**Company number: CE029972 Charity number: 1200050** ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent examiner's report**|6 - 7| |**Statement of financial activities**|8| |**Balance sheet**|9| |**Notes to the financial statements**|10 - 14| **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2023** |**Trustees**|Lang Lang| |---|---| ||Kyle Wool| ||Amy Mei Yin Poon| ||J Christopher Burch| ||David Hryck| ||Alun Huw Davies| |**Charity registered**
**number**
1200050
**Principal office**
128 City Road
London
EC1V 2NX
**Independent examiner**
Nick Weller FCCA
Simmons Gainsford Professional Services Limited
Chartered Accountants
14th Floor
33 Cavendish Square
London
W1G 0PW|| Page 1 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2023** The Trustees present their annual report together with the financial statements of the Lang Lang International Music Foundation for the period 12 August 2022 to 31 December 2023. 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 Deed of Trust dated 13 February 2022, 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** ## **a. Policies and objectives** The objective of the charity is to advance the education of primary school children in the subject of music. Lang Lang International Music Foundation aims to inspire and motivate the next generation of music lovers through unique programs, which encourage music peformance at all levels as a means of social and emotional development for today's youth. Such programs include the Young Scholars program, which identifies gifted young pianists with exceptional potential, and provides them with scholarships and mentorship from the legendary Lang Lang himself. The charity also takes pride in the Keys of Inspiration program, which aims to make music universally accessible, by partnering schools and communities to bring the benefits of music to students by unlocking their potential. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **Achievements and performance** ## **a. Main achievements of the Charity** On the 12 August 2022, the worldwide Lang Lang International Music Foundation was delighted to open its first UK foundation. Since opening, we have worked closely with our international partner foundation, making notable strides in advancing our mission to inspire and innovate in music education while supporting children in need. Through our core initiative, the Keys of Inspiration program, we successfully transformed primary music education in four London schools: The Winns Primary School in Waltham Forest, Risley Avenue Primary School in Haringey, Ark Academy in Brent, and Ark John Keats in Enfield, with reports indicating a broader impact on secondary education in the all-through schools we support. Our partnerships with charities focused on child bereavement and hospice care also demonstrated the vital role music plays in helping children through challenging times. This first period also featured a successful fundraising Gala and we hope to organise similiar events in the coming years. Looking ahead, we are excited to build on these successes, continuing to expand access to music education through our Keys Of Inspiration program and continue to support young people through our new initiatives and charity partnerships. Page 2 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. ## **b. Reserves policy** The Charity's policy is to set aside funds for special purposes or as reserves against future expenditure. ## **c. Principal risks and uncertainties** The principal risks of the charity are as follows: The risk of not generating sufficient income to cover the charity's liabilities and costs as they fall due, whilst also being able to continue to work towards the charitable objectives. The trustees are confident that their fundraising initiatives will be able secure adequate income to cover all costs. The risk of loss of income or inappropriate use of funds due to fraud. In response to this the trustees have appointed company accountants to oversee financial matters, notifications and alerts are set up with the Bank and Credit Cards, there are daily reviews of the operations, a weekly review of the statements and consideration is always taken for implementation of additional security measures where applicable. ## **d. Financial review** In the period to 31 December 23, the charity had income of £286,682, of which £188,284 related to donations, and £98,398 related to sponsorships. The charity incurred costs of £82,740 in the period, with £51,160 being expenses in relation to raising funds, and £28,580 to support costs. It should be noted that these accounts represent the income and expenditure in regards to the fundraising Gala and the support costs required to operate a charity. As this was the UK charities first period, the expenditure for all education programs was incurred by the international partner charity but with the support of this charity. Going forward these costs are likely to be incurred by this charity. ## **Structure, governance and management** ## **a. Constitution** Lang Lang International Music Foundation is a charitable incorporated organisation, charity number 1200050. The charity was setup by a constitution dated 13 February 2022. Page 3 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023** **Structure, governance and management (continued)** ## **b. Organisational structure and decision-making policies** The charity trustees shall manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO. It is the duty of each charity trustee: (a) To exercise his or her powers and to perform his or her functions as a trustee of the CIO in the way he or she decides in good faith would be most likely to further the purposes of the CIO. (b) To exercise, in the performance of those functions, such care and skill as is reasonable in the circumstances having regard in particular to: (i) any special knowledge or experience that he or she has or holds himself or herself out as having; and (ii) if he or she acts as a charity trustee of the CIO in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession. Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees. ## **c. Financial risk management** The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 4 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **Statement of Trustees' responsibilities** The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) 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 adequate 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on and signed on their behalf by: ## **Lang Lang** 22/10/2024 | 20:44 BST Page 5 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **Independent examiner's report to the Trustees of Lang Lang International Music Foundation ('the Charity')** I report to the trustees on my examination of the financial statements of Lang Lang International Music Foundation for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. As permitted by Direction 2, issued by the Charity Commission the firm for which I work has provided the charity with bookkeeping services during the year ended 31 December 2023. As a consequence I have followed the requirement of the FRC’s Ethical Standard when undertaking this assignment. ## **Independent examiner's statement** Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. Page 6 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023** I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Dated: 22/10/2024 | 20:44 BST Nick Weller FCCA ## **Simmons Gainsford Professional Services Limited** Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW Page 7 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2023** |**Note**
**Income from:**
Donations and sponsorship
3
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
286,682
286,682
72,924
14,016
86,940
199,742
199,742
199,742|**Total**
**funds**
**2023**
**£**
286,682
286,682| |---|---|---| |||72,924
14,016
86,940| |||199,742| |||199,742
199,742| The Statement of financial activities includes all gains and losses recognised in the period. The notes on pages 10 to 14 form part of these financial statements. Page 8 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **BALANCE SHEET AS AT 31 DECEMBER 2023** |**Note**
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one year
8
**Net current assets**
**Total net assets**
Unrestricted funds
9
**Total funds**|205,192
205,192
(5,450)|**2023**
**£**
199,742| |---|---|---| |||| |||199,742| |||199,742| |||| |||199,742| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ## **Lang Lang** 22/10/2024 | 20:44 BST Date: The notes on pages 10 to 14 form part of these financial statements. Page 9 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **1. General information** Lang Lang International Music Foundation is a registered charity in England and Wales, with charity number 1200050. The charity was registered on the 12th of August 2022, with address 128 City Road, London, EC1V 2NX. ## **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) (effective 1 January 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. Lang Lang International Music Foundation 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 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. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 10 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **2. Accounting policies (continued)** ## **2.4 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. ## **2.5 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. ## **2.6 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. ## **2.7 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. ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2023**
**£**
Donations
188,284
Sponsorships
98,398
286,682|**Total**
**funds**
**2023**
**£**
188,284
98,398
286,682| |---|---| Page 11 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **4. Expenditure on raising funds** ## **Fundraising expenses** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2023**| ||**£**|**£**| |Gala event costs|72,924|72,924| ## **5. Analysis of expenditure by activities** ||**Support**|**Total**| |---|---|---| ||**costs**|**funds**| ||**2023**|**2023**| ||**£**|**£**| |Charitable expenditure|14,016|14,016| ## **Analysis of support costs** |**Unrestricted**
**funds**
**2023**
**£**
Consulting
8,398
General Expenses
168
Contractors
1,250
Audit and Accountancy
4,200
14,016|**Total**
**funds**
**2023**
**£**
8,398
168
1,250
4,200
14,016| |---|---| Page 12 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **6. Independent examiner's remuneration** ||**2023**| |---|---| ||**£**| |Fees payable to the Charity's independent examiner for the independent examination of|| |the Charity's annual accounts|1,200| ## **7. Trustees' remuneration and expenses** During the period, no Trustees received any remuneration or other benefits. During the period ended 31 December 2023, no Trustee expenses have been incurred. ## **8. Creditors: Amounts falling due within one year** |Trade creditors
Accruals and deferred income
**Statement of funds**
**Statement of funds - current period**
**Unrestricted funds**
Unrestricted funds|**Income**
**£**
286,682|**Expenditure**
**£**
(86,940)|**2023**
**£**
1,250
4,200| |---|---|---|---| ||||| ||||5,450| ||||**Balance at**
**31**
**December**
**2023**
**£**
199,742| ## **9. Statement of funds Statement of funds - current period** Page 13 ## **LANG LANG INTERNATIONAL MUSIC FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **10. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2023**
**£**
Current assets
205,192
Creditors due within one year
(5,450)
**Total**
199,742|**Total**
**funds**
**2023**
**£**
205,192
(5,450)
199,742| |---|---| Page 14