THE MUSICA BRrrANNICA TRUST TRusfEE REPORT AND ANNUAL Accoupirs FOR THE YEAR ENDED 30- JUNE 2023 Page Legal and administrative infomiation Trustees. Report Independent Examinerfs Report to the Trustees statement of Financial Activtties Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10-15 Charity Number 271332
THE MUSICA BRrrANNICA TRUST LEGAL AND ADMINISTrATIVE INFORMATI(X4 TRUSTEES Dr Nicolas Bell Professor Rebecca Herissone Professor Peter Holman Professor Julian Rushton Valerie James Professor Barbara Kelly SEcRARy Christopher Scobie CHARITY NUMBER 271332 PRINapAL ADDRESS Flat 9, Carlyle House Albion Road London N16 OUA INDEPENDENT EXAMINER rim Gage FCA MSC DChA Sonnet Advisory & Impact C.l.C. 45 Flitwick Road Ampthill Bedfordshire MK45 2NS BANKERS CAF (Charities Aid Foundation) 25 Kings Hill Avenue West Malling Kent ME19 4TA SOLlaTORS Field Fisher Waterhouse LLP 35 Vine Street London EC3N 2PX
THE MUSICA BRANNICA TRUST TRUSTEES, REPORT FOR THE YEAR TO 30 JUNE 2023 The trustees present their report and accounts for the year ended 30 June 2023. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charttvs Trust Deed, The Charities Act 2011 and the Trustees have adopted the provisions of the Statement of Recommended Practice, 'Accounting and Reporting by Charities, IFR5102}, effective from l January 2015. sTruuRE, GOVERNANCE, AND MANAGEMEP Structure of the Trust The Musica Britannica Trust was established by Trust Deed by the Royal Musical Association as an independent Charitable Trust with effect from l July 1976. Trustees The Trustees shall consist of lal ex-officio Trustees and Ibl no fewer than two nor more than four ordinary Trustees. Ex-officio Tnjstees are. under Clause 4 of the Trust Deed. deemed to be the individuals holding office in the Royal Musical Association as President and Honorary Treasurer. Ex- officio Trustees will change in accordance with the change of officers in the Royal Musical Association. The ordinary Trustees shall be apFK)inted land may be removedl by Resolution duly passed by the Editorial Committee of the Musica Britannica Trust and shall be members of the Editorial Committee. Under Clause 7lcl of the Trust Deed decisions of the Trustees shall be determined by reference to a simple majority vote of the members present and voting- in the case of an equality of votes the Chaimian of the meeting shall not have a second casting vote. Trustee induction and training. New trustees are briefed on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, the content of the Trust Deed, committee and decision-making processes. and the recent financial perforniance of the Trust. The trustees who served during the year are as follows-. Ordinary trustees Dr Nicolas Bell Professor Rebecca Herissone Professor Peter Holman Professor Julian Rushton Ex-officio trustees Valerie Jame5 IHonorary Treasurer of the Royal Musical Association) Professor Barbara Kelly (President of the Royal Musical Association) Administration and rssk The administration of the Trust and the control. management and application of the Trust Fund are in the discretion of the Trustees. The day-to-day management of Musica Britsnnica is the sole responsibility of the EditorFal Committee, subjert to any credit limits whh the Trustees may impose from time to time. The Trustees have reviewed the risks faced by the Trust and are satisfied that there are adequate procedures in place to mitl8ate all material exposure.
THE MUSICA BRITANNICA TRUST OBJEcfivES AND ACTMTIFS Objectives of the Trust The TrLSSt was established in order to promote, support, and develop research into British music bv the continuing research and publication of Mu5ico Britonnica. There has been no change in policy during the year. Public benefrt The core remit of the Trust. which is exercised in the public beneftt, 15 to extend the knowledge and to enrich the general understanding and appreciation of British music. The Trustees have considered the guidan on publrc benefit issued by the Charity Commission and are mindful of their duty to ensure that all of the chariVs activitie5 fall within the scope of the guidance. Activities The Trust achieves its objectrves chiefiy through the publication of the series Musico Britannict7. In addition, by means of the Musica 8ritannica Recording Award, the Trust rnakes small monetary grants to support recordings of repertoire from the Musico Britonnica SerS. The Lewis Memorial Prize Competition {fomierly Sir Anthony Lewis Memorial Prize), founded in memory of the first Chairman and General Editor of Musica Britsnnica. is held every year and is administered by the Trust. MEMBERSHIP AND MEETrNGS The Trustees met on three occasions during the year. The Editorial Committee met on three occasions during the year. The folk)wing served as members of the committee: Dr Nicolas Bell Dr Jonathan Clinch Dr John Cunningham Professor David Fallows Profe$50r Rebecca Herissone (Chairl Professor Peter Holman Dr Peter Horton Dr Harry Diack Johnstone Dr Valerie LanEfield Dr Peter Lynan IGeneral Editor) Professor Julian Rushton Professor Jonathan Wainwright In accordance with section 81ii} of the Musica Britsnnica Trust Deed. Professor David Fallows Professor Rebecca Hefissone, Dr Peter Horton and Dr Harry Johnstone retire from the Editorial Committee. All offer themselves for re-election.
ACHIEVEMENTS AND PERFORMANCE Publication of Musica Britannica During the year one new volume of Musico Britonnico was published= Volume 107.. Benjamin Cosyn." Complete Keyboord Music. edited by Orhan Memed The Trustees, through the Editorial Commtttee. continued to authorise the preparation of perforniing parts for sale or for hire for all relevant new volumes. The Trustees are grateful to the publishers for their work and advi on all matters pertaining to the publication of Musica Britonnico. Musica Britannica Recordlng Award The Trustees invited applications for a new Recording Award and receNed 10 application5. Three grants of £2.000 each were awarded to= Solomon's Knot (for a recording of vocal music by George Jeffreys): Julian Perkins (for video recordings of works by Tomkins. Greene and Roseingravel: Giulia Nuti Ifor a recording of music by Benjamin Cosynl Lewis Memorlal Prize The Lewis Memorial Prize Competition took place on Tuesday 4 April 2023. at the Royal Academy of Music. The competition was open to keyboard players and there were five finalists. Julian Perkins Seed as the guest judge. alongside Rebecca Herissone. Peter Holman and Valerie Langfield. who judged on behalf of the Editorial Committee. A first prize of £IOC(I was awarded to Matthew Brown from the Guildhall School of Music and Drama. A second prize of £500 was awarded to Apolline Khou from the Royal College of Music. The judges decided not to award a third prize., FINANCIAL REVIEW ReseThes and investments The Trustees have considered the level of reserves available to the charity. which at 30 June 2023 totalled £ 109,205. Total unrestrirted reseNes includes stock at a value of £52,723 which is not easily realised. leaving free unrestricted reserves of £56,482. These reserves are held to enable the charity to fulfil its purpose through continuing research and publication of Musico Britannica. The Trust received the final payment of Lady Lewis's bequest. which totalled £624.093.60. The Trustees appointed Rathbone Greenbank as their investment manager during this period and the funds have been invested in line with the terms of Lady Lewis's will and the Trusvs investment policy. This investment will be used to fund the Lewis Memorial Prize and associated artivities, as required by the terms of the bequest The state of the Tru5Y5 affairs at 30 June 2023 is shown in the Financial Statements. The Trustees are of the opinion that the Charitws assets are available and adequate to fulfil the obliEations of the Charity.
THE MUSICA BRITANNICA TRUST AcKNOWLEDGMEMrs The Trustees are 8rateful to Stsiner & Bell Ltd for continuiTrg to act as publisher5 to the Trust and express appreciation to the professional adviser5 whose narnes are included on page l. STATEMEOFTRuSTE& RESPONSIBILMES The Trustees are responsible for preparing the Annual Report and the Financial Statements In accordance wf£h applicable law and regulations. Law applicable to charities in England and W8les requires ihe Trustees to prepare financial statements for each finanaol yeat which give a true and fairview of the charivs fir¢ancial aCttreS during the year and of its financial pos&tlon at the end of the year. In preparing these financi31 statements, the Trustees are requi[1 to- Select suttable accounting policEs and then apply them consT5tently; Make judgements and estFmates that are reasonable and prudent- Prepare the financiBI statements on the going conom basis unless it is inapproprlate to presume thatthe charitywill continue in opeTrtion. The Trustees are responsible for keeping proper accounting CordS which discksse with reason3ble accuracy at any time the finanual position of the charTty and et)able them to ensure ihat the financial statements comply Iwth the relerdnt legislation. They are also responsible for safegua.-dTrng the assets of the charity and hen 50r takin8 reasonable steps for the prevention of fraud and other irregularities. For and on behalf of the Musica Britannica Trust Rebecca Herissone ITrusteel Valersejames (Trustee) Christopher Scobie1Secretsry) 16 January 2024
THE MUSICA 8RrfANNICA TRUST Independent examlnerfs report to the trustees of The Muslca Britannica Trust For the year ended 30 June 2023 I report on the accounts of the company for the year ended 30 June 2023 which are set out on pages 7 to 15. Respective responslblllties of Trustees and fxaminer The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is rK)t required for this year under section 144{21 of the Charities Att 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is eligible for independent examination. it is my responsibility to- examine the accounts under section 145 of the 2011 Art,. follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act; and state whether particular matters have come to my attention. Basis of Independent Examine¢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 include5 consideration of any unusual ttems or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The prOdureS undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accoLtnts 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: which gives me reasonable cause to believe that, in any material respert. the requirements- to keep accounting records in accordance with section 130 of the 2011 Act,. and to prepare accoLEnts which accord with the accounting records. comply with the accounting requirements of the 2011 Actand with the methods and principles of the Statement of Recommellded Practice: Accounting and Reporting by Charities have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts reached. Tim Gage FCA MSC DChA 45 Flitwick Road Ampthill Bedfordshire MK45 2NS
THE MUSICA BRITANNICA TRusr Statement of Financial Artfvttles Incorporatlng the Intome and Expendlture Account for the Year End 30th June 2023 V4 2023 2022 Restricted Total Total Funds Note Income Donations Legaciès Donations and Gift aid 177.646 3.788 1.425 1.425 1.425 IA25 181.434 Charitable activities Sales of volumes Royalties 46.109 46.109 45.063 73 50m3 48.936 Investment income Bank interest 72 Total 567 52.573 Expenditure Charitable activltles Sales of Volumes & awards Prizes awarded & expenses 36.608 36.608 11121 41,915 6.121 121 729 915 Other Sundry Expenses 5.738 8,688 5.738 8.688 Total Expenditure Nèt income / lexperFditure) and net mmert In funds before gains and losses in in¥estments 4,221 IL8941 179,839 Net gains/llossesl on investments 2,033 2.033 Net movement In funds 4.221 (4.0821 139 179,839 Reconcillation of Funds Totsl Funds BrouRht Fon¥ard Total funds carrd Fonvard All of the above results are derived from continuing activttfies. All gains and losses reCOlSed in the period are included above. The notes on pages 10 to 15 form part of these financial ststements
THE MUSICA BRITANNICA TRusr Balan sheet as at 30th June 2023 2023 Total Funds 2022 Total Funds Unrestrirted Funds Restrirted Funds Ftxed Assets Investments 586,127 586,127 Current Assets Stocks Debtors Cash at bank and in hand 12 13 IIIFP 52,723 25,216 36,772 51723 25,216 70.898 61,430 134,978 534.410 34,126 Total current assets 114,711 34,126 148.837 730,818 Lsabilities Creditors: amounts fauing due wrthin one year 14 51555 1,499 Net current assets 109.205 34,126 143,331 729,319 Total assets less current liabillties 109,205 620.253 729,458 729.319 The fvnds of the chartty. General Funds Restricted Funds 15 15 109.205 109,205 620,253 104,984 624,335 620,253 Total charity funds 109.205 620.253 729,319 Professor R Herissone Trustee Valerie James Trustee
THE MUSICA BRITANNICA TRusr Statement of Cash Flows for the year ended 30th June 2023 Note 2023 2022 Cash Flows from Operating Attivities 17 1463,512) 179,839 Cash flows from investing activities Cash flows from finanang activities Increase I (Decrease) in cash and tash equivalents (463,5121 179,839 Cash and cash equivalents as at 30th June 2022 534,410 534,410 Cash and cash equivalents as at 30th June 2023 70,898 714,249
THE MUSICA BRITANNICA TRusr NOTES ACCOMPANYING AND FORMING PAiif OF THE FINANCIAL SrATEMEPS FOR THE YEAR ENDED 30 JUNE 2023 Note I Accounting policies a) Basis of preparatiofi of financial ststements The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice ISORPI, 'Accounting and Reportin8 by Charities, IFRS 1021 effective from l January 2015. The particular accounting policies adopted are described below. b) Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the chartty 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 accordan 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 note5 to the financial statements. c) Incoming resources All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the income and the amount can be quantrfied with reasonable accurary. For legacies. entitlement is the earlier of the charty being notifd of an impending distribution or the legacy being received. No amounts are included in the financial Statements for services donated by volunteers. d) 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 constructNe obligation committing the Trust to the expenditure. el Grants Payable Direct charitable expenditure IndleS the grants paid to institutions and individuals where the main concern is to promote. support and develop research into British music. These are recognised in the financial statements when a commitment has been made io
ThE MUSICA BRITANNICA TRusr NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL StATEMENTS FOR ThE YEAR ENDED 30 JUNE 2023 (Continued) fj Stock Stocks of current publications and work in progress have been valued at the lower of cost and estimated net realisable value. The estimated net realisable value is calculated in the basis of cost less provisions calculated according to the date of the production of the volume. Note 2 Voluntary income 2023 2023 2023 2022 Unrestrlcted Restritted Total Total Legacies Donations Gift Aid 177,646 3,788 L425 1.425 1,425 1,425 181,434 Note 3 Investment Income 2023 2023 2023 2022 Unrestricted Restrkted Total Total Interest receivable 1,1 72 Note 4 Incoming resources from Charitable Artivities 2023 2022 Sales of VolLsmes Royaltie5 46,109 3.924 50,033 45,063 3,873 48,936 li
THE MUSICA BRITANNICA TRusr NOTES ACCOMPANYING AND FORMING PART OF THE FINANaAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (Continueql) Note 5 Total Resour¢es Expended Grant funding Total 2023 Total 2022 Note Other Costs Charitable Activities Sales of volumes & awards Sales of volumes & awards Support Costs Total 34,098 2,510 36,608 39,475 2.510 36,608 41,915 Prizes awarded and expenses Activities undertaken directly Study Events Grant funding of activities 6.121 6,121 6,(MXI 6,000 6.121 12,121 Total 42.729 6,(KX) 48,729 41,915 Note 6 Activities Undertaken dirertly Unrestrirted Restricted 2023 2023 2023 2022 Other costs relating to sales of volumes & awards- Opening stock & WIP 61,430 Purchases 20,807 Closing Stock and WIP 152.7231 61.430 74,014 20,807 26,216 0 {52.723) 161,4301 Cost of sales General editor's expenses Honorarium.. general editor Publicity and advertising Contribution to Publisher's Storage Costs 29.514 29,514 4,083 38,800 175 5(Kl 500 34,098 34,097 39.474 12
THE MU51CA BRITANNICA TRusr NOTES ACCOMPANYING AND FORMING PARTOF THE FINANaAL STATEMENf5 FOR THE YEAR ENDED 30 JUNE 2023 {Continuedl Note 7 Grants Payable 2023 2022 Prizes awarded & expenses Musica Britannica Rese3rth Award: No awards were made during the year12020- None). Note 8 Support Costs 2023 2022 Insuran Bank Charges 2.447 63 2,344 96 2.510 Note 9 Governance Costs 2023 2022 Honorarium.. seuetary Secretary's expenses Committee expenses Accounts Preparation Independent Examination 7,160 28 395 1,2 3 Note 10 Trustees No remuneration was paid to any Trustee during the period. The following expenses were reimbursed to trustees durin2 the vear- Rebecca Herrisone- £352.37 Peter Holman - £61.80 Julian Rushton - £112 12022.. No remuneration or expenses were paid to Trustees). Note 11 Employees There were no employees during the year 13
THE MUSICA BRtrANNICA TRUST NOTE5 ACCOMPANYING AND FORMING PART OF THE FINANaAL sfATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (Continued) Note 12 Stocks Stocks are made up of finished goods. being volumes of music for resale totslling £51.523.5212022.. £61,249) and work in progress of £1.199.2912022: £181) hbte 13 2023 2023 Unrestricted Restricted 2023 Total 2022 Total Debtors Trade Debtors Legacy Debtor 25,216 25,216 10,885 124,093 25,216 25,216 134,978 Note 14 2023 2023 Unrestrirted Restricted 2023 Total 2022 Total Creditor5: amounts falling due within one ar Trade Creditors Accruals 5,506 1.499 5,506 5,506 1,499 Note 15 Funds Restricted Fund5 Balance at OV0712022 Balants at Income Expenditure 3010612023 The Lewis Memorial Fund 624,335 2,039 6,121 620,253 Total restricted Funds 624335 2.039 6,121 620,253 Unrestrirted Funds General Funds 104.984 52,567 109,205 Total ndS 729.319 54.606 54,467 729,458 The Lewis Memorial Fund (previously Sir Anthony Lewis Memorial Fund) is used to cover the costs of administration and to provide prizes for a competition held every two years, the competition is for sin8ers, keyboard players, or consorts. The Trust received the final payment of Lady Lewis's bequest, which totalled £624,093.60. This total le8ary is now included with the balance of the Sir Anthony Lewis Memorial Fund as a restricted fund within the accounts of the trust. 14
THE MUSICA BRITANNICA TRusr NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNIE 2023 (Continued) Note 16 Analysis of net assets between funds Unrestrkted Restricted Funds Funds 2023 2022 Fund balances as at 30 June 2023 are represented by. Fixed Asset Investments Current Assets Creditors.. amounts falling due within one year 586,127 34,126 586,127 148,837 730,818 15,5061 {1,4991 114,711 15.5061 109.205 620,253 729.458 729,319 Note 17 Reconclllatlon of net movement in funds to net cash Ilow from operating artivlties 2023 2022 Net movement in Funds Increase in Investments Unrealised profits I losses on investments Decrease I Ilncreasel in stocks Decrease / Ilncreasel in debtors Increase I (Decrease) in creditors {1,8941 1586,1271 2.033 8.707 109.762 4.IYJ7 179.839 Net cash used in operating activities 1463.512} 179.839 15