif it&ff iu T¢VIew aftnu&lly by FJeThsluw Music Tnist's board oftrus¢s. follDwing ieport frottt its KemMnw4tion Commitice. Siyfr &irc appTaisryJ 4nnuolly by line man¢1 their rcWmmctsofft$ Lre ¢51't¢d •lon8$id¢ 4lLtail$ of movtmeni in giandafd inili¢¥% preparcd by th¢ oni¢¢ uf Niiionnl Stati1¢% in¢luding LPI. CPIH, RPI. NAtiol Livirng W•g¥ dnd ayeraqe eaTnin¥. Rclated p4rtles B¢n$low m1¢ Tnjsl (Kcgirt¢r¢d Ch•¢ity N'o. 311&61} took on reswnsihiltty for th¢ S¢,heme ils sok COor&I0 lJu8ie¢ whcn it incorparnied in 19A6. The schcni hos pr¢mis¢% thi the Bcn55ow MlC campu? and pays an anmwl m•nRgement ¢harg¢ BLYylow Music for IhL¥ ¢A)St of utililiEY. Am'i¢ei and siaft IirnÉ Th¢ S¢h¢me li part ()t'• yroup opcmiin¥ X+ Benslow &lAu$iL. Alvn&sidc Bensiow Trust this InLludey BeDglow Mu51 Elli¢riSeS Limil¢d (Remi$1ed CurnpJiiy 109673441. a wholly ¢Wd 5ubi•idiary which Mana#$ PL11W TrAu¥ic Tnjsl's IIU114hariiabk llitivity. Risk m•Na8ement In its duty to m#n¥ye th¢ Scheme'¥ eiposiiir to risk. the TnL¥tLC annually r¢i'jows its risk maDU8cmcnl 17¢Y afftd Te8uIBr r¢view ke} riskq, maintainin¥ 1 riik 1%ter. Thk %¢nior manugement icJm xupport In d¢vcloping plaN and ¢ontyol Mrurc% io provide re&¥oiiablc niiligali(Trn. As lh¢ IJK continu¢s to ch#lluiges It) ih¥ ¢Ql•t ofii%in¥. th¢ PTin¢ipol risk ih¢ ¥¥hem# is dlminishing for 118 r¥¢3 familiey lace incrciiing finDTJCil• I prc&fflircs. This h&s hc¢n &CCOilDled lur by Taigirtg thc I¢$h]d lor burwi¢s to ¢Trn that th¢ Sih¢m¢ rc4n)in¥ thLce.Eqsbl¢ lo iiidividii•l$ fron) vnrysng S0£10ry¢¥1)#omic bock8rounds.
I1.N F,N)' I SCH RT Trnll TIIF. Yfr.AR >'NI)b' REFERENCP. AND ADMINISI'RAI'IVE DF.TAII.8 Nttme B¢nk)w MubiL InrMIeI L48n Schcmc R¢Klrt¢red ChArlty 313755 Prlndp•l thlre¥i Jl¢nslow Mu4lL'. RL1nW lane, Flilchin. Scr4 9RR Truite¢ Bcnslow Mu81¢ fN$i (R¢%i¥kr¢d f*nmpaiiy Numb¢r= 40V4) (RLxi¥LYLid C.hJriiy Numb¢r'. 31360]) Bell Muiic Trll5t Board of Trnitecs it31 Deeemhgr 2024 Andy BaruGh {T¢S1w 29 Junc 2024) Colin B41¢8 Anthcw HIAnkfield (r¢sign¢d 29 Junc 2Q24) Illtn Falconer {ap(H)iftl¢d 14 Sepi¢mber 2024) Tim (pilloll (Vi¢¢-LhNirl K4ty Himilton (rcsigncd 29 JunL 2024) Norma "n8 Ilwth M4lau (Ch•tr) (IpptsiniLd 14 8Lpl¢mb¥r 20241 Philip M¢•den (Chair) (rciign¢d 29 June 2024) Alcsyandrn MonYrdIn0 (appointed 14 S¢pt¢mher 2(J24) Peier Nevtlle [lned 29 JuftL 2024} Gw¢n Ow¢n RobinKon Alart Sjieppard (upinTed 14 tiePtCmr 2024) Bhw¥w#ni Singh (Ilonorory Trellwr¢rl MxhKI Taylur (Vi¢¢.C'hair) Mk Bowen (Honorory S¢¢rdAry} Govirnors S¢hemt AJJdTew BlaThkfJeld (r¥si¥ned 29 JU 20241 Ro¥alind Iledley.Mill¢r Norma Kin Juely KoLJ% PctCT Nevill¢ (C.hair) {rcii8ntd 29 Junc 20241 rjn Owon Robinson (8ppoiThd 23 NDvembrr 2(J24) Al•n Sheppard (appoinl¢d 23 November 24) Sandra saunders Mich1 Taylor (Ch)ir) SellSnr Slilf C.hi¢f Exe¢iitive. Mi¢h4¢1 r)uffy Hd ofBMIL8= Nick v.v4ns.PuBhe Alldltori Bradshuw Johnson Chart¢r¥d A¢¥uuE)iani$ st110[Y Audil(>r, CrL)ft Chwnber& I l B#10ft, Hilrhin, Hwifwlshire, SG5 IJQ B¥nker$ BaTcIAy# Ilonk plc. 516 Hi¥h Stycci. Elil¢hin, SG5 IBJ FlTh•n¢SJl Advheri C(:LA Invcy(menl TrAmfygcrncni Limii¢d. Scnutor Howe. 85 Queth? Victoria Street, LondoD, EL'4V 4ET PTr&¢ S
8E AN HE RRP Tl VF.AR V.NDF. Approved by ord¢r of iho bt>aTIl of on 26 April 2025 tsiid 8igncd ilA hchoif by: Trn¥lc¢ M TByknY P•g¢ 6
tu . TY STATLMENT Th¢ tnrntee5 are re8pon5ibl¢ for pN'parinM thc lieport of thc TTu¥lee5 pnd Ihc finan¢thl stat¢menL% In accnrdaftcÈ wilh appli¢ablL Imw Jnd United Kingdom Acbounting Siand#rd$ (Unikd Kingdorn G¥nerally A¢Lew¢d AUn¢1 PTh¥'iice) including Financial KeportLQ8 Stsndurd 10? 'Thc l.'inancial RerrtbTlinu .Stsnda¢d applicuble in Ihe UK and R¢publi¢ g( Il8nd". The law applicabl¢ to ehariliLS in Eng18nd and Wale%, ¢he Charities Act 2011, C.hiriiy (AetOllnlS R¢pDrt8) RbBul•tions 2008 and th¢ provi¥ion¥ of ihe tN%t dLLLI rL'quires ihe trnSlc¢$ th prwjre financial Mllicments for each financial year whieth give a tTue fa Yicw of the %tsl¢ of affair$ of Ihe LhDrity of th¢ inLorning resources 8nd oppliLo¢ion of resources, in¢ludinll thc it1m0 und cx&KndiThre, ill. the charity for thai pcriud. In PT¢paring those finRnci&l ytaicmcnts, thc tru5tccg are required lo select xuilahlc a¢GOUllting polic&Ls And IhL'n xpply Ih¢m con51¢11y. obs¢N¢ ihe mcihod$ #nd piinciplL's in Ihe Chority SORP: rn*k¢ judgen)entli und eslLmu1 thui &r¢ Teosonabk atid pnJd¢ni,' Jtats whethLY appli¢able a¢Lounling siandards havo been followLd. iubjLct to afty mat¢rihl dcparlurcs diJ¢logd and expl4in¢d in thc finanGial statcmcnl.%: prcpuTL th? financial $tawmertlB on lh¢ goin8 con¢¢rn Iw¥i¥ unless il inappropriAl¢ ro presumo Ih•i the charity will ¢onlmU¢ in busine%%. The Inulee¥ arr fftsponyiblo f¢)r k¢¢pln8 Proper A¢couthting rccordi which d15c105e with rcasonahlc a¢curn¢y ai any limc ihe fth•n¢ial Position of ihc ¢horily Jnd to enable Ihern ts) ensure Ihat tho financial SlalcJncnl% comply with lh¢ Lhurities Ael 2011. lh¢ Charity (ALcovnts 8nd Rcports) Reguzalii)T 2008 aiid rh¢ pmvi%i4?n.% of the trusi decd. Thcy aTC also rw)on$ibl¢ for resUrding ihb a$8ets of thL Lharily anij henbo for lukirbg a#bI¢ steps for th¢ pr¢veniioTh d¢t¢ctioTh of fraud and h¢r TIll¢s.
li."[Ul1 I i)td Tllk INnF.I'trNi l)kiNT,IUDIT()R '
w >Ju%v
'rRII
'I'HK YRiJs'fF.F
Oplnlibn
Wc hav¢ audited th¢ financial siattin¢nt¥ (Trf Benilow Music Iligtrumeni Ltsan Schknmc (Ihw 'thry.1 ror the ar ¢n(kd
31 De¢ember 2024 whiGh ¢ompris¢ the Slatcmcnl of FinanLial Aciivili¢4 ihe 8MtCinLrti of Finan¢ial Po¥i¢iun, Ihe Statcmcnt
ofcaih l•lDw¥ nftd nuies to tlie financuil ¥ta1¢meii includittE { summary of si%nificani pulicicx. The linancial
reporting fydmiwork that has 5tppli¢il itt their prcpaYai¢un 1$ applIble law and Uniled Kin%dum A¢¢owthin8 Siandardb
(United Kin8doni GcnErJlly A¥cLplcd Accliunling Prdoli¥bl. i41¢1udin8 Fits%n¢r&l ticponing SINrd 102 Th¢ FinaDciJI
Reporiin¥ Si¢ndllrd applicDblc iii Ilie IIK and R¥publi¢ of Ir¢l¥nil'.
In lrOp11Tr ihe financial s&i¢mcniy:
giv¢ J IT¢ and fair view of tJiL slate of thL rhBriiY$ aftaiff 31 DLcembew 21124 4LnJ of itÉ incoming resowces llnd
plicthiion of icbourceh, for ih¢ year then ¢rb&d.,
have hLcn properly pr¢piu¢d In drdanc¢ with U2111¥d Kiii8dofn (i¥n¢nlly ALELpkd A¢L¢)unting PracliLe, includini
rin4Thcial norting Siandard 102'Thi Fjndncial Xeporting 8ianilaFd applieabl¢ 111 ih¢ LiK and Rkpublir of Ir¢lJn(l atKI
hove Ix¢n pr¢pllr1 in accordLllLL Wlth Ihc i¢qiiir#mLnls iil'ihL Lbarilies Aol 2a1 I
Bas1¥ for w)Inlo
W¢ ¢oftducted our audit in accordi1n with lo1110nUl Siandiirdi on AUditM IIJK) {ISAs (UKII and Applicablc hw. OUT
r¢SnSIbIliti¢¥ under tho$c %1]dOrd UfL. furth.r dcscribcd 11) thE ilu(IiiibT% rc.4portsrbilitie¥ fur IliB audit of ihL financial
sthl¢ment% section of our r¢port. WL are Ind¢p¢rt(l¢ni uf dbe charjly i?) 8¢wr(IiLe with th¢ cthieal r¥quircrncnt8 ihal ¥¢¢
r¢levoTh1 w our Trfihc fin•n¢ial slalcm¥'nis in IIIL UK, tii¢ludin¥ th¢ FRL-s Liliiral sndrI1, and wc hlve fulfilled our
oth¢T IthiLuI Tc%fKfvnsibilin¢s In DLLtsrdttnce with ihi%¢ r¢quI'mcnt$. We believc Ihut lh¢ audil cvid¢fi wo hav¢ obtAined
li suffiGicni Bnd appropriot¢ to provsde a ltir DUT opiniop.
Conf IusloDs ¥oliling io golni cunccrn
lii audiiint4 lh¢ finftnciAI Slaténrtl. wc hav¢ conblydL41 thul lh¢ trnseb' u¥e ul'ihL ¥oin% con¢¢rn ba$is of accountin¥ in Lh¢
preparntion of th¢ IITinnciul stulcm¢nib is kippropriaic.
Roied on th¢ work we have wrf
REPORT OV I'HE INDkJ>FND NT AUDI'I'URS TO THC TkUSTEES DF Illi N8t.ow ' r INSTRUhqF.NT ANS RupDMlbllltltJ of Irwtt¢% AJ plTred rnoK llY in thc Trngleey, Rttypotsgibiliit¢s Slalcmcnl, the ttU5lce4 llrc r¢.%p(SIble for the prepAratI¢ of Ibe fin•fteI itatements whicb give 4 Iruu and fair vicw. ld for such ithiernal wiitrnl a¥ the trusleeg delemiinc IJ to ¢nAblc tbc pieparatioti of financial statemrLts ibal are fr¢c fr¢m maierial rtLi551aienwllL wheiherdue lo frgwt or EITOT. Iij pr#porinB the fitt#n¢iul ¥l&i¢tti¢nlJ. Lhe Irusfroy arL" rpOl1b[t for Awtsblibi Iht ¢harl abillty io as u 1& concern. d4¢losiii#, 9s upplicmblu. mutterÉ relfjled to goiiw colictrm and uqinu the bioing coiic¢rn basis of Acco1n81 lh¢ ¢iiherinlend lo11411idtst¢ (he churity (br lo cease 0rITIOnS, or have realistic atternativ¢ bul to do ID. Our r•spDllilblllilts for tli¢ tho fihncl&l ilaternlllÈS Wo hAve be¥ll 4JPOSThted 8uditOT5 uThdor SeLlion 144 1)f lh¢ Churiti&% ALÈ 2011 rEPOrt in 4KoTdw wlth the Act ind reLevllnl Tc¥ul•tioLs mttdE OT h4viDE CtI¢LL therud¥.1. Our obj¢dive8 ar# 10 obtoin le)nable a8sufAh¢¢ llbout wh¢ther the financiil SlAiemonls As o whole aTC tT¥e from mAkiial mi1slaternt, whcthcr due lo f¢Jud or ¥rmr, and issue a 'port of the Ind¢pcnd£Jii Auditots thai inclutkA our opinion. R¥44UDable u8urMn¢4 hl&ili lcvbl vl. ffty.wr4ncc, but u noi a BuAfHiife¢ ¢ko1 ttn 4udit G(m(lucled m occordance with ISAI , (UK) will alway¥ detect * Juulwiil misulalcmeni when li ¢xi$t¥. MigltAleTri¥nts cnn arix¢ ftom frnud or ernr aT¢ ', ¢owidered terial if, individunlly oi the u8grc¥af¢. I1Y could reasonsjbly b¢ ¢xpc¢ted ihe e¢ooorni dMiiion8 of tthn on th¢ b8118 of ib¥se Gtsfineial sthlCIII¢IIIA 'rhe tent to whi¢h r>urproccduM 4r¢ ¢opabko of detwling Irregul[1£1, inctuillThu fraud is Ilcl4iled bclow.. W• ¢onJid•red tho nantr¥ L)f th¢ Cliarilyx indwty Mnd itl ¢ODtrol ¢nviAJnm4ni, and r¥vrew¢d the Ch4rity$ docwnentstioft of thoir policies and PToccduro8 relatin& io fraud Alld Lompliance wi} law¥ and rcAul&tion& We also ewuirc4J of Inana8wn¥ol aboui thety Owll Ideatifica¢ion Ind A6É¢S'¥meni ol Ill¢ risks of incgulllriltes. We obtsinrd Ao understhndill8 Ot. lh¢ legal ond T¢10rY frurnework that th¢ Charily operiles iry a#d id¢4tined the kay law8 ond r¢8uixtions th41.. - bid a diffol e(fKt on the dei¢nniJ)aliott ul m&t¢riel amount8 Ind discloiures in the finNncial thmenl& Tht inoluthd th¢ Clwiry rMInIS810n. Ind - th uot knve 4 direct £ffeoi on the fin1 5tatemtrnts but complioDC2 with wfvcb inay be Ilmdumenlil ¢0 tho Qarltr &blllry to or avnid a myliriut penlry. W¢ dts¢u8ff¢d imortg th# I11¢ eDwLm¢nt ic8m In¢luding relevant Inlern¥l XPLOliSt% stKh u ijx 8pecTraliyts SAId1 th¢ OpporMniti and inceAtiv#x IhAt niDy ¢xiyL wtibirt ihe oryanisaiiun flir frnud how And wh¢re fraud Ini8ht ¢llr in IrL COD with bll 4Mdit8 under ISA¥ (UK), we are alsu required to p¥rform sp¢cIf prncedures lo r¢wnd kn the rnk of anugement uvenide. IA Jddrtsyin¥ lh¢ risk vl frAud ihruugh m•na¥4m¥DL ovetridr of controls, w¢ ib¢ 4pprowixtsnus of journal 4nlriL8 otljer udJuyim¢Dts,' 4s$c55vd whcihcr IhL judggm¢otJ Tnlldo ID mikin¥ •ccowilthi elIm¢S atr indicative of M potenliAI bias. and ¢valu&icd the busioesB rnlionnle of any .¥igThificfyNi Iron¢bon% th#t are UDUslluI or outsidL Ihe T&1 Cou¢ of blIng1S.
F THV ILNIIEPF.NDTr' r.+Y81.oiv f•lllSlf. I 'r AIIDJ'I'ORS 1 In llddiliDn Iv Ihe AIN)vc. oi¥r ijriKediiTCS10 To%puiid io Ili¢ ri%kg idciitifil Inclihliil ihtt folloiving: rcvmvinB fineijcial %olcni¢ni diycl(Yiur&s by Ic¥linbl 10 SiIPPI)Tling di)biimciiittLioii 10 Iis¥e¥g CDropli•nce with provision3 01 rcl¢vani laws DI wuUilwn% drib¢d ay liiviiis a diT¢¢I Lff¢•CI on Iliv fiiwn¢iTiI ylAleincnls. perfornu anoly¢iL81 prL¥lre$ l(p iilcnlify iiny iinii%ulll oi nex73¢[cAl lll111}S Ilthi may uidic•l¢ risks of m)t¢rioi mMlut¢ftKnl 4liw' iii IrAUd: ¢NuiriDg lif MWI¢M¢111 niid Ll.t¢Trial Ir¥il uiuns¢l CL>I)¢crpin¥ llbtthal 4nd pnttrYLiial litigition •nd ¢1oims. aod mMnc¢5 nf om-cnmplianrc wÉih VIll7 Ii()ft5' ADrf Tea¢JinK mifbUtcR of moetits of t1105c Gharged with pJ)vcml1 lIL'c, f¥vicwing internal nijdit report9 @Dd r¢Yi¢wing owndentt with HMRC. A hrther description our respDllsibililies fi)r Ihc iiudit of Lbe fJo8nLixI strtl¢menly iq lUted on tlxe FinAnci&l Reportln% Coll11,& w¢bsito it www.ftC.i)T¥.uklAuililgT5r¢Sponsibtlili. This dc6ciipIll fiimis patt of ()Iir Report of Ihe In(kpgnU¢snt Audilurs. Utt Df our rcpTrrl 'rhi5 iepori 1% madc 10 ih¢ ¥liJfiiy'i Iruslrcs, Iij o Wy, in uwnrU#iicL wiill Imrl 1 lif ih¢ Lh•titie8 {Ac¢auN8 And R¢porls1 Rogulaliontt 2008. Uui. aitdii work lius b¥L'lh und¢rl,'IkLII SO Ihlll wc inijiht Ylalc ¢harity'K IT81¢¢¢ IhoiE w¥ arc re4iiiTd io $llllc ikntyii iii uudiiofs, TCPUTI ond fur ijlher puTrose. Iv lh¢ tullLsI rxt¢nl rmill by low, wo do l o¢¢apL or 8wm¢ frtspibp%ibilily io 4nyviiL iiihLr iliii Ilic ¢lJttriry &nd Ihb. ¥li#L'iIy'S X% th btsdy, for our audit work. for this report, or for Ilw i>PinMilY we lillvc foriiie¢l Bradthnw JDhD¥on hthttr¢d Accourti$ St•thtory Aud01 tt Chamb¢fi I l LI¢0 Hitbin IlekrfwdihirL qG5 IJQ Dit¢:..... IknR¢ I
HEME ATV.MV.Kr 14. YF. BV.R 2 31.12.24 Tothl run¢Js 31 12.23 TotrLI lJnr¢%tricted ruzKIs liestrictL'd fwid¥ 85 re8tatLd INCOhlF ANI) &NDOWMENTS FRUM r)on4tion$ aTJd Icgocies 313,IlJ 313,113 161.457 Other ttadin8aclivilie9 (kher iiiiomc I4.14 l Q8.7¢)2 14,184 198 39? 4,794 185019 Total 525.689 525 689 351270 EXPVNDITURE ON Ch•rlt•ble irdvllles B¢A¥luw ml¢ll1 In$irum¢ni L SLhern¢ 227 347 283.B6J N¢1 8uTns on inveJlmL'n 335911 335 911 N¥T INCOMW(¥XPENDITUKL) Trlnifori b¢tween fund¥ 634,253 49,086 {56,516) .19.086) 577.737 110,701 12 Net movern¢nt lft 6113.339 1103.6L121 577,737 116,701 RKCONCILIATI()N OF FUNDS Total tiinds brou¥ht forward 2.756.039 200.000 2.956,039 2,839.338 ', TOTAL FiJNDS CARRIRD V(>RWARD 3.4Jg 3711 3 533.776 2 956 039 The notes form part ol'these financial Sfa(ements PA8cll
'rAI'V.IIF.NT nFFINI 31.12.24 Toial nds J1.12.23 Total fut UDrtJiriLt k&srricle FIXED ASSF,TS Tangible 1,187,fj57 3,1 ¥7,957 2,566.784 CiJIUIKNT ASSETS Debiors Casb 1 buiik 10 7Y.349 9.3 548 79,349 387.94C) 85.6311 94..19% 372,8lJ7 Y4,3911 490.471 CRF.DORs Amtsunts IbllinK due within on¢ year {121,476) 1121476) (101,216) NET CURRF,NT AbSI,:TS 251491 145 g19 IX9 255 TOTAI. Ab14£TS I,E88 CURRF.NT LIABILITIF,S 3,1139,378 94,398 8.533,776 2,956,039 NET ASSETS J 4 Jl).3711 94.311 3 533,776 2,956 039 FUh'DS Uhrelie*d OJnd%'. (icrtcral fund Duignaled fund- Mu¥i¥dl Injtruincnis 12 862.729 2.576 649 815,128 1940911 14341 3711 2.756 039 Restrictcd fiind8.' AstoTh l)ev¢liipmeiit bund Fjrter Insitument k'uNI 76.136 ioo.(Jx) 100,D TOTAL FUNDS 3.533.776 2,956.039 The finJniiBI 5tatrmen15 wcre Approved by Ihc Board vl'Trnliiees and iuthM)ri¥ed for is$u¢ vn 2fi April 2025 and weT¢ hid on its behull'hy: Twfjtcc M I'tyloT The notei form part 01.les0 finelRI 6lBlom¢DI$ PLBL 12
Ic iys'iItUMEiY'r i. .N SCIIY.MY STATEMF.NT QFA&H FI.OWS R'fiiv Yli A MIIFR 2024 31.12.24 31.12.23 rcsmcd CAih flowg from op¢rtln¥ ULtlYltlei Cthsh gcnernted from operations 28% 755 Nd clth providd by opcrating tlIlicS 28¥.7.f5 151772 Cih flowi from InvestlDg A¢iivill¥¥ PuTch&%¢ of tAll8ible fi¥ed ÈSSC Sal¢ oftangiblo fixed &ts¢tS Sole of henthx¢ a¥¥ (316,542) 16.048 (139.994) 48,4CK) Nelush used in invting a¢liviii¥% 305.642) 123510) Ch•nge in ¢AJh ¢uh ¢qMlvalents ITr Ihe reportlng p•rlod Cuh 4nd uih 4ulval•nls At Ihc beODin¥ of the r•porllnn pirlod (16.8871 28,262 376571 Caxh and esh e4vlv•l¢uts il the end vf ihe reportkn¥ p¢rlod 387 946 The tsoK's torm pari e&fthcsL finJn¢ial stntemcnls P8ge 13
BKNS Ic THK I'.OR TIIP. YF.A Iv F,MHF.R 2024 F.D 311)Tr. 8F.cr)NC,11,IATTON Ob NF.T INCOlE TO N'ET CASH FLOW bROLM OPERATINCI AC.TIVII'IP.S 31.12.24 11.12.23 as Temated Net IncomL tor thL reporiliii pedod (•s per thL. Stalement nf FINa¢ial A¢1lvltl) Adjostmenls ftsr: D¢pTeciatioA charx CTAM on InvestttAts Los$ orb di$pth%l i>f fixed asse1$ Docreasd(in¢re)5¢) In .blOrS IncreE In cr¥dI[S 577,737 116,701 1 S,232 (335,911) 5.148 6,2119 IS.119 {7,795) Jl,916 (21031) Net cish prowlded by uporuliuni 288.755 151772 ANALY&ISUVLHANCF.S IN liET FUNDS At 1.1.24 L'ash flow Ai11.12.24 Nti ¢#sh CA3h ut bynk 404 833 LIO,887) 4Q4 833 16.1187) The nntri f<>rn) part of ih¢s¢ financial uatements FI 14
.lSi. '()TFSTO Tiif. SIXAN, IA . &rATF.MV.NT V.R2 ACCOUNfiNG POLICIES of PParIng the nn¥D¢l#l stAttm¢nt Thc fJnanLial siAiemLnls uf thL iharily, whh is & public befttsfii entiiy undÉr FRS 102, hav¢ bxn pr¢pArud in o¢rord&nce with ihe Chariii¢s SORP (FR.8 102) ,ALLtsUniin llnd ReportinL by L'JTrxrits'. Ststcmcnl or Recommended Pracltc¢ opplicablE tp charili¢5 pr¢parin8 thoir accounts in rdan¢¢ wilh ih¢ Financial ReportinB Srandafd applicable in Ihc IIK and Rcpubli¢ ol. Ireland (FR.8 1021 (cffeclivc l JaDthary 2019),, Iinancial Reporting Stslndard 102"lThc PinanLiul R¢pi>riing Srandard appli¢Jblc in thc IIK And Repiihlic of Ireland. Jnd the Charities Act 2011. Thc rjDaLIII statcin¢nls hMYL ben prep tsnder the hiSrical ¢0 ¢onYcnts(Mi. os modifi¢d by tb¢ revaluatiOEL of cerlllin a$$i.4 B¢n$low Mu¥ibal In%fruminl IA> SrhcmG mccls Ihc definilion of a public herit eniity undtt FRS 101 In¢ome is in¢lud¢d in ihb Stsmeni of Finan¢ial Arliviii¢$ wkn'n.. th¢ SchLrnc becomes eiilitlcd to Ilie donatiotb, l¢lla¢y or siinilur in¢ome and any ¢ODditioni for r¢wipt arc 't, th¢ S¢h¢m# Is yAlly ceriain thill IL will reL¢ive ii,. Jnd . lh¢ S¢h¢mc w r¢4¥0nably cer1&in ihlll thG valu¢ ¢021 be rcliAbly meu¥uTeil. l)ona¢ed Iiistnim¢nts Aro included in thB ac¢i7untk in thb. yCaT in which ih¢ 51rUment is rcccivcd. The Schemds poIi¢y 15 Qnly to disposc of instrpJTneAL% where they are for the Schemes LJbj¢illVLS. I,M. fiom ¢lNim$ iiirludcd In the a¢counii oi the ume hme is the Éift to which li relates. Ineomt frum k8a¢ies li Included when di¢ S¢heme been nolifitd oran ImpiNling di¥iiibuiion or Ihe leKY being reeoived. Adrnin11Q1l0Th cli8r8es (from l¢ndin¥ Ir&%irun)¢nls) r¢pr¢$¢nt rtmounii invoi¢¢d in th¢ y¢Ar for Ih¢ Tcntal of mu$i¢•l In¥lThm¢nts, All irt¢om¢ ii ilatcd 8ro%¥ i¥ wholly d¢rivcd in lh¢ unit Kingdom. F.xpe•dltur4 LApCrllw# Is IKOlS¢d In Ili¢ ycar in which li Ix inLurred. Chanublt exp¢ndiThJre compri8¢9 IhDs¢ ¢osrs In¢urred by Ihc Schcm¢ in tho d¢livcry of ils Aclivitic¢ Bnd sethcts for its bcKfKiari¢& li in¢lud¥x hnih costs that can b¢ alloL'*t¢d dir¢L'IIy KJ %ll¢h ociivities and those coBts of an indwe¢i Iiatur¢ 1¢ support Ihcm fhix inc1th5 th0 in¥urr&l in ¢onncciion with admini4tralion OF the Scheme And cornplÉ#nre with con¥tsNilonal ind htslulDly t¢quirwn¢nis. TAn8lble Ilxed Fixed Assels ar¢ SIlld Hi co%1 le&$ •¢cvmtslat¢d deprcciTrtion. Minor llddiiiQnS of l¢¥s than £50 llre not c¥ito11i¢d. Musical InstrnmttnL% to the SchemL' arL' Initially v8111 professionally inclvdcd tsn thgt bJsii. Instrummts purchascd arc In¢ludr¢J 01 c05L. Th¥ individual values of all instrum¢nl.$ ir¢ wntinuvu¥ly rcvicwed on 4 rollin8 b#$is- primarily for $rdAL PUWPU¥¢5- nd udjuslmenis made wherc ne£%ry. DeLittln is provbdgd ai r•ies LulLul&led wriic Vir Ihe ¢05t le55 r¢$tdyal vilub vl. ¢dth a%R¢l iTrvLY its. ¢XP¢¢lEd Ffcebold property 20A straiBht lint Mu¥i¢al Insirurn¢nl% - Not d¢pwciatcd ID%ttumcnl cases and equipm¢ni IQ% %lr¥i8hi IinE OtTi¢¢ ¢qvipm¢nt PUJL IS
'IlkkYI' I.() ¥.IJ 'IAI. 4TATfi.hq.N'l'%- ¢unllnu¢d ENDRD 31 21124 THF. ACCOUNI'ING ILICI6 - ¢vntined TxA8lble Ilxed iue¢5 DeJ)rt¢iition 1$ wi prOed L)n niusical instnjments Individully bui so tsnnual odjustment is madB lo ren¢GI vThiu chenxes arising from r¢viows during th¢ y¢Hr and sk¢40iyiiii)nx and disposals. A vicw 1$ ul th¢ time ol'the ov¢ro]I r¢serve pwoyided the as&re8a mu91c&I instrument siotk valuation (sce Not¢ 6). The charity is excmpt ITVM lux on its ¢haritabl¢ aLliviiie¥. Fund G¢ncf•l funds ¢ unreslricted fuTKlh whiLh llrL' Iv#ilabl¢ for use at the di4crclri?n ol'ihti Trusl¥O in fvrthtrattt ofihL geuer&l obj¢¢liv¢s of Ihc Sclieme and which have noi heen de%ignTht¢d forotlicr piirpnsLS. r)c¥Iad hjndg compflS¢ Iityre¥tTILi¢J iknnds ihAi hav¢ iK¢n 8el ld8 by ihe TTJ¥W lily Parti¢uiAr purpos¢g. Th¢ &im and uJ¢ of u¢h dcsigliaied fund is xt oul in the 1¢¥ tu thL f¥n&rtcial stakm¢nts. R¢S¢r1rd fund% •TQ ftsnds %vhieh are to b¢ in Kcordanlc wilb $p¢eifK r¢slri¢tionJ Impowl by donori or which havc b¢en rnised by ihc Sch¥me for puticul&r piirposcs. Thc cost of ra141n¥ und adminisl¢rinB su¢h fuNI¥ #f¢ ¢harwl J¥aiMi xptcific fund. 'I'he olrn u%¢ of L4¢h r¢qiri¢t¢d fvnd is i¢1 out in Ihe nolei ts thc fiD8n¢iol tatcmcnts Penilon Costs and othor poxt.rctlrom¢Mt bentllts ¥hllrily tsperakx a defined coniribulius) penwun 5L,heiiK. Conliibutiorns payablc ¢0 ih¢ charily'¥ schne arr LhArL¢Ld thy th¢ Slatsmenl Drrinanciul A¢li¥iliis in lh¢ pcriod io which they telale KINATIONS AYI D LEGACIL 31.12.24 31.12.23 slalcd l)imalwM Ihstrumcnls dorta 84,033 22.329 1.19 128 313 113 161,457 ()'I'IIER TIIADING AcfrviTIF.S 31.12.24 31.12.23 ON rtstatcd rJcp¢)yit account In*11 V•gt 16 con4inued..
Bb:N81.OW USIC INSI'RUMEN'I. LOAN SCHLMV LHARITABLE AC.TIVITIFS COSTS DiN¢t Co¥is i181W Musical Insirumeiit l.oan Scheime 2113.1163 TRUSI'E&S' REIMIINF.RATION AND BF.NRFIT.S Thore w¢rc no IrusiceH' Tcmuneration or other k.nclits' for year cftdcd 31 Dtttsmber 2024 ntsr for the year eadftd 31 December 2023. Tryit¢¢s' e¥p¢ni¢s Th¢rB wcye no 31 Deeeinber 2021. InL8t4X$' rxpcn$¢s pftid for the y¢thT Lnded 31 necember2024 Thor for the yr ¢nd¢d STAFF COSTS 3l.12.24 31.12.23 ¥ r¢$tllr¢d aT [rIe Other pension co$L8 9C),99A 92,332 Th¢ av¥r8¥e monthly numberot emplfiyE¢s durlng ihe fullowx: 31.1224 31.12.23 •8 resl•ted IAAding inslrumenli l lI51n1¥[ratIon No employr¥s r1ved ¢molum¥nl¥ In excess of £60,000. 21123 COMPARATIV5 V()R THE STAI'FMbNT OF FINANCIAL ACTfviTIRS UnT¢Stri¢rcd fvnd¥ ke%lri¢d fijnds Tothl fimds 4% re5tst¢d INCOME AND ENDOWMENTS FROM Donations ond le8&biLS 155,457 6.OsXI 161.457 Other lrndin¥ a¥'liVitios Other inrory 4,794 1¥5019 4.794 T•t41 345 270 351270 PENDITURR ON Chirltible gctlvltles 8en51ow 1¢} 1nstrWt l.ojn ch¢M¢ 221J24 21.040 242.364 P¥ge 17 ¢otstinued...
HF.INSI.()IV 11 I"ES T TIIF, VII,I%C.I,11. 8TATEMF.NTS-contin F.MBF.R IfJ23 C.QMPAIiA'I'IVF.S FOR TH¥.%TAI'EfvIF.NT filTr4ANC.IAL ACI'lVI'fiES- CDlbtinu¢d Unr¢slricled RLtsiric¢¢d lund lunds Tothl fiJnd$ 8s r¥slllLLd 7.795 7,795 NF.T INCOMEI(EXPENniTURF.) 115,040) 116,701 Tr$fftif¢r¥ brtw¥eii Nel movemeht in (MDd$ 116,7nl 11fj,701 RECONcif.IATION OV VUNI)S Totsl funds broughi fiirwllrd 2.639,3311 20Q.000 2,1139J38 TOTAL bUNDS CARRIED oRWR .156.1139 200.nllt) 2 956 039 PRIOR YEAR ADJUsT1RNT Histuricallyi Ihe Aston D¢v¢lopmeni Fund ind Pnrkcr In8lrnm¢nt Fund We Ire¥lL(l uy db'&ignat¢d fun(ts. how4%ver, the TTUStt¢S hav¢ nuw r¥vi¥'wed the tseiilm¢ni and hLli¢vi Ihil Ir¢a¢nt was iTriurreLi and ihey should b¢ trultd as funds. This rL$ulled In Ihc d¥S18nal fund$ bein8 ov¢rs¢ot¢d rtiL'tLd fund5 b¢in¥ uwJ¢r¥lu*d ai 31 Deccmber 2021. TANC7lBLL FIXF.D ASSLI, IA)ng leaschold Inst¢ThI MusiLikl iiistrornciils ¢quipTri¢nl 'I'otsl CO.ST OK VALUATIOW4 At l )Inuary 2024 A¢ld>tion DiApuials 67CI,R(iQ 37,IM¥ 200 1,940,911 J15,875 (16,IMIII 315 911 15,733 467 2.666,552 3 16,542 (16,048) 335.911 Al 31 Docember 2(1?4 674•,¥6(1 37.248 ? $7{1.04y 3.302 957 DF.PRFCIATIOJ¥ AI I JAnuAry 2024 fory 53J62 13.537 35,449 10.757 879 99,768 Ai 31 Drcembti 2024 67.IW9 115000 NEI. BOOK VALIIF. Ai 31 Ik¢cmb¢T 2024 983 2 576 049 564 3 187957 At 31 fkecmb¢r 2U23 623.298 1.599 .940911 976 Vwls contiftud..
u.sic i 'RU AN.SCHF.MD' o'rIiF. FIN,t III STATFMF•iNT.S- ENDF.D 31 T)F. linuod I'ANCsllll,D.' FIXED A.%SF.I S- CODtlnued Co81 DT ¥aJuatiun u¢ 31 D¢¢vmbcr 2024 i5 repTe.%wiie¢l by.. Musiclll In51rnmEnt.I Offic¢ equipni¢nt ILb#li¢hold Toials Valualion in 2024 Cost 2J?6,649 2,576.649 676.860 676 860 37.241 2 576.649 3 3n2 957 Insuwm¢rtLS - lh¢ SGhcm¢'s policy 1> vnly yell or disposL' ol- in81rnments wh¢T¢ ih¢y arc deemed nsulble for purposc. 0cL101lY this rntty in¢lud¢ iTrstrumLnty wh>¢k prov¢ un4pprulin8 to borrowers. wh¢n thzy rnay b¢ dispoied of()r tel1¢d 10 ihL owntr as 8ppmpriar¢. 'fhe OVLrall inAlnLm¢nl stock forms no part ofny eollarernl xiven or coniemplaluiL AS Notcd abov¢ the iotol owncd inxtrurneni $w¢k N'flevts #8gi¢801¢ of didUal Yaluiiion5 undtr con$lant r¢view. Th¢ m4rk.trl lor ins%nim¢nts is Ib highly BpeGiali and dtOrted ITh re¢¢nr ye4ws by th¢ p¢r¢¢ptinn of 'named' musical insmAmcDl$ a pure iiivestsn¢nt ¥1gs¢I. To kLLII UILr aggregaic book valuc wiihin boiLnds we have applied a discount of 401/• 12023: 50%) Ihc IT1r4ce vatuaiion And the dixount¢d fi8u 1$ (h¢ figure of £2.576,649 include41 ibove. io. DEBTORS: AMOUNTS FAI.LING I)UIC WITHIN ONK Vb:AR 31.12.24 31.12.23 85 rcsiat¢d Trth dcbtors Other debioii 65.647 82,38L¢ 79.J49 CRET)ITORS: AMOIJNTS FALLING DUE WITHIN ONL YXAR 31.12.24 31.12.23 9S Wstaled Trth u¢diior¥ Other c411¢01¥ 95,467 90.970 121,476 101216 TrJdL' ¢r¢dilon Tr¢S¢nI& the thposlts held for iMirLthients on108n. P4¥¢ 19 continued..
SIX)IV NIVSIC INS'I'KUMXN'I. SCIIF,MF. NO'I'F.s'r ORT FINANClill. sfATFMF.hTS- ICJVEMEPi'l' IY FiI]YD Ntl mov¢mgni TTun¥f¢rb helwee Mdi Ai 31.12.24 Al l.l ?4 UTrTestrleled fvnds GMLY#I fiind De*gn&tcJ fuNJ- MusicTrl In$trum¢Thl$ 615,12¥ 1,940,911 21)8 J42 lJf,911 (250,741) 862.729 2.576.649 2.756,OB9 614.253 49.OA6 3,439,378 R¢StrkI fund¥ Bursary fund Aston Dev¢luptnLiiI Trnd FarkLr ID5lnth1t l.'und (•9.9141 123.¥1141 241.914 100.000 100 000 76,lJ6 (56.51(11 94.398 TQTAL FUNDS 2 956 039 i77717 3 533.776 N¢t rn(Jvemenl in ikndj. Included in ibc zbDvc •rc a8 follows.. IIiLomin8 I¢SaLJrc¢% K¢soJr¢¢$ cxpcnded G¥ln& Ind Mov¢m¢NI in ndS Unf¢r5¢t1d fid8 G¢n¢ral fuNI l)esi¥n&tcd fund- Mu5iGlll Tn%lrum¢ni8 $25.6¥y 1227.147) 39RJ42 335 Yll 335.911 525,689 (227,347) 335.911 634,253 Re51rl¢ted funds Yursory fund Aitoii DcYclopm¢ni Fund P8rk¢i litrUm¢ni Fund 129,9141 (23,864) 129.914} 123.864) 56,5161 56.5161 TL)TAL PWNDS 525.6SL) 1113.11()3) 535 911 -%77 737 P4¢ 2U cwtiftued..
.oiv USIC INSI. MFiyr NOTF.S T RTIIR Y ECEMFIF.K 2 14 12. MOVKMENT Ir4 FUND.4- ¢oThllnued CompArntJvLY for muv6'fflc'Dt In Nct m¢iveMeni in fvnd¥ 1'rllrL¥f¢r% b¢tWLn At 31.12.23 A¢l.128 UTrresirl¢tod [NdS Cw¥neral fut Des1¥nal1 fuT¥I- MUcl InsiNrncnlJ 797J70 1841768 123.946 (106J88) 815.128 1940911 2,639,338 131.741 Xcitrl¢tgd fund Bursftry fund Ast(In IkvclopmEnt fund Parker InslNm¢ni FuDd (15,040) 2,7.56,039 (15,0401 15,n4n 100,0 IUU DUII IQD.000 100000 20U.000 TU'fAL FIJNDS 2.839.338 116701 Comp•rativc n¢t rni)vcmLThl In funds, Inelud¢d in 4bov¢ Ere as fvlluw¥'. lThoomift8 rksoiirccs m0MeTht in funds ¢xp¢ndcd Unrestrlciod fun General fund Dc¥ibmoiLxl fuDd- Mu5i¢al In51rurn¥131¥ J45,270 (221,324) 123.946 345.270 (221,324) 7,?95 131,741 Rursary Ibnd 6,000 (21.0401 (15.¢)40) TOTAL FUND8 351270 •42.3641 UDresiricl¢d fund- GcD¢r•l Ihis fimd T¥prCts the aGr4irnulat slltpluy arlsin8 from ihc ¥6¢[•1 llctivity of ihe S¢h¢m# #ft¢r illocatbng and expendityr¢ to vthcr funds whtte ¥ppropnat¢ and is ¢onst8tCnl wilh thL policy of the (iovemtsrs Dewgnaied fi- Mwiknul Ing¢DJm¢nl% This fwid rEI¢ll ITrIL' tL)tul vjluc of mu8ica] iffstrunKn uwned by ih¢ SLI1¢, Ilihouuh li lhtsuld bt nL1 thc op¢rnliunal skn¢k inctudes $ubytanlial numb¢r$ of inslrumenl% plaLcd ID the SLhctne by %upporters. AS in 9 above rhc Scheme only parts with ]trUments If thoy orc dc&'tn¢d unsuitsble for purpoqc. and the GO¥err[S reftsr¢ Lonsider ihot for A¢ci>un(in8 ¢iariry th¢ pr(Jporlinn of general teserv¢5 repreyentiag the nei Ir¢&It¢ [u¢ ¥hoiild b¢ 8hown 1$ 0 Sep)ts iteiii. Relet rUn- Asiun Developmcni Fund fund r¢prcsenis a dunuli¢M to Ihc SLh¥m¢ by Tony Astvn. formcr Govrrnor al Chpir of the Sch#U ¥z41 ftirm¢r ttusicB uf Bell51ow Music Trusl, The fimd 15 to •lJow (he Schem¢ to conlinuc lu devdop tn the futyT¢. PÉi8e 21 conttnued...
BVN 'LOII' YA1 4CI,11. TA"ri,' 71'171F. I'F.A ED31 DF nliniie FIIRF.R 12. OVF.M8NT IN Tr L'NI)S- cthnlln¥¢d RL%lrici¢d fuiid- Parker In%trthm¢nl Fun(1 This fund rrprL'5cnL4 # dthithiion giil'n %pixifiGl]Y for thl purLltaic of instnimcnls. R¢gtricted fund- Rursory Fund Thc 8chemc maintP4in$ its cknrbtes to bprrowers ul u Ii>w Itvel and Ih¢s¢ pritmurily refl¢ct only the diTC¢t Cost or maintaining in$uriiiJs the in$iruiiienlS. To mcei ¢a5cs of ext Ir&shIp hom'ever. bur8acic5 are given th&t h¢r reduce thcye Charg and Irt 21)23 awurds iotslliny L11,040 wL'rc siven. These showm separtelY on ihe Sr¥l¢mcni Fhn¥n¢il A¢iiv?¢ic¥. b¢in8 ¢llcctiv¢ly a redueiivn in lh¢ y¥8r% irt¢om¢, Tr*nifer• betw¢¥n funds I'he transl¢r fyom thc uhwv¢ctwl lld$ to thc bur¥ary lund Iius been nvJd¢ as no Te%lri¥i¢d fvnda arL' currently held for this pu0¥t. 13. RELA'I'ED PARTY DISCLOSURF.S A manogemenl char8¢ of L28,447 was piid Rcn$low Musir TN&t th¢ sole 'lknisR¥, for rlw ycw ¢#ded 31 D¢cembeT 2024 (21123.. £?8.4471. Thii cov¢rvl prL'mi%¢s, fatiliiies other %uppiirl letiviii¢s, At th¢ cnd ofih¢ ye•r £0 ow¢d io LSenKIiiiv KMiiii¢'fNst [Owei5 BNrr a¢ 31 DLccmb¢r 2Q23., £461). P•g¢ 22