## **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: 

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

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

- c) The families and dependants of any of the foregoing. 

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

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

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

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

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

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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: 

- £184,518 from the **Members’ Memorial Fund** (116 gifts of £200 and 68 living expenses awards) 

- £20,700 from the **Stan Newsome Fund** for London-based musicians (67 gifts of £200 and 9 living expenses awards) 

- £36,554 from the **Henry Wood Fund** through the Ex-Gratia grant programme for beneficiaries with long term health needs 

- £58,467 to church musicians through the **John Birch Fund** 

- £49,265 to brass musicians through the **Philip and Ursula Jones Fund** 

- £2,770 to subsidise Members who cannot pay their subscription fees from the **Brereton Fund** , and 

- £424,978 from the Society’s **General Fund** . 

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

**Trustees’ Annual Report 2022** 

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

- £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) 

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

**Trustees’ Annual Report 2022** 

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

**Trustees’ Annual Report 2022** 

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: 

- Keeping people safe – our beneficiaries are often vulnerable people and it is vital that they are safe in all their interactions with the Society, and that our staff and Governors know what to do to ensure this. We have introduced new complaints and safeguarding policies and procedures this year, and all staff and Governors will be given safeguarding training where relevant for their roles. 

- Ensuring our Board has the necessary skills, commitment and diversity to lead effectively – Governors and staff have begun to reflect on what this means for the Society, and how we can improve on equity, diversity and inclusion throughout the organisation, using these ideas as a way of expanding our reach and impact. This is an ongoing project which we are keen to build on in the coming year. 

- The risk of fraud or error – like any organisation, this is a risk that becomes ever more complex as the threat of cyber fraud grows and as we aim to help more people. This year, we set up an audit committee to have oversight of risks and their management, starting with our financial systems. 

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

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

**Trustees’ Annual Report 2022** 

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 

13 



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

**Trustees’ Annual Report 2022** 

## **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: 

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

- CBSO Benevolent Fund, Equity, European String Teachers Association, Help Musicians UK, Incorporated Society of Musicians, Musicians’ Union, PRS Members’ Fund, SSAFA – the Armed Forces charity, Trinity Laban, Warner Chappell Music for referring musicians to us for support. 

- The following, for their services this year; 

   - Our Medical Advisers Dr Anthony Ordman (Consultant in Pain Medicine) Mr Duncan Edworthy (Consultant Dental Surgeon), Dr Michael Lunn (Consultant Neurologist) and Mr Guri Sandhu (Consultant Otolaryngologist Head and Neck Surgeon ) 

   - Archivist: Colin Coleman 

   - IT Consultant: Matt Jenkins 

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

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

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

- Our Staff: 

   - Chief Executive: 

   - Head of Casework: 

   - Caseworker: 

Charlotte Penton-Smith 

Leon Hart Yinka Fasawe 

- Head of Membership & Communications: Mark Brierley from 7 February 2022 

- Finance & Administration Officer: Ruth Lorimer 

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:<br>Donations and legacies<br>Other trading activities<br>Investments<br>Total<br>Expenditure on:<br>Raising funds<br>Charitable activities<br>Total<br>Net Valuation gains/(losses)<br>Net income for the year<br>Transfers between funds<br>Net movement in funds<br>Reconciliation of funds:<br>Total funds brought forward<br>Total funds carried forward|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Endowment**<br>**funds**<br>**2022 Total**<br>**funds**<br>**_2021 Total_**<br>**_funds_**<br>£<br>£<br>£<br>£<br>_£_<br>235,518<br>289,032<br>-<br>524,550<br>_584,812_<br>600<br>-<br>-<br>600<br>_450_<br>901,826<br>9,800<br>-<br>911,626<br>_810,383_|
|---|---|
||1,137,944<br>298,832<br>-<br>1,436,776<br>_1,395,645_|
||225,571<br>116<br>1,565<br>227,252<br>_201,575_<br>843,751<br>303,853<br>-<br>1,147,604<br>_1,527,979_|
||1,069,322<br>303,969<br>1,565<br>1,374,856<br>_1,729,554_|
|||
||469,930<br>-<br>1,534<br>471,464<br>_5,471,080_|
||538,552<br>(5,137)<br>(31)<br>533,384<br>5,137,171<br>22,000<br>(22,000)<br>-<br>-<br>_-_|
||560,552<br>(27,137)<br>(31)<br>533,384<br>_5,137,171_|
||36,268,998<br>580,982<br>349,856<br>37,199,836<br>_32,062,665_<br>36,829,550<br>553,845<br>349,825<br>37,733,220<br>_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**<br>Intangible assets<br>Tangible assets<br>Investments<br>**Total fixed assets**<br>**Current Assets**<br>Debtors<br>Short term deposits<br>Cash in hand and at bank<br>**Total current assets**<br>**Total assets**<br>**Current liabilities**<br>Creditors falling due within one year<br>**Net Current Assets**<br>**Total Assets less Current Liabilities**<br>**Funds**<br>Unrestricted funds<br>Restricted funds<br>Endowment Fund<br>**Total**|**2022**<br>**_2021_**<br>£<br>_£_<br>89,573<br>_104,465_<br>2,832,872<br>_2,745,954_<br>34,228,116<br>_33,466,041_|
|---|---|
||37,150,561<br>_36,316,460_|
||528,554<br>_266,294_<br>338,241<br>_702,578_<br>12,270<br>_145,475_|
||879,065<br>_1,114,347_|
|||
||38,029,626<br>_37,430,807_|
||(296,406)<br>_(230,971)_|
||582,659<br>_883,376_|
|||
||37,733,220<br>_37,199,836_|
||36,829,550<br>_36,268,998_<br>553,845<br>_580,982_<br>349,825<br>_349,856_<br>37,733,220<br>_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**<br>Gershom-Parkington Fund<br>Henry Wood Fund<br>Members' Memorial Fund<br>The Stan Newsome Fund<br>Brereton Fund<br>John Birch Fund<br>Philip and Ursula Jones Fund<br>The Manning-Payne bequest<br>**Endowed funds**<br>Birch Endowment Fund<br>Gershom-Parkington Endowment<br>Fund<br>**Unrestricted funds**<br>Philip and Ursula Jones Fund<br>General Fund<br>**All funds**|**Balance**<br>**2021**<br>**Income**<br>**Expenditure**<br>**Investment**<br>**gains**<br>**(losses)**<br>**Fund**<br>**transfers**<br>**Balance**<br>**2022**<br>£<br>£<br>£<br>£<br>£<br>£<br>3,114<br>-<br>-<br>-<br>(3,114)<br>-<br>60,244<br>12,534<br>(37,514)<br>-<br>3,114<br>38,378<br>178,666<br>21,383<br>(184,518)<br>-<br>-<br>15,531<br>169,133<br>2,415<br>(20,700)<br>-<br>-<br>150,848<br>4,792<br>-<br>(2,770)<br>-<br>-<br>2,022<br>143,033<br>-<br>(58,467)<br>-<br>-<br>84,566<br>22,000<br>-<br>-<br>-<br>(22,000)<br>-<br>-<br>262,500<br>-<br>-<br>-<br>262,500|
|---|---|
||580,982<br>298,832<br>(303,969)<br>-<br>(22,000)<br>553,845|
||52,033<br>-<br>(233)<br>228<br>-<br>52,028<br>297,823<br>-<br>(1,332)<br>1,306<br>-<br>297,797|
||349,856<br>-<br>(1,565)<br>1,534<br>-<br>349,825|
||-<br>715<br>(49,265)<br>-<br>48,550<br>-<br>36,268,998<br>1,137,229<br>(1,020,057)<br>469,930<br>(26,550)<br>36,829,550|
||36,268,998<br>1,137,944<br>(1,069,322)<br>469,930<br>22,000<br>36,829,550|
|||
||37,199,836<br>1,436,776<br>1,374,856<br>471,464<br>-<br>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

lo
M>
10
en
fri

Page | 29

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