## **THE ROYAL MUSICAL ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

||Page|
|---|---|
|Legal and administrative information|1|
|Trustees’ Report|3|
|Independent Examiner’s report to the Trustees|13|
|Statement of Financial Activities|14|
|Balance Sheet|16|
|Statement of Cash Flows|17|
|Notes to the Financial Statements|18|



**Charity Number 222410 Company Number 81327** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

## **TRUSTEES** 

**President** Simon Keefe **Immediate Past President** Barbara Kelly **Vice Presidents** Lois Fitch Rebecca Herissone Caroline Rae Clair Rowden Catherine Tackley **Honorary Treasurer** Valerie James **Ordinary Members** Ann van Allen-Russell Genevieve Arkle Thomas Attah Nicholas Attfield Amy Blier-Carruthers Mark Berry Steven Berryman Nurià Bonet Sarah Collins Laura Hamer Erin Johnson-Williams Sue Miller 

**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 

## **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 2024** 

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 2024. The trustees have adopted the provision of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in 2005 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 2024 (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: 

- 1 **Events** – (chair Clair Rowden) is responsible for all matters concerning the organization and content of RMA organized, supported or sponsored conferences and makes recommendations concerning the annual Peter Le Huray Memorial Lecture. 

- 2 **Publications** – (chair Rebecca Herissone) acts as the editorial board of the Journal of the RMA, receives and considers regular reports from the editors of the RMA Research Chronicle and RMA Monograph series and the editor of the RMA Newsletter and website. It makes recommendations on policy matters concerning publications as appropriate. 

- 3 **Finance and Membership** – (chair Lois Fitch) reviews the annual accounts and budget prepared by the Treasurer, monitors the financial health of the RMA, and makes recommendations to Council on all matters of financial policy including subscription rates for membership and the remuneration of officers. It also monitors the state of the membership, develops it, and maintains member communications. It is responsible for marketing and publicity, and for developing strategies for income generation. 

- 4 **Awards** – (chair Catherine Tackley) reviews applications for research grants, etc., and nominations received for the Dent Medal, the Jerome Roche prize, two book awards sponsored by Cambridge University Press, and Honorary membership, and makes recommendations to Council concerning the award of these. During 2020 preparations for a new Tippett Medal for composition were begun. 

- 5 **Search** – (chair Caroline Rae) advises Council on all matters concerning the annual elections for membership of Council, Vice-President, etc., and appointments to fill temporary vacancies. It is also responsible for communicating with the membership to encourage nominations for these positions. This committee also seeks for suitable candidates to fill the various officers’ positions and makes recommendations to Council on appointments as necessary. 

- 6 **External Affairs** – (chair Simon Keefe, President) is responsible for all communications with external bodies, including research Councils and other funding bodies, government departments, and other musicological and learned societies. 

- 7 **Student** – (chair Mollie Carlyle, senior Student Representative) provides a forum to encourage dialogue around music research for postgraduate research students, as well as a channel for communication between student members of the Association and Council. 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

## **a) Officers** 

The officers serving during the year were as follows:- **Executive Officer** Amanda Babington **Student Liaison Officer** Maureen Wolloshin **Communications Officer** Daniel Elphick **Digital Technologies Officer** Michael Byde **Research Skills Officer** Katherine Williams **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** Catherine Bradley 

## **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: 

Mollie Carlyle Maya Morris 

## **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. 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

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. 

## **Objectives and activities** 

The charity’s objectives and activities for 2024 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. 

In 2024, the Association continued to build on its main priorities, including at its two major annual events.  The Research Student Conference at Cardiff University (January 2024), held jointly with the British Forum for Ethnomusicology as is now standard practice, was well attended and very well run by the organizing committee; it gave us great pleasure to welcome Gabrielle Messeder as the Jerome Roche lecturer.  The Annual Conference at the Senate House, University of London and the British Library, London (September 2024), was one of the largest that the Association has held, including more than 100 papers, lecture recitals and workshops; we were delighted to welcome Alex Ross ( _The New Yorker_ ) to deliver the Peter Le Huray lecture and Catherine Bradley (University of Cambridge) to deliver the Edward J. Dent lecture in connection with her receipt of the RMA Dent Medal. 

The London Annual Conference commemorated the 150[th] anniversary of the Association and was long in the planning.  It was a major moment in the history of the RMA and an unqualified success, including events celebrating the Association (attended by leaders of musicological societies from across the globe), activities at two major London venues thereby broadening its reach and appeal, and presentations on a wider range of topics than at any of the Association’s conferences in living memory.  The conference also coincided with two major RMA initiatives coming to fruition.  The RMA Time Capsule audio dialogues, organized and curated by Vice-President Rebecca Herissone, comprise pairs of RMA members reflecting on aspects of their personal experience of the Association, considering key events or developments to which they have contributed, and looking ahead to the possibilities for the RMA’s future.  (The Time Capsule is available on the RMA website.)  In addition, Leanne Langley’s monograph _The Royal Musical Association: Creating Scholars, Advancing Research_ was published by Boydell & Brewer, providing the first comprehensive history of the Association and drawing extensively on the RMA’s archive material. 

The conference in London also marked the launch of the public phase of fundraising for the RMA 150[th] Anniversary Fellowships, which will provide financial support for Early Career post-doctoral researchers to complete major academic projects.  The intention is to raise enough money to enable the Association to award its first fellowships at the Annual Conference in Southampton in September 2025 and to continue to do so on a yearly basis thereafter for as long as funds allow (three years in the first instance).  The RMA 150[th] Fellowship scheme solidifies the Association’s commitment to supporting Postgraduate and Early Career Researchers, including through small grants, our research mentoring scheme, and our flourishing Student Committee. 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

As well as its two annual conferences, the Association supported the following affiliated conferences in 2024: ‘Aspects of Early English Music’ (Newcastle University); ‘Art Song: a Global Force’ (Goldsmiths, University of London and online); ‘French Music and Culture Study Day’ (Cardiff University); ‘Southeast Asian Identities in Music Performance and Education’ (Bangkok and online); ‘5[th] Silpakorn International Conference: Tradition and Innovation’ (Silpakorn University, Bangkok); ‘All Ears: Music and Sound in and Beyond Disney Theme Parks’ (University of Central Florida); ‘Busoni and his World: Busoni Centenary Symposium’ (City, University of London); ‘Austrian and German Music: Fourth International Conference of the Institute of Austrian and German Music Research’ (Durham University); ‘Rethinking Gustav Holst and his Music’ (Utah State University and online); ‘International Network for Music Theology’ (Durham University); ‘Practice Research Study Day’ (University of Leeds). 

The RMA’s commitment to EDI in all aspects of its governance and representation continued in 2024.  EDI sessions, for example, are now a regular fixture at the Association’s conferences.  The Research Students’ Conference in Cardiff held both a two-hour externally facilitated session and a very well attended roundtable discussion; a further EDI session took place on the first day of the Annual Conference in London.  Requests for a plenary EDI session at RMA conferences have been heeded, with a commitment made to this effect for the Research Students Conference in Aberdeen (January 2025).  The EDI committee continues to feed ideas and recommendations directly into RMA Council meetings. 

Given ongoing world events and conflicts, the RMA remains firmly committed to its Displaced Music Researcher Membership and Bursary Scheme, which was established in 2022 and offers free membership, mentoring and access to our bursary scheme to music scholars who can demonstrate displacement through conflict; applications are assessed by a Working Group.  The RMA continued in 2024 to advocate strongly for music research and music in education, including by protesting swingeing cuts at Goldsmiths, University of London, and through participating and contributing to the Arts and Humanities Alliance, the British Academy Learned Society and Subject Associations Network and the British Academy Strategic Forum for the Humanities.  In addition, the RMA contributed a response to the Research Excellence Framework 2029 consultation on Open Access publication and engaged actively with the prominent subject association and Arts Council England Investment Principles Support Organisation, Music Mark, including at an event they curated at the University of Manchester (June 2024), which involved a number of other UK-based music societies and associations. 

The RMA’s awards and publications continued to thrive in 2024.  We now have an established suite of annual awards to rival that of any other music learned society or music subject association in the world, focussing on musicology (broadly conceived), practice research and composition.  In an attempt to raise the profile of the Tippett Medal for composition (which launched in 2020) to a level equivalent to the longstanding Dent Medal (for musicology), we have now committed to an annual plenary session for the Tippett medallist at the Research Students’ Conference in January that will complement the Dent Medal lecture at the annual conference in September.  RMA publications continue to flourish under the leadership of our Publications Committee and editors in collaboration with the publishers (Cambridge University Press and Routledge). 

## **b) Publications** 

Three volumes of the Journal of the Royal Musical Association were published during 2024. This contributed significantly to the clearance of the backlog that had occurred as a result of reasons beyond the Association’s control. 

Several articles were published in the Royal Musical Association Research Chronicle. Under the terms of the agreement with Cambridge University Press, the RMA has received a total of £44,951 for the period, applicable to both publications and including royalties from JSTOR. 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

Two volumes of the RMA Monographs series were published during the year. The total royalty income received from Informa for sales of Monographs amounts to £10,110. This amount has been credited to the General Fund. 

There were no royalties received from RILM in respect of the Journal of the Royal Musical Association and Royal Musical Association Research Chronicle during 2024. One further royalty payment of £7 was received from Oxford University Press. 

## c) **Awards** 

- i) Dent Medal The Dent Medal for 2023 was awarded to Catherine A. Bradley 

- ii) Jerome Roche Prize The Jerome Roche Prize for 2023 was awarded to Shaena B. Weitz 

- iii) Peter Le Huray Lecture The Peter Le Huray Memorial Lecture for 2024 was given by Alex Ross. 

- iv) Tippett Medal The 2023 Tippett Medal was awarded to Timothy Cooper 

- v) Practice Research Prize The 2024 Practice Research Prize was awarded to Katalin Koltai ‘The Transformed Space of the Ligeti Guitar’ and Lauren Redhead **‘** _54 stops, Grésillement, Alphabet des Rauschens_ _**:**_ Collaboration and/as Performance Autoethnography.’ 

- vi) Margherita M. Hanson Award The 2024 Margherita M. Hanson Award was awarded to Robert Rawson and Susan Rankin 

- vii) Small Research Grants Small research grants were awarded in 2024 to: Emma Payne, To support attendance at Music and the Moving Image (MaMI) conference in New York, 2024 

   - James Ellis, Grant to part fund travel expenses to present at Music and the Moving Image, NYC, 2024 Richard Gillies, To cover registration fee and accommodation to present at BASEES Conference, Cambridge, 5-7 April 2024 

   - Elsa Marshall, Purchase of materials for specific research (copies of archival documents from American collections) 

   - Gintare Stankeviciute, Paper presentation at the International Conference on Music Since 1900, September 14,15, Leuven, Belgium. 

Jun Feng, presentation at the Analytical Approaches to World Music (AAWM) conference in Bologna, scheduled for June 10-14, 2024 

Madeline Roycroft, for travel to present in ‘Decentring French Opera’ panel at Society for French Studies conference. 

Olha Myronenko-Mikheishyna, Travel expenses for the research of W. Lutoslawski's manuscripts at Paul Sacher Foundation, Switzerland (August, September 2024) 

Sebastian Bank-Jørgensen, Travel funding to present paper at MedRen Granada Sophie Horrocks, Archival research trip to France 

Crispin Dirwai, Costs to attend and co-present our research paper at the RMA conference in September 2024. 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

Andre Short, Research trip to the Bibliothèque Nationale de France and archives in Paris Beth Black, To cover expenses for a working group to inform language choices about disability in my work 

Carol Jones, Presentation of work and composition at conference at University College Dublin (July 2024) 

Eduards Grieznis,  to present a paper at a conference titled Towards the Dissemination of Practicebased Research Findings through an Interactive Digital Storytelling Method 

Ivan Mouraviev, For costs of presenting at the Dancecult conference, Technische Universität Berlin, 24–25 January 2025.velling to present a paper at “Music and the Moving Image” Conference 2024, NYU, New York. 

Luciana Peycere, To attend the final rehearsals and premiere of a work that I composed as part of my research. 

Olivia Childe, Visit Paris to conduct archival research to access non-digitised, essential documents for PhD research. 

Sofia Pan, To purchase a VR headset for research. 

Wanyi Li, Expenses for presenting a paper and a poster respectively at the SMT and AMS conferences 

## d) **Meetings and Conferences** 

RMA/BFE Research Students’ Conference, 9-11 January 2024, Aberdeen University. 

RMA-supported symposium, ‘Aspects of Early English Music’, 20-21 February 2024, Newcastle University 

RMA-supported event, ‘Art Song: A Global Force’, 1 March 2024, online 

RMA-supported Study Day, ‘French Music and Culture’, 10 May 2024, Cardiff University 

RMA SE Asian Chapter meeting, ‘Southeast Asian Identities in Music Performance and Education’, 6 June 2024, Bangkok and online. 

RMA-supported conference, ‘5[th] Silpakorn International Conference; tradition and Innovation’, 7-8 June, Silpakorn University, Bangkok 

RMA-supported conference, All Ears: Music and Sound in and Beyond Disney Theme Parks, 20-21 June 2024, University of Central Florida. 

RMA-supported symposium, Busoni and his World: Busoni Centenary Symposium, 16-17 July, City University of London 

RMA-supported conference, ‘Austrian and German Music; 4[th] International Conference of the IAGMR’, 6-7 September, 2024, Durham University 

RMA 60th Annual Conference, 11-13 September 2024, University of London, RHUL, British Library RMA-affiliated symposium, Rethinking Gustav Holst and his Music, 18-19 October 2024, Utah State University (online) 

RMA-supported conference, ‘International Network for Music Theology’, 26 October 2024, Durham University 

RMA-supported Study Day, ‘Practice Research Study Day’, 4 December 2024, University of Leeds 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 202 4 (Continued)** 

## **Membership** 

- **a)** The total membership of the Royal Musical Association on 31 December 2024 was 1 453 (1416 in 2023), an increase of 125 for the year. The membership comprised 261 (243) Ordinary members, 138 (131) individual Student members, 109 (103) Retired members, 84 (78) Low-income members, 24 (22) Joint members (in couples), 50 (50) Life members, 10 (9) Honorary members, 3 Displaced members and 774 (777) Student Group members at 7 (8) institutions. 

349 (356) members paid their subscriptions by Direct Debit, aiding member retention. 

## **Financial review** 

As expected, the attached financial statements show a deficit of income over expenditure in the unrestricted funds for the period, before taking into account the alteration in the value of investments. This was planned in anticipation of the costs of the 150th Anniversary of the RMA and, in particular, expenditure on the celebratory annual conference in September. 

Subscription rates were last increased in 2020 and were held steady for 2024. The total amount received had shown a drop in 2023, but income from this source in 2024 increased to just over that received in 2022. Publications income, the other source of funds received by the Association, showed an increase. Investment income rose in 2024. 

A new CAF Gold restricted fund was created in 2024 to hold donations received for the purpose of making grants for Early Career Researchers. It is anticipated that the first grants will be announced in autumn 2025. 

The Association’s current reserves policy, as agreed in 2022, and now reviewed annually, is to keep at least 6 months’ worth of expenditure in reserves, based on the previous year’s estimated figure. Reserves held at 31 December 2024 continued to  more than meet the agreed level. 

The RMA holds an investment in the COIF Charities Ethical Investment Fund together with a small investment in the COIF Charities Investment Fund and the legacy received from Margarita M. Hanson in 2022 has been invested in a separate COIF Charities Ethical Investment Fund as a restricted fund. 

In line with changes to the underlying securities, the RMA’s investments increased in value overall in 2024 by £6,587 (2023: increase in value of £21,723). The total of the RMA’s assets at 31 December 2024 amounted to £340,111 (2023: £324,816). 

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 2024 (Continued)** 

## **Plans for the future** 

Building on the achievements of 2023, the RMA’s priorities for 2024 were 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 advocate strongly for our discipline in order to help 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 supporting the research mentoring scheme and fundraising for Early Career Fellowships. 

To continue to support all areas of our musical community through a wide range of awards that sit alongside longstanding ones such as the Dent Medal and the Jerome Roche Prize. 

To maintain contact and collaboration with our sister organisations in the UK and international partners, particularly in preparation for the RMA’s 150th anniversary in 2024, and to continue to promote our Displaced Music Researcher Membership and Bursary Scheme. 

By order of the Council of trustees on 

**Simon Keefe PRESIDENT** 

**Valerie James HON. TREASURER** 

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**THE ROYAL MUSICAL ASSOCIATION** 

## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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:- 

- Select suitable accounting policies and then apply them consistently; 

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 2024** 

I report on the accounts of the company for the year ended 31 December 2024 which are set out on pages 14 to 23. 

## **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: 

- examine the accounts under section 145 of the 2011 Act; 

- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

- state whether particular matters have come to my attention. 

## **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: 

- 1 which gives me reasonable cause to believe that, in any material respect, the requirements: 

   - to keep accounting records in accordance with section 386 of the Companies Act 2006; and 

   - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or 

- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

…………………………….. 

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 2024** 

|**Note**<br>**Income**<br>**Donations and legacies**<br>5<br>**Charitable activities**<br>Subscriptions<br>2<br>**Other Activities**<br>Royalties<br>10<br>150th Anniversary Conference<br>Sponsorship of Conferences<br>**Investment income**<br>Bank interest<br>Dividends<br>**Other Income**<br>Other Income<br>**Total**<br>**Expenditure**<br>**Raising Funds**<br>Fundraising Costs<br>**Charitable activities**<br>Printing, stationery, postage and sundries<br>Consultancy Fees - Student Liaison Officer<br>Cost of Study Days<br>Research Skills Events<br>Subscription costs<br>Conferences, transfer of sponsorship<br>150th Anniversary Conference Costs<br>Awards<br>11<br>**Carried forward**|||**2024**|2023|
|---|---|---|---|---|
||**Unrestricted**<br>**Funds**|**Restricted**<br>**Funds**|**Total**<br>**Funds**|Total<br>Funds|
||**£**|**£**|**£**|£|
||||||
||**806**<br>**38,111**|**16,860**<br>**0**|**17,666**<br>**38,111**|5,045<br>31,334|
||**38,111**<br>**55,068**<br>**24,645**<br>**1,800**|**0**<br>**0**<br>**0**<br>**0**|**38,111**<br>**55,068**<br>**24,645**<br>**1,800**|31,334<br>47,700<br>0<br>1,800|
||**81,513**<br>**557**<br>**4,202**|**0**<br>**906**<br>**2,883**|**81,513**<br>**1,463**<br>**7,085**|49,500<br>795<br>6,950|
||**4,759**<br>**0**|**3,789**<br>**0**|**8,548**<br>**0**|7,745<br>0|
||**125,189**|**20,649**|**145,838**||
|||||93,624|
||**529**<br>**0**<br>**3,145**<br>**1,622**<br>**685**<br>**115**<br>**900**<br>**36,188**<br>**15,457**|**0**<br>**0**<br>**0**<br>**0**<br>**0**<br>**0**<br>**0**<br>**0**<br>**2,000**|**529**<br>**0**<br>**3,145**<br>**1,622**<br>**685**<br>**115**<br>**900**<br>**36,188**<br>**17,457**||
||||||
||||||
|||||216|
||||||
||||||
||||||
|||||0|
|||||2,895|
|||||414|
|||||331|
|||||0|
|||||1,800|
||||||
|||||18,767|
||**58,641**|**2,000**|**60,641**||
|||||24,423|
||||||



The notes on pages 18 to 23 form part of these financial statements 

P a g e  | **14** 



**THE ROYAL MUSICAL ASSOCIATION** 

**Statement of Financial Activities Incorporating the Income and Expenditure Account for the Year Ended 31st December 2024 (continued)** 

|||||**2024**|2023|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|Total|
||**Note**|**Funds**|**Funds**|**Funds**|Funds|
|||**£**|**£**|**£**|£|
|**Brought Forward**||**58,641**|**2,000**|**60,641**|24,423|
|**Other**||||||
|Cost of publications|12|**18,980**|**0**|**18,980**|10,876|
|Website and computer||**2,882**|**0**|**2,882**|3,060|
|Consultancy Fees - Executive Officer||**14,546**|**0**|**14,546**|15,156|
|Meetings expenses||**21,176**|**0**|**21,176**|18,322|
|Travel Expenses||**462**|**0**|**462**|333|
|Bank and currency charges||**315**|**0**|**315**|305|
|Accountancy||**1,920**|**0**|**1,920**|1,920|
|Statutory fees and expenses||**35**|**0**|**35**|48|
|Communication Officer||**3,145**|**0**|**3,145**|2,895|
|Digital Technologies Officer||**3,145**|**0**|**3,145**|2,895|
|Research Skills Officer||**3,145**|**0**|**3,145**|2,895|
|Flagship Conference Co-ordinator||**3,145**|**0**|**3,145**|2,895|
|Admin Officer Fees||**2,171**|**0**|**2,171**||
|Publicity||**0**|**0**|**0**|478|
|Sundry Expenses||**1,422**|**0**|**1,422**|2,619|
|||**76,489**|**0**|**76,489**|64,697|
|**Total Expenditure**||**135,130**|**2,000**|**137,130**|89,120|
|Net gains / (losses) on investments|3|**3,385**|**3,202**|**6,587**|21,723|
|**Net income / (expenditure)**||**(6,556)**|**21,851**|**15,295**|26,227|
|**Transfers between Funds**||**0**|**0**|**0**|0|
|**Net Movement in Funds**||**(6,556)**|**21,851**|**15,295**|26,227|
|**Reconciliation of Funds**||||||
|Total funds brought forward||**208,867**|**115,949**|**324,816**|298,590|
|**Total funds carried forward**||**202,311**|**137,800**|**340,111**|324,816|
|||||||



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

Page 22 gives details of changes in resources applied for fixed asset investments for charity use. 

The notes on pages 18 to 23 form part of these financial statements 

P a g e  | **15** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **Balance Sheet as at 31st December 2024** 

|**Note**<br>**Fixed Assets**<br>Investments<br>3<br>**Current Assets**<br>Stocks<br>4<br>Debtors<br>6<br>Cash at bank<br>8<br>Cash in hand<br>**Total current assets**<br>**Liabilities**<br>**Creditors: amounts falling due within one year**<br>7<br>**Net current assets**<br>**Total assets less current liabilities**<br>**The funds of the charity:**<br>General Funds<br>9<br>Restricted Funds<br>9<br>**Total charity funds**|||||
|---|---|---|---|---|
||||**2024**|2023|
||**Unrestricted**<br>**Funds**|**Restricted**<br>**Funds**|**Total**<br>**Funds**|Total<br>Funds|
||**£**|**£**|**£**|£|
||||||
||||||
||**149,088**|**101,934**|**251,022**|244,147|
||**0**<br>**29,321**<br>**46,652**<br>**145**|**0**<br>**0**<br>**35,866**<br>**0**|**0**<br>**29,321**<br>**82,518**<br>**145**||
||||||
|||||0<br>62,292<br>38,448<br>145|
||**76,118**<br>**22,895**|**35,866**<br>**0**|**111,984**<br>**22,895**|100,885<br>20,216|
||**53,223**<br>**202,311**|**35,866**<br>**137,800**|**89,089**<br>**340,111**|80,669<br>324,816|
||**202,311**<br>**0**|**0**<br>**137,800**|**202,311**<br>**137,800**||
|||||208,867<br>115,949|
||**202,311**|**137,800**|**340,111**|324,816|



For the year ending 31st December 2024 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. 

Simon Keefe President 

Valerie James Honorary Treasurer 

P a g e  | **16** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **Statement of Cash Flows for the year ended 31st December 2024** 

|**Note**<br>**2024**<br>**£**<br>Cash Flows from Operating Activities<br>13<br>44,358<br>Cash flows from investing activities<br>(287)<br>Cash flows from financing activities<br>0<br>Increase / (Decrease) in cash and cash equivalents<br>44,071<br>Cash and cash equivalents as at 31st December 2023<br>38,593<br>Cash and cash equivalents as at 31st December 2024<br>82,664<br>|2023<br>£<br>(23,618)<br>(282)<br>0|
|---|---|
||(23,900)<br>62,493|
||38,593|



P a g e  | **17** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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. 

P a g e  | **18** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (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**<br>**Investments**<br>Cost brought forward<br>Additions<br>Cost carried forward<br>**Movement in market value of investments**<br>Market value at beginning of period<br>Additions<br>Unrealised profit/(loss)<br>Market value at 31 December|**2024**<br>**2023**<br>**£**<br>£<br>217,503<br>217,221<br>287<br>282<br>**217,790**<br>217,503<br>244,147<br>222,143<br>287<br>282<br>6,587<br>21,722<br>**251,021**<br>244,147|
|---|---|



## **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. 

P a g e  | **19** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

|**Note 5**<br>**Donations and legacies**<br>Donations<br>Legacies<br>**Note 6**<br>**Debtors**<br>Sundry Debtors<br>Accrued income<br>**Note 7**<br>**Creditors**<br>Subscriptions received in Advance<br>Accruals<br>**Note 8**<br>**Cash at Bank**<br>Santander plc<br>CAF<br>COIF – main account<br>CAF Gold account<br>COIF – Peter Le Huray Memorial Fund<br>COIF – Jerome Roche Prize<br>PayPal|**2024**<br>**£**<br>17,666<br>-<br>**17,666**<br>**2024**<br>**£**<br>-<br>29,321<br>**29,321**<br>**2024**<br>**£**<br>5,595<br>17,300<br>**22,895**<br>**2024**<br>**£**<br>2,000<br>35,100<br>10,925<br>21,715<br>9,114<br>2,194<br>1,470<br>**82,518**|**2023**|
|---|---|---|
|||£|
|||5,045<br>0|
|||5,045|
|||**2023**<br>£<br>-<br>62,292|
|||62,292|
|||**2023**|
|||£|
|||7,584<br>12,632|
|||20,216|
|||**2023**|
|||£<br>2,000<br>15,041|
|||7,872<br>8,670<br>2,088<br>2,777|
|||38,448|



P a g e  | **20** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

|**Note 9**<br>**Funds**<br>Peter Le Huray Memorial Fund<br>COIF – Jerome Roche Prize<br>Margarita M Hanson Fund<br>Fellowship Fund<br>Restricted Funds<br>Unrestricted Funds<br>Total Unrestricted Funds<br>Total Funds|**Balance at**<br>**Balance at**<br>**01/01/2024**<br>**Income Expenditure**<br>**Transfers 31/12/2024**<br>8,671<br>444<br>0<br>0<br>9,115<br>2,087<br>107<br>0<br>0<br>2,194<br>100,191<br>6,085<br>2,000<br>0<br>104,276<br>5,000<br>17,215<br>0<br>0<br>22,215|
|---|---|
||115,949<br>23,851<br>2,000<br>0<br>137,800<br>208,867<br>128,574<br>135,130<br>0<br>202,311|
||208,867<br>128,574<br>135,130<br>0<br>202,311<br>324,816<br>152,425<br>137,130<br>0<br>340,111|



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. 

The Margarita M Hanson fund is being used to establish the Margarita M. Hanson award to support members of the RMA (including students) publishing on British music before 1750. Two awards of £1,000 each were granted this year. 

|**Note 10**<br>**Royalties**<br>Royalties receivable from Cambridge University Press<br>Royalties receivable from Routledge / Informa<br>Other<br>Royalties receivable from JSTOR|**2024**<br>**2023**<br>**£**<br>**£**<br>29,324<br>43,521<br>10,110<br>366<br>12,507<br>559<br>3,127<br>3,253<br>**55,068**<br>47,699|
|---|---|



Publication costs and royalties are allocated to the General Fund. 

P a g e  | **21** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

|**Note 11**<br>**2024**<br>**Grants and Awards**<br>**£**<br>Grants for Affiliated conferences<br>4,007<br>Small Research Grants<br>6,213<br>Dent Medal Lecture<br>382<br>Striking of Dent Medal<br>450<br>Tippett Medal<br>1,485<br>Music & Philosophy study group<br>1,000<br>RMA Annual conference<br>0<br>RMA Student conference<br>1,920<br>M Hanson fund grants<br>2,000<br>**17,457**<br>**Note 12**<br>**2024**<br>**Cost of Publications**<br>**£**<br>JRMA Editor consultancy fees<br>4,718<br>JRMA Reviews Editor consultancy fees<br>987<br>Sub-editing & proofreading<br>10,457<br>Research Chronicle Editor consultancy fees<br>1,948<br>Mongraphs Editor honorarium<br>870<br>**18,980**<br>**Note 13**<br>**Reconciliation of net movement in funds to net cash flow from operating activities**<br>**2024**<br>Net movement in Funds<br>15,295<br>Unrealised profits / losses on investments<br>(6,587)<br>Decrease / (Increase) in debtors<br>32,971<br>Increase / (Decrease) in creditors<br>2,679<br>Net cash used in operating activities<br>**44,358**|**2024**|**2023**|
|---|---|---|
||**£**|**£**|
||4,007<br>6,213<br>382<br>450<br>1,485<br>1,000<br>0<br>1,920<br>2,000<br>**17,457**<br>**2024**<br>**£**<br>4,718<br>987<br>10,457<br>1,948<br>870|3,656<br>9,326<br>0<br>495<br>600<br>500<br>1,920<br>270<br>2,000|
|||18,767|
|||**2023**|
|||**£**|
|||2,895<br>908<br>4,481<br>1,792<br>800|
|||10,876|
|||**2023**|
||||
|||26,227<br>(21,723)<br>(30,925)<br>2,803|
|||(23,618)|



P a g e  | **22** 



**THE ROYAL MUSICAL ASSOCIATION** 

## **NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)** 

|**Note 14**<br>**Trustees’ reimbursed expenses**<br>Amy Blier-Carruthers<br>Ann van Allen-Russell<br>Genevieve Arkle<br>Mark Berry<br>Nurià Bonet<br>Lois Fitch<br>Laura Hamer<br>Rebecca Herissone<br>Erin Johnson-Williams<br>Berta Joncus<br>Simon Keefe<br>Barbara Kelly<br>Elaine Kelly<br>Simon McVeigh<br>Sue Miller<br>Laudan Nooshin<br>Caroline Rae<br>Clair Rowden<br>Tim Summers<br>Catherine Tackley|**2024**<br>411<br>0<br>0<br>852<br>661<br>300<br>644<br>596<br>285<br>0<br>855<br>1311<br>0<br>0<br>644<br>0<br>337<br>715<br>0<br>820<br>**8,431**|**2023**<br>0<br>341<br>167<br>0<br>1630<br>0<br>364<br>324<br>0<br>385<br>2920<br>353<br>500<br>0<br>431<br>0<br>343<br>539<br>112|
|---|---|---|
|||8,409|



P a g e  | **23**