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
SEcR￿ARy
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 BR￿ANNICA 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.
sTru￿uRE, 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 wh￿h 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 Ser￿S.
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 Se￿ed 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.
STATEME￿OFTRuSTE& 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 aCt￿￿treS 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 prO￿dureS 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 m￿mert 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 carr￿d Fonvard
All of the above results are derived from continuing activttfies. All gains and losses reCO￿lSed 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 SrATEMEP￿S 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 notif￿d 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 Ind￿leS 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