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2024-12-31-accounts

The Royal School of Church Music

REPORT OF COUNCIL AND ACCOUNTS

For the year ended 31 December 2024

Registered Charity Number 312828

A Company Limited by Guarantee, Company Registration Number 250031

19 The Close, Salisbury, Wiltshire SP1 2EB

Founded by Sir Sydney Nicholson in 1927

Registered Charity Number 312828

A Company Limited by Guarantee, Company Registration Number 250031

Registered Office

19 The Close, Salisbury, Wiltshire SP1 2EB

Governing Document

Memorandum and Articles of Association dated 25 July 1930, most recently amended at RSCM’s AGM on 18 September 2017

Charitable Objects

The RSCM exists to promote the study, practice and improvement of music and other matters relevant to the conduct of Christian Worship. Our main activities in pursuit of this object are the provision of programmes of education, training courses, resources, publications and advisory services to subscribing individuals, churches, colleges and other bodies, both in house and by working in partnership with other organisations.

Royal Patron

His Majesty the King

Patrons

The Right Revd The Moderator of the General Assembly of the Church of Scotland His Eminence the Cardinal Archbishop of Westminster

The Revd The Moderator of the Free Churches Group The Rt Revd and Rt Hon The Lord Carey of Clifton

President

His Grace The Lord Archbishop of Canterbury

Vice-Presidents

The Right Revd David Stancliffe Brian Kay (to July 2024)

Report of Council for the year ended 31 December 2024 incorporatng the Directors’ Report

Objectves and Actvites

Aims

The mission of the Royal School of Church Music (RSCM) is to enable the flourishing of church music.

The RSCM’s current 5-year Strategic Plan continues to provide the reference point for our planning and activity; coupled with the milestone of RSCM’s centenary in 2027 our focus is on long-term horizons and clarity of future direction.

The key purpose of the RSCM is enabling the flourishing of church music by:

Celebrating our past

Encouraging and resourcing the present Inspiring the future

It is based on the following Missional Values:

The RSCM is an independent UK charity dedicated to supporting, nurturing and sustaining church music. We provide relevant education, training and resources to our members and to the wider church in countries all around the world.

The RSCM’s principal beneficiaries are:

  1. Young people , without whom there is no future for church music or, indeed, for the church as a whole. 2. Music leaders , who bear the responsibility for the flourishing of church music in their context today and play a key role in the nurture and support of the next generation of church musicians.

  2. Worship leaders (including, but not exclusively, clergy), who can help to ensure that music finds its place within the mission and ministry of the local, diocesan, and national church, supporting growth in faith and discipleship.

Young people need to form the focus of thinking if we are to enable the long-term flourishing of church music.

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Our vision for the future

  1. RSCM as the principal organisation for educating, training and resourcing church musicians

  2. RSCM as the principal agent for creating a landscape where:

  3. There is a larger number of effective church musicians, more of whom have relevant qualifications

  4. Clergy and lay leadership are better aware of the potential for music in worship and Christian life and spiritual development

  5. More people in the wider community actively engage with church music

Strategic Priorities (drawn from the RSCM Strategic Plan)

1. Encouraging the development of church music and musicians –

2. Bringing people closer to God through music –

RSCM as a source of resource and support

3. Promoting music in worship and excellence in music –

RSCM as a public advocate

RSCM’s business plan, supported by detailed project plans, allows senior management, together with Council, to deliver the strategic plan effectively, focused on achieving maximum impact from the resources available.

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The RSCM in 2024: Achievements and Performance

Education is at the heart of the RSCM’s name, and at the heart of its mission.

A new Education Strategy was written and launched during 2024, and is now used to plan forwards activity. A new Education staff structure has been developed to support the strategy with the appointment of new colleagues, and the Education Programmes Manager given more responsibilities. The staff team are planning further ahead with clear focus on impact, positive engagement, and successful outcomes.

The Education department has become more outward facing, including making regular contributions to the Church of England Growing Faith networks; and becoming a Flourish music partner.

Key work in 2024 to support priority beneficiaries included:

RSCM’s wider education programmes also showed growth, including the re-launch of Church Music Skills (Organ) via RSCM’s online learning Hub, and the continued growth of our Singing awards programme.

RSCM Celebration Day (19th October) in St Albans Cathedral presented Honorary Awards, Voice for Life Awards and new for 2024 the Church Choir Award (awarded jointly by RSCM and CMT). The service featured a Come and Sing Stanford Evensong (2024 marking the centenary of Stanford’s death) directed by Dr David Hill. Over 100 singers, including a good number of under-18s, formed the choir.

Local events

39 events using the new Member Organised Events system took place, including two led by RSCM’s Director, Hugh Morris. A particular highlight was the Come and Sing Orchestral Stanford Evensong, held as a joint event with Coventry Cathedral. 250 singers, together with the Warwick Symphony Orchestra were conducted by Nicholas Cleobury. The RSCM is hugely grateful to all who have volunteered to help the charity in this way, and for the contribution they have made.

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Raising funds

Raising funds to support our work is a critically important activity. There were a number of significant successes during 2024, with the charity’s better-defined Education Strategy and a clear focus on children and young people, appearing to pay dividends. A number of grant funders have made repeat grants, including some on an annual basis; the award of £100k from the Garfield Weston Foundation was twice the previous grant.

RSCM Music Sunday (9[th] June 2024). 75 churches actively participated this year. The Big Hymn Sing struck a chord, and there was an international flavour with events in Sri Lanka, Canada, Australia and New Zealand. The range of events registered was very varied; some had a specific young people focus, and others included engagement from non-member churches.

The Friends scheme continues to work well, with 197 friends at different levels of support

A successful lunch for our major donors was held at the Charterhouse in London , followed by a recital from two members of the Millennium Youth Choir, and attendance at Evensong at St. Paul’s Cathedral in reserved seats.

An invitation to our Annual Lecture is one of our Friends benefits, and in 2024 was presented on 18[th] September as An Evening with John Bell on “The limitless resources of local church music”. This was delivered in person to a large audience at St. Thomas’s church Salisbury and was also available on-line from September 25[th] , receiving excellent feedback.

The Legacy Society continues to be well supported, and in 2024 the annual service was again held in Sarum College Chapel, led by The Rev’d Canon Kelvin Inglis (Salisbury St Thomas) and also enjoyed a post lunch talk by Simon Lole on his career in church music.

The Annual Appeal in 2024 was again more successful than the previous year, raising £14,107 (attracting £2840 in Gift Aid) (2023: £12,947 + £2140).

Safeguarding

RSCM continues to place the highest priority both on providing effective safeguarding arrangements for all RSCM activities, but also on maintaining a safeguarding-first culture across the charity.

Key progress during 2024 has included:

Internally, safeguarding processes have been reviewed to create more efficient ways of working, and the records integrated securely into the CRM system.

Because RSCM uses external tutors and examiners to work with under 18s, there are a significant number of checks required.

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There are approximately 65 individuals with an ongoing teaching/work relationship with the RSCM, requiring 3 elements of safeguarding ‘clearances’: Confidential Self Declarations; DBS (or equivalent) checks; and safeguarding training. Each are renewed every three years.

All 2024 courses and activities were completed without any significant safeguarding concerns.

Membership

The RSCM is a membership organisation, and supporting that membership remains a key priority for the charity. The Members’ Area has continued to grow and develop, with increased access to digital resources alongside the printed magazines. Benefits continue to be reviewed to ensure that the membership offer remains compelling, serves the needs of our members, wherever and in whatever context they may be working.

The programme of monthly online events, free to members, has continued, with feedback from audiences informing forwards planning. 2024 ended with 60 people registering for the session Demystifying Plainchant with Martin Baker in December. The partnership with the Church Times on the Festival of Faith and Music was also a highlight of the year, as we continue to work to support the membership across the world.

RSCM Publishing

Since 2023, RSCM Enterprises has been the trading subsidiary, wholly owned by RSCM. It currently includes RSCM Publishing, RSCM Music Shop, and RSCM Singing Breaks. In 2024, turnover increased by over 9% on the previous year, with general improvement in sales, turnover and gross profit.

2024 was the Centenary of the death of Charles Villiers Stanford. Stanford’s children left the rights to his works to the School of English Church Music, which became the RSCM in 1945. During the year, RSCM Publications produced new editions of a number of Stanford’s works edited by Professor Jeremy Dibble, including ‘Ye choirs of new Jerusalem’, and ‘For lo! I raise up’. Professor Dibble also put together ‘The Stanford Responses’, a setting of the Preces and Responses based on a variety of Stanford’s melodies. A ‘Come & Sing Stanford Evensong’ was published and used for RSCM Celebration Day at St Alban’s Cathedral. Stanford was also the focus of the successful RSCM Singing Break, held this year at Queen’s College, Cambridge.

Further new publications in 2024 included ‘Last words of love’, a Passiontide devotion with anthems in a range of styles, together with appropriate hymns. Rehearsal tracks, recorded by St Martin’s Voices, are available for all the anthems; ‘Sing to the Lord!’ 30 hymn meditations by Gordon Giles; ‘The RSCM Book of Psalm Songs’, a collection of 70 tried and tested settings of 50 psalms and canticles; and finally, ‘A Season to Sing’, by RSCM composer Joanna Forbes L’Estrange, is a choral re-imagining of Vivaldi’s The Four Seasons. It was co-commissioned by over 50 choirs around the world. Joanna will be leading the RSCM Singing Break in 2025, which will feature a performance of ‘A Season to Sing’.

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Online Presence

The RSCM’s strategic social media activity continues to increase, with regular targeted posting across all platforms. Greater use of visual material, especially short-form video (‘reels’) is proving helpful in attracting engagement and new followers. Consistent branding (logos/colours/typefaces) on social media posts ensures that viewers/followers are aware of the RSCM’s profile, mission and activities.

**Period – June to Sept ** 2024 2023
Posts across all networks 1568 153
Post impressions 611K 235K
Post reach across networks 447K 207K
Facebook –post engagement 5.36% 5.28%
Instagram –post engagement 7.54% 11.15%
X/Twitter –post engagement 3.38% 2.93%

Our e-Newsletters continue to be an effective tool for engagement. Notes from the Director is issued every four weeks. The new Events newsletter and the Publications newsletter also have a significant circulation.

Partnerships and connections

The RSCM has a growing list of organisations with which it has an active and engaged relationship, enabling us to have a stronger, more audible voice and presence.

These include:

Association of British Choral Directors Cathedral Music Trust Cathedral Organists Association (for which RSCM acts as administrator) Chorally Church of England Flourish Network/Hubs Church of England Growing Faith Foundation Church of England Vision and Strategy team Churches Conservation Trust Guild of Church Musicians Hymns Ancient and Modern National Churches Trust Royal College of Organists Sarum College Sing for Pleasure Singing To our Strengths forum Singing Network UK St Stephen’s House Oxford (Institute of Sacred Music) The Church Times Woodard Schools Foundation

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Assessing performance

Successes are many. Some of these are as listed above. The appointment of Baroness Susan Hayman as Chair of Council (from June 2024), and the confirmation of His Majesty the King as our Royal Patron, were significant cause for celebration in the life of the charity in 2024.

The education department’s work, the most visible part of our missional output, is now in a growth mentality, and with impact tracking now embedded within the planning and thinking, will increasingly be able to be evidenced as to its effectiveness. New work to support the Young Voices project is already in hand in 2025, with high levels of engagement.

The charity’s fundraising activities of the past year have borne significant fruit, and an operating surplus for the year reflects the hard work done to improve income and control costs. The charity has regained its stated financial reserves position after the challenges of the COVID period.

The introduction of new digital resources, and digital platforms to support membership, have continued to improve our effectiveness, and the external perception of the RSCM as a forward-looking, forwardthinking charity, fit for purpose in contemporary society.

Challenges are there for the RSCM to confront, as with any charity.

Fundraising was still a difficult arena in 2024. Grant-making bodies and trusts have in many cases reduced the level of funds available, and/or changed the criteria for applications, and this is set against a steep rise in the number of applications they have received; this is widely acknowledged across the charity sector. Economic challenges continue to confront individual donors, for whom many organisations compete for funds.

The RSCM is intimately associated with the fortunes of the church itself – in all its denominations. The wider public perception of the church, including the exposure of significant safeguarding failures in the Church of England, is significantly adversely affected. This creates a challenging operating environment for the charity.

Summary

2024 proved to be a year where the transformation work of the previous few years really began to show, with much improved financial out-turn, wider engagement, and well-organised, planned and managed activities.

Reporting and governance have continued to develop and improve, and the governing Council is a strong, effectively led and engaged body with the best interests of the charity firmly at its heart.

Staff continue to work with application and dedication, and are a significant collective asset.

Our ambition continues to be that numbers joining us on our journey to the future increase and multiply; for whilst an organisation focused on Godly things, we are nonetheless grounded in people, who ultimately remain our principal asset.

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Financial review

The financial results for 2024 are a clear validation of the strategy that the Charity has followed over recent time, with a very substantial surplus generated, and resultant welcome effects on the organisation’s overall financial position and sustainability. Raising funds continues to be challenging, but notable successes in Trust and Foundation support, and a rebound in funds donated via legacies (after a very low figure in 2023) have transformed parts of the balance sheet. Income generation remains a focus across the operation, whether that be in bolstering numbers attending courses and events or doing all we can to maintain membership subscription levels. Control of expenditure is close and well managed, and the changes in accounting system configuration have made budgeting, reporting and monitoring much easier and more effective, with shorter reporting windows enabling much more financially based decision-making.

CIVIcrm is now a centrally embedded part of the organisation, delivering efficiency and automation savings, and providing the central ‘one-stop-shop’ for data and metrics, as well as externally facing bulk communication. New extensions to the systems capability (developed in house) were delivered and are working well, and there is more potential here to be tapped.

RSCM Enterprises is now running well, with the upcoming focus on how to significantly grow this commercial enterprise both in and of itself, but also to support the charitable aims of the RSCM. Sales volumes grew significantly in 2024, and future projects and improvements intend on increasing this further for the benefit of the charity and those who utilise the materials published.

Reserves

2024 marks a major milestone in organisational free reserves, which have been tracking well below stated policy level since the COVID pandemic. The charity’s free reserves target remains at £293,000, with 2024’s results reporting in excess of £400,000 in this category.

The process to rationalise areas within the restricted funds which began in 2024 has taken much longer than expected. Final legal advice in this regard was received in Spring 2025, and the changes will be made during the 2025 financial year, resulting in a significant move of funds from Restricted to Unrestricted designation.

Total organisational reserves amount to £1,408,890 of which £457,594 is held in endowment funds, and £523,947 in restricted funds. Of the unrestricted funds, £20,223 is designated to represent the amount of funds tied up in fixed assets, £11,284 of funds are designated to the Cathedral Organists Association.

Risk Assessment

Approaches to managing and mitigating organisational risks have continued through 2024, and further refinements to the approach will come on stream in 2025. For external reasons (mostly relating to platform provision and the specifics of certain software), the organisation did not manage to complete the Cyber Essentials accreditation in 2024, but this will take place in 2025.

We have continued to manage down risks, measured on a scored basis that looks at a combination of severity and probability, and also maps the effects of relevant mitigations alongside the ownership of those actions.

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Areas assessed include:

Risk registers are also maintained for our various service-providers, our partnering relationships elsewhere, and for the various overseas local bodies who are permitted to use the RSCM brand in USA, Canada, New Zealand, South Africa and Australia.

Investments

The investment portfolio refers to the sums currently invested in diverse investment instruments under the management of the charity’s investment managers. The Investment policy of the charity is reviewed annually, with the objective of generating both income and capital growth for the charity. The investment objective of these assets is inflation (CPI) plus 3%. The RSCM does not wish directly to profit from, or provide capital to, activities that are materially inconsistent with its Christian values, and instructs its investment managers to take due regard of this ethical investment policy in its decision-making and management of the portfolio.

The RSCM’s invested portfolio (managed by RBC Brewin Dolphin on the Charity’s behalf) showed an overall net return of 8.4% (2023: 6.8%), outperforming the ARC Steady growth indicator on the year and the investment objective.

How the RSCM raises voluntary income

The RSCM appeals for donations directly to its members and existing supporters (by post, and by electronic communication). The RSCM also receives income both directly and through various online giving websites. Fundraising is carried out by RSCM staff and volunteers. In 2024, we continued to make use of an external consultant to further our development work, working to a specific brief and under the oversight of the RSCM Director.

The RSCM protects the privacy of its donors by not sharing any of its data with third parties, except where it is necessary for carrying out its legitimate operations and complies with relevant data protection laws. The RSCM appeals to an individual at most twice in one year and all such appeals are made under the direction of the Director of the RSCM who is responsible for Development.

2024 Voluntary income

In 2024 individuals, churches, and trusts donated £259,533, (2023: £127,110) to support the charitable work of the RSCM.

By gift aiding their donations, our supporters contributed a further £10,076 in 2024 (2023: £13,361).

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Legacy income

Income from gifts in wills has long provided RSCM with a significant, if unpredictable, income stream. After a poor preceding year, in 2024, the RSCM’s receipts of legacies was £148,284 (2023: £28,962) of which none represented restricted funds. In addition, the RSCM was in receipt of various donations in memoriam totalling £409.42.

Grants

The value of grants received in 2024 is £195,748. We are deeply grateful to the Liz and Terry Bramall Foundation for their ongoing support and to all the Trusts and Foundations that have supported us during the year either with grants or donations.

These include:

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Plans for the future

The priority beneficiaries for the RSCM’s work are:

Plans for 2025 and beyond, not least towards and through the milestone of RSCM’s Centenary in 2027, continue to focus on supporting these key groups of people, whilst recognising that we are also a membership organisation with a wide and diverse membership base.

In line with the Education Strategy the intention is to grow and develop the RSCM’s Education and missional output, with a significant uplift in the number of people with who we interact and engage, directly or through provision of toolkits and other resources. Key to the strategy is to track and measure impact, and to match activity both with available resources and with sustainability integrated into the planning, so that activities can be consistently planned and delivered, helping to build organisational visibility and reputation. The submission to OFQUAL for validation of RSCM Singing Awards will also enhance our status as an education provider and assessor.

RSCM is continuing to build a range of effective partnerships, where these help us to achieve our strategic goals. This is planned to include in 2025/6 validation of our Emerging Leaders as they completed their programmes with us.

To help build our delivery capacity, the RSCM needs to continue to increase both the number of financial supporters, and the total monetary value of support they offer. A compelling narrative around the RSCM’s Centenary milestone will be developed during 2025, as part of a multi-year approach to building fundraising capabilities.

Work to strengthen our relationship with our members – both group and individual – will continue, along with encouragement to the membership to engage with the benefits on offer. The Online Events programme continues to grow and develop, and the membership magazine Church Music Quarterly will take increasing advantages of the possibilities presented by the new CMQ Digital variant, with enhanced, multi-media content including podcasts and other audio and video content; though the print magazine remains a key asset.

RSCM Enterprises Ltd will be developing multi-year growth plans, including the further development of the RSCM Music Shop; and to explore models for wider commercial activities which will supply a significantly increased level of profit transfer to support the missional work of the charity.

The work of staff is overseen by Council. From June 2024, the Chair of RSCM is Baroness Susan Hayman; Andrew Morgan continues as Vice-Chair. RSCM wishes to place on record sincere and grateful thanks for the work Phil Taylor has done to support RSCM’s mission in his time as trustee and most particularly as Chair of Council from March 2023 until June 2024. We are most grateful to him, and to the other trustees who give their time and expertise in support of the charity and its mission.

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Structure, governance and management

Council and Honorary Advisors

Full principles for the organisation structure of the RSCM are contained within the charity’s governance document. The Charity is overseen by a Council of trustees. Decisions are taken by Council or by staff on such delegated terms as Council approves.

The members of Council are the Trustees of the charitable assets and activities of the Company and are the Directors of the Company for the purposes of Company Law. The number of Council members is limited to sixteen, and Members of Council are recruited with a view to Council’s overall balance of skills and interests. A Council Recruitment group of trustees oversees the process of appointment of new trustees, who undertake a full induction process including training in trustee responsibilities, RSCM organisational policies and procedures and safeguarding.

Smaller ad hoc working groups consisting of appropriately skilled members of Council and Senior Officers are formed to consider specific issues in preparation for Council meetings. In 2024, these included the Finance and Audit Committee, an IT Steering Group, Brand Development and Marketing group, Safeguarding Group, and Development Committee; and the separate Enterprises board for the trading subsidiary. A significant exercise was undertaken across the course of 2024 to ensure sub-committee Terms of Reference were consistent across the organisation, and that appropriate measures around Delegation of Responsibility and Conflict of Interest were reviewed and implemented.

Members of Council are covered by the RSCM's indemnity insurance, subject to normal exclusions, in the event of a personal liability arising to them in their capacity as Trustees of the Charity. This cover is provided as part of a combined insurance policy and the amount of the premium applicable to Trustees' indemnity cannot be quantified.

All trustees give of their time freely and received no remuneration during the year. Summary details of any incidental expenses claimed during the year are documented elsewhere in note 7 to these accounts.

Senior staff remuneration (the Director, and the Deputy and Assistant Directors) is reviewed annually as part of, and commensurately with, any annual salary review for all payroll staff. Some account may sometimes be taken of recognised indices such as RPI and CPI in determining any such general annual review, but any percentage increase for staff, including the three senior posts, will be determined at least as much by projected affordability, as by reference to any such published or otherwise recognised index.

Audit Information

So far as each of the directors at the time the Report of Council is approved is aware: a) there is no relevant information of which the auditors are unaware; and b) they have taken all relevant steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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Statement of Council Responsibilities

Council (who are also directors of the Royal School of Church Music for the purposes of company law) are responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law requires Council to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the outgoing resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, Council are required to:

Council are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Council’s report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

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Public Benefit In pursuing these activities, the Council confirms that it has complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission General Guidance on Public Benefit. In particular, the RSCM'S training programmes, publications and associated resources serve to promote the charitable purposes of the advancement of education, religion, arts, culture, heritage or science. We consider that our work is of significant public benefit, not only directlyto the organisations and individuals, especially children and young people, who are engaged with us, but also, indirectly, to the congregations and communities which they serve. On behalf of Council Baroness Hayman of Ulloc Chair of Council i.?/&/.&,r............. Date 15

Reference and administratve details

Council (Trustees and Directors)

  1. Baroness Susan Hayman (Chair) (from June 2024)

  2. Andrew Morgan (Vice Chair) (from March 2023)

  3. Phil Taylor

  4. Brigid Parkin (to December 2024)

  5. Chris Bridges

  6. Edward Wild

  7. Tansy Castledine

  8. Nicholas Riddle

  9. John Halsey

  10. Margaret Greenwood

  11. Julia Mixter

  12. Susan Pope

  13. Martin Honeywood

  14. Sammi Tooze

  15. Sean Costello

Honorary Advisors

  1. The Revd Dr Maggi Dawn

  2. Trevor Ford

  3. The Revd Douglas Galbraith

  4. Dr Simon Lindley

  5. The Revd Dr Timothy Macquiban

  6. The Revd Peter Moger

  7. Mr Richard Morrison

  8. Patrick Russill

  9. Dr John Rutter

  10. Professor Peter Toyne

  11. Dr Noël Tredinnick

  12. Dr Mary Archer

Senior Officers and Managers

Director

Hugh Morris

Deputy Director Education and Mission Delivery Sal McDougall (until 31/3/24) Deputy Director (Finance; Operations) Dr Paul Hedley

Advisers

Auditors Rothmans Audit LLP Avebury House, 6 St Peter Street, Winchester, SO23 8BN

Principal Bankers Santander, Bootle, Merseyside, L30 4GB

Common Banking CAF (Charities Aid Foundation), 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA

Insurance Brokers Bridges Insurance Brokers, 61 Northdown Road, Cliftonville, Margate, Kent, CT9 2RJ

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Investment Managers Brewin Dolphin, 12 Smithfield Street, London EC1A 9BD Solicitors Batt Broadbent, 44 Castle St, Salisbury SP1 3TX

Pensions Administrators Origen Financial Services Ltd, Infor House, 1 Lakeside Road, Farnborough GU14 6XP

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The Royal School of Church Music (Company No:00250031) Independent Auditor's Report to the Members of The Royal School of Church Music For the year ended 31 December 2024

Opinion

We have audited the financial statements of The Royal School of Church Music (the “Charity”) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the 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).

In our opinion, the financial statements:

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 are independent of the Charity 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 Charity'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 trustees with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to note 20 of the financial statements which explains a prior year adjustment made in relation to the presentation of transactions with the charity's trading subsidiary. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report 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.

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The Royal School of Church Music (Company No:00250031) Independent Auditor's Report to the Members of The Royal School of Church Music For the year ended 31 December 2024

In connection with our audit of the financial statements, 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 they 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 trustees are responsible for assessing the Charity’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 trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

19

The Royal School of Church Music (Company No:00250031) Independent Auditor's Report to the Members of The Royal School of Church Music For the year ended 31 December 2024

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.

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.

Extent to which the audit was considered 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.

The objectives of our audit, in respect to fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures include the following:

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by

20

The Royal School of Church Music (Company No.'002500311 Indepèndent Auditorfs Report to tho Members of The Royal S¢hool of Churth Mu$l¢ For th¢ year ended 31 De¢ember 2024 Based on this understanding we designed our audit procedures to identify non-compliance with the law5 and regulations identified above, which included, but were not limited to, identifying and testing journal entries made during the year and at the year-end and agreeing financial statement disclosure to underlying supporting documentation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. To address the risk of fraud in these areas, we.. Selected a sample of transactions from material income streams and compared expected income to that recorded within the financial ststements. Performed analytical procedures to identify any unusual or unexpected relationships., Tested journal entries during the year and at the year-end to identify unusual transactions,. Assessed whether judgements and assumptions made in determinin9 the accounting estimates set out in note 1 were indicative of potential bias,. and Investigated the rationale behind significant or unusual transaction& There are Inhe￿nt limitstions in the audit procedures described above, and there is a risk that we will not detect all irregularities, including those leading to a material misststement in the financial statements or non-compliance with regulation. Auditing standards also limit the audit procedures required to identify non-compliance with laws and Tegulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if anv. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities ¢xcurring due to fraud rather than error, as fraud involves intentional concealment forgery, collusion, omission or misrepresentstion. Use of our report Thi5 report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Art 2006. Our audit work has been undertaken $0 that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the Charity's members as a body, for our audit worl for this report or for the opinions we have formed. Lisa Wilson FCA (Senior Statutory Auditor) For and on behalf of Rothmans Audit LLP Chartered Accountants & Statutory Auditors Avebury House 6 St Peter Street Winchester Hampshire S023 8BN Date.. 21

The Royal School of Church Music (Company No:00250031) Statement of Financial Activities (including the Income and Expenditure Account) For the year ended 31 December 2024

----- Start of picture text -----
Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2024 2023
as restated
£ £ £ £ £
Income and Endowments from:
Donations and legacies 2a 438,788 - - 438,788 229,433
Income from charitable activities:
- -
Membership Income 553,881 553,881 531,363
Education & Outreach 172,929 - - 172,929 155,619
Area committees - - - - 46,747
Events 4,420 - - 4,420 -
Investment Income 2b 8,990 21,730 30,720 27,311
Other Income 2c 5,801 - - 5,801 8,843
Total Income 1,184,809 21,730 - 1,206,539 999,316
Expenditure on:
Raising funds 3 111,499 12,785 2,835 127,119 132,840
Charitable activities
Membership services 3 281,803 - - 281,803 269,300
Education & Outreach 3 436,047 - - 436,047 355,242
Area committees - - - - 253,089
Events 3 43,691 - - 43,691 -
Total expenditure 873,040 12,785 2,835 888,660 1,010,471
Net income/(expenditure) 311,769 8,945 (2,835) 317,879 (11,155)
Transfers between funds 2,585 (2,585) - - -
Net Gains/(losses) on investments 9 11,847 14,986 26,988 53,821 35,225
Net movement in funds 326,201 21,346 24,153 371,700 24,070
Reconciliation of funds:
Total funds brought forward 14 101,148 502,601 433,441 1,037,190 1,013,120
Total funds carried forward 14 427,349 523,947 457,594 1,408,890 1,037,190
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

The notes on pages 25 to 41 form part of these financial statements

22

The Royal School of Church Muslc {Company No.'002500311 Balance Sheet For the year ended 31 December 2024 Note$ 2024 2023 as restated FIX￿ Assets Tan9ible assets Investments in Subsidiaries Investments Total fixed assets 20,223 89,083 889,626 998,932 28,685 89,083 844.386 962,154 10 Curr•nl Assets Debtors Cash at bank and in hand Total current assets 11 129,044 398,057 527,101 107,361 95,179 202,540 Liabilities Creditors: Amounts falling due within one year 12 117,143 127,S04 N•t ¢urr•nt assets 409,958 75,036 Total net ass¢ts 1408 890 1037,190 The funds of th• ¢harlty. Endowment funds Restricted Funds Unrestricted Funds Total Charity Funds 14,15 14,16 14,17 457,594 523,947 427,349 1,408 890 433,441 502.601 101,148 1037 190 These accotjnts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small Companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The financial statemen were approved by the trustee5 on .. 1.7./.C1.zf and were signed on their behalf by. aroness H man of Ull Council The es n poge5 25 to 41 form part of these financial stotements 23

The Royal School of Church Music (Company No:00250031) Cash Flow Statement For the year ended 31 December 2024

Notes
2024
£
Cash flows from operating activities
Cash generated from operations
CF1
275,626
Net cash provided by (used in) operating activities
275,626
Cash flows from investing activities:
Purchase of tangible fixed assets
(1,906)
Purchase of fixed asset investments
(194,960)
Sale of fixed asset investments
198,885
Cash withdrawn from investment portfolio
4,656
Investment dividends & interest received
30,720
Investment in subsidiary
-
Amounts advanced to subsidiary
(10,143)
Net cash provided by (used in) investing activities
27,252
Change in cash and cash equivalents in the reporting period
302,878
Cash and cash equivalents at the beginning of the reporting
period
95,179
Cash and cash equivalents at the end of the reporting period
CF2
398,057
CF1. Reconciliation of Net Income to Net Cash Flow from Operating Activities
2024
£
Net movement in funds for the reporting period
(as per the statement of financial activities)
371,700
Depreciation and amortisation charges
10,368
(Gain) / Loss on investments
(53,821)
Interest and dividends received
(30,720)
Decrease in debtors
(11,538)
Increase / (Decrease) in creditors
(10,363)
(Increase) / Decrease in stocks
-
Intangible assets transferred to trading subsidiary
-
Net cash provided by (used in) operating activities
275,626
CF2. Analysis of cash and cash equivalents
2024
£
Cash at bank and in hand
398,057
Total cash and cash equivalents
398,057		 2023
as restated
£
76,308
76,308
(11,751)
(266,733)
260,446
12,081
27,313
(89,083)
(41,838)
(109,565)
(33,257)
128,436
95,179
2023
as restated
£
24,070
11,766
(35,225)
(27,313)
76,353
(71,921)
90,148
8,430
76,308
2023
£
95,179
95,179

24

The Royal School of Church Music

(Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

The Royal School of Church Music is a charitable company, limited by guarantee, registered in England and Wales. Its registered office and principle place of business is 19 The Close, Salisbury, Wiltshire SP1 2EB

1. Principal Accounting Policies

a) Basis of accounting

The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) second edition 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', the Companies Act 2006 and the Charities Act 2011. The financial statements have been prepared under the historical cost convention except that investments are carried at market value.

The financial statements are prepared in sterling which is the functional and presentational currency of the Charity. The financial statements are rounded to the nearest pound.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern and these accounts are prepared on a going concern basis.

There are no significant judgements which affect the amounts recognised in these financial statements. With respect to the next reporting period, the most significant areas of estimation uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investments.

b) Periods Covered

The accounts cover the year to 31 December 2024, with comparatives for the year to 31 December 2023.

c) Area Committees

These financial statements consolidate the income and expenditure of RSCM Area Committees, which arrange local training activities throughout the UK, on a line by line basis. The activities of these Committees ceased in FY2023 and there is no further activity in 2024.

d) Legal Status of the Charity

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1.

e) Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Designated funds are unrestricted funds that have been set aside by the trustees for particular purposes

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

Endowment funds represent those assets which must be held permanently by the Charity. Income arising on the endowment fund is included as restricted income. Any capital gains or losses arising on the investments form part of the fund.

25

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

(Company No:00250031)

f) Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. The following policies are applied to particular categories of income:

g) Expenditure

Expenditure is recognised on an accruals basis when a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

h) Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange prevailing at the date of the transaction. Exchange variances are taken into account when arriving at the net income or expenditure for the year.

i) Pension Contributions

Contributions in respect of the charity's defined contribution pension scheme are charged to the SOFA in the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are included within other creditors at the year-end. The costs of the defined contribution scheme are charged to the unrestricted funds of the charity using the methodology set out in note 1g.

26

The Royal School of Church Music

(Company No:00250031) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

j) Fixed Assets

Fixed assets (excluding investments) are stated at cost less depreciation/amortisation. Assets below £100 are not capitalised. Depreciation and Amortisation are provided on a straight line basis over the estimated useful economic life of each asset, which is considered to be:

Major software packages 4 years
Other computer hardware & software 3 years
Other furniture, plant & equipment 5 years
Copyrights & publication rights 3-5 years
Website & webshop 3-5 years

The useful economic lives of theses assets are the periods over which it is anticipated that they will continue to generate an appreciable amount of income for the organisation. Impairment reviews are carried out as and when evidence comes to light that the recoverable amount of a functional fixed asset is below its net book value due to damage, obsolescence or other relevant factors.

k) Investments

Investments (in external funds) are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value. Unrealised gains and losses are calculated as the difference between the opening and closing market value. Realised and unrealised gains and losses are not separated in the statement of financial activities.

Investments in subsidiaries are accounted for at cost less impairment. The charity incorporated a trading subsidiary, RSCM Enterprises Limited, on 25 November 2022 and this is included in the accounts at cost.

l) Stock

Stocks of publications are valued at the lower of cost or net realisable value, after providing for slow-moving items. In FY2023 the charity transferred its stock holding to its trading subsidiary.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at cost which is time-apportioned over the period to which the expenses relate.

n) Cash and cash equivalents

These comprise cash at bank and other short term highly liquid deposits with a maternity date of 3 months or less.

o) Creditors and provisions

Creditors and provisions for liabilities and charges are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

27

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

(Company No:00250031)

o) Operating Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA as they are incurred.

p) Taxation

The charity is exempt from tax on income and gains falling with section 505 of the Taxes act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

28

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

2. Incoming resources

2. Incoming resources
a) Donations and legacies
Grants and donations
Affiliate fundraising
Friends income
Legacies
b) Investment income
Listed investments
Bank deposit interest
c) Other incoming resources
Commission
Sundry income
3. Total resources expended
Costs of Generating Funds
Fundraising
Investment management
Expenditure on Charitable Activities
Membership
Education and development
Publications
Area Committees
Events		 2024
£
255,345
7,732
27,427
148,284
438,788
24,846
5,874
30,720
-
5,801
5,801
Direct
Support
Total
costs
Costs
2024
£
£
£
87,938
29,802
117,740
9,379
-
9,379
235,460
46,343
281,803
337,935
98,112
436,047
-
-
-
-
-
-
30,778
12,913
43,691
701,490
187,170
888,660		 2023
as restated
£
164,345
10,578
25,548
28,962
229,433
27,311
-
27,311
767
8,076
8,843
Total
2023
as restated
£
122,821
9,106
268,227
353,436
5,676
251,205
-
1,010,471

Support costs constitute central management and administrative costs which are necessarily incurred to enable the charity to carry out its activities. These costs have been allocated to the charity's charitable activities and fundraising on the basis of staff costs. They are made up as follows:

Office costs
Professional fees
Finance costs
Depreciation
Governance		 Fundraising Membership
Education
Events
2024
£
£
£
£
£
23,999
37,320
79,008
10,399
150,726
203
315
667
88
1,273
1,787
2,779
5,884
774
11,224
1,651
2,567
5,435
715
10,368
2,162
3,362
7,118
937
13,579
29,802
46,343
98,112
12,913
187,170		 2023
as restated
£
156,487
1,228
8,844
11,766
10,765
189,090

29

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

4. Governance Costs

Governance meetings and expenses
Auditors fees - audit
Auditors fees - non-audit services
5. Net income / (expenditure for year)
This is stated after charging:
Depreciation
Auditors remuneration - audit
Auditors remuneration - accountancy services		 2024
£
2,283
7,500
3,797
13,580
2024
£
10,368
7,500
3,797		 2023
£
2,867
5,033
2,865
10,765
2023
£
11,766
5,033
2,865

Audit services were provided by Rothmans Audit LLP and accountancy services were provided by Rothmans LLP, a partnership associated with Rothmans Audit LLP.

6. Staff Costs

Total staff emoluments for the year were as follows:
Gross salaries and wages
Social security
Employers contributions to defined contribution pension schemes		 2024
£
445,611
33,340
20,473
499,424		 2023
£
519,535
34,110
21,764
575,409

1 employee had total emoluments within the range of £60,000 - £69,999 (2023: none).

The total remuneration, including employer national insurance and pension contributions, of the key management personnel was £110,849 (2023: £97,588).

The average monthly head count of employees in the year was as follows:

Membership
Education and development
Publications
Governance, area committees and fundraising		 2
9
1
6
18		 2
8
1
10
21

7. Trustee remuneration and related party transactions

The charity trustees were not paid any remuneration, nor received any other benefits from employment with the Charity during the year. Travel and training costs amounting to £1,371 (2023: £863) were reimbursed to 5 (2023:5) members of Council. There are no other related party transactions in the reporting period that require disclosure.

30

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

8. Tangible fixed assets

Cost
As at 1 January 2024
Additions
Disposals
As at 31 December 2024
Depreciation
As at 1 January 2024
Charge for the year
Elimination on disposal
As at 31 December 2024
Net Book Value
As at 31 December 2024
As at 31 December 2023		 Furniture
& Equipment
£
284,838
1,906
-
286,744
256,153
10,368
-
266,521
20,223
28,685

The Royal School of Church Music owns a collection of books and manuscripts which were a bequest from its founder, Sir Sidney Nicholson, and which are currently held at Westminster Abbey on their behalf. These items, which have been valued for insurance purposes at £159,000, are not included in the financial statements as there is inherent uncertainty as to the Charity's interest in them and therefore their valuation.

31

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

9. Investments in Subsidiaries

Investment in RSCM Enterprises Limited:
As at 1 January 2024 (as previously stated)
Prior Year Adjustment - Capital Commitment
As at 1 January 2024 (as restated) & as at 31 December 2024		 £
1
89,082
89,083

On 25 November 2022 the charity incorporated a trading subsidiary, RSCM Enterprises Ltd, with Company Number 14483158 and a registered office at 19 The Close, Salisbury, SP1 2EB. The charity owns 100% of the issued share capital in this subsidiary. The subsidiary was dormant in 2022 and commenced trading on 1 January 2023.

As at 31 December, 2024 the results of the trading subsidiary were as follows:

RSCM Enterprises
Income Statement Summary:
Turnover
Cost of Sales
Administrative Expenses
Interest receivable
Net Loss
Balance Sheet Summary:
Assets
Liabilities
Capital
Reserves
(1)
(79,265)
-
(1,532)
167,349
(88,083)
383,940
(339,705)
(46,528)
761
£
2024		 RSCM Enterprises
2023
as restated
£
349,666
(313,649)
(44,302)
-
(8,285)
149,482
(68,684)
(1)
(80,797)
-

The 2023 comparatives for RSCM Enterprises Ltd have been restated to correct the presentation of £146,452 of assets transferred by the Charity to its subsidiary, when it commenced trading in 2023. In the prior period accounts, this transfer was presented as an intercompany loan, however further work by the Trustees has concluded that this should have been presented as an investment in the subsidiary company, and the comparatives have therefore been restated. Furthermore, stock transferred to the company was found to have been over-valued, and has now been written down to its recoverable value. This resulted in a reduction in the initial stock & investment of £57,370, and a further stock write-down of £8,464 is recognised within the company's expenses for the year ended 31 December 2023. The intercompany loan balance has been reduced by £146,452, and a capital contribution of £89,082 has been recognised in RSCM Enterprises Ltd. Additionally, interest charges of £4,779 have been reversed.

The effect of the above changes on the subsidiary company's loss for the year ended 31 December 2023 was as follows:


Loss for the year-ended 31 December 2023 per accounts
Reversal of interest charge
Additional stock provision
Loss for the year-ended 31 December 2023 as restated		 £
(4,600)
4,779
(8,464)
(8,285)

32

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

10. Fixed assets investments

Market value at 1 January 2024
Additions at cost
Disposals at carrying value
Increase/(decrease) in cash
Net gain/(loss) on revaluation
Market value at 31 December 2024
Investments at market value comprised:
UK listed investments
Overseas listed investments
Cash on deposit
Historical cost as at 31 December 2024
Listed investments
Cash with investments manager
11. Debtors
Trade debtors
Other debtors
Prepayments and accrued income
Amounts owed by group undertakings
12. Creditors - amounts falling due within one year
Trade creditors
Other creditors
Accruals
Deferred income		 783,685
2024
(198,885)
£
51,983
£
129,044
2024
51,596
11,771
53,821
24,949
117,143
74,309
567,635
889,626
6,128
11,757
12,329
889,626
796,014
12,329
13,694
£
844,386
194,960
(4,656)
309,662
2024		 2023
£
814,955
266,733
(260,446)
(12,081)
35,225
844,386
248,240
568,068
28,078
844,386
766,088
28,078
794,166
2023
as restated
£
32,415
17,988
15,120
41,838
107,361
2023
£
20,699
11,317
13,232
82,256
127,504

33

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

13. Deferred Income

Deferred income comprises the portion of membership subscriptions that relate to periods after the balance sheet date, income received for courses occurring after the year-end and donations where donors have imposed conditions that specify the time period in which the donation should be used.

Balance Brought Forward
Amount released to incoming resources
Amount deferred in the year
Balance Carried Forward		 Membership
Total
£
£
65,778
82,256
(65,778)
(82,256)
67,117
74,309
67,117
74,309
£
£
2,980
(2,980)
-
-
7,192
13,498
(13,498)
7,192
Courses
Other Income

14. Analysis of net assets between funds

Fund balances are represented by:
Tangible fixed assets
Fixed asset investments
Investment in subsidiary
Net current assets
Total net assets		 Endowment
Funds
Total
£
£
-
20,223
457,594
889,626
-
89,083
-
409,958
457,594
1,408,890
Restricted
Unrestricted
£
Funds
Funds
180,002
89,083
-
523,947
427,349
£
271,917
138,041
-
20,223
252,030

Analysis of net assets between funds - previous year (as restated)

Fund balances are represented by:
Tangible fixed assets
Fixed asset investments
Investment in subsidiary
Net current assets
Total net assets		 Endowment
Funds
Total
£
£
-
28,685
433,441
844,386
-
89,083
-
75,036
433,441
1,037,190
Restricted
Unrestricted
502,601
101,148
28,685
98,532
(115,152)
-
312,413
190,188
Funds
Funds
£
£
-
89,083

34

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

15. Endowment funds

The capital of the Endowment Funds, which form part of the investment portfolio, cannot be spent. The funds have been given to the charity by way of donations, legacies and memorial appeals to be invested to provide income for the purposes detailed below:

Overseas development fund
(For overseas travel and development)
Hymns Ancient & Modern Lectureship Fund
(To help pay for lecturers on RSCM courses)
Harold Smart Competition Fund
(To fund an annual competition for composers)
To provide grants to students attending RSCM c
Hubert Crook and other bursary funds
Wiles Family Bequest
The Minsall-Jones Bequest
Derek Marsden Fund for educational bursaries		 Fund
Gains
Fund
B/Fwd
Income
Expenditure
Transfer
& Losses
C/Fwd
£
£
£
£
£
£
33,688
(220)
2,098
35,566
33,866
(222)
2,108
35,752
12,288
(80)
765
12,973
ourses:
175,224
(1,146)
-
10,910
184,988
96,715
(633)
6,022
102,104
62,817
(411)
3,911
66,317
18,843
(123)
1,174
19,894
433,441
-
(2,835)
-
26,988
457,594

Note: Expenditure on Endowment Funds relates solely to investment management fees.

Endowment Funds - Previous year

Overseas development fund
(For overseas travel and development)
Hymns Ancient & Modern Lectureship Fund
(To help pay for lecturers on RSCM courses)
Harold Smart Competition Fund
(To fund an annual competition for composers)
To provide grants to students attending RSCM c
Hubert Crook and other bursary funds
Wiles Family Bequest
The Minsall-Jones Bequest
Derek Marsden Fund for educational bursaries		 Fund
Gains
Fund
B/Fwd
Income
Expenditure
Transfer
& Losses
C/Fwd
£
£
£
£
£
£
32,522
(205)
1,371
33,688
32,695
(206)
1,377
33,866
11,863
(75)
500
12,288
ourses:
169,161
(1,066)
7,129
175,224
93,369
(588)
3,934
96,715
60,644
(382)
2,555
62,817
18,192
(115)
766
18,843
418,446
0
(2,637)
0
17,632
433,441

35

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

16. Restricted funds

Restricted funds include income from endowments, legacies and donations subject to specific instructions on how they may be spent, as indicated below. The accumulated income from endowments and other restricted donations and legacies are allocated a proportion of the general investment portfolio, unless it is expected that a legacy or donation will be applied in accordance with the wishes of the donor within a reasonable period of receipt.

Overseas Development Fund Income
Hymns A & M Lectureship Fund Income
Harold Smart Fund Income
Hubert Crook and other Bursary Funds
Wiles Family Bequest income fund
The Minsall-Jones Income Fund
Derek Marsden Fund for Education
Bursaries for Cathedral Courses
Bursaries for RSCM study programmes
Norman Kirkham Fund for organ scholarships
RSCM Voices general bursaries fund
K Guppy Fund for training/support of boy choristers
Parish Organ Scholarships Project
Post-Ordination clergy training project
The Headley Trust bursaries grant for young people
PA Mason Memorial Fund for courses
MB MacAuley Fund for choir training
DF Todd Fund
Oglethorpe Fund for bursaries for young choristers
J Thiselton fund for Chorister Training
David Willcocks Music Trust Grant
The Williams Church Music Trust Grant
Gladys Mabel Fillary
Mullineaux
Webshop Donate		 Fund
Gains
Fund
B/Fwd
Income
Expenditure
Transfer
& Losses
C/Fwd
£
£
£
£
£
£
4,756
977
(3,213)
95
2,615
14,466
1,133
(219)
433
15,813
8,049
446
(549)
235
8,181
68,100
5,775
(445)
2,048
75,478
35,070
3,148
(974)
1,044
38,288
17,736
1,971
(1,606)
511
18,612
2,952
562
(35)
89
3,568
21,550
289
(141)
648
22,346
7,432
1,106
(55)
239
8,722
2,445
33
(16)
74
2,536
1,138
15
(7)
34
1,180
55,534
744
(363)
1,671
57,586
5,722
77
(37)
173
5,935
8,404
113
(55)
253
8,715
5
(5)
-
36,508
489
(239)
1,099
37,857
148,161
1,963
(4,390)
4,405
150,139
39,759
533
(260)
1,196
41,228
2,713
36
(18)
81
2,812
2,083
28
(14)
62
2,159
1,562
21
(10)
47
1,620
2,602
17
(17)
(2,585)
40
57
11,462
154
(75)
345
11,886
2,390
32
(16)
72
2,478
2,002
2,068
(26)
92
4,136
502,601
21,730
(12,785)
(2,585)
14,986
523,947

36

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

16. Restricted Funds (continued…)

Restricted Funds - previous year

Overseas Development Fund Income
Hymns A & M Lectureship Fund Income
Harold Smart Fund Income
Hubert Crook and other Bursary Funds
Wiles Family Bequest income fund
The Minsall-Jones Income Fund
Derek Marsden Fund for Education
Regional development in specific areas
Bursaries for Cathedral Courses
Bursaries for RSCM study programmes
Liz & Terry Bramall
Norman Kirkham Fund for organ scholarships
RSCM Voices general bursaries fund
K Guppy Fund for training/support of boy choristers
Parish Organ Scholarships Project
Post-Ordination clergy training project
The Headley Trust bursaries grant for young people
PA Mason Memorial Fund for courses
MB MacAuley Fund for choir training
DF Todd Fund
Cathedral Courses Income Fund
Ouseley Trust
Area funds
Pipeline Organ Scholarship
Oglethorpe Fund for bursaries for young choristers
J Thiselton fund for Chorister Training
David Willcocks Music Trust Grant
The Williams Church Music Trust Grant
Kirby Laing Grant
Gladys Mabel Fillary
Mullineaux
Webshop Donate		 Fund
Gains
Fund
B/Fwd
Income
Expenditure
Transfer
& Losses
C/Fwd
£
£
£
£
£
£
3,534
1,126
(22)
-
118
4,756
12,948
1,368
(280)
-
430
14,466
7,776
568
(546)
-
251
8,049
59,578
6,904
(375)
-
1,993
68,100
30,978
3,756
(692)
-
1,028
35,070
16,472
2,332
(1,594)
-
526
17,736
4,823
699
(277)
(2,450)
157
2,952
1,164
-
-
(1,164)
-
20,476
518
(129)
-
685
21,550
7,062
179
(45)
-
236
7,432
-
60,000
(60,000)
-
-
-
2,324
59
(15)
-
77
2,445
1,082
27
(7)
-
36
1,138
52,766
1,336
(333)
-
1,765
55,534
5,436
138
(34)
-
182
5,722
7,985
202
(50)
-
267
8,404
5
-
5
34,689
878
(219)
-
1,160
36,508
146,231
3,632
(6,499)
-
4,797
148,161
37,778
956
(238)
-
1,263
39,759
3,261
-
(3,261)
-
2,228
-
(2,228)
-
11,186
-
(11,186)
-
205
-
(205)
-
2,577
65
(16)
-
87
2,713
1,979
50
(12)
-
66
2,083
1,483
38
(9)
-
50
1,562
2,472
63
-16
-
83
2,602
4,851
-
(5,360)
509
-
9,666
1,521
(69)
-
344
11,462
-
-
(15)
2,405
2,390
-
1,810
(1,100)
1,292
2,002
493,015
88,225
(77,952)
(16,288)
15,601
502,601

The transfer of £2,450 to the Derek Marsden Fund for Education corrects an immaterial understatement of expenditure in the prior year. The transfer of £2,405 from Events Funds to Mullineux identifies the specific purpose of a subset of these monies. The transfers of £1,164 from Regional development in specific areas, £3,261 from the Cathedral Courses Income Fund, £2,228 from the Ousesley Trust, £8,781 from Area Funds reflect the outcomes of a review by the Council, which identified that these funds did not need to be restricted. The transfer of £205 from the Pipeline Organ Scholarship fund de-restricts a deminimus amount remaining on this fund after its purpose had been fulfilled. The transfer of £509 to the Kirby Laing Grant fund covers an excess of expenditure over income received. The transfer of £1,292 to Webshop donate adjusts for an immaterial sum which should have been assigned to the fund in the prior period.

37

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

17. Unrestricted funds

17. Unrestricted funds
Fund
Gains
Fund
B/Fwd
Income
Expenditure
Transfer
& Losses
C/Fwd
£
£
£
£
£
£
Designated funds:
Fixed assets
Cathedral Organists Association
Scottish Voices
General fund		 28,685
(10,368)
1,906
20,223
10,269
13,270
(9,255)
(3,000)
11,284
(128)
2,297
2,169
62,194
1,171,539
(853,289)
1,382
11,847
393,673
101,148
1,184,809
(873,040)
2,585
11,847
427,349
Unrestricted Funds - previous year (as restated)
Fund
Gains
Fund
B/Fwd
Income
Expenditure Transfers
& Losses
C/Fwd
£
£
£
£
£
£
Designated funds:
Fixed assets
Area development
Fair value reserve
Cathedral Organists Association
General fund		 28,700
(11,766)
11,751
28,685
8,934
(8,934)
-
2,570
(2,570)
-
13,746
12,392
(9,869)
(6,000)
10,269
47,709
898,699
(908,247)
22,041
1,992
62,194
101,659
911,091
(929,882)
16,288
1,992
101,148

As at 31 December 2003, Council created a fund designated to represent fixed assets. Fixed asset additions are transferred to the fund and depreciation is charged to the fund.

As at 31 December 2010, Council created a fund designated for Area Development. £30,000 was transferred from the general fund to provide underwriting or grant support for Area education and outreach programmes where the necessary funds are not available locally. Unspent funds were released in 2023.

The Fair value reserve comprises the net revaluation gains on investments held by the charity. In 2022 a transfer was made to agree the accumulated balance on this fund to the gains held within the investment portfolio and in 2023 the fund was closed.

The Cathedral Organists Association is part of the Royal School of Church Music but operates within a separate framework within the overall governance arrangements of the Charity; the trustees take the view that this level of operational independence is best recognised by identifying the funds relating to the Cathedral Organists Association as a designated fund as those funds will be used only for the Association’s purposes.

The general fund represents those funds which are unrestricted and not designated for other purposes.

38

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

18. Operating lease commitments

At 31 December 2024, the Charity had total commitments under non-cancellable operating leases as follows:

Due within one year
Due between one and five years
Due in more than five years		 2024
2023
£
£
42,396
5,500
100,313
3,208
-
-
142,708
8,708
Land and buildings

19. Pension Commitments

The charity operates a defined contributions scheme on behalf of its employees. The RSCM contributes a minimum of 5% of each members gross salary into the scheme where the member contributes a minimum of 3% of gross salary. The assets of the scheme are held separately from the charity in a fund administered by Aegon. The annual pension commitment under this scheme is £20,473 (2023: £21,764). An amount of £629, including employee contributions, was outstanding at the balance sheet date (2023: £NIL).

39

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

20. Prior year adjustment

The 2023 comparatives have been restated to correct the presentation of assets transferred by The Royal School of Church Music to its subsidiary, RSCM Enterprises Ltd, when it commenced trading in 2023. In the prior period accounts, this transfer was presented as an intercompany loan, however further work by the Trustees has concluded that this should have been presented as an investment in the subsidiary company. Furthermore, stock transferred to the subsidiary should have been impaired to its recoverable value. This resulted in a reduction of amounts owed by group undertakings of £151,231, an increase in Investments of £89,082 and a reduction in opening unrestricted reserves of £57,370, alongside a reduction in the 2023 surplus of £4,777 in respect of interest not due.

An adjustment has also been made to reclassify £38,086 of expenses recharged by the charity to its subsidiary, which were previously shown as other income and are now properly presented as a reduction in expenditure. This does not affect the surplus for the period.

Tangible assets
Investments in Subsidiaries
Investments
Debtors
Cash at bank and in hand
Creditors: Amounts falling due within one year		 Original
Restated
Change
£
£
£
28,685
28,685
-
1
89,083
89,082
844,386
844,386
-
258,592
107,361
(151,231)
95,179
95,179
-
(127,506)
(127,504)
2
1,099,337
1,037,190
(62,147)
Endowment funds
Restricted Funds
Unrestricted Funds		 433,441
433,441
-
502,601
502,601
-
163,295
101,148
(62,147)
1,099,337
1,037,190
(62,147)
The effect of the above adjustments on the Charity's unrestricted
Unrestricted Funds B/F at 1 December 2023
Unrestricted Surplus for the year ended 31 December 2023		 funds was as follows:
159,029
101,659
(57,370)
4,266
(511)
(4,777)
Unrestricted Funds C/F at 31 December 2023 163,295
101,148
(62,147)

40

The Royal School of Church Music (Company No:00250031) Notes to the Financial Statements For the year ended 31 December 2024

21. Restated comparative Statement of Financial Activities

Income and Endowments from:
Donations and legacies
Income from charitable activities:
Membership Income
Education & Outreach
Events committees
Other incoming resources
Investments
Total Income
Expenditure on:
Raising funds
Charitable activities
Membership Income
Education & Outreach
Publication sales & royalties
Area committees
Total expenditure
Net income/(expenditure)
Transfers between funds
Net Gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
Funds
2023
£
£
£
£
226,363
3,070
-
229,433
531,363
-
-
531,363
95,619
60,000
-
155,619
46,747
-
-
46,747
2,156
25,155
-
27,311
8,843
-
-
8,843
911,091
88,225
-
999,316
126,345
2,945
2,637
131,927
268,227
-
-
268,227
278,929
74,507
-
353,436
5,176
500
-
5,676
251,205
-
-
251,205
929,882
77,952
2,637
1,010,471
(18,791)
10,273
(2,637)
(11,155)
16,288
(16,288)
-
-
1,992
15,601
17,632
35,225
(511)
9,586
14,995
24,070
101,659
493,015
418,446
1,013,120
101,148
502,601
433,441
1,037,190

41