Charlty reglBtratlon numbor 1111848
THE RAZUMOVSKY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

THE RAZUMOVSKY TRUST
LEGAL AND ADPAINISTRATIVE INFORMATION
Tnwteg¥J
Slr B Rlx
Slr RAtken3
Ms J Barraclough
M8 S Stewart
Charlty number
1111848
Indgp•nd•nt èxamln•r
MBrkAdrtan Gold
Silver L8vert& IUKI Llmrtod
Charter8d cer￿fiedACCQun1￿nts
37 W8rr8n Street
London
W1T6AD

THE RAZUMOVSKY TRUST
CONTENTS
Page
TrLth&s' r8port
Inde￿ndant gX8mlne¢8 report
statsmenl of financial activNles
Balance 8heet
Notes trj the flnondol stat8m8nts
6-10

THE RAZUMOV81(Y TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present Ihelr annual report and Nnanclal slalemgnts for tho year gndad 31 Dacember 2021.
The 8ccounts have been prepared In aco)rdance wth th8 accounllng policl&s 8&t out In nots 1 to thg accounts
and comply with the govfymlng docum￿1, the Companie5 Act 2006 and 'Accc)unting and Rgportlng by Charftles..
ststem&nl of Racommended Practice appllcgble to charities Preparing thelr accounts In Bccordan¢& wllh the
Flnandal Reportlng Standard 8ppIIc8bla In tho UK and Republlc of Ireland IFRS 102)" las amended for
accounting perKd8 commgnring from l Jonu8ry 20161.
Obl•¢tlv•$ and artlvltlos
The oblects are to support outstandlng musical lal8nt ft>r thg mtrsl part by sponsorlng sludents tullion and their
attendance at master cla&%es, staging con¢8rt8 and provldlng perfomian¢e opportunSties for young and
08tsbllsh8d muslcSans. It was estBbllshod to"Piovlde muslcal trxcollence and d&velop gX¢&Ptional musScal talent"
and 1$ currenly contlnuSng to support the work of the Razumov5ky Academ￿. To 8dvancè Improve promote
dèvglop and rnalnlaln publ[¢ educ8tlon In Bnd appreciatlon of the art and sdence of muslc in 8I18SP8Ct8 and
specikally bul wilhoul limi181ion the Nnu$lG of the Raxumovsky Ensemble by the presentslion of public $v&nts
and by such other activiti8s as the trustees thlnk fll,. lo encourage Bnd support for the publlc benelSt all art forrn8
partlcularfy but not exdU5￿9IY those knvolvlng muslc Induding othor cultural and educauonal acllv1118s In order lo
mak& these more accessSble to the public al large., to bènèffl Any tharlty and to fttrrther any purposes which are
charftable as the trustees thlnk fft.
Th8 Irusle8s have pald du8 regard to guldonce issued by the Charfly Commlsslon In d8¢ldlng wh818ctlvltl88 the
charfty sh￿Id undortaka.
The m8ln actlvltles are the Sponsorlro of conc8rt8, Tuluon l Educ8tlon. Carogr Montorfng Bnd HSgh quallty
Showcaslng opportunlues.
Pollcy on 9ranl maklng withln lis resources, lo make both flnance and guidance avail8L40 to gxcgpdonal
musicians and to mu$lcAI èducatlon generally, In the context and 8LlPPOrt of the abovè menlloned advKI8s.
Achlov•ments and performanc¢
To date the ful￿1￿9 ha8 wme don8tions from supporters and frlends of the Razumov3ky Trust and Income
from concert tickets sales. The Trust has 8UPPOrted.'
RazumovskyAcademy Rerjlal Hall videolauditi recordlng fadlttles.
Complate restorallon of hlstoric Steinway model 8 grand pl8no c.1898. Tha InstNment Is now used al
the Razumovsky Academy for piano luitlon, rehear8als and occaslonal recordlngs.
The Trust purch8$èd B St6lnwBy model D concert grand pIar￿ lex Fou T8'Ongl to be U88d permanent
on-Btage al the Razumovsky Academy. The In51rum8nl slnce undgrgo full extensfve so￿¢￿ by
stelnway&Sons.
Tha Tnjst hold Iwo fijndralslng concerts for thg Academy in momL)ry of lis loundSng Trustee the late
AJ8nnah Dowllng.
Numerous yourvd 3nd estBbllsh8d planlsls gave recitsls and made recordings uslng Trust's planos.
Amongst them Antolne P￿al, Gunel Kllrzayeva, Katya Apeklsheva, Jullus Orak8, Runan O'Hor8,
Benjamln Frflh, students of Daniel Salomon, studsnts of Patsy Toh. and others.
1nstrumentallgssoF￿ for exceptionally glftod young 8rtl$ts and RazUmovS￿Acad&rnY students.
Duilng the COVID crlsis and once ¢t was permltted, the Razumcsvsky kndomy op8ned Ets doors for
many mu81Th8ns, both dlsungulshed and up and coming, so they cwld rehgarse, ro¢ord and pèrform In
workiro s8$8ions. Long 118t of muslclans who used the R8zumov3ky Recltsl Hall and Its hlgh qu811ty
vldeo and audlo equlpmonls w)¢luded Dame Imogen Cooper, Jullus Drake, Joseph Middleton, Pav91
Kolesnikov, Wu Qian, Alexandor Sltkovetsky, Alka Coote, Sir Mark Padmore. Gerald Finley, Roderfck
Wllllams. Ion 80slridge, TIM Hugh and many oth8r8.

THE RAZUMOVSKY TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Flnanclal revl•w
It Is th& ptsllcy of the charfly that unr951rfctgd funds. whl¢h have not been de81gnaled for a 8peclflc usg should b8
maintained al a level equivalent to betweon thr98 and six month's expenditure. The trustees conslders that
Teservas at thls level wlll ensure that, In the event of 8 significant drop in fijnding, they will be able lo continue the
charfty's Current actlvltlgs whllg conslderation is given lo ways In whlch additlonal funds may bg ral$gd. Thlslovel
of reserves has boon maintained throughout the year. There Is no defldt to r6port.
Since incepilon, donations frorn Sponsors and frlgnds and Income from concert8 have been the maln source of
fijnds. Th8 trust Is r8vlewlng Its SPDn$orshlp negd8 In ord&rto plan fund ralslng in fvlure. The trust will
approach Inijlvlduals, othgr trusts and grant rnaking trusts for Its requlrements. The trust has run wlth mlnSm81
&XPgn80s lo d81e allowlng almtssl all the fvnds raised to be applied dlrectly to sponsorlng concèrts and stud&nts.
The trust wll hold In reserve the sum 015% of Its funds at any ona Ilma or £10,000, whichgvgr is the greater.
Futurè plan$
It Is the ¢horfty'G Intgnuon to grow118 acUvlllg8 In the forthcomlng year gfven thg reloxallon of tho reslrlctSons
Imposed os a result of Covld-19.
Structure. governance and managemont
Th* Charity was gslablighed by a Declaration ofTrusl dated 28 July 2005.
The trustees who seNed durfng tha yeor and up lo the dale of 81gnaluro ofthe flnanclal 818lem&nts wère..
Slr B Rlx
Slr RAlkens
Ms J 88rrBelough
Ms S Stewart
The Irustses have assesBed the major rfsks lo whlch the charlty Is exposed, ond arg salisfigd that Systems are in
place to mlugale exposure to the malor rL8k8.
The tru8tèès' report way approved by the Board of Trustees.
On behalf of the board of trustees.
(L
Slr B Rlx
Tru81ee
D8led'. 17

THE RAZUMOVSKY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ThE RAZUMOVSKY TRUST
I report lo the trustees on my examinatltsn of th& flnandal slalernents of The Razumovsky Trust Ithg ¢harftyl for
the year ended 31 Decembèr 2021.
Rasponslbllltlas and basls of report
As the Iruste&s of the charity you are responsible for thg prèparatlon of the financlal statemerbts in ac￿rdanCe
wlth the requlrements of the Charilles Act 2011 Ilhe 2011 Ad).
I rgport In r8sp6d of my examlnBtion of the charitys financlal 8181em&nts ¢arrfed out under sectlon 145 of the
2011 ACL In carrying out my èxamlnatlon I havo followed all the appllcable DirectIor￿ givgn by th& Charfty
Commission under section 14515llbl of th8 2011 Act.
Indopgndgnt uamlner'8 ststomont
Your allenllon Is drawn to the fact that the charlty has prepared flnanclal slaternents in accordancg with
Accounting and Reporiing by Charit￿3 preparfng thelr 8ccounts In accordance with the Financlal R8porUng
Stand8rd appllcable In the UK and Rgpubllc of Ire18nd IFRS 1021 In pr&f&mnce lo the Accoun15ng and
Reporting by Charit18s'. Statement of Recommended Practico E85U9d on 1 Aprll 2(K15 whlch Is referred lo In the
extant regulallons but has now been vAthdrawn.
l understsnd that this ha3 beèn df)n8 In order for finoncial statements to provOd8 a true and falr vlew In
accordance wllh Gon8rally A(Kepted Acrx)unllng Pracilca effedlve for reportlng perfods beglnnlrvJ on or aft8r 1
January 2015.
I have ¢i)mplolod my gxamlnalon. I confirm that no mallgrs hav9 ¢0rn0 tr) my 8ttantlon In connedon with the
ox8mln8tlon glvlng me cause to believe that in any materlal respect..
accounlng records were not kept in r8$pacl of the charfty as requSred by section 130 of the 2011 Act., or
the financAal statements do not accord wrth those records., or
the fi'nancial slatom8nts do not comply wllh the applicable re4uir9monl$ ¢oncamlng Ihe form ond content
of a¢￿UnIS $81 out In the Ch8rllies (Accounts and Reports) Regulations 2008 other than any requlrement
that the accounts give a true and falr vSaw whlch Is not a rnatter considered a8 part of an Indopgndant
examination.
I hHvg no con¢grn$ and hav8 come across no other mattars in ¢onnactlon wlth the examlnatlon to which
attentlon Should bo drawn In Ihls report in order to enable a proper understandlng of the flnanclal statements to
be reached.
MarkAdrtan Gold
S[￿er Leven8 IUKI Llmhed
Chartered Certified Accountants
37 Warren Street
London
W1T6AD

THE RAZUMOVSKY TRUST
STATEMENT OF FINANCIAL ACTIVITIE8
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THEYEAR ENDED 31 DECEMBER 2021
Unrestrl¢t•d R•8trlctod
funds
nd¥
Total
2021
Tolal
2020
Noto8
Donallons ar￿ legacle8
èrtradino actlvllles
115,860
1,130
115.880
1,130
25,972
930
Totsl Incom•
116.990
116,990
26,902
endlture on:
Charfitable a¢XfviU68
28.145
28,145
36.178
Total charltabl• oxpondltur•
28,145
28,14S
36,178
Net incomel{expenditurel fer the yoarl
m¢)Yèm•nt In fu•d•
88,845
88,845
19,2761
Fund balancas at 1 January 2021
118,838
105,040
223.876
233.152
Fund balanc08 at 31 D•c•mber 2021
207,681
105,040
312,721
223,876
Th6 Statsmént of financlal 8Ctivltles Indudes ou galns and108888 re￿gnISed In tha year.
All Income and eXp￿drtUra darfv8 from ¢ontinulng activities.

THE RAZUMOVSKY TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
2021
2020
Nots$
Flxed assets
Tanglble as8&ts
938.(42
913,844
Current assets
Cash al bank and In hand
148.371
82,782
Cradltors: amounts falling due withln
ono yoar
10
14,9021
13,9601
Nel current a888t8
143,469
78,822
Total 088•ts1os8 current Ilabllities
1,081,511
992.668
Creditors- amounts falling duè aft•r
more than on• year
11
1768,7901
1768,7901
Net assets
312,721
223,876
Income fund8
Restricted fund8
Unreslrlcted funds
105,040
207,681
105,040
118.836
312,721
223,876
The financial 8ts1orngnts warg approved by the Trustses on .1ln..Js*￿rf. .￿ 19 &
Slr B Rlx
Trustee

THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accountlng pollolg8
Charlty Infomatlon
Th& Razumovsky TNSI Is a18 ieglsetered In England and W8198.
1.1 Accountlng conventlon
The accounts have been prepared In acc%)rdaneg wlth the Charitie3 Act 2011 and "Acojunllng and Rèportkng
by Charllles.. Staiemenl of Recommended Pradce appllcable lo charltles preparfng thelr accounts In
accordance ￿th th& Flnanclal Reporting standa￿ appllGable In th9 UK an¢J Ropublic ol Ifeland IFRS 1021.
las amended for accounting pe￿dS commenciThJ from 1 January 20161. Tho charlty Trs a Publlc Benefit Entity
as defineil by FRS 102.
The (*arty has taken advantage of the provl$lon8 In the SORP for charftl88 applylng FRS 102 Updat8 BUlle￿n
1 not to prepare a Stalemenl of Cash Flt)WS.
The finan￿al statements are prepared In ster15ng. whlch Is the fiJn¢tlonal currency of the charfty. MonetBry
amounts in these financial Statements Bre roundad to tha ng8r08t £.
The accounts hav8 b8an pr8p8red under the hislorical cost convenllon, apart from c9rtaln tsnslble fixed
assets whlch have been Indudtrd at th8 Iru8188s' valuation. The prfnclpal accounting poll¢lo8 adopted are Set
out bglow.
1.2 Golng concgm
Al tho tlme of approvlng the flnanclal statements, the trustees have a r6880nabl8 expectation that the charfty
has adequate resources to contlnue In oper8llonal existence for the foreseeable ftJ(ure. Thus tha trusleg$
c￿ntInUe to 8dopt the golng con￿￿ basls of accountlng in preparing the financlal stalemenis.
1.3 Charltable fund8
Unrestricted fijnds are avatlable for us8 at the d1$￿0￿)n of Ihg Injstses In furtherance of tholr charitsble
obledves,
Reslricled fvnds are subject to spedflc condltlons by donors as to how they may be used. The purpos9$ and
uses of the restrl¢ted fuMIs 8re sel out In the notss lo thè financial slatemenls.
1A Income
Income Is rocognSs8d whgn thg ¢ha¥lty Islggally enlilled toll after any performan&8 condluons hovg boen mgt.
the amounts Can be moasured rellably, and It Is probabb that income will be recelved.
Legacies arn r8¢ognls6d on re¢elpl or olhgrwise if the charity has been notlfled of an Impendlng distrfbullon,
the amount Is known, and recelpl Is expected. If the amount is not kr￿In. tha segw Is Im8ted 88 8
eonllngènt a5891.
1.5 Exp•ndlturn
Expendlturo Is d8S8lled und&r tho prfncl)al calegoriè8 of ￿st in furtherance of chayltable aCt￿ltI88 and grants
aword¢d rathor Ih8n tho type of expen888, In order to provfjde more useful Inform8tlon to u9er8 01 Ihe flnandal
stBtement8.
Govgmance costs comprise all costs invomng thg publlc a￿Ountabl1¢ty of the charity and lis compllanca wlth
regulatlon and good practlce.

THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
A¢eountlng pollclas
Icontlnuodl
1.6 Tanglbl• flX￿ •9$0ts
Tanglble fixad assots are Inlually measur8d al co818nd subsBqugntly measured at cost or Valua￿On, ng1 of
depreclatlon 8nd any Impalrmenl losses.
Dgpr8dgtlon Is recognlsed so as lo vrtlt8 off the cost or v81uaUon of assets less thelf resfjdual values ovor thelr
useful Ilvtrs on th8 folh)wlng bases..
Land and btjlldlngs
Plant and machlnery
Depiedatlon Is provlded al 0% on tha Vlobncalks.
Depreclatlon Ss provided al 10% on tho Plano.
1.7 Impalrnient of flxed a880ts
Al each reportlng &nd date, the cha￿ty revlews the c4rylng amounts of Its t8nglbl6 asBets to determln8
whether there is any indioatlon that those assets have suffered an Imp85mi8nt loss. If any such indication
exists, the recOvera￿e amount of the 8sset Is esllrnat8d In ord8T lo delermlne the exlent of tha Impalrmnl
loss 01 any).
1.8 Cash and cash equlvalont¥
G8sh and ¢88h gqulv8lents include cash In hand, d8poslls held 8t PAII w41h banks. other short-term Ilquld
tnvestments wllh tsriglnal malurit1￿ of Ihree months or less, and bank ov8rdrafts. Bank overdrafls are shown
within borrowings In ¢urrènt118bllitles.
Basie financlal assets
Baslc financlal assets. which Indude debiors and cash and bank b81an<%s, ar6 Inltlally measured at
Iransact￿n price Including Iransactlon costs and are subs8quenUy carrfed at arnortlsed cost udng the effgctlve
Interest method unless th8 arrangomenl ¢onstitutes a flnanclng transaction, wherg tho transactlon Is
m&asur6d at the present value ol the futur8 recèlpts dlscounted al 8 market rats of Interest. Fln8nclal 8888ts
dassKled 88 rece￿able wllhln one year are not amortlsed.
Derecognltion of finan¢lal gs¥ets
Financi81 as$8*s arè derecognised only wh8n Ihe conlraciual rfuhts lo the cash flows from the a88et explre or
ale Settled, or when thè ¢harlty transfers the 1Snanclal asset and substantIal￿ all lh6 rlsks and reward8 of
ownership to another entty, or K some slgnificanl risks and TeW8rd$ of ownership 8re retalned but control of
the asset has tfansfvrfeLI lo another p8rty that Is able to sall the a&881 In endraty lo an unrelatgd Ihlrd party.
Baslc finonclal Ilabllltles
Baslc financlal Ilabilities. including creditors and bank loans are initially recognT8ed 81 tran$ad¢>n prfce unless
the a¢Y8ngement const51utes a flnandng trans8¢tlon, whora tho debt SnstrLsmenl Is rneasured al the prgsgnt
valu9 of the fuluio payments discounted at a rnarkel ratg of Interest. Flnonclal liabilities classrfied as payablo
w5thln one year are not amortised.
Debl in8trumonl$ 8re Subsequentty carrfed al amoTti3ed ￿sL u81ng the effecuve Int8resl rate method.
Trade creditors are ob1igalions to pay for goods or seNices that hav& boen acqulred In the ordlnary course of
operations from suppllws. Amounts payable ar8 clBsslfled as current Ilabllltb88 If payment 18 due wlthln ona
y¢ar or less. If not, they are presented as non-¢iJrront IlabllSUes. Trade creditors are recc¥Jnlsod Inltlalty ot
trans8don prlce and subsequently measuTed al amorused cost uslng the effectlve interest method.
Dorecognltlon of flnancial liabilkti•8
Financial liabililies are d&racognised when the charity's contradual obllgattons expire or are discharg&l or
cancolled.

THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Crltlcal accountln9 OBtlmateB Judgemonts
In thg appllcatlon of th8 chorlty's accountlng polldgs, Ihg tW818ès ar8 r￿￿1r8d to m8ka ludg&m8nts. 8Stlmatsg
and 8ssumptlons about the CO￿n9 8mount of a889ts and li8bilili98 that are not r8adily 8ppar&nt from olhei
80urces. The 081Imates and 888uda18d assumptlons are based on hlslorical experlenc8 and olhttr factors that
are consSdeied lo be relevant. Actual results may dlffer from these esumatas.
Th& 8stJmates and undorfylng assumpuons 8r& revlgwed on an ongolng basls. RgvSglons to accounllng
es￿M8￿$ ar8 rg¢ognlsod In th& period In which th8 ostimats is rovised wher6 the rtrvlsion 8ff8ds only that
perlod, or In the perlod of th6 r8vl8lon and future perlod8 whèr8 the revl8lon 8ff8Ct8 both current and future
perk)ds.
Donatlons and 18gacl88
UnrèBtricted Unre8lrfded
fund•
2021
2020
Don8tlon$ and gffts
115,880
25,972
Oth•r tradlng actlvStlo8
Unrestricted Unrestricted
funds
funds
2021
2020
Spon8orshlp8 and sodal lotterles
1.130
930
Charitable activities
Total
2021
Totsl
2020
Depreciation and impairment
Sponsoring of ¢xncerts
Tuldon and educ8tK*)
3,764
23,239
6,055
10,319
7.100
24,083
33,058
(>)vemance costs
4,C62
3,120
28,145
36,178

THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Gov•rnanc• co8t8
2021
2020
A¢￿￿n￿neY
Management and admlnI8tratlon
4,082
207
3,120
186
4,269
3,306
Govamance costs Sncludes a cost of £2,62212020- £2,280) lor an independent examination.
Trust•g8
None of lh8 Iruslee8 lor 8ny per80ns connected wNh them) r8c%lvod any remunerauon durfng the year.
Employees
The average monthly number of employees durfng the year was:
2021
Number
2020
Number
Total
Thero were no employees whose 8nnuo1 Temunerallon WBS more than £60,000.
Tanglble fixed assets
L•nd and
bulldln
Vlol•nrKIK)
Plafttand
mNGhlnery
Total
Cost
At 1 January 2021
AddlIk￿8
100,OCx)
784,7
35,778
30,862
920.568
30.862
Al 31 December 2021
100,OC4J
784,79J
66,640
951,430
D¥pr•cla￿¢ft and Impalrniènt
Al 1 January 2021
D8precialion charg9d In tho year
6,724
8,724
6,664
At 31 D8cernber 2021
13,388
13.388
CarrySng amount
At 31 December 2021
100,OCQ
784,79)
53,252
9￿,042
At 31 December 2020
100,000
784,79)
29,054
913.844

THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10 Cr•dltOfS: amounts tslllng duo wlthln one y•ar
2021
2020
Accru818
4,902
3,960
11 Crndltorn: amounts falllng du• aftor moro than ong ygar
2021
2020
Other cre4Jlto
768,790
768,790
Other credltors comprfses of an Interest free loan of £768,790. A commerclal laThJ9r would hav8 ¢harggd
A￿und £50.000 per Bnnum In respect oflhe Interest on the loan.
12 An•ly#i$ of n•t •••ets bètw••n fund•
Unrestricted
funds
R¥•trfcted
fund8
Total
Fund balances 8131 December 20218re represented by:
Tangibl& assats
Currant 8SS8ts
Cradllors.. amounts falllng du6 aftor morg than ong ygar
833.002
143,469
(768,7901
105,040
938,042
143,469
1788,7901
207,681
105,040
312,721
The wslrfcied funds repr￿nt charlty's Sharo of th& propety whlch M ullllses. property Was purchased
In the pr8vlou8 years. There Is no movement dudng the year.
13 Rolated party transactlon
Thgrg were no disclosable relatgd p8rty Iran88cllons durlng the year {2020- no￿).
10