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2022-07-31-accounts

The Royal Society of Musicians of Great Britain

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

Trustees’ Annual Report For the year ended 31 July 2022

The Trustees of The Royal Society of Musicians of Great Britain (the Society, RSM) present their Annual Report for the year ended 31 July 2022.

Objectives and Activities

The objects of the Society as set out in the Royal Charters of 1790 and 1987 (amended 2018), are the relief of poverty and sickness among:

We aim to help all applicants fitting the criteria above via our grant-giving programme, whether Members or non-members, except for those who seek support because of a lack of employment. Today, this extends to helping all music professionals unable to work because of accident, illness, stress or anxiety.

We continue to meet these objectives by assessing all reasonable requests for support that come to us, including providing assistance to non-members in line with Charity Commission guidance on public benefit, and have done so since the Supplemental Charter of 1987. Applications from non-members must be supported by a Member or Honorary Member of the Society, an approved organisation, or a report by the Head of Casework or Caseworker. The only restriction on eligibility relates to the applicant’s profession.

In the year to 31 July 2022, 90% of grants were made to non-members (2021: 89%) in line with the applications received.

Assistance goes beyond the provision of funds. The Casework team provides encouragement and a listening ear to beneficiaries and is often able to direct beneficiaries or unsuccessful applicants to other sources of funds and advice. Through our partnership with The British Association of Performing Arts Medicine (BAPAM) and our Medical Advisers, we are able to offer beneficiaries medical advice attuned to their specific needs, enabling a swift return to good health.

Members of RSM are encouraged to notify us of colleagues in distress, and to promote the Society and its activities. They act as our ambassadors across the profession, so to be able to identify and respond swiftly to those in need, we actively seek to recruit new Members. By expanding our network, we can help more musicians in need.

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Originally established as an insurance scheme for Members, membership is nowadays considered purely altruistic and many Members generously donate over and above their annual subscription. Without the voluntary assistance of Members both in terms of subscriptions and donations, but also crucially in notifying us of colleagues in need, we would be far less able to provide the current levels of support.

Achievements and Performance

In numbers

Total grants awarded: 768, increase of 31% or 183 grants Total grant spending: £777,252, increase of 31% 427 beneficiaries offered financial support, increase of 36% or 113 beneficiaries Average grant size: £1,114.43, increase of 6%

Age spread of beneficiaries: 19 to 97, average age of 48 90% of grants awarded to non-members, 10% to Members

Grant totals by type: 141 physical therapy 139 living expenses 74 mental health 37 ENT (Ears, nose and throat)

New Members: 49, aged 25 to 84, average age 52. Total Members: 2026, aged 23 to 101, average age 64.

Members and supporters have contributed £524,550 to the Society this year. This includes:

£184,333 in donations (2021: £191,826) £31,568 in membership subscriptions (2021: £24,007)

£9,387 in Gift Aid (2021: £8,293), and £299,262 in legacies (2021: £360,686)

Support

This year has been one of development at RSM, with systems and processes now in place following last year’s period of analysis and reflection. Most notably, our Casework strategic plan has been implemented, enabling us to increase grant giving and further improve the quality of help we provide. This has resulted in a 36% increase in the number of beneficiaries offered financial assistance this year and an increase of 31% in grant spending.

We have supported musicians and those professionally active in the world of music including performers, teachers, composers, directors, producers and administrators. Our work has helped those living in all four

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UK nations, of least 20 nationalities including Argentina, Australia, Bulgaria, Czech Republic, Denmark, France, Israel, Japan, Nigeria, Poland, Spain, Sweden, UK and USA. We have reached out to musicians aged between 19 and 97; although 42% of those offered assistance this year have been aged 40 or under, continuing the trend that started during the pandemic (2021: 26%).

With COVID-19 restrictions easing and eventually ceasing, this year has been a period of recovery for the profession, with many able to return to pre-pandemic working patterns. This, however, has come with its own challenges. The impact of returning to work after a prolonged period of absence during which time musicians spent little, if any time performing, has resulted in injuries upon returning to work. This has led to a steep rise in grants being awarded for physical therapies. During 2020-21 we awarded 37 grants in this category, but within the last year this has risen to 141 - 18% of our total grants awarded during the 2021-22 period. This contrasts with the previous year when, with the exception of gifts, the highest number of grants were awarded to support emotional wellbeing.

Since the COVID-19 pandemic, we are seeing increased communications surrounding mental health awareness in our day to day lives. Specialist mental health support services have also been established for the profession, most notably Music Minds Matter. Despite this, we mustn’t forget that the fallout from the pandemic, including periods of lockdown, are still keenly felt. Many in the profession are struggling with the return to normal working life and performing in public again after a two-year hiatus and this fact continues to be reflected in the support we provide. This year 9.6% of grants awarded (74) were given for mental health support, in line with 12% the previous year (70 grants).

It is vital that musicians are able to rest and recuperate as advised by the specialists who are treating them. This may require additional time spent not working and during those periods we are able to offer grants towards living expenses. This year, support remained at the same level as it was during the pandemic with 139 grants (133 the previous year).

With the COVID-19 pandemic and associated lockdowns being followed by high inflation rates and increases in the cost of living, it remains paramount that the correct support is made available as quickly as possible to all those who need us. We have always been incredibly proud to reach out to musicians on the same day we become aware that help is needed; however, with our internal processes requiring all applications for assistance to be presented to Governors for approval, our ability to distribute funds in the past, was not always as immediate. At the start of this year, we formalised a process for delegated decision-making, enabling applications fitting certain criteria to be agreed by the Casework team. Grants can be awarded on a delegated basis for mental health support, care costs and mobility aids, specialist consultations, physical therapies and assistance with funeral costs. As Trustees, our Governors continue to scrutinise these decisions; however, this process has enabled our funds to be released much more efficiently. This not only provides a better service to our beneficiaries but also enables Governors’ time at their monthly meetings to be better spent looking at more complex applications. This year, 43% of our grants were awarded via this process.

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To support our delegated decision-making, detailed guidance has been drawn up by our Head of Casework, giving Governors and staff a clear rationale from which all funding decisions are now made. This enables transparency in our grant-making process and ensures more complicated cases continue to be presented to Governors for discussion and approval. Funding levels for individual grant types have been updated, with increases implemented for some awards, including therapy costs. Living expenses have also been scrutinised this year. These grants are made available to those recovering from illnesses and operations, or who are unable to work due to certain circumstances. Based on the work of the Joseph Rowntree Foundation, a set of Living Expenses Guidelines has been created to assist in the consideration of living expenses grants, which can be difficult to award with no structured guidance. All new applications for living expenses will be presented to Governors for approval in the first instance. 18% of grants awarded this year were in this category. All applications for support continue to be considered on a case-by-case basis. If there are extenuating circumstances that require consideration of support outside of the recommended levels, the case must be discussed in full by Governors. All policies and procedures will be reviewed annually.

Many of those approaching us for support will be experiencing significant stress and uncertainty in their lives. As such, we have reviewed all our application processes to ensure they remain as clear and straightforward as possible. This has included a significant modification of our funeral expenses grants, which has been approved by Governors in line with our Constitution and Charity Commission guidance. Our Casework team now have the authority to award an immediate £2,000 non-means tested contribution towards funeral costs on receipt of supporting documentation. Funeral expenses payments vary across other grant giving bodies and after comparison with other funds, this sum was deemed appropriate for a charity of our size. Should any additional financial assistance be required, a grant will be considered by Governors on receipt of an application for assistance form. In this way, the process of applying for funeral expenses has now been made as simple as possible for bereaved families and loved ones.

The role of Members

Our Members act as our eyes and ears in the profession and it is their duty to get in touch when they hear of anyone who may need help. We continue to rely heavily on our Members to inform us of colleagues in need, something which has been particularly important this year as work across the profession resumed following the pandemic. When a Member gets in touch with our Casework team, a non-means tested grant of up to £200 can be made immediately available and sent as a token of concern. However, the fallout from the pandemic had a significant impact on the number of Members contacting us, resulting in a 31% reduction in the number of gifts sent. We are pleased to report that at the end of this period, gift giving has almost fully recovered to pre-pandemic levels, with 205 gifts being sent to musicians during the reporting period (2019: 223 gifts). These gestures are often the first link individuals will have with the Society and for us to reach out in this way provides a light at the end of a tunnel at what is often, such an incredibly difficult time.

Health and wellbeing initiatives

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Our health and wellbeing initiatives have developed this year, with April marking the second anniversary of our Social Network. Formed of both Members and non-members, the Network continues to meet online twice a month and provides a lifeline for anyone feeling lonely or isolated. We remain incredibly grateful to Fiona Grant MBE and Chris Bain for everything they have done to manage the group, which has proved effective in spreading awareness of the Society, with some Social Network members joining as Members, and others approaching us for financial assistance – highlighting the importance of this initiative within our day-to-day activities. To further develop our Network we have, this year, partnered with the Musicians’ Union and following the success of a joint RSM/MU Social Network event in June, the MU are now promoting our Social Network on their website and to their members. We look forward to welcoming many MU members to our gatherings, especially those who have not previously engaged with us. This partnership will enable cross-pollination between the two organisations and awareness of the Society to spread to MU members across the UK. We hope to partner with other organisations in the coming year.

Our free Healthy Practice Webinar Series has also remained popular. Run in partnership with BAPAM, sessions this year were developed in response to feedback from previous attendees, as well as the needs of the profession as highlighted in our grant giving and identified by BAPAM. Subjects this year included physical health for musicians, sleep psychology, tinnitus and hearing conservation, imposter syndrome, performance optimisation, health education and promotion, and sustaining a career into old age. Each session was presented by practitioners attuned to the specialists needs of musicians, with additional resources being made available to all attendees after each webinar. Attendance across the year remained high, with the Series continuing to provide an excellent opportunity to raise awareness of the Society and its activities. Evaluation questionnaires scored the sessions highly, with 100% of respondents saying they would recommend the sessions.

The development of the Webinar Series has also provided us with opportunities to partner with academic research projects and explore in more detail, matters raised during the sessions, most notably at last year’s Playing on the Edge webinar and the increased focus on support of brass musicians following the launch of our Philip and Ursula Jones Fund. Plans are still in the early stages and it is hoped that our Members will have the opportunity to become involved with this work, the outcomes of which could be of significant value to clinicians and the wider music profession. Conversations with the Association of British Theatre Technicians (ABTT) since Playing on the Edge have also proved useful. With ABTT writing health and safety guidance used by the performing arts, they have agreed that any new

recommendations arising from post-webinar discussions could be included in future documentation, thus enabling their guidance to be rolled out for use within the music sector. In July, we were also invited to attend an event about eyesight for musicians at the University of York, developed as a result from our Sustaining a Career into Old Age webinar, at which musicians’ visual health was discussed.

Our partnership with BAPAM remains strong, which also ensures we continue to have a clear understanding of how changes to musicians’ health needs impact the services we offer. Working collaboratively with organisations strengthens us as a charity, enabling us to continue to provide assistance and advice attuned to the ever-changing needs of the profession. All applications for

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assistance need to be supported by a Member, Honorary Member, organisation or report from the Casework team. This year, 57% of applications for assistance considered this year were supported by organisations.

Membership and communications

In February, we welcomed Mark Brierley as Head of Membership and Communications - a redefined role developed from that of the Membership Secretary. Introduced to enable us to develop our membership and existing partnerships, it will also help to maximise our presence and appeal across the wider music profession and within other key stakeholder groups. Mark comes to us from The Royal Over-Seas League where he was Head of Communications. Prior to that he worked as a journalist for many years, editing publications on topics as diverse as philanthropy, language, clean energy and aviation.

Since Mark’s recruitment, membership communications have been improved and processes streamlined. Subscription payment reminders are now being sent to all Members, with donors and Life Members being acknowledged and thanked more regularly. A welcome pack for newly-elected Members has also been updated. Member and non-member communications have all benefited from a redesigned format to improve their readability.

In the past 12 months, 49 new Members have been welcomed to the Society, continuing the trend seen during the pandemic of lower-than-average applications. That leaves our total membership at just over 2,000 Members - the same as it was at the end of the previous reporting period. A Recommend a Friend campaign was launched this year to further encourage Members to ask their friends and colleagues to join. This looked to be bearing fruit towards the end of the reporting period, with monthly membership applications more than doubling in July 2022, with the trend continuing beyond the reporting period. This uptick points towards a return to pre-pandemic levels of recruitment, more details of which will be reported next year.

A Leave a Legacy campaign was also launched this year to encourage Members and other supporters to think of us when writing their will.

65% of Members open their monthly email updates, which is above the industry average. We greatly value the opinions and contributions of our Members and so a short Membership Survey was sent by email in April with the aim of gaining more insight about what Members want from the Society, what is being done well and what perhaps needs some improvement. We were therefore slightly disappointed that of the 1,700 Members to whom it was sent, nearly 1,200 had opened it, but fewer than 10% returned it. However, of those who did reply, responses, were generally positive in terms of opinions about the Society, support made available and overall membership satisfaction. Some comments did highlight confusion about the types of support RSM offers, including eligibility of both Members and nonmembers. With their permission, stories about beneficiaries and others connected with the Society have been introduced to our Communications Strategy. These stories have formed the basis of clearer messaging about our activities, in particular how we support the profession.

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Consideration has also been given to other ways in which awareness of RSM can be developed across the UK. Website improvements, increased Social Media activity and email communications ensure that all our contacts are better informed. Our Facebook and Twitter profiles are regularly updated, not only with beneficiary stories, but also promotion of our activities and engagement with the wider music profession. This has resulted in healthy growth in views and engagement, as well as followers, with Facebook now standing at 2,558 followers and Twitter at 546 followers. While these figures don’t mean much in isolation, now that they are being more closely monitored, future Annual Reports will be able to show the results of greater communications activity.

Some respondents to our Membership Survey voiced their willingness to raise awareness of RSM within their networks and standardised printed and electronic materials have been produced for distribution by that group. Members now have easy access to a step-by-step guide about the referral of colleagues both for assistance and for membership, and are reminded of their ambassadorial role in referring colleagues at the point of renewing their subscription each year.

The role of the Court of Assistant is also being considered. Although, in theory Court members are expected to act as ambassadors for the Society, in practice the members of the Court are disconnected from the organisation and unsure of their role within it. Governors agreed to convene the Court of Assistants for an in-person meeting on Monday 12 September (just after this reporting period) to discuss plans for their role going forward, which will hopefully see them out on the road around the UK, acting as our cheerleaders and encouraging referrals for support and membership, as well as donations.

Our Membership Survey also highlighted Members’ desire to increasing our reach across more diverse areas of the profession – something which has also been discussed by Governors and staff this year. Governors have acknowledged the challenge of those applying for membership needing to be recommended by two current Members. This year, we have had to turn musicians away who don’t fit the criteria and as such, consideration is now being given to ways in which our membership application process can enable the sustainable growth of the membership and make it more relevant and appealing to a broader range of the profession. A trial initiative began in August 2022 allowing applicants without two recommending Members to be recommended by Governors and the Court of Assistants, so long as certain stringent other criteria are met.

Fine Instrument Scheme

The Society’s Fine Instrument Scheme has been discussed in detail this year. The Scheme was established by Governors in 2011 following agreement to diversify our investment portfolio and hold 5% in Fine Instrument investments. To date, we have invested, as part of syndicates, in six high quality stringed instruments, which are made available to professional musicians, for use on a long-term basis. This ensures each instrument continues to be played, which in turn, provides an opportunity to further increase awareness of our charity. The collection currently comprises a Simone Sacconi violin (New York 1932) on loan to Ben Hancox; a Simone Sacconi violin (Rome 1927) on loan to Hannah Dawson; a Nicolò Gagliano cello (Naples 1781) on loan to Cara Berridge; a Giovanni Grancino cello (Milan, 1698) on loan to Brian O’Kane; a Giuseppe Rocca violin (Turin 1848) on loan to Darragh Morgan; and a David Tecchler cello

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(Rome, 1714), loaned to Guy Johnston until July 2022. In June, the Society also took ownership of a William Forster cello, generously gifted to us in its entirety by Julia Crockett. The instrument was left to Julia’s father, the composer Alexander Goehr, by Edward (Lord) Boyle, who was Minister of Education in Edward Heath’s government and Chancellor at Leeds University. Ben Tarlton was chosen to use the instrument and in June, Governors were treated to a short recital from Ben who performed works by Tchaikovsky, Bach and Tsintsadze.

To ensure transparency in the management of the Scheme, a Fine Instrument Scheme sub-Committee has now been established, formed of Governors Lawrence Wallington and Clare Tyack and Members Justin Pearson, Levon Chilingirian and Ben Hughes. The Committee will monitor the Scheme and the instruments that sit within it.

RSM People: Behind the stats

TOBY THATCHER CASE STUDY BEN TARLTON CASE STUDY

Our Finances

As ever, most of the money we spent this year went directly to supporting musicians through our grants. The Society awarded a total of £777,252 in grants, 56% of the total expenditure for the year. This was made up of:

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Restricted Fund Grants
Gershom-Parkington Fund
Henry Wood Fund
Members Memorial Fund
Stan Newsome Fund
John Birch Fund
Brereton Fund
Unrestricted Fund Grants
Philip and Ursula Jones Fund
General Fund
Total Grants		 2022
2021
2020
2019
2018
£
£
£
£
£
-
3,996
-
59,425
71,526
36,554
54,421
-
20,879
25,136
184,518
209,800
7,400
11,100
11,000
20,700
16,950
21,300
20,400
19,400
58,467
10,961
6,311
8,510
14,792
2,770
-
200
145
-
303,009
296,128
35,211
120,459
141,854
49,265
3,000
-
-
-
424,978
294,950
540,083
354,626
324,663
474,243
297,950
540,083
354,626
324,662
777,252
594,078
575,294
475,085
466,516

Last year, we launched the Philip and Ursula Jones Fund to support brass players and their families across the UK. We are very grateful to Member Ursula Jones for her help and support with this project, and are pleased to report this year the fund has awarded nearly £50,000 in grants to 15 brass musicians. The Philip and Ursula Jones Fund was reclassified as a designated fund this year, to better reflect its nature. Designated funds are those monies set aside for a specific purpose by the Governors.

The Gershom-Parkington Fund was created to hold the income generated by the endowment left to the Society by Mr Frederick Gershom-Parkington. This year, this was re-routed to the Henry Wood Fund for simplicity, as both funds were created in the same spirit and are restricted to supporting musicians.

Other expenditure on charitable activities came to a total of £131,452 (2021: £140,170), and the costs of raising funds was £183,532 (2021: £164,916). The costs of running the Society this year were £282,620 (2021: £230,390). Charitable activities therefore accounted for 67% of total expenditure, raising funds 13%, and support costs were 20%.

We are grateful for the generosity of our Members and supporters, who contributed £524,550 to the Society this year. This included:

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The Governors would like to say a huge thank you to everyone who fundraised for and donated to the Society. In particular, we are grateful to the late Julian Bream CBE, Jane Manning OBE and Anthony Payne, who remembered the Society in their wills.

The remaining 63% of our income was from investments, including the building at 26 Fitzroy Square, and our portfolio of stocks and shares. The building remained fully tenanted during most of the year, bringing in a rental income of £107,929 (2021: £113,758). Premises costs attributable to raising funds this year were £50,798 (2021: £29,742).

The larger part of our income came, as usual, from our investment portfolio, which raised £803,364 (2021: £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. 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.

Mindful of the ever-increasing pressure on charities to be responsible investors, and the continuing environmental and social impact of the Society’s investments, this year our Governors reviewed the investment strategy through an ethical lens. They decided to adopt a scoring framework to assess the Environmental, Social and Governance (ESG) impact of its investments, and will not invest more than 5% of its portfolio in stocks that fall in the lowest 25% of the ESG ranking. In addition, the Society still 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.

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. This year, however, as the balances of the restricted funds are now quite low, they were taken out of the pooled investments and are held simply as cash. The Gershom-Parkington and John Birch endowment funds are still invested and any income generated by these funds is placed in the Henry Wood Fund.

Last year was a challenging one for the investments due to the global economic situation. However, the portfolio is diversified both in type of investment and industry sector, as well as geographically. This approach appears to have helped mitigate against the worst impacts of market volatility. This year, the portfolio maintained its value, despite many ups and downs throughout the reporting period. Our Brokers have worked with us to set prudent income and growth forecasts to ensure that the portfolio remains healthy for future years.

The Society’s 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

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Unrestricted Funds amounted to £36,829,550, of which £36,800,736 was represented by investments and fixed assets. These provide a valuable source of income for the Society. The free funds available at 31 July 2022 were, therefore, £28,814 (2021: £889,003). 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 free reserves: currently this would be over £800,000. However, due to current high levels of inflation, Governors decided that it would be more sensible to hand these funds to the investment brokers to hold as a cash float than hold them in deposit accounts, so they are included in our investments. These funds are available as needed with only a few days’ notice required.

Risk factors

The Trustees regularly review the main risks faced by the Society and ensure that appropriate mitigation is put in place. The key risks identified in 2022 are:

Plans for the Future

As our grant giving increases, our focus in the coming year will be on income generation. We will continue to work hard to encourage donations and legacies and will also look at the development of other income streams, including our building in London’s Fitzroy Square. With staff continuing to work from home, consideration will now be given to maximising income from the two floors currently in use by the Society. Rental of both floors on a long-term basis will enable us to generate much-needed additional funds and this matter will be discussed in detail by Governors in the coming months. Our other investments will also be scrutinised to ensure they continue to generate the necessary returns to enable the continued growth of our charity.

We have supported more musicians during this reporting year than in any other year in our history and our Members have played a key role in that process, by informing us of colleagues who need our help. Despite this increase in Casework activity, overall engagement from our Members has fallen. We are incredibly mindful of the devastating impact the pandemic has had on our Members and that coming out

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of that period, many of their priorities will have changed. However, the disappointing response rate to our Membership Survey coupled with low attendance rates at our monthly Members meetings means we must find new ways to keep our Members engaged. The re-defining of the Court of Assistants’ role will support that process and we also giving consideration to the format of our Members’ meetings. We are looking to bring back in-person gatherings, but rather than taking place monthly, these will be on a quarterly basis at venues both in London and in other areas of the UK. We hope Members will support this move, which will not only see more detailed reports presented by our Governors, but will also enable each get-together to be more of an event, with opportunities for musical performances and guest speakers. All Members will be encouraged to attend these gathering where possible, which will also enable them to catch up with colleagues and chat to other Members they may not have met before.

To ensure the continued growth of the Society, our charity must be relevant to musicians of all ages, across all sectors of the profession. With RSM existing in an ever more visual world, our branding is integral to that process and as such, work will be carried out to ensure our ‘look’ does not inhibit opportunities to foster new relationships across the profession.

In October (just after the reporting period), Governors agreed that BAPAM will remain as our clinical partner for a further year. We are delighted that this relationship will be continuing as it will not only enable us to reach more musicians in need of support, but will also enable Governors and staff to remain up to date about clinical protocols and procedures, trends, and other medical matters including those relating to the NHS which may impact our Casework activity. Our Healthy Practice Webinar Series will also be developed and instrument-focused Peer Support groups will be introduced to enable conversations about the specific needs of musicians to be discussed in far more detail than was possible in previous sessions. We hope our Social Network will also continue to grow, with new partnerships being formed with like-minded organisations who are able to promote this initiative to their networks.

Governance and administration

As noted in the header to the Report, the Society is a Registered Charity incorporated by Royal Charter.

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 2022, John Smith OBE was re-elected as Chairman and Clare McCaldin was elected as Vice-Chairman, having been co-opted to the position in April 2021 following the resignation of Benedict Cruft in March 2021. Chris Bain was also re-elected as Treasurer. 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.

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At their Strategy Days in May, Governors agreed to establish an Audit Committee who will be responsible for assisting the Governors in monitoring the integrity of RSM’s financial statements, the effectiveness of the systems of internal controls, and the effectiveness, performance and objectivity of the external audit. The Committee shall consist of three Governors, one of whom shall be the current Treasurer. Committee Members shall be appointed by Governors annually at their January meeting and it was agreed that Jonathan Rennert, Patrick Garvey and Chris Bain form the Committee for the rest of the 2022 calendar year.

Governors delegate much of the Society’s business to the staff, the Chief Executive, Head of Casework, Caseworker, Head of Membership & Communications and Finance & Administration Officer, who have responsibility for day-to-day operations. This includes 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.

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 has also been 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 November 2022

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New Members

We have welcomed 49 Members who have been elected since the last report. These include:

James Anderson Gareth Hudson Helen Sanders-Hewett Donal Bannister Simon Jones Helen Sanderson Susan Bishop Niall Keatley Lenny Sayers John Blackshaw Matthew Kitteringham Patrick Savage Katherine Butler Claudia Lang-Colmer Matthew Senior Deborah Calland Georgina Leo Imogen Smith Uta Close Christine Messiter Anthony Spencer David Cole OBE MVO Andrew Nethsingha John Summers OBE Abigail Dance John Owen Ben Tarlton Barry Deacon Geoff Parkin Alan Wakeman Francesco Domenichetti Kimon Parry Alastair Warren Bernie Fawcett Helen Paskins Paul White Marion Friend MBE Sabrina Pullen Alexander Wide Christopher Gough Timothy Rhys-Evans MBE Francis Pott Paul Rogers Alexander Hambleton William Russell

In Memoriam

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

Clive Baker Gillian Eastwood Carl Pini Victor Barber Edmond Fivet Simon Preston CBE Freda Beaven Chris Fletcher Judd Procter William Bennett OBE Paul Frowde Mary Ryan Reuben Berrill Andrew Garrett Anita Smith Michael Bloomberg Patricia Guillaume Julian Smith Helena Braithwaite MBE Bernard Haitink CH KBE Michael Tomalin John M Bradbury John Henry Malcolm Troup Jean Burrow Martin How MBE Elizabeth Watson Yvonne Clarke Anthony Jennings Nans Wheldon Charles Fullbrook David Littaur Frank White Annemauride Hamilton, David Lloyd-Jones Stephen Wilkinson MBE Joseph Horovitz Laurie Lovelle John Woolf Margaret Darwall-Smith Martin Lovette Pamella Dow Robert Munns

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, taking place on Wednesday 17 May 2023 at 5pm. A second Service of Thanksgiving will take place at 5pm. on Wednesday 13 September 2023 in lieu of the 2021 event which had to be cancelled due to the COVID-19 pandemic. Former colleagues, family

14

Trustees’ Annual Report 2022

The Royal Society of Musicians of Great Britain

and friends are warmly invited to both commemorations which will also acknowledge musicians who were not Members of the Society, but who 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.

15

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2022

Thank you

The Society is grateful to:

Charlotte Penton-Smith

Leon Hart Yinka Fasawe

16

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2022

Governors and members of the Court of Assistants 1 August 2021 – 2 November 2022

The Society’s AGM in 2021 was held on 19 December.

Governors

Chris Bain Benedict Cruft resigned at AGM 2021 Jacoba Gale Patrick Garvey Sally Groves MBE Carl Jackson MVO elected at AGM 2021

Court of Assistants

Oliver Brockway elected AGM 2021 Vyvyan Brooks Adrian Brown Elaine Cocks retired AGM 2021 Nickie Dixon David Flood Phoebe Lydbrook David Gordon-Shute Linda Esther Gray retired AGM 2021 Sandra Hambleton-Smith retired AGM 2021 Dr Philip Hammond retired AGM 2021 Chris Hankin Keith Harling Benjamin Hughes Jamie Hutchinson Jacquelyn Hynes Carl Jackson MVO resigned AGM 2021 Jean Kelly retired AGM 2021 Miriam Keogh Jane Lister Lennox Mackenzie OBE Judy Manning retired AGM 2021

Clare McCaldin Kim Murphy Jonathan Rennert John Smith OBE Chairman from January 2021 Clare Tyack Lawrence Wallington Diane Widdison

Joanna Marsh retired AGM 2021 Ashley Mason Sophie Mather Brenda Meek Amos Miller Alison Moncrieff-Kelly Viktor Obsust Marianne Olyver David Openshaw Kevin Price Paul Pritchard Alistair Scahill Brian Schiele Paul Speirs Richard Thomas Elinor Tolfree George Vass Sarah Watts Howard Williams Sarah Williams Yvonne Wooldridge

17

Summarised Statement of Financial Activities For the year ended 31 July 2022

Income and endowments from:
Donations and legacies
Other trading activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net Valuation gains/(losses)
Net income for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Endowment
funds
2022 Total
funds
2021 Total
funds
£
£
£
£
£
235,518
289,032
-
524,550
584,812
600
-
-
600
450
901,826
9,800
-
911,626
810,383
1,137,944
298,832
-
1,436,776
1,395,645
225,571
116
1,565
227,252
201,575
843,751
303,853
-
1,147,604
1,527,979
1,069,322
303,969
1,565
1,374,856
1,729,554
469,930
-
1,534
471,464
5,471,080
538,552
(5,137)
(31)
533,384
5,137,171
22,000
(22,000)
-
-
-
560,552
(27,137)
(31)
533,384
5,137,171
36,268,998
580,982
349,856
37,199,836
32,062,665
36,829,550
553,845
349,825
37,733,220
37,199,836

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 3 November 2022 and are signed on its behalf by:

John Smith OBE - Chairman

18

The Royal Society of Musicians of Great Britain

Trustees’ Annual Report 2022

Summarised Balance Sheet at 31 July 2022

Fixed Assets
Intangible assets
Tangible assets
Investments
Total fixed assets
Current Assets
Debtors
Short term deposits
Cash in hand and at bank
Total current assets
Total assets
Current liabilities
Creditors falling due within one year
Net Current Assets
Total Assets less Current Liabilities
Funds
Unrestricted funds
Restricted funds
Endowment Fund
Total		 2022
2021
£
£
89,573
104,465
2,832,872
2,745,954
34,228,116
33,466,041
37,150,561
36,316,460
528,554
266,294
338,241
702,578
12,270
145,475
879,065
1,114,347
38,029,626
37,430,807
(296,406)
(230,971)
582,659
883,376
37,733,220
37,199,836
36,829,550
36,268,998
553,845
580,982
349,825
349,856
37,733,220
37,199,836

19

Trustees’ Annual Report 2022

The Royal Society of Musicians of Great Britain

Restricted and endowment 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 funds
Gershom-Parkington Fund
Henry Wood Fund
Members' Memorial Fund
The Stan Newsome Fund
Brereton Fund
John Birch Fund
Philip and Ursula Jones Fund
The Manning-Payne bequest
Endowed funds
Birch Endowment Fund
Gershom-Parkington Endowment
Fund
Unrestricted funds
Philip and Ursula Jones Fund
General Fund
All funds		 Balance
2021
Income
Expenditure
Investment
gains
(losses)
Fund
transfers
Balance
2022
£
£
£
£
£
£
3,114
-
-
-
(3,114)
-
60,244
12,534
(37,514)
-
3,114
38,378
178,666
21,383
(184,518)
-
-
15,531
169,133
2,415
(20,700)
-
-
150,848
4,792
-
(2,770)
-
-
2,022
143,033
-
(58,467)
-
-
84,566
22,000
-
-
-
(22,000)
-
-
262,500
-
-
-
262,500
580,982
298,832
(303,969)
-
(22,000)
553,845
52,033
-
(233)
228
-
52,028
297,823
-
(1,332)
1,306
-
297,797
349,856
-
(1,565)
1,534
-
349,825
-
715
(49,265)
-
48,550
-
36,268,998
1,137,229
(1,020,057)
469,930
(26,550)
36,829,550
36,268,998
1,137,944
(1,069,322)
469,930
22,000
36,829,550
37,199,836
1,436,776
1,374,856
471,464
-
37,733,220

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 2022

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 FR5102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"). The law applicable to charities in England and Wales requires the trustees to prepare financial 5t3tements for each financial year which give a true and fair view of the State of the affair5 of the Charity, the incoming resources and the application of resources of the tharity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. obseNe 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 tru5tee5 are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the charity and enable them io ensure that the financial siatements comply with the Charities Art 2011 and the provisions of the Royal Charter. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the Prevention and detection of fraud ènd other irregularities. Page 15

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Opinion We have audited the financial statements of The Roy31 Society of Musicians of Great Britain for the year ended 31 Julv 2022 which comprise the Statement of Financial Artivrties,the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and note5 to the financial ststements, including a summary of significant accounting policie5. The financial reporting framework thai has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 Yhe Financial Reporting Standard Applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 July 2022. and of its incoming resources and application of resources. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opSnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the financial statements Section of OUT report. We are independent of the charity in accordance with the ethical requirements 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 aCCOTd3nce 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 auditlng the financial stalements, we have concluded that the trustees, use of the Bolng concern basls of accountlng In the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identth'ed any material uncertainties relating to events or conditions that, individually or collectively, may cast Sl8nrficant doubt on the charity's ability to continue as a going concern for a period of at least twefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilriies of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report ihereon. The trustees are responsible for the other information. Our opinion on the financial 51atements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audr( or oiherwise appears to be materially misstated. If we identify suth material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 16

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires US to report to you rf, in our opinion- the information given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements,. or 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. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page l. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a55e5sing the charity'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 trustee5 either intend to liquidate the charity or to cease operation5, or have no realistic alternaiive but to do so. Audltorfs responslbllltles for the audlt ol the Ilnanclal ststements We have been appointed as auilitor under section 144 of the Charities Act 2011 and report In accordance wlth regulatlons made under section 154 of that Act. Our objectives are to oblain 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 audttor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conducted in accordance with 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 a88reg3te. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud 15 detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities. including fraud The obiectwes of our audit in respect of fravd, are; to identify and asse55 the risks of material misstatement of the financial Statements due to fraud,. lo obiain sufficient appropriate audit evidence regarding the assessed risk5 of material mi551atement due to fraud, through designing and implementing appropriate responses to those a55essed risks. and to respond appropriately to instance5 of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and deiection of fraud rests with ￿th management and those charged with governance of the charity- Page 17

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Our approach was as follows.. We obtained an understanding of the legal and regulatory requirement5 applicable to the charity and considered that the m05t significanl are Ihe Charitie5 Act 2011, the Chartty 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 discussions with management and those charged with governance. We assessed the risk of materi31 misstatement of the financial statements. including the risk of material misstatement due to fraud and how (( might occur. by holding discussions with management and those charged with governance. We inquired of management and those charged wf(h governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on thi5 understandin& we designed specific appropriate audit procedures to identfy 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. As part of an audit in accordance with ISAS IUKI we exercise professional jud8ement and maintèin professional scepticism throu8houi ihe audil. We also.. Identlfy and assess the rlsks of material mlsstatement of the financial statements, whether due to fraud or error, desi8n and perform audil procedures responsive to those risks, and obiain audit evidence that Is sufflclent and appropriale to provide a basis for our opinion. The risk of not detecting a materlal misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. orthe OVerr￿e of internal control. Obtain an understandin8 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 policie5 Used and the reasonableness of accounting estimates and related disclosure5 made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncerlainty exist5 relaled to events or condition5 thal mav Cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disc105ures in the financial Statements or, rf such di5c105ures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditorfs report. However, future events or conditions may cause the charity to cease to continue a5 a going concern. Evaluate the overall presentation. strurture and content of the financial statements. includin8 the disclosures, and whether the financial statements represent the undertying transattions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regardin& among other matters. the planned scope and timing of the audit and Significant audit findings. including any signrficant deficiencies in internal control that we identify during our audit. Page 18

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Use of our report This report 15 made solely to the charity'5 trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might State to the charity's trustees those matter5 we are required to state to them in an audttorf5 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 udit work, for this report, or for the opinion we have formed. J.A LL Statutory auditor 6, Floor 9 Appold Street London EC2A 2AP 17 November 2022 Moore Kin8Ston Smith LLP is eli8ible to act as auditor in terms of Section 1212 of the Companies Act 2006. Page 19

The Royal Society of Musicians of Great Britain Statement of Financial Activities For the year ended 31" July 2022 Unrestrirted funds Restricted Endowment 2022 Totsl 2021 Total funds funds funds fvnds Note Income and endowments from.. Donations and legacies Other trading activities Inve5tment5 Total 235,518 289,032 524,550 584,812 450 810,383 1,395,645 901,826 1.137.944 9,800 298.832 911,626 1.436,776 Expenditure on.. Raising funds Charitable activities Total 225,571 843,751 1,069,322 116 303,853 303,969 1,565 227,252 1,147,604 1,374,856 201,575 1,527,979 1, 729,554 1,565 Net Valuation gainslllossesl 23 469.930 1,534 471,464 5,471,080 Net Income for the year Transfers between funds Net income for ihe year/ Net movement in funds 538.552 22,OCKJ 15.1371 I22,0￿) 1311 533,384 5,137,171 19120 560,552 127,1371 1311 533,384 5,137,171 Reconciliation of funds.. Total funds brought forward 36.268.998 580.982 349,856 37,199,836 32,062,665 Total funds carried forward 36,829.550 553.845 349,825 37,733,220 37,199,836 The notes on page5 14 to 29 form part of these accounts. Page | 10

The Royal Society of Musicians of Great Britain Statement of Financial Activities For the year ended 31st July 2021 {this sheet provides a split of the comparative figures) Unrestrlrted Restrlrted Endowed 2021 Totol 2020 Totol fvnds funds funds Aunds funds Note Income ond endowmentsfrom.. Donotions ond legt7cies Other tradir)g octAVlties Investment5 Total 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 26,270 152,587 ExpendAture on.. Roisingfunds ChoritL7ble octivities Total 196,500 1,128,851 1,325,351 3,534 399.128 402,662 1.541 201,575 1,527,979 1, 729,554 171,685 1,442,838 1,614,523 1.541 Net Voluotion gt7ins/(lossesJ 23 5,259,113 147.615 64,352 5,471,080 (1,574,523J Net incomefor the yeor Tronsfers betweenAunds Net movement infunds 5,176.820 1102.4601 1117,546J 1126.8081 5,059.274 f229.2681 62.811 244,354 307,165 5,137,171 (2,260,097J 19/20 5,137,171 {2,260,097J Reconciliation offunds.. Totolfurtds brought Jorword 31,209,724 810.250 42,691 32,062,665 34,322,762 Totolfunds corriedAorword 36.268,998 580,982 349,856 37,199,836 32,062,665 Page | 11

The Royal Society of Musicians of Great Britain Balance Sheet at 31st July 2022 2022 2021 Fixed Assets Intangible assets Tangible assets Investments Total fixed assets 12 89,573 2.832,872 34.228,116 37.150,561 104,465 2, 745.954 33.466,041 36.316,460 13 14 Current Assets Debtors Short term deposits Cash in hand and at bank Total current assets 15 528,554 338,241 12,270 879,065 266.294 702,578 145,475 1,114,347 Total assets 38.029,626 37.430,807 Current IlabSlltles Creditors falling due within one year 16 1296,4061 1230,971) Net Current Asset5 582,659 883,376 Total Assets less Current Llabllltles 37,733,220 37,199,836 Funds Unrestrlcted funds Including revtsluotion goins of £6.335,857 {2021.' £6.755,113) Restricted fund5 Including revt71uotion 90ins oA£O (2021.. £294.858} Endowment Fund Including revaluation gains oA£34,371 (2021.. E38.472J 20 23 19 23 18 23 36,829,550 36,268,998 553,845 580,982 349,825 349,856 Total 37.733,220 37,199.836 These accounts were approved by the Trustees on 3, November 2022 and are s￿ne￿ on their behalf by.. 4,L< John Smith...................................................................................................Chairm3n of the Governors The notes on pages 14 to 29 form part of these accounts. Page | 12

The Royal Society of Musicians of Great Britain Statement of Cash Flows For the year ended 31st July 2022 2022 Total funds 2021 Total funds Cash flows from ¢peratln8 artlvltles: Net cash provided by {used inl operating artivitles 22 11,136,993) (1,155, 758J Cash flows from investinB activities: Dividends, interesi and rents from investments Purchase of intangible fixed assets Purchase of Property, plant and equipment Proceeds of sale of investments Purchase of investments (including instruments) Purchase of currencv Proceed5 of currency exchange Foreign currency gains Ilossesl Net cash provlded by {used Inl Investln8 attivitles 911,626 810,383 12 13 14 14 11,5651 5,941,413 16,101,745) 1150,5681 150,071 54.731 803,963 (1,240J 7,000,616 16,066,581J 192,209J 91,901 (28,360J 1,714,510 14 14 14 Total change In cash and cash equlvalents In the reportln8 perlod 1333,0301 558.752 Cash and cash equbvalents at the be8lnnlng of the reportln8 perlod 1,633,705 1,074,953 Cash and cash equbvalents at the end of the reportln8 perlod 1,300.675 1.633,705 Cash and cash equlvalents comprlse: Held as Investments Cash deposit held by broker Held as current a55ets Short term deposits Cash in hand and at bank 14 950,164 785,652 338,241 12,270 702,578 145,475 1,300,675 1,633,705 The notes on page5 14 to 29 form part of these accounts. Page | 13

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 The Royal Society of Musicians was incorporated under Royal Charters of 1790 and 1987 and is a registered charity, number 208879. It5 registered address is 26 Fitzroy Square, London WIT 6BT. l. Attounting Policies Basls of Preparatlon of the A¢¢ounts These financial statement5 are prepared on a going concern basi5. under the historical c05t convention a5 modified by the revaluation of certain fixed assets and include the results of the Charity which are described in the Trustee'5 Report. The financial statements are prepared in sterling, 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 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$ 2008 only 10 the e￿ent required to provide J'true and fair vie￿. This departure has involved following 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 rather than the Accounting and Reporting by Chiritie5'. Statement of Recommended Practice effective from l April 2005 which has since been wlthdrawn. Golng Concern The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast 5iBnificant doubt on the ability of the charily to continue a5 a going concern. The Trustees have maile 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 investment income in the context of economic uncertainty. The charity has a significant unrestrided investment portfolio upon which li could draw if necessary. After making enquiiies the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charriy therefore continues to adopt the going concern basis in preparing its financial statements. Funds structure End¢>wment fvnds are funds where an amount 1$ 8rven to be held in perpetuity with only the income derived from the capital available for charr(able purposes. Restrlrted funds are funds which have been received for specified purposes and may only be applied to those purposes. Unrestricted funds are those funds which may be applied to any of the Society's objectwes. Income Income is recognised in the Statemeni of Financial Activities ISOFAI when the Society is entitled to it, its receipt is probable and the amount of the income and any associated costs can be measured reliably. Subsuiption5 to the Society are in the nature of gifts and have therefore been included in the heading 'Donation5 and legacies" Page | 14

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) Annual subs¢rlptlons are recognised at the time they are received. Lrfe subscription5 vary in amount according to the aveiaEe life expertancy of members and are taken to income in equal instalments over the members, estimated life span. Lega¢les are retognised once there is sufficient evidence that reteipt 15 probable and the amount of the legacy receivable can be measured wtth reliability. Where entitlement to a legacy exists but there is ncertainty as to its receipt or the amount receivable. details are disclosed as a contingent asset until the Criteria for income recognition are mei. Investment income is recognised when its receipt is probable and the amount is measurable. Oonated goods are included in the accounts at their approximate market value on the date of receipt. EKpendlture 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 benefrts will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrua15 basis and has been classified under headings that aggregate all c05t5 related to the category. Expenditure includes VAT, which is reported a5 part of expenditure to which it relates. Grants are payable to individuals in accordance with the Society's governing instruments lincluding Buidelinesl. Grants are recognised at the time they are agreed by the Trustees. Balantes of allocations remaining unused are reviewed regularty. and unless there is then persuaslve evldence that the balance will be used in the foreseeable future. the amount is cancelled. Charltable actlvltles 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 actNItv. Ralsln8 funds includes investment management fee5, Costs related to the inve51ment property, the costs of events such as the Jacqueline du Pré concert. the cost of goods sold and the proportion of advertising costs which is deemed to generate funds. It also includes that part of operating and governance costs which have been attributed on the basi5 of relative staff time spent in this area of activitv. Governance ¢osts are the costs associated with the strategic direction of the organisation and of meeting regulatory requirements including directty attributable staff costs. They are included within support cost5 and attributed to either charitable actNitie5 or raising funds. Support costs are those cosis common io 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 C0ry1rn155ioned the development of a bespoke database system to facilitate the management of the organisation. The amount capitalised is the total cost of the database to date, incltJdin8 subsequent updates. Following a review of the estimated life of the database. it was determined appropriate to adopt the maximum lrfe permitted by FRS 102, that is. 10 years. Tan8lble fl)Eed assets Furniture, fitting5 and equipment C05ting more than £250 for each item, is capitalised at t05t. 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 operational} 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 review is undertaken of those items for which there are concerns that the residual value may differ from current market value. Page | 15

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) Investments The Society holds three type5 of Investment.. quoted investments which are a basic financial instrument, investment property and Instrument Tru5tS. 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 gains and losses arising on revaluation or disposal are taken to the SOFA. The principle financial risks faced by the Society through holding the a55et5 15 that the instruments will be damaged or stolen. To mitigate these risks instrument users are carefully chosen and are ¥esponsible 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 initialty recognised at their transattion value and subsequently 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 Creaiion of a broad and balanced portfolio, across market sectors and 8eo8raphical location. Cash ond cosh equlvalents include cash at banks and in hand and short term deposlts with a maturity date of three months or less. Galns and losses on Investments All gains and losses are laken to the SOFA 35 they arise. Reallsed galns and losses on Investments are calculated as the dlfference between sale5 proceeds and their opening carryinB value or purchase value if acquired durin8 the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SOFA. Charltable loans Charitable loans are classified by FRS 102 as concessionary loans. These loans are long term loan5 to person5 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 statement5 il 15 nece55ary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The judgement which has the most significant effect on the amounts recognised in the financial statements relates to the valvation of property and appreciating a55ets. A fomial revaluation of appreciating a55et5 was undertaken during the 2020-21 financial year. The property is included at valuation. This is considered to be a critical accounting estimate in view of the amount5 involved and the judgements applied in their valuation. The independent valuation conducted in July 2020 was subjert to material uncertainty due to the impart of the Coronaviru5 pandemic. The Trustees have reviewed the position this year and have updated the valuation, taking into account a recent insurance valuation and sustained market recovery. Page | 16

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) Donations and le8a¢ies 2022 2021 Donations Membership subscription5 Gift Aid tax recovered Legacies 184,333 31,568 9,387 299.262 524,550 191,826 24,007 8,293 360,686 584,812 *Donations during the year included a piano worth £2,(KJO an(1 a cello worth £120,0(J). Both are included at their insurance valuation. 'In addition to legacies received in the year, the charity has been notified of three bequests whose values are not yet certain but are estimated to be in the region of £50,(#)O- £IOO,CQO altogether. These have not been included in the financial statements as they cannot be measured reliably. Other tradln8 artlvllles 2022 2021 Handel Room hire Sundry sales 450 150 450 6C(I 450 Investment Sncome 2022 2021 Dlvidends quoted Investments Property income Bank and deposit interest 803,364 107,929 333 696,545 113, 758 80 911,626 810,383 Costs of ralslng funds 2022 2021 Investment management charges Fundraising expenses Advertising and events Property costs Support cost5 (see note 81 128,308 343 4,083 50,798 43,720 227,252 128,488 501 6,185 29, 742 36,659 201,575 Charltable ￿￿vItIeS 2022 2021 Grant5 (see note 71 Help Musicians UK Coronavirtjs Financial Hardship Fund Casework costs (including salaries) Membership and communications Support COSt51see note 81 777,252 594,078 6(Kl,000 125,651 14,519 193, 731 1,527,979 121,786 9,666 238,900 1,147,604 Page | 17

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) Grants 2022 2021 Grant5 to members and their families Grant5 to non-members 76,348 7(X),904 777,252 46,165 547,913 594,078 All grants are made to individuals. Charitable activities Ralsln8 funds Total 2022 Toto12021 Support Costs Staff costs lsee note 101 Depreciation & impairments Premises costs Ofpice costs Archive and collection Other costs Governance (see note 91 Total 71.351 23.806 23,9 32,068 11,742 8,487 67,546 238,9CN) 23.282 3,290 94,633 27,096 23,9C(I 37,811 11,742 10,560 76,878 282,620 94,238 20, 734 14,053 29, 767 11,684 2,676 57,238 230,350 5,743 2,073 9,332 43,720 Totol In 2021 193, 731 36,659 230.390 Governance 2022 2021 Meeting and travel expenses Governors, training and development Avdit fees Legal and professional fees Apportioned running costs Staff costs Isee note 101 2,583 5,460 17,479 4,569 15,345 31,442 76.878 57 14,880 3,149 11,629 27,523 57.238 io. stsff costs 2022 2021 Gross pav Employer pension contributions Employer National Insurance contributions 2(Kl,551 4,975 17,695 223,221 171,049 4,088 13, 755 188,892 Staff costs are included as follows on the basis of estimated time spent on each area.. Charitable activities Raising ftjnds Governance 168,497 23,282 31.442 223,221 138,667 22, 702 27.523 188,892 Page | 18

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) 10. Stsff costs Ic¢ntinuedl The average number of permanent full time staff in the year wa5 512021=41. The Society considers that tts key mana8ement personnel Comprise the Chairman, Treasurer and the Chief Executive of the Society. The total employment benefrts (including pensions and employer National Insurance contribulionsl of the key management personnel were £65,02712021'. £63,537). No employees had benefits falling over £60,000 lexclvding pensions and employer National Insurance contributionsl12021: none). 11. Trustees and related partles One Trustee12021.' nonel wa5 reimbursed for the costs of travel and subsistence when engaged on the Soclety's business. The amount reimbursed totalled £1.16812021.. £01. These are based on actual costs incurred in travelling by public transport or an agreed mileage rate. No Trustee received any remuneration for services to the Society. FRS102 requires The Society to disclose donations and other income from Trustees. All Trustees are members of the Society and pay an annual subscription of between £5 and £25. Many Trustees supplemenl their subscriptions by a small donation. Donations from Trustees amount to an aggregate of £22012021.. £31,345). 12. Intanglble flxed assets Software Cost At the beginnin8 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 44,456 14,892 59,348 Net book value At the end of the year 89,573 At the beginning of the year 104,465 Page | 19

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) 13. Tangible fixed a55ets Assets of an appreciating Furnfture and nature equipment Freehold land and buildings Total Cost or valuatlon At the beginning of the year Additions Disposals Revaluation gains Ilossesl At the end of the year 2.(￿.[ 714.391 2,000 13,1321 91,302 1,565 2.805.693 3,565 13,1321 loo,000 2,906,126 I￿.￿)0 2,1(K),O(K) 713,259 92,867 Depreclatlon and Impalrments At the beginning of the year Impairments Depreciation At the end of the year 18.680 3,700 41,060 59,740 3,700 9,814 73,254 9,814 50,874 22,380 Net book value At the end of the year 2.Ily).OIy) 690.879 41,993 2.832.872 At the beginning of the year 2,(￿,( 695,711 50,242 2,745,953 Appreclatlng assets These are valued in accordance with note l. A professional valuation of furniture and effects was carried out by Sotheby's 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 was undertaken in 2018-19 and an adjustment was made to the values of these items to reflect potential market prices. This was reviewed in july 2022 and some alterations were made. The original cost of these items was estimated to be £22.000. Unrealised revaluation gains were £673,71112021: £673,711). Freehold land and buildin8S Oper*ional propertv Land Total Investment property Bulldlng$ Valuation brought forward Valuation gains Ilossesl Valuation at 31" July 2022 1,340,0th) 67.0(X) 1,407,O¢Y) 660,(KJO 3a.0 693,000 2,¢J)O,O¢J) IIK),(MX) 2,100,000 3,000,000 150,000 3,150,000 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 firm of regulated Chartered Surveyors. The valuation was prepared in accordance with the requirements of the RICS Valuation Global Red 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 was reported under the special assumptions to exclude any value of development opportunities 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 2022 internally. The historic cost of the property is £7.5(M),1341£2,557,488 operational property, £4,942,646 investment property). Page | 20

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) 13. Tangible fixed a55ets {continued) T(vngible u5sets- priorye¢vr Freeho141 lund Appreciating ond buildings Assets Furniture and equipment Totol Cost or valurrtion At the beginning of the year Additions Revoluotloft golns At the end of the yet7r 2,CW,LIXI 6AI,024 90,062 1,240 2,780,086 1,240 24,367 2,805,693 24,367 714,391 2,000,000 91,302 Depreciotion ond impoirments At the beginning olthe yeor Impuirment revlew Depreciotion At the end of the yeor 18,680 31,559 50,239 9.501 41,060 9,501 59, 740 18,680 Net book volue At the end of the yeor 2.000.000 695.711 50.242 2, 745,953 At the beginning of the year 2,LXKI,LWO 671,344 58,503 2, 729,847 14. Investments Investments comprlse.. Market value 2022 Cost 2022 2021 2021 lal Quoted Investments Ibl Investment property Icl Fine Instrument TrLbSts 29,074,456 3.150.OC#J 2,CQ3,660 34.228.116 28.678,Lkil 3.CW.000 1.788.041 33.466.041 20,818,769 3.650,000 1,416,776 2S,885.545 19,444,380 3.650,000 1.296,776 24,391,156 Page | 21

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) 14. Investmerrts {continued) lal Quoted investments All investments are quoted on a recognised Stock Exchange and were acquired in accordance with the powers available under the Trustee Act 2000. 2022 2021 Market value brought forward 27,892,348 23,431,179 Disposals at opening book value Proceeds £5,941,413, gain £461,958 12021.. proceeds £7.000,616. gain £1.193.1161 15,479,455) (5,807,500J Additions at cost 6,101,745 6,066,581 Net gains on revaluation ai ihe end of the year 1390,3461 4,202,088 Market value at the end of the year 28,124,292 27,892,348 Cash forming part of the investment portfolio. 950,164 785,652 Total quoted Investments at market value 29,074,456 28,678,000 Historical cost of listed investments at the end of the year 20,818,769 19,444,380 Unreallsed 8alns at the end of the year 7,305,523 8,447,968 Including unrealised foreign currency gains Ilossesl of- Including realised foreiBn exchange gains Ilossesl of: 54,234 14971 (28,667) 1345J Allocatlon of quoted Investments between funds Market value 2022 Morket volue 2021 Cost 2022 Cost 2021 Restricted funds.. Gershom Parkington income Fund Henry Wood Furbd Members, Memorial Fund The Stan Newsome Fund Brereton Fund john Birch Fund Endowment funds.. Birch Endowment Fund Gershom-parkington endowment Fund Unrestricted funds.. General Fund 2,616 58,907 206,148 170,237 4,784 143.917 1,774 39,940 139,773 115,425 3,244 97,579 52,028 297.797 52,033 297,823 37,255 213,237 35,280 201,931 28,724,631 29.074.456 27, 741,535 28.678.OLXI 20,568,277 20.818,769 18,809,434 19.444,380 Page | 22

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) The Trustees decided to transfer the restricted funds that had been held as investments to cash, as of I, August 2021. As the remaining balances were relatively low, this has had a negligible impart on the value of the restricted funds and has simplified reporting. At 31" July 2022 the charity had no material individual investments12021'. none). 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 2022 Morket value 2021 Market value at 31" July 2021 Additions Net gains on revaluation at 31" July 2022 Market value at 31" July 2022 1,788,041 120,¢n) 95,619 2,003,660 1, 707,864 80,177 1.788.041 Historical cost at 31. July 2022 1,416,776 1,296,776 Unrealised gains at 31" July 2022 466,884 491,265 Name of Trust 8erridge-Galliano The Godlee-Tecchler The Hancox-sacconi The Dawson-sacconi The Morgan-Rocca The Cruft-Grancino William Forster Cello Instrument RSM Share User Cello 71.50% Ms Cara Berrid8e Cello 70.13% Mr Guy Johnston Violin 77.28% Mr Ben Hancox Violin 80.39% Ms Hannah Dawson Wiolln 76.68% Mr Darra8h Morgan Cello 58.18% Mr Brian O'Kane Cello l(KJ% Mr Ben Tarlton The Sotiety 15 the sole Trilstee for each Trust. All instruments were professh)nally revalued in the year at the time they were reviewed for insurance purposes by J & A Beare Lld. Page | 23

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) 15. Debtors 2022 2021 Charitable loans Prepayments Accrued income Other debtors 1,150 20,377 163, 764 81,003 266,294 25,409 430,908 72,237 528,554 Accrued income includes legacies of £357,76112021.. £105,0(KII. 16. Credltors 2022 2021 Credltors falllng due wlthln one year Grants payable Tax, national insurance and pension contributions Deferred life membership subscriptions income Deferred rental income Accruals Trade creditors Other creditors 183,682 230 46,775 10,041 30.606 24,947 125 296,406 150,090 1,136 43,080 25,389 11,226 50 230,971 2022 2021 * Deferred income includes lrfe subscriptions which are expected to be realised.. In the next financial year After more than one year 3,020 43,755 46,775 2, 720 40,360 43,080 Movement In deferred Income 2022 2021 Rental Income Membershlp subs Income Rentol Income Membershlp subs I￿oMe Deferred income At 1st August 2021 Released during the year Deferred in year At 31st july 2022 43.080 12,6801 6,375 46,775 7.903 17,903) 41,200 (2, 720) 4,600 43,080 10,041 10,041 17. Capltal Commltments There were no capital commitments at the end of the financial year. Page | 24

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 20221Continued) 18. Endowment funds Investment gains Ilossesl Balance 2021 Fund transfers Balance 2022 Current year In¢¢me Expenditure Birch GeTshom-Parkington 52.033 297,823 349.856 12331 11,3321 11.5651 228 52,028 297,797 349,825 1,306 1,534 111 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. 121 The Gershom-parkington endowmeni fund was created by a bequest from the late Mr Fiederic Gershom- Parkington. Income from the fund is to be spent on grants to musicians in bad health. Income generated by the endowed funds is placed in the Henry Wood restrirted fund. as spending restrirtions are identical to those of the endowed funds. to be spent on grants to musicians. All expenditure from the endowed funds relate5 to investment management costs. 19. Restrlcted funds Investment Balns Fund Balance Ilossesl transfers 2022 Balance 2021 Income Expendlture Current year Gershom-parkington Henry Wood Fund Member5, Memorial Fund The Stan Newsome Fund Brereton Fund John Birch Fund Philip and Ursula lones Fund 171 The Manning-Payne bequest 3,114 121 60,244 131 178,666 141 169,133 4,792 143,033 22,0 13,1141 3,114 12,534 21,383 2,415 137.5141 1184,5181 120,7(X)I 12.7701 158,4671 38,378 15,531 150,848 2,022 84,566 161 122,0001 181 262.5(N) 580,982 298,832 262,500 122,0001 553,845 1303,9691 Investment gains Fund Balance Ilossesj trunsAers 2021 Bolance 2020 Income Expenditure Prlor yeur Gershom-Parkington Income Fund Henry Wood Fund Members, Memorial Fund The Ston Newsome Fund Brereton Furtd John Birch Fund HMUK Covid Emergency Fund Philip ortd Ursulojones Fund 151.808 91.884 294.418 144,898 3,841 123.401 7,110 2.674 29.622 9,479 112 3.590 Iw.000 {3,996J (54.914) (211,380) (17,728) f21J (11.623) {100.(wJ (151,808J 3,114 60,244 178,666 169,133 4, 792 143,033 20.600 66.(X16 32,484 860 27.665 25,000 22,000 147,615 1126,808) 580,982 810,250 153.587 (402,663J Page | 25

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 20221Continued) 19. Restricted funds Icontinuedl 111 The Gershom-Parkington Income Fund was created to hold funds generated by the Gershom-Parkington endowment fund. This year the Trustees decided to amalgamate the GP income fund into the Henry Wood Fund. as the restrictions on spending these funds are identic31. 121 The Henry Wood Fund is for grants to musicians in need of assistance. 131 The Members, Memorial Fund provides living expenses grants and small gifts to Members and non- members. 141 The Stan Newsome Fund is used to make small grants. at the officers discretion, to musicians living or working in the Greater London area. 151 The Brereton Fund may be used to pay the annual subscriptions of Members of the Society in need of a551Stance. 161 The john Birch Fund was created from a donation from the John Birch Charitable Trust to provide a fund for the relief of church musicians in need. 171 The Philip and Ursula Jones Fund was set up by the Trustees to support brass musicians, in recognition of the contributions to the Society and to music of Ufsula Jone$ and the13te Philip Jones. The fund has been reclassified as a designated fund. and as such the balance has been transferred from the restricted fund balances here. 181 The Manning-Payne bequest was Cfeated this year by a legacy donated by Jane Manning and Anthonv Payne. The funds may be spent where they are most needed. 20. Unrestrfrted funds Investrnent 8aln5 Ilossesl 8zlante 2021 Fund transfers Balantè 2022 Intome Exptndlture General fund5 Desl8nated funds Philip and Ursula Jones Fund IDI Total unrestricted funds 36.268,998 1,137,229 11.020,0571 469.930 126,5501 36,829,550 715 149.2651 11.069.322) 48,550 22,1X)0 36,829,550 36.268.998 1.137.944 469,930 111 The Philip and Ursula Jones Fund was set up by the Trustees to support bras5 musicians, in recognition of the contributions to the Society and to music of Ursula Jones and the late Philip lones. The fund has been reclassified as a designated fund, and as such the closing restricted balance of £22,OCKJ at the end of the previous financial year was transferred to thi5 fund. An additional £26,550 has been transferred io the fund by the Trustees from the General fund during the year. All expenditure from the fund is on giants to support brass musicians and their families. Page | 26

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 20221Continued) Analysi5 of net assets between 21. funds Unrestrirted funds Restricted fund5 Endowment funds Current year Total funds Intangible fixed assets Tangible fixed assets Investments Current assets Current liabilities Interfund balances Total net assets 89.573 2,832,872 33,878,291 305.394 1276.5801 89,573 2,832,872 34,228,116 879,065 1296,4061 349,825 573.671 119.8261 36.829,550 553.845 349,825 37,733,220 Unreallsed galns Ilossesl included above on investments at 31" Juty 2022. Revaluation 83ins Ilossesl on tangible fixed assets 11.480,084 59,482 11,539,566 11.076,4231 11,076,423) Unrealised gains Ilossesl included in unrestricted investments includes the brought forward balance of the restricted unrealised gains Ilossesl on investments. as the restricted fund balances were transferred to cash and the invested assets that were previously restricted were transferred to unrestricted funds. Unrestrkted Aunds Restrlrted fvnds End¢xvment lunds Prlor yeor Totalfvnds Intt7ngibleAlxed ossets Tongiblefixed 055ets Investments Current 055ets Current liobilities Interfund bolonce5 Totol net assets Unreolised goins (losses) included t7bove on investments ot 31stJuly 2021 Revoluotion goins (losses) on tongiblefixed ossets 104,465 2. 745.954 32.529,576 1,087,356 f198.353} 104,465 2, 745,954 33,466,041 1,114,347 1230,971) 586,609 26,991 132,618) 349.856 36.268.998 580.982 349,856 37,199,836 11,182,497 383,980 63,583 11,630,060 {1.176.423J fl.176,423) Page | 27

The Royal Society of Musicians of Great Britain Notes to the Accounts For the year ended 31st July 2022 (Continued) 22. Reconciliation of net m(Nements in fvnds to net cash flow from operating activities 2022 2021 Net income for the reporting period las per the statement of financial activitiesl 533,384 5,137,171 Adjustments for: Depreciation chaT8es Amortization charges Loss of disposal of fixed assets Impairment losses Donated items (Gains) or losses on investments Dividends, interest and Tents from investments Ilnerea5el or detrease in debtors Increase or Idecreasel In credltors 9,814 14,892 3.132 3,700 1122,0001 1471.4641 1911,6261 1262,2601 65,435 9,501 14,892 (5,471,080) 1810,383) 1111,897J 76,038 Net cash provided by (used inl operating activities 11,136,9931 (1,155, 758) Page | 28

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Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain OplnSon We have audited the financial statements of The Royal Society of Musicians of Great Britain for the year ended 31 july 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the fin3ncial statements, including 3 Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, intluding FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial 5tatemerhts'. give a true and fair view of ihe state of the chèrity's affairs as èt 31 July 2022, and of its incoming resources and application of resource5, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Charities Act 2011. Basis for opinion We tonducted our 3udit in atttsrdante with Intern3tioTral Standards on Auditing IUKI IISASIUKII and applicable Izw. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Eihical 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. Conclusions relating to golng concern 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 ondition5 that, individually or collectwely, may cast 5ignificarht doubt on the charity'5 ability to continue a5 a going concern for a period Df at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our èuditor's report thereon. The trustees are responsible for the other informatitsn. Our opinion on the financial 5t3tement5 does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing scl. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise zppears to be m3terially misstèted. If we identify suth material inconsistencie5 or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is 3 material misstatement of this other information, we are required to report that fact. We have nothirhg to report in thi5 regard. Page 16

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charitie5 Act 2011 reqLJires us to report to you if, in our opinion, the information given in the Tru5tees' Annual Report is inconsistent in any material respecl wtth the financial statements. or the charity has not kept adequ3te accounting records- or the financial Statements are not in agreernent with the accounting records and return5. or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained rnore fully in the trustees, responsibilities statement set out on page I, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine 15 necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for as5essin8 the chariws ability to continue as a going cc*ncern, disclosing, as applicable, matters related to going concern and using the going concern basis of 3tcouniing unless the irustees either intend to liquidate the eh8rity or to tease operations. or have no realistic alternative but to do 50. Audito¢s rèsponsibilities for thè audit of thè financial statements We have been appointed 3s 3uditor under sertion 144 of the Charities Att 2011 and report in accordance with regulations made under section 154 of that Act. Our objectwes 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 a55urance is a high level of 3ssurante, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist5. 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 decision5 of user5 taken on the basis of these financial Statements. Irregularlties, including fraud, are instances of non-compliance wlth laws and regulatlons. We design procedures In line with our responsibilities, Outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities. includinB fraud The objectives of our audit in respect of fraud, are,. to identify and asses5 the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material mi55tatement due to fraud, through designing and implementing appropriate re5pon5e5 to those 355essed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary resprlnsibility for the prevention and detection of fraud rests with both management and those charged wilh governance of the charity. Page 17

Independent Auditor's Report to the Trustees of The Royal Society of Musicians of Great Britain Our approach was as follows.. We obtained an understanding of the legal and regulatory requirement5 applicable to the Charity and considered that the most significant are Ihe 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 discussions with management and those charged with govern3nce. We assessed the risk of material misstatement of the financial statements, including the risk of material misst3tement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understandin& we designed specific 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 a5 required. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional sceptiC15m throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responswe 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 resutting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, mi5representation5, or the override of internal control. Obtain an understanding of internal control relev3Trt to the audit in oiderto design audit piocedure5 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 approprialeness 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 accounting and, based on the zudit evidence obtained, whether a material uncertainty exists related to events 01 conditions that m3V 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 disclosures in the financial 5t3tements or, if Such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to tontinue as 8 going contern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statement5 represent the underlyitbg transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identifv during our audit. Page 18

Independent Auditorfs Report to the Trustees of The Royal Society of Musicians of Great Britain Use of our report This report is made solely to the charity's trustees, as a body. in accordance wlth Chapter 3 of Part 8 of the Charitles Act 2011. Our audit work ha5 been undertaken so that we might state to the charity's trustees those m3tter5 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¢ Statutory auditor 6 Floor 9 Appold Street London EC2A 2AP 17 November 2022 Moore Kingston Smith LLP is eligiL71e to act as auditor in terms of Section 1212 of the Companies Act 2006. Page19