**Charity registration number 1193080** 


**Vaughan Williams Foundation** a Charitable Incorporated Organisation (CIO) 

## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS** 

**for the year ended** 

**31[st] December 2024** 



## **Vaughan Williams Foundation CIO Report and Financial Statements Year ended 31st December 2024** 

|**Contents**|**Page**|
|---|---|
|Report of the Trustees|1 - 5|
|Independent Auditor's Report|6 -9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cashflows|12|
|Notes to the financial statements|13 - 25|





## **Vaughan Williams Foundation CIO Report of the Trustees - Legal & Administrative Information Year ended 31st December 2024** 

## **TRUSTEES** 

Sally Groves, MBE (Chair) John Axon Dr Nicolas 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** 

Lindeyer Francis Ferguson Ltd, Chartered Accountants North House, 198 High Street, Tonbridge, Kent TN9 1BE 

## **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 MANAGERS** 

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 2024** 

The Trustees present their report and the financial statements for the year ended 31 December 2024 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. 

The Trustees who have served during the year and since the year end are listed on page 1.  They met three times 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. Three independent advisers were invited to support this last subcommittee during the year, music publisher Sam Wigglesworth, Harriet Wybor of the Royal Philharmonic Society and pianist Sarah Nicolls.  The Finance Committee did not formally meet but was consulted by email. 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.  In 2024 John Axon, Andrew Hunter Johnston and Bernard Watson stood down but were re-elected to serve another term. 

New Trustees, when required, will be found by the existing Trustees. At the end of the year a skills audit was conducted and during 2025 an appointments committee met in order to discuss potential new 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:- 

- a) The advancement of public appreciation of and education in music. In particular: 

   - i) The advancement anywhere in the World of the knowledge, understanding and appreciation of the works of the late Ralph Vaughan Williams and in furtherance of this object the encouragement and financial support of public performance and recording of his works; 

   - ii) The encouragement and financial support of publication, performance and recording of music by British, Irish and long-standing UK-resident composers active in the last 100 years; 

- b) The granting of assistance to British, Irish and long-standing UK-resident composers to further their musical education within the UK for public benefit; 

- c) The advancement of such other exclusively charitable purposes for the public benefit as the charity Trustees may in their discretion see fit, having particular regard to the interests of the late Ralph and Ursula Vaughan Williams. 

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 2024** 

## **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 at British universities and conservatoires. 

## **Investments and Reserve Review** 

The charity had unrestricted reserves of £8,245,602 (2023: £7,914,679). 

The Foundation continued to build up 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. Funds are invested in the COIF Charities 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 currently produce an income of over £600,000 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 2024, total income was £659,809 (2023: £723,564). Expenditure was £697,469 (2023: £628,568). The charity also recognised a gain in the market value of its investments of £368,583 (2023: gain of £317,601). 

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 2024** 

## **Achievements and Performance of The Foundation** 

The Foundation was fully operational throughout the year.  The website continues to be popular, clear and easy to use. Statistics show that the letters and the funding pages attract equal numbers of visitors.  The social media feed keeps a flow of information and conversation going. The number of applications rose by 11% (276 in 2024, 248 in 2023), while the total sums requested rose by 57% from £560,736 to £883,708 in 2024 illustrating the current challenges of the funding landscape.  Sadly, our available funds have not allowed us to keep pace with these increased requests and so the Trustees are more than ever mindful of using our support for projects where it will make a significant difference. Organisations in all the countries of the UK and Ireland were supported as well as a number of performances which toured beyond the United Kingdom to the USA and Europe.  The Trustees awarded £364,925 (2023:£353,049) in 168 grants (2023:166) with a mean average grant of £2,172 (2023:£2,130). 

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 2024**<br>**Number of Grants**<br>Public Performance<br>100<br>Music Festivals<br>19<br>Recordings<br>27<br>Student Bursaries<br>7<br>VW Projects<br>15<br>**168**|**£**<br>193,740<br>63,002<br>53,348<br>30,000<br>24,835|
|---|---|
||**364,925**|



Grant categories generally conform to the Trustees' grant-making policies as stated in this report. £30,000 was awarded to seven graduates studying for master’s degrees in composition; this was in the form of one Vaughan Williams Bursary of £6,000, four of £5,000 each, and two of £2,000 each. Further details are given in Notes 6 and 16 to the Accounts. 

Income from performing royalties (which generally arrives at least a year after the performance has taken place) continued to reflect the 'bounce' of the increased performances during RVW's anniversary season 2022/3.  However, publishing income, which is paid more immediately, was down over the year and we anticipate that it is likely that performing royalties will follow this trend in 2025-26.  The Trustees and Finance committee continued to monitor income levels in order to be able to increase reserves without materially affecting value of grants made. 

## **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 2024 the Foundation had investments totalling £7,730,656, and net current assets of £42,261 (calculated as bank balances plus debtors minus creditors). Net current assets alone equate to over 1 month's 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. 

4 



Vaughan Williams Foundatlon CIO
Reportof the Tru5ttt5 Icontlnuedl
Ye•rended 31rt De¢ember20Z4
Publlc B•n•fft
The Trustees have ￿ferred tothe Charlty Commtsslon'$8uldanceon publlc benefltwhen revjewlngthelr almsand
objectlves and plannlngthelr future att￿ltieS. these a￿ outlined in the F¢)undation's Policy, stated on page3.
FundraTsTng
Slnce the FDundatlon's Incorne Is derived frorn perfonnln8 rl8ht of Ralph Vau8han Wllllams's musl4 It doe$ not
undertake fundralslng activities,. it is ntverthele5s mindful of the Code issued bythe Fundralsing fte8ulator.
Ftstur• Plans
The txplratlon of thecopyrlght of RVW'S mu51c In 2028 wlll result in a consTderable reduction of Sncome 5nto the charlty.
The Trustee¥ w15h the charltyto exlstwell beyond this date and accordln¥lythe prtor5ty untll the end of 202815 toBrow
the Investments as murh 0$ possible whlle contlnulng tQ 5U5taln our current level of 8rani al￿￿8. This wlll en$￿￿ thjt
after 2028there are sufficient fundsto continueour gratit 8l¥ln8 at a worthwhile level in accordance with the foundee5
wishes, 05 5ub5equently Interpreted bythe Trustee5. Monthly sum5 a8rètd by the fSnance subcommittee a￿ relnvested
Into our COIF investment fund and •dmlnlstrntfveeosts iro monltored closety to ensvre th8t the Foundatlon L% •$
ftnancially efflclent as posslble.
DurfnA 2024 a panel ofTrustees was appolnted to 8tve more detalled conslderatlon to how the Foundatlon wlll move
forward after 2028. Finan£sal projection5 Show that although the Foundation will be able to c¢)ntinue me•nin¢ful artNity,
wnhout an addltlonal Injeetlon of funds, we are unlikety tc be able to 5U5taln our current level ol 8rant-Rlvln¢ IAdellnltely
after 2028. The Trustees feel th•t the m05t Important thln615 thit we strlve ta hand over to our syecessors a vl•ble
or8anlsatlon wlth a long ILle5pin. Th•r• is no iPP•iit• io sp•nd out imm•d1•to￿ on ¢•ssatlon of copyrlght.
$t•t•m•ni olTrutt•ts' RttponslbS1tt1
The Trustees ¥r• requlred to prepare flnancTal statementsforeach ftnanc5al year whlch slve a true and falrvlewof the
state ol affalrs of the Foundation and vflts Surplus ordeflclt forthat pprlad. In preparlng those financill siatoments. lh•
Tru51eeswere requlredlo..
Se1￿ suliable accountlnl pollcles and then appty th¢rn conslsttntly.
obseNe th¢ m*ihods and prlnciples In the ChJritiu SORP,
male Jud8ernents and estlmates that ère reasonable and prndent,
state whether appllcable accountln8 Standards have been followed, sublecttoany matedal departures dlsc105ed
and explained in the financial staternents. and
P￿pare the financial 5taternent5 on the ¥olng concem b?515 unless It Is Inappropriite to presume th•tthe
FouAd•tlon will Conlinut In bu51n•ss.
The Trustee5 are responslble for keepln8 sufflcleni ¥ccountlnB recordswhlch dlsclo5e wlth regsonable accuracyatary
tlme the flnanclèl posltlon ol the Foundation. The fwstees are 01soresponsiblefor￿IegUafdIngthe a55et5 of the
Fgundatlon and hence tor taklng reasonable stepsfvrthe pwentson and detertion offraud and other Irregularllles.
Onb
11 of the Trustq95
Salty Grove5 MBE
Chalr
Date. 8th July 2025

## **INDEPENDENT AUDITOR'S REPORT to the Trustees of The Vaughan Williams Foundation CIO Year ended 31st December 2024** 

## **Opinion** 

We have audited the financial statements of The Vaughan Williams Foundation CIO (“the charity”) for the year ended 31 December 2024, which comprise a balance sheet, a statement of financial activities, a statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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. 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 

6 



## **INDEPENDENT AUDITOR'S REPORT to the Trustees of The Vaughan Williams Foundation CIO (continued) Year ended 31st December 2024** 

## **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 directors’ report included within 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 requires us to report to you if, in our opinion: 

- the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ responsibilities statement set out on page 5, 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. 

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the charity, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Charities Act 2011 and Charities (Accounts and Report) Regulations 2008. 

7 



## **INDEPENDENT AUDITOR'S REPORT** 

## **to the Trustees of The Vaughan Williams Foundation CIO (continued) Year ended 31st December 2024** 

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charity’s operations and to avoid material penalties, including the General Data Protection Regulation, tax legislation, copyright law, the Bribery Act, employment law and health and safety regulations. 

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we: 

- selected a team with sector experience to perform the audit; 

- obtained an understanding of the charity’s procedures for ensuring compliance with laws and regulations; 

- obtained and reviewed internal policy and procedure documents; 

- made enquiries of management and the Trustees regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations; 

- obtained and reviewed meeting minutes; 

- reviewed legal expenses accounts for indications of any possible non-compliance; and 

- reviewed the completeness and accuracy of any disclosures made in the financial statements. 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including considering how 

- making an assessment of the charity’s control environment, systems and controls including identifying any weaknesses and considering the risk of management override of controls; 

- considering whether there are any incentives or opportunities for management to manipulate financial results; 

- • obtaining and evaluating the Trustees’ assessment of the risk of fraud, and enquiring as to whether they are aware of any actual or suspected incidences of fraud; 

- reviewing the accounting policies and accounting estimates for signs of management bias; and 

- • identifying key risks relating to irregularities as relating to revenue recognition including fraud; management override of controls; and the completeness of grant liabilities 

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, reviewing journal entries, accounting estimates and opening balances, substantive testing of grant liabilities including a review of meeting minutes where grants are agreed. 

The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

8 



## **INDEPENDENT AUDITOR'S REPORT to the Trustees of The Vaughan Williams Foundation CIO (continued) Year ended 31st December 2024** 

## **Use of our report** 

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s Trustees as a body and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

29 July 2025 signed …......................................................... Date …................................................. 

**Lindeyer Francis Ferguson Limited** Statutory Auditors Chartered Accountants North House 198 High Street Tonbridge Kent TN9 1BE 

9 



## **Vaughan Williams Foundation CIO Statement of Financial Activities Year ended 31st December 2024** 

|**Note**<br>**Income from:**<br>Royalty income<br>Other income<br>2<br>Investments<br>3<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>4<br>Charitable activities<br>5<br>**Total expenditure**<br>**Net (expenditure) / income before gains on investments**<br>**Other recognised gains / (losses)**<br>Net gains on investments<br>10<br>**Net income and movement in funds**<br>Total funds brought forward<br>13<br>**Total funds carried forward**|**Unrestricted Funds**|**Unrestricted Funds**|
|---|---|---|
||**2024**<br>**£**<br>637,382<br>10,249<br>12,178<br>**659,809**<br>200,003<br>497,466<br>**697,469**<br>**(37,660)**<br>**368,583**<br>**330,923**<br>7,914,679<br>**8,245,602**|**2023**<br>**£**<br>632,246<br>12,471<br>78,847|
|||**723,564**|
|||140,385<br>488,183|
|||**628,568**|
|||**94,996**<br>**317,601**|
|||**412,597**<br>7,502,082|
|||**7,914,679**|



- All transactions derive from continuing activities. 

- All recognised gains and losses are included in the Statement of Financial Activities. 

The notes on pages 13 to 25 form part of these financial statements. 

Page 10 



Vau8hanWtlllams Foundation CIO
Bolancè SheÈt
As *t31st D•c•mber2024
2024
2023
Note
Axed assets
TanElble ftxed assets
Intangible fixed assets
Investment5
581
472,104
7,730,656
,203,341
745
595.262
7.246,906
7W.913
io
Currnrtt •iMts
Debior$
Cash at bank and In hand
li
5,886
468.991
474,877
8,963
389.107
398,070
Cuttent Il•blllll
Credltors- amounts hlll
due wlthln on¢ year
12
616
N•t¢urr•nt •5s•ts
41.261
Tot•1 net iss•ts
8,145,602
7.914.639
Funds:
Unrestrl¢ted fvnds
13
S,245,￿2
7,914,679
Tot•1 fvnd$
8245.602
7,914,679
Th• nn•ncl•l $t¥tements w•r• ippraved •nd authodsed for Issue bythe Èoird of the Truste•5
on 8th Juty 2025 and were slgned below on its behalf bv..
SallyGrDves M8E
Chglr and Trustee
The notes on PaBe5 13 to 25forrn pirt of these financial statements.
li

**Vaughan Williams Foundation CIO Statement of Cash Flows - for the year ended 31 December 2024** 

|**Net cash generated from operating activities**<br>**Net cash used in investing activities**<br>Interest received<br>Additions to fixed assets<br>Purchase of investments<br>Sale of investments<br>Investment cash movement<br>**Cash balances at beginning of period**<br>**Cash balances at end of period (see below)**<br>**Reconciliation of net cash generated by operating activities**<br>Net income and movement in funds<br>Gains on investments<br>Dividends and interest from investments<br>Amortisation charge<br>Depreciation charge<br>Decrease in debtors<br>Increase in creditors<br>**Net cash generated from operating activities**<br>**Analysis of cash balances**<br>CAF Current<br>CAF Deposit<br>COIF Deposit<br>RVW Trust HSBC<br>Vaughan Williams Charitable Trust CAF|**2024**<br>**£**<br>**182,873**<br>12,178<br>-<br>(249,427)<br>90,002<br>44,258<br>**(102,989)**<br>389,107<br>**468,991**<br>330,923<br>(368,583)<br>(12,178)<br>123,158<br>164<br>3,077<br>106,312<br>**182,873**<br>**2024**<br>65,332<br>295,771<br>101,922<br>5,446<br>520<br>**468,991**|**2023**<br>**£**<br>**As restated**<br>**in note 10**<br>**261,087**<br>78,847<br>(819)<br>(7,435,313)<br>7,062,052<br>49,029|
|---|---|---|
|||**(246,204)**<br>374,224|
|||**389,107**|
|||412,597<br>(317,601)<br>(78,847)<br>123,158<br>74<br>30,078<br>91,628|
|||**261,087**<br>**2023**|
|||119,373<br>265,984<br>-<br>3,171<br>579|
|||**389,107**|



12 



## **Vaughan Williams Foundation CIO Notes to the financial statements Year ended 31st December 2024** 

## **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 1193080. 

The financial statements are denominated in pounds sterling (£) and rounded to the nearest £1. 

## **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. 

Royalty income is recognised on receipt of the royalty statement. 

## **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. 

13 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

## **1e Expenditure (continued)** 

## **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. 

## **1k Financial instrument** 

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

14 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

## **2 Other income** 

|**2**<br>**Other income**<br>Sales income<br>Rental and office costs reimbursed by the Delius Trust<br>**3**<br>**Investment income**<br>Deposit interest<br>Dividend income<br>**4**<br>**Raising funds**<br>Amortisation of copyrights<br>Investment management fees|**2024**<br>**£**<br>-<br>10,249<br>**10,249**<br>**2024**<br>**£**<br>6,823<br>5,355<br>**12,178**<br>**2024**<br>**£**<br>123,158<br>76,845<br>**200,003**|**2023**<br>**£**<br>1,655<br>10,816|
|---|---|---|
|||**12,471**|
|||**2023**<br>**£**<br>9,818<br>69,029|
|||**78,847**|
|||**2023**<br>**£**<br>123,158<br>17,227|
|||**140,385**|



Towards the end of 2023 the majority of the charity’s investments were moved into the COIF Charities Investment Fund as detailed in note 10. This transfer was finalised in 2024, and as at the Balance Sheet date all of the charity’s investments are held in this fund. A management fee is charged by the Investment Manager based on a percentage of the assets managed, and this fee is higher than that which was charged by the previous fund Manager but is in line with current benchmarks. 

## **5 Charitable activities** 

|**Charitable activities**<br>Grants (note 6)<br>Support costs:<br>Management and administration (including staff costs note 7)<br>Office expenses<br>Depreciation<br>Other expenses<br>Governance costs (below)|**2024**<br>**£**<br>364,925<br>81,668<br>27,110<br>164<br>(84)<br>23,683<br>**497,466**|**2023**<br>**£**<br>353,049<br>85,296<br>26,148<br>74<br>2,113<br>21,503|
|---|---|---|
|||**488,183**|



15 



## **Vaughan Williams Foundation CIO** 

## **Notes to the financial statements (continued) Year ended 31st December 2024** 

|**5**<br>**Charitable activities (continued)**<br>Governance costs comprise:<br>Trustees' expenses<br>Meeting costs<br>Accountancy fees<br>Auditors' fees<br>Bank charges<br>Legal fees|**2024**<br>**£**<br>492<br>342<br>14,740<br>7,500<br>309<br>300<br>**23,683**|**2023**<br>**£**<br>674<br>414<br>14,415<br>6,000<br>-<br>-|
|---|---|---|
|||**21,503**|



- Details of Trustees' expenses are provided in note 8. 

- The auditors did not charge for any non-audit services during the year (2023: £nil). 

|**6**<br>**Grants**<br>Commitments at 1st January<br>Grants awarded in the year - see note 16<br>Grants rescheduled / (recovered)<br>Paid in the year<br>Payable at 31st December<br>**7**<br>**Staff costs and employee benefits**<br>Salaries and wages<br>Social security costs<br>Pension costs|**£**<br>**£**<br>240,554<br>370,950<br>(6,025)<br>364,925<br>605,479<br>(336,210)<br>**269,269**<br>**2024**|**2023**|**2023**|
|---|---|---|---|
||**£**<br>370,950<br>(6,025)|**£**<br>354,549<br>(1,500)<br>**2024**<br>**£**<br>57,200<br>1,411<br>5,720<br>**64,331**|**£**<br>152,639<br>353,049|
||||505,688<br>(265,134)|
||||**240,554**|
||||**2023**<br>**£**<br>55,000<br>-<br>5,500|
||||**60,500**|



The average number of employees during the year was 1 (2023: 1). The employee provided support services to the Foundation'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 (2023: none). 

16 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued)** 

## **Year ended 31st December 2024** 

## **8 Payments to Trustees** 

|**Payments to Trustees**<br>Reimbursements at cost|**2024**<br>**£**<br>492<br>**492**|**2023**<br>**£**<br>674|
|---|---|---|
|||**674**|



Travel expenses were reimbursed to 4 Trustees (2023:4) totalling £492 (2023: £674). Neither the Trustees nor any person connected with them have received any remuneration (2023:£0). 

|**9**<br>**Fixed Assets**<br>**Cost**<br>At 1st January 2024<br>Additions<br>At 31st December 2024<br>**Depreciation / amortisation**<br>At 1st January 2024<br>Charge for the year<br>At 31st December 2024<br>**Net Book Value**<br>At 31st December 2024<br>At 31st December 2023<br>**10 Investments**<br>Market value at 1st January<br>Additions<br>Disposals<br>Cash movement<br>Unrealised gains / (losses) on investments<br>Market value at 31st December<br>Realised losses included within disposals<br>Historical cost|**Office and**<br>**machinery**<br>**£**<br>819<br>-<br>819<br>74<br>164<br>238<br>581<br>745<br>**2024**<br>**£**<br>7,246,906<br>249,427<br>(93,494)<br>(44,258)<br>372,075<br>7,730,656<br>(3,492)<br>6,935,355|**Copyright**<br>**£**<br>2,340,000<br>-|
|---|---|---|
|||2,340,000|
|||1,744,738<br>123,158|
|||1,867,896|
|||472,104|
|||595,262|
|||**2023**<br>**£**<br>**As restated**<br>6,605,074<br>7,435,313<br>(7,162,236)<br>(49,029)<br>417,784|
|||7,246,906|
|||(113,632)|
|||6,825,215|



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

17 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

## **10 Investments (continued)** 

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. 

When preparing these financial statements it was noted that the comparative Investments note included balances which had been net off. The note has been restated here to include the gross additions, disposals, gains and cash movements. This has no effect on the closing value of investments as at 31 December 2023 in the Balance Sheet, or on the comparative Statement of Financial Activities, however the Cash Flow Statement has also been restated to include the gross purchases of investments and proceeds from sale of investments. 

|**11 Debtors**<br>Trade debtors<br>Prepayments and accrued income<br>Other debtors<br>**12 Creditors:**amounts falling due within one year<br>Trade creditors<br>Grants payable<br>Value added tax<br>Other creditors (including accruals)|**2024**<br>**£**<br>2,570<br>1,316<br>2,000<br>5,886<br>**2024**<br>**£**<br>780<br>269,269<br>56,288<br>106,279<br>432,616|**2023**<br>**£**<br>5,094<br>1,869<br>2,000|
|---|---|---|
|||8,963|
|||**2023**<br>**£**<br>704<br>240,554<br>60,781<br>24,265|
|||326,304|



18 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued)** 

## **Year ended 31st December 2024** 

## **13 Statement of funds** 

|**2024**<br>General funds<br>Total funds<br>**2023**<br>General funds<br>Total funds|**Brought**<br>**forward**<br>**£**<br>7,914,679<br>7,914,679<br>**Brought**<br>**forward**<br>**£**<br>7,502,082<br>7,502,082|**Income**<br>**£**<br>659,809<br>659,809<br>**Income**<br>**£**<br>723,564<br>723,564|**Expenses**<br>**£**<br>(697,469)<br>(697,469)<br>**Expenses**<br>**£**<br>(628,568)<br>(628,568)|**Transfers**<br>**& gains**<br>**£**<br>368,583<br>368,583<br>**Transfers**<br>**& gains**<br>**£**<br>317,601<br>317,601|**Carried**<br>**forward**<br>**£**<br>8,245,602|
|---|---|---|---|---|---|
||||||8,245,602|
||||||**Carried**<br>**forward**<br>**£**<br>7,914,679|
||||||7,914,679|



## **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: 

||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|**Rent & office expenses - Delius Trust**|||
|<br>The Secretary of the Delius Trust is Helen Faulkner – who previously served as|10,249<br>|10,816|
|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|2,570|5,094|
|**Grant payments - related Trustees**|||
|1 grant was awarded to York Late Music.  Nicola LeFanu is their Patron:|||
|York Late Music - grant for 2024-25 concerts<br>|4,500<br>|-|
|York Late Music - grant for 2023-24 concerts||3,000|
|York Late Music - grant for 2023 concerts||1,000|
|Year end balance<br>|4,500<br>|-|



19 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued)** 

## **Year ended 31st December 2024** 

## **14 Related party disclosure (continued)** 

|**Grant payments - related Trustees (continued)**<br>Nash Ensemble<br>Riot Ensemble<br>Uproar Ensemble<br>Year end balance<br>Mary Dullea – Fidelio Trio grant for commission of work by Richard Causton<br>The Hermes Experiment grant for recording work by Nicola LeFanu<br>Ben Goldscheider - grant for Nicola LeFanu commission<br>The Gemini Trust – grant for recording of work by Nicola LeFanu<br>Year end balance<br>Zeitgeist Online Gallery CIC commission for Joanna Ward<br>Year end balance<br>The following Trustees also serve as Trustees of the organisations listed to<br>which occasional grants are made:<br>Sally Groves: UPROAR; RIOT; Listenpony; Nash Ensemble; Uproar Ensemble<br>Grants were awarded in respect of commissions or recordings of works written<br>by composers who are also Trustees of the Foundation:<br>A grant was made in respect of the commission a work by Joanna Ward.<br>Richard Causton was her former teacher:|**2024**<br>**2023**<br>**£**<br>**£**<br>2,000<br>3,000<br>2,000<br>-<br>2,000<br>-<br>6,000<br>3,000|
|---|---|
||2,000<br>-<br>1,000<br>-<br>-<br>3,000<br>-<br>1,000<br>-<br>-|
||-<br>1,500<br>1,500<br>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 Conflicts of Interest (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. 

## **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. 

20 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

|**15 Analysis of net assets between funds**<br>Fixed assets - tangible & intangible<br>Investments<br>Current assets<br>Current liabilities<br>**16 Grants Awarded**<br>**a) to organisations, amounts £1,000 and over**<br>NMC Recordings Ltd<br>Three Choirs Festival Limited<br>Presteigne Festival of Music and the Arts Limited<br>Scottish Chamber Orchestra<br>Birmingham Contemporary Music Group<br>Britten Sinfonia<br>English National Opera<br>Huddersfield Contemporary Music Festival<br>Nonclassical<br>Sound Festival<br>York Late Music<br>The Ralph Vaughan Williams Society<br>Tête à Tête<br>The English Music Festival<br>caithnessmusic.com<br>Contemporary Music Centre, Ireland<br>Deal Music and Arts<br>EXAUDI<br>Help Musicians<br>London Philharmonic Orchestra<br>Manchester Collective<br>Music in the Round<br>National Youth Choirs of Great Britain<br>SongEasel<br>The Belfast Ensemble<br>Brother Tree Sound string quartet<br>East London Music Group<br>Leeds Guild of Singers<br>Music@Malling Ltd<br>New Jersey Festival Orchestra<br>The Berkeley Ensemble<br>The Octandre Ensemble<br>Ulster Orchestra<br>Connaught Brass|**Total funds**<br>**2024**<br>**£**<br>472,685<br>7,730,656<br>474,877<br>(432,616)<br>**8,245,602**<br>**2024**<br>15,000<br>12,000<br>10,000<br>6,500<br>6,000<br>6,000<br>5,000<br>5,000<br>5,000<br>5,000<br>4,500<br>4,000<br>3,752<br>3,250<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>3,000<br>2,500<br>2,500<br>2,500<br>2,500<br>2,500<br>2,500<br>2,500<br>2,500<br>2,200|**Total funds**<br>**2023**<br>**£**<br>596,007<br>7,246,906<br>398,070<br>(326,304)|
|---|---|---|
|||**7,914,679**|
|||**2023**<br>10,000<br>9,000<br>10,000<br>2,000<br>5,000<br>7,000<br>-<br>5,000<br>3,000<br>2,000<br>4,000<br>-<br>-<br>2,000<br>-<br>-<br>2,000<br>2,000<br>4,500<br>3,000<br>-<br>3,000<br>3,000<br>1,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|



21 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

|**16 **|**Grants Awarded (continued)**|**2024**|**2023**|
|---|---|---|---|
||**a) to organisations, amounts £1,000 and over (continued)**|||
||Aurora Orchestra|2,000|-|
||Bangor Music Festival|2,000|2,000|
||Bold Tendencies CIC|2,000|-|
||Bristol Ensemble|2,000|-|
||Buxton International Festival|2,000|-|
||Carwithen Music Festival|2,000|-|
||City Music Foundation and Hospital Rooms|2,000|-|
||City of London Choir|2,000|-|
||City of London Sinfonia|2,000|-|
||Corbridge Chamber Music Festival|2,000|-|
||Cosmic Music|2,000|-|
||Drake Music Scotland|2,000|-|
||Explore Ensemble|2,000|1,500|
||Hay Music Trust|2,000|-|
||Illuminate Women's Music|2,000|-|
||London Contemporary Music Festival (LCMF)|2,000|-|
||MUSICON|2,000|-|
||New London Opera|2,000|-|
||Orchestra of the Age of Enlightenment (OAE)|2,000|-|
||Riot Ensemble|2,000|-|
||Sirinu|2,000|-|
||St Martin's Trust|2,000|-|
||The Carice Singers|2,000|-|
||The Nash Ensemble|2,000|3,000|
||The Royal Scottish National Orchestra|2,000|2,000|
||UPROAR|2,000|-|
||JAM - John Armitage Memorial Trust|1,800|-|
||AndPiano|1,500|-|
||ARCO|1,500|-|
||Birmingham Opera Company|1,500|-|
||Dunedin Consort|1,500|-|
||Fruitmarket|1,500|-|
||GBSR Duo|1,500|-|
||Glasgow Experimental Music Series|1,500|-|
||Kestrel Music|1,500|-|
||London Chamber Ensemble|1,500|-|
||Moonrakers|1,500|-|
||Red Violin festival|1,500|-|
||The Vocalise Trust|1,500|-|
||Villiers Quartet|1,500|-|
||Petersfield Musical Festival|1,400|-|
||Stomping Ground Collective|1,250|1,000|
||Slaithwaite Philharmonic Orchestra|1,190|-|
||Belfast Philharmonic Society|1,000|-|
||Bournemouth Symphony Orchestra|1,000|-|
||Chameleon Arts Wind Quintet|1,000|-|



22 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

|**16 **|**Grants Awarded (continued)**|**2024**|**2023**|
|---|---|---|---|
||**a) to organisations, amounts £1,000 and over (continued)**|||
||Counterpoise|1,000|-|
||Debenham Chamber Music|1,000|-|
||East London Community Band|1,000|-|
||enSEmble26|1,000|-|
||Folkestone New Music|1,000|-|
||International Guitar Foundation (IGF)|1,000|1,000|
||Ludlow Song|1,000|-|
||New Music Players|1,000|-|
||Nordic Viola|1,000|1,000|
||NW Live Arts|1,000|-|
||Phoenix Singers (Framlingham, Suffolk)|1,000|-|
||Piatti Quartet|1,000|3,000|
||Royal Birmingham Conservatoire|1,000|2,000|
||SANSARA|1,000|-|
||St Hilda's Festival Chorus & Orchestra|1,000|-|
||The Hermes Experiment|1,000|-|
||The Mornington Trust|1,000|-|
||The Night With...|1,000|-|
||Two Moors Festival|1,000|-|
||Vox Urbane|1,000|-|
||Bard College|-|10,000|
||British Youth Opera|-|10,000|
||Cheltenham Festivals|-|6,000|
||OperaUpClose|-|6,000|
||LoganArts Management|-|5,000|
||North London Chorus|-|3,500|
||Barts Choir|-|3,000|
||Ben Goldscheider|-|3,000|
||Chamber Music Scotland|-|3,000|
||Jane's Minstrels|-|3,000|
||Royal Liverpool Philharmonic Orchestra|-|3,000|
||Manchester Camerata|-|3,000|
||Music Theatre Wales|-|3,000|
||Owen White Management|-|3,000|
||Resonus Classics|-|3,000|
||Royal Philharmonic Society|-|3,000|
||Vale of Glamorgan Festival|-|3,000|
||Dartington Trust - Dartington Music Summer School and Festival|-|2,500|
||Northern Opera Group|-|2,500|
||SOMM Recordings|-|2,500|
||Bromsgrove Concerts|-|2,000|
||Chroma Harp Duo|-|2,000|
||Ensemble Écoute|-|2,000|
||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|



23 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

|**16 **|**Grants Awarded (continued)**|**2024**|**2023**|
|---|---|---|---|
||**a) to organisations, amounts £1,000 and over (continued)**|||
||Hebrides Ensemble|-|2,000|
||Leominster Museum|-|2,000|
||London Chamber Orchestra Trust|-|2,000|
||London Sinfonietta|-|2,000|
||The Marian Consort|-|2,000|
||ORA Choir|-|2,000|
||Plus-Minus Ensemble|-|2,000|
||Retrospect Opera|-|2,000|
||Sohal Estate|-|2,000|
||Southbank Sinfonia at St John's Smith Square|-|2,000|
||Streetwise Opera|-|2,000|
||Surrey Hills International Music Festival|-|2,000|
||Tŷ Cerdd – Music Centre Wales|-|2,000|
||Whitman College Music Department|-|2,000|
||Ensemble NEKO3|-|1,800|
||The Literary and Philosophical Society of Newcastle|-|1,530|
||Concerteenies|-|1,500|
||Contemporary Music for All (CoMA)|-|1,500|
||CrossCurrents Festival, University of Birmingham|-|1,500|
||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|
||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|
||Welsh Chamber Orchestra|-|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|
||EMF Endeavours Ltd|-|1,000|
||Ensemble Renard|-|1,000|
||Flowers Band|-|1,000|
||Gemini|-|1,000|
||Helensburgh Oratorio Choir|-|1,000|
||Laefer Quartet|-|1,000|
||Leeds Lieder|-|1,000|
||London Song Festival|-|1,000|



24 



## **Vaughan Williams Foundation CIO Notes to the financial statements (continued) Year ended 31st December 2024** 

|**16 Grants Awarded (continued)**<br>**a) to organisations, amounts £1,000 and over (continued)**<br>Music @ Aberystwyth University<br>Onyx Brass<br>Royal Leamington Spa Bach Choir<br>Septura<br>The Bach Choir<br>The Ulster Consort<br>United Strings of Europe CIO<br>Whiddon Autumn Festival<br>**b) to individuals, amounts £1,000 and over**<br>**c) smaller grants to organisations**<br>**d) smaller grants to individuals**<br>**Total grants authorised in the year**<br>**Grants recovered**<br>Magna Carta Sinfonia<br>Gareth Brynmore John - commission for Heloise Werner<br>Jonathan Powell - Goehr Piano Works<br>Midori Komachi<br>Peter Longworth Chamber Music<br>OperOttawa|**2024**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**246,342**<br>120,173<br>3,900<br>535<br>**370,950**<br>(400)<br>(500)<br>(1,125)<br>(2,000)<br>(2,000)<br>-<br>**(6,025)**<br>**364,925**|**2023**<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000<br>1,000|
|---|---|---|
|||**264,330**<br>83,825<br>6,394<br>-|
|||**354,549**<br>-<br>-<br>-<br>-<br>-<br>(1,500)|
|||**(1,500)**|
|||**353,049**|



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