2020-12-31-accounts - The Vaughan Williams Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

			Page
Trustees'Annual Report - Reference and Administrative		Information
Trustees' Annual Report			2-5
Independent Auditor's	Report		6-7
Statement of Financial	Activities
Balance Sheet
Notes to the Financial	Statements		10 -16

R f r nce and Admini	R f r nce and Admini	R f r nce and Admini	r	ive nf
Charity	Name				The Vaughan Williams Charitable			Trust
					Registered Charity		No: 1123968(England		&Wales)
Governing		Instrument			Deed oftrust dated		9October 2000as amended			24 September 2001
					as amended 27	September 2012
Trustees					Ms SGroves (Chairman)
					Dr N Bell
					Mr A Dixon
					Miss EJ Homstein
					DrJ Kennedy (Died		1 July 2021)
					Mr BAWatson
Principal	Office ofthe		Charity		10Queen Street	Place
					London
					EC4R 1AG
Director					Mr Hugh Cobbe
					Fox House
					North End
					Newbury RG20 OAY
Secretary to the Board			of	Trustees	Mr Nicholas Williams
Accountants					Haysmacintyre LLP
					10Queen Street	Place
					London
					EC4R 1AG
Auditor					Leonard Jones &Co
					1 Printing House	Yard
					London
					E27PR
Banker					Allied Irish Bank
					Mayfair Branch
					10Berkeley Square
					London
					W1J 6AA
					CAF Bank Ltd
					25 Kings Hill Avenue
					West Mailing
					Kent, ME194JQ
Investment		Manager			Investec Wealth	& Investment
					30Gresham Street
					London
					EC2V 7QN
Website					www. vwct.org.uk

							31October
			Note		2020		2019
				Unrestricted	Expendable		Total
				Funds f	Endowment f	Totalf	(see page 16) f
INCOME FROM:
Investments				84,304		84,304	88,112
Royalties				272,420		272,420	277,476
Total Income				356,724		356,724	365,588
EXPENDITURE ON:
Raising Funds			10		25,274	25,274	19,635
Charitable Activities
Grants made and Publishing		Costs	11&12	69,171		69,171	117,700
Support costs (including
governance costs)			9&10	109,743		109,743	80,072
Total Expenditure				178,914	25,274	204,188	217,407
Net income/(expenditure)	before gains
and losses on investments				177,810	(25,274)	152,536	148,181
Other recognised gains/(losses)
Net gains on investments					200,587	200,587	159,519
Copyright write down					(143,684)	(143,684)	(123,158)
Net income				177,810	31,629	209,439	184,542
Transfer between funds			13	(138,788)	138,788
NET MOVEMENT IN FUNDS				39,022	170,417	209,439	184,542
TOTAL FUNDS BROUGHT FORWARD				250,702	4,064,864	4,315,566	4,131,024
TOTAL FUNDS CARRIED	FORWARD		8	289,724	4,235,281	4,525,005	4,315,566

				31October
		2020		2019
FIXEDASSETS
Investments			3,221,244	2,896,471
Copyright Valuation			964,736	1,108,421
			4,185,980	4,004,892
CURRENT ASSETS
Debtors		38,978		65,021
Cash at Bank and in	Hand	352,828		269,083
		391,806		334,104
Creditors: amounts	falling due within
one year
Creditors		52,781		23,430
		52,781		23,430
NET CURRENT ASSETS			339,025	310,674
TOTAL NET ASSETS			4,525,005	4,315,566
THE FUNDS OF THE CHARITy
Unrestricted Funds			289,724	250,702
Expendable Endowment			4,235,281	4,064,864
			4,525,005	4,315,566

Principal	Accounting Policies
(a)	Basis ofaccounting
	The financial statements have been prepared in accordance with Accounting and Reporting		by Charities;
	Statement of Recommeded Practice for Charites (Second Edition, effective 1 Jamaury 2019)and the
	Charities Act 2011.The Charity meets the definition ofa public entity under FRS102. Assets and
	liabilities are intially recognised at historical costs or transaction value, unless otherwise stated in the
	relevant accounting policy.
(b)	Going Concern and COVID-19
	At 31 December 2020 the Trust had Investments totalling E3,221,224 and bank balances,	after taking
	into account debtors and creditors, off339,025.The bank balances alone are in excess of		eighteen
	months expenditure so the Trust is in a very strong financial position.
	COVID-19 has impacted on the finances ofthe Trust in three key ways. It has resulted in	a	large degree
	ofvolatility in the value ofthe Investment portfolio together with the majority oflisted companies not
	paying their dividends and has also impacted on the beneficiaries ofgrants who are unable		to perform
	the works of RVW due to the lockdown measures the Government has put in place.
	For the year through to 31 December 2021 the situation regarding the grants payable for	the trust is
	uncertain due to the ongoing restrictions caused by COVID-19. When these are lifted the	trustees are
	expecting a significant increase in grant applications for the latter part of2021 and through		to 2022.	The
	COVID-19 restrictions are also impacting our royalties receivable.
	Consequently the Trustees believe that the use ofthe going concern basis of accounting	in	the
	preparation ofthe financial statements is appropriate.
(b)	Fund Accounting
	Unrestricted funds comprise accumulated surpluses and deficits on general funds. They	are available
	for use at the discretion ofthe Board ofTrustees in furtherance ofthe general charitable objectives.			The
	endowment funds represent fixed assets, ofinvestments and copyrights, held by the Trust in order to
	generate income to be used to meet the charitable objectives ofthe trust both annually and		in the future.
	Any gains or losses arising on the investments and copyrights form part ofthe fund.
(c)	Investments
	Investments are stated at their middle-market values ruling at the balance sheet date. All	gains and
	losses, both realised and unrealised, are taken to the Statement of Financial Activities as	they arise.
	Income arising from these investments is accounted for when it is receivable.
(d)	Depreciation
	The copyright as set out in Note 5to the accounts will be written oif in equal instalments on		a straight	line
	basis from 1 November 2009 through to 2028 (when the copyright is due to expire).
(e)	Grants
	Donations are charged to the Statement of Financial Activities in the year when the donation		is confirmed
	to the donee.
	Support Costs
	These comprise staff and oflice costs. These costs support the grant-making activity and	are so
	allocated. All support costs are allocated to grant inaking activity. This is because the cost of raising
	funds relates solely to investment manager's fees and does not attract other support costs.
(g)	Governance costs
	Governance costs comprise all costs involving the public accountability ofthe charity and	its compliance
	with regulation and good practice. These costs include costs related to statutory audit and		legal fees.

	Investment Assets	Investment Assets			2020	2019
					E
	UK listed	investments			2,168,862	1,968,955
	Overseas	quoted investments			982,685	804,095
	Cash held	as part of investment		portfolio	69,697	123,421
					3,221,244	2,896,471
					2020	2019
					f	E
	Opening	Market Value			2,896,471	2,668,658
	Less:	Proceeds on disposals		ofinvestments	(967,871)	(240,176)
	Add:	Acquisitions at cost			1,145,781	285,861
		(Losses) on sale of investments			(93,668)	(2,224)
		Net gain on revaluation		at 31 December	294,255	161,743
		2020
		(Decrease)/Increase	in cash held as part		(53,724)	22,609
		of investment porffolio
	Market value at 31stDeceember 2020				3,221,244	2,896,471
5	Copyright	Valuation			2020	2019
					E	E
	Copyright	Original Valuation			2,340,000	2,340,000
	Depreciation at 1 November 2019				1,231,579	1,108,421
	Depreciation for the period				143,684	123,158
	At 31 December 2020				1,375,263	1,231,579
	Net Book Value 31 December			2020	964,736	1,108,421

	years from 1 Novemb	er 2009.
6	Debtors		2020 E	2019 f
	Royalties		35,943	65,021
	Other		3,035
			38,978	65,021
7	Creditors: amounts	falling due within one year
			2020 E	2019 f
	Grants Payable		16,330	11,100
	Accruals		28,873	7,468
	VAT		7,578	4,862
			52,781	23,430

	Fees paid to Investec	Weal	th & Investment, and char	ged in the accounts are f	25,274(2019:619,6
	Publishing Costs			2020	2019
	Publishing Costs			31,820	19,805
				31,820	19,805
12	Grants made			2020	2019
	Albourne Band				500
	Bewick Orchestra				250
	Big Screen Live				10,000
	Bristol Ensemble			500
	British Libary				7,000
	Byre Opera				5,000
	Cambridge Song				500
	Canterbury Singers			3,941
	Cecil Aronowitz Inter			200
	Chamber Ensemble of London			500
	Cheltenham Chamber	Orchestra		550
	Collegiate Singers Of NYC				3,000
	Creative Kernow				500
	Derwent Singers				500
	Divertimento String Quartet				1,000
	Dutton				13,000
	Echo Ensemble			300
	English Music Festival			3,000	3,000
	Eversley Choral Union				100
	Friends ofthe Choral Society Inc ofGrace Church			5,000
	NY
	Glasgow Barons				1,500
	Hereford Chamber Choir			2,000
	Hoist Birthplace Trust				500
	JAGS Choral Society				1,200
	James Allen's Girl School				245
	Little Projects, Gloucestershire			700
	London Orchestra Project				2,000
	Ludlow English Song Weekend				1,000
	New Paths Ltd			(900)
	Newbury Spring Festival				10,000
	Northampton Philharmonic		Choir		2,000
	Orchestra Now				5,000
	Pennine Spring Music			380
	Resonus Classics			5,000

Grants made (cont)	2020	2019
Rodenkirchen Chamber Choir and Orchestra	1,500
Royal Choral Society		5,000
Royal Scottish Orchestra		5,000
RVW Society/Albion Records	10,000
Southbank Sinfonia		1,000
StAlban's Chamber Choir		1,000
StAndrews Music Society		3,000
St Martins in the Fields		500
St Marylebone Festival		1,000
Taunton Sinfonietta		250
Three Choirs Festival Association	2,500	5,000
Todmorden Orchestra		350
Wellesley Choral Society		1,000
Windsor Festival		500
Yorkshire Philiarmonic Choir		2,000
ZNCK		1,500
Grants made to individuals	2,180	3,000
	37,351	97,895

This was made of284,30 (2019:F55,494).	4(	2019:E88,112)Investme	nt income and 20%	of Royalty income of	f54,484
Comparative Statement	of	Financial Activities		2019
			Unrestricted	Expendable	Total
			Fundsf	Endowment E
INCOME FROM:
Investments			88,112		88,112
Royalties			277,476		277,476
Total Income			365,588		365,588
EXPENDITURE ON:
Raising Funds				19,635	19,635
Charitable Activities
Grants Made and Publishing		Costs	117,700		117,700
Support Costs (including
governance costs)			80,072		80,072
Total Expenditure			197,772	19,635	217,407
Net income/(expenditure)	before gains
and losses on investments			167,816	(19,635)	148,181
Other recognised gains/(losses)
Net (losses) on investments				159,519	159,519
Copyright write down (per	Note 5)			(123,158)	(123,158)
Net Income			167,816	16,726	184,542
Transfer between funds			(143,606)	143,606
NET MOVEMENT IN FUNDS			24,210	160,332	184,542
TOTAL FUNDS BROUGHT FORWARD			226,492	3,904,532	4,131,024
TOTAL FUNDS CARRIED	FORWARD		250,702	4,064,864	4,315,566