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2025-03-31-accounts

NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2025

Company registration number 02314735 Charity registration number 328052

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Contents

Page
Charity reference and administrative details 1
Trustees' Report 2 - 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the financial statements 12 - 24

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Legal and administra!ve informa!on

Trustees Jackie Newbould Chair
Christopher Po�s Deputy Chair, Chair Finance and Strategy Commi�ee
Stephen Johns Chair, Ar s c Sub-Commi�ee
Terence Sinclair Chair, Fundraising Commi�ee
Emily Granozio Chair, Nomina ons Commi�ee
Raj Arumugam
Naomi Wellings (appointed 10 February 2025)
Chris O’Reilly (appointed 10 February 2025)
Barbara Baska (appointed 3 November 2025)
Richard Lee (resigned 18 November 2024)
Company registered number 02314735
Charity registered number 328052

Registered ofce		 St Margaret’s House
21 Old Ford Road
Bethnal Green
London E2 9PL
Senior management team Colin Ma�hews OBE, Execu ve Producer (p/t)
Cathy Graham (p/t)
Eleanor Wilson (p/t)
Sam Mackay (f/t) from 20th October 2025
Independent Examiners Lindeyer Francis Ferguson Limited
North House, 198 High Street
Tonbridge
Kent TN9 1BE
Bankers Co-opera!ve Bank PLC
1 Balloon Street
Manchester M60 4EP
CAF Bank Limited
25 Kings Hill Avenue
King Hill
West Mailing
Kent ME19 4JQ
Solicitors Freshfeld Bruckhaus Deringer LLP
65 Fleet Street
London EC4Y 1HT

Page 1

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Trustees’ Report

The members of the Board of Trustees, who act as Directors of the Company for the purposes of the Companies Act, and Trustees for charity law purposes, submit their Annual Report and the Financial Statements of NMC Recordings Ltd (hereinaAer referred to as NMC) for the year ended 31 March 2025. The Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity’s Governing Document and the provisions of the Statement of Recommended Prac ce (SORP) ‘Accoun ng and Repor ng by Chari es.’ Since the Charity qualifies as small under sec on 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regula ons 2013 has been omi�ed.

Objects of the Charity

NMC believes that new music is a dynamic and engaging art form. We seek to share excep onal work that inspires and challenges. NMC’s purpose, as per its governing document, is to:

When planning our ac vi es for the year, the Trustees have considered the Charity Commission’s guidance on public benefit. Ac vi es are undertaken on ar s c merits and recordings are made permanently available to the public through various formats, thus preserving a key component of cultural life and fulfilling the Charity’s Aims and Objec ves to enhance the educa on of the public through dissemina on of such works.

STRUCTURE, GOVERNANCE, MANAGEMENT

Cons!tu!on

The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Associa on on 8 November 1988. NMC’s Board of Trustees meets quarterly for the purposes of strategic planning, financial control, and governance. This is complemented by four sub-commi�ees that ensure a high level of scru ny, guidance and advice across key areas: Fundraising Sub-Commi�ee, Nomina ons Sub-Commi�ee, Ar s c Sub-Commi�ee and- Finance and Strategy SubCommi�ee.

Trustee appointment and recruitment

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Ar cles of Associa on. The permi�ed maximum number of Trustees is fourteen and the minimum number of Trustees shall be no fewer than three. The Trustees may from me to me and at any point in me appoint any member by way of addi on to the board, provided the prescribed maximum is not exceeded. The member appointed shall retain office un l the next Annual General Mee ng, where they shall be eligible for re-elec on. One third of the Trustees, who have been in office longest, re re by rota on at the Annual General Mee ng. Trustees are recruited from those with appropriate skills and knowledge, by adver sement and recommenda on; trustee skills are regularly reviewed. The Charity aims to represent the diversity of wider society among its Trustees and execu ve team, as well as in its ar s c programme, and is commi�ed to progressing further.

Board & Execu!ve

The Board

Jackie Newbould con nues to lead the Board as Chair. During the year there was one resigna on, of longstanding board member Richard Lee due to me commitments elsewhere. A recruitment process was carried out to improve representa on on the Board from those with experience in the commercial recording industry and in music educa on. As a result, the board was very pleased to appoint Chris O’Reilly and Naomi Wellings in February 2025. Chris O'Reilly has over 25 years' experience in the record industry, building Presto Music into one of the world's leading authori es in classical music during this me. He has wide experience across both physical and digital markets as well as building and crea ng teams of high performing individuals. Naomi Wellings brings 25 years of experience in the arts sector as a producer and project manager working to maximise music-making and development opportuni es for children and young people, Naomi is now a PhD researcher in music educa on focusing on CBSO Shireland Academy in Sandwell.

Page 2

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Trustees’ Report (con!nued)

The Execu!ve

The leadership of the organisa on lies with Cathy Graham OBE (Execu ve Director) 3 days per week and Eleanor Wilson (Crea ve Director) 2 days per week. This has been a strong period of stability for the team. James Unwin (Recordings and Sales Manager) is responsible for managing and delivering all releases; Stephen Balfour (Office and Fundraising Co-ordinator) supports the team with general administra on and more specialised support around individual giving and marke ng; and Claire Wright (Head of Fundraising) leads on fundraising across trusts, founda ons, corporate partners and individual giving. Claire joined in April 2024 following a long period during which NMC had no dedicated fundraising role and her impact has been widely and posi vely felt. The hybrid home/office working arrangement con nues to func on well, allowing a good work-life balance for the team while ensuring there is me together to build a shared ethos and a sense of collabora on.

Commi=ees

The Board has long been supported by two specialist sub-commi�ees who advise on key aspects of the business: the Finance and Strategy Sub-Commi�ee (chaired by Chris Potts) and the Ar s c Sub-Commi�ee (chaired by Stephen Johns) . In the previous financial year a Nomina ons Commi�ee (chaired by Emily Granozio) was cons tuted to lead on Trustee recruitment, and a Fundraising Commi�ee (chaired by Terence Sinclair) was set up to help the organisa on increase and diversify revenue and to support the Head of Fundraising . The Finance and Strategy Sub-Commi�ee oversees NMC’s financial performance and encompasses supervision of other func ons – commercial income genera on, and organisa onal resilience andrisk.

The Ar s c Sub - commi�ee (ASC) meets up to three times each year to monitor the ar s c profile and ac vity of the label, and to assess new recording proposals. The context for ASC delibera ons is NMC’s published Ar s c Strategy, which enshrines our commitment to the broadest range of music, to talent development, diversity, audience engagement and educa on. The ASC evaluates new proposals according to their ar s c strength, whether they address a gap in our catalogue or feature underrepresented ar sts, costs, poten al audience reach, partnership opportuni es and an cipated cri cal recep on. The success of recent releases is also reviewed, taking into account feedback from the ar sts involved and from industry peers, general media interest and ac vity, audience reach, and cri cal reac on. As described below (see ‘Inclusivity’), NMC is commi�ed to increasing the number of composers from diverse backgrounds featured on the label .

Inclusivity

NMC is an equal opportuni es organisa on, and we strive to recruit staff, Trustees and Patrons from all backgrounds. The Board oversees the implementa on of our Equality, Diversity, and Inclusivity policy as it applies in all areas of the opera on, notably the make-up of our staff, the diversity of our Board and Commi�ees, the reach of our work including educa on ac vity into different cons tuencies, and the diversity of ar sts we engage with.

We seek to build a catalogue that celebrates and reflects the extraordinary composing talent that exists across Britain and Ireland, and to promote it to as wide an audience as possible. Our 2024-25 release schedule featured 64% composers who iden fy as women, and we now have 58 global majority composers in our catalogue. This builds on important progress we have made over the last six years to create a more diverse and inclusive catalogue. While we are proud of the important, oAen sectorleading progress we have made, we also recognise that a huge amount more remains to be done to create an equitable landscape for composers, and we con nue to work with our partners to forge ahead on that path.

Environmental sustainability policy and ac!on plan

While NMC is a small company, as a record label we produce physical materials and we are con nually seeking new ways to reduce our Scope 2 and Scope 3 emissions. Moving to our new distributor model with Proper Music significantly reduced our carbon footprint. Shipping is now done from just one warehouse at Proper and our CDs are bundled with other labels to reduce cost and share shipping/fuel. For manufacturing we work with Wyastone, who have excellent rela onships with sustainable paper producers and also offer low-volume produc on runs that help us avoid waste.

Page 3

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Trustees’ Report (con!nued)

ACTIVITIES & ACHIEVEMENTS

On 6 March 2025 NMC received the pres gious Gamechanger Award from the Royal Philharmonic Society . It celebrates those who in unique and contemporary ways con nue to break new ground in classical music. It is specially presented by the Board and Council of the RPS to an ini a ve, individual, group or organisa on for their inspira onal and transforma ve work.

A brief excerpt of the RPS’ cita on is included below:

‘This year’s recipient is new music’s na�onal treasure. It’s a small organisa�on that gives a vital voice and visibility to composers, pu5ng the crea�ve forces behind the music in the limelight. It opens the ears of millions of music-lovers each year to thrilling sounds and new discoveries... NMC Recordings has changed the game for composers and for audiences worldwide.’

Marking NMC’s 35[th] anniversary , this award was the crowning moment of a busy and high impact year for the charity. To acknowledge this milestone we put together a larger than usual release schedule of 12 NMC albums, as well as six albums distributed for Birmingham Record Company Label and Huddersfield Contemporary Records. Highlights included world-premiere recordings such as Michael Tippe�’s opera New Year and Imogen Holst’s Discovering Imogen , alongside debut albums from award-winning trombone quartet Slide Ac on, and composers Lisa Illean, Freya-Waley-Cohen and Tom Coult. In partnership with Drake Music we released the first commercial album to bring together and highlight disabled composers working in the UK, and we also programmed an anniversary concert at London’s Spitalfields Fes val.

2024-25 started with Michael Zev Gordon’s first large-scale orchestral album The Impermanence of Things , featuring BBC Na onal Orchestra of Wales, Carolin Widmann, Huw Watkins and the London Sinfonie�a, described as ‘ u�erly gripping ’ ★★★★★ BBC Music Magazine. This was followed by BBC Symphony Orchestra/Davis/Brabbins performing works by composer Anthony Payne. Visions and Journeys reached #3 in the Official Specialist Classical Music charts ahead of mainstream repertoire on major labels and was shortlisted for a Gramophone award. 'Though�ul and fascina�ng orchestral pieces … I sat engrossed by Payne’s unshowy ability to cast a spell and be modern and roman�c at the same �me' ★★★★ The Times.

In June composer Lisa Illean’s Debut Disc, arcing, s�lling, bending, gathering was released to great cri cal acclaim. 'Illean conjures an air of precarious beauty from her lightly woven fabric of filaments and in�ma�ons' The Wire .

In July we joined forces with Spitalfields Music Fes val for a special birthday concert celebra ng 35 years of NMC. Programmed by NMC’s Crea ve Director, it provided a snapshot of our catalogue including the Na onal Youth Choir Fellows performing works by Ben Nobuto, Imogen Holst and Millicent B James; baritone Roderick Williams singing pieces by Richard Rodney Benne�, Colin Ma�hews, Howard Skempton and Judith Weir; composer/cellist Zoe Martlew performing her work G-Lude and young awardwinning trombone quartet Slide Ac on’s impressive selec on of new works by Alex Paxton, Sasha Sco� and Ryan La mer.

‘The concert [featured a] rainbow spectrum of styles ... and the quality of the performances - of o0en challenging repertoire - was first-rate. NMC deserves accolades for all it has done and all it con�nues to do, and this concert, sandwiching the older genera�on of voices between two bursts of young composers, was the perfect summary of its mission." ★★★★★ The Arts Desk .

September featured four standout releases. First was Discovering Imogen , an album of world-premiere recordings of works by Imogen Holst performed by BBC Concert Orchestra/Farnham. It reached #2 in the Official Specialist Classical Charts and remained there for four weeks, a rare achievement for this kind of work. 'A fresh and just reappraisal of her talent and insight, and, more importantly, her neglected abili�es as a composer' Gramophone .

Second was le5ng the light in , an album of composi ons by six disabled composers and Welsh pianist Siwan Rhys. It reached #10 in the Official Specialist Classical Chart, and Sarah Lianne Lewis, who composed the tle piece, went on to win the award for best chamber music composi on at the Royal Philharmonic Society awards in March 2025. This project was created in partnership with Drake Music, Disabled Ar st Network and Ty Cerrd.

Third was a digital compila on album celebra ng NMC's 35th birthday, featuring a selec on of works from the back catalogue. ‘ This fascina�ng showcase is a kaleidoscope of composers championed by the NMC label.' ★★★★★ BBC Music Magazine. And finally, the seventh in our long-running series of partnership releases with the Philharmonia Composers' Academy, featuring composers Yfat Soul Zisso, Florence Anna Maunders and Mathis Saunier.

Page 4

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Trustees’ Report (con!nued)

Releases in October and November were all debut albums: Slide Ac on Re:Build (featuring new works for trombone quartet commissioned by Slide Ac on), Freya Waley Cohen's Spell Book and Tom Coult's Pieces that Disappear . All three have been very well received: the Slide Ac on album was selected as one of the best classical albums of 2024 in BBC Music Magazine and went on to be nominated for two of the magazine’s awards (Premiere and Newcomer categories). The Freya Waley-Cohen album was selected as Editor's Choice in Gramophone and the Tom Coult album featured on BBC Radio 3's Record Review with presenter Andrew McGregor commen ng ‘an excellent showcase for Tom Coult's music, seriously enjoyable. It's called Pieces that Disappear … I hope they don't’ . Coult’s album was also nominated for a Gramophone Award.

Early 2025 saw the release of Na onal Youth Choir Volume 6 (featuring composi ons by Aine Mallon, Cameron Biles-Liddell, Jamie Powe and Christalla Serghiou) and the premiere recording of Michael Tippe�'s opera New Year . ‘A previously unrecorded Tippe� opera is an important event … NMC has risen to the occasion superbly’ Financial Times . ‘ Thanks to the BBC and NMC, Tippe�'s opera�c swansong can finally be heard exactly as he would have wished … If I had stars to award, I would give all five in glowing gold’ Gramophone . New Year reached #2 in the Official Specialist Classical Chart and was nominated for a Gramophone Award.

RELEASED IN 2024-2025

Michael Zev Gordon: The Impermanence of Things (NMC D277) - featuring the BBC Na onal Orchestra of Wales, Carolin Widmann, Huw Watkins and the London Sinfonie�a. Released: April 19, 2024

Anthony Payne: Visions and Journeys (NMC D281) – featuring the BBC Symphony Orchestra, Andrew Davies and Martyn Brabbins. Released: May 17, 2024

Lisa Illean: Arcing, S!lling, Bending, Gathering (NMC D264) - featuring the Sydney Symphony Orchestra, GBSR Duo, Juliet Fraser and Explore Ensemble. Released: June 7, 2024

Imogen Holst: Discovering Imogen (NMC D280) – partnership project with Faber and the BBC. Includes world-premiere recordings and features the BBC Concert Orchestra, BBC Singers and Alice Farnham. Released: September 6, 2024

LeFng The Light (NMC D283) – partnership project with Tŷ Cerdd, Drake Music and supported by PRS Founda on Beyond Borders. The first commercial album to showcase disabled composers working in the UK. The composers include Sonia Allori, Sarah Lianne Lewis, Jo-anne Cox, Elinor Rowlands, Leon Clowes and Sorcha Pringle. Performed by Welsh pianist Siwan Rhys, the album also features performances by Sonia Allori (clarinet and electronic wind instrument), Jo-Anne Cox (cello), and Elinor Rowlands (narrator). Released: September 20, 2024

NMC at 35 (NMC DL3059) - A digital release celebra ng the 35[th] anniversary of NMC Recordings. The carefully curated 35 track compila on album features an eclec c mix of works taken from NMC’s back-catalogue. The aim of the release is to breathe life into past releases as well as mark the important work of the organisa on over the last three and a half decades. Released: 27 September.

Philharmonia Composers Academy Volume 7 (NMC DL3057) – talent development release in partnership with Philharmonia. Composers include Florence Anna Maunders, Mathis Saunier and Yfat Soul Zisso. Released: September 27, 2024

Slide Ac!on: RE:BUILD (NMC D289) – includes new works wri�en for trombone quartet performed by Slide Ac on. Featured composers include Ryan La mer, Laura Jurd, Emily Hall, Alex Paxton and Joana Ward. Released: October 11, 2024.

Freya Waley-Cohen: Spell Book (NMC D284) – part of the NMC Debut Disc series featuring performances by Manchester Collec ve, Héloïse Werner, Ka e Bray and Fleur Barron and Tamsin Waley-Cohen. Released: October 25, 2024.

Tom Coult: Pieces That Disappear (NMC D261) – part of the NMC Debut Disc series featuring performances by BBC Philharmonic, Anna Dennis, Daniel Pioro, Elena Swartz and Martyn Brabbins. Released: November 22, 2024.

Na!onal Youth Choir: Young Composers 6 (NMC DL3058) – talent development project in partnership with the Na onal Youth Choir. Featuring four early career composers: Áine Mallon, Cameron Biles-Liddell, Jamie Powe and Crystalla Serghiou. Released: January 31, 2025.

Michael Tippe=: New Year (NMC D291) – world premiere recording of Tippet’s final opera, created in partnership with the BBC ScoXsh Symphony Orchestra. Released: March 14, 2025.

Page 5

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Trustees’ Report (con!nued)

DISTRIBUTED RELEASES (BIRMINGHAM RECORD COMPANY AND HUDDERSFIELD CONTEMPORARY RECORDS)

Sco= McLaughlin, Zubin Kanga, Mira Benjamin : we are environments for each other (HCR33)

Benjamin Oliver : TOO MANY SWEETS (BRC24)

Ernest Berk : Diversed Tapes (HCR34)

ARCO : HYPERROMANTIC (BRC25)

ELISION : scalar (HCR35)

Jamie Savan : The Polyphonic Corne� (BRC26)

During 24/25 we produced for release in early 2025:

Produc on of Simon Emmerson’s Sound Around – both near and far at once – featuring performances by Philip Mead, Zubin Kanga, Heather Roche, Carla Ress.

Produc on, recording and licensing of Hannah Kendall’s shou�ng forever into the receiver – featuring performances by Anne Denholm, Jonathan Morton, Ensemble Modern and Louise McMonagle.

Learning and Par!cipa!on

Following ini al conversa ons with Southwark Schools Learning Partnership and composer Julian Philips, the team developed and successfully fundraised for a music educa on project based on Philips’ NMC release Melodys of Earth & Sky. This will take place in summer 2025 and will involve composi on workshops and mentoring for GCSE music students across schools in Southwark. Taking Julian Philips’ work with ‘found’ material as a star ng point, the students will be guided to create new scores and will get the chance to workshop directly with professional musicians. The project will also include professional development for teachers to help them deliver similar composi on programmes in the future, and a digital resource that can extend the reach of this CPD across school s na onwide.

In the longer-term, NMC is commi�ed to delivering a sustained and relevant contribu on to music educa on and the appointment of music educa on specialist Naomi Wellings to the board will help focus our plans to complement the exis ng landscape and reflect NMC’s unique offer.

Our Crea ve Director, Eleanor Wilson, con nues to offer industry insight and advice to students in HE and composers on our talent development partnerships. Her sessions cover the recording industry, collec ng socie es, and signpos ng to relevant resources and opportuni es, as well as the work of NMC and the role it plays in the industry. In 2024-25 she led sessions with composers on the Philharmonia Composer Academy scheme, Royal Philharmonic Young Composers Scheme and Na onal Youth Choir scheme.

AUDIENCES, INTERNATIONAL & DIGITAL

Our recordings are available and promoted interna onally in physical and digital formats across 150 territories, including our key markets (UK & USA). Total streams for the period came to 1.4 million – a significant growth of 47% on the previous year. The best performing works on streaming plaZorms included String Quartet ‘Phantasy’ (Imogen Holst), Elegy - In Memoriam Stephen Lawrence (Philip Herbert), Three Madrigals: I. Spring in All Her Glory (Will Harmers), Natural History No. 4 Fish – Bird (Judith Weir – 49,817 streams). Our top 5 territories for streaming were USA, UK, Mexico, Japan and Germany. Across our social media channels and opted-in newsle�er subscribers, we had 11,370 followers and subscribers.

EARNED & FUNDRAISED INCOME

Earned Income

Sales income was broadly comparable to the previous year, a significant achievement in a market that con nues to shrink for many labels. Our sales income for 2024-25 was £3 4 , 709 (CD – 75%, Download – 15%, Stream – 10%). Other earned income included licensing and broadcast fees, and contributions from project partners, giving a total of £53,687. NMC has its own online store, which represents our most significant source of sales and which saw an impressive 20% growth in revenue against the previous year.

Page 6

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Trustees’ Report (con!nued)

Best-selling albums in 2024/25

Top 5 releases (sales income) across all sources:

  1. Imogen Holst: Discovering Imogen

  2. Michael Tippe�: New Year

  3. Slide Ac on: RE:BUILD

  4. Anthony Payne: Visions and Journeys

  5. Freya Waley-Cohen: Spell Book

Earned income from broadcast royal es via PPL was £ 4 , 558 , with broadcasters including BBC Radio 3 and Classic FM and key works including Lento (Howard Skempton, BBC Symphony Orchestra), Concerto Gross I (Errollyn Wallen, Chineke! Orchestra), On Westhall Hill (Imogen Holst, BBC Concert Orchestra) and Between Rain (Edmund Finnis, London Contemporary Orchestra). Licensing income was £ 1 , 2 49, including a project by Dutch Na onal Bellet using the music of Philip Venables from his NMC release Below the Belt (2018).

Fundraised Income

With a new Head of Fundraising in post from May 2024 , the team was able to develop a new strategy including a successful refresh of the Friends scheme, which has significantly driven up entry-level donor income. A pivotal grant from the Jerwood Founda on enabled us to start work on the new Extended Play series.

A series of smaller grants enabled most of the recordings which had been in the pipeline for a long me to come through to release, in turn freeing us to re-apply to other funders. The trusts and founda ons landscape remains challenging, but we benefit from strong rela onships and we strive to retain these while con nually seeking new opportuni es. We have started to focus on mul -year grants to help with longer term planning, focusing wherever possible on core funding which remains our biggest challenge and a major priority.

A programme of events has been developed to bring supporters closer to the organisa on, with the first of these being an inconversa on featuring Tom Coult and Freya Waley-Cohen. Both had recently released NMC debut discs, and the audience had the chance to hear their perspec ves on composing, to meet them and our team, and to get to know each other. Finally, more efficient processes have been put in place for tracking, repor ng and administering funds using our exis ng soAware, which in turn frees the team to spend more me researching new funding prospects.

PLANS FOR FUTURE DEVELOPMENT

Ar!s!c Programme

A major addi on to our ar s c programme over the next twelve months will be the roll-out of Extended Play, our new series shaped by the needs of today’s emerging composers. Extended Play will see us work with four composers across 2026, offering a wide-ranging programme of ar st development. As well as funding them to record material for digital-only NMC release and to create commissioned video content and scrolling scores, par cipants will also receive mentoring and ongoing support via our team and carefully selected sector experts. Other planned projects include releases by Hannah Kendall, Zoe Martlew, Liza Lim, Daniel Kidane, Robert Laidlow, and our ongoing partnerships with the Philharmonia Composers’ Academy and Na onal Youth Choir. A further important project will be the next edi on of the New Music Biennial, a collabora on between NMC, PRSF, Southbank Centre, Bradford 2025 UK City of Culture, and BBC Radio 3.

Page 7

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Trustees’ Report (con"nued)

RESERVE POLICY AND RISK MANAGEMENT

NMC’s policy on maintaining a reserve is intended:

As at 31st March 2025, the unrestricted reserves of the charity are represented by its General Funds which, added to the Designated Funds, amounted to £94,815 (2024: £72,082). Free reserves amounted to £94,691 (2024: £31,617), being the total General Funds less the Net Book Value of Tangible Fixed Assets. The Trustees intend to keep the reserves policy under review for the course of the next 12 months. Restricted reserves were £98,511 (2024: £51,103). Total reserves were £193,326 (2024: £123,185).

Financial Result

The financial results for the year are set out in the a;ached accounts. They show a surplus of £70,141 (2024: deficit of £110,096). Total expenditure during the year was £343,086 (2024: £366,803).

Trustees' responsibili"es statement

The Trustees (who are also directors of NMC Recordings Ltd for the purposes of company law) are responsible for preparing the

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must

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

the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity

Prepara"on of the report

Companies Act 2006.

This report was approved and authorised for issue by the Board of Trustees on 18[th] December 2025 and signed on its behalf by:

Jackie Newbould

Chair

Page 8

INDEPENDENT EXAMINER'S REPORT to the Trustees of NMC Recordings for the Year ended 31st March 2025

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of Institute of Chartered Accounts of England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: ............................................................................................ Lindtyen Fianets Ferguson, Ltd

Dated: ................................................. 18 Decenter 2025

James Mathieson FCA

Lindeyer Francis Ferguson Limited

North House, 198 High Street Tonbridge Kent TN9 1BE

Page 9

NMC Recordings (a company limited by guarantee)

Year ended 31st March 2025

Statement of Financial Activities (including an income and expenditure account)

Note
Income from:
Donations and legacies
2
Investments
3
Charitable activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
Recording, Production
5
and dissemination
Total expenditure
Net income / (expenditure)
Transfer between funds
16
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
228,605
2,625
42,854
274,084
67,634
183,717
251,351
22,733
-
72,082
94,815		 Restricted
Funds
£
103,960
-
35,183
139,143
-
91,735
91,735
47,408
-
51,103
98,511		 TOTAL
2025
£
332,565
2,625
78,037
413,227
67,634
275,452
343,086
70,141
-
123,185
193,326		 TOTAL
2024
£
As restated
202,381
3,905
50,421
256,707
52,486
314,317
366,803
(110,096)
-
233,281
123,185

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 12 to 24 form part of these financial statements.

Page 10

NMC Recordings (a company limited by guarantee)

REGISTERED NUMBER: 02314735

Balance Sheet as at 31st March 2025

2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 11 124 465
Current assets
Stocks 12 1,093 1,524
Debtors 13 67,829 72,685
Cash at bank and in hand 139,376 101,998
**208,298 ** **176,207 **
Current liabilities
Creditors - amounts falling 14 (15,096) (53,487)
due within one year
193,202 122,720
Net current assets
Total assets less current liabilities 193,326 123,185
Charity funds:
Unrestricted funds 16 94,815 72,082
Restricted funds 16 98,511 51,103
Total funds 193,326 123,185

The Trustees consider that the Charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Charity to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the Trustees on 18 th December 2025and signed on their behalf by:

...................................... Jackie Newbould, Chair

The notes on pages 12 to 24 form part of these financial statements.

Company Registration Number: 02314735

Page 11

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Notes to the financial statements

1 Summary of significant accounting policies

1.1 General information and basis of preparation of accounts

NMC Recordings is a private company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 328052) and Registrar of Companies (Company Registration Number 02314735) in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are the recording of music, its promotion and selling.

The Charity constitutes a public benefit entity as defined by FRS 102. 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 United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1.3 Income recognition

All incom e is i ncluded in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Gifts in kind donated for distribution are included at fair value and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Income from charitable activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Page 12

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Notes to the financial statements (continued)

1.3 Income recognition (continued)

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

1.4 Expenditure recognition

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

1.5 Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include premises and office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management carried out at head office. Support costs have been apportioned between charitable activities and raising funds on a representative percentage allocation.

1.6 Taxation

Corporation Tax - The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in paragraph 1 schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for the purposes of UK corporation tax purposes.

1.7 Tangible fixed assets and depreciation

All assets costing more than £100 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Furniture, fittings and equipment - 25% straight line

1.8 Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock. NMC has a policy of keeping recordings permanently accessible. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.9 Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Page 13

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Notes to the financial statements (continued)

1.10 Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

1.11 Financial instruments

The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors and accruals will be classified as financial instruments, and are measured at amortised cost as detailed in Note 14. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

1.12 Prior period restatement

During the preparation of these financial statements it was identified that a number of grants had been previously classified as performance related but included no significant performance conditions. The comparative figures have therefore been restated to move £76,849 of grants from charitable activities to grants and donations. There is no impact on the surplus for the year ended 31 March 2024 and no impact on opening balances at 1 April 2023.

Page 14

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Notes to the financial statements (continued)

2
Income from donations and legacies
Grants
Donations
NMC Friends
The Producer's Circle
Other
Grants received, included above, are as follows:
Arts Council England - NPO Funding
Holst Foundation
Jerwood Foundation
Vaughan Williams Foundation
The Delius Trust
Red House Fund
Garrick Charitable Trust
The Marchus Trust
Radcliffe Trust
Coln Trust
The Scops Arts Trust
Three Monkies Trust
Nicholas & Judith Goodison Charitable Trust
Souter Charitable Trust
The Thistle Trust
Hinrichsen Foundation
Nugee Foundation
The Samuel Gardner Memorial Trust
Golsoncott Foundation
Nicholas Boas Family Trust
Finzi Trust		 2025
Unrestricted
£
92,000
45,865
21,740
69,000
228,605
50,000
10,000
-
12,000
10,000
10,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
92,000		 2025
Restricted
£
87,650
-
-
16,310
103,960
-
18,400
25,000
9,500
-
-
5,000
5,000
5,000
3,000
3,000
2,500
2,000
2,000
2,000
1,500
1,500
1,000
750
250
250
87,650		 2025
Total
£
179,650
45,865
21,740
85,310
332,565
50,000
28,400
25,000
21,500
10,000
10,000
5,000
5,000
5,000
3,000
3,000
2,500
2,000
2,000
2,000
1,500
1,500
1,000
750
250
250
179,650

Page 15

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Notes to the financial statements (continued)

2
Income from donations and legacies
2024
Unrestricted
Prior year
£
Grants
80,000
Donations
NMC Friends
25,312
The Producer's Circle
16,840
Other
520
122,672
Grants received, included above, are as follows:
Arts Council England - NPO Funding
50,000
The Holst Foundation
10,000
Vaughan Williams Foundation
10,000
The Delius Trust
10,000
Australia Arts Council
-
Backstage Trust
-
Finzi Trust
-
Garrick Charitable Trust
-
Coln Trust
-
Souter Charitable Trust
-
Fidelio Trust
-
Hinrichsen Foundation
-
John Ireland Charitable Trust
-
Rainbow Dickinson Trust
-
80,000
3
Investment income
Interest receivable
2025
Unrestricted
4
Income from charitable activities
£
42,854
-
Grants received, included above, are as follows:
Sales and licensing income
42,854
Performance related grants
-
All income from investments was wholly attributable to unrestricted funds.
Contributions from composers		 2024
Restricted
£
76,849
-
-
2,860
79,709
-
33,400
11,000
-
8,949
5,000
5,000
5,000
3,000
2,000
1,000
1,000
1,000
500
76,849
2025
£
2,625
2025
Restricted
£
24,350
35,183
24,350
24,350
10,833		 2024
Total
£
156,849
25,312
16,840
3,380
202,381
50,000
43,400
21,000
10,000
8,949
5,000
5,000
5,000
3,000
2,000
1,000
1,000
1,000
500
156,849
2024
£
3,905
2025
Total
£
24,350
53,687
78,037
24,350
24,350

Contributions from composers are part of joint applications to the PRS for Music Foundation by the composer and NMC.

Page 16

NMC Recordings (a company limited by guarantee)

Year ended 31st March 2025

Notes to the financial statements (continued)

4 Income from charitable activities (continued)

Prior year 2024 2024 2024
Unrestricted Restricted Total
Income from charitable activities £ £ £
Sales and licensing income 44,321 - 44,321
Performance related grants - 6,100 6,100
44,321 6,100 50,421
Grants received, included above, are as follows:
Contributions from composers - 6,100 6,100
- 6,100 6,100
2025 2025 2025 2025
Staff Costs Direct Costs Support Costs Total
5 Expenditure on raising funds £ £ £ £
52,904 541 14,189 67,634
Expenditure on charitable activities
Recording, Production and dissemination 143,894 92,963 38,595 275,452
Total 196,798 93,504 52,784 343,086
Included in support costs are governance costs of £3,497 (2024: £3,604). Please refer to Note 9 for the
breakdown of this expense.
Prior Year 2024 2024 2024 2024
Staff Costs Direct Costs Support Costs Total
£ £ £ £
Expenditure on raising funds 30,647 11,256 10,583 52,486
Expenditure on charitable activities
Recording, Production and dissemination 144,805 119,506 50,006 314,317
Total 175,452 130,762 60,589 366,803

Page 17

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Notes to the financial statements (continued)

2025
Premises
costs
6
Analysis of support costs
£
Raising funds
3,431
Charitable activities:
Recording, Production
and dissemination
9,333
12,764
Prior year
2024
Premises
costs
£
Raising funds
2,108
Charitable activities:
Recording, Production
and dissemination
9,960
12,068
7
Analysis of expenditure by fund
Raising funds
Charitable activities:
Recording, Production and dissemination
Prior Year
Raising funds
Charitable activities:
Recording, Production and dissemination		 2025
Financial
& legal
£
5,232
14,232
19,464
2024
Financial
& legal
£
3,408
16,102
19,510		 2025
Office
admin
£
4,586
12,473
17,059
2024
Office
admin
£
4,438
20,969
25,407
Unrestricted
Funds
2025
£
67,634
183,717
251,351
Unrestricted
Funds
2024
£
52,486
183,491
235,977		 2025
Governance
£
940
2,557
3,497
2024
Governance
£
629
2,975
3,604
Restricted
Funds
2025
£
-
91,735
91,735
Restricted
Funds
2024
£
-
130,826
130,826		 2025
Total
£
14,189
38,595
52,784
2024
Total
£
10,583
50,006
60,589
Total
Funds
2025
£
67,634
275,452
343,086
Total
Funds
2024
£
52,486
314,317
366,803

Page 18

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Notes to the financial statements (continued)

8
Staff costs and employee benefits
Wages and salaries
Social security costs
Pension costs		 2025
£
182,453
10,189
4,156
196,798		 2024
£
162,810
8,837
3,805
175,452

8 Staff costs and employee benefits (continued)

The average monthly number of employees during the year was as follows:

Executive Director
Executive Producer
Creative Director
Recordings & Marketing Managers
Development Coordinator
Director of Development
Label Assistant, Office Assistant		 2025
2024
1.0
1.0
1.0
1.0
1.0
1.0
1.3
2.0
0.3
1.0
0.9
-
0.5
1.3
6.0
7.3
Headcount		 Full-time staff equivalent Full-time staff equivalent
2025
1.0
1.0
1.0
1.3
0.3
0.9
0.5
6.0		 2025
0.6
0.5
0.4
1.3
0.3
0.9
0.5
4.5		 2024
0.6
0.5
0.4
2.0
0.7
-
0.8
5.0

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the Charity comprise the Trustees and Senior Management team listed on page 1. The total amount of employee benefits received by key management personnel for their services to the Charity was £75,664 (2024: £73,930).

9
Governance costs
Fees paid to Independent Examiner
Examination fee
Board Expenses		 2025
£
2,850
647
3,497		 2024
£
3,078
526
3,604

Page 19

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Notes to the financial statements (continued)

10 Trustees' remuneration and benefits
Trustees' remuneration and benefits 2025 2024
£ £
C Potts - legal advice - 636

No other Trustee received any remuneration or benefits for the year ended 31st March 2025, nor for the year ended 31st March 2024.

The following trustees received reimbursement for expenses during the year:

E Granozio - travel
J Newbould - travel
N Wellings - travel		 138
202
73
413		 156
147
-
303

No other Trustee received any reimbursement for expenses for the year ended 31st March 2025, nor for the year ended 31st March 2024.

11 Tangible Fixed Assets
Cost
At 1st April 2024
Additions
Disposals
At 31st March 2025
Depreciation
At 1st April 2024
Charge for the year
Eliminated on disposal
At 31st March 2025
Net Book Value
At 31st March 2025
At 31st March 2024
12 Stocks
Stock of CDs		 Furniture,
fittings and
equipment
£
6,748
-
(2,300)
4,448
6,283
341
(2,300)
4,324
124
465
2025
2024
£
£
1,093
1,524

Page 20

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Notes to the financial statements (continued)

13 Debtors
Trade debtors
Other debtors
Prepayments and accrued income
Grants receivable
14 Creditors - amounts falling due within one year
Trade creditors
Social security and other taxation
Accruals
Deferred income
Deferred income comprises
Income deferred from the previous period
Released to the statement of financial activities
Arising during the current year:
Grants & Donations received		 2025
£
1,788
4,882
37,789
23,370
67,829
2025
£
4,016
3,563
7,517
-
15,096
-
12,500
(12,500)
-		 2024
£
8,385
5,873
39,427
19,000
72,685
2024
£
12,878
3,037
25,072
12,500
53,487
12,500
-
-
10,500

15 Leases

At 31 March, the company had annual commitments under non-cancellable operating leases as follows:

Expiry date:
Less than 1 year
Between 2 and 5 years
More than 5 years
Total
Operating lease expenditure has been charged to the SOFA as follows:		 2025
£
5,001
-
-
5,001
9,764
Land and
buildings		 2024
£
4,763
-
-
Land and
buildings
4,763
9,299

Page 21

NMC Recordings (a company limited by guarantee)

Year ended 31st March 2025 Notes to the financial statements (continued)

16 Fund reconciliation 2024/25
Designated funds
Holst legacy fund
General fund
Total unrestricted funds
Restricted funds
Debut Discs
Holst Foundation
Imogen Holst Fund
Composer Feature
Concerts
Extended Play
Education		 Brought
Forward
£
40,000
32,082
72,082
Brought
Forward
£
42,878
-
1,777
3,000
-
-
3,448
51,103		 Incoming
Resources
£
10,000
264,084
274,084
Incoming
Resources
£
42,835
18,400
-
31,908
11,000
25,000
10,000
139,143		 Resources
Expended
£
-
(251,351)
(251,351)
Resources
Expended
£
(31,700)
(18,400)
(1,777)
(28,858)
(11,000)
-
-
(91,735)		 Transfers
£
(50,000)
50,000
-
Transfers
£
-
-
-
-
-
-
-
-		 Carried
Forward
£
-
94,815
94,815
Carried
Forward
£
54,013
-
-
6,050
-
25,000
13,448
98,511

Page 22

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025 Notes to the financial statements (continued)

Prior year
17 Fund reconciliation 2023/24
Designated funds
Holst legacy fund
General fund
Total unrestricted funds
Restricted funds
Debut Discs
Holst Foundation
Imogen Holst Fund
Composer Feature
Education		 Brought
Forward
£
120,000
17,161
137,161
Brought
Forward
£
52,318
-
977
28,337
14,488
96,120		 Incoming
Resources
£
10,000
160,898
170,898
Incoming
Resources
£
15,560
18,400
800
44,049
7,000
85,809		 Resources
Expended
£
-
(235,977)
(235,977)
Resources
Expended
£
(25,000)
(18,400)
-
(69,386)
(18,040)
(130,825)		 Transfers
£
(90,000)
90,000
-
Transfers
£
-
-
-
-
-
-		 Carried
Forward
£
40,000
32,082
72,082
Carried
Forward
£
42,878
-
1,777
3,000
3,448
51,103

Description of funds

The specific purposes for which the funds are to be applied are as follows:

Holst Legacy Fund - the Fund was established in 2015/16 to be drawn upon over a number of years as required and at the Trustees' discretion, to fund specific artistic projects focussing on talent development, or specific organisational development activity aimed at responding to changes in the environment in which the charity operates. The fund received a further grant of £10k in 2024/25 (2023/24: £10k). The balance of the fund was transferred into our General fund during the period.

Debut Discs - this fund was launched to support first complete albums of work by rising star composers. New income to support specific releases was received into the fund from Vaughan Williams Foundation, PRS Foundation, the Finzi Trust, Dorico, and restricted donations. £31,700 was utilised to deliver Debut Discs activity (2023/24: £25,000). This included Tom Coult’s Debut Disc and two further releases in preparation – Robert Laidlow and Zoe Martlew.

Holst Foundation - A fund to cover artistic staff costs, the fund is replenished and expended annually.

Imogen Holst Fund - Established in January 2022, this fund sought donations to projects by composers from backgrounds which have been historically under-represented within both NMC’s back catalogue, and the wider classical music sector. This is now part of our core activity.

Composer Feature - Donations were received or retained in the following one-off project funds for expenditure on associated album releases in year or in future years for the following artists: Freya Waley Cohen, Michael Zev Gordon, Hannah Kendall, Daniel Kidane, Clare O’Connell, and the Tippett New Year release.

Page 23

Notes to the financial statements (continued)

NMC Recordings (a company limited by guarantee) Year ended 31st March 2025

Description of funds (continued)

Concerts Fund - This fund was set up to support the delivery of a concert as part of Spitalfields Music Festival, marking 35 years of NMC. It received grants from The Marchus Trust, the Vaughan Williams Foundation, the Thistle Trust and the Nicholas and Judith Goodison Trust.

Extended Play - This fund was set up to support the delivery of Extended Play, a new artist development programme. It received a £25,000 grant from Jerwood Foundation, with expenditure then planned for the following year.

Education Fund - This fund supports expenditure on education activities. £10,000 was raised towards a new project with Southwark Schools Learning Partnership, to be delivered in the following financial year.

18 Related party disclosure

In addition to the remuneration to key management personnel already disclosed in note 8, and as disclosed in note 10, the following payments were made to Trustees directly or indirectly during the year and the previous year. Certain Trustees had an interest in the following transactions:

Chris Potts is Senior Partner of this company
19 Analysis of net assets between funds
Tangible fixed assets
Net current assets
Prior year
Analysis of net assets between funds
Tangible fixed assets
Net current assets
During the year donations were received from trustees
and key management personnel.
Legal Advice - Counterculture Partnership LLP		 Unrestricted
funds
£
124
94,691
94,815
Unrestricted
funds
£
465
71,617
72,082		 2025
£
-
7,081
Restricted
funds
£
-
98,511
98,511
Restricted
funds
£
-
51,103
51,103		 2024
£
636
7,000
2025
£
124
193,202
193,326
2024
£
465
122,719
123,184

Page 24