Company registered number.. 02989656 Charity number: 1045693 THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) UNAUDITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 KINGSTON BURROWES AUDIT LTD 308 Ewell Road Surbiton Surrey KT6 7AL
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) CONTENTS Page Reference and Administrative Details of the Charity, its Directors and Advisers Trustees, Annual Report 2-10 Independent Examiner's Report statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-26
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) REFERENCE AND ADMINSTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Directors Gordon Williams, Chair Geraint Howells, Treasurer Isabel Newman Robert Fitzpatrick Indy Vidyalankara Mervyn Lyn Claire Shomade Company registered number 02989656 Charity registered number 1045693 Registered offi 77 Watson's Street Deptford London SE8 4AU Executive Director Wozzy Brewster, OBE, FRSA Independent Examiner Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey Kf6 7AL Bankers Barclays Bank PIC 93 Lewisham High Street Lewisham SE13 6BB CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Charity Bank Ltd Fosse House 182 High Street Tonbridge TN9 1BE Page 1
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered Charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 structure Governance and Mana ement Governin Document The Midi Music Company is a company limited by guarantee governed by its Memorandum and Articles of Association dated 26th July 1994 and amended 121h December 2012. It is registered as a charity with the Charity Commission and the Fundraising Regulator. ointment of Board of Directors As set out in the Articles of Association the Board of Directors has the power at any time, and from time to time, to appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors. Any Director so appointed shall hold office only until the next following Annual General Meeting and shall then be eligible for re-election. The Board of Directors operates on a voluntary basis. Directors Induction & Trainin New Directors have a preliminary meeting with the Chair and Executive Director, plus an induction meeting with the Executive Director to brief them on the vision, artists-c programme, and financial performance of the charity, as well as an opportunity to observe a Board meeting. During the induction they meet key staff members and can observe various aspects of the charity's work. During the obseNation Board meeting new Directors can raise any queries or issues with the rest of the Board of Directors. The Directors are encouraged to attend appropriate training events that will facilitate the undertaking of their role and re1ve relevant Charity Commission and Clore Cultural Leadership information on due diligence and regulations. anisation The Board of Directors administers the charity. The Board meets quarterly and has specific members with responsibility for personnel, finan, legal, client development. philanthropy, social investment, PR, marketing, digital streaming insights and the music industry. An Executive Director is appointed by the Board to manage the day-to-day operations of the charity. To facilitate effective operations, the Executive Director has delegated authority, within the terms of delegation approved by the Board, for operational matters including finance, personnel, resources, logistics and artistic performance related activities. Related Parties The charity's wholly owned subsidiary, The Midi Music Company Events Ltd, was established to deliver creative events for young people. The Midi Music Company is the only shareholder and all profits from the events company are invested in the charity. The Midi Music Company Events Ltd is currently dormant. Risk Mana ement The Board of Directors receives quarterly financial management and operations reports, including information on cashflow, financial support, artistic programme, statistical data, resources, logistics, networks, and developments, as well as holding additional meetings, when required, to discuss financial. personnel & resource issues. Page 2
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The staff team monitor operations and finances weekly on behalf of the Board of Directors, reporting areas of conrn and highlighting the potential risk to the charity, along with recommendations for strategic development, fundraising, safeguarding children and young people, and health & safety. A key element in the management of financial risk is the establishment of a reserves policy and its regular review by the Board of Directors. Ob'ectives & Activities The objects of the charity are: To promote, maintain, improve, and advance education particularly by the encouragement of the Arts including all forms of performing and visual art with special referenoe to the art of Music. The charity provides a space for all children and young people to be inspired to get into music and the creative industries, working within a safe and inspiring creative hub. The primary focus for the year was.. to consolidate the core stsff team, enhancing the artistic programme with a new partnership with the English Folk Expo in Manchester, working with the Association for Electronic Music (AFEM) by participating in a panel at Beyond the Music, once again in Manchester,. retaining ongoing investment from the London Borough of Lewisham, Arts Council England, Tom ap Rhys Pryce Memorial Trust and the Paul Hamlyn Foundation,. attracting new investment from the Sony Music Social Justice Fund to upgrade the recording studio & artistic programme, ongoing participation in the UK Music Diversity Taskforce, BPI Music Export Growth Scheme, BRIT Award Voting Academy and WOMEX 2024, plus engagement in the AIM + FAC Artists & Managers Awards Panel, MMF Managers Accelerator Programme panel, with the UK MLFSiC 5 Ps partnership with IPIAS], and with our ongoing support for diversity, equity and equality. Support was also provided for various campaigns including,
Freemovecreate, #EveryChildAMusician, #Open Letter in The Guardian challenging Al and
NoMusicOnADeadPlanet.
The strategies employed to achieve the charity's objectives are to- Provide inspiring and engaging educational and training programmes targeted at children and young people with rewarding InntIves, Work in partnership with relevant agencieslorganisations to collate industry intelligence and host seminars and master classes to broaden young people's understanding of current trends and opportunities in the UK music industry and cultural industries, Develop relationships with music industry businesses to provide access to entry level jobs and support funding investment for young people and the creation of partnership opportunities, Establish affordable access programmes for children and young people to learn how to play instruments, develop music production skills. record their music, develop creative enterprises, explore creative internships and work plamentS, expand their social networks, rehearse, perform and develop themselves as creative entrepreneurs, Participate in relevant seminars, forums, panels, advisory groups. and conferences, Develop our strategic partnerships and networks. The four major areas of activity are: educational programmes" creative industries careers advi service., events" and partnership projects. The educational programmes are primarily focused on providing music & production education for children and young adults. Page 3
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 They aim to offer opportunities in instrumental skills development, music composition, music production, mixing & mastering, music business, bursaries, and cr05s-art form initiatives. We engage industry professionals who share their expertise to inspire emerging talent to understand the trends and opportunities. The programmes allow individuals to enhance their creative skills and identify progression routes. Participants are referred from schools, colleges, looked after children services, asylum and refugee projects, social seNices, youth offending schemes, pupil referral units, looked after services, youth projects, local housing initiatives, mental health services, employment initiatives and other related agencies. The Creative Industries Careers Advice Seniice CICAS@ (pronounced "seekers") creates a platform for young adults to explore their potential and identify pathways for their creative development including skills- based training, work experience placements, apprenticeships, internships, mentorships, self-employment and establishing new enterprises. The 1=1 advice, support and guidance sessions continue online via Zoom, enabling more young people from across the country to access careers support, with continuous demand for one-to-one sessions, as well as talent development, industry contacts, marketing support, funding advice & guidance, references, and referrals, plus access to rehearsal and recording facilities at MMC onsite. The CICAS@ Podcasts continue to profile emerging tslent on Soundcloud and MMC'S website and newsletter. The partnership projects that engage children and young people enable participants to connect with emerging artists locally, regionally, and nationally. These represent Spoken Word, music, songwriting and production projects, international initiatives, seminar and conference panels- the work placements at MMC for students attending formal educational establishments were put on hold until the staff team is fully re- established. Public Benefit The charity provides public benefit through a variety of different approaches.. Providing subsidised affordable instrumental, Spoken Word and music production tuition for socio- economically disadvantaged children, complimented by the Tom ap Rhys Pryce Music Bursary programme for 1-1 tuition at The Conservatoire in Blackheath with partner nominations from YUAF and Fairbeats Music. The Conservatoire also supports the programme by providing extended bursaries, where possible, plus the Jack Petchey Foundation distributes Bronze Awards for Outstsnding Achievement for AYM students Mentoring & supporting young people and arts professionals Providing free careers advice and discounted access for CICAS@ & CAPS (Creative Associate Professionals CICAS@ alumni) members to rehearsal space, music production equipment, recording facilities, multimedia resources, vocal coaching, talent development, funding advice & guidance, references, industry links, marketing, digital media, PR & marketing support Developing new audiences for young emerging artists, bands and creative entrepreneurs via our website, social media, newsletter, podcasts, showcases and events. in addition to providing MMC Takeovers across various platforms or providing pathways to performance opportunities Circulating creative & cultural industries data and intelligence to provide greater equity for young people from diverse backgrounds through the CICAS@ and CAPS programmes Linking emerging talent to industry professionals via our established creative & cultural industries neOrkS and contacts Safeguarding children and young people so that they can engage in positive, creative learning experiences, supported by eXperIend and professional staff teams and volunteers, who are DBS checked, according to child protection regulations. Page 4
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Achievements & Performance MAIN ACTIVITIES Aspiring Young Musicians OUTCOMES 24 children aged 11 16 participated in Music Production, MCISpoken Word and Keyboards for Songwriting classes. KEY FACTORS AYM students in Year 10 & 11 were studying for GCSES during the academic year reducing registrations. (AYM) Cre8tiv@ 47 students aged 16+ participated in the Music Production, Mixing & Mastering & new DJ Skills evening courses and one-day DIY Releasing course 17 % increase in registrations during the year and the introduction of the DJ Skills course led to students DJing at external events. CICAS@: Creative Industries Careers Advice SeNice (pronOUnd "Seekers.) 1,447 young adults aged 16+ received 'one-to-one' information, advi and guidance, as well as access to resources, marketing support, funding advice guidance, industry contacts and a"st[C development. On%oing demand increased users, including other unregistered band mernbers and artists registered CICAS@ members surveyed (197) with 570/0 remaining registered with industry bodies. 14 CICAS@ 31+ members and 78 x CICAS@ alumni part of the Creative Associate Professional (CAPS) programme. CICAS@ Podcasts - on our MMC website profiling 12 Young EntrepreneurslArtists Opportunity for CICAS@ members to feature in an on-line podcast. CICAS@ Internships for 3 young prOdurS Arinola completed her intemship releasing additional music 'A Long Dal and Mantooth released 'Santa BB Y Reloaded, featuring Princess XIXI, with Mantooth also joining The Ivor Academy London Youth Council, Maura Bird aka Mo Pheonix started the intemship in Autumn 2024. The Intems attended the Artists & Managers Awards, MMF Manager Accelerator Cohort Welcome Party @ YouTube and other relevant industry seminars. as well as participating in special songwriting master class with acclaimed songwriterlprodutsr Roddy Matthews. Page 5
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Music ExplosionTM Industry Talks + Networking A series of music business talks with Q&A and networking, covering radio, radio plugging, PR promotion, sync, artistry, management, legal * business affairs. digital & international markets - 85 x participants aged 16+ These sessions were supported by Hart media, BBC1Xtra16Radio + Reprezent FM PresenterlDJ and [PIASI Summer Showcase & mini Sharings 2 x AYM Sharings at the end of each term in person with students and parentslcarerslfriends 1 x Summer Showcase The Sharings and Summer Showcase offer an opportunity for students to present their creative works, improve their performance skills and see the progress of the Tom ap Rhys Pryce Music Bursary Award winners. Outreach & Partnerships 8 x bursary awards to children and young people aged 11 19 to attend The Conservatoire in Blackheath for 1.1 tuition over the period of one year Tom's Trust supports the Bursary programme allowing the cohort to develop instrumental skills on an instrument of their choice, with bursaries provided to our partners Fairbeatl Music & Young Urban Arts Foundation Placements and work experience from educational establishments MMC was unable to facilitate work experience plaMentS due to staff turnover. Deaf Rave Music Production & Access programme for Deaf young people. Continued to support Deaf producers and sign song artists: SignKid, CICAS@ alumni and CAPS member released a new single 'She Said, with a video on YouTube. Deaf Rave CIC MMC'S introduction to Sony Music led to DJ and DeaflDisability Awareness training for the label's staff. Attended the Deaf Rave Festival at Rich Mix Page 6
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Inspiration@ Network- strategic partnership with Impact 10, IRIE! dance theatre and Lionbeat CIC Continued progression routes for young people into the creative & cultural industries, supported by referrals. Identifying additional partners. Creative Associate Professional Group (CAPS): MMC graduates, alumni, industry professionals and associated young entrepreneurs working together to increase their resources as a collective The continued development of a strategic grass roots network with the capacity to record, release, publish and distribute new music Deptford Green School - Lewisham MMC delivered a free vocal workshop led by Rachel Bennett as part of the Discover Creative Careers Programme Association of Independent Music (AIM) Partnership organisation with free or discounted access for CICAS@ & CAPS members to AIM Sync Conference, AIM Connected Conference. AIM Academy webinars and industry intelligence Partnership organisation with free and discounted aCsS to webinars and industry intelligence, plus CICAS@ member opportunities to become FAC Ambassador Featured Artist Coalition (FAC) London Landmarks Half MarathonlMMC Takeover - Westminster 3 x artists performed on the Strand Stage", Mantooth, Dominique Octavia and Ross l-yota hosted by Ola Torch SDS Entertainment- Croydon Continued mentoring, support and guidance. Developing Al + Music project partnership with MMC BAFA UK Board member BAFA UK Reduction in activity for the Black Association for Arts UK led by founder, Cleveland Watkiss and chaired by James Joseph Page 7
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Lionbeat CIC Support partnership with Lionbeat on the Local is Logical BassisBike zero-carbon project sponsored by Matt Black- special event at Somerset House delivered and project complete Lewisham Cultural Partnership MMC continued to contribute to the LCP Board working with other creative organisations across the borough, plus Creative Futures Working Group + Cultural Leadershi Trainin International Creative Knowledge & Skills Cultural Partnership- Mauritius On hold. WOMEX 2024 Co-curated the conference programme working with Pirahna Arts in Berlin, with WOMEX tsking place in Manchester. Events 3 x The Breakout Club audience 182 Live music events at the Fox + Firkin featuring emerging artists 1 x English Folk Expo MMC Showcase Manchester 52 audience Presented 3 x artists to industry professionals.. Sam Brown, Mo Pheonix & Memory Phase Seminars, Conferences Forums The staff team engaged with various forums, industry bodies and events, including, Lewisham Music, LEAN, BPI'S Music Export Growth Scheme Board, Artist & Manager's Awards, AIM Awards, MMF Music Manager Accelerator programme panel, Association for Electronic Music (AFEM), Rapture Records, Music Week Women in Music Awards, English Folk Expo, IRIE! dan theatre, Independent Venue Community, UK Music Diversity Taskforce, London Youth + more Contribution to panels, local community, and creative strategies, as well as raising the profile of the charity. Extension of links and contacts within the commercial UK music industry and other creative industries. Page 8
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Financial Review The principal funding sources were the Arts Council England (NPO), Paul Hamlyn Foundation, the London Borough of Lewisham, Sony Music Social Justice Fund and Tom ap Rhys Pryce Memorial Trust, with additional funds from the Jack Petchey Foundation. The applications to Wamer Music Group Blavatnik Family Foundation and London Youth were unsuccessful. The Charity received donations via Easy Fundraising, Amazon Europe, PayPal, DONR and BPI. The Directors continue to focus on philanthropic and corporate social responsibility investment, with the success of the Sony Music Social Justice Fund application and exploratory talks with PPL were ongoing. The Arts Council England NPO and Lewisham Council investments were extended to 2027 and 2026, respectively, with the possibility of a further extension of NPO funding to 2028. Investment Powers & Polic Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Directors wish. The Directors, having regard for the objects stated in the Memorandum of Association, have operated a policy of keeping available funds in an interest-bearing account as part of their reserves policy. Reserves Polic The activities of The Midi Music Company are fInand on a project-funding basis with a measure of unrestricted funding to cover necessary administration and overheads. There are no capital reserves that can be placed on deposit or otherwise prudently invested. Accordingly, all cash resources are held in the charity's current and reserve accounts. A reserve account has been established at CAF Bank and Charity Bank providing financial resoLtrces in the event of cash flow requirements and redundancy packages. An annual deposit is made. when possible, and interest is accrued quarterly. The actual reserve account balance, held in the CAF Gold Bank account, on 31st March 2025 was £21,208.98 and Charity Bank was £54,146.16. The unrestricted funds of the charity totslled £79,678 (2024 . £81,526) at the year end with restricted funds of £42,655 (2024 .. £3,880) Plans for Future Periods MMC'S primary focus is the consolidation of the core skilled team, supported with training and opportunities to develop their career pathways within the charity, whilst it celebrates its 30th anniversary in 2025. Page g
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The continued enhancement of the artistic programme with a special event to celebrate the Charity's anniversary and a joint Celebrating Legacy community event in partnership with IRIE! dance theatre, the announcement of new alumni Patrons, Ahnanselsteam Down and world-renowned drummer, Yussef Dayes, as well as a CaribbeanlLatino collaboration with CA Musicaleight-piece band, Papayebrass, with the opportunity to host a London Residency with Ahnanse producing new tracks for their album, continuing our work with Lewisham Cultural Partnership, IRIEI dance theatre, Association for Electronic Music, English Folk Expo and other relevant organisations, tslent development and music education programmes for aspiring and emerging artists, as well as partnerships with Lionbeat in Lewisham and SDS Entertainment in Croydon. In addition to the above artistic outcomes, MMC will partner with the Lewisham Young Mayor's Radio Lewisham Project and deliver a Podcast project created by young people for young people, funded by the Sony Music Social Justice Fund. Small Com an ecial Provisions The report of the Directors has been prepared taking advantage of the small companies, exemption of section 417 (1) of the Companies Act 2006. It was approved, and authorised for issue, by the Directors on 24th November 2025 and signed on its behalf by.. Gordon Williams Chair, Board of Directors Page 10
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025 which are set out on pages 10 to 22. Responslbilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b} of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination 9iving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. K.C. Fisher FCA % Kingston Burrowes Audit Ltd 308 Ewell Road Surbtton Surrey KT6 7AL 1 Oth December 2025 Page11
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Funds Funds Total 2025 Total 2024 Notes Income from: Grants, Trusts and donations Course fees Event and venue hire Bank interest re1vable other income 191,316 5,118 6,563 2,215 585 70,822 262,138 5,118 6,563 2,215 585 208,423 5,400 6,356 1,904 1,644 Total income 205,797 70,822 276.619 223,727 Expenditure on: Charitable activities.. Staff costs Project costs Office costs Publicity Music equipment maintenance Governan costs Depreciation 144,114 12,945 46,844 3,179 10,930 6,787 2,150 3,213 155,044 19,732 48,994 6,392 151,077 27,510 38,854 6,808 5,288 4,202 5,288 4,202 4,686 6,063 Total expenditure 216,572 23,080 239,652 234,998 Transfer betsveen funds 8,947 (8,947) Net movement in funds (1,828) 38,795 36,967 (11,271) Reconciliation of funds: Total funds brought forward 81.526 3,860 85.386 96,857 Net movement in funds (1,828) 38,795 36,967 (11,271) Total funds carried forward 79,698 42,655 122,353 85.386 All income and expenditure derives from continuing activities. The Statement of Financial Activities includes all recognised gains and losses recognised in the year. In 2024, of the total income of £223.727, £199,217 was to unrestricted funds and £24,510 was to restricted funds. In 2024, of the total expenditure of £234,998, £213,848 was from unrestricted funds and £21,150 was from restricted funds. The notes form part of the financial statements. Page 12
THE MIDI MUSIC COMPANY {A company limited by guarantee and registered charity) BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 FIXED ASSETS Notes Tangible assets Investments 15,867 6,415 10 15,868 6,416 CURRENT ASSETS Debtors Cash at bank and in hand 118,354 93,670 118,354 93,670 CREDITORS: Amounts falling due within one year 12 {11,869) (14,700) NET CURRENT ASSETS 106,485 78,970 TOTAL NET ASSETS 122,353 85,386 Charity Funds Restricted funds Unresricted funds 42.655 79,898 3,860 81,526 Total funds 122.353 85,386 The Charity was entitled to exemption from audit under Section 477 of the Companies Act. The members have not required the company to obtsin an audit for the year in question in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime= The financial statements were approved and authorised for issue by the Directors on 24th November 2025 and signed on its behalf by.. Gordon Williams Chair The notes form part of the financial statements. Geraint Howells Treasurer Page 13
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Genèral information The Midi Music Company is a private charitable company and is registered with the Charity Commission (Charity Registered Number 1045693) and Registrar of Companies (Company Registration Number 02989656) in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity information on page 1 of these fi'nancial statements. The nature of the Charity's operations and principal activities are to provide a space for all children and young people to be inspired to get into music and the creative industries. Accounting Policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 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) and the Companies Act 2006. The Midi Music Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The fi'nancial ststements a presented in pound sterling which is the functional currency of the Charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 2.2 Golng concem The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectstion that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going conrn basis in preparing these financial statements. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Page 14
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting Policies (continued 2.3 Income (Continued) For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. The Charity receives grants in respect of furthering its charitable objectives. Income from govemment and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be reiVed and the amount can be measured reliabw. If entitlement is not met then these amounts are deferred. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided, or on completion of the servi. 2.4 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for U K corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Page 15
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting Policiès (continued) 2.7 Tangible fixed assets and depreciation (continuedl Tangible fixed assets are initially recognised at cost. After recognition, under the cost model tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial activities. Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases= Improvements to rented propety Office equipment Music equipment 20 years - 4 years - 4 years 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Statement of financial activities. The investment in the Charity's trading subsidiary is included on the Balance Sheet at cost. The last valuation was carried out in September 2008. The Directors are satisfied that there has been no significant change in market value since this date. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Page 16
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting Policies (continued) 2.11 Liabilities and provisions (continued) Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or ServIS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.12 Financial instruments The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows.. Debtors- trade and other debtors (including accrued income) are basic financial instruTnents and are debt instruments measured at amortised cost as detailed in Note 11. Prepayments are not financial instruments. Cash at bank - is classified as a basic financial instrument and is measured at face value. Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost as detailed in Note 12. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver charitable servi$ rather than cash or another financial instrument. 2.13 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Directors in furtheran of the general objectives of the Charity and which have not been designated ft)r other purposes. Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 17
THE MIDI MUSIC COMPANY {A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations, grants and trusts Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Donations Grants and Trusts In-kind donations 3,868 182,741 4,707 3,868 70,822 253,563 4,707 191,316 70,822 262,138 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Donations Grants and Trusts In-kind donations 930 182,983 10,000 14,510 10,930 197,493 183,913 24,510 208,423 Analysis of Grants and Trusts Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Arts Council England London Borough of Lewisham Jack Petchey Foundation Tom Ap Rhys Pryce Trust Paul Hamlyn Foundation Sony Music Social Justice Fund 119,391 30,350 119,391 30,350 900 16,420 33.000 53.502 900 16,420 33,000 53,502 182,741 70,822 253,563 There are no unfulfilled conditions or other contingencies attached to the government grants above and below: Page 18
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations, grants and trusts (continued) Analysis of Grants and Trusts (continued) Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Arts Council England grant London Borough of Lewisham grant Jack Petchey grant Tom Ap Rhys Pryce Trust Paul Hamlyn Foundation 119,391 30.592 119,391 30,592 900 13,610 33,000 900 13.610 33,000 182,983 14,510 197,493 Project costs Total 2025 Total 2024 Trainee costs Travel and subsistence Documents and material Training Special Projects 11,476 5,630 727 899 1,000 11,344 4,873 696 1,597 9,000 19,732 27,510 Office costs Total 2025 Totsl 2024 Light, heat and premises Rent Insurance Postage and stationery Telephone and internet Office equipment maintenance Bank charges 20,498 900 4,927 4,033 17,175 1,148 313 17,937 154 4,588 3.805 11.131 921 318 48,994 38,854 Page 19
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Governance costs Total 2025 Total 2024 Independent Examiners, remuneration Professional fees 3,780 1,508 3,600 1,086 5,288 4,686 Staff costs Total 2025 Total 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 150,259 4,410 375 148,100 2,977 155,044 151,077 ncluded within wages and salaries are £8,420 to freelance tutors (2024 . £8,605) and £49,533 to self*mployed and casual staff (2024 .' £63,495). The average number of persons employed by the Charity during the year was as follows: 2025 No 2024 No Direct staff No employee received remuneration amounting to more that £60,000 in either year. The total amount of employee benefits received by Key Management Personnel was £61,619 (2024 . £56,783) which includes employers national insurance contributions and employers pension contributions. The charity considers its Key Management Personnel to comprise the Directors and Executive Director. Directors remuneration and expenses During the year, no Directors reiVed any remuneration or other benefits (2024 .' £Nill- During the year ended 31 March 2025, no Director expenses have been incurred (2024 .. £Nil). Page 20
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Tangible fixed assets Improvements to rented property Office equipment Music equipment Total Cost or valuation At 1 April 2024 Additions 131,806 26,774 91,171 13,654 249,751 13,654 At 31 March 2025 131,308 26,774 104,825 263,405 Depreciation At 1 April 2024 Charge for the year 131,806 20,659 2,717 90,871 1,485 243,336 4,202 At 31 March 2025 131,608 23,376 92,356 247,538 Net book value At 31 March 2025 3,398 12,469 15,867 At 31 March 2024 6,115 300 6,415 10. Ftxed asset investments Investments in subsidiary Companies Cost or valuation At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Page 21
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Fixed asset Investments (continued) The Midi Music Company Events Llmited The Midi Music Company holds 1 £1 ordinary shares in The Midi Music Company Events Limited (Company Number.. 04654990) representing a 100 % holding. The registered office of The Midi Music Company Events Limited is 77 Watsons Street, Deptford, London, SE8 4AU. The financial results of the subsidiary were as follows.. Income- £Nil Expenditure - £Nil Surplus for the period - £Nil Net assets - £1 In February 2003, the Charity formed Midi Music Company Events Limited, which is a wholly owned trading subsidiary formed for the purpose of organising large youth arts events. Consolidated accounts have not been prepared in respect of its subsidiary company because the group qualifi'es as a small group under section 398 of the Companies Act 2006. It is currently dormant and the capital of The Midi Music Company Events Limited, for the year ended 31 August 2023 is shown above. 11. Debtors 2025 2024 Due within one year Other debtors 12. Creditors: Amounts falling due within one year 2025 2024 Trade creditors other taxation and social security other creditors Accruals and deferred income 5,586 2,221 282 3,780 9,150 1,950 3,600 11,869 14,700 Deferred income At 1 April 2024 Resources deferred during the year Amounts released from previous periods At 31 March 2025 Page 22
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Statement of funds Balance at 1 April 2024 Balance at 31 March 2025 Statement of funds - Current year Income Expenditure Transfers Unrestricted Funds Designated funds Fixed asset fund 6,415 4,707 4,745 15,867 General Funds General fund 75,111 201,090 (216,572) 4,202 63,831 Total Unrestricted funds 81,526 205,797 (216,572) 8,947 79,698 Restricted funds Tom's Trust Jack Petchey Foundation Special Project Sony Music Social Justice 2,860 16,420 900 {19,280) {900) (1,OQO} (1,900) 1,000 53,502 (8,947} 42,655 3,860 70,822 {23,080) (8,947) 42,655 Total of funds 85,386 276,619 {239,652) 122,353 The Fixed Asset fund represents the net book value of unrestricted tangible fixed assets. Each year any additions or disposal movements are transferred beeen this fund and Unrestricted funds. Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The net transfer in of £4,202 relates to the depreciation of equipment in the period. The Tom's Trust fund represents amounts received from Tom ap Rhys Pry Memorial Trust to fund the Aspiring Young Musicians project, which is for songwriting and music production tuition and the Tom ap Rhys Pryce Music Bursary Awards to the Conservatoire, including partner nominations from YUAF and Fairbeat Music. The additional Tom's Trust funds represent the new investment in the Music Camps programme. The Jack Petchey Foundation grant represents funds which are to be used for the Outstanding Achievement awards presented to the Aspiring Young Musicians students. The Special Project fijnd represents the donation from Matt Black towards MMC'S partner project with Lionbeat Ltd to launch the BASSISBIKES (zero-carbon & visual mobile sound system) with showcase events and audience developments. The Sony Music Social Justice Fund is a grant towards the recording studio upgrade-, the Radio Lewisham Podcast Programme for young people aged 16-30 and the free 3-week Summer Music Camps for 5-10 year olds awarded over 3 years. £8,947 of the funds has been spent upgrading the music equipment as part of the studio upgrade in March 2025. Page 23
THE MIDI MUSIC COMPANY (A Gompany limited by guarantee and registsred charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Statement of funds (Continued) Balance at 1 April 2023 Balance at 31 March 2024 Statement of funds - Current year Income Expenditure Transfers Unrestricted Funds Designated funds Fixed asset fund 12,478 (6,063) 6,415 Genèral Funds General fund 83,679 199,217 (213,848) 6,063 75,111 Total Unrestricted funds 96,157 199,217 (213,848) 81,526 Restricted funds Tom's Trust Jack Petchey Foundation Special Project 13,610 900 10,000 (10,750) (1,400) (9,000) 2,860 500 1,000 500 24,510 (21,150) 3,860 Total of funds 96,657 223,727 (234,998) 85,386 Page 24
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Analysis of net assets between funds Analysis of net assets betwèen funds Current year Unrestricted funds 2025 Restricted Funds 2025 Total Funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 15,867 15,867 75,699 (11,869) 42,655 118,354 (11,869) Total 79,698 42,655 122,353 Analysis of net assets between funds Prior year Unrestricted funds 2024 Restricted Funds 2024 Total Funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 6,415 6,415 89,810 {14,700) 3,860 93,670 (14,700) Total 81,526 3,860 85,386 15. Pension commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £375 12024 . £Nil). Contributions of £282 (2024 . £Nil) were payable to the fund at the Balance Sheet date. 16. Related party transactions The Executive Director was not remunerated in the current or prior year for her role as a professional artist manager. There are no other related paty transactions during the year other than the Key Management Personnel remuneration shown in Note 7. 17. Section 37 disclosure The Charity has recognised total income from the London Borough of Lewisham of £30,350 (2024 . £30,592) in respect of grant aid for core costs. These funds were fully expended during the year (2024 . fully expended). At 31 March 2025, £Nil {2024 . £Nil} has been deferred to the next financial year. Page 25
THE MIDI MUSIC COMPANY (A company limited by guarantee and registered charity) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME Grants Trust income Hire services Course fees Interest retsivable Donations and other income 149,741 103,822 6,718 4,963 2,215 9,160 149,983 47,510 6,356 5,400 1,904 12,574 Total income 276,619 223,727 EXPENDITURE Salaries Casual and self-employed staff Premises and office running costs Trainee costs Documents and materials Staff travel, subsistence and training Publicity Bank charges Music equipment maintenance Depreciation Governance costs Special projects 97,091 57,953 48,681 11,476 727 6,529 6,392 313 78,977 72,100 38,536 11,344 696 6,470 6,808 318 4,202 5,288 1,000 6,063 4,686 9.000 Total expenditure 239,652 234,998 Incomel(expenditure) for the reporting period 36,967 (11,271) Page 26