2022-03-31-accounts

THE BAND TRUST REPORT AND ACCOUNTS YEAR ENDED 31ST MARCH 2022

Contents	Page
Referenceandadministrativedetailsofthecharity,itsTrusteesandAdvisors	1
ReportoftheTrustees	2-6
Independentauditor'sreporttotheTrustees	7-9
Statementoffinancialactivities	10
Balancesheet	11
Statementofcashflows	12
Notestothestatementofcashflows	13
Principalaccountingpolicies	14-16
Notestotheaccounts	17-25

RegisteredcharityNo.	279802
Trustees	TheHonMrsNicholasWallop
	RJSMason
	BPeerless
	TheHonNicholasWallop
	VWallop
	HWallop
Principaladdress	TheBandTrust
	BMBox2144
	London
	WC1N3XX
Bankers	CHoare&Co
	37FleetStreet
	London
	EC4P4DQ
Investmentadvisors	RathboneInvestmentManagementLimited
	8FinsburyCircus
	London
	EC2M7AZ
	InvestecWealth&InvestmentLimited
	2GreshamStreet
	London
	EC2V7QP
Solicitors	CharlesRussellSpeechlysLLP
	5FleetPlace
	London
	EC4M7RD
Accountants	RathbonesTrustCompanyLimited
	8FinsburyCircus
	London
	EC2M7AZ
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL

	Note	Unrestricted	Expendable	2022	Unrestricted	Expendable	2021
		funds	endowment	Totalfunds	funds	endowment	Totalfunds
		£	£	£	£	£	£
Incomefrom:
Investments	1a	706,099		706,099	715,559		715,559
Otherincome	1b				3,468		3,468
Total		706,099		706,099	719,027		719,027
Expenditureon:
Raisingfunds
Investmentmanagement	2
fees			132,440	132,440		124,317	124,317
Charitableactivities
ProvisionofaidtoUK
residentsin
needofcare	3	3,723,536		3,723,536	4,511,967		4,551,967
Total		3,723,536	132,440	3,855,976	4,511,967	124,317	4,636,284
Net(expenditure)before
netgains/oninvestments		(3,017,437)	(132,440)	(3,149,877)	(3,792,940)	(124,317)	(3,917,257)
Netgainsoninvestments			1,346,627	1,346,627		5,259,606	5,259,606
Netgains/(losses)on
foreignexchange		1,794		1,794	(7,739)		(7,739)
Net(expenditure)/
incomeandnet
movementinfunds		(3,015,643)	1,214,187	(1,801,456)	(3,800,679)	5,135,289	1,334,610
Transferoffunds		3,015,643	(3,015,643)		3,800,679	(3,800,679)
ReconciliationofFunds
Totalfundsbroughtforward			23,087,001	23,087,001		21,752,391	21,752,391
Totalfundscarried			21,285,545	21,285,545		23,087,001	23,087,001
forward

					2022		2021
		Note
Fixedassets
Investments			9		22,785,020		24,346,410
Currentassets
Debtors			10	282		403,522
Cashatbank				769,671		2,210,508
				769,953		2,614,030
Liabilities
Creditors:Amountsfallingdue
withinoneyear			11	(2,269,428)		(3,873,439)
Netcurrent(liabilities)					(1,499,475)		(1,259,409)
Netassets					21,285,545		23,087,001
FundsoftheCharity
Unrestrictedincomefunds
Expendableendowment	funds		12		21,285,545		23,087,001
TotalCharityFunds					21,285,545		23,087,001
Thefinancialstatements	onpages10to		25wereapproved
bythetrusteeson		"2-2_
andsignedontheirbehalfby:
(SO/(-ie.__	Lavinia	Wallop)
			)	Trustees
	--ThR	Mason)

	Notes		2022		2021
		£	£	£	£
Netcashusedinoperating
activities	1		(5,054,671)		(4,679,298)
Cashflowsfrominvesting
activities:
Interestreceived		649		5,376
Investmentincomereceived		705,168		710,183
Incometaxrepaymentreceived		-		350
Paymentstoacquireinvestments		(4,320,705)		(3,437,159)
Receiptsfromthedisposalof
Investments		6,884,259		6,898,386
Netcashprovidedbyinvesting
activities			3,269,371		4,177,136
Changeincashandcash
equivalentsintheyear	2		(1,785,300)		(502,162)
Cashandcashequivalent brought
forward			3,389,448		3,891,610
Cashandcashequivalents
carriedforward	3		1,604,148		3,389,448

YE	ARENDED31STMARCH2022
			2022	2021
1	Reconciliationofnetmovementinfundstonet		£
	cashflowfromoperatingactivities
	Netmovementinfundsforthereportingperiod	(as
	perthestatementoffinancialactivities)		(1,801,456)	1,334,610
	Adjustmentsfor:
	Net(gains)oninvestments		(1,346,627)	(5,259,606)
	Interestreceivable		(649)	(5,376)
	Investmentincomereceivable		(705,168)	(710,183)
	Decrease/(increase)indebtors		403,240	(403,522)
	(Decrease)/increaseincreditors		(1,604,011)	364,779
	Netcashusedinoperatingactivities		(5,054,671)	(4,679,298)
			2022	2021
2	Reconciliationofnetcashflowtomovementin	net
	funds
	Balanceat1April2021		3,389,448	3,891,610
	Netcash(outflow)		(1,785,300)	(502,162)
	Balanceat31March2022		1,604,148	3,389,448
			2022	2021
3	Analysisofcashandcashequivalents
	Capitalcashheldbyinvestmentmanagers		834,477	1,178,940
	Cashatbankandinhand		769,671	2,210,508
			1,604,148	3,389,448
4	Analysisofchangesinnetdebt	At1April		At31March
		2021	Cashflows	2022
	Capitalcashheldbyinvestmentmanagers	1,178,940	(344,463)	834,477
	Cashatbankandinhand	2,210,508	(1,440,837)	769,671
		3,389,448	(1,785,300)	1,604,148

IncomefromInvestments	2022	2021
	Unrestricted	Unrestricted
	funds	Funds
	£	£
Incomefromlistedinvestments	705,168	710,183
Incomefromtaxrepayments	282
Interestreceivable	649	5,376
	706,099	715,559

Expenditureonraisingfunds	2022	2021
	Endowment	Endowment
	Funds	Funds
	£	£
Investmentmanagementfees	132,440	124,317

3	ProvisionofaidtoUKresidentsinneedofcare	2022	2021
		Unrestricted	Unrestricted
		Funds	funds
		£	£
	Grantspayable
	Donations(note4)	3,558,194	4,373,458
	Scholarships(note5)	50,000	25,000
	Grantadministrationcosts	108,802	107,149
	Governancecosts-Auditfees(includingVAT)	6,540	6,360
		3,723,536	4,511,967

4	Donationsbytype—unrestrictedfunds	Note	2022	2021
			£	£
	ChildrenandYoungPeople	a	655,000	420,000
	Church	b		60,000
	Disabled	c	465,000	1,570,000
	Disadvantaged	d	720,000	310,000
	Educational	e	775,000	592,080
	Elderly	f	287,000	64,000
	Individuals HospiceandHospital	g h	17,594 600,000	18,628
	Miscellaneous	i	20,000	250,000
	MuseumsandotherArtInstitutions	j		900,000
	Veterans	k	-	50,000
	EmergencyCoronavirusgrants	I		115,000
	Miscellaneousupto£2,000	m	18,600	23,750
			3,558,194	£4,373,458
			2022	2021
a)	ChildrenandYoungPeople
	FarmsforCityChildren		120,000
	Home-StartUK		100,000
	OperaHollandPark		40,000
	OvertheWallCamp		35,000	20,000
	Schoolreaders		75,000
	SpreadaSmile		30,000
	TheBenjaminFoundation		75,000
	TheBolingbrokeTrust			10,000
	TheBritishExploringSociety			150,000
	ThePACECentreLimited			120,000
	TheRoyalAcademyofCulinaryArts'AdoptaSchoolTrust'			30,000
	TheRoyalBalletSchool		25,000	25,000
	TheSecondChanceChildren'sCharity		50,000
	TheSickChildren'sTrust		50,000	25,000
	YorkshireBalletSeminars		55,000	20,000
	YoungEnterprise			20,000
			655,000	420,000
			2022	2021
b)	Church
	StAndrew'sFarleighWallop			10,000
	StPhilip,EarlsCourt			50,000
				60,000

c)	Disabled	2022	2021
	BagBooks	25,000
	BishopCreightonHouseSettlement		250,000
	HalleConcertsSociety		20,000
	KIDS	80,000
	MerlinMSCentreLtd	120,000
	NeuromuscularCentre	20,000	25,000
	Prior'sCourtFoundation		250,000
	TheRoyalNationalTheatre	•NO	20,000
	RoyalOsteoporosisSociety		30,000
	SeashellTrust		500,000
	StElizabeth'sCentre		25,000
	TheBritishLibrary	20,000
	TheChelseaPhysicGardenCompany		250,000
	TheCourtauldInstituteofArt	50,000
	TheLakeDistrictCalvertTrust	150,000
	TheLivingPaintingsTrust		100,000
	ThomasMorleyTrust(RoRoSailingProject)		100,000
		465,000	1,570,000
		2022	2021
d)	Disadvantaged	£	£
	ADAPTCharity		25,000
	ArtsforAll		60,000
	ButtleUK	50,000	25,000
	CleanupUnitedKingdom		30,000
	CreativeSparkworks	(10,000)
	EmmausHampshire	175,000
	OneSmallThing	400,000
	PeopleandDrugs	30,000
	StMaryLeBowHomelessCharity	75,000	20,000
	TheFelixProject		100,000
	TrinityWinchester		50,000
		720,000	310,000

		2022	2021
e)	Educational	£	£
			31
	ArtHistoryLink-Up	40,000
	BanksideOpenSpacesTrust(FutureGardeners)		20,000
	FriendsoftheCourtauldInstitute		1,080
	NationalHolocaustCentreandMuseum	150,000
	NucleoProject	75,000	10,000
	OperaHollandPark	20,000
	RoyalAcademyofMusic	150,000	25,000
	TheGardenMuseum	25,000
	TheGrangeFestival		250,000
	TheJewishMuseum	65,000
	TheMaryRoseTrust		36,000
	TheRoyalHorticulturalSociety	250,000
	TheStoweHousePreservationTrust		250,000
		775,000	592,080
		2022	2021
f)	Elderly	£	£
	Barristers'BenevolentFund	2,000	2,000
	FriendsoftheElderly	260,000	2,000
	KensingtonandChelseaFoundation		60,000
	Re-engageLtd	25,000
		287,000	64,000
		2022	2021
g)	Individuals	£	£
	Gagliardi,Leonardo	17,594	18,628
		2022	2021
h)	HospiceandHospital	£	£
	RoyalHospitalforNeuro-Disability	500,000
	RoyalTrinityHospice	100,000
		600,000
		2022	2021
i)	Miscellaneous	£	£
	TheQueen'sGreenCanopy	20,000
	TheRoyalNationalLifeboatInstitution		250,000
		20,000	250,000

		2022	2021
j)	MuseumsandotherArtInstitutions
	Gainsborough'sHouseSociety		150,000
	SirJohnSoane'sMuseum		100,000
	TheBritishMuseum		500,000
	TheWallaceCollection		150,000
			900,000
		2022	2021
k)	Veterans	£	£
	TheNotForgottenAssociation		50,000
		2022	2021
I)	EmergencyCoronavirusgrants
	Abbeyfield(Reading)SocietyLimited		10,000
	FarmsforCityChildren		5,000
	FriendsoftheElderly		50,000
	King'sCollege,London(Lifelines)		10,000
	TheFelixProject		10,000
	TheKensington&ChelseaFoundation		10,000
	TheLakeDistrictCalvertTrust		10,000
	TrinityWinchester		10,000
			115,000
		2022	2021
m)	Miscellaneousupto£2,000	£	£
	Various	18,600	23,750
		2022	2021
5	Scholarships—unrestrictedfunds	£	£
	HonourableSocietyofGray'sInn	50,000	50,000
	TheFlorenceNightingaleFoundation		(25,000)
		50,000	25,000

Staffcosts
Staffcostsduringtheyearwereasfollows:	2022	2021
	£	£
Wagesandsalaries	24,600	23,700
Socialsecuritycosts	262	143
Pensioncosts	2,476	2,399
	27,338	26,242

		2022	2021
9	Investments	£	£
	Marketvalueat31stMarch2021	23,167,470	21,369,091
	Add: Acquisitionsatcost	4,320,705	3,437,159
	Less: Disposalproceeds	(6,884,259)	(6,898,386)
	Gainsoninvestmentassets	1,346,627	5,259,606
	Marketvalueat31stMarch2022	21,950,543	23,167,470
	Add: Investmentmanager'scapitalcash	834,477	1,178,940
	TotalInvestmentsandCapitalcash	22,785,020	24,346,410
	BookcostofInvestmentsat31stMarch2022	15,649,152	16,001,116
	Theinvestmentsincludedabove,allofwhichwerelistedonarecognisedstockexchangecomprise:
	UnitedKingdominvestments	14,271,102	14,994,591
	Overseasinvestments	7,679,441	8,172,879
		21,950,543	23,167,470
	Asat31March2022thecharitydidnotholdanysharesthatwereconsideredmaterial		whencompared
	tothetotalportfolio.
		2022	2021
10	Debtors	£	£
	Investmentproceedsdue		403,522
	HMRCTaxRepayment	282
		282	403,522
11	Creditors:Amountsfallingduewithinoneyear	2022	2021
		£	£
	Donationspayable	2,201,100	3,820,250
	Accountancyfees	30,350	18,560
	Auditfees	6,360	6,180
	Professionalfees	5,280
	Investmentmanagementfees	23,196	25,970
	Trusteeexpenses	3,142	2,479
		2,269,428	3,873,439

			Expenditure
12	Endowmentfunds		and		Balanceat
		Balanceat	investment		31stMarch
		1stApril2021	Gains	Transfer	2022
		£	£	£	£
	Expendableendowments	23,087,001	1,214,187	(3,015,643)	21,285,545
			Expenditure
			and		Balanceat
		Balanceat	investment		31stMarch
		1stApril2020	Gains	Transfer	2021
		£	£	£	£
	Expendableendowments	21,752,391	5,135,289	(3,800,679)	23,087,001

		Unrestricted	Expendable	2022
13	Analysisofnetassetsbetweenfunds	funds	endowment	Totalfunds
		£	£	£
	Fundbalancesat31stMarch2022arerepresentedby:
	Investments		22,785,020	22,785,020
	Currentassets	2,246,232	(1,476,279)	769,953
	Currentliabilities	(2,246,232)	(23,196)	(2,269,428)
	Totalnetassets		21,285,545	21,285,545
	Unrealisedgainsincludedabove:
	Oninvestments		6,301,393	6,301,393
	Reconciliationofmovementsinunrealisedgainsand
	►ossesoninvestmentassets
	Unrealisedgainsat1stApril2021		7,166,356	7,166,356
	Less:Unrealised(losses)to31March2022		(864,963)	(864,963)
	Unrealisedgainsat31stMarch2022		6,301,393	6,301,393

Analysisofnetassetsbetweenfunds(continued)
	Unrestricted	Expendable	2021
	funds	endowment	Totalfunds
	£	£	£
Fundbalancesat31stMarch2021arerepresentedby:
Investments		24,346,610	24,346,410
Currentassets	3,847,469	(1,233,439)	2,614,030
Currentliabilities	(3,847,469)	(25,970)	(3,873,439)
Totalnetassets		23,087,001	23,087,001
Unrealisedgainsincludedabove:
Oninvestments		7,166,358	7,166,358
Reconciliationofmovementsinunrealisedgainsand
lossesoninvestmentassets
Unrealisedgainsat1stApril2020		3,488,779	3,488,779
Less:Unrealisedgainsto31March2021		3,677,577	3,677,577
Unrealisedgainsat31stMarch2021		7,166,358	7,166,358