Charity rezi5tration number 207324 The Delius Trust TRUSTEES. REPORT AND FINANCIAL STATEMENT5 fQrthey•arw￿1d 31st December 2022 Th¢ OdusTnJt Report and Flnanrlalstatements Year ended 31s1 DÈtember2022 legal & ￿MiniStrat￿e Informatian Report of theTruslees Indepet)denl E￿mI￿r.5 Report siatement of FinarKial Actmt Balance Sheet Notes tothefinanri41 ststements lo-ls Annexe l- grant5 awarded in theye•r 16 Annexe 2- 8rants outstanding 17 l>eNu5TfwI I &AdmlDi5trnti¥o Inforrnatlon TRUSTEE5 Help mU￿clan5 UK IRepresentstNe'. Mrjohn Awl Mr Martin Williams FSA Mr Paul Guinery ADVISERS Profe$50r Daniel Griml Mr Stephen Ligyd Mr Robert montg0w￿ry ADVISER EMERITUS Mr David Lloyd-Jone5 Died June 2022 SECREfARY M5 Hden Fau*ner PRINCIPAL OFF 13 Calico Row. Pl4ntstion Wharf. L¢>ndw SWII 3YH Email.. deliustrust@deliusrntst.or8.uk Web.. ww*.delius.ori.yk INDEPENDENT EXAMINER Jane AskewACA, Hay5macintyre LLP thartered acrowt4nts 10 Queen Street Place. London EC4R IAG BANKERS HSBC Bank pl4 City of London Commerual Centre, 601knn￿rtori¥ Street, London £C4M 4TR The DelSusTfust Report olthe Trnstees Year ¢nded 315t Oecember 2022 Thetrustees present theirAnnual Rewrttogetherwth the Financial Stèternent5 of the Trust fortheyearendeL$ 31 December 2022. The financi4 stHtements compty with the CharltiesAcr 2011 and the Accounting and RÈports'n8 by Charities= Srètement of Recommenrted Practice applicable to£harities prepanngtheir in accwdance ¥J4th the Financial Reporting standard applicaNe in the UK and RepublK of Irelèhd (FR5 1021. Structure. G+wernance and M*m1￿Ment The Trusi was established bythe Will of Mad4mtJelka Delus whodied on 28 May 1935. tts constituti4fi was¥a￿ed by igh Court StheThe In 1964 principally by the setting up of a panel of three music advisers. In 1991. the Charity Commission aPPr￿d a second Schèmt which consolédated theTrusVsconstitytion in one docurntnt. This permthd the Trust to undertake further activities. PaitukTty in thefield of education.. and to appoint a totsl of five ad￿ser$. In 1997, the Charitycommission approved a third Schemein muth the same terms but wth •dditional provisions, namely.. lal subjecr to priorityfor the promotion of DEIius'5 works. the Tfust's Obiectto include any other Brit¢5h tomposer born since 1860 to the present day with particular prelerence fof Contemporaries of Delius.. and Ibl the aPPDiThtmentol up to a t¢tal of seven adw5ers. DuiSn8the yearthetrustee5were'. Martin Williams Paul Gulnery Help Musidans UK Durin8 the year Help MusKians UK was represented byjohn AMof*. a MeM￿rof HMUK'sCouncil. The tru5tee5 are responsible forthe administration and management of theTrust. Thtyare assisted by ihe panel ol AIlvi5ers. The trustees and Advisers tO8ether held three meetings (Suringthe year under Teview. The trustees kéep the sknlL% and experience rewired on thetrtsstee b(*tr ￿der re￿￿￿1. Tmst policyand guidelines can be found on the Deliuswebsite www.deliu5.org.uk Fr￿ 1965 theTru5t's 3rchNe5 were in the care of the Honorary Archivist. Llonel Carley. Y4ho dled in lare 20ZI. The archi￿ is now mana8ed by Hèlen Faulkner who. in 2022. oncpntrated particularly on incorwating man¥ of Lior*l Carte￿5 papeis and ephemEra inlo the Trusvstoliection wth the a5SiStanEe of Katharine Ho8& Lsbrarian olthe Gerakl Coke Handel Cdledion. The Chairman would like to affirm the Trusvs yeat sorrowatthe death of his predece5$0r. Da￿d Lloyd-Jones, notin8 that.-Dawdwas Chairman of the DeliusTn￿l for wtyyear511997-201714nd admirabty steered it abn8 its course wlth the unbounded enihusiasm and ¢L￿MitMent that were 50 characleristic of him. A Delian tothe core. he brought tt> hi5 role the same quality olwsion that had marked his pioneering yearsat OpEra North. His Chalrmanship saw the omrAetion Df the collected works of Delius, a proiectwhich fflanvveèr5to athievE. His innate understanding of the composer was èll the more valuable in thai. as an eloquent interpreter In the concert hall, oppra house and recording Studio, itsternmed from the ￿sIde. infom)ed by The Invaluable. highly practKal knowledge of a great interpreter. We were 8rateful to himfor stayin8 on as an adwsor. sinceTrust meetiryg5 btnefited enorrnoustylrom h15 e¥peripnce and insighi. His presen￿ is much mtssed." ThÈ DellusTFust AepDrt of the TNste¢s Itonttnued) Y¢4ronded alst Decefflber2022 Objerti¥es athd A¢tMiles The Object of the Trust is to promote the works of the composer. Frederic* Delius. and subiert theretothE work5 of anv other comp05er bom orat anytime permanenriy resk*Di in 6￿al Britain or Ire￿nd frorn 1860to the pre5prbt day with preference foi tontemporariesol Delius, bv.. 11 rEcordin8s of every descriptlon whether rnethani(al. electrical ￿ dectronic: 21 tht publicatK)n and i55ue... of ... all or any partof the complete work5,. 31 thetinancin8 and pro*y)tion... of public Con￿rtS3nd reritals- 41 the purchase DI Ittters and rn*nuxriptsfor theTrusVs archNes. and memrakn.lia and ephemera relatingto 51 presenring and rna&in8avail•ble to the pubK and and diffusi￿ kn￿￿edge. of Deliu<5 life and works. The TrusV$ in¢¢)rnÈ is applied as follo*s.' il byencoura8in8 publt5hersto update part5 and sc0rest0wee￿h the Collerted Editton and maintaining unmarked parts for use if required.. bl by encoura•nethe a¥ailat41ity of hi5toriral recordings and 5ponstirin8those representin£ a Éenerat*Jn of Interpreters-. cl by acqulring secondary archNe material dep￿siti￿the remlining prirn*y atthiveMth the British Library.. and dl by financin8 perfom)ancesof unusual or major works in the UK enrouraging more pErtormances in other countries. particularly those*here the copyright continues to run. Trustees havt defined Ri detsil theywould fulfil the secondaryObiecL l.e.. the promotion of work5 ￿ Brit ¢omposefS btrrn from 1860onwards. They decided that In thls area They would noi, as a rule, 5UPPOrt the works of individual tomptssets but would cortsKlerapplicatksnsfrom r*gan￿tIOnSthe objertsof which indude the promotion ef th15 area of Tepèrtoire. Att￿￿￿98￿d F￿￿e Plans Inevitabty. because of the restrittlons ￿￿llIn8 from theCowd-19 paThdern￿ a numberof projects towhich the Tru had rnadè funding commitmentswere delayed or cancelled. The trustees had agreed to honourall exist1￿￿rant cornmitments until perfDrrr￿nce resumed and were partitu￿r￿ pleased that the production of Margr>t la Rouge originally sChedu￿d by Hdland Park Opera for 2020took platrto high crilical acclaim in surnrner 2022. Grants Drnmitted to a numbtrol projects which could not be revived have been written bac* in these account5. rr105t Si8nificantty £40.C¥JO which has been committed to English Naiional Opera. As part of its extended object. the Trust curtinued to support the RLryal Philharmonic s0oe￿$ annual ytyjni composers 5cheT* and the core <05ts0f NMC. a iegistÈred chality. wh￿h issi*s recordin85 ol ￿ 8r•t￿h mu*G TheTrust rn*ntsin5 an extensive 4rchNe of material rdatin8to DÈlius, includin8 Scor￿ letters, ima8es. concert oyamme54nd other ephemer3. It hold5 a library of boDk5. j¢)umals, thE5e5 and retordin8s In a variety of forrnxts and has started to exploro oplions lor di8itisin8 appropriate partsof the collertionto Improveaccessfor researchers, During the year. researchers have again been able to Use the rdledK)n in per￿n or Lryremoteaccess. The cataloEuinE of scores. bjoks and periodKaL% w35 com￿rted. The Oe¥¥sTru5t Report 0ftheT￿5teQ9 I￿ntInued) Year Ènded 31st De¢embei Z022 Publlc Oenefrt The trvstees have referred to the Charity Commission 8uidance on pu￿1£ benefit and believe rhat the Trust's aCtIv￿e5 as outlined Sn thi4 report contributed to pub*c benefit 5pecifKalty by theathancetnenf ofeducat￿n in the arts Iparticularly musicl, cutture. heritaze and science. Flmncfjal Rv41ew There are no restrirted or endowrnent funds. TheTru5t Carr￿5 wt rn on8oin8fun&raisin8 artNity. Followini the lapse of the majollty of Delius'stOPVfiBhts. theTrusVs income from this source ha5 continued to decline and its income derives Main￿ from investments purchased frorn the accumukited income of earl￿r years. In thtyear ended 31 December 2022 theTwsVskncome a￿￿￿ted to£g).98112021.. £89.7741 •fid net expendlture was £65,09512021.. £117.7431. In 2022 theTntst awarded grants of £72.72512021.. £77.9SOI. There were unrealvsed1055e5 on the investmÈht pthlio of £263.61312021.' unrealised la￿$ 01 £322,525). The outturn lorthe year wa5 3 net outfiDW of funds of U37,72712021 net inflow.. £294.5561. Thetotal resources availaNe tothe Irustees at the ye3r-end We￿ £2.85 million12021 £3.09 milli¢)nl. Fur over 40years Help Mu5ician5 UK Ifoffrertythe Musicians Ben￿wIen1 FurKJI. a trusiee, provided accommodation at no chai8e to theTrust They ceased thisarrangernent in 2016. mitl8atin8the finanual effect to the trusi in 2016-18 by making a grant towards the cost of renbn8 an offKe. This reased in 2019 and since then the Trust has met rhe full cost of its accommodation. TheTrust offKe is shared the RVWTru5ttowhich il rèimburses a share ef ihe office ÈxpÈnsos at cost. Investment Pdlcy The trustees alm to preser¥e a balance between athievin8&rowth in th¢Tru5Y5 investments and producin8 income *d￿u81e to maintain the desired levd of Arant-moking. When necessary. In%￿Stment units de5i8ned for 8rowth will be sold to provide income abovethe Iv•*l produced b¥inc¢yrt units. Reserves Pollry TheTrust's ateumulattd reserves afe invested mainly in coffwmon invesfmenifund5 (collective vehicles de5i$ned 5pecificallyfor charities) mènaged by CaienovE15throderl and by Newton. a subsidiary of The Bank of New Yark Melk)n CorporatK)n. Two investments lin yopertycommon inb*simenr fund4 a￿0 designed expre5styforchoritie51lotallinÉ £94.91012021.. É105.7501. are managed direttty bytht trusiees. The level of grant+making 15 e55entialty demand4ed and can Varytonsldera￿frQM year to year. Thetrustee5 do not aim to increase the amount held as reserves and are happyto reduce reserves when it is appropriate to do so. They have a pdic¥of keepinE suffKientosh holdirwto covershortto ￿lIuM terni commitments. FuThdra1￿ Sinte the Trust's IrKome Is derlved from perforrninE fights of Frederick t>elius'5 COrnP05thon5 aThd invesiment Income, it does not undertake fundraising acttwities.. It 15 ne¥ertheless mindful ol the Code i55ued byt￿ Fundnisin8 Re6ulator. Copyrl8ht Althou8h in the main copyryght in Deliu5's compoytion5 published durin8 his liletime expired on 31 December 2C#14. the situation is complicated bythe pretection accorded to posthumous publications, copyri8ht extensi￿$ for waryears In France and italy, and the Pomion Inthe USA. In order toclarifythe p￿itiOn, the Trust ha5 published a détailed mmaryon the Ddlus websSte at ¥￿￿.delIU*0rl.Uk. The Ilellu% Trust Report oftheTrusttts Year ended 31st De¢wnber2022 Grints The 8rants made may be 8rouped urxler Eh* follo￿n@ heathrw and more details ofthem Is thown in Annexe5 1 3￿j 2 at rhe end of the accounts accompany￿8th15 report- 2021 PubliCat￿nS Performances Books ènd manususpts Extended objects Gr4nts retovertd 103 71.242 516 74.881 53 2.500 1S1.CO) 21.ns 77.950 HerttaEeAssets The trustees ha¥e ac£umulated a colkdion of books. pampNet¥ manuxript% thotoqraphs, paintings and other item5 cortnect￿ with FredefKk Deliu$ and his contemporaries. ThÈ trustets consider that the mainienance of Such collection is an integral part of their primary obiectr¥e and that a formal valuation would not be a good use of charty rèseurees. The cdlection is available for study prior arranBemerbt withthe Secfetaryl. from time to time item5 are loaned ro museums. artEalleriesaThJ 5irnilar orDnisation5 fly publk dlsk*. Alsk Manwment The ffla1￿ risks tts which the charity t8exposed. as identified by the trustees. havt been rriewed and systems have bÈen establlshtd to mit4gate those r￿ks. Robust banking and otherfinancral proctduresare In place at)d grants are tlosety monitored to managethe man risk of rnIsappropriat￿ olthe tharity$funds. As noted below, these account5 are appreved durin8 a period of uncertèinty for both inflow and outflow otfunds. However, through appropriole ronsideration of risks as part ol its normal risk Ma￿teMent pr0tt55. the trustees consider it approw*e forthe 8(Mn8con¢ern ba515 to ￿ adopied. as in previous years. forthe5e accounts. Golni Con£•rn and covirh19 Only a few works t>eliu5 remain in copyright so this ￿ no k)nyr a 4nthcant èlement of the trusvs income. Investment income held up well. The trustees are confidentthotthry have suffi£ieni tash holdi￿$ ro enable grants to be pald duriw 2023 and In subsequent yeatswith(rtrt the need forthe unplanned sale ol in¥ettments. Volt olThar*s Thetru5tees would like to rec¢rd their thènksto the Trusvs ad¥isors and to its Secretsry, Helen F¥ulkn*r. for all that theydidfor DÈliusand forthe Trusi durin8 the year. Th¢ D¢llusTriist Report of TNsteès Itokitlnuedl Y•ar •nd•d Ilst DEcember2022 5titementof Trustees, Re5￿mIbIlItIes The Tru5teesare required to prepare hnanaal starementsforeach financi31 vearwh￿h give a true and tairwew of the state of affalrs of the Trust and of itssurplusor deficitfor that period. In preparing those financial staternent5. the Trustees are required to= select suitsble a£¢ounting Oiues and then apththem ￿¥￿iSten￿¥. make judgernents and estimatesthat are reasonab￿ and F¥udeni. observe the methodsand prinople5 in the Charitie5 SORP. state whether applicable accounting standard5 ha¥e been fdlowed. 5ubipcl to any material departures dlsclosed and explained in the finanoal staiements. and prepare the flnancial statemenis on thezoiry concem bay5 Unle55 inappropriate to wesume that theTrust will tontinue in business. The Trustees are responsiNe ￿ keepin8 proper accountin8 rec(Yds whiEhdisd05e reasonable accuracy at any time the financial position of the Trust. The Tntstees are also respcKisibleforsafeguardin8 the assets olthe Trustand hence fortakn'n8 reasona￿￿ stepslorthe kWLwention and ¢jeteCt￿ of and other irre8ularitie5. Approved by theTrustee5 C￿............. - 2023 Paul Guinery Tntstee an¢J Chairman Martin B M Williams Trusteo INDEPENOEPIT EXAMIIIEA'S REPORT theTrusthesof The Del￿$ Tru Year ended 31st Det*mber 2022 I reporttothe Trusteeson my examinaiion ofthe accwnts of Ihe Trnsi Iihe Trust) for the yearended 31 December 202Z. 5PODs￿l￿tI•sand ba5b ol rnwt As the charity trustees of the Trust you are responsible for the preparntion of the accounts in accordance ￿th the requirements of the Charities Art 20111.the Act'l. Havtn8 5atisliEd myself that IhEaccounts of theTru5t are r￿t rewired to be audited under the Actand are eli8iblelor ndependent examination, I report in respert of my examination of yourcharivs accounts carried out under sectlon 145 otthe Chanties Att 20111'the 2011 Att'l. In £anwn8 out myexaminatK)n I havefollowed Ihe Dlrettions 8wen b¥ the Charity Commlssion under section 145151 Ibl of the 2011 Att. Independemt examlnw's statsment I have completed my exarninatioTr. I confvm that nty matters hav¢ tometo my attentknn In cohn¢¢tion with the ex¥minatOtsn 8ivini me tause to bel*vÈ'. ccountin8 rerords were not kept in respert of the Trust a5 required trtrfsect￿n 130of the Art,. or the accounts do not accord wrch tho&e record5.' 3. the accounts do not comptywith the ap￿Kable requirement5concerr4ng the Form ènd content of accounts set out in the Charitie5 (Accounts and Reports) Regvlation$ 2W8 otherthan any requirement ihat the accountsgive a 'true and fairview whKh is not a matter considered as part of an independent examlnation.: or 4. the accounts have not been prepared in ac£ordance ￿1h the methods and prinoples of the statement of Recommended Prattl￿ for accouniinÉ and repth1ing by charities applKable to chaTrties prep3ringtheir accounts In a£coidance wlth the Finanoal Reporriry Standard applKable in the UKand Rewblic of Ireland IFRS 1021. I have ntstoheems and have tome atross noother m•ttÈrs 1rbtonnErt￿￿ vAth the examination iowhith 8ttÈntion should be drawn in t￿$ report in orderio enatAe a prop￿ uThJerstsndin8 ofthÈ atujuntsto be rtathed. 2.10.2023 aned...................................................-..-....................................... Date...................... Jane Ask•w ACA HaysmaeSntyrt LLP, lo Queen Street Place London EC4R IAG The DellusTru5t s￿ement ofFhwndalArtl¥llkn Ilndwllrw an IncomE and expend1￿￿ x¢ountl Yearonded 31st D¢¢¢mb¢r 2022 Unre51rkted Umestrlrted 1022 2021 Ihcomefrom: Chalitable activilies= Rtsyalties and performing right ltes Voluntary income lfivestments 4,952 5.741 86,029 84.033 Total intomÈ 90.981 89.774 Expendhure on: Charitable artMtie5'. 65,095 117.743 Tokl experrtllwre 65.095 117.743 Gain I Itossl on investmert as5et5 1263,6131 322.525 N*t mo¥•m•fftt in knbds 1237.7271 2Y,556 Total funds brou8ht foryRrd 12 3.086.109 2,791.553 Toi*1 funds t*rrl•d forward 2,848,382 3,086,109 All trafisactwjns der￿frOrn continuir* 4cWe5. All recr*ani5ed gains and b5ses are included it) the Staternent of Finant￿l Artmties The [le1￿Tn#t eport gftheTnbrteesl¢ontlnuedl Year ended 3151 DÈt•rnber202Z ststement olTrust*•s' Re5W￿[bIlItIeS TheTrustee5 are required to prepwe rtnantial 5talements for each finanrial year which Irue and fair view of the state of affair5 of the Trustand of its surplusor deficit forthat period. Irb preparin8 th¢>se linancial statements, ¢he Trustee5 are required to= selert suitabk accounting pdKtes andlhen apptythem consistentty. rnakeiudiernenis and estirnates that art reasonable and prt￿en( observe the meiws and principles in the tha￿t￿soRp, state whether ap￿ICable a£counting5tsndards hab* been followed. subject to any maierial dopartures disck)sed and explained in the finanual Slaternents. and prepare the financial statements on the 80ln8c￿￿ern ba￿$ ￿n￿$S it 15 inapprowiate tp presume that the Trust will continue in business. The Tru5tee5 are reSpOn￿￿e for keepin¢ propèr acmuntirrf recotd5 which disdcsewith re050nable accuraryat arw time the finanoal ￿)￿11#n olthe Twst. The Trustees are also ièspon5iblefor safe8uardingthe assets of the Trust and hence for ta￿n& reasonablesteps for the prtttnt￿ and dete£tiw of fraud and Other lrre8ularl1￿ Approved by the TrL*tees on............................. ._ 2023 bJ Paul Guinery Tiustee and Chairman Martin B M Williams Trusiee The DeHusTru# Balance She Ye•rended 31st Dtt•mber 1022 2021 Ffjxed assets IrwestmeThts 2,795.470 3.1￿9.083 Ctstrentassets OebtL¥s 8ank balanc¢$ io 136.922 136.922 215.845 215￿45 Current Ilabllltles Creditors- arnount5 falllr thje within oneyear li 184.0101 IIB8,8191 N•t curr•nt assets 52,912 27.026 Total net assets 2.848.382 3,086,109 Unrestrleted funds 41.382 3,OB6,109 These at£ountsv4ere approved ondavth)r￿edfor Issue tythe Board ol the Trustee5 .. 2023 and wert sr6ned belowon its behalf bv.. Paul GuinEry Trustee and Chairman Martinwilliams Trustee The Ddlus Tru Noiestothe flnancral stsiemerts Year ended 3151 Detembei202Z A¢(ountSn¥ Pdides The principal accountin8 politiesad¢pted. jud8emenis and ke¥s￿rte501 estimation uncertainty in the preparaiion of the finan£i31 statements arèas foll