Ch•rlty roglstrallon nurnber 262506
Company reg18tratlon number $64184 (England and Wales)
MUSIC AND LETTERS TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

MUSIC AND LErrERS TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Professor S Collins
Dr B Joncus
Dr Ntsel O'Regan
Dr B Taylor
Profe550r K Ellis
Dr D Beard
Professor R Herissone
Professor S Hibberd
Professor J S Rink
Dr P Wtton
Secretary
Dr P Wllton
Charlty number
262506
Company number
564184
Registered office
CIO Critchleys LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX12EP
Independent èxamln•r
Crilchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX12EP

MUSIC AND LETTERS TRUST
CONTENTS
Page
Trustees, report
Independenl examinerfs report
Statement of financjal aCtiV￿e$
Balan￿ sheet
Note5 to the financi81 statements
7-12

MUSIC AND LETTERS TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present thelr annual report and finanaal ststem¢nls for the year ended 31 March 2024.
The ffinancial statements have been prepared in accordance with the accounting policies Set out in note 1 to the
financial statements and comply with the charity's articles of 8ssoci81ion. the Companies Act 2006 8fid "Accounting
and Reporting by Charities.. Statement of Recomrnended Practs'ce applicable to charities preparing their accounts in
accord8nce with the Financial Reporting Stsndard applicable ill the UK and Republic of Ireland IFRS 102}.
leffective 1 January 20191.
In the event of the compary being wound up, the li8bility of Ihe rnembers Is lirnlted to £1.
Oblectlves and actlvltleB
The main activity ol the charStable company. as set out in its Articles of Association, continue5 to be the
odvancernenl of public education in, and fostering research into, the Art and Saence of Muslc, principally through
the sponsorship and promotion of scholarfy works. The directors anticipate no future change lo this activity.
The award of grants and prizes is a key element of the charitsble company's ath'vth'es. Awards are made twice a
year. in January and July, in order to support muslcal research. Awards are made on the basis of academic
excellence and finanei81 need.
The directors confirm that they have complied with the duty in sèction 17151 of the Charities Act 2011 to have due
regard lo the public benefit guidance published by the Charity Cornrnis5ion when reviewing the Trust's aiffls 8nd
objectives and in planning future activit4.es and setting the grant making policy for the year.
Public benefit
The trustees have paid due regard to guidance issued by the Chailty Comrnission in deciding what activf(ie3 the
charity should undertake.
Achievements and perforniance
SwnilicaTrt activities and achievemenls against objectives
The charitable cornpany'5 main achievements during the year were the continued publlcatlon of the journal Music &
Letters and the award of grants 8nd PTizes in line with the Trustees, annual budget. The Trust has established its
grant rnaking policy to achieve its obje(*s of supporting musical ￿se8￿ch and educalM)n for the public benefit. The
benefits of the Trust's work include thè education of future researchers, th8 funding of on-going research and the
dissemina￿On of research findings.
The Trust made awards to 85SlSt with organisation of 8cademic conferences", to enable scholars to attend
conferences to present theirwork." to assist with costs incurred In the publication of research." 8nd to defray the costs
of spending time away from home in order lo undertake research.
The performance of the charitable company's invesbnents in the COIF Charity Investment and Deposit Funds has
been in line with the Trustees, expectations.

MUSIC AND LEThERS TRUST
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Flnanclal revlew
The resutts for the year are set out in the Statement of Fln8nclal Activities on page 6.
The charty's income is not guaranteed bul depends on..
1. royalties from the journal, Music & Letters
2. dividends and interest from reserves invesled in the COIF Charity Inve8tFnent and Deposit Funds, which are
subject to 11ucl￿atl0nS in the stock market.
The Trust's tharitable expenditure also varies from year lo year a5 8 resuK of the number and quality of the projects
lo be fijnded. In years when charitsble expenditure exceeds nel income, it is necessary lo draw on the Trust's
reserves.
From time to time the Trust makes larger than usual grants, malnty to organisaty'ons, and in such instsnces would
draw on its resèNes to avoid cutting back on grants to individuals.
The Twstees held the assets of lh8 trust in accordance wrth their powers during the year. The Twstees have
ab501ute discretion lo invest the funds of the Trust,. no restrictions a￿ placed on these power5. The Trustee5' policy
for the selection of investments for the charity is lo seek lo produce a steady return on investment wthout exposing
reserves to any undue level of risk.
The Trustees believe that the charity should maintain sufficient reserves lo enable it to operate for about flve years
in the event of a sharp drop in income or of exceptional charitsble expeTrdlture. Resetves at 31 March 2024 were
£209,742.
The Trust aims to keep th8 reserves at a steady level by spending its net annual irncome on grants and prizes.
Projected expenditure on grants and pryzes in the financial year to 31 March 2024 Is be￿en 10 and 15% of
reserves.
If the reserves Iniye8se above the level conside￿￿ necessary for safeguarding the actiwties of the Trust in the
corning five years, more applications for 9rant5 wll be sought by increased advertising. The financial srtuation is
Carefully reviewed by the Trustees at twice-yearly meetings of The Board.
R85EffV8s policy
It is the policy of the tharity that unrestricted fund5 which have not been designated lor a specific use should be
maintained at 8 level equivalent to between IhTee and six month's expendiluTe. The trustees consider that reserves
al this level wlll ensure ihal, in the event ol a significant drop in funding, they wll be able to continue the charity'8
current activities while consideration is given to ways in ￿lch addition81 funds may be raised. This level of reserves
has beers maintained throughout the year.
Structure, govemance and rnanaoement
Music and Letter5 Trust is a company limited by guarantee registered a6 a charfty under the Charities Act 1960. The
charitable cotnP8ny is governed by its Articles olAssociation.
The Iruslees, who are also the directors for the purpose of company law, and who served during the year and up lo
the date of signature of the financi81 statements were..
Professor S Collin5
Dr B Joncus
Dr Noel O'Reg8n
Dr B Taylor
PTofessor K Ellis
Dr D Beard
Profe850r R Herissone
PTofes50T S HibbeTd
Professor S Barrett
Profes50T J S Rink
Dr P Wllton
(Resigned 17 January 20241

MUSIC AND LErrERS TRUST
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Reewitment 8nd 8ppoiritment of twstees
Trustees appoint new metnbers of the Board either to fill 8 casual vacancy or by way of addition to the Board.
Particular ernphasis is placed upon the appointment of Trustees wf(h knowledge and experience relevant to the
charit8ble company's actiwties 8nd who will enable Mu51c and Lellers to mainiain a 8oard of Trustees with a wde
range of musicological interests. There is no formal induction pro￿$￿. but proposed new Trustees are encouraged
to familiarise themselves with their responsibilities under the Comp8nies and Charities Acts beforg 8ppoinlment.
Day to day adrninistraiion of the Trust is delegated to a manager under the supervision of Bo8rd. The manager is
also a member of the Board ol Trustees. Decision-rnakir*g poweT5 are retained by the Board and exercised al
meetings in January and Juty. The Trus19es have delegated the day to d8y fflanagement of the charity to Dr Peter
Ilon.
The Trustees have identified and considered the major iisks to which the cha￿ty Is exposed and have established
systems and procedures to manage those risks.
None of the trustees has any beneficial Interest in the company. All ol the trustees are members of the comp8ny and
guarantee to contribute £1 in the event of a wnding up.
The trustee5' report was approved by the Board of Trustees.
Professor J S Rink
Trustee
Date..
9 July 2024

MUSIC AND LErrERS TRUST
CRITCHLEYS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MUSIC AND LETTERS TRUST
I report to the Iru5tees on my examination of the finanaal statements of Music and Letters Trust (the chartyl for the
year ended 31 March 2024.
Respon$lbllltles and basls of ￿pOrt
As the trustees of the charity land also its directors ft>r the purposes of cornp8ny lawl you are responsible for the
preparation of the flnancial statements in accordance with the requirements of the Companies Aet 2006 Ithe 2006
Act).
Having satisfied myself that the fin8na815tatements of the charity S￿ not required lo be 8udited under Part 16 of
the 2006 Act and are eligible for independent examination, I report in respect of my examination of the tharity,
fin8￿cial siatements carried out undeT seciion 145 of the Charities Act 2011 Ilhe 2011 Act). In carryin9 Out my
examination I have followed all the Bpplicable Directions glven by the Charity Commission under section 14515llbl
of the 2011 Act.
Independent examlnaes ststement
I have completed my examination. I confimi that no m8tteTS have come to my attention in connection with the
axamination giwng me cause to believe that in any material respect..
3ccounting records were not kept ifi respect of the charity as required by section 386 of the 2006 Act.. or
the financial Statements do not accord with those records,. or
the financial statements do not Comp￿ with the accounting requirements of sectlon 396 of the 2006 Act other
than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of a
independent exarnin8tion', or
the financial statements have not been prepared in accordance wilh the methods and principles of the
statetllent ol Recommended PTactice for accounting and reports'ng by ch8rities applicable to ¢haTIts"es
preparing their accounts in attordan￿ with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021.
I hBve no concerns 8nd have come across no other rnatters in connection wth the examination lo which attention
should be drawn in thi5 report in order to enable a proper underslanding of the ffinancial statements to be reached.
Gary Pready FCA
Critchleys Audlt LLP
Beaver House
2>38 Hylh& Bridge Street
Oxford
OX12EP
Dated..

MUSIC AND LETTERS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrèstrlcted
funds
2024
Unrestrlcted
fund8
2023
Notes
Incorne and endowm•nts from..
Investments
othgr income
5.305
27,958
2,921
24.265
Totsl income
33,261
27.186
Expenditure on:
Charitable activitie5
17,524
15.1
Total expendlture
17,524
15,1
Net gainslllossesl on Inve8tments
11
4,118
{1,7891
Net Income and movement in funds
19,855
10.207
Reconciliatlon ol Yunds..
Fund balances at 1 April 2023
189,887
179.fj80
Fund balances at 31 March 2024
209,742
189,887
The statement of financial activities Sncludes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.

MUSIC AND LETTERS TRUST
BALANCE SHEET
AS AT3f MARCH 2024
2024
2023
Notes
Flxed assets
Investments
13
133,983
124,668
Current assets
Debtors
Cash at bank and in hand
14
28,321
59,828
24,522
60,283
87,949
84,805
Creditora= amounts falling due wlthln
on• yèar
15
112.1901
119,5861
Net current assets
75,759
65.219
Total assets le88 currènt IlabSlltles
209,742
189,887
The funds of the charity
Unreslricled fijnds
209,742
189,887
209,742
189,887
The company Is entitled to the exemption from the audit requirement contained in section 477 of the Companles Act
2006, for the yeai ended 31 March 2024.
The diredors acknowledge their responsibilrties for complying with the requirements of the Comp8nles Act 2006
with respect to accounting records and the preparation of Ilnandal statements.
The members have not required the company to obtsln an audit of its financial statements for the year in question in
8ccordance with section 476.
These financial statements have been prepared In accordance wfth the piovisions applicable to companie3 subject
to the small comp8ni85 regime.
9 Juty 2024
The financAal stslements were approved by the trustees on .........................
Professor J S Rink
Trustee
Company regi5tr8tion number 564184 (England and Wales)

MUSIC AND LETTERS TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting pollcles
Charlty Infomiatlon
Music and Letter5 Trust is a private company limrted by guarantee incorporated in England and Wales. The
registered office 15 CIO Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street. Oxford, OX12EP.
1.1 Accountlng conventlon
The financial statements have been prepared in accordance with the charity's Articles of Association, the
Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland. I'FRS 1021 and the ChArities SORP "Accounting and Reporting by Charities.. Statelnent ol
Recomrnended Practice applicable to charib'es preparing iheir accounts in accordance with the Fin8nci81
Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. The
charity is a Public Benefit Entity as defined by FRS 102.
The charty has taken adv8ntsge of the provisions in the SORP for charities not to prepare a Statement of
Cash Flows.
The financial statements are prepar8d in sterfing, which is the functional currency of the charity. Monetsry
amounts in these financial statements 8re rounded to the nearest £.
The financial staternenls have been prepared under the historical cost convention. The principal accounting
policies adopted a￿ sel out below.
1.2 Golng concern
At the time of approving the financial statement5, the trustees have a reasonable expectation that the chaiity
h85 adequate resources to conts'nue in operational existence lor the foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting in preparing ihe financial statements.
1.3 Charitable funds
Unrestricted funds are available foi use al the discretion of the trustees in fvrtherance of thelr charitable
objectives.
1.4 Ineome
Income is recognised when the charity is legally entitled lo il after any performance conditions have been met,
the arnounts can be measured relkqbly. and it is probable that income will be received.
Income from charitable actiMtie5 COllSlSts ol royalties re￿iVed trom the journal Music & L8tt8rs which is
recognised when receivable.
Investment income is accounted forvthen receivable.
1.5 Expendlture
Expenditure is recognised ollce there is a legal or construcb.ve obligation to transfer econornic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of diTect costs and
shared costs, including support costs involved in undertaking each actwity. Direcl cost5 attributable to a single
activity are allocated directly to that a¢tivily. Shared costs which contribute to more than one activity and
6UPPOrt cost5 which are not attributable to a single activity are apportioned between those activities on 3 basis
consistent with the use of resources.

MUSIC AND LETTERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
Icontlnuedl
1.6 Fixed asset Investments
Fixed asset investrnenls are initialty rneasured al Ir8ns8etlon piice excluding transadon costs, and are
subsequenlty measured at fair value at each reporting date. Transaction c0515 are expensed as incurred.
Change5 in fair value are recognised in other recognised gains and losses except to the extent that a g8ln
reverses a loss previously recogni5ed in nel incoTne expenditure, or a loss exceeds the accumulated g8in5
recognised in equity.. such gains and loss are recognised in net incomellexpenditurel for the year.
1.7 Cash and cash equlvalents
Cash and cash equivalents include cash In hand, deposits held at call with banks. other 5hort-tem liqu
investments wth original rn8turities of three months or less. and bank overdratts.
1.8 Flnancial in$trurnent5
The charity has elected to apply the prow540ns of Section 11 '885ic Financial Instruments, and Sectlon 12
'(Xher Financial Insiruments Issues, of FRS 102 to all of its financi81 instruments.
Financial instruments are recognised in the ch8rity8 b818nce sheet when the charlty becomes paty to the
contractual provisions of the instrument.
Fin8nelal assets and liabilities are offset, wllh the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised arnounls and there is an intents'oD lo settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic finan(#al assets, which include debtors and cash and b8nk balAn￿s, are initially me8surèd at
transaction price including transaction costs and are subsequently carried at amortised c05t using the effective
interest rnelhod unless the arrangeTnent constitutes a financing transaction, where the transaction 15
measured at the present V81ue of the future receipts discounted at a market rate ol illter85t. Financial assets
classified as receivable within one year are not amorb'sed.
Basic financial liabilitlg$
Basic financial liabilities, induding Credltors are initialty recognised at transaction price unless the
arrangernenl constitutes a financing transaction, Whe￿ the debt instrument is measured 81 the present value
of the future payments discounted at a market rate of interest. Financial liabilities das$ified a5 payable within
one year are Trot arnort158d.
Derecogni¢ion ol financlal liabilities
Financial liabilities are derecognised when the charity's contiactual obligations expire or are dlstharged or
cancelled.
Crftical accountsng estimates and Judgements
In the application of the charity's accounting policies, the trustees are requlred lo make ludgements, estimates
and assumptions about the carryino amount of assets and liabilities that are not readily apparent from other
source5. The estimates and associated 8SSUTnptions are based on historie81 experience and other f8Ctors that
are considered to be relevant. Actu81 TesuFts may differ from these estitnates.
The estimate5 and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estiTnate is revised where the revision affects onty that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

MUSIC AND LETTERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Income from Invèstments
Unrestrlcted Unrg$lrl¢ted
funds
funds
2024
2023
Int6r881 receivable
5,305
2,921
Other Sncome
Unrestrlcted Unr•strlct8d
funds
funds
2024
2023
Royalties
27,956
24,265
Charftable aetfvitle$
2024
2023
Bank tharges
10
Granls and prEes
Share of governance costs (see note 71
13,819
3,69S
11.444
3,738
17,524
15,190
Grants payable
2024
2023
Grants and prizes
13,819
11.444
13,819
11.444
During the year, the charty awarded grants and prize5 lotalling £19,88512023.' £19,657110 20 individuals
12023.. 20 individuals)
Grant5 and pr￿e5 expenditure includes an adjustment of £3,72512023.' £8,365) in re5P8Ct of grants awarded
in previous years which were not paid.

MUSIC AND LEThERS TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Grants payable
Icontlnuedl
Support Costs
Gov•mance
costs
2024
2023
Independent examlnation fees
Accountancy fees
Secretarial expenses
2,120
570
1,CKJ5
2,120
570
1,005
2,064
534
1,140
3,695
3,695
3,738
Analysed befv4een
Charitable activities
3,695
3,695
3,738
Nèt movement In funds
2024
2023
The net movement in funds 15 staled after chArgingllcTeditingl'.
Fees payable for the independent examination of the charilvs fin8nci81
statements
2,120
2,064
Tru$tee$
One of the trustees lor any persons connected with them) received any remuneration or benefits from the
charity during the ye8r. One trustee re￿iVed remuneralion for servicès to the cornpany and reimbursement of
expenses totalling £26312023.. £1,140)
10 EmployeeB
The aver8ge rnonthly number of employees during the year was..
2024
Number
2023
Number
Total
There were no employees whose annual remuneration was more than £60,000.
10.

MUSIC AND LETTERS TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11 Net galnslllossesl on Investmènts
Unrestricted Unrestricted
fund¥
funds
2024
2023
Revaluats'on of investrnents
4,118
11,7891
12 Taxatlon
The charity is exempt frorn tsx on income and gains falling wilhin Section 505 of the Taxes Act 1988 or section
252 of the Taxation of Charge8ble Gains Act 1992 to the extent th81 these are applied to its charitabl8 obj8cI5.
13 Fixed asset investments
Llsted Investment
account
Totsl
Valuation
At 1 April 2023
Valuation changes
Intere51 received
45.496
4,118
79,172
124.668
4,118
5.197
5,197
At 31 March 2024
49,614
84.369
133.983
Carrylng amount
At 31 March 2024
49.614
84,369
133,983
At 31 March 2023
45,496
79,172
124.668
Investrnents include £84,369 as valued at market value of a COIF Charth'es Deposit fund, held by CCLA
Investrnent Management Llmited.
The listed investment relates to shares In COIF Charities Investment Fund Inc.
14 Debtors
2024
2023
Amounts falling due withSn one year:
Royalties receivable
Inveslfflent income
27,956
365
24,265
257
28.321
24.522
11

MUSIC AND LETTERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15 Credltors= arnounts falllng due wlthln one year
2024
2023
Grants payable
Accruals and deferred income
8,485
3,705
17.086
2,500
12,190
19,586
16 Unrestrlcted fund•
The unrestricted Yunds ol the charity comprise the unexpended balan￿3 of donations and grants which are
not subjed to specific conditions by donor$ 8nd grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 Apkll
2023
Incomlng
r￿oUrceS
R•50urces
expended
Gain¥ and At 31 March
Iosgeg
2024
Gen&r81 funds
189,887
33,261
117,524
4,118
209,742
Prevlou¥ yoar..
At l Aprll
2022
Incomlng
resources
Resources
expended
Galns and At 31 March
1038e$
2023
Gen&ral funds
179,680
27,188
115,1901
11,7891
189,887
17 Related party tr4nsaetlons
One member of the Board received remuneration for services to the Company totaling £263 12023." £1,140).
A5 8131 March 2024 a balance of £863 was outslanding12023.. £6001.
Dvring the year ended 31 March 2024, the charity awarded grants totaling £nil12023..
£2,250) to Trustees. The Trustees concemed were excluded from the deasion-making process
leading to the grant award.. the Trustees involved declarlng no pecuniary interest In the
grants sought. The Board approved the grants having confirmed that it did not represent
a conflict of interest for the Trustees concerned. As 8t 31 March 2024 grants awarded but
not yet paid lo Trustees amounted to £nil12023.. £1,500).
12-