2021-12-31-accounts

Charity reglstr•tion nufflber 207324 The Delius Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS for theyearerthd 31st December 2021

DeMusTrust port•nd Firbntll Statemeiits Yoar Ond￿ 3151 December 2021 Contents Le8al & Administrative Informtitioh Reportof the Trusttes lThdependenl Examiner's Report sratement of Finanoal Acimlles BBlance Sheet Note5 to the finam¢i•l ststements 10.15 AnThexe 1. 8rantsawarded in the year 16 Anneie 2- grantsourstand 17

The Dellu5TIiist l & thlnlstrath Infwm TRUSIEES Help Mu5iciaThs UK (Representst￿￿'. Mrjohn Axortl Mr Martin Williams FSA Mr P•ul fjuinery ADVISERS Dr L￿ne1 Qrley.Archivisr Professor Oanid Grimley Mr Stephen Lloyd Mr Robert Montyornery Died 28 DE￿mber2021 ADVISER EMERITUS Mr David Uoyd-jo SECRETARY Ms Hden Faulkner PRINCIPALOFFKe 13 Calico Row. PlantatKJn Wharf. London SWII 3YH Email.. [e-mail] Web.. www.delius.org.uk INOEPENDE14T EXAMIMER Jane Askew ACA. Hay5mavnl￿e iLP thartered accountsnts 10 Queen Stfeet Place. Lon¢Jon EC4R IAG BANKERS HS8C Bank pl City of London Crynmerrial Centre. 600ueenVirtoria StreeL London EC4N 4TR

The DtllusTru# RewtalthE Trustees Ywr tndtd Ilst D•c•fflb￿2O21 Thetru5tees present their Annual ReporttoBetherwth the Financial Stements ofthe Trustlorthe yearended 31 December 2021. The financial statements compty ￿th theCharftiesAct 2011 and the Accountin8 and Re[￿ing by Charities.. Statement of Recommended Practice applicable to charities p￿parIng their acwunts it) accordance wlth the Fi￿￿181 Reporting Standard applicable in the UK and Republic of I(el￿d IFRS 1021. structure, Governance and Manayme The Trust was established by the Will of Madamejdka DElius¥iho died on 28 May 1935. Its constitUt￿)n wa5varied bv Hi8h Court Scheme in 1964 principalty tythe setting up of3 panel of three music athser5. In 1991. the Charitv Commission approvtd a second Scheme whth con501idated the Tru5Vs constitution in one document. This permitted the TIu5t to undertake further adiviis, ￿rtI￿l4￿Y in the fld of education." and to appoint a total of fve advisers. In 1997. the Charitycofflmission approvod a Ihird SchemÈin rnuch tho same terrns but with additional provisions. namely.. lal Subject to priority lor the promotion of Deliu5'sworks.the Trusys Object to includeaThy other British composer born sinee 1860 to the pfesetht daywith p3rtular preferenceforcontemporarie50f Deliu5.' and Ibl the aPPr￿AtMent of upto a total of seven adviser5. Durin8 theyearthe trustees were.. Martin William5 Paul Guifiery Help Musicians UK Durin8 the year Hdp MugfJaD5 UX was represented byone of itstrustees.john A¥on. The trustees are responsible fortht administration and management of the Trust. Theyare a55irted Erythe panel of Advisers. The trustees andAdvisers tO8Èthtr held thTee rnEetsng5duiin8 the year under review. The trustees keep the skills and exper￿￿(2 required on the trustoe both under roview. Trust policy and auidelin￿ can be found on the Oelius web5rÈe ww.deliu5.ors.uk 1965 theTrusY5 archNes hwe been in the care of the Honorary Archiwst, uorel Cartey who died In late December H15 initial r￿e wasto catslogue rhe Trust's archNe of grre5pondence to 4nd from Delius. His work over 56 dedicated yearsdeveloped Into expandinB what IS DOW an incomparable documentary resource and to publishinB numerous Imks, articles, proÉramme notes and onlSne material. Hi5 own bibli¢graph¥ runs to over J(K> Delus-related publicatity)s. Lionel is irreplaceaNe tKrt he has left the Trust a rich body of rnaterial and kno¥Aed8e from which it. and researchers. 4wll benefrt well into the future. The trustees have dwded that thew¢lu¥e VAII rrtiw be rnanaged by Hden Faulkw. In June 2022 the Trusys Adv￿ Erneritus and former (fvirrnan Day￿4 Lw-jones died. Atribute tohim wlll appear in the Report for 2022.

The Oemus Triist ¢port oltheTrnstets leomiinuedl Year erAed 31$1 Oeeember 2021 Oblertl¥es andAttknlJe4 The Objert of Ihe Trust 15 to prcrfnote iheworksof the comwjser. Frederic& Dellu% and subjtct theretothe Wor￿ of any othertothe present dtywith prpterence for contempwaries of Delius. by.. 11 recwdings of every descriptron whÈthÈt me(h3nKal. electrical or elertronie.. 21 the puNication and issue... . all orany pèrr of the corn￿ete works.. 31 the financin8 and prornotion... of pU￿1CC￿¢erts and reatals.. 41 the purchase of letter5 and rnanuscripts fortheTrust's archNe5. and mernorabdia 3nd ephemera relatin8 10 Delius's life- and 51 pie5er¥in8 and makln8 availablo to the Pu￿"￿ and and drflusin8 kno4•led8e. of Delius's life and w¢)rks. The Trrfs income is •p￿led as fdk)ws'. al by encouraging wbllshtrs to update parts and scLYes to agree￿ the Cdlxted Edition and maifiiainin8 unm3rked ￿rts for use if re9uired,. bl by encouraÉing ihe availability of histrKical recordin8s and spon5DrK4 rh05e representinR a newgeneration of interpreters.. cl by acquirin8 setondary archwe materrdl and depo￿t￿￿the remaining primèrywchNe ￿th the Brit15h ￿brary.. dl by finaricin8 pÈrforrnances of unusual or majorw¢)rks in the UK andencourafvq mwe performince5 in other countrie5. particularty those wherethe copyright cwtinuesto run. Trustees have defined in detall how they would fulfil the secondary Object, i.e.. the pr¢)rnotion ofworks by Brltish composers born from 1860 onwards. ThÈy decided that in this area they would not. a5a rule, 5wpori the Wofks of Individual comp05ers butwould £onsidÈr applicaiions from organisathohsthp obied5 of which includethe promotion of thi5 area of repertoire. Adi￿tr¢S F￿￿Te Plè Inevitabty. because ofthe resirirtiDnsre5ultl￿1rOM the CO￿d-19 ￿dern•£, a number of proiecrsto wh)th theTru5t had made funding commiimentswere delayed oroncelled. A produrtion of Mar8Ot b Rouge at Opera Holland Park Wa5 P05tponed for 2 years unul S￿mmer2022. The trusrees agreed tts ￿)ntsUr all exist1￿ 8rant commitments until performances resume. Duringthe lon8 perK)d when performances have noi taken place the Trust conrinued to receive applications and grant5 have been committed frtrfuture proRcts. Whi15t it ¥ias not possib￿t0 ho￿ physical meetin85 all applications ￿eNed wereseen bytnjstees and advtsersand consensus on sum5 to begranted was reached in all tasts. Physical meeti085 ha¥e re&Jmed in 2022. A5 part of its extended objett, the Trust continued to support the Rtyal Philharmonic 50cieVsannual compositityi priie and the core costs of P4MC. a ie8istered tharity. wh￿h issues TKOrdI￿0f British music The Trust maintains an extenS￿e archNe of material relatingto Delius. includinE $c￿e$. letter5. irnages, concert programmes and Other èph*mera. It holds a library book5, jwmals. thesesand recordings in a variety of formats. DurinE much of 2021 rt Wa5 not possible to open rhe arthive to researchers. Howe¥er, Helen Faulknerwas able towod¢ in the Trust ofh£e during much ofthe year and remotely at othw times. and maty requests for rnaterial were Satisfied digitally. A plènned proiectto Sort and catalogue major part5 of the collettion went ahead wfth the assistance of Katharine HO￿ ￿bralian of theGerald Coke H3ndel Collection. She and Helen Faulkner were ab￿ towork together. in Cowd-5afe conditions and continued this project duriTr8 2021.

Report olthÈTruste¢s Iwntlnuedl Yèar ended 315t tserember Z021 Publlc Benefft The trustees have referred to the Charltycornmis￿on1Uidan£e on public bertefft and believe thattheTrusVs actfvities as outlined irb this ￿Port COntri￿ted to public benefrtspedfts￿byth¢ ath4nEement of education in the arts Iparticularly music), cu51ure. herita8e and soence. FIn•ne￿I Rv41tw There art no restricted or endovjrnent funds. TheTrusi carries ntson8llLn8funthi51n8 acmy. FollowinE the Japse of the rnajority of Deliu5'5 capyri8hts. theTrusi's income from this sourte has continued to dedine and its Income derives maintyfrorn investment5 purchased from the accumulaied incoine ol earlier years. In the yearended 31 December 2021 theTrusVs IncLxne amtyjnted to £89.77412020.. £90.2741 and net expenditure was É117.74312020.. £68.7811. In 2021 theTrust awarded 8ranl50f £77.9501202tr. £52.6441- It should be noted that £29,(￿ of grants were written back in 2020. so the cost in 2020was£23.644. There wert unrealised gainson the investment portFditt of £322.52512020.' vnrealised 8ains of £22,381). The outtum lor the year was a net inflow of lundsof £294,55612020 net inllow". £43.8741. The total resources availab to the Irustees atthe ￿ar-end were £3.IP) milion12020 £2.79 rnillb?nl. For o¥er4lOyears Help Musicians UK Iformerfy the Mu%cu1ns BeThe￿e￿i Fund). a trustee. provided accommodètion at no £harge to the Trust. They ceased thi5 arranEement in 2016, mrti8afingthe financial effed to thetrust In 201fv18 by makin8 a 8rant ioward5 the r05tof rentin8an office. Thisceased in 2019 and SIn￿then the Trusi has met the lull cost of it5 aicommodation. TheTru5toffice is shared twrth the RVWTrust to it re￿rnb￿rSes a Sha￿ ofthe office expenses at C05t. In¥t#mÈnt Pojity The trusteès aim to preserve a balarKe between achievin8 8mwth in the Yru5Vs in¥estments and producin8 income adequate to rnaintain the desired level of grant-makin8. When necessary. investment unitsdesigned for8fOWth will be s&d to wtsyidt irKome above the le¥1 woduced by intomt unit Reseples Polkv The Trust'5 accumuLited re5eryes are invested ma￿ty ￿ corNnon in¥estrnenl funds IcolkcrNe¥ehic￿s ￿￿￿Ned spetifitalty forcharitiesl rnanaEed by Caienove15chroderl and by Newton. a Su￿.￿11ry of The 8ank of New York Mellon Corporation. Two inve51ments lin property common Investment lunds, deyoned eXpres￿yf0r tharilie51 totalling £105.75112020.. £93,739). are managed direttiy by thÈtrustee5. The level of yant-making is essentialty demand4ed and can varyconsKlerably from year io ¥•r. Thetru5tees do Thjt aim to increase the amount held as reserves and are happytofeduce resèrves when li is appropriate lo do so. They have a polic¥ol keepin8 suffitient tash holdings to¢￿erS￿ort to mediurn terrn commitments. Fundralsln8 Since theTrust's iwjme ￿ derived from performirl r8hiS of FrederKk Delius's composit(ons and Sn¥estment income. it does not urtdertake fundrai5ir¥artNities.' it Is neverthelE55 mindful of the Code i55ued by rhe Fundral&rvd Re8ulator. Copyfliht though in the main copyright in Delius's compositions published during his lrfetfme expired on 31 Deernber 2Q04, the siruation is complicated by the protettM)n accordtd to posthumous publi<ations, coprf¥hi extensions for war y¢ar5 in France and Italy. and the positKJn in the USA. In ordertotlarifythe pasftion. the TrLTrSt has publi%hed 3 detailed summary onthe Deliuswebsite at vNJw.delius.org.uk.

The DeMusTrust Report of t￿Trustee$ Itomtinuedl Year ded 31st Decernber 2021 Grants The 8rants made may be 8rouped underthe followir¥ headiry rn0￿ details ofthem 15 sh¢)wn in Annexe5 13nd 2 at thE end ofthe 8ecounts actornWyi￿ t￿S rwwt. 516 74.881 1.038 38.234 129,(X)01 10.372 Performances Performin¢es- TrpnTtttn batk 8ook5 and manustripts Extended objects 53 Heriwe Assets The trustees have aetumulèted a ttsletlion of books. pamphlets. manu5cfTPts. photograph5, paintings and other items ¢onnerted with Frederitk Delius and hi5 U)ntempOrar￿5. The trustee5 con5iderthat the maintenance of such ollecbgn 1$ an integral part oltheir pfimary llbiectNe that a formal valuation would not be a 8ood use of charity r¢50urc¢5. Th• collection is availablo lor stuéylby prior avrangement with the Secretary), and Irom time to lime items are loaned to museums, 4rt galleries and ymilw organisatwfor publtc di5play_ AlskMana¢emetht The major risk5 towhich thecharity is expDsed, as identified bythe trustee5. have been reviewed ènd systems have been established to mitigate those risks. Robust bankin8 and other finanual procedure5 are in place and grants are 105ety monitored to rnanagethe main risk of rni5aPPWriation of the charity5tund5. As noted below, these Kcounts 3re approved durin83 period of urKertsinty for both inflow and outflow offund However, through appropriate congderation of risks as part of its r￿al risk maoagement process. Ihe trusiee5 onsider it appropriate for the gtyne CO￿er￿ t)a5iSto be adopted. as in pr￿10￿$ years. for these accounts. Golry Conurn and COV1[￿1$ These accounts cover a period during whKh there was uncertaknty aboLrt puNi£ musical performance as a result of th¢ pandemic. Onty a fewwork5 by DEIiu5 remain in copyright sot￿ fall in income from royaltie5 wa5 not 518nificant. Investment imcamt did not fall as lar as had been anticipated and cDntiThued to hold up was in 2021. The trustee5 are Confident that thèy hav Sufficient cash holdings toeniblpwants to be paid thjring 2022 arLd in 5ub5equent yeor5 without the need to ll investments. Vote ofTh*nks The trustee5 would like to record theirt￿kSt0theTr￿4rs aoknsors and to its Secretary. Melen Faulkner. forall that they did for Oelius and for the Trustdurir¥ the year.

The Odlus Tn Yar ended Jtst D•¢ember 2021 TheTrustees ire required to wepare financlal ststemeTrtsfore•th Ilnandalyear which give è true and fairview of the stateof affairs of the Tmst and of its S￿r￿U5 or defitht for that period. In yeparingthosÈfiThJncial statements. the Trnstees are required to: se￿t Sultal￿e acctyJntiw and then applytI￿n con5iStefflty. make jvd8ementsand estimète5 that are reasonable •nd prthL observe the methjds and prfr￿iP￿s ih theowritles SORP. stste vthether appllcable aCcounti￿staNda￿ls have been fdb)wed, subject to any matsrial departure5 dlsclosed and èxplained in the financkal stateThnts. and prepare the staiements on the£￿￿ t(￿n bas15 urAes5 it s Inapwowateto presumethat the Trust will continue in bv5inesS. TheTrustees are responsiNe fLY keeplr¥ proper accomti￿ records￿￿h dixlose wfth re•s0Thab￿ accuracy atany tlme the fiTranciJl position of theTfUSt. TheTruslee5 are fesponsiblefor 5afe8uardin8 the assets of theTrust and nce for taking reasonaNe steps forthe prevention and detection oflraud and Ot￿r wre8uL•ritie& Approved bythe frustees ¢Jn_ Paul Guinery Trustee and Chalrnian MI￿n 8 M Willkims Trustee

INDEP£14DEpif EXAMINERS REPORT totheTrurtetsolThe Delius Trust Ye•rended 3ts11)ecember 2021 I report to the Trustees ¢x my examlnation ofthe accwnts of ￿ Delius Trust ltheTru5tl for theyear ended 31 DÈ£Èmber 2021. ftesponslblltlu and b•$150f repryi As thecharity trustees of theTrustyou are respO￿l￿e forthe pTepar3ty0n ollhe 3ccouTrts iThaccordarLre wlth the re9uii¢ments of th¢ Charits Act 20111.the Act'l. Hwing satlsfied rny5ellth4t the a¢counts of the Trust are rotrtquiredto beavdiied underthe Act and are eligible for independent examination. I report in re5PErt ol rny examination of your chariws accounts Èarned out undersertion 145 of the Charities Art 20111'the 2011 Art'l. In carryin8ouI myexarnination I ha¥e folkmed the Direction$8iven the Charity Commission under sertiw 145151 Ibl of the 2011 Aci. Ind•p•ndent exarninerf5Staternent I have completed myexamination. l ¢onfirffl thatno matter5 ￿e(OmP tomy attentioh in connection with the e¥amination giving me cause to belie¥Y= accountin8 records were not kepl in re5ped of theTrust•s required ty5e¢tion 130 ofthÈ Ati.. or the account5 do not a¢Ewd with those record5,' or 3. Ihe accounts do not compty wilh the aP￿icable requirements concerning the form and content of accounts set out in the Charities (Account5 and Reports) Reeul3tion5 2W8 otherthan any requirementthat the èccwnt5¥ive 'true and fair viewvthich is not a matter considered as part ofan independent wmin*ion', or the accounts have noi been prepared in accordance withthe meibods and prin0￿e5 of the Ststement of Re£ommended Practice for acctyjntingand reporting by charities applicableto charlties preparinÉ their accounis in accordance wilh the Financial Reportill85tandard apsAicable in the UK and Republic of Ireland IFRS 1021. I have noconcern5 and have come au055 northermatters inwTrnertion With theexamsnation towhich attention should be drawn in this report in orderto enable a syoper thderstandlnE ￿theaccOuntsto bt rèathed. lane Askew ACA Haysmaeintyre LLP, IOQueen st￿￿t Plac Lendon EC4R IAG Date 1311012022

The Oellus Tnisi Statement olAm•ntialAttivits lincludinB an wKome ond expend6ture ￿0￿￿tI Year ended Jlsi De￿mber 1021 UMe5tr1rted 2021 Unrestylrted 2020 IrKom•frorn: Charitable actrties.. ROyalt￿S and performini rightlees Voluntary inctrne Investment5 5.741 12.632 84.033 77.642 Total theo 89.774 90.274 E¥per¥lhure on.. Charitable actNities'. 117.743 68.781 Total expendiiure 117,743 68,781 Gain/1kns51 on investment assets 322.525 22.381 Net mo¥tmTht In funds 294,556 43,874 Total fvnds tou8ht for￿4[￿ 12 2,791.553 2,747,679 TOtalfiMdsu￿Trtd forward 3.086,109 2,791,553 AH transactions derNefrom continuingartnritie AH fecognised gains and losses *e in¢hthd im the Slaternent of Financial ACti￿tieS

ThtDellwTru5t B•laft¢eShert 2OX¢ In¥e#mtrts 3.059.083 736,558 Dèbtcrs eank balances io 215A45 215.845 222.410 222.410 rr•nt lknbMItI¢s Credltors- amounts falin8 due withln one year li 1188.819) 1167,415 N•t¢urrentass•ts 17.026 S4.995 I79L553 Unrestrfctqdfvnds 3M6,109 2.791.553 These accowitswere apwoved and outhori5td fw i55uebythe ￿rd of the Tru#¢¢5 2012 •MJWé￿ s*rrtd bekmon its behal1￿. Paul Gulnery Trustee Chairman hlartln w[l￿am$

ThÈOelhsTrust Ntst¢sto thÈ ISr￿n¢bal statemw Yoar Mdod 31st DK•rrkn2021 o¢JntSThg Policies The principal accountin8 polkies adopted. jud8ements and key of eAimation uncertainty In ihe preparation of thefinancial ststements are as lellokns.. St￿ra1 inlormation and basis ol preparntion of accounts The financial statemenrs h￿e been pre￿red in aCCord￿ce with-Accounrin8 and Reporting by Chèrities= Statement of recommended Pfattice applicable io the chaTit1esp￿parl1)8lhe1r3cc0Ufits in accordancewith the Financial Reportin8 Stèndard apWitab￿ in the UK and Republi£ of Irelènd IFR51021" IEffe£tive l January 20191- (Charifies 50RP IFRS1021. the Finanual Reportsnestandards appJic3ble in the UK and RePu￿1t of Ireland IFRS 1021. DeliusTrust meets thedefinition of a Pu￿￿ bEnefit entity undEr FRS 102. As5et5 ￿ liabilit￿5 are initially recognised * historical c05t ortransadJn vnknotherwiseststed in the relevant accountiryd polic¥ notel51. G¢lrt8 coh¢¢rn The Trustees have assessed the Charity's reouireffntsf4y Ihe foreseeable future. Including any likeNfgrant requests. in118ht of the cov1￿19 pandemic. asdiscknsed in the Trustees, report on pa8e 5. It is unclearwhar the medium-terni outlook for Invesiment perfomiance is likelytobe. howeverthe Trustees have tsken a conseNative approachto budgeting andwill continue to assessthe Situation as r(develops. Fund accoun￿1 Unrestrftted funds comprise actumulated surpluses and deficits on general fund5. They are available for use at the discretion of the Trustees In furtherafice of ihe Charit￿5 8Èntral thoritablE objeitives. Intome Ineome represents the total intome reteNab￿ during the year. compri5inB royartie5. performing rilhtfees and invesiment inc£¥ne. Al intorne ￿ reco8nised onL tht tharity ÈntitlÈment to the resources. It is probable that the resou£es will be received and the rnonetary valueof Inwrnin8 re50ur¢es con be rnea5ured with $uffK￿ent reliability. Expendliure Liabilitie5 ire re￿nISed as resources expended as soon as there lsa legal or constructNe ¢bI￿allOn tommitting the charily to the expenditufe. All expenditure is accounted foron an accruals basis and has been classified under headlnesihai a88re8ate all to#s related to the category. Grants are induded in the period of auount whenthey •re •ttualty¥pproved at • meetin8 of theTrus¢ee5. arf(able artmty costs inElude costs associated with yant rnaki￿ womotion olthe works of the comp05er and his toNtemporarie4 researth and archnrin8. Suppart C05tscomprise 5ewes identifiable aswholtyor rnain￿ in wpportof charltable pur[￿Se5. Go¥ernaneetorts G¢)vernarKe eosts comprise all costs inYol¥in8the Publ￿O¢COuntrb1llty of the thanty and its compliance wSth regu￿110￿ and good piKti￿. The5ero5ts indude independentewamiThation and le811 fees_ io

The D4¥usTru5t Note5t9t￿ finarKlal statements Ico•tlnuedl Year ended 31st Dttember ZOZI Herttage 4St5 In accardanco with the SORP depreoatH)n ha5 been allocated on amdasses of tanwblefixed assets except those classified as Henta8e Asset Investments Investmenrs areshown ￿ the fifiancol statements 3t market Wdlue. Movemenls in the markÈt of Investments are shown as Unrealis￿881n$fvSSes in the Ststèment of Financiol Activitie5. Unrestricted fI￿d5 comprise accurnulated surpluses and deficiis on general funds. They are avalkble for use at the discretion of the Trustees in furtherance of the chariVs8eneral tharitsble obiertives. EstSmatesandlUd￿MQnts Estimates and judgemenls are cofitinuauy evaluated and are based w ht5torKal experience and otherfartws. includinB expectations of luture events that are believed to be reasonab￿ under the circumstances. Althou8h these estimates are based on the tru5tee'5 best kno¥Aedze of the amount. events or aCt￿nS. actual results ultimatelydifferfrorn these e5timate5. The Trustees do not conderihere to be any estimates èThJ judgements. Flnandil Instrument The charity onty ha5financiol 055et5 and h"n3ncial Ikibilities of a knnd that Qual￿ as basicftnancial instruments. eJ5i£ finand41 instru￿￿￿ts. including trade and other debtors and creditors are Inrrial￿ recoÉnised at transaction Yalue and sub5equentty measured attheir5ettkrnent value.The porrfolio of Snvestments held bythe charity is in¢luded at fairvaiue. li

The DeMusTnist P4)tes tothe ffinartial ststements Icontinuedl Ytihdtd31M Oecember2021 2 Royaltl•saDd p•rfo￿￿Onlhlf4 Performiw Ri8hr SLxiety Mechanical CoF)yri¥ht Protection S 600sey & Hawkes Other royalt 3,443 28 3.482 1.433 3,421 5,768 5.741 12.632 3 Voluntary Incofflt 2021 Donations 4 lThvestmeTht kKome 2020 Newton Investment Marbagernent Ca2eno¥e Ischrodersl Investment llana8emen¢ Propertyfunds Iniere# on tash dep￿[$ 35.C61 44.678 28.835 44.475 2.195 2,424 84M33 77.642 5 Charltsble Activities 2021 Gr¥nt53warded (l￿te 61 Management & 3dmini5tr3tion Athisorf lees expenses Archivi5V5fees and expense5 Secretarial senrices expenses Websile. athertlsine & prorn0t￿n Accounra Governance Independenr examiner's remuneratKJn Trustee Èxpefises Meetin8xpÈthses & Mspitality 77.950 23,644 4,S(M) 2,918 18. 9.839 4,592 1,913 18.847 15.584 303 L3 2.950 117.743 68.781 12

Th¢ IWIy5Tru51 14oiesto fvncr41 statement5 Icontkw•dl Yearended 31stDecember2021 6 Gtants fftd otherpaym•nts made In pursuance Dlthe object5 of theTrust 2021 2020 Publications Publications-wrmen back Performances Performances. written back Books and manustripts Extended¢ikjects 516 1,038 74.881 38.234 129,1NX)I 10,372 53 23.644 A&5t ofzr3nts awarded ￿ swn in Annexe lat the end of these amnts. 7 Trustees. remuiieiatlort and Èxpenses No remuneration was paTrd ar is Payab￿ either dIrett￿Or indirettlffor theyearto any trustee or to any person or person5 knownto be Eonnecled wr(h any of them. Trustee$wtre re1M￿￿ed £xx of expEmse$ in respertof the y¢ar 10 31 Deomber 202112020.. £01. 8 A¢￿ted party1M￿£t[0rts No Trustee or other person related tothe tharity W any personal interest in any contract or tran5artion enlered into bythe charity durinetheyeèr12020= nonel. 9 In¥estm?nt$ 2021 2010 Marketvalue at Istjanuary Additions Oisposals Net gains I Ilossesl on revaluati 2.736.558 2,714.177 322.525 21381 Marketvalue at31si Oetember 3.059.1)83 2.?￿.558 Hi5tryal tost 1,54Q.$90 1.540,59) Marketvalue represented ￿. Newton Investment Mana8ement Caienove1Schroderl Investment Management Property Fund investmehts 1.701.797 1.251.536 105.750 1.467.686 1.175.133 93.739 3m9,083 2.736.5S8 13

Do4usTn￿t Pkntes totheffinancial Matements l<wtlnued) Yor tndtd 31st Oetember Z021 10 Debtors 2020 Otherdebiors 11 Credltors: amounts falllrydue ¥Athkn OM year 2020 Trade creditors Accruals Grants p3yablo 345 2.250 186.224 2,852 2.220 162,343 198A19 167A15 Grants brou8ht forward Grants committed in theyeir Grants paid In the year 162.343 77.950 154.C691 162.343 52.644 152,6441 Grants oulStandin8 186.224 161343 A list of yantsoutstandin8 15 shwi irbAnnexe 2 41 the end of thtsÈ atiounts. 12 Stat•rnentof funds 2021 Exp•ns8s Transfer5 Carrlqd forArd Unrestritted funds 1791.553 89.774 1117,7431 322.525 3.086.109 Total funds 2,791553 89.774 1117.7431 322.525 3.086,109 2020 Orou8ht fonvard Transfers & h)sses Carded forward Unr¢stricted funds 2.747.679 90.274 168.7811 22.381 2.791.553 Total funds 2,747.679 90.274 168.781 22.381 2.79LS51 14

The Oelu5Trus¢ MotrstDthefinanclal statements l¢ontiDuedl Year endEd 31st OÈeember20ZI 13 Ahfyshof netassetsbett¥en funds ToLIl knds 2021 Total l￿d5 Z020 Investments Current assets 3.059.083 215.845 1188.8191 2.736.558 222,410 1167,4151 3,086,109 2,79lJ53 14 Total flnaThtlal Inllruments Finlhtial Instr￿mentS held at 31 Decembef are= 2020 Financial a55et5 held atfairval¥e Financial assers held at amortised cosl Financial liabilities held at amortised cost 3,059,083 2,736.558 188.819 167.415 15

The DelSusTIiisi Anntxe l- Grants Awarded Yoar ended 31st Dttember Z021 2021 2020 Publlcatlons Dr Fr3ncesJones Weea VedaE 53 516 438 LOJ8 Perf(vma￿esaf￿l Remrdlfigf NMC Recordin8s Ltd Tammie Ha$lund Festr¥al Villièrs Quartet Royal PhilharftK>nic Orchestra Doreen CaThvithen Festival En8li5h PIu5K Fe5twJl Liond Handy lake tXstrict5umrner Mu5K Online 8ritish Music Festival (T4iwan71 onteverdi Choirwuerzbur Elgar Sinfonia English Music Weekend at Heller tsmbrid8e Music FestiTrral 2021 Guiting Music FestNal Madeleine Mitchell 14orth Witshire Symphony Orthestra Watford Symphony Orchest¥a Banbury Symphony Orchestra Edward Rushton 30.[￿ 15,L 1.200 S.LX)O 2.500 2.￿0 1.381 8,543 15.C#)J 5( 491 71A81 38234 Ext•nded OblKts Royal Philharmonic society Doreen Carwithen Festival 5JOO Books, ¢tr. Archlve items frem Cdin Coleman 10.372 103n Les$'. Irahts wrltten back Northern Opera Group Ewlish Mw Festival 123.DJOI I6.(￿￿)) T•i•lyants awarded Ih they*ar 77.950 23.644 16

The D•¥usTru# Annexe2- Grnntsc4￿tand1Trs Year ended 31st E>ec¢rnbEr 2021 zozi P•rftyrnnt•s•nd Retordiry Opera Hdland Park Entlish Nati￿3[ Opera NMC Recordin85 Tommie Haglund Festival South Fkrida symphony Qchestra nteverdi Choir WuntrJrg ICII,OTr)I Deliu5 Society Poyal Philharrnonic Orehestfa Dorvn Carwithen Fe5ttval Philharmoni¢ ChambÈrOrche5tTr ol Lond¢)n OAliDe grrtish Musie Fe5tNal Deliu5 Society-joint web51te & promotK)n Sarnpson Orchestra Watford SYM￿YOrcheSIra 8anburySyrnphDnyOrchestra Cambridge Music Fe5tNal 2021 Guiting Music Festival 50.OC4J 30.ot 15.C io,c 9.924 io.{D) 8,543 16.r io.( lo.0￿> 15,rA)o To¢al out5tindi 186324 161343 17