THE MUSICA BRITANNICA TRU TRUSTEE REPORT AND ANNUAL Accouprrs FOR THE YEAR ENDED 30- JUNE 2024 Page Legal and administratFve information Trijstees. Report Independent Examinerfs Report to the Trustees Staternent of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10-15 Charity Number 271332
LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Dr Nicolas Bell Professor Rebecca Herissone Professor Peter Holman Professor Julian Rushton Valerie James Professor Simon Keefe SEcRARy Christopher kobie CHARITY NUMBER 271332 PRINCIPAL ADDRESS Flat 9. CarWe House Albion Road London N160UA INDEPENDENT LXAMINER Tim Gage FCA MSC DChA Sonnet Advisory & Impart C.l.C. 45 Flitwick Road Arnpthill Bedford5hire MK45 2NS BANKERS CAF (Charities Aid Foundation) 25 Kings Hill Avenue West Malling Kent ME19 4TA SOLicrroRS Field Fisher Waterhouse LLP 35 Vine Street Lon(lon EC3N 2PX
TRUSTEES. REPORT FOR THE YEAR TO 30 JUNE 2024 The trustees present their report and accounts for the year ended 30 June 2024. The accounts have been prepared in accordan with the accounting policie5 set out in note I to the accounts and comply with the charity'5 Trust deed. The Charities Act 2011 and the Trustees have adopted the provisions of the Statement of Recommended Practice. 'Accounting and Reporting by Charities, IFRS1021, effective from l January 2015. STrucTURf. GOVERNANCE. AND MANAGEMENT structure of the Trust The Musica Britannica Trutt was established by Trust Deed by the Royal Musical Association as an independent CharFt3ble Trust with effect from l July 1976. Trustees The Trustees shall consist of lal ex-officio Trustees and Ib) no fewer than two nor more than four ordinary Trustees. Ex-officio Trustees 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 appointed land may be removed) by Resolution duly passed by the Editorial Commtttee of the Musica Britannica Trust and shall be mernbers 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 Chairman 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 deeision-making processes, and the recent financial performance of the Trust. The trustees who Seed during the year are as follows- Ordinary trustees Dr Nicolas Bell Professor Rebecca Herissone Professor Peter Holman Professor Julian Rushton Ex-officio trustee5 Valerie James IHonoraryTreasurer of the Royal Musical Assoaationl Professor Barbara Kelly IPresident of the Royal Musical Association), until 31 December 2023 Professor Simon Keefe (President of the Royal Musical Assoaationl. from January 2024 Administration and risk The administration of the Trust and the control. management and application of the T$t Fund are in the discretion of the Trustees. The day-t(daY management of Musica Britannica is the sole responsibility of the Editorial Committee, subject to any credit limits which the Trustees may impose frorn time to time. The Trustees have reviewed the risks faced by the Trust and are satisfied that there are adequate procedures in place to mitigate all material exposure.
OBJECnVES AND AcnvmES Oblettive5 of the Trust The Trust was established in order to promote, support, and develop research into British music by the continuing research and publit3tion of Musico Britannica. There has been no change in policy during the year. Public benefit The core remit of the Trutt, which is exercised in the public benefit. is to extend the knowledge and to enrich the general understanding and appreciation of British music. The Tnjstees have considered the guidan on public benefit issued by the Charity Commission and are minijfvl of their duty to ensure that all of the charitrfs activities fall within the scope of the guidance. Artivities The Trust achieves its objectives chiefty through the publication of the series Mu5ico Britonnico. In addttion, by means of the Musica Britannica Recording Award. the Trust makes small rnonetary grants to support recording5 of repertoire from the Musico Britonnico series. The Lewis Memorial Prize Competition Ifomierly Sir Anthony Lewis Memorial Prizel, founded in memory of the first Chairrnan and General Editor of Musica Britannica, is held every yeai and is adminhstered by the Trust. MEMBERSHIP AND MEEllNGS The Trustees met on three occasions during the year. The Editorial Committee met on three occasions durinE the year. The following Seed as members of the committee: Dr Nicolas Bell Dr Jonathan Clinch Dr John Cunningham Professor David Fallows Professor Rebecca Herissone (Chair) Professor Peter Holman Dr Peter Horton Dr Harry Diack Johnstone Dr Valerie Langfield Dr Peter Lynan (General Editor) Professor Julian Rushton Professor Jonathan Wainwright In accordance with section 8111) ol the Musica Britannica Trust Deed. Dr Nicolas Bell, Dr Jonathan Clinch, Dr Valerie LangField and Professor Jonathan Wainwright retire from the Editorial Committee. Dr Bell. Dr Clinch. Dr Langfield and Professor Wainwright all offer themselves for re-election. ACHIEVEMENTS AND PERFORMANCE Publication of Musica Britannica During the year one new volume of Musica Britt7nnicu was published- Volume 108." Williom Croft.. Three Ode5 Wlth Orchestro, edtted by Alan Howard In addition the Trustees. through the Editorial Committee. authorised revised edTtion of MB14= John Bull.. Keyboard Music l and a reprint with corrections of MB5= Thomt7s Tomkins.- Keyboard Music. The Trustees, through the Editorial Committee. also continued to authorise the preparation of performin8 parts for sale or for hire for all relevant new volumes. The Trustees are grateful to the publishers fortheir work and advice on all matters pertaining to the publication of Musico Britannico.
Musica Britsnnica Recording Award The Trustees invited application5 for a new Recording Award and received three applications. The Editorial Committee considered applications and decided to recommend that the Trustees do not make any awards in 2024. Of the stjccessbjl applicants to the 2023 Recording Award. the recording by Solomon's Knot of vocal music by George Jeffreys has been released. Awards to Julian Perkins Iforvideo recordings of works by Tomkins, Greene and Roseingravel and Giulia Nuti (for a recording of music by Benjamin Cosynl remain unclaimed, awaiting completion of those projects. Lewi5 Memorial Prize The Lewis Memorial Prize Competition took place on Tuesday 2 April 2024, at the Royal Academy of Music. The competition was open to Singers and there were six finalists. Dame Felicity Lott served as the guest judge, alongside Rebecca Herissone, Peter Holman and Jonathan Wainwright. who judged on behalf of the Editorial Committee. A first prize of £20(Xl was awarded to Daniel Vening IRoyal kademy of Music). Two second prizes of £101 each were awarded to Sebastian Hill IGuildhall School of Music and Drama) and Daniel Marles (Royal Birmingham Conservatoirel. An Accompanisys Priie of £750 was awarded to Daniel Silcock (Royal Academy of Musicl. FINANCIAL REVIEW Reserves and investments The Trustees have considered the level of reserves awailable to the charity, which at 30 June 2024 totalled £110,401. Total urkrestrirted reserves includes Stock at a value of £56,824 which is not easily realised, leaving free unrestricted reserves of £53,577. These reserves are held to enable the chartty to fulfil its purpose through continuing research and publication of Musica Britannicu. The Trustees continued to appoint Rathbone Greenbank as their investment manager during this period. Rathbone Greenbank manage the funds previously invested in line with the tern)s of Lady Lewis's will and the Trusvs investment policy. This investment is currentty treated as a restricted fund and used to fund the Lewis Mernorial Prize, although the Trustees are exploring ways of increasing the range of activities that this can be used to fund. The state of the Trusys affairs at 30 June 2024 is shown in the Financial Statements. The Trustees are of the opinion that the Charity5 assets are available and adequate to fulfil the obligations of the Charity. ACKNOWLEDGMENTS The Trustees are grateful to Stainer & Bell Ltd for continuing to act as publishers to the Trust and express appreciation to the professional advisers whose names are included on Page l.
STATEMENT OF TRUSTEEg RESPONSIBILmE5 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 and Wales requires the Trustees to prepare financial ststements for each financial year which give a true and fair view of the thariws financial activtties during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees are required to- Selert suitable accounting policies and then apply them consistentlv: 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 whith disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply 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. For and on behalf of the Musica Britannica Trust Rebecca Herissone ITrustee} Valerie James ITrusteel Christopher Scobie Isecretaryl 15th January 2025
Independent examinerfs report to the trustees of The Musica Britannica Trust For the year ended 30 June 20Z4 I report on the accounts of the company for the year ended June 2024 which are set out on pages 7 to 15. Respertiye responsibilitie5 of Tntee5 and Examiner The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144{21 of the Charities Art 2011 (the 2011 Att) and that an independent examination is needed. Having satisfied myself that the charity 15 eligible for independent examination. it is my responsibility to- examine the accounts under section 145 of the 2011 Att- follow the procedures laid down in the Beneral Directions given by the Charity Commission under section 14515llbl of the 2011 Act: and stste whether particular matters have come to my attention. Basis of Independent Examlner'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 charty and a comparison of the accounts presented with those records. It also includes consideration of any unusual rtems 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 ststement In connettion with my examination. no matter has come to my attention: whith gives me reasonable cause to believe that. in any material respect. the requirements- to keep accounting records in accordance with section 130 of the 2011 Act,- and to prepare accounts which accord with the accounting records, comply with the accosjnting requirements of the 2011 Act and with the methods and principles of the Ststement of Recommended 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. Date= lois Tim Gage FCA MSC DChA 45 Flitwick Road Ampthill Bedfordshire MK45 2NS
Statement of Financial IncorpoIng the Income and Expenditure Afcount forthe Year EndÈd 30th June 2024 2024 2023 Total Funds Total Funds Funds Fund5 Income Donation5 Donations ar Gift aid 2.570 2.570 1.425 1570 2.570 1,425 Charttable artiviknes Sales of volumes Royaltie5 34.726 34.726 46.109 38.204 50.033 Investment intome Bank interest 931 Totsl E¥penditure Charitable activittes Sales of Volumes & awards P¥izes awarded & expenses 36.608 12.121 8.886 other Sundry Expenses 5.868 5.738 5,738 Total Expendltu Net income I lejtpenditurel and net rnovement funds before gains and losses investmènts {8,873) 17,677} 118941 Net gains/llossesl on investments 33.634 33.634 2,033 Net movement In funds 24.761 25.957 139 ReconcRiatlon of Funds Total Funds Brought Forward 729 319 Totsl fL¢nd5 Caryied Fonvard 41 All of the above results are derived from continuing aCtIties. All gains and losses recognised in the riod are irKluded above. The notes on pages 10 to 15 fomi part of these frnancial ststements
8alance sheet as at 30th June 2024 2024 Total Funds 2023 Total Funds Note Funds Funds Fixed Assets Investments 619,761 619.761 586,127 Current Assets Stocks Debtors Cash at bank and in hand 12 56.824 7,763 52.314 56,824 7.763 77,567 52.723 25,216 70,898 13 25,253 Total cunent assets 116,901 25.253 142.154 148.837 Llabilities Creditors: amounts fairing due within one year 14 6,5LM) 5,506 Net current assets 110,401 25.253 135.654 143,331 Total assets less current liabifrties 110,401 645.014 755.415 729,458 Thefunds ofthe Charity: General Funds Restricted FurKIs 15 110.401 110.401 645,014 109,205 620,253 15 645.014 Total chaiity fvnds 110.401 645,014 755,415 729,458 Profe550r R Herissone Trustee Valerie James TTU5tee
Statement of Cash Flows for the yearended 30th June 2024 Note 2024 2023 Cash Flows from Operating Activities 17 6.669 1463,5121 Cash flows from itwesting activtties Cash flows from financing activities Increase / (Decrease) in cash and cash equivalents 1463,S121 Cash and cash equivalents as at 30th June 2023 70.898 534,410 Cash and cash equivalents as at 30thJune 2024 77.567 70,898
NOTES ACCOMPANYING AND FORMING PART OF THE FINANaAL ATEmENTs FOR THE YEAR ENDED 30 JUNE 2024 Note I Accountin8 polic•es a) Basis of preparation of financial statements 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 Reporting by Charities, IFRS 1021 effective from l January 2015. The particular accounting p)licie5 adopted are described below. bl Fund accounting General funds are unrestrirted funds which are available for use at the discretion of the trustees in fltrtherance of the general objectives of the charity and which have not been designated for other puiposes. Designated fijnds 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. Restrirted funds are funds which are to be used in accordance with spectfic restrictior55 imposed by the donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are tharged against thè specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. c) Incoming resources All incoming resources are induded in the Statement of Flnancial Activities ISOFAI 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 (kinated by volunteers. dl Resources expended All expenditure is accounted for on an accrual basis and has been classtfied under headings that aggregate all costs related to the tategory. All expenditure is recognised once there is a legal or constnJctive obligation committing the Trust to the expendilure. e) Grants Payable Direct charitable expenditure includes the grants paid to institutions and individuals where the main concern 15 to promote. support and develop research into British music. These are recognised in the financial statements when a commitment has been made io
NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 20241Continued} 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 Voluntsry income 2024 2024 2024 2023 Totsl Total Legacies Donations Gift Aid 177,646 3,788 2,570 2.570 2,570 2.570 181,434 Note 3 Investment Income 2024 2024 2024 2023 Total Total Interest receivable 931 13 72 Note 4 Incoming resources from Charitable Acti¥lths 2024 2023 Sales of Volumes Royèlties 34,726 3,478 38.204 46,109 3,924 50,033 li
NOTES ACCOMPANYING AND FORMING PART OF THE FINANaAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (Continued) Note 5 Totsl Resources Expended Grant funding Total 2024 Total 2023 Note Other Costs Charttable Activities Sales of volumes & awards Sales of volumes & awards Support Costs Total 32,121 2.519 32,121 34.098 2.519 2,510 34,640 36,608 Prizes awarded and exrEnses Activities undertaken directly Study Events Grant funding of activities 8,886 6,121 6,¢X)O &886 12,121 Total 43526 43,526 48.729 Note 6 Activitses Undertaken directly 2024 2024 2024 2023 Other costs relatingto sale5 of volumes & awards: Opening stock & WIP 52,723 Purchases 31.530 Closing Stock and WIP 156,824) 52,723 61.430 31.530 20,807 0 156,824) 152.7231 Cost of sales General editorfs expenses Honorarium.. general editor Publicity and advertising Contribution to Publisher's Storage Costs 27.429 58 27,429 58 4.134 29,514 4,134 4.083 51X) 500 32.121 32.121 34,097 12
NOTES ACCOMPANYING AND FORMING PART OF THE FINANaAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (Continued) Note 7 Grants Payable 2024 2023 Prizes awarded & experFses Musica Britsnnica Research Award: No awards We made during year12023: None). Note 8 Support Costs 2024 2023 Insurance Bank Charges 2.459 2,447 63 2,519 2,510 Note9 Govemance Costs 2024 2023 Honorarium- secretary Secretary's expenses Committee expenses Accounts Preparation Independent Examination 216 1.2(Kl 395 1,200 300 5.868 5.738 Note 10 Trustees No remuneration was paid to any Trustee durirethe pèriod. The following expenses were reimbursed to trustees during the year-. Rebecca Herrisone- £358 Peter Holman- £66 12023.. A total of £526 was paid to Trustees duriTVd the period). Note 11 Employees There were no employees during the year 13
NOTES ACCOMPANYING AND FORMING PART OF THE FINANaAL STATEMEpifs FOR THE YEAR ENDED 30 JUNE 2024 (Continued) Note 12 Stocks Stocks are made up of finished good5, 1rVolUmeS of music for resale totslling £56,82412023- £51,524) and work in prOBsS o* nil12023- £1.1991 Note 13 2024 24 2024 Total 2023 Total Debtors Trade Debtors Legacy Debtor 7.763 7.763 25,216 7.763 7.763 25,216 Note 14 2024 2024 2024 Total 2023 Total Credjtors: arnounts falling due wrthin one year Trade Credrtor5 Accruals 55(KJ 5.500 5.$06 6.500 6,500 5,506 Note IS Funds Restricted Funds Balance at OV0712023 Balance at Income Expenditure 3011%12024 The Lewis Memorial Fund 620,253 33.647 8,886 645,014 Total restrlrted Funds 620,253 33.647 645.014 Unrestykted Funds General Funds 109.205 41.704 40,508 110,401 Total Funds 729.458 75.351 49,394 755,415 The Lewis Memorial Fund (previously Sir Anthony Lewis Memorial Fund) is used to cover the costs of administration nd to Pfovide prizes for a competition held every two years, the competition is for singers, keyboard players. or consort5. 14
NOTES ACCOMPANYING AND FORMING PART OF THE FINANaAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (Continued) Note 16 Analysi5 of net assets betn funds 2024 2023 Funds Funds Fund balance5 a5 at 30June 2024 are represented by- Fixed Asset Investmènts Current Assets CditorS.. amounts falling due within one year 619,761 25253 619.761 142,154 16.5(Kil 586,127 148,837 15,5061 116.901 16.5) 110,401 645.014 755.415 729,458 Note 17 Reconciliation of net movement in funds to net cash flDwfrom operdt5ng activities 2024 2023 Net movement in Funds Increase in Investments Unrealised profits I losses on investmer Decrease I Ilncreasel in stotks Decrease / Ilncreasel in debtors Increase / (Decreasel in creditors 17.677) 133,6341 33,634 14.1011 17,453 11*941 1586,1271 2,033 8,707 109.762 4.LX)7 Net cash used in operating activitie5 6,669 1463,5121 15