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 Pr￿eedS
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 CoMpan￿S 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[f￿n9
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 irr￿ular1tieS,
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
r￿ed 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 end0￿Ment 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
un￿StrIcted
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,1￿0
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