2023-12-31-accounts

PRS Foundation THE PERFORMING RIGHTSOCIETY FOUNDATION (Acornpany Ilrnltsd byBu•r¥ntte and noi havlng a share ca￿) Trustees, Report and Financlal Statements For the year ended 31 December 2023 Compiryfiwnber. 03901665 artynumber: 104W7

PRS Foundation Contents Pago TN•te••' Rwrt 1-17 Indeporthnt Athjknfi R•pco1 18-21 Statement of Flnandal AcilvK Balance Sh2 24 Sl*temBnt of C88h Fl 25 Notes to thè 28-42

Trustees. Report For the Year ended 31 D2￿rnber 2023 PRS Foundation ABOUT PRS FOUNDATION PRS FoundaUon1lhe Ft)undation'l is the UK'8 le•dlng charitable funder of new Mu￿¢ and tal•nt d•velowenL Vrfo emp0v￿r and enable 90ngrftef8 cornpo8er8 of all b3ckgrnundts to reallse thelr potentlal. create exceptwal new music aUdIen￿ across the vrtd. Through dlrg¢18upport loy Iwjndreth of Mu8 Creatorn and fundKig for Organwlons vkno rnai thousaNl$ more eath year, our lundiTrJ removes banlers to ogres9￿n limely invutmenl in gx¢lUng, di¥er8e and knnQVa￿￿ talent 5 out of the tast 6 Mercwy Prize vthners had recelvad PRS Foundakn 8UPPtsrt at carnw momts. knGludln9 2022 prrLewlnner8 Ezr8 COlkncti￿. And music Greatorn Supported by PRS FOundat￿n secwe hundredl of h{gI￿￿ofil& nominations for malor Indu8ty awards •ch year, with the chorfty supp)th9 th08e vkno 90 on to n BRITS, Grarnffly. RPS, MOBO, AIM and Ivor• Avards. Since 2000 PRS Foundation has givon more than £47 mllllon kn over 8,900 new music ints8tl¥es, oLthtanding tslent from all bad(ground8 and coverfng the whole of the UK at all genres. wllh grante• guc¢e88 stories Including Little Simz. Wom ￿1¢0. Dave, Sam Fermler. Y•ars & Years. AJ Tra¢8y, hnna Meredith. Yok, Glam A￿lMa18, Ezrn Colbv8, Jale Bfjrd, Ghettl. Shlva F•sharth. Sarathy KoThAr, Fk)aling Pdnts. N•din¢ Shgh. The Fana15x, Imogen Heap, IDLES. Kaè Tempes( Koley Radkal and Emily Bum$. Imdely rejpected 01 an Indu¥e, cdlaborabvo and proxbve fundkng body, PRS Foundatkjn 8Ul¥XNt$ an excèpuonal fange Ofntr•vMus￿ac0Vlty through dlTecl prants to musiccreators and through suppcfft for pioneeAng organi8ation$, itKluding venues, festivals, promoters and olh•r taknt developmenl wgonlsalons. PRS Four7doJon founded the Women Make MUS￿ (ts￿, eovfoundod global gender equality ￿￿￿tive. Keydwng• ar most ro¢0th launched the POWER UP In￿atIve to tr￿(￿ onti4lock rBdsm in mustc. PRS Ftytsndat￿ is a constonty ev¢4￿n9, dynafflic (Ygani8aUon and its 8Fvoach •nsure8 1hal support reathe$ muslc ¢wlots frorn the llrassr(th up while respondlng to the thanglng envlronment In whlch Ihe creator8 We This is all made po$8lWe thnk8 to our maln donat￿￿ from perfO￿n9 Right Society fpRSI, match fundlr#J from various partners, and the experb¥e 011ndep•￿ent 4th8ors Thking in dthnl music UK reg￿n5. OBJECTIVES AND ACTIVITIES PRS FoundAli￿5 chaitsbfe objects afft to SLw¢xL ystsln and fvflhw the ¢reatiM and pwlomance Lrf new mulk In th• UKand inmw the WG'S 4ppredatk)n ofand educalle￿ lft new muatc. Our202f>23 Strew Prforfle8 4re lo.. Thiest fjn the de¥loprnent of exc•pWon•l. dW8e MUS￿ ciwtorn At cnKial stages 0UpF￿ pl￿eeth9 cKg8nisat#Ms And tsl•nt •xp•rt¥ lo enable th0￿ Mvrkkng in dl 9•rf a¢ros8 UK to I￿1 tholr ￿tential 4pearhaad new¥My8 to eomectmuok c¥eatorswth ¢)1￿$S•t￿I #nd partnernto8d(tru•t•l•ntpip8li)e gaps and fast-tr￿k e8reer progre89ion champion grnrt￿ the lo add valu•, infiu8nc• polky •nd attr•¢t kJ¢Teas•d •xtemal Investment cement our r•wth a8 thè UK'¥ m81 ac￿lIble. Indwvè •nd ¢ollAbNallve muiicknder Pag• 1

Trustees, Report For the Year ended 31 December 2023 PRS Foundation Major othllb• In 2023 Ylhlch d•ll¥v•d on thw• obJ0¢U￿ ¥wr•: Suptortir¥J 432 projec18 (12% of applicanls), In¥•stlrry apwoxwnalely £3.13m tn rylnls plwdged laver £7,%7 with e4sy-ttr•c￿ss gr•nts pledged to. 292 Indmdual sonwiler•. c￿pO￿lS and other music cr&ors (67% (rfgranls), 112 tyganisats)n8 euppjrling t8lenl deveknpment (26% of wants). •TrJ 28 indu8ty prd•s$ioMIW ftrturn indu8ty prof¥B8￿nal$ throLyh vltal programme• thlch Inwact flW8ic ueatorn U% of grants) R4¢el¥ing 3.586 op￿￿¢￿1)n# Iv3. 3.817 in 2022) Continuing our reputation a5 the mts￿ indusive rnuglc funder in th& UK- vthh.. 6W• music ￿atOr and indW profejsional grantees BUPPOrtJ vmmen {47%1, gender groups15%1 or gender dlverse {8%) fv8. 63% in 2022 and in 20211. 58% ol muslc creatorand Indujtry profe￿0￿1 grantees being ￿lan or¢tr￿￿￿lly dlver88 erltsge {vs. 58% In 20221, 18% of MUS￿ ¢rt4tor and indu$lry profeBsional g￿te•l Ident￿[￿j a$ dimbled {vs. 18 In 2022 and 15% in 2021 Cel•br4￿￿9 our ftagship W¢Then Make Mu¢ at Abky Ro•d kn Mveh laU￿h8￿ our 12- year imp8cl evaluation repjrt wNch showErl Ih•t.' Ovor £1.46 m•lKm hat now been invested in rnore than 380 mu8k crealor8 ￿nce 2011 O¥er 5,000 musi¢ crnators now applied for th$ fundln9 rt wa8 ann¢)unced 94% of grantee8 aoreed the fund impacted rAeaOve development. ￿(1 94% gt•tsd that Vlomen Make a sen¥e ofconfidence and ¢nwowgrnxnt 98% of supffjed grwrtees gay the fund is still needed Mathng 10 Y•ors af th• PPL Al￿nIuM Mw¢ Fund. with an Irii)gd r•port ￿￿ched at Th• G￿at Escape sh￿￿n9'. Thki Fund to generdte over £22 million for UK mu¥lc Ir#luity Over £5.2m ha8 been b)vested. 7hitt) ovèr 500 8rtisls support8d Over ham of those SUPPOrt￿ h2ve been based fmtslde Lorrflon through the Momontum A¢celer•tor we •ddrtss infrastNGiuTe gap8 in Yothshlre, Wales arwj LvrnpoKI City Reg￿n In th& 1¥st 3 yaars. 55% of grantees identy a8 ￿en, geTh1Èr expan8lve or In mlxed gender grouwJ. and al￿￿¥1 haff of grantsel have BL4cK ABi¥n Ott￿r ethnully dl¥eTse heritage coM￿eting and aN￿n￿n9 a m8iJrr•$tructure ofour mahy fundlng scheme8 lor org4nl8atknns, ith the new Talent l)eveloprnent wograrnmv merglng rtwork of Taknt DevelJpmenl Parlner oryanisation$ and Open FuThl for Or9afxsation8 Sewrhw furth•r reCogn￿n from the InthJ8ty forthè Import ofdwngemaklrq In6Jal¥•8 Indudkng.. K&y¢hange which The Workforr Avrdnl al ts UK LIVE Aw4rds In Dttember re(wnlblr¥J Ihe inyact of IM prokyamme wthlch h88 $0 f4r Supp￿led over 300 and gender4lherse arlsts and profe8110￿￿1$ in 13 ¢￿￿e1 POWER UP ￿Ned the Women in Muslc DE&1 Inlilative of the Year vtlard w) it8 thi Y￿r, and has now BUPPOrted 120 Black muulc uBatCYB and Ind￿ PTofeg9ionals thr￿jgh ts everxpan(ting and Infiuential netwk ETrourirvJ that grant 8UPPOrt h availatrAo Vthon most needed, that grts programmts •dApt to help creators to tacfrje nvwchallenges assrKiBted th th• L%$1￿￿¥￿Ill •nd co8tsof.tDuring inpxbny music al￿￿9 UK and 8bro#d Celebrnting grante? adaptsbllty, mlienca and comTre￿All and rywcal success, Ind￿￿1￿ NgltrproN• Amord ThIn5 and n(thlnaltCn518ee beI￿rf. AnnoLmdngthe nv Trwltl.yearlundlng agr&ementvAlh moln PerIO￿r￿4 Rwht SuLiety Limftod rpRS'I vthl¢h rfll Inmse yer-oTryearfvnding can be allo¢aled lo PRS Founda14on Sewrlr#J renMd •wJporl from PPL for 2024-2027 relatlng to k•y programrnes th¢1￿jing Ihe PPL Momentum Fund, Internabon81 ShoK•$e Fund and the Talènt Development Nelrfk SupyortiThJ the (vdopTnent of Keycharvje U.S., indudlr4 plawr¥J 4 C￿￿al role cor• partner of th• global InlOaOv¢ In pro¥klirvJ administrati￿ 8UPPDrt 88 tho standahj￿ noTrpYofil entty was beng set up Pitrhln91succes5fully) to become the 914nts partner for 9 Earty Promoter FurKI, 8UPPOrted by Art8 CounrAI England and DCMS whth law¢he$ in 2024 Furtheradaptstion of intemath'orbal progrBrnme8 indudirrfJ the Intemational FUMI {ISF)t0tac￿e the rttd8 0fth0￿ exparrfllng the career 9knbally ilhin a p05t-8r•xK po•t-C)vid +￿eXt. Page 2

Trustees, Report For the Year ended 31 DeL￿nber 2023 PRS Foundation Contsxt Our crwlal and Im•ty suppNt remo¥ts barri•rs aThJ li helplng to buNd a ¥trong, Conn￿￿. irdu8l¥e Cornm￿1ty of cojlabryalkin and hillkgnce. &nce demand for funding wked at mr 5.9CKJ appli¢•ticns re￿￿•￿ in 2021 the pandemr. th& Team and Boarf have b¢fjn vrhing strateglcalty to Bddr888 Un$￿tain8b1o le¥•ls of (knorKI, paflul•rly from ¢feators. continu•d In 2023 nurnberof deadllne8 •vaif4bletornusf¢ cre•loTs￿•S onc• ag0Tr7 roduc•d, making11 eaS￿r for appI￿ants to identify Ihe most 8uitable fundmg opporiunlty wNlè allthvlng the tsam to bètter ev￿￿te the Impact of prggrammes to firture-PTooI our model. Durlng Ihe year. Vof SUPPOrted 432 new MUSK prop¢t8. invgsUn9 apwoxirnatsty £3.13m in 9rdnts pled9ed to 292 mthqic creators {8ongv+TiterB. composers. arts'sts •nd baTrlsl. 112 organisatlon$ {e.9. tsgtivaps. ¥enue4. studio$. orth•$tra8 and olher talent devekJrlne￿fo￿M$ed organl¥alhM81, arKI 2a Ind￿ty pthBJion8ls wfthe work Impa&5 mlor d￿lopMent. A r9d￿￿on In th8 numberofdeadw￿?¥e1IaO1e lo olg￿Trat￿)nS, and the Flanned ￿ck of our rna￿r open c8n foT Keychange applrArrts based in UK and the EU contrlbuted lo maklng d&mand more rnanageable, and we r•c•Ned a total of 3,S85 ap￿ICal0nS <￿. 3.817 In 2022 and 5,939 Th12021). W• r•w¥ed an awage of 1ir2 (vs 119 in 20221 aplicationB per d&adlln•. Th8 overg11 p•r¢entage of appli￿nts sI￿POrt¥d increased y•¥rryonwy•ar (to 12.1%). H¢>wever, th18 fa(tors In the hWh¢r,$￿ce5s fatè. for I￿gan[Sa￿On8 applKants and we note that dem8nd remains very h￿h lty rnu￿c er•atty gcheme$ where we only ablè tg support 9% of 8Wicants and in 3¢￿e open calli for The Open Fund. Women Make Mu8k and PPL IArymentum Mu$ir FLmd. thi5 fvll belv6%. Fty exampkn. dpmand for Make Mu8k'$ second deadllnè 6n 2023 T￿3 so high ￿ wre Dnty atae to $upport 4% 01 appliconl• and Board remains ke￿ lo bol8l•r rnswrces to Incr&aBe MUS￿ creator'wc¢es8 rate¥'. We Pri￿7t1￿ed direct wpport tsr ¢Teators there dèmand 15 hthegt and the needs are fflost complex. The ongoing Impacts of cri8ea inckrfing c￿4￿1$ the rnst-of.Ilvlng crisis, combined wlth Bfexrt-￿L?Eed b8rrièrn greatly Imp4¢ted mu61c cr• development. And from a dometh I￿ring p•rsp•cti¥e, the impad of the Cost￿4￿ring increases and V+ll put￿1&$e¢l clo$urns ol oratsroots rnu￿c venues •nLI chalnges f•¢lng knoew￿nI festivals are haviig a k￿c￿n impa¢1 on the talent pwi•lln• and on nxrsk ry•ator8. The Foul￿n ￿n￿nu¢S to play an Important role h BuBtainlng creativity and inteNeThng to enswe Ihe music epjsystom overcome theM thaNengtrJ. thinthb8 curtexl, the inequMe8 y￿lhinthe rhW8tC 8ectorar• ¢learerloral1 to lee. And ourwoth suppNYng muslc crèatws, non-profft organlsatiDn5 and indu81ry professlonalB Is rnore Ytsl than ever. THE IMPACT OF OUR Forover23 yews, PRS Fo￿da￿On'$ inveBlment has onabled gongwthterts ond rA>mpaseryd to develop and grow In Wa￿ Y)uld ncl otlrn heve beèn pNslbkn. Our fundng compkments a changed fjnvests￿ laThJvpg and rfrffl￿ thanglng r￿d¥. SL¥ne mwlc Cm are likely ¢0 fac• INg9er ch•nwgu than olhern and Ih•re Is Jvdniftonl In•qulity betw•w peopl• ol diffeMI 80CK)wecorM)mt. ethnic and gender b0¢kgro￿d%. Imp•ct for rn￿1¢ ¢r•atorn- dlrKt knatmont In ￿ng￿l￿rn and compowrn Ourknng4emi approach enables must fftatorsof 811 backgroundstorealiye thelrpoteniiaf, cornpogeexceptionAI new muslc. and rea¢h audienco$ xross the worfd. Through fin•nci818UPPQrt orKI more. 7h are bre4￿￿9 down barriots lo errw rytsl•ndirKJ end dfverne t*rrt, and proven Ihot IOm•ly IrNestm•rt in Ihe wlcro working. Page 3

Trustees, Report For the Year ended 31 December 2023 PRS Foundation for mwl¢ ¢r••torn Iconllrndl PRS Foundatton's 8ucce88fv1 mo(lel li perhaps bejl ￿er￿Strated through the huThlw•ds ornD￿nationS ￿￿eNed ty gr4nio¢8 oach yvar fw major Industy awards, ilh grantses belng recognl8ed knlth comerdal uiliG 2023 14lw¢ury Prize Wmmrs. Ezra Coll•dv• pethap$ demwwtrAtt th? 4UG¢￿3 rf our model mtye than Bny Drurmior and L•ad LY•ator. Fwnl K01￿$0 Nthljy UBod hlB F4affonn to othiocato fcf for rnu8Kians, and g•ve thinks lo organi￿￿.0￿5 indudSng PRS FoutYl¥lw talent development ￿rtner grantees Tomo￿8 Warnior8 (tsre the mel wed 141 and Aud￿ ActNe in &ighton KoJ¢oso rg¢eW dirfrGI support In 2018 our St8v• R•id InnovaUM Awgrd partn•rnhlp wjlh thg S Reid Foundation induded a grant and mentoring Ezra CJl8¢tNe went on to support in 2017 through the PPL kqomentum Musk before taklng I￿1r to nthy audionc•s arourLd th• ￿r￿j wilh •upport IhrrvJh our Sniemailonal $hoYKaslng fun 5 outofthe18816 M•rrury Priz•wnner5 have been creators¥hKJ have rKefved supportthrough PRS FourKlalw)n (4r8mme8, and ovw hAW ofall nornine￿ Trmthin that 8.year p•nod hav• been FundèdByPRSF. In tsmiy ceJebratlTrJ grantee suc¢esse¥ and industry remgnllon h12023, hp3hlpJlts ￿￿de. Several grantetrs eXPer￿Ced corThneTcial success, IncludlryJ L￿tboY was funded to 8ltend SXSWSOn￿ffttsng c￿P a fewye8r3 ago and thls year ¢trwrots hits tr Ellk Go￿￿Tr9 and Kyk land In 2024 collactad a Grammy Award for h18 Kylk• ¢ollaboratlon) This yearfs Ivorfs knposer Awards $8w22 nominat￿ for PRS Foundatkjn supported¢cnpwrs, ith over half of th vln¥ golng to granttts And 7 fvnded crynpoE•r8 hod pleces perfomwd durfng the lQng'8 Coronauon Cerer TN$ demon$trate8 importwt ￿ 18 to 8UPPOrt non-wofjt tslent develoFMnl yni88tionJ wrking on the fr￿lI￿ne to unearth And nurturB talent thlle ¢yJr dlred fuThJiry ha8 a tr8rffjfDmiaUonal Impact on thB of cwntless ￿￿￿Tter9, comp0￿rn, aitists and bands. OthercommDn outcames forgf4rts•¥ indude publithing rI￿r￿ d&ats. ￿¢{￿￿1 gww8tion. audienGg gTVhth, devel¢pSng teams. and media •ttenllon •nd c¥thal acd•An. Sdecbng musk creatcrs At the n)xt opportune arKI Ixvotal Fointls) in d•¥alopmont h $onthing PRS Foundation is unlquely ￿aCed lo do. thankt to Dur strat•g PTKxille8 and the exwtise of our extem81 advisor No athèr funder can boast our rate of 8LttèSS in empoWe￿n9 mugk ¢realors to dewl¢¥ and thrivt. Our irweslment i¥ designed to Teath songwTitus comkYAorg ai dThr•nt career Itag•¥ in order to Sumt the ts￿nI pI￿line from the gra88roots up. Many are able to move up the pipeft'ne ol career4evel Support and we are streamlining wograffffiu to ensurn that th58 18 clegrer and ea•l•r for applinnts lo understand 80 tw they Can a¢￿¥3 the right •upport at the rbht ITh. Thls r•fflects a ￿er-t•m) str•t•gSe commitmont to l¥Jilding sustaina￿¢ carews. that timoty investment nmkes a hup dIffernn￿ to.. Career development- +)ur grants help to tra￿forM ¢areer8 CTeative development and coHabNatiDn with 0(￿r sonwfftt•f4, QJmpo¥trs. PToduc•rn and ¢x•atcvs SecuriThJ followwon investment and levered fimd8 strengthen InduBlry ne1￿￿8 and to g?ner¥t• new Dppolknil￿8 (IndtKlng help￿9 creator¥ lo byld communibes and scon08) And wolert fundlng tsejltsles skills Oe¥eW1￿1 and CaPaCty4￿Ildin9 ft>r mu•l¢ mtor arKI tr4lr reFwstsmtali￿8 8uch aB rnanayrs, l#bel¥ and wblishers Pag• 4

Trustees, Report For Ihe Year ended 31 December 2023 PRS Foundation ImpA¢t fty orwlutlon• ￿ ￿nd Funthw lor Orwil￿On$- Includlng through majLY ¥chemo$ Ihg Taknt Dèv•lopment Partner nelvmk 8Th1 The Open Fund for OnJanisabon$- helps to raach tIKJusands of emerylrwJ 4rMI earfy c•reermu•ic creat￿$ •ach ￿. Thij irnp￿tant pn)lecl 8nd programme lunding r•a¢he8 and 8upport8 f6sllvaW. prO1￿r8. or¢heBITa¥, commistonlng •xperts and ￿her talent dovelopmenl tyganisatKffts a¢1￿• the UK, and this ￿sure$ Ihat sor&vrritern arKI ￿mposerS workiig in 4ny 9enfe access tran8f0nnatr￿ development and vlt81 'lileJine' gUPPDrt whKh rangv trom comml$slon5 to creatfve development 8LWOrt, porfornian¢e opportunllle8, c4r¢or develawnenl, and access te free advKe guida￿ fw mu#iG creators. Grants for orwlsalbnB enable PRS Foundation and pwtnors to •n8uro Ilwt kn¥eJtment rn8ch thrNJ3ands of M￿￿C crealors wi all genres UK-wide 11 helps to ￿Ild e￿y81ernS vthiGh enable $ongvffiters and compows lo thrf Investment opens access to cre8torn who will otheThMse te out of r8o¢h Support helps organi￿￿On grantees to Secure adilli￿OI fvndl￿ - am a¥ernge of £62,000 has t￿en levertd by organi$81￿n grantees The ploneering Ta￿nt De¥elopnMt Partnw ngt•KKk con8iJts 0144 organiuVon$ In 202&24, suppryung a broad r￿ge of mu¥lc Creators MDrkiNJ in All gènres. Thè TDP nelwyxk fostW8 red leamlng, better signpoBting. and entsures transfom)aUonal supwt 18 on offer Olg￿lSat￿>nS WÈ fund implement best Indu¥lty pra￿￿e. wlth the maiNty 8lgnirwJ up to thè Ktychang8 Pledge, wijrklng dosely on POWER UP and •n$UrN￿ that lurKI￿9 reac￿$ a bmad lang8 of emwing and talent•d ¢Tpator5 Organtsatson 9r8ntèes develop talented PRS member8 I￿￿￿e M￿bern. signbftanty boothg th• UK'S culiural and economlc surxe88 ThTwghoLrt 2023. PRS FOw￿al￿n.ts Boa￿ and T•am rdle¢ied M our mode olfvntyng for org8niBalortJ and aTrt¢d out thorowJh Teseor¢h and consWon befor• ann¢xmGing an •vDlved ￿p￿￿ch which come$ Into force In 2024- merglng the Talerrt Development Partntr scheme our Open Fund for Organisatknn$ Inlo a new Talenl D8volDpmenl N&trADrk which offw8 up lo È2S,000 per year for up tg tlyee years to c. 70 OryAnI￿tion8. Th18 Jtreamlined approxh wai ann(wn¢ed in December2023. InthBty G•NAborntlon and tho Impacifor th• vM•r ••ctor c(￿tinue(l to buld 8tron9 connections vlthin the commo￿al sect+y, W7th k•y partnersh1￿ Incluthno 0￿0￿n9 support from PPL. sponsmhffji and parfn•rsttlp wpport from Beggars Group. y¢￿Tub0 Music. Ihe BMC, BeJl&¥e and several trade ajsttlètions. partner ￿th dozens of organlsations and Corwan1￿ to deliw re$uMs on programmes induthn9 Keyth•ng• and POWER UP, and big and sm81 companie$ conlinve to ¢onsullvAlh ourl•am in rp1atlon lo gender equlty and actvrn anI￿ra￿$m. We remain actlvety invotr4•d in the DCMS and Creatr¥e UK-led Bultying, Harnssmant and Digcrimlnalknn working groups ¥th￿h resufted in thelorma￿On of CIISA. Cdleaguea stim glton the UK Musl¢ SkdL8 and C¢ynmunlcalon8 ¢ommittees. and CEO Joe Frankland is part ol thp LIVE grow and mee18 rogularty wth 'sistsrf tr￿e bts¢fi•8, Arts CrAndls, and other arts Tnts and Foundab'onJ. Intemationalty ￿r cc410￿1#1r￿eV￿rt indudes European Music Exwi Exchang• mprnbOTsNp lorthe UK Beclor, and we 8lBO partnor on ESNS Ex¢haThJe and the ￿ The nthork. and TAtyTk dosety with oth•r axprrt fundgrs and ag•ntAeB. We knwthat the impAd ofour support forem8￿Tra mu8TC elfjators and the noTrprofft 8e¢torh•¥ • huge Inwact for the wider UK mu8lc 8BCtor. The annuol tlonation from PRS oerw4t•5 over £10m per year for the UK muBic se¢lor. Indudirs fund¥ r4lsed ty PRS F￿ndOllOn from other souree8. gener*•d, l￿d8 kn¥er•d by grantees as result of our nvg$lm8nt PRS FOUndalK￿ f•8ds the lalerrt pipdine and Snlewntt whon arKI whBre it 1$ mo6t knportanL bor￿11￿9 indNhttua creators, pub115hers, r•¢ord labels, the Il¥e seclgr, manwrn. and ¢)th&is Page 6

Tru5tees' Report For thé Ygar ended 31 De￿rnber 2023 PRS Foundation Indiisty MMNborntloTr ind th• Impact forthfr wldor Icononwdl PRS Fpur#y9tk￿ only ry08lors kn nead of lundn9. prforitsiig carew tslent, Dry crèators •nd th0￿ TAvrking ￿th independ¥ntcompanM (which ben•fft$ comp￿les, tsam momhrn and in C86eJ Lqryer18b•ts publhherA vtho t4ke ¢>ver investment at a18ter stage) Thè ￿der muslc bèctor OthnO￿td9¢5 PRS Foundalkn's contributlon PRS FoundatK>n shap8s a fairer. str{￿ger. moro connedfjd arml mwo dV￿rIe Se￿or 2023'$ I0￿.tOM7 PPL Momenlum MU￿¢ Fund Impad roport d•ffon8tratod the hugo fflnonclal impxt for MUS￿ indu81ry. vAth £22m gen•thd Iw the UK tsYJu8ty thi8 fwd alon• Si￿ ¥Ag ￿UNC￿ in 2013 Inv••tFng kn Thu￿¢ u•ator d•v•loprn•ntacro•• th• UK stislicB for2023 grnntees sh￿ed that: 6Z% Df music cr•al(¥r and indu6ty prvfes8v)￿I ￿en￿•S w•re baBed ¢yJtside London Ivs. 62% in 2022). ¥thh 11% ba59d in sc￿9nd {vs.11% in 2022), 10% based In Wo IVA. 70% In 20221 and 6% b8••d in Ntythem Iraland (¥6. 8% in 20221 72% of wynisallon• fund•d T￿r• ￿l•d out•ld• London - a ci)￿nYed inue•¥e Year￿n.yo&r (vg. 70% Sn 2022} 16% ofor9aniÈat¥Jn granleesTAwe ba8ed In s￿11￿￿ (vs. 23% in 20211. ￿ In Wal•¥ Ivs. 9% in 2022 and 7% In Northwn Ir•land (v$. 7% in 2022) Ar￿ 95% of LondoD bmed Oly￿11110n1 cretors audRnce• nati￿aNY or intemlionaNy {Ys. 2022) Some targeted actth In thog 8rea Irtcludes our PPL MNnentrJm Aeeeler8tor pffjgrnm￿, whlch h avallable to tl¥J8e based in Yorkshire. Lwpool City Reglon and Kross Wales. And the Team Is exoled to launch the Earty Cmr Promotor Fund in 2024 ￿11 wnp•ct the proportion of grantee8 ba8e(l outside Lon¢kn •Thl in trNm8 and c6tieg OUt8hJe Lond¢M. Addy••￿ry ￿nI•v0 f•clng ¢r••t Ow lindy ￿Pport hetr¥ to remove bAni•rs b￿k1 ¥ strong. conMct•d. dNer• wd i1￿lusTr￿ ¢0mmU￿ty. 8nabllng t￿ creat￿n of eXc￿ng new Iw8k. Bul alornmenth)ned barrf•r8 Indudkng the incrn•8ed ¢)xl of tourlng, 8mlt-rlAted barrfèrn, bu1￿11￿J, harnBBment and disu1mlnatp￿ and mental heatth irnpacts on creators cannot be undEre5timated. PRS Foundation tru undw8tand8 the needs of 8on9wrftern and tompogern. eon8ulUrwJ reoulafty vdth applicant8, grante88 and exp•rt adTBQfS to ensu￿ tlt mrammott aThJ projects adapt to ￿kIe new chaNergH. Mvating cknglng nwsic Creator needs in 2023 i1￿l￿d.. Su8t8lnirYd cmtivNy IlwoU￿ ￿nthn9, Inchjding ¥upporliN4 i0ngwrril￿g, composit￿n, ornmissions, r•cording and ras•s Encour49ing Ihoge $e¢knng to ttyjr and perfwm acro88 the UK to uufi80 avaL•ble l￿dIng to mak• this more affordab￿ ond to rna¢h and audiences for their mus He¥¥ing creators to overcome bwriws lo exportirvj thelr mus< de¥￿Ing new paithernhips and r plattOnTPA. Page 6

Trustees, Report For the Year ended 31 December 2023 PRS Foundatlon Supportlng • wld• r•ng• ofg•nM• We supported a broad rnThJe of gen￿# and ju￿enre5, malntslntnga sknllar 8pItt In genrn grO￿1n93 to Latstye. and reintroducirvJ organisatio￿ 8chenR$ sp•clallstng in 8￿portIr& contémw•ry eLgJsKal Mmpwers. Genres I Dance and El@cirMIc 28.9% Inthel Rockl Pop 36.4% Jazzl Folk I Worldl Wues 16.4% 01s5kal 18.3% DIVERSITY AND INCLUSION Of opt¥oathe8 to tathing borrlern facing members, PRS FOundat￿n l• p¥ha￿ b•st knwi fry oneering approach to empwrfng excwion•l and dher88 mu8lc cre8tor8. We belie¥• th•t the ol the mu4ic fijnd 18 th¥•n ty thtr dNersMy ol Ihe peo who ¢rt4te I Wo recognl8? the Tange of 8tNdural and SOCHI barrterB that ob8lNct talent d•velcwenl. and ¥•P take re•ponSI￿lty to embra¢• ￿ndu￿vIty. We reach a broad rarKde of Cr￿ dwedy whikn #t70 fvndirwJ organJsatyons- dv•rae-fed ￿gaTh￿￿onI~wh0 r•aththcwsands ofscfflgwiit8arKI ccryo8erg fromAI backgrourKh •v•ry yer. 2023 D•v•loFxrdbn¢• The 9lobal gender •qw Infaath'v¢, Keythary rw over 650 Key¢hangè Pledge Signatwy Lyganisatiorffj $hJned up b•o8d In over 40 co￿￿e•, aThl laun¢hed fts Inaugur￿ K•ych•vde U.S. T•l8nt l)evebpment Progrnmm• We ¢onllnu¢ to lad(le economic iwualty Ilwh al tlle monltoriry 8ocwMr¥)nffjiic backgrotmd through 011 programmèB Th• >Yoporlion of applk¥ntB wilh dFsabllNles {vL81￿¢ and Inv181￿e> 4r4J lonfrlern latth condtwi knpactthelrlp￿j and mu8Kcarew816 con$istsnty Iwgher. •nd ￿ ¢ontinu• tolackl• tAfTIw8trdWiled and ￿ur0d1verSfj cr•atorn We are supportiry morn di¥orntrl•d oryard8thns arKI talent d&¥eknprrnnl prr4Jr•mme G•nd•r 80% creator and induity profe$8ional grartse8 8UPPOrt•d belNJ V•vmen (47%). mixed gonder grotJp815%) cff 9ender diverne (8%) 40% weTe rnon We contlnue to meet repr•¥￿tatiOft tary•ts ms our pro91￿me. and awg 8eek to nwke irnprovements h repre$entatlon In fund8 such 45 Hrfmaker and The Composws. Fund ￿ere rewesentotlon more closety rthcts hugt irwuty wlthln Ih rnusK se¢lty. P4•7

Trustees, Report For the Year ended 31 December 2023 PRS Foundation G•nd•r (¢onlinwdl Tho prop￿a0Th of gender ¢r•alor grantses Ilrdththng nonWbin￿. gend8r queer. agendor and Trano creators) has Ir￿reasert year-on-ye4r. 8•xual orl•nt•tSon 31% of music creator and iThlu8ty wDfessional g￿ntee8 •Y•nlified as LGBTQIA+ (Vs. 29.¥h In 2022). DiBablllty and Acc•ss 18% of mu$l¢ ¢wlor and industry prof888ional grarth•$ idenffjirrtJ as di&8tled or h?vln9 a lontrterm h•alih cor￿lI10n whkh afle¢t8 thetr day4trd•y IW• {v8.18% in 2022. 15% in 2021 and 10% In 20201. Ethnklty T1￿ prcwitw of ethni¢ minortty e4e•tor and w￿$trY profvsslonal 9rnnt•e$ remths ¢on8htenlly high. 54.1% of grants hgve been awarded to1￿￿¢ wlth SI￿￿, Astan or olher ethn￿81￿ dlver8e herllage. and In 2023: 60.2% of Muslc Craalor and Industry Profe88ion61 grantees Klentftd 88 Iv¥. 53.3% kn 2022) 459% l¢ll•BIl￿8￿ frs. 42 1%th ZQ21." 14 3% Wfrite- Otherlv$ 112%in 2022) 29.9% of Muslc Creator and Ind￿try Professional 9rantègs Idents￿ed a8 Blad(121.8%1 or have mLxed h8ritage Indudln9 81&k18.1%1 fvt 2T%8tsth￿d9.fj%￿1iXI￿RW￿￿I￿{th￿BI￿in 2022) 4.6% of Mu8lc Crealor and Industy Pmlessional gwlees identif￿d As Asian (2.3%) or have mixed heritage Indudlng Asian {2.3%1 (v8 32% Asi4n and l ￿ mlx8dh&li8&f Asknkn20221 2.9% of Musi¢ Cr••lor and Industy Prolesiicffial grantee¥ idèntifi•d as'mixed Herita9e- Oth•rf f¥s 33% 2.3% Ident￿ed as belongkng to an'cther Ethnk (knup. 0.4% In 30221 13% d Aacol￿dI￿ *k&h 459 318% Whil• blKw4. tsypw￿_ IihMTlthth.IIISb(¢oih J4 JX Pap8

Trustees, Report For the Year ended 31 December 2023 PRS Foundation Up SuccM¥H So Far Currenty in ils thlrd cow year, Power Up h99 )ttrn¢ted over 1200 Blxk mwic c¥ealor and wofosstonal applkants. Wlh partnerships fory•d avoss the Indu8ty lo tIC￿￿e anti-Black ￿18m, the parU¢lpan programme hal b&tn p￿TIng w) 120 Indlvklual$ and key su¢ces8es so far indud•'. PRS FOurKlal￿?n r•¢efved the DEai Initi•tN¢ ollhe year￿n1 8t the 2023 bM)men In musicA￿rdS ParklpBnts hav• boen recognlsed wth mullipte aw•rf wlns arKI nomin8llons. ir￿￿dIng lorthe Mwcury Prlze, MOB08, AIM Awards, Young Music BO￿ Awards. Jazz FM Awarfs, Heawy Muslc A¥￿d$, ar•J Mu8ic INeek Wornen in MUSK Awards Slgnffi¢wl mu8iccre8¢or career deyebP￿rtt Inclwjes UK and inlemtiongltour8 for0￿ra1 wtKipants. labd and publi8hThw deals, agency deab. chart sum$, hlgh profile mgdia DSP c4w•rago. and t completion and rele￿ ofdozem ofsNwle8. EP8 oThJ abJm8- Powèr Up arblts are domiroting playllsls and fo6U¥als acrou Ihe world In¢Justy professknals ha￿ been launchlng ￿￿leSs•8, securiry 8oHrd and 9ainin9 promth'ons into senior Pos￿￿nI SIGNIFICANT OUTCOMES PRS FoUndat￿n,8 granteey continued to receiva many Award v4in$ and nomln•tiC￿1 kn 2022, ￿ll(ln9 on tyth¢al acdwm ￿lch vecognisg the hlgh qualbty of PRS FoundatKHFfunded oulpuL Ot 2 PRS Foundallon gr8ntees pthed up Ivor ￿ellO Award8.' H•nnah Po•1 reCep￿d elev Soun ck for The Midvrich Cuthoos" arwj Clwpatra Nlkollt re￿Ved the award LdLum. In totsl there were 9 nominations for PRS Foundaticn •upport•d MUS￿ ¢rpat(vB at ts Awarfs were." Ro t￿- Cl•op•tra Nlkolle (Moeo Unsung), Llttl• Simz Iwfiose album also f•atures a cwite fmm Cleop• Nlkollcl.. Best Crmte - W••loy Jog•ph and Lqon Vyn•hn (th> have both been fvnded through PPL Mmntum Musoe Fund).. st Cont8m Knuck• reco14d 2 nMIwti't)ns kn this eategory (PPL Momenlum Music Fund). K0￿Y Radical Ilntwn8tirM41 Strtt)wcase Fund) and Swlndl• {PPL Momentum Music Fund).. usical NlkoN¢,' Be l T lev" io undlra - Clpopatra H•fin•h P••1 (PPL k4ornentwn Music FurJ and ￿ Muslc Biennl81,' lAa1th￿ Hortyert ICompuser5 Fund and Now MLtsiC &ennlo1); arKI PRS F - ￿¥0 ￿y1¢Y Ilntom8tional Shtyc08e Fund). 12 ofthfy tonglithd SAY Award arbsts hav• received ourfund¥y, IrKludlng OF￿ F￿d gwlees y￿n9 Falhers Scotbsh ￿buM of the Year for th• third Ibm• In November. Arboristtook homè the Nl DAusic PrEe Album of the Year ar£dade forhiy PPL Munenlum Fund8d tsophomore abum 2 ￿mInatIOnS in the We15h Musk ￿1ze shortitst. ILge• Th• Gr•at {IntemaVonal ShoKa88 F￿d. PPL mom￿)bjrn Music Fund, Pow UP) S￿•M0 IPPL Momentum Music Fund). 2024kn MOBOAwath saw 31 nominatlom lorPRS Fow¥d•tloD•uppwt•d •rti•ts h Dqcember2023 when nominaUfm8 annoU￿d 01 Comrnon tangIb￿ uutcornu for PRS rn¢mbern wh) recèNe w •wJpcrt indude cr•abDn ol n{￿WOrkI, signing pUbl￿h1r4j and reojrd deals, securkng futuro ￿n￿n￿&S1On8, reco￿Ing and Mbaslng hundrodi ofalbums, EPS and single¥ e8ch year, IT￿ bookn'ng$ ￿lch allDW for Increased perftyman¢e of membws, vrk. wlfkanl in(x)m• neration, aLKllence growlh, deVelo￿ng teams arijund mu81¢ creatom, •ttfCting sync attention, and seeuring medl8 ¢over4g• and DSP 8UPPOrt. A number of re• Supported granteeb Big￿1 deal8 kn 2023 as A result of rAr 8UPPOrt. Including L•mon•dè sh0•kn￿, (Internab￿al Shu4vcase Fund) 8ignod lo BDI Music. Gr•ft (POWER UP) swJned publishin9 deat wlth UnNersat Mugi¢. Probl•m ￿ttem (Women Make M￿1Cl signed lo Akopop, Chl•du Oraka (PPL Momentum Music Fund) siBned to LaunChpad+￿ml North and K•ecla Ellls (PO￿R UP), r•ceN4d in¥•*ment kn Sthtion 12 for her P￿[shIng cornpany RekDdS ￿￿1c. Pa90 9

Trustees. Report For the Year ended 31 DeLwnber 2023 PRS Foundatlon Ta ibk Outcomes 'n In cl8J•l mu8k, ¢ompMws •re Jwtsining and deveJoFMng ther c&r•ern. Nealing hlgh quafity, urf1￿1 dAlmed wort¢ thrcAtyh our $upport for orchestral rectyding8. c￿mI￿81an1 and (xjmpoaer dgvelowierEt programmel. SuEcksses Incl￿1￿.. Manch•st•r CoN•ctlv• ITalent Clopmnl Parlnerl - perfomMnce al St George's In 8rbtol D￿1•• Kidano (Comp06ers' Fu￿- for LoTrJon Symphony or￿￿tra.6 pthfomanc• of his Pl￿'sUn Poem. Danl H¢)M4rd IComp0sth5 Fund) - Wallpape Ab•1 S•1w￿• (POWER UP) _ view in he Times for th•lr in FinAn for her oporn 'YelMI revlew The Scotsm for hi5 p¢rfDnrnnce In Glawow Chart8nd 88kns ¥UL￿$￿ our grantees and eortinutsd po8hNe revte¥• and recognit￿n ofrekasu medla thrtlne how our SLrppcrt 1$ nurturing the creation of exceptional n8w ffluslc. Chart and highl¢ghts in 2023 In¢￿de UK Offlclal Albm Chart pl#cenwnls ty Thos• Damn Crows IPPL Momenlum Mu81¢ Furrtjl at No.3. Bl•ck H¢)noy (PPL Momentum MUS￿ Fund) at No.8. Fr•y• Rldlng• {Inlemalional ShovK48• Fund) al No.7, Young F•th•rn {Op&n Fund for M￿lC cr￿￿) al No.7, Arfo Parkn I88C MUS￿ InlrothirvJ & PRS Fo￿datIon ¥h(h¥case support) at No.9. The ￿18 ol mary of ourgrante•B has tr•necended Strttly mwlc outlgt• Into maln81ream 10 mu•lc ¢r••torn •tthiy••rf• Glajtonbury F••llv•l r•¢thd PRS FourKlath)n support lorlhelr G8rews. ml W& ¢ontinue lo n￿￿rtOr the ety)norric Inyaca of PRS FoLThlakn'$ ¥upport and athough Iho pandemic and 8uIUng e¢onomlc dr￿￿bJM h88 had an IMFOCI on most grantee$' Jlllly to produ￿ SLKh strong in the 8PK)rt4em, granteeB are maintaining sune eommon langlble outcomtrs, InCI￿lIrVJ'. creaoon of newwork$ securing pu￿lIhIr9 d• de418 record IAbels clas8k81 o)mpo8er8 securfng futu￿ C￿MiSSIon• recordlng #nd rdoase of hun¢knlg ol albums. EP8 4nd slrg1¢1 oath y•ar signifKant media attentJn arKI DSP support 8￿u￿n9 lukne bve 1K￿king$ lo%￿n9 teBms, which irKludes mwwm•nt, bookirwj agents. bwyeis and Ot￿r3 to help Buststh lon Gargors attra¢llng SyrK •ttention. Thank$ tt) Ihe quallty ol th• mu81¢ cre8knr8 and tywisalitin8 5UPWted. every £1 Invelted by PRS 98nef an additional £4.10 (2022.. £4.02) fw the $ectOT.' £1.553,324 from fundralsing undwlak•n by Ihe F¢und¥b'on 2022.. £1,115,922), £6,502,044 (2022.. £6,834,2￿) in matth fi￿d￿g, ¢gsh and Irbkind, levered through c￿r dership of partnernhip wowarnmes and £2.220,000 (2022.. £2.1CKI.OC#)) through fvrKl$ grantse6 have bBen obkn to fecure thanks to ow ￿e￿I￿veBtrn￿L Pap 10

Trustees, Report For the Year ended 31 December 2023 PRS Foundation Ec ic ¥al contln Funds raised and levered 2020-23 12,Cth.fTh) £ia,(th,oJo £8,(￿.lI1o £6,Otx),i)Jo £4,CXX),¢XIO £2,L￿).c¥)o 2020 2021 2022 2023 tt Fun05 leveredvlè8rant reopients Fund5 levered vla PRS Foundatlon partnershlp wo8ramffie5 Iiln¢ome raised byPRS Foundation Our ro8c ond AdverU8lng Value Equfvalency IAVEI in 2023 reached £15.179,809.71 acro85 over 700 pe$ of rage. continuing to oenerate h&h ￿VeL9 of PR and underf￿1ng PRS. commitmenl lo the develownenl of PRS members and otl)er8 in IhB ecosystem. If wb factor in Gov•rag& for the global K•y¢hange in1W￿ ¢trfounded by PRS Foundation, AVE reached £34,183,644.70 •croM over 1,700 pieces in 2023. PRS Fo￿)dItI]n'1 ffagshlp InllatfiMB demon•trala that talented ¢re4torn. regardth8 of bArground, thnl¢Ny or gendor re¢ogniBed. v4lu•d and suppwW to su￿8d. For exampje, our PPL Mornenknm IAUS Fund kniti'ath generated over 170 pier￿ ol coverage tP4ith ￿ AVE ol over £2.2m. Dloltal R￿Ch 2022- 2023 47. Jr reach w088 s￿￿•1 media platf0M￿ ¢ontwiues to grow M a number of channels ¥d on the PRS Foundation websites and m￿rositeS ￿MaInS ￿latIVe￿ ccmistent from 2022. prov￿￿￿9 pth￿rfUl ways for us to promote the achiewnènts of currgnt and future PRS m¢mbws tho Smpact investment IB twviTrJ on t Page11

Trustees, Report For the Year ended 31 December 2023 PRS Foundation PUBLIC BENEFIT Iw¥e fefeffed to tre Ch•rfty Commi¥sion's general 9￿dance on pubNcl>•n•fit {includiro ts guKlan￿.Pub1C benefit.. Nnnlng 8 charity PB2'1, whén reviewing our aims and ob￿￿1¥?5 and In 8etUng our grart rna￿nD pol the year. Public benefft [8 impltK in the cnterio we ule to 498tts grants fwjs on the &xtent to v#hich projects WÈ support wll beneffil a broad rang• of music creators, result in hhjh qually musb and be enjryyed a largo and dr40r80 audlence. The Foundalion accepts fvnding ¥pplkation$ from ￿1 klnth of mu$ ueators. Det8H8 of thè Foundation'8 fou acti￿11￿ ar• easily availa￿e on i2tsa￿, irtlu(Ing gi•ntryfflaklrg polk1￿, priorrfieB )r fijndlng proprnmme and applK•tbn formB. Ouremphajis on transparency and oJr abilty to gfvp ¢xpert aoketo pLthliRI applunts. b • ¢riKial part of the grant.mAklng pr¢￿￿. We alsowork in parbiershipwilh other¢ry￿lSaEIonS loexlervJourrea¢h and impact, part{￿larlY in relati￿ to ary music genw and UK reg￿n8 vthlch are under4epresented in ow fvnding porfdio. Pl•a8e 8ee'LooklThJ AW" Ipape 13) for detsili ofour laigets kf 2W. MONITORING, EVALUATION AND LEARNING Our FleX￿Grant fundlng ￿aLlOrM was built aB a bespoke yaril-mgking plaiform for PRS Foundailon applicants and gv8ntfj￿. It Ilknvs u8 lo monllor current grarbts prosects and ￿ ￿l￿tantty evolv• ourapproachto eV￿u8110ft reptsrting sythms for in¢livldu•l grants prooramm•s, ¢onsilenlty monitoring impgrAs against 8trotg91¢ priorbtie8 and criterla Bet for eath fvThl. Thos alltrm UB 10 9alher conyi8tsnt inpact dats 4¢ross programmes ¥thi( 8surirvJ and rep￿.n9 to partriws on the creative and care4r impac18 for rnlorn w211 as the wder ¢uAwal. $wial an¢ e¢orwJmk knpacts ofourfvndlng. rewrt to V10￿ parfnefs and discuss resuKs W￿¢h Trustees ond obsoMI Ihat thp va81 of 9Mte mgel Intended oulcorn•$ 2+xl a¢h￿e fithr Lmexpected w>3M¥e outcom95. We al•0 woduce lonfrtemi Imp8et ev•luthn rewto- 9gn•rnly rknin9 ono T0￿rt publw per yeor. but In 2023 we ideased map)r Impact reports Ilor Women Mako Musk and Ihe PPL Momentum Fund). For su¢h rcpJrts, we engage the aerV￿Rg of external evduatiDn •xpets lo as6ess and rewt on the bonwemi Ynpxts of our in¥eslnwt In tal share leaming out¢orn￿ through our W￿11t•. ￿clI1 rneth• and re9￿•r malkng8 85 a8 vla pan d1xuss￿ts at rakn1￿t Industy conferenctt kn th• UK an¢J ov&¥ea¥. PR8 SUPPORT AMD COLLABORATION PRS has nvested • ￿on￿rant amount of ffinancial and other gupport Jsfjttlng up PRS Foundalicn kn 20fy)- tmth of £44m invethd to wpport new muiic and the devdoprnnl of Dmnt and memlM¥. The maln donaJfxb from PRS •bo enobks the Four)dalion to raise match ￿n￿lfi9 from varfous styJrc•s. Indudlng public fund•rs, ¢oN¢thcn around the W0￿d. arKI ¢ommerdal ¥pon$oT8. For th? 198t few yes. V•Y hwe fjecured betw•en t1m42rn of addthn81 $upport p•r y•ar to malch th• PRS don8llon. Tli8 l u• to thousandB morn crnalor8 and pk)rkeerfng wgankatlon¥ 8UPW>rt t&￿nt development. DON￿10￿9 Irom PRS to PRS FOur￿ft funded Ihrough incorne gener•ted fjeparately from royalt5oB paKI out to rts member8, indudlng from Inter￿ eamed on royalt$ awalb'ng dl#lriution. PRS Mwnb¢rn' Couwl r￿e*d Ihe fjjiure funding of the FOUnda￿.0n and options to secure rt8 onOng actfvrNes. gfter Interest rates belryw 1% 0Th1 laster royally payments led to a d¢cre88e in availabk l￿dI. Thra review. alongwde the increa8• in intewt r4ts8 during 2022, lott to the w lundng model. Page 12

Trustees, Report For Ihe Year ended 31 December 2023 PRS Foundation PR8 SUPPORT AND COLLABORATION (¢ontlnuodl In January 2023, PRS and PRS Found#tipn annOun￿d # new M￿t1-year fvndlng agreement, which enables Icrease In Year-￿￿yearfuAd1Trg allocatsd to PRS FouTraation from 2024. ¥Mih £2.5 rn￿1￿)n al￿aty Jllocated for 2023, the new •greernent will seo fvnthng detem7ined annualty. the maxlmum which Can made availab g[￿Ning yesr-on-year. In 4ddrtlon, 10% of the fvnding piovidod by PRS be u$ed to stren9lhen t FOundat￿n'S reseNo8 to help ensure fu￿re flnwcw Secufily. PRS Foundatiors is a eonstsntty el￿￿n9, dyTham￿ Larity- working clos•ty wlh PRS to $upport ¢realDr$ and to shape the ftth of new mu. Vle thank Ihe PRS tewn Coundi member5 tr ongoing support. LOOKING AHEAD In 2020, m ¢Mxt•d a S￿￿91¢ Plan for 202Qry24 ￿th Strat•gle PIioT5tl•s Includlng: to te the UKa most stress￿le and inclusive funder of new mu8lc to implement 8 Vasly streomlinÈd prograrr#me by 2023 connect mu8ic creators ShO￿ng potential to org8nisatiDns YK fund and indu8ty p8rtMrs lo fayt4r8ck ¢8￿r progression Address regional tal￿1 development plpeline gaps better address the intematKJn81 need¥ of creat￿S beyond showwir TnJBtees and stsff ar• thvare of ts impact Ihtr Covi¢k19 pandernlc and other cri8e8 have had on our approath and p￿litieS and Ihe need to 8UPWt ernators lo $￿taIN Gareers in Ofder Its thrive. though ￿ refiect prDudty on achievements during the time. and the charlty's ability lo adapl and pravth d151incL and vrtal support. In 2024. PRS Foundation's Ch￿f ExecutNe f'CE(Yl VAII work closety with the Board on a new Strategic Plan for 2024-2027 which will refle¢t ￿ Ihe ptssl-cri8es nead8 of rnusic creators al￿ our conb.nued dr￿e to stre8mlin• programme8 and focus on musl¢ ¢Jeat￿ d•vdopmenl and the distinct In vthich our fttnding translorr( ¢wtive and career dgvelopmenL We VAII ensure rnc•nt changes lo wjanlsations knnd$ delivered $￿ssIuMy, arh YK wbh to In￿&￿e the scope of ow IntwnationaVmu%ic export ¥trategkB. Prlorfll8s In 2024 Includw. aiw 8tr•arnllnlng: Ory•nl•tlons Fundlng Having announ¢ed ts mening of our majtt fvnding Schern￿ for organisa1K￿s wll 18ure thal tlw appltslon and sele&￿A pro¢e88 runB smoothty and L9un¢h support for 70-75 non&profft oryanisations per year T￿3 provide5 more 9t8bMity in the sector and allowa us lo improve signwstiw tt¥wn organbations, and Incr•ase fv bene15ts for muslc creators auoss the UK The new Neh¥ork organi$•t￿n$ will be announced in May 2024 usi¢ Crn•tor Progrmm• 8tr•amllnlng'. Focus Grou￿ and Consull•tlon re ￿ wish to furthér stream1￿• programns lor mu$1¢ ¢reatOTS - induding ￿dUcIng the number of deadlines - we wlll cond￿1 focu8 grOL￿ m•8tin98 wth creators thich wim inftuence our approach from 2025 onwards Early Carn?1 Promot•r Fw)d th support from Arts Coun￿1 Engl8nd and DCMS, PRS Fovndath)n has been 8elecled to develop and manage the nthv E¥ty Career Promoter Fund which through montNy deadlines from June 2024-Febfuary 2025 ￿1[ enable us to support c. &arfy career ft¥JS￿ PTOrnOter8 through grants and Wra￿rOun(l 8UPPOrt Vl• wll launch the lund Su￿￿BruI1Y and wdl 8PPty learnlng$ lo 811 PRS Foundation wcqrammes ile addre￿Ing grassrnots mu$ir d•velapmenl needs Pag• 13

Tru5tees' Report For the Year ended 31 December 2023 PRS Foundatlon Ext•m•l FundrnlBlng & Pot•rtial N•w P•rln•rnhl We Seek parts)er8hips wth a ￿der rnnge of ¢onYnwc4al induw partners and dew a ¢hall•nglng ¢￿tteXt of partnwshlp budyt cuts 14ilhin the terh Kctors. t￿lId Str￿9 relation8hips wth maiw and large ￿MpanI We also wi8h to explore further potential parthor¥hiF6 to addreBs talBnt 8UPPOrt gopg tr medfia comF#)8ers aB the $u¢cessftl 8e¢ond pha#e of the global Keychang¢ In1￿￿e •nds In April 2024. Keychange p•rtners ¥1¢ludirvJ PRS Found8tion are apptylng lor ronewed Creob¥e Euro fvnding and seek more spon8or8hp wpport global ¢ Our role In $upportlng expansion of Keychang• Intho U.S. he8 been cnKl81, wNlè oui priority in 2024 In¥ol¥e8 tn9unng the separ8ts •ntity Lq in ¥ Dtrong position for the fulwe And ￿ alm to Secure 8iqnifi¢ant fundkng tr our New Mu81c 81eMral feBtlval events in Brnd1￿￿ and L¢fidon, wth selectKJn proce8￿8 9￿j support launching laterlN8 year 8vJnl D•v•lDpm•nts V¥lth a n•d Intsdm Ch•lreonfirmed in earfy 2024, and tl election of 5 new Trustees in February 2024, the FounJalon's Btsard c¢)nlinues to evolve and we ¥lll recrult and apwjknt a n8W peIll￿nent Chair later in the year B￿ldIng Tvdwnl• 25th AnthTernary Y•ar 2025 whll mart 25 years site PRS F(wndation eL4tstAished We Ylll 4pend th• ¥ècond hall of th8 year IlanThng 25th BnnfveTrary thllons. Il?￿ng wllh PRS colloaguej thwhoul STRUCTURE, GOVERNANCE AND MANAGEKKr StruGtur• PRS Foundat￿ estsblighed as • charity and •ny Imitod ty gvarnnt•• in 2W). The org•nls8tkn YJ govemed by the Board of Tru8tee8 v&hSch ¢omprfses indfvidual8 who are bcrth trustse8 01 the charity and non- executi￿ directors of the compary. Th• M•mbtyB ol tlp PRS Four#JaiKn we its dY•¢tor• together with thè Perfomiing Flght SOC￿ knmiled. The Found•t￿n,$ partnerships ￿th (ther public lunders, dHriti•s and Fvivat• ••thr ¢tynpaNe8 I1￿ cwrtral lo the way wtr wo. Th•se partnershlps enable us lo share or mource8. grow our impact and In6tl8t• n•wlng pwrammes Support spthr developThnL The Foundatp)n M￿lI0r5theterrn5 ofoffice ofall trustees and carrle8 Wtskils audits on a regul¥bo$18. Trustees 8wve f￿ tlwyear terms And ar¢ ollgibto to ￿ rv-elerted for a mwlmum of lernm. A6 of a￿Y 2015, th? Members amended the ￿tides so that rf a trustee il retiring a11•f a poriod Of continuous ser4hx ex¢eediThJ nine year8, ihe trust¥e$ may albwth8 retlrlng tru8toeto be rtre for a maxhmum conlh)uou8 pwlod of 12 mnth4 in 0rderl0helpv￿th inductKsn and mfjntoring of suc¢esgtrtrustse. Atlho orhj ofthfr r•woinl•d p•riod the rntirlThJ tNstee $haU not be eliglbkn for re4lectM. Ir 2020 Foundauon mode 4meThlm8tts to MomNan¢kni olA1￿ciation, updiling thg wtydirvj b8ttw to r•ftoct the charitabl• oWctr4fe6. The Foundatlon yovi¥ion for rnore Ihan 15 I￿t¢8¥ ol*ffiom up to 8e¥ert tr￿te•6 lor no mwe ihan hal of the total number of tW51eeB if fe¥￿r than ffift￿nI Sh￿1 b• nominated by the tsDa￿ of the Perforn)Ing Rlght Sorjety Lift•ted. Otrter truthes shall be indep•ndenl Indfviduals with relevant QXpwknn￿ relat4W to the role ol the FoLmdation. Jonathan fvitken. Michelle E¥cth, Suzann? Hughe•. Crispin Hunt Alexgnd•r K089nw, and JLthn Mlnch or• PR&nominatod trust￿. Trustees Rkhard Klng and Nthn Savknrw (Chairl reltred from the Board In June and Decernber 2023 r•spectivdy. Algo In December 2023, Nth"n S•whney was nam•J as the FourKlation'$ flrnt PatrDn. Sugannah &mon8 wa8 elected ag Interlm ChJr In FobNary 2024. alongskle 5 PRS-nomlnated tru8tee8.' Jonathan Uten. Suz4nng Hughes, Cri$pln H￿t, Aknder Ka$￿er, and John Minth. Page 14

Trustees, Report For the Year ended 31 December 2023 PRS Foundatlon Gov•rn•nc• {contIn￿l) In 2024, ts nominatkW ¢haiT¥J by Suwinah Stmom ￿11 IdenJfy and recruit independent trustees. ofKI a new pennanenl Chawforthe eh•rlty. The bo4rd Ftharte P•rrnl Committee rgvlvw I￿ organisjllonal 8trudurè LVI at leagt 8n anNal bAgiJ. Bonthrnathiig of pay 1$ carried out by manyrnenl #ftd t•vithd wjth ths Cwnmittee. The Chalr of the Cornmbttee Submits the Commiltee's Tecornmendalionj fcr bo•rd apwoval ffi the wie board mèetirvJ th•t th• annu81 budget18 awoved. DBpendry on tru8tee rotation, •n oudit of t￿ Board of trustse8 18 canied out every 2- 3 ye•rg, tD ensuT• that Foundatbn ha8 a diverse ropreBentation on the Board and that any ￿tIrt￿ skills gaps are addressed. Norninations CommK¢o•, a Su1￿COmmit￿8 of Ihe Board. then agree rofe d8¢ription6. B•l•Gtion pr(Kew¥ ar#1 the tImetsb￿. The Foundation adveth lor new tJU8tees lo appty lo b￿Orne ITUStee$ the Nornin8Yont Cvrmiittee ￿118￿1￿￿1ho￿Isted ¢ArKlidates. Theear¢didate# sdert¢d tolokn the Board arn Imitted to observe Board meeting and if boih art saliBfied. th8y elected to the Board al ￿ folkniig Board m8•ti)g. Grnnt-IA•kiftg Proc• FThl dacision$ regardi￿ 9rarrt-rnaktr￿ rewur¢ed by unr•¥trkaed funds are made by the tnth06, folkwhg reMmmeNlgtions and 8tt¥tce from the mawemenl team Infomied by Ihe Adv4tyy Couneil. The FOUnd￿On pays ad¥160r8 a fee for ¥pedflc services, whlch arn set out in a letlor ry email confvming If8e

erviw vkn8n required. A$ part ollhe grantwmaklng process. lknktruBteu t*e an actNe pwt In the Foundalion's

grnnt-making procedures. At board me8tin95, th8 Ilnk tNstee is asksjd by the Chatr to pr¢ienl an overview olthe Advlsory Panefs discussions lo the twrd, hklhlighting strateglc wklre8wJ by tr grant recomrrndatlon8 and confkm)in9 that dug W(w•d. Trvst••s are requtred to Jxtify {valheT than approve) granls madè through p3rtnor8hipfundad gehemes such a$ the PPL Momentum MUS￿ Fund. Irrternational Sht)wca$e Fund and Beyond B￿ders. These ￿ndkn9 deo8lonJ are ro¢cYnThnded by speciallBt prowamm advlm andl4Jrfunding pwth•rn. IAanagom•nt Day-ttrday rfionagernent is th• resp￿91b011Y of on admlnlstrauve team ofeleven fvll line VAKI Jix Part timè 8taff (Induding con8ultantsl, led by CNef Exewtw. Joe Frankland ¥knD has authwlty, tsrm¥ ol dd•BallL 8pwoved by the directh, for all opeTational matter8. RISK MANAGEMEKr The InMtee8 Identi￿ pc•ntknl risk8 ty ￿rying rngul•r detailed revie¥rd of the activibe5 an annual rfsk a88e80m•nt wlNch is apkyoved by Ihe boarrt the Flnance and Personnel Comrnittee and as PArt of tr bwne88 p￿nnIng The JpedfK mèasures we In place to ptsntial rl•k•'. a wlde ind appropriate ltrv¢l of wof•s5ional 8k1118 and exP8rier￿ IhB board of Iru8tee8 the ernpluymenl of wofe8s1c￿1ty qUAlfied atsff aThJ the eng89ement ol prOfes￿n&1 Wr¥Ic￿ 18991, finan¢W a￿1 hum•n resou￿e rffjuthm?nts the employm•nl of an ncr•aslrsly broail rnn90 0¢ iidgpgrnsent advisor• hdp to a88ess the FoundaOon'8 aWicatK>ns coHabwaUon 7hlth rdevant PRS deparlment8 to 8UPPOrt ourfjnonce and pergonnel policie$ goc*l internal Mnrnur￿CaIoftS and controls.

Tnjstees. Report For the Year ended 31 D2cember 2023 PRS Foundation FINANCIAL REVIEW Total irKome for the year 2Q23 was £4,150.186 £ompaT•d with £4,065,634 in 2022. The FoUr￿0￿.0ft 1$ exlrernely grateful fpr the generosty arrtl support from all of the fundws IWd In th18 r•wrt. Th indlthe Ihg mtrmber8hip and Board of PRS 1￿Ch 8hown thoir continu•d commitnwnt to the Foundation's charitsble acti¥ttles and tho knpOrta￿ of our work kn 8ongvrters, comp08ers, perf0m￿nCe g￿p8, baThls. festNals, promoters and other organisations Ma￿n9 mu5ie across the UK. Wfj al80 acknowAedge the 9en8roug gUPPOrt of our olher major don(Y. PPL, SUFVOrt from Cre8Uve Europè and Arts CO￿¢11$ auoss the UK. ￿tre the Foundation sets amb￿0U1 extwnal lundrnising tarpts and performs weN - rai￿n9 betr￿n £1.n.£2m per yearlo match ourcore dona￿ft from PRS. the management t•8m and Tru¥tees knrTrAedgeth•t In th current dimate il hai been difficuttto m•et tsrgets for some progr3mrMb. 18 P8rtJalty due to thè compa1￿e nature ￿ publlc funding and atrend of music tth companles- IrKluding DSP8 who make up a s&nfficant proportKJn of external Investmenl- h8vlr¥J to redu￿ budgets 8cro81 the board. We ¢onbnue to div¢T5ify income BOWGeB and w4kom8 cotlaboral¢Jn WTlh alterrthe larger mu8lc companl•4. T¢Xal expenditure in the year wa$ £4206.679 c¢xnpBred ith £4.250,055 In 2022. Expendllure inwred to generate 1$ minimal {2.7% of funds rai￿., 2022.. 2.5%) as the fvndr818lng function M Nitegrted the Cligf Execub'v•'s rnspon$lbllty to work trthgic•lty tmth a broad range of fun¢thng pwtners ¥+ho Sha￿ (wr ob￿lveS. PRS Foundallon does nol engbge extemal profe55lcwl fundralsern Of cornrnerclal Parti￿Pat￿lS to ciny gut fundrablTrJ acbvlty and do•s not engage in lacetsf8cfj or t0￿phOne fundraiBing. As pwt of Its wop•rnIKyn for the Gerwal Oata Prote((n Regulallon that came into fryce In May 2018, PRS Foundabon has #nd updaledlts Priv¢y Notus. These notK•s, publighed on ourwgbsite, clearfy 81al• that penonol ¢Jats the Foundallon hdds in retation to iypporter8 and how this dala will b• usad. If sets out hty indivlduals rai8e ￿￿emS OT C￿p[all￿. The Foundation h# roBeNed rtr) ￿MIrlS 8brArt tts fundralsthg athikne8 elther durin9 the finandal year or Jyhequenty. RESERVES The tot￿ year end funds ar• £718,763 ¢ompoTed I￿1h £775.278 In 2022. Th18 amount 1$ $pllt bBtwe•n £884.8e6 of ￿reBtricted luThJs and £33.897 of relct¢d funds. Imhin the unrv¥trthd funds. there we designated funds of £558217 vknKh the trustee$ have •AM￿￿￿e￿ fDf a paiticular fund. The not movtrnent in lund8 for 2023 is d8fiGit of £56.513 12022.. d•fi¢it of £194,421), due lo the linwNJ of incomp rewnilion and granls pOndi￿re b•knen yoW6. The Foundakn 80 ha8 eonfimwd furnling patherslips th•till $•cure fvndvig for fu￿r• prfods. Th&lru8le•¥ Inl•nd that rjur free re8erye8, l.e. thè unr•Btricted r•seryes ofthe FLwThJation, exduding thoa• deslllnd up k) flxod amets, Will coverth• operating cojts ofthts ¢h4rly for Iho fi'rBI quarter of the follcNAng yw. In 2024. 09 p•rt of the new fvndlrvJ lgrnementwlh PRS, the Foundat4on put 10% of PRS'S grant into rnserves. The free r•6erves at 31 Decemter 2023 stand at E128.649. For thos0 purpo8•8. th8 thorfty'$ owrolln9 ¢￿ts cover $#Tr8rie$ 8nd 1upF￿ co¥ts, bui not grnnt payments and are estimated at ar4)r¢xKTh￿ety £116,647 for the first quartet of 2024. Th8 r¢o8on fr* holth'ng reserves Is 88 8 buffeA kn ¢a$e of adverne events arKII or1088 of incom8. Pap 16

Trustees. Report For the Year ended 31 December 2023 PRS Foundation TRUSTEES, RE8PON8IBIUTIES Tho tru8tees Iwho thre also directors of The Pèrfomilng Rhahl Soclety Found•t(on lar the purposes of coThpany low) are reBpon8lble for preparing Ihe frustees, Reportandthe finlnoal stat•m6nt8 n acu)rdan¢e V•lth applkab and Unitod thgdom Acwvnllng Slandard8 (thrted ￿r￿jd0fft Genernlty Accepted A¢cL¥Jntry Pradko). Company18w requires the truBtees to prepare finanaal stolernents for 4ach financ4al year. Under that lth¥ the truBtee8 must not approve the finan￿al $1otements unless Ihey are Jali3fied Ihatthey give • ts and f vknv of the ale of affairs of the charitable coryAny and ol the incomlng regourceA and applkalion of resources cluing the Income and exp•ndttur•, of the dlarftable cornpany for that period. In ts80 flnanclai statements. h IruBtee8 Are r•quired to.. jetect 8ultabl• 8ccounbrg polKle$ and then apply them conststenlly: otffje￿e the methods and wbnoples in the Charlties SORP,. m•ke judg•ments and e￿Matel that rtaBonab￿ and prudenL stète ￿thether #ppbcable UK Acc￿nting Slandan16 have been folltywd, sutyect to any matslal departur•s disdO￿d and exF4ained in ts finandal statements.. and prepgre the financAal •tt•m•nts on the conc•rn basis unl•a8 it is 4pptoprfate to prwurm that tr charlable company ￿41 corfnye In ¢¥eratlon. The tru5tee9 are re8POnsIb￿ for keeyng adequato o¢rAnltng fo￿[¢1S Ih8t ore 8uffictenttr) Show and explain th Charrty's transactions and dknlose re480nable 8￿raCY al any time the fnafKlal positknn of th• ¢h8rity end enable th¢m b) emure Ihat tt accounls crty wth the Compan￿3 A¢t 2006. They we atso r•sp)nslbkn for safeguarding the asgets of the chwty ¥nd hence lor reasonabkn stops for Ihe prevention and det•th"on of fraud and other iTh¥gularities. and for th• m•lntenarKe •rKI tyrity of fv corporate and fthandal wrfomiatlon kn¢luded on th ¢h•rty'¥ ￿bsite. E•ch of Iho pwsoM vhK aro Irue$ 4t th• ime th1# trustse8' annual report •ppwved hao that so lar as that I￿9tee is owore. there 16 no r&knnl ¥￿Ilt wrfonn•tion of wth the charft8Lle rA>mp8ny'8 that ￿ TnMle• h88 iakèn all tr stsps that ought to ha¥e tak•n M a tn￿ts8 In cd•r to be awore of any audit infrntron and to ostabllth that the auditorn are awAr• of that inftffrnats"on. The a￿1￿[¥, LFF. vmre appolntod In D￿eMber8nd f￿nallY appointed at an ExtraordSr4ry GeneW Ktieting on 29 Febnmry 2024. Tlws TW( has be•n w•parod kn a￿0rd3n￿e lth th& provths of Part 15 ofth• Compwk8$ fv£t 2￿6 relatiThJ to Small c4mpanie•. n Ixh*ll of tho Sumrniah 8non• Ilnt•Arn Chal TN8lee Pw17

Independent A¥Jitor's Report For the Year endod 31 December 2023 PRS Foundation Oplnlon V%kn haveau¢tited the financk91 statements of Tha Perfom)ing Right Sodety Foundatlon flhe ¢h•rftabl• company'l for the y•ar endéd 31 D¢¢ember 2023 ¢ompris• the Statement of Financial Activthes Onw￿￿￿ting the Summary Income and Expenditure Aca)untl, the 8alance Sheel, the Statement of Cash Flows and th¢ notes lo thefinancial stements. Induding Signlficant accounting poliaes. Theffinartclal repoitinglrmevK¥rkthal hasbeen Ipplled in their popwation is applicabki law and UNted Kin9domA¢¢ounbn9 Standards, includirvJ FRS 102 The Financh￿ R•Wing Slandd W1￿)1e In Ihe UK Repulsk of Irelxl IUnAed GenerallyA￿P10d Acewnthg Prathc•l. In our oplnlon. the financ￿1 st8ternwts'. giv? a tru• and fair ¥ie of th state of the ¢h•ltabkn ¢ompany affalr$ 08 at 31 Decwnb•r 2023 and of fts In¢omirg resource• 8nd Appll¢ation of resourceB for Ihe y•ar I￿n errfled., have been proprty prepared In a¢￿anCe with United Generaly Accepted A¢countlng Pr4¢c; and have boen prepwed kn owdance wkn the rnquIr•M￿ts ofts C(srnpanvdskt 20¢%. Ernphasls ol rnati•r We draw aitenlion to Nth 1 to th• ffinanual knEntJ wttlch de¥￿6 prlor perbjd ¥d￿lIMerts rfflade to the yrnyindirq amints. Our opinlon15 r￿t modlfod In re olllM¥ m•lt•r. Bal￿ for opinlon conduthd our audlt In acc¢YdarK• ￿ Intomthnai Sqndafd8 on Audltlng (UK) USA8 {UK>) and •pKab law. responsI￿lt under thtsse standards ar• further deserbed in the Auditor's resp￿t[blIrt￿e8 forthe audtt of Ihe fin#ntyal $tstements Secti￿ of our Rport. are Independent of the tharftable ￿TrPany 414ccordanc• th the ethtcal requlrwnenls that are rele¥ant to our audlt of t￿ fin¥￿501 $t•tements in Ihfr UK. induding the FRC'I Ethical Stand•rd, and we h•ve lulfilled our other ethical respon￿bIlItIeS WF acconlance with these requirements. beli•¥e that the audit evpJ8nco ha￿ obtslned 16 6ufficlenl and gpkvopriats lo provlde bas￿ for our op1n￿Jn. Cmclu￿on$ rol•tlng to going ¢oncorn In authlirs tr finantiol $t•tements, we have conduded th81 the tru•¥ w of th• goong conc￿ baw of aC￿Un￿.ng in the prnparation ofthg flnarKial statements li approprkn91¢. B8Jed on th• ¥Mk w• Iwe not Klenffied any malerial uncertalnti68 rdatlng to wents condMIDn$ that IndNldualty or ¢oN8dlvely, may ca$1 5igniknnt doubt on Ihe chaTitsble campany's abilty to tinue as a going ¢gn¢em for a perlod of at l•ast 12 MI￿1￿ from when th• ffinanci￿ statements are 8uO)0rf8ed ftsr Ow reskMsibilities •n4 the respe￿INIl&S of the tru818e8 r•$Fect to g0kn9 are descrbed kn the 8e¢tKJns of IN8 mport. Othor Inforrnation The otherlnformallon G￿pr￿•th¥ ithnnakn indwjed in lhe￿nu￿ report. Ind￿1￿n9 th8truste•J' r8porL 0lh8r than the financial statements end our aLtdticr'B report thèreon. The tN8te68 are re8pon8iblo for Ihe other irrfomialbn ¢otsned withln the ￿nUal report. Our own￿j￿ on th financial Slat￿nents doe3 not cm other information and, excKI to the extent othevAoe expl1¢￿Y stated in ow rewrt. Tht do not exw•$8 any fomi of Ow re5ponsibilty h to rn8d the otmr InfomiatiDn and, ddryJ ￿, con￿d& the other Infornia￿On 18 materlally Incon8i¥tent wth th• finan041 st•temonts or ow knryAedge obtained in the Course of the audri, or oth•￿Ise appears to ￿ materfjlly rni$8tated. If we id•ntlfy •u¢h materfal Incon￿¥ten￿e$ or app•rent materl•l rnJ8atements, r•quired lo detemine whother Ihls glv•s ris• lo a matwial mLsstaternenl In the financlal statemenls themselves. If, based on the work ￿ hav• perform•d, w• ￿nclUde that t￿ is a material misst4t•rrnt other irthymalon. ￿ 8re rfjqul￿d to feportlhat fxL IA tro¥• nothing to r•wt in th1 r8gwd. Py18

Independent Auditor's Report For the Year ended 31 De￿rnber 2023 PRS Foundation op1rri￿ on olhrmatlws pmcrfb•d by th• Cornwl•• Act2001 In wr oplnion, b4sed on tha underta(on In the course ofthe audit.. tho hformauon gfven In thetrnstO•8' report. wh￿h inGlud•¥th? directorn, reFryt prepared forthe PLKPO8eB of company law, for the finarKtal year vthlch th• financial statewTrt8 ore PTepar•d 1$ ¢on5iBtent ith the Ilnancwl 8latemerts' and the dlfe¢tors' report includ•d tAithin IhE tNstee¥' r•wt has prep4red In •¢oxdance V•h ylic8t4e le5￿ reqJlren￿ts. IAattws on vlhlch ￿ •rn r•wdr•d to r•port by •x¢•ptlon In the Ilght of the krKMled9e ¥nd und•rstandir4J of th¢ ¢hathabf• company and Its envirunM￿I obtsin•d n Iho our8e of the audit. have not idontlfied matevial nmulatements in Ihe ￿1￿CtOrs. ropcfft Included y￿thin th• We nothlng to Teport in r8sp•ct cf the folbwing m•tt•rn in r•lallon to Thlch th• Companles A¢t 2C#)6 r•quire(Bl u$ to rewi to you Ir, opinion.. ade4uate aThJ proper accountin9 rec￿d$ hav• nol boen kepl. or retyms adequète audit ￿¥t not receNed from braiths not vlite(l ty us,. or finandal 61atements Jre not kn agreement wth Ihts accounting records and rrtums.. or ertaln ¢Y18closures oftrustetB' remunerntN>n specffted ty law are not mad•,' or we have not rO￿l¥ed all the knformallon and explanatlon¥ we require fthr our a￿lt,. or th• tru¥tws w•r8 nOtentst￿d to prepare the finarKkl Bt8temenls In accordan￿ with the small ctynp4ni and take advmntsge of tha $mall compan1￿, •xenwtion8 h prfjpanng Ihe tru8tee8' r•port and trom t￿ requliement to wepare a 8trateg￿ repDrt. RwponBlbllEtlu of tr￿t0•B A8 explained m¢xe fully in the trustoes, reSpOn￿bIl￿te$ statement set out on page 17. the truslets8 ar• also the di￿rS of the (aritable company for th• purposes of cpmpany law) are re8wnslble for the p￿paral￿ of the finanoal gtstements lor ￿ing 8atlsfled that they glve a true and fAirMew. and ￿Such intsrnal control ai the twstees deternine is n•¢e88Ary lo enable the preparatirm olfflnanoal statem￿ts that are free fffjm matèrial ml$stotemenL lthether to fraud orwror. In pr¢pwlng the thando18latsmerrts, th• trustees we responii14p fw 888e¥slng tho tha￿bI8 compsrny's ablity ID o)ntinue as a 90irYJ Con￿M. diBcloslng, as applicable, mattern relat¢d to golng Conc￿ and using the g￿n9 ojncem b8BiS of ac¢ounln9 unless the trus1￿ eTrth8r Int•nd to Ilqyldgte the thaTitablt company or to c•as• optrlon& or ￿¥ fio realljlic altemative butlo do so. Audltof• rn•pornlbllltl•• forth• udltof th• fin•ncthl st•t•m•nl• Our Objectiv￿ are to obtsin reasonab￿ assurance about vhth•r the fffiand81 statements ag a are tretr from material misstatement, lo fJaud or error. to issue an audttorfs rem that 4nthdes cy1n￿ft. Reaaonable 888urance 15 4 hKdh levet of assurarKe, is not a guaran￿ that an aud6t ¢(￿d￿ted accordance wlih ISAB IUKI VAII ahvays detect a materfal mls8t•tement when rt t￿sts. MiB•tat¢mrmls ¢8n arlse from fr8LKI or errtsr and arn c4)ngider•J malerial rf. individualy or in thg ag9reg, try uhl reasonabty be exFeCted to influ¢nce the econ0n￿C dB￿a￿￿5 olu8er8 tA(en on tho b￿19 of Ihem fIn￿¢111 slatements. Irregularfe$, indudlng fr8ud. are In¥lancw of non4xxnpfiance knllh lawB and regulatlon$. We desi￿ wocedu in line ￿1th our re8pM8ibiUties, ouylned above. to det•¢t ￿￿$$t81•M2ntS In r•W of Irreg￿ritieS, Inclu(￿ng frath. The extent ts ¥knkh our pT(odum aw cap•We of thtecung irryl•rftie8, induin9 fr•ud l• (kntsiled b•low. oblakned an ￿￿[•14￿dIng ofthe leg81 arKI regulatory fram8Krk aPF4k8bl• to prepar4Oon rfthe finanrAal ststements of the ¢hantable company. aTht the Procedure5 Ihal management adopt to ensure compliance. We h8v¢ cth)$ideTed Ihe extent to notFcompllnce rnlght have a maleri81 effect on the ffinancl81 statements, and in Partic￿ar ￿ idenlffied.. Ihe Comp•nie• Ad 2006, the char￿e8 ACE 2011 and the Cha￿tieS SORP IFRS 102). Page 19

IndependentAuditor's Report For the Year ended 31 December 2023 PRS Foundation ve a180 oltrwlaw8 and rwAat5ons that do not a dlr•ct dlect cm Ihe amounts or I￿8￿0$ureS within the finandal $tatamént8. t￿1 for +•ththlch ¢ompll8nc•18 fundamental to the charRable company's operath?n8 and to avoKI mat•rial p•naldes, inclu(￿n9 tho G•n•rdl Dwta Protectitsn Reguktion and ￿ploYment law. Hwlng revlewed the Imvs and regulau￿8 app1Kab￿ to the charitabk company. wè de8Wed and perfumed audtt ￿¥0¢edure8 lo oblain 8vffi¢nt •ppwiat• audit evid8rKg. Spedkaly, we.. oded • te•m ith iector•specnlG ewrlfjn￿ to perforn the audtt.. Obtslned an underglanding of Ih ctrwitable cornpny'i procedures for cory11￿& wlth laws and regulgtyon8', Obtained arKI revlwmd intwn•l pol and prncedure dLwmenl8' Made enqulr1fr5 of man•Jement and the truslees regdrdlng whether they were aqre of any aclu•l ( suspected inciden￿8 of norpcomF4iance with laws and r•gulatioM,' Oblalned and revithved meeting mlnu8,' Revi8wed legal expen8eB 8ccoun18 for tndloalions olary pomible nonomptl•nce", and R•vimd the CO￿91etenOSS and accur•cy olny dbBcbwJre$ m•de in the finan¢ial statemants. vit aw88ed the $UBceptlblllty of the choiitable compary'i flnondal 8tsloments to mat•rial rn1181at•m•nl, indudlng con¥id•riThJ h¢M fraud mi9ht occur. Thi$ porfonTrJd ty.. Making an ￿se$SMent ofthe tharitable company's control •n￿￿nMent. 8y5tem¥ controh #￿auding lenlifying any weokresws and con8NJwing the riskof management overf(lo of controls; Assessltw th¢ ¥us¢eptsblity of the charitsble COM￿ny'S financral slat•m•nts to matèrol miB8Weffl¢rt ding c¥)n8Ideri￿ hcYvlr•Jd could o(£ur'. Corr&hlwing whellr there are wy IrKents'¥es or opportlmknes for managem￿1 to rnaThpuL4ts financi resums,. Obtalning 4nd e4aluat#ig th• tr￿t¢￿' •1￿5n•nt of th rsk of frawl, and Brrfwlrfng a$ Io Tthother they 8 0￿re of any actual or Suspected Ir￿(ler￿ of fraud., Re¥iewng ihe accouning poSKi•s aMI 8ccounting estlmate8 for 8igrA 0fM￿agement bi88,' Identifying key risks ￿lating to irrogulathleB a8 relating lo r￿￿agement overrfde ol conirn¢8, revenue recognlon. the wmpl•ten•M crf gant comrnitmurt¥ •nd t￿ id•nliftion and aP￿allon of ra¥trKtod V then de8bgned audit procedwes Hi leopon￿ lo th0 rf8ks td•nOfied, incI￿ling ￿rA)m)Ir￿ Jubtsntin leslirv on all material In¢ckne stre•m8. Ir￿ding re¥1￿￿j ￿Uma1 etheg key attounting e8ttmatsB. re¥iv4¥1ng al perfrnnce m8lerlg1 grants, testiNJ grant commrfments for compkntsne66 on • gamtytr b4816. and vowhlThJ mov•rn8nts on rnsth¢thd furrtjs wlh an empho81s ￿ bknse fvnds vilh restri¢tioM more SFecnlc than a grant progrnmme or prod * a 7htK>Ie. The oudlt ha¥ been planngd ond p8rfom•d In In acc4rdance vAth auditlng 8t8ndards. ho￿ver, beuu8e of thè inher•nl Ilrthlatlons of audit procedurn8 thw• rem•ln8 a riBk that not detect 811 kre￿laTi￿183, tncluding thoso tw may kad to maierial m166tat¥ments in the lJnandJl Jtatgm•nts. There we iiherent diTruNle$ k) dete¢tir¥J irrogularib'es, and irwukgrrfies that result from fraud may b• more diffi¢urt to deteci than Wfeg¥JlarlbeB that re￿11 from error, fry exAm￿¢ to concealment, O￿TrIde ol ¢ontrol$. co1￿#￿￿ or mlsreprnsentatOon8. 1 addluon. the further rema¥•d nonpcom118￿¢< wllh kws and r•9uktions IB fnxn th• events and tran8aclionB flected ￿ thè flnaneHI statem￿•, the less audit procedures are ablfr to rdentify A knth•r d•8cripkn rn8pons1bil￿•B 1$ avallablv on th• Flnancw Reportlrwj CounEI'8 website J.frc.or LILlaJ]_(Liiofsres onsibilities. description ltym¥ ￿rtOf our auditor's r•F#%t P•ge 20

IndependentAuditor's Report For the Year ended 31 December 2023 PRS Foundation Ug0 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 audrt work has beell undertaken $0 that we might slate to the charitable company s members those matters we ale required to stale lo them in an auditor's reF¥)rt 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 chariiable company's members as a body, for our audr( work. for this report, or for the opinions we have formed. Date.. AS H￿1•Y A CTA DChA jS8nior Slat ryALtditorl For and on behalf of Lindeyer Fr8ncis Ferguson Limited, Statutory Auditor North House 198 High Street Tonbridg8 Kent TN9 1BE Page 21

PRS Foundation Legal and administrative infonnathon For the year ended 31st December 2023 •m• and •talu•: The Perfomilng Rlght So¢ Foundallon fpRS Foundationl . company Ilmlted by guarantee. belng qovemed by it8 mamoranthjm and 01068ooaoon has ￿ share ￿pItal. Incorporntod: EThJland and W•leg ¢•ny numb•r. 03901665 Ch•rfty numb•r. 1080837 Prfndpl nd rotsr•d ollk•: Tel AL￿￿on HfyAe c￿nter Stre London SE12HD Jonathan Al￿efi- aFJpoirthl 29 Feb￿ry 2024 YolanD8 Brown Chr18 Bu￿r Loma Clarke- ruigned 20 Odobor 2023 Michelle Earthry Christme Geissmar Suzanne Hugh&8- appolnt¢d 29 Few 2024 Crispin Hunl- #pwnted 29 FetJTaury 2024 Alex•nder K8sw- app)inted 29 F￿2024 Rlchard King- r•sNJn8d 25 Juty 2023 John Minch- appomt•d 29 F•￿UY 2024 caro￿ne Norbury Mark Pod• Nitvi sO￿neY. r¢8lAned 6 Do¢omb•r 2023 Suwin•h &mons Joe Frnnkl8YwJ, Chl•f ExeoAi¥ Flona Harvey. 8•n￿r Manager, Owr4Vons Becd Scotrher, Senior Grants and PrCqraMM￿ Miw•r Liam McM4htsn. Senior Commurd￿onI Managef Yvw 0￿SU. Senhy Pow•r Up Progrnmme Man4 Flon• H•p4ey Audllorn: Undtytr Fwgu80n HouBe 198 Htgh Street Ton Kent TN9 18E Sthander UK t4c Brwjle Road L30 4G8 Poge 22

PRS Foundation Statement of Finandal Actilities (Incorporating the Summary Income and Expenditure aCco￿t) For the year ended 31st December 2023 A• mtat•d Totsl Unrn¥lyld•d OMlon•t•d Fund• Funth TolAI Fund• INCOME: om• from: l)ongUoM kg•L 2,797.297 887.356 3m4,853 3,834,487 P•rfornancMIAlad grnnt• 227,225 151,925 0thgrtr4dthg a¢tr¥kni". Cwor&t• )orwrnhlp 238,288 238,288 2ty,222 Totsl In¢4YhO 3.035. 1114561 4.05S. EXPENDiniRE: RpiJwvJ fvndb 1112,4431 1112.4431 199,4931 Charfrt4bb 1936.1191 12,028,47TJ 11.12D,6401 14,094XJ61 T¢thl •Ap•ntsll¥M 1.048, 2.￿￿,47 1,129,640 Il•tlrKom• I l•Mp•ndltuYl 1.967,tr23 (2,028,477) 11S.Qryg) 150.5131 1194,421} 11.919.Wl 1.#19.884 Plot mo¥•mht In fvn 87.139 1108.5931 115,(691 156.5131 It94.4211 RxoDclll•llon Of lun Totsl knrKl¥ broughtfrAMWd: J ortinally ted Prlcy p•rbd 401￿￿llent 141,248 179,738) 896,827 1847.8711 1,038.075 1282.7991 1221,507 1251,8101 e64.810 61,510 664.810 48,958 775.276 989.6&7 Tgtsifvnd• tsrémrd 128.649 55&217 33.897 718.783 775.276 notea on page• 28to 42 fomi #n in*grn1 wt ofuwe •kxounts. Py23

PRS Foundation Balan&9 Sheet As at 3181 Oecember 2023 X123 202J 2022 2022 Flx•d A•••ts T￿gible fix•d ￿lets 12 CwrnntAM•ts 1¥ 857,390 2,970,085 559.313 3.893.963 Cash al bank li hand 3.827,475 4,453.276 Cr•dltor•: Amoun1• tslllng du• wlthln on• ye•r 14 (2.986,981) 13,678,000> 640,494 T15,276 D•btors 13 7T.3B4 Totsl N•tAH•ts Th• lundy olth• Gh•rfty Genernl lunds D•$V￿ated fund¥ R￿ed fvnds 128,649 556,217 33.897 718763 61.510 884,810 48,958 775 270 Tatal eharfty fimd• These fmonoal statements hm been preprEd in ￿￿dan￿ the provth op*f• tr) Q￿panIe• SLthJ8ct kn the amall con¥•Thes regkne IS ofthè c￿￿P¥ni￿ A¢t 2￿. Thè nots8 on page8 28 to 42 fomi an hitowal pÈrt ofthese accounts. Approved byth• Board DI TruitM8, UttrwJr1￿ far thfjtrlbullon, and 81gnod on the￿ bBhaff ty: Cwnp•ry R•qlstr40M ￿mbol. 03901666 Page 24

PRS Foundatlon Ststement of C88h Flo￿ For the year ended 31st De￿rrtsr 2023 2022 M•t ￿$h umd In op•r•tlng actlvlll•• 17 (922.7T91 466,705 C¥h Ilty￿ from invostin9 •cO¥Wes'. DI￿dends, ￿t•￿t￿NI r•nl frrffi in￿Onts Pwdjw Of￿91b￿ fixed (1,0991 Not ¢uh provid•d by Inv•stlrvJ I￿1¥1￿* 11.0991 Ch8rvJe In and ￿¥h equlvalenttt in reportlw period (923,878) 4e8,705 Cath and •qufvalMls atth• t4glnnlng ofthe ￿P￿n0 Ca•h and c•¥h •qulv•l•nts atth• •nd of th• r•portlng pwiod 3.893 983 3 427.258 2.970,085 3.893.963 Paye 25

PRS Foundation Notes to the accounts For the year ended 31st December 2023 I kcauntlng Polclfjs Stst•ffi•rt of compllAll ffinanci81 statemants have been prepwed 8ccordance Mlth Ihe accwntry pdioe8 sel oui In n￿e1 10 Ihe accLwnts and conwy ith the o178ritys 9)vorr4ry d￿￿Th?￿ tho Cownle5 Acl 2008 and A¢wmbng and Rèprxting by Chariiie5'. Stat￿￿nI of Rectyrm￿￿od Pradke aFplIC￿le to C￿rItIeS preporing Ihelr &wunts in accordance with the FIn￿da1 Repthng Standard appiicabte In the UK w)d Rep￿1¢ of Ireland Charities SORP IFRS10211 eff8Gtl¥a 1 January 2019. PFIS Fo￿d8110n meets the defNWt1￿ of a pubblc benefit enlity under FRS 101 •is of Fr•￿TrI10n ofthD FIMncl•l Statements The ffinancial statements we pr¥pJred in sterfirvJ, whith is lurKlonal ￿rrnr￿y of churity. Mcrfry aft￿nts ￿ thes0 fin•ndal staknents are rc4mded to the nearest pjund. The financoal stalen￿t5 have been prnpared under th• hiBtorical ￿51 conventyon. Tho pJinclpal xcourting Fdlci08 4dort8d, wthlch heve been ciThiilenlly ¥plled to all the s￿r5 we8enled, arfr set out tsekAv. )Inancial slatsnKgnts aT• prepared on a r4Jncem bg•s thllch a$BUff￿ that the drftable ccry)any ￿11 continu8 in operation81 ey18t￿C• for a perfod of at1è&4t ￿￿th$ from the date ol apprDva of these finwd81 staternents. ha￿ be￿ gcanario rA4nnlng for n￿t programm￿ tru8tee8 reforeEBst 2024 %thith indude a8se$sments ￿ the probabllty of rpathing lundraljlng largets, usyThJ percenloge indicators. and infomith'on from discus￿￿$ ilh lundern. p4￿r9A1￿fy In tho context of the Inyct ol the CO8t-of4iving cristj cffj the tharitaLle cownvs prioritt•B. TNsttts are OSSLtred that unreslrided Incomo IB Uxffir￿d from PRS In 2024 1£2.e65.00018nd 2025 (£2,726,925) and that e>p8nthlfft on progranwne5 19 not bogun unlll fuThJ$ ttave been confimd. Senlcy manageffl8nt In constant ConmJni￿ion ith f￿￿er$ ar#1 funding pgrtrws ith re9avd to fi￿re funding h8$ helwd OUT sC￿an0 ￿annIng. The Fo￿￿tIon is vwy experfenced al adlFlI'ng to Changing need8 aNI trustee5 accepl thgt fjypendltum on PTO9rafflmo$ noeds t¢ be adjusted thore nocessary. Th• IwtheB ￿1th mana9¥nRntto lo￿ fLr new fw¥lral8lng Opp￿lI¥￿e5. Th• truste•8 betleve thal the thar[ta￿t coThpany 1$ VMII pla￿d lo manag• 5t8 busine88 and hws con8tderable finanual resour￿$ Indudlng Cash balance6. It Is theroforo appropriate to prepare the4e fg 1kn8fnns ond grarts lTh>)me Irom Ilonati￿¥ and gwls 1$ rocognIs￿l the thartty h98 en￿￿eM￿l to the knd8 {uwilly en a lonrnl offer of fundiNJ has beèn Con￿$ca￿ or, fc¢ th)afjons. on receipt), It 18 probable (more Ilkdy than noll than Ihe funds wll be rec8i¥8d, and thè aTh￿nt can be r•lFably. Suth income is def•rrnd in the Id1th￿ng c4rcumslances'. . there donor ￿Cl￿•S that thg Income nwy orty bo sP￿t In a futur? yJJuntlng wrfGJ, or we given In response lo an appllcabon ind4Mling a budgetod tlme8¢21e slxA4lng eXPe￿IlUre t&kJng placo In a futwe accou￿n9 period.. Pago 26

Notes to the accounts For the year ended 31st December 2023 PRS Foundation l xcountlng Po¥clu. Incom• l¢ontknuod) . Whwe the kndlThJ agraemert kn cllWkns PRS Flxmdthlon lo m&e 118 gwt progrnrrffi avoilat4e to beneficlaries at defined intervals cf on a rolling ba¥bs over a flefined pwlod - often 8u¢h agreerrents Invofve the lunders t•￿￿nI￿a partners ol the rdevanf wogranThes and In¥obMnxni the 8eledon prLVSg. Such cdlaborative grants are treated as perlornw¢e4el8led grants and are rocognS8ed In income from charitable activib'es in affordance wlth the chJnty'¥ delivery of the svar WC4Jrarrrrns lo ils teneficiarieB overthe Agreed inleNals tT defined period.. and - Where the donor has ivyjsed oiher conditirK, not wthcAty vthhin Ihe o)ntrol of th•rfty. Iho Income 16 delerred wrtil 1¢ Is probabla that thts conditions Imposed w be mèt (M? Donedswvlces 8nd fa(¥kns ￿￿kInd support 1$ recognised ¥n thg ch is enllued to the dongtsd 0[￿1$ I silceB. ts amount con b8 moa5ured reliably, and the recslpt Is probeble. Ooned good6 are measured at mwknt vdue. and Jnated 5eryic¢s and facA1tt4e8 are ￿EaSured ba￿ on anxunt tt181 the tharity would ha¥ had to pqy the open rr4rket lo oblaln the servSrx and 18cllttleB. lJ hvesfmgnl Kc¥n Inwstmrrt incLYna18 reco￿8•d on 8 receivabl• bo￿9. Inry)rne from corporats sponuorBhlp mngemerts is recwi¥od eY•nty o¥•r th• period tr Sp(￿S￿5￿￿p benefits are provjded Expondftuv• Expenditure. ¥thlth 18 tharged In the Sl•lem￿l of FInI￿al Adl4tyb•s aDxal basls, ha8 b dassified under heAdings that ayJregat• all rdHted to the type ol IAlhere costs cannot be diroclty attribuled to a p4￿CUl￿r advty O.e. Suppvi costs) thty have been all¢￿ted to ttrm on B bas18 con8iStent ￿th use of the re80UTce8. Support costs have beon allocated on Ihe ba658 of 8ff Ilmo gpent the varlous &v5tles as th1$ Is fell to be a measure ol the relati￿ pr￿ti￿ of resources c¢mWr￿. Grant cllg4tlon$ ore recognised on an ociwats ba•18 onc• the grant offw has been ¢omnxmlcat8d to the re￿￿ent. T•wJlbl• Flx•d Amets Tgnglbl• ffixed •t•d at cosl less •CQJnA￿4lfjd dewoiiation irrpalrmrrt D•pM￿alI￿ is ￿ded on ell tkng1l￿o awired •t 8 rA>St of mor• th￿ £1.000, at wates calculated to vrrite off the ￿8t or vafuatKm. leg9 osI'Nwted le￿d￿81 value based on p￿¢¢6 pr￿Illn9 at the date of •cquixitiDn or l￿dUatIon. d oath O￿lY ovor its expeLtsd usèftA life. 80 followt: Th& ecoTrJric li￿$ and resldugl v4lueB ol all tanwtjle assets rMts•¥s8d udy. Impaknienl r•¥lM are also wl•d (xrt ￿nU￿ly. V•lu• Add•d T•x The chwity IG reglstwed fc value 8d¢Jed tax P•n$lon¥ ContrfbLrtIDn$ to pwsond prriryi schfme8 are ch•rged to the Stat•mrrt of Finandal Acti￿ti?¥ •s tl bacomo payable In aeo)rdw vAlh the indi￿du81 8themes. Page 27

PRS Foundation Notes to the accounts For the year ended 31st December 2023 1 Pollcle¥ {rgrrtlnv•dl Taxallon The charty 16 0￿rt￿ from corpDrakn tax on Its clrftBkAe acb¥iti•J. C•gh and •qulv•lents C85h ond cash equlv4lents indude cgsh In hand, depo￿ts held at ￿11 thfjlh banks, olher short4emi Ilqukl inVeStn￿ %%lth ortgind mjturfties ofthree rTrJrrths cf lus. ond bènk 0￿rdraft￿. Flnanclal IMtrum•nl¥ The company has elected to sp￿Y the pmM5ions of Se¢ti¢>n 11 Financlal Instsumenlf, and Seth¢x) 12'01her Flnanry81 In¥tru￿￿nI8I￿￿Jej, of FRS 102 to dl of its financ¥al Instnfftnts. Flnanci410¥8ets aTrl Habllltie5 are clfget the n•t amounts preserknd in t￿ finan￿81 statements fien re15 8 legally enIor￿aLle right to set off the recognised anKunts and there is an irrtentlon to selue on not orto Trallse the 8gS8t and ttle th8 liabilty wfflthnew￿y. prtor p•rfod adJuBtmnl Tho follrming pn'or pertod adlu6trmnls ha￿ been madB: Gift• In klnd The value of the grfi in kind from Perfomlng Rith Sod8ty Lknlted hos been Inchjded In the y6or p•rftsJ Inc￿Me And e>pendlkn• slnco this 18 capable of belng meaGurnd rejiably. The effect on the prior wo$ lo inuea8e IroTh￿ from d)naiOons and l¢gado6 by £58.999 oThJ to Incrwe support costs by lh8 $0nw ￿n￿UnL Ine4>m• r•cognllon and ¢lts•Mlcatlon On re4iaw of the g￿1 8grtements In place, adi1s1w￿nlS were made for the recogrdUM and das5ificati of incorm in a¢c¢Kd8rKe Vith Ihfr ChBrib"es SORP (FRS 1021. The acc4xnllng pollcy for Income been expanded to darify the Ireatrrnt of grant agr•ements. The aggre9qte effect on Ihe wriod was to rodu￿ Snc(yne from donauons and legaoes by £182,914. IrKrea8e Income from <aritable 8cli¥iUe8 by £151.925. increw d8btm by £79.123 and Inue350 Credito￿ by £341,922. The effect M the wfjor peri￿1 opening ro8OPrn8 B redudion of £251,810. c. R•8trl¢l•d and dulgnatad lund# In the prlor period, the Tr)veThwt In lunds note Induded fvnds knthkb had been rec•ivod from donNs vAlh ndttlons Dver how they may be 8pent Irerfcled fvnds) lund5 bthleh been set asid• by the TFUStee8 for pwbrJJl&r progrwThB (de￿gnated funds) ccmt4ned In one table. The mtJvem8nl in fur•l8 nots haB thwefcwe be￿ r&y88ented to show regtrlcted and de9iWd ftryJ8 swrataly. The effect on trte proor peri￿ openiw reser¥e8 V•8S lo reduce unrerfded by £76,898, hcrease desi￿ated lur by £872.319 Ond reduce r•8trlcled ￿ndS by £795,421. d. AIDCatlon of ¢05t• In tho curr•nt ￿0d, ihe Nthoilojow forthe allcation of ¥t•ff <¥$18 by aCti￿ty and the ro$￿tIng allrxatlon of coth hay Len reVie￿d and thanged. The perfod has tr￿en redossifieil cfi th8 sam b8518 for conyarability. This red?￿￿c#10Qn has had no effect ￿ the pvior pwiod rèsult or net a6S•t& Page 28

PRS Foundation Notes to the accounts For the year ended 31st DeCem￿r 2023 1 Accauntlng Pollel•b Iconllnu•dl R•cognltk•n b••l• Baslc fln8rKI8t assets #fe inilially me4wJred 81 tr￿Sition Su￿guan￿ carried at amortised cost 8èslc fina￿ liabilib'es are irltlally rel￿91¥1 al transibw prfce and $uho¢w8nUy rneAsur8d at ￿rtISed coyl. Employ•e ben•fflts The costs of thort-term Myloyoe bengffts rec(gnlwd ￿ 8 lIa￿lfty and an eypens The cost of ry ￿￿Sed IK4iday entitl￿ 1$ rKotyl8ed In the perfod In IhÈ ¢nwloye•'¥ sem arn reeved. th1• h mJl•ri•l to th¢ Tenrdnaticn beneffts aT8 revjgnisod kThrndioly as an eynse the comp•ny is derwiknLqy C4>nyr￿1Ied ta termtnato the eiryloym￿l olw enwkny8e orto W￿lde temilnaflon berth. 2 Judgem•nls •nd k•y •oufus of6•llnwUon unc•rt•knty In tho aWleat￿ of the chaltsbfe c4xrponl$ a￿ntI￿ pollde4 the tr￿eS 8re reQ￿red to m Judgewwts. ￿tin￿5 and assumptions abcArt the wing an￿Unt rf gssets 1lablllt1￿ that are noi adily apparont from other swc48. Thp eBts'rtes and a88od8ted assuinptlon¥ are base(f on historic •xp8rience and ot￿1 fa(aor$ that are considered to h relevant Adual rnsults rnay diffar from th98e e81irn4te5. In tho opinfjon of the trLfstees thera are no swrL%8 of e4tFmlllon unrwt•nty 00 At the rwth.ng date th41 hav• 8 4OgnMeant of ￿ull￿a a ffotsrial lo thè carrylry of asiei) and Ilebfjlitlei in thtr rtht reporting perlod. 3 Incom• fmm rtonatknn• •nd l•gacl•¥ 2123 2022 Donatlon$ 2023 perfo￿1n9 Right &￿0ty Lkrfled P8rformirKJ Society Llnthl. In klnd pul￿•C fundlng Tnmts and FouThlathJn$ Other 2.500,000 94.877 129,799 79,971 880,OC6 2,500,000 58,999 211,889 71,536 792.063 3.684,663 3,834,487 kir#l $14)iyxt relates to tho use of accorTh)dabon 8nd fadllllol. RethXed Incom8 from don•ticTh arKI lego8 in 2022 was £1.115.922. Page 29

PRS Foundation Notes to the accounts For the year ended 31 st Decernber 2023 J kncom fvoffl donth And1•ga¢l•• Icontlnuod) Public ￿nd1￿ conyri¥N donallom from kn C(xmal Wa•#, kn Couniil England, Arts CoLmdl N(xth•m IrdaTrl, Cr•ative Scouond, cr￿tIVe Walej (Walsh Gowrnrmnt). Wal•s kn IntffnaUoMI. Ll¥wpool Clty c￿n(al, gndArts Coundl Ireland. 'Otr irbdud•8 don8lion8fr¢¥n PPL, Spotty, aegjars Group. &iUsh UndryourKI, and Musidans. lknion. 4 Govenwmnt gr￿1 Owing the yéar the fdifAsing income was recognlaed: £44,725 {2022', £44,175) from Craab¥• W8les Iwelsh Gov•rrThnl) relatirvJ to PPL Morfentum Fund £O121f22.' £40,01)0) Ac￿¥8d from Dep•th for IntematicrMI Trade. relating to the Inlwn1l￿aI Shorasè Fimd. No ￿ll￿filled cuIt1￿8 c* o)ntlngendes attach•d toth• grnnt have been recwi8ed as MKtim8. 6 EM￿l￿rI oth r•l•lng funth 2023 2022 Siaff costs (se• rth 111 Dlrnct CA>8t9 Slpptyt CJ)81818ee n(ts O) 50,189 25.215 37,059 47,801 20,553 31,139 112.443 99,493 Pag8 30

PRS Foundation Notes to Ihe accounls Fcr the year ended 31st Dpcember 2023 6 Expondlurn on char#•bl• •ctl¥ltlos Other dk•Gt ¢oB 81aff co•ts Il•e note 111 TDt•l IS•è hote 71 IS•• not• •1 Pr¢tladMty ID2J T￿l￿t D•¥d¢yMrt Open FurAt8 IntsMa￿OI UK CoNqborad OIN•r Paththrnhry>s 190.&87 80,152 171,212 4097 281541 721 10.463 1,818,591 733,( 346.222 75.793 140,784 2.321.174 $9,207 871,459 50.845 729.840 92,133 8,983 18.2Ql 11.987 364,764 451.474 3,QJ8.6D9 289.439 4,C84,236 staff costs ar• 4llocated on ba￿¥ of staff lime Bpenl on the various 8cbvttie8 as Ihls 18 fell to b? a me08Ufe of th? reLqb¥e pr(¥oftion of ro8OUrtes con8umed. costs, carTht be dlredty ￿trA￿ed to a partbJlar •Gtlvty, ha￿ been ollocgtsd on the •ame tia•B. Induded willin th• alxwe are grants to 192 Inslltulk￿B P022'. 187 In8tiWtims), i￿e band8, C￿￿trA6. lethals and promotsrs totslling £1.762.91812022.' £1.824,655). 1rKI￿Jed ilhin tr lxNe arn grarrt8 to 249 IndNJualB (2022.. 228 IrK11￿dUthI totsllng £1,415,982 (2022.. £1,466,7S91. AJ80 i￿[Uded the abm are d8duclOcth for80 L¥Ant red&ms Q022: 571 totahlng £170.29112022: £73286). uther detsih thM8 Wi7mmes found at ￿￿￿UndatiO1) com (S•• TJ (S•• •) 168.6&2 74,322 67, 111 lJ,747 18,2fh) 84705 ?,t￿,054 676,365 280,&59 IOKt,887 4&417 43,719 10.910 10.553 Own Fw 1407,328 8,664 591.207 26T,T07 77.656 219,518 39.2LMI 14903 304886 1218.12 221486 4.150.562 on ch8nl8bl• aL*vAkn Tr8(￿ladI￿ndS in 2tr22 w4s£t,12Z370. Pago 31

PRS Foundatlon Note8 to the acCO￿ts For the year ended 31st December 2023 7 GT•Thts Mrf•d 2023 22 2,936.437 3.178,900 {170.291) 128,862 13.216,960) 2,897.954 3291,414 (73,2861 181,145 13,340,MI Grs pwged in yegr Grant COTruThtinents redalmBd Gr•rte• debl(ws Grant paynmts made Corrfflthenls c•tTled f¢r4wd Intste 14) 2,858,948 2 938 437 support costs 2023 22 Fundr•ising and BCtl￿tiel to gen•rato fwd5 Charitable aCtIv￿a8 37.058 289.439 308,49B 31,139 254,825 CC41i induded in th aboK, ar• detsled belvw Acctynmcql•bc￿- In blnd 94.877 43.775 25.NS 23.931 23,288 23,117 14,497 5,445 1,707 58,999 31,129 21,501 21.735 14.489 28.534 18,277 6,585 704 6,837 25243 Travel & •ubw1￿Ce Comwtor & licer￿￿6 Conwltanw Web design hothrq aff trolnlng Personnd s•Thlcg5 Other office Nnning o)sts Gowmince costs.. Audit Logal 35,871 12.745 17,805 5.187 254,625 306,498 Mot mowm•nt In fund• 21123 2022 N•t r•¥ourc•s Ire *at8d after tharglng. Depredalcm. (M¥￿d Auditors, renui•raliorts LFF Awlltors, ren￿ne[ab.or￿ pred￿058￿ audllor 214 9.500 14,850 P4• 32

PRS Foundatlon Jtes to the accounts For ts year ended 31st December 2023 10 TNst••s' r•nwn•vatlgn Ind b￿￿ffl The INsts•8 not recdve any reThwerth a8 8t811rt0ry 6ir•rts8 ofthE COnPAny. D￿1r￿j the onè truth ¥Ag felmtrtff¥ed £110 for travel and subsistence expwes {2￿￿.. £0). Thè Ic41￿Ar￿d expen¥e$ vRre incuThed during the year.. £218 (2tr22'. £134) on Imstee l staff entertaining. 11 St•ff M¥t• 2023 S•larieg Social securlty c4p8ts P￿slOn coBIts 405,969 34.034 18.695 458,098 369,763 33.074 421,993 Induded in the ab¢M costs are £62.008 of 8alarfe8 {2022.' £56.182) and £4,350 01 wci•l costs 12022.. £4,368) thot are f4mded by re8thcted incom. Durfn9 Ihe wlod charlty pwd lomilnation P•yTn)ts an￿nting to £21.371 (2022.. £0). The average ntprt)er of manlhty ary4¢Jyo8s th• yw a5 follw.. 2022 Funthal￿ng aCt￿lt￿ lo g￿￿rate fijnds ca)l￿table ivilies 0.6 10.4 11.0 10.7 • 4Ynployee rece(ved •N￿luMentS. oxduding pensim Contri1￿tiM￿, £70,00(WO.OIJO (202?. one enWcye• £70,orA). £80,IXIO). Enyi¢)y4r pon8ion rontsilxrfion8 forthls • totBMed £4,431 (2022.. £4.22W. In addIti￿ to r0rNnw￿on, Ind￿￿n9 pen81on conlritrAloM. tree key p￿Onnel of £203,05912022.. £192.3201, there are addrdonal of kay man•gomnt personne4 tho Id £22,102121r22.' £21.7191 and £37,03712022'. £31,263} on a cOn￿tar￿¥ basls. Page 33

PRS Foundation Notes to the accounts For the year ended 31st De￿rnber 2023 11 T•nglbl•llx•d aM•ts •qulwn•nl Colt At 1stJn￿ry 2023 2,717 1,099 Dlwouaf• At 31st D•c•mtw2023 3.816 D•pr•¢l•tlon Al 1st January 2023 Charge foryear Eknktatad on d10￿8 At 31st December 2023 2.717 214 2,931 N•t book v•lu• At318t Dec•mb8r2023 At 318t DOc•m￿r 2022 13 D•trtor•: Amowts laHln9 du• ithln on• yo•r 21J25 2022 Prepaynw¢ts and •ccrued incom• Keychangè US1800 note 20) Tradè debtors VAT rep•yment Grnnt•• detors debt prnmslon 285.503 40,794 280,493 270,07T 189,151 128.860 161,145 657,3 559.313 D•btorn: Amoun1• tsllng du• afl•r on• y••r 2022 Keyrh￿￿ LL8 (••e nd• 20) Pw34

PRS Foundatlon Noles to the accourts For the year ended 31st December 2023 14 Crndllorn: Amoun1# ts#lng du• fAlthln on• y••r 2023 2022 Tax•tion and Social So¢yJrlty VAT pay•Wo Gfants ￿Yab Tr•de creditorn Othor crodbtors Accru811 11,843 6,400 2.856.948 10,867 2.936,437 37,478 74,312 2,986,981 39,411 3,678.000 D•f•rv•d In¢om• (•M not• 11 At 1st January 2023 Incom• def•rr•d of Fin￿￿11 Actbv At 31st D•¢ember 2023 690,305 74.312 (890,3051 74,312 15 Ar•ly•h of n•t u••l• b•t4w•n fund• Unmtrlcknd DHlgnat•d Ro•trl¢trd fun 2L123 £ Totsl fund• 2023 £ 2023 £ 2023 £ Flled 088et8 N•t¢urrenl a$8¢ts Npfvwrrent amets 885 640,494 77,384 50,380 77.384 558,217 33,897 128,849 55e,217 33.897 718,763 Tot•1 Iv• fund 2022 £ nd 2022 £ 2Q22 £ 2022 £ FIx￿aSSets Alet¢urrgnl assels Nc#Trcurnnt assets 61,510 a64,810 44956 7T5,276 61.510 664.810 48,956 7T4276 Pag• 3S

PRS Foundation Notes to the accounis For the year ended 316t December 2023 16 MDv•ment kn funds At 1 Jan￿ry kncomlng R•source8 Tr•n¥f•rn 2023 £ r•sourC￿ •xp•nd At31 D•c•mb•r 2023 £ Unr•gtrfct•d funds 21123 General f￿￿ 61,510 3.035,585 11.048,5f2) <1.919,684) 128.849 R•Jtrlctsd fvnds 2023 (a) BBC Inlmdudng (b) Bey￿￿ BNdeTS (oj The ComwseTS' F￿d (d) ESNS Exthange (6) The Hthk•r Ftmd ffj Intema15on#l ShoKaw Fund (g) Keychange (h) Keychange US (i) New B￿nn11 (D POWER UP (k) UNION BLACK (I) PPL Momentum A￿eler£tOr fm) PPL MomBntum IAusic Fund (n) Re￿1￿nr (o) Resonate jpj I dent Deveiopnxnt Parmors Total rnBtrIct￿ tsnd8 74,799 (14.7991 3,486 13,4801 10,701 201.250 33.654 (205,508) 133,854) 6.443 100,437 rig,437) 21,000 (13,0001 51,255 85,000 515,975 {65,5461 1567,230) 6.454 loo,000 1,114,581 11,129.840) 48,956 33.897 D•4lgnAtgd fwds 2023 la) 88C Introduclny (b) B¢yond Bordors (c) Thfr Conw08&rn' Fund (d) ESNS Exch￿8 (e) The Hltsnaker FurKI (Q Inlemdonal Shiy4Ka80 Fund {gJ Keythange (hj Keythange US (4 Nw Muglc 81enrlal Q) POWER UP (tl UNION UCK (4 PPL Mownerrtum I£￿￿ratOr (m) PPL Momentum Muilc Fur13 (n) Robalanco (o) Rewale (p) Tolant Devdopment Pthor8 (q) Sustalnlng Cre•t1￿ty Fund Total dmlgnated fund• 99.203 6.940 107.536 (18.0941 (16,2631 (95,8011 110,5131 1151,577) 1239.581) 1139,133} {109,831) 17,6131 (428,503) (12.000) 148,140) 182.607) 12.4551 135,2481 1633.12DI 34,808 34,158 10,259 10,513 151,577 113.948 92.Ck82 109.831 t6.052 428,503 12,000 48,140 87,886 1.916 69,607 698,844 117.717 24.835 21.994 244.907 47.071 119,274 28,057 38,496 106,458 11.808 802 10,118 111.717 11.289 35,163 75.84Z 664.810 {2,028,4771 1.919,884 556,217 Dulgn•t•d Thè c￿t of runnlng Ihe variws clMriLgNe PTogramm?s deKribfjd nol c4¥er*J ty Ihe r0￿cled IrKome general￿ al￿•. and so th• Tw51e88 dtisignats arnwnls oth ol the chaifty's unrethcted fvndB le.g. from the core donation from PRS and Gowirale sponsryshlpsl to cover planned avndth￿8 on grant Prog￿￿•5 85 well as Iwards the rel6¥ant ytaff and 0¥orhtrad costs. Page

Notes to the accourts For the year ended 31st December 2023 PRS Foundation 11 1th)vomont In Al 1 J•nuary Inmffllng R￿1￿1￿ Tnrthrs 2022 £ r••ourc•s exp•nded A131 O•c•mb•r 2022 £ Vnr•strfcted fund8 2022 Gen¢ral I￿￿9 41,974 2.939,712 (990.574) (1.929,6021 Ra8trkted fund• 2022 Anlhropy (ej BBC Intrryjuclng (bj Bey￿￿ Borders (c) The Crysers. Furtra fd) ESNS Exchang (ej The Hitmaker Fund fo Int•mali¢￿￿ Fund fgj Keych•nge fh) Keych￿9& US {￿ New Musfc Bignnl Q) POIPER UP (k) UNION BLACK (I) PPL m(t￿rn kneleralor (m) PPL Mt)me￿m Mu¢ Fund fn) Reb81*• (oj R880nat• (p) T8lent Develowl Pathw8 Total ra1￿ funds 2,000 (2.OJO) 52,888 (52.8881 50.074 209.683 41,979 1249.0561 141,9791 10.701 73.000 79.750 (73,0001 (79.7501 (25.000) 30.330 120,9461 {$02,7511 113,000) 51.255 523,676 100 orAJ 1,115,922 {1.122.370) 55,404 48.959 Iloslgn•t•d funds 2022 (a) BBC Introduth (b) 8gyvnd 8udeTS (c) The Cryers, F￿d (d) ESNS Excharye (e) The P￿t￿￿ker Fund (Q Int8moOonal Sh(Mf88e F￿)d {g) Key¢hange (h) Keychange US (4 Wslc 8lenni NFTS S￿¢￿er￿p0 (P POWER UP (k) UNION BLACK O FPL mom￿um Attelorak (MJ PPL Momentum Musc Fund (n) Rebalance (o) Resonate (PJ Talent Devd¢pment Partne rq) SustarnlrvJ Creativity Fund Tot•1 dHlgnal•d fund• {1,555) {35.7041 (50.848) (140.724) 1,555 36.927 25.336 87.824 97.9eo 32.252 1eo,436 99,203 107,& 30,383 185,709 109.017 1162,2611 (64,8561 (112,370) (100,725) 199,8581 P1,3551 (394.417) 131,878 144,054 50.424 100,725 127.915 18,355 394,417 244,907 47,071 2B.057 133,8211 (185,8311 13,559) 153,608) 1674019) 33.821 96,387 2.559 195,702 12,808 50.802 10.320 108,458 11,808 675.817 10.118 872.319 (2.137.111} 1,929.602 864,810 Page 37

Notes to the accounts For the year •nded 31st Decwnber 2023 PRS Foundation 18 Mo¥•m•nt lfft fvnd• (¢ontlnu•dl (•) BBC Introduclng and PRS Foundat5￿ p#rb)ernFup A pwther8hlp belween PRS Foundatlon and B8C InlTodvLing ￿nce 2014, briry8 effleryir4J tslènt showcase5 worIL￿e. Selorted through the IntrthYu¢ing Uploader network And cw8teiJ and We9￿•d by BBC DJS. artists are supported IntemaUcqbat events indLKJng Eurosonic, Wnt•r J02zfei( SX8rf4, Reepubahn F051fval arwj Montreal J8zz Fe8tival. (b) 8gyond Bord•r8 Au a )lagship wogTafflrne, BoY￿d Borders slim￿aleS ond 8trffigthons ¢￿s-b￿der col1abrywti￿S betr￿7 rnL￿c creatorn, PBrformers pres•nler8. It SUPPDrtg tha cnation, twring and womooun of Innovallvo arml hlglFqu41'ty new acro88 dl genres and encourages enggpmwrt Ihilh audience ar￿$ England, Scoll8nd, Wale8. Northem Irdand, and Since 2014, the Republic ol Ireland tlwgu mulliple peffomiances and dighal actNbts•a. &JPP￿tI8 given to up to 8-10 Projects per year vAth fuThJlng ol up to £15.000 avalable for project8 that In¢Jde newccrfnmis61cms, Tecording5 rop•81 pwformances of m￿lC written in lh• F4St fve y88T& It 15 managod and fvnded by PRS Fourwjation •160 from Cre8ti¥e Scoll8Tr1. Arts Counol Councl Northem Ireland Arts C￿￿41 Ir•landAn Chomhwrfe Ealalon. (cl Th• compo￿￿, Fund The Compo8•rs' Ftsnd 15 an (WPOTbmty for CCnPOBer8 valh g strong tr8ck ro¢tyd to ygSn direct access to fun(Ing * yvotal Èt8ges In thelr career. Gr8nts of up to £8,000- £15.000 are availab￿ to mutr Ihan 15 c¢mpo8ers per year th are glreaty m￿ing a ￿9n￿c&￿t cuttural conMtXfilM In thè UK and have the pol•nl41 for greatsr iffyct ir6 the UK and ¢Ner8ea& Prewws pr4ects ￿Ve ￿luded recudngs. the prornati￿ and wrform8nc• of 0￿$11￿9 workts. intematlonal CtscommhB￿n8 devoiopmen( perfomier collaboration, regdencies, ￿bbb￿C￿Ifj or And profvd or Frrynotional support. It 18 managed and fund•d by PRS Folmdthn. {dl ESNS Exchange {EuT050nlG Noorder6) ESNS Exian90 Is ￿ Inltlatr4• of tho Eurotonlc Noordernl4g FOLWKl•ti￿ to 81imulat• the anx￿atIon of European rep•rtoire on fe6tiv45. radlo. In the M￿Ill in EuroFe. PRS Foundallon li the UK partner on th8 wogremme, rnaking It poss5blo for UK a(ts ID be Ir￿1￿led. The UK8 firwiaal contributicffi ￿n818th of m¢fRy from PRS Foundation llh addillond fiJnd￿9 fram th• I￿alrA￿B, UrAon, Crnats¥e Scolland and Art8 Coundl Nothem Irdard. (tsl Th• Hilrnaker Fund Th• Hilmaker F￿d ofvs •n opporturfty sgrymiters ond produc￿ prwlw rrK pnre8 to fvrlher de¥•lop thetr caffjor5 and ￿￿@prOduc￿l)n y￿1h grants of £5.000- £10,000. Launthed in 2017 as a re&ponse lo tho lonwmi career n•eds of Ilwe wortitwj bèhind Ihp 8cen& The Hlimaker FuThl (loM￿rtY The Witer Producw Fund) iniknaled by PRS Found•tion Tthilh the Ivors Acadwny T￿SL The relnnded ￿lmak￿ F￿d Is now manag•d and lun(1gd by PRS Folw￿•11On. {fy Inierrnlion41 FLmd The Intemational Showcase OSF) offers vilal exwt 4UPWt for UK-b8Bed 8rti8ts. band8, ioroibn'tars and pr¢duceT5 vkn have be￿ Iri￿ Io Ftsmi OT ¢Teate new at wrtemational shoMvsirwJ tsth"¥s or conferen￿. tt 1$ managod )d furKled by the F￿ndth'on ¥hih funds a180 from partners.. Deparlrnent of uwness ot Tradtr IOBT). Briush undWg￿U￿, Art8 cow￿1 ENJ8nd, PPL. Creattve Scouand, Wa Arts Intemalon•l. Arts Cwnol Northem Ireland 8rnY Ihe My¢kin6' Union. Grants and wpport frrm fund pathers enaNe wbsts Io Ferfomi at key evenis and conferen￿9 alr￿nd the vAxld suth EwoBonic (Europe), SXSW ￿Orth Amthcal, Reepprt)th FestY¥al IEwop•l, ZandBwi F•strv•l (Asla), V4t4n•x (Euro￿), *knierfcan8 F￿1 (Trlth Amer{￿), JazzAhe&Y (Eury) And Mutek (North Amerkal.

Notes to the accounts For the year ended 31 st December 2023 PRS Foundation 16 lknm•nl In tsnd• (contlnuod) Ig) KwdwrwJe Keythange i¥ a piMeerirvJ inter￿lj￿al Initi￿Ve tlch tran8fomH the fij￿re of mwc whilst en￿lIag￿￿j fosbvafs and organlsati¢xB lo kndud8 50% Worn￿ aTrJ undery•sented 98n(Iw8 in PTogrammlrvJ, staff ng and beyond. 74 •mergifWJ wti#ts and innovators each year across Europg and Carwd? WIN take part In Inlemationd feslivals, 6how¢a8e 8v8nts, colkgboralloro a programm8 of u&?live labs. Inmlatfjd ty PRS Foundation arxl Ew¢pèan partners, Keythange 18 led by R•epeTbahn F￿1vIl. PRS Foundation and Musikc¢ntrum Osl wpport•d ty the Crgalive Europe programme ol the European UThm. In partnership BIPAE, er•akoul TrA￿, Dnyerent Sounds, IcafaNI Alrwave8, Ireland Wetsk. 0519 World. Llnects¢klMustc Innovaiion HIO, &4CEM, Spring Br8aK Talknn ￿knk, and Way Out INe81. ) Kaych8nge USA KeycJJange Core PartMr8. IkYJuthF¥J PRS FLA￿datiOn, ha￿ b••n involved In 8ecurtn9 a foundlng Sponsor dc¥tion of $250,000 from Believe and Tun¢Ccre and stral8gic4lly Bteering the expansion of the global Keycharye initi8tive Into the United Statu. For an initial period, PRS Founda14on - on beham of cwe portner4ry are adminMterttvJ that donation and maknng pay7nentS Dverseeing a K•ychange U.S. leam of employees and cc4rysuharbts using EM￿0yer of RecrKd, Multiplier. Keyth8ngo U.S. has T8cenlly been incorpornled 8$ 8 Standalone 501lel{3) nony￿Tr oryAni1olon in the U.S., vAth Its CA Board ol Dfirectors {inctuding PRS Ftrundat￿n CEO, Joe Fra)kland). K•ychaThJe U.S. is ready to accept fv￿re donabons and tthe over Ihe finaTthI Martagen￿￿t ￿ a h5poke Talent D￿lOpm•nI Progrnm and wJ8r advocw PRS Foundation's rde over￿n9 the &4mir4str•tion will end. Future admlnistrativ& aThJ pathèrshlp support ¥%lll tse recc#2ni8ed through K•y¢hange U.S. payments to PRS F￿￿ètIOn Cor• Ptr 01 Ne￿ Mu¥c Bionnial New Muslc ￿en￿81 is a PRS Fuundallon lnIttal￿. presented in partnershlp vAth Soulhbank C•ntre, B8C Radio 3 NMC Rtcordiry. It supports and pruthdes a plalfomi fcr talented organi8atioTYa and rn￿C cYe8lors ?￿D ar• pu¥hing tha boundaries of new ftwsic In Ihè UK The proJect i¥ fvnded and rnarwged by the Foundat40n fvnds also fromArts Cow]cil Enland. (J) POWER UP F>OIAIER UP Is ￿ 8n)Mou8, lonte￿ I￿lIatI￿ supptyts Bknk music (¥eatorn and Industry profe86tonal$ gnd execuUve8, a8 well •¥ Jddresslng anll-B18ck r8dsm And Tacial disparities In Ihe mule ctor. c￿loUnded by PRS Foundation •rd Ben Wynter and nwnapd ty th8 Foundatlon In partn•rship ith YrJJTth M￿5¢, Beggarn GTOUP, end the Black Mvdc Coalition, the Inrtialve bring$ together 88VW41 Industry partner4 And gc48 •olld•rlty, new ¥thith foster ge. Olher suppDrtar8 Ind￿je Crnallve Smland. 8•lle¥e. Arts CrAmal WAlè$, Creative Wales P￿1 HaTrlyn Found8Ion. Ik) UNION BLACK UNION BLACK.. Sounds Of A Nation 1$ a new orflne exNl￿lffi frtyn YouTLkn¢ and Google a C fealurfng a coNection ol vfdeos, photO9wh$. dO(yjff￿nlthe& and podcasts. The wolect wa8 developed in collabornlon Mith CLltur81 organisations a¢yos$ the UK rwing from tho 81ad¢ Cthlural Archlves and the H￿nI￿an Muwm gnd Garrlens lo POWER UP (PRS Founda11￿1. PuKh Records, and Nolllng Hill Camtval. aB Thell a8 the Blath Br￿Sh artl616. producets and contwrt creators. hity6.'1lart￿nd¢urture.g0og1e.¢OM1￿eCtIur1On4)l￿c ThFs prdecl 4UPPOrted by Google and Culture. Page 39

Notes to fv accounts For the year ended 31st December 2023 PRS Foundation 16 MobmeTht In fvnda (￿ntInu•d) O) PPL Mmntymknderator PPL fvl¢M￿Urn Accelèrator is a targetsd 6Ghem• to support the devdopment of ctht4ndIng and band8 are vmtong Iheir rm music. fulure Industy Prnfe8￿On8I5, oUt￿d• London and ¥tho face r•glonallnJtyonal barrier8 In rg8chiw a uudal career tipping poinl ba8ed c their l0¢8tic￿. ThrO￿h the ovalualion ol PPL Momtsnlum 14lust¢ Fund and evidence fmm t￿usandS of applicalon$ PRS Foundali(n recefves year, Identified tslent gop• acro88 th? UIC Partners provlde sUPPOrt for a numb•r of futtwe kndustry woles￿OnI1& such managers, prcmokns. rectyd labels, wblishers. and t￿￿4ng agents. to bolst•r re9onal scenes across the UK Launched as a pilot in L1Vw￿ in 2019, PPL Momanlum A￿l￿ratOr I￿8 in Liv•￿&)1 City Region, Yorkshire 8nd Waltrs. PPL AKceler8tOT 18 managed by PRS FOu￿110n in pwth•r$hip ilh PPL, ￿￿lIC..Lee￿S. LIvwpDd Cty Regkn aThJ Arts Coundl W8. Im) PPL 1hm￿l￿n MU￿¢ Fund PPL MOn￿n1￿m Music Fund offers grnnts of £5,000 10 £15.000 for UK based •rtis1&118nds to tieak Ihrtyjgh to the ne￿ level of thelr weers. Acbvttie8 ellglble for wpport indude r•¢ording. touriThJ and eting. The PPL Fund is run by PRS Foundatton in parlnErntrwp Mith PPL, Creali¥e Wales. and Arts Coundl Northtm Iroland. PRS F￿ndation •nd Arts C<KNKil Enland inllld The ￿￿tuM MUEIC FUNI In 2013. (nl ReBalance In partnership Mith Festiv￿ RewAAic. ReBalance is a Ixon￿ring programtm 7Athlch W￿ldeS tsys, udio ￿l)xdIrwj time to a core fem81&Skn1ified band w arllst eath Trwnth, as ell as a slot at a Fesb"val Repuwic or Uve Nation leslv81 and numwous live evgnl¥ trtroughout the year. ReBal￿¢¢ 1$ m8noged and I￿￿8d by PRS Foundatlon also ith fumls from Festival Repubii <0) R￿0 Resonate 58 a fund and rescAwGe vthich encourag88 prol•ssion81 orcheslRs to programme Into Ihelr repertolre tho best i¥ece8 01 Brf¥8h rwslc from thè pasl 25 year¥. PRS FwHlation offers flnancial $up ith gmnts d up to £10,000 lo ry¢hestras 7h11o commit lo ewwing contwnpornry UK repertofre as pgrt of a soB8on I t￿1 and lon￿r4e￿ aLNllence developnwrt progranyne. The Resonate databas& Is ¢urrendy upd•tgJ on on annual bal8, Idlo￿n9 an OFen suknrisaion IKOC•￿ ReB(x 1$ rynaged and fvnded ty PRS Found8Uon In partnwshlp Asaod•Oon of Biilish Orcheras WKI in 08￿CO#110n vAth broadca8t partner BBC Radio 3. Ipl s4j￿nI￿j Cr•ativNy Fund Thank8 to the Swify Cov1￿18 P￿lIe R￿1￿ Fund and yner￿ frMI ffl8rthrs crf the public, PRS Foundats'on laurKhed the &¥taining Crtativity F￿d t¢ support artlsts, 8{ry￿1t￿5 and c¥Mry>gBers to cnate devel¢)p they n8ed It n￿$t. FrK tP•xe eypeiiuxiny wgnificant iTrwact an thoir Thtfk. Ince￿ aThJ at411ty to cornplets plamed ￿￿91(￿1 athities, we w4nl•d to enoble Weati￿ty and to hBIp grantsb¥ lo be In a good iThition lo filfil fxeatiw and potenll•l, iyothng duwn the huge barriern preqenled by the Co¥ld-19 pandèmi (q) Ta￿nI DewI0rKn￿t Partners Talent OeveloFmwnl Partners (ropi, thich Ind￿ f•8ii¥als. rehewsal space#, aluth'os ott)Er talent deveWThRnt oxp8rts, re¢•￿e * gr•nl from Ihe Foundalon for their y￿r-rOUnd adiwty. They wjrk d05ety vmlh PRS Foundab"on to •ddresS talwrt pipeline gap8 ttYc4Jgh hsnl and ￿9￿pOsI1ng. T TDP Net*Drk18 Nwnaged and funded by PRS Foundation with lunds alw from PPL. Pagg 40

PRS Foundation Notes to the accounts For the year ended 31 st December 2023 17 Not Gash outtlow Irom ¢Jp•rntlng wcllvlties 2023 2022 Net income as p•r Slat•merrt of Financial ActW8 156.5131 (194.421) Adjustments for Investment income Depreciation of t8ngibkry fixed a$sets Amortisation of intangible fixed assets De¢rea$e l (increase) kn debtors I￿rease l (decrease) in creditors Prior period adju$trr¢nl 214 1175.4611 (691.0191 367,851 544.291 {251.810) Net cash used In opgratlng actlvltley 922,779 466,705 18 R•lat•d partles Durin9 th• year th• charity received a donation of £2,500.000 (2022.. £2,500,000) from 8 mtsmber, the Perfoming Right Swety Limited. of vthl¢h £2,500.OC¥) was received by the end of Decentsr 202312022: £2,$00,000}. The Foundth'on has the use of PRS'S premises and a range of as6c¢iated sepéices. Th1¥ has been funded by PRS lo the value of £94,877 {2022.' £58,999). During the year the charity made grants to the following instilutions WIK) shere a conYrb)n Iru8tee or key manwmenl personn81 tho Foundation: 2023 20T2 Britten Sinfonia British Film In8tilut8 18.000 During the year the ¢harity granls to indi￿dual$ of £23.100 (2022.. £3,940). wtho awe repTesent8d ty publishers who are trustees olth• charity. 19 L•g•l •taiu The charity is a company limited by guarantee incorporatgd in England and Wales and has no share capitsl. The men*Jers of the company are the Porfonning Right Society Limited and the trustees. Tho liability of eath member in the event of a V+indin9 up is £10. The registered office addres5 is Tea Auction House, Counl8r Slra6t, London, England, SE12HD. Page 41

PRS Foundation Notes to the accounts For Ihe year ended 31 st December 2023 20 Keychango US During the year, PRS Foundation incubated the activities of Keychange US while a separ*fr US nol-for- profrt entity. Keychange U.S. Inc., was being established. PRS Foundation acted as pn'ncipal for Keychango US Irans8¢tions during the incubation period ￿1¢h endéd ￿ 30 June 2023 vknen the ¢orporate sponsorship agreements temiinated and n9w agreemènts were issued in the name of Keychango U.S. Inc. The activities of Keychange US are therefore included in the 8tatemenl of fi'nanckgl tivitie$ of PRS Foundation up lo tho and of the Incubation pericd. The Inwrn and e4)enditurg relating to Keychange US during the Incubation p8rFod and irKluded in the income and ewendilure of PRS Foundation were as follow5." 2023 2022 Income: Corporate sponsorship 87,604 112.097 Eypendilufe.. Direct actrwty costs 1104.6621 (95.039) Surplus or {defi¢it) 117,058) 17.058 Subsequent lo ond of the Incubation period. PRS Foundalion pahl costs on behatf of Keychange U.S. Inc. while tho entrty 8el up its finanual systems and bank accounL Trse wsts lotalled £118.178. Including grants for travel allowances disbursed to benefKiaries on behaff of Keycharoe Ll.S. Inc. of £38,074. In respect of the reimbursement due to the Foundation, Keychange U.S. In¢. have agreed vthh Trustees to iepay USD $2.¢JOO 1£40.794 as at 3111212023 exchange ratg) by the end of 2024 and the remaining amount in sub$equent years. 21 Contlngont Ilablllty A8 a regisl8r8d charity. PRS Foundation is ¢￿ThPt from Corporation Tax on mo$1 of ils incomè and gains to the •xtenl that they are applièd for charitable purposes. The charity 18 currently taking specialist tax advic& in relation to its corporatè sponsorship incomo to deterrrwne ￿ether a tax liabilty may arise and rf so, to extent related ¢osts should be apportioned to cakulate any taxable profit. At the of approval of the financlal statements, this work is in progress and so thè existence and amount of ary liability 18 uncertain. In view of the uncertainti68 invofv8d, it is considered inyraclicable to estimate the tential financial effeL Page 42