THE BAND TRUST REPORT AND ACCOUNTS YEAR ENDED 31ST MARCH 2024
THE BAND TRUST Contgnls Page Reference adml51rative detsls ofthe ch. lis Trlee$ Ath"sLYs Report of the Trustees Indepdent aUdIS pOrt lo the Trustees Statent of financial ac1rlIeS Bal¢? sheet 10 Sta¢¢nt of flo 11 Noles lo the statement of cash I1S 12 Principal UntI polioes 1>15 Noles to the accounts 16-21
THE BAND TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS Registered charity No. Trusteos The Hcffi Mrs Nich)las Wallop R J S Ma50n (retwe(117 July 20231 B Peertess N¢hdas ¥Y VWk H Walk J Dick¥ (appowrted 17 JY 20231 in¢lpl addms The BaThJ Tnjsl BM Box 21444 1N 3XX Bank•rs C Hoare & Co 37 Fleet Street Lcrfthn EC4P Inve8knent advlsors R¥hbO In¥esImt Mana3ernent Limiled 8 Fw)sbury Cwcus LoTrJon EC2M 7AZ Investec We3Mh & Inves1mt Limited 2 Gresham Streel EC2V 7QP Sollcilovs Chatss Russell LLP 5 Ple EC4M 7RD Audltor JamÈs cr Kre$1 Audil The ts"le Bk11rj 14 Cumterland Place Sthal0A. S015 2NP Pa8e I
THE BAND TRUST REPORT OF THE TRUSTEES The Trustees present IheK anThJal re for the year eThJed 31• 2024 under the Charili8s Act 2011, together with Ihe audrted accounts for the year. confvm thal Uy comply wilh Ihe requlrements of ihe ACL the Tmsl Deed and Accoynlxig and Rewrlirg ty Charities. Slatemeni of Recommended Prathe apatAe to (arlIS prepanng their accounts in a(t(wdance with the Finala Repcrftmg Stsndard appltle in the UK and Republr of Ireland {FRS1021 effectpR OCt(r 2019. Structure, Govemance and Managemenl overnanc Tru51 was created by a deed dat&Y M( 1976 as a Tnjst exdusNety for charilabbe pwposes. '¢harilable' ffaning charilab19 a¢cyydirvJ to ErKJlish Lw. A scheme ts the Twst was approved by the Charity ComN¥ssioners 13th March 1996 The Trustees. W1)31 office and &tsisors are as deiailed on page1. The Trust is administered ty six uryAI Tn, thwh on• of the Tnjstees 15 a pthr •) a firm of scdialors and another is a Chartered Accountant bolh ofwhith ad¥ise Tru51 on a piofes$ion4 basis. The six Trustees are consJered to be the Key Managemeni P8rsonnel of Trust and are aclively involved in the adminislralitin of Trust and meet at least three b"mÈs a year to considèr grants and to review the investment Performan and fmancAal position of Trusl. Al mv4.or deci5VJIIs Ccerning Iho Trust are m&de al those meètings, and reSpOnbIlIty for enath"rwJ thos8 decisions is delegated to specifr indiwdual Truste report acwTJingly * each meeA9. Vln a nw Ttustéo is to te indled. they are given copies of the lalesl aruntS similar backwotThJ rnatwial. together wrth the Chty Commission publicalons relaling to b8comry a T(ustee land atso hised that Ihere 15 addonal material on the Charlty Commission's web5rtel. Ore they have W a to con5KJer tkw. a mtIng is hgld totween the existh'ng Trustees and th8 Potential Truste8 to discLtsS the dedYIrrfj charitable objectives of Ihe Trust. the pract1 workJThJs of the Tiusl. and to dèal wrth any other ccncems the candidate might have. or infom)alk)n they mi9ht require. If t wdtdal? Ihw) o)nfvms that ty are prep¥ed to xt. Ihe necessary fomaliiies are Ihen comwed. The tharty s8 dated 13th Marth 1W delads the fdhxirvJ wilh ieg¥d lo Twstees.. New Trustees can be app)ted al any twne by Tesokrtwjn of the Tntstees passed al a sCIal meetirvJ, with at least 21 days nc4ice havry been gNen. The chwity must have a minirnurn of 3 bjt no mcye Ihan 7 comFknt Tte&s. New Truslees will not be permitted tc) ad unlli tsve wJnod minule book to declare thew aePtCe and VillIng$S to act as a Trustee. A Trustee will tease to be a Trustee in inslarS of nC-alteJance 31 TrusteÈ meètings in excess of 12 months. banknley. incapacity to or by L)ynMlcat7n in wrilng exwessirva a wish lo resign. fT The Trustees are responsible kn preping Tnslees. report arbj accoLnts in accordance wnlh appI1e 18W 8nd Uniled Kingyom A¢tIlg Standards (Uniled lfjng¢h)m Generalty Apted Accounting Practice). The law apph'cable 10 ¢h&itie5 in Eroland and Wales rewires the Trustees to pp ae¢ounts for each finaal year which give a Iwe and fw view of the ste of affaws of the Trust and of the income an<1 expendrfure ol the Trust for that pe. In wewirvj these accthrtts. the Trustees are rffjuired to.. selÈct suitable ard then apry thÈm ¢cwislÈnty. observe the methcJs and pr)aples in kwJntirKJ RetIng by Charil$.' Staiemenl of Recclmmended Pradice applicabk to weparing their xcounls in accordance with the Financial RewtiThJ Slandaid applcat4e to the UK aNI Republ of Ireland IFRS 1021. make judgements and estimates that are a$<*tIe prudent slate whelher aOicable United Kg)rn ACrjn11ry Slandards have bew fdlowed. subjecl lo any material departwes th'sckned and explained in Ihe accCnts. and P¥8c 2
THE BANDTRUST REPORT OF THE TRUSTEES Structum. Governance and Management- continued Stslement ol Trust 'Re5 nsibilitie5- ci)nMued ppare the ac(KJnts on the g¢xvJ concern basis unless il is inapFKowiate lo wesume that the Trust will continue in ¢yf8tion. The Trustees are responsible kn keepry Fryer rec$ that thsdose with reasonable acracY al any time the finarKial pwtion of the Trust and enable tM lo ensure thal Ihe acUnts Comply with the Charities Acl 2011. the Charity (Accounts Rgk%ytsI Regulatioro 2008 and Ihe Fffovisions of the Trust deed and scheme. They are also responsible fr)r Safeguardw the assels of the Tiust and he for tsking rgasonable sleps for the prevention and dele¢ln of fr•>J olher irregularities. Rel s be88n the cha and relaled The Tnjsl Deed pemrts Tfuslees wh) are prclesswls to be remunerated their normal charges. To simplify Ihe administration of the Trusi and to ensure proper ccrfryh'arte wih charty law practice. il has been agreed lo utilise a fimi of solicitors Charfes Russell Speechtys LLP of which one Trusiee is a partner18art Peerle351 and a Chwlewed accounlanl (the Twslee lor trir relevant wofessional serwces, aThJ deials crf these tharges are gi1 in 7. Actfvlties. specific objectivos and relevant l¢le3 The Trust has general charrtable ObleS. Hcwover. th8 stra of Ihe Tnjslees has beon to focus their grants in the areas of education. disatrxlly, medirAne. care for the 8ldèrty aTrJ infirffl. heritage and the ènvironment. Wrth orte ÈxceplK)n. wls ao Mly m to rwstÈred charrtiÈ$. The Twslees have 81s0 n11thd to SUPE s¢l¥J¥th"ps estsblished ring Ifetimes of the settIcS ofthe Trust. The Tntstees indUa1Y #Jenlify ithnlia r8uF48nts fv)r (lonaions fall within the Trust'5 objpdives during the year. of Ihe potential recyents ts Cth5idered by the Trustees cx)118CtNdy and il a grant ts approved an appropriate is determined. Because the Twstees identrfy suffKient recpnts lo wh¢ to distribulo the whol• of the nUal of the Trust, $01ted applications wll continue not to be 0plea. The Trustees conltnue their polKy of 4fjsiting or otheise ctacting recipients of giants lo ensure that the 8nliaped benefft has been realised frcrfn the grant and the grant has been aptAd li the way MilendÈd by the Trust. nd acti¥#¢es for the benefit The Trustees confrm that they have referred IO the giJ8rte ¢c1rd in the Chaity ConYniswn'$ g8n8ral guidance on PLtblK benefrt when rleng the Tntsfs and otiec¢iv8s in planning hjture actiwts.es and setting the gr8nt maki)g for the ye. The Tru51 carries out these objects by wo¥iding grants (wiih one eXption) 10 IrtslilutKJns whth a UK regislered charities and whose ot¥eciNes Compty the Tftjsl's wed criteria. lthilst the Trustee5 are mindlul of their chvn obligal)n to ensure thai Ihe Trust benefts the wblic generally. they takè some assurance from the fact that reopients {wrth exceplK)nl of grants are themselves regulated as chawilies to ensure Ihal they operate for the wblK tafii. Thè Truste th8refcffe Ccs&er tha¢ the Trust's xaN*ies are for th8 b8n8ft ofthe pubk generalty.
THE BANDTRUST REPORT OF THE TRUSTEES Achievemènts P rf nc8 and Finan A summary of Ihe yearfs r8suNs is gbn on page 10 ofth8 aC0nts. During the yew. in respecl to fv uyestrthd funds. ts Trusl 1ecevd Ircne 01 £582.467 12023." £625.9291 and, having appld £605,13612023.. £3.326.737) iowards (ky)alions and scholarships, £121.200 [2023.. £100,823) lowards adminbstwwig Ihe Trust and £10,750 12023.. £7.410} tcwards governance ¢osts. there was a net deuease in unrestricted ftM)ds tr year of £154.619 (2023.. decrease of£2.811,0411 Delaits of all SLolarshys. grws •xl made in the Y inthded li n¢)tes 4 and 5 01 the accounts. The Twstees feef Ihal the¥ obJe(lives Iwe bew adewalely rnet thi$ year. However. the TrLtstees are aware that there aro exiemal factors whith couhj affecl the achi9Tr48ment of thw objectNe5 as the entirety of the tharrty's assets are made wj of in¥estrnent5 and cash. the value ol whKth is dependenl on Ihg general performance oflhe UK and overseas stock markets. To mThmise th8 risk of poor performance of such stock markgts, the Trustees have set prudenl inlment aThJ rla( reliance on Ihe investment managers lo rni)nitor and ad¥i5e on the necessary inNE5IrrDI chJw and suitable asset alkyL¥ti. Plans for F From 2024 the Trust revertad to spendirvj just its irwne. The rnThJe of charItS to be SUFVOrted will nlinue lo be broadty the same. In decpJirvJ wlith Chits to supwt. the Truslees pay particular 8ttentK)n lo where the granl5 wouhj have th8 nTht Knpact Lpon the benefKiary dHrity. UrtsolKited applicatior ill ojntinuo not to b8 acpte(l. The TTuslees' investrnenl Pry•VW5 afe govemed by fv Trust Deed, wlKh pennits the TrusY5 lurNts lo be invested in the purchase of, or inlecgst in stctks, funds, shes. securilies or wy inveslmenl anywhere in the worfd, as the Trustees See fft [Urthwan ofthe ot. Investmenl adwsors to the Tru$legs (lurirwJ th& year Ralhbone Invesknnl MageMent Limited and Inveslec we & Inveslmenl Linrfed. The Tru51pes' 10 seek the highest rate of't¢)lal relum. from first cLgss investmenls. The Trustees have agreements wth they lund ajvisors that Ihe Ttee5. investrnenl objeclive is to Ob& a reasCIe b)ng temi overall relum. indLAling appropriale income. Appropriale benchm¥ks with the Investmenl a(fvisors have been aweed. The Tru51ees have sfIcallY requested that, in so far as is compatible wrth security of wilal and ts fflamtenar in le. Tnl'S income is to keep pace wilh infiatsjn to ensu Ihat its kvel of gNin9 is rM)t dm)lSed. Dn9 Ihe yew ende(13111 Mwch 2024 the TS Thieslnnts have Continued to be managed in ¢onfomiity th Ihe Trustees. tKsli¢y )d T1 t)egd. Whilst Invest[ perbrmance is reviewed quarterty. wth a formal slrategic with ihe investment managèrs each y, 4 detaled pthMar review is carried out at annualy. es Poli Note 12 lo the accwits shm assets attrtxthlE to the ¥3nws funds by type. Th8 TestrICte{l fund defficit wdl be elminale(J by a tr•)sferfr¢¥D the expendable enth)wment fwMI. The Trustees engure thai adequale INuhl resep4es are mntainl n order lo cover currènt pledges. Pa8e' 4
THE BANDTRUST REPORT OF THE TRUSTEES Risk Pol. The Trustees are responsible for the man4emenl c4 the ri%ks faced by the Trust. Risks are identifd and assessed, and contro15 are estabth.shed throughoul Ihe year. A fcwmal reviv4¥ of the Trv5t's risk tnanagemenl process is undertaken em an annual basis the key risks id8ntified as fcMs'. Ineffe¢lNe wilro o Inve$1mts These risks are mtyated by engagir¥J independenl nvestmenl managw5 who are rggulale(I in hgh slandry in thè marketF4ace. Th8 p8rbrmance of our investments is asse55ed regularty against third party benthmarts. Cash These risks are ffitigated by ha4ryng rme mandated threct lo the Trust bank account. Expenses musi be authori5ed arwj d)ew issued musl be sYJned by 3 out of the 6 Trustees or are paid dyecty frcrfn the bank acco1 bjt require 3 trustees lo aulhorise the Payments. Atso. all 3ftts we approved at TnJstees' meetings and incjuded in Ihe minut8s. Inadequale financial Ktsnning Thase risks are mthgaled by wying kycieded and expenditure statements regulavty which are presented al Trustees. meelirw5. Commitling lo donations is on Lmdertaken on re¥ of prciected and even rf there rs an unexpected shortfall this can be by drawu¥J Ir I expw)d3tle end¢)wment or by redwAng fijture expermliture. The key e£rtols used by the Trust in¢lude fcmal •Jendas aYKI minutes for al Trustèos. maetings. cLJmprehensive planning. budgeting and acccyjnting arrfl dear authorisat#Jn and approval leve15 01 all grants and olhèr •xpenithtUf8. Throu the risk man•3ement wc(esse5 eStashJ, the Tru5es a sab5fied that the major risks enlified have been adequatdy lI19ated where n&cessary. It is recognised that Systems ran only provide ceasonable bul nol absolute assur¥re Ihal major tisks have been adequately managed. The major risks to which the Trust is exposed as entified by the Trnstees ha4E teen revivwed and system5 have eslabhshed to rnitigate th¢)se r*ks. Foi and on behalf of the TTuslee6'. Lavinia Wallop- Trustse Dale.. .. o i.. il.l. Ut Page". 4
THE BANDTRUST REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BAND TRUST Oplnlon We have audiled Ihe accounts of the BaThY (the '(thy) l(¥ year ended 31 Marth 2024 which comprise the statement of fina arAiwlies, Il sheet. the statèmènl of cash flows. the princlpal aUnting w)I'cs and the notes to the acCnts. The ffinancgal rewtry framvrtork that has been applied in their preparalion Is applrable law and Unilei1 KYdcm Accout)ling Standards, induding Financial Reporting Slandar¢J 102 'T FInar1 Reporting Siandard appkable m the UK and Repubk L4 Ireland, (United ngd(wn Genpralty Accewed Acc(KJnts'ng PwlKel. our owNnn. the finwal slatwwits". give a tr and law ol the stsle (rf the thwrfy's dirs as at 31 March 2024 and of its income and expeThlrtwe for the year then ended". • have been property ppared in wilh Lhwled Generally Accepted Aunting Pra¢tiee.' aThJ have prepared acwdance the W1nIS ofthe Ch¥iiw Ata 2011. Basls for oplnlon We conthjcted our audit in Lljrd wrth IntemalKI Staryjards cffi ALKJrtir¥J {UK) IISAS IUKII aThJ applicablè law. Ow resp(SIbl11 under ihose starmlards are furlher desuibed in the Audrtors 're5nsIbl1"es for the audL¢ ol the ffinanCl stslernts seckn of repLNt. We we •JeppThJent of the Chanty In cordance the etlical requirements that we rele¥t lo aud of the finawal StstennlS in the Unrted Kingdom, incluthn9 the Finanoal R8porlirg Councl's Ethica standard and we have fuffilled other ethiral resw)n5ibililies in acwrdance with these requiiements. Wg b91i&¥e that audrt evidence we have obtained sufficnl and apW0wte lo wovide a ba our owiDn. Concluslon• relatlng to golng Concern In auditing the fanCIal slatements. we have CO4 that Ihe Trustees, use of the gc4ng concem basis of auntIj m lh¢ Preparati of Ihe ffflanoal $talemerrts B 4)propriate. Based on the work we havg Frned. we have not identifjed matla1 uncertainties relating lo events or conditi$ thal, indiwdualy colle¢lNely, may ¢ast signffiwt thbt on the Charity's ability to continue as a going concrn ftr a penod of al lea51 T¥5 when the finKial Statents a autSed for issue Our responsibillies and the resw)7ths d the Tntstees respecl lo gin concern are described in the relev7 secaS of this report. Other inft>rniation The other infomiation compe5 fv inkmali¢)n ithled Annual Report other than the financial statements arKI our Audrtors. report thefeon. The TrUee$ ts respons•Me for the other inf0mli0n contained within the Annual Report. Our opinion on fmanaal slatements does nol cover the other informathon and, excepl to the exlenl otherwise expli(th stated m our p(rt. we do not express any fonn of assur8r conclusion thefeon. Our k)hbIlity Is to real the oUr rf¢xmation 8NJ, in doing so. Cnslr wthether the other inforrnation is malerialty inconsistenl wrth the fThncial ststements. or our knowledge obtsined in the course of the audrt. or OthSe appears to be malenaly missted. If we #Jentify such material inconsisncie$ or apparent rnateri81 missiaternenls. we are requed to detemiine whether this gives rise to materral misstaternent In the financial statements Ihemset¥es. If, based on ¢he work we h8¥e &lormed. we that there is a materol misststement ol this other Infom. we are required to report Ihal tsl. We have nolhir¥J to report in fegard
THE BAND TRUST REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BAND TRUST IAatters on which ar• rgquw•d to r•port by excepllon In the light of the kThJwledge and understandir of the Charity aThJ ils envyonment obtained in the cruse of the audit, we have nol idenffied Malen mtsst8iementS il Ihe Trnstees report. We have nothin9 to report in pecI ofthe foknviTrJ in rdaticm to wlith the Ch¥ities Act 2011 Tequires us to report to you rf. in our ow1. adequate atts)unling rettffds have been kèpl. cw retums •Y&Juats ftx our have not been received frc¥n bwthes not visrted by u5., ¢X the finaal slalemenls are Th)t in 4reement with t acn)unlirwJ records and reln$., ¢ certain th"sch)yJre5 of Trustee5' remeratiOn spe(yfd by law are not made., or we have not re¢eThd al Ihe I)f1 aThJ exF4analKms we requwg for our a(Klrt: or R•sponslblMtle8 of truste•s As explained me fulty in Ihe Trustees, re5ponskn'litie5 Staiement set oul C page 2. the twsiees {wh) a also the Trustee$ ol Ihe chwtsble (xynpY the pxvp05e5 of Ly%npany law) are iesponsible for the pparat)n of1he fina181 siaiements for beirvJ sali5fied that they give a true and fair view, and for such inlemal conlrd as the Trustees delerniwies newsary lo en)le wowation of finarKial stslemenls 1hat are free from material nNss1ennf. whethw due lo frawl e. In preparing the fThncial slatefflerts. ts Trustees a resp(lts fw assessing the Charity's abilty to continue as a going Cern. disclosing. as appkable. matter5 related lo goiryJ concem and using the going Ix>ncem basis of accounting unles5 the Trustees either wAends lo h'quidate Charity or lo cease Lweralions or have no realistK alternati trArt lo do w. Audltoe r¢•poMlbllltl•• forthe udit of the accounts Ow obJ'eciN8s are to obtain reasona) asswarK wher the finabKial statements as a whole are free from material mi8slatmènt, Tthelher lo fraud ty tsror. and lo tssue an Audrtor's rerkirl that indudès oui opinion. Reason&)le assurwA ts a hgh level of assurae. but i8 not a guarantee ihat an audit conducted in accordance wrth ISAS (UK) akfays detera a mate1 mLWatement when il exisls. Misslatemenis can arisè from fraud or Èrru Are ISle matenal rf. iNIldua or in IhÈ a99regate, they ¢y)uld reasonably be expecaed to Infftue the e0)r1 decIsnS ol users laken on the basi5 of these financial slalements. Because ol the inh8rent limitatKJns of an Ilwe is 8 fisk trot we wll Th)t detect am irregularities. induding those loading lo a malenal mi55taternenl In slatements or non-comlar wth reguiAlii)n. This risk inueases the more that cornplmnce wilh a law LY rewLalion is removad from the wents and transaction5 reflfjcted m the financial statèrnents. 8$ we wil be less hkely to eme awa of instsnces of non- mplrdnce. The risk Is alw greater regardiThJ irrewlantses C(Try du8 to frd ralh8r than error. as fraud involves intentional CealmenI. fry9ery, ¢{Un. wil5sTr rrmsrepresenlation. specfft procedwes for ths engagemeni ihal we dened and perfoed k) delt material misslalements in respect of ryularils, inckndry fraud, We 8s folows.. EnqUY of manageff¢nt and those dw9ed wth W¥eM affjwrvj actual potgnlial lig0.( and daims. Enquiry of man>¥ment and 11Ke charged ¥ith vernae to entllY any material instsnces of Tr)ncomph"ance wth law5 and re9ations., Rewgwng financial stslemenl di5doswes arKI te5try to supportTrJ thMentatIon lo assess CC11an¢e with appkabl8 laws and regLdalions'. Performir4J audii work to address the ri%k of ¥rewkwities due to rnanagemnl ove(rKle of c(mtrols. Ing testing of journal entrEs and other adiustrr*nts for appropiiateness, evaluating the business "onale of significant transaclion$ tsIde the of and reviewry accounting estimates br eder of tsas. PaBC' 7
TrIE BAND TRUST REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BAND TRUST A further descr.0 of our re5pon5ibrfrties for the audit of the financ4al sLitements 15 located on the Financial RèF4)rting CoUrlI,S website at." frc.or9 uklaudrtorsresponsitslitios. This description forms pari of our Audrtors. report. U# of our rnport This report is made Solety to the Chity'S membw as a b¢4ty. n ¢¢ae with Chapler 3 of P8rt 16 of the Compar4e$ Acl 2Cth. Ow audit w(Mk has been uN1ertaen so that we mighl slate lo Ihe Charily's members ihose matters we are required 10 State to ihem in an Auth15. report and for Tr) olher purpose. To the fullest exnI Femitled by law. we arxept or assume res511 to yone olher than the Chaiity and the Charty'5 fflembers, as a il fcff report. or fix the opinions we have fomied. mhael Bath Bsc FCA O for and on behalf of Jame$ Cowp•r Kreston Aydlt Chartered A¢UntantS and Statuw Auditor The White Builth'ng 4 Cumbedand Pe Southamplon S015 NP (seni StaukKy Audrtor) Date.. •Jo¥ Pagc 8
THE BAND TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST MARCH 2024 Not• iknrestrKd Expelab 2024 Unrestr¢led Expendable 2023 fun(ts endovmwl fvrKts 9ndDwffnt Tdalfunds Iomlm. Imfestmert• otr 562.467 582A67 625,929 025.929 760 Ib Total $82.467 $82A67 62&929 626.689 expgThJliure on.. AalslwwJ ld5 Inveslmenlmana9Wn 95.512 95.512 106,840 106,840 clItabl&•¢1lll0S T37.(6 737.1186 3,436,970 143&970 737.080 95.512 832.598 3.436.970 106,840 3.541810 Net (exp11j b•lom net {lossJ Igains on {154.6191 195.5131 {250.1311 12811.041) f106.wj 12.917. 121) Nelga4rys/(1055e5)0 investm2y fl.464,696) {1.464.696J Nel (k)8sI /g8inson I IS.4 15.4661 f16.812J (16,81 Met{expwdltiireJ I Incofflne 8nd net mOvemlIn funds 1154.6191 S79.705 425.1)86 IZ811,O¢f) (1,587,588J f4,398,629J Translw olluThts 154.619 1154.619) 2.811.041 (1811.0411 R•eondllpAion ¢fFund¥ Totalfunds brt tbfW8al 16.8e6.916 16.886.916 31.285,545 21.2545 Total Ivnds cwried 17J12.1 17.311002 16.886.916 16.88¢916 The nos on p•¥$ 17 to 23 fom Al the chartys aclmtss dew from U th Iwo years Thern wwe no reco9nls•J 9air or losses othvihan ihr Stment ofFmncial AdMb"es.
THE BAND TRUST BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 Flxed assets Investments 18.248.406 18.204.771 Current assets Debtors Cash al bk 213,120 65.694 338.814 238.838 238,838 Llabllltles Crethtors. Am¢yJnts faMrrfJ d wthin one year 10 127S.21 Not current (1Sabilitie• 36.4041 (1,317,855) Net assots £17.312,OD2 £16,886,916 Funds of the Charlty UnrÈslricted kneome fuThJs Exp8ndatA& endcwment funds 12 l)D2 £16 886 916 Totsl Charlty Fund5 £17.311002 £16.886,916 The financial statemenls pages 9 to 21 were awffoved by the Irustees m .. and signed on thew beh1 by.. Lavinia Wallop- Trustee Pa8c 10
THE BAND TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31ST MARCH 2024 2023 Net cash used in operating activitles 11.392,6691 (4,273,075) Cash flow5 from Investlng actlvltio8: Inieresi r1ved & rebaies Investrnenl 8 other received Payments lo Muire Inveslmerts Receipts from dtsp)sal of Invesknenls 20.133 561.634 14.858.171) 6273.900 18.514 608, 775 (2,189.802) 4,938.769 Net cash provlded by Inve8ting acliviti8s 1J98.196 3,375,656 Change In $h and¢ash equlvalents In the year 606.537 (897,419) Cash and cash equivalent brought forward 706.729 1,604,418 Cash and Ga¥h oqulval8nts arried forward 1.312.266 706, 729 Py. 11
THE BAND TRUST NOTES TO THE STATEMENT OF CASH FLOWS YEAR ENDED 31ST MARCH 2024 2024 2023 R•¢onclllatlon ol net movement In lund6 to net cash flowfrom operating aclr¥ities N•t rnovgmgnt In fund¥ for the reporting p•riod (a8 per th• statement of financlal acti¥itie51 425.086 (4.398,629) Adjustments for. Nel (gains) I losses on inveslments Intest recvab & rebates Inve5trnenl S olher cOMe ieceivab Ilncreasel I decrease m debtors (Decrease) in ¢rgJrt (680,683) 12Q,8331 1561,634) 1273,120) 281476 1,464,696 (18,514) (608, 175) 282 712, 735 N•t cash used ln operatlng actl¥llSe8 1,392,659) (4,273,075) 2024 2023 R•concillalion of n•t cash flow to movemert In net funds Balance at 1 2023 Net cash infflrw I lothl 706.729 1.604.146 897,419 Balance at 31 March 2D24 1,312.266 T.729 2024 2023 Analy818 of cash and cash equlvalent• Capital cash hdd by InVestr nwnagws Cash at bank and in hand 1246A72 467,891 238 838 1312 266 Pag¢ 12
TrIE BAND TRUST PRINCIPAL ACCOUNTING POLICIES YEAR ENOED 31ST MARCH 2024 lal Basis of accounllng These accounts ha¥e been prepwed lorthe year ended 31 March 2024. The aCC4)unts have been prepared der the histor1 cosi conVenin wrth iiems ¢c13n1Sed al cost or lransacts.on value unless othemse stated in the revant accountsng pclicies behjw or notes to these nts. The accounts have twi weped in ArxountwvJ and Reporting by Charili8S.' Staiemenl of RecommeTrJed PractKe appficable to dHrilps preparing Iheir arLounts li accordance wilh the FinaKial Repon9 Stsndard aN)luble m the Unrted and Republic of Ireland IFRS 102) (Charities SORP FRS 1021 Issued in Cktober 2019. the FirSCIal ReForting SLindard applitable in UK and Republic ol IrelaThJ IFRS 1021 an(1 Ch¥rtw Acl 2011. The Trust consiitutes a pU1C berfft entty a5 defmed by FRS 102 The accounts are presented 5twlirKJ we rounded to the newest pound. Crthcal accounti eslmates aThJ areas of" No $i1rnt accounlry est#nates were requred or m by tho Truslees in the preparation of the fin081 slalemenls. As set oul in these aCcnIj polK?es under-gcwng owwn-. the truslegs ha¥0 Consid9r the impa of the paThJemic on Ihe (*arily and have corKkJded that amhough tlwp may be some negative CLy)Sequen, it is wopnate for the c4wity lo cortinue to wepwe its arxounls on the g(ing ttfflcem basis. Ibl Income recognltlon All IncMe ts rectynised the in the charity is enlikd to rElp1. the afflnI can be mèasured wilh reasonable certavlty. * rt that the will be eNed. (Q Incom¢ Imm 11s1In$iments Dividends and interesl from Isteil inckJ(Sffj asscoated tax ¢xedits. are credited to the stalemenl of financial th.lies when Ihey are receNatAe by the thaity. (HJ thternst Bank interest 15 c¥edited to the statement ofala1 acb¥itWhen il is reNats1e by the chariiy. Icl Expondlturo r•cognltion LtheS a recognised as expendrture as soon as there r6 a legal cff construclwe Obgath0n C4)mmrtting the tharity lo that eXp"tre. it is FbabIe that setNemenl V•ill be required, and the arnounl of the obkJatirm can be ¥sred relW. Al expenditure is accounted lor C an accruals basis AU expenses Including supp{ costs and g(Prnan costs are alted or 4wrlioned lo the appCable expenditure headings. P4c 13
THE BAND TRUST PRINCIPAL ACCOUNTING POLICIES YEAR ENDED 31ST MARCH 2024 Ic) Expenditure recognition - contlnued Exp8ndrtur8 is included in the slal8m•nt of aci4ryties then iruff&J and ir1JeS attributable VAT which canrb)t be recovered. Thè costs of r8ising funds eomprtse c4>sts thredy attritrArtat4e to managing the Gharity's Investment portfolio and raiswvJ inveslment irOMe. Charitable actiwbe5 Cl[lse grants payable in wrrsu¥n¢e of the objectv$ of the Charity and in meeting thè costs of a(kninistèring fv grtS programme. Grants payabbe are charged in the year when the offer is conveyed to the recyert excepl in thjse cases where the offer is condrtional, such grants being re¢oynised as eXNIrt the coThthtk)ns attaching to Ihem are fU111ed. Grants offered sufyecl lo condii)ns wlM¢h have noi been mel al the ye8r end. we notJ as commitmènts but not acc¥ued a5 expendrtLwe in Ihe accoLtnls. Chwttable &tMlies a150 comprise govemanee costs whTrch include costs wlh gre d¥edty lrui8ble 10 legal prc¥dures necessary for Complian with slatut¢Ny reqwemenls. Idl Taxation The Trust is a regtere0 tharity er Ihe cfwities Act 2011 and is nol liable to UK income, oraithi caprtal gans tax on its irKome chaTgeat4e gain5 as ihese fall witlmn the V($ exemptions avalthle lo registered chantw. (el Fund a¢¢ountlng Unrestricted funds ccrfnwBe fvnd$ the Inrntws fr90 lo use in accordance with their tharitable obje¢ls The exndatIe endovnnent fimd reFffesents Ilw assets thal mLrst be he by the charity, principally Inveslmenls aThJ cash at bank. Income arising from the endowment fund mst be used in acrdanCe wth the oti'ects of the charity and Imguded the slatement of financial activilies as unrestricaed income. Any realised and unrealised gains aThJ k)sse$ ¥is¢n9 on the )veslrnents form part of Ihe eXpendae endcA¥ment lurKJ. UNler the lemis M whth the end(ywment fund was gNen lo the charrty. expendrture IThed nveslment management fees aThJ any legal or ollr 1¥1¢8 given specifralty in conneth.on wth the fvThJ, te cwed against it. {fj Flxed asset Inveslments Listed MlMentS are a 1M of basic ir1nI and ale inilialy wognised al the transactKJn value aNI sthequenuy nwsurtrj al I[ far vue as at the brKe et date u$ing the dosing quoted mavkel prKe The Twsl does nol acquire oplions. delivatrs Otr ccpleX finaThial n5truments. As noted above the mwn form crf risk Ixed ty the Trusl 15 Ihal of volalility in equrty markets and investment markets due lo wider economK coThJthons. the attitude of invesfots lo in¥eslnnl risk, and chaThJes m sents'went ewbes and wrthw) sec15 se¢tors. Page 14
THE BAND TRUST PRINCIPAL ACCOUNTING POLICIES YEAR ENDED 31ST MARCH 2024 Ifj Flxed osset Invesknents- continued Reaised gains (Of kjssesl M irwestment assèts arè cakulated as Ihe drfteTence beeen disposal eds and tha"r opening carrying value or thw"r purchase value acquired subsequent lo fiT$l day of the ffinancial ye¥. Unrealised ga¥)s and k)sses are caculated as Ihe difference belween the fair value at the ye¥ eThJ their Cwg V8kTre 81 Ihat datÈ. Realised and Lmrealised inve5tmenl gains lor bssesl are coMbid in Ihe statement of actNrties and are uedrted lof debledl Ihe year In whicl) itw 8r6e. Igl Dobtorn Debtors are e¢paniSed al Ihetr selllement Jncwnt. less any WOV1)n for non.recoverability. They have teen dkscwnted to the present value of the fvlwe cash receipt wher? such discounting 1$ mrial. Ihl Cash at bank and In hand Cash al b8nk and in hand rep)ts su¢h tA)ts and inslnJmÈnts Ihat avaiW)le cffl demand or have a matuity of18ss than three montrts flom the date of acqu1bon. 111 Credltord and provl8lon8 CrethtcKs and prowsions are recognised when Iher8 is an obligation at the balan sheet date as a resdt of 8 past event. it Is probab that a trsfer of etsyKJmic bÈnÈfit wll bè rèquired in settlement, nd the amount ol Ihe settrneDt can be e5t¥nated reliabty. Credrtors and p[O¥isn$ are rocognised at the amount th• Trust anliupates rt will pay to settlè the debt. U) A88essment of golng concem The Trustees have assw35ed whettw Ihe use of the goir¥J cuK8rn assumption is appropriate in preparing these aett>unts. Thè Twstes have m•Ye Ihis assessmènt in res to a pericJ of year from the dale of aFyroval of these acc4Junts. At yÈ8r the Tnjst had £Nil unlitted reserves. The Tf•Jsteès b81i&ve thal the Trusl's finanryal slalemen15 should tre prepared on a gryng ceM basi5 on Ihe grounds that the Trust has sufficient INuid resources and that the Trustees havè thè per under the Twsl Deed lo ulilse the experKJ8ble enrknmenl fund for tharrtable purFKws at the¥ discreb"on. The Trust8es have condud8d that there are no materral ertatS related lo events or condrtions that may cast signikanl doubt on the aty of the Trust lo contmue as a wing concein. The Twslges are of the Opinic that Ihe Trust ha sufficnt resowces to meet its liablities a5 they fall due Wth re9aid to the next aCCLnting rnd. Ihè year endirrfj 31 Marth 2025, the most significant are85 that affect the carryry value of Ihe assets hekj by Ihe Trust are ve1 of investmgnl relum and Ihe performance of th8 investrnenl maikets (see the WNèslm•rf poky aThJ Ihe risk management sections of the Trustees, report fty MO Page 1.5
THE BAND TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST MARCH 2024 Incomè trom Invèslmènts 2024 Unrestricted funds 2023 Unmslricted Funds Income frorn listed investments Inleresl CeiVable 561.634 20.833 608, IT5 17, 754 £SB2,467 £625,929 1 b Other Income 2024 End0ne Fund• 2023 EndoWt Funds ResUal cash from histor corporale tsn$, Iw4UbJaiS and dass thins £760 Expendltyre on ralslng lunds 2024 Endo*inent Fund$ 2023 Endowmenl Funds Investment managemerrt fees È9S,SI2 £106,840 Charitable activilios 2024 2023 UnTrsln¢t8d lunds Funds Charitable th)nations lrnte 4) Sch(Aarships Inote S) Grant adMintratIon costs Govemance wst5. Audrt fee5 (iThJLKlirg VAT) 549.136 56.ODO 121.200 10.750 3.278, 737 ICiI.823 T.470 £737,086 £3,436.970 Pagc. 16
THE BAND TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST MARCH 2024 Donations by type- unre8trfcted fund8 2024 2023 Arwlly and Veletans Arts Children and Young People Disabled Disadvantsged Educational Elderly Hoswce and HosF4tal Misc8llaneous Museurns and Galleri85 Pris(S Ex-Rissrylon Fund 35.000 40.000 163.000 60.000 150.01)0 20,000 29.886 1.000 10.000 320,000 570,000 430,000 32&000 275,000 300,000 29,737 500.0(K) 15,000 450,000 4Q250 £3,278,737 2024 2023 Amlyaftd Velerans ABF The Solth'erfs Charty Blind Velerans UK Combal st$$ Help for Heroes The Not Forg0tt•i Assfxol 100,0(Kt 120,0 25.OOQ 10.000 000 £35,000 £320.LtIo 2024 2023 b) Royal Albert Hall Trust Royal Nat]onal Theatre Royal Opwa House Covent Fow%latn 220,000 40.000 3XI,000 £40,000 £570.L 2024 2023 Chlldren and Yoim9 People Farms for Cty Children Hwie-siart UK London Youth Opera Over the Wall Camp RDyal Academy ol Cullnary Arts Adopt a Tntsr Th8 Royal Ballet School The Sick Chiloken's Trust Spread a Smile Yorkshire Ballet Young Enterwise 25.000 23.(0 125,OC 45.¢X)O 130.000 .000 20.000 £163 IJOO £430.tXJO Pagt 17
THE BAND TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST MARCH 2024 2024 2023 d) Dlsabled Blind in Be$S Chailgy Heritage FOdatIOn The thsabled SailoTS' Associal#)n Helen Ajkell Dyslèxia Charrty Merfin MS Centre Ltd MK Snap Neuroynuscular Centre New AthntUs Sl Elizabeth's Centre The Stroke AssocAab The Wilow Trust 20,000 15.000 10.0110 25,000 80,000 100,000 15,000 (25,000) 100,000 15,000 £60.000 £325 000 2024 2tt23 ADAPT Charty Cleanup United lQ"ngdorn Community Heart Prod11 Downside Fisher The Felrx Project The Garden Museum Nordoff-Robbms MUS Therapy One Smal Thing The scar8m0 Sali ing Tntst Turnbull Family Trust 25.000 60,000 15,000 4S.000 100,000 25.000 75,000 so.000 20.000 10,000 £150.000 £275.000 2024 2023 Edu¢alional Friends of Ashton Mary Rose Trust Opera Hland Park The Stowe Htyjse Preservati Trust 25,000 25,000 20.000 2&),000 £300,000 2024 2023 g) Ekhrty Barristers, Benevolent Fund Friends olthe Elderfy Gagliardi. Leonardo 2,000 10.000 2,000 10,000 17.737 £29.888 £29, 737 Pa8c' 18
THE BAND TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST MARCH 2024 2024 2023 hj Hospi¢• and Ilospilal Friends of Royal IAarsden Horatio s Garden King Edward Vll's Hosprtal Sisler A SI EILzabelhs Hospice 11,1111 2XI,QOO 2XI,CIXI £sC C 2024 2023 Ml•cellarbeous The Comrrwweallh WaaY Tntsl Wa1 FoyrKlatK 15,tWO 10,IIDD £10.0110 £15,000 2024 2023 Mus•ums and Gall•ri•s The Handel Hcwjse Trust Limrted Quentin Ble Centr& for Illustr 2024 2023 kj 14yso Prison Refom Tntst 2D24 2023 Ex.Rissington Fd Various- up lo £5.C £4129) 2024 2023 Scholarshlp5- unrestricted lund$ HonOurae Socw ofGray'$ IM ooo Future commitrnents Scholarshys tota up to £&S,(K#) ¥e payab* on an anThl bass and rt is envwged these payments will contiThJe in the future Pa8¢ 19
THE BAND TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST MARCH 2024 Remuneratlon of Trustw and key management pgrsonn The Trust c(Nwders ils key pwscI to t¢ al the trustees. No truslee reIVed IemwalTh m respect oflh•"r dumg tho year12023- £nill. R mast and J Dickinson provthd aCcOtarry services and financial advTh to the charity during the year The tcrtal lees (mdudir4J VAT and dth¥s0) pa to R Masrm was £16.050 12023". £30.7201 a1 lo J Dick4Min £12,628 (2023." niD B Peèrfess is a pwtner of Charles Russdl Speerttys LLP. frfms of soltitcrfs. The fees Irthding VAT and th$trSemen1S) paid lo the fThi during th8 Y were £37,626 (2023.. £19,620). The Hon. N11a$ and The H¢m. Mr5 Walh)p were reythrsed for Irav81 and offic8 expenditurè incurred in the c[Se oflhew dutss yw tclallThJ £8.027 {2023_ £5,204). 2024 2023 Investments Market Value at 31s1 Marth 2023 17.736.880 21,950.543 Add.. Acquisitn$ 81 ts)st Disposal prCdS Gainlllossl w invpstmert assds 4.B58.171 (6.273.900) 2,189,802 (4,938, 769) 1464 696 Martet value at 31sl Marth 2024 17.IXII,834 17, 736,880 Investment marwJerfs ca1 cash 1,246,572 467,891 Total Investments and C8pital cash £18.248.406 £18 204 771 Bk cosl of Investments al 3111 224 £12 701882 £13 533 442 The irwesknents j@d atmwe. JI ofwth#* were tr5ted C a rwiwsed stock exchange ccrfnprise.. Unilgd lfjThJdom mve5tments 0¥grseas wweslments 5.983,571 11 018263 8,641.073 9,095807 £17.001,834 £17, 736,860 A5 at 31M Marth 2024 Ihe (tharity dkl not hold any shares that V•Ère ¢(dered material when crnpared to thg total portloh). 2024 2023 Debtors Other debtors 273.120 È273.120 Pag¢ 20
THE BAND TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST MARCH 2024 10 Cr•ditovs: Amounts lalllng due lthln one year 2024 2023 D(x)alknns pay Accountanq fees Audit fees Professal lees Inveslmenl management fees Tnjstee expenses Dividend returlwl 1232,500 2,600 10,ODO 6,450 21,47 2,190 1.490.000 30,350 7,050 8,220 18,390 2.227 456 £127&218 £1.556,693 11 endonent funds Balance ot 3111 Mar¢h 2024 2023 Net IfLne Transfer Expendable eI¥MentS £154.619 £17 312 002 The expendable end¢)wmwt compnses wnounts uY¥en by the Seltkffs. of approximalety £5(XJ.000 was gi¥en by 1hem on creaion of the Trust In 1976. a fiKther £So0,(Kl on Ihe dealh of t first SettkN in 1982 and £10.000.( on the dealh of the second Setthjr received in 1995 and a further £280,000 received in 1996, tJaian( t4}reswlg Ihe grthvlh in vaue over the period, net of vestment management fees. urt¢tj Expendable funds endowment 2024 Totsl funds 12 Analys18 ol net 888•ts betwwn funds Fund balan6Ys g131sl Mwch 2024 a res by.- Investments Current assets Current lblIrtieS 18.248.406 338.814 1.275.218 18,248A06 338.814 1275 218 Totsl assets £17,312.002 £17 312 002 13 R8lat•d party transactions Olher than the lTan5)nS (hsckjsed in nrte 7. there We rn) ollw related p&ty transadions in the year ent1ed 31 Mar( 202412023 r) P¥8¢. 21