RKGISTERED CIIAIU'TY NUMBF.R: 313755
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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 sIx￿￿ent
Repprtuf the IMdtpeTrd¢DI Audlto
8 to lu
Stateh￿TrI •t VID￿￿1#1 A¢flvlllEI
S(Ai¢ment of Flninrlll Poilrffj
12
Sl*tomeN¢ of C*ih 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 fln*nci81 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 th￿￿8h & rollinu PTO¥Tammc of knllnins ln¥tnJM￿ty ￿ younB rnuiitians
(aged 7-2s). 'fhis Incorporth.i TD4inlaining u ¢olle¢tiun uf Amund Ssn iftSthzmtnt& mainly $trin8 1n5tsum¢Th￿ ay well u •
sn￿ller numbcr of hèrp¥, wo￿lW1nd und brilss iIl%lrumLnt¥. Where &ppmpriJ*. bU￿art¢S 4T¢ made Bviilsble ￿ boffow¢
wlwse families othcrwi% may nol be ablc to m¢¢t thè la4n f¢cN.
Athlitsunally, thc chariiy otfem ll programmc for %nivr borrow¢rs, vrreriD% youag muxician% ext¢ndLd Ip4n to N8¢ 30 DS
they n8vigalL ihr fiJ)6n¢i•l und logisticrtl dirriculties fLcLd by young profeg$ianal mi1￿cIans. Thc orwisation also produeex
m&ll numb¢r oftonccrts ai BeiTrslow to $howGa5¢ ¢iirrLnl und alumni insmimcnt tr•)rrnw¢ri.
Publle b¢n¢frt
The TtU5tcc ctsnfimu ihat Il ha¥ 6￿mplied with tht rcquircmenu of swtson 4 of the C.Iiarilie5 Act 2011 io hive duo re8¥rd to
Ihe publi¢ be￿111 yidrfnce publish¢d by Ihc Charity CumtniMinn for Fmylund and WAie¥.
Publi¢ b¢Dcfil is d¢riYed frtsm iht programmr uf 1nstNML￿th loan$. which Is m￿48¢d through ts￿￿ ￿plicAtiON, As
famllies conttnu¢ to fllGc prE55urc lin finan¢es, and there arc on8nin8 fundins challcn8es ifi music edu￿tIon, 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 burs￿leY tn borro%%'er¥ From low¢r SULiC*¢¢onomL. bock8ruun(ts ts broaden the rexh of its u¥¢ivily and
b￿CrI1.
ACH￿.v￿mE￿ AND PERFORMANC.F.
AtbltV•mEnt #nd perf•rniince
2024 wol a periud of Col￿15d￿lI￿n ftir x¢hem¢. lThii ycar $4w th¢ numbcr ol- people borm￿ry¥ iNMmicnl
remdln I￿•dY1 Slarfin¥ ihe year with 537 and finishin¥ wilh 538 al ihc end of ihe y¢&r Th1$ 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. pUrCh￿eS 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 includ￿1 ¥ number of h1&h-q￿liiY cqllos puKhased wilh fimds
Ptcviously 8en¢rously dona*d to thc Sl￿Me.
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
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'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 mu*i¢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 d￿￿b￿se and cu51(mier r¢lJliott$hip 5ys¢¢m is k.iJiÈ jnw1¢tnen￿d lo effi¢ien¢y ihat
will Ultim￿41Y help IhL %chcmc ¢onliiiu¢ 10 gro￿, it5 iiunil>ct of b¢neliLiariLN. I'1Tr14 Wil% LOlI)pl¢ment¢d by purchA8ing
addilion81 tr¢hnolo8y ts allow for in%lrum¢ntlll teaLhers to join &pp)inimcnES r¢inotely wliert ￿Ed¢d.
Opporiuiiili￿s WBTf KIV¥n lo Gurr¢nl ind foin)¥T borffV14'¢fi ￿rI41T￿ as pjrt vf Hiiislow Mu51L'¥ JftLYnoon 5Lrik*
Thc¥e ¢on¢¢rtx •MraLl¢d B(x]d attcudc¢ nunibm proviik.d an vppurlunity to s￿?￿1￿11￿L thc work of lh¢ S¢h¥rt)e to lottal
al￿D￿$.
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 donatio￿8, 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$iri¢g 8llucy*dl Df £9,200 WFpIu8.
I'hc bud8e¢ approved by lh¢ (m)ven￿r¥ wax pr¢poro(l L)n thc bail5 of a £6,11]O opcraiional xuTrlus on the yeor. This ￿4um¢d
that the Kheme would ¢oniinu¢ t(y attTael a similw number trl. hO￿ow0r3 kn 2(J23 81)d thal bo￿oW1n6 re￿ would r¢main 81
¢unenl Icvcls. Whit¢ ihi$ wos the C￿¢, opcralionol 10¢omc and expendilurc 8r¢w 22% ind 21 % hi8her thun bud8d¢d
rw¢¢rivcly.
AnIty￿ of l*come lour¢¢
InstNmeftt loon f¥cs
lttcomo in kind•
Voluntkry iftcom¢
Bank & In￿51￿¢ni 5n¢ome
Mi%¢¢li•neous i￿￿￿m¢
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%
I￿vran¢t ¢0mmi￿41￿n
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 (l￿TIry 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 n￿lnIa1n tqllivulLat to six nionth¥ ofop¢r•iing cX￿nditurC os h mitiimum
curc level. This is hcld i(> Ln¥ure IoD¥ ILM) S￿1￿rItY for ihc Sehcmc in th¢ everf of ￿lU[￿ £i￿•C1t￿ or un¢xpe¢kd uvm
that r¢sul¢ in lo%> fjfin¢orn
The Ul￿eStrIc1Ld T¢y¢N¢ fvnds ui year end wcre £3.43Y.37x. (Jr thi& L3.IH? J93 is held as iangible llSSLl%, the
k￿b0]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$¢1s. th¢ &-h¢rn¥ hold5 E251.985 of frte reserve
excecdinx il¥ lJrLtL4 by 78%, Th¢ ¥urplus iti r￿￿rV(¥ will b¢ reLnvcsicd Into the d¢velopmenl #nd m41ii￿na￿e of th
Cbolng conurn
'I'he'fru8te¥' coNid¢ri thii il 15 appropriale lo Prepa￿ the on a Lnn¢¢rn basis. 'fh¢ Schem¢'s Tesetves 8r¢ at
aTr 8pproprwt¢ Icvcl, and ilte llrU￿h of In￿YmC from Core e¢livily of lnsNme￿t loaThs from 2022 Lo 202J den￿n51r41¢ts Ih*t
thore Is Siill d¢m¥nd for ihc S¥h¥me ¥ *Llivilic8.
FVTURF. PLANS
The S¢hem¢'$ plahy for 2025 will locus on d¢Yclopmcni and gr0￿h. 'I'hc le￿e￿ of the digltil ryil¢m$ IF expe¢i¢d lo bc
e0mpletc￿ improvin8 effiLien¢y and incrcasin8 the 8Lhom¢'s copaciiy for borrowcr ￿p￿inIM￿n1￿, 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 Coll￿110￿ 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'ri￿￿1 Dccd, mL)51 ￿4￿￿￿11Y 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 rn￿1 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¢ dir￿Liva 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 M￿lC TNSI A Ilcad of R¢nilow Mii%iL'
In$lnimeiit T.iJthrt 8¢h¢m¢. ovcrK'¢A th¥. day.to.day op¢r¥liiin trf ihe Sch¢mc, rLPOTlln8 to ih¢ Chiel'F.xecuiiv¢ Aftd.¥upport¢d
by other Bcnslow Music Tru¥1 8ialTin comrnuni¢lllions, fun(IraL¥itsB And finallciJl n114na8ernLIII
All Ciowjrnots giv¢ ihLiT time volum￿lly and r¢i¢ivc no remuACtation otlier than Tr¥%onthbl¢ expenses lo en￿1•
panl¥ipJiiOTh &% c￿vernOr. No ¢xp¢nsK$ 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 rcWmmc￿tsofft$ Lre ¢￿51￿￿'t¢d
•lon8$id¢ 4lLtail$ of movtmeni in giandafd inili¢¥% preparcd by th¢ oni¢¢ uf Niiionnl Stati￿1¢% in¢luding LPI. CPIH, RPI.
NAtio￿l Livirng W•g¥ dnd ayeraqe eaTnin¥*.
Rclated p4rtles
B¢n$low m￿1¢ Tnjsl (Kcgirt¢r¢d Ch•¢ity N'o. 311&61} took on reswnsihiltty for th¢ S¢,heme ils sok CO￿or&I0 lJu8ie¢
whcn it incorparnied in 19A6. The schcni￿ hos pr¢mis¢% thi the Bcn55ow M￿lC campu?￿ and pays an anmwl m•nRgement
¢harg¢ ￿ BLY*ylow Music for IhL¥ ¢A)St of utililiEY. Am'i¢ei and siaft IirnÉ
Th¢ S¢h¢me li part ()t'• yroup opcmiin¥ X*+ Benslow &lAu$iL. Alvn&sidc Bensiow Trust this InLludey BeDglow Mu51
Elli¢￿riSeS Limil¢d (Remi$1e￿d CurnpJiiy 109673441. a wholly ¢W￿d 5ubi•idiary which Mana￿#$ PL￿11￿W 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
Mr￿urc% 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¢n*k)w MubiL In￿r￿MIe￿I L48n Schcmc
R¢Klrt¢red ChArlty 313755
Prlndp•l thlre¥i Jl¢nslow Mu4lL'. RL￿*1nW lane, Flilchin. Scr4 9RR
Truite¢ Bcnslow Mu81¢ fN$i (R¢%i¥kr¢d f*nmpaiiy Numb¢r= 40￿V4) (RLxi¥LYLid C.hJriiy Numb¢r'. 31360])
Bell￿￿￿ Muiic Trll5t Board of Trnitecs it31 Deeemhgr 2024
Andy BaruGh {T¢S1w￿￿ 29 Junc 2024)
Colin B41¢8
Anthcw HIAnkfield (r¢sign¢d 29 Junc 2Q24)
Illtn Falconer {ap(H)iftl¢d 14 Sepi¢mber 2024)
Tim (pilloll (Vi¢¢-LhNirl
K4ty Himilton (rcsigncd 29 JunL 2024)
Norma ￿"n8
Ilwth M4lau￿ (Ch•tr) (IpptsiniLd 14 8Lpl¢mb¥r 20241
Philip M¢•den (Chair) (rciign¢d 29 June 2024)
Alcsyandrn MonY￿rdIn0 (appointed 14 S¢pt¢mher 2(J24)
Peier Nevtlle [￿l￿ned 29 JuftL 2024}
Gw¢n Ow¢n RobinKon
Alart Sjieppard (up￿inTed 14 tiePtCm￿r 2024)
Bhw¥w#ni Singh (Ilonorory Trellwr¢rl
MxhKI Taylur (Vi¢¢.C'hair)
M￿k Bowen (Honorory S¢¢rdAry}
Govirnors S¢hemt
AJJdTew BlaThkfJeld (r¥si¥ned 29 JU￿ 20241
Ro¥alind Iledley.Mill¢r
Norma Kin
Juely KoLJ%
PctCT Nevill¢ (C.hair) {rcii8ntd 29 Junc 20241
rj￿n Owon Robinson (8ppoiTh￿d 23 NDvembrr 2(J24)
Al•n Sheppard (appoinl¢d 23 November 2￿4)
Sandra saunders
Mich￿1 Taylor (Ch)ir)
SellSnr Slilf
C.hi¢f Exe¢iitive. Mi¢h4¢1 r)uffy
H￿d ofBMIL8= Nick v.v4ns.PuBhe
Alldltori
Bradshuw Johnson Chart¢r¥d A¢¥uuE)iani$ st1￿10[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
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RRP
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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 A￿Un¢1￿￿ PTh¥'iice)
including Financial KeportLQ8 Stsndurd 10? 'Thc l.'inancial RerrtbTlinu .Stsnda¢d applicuble in Ihe UK and R¢publi¢ g(
I￿l8nd".
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 it1￿m0 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 con￿51¢￿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 ￿resU￿rding 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'tr*Ni 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* 'th￿ry.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$ applI￿ble law and Uniled Kin%dum A¢¢owthin8 Siandardb
(United Kin8doni GcnErJlly A¥cLplcd Accliunling Prdoli¥bl. i41¢1udin8 Fits%n¢r&l ticponing SIN￿￿rd 102 Th¢ FinaDciJI
Reporiin¥ Si¢ndllrd applicDblc iii Ilie IIK and R¥publi¢ of Ir¢l¥nil'.
In ￿lrOp1￿1￿Tr 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 d￿rdanc¢ with U2111¥d Kiii8dofn (i¥n¢nlly ALELpkd A¢L¢)unting PracliLe, includini
rin4Thcial n￿orting Siandard 102'Thi Fjndncial Xeporting 8ianilaFd applieabl¢ 111 ih¢ LiK and Rkpublir of Ir¢lJn(l atKI
hove Ix¢n pr¢pllr￿1 in accordLllLL Wlth Ihc i¢qiiir#mLnls iil'ihL Lbarilies Aol 2a1 I
Bas1¥ for w)Inlo
W¢ ¢oftducted our audit in accordi1n￿ with lo1￿110nUl Siandiirdi on AUditM￿ IIJK) {ISAs (UKII and Applicablc hw. OUT
r¢S￿nSIbIliti¢¥ under tho$c %1￿]dOrd￿ UfL. furth.r dcscribcd 11) thE ilu(IiiibT% rc.4portsrbilitie¥ fur IliB audit of ihL financial
sthl¢ment% section of our r¢port. WL are Ind¢p¢rt(l¢ni uf dbe charjly i?) 8¢wr(I*iLe with th¢ cthieal r¥quircrncnt8 ihal ¥¢¢
r¢levoTh1 w our Trfihc fin•n¢ial slalcm¥'nis in IIIL UK, tii¢ludin¥ th¢ FRL-s Liliiral s￿nd￿rI1, and wc hlve fulfilled our
oth¢T IthiLuI Tc%fKfvnsibilin¢s In DLLtsrdttnce with ihi%¢ r¢quI￿'mcnt$. 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 Slatén￿rtl￿. wc hav¢ conblydL41 thul lh¢ trns*eb' u¥e ul'ihL ¥oin% con¢¢rn ba$is of accountin¥ in Lh¢
preparntion of th¢ IITinnciul stulcm¢nib is kippropriaic.
Roied on th¢ work we have wrf<JrmLd, we hllvc Iirfyt IdbTtifi¢d any mai¢nul un¢trttsintles relalinx lu ¢Ycnls or ¢onditKJn
thaL i1￿1viduallY or tnlleetivcly, may LUSI %ignifi¥ONi dothi on ihc ¢hiirity's ability io con¢inuv goin8 cnn¢eFn for
iod ol'at Icajl twelv¢ m(Inthh Irom wh¢rt IhL finuncial siatcm¢nts Juihon$ed foT issile.
Our rcwn¥ibiliiie5 and lh¥ ￿l￿1111b111lle$ ol. Ihe IfilSt¢¢s with rc¥pcb¢ io 8thing Concern we dey4nbL4L in th¢ ￿levan[
iioM$ ofihiy report
Other 1nformats￿ft
ThE ITiiY*¢% are r¥spon%ihlo fnr iht other Infoim*ilivn. Th¢ uihcr intomation Liimpri.Ycs IhB irtforn￿lIÉi￿ in¢liided In ihc
Annual Rcport. oih¢r thilh th¥ finan¢ial SWiLYnLYil% irA ￿lf K¢port or th¢ 1ndipki￿cl1i Auditor¥ IhErtiJn.
Our opiniort 011 th¢ f1Th8nLial sldlEmuils doe5 nol cvvrr diL vihcr inforinxiion L'x¥er*t to th¢ ¢xient oth¢twlsc expli¢illy
s¢at¢d in our r¥Tori, WL, do nol cxprLbS Hny fvini ofassurdnce ¢onclu$i(>n Ihbriuii
In connwlifin with our iudit ol. ihc financial slRtcM¥￿L4, our fespon%ihilil¥ li ITr r¢rttJ the Dihcr lnfthrn￿I1OTr and, In doing 10.
con5ithr whcih¢r th¢ other Infnmwliijii Is n)alen3lly inLnnSi%l￿Dl iviili il)4 finaiicial siolemicnts or our knvwlvd¥L obthined in
the aiidii or otherwiqe ￿P￿ar% to k materiulls miyyi.Ii¢d, If we 141enlily 5u¢h Tnaicri31 incvn$isitnLie% OT apyyrLni mAt¢rial
misstal¢menlJ, wc arb. rcquir¢d its ¢ktL'rniine wh¢tl)cr ihi¥ Ti$¢ to o miicriul missldtcmefit io the fin8￿111 sta¢¢rnents
th¢mY*lwey. Ir, basd on the Moik wc have pulorni¢d, we cunclude ihaL Ih¢rL motgrial mis¥latErnent of this other
Inforn￿ll0n. w¢ urL fLqiiir¢d to report ihJi faeL Wc hivo I￿(hI￿ w r¢pvn in this reAard.
Matterx on whlch we art rt'4ulred ts report h> eyetptloJ>
W¢ have noihin¥ ID report in rcspcci of the followlng matt¢f5 wher¢ thL C.haritics (￿¢￿v￿￿ and R<pDrtsl Reglllali(m8 2W8
rcquiY¢s us kn ftpoff w you if. in thur opinion..
th¢ inf0FM￿l￿n given In th¢ Kcport af the TTii4IL'L% 1$ incon%ibl¢nl in uny mai¥irial roqi)cct ￿1th ilie fln4n¢ial 510l¢menl$;
or
iuffieiem Ac¢ounlin¥ fCCOTds Iio¥'¢ DVI biLn kLpl, or
the finttncial hla1¢m¢ni$ Are not in S￿reen￿n[ with the a¢countiiig rcinTd¥ *iid rctums., or
wc b&Yc not receivcd All th¢ infiirn>aiion artd expldnaiion% wc r¢qiiire for (iur &udii.
Pig¢11

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 ￿p￿lTred rnoK ￿llY in thc Trngleey, Rttypotsgibiliit¢s Slalcmcnl, the ttU5lce4 llrc r¢.%p(￿SIble for the prepAratI￿¢ of Ibe
fin•fte￿I itatements whicb give 4 Iruu and fair vicw. l￿d 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" r￿pOl￿1b[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 Acco￿1n8￿￿1
lh¢ ¢iiherinlend lo11411idtst¢ (he churity (br lo cease 0￿rITIOnS, or have realistic atternativ¢ bul to do ID.
Our r•spDllilblllilts for tli¢ tho fih*ncl&l ilaternl￿llÈS
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 ther￿ud¥.1.
Our obj¢dive8 ar# 10 obtoin le￿)nable a8sufAh¢¢ llbout wh¢ther the financiil SlAiemonls As o whole aTC tT¥e from mAkiial
mi1slatern￿t, 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$t¥. MigltAleTri¥nts cnn arix¢ ftom frnud or ernr aT¢
', ¢owidered ￿terial if, individunlly oi the u8grc¥af¢. I1￿Y could reasonsjbly b¢ ¢xpc¢ted ihe e¢ooorni
dMiiion8 of tthn on th¢ b8118 of ib¥se Gtsfineial sthlCIII¢IIIA
'rhe ￿tent to whi¢h r>urproccduM 4r¢ ¢opabko of detwling Irregul￿[1£1, inctuillThu fraud is Ilcl4iled bclow..
W• ¢onJid•red tho nantr¥ L)f th¢ Cliarilyx indwty Mnd itl ¢ODtrol ¢nviAJnm4ni, and r¥vrew¢d the Ch4rity$ 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¢￿1￿0rY 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& Th￿t inoluthd
th¢ Clwiry r￿MInIS810n. Ind
- th uot knve 4 direct £ffeoi on the fi￿n￿￿1 5tatemtrnts but complioDC2 with wfvcb inay be Ilmdumenlil ¢0 tho Qarltr
&blllry to or ￿ avnid a myliriut pen*lry.
W¢ dts¢u8ff¢d imortg th# I￿11¢ eDwLm¢nt ic8m In¢luding relevant Inlern¥l XPLO￿liSt% 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
e*lIm￿¢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 b￿lIng1S.

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 idciitifi￿l 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% d￿rib¢d ay liiviiis a diT¢¢I Lff¢•CI on Iliv fiiwn¢iTiI ylAleincnls.
perfornu￿ anoly¢iL81 pr￿L¥l￿re$ l(p iilcnlify iiny iinii%ulll oi ￿nex73¢￿[cAl ￿l*ll￿1￿￿11}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 m*Mnc¢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 lU￿ted on tlxe FinAnci&l Reportln%
Coll￿11,& w¢bsito it www.ftC.i)T¥.uklAuililgT5r¢Sponsibtlili￿. This dc6ciipI￿ll 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 IT￿81¢¢¢ IhoiE
w¥ arc re4iiiTd io $llllc ￿ ikntyii iii uudiiofs, TCPUTI ond fur ijlher puTrose. Iv lh¢ tullLsI rxt¢nl rmill￿ by low, wo do
l o¢¢apL or 8wm¢ frtspibp%ibilily io 4nyviiL iiihLr ili*ii Ilic ¢lJttriry &nd Ihb. ¥li#L'iIy'S X% th btsdy, for our audit work.
for this report, or for Ilw i>PinMilY we lillvc foriiie¢l
Bradthnw JDhD¥on
hthttr¢d Accourti￿$
St•thtory Aud￿01
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
I4.1￿4
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 m￿l¢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.D￿ORs
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
Uhre￿lie*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$u¢ vn 2fi April 2025 and weT¢ hi￿d
on its behull'hy:
Twfjtcc M I'tyloT
The notei form part 01.￿les0 fin￿elRI 6lBlom¢DI$
PLBL 12

Ic iys'iItUMEiY'r i.
.*N SCIIY.MY
STATEMF.NT QF￿A&H FI.OWS
R'fiiv Yli A
MIIFR 2024
31.12.24
31.12.23
rcsmcd
CAih flowg from op¢r*tln¥ ULtlYltlei
Cthsh gcnernted from operations
28% 755
Nd clth providd by opcrating t￿lI￿licS
28¥.7.f5
151772
C*ih 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 inv￿ting a¢liviii¥%
305.642)
123510)
Ch•nge in ¢AJh ¢uh ¢qMlvalents ITr Ihe
reportlng p•rlod
Cuh 4nd uih *4ulval•nls At Ihc beOD*in¥
of the r•porllnn pirlod
(16.8871
28,262
376571
Caxh and e*sh 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 INCO￿lE 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 Investt￿tAts
Los$ orb di$pth%*l i>f fixed asse1$
Docreasd(in¢re)5¢) In ￿.blOrS
Incre￿E 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

.l*Si.
'()TFSTO Tiif. SIXAN,
IA
. &rATF.MV.NT
V.R2
ACCOUNfiNG POLICIES
of P￿ParIng the nn¥D¢l#l stAttm¢nt
Thc fJnanLial siAiemLnls uf thL iharily, wh￿h 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),, I￿inancial Reporting
Stslndard 102"lThc PinanLiul R¢pi>riing Srandard appli¢Jblc in thc IIK And Repiihlic of Ireland. Jnd the Charities Act
2011. Thc rjDa￿LI￿II statcin¢nls hMYL be*n prep￿￿ tsnder the hiS￿rical ¢0￿ ¢onYcnts(Mi. os modifi¢d by tb¢
revaluatiOEL of cerlllin a$$*i.4
B¢n$low Mu¥ibal In%fruminl IA>￿ SrhcmG mccls Ihc definilion of a public he￿rit eniity undtt FRS 101
In¢ome is in¢lud¢d in ihb Sts*meni of Finan¢ial Arliviii¢$ 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 y￿￿Ally 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 leK￿Y being reeoived.
Adrnin1￿1Q1l0Th 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
LApCr￿llw# Is IKO￿lS¢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¢ SIll￿d 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.
De￿Littl￿n 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 I￿LICI￿6 - ¢vntin*ed
TxA8lble Ilxed iue¢5
DeJ)rt¢iition 1$ wi prO￿￿ed L)n niusical instnjments Individu*lly 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 fvrthtrat￿tt ofihL
geuer&l obj¢¢liv¢s of Ihc Sclieme and which have noi heen de%ignTht¢d forotlicr piirpnsLS.
r)c¥I￿a￿d 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¢r￿1rd 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'¥ sch￿ne
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
i1￿81￿W 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 y￿r ¢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 r￿1ved ¢molum¥nl¥ In excess of £60,000.
21123 COMPARATIV￿5 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¢￿} 1nstrW￿t 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 ￿oRW￿R￿
.156.1139
200.nllt)
2 956 039
PRIOR YEAR ADJUsT￿1RNT
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¢n￿￿t was iTriurreLi and ihey should b¢ trultd as
funds. This rL$ulled In Ihc d¥S18nal￿ fund$ bein8 ov¢rs¢ot¢d r￿tiL'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
nsul￿ble for purposc. 0cL￿10￿￿1lY this rntty in¢lud¢ iTrstrumLnty wh>¢k prov¢ un4pprulin8 to borrowers. wh¢n
thzy rnay b¢ dispoied of()r tel￿￿1¢d 10 ihL owntr as 8ppmpriar¢. 'fhe OVLrall inAlnLm¢nl stock forms no part of*ny
eollarernl xiven or coniemplaluiL
AS Notcd abov¢ the iotol owncd inxtrurneni $w¢k N'flevts #8gi¢801¢ of ￿di￿dUal Yaluiiion5 undtr con$lant
r¢view. Th¢ m4rk.trl lor ins%nim¢nts is Ib highly BpeGiali￿ and d￿tOrted 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 IT￿1r4￿ce 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 c￿411¢01¥
95,467
90.970
121,476
101216
TrJdL' ¢r¢dilon T￿r¢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 Tr￿nd
FarkLr ID5lnth1￿t 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 fi￿d8
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 li￿trUm¢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.
MF*iyr
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¢tWL*n
At
31.12.23
A¢l.128
UTrresirl¢tod [￿NdS
Cw¥neral fut
Des1¥nal￿1 fuT¥I- MU￿c￿l 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
m0￿MeTht
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¥prC￿￿ts 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 rE￿I¢ll￿ ITrIL' tL)tul vjluc of mu8ica] iffstrunKn￿ uwned by ih¢ SLI1￿¢, Ilihouuh li lhtsuld bt n￿L￿1 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 I￿r¢&It¢ ￿[u¢
¥hoiild b¢ 8hown 1$ 0 Sep)ts￿ iteiii.
Re￿let￿ 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'
YA*1 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 %pixifiG￿l]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￿￿￿ I￿r&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 separ￿telY on ihe
Sr¥l¢mcni Fhn¥n¢i*l 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 pu￿0¥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