FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 FOR THE WORLD TRUST
THE WORLD TRUST Year ended 31 December 2025 Legal and Administratlve Details The Trust was es12blished 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 educalion 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 musir21 aims the Trust also exists to promote any charitable purposes throughout the world and in particular the advancement of education, the protection and preserwalion 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@9mx.Gom Web site.. www.riponinternalionalfestival.org President.. Sir Derek Jacobi Vice president.. Barrie Price Patrons". The Archbishop of York The Marquess of Zetland Dame Judy Kelly CBE Tru5tees'. Mrs Stephanie Bell MA Mr Michael Br¢Jok Mr Martin Clart( MA Eng Baroness Cox - Chaimian Mrs Elizabeth Burton-Phillips MBE Mr Xin Yuan Artistic Diredor= Janusz Piotrowicz Director.. Susan Goldsbrough
THE WORLD TRUST Year endèd 31 Decemb8r 2025 Legal and Administrative Detalls {Gonl'd) Natwest Bank PIC 3 Cambridge Crescent Harrogate Bankers.. Leeds BuiSding Society 12 Oxford Slreel Harrogate Independent Examiner". Robert Horner BA FCA Crown Chambers Princes Street Harrogate
THE WORLD TRUST Year Ended 31 December 2025 Report of the Trustees The Trustees report that the Financial Statements as at 31 December 2025 are in the formal required by the Statement of Recommended Practice applicable lo charities preparing Iheir .accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (known as Charitses SORP (FRS102)1. Objects of the Trust These are set out on page 1 under Legal and Administrative Details. Policies and Structures of Ihe Trust Ultimate responsibility for the Trust's management 51$ wÈth 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 DireGlor Mrs Susan Goldsbrough and Janusz Piotrowcz, as Artistic Director. who are responsible for artistic policy of the Trusl. New trustees are selected by the current trustees if il is felt that the individuals concerned can contribute lo 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:_ Mfs Slephanie Bell MA Mr Michael Brook Mr Martin Clark MA Eng Baroness Cox - Chairman Mrs Elizabeth Burion-Phillips MBE Mr Xin Yuan The trustees have Gonsidered the induction and training requirements of trustees and ensure ongoing training needs are mel. Revlew of the Financial Ststemenls for the Year The financial statements show a deficit of £9. Reserves at the end of the period were £38.959. The trustees consider this to be satisfactory given the Gurrenl economic climate In whiGh obtaining funding is becoming increasingly difficult. Risk Managèment The Trustees are continually assessing the major risks to which the Trust is exposed, in particular, those relateé lo the operations and fInanS of the Trust. and mitigate exposure to the major risks.
THE WORLD TRUST Year Ended 31 December 2025. 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 Internalional Festival for one year after deducting income reGewed 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-lerm future of the Trust. Publlc Benefit The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission's guidance on public benefrt when exercising their powers or duties. Summary of Maln Achievements In the 27 year of Ripon International Festival we began with the Summer Celebrity ConGert on 7° August by the Wihan Quartet playing two of the greatest works in chamber music pertoire.- Schubert 'Death and the Maiden, and the Dvorak 'American'. The large audience was deeply moved by the depth of sound and passion in their performance. The opening concert of the Festival on 30tr August by the Orchestra of Opera North, conducted by Janusz Piotrowicz, at Ripon Cathedral was a splendid occasion, gen9rating an ecstatic response from a full house for Wagner Overture Tannhauser, Grieg Peer Gynl Suites 1 and 2 and Dvcrak Symphony No. 9. Rural Outreach perfomianc•s'. Johan Lofving and Yuwei Hu returned to Markenfield Hall with an enchanting programme of Handel. Bach, Couperin and other gems in sold-out concerts and Passacaglia Trio gave an engaging performance 'Jewels of the Fnch Baroque. at St. Mary's Church, Masham. We developed our association with Classical Musicians Scotland, presenling lan Watt, classical guitar. al Sl. Nicholas Church. West Tanfield and Andrea and Dgordje Gaji¢ violin and accordion, at Kirkby Malzeard. Young musicians Trio Bohèmo, from Czech Republic. gave a dazzling perfomance of Dvorak, Mendelssohn and Haydn at Sharow. Folk group. The Often Herd had a full house at Fewston Church and Folk vocal quartet The Furrow Collective charmed the audience at North Stainley. ZRI gave a slimulating perfomance of Janacek and gypsy Csardas hits, the Londcn Revue Company was a ht with their new show 'Come Rain Come Shine., and the Internationa1 Purves Puppets 'Aladdin' enchanted a lull house of all agesl at Bishop Monkton village hall. The Flowers Band, National Champions and French Open Champion5. demonstrated their refined musicianship at Holy Trinity Church. The Team of Volunteers organised by Judith Kershaw proviéed expertise and generous commitment in setting up, managing front of house, refreshments, door sales, distribution of brochures and many other tasks. As part of his mission to stimulate appreciation of classical music, Janusz Piotrowicz undertook a piano recital lour to seven Scottish caslles. attracting a full house for each concert. His travel expenses We generously sponsored by The RannochTrust. Artistic.and Social Vision The Festival aims are to inspire audiences of all ages and circumstan5 with first-class perfonnance of classical music, including provision of syrnphony concerts and chamber music, which are the comer5tones of the festival. Also, the best of folk, world music, drama and writers, the wide variety giving the festival ils distinctive chsraGter and atmosphere.
THE WORLD TRUST Year Ended 31 December 2025 Report of Ihe Trustees {cont'dl Finance Sponsors were Ripon Select Foods. Lrthgow Perkins LLP. both of whom have generously supported for over 25 years. The Coulthur5t Trust, Booths. The Potter Group (Potter Space), The W.W. Spooner Charitable Trust and Ihe Festival Friends who also provided hcspiiality for visiting artists. The trustees consider that our modest reserves are sufficient lo carry the enlerprise forward given that our administrative outlay is small, but we need to significantly increase reseryes to give security in future. Signed- Baroness Cox Chaifman of the Trustees
THE WORLD TRUST Year Ended 31 December 2025 ststement ol Trustees, Responsibilities Charity law requires the Trustees to prepare finanGial 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 Ihat period and adequately distinguish any material speaal trust or other restricted fund of the charity. In preparing those financial statements, the Trustees are required to'.- selecl suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., state whether the wlicies adopted are in accordanc£ wrth the appropriate SORP on Accounting Regulations and with appliGable accounting standards, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going GOnM basis unless it is inappropriate to assume Ihat the charity will continue in business. The Trustees are responsible for keeping proper arxounling records which disclose, with reasonable accuracy at any lime. 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 detèction of fraud or other irregularrties.
THE WORLD TRUST Year Ended 31 December 2026 Independent Examiners, Report to the Trustses of The World Trust Independent exarnlnerfs report to Ihe trustees of The World Trust I report on the accounts of the Trust fof the year ended 31 December 2025, which are sel out on pages 8 10 12. Respective responsibilitles of trustèès and examiner The charity's tnjstees are responsible for the preparation of the accounts. The chaflty's trustees consider that an audit. is not required for this year under seGtion 144 of the Charities Ad 2011 (the Charities AGt) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the 2011 A¢t'. to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515)(b} of the 2011 Act, and to state whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accordance wrth the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the tharity and a companson of the accounts presented with tho$8 recoids. It also includes consideration of.any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such malters. The prOdre$ 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 'lrue 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 examinalion. no matter has come to my attention.. 111 which gives me reasonable cause to believe that in any material respect the requirements.. to keep aGGounting records in aGcofdance with section 130 of the Charities Act., and to prepare aGcounts which accord with the accounting records and Comply with the accounling iequiremenls of the Charities Act have not been rnet". or 12) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Ro Horner BA FCA Crown Chambers Pnnces Street Harrogate Date. 30 July 2026
THE WORLD TRUST Year Ended 31 DeGember 2025 Statement ol Financial Actlvities Unrestricted Restncted Funds Funds Total 2025 Total 2024 Incomè and endowments Irom: Donations Sponsors Ticket sales Programmes & refreshments 3,470 27,450 36,631 1.488 3,470 27,450 36.631 1.488 3,495 35,550 34,606 2,678 Interest reiVed Income lax repaid (425) 1.386 (4251 1,386 425 1,241 Total Income 70,000 70,000 77,995 Expenditure on: Charitable activities Artists. fees & expenses Hall & instrument hire Marketing Hospitality Bank & box office charges Programme$ & refreshments Performing Rights Society Governan costs Administrators, expenses Computers & stationery Postage Telephone & intemet ArKountancy Insurance Depreciation 46,164 5,694 3,307 837 1,751 755 46,164 5,694 3,307 837 1,751 755 45.700 5.908 4,722 442 1.763 646 821 6,250 1,448 644 457 1,680 733 289 6.250 1,448 644 457 1,680 733 289 11,200 1,029 898 595 1.566 434 361 Total Expenditure 70,009 70,009 76,085 Net Incomin(OulgQing} resources for the year Nel movements in investments. 19} (9) 1.910 Net movement in funds (9) (9) 1,910 Total funds at 1 January 2025 37.058 Total funds at 31 December 2025 38,959 38,959 38,968
THE WORLD TRUST Year Ended 31 Decgmber 2025 Balance Sheet 2025 2024 Fixed Assets Office & rnusical equipment at cost Depreciation as at 1 January 2025 Charge for Ihe year 9.746 18,3051 289 9,746 {7,944) Book value at 31 Dember 2025 1,152 1.441 Current Assets Bank accounts StoGk Prepayments Bank account re Ripon Intemational Festival 128 280 128 280 1,495 45,357 40,887 41.295 3.488 47.260 9.733 Current liabilities Net Current Assets 37,807 Net Assets 38,959 38,968 Reseryes Ripon International Festival The World Trust Tolal {note 21 As at 1 January 2025 SurplusllDeficit) for year 5,415 33.553 38,968 As at 31 December 2025 5,415 33,544 38.959 The financial statements on pages 8 to 12 were approved by the Trustees on 30 July 2026 to confirm and signed on their behalf by:" Signed-. Baroness Cox Chairman of the Trustees The notes on page 10 10 12 form an integral part of these accounts.
THE WORLD TRUST Year Ended 31 December 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Genèral 1.1.1 The financial slatements have been prepared under the historical cost convention wittt the exGeption af investments. which are inc5uded on a market basis in 2ccordanGe 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. 1.1.2 These accounts have been prgpared on an arxruals basis. 1.13 The Trust is not registered for VAT and, therefore, VAT foms part of the Trust's G05ts. 1.1.4 All income is reGognised 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 cOgnIsed in the period in which the sponsored event takes place. 1.1.6 Expenditu is charged to the Statement of Financial Activities when incurred. Tangible Fixed Assets These assets are included at cost less deprecialion. 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 wnlten down value Cash Flow slatement The Trust is exempt from the requirement to provide a cash flow statement On the grounds of its size. Fund Accounting General unrestricted funds compromise accumulated surpluses and deficits on general funds and th8 cumulalive realised and unrealised gains On any investments. They are available for use at the discretion of the Trustees in furtherance of the Trusl's general charitable objectives. Restricted funds are created when donats'ons are made for a particular area or purpose. the use of which is Stricted to that area or purpose. io
THE WORLD TRUST Year Ended 31 Decernber 2025 Notes to the Financial Stalements (cont'd) 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 Inlernational Festival. 2025 2024 Income Donalions Sponsors Fund raising events Ticket sales Programme5 & refreshments Interest received Income tax repaid 3,470 27,450 3.495 35,550 36,631 1,488 1425) 1.386 34,606 2,678 425 Expenditure Programmes & refreshments Marketing Artists, fees & expenses Hall & instrument hire Administrators, expenses Computer5 & Stationery Postage Telephone & internet Bank & box office charges Depreciation HospitaSily Perforrning Righls Society Insuran Accountancy 755 3.307 46,164 5,694 6,250 1,448 644 457 1,751 289 837 4,722 45.700 5,908 11,200 1.029 898 595 1,763 361 442 821 434 1.566 733 1,680 70.009 76,085 SurplusllDeficitl {9) 1,910
THE WORLD TRUST Year Ended 31 December 2025 Notes to the Financial Statements {cont'd) The-as5ets and liabilities included in the Trust's balance Sheet which relate to the Ripon International Festival are as follows',- 2025 2024 Fixed assets at cost Depreciation 7.777 7,777 1,152 280 1,441 280 1,495 21,625 23,466 266 Stock Prepaymenls Bank account Building society account Cash in hand 17,324 23,466 Total Assets Creditors 42,316 8.772 48.573 15,020 33,544 33,553 Capital account 1 January 2025 Sufplusl Idefiat) for the year 33,553 31,643 Capital account 31 December 2025 33,544 33,553 2025 2024 Creditors Accruals Loan from The World Trust 3,488 5,284 9,736 5,284 8,772 15,020 12