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
SEcR￿ARy
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
EX￿fficI0 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