REGISTERED COMPANY NUMBER: 02233308 (England and Wales) REGISTERED CHARttY NUMBER: 701309 Report of the Trustees and Financial Statem8nts for the Year Ended 31st August 2024 The Elgar School Of Music Limited Th8 Richards Sandy Partnership ThOme1 House 25 Barbourne Road Worwter WOrtershIre WR11RU
The Elgar School Of Music Limited Contents of the Financial Statements for the Year Ended 31st August 2024 Page Reference and Admlnlstratlve Details Raport of the Trustses 2 to 3 Independent Examinevs Report Statement of Financial Acllvltles Balance Sheet Notes lo the Flnanclal Statements 7 to 15
The Elgar School Of Music Limited Reference and Administratlve Detslls for Ihe Year Ended 31st August 2024 TRUSTEES P Sheeran {Chair) S l Humes N P Sandy I Venables K Dixon REGISTERED OFFICE 16-20 Deansway Worcester WR12ES REGISTERED COMPANY NUMBER 02233308 {England and Wales) REGISTERED CHARITY NUMBER 701309 INDEPENDENT EXAMINER Th8 Rithards Sandy Partnership Thorneloe House 25 Barboume Road Worcester Worcestershire WR1 1RU KEY MANAGEMENT PERSONNEL K Fawcett Chief Executlve Officer N Tsuzaki Head ot School BANKERS HSBC 44 Broad Street Worcester WR12EJ CCLA Investment Management Limited One Angel Lane London EC4R 3AB Page 1
The Elgar School Of Music Limited (Registered number: 022333081 Report of the Trustees for the Year Endod 31st August 2024 The trustees who are also directors of the charty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2024. The trustees have adopted the provisions of Accounting and Reporb'ng by Charities.. Ststement of Recommended Practic8 applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The principal object of the company in the period under review was that of a registered charity engaged in the promotion and provision of music education. and in nurturing a comprehensively inclusive community through live music opportunities. The objects were achieved by the provision of music lessons and musical activities. Public benefit The trustees confim that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to guidan(* on public benefit published by the Charity Commission when reviewing the charity's objectives and in planning future activities. ACHIEVEMENT AND PERFORMANCE Charitable activities The number of enquiries for music lessons and group sessions has Continued lo increase post-pandomic. The Community Choir is flourishing again under RebecGg Atherton. with numbers starting to recover following 8 big dip during and following the COVID epidemic. A new group for pre-school children was established during 2023-24, incorporating Music Makers for toddlers and Tiny Tunes for babies. The s¢hool is working on becoming more of a Community Arts C8ntr8, With the University of Ihe 3rd Age IU3A) starting music well-being sessions and the school encouraging extemal hire from individuals and groups. Six new teachers joined th8 school during the year to provide lessons in violin, singing, plano, recorder and woodwind. The school has been responsible for the county music library for the last few years and we hav8 comp18ted its move into the sch¢)ol from Malvem Gate, with a small ovethow c#Jrrently housed in Huntingdon Hall courtesy of Worcester Theatres. The library is already proving lo be of great benefft in lemis both of income for the school and resources for the teachers and pupils within it. The schtJ)I continues lo ba tha Worcestgr c&ntre for both A8RSM and Trinity Mu$1¢ exams., apart from th8 income from thase we also benefft from enquiries about lessons from those sitting exams I carers and parents. We have stsrted approaching other arts organisations based in Worcester to establish a Closer and more tangible wod(ing relationship, one that can be evidenced when applying for Arts Council. Lottery and Trust funding in futura. The first of Ihese was the English Symphony Orchestra. and their chair and CEO havo approved it in principle. FINANCIAL REVIEW The nel result for the yèar was a deficit of £1,897 {2023- £8,803). This comprised of a deficit on unrestricted funds of £1,897 {2023.. £7,779) and a deficit on restricted funds of £nil 12023.. £1,024). Unrestricted serVeS, excluding ffixed assets, held at 31 August 2024 were £54,59312023.' £54.7691. Total reserves as at 31 August 2024 were £71.87312023= £73.770). Ix)mpri5ing unrestricted resetves of £70.078 {2023- £71.9751 and restricted reserves of £1.79512023= £1,795}- Whilst the trustees consider an appropriate minimum level of free reserves should be four months of the charity supwrt costs which represents a figure of £19.500. we have now exeded our further aim to covor six months support cost expenditure (£29.5001. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charitable company is controlled by tts goveming documont. the Memorandum & Articlgs of Association dated 21 March 1988. as amended by special resolution 27 February 1989, and constitutes a limited company. limited by guarantee. as defined by th8 Companies Act 2006. None of the trustees have any beneficial int8rest in the company. All of the trustees are members of the company and guarantee to ntbUte £1 in the event of a winding up. Page 2
Thè Elgar School Of Music Limited (Registernd numbor: 022333081 Report of the Trustees for the Year Eftdèd 31s1 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitfflent and appointment of new tru5tee5 Trustees are appointed, by the members in general meeting. New trustees are provided with copies ol the most receTrt annual report and accounts, a role description of the responsibilities of a trustee, a copy of th8 Memorandum and Articles of Association of Elgar School of Music Limited. copies of rent minutes of meetings and a copy of the Charity Commission publication, 'Responsibilit18s of Charity Trustees". New trustees also have an induction session with the Chair. Risk management The school's management and governing body are continually monitoring and assessing potential risk. The main areas of focus are Health and Safety and Child Protection. All polictes a vieWed and updated annually and made available to all members of staff, self employed tutors and users of the school. There have been no incidents to report and the school continues to ensure safe and legal practi8. This report has been pPared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 3r3 bec loJk Approved by order of the board of tNslees on ............................................. and signed on its behalf by". P Sheeran - Trustee Page 3
Independent Examinerfs Report lo the Trustees of The Elgar School Of Music Limiled Independent examiner's report to the trustees of The Elgar School or Music Limited ('tha Company l to the tharity thjstees on my examination ofthe accounts of the Company for thè year 8ndad 31st August 2024. Responslbllltles and basis of report As the charivs trustees of the Company (and also its direclots for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of th8 Companies Act 2006 Ilhe 2006 Act,). Having satisfied myself that the accounts of the Company are not required lo b8 audit8d under Part 16 of the 2006 Act and are eligible for independent exarnination, I report in respect of my examination of your charity's a(xounts as carried out under Section 145 of the charities Act 2011 I'lhe 2011 Act'l. In ¢arrying out my gxamination I have followed the Directions given by the Charity Commission und8r Section 145{5) (bl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have o)me to my attention in connedton wth the 8xamination giving me cause to believe.. accounting records were not kept in respect of Ihe Company as r8quir8d by Secllon 386 of the 2006 Act., or the accounts do not accord with thos& records., or the accounts do not comply with th8 accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a Irue and falr view which is not a matter considered as part of an independent 8xamination', or the accounts have not been ppad in accordance with the methods and principles of the Statemant of Recommended Practice for accounting and repong by charities (applicable to charitias preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in oonnedion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the a¢¢ounts lo be 8¢hed. Melissa Jean Godwin ACA ACCA The Assodatlon of Chartered Certified Accountants The Richards Sandy Partn8rship Thornelo8 HoLtSe 25 Bartr¥Jurne Road Worcesler W08StershIre WR1 1RU Oate.. t4- IL-L4 Page 4
The Elgar School Of Musi¢ Llmlted Statsmenl of Flnancial Activities Ilncorporating an Income and Expenditure Account) for the Year Ended 31st Augusl 2024 2024 Total funds 2023 Totsl funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legaeS 8,689 8.689 12,113 Charitable activities Charitsble Activities 139,607 139.607 129.784 Investment income 1.020 1,020 655 Total 149,316 149,316 142,552 EXPENDITURE ON Raising funds 216 216 216 Charitable activities Charitable Actlvities 150.997 150,997 151.139 Total 151.213 151,213 151,355 NET INCOMEI{EXPENDITURE) {1,897) (1,897) {8,8031 RECONCILIATION OF FUNDS Totsl funds brought forward 71,975 1,795 73,770 82,573 TOTAL FUNDS CARRIED FORWARD 70,078 1.795 71,873 73,770 The notes farn part ofthese financial StateEnts Page 5
The Elgar S¢hool Of Music Limited (Registered number: 02233308) Balance Sheet 31sl August 2024 2024 Total funds 2023 Total funds Unrestricted funds Reslrict8d funds Notes FIXED ASSErs Tangible assets 15 15,485 15.485 17,206 CURRENT ASSETS Debtors Cash at bank and in hand 16 4250 56,622 4,250 58,417 7.645 53,177 1,795 60,872 1,795 62,667 60,822 CREDITORS Amourrts falling due within one year 17 {6,279) {6.279) 14.2581 NET CURRENT ASSETS 54593 1,795 56.388 56,564 TOTAL ASSETS LESS CURRENT LIABILITIES 70,078 1,795 71,873 73,770 NET ASSETS 70,078 1,795 71,873 73,770 FUNDS Unrestiicted funds Restricted fvnds 18 70,078 1,795 71,975 1,795 TOTAL FUNDS 71,873 73,770 The charitable company is entitled to exemptSon from audit under Sedion 477 of the Companies Act 20( for the year ended 31st August 2024. The memkrs have not required th8 company to obtain an audit of its financial ststem8nts for the year ended 31st August 2024 in acLordance wrf(h Section 476 of the Companies Act 2006. The trustees a¢knOedge their r8sponsibilities for (al ensuring that thg charitable company keeps accounting records that cx)mply wlih Sections 386 and 387 of the Companies Act 2006 and preparing financial stalam8nls which give a trua and fair view of the state ol affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in a¢xordance with the requirements of Sections 394 and 395 and which otherwSse comply with the requirements of the Companies Act 2006 relatlng to financial ststements, so far as applicable to the charitable company. (bl These financial ststements have been prepared in accordance with the provisions applicable to charitable companies subject lo the small companiès regime. The financial statements were approved by the Board of Trustees and authoris8d for issue . and were signed on its behalf by.. on P Sheeran - Trustee The notes fomi part of these financial stalements Pag8 6
The Elgar S¢hool Of Music Limited Notes to Ihe Financial Slatemonts for tho Year Endod 31st August 2024 STATUTORY INFORMATION The charity is a prlvate company limlted by guarantee, registered in England and Wales. The members of the ¢ompany are the trustees named in the Trustees, Report. In the event of the company being wound up, the liability in raspect of the guarantee is limited to £1. ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance wllh the Charities SORP (FRS 1021 'Accounllng and Reporting by Charities= Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordan with the Financtal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}', Financial Reporting Standard 102 'The Financial Reporttng Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial stskmenls have bean prapared under the historical cost o)nvenlion. The accounts are prepared in slerfing, which Is Ihe fvnctional currency of the charity. Monetsry amounts in these financial sta18manls ara rounded to the nearest £. The charity is exempt from preparing a cashflow statement on the grourKls that it Is not a18rge charity. INCOME All income is recognised in the Statement of Financial Actiwties once the charity has entillgmenl to the funds, it is probable that the income will be r8ceived and the amount can be measured raliably. Income from grants (including gov8mment grant income) and donations, is recognised In the period in which the (*arity Is entitled to recaipt and the amount can be measured reliably. Income from tharitable activities for seNices provided is reco9nised in line wth the provision of those seiCe5. EXPENDITURE Liabilities are recognised as expendire as soon as there Is a legal or constructive obligation committing the charSty to that 8xpendilur8, it is probable that a transfer of economic b8nefrts will be required in settlement and the amount of the obllgalion can be measurad rellably. Expenditure is accounted for on an 8c¢nJals basis and has been classifiad under headings that aggregate all cost relaled to the category. Where costs cannot ba directly attrfbuted to particular headings they have been allocAted to activities on a basis consistent with the use of resources. TANGIBLE FIXED ASSETS Depreciation is provlded at the following annual rates In order io write off each asset over its estimated useful life. Musical Instruments, equipment 10% on reducing balance Assets o)sting18ss than £100 are not capitslised. TAXATION The charity is exempt from corporation tsx on its charitable aCtive$. FUND ACCOUNTING Unrestricted funds can be used in accordance wilh the charftable objectives at the discrellon of the truste8S. Restricted fund5 can only be used for particular restrfcted purposes within the objects of the charity. Rgstrictions arise when specified by th8 donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fvnd is included in the notes to the financial statements. LEASING COMMITMENTS Rentals paid under operatSng leases are charged to the Statement of Financial Aclivitias on a straight line basis over the pertod of the lease. PENSION COSTS The charitable company opeTales a defined contribulion ponslon scheme. Contributions payable lo the charitable companls pension scheme are charged to the Stslement of Financial Activlties in the period to which they relate. Page 7 ¢onUnued..
The Elgar School Of Musl¢ Limltsd Nots$ to the Finan¢lal Statements - contlnued for the Year Ended 31st August 2024 ACCOUNTING POLICIES - continued FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of Section 11. Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its ffinancial instruments. Financi81 instruments are recognised when the charity becomes paty lo contractual provisions of the instrument. FinaneAal assets are offset, with the net amounts presented in the accounts where there is a legally Enforceable right lo set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic Financial Assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured al transaction pri including transaction costs and are subsequenly carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction 15 measured at the present value of the future receipts discounted at a market rate of interest. Baslc Flnanclal Llabllldes Basic financial liabilities. including trade and other payables, are initially recognised at transactlon price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the prasanl value of future receipts, discounted at a market rate of interesl. Debt insttuments are subsequently ¢arried at amortised cost, using the 8ffective interest rate method. Trade payables are obligations to pay for go)ds or services that have been acquired in the ordinary course of the operation5 from suppliers. Accounts payable are classified as current liabilities rf payment is due wtthin one year or less. If not, they are presented as non-current liabilities. Trade payables are recryJnised initially at transacfjon St. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTtMATION UNCERTAIN Accounting eslimales and judgements are continually 8valLtated and are based on historical experience and other factors. including eXptionS of fvture events that are believed to be reasonable under the circumstances. The most critical accounting judgemenl Is in setting the depreciation rates for tangible fixed assets. Details for these rates can be found in the accounting policies in note 2. The carrying value of tangible fixed assets can be found in note 15. DONATIONS AND LEGACIES 2024 2023 Donations Grants 3.689 5.000 4.113 8,689 12.113 Grants received. induded in the atrK)ve, are as follow5: 2024 2023 Limoges Charitable Trust The Roger & Douglas Tumer Charitable Trusl 5,000 5,0 3,000 5,000 8,000 Page 8 Gontinued...
The Elgar School Of Musi¢ Llmlled Notes to Ihe Flnancial Statements - conllnued for the Year Ended 31st August 2024 INVESTMENT INCOME 2024 2023 Bank interest 1,020 655 INCOME FROM CHARITABLE ACTIVITIES 2024 Charitsble Activities 2023 Total activities Rggistration fe8S Music lessons Exam feés Glasses and groups Room hire Sch1 concerts and talks Music Library Sundry income 760 107,997 5.683 17.398 4,623 725 95,919 6,753 15,749 5,675 1,016 3,086 861 2,799 342 139,607 129,784 RAISING FUNDS RAISING DONATIONS AND LEGACIES 2024 2023 Fundraising eA)mmission 216 216 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 9) Support costs (see note 10) Totsls Charitable Activities 92,949 58,048 150,997 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Music lessons Exam fees School Concert and talks Classes and groups Instrument repairs Music Library Sundry Expenses Depreciation Bad debts Room hire 67,833 6N19 260 12,919 1,935 490 101 1,721 1,038 233 61,539 6.213 328 11,715 2,015 621 594 1,912 399 92,949 85.336 Page 9 continued...
The Elgar School Of Music Limited Notes to the Financial Statements- conllnued for the Year Ended 31st August 2024 10. SUPPORT COSTS Govarnance costs Management Finance Totals Charitable Activities 54A13 1,067 2,568 58,048 Support costs, included in the above, are as follows: 2024 Charitable Activities 2023 Total activities Wages Pensions Other operating leases Rent Rates and wat8r Insurance Ltght and heat Telephone Postage and stationery Advertising Sundries Computer Repairs and ren8wals Cleaning Legal and professional fees Bank charges Independent examiner 37.080 472 100 5,500 374 4.156 2.230 1.240 957 45,470 758 100 5.250 3,886 2,103 1.175 952 105 152 175 2.109 317 503 1,183 1,188 157 226 1,113 477 215 1,067 2,568 58,(148 65.803 11. NET INCOMEIIEXPENDITURE) Nel incomellexpenditurel is stated after chargingl{creditingl: 2024 2023 Depreaation - owned assets Hire of plant and machinery Other operating leases Independent Examiner fee in respect of Independent Examination Independent Examiner fee in respect of other accountancy ServIS 1,721 100 5.500 2.520 1.912 100 5,250 1.140 48 other operabng leases of £5,500 12023.. £5,250) relates to the premises rent paid lo Worcester Theatres in respect of1 &20 Deansway, There is no formal rent agreemenL 12. TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remuneralion or olher benefits for the year ended 31st August 2024 nor for the year ended 31st August 2023. Page 10 continued...
The Elgar School Of Music Limited Notes to the Flnancial Slatements - continued for the Year Ended 31st August 2024 12. TRUSTEES, REMUNERATION AND BENEFITS - contlnued TRUSTEES, EXPENSES During the year ended 31 August 2024 there were no ttijstee expenses r&imbursed 12023.. one trustee was reimbursed travel expenses of £2). 13. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 37,080 472 45,470 758 37,552 46.228 The average monthly number of employees during the year was as follows.. 2024 2023 Administration No employees received emoluments in excess of£60.000. Total remuneration paid to key management personnel during the year was £14,21012023'. £14,052). 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted nds Total funds INCOME AND ENDOWMENTS FROM Donalions and legacies 12.063 12,113 Charftsble activities Charitable Activities 129,784 129,784 Inyestrnent InMe 655 655 Total 142.502 50 142,552 EXPENDITIJRE ON Raising funds 216 216 Charitable activities Charitable Activities 150,065 1,074 151,139 Total 150,281 1,074 151.355 NET INCOMEI(EXPENDITURE {7,779) (1.024) (8.8031 RECONCILIATION OF FUNDS Total funds brought forward 79,754 2,819 82.573 TOTAL FUNDS CARRIED FORWARD 71,975 1,795 73.770 Page 11 (xjntinued...
The Elgar School Of Music Limited Notes to the Financial Statements- contlnuod for tho Year Endod 31st August 2024 15. TANGIBLE FIXED ASSETS Musical instruments. equipment COST At 1st September 2023 and 31st August 2024 69.096 DEPRECIATION At 1 st Saplemb&r 2023 Charge for year 51,890 1,721 At 31st August 2024 53.611 NET BOOK VALUE At 31st Augusl 2024 15A85 Al 31st August 2023 17,206 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debto Social security Prepayments and accrued income 1,380 1,352 2,585 3,708 2.870 4250 7.645 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Pensions Other creditors Deferred income A¢crued expenses 473 437 108 1.238 256 2,219 1,929 239 3.638 6,279 4,258 Deferred income relates to music lesson fees collected in the year where the relating lessons were provided after the year end. Last years deferred income provision has been fully released into income in the current year. Page 12 continued...
The Elgar School Of Music Limited Notes to the Financial Statements- continued for the Year Ended 31$t August 2024 18. MOVEMENT IN FUNDS Net movement in funds Transfers beeen funds At 31.8.24 At 1.9.23 Unrostrlcted funds Gener21 fund BUary Fund 71,975 (1,897) 1500) 500 69.578 500 71,975 (1,8971 70,078 Restricted funds Scholarship rKI P Harding Memorial fvnd Instrument fund Dementia (x)nrt fund 363 800 607 25 363 800 607 25 1,795 1.795 TOTAL FUNDS 73,770 (1.897> 71,873 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in fvnds Unrestricted funds General fund 149,316 (151.213) 11,897) TOTAL FUNDS 149.316 1151,213) {1,897) Comparatives for movement in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted funds General fund 79.754 (7,779) 71,975 Restricted funds S¢holarship fund P Harding MenrIal fund Instrument fund Dementia concart fund Equipment and miscellaneous repair ftjnd Worcester Community Foundation deaning and covid fund 313 363 800 607 25 607 100 (75) 185) 914 (914) 2,819 {1.024) 1,795 TOTAL FUNDS 82,573 {8.803) 73,770 Page 13 conlinued.-.
The Elgar School Of Music Limited Notes to the Financial Ststemenl$ . conlinued for thg Year Ended 31st August 2024 18. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 142,502 (150,281) (7,7791 Restricted funds Scholarship fund Dementia COnrt fund Equipment and miscellaneous repair fund Worcester Communtty Foundation cleaning and (x)vid fund 50 175) 1851 {751 (851 19141 (914) {1.074) (1.024) TOTAL FUNDS 142.552 (151,355) 18,8031 PURPOSE OF FUNDS UNRESTRICTED FUNDS General Fund The unrestricted general fund can be used for any charitable purpose wthin the charitys objects and approved by the Trustees. Bursary Fund This fund has been created using donalions collecled from the funeral of Stephen Halstead in Aug-23 and will be spent on awarding burieS. RESTRICTED FUNDS Scholarship Fund This fund is restricted for the pufjyJse of providing schOlahlpS for string and brass pupils. P Hardlng Memorial Fund This fund was created in thè memory of P Harding for thg purpose of awarding an annual bursary. Instrumont Fund This fund is reslricted for the purpose of purchasing new musical instruments and equipment. Dernentia Concert Fund This fund is restricted for the purpose of holding ncert$ for dementia patients. Equipment and Miscellaneous Repair Fund This fund ts comprised of donations reiVed for specific general purchases. Worcester Community Foundation Cleaning and Covid Fund This fund is restricted for the purpose of covering cleaning costs and covid-relatad activities. TRANSFERS BETWEEN FUNDS During the year £500 was transferred from the General Fund lo the Designated Bursary Fund. being a new designated fund created using donations collected from a funeral in Aug-23. Page 14 continued...
The Elgar School Of Music Limited Notss to tha Flnan¢ial Ststements - continued for the Year Ended 31st Augusl 2024 19. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31st August 2024. Page 15