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 kno￿edge 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 cOn￿rt 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 A￿pIed 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 kno￿edge 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 a￿ayS 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
prO￿dureS 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 cOn￿M 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-