## **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: 

- a) Professional musicians and individuals professionally active in the world of music; 

- b) Former professional musicians, individuals who were professionally active in the world of music and persons aspiring and intending to embark on careers as professional musicians; and 

- c) The families and dependants of any of the foregoing (priority being given to Members of the Society, or, as the case may be, to the families and dependants of such Members or deceased Members, over persons who are not Members of the Society). 

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 

1 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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- 

2 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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 

3 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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 

4 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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 

5 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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. 

6 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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. 

7 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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

8 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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. 

9 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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: 

- Casework lacking in strategic direction, leading to risks of a fall in beneficiary numbers and the growing needs of the profession not being adequately met. This risk is currently being addressed by the formation of a strategic plan for casework, informed by the Casework Scoping Project and led by the Head of Casework. 

- Office systems and procedures requiring updating, leading to an inability to effectively and efficiently manage a potential increase in beneficiary numbers, which could also increase stress levels for staff. These risks are being mitigated by reviewing and upgrading our internal systems in line with our broader strategic aims. 

- Risks associated with the Covid-19 pandemic. These include risks to the health and wellbeing of staff, Governors, Members and our tenants at 26 Fitzroy Square. These risks have been addressed by ongoing home-working, moving meetings to online spaces and regularly reviewing our health and safety policies and practices. 

## **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. 

10 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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. 

11 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

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 

12 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

## **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: 

- BAPAM for their specialist work with those professionally active in the world of music 

- CBSO Benevolent Fund, Guildhall School of Music and Drama, Help Musicians UK, Incorporated Society of Musicians, Music Industry Therapist Collective, Musicians’ Union, Phonographic Performance Ltd, PRS Members’ Fund, Royal Academy of Music, Royal College of Music, Royal Philharmonic Society and Victoria Wood Foundation for referring beneficiaries to us. 

- The following, for their services this year; 

   - Money Adviser and Medical Advisers 

   - Archivist: Colin Coleman 

   - IT Consultant: Matt Jenkins 

   - Auditors: Moore Kingston Smith LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD 

   - `o` Fine Musical Instrument Advisers: J & A Beare Ltd, 30 Queen Anne Street, London W1G 8HX 

   - 26 Fitzroy Square Architect: Russell Taylor Architects, 85 Blackfriars Road, London SE1 8HA 

- Honorary Members John Chown and Richard Legge and Member Richard Baker for attending and advising the quarterly Finance meetings. 

- Our Staff: 

   - Chief Executive: 

Charlotte Penton-Smith 

- Head of Casework: Leon Hart from 22 February 2021 

- Caseworker: 

Yinka Fasawe 

- Membership Secretary: Ginny Leigh until 21 July 2021 

- Finance & Administration Officer Ruth Lorimer 

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:<br>Donations and legacies<br>Other trading activities<br>Investments<br>Total<br>Expenditure on:<br>Raising funds<br>Charitable activities<br>Total<br>Net Valuation gains/(losses)<br>Net income for the year<br>Transfers between funds<br>Net movement in funds<br>Reconciliation of funds:<br>Total funds brought forward<br>Total funds carried forward|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Endowment**<br>**funds**<br>**2021 Total**<br>**funds**<br>**_2020 Total_**<br>**_funds_**<br>£<br>£<br>£<br>£<br>_£_<br>458,495<br>126,317<br>-<br>584,812<br>_148,968_<br>450<br>-<br>-<br>450<br>_19,985_<br>784,113<br>26,270<br>-<br>810,383<br>_759,996_|
|---|---|
||1,243,058<br>152,587<br>-<br>1,395,645<br>_928,949_|
||196,500<br>3,534<br>1,541<br>201,575<br>_171,685_<br>1,128,851<br>399,128<br>-<br>1,527,979<br>_1,442,838_|
||1,325,351<br>402,662<br>1,541<br>1,729,554<br>_1,614,523_|
|||
||5,259,113<br>147,615<br>64,352<br>5,471,080<br>_(1,574,523)_|
||5,176,820<br>(102,460)<br>62,811<br>5,137,171<br>(2,260,097)<br>(117,546)<br>(126,808)<br>244,354<br>-<br>_-_|
||5,059,274<br>(229,268)<br>307,165<br>5,137,171<br>_(2,260,097)_|
||31,209,724<br>810,250<br>42,691<br>32,062,665<br>_34,322,762_<br>36,268,998<br>580,982<br>349,856<br>37,199,836<br>_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**<br>Intangible assets<br>Tangible assets<br>Investments<br>**Current Assets**<br>Debtors<br>Short term deposits<br>Cash in hand and at bank<br>**Total assets**<br>**Current liabilities**<br>Creditors falling due within one year<br>**Net Current Assets**<br>**Total Assets less Current Liabilities**<br>**Funds**<br>Unrestricted funds<br>Restricted funds<br>Endowment Fund|**2021**<br>**_2020_**<br>£<br>_£_<br>104,465<br>_119,357_<br>2,745,954<br>_2,729,848_<br>33,466,041<br>_28,645,294_|
|---|---|
||36,316,460<br>_31,494,499_|
||266,294<br>_154,397_<br>702,578<br>_519,855_<br>145,475<br>_48,847_|
||1,114,347<br>_723,099_|
|||
||37,430,807<br>_32,217,598_|
||(230,971)<br>_(154,933)_|
||883,376<br>_568,166_|
|||
||37,199,836<br>_32,062,665_|
||36,268,998<br>_31,209,724_<br>580,982<br>_810,250_<br>349,856<br>_42,691_<br>37,199,836<br>_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** 

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



19 



**The Royal Society of Musicians of Great Britain** 

**Trustees’ Annual Report 2021** 

|**Endowment funds**<br>Birch Endowment<br>Gershom-Parkington Endowment|42,691<br>-<br>(229)<br>9,571<br>-<br>52,033<br>-<br>-<br>(1,312)<br>54,781<br>244,354<br>297,823<br>42,691<br>-<br>(1,541)<br>64,352<br>244,354<br>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

r*ti C
p4

Page | 23

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

r*ti C
p4

Page | 23