Company number: CE029972 Charity number: 1200050
LANG LANG INTERNATIONAL MUSIC FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 15 |
LANG LANG INTERNATIONAL MUSIC FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees Lang Lang Tina Chang Lord Simon Woolley Amy Mei Yin Poon Charity registered number 1200050 Principal office 128 City Road London EC1V 2NX Independent examiner Nicholas Weller FCCA Simmons Gainsford Professional Services Limited Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the Lang Lang International Music Foundation for the 1 January 2024 to 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 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 12 August 2022, the global Lang Lang International Music Foundation proudly launched its first UK branch. Since then, we have worked closely with our international partner foundation, making significant progress in our mission to inspire and innovate in music education while supporting children in need.
Through our flagship initiative, the Keys of Inspiration program, we transformed primary music education across five London schools (since increased to eight). Reports continue to show a sustained and meaningful impact on both primary education, and secondary education within the all-through schools we support.
Our charity partnerships have also deepened, extending further into the children’s mental health sector while continuing our focus on child bereavement and hospice care, demonstrating the vital role of music in helping children navigate difficult times.
The Young Scholars program has likewise grown significantly, offering UK-based music students exceptional performance opportunities both nationally and internationally.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
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 year to 31 December 24, the charity had income of £91,271 (2023: £286,682), of which £91,271 (2023: £188,284) related to donations, and £nil (2023: £98,398) related to sponsorships.
The charity incurred costs of £111,455 (2023: £86,940) in the period, with £nil (2023: £72,924) being expenses in relation to raising funds, and £111,455 (2023: £14,016) to charitable activities.
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.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in 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 and signed on their behalf by:
Lang Lang
Date: 29/10/2025 | 14:10 GMT
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024 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 2024. As a consequence I have followed the requirement of the FRC’s Ethical Standard when undertaking this assignment.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
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.
29/10/2025 | 14:10 GMT Signed: Dated: Nicholas Weller FCCA
Simmons Gainsford Professional Services Limited
Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations and legacies 3 Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 91,271 91,271 - 111,455 111,455 (20,184) 199,742 (20,184) 179,558 |
Total funds 2024 £ 91,271 91,271 - 111,455 111,455 (20,184) 199,742 (20,184) 179,558 |
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 year.
The notes on pages 9 to 15 form part of these financial statements.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 8 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Unrestricted funds 10 Total funds |
176,714 176,714 (5,422) |
2024 £ 8,266 8,266 171,292 179,558 179,558 179,558 |
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
29/10/2025 | 14:10 GMT Date:
The notes on pages 9 to 15 form part of these financial statements.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
Lang Lang International Music Foundation is a registered charity in England and Wales, with charity number 1200050. The charity adrress of the registered office is 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.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Musical instruments - 3 years straight line
2.5 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.
2.6 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.
2.7 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.
2.8 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.
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 91,271 Sponsorships - 91,271 |
Total funds 2024 £ 91,271 - 91,271 |
Total funds 2023 £ 188,284 98,398 286,682 |
|---|---|---|
4. Expenditure on raising funds
Fundraising expenses
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Gala costs | - | - | 72,924 |
5. Analysis of expenditure by activities
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | Total | |
| directly | costs | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Musical education programmes | 101,723 | 9,732 | 111,455 | 14,016 |
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Activities 2024 £ Staff costs 45,250 Learning material 1,747 Travel 10,120 Subsistence 7,369 Depreciation 1,333 Advertising and marketing 2,541 Public relations 32,234 Printing and stationery 1,129 101,723 Analysis of support costs Unrestricted funds 2024 £ Bank charges 62 General Expenses 164 Professional expenses 4,500 Subscriptions 806 Audit and Accountancy 4,200 9,732 6. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2024 £ 45,250 1,747 10,120 7,369 1,333 2,541 32,234 1,129 101,723 Total funds 2024 £ 62 164 4,500 806 4,200 9,732 2024 £ 1,260 |
Total funds 2023 £ 1,250 - - - - - 8,398 - 9,648 |
|---|---|---|
| Total funds 2023 £ - 6 - 162 4,200 4,368 |
||
| 2023 £ 1,200 |
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).
8. Tangible fixed assets
| Cost or valuation Additions Depreciation Charge for the year Net book value At 31 December 2024 At 31 December 2023 |
Musical instruments £ 9,599 1,333 8,266 |
|---|---|
| - |
9. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2024 £ - 1,012 4,410 5,422 |
2023 £ 1,250 - 4,200 |
|---|---|---|
| 5,450 |
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Statement of funds
Statement of funds - current year
| Unrestricted funds Unrestricted funds Statement of funds - prior year Unrestricted funds Unrestricted funds |
Balance at 1 January 2024 £ 199,742 |
Income £ 91,271 Income £ 286,682 |
Expenditure £ (111,455) Expenditure £ (86,940) |
Balance at 31 December 2024 £ 179,558 |
|---|---|---|---|---|
| Balance at 31 December 2023 £ 199,742 |
11. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 8,266 Current assets 176,714 Creditors due within one year (5,422) Total 179,558 |
Total funds 2024 £ 8,266 176,714 (5,422) 179,558 |
|---|---|
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LANG LANG INTERNATIONAL MUSIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior 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 |
|---|---|
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