THE VAUGHAN WILLIAMS CHARITABLE TRUST REGISTERED CHARITY NO: 1123968 ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE VAUGHAN WILLIAMS CHARITABLE TRUST CONTENTS Page Trustees, Annual Report- Reference and Adminislrabve Information Trustees, Annual Report IndependentAuditorfs Report ststemenl of Financial Activities Balance Sheet 10 Notes to the Financial Statements
THE VAUGHAN WILLIAMS CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER2021 Reference and Admlnlstratlve Infomiatlon Charlty Name The Vaughan Wlliams Charitable Trust Registered Charity No.. 1123968 (England & Wales) Governlng Instrument Deed of trust dated g October 2000 as amended 24 September 2001 as amended 27 September 2012 Trustees Ms Sally Groves (Chairl Dr Nicolas Bell Mr Andrew Dixon Miss Eva Homslein Dr Joyce Kennedy (Died 1 July 20211 Mr Bernie Walson Principal Office of the Charity 10 Queen Street Pla London EC4R 1AG Director Mr Hugh Cobbe Fox House North End Newbury RG20 OAY Secretary to the Board of Trustees Mr Nicholas Imlliams Accountsnts Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Auditor Leonard Jones & Co 1 Printing House Yard London E2 7PR Banker Allied Irish Bank Mayfair Branch 10 Berkeley Square London W1J6AA CAF Bank Ltd 25 Kings Hill Avenue Wesl Malling Kent, ME19 4JQ Investment Manager Investec Wealth & Investment 30 Gresham Street London EC2V 7QN Webslte .vwct.org.uk
THE VAUGHAN WILLIAMS CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Re ort of the trustees for the ear ended 31 December 2021 The trustees of the Vaughan Williams Charitable Trust present their Report and accounts for the year ended 31 December 2021, comparative period for the trust is for the 14 month period 31 December 2020. The trustees have agreed with their sister charity the RVW Trust (Charity No. 10669771 lo merge the assets of their respective charities into a new Charitable Incorporated Organisation, the Vaughan Wlliams Foundation l No.. 11930801. The charity will become active on 1 January 2023.The financial statements have been prepared in accordance with the accounting policies sel out in note 110 the accounts and comply with the charity's trust deed, the CharitiesAcl 2011 and the Statement of Recommended Practice, Accounting and Reporting by Charities Isecond Edition, effective 1 January 20191. Structure Governance and Mana emgnt The Charity is an unincorporated trust, constituted under a trust deed dated 9 October 2000 and a supplementary deed dated 27 September 2012 and is a registered charity, number 1123968. New trustees, when required, ¥MII be found by the existing trustees. When recruiting new trustees the trustees look for individuals with skills and experience which are of value lo the Trust and which are not necessarily represented by existing Iruslees. Any potential trustees wll be interviewed by the existing trustees and if appointed will be provided with a pack of Information including accounts and a Copy of the trust deed. The Iruslees, professional advisors all organise events such as seminars, which Iruslees have the opportunity lo attend. The trustees, who meet Iw'ce a year. administer the affairs of the charity. They consider recommendations and make final decisions on the award of grants. Day lo day pro$$ing of applications is delegated to the Director. Rlsk Mana ement The trustees have assessed the major risks to which the Trust is exposed, in particular those risks related to the operation and finances of the Trust, and are satisfied that systems are in pla to mitigate exposure to the major risks, although il is recognised that systems can only provide reasonable, not absolute, assurance. These systems are reviewed al least once every year. The Trustees have identified specific risks pertaining lo Governance, Operational delivery, Finance, Reputation, Environment and Compliance. These risks have been miligaled through the Trust's procedures, policies and reporting structures and are monitored by the board through an annual review process. Goln Concern Al 31 December 2021 the Trust had Investments lolalling £3,643,218 and bank balances, after tsking into account debtors and credV(ors. of £220.594. Consequently, 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 Imlliams FoLJndation. with effect from 1 January 2023. The intention is to merge the charity's assets, liabilities and activities with another similar charity's assets, liabilities and activities that it is intended will be transferred simultaneously into The Vaughan Williams Foundation. Accordingly, the Charity does not meet the definition of a going concern within paragraph 3.8 of FRS 102 In that Il wll not continue lo operate for 12 months from the dale of approval of these financial stslemenls. Accordingly, these financial statements are prepared on a basis other than the going concem basis, atthough 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 CLJrrenl assets. The financial stalements are therefore materially equivalent to how they would have been presented had they been prepared under the going concern basis of accounting. Ob ects and rant ollc The Trust's primary object is lo promote knoedge about Ralph Vaughan Williams and performance of his works. It does this by making grants in support of eligible projects.
THE VAUGHAN WILLIAMS CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Ob"ects and rant olic con The ttuslees have decided that for the piesenl, granl-giving will be confined lo their primary object." the advancement anywhere in the wodd of the education of the public in the knowledge. understsnding and appreciation of the life and works of the late Ralph Vaughan Williams, and similarly for the works of his widow, the late Ursula Vaughan Imlliams. The Trust has general charitable purpose5 sel out in ils trust deed. The Trust's granl-making policy Iwhich is set out in general guidelines for applicanlsl is as follows.. The publication of hitherto unpublished works of Ralph Vaughan Williams or the origination by existing publishers of new scores and performing material for works already published. The performance of works by VW, either where they are rarely performed (such as the operas) or where the context is speaal, such as local music societies or festivals. The recording of neglected Vwworks, especially the creation of DVDS of the operas. Research into the music ofvw. The acquisrtion by public institutions of VW research material, such as autograph manuscripts or original correspondence. Financial Position and Results of the ear Net unrestricted income totalled £12,46812020'. £177,810). The value of the Expendable Endowment at 31 December 2021 was £4,518,17412020.' £4,235,281). The value of investments at 31 December 2021 was £3,643,21812020'. £3,221,244). The comparatives relate to the 14 month period ended 31 December 2020. Investment Power Under section 3 Trustee Act 2000, the Trustees have a general power of investment. This means that they can make any kind of investment that they could make if they were absolutely entitled to the assets of the trust. Investment Polic Under section 15 TrusteeAct 2000, the Iruslees are obliged lo have in pla an investment policy statement giving guidance as lo how the investment functions which they are delegating to their investment managers should be exercised. This statement musl be reviewed regularly. The Trustees have engaged Investec Wealth & Investment as their fund managers, and have specified in their investment policy statement that they intend that the real value of the Trust Fund should be maintained over the long term by investment in a portfolio comprised of good quality and diverse equities, well managed investment Irusls, bonds and cash. The managers are instructed lo prioritise achieving capital growth over income in the period between now and 2028 (see "reserves policl. below), and to adopt a medium lo high risk investment strategy. The managers. performance is to be reviewed regularfy against the following bespoke benchmark.. 400A FTSE All Share index 100/0 FTSE British Govemmenl All Stocks index 400/0 FTSE World Excl UK index 50h IPD Monthly index 5Qfi Bank of England Base rate + 2Qkn. Invèstment Performancè In the 12 months to 31 December 2021, Ilhe investment reports are prepared once per quarterl, the fund increased by 11.460/0 against the benchmark of 16.380/0. Global equity markets produced strong retums over the 12 months. helped by the reopening of the global economy as Covid reslriclions were lifted and vaccines rolled out to populations. Many of the companies and sectors hit hardest by the restrictions from the pandemic (which weren't held by the managerl saw their share prices rise the most on the back of this which resulted in the underperforrnan of the portfolio relative to the benchmark over the period.
THE VAUGHAN WILLIAMS CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Reserves Polic The Trust's main source of income is its copyright interests in the works of Ralph Vaughan Imlliams, which aim to produce an income of over £200,000 per annum, and wll expire on 31 December 2028. The Trustees. aim is lo accumulate in the region of £6M of investments by 2028, in order to make running the Trust economically viable in the longer term. In order lo achieve this, the Trustees have decided lo relain and invest all income arising from the Ttusl's investment portfolio as well as 200/0 of the copyright income until 2028, with the aim of producing an income portfolio of £220,000 per annum by 2028. The policy lo accumulate income into a ¢apitsl fund requires the approval of the Charity Commission. The trustees have approved a deed to give themselves power to create an expendable endowment by accumulating all or any part of the Trust's annual income and investing il as capital. Approval was received on 27 September 2012 from the Charity Commission. Ke Mana ement Personnel The ttuslees consider the board of trustees and the director comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All trustees give of their lime freely and no trustee received remuneration in the year. Details of Iruslees expenses and related party transactions are disclosed in note 10 to the accounts. Public Benefit The Trustees confirm that they have complied with the duly in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity. Ob-ectives Activities and Achievements in the Year The major assets of the Trust are the Investments and copyright interests held by the late Ursula Vaughan Williams and bequeathed by her lo the Trust. These subsist in the works of her deceased husband, the composer Ralph VaLJghan Wlliams, and in her own literary works. The Trust maintains close working relationships with the various publishers of Vaughan Wlliams's music and has provided, and continues to provide, financial support for the making of new editions of existing works and for the publication of hitherto unpublished works. In the year under review no works were published for the first b'me but work was completed on new editions of Sir John in Love and Folk Songs of the Four Seasons (Oxford University Press), on the reconstruction of the Sonata for Hom and Piano of c.1900 (Boosey & Hawkesl, and of A Sea Symphony Islainer & Bell) in readiness for publication in 2022 during the celebration of the 150th anniversary of the birth of Vaughan Williams. Vvhile the objects of the Charity are wdely drawn, the Trustees have a policy to limit the scope of grants to supporting performances of and educating the public about the music of Vaughan Williams himself, subject to some support being directed towards the literary works of Ursula Vaughan Williams and to a small extent towards wildlife preservation. The continued effects of the COVID pandemic during the year had an effect on live performances so that many of the events for which grants were offered were unable to lake place as planned. In many cases they were postponed to 2022 or even 2023, and the Trust agreed that the grant offered would still be available when they eventually took place. A list of grants made during the year is given in Note 12 to the accounts. The following list of the largest grants includes grants for events which were not dLJe to take place until after 31st December 2021. The largest grants were made or committed lo.. Ralph Vaughan Williams Society for a recording on itsAbion label of Pan's Anniversary 1£10,0001,' Newbury Spring Festival for a performance of Vaughan Williams's Fourth Symphony, a concert of Vaughan Wlliams's music for brass band and a lecture on the English Hymnal1£10,0001," the London Philharmonic Orchestra for ils contribution in variou5 concerts to the anniversary celebrations I£S,0001,' the City of London Choir for a Vaughan Williams concert in the Barbican Hall1£5,000I", the Inveslec Intemalional Music Festival for the Vaughan Williams componenl1£5,0001." the Suffolk Philharmonic Orchestra for ils project 'Lark's Flight over Suffolk, l£,5,000I". Norfolk and Norwich Festival for a performance of Five Tudor Portraits1£5.000I'. the Opus One Berks Chamber Choir of Reading, Pennsylvania for a cOnrt entitled 'A celebration of Vaughan Wlliams'1£4,0001.' Paul Hindmarsh Music for a recording of brass band music by Vaughan Wllliams1£3,000I', the groups Broomdasher and Coracle for a series of performances entitled 'From Pub lo Pulpf('1£3,0001. There were also 27 smaller grants.
THE VAUGHAN WILLIAMS CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Ob-ectives Activities and Achievements in the Year con't During the year the Trustees continued to oversee preparations for the celebration of the 150th anniversary of Vaughan Williams's birth in 2022 wlh the valuable assistan of a freelance coordinator to provide focus for intending concert-givers, and also a professional media consultant. During the year the Vaughan WThlliams Foundation, which is intended to lake over the functions of both the Vaughan Williams Charitable Trust and the RlnN Trust at the end of 2022, was registered with the Charity Commission and an initial board of trustees, drawn from the existing trustees of the Vaughan Wlliams Charitable Trust and the RVWTrust, was appointed. Fundrai$ln Adlvl The Trust's income is from ils investment portfolio and royalties. No fundraising activity is undertaken. Plans for the Future The Board of Trustees have agreed to merge the assets of their charity with its sister charity RinN Trust into a new Charitable Incorporated Organisalion, the Vaughan Wlliams Foundation l No.. 11930801. The charity will become active on 1 January 2023. ststement of Trustees, Res onsibilities The purpose of this slalemènt is lo distinguish the Iruslees, spOnSibl1111es for the financial stslemenls from those of the auditors as slated in their report. The Charities Act 2011 requires the trustees to prepare financjal slalements for each financial year which give a true and fair view of the charity's financial activities during the year and of ils financial position at the year end. In preparing the financial statements trustees should follow best practice and.. 1. select suitable accounting policies and apply them consistenuy,. 2. make judgements and estimates that are reasonable and prudent., 3. follow the recommendations of the Charity Commission and of the accounting profession with regard lo form and conlenl of the financial statement, or lo disclose and explain any departures therefrom,. and 4. prepare the financial stslemenls on the going concem basis unless il is inappropriate lo assume that the charity will be able lo Continue lo meet ils objectives. The trustees are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the charity at any time, and lo enable the trustees lo ensure that the financial statements comply with the dis¢losures regulations and the trust deed. They are also responsible for safeguarding the ¢harily's assets. and hence for tsking reasonable steps for the prevention and detection of error. fraud and other irregularities. The trustees also confirm that they have made all necessary enquiries and taken such steps as they ought. lo ensure that they become aware of any relevant audit information and that they Confimi that the Charitsble Trust's auditors have been made aware of su¢h information. Slynature and Declaratlon I declare, in my capacity of charity Iruslee, that the trustees have approved the report above and have authorised me to sign it on their behalf. Signalure.................................................................... Date.. 4 October 2022 B A Walson
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OFTHE VAUGHAN WILLIAMS CHARITABLE TRUST inion We have audited the financial statements of The Vaughan Williams Charitsble Trust for the year ended 31 December 2021, which comprise the Slalement of Financial Activites, the Balance Sheet and the related notes. including a summary of the principal accounting polices. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally ApIed Accounting Prad'cel. In Dur opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as al 31 December 2021 and of the charity's income and expenditure for the year then ended", have been properly prepared in ac¢ordan¢e with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for O inion We have been appointed as auditor under section 144 of the ChariliesAcl 2011 and report in accordance with the Act and relevant regulations made or having affect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 finanaal slalements in the UK, including the FRC'S ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficenl and appropriate lo provide a ba515 for our opinion. Em hasis of matter- basis of aration of financial ststements We diaw attention to note 1 b lo the financial slatemenls, which explains that the Iruslees intend lo merge the charity wth another charity and lo achieve this by transferring the assets, li8bililies and activities of the charity into a new charity. Accordingly, the financial slalemenls have been prepared on a basis other than the going concern basis, as also described in note 1 b. Our opinion is not modified in respect of this matter other infomiation The Iruslees are responsible for the other infomiation. The other infomiation comprises the information induded in the Trustees, Annual Report, Our opinion on the financial slalements does not cover the other information and. except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assuran¢e ¢onclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knoedge obtained in the audit or olhetwise appears lo be materially misstated. If we Identify such matèrial inconsistencies or apparent material misslalemenls, w& are requirèd lo detemine whether there is a material misslatemenl in the financial slalements or a material misslalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information. we are required lo report that fact. We have nothing to report in this regard. Matters on which we are re uired to re ortb exce tion In the light of the knowledge and understanding of the ¢harily and ils environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees. Annual Report. Vve have nothing to report in respect of the followng matters in relation lo which the Charities IAccounls and Reports) Regulations 2008 (Charities Act 2011, Section 1441 require us lo report lo you If, in our opinion". the information given in the Trustees. Annual Report is inconsislenl in any material respect with the financial statements,. or sufficient accounting records have not been kept," or the financial stslemenls are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OFTHE VAUGHAN WILLIAMS CHARITABLE TRUST Res onsibilities of trustees As explained more fully in the Slalemenl of Trustees, Responsibilities set out on page 5, the trustees are responsible for the preparation of financial stslemenls 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 stalemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate thè charity or lo cease operations, or have no realistic alternative bul lo do so. Auditorfs re5 onsibilities for the audit of the financial statements We have been appointed as aLJdilor under Section 144 of the Charities Act 2011 and report in accordance ¥Mth the Act and relevant regulations made or having effe¢t thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due lo 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 IUKI will aayS delecl a material mis5talemenl when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these finanaal statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, oulined above, lo detect material misstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, Induding fraud is detailed below.. The extent to vthich the audit was considered ca able of detectin irre ularities includin fraud Our approach lo identifying and assessing the risks of material misslalement in respect of irregularities, induding fraud and non-complian with laws and regulations, was as follows. the engagement partner ensured that the engagement team had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the charity through discussions with trustees and key management personnel, and from our commerryal knowledge and experien of Charity sector., we focused on key laws and regulations which we considered may have a direct material effect on the rinancial 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 ¢onsidered 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 induded Charity Commission for England & Vvales regulations and anti-money laundering regulations,. we assessed the extent of compliance with the laws and regulations identified above through making enquiriès of trustees and key management personnel , and identified laws and regutalions 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 misstalemenl, in¢luding obtaining an understanding of how fraud might occur, by.. making enquiries of trustees and key management personnel as lo where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud", considering the internal ¢onlrols in place lo miligale risks of fraud and non-compliance rith laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures lo identfy any unusual or unexpected relationships., lesled and reviewed the nominal ledger entries, including journal entries, to identify unusual transactions.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OFTHE VAUGHAN WILLIAMS CHARITABLE TRUST The extent to which the audit was considered ca con 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 underfying supporting documenlalion., reading the minutes of Iruslee meetings, enquiring of trustees and key management personnel as to adual and potential litigation and daims., reviewing legal and professional fee invoices for indications actual 01 potential disputes and claims", and enquiring whether there was any non-routine correspondence ¥Mth regulatory bodies including HM Revenue & Customs and the Charity Commission in England & Vvales. able of detectin ularitie5 includin fraud There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il 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. Material misstatements that arise due to fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collus10n. A further description of our responsibilities for the audrt of the financial stslemenls is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsrespDnsibilities. This description fomis part of our auditor's report. Use of our re ort This report Is made solely to the charity's trustees, as a body, in accordance with The ChariliesAct 2011. Our audit work has been undertaken so that we might stale to the trustees those matters we are required lo stale lo them in an audito¢s report and for no other purpose. To the fullest exlenl pemiitted by law, we do not accept or assume responsibility lo anyone other than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Signalure............................................................ Dated.. 5 October 2022 Leonard Jones & Co 1 Printing House Yard Chartered Accountants and Stalulory Auditors London E2 7PR Leonard Jones & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
THE VAUGHAN WILLIAMS CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES FOR THEYEAR ENDED31 DECEMBER 2021 Note 2021 2020 {14 month perlodl Total (see page 161 Unrestrlcted Expendable Funds Endowment Total INCOME FROM.. Investments Royalties 81,309 168.326 81,309 168,326 84,304 272.420 Total Income 249,635 249,635 356,724 EXPENDITURE ON: Raising funds 10 21,964 21,964 25,274 Charitable Activities Grants made and publishing costs Support costs (including g0Veman costs) 11&12 119,528 119,528 69,171 9&10 117,641 117,641 109,743 Total Expenditure 237,169 21,964 259,133 204,188 Net incomellexpendilurel before gains and losses on investments 12,466 {21,9641 19,4981 152.536 Other recognlsed galnslllossesl Net gains on investments Copyright write down 313,041 1123,1581 313,041 1123,1581 200,587 1143.684} Net Income 12,466 167,919 180,385 209,439 Transfer between funds 13 1114,9741 114,974 NET MOVEMENT IN FUNDS 1102,5081 282,893 180,385 209.439 TOTAL FUNDS BROUGHT FORWARD 289,724 4,235,281 4,525,005 4,315,566 TOTAL FUNDS CARRIED FORWARD 187,216 4,518,174 4,705,390 4,525,005 The notes on pages 1110 16 form part of these accounts
THE VAUGHAN WILLIAMS CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 Note 2021 2020 FIXED ASSETS Investments Copyright valuation 3,643,218 841,578 3,221,244 964,736 4,484,796 4,185,980 CURRENT ASSETS Debtors Cash at bank and in hand 28,177 302,002 38,978 352,828 330,179 391,806 Credttors: amounts falling due within one year Creditors 109,585 52,781 109,585 52,781 NET CURRENT ASSETS 220,594 339,025 TOTAL NET ASSETS 4,705,390 4,525,005 THE FUNDS OF THE CHARITY Unrestricted funds Expendable endowment 187,216 4,518,174 289,724 4,235,281 4,705,390 4,525,005 Approved by the board of ttuslees on 4 October 2022 signed on Its behalf by., 8 A Walson, Trustee The notes on pages 1110 16 form part of these accounts 10-
THE VAUGHAN WILLIAMS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Prlnclpal Accountlng Pollcles lal Basis of accounting The financial slalemenls have been prepared In accordance wth Accounting and Reporting by Charities", Statement of Recommended Practice for Chariles Isecond Edition, effective 1 Janaury 20191 and the Charities Act 2011. The Charity meets the definition of a public enlily under FRS102. Assets and liabilities are inlially recognised at historical costs or transaction value, unless otherwise staled in the relevant accounting policy. Going Concern Al 31 December 2021 the Charity had investments totslling £3,643,218 and bank balances, after taking account of debtors and creditors, of £220,594. Consequently, 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 ID transfer all of the assets, liabilities and activities of the Charity into a new charity, The Vaughan Williams Foundation, wth effect from 1 January 2023. The intention Is to merge the charity's assets, liabilities and activities with another similar charity's assets, liabilities and activities that il is intended will be transferred simultaneously into The Vaughan Williams Foundation. Accordingly, the Charty does not meet the definition of a going concern wlhin paragraph 3.8 of FRS 102 in that il will not continue lo operate for 12 months from the date of approval ol these financial stslemenls. Accordingly, these financial statements are prepared on a basis other than the going concern basis, although trustees do not consider any fLJrther liabilities will arise as a result of the intended transfer.. and as the Charity's fixed assets 11 be transferred into the new charity and continue as such in that entity, Trustees do not feel it appropriate ID redassify fixed assets as current assets. The financial statements are therefore materially equivalent lo how they would have been presented had they been prepared under the going cOnM basis of accounting. Fund Accounting Unrestricted funds comprise accumulated surpluses and deficits on general fijnds. They are available for use al the discretion of the Board of Trustees in furtherance of the general charitable objeth"ves. The endowment funds iepresenl fixed assets, of Investments and copyrights, held by the Trust in order to generate income lo be used lo meet the charitable objectives of the trust both annually and in the future. Any gains or losses arising on the investments and copyrights fom part of the fund. Investments Investments are stsled al their middle-markel values ruling al 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. Depreciation The copyright as sel out in Note 5 to the accounts will be written off in equal inslalmenls on a slraighl line basis from 1 November 2009 through to 2028 (when the copyright is due lo expire). Grants Donations are Charged to the Slalement of Financial Activities in the year when the donation is confirmed lo the donee. Ibl Ibl Icl Idl lel If) Support Costs Thesè comprise staff and office costs. These costs support the granl-making adivily and are so allocated. All support costs are allocated to grant making activity. This is because the cost of raising funds relates solely to investment manager's fees and does not attract other support costs. Governance costs Governan costs comprise all costs involving the public accounlabilily of the charity and its compliance th regulation and good practice. These costs include costs related to slalutory audit and legal fees. Royaltles Income arising from these is accounted for when it is receivable. Cash at bank and in hand Igl Ihl Cash at bank and cash in hand indudes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Financial Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using effective interest method. (J'l
THE VAUGHAN WILLIAMS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Principal Accounting Policies Icontl Ikl Material judgements and uncertainties The preparation of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as al the balance sheet dale and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgements made that have a Significant effect on the amounts recognised in the financial statements. Change of accounting reference date The comparatives relate to the 14-monlh period ended 31 December 2020. General Information The Charity is an unincorporated trust, constituted under a trust deed dated 9 October 2000 and a supplementary deed dated 27 September 2012 and is a registered charity, number 1123968, registered in England. The principal office of the charity is 10 Queen Street Place, London EC4R 1AG. Im) Investment Income 2021 2020 UK listed investments Overseas quoted investments Investment managers interest Olhei income 76,890 4,340 80,904 3,164 58 178 79 81,309 84,304 Royalty Income 2021 2020 ALCS Boosey & Hawkes British Academy Chandos Chester Music Ltd Faber Music H81 Leonard Europe MCPS oup OUP IU V WAccounll PLR Authors PRS Ltd Stsiner & Bell 92 10,559 163 17,656 3,781 62 20,108 5,389 782 550 99,784 272 16 9,788 6,528 365 110 91,946 88 130 34,453 14,241 85,628 38,245 168,326 272,420 Invgstment A$$9ts 2021 2020 UK listed investmènts Overseas quoted investments Cash held as part of investment portfolio 2,308,315 1,292,737 42,166 2,168,862 982,685 69,697 3,643,218 3,221,244 12-
THE VAUGHAN WILLIAMS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Investment Assets Icont'l Openlng Market Value Less.. Proceeds on disposals of investments Add Acquisitions al ¢osl ILossesl on sale of investments Nel gain on revaluation at 31 December 2021 IDecreasellincrease in cash held as part of investment portfolio 3,221,244 1367,3331 503,797 153 312,888 2,896,471 1967,8711 1,145,781 193,6681 294,255 {27,5311 153,7241 Market value at 31st December 2021 3,643,218 3,221,244 5 Copyright Valuation 2021 2020 Copyright original valuation 2,340,000 2,340,000 Depreciation al 1 January 2021 Depreciation for the period 1,375,263 123,159 1,231,579 143,684 Al 31 December 2021 1,498,422 1,375,263 Net Book Value 31 December 2021 841,578 964,736 The £841,57812020". £964,736) represents the valuation of the copyright interests in the works of Ralph Vaughan Williams bequeathed lo the charity by Ursula Vaughan Williams. The works come out of copyright in 2028 and wll be written off over the life of the asset on a straight line basis in equal inslalmenls for the nineteen years from 1 November 2009. 6 Debtors 2021 2020 Royalties Other 28,177 35,943 3,035 28,177 38,978 7 Credltors.. amounts falllng due wlthln one year 2021 2020 Grants payable Accruals VAT 71,380 29,441 8,764 16,330 28,873 7,578 109,585 52,781 8 Analysis of Balance Sheet Net Assets by Fund - 2021 Expendable Unrestricted Endowment Funds Total Fixed assets Current assèts Current liabilities 4,484,796 33,378 4,484,796 330,179 1109,5851 296,801 1109,5851 4,518,174 187,216 4,705,390 13-
THE VAUGHAN WILLIAMS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 8 a. Analysis of Balance Sheet Net Assets by Fund - 2020 Expendable Unrestricted Endowment Funds Total Fixed assets Current assets Current liabilities 4,185,980 49,301 4,185,980 391,806 152,7811 342,505 152,7811 4,235,281 289,724 4,525,005 9 Support Costs (including Govemance costs) 2021 2020 Direclorfs salary Secretary's fees Direclorfs salary- Employer's National Insuran Direclorfs office & running costs RVW 150 costs 36,022 9,519 1,957 3,852 42,487 40,224 11,116 1,957 1,899 23.900 93,837 79,096 Governance costs 23,804 30,647 117,641 109.743 The average number of employees during the year was one12020'. onel. There were no employees with emoluments above £60,000. 10 Trustees. and Advisors. Remuneration and Expenses Govornan¢g Costs: Fees paid lo haysmacintyre and charged in the accounts for the year £20,86012020 .. £24,360). The amount outstanding al 31 December 2021 is £5,22012020". £5,220). No remuneration is paid either directly or indirectly to the trustees for their services as trustees. In the year to 31 December 2021 out of pocket travel expenses of £333 were paid to two truslees12020 .' £807 five trusleesl Fees paid to Leonard Jones & Co and charged in the accounts for the year for auditing services are £2,40012020 £2,300). Bank charges paid and charged in the accounts are £21112020 £3261 Merger Costs paid and charged in accounts are £012020 .' £3,054) Costs of Ralslng Funds: Fees paid lo Investec Wealth & Investment, and Charged in the accounts are £21.96412020 '. £25,274) 11 Publishing Costs 2021 2020 Publishing costs 31,978 31,820 31,978 31,820 14-
THE VAUGHAN WILLIAMS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 12 Grants made 2021 2020 Bristol Ensemble Broomdasher Canterbury Singers Carice Singers Cecil Aronowitz Inter Chamber Ensemble of London Charterhouse School Chellenham Chamber Orchestra Chillern Arts City of London Choir Echo Ensemble English Music Festival Fairhaven Singers Friends of the Choir Help Musicians UK Hereford Chamber Choir Holsl Birthplace Trust Investec International Music Festival Kendal South Choir King's Lynn Festival Kunsl & Kultur Little Projects, Gloucestershire London Philharmonic Orchestra Music In Action, Jersey New Path Ltd Newbury Spring Festival Newbury Spring Festival Norfolk & Norwich Festival Trust Opera Holland Park Opus One Berks Chamber Choir Paul Hindmarsh Music Pennine Spring MUSIC Pialli Quartet Resonus Classics Royal Northem College of Music Royal Scottish National Orchestra Rodenkirchen Ghamber Choir and Orchestra RVW So¢ielylAlbion Records Sacred Stage Southbank Sinfonia Suffolk Philharmonic Orchestra Symphonia Verbum Orchestra Ltd The Black Mountains Chamber Music Trust The Boydell Press Thornbury Orchestra Three Choirs Festival Assoryalion Vox Philia Waterperry Opera Festival Intnittington Music Festival Yorkshire Philiarmonie Choir Grants made lo individuals 500 3,000 3,941 1,500 12001 200 500 2,000 550 500 5,000 300 3,000 2,000 5,000 1,000 2,000 500 5,000 100 500 750 700 6,000 1,500 19001 2,500 10,000 5,000 2,000 4,000 3,000 380 1,250 5,000 3,000 2,500 1,500 10,000 10,000 750 1,000 5,000 350 1,500 1,000 350 2,500 750 1,000 500 {2,0001 4,950 2,180 87,550 37,351 15-
THE VAUGHAN WILLIAMS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 13 Transfer between funds During the year £114,97412020". £138,788) was transferred from unreslri¢led funds lo the expendable endowment fund this is to enable the charity to continue once the royalties expire on 31 December 2028. This was made of £81,30912020 '. £ 84,3041 Investment in¢ome and 20Q/D of Royalty income of £33,66512020 '. £54,484). 14 Comparative Statement of Financial Activities (for the period of 14 months ended 31 December 20201 2020 Expendable Endowment Unrestricted Funds Total INCOME FROM: Investments Royalbes 84,304 272,420 84,304 272,420 Total Income 356,724 356,724 EXPENDITURE ON.. Raising funds 25,274 25,274 Charitable Activities Grants made and publishing costs Support costs linduding goveinance costsl 69,171 69,171 109,743 109,743 Total Expenditure 178,914 25,274 204,188 Nel incomellexpendilurel before gains and losses on investments 177,810 125,2741 152,536 Other recognlsed galnslllossesl Nel Ilossesl on investments Copyright write down (per Note 51 200,587 1143,6841 200,587 1143,8841 Net Income 177,810 31,629 209,439 Transfer between funds {138,7881 138,788 NET MOVEMENT IN FUNDS 39,022 170,417 209,439 TOTAL FUNDS BROUGHT FORWARD 250,702 4,064,864 4,315,566 TOTAL FUNDS CARRIED FORWARD 289,724 4,235,281 4,525,005 16-