**Charity registration number 1066977** 


## **The RVW Trust** 

## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS** 

**for the year ended** 

## **31[st] December 2021** 



**The RVW Trust Report and Financial Statements Year ended 31st December 2021** 

|**Contents**|**Page**|
|---|---|
|Report of the Trustees|1 - 5|
|Independent Auditor's Report|6 - 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cashflows|12|
|Notes to the financial statements|13 - 22|





## **The RVW Trust Report of the Trustees - Legal & Administrative Information Year ended 31st December 2021** 

## **TRUSTEES** 

Hugh Cobbe, OBE, FSA (Chairman) Anthony Burton Richard Causton Helen Faulkner Sally Groves, MBE Andrew Hunter Johnston Professor Nicola LeFanu Help Musicians UK, a company limited by guarantee, a trust corporation and a registered charity (represented by John Axon). The directors of this company are shown in note 14 of the accounts. 

## **ADVISERS** 

Dr. Anthony Payne deceased April 2021 

## **ADMINISTRATOR** 

Rosemary Johnson MBE 

## **PRINCIPAL OFFICE** 

13 Calico Row, Plantation Wharf, London SW11 3YH 

## **AUDITOR** 

Leonard Jones & Co, 1 Printing House Yard, London, E2 7PR 

## **SOLICITORS** 

Russell-Cooke LLP,  2 Putney Hill London SW15 6AB 

## **BANKERS** 

HSBC plc, 71 Queen Victoria Street, London EC4V 4AY 

1 



**The RVW Trust Report of the Trustees Year ended 31st December 2021** 

The Trustees present their report and the financial statements for the year ended 31 December 2021 which have been prepared to comply with the Charities Act 2011 and Charity Commission’s Accounting and Reporting by Charities: 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 (FRS 102) and FRS 102. 

## **Structure, Governance and Management** 

The RVW Trust (“the Trust”), registered in England and Wales under charity No. 1066977, was constituted in 1997 as an unincorporated charitable trust by a Declaration of Trust.  It succeeded the Vaughan Williams Musical Trust established in 1956 by the late Ralph Vaughan Williams OM with objects essentially the same as those of the Trust. 

The Trustees who have served during the year and since the year end are listed on page 1.  They met three times during the year; a Finance Committee met twice during the year.  The first Trustees were established under the Declaration of Trust in 1997.  New trustees, when required, will be found by the existing trustees. When recruiting new trustees, the trustees look for individuals with skills and experience which are of value to the Trust and which are not necessarily represented by existing trustees. Any potential trustees will be invited to observe a meeting of the trustees and, if appointed, will be provided with a pack of information detailing their responsibilities and including accounts and a copy of the trust deed.  Often a potential candidate will serve as an adviser to the Trust before being invited to join the board of trustees. 

## **Key Management Personnel** 

The trustees consider the Secretary and Administrator to be the key management personnel of the charity in charge of managing, running and operating the Trust on a day to day basis. All trustees give of their time freely and no trustee received remuneration in the year. The Secretary/Administrator's salary is reviewed annually by the trustees. 

## **Objectives and Activities** 

The objects of the Trust are:- 

- a) The advancement of public appreciation of and education in music. 

- b) The relieving of poverty among musicians, their widows and children and any persons who in the opinion of the Trustees may be dependants of a musician by the making of lump sum or periodical payments to them. 

- With effect from 3rd November 2020 the objects of the charity were amended to include also: 

- c) The advancement of such other charitable purposes for the public benefit as the Trustees in their discretion think fit. 

The objects are carried out by means of the award of grants to individuals and organisations. 

## **Policy** 

The Trustees regularly review the policies under which they fulfil the objects of the Trust.  For the time being, these are: 

1. To give assistance to British composers who have not yet achieved a national reputation. 

2. To give assistance towards the performance and recording of music by neglected or currently unfashionable 20th and 21st century British composers, including performances by societies and at festivals which include works by such composers in their programmes. 

3. To assist national organisations which promote public knowledge and appreciation of 20th and 21st century British music. 

4. To assist education projects in the field of music. 

5. To support post-graduate students of composition taking first masters degrees at British universities and conservatoires. 

2 



**The RVW Trust Report of the Trustees (continued) Year ended 31st December 2021** 

## **Policy (continued)** 

Provision for the relief of poverty is, in the opinion of the Trustees, generally adequately covered by Help Musicians UK and others. However, during the year ended 31 December 2021, because of exceptional circumstances, one grant of £5,000 (2020: grants of £10,000) was made to the Help Musicians UK Covid Relief Fund. 

## **Investments and Reserve Review, including Policy** 

The charity had unrestricted reserves of £3,810,776 (2020: £3,416,095). 

The Trustees continued, with the consent of the Charity Commission, to establish an accumulating fund to enable the Trust to continue to make significant grants after 2028 when the income from performing right will cease. 

The Trustees regularly review the reserves which are invested in the Charity Multi-Asset Fund (registered charity no. 1119649) managed by Schroder Investment Management Limited. They also regularly review the Trust's investment policy, with regard to the eventual cessation of Ralph Vaughan Williams's copyright. 

## **Financial Review** 

During the year ended 31 December 2021, total income was £432,336 (2020: £515,147) and expenditure was £257,100 (2020: £258,153). The charity also recognised a gain in the market value of its investments of £219,446 (2020: gain of £106,973). 

There are no restricted or endowment funds.  The Trust carries out no ongoing fund-raising activity.   The main source of income is derived from performing right from musical works assigned by the late Ralph Vaughan Williams OM.  The entitlement to such right should persist until the end of the year 2028 under current copyright regulations.   It is hoped that performing right receipts may, in the short term, persist essentially at current levels so that grant-making can be maintained accordingly.  Other income derives from the Trust's investments. 

## **Related party transactions** 

Details of related party transactions are provided in note 14 to the financial statements. 

## **Achievements and Performance of The Trust** 

The Trust continued to be fully operational and to support musicians throughout the pandemic lockdowns of 2021 although continuing periods of restriction during the year made confirming performance dates particularly difficult and many events were rescheduled several times.  However, from the early summer performances began to pick up again and the amount of money paid out for successfully completed projects returned to much closer to our pre-pandemic levels than it had been in 2020. During 2021 The Trustees also made a further donation of £5,000 to the Help Musicians UK Covid Relief Fund in order to assist musicians whose livelihoods were devastated by the pandemic. 

Special grants for compositional projects inspired by, or responding to, the work of Ralph Vaughan Williams and to be performed as part of the celebrations of the 150th anniversary of his birth in the 2022-3 season were awarded to Brass Bands England, Nova Music Trust and Cheltenham Festival with three more such grants anticipated in early 2022. 

The Charity's aims were carried out for the public benefit. The Trustees have not entered into any commitments which would affect the financial position of the charity. Grants were made as follows: 

3 



## **The RVW Trust Report of the Trustees (continued) Year ended 31st December 2021** 

## **Achievements and Performance of The Trust (continued)** 

|**Total grants made during 2021**<br>**Number of Grants**<br>Public Performance<br>55<br>Music Festivals<br>13<br>Recordings<br>27<br>Postgraduate Education<br>6<br>Other - Help Musicians Covid-19 Fund<br>1<br>RVW150 Grants<br>3<br>**105**<br>Total grants made during 2020<br>129|**£**<br>66,660<br>32,500<br>33,875<br>24,000<br>5,000<br>16,000|
|---|---|
||**178,035**|
||188,525|



Grant categories generally conform to the Trustees' grant-making policies as stated in this report. £24,000 was awarded to six graduates studying for Masters degrees in composition; this was in the form of six Vaughan Williams Bursaries of £4,000 each. Further details are given in Notes 6 and 16 to the Accounts. 

Income from performing royalties saw a reduction of £100K during the year due to the cancellation of live performances caused by the pandemic.  None the less, the Trustees strove to support musicians and sustain the level of grants authorised during the year (£178K in 2021, £188K in 2020).  The average value of a grant from the Trust rose from £1,461 in 2020 to £1,700 in 2021. The Trustees and Finance Committee continued to monitor income levels in order to be able to increase reserves without materially affecting the value of grants made. 

## **Risk Management** 

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks, including a Risk Register.  In particular they continue to have regard to the expiry of performing right, and therefore the income from this, at the end of 2028. The Trustees are satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance. 

## **Public Benefit** 

The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing their aims and objectives and planning their future activities; these are outlined in the Trust's Policy, stated on pages 2 and 3. 

## **Going Concern and COVID-19** 

At 31 December 2021 the Trust had Investments totalling £3,622,162, and net current assets - calculated as bank balances plus debtors minus creditors - amounted to £188,495. These net current assets alone equate to 9 months' expenditure, so the Trust is in a strong financial position. 

COVID-19 has impacted the finances of the Trust in four key ways: 

The cancellation of live performances and festivals following the worldwide lock-down measures from March 2020 continues to result in a considerable reduction in PRS income receivable by the Trust. As some foreign royalties can take up to two or more years from the date of performance to reach the UK, this will affect PRS distributions through 2022, although income from broadcast and streamed use of the RVW repertoire will continue to accrue. COVID has resulted in a large degree of volatility in the value of the Investment portfolio, together with many listed companies paying reduced dividends. This loss of income will also affect our future ability to put aside surpluses in order to build our portfolio so that we can continue to fund grants beyond 2028, when RVW's performing right expires. 

4 



The RVW TfU5t
Report of the TrusteÈs Icontlnuedl
Year ended 34st De¢ember 2021
Going Con¢ern and COVID-19 Icontinuedl
Finally, the crisi5 ha5 also impacted the beneficiarie5 of grants, who are unable to perform due to the lock-down
rneasurès the Government has put in place.
thovEh their itnpact may be material. none of these i55ues is experted to pyevent the Trust continuing to function
and fulfil Its objerts. The proposed rnerger detailed below under future plans, and in note Ib, tnean that it is not
appropriate to regard the RVW Trust as a going concern, but the financial statements are rnaterially equiv31ent to how
they would hève been Presented had they been prepared under the going concern basis of accounting.
FundraSsln8
Since the Trust's income is derived from performin8 right of Ralph Vaughan Williams's music, it does not undertake
fundralsing activities.. it is nevertheles5 mindful ol the Code issued by the Fundraising Regulator.
Future Plans- the VaLÉghan William5 FouTrdatlon
The Vaughan Williatns Foundation, which is intended to take over the funrtions of both the Vaughan Williams
Charitable Trust and the RVWTrust at the end of 2022 has been registered with the Charity Commission and plans for
how the new charity will operate were developed during the year. The Trustees are 3150 preparing to rnarkthe
elebration of the 150th anniversary of Vaughan Williarns's birth with a programme of new composition projècts
inspired by, or responding to, the work and ideas of the foynder.
ststement of Trustees. Re5pon5ibilities
The Tru5tee5 are ￿qUIr￿ to prepare financial staternentslor each financial year which give a true and fair view of the
state of affairs of the Trust and of its surplu5 or deficit lor that period. In preparing those financial Statements, the
Trustees were required to..
selÈtt sultable accountin8 policies and then apply them conslstently.
observe the methods and principle5 in the Charitles SQRP.
make judgernent5 and estirnates that are reasonable and prudent,
state whether applicable accountin8 Standards h3ve been followed, subject to any material departures disclosed
and explained in the financial staternent5, and
prepare the flnanclal statements on the 80in8 con¢em basis unless it is inappropriate to presurnÈ th2t the Trust
will continue in business.
The Trustees are responsible for keeping proper accounting record5 which distlose with reasonable accuracy at &nv
time the financial position of the Trust. The Trustees are also responsible for safeguarding the a5set5 of the Trust and
hence for taking reasonable steps for the prevention and detection ol fraud and other irregularitie5.
On beh81f of the Trustees
Hugh Cobbe, OBE, FSA
Chairman
Dated
2022

**INDEPENDENT AUDITOR'S REPORT to the Trustees of The RVW Trust Year ended 31st December 2021** 

## **Opinion** 

We have audited the financial statements of The RVW Trust (‘the charity’) for the year ended December 2021 which comprise a balance sheet, a statement of financial activities, a statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31st December 2021 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Emphasis of matter - basis of preparation of financial statements** 

We draw attention to note 1b to the financial statements, which explains that the trustees intend to merge the charity with another charity and to achieve this by transferring the assets, liabilities and activities of the charity into a new charity. Accordingly, the financial statements have been prepared on a basis other than the going concern basis, as also described in note 1b. Our opinion is not modified in respect of this matter. 

## **Other information** 

The other information comprises the information included in the annual report, including the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

6 



## **INDEPENDENT AUDITOR'S REPORT to the Trustees of The RVW Trust (continued) Year ended 31st December 2021** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 (Charities Act 2011, Section 144) require us to report to you if, in our opinion: 

- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

7 



## **INDEPENDENT AUDITOR'S REPORT to the Trustees of The RVW Trust (continued) Year ended 31st December 2021** 

## **The extent to which the audit was considered capable of detecting irregularities including fraud** 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the charity through discussions with trustees and key management personnel, and from our commercial knowledge and experience of Charity sector; 

- we focused on key laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008, tax legislation, copyright law and the Bribery Act; and 

- we also considered those laws and regulations that do not have a direct effect on the financial statements but which may be fundamental to the charity’s ability to operate or avoid a material penalty. These included Charity Commission for England & Wales regulations and anti-money laundering regulations; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of trustees and key management personnel ; and 

- identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of trustees and key management personnel as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested and reviewed the nominal ledger entries, including journal entries, to identify unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of trustee meetings; 

- enquiring of trustees and key management personnel as to actual and potential litigation and claims; 

- reviewing legal and professional fee invoices for indications actual or potential disputes and claims; and 

- enquiring whether there was any non-routine correspondence with regulatory bodies including HM Revenue & Customs and the Charity Commission in England & Wales. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

8 



INDEPENDENT AUDITOR'S REPORT
to the Trustees ol The RVW TTu￿ Icontinuedl
YÈ•r ended 31st Decembèr 2021
Material misstatement5 that arise due to fraud can be harder to detect than those that arise from error as they rnav
involve deliberate ioncealment or collusion.
A further description of our responsibilities lor thè audit of the financial statements is lo¢atÈd on the Financial
Reporting Council's website at-. www.frt.org.uVauditorsresponsibilities. This de%ription forms part of our auditor'5
report.
Use of our report
This report 15 made solely to the charitys trustees. as a body. in accordance with The Charities Act 2011. Our audrt
work has been undertaken so that we mi8ht state to the tru5tÈes those matters we are required to state to them in an
auditDrfs report and for no other purpose. To the fullest extÈnt pèrmitted by law, we do not accept or assume
responsibility to anyone other than the charivs tru5tee5 a5 a body. for our 3udit work, lor thi5 report. or for the
opinion5 we have formèd.
Sl8ned
Leonard Jones & Co. statutory auditor
I Printing House Yard
London
E2 7PR
Leonard Jones & Co aTe eligible to act 3$ an auditor under Section 1212 of the Companies Act 2006.

## **The RVW Trust** 

## **Statement of Financial Activities (including an income and expenditure account) Year ended 31st December 2021** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>2<br>Other income<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>5<br>**Total expenditure**<br>**Net income before gains on investments**<br>**Other recognised gains**<br>Net gains on investments<br>10<br>**Net income / movement in funds**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted Funds**|**Unrestricted Funds**|
|---|---|---|
||**2021**<br>**£**<br>100<br>312,070<br>120,166<br>**432,336**<br>257,100<br>**257,100**<br>**175,236**<br>**219,445**<br>**394,681**<br>3,416,095<br>**3,810,776**|**2020**<br>**£**<br>30<br>405,825<br>109,292|
|||**515,147**|
|||258,153|
|||**258,153**|
|||**256,994**<br>**106,973**|
|||**363,967**<br>3,052,128|
|||**3,416,095**|



- All transactions derive from continuing activities. 

- All recognised gains and losses are included in the Statement of Financial Activities. 

The notes on pages 13 to 22 form part of these financial statements. 

Page 10 



The RVW T￿￿¢
Bplance Sheet
A5 at 3tsf December 2021
2021
2020
Note
Flxed assets
Tathgible fixed a55ets
Inve5trnents
119
3,622,162
3.622.281
238
3.162,670
3.162.908
io
Currentassets
Debtors
COIF Charitie5 Deposit Fund
83nk balance5
li
15,200
116,238
256.099
387,537
5.615
116.225
324,459
4462Y9
Creditor5- amounts fallinE
due within oae year
12
1199.0421
1193,1121
Net turrent assets
8.495
253.187
Totsl net assets
3,810.776
3.416.095
Funds:
Unrestricted lunds
15
3.810.776
3.416,095
Totsl fvnds
3,810,776
3,416.095
The financial statements were approved and authorlsed for issue byihe Board of the Trustees
2022 and were s*ned below on its behaff by.
Hugh Cobbe, QBE, FSA
ChaiTman and Trustee
Helen Faul*neT
Trustee
The notes on PaBes 13 to 22 fomi part of these ftnancial st*ements.
li

## **The RVW Trust** 

## **Statement of Cash Flows - for the year ended 31 December 2021** 

|**Net cash used in operating activities (see below)**<br>**Net cash provided by / (used in) investing activities**<br>Interest received<br>Purchase of investments<br>**Cash balances at beginning of period**<br>**Cash balances at end of period (see below)**<br>**Reconciliation of net cash generated by operating activities**<br>Net income / movement in funds<br>(Gains) on investments<br>Dividends and interest from investments<br>Add back depreciation charge<br>(Increase) in debtors<br>Increase in creditors<br>**Net cash used in operating activities**<br>**Analysis of cash balances**<br>HSBC Current<br>HSBC Money Manager<br>COIF|**2021**<br>**£**<br>**51,534**<br>119<br> (120,000)<br>**(119,881)**<br>440,684<br>**372,337**<br>394,681<br>(219,445)<br>(120,166)<br>119<br>(9,585)<br>5,930<br>**51,534**<br>**2021**<br>4,000<br>252,099<br>116,238<br>**372,337**|**2020**<br>**£**<br>**194,122**<br>496<br> (120,000)|
|---|---|---|
|||**(119,504)**<br>366,066|
|||**440,684**|
|||363,967<br>(106,973)<br>(109,292)<br>478<br>(103)<br>46,045|
|||**194,122**|
|||**2020**|
|||4,000<br>320,459<br>116,225|
|||**440,684**|



12 



**The RVW Trust Notes to the financial statements Year ended 31st December 2021** 

## **1 Accounting Policies** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## **1a General information and basis of preparation of accounts** 

The financial statements have been prepared in accordance with the Charities Act 2011, Accounting and Reporting by Charities: 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 (FRS 102) - (Charities SORP (FRS102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

The RVW Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

The charity was constituted under English law by a Trust Deed executed in 1997. The principal office of the charity is at 13 Calico Row, Plantation Wharf, London SW11 3YH. The charity is registered with the Charity Commission in England and Wales, registration number 1066977. 

The financial statements are denominated in pounds sterling (£). 

## **1b Going concern** 

The Trustees do not consider that there are any material uncertainties about the Charity’s ability to meet its ongoing liabilities as they fall due.  The Trustees do, however, intend to transfer all of the assets, liabilities and activities of the Charity into a new charity, The Vaughan Williams Foundation, at the end of 2022. Accordingly, the Charity does not meet the definition of a going concern within paragraph 3.8 of FRS 102 of FRS 102 in that it will not continue to operate for 12 months from the date of approval of these financial statements. These financial statements are therefore prepared on a basis other than the going concern basis, although trustees do not consider any further liabilities will arise as a result of the intended transfer; and as the Charity’s fixed assets will be transferred into the new charity and continue as such in that entity, Trustees do not feel it appropriate to reclassify fixed assets as current assets. The financial statements are therefore materially equivalent to how they would have been presented had they been prepared under the going concern basis of accounting. 

## **1c Fund accounting** 

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the charity’s general charitable objectives. 

## **1d Income** 

All income is recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. 

Income from investments comprises dividends and interest on shares and stocks, plus interest on all bank balances and deposits and royalties. 

13 



**The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2021** 

## **1e Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure.  All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

## **Grants payable** 

Grants are included in the period of account when they are approved at a meeting of the Trustees. 

## **Support costs** 

These relate to grant administration and evaluation and comprise all services identifiable as wholly or mainly in support of charitable purposes. 

## **Governance costs** 

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.  These costs include costs related to statutory audit. 

## **1f Investments** 

Investments are included in the balance sheet at market value on the basis of the repurchase prices ruling at the close of business on the balance sheet date. 

Realised gains and losses arising on the disposal of investments are credited or debited to the Statement of Financial Activities, as are any amounts written off the book value of investments. 

The gain or loss movement in the market value of investments from one year to another is also credited or debited to the Statement of Financial Activities. 

## **1g Furniture, fittings and equipment** 

Furniture, fittings and equipment are reported in the balance sheet at original cost.  Depreciation is charged over the estimated useful life of the assets using the straight line method.  A rate of depreciation of 20% is used. 

## **1h Cash and cash equivalents** 

Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **1i Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **1j Estimates and judgments** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements. 

## **1k Financial instrument** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 

14 



## **The RVW Trust** 

## **Notes to the financial statements (continued) Year ended 31st December 2021** 

|**2**<br>**Income from donations and legacies**<br>Donations and donated services<br>**3**<br>**Other income**<br>Royalty income<br>Rental and office costs reimbursed by the Delius Trust<br>Salary costs shared by Vaughan Williams Charitable Trust|**2021**<br>**£**<br>100 <br>**100**<br>**2021**<br>**£**<br>296,759<br>10,589<br>4,722<br>312,070|**2020**<br>**£**<br>30|
|---|---|---|
|||**30**|
|||**2020**<br>**£**<br>395,100<br>10,725<br>-|
|||405,825|



Royalty income is derived from performing right of Ralph Vaughan Williams's music. 

|**4**<br>**Investment income**<br>Deposit interest<br>Dividend income<br>**5**<br>**Charitable activities**<br>Grants (note 6)<br>Support costs:<br>Management and administration (including staff costs note 7)<br>Office expenses<br>Depreciation<br>Other expenses<br>Governance costs (below)<br>Governance costs comprise:<br>Trustees' expenses<br>Meeting costs<br>Auditors' fees<br>Legal fees|**2021**<br>**£**<br>119<br>120,047<br>120,166<br>**2021**<br>**£**<br>170,785<br>56,885<br>25,032<br>119<br>(265)<br>4,544<br>**257,100**<br>79<br>77<br>3,900<br>488<br>**4,544**|**2020**<br>**£**<br>496<br>108,796|
|---|---|---|
|||109,292|
|||**2020**<br>**£**<br>175,525<br>46,956<br>28,455<br>478<br>172<br>6,567|
|||**258,153**|
|||251<br>43<br>3,600<br>2,673|
|||**6,567**|



- Details of Trustees' expenses are provided in note 8. 

- The auditors did not charge for any non-audit services during the year (2020: £nil) 

15 



## **The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2021** 

|**6**<br>**Grants**<br>**£**<br>**£**<br>Payable at 1st January<br>151,750<br>Authorised<br>178,035<br>Grants rescheduled / (recovered)<br>(7,250)<br>170,785<br>322,535<br>Paid in the year<br>(166,245)<br>Payable at 31st December<br>**156,290**<br>Grants authorised during the year are detailed in note 16.<br>**7**<br>**Staff costs and employee benefits**<br>Salaries and wages<br>Social security costs<br>Other pension costs<br>**2021**|**£**<br>**£**<br>101,500<br>188,525<br>(13,000)<br>175,525<br>277,025<br>(125,275)<br>**151,750**<br>**2021**<br>**2020**<br>**£**<br>**£**<br>44,847<br>36,120<br>19<br>720<br>4,485<br>3,612<br>**49,351**<br>**40,452**<br>**2020**|**£**<br>**£**<br>101,500<br>188,525<br>(13,000)<br>175,525<br>277,025<br>(125,275)<br>**151,750**<br>**2021**<br>**2020**<br>**£**<br>**£**<br>44,847<br>36,120<br>19<br>720<br>4,485<br>3,612<br>**49,351**<br>**40,452**<br>**2020**|
|---|---|---|
|||277,025<br>(125,275)|
|||**151,750**|
|||**2020**<br>**£**<br>36,120<br>720<br>3,612|
|||**40,452**|



The average number of employees during the year was 1 (2020: 1). The employee provided support services to the Trust's grant-making charitable activities and assisted in the governance of the charity. Employee hours increased from 3 days to 4 days per week during the year. 

The Trust considers its key management personnel to comprise the trustees and the Administrator. Total employment benefits attributable to the Admininstrator are given above. No employee received employment benefits in excess of £60,000 (2020: none). 

|**8**<br>**Payments to Trustees**<br>Reimbursements at cost|**2021**<br>**£**<br>79<br>**79**|**2020**<br>**£**<br>251|
|---|---|---|
|||**251**|



Travel expenses were reimbursed to 1 (2020: 3) Trustee totalling £79 (2020: £251). Neither the Trustees nor any person connected with them have received any remuneration (2020:£0). 

16 



## **The RVW Trust** 

## **Notes to the financial statements (continued) Year ended 31st December 2021** 

|**9**<br>**Fixed Assets**<br>**Cost**<br>At 1st January 2021<br>Additions<br>At 31st December 2021<br>**Depreciation**<br>At 1st January 2021<br>Charge for the year<br>At 31st December 2021<br>**Net Book Value**<br>At 31st December 2021<br>At 31st December 2020<br>**10 Investments**<br>Market value at 1st January<br>Additions<br>Disposals<br>Gain and income from investments<br>Market value at 31st December<br>Historical cost|**Office and**<br>**machinery**<br>**£**<br>2,134<br>-<br>2,134<br>1,896<br>119<br>2,015<br>119<br>238<br>**2021**<br>**£**<br>3,162,670<br>240,047<br>-<br>219,445<br>3,622,162<br>1,918,022|**2020**<br>**£**<br>2,826,901<br>228,796<br>-<br>106,973|
|---|---|---|
|||3,162,670|
|||1,798,022|



The charity’s investments are shares held in the SUTL Cazenove Charity Multi-Asset Fund. Investments are held at fair value. 

The Fund aims to provide income and capital growth in excess of inflation (measured by reference to the UK’s Consumer Price Index) plus 4% over rolling 10 - year periods. 

The Fund invests in equities, bonds and alternative investments either directly or indirectly through collective investment schemes, exchange traded funds, real estate investment trusts or closed ended funds. 

Trustees consider the main risks from financial instruments arise from potential volatility in investment markets and in yield. 

17 



**The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2021** 

## **10 Investments (continued)** 

In terms of liquidity risk, shares in the Fund are generally-speaking marketable but in difficult market conditions the Fund may not be able to sell a security for full value or at all. This could affect performance and could cause the Fund to defer or suspend redemptions of its shares. 

Trustees consider investment risks to be mitigated by virtue of the Fund being actively managed by Schroder Unit Trusts Limited and by virtue of the Fund investing in a diversified range of assets. 

|**11 Debtors**<br>Trade debtors<br>Prepayments and accrued income<br>Other debtors<br>**12 Creditors:**amounts falling due within one year<br>Trade creditors<br>Grants payable<br>Value added tax<br>Other creditors (including accruals)|**2021**<br>**£**<br>3,644<br>9,556<br>2,000<br>15,200<br>**2021**<br>**£**<br>-<br>156,290<br>26,845<br>15,907<br>199,042|**2020**<br>**£**<br>-<br>3,416<br>2,199|
|---|---|---|
|||5,615|
|||**2020**<br>**£**<br>180<br>151,750<br>29,229<br>11,953|
|||193,112|



## **13 Statement of funds** 

|**2021**<br>General funds<br>Total funds<br>**2020**<br>General funds<br>Total funds|**Brought**<br>**forward**<br>**£**<br>3,416,095<br>3,416,095<br>**Brought**<br>**forward**<br>**£**<br>3,052,128<br>3,052,128|**Income**<br>**£**<br>432,336<br>432,336<br>**Income**<br>**£**<br>515,147<br>515,147|**Expenses**<br>**£**<br>(257,101)<br>(257,101)<br>**Expenses**<br>**£**<br>(258,153)<br>(258,153)|**Transfers**<br>**& losses**<br>**£**<br>219,446<br>219,446<br>**Transfers**<br>**& gains**<br>**£**<br>106,973<br>106,973|**Carried**<br>**forward**<br>**£**<br>3,810,776|
|---|---|---|---|---|---|
||||||3,810,776|
||||||**Carried**<br>**forward**<br>**£**<br>3,416,095|
||||||3,416,095|



18 



**The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2021** 

## **14 Related party disclosure** 

Help Musicians UK acts as a corporate trustee. The directors of this company are:  Alex Spofforth, Anne Mitchener, Bob Shennan, Charisse Beaumont, Cliff Fluet, David Williams, Edward Kershaw, James Benner, Sandeep Dwesar, Samuel Jackson, Jason Carter, Jon Higgins, Judah Armani, Kathryn Langridge, Melanie Grundy, Richard Wigley, Silvia Montello, Stephen Daltrey, Stephen Swift. During the year the Trust made donations of £5,000 to Help Musicians UK's Covid Emergency fund (2020: £10,000). 

As disclosed in note 8 above, certain Trustees' expenses were reimbursed during the year and the previous year. Certain Trustees had an interest in the following transactions: 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|**Rent, service charge, electricity  – Lord Armstrong**|||
|<br>The landlord of the RVW Trust's office is Lady Armstrong, widow of Lord|20,500<br>|23,575|
|Armstrong who served as a trustee until his death in April 2020. Payments for|||
|rent, service charge and electricity are made directly to her.|||
|**Rent & office expenses - Delius Trust**|||
|<br>The Secretary of the Delius Trust is Helen Faulkner – who previously served as|10,589<br>|10,725|
|Secretary of the RVW Trust and is now a Trustee. 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.|||
|<br>Amount outstanding at the year end:|2,517<br>|2,503|
|**Grant payments - related Trustees**|||
|Grants were awarded to the the following organisations in respect of|||
|commissions written by composers who are also trustees of the RVW Trust|||
|Welsh Chamber Orchestra - grant for Nicola Lefanu commission<br>|-<br>|2,000|
|NMC Recordings - grant for Richard Causton commission<br>|-<br>|2,000|
|Sara Minelli - grant for Richard Causton commission<br>|1,000<br>|-|
|The following Trustees also serve as Trustees of the organisations listed to|||
|which occasional grants are made:|||
|Hugh Cobbe: Newbury Spring Festival Society Ltd|||
|Sally Groves: UPROAR; RIOT; Listenpony; Nash Ensemble;|||
|Uproar Ensemble<br>|-<br>|1,500|
|Listenpony Concerts Series<br>|-<br>|1,500|
|Nash Ensemble<br>|1,000<br>|1,000|



When Trustees feel they have a connection or interest in a particular grant application they are asked to leave the room while the application is discussed. 

19 



**The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2021** 

## **14 Related party disclosure (continued)** 

## **Vaughan Williams Charitable Trust** 

The Vaughan Williams Charitable Trust (VWCT) is the sister charity of the RVW Trust, and was set up by Ursula Vaughan Williams. Together we are working to merge the two charities to form the Vaughan Williams Foundation which will begin grant giving in 2023. Legal and other expenses for this process are shared by the two charities. Sally Groves is a Trustee of VWCT, and Hugh Cobbe is employed as Director of the Trust. 

During the year, Rosemary Johnson's working hours were increased to cover the work involved in merging the charities. Half of these costs were billed on to VWCT. The total amount billed was £4,502 (2020: £nil). 

## **15 Analysis of net assets between funds** 

|**Analysis of net assets between funds**<br>Fixed assets<br>Investments<br>Current assets<br>Current liabilities|**Total funds**<br>**2021**<br>**£**<br>119<br>3,622,162<br>387,537<br>(199,042)<br>**3,810,776**|**Total funds**<br>**2020**<br>**£**<br>238<br>3,162,670<br>446,299<br>(193,112)|
|---|---|---|
|||**3,416,095**|



|**16 **|**Grants Awarded**|**2021**|**2020**|
|---|---|---|---|
||**Lead Artist / Organisation**|||
||Nova Music|10,000|2,000|
||Presteigne Festival|8,000|7,000|
||Cheltenham Music Festival|6,000|2,000|
||NMC Recordings|6,000|10,500|
||Huddersfield Contemporary Music Festival|5,000|5,000|
||Brass Bands England|3,000|-|
||Psappha Ensemble|3,000|2,000|
||Sound Festival|2,500|2,500|
||Bangor Music Festival|2,000|2,000|
||Carwithen Music Festival|2,000|-|
||CoMA 2022 Festival|2,000|-|
||London Philharmonic Orchestra|2,000|2,000|
||Music We'd Like to Hear|2,000|-|
||National Youth Choirs of Great Britain|2,000|2,000|
||Prima Facie/ ASC Productions|2,000|-|
||Royal Philharmonic Society|2,000|4,000|
||Royal Scottish National Orchestra|2,000|1,500|
||Ty Cerrd|1,765|2,000|
||Birmingham Contemporary Music Group|1,500|5,000|
||British Music Festival (online) in Taiwan|1,500|-|
||Late Music|1,500|1,500|
||Leamington Music|1,500|-|



20 



## **The RVW Trust** 

## **Notes to the financial statements (continued) Year ended 31st December 2021** 

|**16 **|**Grants Awarded (continued)**|**2021**|**2020**|
|---|---|---|---|
||**Lead Artist / Organisation**|||
||Manchester Collective|1,500|1,000|
||Music at Malling|1,500|1,500|
||Opera 21|1,500|-|
||Streetwise Opera|1,500|-|
||Three Choirs Festival|1,500|2,500|
||Wild Plum Arts|1,500|1,500|
||Onyx Brass|1,400||
||Octandre Ensemble|1,280|3,000|
||Explore Ensemble|1,000|1,000|
||Gemini|1,000|1,175|
||London Sinfonietta|1,000|-|
||Nash Ensemble|1,000|1,000|
||Oxford Lieder|1,000|-|
||Solem Quartet|1,000|-|
||Tenebrae|1,000|-|
||Light Without Sun (film musical score)|1,000|-|
||Scottish Chamber Orchestra|1,000|-|
||Exaudi|1,000|-|
||Oxford Lieder|1,000|-|
||SWAP'ra|1,000|-|
||NW Live Arts|1,000|-|
||Hull Urban Opera|1,000|-|
||Electric Voice Theatre|1,000|-|
||Baroque Collective|1,000|-|
||Bromsgrove Concerts|1,000|-|
||London Festival of Contemporary Church Music|1,000|-|
||Whittington Music Festival|1,000|-|
||Kreutzer Quartet|1,000|-|
||Vale of Glamorgan Festival|-|3,500|
||Aurora Orchestra|-|2,000|
||Buxton Festival|-|2,000|
||Dartington International Summer School|-|2,000|
||Deal Festival|-|2,000|
||Glyndebourne|-|2,000|
||London Contemporary Music Festival|-|2,000|
||Music Theatre Wales|-|2,000|
||Welsh Chamber Orchestra|-|2,000|
||Dunedin Consort|-|1,500|
||Huddersfield Choral Society|-|1,500|
||Leicester International Music Festival|-|1,500|
||Listenpony Concerts Series|-|1,500|
||Lontano|-|1,500|
||UPROAR Ensemble|-|1,500|
||Villiers Quartet|-|1,500|
||Leeds Lieder|-|1,250|



21 



## **The RVW Trust** 

## **Notes to the financial statements (continued) Year ended 31st December 2021** 

|**16 Grants Awarded (continued)**<br>**Lead Artist / Organisation**<br>Counterpoise<br>Stoke Newington Contemporary Music Festival<br>Chamber Music Scotland<br>Contrazontal<br>Echo Choir<br>Expo Festival<br>Fidelio Trio<br>High Heels and Horse Hair<br>Illuminate - Women's Music<br>International Guitar Foundation<br>JAM (John Armitage Memorial)<br>Londinium<br>Ludlow English Song Weekend<br>Marsyas Trio<br>Occupy the Pianos<br>Rautio Piano Trio<br>Sinfonia Cymru<br>Solem Quartet<br>Sound UK<br>Teesside Music Society<br>The Night with …<br>The Opera Story<br>Wordsworth Singers<br>**Grants to individuals**<br>**Smaller grants to organisations**<br>**Smaller grants to individuals**<br>**Help Musicians Covid Emergency Fund**<br>**Total grants authorised in the year**<br>**Grants recovered**|**2021**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**100,945**<br>64,125<br>6,215<br>1,750<br>5,000<br>178,035<br>(7,250)<br>**170,785**|**2020**<br>1,200<br>1,200<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000|
|---|---|---|
|||**118,325**<br>42,150<br>9,200<br>8,850<br>10,000|
|||188,525<br>(13,000)|
|||**175,525**|



22