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2025-07-31-accounts

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 2025

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 2025

Pages
Reference and administrative information 2 - 3
Report of the Trustees 4 – 18
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 – 33
Independent Examiner’s Report 34

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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 2025

Registered office 169 Union Street London SE1 0LL Charity registration number 1141216 Company number 07530077 Patron Mayor of London, Sadiq Khan Ambassadors Nicola Benedetti CBE George Benjamin CBE Julian Bliss YolanDa Brown OBE Simon Cowell Sir Mark Elder, CH, CBE Tom Featherstonehaugh (appointed October 2025) Jess Gillam MBE Jools Holland OBE Stephen Hough CBE Steven Isserlis CBE Sir Karl Jenkins (appointed October 2025) Miloš Karadaglić Midori Komachi (appointed May 2025) Tasmin Little OBE Tim Lowe Julian Lloyd-Webber OBE Chi-chi Nwanoku CBE Wayne Marshall OBE Rachel Portman OBE Abel Selaocoe Ayanna Witter-Johnson Trustees Baroness Fleet, Veronica Wadley CBE (Chair) Emma Chamberlain OBE Oliver Duff (resigned 3 July 2025) Richard John Ewbank Kevin Gardiner Alexander George Peter Glaser Katya Gorbatiouk James Marsh Howard Mason Roxana-Viorica Mirica Richard Morris Mary Mycroft Alethea Siow Ayanna Witter-Johnson (resigned 2 May 2025)

Chief Executive Officer

Christine Kinsella

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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 2025

Bankers Metro Bank Ltd 1 Southampton Row London WC1B 5HA Close Brothers (account closed October 2025) 10 Crown Place London EC2A 4FT Independent Examiner Crowe U.K LLP R+ Building 2 Blagrave St Reading RG1 1AZ

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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 2025

The Trustees present their report and financial statements of the Charity for the year ended 31 July 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011, the Companies Act 2006, and the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102).

INTRODUCTION FROM THE CHAIR

This year has been one of both growth and transition for the London Music Fund. Building on almost 15 years of impact across the capital, the Fund has continued to champion access to high-quality music education for children and young people who would otherwise miss out. Alongside our flagship Scholarship, Senior Scholars and Partnership programmes in London, we have taken exciting steps towards national expansion, notably launching Amplify Liverpool in partnership with YouTube, and expanding our Senior Scholars programme at the Royal Birmingham Conservatoire, with the support of the KM Foundation, earlier this year.

These milestones reflect our commitment to sharing the Fund’s proven model more widely, supporting inclusive music-making and nurturing young talent across the UK.

We also mark this year with a significant leadership transition. After fourteen years with the organisation, including a decade as Chief Executive, Chrissy Kinsella will be stepping down in early 2026 to take up a new role. Under her leadership, the Fund has grown in reach, reputation and resilience, establishing strong partnerships, securing new funding streams, and ensuring that thousands of young people have been able to continue their musical journeys.

The Board of Trustees extends its deep gratitude to Chrissy for her vision and dedication to children and young people. As we celebrate our 15th anniversary in 2026, we look forward to building on this strong foundation in the years ahead.

Baroness Fleet, CBE Chair of Trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT

STRUCTURE

The Mayor of London’s Fund for Young Musicians (referred to as “the London Music Fund”, “LMF” or “the Charity” in the remainder of this report) is a company limited by guarantee governed by its Memorandum and Articles of Association following incorporation on 15 February 2011 and as amended 24 June 2022. It is registered as a Charity with the Charity Commission. Membership is open to individuals or organisations who apply to the Charity in the form required by the Trustees and are approved by the Trustees.

GOVERNANCE

Trustees

On 31 July 2025 there were 15 Trustees. Each Trustee has a limited liability of £10. The Mayor of London is invited to nominate two Trustees to the board, and the charity is working with the Mayor’s team on taking that process forward. The music service representative Trustee is currently Mary Mycroft from Waltham Forest Music Service.

The Charity records its grateful thanks to Oliver Duff and Ayanna Witter-Johnson who both stepped down during the year.

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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 2025

Trustees meet quarterly. No Trustee may miss more than three meetings in a row without the Chair’s approval. In appointing new Trustees, the board review existing skillsets, identify gaps and recruit accordingly. New Trustees are provided with a comprehensive Induction Pack. Baroness Fleet, Veronica Wadley, CBE continues as the Chair of the charity.

MANAGEMENT

The day-to-day operation of the Charity is managed by the Chief Executive.

As noted above, Chrissy Kinsella will be stepping down as CEO in January 2026, and recruitment is underway for her successor. Kate Kelly, current Senior Programmes & Operations Manager, will be taking on the interim position until May 2026. The remaining team comprises a Programmes Manager (0.6 FTE from October 2025) and a full time Development & Communications Officer, a new position from November 2025. The finance function is supported by a Trustee.

The Chair and the Chief Executive speak regularly. The Personnel and Remuneration Committee (led by the Chair) conduct an annual appraisal of the Chief Executive, having sought prior input from Trustees.

Sub-Committees

Trustees are encouraged to serve on one sub-committee. There are Terms of Reference setting out expectations for each committee. The CEO is an ex-officio member of each committee.

Finance, Audit & Risk Committee:

The Committee meets quarterly in advance of each full board meeting. Minutes are recorded and distributed to all Trustees. The Risk Register is reviewed at the quarterly FAR Committee meetings and presented annually to the board at the Q1 meeting.

Trustees

Howard Mason Chair Richard Ewbank Kevin Gardiner Baroness Fleet, Veronica Wadley CBE

In attendance Christine Kinsella Chief Executive Officer

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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 2025

Music Education Committee:

The role of the Music Education Committee is to support the Board of Trustees and Executive team in the development and delivery of the Charity’s programmes. The Committee consists of Trustee representatives, and several invited individuals from across the world of music education. In addition, two London Music Services are represented at any time.

The Committee meets quarterly in advance of each full board meeting. Minutes are recorded and distributed to all Trustees.

Richard Morris Chair (LMF Trustee and Co-founder) Annie Cartwright Music Education Consultant (retired October 2025) Matthew Glenn Music Education Consultant Clare Lovett Principal Project Development Officer Alison Mears Director of Guildhall Young Artists & Safeguarding, GSMD Mary Mycroft Head Waltham Forest Music Service & LMF Trustee Dr Ross Purves Associate Prof. Music Education, Institute of Education Xanthe Sarr Deputy Head of Music Service, Hackney Dr Diana Salazar Director of Programmes, Royal College of Music Baroness Fleet Veronica Wadley CBE LMF Chair of Trustees

The committee would like to express its thanks to Annie Cartwright who retired from the committee in October 2025, after 14 years.

In attendance:

Chrissy Kinsella Chief Executive Officer Kate Kelly Senior Programmes and Operations Manager Sophie Mullender Programmes Manager

Personnel & Remuneration Committee:

The Committee meets annually to review staff remuneration, to undertake the appraisal of the CEO, and on an ad hoc basis when recruiting a new member of staff or addressing specific staff issues.

Trustees

Baroness Fleet, Veronica Wadley CBE (Chair) Howard Mason Richard Morris

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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 2025

Amplify London Advisory Group

Chrissy Kinsella CEO, London Music Fund Kate Kelly Senior Programmes and Operations Manager, London Music Fund Lizzie Dickson Head of Music, UK, YouTube Arfa Butt Music Industry & Cultural Partnerships Strategy Consultant Jason Singh Sound Artist, nature beatboxer, composer, and creative facilitator Keith Sykes Director of Community Programmes, Lewisham Music Benjamin Turner Founding Director of Rap Club, Educator and Youth Arts Leader

The committee would like to express its thanks to Christina Matteotti who moved away from her role as Head of Music, EMEA Partnerships, Google during the year.

Amplify Liverpool Advisory Group

Chrissy Kinsella CEO, London Music Fund Kate Kelly Senior Programmes and Operations Manager, London Music Fund Kevin McManus Head of UNESCO City of Music Mat Flynn Senior Lecturer in Music Industry at University of Liverpool Mel Burton Strategic Lead Officer, Liverpool City Region Music Services Yaw Owusu Creative Consultant Zoë Armfield Head of Learning, Liverpool Philharmonic

Ambassadors

Ambassadors are high-profile musicians in the UK, selected for their commitment to music in general and music education. Ambassadors are expected to promote the Charity to the media and the wider public. Those with the appropriate skills contribute to the Charity’s Scholarship and Partnership Programmes. Those who are performance artists are asked to give their time to perform at fundraising events or speaking to and inspiring Scholars at Playing Days.

OBJECTIVES AND ACTIVITIES

The Trustees confirm that they have complied with the duty under Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

The London Music Fund benefits the public through the promotion and enhancement of the musical education and development of young people, by any means and in any socially inclusive context.

Vision

Our vision is to help transform communities by bringing music education to children from low-income families and under-represented backgrounds. We support thousands of young Londoners to learn music to a high level and take part in inspiring workshops. In doing so they gain confidence, access to social networks and vital skills which will set them up for life. Our programmes also have a wider impact on families, introducing them to a world of music they would otherwise be unlikely to access, from free tickets to concerts to watching their child perform at world-famous venues.

Since 2011 the charity has awarded over 1000 Scholarships to children from low-income families (over 65% in receipt of free school meals or pupil premium, and 65% from Black, Asian and ethnically diverse backgrounds), and have funded over 100 inspiring, collaborative projects through our Partnership and Amplify programmes, directly reaching over 10,000 young musicians. In total we have invested over £5m into music education in London since our launch.

Mission

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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 2025

Objectives

How the Charity delivered public benefit

On 31 July 2025 there were 329 children in receipt of a four-year music Scholarship, of which 70 were graduating at the end of their four-year programme. Trustees approved funding for a further 95 four-year Scholarships, taking the total number of Scholars currently in receipt of funding to 354.

25 further Senior Scholarships were also confirmed, including five in Birmingham, supported by the KM Foundation.

In addition, the Amplify programme continued and expanded with five projects being confirmed in London in the autumn of 2024, and five projects for Amplify Liverpool confirmed in the spring of 2025.

Four new Partnerships were supported through the continuing funding partnership with The Karlsson Jativa Charitable Foundation, all of which are outlined in more detail below.

PROGRAMMES

The charity currently supports four main programmes:

SCHOLARSHIPS

The Charity awards four-year music Scholarships to children who have started learning an instrument at primary school and are making good progress, but whose families find it difficult to pay for music lessons, meaning that without support they would have to give up their studies. The Scholarship is awarded in full for four years and covers the sometimes-difficult transition to secondary school.

What does a Scholar receive ?

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REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2025

Nomination & selection process

Scholars are nominated by their primary school to the local borough music service, who then shortlist their nominations to the London Music Fund. To be put forward for a Scholarship, the child must:

Music services must run an open and fair nomination process, ensuring, as much as possible, that all non-fee paying schools and other music education providers in the borough are able to nominate students. The long list recommendations are taken to the Music Education Committee for endorsement before going to the Board of Trustees for final approval at the Q4 meeting in July. Towards the end of the summer term the London Music Fund informs Music Services which of their students have been successful. New Scholars usually begin their four-year studies in the autumn term.

Once a Scholar starts their four-year musical journey Music Services must:

Reporting

Music Services are asked to provide a short mid-year progress report, written by the instrumental tutor, outlining Scholars’ progress, and end of year report with input from the mentor, parent, Scholar and school, where possible. In 2024 the charity invested significantly in online reporting software which has had a positive impact.

Scholars’ Playing Days

The charity continues to develop an annual series Playing Days for Scholars, with a shared vision of highquality performance opportunities and clear musical progression for young musicians. The aim of our Playing Days is:

During the year the Charity continued its successful relationship with Conway Hall, who generously provide the venue for our Playing Days free of charge, through their education partnerships. We also continued our relationship with the Royal Academy of Music, holding our 2025 Graduation in the Duke’s Hall for the fifth year in a row.

Progression and Attainment

Scholars are expected make progress in their instrument, and this is evidenced in a variety of ways; through

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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 2025

regular progress reports from their instrumental tutor, progression through ensembles, and graded exams. While we do not necessarily expect Scholars to take graded exams, an approximate benchmark is provided to monitor progress, and Scholars are expected to improve by a grade every three to four terms.

In the rare instance that sufficient progress is not being made and the Scholar is not improving after intervention, the Withdrawal Procedure may be invoked as a last resort.

SENIOR SCHOLARS

We are delighted that the Senior Scholars programme is continuing in 2025 with the support of then KM Foundation. The programme has increased from 20 participants to 25 and expanded to include 5 young people from Royal Birmingham Conservatoire junior department. We are excited to be developing the programme and these new relationships across London and Birmingham. A programme of activity is being developed by the Senior Programmes and Operations Manager, to include conducting workshops, shadowing, and side-by-side musical performances, mentoring and educational workshops. Senior Scholars are encouraged to take part in LMF Playing Days to develop leadership and mentoring skills.

Senior Scholars receive a grant of £1,000 via their nominating organisations, to be spent on furthering their studies (to be agreed with the charity), and a programme of mentoring, masterclasses and other bespoke opportunities organised by LMF.

YOUTH FORUM

The Youth Forum continued during 2024-25, led by Kate Kelly and Sophie Mullender. Comprising all current Senior Scholars, the Youth Forum will meet six times during the academic year (twice per term) to discuss a topic facilitated by a guest speaker. It is an opportunity for our Senior Scholars to highlight and address issues relevant to their musical journey, and to feed into the Senior Scholarship programme and the wider work of LMF.

PARTNERSHIPS

The Partnership Programme supports collaborations with Music Services schools, venues and professional arts organisations, developing projects across a diverse range of genres. Music Services are invited to apply for up to £15,000 per project, having identified a specific gap in provision that the project would address.

The Charity is grateful to The Karlsson Játiva Charitable Foundation (through the Signatur programme for the advancement of the art of music in the UK), for their continued support in 2025 and beyond.

Applications are welcomed from one or more Music Service, and at least two professional arts organisations. Beyond this core requirement, the Charity also welcomes the involvement of higher education or other specialist music providers. The purpose of the Partnership Programme is to develop inspiring and ambitious projects, covering a broad spectrum of music genres, which provide young instrumentalists who are not complete beginners, with a wide range of opportunities.

Project criteria

To be eligible for a grant projects must evidence the following:

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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 2025

The following projects were approved for funding in September 2025:

Camden Music Service: Folk in Camden Schools

Partners: English Folk Dance and Song Society, National Youth Folk Music Ensemble, Cecil Sharpe House

This project celebrates folk music as a creative, aural, and evolving tradition. It will be led by two experienced folk tutors and a young trainee leader, offering inclusive music-making opportunities for students of all skill levels. Building on primary school instrumental experience, the project includes ensemble playing, singing, and composition through improvisation, arrangement, and rewriting using folk structures. Music will be taught by ear, encouraging musical confidence without relying on staff notation. The project supports teacher development by enhancing classroom instrumental teaching and exploring how folk music can enrich curriculum planning. It begins with CPD for secondary music teachers, Camden music tutors, and Open Academy students. A new Scheme of Work for Key Stage 3 will be created in collaboration with EFDSS and Camden Music. Sessions will focus on alternative notation, youth-led learning, and active tutor participation. The project will conclude with a celebratory sharing event, ideally held at Cecil Sharp House.

Merton Music Foundation: Resonance Ensemble

Partners: Crown Lane Music Studio, Amber Trust, TiMe (Technology in Music Education)

The Resonance Ensemble will deliver fifteen fortnightly sessions across an academic year at South Wimbledon Music Centre, a fully accessible venue. Led by a PMLD-specialist music practitioner (profound and multiple learning disabilities) and supported by six professional musicians, the ensemble will explore sound system culture and electronic dance music. Using live and adaptive instruments, music technology, and commissioned equipment, the project ensures inclusive access for participants with varying needs. In partnership with TiME, students will compose and perform using instruments tailored to their abilities. Sessions will be participant-led, adapting to individual interests and development. Opportunities for crossensemble collaboration with MMF string and percussion groups will broaden creative experiences. Instead of a traditional performance, the project will culminate in a professionally produced film, premiered at Crown Lane Studio in July 2026. Resonance will become a regular MMF ensemble, extending access to SEND learners and informing inclusive practice across MMF’s wider programme, enhancing staff confidence in supporting diverse musical abilities.

Tri Borough Music Hub: A Musical Rebellion

Partners: Royal Albert Hall, Royal College of Music, ENO Engage, New Generation Steel Orchestra, Revere Arts

This ambitious, multi-year project offers a high-quality progression route for 100–120 young instrumentalists from diverse, state-funded schools across three boroughs, many of whom lack access to elite ensemble training. Through weekly rehearsals over 20 months, participants will receive intensive ensemble coaching, sectional training, and mentorship from professional musicians affiliated with the Tri-borough Music Hub, Royal College of Music, and Royal Albert Hall. The project aims to build instrumental technique, ensemble skills, confidence, and long-term musical aspiration. Players will also collaborate with a composer, contributing creative ideas to a newly commissioned piece focused on themes of protest, identity, and global justice. The final phase will prepare students to perform the original work at the Royal Albert Hall, alongside vocalists and other artists. The programme will foster musical progression, deepen engagement with music, and empower underrepresented young people with meaningful performance opportunities and greater awareness of music career pathways.

The following project was approved for funding in November 2025

Barnet Education Arts Trust – The Open Strings Project

Partners : Tomorrow’s Warriors, Southbank Centre

The Open Strings Project is an inclusive collaboration between BEAT (Barnet Education Arts Trust), Tomorrow’s Warriors, and the Southbank Centre. Designed for young string players in Barnet who face

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FOR THE YEAR ENDED 31 JULY 2025

barriers to ensemble participation, the project offers new opportunities to explore jazz and improvisation in accessible satellite rehearsals held within local schools. Led by professional musicians from Tomorrow’s Warriors’ Nu Civilisation Orchestra alongside BEAT tutors, the project nurtures creativity, confidence, and teamwork for students around Grades 3–5, culminating in a showcase performance at the Southbank Centre. By embedding ensemble activity directly in schools, The Open Strings Project removes financial, geographical, and social barriers, while creating clear progression routes into BEAT’s borough ensembles and Tomorrow’s Warriors’ development programmes.

This second collaboration between the partners builds on the success of 2023’s Swingin’ Strings project and continues to strengthen BEAT’s commitment to equality, diversity, and inclusion in music education. The initiative also lays foundations for a sustainable model of school-based ensemble development, expanding access to high-quality music-making for underrepresented young musicians across Barnet.

AMPLIFY

Launched in February 2020, in partnership with YouTube, Amplify supports grassroots organisations providing musical activities for young people in London, by funding local projects and helping young organisations to forge links with the music industry and the music education sector. Projects are focused on supporting young people (aged 14-21) into a variety of creative careers, particularly those from historically under-represented backgrounds.

Through Amplify, the London Music Fund can reach young people who are not engaged in formal music education through schools and Music Services, a group not previously represented among LMF’s beneficiaries, and who face barriers to music making.

In 2024 YouTube confirmed funding to support expansion of the Amplify programme to Liverpool, signifying the Fund’s first work outside London. Working with Liverpool-based creative consultant, Yaw Owusu, a local steering group was established, focusing strongly on Liverpool-based knowledge, expertise and experience. This group has been instrumental in supporting the development and expansion of the Amplify programme to Liverpool in 2025 and the trustees record their thanks.

Plans for 2025/26 include further consolidation and evaluation of the London and Liverpool programmes, and research and development work into further expansion outside London.

AMPLIFY LONDON

The following projects were approved in the autumn of 2024:

Finding Rhythms: Making Waves - Professional Development Programme

Finding Rhythms uses music as a catalyst to empower young people to change their lives. They do this through delivering collaborative music-making courses for those at risk of offending, in a range of custodial and community settings. Their creative programmes are delivered by music professionals who develop participants’ wellbeing and transferable skills, preparing them for a better future in society. Making Waves is a music-making and mentoring project in South London supporting young people at risk of offending with engaging music activity, targeted mentoring and further professional development.

Rap Therapy: Rap Enterprise Accelerator

Rap Therapy was set up to strengthen the mental health of young people through rap. Their vision is two fold – first, working with schools to deliver interactive workshops, using rap as a therapeutic tool for strengthening the mental wellbeing of young people. Second, supporting groups of young people that have a keen interest and commitment to progressing a career in music, specifically rap music. Their Rap Enterprise Accelerator (REA) will support 14 young people through a carefully designed development curriculum, focusing on skills development, musical output and network, all of which is combined to empower the young people to access a career in the music industry.

Rising Tide: Young Men’s Space & Girls to the Front

Rising Tide Trust is an innovative youth arts trust, based in the heart of Hackney. They offer young people ages 16-25 a place to fully explore their creative potential, understand their place in the world and to prepare for the realities of professional creative life. Girls to the Front is designed to support

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FOR THE YEAR ENDED 31 JULY 2025

underrepresented genders in accessing musical spaces with confidence, run in parallel with Young Men’s Space – a space for young men to use song-writing and music to explore critical issues around masculinity, respectful relationships and misogyny.

True Cadence: Amplify Change: Music with a purpose

True Cadence is a multi-award-winning music organisation based in Barking and Dagenham. They run programmes across East London, providing age-relatable mentoring, tailored artistic development, and industry knowledge to children and young people aged 8 to 25. Amplify Change: Music with a Purpose is a youth-led music project in which participants will collaboratively write, record, and produce material addressing social issues. Participants will gain hands-on industry experience, developing creative, teamwork, and employability skills while amplifying their voices through meaningful, socially conscious music.

Yeah Youth UK : Come True Sessions

Yeah Youth UK is a growing music project serving young people of the global majority in developing their creative journeys. The opportunities break down access barriers into the music industry whilst developing the artistic skills through specialist workshops delivered by artist mentors active in their field. Their aim is to provide safe spaces for young people who wouldn't otherwise have access to tangible opportunities & knowledge, to collaborate together, uniting postcodes preventing youth violence while providing pathways into the music industry. ‘Come true’ (if not aware, is wordplay MLE slang ‘come through /pronounced tru’ meaning turning up & bringing someone into an opportunity & being yourself, co designed with Yeah Youth’s young people) is a music project for young people to experience artistic development with professional industry mentorship and creating in studio.

AMPLIFY LIVERPOOL

The following projects were approved in the spring of 2025:

471 Routes: Tidal Shift

471 Routes C.I.C. is dedicated to fostering grassroots talent in creative industries. Their mission is to provide young people with a route into the arts, particularly in Birkenhead. Through their Tidal Shift programme they aim to offer opportunities for young people to progress through a talent pipeline, supporting their development from support slots to headliners. The Tidal Shift project will be a series of events and masterclasses that will bridge a critical gap in artist development, supporting emerging artists who have outgrown open mic stages but aren't yet ready for headline slots. The project will focus on artist growth, fostering a sense of community and valuable networking, ensuring performers gain the tools to make informed career decisions.

Capeesh: Direct Input

Capeesh (Liverpool) formed as a response to a perceived community need. Their original aims were to provide opportunities for young people to engage in music events to showcase their talents, growing an audience for 'new music'; and to work with commercial venues in support of providing such opportunities. In 2019, Capeesh evolved into a music youth project that offers free music tuition and mentoring, to support and develop young people’s skills, interests and creativity in music and have continued in this vein ever since. Their project Direct Input is a talent development programme offering 15 young people support and guidance from a range of music industry artists and professionals, covering key areas such as songwriting, composition, marketing, navigating the music industry, self-care and mental health. Working in partnership with Harthill’s music room and Muma Studios, the programme will conclude with a showcase event in February 2026.

Finding the Music Inside: Elevate Your Voice

Finding the Music Inside helps music creatives unlock their full potential and achieve lasting success by bringing a unique blend of performance coaching, emotional intelligence, and deep industry insight that empowers them to thrive both on stage and in life. Director and Master Coach Basil Reynolds has worked with artists at every stage of their journey, helping them build a foundation of self-awareness, confidence, and emotional strength. The Elevate Your Voice programme is designed to empower music creatives by providing tailored mentorship, coaching, and skill-building opportunities, ensuring they develop the skills and mindset needed for long-term success and enabling them to navigate both the creative and professional

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challenges they face. It will foster an inclusive environment by prioritizing marginalized groups, and by supporting all music professionals - whether in front of the mic or behind the scenes - the programme aims to create a collaborative, diverse, and thriving music community, enhancing Liverpool’s cultural landscape.

Positive Impact: Step Up! Music Project

Positive Impact supports the musical and creative development of young people, particularly those from Black and minority backgrounds. Through vocal training, song writing, performance workshops and musicled theatre, they provide a springboard from grass roots to the mainstream music industry, with alumni including several artists who have gone on to sign recording and publishing deals and perform internationally. Their Step Up! Music Project is a collaboration between two dynamic, community-driven initiatives - Positive Impact and the Liverpool Hip Hop Festival - with a shared mission to nurture and elevate emerging young musical talent. By bringing together singers, rappers, musicians and producers, the project will create a vibrant space for creative collaboration and artistic growth via a series of workshops and training sessions. Throughout the project, young artists will work closely with established figures from the Liverpool music scene, gaining valuable mentorship, industry insights, and professional guidance and will culminate in a music showcase, celebrating the creativity, growth, and achievements of all participants.

Scrapyard Studios : Rockademy

Scrapyard Studios aims to provide community-based music and arts opportunities for those who would otherwise struggle or be unable to access them. Since forming in 2018, they have established an industrystandard, not-for-profit recording and rehearsal studio in one of the UK's most socio-economically deprived areas, offering subsidised and/or free sessions for young bands and artists. Their Rockademy project is designed to act as a springboard for young musicians ready to take their next steps into the industry by offering tailored support to each band/artist individually including free mentored rehearsal sessions, and a series of career development, advice and networking opportunities. The project will be split into three phases, with a showcase performance at the end of each phase and the final performance will also serve as a launch event for artists' singles/EPs.

Trustees are grateful to YouTube for their continued support of this programme.

MONITORING AND EVALUATION

The day-to-day management and monitoring of the Partnership and Amplify projects is managed by Kate Kelly, Senior Programmes and Operations Manager. In addition, Matthew Glenn continued his role as the Independent Music Education Consultant, working with closely with LMF team, and reporting to the Music Education Committee where appropriate. Scholarship monitoring is managed by Sophie Mullender, Programmes Manager, with input from the CEO. All programmes are regularly reviewed by the Music Education Committee, who report to the Trustees.

The charity is committed to working with all Music Services and education partners across London and beyond, to ensure that young people are accessing the best programme designed for their needs, and any issues with attainment and progress are highlighted and addressed quickly. The Chief Executive and team present termly to the regional London ‘Music Mark’ meeting, consisting of Heads of all London Music Services.

STRATEGIC REVIEW OF SCHOLARSHIP PROGRAMME

As part of its ongoing commitment to ensuring the London Music Fund’s programmes remain relevant and effective, in July 2025 the Trustees commissioned an independent Strategic Review of the Scholarships Programme, led by music education consultant Philip Flood.

The review aims to assess whether the programme remains fit for purpose in the current music education landscape. Through extensive consultation, including over 20 interviews with Music Service leaders, mentors, trustees, partners and funders, alongside surveys completed by parents and Music Service representatives, the review has gathered a wide range of perspectives on nomination and reporting processes, retention, mentoring, programme outcomes, and progression.

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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 2025

Early findings highlight the programme’s strong reputation and sense of pride among participants, while identifying opportunities to streamline administration, increase flexibility in criteria, refresh Playing Days, and consider new models for progression and financial support. The review will provide valuable insight to guide the future development of the Scholarships Programme and ensure it continues to meet the needs of young musicians across London and beyond.

FUNDRAISING AND PARTNERSHIPS

The Charity continued to have success in fundraising, increasing income to its highest level since 2014. 100% of our income is from individual philanthropy, fundraising events, corporate support, and trusts and foundations. The fundraising facility is managed by the Chief Executive, with support from the team and our committed and generous board of Trustees. A new role of Development and Communications Officer has been created from November 2025.

The Charity remains grateful to all its donors and supporters, with particular mention to the following for significant contribution to our programmes: The Amaryllis Fleming Foundation, The KM Foundation, The Karlsson Jativa Charitable Trust, the Apax Foundation, the Foyle Foundation, The Linbury Trust, and YouTube.

Mayoral Support for the London Music Fund

Mayoral support continues for the Charity, with a further grant in 2025 of £26,000 towards the Scholarships programme. Trustees are grateful to the Mayor for his ongoing commitment to and support of the Charity’s work.

GDPR and Data Protection

The Charity regularly reviews its processes and procedures around data collection and processing. Its “Privacy & Data Protection Policy,” both for donors and beneficiaries is available on the London Music Fund website.

The Charity is registered with the Fundraising Regulator through their voluntary registration system for smaller charities. No issues or complaints were made during the year. The Charity remains committed to abiding by current legislation and best practice in fundraising.

Safeguarding

The Charity has a Safeguarding Policy referencing current guidance and legislation which is reviewed annually (most recently November 2025) by the Music Education Committee and Trustees.

All staff, volunteers, freelancers and Trustees are regularly DBS checked. Staff and trustees are expected to participate a safeguarding training at a level relevant to their role.

Grant making policy

Grants payable are payments made to Music Services and independent music organisations (third parties) in the furtherance of the charitable objectives of the Charity. The grants are accounted for in the period when formally awarded by the Trustees and communicated to the recipient irrespective of the period covered because they are regarded as financial obligations that recipients have an expectation of receiving when due.

Alongside its reserves policy, the Charity has an ongoing policy to ensure it holds funds to the financial commitment for each Scholarship awarded. These funds are held in high-interest savings accounts and released in line with the Charity’s finance procedures when funds are needed.

15

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 2025

FUTURE PLANS

Trustees are committed to building on the Charity’s strong foundations and the findings of the 2025 Strategic Review, ensuring that the London Music Fund’s programmes remain relevant, inclusive and impactful within the evolving music education landscape. Key priorities for the coming year include:

FINANCIAL REVIEW

The Trustees have planned activity levels and are pleased to report that these financial statements reflect the success of those plans. Incoming resources increased from those raised in the prior period at £878,263 for the year to 31 July 2025 (2024: £703,902).

In this same period the Charity approved grants totalling £363,090 ( 2024: £282,150) for Scholarships, £27,000 (2024 :£20,000) for the Senior Scholars programme, £50,000 (2024: £36,747 ) in Partnership grants and £59,994 for Amplify projects ( 2024: £NIL ).

From time to time, a child may withdraw from the Scholarship programme e.g. move out of London, receive a secondary school music bursary, or stop learning due to family challenges, or changing interests. If the Scholar was in his/her first two years we invite Music Services to find a replacement. There was a reduction of £27,171 in grants payable due to these withdrawals.

Gifts in Kind

From 2024, the Charity has been recognising the additional and significant financial support that individual music services contribute to the Scholarship Programme in ensuring full delivery of the criteria as outlined. As such, this income is now declared.

Scholarship payments: 2/3 of each Scholarship is paid to the Music Services in February subject to a satisfactory mid-year report. The balance of each Scholarship is paid in September subject to a satisfactory end-of-year report and financial statement. The remaining years of each Scholarship will continue to be split 2/3-1/3 and paid in February and November until the end of the four-year commitment.

Senior Scholar payments : A grant of £1,000 to be spent in agreement with the nominating organisation over the course of the academic year 2025-26.

Partnership payments: 60% of each Partnership grant is paid in September with the balance paid the following January, or at an agreed point during the project, depending on timescale, following receipt of an interim report.

16

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 2025

Amplify London payments: 50% of each grant is paid upon receipt of a signed contract, with 30% being paid at the start of the project, and the final 20% balance paid upon receipt of the final monitoring and evaluation report.

Trustees believe that the financial position on 31 July 2025, and the performance to date is satisfactory. Net current assets at 31 July 2025 were £689,577 (2024: £615,782) , which means the Charity has sufficient liquidity to continue to manage its operations efficiently.

RISKS AND UNCERTAINTIES FACING THE CHARITY

The Risk Register is reviewed and updated annually by the Finance, Audit and Risk Committee, and presented to Trustees at their Q1 board meeting.

The Mayoral administration continues to be supportive of the aims of the Charity. The Charity is working with the Mayor’s Office and the Greater London Authority Culture & Creative Industries Team to ensure the ongoing success of the organisation.

HIGH INTEREST SAVINGS ACCOUNTS

The Charity is mindful of maximising its cash position investing in Prudential Regulation Authority designated investment firms high interest savings accounts, up to the Financial Services Compensation Scheme limit of £85,000. As such, funds are invested on the CAF Charity Deposit Platform (managed by Flagstone Group Ltd) which allows charities to manage multiple deposit accounts from a variety of banks (all covered by the FSCS protection plan). The current day-to-day banking continues to be held by Metro Bank Ltd. The CEO, Senior Programmes Manager and Trustee responsible for Finance have access to the Metro account, and all payments require dual approval.

RESERVES POLICY

The Board of Trustees annually reviews the reserves policy and the level of free reserves, which are shown in the financial statements as “unrestricted funds”. The unrestricted funds are freely available for the Charity’s general purposes and were £241,415 at 31 July 2025 (2024: £227,789).

The Charity aims to have free reserves equivalent to at least six months operating costs; currently it is holding free reserves equivalent to 12 months’ operating costs.

Scholarship Programme: It is the Trustees’ policy to hold a minimum of 2 years’ funding for each Scholar. However, at the financial year end the Charity is holding the full four-year funding per Scholar.

Partnership Programme: It is the Trustees’ policy to hold the total sum agreed to fund each Partnership.

PLANS FOR FUTURE PERIODS

Four-Year Scholarship Programme: Following the results of the Strategic Review, The Trustees seek to establish an ongoing fund which will enable the Charity to continue to support children from the earliest stages of learning through to secondary school, and beyond. The final decisions on Scholarships awarded is made each July and adjusted depending on available funds.

Senior Scholars Programme: Trustees will continue to support the Senior Scholars programme with grants of £25,000 per year with support from the KM Foundation and will continue to develop this programme in London and Birmingham.

Partnership Programme: The Trustees seek to raise enough funds to make total grants of circa £60,000 per annum and will continue to develop the successful relationship with the Karlsson Jativa Charitable Foundation to support these programmes.

Amplify London: The agreement with YouTube is reviewed annually and grants distributed accordingly. The Charity aims to continue to develop this programme in London and Liverpool, and will explore further possibilities for expansion.

17

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 2025

TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The Trustees, who are also the directors of the Mayor of London’s Fund for Young Musicians for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts following applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, 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 Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on…………………… and signed on their behalf by:

Baroness Fleet, Veronica Wadley CBE Chair of Trustees

Howard Mason Chair, Finance, Audit & Risk Committee

18

THE MAYOR OF LONDON’S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations
2
Charitable fundraising activities
3
Finance income
Total income and endowments
Expenditure on:
Raising funds
4
Charitable activities
4
Total expenditure
Net movement in funds (before
transfers)
Transfers
Net movement in funds (after
transfers)
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
408,744
28,903
31,380
469,027
33,757
376,809
410,566
58,461
(44,835)
13,626
227,789
241,415		 Restricted
Funds
£
400,169
9,067
-
409,236
12,181
441,890
454,071
(44,835)
44,835
-
-
-		 2025
Total
£
808,913
37,970
31,380
878,263
45,938
818,699
864,637
13,626
-
13,626
227,789
241,415		 2024
Total
£
591,373
78,791
33,738
703,902
(67,228)
(573,364)
(640,592)
63,310
-
63,310
164,479
227,789

The statement of financial activities incorporates the income and expenditure account. All income and expenditure relate to continuing activities.

The notes on pages 22 to 33 form part of these financial statements.

19

THE MAYOR OF LONDON’S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND

BALANCE SHEET AS AT 31 JULY 2025

Notes
Non-current assets
Pledged donations receivable
9
Current assets
Debtors
10
Pledged donations receivable
10
Cash at bank and in hand
Short term cash deposits
Current liabilities
Creditors: amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Non-current liabilities
Creditors: amounts falling due after one year
12
Net assets
Funds of the charity:
Unrestricted funds
13&14
Restricted funds
13&14		 2025
£
116,031
41,959
200,340
782,627
91,690
1,116,616
(427,039)
689,577
805,608
(564,193)
241,415
241,415
-
241,415		 2024
£
159,470
37,245
130,416
607,020
222,278
996,959
(381,177)
615,782
775,252
(547,463)
227,789
227,789
-
227,789

The trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of Section 477 of the Companies Act 2006 (“the Act”) and members have not required the company to obtain an audit of its accounts for the period in question in accordance with Section 476 of the Act. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with Section 386 of the Act, and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2025 and of its surplus for the period then ended in accordance with the requirements of Sections 394 and 395 of the Act, and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 19 to 33 were approved by the Trustees on ……………………………….. and were signed on their behalf by:

Baroness Fleet, Veronica Wadley CBE Chair of Trustees

Howard Mason Chair, Finance, Audit & Risk Committee

Registered company number: 07530077

The notes on pages 22 to 33 form part of these financial statements

20

THE MAYOR OF LONDON’S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND

STATEMENT OF CASH FLOWS AS AT 31 JULY 2025

Notes
Cashflows from Operating Activities
Net cash generated/(used in) operating activities
17
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18		 2025
£
144,227
31,380
31,380
175,607
607,020
782,627		 2024
£
106,642
33,738
33,738
140,380
466,640
607,020

The notes on pages 22 to 33 form part of these financial statements

21

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 2025

1. Accounting policies

a) Statutory information

The Mayor of London’s Fund for Young Musicians (trading as the London Music Fund) is a company limited by guarantee, domiciled in England and Wales, registration number 07530077. The registered office is 169 Union Street, London, England, SE1 0LL.

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) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The 2025 accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The Mayor of London’s Fund for Young Musicians meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

c) Going concern

The Trustees expect the Charity to have sufficient liquidity to continue to manage its operations efficiently and that the Charity has sufficient reserves and liquidity to conclude there are no material uncertainties about the Charity’s ability to continue as a going concern.

d) Incoming resources

All incoming resources are recognised when the Charity has entitlement to the resources, the amount can be quantified with reasonable accuracy and it is probable that the income will be received. The following specific policies are applied to particular categories of income.

Voluntary income is received by way of grants, donations (received and pledged) and gifts and is included in full in the Statement of Financial Activity (SOFA) when the Charity has entitlement to the income, the amounts can be quantified with reasonable accuracy and it is probable that the income will be received. Grants, where entitlement is not conditional on the delivery of specific performance by the Charity, are recognised when the Charity becomes entitled to the grant and it is probable that the grant will be received.

Donated services and facilities are included at the value to the Charity where this can be quantified. Gifts-in-kind have been included at market value. The value of service of volunteers has not been included in these accounts.

Investment income consists of bank interest, which is included when receivable.

22

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 2025

e) Resources expended and irrecoverable VAT

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure on raising funds includes the costs associated with attracting voluntary income. This includes fundraising events and the associated costs.

Charitable activities expenditure comprises those costs incurred by the Charity in the delivery of its activities and service for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Charitable activities include grants payable, which are payments made to third parties in the furtherance of the charitable objectives of the Charity. The grants are accounted for in the period when formally awarded by the Trustees and communicated to the recipient irrespective of the period covered by the grant as they are regarded by the Trustees as financial obligations and the recipients have an expectation that they will receive the grants when due.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly or apportioned between grants awarded as Scholarships and grants awarded as Partnerships on a percentage of total grants made in the period. Support costs are allocated against the different activities based on staff time.

f) Cash at bank and in hand

Cash at bank and cash in hand includes short term highly liquid investments with a short maturity.

g) Financial instruments

The Charity only had 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. Grants payable and pledged donations receivable in more than one year are measured at present value and are discounted using a rate that reflected the cost of money to the Charity.

h) Fund accounting

Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by the donor. There is a single restricted fund for the Scholarship programme, restricted to providing grants to 9-14 year old children who show potential and commitment to learning a musical instrument, but whose families struggle to pay for their lessons.

There is a single restricted fund for the Partnerships Programme, and a single restricted fund for Amplify London. Grants have been awarded under the Partnership Programme and Amplify London as at 31 July 2025, with some payments made subsequent to the year end.

The Unrestricted Funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose

23

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 2025

i) Charitable activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 4. The costs relating to grant making activity represent costs incurred in assessing applications, administration of the grants awarded and post grant monitoring.

j) Pensions

The charity contributes to the personal pension plans of employees. Contributions are charged to the Statement of Financial Activities as they fall due. Total contributions in the year were £6,965 ( 2024: £3,346 ). There were no outstanding contributions at the balance sheet date ( 2024: £nil ).

2. Donations

Donations
Gift Aid
Gifts-in-kind (note 5)
Orchestral tax relief
2024 comparatives
haritable Income
Fundraising events		 Unrestricted
Funds
2025
£
244,372
12,217
152,155
-
408,744
330,867		 Restricted
Funds
2025
£
379,493
20,676
-
-
400,169
260,506		 Total
Funds
2025
£
623,865
32,893
152,155
-
808,913
591,373
2025
37,970
37,970		 Total
Funds
2024
£
462,137
19,237
103,593
6,407
591,373
2024
78,791
78,791

3. Charitable Income

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 2025

4. Total Resources Expended

Cost of raising funds
Fundraising activities
Charitable activities
Grants
Scholarships
Partnerships
Other contributions
Music Service contribution to scholarship
delivery costs
Amplify
Total		 Direct
Costs
£
18,781
366,669
36,968
403,637
55,875
69,003
528,515
547,296		 Staff
Costs
£
27,157
92,258
26,784
119,042
-
29,761
148,803
175,960		 Support
Costs
£
-
87,656
25,449
113,105
-
28,276
141,381
141,381		 31 July
2025
£
45,938
546,583
89,201
635,784
55,875
127,040
818,699
864,637

Included in support costs are £13,199 ( 2024: £12,212) of governance costs.

The Independent Examination fee for the current year was £10,656 (2024: £10,151) .

Cost of raising funds
Fundraising activities
Charitable activities
Grants
Scholarships
Partnerships
Other contributions
Music Services
Amplify
Total		 Direct
Costs
£
42,562
273,030
36,747
309,777
57,463
2,111
369,351
411,913		 Staff
Costs
£
24,666
77,188
22,410
99,598
-
24,900
124,498
149,164		 Support
Costs
£
-
49,300
14,312
63,612
-
15,903
79,515
79,515		 31 July
2024
£
67,228
399,518
73,469
472,987
57,463
42,914
573,364
640,592

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 2025

(a) Analysis of support costs

Rent
Advertising
Office overheads
Legal, financial and Governance
General office expenses
Subscriptions
Other support costs
.
Gifts-in-kind
Music service contribution to
scholarship delivery costs
Advertising
Rent
Total gifts-in-kind
2024 comparatives		 Raising
Funds
£
-
-
-
-
-		 Charitable
Activities
£
55,875
70,000
26,280
152,155
103,593		 2025
37,080
70,000
1,189
13,199
8,729
1,691
9,493
141,381
2025
£
55,875
70,000
26,280
152,155
103,593		 2024
52,040
-
1,210
12,212
5,465
1,465
7,123
79,515
2024
£
65,713
-
37,880
103,593

5. Gifts-in-kind

6. Trustees’ remuneration and expenses

None of the Trustees received any remuneration during the period for services provided to the charity. No expenses were claimed by, or reimbursed to, Trustees in the period (2024: £nil).

26

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 2025

7. Employees

Number of employees

The average monthly number of persons employed by the Charity during the period was:

Management and administration
Employment costs
Wages and salaries
Social security costs
Pension costs		 2025
Number
4
2025
£
158,039
10,956
6,965
175,960		 2024
Number
3
2024
£
137,282
8,536
3,346
149,164

One employee received emoluments of £70,000 - £80,000. ( 2024: one received emoluments of £70,000 - £80,000.)

The total cost of Employers contributions in relation to the above employee was £12,633 (2024: £10,332)

Key management personnel of the Charity comprise the Trustees and the Chief Executive Officer. They received aggregate remuneration (including employer’s pension and employer’s national insurance) of £86,833 ( 2024: £82,332 ).

The Trustees were not paid or received any other benefits from employment with the Charity in the year (2024: £nil).

27

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 2025

8. Grants and other costs for charitable purposes

All grants are made to institutions.

Analysis
471 Routes C.I.C
Barking & Dagenham
Community Music Service
Barnet Education Arts Trust
Bexley Music
Brent Music Service
Bromley Youth Music Trust
Camden Music Service
Capeesh
Croydon Music & Arts
Ealing Music Service
Enfield Music Service
Finding Rhythms
Finding the Music Inside
Hackney Music Service
Haringey Music Service
Harrow Music Service
Havering Music School
Hillingdon Music Hub
Hounslow Music Service
Kingston Music Service
Lambeth Music Service
Lewisham Music
Merton Music Foundation
Music Education Islington
Newham Music Hub
Positive Impact
Rap Therapy
Redbridge Music Service
Rising Tide
Royal Greenwich Music Hub
Scrapyard Studios
Southwark Music Service
Sutton Music Service
Tower Hamlets Arts and Music
Education Service
Tri-Borough Music Hub
True Cadence
Waltham Forest Music Service
Wandsworth Music
Yeah Youth UK
Senior Scholarships
Scholarship Withdrawals		 Grants for
Scholarships
11,466
7,644
7,644
15,288
11,466
7,644
11,466
15,288
11,466
19,110
3,822
15,288
3,822
3,822
11,466
15,288
11,466
19,038
11,466
11,466
15,288
11,466
7,644
7,644
19,110
11,466
42,042
11,466
15,288
27,000
(27,171)
366,669		 Grants for
Partnerships
7,468
14,500
15,000
36,968		 Grants for
Amplify
6,000
6,000
5,984
6,000
6,000
6,000
6,000
6,000
5,960
6,000
59,944		 Total
2025
6,000
11,466
7,644
7,644
15,288
11,466
15,112
6,000
11,466
15,288
11,466
5,984
6,000
19,110
3,822
15,288
3,822
3,822
11,466
15,288
11,466
19,038
25,966
11,466
15,288
6,000
6,000
11,466
6,000
7,644
6,000
7,644
19,110
11,466
57,042
5,960
11,466
15,288
6,000
27,000
(27,171)
463,581		 Total
2024
-
11,286
7,524
11,286
11,286
7,524
11,286
-
3,762
11,286
7,524
-
-
11,286
7,524
11,286
7,524
3,762
15,048
15,048
11,286
16,513
7,524
7,524
11,286
-
-
7,524
-
3,762
-
7,524
7,524
7,524
26,334
-
27,806
22,524
-
20,000
(29,120)
309,777

28

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 2025

8. Grants and other costs for charitable purposes (continued)

Other direct costs - Amplify
London / Liverpool
Contribution from Music Services
to Scholarship delivery costs –
Gifts in Kind (see note 5)
Total
2024 comparatives		 -
55,875
422,544
330,493		 -
-
36,968
36,747		 9,059
-
69,003
2,111		 9,059
55,875
528,515
369,351		 2,111
57,463
369,351

During the year ended 31 July 2025, there were £27,171 (2024: £29,120) of withdrawn grants relating to prior periods.

9. Pledged donations receivable: amounts falling due after one year

Pledged donations receivable – non-current
10.
Debtors
Other debtors
Prepayments and accrued income
Pledged donations receivable – current		 2025
Number
£
116,031
2025
£
31,000
10,959
41,959
200,340
242,299		 2024
Number
£
159,470
2024
£
31,001
6,244
37,245
130,416
167,661

Other debtors represent gift aid receivable and accrued income represents bank interest receivable.

Pledged donations receivable of £316,371 (2024: £289,886) represents pledged funds that are due to be received in future years from donors. Pledged donations due in more than one year are measured at present value and are discounted using a rate that reflected the cost of money to the charity.

Included within pledges received are defaulted pledges from prior periods of £nil (2024: £nil).

11. Creditors: amounts falling due within one year

Grants payable
Social security and other taxes
Other creditors and accruals		 2025
£
412,694
2,715
11,630
427,039		 2024
£
368,175
2,786
10,216
381,177

29

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 2025

12. Creditors: amounts falling due after one year

Grants payable

2025
£
564,193		 2024
£
547,463

Grants payable in more than one year are measured at present value and are discounted using a rate that reflected the cost of money to the charity.

13. Statement of funds

Analysis of fund
movements:
Restricted Funds
Scholarship fund
Partnerships fund
Amplify fund
Total restricted funds
Unrestricted Funds
Total funds
2024 comparatives
Analysis of fund
movements:
Scholarship fund
Partnerships fund
Amplify fund
Restricted Funds
Unrestricted Funds
Total funds		 Balance as at
31 July 2024
£
-
-
-
-
227,789
227,789
Balance as at
31 July
2023
£
-
-
-
-
164,479
164,479		 Incoming
resources
£
292,268
36,968
80,000
409,236
469,027
878,263
Incoming
resources
£
208,740
36,747
-
245,487
444,415
689,902		 Resources
expended
£
(348,100)
(36,968)
(69,003)
(454,071)
(410,566)
(864,637)
Resources
expended
£
(265,274)
(36,747)
(2,111)
(304,132)
(322,460)
(626,592)		 Transfers
£
55,832
-
(10,997)
44,835
(44,835)
-
Transfers
£
56,534
-
2,111
58,645
(58,645)
-		 Balance as
at 31 July
2025
£
-
-
-
-
241,415
241,415
Balance as at
31 July
2024
£
-
-
-
-
227,789
227,789

Transfers relate to amounts transferred from unrestricted funds to cover restricted expenditure in excess of income received during the year.

30

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 2025

14. Analysis of assets and liabilities between funds

Fund balances at 31 July 2024 are
represented by:
Non-current assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
Net assets		 Unrestricted
funds
2025
£
-
244,131
(2,716)
-
241,415		 Restricted
funds
2025
£
116,031
872,485
(424,323)
(564,193)
-		 Total
funds
2025
£
116,031
1,116,616
(427,039)
(564,193)
241,415

Restricted funds are those subject to specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The table above shows those net assets at 31 July 2024 that can be attributed to restricted activities

2024 comparatives
Fund balances at 31 July 2024 are
represented by:
Non-current assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
Net assets		 Unrestricted
funds
2024
£
-
230,574
(2,785)
-
227,789		 Restricted
funds
2024
£
159,470
766,384
(378,391)
(547,463)
-		 Total
funds
2024
£
159,470
996,958
(381,176)
(547,463)
227,789

15. Related parties

During the year, donations of £29,420 ( 2024: £32,493 ) were made by individuals serving as Trustees of the charity.

31

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 2025

16. Comparative statement of financial activities for the year ended 31 July 2024

INCOME AND ENDOWMENTS FROM
Donations
Charitable fund raising activities
Finance income
Total income and endowments
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net movement in funds before transfers
Transfers
Net movement in funds after transfers
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2024
Unrestricted
Funds
£
330,867
93,810
33,738
458,415
(54,984)
(281,476)
(336,460)
121,955
(58,645)
63,310
164,479
227,789		 2024
Restricted
Funds
£
260,506
(15,019)
-
245,487
(12,244)
(291,888)
(304,132)
(58,645)
58,645
-
-
-		 2024
Total
£
591,373
78,791
33,738
703,902
(67,228)
(573,364)
(640,592)
63,310
-
63,310
164,479
227,789

32

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 2025

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the period (as per Statement of
Financial Activities)
Adjustments for:
Interest received
Decrease/(increase) in debtors
Decrease/(increase) in current asset investments
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
18.
Analysis of cash and cash equivalents
Cash in hand
19.
Analysis of changes in net debt
At 1
August
2024
£
Cash at bank and in hand
607,020		 2025
£
13,626
(31,380)
(31,199)
130,588
62,592
144,227
2025
£
782,627
Cashflows
£
175,607		 2024
£
63,310
(33,738)
7,886
66,389
2,795
106,642
2024
£
607,020
At 31
July
2025
782,627

33

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF TO THE TRUSTEES OF THE MAYOR OF LONDON’S FUND FOR YOUNG MUSICIANS TRADING AS THE LONDON MUSIC FUND

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 July 2025, which are set out on pages 19 to 33.

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R+ Building 2 Blagrave Street Reading

Alastair Lyon CROWE U.K. LLP Chartered Accountants

19 February 2026

34