THE BAND TRUST
REPORT AND ACCOUNTS
YEAR ENDED 31ST MARCH 2023
| Contents |
Page |
| Referenceandadministrativedetailsofthecharity,itsTrusteesandAdvisors |
1 |
| ReportoftheTrustees |
2-6 |
| Independentauditor'sreporttotheTrustees |
7-9 |
| Statementoffinancialactivities |
10 |
| Balancesheet |
11 |
| Statementofcashflows |
12 |
| Notestothestatementofcashflows |
13 |
| Principalaccountingpolicies |
14-16 |
| Notestotheaccounts |
17-24 |
| RegisteredcharityNo. |
279802 |
| Trustees |
TheHonMrsNicholasWallop |
|
RJSMason(retired17July2023) |
|
BPeerless |
|
TheHonNicholasWallop |
|
VWallop |
|
HWallop |
|
JDickinson(appointed17July2023) |
| Principaladdress |
TheBandTrust |
|
BMBox2144 |
|
London |
|
WC1N3XX |
| Bankers |
CHoare&Co |
|
37FleetStreet |
|
London |
|
EC4P4DQ |
| Investmentadvisors |
RathbonesInvestmentManagementLimited |
|
8FinsburyCircus |
|
London |
|
EC2M7AZ |
|
InvestecWealth&InvestmentLimited |
|
30GreshamStreet |
|
London |
|
EC2V7QP |
| Solicitors |
CharlesRussellSpeechlysLLP |
|
5FleetPlace |
|
London |
|
EC4M7RD |
| Accountants |
RathbonesTrustCompanyLimited |
|
8FinsburyCircus |
|
London |
|
EC2M7AZ |
| Auditor |
BuzzacottLLP |
|
130WoodStreet |
|
London |
|
EC2V6DL |
13 November 2023
|
Note |
Unrestricted |
Expendable |
2023 |
Unrestricted |
Expendable |
2022 |
|
|
funds |
endowment |
Totalfunds |
funds |
endowment |
Totalfunds |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
| Incomefrom: |
|
|
|
|
|
|
|
| Investments |
1a |
625,929 |
|
625,929 |
706,099 |
|
706,099 |
| Other |
1b |
|
760 |
760 |
|
|
|
| Total |
|
625,929 |
760 |
626,689 |
706,099 |
|
706,099 |
| Expenditureon: |
|
|
|
|
|
|
|
| Raisingfunds |
|
|
|
|
|
|
|
| Investmentmanagement |
2 |
|
|
|
|
|
|
| fees |
|
|
106,840 |
106,840 |
|
132,440 |
132,440 |
| Charitableactivities |
|
|
|
|
|
|
|
| ProvisionofaidtoUK |
|
|
|
|
|
|
|
| residentsin |
|
|
|
|
|
|
|
| needofcare |
3 |
3,436,970 |
|
3,436,970 |
3,723,536 |
|
3,723,536 |
| Total |
|
3,436,970 |
106,840 |
3,543,810 |
3,723,536 |
132,440 |
3,855,976 |
| Net(expenditure)before |
|
|
|
|
|
|
|
| net(loss)/gainson |
|
|
|
|
|
|
|
| investments |
|
(2,811,041) |
(106,080) |
(2,917,121) |
(3,017,437) |
(132,440) |
(3,149,877) |
| Net(loss)/gainson |
|
- |
(1,464,696) |
(1,464,696) |
|
1,346,627 |
1,346,627 |
| investments |
|
|
|
|
|
|
|
| Net(loss)/gainsonforeign |
|
|
|
|
|
|
|
| exchange |
|
|
(16,812) |
(16,812) |
1,794 |
|
1,794 |
| Net(expenditure)/ |
|
|
|
|
|
|
|
| incomeandnet |
|
|
|
|
|
|
|
| movementinfunds |
|
(2,811,041) |
(1,587,588) |
(4,398,629) |
(3,015,643) |
1,214,187 |
(1,801,456) |
| Transferoffunds |
|
2,811,041 |
(2,811,041) |
|
3,015,643 |
(3,015,643) |
|
| ReconciliationofFunds |
|
|
|
|
|
|
|
| Totalfundsbroughtforward |
|
|
21,285,545 |
21,285,545 |
|
23,087,001 |
23,087,001 |
| Totalfundscarried |
|
|
16,886,916 |
16,886,916 |
|
21,285,545 |
21,285,545 |
| forward |
|
|
|
|
|
|
|
| ASAT31STMARCH2023 |
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Note |
£ |
£ |
£ |
£ |
| Fixedassets |
|
|
|
|
|
| Investments |
9 |
|
18,204,771 |
|
22,785,020 |
| Currentassets |
|
|
|
|
|
| Debtors |
10 |
|
|
282 |
|
| Cashatbank |
|
238,838 |
|
769,671 |
|
|
|
238,838 |
|
769,953 |
|
| Liabilities |
|
|
|
|
|
| Creditors:Amountsfallingdue |
|
|
|
|
|
| withinoneyear |
11 |
(1,556,693) |
|
(2,269,428) |
|
| Netcurrent(liabilities) |
|
|
(1,317,855) |
|
(1,499,475) |
| Netassets |
|
|
16,886,916 |
|
21,285,545 |
| FundsoftheCharity |
|
|
|
|
|
| Unrestrictedincomefunds |
|
|
|
|
|
| Expendableendowmentfunds |
12 |
|
16,886,916 |
|
21,285,545 |
| TotalCharityFunds |
|
|
16,886,916 |
|
21,285,545 |
| YEARENDED31STMARCH |
2023 |
|
|
|
|
|
Notes |
|
2023 |
|
2022 |
|
|
£ |
£ |
£ |
£ |
| Netcashusedinoperating |
|
|
|
|
|
| activities |
1 |
|
(4,273,075) |
|
(5,054,671) |
| Cashflowsfrominvesting |
|
|
|
|
|
| activities: |
|
|
|
|
|
| Interestreceived&rebates |
|
18,514 |
|
649 |
|
| Investment&otherincomereceived |
|
608,175 |
|
705,168 |
|
| Paymentstoacquireinvestments |
|
(2,189,802) |
|
(4,320,705) |
|
| Receiptsfromthedisposalof |
|
|
|
|
|
| Investments |
|
4,938,769 |
|
6,884,259 |
|
Netcashprovidedbyinvesting
activities |
|
|
3,375,656 |
|
3,269,371 |
| Changeincashandcash |
|
|
|
|
|
| equivalentsintheyear |
2 |
|
(897,419) |
|
(1,785,300) |
| Cashandcashequivalentbrought |
|
|
|
|
|
| forward |
|
|
1,604,148 |
|
3,389,448 |
| Cashandcashequivalents |
|
|
|
|
|
| carriedforward |
3 |
|
706,729 |
|
1,604,148 |
|
|
|
2023 |
2022 |
| 1 |
Reconciliationofnetmovementinfundstonet |
|
£ |
£ |
|
cashflowfromoperatingactivities |
|
|
|
|
Netmovementinfundsforthereportingperiod |
(as |
|
|
|
perthestatementoffinancialactivities) |
|
(4,398,629) |
(1,801,456) |
|
Adjustmentsfor: |
|
|
|
|
Netlosses/(gains)oninvestments |
|
1,464,696 |
(1,346,627) |
|
Interestreceivable&rebates |
|
(18,514) |
(649) |
|
Investment&otherincomereceivable |
|
(608,175) |
(705,168) |
|
Decreaseindebtors |
|
282 |
403,240 |
|
(Decrease)increditors |
|
(712,735) |
(1,604,011) |
|
Netcashusedinoperatingactivities |
|
(4,273,075) |
(5,054,671) |
|
|
|
2023 |
2022 |
| 2 |
Reconciliationofnetcashflowtomovementin |
net |
£ |
£ |
|
funds |
|
|
|
|
Balanceat1April2022 |
|
1,604,148 |
3,389,448 |
|
Netcash(outflow) |
|
(897,419) |
(1,785,300) |
|
Balanceat31March2023 |
|
706,729 |
1,604,148 |
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
| 3 |
Analysisofcashandcashequivalents |
|
|
|
|
Capitalcashheldbyinvestmentmanagers |
|
467,891 |
834,477 |
|
Cashatbankandinhand |
|
238,838 |
769,671 |
|
|
|
706,729 |
1,604,148 |
| 4 |
Analysisofchangesinnetdebt |
At1April |
|
At31March |
|
|
2022 |
Cashflows |
2023 |
|
|
£ |
£ |
£ |
|
Capitalcashheldbyinvestmentmanagers |
834,477 |
(366,586) |
467,891 |
|
Cashatbankandinhand |
769,671 |
(530,833) |
238,838 |
|
|
1,604,148 |
(897,419) |
706,729 |
| la |
IncomefromInvestments |
2023 |
2022 |
|
|
Unrestricted |
Unrestricted |
|
|
funds |
Funds |
|
|
£ |
£ |
|
Incomefromlistedinvestments |
608,175 |
705,168 |
|
Incomefromtaxrepayments/rebates |
|
282 |
|
Interestreceivable |
17,754 |
649 |
|
|
625,92 |
706,099 |
| 1b |
IncomefromOther |
2023 |
2022 |
|
|
Endowment |
Endowment |
|
|
Funds |
Funds |
|
|
£ |
£ |
|
Residualcashfromhistoriccorporateactions,liquidations |
|
|
|
andclassactions |
760 |
|
| 2 |
Expenditureonraisingfunds |
2023 |
2022 |
|
|
Endowment |
Endowment |
|
|
Funds |
Funds |
|
|
£ |
£ |
|
Investmentmanagementfees |
106,840 |
132,440 |
| 3 |
ProvisionofaidtoUKresidentsinneedofcare |
2023 |
2022 |
|
|
Unrestricted |
Unrestricted |
|
|
Funds |
funds |
|
|
£ |
£ |
|
Grantspayable |
|
|
|
Donations(note4) |
3,278,737 |
3,558,194 |
|
Scholarships(note5) |
50,000 |
50,000 |
|
Grantadministrationcosts |
100,823 |
108,802 |
|
Governancecosts-Auditfees(includingVAT) |
7,410 |
6,540 |
|
|
3,436,970 |
3,723,536 |
| 4 |
Donationsbytype—unrestrictedfunds |
Note |
2023 |
2022 |
|
|
|
£ |
£ |
|
ChildrenandYoungPeople |
a |
430,000 |
655,000 |
|
Disabled |
b |
325,000 |
465,000 |
|
Disadvantaged |
c |
275,000 |
720,000 |
|
Educational |
d |
300,000 |
775,000 |
|
Elderly |
e |
12,000 |
287,000 |
|
Individuals |
f |
17,737 |
17,594 |
|
HospiceandHospital |
g |
500,000 |
600,000 |
|
Miscellaneous |
h |
15,000 |
20,000 |
|
MuseumsandotherArtInstitutions |
i |
1,020,000 |
|
|
Prisons |
j |
30,000 |
|
|
Veterans |
k |
320,000 |
- |
|
Miscellaneousupto£2,000 |
I |
34,000 |
18,600 |
|
|
|
3,278,737 |
3,558,194 |
|
|
|
2023 |
2022 |
| a) |
ChildrenandYoungPeople |
|
£ |
£ |
|
FarmsforCityChildren |
|
|
120,000 |
|
Home-StartUK |
|
80,000 |
100,000 |
|
OperaHollandPark |
|
|
40,000 |
|
OvertheWallCamp |
|
50,000 |
35,000 |
|
Schoolreaders |
|
|
75,000 |
|
SpreadaSmile |
|
|
30,000 |
|
TheBenjaminFoundation |
|
|
75,000 |
|
TheRoyalAcademyofCulinaryArts'AdoptaSchoolTrust' |
|
125,000 |
|
|
TheRoyalBalletSchool |
|
45,000 |
25,000 |
|
TheSecondChanceChildren'sCharity |
|
|
50,000 |
|
TheSickChildren'sTrust |
|
130,000 |
50,000 |
|
YorkshireBalletSeminars |
|
|
55,000 |
|
|
|
430,000 |
655,000 |
| b) |
Disabled |
|
2023 |
2022 |
|
|
|
£ |
£ |
|
BagBooks |
|
|
25,000 |
|
HelenArkellDyslexiaCharity |
|
30,000 |
|
|
KIDS |
|
|
80,000 |
|
MerlinMSCentreLtd |
|
25,000 |
120,000 |
|
MKSnap |
|
80,000 |
|
|
NeuromuscularCentre |
|
100,000 |
20,000 |
|
StElizabeth'sCentre |
|
(25,000) |
|
|
TheBritishLibrary |
|
|
20,000 |
|
TheCourtauldInstituteofArt |
|
|
50,000 |
|
TheLakeDistrictCalvertTrust |
|
|
150,000 |
|
TheStrokeAssociation |
|
100,000 |
|
|
TheWillowTrust |
|
15,000 |
|
|
|
|
325,000 |
465,000 |
|
|
2023 |
2022 |
| c) |
Disadvantaged |
|
|
|
ADAPTCharity |
25,000 |
|
|
ButtleUK |
|
50,000 |
|
CleanupUnitedKingdom |
60,000 |
|
|
CommunityHeartProductions |
15,000 |
|
|
CreativeSparkworks |
|
(10,000) |
|
EmmausHampshire |
|
175,000 |
|
Nordoff-RobbinsMusicTherapy |
75,000 |
|
|
OneSmallThing |
|
400,000 |
|
PeopleandDrugs |
|
30,000 |
|
StMaryLeBowHomelessCharity |
|
75,000 |
|
TheFelixProject |
100,000 |
|
|
|
275,000 |
720,000 |
|
|
2023 |
2022 |
| d) |
Educational |
£ |
£ |
|
ArtHistoryLink-Up |
|
40,000 |
|
FriendsofAshton |
25,000 |
|
|
MaryRoseTrust |
25,000 |
|
|
NationalHolocaustCentreandMuseum |
|
150,000 |
|
NucleoProject |
|
75,000 |
|
OperaHollandPark |
|
20,000 |
|
RoyalAcademyofMusic |
|
150,000 |
|
TheGardenMuseum |
|
25,000 |
|
TheJewishMuseum |
|
65,000 |
|
TheRoyalHorticulturalSociety |
|
250,000 |
|
TheStoweHousePreservationTrust |
250,000 |
|
|
|
300,000 |
775,000 |
|
|
2023 |
2022 |
| e) |
Elderly |
£ |
£ |
|
Barristers'BenevolentFund |
2,000 |
2,000 |
|
FriendsoftheElderly |
10,000 |
260,000 |
|
Re-engageLtd |
|
25,000 |
|
|
12,000 |
287,000 |
|
|
2023 |
2022 |
fl |
Individuals |
|
|
|
Gagliardi,Leonardo |
17,737 |
17,594 |
| g) |
HospiceandHospital |
£ |
£ |
|
Horatio'sGarden |
250,000 |
|
|
KingEdwardVII'sHospitalSisterAgnes |
250,000 |
|
|
RoyalHospitalforNeuro-Disability |
|
500,000 |
|
RoyalTrinityHospice |
|
100,000 |
|
|
500,000 |
600,000 |
|
|
2023 |
2022 |
| h) |
Miscellaneous |
£ |
£ |
|
TheCommonwealthWalkwayTrust |
15,000 |
|
|
TheQueen'sGreenCanopy |
|
20,000 |
|
|
15,000 |
20,000.... |
|
|
2023 |
2022 |
| i) |
MuseumsandotherArtInstitutions |
£ |
£ |
|
QuentinBlakeCentreforIllustration |
350,000 |
|
|
RoyalAlbertHallTrust |
220,000 |
|
|
RoyalOperaHouseCoventGardenFoundation |
350,000 |
|
|
TheHandelHouseTrustLimited |
100,000 |
|
|
|
1,020,000 |
|
|
|
2023 |
2022 |
| j) |
Prisons |
£ |
£ |
|
PrisonReformTrust |
30,000 |
|
|
|
2023 |
2022 |
| k) |
Veterans |
£ |
£ |
|
ABFTheSoldier'sCharity |
100,000 |
|
|
BlindVeteransUK |
120,000 |
|
|
TheNotForgottenAssociation |
100,000 |
|
|
|
320,000 |
|
|
|
2023 |
2022 |
| I) |
Miscellaneousupto£2,000 |
£ |
£ |
|
Various |
34,000 |
18,600 |
|
|
2023 |
2022 |
| 5 |
Scholarships—unrestrictedfunds |
£ |
£ |
|
HonourableSocietyofGray'sInn |
50,000 |
50,000 |
|
|
50,000 |
50,000 |
| 6 |
Staffcosts |
|
|
|
Staffcostsduringtheyearwereasfollows: |
2023 |
2022 |
|
|
£ |
£ |
|
Wagesandsalaries |
26,400 |
24,600 |
|
Socialsecuritycosts |
152 |
262 |
|
Pensioncosts |
2,630 |
2,476 |
|
|
29,182 |
27,338 |
|
|
2023 |
2022 |
| 9 |
Investments |
£ |
£ |
|
Marketvalueat31stMarch2022 |
21,950,543 |
23,167,470 |
|
Add:
Acquisitionsatcost |
2,189,802 |
4,320,705 |
|
Less:
Disposalproceeds |
(4,938,769) |
(6,884,259) |
|
(Loss)/gainoninvestmentassets |
(1,464,696) |
1,346,627 |
|
Marketvalueat31stMarch2023 |
17,736,880 |
21,950,543 |
|
Add:
Investmentmanager'scapitalcash |
467,891 |
834,477 |
|
TotalInvestmentsandCapitalcash |
18,204,771 |
22,785,020 |
|
BookcostofInvestmentsat31stMarch2023 |
13,533,442 |
15,649,152 |
|
Theinvestmentsincludedabove,allofwhichwerelistedonarecognisedstockexchangecomprise: |
|
|
|
UnitedKingdominvestments |
10,677,189 |
14,271,102 |
|
Overseasinvestments |
7,059,691 |
7,679,441 |
|
|
17,736,880 |
21,950,543 |
|
Asat31st March2023thecharitydidnotholdanysharesthatwereconsideredmaterial |
|
whencompared |
|
tothetotalportfolio. |
|
|
|
|
2023 |
2022 |
| 10 |
Debtors |
£ |
£ |
|
HMRCTaxRepayment |
|
282 |
|
|
|
282 |
| 11 |
Creditors:Amountsfallingduewithinoneyear |
2023 |
2022 |
|
|
£ |
£ |
|
Donationspayable |
1,490,000 |
2,201,100 |
|
Accountancyfees |
30,350 |
30,350 |
|
Auditfees |
7,050 |
6,360 |
|
Professionalfees |
8,220 |
5,280 |
|
Investmentmanagementfees |
18,390 |
23,196 |
|
Trusteeexpenses |
2,227 |
3,142 |
|
Dividendreturned |
456 |
|
|
|
1,556,693 |
2,269,428 |
|
|
|
Expenditure |
|
|
| 12 |
Endowmentfunds |
|
and |
|
Balanceat |
|
|
Balanceat |
investment |
|
31st March |
|
|
1st April2022 |
(loss) |
Transfer |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Expendableendowments |
21,285,545 |
(1,587,588) |
(2,811,041) |
16,886,916 |
|
|
|
Expenditure |
|
|
|
|
|
and |
|
Balanceat |
|
|
Balanceat |
investment |
|
31stMarch |
|
|
1stApril2021 |
Gains |
Transfer |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Expendableendowments |
23,087,001 |
1,214,187 |
(3,015,643) |
21,285,545 |
|
|
Unrestricted |
Expendable |
2023 |
| 13 |
Analysisofnetassetsbetweenfunds |
funds |
endowment |
Totalfunds |
|
|
£ |
£ |
£ |
|
Fundbalancesat31stMarch2023arerepresentedby: |
|
|
|
|
Investments |
|
18,204,771 |
18,204,771 |
|
Currentassets |
1,538,303 |
(1,299,465) |
238,838 |
|
Currentliabilities |
(1,538,303) |
(18,390) |
(1,556,693) |
|
Totalnetassets |
|
16,886,916 |
16,886,916 |
|
Unrealisedgainsincludedabove: |
|
|
|
|
Oninvestments |
|
4,203,441 |
4,203,441 |
|
Reconciliationofmovementsinunrealisedgainsand |
|
|
|
|
lossesoninvestmentassets |
|
|
|
|
Unrealisedgainsat1stApril2022 |
|
6,301,393 |
6,301,393 |
|
Less:Unrealised(losses)to31stMarch2023 |
|
(2,097,952) |
(2,097,952) |
|
Unrealisedgainsat31stMarch2023 |
|
4,203,441 |
4,203,441 |
| Analysisofnetassetsbetweenfunds(continued) |
|
|
|
|
Unrestricted |
Expendable |
2022 |
|
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 |
|
|
|
| lossesoninvestmentassets |
|
|
|
| Unrealisedgainsat1stApril2021 |
|
7,166,356 |
7,166,356 |
| Less:Unrealised(losses)to31March2022 |
.... |
(864,963) |
(864,963) |
| Unrealisedgainsat31stMarch2022 |
|
6,301,393 |
6,301,393 |