Annual Review 2021/2022 OY AL COLLEG OF MUSIC 11 IiOYAL COLLEGE OF MUSIC I CONTENTS Choirman's Welcome Director 5 Me55age Celebrating Success PeFloFmance ond Pailnership5 Promoting Digital Innovation Celebrating Our Heritage Investing in Our Facililies Pioneering Reseorch ond Knowledge Exchonge Honouring Inlernolionol Musicions Shoping Bright Futures Global Alumni Communiw Supporting Tolenl Widening Access.. RCMJunior Deporlmenl Widening Access. RCM Spoiks Legocies Our Generous Supporters Mole Music Campaign." The Finale 2021 /2022 in Numbers Thank You lo Oui Suppoilers Siudenl Mumbeis 21 23 25 27 29 31 33 35 37 38 40 43 Finances 45 Council and Diredorale 46 ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? CHAIRMAN'S WELCOME The Royal College of Music is the world-leading conservotoire where innovation and 140 years of Iradition combine to create an inspirational environment kr our diverse body of student5, Staff and visitors. li wos o proud moménl in December 2021 I Ihonk oll oui supporlérs. ond Èspxiolly when our Presiderbl. The Former Prince ol GeoFFrey Richards lor leoding the More Music Wales, off icially opened Ihe More Music. Campaign Committee. On Council, our Reimogining the Royol College ol Music Deputy Choirmon lone Borker retired ofter 15 developmenl Ihol h05 Ironslormgj our historic Jr5 01 exemplory 5epdice, bul l om delight campus Over the pa51 len years, with the that she conlinue5 in Ihe honoTary role ol Vice unrelén1ing hèlp ol our exlremèly generous Presidenl WÈ were also sorry lo soy goodbye supporlers. we have raised an astonishing lo john Mickson. Vane￿￿ lalorche. Nalasha 42.5 million lo deliver oulslondirhg new loges ond laura Williamson. bul welcome facililie5. These include two FErlormonce Coiherine Clorke 05 new Deputy ChoirmoD, holls with slolpol-the orl digilol technology, Q Richord GJvlding, Ingrid Peor50n ond ol rehearsal and practice sp]ce5, an S￿d￿nIs, Union PTe5idenl Tymon Zgorzelski. InleroclivÈ Musèum, ond Ihe Courword ond s￿1￿1 space al Ihe heart ol the College As ever. we musl conlinue lo advoc(Jle lor occe55, parlicularty in the UK where the crisis We conlinLE lo support the very besl sludenfs, in music educolion in our schools cause5 wholever Iheir Iinonciol meon5, (rom the UK, EU 9rove concern, ond where we urgent ond beyond The More Music Camwign made tsnd lundamenlal polity change. Il possiblè lor us lo aword over £4 million in scholarships and other forms ol financial Lord Block of BrenNvo￿l ossislonce this year lo more thon holl ol our chaimian 51udenls. 110150 increosed funds lor widenin occe55 Ihrough oclivilies Such 05 RCM Sporks, oui pioneering educational oulrojch programmé. and h*lp&d promole Innovolion wilh new academic appointhenls, as well as improved research and digital resources. Opposite A mEmberol skrff 51gnin9 the RCM'S book ol condo￿. follcwing the Pts$$ino (The lole Queen, the RCM'S Potron Since 1952 . T￿RG￿l Is ￿nknj hle 2022 rjs ￿￿)i￿er$I￿Ra￿ki￿9S brfsubl￿} As the new ￿adeMiC year started, we were deeply saddened by the death of our Patron, Her Majesty Queen Elizabeth 11. She had for so many years taken a great interest in our work and our gifhd students. Our thoughts were very much with all ihe members of her family - not least our Presidenl, The former Prince of Wales - as they• along with the nation• grieved for her. We remain grateful io our President for his enormous commitment to our College and to the fuiure of music. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? DIRECTOR'S MESSAGE l am delighted ond very proud that the RCM has been ranked number one in the world kr perkrmin9 arts in the 2022 QS World University Rankings. Wè èncouroge cr*liviV and enlrepiénèuiship Divèrsity ond Inclusion plon, we continued lo expond the range ol topics, musicians including our cutting-edge Digital Innovation and repertoire studied by sluden15 across lob where sludenfs can WOTk with Ihe lolesl all progrommes. KJluElopword Dolby Almos sound technology. In May. The lortner Prince ol Vvales made Many inilialives ollow Ihe commuTriW to dÈvÈlop orlislry kwond IhÉ Iradilionol his tsnnual visit la conlér honours tsnd la meet conlines ol classical music. such as our some ol our young musicions The Presidenls unique ComFosilion lor Screen course. and Visil is always a sigrbilicanl moment ir) the the RCM Accelerate scheme, which 5upwrls Royol College ol Music 5 colendor, ond Ihi5 51uden15 lounching bu51ne53 Ideos. yeor we honoUr￿ the conlribulions mode exceptional mu51cian5 ITOM acT05S the world, The quality ond range ol Ihe RCMS rèsearch mony ol whom ore alumni was also recwnised with the highesl scc>re omongsl inslilulion5 specialising only in music ID a number ol new appoinlmenls, Prolessor in the lole51 Reseorch Excellence Fromework RoèErt Adlinglon joins u5 05 Heod ol Research results. Our new Wo1150n Cenlre In Music & ond Prole550r Mork Bowden 05 Heod ol Malerial Culiure, international collaboration5 P051graduale Taught Ptogrammes Marie 1100 ond Inves1menl In highguolity reseorch-léd olso bècomes Hèod ol Wocdwind and Joson leaching will bolster this. Evans Head ol Brass, in succession lo Simon Chonning ond Ni9el Black. We 0150 ochieved on oulslonding score in the Nolionol Siudenl Survey, with leochiTr9 ond I Ihonk oll our supwrfer5 lor the success ol leaining resouices. and Ihe RCM library rolÈd the More Music ComFoign Iho]I will benelil sluden15 lor generalions, and our 51all loi hèlping us achiÈv& Ihe accolod& ol being ronked number orbe in the world. Opposite The RCM ilhormoni performs Ihe xore short film I￿￿10-pIcture, in a 5howcose for oyr Comp)sitI￿ For Screen course This year. we delivered lull opera and chamber programmes. maslerclosses, ond concerts leoluring under-repre5enled comw)ser5 and celebroling the 150th onniversory ol Rolph Vaughan Williams. k parl ol our Equity, Prolessor Colin L(wson CBE FRCM Diredor It was wilh profound sadn•ss that we learned of the death of Her Majesty Queen EliZab￿h 11. As Prin¢e55 Elizobeth in 1947 she ottended a Concert and distributed prizes ot the College. As Patron, she later presented The Queen Mother with an honorary degree and opened the Britten Theotre. She was g proud rhgmpion of ¢los$i¢gl mu$1¢ and showed unwovering dedication to the RCM. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? CELEBRATING SUCCESS At the Royal College of Music, we nurture our exceptionally talenled students, giving them the opportunity to develop as art15ts and knlfil their ambitions. Our studen1s, mony ol whom hove Scholarships al the College, continue lo win presligiou5 international compelilion5, reach new oudiences through digiFol concer15, lorge Innovolive creative portner5hips and conlribulè lo pioneering research This Is o snapshot ol just some ol Iheir achiewemenls. Alim Bei5emLoyev won Fir51 Prize al Ihe 20? I leed5 Inlernolionol Piono Competition, as well as the Royal liverpool Philharmoni¢ Sociéty Awoid lor 1hè Wsl péiloimance ol conlemporary music and rhe medici.fv Audience Prize. He also made his BBC Prom5 debul ID july 2022. Fellow piani51leneba Kanneh.M050n WOS nomèd in clo￿lc Fms 30 Risin9 Siars list, while Thomas Kelly won both the Firsl and the Audience Prize al the 2022 Sheepdrove Piano Compelilion, os well os Prize ol the Hosling5 Inlernolionol Piono Cotnpelilion. Hugh Culling won the 2021 Kaihleen Ferrier Awards. LEcoming rhe lirsl counlerlenor lo ever win the compelilion, ond was norned os o BBC Rodio 3 New Generolion Ar1151 br ?022-24 Composition lor Scrttn sludenl levenl Aliunlas was o linalisl in rhe 2021 Oiicons Faculty International Film Music Compelilion ond the Indie Film Music Conle5120?2, ond Billy PalmeT IS now a compjser and orchèsliolor lor Vid￿ games ond on arronger lor rhe london Video Gome Orchestra. Opposite Alim kisemboyey pe&rm5 atthe 2021 Leeds Internoliotul FSano Competition Further 5ucce55 lor the comp05ilion Faculv come 05 Chelseo Becker won rhe Senior5 ¢alegoD/ in Ihe 2021 BBC Young CompJs¢r Compélilion. Alex Ho wos occeplèd onlo boih the IPO Young Composers and RPS Composer prooramme5 and was chosen as a BBC Music MLigozioe Rising Sior 2022", ond Mino S)lib Scored o Nike commerciol lo be shown In US 5tore5 Flaulisl Hannah Gillingham was anrbounced as a Britten Pears Young Arlisl 2022-23. os were the Solomé Ouortel and mezzfr sopron05 Annobel Kennedy ond Emmo Rober15 Etnma w05 a150 award& Second Prize ond lh* lovedoy Song Priz& ol Ihè 2022 Kathleen Ferrier Awards A150 01 the 2022 Koihleen Ferrier Aword5, Avi5hko Ediri51nghe, who 15 studying CollobJrtslivÈ Piano Conducting, won the Help Musicians Accompanist Prize The work ol IhÈ RCM5 CÈnlrÈ lor PÈrlormoncè Science wos reccgnis*J when dccloral 51udenl Debi Groham w05 made o fellow ol the Royal Society lor Public Heolih. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? -A The cast of young singers are uniformly lerrific... Accompanying them the RCM Opera Orchestra prOdU￿d one of the best performances I cqn recall heqring from them in the Britten Theatre. clai￿ Wrnovr in OFera Todayon the RCM Opera Sbjdio's produ¢hon ol thnselandGTekl io ROYAL COLLEGE OF MUSIC I ANNUAi REWEW 2021/?02? PERFORMANCE AND PARTNERSHIPS The Royal College of Music is renowna kr the range, quality and depth of ils artistic programme, supported by internationally acclaimed musicians. Orcheslrol concerts condvcled W Sir Antonio PoppJno, Mortyn BTabbin5, RaloÈl Poyore, lac van Sieerb, Chloé van soelers1￿d and Thomas zehe￿O1r gave students Ihe chonce lo work with some ol the world s leoding musicions. Visiling Pioléssor ol Violin Moxim VÉngÈrov led b)Ih chamber ond orchestral maslerclasses with works including Mozarls violin concerlos,. Bernord d'Ascoli, Alino Ibrogimovo, Fronce3co Dego ond the Povel Haos Quartet o(Fered luriher masleTc1055es. New music le0￿[ed In our onnuol RCM Comp0511ion lor Screen Shtrwc05e and in o concert ol cutting-edge eleclronic music curaled by Claudio Molilor while the Ke￿ord Feslivol, the Festival ol Percussion ond SutEr Sirin9 Sund(y ottrocEd new oudience5 were broodcosl oround the world on IhÈ RCMS YOUTU￿ thtsnnel Our onnual colloboralion lor RGVI composers wilh the Head On Festival in SOn* saw their innovolive work shored IDlernolionolly. The RCM continues 115 collathralion with the Our v￿01 Faculy sludenls SFerbl on Nonyong AcodÈmy ol Fine Ails li olso inspiralional doy with soprano AD9ela begon parlnerships with Ihe SiauHer Cenler Gheorghiu, working Individuolly ond os o lor Strings in Cremona, with 51udenls and c1055 The RCM OFEro Siudio 0130 310ged professors Irorn the SiriDg5 Foculy toking highly piai5ed prauclions ol Honsel In inlensive residencies, ond with the Gre￿1 direc1ed W Stephèn Btsrlow, ol Sjline Royale Academy in France. jonathan Dove s Fli9hi direcled byleremy Talented orgonisls from the Keyb￿]rd Foculty Sams, ond ol Ihe Mcygic Flule which v¢os visited Paris lor maslerclas5es, and Historical 51reomed OD operovisioD.eu. Od155ey5 wa5 PerlormoDce sluden15 emborked a concert on impre551ve series ol six minioper05 written lour lo the Inlernolionol &)roque Mu51C and peiloim& by RCM S￿de￿I& working with Festival in Bolivia. We Ihank our kind dontsr5 owro comptsny Tèle o Tele Philip Coiné MBE HonRCM. Ihe H*ihorp We celebrated the 150th anniversory ol Trust, the LIBER Foundation, Richard and the birih ol RCM alumnu5 and professor Sue Price. Caiherine Quinn, and Peler and Ralph Vaughon Willioms and perlormed Dimiw Spiller who mode this in5piralional work5 by comp05er5 whom he Ioughi. opportunity possible. We a150 continued Io PTomole music by undÈi"iÈprÈsenled composers. in Ihe lull-day FeslivAII, and in a programme conducted by Kevin john Edusei including work5 by Samy Mousso and Anno c￿ne. Opposite main Visiting Proknsor olviolin Moxi Vengertrv instructs an RCM vidiniSt in o mo5terclo55 Opposite bohom left The RCM (4)ero StDdio's P￿uc￿lon ol Jonathan Dove'5 Flwht Opposite bohom righi CandudDr Chloé van SoeterS￿ewo￿S Wth the RCM philharmonic in reheorsol ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? PROMOTING DIGITAL INNOVATION The Royal College of Music continues to upgrade it5 digital kcilities 05 the curriculum evolves and sludent demand For options in music technology increases. When Ihe CollÉgÈ resuméd in'pÈrson Music, thè UnivÈrsiW ol Music ond Perlorming leaching ond learning, sludenls mode lull Arls Vienna, and Ihe Ntr]nhallan School ol ol new locililies on campus. including Music, is a rnojor innovation. This Erasmus+ new perlormance spaces and star￿01-thtrart, Strategic Parlner5hip project bc0515 our 5ellx)peroled oudicwisuol recording equipment. repulolion worldwide ond enobled our We received 51gnilir.anl capilal lunding From sludenls tro study online logeiher and ko the lJm o15hJdenl Digi￿1 Learning AmEossodor5 helFEd 10 5UPF￿rt ond promoFe Opposite Camp05ihon tsr Screen professor Mike Ladoucevr in the nedy upgffjded Duitol Innovation Lab We also soughi lo learn from the rapid chonges and innovations Ihal were introduced during the pondemic. The re5eorch project 'Tronslorming Ferlormonce 009￿les.. Inleraclion5 new l£thnolcgy and Iradilionol mÈihcds', Id W Dr Chrislin Guilloumier and Dr Diano Solazar and funded by the society lor Research in Higher Educolion, explor&4 how digilol lechnologie5 contributed pJ511ively lo leoching during Covid and a blend ol Iiadilional and digitol meihods ol l*ching con Énhoncè sludenl learning. The GloLK]I Consewoloire Consortium, lounched with the Roygl Dgnish Acodemy ol Coll&9è and Ihe annuol Progiommes Sioll Development Day brought Iweiher prolessors, leochers and graduale leaching assislanls lo explore new developmeD15 in technology enhonced IEornin9. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? JJ. CELEBRATING OUR HERITAGE The exlraordinary treasures in the Royal College of Music Museum and Library collections are accessible hr in-depth Study, with studenls able to ￿searCh in person or explore online. The new RCM MusÈum ownÈd lo Ihe public in Oclober 2021 and has already welcomed over I I.fflO visilors from across the world, 510ged over 30 concerts lealuriDg more thon IIX) RCM 3ludeTr15, ond h051ed mony wor&hop5 and lour5. The Museum opening r￿e1Ved very pJsilivÉ prÈss and TV covÈiage. wilh adverlisemenls on clo￿lc FM as well as on london buses and digilal slreel hubs. The RCM5 Weston Discovery CeDlre ond Urs Rei31 leorning Swce ore olso open, ond the Wollson Centre in Music & Malerial Culture 0 5pocÈ lor study, consèrvolion. digilisolion and storage- has been availoble lo sludenls and 51off since rhe summer ond 15 now open lo the public by opwinlmenl. Thi5 Far, the Museum acquira a pjrlrail ol 18ih£enluty on11"slovery composer Somuel Arnold by Thomas Hardy, wilh support Irom the Art Fund, the V&4 Purchase Fund ond a per50nol conlribulion (rom RCM Direclor, Prole550r Colin Low50n. It 0150 510ged lempJraTy exhibilions Mu51cal Porlioi15 in Ebhomion lonJon. tsnd Hidden loosvres ol the Rowl College olmusic, which included Edward Elgar s Irom&one. Meonwhile. conservolion, cataloguing ond digi11501io ol the collection5 continues. Thè libiory conlinues lo develop woys lo Integrate the sFécial colleclions irblo sludenls courses. both in person arhd via digilised copies which ore uplcoded lo the Inlernel Archive. Opposite An RCM 5hdent is shown a historical IDStrumenl in the newWd150n Cent in Music & Material Cvlbjre In Vaughan Williams 15(Jh anniversory Y￿[, Sir Anlonio Poppona wos shown Ihè autograph manuscript ol rhe composers Fifth Symphony, one ol the librarys great Ireosures, belore he conducted the RCM Symphony Orchestro ￿[lO[Ming the work. The manuscript wa5 on di5ploy loi the oudience and leo￿red In the Iiveslrèjm ol the concert lollowing105eph Horovilz s deoth in Februory 202?, Ihe Librory h05 received the composer s manu5crip15 and pe150nal archive. Joseph boih $1udiÈd and loughi al Ihe RCM, ond os a great supporter ol rhe library had long wished his collection would come lo College. Th15 is the tnosl signiliccnl comtJ)5er orchive the RCM h05 receiv94 In over 40 yeors. The librory leam hos sorled ond occessionéd a number ol other archives this year, including over 000 letters from the colleclioD ol violinisl ond impresario André Mongeol. A member ol sFgH olw discovered the ovlo9roph monu5cripl ol a previously unknown dramalic scene SomuÈl Coleridge-ToOor, NovrmohL71s Sjng. Further (Jddilions include the Paul Campion colledion ol lemers, autograph5 and images ol letnole siDger511750 10 the present dayl. The RCM librory received Ihe lop score for any Higher Educalion library in the country in the National SILpdenl Survey. li continues lo look al woys to improve ils Service ond has been oclively buildin9 the lending collection wilh work5 by under"repre5enled comp05er5, Ictusing on campos*rs From Alrico, Ihe Alricon diaspora and From beyond Euro￿. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? pIWG PhTRONs s￿9PoliTER$ ORIERS >N ANT MORE MUSIC 2012 - 2022 Vffrn 3DTJ 0 èè14vH) 3nNah 47s¥n)IV¥ M3110NV JafvoH 39WI 4N¥Y? Ipn¥i 4iqYll¥VH? 9NoY liMo choir ond Jroque Orchestro- and kickstort￿ a historical instrument building industry there. The music hos been revived in performance and in Wide￿ proised recordin95. As wdl as increo5ing the social, educotionol und cvlturol inclusion of murginuli5ed on iverse ovdience$, Ihe projecF ho$ enhonc cultural tourism. RCM Reader in Pedormance Scientr and Digital Leoming Dr Tonio Lis￿0 received o reseorch 9ront ol £199,000 Irorn the Britlsh Amdetnq5 Knowled￿ Frontiers 2022 Pr￿r￿Mme. Building on robust evidence thol engogement with the orts promotes wellbeing and Feelings ol connectedness, her project combines music, Social 5cience5, rnedicine ond urban plunning, und hcvse5 0 undersFonding ond enhoncin9 sociol-cvlturol uA)an inlrostructure in Cities In s￿th Americo.. Solvodor (Brazill ond cochabam￿ (Boliviol. It invoks large-scole wrveys in the cihes ond will use rnusic to engQge Isol￿ed citizen5 Qnd integrote lomilie$ ol those with d- bilitie5. Findings will inform ￿lIcymoking, urban plonning ond social-cultural inlrastruclure kr o 'good ciw. 18 ROYAL COLLEGE OF MUSIC I ANNUAI REVIEW 202112022 PIONEERING RESEARCH AND KNOWLEDGE EXCHANGE The Royal College of Music has been ronked the top UK conservatoire ofkrin9 music as a sin9le subject by the ponel of the Research Excellence Fromework (REFI 2021, which assesses the quality of research in UK Higher Education institutions. The overall reseorch environment al the RCM performed porliculorly well, with 70% 01 Ils re5eorch roled 05 world-leoding,, higher thon ony oihei UK tnU51C tonseivaloire Oier hall a Million pound5 in research graD15 was ogaiD oworded lo the College this yeJr, Includin9 O 9ronl from the Bri115h Acodemy and Leverhulme Tru511o the Curaloi ol the RCM Museum Prolessor Gobri&l& Rossi Rognoni and Professor Richard Wislreich Their reseorch project, 'Malerialising Musical Inslrumenls, will explore how surviving musical In51rumen15 exFond our underslgndin9 01 the hiskory ol tnu51c and enrich historical narialive5 Opposite A parliciprAnllak The College also come in the lop l 0% ol by cent￿ For PerFomiance Scien al 2022 RCM Fe5hval ol Percussion 'Public ond Communiv Engogemenl,, occording lo the Knowledge Exchon9e FromÈwoik 2021 . ThÈ College *orÈd very Enlrepreneurship. calegory as well. Thi5 rellecls the work ol the Innowolive Crealive Coiee15 Cenlre, and Ihe ground- brÈoking Centre lor Pèrlormonce SciÈncÈ which has become an inlernolionally dislirhclive trnlre lor research, leoching ond Knowledge Exchonge. MUSIC, MIGRATION AND MOBILITY The AHRC-knnd￿ Music, Migmlion ond Mobility projecl12019-231 is developing innovolive woys ol telling the slories ol a grcyJp ol migront musicions- émigrés From Nozi Europe- who found refuge in Britain. Interadive Story maps, sheet music editions, oral hi5tr0ry intrerview5 ond on exhibition in the RCM Museum lJonuarrApril 20231 will display and di5seminote the multi-hceted norrulives ol these musiciuns, live5 05 0 meons ol odvoncing going debotes obout migrotion, ￿bilIty ond Culture formotion In generol. M)e proj8cI combines rtlledive proclice, digittsl humtsnities ond orchiv*bas8d historicol research in the relatively new discipline of mobility studies. Ckjtputs kom the diHerent research slronds will be avoiloble on an online resource which will enable the user to engage with question5 01 identity und nahonol bdonging, while Following the transnational journeys ond nelworks ol the mu51cion5 Qnd cornpo$er3. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? HONOURING INTERNATIONAL MUSICIANS RCM President, The former Prince of Wales, returned to the College to honour some of those who have made oulstanding contributions to music. ID hi5 29th year as President, The Former Prince ol Woles visiid the Royol College ol Music lo confer honour5 on InFernalional musicians. music Induslry prolÉssionols ond RCM sludenls The President enjoyed perlormonces 30me ol the College5 exceplionolly lolenled sluden15 pianis15 Dmilrii Kalashnikov and Viclor Maslov, who were QuÈÈn ElizobÈ1h The Queen Moiher Rose Bowl winners in 2020 and 2022, respecliwely, as well as Tagore Gold Medol winners violinist Chorlotte SolusFeBridoux ond pionisl Dominic DoulTr￿. Also os porl o11he visil. The Former Prince ol Wales mel12year-old fvlirbs Sorni and Mehdi Uwahemu. who have both just groduoled from the RCM Sporks oulreoch progromme lo loin the Rcmlunior DeFQrtmenl. Oppo51te The Former Prince Iwoles presenL% The Presidenys Award kn 2022 to Those who were mode a Fellow ol the Royal College ol Mu51c Included M(O-lime Grommy nominaled ￿XophOn151 Amy Dic&on, composer Anno M&rè4iih MBE,. loundÈr ol the Purcell Quarrel. Richaid Booihby,. violinisl ond RCM professor Gobrielle lesler, who has led orchestras lor recordings ol numerous film ond television 5core5 including Horry Pottei lord ol Ihe Ring5 and tbcloi Who", and Thomas Trollér, Résident Oigtsnisl 01 Birminghom Symphony Hall and a recent recipient ol the Queen s IJEdal lor Music. ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 21 SHAPING BRIGHT FUTURES The Royal College of Music's Creative Careers Centre is recognised inlernalionally for ils innovative oppr¢)ach to supporting young musicions and paving the way to o successful career in music. The RCM Is a world leader In CaT*T dèvolopménl lor musicions tsnd our groduoles are highly sought by a diverse range ol employers. An impressive 86% 01 RCM roduole5 From our 201 8-1 g cohort were io employmenl or further study 15 month5 ofter gradualing, al a challenging Iitne In the ar15 5Èclor, 05 were 94-1 00% during Ihe la51 live ye(]rs ol the suNeying period The Prolessionol Enga9emen15 Service resumed busine55 in September 2021 hiring musicions lor poid FErlormonce work. It Inlrauced a new orcheslral inilialive, the RCMS Prince Consorl R￿d OrchÈslro. ond provided 31 J opporlunilies lor musicians lo perform al venues including Kensington Poloce, the Rryol Alberl Holl, Codogon Holl ond The Ritz, eorning them over £180,000. During the wndemic 1h& Centre adopl&d lo oFFer o series ol career events online as well as the Online Teaching Service, which ottrocled clienls from the UK, the US and lopon. More Ihon go leoching opporlunilies lor 51udenls and graduate5 were created by tho1 sèivicè combinèd wi1h Ihe re-opèned in-person Te(]ching SeNice. The Cenlre conlinua lo develop exciling Funding schèmes." RCM Accelerolè and the RCM Musicians Granl Fund. RCM Accelerate supwrted seven groduoling sluden15 with gronl funding ol up lo £5,030 eoch ond menloring lo develop o creolive PTojecl, social enlerpr15e or business idea The RCM Musicions, Granl Fund, tsvailtsble lo linaltyear sludenls, provided 22 awords lololling olmosl £30.CH30 In Financial OSS151once l(yNords the purch05e ol In51rumen15 ond lechnicol equipment. Opposite An RCM horn player rehearses in the Concert Hall ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 23 *• GLOBAL ALUMNI COMMUNITY The Royal College of Music is immensely proud of it5 community of alumni from 87 countrie5 who are some of our finest global ambassadors. Our world-.de ne￿Ork now slands at 20,655 alumni. Mony ol our alumni mainloin close conltscl wilh rhe College, some coming lo give moslerclasses or lo leach. Former Maslers 51udenl in Composition lor Screen Kale Simko hos returned 05 o prolessor, conduclor Thom05 Blunl os o leocher cooching P051gradualè OFÈra singÈr5, and Neil luck lo lun on experimenlol music modulé. Several 9roduole5 hove also been Interviewed lor our olumni Iinkedln group, Including violin 5cholaT Charlome Smith who look over os Ihe new ediloi ol S8C Music MJ9ozine in january 2022. Our former students conlinue lo have enormous succes5 prole55ionally, and in competitions oround Ihe world. Moll Glendening was oppJini& princiwl clarinettisl wilh the Orchestra ol the Royal Opero House and violinisl Roberlo Rui51 the orchestra leoder ol SiDlonia Cymru. Composer Andrew Chen w05 Inviled lo become a 2021-2? Royal Philharmoni Soci*W Comwser, while loura Ayoub composwj music lor the Nerflix series Finding Olo. Groduoles From our Comp05ilion lor Scr*n course have a150 enio¥a signilicanl succe55 Mickey Dol& w*nl 10 los Angeles lo ￿tsMe the assislanl lo American composer Christopher Tin lalso an RCM olumnusl, and Doniel Chonl-Burgess wotkd os 0551slanl lo the Brilish cotnp05er Polrick Doyle. Mony alumni pÈiloimed Jl IhÈ 2022 BBC Proms. including pianist and former Benjomin Britten Piano Fellow Pawel KolesDikov who performed p￿Ch 5 Gold&erg VoiiLIIIon5 ond soprono Iou15e Alder os o soloisl in Boch s Si M(i#hew P0551on, while compo5Èr Chtsilolle Brtsy3 Wheie Itebeigs Dtsnce Awtsy received Ils UK premier Our olumni hove also won mony oward5. Doni Howord won the pre511glOU5 Royol Philharmonic S)ciety lorgfrscgle Compo5111o Award lor her Trombone Concèrto. wrillÈn lor the Royal liverpool Philhormonic and soloist Peler Moore, and mezztrsoprono Esme Bronwen-smiih won Fir51 Prize al the 2022 Koihleen Ferrier Aword3 ond ho3 since gone on lo work with English Touring Opero RCM olumni had luiiher success ol Ihe 2022 Rwal Cknr-seos league cOm￿lI110n George Todica won the Kwknord Prize and guilori51lock Honcher was the First Prize ond Gold Medol winner. Opposite E5me Bronwen. Smith ctynpetes in Ik hnts15 OF the Kdhleen FerrierAwad5. OCC¢Hnpanied by Cu￿nI 5kndentAvi5hka Edirisinghe. owonthe Help MUS￿l￿n$ Act¢)mponi5t Prize ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 25 SUPPORTING TALENT The Royal College of Music remains committed to it5 kunding principle that those with talent should have ihe opportunity to study with us, regardless OF their means. The RCM Scholarships Fund *nobles 9ilied young music students from all over rhe world and oll backgrounds lo acce55 luilion from the besl prolessor5, enjoy unrivolled locilihes and toke odvonlo9e ol the exceplionol oppJrlunilie5 ollered by the College Thanks lo the generosity ol rhe RCM community, a record £131,830 was roised ft)r Ihe Scholorships Fund In Ihe 2021 Big Give Chri51m05 Chollenge The RCMS Equity. DivÈr51ty Inclu510n Malching Fund lor Scholaiships and Bursaries, eslabli5hed in 2021 W Vicloria, lody Roby OBE HonRCM, has doubled ft)r the 2022/23 ocodetnic yeor. Thonk5 10 hvo new gift5 (rom lody Robey ond the VicFor thhdaléh Foundation, IhÈ College now oim5 lo raise £2CK),O(X] W the end 012022. Our scholars hove hod onoiher succe5slul y￿[ In comFelilion5 Qnd os Ihw emN)rk on coreers Boiilone Dowd Allen IDr thill Schwarlz Scholor suppoiled by the Cuihberl Smiih Scholarshipl joins Welsh Nalional Opero as an associate arlisl, while lenor Hugo Brady Ivictor and lillion HcLhhou5er Scholorl mode hi5 solo debut ol the Borbicon. Violinisijulia Blochula IHMD Mepr Violin Prize Holder) and clarirbettisl Mebrakh Haughion-lohnson IRCM Scholarl were both owardÈd 2022 Royal Philharmonic ScÉiety lulius Isserlis Scholarships, ond Mebrokh 0150 performed with the Chineke! Orchestra on lour ol the louis Vuitron Men 5 loshion Show Opp05ile Rianna Henriq Ivittor Dghdgleh F￿ndatiOn khdarl performs with the RCM Swpho￿orcheStrQ Cellist Shizuku Talsuno INord Angli Education Scholarl joined Glyndeknurnes Pil Perfect scheme, and Ilautisl and soxophonist Rionno Henriques (Viclor Dohdoleh Foundolion Scholorl ployed with the Nolionol Youth ltszz OTchÈslrJ ond ol Ronnie Scotts. Pianisl Mykyla Burzanilso Imilslein Medal Award Holder supwrled by the Gordon Calwoi Stone Scholor5hip and IDlernolioDal SKJdenfs House) won the Inlercollegiole Beethoven Prize, morking rhe third ygJr running Ihol on RCM 51udènl h05 won th15 compelilion. Fellow pianisl RiÈko Makil INoswod Chority Award Holderl w05 5eleded as piano Fellow lor the Philharrnonia WASF In51rumenlol Fellow3hip Pro3romme. Composition kholoi SomuÉl loveless Isouih Square Trust Award Holderl meanwhile joined the Erasmus+ programme ol the Royal Consewaloire in Hogue, and conduclor john Poul jennings Uomes Horner Scholor supported by the Robeil Anderson Trust Re51dÈnliol kho1015hipl mode his dÉbul wilh Green Opero al Grimeborrb. l am exlremely grat•ful to have b•en a scholar at the RCM. The support of my donors made it possible for me lo develop as a perfornier and r￿e1ve the incredible edu¢otion on offer. DoF/&J Allen, Dr Martin schwartz 5chdar suppor& by the Cuihberl Smith schcla￿hIP ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 27 kl WIDENING ACCESS. RCMJUNIOR DEPARTMENT The Royal College of Music Junior Deportment IRCMJDI offers training at the highest level to young students aged 8 to 18, combinin9 individual lessons with chamber music, musicianship, and orchestral and choral training. The RCMJD is coMmi￿d lo nurlurin9 Ihe nexl Worldf1055 musicions including To5min generalion ol mu51c sludenls (rom a diverse Little, Ken Burlon and Riot En￿rnble I ronge ol bockgiounds tsnd lo ensuring Ihey most*rclo￿É$, ond several sludenls perlormed are not prevented Irom allending through lor The former Printr ol Woles on his visil lo financial hardship This year, over £200,OCD the College. ol bursory supporl w05 ollc£oled lo lomilies mo31 In nee RCMID students continue lo dominole the UK youth orcheslr05, winning o [￿ord number ol 28 places in the Nalional Youth OTcheslra, Including lÉador Gobriollo BovÈ11o wha lokes up a scholarship al Ihe RGVI in autumn 2022 More RCMID 51uden15 than ever reached the colegory finals ol the BBC Young Mu5icion ol the Yeor competition, Including the winner Jordan Ashman The RCMID actively reaches out lo and recrui15 a diverse ran9e ol sluden15 and ha5 lormed wrlnerships with orgon1501ions Ihol shore the some commilmenl, such os Nucleo and Fuluie Talent All 51X 51uden15 on our Inougurol Fuluré Tolènl Tronsi1ions programme continued Iheir studies al Ihe Opwsite The RCNVD Sympknny Orchestro, conductttj by Jwue5 Cohen, pe&rm5 atCado9an Hall Being a wrl ol RCMID is o Iron51ormalive Éxperience and aboul 70% 01 our sludenls go on lo sludy music, with many ol Ihem being oHered scholar5hip5 lo continue al the senior RCM. Thi5 year, our pupi15 perloim& In pre51igious venues including lh& Rcwl Alberl Holl. Souihthnk Cenlre, Cadogan Hall and Wigrnore Hall. They were involved in more thon I l O concerts 05 well os in o semi- 51o9ed perlormgnce ol Purcell s Dido ond Aene05 Theie were a150 more than 400 5010 ond chambÈi pérlormonce opporluniliÈs. ond we received over 200 enlries lo competitions oFFering students the chonce lo work with prole55ionoI occomp)ni51s. RCWllD in September 2022. From the very beginning of journey at RCMJD. I knew that it was the plate I wanted kn be,. everyone wos so wel¢oming, and the level of musicality overwhelmed me, motivating me to work harder than I had ever done so before. Mosl importantly for me, RCMJD has helped me achieve my biggest goals in life, as l ¢ontinue to pursue my musi¢al Career a5 a violist with a full scholarship at the Royal College of Mus1C. Rcwed scholarships, Irarbslormed by the More Music Camyjign £4 million lo promole innovalion and and we are delightèd Ihal our new 51oleel- 2 million fo widen occe55 Ihrough Iheort perlormonce 5wces, Colé ond Museum RCM Spork5 ond the junior De￿[￿ment. ore now open. Philonihrow en3ure5 Ihol We ore delighied Ihol our lirsl Summer ¢la551cal mu51c continues lo thrive and Ihal our Fèslivol héld In july 2022 roisÉA &2CK).000 talented sludenls con lullil their pjlenliol a5 lo mark the final chapter ol Ihe Camwign lulure wrlormers. educators ond researchers. During 2021 /22, more than I,CQO From becoming an RCM Friend lo leaving o supporters donoled lo the RCM, demonstrating gift In your Will, every contribution truly mokes the for"reoching Imwcl ol the College s work. o dimerence, e3pEciglly during chollengln9 In 2021 /22, the RCM received maw litne5. We are very gralelul lo all tnember5 signiliconl donations lo help secure the lulure ol our wide ltsmily ol suppjrlèrs lor Iheii ro ol excellence in music. We wish lo recognise in helping lo secure the lulure ol music and the 9enerous sUPPOrt ol the Eslole ollohn & enabling us lo be the global lop performing Sylvio Dou9hiry, the EsFgle ol &rold WebsFer, Ihe Croucher Hong Kong chall￿ble TIu51, ThÈ INollson Foundalion, The Garlield INeslon Foundation, our senior wolunleers. and all our loyol supporlers who hove made the Compoign o resounding success. Opposite An RCMvidinis1 rehearses with the RCM philharmonit in the Amarylli5 Fleming Concert Hull Lily Horriss HonRCM Director ol Development ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 3$ Opposite An RCM postgraduate conducbr reheorses with the RCM Symphony Orchest MORE MUSIC CAMPAIGN. THE FINALE Campaign Success Supporting the most talented through èndowed Scholarships: £10 million target. £11 million raised Promoting innovati¢)n: £3 million taryet, £4.3 million raised Klening access: £2 million turyet, £2.2 million raised Strenwhen our facilitie5: building development Tqrgetr. £25 millign "" 75%"-"" 11 . 50%"-""' 11 "" 25%"-"" ttittttlDiOiQttttit STRENGTHEN OUR FACILITIES Total Yalsed: £25 million R•moindor ROYAL CQLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 37 2021 /2022 IN NUMBERS OVER STUDENTS OF 55 TOTAL SUPPORTERS NATIONALITIE AWARDED SCHOLARSHIPS knE',11 Th.3￿ J £6M IN SCHOLARSHIP AND AWARDS IN PHILANTHROPIC SUPPORT RAISED 11 a8 The co51olloThuihun Dtsw's Flighion sluy in thé Bri￿￿ Th*u￿.J￿IY 2022 52% 39.2K OF STUDENTS RECEIVEDS FINANCIAL SUPPORT DURING THEIR STUDIES , S SUBSCRIBERS TO THE RCM YOUTUBE CHANNEL ures OVE £1.5M , 267( RECEIVED FROM GIFTS IN WILLS TICKETS SOLD TO IN-PERSON PERFORMANCES ROYAL COLLEGE OF MUSIC / INNUAI REVIEW 2021/?02? 39 THANK YOU TO OUR SUPPORTERS Music hos the ptswer lo tronsform lives. Your generosity enobles us lo reach ond nurtu￿ gifted students so they can become leading mv5icions of the next generation, ond con contribute fully to the worl&4ide musical commvnity, our society and economy. We would like to thunk all those listed below, as well as those who wish lo ￿Main ononymous, who hove generously supported the RCM be￿en l Augustr 2021 and 31 July 2022. We would also like tro thank members ol the RCM Legacy En5ernble who hove so thoughthjlly pledged a gift to the RCM in their Will. MORI MV51C FQUNDING PATrQNS The Esta￿ ofr￿ge Frgjeiick Burgan The E510￿ ol Basil Colemgn Th9 C1￿cher Hon9 Ktsn9 Choiiloblè Tiusi The Esta￿ olCh(15yher CBE HonDMus Kin9dom Wsic EdL¢Q11￿ Group Sandro & Reno Lavery HonRCM F￿r910nd Fiwndotio Ql*l & Ap915 The Ra loundolion & The 619 Gi Sir sieg￿u￿d sitdunlury SethE￿Ent b & Soroh Wi9ley Henry Accomrnodothon Trus1 TheWor5hiplul Compary ol Musicians Vicloriu. lody RobryOBE HonRCM Thè Es101o ol Emmo Rose MAJOR SUPPORIEIES d 1851 lonie Aroro Th9 NolionAI Hèiifo9o FDnd oHi4 RichJid5 HonROvl &Volerie Richoids ThE E510￿ ol Neville Woihen Ru1h wp.st HonRCWi& 1he lale Di Mi¢h091W¢$1 tsoil eld woe51c￿ Foundalion ThE Wollson Foundolion Dasho SFenkmon OBE HonRCM The E51ole ol Gergld Churle5 ￿ekn￿r Thè Esla1o ol Nancy Ann Woll*ig The Es￿le & Annabel Buchon MBE Trevic￿r Duhd0￿h FcAJDthiion E B M CthiifoblèTiusl PRINCIPAL SUPPORTERS Huowei TechnolcEie5 IUKI Tho Esfolè CF K&nnÈih Vlgnès FRCM LEADERSHIP SUPPORTERS lone BGrker CBE FRCM Blvthnèi PIOWS Jone Avery In memry ol RobertAvery C. Eech51eiTh hudorlElobrik AG Michaèl & DoiD1hy Needloy Nord Anglia Educolic The loÈ Dr Murlin khworlz Anfon Tasker Pe￿1 & Annette Do The Tr￿Fer5 Co￿F￿nY Thè FishmDn9è19' CoMpJny Marhn FioeThkel Philipcoine MBE HonROM & Qhiisthn9 Coine Eiedith & Den15 Coleman Th9 Estolè alTh¢ymog Coiiièll The Esta￿ ollohn & Marioriecoultthe ThE olloTrlyD Cru Th9 Estolè ollohn & 5ylviO D)u9h The Esta￿ ol D ThE Foe FouTr4glion The Esfolè alAIWn F1051 G & K knye5 Chariloble Trust ThE Harry & fyllo Gavnn CharilDblE Tw51 HEFCE linda Hill HcnRCM & Tory Hill ThE Victor & lilion H￿bhoUser FoundoliDll HSH Heidi Princess Hohenzollèrn H￿RCm Sara Ne150n Horner The Humphiw Richold￿n Talor ChDiiPable Tru ComMunity￿m￿l J Poul GetylrChoiifobl*TIu51 WPPQRTERS The Aldoma Foundalic Rcberl ArdersDll The Rowil Anderson Tr￿51 Dr linda Bee MJrio Blorn>￿ MErnoiioI Fund BoJ9 Tim Ashlty&lohn Booth The Es￿le 4 Kgiherine BuilDn c0th￿In& Cloike Noel CoV￿ard Foundalion Dione tbvie5 Dibl* TheGilkert& Eileen Edgar Fc￿nd0hoTh The HeodleyTnJs1 Hèss & rhè lot*Tony He The E51ale of Ireja Kcgan(witch Rosemary Milloi HODRCM & Richa￿ Milloi John Nick3Dn 8 S., Pio IvlJ51co Itd ieopold de RothKhiW 1959 Choll￿ble Tr￿4 PoloDd S0￿M Thè Es101o ol HumFlr4 CBE FRCM Aiehea Slow &leremy Furni&5 The Pe￿r SJwerW FcxJndDIIo n &h￿ri&l Tè9nÈi Foye Hamil￿n &lohn Sknrt The HEdley FcAJndulio HSH Di Princo DDnoiw von HoMnzollein ThE E510￿ olwilliorn fvEuliD95 s Iwette Tion9 The wnour￿b1e &ciEty d Phe Knigh15 01 IhE The Polon5ky Fcundotion The E51ale of Gwenelh Uiquhart The kknJ3￿n Fafflily 40 ROYAL COLLEGE OF MUSIC I ANNUAi REWEW 2021/?02? 511 G￿g& ￿cOb￿￿￿ CBE & Icdy lucoWsc D(Nidlame3 Richod & &J5OnJorvi5 Tho Est0￿ ol Ro￿ly￿ knn Clifton Pathèi Cock(ryne-GioDts kr IFe Art5 ond Ihe london Comniunity Foundolio GJrdon & Pènny Coowi The Est0￿ ol h￿rgare1 I CwFei Sweno Crox￿￿. Iomily & Irierd5 its memory ol Long CIoxs0 loThJthan Del Moi Mrslano CBE FRCM Elizabeih BaÈ& John Be￿h lacty Bèrgman ARCM John 8ertalol lord Bbck & Btrllond Elizaboih Bhckman JcsJnna Koye Chrislcphor Knoal D(Nid & Mory loing Jomw & thworel LOn¢05￿r Loo Abw Londc Mr5 BrEhdo Butyo ss Volèiig Bsrom-Tayloi Sir Roger & lodycoir HonRCM Chri5 Chri5ieAoulou HonRC Daphn£ Cloik Sir Anthonycleavei FRCM Colih Coombs Mr CDlin C Mr5 Kal10 de PtyeT Mr Poul Dul Dr Mork Chri5lim H059J50n UBER lourda1iQn Lordon VVomen5 ClIDic Foundalion In memoryelTDny lukr ug105 8 AdelèGordner Lady Gibb GlI￿rtA￿h Irino &frnon The Hon Richord IWeltoD HODRCM & Richard HarnilE Pe￿r & C¥nik￿ Hor Dr R0￿mary Moson & Mr Pallè Uhdlopsé The E51ole d PWlli3 Horne Menzies Sir Pe1Er & lody Middlelon FRCM Thè H￿ord & Abby Mils1oin FoJndoho Gre￿ Hemu5 Scoll Elk., lain F￿101 HoThRCM & Robèil Ro Pete Fozord Soroh Gibb OIIVIQ Graham La(b/wic￿r1Q HaTli50n Tho Vic101 & Lilian HOchho￿&￿ Founda1ic Hel￿rt Howells TnJ51 Clryre Hy4ond Richod & M., ko MyJnrfoid Noswod Choii Royal BJroLgh ol Kensiryton &Chelsea DJtyid & IEW15 john &lockiè Lowor Richard bOansellfvne5 The hlerTrrs Compory vid MildoTh ElleD ￿loneY Music TDlk5 Richard & Rosomory N&lson Mr MichaÈl Hd9gS M3 Popw Hol&n Su5Dn Holbnd DcNid Holohon 8ryaD Hu3bJnd Mr5 Co1herinehmèS Ecknoids chaèl Kadwèll Mr Kalze Richoid Price FRCM & Sue Pric Mod¢ Rodmon SENSE Fouhdoiion Bru5*15 Keiih O'NiGn5 rdon Polmar Chorilablo Trus1 KaihiirE Palrn lindo PeEL Pick5sg1 Pot KgTrdall-Tay4oT Mr Nicho105 King FROVI Mr AloHhew Knighi Piokssor Colin Lawson CBE FRCM John LaY4K KehhEih & Dophne Midffttrl LorrainQ mig11￿1n1 MI￿ lthdeleiDe m1￿hell FRSA l¢uXffjJ5 GRVA ARO Ellon Molon Avril Nelwn GRSM ARCM &MrGrahJm FeDrnhead Mr Granl NÉwman & Mi Navillo Mctbno¥h Mr John Nick30n & Mi Sirnon PeneloFE. La￿ Sithell Peter & D," Richord hicE FRCM8 Sue ￿1 51èinway & son Jon15 ￿35￿1nd 08E HonRCM Be1y & 1￿ lore Rober1 &Jiherlond ChiiOoFhei & Anne ￿ul R05ernaryToy4 The RO￿rI TurAbull Piono Fourdo1i Rhoddy Volom￿Tr FRad Anne VVad&woth 08E & B, wadsvrf￿th Pelei Stoirs TnJ5t Sud&￿l￿h loundali¢ lunis 5usskind OBE H￿R£m an Szymon5ki 511 Po1or & Lady Woligrs Carolyn Word &GJiryWaM5 IOBE Sir Guy HonROLI JD5oFWèinborgèi Itd Jill 8 Michael We3Mro(A Humphr4 Noiling￿ OBE FRCM Terry& Iblerie CEboiDe Mr5 &Je PudiloDFs￿PhenS Damglano1 RittèimoTh DBE HontKwkns Vicloiia, l(Ay RobeyOBE HonROIA Mr5 HiWo Swr Kyra Schottonst&in Iou15a Tregei Th8 William Wo11Dn & lo Nbrtallo Trus1 jill & Michoel Qwnlin & sarah Williams CORE CONIRIBLITORS The AbiniJ- Hommei Aword Rowil Andof50n The Ats￿r Foundalion Soroh & Siephen Btsxpei JDhn & Halina Bgnnort s￿FIan & NilulerVoD B13moick lord Bbck 8 hP¢rk ￿lI0nd Mr Williom & MrsI4leiiè Sth¢kl Burbura Simmonds s￿FIe￿ SbJaiFSmith Su50n Siurrrtk HohRI) Mr RoWI15uthèiland Igssor lord Winslon & LodyWins1on ira Wity The Worshiplul tspony ol Cullers Tho Worshipful cL￿pOnY o15oddlgrs RCM iEGACY ENSEMBLE To5ke Palricio & Thomp￿ Caroline VVa1115-Newport Timothy Wilcox Di Emma Adlord Mi Roberic Andrews Gary& Eleanor B1053 Peler B￿0￿3 Sir AnthOnYClea￿Er FROIA & La￿ Cl￿ver ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 41 Opposite An RCM okne pluyer rthetsrses in the An)uryllis Flemin9 Concert Hall STUDENT NUMBERS International Home 365 475 138.3%) 149.8%1 111.9%) Male Female 448 147.0%) 502 152.7%) Other 10.3%1 Postgraduate Underyraduate 478 145.0°Al 150.2%) Doctoral 46 14.8%1 ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 43 Opposite A chamber ensemble ol RCM musicians perkrms in the new 5tale-ofvthe.art Perkbrmgncp Holl FINANCES In 202112022, the College made a deficit kr the year of £2 million. A￿r adjusting to remove the impact of gains and losses and of changes lo pension provisions, the underlying surplus was £3.1 million. In ihe previous year there was an underlying surplus OF £1 .8 million. 2021122 2020121 Re￿rted Idelicitrl/surplu5 lor the year 12.01 Remove losse5/lgainsl on investments ond disposals 16.61 Retnove chon9e5 tro FEnSlQn prwi510n5 10.31 Under￿1￿9 Su￿1V5 bekre guins und1055es ROYAL COLLIGE OF MUSIC I ANNUAI REVIEW 2021/?02? 45 COUNCIL AND DIRECTORATE Pglron The late (￿￿8 Coun¢il ex-offiJldin9 loppoinled C¢iokei 20211 Sir Geoi9e ltscobescu CBE Ruih Keottch John Nick50n Iierrn compleled july 20221 lornie NiokuQoGdwin Andieol Ratcliffe GeoFFrey Richaids HonRCM Sir Guy Vleslon HonRCM lomes Willioms 46 ROYAL COLLEGE OF MUSIC I ANNUAI REVIEW 202112022 88 HERITAGE FUND Phol(b crfjditii Chri5 Chrithulou Iwge5 14, 1(k12, 18-22, NJ, 34-441, Koihle8n F￿n￿rAwa￿S (pag8 241.. N¢bin Kl¢h¢rj¢h Iw99 81.. John Mitchdl Iwge 281, Harry Ps•f￿diS 16. 3210 Phil Rtylty IP￿¢% 14. 261. All detoilscorr•¢tol 9oin9 to prinl. De5igTh byvpNw.5pla5hDFwinl.¢tyn OY AL COLLEG OF MUSIC Princ8 Consort knad Lon&n Svn 2BS United Kingdom +4410120 7591 4300 r**Income**
Tuition fees
1
Funding body grants
2
Research grants and contracts
3
Other income
4
Investment income
5
**Total income before endowments and donations**
Donations and endowments
6
**Total income**
**Expenditure**
Staff costs before pension adjustment
7
Pension adjustment
7
Total staff costs
7
Other operating expenses
8
Depreciation
10
Interest and other finance costs
9
**Total expenditure**
**Surplus before gains and share of operating surplus of associates**
Loss on disposal of tangible fixed assets
Gain/(loss) on disposal of investments
Change in fair value of investments
12
**Surplus/(Deficit) for the year**
Actuarial gain/(loss) in respect of pension schemes
27
**Total comprehensive income for the year**
Represented by:
Restricted endowment comprehensive income for the year
Restricted comprehensive income for the year
21
Unrestricted comprehensive income for the year
Revaluation reserve comprehensive income for the year
23|**Consolidated**
**RCM**
Consolidated
RCM
£
£
£
£
restated
restated
**16,815,413**
**16,815,413**
15,190,402
15,190,402
**6,259,882**
**6,259,882**
5,883,460
5,883,460
**301,490**
**301,490**
535,641
535,641
**2,739,217**
**2,758,061**
1,634,444
1,634,444
**1,579,663**
**1,579,663**
1,189,757
1,232,389
**Year ended 31 July 2022**
Year ended 31 July 2021| |---|---| ||**27,695,665**
**27,714,509**
24,433,704
24,476,336
**5,398,239**
**5,398,239**
3,148,838
3,148,838| ||**33,093,904**
**33,112,748**
28,866,121
28,908,753| ||**15,721,440**
**15,721,440**
15,368,098
15,368,098
**3,114,996**
**3,114,996**
(267,493)
(267,493)| ||**18,836,436**
**18,836,436**
15,100,605
15,100,605
**11,048,449**
**11,020,976**
8,860,881
8,807,084
**2,886,690**
**2,886,690**
2,571,344
2,571,344
**209,392**
**209,392**
225,921
225,921| ||**32,980,967**
**32,953,494**
26,758,751
26,704,954| ||**112,937**
**159,254**
2,107,370
2,203,799
**(74,504)**
**(74,504)**
(319,171)
(319,171)
**232,452**
**232,452**
1,651,680
1,651,680
**(2,236,018)**
**(2,236,018)**
5,239,036
5,239,036| ||**(1,965,133)**
**(1,918,816)**
8,678,915
8,775,344
**891,000**
**891,000**
1,031,000
1,031,000| ||**(1,074,133)**
**(1,027,816)**
9,709,915
9,806,344| ||**(3,640,847)**
**(3,594,530)**
6,398,392
6,494,821
**2,417,305**
**2,417,305**
405,616
405,616
**430,922**
**430,922**
2,366,982
2,366,982
**(281,513)**
**(281,513)**
538,925
538,925| ||**(1,074,133)**
**(1,027,816)**
9,709,915
9,806,344| The statement of comprehensive income is in respect of continuing activities. The accounting policies and notes form part of these financial statements. 42 ## **Consolidated and RCM statement of changes in reserves Year ended 31 July 2022** |**Consolidated**
**Balance at 1 August 2020 - as previously stated**
Reclassification from endowment to restricted reserves - Prior period adjustment
**Balance at 1 August 2020 - restated**
Surplus from the income and expenditure statement
Other comprehensive income
Transfer of unapplied total return allocated to income
Transfers between revaluation and income and expenditure reserve
Reclassification from unrestricted reserves to endowment reserves
**Total comprehensive income for the year**
**Balance at 1 August 2021**
Surplus from the income and expenditure statement
Other comprehensive income
Transfer of unapplied total return allocated to income
Transfers between revaluation and income and expenditure reserve
**Total comprehensive income for the year**
**Balance at 31 July 2022**
**Royal College of Music**
**Balance at 1 August 2020 - as previously stated**
Reclassification from endowment to restricted reserves - Prior period adjustment
**Balance at 1 August 2020 - restated**
Surplus after taxation from the income and expenditure statement
Other comprehensive income
Transfer of unapplied total return allocated to income
Transfers between revaluation and income and expenditure reserve
Reclassification from restricted to unrestricted reserves
**Total comprehensive income for the year**
**Balance at 1 August 2021**
Surplus after taxation from the income and expenditure statement
Other comprehensive income
Transfer of unapplied total return allocated to income
Transfers between revaluation and income and expenditure reserve
**Total comprehensive income for the year**
**Balance at 31 July 2022**|**Endowment**
**£**
**42,446,509**
(317,780)
**Income**|**Restricted**
**£**
**353,964**
317,780
**and expenditure a**|**Unrestricted**
**£**
**43,960,298**
-
**43,960,298**
2,147,755
1,031,000
-
(538,925)
(272,848)
**2,366,982**
**46,327,280**
(741,591)
891,000
-
281,513
**430,922**
**46,758,202**
**Unrestricted**
**£**
**43,960,298**
-
**43,960,298**
2,147,755
1,031,000
-
(538,925)
(272,848)
**2,366,982**
**46,327,280**
(741,591)
891,000
-
281,513
**430,922**
**46,758,202**
**ccount**
**ccount**|**£**
**13,823,293**
-
**13,823,293**
-
-
-
538,925
**538,925**
**14,362,218**
-
(281,513)
**(281,513)**
**14,080,705**
**£**
**13,823,293**
-
**13,823,293**
-
-
-
538,925
**538,925**
**14,362,218**
-
(281,513)
**(281,513)**
**14,080,705**
**Revaluation**
**reserve**
**Revaluation**
**reserve**|**£**
**100,584,064**
-
**Total**
**reserves**| |---|---|---|---|---|---| ||**42,128,729**
7,402,454
-
(1,276,910)
-
272,848
**6,398,392**
**48,527,121**
(55,323)
(3,585,524)
**(3,640,847)**
**44,886,273**
**Endowment**
**£**
**41,992,927**
(317,780)
**Income**|**671,744**
(871,294)
-
1,276,910
-
**405,616**
**1,077,360**
(1,168,219)
3,585,524
**2,417,305**
**3,494,666**
**Restricted**
**£**
**353,964**
317,780
**and expenditure a**|||**100,584,064**
8,678,915
1,031,000
-
-
-| ||||||**9,709,915**| ||||||**110,293,979**
(1,965,133)
891,000
-
-| ||||||**(1,074,133)**| ||||||**109,219,846**| ||||||**£**
**100,130,482**
-
**Total**
**reserves**| ||**41,675,147**
7,498,883
-
(1,276,910)
-
272,848
**6,494,821**
**48,169,968**
(9,006)
(3,585,524)
**(3,594,530)**
**44,575,437**|**671,744**
(871,294)
-
1,276,910
-
**405,616**
**1,077,360**
(1,168,219)
3,585,524
**2,417,305**
**3,494,666**|||**100,130,482**
8,775,344
1,031,000
-
-| ||||||**9,806,344**| ||||||**109,936,826**
(1,918,816)
891,000
-
-| ||||||**(1,027,816)**| ||||||**108,909,010**| The accounting policies and notes form part of these financial statements. The prior period adjustment moves £317,780 from the endowment reserve to the restricted reserve following a review of the accounting treatment of historic funds as part of the Group’s adoption of total return accounting for the Scholarship & Awards Fund where it was identified that certain restricted funds that were not endowed had been incorrectly included in the endowment reserve. The adjustment also reclassifies £409,653 of net surplus recognised on these funds in the year to 31 July 2021 from restricted endowment comprehensive income to restricted comprehensive income. No other Financial Statement line items are affected by this adjustment and there is nil impact on previously reported surpluses or net assets. 43 ## **Consolidated and RCM balance sheet** ## **Year ended 31 July 2022** |**Note**
**Non-current assets**
Fixed assets
10
Heritage assets
10,11
Investments
12
Investment in subsidiary company
13
**Current assets**
Trade and other receivables
14
Investments
15
Cash and cash equivalents
Less: Creditors: amounts falling due within one year
17
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more than one year
18
**Provisions**
Pension provisions
19
**Total net assets**
**Restricted reserves**
Income and expenditure reserve - endowment reserve
20
Income and expenditure reserve - restricted reserve
21
**Unrestricted reserves**
Income and expenditure reserve - unrestricted
Revaluation reserve
23
**Total reserves**|**Consolidated**
**RCM**
**£**
**£**
**69,408,230**
**69,408,230**
**5,550,757**
**5,550,757**
**53,759,280**
**52,048,418**
**-**
**1,710,862**
**128,718,267**
**128,718,267**
**2,253,046**
**2,051,625**
**2,500,000**
**2,500,000**
**6,339,588**
**6,202,833**
**11,092,634**
**10,754,458**
**(3,979,223)**
**(3,951,883)**
**7,113,411**
**6,802,575**
**135,831,678**
**135,520,842**
**(20,387,121)**
**(20,387,121)**
**(6,224,712)**
**(6,224,712)**
**109,219,845**
**108,909,009**
**44,886,273**
**44,575,437**
**3,494,666**
**3,494,666**
**46,758,201**
**46,758,201**
**14,080,705**
**14,080,705**
**109,219,845**
**108,909,009**
**As at 31 July 2022**|Consolidated
RCM
£
£
restated
restated
71,064,692
71,064,692
5,543,757
5,543,757
54,750,057
53,039,195
-
1,710,862
131,358,506
131,358,506
1,805,523
1,440,375
-
-
8,910,811
8,891,466
10,716,334
10,331,841
(10,056,547)
(10,029,207)
659,787
302,634
132,018,293
131,661,140
(17,406,450)
(17,406,450)
(4,317,864)
(4,317,864)
**110,293,979**
**109,936,826**
48,527,121
48,169,968
1,077,360
1,077,360
46,327,280
46,327,280
14,362,218
14,362,218
**110,293,979**
**109,936,826**
As at 31 July 2021|Consolidated
RCM
£
£
restated
restated
71,064,692
71,064,692
5,543,757
5,543,757
54,750,057
53,039,195
-
1,710,862
131,358,506
131,358,506
1,805,523
1,440,375
-
-
8,910,811
8,891,466
10,716,334
10,331,841
(10,056,547)
(10,029,207)
659,787
302,634
132,018,293
131,661,140
(17,406,450)
(17,406,450)
(4,317,864)
(4,317,864)
**110,293,979**
**109,936,826**
48,527,121
48,169,968
1,077,360
1,077,360
46,327,280
46,327,280
14,362,218
14,362,218
**110,293,979**
**109,936,826**
As at 31 July 2021| |---|---|---|---| ||||131,358,506| ||||1,440,375
-
8,891,466| ||||10,331,841
(10,029,207)| ||||302,634| ||||131,661,140
(17,406,450)
(4,317,864)| ||||**109,936,826**| ||||48,169,968
1,077,360
46,327,280
14,362,218| ||||**109,936,826**| The financial statements were approved and authorised for issue by the Council on 2 December 2022 and were signed on its behalf on that date by: Professor Colin Lawson, Director Lord Black of Brentwood, Chair of Council The accounting policies and notes form part of these financial statements. 44 ## **Consolidated cash flow Year ended 31 July 2022** |**Note**
**Cash flow from operating activities**
(Deficit)/Surplus for the year
**Adjustment for non-cash items**
Depreciation
10
(Gain) on disposal of fixed asset investments
Loss/(gain) on fair value of investments
(Increase) in debtors
14
(Decrease)/Increase in creditors
Increase/(decrease) in pension provision
19
Receipt of donated assets
Amortised lease income
**Adjustment for investing or financing activities**
Investment income
5
Interest payable
9
Endowment income
6
Loss on the disposal of fixed assets
Capital grant income
**Net cash (outflow)/inflow from operating activities**
**Cash flows from investing activities**
Proceeds from sale of fixed assets
Capital grants receipts
Disposal of non-current asset investments
Investment income
5
Payments made to acquire fixed assets
Purchase of non-current asset investments
New fixed term deposits
Fixed term deposits expired
**Net cash outflow from investing activities**
**Cash flows from financing activities**
Interest paid
9
Endowment cash received
Repayments of amounts borrowed
**Net cash inflow from financing activities**
**Increase/(decrease) in cash and cash equivalents in the year**
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year|**Year ended 31**
**July 2022**
**£**
**(1,074,133)**
**2,886,690**
**(232,452)**
**2,236,018**
**(447,523)**
**(175,727)**
**1,906,848**
**(379,428)**
**(304,908)**
**(1,579,663)**
**152,722**
**(631,716)**
**77,004**
**(737,688)**
**1,696,044**
**2,500**
**284,419**
**39,945,831**
**1,579,663**
**(937,304)**
**(40,958,620)**
**(2,500,000)**
**-**
**(2,583,511)**
**(152,722)**
**631,716**
**(2,162,750)**
**(1,683,756)**
**(2,571,223)**
**8,910,811**
**6,339,588**|Year ended 31 July
2021
£
9,709,915
2,571,344
(1,651,680)
(5,239,036)
(422,922)
410,792
(1,602,611)
(187,000)
(304,908)
(1,189,757)
108,923
(376,406)
319,171
(715,173)| |---|---|---| |||1,430,652| |||-
143,283
7,852,545
1,189,757
(1,941,943)
(8,061,151)
-
2,500,000| |||1,682,491| |||(108,923)
376,406
(2,162,750)| |||(1,895,267)| |||| |||1,217,876| |||7,692,935
8,910,811| The accounting policies and notes form part of these financial statements. 45 ## **Notes to the accounts for the year ended 31 July 2022** |||**Year ended 31 July 2022**|**Year ended 31 July 2022**|Year ended 31 July 2021|Year ended 31 July 2021| |---|---|---|---|---|---| |||**Consolidated**|**RCM**|Consolidated|RCM| |||**£**|**£**|£|£| |**1**|**Tuition fees**||||| ||Full-time UG home and EU|**2,981,401**|**2,981,401**|2,994,277|2,994,277| ||Full-time PG home and EU|**2,388,241**|**2,388,241**|2,485,660|2,485,660| ||Part-time home and EU|**243,329**|**243,329**|231,763|231,763| ||Non-EU|**9,313,956**|**9,313,956**|7,494,002|7,494,002| ||Other|**1,888,486**|**1,888,486**|1,984,700|1,984,700| |||**16,815,413**|**16,815,413**|15,190,402|15,190,402| |**2**|**Funding body grants**||||| ||Recurrent grant||||| ||Teaching|**4,607,637**|**4,607,637**|4,378,237|4,378,237| ||Research|**921,638**|**921,638**|501,205|501,205| ||HEIF|**388,755**|**388,755**|335,207|335,207| ||Specific grants||||| ||Staff related inherited liabilities|**19,535**|**19,535**|15,850|15,850| ||Other grants|**143,754**|**143,754**|156,610|156,610| ||Capital grants released in the year|**178,563**|**178,563**|496,351|496,351| |||**6,259,882**|**6,259,882**|5,883,460|5,883,460| ||There is NIL on other capital grant that has been recognised in the year relating to correct amortisation charges on grants received (FY||||| ||20-21 £392,899 )||||| ||The table below shows the sources of grant and fee income.||||| ||**Grant and fee income**||||| ||Grant income from OfS|**4,619,926**|**4,619,926**|4,964,023|4,964,023| ||Grant income from other bodies|**1,941,446**|**1,941,446**|1,646,775|1,646,775| ||Fee income for taught awards (exclusive of VAT)|**14,534,640**|**14,534,640**|12,854,457|12,854,457| ||Fee income for research awards (exclusive of VAT)|**392,289**|**392,289**|351,245|351,245| ||Fee income from non-qualifying courses (exclusive of VAT)|**1,888,485**|**1,888,485**|1,984,700|1,984,700| |||**23,376,785**|**23,376,785**|21,801,200|21,801,200| |**3**|**Research grants and contracts**||||| ||BIS research councils|**284,436**|**284,436**|388,664|388,664| ||UK-based charities|**-**|**-**|1,621|1,621| ||Government (UK and overseas)|**17,054**|**17,054**|13,871|13,871| ||Other|**-**|**-**|131,485|131,485| |||**301,490**|**301,490**|535,641|535,641| |**4**|**Other income**||||| ||Residences, catering and conferences|**694,211**|**694,211**|66,351|66,351| ||Other capital grants|**559,125**|**559,125**|218,822|218,822| ||Other services rendered|**365,411**|**365,411**|30,329|30,329| ||Lease premium - Prince Consort Village|**304,908**|**304,908**|304,908|304,908| ||Other income|**815,562**|**834,406**|1,014,034|1,014,034| |||**2,739,217**|**2,758,061**|1,634,444|1,634,444| ||Other income in 2020/21 includes £191,697 claimed through the Coronavirus Job Retention Scheme.||||| |**5**|**Investment income**||||| ||Investment income on endowment assets - unrestricted|**137,498**|**137,498**|45,970|45,970| ||Investment income on endowment assets - restricted|**1,409,007**|**1,409,007**|1,142,942|1,185,574| ||Other interest receivable|**33,158**|**33,158**|845|845| |||**1,579,663**|**1,579,663**|1,189,757|1,232,389| 46 ## **Notes to the accounts for the year ended 31 July 2022** |**Note**
**6**
**Donations and endowments**
New endowments with restrictions
Restricted donations
Unrestricted donations - Other
**7**
**Staff costs**
Salaries
Social security costs
Movement on USS provision and related finance charge
9, 19
Other pension costs
27|**Consolidated**
**RCM**
Consolidated
RCM
**£**
**£**
£
£
**631,716**
**631,716**
376,406
376,406
**2,748,033**
**2,748,033**
3,148,838
3,148,838
**2,018,490**
**2,018,490**
907,173
907,173
**Year ended 31 July 2022**
Year ended 31 July 2021| |---|---| ||**5,398,239**
**5,398,239**
4,432,417
4,432,417| ||**12,495,198**
**12,495,198**
12,140,877
12,140,877
**1,095,164**
**1,095,164**
1,054,628
1,054,628
**3,114,996**
**3,114,996**
(267,493)
(267,493)
**2,131,078**
**2,131,078**
2,172,592
2,172,592| ||**18,836,436**
**18,836,436**
15,100,605
15,100,605| |Emoluments of the Director
Basic salary
Payment in lieu of pension
Benefits in kind
Emoluments excluding pension contributions
Pension contributions*
Emoluments including pension contributions|**Year ended 31**
**July 2022**
Year ended 31
July 2021
**£**
£
**228,000**
228,000
**34,884**
34,884
**11,949**
10,987| |---|---| ||**274,833**
273,871
**12,730**
4,560| ||**287,563**
278,431| *The Director is a member of USS, with an enhanced opt-out which commenced in April 2016. The employer contribution is only for life assurance and incapacity cover. Benefits in kind relate to private healthcare. In determining the Director's pay for 2021/22, the Remuneration Committee took into account the context in which the RCM was operating: a. The national negotiations on an annual cost of living award for 2021/22, with a final offer from UCEA of a 1.5% uplift to the pay spine with higher increases on the lowest points b. The current financial position of RCM, and the progress at RCM in 2020/21 c. Pay in the wider economy and the financial impact of the COVID-19 global pandemic d. Benchmarking information on vice-chancellor pay, specifically at direct competitor institutions and institutions of a similar size and standing, although it was noted that the impact of the pandemic had impacted the availability of some contextual benchmarking data. At the remuneration committee meeting held on 17 June 2021, the Director provided a verbal overview of RCM progress over the year. Key points noted included the success of the campus redevelopment, the successful pivot to digital delivery, the high level of student satisfaction and the current financial health of the RCM and the wider HE sector. The Committee discussed the exceptional leadership of the Director during a very challenging period. The Committee reluctantly accepted the Director’s wishes to receive no pay increase in 2021/22 in the light of the constraints on the College as a result of the pandemic. The Director is not a member of the Remuneration Committee. A full report was presented to the RCM Council at its meeting on 7 July 2021. The Annual Report of the Remuneration Committee is available on the RCM website. 47 **Notes to the accounts for the year ended 31 July 2022** ## **7 Staff costs (continued)** i. The head of the provider’s basic salary is 6.3 times the median pay of staff (2021: 4.9 times), where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff. ii. The head of the provider’s total remuneration is 6.6 times the median total remuneration of staff (2021: 5.8 times), where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff. |Basic pay of senior staff excluding Director
£100,000 - £104,999
£115,000 - £119,999
£150,000 - £154,999
Average staff numbers by major category:
Academic departments
Academic services
Premises
Administration and central services|**2022**
**2021**
**Headcount**
Headcount
3
3
1
1
1
1| |---|---| ||5
5| ||**FTE**
FTE
**163**
130
**38**
54
**24**
22
**57**
56| ||**282**
262| The methodology for the average staff FTE's was reviewed by the College to ensure a consistent, transparent approach to calculating FTEs for hourly paid staff. If the prior year FTEs had been restated then the FTE equivalents would be: |Average staff numbers by major category:
Academic departments
Academic services
Premises
Administration and central services|FTE
164
31
20
40| |---|---| ||255| ## **Key personnel** Key personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the RCM. This comprises members of Council and the executive directors. There was no compensation for loss of office paid to key personnel during the year. The total remuneration, including employer pension contributions, of the RCM's eight executive directors included in 2021/22 for Key personnel was £1,305,832 (2020/21: £1,266,593). ## **Council Members** RCM Council members are trustees for charitable law purposes. All transactions involving organisations in which a member of Council may have an interest are conducted in accordance with the RCM's financial regulations and procedures. Ex-officio and elected members of Council are RCM staff and as such are remunerated in the normal course of their duties. No Council member received any remuneration or waived payments during the year or the previous year. 48 ## **Notes to the accounts for the year ended 31 July 2022** |**Note**
**8**
**Other operating expenses**
Academic and related expenditure
Research related expenditure
Catering
Learning resources
Scholarships and awards
Grant to RCM Students' Union
Professional fees
Premises
Courtyard business as usual costs
Other expenses
Other operating expenses include:
External auditors' remuneration in respect of audit services
External auditors' remuneration in respect of audit related services
External auditors' remuneration in respect of non-audit services
Internal auditors' remuneration - internal audits
Operating lease rentals
Land and buildings
Other
**Access and Participation**
Access Investment (i)
Financial Support
Disability Support (ii)
Research and Evaluation (iii)
The table below shows the expenditure on access and participation in the year.|**Consolidated**
**RCM**
Consolidated
RCM
**£**
**£**
£
£
**586,704**
**586,704**
297,943
297,943
**38,259**
**38,259**
188,296
188,296
**425,813**
**425,813**
142,382
142,382
**324,647**
**324,647**
305,456
305,456
**4,344,723**
**4,344,723**
3,497,856
3,497,856
**13,291**
**13,291**
37,966
37,966
**327,438**
**327,438**
402,712
402,712
**2,304,569**
**2,304,569**
1,894,013
1,894,013
**17,125**
**17,125**
28,137
28,137
**2,665,880**
**2,638,407**
2,066,120
2,012,323
**Year ended 31 July 2022**
Year ended 31 July 2021| |---|---| ||**11,048,449**
**11,020,976**
8,860,881
8,807,084| ||**52,200**
**52,200**
45,756
45,756
**6,340**
**6,340**
6,540
6,540
**-**
**-**
1,107
1,107
**37,360**
**37,360**
36,578
36,578
**148,073**
**148,073**
155,422
155,422
**45,533**
**45,533**
29,197
29,197
**256,639**
**256,639**
253,065
253,065
**226,625**
**226,625**
138,750
138,750
**17,642**
**17,642**
-
-
**32,769**
**32,769**
28,333
28,333| ||**533,675**
**533,675**
420,148
420,148| (i) £145,094 of these costs are included in the overall staff costs figures included in the financial statements, see note 7 (2020-21: £137,349) (ii) £14,254 of these costs are included in the overall staff costs figures included in the financial statements, see note 7 (2020-21: £0) (iii) £26,769 of these costs are included in the overall staff costs figures included in the financial statements, see note 7 (2020-21: £26,333) |**9**
**Interest and other finance costs**
Loan interest
Loan commitment fee
Exchange differences
Net finance charge on pension schemes
USS
RCM Pension and Assurance Scheme
Relevant information can be found on our website:
https://www.rcm.ac.uk/about/strategies-values/people-equality-diversity/|**152,722**
**152,722**
108,923
108,923
**6,818**
**6,818**
22,573
22,573
**-**
**-**
30,543
30,543
**31,000**
**31,000**
17,882
17,882
**18,852**
**18,852**
46,000
46,000| |---|---| ||**209,392**
**209,392**
225,921
225,921| 49 ## **Notes to the accounts for the year ended 31 July 2022** |**10**
**Fixed Assets: consolidated and RCM**
**Cost or valuation**
At 1 August 2021
Additions
Transfers
Disposals
**At 31 July 2022**
**Depreciation**
At 1 August 2021
Charge for the year
Disposals
**At 31 July 2022**
**Net book value**
**At 31 July 2022**
**At 1 August 2021**|**Freehold land**
**and buildings**
**£**
1,708,781
-
-
-
**1,708,781**
83,079
5,175
-
**88,254**
**1,620,527**|**Leasehold land**
**and buildings**
**£**
76,287,879
24,870
-
-
**76,312,749**
12,887,204
1,918,832
-
**14,806,036**
**61,506,713**|**Musical**
**instruments**
**£**
9,984,590
463,878
8,500
(5,500)
**10,451,468**
6,241,133
362,594
(5,500)
**6,598,227**
**3,853,241**|**Furniture,**
**equipment and**
**software**
**£**
4,702,664
569,778
277,976
-
**5,550,418**
2,775,605
600,089
-
**3,375,694**
**2,174,724**|**Assets in the**
**course of**
**construction**
**£**
367,800
248,705
(286,476)
(77,004)|**Heritage**
**assets**
**£**
5,543,757
7,000
-
-|**Total**
**£**
98,595,471
1,314,231
-
(82,504)
**99,827,198**
21,987,021
2,886,690
(5,500)
**24,868,211**
**74,958,987**|**Total excluding**
**heritage assets**
**£**
93,051,714
1,307,231
-
(82,504)| |---|---|---|---|---|---|---|---|---| ||||||**253,025**|**5,550,757**||**94,276,441**| ||||||-
-
-|-
-
-||21,987,022
2,886,690
(5,500)| ||||||-|-||**24,868,211**| ||||||**253,025**|**5,550,757**||**69,408,230**| ||**1,625,702**|**63,400,675**|**3,743,457**|**1,927,058**|**367,800**|**5,543,757**|**76,608,449**|**71,064,693**| The additions to leasehold land and buildings relate to the RCM More Music courtyard redevelopment and the Wolfson Centre in Music and Material Culture. The remaining assets in the course of construction relate to digital and ICT projects, musical instruments, registry systems and other estates projects. |**11**
**Heritage assets: consolidated and RCM**
Purchases
Busts and portraits
Instruments
Donations
Busts and portraits
**Total acquisitions capitalised**|**2022**
2021
2020
2019
2018
**£**
£
£
£
£
**7,000**
49,967
6,875
56,500
11
**-**
**-**
-
-
6,000
**-**
**-**
-
8,000
-|2017
£
-
-
64,500| |---|---|---| ||**7,000**
49,967
6,875
64,500
6,011|64,500| 50 ## **Notes to the accounts for the year ended 31 July 2022** |**12 Non-current investments: consolidated**
**Consolidated: consolidated**
**At 1 August 2021**
Acquisition of shares - less movement in cash held by fund managers
Cost of disposals
Change in market value
**At 31 July 2022**
**Non-current investments: RCM**
**At 1 August 2021**
Acquisition of shares - less movement in cash held by fund managers
Cost of disposals
Change in market value
**At 31 July 2022**
**Non-current investments: consolidated**
Funds managed by external fund managers:
Scholarships and awards fund
General fund
Junior department appeal fund
Junior department expendable fund
Fund held by Charities Aid Foundation
ABRSM
Investment in loan to associate
**Split of stock held by external fund managers:**
Fixed interest stocks (listed)
Equities (listed) and unit trusts
Alternatives
Cash held by investment managers|**Share of profits**
**of associated**
**undertakings**
**Loan to**
**associate**
**Other fixed asset**
**investments**
**Total**
**£**
**£**
**£**
**£**
-
1,710,862
53,039,195
**54,750,057**
-
-
40,958,620
40,958,620
-
-
(39,713,379)
(39,713,379)
-
-
(2,236,018)
(2,236,018)|**Share of profits**
**of associated**
**undertakings**
**Loan to**
**associate**
**Other fixed asset**
**investments**
**Total**
**£**
**£**
**£**
**£**
-
1,710,862
53,039,195
**54,750,057**
-
-
40,958,620
40,958,620
-
-
(39,713,379)
(39,713,379)
-
-
(2,236,018)
(2,236,018)| |---|---|---| ||-
**1,710,862**
**52,048,418**
**53,759,280**|| ||**£**
**£**
53,039,195
**53,039,195**
40,958,620
40,958,620
(39,713,379)
(39,713,379)
(2,236,018)
(2,236,018)
**52,048,418**
**52,048,418**
41,272,932
**41,272,932**
7,315,602
**7,315,602**
815,786
**815,786**
286,293
**286,293**
49,690,613
**49,690,613**
-
-
82,805
**82,805**
-
-
2,275,000
**2,275,000**
-
1,710,862
-
**1,710,862**|**£**
**£**
53,039,195
**53,039,195**
40,958,620
40,958,620
(39,713,379)
(39,713,379)
(2,236,018)
(2,236,018)| |||**52,048,418**
**52,048,418**| |||41,272,932
**41,272,932**
7,315,602
**7,315,602**
815,786
**815,786**
286,293
**286,293**| ||-
**1,710,862**
**52,048,418**
**53,759,280**|| |||3,330,636
**3,330,636**
35,782,674
**35,782,674**
8,394,603
**8,394,603**
2,182,698
**2,182,698**| |||**49,690,611**
**49,690,611**| ## **Connected charitable institution** The RCM has a 25% interest in the Associated Board of the Royal Schools of Music (ABRSM) which is carried at cost. The ABRSM is a registered charity (number 292182) and a company limited by guarantee (registered number 1926395) established by four royal schools of music for the benefit of music education. The ABRSM has no share capital and the liability of the members in the event of winding up is limited to £1 per member. In the event of winding up, the ABRSM's constitution requires its governing body to consider, in the first instance, transfer of surplus assets to another body that is equipped to carry on the work of ABRSM. The impact of Covid on the trading environment for ABRSM has been considerable and it has temporarily suspended donations to RCM and the other members. An impairment review has been carried out by estimating the present value of the estimated future cash flows and concluded that there is no impairment at 31 July 2022. ## **13 Investment in subsidiary company** RCM has a 100% holding in RCM Business Enterprises Limited (RCM BEL) which holds a 20% share in the associated undertaking CLV (RCM) LLP. CLV (RCM) LLP operates student accommodation in Ravenscourt Park (Prince Consort Village). Funds to purchase the share in CLV (RCM) LLP came from the RCM's restricted permanent endowments and all funds generated from the 20% holding will be used to provide scholarships and awards to RCM students. The 20% stake represents a £1.7 million interest bearing loan. The share of net assets in the associated undertaking, when distributed, will be used to fund scholarships and awards to RCM students. 51 ## **Notes to the accounts for the year ended 31 July 2022** |Notes
**14**
**Trade and other receivables**
Amounts falling due within one year
Other trade receivables
Other receivables
Prepayments and accrued income
Amounts due from subsidiary companies
**15**
**Current asset investments**
Term deposits
**16**
**Consolidated reconciliation of net debt**
**Net (debt)/cash 1 August**
Movement in cash and cash equivalents
New unsecured loans
Repayment of unsecured loans
**Net cash 31 July**
**Change in net debt**
**Analysis of net debt:**
**Cash and cash equivalents**
Borrowings: amounts falling due within one year
Unsecured loans
Borrowings: amounts falling due after more than one year
Unsecured loans
**Net cash/(debt)**
**17**
**Creditors: amounts falling due within one year**
Unsecured loans
Trade payables
Social security and other taxation payable
Accruals and deferred income|Notes
**14**
**Trade and other receivables**
Amounts falling due within one year
Other trade receivables
Other receivables
Prepayments and accrued income
Amounts due from subsidiary companies
**15**
**Current asset investments**
Term deposits
**16**
**Consolidated reconciliation of net debt**
**Net (debt)/cash 1 August**
Movement in cash and cash equivalents
New unsecured loans
Repayment of unsecured loans
**Net cash 31 July**
**Change in net debt**
**Analysis of net debt:**
**Cash and cash equivalents**
Borrowings: amounts falling due within one year
Unsecured loans
Borrowings: amounts falling due after more than one year
Unsecured loans
**Net cash/(debt)**
**17**
**Creditors: amounts falling due within one year**
Unsecured loans
Trade payables
Social security and other taxation payable
Accruals and deferred income|**Consolidated**
**RCM**
**£**
**£**
**87,408**
**87,408**
**397,564**
**397,564**
**1,768,074**
**1,188,199**
**-**
**378,454**
**2,253,046**
**2,051,625**
**2,500,000**
**2,500,000**
**2,500,000**
**2,500,000**
**At 31 July**
At 31 July
**2022**
2021
**£**
£
**2,056,373**
(1,324,253)
**(2,571,223)**
1,217,876
**-**
-
**2,162,750**
2,162,750
**1,647,900**
2,056,373
**408,473**
(3,380,626)
**6,339,588**
8,910,811
**(162,751)**
(6,162,750)
**(4,528,937)**
(691,688)
**1,647,900**
2,056,373
**Consolidated**
**RCM**
**£**
**£**
**162,751**
**162,751**
**717,944**
**717,944**
**355,255**
**355,255**
**2,743,273**
**2,715,933**
**3,979,223**
**3,951,883**
**Year ended 31 July 2022**
**Year ended 31 July 2022**|Consolidated
£
4,457
302,624
1,498,442
**-**
1,805,523
**-**
**-**
Consolidated
£
6,162,750
345,130
265,934
3,282,733
10,056,547
Year ended
Year ended|RCM
£.
4,457
302,624
850,547
282,747
31 July 2021| |---|---|---|---|---| |||||1,440,375| |||||**-**| |||||**-**| |||||RCM
£
6,162,750
345,130
265,934
3,255,393
31 July 2021| |||||10,029,207| 52 ## **Notes to the accounts for the year ended 31 July 2022** |**Consolidated**
**RCM**
**Note**
**£**
**£**
**18**
**Creditors: amounts falling due after more than one year**
Deferred income - PCV lease premium
**12,772,367**
**12,772,367**
Deferred income - other
**3,085,817**
**3,085,817**
Unsecured loans
**4,528,937**
**4,528,937**
**20,387,121**
**20,387,121**
Analysis of unsecured loans:
**Due within one year or on demand**
**17**
**162,751**
**162,751**
Due between one and two years
**162,751**
**162,751**
Due between two and five years
**4,366,187**
**4,366,187**
Due in five years or more
**-**
**-**
**Due after more than one year**
**4,528,937**
**4,528,937**
**Total unsecured loans**
**4,691,688**
**4,691,688**
**Amount**
**Term**
**Included in unsecured loans**
**£**
The Royal Bank of Scotland
691,688
2026
The Royal Bank of Scotland
4,000,000
2025
**Total**
**4,691,688**
**Year ended 31 July 2022**|Consolidated
£
13,077,275
3,637,487
691,688
Year ended|RCM
£
13,077,275
3,637,487
691,688
31 July 2021| |---|---|---| ||17,406,450|17,406,450| ||6,162,750
162,751
488,250
40,688|6,162,750
162,751
488,250
40,688| ||691,688|691,688| ||6,854,438|6,854,438| ||**Interest rate**
**%**
5.30
SONIA + 0.80|**Borrower**
RCM
RCM| The College has a term loan with RBS expiring in October 2026. The loan is amortising in equal annual instalments to the expiry date. The College also has an £11m revolving credit facility (“RCF”) with RBS expiring in October 2025. The total amount outstanding under this facility at 31 July 2022 was £4m. The original term of the RCF was to October 2024, the College exercised an extension option under the facility in August 2022 to extend the expiry date to October 2025. |**19**
**Provisions for pension liabilities (consolidated and RCM)**
At 31 July 2021
Movements in 2021/22
**At 31 July 2022**
**Pension enhancement**|**USS**
**(note 7)**
**RCMP&AS**
**(note 27)**
**Total**
**£**
**£**
**£**
2,166,864
2,151,000
**4,317,864**
3,133,848
(1,227,000)
**1,906,848**
**5,300,712**
**924,000**
**6,224,712**
**Obligation to fund deficit**|**USS**
**(note 7)**
**RCMP&AS**
**(note 27)**
**Total**
**£**
**£**
**£**
2,166,864
2,151,000
**4,317,864**
3,133,848
(1,227,000)
**1,906,848**
**5,300,712**
**924,000**
**6,224,712**
**Obligation to fund deficit**|**USS**
**(note 7)**
**RCMP&AS**
**(note 27)**
**Total**
**£**
**£**
**£**
2,166,864
2,151,000
**4,317,864**
3,133,848
(1,227,000)
**1,906,848**
**5,300,712**
**924,000**
**6,224,712**
**Obligation to fund deficit**| |---|---|---|---| |||**924,000**|**6,224,712**| ||||| Assumptions for calculating the provision for pension enhancements on termination under FRS 102, are: ||**USS pension**|**RCM pension**| |---|---|---| |Discount rates|3.31%|3.50%| |Salary inflation rates (USS: 2022 to 2038)|3.00% - 2.75%|3.00% - 2.75%| |**USS deficit**||| The obligation to fund the past deficit on the Universities' Superannuation Scheme (USS) arises from a contractual obligation with the scheme for total payments relating to benefits arising from past performance. In calculating the value of the USS provision the RCM management has used salary costs (adjusted for salary and headcount changes), the current funding rate and applied a discount rate to estimate the present value. The College has applied the amendments to FRS102: Interest rate benchmark reform (Phase 1 and 2). Applying the practical expedient introduced by the amendments, when the benchmarks affecting the Colleges loans are replaced, the adjustments to contractual cashflows are reflected as an adjustment to the effective interest rate and do not result in an immediate gain or loss which may have been required if the practical expedient was not available or adopted. All loans had transitioned to alternative interest rate benchmarks at the year end. 53 ## **Notes to the accounts for the year ended 31 July 2022** |**20**
**Endowment reserves: RCM**
**Balance at start of the year - restated**
Reclassification from unrestricted to restricted reserves
New endowments
Investment Income
Expenditure
Decrease in market value of investments and realised gains
Transfer of unapplied total return allocated to income
**Total endowment comprehensive income for the year**
**Balance at the end of the year: RCM**
**Endowment reserves: consolidated**
RCM subsidiary
**Balance at the end of the year: consolidated**
**Scholarships & Awards Fund Permanent Endowment**
**Statement of Total Return for the portion of the fund managed under Total R**|Restricted
Restricted
**2022**
2021
expendable
endowments
permanent
endowments
**Total**
Total
£
£
**£**
£
restated
290,000
47,879,968
**48,169,968**
**41,675,147**
-
-
**-**
272,848
-
631,716
**631,716**
376,406
47
1,407,263
**1,407,309**
1,169,968
(47)
(161,150)
**(161,197)**
(179,665)
(3,707)
(1,883,128)
**(1,886,835)**
6,132,174
-
(3,585,524)
**(3,585,524)**
(1,276,910)| |---|---| ||(3,707)
(3,590,824)
**(3,594,530)**
6,494,821| ||286,293
44,289,144
**44,575,437**
48,169,968
-
310,836
**310,836**
357,153| ||286,293
44,599,980
**44,886,273**
48,527,121| ||**eturn: RCM**| |At 1 August 2020
New endowments
Investment income
Increase in market value of investments and realised gains
Less investment manager fees
**Total return for the year**
Unapplied total return allocated to income
**At 1 August 2021**
New endowments
Investment income
Decrease in market value of investments and realised gains
Less investment manager fees
**Total return for the year**
Unapplied total return allocated to income
**At 31 July 2022**
Funds not managed under total return
**Permanent endowment reserve at 31 July 2022**|Investment Fund
Unapplied Total
Return
**Restricted**
**Permanent**
**Endowment**
£
£
**£**
22,727,087
16,593,966
**39,321,053**
376,406
-
**376,406**
-
1,067,128
**1,067,128**
-
5,985,500
**5,985,500**
-
(164,157)
**(164,157)**|Investment Fund
Unapplied Total
Return
**Restricted**
**Permanent**
**Endowment**
£
£
**£**
22,727,087
16,593,966
**39,321,053**
376,406
-
**376,406**
-
1,067,128
**1,067,128**
-
5,985,500
**5,985,500**
-
(164,157)
**(164,157)**| |---|---|---| ||-
6,888,471
**6,888,471**
-
(1,276,910)
**(1,276,910)**|| ||23,103,493
22,205,527
**45,309,020**
631,716
-
**631,716**
-
1,286,658
**1,286,658**
-
(1,838,904)
**(1,838,904)**
-
(40,456)
**(40,456)**|| ||-
(592,702)
**(592,702)**
-
(3,585,524)
**(3,585,524)**
-
-|| ||**23,735,209**
**18,027,301**
**41,762,510**|| |||**2,526,634**| |||**44,289,144**| |**21**
**Restricted reserves: consolidated and RCM**
**Balance at 1 August 2021 - restated**
Income
Expenditure
Decrease in market value of investments and realised losses
Transfer of unapplied total return allocated to income
**Total restricted comprehensive income for the year**
**At 31 July 2022**|Scholarships
**2022**
**2021**
& awards
**Total**
Total
£
**£**
£
restated
**1,077,360**
**1,077,360**
**671,744**
2,286,436
**2,286,436**
2,594,743
(3,453,657)
**(3,453,657)**
(3,466,037)
(998)
**(998)**
-
3,585,524
**3,585,524**
1,276,910| |---|---| ||**2,417,305**
**2,417,305**
405,616| ||**3,494,666**
**3,494,666**
1,077,360| 54 ## **Notes to the accounts for the year ended 31 July 2022** |**22 Capital and other commitments**
Commitments contracted for
Commitments not yet contracted for but approved by RCM Council|**Consolidated**
**RCM**
Consolidated
RCM
**£**
**£**
£
£
**25,134**
**25,134**
35,595
35,595
**809,136**
**809,136**
812,483
812,483
**31 July 2022**
31 July 2021| |---|---| ||**834,270**
**834,270**
848,078
848,078| Provision has not been made for the capital commitments shown above at 31 July 2022. ## **23 Revaluation reserve** |Balance at 1 August 2021
Transferred to income and expenditure reserve
**Balance at 31 July 2022**
**24 Lease obligations**
**Consolidated and RCM**
Total rentals payable under operating leases:
**Paid during the year**
**Future minimum lease payments due**
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
**Total lease payments due**|**Tangible**
**assets**
**Heritage**
**assets**
**Investments**
**Total**
**£**
**£**
**£**
**£**
3,387,823
4,926,000
6,048,395
**14,362,218**
(165,780)
-
(115,733)
**(281,513)**| |---|---| ||3,222,043
4,926,000
5,932,662
**14,080,705**| ||31 July 2021
**Land and**
**Buildings**
**Other**
**leases**
**Total**
Total
**£**
**£**
**£**
**£**
**148,073**
**45,533**
**193,606**
203,129
**31 July 2022**| ||**151,615**
**22,724**
**174,339**
187,125
**162,730**
**22,724**
**185,454**
236,734
**1,072,830**
**3,787**
**1,076,617**
1,080,240| ||**1,387,175**
**49,235**
**1,436,410**
1,504,099| ## **25 Related party transactions** The total amount of donations received without conditions from Trustees and Related Parties was £392,140. During the year, the RCM received services from the Association of British Orchestras of £1,272, of which James Williams is the Director and an appointed member of the RCM Council. There were no other related party transactions, other than normal transactions with the Associated Board of the Royal Schools of Music and with Queen Alexandra House (QAH), the lessor for RCM Jay Mews. Aida Berhamovich, the Director of Estates, sits on the Board of QAH. No payments were paid to Council members for serving as Council members and there were no expenses paid to Council members other than routine expenditure on services provided for the Council members collectively. ## **26 Subsidiary undertakings** RCM Business Enterprises Limited is a subsidiary company (which is registered in England & Wales), wholly-owned or effectively controlled by the RCM. RCM Business Enterprises Limited is exempt from the requirements to audit individual accounts by virtue of the Companies Act 2006 s.479A. 55 **Notes to the accounts for the year ended 31 July 2022** ## **27 Pension schemes** Different categories of staff were eligible to join one of four different schemes: - Universities’ Superannuation Scheme (USS) - Teachers’ Pension Scheme (TPS) - RCM Pension and Assurance Scheme (RCMP&AS) - National Employment Savings Trust (NEST). Under the provisions of FRS 102 section 28 "employee benefits”, both USS and TPS are multi-employer defined benefit pension schemes. The USS has provided employers with a standard methodology for calculating their share of the agreed funding deficit plan and we have used this methodology to account for these liabilities in line with FRS 102. The RCM is unable to identify its share of the underlying assets and liabilities of TPS and we have accounted for contributions to this scheme as though it is a defined contribution scheme. The RCMP&AS is a closed defined benefit scheme, and NEST is a defined contribution scheme for those staff who are not eligible to join TPS or USS. ||**Year ended 31 July 2022**|**Year ended 31 July 2022**|Year ended 31 July 2021|Year ended 31 July 2021| |---|---|---|---|---| ||**Consolidated**|**RCM**|Consolidated|RCM| ||**£**|**£**|£|£| |**Statement of comprehensive income - net pension cost in year**||||| |USS|**1,132,191**|**1,132,191**|1,076,167|1,076,167| |TPS|**970,263**|**970,263**|934,723|934,723| |NEST|**28,625**|**28,625**|24,409|24,409| ||**2,131,078**|**2,131,078**|2,035,300|2,035,300| |RCMP&AS|**379,128**|**379,128**|375,000|375,000| ||**2,510,206**|**2,510,206**|2,410,300|2,410,300| |**Other comprehensive income - actuarial loss/(gain) in respect of pension schemes**||||| |USS|**3,133,848**|**3,133,848**|(249,611)|(249,611)| |RCMP&AS|**(1,227,000)**|**(1,227,000)**|(1,353,000)|(1,353,000)| ||**1,906,848**|**1,906,848**|(1,602,611)|(1,602,611)| |**Statement of Financial Position - Pension scheme liability (note 19)**||||| |USS|**5,300,712**|**5,300,712**|2,166,864|2,166,864| |RCMP&AS|**924,000**|**924,000**|2,151,000|2,151,000| ||**6,224,712**|**6,224,712**|4,317,864|4,317,864| ## **The Universities Superannuation Scheme** The institution participates in Universities Superannuation Scheme (USS) which is the main scheme covering most support staff. The Scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. USS is a multi-employer scheme and is accounted for as set out in the accounting policies. The total cost charged to the Consolidated Statement of Comprehensive Income is £3,114,996 (2021: -£267,493). The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%. The latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme is at 31 March 2020 ("the valuation date"), which was carried out using the projected unit method. The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles) |CPI assumption|Term dependent rates in line with the
1.1%p.a. to 2030,reducinglinearlyby0.1%p.a. to a| |---|---| |Pension increases(subject to a floor of 0%)|CPI assumptionplus 0.05%| |Discount rate (forward rates)|Pre-retirement: 2.75% p.a.
Post retirement: 1.00%p.a.
Fixed interest gilt yield curve plus:| 56 ## **Pension schemes (continued)** ## **The Universities Superannuation Scheme (continued)** The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows: |Mortalitybase table|101% of S2PMA "light" for males and 95% of S2PFA for females.| |---|---| |Future improvements to mortality|CMI_2019 with a smoothing parameter of 7.5,an initial| |**2022**
2021
Males currently aged 65 (years)
23.9
24.7
Females currently aged 65 (years)
25.5
26.1
Males currently aged 45 (years)
25.9
26.7
Females currently aged 45 (years)
27.3
27.9
The current life expectancies on retirement at age 65 are:|| A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024 at which point the rate will increase to 6.3%. The **2022** deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions: ||**2022**|2021| |---|---|---| |Discount rate|3.31%|0.87%| |Pensionable salary growth|2.75%-3% p.a.|2%-2.75% p.a.| |The employers' contribution rates are as follows:||| |**Effective date**|**Rate**|| |1 October 2019 to 30 September 2021|21.10%|| |1 October 2021 to 31 March 2022|21.40%|| |1 April 2022 to 31 March 2024|21.60%|| |1 April 2024 to 30 April 2038|21.40%|| ## **Teachers' Pension Scheme** The TPS is a statutory, contributory, unfunded, defined benefit scheme, operating under the Teachers' Pensions Regulations 1997, as amended. Contributions are credited to the Exchequer on a "pay as you go" basis under arrangements governed by the Superannuation Act 1972, with a notional asset value ascribed to the scheme in order to determine contribution rates. The Government Actuary carries out formal actuarial reviews of TPS to ascertain the level of future contributions. The last review was carried out as at 31 March 2016 and at the date of this review the scheme had a funding shortfall of £22 billion and a recovery plan to pay off this shortfall was adopted. Key assumptions are shown in the table above, other assumptions include a real rate of return on investments of 4.45% and a real rate of salary growth of 4.2% above CPI. Employee contributions are based on tiered contribution rates dependent on salary bandings based on a full-time equivalent and the contribution rates as at 31 July 2022 ranged from 7.4% to 11.7%. ## **National Employment Savings Trust (NEST)** The government set up NEST as a scheme that employers can use to meet their pension auto enrolment duties. This is a defined contribution scheme and is provided by the RCM for those staff who are not eligible to join TPS or USS. Currently employers contributions are 3% with employees' contributions at 5%. 57 ## **Pension schemes (continued)** ## **RCM Pension & Assurance Scheme** The RCMP&AS is a closed scheme with 62 pensioners and 97 deferred members of whom 14 are current RCM employees. The Scheme is valued every three years by a professionally qualified independent actuary using the projected unit method, and in the intervening years, the actuary reviews progress of the Scheme. The most recent actuarial valuation was at 1 August 2019. At 1 August 2019 the scheme had a funding shortfall of £3.7 million and the RCM Council has agreed a recovery plan to pay off the shortfall over eight years and one month from the effective date of the valuation, with the contribution being £31,250 per month from 1 August 2020 to 31 August 2027, increasing each August in line with inflation. The RCM accounts for the RCMP&AS in accordance with FRS 102 section 28. ## Assumptions The financial assumptions used to calculate scheme liabilities under FRS102 are: ||**As at 31**|**July 2022**|As at 31|July 2021| |---|---|---|---|---| |||**%pa**||%pa| |Price Inflation (RPI)||||| |- pre-retirement||**3.60**||3.60| |- post-retirememt||**3.40**||3.50| |Price Inflation (CPI)||**2.80**||2.90| |Rate of increase in salaries*|**2.75% - 3.00%**||2.00% - 2.75%|| |Rate of increase of pensions in payment for members in relation||||| |to post April 1997 service||**3.20**||3.20| |Discount rate||**3.50**||1.60| * 3% pa for the next 4 years and 2.75% pa thereafter. The most significant non-financial assumption is the assumed level of longevity. The table below shows the life expectancy assumptions used in the accounting assessments based on the life expectancy of male and female members at age 65. |||||Current age 65|Current age 65|Current age 45|Current age 45| |---|---|---|---|---|---|---|---| |||||Male|Female|Male|Female| |At|31|July|2020|86.9|88.8|88.2|90.3| |At|31|July|2021|86.9|88.9|88.3|90.3| The 2021 balance sheet includes a provision of 2% (2020: 2%) of the value of the liabilities in respect of the requirement to equalise for the effect of unequal Guaranteed Minimum Pensions. ## **Scheme assets** The Scheme's assets are invested across several different asset classes, as follows. ||**As at**|**31 July 2022**|As at 31 July 2021| |---|---|---|---| |||**£000s**|£000s| |**Scheme assets**|||| |Equities||**2,753**|3,179| |Corporate bonds||**909**|1,128| |Liability-driven investment||**3,507**|4,652| |Multi-asset funds||**2,264**|3,065| |Multi-asset Credit funds||**2,053**|2,652| |Cash||**245**|276| |Insured pensions||**811**|966| |Total||**12,542**|15,918| |**Analysis of the amount shown in the balance sheet:**|||| |Scheme assets||**12,542**|15,918| |Scheme liabilities||**(13,466)**|(18,069)| |**Scheme deficit: net pension liability shown in**|||| |**pension provisions**|19|**(924)**|(2,151)| 58 ## **Pension schemes (continued)** ## **RCM Pension & Assurance Scheme (continued)** |**RCM Pension & Assurance Scheme (continued)**||| |---|---|---| ||**As at 31 July 2022**|As at 31 July 2021| ||**£000s**|£000s| |**Analysis of the amount charged to operating profit**||| |Current service cost|**-**|-| |Past service costs|**(71)**|-| |**Total operating charge**|(71)|-| |**Analysis of the amount charged to interest payable**||| |Net interest on net defined benefit liability|**(31)**|(46)| |**Net charge to other finance income**|**(31)**|(66)| |**Analysis of other comprehensive income**||| |Experience (loss)/gain on liabilities|**4,521**|331| |Gain on assets|**(3,630)**|700| |**Total before deduction for tax**|**891**|1,031| |**Analysis of movement in the present value of liability**||| |**Present value of liabilities at the start of the year**|**18,069**|18,581| |Current service cost (net of member contributions)|**0**|0| |Past service cost|**71**|0| |Interest cost|**286**|257| |Actual member contributions (including notional contributions)|**0**|0| |Actuarial loss/(gain)|**(4,521)**|(331)| |Actual benefit payments|**(439)**|(438)| |**Present value liabilities at the end of the year**|**13,466**|18,069| |**Analysis of movement in the fair value of scheme assets**||| |**Fair value of assets at the start of the year**|**15,918**|15,077| |Interest income|**255**|211| |Actuarial gain on assets|**(3,630)**|700| |Actual contributions paid|**438**|368| |Actual benefit payments|**(439)**|(438)| |**Fair value of scheme assets at the end of the year**|**12,542**|15,918| |**Actual return on Scheme assets**||| |Gain on assets|(3,630)|700| |Interest income|255|211| ||**(3,375)**|911| ## **28 Post balance sheet events** There are no post balance sheet events to report. 59 ## INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF THE ROYAL COLLEGE OF MUSIC ## Opinion on the financial statements In our opinion, the financial statements: - give a true and fair view of the state of the Group’s and of the College’s affairs as at 31 July 2022 and of the Group’s and the College’s income and expenditure, gains and losses, changes in reserves and of the Group’s and the College’s cash flows for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. We have audited the financial statements of The Royal College of Music (“the College”) and its subsidiaries (“the Group”) for the year ended 31 July 2022 which comprise the consolidated and College statement of comprehensive income, consolidated and College statements of changes in reserves, the balance sheets for the group and College, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## _Independence_ We are independent of the Group and the College in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the College’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the board members with respect to going concern are described in the relevant sections of this report. 32 ## Other information The board is responsible for the other information. The other information comprises the information included in the annual review other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. ## We have nothing to report in this regard. ## Opinion on other matters required by the Office for Students (“OfS”) and UK Research and Innovation (including Research England) In our opinion, in all material respects: - Funds from whatever source administered by the College for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation. - Funds provided by the OfS and UK Research and Innovation (including Research England) have been applied in accordance with the relevant terms and conditions - The requirements of the OfS’s Accounts Direction (OfS 2019.41) have been met. We have nothing to report in respect of the following matters in relation to which the OfS requires us to report to you if, in our opinion: - The College’s grant and fee income, as disclosed in note 2 to the accounts, has been materially misstated. - The College’s expenditure on access and participation activities for the financial year, as has been disclosed in note 8 to the accounts, has been materially misstated. ## Matters on which we are required to report by exception We have nothing to report in respect of the following matter where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information in the Council’s Annual Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or - adequate accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## Responsibilities of the Council As explained more fully in the Council members’ responsibilities statement, the Council members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council members are responsible for assessing the Group and the College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council members either intend to liquidate the Group or the College or to cease operations, or have no realistic alternative but to do so. 33 ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ## _Extent to which the audit was capable of detecting irregularities, including fraud_ Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the Group and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations are related to their registration with the Office for Students ("OfS) and their ongoing conditions of registration, and we considered the extent to which non-compliance might have a material effect on the Group Financial Statements or their continued operation. We also considered those laws and regulations that have a direct impact on the financial statements such as compliance with the OfS Accounts Direction and tax legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Board and other management and inspection of regulatory and legal correspondence if any. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. The audit procedures to address the risks identified included: - Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC and relevant regulators to identify any actual or potential frauds or any potential weaknesses in internal control which could result in fraud susceptibility. - Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud, including direct representation from the Accountable Officer - Reviewing the College's fraud register to confirm any actual or suspected instances of fraud during the year. - Challenging assumptions made by management in their significant accounting estimates, in particular in relation to assumptions applied in estimating the defined benefit pension liability in respect of the RCM Pension & Assurance scheme, assumptions used to estimate the present value of the College’s obligation in respect of the funding deficit plan for the USS pension scheme, estimates made in the assessment of impairment for the College's investment in the ABRSM and estimates made in preparing financial forecasts to support management's assessment of going concern. - In addressing the risk of fraud, including the management override of controls and improper income recognition, we tested the appropriateness of certain manual journals, reviewed the application of judgements associated with accounting estimates for the indication of potential bias and tested the application of cut-off and revenue recognition. - Identifying and testing journal entries, in particular any journal entries posted from staff members with privilege access rights or from generic user accounts, journals posted by key management, journals posted by individual compared to expectations based on their job role and responsibilities and journals with irregular posting patterns by period. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not 34 detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. In addition, we also report to you whether income from funding bodies, grants and income for specific purposes and from other restricted funds administered by the College have been properly applied only for the purposes for which they were received and whether income has been applied in accordance with the Statutes and, where appropriate, with the Terms and Conditions of Funding with the OfS and UK Research and Innovation (including Research England). ## Use of our report This report is made solely to the Council, as a body, in accordance with paragraph 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the College’s Council those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the Council as a body, for our audit work, for this report, or for the opinions we have formed. Paula Willock (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor Gatwick, United Kingdom ## Date: 02 December 2022 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 35