2024-03-31-accounts - The Tait Memorial Trust

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THE TAIT MEMORIAL TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 V+ Tait Memorial Trust

THE TAIT MEMORIAL TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Charity Contact Information

Charity Name: The Tait Memorial Trust Registered Charity Number: 1042797 Address: Flat 4, 80 Elm Park Gardens, London, SW10 9DP Website: www.taitmemorialtrust.org Email: info@taitmemorialtrust.org

Charity Trustees

The Trustees who served during the period were as follows:

Isla Baring OAM – Chair
Justin Baring
Anne Longden
Susan Thornton
Matthew Phillips

Objectives and Activities

The Tait Memorial Trust was founded on 5 May 1993 and registered as a charity on 14 December 1994. The principal objective is to encourage and promote the art and science of music, the performing arts, and fine arts. This is achieved by supporting young artists, particularly those from Australia and New Zealand, in the early stages of their careers through scholarships, sponsorships, and performance opportunities.

Activities during the year included:

Providing financial support for instrumental and vocal students.
Supporting ballet dancers through the Leanne Benjamin Awards .
Launching a new bursary of £5,000 for a musical theatre performer studying at Associated Studios , funded entirely by Australian impresario John Frost AM .
Organising fundraising events to generate income for scholarships.
Awarding bursaries to promising young artists in need of financial assistance.
Supporting 27 young artists in the 2023 academic year , with their names listed on the Trust's website.
Establishing the inaugural Alastair Jackson International Opera Award , awarded to Georgia Melville, soprano (NSW) , for her opera studies at the Royal College of Music .

Key Events

In Melba’s Footsteps – 24 July 2023

A sold-out concert at 3c Carlisle Place, London, celebrating the legacy of Dame Nellie Melba. This joint event with the Melba Trust (Australia) featured performances by Melba Scholars and highlighted the Trust’s role in nurturing Australian talent in the UK.

Knowing the Score UK Premiere – 20 September 2023

Hosted by the Trust at London’s Barbican, this UK premiere of Knowing the Score explored the life and career of Simone Young AM, one of the world’s leading conductors. The documentary highlights her groundbreaking journey in the male-dominated world of orchestral music, showcasing her impact on classical music and the next generation of musicians. The event suffered a book loss, but the Gift Aid claimed from the donations brought us within £1,000 of breaking even. It was an important occasion and merited our full support to honour a great Australian artist.

Bravura in the Salon – 30 November 2023

Held at Peter & Leslie Macleod-Miller’s residence, this evening showcased the talents of the Trust’s 2023 awardees, featuring an intimate performance in an elegant setting. We thank Peter & Leslie sincerely for their generous and loyal support.

John Rendall Fundraising Concert – 23 January 2024

A tribute event honouring our Trustee John Rendall, raising funds to create a bar in his honour at the Chelsea Theatre. The concert featured performances by past award recipients and underscored the impact of the Trust’s support.

Achievements and Performance

For the year ended 31 March 2024:

Total receipts amounted to £118,538 (2023: £163,477).
Key income sources included:
Events – £19,312
Friends’ subscriptions and donations – £23,668
Restricted Friends’ donations – £8,250
Restricted donation – £5,000
Unrestricted donations – £28,650
Gift Aid – £15,600
M&G Investments Distribution – £12,871
Just Giving – £70
Total payments made were £130,793 (2023: £105,105 ).
Net decrease in funds for the year: £12,255 (2023: surplus of £58,372 ).
The Trust awarded financial support to numerous musicians, including instrumentalists and vocalists, helping them pursue training and performance opportunities at renowned institutions.

Despite a decline in total receipts, the Trust continued to fulfill its mission by supporting talented young artists.

Financial Review

The Trust maintains its accounts on a receipts and payments basis. As of 31 March 2024:

Cash funds stood at £236,110 (2023: £248,365).
Investment assets were valued at £189,500 .

Reserves Policy:

The Trust aims to maintain sufficient reserves to ensure the continuity of its charitable activities. The current financial position remains stable, but additional fundraising efforts will be needed to sustain future commitments.

Future Plans

Looking ahead, the Trust aims to:

Increase fundraising efforts to ensure financial stability and continued support for artists.
Expand the reach of scholarship programs and performance opportunities.
Strengthen donor engagement and corporate sponsorship to enhance funding sources.

The Trustees remain committed to supporting emerging talent in the performing arts, ensuring that young musicians and artists receive the necessary support to develop their careers.

Approval

This report was approved by the Trustees January 31st 2025 and signed on their behalf by:

____ (qe, Justin Baring Trustee _______ nas Ay

Matthew Phillips

Trustee

THE TAIT MEMORIAL TRUST

(Registered Charity No: 1042797)

ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

Page 1

THE TAIT MEMORIAL TRUST

TRUSTEES' REPORT

The trustees submit their report together with the accounts, which have been prepared on the receipts and payments basis, for the year ended 31 March 2024.

The trust was formed on 5 May 1993 and its principal object is to encourage and promote for the public benefit the art and science of music, the performing arts and fine arts and to educate the public in the United Kingdom therein, by all charitable means.

The trust was registered as a charity on 14 December 1994 and the charity registration number is 1042797.

RESULTS FOR THE YEAR

Details of receipts and payments arising during the year ended 31 March 2024 are shown on page 3 of the accounts.

TRUSTEES

The trustees who served during the period were as follows:

Isla Baring - Chairman Justin Baring Anne Longden Susan Thornton Matthew Keith Phillips

TRUSTEES' STATEMENT OF RESPONSIBILITIES

The trustees are required to present accounts for each accounting period, which give a true and fair view of the state of affairs of the Trust as at the end of the period and of the receipts and payments for that period. In preparing the accounts the trustees are required to apply suitable accounting policies consistently and to make reasonable and prudent judgments and estimates. The accounts have to be prepared on the going concern basis unless it is inappropriate to presume that the Trust will continue its activities. The trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy, the financial position of the Trust at any time. They are also responsible for safeguarding the assets of the Trust and for preventing and detecting fraud and other irregularities.

By Order of the Board

Flat 4 80 Elm Park Gardens London SW10 9DP Justin Baring ~~_~~ 31 January 2025 Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS TO THE TRUSTEES OF THE TAIT MEMORIAL TRUST

Charity registration number is 1042797

ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 SET OUT ON PAGES 3 TO 8

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no matter has come to my attention,

which gives me reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

bye

P G Thakrar ACA HAMPTANS LIMITED Chartered Accountants

Compton House 20(a) Selsdon Road South Croydon Surrey CR2 6PA 31 January 2025

Page 3

THE TAIT MEMORIAL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Notes 4 RECEIPTS: Events - gross receipts Friends - subscriptions and donations Friends - subscriptions and donations Friends -restricteddonation Donation- restricted Gift Aid Sponsors - restricted funds Donations - unrestricted Emergency fund Books Just Giving M & G Investments - Distribution Interest received Tait Sir Charles Mackerras Chair - Est of Lady Mackerras (annual credit) Total receipts PAYMENTS: Events - gross payments ADF Gala Instrumental and Singing Lessons / Course fees / Awards / Sponsorship TERF donation reanalysis Clerical and administrative services Printing, stationery and postage (including event expenditure) Accountancy Just giving fees Subscriptions Website, computer and software Books Sundries Reimbursed in following year Travel Transfer Bank charges Total payments NET OF RECEIPTS/(PAYMENTS) FOR THE YEAR CASH FUNDS LAST YEAR END CASH FUNDS THIS YEAR END £	Unrestricted Funds 2024 £ 19,312 23,668 15,600 28,650 0 70 12,871 99 5,000 105,270 18,274 60,336 0 16,380 1,150 2,370 216 842 1,191 0 36 0 25 0 365 101,185 4,085 181,307 185,392 £	Restricted Funds 2024 £ 8,250 5,000 5,000 0 18 (5,000) 13,268 0 29,548 60 29,608 (16,340) 57,509 41,169 £	Emergency Funds 2024 £ 0 0 0 0 0 0 9,549 9,549 £	Total 2024 £ 19,312 23,668 8,250 5,000 5,000 15,600 0 28,650 0 0 70 12,871 117 0 118,538 18,274 0 89,884 0 16,380 1,150 2,370 216 842 1,191 0 36 0 25 0 425 130,793 (12,255) 248,365 236,110 £	2023 £ 31,321 13,344 20,000 5,000 19,564 2,500 62,415 0 34 121 9,090 88 0
					163,477
					28,311 2,697 53,820 0 15,483 115 2,370 216 880 673 300 54 (171) 98 0 259
					105,105
					58,372 189,993
					248,365

The notes on pages 6 to 8 form part of these accounts.

Page 4

THE TAIT MEMORIAL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted 23,668 15,600 0 28,650 0 70 12,871 99 5,000	Restricted 0 5,000 8,250 5,000 0 18 (5,000)	Restricted- Emergency 0	Events subtotal £ 0 0 0 0 0 0 0 0 0 0 0 0 420 1,508 2,707 11,334 2,343 1,000 0	Celebration	In the Melba's Footsteps 24.7.23 £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,707 0 0 0	Knowing the Score 20.9.23 £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11,334 0 0	Bravura in the Salon- 30.11.23 £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,343 0 0	John Rendall 23.1.24 £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,000 0
				in the Salon
				30.3.23 £ 0 0 0 0 0 0 0 0 0 0 0 0 420 1,508 0 0 0 0
85,958	13,268	0	19,312	1,928	2,707	11,334	2,343	1,000
60,336 0 16,380 1,150 2,370 216 842 1,191 365 0 0 36 0 25 0 0	29,548 0 60	0	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 18,274	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 640	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,878	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14,211	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 465	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,080
82,911	29,608	0	18,274	640	1,878	14,211	465	1,080

3,047	(16,340)	0	1,038	1,288	829	(2,877)	1,878	(80)
						See note

Note - £1,465 gift aid for this event is included in the Gift Aid amount

The notes on pages 6 to 8 form part of these accounts.

Page 5

											Page 5
	THE TAIT MEMORIAL TRUST
STATEMENT OF ASSETS AND LIABILITIES
		AS AT 31 MARCH 2024
			Unrestricted	Restricted			Emergency
			Funds	Funds			Funds		Total
Notes			2024	2024			2024		2024		2023
			£		£		£		£		£
CASH FUNDS:
Bank current account			41,211		4,877		0		46,088		63,343
INVESTMENT ASSETS:
M & G Investments:
Charifund - Equities Investment Fund for Charities (Income) - 13000.700 units		Charifund - Equities Investment Fund for Charities (Income) - 13000.700 units
(2023: 1300.700 units), (market value as at 31.3.24 - £189,300.59			174,500		15,000		0		189,500		184,500
Investment equalisation allocation			(30,841)		21,292		9,549		0		0
Subtotal			143,659		36,292		9,549		189,500		184,500
ASSETS RETAINED FOR CHARITY'S OWN USE
Office equipment - cost b/fwd £522. Additions during year
form part of payments			522		0		0		522		522
NET ASSETS		£	185,392	£	41,169	£	9,549	£	236,110	£	248,365
Represented by:
RESERVES
Reserves	4		185,392		41,169		9,549		236,110		246,365
		£	185,392	£	41,169	£	9,549	£	236,110	£	246,365

----- Start of picture text -----
These accounts were approved by the trustees on 31 January 2025 and signed on their behalf.
____ Justin Baring
(q,
Trustee
_______ Metthew Phillips
abi Trustee Al
----- End of picture text -----

The notes on pages 6 to 8 form part of these accounts.

Page 6

THE TAIT MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Income

Revenue is accounted on a receipts and payments basis.

Investments

Investments are stated at cost unless, in the opinion of the trustees, there has been a permanent diminution in value.

2. THE TRUST

The trust was registered as a charity on 14 December 1994 and the charity registration number is 1042797.

3. STAFF COSTS

The Trust is being entirely operated by trustees and volunteers without any kind of remuneration or benefit.

4. RESERVES At 1 April 2023 Excess of receipts over payments for the year At 31 March 2024	£ £ 189,993 189,993 (12,255) 58,372 177,738 £ 248,365	£ 189,993 58,372

5. CAPITAL COMMITMENTS

At 31 March 2024 there were no capital commitments (2023: None).