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← The Organisation For New Music And Sound

2025-03-31-accounts

Company number: 06581022 Charity Number: 1124609

The Organisation for New Music and Sound

(trading as Sound and Music)

Report and financial statements For the year ended 31 March 2025

The Organisation for New Music and Sound

Contents

For the year ended 31 March 2025

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 19 Statement of financial activities (incorporating an income and expenditure account) ................... 23 Balance sheet ............................................................................................................................... 24 Statement of cash flows ................................................................................................................ 25 Notes to the financial statements ................................................................................................. 26

The Organisation for New Music and Sound

Reference and administrative information

For the year ended 31 March 2025

Company number 06581022 – incorporated in the United Kingdom Charity number 1124609 – registered in England and Wales Other name by Sound and Music which the charity makes itself known Registered office Oxford House and operational Derbyshire Street address London E2 6HG Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Gregory Davies (Chair) (retired September 24) Ramani Langley (Chair) (appointed September 24) Catherine Bunting Belinda Dee David Lasserson Imogen Lawlor Dennis Lee Sam Palmer Joanne Thomas (retired June 24) Alastair Cotterill Atem Mbeboh Sacha Denton (appointed March 25) Cevanne Horrocks-Hopayian (appointed March 25) George Hyde (appointed March 25)

Key management personnel Will Dutta – Chief Executive Nuria Rivero – Finance Manager Sonia Stevenson – Head of Music Patron (until December 24) Laonikos Psimikakis Chalkokondylis – Head of Programmes (from June 24) Finn Grant – Head of External Engagement (from June 24)

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The Organisation for New Music and Sound

Reference and administrative information

For the year ended 31 March 2025

Investment Seven Investment Management Limited Managers 125 Old Broad Street London EC2N 1AR Cazenove Investment Management Limited 1 London Wall Place London EC2Y 5AU Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Solicitors Bircham Dyson Bell 50 Broadway London SW1H 0BL Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

The Trustees present their report and the audited financial statements for the year ended 31 March 2025.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The charity’s purposes as set out in the objects contained in the Memorandum and Articles of Association are to:

“Promote and foster the understanding and appreciation of sonic art and music including (but not limited to) new British music.”

Its mission is to be the base camp for anyone in the UK who wants to make, experience or support new music and sound to shape the modern world.

The charity delivers artist-centred development programmes and essential funding to young, emerging and established artists breaking new ground across music-making in the UK. It leads research, campaigns, networks, archives and collections to further originality, discovery and equity within music.

For over 16 years, Sound and Music has worked with thousands of music creators and hundreds of organisations to boost musical creativity, careers, cultures and communities.

The Trustees review the aims, objectives and activities of the charity each year, monitoring progress on a quarterly basis. This report looks at what the charity has achieved and the impact of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people it is set up to help. The review also helps the Trustees ensure the charity’s aims, objectives, and activities remained focused on its stated purposes.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

Benefits to the public of Sound and Music’s activities include:

Sound and Music is a national and international organisation that seeks to reach all those with an interest in new music in the UK, as well as to diversify the people engaging with it.

Achievements and performance

  1. Sound and Music delivered transformative artist development programmes and commissions:

The charity launched its new In Motion programme:

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

The charity launched alumni-exclusive opportunities:

The charity launched In the Making, the UK’s first and only 12-month young artist development programme built on the 16-year legacy of delivering summer schools:

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

  1. Sound and Music funded essential composing costs and supported new scenes:

The charity stepped up its long-standing role as a funder and grant-giver to emerging and established artists looking to make breakthroughs in their practice:

The charity amplified the voice, value and needs of emerging and original artists, curators and scene-makers across the music industry:

The charity celebrated five years of its sector-leading Fair Access Principles:

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

The charity increased the reach and representation of engagement of its nation-wide creative community:

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

9. Internal Transformation

The charity built a diverse, agile and high-performing team to deliver on its ambition and respond to the constantly evolving external context:

The charity established a robust operational, governance and learning framework to maximise its impact, oversight and efficiency:

Financial review: Overview

Sound and Music’s total income for the year was £922,078 (2023-24: £989,876), of which £500,000 (2023-24: £500,000) was represented by the grant from Arts Council England, including £435,599 core grant and £64,401 National Youth Music Organisation restricted grant, and £161,297 (2023-24: £223,562) by Transform stage two. Income from projects and fundraising was £239,548 (2023-24: £239,799). Income from other core grants and donations was £13,615

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

(2023-24: £21,030), and investment income and other activities totalled £7,619 (2023-24: £5,485).

The organisation expended £860,449 (2023-24: £1,046,333). The decrease in expenditure with respect to the previous year resulted from the restructuring of our programmes and lower staff costs.

The value of the Arthur A Paul Memorial Fund at 31 March 2025 was £1,177,342 (31 March 2024: £1,189,058. Withdrawals from the Fund of £23,100 were made during the year (2023-24: £41,800). The value of Sound and Music’s investments with 7IM at 31 March 2025 was £594,270 (31 March 2024: £584,688).

General funds

Following transfers between funds and movements in investments, the net increase in unrestricted general funds was £77,950.

Designation of funds

It is in the nature of the charity's activities that projects are budgeted in one particular year, but may only complete in the following year, with expenditure partly falling into the following year. The Board agrees in these cases to designate funds in order to secure the project delivery.

At 31 March 2024, the Project Completion Reserve held £178,238 in respect of projects which were originally budgeted for 2023-24 but in respect of which the expenditure was completed in 2024-2025. The amount held at 31 March 2025 (£186,000) are funds designated for the completion of a number of projects that were committed to and started in the 2024-25 financial year but with delivery also taking place in 2025-26.

Balance on general funds

Retained general funds carried forward at 31 March 2025 amount to £604,085 compared with £526,135 at 31 March 2024.

Restricted funds

At 31 March 2025 there were restricted funds relating to projects of £149,750 (2024: £141,150).

Arthur A Paul Memorial Fund – Linked Charity

The Arthur A Paul Memorial Fund represents a linked charity currently administered and managed under a declaration of trust by the Trustees of Sound and Music. Trustees of the AA Paul Memorial Fund are the same as Trustees of Sound and Music. The fund may be applied to advance the knowledge and appreciation of new music by promoting the presentation of original work by emerging composers, musicians and artists. According to the conditions of the Trust Deed

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

governing the transferral of the Fund to Sound and Music, Trustees must seek in the long term to preserve the value of the capital of the Fund having regard to inflation.

The Fund’s long term objective is to support, in perpetuity, the charitable activities of Sound and Music. It is invested therefore according to an agreed and annually reviewed Investment Policy Statement which seeks to protect the capital value of the fund whilst generating a sustainable level of financial return.

In accordance with the Investment Policy and the agreed formula within it for quarterly calculation of funds to be transferred, The Arthur A Paul Trustees agreed to transfer £23,100 over the year to the charitable activities of Sound and Music to support activities promoting the presentation of original work by emerging composers, musicians and artists, in accordance with the terms of the Trust Deed.

Investment Policy Statement

AA Paul Trustees have an approved Investment Policy Statement. This brings together all of the considerations that are relevant to the management of the AA Paul Memorial Fund portfolio in one place. Any investment managers appointed to manage the assets of the Fund must follow the requirements of the Investment Policy Statement.

The Investment Policy Statement is reviewed annually by the AA Paul Trustees to ensure that it continues to describe accurately the objectives, constraints and other requirements of the Fund.

The Trustees of the Arthur A Paul Memorial Fund are bound to promote the best long-term interests of the Charity and to make adequate provision for both the present and future funding needs of the Charity. The Fund’s long-term objective is to support, in perpetuity, the charitable activities of Sound and Music. To do this, the Investment Policy Statement includes an agreed approach to balancing the need to achieve a financial return sufficient to achieve the Charity’s funding objectives, whilst endeavouring to maintain the purchasing power of the Fund’s assets and the returns arising after taking into account the effects of inflation.

The Fund’s assets are invested in accordance with the requirements of the Trustee Act 2000, Sound and Music’s Articles of Association, and Charity Commission requirements. Trustee investment policy decisions are therefore to be made:

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

In addition, the Trustees require any investment manager to whom they delegate discretionary powers to exercise their delegated powers only within the guidelines contained in the Investment Policy Statement.

Principal risks and uncertainties

The Board reviews and assesses the risks – strategic, operational and compliance – to which the organisation is exposed at every Board meeting, with the finance sub-committee conducting a prior scrutiny. It holds this information as a Risk Assessment and agrees actions to limit and mitigate risks identified.

The Trustees ensure that the management of risk is ongoing and embedded in management and operational procedures. Risk assessment and management is undertaken under the following areas:

The major risks to which the charity is exposed, as identified by the Trustees, are reviewed at least quarterly and systems have been established to mitigate those risks as far as possible. Principal risks in 2024-25 were around income generation and diversification (particularly in the light of the NPO funding decision); financial impact of external factors and successfully embedding a new Senior Management Team.

Risks around income generation are mitigated as far as possible through a development strategy that includes clear and timed income targets; an ongoing programme of research into new income potential; engaging the wider team and the Board in supporting income generation; exploring new income sources including around earned income; balancing (and monitoring closely) expenditure commitments against funding secured or likely; ensuring that the programme is scalable wherever possible; developing strong and distinctive cases for support.

Risks around embedding a new Senior Management Team were mitigated through a 100-day Accelerating Transition Plan and mix of SMT and Trustee communication, which was implemented throughout 2024-25.

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

Reserves policy

Sound and Music’s reserves policy is that the organisation shall seek to maintain free reserves equal to six months operating expenditure. As at 31 March 2025, therefore, the target amount of free reserves is £257,426 which would enable Sound and Music to meet its operating costs and contractual commitments for six months in the event of having to wind up the charity. The current level of free reserves held (at 31 March 2025) after deducting tangible fixed assets is £598,183 which is above the target level. The Trustees consider holding this level of free reserves to be appropriate, given longer term uncertainty in respect of funding from the Arts Council.

Going concern

Sound and Music has Arts Council National Portfolio Organisation funding committed until March 2026. Extension for 2026/27 has been confirmed, awaiting information about the level of funding. At time of signing (September 2025) the combination of confirmed NPO funding until March 2026, and reserves at above target level, means that Trustees foresee no material uncertainties about the charity’s ability to continue as a going concern for the twelve months from the signing of these accounts.

The Board will continue to review and sign off updated income and expenditure forecasts at least quarterly, with significant decisions being brought to them between meetings as necessary.

Plans for the future

As Sound and Music enters year three of The Trail, its five-year strategy, it is almost 24 months since the new Chief Executive started in the role and the charity has gone through several significant change events to support the transformation, both at Board and team levels since then.

In year three, the charity will use this sure footing to take calculated risks to invest in our future growth, having now stabilised finances and seen a lowering of the risk score by Arts Council England to low. The charity has identified a range of new opportunities and areas of work to explore that speak to the core aims two and three, Applied Creativity and Everyday Creativity. It will be open and responsive to these by moving quickly to identify and broker new partnerships; and it will build the right networks and bring in new skills to maximise the intellectual property that it currently owns and will continue to create within the organisation.

Over the next year, the charity will train the team to work fluently with design and systems change methodologies and an agile project management framework to progress these new projects and more, including the development of its virtual base camp (which brings together the Primary Platform, Minute of Listening and British Music Collection). This training will form part of a multiyear Accelerating Transformation Programme that includes knowledge sharing and exchange sessions and multiple touch points with the Board.

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

Structure, Governance and Management

Sound and Music is a registered charity and a company limited by guarantee. Sound and Music was incorporated on 30 April 2008 and registered as a charity on 20 June 2008. Sound and Music was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

Sound and Music has one standing sub-committee: a Finance Sub-Committee.

The Board met formally four times in the period. Formal meetings of the Sound and Music Board are normally attended by the Chief Executive, Executive and Programmes Coordinator and other members of the senior management team as required.

Appointment of trustees

The Articles of Association lay out the methods by which Trustees are elected and re-elected, the length of terms, and the maximum length of service. Sound and Music shall have at least 3 but no more than 12 Trustees. At each annual general meeting one quarter of the Trustees, being those longest in office, shall retire from office and offer themselves for re-election.

Sound and Music recruits new Trustees against a Trustee Brief which includes details of any specialist skills or expertise being sought, and, wherever practical, recruits via open advertisement through a number of channels.

Trustee induction and training

New Trustees receive a Welcome Pack which includes:

In addition, they have at least one meeting with the Chair. Potential Trustees are invited to observe a meeting before election at the subsequent meeting. New Trustees are also assigned another Board member (apart from the Chair) as a ‘board buddy’ to assist with any questions the new trustee may have. Training is available to all Board members.

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

Related parties and relationships with other organisations

Sound and Music keeps a Conflict of Interest register which is reviewed quarterly by Trustees as a standing agenda item at Board meetings. If a conflict of interest arises, then the conflicted individual takes no part in the discussion and at the judgement of the Chair (or Vice Chair, if it concerns the Chair) may be asked to leave the room.

Details of payments to trustees are shown in note 7 of the accounts.

As noted above, Trustees of Sound and Music automatically are elected as Trustees of the linked charity, the Arthur A Paul Memorial Fund.

Finance Sub-Committee

The Finance Sub-Committee’s remit is to focus in detail on the financial planning and management of Sound and Music, the investment of its assets, the audit process and the identification and control of risk. It meets four to five times a year and reports at each subsequent Board meeting to the full Board on its business. During the year in question, the Finance SubCommittee was chaired by Sam Palmer. Other members were Greg Davies, Ramani Langley, Belinda Dee, Imogen Lawlor and Atem Mbeboh.

The Finance Sub-Committee’s financial purpose is to: support the effective financial management of Sound and Music; advise and shape Sound and Music’s approach to financial planning and monitoring; ensure high standards are achieved in this area of Sound and Music’s work; seek to maximise Sound and Music’s income and control expenditure and maximise the use of Sound and Music’s financial assets; ensure a stable and realistic approach to managing Sound and Music’s finances to allow the organisation to undertake its charitable objects in the short, medium and long term.

The Finance Sub-Committee’s audit purpose is: to make recommendations to the Board about the appointment of auditors, their contract and remuneration, to review material to be submitted to the auditor and to work in detail with the Chief Executive, Finance Manager and auditors through the process, updating the Board as it proceeds.

The Finance Sub-Committee’s risk purpose is to: make regular reviews of the risks to which the organisation is susceptible, report on this to the full Board and to monitor actions in place to control these risks.

Fundraising practice

As a charity, fundraising is an important aspect of Sound and Music and the organisation raises funds through applications to trusts and foundations; through individual donations; through grants from public bodies (including the Arts Council annual National Portfolio Organisation grant) and through earned income.

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

Sound and Music does not use external professional fundraisers, commercial participators or other third parties in fundraising. The organisation is fully compliant with all relevant and applicable codes and has received no complaints in the current or prior year. Individual giving campaigns are designed to protect vulnerable people through a number of measures including full compliance with GDPR legislation (in other words, consent has been given for the charity to be in contact); not employing telemarketers or other third parties to engage in telephone fundraising; and ensuring that any individual giving campaigns are supplied with sufficient information, and are designed to ensure a clear choice and decision on the part of the donor without time pressure being applied.

Remuneration policy

Sound and Music seeks to offer fair pay to attract and keep appropriately qualified staff to lead, manage, support and deliver the charity’s aims.

All roles are recruited within a salary range which is agreed by Trustees. This range is set through consideration of the following factors:

Sound and Music also invests in its staff through training and personal development. All members of staff are required to undertake a personal and professional development plan annually.

Sound and Music obtained accreditation as a Living Wage Employer from the Living Wage Foundation in May 2025. Sound and Music will pay their staff at least the UK Living Wage (to employees working outside of London) £12.60 an hour = £24,570 FTE, or the London Living Wage (to employees working in London) £13.85 an hour = £27,007.50 FTE. Sound and Music will implement changes to those rates within six months of the Living Wage Foundation announcing updated rates.

Salaries will be reviewed annually in line with budget setting and signed off as part of the budget approval process. Pay increases are awarded against the factors outlined above, together with the following:

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

While the salary review process will be carried out every year, there is no obligation to award an increase, and increases may not be given if business and commercial conditions do not allow. Generally, Sound and Music takes a ‘whole staff’ approach to salary reviews rather than basing it on assessment of individual performance. We expect all staff members to deliver their roles to the best of their abilities and support them to do so through performance management as well as their professional development plans. Occasionally, Trustees may consider salary reviews or bonuses based on individual performance, outside of the annual review process.

Typically, pay increases will be a percentage increase on all staff member’s current salary levels. Trustees may also consider different percentage increases for different levels of seniority and/or salary within the organisation. No salary review will be offered within the probationary period. Employees on a formal performance improvement plan will not automatically be entitled to a pay increase.

Trustees are ultimately responsible for setting remuneration levels for Sound and Music’s staff, advised by the Chief Executive.

The Remuneration Policy is reviewed annually by the Trustees and made available through the Staff Handbook and on the Sound and Music website.

Policy for employment of disabled persons

Sound and Music has an annually reviewed Diversity, Equity and Inclusion Policy which includes the following provision for disabled persons:

Sound and Music will make genuine efforts to recruit disabled people and take reasonable steps to make the workplace and individual jobs accessible to disabled people.

Sound and Music will regularly review its facilities for disabled employees, Trustees and volunteers and will try to overcome any problems faced wherever practicable and within reasonable resources available.

Sound and Music will ensure that people have maximum access to employment opportunities and to meetings and events, regardless of any disability.

Statement of responsibilities of the trustees

The trustees (who are also directors of The Organisation for New Music and Sound for the purposes of company law) are responsible for preparing the trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2025

resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2025 was 12 (2024: 10). The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

The trustees’ annual report has been approved by the Trustees on 3rd Sept 2025 and signed on their behalf by

Ramani Langley Chair

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

Opinion

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

Other Information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

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

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

Use of our report

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

Jonathan Coyle (Senior statutory auditor)

10 September 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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The Organisation for New Music and Sound

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
3
4
5a
6
Reconciliation of funds:
17
Donations
Charitable activities
Net (expenditure)/income for the year
Total expenditure
Charitable activities
Digital and Audience engagement
Artist development
Education
Net income/(expenditure) before net
gains on investments
Net (losses)/gains on investments
Music Patron
Artist development
Education
Raising funds
Digital and Audience Engagement
Investments
Total income
Expenditure on:
Music Patron
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward		 Unrestricted
General funds
£
449,214
11,401
22,125
-
-
7,619		 Unrestricted
Designated
funds
£
-
-
-
-
-
-		 Restricted
funds
£
225,698
40,800
28,207
-
137,015
-		 Arthur A Paul
Memorial
Fund
£
-
-
-
-
-
-		 2025
Total
£
674,912
52,201
50,332
-
137,015
7,619		 2024
Total
744,592
39,521
70,536
1,501
128,241
5,485
490,359 - 431,720 - 922,079 989,876
143,285
190,202
103,842
-
-		 -
-
-
-
-		 -
129,926
137,796
-
155,398		 -
-
-
-
-		 143,285
320,128
241,638
-
155,398		 143,521
277,438
235,638
247,831
141,905
437,329 - 423,120 - 860,449 1,046,333
53,030
9,582		 -
-		 8,600
-		 -
11,384		 61,631
20,966		 (56,457)
130,145
62,612
15,338		 -
7,762		 8,600
-		 11,384
(23,100)		 82,597
-		 73,688
-
77,950
526,135		 7,762
178,238		 8,600
141,150		 (11,716)
1,189,058		 82,597
2,034,581		 73,688
1,960,893
604,086 186,000 149,750 1,177,342 2,117,178 2,034,581

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

23

The Organisation for New Music and Sound

Company no. 06581022

Balance sheet

As at 31 March 2025

As at 31 March 2025
Note
Fixed assets:
11
12
Current assets:
13
Liabilities:
14
15a
16a
General funds
Total funds
Total funds - Sound and Music
Linked charity unrestricted funds:
Investments
Cash at bank and in hand
Tangible assets
Debtors
Restricted income funds
Unrestricted income funds:
Designated funds
Arthur A Paul Memorial Fund
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets		 £
16,896
368,228		 2025
£
5,902
1,771,612		 £
33,150
268,996		 2024
£
9,647
1,773,746
1,777,514
339,664		 1,783,393
251,188
385,124
(45,460)		 302,146
(50,958)
186,000
604,086		 178,238
526,135
2,117,178 2,034,581
149,750
790,086		 141,150
704,373
939,836
1,177,342		 845,523
1,189,058
2,117,178 2,034,581

Approved by the trustees on 3 September 2025 and signed on their behalf by

Ramani Langley Chair

24

The Organisation for New Music and Sound

Statement of cash flows

For the year ended 31 March 2025

For the year ended 31 March 2025
Note
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Depreciation charges eliminated on disposal
Losses/(Gains) on investments
Dividends, interest and rent from investments
Decrease / (Increase) in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Net cash (used in) investing activities
Disposals of fixed assets
Purchase of investments		 £
£
82,597
3,745
-
(20,966)
(7,619)
16,254
(5,497)
68,513
7,619
-
-
-
23,100
30,719
99,233
268,996
368,228
2025		 £
£
73,688
5,456
-
(130,145)
(5,485)
79,254
(224)
22,543
5,485
(604)
604
-
41,800
47,285
69,829
199,167
268,996
2024
7,619
-
-
-
23,100		 5,485
(604)
604
-
41,800
30,719 47,285
99,233
268,996		 69,829
199,167
368,228 268,996

25

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

a) Statutory information

The Organisation for New Music and Sound is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is Oxford House, Derbyshire Street, Bethnal Green, London, E2 6HG.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from charitable activities is received principally by way of grants and are included in full in the Statement of Financial Activities. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the income.

Investment income and bank interest receivable is fully accrued at the balance sheet date.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

The Arthur A Paul Memorial Fund is a linked charity, comprised mainly of an endowment fund. Endowment funds comprise expendable endowment capital, over which the trustees have a power of discretion to convert into income. The investment income is therefore credited directly to the endowment fund.

26

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff costs, on the amount attributable to each activity:

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

27

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

5 years 3 years

Heritage assets comprise the British Music collection that comprises a library of British music written since 1900. These items are not included on the balance sheet because in the opinion of the trustees the cost of professionally valuing them would outweigh the benefits to the users of the financial statements.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing

quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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

Members of staff are eligible to join a stakeholder pension scheme to which the charity contributes. Contributions are charged to the Statement of Financial Activities for the year in which they relate.

28

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

Music Patron
Expenditure on:
Income from:
Donations and legacies
Charitable activities:
Investments
Total income
Artist development
Education
Digital & Audience engagement
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) before gains
on investments
Music Patron
Net (losses)/gains on investments
Artist development
Education
Digital and Audience engagement
Total funds carried forward
Total funds brought forward
Net (expenditure)/income for the year
Transfers between funds
Net movement in funds		 Unrestricted
General
funds
£
456,629
2,271
25,979
1,501
-
5,485		 Unrestricted
Designated
funds
£
-
-
-
-
-
-		 Restricted
funds
£
287,963
37,250
44,557
-
128,241
-		 Arthur A Paul
Memorial
Fund
£
-
-
-
-
-
-		 2024
Total
£
744,592
39,521
70,536
1,501
128,241
5,485
491,865 - 498,011 - 989,876
143,521
105,381
7,697
185,134
24,032		 -
58,275
19,245
20,000
-		 -
113,782
208,696
42,697
117,873		 -
-
-
-
-		 143,521
277,438
235,638
247,831
141,905
465,765 97,520 483,048 - 1,046,333
26,100
21,537		 (97,520)
-		 14,963
-		 -
108,608		 (56,457)
130,145
47,637
127,544		 (97,520)
(85,744)		 14,963
-		 108,608
(41,800)		 73,688
-
175,181
350,954		 (183,264)
361,502		 14,963
126,187		 66,808
1,122,250		 73,688
1,960,893
526,135 178,238 141,150 1,189,058 2,034,581

29

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

the year ended 31 March 2025
Income from donations
Donations
In kind donations
Grants:
Arts Council England
Artist development:
Bliss Trust
British Council
Creative Scotland
Garrick Charitable Trust
Jerwood Foundation
Michael Guest Charitable Trust
Marchus Trust
PRS Foundation
Vaughan Williams
Project income
Sub-total for Artist development
Education:
Bliss Trust
Boris Karloff Foundation
Doris Field Charitable Trust
Doyle Cart Foundation
Elizabeth Lake
Faber Music
Finzi Trust
John Thaw Foundation
P Routledge Foundation
The Britford Bridge
The Hyne Trust
The Sampimon Trust
Three Monkies Trust
Wise Music
Others
Project income
Sub-total for Education
Project income
Sub-total for Digital and Audience engagement
Anthony Bolton
Boltini Trust
Colin Matthews
David and Deborah Charitable Trust
John Singer
Ralph Kanza
Vernon Ellis
Other
Sub-total for Music Patron
Total income from charitable activities
Income from charitable activities
Digital and Audience engagement:
Music Patron		 Unrestricted
£
13,615
-
435,599		 Restricted
£
-
-
225,698		 2025
Total
£
13,615
-
661,297		 Unrestricted
£
21,030
-
435,599		 Restricted
£
-
-
287,963		 2024
Total
£
21,030
-
723,562
449,214 225,698 674,912 456,629 287,963 744,592
Unrestricted
£
-
-
-
-
-
-
-
-
-
11,401		 Restricted
£
-
20,000
-
2,500
-
2,000
4,800
10,000
1,500
-		 2025
Total
£
-
20,000
-
2,500
-
2,000
4,800
10,000
1,500
11,401		 Unrestricted
£
-
-
-
-
-
-
-
-
-
2,271		 Restricted
£
500
-
6,750
-
30,000
-
-
-
-
-		 2024
Total
£
500
-
6,750
-
30,000
-
-
-
-
2,271
11,401 40,800 52,201 2,271 37,250 39,521
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,125		 500
2,000
-
-
-
10,000
1,000
1,000
2,000
-
300
-
5,000
2,000
4,407
-		 500
2,000
-
-
-
10,000
1,000
1,000
2,000
-
300
-
5,000
2,000
4,407
22,125		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25,979		 500
2,000
1,000
3,000
2,500
10,000
-
500
-
10,000
-
2,000
5,000
-
8,057
-		 500
2,000
1,000
3,000
2,500
10,000
-
500
-
10,000
-
2,000
5,000
-
8,057
25,979
22,125 28,207 50,332 25,979 44,557 70,536
- - - 1,501 - 1,501
- - - 1,501 - 1,501
-
-
-
-
-
-
-
-		 5,500
100,000
-
2,500
5,000
-
2,000
22,015		 5,500
100,000
-
2,500
5,000
-
2,000
22,015		 -
-
-
-
-
-
-
-		 -
100,000
250
-
-
20,000
-
7,991		 -
100,000
250
-
-
20,000
-
7,991
-
33,526		 137,015
206,022		 137,015
239,548		 -
29,751		 128,241
210,048		 128,241
239,799

30

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

5a Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 7)
Direct costs
Premises
Finance, legal and professional
Communications
Staff recruitment, travel, training and
subsistence
Depreciation of fixed assets
General office and administration
Computer maintenance and IT
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Cost of raising
funds
£
73,806
494
-
-
-
-
-
-
-		 Artist
development
£
122,127
83,850
-
-
-
-
-
-
-		 Education
£
69,929
106,347
-
-
-
-
-
-
-		 Digital and
Audience
engagement
£
-
-
-
-
-
-
-
-
-		 Organisational
development
£
-
-
-
-
-
-
-
-
-		 Music Patron
£
52,431
102,967
-
-
-
-
-
-
-		 Governance
costs
£
18,543
-
-
12,000
-
326
-
-
-		 Support costs
£
111,127
11,784
38,340
2,531
1,743
21,906
3,745
12,306
14,147		 2025
Total
£
447,963
305,442
38,340
14,531
1,743
22,232
3,745
12,306
14,147		 2024
Total
£
573,157
356,580
35,684
13,007
1,645
26,154
5,456
21,671
12,980
74,300
60,416
8,569		 205,977
99,971
14,180		 176,276
57,242
8,120		 -
-
-		 -
-
-		 155,398
-
-		 30,869
-
(30,869)		 217,629
(217,629)
-		 860,449
-
-		 1,046,333
-
-
143,285 320,128 241,638 - - 155,398 - - 860,449 1,046,333
143,521 277,438 235,638 247,831 - 141,905 - -

31

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

5b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 7)
Direct costs
Premises
Finance, legal and professional
Communications
Staff recruitment, travel, training and
subsistence
Depreciation of fixed assets
General office and administration
Computer maintenance and IT
Support costs
Governance costs
Total expenditure 2024		 Cost of raising
funds
£
83,911
3,440
-
-
-
-
-
-
-		 Artist
development
£
115,837
84,060
-
-
-
-
-
-
-		 Education
£
63,038
130,401
-
-
-
-
-
-
-		 Digital and
Audience
engagement
£
122,271
43,711
-
-
-
-
-
-
-		 Organisational
development
£
-
-
-
-
-
-
-
-
-		 Music Patron
£
61,539
80,366
-
-
-
-
-
-
-		 Governance
costs
£
17,471
-
-
11,150
-
43
-
-
-		 Support costs
£
109,091
14,602
35,684
1,857
1,645
26,111
5,456
21,671
12,980		 2024
Total
£
573,157
356,580
35,684
13,007
1,645
26,154
5,456
21,671
12,980
87,351
49,924
6,246		 199,896
68,919
8,623		 193,439
37,506
4,693		 165,982
72,747
9,102		 -
-
-		 141,905
-
-		 28,664
-
(28,664)		 229,096
(229,096)
-		 1,046,333
-
-
143,521 277,438 235,638 247,831 - 141,905 - - 1,046,333

32

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2025 2024
£ £
Depreciation 3,745 5,456
Operating lease rentals:
Property 9,412 8,923
Auditor's remuneration (excluding VAT):
Audit - current year 10,000 9,250
Other services - under/(over) accrual in previous year - -
Other services - VAT advice - -

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs		 2025
£
397,399
34,740
15,824		 2024
£
511,324
43,313
18,520
447,963 573,157

Salaries and wages include redundancy and ex-gratia payments totalling £0 made to 0 employees (2024: £14,617, 5 employees).

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£70,000 -£79,999
£60,000 -£69,999		 2025
No.
-
1		 2024
No.
2
-

The total employee benefits (including employer national insurance and employer pension contributions) of the key management personnel were £246,033 (2024: £330,456).

Trustees' expenses represent the payment or reinbursement of travel and subsistance costs totalling £326 (2024: £43) incurred by 2 (2024: 1) members relating to attendance at meetings of the trustees and organisational events.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

33

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Charitable activities
Governance of the charity
Raising funds		 2025
No.
9.0
2.0
1.0		 2024
No.
14.0
2.0
1.0
12.0 17.0

9 Related party transactions

No payments were made to related parties in 2025 (2024: £nil).

There are no donations (2024: none) from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets

At the end of the year
At the start of the year
Gain on disposal
At the end of the year
Net book value
At the start of the year
At the end of the year
Charge for the year
Cost
Depreciation
At the start of the year
Additions in year
Disposals in year
Eliminated on disposal		 Office
furniture
£
5,900
-
-		 Equipment &
computers
£
35,812
-
(728)		 Total
£
41,712
-
(728)
5,900 35,084 40,984
2,732
1,180
-
-		 29,333
2,565
(728)
-		 32,065
3,745
(728)
-
3,912 31,170 35,082
1,988 3,914 5,902
3,168 6,479 9,647

All of the above assets are used for charitable purposes.

34

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

11b Heritage assets

In addition to the capitalised functional fixed assets, the charity also owns "The British Music Collection" comprising a music library of some 30,000 scores, 15,000 recordings and background information on British music written since 1900. It includes both published and commercially recorded and unpublished material, and is held on long term deposit at the University of Huddersfield's Archive Centre, Heritage Quay. The written archives of the founder organisations were also placed on long term deposit at Heritage Quay during 2015-16. These assets have not been included in the balance sheet because, in the opinion of the trustees, the cost of professionally valuing them to include a value in the financial statements would outweigh the benefits to the users of the financial statements.

12 Listed investments

12
Listed investments
Fair value at the end of the year
Cash held by investment managers for re-investment
Fair value at the end of the year
Listed investments are represented by:
UK mutual funds
Cash held for investment managers for reinvestment
Fair value at the end of the year
13
Trade debtors
Other debtors
Prepayments
Accrued income
14
Creditors: amounts falling due within one year
Accruals
Trade creditors
Other creditors
Debtors
(Losses)/gains
Disposal proceeds
Additions at cost
Fair value at the start of the year		 2025
£
1,773,746
-
(23,100)
20,966		 2024
£
1,685,401
-
(41,800)
130,145
1,771,612
-
1,771,612		 1,773,746
-
1,773,746
1,771,612
-		 1,773,746
1,771,612 1,773,746
2025
£
-
2,041
7,057
7,798		 2024
£
750
8,367
4,015
20,018
16,896 33,150
2025
£
22,722
991
21,747
45,460		 2024
£
38,255
2
12,701
50,958

35

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

15a Analysis of net assets between funds (current year)

Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Unrestricted
General
funds
£
5,902
452,979
145,205		 Unrestricted
Designated
funds
£
-
141,291
44,709		 Restricted
funds
£
-
-
149,750		 Arthur A Paul
Memorial Fund
£
-
1,177,342
-		 Total
funds
£
5,902
1,771,612
339,664
604,086 186,000 149,750 1,177,342 2,117,178

15b Analysis of net assets between funds (prior year)

Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Unrestricted
General
funds
£
9,647
434,294
82,194		 Unrestricted
Designated
funds
£
-
150,393
27,845		 Restricted
funds
£
-
-
141,150		 Arthur A Paul
Memorial Fund
£
-
1,189,058
-		 Total funds
£
9,647
1,773,745
251,189
526,135 178,238 141,150 1,189,058 2,034,581

36

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

e year ended 31 March 2025
Movements in funds (current year)
Investment
At the start Incoming Outgoing (losses)/ At the end of
of the year resources resources gains Transfers the year
£ £ £ £ £ £
Linked charity
Arthur A Paul Memorial Fund 1,189,058 - - 11,384 (23,100) 1,177,342
Restricted funds:
Core Fundraising:
ACE Transform 2 26,226 161,297 (141,529) - - 45,994
ACE NYMO 73 64,401 (64,474) - - -
26,299 225,698 (206,003) - - 45,994
Artist development:
British Council - 20,000 - - - 20,000
New Voices 9,000 1,500 - - (10,500) -
In Motion 30,308 19,300 (6,900) - 10,500 53,208
39,308 40,800 (6,900) - - 73,208
Education -
In the Making: residential (formerly Summer School) 34,784 26,207 (54,575) - - 6,416
Fran Hanley fund 12,406 - - - - 12,406
In the Making - General 1,550 2,000 (244) - - 3,306
48,740 28,207 (54,819) - - 22,128
Music Patron :
MP running costs 26,803 137,015 (155,398) - - 8,420
26,803 137,015 (155,398) - - 8,420
Total restricted funds 141,150 431,720 (423,120) - - 149,750
Unrestricted funds:
General fund 526,135 490,359 (437,329) 9,582 15,338 604,086
Designated funds:
Project Completion Reserve
Artist Development:
British Music Collection - - - - 10,000 10,000
Essentials Fund (formerly Francis Chagrin) 10,000 - - - - 10,000
Fair Access Principles 10,000 - - - - 10,000
New Voices 13,238 - - - (13,238) -
In Motion 97,000 - - - - 97,000
Education
In the Making: residential 25,000 - - - 30,000 55,000
New Music Labs 8,000 - - - (4,000) 4,000
Digital and Audience Engagement:
British Music Collection 15,000 - - - (15,000) -
Total designated funds 178,238 - - - 7,762 186,000
Total unrestricted funds 704,373 490,359 (437,329) 9,582 23,100 790,086
Total funds 2,034,581 922,079 (860,449) 20,966 - 2,117,178

37

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

16b Movements in funds (prior year)

e year ended 31 March 2025
Movements in funds (prior year)
Linked charity
Restricted funds:
Total unrestricted funds
Total funds
ISCM
New Voices
Unrestricted funds:
General fund
Arthur A Paul Memorial Fund
ACE Transform 2
ACE NYMO
Education
Artist development:
Core Fundraising:
ACE Transform 1
Summer School
Fran Hanley fund
Listen, Imagine, Compose - Primary
Minute of Listening
Digital and Audience Engagement :
Composer/ Curator
British Council
Total designated funds
ISCM
Networks
New Voices
In Motion
Education
Go compose
Minute of Listening
Summer School
Go compose Inspire Days
New Music Labs
In the Making: residential
Digital and Audience Engagement:
British Music Collection
Project Completion Reserve
Artist development:
Other - John Seaton
Total restricted funds
Adopt a Composer
Associates
Francis Chagrin Covid19 Composer awards
In Motion
In the Making - General
Music Patron
MP running costs
MP development cost
Designated funds:		 At the start
of the year
£
1,122,250
-
-
-
-
-
17,500
-
17,500
40,428
12,406
16,606
377
-
69,817
9,000
11,516
20,516
11,445
4,990
16,435
1,919
126,187
350,954
1,600
10,000
30,000
4,000
12,000
138,902
-
30,000
5,000
25,000
75,000
-
10,000
20,000
361,502
712,456
1,960,893		 Incoming
resources
£
-
54,406
169,156
64,401
287,963
500
36,750
37,250
42,557
-
-
-
2,000
44,557
-
-
-
128,241
-
128,241
-
498,011
491,865
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
491,865
989,876		 Outgoing
resources
£
-
(54,406)
(142,930)
(64,328)
(261,664)
(500)
(17,500)
(6,442)
(24,442)
(48,201)
-
(16,606)
(377)
(450)
(65,634)
-
(11,516)
(11,516)
(112,883)
(4,990)
(117,873)
(1,919)
(483,048)
(465,765)
(452)
-
(5,250)
(1,636)
(1,354)
(49,583)
-
-
(4,758)
(14,487)
-
-
(20,000)
(97,520)
(563,285)
(1,046,333)		 Investment
gains
£
108,608
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,537
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,537
130,145		 Transfers
£
(41,800)
-
-
-
-
-
9,000
-
9,000
-
-
-
-
-
-
(9,000)
-
(9,000)
-
-
-
-
127,544
(1,148)
(10,000)
(14,750)
(2,364)
(646)
(76,081)
97,000
(30,000)
(5,000)
(20,242)
(60,513)
25,000
(2,000)
15,000
(85,744)
41,800
-		 At the end of
the year
£
1,189,058
-
26,226
73
26,299
-
9,000
30,308
39,308
34,784
12,406
-
-
1,550
48,740
-
-
-
26,803
-
26,803
-
141,150
526,135
-
-
10,000
-
10,000
13,238
97,000
-
-
-
-
25,000
8,000
15,000
178,238
704,373
2,034,581

38

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

17 Movements in funds (continued)

Purposes of funds

Linked charity

The Arthur A Paul Memorial Fund represents a linked charity currently administered and managed under a declaration of trust by the trustees of Sound and Music. The fund may be applied to advance the knowledge and appreciation of new music by promoting the presentation of original work by emerging composers, musicians and artists. The trustees of the Arthur A Paul Memorial Fund are required to maintain the capital value of the fund.

Restricted funds

British Council

A grant awarded by British Council for the New Music Commissioning Programme: 2025/26 to nurture collaboration between UK and international artists that will lead to building future relationships, capacity building, collaborative projects and increase professional networks.

In Motion

New composer development programme replacing New Voices and Composer/curator. Any funds brought forward from the previous year towards the old programmes were transferred to In Motion. The programme is funded by PRS Foundation, Creative Scotland, Jerwood Foundation, Garrick Charitable Trust, Michael Guest Charitable Trust , Marchus Trust and Arts Council Transform 2.

In the Making: residential

New residential for young composers replacing Summer School. Funded in part by Arts Council NYMO funding, Faber Music, The Britford Bridge Trust, Three Monkies Trust, D'Oyly Carte Charitable Trust, Boris Karloff Foundation, Finzi Trust, Wise Music, John Thaw Foundation, Bliss Trust, The Hyne Trust, other trusts and individual donors.

Fran Hanley Fund

Donations to a fund supporting young musicians. From 2025/26 the fund will be used to support young musicians through the In the Making: residential.

In the Making - General

New programme for young people funded by The Sampimon Trust and P Routledge Foundation

Music Patron

An online platform connecting composers and patrons. Funded by the Boltini Trust, Anthony Bolton, Ralph Kanza, John Singer, Vernon Ellis and The David and Deborah Stileman Charitable Trust.

Designated funds

Project Completion Reserve. It is in the nature of the charity's activities that projects are committed to in one year but often continue into the following year. The Project Completion Reserve has been established to ensure these commitments can be met. During the financial year the designated funds for New Voices was closed and the brought forward balance from the previous year was transferred to the general fund. British Music Collection was recategorised to Artist Development and £5,000 of the brought forward balance was transferred to the general fund. The amount in the New Music Labs fund was reduced to £4,000 and the reminder was transferred to the general fund.

39

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2025

17 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

Less than one year 2025
2024
£
£
9,412
8,923
9,412
8,923
Property

The charity had no contingent assets or liabilities at the balance sheet date (2024: none).

18 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

40