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** 1. **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. 2. **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. 3. **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. 4. **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, 1. 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 2. 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** |Notes
**RECEIPTS**
Friends - subscriptions and donations
Gift Aid
Donation
Donations - restricted funds
Donation - restricted funds
Donations - unrestricted funds
Sponsors - restricted funds
Emergency Fund
Books
Just Giving
M & G Investments - Distribution
Interest received
Celebration in the Salon - donation - 30.3.23
Celebration in the Salon - 30.3.23
In the Melba's Footsteps - 24.7.23
Knowing the Score - 20.9.23
Bravura in the Salon - 30.11.23
John Rendall - 23.1.2024
Tait Sir Charles Mackerras Chair - Est of Lady Mackerras (annual credit)
**PAYMENTS**
Instrumental and Singing Lessons / Course fees / Awards/ Sponsorship
TERF donation reanalysis
ADF Gala
Clerical and administrative services
Printing, stationery and postage (including event expenditure)
Accountancy
Just giving fees
Subscriptions
Website, computer and software
Bank charges
Equipment
Books
Sundries
Reimbursed in following year
Travel
Transfer
Events
**EXCESS RECEIPTS/(PAYMENTS) - carried forward (page 3)**|Total
£
23,668
15,600
5,000
8,250
5,000
28,650
0
0
0
70
12,871
117
420
1,508
2,707
11,334
2,343
1,000
0
118,538
89,884
0
0
16,380
1,150
2,370
216
842
1,191
425
0
0
36
0
25
0
18,274
130,793
(12,255)|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|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 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. ## **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).