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2021-12-31-accounts

Annual Report and Financial Statements

For the year ended 31 December 2021

Thank you

With the Covid-pandemic far from over, 2021 was another year where musicians faced significant challenges; with many thousands simply struggling to survive. Help Musicians continued to rely on the support of friends, supporters and organisations who shared the same aims – a love of music and a determination to make sure those who bring the joy of music to us stayed with the profession until the return of better times.

Thank you to everyone who supported the charity during the year. Our supporters can rely on our “100% pledge”, whereby we commit to covering all of the charity’s overheads with income from our investment portfolio - this means that every penny a donor kindly gives goes straight to the front line. With resources needed to help musicians at record levels throughout the pandemic, we would like send particular thanks to the following organisations who made significant generous donations:

I would also like to thank our President, Dame Evelyn Glennie and our Ambassadors (Bryan Adams, Susan Bullock CBE, Chris Difford, Sir James Galway OBE, Lesley Garrett CBE, Bob Harris OBE, Isata Kaneh-Mason, Soweto Kinch, Tasmin Little OBE, Charles Owen, Sir Simon Rattle AM OBE, Natalya Romaniw, Nicky Spence and Phil Taggart) for their invaluable support. The charity is fortunate to have them alongside so many other passionate advocates to help spread the word about our work.

The charity is honoured to have Her Majesty The Queen as its Patron. As our Centenary year ends and the Platinum Jubilee begins, we thank her for almost seventy years of enduring support.

Graham Sheffield CBE

Chairman

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Chairman’s Letter

6

Chief Executive’s Letter

8 Trustees’ report

10 Our work and impact in 2021

18 Reach and Engagement 22 Business Services

24 Financial Review

28 Looking forward to 2022 30 Principal risks and uncertainties 32 Governance 36 Statement of Trustees’ responsibilities 38 Independent auditor’s report 42 Summary

Contents

Help Musicians is the working name of the Musicians Benevolent Fund, a charity registered in England and Wales (228089 and in Scotland (SC049625), a registered company (England 00252783) limited by guarantee and a Trust Corporation.The registered office is 7 – 11 Britannia Street London WC1X 9JS helpmusicians.org.uk

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CHAIRMAN’S LETTER 5

CHAIRMAN’S LETTER

Chairman’s letter

in therapeutic support through our partner, the British Association for Performing Arts Medicine (BAPAM), with over 350 musicians fast tracked to receive counselling support. We thank our friends at PPL for their financial support of Music Minds Matter, enabling us to reach so many more needing access to one-to-one mental health therapy. With record levels of mental health enquiries, the team at Help Musicians quickly developed and launched new online initiatives, bringing specialists and musicians together remotely to invest in their wellbeing and mental health. As a result, many musicians experiencing isolation during lockdowns found the opportunity to join others to share thoughts and experiences - a veritable lifeline.

For more than one hundred years Help Musicians has prided itself on being a charity which is there for musicians in times of both opportunity and crisis. It was founded with that key principle: it remains at the heart of the charity today.

Our Centenary year in 2021 was not one any of us could have predicted. It was a year when agility, responsiveness, collaboration and determination characterised the charity’s work – ensuring that musicians received the appropriate support to enable them to survive the pandemic. We undertook research to better understand musicians’ immediate needs and were thus able to respond with timely and targeted support. The team’s focus was to ensure that the charity’s resources, often generously matched by those of our partners (listed on page 2), provided maximum impact to those in most need.

The strengthening of a community of musicians in adversity remained a key theme throughout, for example through song writing workshops with our Ambassador Chris Difford, as well as the growth of our mentoring programme, Co-pilot, offering mentees and mentors the opportunity to meet and learn from one another. The acquisition of new skills to extend careers, businesses and opportunities aims to match the precise need to a mentor who can provide that specific form of advice. This, we believe, is a “musicians first” approach, which is fully tailored to the individual. The empowerment of musicians to realise their full potential will remain a significant strand of our work in the years to come, as those who have been able to remain in the profession - and many have sadly left - recover from the pandemic.

Just as in 2020 we saw several thousands of musicians experiencing significant financial hardship; our response was to launch three more phases of support to musicians in crisis. Life as a freelance musician is precarious, with a steady and reliable stream of work and therefore income often uncertain at best. This uncertainty can have a devastating impact on mental health; the charity’s Music Minds Matter service received a record number of enquiries last year with a 118% increase in the number of calls made to the helpline. Many of these calls resulted

As I conclude my tenure, I would like to thank my fellow Trustees and Ambassadors for their support, as well as Chief Executive, James Ainscough and the staff team for everything they have done to make a difference to the lives of musicians across the UK.

I have been privileged to serve as Chair of Help Musicians for almost nine years. As I step down at the Annual General Meeting in April 2022, I reflect upon all that we have achieved together in recent years and am proud of the increased impact the charity has made since 2014. That year we supported 2,500 musicians in total, with £3.3m spent on grants to those in need. Contrast to 2021 where we supported over 24,000 musicians – with £9.9m of charitable resources provided. Eight years later we are operating at a scale we may not have imagined, with growth in national reach, a programme of support to appeal to all musical genres and innovative developments such as the Musicians Hearing Health Scheme, a scheme designed to help protect the hearing health and extend the careers of musicians of the future.

Events during my time as Chair, and not exclusively the pandemic, have proved why Help Musicians is still so needed – 100 years on. I know my successor, Bob Shennan will lead the charity into the next decade with great skill and commitment, working hard with the team to do everything we can to build a world where musicians thrive.

.

We have also mobilised a number of senior figures in the profession such as Dame Evelyn Glennie and Chris Difford to act as Ambassadors for the charity. Working in partnership now with so many different organisations, Help Musicians is fast becoming a truly national force for good in the music world. I am a passionate music lover and supporter of musicians, as well as a trained musician myself. I trust that, through my commitment to the charity, I have been able to “give something back” to the art form and the musicians who have afforded me so much joy and inspiration over so many years, since my first piano lesson at the age of six!

Graham Sheffield, CBE Chairman

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CHIEF EXECUTIVE’S LETTER 7

CHIEF EXECUTIVE’S LETTER

Chief Executive’s letter

In 2021 we distributed £3.7m across three rounds of hardship funding meaning that, at the time of writing, our total pandemic hardship support has delivered £19.5m to 20,000 musicians. Just over half of that came from our own reserves, the rest from the generosity of music lovers and the music industry. This work is not just about helping musicians to pay bills, vital though that is. It is also about preventing the downward spiral of debt, losing your home, and selling your instrument, it is about preventing the relationship fractures that often appear under financial stress, and it is about giving hope that you can survive and still cherish a career in music.

Our strategy in 2021 was to support those musicians who were struggling in the pandemic, and to empower those in a position to move their careers forward. There is still much to do on both those fronts in 2022.

The charity’s mental health support, under the banner of Music Minds Matter, has seen demand rise exponentially. In 2021 we saw a 118% increase in calls to our helpline. And by the end of the year there were 485 people registered to receive mental health support compared to just 23 before the pandemic began. We began offering online peer to peer support groups and other wellbeing events during the year and we expect the need for our services to continue growing well beyond the formal end of the pandemic.

For those in a position to move their careers forward, we were equally active and committed, aiming to empower as many as possible to thrive artistically and financially. By removing the application deadlines from our creative funding opportunities we enabled musicians to apply whenever they were ready. And by offering more preapplication support, in groups and one-on-one, we are helping more musicians successfully access the most relevant support for them.

There has also been a marked increase in other health issues – we referred 1,818 musicians to our close partner BAPAM for clinical assessment - a 49% increase on 2020.

impact on musculoskeletal injuries, mental health and other common issues too).

Our fast-growing mentoring network, Co-Pilot, had 129 musicians actively learning new skills to navigate the music industry and we expect this number to increase significantly in 2022. It is vital that musicians marry their musical talent with the business skills needed to generate an income from their artistic endeavours. This will be a major focus for the charity in the coming months.

Our work grows and reaches more musicians each year because of the rising number of partnerships – comprising corporates, charities, trusts, foundations, trade bodies, membership organisations, independent experts and of course our wonderful Ambassadors. They are too many to name here, but each brings valuable knowledge, networks, opportunity and encouragement. We are so grateful for the growing affection and practical support we receive. And there is always room for more to join us in our mission! Working together we bring help and hope to those in crisis, and empowerment for those with opportunity. We do it simply because we love music and want a world where musicians thrive.

2022 is a crucial year for musicians as the vast majority will need to build / re-build their careers following the pandemic. Our survey at the start of 2022 revealed that 25% of the respondents were considering leaving the music profession permanently. Thousands of life-changing decisions will be made this year and it is incumbent on Help Musicians to ensure that no musician walks away from their audience unnecessarily.

We will continue offering the most relevant and vital support we can, with our work shaped by our expanding research and insight-gathering capabilities. We will also try to get upstream on issues to empower musicians to steer a course that avoids troubled waters wherever possible (we already do this with our ever-popular Hearing Protection scheme and have ambitious plans for a similar

James Ainscough Chief Executive

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TRUSTEES’ REPORT

TRUSTEES’ REPORT

Trustees’ report

The Trustees present the Trustees’ Report and the audited financial statements for the year ended 31 December 2021. For a century, the charity has provided help, support, and opportunity to empower musicians through all stages of their lives. We love music and help musicians, aiming to have a positive impact on their lives and careers.

| The support we provide to musicians is:

| Objectives of the charity

Essential: providing a lifetime of support, when it’s needed most.

(1) musicians

(2) those persons (not being members of the Association) who work or have worked in professions or occupations closely connected with music and who in the opinion of the Association have rendered valuable service to music

Enduring: making a meaningful difference now and for the long-term.

Our wide spectrum of work includes an integrated programme combining Health and Welfare services with Creative Development funding, groundbreaking research, a mental health helpline for the entire music industry and a hearing health scheme which aims to prevent hearing problems that would otherwise bring musicians’ careers to an untimely end. Reaching all genres and locations, and with offices in London, Belfast and Glasgow, our help continues to evolve to create a world where musicians thrive.

(3) the spouses, children and other dependants of those set out in (1) and (2) above.

| Public benefit

When setting the objectives and planning the work of the charity for the year the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

| Mission Statement

We want a world where musicians thrive.

| Values

Help Musicians has a strong values-based culture. Our values are central to how we work and were developed through employee consultation:

Passionate

We love music and are personally invested in supporting and empowering musicians through all stages of their lives.

Impactful

Our ambition is to use our unique position to make a meaningful difference to the lives of musicians. This drives us forward to ensure our knowledge is deep, our partnerships are strong, and our work is excellent and accessible.

Collaborative

We’re stronger, more creative, and more impactful within the music industry when we work together, building inclusive teams and partnerships.

Respectful

We value our relationships and embrace our diversity. In all circumstances we will build trust by being open, honest, kind, consistent, fair and accountable.

We will support and empower musicians through all stages of their lives.

We are an independent charity with the freedom to think long-term and act responsively.

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2021

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TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2021 11

Our work and impact in 2021

| In Crisis

At Help Musicians we understand that a musician’s life can be precarious with many ups and downs throughout a career. Opportunities must be hardwon, whilst challenges come along all too easily, with unsteady income and physical and mental health concerns common issues to navigate.

Financial Hardship

Our first phase of financial hardship support commenced in March 2020 and in 2021 we maintained access to funding at scale for musicians in significant need through three separate phases of hardship support across the year. 6,584 musicians were supported through the year via these schemes, with 3,426 (52%) musicians receiving continued support across each phase. The charity spent £3.7m on hardship support, with each round of funding informed by surveys to shape how we responded to evolving need. Musicians told us that reducing their financial precarity also made a difference to anxiety levels.

With the majority of the UK’s professional musicians working as freelancers, the Covid-19 pandemic had a devasting and disproportionate impact on the sector, with thousands falling through the gaps in government support. Our work in 2021 ensured that those musicians facing crisis and needing help to survive were supported in a way that responded to their specific needs – offering new financial hardship funding at significant scale, maintaining and expanding our health and wellbeing support including a broad range of opportunities to engage in advice/ therapeutic support for mental health challenges.

Sustaining hearts and minds

Music Minds Matter, the charity’s mental health support service available to the whole of the music industry, received 1,138 calls during the year (compared to 523 calls in 2020 an increase of 118%) with 485 people then registered to receive mental health support (compared to just 23 before the pandemic began). With NHS waiting lists for mental health help at an all time high, we were able to fast track individuals needing therapeutic support for assessment by our partner British Association for Performing Arts Medicine (BAPAM) – providing over 2,500 counselling sessions to those experiencing significant mental health challenges.

While the pandemic presented significant challenges for many, others found themselves needing to reimagine or invest in their careers. Through career development funding, business advice and an increase in scope of our mentoring network, we aimed to make a real, and lasting impact to musicians’ careers. We worked hard to empower individuals to achieve their potential through a consistent programme of help which offered musicians the flexibility to choose help which was relevant to them at the time of their choosing.

Musicians told us that isolation created by lockdowns added to mental health challenges and therefore we launched a number of new initiatives in 2021, allowing those within the music industry to come together to share challenges, through online peer to peer support groups and other wellbeing events also scheduled. Connecting musicians and professionals across the country to invest in their wellbeing and mental health. Over 50 events were run in 2021 and we will do even more in 2022.

Help Musicians aims to offer ‘a lifetime of support when it’s needed most’ – always there for musicians in times of crisis and in times of opportunity.

“Receiving financial support from Help Musicians since March 2020 meant so much to me. After losing all my work in mid-March from one day to the next, receiving Help Musicians’ emergency fund meant that I could still pay my rent and bills. It also meant that I could continue to work on my music and not give up my creative career to work in a different sector than the arts and entertainment. Thank you!”

Anja Romer , singer-songwriter, Supported through Help Musicians’ Coronavirus Hardship Fund

Health & Welfare support

Our work around health and welfare was maintained and offered a broader portfolio of support for those with more complex needs. From help in a crisis, direct support for physical health, long term illness or help in retirement, the health and welfare team consider the needs of the individual first and foremost when responding to requests for help:

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2021

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TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2021 13

“I was mind blown because I thought - wow! There are people who actually believe in creatives.”

----- Start of picture text -----
Sans Soucis , singer,
songwriter and producer
Supported to record and release
music through the MOBO
Help Musicians Fund
----- End of picture text -----

| In Opportunity

Enabling creative development

We provided 366 creative grants to musicians with a total cost of £897k. These grants empower musicians to grow their careers and businesses; from recording and releasing music to learning a new creative skill, these small grants are making a big difference to musicians rebuilding their careers in a time of uncertainty.

We expanded the range and number of opportunities for those considering an application for funding to receive some advice and support before submitting an application. Over 500 one-to-one pre-application sessions were provided, and 10 group events to potential applicants, tailored with information to help the musician submit the strongest application they could. Through this work we hope to increase our grant application conversion rates, reach a broader range of applicants and better support individuals who can find it challenging to navigate written applications.

The charity also changed the way it offered support in this area in 2021, removing deadlines from creative funding opportunities to enable musicians to apply for funding at a time of their choosing. We hope this change will make Help Musicians funding more accessible in years to come – ensuring that help is on offer when musicians need it most.

“It’s really invaluable, not only for the information, gems and contacts etc. but the feeling of chatting to someone who cares and wants you to succeed in an industry that can feel very lonely and emotionally challenging.”

Re-energising careers

The charity offers access to business advisors, allowing musicians to work with subject experts to support them in navigating the music industry, growing skills and building knowledge to sustain careers. 343 musicians accessed business advice sessions costing £133k in total.

Our mentoring network, Co Pilot, is based upon the principle that both mentees and mentors can learn from one another, offering career development scope to both parties. With connections lost as a result of the pandemic, connecting musicians to mentors with specialist skills and knowledge in the part of their careers they wish to grow or re-build, was a timely development for Help Musicians. 129 musicians accessed the mentoring network and we will expand this programme further in future years given the valuable feedback from those who have taken part to date. One musician said about their participation in the scheme:

Our Ambassador, Chris Difford led in the delivery of more online song-writing workshops for musicians, allowing them to hone their craft, collaborate and inspire one another using their collective talents. 126 musicians attended these workshops in 2021 – a 13% increase when compared to 2020.

----- Start of picture text -----
aka RéY , rapper, producer and composer
Mentored through Help Musicians’ Co-Pilot:
the Musicians’ Mentoring Network
----- End of picture text -----

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| Making a difference in the years to come

While doing everything we can to make a positive difference to the lives of musicians today, we are committed to developing ways to ensure our help evolves to respond to need as well as preventing future issues which could negatively impact on a musicians career.

The Musicians Hearing Health scheme is a significant “preventative” strand of our health and wellbeing support, providing help to prevent hearing loss through the form of a hearing assessment and a set of custommade hearing attenuators to prevent damage. 1,289 musicians were helped through this scheme in 2021 and we hope this support prolongs those musicians’ hearing health and careers well into the future.

Research is important to us; both to enable us to design our support around current and future needs and gather knowledge which we can share with others within the industry to enable us collectively to change conditions for musicians of today and tomorrow.

We invested in research, led by experts, to understand more about key subjects that have significant impact on the lives of musicians. Some highlights of this research include:

Experiences of mid-career seasoned orchestral musicians in UK during Covid first lockdown and a year later

This research has enabled us to understand more about the impact of Covid on a focused group of orchestral musicians. This research mirrors the findings of others on the different ways freelance creatives have responded from pivoting their career to diversify their income to maintaining their focus on their craft and waiting for opportunities to reemerge. The research reminds us that our career rebuilding work has to adapt to the very different experiences had by musicians over the last two years.

British Tinnitus Association – Music to your Ears Project

This report was released on World Hearing Day 2021. A key outcome of this research, which has led to significant positive impact for musicians, is the

introduction of a popular monthly support group for professional musicians with tinnitus. These groups are continuing throughout 2022 in an ongoing partnership with the BTA.

PhD prevention of musculoskeletal injuries

We supported this research to make a difference to the lives of professional musicians by identifying risk factors for physical injury. Our aim is to provide education, resources and guidance to musicians, Physiotherapists and Orchestral Managers to prevent musicians playing in pain. This research is preventative in nature, with the overarching aim of ensuring that musicians engage in long, healthy careers in music. The research was completed at the end of 2021 and we are currently testing options for resources that would have the biggest impact for musicians.

| Working together in partnership

For one hundred years, the charity has worked in collaboration with other organisations in the music industry – coming together to make a difference to the lives and careers of musicians. In the early days, the Fund (Musicians Benevolent Fund) worked closely with the Musicians’ Union, who regularly directed its members to the charity for support. The Incorporated Society of Musicians, and the Royal Society of Musicians are longstanding collaborators and of course we rely to a great extent on BAPAM for our work on both physical and mental health.

In our Centenary year, collaboration is more important to us than ever.

In 2021, we supported the launch of Your Turn Collective and further developed our partnerships with The Ivors Academy, the MOBO Trust, Black Lives in Music, The PRS Members’ Fund, and many more. Partnership are vital – we can do more together and as we come out of our Centenary we hope to continue expanding our relationships and partnerships to achieve more together than ever before.

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TRUSTEES’ REPORT - MARKING 100 YEARS

TRUSTEES’ REPORT - MARKING 100 YEARS

Marking 100 years

In 2021, we expanded the work on our archive, learning more about the charity’s development and support to musicians during the last one hundred years. In our Centenary year, we marked that track record of support by highlighting some of the 10,000 index cards which document the support given to those in need and the consistent challenges musicians face – many of which are still relevant today.

1996: a composer and singer needs 2007: a freelance singer and teacher suffering from support with counselling bills throat nodules requires lessons to regain voice

TRUSTEES’ REPORT - REACH AND ENGAGEMENT

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TRUSTEES’ REPORT - REACH AND ENGAGEMENT 19

Reach and Engagement

Our goal is to build better awareness of the charity’s range of support amongst all professional musicians and the wider music industry within the UK, building deeper relationships with those that we already support, leaving a lasting impact on their lives and careers. Engaging more individuals in the work of Help Musicians is vital; connecting with music lovers to engage them in the work of the charity, creating advocates and supporters who will spread the word of how the charity can help and inspire others to support us philanthropically to sustain and grow our impact. Our work to achieve these goals in 2021, involved the following key elements:

| Profile

Daily Express – 17 May, article on reopening Mail Online - 16 August, Chris Difford podcast with Robbie Williams

The charity ran a number of PR campaigns across the year to ensure the challenges that musicians continued to face as a result of the pandemic received profile within the national news, and music industry agenda.

| Digital Engagement

Digital engagement grew across all platforms, with significant growth in website traffic:

Campaigns around mental health, the re-opening of the sector in May and a further campaign on the slow speed of the sector’s recovery (when compared to others) were key elements.

Announcements about our new Ambassador, Nicky Spence and the release of Chris Difford’s new podcast series “I never thought it would happen” also helped raise the charity’s profile with a wider public audience. James Ainscough, the charity’s Chief Executive also provided reactive commentary on a number of issues adding further profile to the support musicians need.

Growth in social engagement also grew, with the following increase in followers:

Key metrics to highlight the charity’s work in this area are as follows:

The development of video content featuring musician stories describing the impact of the charity’s support became a more crucial way of generating awareness of our support, along with content from our Ambassadors and high profile musician advocates who help us generate greater profile too. Sharing a few highlights, here you can find a story from Jeauneil who received a package of support through the “Do it Differently” fund and a Christmas message from our President Dame Evelyn Glennie which highlighted the value of music to us all.

Highlighting the pieces of coverage which generated the most engagement:

NME – 11 March, article on Mental Health

BBC News – 23 November, article on the Recovery of the Sector

| Chris Difford Podcast series

“I never thought it would happen”

The series proved a hit with music lovers, with over 45,000 listens to date. The podcasts also featured musicians who have received support from the charity – helping to bring to life the challenges musicians face, building empathy with a wider audience.

Chris Difford led in the creation of a new podcast series to support Help Musicians, opening his legendary address book to invite music creators to talk about the highs and lows of their careers. Thank you to Nile Rodgers, KT Tunstall, Tom Odell, Tim Burgess, Amy Wadge, Alfie Boe, Midge Ure, Yungblud, Dame Evelyn Glennie, Billy Bragg, Nitin Sawhney, Ruby Turner, Robbie Williams and Sting who gave their time.

----- Start of picture text -----
Grace Gillespie, singer-songwriter
Supported to record and release music
----- End of picture text -----

----- Start of picture text -----
Rhumba Club, synth-pop
creator and producer
Supported to create and release music
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TRUSTEES’ REPORT - REACH AND ENGAGEMENT

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| National Reach

Through our teams in Scotland and Northern Ireland, we continued our programme of engagement to deliver further growth in awareness of the charity’s support and the range of help on offer.

In Scotland, we strengthened our relationship with Glasgow’s foremost music industry conference to increase visibility and provided bursary tickets to 14 musicians to attend in-person to rebuild vital networks post-Covid. This practical help was mirrored in Northern Ireland where over 100 musicians engaged in individual digital ‘career clinic’ sessions to help build sector-specific knowledge.

Skills development was a key focus: in Scotland, we offered a coaching support model which provided 12 musicians from across the country with dedicated guidance and support over nine months. Through six individual coaching sessions and four group sessions, musicians were encouraged explore their desired and potential opportunities and ambitions for the future, resulting in a 25% increase in confidence about their future careers. In Northern Ireland, we piloted a new programme called Fanbase Builder. This programme provided 15 musicians from across the breadth of NI with 12 weeks of tutoring in various aspects of the business of music, followed by a three-month window for the practical application of this knowledge. Feedback from participants said it left them feeling “empowered” and “encouraged”.

With the impact of Covid having intermittently halted live music for nearly two years, being at the heart of its return with the musicians who make it was more pertinent than ever. In Northern Ireland, we were once again charity partner to Stendhal Festival - the first live music event on the island of Ireland in 16 months. The festival line-up featured many Help Musicians beneficiaries and the team on the ground directly engaged with hundreds of artists of multiple genres from across NI. Help Musicians was also charity partner at 2021’s NI Music Prize. This took place as a physical event as well as being livestreamed, reaching an audience of over 3,000. In Scotland, we continued this celebration of musicians when we presented the Lifetime Achievement Award to Richard Michael at the Scottish Jazz Awards.

| Fundraising & Supporter Engagement

Income generated through fundraising activities totalled £5.2m – below the unprecedented levels of public and corporate donations for hardship support seen in 2020. We were encouraged however to see positive engagement in the newly created 1921 Club, a scheme for music lovers to come together through events and learn more about the charity, along with making a level of financial commitment which makes a significant difference to our ability to help musicians.

We were delighted to be able to meet our longstanding supporters again in person at the Festival of St Cecilia service and lunch in November. The service took place in St Paul’s Cathedral, under the direction of Andrew Carwood, Director of Music, the combined choirs of St Paul’s Cathedral, Westminster Cathedral and Westminster Abbey premiered an anniversary anthem to celebrate the charity’s Centenary year. Judith Weir CBE kindly agreed to compose the anthem and Dame Evelyn Glennie gave a very special performance on the marimba. The service included a new work, a special commission in our Centenary year to mark the charity’s record of the development of new music – Fraz Ireland won the composition award and their piece “The sounds surround us” written for brass quintet received its inaugural performance.

Every penny that Help Musicians received in donations truly counts, our supporters can rely on our “100% pledge”, whereby we commit to covering all of the charity’s overheads with income from our investment portfolio. This means donors can be sure that every penny they give this year will go straight to the front line to help musicians in times of crisis, and opportunity.

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TRUSTEES’ REPORT - BUSINESS SERVICES

Business services

Our Business Services team comprises Finance, Human Resources, IT, Operations and Secretariat and they each play an important role in helping our Programme and Engagement teams deliver the charity’s work and engage with supporters.

We strive to work in an efficient and effective manner to better support the needs of the charity. We continue to look for improvements within our processes and procedures, so time can be spent building relationships and adding value rather than on administrative tasks.

| During the year specific improvements in this area were made as follows:

24 TRUSTEES’ REPORT - FINANCIAL REVIEW

TRUSTEES’ REPORT - FINANCIAL REVIEW 25

Financial review

----- Start of picture text -----
INCOME EXPENDITURE
£
£ 7.1 m £ 12.6 m
2020: £12.6m 2020: £22.9m
----- End of picture text -----

----- Start of picture text -----
FUNDING GAP CUMULATIVE £5.4m 2021
FUNDING
funded from reserves
GAP
TOTAL
£10.2m 2020
£ £ 25.2m
£3.3m 2019
£ 5.4 m £4.9m 2018
£1.2m 2017
----- End of picture text -----

Total income for the year was £7.1million (2020: £12.6m) and total expenditure for the year was £12.6m (2020: £22.9m). The large variances year-on-year are due mostly to the significant financial hardship work we did in 2020.

In 2020 we received £2.3m (2020: £8.2m) of income restricted to financial hardship support, from corporate organisations, trusts and foundations, community fundraising and individual donors. We spent £4.0m (2020: £15.1m) as we continued to support thousands of musicians in financial need who were unable to make a living during this time. Therefore, we had to draw down £1.9m (2020: £7.5m) from our reserves to fund this work, in order to ensure no eligible musicians were turned away, and we also provided for the full cost of administration in relation to the fund.

Our non-hardship income actually grew by £0.4m compared to 2020, despite there being a 9% decline in our legacy income (dropping by £0.2m to £2.1m). Legacies made up 30% of our income for the year and continue to be a crucial income stream. Donation income increased significantly on the previous year to £1.7m, 69% higher than 2020. The increase was driven by donations from corporate organisations and trusts and foundations.

Expenditure on direct charitable activities excluding our Hardship work was £5.1m (2020: £4.9m). Health & Welfare expenditure grew by £0.8m, 28% higher than 2020, due to the broadening of our Music Minds Matter support with musicians able to access a mental health assessment and a series of therapy sessions when needed, plus the launch of our wellbeing events. The number of Creative grants awarded to musicians was 23% lower with total cost of £0.9m compared to £1.2m in 2020. However, we also increased our expenditure on new areas of career-development support, including the Co-Pilot mentoring network.

Net expenditure before the movement of investments was £5.4m (2020: £10.2m). This is the fifth year in a row that we have spent more than was generated, meaning that we have taken £25.2m from our reserves in order to fund a higher level of activity. We will continue to do so until our reserves are at an appropriate level which balances long-term stability with musicians’ current needs. After accounting for investment gains of £6.0m (2020: £3.6m), the net surplus for 2021 was £0.6m (2020: net deficit £6.6m). This brought the total reserves to £63.7m (2020: £63.1m) of which £17.5m are restricted.

| Social investment policy

We recognise that on very rare occasions it is in the interest of individual musicians who we support to arrange concessionary loans for a major piece of work. These are secured on either their property or other tangible fixed assets such as land.

Loans are repayable either when the property is sold or when the individual dies and it is repaid from the estate. The loans were made on the premise that the charity would not intend to achieve a financial return and are made wholly to advance our charitable purposes for the benefit of the musicians we support.

We currently have two loans which total £67k (2020: two loans totalling £67k).

| Investment policy and performance

During 2021, the investment portfolio has continued to be arranged into two distinct funds – a ‘core fund’ which will protect our long-term income requirements and a ‘non-core’ fund which will meet the short and medium term cashflow requirements of the charity.

Rathbones manage the majority of the core fund portfolio as well as the non-core fund. The Partners Group, Aviva and Partners and Brewin Dolphin manage the remainder of the core fund.

In 2021, the investment portfolio yielded income of £1.0m which was in line with our £1.0m budget target and in line with prior year. Average income yield was 1.6% compared to 1.6% in 2020. The overall performance of the portfolio in terms of total return was comparable to the benchmark; the total annual charge (TAC) for the portfolio from investment managers was 0.50% in 2021 (2020: 0.20%). The increase in total annual charge relates to the fee in relation to the £5m investment into the Aviva REaLM Multi-Sector Fund. Capital gains on the portfolio this year were £6.0m (compared to £3.6m in the previous year). The performance of the investment portfolio is scrutinised by the Finance and Audit Committee.

26

27

TRUSTEES’ REPORT - FINANCIAL REVIEW

| Reserves

Since inception, more than 100 years ago, the charity has built up a financial cushion to support our commitments to the musicians we help. Our obligations to musicians in need cannot be switched on or off depending on changes to the financial climate and may even expand in a volatile economy. And when we commit to support a musician, we aim to provide this for as long as our assistance is appropriate – our longeststanding beneficiary first approached us for help in 1968. The charity must therefore maintain sufficient resources to maintain programme delivery whatever the circumstances.

Welcome as it is, we cannot prudently rely upon legacy income year on year, because annual gifts fluctuate and cannot be predicted accurately. Whilst the investment portfolio at £44 million of unrestricted funds may be considered significant, with low yields on investments at present, a large fund remains necessary in order to provide the charity with the reliable income stream it needs to rely on in order to retain the long-term stability of its charitable work.

We will continue to target a net income of £2 million per year from our investments (although expect this to be much lower in 2022) and so need a core fund of £40-50 million to generate this. The remainder of the charity’s funds are committed, over the medium term, to seedfunding a permanent expansion in the charity’s activity levels. The Trustees keep the charity’s reserves under regular review and are of the opinion that the core fund requirement for 2022 and beyond appropriately reflects the amount required to be confident of a secure longterm future helping musicians.

Investment income alone is insufficient to meet the ongoing needs of our beneficiaries. Therefore, we must generate additional income over the short to medium term to supplement our current income streams, if we are not to cut back our charitable activity.

Total group reserves as of 31 December 2021 were £63.7m. This figure comprises:

Details of restricted funds are in note 12 to the accounts. Of the £63.7m reserves available for use by Help Musicians, £58.5m is invested.

| Post Balance Sheet Events

At the date of signing the financial statements there has been a significant fall in value of our investment fund of approx. £4.5m as a result of current stock market fluctuations. The charity has strategies in place to manage its short-term cash needs and take the long term view in our investment policy and so do not believe that there is any risk to the organisation from current stock market fluctuations.

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29

LOOKING FORWARD TO 2022

Looking forward to 2022

The pandemic revealed starkly what we all know - the majority of musicians are lowpaid freelancers, living in a precarious and fast-changing world. There is no simple return to work for freelancers – careers have to be rebuilt. As a result, musicians’ needs have never been more broad or more complex. Therefore Help Musicians must be insightful and agile in 2022 if we are to provide the support that is most relevant to their ever-changing needs. Financial hardship funding and mental health support will both remain dominant features in the coming year. Even as careers rebound musicians will struggle with the cost-of-living crisis and so we expect to see growing demand for support from our casework team.

And the challenges of returning to live performance after nearly two years will create even more mental health issues, in addition to the long-term pandemic impacts from isolation, anxiety and the grief of having your musical identity ripped away from you. So the range of services offered by Music Minds Matter will continue expanding.

gone wrong, we should be helping musicians navigate a course that avoids crisis. Our hearing protection scheme is a great model – offering audiology tests and fitted attenuators to prevent hearing loss and tinnitus, and thereby lengthen careers. We can do much more of this kind of work, especially on the other key areas of health for musicians.

We aim to do more to empower musicians as they rebuild their careers in 2022 – particularly around touring, mentoring and understanding/navigating the music industry. We want to see musicians rebound in a way that fulfils artistically and provides a viable and reliable level of income.

Accompanied by a transformation of how musicians can access and engage with our support, plus some process and software changes (including a new website), our intention is that by the end of 2022 more musicians than ever before will be aware of the charity, and will find our support services to be relevant, easy to access, impactful and empowering.

And we will also offer more support that is preventative. Our strong desire is to get upstream on as many issues as possible. We shouldn’t just be there to help when it’s all

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PRINCIPAL RISKS AND UNCERTAINTIES 31

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks and uncertainties

1. Fundraising risk –

Management of the Strategic Risk Register is the responsibility of the Chief Executive and the Executive Team. The oversight of risk management lies with the Finance & Audit Committee which reports to the Board of Trustees. The Strategic Risk Register was last reviewed by the Finance & Audit Committee in November 2021, during which four broad categories of strategic risk were identified:

a shortfall in funds raised

2. Reputational risk –

failure to make a positive impact on beneficiaries

3. IT and technology risk –

4. Failure to meet all relevant regulatory requirements

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Joncan Kavlakoglu , flamenco funk fusion guitarist
Supported through Help Musicians’ Coronavirus Hardship Fund
----- End of picture text -----

All risks are analysed, and mitigation strategies are developed. The table below shows a high-level summary of how this process was used, for the charity’s top four risks.

Category of risk

Effects of mitigation

Reputational risk • Continuous monitoring and reporting by failing to make a on impact. positive impact on • Proactive research, evaluation, and beneficiaries impact analysis to continuously identify and address unmet need.

• In response to the pandemic the charity has designed a hardship fund providing musicians with financial support since March 2020.

32

GOVERNANCE 33

Governance

| Structure, governance, and management of the charity

The charity is comprised of:

| Trustee Emeriti

The title of Trustee Emeritus or Emerita may be bestowed on a former Trustee of the charity to signify exemplary service and an ongoing relationship with the charity beyond the conclusion of the official term as a Trustee. The charity has two Trustee Emeriti:

The Board operates an equal opportunities recruitment policy and Trustees are required to have demonstrable experience in the areas identified by a skills audit. New Trustees follow a similar induction process to that of all new staff to gain an understanding of all aspects of our work. We provide ongoing training as needed and Trustees are also required to gain a full understanding of the role’s legal obligations.

| Annual General Meeting

The 92nd Annual General Meeting will be held on Thursday 28 April 2022, at 7-11 Britannia Street, London WC1X 9JS. In accordance with the Memorandum and Articles of Association, the following members of the Board of Trustees retire by rotation:

or being eligible, offer themselves for re-election:

| Members

Under the rules, members are entitled to vote, attend the Annual General Meeting and elect Trustees.

34 GOVERNANCE

35

GOVERNANCE

| Key management personnel remuneration

The personal data that the charity processes is to:

The Trustees consider the key management personnel of the charity to be the Chief Executive and the Executive Team. The remuneration of the Chief Executive and the Executive Team is reviewed annually by the Remuneration Committee and set with reference to recent trends in the cost of living and average earnings, benchmarking against other similar charities, and individual performance. Trustees give their time freely. Details of Trustee expenses and related party transactions are disclosed in notes 6 and 14 to the accounts.

| Complaints

Sometimes things can go wrong. We treat every complaint raised seriously, ensuring a proper investigation is conducted and the appropriate response is given in a timely manner.

| Fundraising Practice

Help Musicians takes very seriously the relationships we have with donors and volunteers and none of our activity should compromise their privacy, put anyone under undue pressure or be unreasonably persistent. Help Musicians’ fundraising activity does not include direct mail or street collecting and we do not send out any unsolicited communications. We have not received any complaints about our fundraising activities during the period covered by this report.

We are hugely grateful that many community-based supporters voluntarily raise money in aid of Help Musicians, and although we provide advice regarding this activity, we do not directly control or monitor these activities.

| Data Protection, GDPR and information governance

Help Musicians is working towards full compliance with GDPR regulations, which is the privacy and data protection regulation in the European Union that came into effect from 25 May 2018. We remain committed to ensuring privacy is protected with strict adherence to all data protection laws.

The legislation has helped us as an organisation to ensure we provide greater transparency in our communications about how we use data and to enhance controls compliant with new legislation.

We have appointed a Senior Database and Data Protection Analyst who works closely with our Data Protection Officer and IT Manager to ensure our systems and the services we provide are compliant. We have taken the opportunity of GDPR to take stock of all the data we hold in the organisation, review, update and in some cases create new policy to improve efficiency and compliance. Our updated Privacy Policy can be found on our website and is updated as required by changes in legislation and policy.

| Participation in fundraising regulation and compliance with codes

We aim to be transparent in everything we do, and throughout the year, the charity reviewed its fundraising practices to ensure they are in line with best practice whilst complying with the Information Commissioner’s Office Direct Marketing guidelines. We are registered with the Fundraising Regulator and are actively working towards full compliance with the General Data Protection Regulations (GDPR) which will involve a proactive audit of all donors to gain consent for the charity to retain their contact details on its database where legitimate interest is not applicable.

Help Musicians expects all third parties that it works with to meet the same high standards as its own staff. As such, we embedded a more stringent approach to our contractual agreements, one that clearly outlines our expectations about ethical behaviour and compliance with the requirements of the GDPR.

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37

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Statement of Trustees’ responsibilities

The Trustees, who are also Directors of the Musicians Benevolent Fund (the legal name of Help Musicians) for the purposes of company law, are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and the application of these resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to –

Select suitable accounting policies and apply them consistently;

The Trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and ensures that the financial

statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and applicable Charities Accounts (Scotland) Regulations. The Trustees are also responsible for safeguarding the assets of the charitable company and group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ annual report, which includes the strategic report, has been approved by the Trustees on Thursday 17 March 2022 and signed on their behalf by

Graham Sheffield CBE Chairman

38

INDEPENDENT AUDITOR’S REPORT 39

INDEPENDENT AUDITOR’S REPORT

Independent auditor’s report

to the members of the Musicians Benevolent Fund

| Opinion

| Basis for opinion

We have audited the financial statements of the Musicians Benevolent Fund (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise the group statement of financial activities, group and charitable parent company balance sheets and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and 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).

We 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 group 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 our opinion, the financial statements:

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.

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 group and charitable parent company’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 Trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

| Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

| Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

| Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 group’s and the charitable parent company’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 group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

40

INDEPENDENT AUDITOR’S REPORT 41

INDEPENDENT AUDITOR’S REPORT

| Auditor’s responsibilities for the audit of the financial statements

accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities Act 2011 and Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations (as amended), The Code of Fundraising Practice, data protection legislation, anti-bribery, safeguarding, employment, and health and safety legislation;

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 noncompliance 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 assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited to:

Date: 12/04/2022

Signed:

Catherine Biscoe (Senior Statutory Auditor)

For and on behalf of Buzzacott LLP, Statutory Auditor, 130 Wood Street, London EC2V 6DL Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at frc.org.uk auditorsresponsibilities . This description forms part of our auditor’s report.

| Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s Trustees as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

SUMMARY 43

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42 SUMMARY
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Summary

| Patron

HM The Queen

| Honorary President

Dame Evelyn Glennie CH

| Trustees

Graham Sheffield CBE Chairman and Chairman of the Remuneration Committee

Alex Spofforth Vice Chairman Sandeep Dwesar Honorary Treasurer and Chairman of the Finance & Audit Committee Judah Armani (elected 23 June 2021)

John Axon

Chairman of the Nominations Committee (retired 23 June 2021)

Jim Benner

Co-opted pursuant to Article 47 of the Articles of Association. Due for election at the 2022 AGM

Charisse Beaumont Jason Carter Stephen Daltrey Cliff Fluet (elected 23 June 2021) Melanie Grundy Jon Higgins (elected 23 June 2021) Sam Jackson Co-opted pursuant to Article 47 of the Articles of Association. Due for election at the 2022 AGM

Edward Kershaw Kathryn Langridge Anne Mitchener

(elected 23 June 2021, retired 09 December 2021)

Silvia Montello

Felicity Osmond Chair of the Nominations Committee (from 27 September 2021) Bob Shennan (elected 23 June 2021) Stephen Swift (elected 23 June 2021) Richard Wigley David Williams

| Sub-committees of the Board of Trustees

Finance & Audit Committee

Sandeep Dwesar (Chairman), John Axon, Kathryn Langridge, Alex Spofforth, Graham Sheffield CBE, Stephen Swift Co-opted advisor: Jocelyn Lynch

Nominations Committee

Felicity Osmond (Chair), Charisse Beaumont, Stephen Daltrey, Graham Sheffield CBE

Remunerations Committee

Graham Sheffield CBE (Chairman), Sandeep Dwesar, Kathryn Langridge, Alex Spofforth, Stephen Swift

| Executive Team

(as at the date the accounts were signed)

James Ainscough Chief Executive Sarah Woods Director of Engagement Bill Freeman Director of Musicians’ Services Lesley Page Director of Finance

| Investment Managers

Aviva Investors

St Helen’s, 1 Undershaft, London, EC3P 3DQ

Brewin Dolphin Ltd

12 Smithfield Street, London, EC1A 9BD

Partners Group (UK) Limited

110 Bishopsgate,14th Floor, London, EC2N 4AY

Rathbone Brothers plc

8 Finsbury Circus, London, EC2M 7AZ

| Auditors

Buzzacott LLP

Chartered Accountants 130 Wood Street, London EC2V 6DL

| Solicitors

Hunters Law LLP

9 New Square, Lincoln’s Inn, London, WC2A 3QN

| Bankers

HSBC Bank plc

117 Great Portland Street, London W1W 6QJ

44

BALANCE SHEETS 45

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

| Consolidated Statement of Financial Activities (incorporating income & expenditure account) Year end 31 December 2021

Unrestricted Restricted Restricted Total 2021 Total 2020
Hardship Other
Note £’000 £’000 £’000 £’000 £’000
Income from:
Donations and legacies 3,137 2,256 723 6,116 11,545
Charitable activities 1 - - 1 -
Other trading activities 63 - - 63 108
Investments 689 - 262 951 962
Total income 2 3,890 2,256 985 7,131 12,615
Expenditure on:
Raising funds 1,442 - 171 1,613 1,221
Charitable activities
Hardship support schemes - 3,952 - 3,952 15,182
Health and Welfare 3,400 - 531 3,931 3,047
Creative programme 1,429 - 614 2,043 2,513
Raising awareness 963 - 60 1,023 899
Total expenditure 3 7,234 3,952 1,376 12,562 22,862
Net expenditure and net movement
in funds before transfers and gains
on investments 5 (3,344) (1,696) (391) (5,431) (10,247)
Transfers between funds (3,885) 1,904 1,981 - -
Net gains on investments 4,791 - 1,244 6,035 3,663
Net movement in funds (2,438) 208 2,834 604 (6,584)
Reconciliation of funds
Total funds brought forward 48,641 442 14,051 63,134 69,718
Total funds carried forward 12 46,203 650 16,885 63,738 63,134

| Balance sheets - as at 31 December 2021

Company number 00252783

GROUP CHARITY
2021 2020 2021 2020
NOTE £’000 £’000 £’000 £’000
FIXED ASSETS
Tangible assets 7 2,488 2,362 2,488 2,362
Investments 8a 58,538 57,684 56,329 54,170
Social investments 8b 67 67 67 67
61,093 60,113 58,884 56,599
CURRENT ASSETS
Stock 20 3 - -
Debtors: due within one year 9 2,164 2,047 2,164 2,047
Cash at bank and in hand 1,879 3,271 1,874 3,248
4,063 5,321 4,038 5,295
LIABILITIES
Creditors, falling due within one year 10 (1,418) (2,300) (7,185) (6,023)
NET CURRENT ASSETS 2,645 3,021 (3,147) (728)
TOTAL NET ASSETS 63,738 63,134 55,737 55,871
FUNDS
Restricted funds 11 17,535 14,493 6,068 5,329
Unrestricted funds: 11
Designated funds 2,488 2,362 2,488 2,362
General funds 43,715 46,279 47,181 48,180
Total unrestricted funds 46,203 48,641 49,669 50,542
TOTAL CHARITY FUNDS 12 63,738 63,134 55,737 55,871

The charity’s own Statement of Financial Activities has not been presented, as permitted by section 408 of the Companies Act 2006. The charity’s net movement in funds for the year as an individual entity was a deficit of £0.1million (2020: £6.2 million).

The notes on pages 47 - 61 form part of these financial statements. The financial statements were approved and authorised for issue by the Board of Trustees on 17 March 2022 and were signed below on its behalf by:

Graham Sheffield CBE Chairman

Sandeep Dwesar Honorary Treasurer

All transactions are derived from continuing activities. There were no other recognised gains or losses. Movements in funds are disclosed in note 11 and comparative figures are shown in notes 17-19

46

NOTES TO THE CONSOLIDATED ACCOUNTS YEAR ENDED 31 DECEMBER 2021 47

CONSOLIDATED STATEMENT OF CASH FLOWS

| Consolidated statement of cash flows Year ended 31 December 2021

|| Consolidated statement of cash flows
Year ended 31 December 2021||| |---|---|---| ||2021|2020| ||£’000|£’000| |Net cash used in operating activities|(7,294)|(9,742)| |Cash flows from investing activities||| |Interest and dividends|951|962| |Purchase of fixed assets|(230)|(59)| |Proceeds from sale of investments|29,297|36,359| |Purchases of investments|(24,116)|(26,749)| |Net cash provided by investing activities|5,902|10,513| |Change in cash and cash equivalents in the year|(1,392)|770| |Cash and cash equivalents brought forward|3,271|2,501| |Cash and cash equivalents at the end of the year|1,879|3,271| ||2021|2020| |Reconciliation of net income to net cash flow from operating activities|£’000|£’000| |Net movement in funds|604|(6,584)| |Depreciation|103|117| |Loss on disposal|1|13| |Interest and dividends|(951)|(962)| |Movement on investments|(6,035)|(3,663)| |(Increase)/ decrease in debtors|(117)|143| |(Decrease)/ increase in creditors|(882)|1,191| |(Increase)/ decrease in stock|(17)|3| |Net cash used in operating activities|(7,294)|(9,742)| ||2021|2020| ||£’000|£’000| |Cash at bank|1,879|3,271|

| Analysis of changes in net debt:

Cash
£’000
1 January 2021
3,271
Cash flows
(1,392)
31 December 2021
1,879		 Cash
£’000
1 January 2020
2,501
Cash flows
770
31 December 2020
3,271

| 1 Accounting policies

A) STATUTORY INFORMATION

The Musicians Benevolent Fund (operating as Help Musicians) is a charitable company limited by guarantee registered at 7 - 11 Britannia Street, London, WC1X 9JS.

B) BASIS OF PREPARATION

The financial statements are presented in sterling and rounded to the nearest thousand pounds.

The financial statements have been prepared 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 2015) – (Charities SORP FRS 102), and the Companies Act 2006. These financial statements consolidate the results of five registered charities which are managed together: Musicians Benevolent Fund, the Miriam Licette Scholarship Fund, the Willis & Grace Grant Trust, the Sybil Tutton Charitable Trust, and Scottish Musicians Benevolent Fund. The financial statements also consolidate the results of the charity’s wholly-owned subsidiary, MBF Trading Limited. Together, they are referred to as the Group.

The Miriam Licette Scholarship Fund, the Willis & Grace Grant Trust, and the Sybil Tutton Charitable Trust are included in these consolidated financial statements because the charity is its sole trustee and it is therefore controlled by the Trustees of the charity. MBF Trading Limited is included because it is wholly owned by the charity. Activities have been consolidated on a line by line basis in the statement of financial activities.

C) PUBLIC BENEFIT ENTITY

Help Musicians meets the definition of a public benefit entity under FRS 102.

D) GOING CONCERN AND KEY JUDGEMENTS

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Preparation of the accounts require Trustees and management to make significant judgements and estimates. The most significant areas of judgement that affect the charity’s accounts are investment performance, accrued legacy income and estimating accruals for grant commitments.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities as the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year..

E) INCOME

Donation income is recognised once the charity has entitlement to the funds, it is probable that income will be received and the amount can be measured reliably.

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 charity 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.

Income from other trading activities is recognised as the related goods are provided.

Investment income is recognised when receivable and the amounts can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received the dividends are due.

F) DONATIONS OF GIFTS, SERVICES AND FACILITIES

Donated professional services are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of the economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. Donated professional services are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. This amount is then recognised in expenditure in the period of receipt.

G) EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

48 NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 49

H) REDUNDANCY AND TERMINATION PAYMENTS

Redundancy and termination payments are accounted for when the termination has been communicated to the employee. The total amount for the reporting period and the nature of the payment are disclosed in the staff costs note.

I) GRANTS PAYABLE

Grants payable are payments made to third parties and are recognised when there is a reasonable expectation that the beneficiary will receive the grant. Reasonable expectation is when the beneficiary has been notified and there is no condition attached to the grant that is within the control of the charity. The total value of the grant awarded is recognised except for:

The 2021 figures include an adjustment to account for the value of the Health and Welfare grants that have been communicated prior to year-end, but will not be paid until 2022. This is following a refinement of our grants payable accounting policy, in line with the Charities SORP FRS 102, and improvements in our ability to measure these commitments with an update to our technology.

J) ALLOCATION OF SUPPORT COSTS

Support costs have been allocated between governance costs and other support costs. Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Governance and support costs have been apportioned between all activities based on staff head count.

K) FUND ACCOUNTING

Restricted funds (note 11) are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for its general purposes. They include funds designated by the trustees for particular purposes where their use remains at the discretion of trustees.

L) TANGIBLE FIXED ASSETS

Fixed assets are stated at cost less accumulated depreciation and impairment losses. Assets costing more than £1,500 are capitalised.

Land is not depreciated. Depreciation on other assets is calculated on a straight line basis to allocate the charge

to their residual values over the estimated useful lives as follows:

Freehold property over 50 years following acquisition Other building this is a functional asset with a beneficiary as a life tenant and is therefore not depreciated Fixtures and fittings 4 years for the full year from when asset is brought into use Computer equipment 4 years for the full year from when asset is brought into use

M) INVESTMENTS

Investments are a form of basic financial instruments and are initially shown in the financial statements at bid price. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Movements in the market values are shown as realised and unrealised investment gains and losses combined in the Statement of Financial Activities.

N) SOCIAL INVESTMENTS

These are concessionary loans made to beneficiaries secured on their property or other assets. Loans are repayable on the sale of the specified asset. The loans are recognised at the amount paid with the carrying amount adjusted in subsequent years to reflect repayments and accrued interest. The loans were made on the premise that we would not be aiming to achieve a financial return and were made wholly to advance our charitable purposes.

O) STOCKS

Stocks are valued at the lower of cost and net realisable value.

P) VAT

The charity is not registered for VAT and irrecoverable VAT is included in expenditure. The charity’s subsidiary, MBF Trading Limited is VAT registered.

Q) DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

R) CASH AT HAND AND IN BANK

Cash at bank and cash 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.

S) CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third

U) PENSION SCHEME

party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Help Musicians contributes to a group personal pension scheme, the assets of which are administered by Aviva. It is a defined contribution scheme. All contributed costs are accounted for on the basis of charging the cost of providing pensions over the period when the charity benefits from the employees’ services. The charity has no further liability under the scheme.

T) 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.

| 2 Analysis of group income

Unrestricted funds Restricted funds Total 2021 Total 2021
£’000 £’000 £’000
Donations and legacies
Legacies 2,129 16 2,145
Donations 1,008 707 1,715
Hardship donations - 2,256 2,256
Charitable activities
Gifts in Kind 1 - 1
Other trading activities
Trading income 58 - 58
Rental income 5 - 5
Investment income
Dividends 688 262 950
Bank interest 1 - 1
Total income 3,890 3,241 7,131
Unrestricted funds Restricted funds Total 2020
£’000 £’000 £’000
Donations and legacies
Legacies 2,365 - 2,365
Donations 931 82 1,013
Hardship donations - 8,167 8,167
Other trading activities
Trading income 52 - 52
Rental income 56 - 56
Investment income
Dividends 753 204 957
Bank interest 5 - 5
Total income 4,162 8,453 12,615

50 NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 51

| 3a Grants payable to organisations

| 3b Analysis of expenditure

CHARITABLE ACTIVITIES

|| 3a Grants payable to organisations||| |---|---|---| ||2021|2020| ||£'000|£'000| |British Association of Performing Arts Medicine (BAPAM)|-|200| |Black Lives in Music|50|50| |National Opera Studio|-|21| |Scottish Music Information Centre Limited|-|21| |Serious Events Limited|-|21| |YoungClassical Artists Trust|-|21| |Sound City (Liverpool) Limited|-|21| |Aldeburgh Music (Snape Maltings)|-|21| |Punch Records|-|20| |Oh Yeah Music Centre|-|19| |Spitalfields Festival Limited|-|19| |National Youth Jazz Orchestra|-|8| |Manchester Jazz Festival|-|16| |Higher Rhythm Ltd|-|16| |Philharmonia Limited|-|15| |Brighter Sound|-|15| |Drake Music|-|13| |Bristol Music Trust|-|10| |English Folk Dance and SongSociety|-|6| |Sound Festival|-|7| |Lancaster Jazz Festival|-|4| |The Music Works|-|6| |Association of British Orchestras|6|-| |Total|56|550|

These were mostly organisations receiving a 3-year support package as part of our one-off National Grants Programme that was launched in 2017. It was due to conclude in 2019 but we extended it to include an additional six months in 2020. Our grant arrangement with BAPAM has changed in nature during 2021 to a fee paying structure, see note 3b.

Raising
funds		 Hardship
support
schemes		 Health and
Welfare		 Creative
programme		 Raising
awareness		 Support
costs		 Governance
costs		 2021
Total		 2020
Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Hardshipsupport schemes - 3,728 - - - - - 3,728 14,725
Financial and medicalgrants - - 1,770 - - - - 1,770 1,571
Wellbeingservices - - 611 7 - - - 618 334
BAPAM - - 366 - - - - 366 200
Educational andprojectgrants - - 18 897 - 2 - 917 1,187
Business support and mentoring - - - 167 - - - 167 201
National Grantsprogramme - - - - - - - - 350
Research - - 37 75 - - - 112 38
Staff costs 687 30 576 385 450 1,034 147 3,309 3,068
Trainingand recruitment - - - - - 55 38 93 91
Events 37 - - 1 2 23 - 63 30
Publicityand advertising 17 - - - 93 - - 110 60
Operations 23 - 3 1 23 362 - 412 377
Travel and subsistence 2 - 24 25 1 1 30 83 58
Legal andprofessional fees 304 - 47 71 91 162 2 677 411
Depreciation - - - - - 103 - 103 131
Other costs 34 - - - - - - 34 30
Total direct expenditure 1,104 3,758 3,452 1,629 660 1,742 217 12,562 22,862
Support and governance costs 509 194 479 414 363 (1,742) (217) - -
Total expenditure 1,613 3,952 3,931 2,043 1,023 - - 12,562 22,862

The charity has given 29,080 grants totalling £6.4m to individuals in 2021 (2020:32,000 grants totalling £17.5m) and £56k in grants to 2 organisations (2020: £550k to 23).


(2020: £550k to 23).
CHARITABLE ACTIVITIES
Raising
funds		 Hardship
support
schemes		 Health and
Welfare		 Creative
programme		 Raising
awareness		 **Support costs ** Governance
costs		 2020
Total
£’000 £'000 £'000 £’000 £'000 £'000 £'000
Hardshipsupport schemes - 14,725 - - - - - 14,725
Financial and medicalgrants - 0 1,571 - - - - 1,571
Wellbeingservices - 0 334 - - - - 334
BAPAM - - 200 - - - - 200
Educational andprojectgrants - - - 1,187 - - - 1,187
Business support and mentoring - - - 201 - - - 201
National Grantsprogramme - - - 350 - - - 350
Research - - 22 16 - - - 38
Staff costs 598 305 455 337 465 807 101 3,068
Trainingand recruitment - - - - - 78 13 91
Events 13 - - - 2 15 - 30
Publicityand advertising 4 28 - - 28 - - 60
Operations 32 - 3 1 28 313 - 377
Travel and subsistence 1 - 37 17 - 2 1 58
Legal andprofessional fees 118 25 25 40 78 125 - 411
Depreciation - - - - - 131 - 131
Other costs 26 - 3 - - 1 - 30
Total direct expenditure 792 15,083 2,650 2,149 601 1,472 115 22,862
Support andgovernance costs 429 99 397 364 298 (1,472) (115) -
Total expenditure 1,221 15,182 3,047 2,513 899 - - 22,862

52

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 53

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

| 4 Staff costs

|| 4 Staff costs||| |---|---|---| ||2021|2020| ||£'000|£'000| |Salaries and wages|2,626|2,374| |Social security costs|260|238| |Employer’s contribution to defined contribution pension scheme|263|235| ||3,149|2,847| |Other employee benefits|12|10| |Agency staff|38|106| |Self-employed fees|110|105| ||3,309|3,068| |In addition, redundancy costs are analysed in the table below:||| ||2021|2020| ||£'000|£'000| |Redundancy payments|60|17| ||60|17|

The charity paid £16,685 (2020: £NIL) in ex gratia termination payments as compensation for loss of employment. There were no related pension payments..

| 5 Net expenditure for the year

2021 2020
£'000 £'000
This is stated after charging:
Auditor's remuneration (excluding VAT):
Audit 25 19
Other services 6 1
Operating lease rentals 4 4
Depreciation 103 117

| 6 Trustees’ remuneration and expenses

None of the Trustees received remuneration during the year (2020: none).

Expenses totalling £4,000 (2020: £1,039) were reimbursed or paid on behalf of four members of the Board of Trustees (2020: four). These payments relate mainly to travel costs.

| 7 Tangible fixed assets - group and charity

The number of employees whose emoluments for the year fell within the following bands were:

2021 2020
No. No.
£60,001 - £70,000 2 -
£70,001 - £80,000 - 1
£80,001 - £90,000 2 1
£100,001 - £110,000 1 1
£130,001 - £140,000 1 1

Six employees earning more than £60,000 (2020: four) participated in the defined contribution scheme. Contributions of £54,665 (2020: £39,493) were made during the year for these employees.

The key management personnel of the charity are the Chief Executive and the Executive team; aggregate remuneration and benefits for the key management personnel is £531,627 (2020: £483,537).

The average number of employees (head count based on number of staff employed) was:

2020 2020
No. No.
Raising funds (fundraising) 13 13
Hardship support schemes 5 3
Health & Welfare 13 12
Creative Programme 11 11
Raising awareness (communications) 10 9
Support (finance and operations) 14 11
Governance (secretariat) 3 3
Total 69 62
Freehold Leasehold Fixtures and Assets under Computer
property property fittings construction equipment Total
£'000 £'000 £'000 £'000 £'000 £'000
COST
At the start of the year 2,280 100 885 - 327 3,592
Additions - - 95 17 118 230
Disposals - - (3) - - (3)
At the end of the year 2,280 100 977 17 445 3,819
ACCUMULATED
DEPRECIATION
At the start of the year 280 - 685 - 265 1,230
Charge for year 46 - 34 - 23 103
Depreciation on disposals - - (2) - - (2)
At the end of the year 326 - 717 - 288 1,331
NET BOOK VALUE
At the end of the year 1,954 100 260 17 157 2,488
At the start of the year 2,000 100 200 - 62 2,362

54

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 55

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

| 8a Investments

|| 8a Investments||||||| |---|---|---|---|---|---|---| |||GROUP|||CHARITY|| ||2021||2020|2021||2020| ||£’000||£’000|£’000||£’000| |Fair value at the start of the year|57,620||46,646|54,109||43,156| |Additions at cost|24,116||26,749|20,000||24,043| |Disposal proceeds|(30,218)||(19,438)|(23,826)||(16,319)| |Unrealised gains|4,238||3,462|3,792||3,060| |Realised gains/ (losses)|1,797||201|1,462||169| ||57,553||57,620|55,537||54,109| |Cash held by investment managers|985||64|793||61| |Fair value at the end of the year|58,538||57,684|56,329||54,170| |Historical cost at the end of the year|45,594||53,537|43,457||49,386| |INVESTMENTS COMPRISE:||||||| |||GROUP|||CHARITY|| ||2021||2020|2021||2020| ||£’000||£’000|£’000||£’000| |UK investment funds|57,548||57,615|55,507||54,079| |UK investment in trading subsidiaries|-||-|25||25| |UK unlisted shares|5||5|5||5| |Cash|985||64|793||61| ||58,538||57,684|56,329||54,170|

| 8b Social investments

GROUP CHARITY
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Concessionary loans 67 67 67 67

| 8c Investments in trading subsidiaries

Proportion of Investment Name of subsidiary Holding voting rights Registered in £'000 MBF Trading Ltd Ordinary Shares 100% England Income from the trading subsidiary is received by way of Gift Aid. Please refer to note 13 for further details.

| 10 Creditors falling due within one year

GROUP CHARITY
2021 2020
2021		 2020
£’000 £’000
£’000		 £’000
Trade creditors 68 77 65 75
Accruals 379 164 376 160
Other taxes & social security 117 99 116 93
Current accounts with associated trusts - - 5,884 3,838
Current accounts with trading subsidiaries - - 30 32
Grants payable 854 1,846 714 1,711
Deferred Income - 100 - 100
Rent deposit - 14 - 14
1,418 2,300 7,185 6,023
ANALYSIS OF GRANTS PAYABLE GRANTS TO INDIVIDUALS GRANTS TO ORGANISATIONS
Hardship Financial Creative Creative Group total
support and
schemes medical
grants
£'000 £'000 £'000 £'000 £'000
Commitments as at 1 January 2021 1,185 - 604 57 1,846
Grants awarded in year 3,728 1,770 897 56 6,451
Payments made in year (4,913) (1,470) (1,000) (60) (7,443)
Commitments as at
31 December 2021		 - 300 501 53 854
GROUP CHARITY
2021 2020
2021		 2020
£’000 £’000
£’000		 £’000
ANALYSIS OF DEFERRED INCOME
As at 1 January 1 100 15 100 15
Released in year (100) (15) (100) (15)
At 31 December 2021 - - - -

Funds held as agent

During 2021 we acted as agent for the Music Managers Forum (MMF) to facilitate the receipt of funds and distribute payments of their Hardship fund.

| 9 Debtors due within one year

GROUP CHARITY
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Accrued legacy income 1,245 1,796 1,245 1,796
Prepayments 111 91 111 91
Other debtors 808 160 808 160
2,164 2,047 2,164 2,047

These transactions do not show as part of Help Musicians income, expenditure or funds.

2021 2020
£’000 £’000
Balance of funds as at 1 January 2021 118 -
Funds received on behalf of MMF 168 322
Payments made on behalf of MMF (285) (204)
Balance of funds as at 31 December 2021 1 118

56 NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 57

| 11 Movement in funds

At 1 Jan 2021 Income Expenditure Gains Transfers At 31 Dec 2021
£’000 £’000 £’000 £’000 £’000 £’000
RESTRICTED FUNDS
Hardship support schemes 442 2,256 (3,952) - 1,904 650
Alan Fluck Memorial Fund 424 8 (3) 40 - 469
Jacquéline du Pré Special Fund 2,261 49 (18) 252 - 2,544
Ian Fleming Music Awards Fund 2,167 65 (86) 229 - 2,375
Gwyneth Harrison Gift 35 - (5) - - 30
Music Minds Matter - 213 (452) - 239 -
Scotland - 61 (148) - 87 -
Northern Ireland - 55 (145) - 90 -
Creative Programme - 310 (310) - - -
Career Development - 73 (73) - - -
Covid website - 10 (12) - 2 -
Charity restricted funds 5,329 3,100 (5,204) 521 2,322 6,068
ASSOCIATED TRUSTS
Miriam Licette Scholarship Fund 524 8 (2) 40 86 656
Willis Grace Grant Trust 2,360 35 (12) 183 396 2,962
Sybil Tutton Charitable Trust 6,280 97 (110) 500 1,081 7,848
Group restricted funds 14,493 3,241 (5,328) 1,244 3,885 17,535
UNRESTRICTED FUNDS
Designated (fixed assets) 2,362 230 (104) - - 2,488
General funds 46,279 3,660 (7,130) 4,791 (3,885) 43,715
Unrestricted funds 48,641 3,890 (7,234) 4,791 (3,885) 46,203
Group total funds 63,134 7,131 (12,562) 6,035 - 63,738

Notes to restricted funds

Notes to designated funds

| 12 Analysis of group net assets between funds

Unrestricted funds Restricted funds Total funds
£’000 £’000 £’000
FUND BALANCES AT 31 DECEMBER 2021
ARE REPRESENTED BY:
Tangible fixed assets 2,488 - 2,488
Investments 49,686 8,852 58,538
Social investments 67 - 67
Current assets (4,620) 8,683 4,063
Current liabilities (1,418) - (1,418)
Total net assets 46,203 17,535 63,738

ANALYSIS BY FUND

Tangible fixed Social Current
assets Investments investments assets Total liabilities Net assets
£’000 £’000 £’000 £’000 £’000 £’000
UNRESTRICTED FUNDS
Help Musicians - 49,686 67 (4,674) (1,409) 43,670
MBF Trading - - - 54 (9) 45
DESIGNATED FUNDS
Fixed asset fund 2,488 - - - - 2,488
2,488 49,686 67 4,620 (1,418) 46,203
RESTRICTED FUNDS
Hardship support schemes - - - 650 - 650
Alan Fluck Memorial Fund - 124 - 345 - 469
Jacqueline Du Pré Special Fund - 779 - 1,765 - 2,544
Gwyneth Harrison Gift - - - 30 - 30
Ian Fleming Music Awards Fund - 2,247 - 128 - 2,375
Miriam Licette Scholarship Fund - 315 - 341 - 656
Willis & Grace Grant Trust - 1,443 - 1,519 - 2,962
Sybil Tutton Charitable Trust - 3,944 - 3,905 - 7,849
- 8,852 - 8,683 - 17,535
Total 2,488 58,538 67 4,063 (1,418) 63,738

58

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 59

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

| 13 Results of trading subsidiary

The charity owns 100% of the share capital amounting to 25,000 of ordinary shares of £1 each. MBF Trading Limited (company registration no: 3053538) is located at 7 -11 Britannia Street, London, WC1X 9JS and is engaged in activities to support the charity. The subsidiary donates its taxable profits to the charity each year and its trading results for the year as extracted from its audited financial statements are summarised below:

Turnover
Operating costs		 2021
£’000
2020
£’000
58
52
(37)
(30)
21
22

THE ASSETS AND LIABILITIES OF THE SUBSIDIARY WERE:

Current assets
Current liabilities
Share capital		 2021
£’000
2020
£’000
54
58
(9)
(12)
45
46

| 14 Related party transactions

During 2021, Help Musicians provided grant funding of £50,000 to Black Lives in Music which was a company set up by one of our Trustees, Charisse Beaumont. The purpose of this funding is to research and report on the experiences of musicians of colour, with the aim to help organisations (including Help Musicians) achieve diversity and inclusion goals.

In addition, Help Musicians is the sole Trustee of the following charities which make awards of various kinds and are managed by the charity’s own committees:

Aggregate donations received from Trustees during the year were £2,157 (2020: £400).

Reimbursements and emoluments are disclosed in note 6.

| 15 Pension scheme

Help Musicians operates a defined contribution scheme for all qualifying employees. The assets of the funds are held separate in funds administered by independent pension providers. The total cost of pensions incurred by the charity was £263,665 (2020: £234,695). Included in other creditors is £21,683 (2020: £22,080) in respect of the pension scheme.

| 16 Operating lease commitments - group and charity

The charity’s total future minimum lease payments under non-cancellable operating leases is as follows for each of the

following periods:

Less than one year
One to five years		 EQUIPMENT
2021
£’000
2020
£’000
1
4
-
1
1
5

The charity will receive £4,800 rent in the next year (2020: £4,800).

| 17 Consolidated Statement of Financial Activities (prior year)

Unrestricted funds Restricted funds Restricted funds Total funds
£’000 £’000 £’000 £’000
Income from:
Donations and legacies 3,296 8,167 82 11,545
Other trading activities 108 - - 108
Investments 758 - 204 962
Total income 4,162 8,167 286 12,615
Expenditure on:
Raising funds 1,109 - 112 1,221
Charitable activities
Hardship support schemes - 15,182 - 15,182
Health and Welfare 2,866 - 181 3,047
Creative programme 2,325 - 188 2,513
Raising awareness 844 - 55 899
Total expenditure 7,143 15,182 536 22,862
Net movement in funds
before gains on investments (2,982) (7,015) (250) (10,248)
Transfers between funds (9,658) 7,457 2,201 -
Net gains on investments 2,962 - 701 3,663
Net movement in funds (9,678) 442 2,652 (6,585)
Reconciliation of funds
Total funds brought forward 58,319 - 11,399 69,718
Total funds carried forward 48,641 442 14,051 63,134

60

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021 61

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

| 18 Movement in funds (prior year)

At 1 Jan Income Expenditure Gains Transfers At 31 Dec 2020
2020 £’000 £’000 £’000 £’000 £’000
£’000
RESTRICTED FUNDS
Hardship support schemes - 8,167 (15,182) - 7,457 442
Alan Fluck Memorial Fund 394 6 (1) 25 - 424
Jacquéline du Pré Special Fund 2,072 37 (5) 157 - 2,261
Ian Fleming Music Awards Fund 2,110 55 (68) 70 - 2,167
Gwyneth Harrison Gift 40 - (5) - - 35
Music Minds Matter - 3 (107) - 104 -
Scotland - 64 (126) - 62 -
Northern Ireland - 15 (145) - 130 -
Wales - - (4) - 4 -
Charity total – restricted funds 4,616 8,347 (15,643) 252 7,757 5,329
ASSOCIATED TRUSTS
Miriam Licette Scholarship Fund 389 6 (1) 25 105 524
Willis Grace Grant Trust 1,741 27 (4) 114 482 2,360
Sybil Tutton Charitable Trust 4,653 73 (70) 310 1,314 6,280
Group total - restricted funds 11,399 8,453 (15,718) 701 9,658 14,493
UNRESTRICTED FUNDS
Designated (fixed asset) 2,433 59 (130) - - 2,362
General funds 55,886 4,103 (7,014) 2,962 (9,658) 46,279
Charity total - unrestricted funds 58,319 4,162 (7,144) 2,962 (9,658) 48,641
GROUP TOTAL FUNDS 69,718 12,615 (22,862) 3,663 - 63,134

| 19 Analysis of group net assets between funds (prior year)

Unrestricted funds Restricted funds Total funds
£’000 £’000 £’000
FUNDS AT 31 DECEMBER 2020
WERE REPRESENTED BY:
Tangible fixed assets 2,362 - 2,362
Investments 48,021 9,663 57,684
Social investments 67 - 67
Current assets 491 4,830 5,321
Current liabilities (2,300) - (2,300)
Total net assets 48,641 14,493 63,134

ANALYSIS BY FUND

Tangible Social Current Total
fixed assets Investments investments assets liabilities Net assets
£’000 £’000 £’000 £’000 £’000 £’000
UNRESTRICTED FUNDS
Help Musicians - 48,021 67 433 (2,288) 46,233
MBF Trading - - - 58 (12) 46
DESIGNATED FUNDS
Fixed Asset Fund 2,362 - - - - 2,362
2,362 48,021 67 491 (2,300) 48,641
RESTRICTED FUNDS
Hardship support schemes - - - 442 - 442
Alan Fluck Memorial Fund - 303 - 121 - 424
Jacqueline Du Pré Special Fund - 1,895 - 366 - 2,261
Gwyneth Harrison Gift - - - 35 - 35
Ian Fleming Music Awards Fund - 2,033 - 134 - 2,167
Miriam Licette Scholarship Fund - 300 - 224 - 524
Willis & Grace Grant Trust - 1,376 - 984 - 2,360
Sybil Tutton Charitable Trust - 3,756 - 2,524 - 6,280
- 9,662 - 4,831 - 14,493
Totals 2,362 57,683 67 5,322 (2,300) 63,134

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