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|





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|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|





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||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||||||||





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||||||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)||||||





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||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|





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|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|





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



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|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|





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|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<br>HospiceandHospital|g<br>h|17,594<br>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|





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|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|





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|||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|





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|||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|





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



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|||2022|2021|
|---|---|---|---|
|9|Investments|£|£|
||Marketvalueat31stMarch2021|23,167,470|21,369,091|
||Add:<br>Acquisitionsatcost|4,320,705|3,437,159|
||Less:<br>Disposalproceeds|(6,884,259)|(6,898,386)|
||Gainsoninvestmentassets|1,346,627|5,259,606|
||Marketvalueat31stMarch2022|21,950,543|23,167,470|
||Add:<br>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|





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||||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|





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|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|



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