## **Worshipful Company of Musicians Charitable Fund**
# **Trustee’s Report and Financial Statements**
**FOR THE YEAR ENDED 31 DECEMBER 2025**
Charity Registration Number 310040
**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Contents
|ontents||
|---|---|
|Introduction and Purpose of the Charity|1|
|Chief Executive’s Foreword|2|
|Achievements and Performance:||
|• Awards, Grants and Prizes|3|
|• Young Artists’ Programme|5|
|Financial Review|8|
|Governance and Structure|10|
|Statement of Financial Activities|14|
|Balance Sheet|16|
|Cashfow statement|17|
|Notes to the Financial Statements|18|
|Independent Auditor’s Report|31|
**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Introduction and Purpose of the Charity
The Charity is the charitable arm of The Worshipful Company of Musicians which is an ancient craft guild devoted to the performing arts. It is a Company rich in history yet in tune with the modern world and the challenges facing young musicians.
In 1350, a Fraternity of Minstrels in London was established, which became the Musicians’ Company in 1500. James I granted the Company’s Royal Charter in 1604. In 2026, the Company celebrates its 525th anniversary since its founding. Its members, known as Liverymen and Freemen, are performers, composers, instrument makers, teachers, administrators and music lovers.
The Worshipful Company of Musicians Charitable Fund, formed in 1999, provides scholarships, prizes and performance opportunities across a variety of musical disciplines, helping to raise standards of scholarship and performance practice likely to benefit the profession of music in general.
Its objects are to support the general charitable purposes of the Worshipful Company of Musicians. It meets these objects by encouraging, supporting and promoting musical performance and education to the highest professional standards. Through the Young Artist Programme, the charity focuses on helping young musicians at the start of their professional careers.
The Charity Commission approved the Court’s resolution of 28th March 2025 for a change to be made of the current Scheme to allow the merging of the charities named below and for the Charity to be administered in four branches:-
## **1. The Medal Branch**
## **2. The Prize and Scholarship Branch**
## **3. The Welfare Branch**
## **4. The General Branch**
With the above new arrangements in place, the Charity Commission further approved the Court’s Resolution of 16 July 2025 to administer and merge the following associated charities on 1 July 2025:-
(a) **The Musicians’ Company Fund** (previously known as The Worshipful Company of Musicians Allcard Fund), a registered charity (No. 264303 – England and Wales) governed by a scheme created on 26 November 2001, and
(b) **The Concordia Foundation Artists Fund** (No. 1132981 – England and Wales) governed by a Trust deed dated 5 May 2009 and registered with the Charity Commission on 25 November 2009.
with **The Worshipful Company of Musicians Charitable Fund** (No. 310040 - England and Wales).
It had been long recognised that the three charities had almost identical aims and objectives and were viewed by the outside world not as distinct charities but simply as aspects of the Company’s overall and significant charitable activities. This merger has simplified administration and reduced costs, thus leaving more available for the charities’ purposes.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Chief Executive’s Foreword
As the funding landscape for training in music and the creative arts becomes increasingly challenging, the role of the Worshipful Company of Musicians Charitable Fund has never been more vital. Now more than ever, young artists are facing significant financial pressure to develop their careers and the charity’s awards and grants are a core expression of its charitable purpose and key source of external credibility.
The Charity operates within a crowded and evolving musical landscape. A very large number of organisations, including other Livery Companies, support emerging musicians in the UK through awards, bursaries, training and outreach. Expectations of inclusion, transparency and measurable outcomes have increased. In this environment, the Company’s advantage is not scale but distinctiveness: historic legitimacy, civic identity, deep membership expertise, and our long standing awards infrastructure.
The Charity has continued to support musical excellence through its grants and awards, and to extend access and professional development through the Young Artists’ Programme.
This year the charity presented 20 medals and £173,960 of prize funding for our students and early-career musicians. 2025 has been a year of both delivery and reflection as the trustees and executive developed a new 5-year strategic plan (2026-2031) which was endorsed by the Trustee in April 2026.
The trustees and executive would like to express their gratitude to the members and supporters who generously made donations this year to the Young Artists Programme and Company Awards, as well as those members and industry professionals who supported the many jury panels, work in schools and concert programmes.
**Neil Constable OBE CEO**
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Achievements and Performance
## Awards, Grants and Prizes
The Charity gives over 40 awards annually spending over £250,000 to support young musicians at all the conservatoires, university music departments, military schools of music and the newer music establishments in the UK; alongside awards such as the New Elizabethan Award and the Dankworth Prizes for Jazz Composition, supporting a wide range of genres, including jazz, popular music, music theatre, and video gaming.
The Charity is also a long-standing supporter of military music, with the awarding of the Cassel silver and bronze medals and the Bandmaster Medal to Bandmasters and early-career musicians in the Royal Military School of Music, the Royal Marines School of Music and the Royal Air Force.
Medals, prizes and awards presented by the Charity to early career musicians in 2025 were awarded to:
Collard Fellowship Stephanie Godwin John Christie Award Charles Cunliffe _baritone_ The Prince’s Prize Strahinja Mitrović _double bass_ and Mabelle Park _violin_ Musicians’ Company Award Danushka Edirisinghe _cello_ Musicians’ Company Award Maia Roberts _flute_ Salaman Seelig Award Jay Broadhurst _tenor_ David Goldman Award Aries Chow _violin_ Carnwath Piano Scholarship Sejin Yoon Ivor Mairants Guitar Award Tohi Harada RAM Brass Ensemble Prize Five By 5: Ellinor Bengtson, Sigrid Bengtsson, Volodymyr Bykhun, Sasha Canter, Malte Stunding _trumpets_ Harriet Cohen Bach Prize Luke Mitchell GSMD Orchestral Artistry Scholarship Aidan Campbell _bassoon_ Lambert Fellow Maria Linares Molero _piano_ Lambert Scholar Alexander Doronin _piano_ Lambert Scholar Misha Kaploukhii _piano_ Lambert Scholar Ben Matson _cello_ Lambert Scholar Gabin Montet _violin_ Lambert Scholar Jonathan Stevens _trombone_ Lambert Scholar Sasha Parker _violin_ Tina May Jazz Award Lucy-Anne Daniels _voice_ Music Direction in Music Theatre Madeleine Baron Biddy Baxter and John Hosier Amy Karensa _mezzo-soprano_ Music Trust Awards Winnie Su _piano_ St Paul’s Cathedral Chorister Ethan Tregear-Glynn
## **Silver Medals**
Royal Academy of Music Royal College of Music Royal Northern College of Music Royal Conservatoire of Scotland
Matteo Hager _violin_ Ílayda Oğuz _piano_ Madeleine Brown _piano_ Ethan Loch _piano_
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
Royal Welsh College of Music & Drama Royal College of Organists Royal Birmingham Conservatoire Guildhall School of Music & Drama Trinity Laban London College of Music
Owain Rowlands _baritone_ Pascal Bachmann Jinhe Huang _viola_ Strahinja Mitrović _double bass_ Juliet Beadle _flute_ Laila Samy _voice_
## **Royal Marines School of Music**
Bandmaster Cassel – Silver Medal Cassel – Bronze Medal
Sergeant Ruth Wardle Musician Josef O’Connor Musician Robin Silcock
## **Royal Military School of Music**
Bandmaster Cassel – Silver Medal Cassel – Bronze Medal
Student Bandmaster Dominica Hallstead-Brooks Musician Sally Cowling Musician James Aylmer-Hall
## **Royal Air Force**
Cassel – Silver Medal Cassel – Bronze Medal
Air Specialist Class 1 Adelaide Starling Air Specialist Class 1 Robbie Marrs
The Charity also has several awards that recognise the lifetime achievements of the country’s most distinguished musicians across all genres, such as the Jazz Lifetime Achievement Award, the Cobbett Medal for Services to Chamber Music, the Choral Director Lifetime Achievement Award, the Iles Medal for Services to Brass Bands and the annual Charles Santley Memorial Gifts.
This year medals were presented to:
Cobbett Medal for services to Chamber Music Santley Awards for distinguished singers Jazz Lifetime Achievement Choral Director Lifetime Achievement Iles Medal for Services to Brass Bands Mortimer Medal for Services to Brass Bands
Sally Beamish OBE Marie McLaughlin and Jonathan Lemalu John Etheridge David Hill Paul Holland Louise Renshaw
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Young Artists’ Programme
The Young Artists’ programme launched in 2000 nurtures outstanding award winners during the vital first five years of their music careers with opportunities for performances at the Wigmore Hall and UK music festivals, leading participatory programmes in schools and music hubs, and professional development programmes.
The programme aims to equip young artists with the skills, experience and confidence needed to build sustainable careers, while delivering meaningful cultural and social impact through performance, participation and learning.
In 2025, the programme continued to strengthen the connection between emerging professional practice and community engagement across the UK.
Participation remained central to the programme’s mission. Across the year, seven long-term school projects took place in primary and SEND schools, complemented by twelve one-off sessions in primary and secondary settings, as well as concerts for audiences with memory loss. These projects prioritised access, creativity and sustained engagement, particularly in areas with high
levels of disadvantage. In total, the Young Artists’ Programme delivered 76 participation visits, reaching an estimated 2,010 participants and supporting increased confidence, musical skills and enthusiasm for continued involvement in music.
Performance opportunities provided vital professional platforms for our Young Artists. In 2025, the Charity presented two concerts at the Wigmore Hall showcasing Young Artists:
- On 30 April 2025, mezzo-soprano Nancy Holt, accompanied by Ashley Beauchamp, and double bassist Strahinja Mitrović, accompanied by Salome Jordania. Nancy Holt was a previous Saloman Seelig Award winner; Strahinja Mitrović was a Company Award winner and a Guildhall School of Music Gold Medal winner.
- On 19 June 2025, tuba player Archie McVicar accompanied by pianist Adam Johnson, and pianist Marvin Beli. Archie McVicar was a Company Award winner, and Marvin Beli won the Company’s Carnwath Piano Scholarship. Both concerts were well supported by Company Members and audiences alike.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
Two Jazz Concerts were programmed: the Tina May 2024 Award Winner Young Jazz Musician Award Winner Nico Widdowson performing with his band at the Soho Jazz Club, Pizza Express Dean Street on 29 June 2025; and The Tina May Award competition on 7 September 2025, with six young jazz singers and a band made up of past winners. Lucy-Anne Daniels was declared the panel’s winner and was awarded a Winner’s Gig in July 2026.
Six subsidised national music festivals showcased the work of thirteen Young Artists across a variety of musical genres. These opportunities enabled artists to gain experience in professional venues, reach new audiences and develop their artistic profiles.
Professional development underpinned all programme activity, supporting Young Artists to grow as performers, communicators and leaders. Targeted support included ISM subsidies and a skills-based workshop focused on confident communication. These opportunities ensured that
learning was embedded across performance and participation work, strengthening artists’ longterm career development.
Across the year, a total of 35 different Young Artists engaged with the programme, reflecting its expanding reach and continued growth.
In 2026, the programme aims to expand the number of Young Artists engaged, increase performance opportunities, offer more professional development workshops and talks, diversify participation activity, and strengthen the sense of collective identity among Young Artists.
Achieving these ambitions depends on additional funding. Donations enable us to invest in young talent, widen access to music and sustain highquality opportunities nationwide. Company Members can support the future of the Young Artists’ Programme by donating and helping to extend the Charity’s impact even further.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## A Case Study from the Young Artists’ Programme
Heather Brooks’ (harpist, winner of the 2022 David Goldman Award) journey through the Young Artists’ Programme offers a compelling case study in the impact of the programme on the long-term success and career development of our young artists.
Initially focused on performance, Heather found it difficult to access teaching opportunities as a harpist, but the programme provided a crucial entry point. Through leading workshops and working directly with young people, she discovered an unexpected passion for teaching, describing it as “the most wonderful thing.”
The programme created a supportive environment in which she could experiment, build confidence, and develop practical skills, particularly in inclusive settings such as SEND schools. This hands-on experience not only broadened her understanding of music’s role beyond performance but also deepened her appreciation of its communicative and emotional power.
Her work at Bedelsford SEND School exemplifies this growth. Through improvisation, structured musical explorations, and creative activities, Heather learned to adapt her musicianship to meet diverse needs, fostering connection and self-expression among pupils. Her experience in the programme has strengthened her ability to communicate, lead, and respond intuitively, key qualities of an effective educator and musician. This dual development as both musician and teacher has been recognised in her receiving the Patricia Prindl Prize for Outreach in 2025. Heather’s story highlights how the Young Artists’ Programme not only nurtures technical excellence but also cultivates socially engaged, reflective artists who are equipped to make a meaningful impact through music.
## Public Benefit
The Charity delivers public benefit by advancing musical education, supporting emerging musicians, and widening access to music and the Trustee has
had regard to the Charity Commission guidance on public benefit.
## Equality, Diversity and Inclusion (EDI)
The Charity is committed to acting in accordance with recognised principles of Equality, Diversity and Inclusion. As an organisation that supports musicians across genres, backgrounds and stages of life, the Charity recognises that excellence in music is strengthened by openness, fairness of access, and breadth of representation.
EDI is not an adjunct to the Charity’s mission but an expression of it. The Charity will therefore seek to ensure that its activities, application and awards processes, Young Artists’ Programme delivery, and public-facing work, are conducted in ways
that promote equitable opportunity, minimise systemic barriers, and encourage participation from individuals of varied backgrounds, musical traditions, and lived experiences.
This commitment reflects both legal obligations and the Charity’s values of Inclusion, Fellowship and Stewardship. It will be pursued proportionately and practically, recognising the Company’s scale, while ensuring that policies, adjudication processes, and engagement practices remain fair, transparent and welcoming.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Financial Review
The results for the year ended 31 December 2025 are shown on page 14 of the financial statements. Due to the completion of the merger of the Charity with two associated charities, the accounts have been prepared on a merger accounting basis for this year, which combines the accounts as if the charities were
always one entity. This assists when demonstrating the trends and financial performance.
The Trustee believes that the financial position of the Charity is sufficient for its immediate purposes.
## Reserves Policy
As a grant and awards-making body that provides neither services nor materials and has no long-term grant commitments to which it is legally bound, the Charity has no requirement for reserves in the normal sense.
Furthermore, the unrestricted fund is a capital fund by nature but is held on terms which allow the Trustee to draw on it to provide additional resources to fund charitable spending which cannot be fully met by income. The Charity’s investment strategy aims to ensure long term capital growth of the unrestricted fund will exceed the levels required to protect the capital from the effects of inflation.
Subject to achievement of that aim, the Charity may choose to allocate some of that growth to support expenditure without reducing the value of the fund in real terms.
As at 31 December 2025, the Charity held free reserves of £5,552,689. Whilst the £600,000 income generation requirement is met by the reserves held, it is the Trustee’s ambition to generate additional capital from legacies and donations, to protect the Charity from the risk of poorer rates of financial return on investment portfolios, and to increase the scope of its work.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Investment Management
The Charity’s expenditure is met by transfers from the permanent endowment portfolio held with Towers Watson under a total returns policy, or from investment income from a portfolio with Rathbones.
It is the policy of the Trustee to maintain and enhance the value of the permanent endowment funds in order to enable the level of grants, prizes and scholarships awarded to be maintained, having regard to the need to maintain such funds in perpetuity.
From 1 January 2018, the Trustee adopted a total returns approach to the permanent endowment funds held with Towers Watson.
The initial value for implementing the total return approach was determined at 31 December 2001 when the value of the endowment funds at that
date was £2,077,025. Taking account of subsequent additions, a value of £2,033,781 is being used as a proxy for the original value of the endowment funds as at 1 January 2018. The fund reconciliation is disclosed in note 6 to the financial statements.
The investment policy is to adopt a medium risk investment strategy with the intention of achieving a real rate of return (i.e. above inflation and investment fees) over periods of 5 years, allowing for the volatility of markets.
In 2025, it was agreed to invest £2,750,000 from the Eugenie Maxwell Estate, with Rathbones. The investment objective is to deliver a total return of CPI plus 2% per annum.
The Charity draws down income each quarter from its investments, as necessary, to meet the costs of the Company’s awards and associated costs.
## Risk
The Trustee approved a new approach to risk as part of the new 5-year Strategic Plan which simplified and strengthened the overall approach to risk by clearly separating strategic risk from operational risk and control through a two-layer model.
1. A Trustee-owned Enterprise Risk Register, focussed on risks to deliver the strategy (financial sustainability, capacity, governance, strategic drift, safeguarding governance etc.)
2. An Operational Risk Register for the Charity, focussed on delivery-level risks (Young Artist Programme, safeguarding controls, fundraising, administration, IT, staffing), primarily mitigated through a control framework led by the CEO.
The Trustee continues to monitor the ongoing risks that global events present to the Charity’s ability to sustain the real value of its investment funds whilst generating the income necessary to sustain its desired level of activities and programmes. The Investment Sub-Committee continues to monitor, assess and take action as appropriate.
The Trustee is satisfied that all material and reasonably foreseeable risks have been identified, with systems and controls in place to manage those risks.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Approach to Fundraising
The Trustee devolves responsibility for fundraising to the Clerk and their team, whilst the Trustee retains oversight of these activities as they relate to the Charity.
Members make contributions to the Charity in many forms, including financial gifts, grants, legacies, subscribing to annual philanthropy programmes such as the Young Artists Programme, and by attending fundraising events.
Those involved in managing fundraising activities ensure the following:
- to treat donors with respect and be responsible for and compliant with personal data legislation;
- to implement a clear and transparent policy for the acceptance of donations which are aligned with the Charity’s values, strategic goals and financial needs;
- to nurture strong and positive relationships with donors, meeting the needs and demonstrating the impact of philanthropy.
The Charity did not receive any complaints from donors or members of the public about their fundraising practices this year.
## Governance and Structure
The Charity is the charitable arm of The Worshipful Company of Musicians which is an ancient craft guild devoted to the performing arts. The Charity is administered under a revised Scheme approved by the Charity Commission in 2025, with its objects being to support the general charitable purposes of the Worshipful Company of Musicians. The Company’s members, known as Liverymen, are performers, composers, instrument makers, teachers, administrators and music lovers.
The Trustee of the Charity is The Worshipful Company of Musicians, which conducts its responsibilities through the Court of the Company.
Additional, appropriately experienced, Liverymen are included in the Finance, Investment Sub Committee and Grants and Awards Committees.
Court members learn about the business of the Charity and their responsibilities through the work of the Court and the Committees, and an induction programme when appointed. As they will have been members previously of the Livery of the Company, they will have attended the Company’s induction sessions, receive Annual Reports, Yearbooks and the Company’s regular publication _Preserve Harmony_ which describe the work of the Company and the Charity it manages.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
**Address** 1 Speed Highwalk, Barbican, London, EC2Y 8DX **Website** www.wcom.org.uk **Email** clerk@wcom.org.uk **Trustee** The Worshipful Company of Musicians
**CEO/Clerk** N Constable OBE **Deputy Clerk** A Ratcliffe **Young Artists’ Programme Manager** E LaPlante **Finance Manager** C Harries FCA **Honorary Treasurer** A Spofforth FCA **Honorary Counsel** R Salter KC **The Advisors** Bankers C Hoare & Co, 37 Fleet Street, London, EC4P 4DQ Independent Auditor Buzzacott Audit LLP, 130 Wood Street, London, EC2V 6DL Investment managers Towers Watson Investment Management, 51 Lime Street, London, EC3M 7DQ Rathbones Group PLC, 30 Gresham Street, London, EC2V 7QN
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
## Looking Forward
In 2026, the Worshipful Company of Musicians marks its 525th Anniversary. This milestone is more than a celebration of longevity: it is a reminder of stewardship. For over five centuries the Company has upheld musical excellence, fellowship, civic duty and charitable service - a heritage that makes us distinct from and unique amongst other music charities.
The new Strategic Plan for the Company and Charity sets out the next chapter in that stewardship for the period 2026–2031.
The Plan is forward looking and disciplined. It recognises a competitive musical ecosystem, heightened expectations of governance and impact, and the need to reduce reliance on capital drawdown through stronger unrestricted income and structured fundraising. It also recognises that the Company and Charity’s distinctive assets, for instance, its heritage, the prestige of its awards, the expertise of its members, and the Young Artists Programme, all provide a unique platform for renewed relevance and visibility.
The strategy is organised around four pillars:
- _Pillar 1:_ **Membership, Fellowship and Civic Life**
- _Pillar 2_ :
- **Awards, Grants and Charitable Impact**
- _Pillar 3:_ **Young Artists Programme**
- _Pillar 4:_ **Finance and Resources**
In addition, a series of Core Support Functions will ensure delivery discipline and Court/Trustee oversight. These are:
Communications & Profile, Governance & Accountability, Strategic Boundaries, Risk Management, and Implementation & Monitoring.
The Charity enters 2026 with a new 5-year Strategic Plan, providing a clear strategic framework focused on sustainability, impact, and visibility.
## Responsibilities of the Trustee
The Trustee is required by Charity Law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure for the year. In preparing such accounts, the Trustee is required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
The Trustee is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity. It is also responsible for safeguarding the assets of the Charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
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**The Worshipful Company of Musicians Charitable Fund Trustee’s Report for the year to 31 December 2025**
Approved by the Court of the Trustee and signed on its behalf by
**Alun Hughes (Master) Alexander Spofforth FCA (Honorary Treasurer)**
Date 15 July 2026
The Worshipful Company of Musicians, 1 Speed Highwalk, Barbican, London, EC2Y 8DX
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**The Worshipful Company of Musicians Charitable Fund STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year to 31 December 2025**
|||**Unrestricted**|**Restricted**|**Permanent**|**Total**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Endowments**|**Funds**|
|||**2025**|**2025**|**2025**|**2025**|
||Note|
£|£|£|£|
|**Income**||||||
|Donations and legacies||||||
|Donations||95,873|15,280|-|111,153|
|Legacies||305,000|-|-|305,000|
|||─────|────|────|─────|
|||400,873|15,280|-|416,153|
|Charitable activities||||||
|Concert income||6,327|6,725|-|13,052|
|Royalties||-|131|15,492|15,623|
|Other income||||||
|Investment income||62,733|-|-|62,733|
|||─────|────|────|─────|
|**Total income**||**469,933**|**22,136**|**15,492**|**507,561**|
|||─────|────|────|─────|
|**Expenditure**||||||
|Raising funds||16,961|4,553|-|21,514|
|Charitable activities||290,727|209,752|-|500,479|
|||─────|─────|────|─────|
|**Total expenditure**|2|
**307,688**|**214,305**|**-**|**521,993**|
|||─────|─────|────|─────|
|Net income/(expenditure) for the year||||||
|before gains and transfers||162,245|(192,169)|
15,492|(14,432)|
|Gains on investments|7|
201,567|58,181|194,707|454,455|
|||─────|─────|─────|─────|
|Net income for the year||||||
|before transfers||363,812|(133,988)|
210,199|440,023|
|Transfers between Funds|6|
4,825|130,882|(135,707)|-|
|||─────|─────|─────|─────|
|**Net income/(expenditure) for the year**||||||
|**and net movement in funds**||**368,637**|**(3,106)**|
**74,492**|**440,023**|
|||═════|═════|═════|═════|
|**Reconciliation of funds**||||||
|Net movement in funds||368,637|(3,106)|
74,492|440,023|
|Funds brought forward||5,273,891|665,976|2,228,738|8,168,605|
|||──────|──────|──────|───────|
|**Total funds carried forward**||5,642,528|662,870|2,303,230|8,608,628|
|||══════|══════|══════|═══════|
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**The Worshipful Company of Musicians Charitable Fund STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year to 31 December 2024**
|||_Unrestricted_|_Restricted_|_Permanent_|_Total_|
|---|---|---|---|---|---|
|||_Funds_|_Funds_|_Endowments_|_Funds_|
|||_2024_|_2024_|_2024_|_2024_|
||||_restated_|_restated_|_combined_|
||_Note_|_£_|_£_|_£_|_£_|
|**_Income_**||||||
|_Donations and legacies_||||||
|_Donations_||_21,911_|_3,900_|_-_|_25,811_|
|_Legacies_||_3,305,149_|_-_|_-_|_3,305,149_|
|||_──────_|_────_|_────_|_──────_|
|||_3,327,060_|_3,900_|_-_|_3,330,960_|
|_Charitable activities_||||||
|_Concert income_||_5,951_|_4,787_|_-_|_10,738_|
|_Royalties_||_-_|_126_|_14,035_|_14,161_|
|_Other income_||||||
|_Investment income_||_1,544_|_-_|_-_|_1,544_|
|||_──────_|_────_|_────_|_──────_|
|**_Total income_**||**_3,334,555_**|**_8,813_**|**_14,035_**|**_3,357,403_**|
|||_──────_|_────_|_────_|_──────_|
|**_Expenditure_**||||||
|_Raising funds_||_12,507_|_14,720_|_-_|_27,227_|
|_Charitable activities_||_250,450_|_237,311_|_-_|_487,761_|
|||_─────_|_─────_|_────_|_──────_|
|**_Total expenditure_**|_2_|**_262,957_**|**_252,031_**|**_-_**|**_514,988_**|
|||_─────_|_─────_|_────_|_──────_|
|_Net income/(expenditure) for the year_||||||
|_before gains and transfers_||_3,071,598_|_(243,218)_|_14,035_|_2,842,415_|
|_Gains on investments_|_7_|_111,305_|_36,878_|_124,403_|_272,586_|
|||_──────_|_─────_|_─────_|_──────_|
|_Net income/(expenditure) for the year_||||||
|_before transfers_||_3,182,903_|_(206,340)_|_138,438_|_3,115,001_|
|_Transfers between Funds_|_6_|_-_|_210,339_|_(210,339)_|_-_|
|||_──────_|_──────_|_──────_|_──────_|
|**_Net income/(expenditure) for the year_**||||||
|**_and net movement in funds_**||**_3,182,903_**|**_3,999_**|**_(71,901)_**|**_3,115,001_**|
|||_══════_|_══════_|_══════_|_══════_|
|**_Reconciliation of funds_**||||||
|_Net movement in funds_||_3,182,903_|_3,999_|_(71,901)_|_3,115,001_|
|_Funds brought forward_||_2,090,988_|_676,415_|_2,286,201_|_5,053,604_|
|_Prior year adjustment_|_16_|_-_|_(14,438)_|_14,438_|_-_|
|||_──────_|_──────_|_──────_|_──────_|
|**_Total funds carried forward_**||_5,273,891_|_665,976_|_2,228,738_|_8,168,605_|
|||_══════_|_══════_|_══════_|_══════_|
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## **The Worshipful Company of Musicians Charitable Fund BALANCE SHEET**
## **as at 31 December 2025**
||||**2025**||**2024**|
|---|---|---|---|---|---|
||||||**Combined**|
||Note||£||£|
|**Fixed assets**||||||
|Investments|7||8,016,168||4,839,554|
|Tangible assets|8||1||1|
||||──────||──────|
||||8,016,169||4,839,555|
|**Current assets**||||||
|Stock|9|18,841||11,330||
|Debtors|10|378,209||3,302,375||
|Cash at bank||310,324||84,608||
|||─────||──────||
|||707,374||3,398,313||
|**Liabilities**||||||
|Creditors falling due within one year|11|114,915||69,263||
|||─────||──────||
|Net current assets|||592,459||3,329,050|
||||───────||───────|
|Net assets|||8,608,628||8,168,605|
||||═══════||═══════|
|Unrestricted funds|12||5,642,528||5,273,891|
|Restricted funds|13||662,870||665,976|
|Permanent endowment funds|14||2,303,230||2,228,738|
||||───────||───────|
|Total Funds|||8,608,628||8,168,605|
||||═══════||═══════|
Approved by the Court of the Worshipful Company of Musicians as Trustee, and signed on its behalf by
**Alun Hughes (Master)** 15 July 2026
**Alexander Spofforth FCA (Honorary Treasurer)**
16
## **The Worshipful Company of Musicians Charitable Fund CASHFLOW STATEMENT**
## **for the year ended 31 December 2025**
||||**Combined**|
|---|---|---|---|
|||**2025**|**2024**|
||Note|£|£|
|Net cash provided by/(used in)||||
|operating activities|A|2,885,142|(493,326)|
|||══════|═════|
|**Cash (outfow)/infow from investing activities**||||
|Dividends and interest from investments||62,733|1,544|
|Proceeds from the disposal of investments||54,457|381,000|
|Purchase of investments||(2,508,753)|-|
|Cash to investments||(267,863)|-|
|||───────|─────|
|Net cash (applied to) /received from||||
|investing activities||(2,659,426)|382,544|
|||═══════|═════|
|Change in cash and||||
|cash equivalents in the year|B|225,716|(110,782)|
|Cash and cash equivalents||||
|at 1 January 2025|B|84,608|195,390|
|||─────|─────|
|Cash and cash equivalents||||
|at 31 December 2025|B|310,324|84,608|
|||═════|═════|
|**NOTES**||||
|**A Reconciliation of net movement in funds to**||||
|**Net cash from operating activities**||||
|Net movement in funds||440,023|3,115,001|
|Adjustments for:||||
|Gains on investments||(454,455)|(272,586)|
|Dividends and interest from investments||(62,733)|(1,544)|
|Decrease/(increase) in debtors||2,924,166|(3,194,334)|
|Increase/(decrease) in creditors||45,652|(144,972)|
|(Increase)/decrease in stock||(7,511)|5,109|
|||──────|──────|
|Net cash provided by/(used in) operating activities||2,885,142|(493,326)|
|||══════|══════|
|**B Analysis of cash and cash equivalents**||||
|Cash at bank||310,324|84,608|
|||─────|─────|
|Total cash and cash equivalents||310,324|84,608|
|||═════|═════|
17
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **1. Accounting Policies**
The principal accounting policies adopted in the preparation of the financial statements are as follows:
## **a) Basis of preparation**
The financial statements have been prepared using merger accounting and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Charities SORP (FRS 102), and the Charity’s governing documents. The financial statements are presented in pounds sterling and rounded to the nearest pound.
## **b) Preparation of accounts on a going concern basis**
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements with respect to a period of at least one year from the date of approval of these financial statements. They 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.
## **c) Investments**
Investments are stated at market value at the year-end.
Realised gains and losses are calculated by reference to the opening balance sheet valuation or subsequent cost and the sale proceeds of those investments.
Unrealised gains and losses are calculated by comparing the opening balance sheet valuation to the year-end valuation as adjusted for investments bought and sold during the year.
## **d) Stock**
Stock is valued at the lower of cost and net realisable value.
## **e) Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
## **f) Creditors and provisions**
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third 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.
## **g) Donations and legacies**
Legacies are recognised on a case by case basis following the granting of probate, when an executor for the estate has confirmed in writing both the amount and expected settlement date. Donations are credited on a receivable basis.
18
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **h) Expenditure**
Expenditure is accounted for on an accruals basis.
## **i) Judgements and estimates**
Legacies notified but not certain until received when Estates are completed, are estimated using the best indication provided.
## **j) Apportionment of costs**
The Worshipful Company of Musicians is the Trustee of the Charity. The costs of supporting, managing and administering the Charity and its activities are paid by the Company and recharged to the Charity. The total charge has been calculated as 70% (2024: 70%) of the expenses of the Company but excluding the cost of Company functions and regalia. The apportioned charge has been allocated to the Charity’s activities on a basis consistent with the use of resources as follows:
Raising funds 5%; charitable support costs 95%.
## **k) Charitable expenditure**
Charitable expenditure comprises all costs and payments incurred in furthering the aims of the Charity, including support costs. Grants are accounted for in the period in which they are awarded and the beneficiary has been notified.
## **l) Financial instruments**
The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Except for investments which are included at market value, as noted above, basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **m) Funds Structure**
The funds of the charity comprise permanent endowments, restricted and unrestricted funds.
The permanent endowment funds comprise investments assets which must normally be held as capital. From 1 January 2018, the Charity has operated a total return approach to the permanent endowment funds. Using this approach, the Charity is permitted to allocate from the unapplied total return element such sums as the Trustee sees appropriate provided the Trustee exercises its statutory duty to be even handed as between present and future beneficiaries and that it maintains the unapplied total return at such a level as to ensure it remains positive after having due consideration to the volatility of the investment markets.
19
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **2. Analysis of expenditure**
||||||||**Combined**|
|---|---|---|---|---|---|---|---|
|**Unrestricted**|||**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
|||£|£|£|£|£|£|
|**Raising Funds**||||||||
|Support costs 5%||9,288|3,788|13,076|6,932|6,736|13,668|
|Anti-dilution levy & bank charges||
1,577|765|2,342|5,575|7,984|13,559|
|Investment management fee||6,096|-|6,096|-|-|-|
|||────|───|────|────|────|────|
|||16,961|4,553|21,514|12,507|14,720|27,227|
|||════|═══|════|════|════|════|
|**Charitable Activities**||||||||
|Support costs 95%||176,495|71,958|248,453|131,703|127,972|259,675|
|Grants, Scholarships and Awards|100,679||125,968|226,647|99,503|98,494|197,997|
|Direct costs||13,553|11,826|25,379|19,244|10,845|30,089|
|||─────|─────|─────|─────|─────|─────|
||290,727||209,752|500,479|250,450|237,311|487,761|
|||═════|═════|═════|═════|═════|═════|
|Total expenditure for the year|307,688||214,305|521,993|262,957|252,031|514,988|
|||═════|═════|═════|═════|═════|═════|
Direct costs include venue hire for auditions and concerts, advertising, printing, catering, training and adjudication.
All the apportioned charges referred to above have been allocated to the activities on a basis consistent with the use of resources as follows:
Costs of raising funds : 5%
Including costs of collecting voluntary income; publicity and investment management.
Charitable expenditure : 95%
The management of the funding of grants, awards, medals and the organising of auditions, competitions and live performance opportunities
20
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **3. Analysis of support costs**
||**Raising**|**Charitable**|**Total**|**Raising**|**Charitable**|**Combined**|
|---|---|---|---|---|---|---|
||**Funds**|**Activities**||**Funds**|**Activities**|**Total**|
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||£|£|£|£|£|£|
|Administration|3,794|72,097|75,891|3,660|69,544|73,204|
|Staf costs (note 4)|8,472|160,966|169,438|9,137|173,602|182,739|
|Audit fee|810|15,390|16,200|871|16,529|17,400|
||────|─────|─────|────|─────|─────|
||13,076|248,453|261,529|13,668|259,675|273,343|
||════|═════|═════|════|═════|═════|
|Allocated as to:-|||||||
|Raising funds: 5%|||13,076|||13,668|
|Charitable activities: 95%|||248,453|||259,675|
||||─────|||─────|
||||261,529|||273,343|
||||═════|||═════|
|**4. Staf costs**|||||||
|||||||**Combined**|
|||||**2025**||**2024**|
|Included in recharged costs|are the following staf costs:|||£||£|
|Salaries||||149,805||157,615|
|Social security costs||||11,180||15,208|
|Pension costs||||8,453||9,916|
|||||─────||─────|
|||||169,438||182,739|
|||||═════||═════|
There are four employees (2024: four). The employees are jointly employed by the Worshipful Company of Musicians’ and the Charitable Fund. The payroll costs have been borne in the ratio of 30% (2024: 30%) by the Company and 70% (2024: 70%) by the Charity, except for the costs of the Young Artists Manager which are borne entirely by the Charity.
The number of employees whose remuneration was in excess of £60,000 was 1 (2024: 1) in the £60,001£70,000 band.
Key management comprises the Court of Assistants of the Worshipful Company of Musicians and their Clerk. Total key management remuneration (including Employers’ National Insurance and pension costs) for services to the Charity was £68,413 (2024 - £89,485).
21
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS**
**for the year ended 31 December 2025**
## **5. Grants, Scholarships and Awards**
|**5. Grants, Scholarships and Awards**|||
|---|---|---|
|||**Combined**|
||**2025**|**2024**|
||£|£|
|To individuals at schools, conservatoires and other academic|||
|institutions for music scholarships/bursaries/training fees|85,850|84,050|
|For individual musicians’ prizes, awards and medals|104,949|78,344|
|To individuals for outreach projects to bring music to schools and to|||
|provide performance opportunities and professional development to|||
|young musicians|26,898|26,003|
|Grants to other organisations and festivals for the promotion of music|8,950|9,600|
||──────|─────|
||226,647|197,997|
||══════|═════|
|Included above are the following larger prizes and grants:-|||
|Musicians’ Company Awards: 3 individual prize winners|30,000|24,000|
|Prince’s Prize: individual prize winner|6,500|5,000|
|Carnwath Award: individual prize winner|10,000|9,500|
|New Elizabethan Award: 2 individual prize winners|15,000|-|
|Lambert Scholarships: Royal College of Music|16,000|16,000|
|Lambert Fellowship: individual prize|19,100|18,650|
|John Christie Award: Glyndebourne|15,000|15,000|
|Biddy Baxter and John Hosier Music Trust: individual prize winner|12,000|12,000|
The number of grants, scholarships or awards to individuals was 37 (2024: 35) Further information can be obtained from the Company’s website: www.wcom.org.uk
22
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **6. Unapplied total return**
From 1 January 2018, the Trustee, by resolution, adopted a total returns approach to the permanent endowment funds in accordance with the requirements of the Charity Commission believing that this approach is in the best interests of the Charity. The initial value for implementing the total return approach was determined at 31 December 2001 when the value of the endowment funds at that date was £2,077,025 and taking account of subsequent additions and adjustment, a value of £2,033,781 is being used as a proxy for the original value of the endowment funds. During 2025, the withdrawal to the restricted income funds from the unapplied total return was £135,707 (2024: £210,339). This is shown as a transfer between funds in the statement of financial activities on page 14.
The permanent endowment fund investments and movements in the unapplied total return are set out below:
|below:|||||||
|---|---|---|---|---|---|---|
||**Trust for**|**Unapplied**|**Total**|**Trust for**|**Unapplied**|**Total**|
|**Investment**||**Total return**||**Investment**|**Total return**||
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||£|£|£|£|£|£|
|At 1 January|2,033,781|194,957|2,228,738|2,434,414|252,420|2,686,834|
|Prior year adjustment (note 16)|
-|-|-|(400,633)|-|(400,633)|
|Prior year adjustment to unapplied|||||||
|total return applied to income|-|-|-|-|14,438|14,438|
||──────|─────|──────|──────|──────|───────|
||2,033,781|194,957|2,228,738|2,033,781|266,858|2,300,639|
|Add: Total Return|||||||
|Investment income|||||||
|including royalties|-|15,492|15,492|-|14,035|14,035|
|Net realised and unrealised|||||||
|gains|-|194,707|194,707|-|124,403|124,403|
|Unapplied total return applied|||||||
|to Income|-|(135,707)|(135,707)|-|(210,339)|(210,339)|
||──────|──────|──────|──────|──────|───────|
|At 31 December|2,033,781|269,449|2,303,230|2,033,781|194,957|2,228,738|
||══════|══════|══════|══════|══════|═══════|
23
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **7. Fixed Asset Investments**
The Trustee and the Investment Committee have agreed with Towers Watson that the Charity’s funds should be invested on a total returns basis. Money can be made available for drawdown to meet the Charity’s expenditure as and when necessary. In 2025 £37,000 (2024: £381,000) was transferred from the investment fund to cash.
|investment fund to cash.|||
|---|---|---|
|||**Combined**|
||**2025**|**2024**|
|Towers Watson Partners Fund:|£|£|
|Market Value 1 January|4,839,554|4,947,968|
|Disposal proceeds|(37,000)|(381,000)|
|Net realised and unrealised gains|425,839|272,586|
||──────|──────|
||5,228,393|4,839,554|
||══════|══════|
|Rathbones Charitable Fund:|||
|Market Value 1 January|-|-|
|Additions at costs|2,508,753|-|
|Disposal proceeds|(17,457)|-|
|Cash introduced for investment|267,863|-|
|Net realised and unrealised gains|28,616|-|
||──────|─────|
||2,787,775|-|
||══════|═════|
||──────|──────|
|Total Fixed Asset Investments|8,016,168|4,839,554|
||══════|══════|
|Total|||
|Market Value 1 January|4,839,554|4,947,968|
|Additions at costs|2,508,753|-|
|Disposal proceeds|(54,457)|(381,000)|
|Cash introduced for investment|267,863|-|
|Net realised and unrealised gains|454,455|272,586|
||──────|──────|
||8,016,168|4,839,554|
||══════|══════|
## **8. Tangible Fixed Assets**
The Westrup Library on permanent loan to the Guildhall School of Music and Drama has been depreciated to £1.
24
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 December 2025**
## **9. Stock**
|**9. Stock**|||
|---|---|---|
|||**Combined**|
||**2025**|**2024**|
||£|£|
|Stock of gold, silver and bronze medals|18,841|11,330|
||════|════|
|**10. Debtors**|||
|||**Combined**|
||**2025**|**2024**|
||£|£|
|Legacy receivable|369,192|3,294,192|
|Other debtors|772|1,095|
|Prepayments and accrued income|8,245|925|
|Due from The Worshipful Company of Musicians|-|6,163|
||─────|──────|
||378,209|3,302,375|
||═════|══════|
## **11. Creditors falling due within one year**
|||||||**Combined**|
|---|---|---|---|---|---|---|
||||||**2025**|**2024**|
||||||£|£|
|Other creditors|||||74,895|69,263|
|Due to The Worshipful Company of Musicians|||||40,020|-|
||||||─────|────|
||||||114,915|69,263|
||||||═════|════|
|**12. Unrestricted Funds**|||||||
||**31**|||||**31**|
||**December**||||**Investment**|**December**|
||**2024**|**Transfers**|**Income**|**Expenditure**|**gains**|**2025**|
||£|£|£|£|£|£|
|Musicians Company|5,214,204|4,825|378,710|(241,403)|
196,353|5,552,689|
|Designated Fund:|||||||
|Young Artists Outreach Fund 59,687||-|91,223|(66,285)|
5,214|89,839|
||──────|─────|─────|──────|─────|──────|
||5,273,891|4,825|469,933|(307,688)|
201,567|5,642,528|
||══════|═════|═════|══════|═════|══════|
|||||||**Combined**|
||**31**|||||**31**|
||**December**||||**Investment**|**December**|
||**2023**|**Transfers**|**Income**|**Expenditure**|**gains**|**2024**|
||£|£|£|£|£|£|
|Musicians Company|1,970,751|-|3,333,535|(194,804)|
104,722|5,214,204|
|Designated Fund:|||||||
|Young Artists Outreach Fund 120,237||-|1,020|(68,153)|
6,583|59,687|
||───────|─────|──────|──────|─────|──────|
||2,090,988|-|3,334,555|(262,957)|
111,305|5,273,891|
||═══════|═════|══════|══════|═════|══════|
25
**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **13. Restricted Funds**
|**13. Restricted Funds**|||||||
|---|---|---|---|---|---|---|
||**31**|||||**31**|
|**December**|||||**Investment**|**December**|
||**2024**|**Transfers**|**Income**|**Expenditure**|**gains**|**2025**|
||£|£|£|
£|£|£|
|Scholarship and Prize Funds|-|118,117|75|
(118,192)|
-|-|
|Medals Fund|-|11,774|-|
(11,774)|
-|-|
|Welfare Funds|-|5,816|1,564|
(7,380)|
-|-|
|Biddy Baxter and John Hosier Trust 408,124||-|3,561|
(18,987)|
35,655|428,353|
|Jenkins Trust|67,574|-|-|
(3,148)|
5,904|70,330|
|Carnwath Award|44,997|-|-|
(11,911)|
3,931|37,017|
|Terry Pamplin Award|11,950|-|50|
(1,548)|
1,044|11,496|
|Patricia Prindl Award|14,060|-|-|
(909)|
1,228|14,379|
|The Princes Prize|22,304|-|1,500|
(8,747)|
1,949|17,006|
|New Elizabethan Award|32,146|-|3,061|
(20,667)|
2,808|17,348|
|Catherine Butcher Award|24,078|-|-|
(1,702)|
2,104|24,480|
|David Goldman Award|35,315|-|-|
(3,029)|
3,085|35,371|
|Clifton College Award|3,978|-|500|
(1,115)|
347|3,710|
|Video Gaming Award|-|-|2,525|
-|-|2,525|
|The Lord Mayor’s Composition Prize|
-|(4,825)|5,750|
(925)|
-|-|
|Batten Disease Research|1,450|-|3,550|
(4,271)|
126|855|
|─────||─────|────|─────|────|──────|
|665,976||130,882|22,136|
(214,305)|
58,181|662,870|
|═════||═════|════|═════|════|══════|
|||||||**Combined**|
||**31**|||||**31**|
|**December**|||||**Investment**|**December**|
||**2023**|**Transfers**|**Income**|**Expenditure**|**gains**|**2024**|
||£|£|£|
£|£|£|
|Scholarship and Prize Funds|-|169,103|25|
(169,128)|
-|-|
|Medals Fund|-|15,511|-|
(15,511)|
-|-|
|Welfare Funds|-|11,287|1,884|
(13,171)|
-|-|
|Biddy Baxter and John Hosier Trust 400,636||-|2,076|
(16,388)|
21,800|408,124|
|Jenkins Trust|66,996|-|-|
(3,068)|
3,646|67,574|
|Carnwath Award|55,213|-|-|
(13,239)|
3,023|44,997|
|Terry Pamplin Award|11,942|-|-|
(646)|
654|11,950|
|Patricia Prindl Award|14,551|-|-|
(1,288)|
797|14,060|
|The Princes Prize|27,879|-|1,680|
(8,782)|
1,527|22,304|
|New Elizabethan Award|33,367|-|1,698|
(4,746)|
1,827|32,146|
|Catherine Butcher Award|25,063|-|-|
(2,357)|
1,372|24,078|
|David Goldman Award|36,293|-|-|
(2,965)|
1,987|35,315|
|Clifton College Award|4,475|-|-|
(742)|
245|3,978|
|Batten Disease Research|-|-|1,450|
-|-|1,450|
|─────||─────|────|─────|────|──────|
|676,415||195,901|8,813|
(252,031)|
36,878|665,976|
|═════||═════|════|═════|════|══════|
Except for the Batten Disease Research Fund all restricted funds are for the prizes or awards given every one or two years.
26
## **The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **14. Permanent Endowment Funds**
||**31**|||||**31**|
|---|---|---|---|---|---|---|
||**December**||||**Investment**|**December**|
||**2024**|**Transfers**|**Income**|**Expenditure**|**gains**|**2025**|
||£|£|£|
£|£|£|
|Scholarship and Prize Funds|
2,029,134|(118,117)|15,492|
-|177,269|2,103,778|
|Medal Funds|85,310|(11,774)|-|
-|7,453|80,989|
|Welfare Funds|114,294|(5,816)|-|
-|9,985|118,463|
||──────|─────|─────|────|─────|──────|
||2,228,738|(135,707)|15,492|
-|194,707|2,303,230|
||══════|═════|═════|════|═════|══════|
||**31**|||||**31**|
||**December**||||**Investment**|**December**|
||**2023**|**Transfers**|**Income**|**Expenditure**|**gains**|**2024**|
||£|£|£|
£|£|£|
|Scholarship and Prize Funds|
2,071,483|(169,103)|14,035|
-|112,719|2,029,134|
|Medal Funds|95,618|(15,511)|-|
-|5,203|85,310|
|Welfare Funds|119,100|(11,287)|-|
-|6,481|114,294|
||──────|─────|─────|────|─────|──────|
||2,286,201|(195,901)|14,035|
-|124,403|2,228,738|
||══════|═════|═════|════|═════|══════|
## **15. Allocation of net assets**
||||**Permanent**||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|
||£|£|£|£|
|**2025**|||||
|Investment and Tangible Assets|5,203,461|647,109|2,165,599|8,016,169|
|Stock|-|-|18,841|18,841|
|Debtors|373,122|83|5,004|378,209|
|Cash at bank|152,996|31,622|125,706|310,324|
|Creditors|(87,051)|(15,944)|(11,920)|(114,915)|
||──────|──────|──────|───────|
|Net Assets|5,642,528|662,870|2,303,230|8,608,628|
||══════|══════|══════|═══════|
||||**Permanent**|**Combined**|
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|
||£|£|£|£|
|**2024**|||||
|Investment and Tangible Assets|2,002,424|647,768|2,189,363|4,839,555|
|Stock|-|-|11,330|11,330|
|Debtors|3,298,933|1,341|2,101|3,302,375|
|Cash at bank|25,242|28,398|30,968|84,608|
|Creditors|(52,708)|(11,531)|(5,024)|(69,263)|
||──────|─────|──────|───────|
|Net Assets|5,273,891|665,976|2,228,738|8,168,605|
||══════|═════|══════|═══════|
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**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **16. Prior year adjustment**
The Biddy Baxter and John Hosier Music Trust was previously included within Permanent Endowment Funds. This was reviewed and is considered to be a Restricted Fund. The reclassification results in a decrease of the Permanent Endowment Funds of £408,124 as at 1 January 2024 (£400,633 at 1 January 2023) and an increase in Restricted Funds by the same amounts.
## **17. Related party transactions**
The Trustee of this Charity is the Worshipful Company of Musicians (the Company).
Rent and service charges amounting to £17,023 (2024: £17,023) were paid to the City of London Corporation (the Corporation) by the Company part of which was recharged to the Charity. Pastmaster Alderman Sir Andrew Parmley is a member of the Court of Aldermen of the Corporation and Miss Catherine McGuinness was a Common Councillor (retired in March 2025) and Professor Vanessa Latarche is Head of Keyboard at the Royal College of Music. None of these individuals derive any personal benefit from the payments made by the Charitable Fund.
The Charity made a grant of £1,300 (2024: £1,300) to the National Youth Brass Band of Great Britain. Court Assistant Mark Bromley is Chief Executive of The National Youth Brass Band of Great Britain. The Charity made a payment of £6,000 (2024: £6,000) to the Guildhall School of Music and Drama & Court Assistant John Harle is a professor at the Guildhall School of Music & Drama. Neither of these individuals derive any personal benefit from the payments made by the Charity.
Aggregate donations by the Court of the Company to this Charity are £4,675 (2024: £3,620). None of these individuals derive any personal benefit from these donations made to the Charitable Fund.
Responsibility for the overall management and organisation of the Charity rests with the Company. The costs of supporting, managing and administering the Charity and its activities are paid by the Company and are recharged across to the Charity. The charge for 2025 was £75,892 (2024: £73,205). The outstanding balance owed by the Charity to the Company at the end of the year was £40,020 (2024: owed by the Company to the Charity: £6,163).
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**The Worshipful Company of Musicians Charitable Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025**
## **18. Reconciliation of Reserves**
Income and expenditure for the six month period to 30 June 2025 for the charities which were merged into this fund, included in the reported Statement of Financial Activities shown on page 14, was as follows
|||||**The Concordia**||
|---|---|---|---|---|---|
|**The**|**Musicians**|||**Foundation**||
|**Company Fund**||||**Artists Fund**||
||**264303**|||**1132981**||
|**Unrestricted**||**Restricted**|**Total**|**Unrestricted**|**Total**|
||£|£|£|£|£|
|Income||||||
|Donations|40,600|14,411|55,011|2,759|57,770|
||─────|────|────|────|────|
||40,600|14,411|55,011|2,759|57,770|
||─────|────|────|────|────|
|Expenditure||||||
|Raising funds|4,634|1,819|6,453|115|6,568|
|Charitable activities|103,529|27,878|131,407|7,182|138,589|
||─────|────|─────|────|─────|
||108,163|29,697|137,860|7,297|145,157|
||─────|────|─────|────|─────|
|Net expenditure for the period||||||
|before investment gains|(67,563)|
(15,286)|(82,849)|
(4,538)|(87,387)|
|Gains on investments|49,911|1,883|51,794|4,294|56,088|
||────|────|────|────|────|
|Net expenditure for the period|(17,652)|
(13,403)|(31,055)|
(244)|(31,299)|
|Total funds brought forward|5,043,897|190,278|5,234,175|229,994|5,464,169|
||───────|─────|──────|──────|──────|
|At 30 June 2025|5,026,245|176,875|5,203,120|229,750|5,432,870|
||════════|═════|══════|═══════|══════|
29
**The Worshipful Company of Musicians Charitable Fund Independent Auditor’s Report to the Trustee of The Worshipful Company of Musicians for the year ended 31 December 2025**
## **18. Reconciliation of Reserves (continued)**
_Income and expenditure for the year to 31 December 2024 for the charities which were merged into this fund, included in the reported Statement of Financial Activities shown on page 15, were as follows_
|||||**_The Concordia_**||
|---|---|---|---|---|---|
||**_The Musicians_**|||**_Foundation_**||
|**_Company Fund_**||||**_Artists Fund_**||
||**_264303_**|||**_1132981_**||
||**_Unrestricted_**|**_Restricted_**|**_Total_**|**_Unrestricted_**|**_Total_**|
||_£_|_£_|_£_|_£_|_£_|
|_Income_||||||
|_Donations_|_21,911_|_1,950_|_23,861_|_3,128_|_26,989_|
|_Legacies_|_3,305,149_|_-_|_3,305,149_|_-_|_3,305,149_|
|_Charitable activities_|_2,823_|_2,878_|_5,701_|_-_|_5,701_|
|_Interest_|_1,544_|_-_|_1,544_|_-_|_1,544_|
||_──────_|_────_|_──────_|_────_|_──────_|
||_3,331,427_|_4,828_|_3,336,255_|_3,128_|_3,339,383_|
||_──────_|_────_|_──────_|_────_|_──────_|
|_Expenditure_||||||
|_Raising funds_|_12,261_|_1,200_|_13,461_|_246_|_13,707_|
|_Charitable activities_|_239,516_|_33,565_|_273,081_|_10,934_|_284,015_|
||_─────_|_────_|_─────_|_────_|_─────_|
||_251,777_|_34,765_|_286,542_|_11,180_|_297,722_|
||_─────_|_────_|_─────_|_────_|_─────_|
|_Net income/(expenditure)_||||||
|_before investment gains_|_3,079,650_|_(29,937)_|_3,049,713_|_(8,052)_|_3,041,661_|
|_Gains on investments_|_101,967_|_11,432_|_113,399_|_9,338_|_122,737_|
||_──────_|_────_|_──────_|_────_|_──────_|
|_Net income/(expenditure)_|_3,181,617_|_(18,505)_|_3,163,112_|_1,286_|_3,164,398_|
|_Total funds brought forward_|
_1,862,280_|_208,783_|_2,071,063_|_228,708_|_2,299,771_|
||_──────_|_─────_|_──────_|_─────_|_──────_|
|_At 31 December 2024_|_5,043,897_|_190,278_|_5,234,175_|_229,994_|_5,464,169_|
||_══════_|_═════_|_══════_|_═════_|_══════_|
Net assets of the Charitable Fund at 31 December 2024 £2,704,436 were augmented by the net assets of £5,464,169 of the above two charities which were merged into this fund, to a restated total of £8,168,605.
## **Reserves**
|**Reserves**|||
|---|---|---|
||**2025**|**2024**|
||£|£|
|Unrestricted funds|5,642,528|5,273,891|
|Restricted funds|662,870|665,976|
|Permanent endowment funds|2,303,230|2,228,738|
||──────|──────|
||8,608,628|8,168,605|
||══════|══════|
30
**The Worshipful Company of Musicians Charitable Fund Independent Auditor’s Report to the Trustee of The Worshipful Company of Musicians for the year ended 31 December 2025**
## Opinion
We have audited the financial statements of The Worshipful Company of Musicians Charitable Fund (the ‘Charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the cashflow statement and the notes to the financial statements including the principal accounting policies. 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).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
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 Charity in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
##
##
In auditing the financial statements, we have concluded that the Trustee’s 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 Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.
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**The Worshipful Company of Musicians Charitable Fund Independent Auditor’s Report to the Trustee of The Worshipful Company of Musicians for the year ended 31 December 2025**
## Other information
The other information comprises the information included in the Trustee’s report and financial statements, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information contained within the Trustee’s report and financial statements. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustee’s report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of Trustees
As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the Trustee determines are 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 Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.
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**The Worshipful Company of Musicians Charitable Fund Independent Auditor’s Report to the Trustee of The Worshipful Company of Musicians for the year ended 31 December 2025**
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charities Act 2011 and the financial reporting framework referred to above; and
- we understood how the Charity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the minutes of meetings of those charged with governance.
We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:
- making enquiries of management as to their knowledge of actual, suspected and alleged fraud, and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected financial relationships;
- tested journal entries to identify unusual transactions;
- performed substantive testing of expenditure including testing the authorisation thereof; and
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
33
## **The Worshipful Company of Musicians Charitable Fund Independent Auditor’s Report to the Trustee of The Worshipful Company of Musicians for the year ended 31 December 2025**
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- reading the minutes of meetings of those charged with governance; and
- enquiring of those charged with governance and management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing
standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc. org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Other matters
In the previous accounting period, the Trustee of the Charity determined that an audit was not required by charity law and chose instead to have an independent examination. Therefore, the prior period financial statements were not subject to audit.
## Use of our report
This report is made solely to the Charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL
Date 30 July 2026
Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
34