COMPANY NO: 07530077 CHARITY NO: 1141216 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 ui *JAYCGTPL4 2110212022 COMPMIES HOUSE Alo *246 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Pages Reference and administralive infrntion Report of the Trustees lincorporat¥¥J the Strategic Re￿t> 5-17 Independent Audith. Report 18-21 Slaternent of FirwKial Actswt 22 8alance Sheet 23 Notes b the Financial Slalements 24-32 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 Registered office 169 Union Street London SE1 OLL Charity r•gistratlon number 1141216 Company Dumber 0753CQ77 P•tron Mayor of London. ￿￿1q Khan Ambassadors Ninla Bgn8d8tti CBE G90rge Benjamn CBE JulKin 81iss YolanDa 8rown Simon Cowell Sir Mark Eldèr. CH, CBE Jess Giliam. MBE lappoinled 1 October 20211 Jools Holand OBE Stephen Hough CBE steven Issedis CBE Miloa Karadaglié Tasmin Little. 08E Julkgn Llowj-webber Wayne Marshall OBE Rachel Portman 08E Abel Selaocoe lappointeLI 1 October 2021} Trustees Baroness Fleet. VeronirA Wadley C8E (Chair) Oonagh Barry Michael Berry (resi￿ed 2 Fobruary 20221 Emma Chamberlain OBE Oh'ver Dull Rthard John Ewbank (appcAnted 9 Febwary 20211 Kevin GardineT AleXa￿ler James Kwame George lappoinled 10 November 2020) Kalya GoTbatiouk Sally Greene OBE Patrick Harrison. LVO (resigned 5 July 20211 Dav*J Kershaw Yung Yung Lee (resKJr*d 1 January 2021) Howard Mas¢)n (appointed 9 February 2021) Rthard Morris Chi4hi NwarKJku OBE (￿signed 5 o￿ober 2021} Aarianne Scwdel Iresigned 10 November 2020) Ajethea Slow lapwnted 15 December 2021) Mark Wade Vince Coleridge Pope (appthnted 10 November 2020. res4qned 14 October 20211 Chigf Executive Offic•r Christine Kinsella THE MAYOR OF LONOON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 Bankers CAF Bank Ltd 2S Kings Hil Avenue Kirrfjs Hill Wesl Malling Kent ME19 4Ja United Trust Bank Ltd One Ropemaker st￿et London EC2Y 9AW CambrKlge & Ctsjnlies Bank Ltd Charnwcod thjrt New W￿k Lwcester LE16TE Close 8rolhors 10 Crown Pkce London EC2A 4FT Sollcltors Edvlin Coe LLP 2 Stone Building Lincokn's Inn L¢￿dOn WC2A 3TH Auditors Crowe U.K LLP 4￿51. Aquis House Blagrave St Reading RG1 1 PL THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 Th8 TTUSte8s Fwent their reF￿ and financi￿ stalements of the Charity for the year ended 31 July 2021. The financial sl*ernents have been prepared in accofdance wth the aceouftting policies sel out in note 1 to the accounts and comply wilh the Charities Act 2011, the Companies Act 2006. and the Slalemenl of Recommended Practice.. Accountry and Repcrfting by Charities IFRS 102). STRUCTURE. GOVERNANCE AND MANAGEMENT STRUCTURE The Mayor of London's Fund ftr Young Musicians (referred to as Ihe London Muslc Fund LMF. or "the Charill. in the remaindtr ol this reFA)rt) is a company limrted by guarantee governed by its Mwnorandum and Art￿leS of Association folk)wing In¢orpofalb)n on 1 S Fetrxuary 2011. 11 is regtstered as a Charity with the Charity Commisshjn. Membership is open trj indivitluals or or9aAisalions who apply to Ihe Charity in the form ￿qUired by the Trustees a￿ apwoved by the Tru51ees. GOVERNANCE Trustees At 31 July 2021 there were 17 Trustees. Each Trustee has a &mited liability 01 £10. The Mayor of London is invited lo nominate iwo Trustees to the toard. Sally Gfeene OBE is currenlly the only Mayo¢s Trustee. Trustee5 meet quarterty. No Tnjslee may miss mfye than meeb.ngs without the Chaifs approval. In appointing new Trustees, the boar¢J review exisling 5killsels. idants.fy gaps and Tecruil accordingly. New TrLtslees we provided wilh a o)mprehensive 1nducb.on Pack. 8aroness Fleet, Veronica Wadley, C8E continues as the cha￿ ofthe ¢t￿lity. The Trustees woukj like lo thank Ihose resigned during the year. in pa￿.¢￿laT Mich￿1 Berry. fer hi5 dedication and support over Ihe last ten years parti¢)Jarty as Chair of Ihe Finance. A￿ll and Risk Committee. Chlef Exteutiv• The Chair and the Chief Exe￿rtIVe speak regularfy. The ChaK ccknducts an annual apyaisal of Ihe. Chief Executive. hawng 50ughl ￿lor input from Trvstees. MANAGEMENT The daY-l￿daY opgration of the Chaiily vs rnanaged by the Chief Executive. There is one full-time Prograrnmes Manager, roFe is to support WO9ramme$, fundfaisM)g and general office administrakn¢)n, and a part time Programmes Assislanl. Sub£ommlttee$ Trusteès are encouraged lo serve on one sutrrtLMimittee. There are Tem￿ of Reference setting out expeclalions for each ¢ommillee. The CEO 15 an eX￿ffiCI0 member of each C(￿MIttee. Flnance. Audlt & Rlsk Commltt•e: Thè Ctvnmittee meets quartedy in advance of I￿1 board meetsNJ. Minutes are recorded and distributed lo all Trustees. The fvsk Register is ￿vieWed at the quarterly FAR Commiilee meetings and presented annualy to board at the Q1 meeting. THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRIJSTEES FOR THE YEAR ENDED 31 JULY 2021 Trnstees Mithael 8eiry Howard Masc RKhard Ewbank Kevin Gardiner Kalya Gorbaliouk Baroness Fleet. Veronica Wadley C8E Chair until 31 July 2021 Chair. from 1 A￿ust 2021 (member from 1 August 2021> In attendanee Christine Kinsella ef Executive Offrer Muslc Edu¢atlon Commlttee: The role of thè Music Education Committae is 10 5UPPNNt the Board of TnBl8es and Executive team in the deveiopmenl and delivery of the Charily's progTammes. Tho Committee consi$1s ol Trusteg ropresentatives. and a number of invited individuals from auoss tho world of mu5K *Jucati￿. In addition. London Music Hubs are reptesented al ary kn"me. The Crations between Music Hubs and professional arts organisab'ons provtding opportunities for aspiring yourvj musictans (aged 8-18) to le8rn from. be mentored by and perform aloThJside professionals; To enable professKJnal musKians and artists to be fflotivalional role models: and To empower ywng people lo explore and (levek)p theK musical capabilrties, which in turn develops Iheii social and emotional well-beiNJ and frequenuy uplifts academic perfotmance. THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS TrIE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 How the Charlty delfvered publlc benefft On 31 July 2021 there were 229 chiklren from 32 London btyoughs in receipt of a four-year music Scholarship. of which 38 were graduating from the end of their programrne. In July 2021 Truslees were dglightgd to approve funding for 90 four-year Scholarships fr(￿ every London borough, also Including the tnissed cohort from 2020. whKh Vfds not awarded due to COVID-19. In addition. five furlher wojects were funded It￿OUgh tl* Amplify London programme in eollaboration with YouTube Music. and fve new Partnerships supported through a now funding partnership with The Karlsson Jaliva Charitablg Foundation. both of ￿lch are outlined in more detail below. PROGRAMMES SCHOLARSHIPS The Charrty awards Iour-ygar music Scholarships lo chthjren who have stsrted learning an instwvmenl nd are making good progress, bul whose farn11￿$ find il diff￿Ul1 to pay for MUSK lessons. meaning that wilhout supwt they wtyjd have to give up th8ir Str1d￿S. What do•s a S¢holar r￿ly•? Weekty instrumental tuition at a suiiably ehallenging level. normally in small groups (2-6 per gioupl or. in ex¢eplional urcumstances. On￿t￿ne Compulsory attendance at a weekly ensemble of a suitably thallengiNJ lev81 Regular performance opportunities at school. music seNice and elsewhere Invitaliorbs lo attend special projects and go on tnps lo professkjnal concerts A welkmaintsined instrument which can be tsken home A n&ned Mentor who is liaison between the Scholar aThJ famty. music tutor and school Nomination a s•l•ctlon process Scholars are nuninated by their Prim￿ schoc4 to the bcal tKJrough MUSK Hub, WIK) then 5hortlisl their nominations to the Lorthn Music Fund. In ord8r lo be pul fopward for a Stholarship. the child must.. Be Year 5 at the lalesl Attend a wn-leg-paying sthcol in any ol th¢ 32 London boroughs Have been learning a Musi￿1 instwmenl fof a minimum ol LTh year Show polenlial and c(Knmitmenl lo Treaming Be Irom a lamAy where the rying cost of tuIt￿n would be prthibitive Using the above guidelines the Lon(k>n Music Fund dlstTt￿eS its n￿Ination form5 to Mu51¢ Hubs in the spring term. Responsibilily for nominating Scholars rests entirety with each Music Service whcm we infomi as to how many students Ihey may nominate based on the sum ol money the Board of Trusleos has committed to our Scholarship Programme. Music Hubs musl operate an open ar￿ fair nomination pr(Kess, ensuring. as much as possible. that all non-fee pawng schools and other music edu¢aiKffi providÈT5 in the borotsgh are ab￿ lo nominate students. The rK¥ninalton deadline is the summer half tem). A shoruisting process is undertaken by the Charity's Chief Executive Officer and Pregrammes Manager. Their 'kJng list" recommendations are taken lo the Music EducatM)n Committee for endorsemenl before going to Ihe Board of Trustees for final approv81 al the Q4 meeliry in Juty. T¢ywards the end of the summer ierm the London Musi Fund informs Music Hubs which of their students have 5UCtesslul. Ngw Scholars usually begin their four-year studies in Ihg autumn Igm. THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 The ntThinalion form is ccffnpleted by Ihe c)Mld's music teacherlmusic coordinator. gtving detailed inlorfflalion on participation #i classroom MLSSIC. instnJmental ability tr) date. lime leaming. approximate grade, and why they believe Ihe ch￿d tAty)uld be a Suit￿le candidate for an avrdrd. In addibon. tl)e Headleacher of Ihe school music submit a confrfiential and delaik8d statement on why they believe Ihe child is in finanryal need. Onv a Scholar starts thelr fOur￿ar muslcal J¢)urney Muslc Hubs must: R9gularJy monitor progress. provKling a short mKI-year and full en&of-year assessment Ensure provision is made for meetiNJ Scholars, individual musical needs, including further progression roules those demonstrating exceptnnal lal8nl Keep a ¢Jelailed break¢Jown of grant expenditure Collect an annual £10 parentsl conlribulron to be used to benefit the Scholar Be available lo meet wth our mu* educab"M eonsuN8nt Isee'moniloring'l when requestéd Ensuro we are given ad¢quale notice ol Scholars. performances lo invite sponsors Ensure we are kept inform9d of any problems such as poor allendance. inadgquate pro3re$s Reporting Music Hubs a￿ asked lo provide a short rnid-year progress report. written by the instrumental lulor, outlining Scholars, progress. The final end of year rew)rt deadline was moved to September 2020 10 enable Music Hubs to gather the ￿levant infom)alion fr¢￿ the inslnjmefttal iutor. Music Servrce. school. parent. and S¢fKAaT. The handwritten Scholar feport. well received by donors, has been moslty typed this year, bul Ihe sentimenis are slill $ignffi¢anl. Fw the majority of Schtsiars, music has been an immense source of ￿￿nIort. joy and re¢realK)n during a very difficull year. Scholars. Playing Days Playng Days were on hold for most of 2020. though the Charity were able lo hokl an event in June 2020 for 40 young musicians, at Morley College. A large Awards CelgbralK)n 15 plarned for October 2021 at the Royal College of ￿￿51C lo cetebrale the new Gohort, and ts)th 2020 and 2021 graduatés. The Charity thanks ABRSM for Ihebr ongoiTrJ supporl of Plawng Days. Progresslon and Attainment Scholars are expecled lo work lowards regular assessments andlor emams from a natw)naly accre(lited board le.g. ABRSM. Trinily c￿lege} and lo improvo by a grade every Ihreo to four terms. Where grades are not appropriale. an approximale benchmth is given io moniloT progress. In aijdilion to the above, in or(ler to ensure that sufficient progress is being made by Scholars. the London Music FurKI has inlf(Nluced an offiual "tw￿Year revie￿ p￿￿e$s. at which poinl Scholarships will be assessed, through reporting. to er*sure thal Scts)lars are makin9 9ooLI prceress. The Charity expecls chiklren lo have moved on signifKantty from their starting poinl, at this stagè. Any conGerns are foliowed up the Mentor and MUSK H￿. Where suifi¢ienl progress is nol being made and the Sch)lar is not improvHIg after intervention. the Withdrawal Procedure may be invoked as a last resort PARTNERSHIPS The Partnership ProJramme supwrfs colaborali￿S with M￿lC Hubs s¢hcols, venues and profess¢onal 8rts organisalions, developing projects across a divetse range of genres. Music Hubs are invited lo apply for up to £15,(O) per woiecl. havwig hlentsfied a spefific gap In provi&on that the projecl would address. Frcrfn 2020 the Partnership Furnl bè supported by The Kwbson Jativa Charitsble Foundation. through the Signatur programrne for the a(fvancement of Ihe art of Mu￿. THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 Applrcations are welcomed frtyn c￿e or more Music Hub. and at kast iwo professional arts organisations. Beyond this Ca?￿ requiremenL the Charity also weknrnes the involvement of higher education or other ¥)e¢ialisl rnusic pro¥￿ers. The purpose of the Partnership Programme is lo develop inspiring arKI ambitlQLIS Projects, eovering a broad spectrum of MUS￿ genres, which provide young instrumenralisls are not cornplete beginners. wilh a wide range of opportunities. Prolect critwla To be eligible for 8 grant Kyojects musl evhJerKe the folowing.. Outstanding actimties that address an evident gap in provision in their bofough Inspirational experiences of workiThJ and performirg with top professional muS￿lan$ Cloarly defined proJressK)n r￿te$ whth challenge the partKipants Lasting partnerships that build on the core activities provided by schools and Music Hubs Access to the rich resour￿S of a prOfeSs￿nal music 0rgani5at￿. particubarly Ih8ir regular Pgrfomiers or musTr¢ians with ￿Orn thay have a strong relationship Regular performance opportunities induding publ￿ porfomiancg Opportunities to hear high quahty live rnusic performed Evjdence Ihal each partner is eonlributirrfj 10% of the overall project cost Imon8tarily or in- knd} The followng projects were approved frx fvnding in JLAY 2021: 8roml•y 8loco- Bromley Youth Muslc Trusl This project 15 in partnership with professtonal Ferfomiance group, lQ"netika 8loco. Crystal Palace Community Trust and James Dixon Primary School. Th"s 30-week programme VMII lake place mithyeek during lemi time after school and comprise steel pan, drum and woodwind tuition combined with samba dan¢e. Children already partiapatiThJ in music edu¢ation in school will join 8roml8y 81oco as a progressi￿ routo lo a new musical experie￿8. Youth Ens•mble Scheme- Ntr*ham Music Hqth The Youth Enseffl￿e Scheme IYESI) is a partnership led by Newharn Music w)rking with Orchestras lor All. the Royal Academy of MUS￿ and the Orcheslra of the Age of Enlighlenmenl. YESI will establish a workable and 5uSlainab￿ model for I￿￿1$10n ensembles. accessible lo all young people. YESI will kick start inclusion ensembles in six hard-to-reach schools- seccmdary and four primary. Paihway and progression routes, including to H*Jher Education and profeswnal music-making will be integral and signposied from the outset. Biass Is Ba¢k- Trl4orough Mysk Hub Building upon sold loundations of school currI￿lIuM leamin9 and the exisling TBMH'S initlal first access 'gr*)ove'n'play' resourees, the TBHM with the Royal College of MLJS¢ 8nd Royal Ajbert Hall will largel pupils in year 415 in six s¢thools to lake part in 8 package of brass leaTning comprisiTra small group lessons. ensembfe acliv¥ty. free instrument hire and performances. This project aims to address the huge re21. Launched in February 2020. in partnership with YouTube Music and supported by youth music charity SouThJ Connections. Amplify London supports gras5rools organi58tKJns providiThJ musical actsvth'es for young people in London. by funding local pr￿ecIS arKI hel￿.ng young organisatKJns to forge links with Ihe MUSK inthsty and the music education sect￿. Through Amplify. the LMdon Music Fund is able to reach young peop￿ who are not engaged in formal music education ihrough schools and Music Hubs. a grwp previously represenled amon9 LMF'S beneficiaries, and who face barriers lo rnusic makw. Amplify Londm supported 10 grassioots organisalion$ across Lonthjn throu￿￿1 2020 and 2021, awarding a project granl of £6.000 to each organisaticrfj. YouTute Mus￿.5 support will enable the organisatiDn5 to access expert mentoriNJ. masierdasses and netsvorking OPPL¥tunities, and of course a fanla51ic plalforrn lor expoSUTe. Sound Connections wll oller exemplary hands-on monitorin9 and evaluation support, helK¥ng small organisations lo progress lo the next stsge in their devek*pment. CrltgrlJ- To be ellglble for funding. the following ¢rit•ria worn advlsed: The applicant must be ￿ organisation. not an indivwJu*. The organisation musl be primarily providing music andlor muwc technology activitylproiects for group5 of (min. 10) young people aged 11-21 The orgaftisalion must be a CIC, CIO. registered charity or cooperalive with a lumover of l•ss than £S00.0 The organisation must nol t* a music serv￿0 l or schcd. of an Arts Counc41 funded 'nalional portfolio organisalion. The organisation must have been dglivgr1n￿proVld1ftg music activty or music projects for young people for at least l y8ar The organisation must have financial records 90irrfJ back al least 1 year. The proposed project musl lakg place within the I￿01 community and musl invofve at least 10 yourwj people aged betwn 11-21 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND . REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 The appllcatlon process Potential applicants V￿re inmted lo register their interest, and be senl Ihe application pack. They were invited to tsk8 part in a telephone surgery with Sound Connections, CL￿$[11(anI Maria T[tr￿y. to outline the prO￿$S and eligibility. Thgre were 50 appbications. of which 30 were lorolisled as meetiNJ Ihg criteria above. These were discussed at length by th8 Advisory Group. who shortlisled 10 to be rec¢mmended to the Music Educats"on Committee. The MEC S￿*rtI￿51ed these further lo a final live recommended Projects". wPNch were then ratrfied and approved by Trustees. Thg folh)wing projects were approved for funding in F.ebruary 2021: Abram Wllson Foundation: Fulure Sound The Future S(MJnd project wfil enab* 30 young peoth from Mossbourne Communrty Academy in Hackney to acces5 high qulity, interactive, digital music education. The project will comprise prolessionally shot aTrJ ediled ￿de0 content. live wety.nar se5S￿n5 and ¥irtual song-VSTiliry coaclHng sessions. CDR: Muslc Producer Club - Syntheslz• London During October 2021 half term in Newham. 15 young people will tske part in a five4lay intensive music lechnokyJy arKI projuction course. producing an album using self-made digital instruments and synthesized sounds inspirgd by the kKal environment. Klds On The Gre•n." Artist D•v•lopm•nt Progr•mrn• KOTG, which originated as a resp¢)nse lo the Grenfell fire in 2017. wil defvei a stxrymonth Artisl Dev8lopmenl Programme. This %MII give 15 talented artists aged 19-21 the chance to develop their skills. mertl￿ed by industry Wofessiona￿ in a ILKal and supp)ortive seth"rv4. Progression Sesslons: 8•ats and Vislon Progression Sessions will cdlatwale Boiler Room for this project in Hackney in Ihe autumn. 10 young emer9ing artists Yrill be mentored by prolessionais to create a track with a supporting music video, strengthening th￿r p(wffolvJs wwj (mline presen￿. South London Samba: SLS FelloTW5hip Drummers South London Samba will work wlh 4S young drummers in Bellingham. Lewisham this sunmer. Th8 project will provide young drummers (aged 11-17) wilh training, mentoring and positive role mc#Jels. whilst giving five youth drumryws {aged 18-211 profesS￿nd1 training and exFerience facililaling workslws. Ampllfy London Round 3 The Charity 18 grate￿ to YtyJTube Music for committiw to fun(*ng a frjrther year of projects in 2022. The L(YLdon Music Fund is extrernely gralelul lo all partners for their conts'nued commifmenl to our work, and to all donors who make Ihis th possitAe. 12 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 MONITORING ANO EVALUATIOM Programmes Manager Georgina Skinner continues the day-twlay managernent and moniloring of the Partnership prOje￿S moving foTh¥ard. In addition, Matthew Glenn continued his role a$ the Independent Music EduCat￿n Consuttan( working vrith closely *Mth the Programmes Manager. and reporting lo the Music Ed￿tiOn Committee wthere appropriate. Monitofiry and Evalualton for Amplrfy Lcrf)dM is contracted lo youth mussc eharty Sound Conneclions. have appointed Consultant Maria Turley to this role. Regular updates and reports are providèd to tho Amplify London Advisory Group. vtho report to Music Education Committee. The Charity is ccfftmitted to working all Music Hubs ano educalicrf) partners across London. lo ensure ihat Scholars are accessing the besl programrne designed for their needs, and any k8sues with attainment and prcoress are highlKJhled and addressed quickly. The Chief &x8cutive and the Programm8 Manager present lermly to the regional London 'Music Mth. mo8ling. consisting ol Heads of all London Mwc Hubs. THE IMPACT OF THE COVID-19 PANDEMIC The LoThJon Music Fund staff team conlThJed to work hcffie during mosi of the year, though were pleased to move into the GLA'S new office space at 169 Union Streel in July 2021. The Charily is grateful to Ihe Greater Lond￿ Authority for the ongoing rent holiday provided during trus tirne. Scholarship Oelivery Delivery of Ihe progfamrne dunng 202￿21 ￿￿￿"nue￿ lo be ChaI￿n91￿j. thou9h the Charity knowledges the efforts of all Music Hub Partners to cortlinve to ed￿ate all young musicians during the pand8mic. Oelivery was a mixiure of irFpersM teaching. where all¢)wed. and online activities. By July 2021 the majority of leathing had retumed lo inrf>erson aetivrty. In December 2020 Trvstees launched a DHJilal Poverty campaiw. in response lo a number of Scholars being unable to access online leamirKJ due lo lack of resources. Thanks to generou5 donations frc¥n individuals. and a 9gnif￿ant donalion frcrfm the Charfes Wolfson Foundati￿. the Charity purchased and distritwjted SO tablets. keyboards and wrfi dor)gle$ lo music services to be loaned lo Scholafs in need. Fundraising Fundraising rema¥*d thaltengÉng. wilh no iTrperson events alkmed. though th8 Charity ran three very successful online malch-funding campaigns. The Big Give Christmas Challenge. the 10• Anniv8rsary Challenge. and Chamwons for Children. TTuslees Vowld like to thank all cuffenl and ongoing donors for their continued support durir*J a diifthlt year. 13 THE MAYOR OF LONOON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 THE TEN.YEAR ANNIVERSARY 2021 marks the Charity's Anniversary. anty despite the dilficullies of the COVID-10 pandemic. Ihe Charity was delighted lo be named ￿1ftner of Ihe 'Outstanding Musical Initiative. al the 2021 Music & Drama Education Awards in March 2021. This national award, given to organisalions acros5 the country who can show a dem¢)nstrable impact on a large number of young musicians. is testament to the impacl of our ¥￿Tk over the last decade. and the thousands of young musicians across London vkno have been supported by ￿ Ch•ty. Disarwntingly, a number of anniversèry events and actbvities planned for Ihe stsrt of the year, we postponed due lo the COVID-19 pandemic. athough Ihe Charity were delighted lo raise over £60,CIIO in the 10th Anniversary Challenge. in March 2021: wth 9enerous match-funding from John Sludzinski OBE, of the Genesis Foundation. Further fundraising events wll now tsk8 place in Seplgmber 2021, and Ihe lOn￿anned gala al the Queen Elizabeth Hall will rw)w bg in Febwary 2022. Mayoral Support for th• Loftd¢￿ Muslc Fund Mayoral supwrt ¢ontinue$ lor th8 Fund. wth a further grant in 2021 of £26.C￿l towards th8 Scholarships piogramme. Truslees are hugely grateful lo the Mayor for his ongoing commitment to and support of the Charty'5 work and look forytsrd to wking with him and his team to continue developing oppc¥iixiities lor t￿ented young musKians across Londm. GDPR and Data ProtO¢tlon The Charity regukrly ￿viewS its processes and procethJres around dala Collecti¢￿ and processing. Ils "Privacy & Dala Protection Policf. bolh for donors and beneficiaries is available on the London Music Fund wetsrte. The Charity has registered wth the Fundraising ReguIatorthr￿gh the* voluntary registration system for srnaller charilies. The Charity's costs of generab'ng fund5 are now under £100,OCw) - this is a S￿nifICant achievement which indicates Ihe commilmenl lo gfowing and developing charilat4e activity. The Charity remawTr5 grateful to all its do￿rS and Supp￿*r$ and remains cthrmitted to abiding by current legislation and best practice in fundrai5tng. Grant making poIi¢y Grants payable are payments made to Music Hubs and iThJependenl music organisations (third parties) in Ihe furtherance of the thafitable objectives of the Chanly. The 9rants a￿ accounted for in the period when formally awarded by the Trustees and Communicated lo the ￿CIpient irrespective of the period covered be¢ause they are regardpd as financial oblhjations that recipients have an expeci3tK￿ of receivlng when due. Alongside its reseryes policy, Ihe Charity has an ongoing policy lo ensure it holds funds to the financial eommilmenl lor each Scholarship awarded. These funds are held in high-intefest savings acetjunls and ￿leaSed in line with the Chanvs finance procedures when lunds are nee(Sed. Approved bythe Trustees on 2 Febn￿ry 2022 and signe(I cffi their behalf by. Bafoness Fhè( Veroni¢a Wadley C8E Chair of Twstees Howard Mason Char. Finance. A￿￿11 & Risk Committee 14 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 STRATEGIC REPORT- FINANCIAL REVIEW The Trustees have planned activity levels and are pleased to report that these finanaal statements feflect the success of those plans. Incoming resources increased from those raisgj in the prior period lo £518,667 for the year to 31 Juty 2021 12020.. £444.038). In this same period thè Charily approved grants totaling £322.740 {2020." nil) for Scholarships. È68.006 {2020.' nill in Partnerships and £30.000 for Amplrfy London. For a number of reasons, a ¢hikl may wilhdraw frcth the Scholarship programme e.g. move out of L￿dOn, receive a sec￿￿ary Scho￿ music bursary. or simpty lose interest. W the Stholar was in hislher first h¥0 years.we inwle Mus¢c Hubs to find a replacem8nt. There was a reducti￿ of £20.640 in grants payable due to these 7MthdrawaLs. Scholarshlp payments: 213 of each Scholarship is paid lo the MUSK Hub in Fèbruary sthjecl to a salisfactory mid-year report. The baLance of each Scholarship is paid in September subject to a satisfactory end of year ￿port and finanu81 statement. The remaining years of each Scholarship will continue to be split 213-1rJ and pa*J n February and Octijber until the end ol the four-year commitment. Partnèrshlp paym*nts- 60% of each Partnership grant is paid in September *Mth the balanca paid the follobwng January. or al an agreed point during Ihe proied. depending on timescale. followirKJ receipt of an interim report. Arnplrfy London paym¢nts: 50% of each grant is paid Up￿ receipt of a signed contract. with 30% b&ing paid al the start of the proiecL the 20% balance paid upon receipl of the final monitoring and evalualion report. Despite the obmous drflicullies brought by the COV1[￿19 pandeffl￿, the Trustees beI￿ve that the financial position at 31 July 2021, and the performarKe to date is s*isfa¢tory. Nel current assets at 31 July 2021 were £438,480 {2020." £340,635). which means the Charity has suffioenl liquidily to conlinue to manage ils operations effiaently. RISKS AND UNCERfwNTIES FACING THE CHARITY The Risk Register is reviewed and UFrfYaled annually by ts Finarte. Audit aTrJ Risk CommTrttee. and presented lo Trusle&s al they Q1 boafd meeting. The Mayoral a(Jminislration continues lo be supportive of the ains of the Charily. Tho Charity is working with the Mayor's office and the Greater London Authority Cullure & Creatsve Industries Team to ensure the ongoing success of Ihe organi5o1ion. The COVID-19 pandemic ¢(￿tinu&S to have an impact on the Charitys fundraisiNJ and delivery of programmes. Truslees wll conlinue lo rn￿)110r Ihe situaix)n closely. and take prudent financial decisions where necessary. HIGH INTEREST SAV5NGS ACCOUNTS The Charity is mindful of maKimising its p)sition irrlestmg in Prudential Reguktion Authorty. designated investment fims high interest savings accounts, up to the Financial Semces Compensation Seheme I'mil of £75.0(￿ {re¢Juced from £85,000 in January 20161. As such. funds were invested wlh CAF Gdd {instsnt access), United Trust Bank {￿daY acces51'. Cambridge and Counties Bank 1954ay aC￿SSI.. Close Brothers Treasury Ionè•year fixed). The Finance, Aui*t and Risk C¢)mmittee ￿VIeW Ihese a￿t)Unts on a regular basis. 15 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRAOING AS THE LONDON MUSIC FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 RESERVES POUCY The Board of Trustees ann￿lly remews the reserves pl￿1¢Y and the level of Iree reserves. whith are shown in the financial statements as "unrestricted (unds". The unreslri¢led funds are freely availablg for the Charitys general purposes and were £123.361 at 31 Juty 2021 12020.. £94.107}. The Charity aims to have free reseryes equivaenl to at least slx months operating costs. Scholarshlp Prograrnme: It is the Truslees. policy to I￿k1 a minimum of 2 years. funding for each Scholar. However, al the financial year end Ihe Charity is in fact hokiir4J Ihe full four-year funding per Scholar. P*rtnership Prografflme: It is the TfUStees' poI￿Y to IK4d the lotsl Swi agreed to fund each P¥tnership. PLANS FOR FUTURE PERIODS Seholafship Programme: The Trustee5 seek lo establish an ongovy fvnd which wll gnable the Charity lo award a minimum of 50 four-year Stholarships par annum. Partnershlp Pro9ramm•: The Tnjslees seak lo raise enough lunds to make total 9rants of circa £75.0¢)O per annum. Amplify London: The agreement V*ith YouTube Music is rewewed on an annual basis, an(i grants "allocated accordingly. 16 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND REPORT OF T+4E TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Trustees. who. are a150 the directors of the Maw)r of Lon¢Jon's Fund for. Yw MLTsicians for the purpose of company law, are responsible for prepwing the Trustees, Report and the accounls in accordance with applicable Law and .United Kingd¢)m Accounling Standards (Uriled Kingjom Generalty Accepl¢d Accounting Practice). Comp8ny18w requires the Trustees lo prepare accounts for each financial yew ¥thich give a true and fair view ef ihe stsle of affairs of the Charity and of the irK(¥ning resourcos and apPI￿at￿)n of resources. induding the Incc¥ne and expenditurè. ol the ettaritsble companyfor that sear. In preparing these accounts, the Trnslees are required lo". - select suitabl8 accountsng Oiaes arKI Ihen apply them ￿nsIStentIy.' - observe the methods and pxinuFAes in the Charitw SORP: - rnake judgements ar￿ estimales that are reasmable pfudenc" and - prepare the accounts on the going concem basis unless it 15 mappropriate to presurne thal thè Charity will continue in operation. The Trustees are ￿5&￿S1b1e lor keepitYJ adequale accountiry records that disclose with reasonable accuracy at any time the financial posit￿n of the Charity and enable them to ensu￿ that the accounts comply with the Cornpanies Act 2006. They are also fe$p(x)sible fly safeguarding the assets of the Charity and hence for iaking reasonabie steps lor the prevenb.on and deteCt￿n of fraud and other irrewlarilies. STATEMENT OF DISCLOSURE TO AUDFfoRS So far as the Trustees are aware. there is no relevant audit information of vthich the Auditors are unaware. Aédilionally. Ihe Trustees believe they have tsken all the necessary steps that they ought to have taken as Trustees in order lo make themselves aware of any relevant audrt infomiation and to establish that the Auditors aTe aware ol that information. AUDITORS The Tnjslees will.re4ppoint auditors al the annual general meeting. Approved by the Trnslees on 2 February 2022 and svJned on the￿ behaff by.. 8aran•$s Fleet. Veronka Wadley C8E Chair ol TTu5tees Howard Mason Chaw. Fina￿. Audil & Rtsk Committee 17 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS Opinion We have audited the financial statements of The Mayor of London's Fund for Y￿rrfJ Musicians11he charitable company? for Ihe year ended 31 Juty 2021 which comprise the Statement ol Financial Activities. the Balan Sheet. and note5 to Ihe finanwl statements. including Signrficant accounting policies. The financial reporting framework that has been applied in their preparation is appficable law and United Kingdom AccounliryJ Standards, including Financial Reportin9 Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Urtiled Kingthrfn Generally Accepted Accounting Practscel. In our opnion the financial stalements.. give a Iruo and fair view of the stale of the charitable companls affairs a5 at 31 July 2021 and of its incoming resources and ap￿le¥b¢￿ of ￿t)urceS. M)dudiNJ its income and expenditure for the year then 8nded'. have" Ixen property prepared n acceAdan¢e with" United Kingdom Generalty Acceplod Accounting Practice: and have been prepared in aceordance the requirements of the Companies Act 21))6 Basls for oplnlon We ¢onducted cyjr audit in accordance Internatic￿al Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards afo further described in the Auditor's responsibilits"e5 fof the audit of the financ￿1 statements seclv)n of our report. We are independent of the charitable company in accordance with the ethica5 requirements that are relevant to our audit of the financial statements in Ihe UK, Including the FRC'S Ethical Standard, and v* have fulfilled our other ethical responsibilitses in accordance wth these requirements. We believe thal the audit e¥￿enCe we have obtsined is suificienl arKI appropriate lo provide a basis for OUT opillK)n. ConclusSons rotatlng to golng concem In auditing Ihe financial stalernents. we have CO￿￿Jded that the TnJstees use of the going concem basis of a¢counlin9 in the preparatiL¥i of the fina￿la1 statements is appropriate. eased on the work we have perfom*d. we have not identified any material uncerta%nlie5 relating lo even15 CY eonditions that. individually or C￿leCtIVe￿. may casl sKJnrficant tloubl on the charitable company's ability lo continue as a going c%>ncern for a period of al least Iwdve months frrxn when the financral statements are aulhorised for issue. Our res￿nSibIlItIeS and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this ￿POrt. oth¢r Inlorrnatlon The trustees are responsible for the other information contained V•ithin the annual report. The other information comprises the informatsw induded in the annual rep)rt. other than the financial statements an¢J our au¢Jilofs report thereon. Our opiruon on the financial stalemenls does not cover the other information and, except lo the extent othen¥ise eXpl￿tlY stated in our Teport. we do not express any form of assurance conclusDn thereon. Our ￿S￿OnsIbl11tY is to read the other infomiation and. in doing so. consider vhiether the other inforrnati(￿ is materially in¢￿$v$1enI with the financial staternenls or our knowledge oblained in the audit or othe￿se appears lo be malerialty mi5Stated. N we identify such material inconsistencies or apparent material misslal8ments, we aro reqthred to determine vthether this gives rise to a material misstalemenl in the financial slalemenls themselves. If, based on the w￿k we have performed. we o)nclude that there is a material misslalemenl of this olhw infomaliM. we a￿ required to report that fact. We have Tr)thing to report in thi5 regard. 1A INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS Opinions on •th•r matt•rs prescribed by the Companies Ad 2006 In our opinion based on Ihe wryk undert*8n in the course of ouf audit the in1¢)nnati￿ given in the trustees, rep￿1. whtch indudes the direclsys. feport prePa￿d for the Purposes of company law, for the financial year fLY the finan¢xl statements are prepared is consistent with the financial 5talemen15.' ané the direclors, repcrt included wrthin the trustees. repcxt have been popared in accordance with ap￿Icabl8 legal requirèmenl$. Matters on whleh we ar¢ requlred to report by •x¢oplion In light of ihe knowledge and underst8TrJing of the charitab18 crynpany and their envwonmenl oblained in the cours8 of the audit, we have not idenbf*d material misstatem8rts irt the directors. rgport inC￿ded within the trustees, report. We have nothing to ￿pOrt in respect of the fdlowirvJ mattors in relati(￿ to which the Ccrfnpanies kt 2006 and the Charities Ae¢ounls (Scotlan(Jl Regulations 2006 requir&s us Io fep(Kt lo you if. in wr opinion: adequate and Fffop8r acwLbntin9 records have rw)t been kept: or the finanoal statements afe nol in agiegment wlh the accounting records and relurns.. c certain disclosu￿$ ol Injslees, remuneration specified by law are nol made.. or we have not received all the information and explanations we requi￿ for t￿r audit: or R•sponslbilities of trust￿8 As explained more fulty in the trustees. reSp)rS￿lI￿.es stslemenl set out on page 17, the trustees (who are also the directors of Ihe charitable company for the purposes of company law} are responsible for the preparation of Ihe financial statements and lor bein9 Sab"Sf￿ that they give a true and fail wew, and f¢y such internal ￿ntrol as the trustees determine is necessary lo enab￿ the preparatiC￿ of financial statements that are free fiom material misstatemenl. Whe1￿[ due lo fraud or error. In kyeparing the financial statements. tho trustees are respon$ible for assessing the charitsble company's ability to continue as a gcing concern, dtsclosing. as applKablg. matters relatad to going concern and using the going concem b8sis of accounting unless the truslees either intend to liquidate thg charilable company or to Cease operalN)n5, or have no realts1ic alternalive bul lo do so. Auditoes responsibilitios for th• audit of the financlal statements We have been appointed as auditor under Sect￿ 44{11{cl of char4b.es and Trusiee Investment IS¢ollandl Act 2005 and under the Companies Act 2006 and report in accordance the Acts and felevant regulations made or havin9 effect therevnder. Our objectives are to obtain reasonab￿ assurance aboul whether the financial statements a$ a whole are free from malerial misslalemenl. whelher due to fraud or eiror. and to issue an audilor's report that includes our opinion. Reasonable assurance is a high ￿Ve1 of assurance. but is not a guarantee thal an audit conducted in accordance vAth ISAS IUKI wiu always delect a material misstalement when it exists. Mrsslalemenls can arise from fraud or error and are considered material rf. individually or in the aggregate. they Could reasonably be expecled to influence the e￿orn￿ decisions of users taken on the basis of these finènck41 statements. Details of the extent to which the audit was cOns￿ered Cap￿Ie of detects.ng irreguL*ritres. indudlng Iraud and non-COm￿lance with laws an(1 fegulations are set out below. A further description of cmjr respJnsibilities for the audit of the financial statemenls is kncated on the Financial Reportng Council's website at: wMv.frc. .uklauditorsres nsibilib"es. This description lorms part of our auditor's rewJrL INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS Extent to whlch the audit was con$idtred Capable of detecting irregularhies. I￿lUdIng fvaud Irregularities. induding fraud. are instances of non-compliance wth Laws and regulations. We identified and assessed the risks ol material misstatement of the finanoal ststements friyn irregvlarilies. whether due to fraud or error, and discussed Ihese belween our audit team members. We then designed and performed audit procedures responsive to those risks, indLFdirwJ obtaining audit evKlence sufficiènt and appropriate to prov￿¢ a ba$1$ for our opinion. We obtained an understsndin9 of the kgal and ￿ulatory framethDrks wilhin which the ¢hwilable company operates. focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the fnancial statements. The laws and regulations we consid8red this context were the Companies Act 2006 and the Charilies Act 2011 together with the Charilies SORP {FRS 102}. We assessed the required Com￿lance wTrth these la%¥s arthj regulations as part ol audit Wfxedures on the related financial statement ilem5. In addition. we considored provisions of other Laws and regulat￿n$ that do not have a drecl effect cn Ihg financial statem8nts bul cOm￿lance wth vthich might be fundamental to the charitable company's ability lo operate or to avoid 8 material pena#y. We also considered the opwrtunities and incentsves that may exist within the charitable company for fraud. The laws and regukb.ons we considered •) this ￿ntext lor the charity were Chaiity Commission reguktK)ns. eMp￿y￿ent law and General Data Protection Regulation IGOPRI. Audibng standards limit the required audit procedures to Trdenlify non (effective 1 January 2015) - (Charities SORP IFRS 1021}. ￿ Finanual Repjrting Standard applieat46 li tha UK and Rewts1￿ of Irdand (FRS 1021 and Companies Act 20¢%. The Mayor of Lond￿,$ FLtrnd for Ycwng Musiuans meets the dgfinilh?n of a Publ￿ benefil entity under FRS 102. Assets and liabilties a￿ inilrally recf>3nised at I￿"$1￿￿1 ¢osl ty transactth value unless olherwse stsled in the re￿vant ac¢wnting pCA￿Y rK)tes. c} Golng con¢ern The Trustees expect the Chanty lo have suffLienl Ipu*Yrty to c(Mtinue lo manage its operations efficienlly and that the Charity has sufficient reserves aThJ liqumjity lo c#)ndude there are no material uncertainb'es about the Charl15 abiRy lo continue as a gofftg Co￿eM. dl In¢omlng rvJources All incomirg res¢yJrces are recognised wthen the Charrty has enlthment to the resources. the amount can be quantified with reasonable accuracy and rt is probabte that thè inccrfne ￿711 be received. The folb)wng specific poliC￿S are applped to particular calegories of in￿me. Votvntary inc(Nne is receNed by way of gfants. (knat￿n$ 1￿CeIved and pledged) and grfts and is inC￿ded in full w) the StstemMI ol FinanfiJ Actiwty (SOFA) when the Charity has enlillement to the incorne, the amounts ean be quantrfied with reasonatle aecuracy and il is probable thal Ihe ineome will be received. Grants. where enliuement ts not ￿dIt￿al on the delivery of Spe¢)r￿ perf0rrnar￿e by the Charity. are recOgnr￿1 vthen Ihe Charity bec(xnes entit￿ to the gfanl it is probable thal the ￿an1 will be received. Oonated Servi￿ arKI faulilies are included al Ihe value to the Charily vthere this can be quantified. Gt1ts4n-kind haw l)een inclLwJed at market value. The valve of servKe of voknleers has nol been induded in these accounts. Investment income uJn5i5ts d bank interest, wh•th 15 inckned when receivable. 24 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS . TRADING AS THE LONDON MUSIC FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 e) Resourc•$ expended and lffecoverable VAT LIabl￿tieS ￿ recogni8ed as resol￿ expended as so)n as thorg is a legal or constDJCtNe obligalN commitling the Charbty to the expenditure. Al expenditure is acc￿nted for on an acLYuals basis and ha5 been daSSif￿ under headir¥Js that agJregale all cosls related lo the categDry. ExpendilLre on raising funds includes the eosts associ8ted Wlh attracl*g voluntary inct)me. This cltldes fundraising events and Ihe a$s￿lated costs. Charilabie a¢livtbes experKlituo cLxnprises ItrM)se Costs *Kured by the Charty in the delvery of ils acbvities arKI service f¢y tts benef￿￿les. It includes both Costs that can be alk)cated dI￿¢ty to such aetiviti'es arKI those costs of ￿ indirect natu￿ necessary to suFyort them. Charilabl8 ad1vit￿S include grants paydt4e. are payments made to Ihird partiès in Ihe furtherance of the ch￿lIable otieclives of the Chariiy. The gants ar8 aCC￿nted lor in the per when lormaHy awwded by the Tru51ees and ¢ommuni¢aled to the ie¢ipienl irr&spective of thg wiod covered by the grant as they aTe regarded by the Trusleos as financial oblvjations and Ihe ￿CIpIentS have an expectation lh* they will re￿1Ve the grants when due. I costs are alocated betsveen the expeThthtuTe ealeg)ries of Ihe SOFA a basls designed to reflecl the use of the resource. Costs relating lo a particular aGtiwty are alk)caled diredy or apportioned betsveen grants awafded as ScholarslN"ps ar￿ grants av￿rded as Partnerships on a P8rC￿la9e of total grdnls made in the period. SukyM1 costs are all￿ated agaK)sl ihe drfferenl aciivit*s based on staff lime. Cash at bank and in hand Cash at bank and cash in hand rtludes stKYt lum hwJhly Iqu•J investments with a short malurily. g) Flnanclal In5trwnents The Charity only had financy31 assets ar￿ fmancial liabilit￿5 of a k￿￿ that qualrfy as basic financial instruments. Basic finanoal ￿$trUments are initially recognised at transaclKsn value and subsequently measured al Ihwr settlement vakje. Granls payable and pledged donations receivable in more than one year a￿ measured at present value and are discounted using a fate that rellecled the cosl of money lo the Charity. h) Fund a¢courtlng R¢stri¢led Funds are funds ¥th￿h are to be used in a¢￿Kdance V+ilh spetsfic restrk1ic￿S imwsed by Ihe donor. There is a sirtg￿ restricted fund for the Scholarship programme, restricled lo ￿￿VIding ants lo ￿14 year old children who show polential ar￿ commitment to leamw a musical instrnmenl, trArt whose famlies slruggle to pay Iheir lèssons. There ts a siNJle ￿Stricted fund for tr* P•1nersPdps F¥ogramme. a single restricted fund for Arnplify London. Grants have teèn awarded uNler the Partnership Programme and AmplKy London as al 31 July 2021. with some Foyffwts made subsequtnl to the year end. The Unrestricted FuThts cornwse tFKJse furn1s which the Trustees are free to LEse for any purpose in lurlhgran¢o 01 Ihe charitable obje¢ts. Unrestricled funds include desNJnaled funds where the Tnjstees, at their discretion. have (xealed a lund for a S[￿bfiC purkw)se 25 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 A¢￿untIng poii¢l•s {continu¢d) ITr Charhable aGtivilie5 Costs ol Chari￿e a¢bvi¢ies include grants made and an apwtonmenl of o¥ertsad and supwt c￿1$ as shown in note 4. The costs relaling to grant makry actmly represent costs incurred in assessing applIca￿￿S. admnL3trat￿Th of the grants aw&ded aThJ post grant moniknng. Donatlons Vnrestrid Fund5 2021 Restricted Funds 2021 Total Funds 2021 Tolal Funds 2020 Donations Gift A*J Gifts-in-kind Inole 5) 55.753 23.073 211.371 20.789 267.124 43,862 314.652 20, 765 Charltabt• In¢¢me 2021 2020 FundraisirKJ events 157 414 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Totsl Res¢urus Expendld 31 July 2021 Dlre¢t Costs Staff Costs Support Costs Cost ol raising funds Fundraising adiwties 19.215 17.622 36.837 .19.215 17.622 36,037 Charitable advltles Scholarships Partnerships 312.130 68.006 30.000 60.857 17.388 . 19,343 31.417 8.977 23,081 404.404 94.371 72,424 410.136 97.588 63.475 571,199 Inctuded in S[Vk￿rt Costs are £7.405 (2020.. £7.712) of gwnance wsts. The audit lee for the ¢urrenl ￿ar was £13.OLX)12020." £8,5￿ irKI(thng a 9ift in kw7d of£2,500). 31 Juty 2020 Sl8ff Costs Sup￿1 Costs Costs Cost of raislrtg funds Fundraising adivjties 78,351 33.828 52.179 18.351 33,828 52.179 Charitable activit Scholarships Partnershws 16.443 9.CQl 34.324 64,108 18.317 20,408 12.226 3,549 3,944 100,270 27.318 54.732 59.768 102,833 19.719 182,320 lal Analysis of suprN)rt costs 2021 2020 Rent Offi¢e overheads Legal. ffinènctal aThJ Gov8mancè General office expenses Subscnplions Other support tosts 45,499 7,560 7,405 4,326 2.104 25.200 6.013 7. T12 5.201 1.539 27 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUPK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2021 Gifts-inthind Raising Funds Charitable Actlvities 2021 2020 Audit Events Rent 2.50Q 3,240 Total g1fts4n*ind Trustees, remuneratlon and expenses Nong of the Twslges recotvgd 3ny ramunor3tion during thc p)riod for sorVi￿ providod to eharity. No expgnses were claimed by. or reimtsjrsed lo. Trustees in thg perK*J12020: £Nill. Employ••s Numberolemployees The average mMlhty number of p￿sOnS emF4oyed by Ihe Chanty *Jwing the peritrj was: 2021 Number 2020 Number Management and admnistr8tion Employment costs 2021 2020 W•3es and salar￿$ s￿la1 seujrily costs Pens*Jn costs 104420 9,715 108,559 10.065 One empk)yee ie¢ei¥ed emoluments of £60,OCM)- £70.¢Xh). The total cost ol"EmWoJws eontvtmJt1￿ in relalion to the ab)ve empbyee was £1.823 {2020.' 1.800) Key management perscfflrwl of the Charity comwise the Trustees and ihe Chief Executive Officer. They recaved aggregatè remuneration {inck**'n9 emFth)yer's pension ano natw)n81 insurance) of £73.15512020.. £68.822). The Trustoos ￿rfj nol paid ￿ received arty otlw benerrts from empk)wxent the Charity in the year 12020.. £Nill. 28 THE MAYOR OF LONDON'S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND IIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Grants for charitable puwses All grants are made lo nslilutsons. Analys1$ Grnnts for Grants for Scholarshlps Partnershlps Grants for Amplify Total 2021 2020 Barking & Dagenh￿l Community Music ServK8 Barngt Educati¢xt Axts TnBt Bexley Mus Brenl Mugc Service Brornley Youth Mu51¢ Tntst Camden Music ser¥￿e Croy