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2023-12-31-accounts

Charity registration number 1193080

Vaughan Williams Foundation a Charitable Incorporated Organisation (CIO)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended

31[st] December 2023

Vaughan Williams Foundation CIO Report and Financial Statements Year ended 31st December 2023

Contents Page
Report of the Trustees 1 - 6
Independent Auditor's Report 7 -10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cashflows 13
Notes to the financial statements 14 - 28

Vaughan Williams Foundation CIO Report of the Trustees - Legal & Administrative Information Year ended 31st December 2023

TRUSTEES

Sally Groves, MBE (Chair) John Axon Nicholas Bell Professor Richard Causton Hugh Cobbe, OBE, FSA Helen Faulkner Andrew Hunter Johnston Professor Nicola LeFanu Bernard Watson FCA

DIRECTOR

Rosemary Johnson MBE

PRINCIPAL OFFICE

13 Calico Row, Plantation Wharf, London SW11 3YH

AUDITOR

Leonard Jones & Co, 1 Printing House Yard, London, E2 7PR

SOLICITORS

BDB Pitmans LLP, One Bartholomew Close, London EC1A 7BL

BANKERS

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ

INVESTMENT ADVISERS

CCLA Investment Management Ltd, One Angel Lane, London EC4R 3AB

REGISTERED CHARITY NUMBER

1193080 (England and Wales)

REGISTER OF COMPANIES INDEX NUMBER

CE024582 (England and Wales)

1

Vaughan Williams Foundation CIO Report of the Trustees Year ended 31st December 2023

The Trustees present their report and the financial statements for the year ended 31 December 2023 which have been prepared to comply with the Charities Act 2011 and Charity Commission’s Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and FRS 102.

Structure, Governance and Management

The Vaughan Williams Foundation ("the Foundation" and "the charity"), registered in England and Wales under charity no 1193080, was constituted on 12th January 2021 as a Charitable Incorporated Organisation (CIO). It was formed from the merger of the RVW Trust (charity no. 1066977) and the Vaughan Williams Charitable Trust (charity no 1123968). The Foundation was largely dormant until 1st January 2023, at which time it received by transfer all assets from the founder Trusts, and began to assume the activities of the founders, whose objects it essentially shared. In accordance with accounting standards, and for realistic comparison with the previous year (2022), combined figures have been provided from the accounts of the founder Trusts.

The Trustees who have served during the year and since the year end are listed on page 1. They met four times during the year; a Finance Committee met twice during the year. Two grants committees meet to discuss all applications to the Foundation. The RVW+ subcommittee which deals with composers from the first half of the twentieth century met three times, and the Recent Composers subcommittee met four times. Two independent advisers were invited to support this last subcommittee, composers Raymond Yiu and Hannah Kendall. The first Trustees were established under the Constitution of 12th January 2021. One third of the current Trustees step down each year but are eligible to put themselves forward for a total of three terms of office. New trustees, when required, will be found by the existing trustees. When recruiting new trustees, the trustees look for individuals with skills and experience which are of value to the Foundation, and which are not necessarily represented by existing trustees. Any potential trustees will be invited to observe a meeting of the trustees and, if appointed, will be provided with an induction pack making clear their responsibilities and including accounts and a copy of the Constitution. Often a potential candidate will serve as an adviser to the Foundation before being invited to join the board of trustees.

Key Management Personnel

Having delegated the day-to-day managing, running and operation of the Foundation to the Director, the Trustees consider themselves and the Director to be the key management personnel of the charity. All trustees give of their time freely and no trustee received remuneration in the year. The Director's salary is reviewed annually by the trustees.

Objectives and Activities

The objects of the Foundation are:-

The objects are carried out by means of the award of grants to individuals and organisations.

2

Vaughan Williams Foundation CIO Report of the Trustees (continued) Year ended 31st December 2023

Policy

The Trustees regularly review the policies under which they fulfil the objects of the Foundation. For the time being, these are:

  1. To give assistance to British composers who have not yet achieved a national reputation.

  2. To give assistance towards the performance and recording of music by neglected or currently unfashionable 20th and 21st century British composers, including performances by societies and at festivals which include works by such composers in their programmes.

  3. To assist national organisations which promote public knowledge and appreciation of 20th and 21st century British music.

  4. To assist education projects in the field of music.

  5. To support post-graduate students of composition taking first masters degrees at British universities and conservatoires.

Investments and Reserve Review

The charity had unrestricted reserves of £7,914,679 (2022: £7,502,082).

The Foundation continued to establish an accumulating fund to enable the Foundation to continue to make significant grants after 2028 when the income from performing right will cease.

The Trustees regularly review the reserves. During the year the charity’s investment policy was reviewed and rewritten in consultation with Paul Mitchell Investment Reviews Ltd – a specialist charity advisor – and CCLA was appointed as investment manager. Funds are invested in the COIF (Charities Official Investment Fund). The trustees will regularly review the Foundation's investment policy, with regard to the eventual cessation of Ralph Vaughan Williams's copyright. Although the Trustees' investment policy has no explicit ethical policy, it does require that funds are invested responsibly in accordance with prevailing good practice in the areas of governance, sustainability etc. The COIF Charities Investment Fund incorporates environmental, social and governance considerations into its investment strategy.

Reserves Policy

The Foundation's main source of income is its copyright interests in the works of Ralph Vaughan Williams, which produce an income of over £400,000 per annum, and will expire on 31 December 2028. The Trustees' aim is to accumulate in the region of £10M of investments by 2028, in order to make running the Trust economically viable in the longer term. In order to achieve this, the Trustees have decided to retain and invest all income arising from the Trust's investment portfolio as well as at least 20% of the copyright income until 2028.

Financial Review

During the year ended 31 December 2023, total income was £723,564 (2022: £511,745). Expenditure was £628,568 (2022: £776,004). The charity also recognised a gain in the market value of its investments of £317,601 (2022: loss of £781,211).

There are no restricted or endowment funds. The Foundation carries out no ongoing fund-raising activity. The main source of income is derived from the copyright of musical works assigned by the late Ralph Vaughan Williams OM. The entitlement to such right should persist until the end of the year 2028 under current copyright regulations. It is hoped that copyright income may, in the short term, persist essentially at current levels so that grant-making can be maintained accordingly. Other income derives from the Foundation's investments.

Related party transactions

Details of related party transactions are provided in note 14 to the financial statements.

3

Vaughan Williams Foundation CIO Report of the Trustees (continued) Year ended 31st December 2023

Achievements and Performance of The Foundation

This was the Foundation's first year of operation, having been consituted in January 2021, and following the transfer of assets from the RVW Trust and the Vaughan Williams Charitable Trust on 1st January 2023.

The Foundation was fully operational throughout the year. The charity’s website was launched which includes a number of public resources freely available in one place for the first time – including a large selection of good quality images of the composer and all the composer’s letters, fully indexed and sortable. The number of applications, performances and recordings rose back to a level comparable to those received by the founder Trusts before the pandemic. The 150th anniversary of the birth of Ralph Vaughan Williams was celebrated nationally and internationally from the beginning of 2022 and celebrations continued until mid-2023. Highlights in 2023 included The Three Choirs Festival in Gloucester which featured Vaughan Williams’s music and, with the British Youth Opera, mounted a performance of his important opera The Pilgrim’s Progress; and in the USA the 33rd Bard Festival which presented a major retrospective of his work in a seven-day festival. A number of especially commissioned works celebrating the composer and his legacy, and supported by the Foundation, were premiered during the year. These included a choral work by Grace Evangeline Mason for Bristol Choral Society, an orchestral piece by James B Wilson for the City of Birmingham Symphony Orchestra and a community project What the Lark Saw with music by Liz Lane which brought together community stories from across Gloucestershire, and which was performed at the Three Choirs Festival.

The Charity's aims were carried out for the public benefit. All music supported by the Foundation is performed publicly or released as a publicly available recording. The trustees have not entered into any commitments which would affect the financial position of the charity. Grants were made as follows:

Total grants made during 2023
Number of Grants
Public Performance
78
Music Festivals
20
Recordings
39
Student Bursaries
6
VW Projects
20
Training
2
Charity
1
166		 £
149,130
55,000
73,575
30,000
37,844
5,000
2,500
353,049

Grant categories generally conform to the trustees' grant-making policies as stated in this report. £30,000 was awarded to six graduates studying for master’s degrees in composition; this was in the form of four Vaughan Williams Bursaries of £6,000 each plus two of £3,000 each. Further details are given in Notes 6 and 16 to the Accounts.

Income from performing and publishing royalties recovered during the year due, both to the full reinstatement of live performances following the pandemic, and because of the increased interest in performing Vaughan Williams’s Music during the anniversary seasons 2022-23. This was matched by a parallel increase in applications - 248 were received. The trustees awarded £353,049 in 166 grants with a mean average grant of £2,130. The trustees and finance committee continued to monitor income levels in order to be able to increase reserves without materially affecting the value of grants made.

4

Vaughan Williams Foundation CIO Report of the Trustees (continued) Year ended 31st December 2023

Risk Management

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks, including a Risk Register. In particular they continue to have regard to the expiry of performing right, and therefore the income from this, at the end of 2028. The Trustees are satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance.

Going Concern

At 31 December 2023 the Foundation had investments totalling £7,246,906, and net current assets of £71,766 (calculated as bank balances plus debtors minus creditors). Net current assets alone equate to over 1 months' expenditure, and there is easy access to further cash resources, should these be required. The Foundation is therefore in a strong financial position and 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. Consequently, the trustees believe that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Public Benefit

The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing their aims and objectives and planning their future activities; these are outlined in the Foundation's Policy, stated on page 3.

Fundraising

Since the Foundation's income is derived from performing right of Ralph Vaughan Williams's music, it does not undertake fundraising activities; it is nevertheless mindful of the Code issued by the Fundraising Regulator.

Future Plans

The expiration of the copyright of RVW’s music in 2028 will result in a considerable reduction of income into the charity. The trustees wish the charity to exist well beyond this date and accordingly the priority until the end of 2028 is to grow the investments as much as possible while continuing to sustain our current level of grant giving. This will ensure that after 2028 there are sufficient funds to continue our grant giving at a worthwhile level in accordance with the founder’s wishes, as subsequently interpreted by the trustees. Monthly sums agreed by the finance subcommittee are reinvested into our COIF investment fund and administrative costs are monitored closely to ensure that the Foundation is as financially efficient as possible. During 2024 the trustees will review grant giving levels and policy and whether there are other steps we might take to reduce the impact in loss of income before 2028.

5

VaL¥hanWlllams FwDd•ikn cio Rewi oftheTrustees 1rnntln￿I Siatemerrtof Tnot¢¢J' Responslblmt The Trustees are required to prepare finawal ststemefttsfor eath finandal yearwhlch tyve a tnje and f•irview of the state of 3ffair5 of the Ftyjndatlon and of its surplusi*defitft for that period- ln preparln4 those fin•fi¢i•l staternents, the Trustees We￿ ￿qUIred to.. selert suitable acc￿JntIn8 pollcle5 and then appty thern coThs15tentty, observe the methodsand prlrKlples in thethar(tles SORP, makelud8ementsand estirnates thèt are reasonab￿ and pwdent. state whether applicable standards have been followed. sublectto any M￿e￿al departures dls¢los¢d and explained in the fin4n¢i#l statemek)ts. ar prepare the fln•n¢l•l statements on the Concern b￿"$ ￿lesS h Is Inapproprlateto pre5umethatthe Fcundltlon w(11 cOntIn￿ In lyjslress. The Trustees ire responsible for keeplng Suffic￿nt accounting re¢ords whkh dlKbse reasonable •¢¢urw at anv me the financial pOsit￿N of the Foundation. The Trustees are also responsible foi safe8uardlngthe #swts of the Foundath)n •nd hen¢e for taklw reasonablesteps for1￿ rve￿￿tIon and deteciion of fraud antl other Irre8ularltle5. Cm behalf of the Trustees Cifrn) S•lly Groyes M8t Chalr D•te. 13th Septernber X124

INDEPENDENT AUDITOR'S REPORT to the Trustees of The Vaughan Williams Foundation CIO Year ended 31st December 2023

We have audited the financial statements of The Vaughan Williams Foundation CIO (‘the charity’) for the year ended 31st December 2023 which comprise a balance sheet, a statement of financial activities, a statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

7

INDEPENDENT AUDITOR'S REPORT to the Trustees of The Vaughan Williams Foundation CIO (continued) Year ended 31st December 2023

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 (Charities Act 2011, Section 144) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements 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 statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

8

INDEPENDENT AUDITOR'S REPORT to the Trustees of The Vaughan Williams Foundation CIO (continued) Year ended 31st December 2023

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 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.

9

INDEPENDENT AUDITORS REPORT tolheTrnstees01 The Vaughan Wllllam5 Foundatlon ao Icontlnuedl Yeir ended 31st l)erembei 2023 Mattrial mi55tsrements that arise due toftsud can be harderto deteu than those thai a¥isE from erroras the¥ May involve deliberate <oTrcealfflentor collusion. A furtherdescnption of our ￿SponSibl1111e5 for the audii of I￿1nancIal statements is located on the Financial R¢porting Council'5 website at.. www.Irc.or¥.uVaudiioryesponsibilitie5. ThisdeKrbptioTh lorms part ol our auditorfs report. Use of our report This report 15 made solely to the charit￿S irustee5. a5 a body. io atcordance with The Cha¥itie5Act 2011. Our audit work has been undertaken 50 that we rni8hi State to the trusiee5 those matter5 we are required to state to them ifi an auditor'5 report and for othei purpose. To the fullesi extent perrnitted by law. we do not accept or a55ume respon51bility to anyone other than thechariirfs trustÈe5 45 a bth. for ou[a￿li¢ worl lor ihis reptyrt. or for the vpinions we have forrned. Leonard Jones & Co. statutory auditor I Priniirtg House Yard London E2 7PR Leonard Jones & Co are elieible io act a5 on aLlrtor under section 1212 01 iheCompanie5 Acl 2W6. io

Vaughan Williams Foundation CIO Statement of Financial Activities (including an income and expenditure account) Year ended 31st December 2023

Note
Income from:
Other income
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income / (expenditure) before gains on investments
Other recognised gains / (losses)
Net gains / (losses) on investments
10
Net income / (expenditure) and movement in funds
Total funds brought forward
13
Total funds carried forward		 Unrestricted Funds Unrestricted Funds
Combined
2023
2022
(See note 17)
£
£
644,717
430,058
78,847
81,687
723,564
511,745
140,385
144,480
488,183
631,524
628,568
776,004
94,996
(264,259)
317,601
(781,211)
412,597
(1,045,470)
7,502,082
8,547,552
7,914,679
7,502,082
511,745
144,480
631,524
776,004
(264,259)
(781,211)
(1,045,470)
8,547,552
7,502,082

The notes on pages 14 to 28 form part of these financial statements.

Page 11

Va4han WWlSarns F¢>wdtkni ao BalarKe Slei Asat Jlst DEtember 1021 C47mbln•d 2022 See not 18 Flx•d •s#ets Tan8lble fixed a55ets Intangible fl¥eO asseis Investrnents 745 595.262 7,246,906 7yI913 718,420 6.605,073 7.323A93 Curr•ri •SMty Oebtors Cash at ￿rtk •nd In hand li 39.041 374.224 413265 389,107 CL4rr•nt li•bHltles Credltors- amounts filllhg due wlthln one yt•r 12 234,6761 I?8￿89 Tot•1 n•t •ss•ts 7.914,679 7,502,082 Funds., Vnro$trlrt¢d fvnd5 13 7.914.679 7,S02,082 Tot•lfunds 7,914,679 7.SOI08Z The flnancial statements were approved and aulhorised forts5ué tythe Board of the Trusrees on 13th ￿P1Mber 2024 •nd v4•re sned belowon its beharfbv: Sally Graves MeE Chairand Trustee The notes on pa8e5 14to 28 ltym partofthesefin8ncial stste￿nts.

Vaughan Williams Foundation CIO

Statement of Cash Flows - for the year ended 31 December 2023

Net cash generated from / (used in) in operating activities
Net cash provided by / (used in) investing activities
Interest received
Additions to fixed assets
Purchase of investments
Sale of investments
Cash balances at beginning of period
Cash balances at end of period (see below)
Reconciliation of net cash generated by operating activities
Net income/(expenditure) and movement in funds
(Gains)/losses on investments
Dividends and interest from investments
Add back depreciation & amortisation charge
Decrease in debtors
Increase / (decrease) in creditors
Net cash generated from / (used in) in operating activities
Analysis of cash balances
CAF Current
CAF Deposit
COIF Deposit
RVW Trust HSBC
Vaughan Williams Charitable Trust CAF		 2023
£
261,087
78,847
(819)
(324,232)
-
(246,204)
374,224
389,107
412,597
(317,601)
(78,847)
123,232
30,078
91,628
261,087
2023
119,373
265,984
-
3,171
579
389,107		 Combined
2022
£
(260,899)
81,687
-
(910,231)
789,327
(39,217)
674,340
374,224
(1,045,470)
781,211
(81,687)
123,277
35,721
(73,951)
(260,899)
2022
4,818
15,042
117,372
167,177
69,815
374,224

13

Vaughan Williams Foundation CIO Notes to the financial statements Year ended 31st December 2023

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1a General information and basis of preparation of accounts

The financial statements have been prepared in accordance with the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Vaughan Williams Foundation CIO meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity was constituted under English law by a Contitution drawn up in 2021. The principal office of the charity is at 13 Calico Row, Plantation Wharf, London SW11 3YH. The charity is registered with the Charity Commission in England and Wales, registration number 1066977.

On 1st January 2023 The Foundation merged with the unincorporated charities the RVW Trust and the Vaughan Williams Charitable Trust, whose assets, liabilities and funds, and activities, were transferred to The Foundation. This business combination, having met the appropriate criteria, has been accounted for using merger accounting which presents the financial statements of the combining charities as though they had always existed as currently constituted and 2022 figures represent the combined figures of the merged charities. The specific analysis required in accordance with UK GAAP and the Charity SORP are disclosed in the notes as follows: Note 17: Analysis of SoFA amounts for each entity for the prior year;

Note 18: The carrying value of net assets and charitable funds as at the date of the merger 1 January 2023 (being equal to the assets, liabilities and funds as at 31 December 2022).

The financial statements are denominated in pounds sterling (£).

1b Going concern

The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves level and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

1c Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the charity’s general charitable objectives.

1d Income

All material income is recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Income from investments comprises dividends and interest on shares and stocks, plus interest on all bank balances and deposits and royalties.

14

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

1e Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable

Grants are included in the period of account when they are approved at a meeting of the Trustees and confirmed to the donee.

Support costs

These relate to grant administration and evaluation and comprise all services identifiable as wholly or mainly in support of charitable purposes.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit.

1f Investments

Investments are included in the balance sheet at market value on the basis of the repurchase prices ruling at the close of business on the balance sheet date.

Gains and losses on investments are taken to the Statement of Financial Activities as they arise.

1g Fixed Assets

Furniture, fittings and equipment are reported in the balance sheet at original cost. Depreciation is charged over the estimated useful life of the assets using the straight line method. A rate of depreciation of 20% is used. Amortisation is charged to the cost of raising funds in the Statement of Financial Activities.

Copyright - as set out in Note 9 to the accounts, this will be written off in equal instalments on a straight line basis until 2028 (when the copyright is due to expire).

1h Cash and cash equivalents

Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1i Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1j Estimates and judgments

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.

15

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

1k Financial instrument

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

2
Other income
Royalty income
Sales income
Rental and office costs reimbursed by the Delius Trust		 2023
£
632,246
1,655
10,816
644,717		 Combined
2022
£
419,120
-
10,938
430,058

Royalty income is derived from performing and publishing right of Ralph Vaughan Williams's music.

3
Investment income
Deposit interest
Dividend income
4
Raising funds
Amortisation of copyrights
Investment management fees		 2023
£
9,818
69,029
78,847
2023
£
123,158
17,227
140,385		 Combined
2022
£
1,693
79,994
81,687
Combined
2022
£
123,158
21,322
144,480

16

Vaughan Williams Foundation CIO

Notes to the financial statements (continued) Year ended 31st December 2023

5
Charitable activities
Grants (note 6)
Publishing costs
Support costs:
Management and administration (including staff costs note 7)
Office expenses
Depreciation
RVW 150 celebration
Other expenses
Governance costs (below)
Governance costs comprise:
Trustees' expenses
Meeting costs
Accountancy fees
Auditors' fees
Bank charges
Legal fees		 2023
£
353,049
-
85,296
26,148
74
-
2,113
21,503
488,183
674
414
14,415
6,000
-
-
21,503		 Combined
2022
£
301,985
50,414
86,833
35,625
119
91,740
16,370
48,438
631,524
1,648
1,154
33,880
9,500
441
1,815
48,438
6
Grants
Commitments from founders at 1st January
Grants awarded in the year - see note 16
Grants rescheduled / (recovered)
Paid in the year
Payable at 31st December		 £
£
152,639
354,549
(1,500)
353,049
505,688
(265,134)
240,554
2023		 Combined
2022		 Combined
2022
£
354,549
(1,500)		 £
320,235
(18,250)		 £
227,670
301,985
529,655
(377,016)
152,639

17

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

Staff costs and employee benefits
Salaries and wages
Social security costs
Pension costs		 2023
£
55,000
-
5,500
60,500		 Combined
2022
£
94,338
(1,301)
4,970
98,007

7 Staff costs and employee benefits

The average number of employees during the year was 1 (Combined 2022: 2). The employee provided support services to the Trust's grant-making charitable activities and assisted in the governance of the charity.

The Foundation considers its key management personnel to comprise the trustees and the Director. Total employment benefits attributable to the Director are given above. No employee received a salary in excess of £60,000 (2022: none).

8
Payments to Trustees
Reimbursements at cost		 2023
£
674
674		 Combined
2022
£
-
-

Travel expenses were reimbursed to 4 Trustees (2022:0) totalling £674 (2022: £0). Neither the Trustees nor any person connected with them have received any remuneration (2022:£0).

9
Fixed Assets
Cost
At 1st January 2023
Additions
At 31st December 2023
Depreciation / amortisation
At 1st January 2023
Charge for the year
At 31st December 2023
Net Book Value
At 31st December 2023
At 31st December 2022		 Office and
machinery
£
-
819
819
-
74
74
745
-		 Copyright
£
2,340,000
-
2,340,000
1,621,580
123,158
1,744,738
595,262
718,420

18

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

10
Investments
Market value at 1st January
Additions
Disposals
Gains / (losses) on investments
Market value at 31st December
Historical cost		 2023
£
6,605,073
324,232
-
317,601
7,246,906
6,825,215		 Combined
2022
£
7,265,380
910,231
(789,327)
(781,211)
6,605,073
4,634,400

The charity’s investments are accumulation units held in COIF's Charities Investment Fund). Investments are held at fair value.

The COIF Charities Investment Fund aims to provide a total return over the long-term (defined as five years). It is an actively managed, diversified portfolio of assets designed to protect charities from the effects of inflation. The fund has an emphasis on equities but will also include property, bonds and other assets. Exposure to these assets may be through direct holdings and / or through investment in other funds.

Trustees consider the main risk from financial instruments arise from potential volatility in investment markets.

In terms of liquidity risk, units in the Fund are generally-speaking marketable but in difficult market conditions the Fund may not be able to sell a security for full value or at all. This could affect performance and could cause the Fund to defer or suspend redemptions of its shares.

Trustees consider investment risks to be mitigated by virtue of the Fund being actively managed by COIF and by virtue of the Fund investing in a diversified range of assets.

11
Debtors
Trade debtors
Prepayments and accrued income
Other debtors		 2023
£
5,094
1,869
2,000
8,963		 Combined
2022
£
2,525
34,516
2,000
39,041

19

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

Creditors:amounts falling due within one year
Trade creditors
Grants payable
Value added tax
Other creditors (including accruals)		 2023
£
704
240,554
60,781
24,265
326,304		 Combined
2022
£
660
152,639
35,956
45,421
234,676

12 Creditors: amounts falling due within one year

13 Statement of funds

2023
General funds
Total funds
2022 (Combined)
General funds
Total funds		 Brought
forward
£
7,502,082
7,502,082
Brought
forward
£
8,547,552
8,547,552		 Income
£
723,564
723,564
Income
£
511,745
511,745		 Expenses
£
(628,568)
(628,568)
Expenses
£
(776,004)
(776,004)		 Transfers
& losses
£
317,601
317,601
Transfers
& gains
£
(781,211)
(781,211)		 Carried
forward
£
7,914,679
7,914,679
Carried
forward
£
7,502,082
7,502,082

14 Related party disclosure

As disclosed in note 8 above, certain Trustees' expenses were reimbursed during the year and the previous year. Certain Trustees had an interest in the following transactions:

Certain Trustees had an interest in the following transactions:
Combined
2023 2022
£ £
Rent & office expenses - Delius Trust

The Secretary of the Delius Trust is Helen Faulkner – who previously served as		 10,816 10,938
Secretary of the RVW Trust and is now a Trustee of VWF. VWF and Delius Trust
share office space and split the rent and office expenses. VWF invoices the Delius
Trust for these costs quarterly.
Year end balance 5,094 2,525

20

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

14 Related party disclosure (continued) Combined
2023 2022
Grant payments - related Trustees £ £
2 grants were awarded to York Late Music. Nicolas LeFanu is their Patron:
York Late Music - grant for 2023 concerts
 1,000 -
York Late Music - grant for 2023-24 concerts
 3,000 -
Year end balance
 - -
Two grants were made in respect of the recording of the music of Elizabeth
Maconchy, who was the mother of Nicola LeFanu
Joanna Songi
 - 1,000
James Geer
 - 1,500
Year end balance
 - 1,000
The following Trustees also serve as Trustees of the organisations listed to
which occasional grants are made:
Sally Groves: UPROAR; RIOT; Listenpony; Nash Ensemble;
Uproar Ensemble
 - 2,000
Nash Ensemble
 3,000 1,500
Year end balance
 3,000 3,500
Grants were awarded in respect of commissions or recordings of works written
by composers who are also trustees of the Foundation:
The Gemini Trust – grant for recording of work by Nicola LeFanu
 1,000 -
Ben Goldscheider - grant for Nicola LeFanu commission
 3,000 -
Year end balance - -
A grant was made in respect of the commission a work by Joanna Ward.
Richard Causton was her former teacher:
Zeitgeist Online Gallery CIC commission for Joanna Ward
 1,500 -
Year end balance
 1,500 -

All Trustees, employees and advisors declare any potential conflicts of interest in advance of making decisions on the applications. These are recorded in a COI Register by the Director. When Trustees feel they have a connection or interest in a particular grant application they are asked to leave the room while the application is discussed.

21

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

14 Related party disclosure (continued)

Sister Charities

The Vaughan Williams Foundation CIO (VWF) was formed following a merger of the Vaughan Williams Charitable Trust (VWCT) and the RVW Trust (RVWT). Prior to 2023 legal and other expenses for this process were shared by the two trusts. All the assets of the two trusts were made over to the Foundation at the end of 2022. Neither of the Founding trusts has continued to award grants following the merger.

The following VWF Trustees are also Trustees of the VWCT: Sally Groves (Chair), Nicolas Bell, Hugh Cobbe, Bernard Watson.

The following VWF Trustees are also Trustees of the RVWT: Hugh Cobbe (Chair), Richard Causton, Helen Faulkner, Sally Groves, Nicola LeFanu, Andrew Hunter Johnston.

15
Analysis of net assets between funds
Fixed assets - tangible & intangible
Investments
Current assets
Current liabilities
16
Grants Awarded
a) to organisations, amounts £1,000 and over
Bard College
British Youth Opera
NMC Recordings
Presteigne Festival of Music and the Arts
Three Choirs Festival
Britten Sinfonia
Cheltenham Festivals
OperaUpClose
Birmingham Contemporary Music Group
Huddersfield Contemporary Music Festival
LoganArts Management
Help Musicians
York Late Music
North London Chorus
Barts Choir
Ben Goldscheider
Chamber Music Scotland
Jane's Minstrels
Royal Liverpool Philharmonic Orchestra		 Total funds
2023
£
596,007
7,246,906
398,070
(326,304)
7,914,679
2023
10,000
10,000
10,000
10,000
9,000
7,000
6,000
6,000
5,000
5,000
5,000
4,500
4,000
3,500
3,000
3,000
3,000
3,000
3,000		 Combined
Total funds
2022
£
718,420
6,605,073
413,265
(234,676)
7,502,082
Combined
2022
-
20,000
12,000
8,500
9,000
-
3,500
-
-
5,000
-
-
-
-
-
-
-
-
5,000

22

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

Combined
16 Grants Awarded (continued) 2023 2022
a) to organisations, amounts £1,000 and over (continued)
London Philharmonic Orchestra 3,000 2,000
Manchester Camerata 3,000 -
Music in the Round 3,000 -
Music Theatre Wales 3,000 -
Nash Ensemble 3,000 1,500
National Youth Choirs of Great Britain 3,000 2,000
Nonclassical 3,000 -
Owen White Management 3,000 -
Piatti Quartet 3,000 1,000
Resonus Classics 3,000 -
Royal Philharmonic Society 3,000 7,000
Vale of Glamorgan Festival 3,000 1,000
Dartington Trust - Dartington Music Summer School and Festival 2,500 2,000
Northern Opera Group 2,500 1,000
SOMM Recordings 2,500 -
Bangor Music Festival 2,000 1,000
Bromsgrove Concerts 2,000 -
Chroma Harp Duo 2,000 -
Deal Music and Arts 2,000 2,000
The English Music Festival 2,000 8,000
Ensemble Écoute 2,000 -
EXAUDI 2,000 3,000
The First Presbyterian Church in the City of New York 2,000 -
Foundation Wageningen Symphonic Orchestra / The Other Choir 2,000 -
The Glasgow Barons 2,000 -
Hebrides Ensemble 2,000 -
Leominster Museum 2,000 -
London Chamber Orchestra Trust 2,000 -
London Sinfonietta 2,000 1,000
The Marian Consort 2,000 1,000
ORA Choir 2,000 -
Plus-Minus Ensemble 2,000 -
Retrospect Opera 2,000 -
Royal Birmingham Conservatoire 2,000 -
Royal Scottish National Orchestra 2,000 1,500
Scottish Chamber Orchestra 2,000 -
Sohal Estate 2,000 -
Sound Festival 2,000 2,500
Southbank Sinfonia at St John's Smith Square 2,000 1,500
Streetwise Opera 2,000 -
Surrey Hills International Music Festival 2,000 -
Tŷ Cerdd – Music Centre Wales 2,000 1,000
Whitman College Music Department 2,000 -
Ensemble NEKO3 1,800 -
The Literary and Philosophical Society of Newcastle 1,530 -

23

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

Combined
Grants Awarded (continued) 2023 2022
a) to organisations, amounts £1,000 and over (continued)
Concerteenies 1,500 -
Contemporary Music for All (CoMA) 1,500 -
CrossCurrents Festival, University of Birmingham 1,500 -
Explore Ensemble 1,500 3,200
Fitzwilliam String Quartet 1,500 -
Flautissimo, the Southampton Flute Orchestras 1,500 -
Gustav Holst Society 1,500 -
His Majestys Sagbutts & Cornetts 1,500 -
Ligeti Quartet 1,500 -
OperOttawa 1,500 -
Oxford Lieder 1,500 1,000
Smorgaschord Festival 1,500 -
Sound and Music 1,500 -
Standard issue 1,500 -
Workers Union Ensemble 1,500 -
Zeitgeist Online Gallery 1,500 -
Spitalfields Festival 1,250 2,000
Welsh Chamber Orchestra 1,250 1,250
Art Sung 1,000 -
Berwick Educational Association 1,000 -
Bone-afide Trombone Quartet 1,000 -
COGE - Musique en Grandes Écoles 1,000 -
Conway Hall Ethical Society 1,000 1,000
EMF Endeavours Ltd 1,000 -
Ensemble Renard 1,000 -
Flowers Band 1,000 -
Gemini 1,000 -
Helensburgh Oratorio Choir 1,000 -
International Guitar Foundation 1,000 1,500
Laefer Quartet 1,000 -
Leeds Lieder 1,000 2,000
London Song Festival 1,000 2,000
Music @ Aberystwyth University 1,000 -
Nordic Viola 1,000 -
Onyx Brass 1,000 -
Royal Leamington Spa Bach Choir 1,000 -
Septura 1,000 -
SongEasel 1,000 -
Stomping Ground Collective 1,000 -
The Bach Choir 1,000 -
The Ulster Consort 1,000 -
United Strings of Europe CIO 1,000 -
Whiddon Autumn Festival 1,000 -
Dutton Vocalion (Epoch) - 10,000
Lake District Summer Music Festival - 10,000

16 Grants Awarded (continued)

24

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

Combined
16 Grants Awarded (continued) 2023 2022
a) to organisations, amounts £1,000 and over (continued)
Music Teachers Association - 7,200
New London Opera Group - 6,000
Broomdasher - 5,400
Down Ampney Parish - 3,500
Bingham & District Choral Society - 3,000
St Andrew's Chorus - 3,000
Highgate Choral Society - 2,500
Aurora Orchestra - 2,000
Barnet Choral Society - 2,000
Chamber Orchestra of NY - 2,000
Chester Music Society - 2,000
London Oriana Choir - 2,000
Manchester Collective - 2,000
Open Up Music - 2,000
Ulster Orchestra - 2,000
UPROAR Ensemble - 2,000
Britten Pears Arts - 1,500
Chichester Singers - 1,500
Coventry Cathedral Chorus - 1,500
Illuminate - Women's Music - 1,500
Music at Malling - 1,500
New Sinfonia - 1,500
Phaedra Ensemble - 1,500
Royal Opera House - 1,500
Sidmouth Choral Society - 1,500
Solem Quartet - 1,500
Vaughan Williams Memorial Library - 1,500
Leicester Symphony Orchestra - 1,400
Sound World - 1,250
Orchestra Vitae - 1,200
Bach Club Soloists - 1,000
Birmingham Opera Group - 1,000
Bristol New Music - 1,000
The British Library - 1,000
Children's Voices of Enfield - 1,000
Corvus Consort - 1,000
English Arts Chorale - 1,000
enSEmble 26 - 1,000
Fidelio Trio - 1,000
Green Man Gallery - 1,000
HEXAD - 1,000
Holst Birthplace Trust - 1,000
Joyful Company of Singers - 1,000
Little Missenden Festival - 1,000
London Contemporary Music Festival - 1,000

25

Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2023

16
Grants Awarded (continued)
a) to organisations, amounts £1,000 and over (continued)
The London Festival of Contemporary Church Music
London Youth Choirs
Mahogany Opera Group
Meliora Collective
Music at Paxton
NW Live Arts
Retake Concerts
Royal School of Church Music
Southwell Music Festival Ltd
The Night with …
Trio Tempestoso
b) to individuals, amounts £1,000 and over
c) smaller grants to organisations
d) smaller grants to individuals
Total grants authorised in the year
Grants recovered
OperOttawa
NJ Meegs
Kunst & Kultur		 2023
-
-
-
-
-
-
-
-
-
-
-
264,330
83,825
6,394
-
354,549
(1,500)
-
-
(1,500)
353,049		 Combined
2022
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
231,900
69,770
10,931
7,634
320,235
(17,500)
(500)
(250)
(18,250)
301,985

26

Vaughan Williams Foundation CIO Founder Organisation Statements of Financial Activities (SOFA) prior year Year ended 31st December 2023

17
Prior year (2022) combined funds
Income from:
Donations and legacies
Other income - royalty
Other income - reimbursed office costs
Shared salary costs
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Grants awarded
Publishing costs
Management and administration
Office expenses
Depreciation
Amortisation
RVW 150 celebration
Other expenses
Governance costs
Trustees' expenses
Meeting costs
Accountancy fees
Auditors' fees
Bank charges
Legal fees
Total expenditure
Net income before gains on investments
Other recognised gains / (losses)
Net gains / (losses) on investments
Net income / movement in funds
Total funds brought forward
Total funds carried forward		 RVWT
(As restated)
£
-
282,428
10,938
13,920
1,648
308,934
-
181,990
-
58,826
28,510
119
-
-
16,370
644
1,154
5,500
4,300
128
1,815
299,356
9,578
(242,412)
(232,834)
3,842,161
3,609,327		 VWCT
£
-
136,692
-
(13,920)
79,994
202,766
21,322
119,995
50,414
28,007
6,945
-
123,158
91,440
-
1,004
-
28,380
5,200
298
-
476,163
(273,397)
(538,799)
(812,196)
4,705,391
3,893,195		 VWF
£
-
-
-
-
45
45
-
-
-
-
170
-
-
300
-
-
-
-
-
15
-
485
(440)
-
(440)
-
(440)		 Total 2022
(As restated)
£
-
419,120
10,938
-
81,687
511,745
21,322
301,985
50,414
86,833
35,625
119
123,158
91,740
16,370
1,648
1,154
33,880
9,500
441
1,815
776,004
(264,259)
(781,211)
(1,045,470)
8,547,552
7,502,082

The above figures in respect of RVWT have been restated to ensure direct comparison with the 2023 figures for the Foundation. Investment income previously reported in RVWT's financial statements is now considered to represent investment gains.

27

Vaughan Williams Foundation CIO Founder Organisation Balance Sheets prior year Year ended 31st December 2023

18
Prior year (2022) combined funds
Fixed assets
Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Trade debtors
Prepayments and accrued income
Other debtors
Cash at bank and in hand
Current liabilities
Creditors - amounts falling due within one year
Trade creditors
Grants payable
Value added tax
Other creditors (including accruals)
Net current assets
Total net assets
Funds:
Unrestricted funds
Expendable Endowment
Total funds		 RVWT
(As restated)
£
-
3,442,593
3,442,593
2,525
34,516
2,000
284,549
323,590
(360)
(118,845)
(28,486)
(19,165)
(166,856)
156,734
3,599,327
3,609,327
-
3,609,327		 VWCT
(As restated)
£
-
718,420
3,162,480
3,880,900
-
-
-
69,815
69,815
-
(33,794)
(7,470)
(26,256)
(67,520)
2,295
3,883,195
-
3,893,195
3,893,195		 VWF
(As restated)
£
-
-
-
-
-
-
-
19,860
19,860
(300)
-
-
-
(300)
19,560
19,560
(440)
-
(440)		 Total 2022
(As restated)
£
-
718,420
6,605,073
7,323,493
2,525
34,516
2,000
374,224
413,265
(660)
(152,639)
(35,956)
(45,421)
(234,676)
178,589
7,502,082
3,608,887
3,893,195
7,502,082

The figures above are shown to faciliate prior year comparison of funds held by the RVW Trust (RVWT), the Vaughan Williams Charitable Trust (VWCT) and the Vaughan Williams Foundation CIO (VWF).

The figures above differ from those reported in the 2022 financial statements in that the financial statements of RVWT and VWCT each included £10,000 within current assets (accrued income) which was matched in VWF's financial statements by £20,000 of current liabilities (deferred income). These balances have been offset in arriving at the combined funds shown above.

28