Registered number: 03868725 Charity number: 1078667 BELVEDERE TRUST {A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Sa ers Butterworth LLP
BELVEDERE TRUST (A company limited by guaranlee) Contents Page Reference and admlnlstrative details of the Charityi its Trustees and advisers Trustees. r•port Independent auditor's report on the flnanclal statamgnts 7-10 Consolldaled Statement of financlal actlvltles 11 Consolldalod balance sheet 12-13 Charlty balance sheet 14-15 Consolldatod statement of cash flows Notes to the flnanclal stat•m•nts 17-37
BELVEDERE TRUST IA company Ilmitod by guarantee) Reference and administratfve details of tho Charity, its Trustees and advlsers for the year ended 31 DAarch 2024 Trustees J D Cracknell P A Klaber L Hene Viscount Mackintosh of Halifax J B K Roditi A R Gabriele S V R Langridge Company registered number 03868725 Charlty règistered number 1078667 Reglster•d office 2nd Fl¢X)r 2 Back L8ne London NW3 1HL Company $Krotary J D Cracknell Independent audltor Sayers Buttetworth LLP Chartered Accountants & Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW 8ankers Royal Bank of SGotland Western Avenue Waterside Court Chatham Maritime Kent ME44RT Cayman National Bank Ltd 200 Elgin Avenue KY1-1102 Grand Cayman Cayman Islands Investment managers Evelyn Partners 45 Gresham Street London EC2V 7BG Page 1
BELVEDERE TRUST (A company limited by guarantee} Trustees. report for the year ended 31 March 2024 The TrLSStees present their annual report together with the audited financial statements for the year 1 April 2023 to 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in the nolas lo th8 financial statements and comply with the charity's gcveming document. The financial statements also comply with the Charities Act 2011, the Companies Act 2006. the Memorandum and Articl&s of Association and Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities pr8p8ring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Since the Charity quallfies as small undèr section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strat6gic Report and Director's Report) Regulations 2013 is not required. OBJECTIVES AND ACTIVITIES The Trust was sat up to apply funds of the company towards, or in furtheranc8, or in advancement, or for the benefit of such one or more charities, charitable institutions or ch9rilable purposes as the Trustees shall in their absolute discretion select and to undertake any other charitable purpose. There has been no change in these objectives during the year. During the year the Trust88s have considered and made grants to the organisations as delailed in note 8. The Trustees have given due regard to the public benefit guidance publi8h8d by the Charity Commiss5on in accordance with section 17 of the Charlties Act 2011. PLANS FOR THE FUTURE The commercial propety development owned by Ihe Trust's subsidiary The Box offi New Inn Broadway { TBONIB,) has been completed. It is intended that any net surplus earnéd on letting will bè applied to the making of charitable grants. One floor is occupled with effect from 28 March 2024 and lenants for the other floors are being actively sought. The ground floor Public Exhibition Space to be used for charltable purposes has been let out to a third parly on 8 commercial basis. The enhancement of the Public Realm within the vicinily of the development has now been completed. The Trust has worked closely with th8 London Borough of Hackney to achieve this enhancement. The Trust retains an investment portfolio. and aims to donate Ihe income to charitsble causes. The Trust also owns shares in Ocado Group PLC that We donated to it. The shares gre subject to 5 and 10 year restrictions on the Trust's ability to realise the shares but there is no restriction as to the charitable purpose of the PreedS when the Ocado Group PLC shares are re81ised. Any dividends received from Ocado Group PLC in the int8rim will be applied to charitable causes. Having considered the nature of the donation the Trustees have classrfied this donation as part of the Expendable Endowment Fund. The Trust intends to sell. on a regular basis, Ocado Group PLC shares that are free from restriction. During the year the Trust received a donation of £5,000,000 as a Permanent Endowment. The income derived from the Endowment Fund is unrestricted, and will be available for donation to charitable causes. The Trustees will also continue to research and identify eligible grant applicants to whom tc apply the charitys funds in order to achieve its objects for the public benefit. Page 2
BELVEDERE TRUST (A company limited by guaranteo) Trustees, report (continued) for the year ended 31 March 2024 GOING CONCERN After making apprcpriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational exislence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. RESERVES POLICY It is the policy of the Trust that unrestricted funds whlch have not been designated for a specific use should normally b8 mainlained at a level equivalent to between three and slx month's expenditure. The Trustees consider that reserves at this level will ensure that, in Ihe event of a significant drop in funding, they will be able to continue the Trust's current activiiies while consideration is given to ways in which additional funds may be raised. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a registered charily, number 1078667, and was established by Declaration of Trust dated 22nd October 1999. The Trust is a company limited by guarantee and its goveming document is its Memorandum and Articles of AssoGiation. The Trust was incorporated on 26th October 1999, The organisation's affairs are conducted by the Trustees who m6at throughout thé yaar and who have the power to appolnt new Truslees at thelr dlscretlon. The charlty does not have a formal programme for the induction and training of new Trustees. The Trustees are required to be re-elected at every third annual general meeting in accordance with the Trust's governing document. The Trust is UK based with its headquarters in London. A board of Trustees administers the Trust. The day to day management of the charity has been delagal6d to J D Cracknéll, who is also a Trustee. None of the Trustee5 has any beneficial interest in the charfty. The directors of the Gharitable company (ihe Charity) are its Trustees for the purpose of charfty law and throughout this report are collectively referred to as Trustees. The Trustees, report is a directors, report as required by s417 of the Cornpanies Act 2006 and as such all of the Trustees are the directors of Belvedere Trust for the purposes of company law. All Truste&s are also members of the B8lvadere Trust. Each member, in accordance with paragraph 9 of the Memorandum and Articles of Association, has undertaken to contribute such amount ss may be required (not exceeding £1) to the charity's assets rf it should be wound up while helshe is a member or within one year after h81she ceased to be a member, for payment of the charitys debts and liabililies contracted befor8 helsh ceased to be a member, and of the costs, charges and expenses of winding up, and for Ihe adjustrnent of the rights of the contributories among themselves. The charty had one wholly owned subsidiary in the year, The Box Office New Inn Broadway Limited, a Company registered in England and Wales. INVESTMENT POLICY Grants rec81V8d and not expect8d to b8 spent in the short term are invested on the money martlet or placed as fixed deposits. Unlisted investments comprise the entire share capital of the charity's subsidiary. Th8 Box Office New Inn Broadway Limited. Page 3
BELVEDERE TRUST IA company limited by guarantee) Trustees. report (continued) for the year ended 31 March 2024 Listed investments comprise a portfolio of securities, managed by Evelyn Partners. The Trust also has a holding in Ocado plc. These Ocado shares were gifled lo the Trust on condition that the shares should not b8 r88lised within a period of 10 years from the date of the gift. The Trustees have designated the entire holding of Ocado shares to an Exp8ndable Endowment Fund. GRANT MAKING POLICY The charity has established its grant making policy to achieve its objects for the publlc benefll to apply funds of the charity towards those ch8ritsbl8 activilies which the Trustees consider in line with the charity's objectives. Applications for grants received by the charity ar@ considered by the Trustees and discussed at Trustees, meetings held on a quarterly basis. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administratlve details are shown in the schedule of legal and administrative information on page 1 of the financial statements. THE TRUSTEES The Trustees who seNed the charity during the year were as follows: J D Crackn811 P A Klaber L Hene Viscount Mackintosh of Hallfax J B K Rodili A R Gabriele S V R Langridge MAJOR RISKS The Trustees have assessed lh8 major risks to which the Trust is exposed, and the following major rlsks and arrangernents to avold or mitigate those risks were identified. Th& Trust is currently exposed to risk arising from the vacant commercial floors at the Box Office however on 28 March 2024 a tenant moved into one floor. and tenants for the remaining unoccupi8d floors are being sought. Gr8nt programmes are designed with sufficient flexibility to accommodate changes and grants are onty made following recommendations and research by the Trust's Charitable Grants Committee. Investment risk- the Trust maintains its cash funds in low risk bank accounts or on Treasury Deposit. Investment in share5 are managed by professional investment managers operating within a pre-designated risk mandate. Meetings are held with the Investment managers on a regular basis. ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW Donations recewed in the year totalled £5,000,000 (2023.. £625,000), of which £5,000,00012023.' £Nil) was allocated to the Permanent Endowment Fund. Investment income for the yearwas £181,482 (2023: £180,407). Grants tolalling £217,700 {2023: £215,960) were made during the year to the beneficiaries listed in note 8 to the acGounts. Support costs amounting to £387,540 (2023: £347,527) were incurred. G0Veman costs amounted to £131,502 {2023- £82,345) Page 4
BELVEDERE TRUST IA company limlted by guarantee) Trustees, report {contlnued) for the year ended 31 March 2024 Total funds held by the Trust and its subsidiary at the year end were £36,21X,389 (2023.. £32,017,231), ofwhich £5,688,750 {2023.. £6,687,500) related to the Expendable Endc)wment Fund and £5,000,00 (2023: £Nil) related to the Permanent Endowment Fund. RESPONSIBILITIES OF THE TRUSTEES The Trustees (who are also directors of Belvedere Trust for the purposes of com pany law) are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations. Company and charlty law r8qulres the Twstees to prepare financial statements for each flnanclal year. Under company law the Truslees musl prepare th8 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom AGGounting Standards and applicable law). Under company law the Trustees must not approve the financial stalements unless they are salisfi8d that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resource8 and applicatlon of resourc8S, including the income and expenditure, of the charitable company for that p&riod. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them conslstenlly; observe the methods and principles in the Charilies SORP. make judgments and accounting estimates that are r8asonable and prudent., state whether applicable UK Accounling Standards have been followed. subject to any matérial departur8S dlsclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless it is inapproprlale to presume that the haritabl8 company will continue in operation. The Trust8es are responsible for keeping ad&quate accounting records thal are sufficient to show and exp18in the charitab16 company and the charitable Company's transactions and disclose with r8asonable accuracy at any time the financial position of the charitable company and enable them to ensur8 that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardin9 th8 assets of the company and hence for taking reasonable steps for the prevention and deleciion of fraud and other irregularities. The Iruslees confirm that so far as they are aware, ther8 is no relevant audit information (as defined by section 41813) of the Companies Act 2006) ofwhich the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken as truslees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors ar6 aware of that infomiation. PROVISION OF INFORMATION TO AUDITOR Each of the persons who are Trust88s at the time when thls Truslees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit infomiation of which the charitable company's auditor is unaware, and that Trustee ha5 taken all the steps that ought to hav8 been taken a5 a Trustee in order to be 8ware of any infomiation needed by the charitable companys auditor in connection with preparlng its report and to establish that the charitable CoMpanS auditor is aware of that infomation. Page 5
BELVEDERE TRUST IA company Ilmited by guarantee) Trustees. report Icontlnued) for the year ended 31 March 2024 AUDITOR The auditor, Sayers Butterworth LLP, has indicated its willingness to continue in office. The Design8led Trustees will propose a motion re-appointing the auditor al a m88ting of th8 Trustees. Approved by order of the members of the board of Trustees on and sign8d on their beh81f by: Vlscount Macklntosh Trustee Halifax acknell ee Trus Page 6
BELVEDERE TRUST (A company limited by guarantee) Independent audltorfs report to the Members of Belvedere Trusl Oplnion W& have audited the financial statements of Belvedere Trust (the 'charitable company) for the year ended 31 March 2024 which comprise the Consolidated statement of financial aclivilies, the Consolidaled balance sheet, the charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statsments: give a true and falr view of the slate of Ihe Group's and of the parent charitable companys affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expendilure for the year then end8d; have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice" and have been prepared in accordance with the requirements of ihe Charities Act 2011. Basls for oplnlon We conducled our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial R&porting Council's Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Concluslons relaling to golng concern In auditing the financial statem&nts. we have concluded that the Trustees, use of the going Goncern basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating lo events or conditions Ihat, individually or collectively, may casl significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responslbilities of th8 Trustees with respect to going concern are descrlbed in the relevant seclions of this report. Page 7
BELVEDERE TRUST (A company Ilmlted by guarantee) Independent audrfor's report to the Members of Belvedere Trust (continued) Other infonnatlon The other infomiation comprises the information included in the Annual report other than the financial statements and our Auditovs report thereon. The Trustees are responsible for the other infomation contained within lh6 Annual report. Our opinion on the financial statements does not cover the other information and, except to the exlent otherwise explicitly stated in our reporl, we do not exprass any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider wh81her the other infomiation is materially inconsistent vvith the financial statements or our knoMAedge obtained in th8 course of the audit, or otherwise appears to be materially misstated. If we identify such materfal inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the financlal statements themselves, If. based on the work we have perfom8d, we Conclude that there is a mat8ri81 misstatement of this other information, we are required to report that fact. We have nolhing to report in this regard. Mattors on which we are requlrod to report by exceptlon We have nothing lo report In respect of the following malters where the Charities (Accounts and Reports) Regulations 2008 requ1res us to report to you rf, In our opinion: the information given in the Trustees, report is inconsistent in any material respect with the financial statements. or the parent charitable company has not kept sufficient accounting records. or the parent charitable company flnancial statements are not In agreement with the accounting records and returns,. or we have not received all the Informatlon and explanatlons we require for our audlt. Responsibllltle8 Of trustees As explained more fully in the Trustees, responsibilities siatement. the Trusteès (who are also the directors of the charitable company for th8 purposes of companylgw) are responsible for the preparation of the financial staternenls and for being satisfied that they give a tru8 and fair view, and for such internal control as the Trustees determine is necessary io enable the preparation of financial statements that are free from material misstatem8nt, whether due to fraud or 8rror. In preparing the finanGial statements, the Trusle8s are responsible for assessing the Group's and the parent charitable company's abllity to continue as a going concern, discloslng, as applicable, matters related to going concern and using th8 going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 8
BELVEDERE TRUST IA company limited by guarantee) Independent auditorfs report to the Members of Bolvedere Trust (Gontinued) Auditorfs responsibilities for the audit of the financial statements We have b8en appointed as auditor under section 151 of the Charities Act 2011 and r@port in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether th8 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always detect a malerlal misstatement when it 8xists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non•compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to detect material rnisstatem8nts in respect of irregularitics, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud Is detailed below: Discussions were held with, and enqulries made of management and the Trustees wlth a view to ident[fn9 those laws and regulalions that could be 8XP@cted to have a material impact on the financial statements. During the engagement team briefing, the outcome of these dlscussions and enqulries We shared with the team, as well a8 consideration as to where and how fraud may occur in the entily. The following laws and regulations were Ident1fied as belng of significance to the entity. Those laws and regulations consldered to have a direct effect on the financial Statements include UK financial reporting standards, GDPR, Company Law and Charity Law. Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effecl on the flnancial statements include compliance with the charitable objectives. publlc benefit, fundraising regulations, safeguarding and health and safety legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with law5 and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations,. enquirie5 With the same concerning any actual or potential litigatlon or claims. inspection of relevant legal correspondence,. review of Trustee meeting minutes; testing the appropriateness of entries in the nominal ledger, including journal entries. reviewing transaclions around the end of the reporting period,, and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irrular1tieS, including fraud, is limiled by the inherent difficulty in detecting irregularities, the effectiveness of the entills controls, and the nature. timing and extent of the audit procedures p8rfonned. Irregularities that result from fraud might be inh8rently more diffi'cult to detecl than irregularities that result from error. As exp18ined above. there is an unavoidable risk that material misststements may not be detected, even though the audit has been planned and performed in accordance with ISAS (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .ukl8uditorsres onsibilities. This description forms part of our Auditor's report. Page 9
BELVEDERE TRUST (A company limited by guaranteo) Independent audltorfs report to the Members of Belvedere Trust (Continued) Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charitable company's trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its memb8rs, as a body, for our audit work, for this report, or for the opinions we have formed, Hannah Clegg (Senlor slatulory audllor) Sayerg Buttemorth LLP Chartered Accountsnts & Statutory Audltor 3rd Floor 12 Gough Square London EC4A 3DW Date.. 0511212024 Sayers Butterworth LLP are eligible to act as audltors In terms of secllon 1212 of the Companies Act 2006. Page 10
BELVEDERE TRUST (A company limited by guarantee) Consolidated Statement of financial activltles Ilncorporating income and expendlturn account) for the year ended 31 March 2024 Expéndable Permanent Endowment Endowment Unrèstrieted funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowmènt8 from: Donations and legacies Oiher trading 8Ctivities Investments 5,000,000 5,000,000 60,781 181,482 625,000 23,616 160,407 60,781 181,482 Total income and endowments 5,000,000 242,263 5,242,263 809,023 Expendlturo on: Raising funds Charitable actlvities 44,478 736,742 44,478 736,742 41,022 645,832 Total axpenditurg 781,220 781,220 686,854 Net (expenditure)Ilncom• before net gains on Investments Net (lossesygains on investments 5,000,000 (538,957) 4,461,043 122,169 (998,750) 726,865 (271,885) {8,369, 760) Net movement in funds (998,750) 5,000,000 187,908 4,189,158 (8,247,591) Reconciliation of funds: Total funds brought forward Net movement in funds 6,687,500 (998,750) 25,329,731 187,908 32.017231 4,189,158 40,264,822 (8,247.59t) 5,000,000 Total funds carried forward 5,688,750 5,000,000 25,517,639 36,206,389 32,017,237 Page 11
BELVEDERE TRUST {A company Ilmiled by guarantee) Reglstered number: 03868725 Consolidated balance sheet as at 31 March 2024 2024 2023 Note Flxad assets Tangible assels Investments Investment property 12 14 197.593 15,869,573 14,987.733 1,980 16,490,195 14,945, 728 13 31,054,899 31,437,903 Current a88et8 Deblors 15 1,378,204 4,345,032 310,359 672,439 Cash at b8nk and In h8nd 5,723,236 982, 798 Credltors: amounts falling due Wlthin one year 16 (428,853} (371,470) Net current assets 5,294,383 611,328 Total assats16g8 current liabilities 36,349,282 32,049,231 Creditors.. amounts falling due after mo than one year 17 (142,893) (32,000) Total net as80ts 38,206.389 32,017,231 Charlty funds Expendable Endowment funds Restrlcted funds.. 19 5,688.750 6,687, 500 Permanent Endomient funds 19 5,000,000 Totsl restricted funds Unrestricted funds 19 5,000,000 25,517.639 19 25,329, 731 Total funds 38,206,389 32,017,231 Page 12
BELVEDERE TRUST (A Company limited by guarantee) Registered number: 03868725 Consolidated balance sheet Icontinued) as at 31 March 2024 The Charity was entitl8d to exemption from audit under section 477 of the Compani8s Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of tha Companies Act 2006. However, an audlt is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibllltles for complylng wlth the requlrements of the Act with respect to accounting records and preparation of flnancial statements. The financial slaternents have been prepared in accordance with the provi8i0ns applicable to entities subject to the small companies regime, The financial statement5 were approved and authorised for issue by the Trustees on 0511212024 and signed on their behalf by.. iiiscount Mackintosh of Ha Trustee JDCrac Trust The notes on pages 17 to 37 form part of these flnancial statements. Page 13
BELVEDERE TRUST (A company limited by guarantee) Reglstared number: 03868725 Charity balance sheel as at 31 March 2024 2024 2023 Nots Fixed assets Investments 14 31,131,920 31, 752, 542 31,131,920 31, 752,542 Current ass•ts Debtors Cash at bank and in hand 15 2,565,378 4,171,299 892, 733 554,682 6,736,677 q,447,415 Creditors: emounts falling due within one year 16 {70,296) (75,644) Net current assets 6,666,381 t,371,771 Total assets less current Ilabllltlas 37,798,301 33,124,313 Creditors: amounts falling due 8fter more than one year 17 1104.958) (32,OOOJ Total net assets 37,693,343 33,092,313 Charity funds Expendable endowmenl funds R8Stricted funds: 5,688,750 6,687,5LIO Permanent Endowrnent funds 19 5,000,000 Total restricted fund5 Unrestricted funds 19 19 5,000,000 27,004,593 26,404,813 Total funds 37,693,343 33,092,313 Page 14
BELVEDERE TRUST (A company limited by guarantee) Registered number: 03868725 Charity balance sheet (continued) as at 31 March 2024 The Charills net movement in funds for the year was an increase of £4,601,030 (2023 - a decrease of £7,879,823). The Charity was entitled to exemption from 8udlt under section 477 of the Companies Act 2006. The member5 have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However. an audlt Is required in accordance with section 151 of the Charities Act 2011. Th& Trustees acknowledg8 their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial stat8ments. The financial stat8ments have been prepared in a¢cordanGe with the provisions appllcable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees on 0511212024 and signed on Iheir behalf by: Vlscount Mackintos Trustee of Hall racknell Trustee The noles on pages 17 to 37 form part of these financial statements. Page 15
BELVEDERE TRUST (A company limited by guarantee) Consolidated statement of cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net cash (used inyprovided by operating activities 3,321.188 (35,326) Cash flows from Investlng actlvltl•s Dividends, interests and rent from investments Purchase of fixed asse15 Cash held as part of investment portfolio - movement Net purchase of investment5 242,263 (239,598) 12,887 335,853 184,023 (16,465) 175,740 (139,246) Ngt cash provldod by investing activitios 351,405 204,052 Change In cash and ca8h equivalents in the year Cash and cash equlvalenls at the beginnlng of the year 3,672,593 672.439 16B,726 503, 713 Cash and cash equlvalents at the end of the year 4,345,032 672,439 The notes on pages 17 to 37 form part of these financial statements Page 16
BELVEDERE TRUST (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 General informatlon Belvedere Trust is a private limited charitable company, incorporated in the United Kingdom and registered in England and Wales. The registered office address is 2nd Floor, 2 Back Lana, London, NW3 1HL. Accounting policies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charitie5 SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In 8ccordance wlth the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Belv8d8re Trust meets the delinition of a public benefit entity under FRS 102. Asset8 and liabilities are initially recognised at hlstorlcal cost or transaction value unless otheNise stated in the relevant accounting pollcy. The Consolidated statement of financial activities (SOFA) and Consolidated b81ance sheet consolidate the financial statements of the Group and Its subsldlary undertaking. The rasults of the subsidiary are consolidated on a line by line basis. The Group has taken advantsge of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Ba81s of con801idatlon The Gonsolidated flnanclal statements present the results of the charity and its tholly owned subsidiary { the Group") a5 rf they form a single entity. Intercompany transactions and balances between group entities and any unrealised gains and losses arising on intra-group transactions are eliminated on preparing these financlal statements, 2.3 Going concorn After making the necessary enquiries, the trustees have a reasonable expectation Ihat the charliy has adequate reserves to continue in existence for the forseeable futur@. On this basis the charity continues to adopt the going concern basis in preparing its financial statements. Page 17
BELVEDERE TRUST (A company Ilmlted by guarantee) Notes to the financial statements for the year ended 31 March 2024 Accountlng policies (continued) 2.4 Income All incomé is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the arnount of income receivable Gan be measured reliably. Income tax recoverable in r8lation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donalion. Income lax recoverable in relatlon to Investment Income Is recognised at the time the inv6stm8nt income is receivable. Bank interest is recognlsed as It Is earned and dividends when they ar8 receivable. Turnov8r represents rental income and service charges receivable. 2.5 Expenditure Expendlture Is recognised onc8 there is a legal or constructive obligation to transfer economic benefit to a third parly, it is probable that a transfer of eccnomlc benefits will be required in settlement 8nd the amount of the oblig8tion can be measured reliably. Expenditure 18 ¢las3ified by acllvily. The costs cf each activity are mad8 up of the lot81 of direct cosls and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to thal activity. Shared costs which contribule lo more than one activity and support costs which are not atlributable to a single activity are apportioned between those activities on a basls consistent with the use of resources. Costs of generallng funds are costs incurred in trading activities that raise funds. Charilable sctivities and Governance costs are costs incurred on the Charity's educational operations. including support costs and costs relating to Ihe govemance of the Charity apportioned to charitsble activities. Expenditure on chafitable activities Is incurred on directly undertaking th8 activities which further the Group's objectives, as well as any associated support costs. Grants payeble are charged in th8 year when the offer is made except in thos8 cases where the off8r is conditional, such grants being recognised as expenditure when the conditions altaching are fulfilled. Any grants offered subject lo conditions thich have not been met at the year end are noted as a commitment, but nol accrued as expenditure. All expenditure is inclusive of Irrecoverable VAT. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the arnount can be rneasured reliabty by the Group. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 18
BELVEDERE TRUST (A company limited by guarnntee) Notes to the financial statements for the year ended 31 March 2024 Accounting policies (contlnued) 2.7 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition. under the cost modèl, tangible red assets are measured at cost less accumulated depreciation and any accumulaled impairment losses. All costs incurred lo bring a tangible fixed asset into its intended wort(ing condition should be included in the measurement of cost. At each reporting date the Charity assesses wh8th8r there is any indication of impairm8nt. If such indication exists, the coVerable amounl of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceed5 the recoverable amount. Depreclatlon is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful Ilves. uslng the straighl-line method. Depreciation is provlded on the following bases: Fixtures and fittings Office equipment Computer equipment Other fixed assets 4 years straight line 4 years straight line 4 years str8ight line 4 years straight line Gains and losses on disposal8 are detemiined by comparlng the proceeds with th@ Carrying amount and are recognlsed in the Consolidated statement of financial activities. 2.8 Investment proporty Investment properly is carried at falr value determined annually and derived from the current marf(et rents and inv8stment property yields for comparable real estate, adjusled If necessary for any differ8nce in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. 2.9 Investments Fixed asset Investments are a form of financial instrument and are initially recognised at their transaction cosl and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lo55esl on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment 2.10 Debto Trade and other debtors are recognised at the settlem8nt amount after any trade discount offered. Prepayments are valued at th8 amount prepaid net of any Irade discounts due. Page 19
BELVEDERE TRUST IA company limlled by guarantsa) Notes to tho financial stat8m8nts for the ygar gnded 31 fvlarch 2024 Accountlng polici&s (continued) 2.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with 8 short maturity of three months or less from the date of acquisition or opening of Ihe deposit or sim ilar account. 2.12 Liabilitles and provlsions Liabilities are recognis8d when there 1$ an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and tha amount of the seltlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the 8mount il has received as advanced payments for th8 goods or services it must provide. Provisions are measured at the best estimate of the amounts requlred tc settle the obllgation. Whère Ihe effect of the tim8 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 Consolidated statement of financial activities as a finance cost. 2.13 Financial instrumfjnts The Group only has financlal assets and flnanclal liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measur8d at their settlemenl value with the exception of bank loans thich are subsequenlly measured at amorti8ed cost using the effective interest method. 2.14 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of th8 gener81 objectives of the Group and which have not been designated for other purposes. Permanent Endowment funds are funds whlch are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for p8rlicular purposes. The costs of ralsing and administering such funds are tharged against the specific fund, Expendable endowment funds are funds which are to be used in accordance with specrfic restrictions imposed by donors. The costs of administering such funds are charged against the specific fund. The restrictions tc each fund is set out in the notes to tha financial statements. Once the restriction period passes the fiJnds will be transferred to unrestricted funds. Investment income 9enerated by the permanent and &xpendable end0Ment fund is unrestricled funds. Gains and losses are allocated to the appropriate fund. Page 20
BELVEDERE TRUST (A company limited by 9uarantee} Notes to the financlal statom8nts for the year ended 31 March 2024 Crltlcal accounting estlmatos and areas of judgment In the application of the companys accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying value of asset5 and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are relevant. The following judgments have had the most significant effect on the amounts recognised in the financlal statements.. The invesknent in th@ subsidiary Is valued at C05t less impairment, The Trustees are required to employ judgement in assessing any impaimient provisions which may be required. The Invesknent property is valued annually on an open market for existing use basis. The DireGtors are required to emply judgement in estimallng the value of the land end assessing any impaimient provisions which may be required and seek the guidance of external valuers where necessary. Income from donatlons Permanent endowment Unrestrfctod fund funds 2024 2024 Tolal funds 2024 Donatlons 5,000,000 5,000,000 Permanent endowment Unr8Stricted fund funds 2023 2023 Total fvnds 2023 Donations 625,000 625,000 Page 21
BELVEDERE TRUST IA company limited by guarantee) Notos to the financial statements for the year ended 31 March 2024 Incomé from othor trading activltles Income from non charitable trading aclivities Unrestrlcted funds 2024 Total funds 2024 Rental income and Servi charges 60,781 60,781 Unrestricted funds 2023 Total funds 2023 Rentsl income and servlce charges 23,616 23.616 Investment Income Unrestrictéd funds 2024 Total funds 2024 Income frorn listed investments Investment interest receivable 142,576 38,906 142.576 38,906 181.482 181,482 unStrIcted funds 2023 Total funds 2023 Income from listed inv8Stments Investment interest receivable 159,961 446 159,961 160,407 160,407 Page 22
BELVEDERE TRUST (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 Analysis of expondlturo by activities Activltlos undertaken directly 2024 Grant fundlng of activltles 2024 Support costs Total funds 2024 2024 Expenditure on charitable activities 131,502 217,700 387,540 736,742 Activities undertaken directly 2023 Granl funding ol aGtiw'ties 2023 Support costs 2023 Total funds 2023 Expenditure on charftable actSvltles 82,345 215,960 347,527 645,832 Analysls of dlroct Costs Total funds 2024 Total funds 2023 Governance costs (note 9) 131,502 82,345 Page 23
BELVEDERE TRUST (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 Gyants to institutlons 2024 2023 Wallace on the Ward Project The Migraine Trust Aspir8 Asthma and Allergy Foundation Black Country Food Bank BLESMA Brent Centr8 for young people Brltlsh Wire18ss Foundation Care for Carers Childhood Eye Cancer Clty Harvest Grant Copenhagen Street Food bank Dartington International Summer School Deaf Cholces UK Ditch the Label Dyspraxia Foundation English Nation81 Opera Friends of Minstead Glve it Your Max Go Live Theatre Gospel Oak Living Room Haven House Foundation Hearts ané Minds Helen & Douglas House Inspire a teen Leukaemia & Myeloma Liberty Choir UK Life Cycle Little Village Look Good Feel Better Make Them Smile Marine Conservation Society Network of Wellbeing One25 Grant Our Hidden Tr8asure Parenting Mental Health Sand Dams Worldwide 60,000 2,000 2,000 1,000 5,000 1,000 1,000 2,000 2,000 2,000 10.000 6,700 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000 2,000 2,000 2,000 1.000 500 2,000 2,000 1,000 5.000 1.000 3,000 2,000 1,000 1,000 2,000 1,000 1,000 60,000 Page 24
BELVEDERE TRUST (A company limiled by guarantee) Notes to the financlal statements for the year ended 31 March 2024 Scotland Yard Adventures Second Chance Siblings Together Spark Scotland Sparks of Hope Spinal Muscular Atrophy St-Martin-In-The-Fields Standout Programme Step by Step London The Bach Choir The Heallhcare Workers Foundation The Mascular Disease Society The Mayor Fund For London The M8rry Opera Co The Robin Cancer Trust The Urology Foundation Theodora Childrens Charlty Tom's Trust Vet6ran'8 With Dogs Victoria's Promise War Child Wh8le and Dolphin Conservation Sociely Woodwork to Wellness Young & Inspired Young Minds Trust Garsington Qpera Kidney Care UK Little Village MS Society The Felix Project TREEZ Malawi Doorstep Library Adapt Charity Africathletes Fitzwilliam Museum Alder Hay Children's Charity Asthma & Lung UK Camden Arts Centr8 Caudwell Children Cily Harvest Clean Up UK Comar 1,000 2,000 1,000 1,000 1,500 1,000 2,000 2,000 1,000 2,000 2,000 2,000 1,000 1,000 2,000 2,000 2,000 1,000 2,000 2,000 10,000 2.000 2,000 2,000 1.000 30,000 1,000 10,000 500 13.750 19,450 5,000 1,000 13,844 12,000 1,000 1,000 q3,501 1, 000 1,000 Page 25
BELVEDERE TRUST (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 Cystic Fibrosis Dream Holidays DENS Foodbank Dervantio Housing Design and Manufacture for Disability Doctors of the World Drop in the Ocean East London Dance Eondon Wheelchair Rugby Club Exmoor Search & Rescue Friends of th8 Potteries Museum Stok8 on Trent Handicapped Children Action Group Hillhouse Kids in Museums Kids Space K08ch Parenting Kol Bonaich 1,000 1,000 1,000 1,000 I,ooo 1,015 5,000 1,000 2,400 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 700 L8nnox Children's Cancer Fund Living Options Devon MACS Nara the Breathing Charily Olive Ridley Project On Cours8 Foundation Oxford Hospitals Charity Prospero World Richard House Trust Roald Dahl Marveous Royal Trinity Hospice Scotish Association of Marine Scl8nce Side by Side Child Social Square Street League Sunny Days Children's Fund Surrey Dnjg and Alcohol Service Tarka Valley Railway The Air Ambulance The Bach Choir The Brainwave Centre Th@ Childrens Trust The Forward Trust Th@ Frontline Organlsation The Grab Trust The No Way Trust 1,000 1,800 2,000 1,000 1,000 1,000 I,Ot 1, 000 500 500 1,000 1,000 1,000 I,LlOQ 9,000 I,0( Page 26
BELVEDERE TRUST (A company limited by guarantee) Notes to the financial statoments for the year ended 31 March 2024 The Olakar Kraus The Respite Associalion The Royal Socieiy for Blind Childr8n The Terrence Higgins Trust Time Out Group Transforming Autism World Literacy Foundation Young Enterprise I,10 I,ooo I, LWO i. 000 1.000 1,000 1,000 1,000 217,700 215,960 At 31 March 2024 the charity has pledged to pay a grant of £40,000 to The Wallace Collection, Subject to the terms of the grant being met. Govemanc• costs Total funds 2024 Total funds 2023 Audit remuneratlon Accountancy fees Other administration costs Admin support 33,668 13,826 69,639 14.369 25,325 15,920 24,832 16,268 131.502 82, 345 Page 27
BELVEDERE TRUST (A company Ilmlted by guarant••) Notes to th8 flnancial statements for the year ended 31 March 2024 10. staff costs Group 2024 Group 2023 Wages and salaries Contribulion to defined contribution penslon schemes 14,326 154 14,480 The average number of persons employed by the Charlty during the year was as follows. Group 2024 No. Group 2023 No. Employees including directors 11. Trustees, remuneratlon and expen888 During the year, no Trustees recelved any remuneration or other b8nefits (2023 - £NIL). During the ye8r ended 31 March 2024, no Trusts8 exp@n88s have been incurred (2023 - £NJL). Page 28
BELVEDERE TRUST (A company limited by guarante¢} Notes to the financial statements for thè year ended 31 March 2024 12. Tanglble flxod assets Group Flxture¥ and tiltings Office equlpment Computer equlpment Other flxed assets Tolal Cost or valuatlon At 1 April 2023 Additions 25.297 197,593 1,953 12,610 939 40,799 197,593 At 31 March 2024 222,890 1,953 12,610 939 238,392 Depreclatlon At 1 April 2023 Charge for the year 23,317 1,980 1,953 12,610 939 38,819 1,980 At 31 March 2024 25,297 1,953 12,610 939 40,799 Net book value Al 31 March 2024 197,593 197,593 At 31 March 2023 1,980 1.980 Page 29
BELVEDERE TRUST (A company Ilmlted by guarantee) Notes to th8 financial statements for the year &nded 31 March 2024 12. Tanglble flxèd assels (continued) Company Fithres and flltlngs Office equlpmont Tolal Cost or valuatlon At 1 April 2023 2,026 450 2,476 At 31 March 2024 2,026 450 2,476 Dèpreciation At 1 April 2023 2,026 450 2,476 At 31 March 2024 2,026 450 2,476 Net book value At 31 March 2024 At 31 March 2023 Page 30
BELVEDERE TRUST {A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 13. Investment property Group Freehold Investment property Valuation At 1 April 2023 Additions 14,945,728 42,005 At 31 March 2024 14,987,733 Investment properties were valued by the Directors on an open market basis at 31 March 2024, The hlstorfc cost of the investment property is £14,987,733. 14. Flxad asset investments Listed Inve8tmenls Group Cost orvaluatlon At 1 Aprll 2023 Acqulslticn at cost Dlsposal proceeds Unrealis&d loss on revaluation in the year Realised loss on disposals Movernent in cash held as part of portfolio 16,490,195 2,087,696 (2.423,5491 (241.825> {30,060 {12,887) At 31 March 2024 15,869,570 Net book value Al 31 M8rch 2024 15,869,570 At 31 March 2023 16,490. 195 Page 31
BELVEDERE TRUST (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 14. Flxed asset investments {continued) The Trust own shares in Ocado Group PLC which are subject to a 5 and 10 year restriction on disposal. The Trust intends to sell, on a regular basis, Ocado Group PLC shares that ar8 free from restriction. As at the date of approval of th8 financial statements, Ihe market value of the Ocado Group PLC shares had fallen from £5,688,750 to £4,023,750. Investments in subsidiary companiés Llsted invo8tmenls Total Charlty Cost or valuatlon At 1 April 2023 Acqulsltlon at cost Disposal proceeds Unrealised loss on revaluation in the year Reallsed loss on disposals Mcvemenl in cash held as part of portfolio 15362,347 16,490,195 31,752,542 2,087,696 2,087,696 (2,423,549) (2,423,549) 1241,825) (241,825) {30,060) (30,060) (12,887) (12,887) At 31 March 2024 15,262,347 15,869,570 31,131,917 Net book value At 31 March 2024 15,262,347 15,869,570 31,131.917 At 31 March 2Q23 15,262,347 16,490,195 31, 752,542 Page 32
BELVEDERE TRUST (A company Ilmlted by guarantee) Notes to the flnancial statements for the year ended 31 March 2024 14. Fixed asset investménts {contlnued> Princlpal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company numbor Registered office or prlnclpal Prlncipal actlvlly place of businègs The Box Offic@ New Inn Broadway Limited 11001779 2nd Floor, 2 Back Lane. London, Property Investmenl NW31HL company. Class of shares Holding Ordin8ry 1000/0 The flnanc181 results of the subsidiaryfor the year were: Name Incom6 Expendllure Lo99 forth• year Net a8S•ts The Box Office New Inn Broadway Limited 60,781 472,650 (411,869) 13,775,398 15. Debtorg Group 2024 Group 2023 Company 2024 Company 2023 Duo within one year Amounts owed by group undertakings Other debtors Prepayments and accrued Income 1,527,000 1,007,145 31233 882, 000 10,700 33 1,037,721 340,483 17.446 292.913 1,378,204 310,359 2,565,378 892, 733 Page 33
BELVEDERE TRUST (A company Ilmlted by guarantee) Notes to the financial statements for the year ended 31 March 2024 Creditors: Amounts falling due withln ong year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Other creditors Accruals and deferred incom8 333,039 24,359 71,455 280,916 35, 000 55, 554 2,160 24,000 44,136 35, 000 40,644 428,853 371,470 70,296 75, 644 17. Credltors: Amounts falling due aft•r moro than one year Group 2024 Group 2023 Company 2024 Company 2023 Other creditors 142,893 32.OOQ 104,958 32,000 18. Flnancial Instruments Group 2024 Group 2023 Company 2024 Company 2023 FlnanGI81 a88ets Financial assets measured at fair value through income and expenditure 15,869,570 16.490, 195 15,869,570 16,490.195 Fin8ncial assets measured at fair value through income and expenditure comprise list8d investments. Page 34
BELVEDERE TRUST (A company limlted by guarantee) Notes to the flnancial statements for the year ended 31 March 2024 19. Statem8nt of funds Statement of funds - current year Balance at 1 April 2023 Gainsl Balance al31 {Losses) March 2024 Income Expendlture Unrestrlcted funds General funds 25,329,731 242,263 {781,220) 726,865 25,517,639 Endowment funds Expendable Endowment funds 6,687,500 (998,750) 5,688,750 Permanent Endowment funds 5,000,000 5,000,000 Total of funds 32,017,231 5,242,263 1781,220) 1271,885) 36,206,389 Statement of funds - prlor year Balance at 31 March 2023 Balance at l Aprll 2022 Gains/ (Losses) Incom8 Expenditure Unrestrfctod funds General funds 25,627,323 809, Q23 (686,854) (419, 761) 25,329, 731 Endowment funds Expendabl8 Endowment fund 14,637,500 (7,950, 000) 6,687, 500 Total of funds 40, 264,823 809,023 (686,854) (8,369, 761) 32,017,231 Page 35
BELVEDERE TRUST (A company limited by guarantee) Notes to the financSal statements for the year ended 31 March 2024 20. Reconciliatlon of net movomonl in funds to not cash flow from operatlng actlvitias Group 2024 Group 2023 Net incomelexpenditure for the period (as per Statement of Flnancial Activities) 4,189,158 (8,247,591) Adjustments for: Depreciation charges Realised losses on investrnenls Unrealised losses on revaluation of Investments Dividends, interests and rent from investments (Increaseydecrea5e in debtors Increase in creditors 1,980 9,331 30,060 131,571 241,825 8, 238, 189 (242,263) (184,023) <1,067,845) 10, 789 168,273 6,408 N•t cash providod byl{used in> opgratlng acllvltles 3,321,188 (35,326) 21. Analysis of cash and cash equlvalents Group 2024 Gmup 2023 Cash in hand 4,345,032 672,439 Total cash and cash equivalents 4,345,032 672,439 Analysls of changes In net debt Changes in market value and oxchange At 1 April rale At 31 March 2023 Cash flows movements 2024 Cash at bank and in hand 672,439 3.914,418 {241,825) 4,345,032 672N39 3,914,418 (241,825) 4,345,032 Page 36
BELVEDERE TRUST (A company limited by guarantee) Notes to the financlal statements for tho year ended 31 March 2024 23. Capital commitments Group 2024 Group 2023 At 31 March 2024 the Company had capital commltments as follows.. Contracted for but not provided in these financial statements 63,008 Operating lease commltments The Group and the Charity had no commitments under nonwcancellable operating leases at 31 MarGh 2024 or 31 March 2023. 25. Mombors. liabillly Each member of the charitable company Is Ilable to contribute to th8 assets of the company in the event of It belng wound up while helsh8 is a member, or within one year after helshe ceases to b8 a member, such amount as may be requlred, not exceeding £1 for the debts and liabilities contracted before helsh6 ceases to be a member. 26. Related party transaction8 During the year the charity received a cash donation of £5,000,000 {2023.. £625,000) from the 8pouse of a trustee of the charily. During the year admin and IT support fee of £7,560 (2023: £12,105) were charged to Belvedere Trust by a related company. No balances were outstanding at either year end. During the year the subsidiary, The Box Office New Inn Broathay Limited, incurred net recharged expenses and management fees amounting to £12,827 (2023: £9,375) from a related company of whrch there are common directors. There were no balances outstsnding at either year end. During the year the subsidiary, The Box Office New Inn Broadway Limited, incurred nel management cosls amounting to £12,450 {2023.. £14,126) from a related company. There were no balances outstanding at either year end. During the year the subsidiary, Th@ Box Office New Inn Broadway Limited, rgceived rental income. service charges and feè income amounting to £21,801 (2023: £21,016) from a related company. The company incurred recharg&s of £10,000 (2023.. £nil) from the same related company. There were no balances outstanding at either year end. 27. Controlling party There was no ultimate controlling party throughout the current and previous period. Page 37