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|





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|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|





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13 November 2023 



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||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||||||||





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|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|





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|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<br>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|





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||||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|





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|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|





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|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|





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|||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|





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|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|





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|||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|



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|||2023|2022|
|---|---|---|---|
|9|Investments|£|£|
||Marketvalueat31stMarch2022|21,950,543|23,167,470|
||Add:<br>Acquisitionsatcost|2,189,802|4,320,705|
||Less:<br>Disposalproceeds|(4,938,769)|(6,884,259)|
||(Loss)/gainoninvestmentassets|(1,464,696)|1,346,627|
||Marketvalueat31stMarch2023|17,736,880|21,950,543|
||Add:<br>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|





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||||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|





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|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|



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