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2021-12-31-accounts

THE ROYAL MUSICAL ASSOCIATION

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Legal and administrative information 1
Trustees’ Report 3
Independent Examiner’s report to the Trustees 12
Statement of Financial Activities 13
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17

Charity Number 222410 Company Number 81327

THE ROYAL MUSICAL ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES

President Barbara Kelly Immediate Past President Simon McVeigh Vice Presidents Pauline Fairclough (to 31 December 2021) Sarah Hibberd Elaine Kelly Laudan Nooshin Clair Rowden (from 1 January 2022) Catherine Tackley Honorary Treasurer Valerie James Ordinary Members Genevieve Arkle (from 1 January 2022) Thomas Attah (from 1 January 2022) Mark Berry (from 1 January 2022) Manuella Blackburn Sarah Collins (from 1 January 2022) Lois Fitch Annika Forkert (to 31 December 2021) Katherine Hambridge Rebecca Herissone (to 31 December 2021) Camden Reeves (to 30 September 2021) Matthew Sergeant (to 31 December 2021) Nicola Dibben Berta Joncus Tim Summers

Registered Charity Number 222410

Registered Office Sayers Butterworth LLP 3[rd] Floor 12 Gough Square London EC4A 3DW

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THE ROYAL MUSICAL ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION (Continued)

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling, Kent ME19 4JQ

Santander UK plc Bootle Merseyside G1R 0AA COIF Charities Deposit Fund 80 Cheapside London EC2V 6DZ

Virgin Money plc Jubilee House Gosforth Newcastle upon Tyne NE3 4PL

Independent Examiner

Objects of the Charity

Tim Gage FCA Sonnet Advisory & Impact C.I.C. 45 Flitwick Road Ampthill, Beds. MK45 2NS

The Royal Musical Association was founded in 1874 ‘for the investigation and discussion of subjects connected with the art and science of music’, and its activities have evolved to embrace every conceivable aspect of music research, whether expressed in words, notation, or sounds. The Association aims to sustain and enhance musical culture in the United Kingdom, while liaising with other subject organizations at home and abroad where appropriate and recognizing outstanding scholarly and creative achievement by individuals worldwide. It further aims to support the education and training of emerging scholars and practitioners.

The Association’s chief activities in pursuit of these aims are the promotion of conferences, symposia, study days, workshops, and other public meetings; the publication and dissemination of books, journals, and other outlets for research of international standing; the sponsorship of awards and prizes; the advocacy of musical studies with public and private policy-making bodies, and with repositories of musical resources; and engagement with the student body in the United Kingdom.

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, submit their annual report and financial statements for the year ended 31 December 2021. The trustees have adopted the provision of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in 2015 in preparing the annual report and financial statements of the charity.

The charity is a charitable company limited by guarantee which was founded in 1874 and incorporated as a limited company on 22 June 1904. It is governed by a Memorandum and Articles of Association. Its objects are the advancement of scholarship and the publication of scholarly material in the field of music.

Structure, governance, and management

The Royal Musical Association (RMA) is a registered charity with number 222410.

It is also registered in England and Wales as a company limited by guarantee with number 81327. The governing document of the RMA is its Memorandum and Articles of Association together with Rules approved by the council covering membership of the RMA and administrative matters relating to the constitution and operation of the RMA’s governing council and committees.

The RMA has no shareholders. Under the Memorandum of Association, every member undertakes to contribute if necessary an amount not exceeding £10 in the event of the RMA being wound up, as a contribution to its debts and liabilities and the costs of winding up.

In the event of there being surplus assets on winding up these may not be transferred to members but must be distributed to another charity with similar objects.

The trustees comprise the President, the immediate Past-president, up to five Vice-Presidents, the Honorary Treasurer, and not fewer than seven or more than ten Ordinary Members. The Honorary Treasurer is subject to reelection by the members at the Annual General Meeting each year. The President is elected by the membership for a period of three years. Vice-Presidents are elected by the membership for a period of five years. Ordinary Members are elected by the membership for a period of three years. The President is eligible for re-election to a single further term. Vice-Presidents and Ordinary Members are not eligible for re-election until a further year has elapsed after the end of their term.

Following appointment, each trustee is provided with a full set of information about the RMA, and advice on the role of trustees from the Executive Officer. Trustees are provided regularly with internal and external information relevant to the RMA’s governance.

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

(Continued)

Organisational Structure

a) Committees

All matters concerning the RMA’s policy and the achievement of its objects are decided by the RMA’s Council. However, much of the detailed administrative and organizational work is delegated to officers and committees appointed by Council. The committees operating during the year under review were:

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

a) Officers

The officers serving during the year were as follows:- Executive Officer Jeffrey Dean Student Liaison Officer Susan Bagust Communications Officer Ellen Falconer Digital Technologies Officer Michael Byde Research Skills Officer Núria Bonet Flagship Conferences Co-ordinator Michelle Assay Convenor of Scottish Chapter Eva Moreda Rodríguez Editor, Journal of the RMA Freya Jarman Reviews Editor Amanda Hsieh Editors, RMA Research Chronicle Eva Moreda Rodríguez, Florian Scheding Editor, RMA Monograph Series Simon Keefe

b) Student representatives

Two student representatives are elected by student members at the annual RMA Research Students’ Conference. These representatives are ex-officio members of council though not trustees. They assist the Student Liaison Officer in the organization of any events specifically for students, and they represent the views and interests of student members to Council as necessary.

The student representatives during the year were as follows:

Elsa Marshall Barbora Vackova

Statement of public benefit

The Royal Musical Association is a learned society devoted to ‘the investigation and discussion of subjects connected with the art and science of music’. It is a national organization for the United Kingdom, with members not only in England, Scotland, Wales, and Northern Ireland but also throughout the world.

Our resources come from member subscriptions, royalties from publications, legacies, gift-aided voluntary donations, and dividends and interest. These are described in these financial statements.

We spend these resources on the editing of our three internationally prestigious publications: the periodicals Journal of the Royal Musical Association and Royal Musical Association Research Chronicle and the Royal Musical Association Monographs series; on the organization each year of our Annual Conference and Research Students’ Conference and of a series of Study Days; on financial support for selected independent conferences and symposia; on Small Research Grants for research students and researchers without access to institutional funding; on our major awards: the Dent Medal (the foremost prize for musicology worldwide) for mid-career researchers, the Jerome Roche Prize for outstanding articles by early-career researchers, and the Peter Le Huray Memorial Lecture; and on consultation on matters of importance to musical research. This report shows how our resources have been applied to these ends in detail.

The charity’s Trustees have complied with their duty under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. All Trustees give their time voluntarily and do not receive any personal financial benefit from the charity.

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Objectives and activities

The charity’s objectives and activities for 2021 are those described above under ‘Objects of the Charity’. Specific activities are specified below.

Achievements and performance

a) Council and committees

The Council met three times during the year (in January, May, and September) chaired by the President. The Events Committee met twice (in April and November), the Publications Committee met three times (in January, May, and September), the Finance and Membership Committee met three times (in April, June, and November), and the Student Committee met twice (in January and May). All meetings after those in January were held remotely by Zoom. The Awards, Search, and External Affairs Committees do their business by regular e-mail correspondence and not by face-to-face meetings.

The Association continued to build on its key priorities, despite the ongoing pandemic, which has restricted and complicated in-person events. We saw the move from online conferences (BFE/RMA Research Student conference at the University of Cambridge) to hybrid events (RMA Annual Conference, University of Newcastle), despite the technical challenges involved. We were delighted that Kofi Awagu joined us virtually to deliver the Peter Le Huray lecture and Eric Drott managed to travel to Newcastle to deliver the Edward J. Dent lecture.

The RMA also supported eleven affiliated conferences over the past year: Art Song and the Concert Hall (Goldsmiths), Pianism in the Long Nineteenth Century (RCM),

Zoomposium – the Music of John Metcalf (Bangor), The Improviser’s Experience (Huddersfield), Marginalised Voices and Figures in French Festival Culture, 1500-1800 (KCL), Conference on Musical Form [Formal Theory Study Group], Networked Collaborative Processes, Music and/as Process, Early Modern Soundscapes (Liverpool John Moores), Digital libraries for musicology (8[th] International Conference) and Revisiting Austrian and German Music (Surrey).

The RMA continued to prioritise EDI in all aspects of RMA governance and to increase representation and engagement from underrepresented colleagues and subject areas within our discipline. Its proposals to Council generated important discussion and reflection on a range of topics. The group initiated a survey of members on a series of questions concerning how to make the RMA more open and welcoming to different groups and different subdisciplines within music beyond classical traditions. It is encouraging all members to think about issues we have taken for granted and the historical figures we have held up in high esteem. This is on-going work that requires thought and consideration befitting a learned society and we will continue to consult the membership and beyond. We have implemented some initiatives: Council committees now have an EDI representative and EDI as a standing item. We have also co-opted two members onto Council whose particular expertise is otherwise currently lacking. The advocacy work of the LGBTQ+ group is also now part of the EDI Working Group.

We continued to support Postgraduate and Early Career researchers by launching the newly devised scheme of research mentoring led by Annika Forkert in January 2021. It attracted considerable interest for both mentors and mentees. We have a thriving Student Committee, led by Elsa Marshall and Barbora Vackova. Our doctoral students, under Nuria Bonet’s leadership, have established a strong partnership with the KVNM (Dutch musicological society). In 2020, when their conference was cancelled due to COVID, they took the initiative to publish selected proceedings and the publication was launched during their online conference in

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

July 2021. The RMA is aware of the challenges facing ECRs and independent researchers and has increased the amount available for small grant awards. Conscious of the wellbeing of all our members (whether early career or not), Michelle Assay establish a Music and Mental Health Study Group.

The establishment of the Tippett Medal is a sign of the RMA’s commitment to composition. We were delighted that the first round attracted 54 submissions. Lois Fitch oversaw the process and Manuella Blackburn chaired the judging panel consisting of Judith Wier and Martyn Brabbins. It was agreed that the announcement 0f the winner should take place at the January conference. Scott McLaughlin continues to lead the RMA Practice as Research Study Group.

International travel has been disrupted by the pandemic, but the RMA is still involved in the Network of European Musicological Conferences. The President represented the RMA at the delayed Société française de musicologie Congrès in Lyon in October 2021. The association, under Andrew Kirkman’s leadership made progress with the RMA’s fundraising plans in order to fund postdoctoral fellowships. It is hoped to award the first fellowship in time for the 150[th] anniversary of the association. At the Annual conference in September, we also launched the RMA: Past-Present-Future and the RMA Time Capsule, two publication initiatives to reflect on the forthcoming 150[th] anniversary of the association. Considerable work is also underway with French lawyers to finalise the receipt of the Margarita Hanson bequest, which will enable the RMA to support research publications on British music before 1750.

The RMA takes its advocacy role serious on behalf of music research in the discipline more broadly. The External Affairs group has been active in responding to a range of issues, including threats to Music departments and Government education proposals that undermine the discipline. It is also engaged in learning what role the RMA might usefully play in current international contexts and crises.

RMA publications continue to thrive under the leadership of our Publications Committee and editors in collaboration with the publishers. We continue to consult Chris Banks about Open Access and the implications of UKRI initiatives for our membership.

b) Publications

Volume 146, issues 1 and 2 of the Journal of the Royal Musical Association were published during the year.

Volume 52 of Royal Musical Association Research Chronicle was published. Under the terms of the agreement with Cambridge University Press, the RMA has received a total of £39, 542 for the period, applicable to both publications.

Three volumes of the RMA Monographs series were published during the year. The total royalty income received from Routledge/Taylor & Francis for sales of Monographs amounts to £9,304.55. This amount has been credited to the General Fund.

Royalties of £10,838.73 were received from JSTOR and £272.23 from RILM in respect of the Journal of the Royal Musical Association and Royal Musical Association Research Chronicle during 2021.

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

c) Awards

The Dent Medal for 2021 was awarded to Laura Tunbridge.

The Peter Le Huray Memorial Lecture for 2021 was given by Kofi Agawu.

d) Meetings and Conferences

RMA/BFE Research Students’ Conference, 12-14 January 2021, University of Cambridge.

RMA-supported conference, ‘Art Song out of the Concert Hall’, 12 February 2021, online (Goldsmiths University of London)

RMA-supported conference, ‘Pianism in the Long 19th Century’, 4 March 2021, online (RMA)

RMA-supported conference, ‘Zoomposium: the Music of John Metcalf’, 12-13 March 2021, online (Bangor University)

RMA-supported conference, ‘The Improviser’s Experience’, 18-19 March 2021, online (University of Huddersfield)

RMA-supported conference, ‘Marginalised Voices and Figures in French Festival Culture, 1500-1800’, 24-25 April, 2021, King’s College London

RMA-supported conference, ‘Networked Collaborative Processes: Music and/as Process’, 25-26 June 2021, online RMA-supported conference, ‘KVNM-RMA Postgraduate Symposium’, 3-4 July 2021, online

RMA-supported conference, ‘Early Modern Soundscapes’, 5-9 July 2021, Liverpool John Moores University

RMA-supported conference, ‘Digital Libraries for Musicology: 8th International Conference’, 28-30 July 2021, online

RMA 57th Annual Conference, 14–16 September 2021, Newcastle University

RMA-supported conference, ‘Revisiting Austrian and German Music: from the ‘Spring of Nations’ to the Cold War’, 17-18 September 2021, online (University of Surrey)

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

a) Membership

The total membership of the Royal Musical Association on 31 December 2021 was 1,254 (1,304 in 2020), an increase of ¬50 for the year. The membership comprised ¬¬296 (277) Ordinary members, 152 (132) individual Student members, 99 (99) Retired members, 37 (73) Low-income members, 26 (32) Joint members (in couples), 51 (52) Life members, 8 (9) Honorary members, and 548 (631) Student Group members at 8 (8) institutions.

The number of individual members increased appreciably in 2021, with equal increases among Ordinary and individual Student members, and other categories holding steady. This was an especially encouraging result in the difficult circumstances of the Covid-19 pandemic. The decrease in total numbers was entirely due to fewer students being enrolled in Student Groups; this is volatile and cannot be counted on from year to year. 352 (333) members paid their subscriptions by Direct Debit, aiding member retention.

Financial review

The attached financial statements show a surplus of income over expenditure for the period, before unrealized gains in the value of investments, of £26,633 (2020: £13,377).

Subscription rates were last increased in 2020; and, following the pattern of 2020, a further increase in income has been received from this source.

Publications income, the other main source of funds received by the Association, has increased substantially.

The Association’s current reserves policy, as agreed in 2014, has been to keep in free reserves an amount equal to 18 months’ expenditure, based on a rolling average of the previous three years. This was more than met in 2021. As of spring 2022, the reserves policy will be reviewed.

A deficit budget had been agreed for 2021, drawing upon the accumulated surpluses over previous years, to continue to fund a growing number of activities. The Association's planned expenditure, however, was once again affected by the pandemic, and the expected deficit did not materialise: rather a substantial surplus ensued.

The RMA holds an investment in the COIF Charities Ethical Investment Fund together with a small investment in the COIF Charities Investment Fund. In line with changes to the underlying securities, the RMA’s investments increased in value by £11,018 during the period (2020: gain of £2,135).

The total of the RMA’s assets at 31 December 2021 amounted to £222,652 (2020: £185,001).

Council keeps under review the financial risks to which the RMA is exposed in terms of both its major sources of income. It considers the existing reserves are adequate to meet any foreseeable contingency and to finance its activities for the future. Council is satisfied that the systems of control and monitoring of the RMA's activities as vested in the various committees and the appointed officers are such that the probability of any major risks arising is mitigated. The Operating Manual detailing procedures mitigates the risk of loss of institutional and operational knowledge should key persons no longer be in a position to pass on their knowledge to successors.

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THE ROYAL MUSICAL ASSOCIATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Plans for the future

In last year’s report we recognized that the pandemic would disrupt much of our regular activity and that it ‘it is difficult to imagine that 2020 will be remembered as more than a holding year in the history of the Association, since almost all events will be either postponed or substantially rethought in terms of online presentation’. The RMA has shown its considerable resilience and continued relevance in responding to the challenges of the time. Despite the restrictions, it has indeed found new modes of collaboration, communication, and community building. Building on the achievements of 2021, our priorities for 2022 are as follows:

To continue to prioritize Equality, Diversity, and Inclusion in all aspects of RMA governance and to increase representation and engagement from underrepresented colleagues and subject areas within our discipline. To make progress with the Education initiative to address the national crisis in music education and the risks that threaten the health of our discipline.

To continue to support Postgraduate and Early Career researchers by launching the newly devised scheme of research mentoring, led by an early-career Council member.

To continue to support practice-as-research, recognizing the devastating impact of the pandemic on the performing arts.

To renew contact and collaboration with international partners as the pandemic subsides, particularly in preparation for the RMA’s 150th anniversary in 2024.

To make progress with the RMA’s fundraising plans in order to fund priority areas.

To continue the association’s advocacy role on behalf of music research and the discipline more broadly. By order of the Council of trustees on

Barbara Kelly PRESIDENT

Valerie James HON. TREASURER

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THE ROYAL MUSICAL ASSOCIATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.

Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees are required to:-

Make judgements and estimates that are reasonable and prudent;

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statement complies with the relevant legislation. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.

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THE ROYAL MUSICAL ASSOCIATION

Independent examiner’s report to the trustees of The Royal Musical Association For the year ended 31[st] December 2021

I report on the accounts of the company for the year ended 31 December 2021 which are set out on pages 13 to 22.

Respective responsibilities of Trustees and Examiner

The Trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

……………………………..

Date: …………………………………..

T J Gage FCA DChA Sonnet Advisory & Impact C.I.C. 45 Flitwick Road Bedfordshire MK45 2NS

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THE ROYAL MUSICAL ASSOCIATION

Statement of Financial Activities Incorporating the Income and Expenditure Account for the Year Ended 31st December 2021

Note
Income
Donations
Charitable activities
Study days and Research Skills Events
Subscriptions
2
Other Activities
Royalties
10
Sponsorship of Conferences
Investment income
Bank interest
Dividends
Other Income
Other Income
11
Total
Expenditure
Raising Funds
Fundraising Costs
Consultancy Fees - Membership Development Officer
Charitable activities
Printing, stationery, postage
and sundries
Consultancy Fees - Student Liaison Officer
Cost of Study Days
Research Skills Event
Subscriptions
Conferences, transfer of sponsorship
Advertising
Awards
12
Carried forward		 2021 2020
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
£ £ £ £
1,067 0 1,067 37
0
38,740		 0
0		 0
38,740		 0
36,257
38,740
59,981
1,949		 0
0
0		 38,740
59,981
1,949		 36,257
49,628
1,651
61,930
17
2,442		 0
1
0		 61,930
18
2,442		 51,279
476
571
2,459 1 2,460 1,047
0 0 0 0
104,196 1 104,197 88,620
216
0
0 216 216
0 0 0
72 0 72 59
2,600 0 2,600 2,585
0 0 0 0
0 0 0 160
262 0 262 0
0 0 0 1,651
0 0 0 0
12,679 0 12,679 9,519
15,829 0 15,829 14,190

The notes on pages 17 to 22 form part of these financial statements

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THE ROYAL MUSICAL ASSOCIATION

Statement of Financial Activities Incorporating the Income and Expenditure Account for the Year Ended 31st December 2021 (continued)

2021 2020
Unrestricted Restricted Total Total
Note Funds Funds Funds Funds
£ £ £ £
Brought Forward 15,829 0 15,829 14,190
Other
Cost of publications 13 20,491 0 20,491 21,046
Newsletter 0 0 0 0
Website and computer 2,018 0 2,018 1,665
Consultancy Fees - Executive Officer 16,320 0 16,320 16,200
Meetings expenses 4,115 0 4,115 3,978
Travel Expenses 880 0 880 959
Bank and currency charges 398 0 398 340
Accountancy 1,920 0 1,920 1,920
Statutory fees and expenses 48 0 48 35
Communication Officer 2,600 2,600 2,585
Digital Technologies Officer 2,600 0 2,600 2,585
Research Skills Officer 2,600 2,600 2,585
Flagship Conference Co-ordinator 2,600 2,600 2,585
Publicity 0 0 400
Sundry Expenses 5 5,145 0 5,145 4,170
Exchange losses/(gains) 0 0 0 0
61,735 0 61,735 61,053
Total Expenditure 77,564 0 77,564 75,243
Net gains / (losses) on investments 3 11,018 0 11,018 2,135
Net income / (expenditure) 37,650 1 37,651 15,512
Transfers between Funds 0 0 0 0
Net Movement in Funds 37,650 1 37,651 15,512
Reconciliation of Funds
Total funds brought forward 174,796 10,205 185,001 169,489
Total funds carried forward 212,446 10,206 222,652 185,001

All of the above results are derived from continuing activities. All gains and losses recognised in the period are included above.

Page 20 gives details of changes in resources applied for fixed asset investments for charity use.

The notes on pages 17 to 22 form part of these financial statements

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THE ROYAL MUSICAL ASSOCIATION

Balance Sheet as at 31[st] December 2021

2021
2020
Unrestricted
Restricted
Total
Total
Note
Funds
Funds
Funds
Funds
£
£
£
£
Fixed Assets
Investments
3
91,783
0
91,783
80,765
Current Assets
Stocks
4
0
0
0
0
Debtors
6
38,553
0
38,553
36,013
Cash at bank
8
101,579
10,206
111,785
86,282
Cash in hand
145
0
145
250
Total current assets
140,277
10,206
150,483
122,545
Liabilities
Creditors: amounts falling due within one year
7
19,614
0
19,614
18,309
Net current assets
120,663
10,206
130,869
104,236
Total assets less current liabilities
212,446
10,206
222,652
185,001
The funds of the charity:
General Funds
9
210,772
0
210,772
169,623
Designated Funds
9
1,674
0
1,674
5,173
Restricted Funds
9
0
10,206
10,206
10,205
Total charity funds
212,446
10,206
222,652
185,001
For the year ending 31st December 2021 the company was entitled to exemption from audit under
section 477 of the Companies Act 2006. The members have not required the company to obtain an
audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their
responsibility for complying with the requirements of the Act with respect to accounting records and
for the preparation of accounts.
Barbara Kelly
Valerie James
President
Honorary Treasurer
2021 2020
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
£ £ £ £
91,783 0 91,783 80,765
0
38,553
101,579
145		 0
0
10,206
0		 0
38,553
111,785
145		 0
36,013
86,282
250
140,277
19,614		 10,206
0		 150,483
19,614		 122,545
18,309
120,663
212,446		 10,206
10,206		 130,869
222,652		 104,236
185,001
210,772
1,674
0		 0
0
10,206		 210,772
1,674
10,206		 169,623
5,173
10,205
212,446 10,206 222,652 185,001

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THE ROYAL MUSICAL ASSOCIATION

Statement of Cash Flows for the year ended 31st December 2021

Note 2021 2020
£ £
Cash Flows from Operating Activities 14 25,398 (1,607)
Cash flows from investing activities 0 (60,000)
Cash flows from financing activities - -
Increase / (Decrease) in cash and cash equivalents 25,398 (61,607)
Cash and cash equivalents as at 31st December 2020 86,532 148,139
Cash and cash equivalents as at 31st December 2021 111,930 86,532

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THE ROYAL MUSICAL ASSOCIATION

NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Note 1 Accounting policies

a) Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

b) Company status

The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

c) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

d) Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.

No amounts are included in the financial statements for services donated by volunteers.

e) Resources expended

All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. All expenditure is recognised once there is a legal or constructive obligation committing the RMA to the expenditure.

f) Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

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THE ROYAL MUSICAL ASSOCIATION

NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

g) Stock

Stock consists of purchased goods for resale. Stocks are valued at the lower of costs and net realisable value.

h) Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA.

Note 2

Income

Subscription income is accounted for in the period to which it relates. Income from sales of publications, royalties and interest is recognised on an accruals basis.

Note 3
Investments		 2021 2020
£ £
Cost brought forward 66,000 6,000
Additions - 60,000
Cost carried forward 66,000 66,000
Movement in market value of investments
Market value at beginning of period 80,765 18,630
Additions - 60,000
Unrealised profit/(loss) 11,018 2,135
Market value at 31 December 91,783 80,765

Note 4

Stocks

Stock consists of current publications which have been valued at the lower of cost and estimated net realisable value. The stocks are kept for three years after which they are disposed of. The stocks have therefore been valued at nil value.

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THE ROYAL MUSICAL ASSOCIATION

NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Note 5
Sundry Expenses
Recruitment Expenses
Other
Note 6
Debtors
Sundry Debtors
Trade debtors
Note 7
Creditors
Other creditors
Subscriptions received in Advance
Accruals
Note 8
Cash at Bank
Santander plc
CAF
COIF – main account
COIF – Peter Le Huray Memorial Fund
COIF – Jerome Roche Prize
Virgin
PayPal		 2021
£
-
5,145
5,145
2021
£
400
38,153
38,553
2021
£
-
12,734
6,880
19,614
2021
£
2,000
40,123
58,919
8,226
1,980
-
537
111,785		 2020
£
-
4,170
4,170
2020
£
-
36,013
36,013
2020
£
-
13,319
4,990
18,309
2020
£
2,000
14,675
494
8,225
1,980
58,408
500
86,282

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THE ROYAL MUSICAL ASSOCIATION

NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Note 9
Funds
Peter Le Huray Memorial Fund
COIF – Jerome Roche Prize
Designated Funds
Unrestricted Funds
Total Unrestricted Funds
Total Funds		 Balance at
Balance at
01/01/2021
Income Expenditure
Transfers 31/12/2021
8,225
1
0
0
8,226
1,980
-
0
0
1,980
10,205
1
-
0
10,206
5,173
0
3,499
0
1,674
169,623
104,196
63,047
0
210,772
174,796
104,196
66,546
0
212,446
185,001
104,197
66,546
0
222,652

Designated Funds. This represents the Dart Fund which has been designated by the trustees to provide future research grants.

The Le Huray Fund pays for the annual Le Huray Memorial Lecture which is awarded by the Events Committee

The Roche Prize Fund awarded annually for a distinguished article by a scholar in the early stages of his or her career

Note 10
Royalties
Royalties receivable from Cambridge University Press
Royalties receivable from Routledge / Informa
Royalties receivable from Ashgate Publishing
Other
Royalties receivable from JSTOR		 2021
£
39,542
9,577
0
23
10,839
59,981		 2020
£
38,617
924
0
191
9,896
49,628

Publication costs and royalties are allocated to the General Fund.

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THE ROYAL MUSICAL ASSOCIATION

NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Note 11
Other Income
Other
Note 12
Grants and Awards
Grants for Affiiated conferences
Small Research Grants
Le Huray Memorial Lecture
Dart Fund small research grants
Dent Medal Lecture
Striking of Dent Medal
Music & Philosophy study group
RMA Annual conference
RMA Student conference
Jerome Roche Lecture
Note 13
Cost of Publications
JRMA Editor consultancy fees
JRMA Reviews Editor consultancy fees
JRMA sub-editing & proofreading
Research Chronicle Editor consultancy fees
Mongraphs Editor honorarium		 2021
£
0
0
2021		 2020
£
0
0
2020
£ £
1,830
2,709
0
3500
0
990
500
1,500
1,650
0
12,679
2021		 1300
2500
0
1669
0
0
500
1725
1650
175
9,519
2020
£
2,600
815
14,746
1,610
720		 £
2,585
810
15,336
1,600
715
20,491
21,046

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THE ROYAL MUSICAL ASSOCIATION

NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Note 14

Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in Funds
Unrealised profits / losses on investments
Decrease / (Increase) in debtors
Increase / (Decrease) in creditors
Net cash used in operating activities
Note 15
Trustees’ reimbursed expenses
Manuella Blackburn
Pauline Fairclough
Annika Forkert
Rebecca Herissone
Barbara Kelly
Elaine Kelly
Natasha Loges
Simon McVeigh
Laudan Nooshin
Katherine Hambridge
Tim Summers		 2021
37,651
(11,018)
(2,540)
1,305
25,398
2021
0
50
256
201
1069
0
0
0
0
0
299
1,875		 2020
15,512
(2,135)
(16,182)
1,198
(1,607)
2020
88
140
0
288
0
220
172
275
60
209
0
1,451

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