Charity registration number 1159846
THE MUSIC VENUE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MUSIC VENUE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Jason Dormon | |
|---|---|---|
| Christopher Prosser | ||
| Simon Hilton | ||
| Sarah Thirtle | ||
| Jeremy Pritchard | ||
| Phyllis Belezos | ||
| Bonita McKinney | ||
| Aursa Quershi | ||
| Jane Beese | ||
| Emma Smyth | ||
| Rhoda Evans de Dakar | ||
| Helen McGee | (Appointed 14 September 2024) | |
| Adrian Norman | (Appointed 15 July 2024) | |
| Richard Perry | (Appointed 21 May 2025) | |
| Samantha Andrews | (Appointed 21 May 2025) | |
| Charity number | 1159846 | |
| Registered office | Dorset House | |
| 5 Church Street | ||
| Wimborne | ||
| BH21 1JH | ||
| Independent auditor | Hillier Hopkins LLP | |
| Chartered Accountants | ||
| Statutory Auditor | ||
| Radius House | ||
| 51 Clarendon Road | ||
| Watford | ||
| Hertfordshire | ||
| WD17 1HP |
THE MUSIC VENUE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Independent auditor's report | 7 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 23 |
THE MUSIC VENUE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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).
OBJECTIVES AND AIMS
Aims
Music Venue Trust aims to secure the long-term future of Grassroots Music Venues (GMVs) in England, Scotland, Wales, and Northern Ireland, whether they are iconic venues such as Hull Adelphi, Exeter Cavern, The 100 Club, Band on the Wall, King Tut’s, and Clwb Ifor Bach, or lesser-known venues that are equally important to their geographical or musical community. These venues play a crucial role in the development of British music, nurturing local talent, providing a platform for artists to build their careers and develop their music and their performance skills.
The charity's objective is to protect, secure and improve UK Grassroots Music Venues for the benefit of venues, communities and upcoming artists. In order to achieve this, The Music Venue Trust promotes and provides a platform for artists to build their careers and develop their music and performance skills.
We aim to preserve and improve venues, making them more efficient and improving the experience for performers and audiences. Long-term we plan to acquire the freeholds of as many of these vital venues as possible. MVT was created with the long-term goal of making it into a sort of National Trust for music venues; an organisation that could purchase the buildings and lease them to people who would continue to run them as venues in perpetuity.
Our values
We work to gain recognition of the essential role these venues fulfil, not only for artist development but also for the cultural and music industries, the economy and local communities.
Team MVT has taken a lead role across a range of policies and initiatives that are important to our members and to the communities they serve, and this work was recognised in the Creative Industries Sector Vision and in the launch of a DCMS Select Committee Inquiry into GMVs.
We are fully engaged with an emerging network of music organisations dedicated to producing information and guidance that supports the push towards carbon neutrality; taking direct action to improve equality, diversity, and inclusion; and meeting the challenge of accessibility.
In what continues to be a very challenging and difficult environment for our sector, we are extremely grateful to all our partners, funders, donors, sponsors, and corporate supporters. Their generosity has enabled us to create a robust organisation that has been able to achieve real positive change for the GMV sector in 2024. The ongoing financial resilience of the charity enabled us to decide to make significant additional investments into the sector during 2024. We would also like to thank our patrons, who have been a powerful and effective voice in support of our work.
Public benefit
The Music Venue Trust was established for the public benefit of securing and improving GMVs. GMV's are an important part of the live music ecosystems that provides a platform for up-and-coming musical artists as well as a space for rehearsals, education, social programmes and other art programmes.
The activities that the charitable company provides that are considered for the public benefit in summary are:
• Venue support services which provide support to venues going through crisis through providing training workshops and best practice guidance. The goal is to give venue operators guidance to prevent them being closed down.
• MVT prides itself on being a UK-wide organisation, advocating for artists and venues nationwide. We represent over 810 venues across the UK.
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THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
• MVT worked across all layers of government – local, regional, and national – to inform decision-makers about the challenges and opportunities presented by the GMV sector.
• MVT are committed to supporting the MVA membership to do what they do best – putting on live music. The Live Projects department has worked hard to bring funding into venues right across the membership throughout 2024.
• The Pipeline Investment Fund (PIF) has awarded £572,423 to date, to over 130 GMVs across the UK. Established to deliver financial assistance to GMVs, the fund helps support the development and sustainability of organisations to secure their future, with a particular focus on encouraging applications from venues that have struggled to secure funding previously by making the process accessible and uncomplicated.
• MVT has a national and international profile as experts on the GMV sector and advocates for UK GMVs. An essential part of the team’s work is representing the sector with music industry colleagues, other parts of the cultural sector, all layers of government, suppliers, academics, artists, and music fans. Providing opportunities for those venues to speak for themselves and with their peers is also vital.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Our services
This year our services helped support artists to deliver shows in a number of different venues. with an average of 196 events per GMV. While GMVs’ primary focus is live music, they often perform other functions in their community, too. The most common additional functions being social and education (cultural projects, community work, courses).
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
MVT have continued to provide venue support services to aid venues going through crisis and give venue operators urgent support and where possible to stop venues closing down from challenges that could otherwise have been prevented. In 2024, the Emergency Response Service offered specialist advice in 200 cases. This is the largest number of cases the Emergency Response Service has dealt with since it was created in 2017 and an increase of 18.9% on the number of cases seen in 2023. This increase in cases reflects the challenging trading environment for GMVs in 2024.
In 2024, Music Venue Trust continued to grow its Venue Skills Workshops programme with support from Creative Wales, delivering practical training across Wales on topics such as Building & Enhancing Your Diary, Practical Advancing, Press & PR, and On The Day Activity. Informed by feedback from Music Venue Alliance members and the Emergency Response Service, new workshops were developed to address emerging operational challenges faced by venue operators. These efforts culminated at Venues Day 2024—MVT’s 10th anniversary edition of its flagship event—held at Woolwich Works in London. Bringing together over 800 grassroots venue representatives, industry professionals, and policymakers. Offering a full day of panels, workshops, and networking. It served as a key platform for collaboration and advocacy, reinforcing the critical role grassroots music venues play in the UK’s live music ecosystem.
Fundraising activities
Music Venue Trust actively works to secure donations to sustain and grow the Pipeline Investment Fund (PIF), with the goal of establishing long-term financial support for grassroots music venues. The Trust partnered with Belfast City Council to distribute funding on their behalf and has welcomed financial contributions from key industry organisations such as Ticketmaster, Skiddle, Marshall etc with the aim of ensuring the longevity and impact PIF.
Performance
2024 proved to be another tough year for Music Venue Alliance Members, facing economic challenges, venue redevelopment issues, noise complaints, rising energy costs, and landlord disputes. The Music Venue Trust’s Emergency Response Service offered specialized business, legal, planning, and tenancy advice, alongside operational training programs for GMV operators. The Trust’s subscription-based model for the Music Venues Alliance aims to make these essential services self-sustaining through the financial commitment of its members.
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THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The exceptional fundraising efforts of the Charity’s CEO allowed the Live projects team to invest over £7 million into the grassroots music ecosystem through a range of targeted funds and projects. These include the Pipeline Investment Fund (supporting venue infrastructure and training), Live Projects like Revive Live and United by Music (supporting artists and promoters on tour), the Emergency Hardship Relief Fund (preventing venue closures), and the Own Our Venues initiative, which created Music Venue Properties (MVP) to purchase venue freeholds and place them into community ownership. Since 2022, MVT has awarded £572,423 in 143 direct grants to 134 different venues, and invested over £4 million to deliver more than 100 tours featuring over 330 artists at 300+ venues.
In November 2024, MVT announced that starting January 2025, all its funding streams will be unified under a single public-facing brand: Liveline. The Charity is committed to increasing the grant opportunities available to GMVs. In 2024 it delivered strongly on its pursuit of a grassroots contribution from every arena and stadium ticket sold into a Pipeline Investment Fund to support venues, artists and promoters operating in the grassroots sector.
Connected Charities
In 2024, Music Venue Properties (MVP), originally established by Music Venue Trust, secured four additional grassroots music venues -The Ferret (Preston), The Bunkhouse (Swansea), The Booking Hall (Dover), and Le Pub (Newport) - bringing five venues in total into permanent community ownership. Several of these properties faced imminent risk from commercial development or expiring leases. Alongside these purchases, MVP introduced a 25year “cultural lease” with all venue operators, providing long-term security while ensuring each venue remains committed to cultural programming and best practice.
To fund these acquisitions, MVT supported fundraising through community share investment, secured a £250,000 grant from the Community Ownership Fund, and received a supportive loan from Swansea City Council. With over 1,300 members, MVP was transitioned into a fully independent organisation in 2024, formally removing Music Venue Trust’s parental control. MVT continues to offer support as MVP advances its mission to protect and preserve grassroots music venues across the UK.
FINANCIAL REVIEW
Reserves policy
The Trustees have agreed that the charitable company should maintain unrestricted funds, which are the free reserves of the charitable company at a level equivalent to cover approximately three months running costs of The Music Venue Trust. For the year ended 31 December 2024, three months running costs estimate £302,000 (2023: £573,000) and the cash position as at year end was £349,321 (£2023: £572,858) The trustees consider the financial position of the charity to be satisfactory and although the policy does not greatly exceed the desired level, the Trustees continue to consider ways in which additional unrestricted funds can be raised.
At the balance sheet date, the funds, both restricted and unrestricted, balance was in surplus totalling £332,157 (2023: £732,381).
During the financial year the charity received a total of restricted funds of £23,895 (2023: £192,628).
Risks
The trustees have identified several key risks facing the charity, with the most significant being the continued financial pressures on grassroots music venues. These include rising utility costs, increased rent, reduced consumer spending due to the ongoing cost of living crisis, as well as challenges such as noise complaints, neighbour disputes, and threats of venue redevelopment. Collectively, these factors contributed to the closure of 46 grassroots music venues in 2024, with an additional 40 venues ceasing to operate within the grassroots network.
Despite contributing over £525 million to the UK economy and supporting more than 30,000 jobs, the grassroots music sector remains substantially underfunded compared to other areas of cultural investment. This disparity continues to place unsustainable pressure on venues and the broader ecosystem they support.
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THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Funding source
Music Venue Trust has invested over £7 million into the grassroots music ecosystem through a range of targeted funds, including the Pipeline Investment Fund (PIF) for venue infrastructure and training, Live Projects supporting artist and promoter touring activity, the Emergency Hardship Relief Fund to prevent venue closures, and the Own Our Venues initiative securing venue ownership through Music Venue Properties. These efforts have delivered over £572,000 in direct venue grants and more than £4 million to support touring. From January 2025, all funding streams will be unified under a single public-facing brand: Liveline.
The charity has an ambitious target that in 2025 every ticket sold at arena- and stadium-level should contain a £1 contribution to the grassroots ecosystem, which creates the artists that perform on these stages. The charity has undertaken a strategic fundraising drive in pursuit of that aim, identifying support from across the industry that develops the PIF while also demonstrating proof of concept. In 2024, MVT sought support from a range of partners, organisations, and industry colleagues from all sectors of the industry: artists, promoters, venues, ticketing, arenas, stadiums, and major festivals. This has proven to be successful with partnerships with Ticketmaster UK, WeGotTickets and the impact of the Artist Pledge.
Future plans
The MVT’s long-term aim was to acquire the freeholds of as many of these venues as possible. Following the 2022/23 Own Our Venues campaign and the creation of a community benefit society, Music Venue Properties, which leads on this work, are steps forward, with by mid-2024, MVP had successfully acquired its third venue, The Bunkhouse in Swansea, a 235-capacity venue, rehearsal space, and photography studio. This acquisition follows the earlier purchases of The Snug in Atherton, Greater Manchester, and The Ferret in Preston. Each venue is now under a 'cultural lease,' ensuring its operation as a grassroots live music space for the local community.
MVP's progress is supported by a dedicated team, including experts in property negotiation, purchase, and management, and a Board of Trustees with extensive experience in charity law and governance. The board voluntarily oversees MVP's work, holding legal responsibility for the society's conduct and fulfilment of its mission.
MVT continues to have an active role in a long-term campaign to take control of these freeholds and bring them under a protected status of benevolent ownership. The charity employs a core team who work with specialist consultants where further expertise is required. The team is supported by a Board of Trustees, made up of professionals who are passionate about GMVs and their social, cultural, and economic value. The Trustees voluntarily oversee the work of Team MVT, holding a legal responsibility for the charity’s conduct and fulfilment of its mission.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Chairty constitution
The charity was established by a charitable trust deed on 20 February 2014. It is registered as a Charitable Incorporated Organisation (CIO) in England and Wales (Charity Registration Number: 1159846) and with the Charity Commission (Charity Registration Number: 1159846) and is governed by its constitution, as required under the Charities Act 2011.
Recruitment and appointment of new trustees
The Articles of Association stipulate that there must be a minimum of three trustees and a maximum of thirty trustees. At each annual general meeting one quarter of the Trustees, being those longest in office, shall retire from office and offer themselves for re-election.
The Music Venue Trust recruits new Trustees against a Trustee brief which includes details of any specialist skills or expertise being sought, and, wherever practical, recruits via open advertisement through a number of channels. New Trustees receive a Welcome Pack, containing a Trustee Handbook, business plan and past board papers, as well as external training in a particular area of their role where necessary.
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THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees who served during the year and up to the date of signature of the financial statements were: Jason Dormon
Christopher Prosser Simon Hilton Sarah Thirtle Jeremy Pritchard Phyllis Belezos Bonita McKinney Aurusa Quershi Jane Beese Emma Smyth Rhoda Evans de Dakar Helen McGee (Appointed14 September 2024) Adrian Norman (Appointed 15 July 2024) Richard Perry (Appointed 21 May 2025) Samantha Andrews (Appointed 21 May 2025)
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
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THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Auditor
In accordance with the charity's articles, a resolution proposing that Hillier Hopkins LLP be reappointed as auditor of the company will be put at a General Meeting.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report was approved by the Board of Trustees.
Christopher Prosser
Trustee Dated: 16 October 2025
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THE MUSIC VENUE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MUSIC VENUE TRUST
Opinion
We have audited the financial statements of The Music Venue Trust (the 'charity') for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE MUSIC VENUE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MUSIC VENUE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
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the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
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any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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THE MUSIC VENUE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MUSIC VENUE TRUST
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Louise Cherry ACA (Senior Statutory Auditor) for and on behalf of Hillier Hopkins LLP 17 October 2025 Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP
Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE MUSIC VENUE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 - - Charitable activities 4 906,370 23,895 Other income 5 45,095 - Total income 951,465 23,895 Expenditure on: Raising funds 6 - 1,250 Charitable activities 7 1,366,334 8,000 Total resources expended 1,366,334 9,250 Net (expenditure)/income for the year/ Net movement in funds (414,869) 14,645 Fund balances at 1 January 2024 732,381 - Fund balances at 31 December 2024 317,512 14,645 |
Total Unrestricted funds 2024 2023 £ £ - - 930,265 2,218,206 45,095 2,455 975,360 2,220,661 1,250 - 1,374,334 2,291,892 1,375,584 2,291,892 (400,224) (71,231) 732,381 803,612 332,157 732,381 |
Restricted funds 2023 £ 28,333 164,295 - 192,628 - 192,628 192,628 - - - |
Total 2023 £ 28,333 2,382,501 2,455 2,413,289 - 2,484,520 2,484,520 (71,231) 803,612 732,381 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE MUSIC VENUE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Income funds Restricted funds 16 Unrestricted funds 16 |
2024 £ 77,135 349,321 426,456 (94,299) |
£ 332,157 14,645 317,512 332,157 |
2023 £ 246,152 572,858 819,010 (86,629) |
£ 732,381 |
|---|---|---|---|---|
| - 732,381 |
||||
| 732,381 |
The financial statements were approved by the Trustees on 16 October 2025
Christopher Prosser Trustee
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THE MUSIC VENUE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Cash flows from operating activities | |||||||
| Cash absorbed by operations | 19 | (223,537) | (375,294) | ||||
| Net cash used in investing activities | - | - | |||||
| Net cash used in financing activities | - | - | |||||
| Net decrease in cash and cash equivalents | (223,537) | (375,294) | |||||
| Cash and cash equivalents at beginning of year | 572,858 | 948,152 | |||||
| Cash and cash equivalents at end of year | 349,321 | 572,858 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Music Venue Trust is a Charity Incorporated Organisation. Their address is Dorset House, 5 Church Street, Wimborne, BH21 1JH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The charity reported a deficit of £400,224 for the year ended 31 December 2024 (2023: £71,231 deficit). The cash balance at year-end was £349,321 (2023: £572,858).
The charity continues to diversify and expand its income streams. This includes the expected introduction of a £1 ticket levy scheme. This initiative involves a voluntary contribution of £1 added to the price of tickets sold by participating venues and promoters, with proceeds directed to the charity to support grassroots music venues across the UK. The scheme is expected to provide a new, sustainable funding stream aligned with the charity’s mission.
In addition to the levy, the charity continues to secure significant income through artist-led fundraising initiatives. For example, under a contractual agreement with Coldplay, the charity will receive 10% of the artist’s proceeds from 12 UK stadium shows in 2025. Further income is expected from similar partnerships with other artists. These activities are expected to generate over £1.5 million in 2025 and demonstrate the charity’s ongoing ability to identify and secure diverse revenue streams beyond government-supported initiatives.
Management prepares and monitors an annual cash flow budget, comparing actual performance against forecasts to ensure financial sustainability and to support informed decision-making.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.4 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.
Donations for distribution are included at valuation and recognised as income when they are distributed to the projects.
Public donations, sponsorships, songwriter royalties and memberships are considered unrestricted funds and are recognised once it is receivable.
Grant income is recognised once all performance conditions have been met.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3 Income from donations and legacies
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | - | 28,333 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Charitable activities
| Income Analysis by fund Unrestricted funds Restricted funds |
Grants SponsorshipEarned Income 2024 2024 2024 £ £ £ 25,599 91,677 39,346 1,704 91,677 39,346 23,895 - - 25,599 91,677 39,346 |
Public Donations TAMVA memberships 2024 2024 £ £ 684,426 79,471 684,426 79,471 - - 684,426 79,471 |
Royalties Received 2024 £ 9,746 9,746 - 9,746 |
Total 2024 £ 930,265 906,370 23,895 930,265 |
Total 2023 £ 2,382,501 |
|---|---|---|---|---|---|
| 2,218,206 164,295 |
|||||
| 2,382,501 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Charitable activities
(Continued)
For the year ended 31 December 2023
| Income Analysis by fund Unrestricted funds Restricted funds |
Grants SponsorshipEarned Income £ £ £ 188,711 57,060 1,950 24,416 57,060 1,950 164,295 - - 188,711 57,060 1,950 |
Public Donations TAMVA memberships £ £ 1,964,494 76,452 1,964,494 76,452 - - 1,964,494 76,452 |
Royalties Received £ 93,834 93,834 - 93,834 |
Total 2023 £ 2,382,501 |
|---|---|---|---|---|
| 2,218,206 164,295 |
||||
| 2,382,501 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Other income
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Other income | 45,095 | 2,455 | |
| 6 | Expenditure on raising funds | ||
| Restricted | Restricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fundraising and publicity | |||
| Staff costs | 1,250 | - | |
| 7 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| Expenditure | Expenditure | ||
| Restricted | Restricted | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Rent | - | 6,519 | |
| Other | 8,000 | 32,644 | |
| 8,000 | 39,163 | ||
| Share of support costs (see note 8) | |||
| Support | 1,366,334 | 2,445,357 | |
| 1,374,334 | 2,484,520 | ||
| Analysis by fund | |||
| Unrestricted funds | 1,366,334 | 2,291,892 | |
| Restricted funds | 8,000 | 192,628 | |
| 1,374,334 | 2,484,520 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Support costs
| Staff costs Audit fees Consultancy Rent Travel and subsistence Interest charges Event expenses Analysed between Charitable activities 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements |
2024 £ 648,526 13,500 294,285 33,674 10,607 611 162,797 1,164,000 1,366,334 2024 £ 10,500 |
2023 £ 579,741 4,000 415,278 26,872 11,685 - 1,257,675 |
|---|---|---|
| 2,295,251 | ||
| 2,445,357 | ||
| 2023 £ 4,000 |
10 Trustees
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
11 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 |
|---|---|
| Number | Number |
| 17 | 17 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 11 Employees Employment costs Wages and salaries Social security costs Other pension costs |
(Continued) 2024 2023 £ £ 582,632 523,188 55,586 45,738 11,558 10,815 649,776 579,741 |
(Continued) 2024 2023 £ £ 582,632 523,188 55,586 45,738 11,558 10,815 649,776 579,741 |
|---|---|---|
| 579,741 |
The number of employees whose annual remuneration was more than £60,000 is as follows:
| 2024 | 2023 |
|---|---|
| Number | Number |
| 1 | 1 |
Remuneration of key management personnel
The key management personnel comprise the Trustees and the Chief Executive Officer. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services was £110,452 (2023 - £109,501).
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2024 £ 16,203 1,332 59,600 77,135 |
2023 £ 200,179 11,281 34,692 |
| 246,152 |
14 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2024 £ 20,245 55,487 305 18,262 94,299 |
2023 £ 17,802 55,652 - 13,175 |
|---|---|---|
| 86,629 |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 15 | Retirement benefit schemes | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Defined contribution schemes | £ | £ | |
| Charge to profit or loss in respect of defined contribution schemes | 11,558 | 10,815 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 Swansea Music Venues Welsh Training & Skills Development Previous year: At 1 Pipeline investment fund for Belfast Venues Coca-Cola Tour Best practice and Process Guide For Venues Welsh Training & Skills Development Fund Venues Training Programme Activites fee for the National Lottery's United by Music |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ - 10,000 (9,250) 750 - 13,895 - 13,895 - 23,895 (9,250) 14,645 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ - 22,644 (22,644) - - 110,000 (110,000) - - 5,000 (5,000) - - 16,651 (16,651) - - 10,000 (10,000) - - 28,333 (28,333) - - 192,628 192,628 - |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ - 10,000 (9,250) 750 - 13,895 - 13,895 - 23,895 (9,250) 14,645 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ - 22,644 (22,644) - - 110,000 (110,000) - - 5,000 (5,000) - - 16,651 (16,651) - - 10,000 (10,000) - - 28,333 (28,333) - - 192,628 192,628 - |
|---|---|---|
| - |
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds 18 Analysis of net assets between funds At 31 December 2024: Current assets/(liabilities) At 31 December 2023: Current assets/(liabilities) |
1 January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 732,381 951,465 (1,366,334) 317,512 1 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 803,612 2,220,661 (2,291,892) 732,381 Unrestricted Restricted Total funds funds 2024 2024 2024 £ £ £ 317,512 14,645 332,157 317,512 14,645 332,157 Unrestricted Restricted Total funds funds 2023 2023 2023 £ £ £ 732,381 - 732,381 732,381 - 732,381 |
|---|---|
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THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 19 | Cash generated from operations | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Deficit for the year | (400,224) | (71,231) | |
| Movements in working capital: | |||
| Decrease/(increase) in debtors | 169,017 | (205,192) | |
| Increase/(decrease) in creditors | 7,670 | (98,871) | |
| Cash absorbed by operations | (223,537) | (375,294) |
20 Operating lease commitments
Lessee
The total lease commitment at year end totals £55,182 (2023: £5,347).
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2024 £ 36,788 18,394 55,182 |
2023 £ 16,360 - |
|---|---|---|
| 16,360 |
21 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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