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

DeMusTrust
port•nd Firb*ntl*l 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.. deliustrust@deliustru5tor4.uk
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 St*ements 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 adivii*s, ￿rtI￿l4￿Y in the f*ld 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 p3rt*ular 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> Del*us-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
other<omFx)sef born or ar any time permanehtty resident ￿ Great Britth or Ireland fr¢bm IW>tothe 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 Dee*rnber 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
Y*ar 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 stateTh*nts. 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¢ Charit*s Act 20111.the Act'l.
Hwing satlsfied rny5ellth4t the a¢counts of the Trust are r*otrtquiredto 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•ntialAttivit*s 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 t*ou8ht 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 ortransad*Jn vnknotherwiseststed in the relevant accountiryd polic¥ notel51.
G¢lrt8 coh¢¢rn
The Trustees have assessed the Charity's reouireff*ntsf4y 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 4S*t5
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 con*derihere 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
Yt*i*hdtd31M 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 l*lana8emen¢
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
Meetin8*xpÈthses & 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
Hi5try*al 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)
Y*or 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
for*Ard
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 Ah*fyshof 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•rftyrn*nt•s•nd Retordiry
Opera Hdland Park
Entlish Nati￿3[ Opera
NMC Recordin85
Tommie Haglund Festival
South Fk*rida symphony Q*chestra
nteverdi Choir Wuntr*Jrg 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