THE MUSICA BRITANNICA TRUST TRUSTEE REPORT AND ANNUAL Accoui¥irs TH FOR THE YEAR ENDED 30 JUNE 2025 Page Legal and administrative information Trustees, Report Independent Examinerfs Report to the Trustees Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10-15 Charity Number 271332
THE MUSICA BRITANNICA TRUST LEGAL AND ADMINISTRATIVE INFORMATION TRusfEES Dr Nicolas Bell Professor Rebecca Herissone Professor Peter Holman Professor Julian Rushton Valerie Jarnes Professor Simon Keefe SEcRARy Christopher Scobie CHARITY NUMBER 271332 PRINCIPAL ADDRESS Flat 9. Carlyle House Albion Road London N160UA 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 SOLICITORS Field Fisher Waterhouse LLP 35 Vine Street London EC3N 2PX
THE MUSICA BRITANNICA TRUST TRUSTEES, REPORT FOR THE YEAR TO 30 JUNE 2025 The trustees present their report and accounts for the year ended 30 June 2025. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the chariW5 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. STRUCTURE, GOVERNANCE, AND MANAGEMENT Structure of the Trust The Musica Britannica Trust was established byTrust 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 Trustees are, under Clause 4 of the Trust Deed, deemed to be the individuals holding ofFice in the Royal Musical Association ag Pregidènt and Honorary Treasurer. Ex-officio Trustees will change in accordance with the change of officers in the Royal Musical Association. The ordinary Trustee5 shall be appointed land may be removed) 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 Chairman of the meeting shall noi have a second casting vote. Trustee indurtion and training. New trustees are briefed on their l@g31 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 perforrnance of the Trust. The trustees who served during the year are as follows.. Ordlnary trustees Dr Nicolas Bell Professor Rebecca Herissone Professor Peter Holman Professor Julian Rushton EXfficI0 trustees Valerie James IHonorary Treasurer of the Royal Musical Association) Professor Simon Keefe (President of the Royal Muslcèl Association), from January 2024 Admlnlstration and risk The administration of the Trust and the control, fflanagement and application of the Trust Fund are in the discretion of the Trustees. The day-to-day management of Musica Britannica is the sole responsibility of the Editorial Committee, subject to any credit limits which the Trustees may impose from time to time. The Trustees have reviewed the rlsks faced by the Trust and are satisfied that there are adequate procedures in place to mitigate all material exposure.
THE MUSICA BRITANNICA TRUST OBJErnvESAND AcnvinES Objectives of the Trust The Trust was established in orderto promote, support, and develop research into Britlsh music by the continuing research and publication of Iwusica Britt7nnico. There has been no change In policy during the year. Publ1¢ benefit The core remit of the TrusL which is exercised in the public benefit, 15 to extend the knowledge and to enrlch the general understanding and appreciation of British music. The Trustees have considered the guidance on public benefit Issued by the Charity Commi55ion and are mindful of their duty to ensure that all of the charity's activities fall within the scope of the guidan. Activities The Trust achieves its objettives chlefly through the publication of the series Musico Britannict7. In addition, by means of the Musica Britannica Recording Award, the Trust makes small monetary grants to support recording5 of repertoire Irom the Musica Britannica series. The Lewis Memorial Prize Cornpetition Iformerly Sir Anthony Lewis Memorial Prize), founded in memory of the first Chairman and General Editor of Musica Britannica, is held every year and is administered by the Trust. MEMBERSHIP AND MEETINGS The Trustees met on three occasions during the year. The Editorial Committee met on three occasions during the year. The following served as members of the committee.. Dr Nicolas Bell Dr Jonathan Clinch Drjohn Cunningham Professor David Fallows Professor Rebecca Herissone (Chairl Professor Peter Holman Dr Peter Horton Dr Harry Diack Johnstone Dr Valerie Langfield Dr Peter Lynan (General Edltorl Professor Julian Rtjshton Professor Jonathan Wainwright In accordance with sectlon 81111 of the Musica Britannica Trust Deed, Dr John Cunningham, Professor Peter Holman, Dr Peter Lynan and Professorjulian Ru5hton retire from the Editorial Committee. Dr Cunningham, Professor Holman, Dr Lynan and Professor Rushton all offer themselves for re-election. ACHIEVEMENTS AND PERFORMANCE Publicatlon of Musica Britannlca During the year two new volumes of Musica 8ritonnica were published: Volume 109.. GeorgeJeffreys.- Lotin Sacred Music I, edited by Jonathan Wainwright Volume 110: Restomtion Theotre Air5, edited by Peter Holman and Andrew Woolley In addition the Trustees, through the Editorial Committee, authorised a reprlnt of MB20: Orlondo Gibbons.. Keyboard Music. The Trustees, through the Editorial Committee, also continued to authorlse the preparation of performing parts for sale or for hire for all relevant new volumes.
THE MUSICA BRITANNICA TRUST The Trustees are grateful to the publishers for their work and advice on all matters pertaining to the publication of Musica Britannica. Musica Britannlta Re¢ording Award The Trustees invited applications for a new Recordlng Award and received three applications. The Editorial Committee considered applications and decided to recommend that the Trustees give awards to.. Musical & Amicable Society, for a recording of repertoire from MB103.. Restorotion Music[or Three Violins, Bass Viol and Continuo Caroline Taylor, for a recording of repertoire from MB56.' songs 1860-1900 Of the successful applicants to the 2023 Recording Award, Glulia Nuti successfully completed her recording of music by Benjamin Cosyn. due for release in the next reporting yèar. The award promised to Julian Perkins is carried over to the next year, by agreement of the Trustees. Lewis Memorial Prize The Lewis Memorial Prize Competition was due to take place on Tuesday l April 2025, at the Royal Academy of Music. The competition was open to instrumental and vocal consorts. However, due to an insufficient number of applications, the Editorial Committee and Trustees decided to cancel the competition. The Editorial Committee and Trustees discussed ways of improving the application process. in order to ensure that the competition reache5 the widest number of high-quality candidates. An application to the Charity Commisslon, to clarify the purposes of the associated Lewis Memorial Fund and how it n be used is in progress. FINANCIAL REVIEW Reserves and investments The Trustees have considered the level of reserves available to the charity, which at 30 June 2025 totalled £89.238. Total unrestricted reserves includes Stock at a value of £44,556 which is not easily realised, leaving free unrestricted resetves of £44,682. These reserves are held to enable the charity to fulfil its purpose through continuing research and publication of Musico Brltannica. The Tru5tee5 reappointed Rathbone Greenbank as their investment manager during this period. Rathbone Greenbank manage the Invested funds in line with the terms of Lady Lewis's will and the Trusys investment policv. This investment is currently treated as a restricted fund and used to fund the Lewls Memorial Prize, although the Trustees are exploring ways of increasing the range of activities for which the fund might be used. The State of the Trust's affairs on 30 June 2025 is shown in the Financial Statements. The Trustees are of the opinion that the Charitls assets are available and adequate to fulfil the obligations of the Charitv. 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.
THE MU51CA BRITANNICA TRUST STATEMENT OF TRUSTEEg RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the Flnanclal Statements in accordance with applicable law and regulations. Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the chariWs financial activities during the year and of its finantial position at the end of the year. In prepBring these financial statements, the Trustees are reouired to.. Select 5Ultable accounting policies and then apply them consistently- Make judgements and estimates that are reasonable and prudent; Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue In operation. The Trustees are responslble 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 statements comply with the relevant leglslation. They are also responsible for safeguarding the assets of the charity 2nd hence for taking reasonable steps for the prevention of fraud and other irregularities. For and on behalf of the Musica Britannica TrLtst Rebecca Herissone ITrusteel Valerie James (Trustee) Christopher Scobie Isecretaryl 14 January 2026
THE MUSICA BRITANNICA TRUST Independent examinerf5 report to the trustees of The Musica Britanni¢a Trust For the year ended 30 June 2025 I report on the accounts of the company for the year ended 30 June 2025 which are set out on pages 7 to 15. Respertive re5ponsibilitie5 of Trustees and Examiner The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not requi d for this year under section 144121 of the Charitles Act 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 Act; follow the procedures laid down in the general Directions given by the Charity Commission under sertion 14515llbl of the 2011 Act; and state whether particular matters have come to my attention. Basls of Indepenrfent Examinerfs Report My examination was carried out in accordance with the general Dlrection5 glven by the Charity Commi55ion. An examination includes a review of the accounting records kept by the charity and a comparisDn of the accounts presented with those records. It also includes consideration of any unusual items or di5c105ure5 in the accounts, and seeking explanations from you as trustees concerning any such Fnatters. 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 limlted 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 respect, the fftquirement5: to keep accounting record5 in accordance with section 130 of the 2011 Art; Hnd to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act and with thè methods and principles of the Statement 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 to be reached. Tim Gage FCA MSC DChA 45 Flitwick Road Ampthill Bedfordshire MK45 2NS
THE MUSICA BRITANNICA TRUST Statement of Financlal Artfvltles Intorporatingthe Income and ExpendSture Ac¢ount forthe Year Ended 30th June 2025 2025 2024 Unrestrirted Fund Restrlrted Fuwtds Total Funds Tots Funds Income Voluntary Income Royalties, Donations and Gift aid 1.668 2,570 1.668 1.668 2,570 Charitable activf£ies Sales of volumes Royaltles 51,790 51.790 34,726 54.571 54.571 38.204 Investment income Bank interest 12 944 Total 12 Expenditurè Charrtablè activities Sales ol Volume5 & awards Prizes awarded & expenses ll,200 4.lJOO 72.200 4.000 34,640 8085 43 26 Other Governance Costs Sundry Expense5 6.341 6,341 4.474 5,868 io 4.474 6.3al 4474 10.815 5,868 Total Expenditure Net income I lexpenditurel and net movement in funds before galns and losses In Investments 125,1621 14.4621 129.6241 17,6761 Net gains/llossesl on investments 22.969 22.969 33,634 Net movement in fund5 125.1621 18.507 16.6551 25,958 Reconclllatlon of Funds Total Funds BToutht Forward 729 458 Total funds Carrted Forward All of the above results are derived frorll continuing activities. All gains and losses recogni5ed in the period are included èbove. The notes on pages 11 to 15 form part of these finanaal ststements
THE MUSICA BRITANNICA TRUST Balance sheet as at 30th June 2025 2025 Total Funds 2Ct24 Total Funds Unrestyirted FLtnds Restricted Funds Note Flxed A55ets Inve5trnents 642,730 642,730 619,761 Current Assets stocks Debtors Cash at bank and in hand 13 14 44,556 7.003 42.242 44,556 7,003 63,034 56A24 7,763 77,568 20,792 Total current assets 93,801 20,792 114,593 142,155 Liabilitles Creditors.. amounts fallin8 due wtthin one ar 15 8.562 8.562 6,500 Net current assets 8S.240 20,792 106.031 135.655 Total assets less cuffent liabilitips 85,239 663,522 748.761 755,416 The funds of the charlty.. General Funds Re5tritted Funds 16 85,239 85.239 663.522 110,401 645,015 16 663,522 Total charity fvnds 85,239 663,522 748,761 755,416
THE MUSICA 8RJTANNICA TRUST Statement of Cash Flows for the year ended 30th June 2025 Note 2025 2024 Cash Flows from Operating Artivities 18 114,5341 6,670 Cash flows from investing activities Cash flows from financing activities Increase / (Decrease) in cash and cash equivalents 114.534} 6,670 Cash and c3sh equivalents as at 30th June 2024 77,568 70,898 Cash and cash equlvalents as at 30th June 2025 63.034 77,568
THE MUSICA BRITANNICA TRUST NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Note I Accounting polities a) Basis of preparatlon of flnanclal 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 Prattice ISORPI, 'Accounting and Reporting by Charitie5' IFRS 1021 effective from l January 2015. The particular accounting policie5 adopted are described below. bl Fund accounting General funds are unrestricted fund5 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 purpose5. 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. ftestricted funds are funds which are to be used in accordance with specific restrlctlons 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 statement5. t) Incomlng 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 quantified with reasonable accuracy. For legacies, entitSement is the earfier of the charity being notified of an impending distribution or the legacy bein8 received. No Bmounts are included in the financial statements for servites 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 constructive obligation committing the Trust to the expenditure. el Grants Payable Direct charitable expendlture includes the grant5 paid to in5titution5 and individuals where the main concern is to promote, support and develop research into BritSsh music. These are recognised in the financial statements when a commitment has been made io
THE MUSICA BRITANNICA TRUST NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued) Stock Stocks of current publication5 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 intome 2025 2025 2025 2024 Unre5trScted Restricted Total Total Royalties Donations 1,668 L668 2,570 2,570 1,668 1,668 Note 3 Investment Income 2025 2025 2024 Unrestrlcted Restrirted Total Total Interest receivable 1,140 12 1.152 944 Note 4 Incoming resources from Charitable ArtbJitie5 2025 2024 Sale5 of Volumes Royaltie5 51.790 2,781 54,572 34,726 3,478 38,204 li
THE MUSICA BRITANNICA TRUST NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued} Note 5 Total Resources Expended Grant fundin8 Total 2025 Total 2024 Note Other Costs Charitable Activities Sales of volumes & awards Sales of volumes & awards Support Costs Total 69,440 2,760 72,200 0 69,440 2,760 72,2 32,121 2,519 34,640 Prizes awarded and expenses Grants Awarded study Events 4,lJ)O 8885 4,000 8,885 Total 72,200 4,(KID 76,2 43,526 Note 6 ActivitSes Undertaken direttty Unrestricted Restricted 2025 2025 2025 2024 Other costs relating to sales of volumes & awards.. Opening Stock & WIP 56,824 Purchases 52,187 Closing Stock and WIP 144,5561 56,824 52,723 52,187 31,530 0 144,5561 156,8241 Cost of sales General editor's expenses Honorarium. general editor Publicity and advertising Contribution to Publisher's Storage Costs 64,455 193 4,292 64,455 193 27,429 57 4,292 4,134 500 51)0 500 69.440 69.440 32,121 12
THE MUSICA BRITANNICA TRUST NOTES ACCOMPANYING AND FORMING PART OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Icontlnuedl Note 7 Grants Payable 2025 2024 Prizes awarded & expenses 8,886 6,000 Anthony Lewis Memorial Prize, no awards were made in 2024125. Two Awards of £2,000 were made for the Recording Award Note 8 2025 2024 Support Costs Insurance Bank Charges 2,700 60 2,459 2,760 2,519 Mote 9 Governance Cost5 2025 2024 Honorarium: secretary Secretary's expenses Committee expenses Accounts Preparation Independent Examination 4,292 176 4,134 18 373 1,2fX) 300 216 1,200 300 6.341 5,868 Note 10 Sundry Expen5e5 2025 2024 Legal Expenses Other 3,571 903 4,474 11 Trustees ND remuneration was paid to any Trustee during the period. The following expenses were reimbursed to trustees during the year.. Simon Keefe- £96 Julian Rushton £49 12024.. A totsl of £425 was paid to Trustees during the period). 13
THE MUSICA BRITANNICA TRUST NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued) Note 12 Employees There were no employees durlng the year Note 13 Stocks Stocks are made up of finished good5, being volumes of music for resale totalling £44,55612024= £56,824) and work in progress of nil12024'. nil) Note 14 2025 Unrestrlrted 2025 Restricted 2025 Total 2024 Total Debtor5 Trade Debtors 7,003 7,003 7,763 7,003 7,003 7,763 Note 15 2025 Unrestrlcted 2025 Restrirted 2025 Total 2024 Total Creditors". amounts falling due withln one year Trade Creditors Accruals 1,000 7,562 1.000 7,562 1,000 5,500 8,562 8,562 6,500 Note 16 Funds Restrlcted Funds Balance at 0110712024 Balance at Income Expenditure 301061202S The Lewis Memorial Fund 645,015 22,981 4,474 663,522 Total restricted Funds 645,015 22,981 4,474 663,522 Unrestricted Funds General Funds 110,401 57,379 82,541 85,239 Totsl Funds 755,416 80,360 87,014 748,761 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 annually• the competition is for singer5, keyboard players, or consorts. 14
THE MUSICA BRITANNICA TRUST NOTES ACCOMPANYING AND FORMING PART OF THE FINANCIAL STATEMEMfs FOR THE YEAR ENDED 30 JUNE 2025 (Continued) Note 17 Analysis of net assets between funds Unrestrlded Restricted Funds Fund5 2025 2024 Fund balances as at 30 June 2025 are represented bv.. Fixèd Asset Investments Current Assets Creditors= amounts falling due within one year 642,730 20,792 642,730 114,593 18,5621 619,761 142,155 16,5001 93,801 18,5621 85,239 663,522 748.761 755,416 Note 18 Reconciliation of net movement In funds to net tash flow Irom operating actlvltles 2025 2024 Net movement in Funds Increase in Investment5 Lsnrealised profits / losses on investments Decrease / Ilncreasel in stocks Decrease / Ilncreasel in debtor5 Increase I IDecreasel in creditors 129,6241 122,9691 22,969 12,268 760 2,062 17,6761 133,6341 33,634 14,1011 17.453 994 Net cash used in operating attNities 114,5341 6,670 15