The Hong Kong Jockey Club Music and Dance Fund was set up in 1980 with a donation of $10 million from the Hong Kong Jockey Club for the promotion and development of music and dance. It is a non-statutory trust fund, administered by a board of trustees. In 1994, the Jockey Club provided a further capital injection of $22 million to meet the increasing demand for support.

During the year, the fund awarded $1.67 million for six scholarships and $840,000 for 12 grants. The scholarships enabled young people to pursue an integrated programme of post-diploma/post-graduate studies or professional training in music or dance studies at leading institutions outside Hong Kong. The grants helped local secondary and primary schools to procure musical instruments and dance equipment for training purposes, and to organise new training classes for students.