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|---|---|---|---|
|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|rm|i|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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||||||
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||||||||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|
##
|1|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.||
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|4||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|
##
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||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||
##
|12|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|
##