**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE WORLD TRUST**
**THE WORLD TRUST Year ended 31 December 2024**
## **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.org President: Sir Derek Jacobi Vice president: Barrie Price Patrons: The Archbishop of York The Marquess of Zetland 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
1
**THE WORLD TRUST Year ended 31 December 2024**
**Legal and Administrative Details** (cont’d)
Bankers: NatWest Bank Plc 3 Cambridge Crescent Harrogate Leeds Building Society 12 Oxford Street Harrogate Barclays Bank Plc Independent Examiner: Robert Horner BA FCA Crown Chambers Princes Street Harrogate
2
## **THE WORLD TRUST Year Ended 31 December 2024**
## **Report of the Trustees**
The Trustees report that the Financial Statements as at 31 December 2024 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 £1,910. Reserves at the end of the period were £38,968. 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.
3
## **THE WORLD TRUST Year Ended 31 December 2024**
## **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**
In the 26[th] year of Ripon International Festival we maintained **Partnerships** with the Young Classical Artists Trust, Ripon Library and the Little Ripon Bookshop and developed a new association with the National Trust which provided a concert room at Fountains Hall.
Ripon Cathedral was the setting for a concert by Royal Northern Sinfonia, conducted by Janusz Piotrowicz, of two of the greatest works in the classical repertoire: Beethoven’s violin concerto - soloist Tamsin Waley-Cohen - and Tchaikovsky’s Fifth symphony – a magnificent performance deeply appreciated by a full house; and Holy Trinity Church Ripon was packed for the Brighouse & Rastrick Band.
**Rural Outreach** performances took place in Markenfield Hall: two concerts by Duo Dorado, violin and harpsichord; St. Andrew’s Church, Kirkby Malzeard: Louise Thomson, harp; St. Mary’s Church Masham: The Atéa Wind Quintet. We presented four concerts at St. John’s Church, Sharow: ZRI classical/gypsy quintet, The Busch Piano Trio from Amsterdam, Quatuor Agate string quartet from Paris and Janusz Piotrowicz piano recital.
Fountains Hall at Fountains Abbey was the setting for a recital by Shu Jiang on Chinese Zithers. As always, the level of musicianship throughout the festival was exemplary. Helperby Millennium Hall hosted the Folk Trio Leveret and Ripon Library provided the location for a fascinating talk by the historian and writer Phillippa Langley. The Team of Volunteers created the duty roster and provided expertise and generous commitment in setting up, managing front of house, refreshments, door sales, distribution of publicity and many other tasks.
## **Artistic and Social Vision**
The Festival aims are to inspire audiences of all ages and circumstances with first-class performance of classical music, including provision of symphony concerts and chamber music, which are the cornerstones of the festival. Also, the best of folk, world music, drama and writers, the wide variety giving the festival its distinctive character and atmosphere.
4
## **THE WORLD TRUST Year Ended 31 December 2024**
## **Report of the Trustees**
## (cont’d)
## **Finance**
Sponsors were Ripon Select Foods, who have generously supported for over 25 years, The Coulthurst Trust, Lithgow Perkins LLP, Booths, Lishman Sidwell Campbell & Price and the Festival Friends who also provided hospitality for visiting artists. The trustees consider that our modest reserves are sufficient to carry the enterprise forward given that our administrative outlay is small, but we need to significantly increase this reserve to give security in future.
Signed: Baroness Cox Chairman of the Trustees
5
## **THE WORLD TRUST Year Ended 31 December 2024**
## **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.
6
**THE WORLD TRUST Year Ended 31 December 2024**
## **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 2024, which are set out on pages 8 to 12.
## **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
Date: 22 August 2025
7
## **THE WORLD TRUST Year Ended 31 December 2024**
## **Statement of Financial Activities**
|**Income and endowments from:**
Donations
Sponsors
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 2023
Total funds at 31 December 2023|Unrestricted Restricted
Total
Funds
Funds
2024
£
£
£
3,495
-
3,495
35,550
-
35,550
34,606
-
34,606
2,678
-
2,678
425
-
425
1,241
-
1,241
77,995
-
77,995
45,700
-
45,700
5,908
-
5,908
4,722
-
4,722
442
-
442
1,763
-
1,763
646
-
646
821
-
821
11,200
-
11,200
1,029
-
1,029
898
-
898
595
-
595
-
-
-
1,566
-
1,566
434
-
434
361
-
361
76,085
-
76,085
1,910
-
1,910
-
-
1,910
1,910
37,058
37,058
38,968
-
38,968|Total
2023
£
3,028
32,250
34,965
978
39
1,392|
|---|---|---|
|||72,652|
|||44,805
5,580
4,363
167
2,190
1,041
1,095
9,200
1,530
518
576
-
1,428
478
415|
|||73,386|
|||(734)
-|
|||(734)
37,792|
|||37,058|
8
## **THE WORLD TRUST Year Ended 31 December 2024**
## **Balance Sheet**
|**Fixed Assets**
Office & musical equipment at cost
Depreciation as at 1 January 2022
Charge for the year
Book value at 31 December 2022
**Current Assets**
Bank accounts
Stock
Prepayments
Bank account re Ripon International
Festival
Current liabilities
**Net Current Assets**
**Net Assets**
**Reserves**
As at 1 January 2024
Surplus/(Deficit) for year
As at 31 December 2024|2024
2023
£
£
£
£
9,746
9,602
(7,944)
(7,529)
(361)
(415)
1,441
1,658
128
128
280
280
1,495
-
45,357
64,070
47,260
64,478
(9,733)
(29,078)
37,527
35,400
38,968
37,058
Ripon
The World
International
Trust
Festival
Total
£
£
£
(note 2)
5,415
31,643
37,058
-
1,910
1,910
5,415
33,553
38,968|2024
2023
£
£
£
£
9,746
9,602
(7,944)
(7,529)
(361)
(415)
1,441
1,658
128
128
280
280
1,495
-
45,357
64,070
47,260
64,478
(9,733)
(29,078)
37,527
35,400
38,968
37,058
Ripon
The World
International
Trust
Festival
Total
£
£
£
(note 2)
5,415
31,643
37,058
-
1,910
1,910
5,415
33,553
38,968|2024
2023
£
£
£
£
9,746
9,602
(7,944)
(7,529)
(361)
(415)
1,441
1,658
128
128
280
280
1,495
-
45,357
64,070
47,260
64,478
(9,733)
(29,078)
37,527
35,400
38,968
37,058
Ripon
The World
International
Trust
Festival
Total
£
£
£
(note 2)
5,415
31,643
37,058
-
1,910
1,910
5,415
33,553
38,968|
|---|---|---|---|
||||37,058|
||||Total
£
37,058
1,910
38,968|
|||||
The financial statements on pages 8 to 12 were approved by the Trustees on 22 August 2025 to confirm and signed on their behalf by:-
Signed: Baroness Cox Chairman of the Trustees
The notes on page 10 to 12 form an integral part of these accounts.
9
**THE WORLD TRUST Year Ended 31 December 2024**
## **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.
10
## **THE WORLD TRUST Year Ended 31 December 2024**
## **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)**|2024
£
3,495
35,550
-
34,606
2,678
425
1,241
77,995
646
4,722
45,700
5,908
11,200
1,029
898
595
1,763
361
442
821
434
1,566
76,085
1,910|2023
£
3,028
32,250
-
34,965
978
39
1,392|
|---|---|---|
|||72,652|
|||1,041
4,363
44,805
5,580
9,200
1,530
518
576
2,190
415
167
1,095
478
1,428|
|||73,386|
|||(734)|
11
## **THE WORLD TRUST Year Ended 31 December 2024**
## **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 2024
Surplus/ (deficit) for the year
Capital account 31 December 2024
**Creditors**
Accruals
Loan from The World Trust|2024
£
7,777
(6,336)
1,441
280
1,495
21,625
23,466
266
48,573
(15,020)
33,553
31,643
1,910
33,553
2024
£
9,736
5,284
15,020||2023
£
7,632
(5,977)|
|---|---|---|---|
||||1,655
280
-
40,024
23,466
580|
||||66,005
(34,362)|
||||31,643|
||||32,377
(734)|
||||31,643|
|||
|2023
£
29,078
5,284|
||||34,362|
12