**Charity number: 1181735**
## **PRS Members' Fund**
**Trustees' report and financial statements**
**For the year ended 31 December 2025**
## **PRS Members' Fund**
|**Contents**||
|---|---|
||Page|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1 - 2|
|**Trustees' report**|3 - 20|
|**Independent auditors' report on the financial statements**|21 - 24|
|**Statement of financial activities**|25|
|**Balance sheet**|26|
|**Statement of cash flows**|27|
|**Notes to the financial statements**|28 - 48|
**PRS Members’ Fund**
## **Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 December 2025**
**Charity Registration Number** 1181735
## **Address**
1[st ] Floor, Goldings House 2 Hay’s Lane, London SE1 2HB
## **Patrons**
Don Black OBE Wayne Hector Jools Holland OBE Sir Brian May CBE Heather Small MBE Carroll Thompson Rick Wakeman CBE Errollyn Wallen CBE Martyn Ware
## **Trustees**
Sarah Rodgers (Chair up to 31 December 2025) Phillip Pope (Appointed Chair Elect 18 December 2025) (Chair from 1 January 2026) Peter Glenister (Deputy Chair) Kim Appleby (Resigned 20 February 2025) Naomi Asher (Appointed 3 June 2025) Kim Frankiewicz Deni Lew (Appointed 3 June 2025) Peter Knight Jnr Eddie Levy (Resigned 20 January 2025) Michael Lindup Paulette Long (Resigned 20 January 2025) Darren Michaelson (Appointed 18 December 2025) Megg Nicol (Resigned 3 June 2025) Paul Patterson Ian Penman Simon Platz Mike Stobbie (Appointed 20 January 2025) Mervyn Winwood (Resigned 3 June 2025) Pete Woodroffe
**General Secretary** John Logan
## **Bankers**
NatWest Bank plc PO Box 2162 20 Dean Street London W1A 1SX
Page 1
**PRS Members’ Fund**
## **Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 December 2025**
## **Auditor**
UHY Hacker Young Thames House Roman Square Sittingbourne Kent ME10 4BJ
## **Investment advisers**
LGT Wealth Management 14 Cornhill London EC3V 3NR
James Hambro & Partners LLP 45 Pall Mall London SW1Y 5JG
## **Legal advisers**
Russell-Cooke LLP 2 Putney Hill London SW15 6AB
Page 2
**PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **A welcome from the Chairman**
Welcome to our 2025 Annual Report. The Trustees know well how passionate our members are about their craft and the music industry they work in, but also that it is a very challenging place to make a living. In fact, songwriters and composers earn less today relative to their counterparts in 1934, when the PRS Benevolent Fund (now PRS Members’ Fund) started. What more salutary reminder of the uncertainties of life as a music creator do we need? The PRS Members’ Fund is needed now more than ever.
During 2025 the Fund supported a great many members with financial and housing needs, alongside help with their physical and mental health. At the same time, the Board undertook a significant programme of governance tightening and structural reorganisation to ensure that the Fund remains well governed, resilient and capable of responding to both current and future needs. We anticipate that demand will remain high, and indeed increase, in the coming year and feel well-placed to meet members’ needs.
The year was characterised by a dual focus: continuing to deliver responsive, compassionate support to members in need, while also strengthening the organisation’s governance framework, decision-making processes, risk management and strategic foundations."
I would like to thank Sarah Rodgers the outgoing Chair for her years of dedicated service, and to our fellow trustees, who departed during the reporting period.
I would also like to thank John Logan, General Secretary, and his team for their service throughout the reporting period.
Philip Pope, Chairman
Page 3
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **A short introduction to the Trustees’ Report and Financial Statements**
The PRS Members’ Fund Trustees are pleased to share their report and financial statements for the year ended 31 December 2025 to members of the Performing Right Society.
We have prepared the report and financial statements in accordance with the requirements of the Charity’s constitution, 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 in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102).
2025 was a year in which the Trustees saw, at close hand, the growing pressures facing PRS members across health, wellbeing, housing and financial security. Demand for the Fund’s support remained high, and many members came to us experiencing multiple and overlapping challenges. Trustees are proud of the compassion, professionalism and responsiveness shown by the Fund’s staff and partners in ensuring that help was provided when it was most needed. Alongside this, the Trustees devoted significant time to strengthening governance and oversight, so that the Fund remains resilient and well governed.
Trustees also took time to reflect on how the Fund must continue to evolve in response to a changing environment. This led to the development and approval of a new three-year strategy, providing a clear and confident framework to strengthen our support, broaden our reach and ensure the Fund remains resilient and responsive to members’ needs in the years ahead.
We hope you enjoy reading our highlights of the last year and look forward to communicating progress over the next twelve months.
## **What we do**
At PRS Members’ Fund, we are dedicated to supporting PRS members through life’s challenges by offering hardship funding and wellbeing support when it’s needed most. As a charity with deep roots in the music community, we exist to help music creators navigate hardships, whether it’s through health and wellbeing support, housing assistance, or financial aid, so they can focus on what they do best: making music.
Our mission is grounded in the values of assurance, humanity, wellbeing, nurture and support. These values guide every aspect of our work, from how we interact with those seeking help to the range of services we provide. We believe in offering a helping hand with empathy and understanding, always ensuring that our members feel heard, valued, and supported.
We’re here to ensure that no PRS member must face life’s hardships alone. Through flexible and compassionate assistance, we foster resilience and promote wellbeing, allowing our members to continue their creative journeys with confidence and peace of mind.
Our members faced pressing challenges in 2025, struggling to afford basics like safe housing due to ill health, disability, and the ongoing cost of living crisis. Many don't earn a regular wage, making housing a major concern. Our Fund supports PRS members with accommodation issues, ensuring a stable living environment. We have expanded this support with a new Housing Support project, addressing short-term housing needs and tenancy support, helping more members in need.
Page 4
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **How we helped in 2025 - our aims and highlights**
During 2025, the Trustees ensured that the PRS Members’ Fund continued to deliver clear timely financial assistance, health and wellbeing support and preventative interventions to PRS members experiencing hardship, while also strengthening governance and organisational resilience in line with Charity Commission guidance.
- **Delivery of charitable activities and public benefit:** The Fund responded to sustained and increasing demand for support arising from the cost-of-living crisis, ill health, mental wellbeing challenges and housing insecurity. Trustees oversaw the distribution of a record level of grants to members in financial hardship, including emergency assistance for those affected by the Los Angeles wildfires and Hurricane Melissa. These activities directly contributed to the relief and prevention of poverty and hardship among PRS members and their dependants.
- **Targeted support addressing identified need:** In response to rising energy and living costs, the Winter Relief Scheme was expanded with increased grant levels and a higher number of applications than in previous years. Seasonal and family-focused initiatives, including the Summer Family Support Scheme and ongoing grant holder assistance, ensured support was targeted at key pressure points throughout the year.
- **Health and wellbeing as a core charitable outcome:** Trustees continued to prioritise access to specialist health and wellbeing support through the Fund’s partnership with BAPAM. Revised funding and data-sharing arrangements were agreed to ensure effective governance, transparency and value for money, while enabling members to access timely clinical assessment and treatment, particularly in response to rising demand for mental health support.
- **Preventative and early-intervention initiatives:**
- The Fund progressed the development of INTUNE, a digital health and wellbeing self-assessment tool, designed to support early identification of health and wellbeing issues and provide tailored guidance and signposting. Additional preventative initiatives delivered during the year included inclusive wellbeing programmes and targeted support for underrepresented groups within the membership.
- **Evidence-led service development:**
- A housing survey undertaken during the year provided insight into significant housing insecurity affecting members, including homelessness and unsuitable living conditions. Trustees began developing targeted responses, including housing-related pilot schemes and a new partnership with Standing Tall, ensuring future services are informed by evidence and aligned with member need.
## **Governance, oversight and risk management:**
- Trustees commissioned an independent governance review by NCVO and implemented the majority of recommendations within the year. This included strengthening committee structures, enhancing financial and risk reporting, updating key policies and improving trustee training and oversight,
Page 5
**PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
ensuring the Fund continues to operate in line with best practice and Charity Commission expectations.
- **Engagement, accountability and future planning:**
- Trustees and staff maintained active engagement with members through the PRS AGM and Members’ Days, supporting transparency and accountability. During the year, Trustees also approved a new Strategic Plan for 2026–2028, providing a clear framework to deliver the Fund’s charitable objectives sustainably and responsively in the years ahead.
## **Our aims**
This year, we’ve continued to work towards our strategic aims, with completion of our 2023-2025 strategic plan. Our strategic objectives have kept us focussed on what matters most to our members, and ensuring we do all we can to support them through tough times.
Over the three-year period, Trustees have overseen significant progress against the Fund’s five strategic objectives, strengthening the organisation’s ability to support members while improving resilience, governance and operational effectiveness. Delivery against the strategy was monitored through regular inyear performance reporting to Trustees, enabling effective oversight of progress, risks and impact.
**Aim 1. Sustainable financial resilience and stability**
Across the three-year period, Trustees maintained strong oversight of income, expenditure and reserves, enabling the Fund to respond to increased demand while remaining financially stable. Financial planning, risk management and reserves governance were strengthened, improving the Fund’s long-term resilience.
## **Aim 2. Broader, deeper and more personalised service**
A sustained focus on service review and improvement strengthened the beneficiary journey. Over the course of the strategy, processes were streamlined, guidance clarified and the use of insight and data enhanced, supporting more consistent decision-making and improved member experience.
## **Aim 3. Improved knowledge to make evidence-based decisions**
Throughout the strategy period, the Fund consistently delivered timely and responsive financial and welfare support to members and their families. Services were refined to ensure support was proportionate, accessible and centred on member need, with clearer pathways for those requiring ongoing or specialist assistance.
## **Aim 4. Mental health support and signposting for all members**
The Fund made measurable progress in raising awareness of its work across the PRS membership and the wider music community. Communications and engagement activity strengthened the Fund’s profile, deepened relationships with PRS for Music, and helped ensure more members were aware of the support available to them.
## **Aim 5. A responsive, agile and flexible organisation**
Governance arrangements, systems and internal controls were progressively strengthened over the life of the strategy. Improvements in performance reporting, risk management and accountability supported effective Trustee oversight and provided a stronger platform for future delivery.
Taken together, these achievements demonstrate the successful delivery of the 2023–2025 strategy and
Page 6
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
provide a strong foundation for the implementation of the Fund’s new Strategic Plan for 2026–2028. Trustees are confident that the organisation enters the next strategic period with increased clarity, resilience and capacity to support members in an evolving and challenging environment.
## **2025 Highlights - support and services**
2025 has shown no let-up in hardship for so many of those members we support. During the year under review a total of £863,133 (2024: £718,236) was awarded in grants to individuals, and £22,000 (2024: £22,450) awarded to institutions. With our biggest areas of help discussed below.
Our awards address various challenges faced by members, including health issues and financial struggles to cover rising bills. We distributed a record 684 grants (2024: 679) totalling £418,653 in 2025 (2024: £388,545). Notably, support is now most sought by members aged 25-44, a shift we're factoring into our service planning, and expect this trend to continue.
We're acutely aware of rising living costs, particularly the added pressure of winter months on our members. To help, we previously launched the Winter Relief Scheme, running until March 2026. It saw 442 enquiries (up from 358 last year) and awarded £399,178 to 432 individuals (2024: £258,290), providing vital support. To further address the impact of rising costs, we have increased the size of our grants to exceed inflation rates.
## **Los Angeles Wildfires Emergency Relief Fund**
The Los Angeles wildfires that commenced in January 2025 and continued for many weeks resulted in the destruction of homes and with that, people’s livelihoods. The Trustees acted quickly to provide emergency relief to members that were affected by this catastrophic event. The Fund supported eleven members in the sum of £23,374 to enable them to begin the process of rebuilding their lives.
## **Hurricane Melissa Emergency Relief Fund**
This initiative was introduced to provide support to members in Jamaica who had been affected and suffered loss or damage to property because of the recent storms. JACAP had offered to review applications, and process grants on the instructions of the Fund with the fund reimbursing JACAP for the expenditure incurred on its behalf. As at the balance sheet date no amounts had been paid, we expect the monies to be spent in 2026.
## **Standing Tall – Homelessness, Employment and Tailored Support**
The PRS Members’ Fund launched a groundbreaking new partnership in November 2025 with Standing Tall.
Through this partnership, the PRS Members’ Fund and Standing Tall will combine their expertise to provide tailored support, leveraging employment opportunities, and the music industry’s resources, to offer unique pathways to stability and creative fulfilment for those who have experienced homelessness. This includes potential access to mental health support, housing solutions, and career advice, helping individuals rebuild their lives and get back on their feet.
This initiative aims to highlight the strength and skills people have to offer, building on them to create lasting change and influencing society’s approach to homelessness.
## **Housing Survey**
The Housing Survey conducted between November and December 2025, provided a stark and deeply
Page 7
**PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
human insight into the housing challenges faced by members. Although the sample size was small, the comments revealed significant levels of housing insecurity, including homelessness, reliance on friends or sofa surfing, and accommodation that was inadequate in size or condition. Respondents described overcrowding, damp, mould and disrepair, alongside the emotional toll of instability, isolation and a loss of confidence and self-worth. For some, poor housing had a direct impact on their ability to work, create, or recover from illness or injury. Taken together, these comments highlight the profound impact that insecure and unsuitable housing can have on members’ wellbeing and underline the importance of continued and targeted support to our members.
Plans are underway to review the data from the survey in order that several options can be put forward to the Board on how the Fund might support its members affected by housing issues.
## **Respite Breaks**
The music industry is demanding. Songwriters and composers need to cope with irregular hours, financial instability, and intense creative pressure. This can all take its toll on mental health and wellbeing, and having time and space to gather strength can be essential to recovery when someone has experienced problems with their mental health. The Fund respite scheme supported those who faced challenges with their mental health.
## **Summer Breaks**
The Fund launched its Summer Family Support initiative to help working parents in the music industry manage the additional financial pressures associated with the school holidays. Recognising the unique challenges faced by freelance and portfolio workers during this period, the Fund provided targeted financial assistance to support childcare costs, family day trips, school uniforms and general household expenses. Eligible members were able to apply for grants of up to £500 for holiday clubs, alongside further support for essential family costs, helping to ease financial strain and enable parents to balance caring responsibilities with ongoing work commitments. This programme reflects the Fund’s continued commitment to supporting members and their families at key pressure points throughout the year.
## **Soul Resonance**
During 2025 the Fund partnered with Music Support to launch Soul Resonance, a bespoke wellness initiative created to support the wellbeing of Black and Brown PRS members working in the music industry. Delivered as an intimate workshop for ten music creators and hosted at Sulola Music Studio, the programme blended music-making with mindfulness practices, including group singing, guided relaxation, a nature walks and a recording session. Facilitated by singer-songwriter and community advocate Kemi Sulola, Soul Resonance provided participants with space for rest, reflection and creative renewal, while also raising awareness of the emotional, physical and financial support available through PRS Members’ Fund and Music Support. The initiative reflects the Fund’s commitment to inclusive, preventative wellbeing support and to working collaboratively with partners to meet the diverse needs of its membership.
## **Daphne Oram Centenary awards**
In celebration of pioneering electronic music composer, Daphne Oram’s Centenary, the PRS Members’ Fund and Oram Awards were launched a new initiative to past and present winners of the awards to support mental health and wellbeing. Born in 1925, Daphne Oram was a pioneering electronic composer, inventor of the Oramics Machine and co-founder of the original BBC Radiophonic Workshop.
The Oram Awards builds on her legacy celebrating women, trans and non-binary artists in electronic music, past, present and future gap.Celebrating Daphne’s centenary, the PRS Members’ Fund and Oram Awards launches the Shetland Artists’ Retreat to offer 10 Oram artists, who are eligible PRS members, a flat rate
Page 8
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
bursary to facilitate a stay at The Weaving Shed Gallery, Scotland.
The Oram retreat reflects the PRS Members’ Fund’s ongoing commitment to supporting the holistic wellbeing of music creators, particularly women, trans and non-binary artists. We understand that mental and emotional wellbeing are vital for sustaining creativity and artistic careers – and that sometimes, a pause can be the most powerful step forward.
## **Music Support**
The Fund match funded 50% of the costs for the Rehabilitation Addiction Programmes for eligible members during 2025 under a new Partnership Agreement with Music Support which followed on from our previous partnership. The initiative brought our strategy to life, to support members to rebuild their lives and support them on their recovery journey.
## **AGM & PRS Members’ Days**
During the year the Fund maintained a strong presence at key PRS member engagement events, including the PRS AGM and Members’ Day activities in London and Sheffield. Trustees and staff attended these events to raise awareness of the Fund’s work, provide direct engagement opportunities and offer one-to-one conversations with members seeking information or support. Targeted invitations were issued to members in the local areas, and dedicated time slots were made available for confidential discussions. Feedback from attendees was highly positive, with members valuing the accessibility of the Fund and the opportunity to engage directly. Participation in these events continues to play an important role in improving visibility, strengthening relationships with members and ensuring the Fund remains responsive to member need.
## **Continuing to support the work of BAPAM**
During the year the Fund continued to work closely with BAPAM to strengthen access to specialist health and wellbeing support for PRS members. This included the ongoing delivery of clinical assessment and treatment pathways for members experiencing physical and mental health issues that affect their ability to work, alongside the development of enhanced partnership arrangements to reflect increasing demand, particularly for mental health support. Trustees agreed revised funding and data-sharing arrangements to ensure appropriate governance, transparency and value for money, while enabling members to access timely, expert care. The partnership with BAPAM remains a key element of the Fund’s preventative and early-intervention approach, complementing direct financial support and helping members address healthrelated barriers to sustaining their creative careers.
## **Intune**
During the year the Fund progressed the development of INTUNE, a digital health and wellbeing selfassessment tool created in partnership with BAPAM. INTUNE is designed to support PRS members to better understand and manage the physical, mental-emotional, creative and financial factors that can affect their wellbeing and ability to sustain a career in music. Trustees reviewed and supported the first main draft of the evidence-based health checklist underpinning the tool, structured around Physical, Mental-Emotional, Writer Welfare and Financial wellbeing.
The tool will provided tailored guidance, signposting and practical resources, and acted as an early intervention gateway to further support from the Fund and BAPAM, including clinical assessment where appropriate. This initiative reflects the Fund’s strategic commitment to preventative support, partnership working and improving access to timely, specialist help for members facing health and wellbeing challenges.
Page 9
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **Safeguarding Policy 2025 Update**
During this year we updated our safeguarding policy to ensure we understood and were responding to new forms of online and digital abuse, with children more prominently covered in the policy. Naomi Asher was appointed as our Trustee safeguarding lead.
## **Cyril Wood Court**
Loans had been made to East Boro Housing Trust under schemes to provide practical help for older PRS members who require sheltered housing – see note 16 of the accounts. Aster Group are responsible for the management of the scheme and will maintain the principles that define the housing complex as accommodation for rent by those who work in the creative arts. We carry out annual welfare visits to members living in the scheme.
## **Equality, Diversity and Inclusion (EDI)**
The Trustee Board appointed the NCVO to undertake a governance review during 2025 and we reviewed our progress in this area. We remained committed to developing a coherent plan to increase diversity and inclusion from Board down to the paid staff. The Board of Trustees understand their duties and responsibilities under the Equality Act 2010. The Pathway to Progress created by the Fund will be reviewed the board to ensure that the 10-point plan is fully implemented during 2026.
## **Communication and Raising Awareness**
Raising awareness of the Fund’s purpose and impact remains our most effective tool for reaching underserved segments of the PRS membership. Throughout 2025, we significantly professionalised our external voice, transitioning from refining our messaging to active, data-driven engagement. This year, our communications moved beyond general outreach to a highly visible, proactive support proposition.
## **Developing our Brand and Messaging**
Following the development of our Revolution Toolkit Playbook, 2025 saw the full integration of our new visual identity across all platforms. We successfully launched a new colour-coded navigation system on our digital channels, aligning our services under the four central pillars of support. This clarity of purpose helped drive record engagement for core initiatives, including the Winter Relief Scheme, Intune, and our Wellbeing Breaks.
## **Website and Digital Evolution**
The PRS Members’ Fund website underwent a major functional transformation this year. Beyond accessibility improvements, we streamlined the member journey by launching bespoke online application forms powered by Formsite, supported by a new technical troubleshooting guide to reduce barriers to entry. We also integrated Google Analytics more deeply into our reporting, allowing us to track the MarComms Activation Plan and use real-time data to refine our campaign performance.
## **Promo Films and Content**
Our storytelling capabilities reached new heights with the production of high-impact visual content. The film showcased at the PRS AGM and Members’ Day—featuring PRS member Jermaine Hurley —provided a powerful testimonial of the Fund’s vital role during financial crises. To ensure long-term value, we have begun repurposing these member stories into short-form content for social media, ensuring our message of support remains consistent and visible year-round.
We significantly deepened our internal collaboration with PRS for Music, securing consistent visibility in the PRS Newsletter and M-Magazine. Key milestones included:
Page 10
**PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
- Legacy & Fundraising: Launched a strategic partnership with Farewill to modernise our legacy giving and secure the Fund's long-term sustainability.
- Industry Integration: In addition to our ongoing work with the Music Publishers’ Association (MPA) and the Musicians' Union (MU), we launched specific outreach via the Oram Awards retreat scheme based in Shetlands, Scotland and Soul Resonance wellness day.
- Data-Driven Outreach: A comprehensive data cleanse and the integration of newsletter functionality directly into the website have ensured our communications are GDPR-compliant, targeted, and impactful.
By the end of 2025, the Fund has not only increased its digital footprint but has established a more cohesive narrative that resonates with both donors and members in need, ensuring our support is more accessible than ever before.
## **Our Relationship with PRS**
A strong relationship with PRS for Music is essential for the Fund to reach more members, and provide them with the support they need, when they need it. Building this relationship has been key to our work activities this year, and we are pleased at how well we are working together in the service of our membership.
Formal partnership and data sharing agreements were updated during the year between PRS and the Fund. This is to ensure that we have an agreed way of working that complies with current GDPR legislation yet allows PRS to share membership data with the charity so that members are aware of the help that can be provided in times of need.
## **Legacies and Donations**
We were able to provide the support services we do to our members thanks to the incredible generosity of our donors. Whether through regular contributions, corporate support, royalty bequests, or legacies, these funds mean we can continue to be there for PRS members, beyond the music.
The Fund received an interim distribution of funds from the executors of the Tom Springfield estate which was gratefully received.
The Fund was delighted to be named as the MiCannes official charity partner for 2025 which would make it a talking point throughout the four-day conference and help raise awareness and visibility of the charity
## **Marc Bolan Blue Plaque unveiling**
Trustees were delighted to attend Marc Bolan Blue Plaque unveiling arranged by English Heritage. This has provided us with positive visibility and historic and cultural links to our benefactor whom we are enormously grateful to for his estate’s continued support of the Fund.
## **PRS Donation**
Of huge importance was the PRS donation to the Fund, of £175,000 in 2025, based on £1 per member. This level of donation is vital for us to be able to provide ongoing and sustainable services and we hope to continue the agreement with PRS for many years to come. We are grateful to the PRS Members’ Council for its ongoing support.
Page 11
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **Strategic Plan 2026-2028**
During the year, the Trustees approved a new three-year Strategic Plan for 2026–2028, setting a clear direction for the PRS Members’ Fund at a time of increasing need across the music community. The plan was developed through reflection on recent progress, engagement with trustees and staff, and consideration of the external environment facing music creators, including rising living costs, changes in the music industry, and increasing demand for support for our services.
The plan is underpinned by a refreshed set of values — **Relevant, Responsive and Respectful** — which guide how the Fund works with members and shape every interaction. These values support three strategic priorities:
**SP1. Strengthening support and services for members and their families** , ensuring help remains accessible, effective and responsive to both crisis needs and longer-term wellbeing. **SP2. Increasing awareness, engagement and sector partnerships** , to reach more members who need support and to deepen collaboration across PRS for Music and the wider creative community. **SP.3 Building organisational excellence and resilience** , by strengthening governance, systems, data, and financial sustainability to ensure the Fund remains fit for the future.
Delivery of the strategy will be supported by annual business plans translating priorities into clear actions and measurable objectives. Progress will be monitored through regular management reporting, quarterly review by the Finance & Risk Committee, and oversight by the Board of Trustees. A formal mid-term review will take place in 2027 to ensure the strategy remains responsive to members’ needs and the external environment
## **Structure and Governance**
Since April 2019, the PRS Members’ Fund has operated as a Charitable Incorporated Organisation (CIO) registered with the Charity Commission.
The Fund is governed by a Board of Trustees, who oversee its operations and administration. The CIO Board consists of 15 Trustees. Six are appointed by the PRS Board, and another six are elected by PRS members at the Annual General Meeting, all serving fixed terms. Up to three additional Trustees may be appointed by the CIO Board under the Constitution, with one representing each of the following groups: composers, authors, and publishers.
The day-to-day management of the charity, including leading the Fund’s small team, is the responsibility of the General Secretary, who reports directly to the Trustees.
Throughout 2025, the Trustees held monthly meetings to discharge their duties and responsibilities in terms of strategy, performance, financial management and risk. Trustees had oversight of applications for financial assistance and manage other Fund activities. Applications were handled with strict confidentiality, and all grants are discretionary, subject to an assessment of income and savings in accordance with Universal Credit thresholds set by the Department for Work and Pensions. These sub-committees operate under defined terms of reference, allowing Trustees to dedicate more time to beneficiary matters and application reviews.
In September, the Trustee Board commissioned an independent governance review by the National Council for Voluntary Organisations (NCVO) to assess the Fund’s governance arrangements against recognised best practice, including the requirements of the Charities Act 2011, the Trustees Act 2010 and the Charity Governance Code.
Page 12
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
The review identified 38 recommendations, of which 21 had been implemented by the end of the reporting period. Actions completed during the year included changes to the frequency of Board meetings, from monthly to bi-monthly, the strengthening of the Finance Committee into a Finance and Risk Committee, the introduction of revised terms of reference for the Board and its sub-committees, and the establishment of annual programmes of business for both the Board and the Finance and Risk Committee.
Trustee training was delivered covering legal duties, responsibilities and the Charity Governance Code, supported by the introduction of a trustee training and development plan. Additional governance improvements included the adoption of new policies on conduct, conflicts of interest and reserves; enhanced financial reporting; a revised scheme of delegation; the development of a new strategic plan for 2026–2028; and the approval of an annual business plan and budget.
The relationship between the Fund and PRS for Music was also reviewed, and a set of organisational values distinct from PRS for Music was agreed. The Trustee Board notes that much of this work had commenced following the appointment of a Governance and Operations Manager in August, prior to the completion of the NCVO review. The Board welcomes the findings of the review and will continue to oversee the implementation of the remaining recommendations, with completion expected during early 2026.
The Fund shared opportunities provided by organisations such as the National Council for Voluntary Organisations, the Association of Charitable Organisations, and other providers. The Charity covers the costs of attending this training session. Trustees and staff are encouraged to participate in training and seminars.
## **Trustee Changes**
## **Election of Officers 2026**
In December Philip Pope was voted Chairman (elect) of the Fund’s Trustee Board in succession to Sarah Rodgers whose term of office came to an end in January 2026. Phil takes up his new role from January 2026. Peter Glenister was re-elected Deputy Chairman and Chairman to the Fund’s Finance & Risk subcommittee for the forthcoming year.
## **PRS Members’ Council Appointed trustees**
Mike Stobbie and VV Brown replaced Eddie Levy and Paulette Long, respectively, whose terms of office expired in January 2025. They attended their first Trustee Board meeting in February 2025.
## **PRS Member Appointed trustees**
Deni Lew and Naomi Asher were appointed trustees at the PRS AGM in June for an initial term of six years until 2031. They replaced Megg Nicol and Muff Winwood, respectively, whose terms of office expired at the PRS AGM. Naomi Asher was the first non- PRS member appointment by the membership, in accordance with the Fund’s constitution which was amended in December 2024 to allow non-PRS member trustees.
In December, the Trustee Board considered the Nomination Committee's recommendation to appoint Darren Michaelson to fill a casual vacancy for a PRS Member Appointed trustee created by the resignation of Kim Appleby. Darren was our second non- PRS Member Appointed trustee, which is subject to ratification at the PRS AGM in May 2026.
Kim Frankiewitz retires at the PRS AGM in May and is willing to stand for re-election for a further term of three years until the PRS AGM in 2029.
Page 13
**PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
We thank all former trustees for their dedicated support over many years’ services.
## **Staff**
## **Joiners**
We welcomed David Ryan in early August 2025 to the team as Governance and Operations Manager with responsibility to implement the NCVO Governance review recommendations together with strengthening the governance and operations throughout the Fund. David has previously worked for the British Psychotherapy Foundation and the Children’s Commissioner for England in senior Corporate Services roles.
## **Leavers**
Andy James Senior Partnerships & Engagement Manager, who was engaged on a fixed term contract which ended in August. We thank him for his service, especially during a period of partnership development.
Athena Pite, Social Worker (Members’ Welfare and Service Development) Manager resigned her position during the writing of this report. Over an eight-year period Athena has reshaped the services offered to our members, who greatly appreciated her professionalism, kindness and support. We thank Athena for her eight years of dedicated service.
## **Staff Changes - Promotion**
Ilaria Piscopo was promoted to Senior Marketing and Communications Executive in November. Ilaria has worked in a marketing and communications role for eight years.
## **Financial review**
The challenges of recent years have persisted into 2025, with a continued rise in demand for our services. This makes fundraising, particularly through royalties and legacies, crucial in ensuring the Fund can provide stable, sustainable support for PRS members when they need it most.
Our total income, including donations, investment returns, and donated facilities such as accommodation, utilities, and rates, amounted to £1,420,972 (2024: £1,403,491).
Donated facilities were valued at £26,000 (2024: £26,000) and are recorded as income under donations, with a corresponding entry as an expense within support costs.
Total donations and legacies of £1,011,145 (2024: £962,516), including royalty bequests of £445,119 (2024: £473,720). In 2025, we distributed £885,133 (2024: £740,686) in regular grants to provide critical assistance to those in need.
We sincerely thank every PRS member, their families, and loved ones who have supported the Fund through gifts, bequests, and royalties. Their generosity is the foundation of our work, enabling us to deliver vital services and life-changing assistance. These contributions make a profound difference, and we are deeply grateful for their support.
Page 14
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **Our supporters and partners**
Without the help of other charities, agencies, businesses, and organisations, we wouldn’t be able to offer our members the support they need to cover their bills, manage daily challenges, and face each day with someone by their side and on their side who truly understands.
That’s why we want to acknowledge the incredible support we’ve received from Cyril Wood Court Trust, Workjoy, East Boro Housing Trust, SplitPixel, Next Rebel Ltd, Association of Charitable Organisations, The Ivors Academy, Help Musicians, Music Minds Matter, Tonic Rider, Royal Society of Musicians, Royal Theatrical Fund, Incorporated Society of Musicians, British Association for Performing Arts Medicine, Music Support, PennySmart,, Revolution, Musicians Union, UK Music, AIM, PRS Foundation, Black Lives in Music, British Black Music, Royal Variety Charity.
We also work with several amazing societies overseas and local PRS agencies who help us assess individual’s needs and get urgent financial help directly to local members. These include SAMRO (South Africa), JACAP (Jamaica), ECCO (Eastern Caribbean) and PRS Malta.
We also want to say thank you to PRS for its support in the form of donated facilities and services such as rent-free accommodation, heating and lighting. We are thankful too for advice and guidance from PRS’s communications, membership, human resources, legal and finance directorates.
## **Public benefit**
The PRS Members’ Fund is a registered charity dedicated to the relief and prevention of poverty, as defined in the Charities Act 2011. The Trustees are confident that the Fund delivers significant public benefit through the financial aid and support it provides to current and former PRS members, as well as their families and dependants. Notably, dependants are eligible for assistance even if they are not PRS members themselves.
Our support plays a vital role in preventing members and their families from worsening financial hardship. For working-age members who are unwell or recovering from injuries, our help expedites their recovery, reducing their reliance on already overburdened health, care and welfare systems.
We follow the Charity Commission guidance on public benefit when reviewing our charitable objectives, achievement and performance and in planning our future activities, as described in this report.
## **Conflicts of interest and conflicts of loyalty**
To remain aware of and manage any conflict of interest or loyalty, the Fund’s Constitution sets out the procedure for Trustees, as well as a register, using industry best practice and in line with the Charity Commission’s expectations.
## **Risk management**
We ensure there is robust risk management in place across all our activities, including health and safety of staff, financial controls and mandates, electronic payments security, IT and database security, disaster planning, recovery and safeguarding. As the governing body, the Fund Trustees feel the processes that are in place to mitigate these risks are currently working well.
We subscribe to policies and procedures developed and monitored by PRS Ltd. PRS Members’ Fund personnel are seconded from PRS for Music Ltd. All our accounting complies with current accounting conventions. All grants renewed in 2025 for payment in 2026 are set out as accrued expenditure at our Financial Year End.
Page 15
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **Reserves Endowments and Investments**
During the year, Trustees approved a revised Reserves Policy to ensure the PRS Members’ Fund maintains sufficient financial resilience to meet its charitable, legal and operational responsibilities, while continuing to respond flexibly to member need.
Under the policy, the Fund aims to maintain general reserves of £500,000 to cover core operational expenditure, together with an additional £20,000 provision for potential legal and regulatory costs. This level has been set to reflect income volatility linked to the music industry, reliance on investment income for core costs, limited flexibility in expenditure, and wider operational and regulatory risks.
## **Designated Funds**
Designated funds are funds that have been set aside by the Trustees for specific strategic or operational purposes. While these funds remain under Trustee control and may be re-designated if circumstances change and are not available in the calculation of free reserves.
**The James Hambro Fund** is a designated fund established to provide targeted support PRS members and to respond to exceptional circumstances, emergency relief and special projects. Its use is intentionally restricted by Trustee designation to ensure funds are applied in line with the Fund’s charitable objectives and donor intent.
**The LGT Wealth investment funds** are designated to provide long-term capital preservation and income generation to support the Fund’s charitable activities. Income generated contributes towards core costs; however, the underlying capital is not intended to be used for day-to-day operations and is therefore excluded from general reserves.
By maintaining designated funds separately from general reserves, Trustees can balance financial resilience with strategic investment and targeted support, ensuring both immediate obligations and longerterm charitable objectives can be met responsibly.
## **Investment Managers**
Our Finance and Risk Sub-Committee has delegated the discretionary management of our investments to LGT Wealth Management, and to James Hambro & Partners LLP. The Finance Sub-Committee meets four times a year, and monitors the performance of the investment managers, providing updates and minutes to all Trustees.
The LGT mandate was reviewed at the October Finance and Risk Sub-Committee meeting. We assessed their performance over the first five years, a timeframe we felt appropriate for evaluating results. Performance was comfortably above the ARC average for similar charity portfolios.
At the Balance Sheet date, the LGT investment portfolio stood at £15.1m, close to its highest value, achieved during the post-COVID recovery. Meanwhile, the J Hambro investment portfolio was valued at £2.8m, showing a slight increase compared to the previous year.
## **Investment performance**
Both the James Hambro & Partners and LGT Wealth Management portfolios are managed on a total return basis, which includes both income and capital returns.
Page 16
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
## **James Hambro & Partners Portfolio**
Stocks, bonds and commodities finished 2025 in positive territory with all asset classes posting solid returns. World equities rose 14%, UK bonds advanced 5% and gold, once again, was a stand-out with an increase of 53%. This is even more impressive given its 29% rise the previous year. All returns are expressed in sterling terms.
Reflecting on 2025, which chronicled a range of market dynamics and equity market leadership, returns were ultimately driven by a concentrated universe. According to Bank of America, stocks with exposure to six themes – Artificial Intelligence, Defence, Gold, Nuclear Energy, Quantum Computing and Rare Earth Metals – contributed 60% of the return of the global index. Overall, 2025 was a year of headline comebacks and resilience. Despite significant disruption and a deepening trade conflict, global markets and economies displayed remarkable resilience. Feared recessions and inflationary surges did not materialise.
The path of equity returns throughout 2025 was, however, far from smooth. Following President Trump’s inauguration in January, markets had barely risen before the Liberation Day tariffs were announced leading to a 12% correction in just six days. As the year progressed there appeared to be a two-tier series of events with corporate earnings results and revisions moving higher and supporting market gains, and headlines around tariffs, the US credit rating being downgraded by Moody’s, and government shutdowns proving to be temporary headwinds. In November, the endless commentary around artificial intelligence and capex spend coupled with relatively high valuations, saw a retraction in the S&P500 of around 5%, before December saw a reversal and ‘risk-on’ buying of equities which buoyed the market higher.
As we look to navigate the upcoming year, we are mindful that themes of the recent past may persist and seasonal rotations have previously been fleeting. We often remind ourselves of the observation that fund managers are not paid to forecast but to adapt.
For the calendar year 2025, the PRS Members’ Fund rose 7.4%, which compares to 7.4% for UK CPI inflation plus 4%.
## **LGT Wealth Management Portfolio**
2025 was a strong yet uneven year for the investment markets and the Members’ Fund portfolio. Global equities delivered solid gains, but performance was heavily concentrated in a small group of large US technology companies. Confidence in AI, cloud spending and the strength of major platform businesses continued to drive returns despite concerns about valuations and regulation.
Market conditions were volatile, shaped by geopolitical tensions and tariff uncertainty. Even so, the portfolio ended the year well, with strong stock selection in Q4 more than offsetting a small drag from real assets. Healthcare, consumer discretionary and utilities were notable positive contributors. While the index was dominated by the “Magnificent 7”, the portfolio held five of these names in smaller, diversified positions and benefited from exposure to companies supporting AI supply chains and adoption.
Income remained healthy with a yield of around 2.4%, and a total net return of +10.6% was achieved for the year.
## **Investment policy**
As the body responsible for the financial health of the Members’ Fund, Trustees have provided investment managers with an Investment Policy Statement (IPS), enabling asset allocation to respond to dynamic market conditions by moving between various investment strategies. This is based on considering the most appropriate policy for investing funds on a total return basis, considering capital growth and investment
Page 17
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
income generated. Asset classes within the investment include bonds and equities. ISP ranges form part of the statement and are regularly subject to scrutiny and review.
## **Responsible Investment Policy (ESG)**
Ensuring a return on our investments will never be at a cost to others. Our investments are bound by a strict ethical and moral code, and we will never invest in sectors, areas or activities that cause harm.
LGT, our investment partner unequivocally follow our investment principals: “we do not invest in the development, production, assembly, acquisition, repair, sale, use, possession, transport, transfer stockpiling or conservation of cluster munitions or APLs. This covers all direct and indirect investments. We support and uphold the UN Cluster munitions and APL Conventions.”
Our Hambro portfolio remains in adherence with and consistent with the ethical screening and restrictions imposed on the LGT portfolio. No direct investment will be made in companies that derive income from the following sectors:
1. Gambling
2. Adult Entertainment
3. Predatory lending
4. Thermal coal
5. Oil sands, Shale oil, Shale gas
6. Armaments and weapons
This report was approved by the Board of Trustees on 27 March 2026 and signed on its behalf by:
## **Philip Pope Chair of Trustees**
Page 18
**PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2025**
The Fund owes a deep debt of gratitude to all, past and present, who have generously made bequests and donations, large or small, to help the Fund and its work:
Ira Aldridge Christopher Anderson Doris Arnold via H.S. Pepper Dorothea Barcroft Eily Kathleen Beadell Donald Morgan Bowden Frank Bridge via E.E. Bridge Ronald Bridges Helen Brown Elizabeth Bryce-Romain Mabel Buchanan Ivy Burgess Rex Burrows via E Burrows Sir Alfred Butt via Lady Vilma Butt Desmond Carter Austin Coates via Yim Kim Fung Eric Coates via Yim Kim Fung Les Condon Samuel Cope Austen Croom-Johnson via Maureen Croom-Johnson Thomas Dando via Elizabeth Dando Michael Dawney Luigi Denza James Dutton Leslie Elliott W.M. Farren via Maud Farren Marc Feld aka Marc Bolan David Ferguson Andrew Fenner Len Fillis via D. James Marjorie Finck Reginald Fogwell via A.E. Fogwell Percy E. Fletcher via Marie Fletcher Peter Foss via Mrs Olive Foss Douglas Furber via Gilberta Furber Max Gartman via P. Desmond Carroll Gibbons via Brian Lidstone Percy Greenbank via Phyllis Greenbank Johnnie Gray Maurice Grew via G. Grew Peter Hames Michael Head William Henly via J. Reynolds Geoffrey Henman via Mrs S Boeckmann Leslie Holmes via Ellen Joan Kilpatrick
Michael Hurd Muriel James Albert W. Ketelbey via M. Ketelbey C.S. Lang via W.M. Fox Michael Gerald Lane via Patricia A Stanley Bert Lee Harry Leon aka Art Noel Edward F. Lockton via E.C. Lockton E.M. Lockwood J.P. Long via Ethel Maud Blair Claudine Lordan Billy Mayerl via E.G. Mayerl Stella Morgan Joseph Murrells Norman Murrells Cecil Norman Desmond O’Connor Kay O’Dwyer Daphne Oram Leslie Herbert Osborne Panda Music via Monica Lawrence Harry S. Pepper Sid Phillips via Marie Phillips Charles W. Prentice via Phyllis Prentice Leonard Rafter via Beryl Rafter Gordon Reed via M. Reed Gordon Reid via Joyce Reid Margaret Reizenstein Stan Reynolds Sydney Rosenbloom Frederick Rosse Paul A. Rubens via E. Burlinson Cecil James Sharp via Briony A Jose Reginald Somerville Tom Springfield W.H. Squire Thomas P. Sutton Ivy St Helier Phyllis Tate Helen Taylor via S.H. Rothschild Madeline Chase Thomas Henry (Harry) Thorne Michael Trelford Charles Williams via M Williams Charles Windeatt via Jessie Windeatt
Page 19
## **PRS Members’ Fund**
## **Ninety-First Annual Report of the Trustees For the year ended 31 December 2024**
## **Statement of Charity Trustees’ Responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period.
In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and accounting estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and 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. 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.
Financial statements are published on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Charity’s website is the responsibility of the Trustees. The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**Philip Pope Chair of Trustees**
Date: 27 March 2026
Page 20
## **PRS Members' Fund**
## **Independent auditors' report to the Members of PRS Members' Fund**
## **Opinion**
We have audited the financial statements of PRS Members' Fund (the 'charity') for the year ended 31 December 2025 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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.
Page 21
## **PRS Members' Fund**
## **Independent auditors' report to the Members of PRS Members' Fund (continued)**
## **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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- 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.
Page 22
## **PRS Members' Fund**
## **Independent auditors' report to the Members of PRS Members' Fund (continued)**
## **Auditors' 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.
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:
## _How the audit was considered capable of detecting irregularities including fraud:_
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- we identified the laws and regulations applicable to the Fund through discussions with management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the Fund, including the Charities Act 2011;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and
- identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Fund’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading minutes of meetings of those charged with governance; and
- enquiring of management and representatives of Trustees as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
Page 23
## **PRS Members' Fund**
## **Independent auditors' report to the Members of PRS Members' Fund (continued)**
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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **UHY Hacker Young**
Chartered Accountants Statutory Auditors Thames House Roman Square Sittingbourne Kent ME10 4BJ 27 March 2026
UHY Hacker Young are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 24
**PRS Members' Fund**
## **Statement of financial activities For the year ended 31 December 2025**
|**Note**
**Income from:**
Donations and legacies
4
Investments
5
**Total income**
**Expenditure on:**
Raising funds:
6,7
Publicity and fundraising
Investment management
Charitable activities
**Total expenditure**
**Net expenditure before net gains on investments**
Net gains on investments
**Net movement in funds before other recognised**
**gains/(losses)**
**Other recognised gains/(losses):**
(Losses)/gains on revaluation of fixed assets
**Net movement in funds**
22
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**
22|**Unrestricted**
**funds**
**2025**
**£**
1,037,145
383,827
1,420,972
353,496
90,683
1,209,657
1,653,836
(232,864)
1,344,633
1,111,769
(15,000)
1,096,769
17,514,999
1,096,769
18,611,768|**Total**
**funds**
**2025**
**£**
1,037,145
383,827
1,420,972
353,496
90,683
1,209,657
1,653,836
(232,864)
1,344,633
1,111,769
(15,000)
1,096,769
17,514,999
1,096,769
18,611,768|_Total_
_funds_
_2024_
_£_
_988,516_
_414,975_
_1,403,491_
_379,909_
_91,155_
_1,049,607_
_1,520,671_
_(117,180)_
_1,023,807_
_906,627_
_5,000_
_911,627_
_16,603,372_
_911,627_
_17,514,999_|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 28 to 48 form part of these financial statements.
Page 25
## **PRS Members' Fund**
## **Balance sheet As at 31 December 2025**
|**Note**
**Fixed assets**
Intangible assets
13
Investments
15
Social investments
16
Investment property
14
**Current assets**
Debtors
17
Investments
18
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
19
**Net current assets**
**Total assets less current liabilities**
Provisions for liabilities
**Total net assets**
**Charity funds**
Designated funds
22
General funds
22
Total unrestricted funds
22
**Total funds**|270,329
39,800
160,212
470,341
(151,611)
18,586,635
25,133|**2025**
**£**
28,374
17,887,877
161,787
215,000
18,293,038
318,730
18,611,768
-
18,611,768
18,611,768
18,611,768|_285,046_
_50,879_
_557,863_
_893,788_
_(135,466)_
_17,152,360_
_362,639_|_2024_
_£_
_43,105_
_16,336,336_
_222,236_
_230,000_
_16,831,677_
_758,322_
_17,589,999_
_(75,000)_
_17,514,999_
_17,514,999_
_17,514,999_|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**Pete Woodroffe** Trustee
**Darren Michaelson** Trustee
Date: 27 March 2026
The notes on pages 28 to 48 form part of these financial statements.
Page 26
## **PRS Members' Fund**
## **Statement of cash flows For the year ended 31 December 2025**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
24
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of intangible assets
Proceeds from sale of investments
Purchase of investments
Repayment of loans from beneficiaries
New loans issued to beneficiaries
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
25|**2025**
**£**
(666,762)
383,827
-
3,788,867
(3,973,197)
(976)
59,511
258,032
(408,730)
608,742
200,012|_2024_
_£_
_(373,832)_
_380,927_
_(14,500)_
_4,210,549_
_(4,195,303)_
_(1,399)_
_15,565_
395,839
22,007
_586,735_
_608,742_|
|---|---|---|
The notes on pages 28 to 48 form part of these financial statements
Page 27
**PRS Members' Fund**
**Notes to the financial statements For the year ended 31 December 2025**
## **1. General information**
The PRS Members' Fund is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission for England and Wales. The Fund's registered office is 1st Floor, Goldings House, 2 Hay's Lane, London, SE1 2HB.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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) (second edition - 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
PRS Members' Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
The Trustees consider that there are no material uncertainties about the Fund’s ability to continue as a going concern.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations and royalty bequests are credited to the SOFA when received or when the amount can be quantified with reasonable accuracy, if earlier.
Donated services and facilities are included at the value to the Fund where this can be quantified.
Legacies are recognised when they are measurable, probate has been granted and entitlement is clear. Where deemed appropriate, a discount is made for expected costs within the estate.
Investment income is credited gross to the SOFA on the date it becomes payable with the exception of income from fixed interest bonds which is credited over the period of the bonds.
Page 28
**PRS Members' Fund**
**Notes to the financial statements For the year ended 31 December 2025**
## **2. Accounting policies (continued)**
## **2.4 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Fund to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is charged to the SOFA on an accruals basis.
Grants to beneficiaries are charged to the SOFA on the date approved by the Trustees or on the date of any conditions or requests being met, if later.
Pension contributions are charged to the SOFA as they become payable.
Support costs are allocated to costs of raising funds and charitable activities on the basis consistent with the use of these resources.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 of the Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge has arisen in the year.
## **2.7 Intangible assets and amortisation**
Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. The asset is currently being amortised over five years.
## **2.8 Investments**
All investments are carried at their fair value. Investments in bonds, equities, property and alternative investments are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using mid-market price. Asset sales and purchases are recognised at the date of trade at cost (i.e. their transaction value).
Page 29
## **PRS Members' Fund**
**Notes to the financial statements For the year ended 31 December 2025**
## **2. Accounting policies (continued)**
## **2.9 Investment property**
Investment property is measured at fair value at each reporting date. An impairment review is carried out annually and the fair value adjusted for any impairment identified.
## **2.10 Programme related investments**
Programme related investments are concessionary loans provided for the benefit of the Fund's beneficiaries and loans made to a Trust under a scheme to provide practical help for the Fund's older beneficiaries. Such loans are initially recognised and measured at the amount paid, with the carrying amount adjusted at each balance sheet date to reflect repayments and any accrued interest, less any impairment.
## **2.11 Gains/losses on investment assets**
All gains and losses are taken to the Statement of Financial Activities as they arise.
Unrealised gains and losses on investment assets represent the difference between their fair value at the end of the year and their fair value at the beginning of the year, or transaction value if acquired during the year.
## **2.12 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.13 Cash at bank and in hand**
Cash at bank and 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.
## **2.14 Liabilities and provisions**
Liabilities 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 the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.15 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 30
## **PRS Members' Fund**
**Notes to the financial statements For the year ended 31 December 2025**
## **2. Accounting policies (continued)**
## **2.16 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
## **3. Critical accounting estimates and areas of judgment**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
## Valuation of investment property
The Trustees consider the investment property at the balance sheet date to be at fair value. They have made the assumptions based on informed advise given from the estate agent, which is considered to be the value if the property was to be on an open market. As a result, the Trustees consider the carrying valuation of investment property to be appropriate.
## Valuation of legacies
Legacies are recognised following a grant of probate.
All pecuniary legacy cases have an estimated value based on the amount expected to be received as identified by the will. All residuary legacy cases have an estimated value which is calculated based on the information available, including the value of the estate and the contents of the will. Estimates are regularly updated based on information available at the time and aim to be as accurate as possible at all times.
## Allocation of support costs
Support costs are apportioned to each activity based on the estimated time staff spend on each activity. Time spent is reviewed at the year end and allocation is updated based on the outcome of the review to ensure costs are accurate as possible.
Page 31
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2025**
**£**
**Donations**
Donations
629,339
Donated services and facilities
26,000
**Total donations**
655,339
Legacies
381,806
**Total 2025**
1,037,145
_2024 Total by fund_
_988,516_|**Total**
**funds**
**2025**
**£**
629,339
26,000
655,339
381,806
1,037,145
_988,516_|_Total_
_funds_
_2024_
_£_
_650,307_
_26,000_|
|---|---|---|
|||_676,307_|
|||_312,209_|
|||_988,516_|
||||
Donated services and facilities relates to non-exchange transactions in respect of rent and other services provided by PRS for Music Limited to the Fund.
## **5. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Rental income
12,600
Dividends
361,330
Interest
9,897
**Total 2025**
383,827
_2024 Total by fund_
_414,975_|**Total**
**funds**
**2025**
**£**
12,600
361,330
9,897
383,827
_414,975_|_Total_
_funds_
_2024_
_£_
_12,000_
_390,945_
_12,030_|
|---|---|---|
|||_414,975_|
||||
Page 32
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **6. Expenditure on raising funds**
## **Publicity and fundraising activities**
|**Unrestricted**
**funds**
**2025**
**£**
Marketing and communications
26,223
90th anniversary events
-
Support costs (Note 10)
121,833
Salaries (Note 11)
205,440
**Total 2025**
353,496
_2024 Total by fund_
_379,909_|**Total**
**funds**
**2025**
**£**
26,223
-
121,833
205,440
353,496
_379,909_|_Total_
_funds_
_2024_
_£_
_36,523_
_117,899_
_61,700_
_163,787_|
|---|---|---|
|||_379,909_|
||||
## **7. Investment management costs**
|**Unrestricted**
**funds**
**2025**
**£**
Investment managers fees
87,023
Investment property expenses
3,660
90,683
_2024 Total by fund_
_91,155_|**Total**
**funds**
**2025**
**£**
87,023
3,660
90,683
_91,155_|_Total_
_funds_
_2024_
_£_
_87,324_
_3,831_|
|---|---|---|
|||_91,155_|
||||
Page 33
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **8. Analysis of grants**
|Grants to beneficiaries
_Analysis of 2024 Total_|**Grants to**
**Institutions**
**2025**
**£**
22,000
_22,450_|**Grants to**
**Individuals**
**2025**
**£**
863,133
_718,236_|**Total**
**funds**
**2025**
**£**
885,133
_740,686_|_Total_
_funds_
_2024_
_£_
_740,686_|
|---|---|---|---|---|
||||||
Grants to institutions represent the grant issued by the Fund to the British Association for Performing Arts Medicine in the year in the sum of £22,000 (2024: £22,450).
An analysis of grants issued in the year is provided in the Trustees' Report at the front of these financial statements.
## **9. Analysis of expenditure by activities**
|Direct costs
_Analysis of 2024 Total_|**Activities**
**undertaken**
**directly**
**2025**
**£**
228,798
_247,220_|**Grant**
**funding of**
**activities**
**2025**
**£**
885,133
_740,686_|**Support**
**costs**
**2025**
**£**
95,726
_61,701_|**Total**
**funds**
**2025**
**£**
1,209,657
_1,049,607_|_Total_
_funds_
_2024_
_£_
_1,049,607_|
|---|---|---|---|---|---|
|||||||
## **Analysis of direct costs**
|Grant administration costs (Note 11)
Travel and motor expenses
Website costs
Loan write off
**Total**|**Total**
**funds**
**2025**
**£**
214,331
1,140
11,413
1,914
228,798|_Total_
_funds_
_2024_
_£_
_238,787_
_1,327_
_7,106_
_-_|
|---|---|---|
|||_247,220_|
Page 34
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **9. Analysis of expenditure by activities (continued)**
## **10. Analysis of support costs**
|**Unrestricted**
**funds**
**2025**
**£**
**General support costs**
Accountancy and bookkeeping
9,600
Printing, postage and stationery
1,667
Sundries
22,183
Travel and motor expenses
5,355
Irrecoverable VAT
40,451
Insurance
1,592
Rent and services provided by PRS
26,000
IT costs
69,733
Amortisation
14,731
191,312
**Governance costs**
Auditors' remuneration - external audit
8,550
Legal fees
1,700
Trustees' meeting expenses
1,085
Impact measurement project
9,912
Strategic review and development of grants programme
5,000
26,247
**Total support costs**
217,559|_Unrestricted_
_funds_
_2024_
_£_
_9,600_
_-_
_15,868_
_4,319_
_26,262_
_1,547_
_26,000_
_6,524_
_14,659_|
|---|---|
||_104,779_
_8,300_
_5,900_
_659_
_3,763_
_-_|
||_18,622_|
||_123,401_|
Support costs are apportioned to the following activities based on an estimate of staff time spent on each activity.
Page 35
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
**. Allocation of support costs**
|Publicity and fundraising activities (Note 6)
Charitable activities (Note 9)|**2025**
**£**
93,202
124,357
217,559|_2024_
_£_
_61,700_
_61,701_|
|---|---|---|
|||_123,401_|
## **11. Staff costs**
Staff are employed by an administration company of the Performing Rights Society Limited, who also charge the Fund with the total related costs, including VAT. The pension scheme is also administered by that company.
|Wages and salaries
Social security costs
Pension contributions
Irrecoverable VAT on above costs|**2025**
**£**
290,805
33,732
67,764
27,470
419,771|_2024_
_£_
_250,217_
_25,232_
_101,547_
_25,578_|
|---|---|---|
||||
|||_402,574_|
Included within the pension contribution costs is £35,000 (2024: £75,000) in respect of the agreement between PRS for Music Limited and the Fund to contribute towards deficit funding contributions to the MCPS PRS Alliance Pension Schemes as detailed in Note 21.
The average number of persons employed by the Charity during the year was as follows:
|Administration
Fundraising|**2025**
**No.**
6
1
7|_2024_
_No._
_6_
_1_|
|---|---|---|
||||
|||_7_|
The Fund has 4 full-time staff (2024: 4), 3 part-time staff members (2024: 3) and 1 contracted visitors (2024: 1) and, in addition, uses temporary staff and volunteers as required.
Page 36
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **11. Staff costs (continued)**
No employee received remuneration amounting to more than £60,000 in either year.
The Fund considers its key management personnel comprises the Trustees. The Trustees did not receive any remuneration or other financial benefits for the year, directly or indirectly, from the Charity’s funds (2024: £Nil).
## **.**
## **Allocation of staff costs**
Staff costs are apportioned to the following activities based on an estimate of time spent on each activity.
|Publicity and fundraising activities (Note 6)
Charitable activities (Note 9)
Deficit funding contribution (Note 9)|**2025**
**£**
205,440
179,331
35,000
419,771|_2024_
_£_
_163,787_
_163,787_
_75,000_|
|---|---|---|
|||_402,574_|
Charitable activities includes the cost of charity employees involved in meetings with trustees and the cost of any administrative support provided to the trustees by staff.
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year, two Trustees (2024: 3) were reimbursed for travel expenses totaling £2,646 (2024: £2,256).
Page 37
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
|**13.**
**Intangible assets**
**Cost**
At 1 January 2025
At 31 December 2025
**Amortisation**
At 1 January 2025
Charge for the year
At 31 December 2025
**Net book value**
At 31 December 2025
_At 31 December 2024_
**14.**
**Investment property**
**Valuation**
At 1 January 2025
Revaluation loss
At 31 December 2025|**Computer**
**software**
**£**
68,580
68,580
25,475
14,731
40,206
28,374
_43,105_
**Freehold**
**investment**
**property**
**£**
230,000
(15,000)
215,000|
|---|---|
The property was valued by Freeman Forman Estate Agents, trading as part of the Countrywide Estate Agents group on an open market basis, as at 31 December 2025.
Page 38
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **15. Fixed asset investments**
|**Valuation**
At 1 January 2025
Additions
Disposals
Revaluations
At 31 December 2025
**Investments at market value comprise:**
Bonds / Fixed Interest
Equities
Money market funds
Alternative / cash products
Commodities|**2025**
**£**
2,520,380
14,380,840
-
855,795
130,862
17,887,877|**Listed**
**investments**
**£**
16,336,336
3,973,197
(3,788,867)
1,367,211
17,887,877
_2024_
_£_
_2,261,402_
_13,440,411_
_40,000_
_486,976_
_107,547_
_16,336,336_|
|---|---|---|
All investments are carried at their fair value. Investments in bonds, equities, property and alternative investments are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using mid-market price. Asset sales and purchases are recognised at the date of trade at cost (i.e. their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Fund is considered in the financial review and investment policy and performance sections of the Report of the Trustees.
The main risk to the Fund from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Fund is reliant on dividend yield in part to finance its work and this leads to greater exposure to international companies, the values of which, together with their yield, are exposed to exchange rate risk when converting the holdings into sterling.
The Fund manages these investment risks by retaining expert advisers and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Fund does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer-term yield total return.
Page 39
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **16. Social investments**
|**Cost**
At 1 January 2025
Repayments
Revaluations
Accrued Interest
**Cost at 31 December 2025**
Social investments comprise:
**Programme related investments**
Loans to beneficiaries
East Boro Housing Trust Limited
Total|**Other**
**2025**
**£**
108,536
55,165
163,701|**Programme**
**related**
**investments**
**£**
222,236
(59,511)
(1,914)
976
161,787
**Total**
**2025**
_Total_
_2024_
**£**
_£_
108,536
_154,267_
55,165
_67,969_
163,701
_222,236_|**Programme**
**related**
**investments**
**£**
222,236
(59,511)
(1,914)
976
161,787
**Total**
**2025**
_Total_
_2024_
**£**
_£_
108,536
_154,267_
55,165
_67,969_
163,701
_222,236_|
|---|---|---|---|
|||||
||||161,787|
||||_Total_
_2024_
_£_
_154,267_|
||||_67,969_|
||||_222,236_|
Loans have been made to East Boro Housing Trust Limited, formally known as Cyril Wood Court Trust (a registered housing corporation, No. L0519) under schemes to provide practical help for the Fund's older beneficiaries who require sheltered housing.
## **17. Debtors**
|**Due within one year**
Sundry debtors
Accrued income|**2025**
**£**
31,329
239,000
270,329|_2024_
_£_
_10,046_
_275,000_|
|---|---|---|
||||
|||_285,046_|
Page 40
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **18. Current asset investments**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|Unlisted investments (liquid)|39,800|_50,879_|
## **19. Creditors: Amounts falling due within one year**
|Grant commitments
Other taxation and social security
Accruals|**2025**
**£**
16,209
26,496
108,906
151,611|_2024_
_£_
_15,494_
_15,143_
_104,829_|
|---|---|---|
||||
|||_135,466_|
**. Grant commitments**
|Amounts brought forward
Grants released
Grants committed in the year
**Amounts carried forward**|**2025**
**£**
15,494
(15,494)
16,209
16,209|_2024_
_£_
_24,072_
_(24,072)_
_15,494_|
|---|---|---|
|||_15,494_|
Grant commitments represent those agreed by the Trustees at their December 2025 meeting that will be paid in January 2026.
## **20. Financial instruments**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|18,302,889|_17,175,078_|
Financial assets measured at fair value through income and expenditure comprise listed investments, investment property and cash and cash equivalents.
Page 41
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **21. Provisions**
|At 1 January 2025
Amounts used|**Pension**
**scheme**
**deficit**
**£**
75,000
(75,000)
-|
|---|---|
The seven staff are not directly employed by the Fund, and given that there is no separate valuation of the scheme’s assets and actuarial liabilities that relate to the Fund’s staff, contributions to the scheme are treated as if the scheme was a defined contribution scheme. Full details of the scheme and its deficit are included in the financial statements of PRS For Music Limited.
PRS For Music Limited agreed with the Fund that it would be appropriate to apportion some of the defined benefit pension costs to the Fund in respect of the PRS employees that work for the Fund.
In 2024, the final lump sum in respect of the deficit funding contributions was agreed in value, whereas previously the economic outflow was uncertain. The Fund’s obligation to the Scheme had previously been recognised as a contingent liability.
The Fund is not a participating employer in the MCPS PRS Alliance Pension Schemes, in which the PRS employees are members, but had by separate agreement, agreed to meet the costs outlined above. The final payment of £110,000 was made in 2025, which included back payments covering the period 2018 to 2024. There will be no further payments due from the Fund in respect of the defined benefit deficit contributions.
Page 42
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **22. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
J Hambro
Investment Fund
LGT Investment
Fund
Investment
Property
Winter Crisis
Scheme
Music Minds
Matter
Winter relief
scheme
Housing project
schemes
Hurricane
Melissa
Response
Summer Support
Scheme
**General funds**
General fund
**Total**
**Unrestricted**
**funds**|**Balance at 1**
**January**
**2025**
**£**
2,584,134
13,752,202
230,000
119,314
25,000
41,710
400,000
-
-
17,152,360
362,639
17,514,999|**Income**
**£**
39,175
289,408
-
-
-
-
-
-
-
328,583
1,092,389
1,420,972|**Expenditure**
**£**
(21,961)
(65,062)
-
-
(13,383)
(399,178)
(15,056)
-
(12,803)
(527,443)
(1,126,393)
(1,653,836)|**Transfers**
**in/out**
**£**
-
(34,652)
-
(119,314)
-
357,468
(200,000)
100,000
200,000
303,502
(303,502)
-|**Gains/**
**(Losses)**
**£**
188,419
1,156,214
(15,000)
-
-
-
-
-
-
1,329,633
-
1,329,633|**Balance at**
**31**
**December**
**2025**
**£**
2,789,767
15,098,110
215,000
-
11,617
-
184,944
100,000
187,197|
|---|---|---|---|---|---|---|
|||||||18,586,635|
|||||||25,133|
|||||||18,611,768|
Page 43
## **PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **22. Statement of funds (continued)**
The purpose of the charity's funds are as follows:
## **Unrestricted funds**
## General fund
The general fund represents the funds of the Charity which are not designated for particular purposes.
## **Designated funds**
## Investments
The investments fund represents the fair value at the Balance Sheet date of both the Fund's listed investments and investment property.
## Winter crisis scheme
In 2022, the Trustees of the Fund agreed to designate monies to assist beneficiaries with increasing cost of living and home fuel costs. These monies are expected to be spent over subsequent winters.
## Music Mind Matters
In 2023, the Trustees of the Fund agreed to designate monies to Music Minds Matter. This partnership enables PRS for Music members to access free counselling and cognitive behavioural therapy, as well as emotional support or a listening ear.
## Winter relief scheme
In 2024, the Trustees of the Fund agreed to designate monies to assist beneficiaries with increasing home fuel costs and to assist with reduction in the winter fuel allowance. These monies are expected to be spent over subsequent winters.
## Housing project schemes
In 2024, the Trustees of the Fund agreed to designate monies to Housing project schemes to assist beneficiaries with housing support in relation to short term accommodation.
## Hurricane Melissa Response
In 2025, the Trustees of the Fund agreed to designate monies to hurricane Melissa response, to assist musicians who have been affected by destroyed homes, and lack of water and food.
## Summer Support Scheme
In 2025, the Trustees of the Fund agreed to designate monies to summer support scheme to assist towards holiday club fees, days out expenses and school uniform costs for members who have children.
## **Transfers between funds** :
During the year, £300,000 was transferred from the general funds in relation to the two new funds above.
During the year, £357,468 was transferred from the general fund to designated funds to top up the Winter relief scheme.
During the year, £319,314 was transferred to the general fund to reduce Winter Crisis Scheme and the Housing Project Scheme
Page 44
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **22. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Listed
investments
Investment
Property
Winter Crisis
Scheme
Music Minds
Matter
Winter relief
scheme
**General funds**
General fund
**Total**
**Unrestricted**
**funds**|_Balance at_
_1 January_
_2024_
_£_
_15,553,331_
_250,000_
_75,000_
_-_
_-_
_15,878,331_
_725,041_
_16,603,372_|_Income_
_£_
_353,091_
_-_
_-_
_-_
_-_
_353,091_
_1,050,400_
_1,403,491_|_Expenditure_
_£_
_(87,324)_
_(44,670)_
_(10,149)_
_(258,290)_
_-_
_(400,433)_
_(1,120,238)_
_(1,520,671)_|_Transfers_
_in/out_
_£_
_(281,569)_
_(86,016)_
_(39,851)_
_300,000_
_400,000_
_292,564_
_(292,564)_
_-_|_Gains/_
_(Losses)_
_£_
_1,028,807_
_-_
_-_
_-_
_-_
_1,028,807_
_-_
_1,028,807_|_Balance at_
_31_
_December_
_2024_
_£_
_16,566,336_
_119,314_
_25,000_
_41,710_
_400,000_|
|---|---|---|---|---|---|---|
|||||||_17,152,360_|
|||||||_362,639_|
|||||||_17,514,999_|
Page 45
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **23. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2025**
**£**
Intangible fixed assets
28,374
Fixed asset investments
17,887,877
Investment property
215,000
Social investments
161,787
Current assets
470,341
Creditors due within one year
(151,611)
**Total**
18,611,768|**Total**
**funds**
**2025**
**£**
28,374
17,887,877
215,000
161,787
470,341
(151,611)
18,611,768|
|---|---|
**Analysis of net assets between funds - prior year**
|Intangible fixed assets
Fixed asset investments
Investment property
Social investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
**Total**|_Unrestricted_
_funds_
_2024_
_£_
_43,105_
_16,336,336_
_230,000_
_222,236_
_893,788_
_(135,466)_
_(75,000)_
_17,514,999_|_Total_
_funds_
_2024_
_£_
_43,105_
_16,336,336_
_230,000_
_222,236_
_893,788_
_(135,466)_
_(75,000)_
_17,514,999_|
|---|---|---|
Page 46
**PRS Members' Fund**
## **Notes to the financial statements For the year ended 31 December 2025**
## **24. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Amortisation charges
Losses on investments
Dividends, interests and rents from investments
Provision movement
Decrease in debtors
Increase in creditors
**Net cash used in operating activities**
**25.**
**Analysis of cash and cash equivalents**
Cash in hand
Dealing account deposit
**Total cash and cash equivalents**
**26.**
**Analysis of changes in net debt**
**At 1**
**January**
**2025**
**£**
Cash at bank and in hand
557,863
Liquid investments
50,879
608,742|**2025**
**£**
1,111,769
14,731
(1,367,211)
(383,827)
(75,000)
14,717
16,145
(668,676)
**2025**
**£**
160,212
39,800
200,012
**Cash flows**
**£**
(397,651)
(11,079)
(408,730)|_2024_
_£_
_906,627_
_14,659_
_(1,023,249)_
_(380,927)_
_75,000_
_32,464_
_1,594_
_(373,832)_
_2024_
_£_
_557,863_
_50,879_
_608,742_
**At 31**
**December**
**2025**
**£**
160,212
39,800
200,012|
|---|---|---|
Page 47
## **PRS Members' Fund**
**Notes to the financial statements For the year ended 31 December 2025**
## **27. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2025.
Page 48