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 re￿UrCeS 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.s*rv• the m.ethods and priryciples in the Ch.ar>Ues St3t*ment ot Recommended Prac¥iCe,'
m3ke judgments and &stimates thar are reasonable and pruderit,.
state whether èpplitablp 8¢cOur,ti￿g 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 T*ie year ended 31 Marcb 2Q25 have been
prepar=d so as to corr.ply wi*h 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 IncomellEXpenditu￿j #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
Futxl*10I5
¥¢*r 2014
Fp#+dAwt*
Irwéstm•nts
31LA55
Totsl Ilx•d Asi•ts
112,35$
318,357
CulY*ntAs3•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)t*l Ass•t& les5 uwe.t•s
523,035
JiOS79
CrttdTrlor5-.Amwnt5 laiiiry4 due alt*fr morp:-.ats e.np year
Jo
16,(Wl
12%,3CtI
317,055
132.mi
ij
unr*:Tfiu*d lunos
317,035
284.679
Tt>td Fund%
3L7,035
215,679
Ybe f￿,￿WI￿ ￿oles*0theAx0￿n1% pnpagei 8 tts 11 tor￿. P3# d. th*s&fliTran¢ia.' &ta¥emP￿T$.

The Peal Tree Fund for Muslc
Notes to the Accounts
Year ended 31 March 2025
111 Accounti￿ Pollcle5
lal Basis of prèparatlon and •sses$ment of 8oln8 con¢em
The accounts Iflnancial statements) have been prepared underthe historical cost convention with item5 recognised at cost
or transactton value unless otherwlse stated in the relevant notelsl to these accounts. The fSnancSal statements have
been prepared in accordance with the Ststement of Recommended Practice.. Accounting and Reportln8 by Charities
preparing thelr accounts in accordance with the Financial fleportin8 Standard applicable *n the UK and Republic of Ireland
IFRS 1021 issued on 16 Juty 2014, and the Financlal Reportingstandard appllcable In the UK and Republic Of Ireland IFRS 1021
the Charities and Trustee Investment (Scotlandl Act 2fX)5 and the Charities Accounts Iscotlandl Re8ulatSons 2006 las amended).
The charrf(y constitutes a publlc l)enefit entity as defined by FRS 102.
The Trustees consider that there are Tro material un￿rtaInlieS about iheTrusVs ability to continue ès a going concern. The
rnost Sl8nificant areas of adjustment and key assumptions that affect items In the accounts are to do with estimatingthe
liability from rnulti-yeargrant commltments (see note Ile l and notes 11 & 12 for more information). Wlth re5pertto the
next reporting period. 202SI26. the most significant areas of uncertaintythat affect the carrying valtye of assets held bythe
Trust are the level of Investment return and the performance of investment markets (see the investment po14cy and
perforrnance and risk management settion5 of the Trustees. annual report for more informatlonl.
Ibl Recoftclllatlon wfth prevlou5 GenerilEy Accepted Accountlng Pt4ctke
In preparsng the accounts. the Trustses have considered whether in applyingthe accounting policles required by FRS 102
and the Charttles SORP FRS 102 a ie5tatement of comparative rtems wds needed. No TestatemerTrt5 were required in
accordance with the requiremerts of FR5 102.
Icl Funds strurture
Un￿$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. Donat*OllS. 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
co￿dr(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 t￿t
expenditure, It Ss probable that kttlernent will be required and the amount of the obli8ation can be rneasu￿d 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
Y￿r 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 pu￿1£ 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 COn￿St of In*stmeAt management costs and cèrtain legal fee>
11 I Chafftabl• •rtl¥ltl
Costs of charItat￿e 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)$s•s
18aln5 and I055es are taken to the Staterneni cf FSnanclal Aalvltie5 05 tPEy ar15e. Rea115ed 8alnsand 105se5 on
investment5 are calculated as the rfifferen￿ between sale5 proceeds and their obxnln8carryin8 value or ihelr purchase
value if acquired subsequent to the flrsr day of the financial year. Ut)realised 8ains and k)sses are calculaied as thÈ
drfference between the fair value * the year end and their carryin6 value. Reali5ed and ufiiealised lovestment 8aSns and
losses are combined In the Statement of Flnanclal A£tNStles.
121 R•l•t•d partytransa¢tknDs and trustees, expenses and remuneratlon
All donatlons ha¥e been made by
GFft was cklTh￿ on ell01￿e donatlons arnl Is incl¥ded in iotal donatior&
TheTrurtees al￿ eive fredyol their time èTrJ expertise without any fom) ol femuneration orother benefit in cash or klrml
12024: £nlll. There were no expenses rAald to theTrustees in the year.
[31 In¥tstm*nt Incom•
ZQZ5
Z014
Dwidends- equities
nterest- Ilxed Inte￿$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 recogr*lsed stock exchanges.
The Trust does not make use of derivatives and similar cornplexfinar*cial 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,$40
20.982
Cash at bank balanees were as follows.. unrestrlcted funds £1,69712024.. £5.2441
{101 AnaFy515 of current Ilawlltles and lon8 ttnn uedStors
Credltors under l year
2024
Other creditors
Grar>ts payable
3.560
31.30)
3.060
25,3C
Totsi
34
18.360
Atl credstois in 202512024- £28.3601 relate to ￿n￿$tri￿ed fUr￿s.
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