**Charity registration number 1192676 (England and Wales)** ## **MURMUR** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** MURMUR LEGAL AND ADMINISTRATIVE INFORMATION ThJ8tee C Pawson M Slotover V Kumar C Stark l Blain W Hutton V Siddall S Pfeil (Appolnled 21 October 20241 (Appointed 29 November 2024) IAppoinled 21 May 20251 S Kennedy Ch*rlfy numb•r (England and War￿) 1102876 Prlncipal addre88 85-87 Southgale Road London N1 3JS Ind•p•nd8nt èxamlner F J Imlde FCCA MBA DChA Warner Wilde 4 Marlgold Drlve Blsley Surrey GU24 9SF Banker$ Coulls & Co. 440 Strand London WC2R OQS MURMUR CONTENTS Pog8 Trusleos, repcTrrt Independenl examiner's report St8t&m8nt of finBncial Actlvitt&s 8alanc8 sheet Notes lo the financial slalements 7-14 ## **MURMUR** ## **TRUSTEES'REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** To promote for the benefit of the public the conservation, protection and improvement of the physical and natural **environment.** To advance the education of the public in the conservation, protection and improvement of the physical and natural **environment.** ## Public benefit During the period, the trustees reviewed all internal activity and grant expenditure for compliance with the Charity Commissions guidance on public benefit. Murmur's focus this year was on developing its grant making, which focussed on activities to build the ecosystem around Climate Change action in the music industry. This included programmes focussed on supporting artists in developing their approach to Climate Change and bringing together key players in the music industry around **common goals for the net zero transition in the recorded music sector.** ## Achievements and performance ## **Financial review** In 2024, we ran our second grant making round, awarding funding to 5 organisations chosen that met the selection criteria. These were assessed against our grant making framework by our Expert Advisory Groups to identify those that would make the maximum impact in our focus areas of Climate Action, Driving Systemic Change, Decarbonising the Arts, and Inspiring the Arts to become Change Agents. We also expanded our pipeline of funding to a point where we were able to hire our first two employees and to begin the process to recruit a third. We expect our team size and grant portfolio to both expand alongside Murmur's impact in 2025. During 2024 we raised £698,295 in funds, of which £233,670 was unrestricted. We are grateful to the A4 Arts Foundation, Hauser and Wirth, Beggars group, Thomas Dane Gallery, Secretly Group, Impala, Because Music, !K7, Frieze and Ninja Tune for their support this year. Our expenditure was £315,134. We expect this to increase in 2025 as our grant making portfolio expands. ## Reserves policy We review our financial position monthly to ensure that at least 3 months warning is given were Murmur's cash position likely to drop below zero. After taking into account the terms of our contracts with staff, grantees and suppliers, the trustees view this as sufficient time to take action were Murmur to experience a severe financial shock. Operational expenditure funds were assessed on a rolling basis, with funds held at the end of 2024 (£138,827) equivalent to 7 months of opex based on 2024 expenditure. However, we expect this to accelerate significantly in 2025 as our headcount increases and we will also be looking to increase our reserves. ## **Structure, governance and management** The charity is a Charitable Incorporated Organisation. - 1 - ## **MURMUR** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The trustees who served during the year and up to the date of signature of the financial statements were: C Pawson M Slotover V Kumar C Stark H Foster (Resigned 7 July 2024) F Pollitzer (Resigned 31 May 2025[) ] I Blain W Hutton E Fallon (Appointed 10 March 2024 and resigned 31 May 2025[) ] V Siddall (Appointed 21 October 2024) S Pfeil (Appointed 29 November 2024) S Kennedy (Appointed 21 May 2025) ## **Recruitment and appointment of trustees** Potential candidates for trustee roles are interviewed by a panel of existing trustees with the Board as a whole endorsing any new a[pp] ointments. None of the trustees has any beneficial interest in the com[p] any. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees' report was approved by the Board of Trustees. C Pawson **Trustee** Date: .... Z-:1±.�J.?.:.l . .;i .......... . - 2 - ## **MURMUR** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF MURMUR** I report to the trustees on my examination of the financial statements of Murmur[(] the charity[) ] for the year ended 31 December 2024. ## Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the re[q] uirements of the Charities Act 2011. I re[p] ort in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145[(] 5[)(] b[) ] of the Charities Act 2011. ## Inde[p] endent examiner's statement Since the charity's[g] ross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice a[p] plicable to charities pre[p] aring their financial statements in accordance with the Financial Reporting Standard 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 re[g] ulations but has now been withdrawn. I understand that this has been done in order for the financial statements to[p] rovide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come to my attention in connection with the **examination giving me cause to believe that in any material respect:** - 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. 2 the financial statements do not accord with those records[; ] or 3 the financial statements do not comply with the ap[p] licable re[q] uirements concernin[g ] the form and content of financial statements set out in the Charities[(] Accounts and Reports[) ] Regulations 2008 other than an[y ] requirement that the financial statements[g] ive a true and fair view, which is not a matter considered as[p] art of **an independent examination.** **l have no concerns and have come across no other matters in connection with the examination to which attention** should be drawn in this report in order to enable a pro[p] er understandin[g ] of the financial statements to be reached. ## F J **Wilde FCCA MBA DChA** Warner Wilde 4 Marigold Drive Sisley Surrey GU24 9SF Date: 24 October 2025 - 3 - MURMUR STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestrf¢ted Restrlcted funds funds 2023 2023 Total 2024 2023 Notos In¢ome from: Donallons and lega¢19¥ 233,670 464,625 698,295 142,945 376,355 619,300 Total Income 233.670 484,625 698,295 142,945 376.355 S19.300 Exp•nditur• on.. Charltable activllles 180.S04 134,540 315.134 57,194 45.000 102,194 Toial frxpendlture 180.594 134,540 315,134 57,194 45.000 102,194 Net Income and movem?nt In funds 53,076 330.085 383.161 85,751 331,355 417,108 Reconclllatlon of funds: Fund balances al 1 January 2024 85,751 331,3b5 417,106 Fund balan¢•$ at 31 D•¢emb&r 2024 138,827 661,440 800.267 85.751 331,355 417,106 The statement of finandal aclivltles includes all galn8 and1088es recognSsed in the year. All1n¢omo and expendlture deAve from ojnllnuing acllvS1ie&. MURMUR BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notès Current as8tst8 Debtors Cash al bank and in h8nd 11 395,903 486,677 420,706 882.580 420,706 Crèdltors: amounts falllng duè wlthln one year 12 ie2,3131 13,600> Net ¢urrent a880ts 8￿,287 417.106 The fund8 of the charlty Restrlcled Income funds Unreslriclad funds 14 16 661.440 138,827 331.355 85,751 8￿.287 417.100 The ￿nandal 8tatemenl8 w6re approved by the IruBlee8 on . C Pawson Trustee MURMUR STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from opBralion$ 18 65.971 420.706 Net cash generated from Investlng actlvltles Nat cash gènèratèd from ftnanclng aetlvltl•$ Nat Increa8• In cash and cash equlvalents 65,971 420,706 Cash and cash equival&nl8 al b&glnnlng of year 420,706 Cash and ca8h equlvalents at end of year 486,677 420,706 MURMUR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢ios ChBTOty Infomiatlon Murmur Is a Chantable Incorpor81ed Organisali¢n. 1.1 Accountlng convenllon The financial statements have been prepared in accordance with the chacity's goveming document. Ihe Charities Act 2011, FRS 102'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland. FRS 1021 and thè Charitiès SORP 'Accounling and Rèporiing by Charities.. Staternent ol Recommended Practlce appllcable lo ¢harllles preparlng their accounts in accordance wllh Ihe Flnancial Reporting Standard applicable in the UK and Republlc of Ireland {FRS 102) leffeclive 1 January 20191. The charlly is a Public Bénèfit Entity 88 deffned by FRS 102. The financial sl8temènls havè daparted from thè Ch8ritlès (Accounts gnd Reports) Regulations 2008 only to the extent required to provide a true and fair viow. This departure has involved following th& Slalomenl of Re¢ommended Pr8Ctiee for charities applying FRS 102 rather than the version ol the Slatemenl of Reo)mmended Practlce whlch Is rèferrèd lo In the Regulallons bul whkh has since been wllhdrawn. The finandal slalemenls ore prepared In $1orllng, whl¢h Is the luncilonal currency of Ihe chaTlly. Monetary amounts In those financial slalemenl8 aw rtsundod to tha n&ar&$t £. The financlal s18l#rnenls have bean prepared under the hlstorfcal ¢osl Convent￿n. The prlnGIpo1 accountlng polle￿$ adopted are 8et out below. 1.2 Golng concèrn At Ihe Ilme of approvlng the ttnanel81 slatemenls, the Iruslees have a reasonable expectallen that the Charfty has 8d8quate r8sourcèg to continuè In opèrational exis19nc8 for thè for8sè88ble future. Thus the Iruslees onllnue to adopt the going concem b8$1s of accounllng in pffjparing the flnanclal $lalem8nls. 1.3 Charltablo fund$ Unrestrfcled fund$ are avallable for use al th¢ dlsuelion of Ihe Irusloes Sn furtherance of Ihelr chaf118ble objectives. Restrlcted funds are $ubje¢t lo $pe¢ifl¢ c¢ndillons by donor$ or grantor9 gs lo how they may be u3ed. Thtr purposes and us8s of thè r8Strictèd funds 8ra sèl out in thè nol8s to th8 fin8ncial statements. Endowmènt funds gr& 9ubJ9cI lo $pe¢ifi¢ conditiun$ by donors Ihal lh& capitgl musl be maintained by the ¢h8rity. 1,4 Incorn Income 1$ recognised when Ihe charity is legally enlilled lo il after any performance ¢ondS1ion6 have been mel, the amounts can be rneasuied reliably, and il is probable that in￿rne will be received. Cash don81ions are recognised on receipt, Other donations are recognised once the charlly has been notified of the donation, unless perfomiance conditions require deferral ol the amount. Income tax r?wv¢iable ln relatlon to donations recelved under Gift Aid or deeds of Covenant Is ￿cognISed al the Ilme of the donation. Legacles are recognlsed on recelpt or otherwise if the charity has been notified of an impending di8lribution. the amount is known, and receipt is expected. If the 8mounl is not known. the legacy Is treated as a nlingenl asset. MURMUR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles lcontinu￿ 1.5 Expenditur8 Expenditure is recognised once there Is a legal or conslructSve obligation lo Ir8n$fèr aconomic benefit to a thlrd party, il Is probable Ihal a transfer of ¢¢unornl¢ benefits wlll be requlred In settlement, and th? amount of Ihe obligaliori can be measured reliably. Expendilure is classified by activity. The costs of 8ach activity are made up of the lolal of dlre¢l costs and shared costs, including support costs involved in undertaking each aclivily. Direct Gosls atlrlbutable to a single activity are allocated directly to that activity. Shared costs vjhich conlribule to more than one 8¢tivity and 8UPPOrt costs whlch are not attributable to a single actlvity are apportloned between those activitiès on a basis consl8lenl with the ug¢ gf resgurce¥. Central ¥laff wsl8 ar¢ thllocated on Ihe basis of lime 8penl, and depr8ciBtion chBrgès 8rÈ 8llo¢ated on thè portlon of th8 asset's us8. 1.6 Cash Bnd ¢¥¥h ¢qulvalgnts Cash and cash equivalent$ Include cash In hand, depo$l¢s held al ￿11 wlth banks, other 8hort-Iprm liquld nveslmenls with original maturitie8 of three months Qr I•s8, and bank ov&rdraft$. Bank overdrafts ar8 sho¥¥n within borrowing¥ In current liabilities. 1.7 Flnanclal Ingtrumentg The charity has elected Its apply thè provislons of Section 11 'Ba8ic Financlal Instrumont8' and Sectlon 12 'Olher Flnancial Instrum8nls18sues' of FRS 10210 Bll ol ils financial inslrumenlB. Flnanclal instruments ar@ iecognissd In th• charills bg18ncè sh881 when Ihe charity be￿rneS party lo tho ctrnlra¢lu81 provl$lons ol the Inslrumenl. Flnanclal assèl8 and liabllllles are offset, wllh the nèl amount8 presented in th¢ financlal stalemenlB, when there 18 a legally enlorceabl8 rlghl lo set ofl the recogni3ed arnounls and Ih$r918 an intenllon lo settle on a nel basls or lo realSs8 the 88sel and settle the Ilabllty slmuttaneousjy. Basle financl41 assèts Basic flnanclol 0sset$, which In¢lude deblc*r$ and ca$h and bank balances, are initially mè8sur8d 81 Iransa¢llon price includiny transaction costs and are subsequently carried 01 amortised cost using the effective Interost m$lhod unl¢$8 th& arrongomgnl wn81iluleg a financing Iiansaclion, where the transaction Is measured al the present value of the future receipts discounted al a market rats ol interest. Financlal asset5 classified as receivabl& wilhin one year are not Amortised. B8$i¢ financial liabiliti•s 8asi¢ fin2ncio1 Ilabilities, Including ¢redilots and bank loans are initially iecognised al Iran5acli¢n prieè unless th6 arrangèrnent constitutes 8 finan¢iw)g Iiansaction, Whe￿ the debt instrument is measured al the present value of the future payments discounted at a market rale of inter851. Fin8nci81 liabilities classified as payable within one year are not amortlsed. Debt instrumanis ara subs&qu8ntly c8rri&d 8t amortised cost, using the effectSve Intere61 rale method. Tfade creditors are obligations lo pay lor goods or services that have been acquire¢J in the ordinary course of oporalions from suppliers. Amounts payable are classified as current liabilitie$ if paymenl is due wthin one year or less. If not, they are presented as non FOR THE YEAR ENDED 31 DECEMBER 2024 13 R•tir•ment benefit schemes 2024 2023 Defin•d Contrib￿lon schemes Charge lo profit or loss in respact of dèfined wntrlbullon scheme$ 3,145 The ¢harily operates a defingd ￿ntributiOn penslon ￿em8 for 811 qu81fying gmployee8. The assets of the scheme are hold saparatelylrom those of the d)arity In an independ8nlly administered fund. 14 Restrlcted fund$ The reslrlcted funds of the chsrily comprise the unexpend¢d balan¢e8 ol donallons and granls held on trust sublecl lo specific ¢onditions by donors as tts how they may be used. At 1 January 2024 Ineomlng re#ourc08 Re¥our¢ gxpended At31 December 2024 Cbmale Inillatlves 331,356 454,625 1134,5401 861,440 Provlou8 y*ar: At 1 January 2023 Incomlng Ro8oLir¢*$ r￿OurCe• èxpèndèd At31 D8eembgr 2023 Cllmale Inilialivas 378,355 (45.0001 331,355 All re8tr1cted funds are lo support cllmata inlllalives approved by Murmuvs advl$ory board a8 delaSled In the Partnars, Commilrnenls documenl. 15 Unre6trlcted funds The unrestrlclèd fLJnds of the charily CCTrmprise Ihe uftexpended balances of donations and grants whith 8r• not subject to specific conditions by donors and granlors as to how thèy may bÈ used. These include desionaled funds whlch hav6 been sèl 88ide out of unrestrlcted funds by the Iruslees for specwic purpcbses. At 1 January 2024 Incomlng Resour¢e$ 80urc68 fyxpgnded At31 D•¢ember 2024 General funds 85,751 233,870 {180,594} 138.827 13_ MURMUR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Unrestricted funds (Continued) Prevlous year.. At 1 January 2023 Incoming r•sour¢$$ R•$our¢es $xpgnd¢d At31 December 2023 General funds 142,945 {57.194) 85,751 16 Analy816 of net assets betwfyon fund$ Unre$trl¢ted funds 2024 Regtrlcted funds 2024 Total 2024 At 31 D•c8mb8r 2024: Current assetsllllabilllles) 138,827 861,440 800,267 138,827 661,440 800,267 Unrestrfcted fuftd$ 2023 Re8trlcted fund$ 2023 Total 2023 At 31 December 2023: Current a58elsl{Ilabllitles) 85,7SI 331,355 417,106 85,751 331,355 417,106 17 Ralated party tran8actlong One of the trustees is a dlreclor of Young Spa¢0 Ltd. Tho Charity p8id £2,475 to Young Space Ltd In the year for renl12023- none). 18 Cash generated from operallons 2024 2023 Surplus for the year 383.161 417.108 Movements In worklng capltol.. Ilncreasel in debtors Increase in c￿dItorS {395,903) 78.713 3,6C CyBh generated from operatlons 65,971 420,706 19 Analysls of changes In netfund$ The charity had no material dèbt during thè year. 14-