Charlty Number SCOS2130 The Pear Tree Fund for Music Charity Number SC052130 Trustees, Annual Report and Financial Statements for the year ended 31 March 2025
The Pear Tree Fund for Music Charlty Number SC052130 Trustees, Report for the year ended 31 March 202S The Trustees submit this annual report and financial ststements of the charity forthe period ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in the note5 to the account5 and comply with the charity's constitution. the Charities and Trustee Investment {Scotlandl Act 2025. the Charities Accounts (Scotlandl Regulation5 2ty)6 las amended) and Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charltles preparlng thelr accounts In accordance with the Flnancial Reportin8 Standard applicable in the UK and Republic of Ireland. Constltutlon and Governln8 Documént The Pear Tree Fund for Music Ithe"TrusVI was created by a Deed of Trust dated 13 July and 19 September 2022. The Deed of Trust IS the governing document. The charity was registered with OSCR from 14 November 2022. Charttable Alms The Trust was established with the aims of benefittlng or furtherin8 the advancement of music in Scotland, by supporting organisations and institutions which (among other matters): promote classical music and/or the appreciation of classical music. work with children and young people in relation to their appreciation of music: promote and/or research the benefts of music in relation to health and mental wellbein& and d. support musicians based In Scotland, and such other similar charitable purposes or charitable institutions in such proportions and manner as the Trustees shall think fit. Admlnlstratlon The Tru5tee5 seNing during the period, and thereafter, were:
Charity Number SC052130 Organtsation The trustees noted above are the original trustees. The Deed of Trust provides that trustees shal hold office for a period of up to four years with power to be reappointed for anv number of subsequent and consecutive periods of up to four years. Any such reappointment and any new appointment must be approved by all other trustees. The Trustees review all applications for assistance. and upon the basis of those applications, thev detemiine which grants are to be made. The existence of the Trust and its purposes are advertlsed, applications are sought on an annual basis between June and August. and all of those received are determined in a unified proce55 between September and November. The Trustees are the key management personnel. Trustees receive induction and training as required. Financial Revlew, Achievements and Plans for tUre periods The Trust's funds as at 31 March 2025 amounted to £317,Q35131 March 2024- £285.6791. Details are set out in the financial statements below. During the accounting period donations totalling £140.527 {preceding period.. £383,830) were received. Grants paid in the financial year. including prior year commitments now falling due. amounted to £115,830 {preceding period: £56.050.1)O}. Those grants were due to be paid in the year to 31 March 2025 and were paid by that date. There are future commitments of grants payable of £37,300 preceding period= £50.600.001, as detailed in the financial statements below. The Trustees are pleased to find that there Continues to be a more than adequate number of applications to enable distribution of a material proportion of the Trust's funds. The Trustees plan to continue paying out all the trust assets and incorne a5 and when they consider worthwhile projerts arise. It is anticipated that further substantial donations will be received. It is also anticipated that the entire trust activities and distribution of donated funds will be completed by 31 March 2034 or therebv. ReseNes poliry As the intention of the Trustees IS that all free funds should be distributed by 31 March 2034. the Revenue Reserve reflects both funds required for future commitments and funds which will be used to meet future grants and will fluctuate from time to time depending upon the timing of the receipt of further donations. As at 31 March 2025 the Revenue Reserve showed funds carried forward totalling £317.035 {preceding period: £285,679). This is more than sufficient to meet both the above- mentioned future commltments to grants payable of £37,300 Ipreceding period: £50,600) and further leve15 of grant approval similar to those levels approved in the period to 31 March 2025 in each of the ensuing two or three years. The Deed of Trust provides the Trustees with wide powers of investment, provided always that the investments determined upon are reasonably prudent having regard to the purposes for which the funds of the Trust are held. Investment powers and pollcy The investments held by the Trustees are deemed to be of low to medium risk and are invested to allow for adequate levels of capltal growth as well as a reasonable level of income.
Charlty Number 5C052130 Risks The Trustees consider that the principal risks which they face are inadequate investment performance and a failure to attfact an appropriate number and diversity of applications. The risk regarding investments ts mitigated through diversification across several asset classes 2nd the retention of expert investrnent management advice. The risk regarding number and diversity of application5 will be monitored during and following each annual determination process. Any apparent deficiencies will be considered and steps in miti8ation taken. Legal and Admlnlstratlve Inlormatlon Reglstered Charlty Number SC052130 Principal Address Turcan Connell Princes Exchange l Earl Grey Stf eet Edinburgh EH3 9EE Aetountants G S King & A550ciates 42 Craigleith Crescent Edinburgh EH4 3LB Examlner Hcllis Accounting Limited 3 Melville Crescent Edinburgh EH3 7HW Solicitors Turcan Connell Princes Exchange l Earl Grey Street Edinburgh EH3 9EE Investment Mana8ers and Bankers Evelyn Partners 177 Bothwell Street Glasgow G2 7ER
Charity Number SC052130 statement ol Trustees, Responslbillties rhe Trustees are resD¢nsible for pr@.pAring ", h,.$ Rpport and the financial statemer,ts in uccordanee with applicable law and Ufiilea Kingdom Accounttng 5téndard.5 (United Kingdom fjenerallv Acrepted Accountin¥ Practitel. The law applicable tD charilies in Scotland requires the Trus:ees to prepare financial starements . oi. each financial ye3 r wk4rich give a true and falr view of the state of affairs of Ihe Trust, of the irkcoming resDurces and of the 3pplication of the reUrCeS tsf the Trust lor that period. In prepai'ing these finanLldl staiements, the Trustees ale requiied to.. select 5Ultable accounti•.g polic,'e5 and then Apply thetrr conssstently- b.srv• the m.ethods and priryciples in the Ch.ar>Ues St3tment ot Recommended Prac¥iCe,' m3ke judgments and &stimates thar are reasonable and pruderit,. state whether èpplitablp 8¢cOur,tig standards hi¥ve been followed, subject to any material departure5 being disclosed and expl6ine¢i in the accounrj, prepare ihe fip.Jncial sraternents or, the going concern ba515 'dnless it is inèpnropriate t• presume hat the TrLIEt will contir)Je In c.perai'50n. The Trustees are responsible for keeping "counting records that di5clnse witn reasonable accuracy at any time the financial po.sitio4 of the Trust and en3ble them to ertsknre thai ihe linancia I statements comply wlth the Charitie¥ and Trustee lrtwestmont Iscotlandl Act 2005. the Lhorities Accounts15cDtlandl Regulations 2rx)6 las amen4'¢dl and the provision5 of rhe Trust's founding deed. They are also responsible for sateguarding the assets ot rhe Trusl and henc& for tak¢ng reasonable steps fer ihe prèvention and dètectiov. ol fraud and Other irreg'Jla."Ities. Financial Statements aration T4e Ti'ustees confirrn tha- the f175 èr%cial statemeilts for Tie year ended 31 Marcb 2Q25 have been prepar=d so as to corr.ply wih CiirrenE st3tutc.ry requirernents, the Chèrity sgRP and the Trust's own
Independent Examiner'5 Report to the Trustees of the PearTree Fund for Music I report on the accou[ ofthe charity ft)r the period ended 31 March 2025 which are set out on pages 6 to 11. Respectlve responslbllltles of trustee5 and examlner The charit15 trustees are responsible forthe preparation of the accounts in accordance with the terms of the Charities and Trustee Investment Ikotlandl Art 21x15 and the Charlties Account5 {Scotland> Regulations 2006 las amended}. The charity trustees consider thatthe audit requirement of Regulation 10111 lal to {c) of the 2CQ6 Accounts Regulations does not apply, It Is my responsibility to examlne the accounts as required under section 4411> Ic) of the kt and to State whether particular matter5 have come to my attention. Basls of Independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison ofthe accounts presented with those records. It also includes consideration of any unusual items or disc105ures in the accounts. and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provlde all the evldence that would be required In an audlt. and Consequently I do not express an audit opinion on the view given by the accounts. Independent examlne¢s statement In the course of my examination. no matter has cometo my attention which gives me reasonable cause to believe that in any material respect the requirements-. to keep accounting records in accordance with Section 4411) lal of the 2CQ5 Act and Regulation 4 of the 2(K)6 Account5 Regulatlons to prepare accounts which accord with the 3tcounting records and comply with Regulation 8 of the 2C06 Accounts Regulations have not been met. or 2 to which, in my opinion, attention should be drawn in orderto enable a proper accounts to be reached. Hollis Accounting Ltd 3 Melville Crescent Edinburgh EH3 7HW Date:
The Pe•r Trèe Fund tor Musl¢ Statement of Fln•ndal A¢tl¥ttles for the year tndèd JI March 2025 Tot•lFund5 2025 Total Funds 2024 Income and endowments from: Donorions 140.S27 383,830 Investment income 7,350 6,825 Yotsl Income 147,877 390,655 Expenditurè on- Roisingfvnds." Investment management costs 2J18 ChuritubleActivitses Grants Awarded 102.530 106.650 Cost of grant maklng 102.530 iQ6 other Management costs 10.990 8.178 Totsl expendlture 116.024 116.946 Net IncomellEXpendituj #nd net movement In funds before 8•lns ond lomes ott hwtstments 31,853 2n.709 Net 8ains/l1055esl on di5posa15 Net gain51llossesl on Investments 13.0391 2,542 1521 12.022 Net IncomellExpenditurel 31.356 285.679 Transfers between Funds 14•t movement In Fund5 31.356 285,679 Funds reconcilNtstton Total Fund5 brought forward 285,679 rot•l Funds carried forward 317.035 285.679 All funds in both years We unrestrlcted. All Income and expenditure included in the statement derlve from continuin8 artivitie5. The notes ofi pages 8 to li forrn part of these flnanclal statements.
Th• P•rTr• Stqftd lor nc• Sh•t It M•nh 20ZS Futxl10I5 ¥¢r 2014 Fp#+dAwt Irwéstm•nts 31LA55 Totsl Ilx•d Asi•ts 112,35$ 318,357 CulYntAs3•ts rt3.Y4> 1,697 CJfjh. al è•nk •nd in ,?44 Tot41 r.¥rr•rtt Assets 4S,54Q 10,982 lttblllll• Jo 134 t C¥rrnnt AssrtsllUibthtl•s1 10.580 17,an! T)tl Ass•t& les5 uwe.t•s 523,035 JiOS79 CrttdTrlor5-.Amwnt5 laiiiry4 due altfr morp:-.ats e.np year Jo 16,(Wl 12%,3CtI 317,055 132.mi ij unr:Tfiud lunos 317,035 284.679 Tt>td Fund% 3L7,035 215,679 Ybe f,WI oles0theAx0n1% pnpagei 8 tts 11 tor. P3# d. ths&fliTran¢ia.' &ta¥emPT$.
The Peal Tree Fund for Muslc Notes to the Accounts Year ended 31 March 2025 111 Accounti Pollcle5 lal Basis of prèparatlon and •sses$ment of 8oln8 con¢em The accounts Iflnancial statements) have been prepared underthe historical cost convention with item5 recognised at cost or transactton value unless otherwlse stated in the relevant notelsl to these accounts. The fSnancSal statements have been prepared in accordance with the Ststement of Recommended Practice.. Accounting and Reportln8 by Charities preparing thelr accounts in accordance with the Financial fleportin8 Standard applicable n the UK and Republic of Ireland IFRS 1021 issued on 16 Juty 2014, and the Financlal Reportingstandard appllcable In the UK and Republic Of Ireland IFRS 1021 the Charities and Trustee Investment (Scotlandl Act 2fX)5 and the Charities Accounts Iscotlandl Re8ulatSons 2006 las amended). The charrf(y constitutes a publlc l)enefit entity as defined by FRS 102. The Trustees consider that there are Tro material unrtaInlieS about iheTrusVs ability to continue ès a going concern. The rnost Sl8nificant areas of adjustment and key assumptions that affect items In the accounts are to do with estimatingthe liability from rnulti-yeargrant commltments (see note Ile l and notes 11 & 12 for more information). Wlth re5pertto the next reporting period. 202SI26. the most significant areas of uncertaintythat affect the carrying valtye of assets held bythe Trust are the level of Investment return and the performance of investment markets (see the investment po14cy and perforrnance and risk management settion5 of the Trustees. annual report for more informatlonl. Ibl Recoftclllatlon wfth prevlou5 GenerilEy Accepted Accountlng Pt4ctke In preparsng the accounts. the Trustses have considered whether in applyingthe accounting policles required by FRS 102 and the Charttles SORP FRS 102 a ie5tatement of comparative rtems wds needed. No TestatemerTrt5 were required in accordance with the requiremerts of FR5 102. Icl Funds strurture Un$trItted income fund5 cornprise those funds which the Trustees are free to U5efor any purpose in furtherance of the charitable objetts. Idl In¢ome re¢o8nltion All income is recogni5ed once the charlty has entitlement tothe income, it is prtsbable thatthe income wll be received and the amount of income receiwdble can be rnea5ured reliably. DonatOllS. 3re reco8nised when the Trust has been nottfied in of both amount and settlemeftt date. In the event that a donation is stjbject to cond*tions that require a level of performance before the charity is entitled to the fund5. the Income is deferred and not reco8nised until either those codr(lonS are fll1 met. or the fulfllment of those conditions 15 wholty thin the control of the charity and it is probable that those conditlOn5 will be fulfilled In the reporting period. Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the charity.. th4S is nofrnally upon Trotification of the interest paid or payable by the bank. Dlvidends arÈ recognlsed On the dividend has been declared and notification ha5 been received of the dividend due. This Ss normal upon notification byovr tnvestment advi50r of the dividend yleld of the investment portfolio. lel E¥pendlture reco8nltk+A Liabilities are recognised as expendtture as 0 as there is a lewal ortonstrurtive obligatlon committln8 the chèrityto tt expenditure, It Ss probable that kttlernent will be required and the amount of the obli8ation can be rneasud rellably. All expenditvre 15 accounted for on an accruals basss. A41 expenses including support Costs and 8overnance costs are allocated or apportioned to the applicable expendItU headin8s. For more information on this attributlon refer to note Igl below.
The Pear Tree Fund for Musk Nole$ to the Acc¢unts Yr end 31 M•r¢h Z025 [1] •Kwuntlng Pollde5 l¢onrlnved) Grants payatye are payments made to third parties in the furtherance of the charltable objerts of the Trust. In the case of an unconditional 8rant offer this is accfued once the recipient has been notrfied of the grant award. The not4fication gNes the reclplent a asonable expectatlon thatthey wlll receNe the oneyear or multl-year grant. Grants awèrds that are sublett to the recipient fullilling performance conditions are only accrued the recipient has been notified of the grant and ary remalnlnB unfulfilled tofiditlon attaehingto that erant Is outsKle ol the control of the Trvst. If I Irr•covtrable VAT Iirecoveiable VAf is charged ag31nst the expendlture headlngfor whlch tt was In(vrred. Ig l Allot•tlon of supM>rt costs Support costs comprlse all costs Involwng the pu1£ accountabllity of the charlty and iti compllance wtth regulatlon and 800d practice. These Incllsde costs related to Statutory audit and legal lee5 together wlth an apportionment ol overhead. Ih I Costs of rn4s1 fuhds The costs of generatln8 funds COnSt of InstmeAt management costs and cèrtain legal fee> 11 I Chafftabl• •rtl¥ltl Costs of charItate attfvkies Include grnnts made and support costsas shown In note 5. U l Tinalbl tIMod assets and depredatlon There are no tènglble fixed assets. Ik l Fi¥ed asset In¥e5tments Investments are a form of basic Ilnancial lTrstNrnent and are Inltlally recognlsed at thelr transactlon valLte and subsequently measured at thelr falr ¥alue as at the balance sheet date uslng the dosin8qUOted market prlce. The statement of Ilnanclal activitie5 includes the net 8ains and 1055es ari51ng on revaluètlon and d15posalsthrou8hout the year, 11 l RealSJ•d 8•ln$ and b)$s•s 18aln5 and I055es are taken to the Staterneni cf FSnanclal Aalvltie5 05 tPEy ar15e. Rea115ed 8alnsand 105se5 on investment5 are calculated as the rfifferen between sale5 proceeds and their obxnln8carryin8 value or ihelr purchase value if acquired subsequent to the flrsr day of the financial year. Ut)realised 8ains and k)sses are calculaied as thÈ drfference between the fair value * the year end and their carryin6 value. Reali5ed and ufiiealised lovestment 8aSns and losses are combined In the Statement of Flnanclal A£tNStles. 121 R•l•t•d partytransa¢tknDs and trustees, expenses and remuneratlon All donatlons ha¥e been made by GFft was cklTh on ell01e donatlons arnl Is incl¥ded in iotal donatior& TheTrurtees al eive fredyol their time èTrJ expertise without any fom) ol femuneration orother benefit in cash or klrml 12024: £nlll. There were no expenses rAald to theTrustees in the year. [31 In¥tstm*nt Incom• ZQZ5 Z014 Dwidends- equities nterest- Ilxed Inte$t securf(les Interest on cash deposlls 6,278 920 153 7,150 6,228 345 252
The Pear Tree Fund for Muslc Notes to the Auounts Year ended 31 March 2025 141 Investment rnana8emert costs 2025 2024 Le8al fees Investment management fees 2504 2,504 2,118 2.118 ISI Allocatlon of support ¢o$ts 2025 2024 Trustee expenses Consultancy18overnance revSewl Examiner's rernuner3tion Le8al Fees Accounting Fees Costs of meetings other costs 660 7,930 2,400 660 5.118 2,400 10,990 8178 161 Analy515 01 staff cost5 and remuneratlon of key mana8emert personnel The average numbei of ernployees duringthe year was Nll12024..- NIII. 171 Ton8lble Fi¥ed Assets Total The We no tanglble fixed assets during the period.12024- Nill. 181 Flxed Asset Investments Movement In fixed asset listed investment5 2015 2024 Market value b/f l April 2024 318,357 Additions to Investments at cost Disposals IncFease tn value 82.829 191,3731 2542 579,635 1273.3(K)I 12.022 Market wdlue a5 at 31 March 2025 312.35S 318.357 All investments aTe carried attheir fair value. Investment in equlties and fixed interest securittes are all traded in quoted public markets, prfmarilythe London Stock Exchange. Holdlngs In common investment funds, unit trusts and open-ended investrnent companies are at the bid pr1. The basis of fair value for quoted investments is equlvalent to the market value, usingthe bid price. A55et sale5 and purchases are recognised atthe date of trade at cost Ithat is their transaction valuel. 181 Flxed Asset Imiestrnent5 l¢ontlnuedl The significaa of financial Instruments to the ongoingfir¥ancial sustsinablllty of theTrust Is considered in the financial review and investrnent policy and performan sections of the Trustee< Annual Report The Trust manages tnvestment rlsks by retslning expert advisor5 and operatlng an Investment policy that provide5 for a hl8h degree of diversrfication of holdin8S WithSn Investment asset classesthat are quoted on recogrlsed stock exchanges. The Trust does not make use of derivatives and similar cornplexfinarcial Instwments as it takes the viewthat investments are held for their longer term yleld total tuM and h4Storic studie5 of quoted financial instruments have shown that volatllity In any partlcular 5 year period will nomially be corrected. io
The Pear Tree Fund for Music Notes to the Accounts Year ended 31 March 2025 191 Anahffiis of turrÈnt assets 2025 2024 Prepayments and accrved income Cash at bank and in hand 43,843 1,697 15,738 5.244 45,$40 20.982 Cash at bank balanees were as follows.. unrestrlcted funds £1,69712024.. £5.2441 {101 AnaFy515 of current Ilawlltles and lon8 ttnn uedStors Credltors under l year 2024 Other creditors Grar>ts payable 3.560 31.30) 3.060 25,3C Totsi 34 18.360 Atl credstois in 202512024- £28.3601 relate to n$tried fUrs. Credltoys over l year Ilncludlng provlslonsl 20Z5 2024 OtheT creditOf5 fjrants payable 25.3(X) Totsl 25JOO The Trustees have accrued. as a Ilabllity, erants ptyable on fundingfor 3 years. All creditors in 202512024- £25,3(K)I relate to unrestricted ftjnds. Movemetrt in re¢osnised provlslon5 and fundln8 commltments durlnB the year Charlt•ble Gfant commitrnents recognised at the start of the year New grant commitments in year Grants paid durln8 the year 50.61KJ 102.530 1115,8301 Amount of grant commltments iecogni5ed as at 31 March 2025 37a(M) 1111 Anafysh of tharitable funds Balanc• blf Inmme Expenses GaFns & Losses Fub clf Fund movements Unrestricted fund5 285.679 147,878 1116,0241 14981 317,035 Total 147 78 116 024 498 317 03S Yhe unrestrlcted funds are available to be Spent for any of the purp05e5 of the charfty. li