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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|
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|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|
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||||||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|
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|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|
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|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|
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|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|
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|||||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|
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|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|