Financial summary
Total income £1,139,052
How we raised money
As we reached the final year of the investment strategy, we are pleased to report growth in nearly all areas of income. Whilst the previous year did not show our in-year returns, we can see across the last three years that we have continued to diversify our income and begin to create more sustainability for the future.
While the rate of growth has been slower than our original strategy predicted, we have focused on recovery and diversification of funds against a difficult financial and fundraising landscape over the last six years. We still have a long way to go, but were able to apply learnings to our approach in 2025/26 and see the results.
Our income from trusts and individuals (£687,175) saw growth compared to 2024/25 (£549,979). This is a result of diversifying our fundraising income and continuing to recover income streams like trusts and foundations.
We were also fortunate to receive a significant increase in legacy income in 2025/26 (£19,771 in 24/25 and £241,089 25/26). We are hugely grateful to the individuals who remember Music in Hospitals & Care in their will, and our committed fundraisers, supporters and health and care partners throughout the year.
How we spent our money
In 2025/26, we spent £1,210,082, a £372,013 decrease compared to 2024/25 (£1,582,095). Next year marks the end of the investment phase of our strategy and shows the work we did over the last three years to ensure we are working efficiently and effectively.
Total expenditure £1,210,082
Prior year increased costs were due to one off costs to support the organisation to achieve its ambitions such as our digital transformation and strategic financial support.
Once again, as part of our investment strategy, we planned for a deficit. Before investment gains and losses, the deficit was £71,029. This is in line with the strategy agreed by the board of trustees to invest in the future of the organisation and support our long-term ambition – to make sure people in hospitals and care enjoy a better quality of life and improved health outcomes.
Our musicians
We paid our musicians £162,004 in 2025/26; this is made up of fees, expenses and essential training. Average expenses reduced this year, as we looked to ensure we work within the local community and consider our environmental responsibility.
Planning for the future
We enter 2026/27 with clarity on what we need to achieve to reach the end of our strategy in 2028. Financial success is defined by removing the funding gap, and increasing both established and new income streams. We also recognise the need to operate with a balanced budget going forward, having come to the end of our current three year investment strategy.
We have spent a lot of time over the last six years rebuilding and developing our income streams, including three years of investment within our strategy. We are proud and hugely appreciative of our individual supporters who have enabled us to grow our individual giving, and will continue to create more opportunities for music lovers to engage with us and our musicians in meaningful ways. While we continue to recover income from trusts and foundations, we have made great steps forward in raising more unrestricted and core cost funding, which is essential to enabling the organisation to deliver where there is the greatest need.
Next year we will sustain some of the previous year’s growth and build on this further. We aim to diversify our fundraising income through developing new corporate partnerships. We will also continue to build a sustainable programme of live music by working with our health and care partners to seek out further funding opportunities presented as a result of the impact of our live music.