OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Annual Report and Financial Statements

For the year ended 31 December 2022

2 SECTION HEADER

SECTION HEADER 3

Thank you

In 2022, musicians were still recovering from the impact of the pandemic, with many still in financial or emotional crisis, and others starting to consider how to grow their careers again. Help Musicians’ broad offer of support was delivered at scale with over 25,500 interactions with musicians who received advice, funding or career development to sustain careers.

We are only able to reach this many musicians through the philanthropic support of donors, partners and those who generously give their time to benefit the charity. 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.

Thank you to everyone who supported the charity during the year and who in doing so, helped the UK’s musical talent start to thrive once again. We would like to extend particular thanks to the following individuals and organisations who made significant generous donations:

• Nicholas Hooper

• PPL

• Sony Music UK

• The Christopher Meredith Foundation

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 Kanneh-Mason, Soweto Kinch, Tasmin Little OBE, Charles Owen, Karine Polwart, Sir Simon Rattle OM, CBE, Natalya Romaniw, Abel Selaocoe, 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.

Bob Shennan

Chairman

6

Chairman’s Letter

8

Chief Executive’s Letter

10 Trustees’ report

12 Our work and impact in 2022

18 Reach and Engagement

22

Business Services

24 Financial Review

29 Looking forward to 2023

30 Principal risks and uncertainties

32

Governance

37 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

6

7

CHAIRMAN’S LETTER

CHAIRMAN’S LETTER

Chairman’s letter

further £1m released from reserves to support musicians struggling with the cost-of-living crisis.

Help Musicians has been making a positive impact on the lives and careers of musicians for over 101 years. Our charity relies on donations from music lovers to enable us to reach thousands of musicians in need. 2022 was a year of rebuilding for musicians and one where Help Musicians continued to make a sizeable impact. Thousands continued to need our support, with many still close to crisis given the catastrophic impact of the pandemic, and all grappling with the challenge of rebuilding their careers in a much-changed landscape

Despite the ending of pandemic restrictions and the return of much live music, our Music Minds Matter helpline saw a 39% increase in calls (on top of a 118% increase in 2021) and a total of 624 musicians referred (through our partner BAPAM) for therapeutic support. A record £478k, was spent on therapeutic support alone (compared to £219k in 2021) and this specialist help was a lifeline to those who without it, may have waited some months to receive help. For the first time since its inception in 2017, Music Minds Matter has become a £1m-a-year service, and we launched it as a single-focus charity, with a Board led by Silvia Montello, providing insight and focus to drive awareness to the whole music industry and help improve access to this vital mental health support.

The team at Help Musicians once again saw many musicians in crisis - with thousands continuing to struggle with finances and mental health, resulting in the charity spending over £3.2m in these areas of support. The year began with the continuation of our hardship fund, where in February over £936k was distributed to 2,146 musicians who continued to struggle financially; and it ended with a

With the music ecosystem starting to re-grow, we broadened the scope of our work to empower the rebuilding of careers, with numerous support and development offers delivered at scale to enable musicians to grow their creative output and grow their earnings. Co-Pilot, the charity’s mentoring network, grew in scale with over 118 mentoring pairs matched across 2022. This

“I’m so grateful even to this day - not just for myself but for all the hundreds of musicians the charity helps every year. It’s such a tough industry to be in and having the support of Help Musicians really is vital for the success of young musicians, particularly when they’re starting out.”

Bethan Langford | Mezzo soprano & Sybil Tutton awardee

ahead to 2023, we know that musicians will continue to need support to rebuild creatively, professionally and emotionally. Whatever their needs, the team at Help Musicians will continue to adapt and innovate to develop support which delivers real impact to the people behind the music – the musicians who bring so much joy to all of us, every day.

network starts with understanding the career challenge or opportunity the musician needs support with, then matching each musician with an appropriate mentor with the skills and experience best placed to provide the advice needed. Over 95% of mentees stated that they received a positive benefit from their pairing and this offer is something that the charity will continue to grow in the years to come.

The charity’s creative development programme saw a record number of applications for funding. In 2021, we moved to an ‘always open’ model of support; removing deadlines from funding opportunities and empowering musicians to reach out for investment at a time which works for them. In total 583 musicians received support, with £1.7m going towards energising musicians’ creative output. This total was a 91% increase on the £0.8m awarded in the previous year.

Bob Shennan Chairman

To deliver this impact, the charity spent £7.4m through a total of 25,555 interactions with musicians to sustain and grow their careers. I, and my fellow Trustees at Help Musicians are grateful to all our supporters for their partnership and encouragement to make a difference to the lives of musicians across the UK. As we look

8

CHIEF EXECUTIVE’S LETTER 9

CHIEF EXECUTIVE’S LETTER

Chief Executive’s letter

will continue into 2023. Working in partnership with others, we believe we can bring lasting positive change to the mental health of those working in the music industry. It is surely in all our interests to better support the mental health of those who create the music that does so much for our own wellbeing. Our first mental health summit, on World Mental Health Day was an encouraging sign that others across the industry care as passionately about this area as we do. We are hugely grateful in particular to PPL and the Christopher Meredith Foundation for their continued financial support of Music Minds Matter – these funds are truly making a massive difference to musicians in need.

In 2022 musicians continued to need our support at scale, to support recovery from the pandemic and to empower the successful rebuilding of careers.

The charity has invested significantly in a wide range of support to empower musicians to develop creatively and build their businesses. This breadth of offer is designed to enable musicians to make the most of opportunity and potentially circumvent issues which can quickly derail a flourishing career. With a record spend in creative funding (a £0.8m increase in spend compared to 2021), the development of our growing mentoring programme (which will become a more significant strand of offer in future years) and a new approach to engaging with the musician community on their own terms, we believe we are making a material difference to musicians’ ability to flourish again post-pandemic.

Expanding our range of help to empower musicians to successfully navigate the challenges ahead, we launched two new support services: a Bullying and Harassment helpline and an additional service to support musicians planning tours in Europe (delivered in partnership with “Viva la Visa”). Engagement in these services has been strong, showing the value in offering musicians the ability to access expert advice on particular challenges they are facing.

Sadly, not all musicians were yet in a place where focusing on growth was a possibility. The scale of mental health support required took the charity to its highest ever level of spending and provision and regrettably we believe this

----- Start of picture text -----
Josh Mountford
Cellist & Postgraduate awardee
----- End of picture text -----

Growth in engagement was a key goal, with the charity’s engagement team launching a range of new opportunities for musicians to learn about the support. In total our team delivered 1,293 one to one advice calls and 1,359 musicians attended our “Get Set” sessions, aimed at introducing a range of opportunities to empower careers. Visiting musicians in their homes to check on their wellbeing is an important strand of our work, and we carried out 691 home visits, compared to 508 in 2021 (a 36% increase).

– and this is why we must continue to work together to protect the incredible talents of musicians from all genres across the UK. At Help Musicians we know that a musician’s life is precarious, with ups and downs throughout a career. We must continue to work together to ensure that there are many more “ups” in the years to come.

James Ainscough Chief Executive

Insights from a survey carried out by musicians in August delivered very worrying signs with close to 50% of respondents saying that they are ‘very’ or ‘extremely’ concerned they will be forced to leave the industry. Yet public research carried out by Help Musicians late last year showed that 80% said music made their lives happier and 67% of the view that they could not live without music

10

11

TRUSTEES’ REPORT

Trustees’ report

The Trustees present the Trustees’ Report and the audited financial statements for the year ended 31 December 2022. 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:

So therefore, how we fulfil our objects is through our wide spectrum of work which includes an integrated programme combining Health and Welfare services with Creative Development funding, ground-breaking 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 and Belfast, our help continues to evolve to create a world where musicians thrive.

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

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

| Mission Statement

We want a world where musicians thrive.

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

| Public benefit

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

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.

| Objectives of the charity

| Values

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.

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.

(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

United Strings of Europe Orchestra ensemble, supported to tour

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2022

12

13

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2022

Our work and impact in 2022

| 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 hard-won, whilst challenges come along all too easily, with unsteady income and physical and mental health concerns common issues to navigate.

Financial help for those in real need

The Covid-19 financial hardship support that began in March 2020 and continued throughout 2021, concluded with a sixth round in February. 2,146 musicians received £936k from the charity and we are grateful to Arts Council England for their financial support of this final phase of hardship funding.

Assessing all hardship funding over the year, there was a decrease in the total cost of support (down 13%) compared with 2021 when the scale of hardship payments was significantly higher because of the pandemic’s far-reaching impact. As a consequence, 5,313 payments were made through our Health and Welfare team in 2022 compared to 7,159 in the previous year.

With the majority of the UK’s professional musicians working as freelancers, recovering from the Covid-19 pandemic remained their focus throughout the year. Some have been able to rebuild but many are still facing challenges . Financial pressure is widespread and the knock-on effect in terms of poor mental health is an ongoing problem.

As we continue to adapt our support to musicians’ evolving needs, in November we launched our Sustaining Careers project to help those struggling in the cost-of-living crisis. Survey data (which informed the development of this support initiative) highlighted that 8 out of 10 musicians were worried about meeting mortgage or rent costs and 91% of respondents said they feared a ‘cost of working’ crisis, including an inability to afford music related equipment. Sustaining Careers is multi-faceted; creative grants, business advice and mentoring are available to build sustainable careers, as well as the provision of urgent financial relief and guidance to those most in need. During Q4 we distributed £168k to 291 musicians who successfully applied for this financial support.

Our work in 2022 ensured that those musicians facing crisis and needing help were supported in a way that responded to their specific needs. The launch of Music Minds Matter as a single focus charity is a statement of intent to prioritise mental health across the music industry and we also funded a record amount of therapeutic support this year.

Our “Sustaining Careers” project began in November and aims to keep as many talented musicians in the industry as possible. Financial relief, support and guidance has been available to those most in need, but building a sustainable career can equally depend upon business advice and mentoring. Co-Pilot has continued to grow and this network, along with a record number of creative grants and relevant business advice sessions, aims to help musicians survive in the shortterm and flourish in the future.

Sustaining hearts and minds

Music Minds Matter was launched as a single focus mental health charity during the year. This decision came at an important juncture given the consistent growth of musician engagement with the charity and the worrying wider trends of poor mental health in the music industry.

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

“I can’t thank Help Musicians enough for what they did. I remember when I was at a really low point in my life and the confirmation I was going to get some help… I was almost crying with relief. It was the simple fact that someone recognised what I was going through. It still astounds me there is an organisation like Help Musicians, especially at this moment in time where everything is pretty grim for people in the arts.”

Dean Owens | Singer-songwritter

There was a 39% rise in the number of calls to the charity’s helpline compared with 2021 (1,138 versus 1,586) and Music Minds Matter’s assessment and therapist treatment numbers more than doubled. Comparisons between 2021 and this year for number of patients (278 rising to 624) and number of sessions (2,688 rising to 5,507) have been reflected with our total costs increasing from £220k to £480k. Our ongoing commitment to provide therapeutic support remains vital given the backlog of NHS waiting lists for mental health cases.

October’s World Mental Health Day saw Music Minds Matter gather leaders and influencers across the world of music in the iconic Abbey Road Studio 2 to collectively consider mental health in the music industry. 103 attendees represented record companies, live venue operators, music and tour management, membership organisations and music agencies under the collective voice of UK Music.

Musicians have told us that financial pressures, aggravated by the cost-of-living crisis, have considerably worsened their mental health and therefore we launched new online sessions to offer specific guidance around money concerns. In November we hosted the first of our Sustaining Careers ‘Money Worries’ Self-Care sessions and to date have had 28 individuals participating in these workshops. The positive feedback so far emboldens us that these events will become an essential fixture of our support moving forward.

In May we launched a new online resource, Music Minds Matter Explore; a website offering visitors a range of online resources, personal stories, guidance from professionals and further organisations offering support on mental health. The site had 2,000 visitors in total with 32,000 page views across the year, with resources on anxiety and depression being the most searched for.

14

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2022 15

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2022

visits could recommence, so our support conversation numbers grew from 508 in 2021 to 691, a 36% increase. Particularly for older isolated musicians and those with long term health issues, these interactions are an essential touch point with the charity. From feedback it is clear how the conversations with our regional visitors, who are not only passionate about music but sympathetic to each beneficiary’s individual needs, are greatly appreciated.

Health & Welfare support

Health and Welfare continued to offer a varied portfolio of support for musicians with specific and complex needs. Our specialist clinical partner BAPAM undertook 2,419 clinical assessments for musicians referred to them via the charity - a 33% increase on 2021. In recent years the charity has done exceptional work to increase its regional reach with a burgeoning number of clinic locations outside London. In 2019, only 11% of appointments were held outside London, whereas in both 2021 and this year the figure stood at 50%. As we continued to emerge from the pandemic home

The Musicians’ Hearing Health Scheme remained a vital preventative measure to safeguard against hearing damage. There was a 67% increase in appointment numbers, rising from 1,289 in 2021 to 2,147 this year.

Mental Health in Music: Leading Positive Change | Industry experts discuss mental health in music, Abbey Road Studio 2

| In Opportunity

need to rebuild creative careers post-pandemic. The fact we are always open for applications has been a focus of our promotional activity throughout the year - musicians are aware of the change and application numbers rose considerably as a result. In 2022 we received 3,016 applications across all areas of our creative support, a 25% increase from the previous year, and the highest figure ever for a calendar year. Whether it is recording and releasing music, learning a new creative skill or funding for touring and live performance, our creative grants have always provided essential support for building and maintaining a career in music. In the current climate these pathways are more critical than ever – creative grants are the foundation of a thriving music ecosystem in 2023 and beyond.

Enabling creative development

This year saw a 57% increase in the number of creative grants awarded by the charity though our Creative Activities support, Postgraduate, Sybil Tutton Opera, Ian Fleming Musical Theatre and Peter Whittingham Jazz Awards. The most significant increase was in Creative Activity support where the number of awards given out rose by 84%, and the amount of funding provided to musicians across all awards almost doubled (91%).

This strong growth is primarily a result of the decision in 2021 to remove deadlines around applications, and to increase our available budget recognising the significant

“Without charities like Help Musicians, people who are just as talented as those who can afford to go to university wouldn’t be able to get in the room. It helps profoundly to have these types of bursaries and even more should be there for the people who need them.”

Miriam-Teak Lee | Actress, singer, songwriter & Ian Fleming Musical Theatre awardee

16

17

TRUSTEES’ REPORT - OUR WORK AND IMPACT IN 2022

| Re-energising careers

The charity’s mentoring and business advice programmes remain a fundamental resource for musicians learning how to navigate the music industry and build a successful career.

Our mentoring network Co-Pilot flourished and this year we connected 118 mentoring pairs. Challenging the perception that the musician is the only person learning in the 1-1 relationship with an industry expert, Co-Pilot offers mentees and mentors alike the opportunity to develop valuable skills from one another throughout

the process. 86% of mentors and 95% of mentees said they received positive benefits from their involvement in Co-Pilot, with the network meeting or exceeding 98% of mentors’ and 87% of mentees’ expectations.

Speaking to those involved in the network, one of the key benefits highlighted was how participants built their confidence – it was encouraging to see that 79% of mentors and 85% mentees grew in confidence as a result of their involvement in the network. Overall, nine out of ten mentors and mentees stated they would recommend the network to a friend.

“It was inspiring to see a mentee with such drive and selfbelief. I know what passion looks like when I see it, so I just had to help him make sense of this new digital era and provide tools he could choose from. I am glad things like CoPilot exist to give the voiceless a voice, and a safe place for young musicians to learn how to navigate their career. I have felt really fulfilled by helping someone along their journey and seeing them grow.”

Benny Bizzie | Rapper, producer & Co-Pilot Mentor

TRUSTEES’ REPORT - REACH AND ENGAGEMENT

18

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 U.K, 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, creating more 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 2022, involved the following key elements:

| Profile

Individual channel increases can be seen below

• Facebook = 22,400 (+10.4% when compared to 2021)

PR efforts across the year resulted in 239 different pieces of coverage with a potential reach of 715,234,209 people. Media releases around Brexit and the impact on musicians ability to tour, the creation of a new bullying and harassment helpline and the new Music Minds Matter charity along with highlighting the pressures musicians faced over winter generated the most national impact. The charity’s value of music research media release generated four national pieces, ranging from the I to the Daily Express (providing the charity with the ability to engage with a slightly wider media audience than usual).

• Instagram = 18,613 (+55% when compared to 2021)

• Twitter = 36,976 (+2.7% when compared to 2021)

• LinkedIn = 12,557 (+23% when compared to 2021)

Through targeted marketing initiatives, we grew the number of email subscribers to 14,894 (↑120%) - enabling us to reach more musicians with news about the support available to them. Along with this, a revised content and targeting plan saw open rates and click through rates rise with a revised content plan delivering a reduction in unsubscribe rates.

| Digital Engagement

Across the year, our digital engagement grew across all platforms. The launch of a new website, a focus on expanding our reach through email sign up and a continued effort to build communities on social media channels has seen us extend our reach and digital footprint.

On-line events have become a key component of our musician’s engagement strategy and a focus in this area delivered a significant rise in event sign ups (383%), with 3,891 musicians signing up for digital sessions such as Get Set to learn more about our help.

A continued focus on digital storytelling has led to a growing number of case studies to demonstrate our impact and bring to life the challenges that musicians face.

Across the year we saw a net increase in our social media following of 16%, with views of our posts increasing by 25% (7.1m) and a 45% in post engagements (193,000).

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

| National Reach

and musicians engaged with Attitude is Everything, Jazz North, Tribeast Music and more.

With the launch of a new Musicians Engagement Team internally at the start of 2022, we took a multi-pronged approach to ensuring we grew our national reach.

We understand that to ensure we keep increasing our national reach we need to complement our in-person work with accessible support routes that allow musicians to explore what our support means to them. In 2022 we formalised two new services to meet these needs for our Career Development support: one to one calls and Get Set Sessions. Launched in May, one to one guidance calls allow musicians to book dedicated one on one time with a member of the Engagement team to discuss how our support may fit their musical development plans. We undertook 572 sessions, delivering a total of 431 hours of one-to-one guidance to musicians across the whole of the UK. Our Get Set Sessions offer musicians an online group environment to hear more about our support options and application process. Across the whole of 2022, 2,101 musicians registered to attend, with 1,359 attending (65% attendance). This is in-line with the average online drop-out rate of 35%.

We know that meeting musicians within their own communities is vital to building deeper connections with those we seek to support. For this reason, we continued to partner with key organisations across the UK who help us reach more musicians. We were present at five key events across the breadth of Scotland, including Dumfries Music Conference, which is crucially outside of the Scottish central belt. Furthermore, we had a presence at four events in Northern Ireland and increased our support to the three winners of the emerging musicians award at the Welsh Music Prize. Our outreach work continued across England working with a number of integral stakeholders who help us ensure we are reaching a diverse audience. This work included Generator Live in Newcastle, digital awareness across The Great Escape in Brighton, Goldsmiths College students in London, awareness work at the first Liverpool Sound Music Awards, Miloco Studios in-person event in London, and a National Opera Studio bespoke event for a select student group. We worked with a breadth of professional organisations including: PRS for their Members’ Day in Manchester, music therapists working with Nordoff Robbins, staff at Believe Digital,

As well as digital and in-person engagement, we also furthered our awareness and engagement by creating interactive physical marketing specifically designed to increase Help Musicians’ visibility in studios across the UK. In 2022 we engaged a new network of studio staff to act as advocates for our work. We achieved good regional spread in year one of this strategy with the likes of Music Box in Cardiff, Strongroom in London, Priory Recording Studios in Birmingham, Blast Recording in Newcastle and Start Together Studio in Northern Ireland becoming champions of our work.

TRUSTEES’ REPORT - REACH AND ENGAGEMENT

20

TRUSTEES’ REPORT - REACH AND ENGAGEMENT 21

Culture of Belonging | Female & gender-expansive creators take part in studio workshops with the F-List and Miloco Studios, supported by Help Musicians

| Female Creators

role in boosting the charity’s income and enable us to continue to deliver at scale.

As well as national reach, the Engagement Team were key to supporting the charity’s ambition to engage more female creators in our support. In year one of this strategy, we built a network of organisations who speak directly to female creators, ensuring they understood our work, could share messages on our behalf and help us speak directly to their audiences. In 2022 we partnered with female-focused collectives and events across the UK to give women in music a safe space to explore our support options. This included a presence at Women’s Work (NI), Hen Hoose (Scotland), Unheard Academy (online), Girl Grind UK (online/Birmingham) and F List (online). We have also delivered messaging through: Pop Girlz Scotland, Where Are The Girl Bands? (Liverpool), Boudica Music Conference, Bam Bam (all female/ safespace studio in Manchester)

We began 2022 with the Radio 4 Appeal, led by our President Dame Evelyn Glennie with her connection with the audience raising over £30k income during the first few months of the year.

A revised legacy marketing campaign was launched, with new video assets to promote engagement in legacy giving. In September we partnered with Bequeathed to launch a free will writing service to grow our future legacy income in the years to come.

Help Musicians took part in The Big Give for the first time; a national fundraising campaign where every donation made is doubled.

Prior to the campaign opening, £5,500 was pledged to Help Musicians for the campaign and we thank our Ambassador Bryan Adams for his support in this campaign. Nearly £15k was raised in total providing much needed funds towards Music Minds Matter.

| Fundraising & Supporter Engagement

We were so pleased that 2022 opened more possibilities to meet our supporters, joining together over our love of music and the people that bring it to us.

Income generated through fundraising activities totalled £4.6m - legacy income continued to play a pivotal

Help Musicians Ambassador and operatic tenor, Nicky Spence, delivered the keynote speech, speaking about the universality of music, as well as its collaborative power. Nicky went on to describe his own career and Help Musicians journey.

In November we joined together for the Festival of St Cecilia in Westminster Abbey enjoying performances from Help Musicians supported clarinettist, Josh Pyman, the choirs of Westminster Cathedral, St Paul’s Cathedral and Westminster Abbey, and the premiere of a special anthem by composer Nico Muhly.

“I have always been aware that music is a collaborative sport. I am nothing without my 100-strong colleagues in the orchestra pit; the technical crew backstage keeping the show running; wigs; make up; composers; directors; conductors… it’s a well-oiled machine of professionals who have dedicated their lives to their craft without ever really knowing where the next job is coming from.

Help Musicians have long believed in the power of these collaborative Musicians. They realise, that in challenging times, it’s music that we so often turn to express how we feel… music offers us a means of fellowship to find the solace or salve we so often need as human beings.”

Nicky Spence | Operatic tenor & Help Musicians Ambassador Nicky attends and performs at Help Musicians’ festive gathering, pictured with Mezzo-Soprano Sarah Pring

22

23

TRUSTEES’ REPORT - BUSINESS SERVICES

Business services

Our Business Services team comprises Finance, Human Resources, IT, Facilities and Secretariat and they each play an important role in helping our Musicians’ Services 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:

framework and guidance with our leadership team and managers to embed the principles which will ensure the charity remains a competitive employer within its sector.

24 TRUSTEES’ REPORT - FINANCIAL REVIEW

TRUSTEES’ REPORT - FINANCIAL REVIEW 25

Financial review

----- Start of picture text -----
INCOME EXPENDITURE
£
£ 5.6 m £ 11.2 m
2021: £7.1m 2021: £12.6m
----- End of picture text -----

----- Start of picture text -----
CUMULATIVE
£5.6m 2022
FUNDING GAP
FUNDING
funded from reserves
GAP £5.4m 2021
TOTAL
£ £ 30.7m £10.2m 2020
£3.3m 2019
£4.9m 2018
£ 5.6 m
£1.2m 2017
----- End of picture text -----

Total income for the year was £5.6million (2021: £7.1m) and total expenditure for the year was £11.2m (2021: £12.6m). The variances year-on-year are due mostly to the financial hardship work we did in 2021.

In 2022 we concluded our financial hardship support spending £0.9m (2021: £4.0m) which supported 2,148 musicians through the first quarter of the year. We received £0.1m (2021: £2.3m) of income restricted to the hardship fund from corporate organisations, trusts and foundations, community fundraising and individual donors. At the end of 2021 we held £0.6m in our hardship fund therefore, we had to draw down an additional £0.2m (2021: £1.9m) 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 £1.0m compared to 2021, this was driven by legacy income which grew by 51% to £3.2m. Legacies made up 58% of our income and continue to be a crucial income stream. Donation income decreased on the previous year to £1.3m, £0.4m lower than 2021. The decrease was driven by a lower level of donations from corporate organisations and trusts and foundations.

Expenditure on direct charitable activities excluding our Hardship work was £6.5m (2021: £5.1m). Music Minds Matter expenditure grew by £0.4m, 73% higher than 2021, due to the increased need for this type of support amongst the musician community. Musicians were able to access a mental health assessment and a series of therapy sessions when needed. We also held our first Music Minds Matter summit “Leading Change” to raise mental health awareness across the industry. Expenditure on Health and Welfare was in line with 2021 with 1,048 musicians seeking financial support in the year compared to 1,298 in 2021. The number of Creative grants awarded to musicians was 59% higher with total cost of £1.7m compared to £0.9m in 2021, this was due to the switch to our “always open” fund allowing musicians access to grants throughout the year with no application deadlines. We also increased our expenditure on new areas of career-development support, including the bullying and harassment line and visa advice for touring.

Net expenditure before the movement of investments was £5.6m (2021: £5.4m). This is the sixth year in a row that we have spent more than was generated, meaning that we have cumulatively taken £30.7m from our reserves in order to fund a higher level of activity. Given

the significance of the pandemic’s impact on musicians, this has definitely been the right thing to do. But we cannot carry on indefinitely - we will continue to reduce reserves in a controlled manner until they are at an appropriate level which balances long-term stability with musicians’ current needs. After accounting for investment losses of £5.3m (2021: investment gains of £6.0m), the net deficit for 2022 was £10.8m (2021: net surplus £0.6m). This brought the total reserves to £52.9m (2021: £63.7m) of which £11.7m are restricted.

| Investment policy and performance

During 2022, 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 and Aviva manage the remainder of the core fund.

In 2022, 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 2.1% compared to 1.6% in 2021. 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 0.30% in 2022 (2021: 0.50%). The decrease in total annual charge relates to the fee in relation to the £5m investment into the Aviva REaLM Multi-Sector Fund made in 2021. Capital losses on the portfolio this year were £5.3m (compared to £6.0m investment gains in the previous year). The performance of the investment portfolio is scrutinised by the Finance and Audit Committee.

The largest element of our portfolio is managed by Rathbones. Our investments, when combined with their other clients, add weight to Rathbones’ “responsible investment” approach, which aims to influence companies to follow more sustainable business models in relation to issues such as climate change, board diversity and modern slavery. We, and Rathbones, believe greater sustainability can improve a company’s performance.

26

27

TRUSTEES’ REPORT - FINANCIAL REVIEW

| Reserves

Since its 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 £35 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 2023) and so need a core total fund of £40-50 million to generate this. The remainder of the

charity’s funds are committed, over the medium term, to seed-funding 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 2023 and beyond appropriately reflects the amount required to be confident of a secure long-term 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 2022 were £52.9m. This figure comprises:

Details of restricted funds are in note 12 to the accounts. Of the £52.9m reserves available for use by Help Musicians, £47.2m is invested.

28

LOOKING FORWARD TO 2023 29

Looking forward to 2023

Our work on “Sustaining Careers” carries on in 2023 – many musicians will continue to struggle financially with the impact of the pandemic, the cost of living crisis, and Brexit (affecting touring opportunities) creating a uniquely challenging environment. Our autumn survey revealed 90% of musicians were worried about affording food over the next six months and 80% were worried about getting into debt in the coming months. And even for those keeping their head above water financially, there is still much to do to rebuild careers. We will be with the musician community every step of the way, offering financial assistance, guidance and business skills support.

We expect the growth in demand for the services of Music Minds Matter to continue through 2023. For the second year in a row the cost of the full array of services will exceed £1m. Therefore we are setting an ambitious income target of £1.1m for Music Minds Matter which, if met, will mean all its direct costs are funded. If we cannot hit this target, we may have to consider reducing the scale of the service, which in the current environment is almost unthinkable.

Total expenditure on services to musicians is budgeted to rise by £0.8m compared to 2022 and our work will be characterised by a desire to continuously improve what we do, and to continue scaling our reach and impact. This will include more regional hearing protection clinics, doubling the size of the Co-Pilot mentoring scheme, enhancing our postgraduate audition process with the provision of advice sessions across a range of topics, and widening access to all we offer in order to ensure we reach those who need us most.

We will continue to increase the work we do to empower musicians to circumvent problems and make the most of the opportunities in front of them. We will launch a new tool to help maintain wellbeing, develop a support offer to enable musicians to perform at their best, create a fully joined-up support package for musicians starting out in their careers, further grow our business skills support, and launch the first of a range of measures aimed at reducing the likelihood of musculo skeletal injury.

Connections and community will remain a strong theme for us, as we strive to reach more musicians and

supporters in order to build long lasting relationships with the charity. There will be an enhanced and enlarged “Leading Change” event on mental health, we will refresh, relaunch and grow our volunteer visiting service, and we will design and implement a flexible IT architecture that will enable multi-channel communication capabilities to allow musicians and the wider public the most effective means to communicate with us.

Perhaps the most deeply impactful development in 2023 will be the creation of a new “Research and Insight” team – to lead the charity to an improved understanding of musicians’ careers, lives, challenges and needs, in order to shape our strategic plans and better fulfil our vision of creating a world where musicians thrive. We will launch multiple insight-gathering projects in the year. And this work will be guided by the findings of our inaugural Musicians Census – a groundbreaking project to create comprehensive data relating to musicians’ work and lives as a whole. The Research & Insight team’s work will shape the strategic development of our services for many years to come, with the intention that musicians will be able to access support and services that are ever more targeted to their needs and aspirations, in order to develop successful, fulfilling and sustainable careers in music.

There will be a continued focus on engagement with organisations that can connect us to those musicians who know us least, and to connect with more female musicians across all genres. Coupled with a stronger focus on impact measurement, we believe we can take significant strides towards being a charity that truly delivers the most valuable and unique array of services equitably to all those who need us most.

30

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 2022, 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 –

Significant investment in the charity’s IT infrastructure has been made however cybercrime and potential security risks remain a significant threat.

4. Failure to meet all relevant regulatory requirements

----- Start of picture text -----
Davide Levi | Conductor, supported to work with a mentor
in preparation for his operatic debut in Vienna
----- End of picture text -----

Photo credit: Jonathan Berger

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.

----- Start of picture text -----
Category of risk Mitigation strategy Effects of mitigation
Shortfall in available • Quarterly monitoring, reporting, and • Early identification of financial risks,
finance due to forecasting. enabling corrective strategies.
fundraising challenges
• Regular review of the external • Early identification of strategic
environment, beneficiary needs and relationships for the donor pipeline.
potential donors.
• Music lovers have donated significant
• Our fundraising effort has been amounts towards our work meaning
focussed on raising money for our we could continue to support
programme of services including thousands of musicians.
Hardship support, with expenditure
commitments only made when
funding is assured.
Reputational risk • Continuous monitoring and reporting • Early identification of performance
by failing to make a on impact. issues, enabling early corrective
positive impact on strategies.
• Proactive research, evaluation, and
beneficiaries
impact analysis to continuously • Continuous development of the
identify and address unmet need. charity’s knowledge base on the
needs of people working in the UK
• In response to the cost-of-living
music industry, and evidence that the
crisis the charity has designed
charity is meeting those needs.
a package of support providing
musicians with advice, signposting • Early identification of musician’s
and financial support. needs enabling correcting strategies..
• Monitoring the impact of the cost-
of-living crisis on our Programme and
adjusting our offer where appropriate
to meet the needs of musicians
IT and Technology risk • The IT committee (reporting to the • Early identification of any IT risks,
F&A committee) regularly monitor all enabling corrective strategies.
IT projects in line with the strategy.
• Implementation of security measures
set out in the Nation Cyber Security
Centre’s Cyber Essentials security
programme
Failure to comply with • Highly proactive approach • Clear insight into levels of compliance
regulatory requirements to identifying all regulatory levels. Improvement plans developed
requirements, undertaking gap as early as possible. Organisation-
analyses, and implementing the wide awareness and involvement.
necessary changes.
----- End of picture text -----

32 GOVERNANCE

GOVERNANCE 33

Governance

Help Musicians is a company limited by guarantee (registered company number 00252783) and a charity registered in England and Wales (228089) and Scotland (SC049625). It has, within its consolidated results, a Trust registered in Scotland (SC012597) and its wholly owned subsidiary MBF Trading Limited (3053538). The charity is governed by a Board of Trustees, chaired by Bob Shennan, under powers defined in the Memorandum and Articles of Association.

Ka Wing Wong

Flautist, instrumentalist & Ian Fleming awardee Photo credit: Kuce To

| 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:

Music Minds Matter Board - Music Minds Matter is a charitable incorporated organisation registered in England and Wales (1199795). The charitable incorporated organisation is governed by a Board of Trustees, chaired by Silvia Montello, under powers defined in its constitution.

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 93rd Annual General Meeting will be held on Thursday 27 April 2023, 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:

The following member of the Board of Trustees will also retire:

| Members

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

34 GOVERNANCE

35

| 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.

36

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 has been approved by the Trustees on Thursday 9 March 2023 and signed on their behalf by

Bob Shennan Chairman

38

39

INDEPENDENT AUDITOR’S REPORT

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 2022 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

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.

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:

anti-bribery, safeguarding, employment, and health and safety legislation;

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

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:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely

| Use of our report

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.

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.

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.

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.

Date: 04/04/2023

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.

42

SUMMARY 43

Summary

| Patron

Her late Majesty Queen Elizabeth II

Nominations Committee

Cliff Fluet (Chairman), Charisse Beaumont, Stephen Daltrey, Bob Shennan

Remunerations Committee

| Honorary President

Dame Evelyn Glennie CH

| Trustees

Bob Shennan

Chairman and Chairman of the Remuneration Committee Vice Chairman

Alex Spofforth Stephen Swift

Honorary Treasurer and Chairman of the Finance & Audit Committee

Cliff Fluet

Chairman of the Nominations Committee (from 28 April 2022)

Judah Armani

Charisse Beaumont

(elected 28 April 2022)

Jim Benner Jason Carter Stephen Daltrey Sandeep Dwesar Isabel Garvey

Co-opted pursuant to Article 47 of the Articles of Association. Due for election at the 2023 AGM

Melanie Grundy Jon Higgins Sam Jackson Edward Kershaw Kathryn Langridge Anne Mitchener Silvia Montello Richard Wigley David Williams

(elected 28 April 2022)

| Sub-committees of the Board of Trustees

Finance & Audit Committee

Stephen Swift (Chairman), Sandeep Dwesar, Kathryn Langridge, Alex Spofforth Co-opted advisor: Jocelyn Lynch

Bob Shennan (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 Deputy Chief Executive Laurie Oliva Director of Musicians’ Services Lesley Page Director of Finance

| Music Minds Matter Board

Silvia Montello - Chair Paul Firth

Reni Adadevoh Melanie Johnson Jim Benner Gareth Mellor Juliette Edwards Maria Wray Stephen Daltrey

| 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

Lincoln’s Inn, 9 New Square, 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 2022

Unrestricted Restricted Restricted Total 2022 Total 2021
Hardship Other
Note £’000 £’000 £’000 £’000 £’000
Income from:
Donations and legacies 4,150 64 362 4,576 6,116
Charitable activities - - - - 1
Other trading activities 66 - - 66 63
Investments 701 - 293 994 951
Total income 2 4,917 64 655 5,636 7,131
Expenditure on:
Raising funds 1,546 - 62 1,608 1,613
Charitable activities
Hardship support schemes - 946 - 946 3,952
Health and Welfare 3,212 - 25 3,237 3,315
Music Minds Matter - 1,112 1,112 616
Creative programme 2,774 - 113 2,887 2,043
Raising awareness 1,406 - - 1,406 1,023
Total expenditure 3 8,938 946 1,312 11,196 12562
Net expenditure and net movement
in funds before transfers and
(losses) / gains on investments 5 (4,021) (882) (657) (5,560) (5,431)
Transfers between funds 11 2,460 232 (2,692) - -
Net (losses) / gains on investments (3,448) - (1,814) (5,261) 6,035
Net movement in funds (5,008) (650) (5,163) (10,822) 603
Reconciliation of funds
Total funds brought forward 46,203 650 16,885 63,738 63,134
Total funds carried forward 12 41,195 - 11,722 52,917 63,738

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

| Balance sheets - as at 31 December 2022

Company number 00252783

GROUP CHARITY
2022 2021 RESTATED 2022
2021 RESTATED
NOTE £’000 £’000 £’000 £’000
FIXED ASSETS
Tangible assets 7a 2,259 2,488 2,259 2,488
Intangible assets 7b 308 - 308 -
Investments 8a 47,184 58,538 47,209 58,563
Social investments 8b 69 67 69 67
49,820 61,093 49,845 61,118
CURRENT ASSETS
Stock 7 20 - -
Debtors due within one year 9 2,872 2,164 3,028 2,164
Cash at bank and in hand 1,650 1,879 1,647 1,874
4,529 4,063 4,675 4,038
LIABILITIES
Creditors, falling due within one year 10 (1,349) (1,418) (1,202) (1,441)
NET CURRENT ASSETS 3,180 2,645 3,473 2,597
TOTAL ASSETS LESS CURRENT LIABILITIES 53,000 63,738 53,318 63,715
Creditors: amounts falling due after more than one year 10 (83) - (83) -
TOTAL NET ASSETS 52,917 63,738 53,235 63,715
FUNDS
Restricted funds 11 11,722 17,535 11,722 17,535
Unrestricted funds: 11
Designated funds 2,567 2,488 2,567 2,488
General funds 38,628 43,715 38,946 43,692
Total unrestricted funds 41,195 46,203 41,513 46,180
TOTAL CHARITY FUNDS 12 52,917 63,738 53,235 63,715

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 £10.5million (2021: £0.1 million).

The notes on pages 47 - 63 form part of these financial statements. The financial statements were approved and authorised for issue by the Board of Trustees on 9 March 2023 and were signed below on its behalf by:

Stephen Swift Honorary Treasurer

Bob Shennan

Chairman

46

NOTES TO THE CONSOLIDATED ACCOUNTS YEAR ENDED 31 DECEMBER 2022 47

CONSOLIDATED STATEMENT OF CASH FLOWS

| Consolidated statement of cash flows Year ended 31 December 2022

|| Consolidated statement of cash flows
Year ended 31 December 2022||| |---|---|---| ||2022|2021| ||£’000|£’000| |Net cash used in operating activities|(7,045)|(7,294)| |Cash flows from investing activities||| |Interest and dividends|994|951| |Purchase of fixed assets|(54)|(230)| |Purchase of intangible assets|(215)|-| |Proceeds from sale of investments|7,761|29,297| |Purchases of investments|(1,670)|(24,116)| |Net cash provided by investing activities|6,816|5,902| |Change in cash and cash equivalents in the year|(229)|(1,392)| |Cash and cash equivalents brought forward|1,879|3,271| |Cash and cash equivalents at the end of the year|1,650|1,879| ||2022|2021| |Reconciliation of net (expenditure) / income to net cash flow from operating activities|£’000|£’000| |Net movement in funds|(10,822)|604| |Depreciation and amortisation|144|103| |Loss on disposal|46|1| |Interest and dividends|(994)|(951)| |Movement on investments|5,261|(6,035)| |(Increase) in debtors|(708)|(117)| |Increase/(decrease) in creditors|14|(882)| |Decrease/(increase) in stock|13|(17)| |Net cash used in operating activities|(7,045)|(7,294)| ||2022|2021| ||£’000|£’000| |Cash at bank|1,650|1,879|

| Analysis of changes in net debt:

Cash
£’000
1 January 2022
1,879
Cash flows
(229)
31 December 2022
1,650		 Cash
£’000
1 January 2021
3,271
Cash flows
(1,392)
31 December 2021
1,879

| 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 three registered charities which are managed together: Musicians Benevolent Fund, Scottish Musicians Benevolent Fund and Music Minds Matter. 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.

MBF Trading Limited is included because it is wholly owned by the charity. Music Minds Matter is included because it is a Charitable Incorporated Organisation controlled 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.

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:

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.

E) INCOME

Donation income is recognised once the charity has

48

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 49

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

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.

During the year the charity idenitfied that certain restricted funds, which had previously been accounted for as separate entities within the group, were in fact part of the charity’s own reserves. The prior year figures have been restated to reflect this treatment. This has no impact on the consolidated results or balance sheet, but has resulted in an increase of £8.0m in the total funds on the charity only balance sheet at 31 December 2021.

L) TANGIBLE FIXED ASSETS

Fixed assets are stated at cost less accumulated depreciation and impairment losses. Individual assets costing more than £1,000 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

Building refurbishment 10 years for the full year from when asset is brought into use 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) INTANGIBLE FIXED ASSETS

Website and computer system development costs are recognised as intangible assets. They include all the costs directly attributable to bringing them into working condition.

Amortisation is calculated on a straight line basis as follows:

Computer system 4 years for the full year from when asset is brought into use Website 3 years for the full year from when asset is brought into use

N) 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.

O) 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.

P) STOCKS

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

Q) 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.

R) 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.

S) CASH AT HAND AND IN BANK

U) FINANCIAL INSTRUMENTS

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.

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.

T) CREDITORS AND PROVISIONS

V) PENSION SCHEME

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 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.

| 2 Analysis of group income

Unrestricted funds Restricted funds Total 2022
£’000 £’000 £’000
Donations and legacies
Legacies 3,241 - 3,241
Donations 909 362 1,271
Hardship donations - 64 64
Other trading activities
Trading income 61 - 61
Rental income 5 - 5
Investment income
Dividends 700 293 993
Bank interest 1 - 1
Total income 4,917 719 5,636
Unrestricted funds Restricted funds 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

50 NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 51

| 3a Grants payable to organisations

2022 2021
£'000 £'000
Black Lives in Music 50 50
Association of British Orchestras 7 6
The Ivors Academy 20 -
Total 77 56

| 3b Analysis of expenditure

CHARITABLE ACTIVITIES

Raising
funds		 Hardship
support
schemes		 Health
and
Welfare		 Music
Minds
Matter		 Creative
development		 Raising
awareness		 Support
costs		 Governance
costs		 2022
Total		 2021 Total
£'000 £'000 £'000 £'000 £’000 £'000 £'000 £'000 £'000 £’000
Hardship support
schemes		 - 934 - - - - - - 934 3,728
Financial and medical
grants		 - - 1,632 - - - - - 1,632 1,770
Wellbeingservices - - 287 171 - - - - 458 277
BAPAM - - 427 674 - - - - 1,101 707
Educational and project
grants		 - - - 3 1,722 - - - 1,725 917
Business support and
mentoring		 - - - - 225 - - - 225 167
National Grants
- - - - - - - - - -
programme
Research - - 34 - 59 - - - 93 112
Staff costs 774 5 484 155 485 597 892 175 3,567 3,309
Training and
recruitment		 - - - - - 1 94 30 125 93
Events 42 - - - - -6 - 23 59 63
Publicityand advertising 25 - 2 - - 90 - - 117 110
Operations 22 - 3 - 1 21 397 1 445 412
Travel and subsistence 3 - 28 2 33 20 3 20 109 83
Legal and professional
fees		 51 - 2 27 - 80 87 24 271 382
Investment manager
fees		 141 - - - - - - - 141 295
Depreciation and
amortisation		 - - - - - - 144 - 144 103
Other costs 50 - - - - - - - 50 34
Total direct expenditure 1,108 939 2,899 1,032 2,525 803 1,617 273 11,196 12,562
Support and
governance costs		 500 7 338 80 362 603 (1,617) (273) - -
Total expenditure 1,608 946 3,237 1,112 2,887 1,406 - - 11,196 12,562

| 2021 Analysis of expenditure (comparative)

CHARITABLE ACTIVITIES

Raising
funds		 Hardship
support
schemes		 Health
and
Welfare		 Music
Minds
Matter		 Creative
development		 Raising
awareness		 Support
costs		 Governance
costs		 2021 Total
£’000 £'000 £'000 £’000 £'000 £'000 £'000
Hardship support
schemes		 - 3,728 - - - - - - 3,728
Financial and medical
grants		 - 0 1,770 - - - - - 1,770
Wellbeingservices - 0 157 113 7 - - - 277
BAPAM - - 366 341 - - - - 707
Educational and project
grants		 - - - 18 897 - 2 - 917
Business support and
mentoring		 - - - - 167 - - - 167
Research - - 37 75 - - - 112
Staff costs 687 30 451 125 385 450 1,034 147 3,309
Trainingand recruitment - - - - - 55 38 93
Events 37 - - 1 2 23 - 63
Publicityand advertising 17 - - - - 93 - - 110
Operations 23 - 3 - 1 23 362 - 412
Travel and subsistence 2 - 24 - 25 1 1 30 83
Legal and professional
fees		 9 - 47 - 71 91 162 2 382
Investment manager fees 295 - - - - - - - 295
Depreciation - - - - - 103 - 103
Other costs 34 - - - - - - - 34
Total direct expenditure 1,104 3,758 2,855 597 1,629 660 1,1742 217 12,562
Support and governance
costs		 509 194 460 19 414 363 (1,742) (217) -
Total expenditure 1,613 3,952 3,315 616 2,043 1,023 - - 12,562

The charity has given 8,046 grants totalling £4.3m to individuals in 2022 (2021:29,080 grants totalling £6.4m) and £77k in grants to 3 organisations (2021: £56k to 2).

52

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 53

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

| 4 Staff costs

|| 4 Staff costs||| |---|---|---| ||2022|2021| ||£'000|£'000| |Salaries and wages|2,618|2,626| |Social security costs|284|260| |Employer’s contribution to defined contribution pension scheme|267|263| ||3,169|3,149| |Other employee benefits|53|12| |Agency staff|143|38| |Self-employed fees|202|110| ||3,567|3,309| |In addition, redundancy costs are analysed in the table below:||| ||2022|2021| ||£'000|£'000| |Redundancy payments|16|60| ||16|60|

The charity paid £16,388 (2021: £59,989) in ex gratia termination payments as compensation for loss of employment. There were no related pension payments.

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

2022 2021
No. No.
£60,001 - £70,000 3 2
£80,001 - £90,000 - 2
£90,001 - £100,000 1 -
£100,001 - £110,000 - 1
£110,001 - £120,000 1 -
£130,001 - £140,000 - 1
£150,001 - £160,000 1 -

Six employees earning more than £60,000 (2021: six) participated in the defined contribution scheme. Contributions of £41,077 (2021: £54,665) 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 £503,264 (2021: £431,627).

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

2022 2021
No. No.
Raising funds (fundraising) 13 13
Hardship support schemes - 5
Health & Welfare 11 11
Music Minds Matter 2 2
Creative development 12 11
Raising awareness (communications) 9 10
Support (finance and operations) 13 14
Governance (secretariat) 3 3
Total 62 69

| 5 Net expenditure for the year

2022 2021
£'000 £'000
This is stated after charging:
Auditor's remuneration (excluding VAT):
Audit 22 25
Other services 7 6
Operating lease rentals 2 4
Depreciation 98 103
Amortisation 46 -

| 6 Trustees’ remuneration and expenses

None of the Trustees received remuneration during the year (2021: none).

Expenses totalling £2,218 (2021: £4,000) were reimbursed or paid on behalf of eight members of the Board of Trustees (2021: four). These payments relate mainly to travel costs.

| 7a Tangible fixed assets - group and charity

Freehold Leasehold Building Fixtures and Computer
property property refurbishment fittings equipment Total
£'000 £'000 £'000 £'000 £'000 £'000
COST
At the start of the year 2,280 100 820 157 462 3,819
Transfer to Intangible fixed - - - - (311) (311)
assets (see note 7b)
Additions - - 35 8 11 54
Disposals* - - (439) (153) (120) (712)
At the end of the year 2,280 100 416 12 42 2,850
ACCUMULATED
DEPRECIATION
At the start of the year 326 - 569 148 288 1,331
Transfer to Intangible fixed - - - - (172) (172)
assets (see note 7b)
Charge for year 48 - 36 4 10 98
Depreciation on disposals - - (423) (150) (93) (666)
At the end of the year 374 - 182 2 33 591
NET BOOK VALUE
At the end of the year 1,906 100 234 10 9 2,259
At the start of the year 1,954 100 251 9 174 2,488

54 NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 55

| 7b Intangible fixed assets - group and charity

Website Computer system Total
£’000 £'000 £'000
COST
At the start of the year - - -
Transferred from Fixed Assets** 17 294 311
Additions 120 95 215
At the end of the year 137 389 526
ACCUMULATED AMORTISATION
Transferred from Fixed Assets** - 172 172
Charge for year 16 30 46
At the end of the year 16 202 218
NET BOOK VALUE
At the end of the year 121 187 308
At the start of the year - - -

** During the year, previously capitalised costs relating to the computer system and website have been transferred from fixed assets to intangible fixed assets. The accumulated deprecation for these fixed assets has also been transferred and is now shown as accumulated amortisation.

| 8a Investments

|| 8a Investments||||||| |---|---|---|---|---|---|---| |||GROUP|||CHARITY|2021| ||2022||2021|2022|Restated|| ||£’000||£’000|£’000||£’000| |Fair value at the start of the year|57,553||57,620|57,578||57,645| |Additions at cost|1,671||24,116|1,671||24,116| |Disposal proceeds|(8,004)||(30,217)|(8,004)||(30,217)| |Unrealised gains|(4,984)||4,238|(4,984)||4,238| |Realised (losses) / gains|(277)||1,796|(277)||1,796| ||45,958||57,553|45,983||57,578| |Cash held by investment managers|1,226||985|1,226||985| |Fair value at the end of the year|47,184||58,538|47,209||58,563| |Historical cost at the end of the year|42,254||45,494|42,254||45,594| |INVESTMENTS COMPRISE:||||||| |||GROUP|||CHARITY|| ||2022||2021|2022||2021| ||£’000||£’000|£’000||£’000| |UK investment funds|45,953||57,548|45,953||57,548| |UK investment in trading subsidiaries|-||-|25||25| |UK unlisted shares|5||5|5||5| |Cash|1,226||985|1,226||985| ||47,184||58,538|47,209||58,563|

| 8b Social investments

GROUP CHARITY
2022 2021 2022 2021
£’000 £’000 £’000 £’000
Concessionary loans 69 67 69 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 25

Income from the trading subsidiary is received by way of Gift Aid. Please refer to note 13 for further details.

| 9 Debtors due within one year

GROUP CHARITY
2022 2021 2022 2021
£’000 £’000 £’000 £’000
Sales debtors 135 - 32 -
Accrued legacy income 2,442 1,245 2,442 1,245
Prepayments 188 111 141 111
Current accounts with charitable subsidiaries - - 305 -
Other debtors 107 808 108 808
2,872 2,164 3,028 2,164

| 10 Creditors falling due within one year

GROUP CHARITY
2021
2022 2021 2022
 Restated
£’000 £’000
£’000		 £’000
Trade creditors 59 68 59 65
Accruals 489 379 312 376
Other taxes & social security 102 117 97 116
Current accounts with trading subsidiaries - - 36 30
Grants payable 699 854 698 854
1,349 1,418 1,202 1,441
Creditors falling due more than one year
Grants payable 83 - 83 -
ANALYSIS OF GRANTS PAYABLE GRANTS TO INDIVIDUALS GRANTS TO ORGANISATIONS
Hardship Financial Creative Creative Group total
£'000 £'000 £'000 £'000 £'000
Commitments as at 1 January 2022 - 300 501 53 854
Grants awarded in year 934 1,632 1,722 77 4,365
Payments made in year (934) (1,638) (1,752) (114) (4,438)
Commitments as at
31 December 2022		 - 294 471 16 781
Due within one year - 294 388 16 698
Due more than one year - - 83 - 83
Commitments as at 31 December
2022		 - 294 471 16 781

56

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 57

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

GROUP CHARITY
2022 2021 2022 2021
£’000 £’000 £’000 £’000
ANALYSIS OF DEFERRED INCOME
As at 1 January 2022 - 100 - 100
Released in year - (100) - (100)
At 31 December 2022 - - - -

Funds held as agent

During 2022 and 2021 we acted as agent for the Music Managers Forum (MMF) to facilitate the receipt of funds and distribute payments of their Hardship fund. These transactions do not show as part of Help Musicians income, expenditure or funds.

2022 2021
£’000 £’000
Balance of funds as at 1 January 2022 1 118
Funds received on behalf of MMF - 168
Payments made on behalf of MMF (1) (285)
Balance of funds as at 31 December 2022 - 1

| 11 Movement in funds

Notes to restricted funds

Notes to designated funds

At 1 Jan 2022 Income Expenditure Gains Transfers At 31 Dec 2022
£’000 £’000 £’000 £’000 £’000 £’000
RESTRICTED FUNDS
Hardship support schemes 650 64 (946) - 232 -
Alan Fluck Memorial Fund 469 9 (2) (60) - 416
Jacquéline du Pré Special Fund 2,545 57 (12) (373) - 2,217
Ian Fleming Music Awards Fund 2,375 62 (66) (312) - 2,059
Miriam Licette Scholarship Fund 656 9 (2) (59) (191) 413
Willis Grace Grant Trust 2,962 42 (9) (271) (878) 1,846
Sybil Tutton Charitable Trust 7,848 114 (84) (739) (2,398) 4,741
Gwyneth Harrison Gift 30 - - - - 30
Music Minds Matter - 337 (1,112) - 775 -
Regions
Scotland - 21 (21) - - -
Northern Ireland - 4 (4) - - -
Group and Charity restricted 17,535 719 (2,258) (1,814) (2,460) 11,722
funds
GROUP UNRESTRICTED FUNDS
Designated (fixed assets) 2,488 269 (190) - - 2,567
General funds 43,715 4,645 (8,748) (3,445) 2,460 38,628
Group restricted funds 46,203 4,914 (8,938) (3,445) 2,460 41,195
Group total funds 63,738 5,633 (11,196) (5,259) - 52,917
CHARITY UNRESTRICTED FUNDS
Designated (fixed assets) 2,488 269 (190) - - 2,567
General funds 43,715 4,647 (8,748) (3,477) 2,460 38,628
MBF Trading (23) - - - 23 -
Music Minds Matter - - - - 318 318
Charity unrestricted funds 46,180 4,916 (8,938) (3,447) 2,801 41,513
Charity total funds 63,715 5,635 (11,196) (5,261) 341 53,235

58

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 59

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

| 12a Analysis of group net assets between funds

Unrestricted funds £’000 Restricted funds £’000 Total funds £’000

FUND BALANCES AT 31 DECEMBER 2022 ARE REPRESENTED BY:

Tangible and intangible fixed assets
Investments
Social investments
Current assets
Current liabilities
Creditors due after one year		 2,567
-
2,567
38,798
8,386
47,184
69
-
69
1,193
3,336
4,529
(1,349)
-
(1,349)
41,195
11,722
52,917
(83)
-
(83)
Total net assets 41,195
11,722
52,917
ANALYSIS BY FUND
Tangible and
intangible
fixed assets
Investments
Social
investments
Current
assets Total liabilities
Net assets
£’000
£’000
£’000
£’000
£’000
£’000
UNRESTRICTED FUNDS
Help Musicians
-
38,798
69
982
(931)
38,918
MBF Trading
-
-
-
48
(15)
33
Music Minds Matter
-
-
-
163
(486)
(323)
DESIGNATED FUNDS
Fixed asset fund
2,567
-
-
-
-
2,567
2,567
38,798
69
1,193
(1,432)
41,195
RESTRICTED FUNDS
Hardship support schemes
-
-
-
-
-
-
Alan Fluck Memorial Fund
-
256
-
160
-
416
Jacqueline Du Pré Special Fund
-
1,606
-
611
-
2,217
Gwyneth Harrison Gift
-
-
-
30
-
30
Ian Fleming Music Awards Fund
-
1,923
-
136
-
2,059
Miriam Licette Scholarship Fund
-
254
-
159
-
413
Willis & Grace Grant Trust
-
1,164
-
682
-
1,845
Sybil Tutton Charitable Trust
-
3,183
-
1,558
-
4,740
-
8,386
-
3,336
-
11,722
Total
2,567
47,184
69
4,529
(1,432)
52,917

| 12b Analysis of charity net assets between funds

Unrestricted funds £’000 Restricted funds £’000 Total funds £’000

FUND BALANCES AT 31 DECEMBER 2022 ARE REPRESENTED BY:

Tangible and intangible fixed assets
Investments
Social investments
Current assets
Current liabilities
Creditors due after one year		 2,567
-
2,567
38,823
8,386
47,209
69
-
69
1,339
3,336
4,675
(1,202)
-
(1,202)
41,596
11,722
53,318
(83)
-
(83)
Total net assets 41,513
11,722
53,235
ANALYSIS BY FUND
Tangible and
intangible
fixed assets
Investments
Social
investments
Current
assets Total liabilities
Net assets
£’000
£’000
£’000
£’000
£’000
£’000
UNRESTRICTED FUNDS
Help Musicians
-
38,798
69
1,339
(1,285)
38,921
MBF Trading
-
25
-
-
-
25
DESIGNATED FUNDS
Fixed asset fund
2,567
-
-
-
-
2,567
2,567
38,823
69
1,339
(1,285)
41,513
RESTRICTED FUNDS
Hardship support schemes
-
-
-
-
-
-
Alan Fluck Memorial Fund
-
256
-
160
-
416
Jacqueline Du Pré Special Fund
-
1,606
-
611
-
2,217
Gwyneth Harrison Gift
-
-
-
30
-
30
Ian Fleming Music Awards Fund
-
1,923
-
136
-
2,059
Miriam Licette Scholarship Fund
-
254
-
159
-
413
Willis & Grace Grant Trust
-
1,164
-
682
-
1,845
Sybil Tutton Charitable Trust
-
3,183
-
1,558
-
4,740
-
8,386
-
3,336
-
11,722
Total
2,567
47,209
69
4,675
(1,285)
53,235

60

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 61

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

| 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		 2022
£’000
2021
£’000
61
58
(54)
(37)
7
21

THE ASSETS AND LIABILITIES OF THE SUBSIDIARY WERE:

THE ASSETS AND LIABILITIES OF THE SUBSIDIARY WERE:
Current assets
Current liabilities
Share capital		 2022
£’000
2021
£’000
48
54
(15)
(9)
33
45

Results of charitable subsidiary

The charity controls Music Minds Matter a Charitable Incorporated Organisation registered on 26 July 2022 (charity registration no: 1199795). Music Minds Matter is located at 7 -11 Britannia Street, London, WC1X 9JS and is engaged in activities to support all members of the music industry access mental health guidance and support.

Donation income
Wellbeing services
BAPAM
Other Costs
THE ASSETS AND LIABILITIES OF THE SUBSIDIARY WERE:
Current assets
Current liabilities
Net assets		 2022
£’000
117
(97)
(248)
(95)
(323)
2022
£’000
163
(486)
(323)

| 14 Related party transactions

During 2022, 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 charity which makes awards of various kinds and is managed by the charity’s own committees:

• Scottish Musicians Benevolent Fund (SCO12597)

Aggregate donations received from Trustees during the year were £2,426 (2021: £2,157).

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 £265,380 (2021: £263,665). Included in other creditors is £24,476 (2021: £21,683) 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
2022
£’000
2021
£’000
3
1
7
-
10
1

The charity will receive £4,800 rent in the next year (2021: £4,800) .

| 17 Consolidated Statement of Financial Activities (prior year)

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

62 NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022 63

| 18 Movement in funds (prior year)

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) - 1,904 442
Alan Fluck Memorial Fund 424 8 (3) 40 - 469
Jacquéline du Pré Special Fund 2,261 50 (18) 252 - 2,545
Ian Fleming Music Awards Fund 2,167 65 (86) 229 - 2,375
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
Gwyneth Harrison Gift 35 - (5) - - 30
Music Minds Matter - 213 (452) - 239 -
Regions
Scotland - 61 (148) - 87 -
Northern Ireland - 55 (145) - 90 -
Creative development - 310 (310) - - -
Career Development - 73 (73) - - -
Covid website - 10 (12) - 2 -
Group and Charity total -
restricted funds		 14,493 3,241 (5,328) 1,244 3,885 17,535
Unrestricted funds
Designated (fixed asset) 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

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

Unrestricted funds Restricted funds Total funds
£’000 £’000 £’000
FUNDS AT 31 DECEMBER 2021
WERE 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 Social Current Total
fixed assets Investments investments assets 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
- 8,853 - 8,681 - 17,535
Totals 2,488 58,539 67 4,062 (1,418) 63,738

----- Start of picture text -----
helpmusicians.org.uk
HelpMusiciansUK
HelpMusicians
helpmusicians
----- End of picture text -----