MUSIC IN THE ROUND REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR MUSIC IN THE ROUND LIMITED Lost night of the 2024 Sheffield Chornber Music Festival WNth Guest Festival Curator celltststeven Isserlis ondEnsemble 360 Re8lStered company (England and Wales): 1880734 Re8iStered Charity: 326811 REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Contents Page Reference and Admlnlstratlon Informatlon Trustees, Report 4-17 Independent Examlnerfs Report 18 Statement of Flnanclal Activities 19 Balance sheet 20 Cash flow statement 21 Notes to the financlal statements 22-31 Page | 2 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND REFERENCE AND ADMINISTRATION INFORMATION Registered Company No. 1880734 (En8land and Wales) Registered Charity No. 326811 Registered Office 4th floor Sheffield Central Library Surrey Street Sheffield Sl IXZ Trustees Sughra Begum DL Ireslgned 20 June 2025) Jan Bonar-vice Chalr Ann Charlett-Day lappoSnted 13 December 2024) Jenny Dibden Stevens- Chair Prof Jane Ginsborg-vice Chair Iresigned 13 December 20241 Christopher Glynn Sophie Haynes (appointed 26 September 20251 Prof Pat Kendall-Taylor (resigned 20 June 2025) Cara McAleese Dr Sarah Price Jack Rush (appointed 13 December 20241 Sean Ryan (appointed 26 September 2025) Lucy Schaufer (appointed 20 June 20251 Daniel Sogbesan Mark Sutherland- Vice Chair (from 13 December 20241 Chloe Wenner5ten {resigned 20 June 20251 Chlef Executive Jo Towler Independent Examlner Rachel Heath FCCA DChA BHP LLP Albert Works Sidney Street Sheffleld SI 4RG Page13 REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Objectives and aims The objectives of M usic in the Round, as stated in its Articles of Association, a re to promote, maintain, improve and advance education particularly by the organisation and presentation of programmes, festivals and occasions of a slmilar kind, which will encourage the arts in general with special reference to the art of string, chamber and other music, singing and related arts. Mission Statement Music in the Round 15 the leading national producer of chamber music, with a year-round programme of hundreds of events for people of all ages. Since 1984 we have been bringing people and music closer together through our friendly and informative style of 'in the round, performances. We present concerts and the ShefField Chamber Music Festival each year at our home venue, the Crucible Playhouse, as well as activity across the city and in partnership with venues arou nd the country. Our mission has always been to 'get people closer to the music,. Audiences do this by experiencing live music while seated in the round,. musicians introducethemselves and the music they're playing; and we also provide contextualising talks, partlclpatory events and online resources as part of our programme. At the heart of ou r activity is our resident group, Ensem ble 360, comprising 11 of the f inest chamber musicians in the cou ntryj and we also present world-class guest artist5 and outsta nding young performers. These s it a longslde dozens of free and low-cost participatory events led by high-quality workshop leaders a nd educators, such as storybook concerts and composition projects in schools. We pre.spnt rham ber mus ir that Is chararterised by passion, excellence and proximlty throiigh: Ensemble 360, a world-class resident group of musicians outstanding visiting a rtists f rom a diverse range of musical genres a varied learn ing and partlcipatlon programme for Early Yea rs to Later Years a commitment to supporting the development of young audiences and musician5 delivering live muslc experiences across the country to thousands of people each year Page 14 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Achievements and Performance In 2024/25, Music in the Round presented: 352 events, including concerts, projects in schools and events for farn ilies and young people 134 public event5 In 23 venues across the cou ntry in 13 towns a nd cities 80 events featuring members of Ensemble 360 34 guest artists and groups, comprising 53% female, 46% male and IOA non-binary 27 events specifically for you ng people aged 3-7 and 7-11 and thei r fam ilies 149 different composers. of which 27% were living, 20% were female and 9% Global Majority and 18% of programmed pieces were by female composers In addition, we also: perfarmed to and engaged with 26,148 people across the countrv engaged with 10,024 young people aged 0-19 Sheffield Two concerts from Ensemble 360 in April 2024 brought the Spring Season to a close, Includlng the conclusion of pia nist Tim Horton's serSes focusing on Chopin. We were then joined by cellist Steven Is5erlis forthe 40th anniversary 2024 Sheffield Chamber Music Festival ISCMFI, which he curated. Working with such a distinguished chamber musician raised the profile of Music in the Round locally and nationally. We were joined by long-standing friends of Music in the Round pianist Peter Hill and former Lindsay String Quartet viola player Robin Ireland to reflect on the last 40 yea rs, and other stellar guests included ou r Singer-in-Residence baritone Roderick Williams and pian 1st Mishka Rushdie Momen. As well as a focus on Faure to mark his centenary, highlights included a I'are performance of choral music by Augusta Holmès, a Sunrise concert at 5am in a local chapel, and an evening dedicated to Saint-saens that featu red the first original film score alongside a screen i ng. An audience of over 4,400 people enjoyed the 20 events, whlch Included two concerts for familles as well as a'Relaxed' concert and a special'come & Sing, afternoon wlth Roderick Willlams. Notable statistics from box office and a post-Festival survey include: 20% of bookers were new to the Crucible Theatre 9% of tickets were 501d to under-35s and students 1,499 individual bookers (compared to 1,239 in 2023 and 833 in 20221 120A of survey respondents reported not having attended any of our events before 92% said they were likely/highly likely to book for our autu m n concerts 92°A said SCMF 2024 helped them feel connected to Music in the Round and/or the musicians Written feedback in the survey was also mostly glowing: The highest quolity of musicians and musicionship. Great otmosphere born out offull houses where the buzz of expectation was palpoble, especially when famous guests were there." "I loved the opportunity to hear works thot rarely see the light of day. Getting guest curators to work on programming and explore their enthusiasms has been consistentlyfoscinoting over [recent] years. -A5 a regular Prom goer in London over many yeors thisfestival produced concerts at least as good and sometime5 better than any of the Proms I've been to." Page | 5 MUSIC IN THE ROUND REPORT OF THETRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 There were more positive comments about the programming, and the Guest Curator model seems to be proving popu13rwith the majority of audience members, so we intend to continue with this in future yea rs. The autumn season began with the Guest Curator from SCMF 2023, pianist Kathryn Stott, returning for a farewell recital as she drew her performing career to a close. Forthe first time we presented an evening concert in the Crucible Theatre afterschools. concerts during the day, making best use of having the space available. Jess Gillam & Friends was attended by nearly 800 people, and brought many people into the Crucible for the first time. Other guest artists included 'Queen of the Qanun, Maya Youssef, pianist Stephen Hough, trumpeter Aaron Azunda Akugbo and guitarist Craig Ogden as part of the Aquarelle Guitar Quartet. Moyo You.s.sef IDIC?QRSTUDIO The highlight of our 40th annlversary year was the production of a community opera, Jonathan Dove, Monsterin the Maze, performed In the Crucible Theatre with over 200 performers of all ages and abilities (featured in the Case Study on p.81. Spring 2025 began in January with star violinist and native Sheffielder Lizzie Ball, and continued with concerts featuring the wind players from Ensemble 360, followed by its pianist Tim Horton starting a new 'Viennese Masterworks, recital series. A weekend full of the music of Shostakovich marking his 50th anniversary proved popular, and we were also joined by the Consone Quartet for a day of Mendelssohn before harpsichordist Steven Devine and Ensemble 360 celebrated three members of the Bach family to bring the season to a dazzling close. Natlonal Our National programme around the country continued to develop wlth encouraging growth in audlences in the new series started at The White Rock, Hastlngs and Mansfield Palace Theatre. Venue partnerships continued in Milton Keynes, Leamington Spa, Barking & Dagenharn, Portsmouth, Goole and at the Wiltshire Music Centre alongside long-standing concert series in Barn51ey and Doncaster. In London we sadly performed our last concerts at Woolwich Works, as they are not currently financially viable, but we presented schools and family concerts at the Wigmore Hall. Many of these venue5 also present one of our Early Years storybook concerts for families orschools on the same day as evening concerts, providing high-quality performances for audiences of all ages. This flexibility appeals to many venues looking to reach more people while making cost savings and also reduces the carbon footprint of our touring musicians. Collaborations with Orchestras Live saw us give workshops in former mlning communities in NE Derbyshire as well as a tour of Giddy Goat to schools across North Yorkshire, enabling us to expand our activity across the region. Sounds of Now, our series dedicated to experimental music, appeared around the country with eight concerts in Portsmouth and London as well as Sheffieldi presenting artists including Manasamitra, Phaedra Ensemble, Ligeti Quartet and Rakhi Singh. Page | 6 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Learnlng & Participation Our popular storybook concerts for young people and their families, complemented by INS￿ and workshop sessions in schools, were performed in Sheffield and National partner venues. Our composition project Wecompose for KS3 and KS4 had a very successful second year around the country; our Bridge Scheme wind ensemble concluded theirtime with us; and we developed and deepened our relationship with our Visiting Quartet, the Consone Quartet. During the year: we presented 318 events for children, young people, students and adult learners 14,489 people participated in attivityi from projects, workshops and INSETS to pre-concert and family events and performance platforms for local musicians 9,656 people took part in 124 events In South Yorkshire In May we refreshed our storybook concert for Early Years, Slr Scallywag and the Golden Underpants, which was performed in SCMF. Also featuring during the year were Giddy Goat and Chimponzees of Hoppy Town, all written by our Children'5 Composer-in-Residence, Paul Rissman, with 6,591 people enjoying these performances for nurseries, primary schools and famllies of young people aged 3-7. We continued to roll out our new concert format, Close Up, aimed at 7-11- vear-old5 and their familles, across the country to Portsmouth, Doncaster, Sheffield and London. Durlng 2024/25, Wecompose reached Into the Ilves of hundreds of young people across the country. Eleven composers engaged with 830 young people from 34 schools in Portsmouth, Barking & Dagenham, Barnsley, Doncaster, East Riding of Yorkshlre, Mlddlesborough, Milton Keynes, Rotherham, Sheffield and Wakefield. INSET training was delivered to 18 teachers, who report that the resources, skllls and confidence gained on the project is changing how they teach as well a5 increasing the number and changing the profile of students opting to study music at GCSE. Slrscoltywog ond the Golden UnderpGnts In the Cruclble Theotre in 5CMF2024, presented by Lucy Drever The Bridge Ensemble comprises five wind players from backgrounds under-represented in chamber music, nurturing them as they develop their professional careers. In partnership with Black Llves In Music, we have provided a range of experiences during the last two years, and the scheme concluded in autumn 2024 with three concerts in Barnsley, Doncaster and Portsmouth, as well as sitting alongside members of Ensemble 360 in Monster in the Maze. Music in the Round's Vlsiting Quartet, the Consone Quartet became heavlly Involved In our activlty In 2024125, and we are delighted that funding from the Albert & Eugenie Frost Trust has been confirmed for the residency until December 2028. The Quartet has given concerts across the country, performed alongside Ensemble 360, participated in concerts and culmination events for Wecompose, taken part in an Orchestras Live project in former mining communities in NE Derbyshire, and presented concerts in schools acr055 Sheffield, supported by and learning from Sheffield Music Hub music leaders. Page | 7 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Other activity for Sheffield residents included a 'Come and Sing, event during SCMF 2024 with Singer- in-Residence Roderick Williams, a masterclass session with trumpeter Aaron Azunda Akugbo and several pre- and post-concert Q&A with Members of Ensemble 360 and guest artists. We also further developed our'Relaxed' Concerts, which are hour-long events providing a welcoming environment for people with an Autism Spectrum, sensory or communication disorder or learning disability, any age- related impairments or parents/carers with babies and toddlers. Presented by Ensemble 360 horn player Naomi Atherton, these now feature regularly in our Sheffield programme. Case Study.. Monster in the Maze Our production of Jonathan Dove's Monsterin the Maze took place on l and 2 November 2024, with four performances at the Crucible Theatre, Sheffield. Celebrating our 40th anniversary, the aim was to provide a catalyst for people from different communities, backgrounds and ages from across Sheffield to be introduced to and particlpate In Ilve muslcal activityi many of whom had never engaged with classical music before. It was only the second time the opera had been performed in the UK, and it was the first performance of a new arrangement by Musical Directorjohn Lyon, who added upper string parts 50 that all the members of Sheffield Music Hub Senlor Strlngs cou Id play alongside the professional members of Ensemble 360 and the Consone Quartet. The production involved around 200 people from across the city: Three professional opera singers (Anthony Flaum. Cam ille Maalawy, Robert G ildon} and an actor (Paul Hawkyardl in the named roles ofTheseus, Mother, Daedalus and King Minos. Youth chorus of around 25 young people aged formed from Sheffield Music Hub's Concordia Choir and Youth Voice groups. Children's Chorus comprising 45 young people from Sheffield Muslc Hub's Junior & Youth Voices Adult Chorus com prising 35 local singers and members of Sheffield U niversity Singers, Society Orchestra of 35, including members of Ensemble 360, Consone Quartet, Bridge Ensemble, Sheffield Muslc Hub Senior Strings and other local musiclans. An off-stage band of 6 horns, 4 trombones and 2 tubas representing the Minotaur Musical Director: John Lyon; Director: Rosie Kat; Design: Fenna De Jonge,. Lighting Design., Katl Hlnd. Costumes were designed and created by the children in the cast and students at Sheffield College. We presented four performances to 1,930 people, of whom 28% were new to the venue. All tickets were just £5, with the aim of removlng cost as a barrler to attending. We were delighted that Jonathan Dove came to a performance and really enjoyed it, but even better was the feedback from participant5 and audience members that showed its impact: "Hadn't ever been to see anything like thls and It mode me wont to heor more clo55ical musi he individuol sitting next to me said as thisfinished, 'that's the best Show I've ever seen,. That experience. spreading outfrom the venue through each participant and member of audience, Into homes ond workploces, into 'liAe', is of huge vulue. It makes life betterf, "It Was wonderful to see young people performinq alongside professional musicians and singers. What o way to nurture the talents and give positive experience5 OA the arts for children and young people. It stood as an artwork in its own right, not Just as a community project" Pa8e | 8 MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 his has touched the Ilves of so many people In different walks of life. There was great diversity in terms of oge, disability, musicol obllity... Utterprivilege to be invofved,. won't everforget it.- Yhe BEST experience of my lifv. Having never done Musical Theatre beAore thls has reolfy opened my eyes to the opportunities available and I willsoy now at some point in theAuture we WILL see me on the stage ogainll" "I genuinely think this has been one oj the mostjOyOU5 experiences of my life soAar. I have made 50 mony newfriends. I know I will cherish thi5 experiencefor the rest of my life" J& All the Monster In the Ma2e cast on the CTu¢lble stage Andy Brown Networks• partnershlps ond tolloborations Music in the Round is represented on the board5 of Create Sheffield {Sheffield's Local Cultural & Educatlon Partnership), Classlcal Sheffield (Chalr), Sheffield Culture Consortium {comprislnE arts organlsatlons, community arts venues, the unlversltles and Sheffleld Clty Counclll, Sheffield Culture Collectlve {comprlsing local businesses, health and arts organlsatlons, HE Institutions and Sheffleld Clty Council) and Orchestras Llve. Our connections with Sheffield Jazz give their musicians the opportunity to perform in the Crucible, and our links with Classical Sheffield enable its member groups to perform as part of the annual Sheffleld Chamber Music Festival. Ongoing and new relationships include: Classical Sheffield: leading the development of this membership organisation that supports dozens of musical groups in the city, hundreds of music-makers and thousands of audience members, by supporting its members to collaborate and providing opportunities for them to take live music into more places to more people. Sheffield Music Education Hub: we have a long-standing partnership with the Hub, and are key to its aims of engaging all 70,000 young people in Sheffield with making music through creative composition projects, involvement in its Future Talent scheme and providing access to our concerts and musicians. We have been partner of the new South Yorkshire Music Education Hub since it began in September 2024. Page | 9 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Harmony Works: An exciting project in the centre of the city that will become the home of inspirational music education and opportunity. This new space dedicated to music will include partners such as Sheffield Music Service, Sheffield Music Academy, Brass Bands England, Choir with No Name and Orchestras for All as well as Music in the Round. The University of Sheffield- Music in the Round regularly collaborates with the University on research projects with the Music Management department, as well as offering volunteering and research opportunities for students studying music. Black Live5 in Music: we are Founder Members of Black Lives in Music, supporting them since early 2021, and they are our partnerfor our Bridge schemes that support emerging musicians from background5 under-represented in chamber muslc Royal Philharmonic Society: Music in the Round is the regular presenter of the annual RPS Chamber Music commission, and we give the composer the opportunity to meet, work with and alongside Ensemble 360 as they write the piece, providing insight and encouragement to the creative process. Young Classical Artists Trust (YCAT): we provide their young musicians with both concert opportunities and belng part of our Learning & Participation activity. The Royal Over-seas League: a new partnershlp simllar to our relationship with YCAT, which sees us provide a concert platform for one of thelr young artists with associated wraparound actlvlty for local musicians. Funding Development & Income Generation Earned income increased again to £338,238, from £253,294 in 2023124, as our activity continues to grow and we gain new partners. Our National programme continues to edge closer towards breaking even through negotlations with our partner venues around the country and more activity that generates income for the organisation. Our aim remains that engagements at venues around the country start to 8enerate a net surplus for Music in the Round from 2026 onwards. We received a total of £335,094 {2023124: £298,944) from Arts Council England (ACEI and trusts and foundations, including our agreement with long-term funders Mayfield Valley Arts Trust to support Learnin8 & Participation acttvity in Sheffield and South Yorkshire. This increase reflects significant investment in our Wecompose project over three years from the Paul Hamlyn Foundation and other funders, and a large award from the Albert & Eugenie Frost Trust to support the Consone Quartet as our Vlsiting Quartet for five years (Jan 2024- Dec 20281. 'Close Up, concert In SCMF 2024 Q Andy Brown With 327 Friends of Music in the Round. income from the scheme slightly increased to £28,299 12023/24: £27,417), as we focused on the higher levels of Friends, membership and support for our Page 110 MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 40th anniversary in 2024. Big Give Christmas and Arts for Impact campaigns during the yeartogether raised £32,04012023124: £27,521) for Learning & Participation projects. Our freelance Trusts & Foundations OffI￿r continued to be hugely successful with new grant applications. Priorto 2022123, annual income from trusts & foundations had been under £10,000 for many years; in 2024/25 this increased again to £107,900 (2023/24: £76,350). In addition to this are the ongoing grants from the Frost Trust and Mayfield Valley Arts Trust, leadingto a total of £189,500 awarded during the year (2023/24: £153,350). We continue to enjoy a good relatlonship with Arts Council England, retaining our status as a National Portfolio Organisation from 2023-27, and will apply forthe extension year 2027/28 when required to do 50. Sheffield City Council currently provides free office space and utilities (approximate value around £20,11001 as support in kind, for which we are very grateful. We are seeking to retain this support due to the possible redevelopment of the Graves I Central Library Building in which the office is based, although from 2027/28 we will be based in Canada House as part of Harmony Works. Staff and Operatlonal Structure The current staff team comprlses nlne people, led by the Chlef Executlve, of whom seven are part- tlme, which Is Supported by a freelance Composition & Creativity Coordinator, who leads our Wecompose project and coordinates the Visiting Quartet residency. In addition, a freelance Trusts & Foundations Officer worked 30 hours a month. The Development Manager left the organisation in December 2024, and her role covered internally while a small restructure took place. A fixed-term position was created in January 2025 to cover the absence of three role5 in the office (two vacancies and one planned leave of absence). This has subsequently become a permanent position of Natlonal Projects Assistant, and a small restructure due to the freelance Trusts & Foundations Offlcer leaving the organisation has led to the creation of the new role of Marketing & Development Coordlnator. The team structure as at autumn 2025: oardofTruste•s Chlef Executfve (Fn) Guett Festlval Curator IfreelarKel Headof Pro8ramme5 Marketln8 & Ctsmms Man8ger F*)ance Man•R IFM 10.351 Sheffldd ProKtsmme Manager Nayonal ProJects Manaser Partk5p3￿On & Event5 oordlnator Compos5tlon & Creatiwty Q)Ndthator Ifreelancel Marketln8 & DEvek)pme Coorthator Na￿Onal Projerts As515t3nt 10.81 (Fm Page | 11 MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Guest Festival Curator for the 2024 Sheffield Chamber Music Festival, cellist Steven Isserlis, worked with the Chief Executive and Head of Programmes, alongside Ensemble 360, to create the nine days of events in May 2024. Ensemble 360 curated the 2025 Festival as part of their 20th anniversary celebrations, with soprano Claire Booth curating 2026 and composer Errollyn Wallen the 2027 Festival. This model will continue into the future, as it refreshes our programming and gives us opportunities to present and work with a broader range and variety of musicians that each curator invites to Sheffield. Future Plans In May 2025 Ensemble 360 curated a celebratory programme fortheir 20th anniversary. Opening wlth a plece wrltten forthem In 2008 by Huw Watkins, they treated audiences to dawn concerts in Samuel Worth Chapel, a screening of Battleship Potemkin accompanied by the original soundtrack performed live, and revisited the mu51C they played in their very first concert. Guests included members of the celebrated Elias Quartet, sitarist Jasdeep Singh Degun and GRAMMY-winning percussionist Dame Evelyn Glennie was the Saturday night star, joined by friends for a jazz-influenced soundscape of King's Cr05s after performing solo pieces. This programming led to a very successful Festival, with more tickets 501d to under-355, students and people new to both the venue and Music in the Round than in 2024. Ensemble 360 back5tagefor o photo shoot Autumn 2025 sees the continuation of our model of having a star guest in the evening when we present schools, concerts during the day in the Crucible Theatre. The four days include jazz with Wimala Rowe, a folk storytelling show'Three Acres & A Cow,, an introduction to chamber music with Ensemble 360 and TV star Chris Addison, and an electrifying evening from violinist Ni8el Kennedy, National actlvlty Includes ongoing relationships with our partner venues across the country, consolidating our new ones with White Rock, Hastings and Mansfield Palace Theatre. Our storybook concerts for 3-7-year-olds will appear in towns and cities across the country, and 'Close Up, events for young people aged 7-11 are also featurlng across the country during the year. Following successful culmination events in summer 2025, our Wecompose project expands into even more schools and places across the country due to the new 'super' music hubs making it easier to work in a larger area. Building on activity in Sheffield with 120 young string players in 2024125, the Consone Quartet continues its activity in schools across the city, as well as appearing in concerts around the country. Financial Review 2024125 Total income forthe year was £868,53212023/24: £680,909). Of this, £111,28212023/24: £163,643) wa5 restricted income raised from donations and grants for our Learning & Participation programme. We have an ongoing target of achieving an income ratio of 40% sales income135% public funding and grants125% individual giving. In 2024125, we achieved ratios of 390A sales income / 39% public Page | 12 MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 funding and grants / 22% individual giving. Underlying these figures, which include grant income for a specific expensive project Iwecomposel, is that earned income grew by 33.5'A. However, it still reflects an over-reliance on grants that we are keen to change, returning to a financial picture that reflects the ratios of 2019120 but with more earned income. Our aim for the future is to continue to increase individual and corporate givingi as well as sales income, so that we become a more resilient organisation and less reliant on public funding. Income Ratios 2019-2025 IOOYO 80% 60% 35 35 37 39 40% I I I l i i i 45 57 200A 39 0% Target 2019/20 2020121 2021/22 2022/23 2023/24 2024125 Sales income 11 Public funding and grants Individual giving 11 CJRS Underlying core expenditu re remains subject to tight budgetary control, overseen by the Finance & Fundraising Committee. Total expenditure for the year was £870,60512023124'. £655,996), including planned spending down of Restricted and Designated Funds for Learning & Participation activities as well as the Future Festivals Fund specifically to 5UPPOrt SCMF. A portion of the Andrew McEwan Fund, which supports young people who wouldn't otherwise have the opportunity to experience high quality live music-making, was used to ref resh the resources for our storybook concert for 3-7 year-olds, Giddy Goat, leaving a balance of £21,607 {2023124.' £30,489). Successful fundraising for Learning & Participation projects, after using some of the funds for In-year activity, leaves £88,351 to be carrled forward into 202512612024125: £114,979}. Our Bridge Fund supporting young musicians under-represented in chamber muslc has mostly spent down during the year as the scheme came to an end, with £1,32412024125: £18,175) remaining to support recruitment for the next Iteratlon supporting composers starting in 2026. The Mayfield Valley Arts Trust income was all spent withln the year on Learning & Participation projects. Some of the Digital Future Fund was used to support additional digital promotion of SCMF 2024 and raise the prof ile of the organisation in our 40th anniversary year, leaving £25,000 to be carried forward into 202512612024125: £35,000). The Lindsay Foundation was not used during the year. A Piano Fund was created by trustees to start saving for a full service of the Steinway to ensure it remains top quality and suitable for playing by top international pianists, and this has now expanded into a General Instruments and Performance Fund. This fund has a balance of £7,000 to carry forward into 202512612024/25: £1,000) to be used to purchase new ergonomic chairs and sturdy RATstands for the musicians to use in the Crucible Playhouse. The overall net position of income over expenditure shows an increase in unrestricted general funds of £29,897 with a year-end balance of £224,02212023124." £194,125), which is in line with our reserves policy. Significant Learning & Participation activity meant that there was a planned spending down of restricted funds1£217,0831 and of designated funds1£78,6091. With successful in-year fundraising, the Pa8e | 13 MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 total decrease in restricted funds forthe year was £52,361, and there was an increase of £20,391 in designated funds. With a restricted fund balance of £111,282 and designated fund balance of £323,635, we remain in a strong f inancial position for the future. The Finance and Fundraising Committee and full board each met four times during 2024125, keeping a close monitor on the orga nisation's financial health. The Risk Register was regularly reviewed throuBhout the year, and a new Policie5 Review document means that Music in the Round's operational and statutory policies are renewed in a timely manner by trustee5. Reserves Policy It is the policy of the charity to maintain unrestricted genera I funds, which are the f ree reserves of the charity. Music in the Round needs reserves in the short term to cover possible cash outflows caused bv having to commit to expenditure in advance of income orthe late payment of significant box office income or grants. Funds may also be required to reduce the impact of risks from the external environment, for example a cut in funding from a key funder. The charlty's alm is to maintain unrestritted funds as worklng capltal to a level that represents approximately three-four months, core costs of future expenditure1£175,000-£225,0001 to ald cash flow during the quieter months and finance its fundraising activities. The trustees have assessed the company's needs and determined that this minimu m is desirable given the uncertainties that currently exist aroLsnd pu blic fundinE. This will be reviewed annually against changes to the com pany's circum5tance5 and activity. Unrestricted general funds held by the charity at 31 March 2025 were £224,022 which is in line with this aim. Designated Funds Unrestricted funds may be classed as 'designated' and set aside by the trustees for a specific charitable purpose, for example for an actlvlty or project. Such decisions are made at board meetings and noted In the mlnutes. Any designated funds are in addition to those requ ired to keep in line with the organisation's reseNes policy. Trustees can also remove the deslgnatlon of fu nds to release them back to unrestricted funds should circumstances indicate this is appropriate. Restricted Funds Funds provided to M usic in the Round as grants or charitable donations for a specific purpose will be identified separately in the account5. Such funds are only used for the purpose for which they were provided, or renegotiated with the grant-making body should any project adaptions be required in exceptional circumstances. Risk Management The trustees and staff team of Muslc in the Round have worked togetherto identify the major risks to which the charity is exposed, reviewed the current systems and policies that mitigate the risks and implemented a number of changes to further reduce the risks. The Finance & Fundraising Committee reviews the risk register on a quarterly basis, and seeks to constantly improve the management of the charity. Page | 14 MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Governance, Organisational Structure and Management Governing document Music in the Round is a company limited by guarantee governed by its Memorandum and Articles of Association as amended on 11 February 2013. It is registered as a charity with the Charity Commission. Trustees each agree to contribute £1 in the event of the charity winding up. Trustee Appointments and Resignations The directors of the company are the trustees of the charity. The trustees are all members of the company. New directors of the company are appointed by the members. Trustees serve a three-year term of appointment and may be re-appointed up to a further two consecutive terms of three years but must then resign. There must be no fewer than three trustees but with no upper limit. Trustees are appointed to maintain an appropriate balance of knowledge, skill and diversity. There were some trustee changes during the year: Professorjane Ginsborg stepped down on 13 December 2024 after serving the full nine years as a trustee, and we are hugely grateful to everything she did for the organisation in that time Ann Charlett-Day and Jack Rush joined the board on 13 December 2024 Sughra Begum, Chloe Wennersten and Professor Pat Kendall-Taylor stepped down as trustees on 20 June 2025 as they were all at the end of their two terms of office Lucy Schauferjoined the board on 20 June 2025 Sophie Haynes and Sean Ryan joined as trustees on 26 September 2025 Inductlon and training of new trustees New trustees are briefed on thelr legal obllgations under charity and nompany law, the content of the Memorandum and Artlcles of Association, the current Busine55 Plan and the financial affairs of the Music in the Round. Prospectlve trustees meet the Chalr, Chief Executlve and staff, and are Invlted to attend a Board meeting as observers before joining. Organisational structure and management The Board of Trustees administers the charity. As at 31 March 2025 the Board comprised 12 trustees, of whom 67% are female, 8% identify as disabled, 17% identify as neuro-divergent, 58% are under the age of 50, 17% do not identify as White British and 67'h identify as heterosexual. In addition, 42% of trustees come from an 'intermediate' or'lower socio-economic, background. The Board meets at least four times a year, wtth other meetings to discuss particular issues arranged as required. The advisory Finance & Fundraising Committee meets quarterly, chaired by trustee Jan Bonar, which comprises four trustees, including the Chair, and two members of the management team. The Board appoints the Chief Executive, and delegates the appointment of staff and the day-to-day management of the charity to this role. The Chief Executive reports to the Board on the financial and strategic position of Music in the Round, supported by the Head of Programmes. From 2023124 onwards the organisation ha5 also been 5UPPOrted by four additional groups focusing on the ACE Investment Principles of Dynamism, Inclusivity & Relevance, Ambrtion & Quality and Environmental Responsibility. Each of these are chaired by a trustee and comprise trustees, staff and an external advisor, and any discu55ions are shared with all trustees at board meetings. Page | 15 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MUSIC IN THE ROUND Organisational developments during the year In 2024125 we held four formal board meetings with the format of two shorter, online meetings and two longer in-person meetings to balance ease of attendance fortrustees based around the country with the benefit of face-to-face discussions. Music in the Round engages in an ongoing proces5 of self- evaluation, in which we examine our vision, practice, long-term strategy, financial health, partnerships and governance. Our Business Plan is the mechanism by which we articulate our values, ambitions, objectives and targets for a given period, supported by a Five-year Artistic Planning Document. This was updated at a staff Away Day in April 2025, looking ahead to 2030, and feeds into the Bu5ine55 Plan for 2025-30. Public Benefit When reviewing Music in the Round's objectives and activities and devising its future programme, the Boa rd of Directors confirms that it has referred to the Charity Commisslon's general guidance on public benefit and complled with its duty under the Charities Act 2011. The charity's aims and objectives are directed at the public at large., those who attend concerts around the UK,. visitors to the webslte; and those who are part of our many learning & participation activities. Our concerts In Sheff ield and Barnsley are open to the public without restrictlon, and also Include offers for tickets for those aged under 35 as well as first-timers, students, disabled people with carers and those in receipt of Universal Credit and PIP. In Sheffield we work with Tickets for Good, enabling NHS staff and people from low socio-economic backgrounds to attend concerts at low cost. We also provide tickets for our concerts to local group, Creative Connections, for People Seel