2020-12-31-accounts - The Rvw Trust

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Contents		Page
Report ofthe Trustees		1-5
Independent Examiner's	Report	6-9
Statement of Financial	Activities	10
Balance Sheet
Statement ofCashflows		12
Notes to the financial statements		13-23

Total	grants	made during 2020	made during 2020	Number of Grants	E
Public	Performance			76	87,050
Music	Festivals			21	41,450
Recordings				25	30,025
Postgraduate		Education		5	20,000
Other	—Help	Musicians	Covid-19 Fund	2	10,000
				129	188,525
Total	grants	made during 2019		142	192,500

					Unrestricted	Funds
				Note	2020	2019
						E
Income from:
Donations and	legacies				30	150
Other income					405,825	402,665
Investments					109,292	102,734
Total income					515,147	505,549
Expenditure on:
Charitable activities					258,153	265,641
Total expenditure					258,153	265,641
Net income before gains			on investments		256,994	239,908
Other recognised	gains / (losses)
Net gains/losses	on investments			10	106,973	213,002
Net income / movement			in funds		363,967	452,910
Total funds brought		forward			3,052,128	2,599,218
Total funds carried forward					3,416,095	3,052,12&

			The RNiV Trust
			Balance Sheet
			As at 31st December	2020
				2020		2019
Fixed assets					238		716
Tangible fixed investments	assets				3,162,670 3,'L62,90B		2,826,902 2.,827,617
Current assets Debtors COIF Charities Bank balances	Deposit Funo		5,615 116,225 H4.459			5,512 115,920 250,146 371,57S
Current liabilities Creditors -amounts		falgng	(193,212)
due within one year
					25%187		224511
Net current assets
					3416 095		3052 12B
Tote Inet assets
Funds: Unrestricted	funds				3,416,095		3,052,129
					3416 095		3052 128
Total funds

					2020	2019
					f	f
Net cash generated by operating	activities		(see below)		194,122	157,788
Net cash provided by / (used in) investing			activities
Dividends from investments and	interest				109,292	102,734
Purchase of investments					(228,796)	(211,806)
					(119,504)	(109,072)
Cash balances at beginning of period					366,066	317,350
Cash balances at end of period (see		below)			440p684	366,066
Reconciliation ofnet cash generated		by operating		activities
Net income / movement in funds					363,967	452,910
Losses/(gains) on investments					(106,973)	(213,002)
Dividends and interest from investments					(109,292)	(102,734)
Add back depreciation charge					478	478
Decrease / (increase) in debtors					(103)	(972)
Increase / (decrease) in creditors					46,045	21,108
Net cash used in operating activities					194,122	157,788
Analysis ofcash balances					2020	2019
HSBC Current					4,000	4,000
HSBC Money Manager					320,459	246,146
COIF					116,225	115,920
					440,684	366,066

2	Income from donations	and legacies	and legacies	and legacies					2020	2019
									f	f
	Donations and donated	services							30	150
									30	150
3	Other income								2020	2019
									f	f
	Royalty income								395,100	391,282
	Rental and office costs	reimbursed		by the	Delius Trust				10,725	11,383
									405,825	402,665
	Royalty income is derived from		performing		right of Ralph Vaughan		Williams's	music.
4	Investment income								2020	2019
									f	f
	Deposit interest								496	928
	Dividend income								108,796	101,806
									109,292	102,734
5	Charitable activities								2020	2019
									f	f
	Grants (note 6)								175,525	191,000
	Support costs:
	Management and administration			(including		staff costs note 7)			46,956	47,278
	Office expenses								28,455	22,894
	Depreciation								478	478
	Other expenses								172	653
	Governance costs (below)								6,567	3,338
									258,153	265,641
	Governance costs comprise:
	Trustees' expenses								251	595
	Meeting costs								43	543
	Auditors' (2019:Independent		Examiner's)			fees (below)			3,600	2,200
	Legal fees								2,673
									6,567	3,338

				The RVW Trust
			Notes to the financial statements		(continued)
			Year ended 31stDecember		2020
6	Grants			2020		2019
				f		E
	Payable at 1stJanuary				101,500		96,250
	Authorised			188,525		192,500
	Grants rescheduled	/(recovered)		(13,000)		(1,500)
					175,525		191,000
					277,025		287,250
	Paid in the year				(125,275)		(185,750)
	Payable at 31st December				151,750		101,500
	Grants authorised	during	the year are detailed	in note 16.
7	Staff costs and employee		benefits			2020	2019
						f	f
	Salaries and wages					36,120	35,333
	Socia I security costs					720	306
	Other pension costs					3,612	3,533
						40,452	39,172

Payments to Trustees	Payments to Trustees	2020	2019
		f	f.
Reimbursements	at cost	251	595
		251	595

9	Fixed Assets	Office and
		machinery
		f
	Cost
	At 1stJanuary 2020	2,391
	Additions
	At 31st December 2020	2,391
	Depreciation
	At 1stJanuary 2020	1,675
	Charge for the year	478
	At 31st December 2020	2,153
	Net BookValue
	At 31st December 2020	238
	At 31st December 2019	716
10	Investments	2020	2019
		f	f
	Market value at 1stJanuary	2,826,901	2,402,093
	Additions	228,796	211,806
	Disposals
	Gain/(loss) and income from investments	106,973	213,002
	Market value at 31stDecember	3,162,670	2,826,901
	Historical cost	1,798,022	1,678,022

11	Debtors				2020	2019
					E	f.
	Prepayments and		accrued	income	3,416	3,435
	Other debtors				2,199	2,077
					5,615	5,512
12	Creditors: amounts		falling	due within one year	2020	2019
					E	E
	Trade creditors				180	208
	Grants payable				151,750	101,500
	Value added tax				29,229	40,960
	Other creditors	(including		accruals)	11,953	4,399
					193,112	147,067

2020	Brought	Income	Expenses	Transfers	Carried
	forward			&gains	forward
	E			E	f
General funds	3,052,128	515,147	(258,153)	106,973	3,416,095
Total funds	3,052,128	515,147	(258,153)	106,973	3,416,095
2019	Brought	Income	Expenses	Transfers	Carried
	forward			&gains	forward
	E			E	E
General funds	2,599,218	505,549	(265,641)	213,002	3,052,128
Total funds	2,599,218	505,549	(265,641)	213,002	3,052,128

				2020	2019
				f	E
Rent, service charge, electricity —Lord Armstrong
The landlord ofthe RVW Trust's office is Lady Armstrong,	widow of	Lord		23,575	18,900
Armstrong who served as atrustee until his death in April 2020. Payments			for
rent, service charge and electricity are made directly to her.
Rent &office expenses - Delius Trust
The Secretary ofthe Delius Trust is Helen Faulkner —who	previously	served	as	10,725	11,383
Secretary ofthe RVW Trust and is now aTrustee. RVW Trust and Delius Trust
share office space and split the rent and office expenses.	RVW Trust invoices the
Delius Trust for these costs quarterly.
Grant payments -related Trustees
Grants were awarded to the the following organisations	in respect of
commissions written by composers who are also trustees	ofthe RVW Trust
Welsh Chamber Orchestra —grant for Nicola Lefanu commission				2,000
NMC Recordings -grant for Richard Causton commission				2,000
The following Trustees also serve as Trustees ofthe organisations listed to
which occasional grants are made:
Hugh Cobbe: Newbury Spring Festival Society Ltd
Sally Groves: UPROAR; RIOT; Listenpony; Nash Ensemble;
Newbury Spring Festival Society Ltd
Uproar Ensemble				1,500	1,000
Riot
Listenpony Concerts Series				1,500
Nash Ensemble				1,000	1,500

Analysis ofnet assets between funds	Analysis ofnet assets between funds	Analysis ofnet assets between funds	Analysis ofnet assets between funds		Total funds	Total funds
					2020	2019
					f	E
Fixed assets					238	716
Investments					3,162,670	2,826,901
Current assets					446,299	371,578
Current liabilities					(193,112)	(147,067)
					3,416,095	3,052,128
Grants Awarded				2020	2019
Lead Artist / Organisation
NMC Recordings				10,500	5,000
Presteigne Festival				7,000	7,000
Birmingham Contemporary			Music Group	5,000	4,000
Huddersfield Contemporary			Music Festival	5,000	5,000
Royal Philharmonic	Society			4,000
Vale ofGlamorgan	Festival			3,500
Octandre Ensemble				3,000
Sound Festival				2,500	2,500
Three Choirs Festival				2,500	1,500
Aurora Orchestra				2,000
Bangor Music Festival				2,000	2,000
Buxton Festival				2,000
Cheltenham Music	Festival			2,000	3,000
Dartington International		Summer School		2,000	2,000
Deal Festival				2,000	1,000
Glyndebourne				2,000

					The RVW Trust
				Notes	to the financial statements	(continued)
					Year ended 31stDecember	2020
16	Grants Awarded (continued)					2020	2019
	Lead Artist / Organisation
	London Contemporary		Music Festival			2,000	1,500
	London Philharmonic		Orchestra			2,000	1,500
	Music Theatre Wales					2,000
	National Youth Choir	ofGreat Britain				2,000	2,000
	Nova Music					2,000
	Psappha					2,000	2,000
	Ty Cerrd					2,000	1,500
	Welsh Chamber Orchestra					2,000
	Dunedin Consort					1,500
	Huddersfield Choral Society					1,500
	Late Music					1,500	2,000
	Leicester International		Music Festival			1,500
	Listenpony Concerts	Series				1,500
	Lontano					1,500
	Music at Mailing					1,500	1,500
	Royal Scottish National		Orchestra			1,500
	UPROAR Ensemble					1,500	1,000
	Villiers Quartet					1,500
	Wild Plum Arts					1,500	2,000
	Leeds Lieder					1,250
	Counterpoise					1,200
	Stoke Newington Contemporary			Musi	c Festival	1,200
	Gemini					1,175
	Chamber Music Scotland					1,000
	Contrazontal					1,000
	Echo Choir					1,000
	Explore Ensemble					1,000	1,000
	Expo Festival					1,000
	Fidelio Trio					1,000
	High Heels and Horse		Hair			1,000
	illuminate —Women's		Music			1,000	1,000
	International Guitar Foundation					1,000
	JAM (John Armitage	Memorial)				1,000
	Londinium					1,000
	Ludlow English Song	Weekend				1,000
	Manchester Collective					1,000	1,000
	Marsyas Trio					1,000
	Nash Ensemble					1,000	1,500
	Occupy the Pianos					1,000
	Rautio Piano Trio					1,000
	Sinfonia Cymru					1,000
	Solem Quartet					1,000
	Sound UK					1,000
	Teesside Music Society					1,000
	The Night with ...					1,000	1,000

						The RVW Trust
					Notes	to the financial statements	(continued)
						Year ended 31stDecember	2020
16	Grants Awarded (continued)						2020	2019
	Lead Artist / Organisation
	The Opera Story						1,000
	Wordsworth Singers						1,000
	Sound and Music							5,000
	Prima Facie/ ASC Productions							3,000
	City of Birmingham	Symphony			Orchestra			2,500
	National Youth Orchestra of Great Britain							2,500
	Spitalfields Music	Festival						2,500
	Park Lane Group							2,250
	Absolutely Cultured							2,000
	Castley Music							2,000
	Epiphoni Consort							2,000
	Kettle's Yard							2,000
	London Sinfonietta							2,000
	Mahogany Opera	Group						2,000
	Sansara Choir							2,000
	Tete aTete							2,000
	University ofYork	Music Press						2,000
	Birmingham Royal	Ballet						1,000
	Hermes Experiment							1,500
	Kevos							1,500
	Lake District Summer Music							1,500
	Little Missenden Festival							1,500
	Radius Opera							1,500
	Shadwell Opera							1,500
	Bloomsbury Quartet							1,000
	Britten Sinfonia							1,000
	Dead Equal							1,000
	Glasgow Experimental		Music Series					1,000
	Hereford Chamber	Choir						1,000
	Investec International		Music Festival					1,000
	Jubilee Opera							1,000
	London Schools Symphony			Orchestra				1,000
	Marian Consort							1,000
	Mosaic Chamber Choir							1,000
	New London Chamber		Ensemble					1,000
	Northern Ireland Opera							1,000
	Oxford Festival of	the Arts						1,000
	Penkhull Festival							1,000
	Petworth Festival							1,000
	Roman River							1,000
	Sacconi Quartet							1,000
	Scottish Chamber	Orchestra						1,000
	Snape Maltings							1,000
	Southbank Sinfonia							1,000

						The RVW Trust
				Notes		to the financial statements	(continued)
						Year ended 31stDecember	2020
16	Grants Awarded	(continued)					2020	2019
	Lead Artist / Organisation
	StAlban's Choral	Society						1,000
	Stile Antico							1,000
	Streetwise Opera							1,000
	The Pearce Concerts							1,000
	Grants to individuals						42,150	48,500
	Smaller grants to	organisations					9,200	13,250
	Smaller grants to	individuals					8,850	7,500
	Help Musicians Covid Emergency				Fund		10,000
	Total grants authorised		in the	year			188,525	192,500
	Grants recovered						(13,000)	(1,500)
							175,525	191,000