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2021-07-31-accounts

The Royal Society of Musicians of Great Britain

Founded 1738 Incorporated by Royal Charters 1790 & 1987 (revised 2019) and registered as Charity No: 208879 26 Fitzroy Square, London W1T 6BT

Trustees’ Annual Report For the year ended 31 July 2021

The Trustees of The Royal Society of Musicians of Great Britain (the Society) present their Annual Report for the year ended 31 July 2021.

Objectives and Activities

The objects of the Society as set out in the Royal Charters of 1790 and 1987, as amended at the AGM on 16 December 2018 are the relief of poverty and sickness among:

To achieve its objects, the Society operates a grant-making programme open to all applicants fitting the basic criteria, but not to those who are suffering from want of employment. The continuing objective of the Society is to meet all reasonable needs presented to it. Applications from non-members must be supported by a Member or Honorary Member of the Society, an approved organisation, or a report by the Caseworker.

Membership of the Society confers on Members the right and duty to notify the Society of colleagues in distress, and to promulgate the existence of the Society. In order to be able to identify and respond swiftly to those in need, the Society actively seeks to recruit new Members from across the music profession. Originally established as an insurance scheme for Members, membership is nowadays considered purely for altruistic reasons and many Members generously donate over and above their annual subscription. The Society relies heavily on Members to inform them of colleagues in need and without the voluntary assistance of its Members the Society would be far less able to provide the current levels of support.

The Trustees are aware of their duty to have regard to Charity Commission guidance on public benefit and have no doubt that, since the Supplemental Charter of 1987 opened assistance to non-members, their work is conducted for the benefit of the public. In the year to 31 July 2021, 89% of grants were made to non-members (2020: 88%) in line with the applications received. The only restriction on eligibility relates to the applicant’s profession.

Assistance goes beyond the provision of funds. The Society's Casework team provide encouragement and a listening ear to beneficiaries and are often able to direct beneficiaries or unsuccessful applicants to other sources of funds and advice. Through our network of Medical Advisers and The British Association

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of Performing Arts Medicine (BAPAM) the Society is able to offer beneficiaries medical advice attuned to their specific needs, thus enabling a swift return to good health.

Achievements and Performance

The COVID-19 fallout has been devastating for the profession not only financially, but the emotional impact has also been significant. As such, it has been more important than ever for the Society to provide support to those whose lives have been affected by accident, illness, stress or anxiety.

Since the first COVID-19 lockdown was announced on 23 March 2020, 377 individuals have been awarded a total of 724 grants. This year we have also accepted applications from those suffering with long Covid symptoms, giving an indication of the impact of the pandemic on physical health. With many musicians unable to work during this period, it is possibly not unexpected that we have seen a fall in requests for physical therapies to help musculoskeletal injuries, including those related to the hands. We have instead, seen a notable increase in applications for mental health support and with the exception of living expenses and gifts, the highest number of grants awarded in 2021 were in this category. This contrasts with previous years where it was physical therapies and is indicative of how the pandemic is affecting the profession. This year, we have also dealt with an increased number of younger claimants. Of those beneficiaries who provided age details, the highest percentage supported by the Society were in the 3140 age bracket. This contrasts with 2020 when the highest number of grants were offered to those aged between 61 and 70.

Throughout the year, we have received requests for assistance from those who do not have any health needs, but who are struggling financially as a result of the pandemic. Although our Constitution does not permit assistance to be given to make up for loss of earnings, the Society has a duty to help in whatever way it can, in the face of the unprecedented difficulties experienced during this period. Consequently, and with permission from the Charity Commission, a further £600,000 was made available to the profession this year, primarily to give emergency financial support to those not eligible for Government schemes. This takes our total contribution since the start of the pandemic to £1.1 million. As with our initial £500,000 contribution, the administration of these funds was undertaken by Help Musicians UK through their Coronavirus Hardship Fund, ensuring the Society can remain focussed on supporting those whose lives have been affected by accident and illness, stress and anxiety.

Virtual interactions have played a key role in many of our lives during the pandemic; however those without access to the necessary facilities either on a permanent basis or just during the lockdown period, have not been able to benefit. Many individuals who have been cut off from family, friends and colleagues have experienced isolation and loneliness, and the closure of local support services has had a significant impact, especially on those with low incomes. Consequently, it has been important for the Society to develop the range of support it provides to the profession.

The Social Network, set up last year by a team of volunteer Members to enable everyone in the profession to stay connected during the periods of lockdown, continued to grow this year. The once-a-

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month online get-togethers were extended to coffee mornings and evening gatherings and have been regularly attended by Members and non-members alike. Regular phone calls have also been made to those who prefer to chat on a one-to-one basis, or who are unable to join online. The Network has welcomed many within the profession who have not previously engaged with Society activities and those who have benefited from this platform agree, that it has been a great way of catching up with friends and colleagues as well as offering a lifeline to those who have felt isolated during periods of lockdown. The Network has provided a very successful way of spreading awareness of the Society with several nonmembers expressing an interest in membership and others attending our Healthy Practice Webinar Series. The Governors extend their heartfelt gratitude to former Chairman, Fiona Grant MBE and to the wider Committee members for their ongoing commitment to the Network this year. We would also like to thank Governor Chris Bain for continuing to act as Zoom host for the get-togethers.

The health and wellbeing of the profession has remained at the forefront of all our activities this year and we have worked hard to provide services above and beyond our grant giving programme, especially those offering a more holistic approach. In addition to our Social Network, we have launched a hugely successful Healthy Practice Webinar Series. Following a pilot webinar: Fit to Play, Mental Health and Return to Work in September 2020, a series of 13 webinars was developed in partnership with BAPAM (the British Association of Performing Arts Medicine) addressing subjects including physical, vocal and emotional health, neurodiversity, performance anxiety and playing on the edge which considered safety and hazards on stage, in the pit, on tour and during COVID-19 from a legal, psychological and health and safety management perspective. Beginning in January 2021, each session was presented by practitioners attuned to the specialists needs of musicians, with additional resources being made available to attendees after each webinar. The sessions were consistently sold out, with over half being repeated due to high demand. The overall Series received over 1,000 sign-ups and has not only provided an incredibly helpful resource but has also, as with the Social Network, proved to be a cost-effective and beneficial way of spreading awareness of the Society throughout the profession.

The importance of collaboration has never been clearer than during the pandemic, as networks of communication and shared spaces either closed down completely or were greatly reduced. Working in partnership helps organisations such as ours, better understand the needs of potential beneficiaries, the music profession and the wider charity sector. Additionally, it can significantly improve the experience of those asking for help. For the Society this means working with other charities, benevolent funds, campaign groups and professional bodies. We have been improving our relationships across this network of organisations, building trust and working towards a shared vision. Our most significant collaboration over the last year has been with the BAPAM.

This reporting period has seen the completion of our Casework Scoping Project. Run in partnership with BAPAM, with the Society’s Consultant in Pain Medicine Dr Anthony Ordman acting as Clinical Adviser, the project enabled a detailed review of all Casework processes and procedures, thus ensuring we are able to provide the best support to those who need us. We have worked closely with BAPAM staff to enable the development of our internal systems and the introduction of protocols and procedures relating to the

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management of complex cases, ongoing beneficiary care, possible conflicts of opinion and delegated decision making, all of which are now assisting our staff and Governors in Casework activities. BAPAM has also continued to provide support to the Society throughout the year which has included the referral of a significant number of musicians in need of support. Would like to thank BAPAM CEO, Claire Cordeaux and her team, for everything they have done to support the Society this year and we look forward to the further development of this very successful partnership.

Alongside BAPAM, the Society works with a network of medical professionals who have given us their time and expertise over a number of years, as Medical Advisers. In addition to providing advice to beneficiaries, it is hoped that we will now work with this group at a more strategic level and as part of these discussions, our Consultant in Pain Medicine, Dr Anthony Ordman was invited to present his thoughts about the development of the group to the Society’s Governors. Dr Ordman began working with the Society in 2008 and his role has developed considerably since then, not only in the provision of clinical advice, but also playing an integral role in our review of Casework activities. Dr Ordman has also assisted the Head of Casework in contacting our Medical Advisers to discuss their continued role. We are so grateful to Dr Ordman for his continued support of our work and would also like to thank Mr Duncan Edworthy (Consultant Dental Surgeon), Dr Michael Lunn (Consultant Neurologist) and Mr Guri Sandhu (Consultant Otolaryngologist Head and Neck Surgeon ) who have agreed to continue to act as Medical Advisers to the Society.

In March we were delighted to join Music Minds Matter, an initiative established by Help Musicians UK in partnership with a number of organisations, to meet the growing need for mental health support across the profession. The Society has been invited to become a strategic partner which will see it listed as a resource for those approaching the campaign for support. The initiative is intended to increase the amount of mental health support for musicians and has been set up partly in response to the huge increase in demand for mental health services in the wake of the pandemic. Alongside mental health difficulties, hearing problems are one of the most reported health issues within the profession. They can be one of the most impactful problems to have as a musician and many may find it difficult to ask for help. The Society has continued to work with The Musicians’ Hearing Service to ensure the best support for musicians, raise awareness and reduce stigma around the issue.

In September we hosted a forum for benevolent funds from orchestras and opera houses across the UK, as well as representatives from the freelance community, to discuss problems the profession is currently facing in light of the pandemic. This provided a useful platform to discuss how musicians were being supported as well as making connections between organisations, encouraging them to refer musicians in need.

The development of partnerships has been especially crucial over the past 18 months as many of the networks through which those in the profession had previously been referred to the Society, have broken down. In the 10-year period to 2020, the majority of applications to the Society, were referred and supported by Members, with just 27% coming to us via organisations. However in 2021, the figures were

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very different, with the majority of applications (58%) supported by organisations and a much smaller percentage coming from Members.

Our Members are our Ambassadors and play a vital role in our nationwide network, informing us of colleagues in need or recommending others for membership. Members also raise awareness of our work across their networks and include details of their membership on professional websites and social media platforms. Despite the difficulties faced by the profession this year, we have been delighted to welcome 60 new Members into the Society. With our staff continuing to work from home during this reporting period, we have not yet been able to welcome this group to our building; however we hope to be able to do so very soon.

All Members’ meetings, including the AGM, took place remotely this year using video conferencing software. Despite missing our in-person meetings in the Handel Room at our London premises at 26 Fitzroy Square, the convenience of communicating online has enabled Members to attend Meetings who ordinarily wouldn’t have been able to do so, either for geographic reasons or due to work commitments which, during the past year, were not able to take place. Our virtual AGM was also very successful and despite the lack of mince pies (!), saw a record turnout with Members dialling in from across the globe! Despite the opportunities presented by our virtual meetings, we have been incredibly mindful of those who have not been able to join us online and have kept in contact with Members who regularly attended our in-person meetings but who don’t have the means to do so remotely. We hope to be able to resume in-person meetings soon, and the success of our online gatherings means that we hope to be able to include an audio/visual element to enable those not able to join in person, to attend remotely. However, space limitations in the Handel Room mean that careful consideration must be given to the safety of inperson meetings and as such, Governors have taken the decision to continue with virtual Members’ meetings until the end of 2021 at the earliest.

The Society’s Membership Secretary, Ginny Leigh, worked hard this year to improve our communications with the membership. Regular update emails are now being sent to those Members for whom we hold an email address, which has helped to increase the number of Members engaging with the Society. Membership welcome packs have also been updated and now include more detailed information about the duties of our Members. New data protection legislation means that all Members are now required to actively ‘opt in’ to enable them to be included in the Society’s Membership List. We would like to thank all Members who have taken the time to complete and return their Preferences Form and, despite requiring significant administrative effort on the part of the Society’s staff, we were pleased that this necessary exercise also meant that many Members with whom we had lost contact, have now renewed their connections with the Society.

Staff and Governors have worked throughout the year to spread awareness of the Society through the music profession and charity sector. This has included attending conferences and webinars hosted by the Association of Charitable Organisations and the Charity Commission. The Society’s Chief Executive Charlotte Penton-Smith joined Member and podcast presenter, Patrick Johns, on episode 34 of the Music

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Teachers' Association Podcast to spread awareness of our work to music teachers across the UK. The episode is available on the Music Teachers’ Association website. Special efforts have also been made this year by the CEO and Governors, to raise awareness of the John Birch Fund – a fund specifically for church musicians and it is hoped that this work will see an increased interest in the fund in the coming year.

This year we were delighted to launch the Philip and Ursula Jones Fund. This Fund will support brass players and their families across the UK and has been made possible thanks to the generosity of Member Ursula Jones. The Fund was launched in the 70[th] Anniversary year of both the formation of the Philip Jones Brass Ensemble and Philip’s election as a Member of our Society. This year also marked 25 years since the last concert of the Philip Jones Brass Ensemble - a particularly fitting time to announce the inauguration of the Fund. Philip was a trumpeter who opened the world of chamber music for brass instrumentalists. He was appointed principal trumpeter of the Royal Opera House orchestra and in 1951, formed a brass quartet which eventually expanded and became the Philip Jones Brass Ensemble. Their repertoire was published as Just Brass by Chester Music (now known as Universal) and the ensemble made many recordings. We are so grateful to Ursula for her support in setting up this Fund and in helping us to reach out to more brass musicians. £3,000 has been awarded so far from this Fund and we hope to build on this work in the future.

The Society has continued to provide fine instruments on loan to musicians who would not otherwise be able to afford them through the Fine Instrument Scheme. We are delighted that Justin Pearson, who established the Scheme during his tenure as a Governor of the Society, will continue to be involved in the Scheme following a two year break. We are also pleased to have acquired a c.1815 George Dettmer square piano as a gift from a neighbour in Fitzroy Square, which is currently in situ in the Handel Room. The piano maker had been based in Fitzroy Square, and this provenance meant the neighbour was keen that the instrument remains within the local area. COVID-19 restrictions meant that our 26[th] Annual Jacqueline du Pré Charity Concert at Wigmore Hall had to be postponed this year. We are currently in discussions with Wigmore Hall to find a suitable alternative date, which we hope will be sometime in 2023. We would like to give sincere thanks to artists Emmanuel Pahud, Trevor Pinnock and Jonathan Manson who have so generously agreed to perform at the Concert.

In February we were delighted to welcome Leon Hart as our Head of Casework. Leon brings a wealth of experience from his previous work with charities including the RAF Benevolent Fund and Help the Aged, and is a fantastic addition to the Society’s staff. Part of his role is to examine how our Casework department functions and how its processes can be streamlined to enable us to support more musicians. We are really pleased to have him on board, and are grateful to Caseworker Yinka Fasawe who, with support from the CEO, managed Casework single-handedly for the previous year. In July we sadly said goodbye to Membership Secretary Ginny Leigh who left her role to pursue the creative part of her career. We thank Ginny for her hard work and wish her all the best for the future. The Membership Secretary role is now being revised and we hope to recruit a new member of staff in the coming months.

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All staff members have continued to work from home throughout the year which has not been without its challenges. Despite being forced to adapt to remote working, the team have coped admirably with the transition and have found many positives in the ‘new normal’. Like many organisations, the Society found that lockdown spurred on the digitisation of many aspects of its work, much of which had already been in the pipeline. Staff continue to meet regularly, albeit virtually, and have managed the transition without impacting on the quality of support for beneficiaries. All staff have embraced many elements of home working and Governors therefore, want to ensure that post-pandemic working arrangements are inclusive and flexible. As such, we are now planning for a mixed and open-minded approach to the future, which may involve a blend of office and home-based working.

Our Finances

Grant giving remains at the heart of the Society. This year a total of £594,078 was awarded in grants to individual musicians, with almost half of this total being paid from the Members’ Memorial Fund (MMF). The MMF had previously been used for small gifts of £100 only; however, thanks to the generosity of our Members and supporters, the balance of the Fund had been increasing faster than we could award gifts. Governors therefore decided to broaden the scope of the Fund to include grants for living expenses, and to increase the value of the small gifts to £200. This change was considered to be in line with the original intention of the Fund and Governors took the view that our Members would rather see the criteria broadened than the funds remain unspent.

£54,421 was awarded from the Henry Wood Fund, all of which was for our Ex-Gratia grant scheme. This programme is for beneficiaries with long term needs who receive a quarterly payment to assist with living and medical expenses. The Henry Wood Fund receives income from the royalty payments for Vaughan Williams’ Serenade to Music , which were kindly donated to the Society. A further £3,996 was awarded for the Ex-Gratia scheme from the Gershom-Parkington Fund. This Fund was reviewed this year and Governors decided to reclassify it as an endowment fund. Mr Frederick Gershom-Parkington was a Member of the Society who died in 1953 and bequeathed a generous legacy. In his Will, he requested that the funds be held in perpetuity by the Society, and that the income they generated be used to support musicians in need. The grants awarded this year from the fund are therefore lower than in value than in previous years.

£16,950 was awarded from the Stan Newsome Fund, which provides small gifts for musicians living and working in and around London. Because of the Covid-19 pandemic, many of the usual networks through which musicians refer their colleagues to the Fund were much reduced this year. Only 71 gifts of £200 were awarded from the fund this year (compared with 106 last year). The Governors decided to broaden the scope of this Fund to include small grants of up to £1,000 for living expenses (keeping to the requirement that the recipients live or work in and around London). This decision was taken to ensure that the Fund was used in the most beneficial way while keeping the spirit of the Fund intact. £2,750 was awarded from this Fund using the expanded criteria.

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Using our restricted funds for so many grants this year meant that the £600,000 contribution to the Help Musicians UK Coronavirus Financial Hardship Fund made much less of a dent in our unrestricted reserves than it otherwise would have. The majority of all our grant giving came from our unrestricted funds, to the tune of £294,950. This is a much lower figure than in previous years, but overall the total value of grants awarded has increased by 3% from the previous year.

Restricted Fund Grants
Gershom-Parkington Fund
Henry Wood Fund
Members Memorial Fund
Stan Newsome Fund
John Birch Fund
Philip and Ursula Jones Fund
Brereton Fund
Unrestricted Fund Grants
Total Grants		 2021
2020
2019
2018
2017
£
£
£
£
£
3,996
-
59,425
71,526
89,311
54,421
-
20,879
25,136
29,204
209,800
7,400
11,100
11,000
10,050
16,950
21,300
20,400
19,400
19,200
10,961
6,311
8,510
14,792
17,327
3,000
-
-
-
-
-
200
145
-
-
299,128
35,211
120,459
141,854
165,092
294,950
540,083
354,626
324,662
285,793
594,078
575,294
475,085
466,516
450,885

Other expenditure on charitable activities came to a total of £140,170 (2020: £102,228), and the costs of raising funds was £164,916 (2020: £127,684). The costs of running the Society this year were £230,390 (2020: £308,117). Charitable activities therefore accounted for 77% of total expenditure, raising funds 10%, and support costs were 13%.

Over 40% of our income this year came from donations and legacies. In a year when many charities have struggled to maintain their income, we have been overwhelmed with the generosity of our Members and supporters. We received £191,826 in donations (2020: £61,420) for which we would like to say a huge thank you. One Member, who has wished to remain anonymous, donated an incredibly generous sum of £100,000 to support those whose lives have been impacted by the Coronavirus pandemic. Mindful of the spirit in which this donation was made, Governors agreed that this contribution be accepted by the Society, but diverted to Help Musicians UK for distribution though their Coronavirus Hardship Fund. We were thrilled to have received over £4,000 from Members’ and supporters’ own fundraising events – thanks to Ben Chappell, Richard Thomas and the Sacconi Quartet for their concerts, the Sully Family and Deborah Gatehouse for their Christmas events, to Dominic Moore and Paul Carey Jones for donating to our funds following sales of their books Keep Fit for Violinists and Giving it Away: Classical Music in Lockdown and other fairytales, and of course, to Helen Minshall for her heroic end to end swim across Lake Windermere. Thanks to the Royal Opera House, London Symphony Orchestra and BBC Singers for their fantastic collections. We are also grateful to receive the proceeds from The Trumpet Shall Sound! concert in commemoration of the life and work of John King, which took place in June.

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This year we also received £360,686 in legacies (2020: £61,788). Governors are extremely grateful to the late Andrew Hamilton, Hilary Bracefield, Elizabeth Levy, John Glenister, Mary Remnant, Una Warnes, Geoffrey Shaw, Christina Ward, Jennifer Bate, and John Edney who remembered the Society in their wills.

The remaining 60% of our income was from our investments, including our building at 26 Fitzroy Square, and our portfolio of stocks and shares. The building remained fully tenanted during the year, bringing in a rental income of £113,758 (2020: £111,940). Premises costs attributable to raising funds this year were £29,742 (2020: £27,099).

The larger part of our income comes, as usual, from our investment portfolio, which raised £696,545 in dividends and interest. The portfolio continues to be managed on a discretionary basis. Governors remain fully informed of all updates to the portfolio and meet representatives from the Society’s Broker, Vermeer Partners on a quarterly basis to discuss trades and performance. Our investments continue to be managed as one portfolio which is then apportioned to the individual funds, and dividends, charges, gains and losses are allocated in the same proportions. It is the Society’s policy to hold a broad and balanced medium-risk investment portfolio which maximises the income stream whilst at the same time, aims to achieve capital growth. The Society does not invest in tobacco and gambling companies, arms manufacturers or those offering payday loans. We are also wary of alcohol companies and those seeking more than 10% of revenue from the extraction of fossil fuels. Governors have continued to discuss the ethics of our investment policy and aim to keep this policy under regular review.

Last year was a challenging one for the investments due to the uncertainty and disruption caused by Covid-19 and global politics. However, the portfolio is diversified both in type of investment and industry sector as well as geographically. We are pleased to report that this approach appears to have helped mitigate against the worst impacts of market volatility. This year the portfolio recovered its value significantly, ending the year with a 2.45% total return on investment (income and growth). Our Brokers have worked with us to set prudent income and growth forecasts to ensure that the portfolio remains healthy for future years.

Our Balance Sheet is very healthy. Our reserves are split into Endowment Funds (which cannot be spent but generate income), Restricted Funds (which can only be used for the purposes for which they were given) and Unrestricted Funds which are available for the general purposes of the Society. At the financial year end the Society’s Unrestricted Funds amounted to £36,268,998, of which £35,379,995 was represented by investments and fixed assets. These provide a valuable source of income for the Society. The free funds available to the Society at 31 July 2021 were, therefore, £889,003 (2020: £553,045). Charity law and regulations require Trustees to consider the level of funds needed to ensure the continuance of the organisation. For the Society it has been considered prudent to continue to aim to hold an amount equivalent to six months’ expenditure as Unrestricted Funds: currently this would be around £475,000. £400,000 was therefore transferred to the investment portfolio just after the end of the financial year to reduce the free reserves to a more sustainable level and maximise the funds available for investment.

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The Trustees regularly review the main risks faced by the Society and ensure that appropriate mitigation is put in place. This may be by the adoption of specific routines or by insurance. This main risk review is supported by Health and Safety reviews as required by legislation. The key risks identified in 2021 are:

Plans for the Future

Much of the focus of the current year has been spent analysing our systems and processes and dealing with all the challenges of the pandemic. Next year we hope to move on to implementing the lessons we have learnt from this period of analysis and reflection. This includes the implementation of our Casework strategic plan which will enable the Society to increase the number of beneficiaries it supports and further improve the quality of the help it provides.

Governors have discussed the benefits of automation of more menial tasks in the Casework team’s working practices and have acknowledged the importance and value of effective and efficient systems within the office. As such, our internal IT systems will be upgraded, aiming to automate and streamline internal processes and free up staff time to help more musicians in need. Key areas for development include tracking and monitoring of enquiries, online receipt and processing of applications and automated applications for assistance schedule production. Additional functionality would also enable more efficient grants management. Staff time in undertaking administrative tasks will then be reduced, leaving more time to talk to beneficiaries and cope with increased applications, as well as other tasks including representing the Society at events across the UK; developing and maintaining relationships with new/less-familiar like-minded organisations; and more in-depth beneficiary monitoring and evaluation

BAPAM will remain as our clinical partner but at a much-reduced level from the current year. Referrals between the Society and BAPAM will continue and they will also provide advice in the consideration of more complex cases. There will also be options for BAPAM to assist with developing protocols when required as well as providing advice to the Governors if there is a conflict of opinion about more complex cases. The role of our Medical Advisers will continue to be developed this year, led by our Consultant in Pain Medicine, Dr Anthony Ordman.

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In partnership with BAPAM, we will also be developing our Healthy Practice Webinar Series, expanding on some of the subjects dealt with in 2021. Based on feedback received from attendees this year and recent patterns in our grant giving the following Webinars will take place in 2021-22: Tinnitus ; Sustaining a career into old age ; Rehabilitation post-operation ; Fitness training – planning your schedule and Mental Health – imposter syndrome, self-worth, perfectionism and managing problems in the moment.

Development of the Series will provide valuable support and advice to those who attend the Webinars. It has also enabled opportunities to partner with academic research projects as part of University College London’s Department of Performing Arts Medicine – namely issues raised at the Playing on the Edge webinar in March 2021 and the focussed interest in the support of brass musicians following the launch of the Philip and Ursula Jones Fund.

The recruitment of a Head of Membership and Communications will enable the formation of an exciting and creative, yet appropriate strategy using a variety of platforms, to enable the Society to maximise its presence and appeal across the music profession and within other key stakeholder groups. The strategy will also improve the impact of our membership communications, to enable the sustainable growth of the membership and ensure that the Society continues to operate at the highest possible standard, whilst at the same time securing its position as one of the leading resources for the profession.

Governance and administration

As noted in the header to the Report, the Society is a Registered Charity incorporated by Royal Charter and under the patronage of Her Majesty, The Queen.

The Society was established as a membership organisation run by its Members. Members elect a Court of Assistants consisting of no fewer than 24 members and no more than 48 members. Members of the Court and Governors elect 12 Members of the Society as Governors, who have the principal responsibility for the conduct of the Society’s affairs. In turn the Governors elect a Chairman, Vice-Chairman and Treasurer each January from their number. In January 2021 John Smith OBE and Benedict Cruft were elected as Chairman and Vice-Chairman respectively and Chris Bain was re-elected as Treasurer. Benedict stepped down as ViceChairman on 10 March 2021 and Governors elected Clare McCaldin to continue in this role from 13 April 2021. Governors report to the monthly meeting of the Court of Assistants and Members. Details of those who have served as members of the Court of Assistants and Governors throughout the period and to the date of this report are provided elsewhere in this paper.

Governors delegate much of the Society’s business to the staff, the Chief Executive, Head of Casework, Caseworker, Membership Secretary and Finance & Administration Officer who have responsibility for day-to-day operations including liaising with applicants and beneficiaries, managing the membership, running the office and providing reports for the monthly Governors’ meeting and quarterly Finance Committee meetings. All major grants are determined by the Governors based on the reports they receive. Major or unusual expenditure is also authorised by Governors who also retain responsibility for setting staff remuneration, recruitment and dismissal.

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Newly-elected Governors are advised about the responsibilities of their role and are supported by more experienced colleagues. Governors receive guidelines relevant to their role including information from the Charity Commission, auditors, solicitors and brokers as it is available. In addition, Governors attend induction and training sessions and are required to sign the Governors’ Code of Conduct. From October 2020, a Declaration of Interests form will also be completed by all Governors.

Arrangements for setting remuneration

The remuneration of all members of staff is reviewed annually by the Governors. Staff are appraised annually by the Chairman and one other Governor and their recommendations are considered alongside details of movement in standard indices prepared by the Office of National Statistics including CPI, RPI and average earnings.

This report has been prepared in accordance with relevant statutory requirements, the requirements of the Royal Charter and Constitution and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). It has been agreed by the Governors and is signed on their behalf by:

John Smith OBE Chairman October 2021

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New Members

We welcome the following who have been elected since the last report:

Philip Aird Karen Anstee Rodney Argent Charlotte Ashton Joseph Atkins John Bimson Roger Birnstingl Alexandru-Mihai Bota Phil Boughton Julia Bradshaw Harry Bramma Gerard Brooks Ya-Heng (Judy) Cheng Benjamin Clarke Roy Cox Erica Dearing Stephen Disley Robert Emery Margaret Fingerhut Cheryl Frances-Hoad Selma Gokcen

Geoffrey Govier Sylvia Murphy Anthony Gritten Dr Anthony Ordman FRCA, Brian Gulland FRCP Lucy Hare Chereene Price Victoria Harrild Andrew Ross Jackie Hartley Lucy Russell Tim Horton Matthew Schellhorn Richard Ingham Michael Seal Christian Jones Paul Silverthorne Anna Le Hair Rachel Simms Sally Jackson Peter Smith Zami Jalil Steve Socci Timothy Lines Hannah Turnbull Mike Lloyd Peter Walton Andrew Lucas Jeremy Watt Anne Macdonald William Whitehead Bruce Martin Peter Wilman Elizabeth May Paul Wing John Melbourne Anne Wilson Sally Melbourne Hugh Morris

In Memoriam

Sadly, each year we are notified of Members who have passed away either within the current year or earlier. We report the deaths of the following Members and former Members since the last report:

Kenneth Alwyn Dr Michael Foster Professor John Morehen Timothy Baxter Sir Roger Gifford Anthony Payne Keith Bleasdale Erich Gruenberg OBE James Peschek Barry Booth Christine Hubbard Anna Shuttleworth Dr Julian Bream CBE Rinat Ibragimov Christina Ward Clive Brown Kenneth V Jones. Una Warnes William Brown Christopher Larkin Eric Wetherell Dr John Buttrey Richard Lloyd Maurice Checker Patricia Lovell John Duffy Dr Jane Manning OBE Dr Osian Ellis CBE Andrew McGavin

With permission from the bereaved families, each name will be inscribed in the Book of Remembrance held in the Musicians' Chapel at the National Musicians’ Church, St Sepulchre-without-Newgate in the City of London and announced at a Service of Thanksgiving, planned to take place on Wednesday 18 May 2022 at 5.00 p.m.. Former colleagues, family and friends are warmly invited to this annual commemoration which will also acknowledge musicians who were not Members of the Society, but who

13

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2021

have also passed away. We are grateful to our Members Gillian Cracknell, Christopher Field, Tim Jones, Simon Lindley, Richard Lyne, Andrew Morris and Mark Wildman, who, with other Trustees of the Friends of the Musicians’ Chapel are responsible for arranging this.

14

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2021

Thank you

The Society is grateful to:

Charlotte Penton-Smith

Yinka Fasawe

15

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2021

Governors and members of the Court of Assistants 1 August 2020 – 19 October 2021

The Society’s AGM in 2020 was held on 20 December.

Governors

Chris Bain Robert Bourton resigned at AGM 2020 Benedict Cruft Jacoba Gale elected at AGM 2020 Patrick Garvey Fiona Grant MBE retired at AGM 2020 Sally Groves

Court of Assistants

Stuart Allen retired at AGM 2020 Vyvyan Brooks Adrian Brown George Caird retired at AGM 2020 Donna Chapman retired at AGM 2020 Elaine Cocks Nickie Dixon elected at AGM 2020 Deirdre Dundas Grant retired at AGM 2020 David Flood elected at AGM 2020 Phoebe Fullbrook elected at AGM 2020 Jacoba Gale resigned at AGM 2020 Nessa Glen retired at AGM 2020 David Gordon-Shute Linda Esther Gray Sandra Hambleton-Smith Dr Philip Hammond Chris Hankin elected at AGM 2020 Keith Harling Benjamin Hughes Jamie Hutchinson Jacquelyn Hynes elected at AGM 2020 Carl Jackson MVO elected at AGM 2020 Jean Kelly Miriam Keogh elected at AGM 2020 Jane Lister retired at AGM 2020

Clare McCaldin Kim Murphy elected at AGM 2020 Ian Partridge CBE retired at AGM 2020 Jonathan Rennert John Smith Chairman from January 2021 Clare Tyack elected at AGM 2020 Lawrence Wallington elected at AGM 2020 Diane Widdison

Lennox Mackenzie OBE retired at AGM 2020 Judy Manning Joanna Marsh Ashley Mason Sophie Mather Brenda Meek Amos Miller elected at AGM 2019 Alison Moncrieff-Kelly elected at AGM 2020 Viktor Obsust Marianne Olyver elected at AGM 2020 David Openshaw Myra Pigott retired at AGM 2020 Kevin Price Paul Pritchard Ewan Robertson Alistair Scahill Brian Schiele Paul Speirs Frederick Summerbell retired at AGM 2020 Richard Thomas Elinor Tolfree Clare Tyack resigned at AGM 2020 George Vass elected at AGM 2020 Karen Vaughan retired at AGM 2020 Sarah Watts elected at AGM 2020 Howard Williams elected at AGM 2020 Sarah Williams

16

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2021

Yvonne Wooldridge elected at AGM 2020

17

Summarised Statement of Financial Activities For the year ended 31 July 2021

Income and endowments from:
Donations and legacies
Other trading activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net Valuation gains/(losses)
Net income for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Endowment
funds
2021 Total
funds
2020 Total
funds
£
£
£
£
£
458,495
126,317
-
584,812
148,968
450
-
-
450
19,985
784,113
26,270
-
810,383
759,996
1,243,058
152,587
-
1,395,645
928,949
196,500
3,534
1,541
201,575
171,685
1,128,851
399,128
-
1,527,979
1,442,838
1,325,351
402,662
1,541
1,729,554
1,614,523
5,259,113
147,615
64,352
5,471,080
(1,574,523)
5,176,820
(102,460)
62,811
5,137,171
(2,260,097)
(117,546)
(126,808)
244,354
-
-
5,059,274
(229,268)
307,165
5,137,171
(2,260,097)
31,209,724
810,250
42,691
32,062,665
34,322,762
36,268,998
580,982
349,856
37,199,836
32,062,665

These summarised financial statements are not the statutory accounts but are a summary of information relating to the Statement of Financial Activities and Balance Sheet. The full accounts have been audited and given an unqualified report. A copy of the full accounts has been sent to the Charity Commission and may be obtained from the Society’s registered office.

The accounts were approved by the Governors on 19 October 2021 and are signed on its behalf by:

John Smith OBE - Chairman

18

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2021

Summarised Balance Sheet at 31 July 2021

Fixed Assets
Intangible assets
Tangible assets
Investments
Current Assets
Debtors
Short term deposits
Cash in hand and at bank
Total assets
Current liabilities
Creditors falling due within one year
Net Current Assets
Total Assets less Current Liabilities
Funds
Unrestricted funds
Restricted funds
Endowment Fund		 2021
2020
£
£
104,465
119,357
2,745,954
2,729,848
33,466,041
28,645,294
36,316,460
31,494,499
266,294
154,397
702,578
519,855
145,475
48,847
1,114,347
723,099
37,430,807
32,217,598
(230,971)
(154,933)
883,376
568,166
37,199,836
32,062,665
36,268,998
31,209,724
580,982
810,250
349,856
42,691
37,199,836
32,062,665

Restricted Funds

The income funds of the charity include the following restricted funds which were established at various points in the Society’s history to provide funds for particular categories of beneficiaries as detailed in the Trustees Report.

Restricted and endowment funds


Restricted funds
Gershom-Parkington Income Fund
Henry Wood Fund
Members' Memorial Fund
The Stan Newsome Fund
Brereton Fund
John Birch Fund
HMUK Covid Emergency Fund
Philip and Ursula Jones Fund		 Balance
2020
Income
Expenditure
Investment
gains
(losses)
Fund
transfers
Balance
2021
£
£
£
£
£
£
151,808
7,110
(3,996)
-
(151,808)
3,114
91,884
2,674
(54,914)
20,600
-
60,244
294,418
29,622
(211,380)
66,006
-
178,666
144,898
9,479
(17,728)
32,484
-
169,133
3,841
112
(21)
860
-
4,792
123,401
3,590
(11,623)
27,665
-
143,033
-
100,000
(100,000)
-
-
-
-
-
(3,000)
-
25,000
22,000
810,250
152,587
(402,662)
147,615
(126,808)
580,982

19

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2021

Endowment funds
Birch Endowment
Gershom-Parkington Endowment		 42,691
-
(229)
9,571
-
52,033
-
-
(1,312)
54,781
244,354
297,823
42,691
-
(1,541)
64,352
244,354
349,856

20

THE ROYAL SOCIETY OF MUSICIANS OF GREAT BRITAIN (Incorporated by Royal Charters of 1790 and 1987) Registered Charity Number 208879 ACCOUNTS FOR THE YEAR ENDED ST 31 JULY 2021

The Royal Society of Musicians of Great Britain Statement of Trustees. Responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland"). The law applicable to charities in England and Wales require5 the trustees to prepare financial 5tatement5 for each financial year which give a true and fair view of the state of the affairs of the charity, the incoming resources and the application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them conslStently- observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statement5 comply with the Charities Act 2011 and the provisions of the Royal Charter. They Jre also responsible for safeguarding the a55et5 of the charity and hence for takinB reasonable steps for the prevention and detection of fraud and other irregularities. Page | I

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Opinion We have audited the financial statements of The Royal Society of Musicians of Great Britain for the year ended 31 july 2021 which comprise of the primary statements such as the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charivs affairs as at 31 July 2021, and of its incoming resourtes and application of resource5, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We tonducted our audit in accordance with International Standar(Js on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statement5 in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatln8 to 8oln8 ¢on¢em In auditing the financial statements, we have concluded that the trustees, use of the going Concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant doubt on the charitV'5 ability to continue as a going concern for a period of at least twelve monihs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report ihereon. The trustees are re5pon5ible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infom)3tion and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatement5, we are required to determine whether there is a material misstatement in the financial statement5 them5elve5. If, based on the work we have performed, we conclude that there is a material mi55tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matter5 on which we are required to report by exceplion We have nothing to report in respect of the following matter5 where the Charities Act 2011 require5 US to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material ￿spect with the financial statements.. or Page | 2

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain (Continued) the charity has not kept adequate accounting records.. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page Ixl. the trustees are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determinè 15 nÈcès53ry to enable the preparation of financial 5tatemÈnt5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the tharity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Audltorfs Responslbllltles for the audlt of the Ilnan¢lal ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordante with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an autlit conducted in accordance wSth ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audlt In accordance wlth ISAS IUKI we exercise professlonal ludgement and malntaln professlonal scepticism throughout the audit. We also.. Identify and a55e55 the ri5k5 of material mi55tatement of the financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of iniernèl control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accountin& and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that mav cast significant doubt on the charitvs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosure5 In the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conelusions are based on the audit evidence obtained up to the date of our auditorfs ￿pOrt. However, future events or condition5 may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieve5 fair presentation. Page | 3

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain (Continued) We communicate with those charged with governance reEardin& among other matters, the planned scope and timing of the audit and Significant audit finding5, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of deterting irregulartties, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are c3p3ble of detecting irregularities. including fraud is detailed below. The objectives of our audit in respect of fraud. are.- to identify and assess the risks of material misstatement of the financial statement5 due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011. the Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussion5 Wlth management and those char8ed with governance. We assessed the risk of material misstatement of the finJn¢ial statements, including the risk of material misstatement due to fraud and how it mi8ht ¢xcur. by holdin8 discussions with management and those char8ed with governance. We inquired of management and those charged with governance as to any known instances of non- tompliance or suspected non-compliance with law5 and regulations. Based on this understanding, we designed spetific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent Ilmltations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material mi55tatement due to fraud is higher than the risk of not detecting one resulting from erTor, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report Thi5 report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charitie5 Act 2011. Our audit work has been undertaken so that we mi8ht state to the charity'5 trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. J_A LL* Moore KinÉston Smith LLP Statutory auditor 26h October 2021 Devonshire House 60 Goswell Road London ECIM 7AD Moore Kingston Smith I I P i< pligihle to act as auditor in terms of Section 1212 of the Companies Act 2￿6. Page14

The Royal Society of Musicians of Great Britain Statement of Financial Activities For the year ended 31 July 2021 Unrestrlcted funds Restrlctèd Endowed lunds funds 2021 Total fvnds 2020 Totol funds Note Income and endowments from: Donations and legacies Other trading activitie5 Investments 458,495 450 784.113 1,243,058 126.317 584,812 450 810,383 1,395,645 148,968 19,985 759.996 928,949 26.270 152,S87 Total Expenditure on.. Raising funds Charitable activities Total 196,500 1.128.851 1,325,351 3,5YI 399.128 402,662 1,541 201,575 1.527.979 1,729,554 171,685 1.442.838 1,614,523 1,541 Net Valuatlon gainslllossesl 22 5.259,113 147.615 64,352 5,471,080 (1,574,523) Net income for the year Transfers between funds Net movement in funds 5.176.820 1117,5461 5.059,274 1102.4601 1126,8081 1229,2681 62.811 244,354 307,165 5,137.171 12,260,0971 18119 5,137,171 (2,260,097) Reconciliation of funds.. Total funds brought lorward 31.209,724 810,250 42,691 32,062,665 34,322, 762 Total funds carried forward 36,268,998 $80,982 349,856 37,199,836 32,062,665 The notes on pages 9 to 23 form part of these accounts. Page | 5

The Royal Society of Musicians of Great Britain Statement of Financial Activities For the year ended 31 July 2020 (this sheet provides a split of the comparative figures) Unrestrirted fvnds Restrirted fvnds Endowed funds 2020 Total lunds 2019 fotol lunds Note Income and endowments Arom.. Donotions and legucies Other trading activities Investments Total 121,287 19.985 741,123 882,395 27,681 148,968 19.985 759,996 928.949 127,401 23, 705 845,348 996.454 18,873 46.554 Expenditure on.. Roisingfunds Choritable activities Total 169.311 1,407,827 1.577.138 2.262 35,011 37.273 112 171.685 1,442,838 1,614,523 163.130 793,511 956.641 112 Net Voluotion {lossesJ/guins 22 11.548,0841 125,085) 11,354) (1,574,523) 1,466,530 Net IncomeAor the year/ Net movement InAunds f2.242.827J {15.8041 11.466) 12.260.0971 1,506,343 Reconclllatlon offunds.. Totalfunds broughtforward 33,452,551 826.054 44,157 34,322, 762 32,816,419 TotÈilfvnds corriedforword 31,209. 724 810.250 42.691 32,062,665 34,322,762 Page 16

The Royal Society of Musicians of Great Britain Balance Sheet at 31 July 2021 Note 2021 2020 Fixed Assets Intangible assets Tangible assets Investments 12 13 104,465 2.745.954 33,466,041 36,316,460 119,357 2. 729.848 28.645.294 31,494,499 14 Total flxed assets Current Assets Debtors Short term deposits Cash in hand and at bank Total current assets 15 266,294 702.578 145.475 1.114.347 154,397 519,855 48,847 723,099 Total assets 37,430,807 32,217,598 Current Ilablllt5es Creditor5 falling due within one year 16 1230,9711 (154,933) Net Current Assels 883.376 568,166 Total Assets less Current Llabllltle5 37,199,836 32,062,665 Funds Unrestricted funds including revL71uotion goins of £6.755.113 12020..£4.522.155) Restricted fund5 ncluding revJluotAOfl gOlnS of £294,858 12020.- £233,208J Endowment Fund including revaluation gains of £38,472 12020.. £11.590J 36,268,998 31,209, 724 22 19 22 18 22 580,982 810,250 349,856 42,691 Total 37,199,836 32,062,665 These accounts were approved by the Trustees on 19 October 2021 and are signed on their behalf by.. john Smith...........................-.........-..............-.-..-..........-.....-........................Ch3irman of the Governors The notes on pages 9 to 23 form part of these accounts. Page | 7

The Royal Society of Musicians of Great Britain Statement of Cash Flows For the year ended 31 July 2021 2021 Total fvnds 2020 Tottsl funds Cash flows from operatlng actlvlties: Net cash provided by (used inl operating activities 21 11.155.758) 11.468.499J Cash provided by (used inl investing activities Dividends, interest and rent5 from investments Purchase of intangible fixed assets Purchasè of property, plant and equipment Proceeds of sale of investments Purchase of investments (including instrumentsl Purchase of currency Proceeds of currency exchange Foreign currency gains1105sesl Net cash provided by (used inl inYe5ting activities 810,383 759,996 {2,200J 13,514J 9.412,609 19,106,690) {496,280J 509,454 (11,681) f406.805J 12 13 14 14 14 14 11,2401 7.(￿.616 16,066,581) 192,2091 91,901 128,3601 558.752 14 Cash flows from financing actlvlties Change In cash and cash equlvalents In the reportlng perlod 558,752 {406,805J Cash and cash equlvalents at the be8lnnin8 of the reportlnl perlod 1,074,953 1,481,758 Cash and cash equSvalents at the end of the reportin8 pewlod 1,633,705 1,074,953 Cash and cash equlvalents cornprlse: Held Js investments Cash dep051t held by broker Held as current assèts Short term deposits Cash in hand and at bank 14 785,652 506,251 702,578 145.475 519,855 48,847 1,633.705 1,074,953 The notes on pages 9 to 23 form part of these accounts. Page 18

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 The Royal Society of Musicians was incorporated under Royal Charters of 1790 and 1987 and is a registered charity, number 208879. Its registered address is 26 Fitzroy Square. London WIT 68T. l. A¢¢ounting Policies Basls of Preparatlon of the A¢¢ounts These financial statements are prepared on a going concern basis, under the historical c05t convention as modified by the revaluation of certain fixed assets and include the results of the Charity which are described in the Trustee's Report. The financial Statements are prepared in sterlin& which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 including update bulletin 2 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice. The Society is a public benefit entity for the purposes of FRS 102. The accounts have been prepared to give a 'true and fair view, and have departed from the Charities (Accounts and Reports) Re8ulation$ 2¢)08 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reportin8 by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Golng Concern The Trustees have assessed whether the use of the going concern basis is appropriate and have considered P0S5ible events or conditions that mi8hi cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charity's forecasts and projections and have taken account of pressures on donation and investment income in the context of the Coronavirus pandemlc. The charity has a significant unrestricted investment portfolio upon which it could draw if necessary. After making enquiries the Trustees have concluded that the￿ is a ￿asOnable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continue5 to adopt the going concern basis in preparing its financial statements. Funds strurture Endowment fvnds are funds where an amount is given lo be held in perpetuity with only the income derived from the capital available for charitable purposes. Restrirted funds are fund5 which have been received for specified purposes and may only be applied to those purposes. Unrestrirted funds are those funds which may be applied to any of the Society'5 objertives. Income Income 15 recognised in the Statement of Firbancial Activities ISOFAI when the Society 15 entitled to it, its receipt is probable and the amount of the income and any associated costs can be measured reliably. Subscriptions to the Society are in the nature of Eifts and have therefo￿ been included in the heading 'Donation5 and legacies" Page 19

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Annual subscriptions are recognised at the time they are received. Life subscriptions vary in amount ccording to the average life expettancy of membèrs and are taken to incomè in Èqual instalments over the members, estimated life span. Le8a¢ies are recogni5ed following probate and once there is sufficient evidence that receipt is probable and the amount of the legacy receivable can be measured with reliability. Where entitlement to a legacy exists but there is uncertainty as to its receipt or the amount receivable. details are disclosed as 3 contingent asset until the criteria for income recognition are met. Investment Income is recognised when its receipt is probable and the amount is measurable. Expenditure Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes VAT, which is reported as part of expenditure to which it relates. Grants are payable to individuals in accordance with the S¢xiety'$ governing instruments lincluding guidelines). Grants are recognised at the time they are agreed by the Trustees. 8alances of allocations remaining unused are reviewed re8ularly, and unless there is then persuasive evidence that the balance will be used in the foreseeable future, the amount is cancelled. Charitable artivities include grants made. the direct costs associated with grant making and that part of operating and governance costs which have been attributed on the basis of relative staff time spent in this area of activity. Ralslng fund5 includes investment management fees, costs related to the investment propertyi the c05t5 of the jacqueline du Pre concert. the cost of goods sold and the proportion of advertising costs which is deemed to generate funds. It also includes that part of operatin8 and governance costs which have been attributed on the basis of relative staff time spent in this area of activity. Governance costs are the costs associated with the strategic direction of the organisation and of meeting regulatory requirements including directly attributable Staff costs. They are included within support costs and attributed to eiiher charitable activities or raisin8 funds. Support costs are those costs common to the range of activities of the organisation and are apportioned on the basis of time occupied by the Society's employees. Intangible fixed assets In 2018-19 the Society commissioned the development of a bespoke database system to facilitate the management of the organisation. The amount capitalised is the invoiced value of works completed to date. Development is not yet complete but the database has been brought into use. Following a review of the estimated life of the database. it was determined appropriate to adopt the maximum life permitted by FRS 102, that is. 10 years. Tangible fixed assets Furniture, fittings and equipment costing more than £250 for each item. is capitalised at cost. The estimated life for most of the assets is 5 years, however, supplier guarantees and existing asset history indicates that a life of up to 20 years is appropriate for some assets. All Freehold property linvestment and operationall is included in the Balance Sheet at valuation. Artefacts of an appreciating nature are included in the financial statements at open market valuation, as determined periodically by experienced valuers. An impairment ￿VIeW is undertaken of those items for which there are concerns that the residual value may differ from current market value. Page | 10

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Investments The Society holds three types of Investment: quoted investments which are a basic financial instrument, investment property and Instrumènt Trusts. Investments in Instrument Trusts are included in the accounts at their market value, following an annual review of the instrument condition and insurance value. All Eains and losses arising on revaluation or disposal are taken to the SOFA. The principle financial risks faced by the Society through holding the assets is that the instruments will be damaged or stolen. To mitigate these risks instnjment users are carefully chosen and are responsible for paying insurance premiums in respect of a policy in the name of the Society. Flnanclal Instruments Quoted investments are a form of basic financial instrument and are initially recognised at their transaction value and 5ub5equently measured at their fair value as at the balance sheet date using the closing quoted market price. The Society does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Society is that of volatility in financial markets. This risk has been minimised by the creation of a broad and balanced portfolio, across market Sectors and geographical location. Cosh and cash equlvtilents include cash at banks and in hand and short term deposit5 Wlth a maturity date of three months or less. Galn5 and losse5 on Investments All gains and1055es are taken to the SOFA as they arise. Reallsed Balns and losses on investments are calculated as the difference between sales proceetjs and their opening carrying value or purchase value if acquired during the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carryin8 value. Realised and unreallsed invesiment gains an(J losses are combined in the SOFA. Charltable loans Charitable loans are classified by FRS 102 as concessionary loans. These loans are long term loans to persons ineligible for a grant. The loans are interest free and normally a charge 15 recorded against the borrower's property. An affordable repayment schedule is agreed with the borrower. As a public benefit entity the Society Is exempt from additional disclosures. Critical accounting estimates and areas of judgement In preparing financial statements it is necessary to make certain judgements. estimates and assumptions that affect the amounts recognised in the financial statements. The judgement which has the most signifrcant effett on the amounts recognised in the financial st3tèmÈnts relates to the valuation of property and appreciating assets. A formal revaluation of appreciating assets has been undertaken during the current year. The property is included at valuation. This is considered to be a critical accounting estimate in view of the amounts involved and the judgements applied in their valuation. The independent valuation conducted in Julv 2020 was subject to material uncertainty due to the impact of the Coronavirus pandemic but the Trustees have reviewed the position and consider that the carrying value represents fair value at the year end. Page | 11

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Donations and legacies 2021 zozo Donations Membership subscriptions Gift Aid- tax recovered Legacies 191,826 24.007 8,293 360,686 584,812 61,420 23,117 2,643 61, 788 148,968 Other tradlng actlvltle5 2021 2020 Fundraising concert Handel Room hire Sundry sales 18,092 1, 760 133 19,985 450 450 Investment In¢ome 2021 2020 Dividends- quoted investments Property income Bank and deposit interest 696,545 113,758 80 810.383 646,469 111,940 1,587 759,996 Costs of ralsln8 fvnd$ 2021 2020 Investment management charges Fundraising expenses Fundraising concert Advertising and events Property costs Support costslsee note 81 128.488 501 83,423 1,293 9.109 6, 760 27,099 44,001 171,685 6,185 29,742 36,659 201.575 Charltable actltdtles 2021 2020 Grants (see note 71 Help Musicians UK Coronavirus Financial Hardship Fund Casework costs (including salaries) Conference5 and events Raising awarene55 of the Society Support ¢osts1see note 81 594,078 600.000 125.651 l(K) 14,419 193,731 1,527,979 576,494 500,000 89,087 589 12,552 264.116 1,442,838 Page | 12

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Grants 2021 2020 Grants to members and their families Grants to non-members Donations to 8APAM in lieu of grants 46,165 547,913 68,692 506,402 1,400 576,494 594,078 All grants are made to individuals. Charitable artiv•tie5 Support costs Raising fund5 Totsl 2021 Total 2020 Staff costs (see note 101 Depreciation Premises costs Office costs Archive and collection Other Costs Governance Isee note 91 Total 71.536 17.807 14.053 24.812 11.684 2,517 51,322 193.731 22.702 2,927 94,238 20,734 14.053 29,767 11,684 2,676 57,238 230.390 85,851 22,005 16,733 39,663 12,404 7,205 124,256 308,117 4.955 159 5,916 36.659 rotol in 2020 264,116 44,￿] 308,117 Governance 2021 2020 Meeting and travel expenses Audit fees Accountancy Legal and professional fees Apportioned running costs Staff costs (see note 101 57 14,880 3,396 12,923 3,163 74,628 12,733 17,413 124,256 3,149 11,629 27,523 57,238 io. Staff costs 2021 2020 Gr0$5 Pay Employer pension contributions Employer National Insurance contributions 171,049 4,088 13,755 188,892 164,462 3,653 12,207 180,322 Staff costs are included as follows on the basis of estimated time spent on each area: Charitable activities Raising fund5 Governance 138.667 22,702 27,523 188,892 143.199 19, 710 17,413 180,322 Page | 13

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) The average number of permanent full time staff in the year was 412020'.41 The Society considers that its key management personnel comprise the Chairman, Treasurer and the Chief Executive of the Society. The total employment benefits of the key management personnel were £63.537 12020.. £61,677). No employees had benefits fallin8 over £60,(￿l2020- none). 11. Trustees and related partles No Trustees12020: twol were reirTbbursed for the costs of travel & subsistence when engaged on the Society's business. The amount reimbursed totalled £012020.. £7141. These are based on actual costs incurred in travelling by public transport or an agreed mileage rate. All the Society'5 Governor's meetings took place virtually this year due to the Covid-19 pandemic. No Trustee received any remuneration for services to the Society. FR5102 requires The Society to disclose donations and other income from Trustees. All Trustees are member5 of the Society and pay an annual subscription of between £5 and £25. Many Trustees supplement their subscriptions by a small donation. Unlortunaiely it is only p055ible for the Society to capture donations that pass through the bank account. but donations may also be received in cash collections and via third parties such as Just Giving, where donors can choose to remain anonymous. Identifiable donations from Trustees amount to an aggregate of £31,34512020: £2601. 12. Intan8lble fixed assets Software Cost At the beginning of the year Additions At end of year 148,921 148,921 Amortlzatlon At the beginning of the year Charge for the year At the end of the year 29,564 14.892 44,456 Net book value At the end of the year 104,465 At the beginning of the year 119,357 Page | 14

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 13. Tangible fixed assets Current period Fumlture and effects of an appreciating nature Freehold land and buildings Furniture and equipment Total Cost or valuation At the beginning of the year Additions Revaluation gains At the end of the year 2,CKKJ.OC(J 690.024 90,062 1,240 2.780,086 1,240 24,367 2,805,693 24,367 714,391 2,COJ,OC 91,302 Depreciation and impairments At the beginning of the year Impairment review Depreciation and impairments At the end of the year 18,680 31,559 50,239 9,501 41,060 9,501 59.740 18,680 Net book value At the end of the year 2.C(#J,OC(I 695,711 50,242 2,745,953 At the beginning of the year 2,COJ,OC 671.344 58,503 2,729,847 Asset5 of an appreclatlng nalure These are valued in accordance with note l. A professional valuation of furniture and effects was carried out by SothebVs in July 2021. The books, manuscripts and archives were valued by the experienced archivist, Colin Coleman. Some art and antiques have remained in storage and may have no permanent future with the Society. In light of this, an impairment review w3$ undertaken in 2018-19 and an adjustment was made to the values of these items to reflect potential market pTice5. Thi5 was reviewed by the archivist in july 2021 and deemed to be still accurate. The original cost of these items was estimated to be £22.¢XX). Unrealised revaluation 8ains were £673,711 12020.. £649,344). Page | 15

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 13. Tangible fixed assets (continued) Freehold land and bulldlngs The freehold property known as 26 Fitzroy Square comprising part of the Society's estate was valued as at 31" July 2020 by an external valuer. Davis Brown Ltd, a fimi of regulated Chartered Surveyors. The valuation was prepared in a¢cordante with the rèqU1￿MentS of the RICS Valuation Global Rèd Book Standards 2020 and the international financial reporting standards within the Red Book. The valuation was undertaken on a Fair Value basis equating to market value. The valuation is reported under the special assumptions to exclude any value of development opportunitie5 for which planning permission would be required and has not been granted, or where a development has not yet commenced. The valuation was reviewed in the year internallv. Operational property Operational land Investment property Bulldln Total Valuation brought forwaid Valuation 8ains110ssesl ValuatSon at 31st July 2021 1.340,00) 660,(X)O 2,OCQ,000 3,000,OIX) 1,340,OC 660,(KIO 2,000,000 3,000,0 Tunglblel7xed ossets Prlorperfod Furnlture effects of an oppreclatlng noture Freehold lond and buildings Furnlture and equipment Total Cost or valuution At beginning of the yeor Additions Revolutstion goins At end of the yeor 1.914,354 690,024 86,548 3,514 2,690,926 3,514 85,646 2, 780,086 85,646 2,(KKI,OCLI 690,024 90,062 Depreciation and imp¢7irments At beginning of the year Impoirment review Depreciotion At end of the yet7r 18.680 22,093 40, 773 9,465 31.558 9,465 50,238 18.680 Net 8ook Value At end of the yeor 2.CW.OC(I 671.344 58.504 2.729.848 At the beginning of the year 1.914.354 671.344 64.455 2.650.153 Page | 16

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 14. Investments Investments comprise= Market value 2021 Cost 2021 2020 2020 lal Quoted Investments Ibl Investment property Icl Fine Instrument Trusts 28,678,C(M) 3.C(#).OCKI 1,788,041 33.466.041 23,937,430 3.(1￿.0(￿• 1,707,864 28.645.294 19,444,380 3.650.0 1,296,776 24.391.156 17,253,184 3.650.000 1,296,776 22.199.960 lal Quoted investments All investment5 are quoted on a recognised Stock Exthan8e and were acquired in accordance with the powers available under the Trustee Act 2C(O. 2021 2020 Market value at 31$1 July 2020 23,431,179 24,748,760 Disposals at opening b¢)ok value Proceeds £7,(XX),616, gain £1,193,116 12020.. proceeds £9.412.609. 105$ £243.658J 15,807,500) f9,656,267) Additions at cost 6,066,581 9,106,690 Foreign exchange adjustments Net gains on revaluation at 31$1 July 2021 4,202,088 (768,004) Market value at 31" July 2021 27,892,348 23,431,179 Cash forming part of the investment portfolio. 785,652 506,251 Total quoted investments at market value 28,678,(K 23,937,430 Historical cost at 31" July 2021 Unrealised gains at 31" July 2021 19,444,380 8,447,968 17,253,184 6,206,661 Including unrealised foreign currenry Eains Ilossesl of.. Including realised foreign exchange gains Ilossesl of: 128,6671 13451 fll.114J 13.587 Page | 17

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 14. Investments l¢ontlnuedl Allocation of quoted investments between funds Market value 2021 Morket volue 2020 Cost 2021 Cost 2020 Unrestricted funds Restricted funds: Gershom Parkington income Fund Henry Wood Fund Members. Memorial Fund The Stan Newsome Fund john Birch Fund 8rereton Fund Philip and Ursula lones Fund Endowment funds: Birch Endowment Fund Gershom-Parkin8ton endowment Fund 27.741.535 23.099,612 18.809,434 16,794,209 2,616 58,907 206,148 170,237 143.917 4.784 147,342 77,865 279,132 156,044 130.664 4.053 1,774 39,940 139,773 115,425 97,S79 3.244 81,689 49,444 158,429 77,971 66,403 2.067 52,033 297,823 28.678.CrfJ) 42,719 35.280 201,931 19.444,380 22,972 23.937.431 17,253. 184 At 31, july 2021 the charity had no material individual investments12020: none). Ibl Investment property Investment property is included at valuation full details are provided in Note 13. Icl Movement in the Society's shares in Fine Instrument Trusts Market value 2021 Market value Market value at 31st July 2020 Acquisition costs Net gains on revaluation at 31st July 2021 Market value at 31st July 2021 1,707,864 1,667.811 80.177 1,788,041 40,053 1,707.864 Historical cost at 31st July 2021 1,296,776 1,296.776 Unrealised gains at 31st july 2021 491.265 411.088 Name of Trust Berridge-Galliano The Godlee-Tecchler The Hancox-sacconi The Dawson-sacconi The Morgan-Rocca The Cruft-Grancino Instrument RSM sha 71.50% 70.13% 77.28% 80.39% 76.68% 58.18% User Cello Cello Violin Violin Violin Cello Ms Cara Berridge Mr Guy Johnston Mr Ben Hancox M5 Hannah Dawson Mr Darragh Morgan Mr Brian O'Kane The Society is the sole Trustee for each Trust. All instruments were professionally revalued in the year at the time they were reviewed for insurance purposes by J & A Beare Ltd. Page | 18

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 15. Debtors 2021 2020 Charitable loans. Prepayments Accrued income Other debtors 1,150 20.377 163.764 81,003 266.294 1,980 20.334 75.012 57,071 154,397 Charitable loans to qualifying benèficiaries a￿ intèrèst free and may be repaid over an extended period. The amount expected to be repaid after more than one year at 31" july 2021 15 £720. *Accrued income includes legacies of E105,C(Q12020: £01. 16. Credltors 2021 2020 Credltor$ falllng due wlthSn one year Grants payable Tax, national insurance and pension contributions Deferred life membership subscriptions income lal Deferred rental income Accrua15 Trade creditors Other creditors 150.090 1,136 43,080 72,453 4,592 41,200 7,903 22,000 6, 785 25,389 11,226 50 230.971 154,933 2021 2020 lal Deferred income includes life subscriptions which are expected to be realised.. In the next financial year After more than one year 2,720 40.360 43,080 2,500 38, 700 41,200 17. Capital Commitments The agreernent for the construction of a database to meet the management needs of the society wa5 signed on 12, September 2017. The contract provides for payments to be made as each module is completed. At 31" lulv 2021 the value of the proportion of that contract which ha5 not been completed is £12,250 including VAT. There are no other capital commitments. Page | 19

The Royal Society of Musicians of Great Britain Notes to the Accounts st For the year ended 31 July 2021 {Continued) 18. Endowment funds Investment gains Fund (losses} transfers ealance 2020 Income Balance 2021 Current year Empenditure Birch Endowment Fund Gershorn-Parkington Endowment Fund 42,691 12291 9,571 52,033 11,3121 11,5411 54,781 64,352 244,354 244,354 297,823 349,856 42,691 111 The Birch endowment fund was created by a bequest from the late Dr john Birch. Income from the fund is to be applied for the relief of hardship at the discretion of the Trustees. 111 The Gershom-Parkington endowment fund wa5 created by a bequest from the late Mr Frederic Ger5hom- Parkington. Income from the fund 15 to be spent on grants to musicians in bad health. The Fund was previously held as a restricted fund. however. the Trustees decided that the wishes of Mr Gershom- Parkin8ton were more eorrectly interpreted by holding the funds in perpetuity and usin8 only the income for grants. 19. Restricted funds The income funds of the charity include the following restricted funds which were established at various point5 in the Society's history to provide funds for particular categories of beneficiaries. Investment 8alns Fund Ilossesl transfers Balan¢e 2020 Income Expenditure Balance 2021 Current year Gershom-Parkington Income Fund Henry Wood Fund Members, Memorial Fund The Stan Newsome Fund Brereton Fund john Birch Fund HMUK Covid Emergency Fund Philip and Ursula Jones Fund 151.808 7.110 91.884 2.674 294,418 29.622 144.898 9.479 3,841 112 123,401 3,5 13.9961 154.9141 1211,3801 117.7281 1211 111,6231 1151,8081 3,114 60,244 178,666 169,133 4,792 143,033 20.600 66,006 32.484 860 27,665 i(x),¢Jx) Iiw,¢JJ)I 181 25,0 147,615 1126,8081 22,(KKI 580,982 810,250 152,587 1402,6621 Page | 20

The Royal Society of Musicians of Great Britain Notes to the Accounts st For the year ended 31 July 2021 {Continued) 19. Restrlcted funds {contlnuedl Investment gains Fund (lossesj transfers Balance 2019 Bulance 2020 Prior yeur Income Expenditure Gershom Parkington Fund Henry Lvood Fund Members, MemorAal F(Jnd The Ston Newsome Fund Brereton Fund John Birch Fund (i) 12) 13) 14) (51 {6) 153,359 84.438 291,053 162.160 4,070 130.974 826,054 3.536 10.526 20,633 8.895 {388J {235J f8,153J f21,670J (2CQJ 16.627) f37,273J (4.699) 12,845) (9,115) 14.487) 1118) 13.821) 125,085) 151,808 91,884 294,418 144.898 3,841 123.401 810,250 2.875 46,554 111 The Gershom-Parkington Income Fund is restricted to grants to musicians. The Gershom-Parkington Fund was previously held as a restricted fund, but has now been reclassified as an endowed fund. The £ISI,808 that was in the restricted fund at the start of the year has been transferred to the endowed Fund. All ncome from the endowment fund is placed in the Gershom-Parkington Income Fund. 121 Henry Wood Fund grants are payable to both Members and non-members in need of asslstance. 131 The Members, Memorial Fund provides gifts and living expenses grants to Members and non-members. 141 The Stan Newsome Fund is used to make small grants to musicians living or working in London. 151 The Brereton Fund may be used to pay the annual subscriptions of Members in need of assistance. 161 The john Birch Fund ha5 been created from a donation from the john Birch Charitable Trust to provide fund for the relief of church musicians in need. 171 The HMUK Covid Emergency Fund was created after a donation of £IOO,000 that the donor requested be put towards the Society's contribution to the Help Musicians UK Emer8ency Hardship Fund. 181 The Philip and Ursula Jones Fund was created this year with a contribution from the General Fund of £25,000 in recognition of the support given to the Society by the late Philip Jones. It may be used to support brass musicians and their families who are in poverty or ill health. Page | 21

The Royal Society of Musicians of Great Britain Notes to the Accounts st For the year ended 31 July 2021 {Continued) 20. Analysis of net assets between funds Current year Unre5trirted Restrirted Endowment Total funds Intangible fixed assets Tangible fixed assets Investments Current assets Current liabilities Interfund balances 104,465 2,745,954 32.529,576 1.087.356 1198,3531 104,465 2,745,954 33,466,041 1.114,347 1230,9711 586,609 26.991 132.6181 349,856 36,268,998 $80,982 349,856 37,199,836 Unrealised gains Ilossesl included above on investments at 31" July 2021 Revaluation gains Ilossesl on tangible fixed assets 11,182,497 383,980 63,583 11,630,060 11,176,423) 11,176,423) Prlor year Unrestrlrted Restrl¢ted Endowment Totalfunds IntL7ngiblefixed ossets Tongiblefixed ossets Investments Current t755et5 Current liobilities Ir)terfund bolances 119.357 2.729.848 27.807,475 718.712 (153,993J 111.674J 31.209,725 119.357 2, 729.848 28,645.294 723,100 f154,933J 795.100 4,388 (940) 11,702 810,250 42,719 1281 42,691 32,062,666 ilnreolised gains (losses) included obove on investments ot 31" July 2020 Revaluation gain5 flosse5J on tangible fixed ussets 7.133.917 269.184 13.538 7,416,639 (1.200.7901 fl,200,790J 21. Reconclllatlon of net movements In funds to net cash flow from operatln8 actlvlt5es 2021 2020 Net Income lor the reporting perlod las per the statement of financial activities) 5,137,171 {2,260,097) Adjustments for.. Depreciation charges Amortization charges Impairment losses (Gain51 or1055es on investments Oividends, interest and rents from investments Ilncrea5el or decrease in debtor5 Increase or Idecreasel in c￿dItorS 9,501 14,892 9,465 14,892 15,471,0801 1,574,523 1810,3831 (759,996) 1111,8971 (47,600J 76.038 314 Net cash provided by (used inl operating activities 11.155.758) (1,468,499) Page | 22

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THE ROYAL SOCIETY OF MUSICIANS OF GREAT BRITAIN (Incorporated by Royal Charters of 1790 and 1987) Registered Charity Number 208879 ACCOUNTS FOR THE YEAR ENDED ST 31 JULY 2021

The Royal Society of Musicians of Great Britain Statement of Trustees. Responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland"). The law applicable to charities in England and Wales require5 the trustees to prepare financial 5tatement5 for each financial year which give a true and fair view of the state of the affairs of the charity, the incoming resources and the application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them conslStently- observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statement5 comply with the Charities Act 2011 and the provisions of the Royal Charter. They Jre also responsible for safeguarding the a55et5 of the charity and hence for takinB reasonable steps for the prevention and detection of fraud and other irregularities. Page | I

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Opinion We have audited the financial statements of The Royal Society of Musicians of Great Britain for the year ended 31 july 2021 which comprise of the primary statements such as the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charivs affairs as at 31 July 2021, and of its incoming resourtes and application of resource5, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We tonducted our audit in accordance with International Standar(Js on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statement5 in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatln8 to 8oln8 ¢on¢em In auditing the financial statements, we have concluded that the trustees, use of the going Concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant doubt on the charitV'5 ability to continue as a going concern for a period of at least twelve monihs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report ihereon. The trustees are re5pon5ible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infom)3tion and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatement5, we are required to determine whether there is a material misstatement in the financial statement5 them5elve5. If, based on the work we have performed, we conclude that there is a material mi55tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matter5 on which we are required to report by exceplion We have nothing to report in respect of the following matter5 where the Charities Act 2011 require5 US to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material ￿spect with the financial statements.. or Page | 2

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain (Continued) the charity has not kept adequate accounting records.. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page Ixl. the trustees are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determinè 15 nÈcès53ry to enable the preparation of financial 5tatemÈnt5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the tharity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Audltorfs Responslbllltles for the audlt of the Ilnan¢lal ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordante with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an autlit conducted in accordance wSth ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audlt In accordance wlth ISAS IUKI we exercise professlonal ludgement and malntaln professlonal scepticism throughout the audit. We also.. Identify and a55e55 the ri5k5 of material mi55tatement of the financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of iniernèl control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accountin& and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that mav cast significant doubt on the charitvs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosure5 In the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conelusions are based on the audit evidence obtained up to the date of our auditorfs ￿pOrt. However, future events or condition5 may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieve5 fair presentation. Page | 3

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain (Continued) We communicate with those charged with governance reEardin& among other matters, the planned scope and timing of the audit and Significant audit finding5, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of deterting irregulartties, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are c3p3ble of detecting irregularities. including fraud is detailed below. The objectives of our audit in respect of fraud. are.- to identify and assess the risks of material misstatement of the financial statement5 due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011. the Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussion5 Wlth management and those char8ed with governance. We assessed the risk of material misstatement of the finJn¢ial statements, including the risk of material misstatement due to fraud and how it mi8ht ¢xcur. by holdin8 discussions with management and those char8ed with governance. We inquired of management and those charged with governance as to any known instances of non- tompliance or suspected non-compliance with law5 and regulations. Based on this understanding, we designed spetific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent Ilmltations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material mi55tatement due to fraud is higher than the risk of not detecting one resulting from erTor, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report Thi5 report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charitie5 Act 2011. Our audit work has been undertaken so that we mi8ht state to the charity'5 trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. J_A LL* Moore KinÉston Smith LLP Statutory auditor 26h October 2021 Devonshire House 60 Goswell Road London ECIM 7AD Moore Kingston Smith I I P i< pligihle to act as auditor in terms of Section 1212 of the Companies Act 2￿6. Page14

The Royal Society of Musicians of Great Britain Statement of Financial Activities For the year ended 31 July 2021 Unrestrlcted funds Restrlctèd Endowed lunds funds 2021 Total fvnds 2020 Totol funds Note Income and endowments from: Donations and legacies Other trading activitie5 Investments 458,495 450 784.113 1,243,058 126.317 584,812 450 810,383 1,395,645 148,968 19,985 759.996 928,949 26.270 152,S87 Total Expenditure on.. Raising funds Charitable activities Total 196,500 1.128.851 1,325,351 3,5YI 399.128 402,662 1,541 201,575 1.527.979 1,729,554 171,685 1.442.838 1,614,523 1,541 Net Valuatlon gainslllossesl 22 5.259,113 147.615 64,352 5,471,080 (1,574,523) Net income for the year Transfers between funds Net movement in funds 5.176.820 1117,5461 5.059,274 1102.4601 1126,8081 1229,2681 62.811 244,354 307,165 5,137.171 12,260,0971 18119 5,137,171 (2,260,097) Reconciliation of funds.. Total funds brought lorward 31.209,724 810,250 42,691 32,062,665 34,322, 762 Total funds carried forward 36,268,998 $80,982 349,856 37,199,836 32,062,665 The notes on pages 9 to 23 form part of these accounts. Page | 5

The Royal Society of Musicians of Great Britain Statement of Financial Activities For the year ended 31 July 2020 (this sheet provides a split of the comparative figures) Unrestrirted fvnds Restrirted fvnds Endowed funds 2020 Total lunds 2019 fotol lunds Note Income and endowments Arom.. Donotions and legucies Other trading activities Investments Total 121,287 19.985 741,123 882,395 27,681 148,968 19.985 759,996 928.949 127,401 23, 705 845,348 996.454 18,873 46.554 Expenditure on.. Roisingfunds Choritable activities Total 169.311 1,407,827 1.577.138 2.262 35,011 37.273 112 171.685 1,442,838 1,614,523 163.130 793,511 956.641 112 Net Voluotion {lossesJ/guins 22 11.548,0841 125,085) 11,354) (1,574,523) 1,466,530 Net IncomeAor the year/ Net movement InAunds f2.242.827J {15.8041 11.466) 12.260.0971 1,506,343 Reconclllatlon offunds.. Totalfunds broughtforward 33,452,551 826.054 44,157 34,322, 762 32,816,419 TotÈilfvnds corriedforword 31,209. 724 810.250 42.691 32,062,665 34,322,762 Page 16

The Royal Society of Musicians of Great Britain Balance Sheet at 31 July 2021 Note 2021 2020 Fixed Assets Intangible assets Tangible assets Investments 12 13 104,465 2.745.954 33,466,041 36,316,460 119,357 2. 729.848 28.645.294 31,494,499 14 Total flxed assets Current Assets Debtors Short term deposits Cash in hand and at bank Total current assets 15 266,294 702.578 145.475 1.114.347 154,397 519,855 48,847 723,099 Total assets 37,430,807 32,217,598 Current Ilablllt5es Creditor5 falling due within one year 16 1230,9711 (154,933) Net Current Assels 883.376 568,166 Total Assets less Current Llabllltle5 37,199,836 32,062,665 Funds Unrestricted funds including revL71uotion goins of £6.755.113 12020..£4.522.155) Restricted fund5 ncluding revJluotAOfl gOlnS of £294,858 12020.- £233,208J Endowment Fund including revaluation gains of £38,472 12020.. £11.590J 36,268,998 31,209, 724 22 19 22 18 22 580,982 810,250 349,856 42,691 Total 37,199,836 32,062,665 These accounts were approved by the Trustees on 19 October 2021 and are signed on their behalf by.. john Smith...........................-.........-..............-.-..-..........-.....-........................Ch3irman of the Governors The notes on pages 9 to 23 form part of these accounts. Page | 7

The Royal Society of Musicians of Great Britain Statement of Cash Flows For the year ended 31 July 2021 2021 Total fvnds 2020 Tottsl funds Cash flows from operatlng actlvlties: Net cash provided by (used inl operating activities 21 11.155.758) 11.468.499J Cash provided by (used inl investing activities Dividends, interest and rent5 from investments Purchase of intangible fixed assets Purchasè of property, plant and equipment Proceeds of sale of investments Purchase of investments (including instrumentsl Purchase of currency Proceeds of currency exchange Foreign currency gains1105sesl Net cash provided by (used inl inYe5ting activities 810,383 759,996 {2,200J 13,514J 9.412,609 19,106,690) {496,280J 509,454 (11,681) f406.805J 12 13 14 14 14 14 11,2401 7.(￿.616 16,066,581) 192,2091 91,901 128,3601 558.752 14 Cash flows from financing actlvlties Change In cash and cash equlvalents In the reportlng perlod 558,752 {406,805J Cash and cash equlvalents at the be8lnnin8 of the reportlnl perlod 1,074,953 1,481,758 Cash and cash equSvalents at the end of the reportin8 pewlod 1,633,705 1,074,953 Cash and cash equlvalents cornprlse: Held Js investments Cash dep051t held by broker Held as current assèts Short term deposits Cash in hand and at bank 14 785,652 506,251 702,578 145.475 519,855 48,847 1,633.705 1,074,953 The notes on pages 9 to 23 form part of these accounts. Page 18

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 The Royal Society of Musicians was incorporated under Royal Charters of 1790 and 1987 and is a registered charity, number 208879. Its registered address is 26 Fitzroy Square. London WIT 68T. l. A¢¢ounting Policies Basls of Preparatlon of the A¢¢ounts These financial statements are prepared on a going concern basis, under the historical c05t convention as modified by the revaluation of certain fixed assets and include the results of the Charity which are described in the Trustee's Report. The financial Statements are prepared in sterlin& which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 including update bulletin 2 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice. The Society is a public benefit entity for the purposes of FRS 102. The accounts have been prepared to give a 'true and fair view, and have departed from the Charities (Accounts and Reports) Re8ulation$ 2¢)08 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reportin8 by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Golng Concern The Trustees have assessed whether the use of the going concern basis is appropriate and have considered P0S5ible events or conditions that mi8hi cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charity's forecasts and projections and have taken account of pressures on donation and investment income in the context of the Coronavirus pandemlc. The charity has a significant unrestricted investment portfolio upon which it could draw if necessary. After making enquiries the Trustees have concluded that the￿ is a ￿asOnable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continue5 to adopt the going concern basis in preparing its financial statements. Funds strurture Endowment fvnds are funds where an amount is given lo be held in perpetuity with only the income derived from the capital available for charitable purposes. Restrirted funds are fund5 which have been received for specified purposes and may only be applied to those purposes. Unrestrirted funds are those funds which may be applied to any of the Society'5 objertives. Income Income 15 recognised in the Statement of Firbancial Activities ISOFAI when the Society 15 entitled to it, its receipt is probable and the amount of the income and any associated costs can be measured reliably. Subscriptions to the Society are in the nature of Eifts and have therefo￿ been included in the heading 'Donation5 and legacies" Page 19

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Annual subscriptions are recognised at the time they are received. Life subscriptions vary in amount ccording to the average life expettancy of membèrs and are taken to incomè in Èqual instalments over the members, estimated life span. Le8a¢ies are recogni5ed following probate and once there is sufficient evidence that receipt is probable and the amount of the legacy receivable can be measured with reliability. Where entitlement to a legacy exists but there is uncertainty as to its receipt or the amount receivable. details are disclosed as 3 contingent asset until the criteria for income recognition are met. Investment Income is recognised when its receipt is probable and the amount is measurable. Expenditure Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes VAT, which is reported as part of expenditure to which it relates. Grants are payable to individuals in accordance with the S¢xiety'$ governing instruments lincluding guidelines). Grants are recognised at the time they are agreed by the Trustees. 8alances of allocations remaining unused are reviewed re8ularly, and unless there is then persuasive evidence that the balance will be used in the foreseeable future, the amount is cancelled. Charitable artivities include grants made. the direct costs associated with grant making and that part of operating and governance costs which have been attributed on the basis of relative staff time spent in this area of activity. Ralslng fund5 includes investment management fees, costs related to the investment propertyi the c05t5 of the jacqueline du Pre concert. the cost of goods sold and the proportion of advertising costs which is deemed to generate funds. It also includes that part of operatin8 and governance costs which have been attributed on the basis of relative staff time spent in this area of activity. Governance costs are the costs associated with the strategic direction of the organisation and of meeting regulatory requirements including directly attributable Staff costs. They are included within support costs and attributed to eiiher charitable activities or raisin8 funds. Support costs are those costs common to the range of activities of the organisation and are apportioned on the basis of time occupied by the Society's employees. Intangible fixed assets In 2018-19 the Society commissioned the development of a bespoke database system to facilitate the management of the organisation. The amount capitalised is the invoiced value of works completed to date. Development is not yet complete but the database has been brought into use. Following a review of the estimated life of the database. it was determined appropriate to adopt the maximum life permitted by FRS 102, that is. 10 years. Tangible fixed assets Furniture, fittings and equipment costing more than £250 for each item. is capitalised at cost. The estimated life for most of the assets is 5 years, however, supplier guarantees and existing asset history indicates that a life of up to 20 years is appropriate for some assets. All Freehold property linvestment and operationall is included in the Balance Sheet at valuation. Artefacts of an appreciating nature are included in the financial statements at open market valuation, as determined periodically by experienced valuers. An impairment ￿VIeW is undertaken of those items for which there are concerns that the residual value may differ from current market value. Page | 10

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Investments The Society holds three types of Investment: quoted investments which are a basic financial instrument, investment property and Instrumènt Trusts. Investments in Instrument Trusts are included in the accounts at their market value, following an annual review of the instrument condition and insurance value. All Eains and losses arising on revaluation or disposal are taken to the SOFA. The principle financial risks faced by the Society through holding the assets is that the instruments will be damaged or stolen. To mitigate these risks instnjment users are carefully chosen and are responsible for paying insurance premiums in respect of a policy in the name of the Society. Flnanclal Instruments Quoted investments are a form of basic financial instrument and are initially recognised at their transaction value and 5ub5equently measured at their fair value as at the balance sheet date using the closing quoted market price. The Society does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Society is that of volatility in financial markets. This risk has been minimised by the creation of a broad and balanced portfolio, across market Sectors and geographical location. Cosh and cash equlvtilents include cash at banks and in hand and short term deposit5 Wlth a maturity date of three months or less. Galn5 and losse5 on Investments All gains and1055es are taken to the SOFA as they arise. Reallsed Balns and losses on investments are calculated as the difference between sales proceetjs and their opening carrying value or purchase value if acquired during the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carryin8 value. Realised and unreallsed invesiment gains an(J losses are combined in the SOFA. Charltable loans Charitable loans are classified by FRS 102 as concessionary loans. These loans are long term loans to persons ineligible for a grant. The loans are interest free and normally a charge 15 recorded against the borrower's property. An affordable repayment schedule is agreed with the borrower. As a public benefit entity the Society Is exempt from additional disclosures. Critical accounting estimates and areas of judgement In preparing financial statements it is necessary to make certain judgements. estimates and assumptions that affect the amounts recognised in the financial statements. The judgement which has the most signifrcant effett on the amounts recognised in the financial st3tèmÈnts relates to the valuation of property and appreciating assets. A formal revaluation of appreciating assets has been undertaken during the current year. The property is included at valuation. This is considered to be a critical accounting estimate in view of the amounts involved and the judgements applied in their valuation. The independent valuation conducted in Julv 2020 was subject to material uncertainty due to the impact of the Coronavirus pandemic but the Trustees have reviewed the position and consider that the carrying value represents fair value at the year end. Page | 11

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Donations and legacies 2021 zozo Donations Membership subscriptions Gift Aid- tax recovered Legacies 191,826 24.007 8,293 360,686 584,812 61,420 23,117 2,643 61, 788 148,968 Other tradlng actlvltle5 2021 2020 Fundraising concert Handel Room hire Sundry sales 18,092 1, 760 133 19,985 450 450 Investment In¢ome 2021 2020 Dividends- quoted investments Property income Bank and deposit interest 696,545 113,758 80 810.383 646,469 111,940 1,587 759,996 Costs of ralsln8 fvnd$ 2021 2020 Investment management charges Fundraising expenses Fundraising concert Advertising and events Property costs Support costslsee note 81 128.488 501 83,423 1,293 9.109 6, 760 27,099 44,001 171,685 6,185 29,742 36,659 201.575 Charltable actltdtles 2021 2020 Grants (see note 71 Help Musicians UK Coronavirus Financial Hardship Fund Casework costs (including salaries) Conference5 and events Raising awarene55 of the Society Support ¢osts1see note 81 594,078 600.000 125.651 l(K) 14,419 193,731 1,527,979 576,494 500,000 89,087 589 12,552 264.116 1,442,838 Page | 12

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) Grants 2021 2020 Grants to members and their families Grants to non-members Donations to 8APAM in lieu of grants 46,165 547,913 68,692 506,402 1,400 576,494 594,078 All grants are made to individuals. Charitable artiv•tie5 Support costs Raising fund5 Totsl 2021 Total 2020 Staff costs (see note 101 Depreciation Premises costs Office costs Archive and collection Other Costs Governance Isee note 91 Total 71.536 17.807 14.053 24.812 11.684 2,517 51,322 193.731 22.702 2,927 94,238 20,734 14.053 29,767 11,684 2,676 57,238 230.390 85,851 22,005 16,733 39,663 12,404 7,205 124,256 308,117 4.955 159 5,916 36.659 rotol in 2020 264,116 44,￿] 308,117 Governance 2021 2020 Meeting and travel expenses Audit fees Accountancy Legal and professional fees Apportioned running costs Staff costs (see note 101 57 14,880 3,396 12,923 3,163 74,628 12,733 17,413 124,256 3,149 11,629 27,523 57,238 io. Staff costs 2021 2020 Gr0$5 Pay Employer pension contributions Employer National Insurance contributions 171,049 4,088 13,755 188,892 164,462 3,653 12,207 180,322 Staff costs are included as follows on the basis of estimated time spent on each area: Charitable activities Raising fund5 Governance 138.667 22,702 27,523 188,892 143.199 19, 710 17,413 180,322 Page | 13

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) The average number of permanent full time staff in the year was 412020'.41 The Society considers that its key management personnel comprise the Chairman, Treasurer and the Chief Executive of the Society. The total employment benefits of the key management personnel were £63.537 12020.. £61,677). No employees had benefits fallin8 over £60,(￿l2020- none). 11. Trustees and related partles No Trustees12020: twol were reirTbbursed for the costs of travel & subsistence when engaged on the Society's business. The amount reimbursed totalled £012020.. £7141. These are based on actual costs incurred in travelling by public transport or an agreed mileage rate. All the Society'5 Governor's meetings took place virtually this year due to the Covid-19 pandemic. No Trustee received any remuneration for services to the Society. FR5102 requires The Society to disclose donations and other income from Trustees. All Trustees are member5 of the Society and pay an annual subscription of between £5 and £25. Many Trustees supplement their subscriptions by a small donation. Unlortunaiely it is only p055ible for the Society to capture donations that pass through the bank account. but donations may also be received in cash collections and via third parties such as Just Giving, where donors can choose to remain anonymous. Identifiable donations from Trustees amount to an aggregate of £31,34512020: £2601. 12. Intan8lble fixed assets Software Cost At the beginning of the year Additions At end of year 148,921 148,921 Amortlzatlon At the beginning of the year Charge for the year At the end of the year 29,564 14.892 44,456 Net book value At the end of the year 104,465 At the beginning of the year 119,357 Page | 14

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 13. Tangible fixed assets Current period Fumlture and effects of an appreciating nature Freehold land and buildings Furniture and equipment Total Cost or valuation At the beginning of the year Additions Revaluation gains At the end of the year 2,CKKJ.OC(J 690.024 90,062 1,240 2.780,086 1,240 24,367 2,805,693 24,367 714,391 2,COJ,OC 91,302 Depreciation and impairments At the beginning of the year Impairment review Depreciation and impairments At the end of the year 18,680 31,559 50,239 9,501 41,060 9,501 59.740 18,680 Net book value At the end of the year 2.C(#J,OC(I 695,711 50,242 2,745,953 At the beginning of the year 2,COJ,OC 671.344 58,503 2,729,847 Asset5 of an appreclatlng nalure These are valued in accordance with note l. A professional valuation of furniture and effects was carried out by SothebVs in July 2021. The books, manuscripts and archives were valued by the experienced archivist, Colin Coleman. Some art and antiques have remained in storage and may have no permanent future with the Society. In light of this, an impairment review w3$ undertaken in 2018-19 and an adjustment was made to the values of these items to reflect potential market pTice5. Thi5 was reviewed by the archivist in july 2021 and deemed to be still accurate. The original cost of these items was estimated to be £22.¢XX). Unrealised revaluation 8ains were £673,711 12020.. £649,344). Page | 15

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 13. Tangible fixed assets (continued) Freehold land and bulldlngs The freehold property known as 26 Fitzroy Square comprising part of the Society's estate was valued as at 31" July 2020 by an external valuer. Davis Brown Ltd, a fimi of regulated Chartered Surveyors. The valuation was prepared in a¢cordante with the rèqU1￿MentS of the RICS Valuation Global Rèd Book Standards 2020 and the international financial reporting standards within the Red Book. The valuation was undertaken on a Fair Value basis equating to market value. The valuation is reported under the special assumptions to exclude any value of development opportunitie5 for which planning permission would be required and has not been granted, or where a development has not yet commenced. The valuation was reviewed in the year internallv. Operational property Operational land Investment property Bulldln Total Valuation brought forwaid Valuation 8ains110ssesl ValuatSon at 31st July 2021 1.340,00) 660,(X)O 2,OCQ,000 3,000,OIX) 1,340,OC 660,(KIO 2,000,000 3,000,0 Tunglblel7xed ossets Prlorperfod Furnlture effects of an oppreclatlng noture Freehold lond and buildings Furnlture and equipment Total Cost or valuution At beginning of the yeor Additions Revolutstion goins At end of the yeor 1.914,354 690,024 86,548 3,514 2,690,926 3,514 85,646 2, 780,086 85,646 2,(KKI,OCLI 690,024 90,062 Depreciation and imp¢7irments At beginning of the year Impoirment review Depreciotion At end of the yet7r 18.680 22,093 40, 773 9,465 31.558 9,465 50,238 18.680 Net 8ook Value At end of the yeor 2.CW.OC(I 671.344 58.504 2.729.848 At the beginning of the year 1.914.354 671.344 64.455 2.650.153 Page | 16

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 14. Investments Investments comprise= Market value 2021 Cost 2021 2020 2020 lal Quoted Investments Ibl Investment property Icl Fine Instrument Trusts 28,678,C(M) 3.C(#).OCKI 1,788,041 33.466.041 23,937,430 3.(1￿.0(￿• 1,707,864 28.645.294 19,444,380 3.650.0 1,296,776 24.391.156 17,253,184 3.650.000 1,296,776 22.199.960 lal Quoted investments All investment5 are quoted on a recognised Stock Exthan8e and were acquired in accordance with the powers available under the Trustee Act 2C(O. 2021 2020 Market value at 31$1 July 2020 23,431,179 24,748,760 Disposals at opening b¢)ok value Proceeds £7,(XX),616, gain £1,193,116 12020.. proceeds £9.412.609. 105$ £243.658J 15,807,500) f9,656,267) Additions at cost 6,066,581 9,106,690 Foreign exchange adjustments Net gains on revaluation at 31$1 July 2021 4,202,088 (768,004) Market value at 31" July 2021 27,892,348 23,431,179 Cash forming part of the investment portfolio. 785,652 506,251 Total quoted investments at market value 28,678,(K 23,937,430 Historical cost at 31" July 2021 Unrealised gains at 31" July 2021 19,444,380 8,447,968 17,253,184 6,206,661 Including unrealised foreign currenry Eains Ilossesl of.. Including realised foreign exchange gains Ilossesl of: 128,6671 13451 fll.114J 13.587 Page | 17

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 14. Investments l¢ontlnuedl Allocation of quoted investments between funds Market value 2021 Morket volue 2020 Cost 2021 Cost 2020 Unrestricted funds Restricted funds: Gershom Parkington income Fund Henry Wood Fund Members. Memorial Fund The Stan Newsome Fund john Birch Fund 8rereton Fund Philip and Ursula lones Fund Endowment funds: Birch Endowment Fund Gershom-Parkin8ton endowment Fund 27.741.535 23.099,612 18.809,434 16,794,209 2,616 58,907 206,148 170,237 143.917 4.784 147,342 77,865 279,132 156,044 130.664 4.053 1,774 39,940 139,773 115,425 97,S79 3.244 81,689 49,444 158,429 77,971 66,403 2.067 52,033 297,823 28.678.CrfJ) 42,719 35.280 201,931 19.444,380 22,972 23.937.431 17,253. 184 At 31, july 2021 the charity had no material individual investments12020: none). Ibl Investment property Investment property is included at valuation full details are provided in Note 13. Icl Movement in the Society's shares in Fine Instrument Trusts Market value 2021 Market value Market value at 31st July 2020 Acquisition costs Net gains on revaluation at 31st July 2021 Market value at 31st July 2021 1,707,864 1,667.811 80.177 1,788,041 40,053 1,707.864 Historical cost at 31st July 2021 1,296,776 1,296.776 Unrealised gains at 31st july 2021 491.265 411.088 Name of Trust Berridge-Galliano The Godlee-Tecchler The Hancox-sacconi The Dawson-sacconi The Morgan-Rocca The Cruft-Grancino Instrument RSM sha 71.50% 70.13% 77.28% 80.39% 76.68% 58.18% User Cello Cello Violin Violin Violin Cello Ms Cara Berridge Mr Guy Johnston Mr Ben Hancox M5 Hannah Dawson Mr Darragh Morgan Mr Brian O'Kane The Society is the sole Trustee for each Trust. All instruments were professionally revalued in the year at the time they were reviewed for insurance purposes by J & A Beare Ltd. Page | 18

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31 July 2021 (Continued) 15. Debtors 2021 2020 Charitable loans. Prepayments Accrued income Other debtors 1,150 20.377 163.764 81,003 266.294 1,980 20.334 75.012 57,071 154,397 Charitable loans to qualifying benèficiaries a￿ intèrèst free and may be repaid over an extended period. The amount expected to be repaid after more than one year at 31" july 2021 15 £720. *Accrued income includes legacies of E105,C(Q12020: £01. 16. Credltors 2021 2020 Credltor$ falllng due wlthSn one year Grants payable Tax, national insurance and pension contributions Deferred life membership subscriptions income lal Deferred rental income Accrua15 Trade creditors Other creditors 150.090 1,136 43,080 72,453 4,592 41,200 7,903 22,000 6, 785 25,389 11,226 50 230.971 154,933 2021 2020 lal Deferred income includes life subscriptions which are expected to be realised.. In the next financial year After more than one year 2,720 40.360 43,080 2,500 38, 700 41,200 17. Capital Commitments The agreernent for the construction of a database to meet the management needs of the society wa5 signed on 12, September 2017. The contract provides for payments to be made as each module is completed. At 31" lulv 2021 the value of the proportion of that contract which ha5 not been completed is £12,250 including VAT. There are no other capital commitments. Page | 19

The Royal Society of Musicians of Great Britain Notes to the Accounts st For the year ended 31 July 2021 {Continued) 18. Endowment funds Investment gains Fund (losses} transfers ealance 2020 Income Balance 2021 Current year Empenditure Birch Endowment Fund Gershorn-Parkington Endowment Fund 42,691 12291 9,571 52,033 11,3121 11,5411 54,781 64,352 244,354 244,354 297,823 349,856 42,691 111 The Birch endowment fund was created by a bequest from the late Dr john Birch. Income from the fund is to be applied for the relief of hardship at the discretion of the Trustees. 111 The Gershom-Parkington endowment fund wa5 created by a bequest from the late Mr Frederic Ger5hom- Parkington. Income from the fund 15 to be spent on grants to musicians in bad health. The Fund was previously held as a restricted fund. however. the Trustees decided that the wishes of Mr Gershom- Parkin8ton were more eorrectly interpreted by holding the funds in perpetuity and usin8 only the income for grants. 19. Restricted funds The income funds of the charity include the following restricted funds which were established at various point5 in the Society's history to provide funds for particular categories of beneficiaries. Investment 8alns Fund Ilossesl transfers Balan¢e 2020 Income Expenditure Balance 2021 Current year Gershom-Parkington Income Fund Henry Wood Fund Members, Memorial Fund The Stan Newsome Fund Brereton Fund john Birch Fund HMUK Covid Emergency Fund Philip and Ursula Jones Fund 151.808 7.110 91.884 2.674 294,418 29.622 144.898 9.479 3,841 112 123,401 3,5 13.9961 154.9141 1211,3801 117.7281 1211 111,6231 1151,8081 3,114 60,244 178,666 169,133 4,792 143,033 20.600 66,006 32.484 860 27,665 i(x),¢Jx) Iiw,¢JJ)I 181 25,0 147,615 1126,8081 22,(KKI 580,982 810,250 152,587 1402,6621 Page | 20

The Royal Society of Musicians of Great Britain Notes to the Accounts st For the year ended 31 July 2021 {Continued) 19. Restrlcted funds {contlnuedl Investment gains Fund (lossesj transfers Balance 2019 Bulance 2020 Prior yeur Income Expenditure Gershom Parkington Fund Henry Lvood Fund Members, MemorAal F(Jnd The Ston Newsome Fund Brereton Fund John Birch Fund (i) 12) 13) 14) (51 {6) 153,359 84.438 291,053 162.160 4,070 130.974 826,054 3.536 10.526 20,633 8.895 {388J {235J f8,153J f21,670J (2CQJ 16.627) f37,273J (4.699) 12,845) (9,115) 14.487) 1118) 13.821) 125,085) 151,808 91,884 294,418 144.898 3,841 123.401 810,250 2.875 46,554 111 The Gershom-Parkington Income Fund is restricted to grants to musicians. The Gershom-Parkington Fund was previously held as a restricted fund, but has now been reclassified as an endowed fund. The £ISI,808 that was in the restricted fund at the start of the year has been transferred to the endowed Fund. All ncome from the endowment fund is placed in the Gershom-Parkington Income Fund. 121 Henry Wood Fund grants are payable to both Members and non-members in need of asslstance. 131 The Members, Memorial Fund provides gifts and living expenses grants to Members and non-members. 141 The Stan Newsome Fund is used to make small grants to musicians living or working in London. 151 The Brereton Fund may be used to pay the annual subscriptions of Members in need of assistance. 161 The john Birch Fund ha5 been created from a donation from the john Birch Charitable Trust to provide fund for the relief of church musicians in need. 171 The HMUK Covid Emergency Fund was created after a donation of £IOO,000 that the donor requested be put towards the Society's contribution to the Help Musicians UK Emer8ency Hardship Fund. 181 The Philip and Ursula Jones Fund was created this year with a contribution from the General Fund of £25,000 in recognition of the support given to the Society by the late Philip Jones. It may be used to support brass musicians and their families who are in poverty or ill health. Page | 21

The Royal Society of Musicians of Great Britain Notes to the Accounts st For the year ended 31 July 2021 {Continued) 20. Analysis of net assets between funds Current year Unre5trirted Restrirted Endowment Total funds Intangible fixed assets Tangible fixed assets Investments Current assets Current liabilities Interfund balances 104,465 2,745,954 32.529,576 1.087.356 1198,3531 104,465 2,745,954 33,466,041 1.114,347 1230,9711 586,609 26.991 132.6181 349,856 36,268,998 $80,982 349,856 37,199,836 Unrealised gains Ilossesl included above on investments at 31" July 2021 Revaluation gains Ilossesl on tangible fixed assets 11,182,497 383,980 63,583 11,630,060 11,176,423) 11,176,423) Prlor year Unrestrlrted Restrl¢ted Endowment Totalfunds IntL7ngiblefixed ossets Tongiblefixed ossets Investments Current t755et5 Current liobilities Ir)terfund bolances 119.357 2.729.848 27.807,475 718.712 (153,993J 111.674J 31.209,725 119.357 2, 729.848 28,645.294 723,100 f154,933J 795.100 4,388 (940) 11,702 810,250 42,719 1281 42,691 32,062,666 ilnreolised gains (losses) included obove on investments ot 31" July 2020 Revaluation gain5 flosse5J on tangible fixed ussets 7.133.917 269.184 13.538 7,416,639 (1.200.7901 fl,200,790J 21. Reconclllatlon of net movements In funds to net cash flow from operatln8 actlvlt5es 2021 2020 Net Income lor the reporting perlod las per the statement of financial activities) 5,137,171 {2,260,097) Adjustments for.. Depreciation charges Amortization charges Impairment losses (Gain51 or1055es on investments Oividends, interest and rents from investments Ilncrea5el or decrease in debtor5 Increase or Idecreasel in c￿dItorS 9,501 14,892 9,465 14,892 15,471,0801 1,574,523 1810,3831 (759,996) 1111,8971 (47,600J 76.038 314 Net cash provided by (used inl operating activities 11.155.758) (1,468,499) Page | 22

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