2021-12-31-accounts - The World Trust

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR THE WORLD TRUST

THE WORLD TRUST Year ended 31 December 2021

Legal and Administrative Details

The Trust was established under its governing trust deed on 15 May 1991 and registered with the Charity Commission (registration number 1003265) on 26 June 1991. The Trust’s primary purpose is to promote, improve, develop and maintain public education in and appreciation of music and in particular musical works for orchestra and other ensembles. This purpose is fulfilled primarily through the staging of an annual music festival in and around Ripon, North Yorkshire. As a consequence, the Trust’s working name is Ripon International Festival.

In addition to its musical aims the Trust also exists to promote any charitable purposes throughout the world and in particular the advancement of education, the protection and preservation of health and the relief of poverty, disability and sickness.

Address of charity: The Festival Office Holly Howe Copt Hewick Ripon North Yorkshire Telephone: 01765 605508 Email: pastorale@gmx.com Web site: www.riponinternationalfestival.com President: Sir Derek Jacobi Vice president: Barrie Price Patrons: The Archbishop of York The Marquess of Zetland Baroness Masham of Ilton Dame Judy Kelly CBE Trustees: Mrs Stephanie Bell MA Mr Michael Brook Mr Martin Clark MA Eng Baroness Cox - Chairman Mrs Elizabeth Burton-Phillips MBE Artistic Director: Janusz Piotrowicz Director: Susan Goldsbrough

THE WORLD TRUST Year ended 31 December 2021

Legal and Administrative Details (cont’d)

Bankers: NatWest Bank Plc 39 Market Place Ripon Leeds Building Society Market Place Ripon Barclays Bank Plc Independent Examiner: Robert Horner BA FCA Crown Chambers Princes Street Harrogate

THE WORLD TRUST Year Ended 31 December 2021

Report of the Trustees

The Trustees report that the Financial Statements as at 31 December 2021 are in the format required by the 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 (known as Charities SORP (FRS102)).

Objects of the Trust

These are set out on page 1 under Legal and Administrative Details.

Policies and Structures of the Trust

Ultimate responsibility for the Trust’s management rests with the Trustees who hold regular meetings to direct the aims and objectives of the Trust with regard to fulfilling its primary purpose. However, the trustees delegate the day to day administration of the trust to the Trust Director Mrs Susan Goldsbrough and Janusz Piotrowicz, as Artistic Director, who are responsible for artistic policy of the Trust.

New trustees are selected by the current trustees if it is felt that the individuals concerned can contribute to the Trust. Any new trustees are fully briefed as to the Trust’s aims and their duties as trustee.

The Trustees who were in office during the year were as follows:-

Mrs Stephanie Bell MA Mr Michael Brook Mr Martin Clark MA Eng Baroness Cox - Chairman Mrs Elizabeth Burton-Phillips MBE

The trustees have considered the induction and training requirements of trustees and ensure ongoing training needs are met.

Review of the Financial Statements for the Year

The financial statements show a surplus of £2,711. The Ripon Festival shows a surplus of £4,712. Reserves at the end of the period were £34,033. The trustees consider this to be satisfactory given the current economic climate in which obtaining funding is becoming increasingly difficult.

Risk Management

The Trustees are continually assessing the major risks to which the Trust is exposed, in particular, those related to the operations and finances of the Trust, and mitigate exposure to the major risks.

THE WORLD TRUST Year Ended 31 December 2021

Report of the Trustees

(cont’d)

Reserves Policy

The Trustees consider that a reasonable target for reserves is for reserves to at least equal the costs of running the Ripon International Festival for one year after deducting income received from external ticket sales. Thus, even if donations, grants and sponsorship disappeared completely, the Ripon International Festival could be planned and funded for one year. However, the trustees are constantly searching for additional funding to secure the long-term future of the Trust.

Public Benefit

The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission’s guidance on public benefit when exercising their powers or duties.

Summary of Main Achievements

We promoted six festival events: one of these was a Zoom talk by Marie-Elsa Bragg about her novel ‘Towards Mellbreak’ set in the Lake District, organised by our Ripon librarian. Participants from different parts of the country gave appreciative feedback. The five concerts were performed by top artists: The Baillie Duo, violin and ‘cello; Anne Denholm, harp; The Dominic Alldis Trio; The Kathryn Tickell Trio and The Gesualdo Six, choral concert in Ripon Cathedral. We achieved our ticket sales target of £12,000 largely through the new website and our regular e-marketing, plus the A5 brochure which was distributed around the region. We received heart-warming comments including:

‘Well I reckon the festival was a great success …. the Dominic Alldis trio and Kathryn Tickell were new experiences for family and friends …they enjoyed them immensely. The singing of the six lads in the cathedral was sublime’ Edgar Moore (Middlesbrough)

‘I was blown away with the performance ….the cathedral acoustic provided a wonderful ethereal quality to their voices’ Joanna Thomas (Leeds)

‘Marie-Elsa was fascinating … eloquent and charming … I loved her talk’ Maggie Taylor (London)

The musicians, too, were thrilled: for the opening concert at Kirkby Malzeard, virtuoso cellist, Alexander Baillie, came over from Bremen to join his son, Max, on violin. They gave an intensely dramatic performance in the church. Anne Denholm played a feast of the most famous repertoire for harp with breathtaking skill at Holy Trinity Church. The Dominic Alldis Jazz Trio was packed at Sharow, the wonderful Gesualdo Six were given a standing ovation at Ripon Cathedral and the Kathryn Tickell Trio sold out in advance delighting the full house with their energy and warmth. Audiences were profuse in their thanks to the festival for bringing live first-class music once again to Ripon.

Finance

Sponsors included Ripon Select Foods, The Coulthurst Trust, Booths, Lithgow Perkins LLP, Potter Space, The Spooner Trust, J M Finn and the Festival Friends.

Signed: Baroness Cox Chairman of the Trustees

THE WORLD TRUST Year Ended 31 December 2021

Statement of Trustees’ Responsibilities

Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of its financial activities for that period and adequately distinguish any material special trust or other restricted fund of the charity. In preparing those financial statements, the Trustees are required to:-

1 select suitable accounting policies and then apply them consistently;
2 make judgements and estimates that are reasonable and prudent;
3 state whether the policies adopted are in accordance with the appropriate SORP on Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
4 prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with applicable Accounting Statements of Recommended Practice and the regulations made under S144 of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

THE WORLD TRUST Year Ended 31 December 2021

Independent Examiners’ Report to the Trustees of The World Trust

Independent examiner's report to the trustees of The World Trust

I report on the accounts of the Trust for the year ended 31 December 2021, which are set out on pages 7 to 11.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

to keep accounting records in accordance with section 130 of the Charities Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Robert Horner BA FCA Crown Chambers Princes Street Harrogate

14 October 2022

THE WORLD TRUST Year Ended 31 December 2021

Statement of Financial Activities

Income and endowments from: Donations Sponsors Fund raising events Ticket sales Programmes & refreshments Interest received Income tax repaid Total Income Expenditure on: Charitable activities Artists’ fees & expenses Hall & instrument hire Marketing Hospitality Bank & box office charges Programmes & refreshments Performing Rights Society Governance costs Administrators’ expenses Computers & stationery Postage Telephone & internet Administration expenses Accountancy Insurance Depreciation Total Expenditure Net incoming/(outgoing) resources for the year Net movements in investments. Net movement in funds Total funds at 1 January 2021 Total funds at 31 December 2021	Unrestricted Restricted Total Funds Funds 2021 £ £ £ 3,155 3,155 16,650 16,650 - - 12,438 12,438 - - 12 12 878 878 33,133 - 33,133 10,745 10,745 2,945 2,945 2,938 2,938 141 141 691 691 242 242 - - 8,500 8,500 1,285 1,285 170 170 399 399 - - 1,248 1,248 581 581 537 537 30,422 - 30,422 2,711 2,711 - - 2,711 2,711 31,322 31,322 34,033 - 34,033	Total 2020 £ 12,828 5,500 - - - 12 1,507
		19,847
		- - 1,587 - - - (541) 10,775 1,523 453 1,033 - - - 671
		15,501
		4,346 -
		4,346 26,976 31,322

THE WORLD TRUST Year Ended 31 December 2021

Balance Sheet

Fixed Assets Office & musical equipment at cost Depreciation as at 1 January 2021 Charge for the year Book value at 31 December 2021 Current Assets Bank accounts Stock Prepayments Bank account re Ripon International Festival Current liabilities Net Current Assets Net Assets Reserves As at 1 January 2021 Surplus/(Deficit) for year As at 31 December 2021	2021 2020 £ £ £ £ 9,214 9,214 (6,526) (5,855) (537) (671) 2,151 2,688 1,927 3,927 280 280 - - 50,504 34,427 52,711 38,634 (20,829) (10,000) 31,882 28,634 34,033 31,322 Ripon The World International Trust Festival Total £ £ £ (note 2) 9,217 22,105 31,322 (2,001) 4,712 2,711 7,216 26,817 34,033

The financial statements on pages 7 to 11 were approved by the Trustees on 14 October 2022 to confirm and signed on their behalf by:-

Signed: Baroness Cox Chairman of the Trustees

The notes on page 9 to 11 form an integral part of these accounts.

THE WORLD TRUST Year Ended 31 December 2021

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

1.1 General

1.1.1 The financial statements have been prepared under the historical cost convention with the exception of investments, which are included on a market basis in accordance with 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 (known as Charities SORP (FRS102)).
1.1.2 These accounts have been prepared on an accruals basis.
1.1.3 The Trust is not registered for VAT and, therefore, VAT forms part of the Trust’s costs.
1.1.4 All income is recognised in the Statement of Financial Activities when the charity becomes entitled to the resources. This is generally when the income is received, except where stated below.
1.1.5 Sponsorship income is recognised in the period in which the sponsored event takes place.
1.1.6 Expenditure is charged to the Statement of Financial Activities when incurred.
1.2 Tangible Fixed Assets

These assets are included at cost less depreciation.

1.3 Depreciation

Tangible fixed assets are stated at cost and are depreciated by annual instalments over their expected useful live as follows:-

Office and musical equipment - 20% of written down value

1.4 Cash Flow statement

The Trust is exempt from the requirement to provide a cash flow statement on the grounds of its size.

1.5 Fund Accounting

General unrestricted funds compromise accumulated surpluses and deficits on general funds and the cumulative realised and unrealised gains on any investments. They are available for use at the discretion of the Trustees in furtherance of the Trust’s general charitable objectives. Restricted funds are created when donations are made for a particular area or purpose, the use of which is restricted to that area or purpose.

THE WORLD TRUST Year Ended 31 December 2021

Notes to the Financial Statements (cont’d)

2 The principal activity of the Trust is the staging of the Ripon International Festival. Included within the Financial Statements are the following amounts re Ripon International Festival.

Income Donations Sponsors Fund raising events Ticket sales Programmes & refreshments Interest received Income tax repaid Expenditure Programmes & refreshments Marketing Artists’ fees & expenses Hall & instrument hire Administrators’ expenses Computers & stationery Postage Telephone & internet Bank & box office charges Depreciation Hospitality Performing Rights Society Insurance Accountancy Surplus/(Deficit)	2021 £ 3,155 16,650 - 12,438 - 12 878 33,133 242 2,938 10,745 2,945 6,500 1,285 170 399 691 536 141 - 581 1,248 28,421 4,712	2020 £ 5,328 5,500 - - - 12 1,507
		12,347
		- 1,587 - - 5,275 1,523 453 1,033 - 670 - (541) - -
		10,000 2,347

The Trust was badly affected by the pandemic and the cancellation of concerts in 2020. The Trust was able to hold more concerts in 2021, which has led to an increase in income.

THE WORLD TRUST Year Ended 31 December 2021

Notes to the Financial Statements (cont’d)

3 The assets and liabilities included in the Trust’s balance sheet which relate to the Ripon International Festival are as follows:-

Fixed assets at cost Depreciation Stock Prepayments Bank account Building society account Cash in hand Total Assets Creditors Capital account 1 January 2021 Surplus/ (deficit) for the year Capital account 31 December 2021 Creditors Accruals Loan from The World Trust	2021 £ 7,245 (5,099) 2,146 280 - 26,509 23,415 580 52,930 (26,113) 26,817 22,105 4,712 26,817 2021 £ 20,829 5,284 26,113		2020 £ 7,245 (4,563)
			2,682 280 - 10,444 23,404 580
			37,390 (15,285)
			22,105
			19,758 2,347 22,105 2020 £ 10,000 5,285 15,285