LONDON — Kevin Spacey has joined a panel of judges who will hand out coin to young Brits trying to break into showbiz.

The panel, using funds made available by London charity IdeasTap, will distribute £50,000 ($82,110) a year to musicians, writers, actors, directors and producers aged 16-25.

Up to $8,212 is available for each candidate, as well as mentoring from industry professionals, to enable them to move their projects forward. The awards fall into two categories: digital media and visual arts; and performing arts.

Spacey’s involvement stems from his position as artist director of London’s Old Vic theater, which is one of a number of partner organizations that support IdeasTap.

Other partners include the National Youth Theater, creative arts group L’Ouverture and Polka Theater, which caters for tyke audiences.

Joining Spacey on the panel will be Jo Taylor, head of 4Talent at pubcaster Channel 4; Esther Sayers, curator of young people’s programs at the Tate Modern art gallery; Paul Sternberg, chief executive, arts, Peter De Haan Charitable Trust; Steve Winter, head of Old Vic New Voices; and Paul Roseby, artistic director, National Youth Theater.

IdeasTap also runs a website, IdeasTap.com, which is being developed as a place where young talent can showcase their work, and develop creative and business partnerships.