REGISTERED COMPANY NUMBER: 0755.1726 (Eng12nd and Wale5} REGISTERED CHARITY NUMBER: 1140954 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE PILGRIM BAND TRUST Ellis Atkins COnSbIe Court 62 Dene Street lknrking Surrey RH4 2DP
THE PILGRIM BAND TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PA%e Report of the Trnstees Independent ExamlTher's Report St4temen¢ of Flngnclal Ac¢lvltles Balance Sheet Notes to the Flnancl¥Jl Statements 9 to 17
THE PtLGRIM BAND TRUST IREGISTERED NUMBER: 07553726) REPORT OF THE TRVSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trubtees who are also directors of the charity for the pwpose5 of the copanIeS Aci 2W6. preseni their rwrt with the financial statements of the chatity for the year ended 31 March 2024. The trnstees have adopt the proTrisions of Accounting and Reporting by Charities= Siatement of RttoTntnended Praclice appb"cable io charities preparing their accounis in accordance with ihe FinaD¢ial Reporting Sr2ndard p11]e in the UK and RqblIC of Ireland IFRS 1021 leffeLtive l January 2019). The registered name of the charity is The Pilgrim Band Tn. OBJECTIVES AND ACTIVITIES Objectli'es and aims The prin)ary objLYtive of the Pilgrim Band Tn is to advance the educarion of children living in Reigate and sumiunding areas in the knowledge and appreciation of music. Significant Jctivilies The In1 u$es its funds to prornote the playing of musical instn]ments. including the voice, and the enjoyment of music by young people. The tN5t 5UPPOTts both individuals and schools within the trust's geogr8phieal remit IR¢igai¢ and surrounding areasl which the [ntte$ have extended in recent yeaTS. Through its links with SueY Arts, Ihe trust seeks to provide a broad rAng¢ of 5uppon through schools and 10 individuals. The trltst giv¢s priority lo Stal¢ schools 8nd as far as pos%iblc, to ¢hildrcn or parcnLS of limited mean5. Group5 train by th¢ twst pcrfomi free of charge ai public events. The ttust also supports youn8 people's music more brOY through the srA)nsotship ofthe10¢41 music f11¥&1. Tuiiion is provided on a w¢¢kly basis during school kmi time (Tom our premis in R¢igate, Surr¢y. Therc ure usually bout 100 childr¢n pttcnding regularly. One-10-one and small group luition is provided for acoustic and clectric guitar, piano, singing, drums and sicel pans. As with the tuilion, inswumcnts are provided free o( ¢har8¢ whilsi th¢ childrcn rcinain members of the band. Students oftcn study more than one instrument. Tuition is led by a number of 3peciali5t adult lexhers lSted by senior membcrs of the band. who hove advanced to the slagc whcrc they can icach youngcr members. Essential to th¢ numing of our opera(ions 1$ ihe group of loyal volunicer helpers, mainly dr¥wn from parents and 8r#ndp#rents. The band welcomes any young rrtrson who wishes to join withoul audition or conditiott provid¢d they attend regularly and Tcspe¢l ih¢ sludcnt rules. Swdcnts may start their siudies on any instn]men¢ within the band. Ihough maThy start on Ihc ucouyiic byuilar where they can learn the basics of perfoTmgnce befote movin8 on io other instTuments. Publlc benet]¢ Thc trusiccs conflm that they have refeN¢d io the ChaTiry Commissio5 general guidancc on publi¢ bcnefit when implementin8 the Charitys aims and objectives and in platming future aciivilies. The trustees are satisfied that the cliarity ¢onlinues to meet thc wuired public benefit t¢st through ils objectives and activi¢ic5. Our working arrangement with Surrey Arts, through which the trusl subsidises individual music lessons in Surrcy County Schools, continues to operdt¢ satis[acri1y. In response lo proactive seeking of piotM)sals from local 5choo15 funding is being used for th¢ pUhase of instruments equipment and tea¢hing in local schools. We otyer a wide rang¢ of music lessons, with l(Kl young rKople benefitting from weekly tuition. FINANCIAL REVIEW Flnancial review Tl)¢ trust made a deficit of £28,592 {2023.' £10.411) for the yetr prior to realised and unrealised investment gains of £401.696 (2023.. £246.622 loss). Page I
THE PtLGRJM BAND TRUST (REGISTERED NUMBER: 07553726) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FILYANCIAL REVIEW Investment policy And objective5 The ongoing concem of the tnLStces is to mana8e trust funds and investments lo cnsure the charirable WOTk started by Edward West CQDtIDU¢S and gro The trust aims to protect the rtal value of the tTusVs capital whilst ensuring the financial resources needed for the aching progrdmme and to support music locally are maintained in real terms and is not subject to large fluctuatlolis and without resoning io external fiJndraisin8. In this way. the (tusiees are able lo consider both current and future beneficiaries. The trusttts have unrestrictcd POWCT5 of inv¢stment and may spend capital and accumulat¢ unspent income. Our long.term policy is therefore the pursuit of a tothl real rettwn. tsking income and capi14LI growrth together. subject to .8ccuring an adequat¢ly diversified portfolio of investments. This is achieved primarily through us¢ of Common Inv¢.%iment Funds and by invesiing in a range of asset clasxs. The In1 h&$ eontinved to reduce its residential propeny holdinbT5, reinvesting the proceeds on a gradual basis In equiry and commcrcial propcty funds consistent with our inv¢stm¢nt policy. No ¢thi¢al restrictio apply. although the trustees resetve the right exclude from the portfolio any inVrmentS in companies whose representation might prov¢ Ilamaging. directly or indirectly, io the pury)oses or reputaiiott of the charity. The propeny portfolio consi&ts of residential property in London which has maintained its value. The tNstees remain .%ali5fi¢d thal th¢ inv¢sthi¢nt policy will dcliver th¢ rcqubred rewrn5 in the long-l¢nn. Reserves policy Tl)c Iruslces wish to rnain &JbJ invesi In1,$ rwThes in oth io provid¢ sutTi¢i¢nt incom¢ to fund a full programme of bgnd aclivity and maintain CUTrcnt Icvcls of support for schools and young pcoplc without resorting to extemal rundraising or char8es to pupils. The rongc of OUT activities ha5 increased substsniially over cent yew¥. R¢s¢rv¢s a r¢4uir¢d to ¢nabl¢ this ¢xpondcd oulrcach of the trust and to coniinue io inv¢si in Èmproving ond mJinlaining the facilitie5 at Clevelands. The ITu&lces also need to tak¢ into a¢¢(Trunt that a portion of the trusfs properry invesunents are jointly held and not fr¢¢ly disposable. The Iru.%lccs havc dctcmiined thai free reseThes of beten £2.5 ¥nd £3 rnilli¢)n are requiTed to meei these objeciivcs. Ai 3 Isi March 2024. the value of fr¢¢ r¢scrv¢s 1cluding the value of the tneS thn8ible red assets, held in a d¢signai¢d fund) amountcd lo £5.498 million. FUTURE PLANS In addition 10 continuing a full programme of classes at Clevcl8nd8. the In1 plans will conlinue to build on the work done in recent y¢ars by reaching new Khools and providing continuaiion or addiiional fvnding to those who have SU¢¢C55fv11y used previous fijndins. Wc will seek to extend Ihe reach of our subsidy aTrnng¢mcn¢ with Surrey Ans supporting music tuition in SurTey County School& Page 2
THE PILGRIM BAf4D TRusf (REGISTERED NUMBER: 117553726) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 l¥fARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Strueture. Governance and manageJDent Th¢ original Pil¥Tirn Band Trusi was founded as a tharity by Edward Pannett West on l Febw 1979 by Deed of Trust. In addition to gifts made during his lifetime. ai his death on 10 December 1985, he bequeathed to the tNst the freehold Propety known ys Clevelands. 13 Furzefield Road. Reigaie iogether with the r¢sidu¢ of hi5 e51ate. By resolution of the tru5tee5 dated 25 Febnwy 2011, a company limited by guardnt¢e, The Pilgrim Band Tn)st (Company Number 075537261 wa5 incorporated in England and Wales. under a Mcrnorandum of A550ciation on 7 March 2011. and is governed by lis Anicles of Association. Th¢ charity was registered wilh the Charity Comn)ission IRegi5tered Charity Number 1140954) on 21 March 2011.The charitable objecrs of thi5 new charity are identieal to those of the original Pilwim Band Tn Edward West had the original inspirdtion to provide Children with the ¢)pportunity to learn io play an instrument as part of a Band, Thc Pilgrim Band, and pcrfomi concens in the local area. Fundamenral hi5 vision was thc idea that any hild should have the opportunity lo Tnake Tnusic and that tuition and the l(wi of an instrument would be free of charge. Funds from tn1 investments are also used to support othtt appropriate charitsble purposes including assistance with the tuition fces of young musieians in need whosc abililies rangc from th¢ k¢¢n to the very talented. The trust is also a financial supporter for the Reigaie and Redhill Music and Drama FeMiv81. Grants are also made to schoo15 to purchase niusical cquipment and run music pro8rammes. Overall managemeni is in the hands of the Intt$ who me¢t rtgul¥Tly to mwe funds and invc5tments and make deLiSiOnS on the overdll policy ynd dir¢ction of twst activities. New trustees are oppointed by existing trustee (m¢mb¢ts) of th¢ comp#ny. The Governin8 document requires that one third of the tru5te¢s reli by rotation annually with rapInllenL pern)itted. The minimum number of trustees is three, with no maximum. WhcT¢ vacJThcie5 arise, polenlial candidaies from the loc41 conununily are SOUBht by the inJs(ees either by rccommendaiion or personal contact. In considcring potenlial candidates, the Ine5 take into a¢wunt ¢he backgrouiid, profe&sional experi¢nce and willingness of the candidate io repr¢5¢nt the VlouS $k¢holderS in the trusi's work. New trustC¢5 arc providcd wilh detailed briefings on th¢ work of the trust by cxisiin8 Injstees and attend onc or two mcetin&rs of the Iruslees prior to appoinlmenl. They are also provided with a copy of th¢ Govemin&i DocumenL Tn1 Policies, th¢ m05t rceent Trust¢es' Report and Financial Ststements &% well ¥ minute5 of tnlee meeiin8S. The tmst has one full time paid ¢mployee, the Band Principal. who plans ¥nd manage5 the ltIon provided at Clevelands. The Principal is 8ssisted by a number of spe¢ialist adult teachers who are paid by the session The Principal is a150 assisted by a volunteer group of parents and friends who help with various supprt ¥¢tÉvities. Rlsk manAgement T]ic trustees have a duty to identkfy and review the risks to which the ¢h8rity is exposed and io ensur¢ appropriate controls are in place to provid¢ reasonable a&sur8C ag4Énst fraud and error. The ITUStees have a55essed the major risks io which the tnL5t is ex and esthlished systems to mitigate those risks. The Risk Rcgi5tcr is regularly reviewed and utthtod and restM)nsibiliry for It]vIdUal risks is assigned to an ae¢ountable trust. REFERENCE AND ADMINISTRATIVE DKfAIIS Registered Compiny Number U7553726 (England and Wales) Registered Charlty number 1140954 Registered office Clevelands 13 Fyrzefield Road Reigate RH2 7HG Page 3
THE PILGRIM BAND TRusr REPORT OFTHE TRuEEs FOR THE YEAR ENDED 31 MARCH 2024 Trustees Ms K J Pender Mrs M A Smith P B White JA Wood MT5 A Unwin P G Morris Indep¢ndtnt ExAminer P D IA)ngstaff FCA Ellis Atkins Chartered Accountants Con5table Court 62 Dene Street Dorking Surrey RH4 ?DP Bxnkers CAF Bank Limited 25 Kings Flill Avenue Kings Hill West Malling Kent ME194JQ Solleltors Morr and Co LLP Prospero 73 London Road Redhill Surrey RHI ILQ Investment MAnA¥ers CCLA One Ang¢1 Lane London EC4R 3AB Approved by order of the Board of Trustees on.......... and signed on its behalf by: Mrs M A SJnith- Trusite
INDEPENDENf EXAMif4ER'S REPORT TO THE TRUSTEES OF THE PILGRIM BAND TRUST Jndependent examlner's report to the tr1151ees •fThe Pilgrim Band Trusi ('Ihe Company,) I report io the iharity t["te¢S on rny examinalion of the acc(TrunLS of the Company for thc y¢ar ended 31 March 2024. Respon5ibilitie5 and basis of report As the charity's ttustees of th¢ Company (and also its directors for the PUTW)scs of company law) you are responsible for the preparation of the account5 in accordan with th¢ requirements of the Companies Act 2(X)61'the 2006 Ace). Having salisficd mys¢lf that the kceourtts of the Company are not required to b¢ #udit¢d under Part 16 of the 2006 Act and are eligible foi independent examinatioru I report in rtspeci of my examination of y(Trur charity's accounts as Caled out under Section 145 of the Charities Act 2011 lknc 2011 Arf). In eanying out my examination I havc follow¢d th¢ Directions given by the Charity CoTnmissiort under Section 145{5) (bl of the 2011 Act. Independent ei*miner's st&temeDt I have completed my examinaiion. I confirn) that no matters have come to my attenliort in eot)nection with the examination giving me cau5¢ to b¢li¢v¢- ¥¢counting reeords weTe not kept irt rwi of the Company as required by Section 386 of the 2006 A¢t' or th¢ a¢cowiLs do not ac¢ord with those reeor(Ls: or the accounts do noi comply with the accounting reguirenwits of Sec¢ion 396 of the 2(X)6 Act other than any rcquiremcni thai the accounts give a In and fair view which is not a matter considered as part of an indcpcndcnl ¢xamination: or the accounts have noi bcen prepared in accordance with the methods and principles of the Statement of Recommended PractiL¢ for occounting and rewjrting by charities lappli¢abl¢ to charities preparing their a¢¢ounts in accordance wilh ihc Financial Rq)ortin8 Slandard applicable in the UK and Rq)ublic of Ireland IFRS 102}1. I hav¢ no con¢¢ms ond havc com¢ across no otheT mattcrs in connection with the cxamination to which attcntion should be drawn in this report in order io enable a proper understsodllJ8 of th¢ a¢¢ouots to be reach¢41. P D Longstaff FCA Elli4 Aikins Chartered Accounlanls Conslablc Court 62 Dene Street Dorking Surrey RH4 2DP Date.. Page 5
THE PILGRIM BAND TRUST STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 I¥IARCH 2024 3113124 Unrestricted fund5 3113123 Total fvnd5 Notes INCOME AND ENDOWMENTS FROM Invesiment income 163.088 158,140 EXPENDITURE ON R8ising funds Investment management costs 3.906 1,922 3,906 1,922 Ch#rithble activitle5 Promotion of the playing of mwical in5tnunents. thc cnjoymcnt of music by young people by giving the opportunity to play in a band. Provision of grdnts 10 schools, individuals and oth¢r organisations to promoie the playing of musical instruments. 163,160 144,807 24,613 21.822 Total 191.679 168,551 Net gain{1055e5) on investments 401,696 1246.0221 NET INCOMEI(EXPENDITURE) 373,105 {257,033) RECONCILIATION OF FUNDS Toial ndS brought forward 5,975,162 6,232,195 TOTAL FUNDS CARRIED FORWARD 6J4&267 5,975,102 The AeS form part of these financial slalem Page 6
THE PILGRIM BAND TRUST (REGISTERED NUMBER: (175S3726) BALAf4CE SHEET 31 MARCH 2024 3113124 Unrestritted funds 3113123 Totsl nds Note5 FIXED ASSETS TanLTibl¢ assets Investments 851,200 5.218566 850,991 5,082.980 12 1169.766 5,933,971 CURRENT ASSETS Debtors Prcpaymcnt8 and accrncd income Casli al bank 13 11.949 3,185 269,887 10,680 2,998 47.486 285,021 61,164 CREDITORS AmouD15 falling duc within one year 14 16.520) {19.9731 NET CURRENT A&SETS 278JOI 41,191 TOTAL ASSETS LESS CURREIYT LIABILITIES 6J48,267 5,975,162 NET ASSETS 6J4&267 5,975,162 FUNDS UnK%tri¢icd fund$'. General fiind Design8ted Fund- Vvllue of freehold property Revaluation Fund 15 3.242,278 850,000 1255.989 3.158,879 850,991 1,965,292 6J48.267 5,975,162 TOTAL Fuf4DS OJ48,267 5,975,162 The ¢haTitable company is entitlcd to exemplion from audit under Section 477 of the Comp8nie$ Act 2006 for the year ended 31 March 2024. The members have not r¢quiTed the company io obtsin an audit of its fitwicia] slalements for the year end¢d 31 March 2024 in accordance with Section 476 ofthe Compatiie5 Act 2(M>6. The trustees ocknowledge th¢ir responsibilitie5 for la) ¢nsuring that thc charitable company kceps xcounting rtcon15 that comply with Scctions 386 and 387 of the Companies Act 2006 and preparing financial state¥nents which give a true and fair view of the state of affairs of the charitable company as at the end Of cach financial year and of its Surplus or deficit for each r]nancial year in accordance with ihe requirements of Seciions 394 and 395 and which othcrwise comply with the r4uirem¢nts of the Companies Act 2006 relating to financial Stamen 50 far &5 applicable io the charrtable company. Ib} The notrs forni part of the5¢ financial statements Page 7 continued...
THE PILGRIM BAIYDTRusr BALAIYCE SHEET- contiDued 31 MARCH 2024 These financial stht¢ments have been wepsred in with th¢ provisioThs applicable to ¢haTÉtsble ¢on)panies subject to th¢ small companies Ttgsme. were approved by the Board of Tnee5 and thised for i&sue on were sI¢d on its FKhalf by: Tli¢ ial s¢ai M A Smith- Trustee P G Morris. Tn The notes fonn port of these financial ststemet Pag¢ 8
THE PIiGIUM BAND TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES BAsis of preparing the financial 51xtements The financial statements of the charitable company. which is a public inefit entity under FRS 102. have been prepared in CordanCe with the Charities SORP {FRS 102) 'Accoullting and Reporting by Clwitie5'. StAtanent of Recommended Practice applicable to charilles preparing their accounts in accordanee with the Financial R¢porttng Standard applicable in the UK and Republi¢ of Ireland (FRS 1021 {effective l January 2019),. Financial Reporting Standard 102 The Financial Reporting Stand8rd applicable in the UK and Republi¢ of Ireland. and the Companies Aa 2(KJ6. The financial statements have been prepgTed und¢r the historical cost convention, with the exception of inVeSthnts which are included at market value. as modified by the rev81uation of certain as5¢ts. Th¢ fin?neial statements present InfornOn about the charity as an individua] undertaking Jnd not a group. There are no material uncenainiies regarding the charity's ability to continue a going ¢on¢¢rn. Income All income is recognised in the Statement of Finaneial Activities 0e the charity h&$ entitlement to the funds, it is probable that the income will be received and the amount be measured teliably. Expenditure Liabiliiies are recognised &$ expendituff as soon as there is i l¢g¥] or wn5tructiv¢ obligation committing the charity to that expcnd)tu, it IS Probablc that a transfcr of economic benefits will be rcquired in scttlcmcnt and the amount of the obligation can be me&8ured reliably. Expenditure is 0vnIell for on an aeeruals basis artd has b¢en ¢la$5ificd und¢r headings that aggregate all cosl related to the caiegory. Where costs cannoi be directly aiiributed 10 partlLul8r headings they hav¢ been #llated to Jotivitie5 on a b&si5 ¢0nsisl¢nt with lh¢ u5¢ of r¢sour¢¢s. Grants offered subject to eonditions which have noi bttn met at the year end date are noted as a commitment but not accrned &$ ¢xp¢ndilure. Tangtbl¢ fLY¢d *ets D¢pre¢iaiion is provided the followin8 Annuai rntes in order ¢0 WTile off each 85set over its cstimated use] life. Improvements to properly Musical InsiNmenis Office and ¢omputer equipmen¢ $tr8i¥ht line over 7 ye5 SITaighi line ovtt4 yeaa¥ Stsai8ht line over 3 5 years The Companies Act 2(KJ6 requires freehold prnperty to b¢ d¢preciated over its estimated useful life. The trust's policy is lo mainiain its freehold prijpety to a high stsndard ihrou8h a continual programme of rnaintenanee. DepreLiation is not provided on the freehold pri4)erty buL in the opinion of the tNstees, the residual value is such that any d¢preciation charge and accumulated depTlation is immaterial. Annual impairm¢nt reviews are carried out. Items of equipment are capitalised where the purchase price exeeeds £50. R¥re rnusical instruments whieh maintain their value ar¢ not dopr¢ciated Taxatio The charity is ¢x¢mpt from corratIOn tsx on its charitsble &tivitic5. Fund aeeountlng Unrestricted funds can be in accordance with the clwitabl¢ Obj11VeS ai the discretion of th¢ Irustees. RestTiCted funds can only be used for particular restricted Pu05eS within the objects of the charity. Restrictions arise when 5cifIcd by the donor or when fimds are raised forparbcular res(ri¢d pulposes. Generdl ndS are unrestricted fiRn(Ls which are availabl¢ for use at the discretion of th¢ Irustees in rtheranc¢ of the general objectives of the charity and which have tjot been de5igDated for other putP05e5. Page 9 continued...
THE PILGRIM BAND TRUST NOTES TO THE FIIYANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 21124 ACCOUNTING POLJCJES- continued Fund Aeeounting Designated funds comprise unTestricted funds that hav¢ been set &side by the ttvstees for particular PUTW)S¢S. The aim and use of each designated nd is set oui in the notes to the accounts. Invesknent income and gains are alltxated to the appn)priate fuThL Penslon costs #nd Other po$t-ret5r£ment benellts The charitable company operates a defmed Contribution pension scheme. Contribuiions payable to the charitsble company's r&s1On qchemc are charged to the Sthiemeni of Financial Activities in the period to which thcy relate. Donated goods and rViceS When applicable. donaied goods and servtcts we included &$ in¢oming r¢sour¢es in ihe Sthtement of Financial Aciiviiies where the benefit to the eharity i5 [tnablY quJntifiabl¢ and mwurable. Such donated good5 and services ar¢ shown at thc market valu¢ of such goods and seryices. Investment property Investment propenies are shown within inv&sttnents in the financial stytemcnts. Th¢ property valuations are Tevicwed annually by the tnjsitts and the values are updatcd in the financial statements only when ihere has been a %i8nhfi¢anl change in value. The property vttlu&q were l&¥1 utthted in the year ended 3 1st March 2020. INVESTMENT INCOME 3113124 3113123 Invcsttn¢nl PTOPCrty incomc Common investment fund income Bank and Building Society interest 9.913 147,661 566 14&108 7,467 163,088 158.140 INVESTMENT MANAGEMETrrr COSTS 3113124 3113123 Investment property managemeni 3.906 1,922 CHARITABLE ACTIVITIES COSTS Granl funding of activities (see note Direci C05ts (see note 5) Support costs (see noi¢ 7) 61 Totals Promotion of th¢ playing of musical instruments. the enjoyrnent of music by young people by giving the OPLty to play in a band. Provision of grants to schw individuals and oihei or8anisation5 to Promote the playing of musical instrutn¢nts. 127,621 JS539 163,160 744 24,613 128?65 23169 35&39 187,773 Page 10 ontinued...
THE PILGRIM BAND TRUST OTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 DIRKCT COSTS OF CHARrrABLE AcrtVJTI&S 31ts124 3113123 Staff costs Professional music teachcrs Musical Insiruments repairs atjd maintenance Music and concert expens¢5 DepreciatLOTI 37,110 89.632 362 517 744 33.710 69,139 284 590 1,921 128J6S 105,644 GRANTS PAYABLE 3113124 3113123 Provision of grants to h0o]s, individuals and otheror8anisalions to promote thc playin8 of musical insttumen¢s. 23,869 21,822 The total grants paid io instiNtions during th¢ y¢ar w45 a5 follow5.' 3113124 3113123 St Matthe8 School, Rcdhill Reigaic & Redhill Music Fcslival Si B¢d¢'s School, Redhill (includes $oUr¢ Sh1 with other scIOiS) .1.540 6,400 12.862 3.180 17.722 22,802 20,902 The total grants paid to individuals during the year was as follows: 3113124 3113123 Individual ttlition and 5UPPOrt 1,067 920 SUPPORT COSIS Goveman¢e costs Oth¢r Tots15 Promotion of th¢ playing of musical Itistruments, the enjoyment of music by young people by giving the opportunily to play in a band. 28J44 7,195 35,539 Page 11 continu¢d...
THE PILGRIM BAND TRUST NOTES TO THE FIf4ANCIAL STATEMEI¥TS- eontinueij FOR THE YEAR Ei¥DED 31 MARCH 2024 NET INCOMFJIEXPENDITURE) Net Incom1¢xprnditure) is ststed afterchargin(Gre1tins).' 3113124 3113123 Indepcndent Examincrs, remuner10 DepTeciatiort- owned &8sets lJ55 744 1.650 1,922 Aceountancy services provided by InthF%ndent Examiner: £1.975 (2023- £1.530). TRUSTEES, REMUNERATION AND BENEFITS No tNst¢e5 r¢iVed any r¢mun¢raiion oroih¢r b¢n¢fits. Trustees, expenses There We no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. io. STAFF COSTS 31n124 3113123 Wages and salaries Othcr pension costs 35,640 1.470 32.402 1,308 37,110 33.710 The average monthly numb¢r of employe¢s during the year was as follows.. 3113124 3113123 Av¢T¥ge number of employees No employees received emoluments in excw of £60.rJxi. Pag¢ 12 continu¢d...
THE Pl[RIm BAND TRusr OTES TO THE FINANCIAL STATEME14TS- continued FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Offi¢e Improvemcnts io MusiGIl proEW Instruments Freehold property mputer equipment Tots15 COST At l April 2023 Additions 850.OiXI 4Q951 18,194 953 7,905 917.050 953 At 31 Mah 2024 8Yk,O 4Q951 19.147 7.905 9111.003 DEPRECIATION At l April 2023 Charge for year 40J51 17,754 480 7J54 264 6&1159 744 At 31 Marth 2024 40,9SI 1&234 7.618 66,803 NET BOOK VALUE At 31 MarLh 20?4 850.1 913 287 851,200 At 31 March 2023 850.0(KI 551 850,991 12. FIXED ASSET INVESTMENTS Listed inve%kncThts MARKET VALUE At l April 2023 Disposals Revaluations 5,0112,980 (260,610) 39&196 At 31 March 2024 8218.566 NET BOOK VALUE At 31 MarLh 2024 5218,566 Ai 31 March 2023 5,082.980 Thcr¢ were no investsnent assets outside the UK. Cost or valuation at 31 March 2024 is rqwe5ented by: Llsted Investments Valuatiorh in 2024 S,2111,566 The historical cost of fixed auet invcstments was £2.962,577 (2023- £3.117.688). Page 13 contlnued...
THE PJLGRIM BAND TRUST L¥OTES TO THE FINAP4CIAL STATEMENTS- colltiDued FOR THE YEAR ENDED 31 MARCH 2024 13. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 3113124 3113123 Rental income and tenani dcposits due Other debtor5 11,949 10.308 372 11,949 10.680 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Social security and other thxes Accrn¢d ¢xp¢nses 1,867 4,653 1,586 18,387 6,520 19,973 15. MOVEMENT IN FUNDS Net movement in fijnds Transfers behveen fvnds At 31.3.24 Ai 1.4.23 Unre5trScted funds Genernl fiind Designated Fund- Value of fr¢¢hold property R¢valuJtion Fund 3,158079 (23.091) 106,490 3,242,278 850.991 ,965.292 1991 > (105.499) 850,000 2,255,989 39&190 5,975.162 373.105 6J48,267 TOTAL FUNDS S975,162 373.105 6J4&267 Net movement in fund& included in the abov¢ ¥re follows: Incoming Rcsources Gains and 105ses Movcmeni in funds Unrestricted funds Generdl fund Revaluation Fund 103.088 (191,679) 5,500 396,196 123,091) 396,196 163,088 (191,679} 401,696 373,105 TOTAL FUNDS 163.1188 (191,679) 401,696 373,105 Page 14 continued...
THE PILGRIM BAND TRUST I OTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2024 15. MOVEMErif IN FUNDS- continued Comparatlves for movement in fundj Net movement in fvnds At 31.3.23 At 1.4.22 Unreytrlcted funds CJeneTal fimd Designated Fund- Value of frtthold property Revaluation Fund 3,167J69 18.490) 3,158,879 852.912 2211,914 {1.921) (246.622) 850,991 1.965292 6232.195 (257.033) 5.975.162 TOTAL FUNDS 6.232,195 1257,033) 5,975,162 Comparatlve Det movemeD¢ in fwid& included in the above are as follows: Incoming GaiTL% and loss¢s Movement in fijnds ¢xpcnd¢d Unrestrlcted funds General fund Dc5i&Fna¢ed Fund- Value of freehold property Revaluation Fund 158,140 1166,630) 18,490) (1.921) 11.921) (246,622 } (246.622) 158.140 {168,5511 1246,622) (257,0331 TOTAL FUNDS 158.140 (168,5511 (246,622) (257.033) A cujrcni year 12 months and prior year 12 months combined position is 8$ follow5." Net movement in fijnds Tt¥n5fers between fimds At 31.3.24 At 1.4.22 Unrestrlcted fund5 General fund Dcsi8nated Fund- Value of freehold property Revaluation Fund 3.167,369 (31,581) 106.4 3,242278 852.912 2,211.914 {1,921) 149,574 (991) 1105.4991 850.(K)O 2,255,989 6.232,195 116,072 6,348,267 TOTAL FUNDS 232.195 116,072 6J48,267 Pag¢ 15 continued...
THE PtLGRIM BAND TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2024 Is. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months eombined net movement in funds. included in the above pr¢ as follows.. In¢oming G8ins and losses Movement in fvnds Unre$tri¢ted fuDdJ General fund Designated Fun& Value of fTeehold PTThperty Revaluotion Fund 321228 (358,309) 5,5(M) 131,581) (1.921) 11.921) 149.574 149,574 321228 (3fA).230} 155,074 116,072 TOTAL FUNDS 321228 13fA).230) 155.074 116,072 Deslgnated Funds The tru%te¢5 have designated the value of the tnL¥*5 freehold property at 31 March 2024 0$ J separate fimd. ID previous ycars thc dcsignaicd fund included the value of all fixed assets and as a result £991 has becn transferrcd from the desial¢d fund io the genero1 fund. RevAluatlon Frtd$ The revaluatÉon reserve furtd repr¢s¢nts the wnount by whith investments exceed their historical cosl. The movcmcnl on ¢hc rcvaluation fund during the year represents ihe change in market value of listed investments during the year under review. 16. RELATED PARTY DISCLOSURLS Mrs V Wool. the daughter of B trLLqltt, ¢¢IVed r¢munerntion of £35.640 (2023.. £32,402) during the year. Sh¢ also had employer peL%ion contributi¢)ns of £1.470 (2023.. IJ08) paid on herbehalf. Mr B Wi)ol, the grandson of a ceived ptsyment of £19,512 (2023.. £17,943) for music tuition services provided lo pupils in accordan¢¢ with arrongements approved by the trustecs. Miss G Wool, the grnnddau8h(er of a tnJsi¢¢, r¢¢¢ived payinent of £14,385 (2023.. £11.225) for &8sl5tin8 with th¢ band in cordanCe with arrangements approved by the ttiMees. 17. ULTIMATE COP4TROLLING PARTY The ¢haTity 15 controlled by the tru5tee¥. No enliry is in a position of control or ultimate control. Page 16 continu¢d...
THE PILGRIM BAND TRUST NOTES TO THE Fif4ANCIAL StATEMENTS- fontinued FOR THE YEAR ENDED 31 MARCH 21124 i& COMPANY LIMITED BY GUARANTEE The liability of the company is limit¢d by giirt in the ev¢nl of dissolution ¢a¢h me¥tther will b¢ required to contribute an amount not exceeding £10. Pagc 17