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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 08071972 (England and Wales) REGISTERED CHARITY NUMBER: 1149090

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

UD MUSIC FOUNDATION

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

UD MUSIC FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024

Page
NOTE FROM CHAIR & CEO/FOUNDER 1
Report of the Trustees 2 to 16
Independent Examiner's Report 17
Statement of Financial Activities 18
Balance Sheet 19 to 20
Cash Flow Statement 21
Notes to the Cash Flow Statement 22
Notes to the Financial Statements 23 to 30

UD MUSIC FOUNDATION

NOTE FROM CHAIR & CEO/FOUNDER for the year ended 31 March 2024

Inspired by the sounds, words and rhythms of Black music culture, UD creates impact with and for young people, elevating their voices to create change for a more diverse sector. We act as a bridge between emerging talent and the music industry. UD combines business acumen with an understanding of youth culture, to create industry-led events, music education, artist development and employment support programmes in order to nurture creative talent, work readiness and entrepreneurship. We add value to existing infrastructure, supporting Black music artists and producers.

In 2022 we opened the Talent House in Newham, representing the UK's first talent development centre for Black music culture and comprising a purpose-designed building in partnership with East London Dance. In 2023 we joined an expanded National Youth Music Organisation (NYMO) cohort, co-funded by Arts Council England (ACE) / Department for Education (DfE).

In the Talent House's inaugural two-year period, we have welcomed 2,500 young people through our doors; 70 young people have benefited directly from our Talent Development Programme.

As we work towards our 25th anniversary in 2025, we are at a pivotal moment to maximise our partnerships and influence to drive sector change. We plan to use the opportunity to amplify our reach, by scaling our work as both a centre of excellence in East London and through a national network of both local and Black-led organisations to engage underrepresented young people - a lasting legacy of 25 years of relentless hard work.

To be fit-for-purpose for this mission and to sustain our work for the next 25 years, our business development goal is to be recognised as THE talent development centre and national youth music organisation for Black music, recognised by the public sector for the social and cultural impact of our work, and respected and rewarded by the private sector for the value we add to the commercial music industry.

It's no longer enough to assume that talent will simply rise to the top on its own. We need to take a more strategic and joined up approach, rather than rely on the ability of young people to hustle their way into this industry. Collaboration is vital and this necessitates increased investment in infrastructure, resources and a shared commitment to providing all young talent with the opportunities they deserve. Together, we can amplify the voices of those who may not have the platform to do so themselves.

Thank you to the team for their dedication and hard work and to our funders and supporters including: Arts Council England, Aspers, Chopstix, Converse, Esmée Fairbairn Foundation, Foundation for Future London, The Foyle Foundation, Paul Hamlyn Foundation, PRS Foundation, The Soho House Foundation, Sony Social Justice Fund, University of East London.

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).

The Urban Development Music Foundation (UDMF) was founded as a company limited by guarantee (company number 8071972) on 16 May 2012 and a registered charity (number 1149090) on 25 September 2012.

IMPACT STATS/OUR YEAR IN NUMBERS

IMPACT STATS/OUR YEAR IN NUMBERS
Number of half-day sessions delivered 887
Number of events 29
Number of participants 724
Live audience 200k
Digital audience 3m
Online impressions 744,000
Income generated £798,314
Numbers of young people engaged in youth advisory group and media team 24

OBJECTIVES AND ACTIVITIES Objectives and aims

Purposes

UD is a Black-led National Youth Music Organisation, based in the London Borough of Newham, with a 25-year track record of talent development and bringing communities together around Black music culture. Since 2000, when UD was founded by Pamela McCormick and a collective of hip-hop artists, our mission has been to educate, empower and create life opportunities for young people, inspired by the sounds, words and rhythms of Black music culture, and to drive positive change for a more diverse industry by elevating the voices of underrepresented communities and acting as a bridge between emerging talent and the commercial music sector.

To date, we have supported over fifty thousand young people experiencing racial inequality (typically 70%+ Black) and socio-economic disadvantage (evidenced by postcode, income, free school meals eligibility, risk of exclusion), taking direct action to nurture talent, equipping them with skills, tools and networks needed to access and progress within the notoriously competitive music industry. Notable alumni include Labrinth, Little Simz and executive talent who have progressed to senior roles at Apple, SoundCloud and Universal.

UD makes an important contribution to Diversity, Equity and Inclusion in the music sector by breaking down barriers for young people experiencing socio-economic disadvantage and racial inequality and by giving prominence to Black music genres that are overlooked in wider music education.

In 2014/15 we delivered a large-scale action research supported by the Paul Hamlyn Foundation which led to a national pilot (2015/18) funded by Arts Council England's Ambition for Excellence programme, Esmée Fairbairn Foundation and Youth Music. We collaborated with colleague organisations Baby People (Derby), Brighter Sound (Manchester), Bristol Plays Music/ Multi-Track (Bristol) as part of the 'Ambition for Excellence' national pilot, co-delivering outreach projects based on local need, including year-round 'urban' choir and summer schools in Bristol and Derby. Comprehensive sector analysis, youth participation and external evaluation consolidated our understanding of the intersectional problems young Black people face in engaging in music education and the barriers to progressing to careers in music and related creative industries. This informed our business plan including the development of a purpose-designed building and a refreshed programme model, which aims to address the underrepresentation of Global Majority and working-class artists/executives within the music sector and the lack of relevant training that reflects their interests.

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

ACHIEVEMENT AND PERFORMANCE

Charitable activities

In 2022, UD realised its long-term vision and launched the 'Talent House', a state-of-the-art studio and rehearsal space co-created with young people and emerging artists, in partnership with East London Dance. The successful outcome of a 5-year capital project (£4.1m total, £2.1m UD) backed by strategic stakeholders including: GLA, ACE, LB Newham / LLDC, and the Foundation for Future London, Talent House provides opportunity for growth through a mixed revenue model - turnover will grow to over £1m by 31st March 2026 and the number of children and young people we work with annually will increase from 1,071 to 2,608 and audiences will increase from 1,100 to 1,700.

UD's Acceleration projects - Flames Collective and the Incubator programme - support emerging talent into sustainable careers. Our Engagement and Education projects - Industry Takeover, Talent House access programme and Level 4 courses - engage young people, develop skills and outline pathways to careers in music. Events showcase talent from/to local communities. Our Talent House offers also industry standard facilities free of charge or at low cost to local communities and artists/creatives working in Black music culture.

Although we are based in an area with high levels of deprivation, we are passionate about excellence, and the potential for excellence in every young person we encounter. We are driven by social justice and the premise that talent is everywhere, but opportunity is not. Whilst our recent work, particularly in view of the 5-year capital project, has been principally based in London, our talent development model and partnerships serve as a blueprint for music education nationally, paving the way for sectoral change.

EDUCATION PROGRAMME

Flames Collective

The Flames Collective is UD's flagship pre-vocational, pan-London creative development programme at the Talent House programme, working with young people from secondary schools who demonstrate high potential when it comes to music. Offering weekly skills development/rehearsal sessions, three annual songwriting camps, industry collaborations, performances and recording with on-going employment opportunities, Flames have had had an exceptional year.

What did we deliver

O2 Arena, Radio 1 Big Weekend, Summertime Ball + Flames' vocals were recorded on her RAYE's new single Genesis

What did we achieve

Access

What did we achieve
Access
Target Actual Difference Met
Participants 30 53 23 Y
14-19 year olds 30 30 0 Y
Global Majority 70% 86% +14% Y
Female, Trans, Non-Binary 50% 88% +38% Y
Free School Meals/Pupil Premium 51% 25% -26% N
Postcode/POLAR decile 1 - 3 57% Y

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

Quality

End of project anonymous survey based on sample of 26 responses (72%).

Progression

In-project/skills development

In-project/skills development were measured across 6 types of impacts: Vocal technique, Songwriting & composition; Performance; Communication & collaboration; Industry knowledge & experience; Career development.

100% participants achieved recorded outcome - register improved skills and increased confidence/ aspiration - vs a target of 75%. Based on average scores, there was clear progress in every metric measured. Highest scores were attributed to vocal technique and performance impacts.

Beyond project progression & case studies

Izzy Withers

Flames Collective vocalist, Izzy Withers, 18, one of the newest members of the group, reports back on sharing the stage with RAYE and The Heritage Orchestra at the sold-out 02 show…

https://www.udmusic.org/blog/flames-collective/ud-low-down-raye-x-the-heritage-orchestra-x-flames-collective-o2-lond on/

Nayana Brathwaite

https://www.udmusic.org/blog/artists/introducing-nayana/

Following a recommendation from a friend, Nayana joined Flames Collective in 2018. Crediting her time in Flames as the catalyst for kick-starting her own artist career, Nayana has seized every opportunity UD has to offer to further her skills, knowledge and artistry.

During her time with UD, Nayana has taken part in the Incubator Programme, hosts our Open Mic nights, curates events for partner projects (a memorable achievement being working with the wider team on the Timberland x UD Open Mic at Village Underground) and led the youth crew in the event delivery of Industry Takeover 2023 (20+ events over 7 days).

Now studying for a Masters, Nayana (or Nayana.AB as she's now known in musical circles), has more recently joined the media team and moved into a new role as UD's Programme Associate, aligning with her passion for highlighting and supporting new talent and creatives.

Having performed as part of Flames Collective with RAYE at The Royal Albert Hall & Glastonbury, along with BVs for Jake Bugg at Liverpool Olympia, Nayana continues to grow vocally. From releasing her first single, 'AMP' in 2020, to realising her sonic direction in 2023 (as evidenced on her 'Intrusive Thoughts EP'), her smoky vocals weave magic over any given backdrop (as regulars at Orii Jam and Steamdown will have heard, live and direct). Recently winning a competition with Dr. Martens, we were very proud of Nayana who joined Ezra Collective, P-Rallel and Chi Virgo for her first London headline show on 21st October.

Incubator Programme

The Incubator Programme was created for independent artists with exceptional talent to help facilitate the transition from an educational or vocational training environment towards the commercial market or professional workplace.

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

Over six months, 10 high-reaching artists are offered life-changing skills development, one-to-one mentoring and access to investment, you'll also receive specialist input on your repertoire, brand and learn about routes to the market from industry professionals. We equip participants to succeed in the music industry both in the UK & overseas.

The pilot project started In December 2022, concluding in July 2023 with a Showcase at Talent House from participants AE, Chrissy Day, David GotSound, Emiko, Arinola, Saiming & Dan Dannah.

We delivered 56 sessions vs 44 planned half day sessions

Group sessions:

5-day Industry Bootcamp, Monday 30th January - Friday 3rd February 2023 Industry guest speakers included: Chris Cooke, CMU, Nick Eziefula, lawyer (partner) Simkins, Whitney Boateng, live agent WME, Tia Johnson, marketing Atlantic Records UK, Taneisha Jackson, Grammy nominated songwriter, Callum Hay, Head of Label Services, Ditto.

4-day Songwriting Camp, 14th, 15th, 21st, 22nd April 2023

Songwriting Technique with Taneisha Jackson and producer Skripture, Lyricism and Storytelling with Debris Stevenson, Writing with Musicians, delivered by Renell Shaw and the house band, Music Production and Songwriting with TSB.

One-to-one support:

Participants were given one hours coaching per month with specialist creative coach, Nell Jordan-Gent (Founder of Creatives in Coaching). Individual monthly mentoring sessions were used to develop and track individual plans (A&R stocktake, marketing & audience engagement campaigns, strategy for self-releasing artists, live show strategy, fundraising).

Mentors included Andrew Mikkelson, A&R Warner Records, Alex Sayers, A&R Polydor, Tia Johnson, Marketing Manager Atlantic Records, Nicole Otero, International Marketing Coordinator at Secretly Group, Josh Mason, Somewhere Soul, Nike Durosaro, Manager and board member Music Managers Forum, Alex Ampofo, live music promoter Live Nation, Mori Abdul, Creative Director, ShezAr, Funding with Mina.

Showcasing:

The Great Escape - UD returned in 2023 with David GotSound, Nayana.AB, Emiko, AE, Mar!k, Chrissy Day & Saiming taking to the Zahara Nightclub stage on Friday 12th May.

UD Live sessions - A new series, cinematically shot at Talent House spotlighting both our new HQ and the artists on our radar. Our first three sessions feature Chrissy Day, AE and Saiming.

Press shots & biographies - To conclude the project, UD commissioned celebrated Black music photographer, Vincent Dolman, to shoot new press shots for the 2023 participants with UD's Chantelle Fiddy delivering new biographies.

What did we achieve?

Access

Age: 100% under 25 years and under Ethnicity: 100% were identified as Black, Asian or minority ethnic vs target of 70% Gender: 40% identified as female & non-binary vs target of 50% Employment status: 40% are working full-time; 20% part-time; 10% student and 10% other Disability: 10% described themselves as D/deaf or disabled or neurodiverse or experiencing from mental illness.

Quality

100% participants rated their experience as excellent or good vs target of 70%, recommendation rating was 9.1 out of 10.

"I have grown so much as an artist in this week alone - both business and creative-wises. I can't wait to see the collabs that come out of this." Anonymous after survey following bootcamp, January 2023

"It was very insightful and informative working with different songwriters and their unique approach. The activities we were given really challenged me and as a result increased my confidence in songwriting." Anonymous after survey following songwriting camp, April 2023 Industry feedback

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

"...I thought he (Sai-Ming) was v talented, we had a great chat and have been keeping an eye. Will definitely check him out at the showcase too! What excites me most about Chrissy is that I think her songwriting is potentially competitive in the US R&B landscape, which is pretty rare for a UK artist - very exciting stuff." Andrew Mikkelsen, A&R Manager at Atlantic Records

"There are many barriers to entry when becoming an artist, one being having the facilities and a safe environment to create in. From my experience working with UD, they ensure that artists have this space and the facilities to do so, as well as providing mentorship to help them excel in their careers. Many of the artists I have mentored are already going on to do great things, a few whom I spotted at this years' Great Escape Festival as performers!" Tia Johnson, Marketing Manager at Atlantic Records

Case studies

Chrissy Day

Chrissy Day is an R&B artist and songwriter. She has been part of our Incubator Programme since December 2022 and joined specifically seeking guidance and support after a previous negative experience with artist management. She has since harnessed the programme's support to explore her artistry and songwriting and make contacts through networking and the mentoring provided to go on to write with artists like Kojey Radical and emerging pop groups. Chrissy was also given the opportunity to perform at The Great Escape Festival in Brighton, which enabled her to widen her reach as an artist and solidify her industry contacts.

'This incubator programme has been truly insightful and informative. Learning about the ins and outs of the music industry to ensure I understand how to run my business as an artist has been a clarifying experience. In regard to the workshops, I was able to expand upon my skills and add to my capabilities within my craft when it comes to songwriting and creating music around different concepts, genres, and collaboration. THE GREAT ESCAPE WAS ONE OF THE BEST EXPERIENCES! My first ever festival courtesy of the UD Incubator Programme! It was such an honour to be able to grace the TGE stage with my fellow Incubator artist mates. I've learnt so much throughout this incubator programme most importantly expanding my horizons as an artist, singer/songwriter and stepping into industry spaces with more confidence and knowledge of how to get the best out of any and every situation.'

Sai-Ming

Sai-Ming is an artist rapper. He joined our incubator programme following the release of his single 'WOOF MEOW' - he was doing well on streaming (now over 2 million streams on Spotify) and he wanted to capitalise on the audience he had built up off the back of the single's reach. Since taking part in the Incubator, Sai-Ming has collaborated with artists on the programme and worked on this live strategy, taking on a live agent and performing at festivals like The Great Escape and on mainstage at Project 6 in Brockwell park.

'My experience on the programme has been really nice... I've met some talented and driven artists and staff at UD and I'm collaborating with them more as time goes on. I learned a lot during the first week from the guests and I've found the coaching sessions particularly helpful with achieving my goals and getting specific advice on what to do and tracking my progress. Performing at TGE was really good and I think it was beneficial for a few reasons. I know some people from the industry were in the crowd and having the team from UD there including the other artists performing helped directly with the atmosphere in the crowd and helping me feel more comfortable to perform in that setting. I'm grateful for being given the opportunity.'

Industry Takeover

Inspired by our new state-of-the-art home, we initiated a bold move for Industry Takeover 2023; A massive increase in scale saw us growing from an All Dayer to a week-long series of events at Talent House between Monday 27th March to Sunday 2nd April 2023. 1 House. 7 days. 20+ events.

The programme comprised 13 panel/masterclass sessions featuring 48 industry speakers, 4 live events, 3-day songwriting camp and Free Yard (2 days of complimentary studio time) & DJs, allowing us to exceed our targets substantively.

The event was co-curated with our Youth Steering Group with leading Black music culture industry partners including PRS and PPL, Warner, TikTok, King Apparel, TRENCH, Complex UK, GUAP, 0207 Def Jam and the Rio Ferdinand Foundation.

Monday 27th The A&R Reality Check: What does success look like in 2023?0207 Def Jam presents In March Conversation with Alec & Alex Boateng

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

Tuesday 28th
March Down to Business with PRS, PPL & moreMMF x Finesse Foreva Q&A
Wednesday TikTok video & content MasterclassProduction masterclass with TSB powered by The Flight
29th March ClubSpit Game - Live Cypher
Thursday TRENCH presents The Knowledge Exchange - Ray BLK x Jacqueline SpringerOpen Mic powered
30th March by Complex UK
Friday 31st The Rio Ferdinand Foundation x Warner x Music Against RacismThe Rio Ferdinand Foundation x
March Warner x Music Against RacismGUAP Live Night
Saturday 1st Elijah masterclassGame ChangersDropping Gems: Branding x Merchandising Masterclass powered
April by KING
Sunday 2nd
April Decoded Brunch: Nadine White In Conversation with Athian AkecIntroducing Orii Jam - Live

What did we achieve?

The Industry Takeover series is highly effective in connecting young Londoners interested in the music industry, directly to industry professionals. Events are relevant, credible and high quality. They prepare delegates, who are likely to be DIY musicians or aspiring for executive roles, for the realities of working in the music industry and becoming financial sustainable.

We engaged 528 participants vs our target of 300 and showcased 37 artists vs our target of 10. 82% of the audience rated the event as excellent or good. The overall rating was 8 out of 10.

When it came to online, we gained +750 followers with #IT2023 used 2,255 times during the event campaign. We generated an additional 13,000 organic video views, 5.5k engagements, 205k impressions.

As well as delivering the event on budget, we secured key press support from TRENCH, Complex UK, GUAP, Music Week, Headliner Magazine and the Music Ally podcast (who interviewed Pamela McCormick and UD Chair, Dr Anne-Marie Imafidon MBE).

In conclusion, Industry Takeover is a learning model that is highly accessible thanks to our free admission policy. It's intended to be a credible community engagement/ recruitment channel into more sustained learning opportunities in UD, such the Level 4 courses and Incubator programme, as well as the Elevator Membership Programme and potential studio users. Participants concluded they feel more equipped, skilled, confident and networked. They also enable the contributing music industry to be more connected to the needs and interest of young London and beyond.

Access/demographics

Age: 46% under aged 25 vs target of 100% (82% under 35) Ethnicity: 78% were identified as Black, Asian or minority ethnic vs target of 70% Gender: 42% identified as female & non-binary vs target of 50%

Disability: 1% described themselves as D/deaf or disabled or neurodiverse or experiencing from mental illness, although 36% of those surveyed 'preferred not to say.

Progression

In exit surveys, participants were asked to score how effective the event was in developing skills in the following areas. The following graph shows the % of participants who responded, 'very effective' or 'effective'.

Quality

82% of the audience rated the event as excellent or good. Overall rating was 8 out of 10.

What did people say - testimonials/quotes

"Just wanted to say a massive thanks for organising and help put on all of these events. I am 19 now and have been pursuing music for 4-ish years and after the talks on Tuesday it feels like my eyes were opened and that I am finally understanding how the industry work. It is people like you and events like this which keep dreams like mine going forward!"

Repeat attendee, Industry Takeover, March 2023

"I think what UD's doing is super important. Connecting people with the industry experts, giving people the opportunity to learn [is] something that UD do and always have done and do really, really well. So, I'm really proud to be involved." Alex Boateng, Co-President at 0207 Def Jam.

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

"Just wanted to say a HUGE thank you from TeamTok for having us down yesterday. We had SUCH a good time, with a full house and fully engaged young people. Also, big thank you to Sarah and Michael who were amazing at hosting us. Massive thank you to Saffah who was ever the professional and Saiming for giving the artist perspective so eloquently." Parris OH, Artist Partnerships at TikTok

"UD have been extremely accommodating, providing us with a space for our work that is both welcoming and sets the high professional standards that our young people aspire to. The resources are exceptional and reflect industry standards. UD has consistently provided additional support wherever we have needed it, regularly going above and beyond and providing further opportunities for us as an organisation and our young people. They have played a key role in sustaining and building our projects and have been an invaluable resource and network to us." Ben Turner, Managing Director at Rap Club Productions (The Spit Game)

Talent House

In 2022, UD and East London Dance came together under one roof to offer even more opportunities for young people. Welcome to Talent House, a pioneering music and dance hub, designed by award-winning architect Katy Marks. Boasting professional facilities, including digital broadcast capability throughout, we aim to lift the aspirations of all who use the House.

With five music recording studios, a live room, two vocal booths, a large flexible rehearsal space, a Mac and tech lab (with 20 workstations for music education), two dance studios, a flexible space for seminars, a shared area for members (including a canteen and hot-desking space), Talent House is THE cultural hub for emerging talent. To top it all off, the central atrium is our main reception and can be used for informal gigs and dance jams.

Community Engagement & Elevator Membership

Community is at the heart of our ethos. From UD's monthly Open Mic nights and Industry Takeover events to complimentary studio sessions via our Free Yard initiative and our new and improved funded Elevator Membership Programme, we pride ourselves on providing zero cost opportunities to the young people who need it most.

What did we deliver

Date Activity - business Activity - creative
6th March Records A&R panel Vocal workshop
13th March Management panel Production workshop
20th March Publishing panel Songwriting workshop

Industry Takeover series UD blog Industry Takeover series 6th March UD blog Industry Takeover series 13th March UD blog Industry Takeover series 20th March Elevator membership details Member profile Lee Peters

LIVE ROOM SESSIONS

Saiming Angel Nayana AB D Wills Shanteh

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

What did we achieve

Access

School outreach and youth access What did we deliver

Urswick School), Newham (Chobham Academy and Little Ilford School) and Tower Hamlets (Bow School and Mulberry School for Girls).

What did we achieve

Access

ACCELERATION

CERTHE (LEVEL 4 COURSES) VALIDATED BY THE UNIVERSITY OF EAST LONDON

At UD, we have the backs of the young people we serve. We are passionate about excellence, and the potential for excellence in every young person we encounter. While it can be difficult to progress with so many barriers in place, entry into music and the music industry shouldn't be a privilege or reserved for the few.

Recognising gaps in the further education space, UD created two bespoke Level 4 Courses. In association with our accreditation partner the University of East London (UEL), we put a specific focus on Black music genres, via performance and production pathways.

Launched as a pilot in 2022, we welcomed 11 students on to our CertHe Music Performance & Production and CertHe Music Technology and Production courses.

What did we deliver

What did we achieve?

Access

Progression

In-project/skills development

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

Beyond project progression

Quality

Case study

Jedz

https://www.udmusic.org/blog/talent-house/level-4/introducing-jedz/

Blog and Social Media

As the Talent House came to life in July 2022, so did the UD editorial. Following an initial warm-up phase where we focused on skills-based content, our 'How To... Guides' proved popular, covering an array of subjects including 'Writing a press release', 'Getting booked as a DJ', 'Recording in Logic', 'Developing Instagram content' and 'Making a podcast'.

UD's now 20-person strong media team, built from our emerging creative networks, work on ideas generation, with an editorial agenda committed to highlighting both the comings and goings of Talent House and introducing new talent, putting a spotlight on fellow Black music communities, featuring opportunities for both personal and career development. While looking forward, we also pay homage to the past.

Alongside monthly music reviews, artists interviewed for the blog include Kwaku Asante, Ariez Baby, Digital Mozart, Likkle Jay, VC Pines, Tyson, TSB, Ester Durin and Ray BLK. Gig coverage encompassed Koffee, Knucks, Jeshi, Murkage Dave, Kojey Radical, Children of Zeus and Loyle Carner, among others.

We also commissioned a series of 'Long Reads', allowing for deep delves on topics like 'Caring for your mental health as a creative', 'Who are PPL and how to get paid', 'Where to find funding for your music project' and the 'Demonisation of Drill.'

Building a solid visual identity via our media team photographers, our blog content was developed to be translated to social media with ease. Focusing on Instagram, we've developed a visual symmetry that represents the UD brand and objectives, allowing for cohesive audience building. In a similar fashion, our videography team (trained and mentored by Base Productions, a youth-led production company), have delivered engaging content from our Open Mic nights, songwriting camps, Showcases and UD Live Sessions. Via a collaborative approach with media partners, we've benefitted from further uplift via our work with GUAP, TRENCH, Complex UK and Spit Game.

What did we achieve?

01/04/23 - 31/03/24

Website: Website - total visitors 27k Website - website views 56k Website - event count 170k Artists supported via editorial - 500+

Website - top 5 landing pages > Homepage, Flames Collectve, What's the structure at a major label (blog), Blog, Talent House

Social media: Social posts 3,776 Social audience - 20,800 Social impressions - 745,000 Social engagements - 24,000 Average engagement rate - 3.3%

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES

for the year ended 31 March 2024

Video views - 144,000 Messages sent - 6,000

What did people say - testimonials/quotes Jess Iszatt, BBC R1 "VIBES! Thanks for the write up!" Eerf Evil, Silhouettes "Love it gang!" VC Pines "Big love!" Riahy.Tiff "The talent sheesh! Look fwd to hearing more!" Ariez Baby "Great catch up!" Tropical Sun Foods "Doing BIG things! Much love to @UDmusicLDN" Horton.g "This is something else!" Timberland_EU "Thanks for your participation, good vibes and boldness!"

Dres Lenses (photographer) "It's crazy how much my life has changed in these 2 years since starting this camera journey - UD's been an integral part to it and I'm forever grateful."

Saadiq T (photographer) "Yesterday was so lit, thank you for the opportunity... The future's looking bright and I have to give my props to UD for that..."

Artists supported via editorial

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UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

DJ Pogo, Ghetts, Loyle Carner, Lil Silva, Mr Jukes & Barney Artist, Ojerime, George Riley, Akemi Foxx, Burna Boy & J Hus, Camilla George, Melle Brown, MELONYX, J.AR.J, Amindi, Shy One, 30/70 Collective, Adi Oasis, Greentea Peng, Asha Gold, NiNE8, Ezra Collective & Sampa the Great, Jelani Blackman with Moonchild Sanelly, Trillary Banks, Kokoroko, A8ility, Macelino, Lil Hav, 2biz, Kenzie, Otilefty, Belinda Kapinga, Nicole, Marzena, Nathan Brown-Bennett, Disco B, Nirobi, NDI, Radar, Tevvy iixv, A2, ROZZQWEEN, Kenzie TTH, Mansur Brown, Manny Norté, FLO, Stormzy, Pip Millet, Greentea Peng, Santino Le Saint Jaz Karis, Digital Mozart, Maria Hanlon, Prod284, Jojo Jones, DJ Scotty, DJ XHNWAV, Ahmed, K-Star, Frankie Stew, Harvey Gunn, Jeshi, The Silhouettes Project. DJ Shaxx, Max McKenzie, Humble Shaun, Molly Elizabeth, Malaika, Scuti, Emiko, Joshua Alexander, Nualoe, D Wills, Arinola, Saiming, Ariez Baby, Nayana.AB, Little Simz, Enny, Kieron Boothe, Hope Tala, Stormzy, Olivia Dean, Loyle Carner, Murkage Dave, Isha, Meron T, Jaydonclover, Kofi Stone, Eva Gadd. Blue Lab Beats, Shola Ama, Ray BLK, Promise, TL music, Saadiq, Nick Silver, Young Jay, Nathan Psalms, Ginka, Love Itoya, Lex Jones, Marik, Katya Sounds, Donso Pedro, Ashley Tragic, Anarii, Ability, Aario, Kojey Radical, Elijah, Children of Zeus, Wesley Joseph, DEJA, Jordan Stephens, Stormzy, Mac Wetha, Biig Piig, Lord Apex, Tamera, Jelani Blackman, Kojey Radical, SAULT, Sam Wise, Yazmin Lacey, EVA, ViVi, Anarii, Tstarnay, Skye, Tolu, Elusade, Mar!k, Reptile B, Knap, Kofi, UCHE BW, Claudia, Promise, Katya, Lil Trubz, Rashad, Likkle Jay, Kwaku Asante, Blue Lab Beats, Max McKenzie, The Mouse Outfit & Misha B, SBTRKT & LEILAH, Asha Gold, Little Simz, Debbie & BERWYN, Sam Wise, Asher Kosher, Mafro, Natty Wylah, Headie One, Bib Sama, Spit Game, JiggyJigh, Reepman, Ayo Fred, Milli-Rose, Abby Asabea, William, Blaize, Don Kevo, Tumi, Damélola, Aija, Nomadic Libaax, Rosa, Joshua-Alexander, Krimzz, A8ility, Leon Maddy, Arlo Parks, Mac Wetha, Rachel Chinouriri, VC Pines, Lucy Tun, Finn Foxell, Yazmin Lacey, ISHA, Victoria Port & The Nasty Poet, Fdluxx, Verbz & B-ahwe, TYSON, Coby Sey, Juls, Saiming, Arinola, Max McKenzie, Dan Dannah, Chrissy Day, David GotSound, Emiko, AE, BASE-ment J, A8ilty, 3Dee, Silvana, Straight Bernz, K.Kay, Jay Krimzz, Ayo Fred, Cherralyn, Iris, Thaxxter, King Jelz, David GotSound, Saiming, Nic Hanson, Loose, Aker, Promise, Michael, Dayo Bello, Ivan Ave, Children of Zeus, KYE, Louis VI, Mick Jenkins, Q, p-rallel, KAM BU, BXKS, Juls, Loie, Vibbar, JME, BaggE, Orii Jam, Aaron P'Reach, Swaggalyricalassassin, Chayz3r, Jsmine Sophia, Ayomide, Ukpong, Kadi, Quinn, Krys, Briz, Asriel, KayzTheGreat, BsMnTJ, Kesensa, J AHMALE, Meridian, Malaika, Augustus, Yesha, Chowerman & Velli, Tim Duzit, KHAOS KHAYY, Tyson, TSB, VC Pines, Kay Young, Ego Ella May, Yazmin Lacey, nineteen97, Murkage Dave, BUSHROD, Illa J, Harleigh Blu, JGrrey, ROZZQWEEN, Kamal., Nia Archives, Loyle Carner, Tumi, Saint CJ, Hillarynx, Zuko Rosemeid, Valerie Njenga, Allyson, YESHA, David GotSound, J2, D Wills, Ashley Tragic, BsMnT J, MALAIKA, Humble Shaun, ESTHER DURIN, ArloParks, SBTRKT, Sampha, George Riley, TOTEK, Amie Blu, Bone Slim, Catching Cairo, Turno, p-rallel, Tamera, Toddla T, DEJA, JB Made It, Knap, Krys, Peaky, Narko, Thierryna, Flekka, 3Ree, Yesha, Chayzer, Sweep, Mandi, A Mills, Lexxicon, Davidia, CEO Brave, Lamar Waves, Eddie, Arnold, Conducta, Mysie, Footsie, Sir Spyro, Meron T, Damian Raush, Mungo's Hi Fi, Prince Alla, KAYTRAMINÉ, KAYTRANADA, Aminé, Pharrell Williams, Arlo Parks, Phoebe Bridgers, Safiyyah, Sam Binga, Bakey,Redders, RADA, Tony Nwachukwu, Rxwntree, Zola Marcelle, ShezAr, Atlas Azure, Khalil Madovi, Bina, Dessiree, Lesia, Isaiah St Jean, DJ Stay Wavey, Raye, Amie Blu, Humble the Great, Barney Artist, Yiigaa, Josie Man, Stormzy, Fredo, TYSON, Albertina, dialE, Mercy's Cartel, Gabriels, Dréya Mac, Danny Sanchez, Nubya Garcia, Kaiya, Outlaw The Artist, Yiigaa, Yussef Dayes, Masego, Genesis Owusu, Berhana, Jianbo, p-rallel, Ella More, Katus Myles, Nix Northwest, Hilts, Black Magic Woman, Mimi Rich, DJ Ay, Ester Durin, Jaz Karis, Juls, Berwyn, Etta Bond, Scuti, VC Pines, Bakar, Summer-Pearl, Liam Bailey, MANIK MC, Eliza Imperilee, Denyah, AJRadico, Junior Simba, Pixie Cola, Rio Rainz, Finn Foxell, Casnova, KAM-BU, Bawo, Lucy Tun, Star.One, Ashaine White, Skye, D Wills, Anicah, Zion x Siobhan, Deacon, Shanteh, Devante Vaughan.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities on page 18 shows net expenditure of £69,637 (2023 - net income of £2,054,658).

This is primarily made up of depreciation of the Talent House capital asset (£68,390) and a small net negative balance of £1,247.

The cash flow statement indicates a break-even cash position. The main difference in donations is due to the transfer of the asset which was a one-off.

Reserves policy

The trustees have examined the requirement for free reserves i.e those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charitable company's work, the level of reserves should be equal to approximately three months of expenditure.

The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide to financial stability and flexibility.

Page 12

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

SUSTAINABILITY

The trustees continue to support the Executive team in pursuing a diverse range of funding sources to ensure that there are sufficient reserves to provide financial stability and flexibility for the charity.

In Spring 2022, we successfully delivered and took up occupancy in our new building, the Talent House - an asset that will enable a sustainable business model for investing in talent and supporting continued growth. Key development targets are growth in turnover; diversification of income based on an equitable split across public, contributed and earned; and growth of reserves.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 13

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

UD is Black-led. Our trustees are respected senior leaders/public figures, founders/entrepreneurs: their skills and experience encompass Black/independent music industry, global brand, charity/social enterprise, legal/governance and diversity expertise including our Chair - technologist, CEO, author, Dr Anne-Marie Imafidon MBE.

Board

STAFF

Pamela McCormick (CEO) co-founded UD in 2000, looking to create the premier agency for spotting and supporting Black music talent in the UK. Her vision for social and cultural change is the force behind the organisation while the foundation of her beliefs include a passion for equal opportunities, a deep appreciation for music and phenomenal ability to fundraise. Pamela was awarded the Music Week Women in Music Awards Campaigner of the Year 2017 and Music Producers Guild Special Achievement Award 2020. Read Pamela's most recent Op Ed in Music Week here.

Selina Wedderburn joined as General Manager. An alumna of the first ever POWER UP programme, Selina brings ten years' experience in senior operations roles across the music business at PPL, Your Army and Rehegoo, as well as artist management and live music events for emerging talent.

Based on insight/data from external evaluation, UD's capabilities were identified as:

UD'S APPROACH, CO-DESIGNING WITH YOUNG PEOPLE

Our methodology is carefully designed to optimise our engagement with young people: - Informed by participant need, responding to their identities, experiences and interests;

Page 14

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972) REPORT OF THE TRUSTEES for the year ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Our established model for co-designing change, benefits young people who are underrepresented or who feel they do not have a voice:

UD Creatives (Youth Steering Group), informs our work, comprising 6 young people who represent high levels of participation in, and engagement with, UD's events and programmes. Nayana Brathwaite leads the group; a Flames Collective senior member, and member of UD's staff team. UD Creatives convene bi-monthly meetings and facilitate a WhatsApp group to frame contributions; their self-defined purpose is to evaluate UD's programme.

FUNDERS AND PARTNERS

UD enjoys UK-wide industry partnerships in music and beyond. In summary, we have developed broad music education partnerships including with Music Hubs and the University of East London (UEL); National Portfolio Organisations including East London Dance and Music for Youth; major record labels (Sony, Universal and Warner) and UK Music Members and music industry trade bodies such as AIM (Association of Independent Music), BPI (British Phonographic Industry), MMF (The Music Managers Forum), MPG (Music Producers Guld), PPL (Phonographic Performance Ltd) who provide us with development funding and in-kind mentoring support and work experience for underrepresented artists and workforce.

We have been an Arts Council England (ACE) National Portfolio Organisation (NPO) since 1999. We were invited in 2022 to join an expanded National Youth Music Organisation (NYMO) cohort, co-funded by ACE and the Department for Education (DfE), recognising the influence of UD's work as the go-to pipeline for nurturing nationally significant Black music practitioners. We are part of the national Talent Development Partner network convened and funded by the PRS Foundation.

Current funders include:

Arts Council England Aspers Chopstix Converse Esmée Fairbairn Foundation Foundation for Future London The Foyle Foundation Paul Hamlyn Foundation PRS Foundation Talent Development Partner The Soho House Foundation Sony Social Justice Fund University of East London

Induction and training of new trustees

New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the decision-making process, the business plan and recent financial performance of the charity. During the induction day, they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Related parties

Urban Development Limited provided services that were essential to the delivery of the projects and activities that UDMF requires to effectively pursue its stated purposes. These resources and services included Urban Development Limited's property, music studios and equipment and staff and a development of a property that was taken over by UDMF. The services were provided on a cost recovery basis or in-kind.

During the year, all the assets, liabilities and activities were transferred from Urban Development to UDMF and Urban Development will become dormant.

Page 15

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08071972 (England and Wales)

Registered Charity number 1149090

Registered office

Units 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Trustees

Dr A O Imafidon MBE Chair of Trustees Mr A C Daboh (resigned 28.2.24) Ms G Davy Ms M Mbaeri MR A D M Missingham (resigned 28.2.24) Mr J Henry Ms L Buchan (appointed 28.2.24) Mr H Pamma (appointed 28.2.24)

Independent Examiner

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Solicitors

CMS Cameron McKenna Nabarro Olswang LLP Cannon Place, 78 Cannon Street London EC4N 6AF

Bankers

Barclays Bank Whitechapel Branch Business Banking Leicester LE87 2BB

Approved by order of the board of trustees on 23 December 2024 and signed on its behalf by:

Dr A O Imafidon MBE - Trustee

Page 16

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF UD MUSIC FOUNDATION

Independent examiner's report to the trustees of UD Music Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, 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.

Thurairatnam Sudarshan

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

23 December 2024

Page 17

UD MUSIC FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Charitable Activities
Investment income
3
Total
EXPENDITURE ON
Raising funds
Raising donations and legacies
5
Charitable activities
6
Charitable Activities
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
5,711
722,326
322
728,359
98,640
98,640
736,613
835,253
(106,894)
2,071,445
1,964,551		 Restricted
funds
£
-
87,115
-
87,115
800
800
49,058
49,858
37,257
14,510
51,767		 2024
Total
funds
£
5,711
809,441
322
815,474
99,440
99,440
785,671
885,111
(69,637)
2,085,955
2,016,318		 2023
Total
funds
£
2,107,525
443,049
11
2,550,585
106,268
106,268
389,659
495,927
2,054,658
31,297
2,085,955

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 18

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

BALANCE SHEET

31 March 2024

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
18
Unrestricted funds:
General fund
Restricted funds
TOTAL FUNDS		 2024
£
2,232,687
136,000
465
136,465
(141,464)
(4,999)
2,227,688
(211,370)
2,016,318
1,964,551
51,767
2,016,318		 2023
£
2,309,999
147,847
9,905
157,752
(142,841)
14,911
2,324,910
(238,955)
2,085,955
2,071,445
14,510
2,085,955

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 19

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

BALANCE SHEET - continued

31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 23 December 2024 and were signed on its behalf by:

Dr A O Imafidon MBE - Trustee

The notes form part of these financial statements

Page 20

UD MUSIC FOUNDATION

CASH FLOW STATEMENT

for the year ended 31 March 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
21,355
(12,454)
8,901
8,922
322
9,244
(27,585)
(27,585)
(9,440)
9,905
465		 2023
£
(15,076)
-
(15,076)
(27,534)
11
(27,523)
(11,045)
(11,045)
(53,644)
63,549
9,905

The notes form part of these financial statements

Page 21

UD MUSIC FOUNDATION

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Transfer of assets
Decrease in debtors
Decrease in creditors
Net cash provided by/(used in) operations		 2024
2023
£
£
(69,637)
2,054,658
68,390
2,950
(322)
(11)
12,454
-
-
(2,100,496)
11,847
171,158
(1,377)
(143,335)
21,355
(15,076)

2. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank 9,905 (9,440) 465
9,905 (9,440) 465
Debt
Debts falling due after 1 year (238,955) 27,585 (211,370)
(238,955) 27,585 (211,370)
Total (229,050) 18,145 (210,905)

The notes form part of these financial statements

Page 22

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost Website and logo - 20% on cost Computer equipment - 20% on cost

Assets under construction are not depreciated until the work is completed and the assets are in use by the charity.

Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

continued...

Page 23

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

1. ACCOUNTING POLICIES - continued

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

Creditors and provisions

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be estimated reliably.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Assets and liabilities transferred from Urban Development
INVESTMENT INCOME
Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable Activities
Trusts and foundations
Charitable Activities
Corporates
Charitable Activities
Earned
Charitable Activities
Other income
Charitable Activities
Grants received, included in the above, are as follows:
Arts Council England		 2024
£
5,621
90
-
5,711
2024
£
322
2024
£
329,337
208,703
104,948
166,453
-
809,441
2024
£
329,337		 2023
£
6,664
365
2,100,496		 2023
£
6,664
365
2,100,496
2,107,525
2023
£
11
2023
£
125,660
106,413
109,035
34,781
67,160
443,049
2023
£
117,011

3.

4. INCOME FROM CHARITABLE ACTIVITIES

continued...

Page 24

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

5. RAISING DONATIONS AND LEGACIES

Marketing
Development and fundraising costs
6.
CHARITABLE ACTIVITIES COSTS
Charitable Activities
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Programme marketing costs
Other programme costs
Project management
Artists', tutors' and mentors' fees
8.
SUPPORT COSTS
Management
£
Charitable Activities
215,691		 Direct
Costs (see
note 7)
£
541,398
Finance
£
19,544		 2024
£
86,466
12,974
99,440
Support
costs (see
note 8)
£
244,273
2024
£
265,640
19,079
27,767
43,932
184,980
541,398
Other
£
9,038		 2023
£
77,903
28,365
106,268
Totals
£
785,671
2023
£
141,350
3,211
9,757
23,035
50,563
227,916
Totals
£
244,273

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets

2024 2023
£ £
68,390 2,950

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

continued...

Page 25

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

11. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
No employees received emoluments in excess of £60,000.
The average monthly number of employees during the year was as follows:
Charitable
No employees received emoluments in excess of £60,000.		 2024
£
242,767
20,011
2,862
265,640
2024
9		 2023
£
131,089
7,692
2,569
141,350
2023
7

12. TANGIBLE FIXED ASSETS

COST
At 1 April 2023
Additions
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
1,978,390
(10,417)
1,967,973
-
-
-
1,967,973
1,978,390		 Plant and
machinery
£
237,803
579
238,382
-
47,676
47,676
190,706
237,803		 Fixtures
and
fittings
£
76,006
-
76,006
-
15,201
15,201
60,805
76,006

continued...

Page 26

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Website
and logo
£
COST
At 1 April 2023
14,750
Additions
-
At 31 March 2024
14,750
DEPRECIATION
At 1 April 2023
8,850
Charge for year
2,950
At 31 March 2024
11,800
NET BOOK VALUE
At 31 March 2024
2,950
At 31 March 2023
5,900
13.
DEBTORS
Amounts falling due within one year:
Trade debtors
VAT
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to group undertakings
Social security and other taxes
Pension payable
Other creditors
Deferred income
Accrued expenses		 Computer
equipment
£
11,900
916
12,816
-
2,563
2,563
10,253
11,900
2024
£
27,172
12,933
92,755
132,860
3,140
136,000
2024
£
96,077
22,088
6,464
809
144
-
15,882
141,464		 Totals
£
2,318,849
(8,922)
2,309,927
8,850
68,390
77,240
2,232,687
2,309,999
2023
£
9,998
12,385
112,725
135,108
12,739
147,847
2023
£
65,878
40,445
2,190
417
1,397
1,073
31,441
142,841

continued...

Page 27

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other loans (see note 16)
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due in more than five years:
Repayable by instalments:
Other loans
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Fixed assets
2,232,687
Current assets
84,698
Current liabilities
(141,464)
Long term liabilities
(211,370)
1,964,551
18.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Esmee Fairbairn
Foyle Foundation
Sony Social Justice Fund
TOTAL FUNDS		 Restricted
funds
£
-
51,767
-
-
51,767
At 1.4.23
£
2,071,445
14,510
-
-
14,510
2,085,955		 2024
£
211,370
2024
£
211,370
2024
Total
funds
£
2,232,687
136,465
(141,464)
(211,370)
2,016,318
Net
movement
in funds
£
(106,894)
(14,510)
26,200
25,567
37,257
(69,637)		 2023
£
238,955
2023
£
238,955
2023
Total
funds
£
2,309,999
157,752
(142,841)
(238,955)
2,085,955
At
31.3.24
£
1,964,551
-
26,200
25,567
51,767
2,016,318

continued...

Page 28

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Esmee Fairbairn
Foyle Foundation
Sony Social Justice Fund
Soho House Foundation
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Esmee Fairbairn
TOTAL FUNDS
Comparative net movement in funds, included in the above are as
Unrestricted funds
General fund
Restricted funds
Youth Music
Esmee Fairbairn
TOTAL FUNDS

continued...

Page 29

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 30