PRS Foundation THE PERFORMING RIGHT SOCIETY FOUNDATION (A company Ilmlted by8u•r4ntee and not hovlns o shwe capSts1) Trustees, Report and Financial Statements For the year ended 31 De￿rnber 2024 Company nwnb¢r. 03901165 PRS Foundation Contsnts TN•teEi' Report 17-19 Logal and admlnl•tr•the Inft>miatk Sl•twnent of Fln•ndal ActfvNI 21 BIlan￿ Shaet statem￿ rl Cash Ft to 24-39 Tru8tee8' Report For Ihe Year ended 31 December 2024 PRS Foundation A80UT PRS FOUNtX4TION PRS FLwndation Cthe Foundallon?18 UIC• leadlng charflable ￿nder of new mu8lc and talent dev*iThnt. We Invest in the ftrtwe of mu8ic aNI ￿Pport uyeern . enwthwlng enabffng and compo8 from al backwnd• to reali8e thdr PDtentkl, Imte exwuonal n•af ftwlic and r￿ch au(knce8 the V•vrfd. Wldely re8P8Gt•d as an kncluBive, collabw4Ive woackn fwxllw body, PRS FoundatK)n supwt8 an exceptional of new musiG athlty I1￿￿Jh (Llrect wants to Pwndreds dmu8lG Gr8ptorn per year. Support for Industy profeBslonal8 pioneerfry non-wofit orwi8allon8 help5 US to rnach thwnds mor• oEat(Xs per year. arml our furKling rnME}￿ barTl8rn to wvJre8slon arml timely Invest￿ In a￿11￿9, dlvorne and 8ix rwt of the k8t leven Mercury Mu8ir Prfze wknnern had recelved PRS Founda11￿ wyyt at plvotal career momert8, Inthdlng 2¢r24 wrzewinners English Texher and the charlty has Supported BRIT8, RPS. MOBO Jazz FM, AIM and Ivors Awarf4thners" perhap8 more than anyihlng. demons￿n9 tknoly iThbvknentw0￿3Io produGe uttkamy ardalmod mulrc ond to •ust￿ musk crealor ogrefjrn kn the UK and Intemalionalty. Slnce 20￿. PRS Foundthn has given mor• than £60 mllllon * ¢>ver 9.000 now mugic inllknt5vaB. VlWtirrfJ (Kthtarmllry taknt from all bxk&Yound8 and covering the W￿le of the UK and all genr6s, *ilh grantee wcces• 8torfes Liltle Sinz, WollAllce. Dave, Sam Fender, Anna Merethlh, Years & Year8, Ezrn Collth Yola. GI￿ Anknals, Jordan Adthjl. Engllsh Teathr. Ghett8, SNva Fesharnki, AJ Tr•c•y, Sar* K￿￿, Fi0￿1n9 Points, Narfrn Shah, Th• Fanth, Imogon H￿p. IOLES, Kae T•mp#( W Radkal eortO.4kn. PRS Foundakn fourKl8d the Woffl•n ￿kO Mu81c fu￿1, (Trf(xmd•d glob31 9￿der equa￿ty knlllatlva. Kwchang•, and launched the P￿R UP 1nltiat1￿ In 202110 tacklo an&Blxk rn¢tsm in rnujl PRS IB a conitanty evofvlng. tynamic orgarf•atk>n and 18 apwofith en8ur•8 that •upwxi r•athe• cr•torn from gra88ro(ts up re•pondffw to th• changlw wivlronmenl In vthlch lh• Ttxs is all made posFlble thanks to Lwr main donatiw from Perfumhw Rlght S• CPRS.), match fvnding from vwlou8 partrw8, arKI the expertiR of Independent advlrn wothlrq In dlfferfflt mu•lc pnre• UK OBJECTIVES AND ACTivrriES PRS Foundatlon's chwitable obJeGts are to Supprt and further the crea11c￿ ￿lI￿nIar￿ af new mu8ic in the UK and irKrea88 the wblids appreclatKin of and in mu81c. IrNestiw kn the develwrtanl of exc8MkThl. di¥erno Mul￿ at tyuclal 8 8UPPOrtkng ploneerlr¥J organiBabon8 and talent develC•m￿t expert• lo enable tha￿ ￿thing kn all geryes acro99 the UK to fidrd thelr poknthl nvw to c(mnect muslc tteator8 ¢Yganl9all(￿3 arKI pwlnern to addr•Bo taknt pipellnegap8 fast-track career wogrnsiion ampioning grnrtee¥ and the we In (rder to tAld valu•. lrnlu•nce pollcy attract em•rth'ng our repulation as the UICS nvxt acco￿[ble, Inclush? and cThlaboth rn￿[¢ fuNI Page 1 Trustees. Re￿rt For the Year ended 31 December 2024 PRS Foundation Mlor acllvlll•ts In 2024 fAthlch d•llv•r•d on thM• obJ•GIIv•• Swjporfing $13 proi•cts a.nO. Inv•8tlne w)pro￿ £3.57 mllllon in w•nts ￿•d￿•d (ayernoe grantr. £69.881). whkh bTraks dtr•m lo • p*d to: 290 indwKluJl ¢onpo8er8 and music Greatorn (57% 01 grants), 103 (wganisatK￿8 Supporting tthnt developnent (2￿ of warts). and 120 1rnI￿ wofeMional8 a￿1 futsffe Ind￿ FxdeB8lonalB 11you￿ knpact mu81c creator8 (23% 01 grants) Rttelvlrvj 3,729 apPI￿at￿n8 {vs. 3.585 In 2023) Alts Th& ￿crease In krants to èxAj8tywofe8&y￿ and In the numl*rofpDfvcts fmm 432 kn 2(r23) is mo8Uy down lo Ihe launch rflhe new E*lN Carner F¥ornolwFund ￿dmo&￿￿ Ihat tt Conliwlng our rewtsbon as the mogt Inclu8fv9 rr￿1clUndar In the UK CelgbratiNJ the inyact of IntemationAI Sh￿8fj Fund (ISF), TAE launthed our 201 %)24 Impacl report at WOMEX In MorKhe8ler. The rewt 8IKM*d ttrAL' o ISF helped grth to 98nw* over £6.7 mllion for the UK econ(Kny FIX £1 Inwsted. Support￿ nKwlc Cftators gmerated £5.40 And the fvwKI ha8 41¥￿INed to tackl& barrfern tr unt*rrepre•ented crnators. 67% of gr￿tres baaed outgk* London: 67% id￿tify￿9 as w(xnen, 9￿-￿￿on• or in mlxed pnd•r gr(￿￿ arKI 33% Iderthlng a8 bolMgirvJ to thè Gl¢*Jg1 Majoffly Retstrudurfry our MaJ￿lUnd￿9 8d￿me￿ tr(Yg0nlgatl(￿9, rnerging our rthrf( ol D￿lop￿ni Partner organisatlons wd Fund fDr Organ18atkx*. The n6w Talent Development Nets prwmme was annOU￿ed in lat8 2023, attradry 180 8PFllcalions, wilh 73 non-wthlt organlBaU¢ ann￿Jnced as the Ilrnt want•••- coverfry all g•nm and many r•glorYd aryoJB lh• UK Launching a.k>rytemi Kvwiango Impact r•port 01 Tallm Muglc Week In Ethla, an*swig th• im of the Fyogramme ts vffjmen and gend•r-dSver8e artlth and profes$kn￿lI. The 2018-2023 report Cknr aoo partldparts wwe •upported tlYowJh 142 150 opportuth, 9 fiAI and 29 Ma￿[05￿ wslon 1CiVA of p•trlpants bellwe Kgy¢* ha8 ¢ontrknrted to •nO0￿￿9 volg modth, and 97% b•ll•ve Koychange has greally ￿Pp￿knd wll•tk aKI de￿&?￿￿nI Over 700 Thwslc c¢￿￿￿5 afKI organl•albn8 havè *r*d the ltsythange P*, wlth 64% alr* thelr wder eq￿ largots Securir¥J support frqxn ArtB Councll Er¥Jland kn 2025,1 Nvaf Mu8k Bi•nnlal praV￿rne whith WMI take place In Bradford Cty of Culiure and at LorKI(m's Southbank Centre Succe•sfiAly biddlrva to manago the Arts Council Eryland •nd DCM&8W¥Ort•d wogramrne, the Eaty Cweer Promotsr FurKI PRS FoL￿dakn been runnlng rnonthly deadunes and has been hundred6 of em*ying p￿￿18. bollknlng wassroots WirvJ the live EnBurkw that want is avalgb5e ￿en moBi neth. tt*t grants prowamme8 adapt to help eators to taclde new ch8ll&y als￿lA￿d wNh the cost-of4wlng and c08t-of4ouring crim8 tmpadi Cekntratkng grantse adaplat41ty, re81ienca and comTh￿rCIal and crllkal BIKCO•8. I￿1￿J1n9 hlghyofile A￿rd vkns and n￿Ina￿on8 (eee beltr*) So￿￿l¥j pfirtnorshlp gUPPOrt fr￿n Arnaz¢m MGM stud￿ fry a new pragramffe called PrnI￿le *thlch h88 been SUpp￿ry 4 composer8 from underrewe8ented ba*rourbds In kn plol y Fwlh8rad•ptstion of intemalhjnal pr(yamnM Inthdry the Internatlonal Sh(ykn￿ FurMI (ISF) b lackle the coryilex needB ol expandkng tr*ir career globally *lihln a w.8r•￿ post£￿￿ context. P•ge 2 Trustees, Report For the Yearended 31 December 2024 PRS Foundation Our c￿181 and timely support remove8 b#rrlern and il holplrvJ to bulld a 8trow, connxted. ￿￿1¥• community Ll(xthbDralion and bfflarKe. Slnce demand for ￿ndIng wked at over 5.&YJO apWicati(ms recelved in 2021 durfw the ￿ndOMi4 the Team and Board have been JtrthglC￿￿ to address unwstainabje levekn of domand. parti￿18￿ from Co￿l￿￿d In 2024, wllh le￿ deadllnei held and gtsp8 being IAken to hel) potentlal applicants to Ideth Ihe mc¢at8ultable opptxiunlty *tblle all￿￿79 the team to lthevaluaknts knpactofprowammgs t￿ring tho year, we 8UPF￿d 513 new MUS￿ wojccts. IrNe8kng apfvxoxlmthty £3.57m In grants pledged to 209 rn￿¢ ¢reators {8owri* compow8. artlsts and bands), 103 wgani8ation8 {e.g. fe8lival•, venues, thdlo8. orth88tras and other lalenl dBveloFxnent.forxMEed (xyanwtlons). and 120 Ind* fft38lMal8 impRds m￿lC creator developmenL A red￿tion in the number d d￿dlIneS avallable to organisatlons. and the plAnnad lack of ow maioropen call fty Keychange applicants t)ased In tho UK and the EU contrlxrted to maklrrfd demand morn rnanapblè, and recelved a total of 3,729 applcaoong (v8. 3,585 In 2023, 3,817 kn 2022 and 5,939 In 2021). The overnll percthlage of appllcants 8UPPOrted I￿￿e•￿ed year-on-yw (to 13.7 %). Hmver. tIMs factors in the higher tsucceJ8 rate, for organigalions sp￿1¢0n￿ WKI wo nckn deM￿d ren*ins vwy high for nes whw• only abl8 to 8upwI 9% of appknts and In sm powlar open co118 for Th• Op Fund, ￿ M&ke Mu81c and th• PPL m￿nents￿n Mu* Fund, thls fjgwe fell beknv6%. For •xamph, demand ' forWDmw Make mus￿6 firnt de&illrn of2024 wa¥ ￿ hlth ￿ *Tr• only abkn to 8UPWt 3.6% OfapP￿nts artd th• Board remaln$ ke￿ to re￿urC￿ to InL¥eue mu8lc crnalor r*s'. contlnuo to pr￿llee d*ecl 8UPPWt for mwlc Creat￿ Th1¥ needB ar• molt conylex and dem•nd ' highegt, creatorn faclng Comp￿ bwrfers to pmgre88#)n domestlcalty {e.g. a ¢08t-of.knrfr¥J ¢Jtsls, Ihe dosurnof venu88 fesiivals and ather In•q￿l*s) and *rt•rnatlonally (e.g. Brextt4•1at8d barrlern and inuo08wJ eX￿les and bumucrw gfobalty). ArKI Fhfiere the rThv Ewty Career Promoter FWKI and Talent Dmlopment Netmjrk wo9ramme• w• launched, the th•ity ha8 81*)wn Or￿ agakn that by also 8WOTllThJ I￿￿ty proknlonal8 and rygar48thni. c•n he¥) to unearth talented Cr￿ knthlle wgurwvJ 8UPPOrt is th•r• al 08rfy career 8tage6 50 that creatorn can 8U8tavi carn•r• and in futur•. Our i)knrv•ntiorw ensure the naw erw•lem complex chaleng88, and our wryk shapl tr¢ fithre rf rnu￿ li more vltsl than evor. THE IMPACT OF OUR VIORK For over 24 yearn. PRS Foundatlon'g investrnent has enab18d and compwws tD qknlop and gr In way8 vjhlch not other¥*e have been posahtsle. Our fLNthg corn*ments a changed investment landscape and reflects Cha￿1￿ r*ed5. Sorne m￿lC creal(xs are11(dy to face blgjer chalknges trwi othef8 and there 18 8¥nlfKant inequalty b6l*wn people of diffexent 80citreconomi4 ethn￿ and gender ts*￿nds. Impmct form￿￿ cr•atorn- thr•Gt ITrv••tsn￿t In ￿￿*¥It•ll and compamrn I￿r lontrtwm apwDxh enables rrKnic creators from all backtyounds to reall￿ thelr potentiil, Mmpa •xc6ptional music, and reKh audlerKe6 acro8& the w(xld. Through llnanwl 814)port and more, we arn breakiig down barrlers to empw oulstanthng and dlverse taen( and hm proven that twn* Invebknent In Pag• 3 Tru8tee8' Report For Ihe Year ended 31 December 2024 PRS Foundation ImpA¢t lfjr mu•k ¢r•at•r• (contlnwdl ¢ornblnollon ol Lyen WKI acu•glble l￿dI and our Aclton, swpart h provlng lo be a ￿eCe￿fil n￿le1, be81 demon8traledthrWthe hundreds ofnominatlon8 rec¢lbTd iry grnntees each year for T*r1Th￿s￿ aw4rdB, Yalh grarrtee• being recognised commerclal and uftlcal acclaim. Sx out ofthe lut*Kn Mercury PAwr Prize ￿nnelS have baen creators Th1￿ have recdved 8WJWtthrough PRS FouThlalionprogrammes. and over hAlf of all ry)minees wilhln that pwlod have been #FundedByPRSF. For tt y•ar, after Ezra Colackn* win in 2023. the Me￿Iry Prize *lnnby grantee (Engliih Tea¢l*fj fnt re¢xl¥Ed 1Upp(￿ via thp wganl•akn• we fvnd. bDftKe receiving (*•L* grant BupwL Erylllih Teath￿l development rnilethn88 Include: The Leeds-bamd band recai¥8d thrly career support In 2(r2￿2021 vla organ18th)8 ￿ 8upport- LauK*lw￿MU5IC Leeds Come Play ￿lIh Me The band accessed our PPL Momenium Accelerator 8UPPOrt to recud and r*a98 the slrvjle 'R&B' in late 2020. Acce*rator w88 8ei up to tsckkn $pedllc Infrastr￿ bathen Dutslde LoNlon (e.g. In Livwwxl Cliy Reglon WKI across Yorkshire) This helped them as they budtth* audlenco and thBir team The b￿d Al￿ reCei￿d when wleded a• runrws up lor the GkntOnI￿ry Emgiry Taknt Compebtion in 2022 They gom glgned single8 d•818 wilh Ind•pgnd•rt labe18 bth •IgnI￿ tolgland Record¥ kn 2023 Thi8 dewrnr￿kn h(hv it i¥ to •upport nryofft talont deb*k>pmmt organlMiioM on th• frontllne to unearth and nurture takn( vA)ilo our direct ￿ndIr4 ha• a transf0m￿ impact ¢Jn ts ear•w¥ of In tern￿ of celelxatlng grantees, guoce•sts and Indu&ry recognlllon In 2024, olher hl9hllghts In￿d￿. Several m•e8 exrAIt￿ comierdal Inclwllng Lostboywttowa•fimded to attenda SXSW 8ongMllng Cany a fvw Y￿rn ago tN8 year Cr￿ hit8 for Ellle G￿lding and Kylle In 2024 cdlod•d a Grafflmy Awwd for h18 Kylle comabaralknn) 2024 Mu* Pth Wnmr - LEMFRECK - 19 a creatLY ￿ 8UPPOrted vl• PPL A￿elerator In Wths. Il*n thr(xYJh charym*w¥ POWER UP wogrwnme Nurthem I￿h Mu* Prize ￿nI￿. Problem Pollerr* are Women Make Muslc gr At the Ivor8 Cla8*01 Awards a huge a{￿ of *lnnern are cornpo8er• we have fvnded over the year8 Olher gr￿￿•8 were noffdrwted for andlor maiN I￿UdIng at 2024 MOBOS, AIM Awwds, Jazz FM Aw•rds, and tho RPS Awa outcomos for grarte85 fr￿1￿le publlthlng and record dE*, inoorne gOnwa￿n, aUth?￿e developlng tham8. and securlng medio attmllon and crlllcal acclwlrn. Sd8ding mu•lG creath at the mo•t oppwlune and thtol wlnK8) in Ihelr development * 8(xn•thiry PRS Foundatlonlg un*￿ty placed to do, thank8 to our strateglc wSortsos and the eyrtise of (yur exiemal advi No other funder can boa•t (w of In music Cr￿t015 to develop and thfve. Our Invest￿ Is de6wJned to reath *Jngknrn and rAJmpo8er8 ￿ in the UK, MJrklrvJ in any ￿re ot dlfvrent career 8tag•s In (xder to 8upport thB talent Ixpelirx from the grawoots w>. kntmlhat tkn&y Investm￿ mak6s a hug• diff•renc• to: Career develowierrt- grants help to transfonn ¢arws Creative (knlopnxnt and collaboratlon wRh other 8wrlt•r8, crynpowj, producern and weatorn Secwlng folloW￿n 1rNeStm￿ and leverEIl funds Slrerythen industy neiMxk8 and lo row oppthjnlllm (Indudlng hew¥ u•ator8 to bulld cunmunllkn and $cer￿) Sklll8 devdopment and ¢apa¢Wulkllng fcr mu* crnatorn Ih•lr r•Pr￿n1011¥as such u managern. lab•lb and publlJher5 Trustees, Report For the Year ended 31 December 2024 PRS Foundatlon for orynlMtlon8 w• tsnd Fundlng for organlBat￿s - I￿￿XI1n9 verKH feBli¥•ls. sY4ynot*rn. Or¢￿tra8. •tyJdi￿ end rther talent deveh)pn￿t organlgattM8- helps to reach thouiMd8 of anwry and aaty cweer mu* creators ea(* y#r. Havlng reflected on strthglG os a arKI Team, PRS F(￿nd￿￿on annourud kn late 2023 that our model8 of funthng for NganI&￿i0nB merge to tyeate the new Talent DevelopmMt Netth- (*Tering up to £25,000 per yew lor ￿ lo three years lo c. 70 organi8atlcTh. This 8treamlrnd approath Imd an early 2024 deadllne wPlch allracted (I￿r 180 application8, Tmlh ad¥180rn reccffln*ndlffj supwt to 73 orgaMatlon8. Talent Deve1opff￿nt Neilwrk wppryt- alongsKle other fundirvJ for organlsailons- enabl88 PRS F(wThJatlon and partners to ￿gure Invethent reaches of music creatm in all genrns uK￿de. This ensure5 that song￿r$ and cOrry￿ access transfrntive de¥do￿￿￿t and vltal 'lifeline' 8UPPOrt,vknith raryes fr￿n commissions to creatsve thveknpnMt 81PPOrt, PorfOmw￿ app￿in[lIe8. camr d8voloFxnen( and acce88 to free advke 9￿dance ftjr mu8lc creators. Orgmlsation8 fimlfmg helps to buikl eC￿YSteMS whkh enable sorywrkn and composern lo thr1%*. and Inve8tsnent open8 access lo creatorn will otherwise b? oul of reaGh. Sw>wt helps oryanIsatk￿ grantee8 to secure adthtional fundknp- an aveTwJe of £62.000 ha8 been levernd orgaimsatlm grantee& And our neivth fojtm Sha￿d leamlty. better *gw8ting. and tran•fOrm￿onaI OrgAnl8atlonB fvnd Imp*m•nt best induslvity wactlce, vath the rna￿ wniry up to tho KtytharvJe Plèdge, jthlng on POWER UP arml 0￿￿1n9 that fundlng real*￿& a Ixoad rangg of emerglng and taknted In addltlon, LYgarw8th grarl•es dev•k>p tslented PRS m8mber8 an(1 fulwe mwnber8, 81grMncanty boostlNJ the UK8 CUl￿ra1 and eeonomt a￿, Inth* ¢ollAbornUM and th• IM￿¢t forth• wld•r••ctor We contlnued to b￿ld 8trong connethn8 Ihe commttc￿ gector, wllh key p8thernhlps lTrgthllng pwl from PPU spons￿$hIp and partnership $w)rt from Beggars G￿up, YouTube Mus< the BMC. and 8evernl hde amodalbng. Naw partnèrthlp• developed and anrKwnc•d In 2024 ￿d￿le the Prolude wogmnyne vthlth IB plloti I￿￿11￿j ond ￿p￿rQUr￿l swjport for urnlurnpresa)ted Thdia ￿npo￿ In partrwshl) ￿ Amazon MGkl st￿1108, and ￿ attracted new •upport far POWER UP from tr￿1￿8 of UnNersal Gr(wp. WThr Mugic Group and Amazon Musi A major partnershlp w al80 Iwnched In 2024 as we secured f￿dIng from Arts COU￿￿1 England DCMS ￿r the Earfy Career PromLrter FwKf *lU have sUpp￿ted over 180 Ilve mu•ic promoters acros8 England In il• firnt ￿￿10t yew. We parther IMth dozens of (K9￿1$al￿n8 (x¥npariM to ddrKr on Fyogrnrnmes includlng Key￿ge arKI P￿R UP, and ￿ and SMBI coro8ni88 contlnue to Consult￿lh our team in relatk>n to gerKler equlty and actlve antl.raQ4s￿ Coll8ague8 8lt on Ihe UK Muglc Skill8 and ComffA4nlcation8 camm6tteeB arKI the %*ler LIVE gn)up meellngs, and ￿ remaln aetNety Involved in the DCMS and Crnative UK4ed Bullylng, Haru8ment and Dkncrwninatlon worf(ty groups *thich resulled in tIY¢ 1￿maIN)n of CIISA Sen￿r Gr•)ts & Prcgramme8 Mar4ger, Becd Scolther w eleded to the board of the European MiAIG Exch8nge (EMEE). CEO Joe Frankland 18 on the boards of Keyd*nge U.S. and Keychary a8bl. meating regul•rfy lrnde bty*es, Arl• Councls, arml dher art8 Tr￿ Flwndalions. In 2024, d8clded to relaLnxh the 'Mubic Exportorn & Exthange Stskeholder Group, whlch wa8 ctrho8led by PRS Foundakn, UK MUJIG. 8rf118h Council and the Department for Bu%'neg5 & Trade durfr¥ Il* pand*)Ic. The revltallsed group moets quart•ty •nd Ixing¥ together ovw 60 Nganlsatkxm wllh a 8tak• h mu8k arKI exchange and allows for b•tter 8tAring of 1rrformalff￿. Ic*bylThJ effort• and (ljp(x￿n51iej for rnu•* creatr* ¥knce li wa8 laurthed in 2013 And the 2024 Int￿natIonal ShtrKo•e reP￿t I1￿￿•d that from 2019-2023, ISF hlped wantees to Inv••Uw In mu•lc crnaior d•wlow•nl acrojs th• UK r ISF 201￿2023 roport 8lKta•d that 67% of gran*e8 ￿re b8t•d ¢xtslde London. Induthw 16% Scotland, 13% kn Wales, and 8% In Northern Ir•land 74% of the organisationl Mleded for Y•ar 1 Talent t)•v•kyMnt Hel￿ fimdiig ba*d fxrtslle L￿dOn Onduthr¥J 8% In S￿￿￿K1. 5% kn Wale• and4% In Northern lrnw. and 11JO% of London l>a•ed orythsatbm In nOts￿Ik th to $upwt u•atar• nalwlly (* int•rrntlonally The PPL Mom8nlum Aceelwator wa9ramm• wa8 lau￿ in 2019 to addrnm inequlli•i Lwtside London, •trate9K pathw¥hi78 lo tar*le talwrt develown8nt pipeline and InfraStr￿lure gap8. Partnar¥hlps In LN Clty Regm and Yothshlre have b￿n geltkng strvng resul1* for yearn, and our pan-wales pathersl4) celebrated pwong LEMFRECK Tffint on to Tecelve the 2024 Muelc Prize. Pwtswrthips In ngw regbns *lll be annourKed kn 2025. The Early CweEr PronTrXer FWKI'S crknrfa specrfy a WEknic• to •uppori liwa M￿lC proftKknr• OL¥W8 Englhh regi0118. phth 65% of In 2024 Ix8ed ￿tSIde London. Our fundlng and lalent develownent programme8 help to remove barrler8 bulld a Str￿g. connxknd. ¢J￿rIe and ￿u8[ve c(Ynnw*, enablvvj the creakn of exixlirva new M￿lC. relthd barriern, and merrtal h8alih ty>1808 Impad on creatorn cannot bo undgmlimated. PRS FourKlatirm18 In with lh• noeds d wrfterg grMI compogern. consulkng regulgty *ilh ap￿**n￿ grantws arml expert ad￿8¢y1 to erAurn that wogramm8 and woJ¢cts adapt lo tadda naw challanges. Meetlng changiry cr•ator nead8 In 2024 irtlU￿ Ilwough bxoiod funding, h￿￿dIng supportlng songvthung. c4Jmw4ltion,(xMnml8•long, recor(kng * relw wpportkng the cosls of touring a¢ross Ihe UK duriNJ the waswoots crf6ii: and helphw croatorn lo GvercoTh barrier• to expxung ￿1r mus Page 6 Trust08s' Report For the Year ended 31 Decembèr 2024 PRS Foundation Supportkno a thlo rnng• of&￿r•8 ononue to support a ￿04d raffje of gms and 8ub.G•nre8 throuqh all of our Progr￿MIl, with roL¥Ny ono frtih of grants IxIng ple(Iged to creators and proftssional8 workiffj in Conlemporary Classical over a tr￿rd of gr￿0 *vrf(Ir¥J kn AJtemabvenrKll•lRo¢* and Pop genre•. over a quarter workng in Black Muslc genre8. Dance and EloBtronic Mu81c: arKI a •trory proportion of wanteés in JazL FolK Global Muiic Roots M￿lC genres. Although the Intematxxwl ShtrAra8e FurKI (ISF) IB not repre8enlatlve of open progrwnmes - relylng Instead on applkants b8ing knvited by sha*ra#e to perfLYm bofore they can apply, M were 81￿￿raged to see a divernifKation of genrtt ISF grants tr 2019-21r24: tXVER81TY AND INCLLK8ION F>RS FoundaOon18 fortt3 Woneerfry approach to emplyw￿ ex￿pIlonaI and dlve(Ée MUS￿ cre•t¢x We l)0118ve that Ihe suceesg of tho mu* we I￿nd is drlven by the dknrslty ￿1h¢ people create K. In rncogniixw the rnnge of 8truclwal and ioeHI barrfern that cl>•tru￿ talent developrf and take pon*ibilty to embrace ￿￿U￿￿Y. ￿ reach a Ixoad range ofrntorn dtredty whle al80 fuNllng orgarf8 - induthg olver*e-led (Yg•nisali?n8-T*tho reath thousaThl8 of S￿￿lter• WKI composers from 911 back￿￿￿ TN• Tary•t•d Acth￿. •ppr￿ch wks. and 2024 mlknstonw Indudo: (knr 60% (rt mu* creator and indujtry profes8iDnal grantees supp￿ Mxnon, mix•& gander gr￿p5 or 9￿￿r41¥¥3e (iirw 2021, reFrnentatlon con•tstenty been 60%) Global gender-wulty initiatlve, Ktythange {ctrknnd8d by PRS Folmdatlon in 2016) mchBd the nYl8th1rn of havwq 700 Keychange Pledge 8*naw organlgatlons Keychange in Eun>pe Canada Secured ThdiunFscale furKllng from Creakn* Europe WKI announc&1 the new'KeychaThJe Lead￿. prDPCt at 0810 Worfd in November Over hall of the creator8 WMI wrfesslonals 8upp(th acro88 PRS Foundauon wogramme8 ￿re from Global M*rity {i.e. Black, A¥len and elhnlcaly dlverse Pwi*), consistenty Ngh rwesgntstk sinca 2022 and an increae• in reWelen￿On of A8lwn herftage creat( We arn SUP￿1n9 more dlver8trled organ184tlons and taent devebpmonl programmes 18% of M￿1¢ creth and industy prof088h)nal grartees Idtintified a8 disabled. The wopDrflon of applkants wth dsabllftles (vlslble and Inv￿Ible) and klntrterni hearth condltlom *thlch Imp&t thdr live8 and mu8iC care8rn18 con￿lIenty hlgh•r, and cth)lknueto tadde barrl•rn for disabled and newodiw4rne cr>or8 Almo# a thlfd of mu8lc cr•ator and induw ￿of*S9￿)n11 grkn Id8ntlfiad u LG8TQIA* Pag• 7 Tru8t8es' Report For the Year ended 31 December 2024 PRS Foundatlon Paw Up Succ￿•* So F•r Currenty In il• fourlh cohort ymr, Pmr Up has attra(*ed over 1,400 Black muslc creator and wofeMi(mal applI￿nts. Vth parlnerBhips forged acrLW8 the kndu8ty to tackle anti-Black racism, the parti*•nt programme hal been up 160 indlvlduals arKI key 1￿cess88 80 far include: SIO￿kart mu8lc creator career development Indudes UK and International t￿r9 for geveral participants, i*)el and publlshlng deal8, agency deth, chart succeBs. high profil8 nwdia and DSP cowage, and th? completlon and releage of dozens ofsingle4 EPS and alkn￿- Pw Up Brttst• are doMIna￿n9 playllBts and kntivAl• ams the Mirfd Partlclwnts have been recognliod Imlh nwllwe arAvrd and noniinati￿j, indudlng fix Ihe Mercury Prize, MO8Os, AIM Award•, yo￿9 M￿C BOBB Awwds. Jazz FM Awarils, Heavy Mwlc Awan18. and Music and Women In MuslG Awards Indu*ry profe8slonal8 contlnue to lawch 1X￿In0￿eS. Se￿re BoJrd poJitton• and galn promotkm inio BenK)r po8iiion¥ PRS F(xmdalion recelved the DE&1 IniliatNe of the Yew award at the 2023 Women In Music Awo fol1th*￿ 2022'• IMPALA Chgngemaker Award 8IGNIHCAKf OUTCOMES PRS Foundail¢>n's grantee8 conllnued to receive many Awqrd wn• and nominatloni In 2024, bullllrrfJ on crfll¢al a(%lalm which rncogni86 tho hlgh qualty of PRS FoundthTh&funded outyut. Grantae A rd• and Nomln Danl•l Ca•lmir (Intfrnational 8hoArAJ8 FU￿ *•• awarded.tr JAZZ Comp061Uon Award at fv Arts Foundatlon Future• A￿rth 2024 PPL Momentum Ac￿e1eralOr Y¢xkihlr• I4)p￿t•d, Dllottant• was ￿knt for the amual son￿*￿tIng and p•rf¢rnilng campettttthn, Callo se￿IDn• 2tr24. PRS Foundatlon grnnteeg plcked up 5 nomknalK￿8 and 2 vltnner8 at th• Amerkona Amodatlon Award8. Ell•s Ball•y (Internafjonal ShoKa8e Fund) *4nnlry UK Uve Act of th• Year Lauyon Houth & Th• North•rn Cowboy• (PPL Mcmn￿ffl Mujlc Fund) wlnnlng &ng ol the Yw. POWER UP Partlclpant Nlck Ezl•fula wa8 IIKI￿lad in Blllboard's annugl Il•t of 'Top Mu8lc Lthryws. Kaych•ng• U8 rewgnlged the of ch￿90 Awvd at Musjc Bu•lne•B A88oclatlon Awards in Nashvllle, US. More than 80 music creator8 that have received PRS Foundallon lupport performed at 2024,8 Glastonbury Festival indudlng Uttl• Slmz IPPL Pknmentum Mu* FUTKI. Intemational Shth%tBae Fund and BBC Muslc Introduckng and PRS FI￿ndatIon lupwt) pwlomied on th• stage and Idl81 (International Sh￿￿¢8$e Fund) on th• Other Slage. 29 perfwrnarrAS at 2024,8 BBC Proms fffiture PRS Fwidal1c￿ grantea8. 2024 a190 Saw perftJrnianca8 al IM> Talerrt Development NeI￿Vrk organlsatlM ¥enue9. Th• GlaMhouM Int•rnatlonAI C•ntr• for MUBIG, In Gat•8head and the Brlgtol B•acon. Additional￿, Hannah P•el (PPL Mwienkn MuBic Fund. New MuBlc Blennial) wlll be pre8enting her Night Tracks rndio ¥how from thg festival Tan cOn¥n(￿ thqible DutconRi for PRS membern **KJ recelvo •Jur Bupport kne1￿1& crealion of rww slgnkng publiBhlng and record dealA, lecur1￿ fuiure ￿mmi￿10￿3, recordng and rdeasing hundred8 of albumi, Eps and siryles each year. INe bookings vknlth allow for perfornia￿e of m8mbern' worK siwmc¥rt Income g&￿ratIon. audlence gra*th, dovelopirwJ around rn￿1¢ Greath. 8ltraotlng sync attenllon, and n*dla coverage and DSP 8UPPOrt. In C￿￿¢al rnu*. compos8rn are 8Uglalnlng and developtrffj thdr c•ra•rn, ueafjng high quallty. crlucally acdalmed *nrk through our 8UPPOrt for orchestral perfomiances, recordlngB. ¢ommlsJlon8 and composer d•valopment pn¥ramme•. Successes In¢lik1•: **A• perlomianGe at St George'8 In Bd$tol Page 8 Tru8tees' Report For the Yearended 31 December 2024 PRS Foundatlon D￿1￿ Kldan• (ComtxiMr4' Fund) lor ts London Symph)ny Orche8tr*1 prfOr1￿Ce of h18 Ptece"Sun Po Danl Haw•nl (CompoJern Fund) - 416 Ipa Abol Sd•ocoo {POWER UP) - L4 fty her opern Ydb)w for hls perfornHrKe kn Gla continue to monllor the economlc of PRS Fwndallon'8 gWPOrt and alh￿q￿ 1he pandwnlc and rpBulllry economic d(r*nturn has an Impact on mogt wantees. ablty kn wodu&i suGh Str￿ reButt8 kn the short-term. grantees m mainlaln*y Bom8 c￿nM￿ lar4ibl¢ wtcome8. bKludiffj: •&wrkng wbN81thg deah and deals *ith rocord labels clgAskal le￿￿Tra fiAure c￿mISSk rec4>rdng and release af Iwndreds of albums. EPS md thgleA &%h year swmcant nxdia *ntion 8ftd DSP •upport 8ea¥lr4 INe tooklngl gr￿￿n9 teams, ￿lch IrKlud88 management, booklng agents. I￿rn and Oth￿ to help 8u•laln lon Thank• to th• qualfty of th mu$lc ¢reatorn pnd wJani8alon8 SUPPWted, £1 inve¥ted by PRS generated an *ldlllonal £4.74 <2023.. £4.10) tr the $ector. £2,329,138 from fundrniiing by tho Foundation (2023: £1,553.324), £9.380.048 (2023: £6,502,044) I￿￿Tr¥J, ¢08h arKI lTrklnd, 18vered I￿￿9h our loadw•h¥) OfpWts￿%hIP programm al￿ £930,0fy) C2023: £2,220.OIXl thnwgh fund• hwe beon abl• to 8¢¢ure thank8 to our Xe&In￿1mert. Fund5 ralsed and levered 2021-24 £io,(wo L8,(mX £6,(LK1￿OO £4JMXIJXX) £iOL 2022 . FuNts l&*red vla grant r￿l￿nts • lebtred vk ￿ F￿￿datIon partnetsl*J proRramn*5 I￿¢￿￿e ralsed by PRS F￿ndatIon r rnach and Ad¥wli8iig Value Equlvalenw (AVE) In 2024 rgxhed £11,987,815.87 a(xo88 over 5Tr) pleces of coverage, wrtlnulng to grinerate hloh18vekn of PR and underlnlng PRS, G¢xnmilmertto tho dov•loswnent of PRS mwnber8 and othm in the ecosystam. Ifwe fxknr In co￿ra9¢ forthe global Keythwwe Inftl•tiw trf0￿ded by PRS Foundatkjn, AVE rnacheil £27,568,353.61 a¢roM over 1,gCrfI plece8 In 2024. Page g PRS Foundation For the Year ended 31 December 2024 PR and Profil• Digital Reach 2023 - 2024 25QO 23IL86 195.321 i(o(nJ 35,1￿ 37JZ5 636 4L859 Iw 19,155 19294 In8tsgram (followers) Malling Ust <8ubwlber8) Facebook {ft￿l¢?￿) Twitter (followers) Websile (user5) 2023 • 2024 Our reach a(YO89 $¢￿1 mgtha plaifom* ¢Mtinuu to grthv M a nwthr ol channels and uMr8 ￿ Ihe PRS F￿rK1akn TA*b8iies and Micr￿1￿$ rnmalns rdthely corAknten( woviding P￿rIU1 *pys for w to 1X￿nOt8 the achlevements rf wff•nt and fiAur• PR8 nwnbern and the knpact kNe8th￿nI l• havlrrfj on Indu•ty. PUBUC BENEFIT We have referred to the Chwlty Commtsilon'• genual guld￿¢8 on publlc b•r*rrt {indudlrwJ the guthice'pubk beneft I￿nI￿ a charlty PBZ), Vrt￿n revknlng our aims WKI obpc*v¢8 and kn 8ettlry our maklTrJ politrm for the year. Ptrtlic bgnefft th Impllclt kn the crit•rA to ass￿ gran18 vAlch forJJB on the extent to th• pro*ct8 support wli I beneffit a broad range of M￿1¢ cr*rn, res￿1 in NBh qualty rnu81c and ￿ •nJoy•d ty • * and wdlm. The Foundallon Jccept8 lundkng applkotlon8 from all kind• ol nwlc ernotors. Delalkn of the FouKlallorf8 adhrfileB arè easlly avalable on includiva gran14naklrvJ polio88, •ach ling wogramme arKI awllcalion for￿￿. r ¢mphxl8 lx tran•parey our qla1f8 ability lo ghe expert ad￿e lo potsnthl aP￿iL￿nIs, IB a crurjgl part of Ihe grart4naklng prffe88. allo *•rk kn parlnership wlh other (XganiBatI￿ lo exlond our reach 8nd Imp porti￿llrfY in rnkntion to any muBic genr08 UK reglms *filL* we under-represented kn wrfiJndlr¥ p￿10. Pleam ￿e'LOo￿n9 Ahead. (page 11) ofour tsryots for 2025. IIONrroRING. EVALUATIONAND LEARNING (￿r FIBxi4>arrt f￿d1Th￿ platforni bullt as • boopoke gr4rt4Th*ing pl•tloTrn for PRS Fwndatlon applicants ond grant•e& It allow8 u8 to moniiorcurtent projects and ￿ con8tantty evolve apFKoxh to Ovalualion rawtsrvj sy&an• for individual grants consK•tenty monlknrfry inyclg against strategic wknrfiles 8rMI 17*eria get for each fuNJ. TN8 allo￿ us to gatlw impxt data a(xots programme8 *ffilch lix￿lling and reporting lo pgrtnar8 on th6 creatlva career Impacts for cregtors as a8 tho wkler Guliur•l, soclal and •¢onoThkn Im• of our furthg. W• report to variou¥ partnern and (he¢￿8 re8th Trusteu aNI obwve that ts vui majwlty of grorth me•t int￿dad artcom•B and achieve futh•r uney•￿ted poth oukomel. Pag8 10 Trustees, Report For the Year ended 31 December 2024 PRS Foundatlon MONITORING, EVALUATION AND LEARNING Icontlnuad) al80 produce long-tem Impact evaluati(￿ reparts- generalty relea8lng one report publlcfy per year. For iuch , we engage the servlces of extemal evaluthn experts to a18ess and publicty report on the long-terni Impacts ol our investment in talent We Share leaming w•d outcomes thrDugh our website, social media and regular mailings as well as vta panel diBcusglons at relevant In¢Justry Gonferences in the UK and oversea8. PRS SUPPORT AND COLLABORATION PRS has invested a 8ignlfiGant amount of finwKial and other swport 8lnce setting up PRS Foundatlon in 2000 - wlth In excess of £49m invested to suppryt new mu51c and the deveknpment of current and ftrture Men￿er0. The maln donation from PRS also enables the Foundation to raise match fundlng from vadous sowrn8, incmkllng public funders, collectKin societies around the workl. and c(xnmerdal sponsors. For the last few years, ￿ have secured between £1.5m-£2m of add￿Onal support per year to match the PRS donation. This help5 Ug lo mch thuJ8arKls more creakn8 and pioneerlng organi5alh)ns vtho t￿pP￿t talent dev8lopment. Donations from PRS to PRS Foundation are funded thr(wh inc(Kne generated Separately from royall￿$ paid out to 118 memberi, induding from irrterest eamed on royalues awaiting dl8trtbutlon. A new multi-year fundlrwj agreement - anntwnc8d in 2023 - enables an increase in year-o￿Year fLK)ding allocated to PRS Foundation, and PRS donated £2.65m for 2024. The agreement stated that 10% of the furKling provided by PRS from 2024 omvard8 Wtll be endcAvment income that Should be Invested, and thlj ￿11 be u8ed to 8trengthen the Foundalk*n'8 po8ltSon to help an¥ure future Ilnancial secuiity. PRS Foundatlon18 a contsntly evolvin9, dynamlc charity - Worklng closely th PRS to support ryeators and to Shape the future of new mu•l¢, We thank the PRS team and Council mernbers for ongthg lupport. LOOKING AHEAD L¢ng4•rn1 stratsglc prlorftl•• for th• Foundjtion includ•: Invasting In the devek)pmenl of exceptional, diverse music creators at cruclal Stages Supporting ploneering uganigations ar￿ talenl development oxperts to enablo those MNklng in all genre8 acmi the UK to fuffil their w￿1181 SpeartRading new ways to connect creators, (Yganisatlon8 and partners lo addre88 talént plpellno gap• and fa5t-track career progre8slon Champion grantee8 and the way ￿ ilY￿k to add value, inlluence pollcy and attract Increased extwnal vestrnent Malnlaining our reputatlon as the UK'8 11￿1 accesslble, IrKJuslve arKI collaborative mustc furxler Streamlining programmes for the benefit ol muslc creators and the team Addressing talent plpellne gaps reg￿nalty, natlonally arKI Internati￿allY 8thr 8ddres$ the intemational need8 of cr*irs beyond sh￿Ka￿lIVa In 2024, rmv jolnt, tru8tee3 (th03e al80 on PRS Board. Membern, Coun(al or in the PRS ELT) ￿re elected onto the Foundation'8 Board, thile three 'extomal' trIAt8e8 and a new Chair were al80 being recruited. PRS FoundaOon'3 Chief Executlve rCE￿ ￿11 work cthely wth the new Chair and full Board on a new Strategc Plan for 2025-2028 which wll refiect on the nBeds of muslc creatorn and our continued ddve to streamllne ogrammes Bnd focus on mu8SG creator development and the dl8tinct way in vthich our fundlng transfomis creative and development. We ￿11 ensure recent change8 to organi8ation8 funds are delibwed 3￿CesS￿lIy, and wish to increase the scope of our intemationavmusic export Strdtegies. Page 11 Tru5tees' Report For the Year ended 31 December 2024 PRS Foundation Prlorkn In 2028 Includ•: 2611 Anniv•rnary PRS Foundallon wll celebrate wlh grant•4 partner8 and 8iiiporknrn. 26 y•arn of in futwe of music 8￿pOr11n9 careers An early 2025 'PRS Pre8ents' event will lawch ceJekntiL wll'badge. 25 events and pubY*b c88e slwjies on 25 grnnteos tr• champlon the breadth of our 8UPFWt for nvrt music And I(1￿5 the end of the year, a final eventwll be held to ralle mr•ne8ts PRS FouThlatlon (WnB 3troamknlng The strearnliiir¥J of¢Ygamkn fundlrywas s￿￿81U1 In2024. and will ￿￿lInUe to rn(wthor and 1111 any gap8 ft>lkY*kng the merger offunds vlJl ￿rther red￿ th8 nun*Jer af deadlines avallalle to mLMlc applkants o And ￿111 conjult vath the rxeator conwnunlty wwdlng the Btsvamlining. evdullon aThl*r rebrandlno af a Nmber of creatrK-speryfic programes Fd10￿￿n9 tha yew of the new ￿nd, w intend to extend the Earty Carmr Promrtw Fund- applylng I0￿1n9$ 2025-2028 woukl al•0 l*e to externl the Prelwje prngrafflme and explore other wayg lo adtre88 errewe0￿t3lIOn Imlhln medla CL*nPO8ition and mLBiC 8eek portnersh￿ **h a wkler rnwe of commorcial ￿￿Ulty portners and d#pite a chalkngbw c was elected onlo the Board in Awl 2025 The new Chatr ￿11 ensure the FourKlaliDn's Board continues lo evol4• and they *ifi w(Kk ckxety Ilh Trustea8 Management to shape Str*gic PrKXities STrUCTUR4 GOVERNANCEAND IAANAGEMENT PRS F￿ndatIon Mig Mlablghed M • charlty aiml company Ilmlted ty g￿nnIe8 kn 201X). Th• uganiiatlon ned by the 8oard ot Trustees crylseg Indl¥klual8 arn brth tru8teas of the charfty and no exeGukn dirnctorg of the c(¥npany. Tho Mombern of the PRS FoundotKm are tt• directorn *th8r with tho Performing Right S• Limited. Th? Foundathin's Partrws￿I with publc fvrNlers, chwltle8 and prfvate 8ec&)r eomponla8 gre central lo the w we *vrk. The8e partneA8hW enatl• us to slwe w pool re8owce8. grw Ifflw and Inil n•erlro prowamrms •upw>rt ¥•ctor dmlopmenL Page 12 Trustees, Report For the Year ended 31 December 2024 PRS Foundation Tho Foundalion monliorn the temx of offl¢e of all tfU8tee8 arKI carrle8 oul Skills on a Tegulaf ba818. Trustee8 lerve for thre&year terms and are eligible kn be r￿thted for a rwffium rf three tsmx. AB of Juty 2016. the Members amended the Afades Bo that rfa trustae is reliring after a p8rK)d of continwus ￿rVIce exeaeding nine year8, the Inmtees may allowthe rellrfng be rtrelected for a maximum contirnKMM perlod of12 m¢￿th8. i orderto help wlth knduction and mentoring Of8uccesuYtn￿1£e. Atthe end ofthe mppohrted p8rfod the r*lri tru•i•e shall be eligible for re-elxtlon. In 2020 the Fo￿dati(￿ moda am8rnlment• to th8 Momoyandum of ABBOCi•tlon, updatkng the Myrdlng bthr to refiect the charftable (￿JeCtIve Foundatbn w￿418[0n for Mt mwe than 15 trustem ￿V￿￿rn up to seven Inth (or ￿ more than hoir of the total nUrt*￿r of tr￿lee9 ff than fifteen) ghall be rn)mbwted by the board of the Performing Rlght Soc* Lknlted. Olhgr trusteas shall be Independent IrKlivkknals *ilh relevanl exparnnce relatlrvJ to the role of the F￿ndatIOn. jona￿ Ailken. Uthelle E8•. Suzanne HwJh#, Crfspin Hunt, Alexarthr KaBBner, a￿1 John Mlr¢h ae PR&Tr)mlnated Iru8te•s. Trustea Susannah SITh￿ wa8 elethd as Interlm Chair in FebNary 2Lf24. alongslde 5 PRSpnomlnalod tru8tee3: Jonathan Altken, Suzanne Hugl*8. Crwln Hunt. AleX￿der KaSsr￿, and John mtr￿. Grace Good*in joined the Board in Septanbar 2024 and iwo furlhor IrKlepend*tt tru8tse8: Brahim Alt Ben Larbl Jonalhan jacks(￿ xre elected kn Dec•mber 2024. In 2tr24, the rK¥thatloM Su￿0MMItt•• dwlrnd by SUI￿nah Simom ￿￿u[thd a new PWma￿nl Chalr for tho charfty, Jan• t￿11, was elethd In April 2025. Th• boards Flnance and Per•onrd Commiit•e revlews the ￿9￿￿al slnthre on al1ga8t an ann￿1 ba818. B•nchmgrklrva of pay kn carried out by mana￿￿*￿ and revithtd ￿lIh the Commthe. The Chalr of the Ccqnmlta• the Commltt••'$ ro¢ommend8Uon• for board aFvoval in the same bogrd meeting that itr annual budget li apwMd. Depending on trullee rDtatk)n, an audit of the of tNIte￿ h carried out wery 2 - 3 y•ars. to eraure that the Foundalion has a diver8e representstAM on th? Board and that any ilknbfied Sklls gaps we add￿￿ed. The NryninatK•ns Comrnltteo, a Bu￿cOMMittee of the Board, then agrne role de8¢xlptlon8. 8el8ction woc889es arKI Ilmet*le. The Fourmlatlon ad¥ertlgtt for tNBtees to appty lo become tru8te88 and the NomknalN)n8 Committee irter¥MY shorfllsted candidates. The candldates selected tojoin the Board are then invited to obser¥e a Bo¥d ffl88llrvJ and il both pArtkn are 8atls15ed, thty are elected to Ihe Board at the foHo*ing Board m*tThJ. Grant*klry Pro FirAI deaBiong regardlng wnt.makv¥J regourced by unrestrtcled fiN¥J8 aro made by the tru•lw8. folltr4A reConTh8￿0n8 wd advke from the monagement team *thlch 19 Inftwmed by Ihe AdVI￿ry C4wKiI. TI F￿ndatIon pays advI￿r$ a fee for gpedfic 8er¥ices, wlkh we let oul In a lotter or enmil Gmfirnlno these 8ervKeB whon requw•J. As part of tho grantwmoklng proce￿, link truste•s take an aGtNe part in th? Fournlotlon's granl.rnakry procedures. At board meettyy. tru8tses ha* the oppothnlty to 8hwe an Overv￿ of dxAi¢Tr making processes w thdlrrfJ8 and confimilng that duo proc888 folltrmd. Trustees are requlred to ratlly (rather than appro¥e) grants made thr￿gh partnershIp￿nded schem88 #uch 48 the Irknalional Sh(rKa•e Furnl. The8e fuThJing dedslonl we rncomffAnd•d ty 8Wllst programme adthrn an￿Or fundkn9 parlners. DaY-l￿daY rmwement l¥ the re8pon81biily of an admlnlstratlve t#m of eleven full Ilrn and 8•v•n pwi tlffle Staff (including congultants), l•d by Chlef Ex￿, Joe Frnnkland who ha¥ authority, thln tenn8 ofddegthn )proved by Ihe dir￿, for all (yerauonol mattern. Page 13 T￿￿. Report For the Yearended 31 December 2024 PRS Foundation RISK MANAGEMEpir lJuila•• Identfy pcrterthl rllks oui regular delalled reVIv￿ of the acliv#M •nd an annual rknk a￿%￿ment wNch 18 ap￿0￿d by the board vh th8 and Pernonnel CcThmlttee meeiiry and as part of the plarnkng voc￿1. a wlde and apkyowhte lth•l rfpmknqlonal thlll WKI expewKe wlhln the bovd of Irugte•i the ery*mert of prirfe88lMaly qualllled Staff and the engagrnt of prDfe#knwl wvlce8 for legal. llnandal ￿rnan ruowce requlrements Ihe employnxrt of an k￿reaS1￿￿ lyoad rar¥e al indewident advl84x8 ¥tho hew tr• tho F￿ndItion's wlkalionJ comabornlion r*vant PRS do￿rts￿onts to wpport •JJrllnarK• and perU￿ne1 pol Page 14 Truste88' Report For the Year ended 31 December 2024 PRS Foundation FINANCIAL REVIEW Total for the year 2024 £5,1167,548 conywed vath £4,160,188 In 2023. The Foundoilon 15 extremety grateful for tho generosity and SU￿ort from all of the fvndern lithd In IN8 r•porL This knclud88 the membernhip and Board of PRS has shown their continL*d commltrnent to the FourKlatlon'8 charftable actIV￿ and the Importarm of owMxktQ 81yngwTtters. composers, perfonnance groups. bands, festlval8, promoters and other organlgalkns making music acrDSB th8 UIQ We al80 ackn(Ythedge the generou¥ 8UPWt ofourother maitr d¢￿r, PPQ wpport from Creathe Europe and Art8 c0￿ClI5 aGYo89 the U the Foundalon 8Ot8 ambibauj exiemal furKlral8lng targets and performs well - raislng beiween £1.5Tr £2m peryeor to match ourcore donatknn Irom PRS- the managem8nt toam and TrusteeB acknowl8dge that in th currert cumate It ha8 b8en difficultto meet tsrgets for some wogranine8. Th1818 partialty due lo the c<>M￿til1ve nature of publfG fundlng and a trend of mu4ic tech companles - Includlng DSPS vtho makeup a slgnificant w0p0￿0Th of extemal Investment - having to red￿e budgets aGro88 the board. vlll cryrtlnueto divernKy in(xxne sources and ￿lCome collaboratbun Wbth altemalve rnu8tG ccmpanle8. T(*al ex￿ditUre In the year was £4,776.537 c•nyred £4206,879 in 2023. Expendlture Irurr8d to gemrats income IB minlm81 (2.1% of furMIg raised", 21Y23: 2.7%) as the fundraising functiM i• integrated the Chief ExecutSve'8 re8p￿SIbl1fy to TAY>rk strateglcally wilh a iYoAd range of funding partn•r8 Jhare ow obleGUve8. PRS FourKlatlon dooB not engage extemal profe88Mal fundrallers or commercial PArtktpatorn to carry (xrtfvndral8lng actlvlty and dow not ewage In lacfritrface (x l01gphone lundrai•lng. Al part of 114 proparatlon Genorol Dal• Protoclk>n Regulallon that came Into for¢8 In May 201 B. PRS Foundauon ha8 r0vh￿d and It• Pri¥aay Notic••. These Trotlces, publlghed on our*Tb81ts, dearly 8tatss perBonal data the Foundallon hold8 In r•latlon to 8Lypryhr8 and th18 dala *lll be ￿ed. If out IN kndmduats can ra18e corvms or complalnts, Th• Foundation ha8 rec•lv•d no cornplalnis fundral8iNJ athllle• aiiher durfng the finandol year or iubw•. The total yaar end fund8 arn £1,009.774 cthiywed *ilh £718,783 In 2023. Thlg affrfjunt 18 •Wit bel￿fen £421,873 of unrestrfcted fund¥, £322,651 of r••trIC￿ fvnds and qn end￿mient fvnd of £265 260. in unrestrlGte(I funds, there are dosynaled of £272,223 vthlth th• truitees have earrnarke(I for parllcular fiN￿. The net moverngrrt In for 2024 1¥ a surplu8 Df f291.011 12023: defjcit d £56,513). TAthich is due to the tirning of income recognilion and gran18 •xpendliwe bel￿•8￿ yrArn. Th• Foundakn a180 haB conllrmed fvrKling partner8hlp5 that iecure fvnding for fulure perknds. tn Intend that our free reger¥e8. i.e. the unre8tr1(*ed re8eNe8 of the Foundatlon, exduding d081gnated or tied up in fixed 888ets, will o)ver the operating COBt3 of the chwity tr the fjrgt quarter of the foH(hvlng year. In 2024, part of the npw lundlng agreement knllh PRS. 10% of Ihe ￿nUal donallon Is reeonosed as end Inc tho mathods and prhGWlei in the Charilm SORP. MakeN￿gements and e8timat•8th•t we reasonable and pYud•nt; 8tate ￿ffi8ther appllcable UK Ac¢wntlng Slandarth have bBen folIry*￿d. lubj￿t k• makni departure8 dl8c108ed and ewained in the finarKaol statements: and prepare ts financial •taternerts on the goirKJ ¢Mcwn basis unless rt is apFryrlate to we8umo that the chvitable compgny will (x)ntinue In operntion. Th•1ru•tee• are rewsible for k•eplThJ adequate Kcowrting re￿Id8 Ihot ve 8uffld8nt to shw explain tho charlty's tran8actM)n8 and dl8cbao with rnEi8onable accuracy at any 11rn8 the fjnanclal po¥lYon of the charfty and enabl• them lo enBur• that the aCco￿tI o)mpty wilh the Companles kt 2000. Tlw are allo responsible f¢r safegu8rdli o the asgets of the charfty and hence tr laking rea8Mable 8teP8 knr the wentbn and detectlon of fraud and oth8r Irregjlarilies, and for Ihe rnaln*nanc• and Integrfty of the corporat• and thar￿181 Infom Included w th• clKgrlty'8 we￿ILe. E•ch rfthe p8r•oM are tru8t•e8 al th• Ilrm tr￿te¢l, annual reportls approvoLI has 40 far ai tIAt trwtee l• awar4 thern IJ relev•ft a￿lIt inforrnation of whlch tho tharftablo compty• audltorn •re unNgrB; and that •ach Trustse ha8 taken all the ste￿ Ilxt ought to taken a8 a truJte• In cfder to be aware of any r•knnt audlt Infomiation and Io e8tabM•h that lh• cunponykn audltorn aro awore ofllmt Information. The audltm, Lin*w FranGls Fer9u9￿ Umiled, were *xnwlty re4ppolnted at th• Annual General k*ellng on 23 Septembw 2024 Thls r•port has be￿ preyred in ara>rdanc• with lh8 8pecW wovt•i(Th of Part 16 of tho COMP￿kn 20L relatirvd ID small companlej. On bohaff of the Board an• Dyball Ichalr) . I I SopkMb£f g025 Pag• 16 Independent Audltorfs Report Forthe year ended 31st December 2024 PRS Foundation Oplnlon We I￿ve audlted the financL91 gtatem8nl• of The P•rfornilrvJ Right So• FoUndat￿n Cthe fknarllablè G(*nparf) the yeor ended 31 DeC￿nI￿r 21Y24 wh*h cOmpn.￿ Stthent of Financlal Actmlies (i•ing I SUMM￿ InLxJme and Expendliwe Account), the B*nce Shee( the Slatement of Ca8h and the note5 ta the financial statements, IndudirwJ Si￿11￿•nt accounting pokies. The Ilnancial rewrtlng fiamvMNk that hu been in theJr WBparatlon 18 appllcabkn law and Unlted KIngd￿n knnlng Standards, bx4u(Ing FRS 102 The FThncial Standwd applical* In UK and Republlo of Ireland (Uthd Kkngdom Goneralty Acceptsd In our op1n1￿, the tharKial 8tatwnert8". give a true and fair vlv* of the slate Of the (*arllable C(ryanY￿ affalrs 88 at 31 Decen*)er 2024 *KI of 18 resourra8 arKI applicalon of resourw for the yew then erKled,' have been pn>perly yepwed in xcordance *lih Unllad Germralty Accepted Accwntlw Practicè: hove been prepared in accthce wlh the requlremerts ofthe Conyanfe8 AGt 2006. B••l• for oplnl( c(NK1￿1ed ow audii in accordanco wilh IntematlorMI &andard8 on AudlUn9 IUK) (ISA• (UK)) and applc*>l& law. Our respon8lbllltles ￿der th08e standards are further delcrlbed in the A￿1110￿9 re8pornlbililies for the of flnanclal stat￿&￿& 8ecflm of our rep(rt ￿ are Independenl af thè charilable compwry in accordan(¥ with the ethical requlr•nw18 Ihat am reknvant to (wr autht of tho fi￿￿al staiemonts in the UK, IrKludlry the FRC'8 Eth￿1 Stand•rd, and we have fullllled other ethkal re8pomibillies in aC￿rd￿ pA41h thege rewirements. belleve thatthe audl evIdence￿ have oblalnad th sufflclent •nd approprfat• to Wa￿de a ba8Sb forow oplnlon. In audiung the thanclal slatsrnen￿ have corKludgd that tho tru•t•e* u•e of the gokng corKem bag18 of Bleed on Ihe have prfomxd. ￿ have not Idenffied any materlal unoertaknOe8 r•lallry to events or cond110￿ tha( knthihjuaty or¢ollectN*, may caut•VJ￿fl¢anl d￿btOn lh• ¢h¥ltaL4• abimy to ¢ontlTh a8 a gow¥ COn￿M for a perk)d ol at least 12 months from vthen the financlal stakni￿ts •re aulhorAed for issue. Ow re8pon•lbililie8 and the ￿pOr￿albilit￿ of th• tru•tee• r¢•pect to gokng c(￿Cern are doswkned kn th• Mlwart 8ectk>rn ofthil rnport. Ttn other #fformation wnprlges the MINm￿lOTr i￿1￿led In the annual ieprt indudl￿a the trwtoe8' reprt other than tt￿rManc1al stat•m8nts and ouraudltorfs rnport thereon. Tho trusteesare re8PmStblefortheother*rf￿rnth *itlth the annual retxrt Ow (ylrfon on the fmanc1￿ 8talemerrt8 (Ixs nrt cover tho Other InfrntK except to the extent explw stated kn our rnport, ￿ do not exprejs any assurance 0￿￿lDn thrxeon. Ow re•pmibllty Ig to read tho (ts informthn and. in doiig Bo. ¢Th￿Ider W￿her Ihe other knftymthn matwl•lly Incon8Mtenl th tho ffnancial s*ments or cur kn(r•ledge ot481￿ in the cixne of th8 audit, (thenhlse appoars to materiAlly mb8tated If we identify guch Malor￿ wKanIlsl•￿e8 or apparonl nwterlAI mbstataments. VAJ we requtred to deternikne ￿t￿hor this gives tt) a materlal miBslatement In the ffinonckl •tatements IIKm8ekn8. If. l￿d on the have perfomxd, * ￿nClude that thwe i• a fflater*l mllstatement of Ihkn thr hthirmatiLm. we are lequi￿1 to report that facL We havo fK>thlng to rnport in th18 r•gw Oplnlon8 ￿ othor mati•rn pmcrfb•d by th• Compan1•• Acl 2006 In our oplnion, bmed on the undertaken In tho course of the aurfrt: the knftrfmation gfven kn the twstees, rwort, ￿thIch indudeg the dlrectors. report wq)ored for purpos￿ of cOm￿ry law. for the finanGial year for the financiol •latements are wepared Ib c(NMi8thnt with th• tha dlrtttorn, report Induded *ithin th• tr￿*¢88, repryt ha8 been prepved In aec(Kdance appIl￿ble leyl Page 17 Indepondent ￿dIto￿6 Report For the year ended 31st Dgcember 2024 PRS Foundatlon Matt8r• on rhthlch req￿1•0 to r•port ty •x¢•pl In the IBht of th• ￿n￿￿edge and undorthn(Ing of Ihg tharitabl• and Its envlronmènt oltiilgd In the of the audlt, not identified m¥t*ial m188th*nts in th6 dlrector* report Imltiln tha have notrry to reytln re* ofthe fo11th￿r￿j matten in rdalion to ￿lch the Compqnle8 Act 20(￿ requwe(s) ug to rewt to you If, In our 0Onion: adequate and properaccounting recordg have r¥Jt bogn kepL or rDturrn *lequat• fty our audR hav8 baen recaived from branch88 not vi8lted ty us; or the finan(ial statements are nal in agreementYAth the ac￿untI1￿j r￿ord8 aid retums: or certain dl8ck>Mns of Irusta8s' rwnuneralion $￿Illed by law arn nat made; or have rnt ieceNed all the kffDIm￿0n and explanallonb ￿ requlre fix w athllL" or the tru8tees ￿ere not entluod to prwre the Ihwnthl statements In acG(¥dance vrilh the ¥mall cofflpanles rellkng and take ad¥orrt4e of the $mall compan108' ex*ion6 in the trustees, report aThl from th• RwpoMlblMll•B of Iru•t• A8 explalned nKx• fully In the tru*u' re8ponsiblltles statemont 8& out on 15. Ihe tru•tee• (*tho are al directorn of Ihe chwltable company the pu￿￿• of coThyary law) ve rewslbkn for the preparalion of the fknwKial statements for beirvJ salisfled Ihat they give a true and fak Vi￿4. and for fjuth Intemal control a8 truste￿ detemiine is necesBary to enable Ihe weparation of financiyl sktements th81 are frno from matarl ml88tatthnrf dua to fraud or •m)r. In weparlng fv flnonclol •tatemenl8. th• thith•s arn mpDnslbJe for a8ge8slng thg charttabl• cryarrf• abllty to continu• aB a goitt9 concwn. dlxkwlng, a8 appllcth, matter8 relatsd to golng Gorwn arKI u8lnA ttro'going concwn balts of a￿0￿￿1n9 unless th• truJt•ts ellher Intend to ￿uld￿ttr the chwllablfr or to c￿0 opwakn3, or have no ￿￿811C alteinkn but to do 80. Author8 mpon￿bIllI1w forlh• audlt d th• fln•ncW 8l•lwn•nts mat•rlal mkniiat•m￿, whether due to fraud or ern)r, and to18•ue an •uthtofs report that ow oplnlon. Reasonable assurnnce kn a hith level of asgur•w*, but18 not a guaranlee thot an conduded h aL%￿danC Ith ISA• (illQ wlll alw8 detect a maierfal mtsstatement whqn It exlBts. Mls¥Iatem￿ts can arfse frum frwd or error and are comidered materw If. Inthlduaty cr In the agwte. t could r8380nabty be exkxcted to Inlluenw the ecornmic decisions of u88r8 taken on the buij of th080 ffflancial Irr?g￿￿1b￿ InGludkng fraud, wo In8lanra8 of nupcoThpll•nc• ￿1th IM 4rKI fegulallom. th•YJn ￿￿ethJre8 In line our respwAibi*ies. (xrtllned akm. to detefa materlal ffli8st*w￿ In re3poct of tyularltle8, kKludlng fraud. The exlent to vthlch ow w0￿dUreS are ￿pAlle of dete(thJ Irregularltle8, indudkvJ fraud 18 (knHed below. Wo d>taiiad an under8tanthg of the legol and wulatuy fraffle￿ 4iplicable to the preparnuon of the llnanclal 8latements of the charflable compary, and tho procedwB• that marMg8mont adopt to ensure conwance. We have considered the extent lo n￿<￿nplIanca mlght P•¥e a Inaterial th¢t on tho fin8ndal Btatenwth. and In partI￿lar￿ idontllled: the Companleg *£t 20r￿. the Charfues Act 2011 and Ihe CharliM SORP (FRS 102). Wa have allo identlllBd other laws and r•gUlats'￿I thjt do not Iw¥¢ a dlre(a elhct on the amounts or dhclogu in the fingrtial 8tatemert8, Ixrt for vthlch compknce 18 ￿ndamental to the charftabl• company's op8ration• and to avoid materitil penalil88, in¢￿d￿￿ the Ganeral Dats Prokndlon Regulalim eryiloymerrt IAW. Havlng revlo*td th• la￿ and re9ulalloM awlcable to the Ghwltsbjo cTrny, M dMigneLI pwfoTm•d authi DG¢dur•B to oblain •uffici•nt apkyowiath audli e¥ldence. SpxlfiGally, ￿. Sefethd • team ￿th wctor•w)￿fft experierKe to pgrfwm the •u Obtskned an understsndlng ofth• charltabl8 Mrr••ry'8 Fxwedwe¥ trerwrfNJ Comp1HrKe￿ law• and gulalion8,' Ptye 18 Independent AKlitorf8 Report For the year onded 31 st December 2024 PRS Foundatlon Oblalmd mlthvod Intemal polloy and PrO￿dUre do￿ents: Made enquir1￿ of rnwymqrt arnl IM tru*e8 regardirvj thev aware of any xiu21 or gU8pected ii¢ldences of noTrc(xnp1ia￿e wlth IM arml regthaUon8; ReVIe￿d legal expenses ac(x)unts for ind￿allOnS of ary pomible noTrcompliance," and the CMWn888 accuracy ol any dl8dosurns made In the finoK481 sL*ernents. We tt*wBcepthillty of the charllatkncunpany'sfinancial 8t*ments to material ml•statem•n( HMaiKling cOns￿erIng how fraud mlght occur. was performed by.. Makkng an asses•￿ (rf tho cFMrttoblo company's control envlronment, 8y8temB 8nd cortrols Inclualng klerlltylNJ *eaknesses and conslderfrwj the risk of management overrKle of contrcls; Consklerfng whathw ttwe are any Vunt￿ w opportuniiies for management to nwnlw* finandal Obtalnkig evaluating the tru8kn' aswlment of the ftsk of fraud, and ￿qUIrkn9 as to wlth Ihey are aware of any ac￿al or au4XCted IrKklenceB of fraud: Ihe acc(KmOng policie8 and acc￿ntIr￿a estimates for signs of mwement bias; and Idenbfyln9 kay risks rejalkng to irregulaiits# ￿ relallng to management override of c(mtrdJ. revenue recognillon, cfrylekne88 of grart corrnnlthients and hjentlkation and applicallon of reBtrld•d funth. then de8vJned audit In mponw to the rf8k• Id•nfjfi•d. Incluth perform1￿ 8uboknt￿e t* rjn al materfal Income 8tream8. Inch￿ThJ re¥￿n9 i￿rnal entrle8 and key accounting e•tlmate8, r•vivaws al pwhmmnce malerlal grant8, testing m ¢ommlthwnts ￿r wmpletene86 on a gampl• ba81¥, and v(wcl*ng movements on r•strKted funds emphui¥ on fvrmls vAth r￿trkt1onS more •p8eific thah a gtant programme or woi•ct as a The audit has been pknned and perfrnd In In accwdwu wNh authluw Jtandard8, how•ver. becaux of the knherent knllatlom of audlt procedw•8 thern rEmalM a rf8k t￿1￿0 *ill Ml c*tect all Irregulafiues, that may lead to malerkl ￿￿￿*tatements In the Itnancial statements. There are inheront thfficullkrys in detecllNJ IrregularlU8$, and Irrewl*ilhw that rn8uR from fraud may b• more dlficult to detect t￿9￿a￿l that r08uI from error. for exampb du• to conceolmen( O¥WfhJe of c&*ots. collu$bn or misreprewrtaoms. In adthbw, the further to￿￿>Ved n(m￿rynPl1w￿e wlth and regulatlon818 from Ihe events and tran8aclloM refioctod In th• ffflandal statementy the les5 audil procedures are able to klenllfy It. A fwth•r dxulpuon of our re8pOn•lbIti￿ h avaHable fm tho Flnancial Repwurd Councl's *•bsite 41: Th18 de8crlpth)n fNmJ wt of our a￿lIt0￿8 rwL U•• of our report Thi¥ rewl iy mad8 solely to the chArftable ¢Jxnpany'8 Thmberj, as a body. in accordwKe wlh Charter 3 (rf Part 16 of the Cfflipanies Act 20￿. ￿di1 wryk has been undertaken 80 that we might *te to th? chathable cL¥npony's members those mattern we are requred to stale lothem In an audrt¢K8 rep(Yi and for other purpo¥e. To the fulle¥teknnt perniltted by law, ￿ do notaccepiar aswne respons￿111￿ lo anyone ctherthan the eharitatAe oTryny and the chaitalAe compan*s men*xrn as a boty, our audit for repDrL (Y *>r th• owiion FCA (Senlor For on bthalf of Undeyer Fra￿[8 Forg￿on Limlted, Audltor North House 198 High Str Tmbridge Kent TN9 18E Page 19 PRS Foundatlon Legal and adrninlstrative irrfonnation For Ihe year 8nded 31 st December 2024 Mam• •nd st•tt•: Th• Pwformlw Riglt S• F￿ndI￿on i"PRS <￿5ndI￿O￿) company lknthd by warantee. bokng govemed by Is memorandum arKI artickn of abs￿￿￿on aNI 1*8 rn glwe wilal. Ewlaxl arnl Wales 03901865 Ch•rfty rnmb•r: 1080837 P￿￿P01 •nd r•gl•t•r•d offlu: T￿ Auclion H￿10 SE12HD Brnhkn Ali 8•n Larbi- appolntod 31)ec￿ber 2024 YolanDa BrtrMI Chrts PA Jane D￿411- appolnted 23 Wl 2tr25 I￿n• Geimmar Good¥tsln. •ppolntsd 23 Septsn*er 2024 H￿he5 Cr¥n Huni J￿ath￿ Jackson . 4ppDlnted 3 Doc￿*•r 2024 AleX￿rfer Kuaner Jcthn Mkn Carolkn• N[￿b￿. rB¥lgned 16 2025 Suwmah Simon• Beccl Scatchèr, Senlor Grants and F¥wmme8 Managw Liam Mcmahon, Senior Comm￿*allor￿g Mar•r Yaw Lhw8u, Senlty Up F￿3[aMMe MmB•r Undeyer Frands FerguBon Llmtled Noth HouBe 198 High Stre4t r¢￿brfd0e TN9 18E Sanlander UK p Brfthe Road L30 4GB Page 20 Ststement of Flnancial Activities (Incorporatlng the Summary Income and Expendlture account) For the year ended 31st December 2024 PRS Foundatlon Tvtsl Tol•l FMnd• Fund• FuTrd• DNwtKin8 llndlow￿ 3 2,510.453 285.250 1.9T18TI 4,74&5￿ 3,684.653 2715￿) 271500 227.225 17,917 17.917 ZJ8288 Inve•brnnt InMmo: 27,551 27,551 Totsl In¢om• 2.54921 285,250 2246,3TI 5,087,548 4,150.188 Rai•irq fimd• (108,083) (lo8.￿) (112,443 (464023) (2247,VA) (1,957,623) <4,870,454) (4,094,fd6) Tol•l up•ndk*rn (571.10B) (2,247,￿) (1.957.823) {4,778.&37) (4,21h3.679) Il•tlncom• l (•Ap￿dI1￿11J 1,984,815 A247.￿8) 285,250 28B,754 291.011 (56,513) {q.W.814) 1,96&814 21,(X>1 (2Ng94) 285250 288.754 291,011 (56.513) R•¢om¢ll•lon of Total braNMfoiwwd 128.649 556,217 33.897 718.783 775,276 Tol•l c•nl•d foThv•rd 149.850 2n,223 265250 322.851 1,C 3 (638,394) (1,099) N•t cuh ￿0VId•d by I Iwed In) Inv••llng acllvttl 1610.843) {1,099) Ca8h from flnanclng 285,250 Not G••h provldod by Ilnanclng actt¥ll•• 285250 ChAnp fft cash arnj cash eqthlents in the rep)rtlng pa￿d (102,500) (923,878) Ca8h and cash eqthvalents at the begknniry of tho repothg perknd 2.970.085 3,893.963 Cuh and ¢Mh •quival•nts at •nd ofth• rnporflng p•rfod 2,867,585 2,970,085 Page 23 PRS Foundatlon Notes to the accounts For IIK8 year 8rxled 318t December 2024 1 AcMunUTrJ Pofici 3tat•ll￿nt ol Gunpllanc• The financknl slatemenis have been prepared li accordance *Ylh tho accow￿Ing pthi88 let oul vi notss to the accounts and ¢(xnpty ￿ the ch8rftys governiry n inc4udng a ￿d00t•d timex•le expendlbn t•kN¥ Page 24 .PRS Foundation Notes to the accounts For the year endea" 31st Docember 2024 1 Accounting Pollcl•s- kncam• Iconthiugd) . Where the fuThling Agreement pl•ce8 obl*￿nts PRS FLKKKlal'cm to make h want programmas avaHable to benefklth at defined interval8 or ￿ a thqsls over a dellned poriod - ofAn •uch agreements invd¥e the fundern becomlng partnern of Ihe relevant wogrwnmes and haviry Involvement in recognlsod in irmme from charit￿le aGti¥th88 in accordance with Gh8rfiYJ delI￿ry of the want PBramme8 to ts benofKxarte8 over the agrEed intervalB or defh*d wlod: and . Where the dm haB impoBad athor condillon8. rnt **hin the control of the dwlty, the knc(Yne li deferred unll tt18 probable Ilwt the cxJndibNw Im￿Sed •) be met In4ind Aupwtls recow*l the ch* is to tho donated good• l •ervkeB. the arnrAmt can be measured reliabty. and th8 recept 18 wobable. tkmated good8 ae measured at m¥knt value, arKI donated servkes fau'llleg are measurBd based ¢)n the amount tst ts charity would have had to pay In the markd to obtaln the servw and facililieg. (11) InvesfmenthKome Invesbnent Income l• mcognl8ed on a rerel¥abl• bas18. I￿orne IT￿n Co￿Nal8 spongor8Np arrangemeftts 18 r•¢ognI￿d e¥Mty ¢)ver th? wlod In ￿lch the. 3pon8orship benofft• ore wovided: Accorthfvj to the agreemen( IO% of the Pwforming RI￿ Scclety8 th)nation is recogniwl as endNTh•nt IrKome, to be In￿sted in accordance *ilh the drecti)n of ts TN¥Jtee8. eameil erMlo%Thent fundls rec¢wl8ed 88 unrethctsd Iiivethent kKome and can be uled lo fund Ilw th•rW8 owation8, Ex￿ndItur• EXp￿dILure, which is charged in ts statem￿ of Financlal Adivikn K(¥￿1 bath, has been clauifted under heading$ that 8ggregate all c<*ts rdated to the type of actmty. Vthere cosis Carv￿ be dyectty attfibuhd to a parti￿* O.& supwt costs) tlw hm been allocated to them on a boglB c(mistent u8e (rf the reS￿rce¥. SLFp¢xl costs have been allO￿ted on ts bw18 of Staff time on the varkKM act1￿￿e8 * thls IB felt lo be a rrouure ofthe relative of resowcu consumed. Grant obllpoons ￿ recognlsed on an accnAlè t￿18 orKe the grant offer ha8 been commwic41•(I to the Tanwbh Flx•d AM•1• T￿gIble fixed 88eel8 m 8tated at cost le8J accurnulatsd depredakn and accuM￿al¢d impolnnwrt Depredatlon Its wid•d on all tawble Ilxed a88•ts, aCq￿red al a colt of more than £1,000, calculatad to Fhylte off th• cost or vakMIkn,188s e¥tknateAI rwklual value b88ed on prKe8 pre￿illn0 at the dat• of acqui*tim w revaluation, of asget evenly over tt8 expKlod u8efvl Ilfe, u folryAB: COM￿￿oreqUi￿n0nt 3y•ar6 Th• U￿ful economk IIve8 and re4klual values of all tarywe assets arn re4s•e••ed anualy. Impwmert ar• al￿ anNaNy. Page 26 PRS Foundation Notss to the aco)unts For the year erKJ8d 31st December 2024 l Accountlng Polclm (contlnu V•k* Add•d Tax The charlty * reglthr•d ftr vthe *lded Contribulion• to per¥onAI peMlon Sch￿￿ are clwrged to tho Slatement of FiTrgndal A￿1￿1•8 a8 t bgcrporobLm tsx ts charlable aqaiviOe•. CMh •nd ca•h •qulval•nts Cath arKI cash equivalents indud8 caBh In hand, deF¥xts ￿ld at cal ￿ bank•. (ther s￿rt-taMi Ilquld In￿ents wlglnal matslities of monlhs or188s, and bar* o¥udraft8. Othar depo8ll8 hekl for greth than three month8 are Claggad as cagh on deposiL Flnlnclal In•trumwt• The company has elected to 8p* tr￿ wovlslom of seCtK￿ 11 'Baslc Flnanclal Instr(unents' and Secuon 12 '0ther Financial Instruments Issu88' rf FRS 102 to al ol It8 finan¢lal intrumenl8. FlnarKial ￿8¢ts Ilab15tle8 we off8•t and the net amounts pr88ented th the Ilnanclal glat•mwts thertls a *alty enforceth rlghlto 8et oll th• recogthed aMOw)ts￿d thgre 41 an In1￿110n to 8etUe on a ngl bas￿ or to reall8• the a38et 8elUe th? Ilablllty SIM￿taneoUSly. R•cognllon ba•1• Bas1¢ ffinanL¥al •￿ets are Iniliaty meaur•d at transikn *e wd sthequenty canied at *nortl8•d c08L Baic lknanclal AabilIti￿ we knilially recogrmxd at tran8liknn w and •ub5equenty mea•urBd ai amortiaed Tho costs of short.temi •mplw boneffta are recwl•ed 88 a Ilebllty and in expen8e. Th• cost of •iy ￿Used hollday enlllement li recognlged In the perlod in vthich the emplTr'i w¥ic9g Are recelved. vthewe this l• material lo the a￿TrI& Ternilr*Uon b8nefith are recow18ed immediatety as an expwwe tho cunpary 18 (1omon8trably 4xnmttted lo tsrmlnate Iho employment of an 6mpbye• or to yo￿de ternilnatk￿ Ixnefits. 2 Judgwnonts and k•y ￿Urc•S ol •Btlmallon wK•rtalnty In the aprAlcallon ol tho charilable componys accounting poliue5, the In*teM wo requred to make Audgwnents. e8timates and aBo(mpkn• at￿ul the Carryi￿ effi0￿t of a••* and lablKk8 that we readlly app¥ent (ther Sour￿. Tho 681inate8 and asscthtad as8umpOon8 aro b88ed on historlcal experlence and other factor8 thal are Gon8klered to b• rdavanL Adual results may thler frThn Iho•e In the oplnkn of the tr￿te8$ ther• we 8oure•B d •stIMath￿ unwklnty a8 at the r•portlng that have a 81grlficant rknk of caushy a material adlustrnent to th• Garryir¥J vakn ol a¥￿ts labllilie• In tr nexl rwrling pwkxl. Page 28 Notss to the accounts For the year ended 318t December 2024 .PRS Foundation 3 Incom• frryn donatlon• and l•g•clo• 2024 2023 perf￿fjng Right S(￿1•ty Limited Performv¥J Rlght Soci* Lknlted- in klnd Public fvnding TN•ts and FouMlalKffl3 2,852.5C4) 96,509 1,074.441 33,697 891,433 2,500,000 94,aTT 129.799 79.971 4.748,580 3.884,853 The kn klnd 8UPWt relat•8 to Ihe use daccomoth arml laciltiu. donauon frorn P¢rfomilThJ Rlglrt S• Includes an expenthble endr￿ent of 10% d the thtal donalion. Public f￿dI￿, CLYnths donatlons from ArtB c￿r￿lI &¥land, Arts C￿n￿l Wal99, Departmerrt of Intwnatl￿aI Trade, Arts CO￿(11 N(xllwn Ir•laTrJ. Cr•attve Scthnd, Creaove Wale5 (Welth GO￿l￿ant), Wa*¥ Art8 Intemolk)nal. Llverw)I Clty Cwncll, Brfti¥h CrAncil arKI Arts Councm Irela￿1. kndudes dDnatth8 from PPL, Creatl¥e Europe. 8rKnih undergrO￿d, UnlbY8al Mu•lc. Union. Wamer Music and Amazon. Dwlng the yèar the f￿l￿TIg vThxne rnc(wl8ed: £45,000 r2023: fA4,725) from Crealive Walej (Wel Gowrfflienl) relating to PPL Mixnentum Music Fund and £160,000 (2023: £0) waB recalwd fran Departrnent for Int8matk￿aI Trado, relallng to tha InknHtN>nal Fund. No unhlllled condilions or contiryKaes aiiathed to the grant been rewtsed as Income. 5 on rnl•lng fund• Staff co*ts (we nots 11) Dlrect costs Support ¢Olts (aee note 8} 52,015 12274 41,794 50,169 25,215 37.059 106,083 112,443 Pap 27 PRS Foundation Notss to the accounts For the year ended 31st December 2024 6 Exp•Nlltw• on ch•rlt•bl• •thill•• 011￿r dlv• Gran1• aupport ¢o•t• (8•• nota 71 (8•• nol• l) PrnJKtI 4ctt¥Ny 2024 Talont DMlowi•nt Own Fundi Intefflallonal UK CollabDrnU( OthorPartnw•hlp8 285,29S 180,394 49,851 1524.201 347.a77 341.9WJ 309,346 213,181 1163.(eJ2 428,831 121,818 79,011 19,725 19,e68 353.621 24.479 482,310 288.262 1548,423 371,459 4,870,454 staff coBts are allocated on the bas1• of 8taff time gpent on tho variou• actithi ag tIM ij felt to measure of Ihe rnlativo woporfion of rel￿rCeS conaumed. Supwt costs, %thlch cannot be dlrectty adrfbul•d tt> a ￿r￿lar ￿lly, ha￿ been allocated on Ih Jame ba•l•. IrKhxled vathin Ihe above am grants to 184 Insllhrtlons (2023: 192 Inltitirti¢x￿), *filch b￿dI, ortstras. fe8tlval8 and prDmotw8 totallwry £1.932.520 P023: £1,762,918). Indudod ¥Alhin th8 obov• arn grants to 329 indfviduots (2023". 249 indi¥idualg) totslllry £1,841,252 (2023: £1,415,982). Akn IKhJded *lthln tho alxNe are d￿j￿nB for 13 grant red•lmJ 12023: 80) totalllng £25.34912023: £170,291). Furthar dotaM8 about th￿e programme8 can b• lound at calls (S•• m)f• 7) (Sw nol• •) 19Q5O7 171.2f2 4097 84832 264941 721 10.483 1.814591 733.Q&7 344222 T4 793 140. 7&1 59,207 Z321.f74 77,459 729,840 92,133 73.030 Offt Funds 6,038 11.967 364, 754 4Jf,434 3,008,609 280,439 4.094,236 Page 28 PRS Foundation Notes to the accounts For the year ended 31st December 2024 7 arnnts •vArd•d 2023 C(xnmlknents brrwght frnrd Grants pledged In >Yar Grwrt Commitm￿ redalm&l 2,856,948 2,936.437 3.573,n2 3.178,gIKI (25,349) (170291) 125,052 128,W2 (3,387.153) (3216,980) Grant Pa￿11￿nI8 made Commibnent8 carrfed forward (note 14) 3.143,270 2.856.948 Fw(tral8try and ac1￿ueS lo generate fund• 41.794 371,459 37,059 269,439 413,253 306,498 8￿POrt CO8ts, In￿ded li the abo￿, ar• detailed hl Accommodaion. In klnd 04,877 43.775 25,646 23.931 23288 23.117 14.497 5,445 1,707 35,671 Trrnl & 4ub8*t•rn• & kenL 49.478 39.3CII 30,296 26.411 19.933 9219 1,220 90,784 Web de8wn arKI trK>thg Slaff traAIiTrJ Pernonnel su¥ices Otsr ¢Jlllce njnniry cogts Legal 89Tri¢08 21.013 1,050 12,745 413.253 3rK,498 Not resource• aro 8t•t•d aft•r thw¥ng: 214 Athlknrs. rnmunerationv cunwnt Auditor 17,51X) Paga 29 PRS Foundation Notes to the accounts For the year erKled 31 st December 2024 10 TruBt•M' r•munornliDn and b•n Tho tr￿t￿$ dkl r￿t rtt•ive any r•rnunwatt(￿ u 4laiutory dwKior• of the company. D￿l￿a tha ￿er, IJu8lee8 (2023: one) were re1ml￿r￿d £608 for travel and 8ubsithnc• expeMe8 (2023: £110). No expen808 %*re incurred durh¥ the (2023: £216) M tru•t8e I staff enlertainkng. 2023 Sala 495,774 42.954 25,075 18.695 563,803 458,698 Induded In the obove co* are £93.421 of (2023: £02,008) and £7.019 of social 8•• c (2023: fA.350) that arn fvnded by restrktad wK(#ne. Durkng the p•rfod, tho charity W no l•rnilnaUon (2023: £21,371). The avernge number of morthly amplws dwing the a8 fol0￿.. 2024 0.6 11.0 0.8 10.4 0.0 Chwitable acti￿118* Total 14.5 11.0 One empkn>w rn￿1¥¢d emolumenl8. exdufkng pension (x)ntrknths, of bel4•Ten £70.LXIO . £80.000 (2023: one eAnployw bel*wn £70,000- £80,000). EmpbTrr Pen8k￿ c0nthth￿l tr th1• empb>•8 totalled £4,631 P023: £4,431). In ad(Itkn lo romunernkn, IndudfvJ pomK￿ contrlbuilons, tr Ilyee k•y manwJwnent parK￿ne1 of £208.737 (2023: £203.059), there vo addllknnal rn•mbffs af key m¥•mwrt perwMThl pald £26,265 (2023: £22,102) and £38,143 (2023.. £37,03n on a cffi•ultry bas18. Page 30 PRS Foundation Notes to the accounts For the year erKled 31 st December 2tr24 12 Tanglblo fix￿ aM•ts Computsr •quipmwrt Co¥t At 1 •t January 2024 Addibonl Dlw8•15 At 31•t DKember 2024 3,816 3,816 D•prnGl•tlon At 1•t January 2024 Chorge for year mliated on dijposal At 31￿ D￿Trber %)24 2,931 3.297 N•t book valu• At 318t D•cembor 2024 519 At 3181 December 2ff23 885 13 Dthrd: Amounts du• *lthln on• yMr 2023 Prepayments and aEryuryJ Income US {3ee ncrte 20) 286,503 40,794 280,493 12B,860 (78,280) 41,503 97,142 125,052 (93,234) Tradè dats Bad debt 617,(r28 657,390 D•btorn: Amount• du• aft•r on• y￿r 2024 2023 Keychange US (see nrA• 20) 203,189 77,384 203,189 77,384 Pag• 31 PRS Foundation Nots8 to the accounts Frx Ihe year ended 31st December 2(r24 14 Crocltorn: A￿0￿14 falllw du• Taxation arxl Sodpl SI￿rty VAT payab 11.S23 10.0 3,143.270 62.755 89273 11.843 8,400 2,866,948 37,478 74.312 3.318.921 1986,981 D•fo￿ Inc¢ym• (w• nots l) At JaMAry 2024 Incomo doferrod 74.312 89273 (74,312) At 31st Doc•mb•r 2024 16 An1￿1• of nrt a•••ts l)•im•n fund fund• 2024 £ fund• 20￿£ 2024 £ 519 149.131 519 1,009.255 272,223 265,250 322.651 149.650 265260 322,651 1,009,774 fund• 2023 £ 2023 £ 2023 £ 2023 £ 2023 £ 127,764 556,217 33.897 717,878 124649 55Q217 33.897 Tt4763 Page 32 PRS Foundation Notes to the accounts For the year 8rKJed 31 st December 2024 18 ￿0￿M•nt kn fund• Ati J•nu•ry 2024 £ InEom• £ Exp•ndttsrn Tran•fepJ £ At31 1024 £ lund• 2024 Genwal fvndl 128.649 2.555,921 {571,11%) (1.983.814) 149,850 265.250 Ré#trlcted fvnd• 2024 (b) Banlers (d) ESNS Exch￿90 (e) Earty Career Pmmotor F￿d (g) Intemalional ShwAuae Fmd (h) Y*ychange (IJ l(eythange US (O Now ML* Bt•nnial (Q POWER UP fm) PPL Monwntym Acceler8k)r (n) PPL Mullc Fund (o) Prnludè (¢ Talent DJv•l0prr￿I Partner4 (s) Talont 06v8lopm•nt Nthnrf IV UK SourKI8 73,941 (ll.941) 615.000 407.817 140.718 (385.576) (398.128) (140.716) 12,208) (146,OW) (109.563) {￿,850) 1515.000) (10,325) 3,160 (1LXI,000) 17,789) 229.424 15,932 443 146.000 144.563 71.OCKI 515,( 18.645 21.OCvnd Bordtrl (c) The corr90￿. Fund (d) ESNS ffj FHbnoker Fund fg) Intematlonal Sho%wè FWKI J Kfjycha￿ US (fj New m￿lC Bknnial fk) NFrs J POWER UP fm) PPL h*)mentum Accelornlor (oj PPL Nknm8n￿rn ￿￿1¢ Furnl fpj R•b91￿ce 117,717 24,835 21.994 (64.973) (5,W8) 52,744 72.121 13.533 122228 {35.OW) 5,761 107.915 2.227 436.371 47,274 119.7e8 (11269) 36.871 r15.842) 1.099,770 (1.910) {12.195) (1ZI,228) {40,385) (5,761) (144,411) R22n (436.371) (47.274) (108.942) 119274 43.8 38.496 111,717 11,269 3&163 74842 121.541 (71.034) fr) Talent Dth*Jpnent Pwtnorn (8) Talent D￿lop￿ent Nei*￿rk (u) 8u8talnkKJ Crndvlty Fund (1.OP1.086) 1.910 Totsl dHlyn•t•d fvnd• ,217 (2,247. 1,963,814 272.213 DMlgnat•d fvnd• The of nmning tho varlou8 chorflabl• prowamm•b do•crfb￿I abo4* i¥ nrt Mv•red by the r••trided In(xyn• g•n•rot alr￿•. •nd 00 tho Tr￿ d#lgnate amounis of the chorW$ unra8tri(￿ fvnd8 (è.g. from fv corn donakn from PRS) to covwplanned •ypenditurn on grant progranyne¥ as •8 tMrd8 thè rethnt 8taff and co•ts. Endowr4m•nt fvnd• o￿l￿d lo th8 agr••m•n(10% of the Perforning Ryht 8odolV8 donat￿ li wecogni8od as Income, to be in¥8•t•d in a#ordinca *lth thè dlredknn ollho Tn*tee& Page 33 PRS Foundatlon Notes to the accounts For the year e￿180 31 st Decamber 2024 16 IAov•m•nt In fund* At I Incom• £ Expen￿&1? £ Transfo AtJi 2023 £ 202J £ 61,510 3,035,585 (1.048,562) (1.919,884) 128,649 74.799 1468 (74 799) (3.466) ESNS E¥chang8 Tts HttmakarFund lrtém*inal shrJw￿Se Fund 10.701 201,250 33.654 100.437 PPL Acvelernfor (13,CW) 85,0 01,205 514975 loo,￿ 1205.508) Pa654J (79.437) (6&546) (567,230J (100.oooJ 21,OLX) 44956 1.114,581 {1.129,640J 33.897 fl4094) (14263) (94￿1) (10.513) (151.5TI) (239.58lJ (139.133) (109.831) 109.831 (7.613J 16.052 (428.503) 424503 (t2.LXIO) 12,0 (44140) 44140 (tr2.rt17) P.455) (34240) (8￿120) 117,717 24.835 21,994 34,158 10.259 10,513 f51,57T 113,948 107.536 ESNS Exchange Internalmal SI￿￿￿80 Fund 244,907 Keychange 47.071 Kefftange US 119.2T4 24057 36.496 POWER UP IOQ458 11,808 111,717 11.269 3&163 74842 1,910 1,916 69.607 698.844 10,118 1,910 Tot&1 d•xlgn•l•d fvnl a64.￿0 (2,028,477) 1.919,884 55Q217 Page 34 PRS Foundation Notes to the accounts For the year ended 31st December 2024 18 Movenxnl In fund• (contlnu•d) (a) BBC Intradudng ond PRS FOuTrJa￿on partMrsNp A pthrnhffji bei*Een PRS FoundatK￿ and BBC Introduary •in(* 2014. brly •wglry talont to Sho￿raSe8 Seler*ed tlyouyh the IntrtKludry u￿￿der nth￿￿( anLI c￿rn￿d and by BBC tXl8. artijts are SWPOrt￿ krtemaknal events IrK*Kling Euro1(￿1& Winkr Jazzfe8(8XSW, Reepwbahn Fo51i¥al and Jazz Fe8tival. orthrnugh dryn•Blic intsrwnlKJnB lo bo18lerexrxxt4￿1neS¥. (b) BOY￿￿1 Bonlern As a Ilayshy pwramn*. BoY￿d BDrOw8 •tlmulates and •trnngthen8 c[￿bothr ahlthrallDnB belween trn48 creatm. wrk)mwr8 and pre&entern. It Ihe ueation. louflry pronM>tion of niNJvalhY arKI hlgh44u8Iity auoso all gen￿ encourag￿ ewBThnt *4th a￿lenc￿ ar*osB Eryknd, Wal Norfhern Ireland. 8md 8ints 2014. ts Rewblitt of I1￿￿￿1 throuth muliplè perfomwnLX and dhytsl *ctivib6s. Supwi IB ghen to up to &10 PrO￿th per >*ar %llh of vp to £15.(XIO avallablo for proJedA that Indwle commis•lon8. recordings arKI W perfommn￿ of I￿n kn tha past Yo￿ It i• m•nugBd arnl fimdod by PR8 FouTrJ&lion ¥Mth alw fram Crati￿ Smtl•rMI. Art8 Councl WalEB. COU￿11 Nrytsm Ir•l•rKI And Art8 CowKil IreknndlAn Ch(Thh8irte Ealdon. (c> The CompowJ' Fund Th• CNTyo•eff8' Fund 18 an apport￿lty tr comFQBof8 *1th a strarwJ tradt rn¢¥)rd to galn dirnct arx•88 to fundlNJ at pl￿1￿1 •tage8 in th•r (arnw. Grant8 of up to £8.OCI)- £15,OCO are awl•b￿ to no ffK>re tr*n 15 f*nwof8 pw th*￿ or• alRady making a ilqnlflcant arfiural ¢ontrbutlon lft the UK aThJ ha¥• pthnlw for groator Impad In the UK and ow1&￿. pra￿u• proJxl• haw knduded r8￿rdIr￿s. th8 prL¥noOon wforrnnc• of ayi8tk4 inkntho11)￿￿mMIa5lQn• and p•rfom*r ¢dl•bornllon, ro*l¢th. lab￿1￿￿1• or ehlldeare oo•ts Ind pr4•c* orpmM￿ltina1'•￿rL It kn manwd and fvrthd by PRS Fowthllon. (d) ESN8 Exthange (Euroaonic Noord•rnlag) ESNS Exchange18 an i14tl•tlv8 of tho Eurogonlc Noorf•r41ag Foundalion to *llnwl•te th• drculotlon of Europ••n rapartoin on 1o•tlvah, r•Jk•, arKI In th Europ& PRS Foundaknn li UK partn•r on th8 prngrwnrn•, maklrvJ It po8*1e for UK a¢ts to be The UK8 finandal contslbulon comijts of Th￿neY from PRS Fournlallon *ith addknn81 furnling frrffn partner• 8u¢* 08 tho MLth' Unlon, 81¥)tland Art6 Coundl Northem Irélond. (•) Wy Career Pff#n￿ Fund The Earty Cw•er Pr￿Tr*r Fund wa• ests14lthed by PR8 F￿nd￿l￿)n kn 2024, With support frorn Arta C(wndl Erqland DCMS. Tho Foundzlion rnBpwthl to a b￿1 and ￿re ￿leCt￿ to manago regular doAdlrnB aiythl at 8upp(Ntry wmrgtng and •arfy ureor music prnmotern acrom England. thrDUBh grant8 of up tr) Q500 and Taparowd SWP￿t whidi do4*lop8 over 11x1 inolTAdual prnmokn5 por yoar **ile bol&knlNJ thg grass￿0￿ mull (fj The Hltm&*gr Fund The Hlbrnker Fund offers an app￿￿nity fty ￿118￿ arnl pUduL￿ *￿r￿ng In p(yular M￿1¢ fMres to de¥ek)p thek L¥reern and ￿llIn￿pmdu¢1￿￿ wilh grnnts of bet*een £5.(MXI - £10.IMI. Lwnched in 2017 a• tho lon￿lM of thO•e tho Scen￿. Thè Hilffoker Fund wo8 provl kNwffl n Tre Wrfter Prodwx Furnl inltiated by PRS FouThlatbn *ilh WCA TML (g) Inkm•bonal ShowcA8e F￿ The jn1fjmalk￿a1 Showc08e Fund offgr8 vilal eJqJort oupport for UK-boa•d arii¥t4 Sonqortern produr pAtho ha¥• b*n Invlt¢d to porfurni or Ixeate mwlc &t Intsmallonal sho¥using fa•￿1• or ￿¥￿e￿ne￿ tt ' manayd and knded by the Foundalion thnds from partn8rn: DepAthont of Bu8lnoM and Trnd8 {08T). Brili•h UnderyKwThJ. Council Enpjand, PPL, Creali¥e Seotsnd, W*B Art8 Irrtemalonal. Art• C￿ni11 Norfhwn bvlorKI. Briti8h CouTh* arKI tho Mu8lcAani' Union, fyarrts and support from fund pathrn onable •tht8 to at k•y •I￿1n9 e¥ent8 and conferences around Buch a8 Euro8onlc {Eur(JpeX SK8W (North Am*A}, R8yrt>ghn Fe81i¥al (Eump), Zthlarf Fe•tfval (A•Fa), Womèx wr for érnerglng ￿pOse￿ ot the National Film •rKI T•l&biiion Sthool. Lhthng the ¢ourno, 91(¥Jonts crAry)0•o nmmlc for fr￿0Th, d*)¢umorthy afid anirnllion filnw, C{￿meraalI and ts1oNlglon productkm•. varkn alim St￿1•n￿ trj Wthent mu81c•lly •nd diwrnr Ilwr 8trenpts and 1ndM￿lI •tyle (D P(M4ER UP P(MER UP18 an ambillou•, k•rq4•nn InlUal¥o Blidt mullc ovatorn arnl Indufjty pmfu8loMl• and culi¥•B, aB well aj addle￿￿￿a anHl&* aTh1 rnciol In 1ho nthlc 88(*ar. c￿lDU￿A￿d by PRS F￿Mda1Ion •nd Ben Wyrttr and man*•l by tho Found8￿n in pathernhip wlth YouTth MuBi4 Begg0rn Group. and the Bkndt ML•lc Co•litiDn. tho knllloll¥o brngs together *vernl muuic IrwJu•ty portmrd and goe8 knnd Un1b?￿l Group. Warner Grnup. Amazon MuBic. Art• Counal Wale• Paul Hwnlyn FouThlallon. (m) PPL knlerator irv wilting musk arnj futurn Ind￿ Profe88lonal4 outslde Lon(kn arnl reg•￿alIna1onaI in reaclwffj a aucial career twing polnt ba8ed cth Ilw kKalion. Thr￿h the evoluation ol our PPL mom￿￿ M￿lC Fund and evid8r￿ fran tIKJu88r#15 of applicat￿￿ PRS FouThJJtk)n rec•Nes each year, tal8nt pipellne gop8 aL¥OSS the UK. Partnwj p￿vId￿ Support for a number of futrjro indu8ty profeMKThI8 08 managern, p￿￿rn. rec￿rd IBbela. m￿lC pjknlishe￿ and agents. to bolkn regional a(x acroAB the UK Launched 88 a plknt In LI￿ry￿R In 2019. PPL M(xY￿￿m Acceluknr h* been mfin4ed kn Llwpool Clty RegknTh ￿er0. YO￿$h1O ar#J Wal88. In partnorship PPL. k&*Leed8, LKryol CAty Rwn and Arts Pago 36 PRS Foundation Notss to the accounts For the year ended 31st Dec￿nber 2024 16 MovwTr•rt In fund• (contlnu•d) (n) PPL thlmenknn mu•￿ Fufvy The PPL Momurtun Mu•lv Fund offern grnrts of £5.Cm to £15,(XIO for UK baled artl•t¥tsandB t> bwk Ilmugh lo Ihe next Iwel of their camels. Actriitsu eliGth support Ind￿je reo>rrlry. twthg and marketwig. The PPL Pknènttffn Mu8tc Fund is by PRS Foundalion in partnernh¥i *41h PPL. Creall%* Wares. aThl kn COU￿11 Norlhem Irelarnl. PRS F(wrKlallon aThl Art8 C￿￿11 Eryl•nd knlll•ted FuThl In 201 (o) PM1￿18 Preludo launched in 2024 as a Wloi parinerthip betwoqn PRS Foundollgn aThl knwzon Studth In rn03gnilion olfv la(* of owtunfd88 and Ihe IxMn*x b￿lern tscing unthrrepr￿nt•d music uvatorn tho wont to forge curner4 a• medla cAxnpDE•rn. Small grants arn av8ilaWo alonpth ments￿n9. and cwdty bulldlng 81VWt fram portn•rn. (p} RaBdw In p*ts*rnhip *ilh FMb¥al ReNknlic, ReBakn(¥ * a plontwlry pmgrnmw* whith thys. 8kn110 re￿IdIng tlma to a Coro fmlu-IdDntsl baNI or Artist each mofilh. as Thell as • Slot at a Feltival Republic or Ll¥e Nallon feBti¥al and e¥ents llywh￿l ts sur. ReB￿an($ b n¥Mged and furthd by PRS Fou￿laI10n al80 fvnds from Fe8tV¥AI Rwubk Th18 fvnd h*B dosed. (q) Rwonot• Re•(￿al0 SO a knd and rnwurre ￿￿oUrag￿ profe8¥ional Ncheths to Ints rnpwblre the be•1 pkn• of &1118h musk from the wt 25 year8. PRS Fou￿tIOn ollar8 fr￿CIal ¥wryt grants of up to £10,lJCLI to orch••tras %•*k) commit to •Worfng cont•ffporwy UK r•p•rtoirè 08 PArt of 4 ¥944on I I￿r aThl lor•r. t•rni a￿lI￿ce dowl0wY￿ prowmrn. Reson* d•t*bw is currently upjiknd on an Annu•l bal￿ foknlng an opw 8ubml¥lon prorA8B. Re￿n•t1 Is monapj and by PRS Foundalion in partrmhlp *lth the A88oci&li)n efBrld•h ¢Jthe8tm and In o••oraation broa¢kx•t parb*r BBC Radio& (r) Talent CtheloFThnt P•rthor8 Tat•nt Da￿19Pment Pathern (TDP), *ikh Indud? venu•4 ful¥al8, rehear8al •ludlo• aThl othar l•lent de1*n￿Tht èxper￿ r￿1¥• a grant the Fcundatlon tr thelr ￿•r4ound aclivity. Thoy alw wnrk PRS Founoakn lo a(*1rn8s lalont g•p8 through jolnt tAffjrk Alwposty. Tl* TDP Notwork i& managod d f￿thd by PR8 F(wnthlion vAth funds a*0 from PPL. Th1• fiffKI ha8 beon rep￿¢•d by thè Tal8rt OMlw•nt i*tthtik fund kn 2024. (8) Taknt Dmlopmnt NeivA>rk The T•lprrt NelM)th ￿DN} offvrn fundlrYJ ￿r￿DUnd 8￿POrt to TO (Wy￿1￿110￿, ￿￿11rvI venu0& fe811va16. pmmoter8. •tsKIID8, orchekn and other •wcillai•t orqaniBalMm at the fryetront of tdent de¥8￿ment acrn8# tlw UK. TDN wa8 Iwichod In 2024 after a congultsts>r• p*￿d TAthkh multed In the merger of our prevlou8ly Talerrt Lknkwment Parfner pmwunme and The Open Fund fDr QganlsotlonL TDN 18 managed by PRS Found811(￿ in Partnernh￿ wilh PPL Yi• th•k PPL GI￿￿ fun (t) UK Sour UK Sound8 IB 8 plalf(Ym uet up by PRS Foundatim to sipwt and thampion tho broad raw8 of axating Mu￿0 Crynlw out of all four UK natknn8 kn emprywr artlsts. ueatorn and kninesses on the 9k*al stap Ththile ¢¥Jnn￿1nll ft)lerr•thnal Ind• profe88w)nalb ￿1th UK talent Wrth addilKJnal SUPF*xi from PRS for P￿￿< UK 8owKI• launched in 2024 and kwolve8 eb*nts at Intematknial 8fKI 8l*rirvJ of rfonnoth)n Vlo digitsl thannèls to bolster rnusic •4)tyt an(1 ￿chAng& (u) Sultainkng Creatility Fund Thank3 to Ihe Spotsfy Co￿D-19 Mu8ic Relid Fund arnl generDU8 donotk•r* from mamtJer8 of tho pthllq PR8 Foundatlon lounched 11* Sustsinir4 Creatiwity Fund io artt8t4 ￿T8 and comp)•ern to UE8to and de￿k3P Yknen they need it nM)8L For lI￿e èyrfoneing •ignificont imPOCt on their inLNie aNI ablllly to ¢(fflpl* plqnnod musical acllvltleo. w& warrted to •n•ble Ueall￿ and to help grnntee8 to bè In a good po8Mlon to filfil c4eall¥e and ￿re•r potsthl, brnaking th• hug• bwrkr6 prn•ent•d by ￿ Cov1&19 paTrJemi& Thh fvrKI ha& now do•ed. P•Jo 37 PRS Foundation Notes to the accounts For the year ended 31st December 2024 VK4Xno1 (BxpeThlitwe) as P8f Statement of FrAnrial Acli¥llBB 291,011 (56.513) Investment irrome 127,551) (285,250) Dep￿18110n of tongthlè fixed a88ets In(xea80 kn debtors Inmue l (demoe) kn ¢xedltor• 214 1176.481) (691,019) (85.423) 329,940 Il•t ca•h provld•d by l (ug•d In) op•ratt a¢uvhl•s 243,093 (922,779) 18 R•A•tsd partl•• t￿rIng Iho year the charlty recew a donation d £2.652,600 12023: £2.500.000) a m•mber, the Perfomiing Right Soclety Limiied PR8), of whlch £2,852,500 wa8 recelved by •nd of D•eanb•r 2024 (2023: £2.500,000). The FourKlath)n has tho use of PRS'S pinmims ￿d a rary? of aiK*l*ed wvk¢8. Thls has beon l￿ded by PRS kn the value of£98.509 Ptr23: £94.877). Durfng the year the (*arlty made no grarts to the share a cunm(m tr￿tre or kffrf Manag•n￿l w8onnd wilh tho Foundallon12023: 0). Akno. the Gharity made grants ID hxli¥iduals of £012023: £U100), are rewuenW by puWthr8 19 L•gal Btatu The charty is a compary lknlted by kwwantee h88 no ahare capiial. The membern ofthe Company are the P•rfomiing Rigm S• Lim*ed and the tW8tee¥. The Ilablty of each member in th• event of 18 £10. Tho r•gi•tored office addrem IB Audion H(xMe, Countsr Stree( LLYxlon, EnO8nd, SE12HD. Pago 38 PRS Foundation Notes to the accounts For the year erKled 318t December 2024 Xl K•yd*ng• U3 In 2023. PRS Foundation i￿￿)ated the aCtI￿tieS of Keycharye US vthllo a 8eparate US not-for-proft errtlty. Keythange U.S. IrK., was beNry establl8hed. PRS Foundolion acted as prfnclpal for Keychange U8 Iransactiois durir¥ the incubatlon perlod wh￿h ended on 30 June 2023 *tben the carpornte 8p(msornhlp agreements temilnaled agrnmonts we is8ued in the name of Keychange U.S. Ino ThB aclith of Keychange LIS are thweforn InckKled li the statemont of financial acli¥ibe8 d PRS F￿ndatth up to tho end ofthe IncL*￿10n pen￿. The and eXp￿dIt￿e relatlrva to Kwthange US durfr¥J the perknd and Ind￿ kn the rmme and eXp*Xli￿re of PRS Foundation 88 fol 2024 Income: C(Yporaie SP￿0T¥hIP 87,604 Expendlture: r2,052) (104,662) 8urplu• or (defidl) (o) (17,058) StheqL*nt to the end of ts IrK(thlion PRS F￿ndItIon paid be￿11 of Kffjrhange U.S. IrL the ￿tity Set w it8 financial 8Pt•m8 and bAnk awAunl. These cc*ts totalled £166.879 (2023: £118.178). inrjudlrfj wants for travel alomncu lo t%neficlarles on behalf of Keyclwnge U.S. I1￿. uf £8,97012023: £38.074). In respKI of the rnimburwment due, KeychaTrJe U.8. Inc made a repaynert d £40,385 ($52,000) In December 2024 cwxali8t tsx advlce In r•knUon to its cryrate income lo detemikne a lax lablllty may ¥rde and If so, to FAIMt •xienl related costs sho￿d be app￿kn￿d to Gthlate any taxabl• profiL Al tkn• of approval of the fin￿c￿ 8tatement8, th18 work is in $Yogre￿ go th? othtence and anount of any IlablKty 18 ￿cert￿n. In vlvw of the uncertainUe8 kwolvad, it ia eomidered Impracttcablo to esUmat• tho I￿11￿ fftwncl•l effeca. Pag? 39