THE ROYAL COLLEGE OF MUSIC
Charity overview
Activities - how the charity spends its money
The objects of the College shall be to advance the Art of Music and promote the study of and education in music and musical instruction and research of the highest standard and such other related academic subjects as the College may consider appropriate in the United Kingdom of Great Britain and Northern Ireland and elsewhere throughout the world.
Income and expenditure
Data for financial year ending 31 July 2024
Total income:
£37,066,583
| Donations and legacies | £4.82m | |
| Charitable activities | £29.25m | |
| Other trading activities | £693.67k | |
| Investments | £2.30m | |
| Other | £0 |
Total expenditure:
£31,165,478
| Raising funds | £1.04m | |
| Charitable activities | £29.41m | |
| Other | £720.26k |
£2,938,997 investments gains (losses)
Total income includes £7,089,555 from 19 government grant(s)
Charitable expenditure
Charitable expenditure with investment gains
Charitable expenditure
Some charities generate all, or a substantial part, of their income from investments which may have been donated to the charity as endowment or set aside by the charity from its own resources in the past. Such investments usually take the form of stocks and shares but may include other assets, such as property, that are capable of generating income and/or capital growth.
In managing their spending and investments charities need to strike a balance between the needs of future and current beneficiaries. They also need to take account of spending commitments that may stretch over a number of future years. To do this, charities will normally adopt an investment strategy designed to generate both income and capital growth. To maximise returns trustees may commit to investment strategies for several years.
Investments can experience large swings in value so trustees may, in a particular year, decide to realise and spend part of their charity’s capital or to invest part of its income.
By clicking the investment gains checkbox the charitable spending bar is adjusted to take account of capital growth as well as income. This shows the balance the charity is striking, between spending on current beneficiaries and retaining resources for future beneficiaries.
| Raising funds and other expenditure | £1.76m | |
| Charitable expenditure | £29.41m | |
| Retained for future use | £5.90m |
People
338 Employee(s)
22 Trustee(s)
Employees with total benefits over £60,000
| Number of employees | |
|---|---|
| £60k to £70k | 24 |
| £70k to £80k | 10 |
| £80k to £90k | 5 |
| £90k to £100k | 2 |
| £100k to £110k | 2 |
| £110k to £120k | 2 |
| £120k to £130k | 2 |
| £150k to £200k | 1 |
Fundraising
Trading
Trustee payments
What, who, how, where
- Education/training
- Children/young People
- Provides Services
- Kensington And Chelsea
Governance
- 05 May 1995: Standard registration
- 21 February 2000: Removed (Ceased to exist)
No other names
- Bullying and harassment policy and procedures
- Complaints handling
- Complaints policy and procedures
- Conflicting interests
- Engaging external speakers at charity events policy and procedures
- Financial reserves policy and procedures
- Internal charity financial controls policy and procedures
- Internal risk management policy and procedures
- Investing charity funds policy and procedures
- Investment
- Paying staff
- Risk management
- Safeguarding policy and procedures
- Safeguarding vulnerable beneficiaries
- Social media policy and procedures
- Trustee conflicts of interest policy and procedures
- Trustee expenses policy and procedures
- Volunteer management
Trustees
Trustees are the people responsible for controlling the work, management and administration of the charity on behalf of its beneficiaries. Generally trustees are treasurer, chair, board member etc. The trustees are responsible for keeping this list up to date and can do this by updating their details as they happen through the online service
22 Trustee(s)
| Name | Role | Date of appointment | Other trusteeships | Reporting status of other trusteeships | ||||
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| LORD BLACK OF BRENTWOOD | Chair | 27 March 2012 |
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| Nadine Thompson | Trustee | 01 January 2025 |
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| Duncan Gareth Owen | Trustee | 01 August 2024 |
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| Nandkishore Patel | Trustee | 01 August 2024 |
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| Leila Jasmine Lona Hooton | Trustee | 01 August 2024 |
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| Sarah Hanratty | Trustee | 01 August 2024 |
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| DUNCAN OWEN | Trustee | 01 August 2024 |
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| Professor Shirley J Thompson OBE | Trustee | 31 May 2023 |
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| Paula Walter | Trustee | 01 August 2022 |
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| Patricia Rozario OBE | Trustee | 01 August 2022 |
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| Peter Holgate | Trustee | 31 May 2022 |
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| Ingrid Pearson | Trustee | 01 March 2022 |
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| Richard Goulding | Trustee | 02 December 2021 |
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| Jamie Njoku-Goodwin | Trustee | 01 June 2021 |
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| Catherine Clarke | Trustee | 01 September 2020 |
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| James Williams LVO FRCM | Trustee | 01 September 2020 |
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| Sir Guy Weston HonRCM | Trustee | 01 July 2020 |
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| Kevin Porter | Trustee | 07 April 2018 |
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| Baroness Veronica Fleet CBE | Trustee | 07 April 2018 |
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| Geoffrey Richards | Trustee | 01 August 2017 |
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| Ruth Keattch | Trustee | 01 June 2016 |
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| Peter Dart | Trustee | 01 November 2014 |
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Financial history
Financial period end date
| Income / Expenditure | 31/07/2020 | 31/07/2021 | 31/07/2022 | 31/07/2023 | 31/07/2024 | ||
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Total gross income | £28.54m | £28.59m | £32.48m | £33.26m | £37.07m | |
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Total expenditure | £27.39m | £26.70m | £32.95m | £32.41m | £31.17m | |
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Income from government contracts | N/A | £218.82k | £559.13k | N/A | N/A | |
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Income from government grants | N/A | £5.88m | £6.26m | £7.06m | £7.09m | |
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Income - Donations and legacies | £5.53m | £4.48m | £5.40m | £4.60m | £4.82m | |
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Income - Other trading activities | £210.40k | £0 | £550.90k | £511.66k | £693.67k | |
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Income - Charitable activities | £21.22m | £22.96m | £25.58m | £26.64m | £29.25m | |
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Income - Endowments | £476.55k | £376.41k | £631.72k | £817.12k | £512.39k | |
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Income - Investment | £1.62m | £1.23m | £1.58m | £2.33m | £2.30m | |
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Income - Other | £444.18k | £0 | £0 | £0 | £0 | |
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Income - Legacies | £0 | £0 | £0 | £0 | £445.56k | |
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Expenditure - Charitable activities | £25.77m | £25.11m | £31.32m | £30.86m | £29.41m | |
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Expenditure - Raising funds | £466.22k | £1.60m | £1.63m | £858.40k | £1.04m | |
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Expenditure - Governance | £97.25k | £89.98k | £95.90k | £105.92k | £111.54k | |
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Expenditure - Grants institution | £40.25k | £37.97k | £13.29k | £13.18k | £14.53k | |
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Expenditure - Investment management | £203.60k | £167.80k | £44.12k | £15.43k | £12.87k | |
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Expenditure - Other | £1.16m | £0 | £0 | £691.76k | £720.26k |
Assets and liabilities
Definitions for assets and liabilities
These are assets, other than investments, which are held for more than 12 months and used to run and administer the charity such as buildings, offices, exhibits and fixtures and fittings.
Long term InvestmentsInvestments are assets held by the charity with the sole aim of generating income which will be used for their charitable purposes such as deposit accounts, shares, rental property and unit trusts.
Investment assets are re-valued every year and included in the balance sheet at their current market value.
Long term investments are held for more than 12 months.
These are assets held generally for less than 12 months such as cash and bank balances, debtors, investments to be sold within the coming year and trading stock.
Defined benefit pension scheme asset or liabilityThis is a surplus or deficit in any defined benefit pension scheme operated and represents a potential long-term asset or liability.
Total liabilitiesThese are all the amounts owed by the charity at the balance sheet date to third parties such as bills due but not yet paid, bank overdrafts and loans and mortgages.
| Asset / Liability | 31/07/2020 | 31/07/2021 | 31/07/2022 | 31/07/2023 | 31/07/2024 | ||
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Own use assets | £79.08m | £78.32m | £74.96m | £74.77m | £73.27m | |
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Long-term investments | £45.94m | £53.04m | £53.76m | £49.62m | £49.87m | |
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Other assets | £11.12m | £10.33m | £10.75m | £8.26m | £12.62m | |
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Defined benefit pension scheme asset or liability | -£5.92m | -£4.32m | -£6.22m | -£4.95m | -£410.00k | |
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Total liabilities | £30.09m | £27.44m | £24.34m | £22.14m | £21.57m |
Accounts and annual returns
| Title | Reporting year | Date received | Received | Download |
|---|---|---|---|---|
| Annual return | 31 July 2024 | 20 December 2024 | On Time | |
| Accounts and TAR | 31 July 2024 | 20 December 2024 | On Time | Download Open in new window |
| Annual return | 31 July 2023 | 31 May 2024 | On Time | |
| Accounts and TAR | 31 July 2023 | 31 May 2024 | On Time | Download Open in new window |
| Annual return | 31 July 2022 | 31 May 2023 | On Time | |
| Accounts and TAR | 31 July 2022 | 31 May 2023 | On Time | Download Open in new window |
| Annual return | 31 July 2021 | 30 May 2022 | On Time | |
| Accounts and TAR | 31 July 2021 | 30 May 2022 | On Time | Download Open in new window |
| Annual return | 31 July 2020 | 11 May 2021 | On Time | |
| Accounts and TAR | 31 July 2020 | 11 May 2021 | On Time | Download Open in new window |