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2022-12-31-accounts

Charity registration number 1066977

The RVW Trust

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended

31[st] December 2022

The RVW Trust Report and Financial Statements Year ended 31st December 2022

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 - 23

The RVW Trust Report of the Trustees - Legal & Administrative Information Year ended 31st December 2022

TRUSTEES

Hugh Cobbe, OBE, FSA (Chairman) Anthony Burton Resigned 1st November 2022 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.

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

BDB Pitmans LLP, One Bartholomew Close, London EC1A 7BL

BANKERS

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

1

The RVW Trust Report of the Trustees Year ended 31st December 2022

The Trustees present their report and the financial statements for the year ended 31 December 2022 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. The trustees have agreed with their sister charity the Vaughan Williams Charitable Trust (Charity No. 1123968) to merge the assets of their respective charities into a new Charitable Incorporated Organisation, the Vaughan Williams Foundation ( No: 1193080). The charity will become active on 1 January 2023.

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 once 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:-

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 2022

Policy (continued)

Provision for the relief of poverty is, in the opinion of the Trustees, generally adequately covered by Help Musicians UK and others.

Investments and Reserve Review, including Policy

The charity had unrestricted reserves of £3,609,327 (2021 as restated: £3,842,161).

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 reviewed 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 2022, total income was £440,250 (2021: £432,336) and total expenditure was £299,356 (2021: £257,100). The charity also recognised a loss in the market value of its investments of £373,728 (2021 as restated: gain of £222,680). Net expenditure after taking account of investment gains and losses was £232,834 (2021 as restated: net income of £397,916).

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 was fully operational throughout the year with the number of applications, performances and recordings rising back to a level comparable to before the pandemic. The 150th anniversary of the founder of the Trust, Ralph Vaughan Williams was celebrated nationally and internationally from the beginning of 2022 and celebrations will continue until mid-2023. Special grants were given to new works which celebrated the music and ideas of RVW – among them a grant to the Thaxted Music Festival and Music at Paxton Festival for a commissioned song cycle to accompany RVW’s Songs of Travel; a grant for a choral work to be performed by both amateur and professional performers under the auspices of the Royal Philharmonic Society, and a community project - What The Lark Saw - to be run by the Three choirs Festival in 2023.

This was the last year in which the RVW Trust continued to make grants before transferring its assets to the newly-formed Vaughan Williams Foundation, formed from a merger of the RVW Trust and the Vaughan Williams Charitable Trust at the end of the year.

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 2022

Achievements and Performance of The Trust (continued)

Total grants made during 2022
Number of Grants
Public Performance
74
Music Festivals
16
Recordings
24
Postgraduate Education
5
Other - Help Musicians Covid-19 Fund
-
RVW150 Grants
3
122
Total grants made during 2021
105		 £
95,720
36,090
37,680
20,000
-
10,000
199,490
178,035

Grant categories generally conform to the Trustees' grant-making policies as stated in this report. £20,000 was awarded to five graduates studying for Masters degrees in composition; this was in the form of five Vaughan Williams Bursaries of £4,000 each. Further details are given in Notes 6 and 16 to the Accounts.

Income from performing royalties continued to be significantly reduced during the year due to the cancellation of live performances caused by the pandemic. Nonetheless, the Trust strove to support musicians and sustain the level of grants authorised during the year (£199K in 2022, £178K in 2021). The average value of a grant from the Trust was £1,635 (2021: £1,700). 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.

Going Concern and COVID-19

At 31 December 2022 the Trust had investments valued at £3,442,594 and net current assets, calculated as bank balances plus debtors minus creditors, of £166,733. The net current assets alone equated to over 5 months’ expenditure. Consequently, the Trustees considered the financial position of the Trust to be strong at the year-end and, in the normal course of events, Trustees did not consider there to be any material uncertainties concerning the Charity’s ability to meet its ongoing liabilities as they were to fall due. With effect from 1 January 2023 the Trustees transferred all of the Trust’s assets, liabilities and activities to a new charity, the Vaughan Williams Foundation. At the same time the Trust’s sister charity, The Vaughan Williams Charity Charitable Trust, transferred its assets, liabilities and activities to the Foundation, thereby merging the operations of the two sister charities into the new charity. As the Trust will not continue to operate, it does not meet the definition of a going concern under FRS 102, notwithstanding its strong financial position as at 31 December 2022. Accordingly, these financial statements have been 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 transfer; and as the Charity’s fixed assets have been transferred to the Foundation 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 prepared under the going concern basis of accounting.

4

The RVWTrust Report of thÈ Tntstees Icontinuedl Year ended 31st December 2022 Publlc Benefft TheTrustees h3ve referred to the Charity Commission'5 guidanEÈ on publlc benefit when reviewingthelraims and objectives and p1anningtheirfvture attivities.. these are outlined in the Trust's Policy, stated on pages 2 and 3. Fundraisin Since the Trust's in£ome 15 derived from performing right of Ralph Vaughan Williams's music, it doe5 not undertake fundraising activit*s," it is neverthele55 mindful of the Code issued by the Fundraislng Regulator. Future Plans The Vau8han Williams Foundation. charity number L193080, has taken overthe funttlons of both the Vaugha Williams CharitableTrust and the RVW TfU5t with effett from I lanuary 2023. The Foundation was publicly launched in October 2022 on the 150 th Anniversary of Ralph Vaughan Williams, birth. The Foundation will 5UPPQrt the objettives of both founder Trusts. ApplicBtion5 to the new Foundation were opened and thè first grant5 awarded irTr Marth 2023. As noted above, 311 of the 3ssets and liabilitie5 of the RVWTrust passed to the Foundation wr£h effect from l January 2023 and the Trust ceased w operate and becatnÈ dormant. Statement of Yru51ees' Re5ponslbllllles The Trustees are required to prepare financial statements for each financlal year which 8lV2 È true and fairview of the state of affairs of the Trust and of its surplus or deficit forthat period. In preparing those financial 5tatemÈnts, the Trustees were required to.. 5elert suitable accour¢ting pollcie5 and then apply them conststentty, observe the Method5 and principles in the Charitie5 SORP, makejudgement5 and estimate5 that are reasonable and prudent, state whether applicable accounting 5tandard5 have been followed. subject to any material departures di5dosed and explained in thelin?ncial statements. and prewre the financial 5tatement5 on the going concern basi5 unle55 It 15 Inappropriate to presurne thatthe Trust will continue in business. The Trustees are responsible for keeplng proper accounting record5 which disclose with reasonable accuracy at any time the financial position of theTrust. The Trustees are also responsible for5aleguarding the assets of the Trust 8nd hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the Tnjstees 113￿7 6 Hugh Cobbe, OB£, FSA Chairman Dated . 2023

INDEPENDENT AUDITOR'S REPORT to the Trustees of The RVW Trust Year ended 31st December 2022

We have audited the financial statements of The RVW Trust (‘the charity’) for the year ended 31 December 2022 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:

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 merged the charity with another charity with effect from 1 January 2023 and achieved 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 2022

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:

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 2022

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:

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

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

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

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

INDEPENDEMf AUDITOR'S REPORT to the Trustee5 of The RVW Trust Icontinuedl Year ended 315t December 2022 Material misstatements that 3rise due to fraud can be harderto detect than those that arise from errorasthey mav involve deliberate concealment or collu510ll. A further de5CTlPtion of out responslbilities for thÈ audft of the financial statements is located on the Financlal Reportin8 Council's website at: w¥vw.frc.org.uVauditorsrÈsponslbilities. This de5criptlon forms part ol ourauditols report. Use of our report Thi5 report is rnade solely to the chariV5 tru￿ee$, as a body, in accordance wlth The CharitiesAct 2011. Our audit work has been undertaken so that we might State to the trustees those rnters we are required to state to them In an atsditorfs report and for no tsther purpose. To the fvlle5t extent permitted by law, we do rfoi accept ora55Utne re5ponsibllity to anyone otherthHr thÈ£hariVstrustees a5 a body. for our audit work. ftFrthls repor¢ orforthe opinions WÈ have formed. Leonard Jones & Co. statutory audltor J Println8 House Yard London 27PR Leonard Jones & Co are eligible to act as an auditor under sertTon 1212 of the Companies Art 2(M)6.

The RVW Trust

Statement of Financial Activities (including an income and expenditure account) Year ended 31st December 2022

Note
Income from:
Donations and legacies
2
Other income
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income before gains on investments
Other recognised gains / (losses)
Net (losses) / gains on investments
10
Net (expenditure) / income and movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted Funds Unrestricted Funds
2022
£
-
307,286
132,964
440,250
299,356
299,356
140,894
(373,728)
(232,834)
3,842,161
3,609,327		 2021
(As restated)
£
100
312,070
120,166
432,336
257,100
257,100
175,236
222,680
397,916
3,444,245
3,842,161

The notes on pages 13 to 23 form part of these financial statements.

10

The RVWTru5t Balan￿ Sheet As at 31st Detember 2022 2022 X121 (As restatedl Fixed assets Tangible fixed assets Investments 119 3,622,162 3.62L281 io 3,442.594 3.442￿9¢ Current a55ets Debtors COIF Charities Depos(( Fund Bank balances li 49,041 117,373 167,175 333.589 46,585 116,238 256,099 418,921 Cyrrent liabilities Creditors- Zmounts f311inB due within one year 12 1166A%I 1199.0421 Net ¢urrent assets 166.733 119.880 Totsl net assets 3,609,327 3A42,161 Funds.. Unrestricted funds 15 3,609.327 3.842,161 Total funds 3,609.327 3,84Z,161 The financial statetnerrts were approved and authorlsed for issue by the Board of the Trustees . 2023 and weie Signed below on its behalf bv.. Hu8h Cobbe, OBE, FSA Chairman and 7rustee Helen Faulkner Trustee li

The RVW Trust

Statement of Cash Flows - for the year ended 31 December 2022

Net cash used in operating activities
Net cash provided by / (used in) investing activities
Interest received
Purchase of investments
Cash balances at beginning of period
Cash balances at end of period (see below)
Reconciliation of net cash generated by operating activities
Net (expenditure) / income and movement in funds
Losses/(gains) on investments
Dividends and interest from investments
Add back depreciation charge
Decrease (increase) in debtors
Increase (decrease) in creditors
Net cash used in operating activities
Analysis of cash balances
HSBC Current
HSBC Money Manager
COIF		 2022
£
(24,437)
1,648
(65,000)
(63,352)
372,337
284,548
(232,834)
373,728
(132,964)
119
(300)
(32,186)
(24,437)
2022
4,000
163,175
117,373
284,548		 2021
(As restated)
£
51,534
119
(120,000)
(119,881)
440,684
372,337
397,916
(222,680)
(120,166)
119
(9,585)
5,930
51,534
2021
4,000
252,099
116,238
372,337

12

The RVW Trust Notes to the financial statements Year ended 31st December 2022

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

At 31 December 2022 the Trust had investments valued at £3,442,594 and net current assets, calculated as bank balances plus debtors minus creditors, of £166,733. The net current assets alone equated to over 5 months’ expenditure. Consequently, the Trustees considered the financial position of the Trust to be strong at the yearend and, in the normal course of events, Trustees did not consider there to be any material uncertainties concerning the Charity’s ability to meet its ongoing liabilities as they were to fall due. With effect from 1 January 2023 the Trustees transferred all of the Trust’s assets, liabilities and activities to a new charity, the Vaughan Williams Foundation. At the same time the Trust’s sister charity, The Vaughan Williams Charity Charitable Trust, transferred its assets, liabilities and activities to the Foundation, thereby merging the operations of the two sister charities into the new charity. As the Trust will not continue to operate, it does not meet the definition of a going concern under FRS 102, notwithstanding its strong financial position as at 31 December 2022. Accordingly, these financial statements have been 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 transfer; and as the Charity’s fixed assets have been transferred to the Foundation 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 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 2022

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 unrealised 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

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 2022

2
Income from donations and legacies
Donations and donated services
3
Other income
Royalty income
Rental and office costs reimbursed by the Delius Trust
Salary costs shared by Vaughan Williams Charitable Trust		 2022
£
-
-
2022
£
282,428
10,938
13,920
307,286		 2021
£
100
100
2021
£
296,759
10,589
4,722
312,070

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

4
Investment income
Deposit interest
Dividend income
5
Charitable activities
Grants (note 6)
Set up costs for Vaughan Williams Foundation
Support costs:
Management and administration (including staff costs note 7)
Office expenses
Depreciation
Other expenses
Governance costs (below)
Governance costs comprise:
Trustees' expenses
Meeting costs
Auditors' fees
Legal fees		 2022
£
1,648
131,316
132,964
2022
£
181,990
15,080
64,326
28,510
119
1,418
7,913
299,356
644
1,154
4,300
1,815
7,913		 2021
£
119
120,047
120,166
2021
£
170,785
-
56,885
25,032
119
(265)
4,544
257,100
79
77
3,900
488
4,544

15

The RVW Trust

Notes to the financial statements (continued) Year ended 31st December 2022

6
Grants
£
£
Payable at 1st January
156,290
Authorised
199,490
Grants rescheduled / (recovered)
(17,500)
181,990
338,280
Paid in the year
(219,435)
Payable at 31st December
118,845
Grants authorised during the year are detailed in note 16.
7
Staff costs and employee benefits
Salaries and wages
Social security costs
Other pension costs
2022		 2021 2021
£
178,035
(7,250)
2022
£
49,700
1,410
4,970
56,080		 £
151,750
170,785
322,535
(166,245)
156,290
2021
£
44,847
19
4,485
49,351

The average number of employees during the year was 1 (2021: 1). The employee provided support services to the Trust's grant-making charitable activities and assisted in the governance of the charity.

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 (2021: none).

8
Payments to Trustees
Reimbursements at cost		 2022
£
644
644		 2021
£
79
79

Travel expenses were reimbursed to 4 (2021: 1) Trustees totalling £644 (2021: £79). Neither the Trustees nor any person connected with them have received any remuneration (2021:£0).

16

The RVW Trust

Notes to the financial statements (continued) Year ended 31st December 2022

9
Fixed Assets
Cost
At 1st January 2022
Additions
At 31st December 2022
Depreciation
At 1st January 2022
Charge for the year
At 31st December 2022
Net Book Value
At 31st December 2022
At 31st December 2021
10
Investments
Market value at 1st January
Additions (including income accumulated)
Disposals
Change to market value of investments
Market value at 31st December
Historical cost		 Office and
machinery
£
2,134
-
2,134
2,015
119
2,134
-
119
2022
£
3,622,162
194,160
-
(373,728)
3,442,594
1,980,866		 2021
(As restated)
£
3,162,670
236,812
-
222,680
3,622,162
1,918,022

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 risk 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 2022

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 Schroder Unit Trusts Limited and by virtue of the Fund investing in a diversified range of assets.

11
Debtors
Trade debtors
Prepayments and accrued income
Other debtors
12
Creditors:amounts falling due within one year
Trade creditors
Grants payable
Value added tax
Other creditors (including accruals)		 2022
£
2,525
44,516
2,000
49,041
2022
£
360
118,845
28,486
19,165
166,856		 2021
(As restated)
£
3,644
40,941
2,000
46,585
2021
£
-
156,290
26,845
15,907
199,042

13 Statement of funds

2022
General funds
Total funds
2021 (As restated)
General funds
Total funds		 Brought
forward
£
3,842,161
3,842,161
Brought
forward
£
3,444,245
3,444,245		 Income
£
440,250
440,250
Income
£
432,336
432,336		 Expenses
£
(299,356)
(299,356)
Expenses
£
(257,100)
(257,100)		 Transfers
& losses
£
(373,728)
(373,728)
Transfers
& gains
£
222,680
222,680		 Carried
forward
£
3,609,327
3,609,327
Carried
forward
£
3,842,161
3,842,161

18

The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2022

14 Related party disclosure

Help Musicians UK acts as a corporate trustee. The directors of this company are: James Benner, Samuel Jackson, Sandeep Dwesar, Silvia Montello, Cliff Fluet, Bob Shennan, Stephen Swift, Jon Higgins, Anne Mitchener, Edward Kershaw, Melanie Grundy, Charisse Beaumont, Jason Carter, Alex Spofforth, Richard Wigley, Stephen Daltrey, Kathryn Langridge, Isabel Garvey. During the year the Trust made donations of £0 to Help Musicians UK's Covid Emergency fund (2021: £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:

2022 2021
£ £
Rent, service charge, electricity – Lord Armstrong

The landlord of the RVW Trust's office is Lady Armstrong, widow of Lord		 20,500
 20,500
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

The Secretary of the Delius Trust is Helen Faulkner – who previously served as		 10,938
 10,589
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.

Amount outstanding at the year end:		 2,525
 2,517
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
Sara Minelli - grant for Richard Causton commission
 -
 1,000
Two grants were made in respect of the recording of the music of Elizabeth
Maconchy, who was the mother of Nicola LeFanu
Joanna Songi
 1,000
 -
James Geer
 1,500
 -
The following Trustees also serve as Trustees of the organisations listed to
which occasional grants are made:
Sally Groves: UPROAR; RIOT; Listenpony; Nash Ensemble;
Uproar Ensemble
 2,000
 -
Nash Ensemble
 1,500
 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 2022

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 Chairman and Trustee and Hugh Cobbe served as Director of the VWCT until 31 December 2022.

The Vaughan Williams Foundation

As at 31 December 2022, the Charity had advanced £10,000 (2021: £nil) to The Vaughan Williams Foundation in order to provide the Foundation with funds prior to the transfer of operations to the Foundation with effect from 1 January 2023. The £10,000 is included in the Trust’s balance sheet within debtors.

15
Analysis of net assets between funds
Fixed assets
Investments
Current assets
Current liabilities
16
Grants Awarded
Lead Artist / Organisation
NMC Recordings
Presteigne Festival
Three Choirs Festival
Royal Philharmonic Society
Huddersfield Contemporary Music Festival
Cheltenham Music Festival
Explore Ensemble
Exaudi
Sound Festival
Aurora Orchestra
Dartington International Summer School
Deal Festival
Leeds Lieder
London Oriana Choir
London Philharmonic Orchestra
Manchester Collective
National Youth Choirs of Great Britain
Open Up Music		 Total funds
2022
£
-
3,442,594
333,589
(166,856)
3,609,327
2022
12,000
8,500
8,000
7,000
5,000
3,500
3,200
3,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000		 Total funds
2021
£
119
3,622,162
418,922
(199,042)
3,842,161
2021
6,000
8,000
1,500
2,000
5,000
6,000
1,000
1,000
2,500
-
-
-
-
-
2,000
1,500
2,000
-

20

The RVW Trust

Notes to the financial statements (continued) Year ended 31st December 2022

16 Grants Awarded (continued) 2022 2021
Lead Artist / Organisation
Spitalfields Music Festival 2,000 -
Ulster Orchestra 2,000 -
UPROAR Ensemble 2,000 -
Britten Pears Arts 1,500 -
Illuminate - Women's Music 1,500 -
International Guitar Foundation 1,500 -
Music at Malling 1,500 1,500
Nash Ensemble 1,500 1,000
New Sinfonia 1,500 -
Phaedra Ensemble 1,500 -
Royal Opera House 1,500 -
Royal Scottish National Orchestra 1,500 2,000
Solem Quartet 1,500 1,000
Sound World 1,250 -
Welsh Chamber Orchestra 1,250 -
Orchestra Vitae 1,200 -
Bach Club Soloists 1,000 -
Bangor Music Festival 1,000 2,000
Birmingham Opera Group 1,000 -
Bristol New Music 1,000 -
Children's Voices of Enfield 1,000 -
Corvus Consort 1,000 -
enSEmble 26 1,000 -
Fidelio Trio 1,000 -
Green Man Gallery 1,000 -
HEXAD 1,000 -
Little Missenden Festival 1,000 -
London Contemporary Music Festival 1,000 -
London Sinfonietta 1,000 1,000
London Youth Choirs 1,000 -
Mahogany Opera Group 1,000 -
Marian Consort 1,000 -
Meliora Collective 1,000 -
Music at Paxton 1,000 -
Northern Opera Group 1,000 -
NW Live Arts 1,000 1,000
Oxford Lieder 1,000 1,000
Piatti Quartet 1,000 -
Retake Concerts 1,000 -
The Night with … 1,000 -
Trio Tempestoso 1,000 -
Tŷ Cerrd 1,000 1,765
Vale of Glamorgan Festival 1,000 -
Nova Music - 10,000
Brass Bands England - 3,000

21

The RVW Trust

Notes to the financial statements (continued) Year ended 31st December 2022

16
Grants Awarded (continued)
Lead Artist / Organisation
Psappha Ensemble
Carwithen Music Festival
CoMA 2022 Festival
Music We'd Like to Hear
Prima Facie/ ASC Productions
Birmingham Contemporary Music Group
British Music Festival (online) in Taiwan
Late Music
Leamington Music
Opera 21
Streetwise Opera
Wild Plum Arts
Onyx Brass
Octandre Ensemble
Gemini
Tenebrae
Light Without Sun (film musical score)
Scottish Chamber Orchestra
Oxford Lieder
SWAP'ra
Hull Urban Opera
Electric Voice Theatre
Baroque Collective
Bromsgrove Concerts
London Festival of Contemporary Church Music
Whittington Music Festival
Kreutzer Quartet
Grants to individuals
Smaller grants to organisations
Smaller grants to individuals
Help Musicians Covid Emergency Fund
Total grants authorised in the year
Grants recovered		 2022
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
122,400
68,170
5,020
3,900
-
199,490
(17,500)
181,990		 2021
3,000
2,000
2,000
2,000
2,000
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,400
1,280
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100,945
64,125
6,215
1,750
5,000
178,035
(7,250)
170,785

22

The RVW Trust Notes to the financial statements (continued) Year ended 31st December 2022

17 Prior period adjustment

The comparative figures have been restated to include £31,385 of accrued investment income within debtors in order to be consistent with the 2022 presentation. As a result, the comparative figure for net gains / losses on investments included in the Statement of Financial Activities has also been restated from £219,445 to £222,680 (an increase of £3,235) and brought forward reserves as at 1 January 2021 restated from £3,416,095 to £3,444,245 (an increase of £28,150).

23