REGISTERED COMPANY NUMBER: 04793760 (England and Wales)

REGISTERED CHARITY NUMBER: 1099094

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 July 2025

for

Chester Music Society

Page

Report of the Trustees

1

to

7

Independent Examiner's Report

8

Statement of Financial Activities

9

Balance Sheet

10

to

11

Notes to the Financial Statements

12

to

19

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are to provide, maintain, improve and advance education by furthering public appreciation of music.

The charity aims to play a significant part in the on-going cultural life of Chester and its environs as one of the leading arts organisations in the area. It provides a varied programme of predominantly classical music that would not otherwise be provided by commercial organisations and contributes to the area's cultural richness.

The charity is organised into three sections:

- Showcase Concerts provide a platform for local amateur and semi-professional performers from the Chester and neighbouring areas. Opportunities for performance experience are also given to local schools and colleges.

- The Choir: provides musical participation for up to 150 adults of all ages and performs high quality concerts using amateur and professional musicians from the Chester area and beyond.

- Celebrity Concerts bring national and international professional chamber music artists to our Chester audience.

- The charity organises a Young Musician of the Year competition. This provides a platform for local young artists up the age of 18 to compete and perform and in public. In some cases, bursaries may be awarded to help promising young artists further their music career or their musical education.

The charity takes a leading role in the promotion of musical life in Chester and in cultural initiatives provided by Cheshire West and Chester Council.

Public benefit

The trustees have full regard to the Charity Commission's guidance on public benefit. The charity's aims and activities fulfil the public benefit requirement of the Charities Act 2011. Its charitable purposes are concerned with the advancement of education and the advancement of musical culture. They also contribute to the advancement of citizenship and community development through the opportunities offered to all age groups to hear, participate in, and organise a varied range of musical events. The charity's beneficiaries are all those in the Chester region and elsewhere who wish to experience its activities as audiences, performers and members.

Ticket prices and subscriptions are set achieve break even against operating cost and expenses as far as is possible. Discounted tickets and subscriptions are offered to unemployed people, people with disabilities, school children and students.

The society takes a robust and systematic approach to assessing and managing risk. The risk register identifies possible risks to the society and is reviewed on a regular basis. Any new risks that have arisen and any ongoing risks already identified are discussed and acted upon where possible at each board meeting. The main risks that the society identified in the current period are the failure to recover membership post the pandemic with consequent loss of income and potential ongoing viability of all sections of the society in their current form. The society has identified mitigation plans to deal with these issues.

A comprehensive range of policies exist for implementation by the board of trustees and the wider society membership. These are reviewed on a regular basis and include the following topics:

- GDPR

- Financial reserves

- Investment

- Safeguarding children and vulnerable adults

- Health and Safety

- Equality, diversity and inclusion

- Conflicts of interest

- Risk management

New trustees are usually recruited following a period as members of section committees and in some cases are co-opted prior to appointment. This ensures, alongside the induction programme that new trustees are aware of their responsibilities.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

2024-25 was generally a successful year despite some setbacks with lower audience numbers. A positive result was achieved with a successful school's workshop being held, the first for several years. All sections remained financially viable.

A successful and enjoyable string workshop was held in April at Abbeygate College. There were 36 participants playing together in various chamber groups with guidance from experienced tutors.

The Young Musicians Competition was again held at Abbeygate College in November, with reasonable level of entries across a wide range of instruments and ages. The category winners and overall winner performed in a Showcase Concert for the winners in the following January. This was well attended and appreciated by the audience.

The Choir section

Four choral concerts were held during the year, in November, December, March and May.

The section continued to face challenges relating to declining membership numbers during the year. There was a decrease in membership from 130 to 126 and consequently fewer concert tickets were sold. It is apparent that ticket sales for the three non-Christmas concerts are proportional to membership numbers. The choir also had to contend with the staging contractor going into administration in Autumn 2024. This resulted in us needing to find a new storage company and a separate erection company which we managed by Spring 2025. Thus, we could not use our staging for the first two concerts of the year and had to use lower tiered but cheaper staging provided by the Cathedral. We were able to use our own staging for the final two concerts but the hourly erection costs increased with the new company. However, overall, due to not using our own staging for two concerts, our yearly staging costs were lower than budgeted. This reduction in expenditure on staging, together with several fund-raising initiatives (identified in the previous season) that were put in place, enabled the choir to stay well within budget.

In summary, the 24-25 season has been one of maintaining our concert offering whilst off-setting rising costs and declining income through fund-raising activities. These activities will continue into the next season along with a specific initiative aimed at increasing membership numbers.

The Celebrity Concert section

There were six excellent concerts starting on the 12 October 2024 and concluding on 12 March 2025. With continued uncertainty of audience numbers, a cautious approach was again taken. There were 60 subscribers, down from 70 the previous year.

Individual concert tickets were available to non-subscribers with varying results. Three concerts produced good audiences of over 130, but the other three remained quite low at less than a 100 each. The total door sales for the six concerts were 254 which averaged out at just over 42 per concert. The overall financial situation for the section remained solid despite the decrease in subscriber numbers. More individual concert ticket sales were noted for the season.

This year saw the return of a Schools Workshop event which took place on 5 February 2025 at the Arches School, Blacon, working with children in years 3, 4 and 5. The artists were Flat Pack Opera including Heather Heighway and Joe Buckmaster. This proved highly successful with the children and the teaching staff. The head teacher described the afternoon as amazing.

A strategic review was carried out by the committee looking various ways we might attract more audience and interest in committee work. This was in line with a strategic review carried out by the CMS board of trustees. To this end a questionnaire was compiled asking for members views on the Concert section. Results of the questionnaire were not available at the time of this report.

The Showcase section

A series of 4 concerts were held in the 2024-25 season which at St Mary's Creative Space, Chester. This season 19 people took up subscriptions, the same as last season. There was a total of 167 visitors who paid at the door, up from 147 last season, despite there being one less concert.

The total number of attendees including visitors and subscribers was 215 averaging nearly 54 per concert. This is up slightly from last year's total audience figure of 206. The YM winners and Chester Community Orchestra brought in good audiences which boosted overall attendance levels.

All the concerts were of a very good standard.

General

CMS activities aim to enrich the experience of participants and contribute to the society's goal of "furthering the public appreciation of music". The board of trustees owes its volunteers a large debt of thanks and would like to take this opportunity to pay tribute to the hard work, dedication and enthusiasm of the many people who contribute to the success of the organisation. The board of trustees are extremely grateful for all the donations and support received during the season across all the sections.

FINANCIAL REVIEW

Financial position

The financial resources held by the society are sufficient to allow it to pursue its prime objective of furthering education and the public appreciation of music.

The Statement of Financial Activities for 2024/25 shows that the total available funds at year end stood at £170,096 with a net positive movement in funds of £2,872 compared with a net positive movement of £16,239 in 2023/24. Net incoming funds of £4,108 led to unrestricted funds of £126,489 compared with £122,381 in 2023/24. Net decrease in funds of £1,236 resulted in restricted funds of £43,607 against £44,843 in 2023/24. The Notes to the Accounts show that within the unrestricted funds three designated funds, totalling £14,217 remained at year end. Restricted funds have four named funds, required to be used for specific named purposes. There are no funds materially in deficit.

Our investments continue to increase in value producing a gain of £4,977 to £79,290 compared to a gain of £9,074 in 2023/24. We have a moderate ability to bear an investment loss. The society does not take into account social, environmental or ethical considerations in its investment policy. The society's tangible fixed assets that could be disposed of to potentially provide resources for future activity are choir staging currently valued at £30,996 and a Steinway piano currently valued at £10,864.

Our annual income comes from subscriptions, donations, legacies, ticket sales, fund raising and investments. Our expenditure is connected with both performing and promoting live concerts and necessary administration. During the last year our planned programmes were all successfully completed.

Throughout this last year regular on-line meetings of the board of trustees and sub-committees continued to ensure proper management of the society and financial matters were regularly monitored and discussed. In particular no restricted funds were used inappropriately.

Overall, the financial position, including the reserves, of the society are such that it is able to plan and run a normal season for 2025/26, whilst being aware that the effects of decreasing audience numbers and increasing production costs require careful monitoring and vigilance in order to react where necessary to changing circumstances and remain financially secure.

Reserves policy

The society continues to set aside sufficient reserves to enable its programme of concerts and events in order to meet the charity's aims.

The society employs no staff, owns no buildings or an ongoing leases and therefore the effect of unplanned closure to beneficiaries is extremely low.

The following considerations are monitored regularly by the board of trustees:

- Some activities are not income bearing or with low income (Young Musician competition and the schools programme) but contribute significantly to the society's overall objectives.

- The age demographic of our audience and membership is on the older side with the potential to see reductions in both audience and membership numbers.

- We need to ensure that we have sufficient reserves to cover a significant underperformance on planned membership or audience figures.

- We need to have sufficient reserves to ensure that we are able to manage our cash flow.

- We need to ensure that we have sufficient reserves to cover any uninsured catastrophic losses in the year.

- We need to build unrestricted reserves to replace some of the restricted funds that came from a generous gift to the society. As we expand these restricted funds towards the specific activities for which they were donated the increase in unrestricted funds will enable the society to continue those activities for which the funds are designated as they become depleted.

The ongoing assessment and management of risk, prudent management of resources and planning to ensure sufficient reserves ensures that services are maintained.The society aims to hold reserves of about £48,000.

PLANS AND OUTCOMES FOR 2024-25

- Create a strategic plan for the next three years to define how the future of the society will be maintained.

OUTCOME: A strategic review was held which identified various courses of action to be pursued over the next few years in order to maintain the viability and relevance of the society.

- Provide a range of concerts and events suitable for the prevailing conditions of membership, audience interest and the financial restraints imposed by external factors.

OUTCOME: This was generally achieved with similar levels of activity as previous years.

- Endeavour to attract interest from local schools in our workshops and the possibility of live performance.

OUTCOME: One highly successful Schools Workshop was held at Arches School, Chester.

- Maintain thorough budgeting processes to ensure the society remains solvent.

OUTCOME: All sections remained in a good financial position against a background of challenges from decreased audience numbers and rising costs.

- Continue to search for new committee members.

OUTCOME: A new board member was recruited during the year, namely Jan Lea.

Plans for the 2025-26 season

- Continue to consolidate the findings and actions of the 2024-25 Strategic Review.

- Continue to provide a range of concerts and events suitable for the prevailing conditions of membership, audience interest and the financial restraints imposed by external factors.

- Consolidate the Celebrity and Showcase sections into a single section to be called Concerts.

- Endeavour to provide at least two schools workshops.

- Continue to search for new committee members.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. The board of trustees meets at least five times a year; day to day management of the activities is in the hands of three sectional committees. Any funds surplus to requirements are held in interest bearing deposit accounts or recommended investments which are reviewed on a regular basis.

One third of the trustees who are subject to retirement by rotation are elected annually at the company's Annual General Meeting. All board members are volunteers and unpaid. There is a simple vetting procedure for new board members, and they are subject to a short induction process.

The charity is a member of Making Music, the UK's foremost umbrella group for amateur music. This assists with technical and developmental aspects of the charity's activities.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04793760 (England and Wales)

Registered Charity number

1099094

Registered office

Unit 2

The Oaks

Stanney Mill Lane

Chester

Cheshire

CH2 4HY

Trustees

M Clarke Chairman

Mrs P F Clarke Vice chairman

Mrs S J Russell Secretary

Dr D J Taylor Treasurer

Dr S M Taylor Assistant treasurer

Dr J L Wishlade Publicity, co-opted (resigned 22/1/25)

J R Ferrari

J J Penn

Dr E B Ranby

Ms J E Lea (appointed 22/1/25)

Company Secretary

Mrs S J Russell

Independent Examiner

Mr A M Bagnall FCA

Johnstone Howell & Co

Unit 2

The Oaks

Stanney Mill Lane

Chester

Cheshire

CH2 4HY

FUNDS HELD AS CUSTODIAN FOR OTHERS

The charity does not hold funds on behalf of any other charity.

Approved by order of the board of trustees on 15 December 2025 and signed on its behalf by:

M Clarke - Trustee

Independent examiner's report to the trustees of Chester Music Society ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr A M Bagnall FCA

The Institute of Chartered Accountants in England and Wales

Johnstone Howell & Co

Unit 2

The Oaks

Stanney Mill Lane

Chester

Cheshire

CH2 4HY

15 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

32,558

-

32,558

47,874

Charitable activities

Furthering public appreciation of music

41,556

5

41,561

41,418

Other trading activities

2

11,508

-

11,508

9,786

Investment income

3

857

-

857

842

Other income

264

-

264

-

Total

86,743

5

86,748

99,920

EXPENDITURE ON

Raising funds

2,806

-

2,806

2,949

Charitable activities

Furthering public appreciation of music

79,125

2,857

81,982

85,720

Other

4,065

-

4,065

4,086

Total

85,996

2,857

88,853

92,755

Net gains on investments

3,361

1,616

4,977

9,074

NET INCOME/(EXPENDITURE)

4,108

(1,236

)

2,872

16,239

Other recognised gains/(losses)

Actuarial gains on defined benefit schemes

-

-

-

-

Net movement in funds

4,108

(1,236

)

2,872

16,239

RECONCILIATION OF FUNDS

Total funds brought forward

122,381

44,843

167,224

150,985

TOTAL FUNDS CARRIED FORWARD

126,489

43,607

170,096

167,224

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

41,859

-

41,859

44,309

Investments

8

53,545

25,745

79,290

74,313

95,404

25,745

121,149

118,622

CURRENT ASSETS

Debtors

9

829

-

829

303

Cash at bank

36,661

17,862

54,523

56,304

37,490

17,862

55,352

56,607

CREDITORS

Amounts falling due within one year

10

(6,405

)

-

(6,405

)

(8,005

)

NET CURRENT ASSETS

31,085

17,862

48,947

48,602

TOTAL ASSETS LESS CURRENT LIABILITIES

126,489

43,607

170,096

167,224

NET ASSETS

126,489

43,607

170,096

167,224

FUNDS

11

Unrestricted funds

126,489

122,381

Restricted funds

43,607

44,843

TOTAL FUNDS

170,096

167,224

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2025 and were signed on its behalf by:

S J Russell - Trustee

D J Taylor - Trustee

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 with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Staging

-

5% on cost

Piano

-

5% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising in the revaluation and disposals of investments during the year. Investment income is accounted for on an accruals basis. Unrealised gains and losses are calculated by comparing previous balance sheet valuation to the year end valuation.

2.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Fundraising activities

6,564

4,426

Subscriptions (service element )

4,344

4,860

Sponsorships

600

500

11,508

9,786

3.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

857

842

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

2,450

2,480

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

47,874

-

47,874

Charitable activities

Furthering public appreciation of music

41,413

5

41,418

Other trading activities

9,786

-

9,786

Investment income

842

-

842

Total

99,915

5

99,920

EXPENDITURE ON

Raising funds

2,949

-

2,949

Charitable activities

Furthering public appreciation of music

84,209

1,511

85,720

Other

4,086

-

4,086

Total

91,244

1,511

92,755

Net gains on investments

6,128

2,946

9,074

NET INCOME

14,799

1,440

16,239

Other recognised gains/(losses)

Actuarial gains on defined benefit schemes

-

-

-

Net movement in funds

14,799

1,440

16,239

RECONCILIATION OF FUNDS

Total funds brought forward

107,582

43,403

150,985

TOTAL FUNDS CARRIED FORWARD

122,381

44,843

167,224

7.	TANGIBLE FIXED ASSETS

Staging

Piano

Totals

£

£

£

COST

At 1 August 2024 and 31 July 2025

37,554

19,250

56,804

DEPRECIATION

At 1 August 2024

4,680

7,815

12,495

Charge for year

1,878

572

2,450

At 31 July 2025

6,558

8,387

14,945

NET BOOK VALUE

At 31 July 2025

30,996

10,863

41,859

At 31 July 2024

32,874

11,435

44,309

8.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 August 2024

74,313

Revaluations

4,977

At 31 July 2025

79,290

NET BOOK VALUE

At 31 July 2025

79,290

At 31 July 2024

74,313

There were no investment assets outside the UK.

Cost or valuation at 31 July 2025 is represented by:

Listed

investments

£

Valuation in 2022

7,506

Valuation in 2023

(2,268

)

Valuation in 2024

9,075

Valuation in 2025

4,977

Cost

60,000

79,290

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

80

-

Prepayments

749

303

829

303

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

-

100

Accrued expenses

6,405

7,905

6,405

8,005

11.	MOVEMENT IN FUNDS

Net

movement

At 1.8.24

in funds

At 31.7.25

£

£

£

Unrestricted funds

General fund

111,797

475

112,272

Hallett memorial fund

110

(60

)

50

Showcase activities fund

10,474

710

11,184

Choir fundraising fund

-

2,983

2,983

122,381

4,108

126,489

Restricted funds

Choir trips fund

2,538

(55

)

2,483

Celebrity concerts Baxter fund

30,837

(614

)

30,223

Piano maintenance fund

3,930

29

3,959

Young musicians' fund

7,538

(596

)

6,942

44,843

(1,236

)

43,607

TOTAL FUNDS

167,224

2,872

170,096

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

81,790

(84,676

)

3,361

475

Hallett memorial fund

-

(60

)

-

(60

)

Showcase activities fund

1,970

(1,260

)

-

710

Choir fundraising fund

2,983

-

-

2,983

86,743

(85,996

)

3,361

4,108

Restricted funds

Choir trips fund

5

(60

)

-

(55

)

Celebrity concerts Baxter fund

-

(1,697

)

1,083

(614

)

Piano maintenance fund

-

(100

)

129

29

Young musicians' fund

-

(1,000

)

404

(596

)

5

(2,857

)

1,616

(1,236

)

TOTAL FUNDS

86,748

(88,853

)

4,977

2,872

Comparatives for movement in funds

Net

movement

At 1.8.23

in funds

At 31.7.24

£

£

£

Unrestricted funds

General fund

95,961

15,836

111,797

Hallett memorial fund

914

(804

)

110

Showcase activities fund

10,707

(233

)

10,474

107,582

14,799

122,381

Restricted funds

Choir trips fund

2,594

(56

)

2,538

Celebrity concerts Baxter fund

28,862

1,973

30,835

Piano maintenance fund

4,145

(214

)

3,931

Young musicians' fund

7,802

(263

)

7,539

43,403

1,440

44,843

TOTAL FUNDS

150,985

16,239

167,224