Music Minds Matter Annual Report and Accounts Year ended 31 December 2024 Charity Regtstralicffj NL 1199795
Contents Reports Refence and administration details of the charity. its Irusl*s and advisers Report of the trustees Independent audrtorfs report Accounts statenI of financkel &tivibes 156 8a18nce sheet Principal accovnling p)licies Notes lo the accounts 18 19 Music Minds Matter
Reference and administration details of the charity. Its trustees and advisers Trustees The followng trustees sewj from 1 January 2024 to the date of this report except where staled.. Clrff Fluel (Chaw) {4)pointed 25 April 20241 Sifvia Montello (resigned 27 August 20241 Reni Adadevoh Jim Bennei Stephen Dattrey JulEtte Edwards Paul Firth Melanie Johnson Gareth Melk)r Marta Mcmorris Principal address 7-11 Britannrd St London WC1X 9JS 020 7239 9100 Telephone Chaiity registration number 1199795 Auditor Buzzacott LLP 130 WcKxl Street London EC2V 60L Solicitors Hunters Lay LLP Lincoln's Inn 9 New Square London WC2A 3QN Bankèr5 HSBC Bank p 117 Great Portland Street London W1W6QJ Music Minds Matter 1
Report of the trustees Year ended 31 Oecember 2024 The trustees present their report together with the )Unts of the Music Minds Matter Ilhe'charity'l for the year to 31 December 2024. The *¢ounls have been prepared in wJrdan¢e with the )untIng polKies set OLtt on pages 18 10 19 and compty with appltabk Unrted Kingdom Accourrting Standards (Unrted Kingdom Generally AccepleLI Accounting PraCte). The principles sel (yjt in Accounting and Reporting by Charities. Slalement of Recommended Pra¢le applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland IFRS 1021. effective from acc(iunling perKxls commencing 1 January 2019 or later, have been followed in the preparation of this report and &counts. Introduction Music Minds Matter was registered as a separate charitable entity in July 2022. The ¢harily has one member the Musicians Benevolent Fund and aims to delnier a broad range of rrEnlal health support services available lo the whole MUS industry through driving awareness of the charity lo ensure those that need supwrt understsnd what is on offer. Our services include offering Mental Health assessments and therapeutic inlervenlK)ns through our clinal partner the British Association for Perfomiance Arts in hAedicine IBAPAMI, a listening eaf setvice available 24n 365 days a year. an online interactive platform, self-care sessior¢s and er support groups run through our partner Tonic Rider and an annual summrt to bring together people across the musical ecosystem on world mental health day. providing education and spollKJhting particular issues in the industry. Oblects of the charity To promote the mental health of professional musicians and those who wod( in supporting roles across the breadth of the music industry and those who have worked in such Toles. by providing support. information. counselling. guKlance and signposting to a(klrtional sources of assistance. Musi¢ Minds M8tter 2
Report of the trustees Year ended 31 December 2024 Activl¢les andperfomiance We know that a career in MUSK presents chalknges aNJ UnUe pressures that can take their toll on mental heatth. With a signifKant proportKJn of people in music working as freelancers. il is vital that everyone has somewhere to tum for advice on mental welltEing. MUS Minds Matter offers everyone in music an Independent place to reach OLrt Io. Wrth support including a 24rK helpline. mental health as5es5ments, access lo funded counselling. peer support groups. and a range of tools and resources lo build resilien and recc¥nise the earfy signs of issues, the charty continues to adapt lo changirtg needs. Music Minds Matter is here to suppcvt everyone who wants to connect wf(h the help they need and is working across Ihe industry to improve mental heatth through greater awareness of the support available and educating others on the actrve role they can tc(J, to make MUS a beacon of positive mental health. Improving visibilty - the issue of mental heafth In music Spreading the wtyd of MUS Minds Matter was a key focus xross the year devebping new ways lo reach more peop acioss music. whether working on stage. behind the scenes. in a studio or an office. One of the key aims of MUS Minds Matter is to raise awareness of the issue, engaging others to talk aL)ut what factors impact on mental being. what can be donelo improve it lo encourage others lo speak out and engage in building a more posi(we environmenl in the futu. Over the year we achieved 320 media mentions with coverage from the likes of BBC News. The Standard. BBC Radio 3, Vogue, the Metro, Resident Advisor, NME, The Strad, tk¢oded. Far Out Magazine, and many more. Visibility with the rnus industry is important loo and we thank the MUS Weeks Awards for naming us as charty partner, enabling us lo spollighl the need and encourage others lo gel involved. In an accompanying piece in the leading tiade publicatKTrn. MUS Minds Matter was able to share ils vision for the future with a wide-reaching audience. In another milestone, we joined forces wlh BBC Radio 6 Music for Change the Tune, a powerful media initiative raising awane$S of online abuse's impact on artists. Musicians and presenters shared personal stories, broadening our reach. driving engagement. and signposting lo Music Minds Matter's support for anyone In need. Building a communty ofAllles and Partners Marking World Mental Health Day. we introdu(d our first group ofsix Music Minds MatterAllies. Joining forces wth these crucial organisations who are, like us. ccThmrtted to building greater awareness of the mental health support an(J guidanee avaiLible to their members and nehvod(s. The new5 was covered across the music industry trade landscape. including Music Week. IQ. Classical Music and Music Ally. The work with our Allies will continue in 2025, aiming to make sure everyone working in music knows they have somewhere lo lum lo support their ongoing mental health and wellbeing and extending Ihe support we offer lo meet their needs. Music Minds Matter 3
Report of the trustees Year ended 31 fkcember 2024 Increasing Connection Participating in r-t0-peeT knThYledge shariro opportunrties arKI netsvcffking events is crucial to our reach strategy. ThroughoLrt 2024. we attended a we range of music industry COnfenCeS and networking events to share knowledge and raise awareness of the iSsLs we are working to address. Scaling our reach and impxt we partKipaled in L4rge-s(ale events such as Night Tirnè Industries Associath)n conference. Inlemalional Live Music Conferen. Independent Venues Day, Generator LNe, Beyond the MUS and many more. sprealing awareness 0$$ the whole of the UK. In 2024, we connected wf(h so many who represent those we're here to help. JoinirKJ cxjr friends and partners at events such as The BRITS, Royal Garden Paty. Wornen in Music Awards, Artist and Manageis Awards, Black Lives in Music Octthr showcase and many more. Meeting the needs of those we support 97% of users sahd they woukj recommend peer support groups lo others in mus 100% recommendalK>n rale fr(¥n those who accessed mental heayih assessments 100% of counselling appointments scheduled wlhin 4 weeks of assessment Music Minds Matter offers a range of help to supKK)rt indwhJua15 who are current well learn more about how to stay well lah)ng wrth hthv they can hdp others lo stay welll lo $)nSIVe services provKling help for those sadty in more urgent need. In 2024, the need for ongoing, dedicaled nntal wellbeing support continued al scaie, with Music Minds Maiterfs expendrture on charitable aclivrties reaching £1.131 k overall. These funds went to help more than 3,0(Kl individuals right across MUS find the help they needed, wrth over 5,rKKJ inlervenlions overall through therapy. helpline5 and peer to peer support se$s)nS. For musicians and those working alongside them - managers, agents, producers and everyone in between - the challenges remain.. long hou, irregular wot. financial instability and competitive environments can take their loll. With one in three people in musi¢ reporting poor mental health and over 216,000 full-time roles in UK music as of 2023, around 36.0 peop rnay face mental heatth challenges each week - and many thousands more freejancers risk isolalK>n or working whilst unwel wilhoul workplace support. We are afflbrtvjus to meet that scale of den7and and work t(MJelher across music to highlight the current support available and grow our help to closer match the needs of different parts of the music ecosyslem. Bringing people together to foster positive mental health In 2024, attendance of our online seff-care sessions increased over 300%. wrth 602 participants receiving tailored wellbein9 adv. compare(J wrth 150 individuals in period lo December 2023 These sessions prOVe people working in music wrth practical techniques and strategies lo help them build resilience ducing challenging limes. equipping them wrth preventative tools to use in their daily lives. Addrtionally, we expanded our peer support groups, increasing the number of groups from 13 in 2023 10 15 in 2024 and providing 183 people to find guidaftce and solKJarity through ConnectnS wilh others facing similar challenges in the indusiry. MUS Minds Matter 4
Report of the trustees Year ended 31 tmber 2024 Demand for mental health Serm contrnues to grow. Wth increasing pressures on the NHS and with financial barriers to private Care. we saw a 58% increase in the number of people access counselling sessh)ns through Music Minds Matter in 2024, with 1,¢X)1 peop supported. compared lo 633 in 2023. Our helpline received 1,572 calls in 2024. a lifelirE formany who ted in the moment admce orspecialisl hdp Extending our ach right across the music communlty As a pivotal part ofouT engageTrI strategy, in 2024 we launched Music Minds MatterAllies, a forward- thinking initiive fUSed on buikling direct. rningfUl connectN)ns with individuals through organisalions across the music industy. This Collaborative nets¥ork plays a vrtal role in shaping the future of our mental heajth services, ensuring they are designed lo meet the real-world needs of everyLe workrng in rnus. Starting in 2024 and continuing throughout 2025. we will work cjosety with our Alfy organisions, fostering greater collaboration to ernp(wr them to confjdently &cess resources and support ft)r the wmmunities they represent By building greater mental health lrter8cy. we hope our AIIES can become proactive advocates within their organisations. championing positive mental wellbeing and embedding SUPPOrtive practices in their daily environments. We welcomed six pioneering music organisations as our first Allies, signfficanlty expanding our reach and enhancing the depth of our impact across dwerse musrc communrties. Transfomi The impael of Musi¢ Minds Matter continues lo transfom7 not only the Iwes of those we're here lo support, bul also the future for all woiking In Mus. Our strategic inlervenlK)ns revEw in 2024 toc a deep dive into mental heallh challenges in music, identifying key risks and evKlence-based solutn$ that will shape impactful changes in 2025. These include". Gettlng ahead of issues Finding ways to prevent poor mental health is a gr(wing focus of our work within Music Minds Matter. Identtfying key risks whh lead to issues, we are deSnIng tools lo help indNiduals and teams recognise risks lo wellbeing and reduce them across the breadth of spaces people work in music. whether that's in a sludKJ, an office, or on the load on tour. Empowering teams Relationships are ¢ritical in music and we will add value lo these vital conr*ions by provKling guidance on whal lo do if you're womed aboul someone else in music. Offering fresh guidance, training, and advice to empower Colleagues lo act when concemed for others. Music Minds Matter 5
Report of the trustees Year ended 31 December 2024 Wldening eligibllity The music community is constantty evofving so we lake a proactive approach lo reviewing the types of work in music that enable eligibilty for our support. We have broadened eligibilty criteria lo reflect today s dynamic MUSK communty, provTrding even more of muSlG'S people wlh all-important services. Supporting at pressure polnts Listening lo people across MUS has helped us understand what contributes lo worry. pressure and burnout, including periods such as festival season. working nighl and going on lour. We are shaping new serwces to delwer targeted mental heaAh support during these hwJh-presSU times. Together, these inilkglives position us lo better meet evofving ne$ and create a stronger, healthier musi¢ ecosystem. Future plans As we look fOard lo 2025, Must¢ Minds Matter will continue lo be drNen by an ambitious vision to meet the needs of those who may benefrt from our Charity s care and support. Our focus remains clear.. adapting and expanding lo m1 the changing needs of those we serve and make a18ngible and lasting difference lo the Iwes of thousarnls. Through Ouf charrty we want peop working in music to thrive artistically, and mentalw. Research in the issues which IMpt menlal health outside of the musicians population will be delivered early in 2025, allowing us lo eV0e and grovm oui support for p>Ple working In MUS where there is high pressure and intense schedules whh can take their Idl. Music is a vnfying and posrtNe forCeWhh brbngs pec?tcrfJether around a common love. a memorable moment. In today's world this is needed more than ever. We will grow our connedions in 2025, expanding our networf¢ of partnerships and supporters and engaging MO Allies, advocates and partners lo help us spread the word ol our support. and the need lo supty)rt us lo reach more people with help. Financlal review for the period Total income for the year to 31 De¢ember 2024 was S2,420k and consisted of grants from the parent charrty which were restricted to the Music Minds Matter chlty and donatK)ns. Expenditure in the peric*J on direct charitable aclivib.es lotalled £1,131 k. SpeThl of £1,056k on wellbeing activities made up the majority of costs and mainly related to mental heatth 8ssessmenls and therapeutic interventions provided by our clinical partner the Bri(ish Association of Perfoming Arts in Medicine IBAPAMI. We aL80 spent £6k on prowding bursaries to support the increase in global majority therapisls. A further £68k was Snt in the peri1 on raising awareness of our work through our Music Minds Matter expk)re interactive t1. Net surplu5 for the year of £1.258k was Tecorded wrth total funds carrth forward of £14k. Music Minds Maller 6
Report of the trustees Year ended 31 December 2024 Reseryes policy The charty has a grant agreement in pLgce WTth the parent charty the Musicrans Benevolent Fund to cover any anticipated net deficit positwjn in 2025. Gr(yJp reserves as of 31 Dember 2024 were £49.Om which comprises £33.3m of general reserves. £2.2m of desYJnaled funds Irepresenling nel book value of fixed asselsl.. and £13.5m of reslricled and endcN4ment funds that are held for awarding specific creative glanls. Although the charity is in rts second year as an independent charity. rt has a target to be fully self-funded by the end of 2025 and this wll be achieved through raising more awareness of the charity and increasing income generating acte$ mainty through corporate partnerships along wrth a grant agreement in ple from the parent charty. For 2025 we plan to generate an operational surplus lo start to buikj up financial resilience and reduce reliance on the parent charity. Risk management Management ofthe Sliategic Risk Register is the responsibility otthe Chief ExLrtIye and the Executive Team of the parent charity. The oversight of risk management of Music Minds Matter IES with the Music Minds Matter Board ol Trustees. The Strategic Risk Regisler was last reviewed by the Mus¢ Minds Matter board in September 2024, during whh three br(1 categleS of strategic risk re Klenlrfied.. Fundraising Tisk- a shortfall in funds raised. Reputational rk- failure lo make a positive impact on beneficiaries. Failure to meet all reiev8nl regulatory requiremènts. All risks are analysed, and M((ation slrategies are devek)ped. The table below shcms a high-level summary of how this pre$S was used. foi the Charity's lop three risks Category of risk Mitigation strategy Effects of mitigation Shortfall in available finan¢e due to ftjndraising challenges Quarterfy monitoring. reporting. and forecasting. Earty entIfIcation of financial risks, enabling ¢orre¢live slralegies. ReguLor review of the external environment, beneflary needs and potential donors. Earty Klentrfication of strategi¢ rdationships for the donor pipeline. MUS lovers th)nate signifi'cant nounts towards our work meaning we could continue lo support thousands of musicians. Our fundraising effort has been focussed on raising money for our programme of seNices with expendrture commitmenls only made when funding is assured. Music Minds Maller 7
Report of the trustees Year ended 31 December 2024 Category of risk Mitigation strategy Effects of mltigation Repulalional risk by failing to make a posrtive impact on beneficiaries Continuous monitoring and reportrng on Imt. Earty hlentrfKation of performance issues, enabling eady corrective slralegies. Continuous development of the ¢harity's knowledge base on the needs of Peop working in the UK musi¢ industry, and evidence that the charty is meeting those needs. PrOtive search. evaluation, and impact anatysis lo continuousty Mlentfy and address unmel need. Appropriate measures are taken by the team ak)ngside our partners who delNer Servi on behalf of MMM to ensure the safety of all beneficraries engaging wlh the charty. Eady idenlif¢ation of musi¢ian's ndS enabling ¢offe¢ting slralegies. Failure to comply with regulatory requirements Highty proacttve approach to Identifying all regulatory requirements, undertakiThJ gap anatyses. and imptementing Ihe necessary changes. Clear insight into velS of ¢(XnpIian levels. Improvement plans developed as early as tK)ssible. Organisalion-wide awareness and involvement. Governance Music Minds Matter is a charty reglslered in England and Wales11197951. The charity is govemed by a Board ol T¥uslees. chaired by cl Fluet. urKler powers defined in rts constrtutK)n. Music Minds Mattel is a Charrtable Irthrporaled Organisalion and is also controlled by Help Musicians. Sttucture, govemance, and managemertt of the Charity The charity is coMpred ol.. Board of Trustees - The Board detines Ihe charity's stsegic direction and policies. Trustees ensure that the ivitEs of the Chanty are in &cordance wrth ils constitutK)n. They are also aware of the need to be iesponsive lo the changing work trends and circumstan5 of working musicians. Sub-committees - The sub-committees of Help Musicians (Finance and Audit Committee, Nominations Committee and ReMuneralnI oversees the finance, Iruslee recruilmenls and remunerations of Help Musicians and Music Minds Matter The Board operates an equal opportunities tecruitment poIY and Trustees are required to have demonstrable experien¢e in the areas idenltfEd by a skills audrt. New Trusts follow a similar induction pr(tess lo that of all new staff lo gain an understanding of all asixts of our woth We provide ongoing training as needed and Trustees are aLso required to gain a full understanding of the role's legal obligations. MUS Minds Maller 8
Report of the trustees Year ended 31 Dember 2024 Key management personnel The Trustees consider the key management personnel of the charty to be the Chief Executive and the Executive Team ol Help MuSKn$. The remuneration of the Chief EXeCUte and the Executive Team is reviewed annually by the Remunerslion Committee and sel wrth reference to recent trends in the cost of living and average earnings, benchmarking againsl other similar charities, and individual performance. Trustees give their bme freety. There have been no Tnjstee expenses in the peri(xl and related party transactions are di5cbsed in nole 9 to the ace(yJnls. Complaints Sometimes things can go wrong. We treat every comFAainl rais&J seriously, ensuring a proper Investation is conducted and the appropriate response is given in a timety manner. Fundraising Practl¢e Music Minds Matter wor1(ing wrthin Help Musicians &es very SerI$1Y the relationships we have with donors and volunteers and none of our a¢twity should conwromise their priv&y. put anyone under undue pressu or be unrea50nabty persistent. Our fuTKlraising activty does not include direct mail or street collecting and we do not send t any uns0[lled communications. We have not received any complaints about our fundraising activrties during the perKxl covered by this report. We are hugety grateful that many communty-based supporters voluntarily raise money in aid of Help Musicians, and atthough we provide advice regardiThJ this actwty, we do not directty control or monitor these aCtN((S. We aim to be transparent in everything we do, aThJ throughoul the year. the ¢harity reviewed 115 fundraising practices lo ensure they are in line with besl practice whilsl complying with the Infomialion Commissioner's Office Direct Marketing guidelines. We ale acbvety working towards full complian with the General Data Protection Regulations IGDPRI which will invofve a pro&tive audit of all donors lo gain consent for the charity to relain their contact detaits its datsbase where legitimate interest is not appluble. Musi¢ Minds Matter exFcts all third parties that it wo$ with to meet the same high standards as ils own staff. As such, we embedded a more stringent aPprh to our contractual agreements. one that clearfy oullines our expectsb'ons about ethical behawour and Complian wlh the requirements of the GDPR Data Protection. GDPR and infomiation govemance We keep all of our data safe and secure and Ihe parent charrty has a privacy policy In place and a dedicated resource in our IT team to ensure our syslems and the services we provide are compliant and support our ongoin9 adherence lo the UK General Data Protection RegutiOn Our updated Privacy Policy can be found on our websrte and is uwlated as requir8J by changes in legislation and poIY The personal data that the charity PrSseS IS to". Provide inforniation and grants. Promote events. Music Minds Matter 9
Report of the trustees Year ended 31 De¢eftr 2024 Send news and updates. Recruit v(Aunleers and donors. Make hJndrai8ing appeaLs by wnail. telephone. and face-tf mlrngs. Trust8es' responsibilities statement The Iruslees are responsible for preparing the tws1, report and *counls in accordance wilh applicable law and Uni(ed Kingdom Accounting Standards (United Kingdom Generally Ac¢epled Accounting Prte). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair oflhe slate of affairs of the charty and of the income and expenditure of the charity for that period_ In pparing these accounts. the trustees are required to. seknl suitable accounting poliues and then appty them SistenI,. obsetve the methods and prilpleS in Accounting arKI Reporting by Charrties". Slalemenl ol Recommended Pr&b'¢e applicable lo charrties preparing their accounts in accordance with the Financial Reporting Standaid applble to the Unf(ed Kingdom and Republic of Ireland IFRS 1021,. make judgements and eslimales that are reasonable and PfLKlenl' stale whether applicable Untted Kingdcxn Acc£Junling Standards have been fdlowed, subject to any material departures di8ch)sed and explained in a¢¢oun15,' and prepare the aecounls on the going concem basis unless rt is inappropriate to presume that the charrty wll continue in operatKJn. The trustees ale responsib for keeping proper accounting recDrds that disclose with reasonable accuracy al any lime the finanal rM)siIK)n of the charty and enable them to ensure that Ihe a¢¢ounls compty with the Chanlies A¢1 2011, applicabfe Charity (Accounts and Reports) Regulations and the provisions of the Conslrtulion. They are 81s0 responsible for safeguarding the assets ol the charity 2nd hence for taking reasonable steps fL¥ the preventKJn and detectron of fraud and other irregularities. Signe behalf of the trustees stee Approved by the Iruslees on". Music Minds Maller 10
Independent auditor's report Year ended 31 DecemtEr 2024 Independent auditorf$ report to the trustees of Music Minds Matter Oplnion We have audited the accounts of MUS Minds Matter {the '¢harty'l for the year ended 31 Dember 2024 which comprise the statement of financial aclivrtes, the balance sheet. principal accounting k)licies and the notes lo the accounts. The financial reporting framework that has been applied in their preparation is applicable law and Unrted lQ'ft9Jom Accountir¥J Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Acceptaj Accounting Pr). In our opinion, the aco)unts'. • give a true and fair view ofthe slate ofthe charty's affairs as al 31 December 2024 and of ils income and expenditure for the period then ended.. + have been prOriY prepareAI in accordan with Unfted Kingdc¥n Generalty Accepted Accounting Practice", aNJ + have been prepared in accordan %Mth the rUIrementS of the Chartlies A¢t 2011. Basis for opinion We conducted our audr( in accordance wrth Inlem*K)nal Standards on Auditing (UK) {ISAs IUKII and apPIable law. Our responsibilrties under those standards are further described in the auditor's responsibilities for the audrt of the accounts section of our report. We are independent of the charity in accordance wrth the ethical requirements that are relevant lo our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtsined is sufficient and approprk?le lo prOve a basis for our opinion. Conclusions relating to golng concern In auditing the accounts, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the accounts is approPrte. Based on the work we have perfom)ed, we have not Identif any material uncertainties relating to events or condrtions that, individually or collecltvefy, may cast significant doubl on the charity's ability lo continue as a going concem for a pericxj of al least iwelve mnlhs from when the accounts are aulhonsed for issue. Our responsibilitS and the responsibilities of the trustees wth respect lo going concem are described in the relevant sections of this report. MUS Minds Matter 11
Independent auditor's report Year ended 31 December 2024 Other inforniation The other infonralion comprises the inf0mtIOn included in the annual report. including the twslees, report, other than the accounts and our 8uditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our cyinion on the accounts not cover the other information and we do not express any fom of assuran conclusion thereon. Our responsibilrty is to read the other inf0mtion and, in doing so. Consider whether the other information is materially inconsistent wlh the accounts or our knowledge obtained in the couise of the audit or otherwise appears lo be materialty misslaled. If we idenlrfy such material inconsislencies or apparent material misstatements, we are required to determine whether this gtves rise to a material mis51alement in the ac¢¢xJnts them5efves. If. bas1 on the work we have performed, we ¢onclLJde that there 15 a material misstslement of this other infomiation. we are required lo report that fact. We have nothing to ieport in this regard. Matters on which we a required to report by exception In the light of the kn(ge and understanding of the charity and f(s enwronmenl obtained in the Course of the audit. we have not idenlffied material misstatements in the Iru5tees' report We have nothing lo report in res1 of the follovling matters in relatn lo which the Chartties (Accounts and Reports) Regulations 2008 requires us to report lo you rf, in our opink)n'. the infom)alion gwen in the trustees, report is inconsistent in any material resped wrth the accounts". or sufficient ¥counting records have nol been kept.. or • the accounts are not in agreement with the accounting records and relums" or we have not weived all the informat]on and explanations we require for our audit. Responsibilities of tmstees As explained more fulty in the trustees. responsibilrties statement, the trustees are responsible for the preparation of the accounts and for being Satisfied that they gwe a true and fair view. and for such internal control as the Iruslees delemiine is necessary to enable the preparation of accounts that are free from material misstatement. whether due to fraud ot error. In preparing the accounts, the trustees are responsib for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters rdaled lo going concern and using the going concern basis of accounting unless the trustees either intend lo1¥4uidate Ihe charity or lo Cease operations, or have no realistic aliemalsve but to do so. Music Minds Matter 12
Independent auditor's report Year ended 31 Dmber 2024 Auditor's responsibiliti6$ for the audit of the accounts We have bn appointed as athjilor under section 144 of the Chanties Act 2011 and report in accordance with the Act and relevant regulations made or having eff&t Ihereunder. Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due lo fraud error, and to issue an auditorfs report that includes Our opinion. Reasonable assurance is a hh level of assurance, but is not a guarantee that an audr( condiJ¢ted in accordan wrth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise frcxn fraud or error and are conSided material if. indivrdually or in the aggregate, they could ieasonabty be expected to influence the economic decisions of users taken on the basis of these OuntS. Irregularities. ineluding fraud, are instances of n-cOMplgnce wrth laws and regulations. We design pr(Kedures in line wtth our responsibilrties. othlined above. lo detect material misstatements in respect of irregularities, including fraud. The extent to whtch our procedures are capabte of detecting irregularities, including fraud. is detailed bel(Y4V". Our approach lo identfying and assessing the rTsks of material misstatement in res1 of irregularf(ies. including fraud and non-complian wrth I and regUlKs. was as follows." + the engagement partnef ensured that the eragent team collecttvely had the appropriate competen, capabilitS and skills lo nIrfY or reccgnise nOn-complk8n wlh applicable laws and regulations.. + we identified the laws and regulations applicable to the gTOUP and charitable parent company through discussions with management. and from our knwledge and experience of the se¢lor'. we focused on specth'c Laws and regulatnS whh we COnsKJer may have a direct maleri?l effect on the financial statements or the operations, including AccntIng and Reporting by Charities.. Statement of Recommended Practice applrcabje to charrties preparing their accounts in accordance with the Financral Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charrties Act 2011.. we assessed the extent of ccxnpliancewrth the laws and regulations idenlffied above through making erulneS of management and inspeth.ro al correspondence", and identrfied laws and regulations were communicated within the audit team regularty and the team remained alert to instan$ of non-C(Mnpliance Ihmughout the audit. We assessed the susceplibilrty of the Charity's financial slalernents lo m*erial misstalemenl, including obtaining an understanding of fraud might occur, by-. making enquiries of management as lo where they consKlered there was susceplibilily lo fraud, their knowledge of actual. suspected atKI alleged fraud", and MUS Minds Matter 13
Independent auditor's report Year ended 31 December 2024 Auditorf$ responsibllStle$ for the audit of the accounts (continu) considwing the intemal controls in Pl to mitwJale risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls. we." perforEd an8Wul procedures lo Mlenttfy any unusual or unexmed relationships," • tested joumal entries lo identify unusual transxtK)ns', and assessed whelherjudgements and assumplh)ns made in detemiining the accounb.ng estimates sel out In the accounting policies were Indat8 of Potential bias. In response to the risk of irregularities and n-cOmPlrdn with laws and regulations, we desoned procedures whh included, but were not limrted lo.. agreeing financial slalement discbsures lo underlying supporting documentation.. reading the minules of the Truslee meetings. enquiring of management as lo actual and potential Irtwion atKJ claims.. and revwing any availabte Corresponden wrth the Charty Commi55ion and cAher regul*ors. There are inherent limitations in our audtt procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non-complrance. Auditing standards also limf( the 8j11 piocedures requi to identify rn-COmplIan with laws and regulations lo enquiry of the tnjstees and other management and the inswtion of regulatory and legal correspondence, if any. Material mi8slatemenls Ihat arise due to fraud can be harder lo dele¢t than those that arise from error as they may involve deliberate CoraInnI of colluswjn. A further description of our responsibilrties for the audrt of the &counts ¢5 IcKaled on the Financial Reporting Council's website al www_frc.org.uklauditorsresponsibilrties. This description foms part of our audiloi's report. MUS Minds hAatter 14
Independent auditor's report Year ended 31 December 2024 Use of our report This report is made solety lo the charity's trustees. as a body, in accordance with Part 4 of the Charit$ (Accounts and Reports) Regujations 2008. Our audrt work has been undertaken so that we might state lo the charity's trustees those matters we are requi to slate lo them in an auditorfs report and for no olhei purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibility lo anyone other than the charity and the charrty's trustees as a body, for our audit work, for this report, or for the opinK)ns we have formed. Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V6DL Dale Buzzacott LLP is eligible lo acl as an audrtor in terms of stn 1212 of the Companies Act 2006 Music Minds Matter 15
Statement of financial activities Year ended 31 December 2024 Peri1 fw26 July 2022 to 31 Dec 2023 Tot 2024 Total rooo Unrestrthd £'ooo Note Income from.. Donations Grants 59 2,361 59 2.361 Total Income 2.420 2.420 Expanditure on.. Raising funds Charitable activf(ies Wellbeing services Educational and project giants Raising Awareness Total expenditure 31 31 1,056 1,056 1.636 25 Tl 1, 733 1.162 1.162 Net Incomellexpenditurel and net movemènt in funds 1,258 1.258 (1,244) R&conciliation of funds Total lunds brought fOard (1.2441 11.2441 Total funds carried forward 14 14 (1.244) All of the charty's aclmlies derived from continuing operations duriThJ the above financial peiiod. Movemenls in funds are disclosed in note 11 and comparatNe figures are shown in notes 17-19. The charity has no restricted funds or recc¥Jnise(I gains and bsses other than Ihose shown above. Music Minds Matler 16
Balance sheet 31 December 2024 31 December 2024 31 December 2023 Note Current assets Debtors due within one year Cash al bank and in hand 70 147 59 Liabilities Creditors falling due within one year 1133) (1,303) Net current assetsllliabilitiesl 14 (1,244J Totsl assets less Current liabilitles 14 (1,244) Funds unStricted funds Restricted funds 14 (1.244) Total charity funds 14 {1,2441 rov the Iruslees and signed on their behaw by". Tru lee pproved by the Iruslees on". MUS Minds Maiter 17
Principal accounting policies Year ended 31 December 2024 The Pri1paI countIng Fdicies adopted, judgements and key sources of estimation uncertainly in the preparation of the accounts are laxj oul beknv.. Basis of preparation These accounts have been prepared for the year ended 31 DtteMr 2024 wf(h comparalwe figures for the period from 26 July 2022 to 31 December 2023. The financial statements have been prepared under the historic81 cost convention with rtems Cognised al cost or transaction value unless otheise ststed in the relevant acc(NJnling policies below or the notes to these financial slalemenls. The financial statement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended praCte applicable lo charrties preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the Unrted Kingdom and Republic of Ireland IFRS 102} Icharities SORP FRS 102). the Financial ReportiThJ Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The charity conslrtutes a publ benefft entity as defined by FRS 102. The accounts do not indude a slatement of cashflows because the charty. as a wholly controlled subsidiary is exempt from the requirement to ppare such a stalemenl. The financial statements are presented in slerting and are rtxJn(led lo the nea$1 pound. Assessment of golng concem The trustees have assessed whelherthe use ofthe going concern assumptk)n is appropriate in preparing these acwunls. The Iruslees have made this assessment in respect lo a period ofone year from the dale of approval of these a¢¢ounls. The trustees of the Charity have concluded that there are no materk41 uncertainties related lo events of condrtions that may cast significant doubt on the abilty of the charity lo ¢ontinue as a going concern. The Iruslees a of the opinion that the charity will have Sufflent resources lo meet f(s liabilities as they fall due. The trustees have receNed written confimation fr(xn Ihe tnjstees of its parent charty, Musicians Benevolent Fund, that Musicians Benevolent Fund will continue lo supry)rt the charity financially and enable il lo pay it's debts as they fall due for a per of at least one yeai from the date on which these accounls were approved. In the view of the Trustees, no assumptions conceming the future or estimation uncertainty affecting assets or liabilities as the balan sheet dale are likety lo result in a material lstment lo their Carrying amounls In the next financial year. Income recognition Income is recognised in Ihe pericMI in whh Ihe charity has entitment lo the income, the amount of income can be measurwj liabfy and it is Pfobable Ihal the income w¢ll be recewed. MUS Minds Matler 18
Principal accounting policies Year ended 31 De¢eTnber 2024 The principal source of income is grants frcmn the parent chaiity. Grants Grants are recognised when Ihe grant proce&Js ale recewed (or receivable) provkled that the lemis of the grant do not impose futu perfomiance-related coThJiiions Donations Donation income is recognised once the charity has entitlement to the funds, rt is pr¢Jbable that income will be received and the amount Can be measured reliably. Expenditure Ognition Expendrture is included In the stalemenl of financkgl tIvItieS when incurred and includes allributsble VAT which cannot be recovered. Expendrture comprises the folk)wing.' 8. Expenditure on raising fvnds relates mainty lo digrtal advertising costs. b. Expenditure on charrtabje aclivtties in deliverance of the objectives sel out in the Trustees, Teport ielate mainty to wellbeing services, educalK>nal & project yranls and raising awareness. c. Support costs late to the g0Veman and adminislralion xtivitie5 involved in managing the organisalion. Governance and suppcKt costs have been appOrtne beeen all activities based on staff head count Debtors Debtors are recognised at their settlement amount. less any provis for non-recoverability. They have been discounted to the present value of the future cash payment where such discounting is material. Prepayments are valued al the amount prepaid. Cash at hand and in bank Cash al bank and cash in h8rNJ includes cash and opening of the deposrt account. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet dale as a result of a pasl event, il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised al the amount the charity anticipates rt will pay to settle the debt. They have been discounted to the presenl value of the future cash payment where such discounting is material. Fund structure Unrestricted funds comprise those monies which may be used towards meeting the charrtable objectives of the charity and whh may be applied at the discretion of the Iruslees. Music Minds Matler 19
Notes to the accounts Year ended 31 December 2024 Analysis of Income 31 December 2024 unreStrted roc ReStted £'o Grants from pant charity Grants from fundraising activity 2.081 2,081 280 Totsl income 2,361 2.361 2023 Analysis of Income {comparatlvel Period from 26 July 2022 Restricted to 31 Dec 2023 £'ooo Unrestricted rooo Grants from fundraising aclivty Total income Charitable activities Actwrties undertaken directty Support cos15 31 Oecember 2024 £'ooo Wellbeing seNices Educational and project grants Raising awareness Totsl 839 218 1,057 14 68 233 1,131 The charrty ha5 given 1 grant lotslling £4,000 lo indNiduaL8 in the year12023'. 5 grants tolalling £20,0001. Music Minds Matter 20
Notes to the accounts Year ended 31 December 2024 2023 Anatysis of charitable activitie5 Icomparativel Aclivit und&taken directty Period from 26 July 2022 to 31 Dec 2023 SupFOrt costs £wo Wellbeing services Educational and project grants Raising awareness Total 1.517 23 120 1.636 25 71 127 1,733 Support costs Raising funds Wellbeing servi Edational & project grants £'ooo 31 December 2024 £'ooo Raising awareness £'ooo £'ooo £'ooo Governance Inole 41 ManagenEnt charge Total 13 205 217 14 225 239 13 14 All support costs have been split between tIvit$ using a cost apportDnment method. 2023 Analy$is of support costs (comparative) Period from 26 July 2022 to 31 De¢ 2023 £'ooo Rai8ing funds Wellbeing servi Etional & project grants Raising awareness £'ooo £000 £'ooo £'ooo Governance Inole 4} Management charge Total 113 120 120 127 MUS Minds Matter 21
Notes to the a¢¢ounts Year ended 31 December 2024 Governance costs Period from 26 July 2022 to 31 Dec 2023 31 December 2024 Audrt fee Legal fees Other Professional Fees 14 Taxation Music Minds Matter i8 a registered cha(ity and. Iherefc*e. is not Ikgble to iome tsx Of corporation tax on income derNed from rts charilable activrties. a5 rt fa115 Wrthin the various exemptions available lo registered charities. Debtors 31 December 2024 rooo Pefi¢xI from 26 July 2022 10 31 Dec 2023 £'ooo Trade deblors Prepayments and accrued income 24 59 59 7 Creditots.. amounts falling due within one year Period from 26 July 2022 10 31 Dec 2023 £'ooo 31 December 2024 £'ooo Tiade Credrfcors Amounts dLte to parent charity Other taxes & social securrty A¢¢ruals and deferred in¢ome 70 74 1,179 59 50 133 1,303 MUS Minds Malter 22
Notes to the accounts Year ended 31 December 2024 8 Analysis of net assets bewn funds Unre5ththd fvnds Restricted furKJ5 Totsl 2024 Fund balances at 31 December 2024 ar• represeFrted by.. Cufrent assets 147 147 Creditots.. amolmts frallirvJ due wrthin Dr year {1331 11331 Total net assets 14 14 unre5ttlct1 lund5 Reslricled funds Total 2023 Fund balances at 31 December 2023 arè r•pr8s8nted by= cur1 as5et5 69 Creditots. anounts falling due wrthin one year 11.3031 {1,3031 Total net assets 11.2441 11.2441 9 Transactions with related parties The charity Is a wholly controlled subsidiary of Musicians Benevolent Fund (operating name". Help Musicians). a company limited by guarantee regtered in England and a registered charity No. 228D89 and SC0496251. The parent charity's registered Offi is 7-11 Br[tann Street London WC1X 9JS. Copies of the consolidated accounts of Musicrans Benevolent Fund are availab from Companies House. Transactions between the Music Minds Matter and its parent Charity during the year were as follows.. Period from 26 July 2022 to 31 Dec 2023 £'ooo 31 December 2024 £'ooo Grants awarded 2.361 Recharges from panI ¢harty". 1341) 12601 Musi¢ Minds Matter 23
Notes lo the accounts Year ended 31 December 2024 Period from 26 July 2022 to 31 De¢ 2023 £'oth) 31 tlecember 2024 £'ooo Salary costs recharge Support costs recharge 116 22$ 341 120 260 The key management personnel of the charty were remunerateJ via the parent charrty the Musicrans Benevolent Fund. None of the Trustees received remuneration during the yeai12023.' none). The were no other lated party trans8¢tn$ during the period. 10 Liability of members The charity is consliluled as a charitable incorporated organisalion. In the evenl of the charity being wound up member has no liability lo COntrUle lo rts assets and no personal responsibility foi settling ils debts and Music Minds Matter 24