Charity registration number 207324 The Delius Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended 31st December 2024
The Dellus Trust Report and Financlal Statements Year ended 31st December 2024 Contents Page Legal & Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the financlal statements 11-16 Annexe- grants awarded, grants outstanding 17-18
The Delius Trust Legal & Admlnlstratlve Informatlon TRUSTEES Musicians Benevolent Fund (Help Musicians UK) (Representative: Mr John Axon) Mr Martin Williams FSA Mr Paul Guinery ADVISERS Professor Daniel Grimley Mr Stephen Lloyd Mr Robert Montgomery SECRETARY Ms Helen Faulkner PRINCIPAL OFFICE 13 Calico Row, Plantation Wharf, London SWII 3YH Email: deliustrust@deliustrust.org.uk Web: www.delius.org.uk INDEPENDENT EXAMINER Jane Askew FCA Haysmac LLP, 10 Queen Street Place, London EC4R IAG BANKERS HSBC Bank plc, City of London Commercial Centre, 60 Queen Victoria Street. London EC4N 4TR
The Delius Trust Report of the Trustees Year ended 315t December 2024 The Trustees present their Annual Report together with the Flnancial Statements of the Trust for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011 and the 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). Structure, Governance and Management The Trust was established by the Will of Madame Jelka Delius who died on 28 May 1935, Its Constitutlon was varied by a High Court Scheme in 1964 prlncipally by the settlng up of a panel of three music advisers. In 1991, the Charity Commission approved a second Scheme which consolidated the Trust's constitution in one document. This permitted the Trust to undertake further activlties, particularly in the field of education; and to appoint a total of five advisers. In 1997, the Charity Commission approved a third Scheme in much the same terms but with additional provisions, namely: (a) subject to prlority for the promotion of Delius's works, the Trust's Object to include any other Britlsh composer born since 1860 to the present day wSth partlcular preference for contemporarles of Delius; and Ib} the appointment of up to a total of seven advlsers. Durin8 the year the Trustees were: Martin Williams Paul Guinery Musicians Benevolent Fund (now operating as Help Musicians UK) Durlng the year Help Musicians UK was represented by John Axon, a former Trustee of HMUK. The Trustees are responsible for the administration and management of the Trust. They are assisted by the panel of Advisers. The Trustees and Advisers together held three meetings during the year under review. The Trustees keep the skills and experience required on the Trustee body under review. Trust policy and guidelines can be found on the Delius website www.delius.org.uk. From 1965 the Trust's archives were in the care of the Honorary Archivist, Lionel Carley, who died in late 2021. The archive is now managed by Helen Faulkner who, in 2022, concentrated particularly on incorporating many of Lionel Carle¢s papers and ephemera into the Trust's collection with the assistance of Katharine Hog& Librarian of the Gerald Coke Handel Collection. This work has conttnued and use of the archive, particularly the collections of letters and images, has increased noticeably in the last two years.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 20Z4 Objertlves and Activltles The Object of the Trust is to promote the works of the composer, Frederick Delius, and subject thereto the works of any other composer born or at any time permanently resident in Great Britain or Ireland from 1860 to the present day with a preference for contemporaries of Delius, by: l) recordlngs of every description whether mechanical, electrical or electronic; 2) the publication and issue . . of ... all or any part of the complete works; 3) the financing and promotion . of public concerts and recitals; 4) the purchase of letters and manuscripts for the Trust's archives. and memorabilia and ephemera relating to Delius's life; and 5} preserving and making available to the publlc, and improving and diffusing knowledge, of Delius's life and works. The Trust's Income is applied as follows: a) by encouraging publishers to update parts and scores to agree with the Collected Edition and maintaining unmarked parts for use if required; b) by encouraging the availability of historical recordings and sponsoring those representin8 a new generation of interpreters; c) by acqulrlng secondary archlve material and depositing the remalning prlmary archive wlth d) by financing performances of unusual or major works in the UK and encouraging more performances In other countries, partlcularly those where the copyright continues to run. Trustees have defined Sn detail how they would fulfil the secondary Object, i.e., the promotion of works by British composers born from 1860 onwards. They decided that in this area they would not, as a rule, support the works of individual composers but would consider applications from organisations the objects of which include the promotion of this area of repertoire. Actlvltles and Future Plans The Trustees are particularly pleased to be able to support a new production of The Magic Fountain which will take place at Wexford Opera Festival in October 2025, the third opera by Delius to be staged there. They have also ensured that the music of Delius is represented within Bradford 2025 UK City of Culture by making 2 grants for events in the city of his birth. As part of its extended object, the Trust continued to support the Royal Philharmonic Society's annual young composers scheme and the core costs of NMC, a registered charity, which issues recordings of new British music.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 2024 Activltles and Future Plans (contlnued) The Trust maintains an extensive archive of material relating to Delius, including scores, letters, irnages, concert programmes and other ephemera. It holds a library of books, journals, theses and recordings in a variety of formats and has started to explore options for digitising appropriate parts of the collection to improve access for researchers. During the year, researchers have again been able to use the collection in person or by remote access. Publlc Beneflt The Trustees have referred to the Charity Commission guidance on public benefit and believe that the Trust's activities as outlined in this report contributed to public benefit specifically by the advancement of education in the arts (particularly muslc), culture, heritage and science. Financlal Revlew There are no restricted or endowment funds. The Trust carries out no ongoing fund-raising activlty. Followin8 the lapse of the majority of Delius's copyrights, the Trust's income from this source has continued to decline and its income derives mainly from investments purchased from the accumulated income of earlier years. In the year ended 31 December 2024 the Trust's income amounted to £96,851 (2023: £103,406) and net expendlture was £261,069 (2023: £142,557). In 2024 the Trust awarded grants of £217,534 {2023: £81,638). There were unrealised gains on the investment portfolio of £222,716 (2023: £104,695). The outturn for the year was a net inflow of funds of £58,498 (2023: £65,544). The total resources available to the Trustees at the year-end were £2.97 million12023: £2.91 million). For over 40 years the Musicians Benevolent Fund (now operating as Help Musicians UK), a Trustee, provided accommodation at no charge to the Trust, They ceased this arrangement In 2016, mitigating the financial effect to the Trust in 2016-18 by making a grant towards the cost of renting an office. This ceased in 2019 and since then the Trust has met the full cost of its accommodation. The Trust off ice is shared with the Vaughan Williams Foundation to which it reimburses a share of the offlce expenses at cost. Investment Pollcy The Trustees aim to preserve a balance between achieving growth in the Trust's investments and producing income adequate to maintain the desired level of 8rant-making. When necessary, investment units designed for growth will be sold to provide income above the level produced by income units. During 2025 we shall undertake a detailed review of the Trust's investment policy and the investments to support this.
The Delius Trust Report of the Trustee5 (contlnued) Year ended 31st December 2024 Reserves Policy The Trust's accumulated reserves are invested mainly in common investment funds Icollective vehicles designed specifically for charities) managed by Cazenove (Schroder) and by Newton, a subsidiary of The Bank of New York Mellon Corporation. Two investments {in property common investment funds, also deslgned expressly for charities) totalling £88,929 (2023: £89,112), are managed directly by the Trustees. The level of grant-making is essentially demand-led and can vary considerably from year to year. The Trustees do not have a specific target for the level of reserves and are happy to reduce this when it is appropriate to do so. They have a policy of keeping sufficient cash holdings to cover short to medium term commitments. Fundralsln8 Since the Trust's income is derived from performing rights of Frederick Delius's compositions and investment income, it does not undertake fundraising activlties; it is nevertheless mindful of the Code issued by the Fundraising Regulator. Copyrlght Although In the main copyright In Dellus's composition5 published durlng hls Ilfetime expired on 31 December 2004, the situation Is compllcated by the protectlon accorded to posthumous publications, copyright extensions for war years in France and Italy, and the position in the USA, In order to clarify the position, the Trust has published a detailed summary on the Delius website at www.delius.org.uk. Grants The grants made rnay be grouped under the following headings and more details of them is shown in Annexes l and 2 at the end of the accounts accompanying this report. 2024 2023 Performances Books and manuscripts Extended objects Publications Grants written back 217,654 14,907 2,500 209 117,736) 74,786 6,000 852 217.534 81,638 Grants written back relate to projects Postponed and subsequently cancelled as a result of the COVID-19 pandemic.
The Dellus Trust Report of the Trustees (contlnued) Year ended 31st December 2024 Heritage Assets The Trustees have accumulated a collection of books, pamphlets, manuscripts, photographs, paintings and other items connected with Frederick Delius and his contemporaries. The Trustees consider that the maintenance of such a collection is an integral part of their primary objective and that a formal valuation would not be a good use of charity resources. The collection is available for study (by prior arrangement with the Secretary), and from time to time items are loaned to museums, art galleries and similar organisations for public displav. Rlsk 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. Robust banking and other financial procedures are in place and grants are closely monitored to manage the main risk of misappropriation of the charity's funds. As noted below, these accounts are approved durlng a period of uncertainty for both Inflow and outflow of funds. However, through appropriate consideration of risks as part of its normal risk management process, the Trustees consider it appropriate for the going concern basis to be adopted, as In previous years, for these accounts. Golng Concern Only a few works by Dellus remain in copyrlght so this is no longer a significant element of the Trust's incorne. Investment income held up well. The Trustees are confident that they have sufficient cash holdings to enable grants to be paid during 2025 and In subsequent years without the need for the unplanned sale of 5nve5tments. Vote of Thanks The Trustees would like to record their thanks to the Trust's advisors and to its Secretary, Helen Faulkner for all that she has done durlng the year to further the name of Delius and his works on behalf of the Trust.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 2024 ststement of Trustees, Re5ponslblllties The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its surplus or deficit for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent. observe the methods and principles in the Charities SORP, state whether appllcable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 17 Approved by the Trustees on ..........,,,.,...............................,........,,. . 2025 Tr(L Paul Guinery Trustee and Chairman Martin B M Williams Trustee
INDEPENDENT EXAMINER'S REPORT to the Trustees of The Delius Trust Year ended 315t December 2024 I report to the Trustees on my examination of the accounts of the Delius Trust (the Trust) for the year ended 31 December 2024. Responslbllltles and basls of report As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). Having satisfied myself that the accounts of the Trust are not requlred to be audited under the Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) {bl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of the Trust as required by section 130 of the 2. the accounts do not accord with those records; or 3, the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charitles {Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a 'true and fair vlew which is not a matter 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparln8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 4 July 2025 Signed............................................................................. Date......................................... Jane Askew FCA Haysmac LLP 10 Queen Street Place London EC4R IAG
The Delius Trust Statement of Flnanclal Activitles (Including an Income and expendlture account) Year ended 31st December 2024 Note Unrestricted Unrestrlcted 2024 2023 Income from: Charitable activitles: Royalties and performlng right fees Investments 5,324 91,527 12,184 91,222 Total Income 96,851 103,406 Expendlture on: Charitable activities: 261,069 142,557 Total expendlture 261.069 142.557 Deflclt on ordlnary actlvltles (164,218) (39.151) Gain on investment assets 222,716 104,695 Net movement In funds 58,498 65,544 Total funds brought forward 11 2,913,926 2,848,382 Total funds carrled forward 2,972,424 2,913,926 All transactions derive from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pages 11 to 18 form part of these financial statements.
The Dellus Trust Balance Sheet Year ended 31st December 2024 2024 2023 Note Fixed assets Investments 3,122,881 2,900.165 Current assets Debtors Bank balances 93,664 93,664 100,736 100,736 Current Ilabllltles Creditors - amounts falling due within one year 10 (244,121) (86,975) Net current assets (150,457) 13,761 Total net assets 2,972.424 2,913.926 Unrestrlcted funds 11 2,972,424 2,913,926 These accounts were approved and authorised for issue by the Board of the Trustees on 2025 and were signed below on its behalf by: t4J¥UA Paul Guinery Trustee and Chairman Martin Williams Trustee The notes on pages 11 to 18 form part of these financial statements. 10
The Dellus Trust Notes to the financial statements Year ended 31st December 2024 Accounting Pollcles The principal accounting pollcies adopted, Judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: General Informatlon and basls of preparation of accounts The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of recommended practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (Effective l January 20191- (Charities SORP (FRS102), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102). Delius Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value u nless otherwise stated In the relevant accounting policy notels). The flnancial statements are presented in UK Sterllng, which Is the Charity's functional currency, and rounded to the nearest pound. Golng concern Only a few works by Delius remaln in copyright so this is no longer a significant element of the trust's income. Investment income held up well. The trustees are confident that they have sufficient cash holdings to enable grants to be paid during 2025 and in subsequent years without the need for the unplanned sale of investments, Fund accountln8 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 charitls general charitable objectives. Income Income represents the total income recelvable during the year, comprising royalties, performing right fees and Investment income. All 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. Expendlture Liabilities are recognised as resources expended 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. 11
The Delius Trust Notes to the financial statements (Continued) Year ended 31st December 2024 Grants are included in the period of account when they are actually approved at a meeting of the Trustees. Charitable activity costs include costs associated with grant making, promotion of the works of the composer and his contemporaries, research and archiving. Support costs comprise 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 independent examlnatlon and legal fees. Herltage assets In accordance with the SORP depreciation has been allocated on all classe5 of tangible fixed assets except those classifled as Heritage Assets. Investments Investments are shown in the financial statements at market value. Movements in the market value of investments are shown as unrealised gains/losses in the Statement of Financlal Actlvities. Llab115t5es and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economlc benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obllgation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financlal activities as a finance cost. 12
The Delius Trust Notes to the financial statements (contlnued> Year ended 31st December 2024 Estimates and Judgements 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 Trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements. Flnanclal Instrument The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, Including trade and other debtors and creditors are initially recognised at transaction value and subsequently rneasured at their settlement value. The portfolio of investments held by the charity is included at fair vaSue. 2 Royaltles and performln8 rl8ht fees 2024 2023 Performing Right Society Mechanical Copyright Protectlon Society Boosey & Hawkes Other royalties 988 39 2,216 2,081 1,216 183 8,330 2,455 5,324 12,184 3 Investment Income 2024 2023 Newton Investment Management Cazenove {Schroders) Investment Management Property funds Interest on cash deposits 38,304 46,482 3,038 3,703 38,949 46,539 2,305 3,429 91.527 91,222 13
The Delius Trust Notes to the financlal statements (continuedl Year ended 31st December 2024 4 Charltable Actlvltles 2024 2023 Net grants awarded (note 51 Management & administration Advisors, fees and expenses Archivist's fees and expenses Secretarial services Office expenses Website, advertising & promotion Accountancy Governance Independent examiner's remuneration Trustee expenses Meeting expenses & hospitalitv 217,534 81,638 5.100 450 17,136 13,665 345 3,079 5,100 7,420 17,136 19,632 3,226 1,575 3,590 71 99 4,490 105 2,235 261,069 142,557 5 Grants and other payments made In pursuance of the objects of the Trust 2024 2023 Publlcatlons Performances Books and manuscripts Extended objects Grant5 written back 209 217,654 14,907 2,500 (17,736) 852 74,786 6,000 217.534 81.638 Grants written back relate to projects postponed and subsequently cancelled as a result of the COVID-19 pandemic. A list of grants awarded is shown in the Annexe at the end of these accounts. 14
The Delius Trust Notes to the flnancial statements (continued) Year ended 31st December 2024 6 Trustees, remuneratlon and expense5 No remuneration was paid or is payable either directly or indirectly for the year to any Trustee or to any person or persons known to be connected with any of them12023: £nil). One Trustee was reimbursed £71 of travel expenses in respect of the year to 31 December 2024 (2023: one Trustee was reimbursed travel expenses of £105). 7 Related party transactlons No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2023: none), and there are no balances outstanding with any related parties at the Balance sheet date {2023: none). 8 Investments 2024 2023 Market value at 1st January Net gains / (losses) on revaluatlon 2,900,165 222,716 2,795,470 104,695 Market value at 31st December 3,122.881 2,900,165 Historical cost 1,540,590 1,540,590 Market value represented by: Newton Investment Management Cazenove ISchroder> Investment Management Property Fund investments 1,790,371 1,243,581 88,929 1,671,295 1,139,758 89,112 3.122,881 2,900,165 9 Debtors 2024 2023 Other debtors 15
The Delius Trust Notes to the flnanclal statements (continued) Year ended 31st December 2024 10 Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals Grants payable 3,081 4,540 236,500 5,499 6,290 75.186 244.121 86,975 Grants brought forward Grants committed in the year Grants paid in the year 75,186 235,270 (73,956) 79,150 81,638 {85,602) Grants out5tandin8 236,500 75,186 A Ilst of grants outstanding Is shown In the Annexe at the end of these accounts. 11 Statement of funds 2024 Brought forward Income Expenses Transfers & galns Carrled forward Unrestricted funds 2,913,926 96,851 {261,0691 222,716 2,972,424 Total funds 2,913.926 96,851 {261,069) 222,716 2,972.424 2023 Brought forward Income Expenses Transfers & 8alns Carrfed forward Unrestricted funds 2,848,382 103,406 1142,557) 104,695 2,913,926 Total funds 2,848,382 103,406 (142,557) 104,695 2,913,926 All of the Charity's funds are general unrestricted funds, in both the current and prior year. 16
The Dellus Trust Annexe- Grants Awarded and Outstanding Year ended 31st December 2024 Grants Awarded 2024 2023 Performances and Recordlngs Wexford Opera Festival Mark Bebbington/lMG/St George's Hall Bach Choir Bradford2025 Carwithen Music Festival English Music Festival Croydon Symphony Orchestra Madeleine Mitchell Immersionz Bogdan Skrypka Hounslow Symphony Orchestra Oxford Philharmonlc Orchestra Lee Braceglrdle Delius Societv Britten Sinfonia Self Isolation Choir International Associatlon of Music Libraries EM Records Smorgaschord Festlval Five Churches Festival Southrepps Music Festlval Epsom Symphony Orchestra 160,000 22,000 10,000 10,000 5,000 2,500 2,000 2.000 1,754 1,000 700 500 200 2,500 500 10,400 10,000 4,936 2,500 1,200 1,000 1,000 750 74,786 217.654 Extended Objects English Music Festlval Royal Philharmonic Societv 2,500 6,000 6,000 2,500 Books, Manuscrlpts, etc. Boosey & Hawkes Archive items from Colin Coleman Schott Music GmbH 9,942 4,812 153 14.907 Publicatlons Wega Verlag 209 209 852 852 17
The Delius Trust Annexe- Grants Awarded and Outstandlng (continued) Year ended 31st December 2024 Grants written back 2024 2023 Choir of the Earth / Self Isolation Choir (cleared in 2022) International Association of Music Libraries Philharmonic Chamber Orchestra of London Sampson Orchestra Watford Symphony Orchestra Banbury Symphony Orchestra (10,000) (2,936) (2,000) 11,300) 11,000> {500) 117,736) Net grants awarded In the year 217,534 81,638 Grants Outstandlng 2024 2023 Perfomiances and Recordlngs Wexford Opera Festival Delius Societv Mark Bebbington/lMG/St George's Hall Dutton Epoch The Bach Choir Carwithen Muslc Festlval Croydon Symphony Orchestra Delius Society- joint website & promotion NMC Recordings Self Isolation Choir Internatlonal Association of Music Librarles Philharmonic Chamber Orchestra of London Sampson Orchestra Smorgaschord Festival Watford Symphony Orchestra Epsom Symphony Orchestra Banbury Symphony Orchestra 160,000 24,000 22,000 12,000 10,o(x) 5,000 2,000 1,500 32,000 12,000 1,500 10,000 10,000 2,936 2,000 1,300 1,200 1,000 750 500 75.186 236,500 18
Charity registration number 207324 The Delius Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended 31st December 2024
The Dellus Trust Report and Financlal Statements Year ended 31st December 2024 Contents Page Legal & Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the financlal statements 11-16 Annexe- grants awarded, grants outstanding 17-18
The Delius Trust Legal & Admlnlstratlve Informatlon TRUSTEES Musicians Benevolent Fund (Help Musicians UK) (Representative: Mr John Axon) Mr Martin Williams FSA Mr Paul Guinery ADVISERS Professor Daniel Grimley Mr Stephen Lloyd Mr Robert Montgomery SECRETARY Ms Helen Faulkner PRINCIPAL OFFICE 13 Calico Row, Plantation Wharf, London SWII 3YH Email: deliustrust@deliustrust.org.uk Web: www.delius.org.uk INDEPENDENT EXAMINER Jane Askew FCA Haysmac LLP, 10 Queen Street Place, London EC4R IAG BANKERS HSBC Bank plc, City of London Commercial Centre, 60 Queen Victoria Street. London EC4N 4TR
The Delius Trust Report of the Trustees Year ended 315t December 2024 The Trustees present their Annual Report together with the Flnancial Statements of the Trust for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011 and the 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). Structure, Governance and Management The Trust was established by the Will of Madame Jelka Delius who died on 28 May 1935, Its Constitutlon was varied by a High Court Scheme in 1964 prlncipally by the settlng up of a panel of three music advisers. In 1991, the Charity Commission approved a second Scheme which consolidated the Trust's constitution in one document. This permitted the Trust to undertake further activlties, particularly in the field of education; and to appoint a total of five advisers. In 1997, the Charity Commission approved a third Scheme in much the same terms but with additional provisions, namely: (a) subject to prlority for the promotion of Delius's works, the Trust's Object to include any other Britlsh composer born since 1860 to the present day wSth partlcular preference for contemporarles of Delius; and Ib} the appointment of up to a total of seven advlsers. Durin8 the year the Trustees were: Martin Williams Paul Guinery Musicians Benevolent Fund (now operating as Help Musicians UK) Durlng the year Help Musicians UK was represented by John Axon, a former Trustee of HMUK. The Trustees are responsible for the administration and management of the Trust. They are assisted by the panel of Advisers. The Trustees and Advisers together held three meetings during the year under review. The Trustees keep the skills and experience required on the Trustee body under review. Trust policy and guidelines can be found on the Delius website www.delius.org.uk. From 1965 the Trust's archives were in the care of the Honorary Archivist, Lionel Carley, who died in late 2021. The archive is now managed by Helen Faulkner who, in 2022, concentrated particularly on incorporating many of Lionel Carle¢s papers and ephemera into the Trust's collection with the assistance of Katharine Hog& Librarian of the Gerald Coke Handel Collection. This work has conttnued and use of the archive, particularly the collections of letters and images, has increased noticeably in the last two years.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 20Z4 Objertlves and Activltles The Object of the Trust is to promote the works of the composer, Frederick Delius, and subject thereto the works of any other composer born or at any time permanently resident in Great Britain or Ireland from 1860 to the present day with a preference for contemporaries of Delius, by: l) recordlngs of every description whether mechanical, electrical or electronic; 2) the publication and issue . . of ... all or any part of the complete works; 3) the financing and promotion . of public concerts and recitals; 4) the purchase of letters and manuscripts for the Trust's archives. and memorabilia and ephemera relating to Delius's life; and 5} preserving and making available to the publlc, and improving and diffusing knowledge, of Delius's life and works. The Trust's Income is applied as follows: a) by encouraging publishers to update parts and scores to agree with the Collected Edition and maintaining unmarked parts for use if required; b) by encouraging the availability of historical recordings and sponsoring those representin8 a new generation of interpreters; c) by acqulrlng secondary archlve material and depositing the remalning prlmary archive wlth d) by financing performances of unusual or major works in the UK and encouraging more performances In other countries, partlcularly those where the copyright continues to run. Trustees have defined Sn detail how they would fulfil the secondary Object, i.e., the promotion of works by British composers born from 1860 onwards. They decided that in this area they would not, as a rule, support the works of individual composers but would consider applications from organisations the objects of which include the promotion of this area of repertoire. Actlvltles and Future Plans The Trustees are particularly pleased to be able to support a new production of The Magic Fountain which will take place at Wexford Opera Festival in October 2025, the third opera by Delius to be staged there. They have also ensured that the music of Delius is represented within Bradford 2025 UK City of Culture by making 2 grants for events in the city of his birth. As part of its extended object, the Trust continued to support the Royal Philharmonic Society's annual young composers scheme and the core costs of NMC, a registered charity, which issues recordings of new British music.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 2024 Activltles and Future Plans (contlnued) The Trust maintains an extensive archive of material relating to Delius, including scores, letters, irnages, concert programmes and other ephemera. It holds a library of books, journals, theses and recordings in a variety of formats and has started to explore options for digitising appropriate parts of the collection to improve access for researchers. During the year, researchers have again been able to use the collection in person or by remote access. Publlc Beneflt The Trustees have referred to the Charity Commission guidance on public benefit and believe that the Trust's activities as outlined in this report contributed to public benefit specifically by the advancement of education in the arts (particularly muslc), culture, heritage and science. Financlal Revlew There are no restricted or endowment funds. The Trust carries out no ongoing fund-raising activlty. Followin8 the lapse of the majority of Delius's copyrights, the Trust's income from this source has continued to decline and its income derives mainly from investments purchased from the accumulated income of earlier years. In the year ended 31 December 2024 the Trust's income amounted to £96,851 (2023: £103,406) and net expendlture was £261,069 (2023: £142,557). In 2024 the Trust awarded grants of £217,534 {2023: £81,638). There were unrealised gains on the investment portfolio of £222,716 (2023: £104,695). The outturn for the year was a net inflow of funds of £58,498 (2023: £65,544). The total resources available to the Trustees at the year-end were £2.97 million12023: £2.91 million). For over 40 years the Musicians Benevolent Fund (now operating as Help Musicians UK), a Trustee, provided accommodation at no charge to the Trust, They ceased this arrangement In 2016, mitigating the financial effect to the Trust in 2016-18 by making a grant towards the cost of renting an office. This ceased in 2019 and since then the Trust has met the full cost of its accommodation. The Trust off ice is shared with the Vaughan Williams Foundation to which it reimburses a share of the offlce expenses at cost. Investment Pollcy The Trustees aim to preserve a balance between achieving growth in the Trust's investments and producing income adequate to maintain the desired level of 8rant-making. When necessary, investment units designed for growth will be sold to provide income above the level produced by income units. During 2025 we shall undertake a detailed review of the Trust's investment policy and the investments to support this.
The Delius Trust Report of the Trustee5 (contlnued) Year ended 31st December 2024 Reserves Policy The Trust's accumulated reserves are invested mainly in common investment funds Icollective vehicles designed specifically for charities) managed by Cazenove (Schroder) and by Newton, a subsidiary of The Bank of New York Mellon Corporation. Two investments {in property common investment funds, also deslgned expressly for charities) totalling £88,929 (2023: £89,112), are managed directly by the Trustees. The level of grant-making is essentially demand-led and can vary considerably from year to year. The Trustees do not have a specific target for the level of reserves and are happy to reduce this when it is appropriate to do so. They have a policy of keeping sufficient cash holdings to cover short to medium term commitments. Fundralsln8 Since the Trust's income is derived from performing rights of Frederick Delius's compositions and investment income, it does not undertake fundraising activlties; it is nevertheless mindful of the Code issued by the Fundraising Regulator. Copyrlght Although In the main copyright In Dellus's composition5 published durlng hls Ilfetime expired on 31 December 2004, the situation Is compllcated by the protectlon accorded to posthumous publications, copyright extensions for war years in France and Italy, and the position in the USA, In order to clarify the position, the Trust has published a detailed summary on the Delius website at www.delius.org.uk. Grants The grants made rnay be grouped under the following headings and more details of them is shown in Annexes l and 2 at the end of the accounts accompanying this report. 2024 2023 Performances Books and manuscripts Extended objects Publications Grants written back 217,654 14,907 2,500 209 117,736) 74,786 6,000 852 217.534 81,638 Grants written back relate to projects Postponed and subsequently cancelled as a result of the COVID-19 pandemic.
The Dellus Trust Report of the Trustees (contlnued) Year ended 31st December 2024 Heritage Assets The Trustees have accumulated a collection of books, pamphlets, manuscripts, photographs, paintings and other items connected with Frederick Delius and his contemporaries. The Trustees consider that the maintenance of such a collection is an integral part of their primary objective and that a formal valuation would not be a good use of charity resources. The collection is available for study (by prior arrangement with the Secretary), and from time to time items are loaned to museums, art galleries and similar organisations for public displav. Rlsk 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. Robust banking and other financial procedures are in place and grants are closely monitored to manage the main risk of misappropriation of the charity's funds. As noted below, these accounts are approved durlng a period of uncertainty for both Inflow and outflow of funds. However, through appropriate consideration of risks as part of its normal risk management process, the Trustees consider it appropriate for the going concern basis to be adopted, as In previous years, for these accounts. Golng Concern Only a few works by Dellus remain in copyrlght so this is no longer a significant element of the Trust's incorne. Investment income held up well. The Trustees are confident that they have sufficient cash holdings to enable grants to be paid during 2025 and In subsequent years without the need for the unplanned sale of 5nve5tments. Vote of Thanks The Trustees would like to record their thanks to the Trust's advisors and to its Secretary, Helen Faulkner for all that she has done durlng the year to further the name of Delius and his works on behalf of the Trust.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 2024 ststement of Trustees, Re5ponslblllties The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its surplus or deficit for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent. observe the methods and principles in the Charities SORP, state whether appllcable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 17 Approved by the Trustees on ..........,,,.,...............................,........,,. . 2025 Tr(L Paul Guinery Trustee and Chairman Martin B M Williams Trustee
INDEPENDENT EXAMINER'S REPORT to the Trustees of The Delius Trust Year ended 315t December 2024 I report to the Trustees on my examination of the accounts of the Delius Trust (the Trust) for the year ended 31 December 2024. Responslbllltles and basls of report As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). Having satisfied myself that the accounts of the Trust are not requlred to be audited under the Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) {bl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of the Trust as required by section 130 of the 2. the accounts do not accord with those records; or 3, the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charitles {Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a 'true and fair vlew which is not a matter 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparln8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 4 July 2025 Signed............................................................................. Date......................................... Jane Askew FCA Haysmac LLP 10 Queen Street Place London EC4R IAG
The Delius Trust Statement of Flnanclal Activitles (Including an Income and expendlture account) Year ended 31st December 2024 Note Unrestricted Unrestrlcted 2024 2023 Income from: Charitable activitles: Royalties and performlng right fees Investments 5,324 91,527 12,184 91,222 Total Income 96,851 103,406 Expendlture on: Charitable activities: 261,069 142,557 Total expendlture 261.069 142.557 Deflclt on ordlnary actlvltles (164,218) (39.151) Gain on investment assets 222,716 104,695 Net movement In funds 58,498 65,544 Total funds brought forward 11 2,913,926 2,848,382 Total funds carrled forward 2,972,424 2,913,926 All transactions derive from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pages 11 to 18 form part of these financial statements.
The Dellus Trust Balance Sheet Year ended 31st December 2024 2024 2023 Note Fixed assets Investments 3,122,881 2,900.165 Current assets Debtors Bank balances 93,664 93,664 100,736 100,736 Current Ilabllltles Creditors - amounts falling due within one year 10 (244,121) (86,975) Net current assets (150,457) 13,761 Total net assets 2,972.424 2,913.926 Unrestrlcted funds 11 2,972,424 2,913,926 These accounts were approved and authorised for issue by the Board of the Trustees on 2025 and were signed below on its behalf by: t4J¥UA Paul Guinery Trustee and Chairman Martin Williams Trustee The notes on pages 11 to 18 form part of these financial statements. 10
The Dellus Trust Notes to the financial statements Year ended 31st December 2024 Accounting Pollcles The principal accounting pollcies adopted, Judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: General Informatlon and basls of preparation of accounts The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of recommended practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (Effective l January 20191- (Charities SORP (FRS102), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102). Delius Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value u nless otherwise stated In the relevant accounting policy notels). The flnancial statements are presented in UK Sterllng, which Is the Charity's functional currency, and rounded to the nearest pound. Golng concern Only a few works by Delius remaln in copyright so this is no longer a significant element of the trust's income. Investment income held up well. The trustees are confident that they have sufficient cash holdings to enable grants to be paid during 2025 and in subsequent years without the need for the unplanned sale of investments, Fund accountln8 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 charitls general charitable objectives. Income Income represents the total income recelvable during the year, comprising royalties, performing right fees and Investment income. All 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. Expendlture Liabilities are recognised as resources expended 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. 11
The Delius Trust Notes to the financial statements (Continued) Year ended 31st December 2024 Grants are included in the period of account when they are actually approved at a meeting of the Trustees. Charitable activity costs include costs associated with grant making, promotion of the works of the composer and his contemporaries, research and archiving. Support costs comprise 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 independent examlnatlon and legal fees. Herltage assets In accordance with the SORP depreciation has been allocated on all classe5 of tangible fixed assets except those classifled as Heritage Assets. Investments Investments are shown in the financial statements at market value. Movements in the market value of investments are shown as unrealised gains/losses in the Statement of Financlal Actlvities. Llab115t5es and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economlc benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obllgation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financlal activities as a finance cost. 12
The Delius Trust Notes to the financial statements (contlnued> Year ended 31st December 2024 Estimates and Judgements 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 Trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements. Flnanclal Instrument The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, Including trade and other debtors and creditors are initially recognised at transaction value and subsequently rneasured at their settlement value. The portfolio of investments held by the charity is included at fair vaSue. 2 Royaltles and performln8 rl8ht fees 2024 2023 Performing Right Society Mechanical Copyright Protectlon Society Boosey & Hawkes Other royalties 988 39 2,216 2,081 1,216 183 8,330 2,455 5,324 12,184 3 Investment Income 2024 2023 Newton Investment Management Cazenove {Schroders) Investment Management Property funds Interest on cash deposits 38,304 46,482 3,038 3,703 38,949 46,539 2,305 3,429 91.527 91,222 13
The Delius Trust Notes to the financlal statements (continuedl Year ended 31st December 2024 4 Charltable Actlvltles 2024 2023 Net grants awarded (note 51 Management & administration Advisors, fees and expenses Archivist's fees and expenses Secretarial services Office expenses Website, advertising & promotion Accountancy Governance Independent examiner's remuneration Trustee expenses Meeting expenses & hospitalitv 217,534 81,638 5.100 450 17,136 13,665 345 3,079 5,100 7,420 17,136 19,632 3,226 1,575 3,590 71 99 4,490 105 2,235 261,069 142,557 5 Grants and other payments made In pursuance of the objects of the Trust 2024 2023 Publlcatlons Performances Books and manuscripts Extended objects Grant5 written back 209 217,654 14,907 2,500 (17,736) 852 74,786 6,000 217.534 81.638 Grants written back relate to projects postponed and subsequently cancelled as a result of the COVID-19 pandemic. A list of grants awarded is shown in the Annexe at the end of these accounts. 14
The Delius Trust Notes to the flnancial statements (continued) Year ended 31st December 2024 6 Trustees, remuneratlon and expense5 No remuneration was paid or is payable either directly or indirectly for the year to any Trustee or to any person or persons known to be connected with any of them12023: £nil). One Trustee was reimbursed £71 of travel expenses in respect of the year to 31 December 2024 (2023: one Trustee was reimbursed travel expenses of £105). 7 Related party transactlons No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2023: none), and there are no balances outstanding with any related parties at the Balance sheet date {2023: none). 8 Investments 2024 2023 Market value at 1st January Net gains / (losses) on revaluatlon 2,900,165 222,716 2,795,470 104,695 Market value at 31st December 3,122.881 2,900,165 Historical cost 1,540,590 1,540,590 Market value represented by: Newton Investment Management Cazenove ISchroder> Investment Management Property Fund investments 1,790,371 1,243,581 88,929 1,671,295 1,139,758 89,112 3.122,881 2,900,165 9 Debtors 2024 2023 Other debtors 15
The Delius Trust Notes to the flnanclal statements (continued) Year ended 31st December 2024 10 Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals Grants payable 3,081 4,540 236,500 5,499 6,290 75.186 244.121 86,975 Grants brought forward Grants committed in the year Grants paid in the year 75,186 235,270 (73,956) 79,150 81,638 {85,602) Grants out5tandin8 236,500 75,186 A Ilst of grants outstanding Is shown In the Annexe at the end of these accounts. 11 Statement of funds 2024 Brought forward Income Expenses Transfers & galns Carrled forward Unrestricted funds 2,913,926 96,851 {261,0691 222,716 2,972,424 Total funds 2,913.926 96,851 {261,069) 222,716 2,972.424 2023 Brought forward Income Expenses Transfers & 8alns Carrfed forward Unrestricted funds 2,848,382 103,406 1142,557) 104,695 2,913,926 Total funds 2,848,382 103,406 (142,557) 104,695 2,913,926 All of the Charity's funds are general unrestricted funds, in both the current and prior year. 16
The Dellus Trust Annexe- Grants Awarded and Outstanding Year ended 31st December 2024 Grants Awarded 2024 2023 Performances and Recordlngs Wexford Opera Festival Mark Bebbington/lMG/St George's Hall Bach Choir Bradford2025 Carwithen Music Festival English Music Festival Croydon Symphony Orchestra Madeleine Mitchell Immersionz Bogdan Skrypka Hounslow Symphony Orchestra Oxford Philharmonlc Orchestra Lee Braceglrdle Delius Societv Britten Sinfonia Self Isolation Choir International Associatlon of Music Libraries EM Records Smorgaschord Festlval Five Churches Festival Southrepps Music Festlval Epsom Symphony Orchestra 160,000 22,000 10,000 10,000 5,000 2,500 2,000 2.000 1,754 1,000 700 500 200 2,500 500 10,400 10,000 4,936 2,500 1,200 1,000 1,000 750 74,786 217.654 Extended Objects English Music Festlval Royal Philharmonic Societv 2,500 6,000 6,000 2,500 Books, Manuscrlpts, etc. Boosey & Hawkes Archive items from Colin Coleman Schott Music GmbH 9,942 4,812 153 14.907 Publicatlons Wega Verlag 209 209 852 852 17
The Delius Trust Annexe- Grants Awarded and Outstandlng (continued) Year ended 31st December 2024 Grants written back 2024 2023 Choir of the Earth / Self Isolation Choir (cleared in 2022) International Association of Music Libraries Philharmonic Chamber Orchestra of London Sampson Orchestra Watford Symphony Orchestra Banbury Symphony Orchestra (10,000) (2,936) (2,000) 11,300) 11,000> {500) 117,736) Net grants awarded In the year 217,534 81,638 Grants Outstandlng 2024 2023 Perfomiances and Recordlngs Wexford Opera Festival Delius Societv Mark Bebbington/lMG/St George's Hall Dutton Epoch The Bach Choir Carwithen Muslc Festlval Croydon Symphony Orchestra Delius Society- joint website & promotion NMC Recordings Self Isolation Choir Internatlonal Association of Music Librarles Philharmonic Chamber Orchestra of London Sampson Orchestra Smorgaschord Festival Watford Symphony Orchestra Epsom Symphony Orchestra Banbury Symphony Orchestra 160,000 24,000 22,000 12,000 10,o(x) 5,000 2,000 1,500 32,000 12,000 1,500 10,000 10,000 2,936 2,000 1,300 1,200 1,000 750 500 75.186 236,500 18
Charity registration number 207324 The Delius Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended 31st December 2024
The Dellus Trust Report and Financlal Statements Year ended 31st December 2024 Contents Page Legal & Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the financlal statements 11-16 Annexe- grants awarded, grants outstanding 17-18
The Delius Trust Legal & Admlnlstratlve Informatlon TRUSTEES Musicians Benevolent Fund (Help Musicians UK) (Representative: Mr John Axon) Mr Martin Williams FSA Mr Paul Guinery ADVISERS Professor Daniel Grimley Mr Stephen Lloyd Mr Robert Montgomery SECRETARY Ms Helen Faulkner PRINCIPAL OFFICE 13 Calico Row, Plantation Wharf, London SWII 3YH Email: deliustrust@deliustrust.org.uk Web: www.delius.org.uk INDEPENDENT EXAMINER Jane Askew FCA Haysmac LLP, 10 Queen Street Place, London EC4R IAG BANKERS HSBC Bank plc, City of London Commercial Centre, 60 Queen Victoria Street. London EC4N 4TR
The Delius Trust Report of the Trustees Year ended 315t December 2024 The Trustees present their Annual Report together with the Flnancial Statements of the Trust for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011 and the 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). Structure, Governance and Management The Trust was established by the Will of Madame Jelka Delius who died on 28 May 1935, Its Constitutlon was varied by a High Court Scheme in 1964 prlncipally by the settlng up of a panel of three music advisers. In 1991, the Charity Commission approved a second Scheme which consolidated the Trust's constitution in one document. This permitted the Trust to undertake further activlties, particularly in the field of education; and to appoint a total of five advisers. In 1997, the Charity Commission approved a third Scheme in much the same terms but with additional provisions, namely: (a) subject to prlority for the promotion of Delius's works, the Trust's Object to include any other Britlsh composer born since 1860 to the present day wSth partlcular preference for contemporarles of Delius; and Ib} the appointment of up to a total of seven advlsers. Durin8 the year the Trustees were: Martin Williams Paul Guinery Musicians Benevolent Fund (now operating as Help Musicians UK) Durlng the year Help Musicians UK was represented by John Axon, a former Trustee of HMUK. The Trustees are responsible for the administration and management of the Trust. They are assisted by the panel of Advisers. The Trustees and Advisers together held three meetings during the year under review. The Trustees keep the skills and experience required on the Trustee body under review. Trust policy and guidelines can be found on the Delius website www.delius.org.uk. From 1965 the Trust's archives were in the care of the Honorary Archivist, Lionel Carley, who died in late 2021. The archive is now managed by Helen Faulkner who, in 2022, concentrated particularly on incorporating many of Lionel Carle¢s papers and ephemera into the Trust's collection with the assistance of Katharine Hog& Librarian of the Gerald Coke Handel Collection. This work has conttnued and use of the archive, particularly the collections of letters and images, has increased noticeably in the last two years.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 20Z4 Objertlves and Activltles The Object of the Trust is to promote the works of the composer, Frederick Delius, and subject thereto the works of any other composer born or at any time permanently resident in Great Britain or Ireland from 1860 to the present day with a preference for contemporaries of Delius, by: l) recordlngs of every description whether mechanical, electrical or electronic; 2) the publication and issue . . of ... all or any part of the complete works; 3) the financing and promotion . of public concerts and recitals; 4) the purchase of letters and manuscripts for the Trust's archives. and memorabilia and ephemera relating to Delius's life; and 5} preserving and making available to the publlc, and improving and diffusing knowledge, of Delius's life and works. The Trust's Income is applied as follows: a) by encouraging publishers to update parts and scores to agree with the Collected Edition and maintaining unmarked parts for use if required; b) by encouraging the availability of historical recordings and sponsoring those representin8 a new generation of interpreters; c) by acqulrlng secondary archlve material and depositing the remalning prlmary archive wlth d) by financing performances of unusual or major works in the UK and encouraging more performances In other countries, partlcularly those where the copyright continues to run. Trustees have defined Sn detail how they would fulfil the secondary Object, i.e., the promotion of works by British composers born from 1860 onwards. They decided that in this area they would not, as a rule, support the works of individual composers but would consider applications from organisations the objects of which include the promotion of this area of repertoire. Actlvltles and Future Plans The Trustees are particularly pleased to be able to support a new production of The Magic Fountain which will take place at Wexford Opera Festival in October 2025, the third opera by Delius to be staged there. They have also ensured that the music of Delius is represented within Bradford 2025 UK City of Culture by making 2 grants for events in the city of his birth. As part of its extended object, the Trust continued to support the Royal Philharmonic Society's annual young composers scheme and the core costs of NMC, a registered charity, which issues recordings of new British music.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 2024 Activltles and Future Plans (contlnued) The Trust maintains an extensive archive of material relating to Delius, including scores, letters, irnages, concert programmes and other ephemera. It holds a library of books, journals, theses and recordings in a variety of formats and has started to explore options for digitising appropriate parts of the collection to improve access for researchers. During the year, researchers have again been able to use the collection in person or by remote access. Publlc Beneflt The Trustees have referred to the Charity Commission guidance on public benefit and believe that the Trust's activities as outlined in this report contributed to public benefit specifically by the advancement of education in the arts (particularly muslc), culture, heritage and science. Financlal Revlew There are no restricted or endowment funds. The Trust carries out no ongoing fund-raising activlty. Followin8 the lapse of the majority of Delius's copyrights, the Trust's income from this source has continued to decline and its income derives mainly from investments purchased from the accumulated income of earlier years. In the year ended 31 December 2024 the Trust's income amounted to £96,851 (2023: £103,406) and net expendlture was £261,069 (2023: £142,557). In 2024 the Trust awarded grants of £217,534 {2023: £81,638). There were unrealised gains on the investment portfolio of £222,716 (2023: £104,695). The outturn for the year was a net inflow of funds of £58,498 (2023: £65,544). The total resources available to the Trustees at the year-end were £2.97 million12023: £2.91 million). For over 40 years the Musicians Benevolent Fund (now operating as Help Musicians UK), a Trustee, provided accommodation at no charge to the Trust, They ceased this arrangement In 2016, mitigating the financial effect to the Trust in 2016-18 by making a grant towards the cost of renting an office. This ceased in 2019 and since then the Trust has met the full cost of its accommodation. The Trust off ice is shared with the Vaughan Williams Foundation to which it reimburses a share of the offlce expenses at cost. Investment Pollcy The Trustees aim to preserve a balance between achieving growth in the Trust's investments and producing income adequate to maintain the desired level of 8rant-making. When necessary, investment units designed for growth will be sold to provide income above the level produced by income units. During 2025 we shall undertake a detailed review of the Trust's investment policy and the investments to support this.
The Delius Trust Report of the Trustee5 (contlnued) Year ended 31st December 2024 Reserves Policy The Trust's accumulated reserves are invested mainly in common investment funds Icollective vehicles designed specifically for charities) managed by Cazenove (Schroder) and by Newton, a subsidiary of The Bank of New York Mellon Corporation. Two investments {in property common investment funds, also deslgned expressly for charities) totalling £88,929 (2023: £89,112), are managed directly by the Trustees. The level of grant-making is essentially demand-led and can vary considerably from year to year. The Trustees do not have a specific target for the level of reserves and are happy to reduce this when it is appropriate to do so. They have a policy of keeping sufficient cash holdings to cover short to medium term commitments. Fundralsln8 Since the Trust's income is derived from performing rights of Frederick Delius's compositions and investment income, it does not undertake fundraising activlties; it is nevertheless mindful of the Code issued by the Fundraising Regulator. Copyrlght Although In the main copyright In Dellus's composition5 published durlng hls Ilfetime expired on 31 December 2004, the situation Is compllcated by the protectlon accorded to posthumous publications, copyright extensions for war years in France and Italy, and the position in the USA, In order to clarify the position, the Trust has published a detailed summary on the Delius website at www.delius.org.uk. Grants The grants made rnay be grouped under the following headings and more details of them is shown in Annexes l and 2 at the end of the accounts accompanying this report. 2024 2023 Performances Books and manuscripts Extended objects Publications Grants written back 217,654 14,907 2,500 209 117,736) 74,786 6,000 852 217.534 81,638 Grants written back relate to projects Postponed and subsequently cancelled as a result of the COVID-19 pandemic.
The Dellus Trust Report of the Trustees (contlnued) Year ended 31st December 2024 Heritage Assets The Trustees have accumulated a collection of books, pamphlets, manuscripts, photographs, paintings and other items connected with Frederick Delius and his contemporaries. The Trustees consider that the maintenance of such a collection is an integral part of their primary objective and that a formal valuation would not be a good use of charity resources. The collection is available for study (by prior arrangement with the Secretary), and from time to time items are loaned to museums, art galleries and similar organisations for public displav. Rlsk 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. Robust banking and other financial procedures are in place and grants are closely monitored to manage the main risk of misappropriation of the charity's funds. As noted below, these accounts are approved durlng a period of uncertainty for both Inflow and outflow of funds. However, through appropriate consideration of risks as part of its normal risk management process, the Trustees consider it appropriate for the going concern basis to be adopted, as In previous years, for these accounts. Golng Concern Only a few works by Dellus remain in copyrlght so this is no longer a significant element of the Trust's incorne. Investment income held up well. The Trustees are confident that they have sufficient cash holdings to enable grants to be paid during 2025 and In subsequent years without the need for the unplanned sale of 5nve5tments. Vote of Thanks The Trustees would like to record their thanks to the Trust's advisors and to its Secretary, Helen Faulkner for all that she has done durlng the year to further the name of Delius and his works on behalf of the Trust.
The Dellus Trust Report of the Trustees (continued) Year ended 31st December 2024 ststement of Trustees, Re5ponslblllties The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its surplus or deficit for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent. observe the methods and principles in the Charities SORP, state whether appllcable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 17 Approved by the Trustees on ..........,,,.,...............................,........,,. . 2025 Tr(L Paul Guinery Trustee and Chairman Martin B M Williams Trustee
INDEPENDENT EXAMINER'S REPORT to the Trustees of The Delius Trust Year ended 315t December 2024 I report to the Trustees on my examination of the accounts of the Delius Trust (the Trust) for the year ended 31 December 2024. Responslbllltles and basls of report As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). Having satisfied myself that the accounts of the Trust are not requlred to be audited under the Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) {bl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of the Trust as required by section 130 of the 2. the accounts do not accord with those records; or 3, the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charitles {Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a 'true and fair vlew which is not a matter 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparln8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 4 July 2025 Signed............................................................................. Date......................................... Jane Askew FCA Haysmac LLP 10 Queen Street Place London EC4R IAG
The Delius Trust Statement of Flnanclal Activitles (Including an Income and expendlture account) Year ended 31st December 2024 Note Unrestricted Unrestrlcted 2024 2023 Income from: Charitable activitles: Royalties and performlng right fees Investments 5,324 91,527 12,184 91,222 Total Income 96,851 103,406 Expendlture on: Charitable activities: 261,069 142,557 Total expendlture 261.069 142.557 Deflclt on ordlnary actlvltles (164,218) (39.151) Gain on investment assets 222,716 104,695 Net movement In funds 58,498 65,544 Total funds brought forward 11 2,913,926 2,848,382 Total funds carrled forward 2,972,424 2,913,926 All transactions derive from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pages 11 to 18 form part of these financial statements.
The Dellus Trust Balance Sheet Year ended 31st December 2024 2024 2023 Note Fixed assets Investments 3,122,881 2,900.165 Current assets Debtors Bank balances 93,664 93,664 100,736 100,736 Current Ilabllltles Creditors - amounts falling due within one year 10 (244,121) (86,975) Net current assets (150,457) 13,761 Total net assets 2,972.424 2,913.926 Unrestrlcted funds 11 2,972,424 2,913,926 These accounts were approved and authorised for issue by the Board of the Trustees on 2025 and were signed below on its behalf by: t4J¥UA Paul Guinery Trustee and Chairman Martin Williams Trustee The notes on pages 11 to 18 form part of these financial statements. 10
The Dellus Trust Notes to the financial statements Year ended 31st December 2024 Accounting Pollcles The principal accounting pollcies adopted, Judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: General Informatlon and basls of preparation of accounts The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of recommended practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (Effective l January 20191- (Charities SORP (FRS102), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102). Delius Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value u nless otherwise stated In the relevant accounting policy notels). The flnancial statements are presented in UK Sterllng, which Is the Charity's functional currency, and rounded to the nearest pound. Golng concern Only a few works by Delius remaln in copyright so this is no longer a significant element of the trust's income. Investment income held up well. The trustees are confident that they have sufficient cash holdings to enable grants to be paid during 2025 and in subsequent years without the need for the unplanned sale of investments, Fund accountln8 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 charitls general charitable objectives. Income Income represents the total income recelvable during the year, comprising royalties, performing right fees and Investment income. All 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. Expendlture Liabilities are recognised as resources expended 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. 11
The Delius Trust Notes to the financial statements (Continued) Year ended 31st December 2024 Grants are included in the period of account when they are actually approved at a meeting of the Trustees. Charitable activity costs include costs associated with grant making, promotion of the works of the composer and his contemporaries, research and archiving. Support costs comprise 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 independent examlnatlon and legal fees. Herltage assets In accordance with the SORP depreciation has been allocated on all classe5 of tangible fixed assets except those classifled as Heritage Assets. Investments Investments are shown in the financial statements at market value. Movements in the market value of investments are shown as unrealised gains/losses in the Statement of Financlal Actlvities. Llab115t5es and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economlc benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obllgation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financlal activities as a finance cost. 12
The Delius Trust Notes to the financial statements (contlnued> Year ended 31st December 2024 Estimates and Judgements 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 Trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements. Flnanclal Instrument The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, Including trade and other debtors and creditors are initially recognised at transaction value and subsequently rneasured at their settlement value. The portfolio of investments held by the charity is included at fair vaSue. 2 Royaltles and performln8 rl8ht fees 2024 2023 Performing Right Society Mechanical Copyright Protectlon Society Boosey & Hawkes Other royalties 988 39 2,216 2,081 1,216 183 8,330 2,455 5,324 12,184 3 Investment Income 2024 2023 Newton Investment Management Cazenove {Schroders) Investment Management Property funds Interest on cash deposits 38,304 46,482 3,038 3,703 38,949 46,539 2,305 3,429 91.527 91,222 13
The Delius Trust Notes to the financlal statements (continuedl Year ended 31st December 2024 4 Charltable Actlvltles 2024 2023 Net grants awarded (note 51 Management & administration Advisors, fees and expenses Archivist's fees and expenses Secretarial services Office expenses Website, advertising & promotion Accountancy Governance Independent examiner's remuneration Trustee expenses Meeting expenses & hospitalitv 217,534 81,638 5.100 450 17,136 13,665 345 3,079 5,100 7,420 17,136 19,632 3,226 1,575 3,590 71 99 4,490 105 2,235 261,069 142,557 5 Grants and other payments made In pursuance of the objects of the Trust 2024 2023 Publlcatlons Performances Books and manuscripts Extended objects Grant5 written back 209 217,654 14,907 2,500 (17,736) 852 74,786 6,000 217.534 81.638 Grants written back relate to projects postponed and subsequently cancelled as a result of the COVID-19 pandemic. A list of grants awarded is shown in the Annexe at the end of these accounts. 14
The Delius Trust Notes to the flnancial statements (continued) Year ended 31st December 2024 6 Trustees, remuneratlon and expense5 No remuneration was paid or is payable either directly or indirectly for the year to any Trustee or to any person or persons known to be connected with any of them12023: £nil). One Trustee was reimbursed £71 of travel expenses in respect of the year to 31 December 2024 (2023: one Trustee was reimbursed travel expenses of £105). 7 Related party transactlons No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2023: none), and there are no balances outstanding with any related parties at the Balance sheet date {2023: none). 8 Investments 2024 2023 Market value at 1st January Net gains / (losses) on revaluatlon 2,900,165 222,716 2,795,470 104,695 Market value at 31st December 3,122.881 2,900,165 Historical cost 1,540,590 1,540,590 Market value represented by: Newton Investment Management Cazenove ISchroder> Investment Management Property Fund investments 1,790,371 1,243,581 88,929 1,671,295 1,139,758 89,112 3.122,881 2,900,165 9 Debtors 2024 2023 Other debtors 15
The Delius Trust Notes to the flnanclal statements (continued) Year ended 31st December 2024 10 Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals Grants payable 3,081 4,540 236,500 5,499 6,290 75.186 244.121 86,975 Grants brought forward Grants committed in the year Grants paid in the year 75,186 235,270 (73,956) 79,150 81,638 {85,602) Grants out5tandin8 236,500 75,186 A Ilst of grants outstanding Is shown In the Annexe at the end of these accounts. 11 Statement of funds 2024 Brought forward Income Expenses Transfers & galns Carrled forward Unrestricted funds 2,913,926 96,851 {261,0691 222,716 2,972,424 Total funds 2,913.926 96,851 {261,069) 222,716 2,972.424 2023 Brought forward Income Expenses Transfers & 8alns Carrfed forward Unrestricted funds 2,848,382 103,406 1142,557) 104,695 2,913,926 Total funds 2,848,382 103,406 (142,557) 104,695 2,913,926 All of the Charity's funds are general unrestricted funds, in both the current and prior year. 16
The Dellus Trust Annexe- Grants Awarded and Outstanding Year ended 31st December 2024 Grants Awarded 2024 2023 Performances and Recordlngs Wexford Opera Festival Mark Bebbington/lMG/St George's Hall Bach Choir Bradford2025 Carwithen Music Festival English Music Festival Croydon Symphony Orchestra Madeleine Mitchell Immersionz Bogdan Skrypka Hounslow Symphony Orchestra Oxford Philharmonlc Orchestra Lee Braceglrdle Delius Societv Britten Sinfonia Self Isolation Choir International Associatlon of Music Libraries EM Records Smorgaschord Festlval Five Churches Festival Southrepps Music Festlval Epsom Symphony Orchestra 160,000 22,000 10,000 10,000 5,000 2,500 2,000 2.000 1,754 1,000 700 500 200 2,500 500 10,400 10,000 4,936 2,500 1,200 1,000 1,000 750 74,786 217.654 Extended Objects English Music Festlval Royal Philharmonic Societv 2,500 6,000 6,000 2,500 Books, Manuscrlpts, etc. Boosey & Hawkes Archive items from Colin Coleman Schott Music GmbH 9,942 4,812 153 14.907 Publicatlons Wega Verlag 209 209 852 852 17
The Delius Trust Annexe- Grants Awarded and Outstandlng (continued) Year ended 31st December 2024 Grants written back 2024 2023 Choir of the Earth / Self Isolation Choir (cleared in 2022) International Association of Music Libraries Philharmonic Chamber Orchestra of London Sampson Orchestra Watford Symphony Orchestra Banbury Symphony Orchestra (10,000) (2,936) (2,000) 11,300) 11,000> {500) 117,736) Net grants awarded In the year 217,534 81,638 Grants Outstandlng 2024 2023 Perfomiances and Recordlngs Wexford Opera Festival Delius Societv Mark Bebbington/lMG/St George's Hall Dutton Epoch The Bach Choir Carwithen Muslc Festlval Croydon Symphony Orchestra Delius Society- joint website & promotion NMC Recordings Self Isolation Choir Internatlonal Association of Music Librarles Philharmonic Chamber Orchestra of London Sampson Orchestra Smorgaschord Festival Watford Symphony Orchestra Epsom Symphony Orchestra Banbury Symphony Orchestra 160,000 24,000 22,000 12,000 10,o(x) 5,000 2,000 1,500 32,000 12,000 1,500 10,000 10,000 2,936 2,000 1,300 1,200 1,000 750 500 75.186 236,500 18