How we raised money

Our total income for the year was £1,090,144. We have seen an increase of more than 27% in income, compared to 2022/23 (£852,018). In 2023/24, 61% of our income came from a variety of trusts and foundations, and from our fantastic individual supporters and committed corporate partners (£669,572). This is an increase of 51% compared to 2022/23 (£444,607).

Once again, we are hugely grateful to the individuals who remember Music in Hospitals & Care in their will; we received £158,853 from legacies this year.

Contributions from health boards, hospitals and social care environments increased to £158,662 in 2023/24, marking a steady increase from the previous year (£140,283).

Our income strategy continues to focus on our recovery and diversification of funds. In our 75th anniversary year, we delivered growth through an ongoing investment in our relationships. We saw growth in income from our individual supporters, trusts and foundations and our health and care partners. This work will support the recovery of our income and live music after
the pandemic, and help us to achieve our strategic aims.

How we spent our money

In 2023/24, we spent £1,454,833 – a £222,631 increase compared to 2022/23 (£1,232,202). This is because we continue to invest in our people and infrastructure to support the delivery of our strategy.

We planned for the deficit for 2023/24. Before investment gains and losses, it was £364,689. This was less than originally forecast, primarily due to spending restricted funds received in the previous year.

Our musicians

We paid our musicians’ fees and expenses and hosted training which cost the charity £242,962 in 2023/24, compared to £202,657 in 2022/23. This is due to a 20% increase in the live music experiences we were able to share and ongoing investments in our musicians.

Planning for the future

We still have restricted funds to spend over the next year and plan to invest some of our reserves in our continuing recovery and delivery against our organisational strategy.

Year two is a significant year in our strategy. We are implementing our evaluation framework, to deliver on our impact aims and ensure we are more impact led demonstrating the value of our live music. This is crucial to our recovery as we develop more partnerships and seek future support so we can continue to deliver live music experiences where there is the greatest need. The organisation will also reach a key milestone in our digital transformation as we realise the savings and efficiencies of new systems.

“What a sensational experience – I instantly felt relaxed and mellowed. Knowing this benefitted our critical care patients as well seeing them engage and smile lifted my spirits. The power of music is second to no other. Thank you so much. I hope we see a lot more experiences like this.”

Conquest Hospital, St Leonards-on-Sea