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2025-08-31-accounts

Charity number 206801

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2025

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

CONTENTS

Reference and Administrative information 1-2
Report of the Trustee 3-9
Independent Auditor’s Report 10-14
Statement of Financial Activities 15
Balance Sheet 16
Notes to the Financial Statements 17-25

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025

Trustees

On 1 October 2015, under a Scheme issued by the Charity Commission, the Incorporated Society of Musicians Trust (‘ISM Trust’) became the sole corporate Trustee of the ISM Members Fund. The ISM Trust is company number 9296727 and registered charity number 1160261.

The Trustees of the ISM Trust are:

Vick Bain Pauline Black Dr Marius Carboni Nicolas Chisholm MBE Professor Christopher Collins Dr Kirsty Devaney Dr Paul Edlin Ivor Flint (Treasurer) Professor Stephen Goss Deborah Keyser Eugene Monteith Professor David Smith Nicky Spence (Chair) Dr Jeremy Huw Williams Bushra El-Turk Gabriella Swallow Danielle Howard (appointed 24 April 2025) Jessika Gillam (appointed 24 April 2025) Mahaliah Edwards (appointed 24 April 2025)

Charity registered number Principal office

206801

4-5 Inverness Mews London W2 3JQ

This is also the principal office of the ISM Trust.

1

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025

Independent auditors James Mathieson FCA
WP Audit Services LLP
North House
198 High Street
Tonbridge
Kent TN9 1BE
Bankers National Westminster Bank
Baker Street
London, W1U 6AT
Solicitors Bates Wells Braithwaite
10 Queen Street Place
London
EC4R 1BE
Investment managers Cazenove Capital Management Ltd
12 Moorgate
London EC2R 6DA

2

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustee presents its annual report together with the financial statements of the Benevolent Fund of the Incorporated Society of Musicians (‘the Fund’) for the year ended 31 August 2025. The Trustee confirms that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the Fund’s governing document and the provisions of “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) (Charities SORP (FRS 102)).

The information set out on pages 1-2 forms part of this report.

Structure, governance, and management

The Fund is an unincorporated association which was established on 5 January 1917. It is governed by a Trust Deed which states that the Fund’s object is the relief of necessitous members of the Incorporated Society of Musicians (‘ISM’), former members and widows or other dependents of deceased members.

By a new Scheme issued by the Charity Commission on 1 October 2015, individual members of ISM Council ceased to be Trustees of the Fund and the Incorporated Society of Musicians Trust (‘ISM Trust’, a charitable company limited by guarantee), of which the ISM is the sole member, became the sole corporate trustee of the Benevolent Fund of the Incorporated Society of Musicians (ISM Members Fund, a charitable trust). The three organisations namely the ISM, the ISM Trust, and the ISM Members Fund work closely together and are operating under the name “the ISM Group.” The ISM staff administering the Fund were Deborah Annetts (Chief Executive), Sabrina Taylor (Chief Financial Officer and Deputy CEO), and Ruth McPherson (Head of Charities & Services). The work of the Fund was also supported by the ISM colleagues and the Trustee.

Achievements and performance

2024-25 saw the Fund increase its level of impact as it delivered more services and reached more ISM members. The Fund’s focus remained ensuring services were sustainable, accessible, and relevant.

3

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Counselling and advice service

The Fund’s counselling and advice service supported 556 ISM members in 2024-25. The service includes a 24-hour adviceline and access to structured counselling sessions. By calling the adviceline, members can speak to a qualified counsellor who can provide confidential support and advice on everything from bereavement and relationships to work-related stress and anxiety. Members can also access financial wellbeing support, including access to regulated debt advice and guidance, and signposting on budgeting, savings, and pensions.

This year, the Fund launched a pioneering new member benefit, Ele Wellbeing. This innovative platform is designed to elevate the mental health and overall wellbeing of ISM members by providing a safe online space for information and support. Ele has been viewed 877 times by ISM members since launch, and popular topics include exercise, self-care, breathing, neurodiversity, and resilience.

Physiotherapy

The Fund’s physiotherapy scheme offers ISM members quick, expert intervention for muscle and joint problems from a senior chartered physiotherapist. Treatment as part of the service includes either self-management, which includes a detailed treatment plan of exercises to undertake at home, or face-to-face sessions at a local physiotherapy practice. A total of 73 referrals were made to the service during 2024-25, a 20% increase on the previous year.

Hearing health

The ISM Members Fund is a partner in the Musicians’ Hearing Health Scheme from Help Musicians. The scheme offers ISM members discounted access to:

The scheme continued to be popular, with 123 ISM members accessing the scheme during the 202425 year (including 12 students).

4

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Legal & tax helpline

Following discussion at board level the funding of the 24-hour legal helpline for members who need immediate legal advice out of office hours or have a legal query relating to something outside of their work as a musician moved to the Fund, as did some other services. Members can access the helpline for telephone-based advice on any legal issue from consumer matters and family law to criminal matters. Members also have access to a daytime tax helpline, staffed by experts who can help with any tax or National Insurance issue. During the 2024-25 year, 567 calls were received by the helpline.

Webinars

In 2024-2025, the ISM Members Fund ran two webinars for ISM members, which had a total of 57 views. The first, in partnership with counselling and advice service provider CiC Wellbeing, focused on mental health and top tips for building resilience. The second, in partnership with Viva la Visa, offered touring musicians’ guidance on obtaining visas and work permits for working abroad.

Financial Review

The ISM Members Fund delivered an exceptional financial performance in 2024-25, achieving a strong operating surplus despite increased service costs. Investment income of £191.4k almost covered annual expenditure of £198.4k, and the financial result for the year was a surplus of £156.0k (2024: £25.1k) before realised gains from investment revaluations. Net investment gains were £70.9k (2024: £329.1k), resulting in an overall surplus of £226.9k (2024: £354.2k).

Income

The Fund’s total income was £354.4k in the year, which represents a significant increase of 77.3% compared to the previous year (2024: £199.9k).

Income from donations and legacies rose sharply to £163.1k (2024: £9.3k), an increase of 1,661.8%, driven by two legacies. The Trustee acknowledges with thanks the following estates:

Income from the Fund’s investment portfolio increased slightly to £191.4k (2024: £190.7k), a 0.4% rise, reflecting portfolio movements.

5

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Expenditure

The Fund monitored financial performance and costs monthly, with quarterly oversight by the Trustee. Total expenditure for the Fund amounted to £198.4k during the year, representing a 13.5% increase compared to the previous year (2024: £174.8k). Of this, £190.3k (2024: £166.9k) was spent on charitable activities.

The Fund continued to support a few long-standing members with grants which amounted to £6.2k (2024: £6.2k) over the year. Other direct costs incurred in relation to supporting the physical, mental, and financial health of our beneficiaries amounted to £143.5k (2024: £125.7k). Support costs grew by £5.5k (15.7%) to £40.6k, which includes management charges which grew by £3.5k (11.1%) and audit fees which rose by £2.2k (59.3%) due to a full audit triggered by our higher income levels.

Investments

The market value of investment assets at the year-end stood at £4.59 million (2024: £4.53 million), reflecting a rise of £60.9k, or 1.3%, driven by positive market performance despite volatility. The Fund's portfolio continues to aim for a consistent objective: to preserve and grow the real capital value while generating adequate income to meet current expenditure needs.

The Members Fund continues to adopt a total return strategy, aiming to preserve and grow real capital value while generating adequate income to meet expenditure needs. The portfolio maintains a responsible investment policy, integrating environmental, social and governance (ESG) considerations into its selection process.

Reserves

The Fund’s reserves policy is designed to reflect the fundamental risks it faces and ensure that there are an adequate number of reserves.

The Fund’s reserves policy ensures sufficient free reserves to cover up to six months of operating activities in case of income shortfall. On 31 August 2025, total reserves stood at £5.26 million (2024: £5.03 million), comprising £3.86 million held as permanent endowment and the remainder as unrestricted or expendable endowment funds. Free reserves were £669.4k (2024: £503.4k), the equivalent of 40 months (2024: 35 months) of the Fund’s annual expenditure and were significantly above the target range, providing a robust financial position to support future charitable activities.

6

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The total funds held as of 31 August 2025 were £5.26 million (2024: £5.03 million).

Impact

In 2024-25, engagement with the ISM Members Fund’s services increased significantly on previous years, continuing a clear upward trajectory in the Fund’s impact. This growth follows the strategic shift made in 2019, when the Fund moved away from regular grant giving towards a targeted programme of preventative services designed to support the health and wellbeing of its beneficiaries.

The scale of this change is striking. In 2015-16, before the restructure, Fund services were accessed just 170 times. By 2021-22, engagement had risen to 596 , driven by the introduction of structured counselling and a pioneering physiotherapy service. Since then, demand has continued to grow. In 2024–25, impact increased further to 2,113 with the addition of the Musicians’ Hearing Health Scheme, legal and tax helpline, and visa and work permit advice service to the Fund’s portfolio, as well as stronger engagement with existing services.

Today, ISM members regularly draw on this wide range of support, using Fund services to strengthen their physical, mental, and financial wellbeing and to sustain long, healthy careers in music. The Fund will be reviewing the services it offers during the course of the financial year 2025/2026. Should the Board determine that the impact of the services it is funding is not adequate then it is likely the funding of such services will be curtailed. The Board recognises that as a charity the Fund must deliver impact and its future plans will be focused on ensuring that meaningful impact is delivered to the beneficiaries.

----- Start of picture text -----
Total ISM Members Fund service engagements
2500
2000
1500
1000
500
0
2015-16 2021-22 2024-25
----- End of picture text -----

7

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Compliance

The Fund is registered as a data controller in its own right at the Information Commissioner’s Office (ICO). All ISM staff working on Fund activities are bound by the provisions of the ISM Group Data Governance Policy introduced across all ISM Group companies in 2018 as part of our activities to ensure compliance with the General Data Protection Regulation (EU) 2016/679 (‘GDPR’) and the Data Protection Act 2018. The Fund continued to be registered with the Fundraising Regulator as part of our commitment to best practice and transparency in fundraising. New Trustees to the ISM Trust who constitute the Trustee received guidance in relation to trustee duties and charity governance during the course of the year.

Trustee’s Responsibilities Statement

The Trustee is responsible for preparing the Trustee’s 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 Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. It is 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.

8

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Statement of disclosure to auditors

So far as each person who was a Trustee at the date of approving this report is aware, there is no relevant audit information of which the charity’s auditor is unaware. Additionally, the Trustees individually have taken all the necessary steps that they ought to have taken as Trustees in order to make themselves aware of all relevant audit information and to establish that the charity’s auditor is aware of that information.

This report was approved by the Trustees of the ISM Trust acting on behalf of the Trust as the Fund’s sole corporate Trustee on 12 February 2026 and signed on their behalf by:

Gabriella Swallow (Chair of the ISM Trust)

Deborah Annetts (Chief Executive)

9

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

Opinion

We have audited the financial statements of the Benevolent Fund of The Incorporated Society of Musicians for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of opinion

We have conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

10

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

11

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory framework applicable to the charity, and the procedures that management adopt to ensure compliance. We have considered the extent to

12

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

which non-compliance might have a material effect on the financial statements, and in particular we identified FRS102, the Charities Act 2011 and the Charities SORP.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charity’s operations and to avoid material penalties, including the General Data Protection Regulation.

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

We then designed audit procedures in response to the risks identified, including substantive testing on all material income streams, a review of all correspondence in relation to legacies including a post year end review, and review of journal entries, accounting estimates and judgements.

13

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

(ISM Members Fund)

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS

The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion, or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other Matters

The prior period financial statements and the corresponding comparative figures included within these financial statements were not audited.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

WP Audit Services LLP

Date: 24 February 2026

Chartered Accountants and Statutory Auditor

North House 198 High Street

Tonbridge

Kent TN9 1BE

14

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Note
2025
£
Income from:
Donations and legacies
2
163,053
Investments
5,876
Total income
168,929
Expenditure on:
Raising funds
Investment
management fees
439
Charitable activities
3
190,287
Total expenditure
190,726
Net gains on investments
5
3,547
Net income
( 18,250)
Transfers
7
185,498
Net movement in funds
167,248
Reconciliation of funds
Total funds brought forward
747,673
Total funds carried forward
914,921
Unrestricted
funds		 2025
£
-
-
-
857
-
857
7,802
6,945
-
6,945
476,822
483,767
Expendable
endowment		 2025
£
-
185,498
185,498
6,838
-
6,838
59,581
238,241
( 185,498)
52,743
3,804,649
3,857,392
Permanent
endowment		 Total
funds
2025
£
163,053
191,374
354,427
8,134
190,287
198,421
70,930
226,936
-
226,936
5,029,144
5,256,080		 Total
funds
2024
£
9,255
190,663
199,918
7,877
166,953
174,830
329,132
354,220
-
354,220
4,674,924
5,029,144

There were no restricted funds in the current or preceding periods.

15

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Investments
5
Current assets
Debtors: prepayments and
accrued income
Cash at bank
Creditors:amounts falling due
within one year
6
Net current assets
Total net assets
The funds of the charity
Endowment funds
Expendable endowment
Permanent endowment
9
Unrestricted funds
Total funds
8		 £
93,986
619,203
713,189
( 43,761)		 2025
£
4,586,652
669,428
5,256,080
483,767
3,857,392
4,341,159
914,921
5,256,080		 £
202,899
335,635
538,534
( 35,112)		 2024
£
4,525,722
503,422
5,029,144
476,822
3,804,649
4,281,471
747,673
5,029,144

The financial statements were approved by the trustees of the ISM Trust acting on behalf of the Trust as the Fund’s sole corporate Trustee on 12 February 2026 and signed on their behalf by:

Gabriella Swallow Chair of the ISM Trust

Deborah Annetts Chief Executive

16

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with "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) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Benevolent Fund of the Incorporated Society of Musicians 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 note(s). The financial statements are presented in pounds sterling and rounded to the nearest pound.

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.

1.2 Status

The Benevolent Fund of Incorporated Society of Musicians is an unincorporated charity governed by a Trust Deed and is registered with the Charity Commission for England and Wales. The address of the registered office is 4-5 Inverness Mews, London, W2 3JQ.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For donations this is usually on receipt. Investment income is recognised when it is receivable.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Fund that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

17

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies continued

1.4 Expenditure

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably. It is inclusive of any VAT which cannot be recovered.

Grants payable are payments made to benficiaries in the furtherance of the charitable objectives of the Fund. The grants are accounted for where either the Trustee has agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Fund.

1.5 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured that their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.6 Other financial Instruments

The charity has financial instruments of a kind that qualify as basic financial instruments. The charity's short term debtors and creditors are measured at their settlement value.

1.7 Fund accounting

The permanent endowment fund is the capital of the members fund and must be held permanently. The permanent endowment fund holds investments on the total return basis, whereby the endowment includes both the value of the original gifts, and the unapplied total return.

The trustees of the charity can decide to release amounts from the unapplied total return to unrestricted income on a discretionary basis. This allocation is made by balancing the need for income to meet current requirements against the need to hold funds as part of the endowment to produce investment returns for the future.

The expendable endowment consists of funds currently held as capital of the members fund. However the Trustee has discretion over the use of the funds and these can be expended if required.

Unrestricted funds are those funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

18

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2 Income from donations and legacies

Donations
Legacies
3
Charitable activities
Supporting physical, mental, and financial health:
Grants to individuals
Counselling helpline costs
Hearing Health Scheme
Physiotherapy
Legal and tax helpline
Visa and Work Permit Advice Service
Wellbeing Platform
Support costs (see below)
Support costs are made up as follows:
Management charges
Other costs
Governance costs:
Legal fees
Independent examination fees
Audit fees		 2025
£
142
162,911
163,053
2025
£
6,200
50,418
2,207
11,944
51,567
21,600
5,760
40,591
190,287
2025
£
34,586
90
95
-
5,820
40,591		 2024
£
253
9,002
9,255
2024
£
6,200
49,357
3,689
10,590
50,059
10,800
1,188
35,070
166,953
2024
£
31,138
193
85
3,654
-
35,070

All grants are for the relief and prevention of poverty amongst ISM (Independent Society of Musicians) members and the dependents of deceased members. During the year, the charity made grants to 3 individuals (2024: 3 individuals).

19

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4 Staff and Trustee costs

The members' fund has no employees, and therefore none earning more than £60,000 (2024: none). The Trustee (and its Trustees) did not receive any remuneration during the year in regards to the Fund, and the Trustee (and its Trustees) did not receive reimbursed expenses during the year.

The key management of the charity includes the Trustee, the ISM Chief Executive, the ISM Chief Financial Officer and Deputy CEO and the Head of Charity and Services. The aggregate amount of remuneration recharged from ISM in respect of key management was £23,484 (2024: £21,315). Other staff costs have also been recharged from ISM, and there were no members of staff engaged in the members' fund's activities other than those recharged from ISM (2024: none).

5 Investments

Listed investments
Market value at 1 September 2024
Additions at cost
Disposals at carrying value
Unrealised change in market value
Market value at 31 August 2025		 2025
£
4,525,722
-
( 10,000)
70,930
4,586,652		 2024
£
4,004,595
200,000
( 8,005)
329,132
4,525,722

At the balance sheet date no cash was held within the investment portfolio (2024: £nil).

6 Creditors due within one year

Trade creditors
Accruals
Amount due to the Independent Society of Musicians		 2025
£
671
9,742
33,348
43,761		 2024
£
1,430
30,156
3,526
35,112

20

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7
Statement of movement in funds
Brought
forward
£
Current year:
Unrestricted funds
747,673
Expendable Endowment
476,822
Permanent Endowment
3,804,649
Total
5,029,144
Brought
forward
£
Prior year:
Unrestricted funds
711,498
Expendable Endowment
441,485
Permanent Endowment
3,521,941
Total
4,674,924		 Net
Movement
£
( 18,250)
6,945
238,241
226,936
Net
Movement
£
( 149,705)
35,337
468,588
354,220		 Transfers
£
185,498
-
( 185,498)
-
Transfers
£
185,880
-
( 185,880)
-		 Carried
forward
£
914,921
483,767
3,857,392
5,256,080
Carried
forward
£
747,673
476,822
3,804,649
5,029,144

21

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8 Analysis of net assets between funds

Current year:
Investments
Net current assets
Prior year:
Investments
Net current assets		 2025
£
245,493
669,428
914,921
2024
£
244,251
503,422
747,673
Unrestricted
funds
Unrestricted
funds		 2025
£
483,767
-
483,767
2024
£
476,822
-
476,822
Expendable
endowment
Expendable
endowment		 2025
£
3,857,392
-
3,857,392
2024
£
3,804,649
-
3,804,649
Permanent
endowment
Permanent
endowment		 Total
funds
2025
£
4,586,652
669,428
5,256,080
Total
funds
2024
£
4,525,722
503,422
5,029,144

22

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9
Permanent endowment total return
Current year:
At the beginning of the reporting period:
Trust for investment
Unapplied total return
Movements in the reporting period:
Investment returns: income
Less: Investment management costs
Net movement in the reporting period
At the end of the reporting period:
Trust for investment
Unapplied total return
Unapplied total return allocated to income in
the reporting period
Investment returns: realised
and unrealised gains		 2025
£
2,713,786
-
2,713,786
-
-
-
-
-
-
2,713,786
-
2,713,786
Trust for
Investment		 2025
£
-
1,090,863
1,090,863
185,498
59,581
( 6,838)
238,241
( 185,498)
52,743
-
1,143,606
1,143,606
Unapplied
Total Return		 Total
funds
2025
£
2,713,786
1,090,863
3,804,649
185,498
59,581
( 6,838)
238,241
( 185,498)
52,743
2,713,786
1,143,606
3,857,392

23

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9
Permanent endowment total return continued
2024
£
Prior year:
At the beginning of the reporting period:
Trust for investment
2,713,786
Unapplied total return
-
2,713,786
Movements in the reporting period:
Investment returns: income
-
-
Less: Investment management costs
-
-
-
Net movement in the reporting period
-
At the end of the reporting period:
Trust for investment
2,713,786
Unapplied total return
-
2,713,786
Trust for
Investment
Unapplied total return allocated to income in
the reporting period
Investment returns: realised
and unrealised gains		 2024
£
-
808,155
808,155
185,880
289,636
( 6,928)
468,588
( 185,880)
282,708
-
1,090,863
1,090,863
Unapplied
Total Return		 Total
funds
2024
£
2,713,786
808,155
3,521,941
185,880
289,636
( 6,928)
468,588
( 185,880)
282,708
2,713,786
1,090,863
3,804,649

10 Control

The parent charity is the Incorporated Society of Musicians Trust, a charitable company limited by guarantee and registered in England and Wales (registered number - 9296727, charity number - 1160261). The Incorporated Society of Musicians Trust provides education and professional development for those involved in the arts and particularly music.

24

BENEVOLENT FUND OF THE INCORPORATED SOCIETY OF MUSICIANS (ISM Members Fund)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11 Related party transactions

At the balance sheet date, the charity owed £33,348 including VAT, (2024: £3,526) to the Independent Society of Musicians (ISM) in respect of expenses paid on behalf of the charity. Re-charged expenses totalled £34,586, including VAT, (2024: £31,138) and relate to salary costs and management charges reflecting time spent on Benevolent Fund of the Incorporated Society of Musicians by the staff at ISM. The ISM is considered to be a related party as it is the sole member of the charity's corporate trustee.

25