REGISTERED COMPANY NUMBER: 03518157 (England and Wales)

REGISTERED CHARITY NUMBER: 1073251

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

LEEDS INTERNATIONAL

PIANO COMPETITION

(A COMPANY LIMITED BY GUARANTEE)

Page

Report of the Trustees

1

to

9

Report of the Independent Auditors

10

to

13

Statement of Financial Activities

14

Balance Sheet

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

18

to

29

The board of Trustees of the Leeds International Piano Competition ('the Leeds') is pleased to present its Annual Report together with Financial Statements for the year ended 31 December 2025, which are prepared to meet the requirements for a directors' report under the Companies Act 2006.

The financial statements have been prepared in accordance with the accounting policies set out from page 18 and comply with the charity's Memorandum and Articles of Association, 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).

The Leeds International Pianoforte Competition (The Leeds)

Founded in 1963 by Dame Fanny Waterman, Marion Thorpe and Roslyn Lyons, the Leeds International Piano Competition is one of the world's leading platforms for international pianists at the point where professional careers are formed.

For more than sixty years, The Leeds has identified, supported and championed exceptional young pianists, combining artistic excellence with a distinctive commitment to long-term artist development. The organisation is internationally recognised not only for discovering major artists, but for helping to build sustainable international careers through performance opportunities, professional support, artistic mentoring and global visibility.

Prize-winners and finalists have gone on to major international careers, including Murray Perahia KBE, Mitsuko Uchida, Sir András Schiff, Radu Lupu, Lars Vogt, Federico Colli, Eric Lu, Alim Beisembayev and Jaeden Izik-Dzurko. Increasingly, The Leeds is recognised for the breadth of artistic success achieved by competitors beyond the medal positions alone, reflecting the organisation's wider commitment to supporting pianists at a critical stage in their artistic and professional development.

Today, the Leeds' work extends beyond the Competition itself. Through programmes including Competitor+, the Leeds Piano Trail and Creative Learning & Engagement activity, The Leeds supports pathways into music for children, young people, emerging artists and communities across Leeds and beyond. This work reflects the organisation's belief in the power of the piano not only as an instrument of artistic expression, but as a means of connection, creativity and participation.

Alongside its international artistic profile, the Leeds continues to develop Leeds Piano City - a long-term vision which positions Leeds as a place where world-class performance, public participation and everyday access to music-making are closely connected.

The charity is led by CEO Fiona Sinclair and the Board of Trustees, and is honoured to have the support of Murray Perahia KBE as Patron and Lang Lang as Global Ambassador.

OBJECTS AND ACTIVITIES

The Objects of the Charity are, for the public benefit, to:

- promote the art and appreciation of music, particularly piano playing, performance and repertoire, through activities including but not limited to competitions, concerts, and public events;

- to support the development of exceptionally talented young musicians, including through prizes, performance opportunities, mentoring, training, and professional development; and

- to advance education, cultural engagement and participation in music, especially piano music, among diverse audiences in the City of Leeds, Yorkshire, and elsewhere.

Public Benefit

The Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. The Trustees consider that the charity's activities, including the Competition, Piano Trail, Creative Learning & Engagement activity and artist development programmes, provide clear public benefit through the advancement of education and the arts.

ACHIEVEMENTS AND PERFORMANCE

Strategic Planning and Organisational Development

Following the exceptionally high level of activity delivered during the 2024 Competition year, 2025 marked the beginning of a new triennial cycle and a period of strategic consolidation for the organisation as preparations began for the 22nd Edition of the Competition in 2027. Operational activity was intentionally reduced in order to focus on long-term planning, fundraising, governance development and future programme delivery. As part of this process, the charity also undertook a planned organisational restructure designed to align staffing capacity and operational delivery with the new cycle.

Throughout the year, Trustees and staff undertook an extensive programme of consultation and review culminating in the approval of a new Business Plan for 2025-2027. The Plan establishes a renewed strategic framework for the organisation, strengthening the relationship between artistic excellence, artist development, public engagement and civic impact.

The Business Plan also reflects the organisation's growing role within the cultural life of Leeds, and articulates a longer-term vision for the Leeds Piano Trail, Creative Learning & Engagement activity and sector leadership work alongside the core Competition.

During 2025, the organisation also renewed its strategic partnership with the University of Leeds, reinforcing a longstanding relationship which remains central to the future development and delivery of the Competition and wider organisational activity.

Artistic Activity, Artist Development and Public Engagement

Alongside organisational restructuring and long-term planning, 2025 was also an important artistic year for the Leeds International Piano Competition, demonstrating the continuing international impact of the 2024 Competition and the strength of Leeds' distinctive artist development approach.

The Competition's prize-winners and finalists continued to achieve major international success throughout the year. Performances at leading international venues, including Wigmore Hall and the Elbphilharmonie, alongside international touring, recordings and orchestral engagements, reinforced the Competition's position as one of the world's leading platforms for emerging pianists.

A particularly significant achievement was that all three medallists from the 2024 Competition secured major artist management and recording representation - an increasingly rare outcome within the international competition landscape. Trustees recognised this as strong evidence of the organisation's credibility not only in identifying exceptional pianists, but to supporting long-term artistic development and sustainable international careers.

The year also marked an important step forward in artistic planning for the 2027 Competition. Following extensive international consultation, the organisation secured the appointment of Sir Stephen Hough as Chair of the Jury for the 2027 Leeds International Piano Competition. Trustees recognised this as a major artistic achievement and an important endorsement of the Competition's international standing and future direction.

Alongside its international artistic activity, the organisation continued to deliver significant public engagement and participation work through the Leeds Piano Trail and wider Leeds Piano City vision. Through public pianos, participation and performance activity across Leeds and Bradford, the programme continued to strengthen access to music-making through a highly collaborative delivery model supported by strong partnerships, existing infrastructure and a growing volunteer network.

Highlights during the year included the continued expansion of the Piano Trail, the launch of new public piano installations, the distribution of digital learning resources through Count Me In, and creative programmes supporting children, young people and care-experienced participants.

Trustees recognised both the strength of the organisation's artistic and public impact, and the importance of ensuring long-term sustainability and organisational capacity as activity continues to develop towards the 2027 Competition cycle.

FINANCIAL REVIEW

The Trustees wish to highlight that the charity operates on a triennial cycle centred around the delivery of the Leeds International Piano Competition and associated Festival and Engagement Programmes. As a result, the organisation's financial position and annual results should be viewed across the full three-years, rather than as a conventional year-round operating model.

Following the delivery of the 21st Edition of the Competition in 2024, 2025 marked the beginning of a new strategic and financial cycle leading towards the 22nd Edition in 2027. During this period, the organisation continued to invest in strategic planning, governance, fundraising infrastructure and future programme development.

Expenditure relating to artistic planning, organisational development and operational preparation begins well in advance of the full fundraising required to deliver the Competition itself. Fundraising activity therefore sees income progressively secured across the three-year period leading towards delivery.

Against a continuing backdrop of funding pressures across the cultural sector, Trustees maintained a strong focus on financial stewardship, organisational resilience and long-term sustainability throughout 2025. The Board undertook detailed financial planning linked to the delivery of the 2025-2027 Business Plan, ensuring that expenditure and organisational growth remained proportionate to confirmed and projected income.

During the year, the charity also transitioned its finance administration to an outsourced arrangement, improving financial reporting, operational efficiency and scalability across both Competition and non-Competition years, while supporting the continued professionalisation of the organisation's financial management systems.

The Trustees also note that, in accordance with the Charities Statement of Recommended Practice (SORP) 2019, certain grants and pledged donations may be recognised within the accounts before funds are fully received by the charity. As a result, the timing of income recognition may not always reflect the timing of cash receipt across the wider Competition cycle.

The results for the year are set out in the financial statements on pages 14 - 16

- Total income recognised per financial statements: £929,661

- Total income actually receivable in period: £538,989

- Difference between amounts recognised and received (accrued donations movement): £390,672

- Total funds carried forward per financial statements: £1,110,838

- Fund balance adjusted for donations recognised in advance: £388,373

In preparing the financial statements in accordance with the charities SORP, as explained in our accounting policies on page 18 we are required to recognise income where conditions of entitlement, probability and measurement are satisfied. This means that for a number of our donations and grants, where not dependant on meeting specific service conditions, we are required to recognise income that has been pledged ahead of when it will be actually received by the charity; and in the case of some multi-year grants, significantly ahead.

As this can obscure the actual income received and fund position of the charity in any given year, we have set out the impact that this accounting policy has on the financial statements in the table below:

2025

2024

£

£

Total income recognised per financial statements

929,661

672,195

Difference between amounts recognised and actually received (accrued donations movement)

390,672

288,207

Total income actually receivable in period

538,989

960,402

Total funds carried forward per financial statements

1,110,838

598,417

Fund balance increased by amounts recognised in advance (accrued donations at the year end)

(722,465

)

(331,793

)

Total closing fund balance excluding donations recognised in advance

388,373

266,624

Reserves Policy

The Trustees continue to monitor and manage reserves in relation to the organisation's triennial Competition cycle, with the aim of maintaining sufficient liquidity to support core operations, strategic priorities and future Competition delivery.

At the end of 2025, the charity held unrestricted reserves of £1,110,838, which includes amounts pledged for future years and recognised in accordance with the Charities SORP accounting guidelines. Cash reserves at year end totalled £398,460, of which all related to unrestricted funds available to support the charity's ongoing activities and commitments.

The organisation operates a minimum reserves policy designed to ensure that sufficient unrestricted reserves are maintained to cover at least four months of core staffing and operating costs. Trustees consider this an appropriate level to support organisational resilience and manage uncertainty. The policy is reviewed annually.

Investment Policy

Under the Memorandum and Articles of Association, the charity has the power to invest funds in accordance with the guidance of authorised financial advisors. The charity does not currently hold investment assets other than cash deposits, which are held in interest-bearing accounts and accessible on short notice to support liquidity.

Risk Management

The Trustees continue to review and manage risk through the organisation's Risk Management Policy and Risk Register, which are reviewed regularly by the Finance & Audit Committee and reported to the Board throughout the year.

Key areas of focus during 2025 included financial sustainability across the Competition cycle, fundraising and income generation, operational planning for the 2027 Competition, leadership and governance transition, digital infrastructure, and wider organisational resilience.

During the year, the charity also managed a staffing restructure process as part of wider organisational development and business planning activity. Trustees oversaw this process with support from external professional HR and legal advisers in order to support appropriate governance, compliance and risk management.

The Trustees are satisfied that appropriate systems and processes remain in place to identify, monitor and manage the charity's principal risks.

Going Concern

The Trustees have reviewed the charity's financial position, reserves and cashflow forecasts, together with the assumptions underpinning the 2025-2027 Business Plan. Following this review, the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

While recognising the continuing challenges within the wider cultural funding environment, the Trustees are satisfied that the charity has appropriate financial controls, forecasting processes and strategic plans in place to support its ongoing operations and future.

LOOKING AHEAD

The organisation now moves into the next phase of preparation for the 2027 Leeds International Piano Competition and Piano Trail Festival.

Priorities for 2026 and beyond include the continued development of the Competition jury and artistic leadership, implementation of the Audience Development Strategy, expansion of Leeds Piano City activity, growth of fundraising and membership programmes, and further strengthening of organisational infrastructure and delivery capacity.

Trustees will continue to oversee the phased delivery of the 2025-2027 Business Plan, with a particular focus on long-term financial sustainability, audience development, digital growth, governance modernisation and the successful delivery of the 22nd Edition of the Competition in 2027.

Alongside preparations for the Competition itself, the organisation will continue to expand its Creative Learning & Engagement activity, international partnerships and public engagement programmes, strengthening Leeds' position as a globally connected piano city and an international centre for artistic excellence, participation and talent development.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Leeds International Piano Competition is a company limited by guarantee and is registered as a charity under the Charities Act 2011. It is governed by its Memorandum and Articles of Association dated 15 August 2025. The Company has charitable status for tax purposes. There is a board of directors ('the Board'), who are charitable trustees ('the trustees') and in accordance with the Memorandum of Association the trustees are also the members of the Company.

Governance

The Board is responsible for oversight of all significant areas of the charity's activity, including strategic planning, financial stewardship, governance, risk management, the appointment of trustees and senior staff, and the approval of key organisational policies. Significant attention is given to the preparation of Board papers and monthly Management Information reports, enabling Trustees to monitor progress effectively against strategic objectives and operational priorities.

In carrying out these responsibilities, the Board is supported by four sub-committees:

1. Finance & Audit

2. Remuneration, Appointments & Nominations

3. Development

4. Creative Learning & Engagement

During the year, the charity adopted a substantially revised Governance Framework designed to modernise governance structures and strengthen delegated authority, accountability and reporting arrangements across the organisation. This included enhanced committee structures, clearer executive responsibilities, strengthened financial and management reporting processes, and updated governance policies aligned with contemporary charity governance expectations.

Remuneration

Key management personnel remuneration is agreed by the Board of Trustees and is set at a commercial rate in relation to the sector and location.

Trustee appointments

Trustees are appointed in accordance with the Articles of Association and are selected to ensure an appropriate balance of skills, experience and sector knowledge relevant to the charity's activities and strategic development.

During the year, Ken Beaty retired as Chair on completion of his term, and Martin Jenkins stepped down as a Trustee. The Board thanks them both for their contribution to the Competition.

Following Ken's retirement, Edward Appleyard and Gabrielle Solti were appointed Interim Co-Chairs while a recruitment process for a new Chair was carried out. That process concluded in July 2026, and Jonathan Macdonald will take up the role of Chair in September 2026.

The Board has continued to strengthen alongside this, with three Yorkshire-based Trustees and one internationally-based Trustee joining since the end of the year. They bring skills, knowledge and experience from across the culture, education and business sectors, together with fresh energy as the Competition builds towards its landmark 2027 edition.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03518157 (England and Wales)

Registered Charity number

1073251

Registered office

Leeds International Piano Competition

169b Woodhouse Lane

Leeds

West Yorkshire

LS2 3AR

Trustees

Mr E Appleyard

Mr K R Beaty (Chair) (resigned 31/12/2025)

Professor S E Buitendijk (resigned 24/2/2025)

Mr M A Jenkins (resigned 31/12/2025)

Mr R S Morse

Mrs G T Solti

Mr C M Tait (Chair of Finance and Audit Committee)

Ms J O Webster

Professor S C West

Cllr S Arif (appointed 3/7/2025)

D I Hunt (appointed 26/3/2026)

L M Wellings (appointed 26/3/2026)

Global ambassador

Lang Lang

Patron

Murray Perahia Hon KBE

Honorary President in memoriam

Dame Fanny Waterman

President

The Lord Mayor of Leeds

Key Management Personnel

Ms Fiona Sinclair (Chief Executive)

Ms Sally Egan

Mr Alfred Mulroy

Auditors

UHY Calvert Smith LLP

Statutory Auditor

Chartered Accountants

Heritage House

Murton Way

Osbaldwick

York

North Yorkshire

YO19 5UW

Solicitors

Raworths LLP

89 Station Parade

Harrogate

HG1 1HF

Bankers

Virgin Money

94 Albion Street

Leeds

LS1 6AG

Finance Support

Adding Value

Studio 21

Bluecoat Chambers

College Lane

Liverpool

L1 3BZ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Leeds International Piano Competition for the purposes of company law) are responsible for preparing the Report of the Trustees 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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;

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

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

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Approved by order of the board of trustees and signed on their behalf on 21 September 2026 and signed on its behalf by:

Mr C M Tait - Trustee

Opinion

We have audited the financial statements of Leeds International Piano Competition (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 December 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

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

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

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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.

Our 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 a Report of the Independent Auditors 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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and from our commercial knowledge and experience of the sector; and

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation, employment, and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an

understanding of how fraud might occur by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 auditors' 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.

Harry Howley FCA MAAT (Senior Statutory Auditor)

for and on behalf of UHY Calvert Smith LLP

Statutory Auditor

Chartered Accountants

Heritage House

Murton Way

Osbaldwick

York

North Yorkshire

YO19 5UW

23 September 2026

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

913,118

9,563

922,681

541,064

Charitable activities

5

LIPC charitable activities

2,370

-

2,370

109,065

Investment income

4

4,610

-

4,610

22,066

Total

920,098

9,563

929,661

672,195

EXPENDITURE ON

Raising funds

6

41,456

-

41,456

189,267

Charitable activities

7

LIPC charitable activities

366,221

9,563

375,784

1,343,671

Total

407,677

9,563

417,240

1,532,938

NET INCOME/(EXPENDITURE)

512,421

-

512,421

(860,743

)

RECONCILIATION OF FUNDS

Total funds brought forward

598,417

-

598,417

1,459,160

TOTAL FUNDS CARRIED FORWARD

1,110,838

-

1,110,838

598,417

2025

2024

Notes

£

£

FIXED ASSETS

Tangible assets

14

1,155

840

CURRENT ASSETS

Debtors: amounts falling due within one year

15

361,819

516,368

Debtors: amounts falling due after more than one year

15

375,000

-

Cash at bank

398,460

215,845

1,135,279

732,213

CREDITORS

Amounts falling due within one year

16

(25,596

)

(134,636

)

NET CURRENT ASSETS

1,109,683

597,577

TOTAL ASSETS LESS CURRENT LIABILITIES

1,110,838

598,417

NET ASSETS

1,110,838

598,417

FUNDS

19

Unrestricted funds

1,110,838

598,417

TOTAL FUNDS

1,110,838

598,417

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 21 September 2026 and were signed on its behalf by:

Mr C M Tait - Trustee

Cash flows from operating activities

Cash generated from operations

1

179,205

(604,736

)

Net cash provided by/(used in) operating activities

179,205

(604,736

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,200

)

-

Interest received

4,610

22,066

Net cash provided by investing activities

3,410

22,066

Change in cash and cash equivalents in the reporting period

182,615

(582,670

)

Cash and cash equivalents at the beginning of the reporting period

215,845

798,515

Cash and cash equivalents at the end of the reporting period

398,460

215,845

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

512,421

(860,743

)

Adjustments for:

Depreciation charges

885

1,768

Interest received

(4,610

)

(22,066

)

(Increase)/decrease in debtors

(220,451

)

163,598

(Decrease)/increase in creditors

(109,040

)

112,707

Net cash provided by/(used in) operations

179,205

(604,736

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

215,845

182,615

398,460

215,845

182,615

398,460

Total

215,845

182,615

398,460

1.	GENERAL INFORMATION

Leeds International Pianoforte Competition is a private company limited by guarantee, incorporated in England and Wales. The registered office address is the Piano Competition Office, The University of Leeds, Leeds, LS2 9JT.

2.	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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis.

The charity is forecast to be cash generative in the next financial year, as it moves through the triennial cycle building towards the next competition, and to have sufficient cash flows to meet its liabilities for at least one year from the date of the approval of the accounts. At the time of approving the financial statements, the trustees therefore have a reasonable expectation that the charity has adequate resources available to continue to operate for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances.

Areas in which judgement has been applied include the allocation of supports costs as outlined below.

There are considered to be no assumptions or estimates made in the the preparation of these financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year.

Income

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

Income from charitable activities represents amounts receivable in connection with the competition or from the delivery of paid outreach or educational activities.

When donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

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.

Raising funds

Costs of rasing funds are those costs incurred in attracting voluntary income and funding for the charity.

Charitable activities

Cost of charitable activities include those costs incurred by the charity in the delivery of its activities and services to further its objects. This includes costs associated with the staging of the competition, and the charity's educational and outreach activities.

Allocation and apportionment of costs

Support costs include staff costs and overheads of the charity, and governance costs incurred in respect of the constitutional and statutory requirements of the charity.

Support costs are allocated to charitable activities (90%) and costs of raising funds (10%) in this and the prior year. This estimate is considered to reasonably reflect the underlying financial activities of the charity, and provide a reliable basis for allocation in the context of the charity's size and resources.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - Straight line over 3 years

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception, where applicable, of bank loans which are subsequently measured at amortised cost using the effective interest method.

3.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations - supporting members and patron scheme

23,578

20,940

Donations - trusts, corporate, institutional & public

894,086

514,526

Gift aid

5,017

5,598

922,681

541,064

Donations recognised in the year include amounts which have been accrued; where the conditions for recognition have been met but funds were not received until after the year end. Total accrued donations at the year end were £722,465 (2024: £331,793). Details of the movement in the year are set out below in note 15.

4.	INVESTMENT INCOME

2025

2024

£

£

Interest and cashback

4,610

22,066

5.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Activity

£

£

Marketing income

LIPC charitable activities

2,370

29,435

Box office income

LIPC charitable activities

-

79,630

2,370

109,065

6.	RAISING FUNDS

Raising donations and legacies

2025

2024

£

£

Marketing and advertising

9,657

146,614

Support costs

31,799

42,653

41,456

189,267

7.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 8)

note 9)

Totals

£

£

£

LIPC charitable activities

49,654

326,130

375,784

8.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Competition costs

12,362

418,158

Learning and engagement

-

34,451

International round costs

-

29,536

Streaming fees

10,372

345,861

Piano trail, ambassadors

20,115

121,383

Bad debt

6,805

-

49,654

949,389

A bad debt of £6,805 has been recognised in the year in respect of irrecoverable funds.