Charity registration number 1159622
Company registration number 09268124 (England and Wales)
CORNWALL MUSIC SERVICE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
CORNWALL MUSIC SERVICE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A Johnson
Mr A T L Retallack
Mrs J M R Brant
Mr P Kneebone
Mrs J A Scarborough
Mrs E Sibley
Miss R M J Thomas
Mrs A L Tomkinson
(Appointed 20 February 2025)
Mr R Osmond
(Appointed 20 February 2025)
Senior management
Dr G Churcher
Head of Service
Charity number
1159622
Company number
09268124
Registered office
Truro School
Trennick Lane
TRURO
Cornwall
England
TR1 1TH
Auditor
TC Group
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
Solicitors
Foot Anstey LLP
High Water House
Malpas Road
Truro
Cornwall
TR1 1QH
CORNWALL MUSIC SERVICE TRUST
CONTENTS
Page
Trustees' report
1 - 9
Independent auditor's report
10 - 13
Statement of financial activities
14
Balance sheet
15
Statement of cash flows
16
Notes to the financial statements
17 - 37
CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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

- to advance education within the framework of the arts for the benefit of the public of Cornwall and elsewhere.

- to advance the arts and culture for the benefit of the public, particularly but not exclusively by promoting and facilitating access to and performance of music and other art forms.

- to provide for the recreation of children, young people and adults for the benefit of the public by providing facilities and services to them in the interests of social welfare with the object of improving their conditions of life.

- to promote and provide for the public benefit music therapy for the relief of physical and mental illness and disability, the alleviation of developmental, emotional, social and behavioural difficulties and the protection and promotion of good health in children and adults, in particular, but not exclusively, in Cornwall and the Isles of Scilly.

Our Vision

We aspire to become a leading Music Service in the United Kingdom.

Our Mission

To offer high quality music and performing arts education and related opportunities that support the aspirations of children, young people and adults in Cornwall and beyond.

Our Values

Our work will be guided by our commitment to the following values:

Quality: We strive for excellence through continuous improvement in all areas of our work.

Inclusiveness: We respect people, value diversity and are committed to equality and open access.

Inspiration: We encourage imaginative and creative approaches in our activities.

Innovation: We welcome new developments and their application in music education.

Health and Wellbeing: We believe in the health and wellbeing benefits of engagement with music.

Caring: We believe in an understanding and compassionate ethos for our staff, students and all those we engage with.

Collaboration: We foster strong partnerships and links with other organisations and individuals.

Enjoyment: We see this as one of the hallmarks of our success.

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

Our broad objectives can be grouped as follows:

Learner Experience

- Identify and nurture talent of all abilities across all levels and stages, from learners that are just embarking on their first musical experiences to those who are exceptionally gifted and talented and demonstrate high levels of excellence

- Be inclusive; to reach all learners including those that are socially, educationally, geographically, physically or financially challenged

- Ensure that our curricula are ethnically and culturally diverse and inclusive

- Develop a range of formal and non-formal teaching methods that engage and encourage all learners

- Provide exciting and engaging performance opportunities

- Support and develop an Ensemble Network for instrumental and vocal performers (including adult learners)

- Provide and signpost opportunities for progression

- Develop a formal annual reporting system to facilitate feedback to students and their parents/carers

- Develop a system of bursaries to support the Learner Experience

Partnership with Educational Establishments

- Support educational establishments in recognising the value of music

- Exercise our influence in the provision of suitable environments for musical activities

- Engage, where possible with the latest research and development in music education

- Promote partnerships with a wide range of organisations including schools, colleges, universities, conservatoires and wider educational establishments

- Encourage dialogue with the informal and independent teaching sector, especially with the aim of promoting good teaching practice and teacher development

Service Development

- Develop an Early Years Music Strategy

- Develop a Vocal Strategy

- Develop a sustainable First Access programme

- Maintain a strong working relationship with Cornwall Music Education Hub, whilst being prepared for changes in national policy

- Make bids and applications for grant funding to other organisations with a view to increasing or enhancing our services

- Explore working with other performing art forms

- Maintain and develop Music Therapy

Organisational Framework

- Maintain a financially sustainable organisation

- Provide a safeguarded teaching environment that protects learners and teachers

- Develop a Quality Assurance Strategy

- Develop a robust system for staff appraisal and development

- Develop our Health and Wellbeing Strategy

- Identify and provide opportunities for developing the skills of Trustees and the effectiveness of the Board of Trustees

- Make best use of appointed advisers and friends scheme

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Cornwall Music Service Trust provides music education for in excess of 10,000 pupils across all key stages and including further and higher education.

Cornwall Music Service Trust devotes significant time and resources to engagement with the local community, further details of which are given in the Public Benefit section below.

The charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate training is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Grant making policy

Access to music education we offer should not be restricted to those who can afford our fees. As a registered provider for the Cornwall Music Education Hub, Cornwall Music Service Trust can offer subsidised activities to those children currently eligible for means tested free school meals, children currently in care, children with one or more parents serving in the British Armed Forces, children or a parent in receipt of Personal Independence Payment and children with a Education, Health and Care Plan. In addition Cornwall Music Service Trust offers, on an application and audition basis, an award scheme to those children who, at all levels, show exceptional talent. A successful candidate will be entitled to a subsidised one to one lesson funded internally by Cornwall Music Service Trust.

Volunteers

Three working groups of volunteers have been established by the Board of Trustees these being: Funding Working Group - established to look at all aspects of fundraising including potential funding opportunities from external bodies and working within the Terms & Conditions set by the Board of Trustees. Advisory Panel - a panel of educators, musicians etc. that can be called upon for external advice to support and aid the Board of Trustees and Head of Service. Early Years Steering Group - following its objectives and aims, Cornwall Music Service Trust has embarked on an Early Years Music Service for 0-5s. To effectively implement this delivery CMST has called upon and will continue to draw upon the expertise of many Early Years practitioners.

Achievements and performance
Significant activities and achievements against objectives

2025 marks an important year for Cornwall Music Service Trust (CMST) as it represents the 10th anniversary of operations for what is now one of Cornwall’s largest cultural employers. To mark the occasion special events have been and will continue to be held throughout the year with a very special anniversary concert staged at the Hall for Cornwall. Hitting a milestone such as this creates an opportunity for reflection and from this strategic plans can be made for the short, mid and long term future for music education in Cornwall.

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

CMSTs Head of Service, Dr Gareth Churcher, has carefully crafted an impact report which pulls together data realised over the last 10 years and with some further contextual information allows the reader to understand how the landscape of music education has changed. The full report can be found here (for those not accessing this report digitally an exploded hyperlink is provided here: https://drive.google.com/file/d/1_JS1xGLZaHLqS9w2Uy1YizMcVdkqX4BA/view?usp=drive_link ). There is an impressive set of statistics that highlight the breadth and depth of CMST’s service provision, its contribution to the culture and heritage of Cornwall and how, through its over 120 staff and freelance musicians, it has a major impact on the economic picture of this part of the South West of England. In addition to its traded activities through the three main arms of CMST, music education, early years music support and music therapy, there is evidence of the substantial amount of funding received via grant making bodies that has supported much needed initiatives and activity which in turn has provided intervention and support for the people of Cornwall. Through generous donations and bequests CMST has also been able to pay forward support for those who demonstrate need, helping to overcome myriad barriers to offer equitable access to our services. This report also demonstrates, through a very few chosen case studies of which there are many more, the life long impact that CMST has on people who engage with service provision.

The statistical analysis shows the geographic spread of delivery but also how this provision is broken down into instrumental families and subsequent instruments. Notably the most favoured instruments presently, which has been the case since the COVID pandemic, are Guitar, Keyboard/Piano and Percussion. Previously the most popular instrumental family was Woodwind. It is a testament to the organisation that this shift in fashion has been accommodated which in turn has allowed the business to continue to thrive however the consequences are that Cornwall’s network of ensembles has been adversely impacted. Instruments that used to be very popular such as the flute and clarinet are now underrepresented and this in addition to the already catergorised ‘endangered species’ such as bassoon, bass clarinet, tuba, trombone and french horn creates a real question mark over the viability and sustainability of certain ensembles. CMST is leveraging this data to address these concerns within the realms of its capacity but it will require a broader connected strategy from multiple organisations to reinvigorate this very important educational and cultural part of Cornwall’s heritage.

Turning to this year's financial performance CMST has managed to navigate some challenges owing to financial resilience and rigour thanks to the hard work of the office team. The client management system, SpeedAdmin, is now in its third academic year cycle and proving extremely valuable. The software not only provides the finance operation but has inbuilt and adaptive data analysis tools that allow real time updates on provision. The management structure of CMST is working well both in terms of managing logistics, staff professional development and developing the staff base more broadly. Strategic meetings are held frequently between the office team, Head of Service and managerial staff to ensure effective communication and planning. Looking ahead a new initiative offering internal funding to support development work will be launched in the next academic year with the managerial staff able to apply for funding to address some of the aforementioned challenges in regards to underrepresented instruments.

The Head of Service is effective in maintaining relationships with key partners and stakeholders and keeps regular meetings with AsOne, the hub lead organisation for Cornwall. Recently it has been announced that Arts Council England will retain the contract of disseminating Department for Education funding for music education through the music hub network for the 2026/2027 academic year. A new model will be deployed thereafter with the creation of the National Centre for Music and the Arts. This all will impact CMST in some way so senior leadership and Trustees remain engaged with developments in this area.

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
Fundraising practices

The work towards increasing the development and fundraising activity within Cornwall Music Service Trust enables the fulfilment of its charitable objectives.

No professional fundraisers are used.

The Charity always adheres to best practice when working with vulnerable children and adults. Its safeguarding policy covers all areas of the Charity's activities including any fundraising activities.

Investment performance

CMST has been able to dedicate some financial reserves to investment. After careful consideration and due diligence, an amount has been invested with M and G Securities. The return on investment has already been healthy allowing for the interest earnt to be used for development work in the North of Cornwall.

Financial review

The C ompany's principal source of income is music tuition fees which were £1,5 23,771 (202 4: £1,500,820). All of Cornwall Music Trust's expenditure was spent in advancement of its charitable objectives.

The net incoming resources for the year were £72,539 (202 4: £40,426).

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The reserves policy of Cornwall Music Service Trust has been reviewed by the Board of Trustees during the year. Free reserves are regarded as those unrestricted funds that have not been designated for any specific purpose. At 31 August 202 5 the Company had free reserves of £233,443 (202 4: £150,102).

The Board of Trustees have carefully considered the level of reserves appropriate to be held by Cornwall Music Service Trust necessary for contingencies and movements in working capital. Having regard to the likelihood of financial risks and mitigating factors including its group structure, it considers the maximum level of free reserves required to be the equivalent of 2 months of gross salary costs, approximately 17% of turnover. The trustees aim is to increase this to 4 months of gross salaries in the light of the effects of the Covid-19 pandemic.

The Board of Trustees have passed this proposal and Cornwall Music Service Trust is working towards accumulating the free reserves aforementioned.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The total reserves at 31st August 202 5 were £746,649 (202 4: £6 74,110). This includes free reserves of £233,443 (202 4: £150,102), designated reserves of £501,783 (202 4: £502,576), and restricted reserves of £11,423 (202 4: £21,432).

The deficit fund, which is a designated fund, totals £500,000. It is held to ensure that the charity has sufficient free reserves outlined in the reserves policy.

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Investment policy

The trustees have reviewed the social, environmental and ethical considerations when setting an investment policy and making investments.

The year end market value of the investment portfolio was £3 13,815. During the prior year, the trustees made the decision to invest £300k of the charity's free reserves with M & G Securities.

Plans for future periods

Cornwall Music Service Trusts "Potential Future Activities" (detailed in its Business Plan), as drawn up by the Senior Management Team, after consultation with the key stakeholders, and as approved by the Board of Trustees, provides the focus for the future development of Cornwall Music Service Trust. In particular, the future activities embrace the aspirations of Cornwall Music Service Trust for teaching developments, the growth of marketing, pupil numbers, enhanced staffing and the development of its delivery.

- Expand current delivery to outreach to further educational establishments and other organisations

- Create a strong cohesion with Truro School thus providing a Music Centre for Cornwall

- Explore & develop Music Technology education and digital music provision

- Create an internal assessment programme for students for all musical disciplines

- Provide a highly professional service to schools, Further Education and Higher Education and the wider community

- Work closely with national and international musicians, educators, conductors and clinicians to provide the highest quality masterclasses and holiday music schools

- Explore funding for bespoke programmes of work

- Create an e-learning environment to support the initial stages of music education

- Develop Early Years Music Provision and Training for Early Years practitioners

- Nationwide consultancy on Music Service Trust Formation

- Online delivery via Skype and Online Orchestra software in collaboration with Falmouth University to provide delivery to the hardest to reach areas and connect musicians that are isolated

- Bespoke workshops and projects for schools and the wider community.

- Weekend and evening workshops, etc - ie - Saturday morning theory classes

- Summer school and holiday courses

- Digital technology projects

- Performance opportunities at all levels; large scale and smaller settings - CMST cluster performances - bring groups of schools together for a massed performance.

- CMST Schools Prom - An annual performance to all primary schools using CMST ensembles giving an educational experience and demonstration encouraging new young people to learn

- Advice on purchase of musical instruments and resources in school

- One off supply days - music cover

- Write new performance and teaching material - this could be for individual instruments or for small ensembles. It could then be sold to pupils both in Cornwall and elsewhere as CMST Publications.

- Twilight training sessions for teachers on a whole variety of musical techniques, skills and tasks. This might include setting up an ensemble, conducting skills, composition starting points, working towards a performance

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -

- CPD presentations to Primary and Secondary Initial Teacher Training bodies - annual

- Secondary Head of Music Departments meetings and conferences

- Make the Cornwall Youth Jazz Festival an annual event

- Make the Cornwall Horn Festival an annual event

- Develop and expand Music Therapy provision

- Longer term; to look for funding to establish 'Music Centres' in the West and North & East of Cornwall along with collaborating with Truro School to find a central Music Centre

- After establishment of Music Centres appoint Area Managers to coordinate delivery in these areas

- Review management structure of CMST

- Review business plan and 5 year financial forecast in line with the above future plans as an ongoing activity

- Create a strong partnership with the City of London Symphonia including support in delivering their educational outreach programme

- Work closely and advise Trinity College of London or another national Music College on various aspects of delivery including but not exclusively the research element into the examination process and an online alternative

- Advise nationally on Early Years Music Education

Structure, governance and management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on the 16 October 2014 and registered as a charity on 15 December 2014. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under is Articles of Association. In the event of the company being wound up members are required to contribute and amount not exceeding £1.

Charity constitution

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of the Board of Trustees are elected to serve for a period of three years after which they must be re-elected at the next General Meeting. All members of the Board of Trustees give their time voluntarily and received no benefits from the charity. As Cornwall Music Service Trust has many roles to play in the educational sector the Trustees have been selected for the wide and diverse skill base they have to offer. In an effort to maintain this broad skill mix, members of the Board of Trustees are requested to provide a list of their skills (and update it each year) and in the event of particular skill being lost due to retirements, individuals are approached to offer themselves for election to the Board of Trustees.

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A Johnson
Mr A T L Retallack
Mrs J M R Brant
Mr P Kneebone
Mrs J A Scarborough
Mrs E Sibley
Miss R M J Thomas
Mrs J M Bailey
(Resigned 14 February 2025)
Mr D I Solly
(Resigned 14 February 2025)
Mrs A L Tomkinson
(Appointed 20 February 2025)
Mr R Osmond
(Appointed 20 February 2025)
Recruitment and appointment of trustees

Trustees are nominated and appointed by the Board of Trustees. Appointments are for a period of three years which is renewable. The induction of new Trustees is the responsibility of the Chair and the Head of Service. All trustees, due to the nature of the work of Cornwall Music Service Trust, have enhanced Disclosure & Barring Service checks and are routinely updated on Safeguarding for Children and Vulnerable Adults.

There were two new Trustees appointed during the year.

Organisational structure

The Board of Trustees for Cornwall Music Service Trust, which meets at least three times a year, are responsible for the general policy and strategic direction of Cornwall Music Service Trust. In addition the Board of Trustees are legally responsible for the overall management and control of Cornwall Music Service Trust. The work of implementing most of their policies and day to day management is delegated to the Head of Service, supported by his Senior Team Managers. At present there are 9 Trustees from a variety of professional backgrounds relevant to the work of Cornwall Music Service Trust who form the Board of Trustees.

National benchmarking is used in setting pay for key management personnel but always with the Charity's affordability in mind.

Relationship with related parties

CMST will partner with a number of local organisations. These include the following:

Cornwall Music Education Hub for curriculum leadership, ensemble leadership, ensemble coordination, ensemble staffing, first access management and liaison, first access provision and minority instrument scheme delivery. Cornwall Council Local Authority for SEN delivery and inclusion delivery (disadvantaged families remissions funded). Cornwall's Schools for ensemble support, classroom support and curriculum delivery. Further Education Colleges & Higher Education Institutions for strategic links for service development and training of music teachers

CORNWALL MUSIC SERVICE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
Statement of trustees' responsibilities

The trustees, who are also the directors of Cornwall Music Service Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' r eport was approved by the Board of Trustees.

Miss R M J Thomas
Trustee
23 March 2026
CORNWALL MUSIC SERVICE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORNWALL MUSIC SERVICE TRUST
- 10 -

Opinion

We have audited the financial statements of Cornwall Music Service Trust (the ‘charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

CORNWALL MUSIC SERVICE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORNWALL MUSIC SERVICE TRUST
- 11 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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the information given in the trustees' r eport for the financial year for which the financial statements are prepared, which includes the d irectors' r eport prepared for the purposes of company law, is consistent with the financial statements; and

-

the d irectors' r eport included within the trustees' r eport has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors' r eport included within the trustees' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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the financial statements are not in agreement with the accounting records and returns; or

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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or

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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' r eport and from the requirement to prepare a s trategic r eport.

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

CORNWALL MUSIC SERVICE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORNWALL MUSIC SERVICE TRUST
- 12 -

Obtain an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates;

- Review of the disclosures in the financial statements and testing to support documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Discussion with management as to how compliance with these laws and regulations is monitored;

- Enquiries of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Reviewing minutes of trustee meetings and correspondence with regulators;

- Performing audit work in connection with the risk of management override of controls, including testing journal entries for reasonableness and evaluating the business rationale of significant transactions outside the normal course of business.

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit approach also considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition.

Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:

- Undertaking transactional testing on revenue

- Performing completeness testing on a sample of significant projects undertaken during the year

- Performing cut off testing on income

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business

- Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CORNWALL MUSIC SERVICE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORNWALL MUSIC SERVICE TRUST
- 13 -

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Pearce (Senior Statutory Auditor)
for and on behalf of TC Group
24 March 2026
Chartered Accountants
Statutory Auditor
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
CORNWALL MUSIC SERVICE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
29,066
31,980
61,046
8,321
21,905
30,226
Charitable activities
4
1,677,032
1,653
1,678,685
1,673,356
-
1,673,356
Other trading activities
5
8,750
-
8,750
2,135
-
2,135
Investments
6
18,239
-
18,239
9,455
-
9,455
Other income
7
55,459
-
55,459
66,031
-
66,031
Total income
1,788,546
33,633
1,822,179
1,759,298
21,905
1,781,203
Expenditure on:
Raising funds
8
10,233
-
10,233
1,583
-
1,583
Charitable activities
9
1,703,867
43,642
1,747,509
1,729,219
15,688
1,744,907
Total expenditure
1,714,100
43,642
1,757,742
1,730,802
15,688
1,746,490
Net gains/(losses) on investments
15
8,102
-
8,102
5,713
-
5,713
Net income/(expenditure) and movement in funds
82,548
(10,009)
72,539
34,209
6,217
40,426
Reconciliation of funds:
Fund balances at 1 September 2024
652,678
21,432
674,110
618,469
15,215
633,684
Fund balances at 31 August 2025
735,226
11,423
746,649
652,678
21,432
674,110

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CORNWALL MUSIC SERVICE TRUST
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 15 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
17
-
1,833
Tangible assets
18
5,858
10,016
Investments
19
313,815
305,713
319,673
317,562
Current assets
Debtors
20
134,249
197,126
Cash at bank and in hand
337,557
224,031
471,806
421,157
Creditors: amounts falling due within one year
21
(44,830)
(64,609)
Net current assets
426,976
356,548
Total assets less current liabilities
746,649
674,110
Net assets excluding pension liability
746,649
674,110
The funds of the charity
Restricted income funds
23
11,423
21,432
Unrestricted funds
735,226
652,678
746,649
674,110
The financial statements were approved by the trustees on 23 March 2026
Miss R M J Thomas
Trustee
Company registration number 09268124 (England and Wales)
CORNWALL MUSIC SERVICE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
95,917
(34,471)
Investing activities
Purchase of tangible fixed assets
(630)
(4,886)
Purchase of investments
-
(300,000)
Investment income received
18,239
9,455
Net cash generated from/(used in) investing activities
17,609
(295,431)
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
113,526
(329,902)
Cash and cash equivalents at beginning of year
224,031
553,933
Cash and cash equivalents at end of year
337,557
224,031
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
1
Accounting policies
Charity information

The charitable company is incorporated in England and Wales and is limited by guarantee and does not have a share capital. In the event of the Company being wound up each member is liable to contribute a sum not exceeding £1.

There were 9 members at 31 August 202 5 (202 4: 9).

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 18 -
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Fee income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
33% on cost
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on cost
Instruments
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 19 -
1.8
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include stock, trade debtors, other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12
Taxation

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

1.13
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The trustees do not believe there are any critical judgements that have been made in applying the charity’s accounting policies.

Key sources of estimation uncertainty
Valuation of fixed asset investments

Fixed asset investments are included in the accounts at a valuation determined annually by the investment portfolio managers. The valuation of current asset investments are based on observable market prices. Such valuations are subjective and prone to changes in the market and other economic factors.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
2
Critical accounting estimates and judgements
(Continued)
- 21 -
Useful economic life of tangible fixed assets

The charity makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that useful life, taking into account any impairment that has been identified.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
29,066
2,188
31,254
8,321
4,484
12,805

Grants

-
29,792
29,792
-
17,421
17,421
29,066
31,980
61,046
8,321
21,905
30,226
Donations and gifts
Donations and gifts
26,876
2,188
29,064
5,292
4,484
9,776
Gift aid
2,190
-
2,190
3,029
-
3,029
29,066
2,188
31,254
8,321
4,484
12,805
Grants receivable for core activities
Headley Trust
-
-
-
-
1,765
1,765
The National Foundation for Youth Music
-
12,177
12,177
-
14,906
14,906
Ruth Burden Community Trust
-
-
-
-
750
750
Jessies Fund
-
3,460
3,460
-
-
-
Cornwall Community Foundation
-
1,000
1,000
-
-
-
The James Sargent Early Years Music Education Trust
-
10,995
10,995
-
-
-
Cornwall Council
-
2,160
2,160
-
-
-
-
29,792
29,792
-
17,421
17,421
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
3
Income from donations and legacies
(Continued)
- 22 -

Headley Trust - grants have been received for £Nil (202 4: £1,765) to subsidise music tuition lessons.

The National Foundation for Youth Music - grants have been received for £1 2,177 (202 4: £14,906) to support Early Years Music Education.

Ruth Burden Community Trust - a grant has been received for £Nil (202 4: £750) to support Early Years Music Education.

Jessies Fund - a grant has been received for £3,460 (2024: £Nil) to support music therapy.

Cornwall Community Foundation - a grant has been received for £1,000 (2024: £Nil) to support Early Years Music Education.

The James Sargent Early Years Music Education Trust - grants have been received for £10,955 (2024: £Nil) to support Early Years Music Education.

Cornwall Council - a grant has been received for £2,160 (2024: £Nil) to support music therapy.

4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Provision of music education, therapy and early years (0-5) service for children and young people and the wider community in Cornwall

Music tuition fees

1,522,571
1,200
1,523,771
1,500,820
-
1,500,820

Music therapy fees

154,461
453
154,914
172,536
-
172,536
1,677,032
1,653
1,678,685
1,673,356
-
1,673,356
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

T-shirt income

60
1,456

Goods and services recharged

8,690
679
Other trading activities
8,750
2,135
6
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Fixed asset investment income

13,073
2,905
Interest receivable
5,166
6,550
18,239
9,455
7
Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Other income
55,459
66,031

Other income relates to the receipt of Orchestra Tax Relief claimed from HMRC, event and workshop income, and miscellaneous income.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
8
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity
Other fundraising costs
1,306
-
Trading costs
Other trading activities
8,927
1,583
Total costs
10,233
1,583
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
9
Expenditure on charitable activities
Provision of music education, therapy and early years (0-5) service for children and young people and the wider community in Cornwall
Provision of music education, therapy and early years (0-5) service for children and young people and the wider community in Cornwall
2025
2024
£
£
Direct costs
Staff costs
1,585,774
1,571,830
Depreciation and impairment
4,788
5,514

Premises costs

14,289
13,974

Finance costs

2,507
2,837

Bad debts written off

26,253
40,920
1,633,611
1,635,075
Share of support and governance costs (see note 11)
Support
96,553
92,337
Governance
17,345
17,495
1,747,509
1,744,907
Analysis by fund
Unrestricted funds
1,703,867
1,729,219
Restricted funds
43,642
15,688
1,747,509
1,744,907
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
10
Description of charitable activities
Provision of music education, therapy and early years (0-5) service for children and young people and the wider community in Cornwall

Provision of music education for children and young people in Cornwall. This includes instrumental and vocal lessons for individuals, provision of group activities and support within Cornwall's schools and other educational establishments. The Cornwall Music Service Trust is a recognised provider operating within the Cornwall Music Education Hub framework. Music therapy services are provided to a wide range of clients offering a life changing intervention. Early years music education (0-5s) provides music education and activity that draws on the innate musicality of very young children.

11
Support costs allocated to activities
2025
2024
£
£
Depreciation
1,833
1,834
Insurance
6,030
4,976
Postage and stationery
170
1,313
Sundries
4,716
3,378
Subscriptions and memberships
4,278
4,450
Advertising and marketing
1,914
2,844
IT software and consumables
21,718
21,042
Use of funds towards tuition
2,269
1,108
Ensemble, workshop, and inset expenses
20,751
13,776
Travel expenses and staff benefits
19,445
33,737
Subcontractors
13,429
3,879
Governance costs
17,345
17,495
113,898
109,832
Analysed between:
Provision of music education, therapy and early years (0-5) service for children and young people and the wider community in Cornwall
113,898
109,832
12
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
10,862
14,400
Depreciation of owned tangible fixed assets
4,788
5,514
Amortisation of intangible assets
1,833
1,834
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
13
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
14
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Teaching
108
110
Administration
3
3
Total
111
113
Employment costs
2025
2024
£
£
Wages and salaries
1,426,548
1,434,301
Social security costs
110,919
92,182
Other pension costs
48,307
45,347
1,585,774
1,571,830
The number of employees whose annual remuneration was more than £60,000 is as follows:
2025
2024
Number
Number
£70,001 - £80,000
1
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
73,160
71,176
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -
15
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
8,102
5,713
16
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

17
Intangible fixed assets
Website
£
Cost
At 1 September 2024 and 31 August 2025
8,860
Amortisation and impairment
At 1 September 2024
7,027
Amortisation charged for the year
1,833
At 31 August 2025
8,860
Carrying amount
At 31 August 2025
-
At 31 August 2024
1,833
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 29 -
18
Tangible fixed assets
Computers
Instruments
Total
£
£
£
Cost
At 1 September 2024
6,691
18,861
25,552
Additions
-
630
630
At 31 August 2025
6,691
19,491
26,182
Depreciation and impairment
At 1 September 2024
3,723
11,813
15,536
Depreciation charged in the year
1,317
3,471
4,788
At 31 August 2025
5,040
15,284
20,324
Carrying amount
At 31 August 2025
1,651
4,207
5,858
At 31 August 2024
2,968
7,048
10,016
19
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 September 2024
305,713
Valuation changes
8,102
At 31 August 2025
313,815
Carrying amount
At 31 August 2025
313,815
At 31 August 2024
305,713
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Fixed asset investments
(Continued)
- 30 -
2025
2024
Investments at fair value comprise:
£
£
Cost
300,000
300,000
Valuation in 2024
5,713
5,713
Valuation in 2025
8,102
-
313,815
305,713

Fixed asset investments were valued on an open market basis on 31 August 202 5 by M & G Securities.

All investments are listed on the UK stock exchange.

There were no investment assets outside the UK.

20
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
77,615
73,197
Other debtors
50,582
116,786
Prepayments and accrued income
6,052
7,143
134,249
197,126
21
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
14,474
15,161
Trade creditors
8,118
8,632
Other creditors
7,641
7,594
Accruals and deferred income
14,597
33,222
44,830
64,609
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 31 -
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,307
45,347

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Included in creditors at the year end was £7,642 (202 4: £7,594) in respect of the defined contribution pension scheme.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
23
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 September 2024
Incoming resources
Resources expended
Transfers
At 31 August 2025
£
£
£
£
£
Early Years Music Education
254
-
(184)
-
70
Radford Trust
464
-
(96)
-
368
Cornwall Community Fund - Early Years
114
-
(112)
-
2
Music Therapy for Holly Martin
(374)
1,393
(1,020)
-
(1)
General Music Therapy Fund
2,867
648
-
(2,268)
1,247
Cornwall Community Fund - for Music Therapy and Inclusion Project
2,115
-
(1,510)
-
605
Headley Trust
1,765
-
(1,765)
-
-
Pitch up and Sing Fund
(53)
600
(1,574)
1,428
401
Cornwall Community Foundation - Ruth Burden Community Trust
750
555
(1,170)
-
135
The National Foundation for Youth Music
13,530
22,617
(30,491)
-
5,656
The Roseland Academy Jazz Project
-
1,200
(1,200)
-
-
Jessies Fund
-
3,460
(3,240)
-
220
Cornwall Community Foundation - Papillion Fund
-
1,000
-
-
1,000
Cornwall Council - Music Therapy
-
2,160
(1,200)
-
960
MT Partnership - Cornwall Women's Fund
-
-
(80)
840
760
21,432
33,633
(43,642)
-
11,423
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
23
Restricted funds
(Continued)
- 33 -
Previous year:
At 1 September 2023
Incoming resources
Resources expended
Transfers
At 31 August 2024
£
£
£
£
£
Early Years Music Education
2,556
1,376
(3,678)
-
254
Radford Trust
824
-
(360)
-
464
Cornwall Community Fund - Early Years
114
-
-
-
114
Music Therapy for Holly Martin
886
481
(1,741)
-
(374)
General Music Therapy Fund
835
2,323
(291)
-
2,867
Cornwall Community Fund - for Music Therapy and Inclusion Project
10,000
-
(7,885)
-
2,115
Headley Trust
-
1,765
-
-
1,765
Pitch up and Sing Fund
-
1,680
(1,733)
-
(53)
Cornwall Community Foundation - Ruth Burden Community Trust
-
750
-
-
750
The National Foundation for Youth Music
-
13,530
-
-
13,530
15,215
21,905
(15,688)
-
21,432
CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
23
Restricted funds
(Continued)
- 34 -

Details of the purpose of the restricted funds is as follows:

- Early Years Music Education: Donation from James Sargent (Trustee) for Early Years Music Education Service.

- Radford Trust Covid grant: Funding to support children and young people who were financially disadvantaged due to COVID-19 and otherwise would not be able to continue receiving music education.

- Cornwall Community Fund - Early Years: Funding for the provision of Music to children specifically in the early years (0-5s).

- Music Therapy for Holly Martin: Ringfenced fund for music therapy support to Holly Martin.

- General Music Therapy Fund: Funding to be used only for the provision of Music Therapy.

- Cornwall Community Fund - for Music Therapy and Inclusion Project: Funding obtained by Equality, Diversity and Inclusion lead for a bespoke therapy and inclusion project.

- Headley Trust: Grant received for the purpose of subsidising tuition lessons.

- Pitch Up and Sing Fund: Donations received ringfenced for music therapy dementia group costs.

- Cornwall Community Foundation - Ruth Burden Community Trust:

- The National Foundation for Youth Music: Funding to used for the Early Years Baby Sounds project.

- The Roseland Academy Jazz Project - Funding to be used for the Roseland Academy bespoke music project.

- Jessies Fund - Funding to be used only for the provision of Music Therapy.

- Cornwall Community Foundation - Papillion Fund - Early Years: Funding for the provision of Music to children specifically in the early years (0-5s).

- Cornwall Council - Music Therapy - Funding to be used only for the provision of Music Therapy.

- MT Partnership - Cornwall Women's Fund - Funding to be used only for the provision of Music Therapy.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 35 -
24
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 August 2025
£
£
£
£
£
£
Deficit Reserve
500,000
-
-
-
-
500,000
Mark Wilkin Memorial Bursary
1,646
-
(408)
-
-
1,238
Superstrings Group
930
364
(749)
-
-
545
General funds
150,102
1,788,182
(1,712,943)
-
8,102
233,443
652,678
1,788,546
(1,714,100)
-
8,102
735,226
Previous year:
At 1 September 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 August 2024
£
£
£
£
£
£
Deficit Reserve
300,000
-
-
200,000
-
500,000
Mark Wilkin Memorial Bursary
2,394
-
(748)
-
-
1,646
Superstrings Group
-
2,336
(1,406)
-
-
930
General funds
316,075
1,756,962
(1,728,648)
(200,000)
5,713
150,102
618,469
1,759,298
(1,730,802)
-
5,713
652,678

Included within the charity’s funds is a revaluation reserve of £13,815 (202 4: £5,713).

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 36 -
25
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 August 2025:
Tangible assets
5,858
-
5,858
Investments
313,815
-
313,815
Current assets/(liabilities)
415,553
11,423
426,976
735,226
11,423
746,649
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 August 2024:
Intangible fixed assets
1,833
-
1,833
Tangible assets
10,016
-
10,016
Investments
305,713
-
305,713
Current assets/(liabilities)
335,116
21,432
356,548
652,678
21,432
674,110
26
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
13,674
13,674

Payments in connection with operating leases during the year totalled £13,674 (202 4: £13,674). At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

CORNWALL MUSIC SERVICE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 37 -
27
Related party transactions

During the year Cornwall Music Service Trust received donations from trustees and key management totalling £2 22 (202 4: £236).

During the prior year Cornwall Music Service Trust received fixed assets with the value of £1,410 from an entity in which a trustee is the chair. The amount paid was £350 with £1,060 treated as a donation.

During the year Cornwall Music Service Trust received income totalling £4,599 (202 4: £11,135) from entities in which there are common directors/trustees.

During the year Cornwall Music Service Trust incurred expenses totalling £14,419 (202 4: £15,424) with entities in which there are common directors/trustees.

During the year a close family member of a trustee and key management personnel received wages of £1 3,841 (202 4: £16,700).

During the prior year Cornwall Music Service Trust invested £400k with M & G Securities of which £100k belongs to The James Sargent Early Years Music Education Trust. This amount is not included in Cornwall Music S ervice Trust's accounts.

During the year the charity received grants from a trust in which key management personnel G Churcher is a trustee. The grants received totalled £10,995 (202 4: £Nil).

28
Cash generated from operations
2025
2024
£
£
Surplus for the year
72,539
40,426
Adjustments for:
Investment income recognised in statement of financial activities
(18,239)
(9,455)
Fair value gains and losses on investments
(8,102)
(5,713)
Amortisation and impairment of intangible assets
1,833
1,834
Depreciation and impairment of tangible fixed assets
4,788
5,514
Movements in working capital:
(Increase)/decrease in stocks
-
30
Decrease/(increase) in debtors
62,877
(84,793)
(Decrease)/increase in creditors
(19,779)
17,686
Cash generated from/(absorbed by) operations
95,917
(34,471)
29
Analysis of changes in net funds

The charity had no material debt during the year.

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