Trustees’ Annual Report For the year ended 31 July 2024
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ANNUAL REPORT
Year Ended 31 July 2024
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PATRONAGE ANNOUNCEMENT
o mark the first anniversary of Their Majesties’ Coronation, His Majesty The King accepted the Patronage of The Royal Society of Musicians in May 2024. We are delighted and honoured that His Majesty has continued his association with RSM, following his visit in 2018 to officially open our building in Fitzroy Square (pictured above).
More recently, Her Late Majesty Queen Elizabeth II granted Patronage in 2013 and Queen Elizabeth The Queen Mother was our Patron from 1937 until her death in 2002. To be given Royal Patronage is a great honour for any charity and for us, it serves as recognition of our dedication to the music profession since our founding by Handel and his contemporaries in 1738.
This announcement continues our long history of support from The Royal Family, dating back to 1790 when George III granted the Society its Royal Charter.
We so admire His Majesty’s understanding and support of the Arts and the significant role our Society has played in the lives of musicians over the past 286 years.
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THE ROYAL SOCIETY OF MUSICIANS
The Trustees of The Royal Society of Musicians of Great Britain (the Society, RSM) present their Annual Report for the Year Ended 31 July 2024.
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;
Grant Giving or Grants Officer. The only restriction on eligibility relates to the applicant’s profession.
In the year to 31 July 2024, 84% of musicians supported were non-members, 16% were Members (2023: 83% non-members and 17% Members).
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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
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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 physical or mental ill health.
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 We continue to meet Supplemental Charter of these objectives 1987. Applications from nonby assessing all members must be supported by a Member or Honorary reasonable requests Member of the Society, an for support that approved organisation, or come to us. a report by the Director of
Assistance goes beyond the provision of funds. The Grants 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), 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.
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.
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IN NUMBERS
[beneficiaries offered ] 520 financial support, increase of 8% AVERAGE GRANT SIZE
£1,106 increase of 8%
AGE SPREAD OF BENEFICIARIES 19 to 96, average age of 47 84% of musicians supported were non-members,
16% were Members
GRANT TOTALS BY TYPE
166 living expenses
musculoskeletal 140 (including physiotherapy, osteopathy, hand therapy)
111 mental health (including psychiatry, DBT, psychotherapy)
NEW MEMBERS 116
an increase of 3% aged 24 to 88, average age 50
TOTAL MEMBERS
2,066
aged 24 to 102, average age 64
Members and supporters have contributed £138,335 to the Society this year. This includes:
£82,293
in donations
£39,823
in membership subscriptions. A reduction on the previous year which had been inflated by a change in accounting policy.
£1,632 in Gift Aid, and
£14,587 in legacies
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ACHIEVEMENTS AND PERFORMANCE
SUPPORT
This year, RSM awarded 763 grants to 520 musicians, an increase of 8% on the previous year (2023: 482 musicians). With RSM’s work in higher demand than ever before, it is vital we distribute our funds in the most effective and efficient way. Any applications requiring detailed discussion, or not meeting RSM’s delegated decision-making criteria, continue to be presented to Governors at their monthly meetings, and following a trial at the start of the year, all cases discussed by Governors are now done so on an anonymised basis. This not only ensures RSM distributes funds in the most appropriate and considered manner, but also gives additional reassurance of confidentiality to all applicants, especially those who may be known to Governors.
Policy updates initially introduced in 2022 have enabled 73% of grants this year to be made available under RSM’s delegated grants policy. This policy allows the CEO and Grants Team to process applications for assistance and award grants as soon as they become aware of a musician in distress. This not only makes the best use of Governor and staff time at meetings, but also enables our beneficiaries to receive assistance far quicker than ever before. This includes immediate non-means tested £200 grants, the majority of which are offered as a token of concern from fellow Members who have contacted the Grants Team about a colleague in need. This year, 216 such grants were
made available to musicians (2023: 217 grants), 30 of whom went onto submit an application to RSM for further support.
Our work continues to impact music professionals across the UK of many nationalities and specialisms, at all stages of their careers and into retirement.
Our work continues to impact music professionals across the UK of many nationalities and specialisms, at all stages of their careers and into retirement. We have supported musicians in all four home nations, England (382), Scotland (29), Wales (15) and Northern Ireland (5), as well as British musicians living
overseas. We continue to support musicians of many nationalities including American, Australian, British Chinese, Cypriot, French, Hungarian, Irish, Italian, Lithuanian, Nigerian, Polish, Portuguese, Romanian, Russian, South African and Spanish. We have helped those working on a freelance basis and in full-time employment, including academics, administrators, arrangers, artist managers, composers and song writers, conductors, directors, DJs and sound engineers, educators, performers and producers.
We remain in regular contact with our Clinical Partner, BAPAM (the British Association of Performing Arts Medicine), to ensure our work supports the music sector in the best possible way and we are grateful to Claire Cordeaux, CEO at BAPAM, for keeping our Governors and staff updated about key trends which may impact our grant giving. This year, BAPAM data highlights that within the creative industries, psychosocial presentations, which had equalled musculoskeletal figures as a result of the COVID-19 pandemic, are now reducing, with more musculoskeletal presentations coming through, thus mirroring pre-pandemic patterns. This is also evident at RSM where the highest percentage of our health grants this year (40% or 140 grants) were given to support physical therapies including physiotherapy, osteopathy and Alexander Technique. Slightly fewer health grants (32% or 111 grants) supported emotional therapies including psychotherapy, psychology and counselling. This reflects the trends seen at RSM before the pandemic and contrasts with last year, where more support was given for emotional health needs - most likely as a result of the continued fallout of the pandemic. These figures could indicate postpandemic patterns are returning to normal within RSM and across the sector, although BAPAM and RSM hope that the pandemic has made musicians more mindful about the importance of protecting against any musculoskeletal issues. Although mental health presentations are reducing, this is not the case in the NHS, which remains overwhelmed particularly with younger people. 48% of all those RSM has supported with emotional therapies this year were aged between 25 and 34 and 86% were aged under 45.
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We are also seeing increased numbers of vocal health issues, support for which has been given across all areas of our grants programme including therapies, consultations, tests and surgeries.
RSM holds age data for 406 beneficiaries who received support this year. Ages range from 19 to 96 (mirroring that of last year) and we continue to support increased numbers of younger musicians, with the largest percentage supported this year aged between 25 and 34 (104 musicians or 26%). This continues a shift during the pandemic where
increased numbers of younger musicians approached RSM for support. The highest percentage of musicians receiving assistance each year since 2020, have been aged between 25 and 34.
Continuing lengthy NHS waiting times, especially for those living with complex and multiple conditions, have impacted the support RSM has given this year. This includes funding for consultations, associated tests and treatments including anaesthesiology, CT and MRI scans and endoscopy, and subsequent surgeries (68 grants, 19%). Our support of physical and emotional therapies has also been impacted.
We are also seeing increased numbers of vocal health issues, support for which has been given across all areas of our grants programme including therapies, consultations, tests and surgeries. We awarded grants to 147 vocalists this year (28% of all beneficiaries), an increase on the previous year where 10% of beneficiaries were vocalists (76 of 782 musicians supported). Data suggests that with COVID-19 being a respiratory disease, it will inevitably have had an impact on the professional voice-user population and we will keep updated on any research undertaken in this area as it is published.
Our grant giving continues to include grants for supplementary needs, most notably living expenses. RSM takes care to ensure that the focus for all musicians we help, remains on recovery rather than bill payments which can often be a real worry for anyone unable to work. This is something we remain particularly mindful of with the continued high cost of living and this year 22% all grants awarded (166 grants) were in this category (2023: 154).
All RSM grants are awarded based on information provided by each applicant and in line with RSM’s funding guidelines. We use the Joseph Rowntree Foundation’s Minimum Income Standard as a
benchmark for living expenses grants or cost of living guidance, which takes into account State Benefits, cost of living increases, and the size and ages of the family being supported. All other grants are awarded with household income, expenditure and savings in mind. Our funding criteria is reviewed annually following recommendations from our Director of Grant Giving, ensuring all grants awarded are done so in the most appropriate manner. This year, in response to the continued cost of living crisis, we have applied further grant increases to brown and white goods, and furniture grants, namely wardrobes, chests of drawers, radios and boilers. Funding for new carpets has also been introduced which can have a real impact on beneficiaries’ lives including improved air quality in the home, warmth and comfort, fewer slips and falls and noise reduction.
HEALTH & WELLBEING AND PARTNERSHIPS
Our Health & Wellbeing and partnership initiatives are thriving. Now in its fourth year, our Social Network continues to welcome musicians from across the UK who join us online to catch up with friends and make new acquaintances. With over 200 signups over the course of this year, we give renewed thanks to Court of Assistants members Fiona Grant and Chris Bain for their continued dedication to the Network, which has seen participants benefit from our support and join us as Members.
Our Healthy Practice Webinar Series saw over 300 sign ups during the reporting period. Run in partnership with BAPAM, sessions were developed with RSM’s 2023 grants data in mind, as well as current trends across the sector. We continued our focus on individual instrument types as introduced last year, and with BAPAM reporting their highest number of musculoskeletal presentations coming from pianists followed by strings players, we began the year with Healthy Keyboard Players, presented by pianist Penelope Roskell and musculoskeletal specialist Dr Hara Trouli. With string players receiving the highest number of RSM grants in 2023, this year’s spotlight was
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on strings, with three webinars offered for upper, lower and with Things cross body strings players. Presented by physiotherapists Talk About Dr Sarah Upjohn, Lucie Rayner and Drusilla Redman, and Alexander Technique specialist year with the Judith Kleinman, the sessions were attended by players from a range of ages and specialisms including banjo, cello, classical guitar, double bass, electric and bass guitar, lute, mandolin, viola and violin. Looking at our entire grant output in 2023, the highest number of grants across all applicants were given to support mental health and our Healthy Minds webinar in February presented by Dr Pippa Wheble, saw 80 sign ups, the highest of all of our webinars this year. As usual, each webinar was fully interactive with attendees able to ask questions throughout. Live demonstrations were also offered at some of the sessions. We continue to receive positive feedback from our webinars, which this year has included comments about clear presentation of information, benefits of live demonstrations and “knowing you are not alone”.
Our partnership with Things Musicians Don’t Talk About developed this year with the launch of a new talk series which looks into lesserexplored aspects of the classical music industry.
Our BAPAM-partnered research projects reached their conclusions this year. In March, the Association of British Theatre Technicians (ABTT) and BAPAM published guidance for musicians playing ‘on the edge’, produced as a result of our Playing on the Edge webinar in 2021. This memorable session resulted in RSM partnering with BAPAM, the ABTT, the Stage Management Association and Musicians’ Union to put together guidance for stage managers working in a music environment and we thank all RSM Members who responded to our callout in August to submit stories for inclusion. With ABTT technical standards used by the Health and Safety Executive for entertainment industry guidance, this was an important piece of work for the sector.
The postgraduate student undertaking research following RSM’s Healthy Brass Players webinar in 2022 also completed his work and presented his findings at the international Performing Arts Medicine Association’s Symposium in July.
Our partnership with Things Musicians Don’t Talk About developed this year with the launch of a new talk series which looks into lesser-explored aspects of the classical music industry. Along with a series of guests, these conversations will put a unique spotlight on gender discrimination, neurodivergence, mental health and substance abuse. Taking place at RSM’s building at 26 Fitzroy Square in front of a live audience, the series opened just after the end of the reporting period with bassoonist and broadcaster Linton Stephens discussing ‘Authenticity in the industry – the future of classical music?’, which considered the image of classical music and how this impacts the next generation of musicians and audience members. RSM also continues to be highlighted on Things Musicians Don’t Talk About’s social media channels and information about RSM is included as part of every podcast.
In February, the Director of Grant Giving joined the Healthy Conservatoires Network Steering Group, which was established this year with the aim of producing a Charter to identify and reduce risks in all performing arts. With a varied membership from music, dance and circus genres, the crossover of art forms provides cross-sector knowledge which is beneficial for all discussions, particularly when looking at physical injuries.
Working in partnership with like-minded organisations is key to our work. This year we have increased our referral partnerships by welcoming Equity Charitable Trust, a charity supporting performance professionals and their dependents; London Singers’ Collective, who provide educational resources for classical singers; Music Support, a charity helping those working in music and live events impacted by mental ill-health and/or addiction, and Tonic Rider, an organisation providing music industry-specific mental health support. We also announced our support of CIISA (Creative Industries Independent Standards Authority), an organisation set up this year to uphold and improve standards of behaviour across the creative industries. We look forward to developing these partnerships in the future. Our pre-existing relationships with other like-minded organisations remain strong, with many continuing to refer colleagues in need. More details can be found later in this Report.
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ANNUAL REPORT Year Ended 31 July 2024
RSM AS A MEMBERSHIP ORGANISATION
Membership recruitment has remained consistent this year, with 116 music professionals joining us (2023: 113) taking our membership total at the end of the reporting period to 2,066. RSM is unique within the music sector in that music professionals join us today purely for altruistic reasons - because they truly value our work and want to support us in our mission of supporting musicians in need. The Charities Aid Foundation’s giving research is the largest study of giving behaviour in the UK. Their 2023 Giving Report notes that an individual’s reasons for choosing to support a charity is primarily influenced by their experiences and the people they know. This is evidenced at RSM, with the majority of those applying for membership, doing so either following a recommendation from a current Member, or because they have directly benefited from our work. 68% of those joining this year (79 Members) were recommend by current Members and five musicians who had received support also went on to join us.
To ensure the impact of RSM membership is maximised, it is vital that numbers develop across all areas of the UK music sector. This year we welcomed music professionals working in administration, academia, engineering, instrument making and repairing, performance and sales. Members joined us from varying musical genres including alternative, blues, church and choral music, electronic, folk, jazz, musical theatre, tv and radio, videogaming, pop, punk, RnB and rock. The majority of musicians worked within the classical/ opera genres including early music (66% or 76 Members); however, with Members joining from other genres, our networks are spreading, which we continue to develop. 89% (103) of Members joining this year live in England, the largest percentage of which are in Greater London (44% or 45 musicians). 5% (6 Members) joined us from Wales, 4% (5 Members) from Scotland and 1% each from Northern Ireland and Germany (2 Members). This pattern is broadly reflected within our wider membership with 86% (1,767) of Members living
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in England, 6% (133 Members) in Scotland, 3% (69 Members) in Wales and 1% (26 Members) in Northern Ireland. 2% of our Members live outside the UK in the Crown Dependencies of the Isle of Man and Jersey (4 Members), as well as Australia, Austria, Belgium, Bulgaria, Canada, China, France, Germany, Hong Kong SAR, Ireland, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Thailand and USA (41 Members). We do not hold address data for the remaining 1% of our membership (26 Members).
We recruit musicians of all ages, ranging this year from 24 to 88 years old (2023: 24 to 83). Of the 2,040 Members for whom we hold relevant data, ages range from 24 to 102, with an average of 64 (2023: 65). Income from membership subscriptions is classed as donation income and with national data highlighting that those aged over 65 are consistently found to be most likely to give to charity, it is perhaps unsurprising that the majority of Members are aged 65 or over (55% or 1,123 Members) with the largest percentage aged 65 to 74 (28% or 578 Members). Only 1% are aged under 30 (25 Members); however, in our experience and following conversations with individuals working within the sector, we know that musicians are less likely to apply for RSM membership at the beginning of their careers. The percentage of young musicians applying for membership also fell sharply during the pandemic and as noted in last year’s Annual Report, with Government data suggesting that the younger UK population was most negatively impacted by the pandemic, this is perhaps not unexpected. Numbers have picked up again since 2021, with 9 musicians aged under 30 joining this year – an 80% increase on the previous year (2023: 5 musicians). We hope to increase the number of younger RSM Members in the future.
Our Members continue to play a key role in our grant giving process by raising awareness of our work across their networks and informing us of colleagues in need. We regularly encourage and remind the
membership of their duty and remain grateful to all those who notify us of anyone who needs our help. During the reporting period, 190 musicians were sent immediate nonmeans tested £200 gifts (88% of the total 216 gifts sent), following contact from Members.
Our Members continue to play a key role in our grant giving process by raising awareness of our work across their networks and informing us of colleagues in need.
Increased demand being placed on our grant giving services coupled with inflated costs brought about by high inflation, means we are working to increase income generation across all income streams to ensure we can continue to meet the needs of the sector. After detailed discussion and a vote at their 2023 Strategy Days, Governors agreed to put a proposal to Members of increasing the annual membership subscription from £25 to £45 for Members aged 30 and over from 1 January 2024. The £25 rate would remain for those aged under 30, with Life Membership also staying at the current levels. Full details were sent to all Members, who were also encouraged to ask Governors and staff any questions about the proposal before they cast their vote. The subsequent ballot saw Members voting in favour, with full details reported at the 2023 AGM. Membership subscriptions were last reviewed in 2006 when Members voted to increase the longstanding £5 rate to £25. The new rate of £45 equates to just £3.75 per month and sees a lesser increase than there would have been, had subscription rates increased in line with annual inflation since 2006. With membership recruitment remaining
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HELP TO GROW MEMBERSHIP AND HELP TO GROW OUR GIVING
Our Members are our eyes and ears in the profession, informing us of colleagues in need. So, by recommending your friends for membership, you are helping to grow our network and helping us to reach more people who need support. If you know a friend or colleague interested in joining our community of like-minded music professionals, send them to www.rsmgb.org/join to apply.
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consistent with the previous year and membership retention standing at 98% (2023: 95%), the increased subscription rate has not deterred musicians from applying for membership or remaining as Members. In fact, several Members chose to increase their annual payment to £45 regardless of the ballot result, with others purchasing Life Membership. Subscription rates will now be reviewed and discussed with the membership on a more regular basis and any Member struggling to pay the new rate is encouraged to get in touch.
It remains the duty of all Members to encourage colleagues to apply for membership and January saw the Treasurer and Head of Membership & Communications challenge RSM’s Governors to each recruit one colleague every month for the remainder of the calendar year. Our 2024 Membership Challenge was subsequently launched in March, with each Member tasked with recruiting at least one Member before the end of the year. Thank you to everyone who got involved, especially Marianne Olyver who had recommended eight colleagues by the end of the reporting period, and George Vass and Kim Murphy who had each recommended six. However, with just 80 Members (4% of our membership) choosing to accept this challenge by the end of the reporting period, we will continue to encourage all Members to get involved for the remainder of 2024, which we hope will further develop our membership numbers.
37 musicians applied for membership independently of a Member recommendation (2023: 40), having instead heard about our work via other means including our Social Network and other RSM events, our website and social media channels or direct contact with the staff team. With the development
of our application processes only introduced last year, it is too early to suggest how it will impact membership numbers in the longterm; however, we are encouraged that approximately a third of Members applied this way both during the reporting period (32%) and in the preceding year (2023: 35%). All applications continue to be scrutinised to ensure they meet RSM’s criteria, with Governors and Court members continuing to offer their support to those reaching the ballot stage. All Members continue to be
All applications continue to be
scrutinised to ensure they meet RSM’s criteria, with
Governors and Court members continuing to offer their support to those reaching the ballot stage.
invited to join meetings and events soon after their election to enable them to be welcomed by the wider membership. This ensures our Members develop a real sense of belonging at RSM, further highlighting the strong sense of community that exists within our charity. With Governors and Court members also continuing to vote in the monthly ballots, they remain informed about who is joining RSM, enabling them to develop an understanding of growth month on month.
COURT OF ASSISTANTS
As well as electing Members and Governors, RSM’s Court of Assistants acts as a support network and sounding board for Governors and staff. The Court aims to be a diverse and inclusive group of Members, representing all areas of the profession, both active and retired. Any Member may stand for election to the Court and this year we welcomed five new members based in Edinburgh, Cardiff, London and Devon, taking total Court membership to 36.
Our Head of Membership & Communications maintains regular contact with the Court, who are also invited to meetings with Governors and staff. With Court members based across the UK, these take place on a hybrid basis to maximise attendance. In May, the Chair and Head of Membership & Communications met 16 Court members to review the Court’s Terms of Reference and how the group can get more involved with RSM’s work. RSM’s new website was also discussed as were ideas of how RSM can make better use of the Archive to promote its work. Court members also joined Governors at their 2024 Strategy Days in July to enable Governors to present RSM’s Strategic Plan.
EVENTS AND ENGAGEMENT
Our events programme has developed this year, with increased Member get-togethers and the introduction of events open to non-members, including those working in the wider UK music sector. In September, we welcomed Members and non-members to a drinks reception at RSM’s building at 26 Fitzroy Square which also included a presentation from our Archivist about items from our
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Archive which was greatly enjoyed by everyone. PAMA (Performing Arts Medicine Association) delegates also enjoyed learning about our history and our work today, when they visited 26 Fitzroy Square in July as part of their Annual Symposium, which was held in the UK for the first time this year.
In October we travelled to Cardiff, to the Royal Welsh College of Music and Drama (RWCMD) for our inaugural RSM on the Road event. We thank RWCMD’s Deputy Director of Music and RSM Court of Assistants member Kevin Price for hosting the evening and giving us such a warm welcome and the Bute Wind Quintet for opening the evening. Governors and staff met Members and representatives from organisations including RWCMD, Welsh National Opera and BBC National Orchestra of Wales, with all non-members encouraged to sign up for membership and to spread awareness of RSM’s work to their networks. Since the end of the reporting period, we have also travelled to Belfast and we thank Court of Assistants member Ashley Mason for helping us to arrange this visit. More RSM on the Road visits are also planned, including to Scotland, again with the help of one of our Court of Assistants members.
Our in-person Members’ Meetings, reintroduced on a quarterly basis following the pandemic, moved to a bi-monthly format from February, enabling Members to come together in London six times a year (including the AGM), to meet up with friends and colleagues and hear from Governors and staff what RSM has been up to. These Catch Ups also enable Members to welcome newly-elected colleagues and pay tribute to those who have passed away. Music has also been introduced to these gatherings and we thank violinist Gabriela Demeterová, cellist Ben Tarlton and guitarist Didi Gold for volunteering to perform this year.
In April, we welcomed the return of our Jacqueline du Pré Charity Concert at Wigmore Hall after an unavoidable break following the pandemic. Audience members were treated to unforgettable performances from flautist Emmanuel Pahud and RSM Members, harpsichordist Trevor Pinnock CBE and cellist Jonathan Manson (pictured below). This concert series is a key event in RSM’s calendar and we are delighted that Dame Imogen Cooper DBE and Adrian Brendel will be performing at our next concert taking place on 16 March 2025, again at Wigmore Hall. In May, we were
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at the Royal Albert Hall as the beneficiary charity for The Really Big Chorus’ Mozart Celebration, where soloists Ben Goldscheider, Ruari Bowen, Rachel Speirs, Ossian Huskinson and Bethany Horak-Hallett performed alongside The English Festival Orchestra, directed by Brian Kay and an amassed choir of 2,000. We would like to thank Marianne Barton and RSM Member Trevor Ford from The Really Big Chorus for giving us those opportunity to raise awareness of our work to a new audience and all artists for taking part in both events. We also thank all those Members (pictured above) who gave their time to volunteer at both events which raised a combined total of over £30,000 for RSM’s funds.
October marked a year since RSM launched its new branding. Our updated look has had a positive impact on all communications, especially social media which has seen significant increases in followers and engagement across all channels. In May we also launched our new website. With a far more user friendly and interactive layout, the site will be developed over time. We now enjoy more than 20,000 impressions across our social media channels
and website every month. Our monthly newsletters to both Members and other interested parties enjoy open rates of more than 70%, well above the industry average. This shows our audience is engaged in our work and is crucial in driving the growth in membership, enquiries for support, attendance at events, and donations and fundraising activities.
Increased communications across various channels, most notably on social media have also developed our exposure to a younger audience. It may be too early to conclude whether these developments have had a direct impact on membership numbers, but we will continue to monitor progress within this age group. To increase visibility across the profession, we have also opened an online merchandise shop, producing sustainable merchandise on demand, displaying RSM’s logo. With RSM operating with an ethical investment policy and green office policy, it was important that this continued with this initiative and as such, we have engaged a circular economy supplier using organic materials, renewable energy, plastic-free packaging and recyclability. With more items being added in due course, this will provide a good opportunity to engage people from all areas of the profession and beyond.
Our RSM people interviews continue to enable readers to learn and understand more about our work. This year, Members David Chivers and James Turnbull both told their stories as part of the RSM People Series, which were published online through our website and social media channels and distributed to our Members and other supporters. We have also increased awareness of legacy giving at RSM this year, which culminated just after the end of the reporting period with an article about legacies which includes details of interviews with Members who have chosen to leave RSM a gift in their will. We have appeared elsewhere in print, including in OperaNow Magazine copies of which were distributed at this year’s Gramophone Awards, in an article discussing the LGBTQIA+ section of the Musicians’ Census and coverage about the John Birch Fund has also featured in Church & Organ Magazine, plus in the programmes of numerous concerts held throughout the UK over the past 12 months.
October marked a year since RSM launched its new branding. Our updated look has had a positive impact on all communications.
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Where better to meet and entertain than a beautiful Georgian townhouse on London's historic Fitzroy Square? Join us in RSM's Handel Room for your next event. Contact us on enquiries@rsmgb.org
ANNUAL JACQUELINE DU PRÉ CONCERT Sunday 16 March 2025 7.30pm, Wigmore Hall Featuring Adrian Brendel, cello Imogen Cooper, piano www.rsmgb.org/events
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“I will always be so glad for the work that RSM does. It makes a huge difference to musicians.”
RSM PEOPLE JAMES TURNBULL
Getting the support you need is about so much more than just the money, it’s about getting it on time and with care. That was oboist James Turnbull’s experience when he needed to turn to RSM for help.
an you tell us more about your music education and career? What made you want to become a musician and then specialise in oboe and cor anglais?
I started the oboe aged seven after hearing the instrument being played on the radio. Like many oboists, it was the sound that I fell in love with. After school I studied music at university before going to music college for a year in London and then spending four years studying and making a living as a musician in Germany. I've spent the past decade or so since returning to the UK by balancing my performing and teaching work in a variety of settings. I love both aspects of my working life and for me it is variety that I enjoy the most. I feel very lucky to have been guided and supported by truly incredible musicians along the way and I do my upmost to pass this on to the generation that follows mine into the profession.
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I care deeply about music education and also furthering the repertoire. As an oboist we've been lucky to have trailblazers like Leon Goossens, Janet Craxton and Nicholas Daniel who have invested their energies so heavily in working with composers to inspire a new body of repertoire. It is this kind of work that I value so much and do my best to continue in whatever way I can. Over the years this has involved setting up my own initiatives the New Oboe Music Project to promote new repertoire.
When did you first hear about RSM and what made you want to become a Member?
I heard of the RSM years ago when a string player I worked with had mentioned their incredible support over the years. In recent years, I've spent more of my time involved in music charities and so I try to engage with them as much as possible because I know how crucial the support they give can be to musicians. In 2021 I joined the British Double Reed Society as Chair and this sharpened my focus even more in how important it was to engage and support the incredible charities that help to break down barriers within the music world or give much needed support to musicians.
I ended up becoming a member of RSM in Autumn 2022 because I felt that it was important to support the work the charity does for those who are very much in need within the profession. I didn't realise I would end up needing RSM's support until February 2024 when I was struggling with a health issue that was stopping me from performing.
When did you first notice the issue and how did it affect your playing?
I knew that it was likely I had a health issue going back to early 2023. The past couple of years have been particularly challenging for musicians coming through a series of COVID related set backs to the industry and loss of crucial funding opportunities putting pressure on our ecosystem of music making opportunities. I kept my head down and set off each day thinking I could just deal with it later when things were calmer again. That continued until February 2024 when I realised the situation had worsened to the point that I couldn't keep playing for more than 10-15 minutes at a time. I knew then I had to get surgery quickly and trying to arrange this while knowing that I was having to turn away performing opportunities was dire. It affected me considerably as I felt foolish for not confronting the issue sooner. I was also facing the situation that paying the bills would soon become an issue if I couldn't continue to play.
What was the process of applying for support like? RSM are truly remarkable in the support they offer but also how they go about this. I had to move quickly to avoid further loss of income and at every step of the way RSM made it as easy and stress free as possible to get support. RSM were able to get me a response so quickly too which meant that the period of not knowing if surgery was feasible was relatively short. I'm so incredibly grateful for the support I received. Making music is now possible in a way that I don't think has been the case for several years. I can also plan for the future knowing that my health is now stronger than ever and the financial implications of this time have not left my family with insurmountable challenges.
How is your recovery progressing? I'm well and truly back now. Within a month of my surgery I was back in the recording studio for five to six hours a day and it has been absolute heaven. I realise now that my playing had been affected for longer than I realised. I'm lucky in that my health issue was relatively quick to fix but the impact this had on me and my family was considerable. I will always be so glad for the work that RSM does. It makes a huge difference to musicians and this can increase the more we speak up about the huge benefits of joining RSM such as their Healthy Practice Webinars.
GET THE HELP YOU NEED
If you or a music professional you know is struggling with their physical or mental health, we can help.
We provide financial assistance for many health needs including physical and emotional therapies, referrals to specialised practitioners and associated treatments, or short-term living expenses. We also help those needing support on a more long-term basis, by funding home adaptations and mobility aids.
Our support extends throughout your working life and into retirement.
Contact us today on 020 7629 6137 or grants@rsmgb.org , or visit www.rsmgb.org for more information.
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THE ROYAL SOCIETY OF MUSICIANS
RSM PEOPLE
MAKE MUSIC YOUR LEGACY
It’s never too early to start thinking about your will, and as musicians, there are so many more options of what you can leave. Two Members have chosen to remember RSM, gifting royalties in the case of Clare Tyack (below) and historic instruments in the case of Emily White (right) as an ongoing legacy to the Society which can benefit musicians in need for generations to come.
RSM prides itself on being a Society run by musicians for musicians. What made you decide you wanted to become a Member?
Clare: Throughout my professional career, I hardly had time to draw breath. I spent years juggling a full working diary, and satisfying the needs of a growing family. It was only when I retired that I could look forward to a slower pace of life, and I planned to have fewer commitments. Then I found time to take an active interest in the workings of RSM. I discovered a tremendously dedicated staff, and former colleagues who, as the Society’s Governors, devoted so much of their time to the Board of Trustees. I feel it is a testament to the closeness that musicians feel to colleagues in the profession that inspires many RSM Members to become involved in the Society’s work.
Emily: I first heard of RSM when a cheque arrived on my doormat for £200 as a token of concern when my husband was really ill. I'd had to leave a show, even left my instrument in the theatre, to rush home and then start hospital visits etc. I hadn't even had time to come up for air and someone had thought 'How is she paying for the parking at the hospital?', let alone the dog walking, the rent, the shopping. The bills soon pile up if you are out of the loop and having to hand your work to someone else. That initial speed and sense of caring made a huge impact; I didn't feel alone.
When you have children, I'm sure you think that they will be able to do something with your instruments, but when you have no one who will directly benefit, especially when its something quite specialised like historic instruments you have to think about it quite early. No one in my family is going to necessarily know how much these instruments are worth or why they are important. They are so different to a modern trombone.
When did you first start thinking about what you would like to pass on after your death?
Emily: It was a colleague of mine in her 40s, who I considered too young to be thinking about wills, but she said it was because, like me, she doesn't have children.
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ANNUAL REPORT Year Ended 31 July 2024
“So many of my friends have had life changing support from RSM, including me, so I would like to make it a circle that comes back on itself.”
There are many musical organisations you could have chosen to leave a gift to, why did you choose RSM in particular?
Emily: Because it's for everybody. If there's a keen musician who would like to get work as a sackbut player, I'd like them to have access to these instruments, no matter where they studied. It would also flag up what the Society is to this young player and why it's important. And if, when the time comes, there is money to be made by hiring them out or selling the instruments, I'd want the Society to benefit. So many of my friends have had life changing support from RSM, including me, so I would like to make it a circle that comes back on itself.
Clare: The trigger to signing my royalties over to RSM in my will was a specific one. A long-standing colleague was struck down with cancer. Towards the end of her life, I visited her regularly and we talked together about the Society’s good work. She joined RSM, donated her viola bow to RSM, and expressed the wish to bequeath her royalty payments as well. Sadly, she was too ill by then to arrange the necessary adjustment to her will and these payments were lost.
In her memory, my husband and I subsequently made the very easy adjustment to our wills which will ensure that the RSM receives our royalties for many years after our deaths. It is comforting to think that our hard-earned royalty income will continue to work for the benefit of future colleagues in need.
What would you say to anyone else thinking about leaving a legacy?
Clare: Act on your thoughts. This is something that most of us with busy lives tend to put on the back burner and then all too easily forget about. Why not check if your will could do with an update anyway, and then, during that process, remember to include a sentence about your royalties? Remember, that if you fail to get that sentence written into your will, your royalties cannot be assigned to anyone, and those payments will cease.
If you are interested in leaving a legacy to RSM in your will, visit www.rsmgb.org/legacy for advice on how to do so. You can also contact us on 020 7629 6137 or legacy@rsmgb.org
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ANNUAL REPORT Year Ended 31 July 2024
THE ROYAL SOCIETY O ~~F~~ MUSICIANS
FINANCES
– Our Finances
– Risk Factors
– Summarised Statement of Financial Activities
– Summarised Balance Sheet
– Restricted and Endowment Funds
– Plans for the Future
21
23
24
25
26
27
MAKE MUSIC YOUR LEGACY
By bestowing a gift to The Royal Society of Musicians in your will, you are helping musicians across the UK to continue doing what they love, making music. Your support will continue the tradition began in 1738 of helping musicians in their time of need, which has allowed the musical life of our nation to flourish for centuries, and with your help, into the future.
Find out more at www.rsmgb.org/legacy
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ANNUAL REPORT Year Ended 31 July 2024
OUR FINANCES
This year, RSM awarded a total of £806,345 of grants, up more than £170,000 from £635,920 of grants awarded in our financial year 2022-23. This was made up of:
-
£22,400 from the Members’ Memorial Fund (112 gifts of £200)
-
£82,293 in donations
-
£39,823 in membership subscriptions. A reduction on the previous year which had been inflated by a change in accounting policy
-
£1,632 in Gift Aid, and
-
£13,400 from the Stan Newsome Fund for London-based musicians (67 gifts of £200)
-
£22,420 to church musicians through the John Birch Fund
-
£67,742 to brass musicians through the Philip & Ursula Jones Fund
-
£240 to subsidise Members who cannot pay their subscription fees from the Brereton Fund
-
£18,423 from the Michael Skinner Fund - a fund established following a generous donation from the National Association of Percussion Teachers (NAPT). Michael Skinner sadly passed away in 2023 and following agreement from the NAPT, the Fund was created in Michael’s memory to support percussionists and drummers in need
-
£661,720 from the Society’s General Fund
Other expenditure on charitable activities totalled £142,262 (2023: £143,628), and the cost of raising funds was £243,068 (2023: £185,024). The cost of
running the Society this year was £350,866 (2023: £296,931). Charitable activities therefore accounted for 75% (2023: 62%) of total expenditure, raising funds 9%, and support costs were 16%.
The Governors would like to say a huge thank you to everyone who fundraised for and donated to our funds.
Income received from
donations and legacies was lower than the previous year; however we remain grateful for the generosity of our Members and supporters, who contributed £138,335 to the RSM this year. This included:
- £14,587 in legacies
The Governors would like to say a huge thank you to everyone who fundraised for and donated to our funds. In particular, we are grateful to the late Freda Beavan, Brian Brocklehurst, Felicity Gillman, Annemauraide Hamilton, Pamela Munks, Catherine Smith and Keith Swallow who remembered RSM in their wills.
The remaining 90% of our income was from investments, including our building at 26 Fitzroy Square, and our portfolio of stocks and shares. The building remained fully tenanted until January 2024, when the Society took the first and ground floors back into charitable usage once again, bringing in a rental income of £146,638 (2023: £163,054). Premises costs attributable to raising funds this year were £84,150 (2023: £47,416). Essential maintenance work on the building increased our premises costs significantly in 2024. Despite being available for hire for ad hoc events since 2017, external demand for the Handel Room has, once again, been exceptionally low, with minimal income being generated - £360 for the reporting period (2023: £125). After much discussion and careful consideration over a number of months, Governors recognised the importance of RSM retaining a physical home and as such, agreed that the first floor office space would be made available for staff usage and the Handel Room retained by RSM and used as an entertaining space for Members, guests and potential benefactors. The Handel Room would continue to be made available for hire for ad hoc events.
The larger part of our income came, as usual, from our investment portfolio, which raised £1,020,626 in dividends and interest. The portfolio continues to be managed on a discretionary basis and Governors remain fully informed of all updates to the portfolio, meeting representatives from the Society’s Broker, Vermeer Partners on a quarterly basis to discuss
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THE ROYAL SOCIETY OF MUSICIANS
trades and performance. Despite a highly unstable geopolitical situation and the continuing problems closer to home of inflation, interest rates and cost of living, the Society reported gains in the market valuation of the portfolio of equities during the financial year of £2,419,393 (2023: loss (£1,822,539)). At the end of the financial year, the Society held equities valued at £29,620,471 (2023: £27,093,732).
It is RSM’s policy to hold a broad and balanced medium-risk investment portfolio which maximises the income stream whilst at the same time, aims to achieve capital growth. The Broker has been mindful of the year-on-year increased demand for income. With the portfolio generating in excess of £1 million – we give thanks to our Broker, Vermeer Partners, for this achievement during what has been another difficult year for the markets. Our Brokers have also worked with us to set prudent income and growth forecasts to ensure that the portfolio remains healthy for future years.
of ESG scores continues, with no more than 5% of RSM’s portfolio invested in stocks that fall in the lowest 25% of the ESG ranking. In addition, RSM 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. A list of ESG scores for all the RSM’s equity investments are presented to Governors at their quarterly finance meetings.
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. The majority of unrestricted funds not needed for day to day purposed are invested in the portfolio, as are the Gershom-Parkington and John Birch endowment funds. Any income generated by the endowed funds is placed in the Henry Wood Fund.
Following the 2022 review of RSM’s investment policy, Governors continue to monitor investments with increased ethical considerations in mind. Monitoring
The RSM also chooses to invest in musical instruments and shares in musical instrument trusts. The instruments held in the scheme are loaned to
| Restricted Fund Grants Gershom-Parkington Fund Henry Wood Fund Members’ Memorial Fund Stan Newsome Fund John Birch Fund Manning-Payne Bequest Michael Skinner Fund Brereton Fund Unrestricted Fund Grants Philip and Ursula Jones Fund General Fund Total Grants |
|||||
|---|---|---|---|---|---|
| 2024 £ - - 22,400 13,400 22,420 - 18,423 240 76,883 67,742 661,720 729,462 806,345 |
2023 £ - 14,176 22,000 42,042 11,815 142,447 - 675 233,155 39,535 402,765 402,765 635,920 |
2022 £ - 36,554 184,518 20,700 58,467 - - 2,770 303,009 49,265 424,978 474,243 777,252 |
2021 £ 3,996 54,421 209,800 16,950 10,961 - - - 296,128 3,000 294,950 297,950 594,078 |
2020 £ - - 7,400 21,300 6,311 - - 200 35,211 - 540,083 540,083 575,294 |
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ANNUAL REPORT Year Ended 31 July 2024
musicians, who tour with the instruments and spread the word far and wide about the work of the RSM. In the financial year to July 2024, the instruments and shares increased in value by £52,720 (2023: £50,304). RSM purchased additional shares in The GodleeTecchler Trust, which holds a David Tecchler (Rome 1714) cello, to take the RSM shareholding in the Trust to 80%. The instrument is loaned to Sinéad O’Halloran who has performed in venues around the world with the Marmen Quartet and as a solo artist. The total value of all musical instruments and instruments held in trust by the RSM at 31 July 2024 was £2,203,709 (2023: £2,067,374).
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 Unrestricted Funds amounted to £37,557,537, an increase of £2,476,298 on the balance of Unrestricted Funds at the end of the 2022-23 financial year. Of the unrestricted balance, £37,291,357 was represented by investments, fixed assets and intangible assets. Our investments and fixed assets provide a valuable source of income for the Society. The free funds available at 31 July 2024 were, therefore, £166,180 (2023: £120,802). 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, Governors decided that it would be more sensible to hand most of these funds to the investment brokers to generate income for the Society 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
Our Governors (Trustees) continue to regularly review the main risks faced by RSM and ensure that appropriate mitigation is put in place. The key risks identified in 2024 are:
- Trustee body lacks relevant skills or diversity – it is important that RSM’s board is, as much as possible, representative of the membership and wider UK music sector. Governors discussed this matter in detail at their 2024 Strategy Days and will review recruitment processes over the coming year.
– Income generation – with beneficiary numbers continuing to increase, it is vital that RSM generates sufficient income to meet operational need. Governors have continued to explore ways to maximise income generation across all areas of activity and have agreed to recruit an additional staff member in 2025 to aid this work.
– Disaster recovery and planning – with increased cyberattack incidents both nationally and internationally, RSM will seek independent advice over the coming year about its IT systems to ensure we continue to remain as protected as possible in all IT-security matters.
The RSM also chooses to invest in musical instruments and shares in musical instrument trusts. The instruments held in the scheme are loaned to musicians, who tour with the instruments and spread the word far and wide about the work of the RSM.
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THE ROYAL SOCIETY OF MUSICIANS
SUMMARISED STATEMENT OF FINANCIAL ACTIVITIES
For the Year Ended 31 July 2024
| Income from: Donations and legacies Other trading activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) before net gains/(losses) on investments Realised gains/(losses) on investments Unrealised gains/(losses) on investments Net income/(expenditure) for the year Transfers between funds Net movement in funds for the year Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds £ 102,604 48,423 1,326,041 1,477,068 295,583 1,168,683 1,464,266 12,802 439,200 2,033,083 2,485,085 (8,787) 2,476,298 35,081,239 37,557,537 |
Restricted funds £ 35,731 - - 35,731 - 76,643 76,643 (40,912) - - (40,912) 8,787 (32,125) 359,430 327,305 |
Endowment funds £ - - - - 1,633 - 1,633 (1,633) 5,349 23,761 27,477 - 27,477 325,805 353,282 |
2024 Total funds £ 138,335 48,423 1,326,041 1,512,799 297,216 1,245,326 1,542,542 (29,743) 444,549 2,056,844 2,471,650 - 2,471,650 35,766,474 38,238,124 |
2023 Total funds £ 220,761 5,360 1,070,129 1,296,250 234,161 1,031,065 1,265,226 31,024 (388,026) (1,609,744) (1,966,746) - (1,966,746) 37,733,220 35,766,474 |
|---|---|---|---|---|---|
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 will be sent to the Charity Commission and may be obtained from the Society’s registered office.
The accounts were approved by the Governors on 6 November 2024 and are signed on its behalf by:
George Caird IIIII Chair
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ANNUAL REPORT Year Ended 31 July 2024
SUMMARISED BALANCE SHEET
at 31 July 2024
| Fixed Assets Intangible assets Tangible assets Investments Total fxed assets Current Assets Debtors Short term deposits Cash in hand and at bank Total current assets Current liabilities Creditors: amounts falling due in less than one year Net Current Assets Total Assets less Current Liabilities Funds Unrestricted funds Endowment Funds Restricted funds Total |
2024 £ 102,394 2,427,903 35,214,342 |
2023 £ 105,626 1,524,602 33,435,835 35,066,063 343,188 534,734 22,545 900,467 (200,056) 700,411 35,766,474 35,081,239 325,805 359,430 35,766,474 |
|---|---|---|
| 37,744,639 | ||
| 129,422 609,123 33,622 772,167 (278,682) 493,485 38,238,124 37,557,537 353,282 327,305 38,238,124 |
THE ROYAL SOCIETY OF MUSICIANS
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 Henry Wood Fund Members' Memorial Fund The Stan Newsome Fund Brereton Fund John Birch Fund The Manning-Payne bequest The Michael Skinner Fund Endowed funds Birch Endowment Fund Gershom-Parkington Endowment Fund Unrestricted funds General Funds Designated Funds Philip and Ursula Jones Fund Total Unrestricted Funds All funds |
Balance at 1 August 2023 £ 42,074 10,527 112,678 1,347 72,751 120,053 - 359,430 48,456 277,349 325,805 35,081,239 - 35,081,239 35,766,474 |
Income £ 7,982 2,846 1,750 - - - 23,153 35,731 - - - 1,477,068 - 1,477,068 1,512,799 |
Expenditure £ - (22,400) (13,400) - (22,420) - (18,423) (76,643) (243) (1,390) (1,633) (1,396,524) (67,742) (1,464,266) (1,542,542) |
Investment gains (losses) £ - - - - - - - - 4,329 24,781 29,110 2,472,283 - 2,472,283 2,501,393 |
Fund transfers £ - 9,027 - (240) - - - 8,787 - - - (76,529) 67,742 (8,787) - |
Balance at 31 July 2024 £ 50,056 - 101,028 1,107 50,331 120,053 4,730 327,305 52,542 300,740 353,282 37,557,537 - 37,557,537 38,238,124 |
|---|---|---|---|---|---|---|
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ANNUAL REPORT Year Ended 31 July 2024
PLANS FOR THE FUTURE
With ongoing demand for our services, the coming year will see us recruit a sixth member of staff. With a focus on income generation, this additional resource will enable us to develop our plans for the future, most notably, the expansion of our grants programme, to enable us to increase our support to the music sector
BAPAM will continue as our clinical partner next year and we will also be working with their team to further develop our shared health and wellbeing initiatives, namely our Healthy Practice Webinar Series. Following the establishment of RSM’s Michael Skinner Fund in January to support drummers and percussionists, a Healthy Drummers and Percussionists webinar will take place in December, after the reporting period. We are also currently planning a webinar for music educators, focussing on healthy teaching practices to take place in early 2025. New initiatives with our other partner organisations are also under discussion, details of which will be announced over the coming months. This includes our new talk series run in partnership with Things Musicians Don’t Talk About, which looks into lesser-explored aspects of the classical music industry. We hope to announce more partnership initiatives next year, all of which will not only enable us to develop our health and wellbeing offering for the profession, but will also offer insight from our partner organisations which will also help to inform policies related to our future grant giving.
Collaboration with partner organisations enables us to develop awareness of our work to new audiences and over the coming year, we aim to further increase awareness of our work across the wider music sector, particularly within genres where we have less of a presence. To support this, we will continue to build on the recent development of our membership and communications which has included the modernisation of our branding, the launch of our new website, increased presence on social media and expansion of our membership. We will also be looking to develop current financial systems, to modernise the methods we use to accept donations and membership subscriptions.
Jacqueline de Pré Charity Concert will take place on 16 March 2025 at Wigmore Hall, featuring Dame Imogen Cooper DBE and Adrian Brendel.
Following conversations with our Court of Assistants this year, we will also work with our membership to develop the Archive for use as a resource to promote our work.
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 Chair, Vice-Chair and Treasurer each January from their number. In January 2024, George Caird was elected as Chair and Jacoba Gale and Carl Jackson MVO were elected as joint Vice-Chairs. Jonathan Rennert was re-elected as Treasurer. Governors report to the meetings of the Court of Assistants and Members’ Catch Ups. 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.
The Audit Committee, who are 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, comprised Jonathan Rennert, Carl Jackson and George Vass from August to December 2023. In January 2024, Jonathan Rennert, Carl Jackson and George Vass were re-elected to continue to serve on the Audit Committee.
Our live events programme will continue to grow, with further RSM on the Road visits within the UK planned for 2025. As mentioned earlier in this Report, our 2025
Governors delegate much of the Society’s business to the staff, the Chief Executive, Director of Grant Giving, Head of Membership & Communications, Head of
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THE ROYAL SOCIETY OF MUSICIANS
Finance & Operations and Grants Officer who have responsibility for day-to-day operations. This includes liaising with applicants and beneficiaries, managing the membership and finances and providing reports for the monthly Governors’ meeting and quarterly Finance 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 and Declaration of Interests form.
THANK YOU
The Society is grateful to:
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BAPAM for their specialist work with those professionally active in the world of music
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Our Referral Partners Attitude is Everything, Equity Charitable Trust, Help Musicians, Independent Society of Musicians, Music Industry Therapist Collective, Musicians’ Union, PRS Members’ Fund, Tonic Rider and other organisations Guildhall School of Music and Drama, Royal Academy of Music, Royal Welsh College of Music and Drama, Royal Theatrical Fund and Royal Variety Charity for referring musicians to us for support.
-
The following, for their services this year;
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Archivist: Colin Coleman
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IT Consultant: Matt Jenkins
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Auditors: Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP
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Brokers: Vermeer Partners 130 Jermyn Street, London SW1Y 4UR
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Fine Musical Instrument Advisers: J & A Beare Ltd, 30 Queen Anne Street, London W1G 8HX
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 other Governors 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.
- Honorary Member Richard Legge and Member Richard Baker for attending and advising at the quarterly Finance Meetings.
Our Staff:
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Chief Executive: Charlotte Penton-Smith
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Director of Grant Giving: Leon Hart
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Grants Officer: Yinka Fasawe
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Head of Membership & Communications: Mark Brierley
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Finance & Administration Officer: Anthea Fowler (from 28 September 2023)
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:
George Caird IIIII Chair November 2024
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ANNUAL REPORT Year Ended 31 July 2024
NEW MEMBERS
We have welcomed 116 Members who have been elected since the last report, including:
Valerie Aldrich-Smith Ben Andrew Alison Bailey Simon Ball Lydia Bell Jed Berry Sean Bishop Philip Bloom Linda Boyd Elizabeth Bradley Stephen Broom Timothy Brown Rebecca Burns Lyndy Byrt Simon Chalk Rekesh Chauhan BEM Chun Yin Cheung Jacob Collins Claire Constable David Corkhill Alec Dankworth Rachel Davis Nathan James Dearden Morwenna Del Mar Rachel Dent Gráinne Devery Philip Dudderidge OBE Callum Duggan Peter Edge Duncan Evans Nicolas Finlow Gerald Finley CBE Robert Fraser Jonathan Freeman-Attwood CBE Chris Foster Catherine Fox Idit Gold Christopher Goodman
Celia Goodwin Predrag Gosta Caroline Harrison Peter Harrison Graham Harvey William Hay Elin Heron Miles Hewitt Sophie Hinson Tracey Holloway Alexander Horowitz Matthew Huber Paul Hudson John Human Martin Hurrell Kyle Hutchings Stuart Hutton Abi Hyde-Smith Jonathan James BEM Christopher Kent Jane Kimberley Joely Koos Iris Korfker Anita Langridge Adrian Lee James Lisney Jonathan Little Barnaby Lowe Estie McLaurin Marguerite McMullin Adam Meehan-Staines Charlotte Meldrum Eleanor Meynell John Murphy Michael Njuguna Iain Petrie Michael Porter Jessica Quiñones
Howard Reeve Max Revell Elizabeth Roberts Ruth Rochelle Catherine Roe-Williams William Rowland Caroyln Sampson OBE Nick Samuel Colin Sheen Pedro Gomes Silva Ruth Slater Edward Smith Paul Smith Jack Spencer Gillian Spragg Guy Stoker Alan Swain Connie Tanner Alison Teale Helen Thomas Ana Torbica Gareth Treseder Elizabeth Trigg Sarah Wade Sophie Walby Bridget Walsh Daniel Walters Beibei Wang Maja Wegrzynowska Nick Whiting David Willison Stina Wilson Tony Wollard Jonathan Woolston Naomi Yandell Nigel Yandell Wingyan Yu Xizi Zhang
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THE ROYAL SOCIETY OF MUSICIANS
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 Honorary Member since the last Annual Report:
Graham Matthews Jo May Arthur Price Eileen Price Gwenneth Pryor Anthony Randall Godfrey Salmon Stuart Scott Colin Simmons Michael Smith Rodney Stewart Sir Ian Stoutzker CBE Tim Watts Gareth Wood
Gilbert Biberian Sally Brooke-Pike Margaret Cable Anthony Carter Thomas Clarke Timothy Daniell Carl Davis CBE John Davis Peter Gane Christopher Hyde-Smith Fernanda Iozzo Christopher Keyte Chad Koelmeyer Michael Lea John Marshall
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 on Wednesday 4 June 2025 at 5.15pm. A Requiem Eucharist will also take place on Wednesday 6 November 2024 at 5.15pm in memory of all those whose names have been inscribed into the Book of Remembrance. Former colleagues, family and friends are warmly invited to both events 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, Paul Gobey, 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.
30 www.rsmgb.org
ANNUAL REPORT Year Ended 31 July 2024
GOVERNORS AND MEMBERS OF THE COURT OF ASSISTANTS 1 August 2023 – 5 November 2024
The Society’s AGM in 2023 was held on 17 December.
Governors
Nickie Dixon elected at 2023 AGM George Caird Chairman from January 2024 Jacoba Gale re-elected at 2023 AGM Sally Groves MBE Carl Jackson MVO Daniel Meyer elected at 2023 AGM Kim Murphy re-elected at 2023 AGM Clare McCaldin resigned at 2023 AGM Marianne Olyver elected at 2023 AGM Jonathan Rennert Alistair Scahill resigned 7 September 2023 Clare Tyack resigned at AGM 2023 George Vass Lawrence Wallington re-elected at 2023 AGM Jeremy Huw Williams elected at 2023 AGM
Court of Assistants
Chris Bain Paul Boyd elected AGM 2023 Oliver Brockway Vyvyan Brooks Adrian Brown Nickie Dixon re-elected AGM 2023, resigned AGM 2023 David Flood re-elected AGM 2023 Patrick Garvey elected AGM 2023 Fiona Grant MBE David Gordon-Shute Chris Hankin re-elected AGM 2023 Keith Harling Benjamin Hughes Jamie Hutchinson Jacquelyn Hynes re-elected AGM 2023 Miriam Keogh re-elected AGM 2023 David Lee Jane Lister Elizabath Lloyd Davies elected AGM 2023 Phoebe Lydbrook retired AGM 2023 Lennox Mackenzie OBE Ashley Mason Sophie Mather Amos Miller Alison Moncrieff-Kelly re-elected AGM 2023 Viktor Obsust Marianne Olyver David Openshaw MBE Kevin Price Paul Pritchard Victoria Samek Brian Schiele Paul Speirs Richard Thomas Elinor Tolfree George Vass Sarah Watts re-elected AGM 2023 Howard Williams re-elected AGM 2023 Jeremy Huw Williams elected AGM 2023, resigned AGM 2023 Sarah Williams Paul Wing Yvonne Wooldridge re-elected AGM 2023 David Wyatt elected AGM 2023
www.rsmgb.org 31
THE ROYAL SOCIETY OF MUSICIANS OF GREAT BRITAIN
Founded 1738
26 Fitzroy Square, London W1T 6BT 020 7629 6137 enquiries@rsmgb.org www.rsmgb.org
Incorporated by Royal Charters 1790 & 1987 (revised 2019) and registered as Charity No: 208879
32 www.rsmgb.org
| f | or theyear end | ed3lJulV2024 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Totalfunds | Totolfunds | ||
| funds | funds | funds | 2024 | 2023 | ||
| Note | f | f | f | f | f | |
| lncomefrom: | ||||||
| Donations andlegacies | 3 | ro2,6a4 | 35,731 | 138,335 | 220,76L | |
| Othertradingactivities | 4 | 48,423 | 48,423 | 5,360 | ||
| lnvestments | 5 | 1,326,O41 | 1,326,O41 | 7,074,729 | ||
| Totalincome | 7,477,068 | 35,73L | L5L2,799 | 7,296,250 | ||
| Expenditure on: | ||||||
| Raisingfunds | 6 | 295,583 | 1,633 | 297,216 | 234,16L | |
| Charitable activities | 7 | 1,168,683 | 76,643 | 1,245,326 | 1,031,065 | |
| Total expenditure | 1,464,266 | 76,643 | 1,633 | L,542,542 | 7,265,226 | |
| Netincome/(expenditure) beforenet | ||||||
| gains/{losses) oninvestments | 12,9O2 | (4O,912) | (1,633) | (29,743) | 3L424 | |
| Realisedgains/(losses) on investments | L6 | 439,200 | 5,349 | 444,549 | (s88,026) | |
| Unrealisedgains/(losses)oninvestments | 2,033,083 | 23,761" | 2,056,844 | ß,6A9,744) | ||
| Netincome/(expenditure) for theyear | L0 | 2,485,08s | \4O,9]-2l, | 27,477 | 2,47L,65O | |
| Transfers betweenfunds | (8,787], | 8,787 | ||||
| Net movement¡nfundsfortheyear | 2,476,298 | (32,125) | 27,4T1 | 2471,650 | (7,966,746) | |
| Reconciliation offunds | ||||||
| Totalfunds brought forward | 35,081,239 | 359,430 | 325,805 | 35,766,474 | 37,733,224 | |
| Totalfundscarried forwar:d | 37,557,537 | 327,305 | 35?,282 | 38,238,124 | 35,766,474 |
| Unrestricted | Restricted | Ëndowment | Totolfunds | Totalfunds | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2423 | 2422 | ||
| Note | f | Ê | f | f | f | |
| lncomefrom: | ||||||
| Donotions and legacies | 3 | 192,864 | 27,897 | 220,76L | 524,550 | |
| Othertrod¡ngoctivitíes | 4 | 5,360 | 5,360 | 640 | ||
| lnvestments | 5 | 1,059,286 | L0,843 | L,070,L29 | 917,626 | |
| Total income | 7,257,570 | 38,740 | 7,296,250 | 7,436776 | ||
| Expenditure on: | ||||||
| Roisingfunds | 6 | 232,6L6 | L,545 | 2s4,161 | 227,252 | |
| Charitoble activíties | 7 | 797,910 | 233,155 | 1,031",065 | 1,147,604 | |
| Totalexpenditure | 7,030,526 | 233,755 | 7,545 | 1,265,226 | 7,374856 | |
| Netincome/(expenditure)beforenet | ||||||
| gains/(losses)onìnvestments | 226,984 | (L94,4L5) | (L,545) | 31,024 | 61,920 | |
| Netvaluation goins/(losses) | t-b | (7,975,295) | (22,475) | (1,997,770) | 471",464 | |
| Netincome/(expenditure)fortheyear | 10 | (7,748,377){794415) | (24,A2q | G,966,746) | 533,384 | |
| Tronsfers betweenfun ds | ||||||
| Netmovementinfundsfortheyeor | (7,748,317)(194415) | (24O2Ol(7,966,746) | 533,384 | |||
| ReconciIiøtionoffunds | ||||||
| Totalfundsbrougtttforward | 36,829,550 | 553,845 | i49,825 | 37,733,220 | 37,199,836 | |
| TotoIfundscorriedforuørd | 35,08L239 | 359,430 | 325,845 | 35,766,474 | 37,733,220 |
| Note | 2024 | '2023 | |||
|---|---|---|---|---|---|
| E | f | Ê | Ê | ||
| Fixed assets | |||||
| lntangibleassets | 1,4 | 702,394 | 105,626 | ||
| Tangibleassets | 15 | 2,427,903 | 1.,524,602 | ||
| lnvestments | 16 | 35,2L4,342 | 33,435,835 | ||
| Total fixedassets | 37,744,639 | 35,066,063 | |||
| Currentassets | |||||
| Debtors | L7 | 129,422 | 343,188 | ||
| Shorttermdeposits | 609,123 | 534,734 | |||
| Cashatbank andinhand | 33,622 | 22,545 | |||
| Total currentassets | 772,167 | 900,467 | |||
| Liabilities | |||||
| Creditors: amountsfalling | |||||
| dueinlessthanone year | 19 | (278,6821 | poa,o56) | ||
| Net currentassets | 49T48s | 700,477 | |||
| Totalassetslesscurrent liabilities | 38,239,r24 | 35,766,474 | |||
| Netassets | 38,238,t24 | 35,766,474 | |||
| Thefunds of the charity: Unrestr¡ctedincomefunds |
23 | 37,557,537 | 35,081,239 | ||
| lncluding revaluationgainsoff6,065,036(2023: Endowmentfunds 27 |
f2,797,576) | 353,282 | i25,805 | ||
| lncluding revaluationgainsoff0(2023:f0) | |||||
| Restrictedfunds | 22 | 3273A5 | i59,434 | ||
| lncludingrevaluationgainsoff40,430(2O23: ç.12,6371 | |||||
| Totalchar¡tyfunds | 38,238,t24 | 35,766,474 |
| Note | 2024 |
2023 | |
|---|---|---|---|
| Ê | f | ||
| Cashprovided byl(usedin)operating activities | 26 | (1,168,673)(973,258) | |
| Coshflowsfrominvesting activities | |||
| Dividends,interest,and rentsfrominvestments | 1,456,708 | 1,1"03,i24 | |
| Purchaseofintangible fixedassets | (16,8s3) | (i4,i83) | |
| Purchaseoftangiblefixedassets | (r,o24|(L,565) | ||
| Purchaseoffine instrumentshares | (84,62s) | ||
| Proceedsofsaleofinvestments | 6,363,O16 | 7,453,876 | |
| Purchaseofinvestments | (7,3083rt|(7,113,863) | ||
| Purchaseofcurrency | (499,13s) | (ss8,612) | |
| Proceedofcurrencyexchange | 506,415 | 559,86i | |
| Foreigncurrency(losses)/gains | (46,786) | ||
| Cashprovided by/(used in)investingactivities | 416,245 | 1,361,854 | |
| Cashprovided byl(usedin)financing activities | (752,428) | j88,596 | |
| Cashandcashequivalents atthebeginning oftheyear | 1.,689,271 | 1,300,675 | |
| Cashand cashequivalentsattheend ofthe year | 936,843 | 1,689,271 | |
| Cashand cashequivalentscomprise | |||
| Heldasinvestments | |||
| Cashdeposit heldbybroker | 16 | 294,098 | 1,1i1,992 |
| Heldascurrentassets | |||
| Shorttermdeposits | 609,1.23 | 534,7i4 | |
| Cashin hand andatbank | 33,622 | 22,545 | |
| 936,843 | 1_,689,271 |
| 3 | lncomefromdonationsand legacies | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total 2024 | Totol 2023 | ||
| ç_ | Ê | f | f | ||
| Donations | 46,562 | 35,731_ | 82,293 | 82,1"1"7 | |
| Membershipsubscriptions | 39,823 | 39,823 | 75,875 | ||
| Giftaid -taxrecovered | 1,632 | 1",632 | 6,677 | ||
| Legacies | L4,587 | 'J.4,587 | 56,092 | ||
| Total | r02,604 | 35,731 | 138,335 | 220,76L | |
| 4 | lncomefromother trading activities | ||||
| Unrestricted | Restricted | Total2024 | Total 2023 | ||
| Ê | € | f | r | ||
| TheWigmoreHallfundraising concert | 35,604 | 35,604 | |||
| Handel Room hire | 360 | 360 | L25 | ||
| Other income | !2,459 | 12,459 | 5,235 | ||
| 48,423 | 48,423 | s36A | |||
| 5 | lnvestment income | ||||
| Unrestricted | Restricted | Total 2024 | Tatal 2023 | ||
| f. | € | f | I | ||
| Dividends-quotedinvestments | r,767,264 | 1,167,264 | 901,L33 | ||
| Property income | 146,638 | 146,638 | L63,054 | ||
| Bankanddeposit interest | t2,r39 | L2,139 | 5,942 | ||
| L,326,04t | !,326,041 | 7,070,1.29 | |||
| =¡=::: |
| Costofraisingfunds | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2024 | 2023 | |
| t | E | f | f | |
| Investment managementcosts | 135,745 | t35,745 | L28,430 | |
| Fundraisingexpenses | 1,511 | 1,511 | 2,866 | |
| Advertising and events | 21,662 | 2'J,,662 | 6,312 | |
| Propertycosts | 84,150 | 84,150 | 47,4L6 | |
| Supportcosts {seenote8) | 54,1_48 | 54,748 | 49,L37 | |
| 297,21,6 | 297,2L6 | 2i4,1"61 |
| Total 2024 | Total 2023 | |
|---|---|---|
| Ê | f | |
| Grants(seenote below) | 806,345 | 635,920 |
| Casework(includingsalaries) | r2g,t{g | L3L,478 |
| Marketing | 13,115 | 72,150 |
| Support costs(seenote8) | 296,778 | 251.,517 |
| 1,245,326 | 7,031",465 | |
| Grants | ||
| Toral2024 | Totøl2023 | |
| Grantstomembers andtheirfamilies | 82,475 | 68,697 |
| Grantstonon-members | 723,970 | 567,223 |
| 806,345 | 635,920 |
| Charitable | ||||
|---|---|---|---|---|
| Basisof | activities | Raisingfunds | 2024 | |
| apport¡onment | f | Ê | € | |
| staffcosts(seenoteL1) | Staffcosts | ß2,498 | 30,937 | L33,435 |
| Depreciation andimpairments | Staffcosts | 19,746 | 2,785 | 22,531 |
| Premises costs | Staffcosts | 41,6t5 | 4t,6t5 | |
| Officecosts | Staffcosts | 37,053 | 7,71.5 | 44,768 |
| Archive and collection | Staffcosts | 13,239 | !3,239 | |
| Othercosts | Staffcosts | 8,688 | 2,O17 | 10,705 |
| Governance(seenote9) | Staffcosts | 73,979 | 10,694 | 94,573 |
| 296,718 | 54,1.48 | 350,866 | ||
| Comparativeyear | ||||
| CharÌtoble | ||||
| octivities | Roisingfunds | 2023 | ||
| f. | f | f | ||
| Staffcosts(seenote1,1) | 94,444 | 28,366 | 122,810 | |
| Depreciot¡on andimpai rme nts | L8,346 | 2,638 | 20,984 | |
| Premises costs | 25,274 | 25,274 | ||
| Officecosts | 30,6i2 | 8,005 | i8,6i7 | |
| Archive ond collectìon | L2,657 | L2,657 | ||
| Othercosts | 5,L52 | 778 | 5,934 | |
| Governance(seenate 9) | 65,01.2 | 9,350 | 74,362 | |
| 251,577 | 49,737 | 300,654 |
| Total 2024 | Totøl202i | |
|---|---|---|
| f | f | |
| Meetingand travelexpenses | 5,423 | 2,489 |
| Governors'traininganddevelopment | 214 | 95 |
| Audit | 26,293 | 77,355 |
| Compliance | 5,580 | |
| Legalandprofessionalfees | 8;696 | L2,607 |
| Othercosts | 757 | |
| Apportionedrunningcosts | 13,750 | 9,988 |
| Staffcosts(seenote11) | 29,440 | 26,248 |
| 84,573 | 74,362 |
| Thisisstatedafterchargine/(crediting) | ||
|---|---|---|
| Total2024 | Total202i | |
| Depreciation | 5,300 | 5,096 |
| Amortisation | 20,085 | 78,330 |
| Auditor's remuneration-audit fees | 26,293 | 77,355 |
| Auditor's remuneration- payrollbureaufees | t,344 | 1.,440 |
| ffcostsduring theyearwereasfollows: | ||
|---|---|---|
| 2024 | 2023 | |
| f | € | |
| Wagesandsalaries | 239,154 | 225,852 |
| Socialsecuritycosts | 8,t04 | 5,533 |
| Pension costs | 26,843 | 20,477 |
| 274,!0t | 251.,856 | |
| Allocated asfollowsonthebasisoftimespent on eacharea: | ||
| Charitableactivities | 2t3,724 | 197,242 |
| Costofraisingfunds | 30,937 | 28,366 |
| Governancecosts | 29,44A | 26,248 |
| 274,701 | 25L,856 |
| Fixed assets:intangitileassets | |
|---|---|
| Software | |
| Cost | € |
| At1"August2023 | 183,304 |
| Addit¡ons | 16,853 |
| At31.July2024 | 200,157 |
| Depreclation | |
| AtLAugust2023 | 77,678 |
| Chargefortheyear | 20,085 |
| ,At31 July2024 | 97,763 |
| Net book value | |
| At 31July2024 | 102,394 |
| At 31July2023 | 705,626 |
| Fixed assets;tangibleassets | |||||
|---|---|---|---|---|---|
| Freeholdland | Furniture& | Furniture& | |||
| &.buildings | effects ofan | equipment | Total | ||
| appreciating | |||||
| nature | |||||
| Cost | f | I | € | f. | |
| AtLAugust2023 | 795,261,713,259 | 88,392 | L,596,912 | ||
| Additions | 1,424 | r,a24 | |||
| Transfersfrom investment property | 884,577 | 884,577 | |||
| Revaluationgains(losses) | 23,000 | 23,000 | |||
| At31 July2024 | 1",679,938 | 736,259 | 89,4L6 | 2,505,513 | |
| Depreciation | |||||
| AtLAugust2023 | 22,390 | 49,930 | 72,310 | ||
| Chargefortheyear | 5,300 | 5,300 | |||
| At31 July2024 | 2238A | 55,230 | 77,6t0 | ||
| Net book value | |||||
| At31 July 2024 | 1",679,838713,879 | 34,186 | 2,427,903 | ||
| Atilluly 2A2i | 795,26L | 690,879 |
38,462 | 1-,524,602 |
| 15 | Fixed assets:tangibleassetscontinued | ||||
|---|---|---|---|---|---|
| Freeholdproperty | Operational | ||||
| property& | lnvestment | ||||
| Buildings | land | Total | property | ||
| L | € | f | E | ||
| Valuation broughtforward | 532,825 | 262,436 | 795,261, | 4,274,739 | |
| Reclassification on changeofuse | 592,667 | 29t,gto | 884,s77 | (884,577) | |
| Valuationgains(losses) | |||||
| Valuation at31.stJuly 2023 | !,!25,492 | 554,3461,679,8383,390,162 |
|||
| 76 | lnvestments | ||||
| lnvestments atfairvalue comprised | 2024 E |
2023 f |
|||
| i)Quoted investments | 29,620,47L | 27,093,732 | |||
| ii)Investmentproperty | 3,390,162 | 4,274,739 | |||
| iii)Fineinstrument trusts | 2,203,709 | 2,067,i64 | |||
| 35,214,342 | 33,4i5,8i5 | ||||
| i)Quotedinvestments | |||||
| 2024 | 2023 | ||||
| ç" | Ê | ||||
| Marketvalueatthe startof theyear | 25,961,740 | 28,124,292 | |||
| Proceedsofsales | (6,363,076) | (7,453,876) | |||
| Realisedgains (losses) | 444,549 | (388,026) | |||
| Disposalsat opening book value | (5,9r8,5271 | (7,84L9A2) | |||
| Additions atcost | 7,308,316 | 7,1"1"3,963 | |||
| Netgains(losses)onvaluations attheend | oftheyear | !,974,844 | (L,434,51"3) | ||
| Marketvalue attheend oftheyear | 29,326,373 | 25,967,744 | |||
| Cashformingpartofthe investmentportfolio | 294,098 | L,131,992 | |||
| Totalquotedinvestmentsatmarket value | 29,620,471 | 27,093,732 | |||
| lnvestments areallcarriedatfairvalueandarealltraded | inquotedpublic | markets. | |||
| Histor¡cal costoflisted investments at the | end oftheyear | 23,54L,721 | 2!,110,276 | ||
| Unrealisedgainsattheend oftheyear | 5,784,6524,851,,464 |
| Market Value | MorketVolue | Cost | Cost | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| î. | E | f | Ê | |
| Endowment funds | ||||
| Birchendowmentfund | 52,785 | 49,194 | 41,602 | 37,755 |
| 6ershom-Parkingtonendowment | ||||
| fund | 302,1.30275,853 | 238,L23 | 2L6,098 |
|
| Unrestricted funds | ||||
| Generalfund | 29,265,55626,769,685 | 23,065,547 | 20,856,423 | |
| 29,620,47! | 27,093,732 | 23,345,277 | 2L,LL0,276 |
| lnvestmentpropertyisincluded at valuatíon-fulldetailsar Movement¡ntheSociety's sharesinFinelnstrumentTrusts |
e provided innoteL5 | |
|---|---|---|
| Marketvalue | Morketvolue | |
| 2024 | 2023 | |
| â | î | |
| Market value atthebeginning of theyear | 2,067,364 | 2,003,660 |
| Additions | 94,625 | 13,400 |
| Net gainson revaluation at the end of theyear | 51,,720 | 50,304 |
| Market value attheend oftheyear | 2,2A3,7092,067,364 | |
| Historìcalcost attheend oftheyear | 1,514,801 | L,430,L76 |
| Unrealisedgainsattheend of the year | 688,908 | 623,788 |
| Nameof Trust | lnstrument | RSMshare | User |
|---|---|---|---|
| Berridge-Galliano | Cello | 71.500/o | Ms Cara Berridge |
| TheGodlee-Tecchler | Cello | 80.09% | Ms SineadO'Halloran |
| TheHancox-Sacconi | Violin | 77.28% | MrBen Hancox |
| The Dawson-sacconi | Violin | 80,39% | Ms HannahDawson |
| TheMorgan-Rocca | Violin | 76,680/o | MrDarragh Morgan |
| TheCruft-Grancino | Cello | s8,18% | MrBrianO'Kane |
| WilliamForstercello* | Cello | 100.00% | MrBenTarlton |
| Grandjonviolin* | Violin | 100.00% | MsAaliyah Booker |
| Voightviola* | Viola | 100.00% | MsVictoriaStephenson |
| Tunnicliffebow* | Bow | 100,00% | None |
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| E" | f | |
| Prepayments | 10,I74 | 72,542 |
| Accrued income | 91,950 | 228,324 |
| Other debtors | 27,298 | L02,322 |
| !29,422 | 343,1.88 |
| Creditors:amountsfallingduewithinoneyear | ||
|---|---|---|
| 2024 | 2423 | |
| Ê | f | |
| Grantspayable | r75,536 | L26,595 |
| Tax,nationalinsurance and pensioncontributions | 6,692 | 7,71.6 |
| Deferredrentalincome(note20) | 13,648 | L6,610 |
| Accruals | 81.,408 | 28,759 |
| Tradecreditors | 947 | 26,076 |
| Othercreditors | 451 | 300 |
| 279,682 | 200,056 |
| Deferred | lncome | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Ê | f | ||
| Deferred | rentalincome broughtforward | 16,610 | L0,04L |
| Released | duringtheyear | (l_6,610) | (1"0,041) |
| Deferred | inyear | 13,648 | 16,6L0 |
| Deferred | grantcarriedforward | L3,648 | 76,670 |
| dowments | |||||||
|---|---|---|---|---|---|---|---|
| Balanceatl- | lnvestment | Balanceat | |||||
| Current year | August 2023 | lncome | Expenditure | gains (losses) | 3tJuly2024 | ||
| € | f | € | f | L | |||
| i) Birch EndowmentFund | 48,456 | 1243j | 4,i29 | 52,542 | |||
| ii)Gershom-Parkíngton EndowmentFund | 777,349 | (1,3s0) | 24,78L | 300,740 | |||
| 325,805 | (1,633) | 29,1-L0 |
353,282 |
| Balanceat | |||||
|---|---|---|---|---|---|
| Balanceat1 | lnvestment | 31"July | |||
| Comporativeyeor | August 2022 Ê |
lncome f |
Expenditure r |
qoins (lasses) f |
202i r |
| i)Birch EndowmentFund | s2,028 | (230) | (s,342) | 48,4s6 | |
| ii)Gersho m-Po rkingtanEnd owmentFund | 297,797 | (1,,i1.s) | (19,133) | 277,349 | |
| 349,825 | (1,s4s)(22,47s)32s,80s |
| Balanceat1 | Balanceat3L | |||||
|---|---|---|---|---|---|---|
| August2023 € |
lncome f |
Expenditure € |
Transfers f |
July2024 f |
||
| HenryWoodFund | 42,074 | 7,982 | 50,056 | |||
| Members'Memorial | ||||||
| Fund | 10,527 | 2,846 | (22,400) | 9,A27 | ||
| TheStan Newsome | ||||||
| Fund | 1L2,678 | 1-,750 | (13,400) | 1.01.,028 | ||
| BreretonFund | 1,,347 | 1240) | 1,1O7 | |||
| John BirchFund | 72,75'J. | (22,420) | 50,331- | |||
| The Manning-Payne | ||||||
| bequest | 1"20,053 | 1"20,053 | ||||
| The MiciraelSkinner | ||||||
| Fund | 23,r53 | (18,423) | 4,730 | |||
| Total | 359,430 | 35,73r | (76,643) |
8,787 | 327,305 | |
| Comparatìveperìod | ||||||
| BalanceatI | Bolanceot31 | |||||
| August 2022 f. |
lncome f |
Expenditure î |
Transfers f |
July2023 î |
||
| Henry Wood Fund | 38,378 | L7,872 | (1"4,176) | 42,074 | ||
| Members'Memariol | 75,53L | 76,996 | (22,000) | 70,527 | ||
| The StanNewsome | 750,848 | 3,872 | (42,042) | 112,678 | ||
| BreretonFund | 2,022 | (67s) | 1,347 | |||
| JohnBirch Fund | 84,566 | (LL,8L5) | 72,75L | |||
| TheManning-Poyne | 262,504 | (L42,447) | L20,053 | |||
| 553,845 | 38,740 | (2j3,155) |
359,430 |
| Balanceat1 | lnvestment | Fund | Balanceat3L | ||||
|---|---|---|---|---|---|---|---|
| 23 | Unrestricted funds | August 2023 | lncome | Expenditure | gains (losses) | transfers | July2A24 |
| ç. | f | L | f | f | ç. | ||
| Generalfunds | 35,08L,239 | 1.,477,A68 | (L,396,5241 | 2,472,283 | (76,529, | 37,557,537 | |
| Designatedfunds | |||||||
| Philip andUrsula Jones Fund | (67,1421 | 67,742 | |||||
| Totalunrestricted funds | 35,081_,2i9L,477,068 (1,464,266)2,472,283(8,787) | 37,557,537 | |||||
| Comporativeperiod | |||||||
| BolonceotL | lnvestment | Fund | Balanceat | ||||
| Unrestrictedfunds | August 2022 f |
Income f |
Expenditure f |
goins(losses) f |
transfers f |
31July 2023 f |
|
| Generalfunds | 36,829,550 | 7,256,013 | (990,991-) | (1,975,295) | (38,0j8) | 35,08L,239 | |
| Designatedfunds Philip ondUrsula JonesFund |
L,497 | (39,5j5) |
38,438 | ||||
| Totol unrestrictedfunds | 36,829,550 7,257,570(1.,0i0,526)(L,975,295) | 35,08L,239 |
| General | Restricted | Endowment | Endowment | ||
|---|---|---|---|---|---|
| fund | funds | funds | Total2024 | ||
| f. | f | E | f | ||
| lntangible fixedassets | raz394 | r42394 | |||
| Tangible fixedassets | 2,427,903 | 2,427,903 | |||
| Fixed assetinvestments | 34,861",060 | 353,282 | 35,2L4,342 | ||
| Currentassets | 444,862 | 327,305 | 772,167 | ||
| Currentliabilities | (278,682) | 1278,682) | |||
| TotaI | 37,557,537 | 327,305 | 353,?82 | 38,238,124 | |
| Unrealisedgains (losses)included | |||||
| aboveat3tluly2024 | 7L,892,046 | 70,89A | 7L,962,936 | ||
| Revaluationgains (losses) on | |||||
| tangiblefixedassets | (2,358,1"62) | (2,358,L62) | |||
| Comparativeperiod | Generol | Restricted | 'Endowment | ||
| fundî | funds € |
funds f |
Tod2A23 Ê |
||
| Intongiblefixedossefs | L05,626 | L05,626 | |||
| Tangiblefixedossefs | 1.,524,602 | 1,524,602 | |||
| Fixed ossetinvestments | 33,1.10,030 | 325,805 | 33,435,835 | ||
| Currentassets | 507,548 | 392,979 | 900,467 | ||
| Current liabilities | (166,567) | (33,489) | (200,056) | ||
| Total | 35,081,239 359,430 | 325,805 | 35,766,474 | ||
| Unreolisedgoins(losses)included | |||||
| aboveat31"July2023 | L1.,L92,886 | 4L,675 | 1L,234,561 | ||
| Revoluationgoins(losses) on | |||||
| tangiblefixedossets | (2,38t,t62) | (2,39L,162) |
| Property | ||
|---|---|---|
| 2024 | 2023 | |
| î. | f | |
| Lessthanoneyear | 56,185 | 56,L85 |
| Onetofiveyears | 97,829 | 138,242 |
| L54,01,4 | 1.94,427 |
| 2024 | 2023 | |
|---|---|---|
| € | Ê | |
| Netincome/(expenditure) for theyear | 2,47:.,650 | (1",966,746) |
| Adjustments for: | ||
| Depreciation charge | 5,300 | 5,096 |
| Amortisationcharges | 20,085 | L8,330 |
| Donatedgoods | (13,400) | |
| (Gains)/losseson investments | (2,501,393) | 7,997,770 |
| Dividends,interestand rentsfrominvestments | (1,326,041], | (L,070,L29) |
| Decrease/(increase)indebtors | 83,099 | L52,17L |
| lncrease/(decrease)increditors | 79,626 | (96,350) |
| Notestothe | Notestothe | accountsf | or the yearen | ded 31 July | 2024(cont | inued) | |||
|---|---|---|---|---|---|---|---|---|---|
| 27 | Movelnent in revaluationreserves | ||||||||
| Unrestricted | Restricted | Endowment | Unrestricted | Restricted | Endowment | ||||
| funds | funds | funds | 2024 | funds | funds | funds | 2023 | ||
| t | E | t | ç. | f | f | f | f | ||
| Reseryesbroughtforwa rd | |||||||||
| lnvestments | 4,250,485 | 1,6,564 | 4,267,049 | 7,32s,396 | 34,37L | 7,359,767 | |||
| lnstruments | 637,188 | 637,188 | s86,884 | 586,884 | |||||
| Appreciatingassets | 673,711_ | 673,711, | 673,7LL | 673,7L7 | |||||
| Property | (2,43O,r34| | (2,43O,134|(2,250,134) | (2,250,L34) | ||||||
| 3,L3L,250 | L6,564 | 3,147,8146,335,857 | 34,37L | 6,370,228 | |||||
| Movementintheyear | |||||||||
| Unrealised investmentgains | |||||||||
| (losses) | 1,958,363 | 23,76L | 1,982,124(1_,462,241) | (L7,807) | (L,480,048) | ||||
| lnvestmentgains(losses) | |||||||||
| released on disposal | 899,908 | 899,908 | (1,6L2,670) | (1.,61-2,670) | |||||
| Unrealìsedinstrumentgains | |||||||||
| (losses) | 52,720 | 52,724 | s4304 | 50,304 | |||||
| Unrealisedpropertygains | |||||||||
| (losses) | QsA,ooo) | (180,00o) | |||||||
| Unrealisedgains (losses)on | |||||||||
| appreciatingassets | 23,000 | 23,000 | |||||||
| 2,933,991 | 23,761 | 2,957,752(3,204,607) | (17,807) | (3,222,414j |
| Notesto the | Notesto the | accountsf | or theyear en | ded 31 July | 2024(cont | inued) | |||
|---|---|---|---|---|---|---|---|---|---|
| 27 | Movement in revaluationreservescontinued | ||||||||
| Reservescarried fonryard | |||||||||
| Unrestricted | Restricted | Endowment | Unrestricted | Restricted | Endowment | ||||
| funds | funds | funds | 2024 | funds | funds | funds | 2023 | ||
| f | f | f | f | f | f | f. | f | ||
| lnvestments | 7,1o8,65t | 40,430 | 7,149,08L | 4,250,48s | 16,s64 | 4,267,049 | |||
| lnstruments | 689,908 | 689,908 | 637,799 | 637,188 | |||||
| Appreciatingassets | 696,7L1. | 696,71.L | 673,71_1_ | 673,71_1 | |||||
| Property | (2,43O,134't | (2,43O,134]. | (2,430,L34) | Q,ÆA,134) | |||||
| 6,065,1"36 | 40,430 | 6,107,5903,L3L,25A | L6,564 | 3,149,837 | |||||
| Reported onthe Statementof | |||||||||
| Financial Act¡v¡t¡es | |||||||||
| Unrealisedgains(losses) | |||||||||
| lnvestments | 1",958,363 | 23,761. | 1,982,r24 | (1,462,241) | þ.7,8A7) | (1,480,A48) | |||
| lnstruments | 51,770 | 51,724 | 50,304 | 50,304 | |||||
| Appreciatingassets | 23,000 | 23,000 | |||||||
| Property | u.ga,oao) | (L80,000) | |||||||
| Totalunrealisedgains(losses)2,033,083 | 23,761 | 2,0s6,844 | (1,s91,937) | (17,807) | (1,609,744) | ||||
| Realised gains(losses)on investments |
439,2t0 | 5,349 | 444,549(383,358) | (4,668) | (388,026) | ||||
| Totalreportedgains(losses)2,472,283 | 29,L70 | 2,501.,393(L,975,295) | (22,475) | (1,997,77A) |
| Note | 2024 | 2023 | |
|---|---|---|---|
| Ê | € | ||
| Cashprovided byl(usedin)operating activities | 26 | (1,168,673)(973,258) | |
| Coshflowsfrominvesting activíties: | |||
| Dividends,interest,and rentsfrominvestments | t,456,7A8 | 1,1"03,324 | |
| Proceedsfromsaleof tangible fixedassets | (16,853) | (34,383) | |
| Purchaseof tangiblefixedassets | Q,A24) | (1,565) | |
| Purchaseoffine instrumentshares | (84,625) | ||
| Proceedsofsaleofinvestments | 6,363,076 | 7,453,876 | |
| Purchaseofinvestments | (7,308,317) | (7,L13,863) | |
| Purchaseofcurency | (499,135) | (558,612) | |
| Proceedofcurrencyexchange | 506,415 | 559,863 | |
| Foreigncurrency(losses)/gains | (46,786) | ||
| Cashprovidedby/(used in)investingactivitiés | 4L6,245 | 7,367,854 | |
| Cashprovidedby/(usedin)financing activities | (752,4281388,596 | ||
| Cashandcashequivalents atthebeginning oftheyear | !,689,27L | 1,300,675 | |
| Cashandcashequivalentsattheendoftheyear | 936,843 | 7,689,277 | |
| Cashandcashequivalentscomprise: | |||
| Heldasinvestments | |||
| Cashdeposit heldbybroker | 16 | 294,098 | 7,737,992 |
| Heldascurrentassets | |||
| Shorttermdeposits | 609,123 | 534,734 | |
| Cashin hand and at bank | 33,622 | 22,545 | |
| 936,843 | L,689,27L |