The Band Trust Trustees, Report and Financial Statements for the year ended 31 March 2025 Registered Charity Number 279802
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEX Page Reference and admlnlstTatlv¥ datslls Trustees, report Independent audltor's report Statement of financial actlvltlos Balance sheet 10 statement of c8$h flows 11 Aeeounllng pollcies 12 Notas to tha accounts 14
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Trusteos The Hon Mrs Nicholas Wallop The Hon Nicholas Wallop V Wallop B Peerless H Wallop J Dickinson Prlnclpal offlco The Band Trust BM Box 21444 London WC1N 3XX Charlty reglstered number 279802 Bankers C Hoare & Co 37 Fleet Strèet London EC4P 4DQ Investment advlsors and managers Ralhbone Investment Management Llmlted 8 Flnsbury Circus London EC2M 7AZ Audltor Blue Spire Llmlled Cawley Priory South Pallant Chichester Wesl Sussgx P019 1SY Sollcltors Charles Russell Spe8chtys LLP 5 Fleel Place London EC4M 7RD Pagè 1
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT The Trustees have pleasure in presenting their annual report lor the purposes DI the Charities Act 2011, together wlh thè accounts for the year ended 31 March 2025. The Trustees have adopted the provisions of the Slalemenl of Re¢ommended Practice ISORPI 'Accounling and Rewjrting by Charities" IFRS 1021 in praparing the annual report and financial slalements of the charity. STRUCTURE GOVERNANCE AND MANAGEMENT Governance The Trust was created by a dee(S dated 30th March 1976 as a Trust ex¢lusiv8ty for charitable purposes, 'charilable' meaning ¢h8rStable according lo English Law. new scheme for the Trust was approved by the Charity Commissioners on 131h March 1996. The Trustees. principal oflice and advisors are as detsiled on page 1. Or anisalional Structure nd Adminislrallon The Trust is administered by six unpaid Trustees, though onè ol the Trustees is a partneT in a flrm of solicSlDrs and another is a Charter8d AccoLJnlanl both of which advise Ihe Trust on a professional basis. The six Trustees 8r8 considored to be the Key Management Personnel of thè Trust and are aclpiely involved in the 8dminislration of the Trust and meet al least two limes a year lo ¢onsider grants and lo revitsw the investment performan and financial position of the Trust. All major decisions conceming tho Trust arè made al those rneelings, and responsibility for enacting those decisions Is delegated to specific individual Trustees who report accordingly al each meeting. When a new Truste6 IS to be inducted, they are given copios of the latest accounts and slmllar background malerlal. 10gBlher with the Charlty Commlssion publications relatlng lo LEcoming a Trustee land also advised that there Is addltion81 Tnalerl81 on th8 Charity Commission's websilel. Oncè they have had a chance lo nldèr these, a meeting is held between the exisllng Trustees and tho potential Trustee lo discuss the undedying charilable objectiV8s of the Trust, the practical workings of the Trust, and lo deal wilh any other conc8rns the candidate might have. or information they might require. If the candidalg then confirrns that they are prepared lo act. the necessary formalities aTe then cornpleled. The charity scheme dated 131h March 1996 details the fdlowing with regard to Trustees.. New Trustees can be appoin18d at any lime by resolution of the Truslees passed at a special meellng, with at leBSt 21 days noilice having been given. The charity must have a mlnimum of 3 bul no more than 7 compelenl Trustees. New Trustees will not be permitted lo act until they have signed the minuto book lo declare their acceptsn and wllingness lo act as a Trustee. A Trustee will oeasè to be a Truste& In Instances of non-attendance at Tru8lee meetings in excess of 12 Tnonlhs, bankruptcy, Incapadly to act or by communlcatbn In wrlUng expressing a wish lo regSgn. RELATIONSHIP BEfwEEN THE CHARITY AND RELATED PARTIES The Trust Deed permits Trustees who are professionals lo be remuneraled their normal charg95. To slmplify the admlnislralion of the Trust and lo ensure propèr compliance with charity law end practice, il has been agreed lo ul51ise firm of solicilors Charfes Russ911 Speechlys LLP of wh1¢h one Trustee is a partner (Bart Peerless) and a Chartered ccounlanl Ilhe Trustee Joanne Dickinson) for their relevant professional sorvlc$s, and details ol these charges ar9 given in Notfj 11. ACTllnlES. SPECIFIC OWECTIVES AND RELEVANT POLICIES Activities and s ecific o The Trust has general charitable objects. HowEve¥, the strategy of the Trustees has bè6n to focus thelr grants In the areas of educallon. disabilily. mediclna. care for the eldtrrfy and infirm. heritage and the environmont. With one excoptlon. grants are only made to registered charities. The Trustees have also conlSnued lo support certain scholarships eslabllshed during the lifetimes of the settlors of the TTUSI. Page 2
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REPORT The Trustoes indivSdually Identify potential recipiants for donations which f811 within the Trust's objeclNes during the year. Each of the potenlS8l redpients is considered by the Trustees collectively and il a grant is approved an apprDpriale donation Is delermlned. Because the TrLJStees identify sufficlenl recipients to whom lo distribulB the whole of Ihe annual Income of the Trust. unsolicited applications will continue not lo b9 accep19d. The Trustees ¢onllnue their policy of visiting or otherwise contacting recipients ol grants lo ensure that the anlicipaled benefit has been realised from the grant and the grant has b6en applied in the way Snlended by the Trustees. Ob'ectives arKI activities for Ilc benefit The TTusle8s confirm th81 they have referred lo the guidance contained in the Charity Commission's general gvidance on public benelil when reviewing the Trust's aims and objectives and in planning lulitre advilies and solling the grant making policy for the year. The Trusl ¢arries out these otlects by providing grants Iwilh one exceptbnl lo instilutlons whlch aro UK registered charities and whose objedives comply with the Trust's agreed criteria. Whilst the Trustees are mindful of their own obligation to ensure that the Trust beneffts the public generally, theytake some assurance from the fact that re¢ipl¢nls {wilh on& exception) of grants aro themselves regulated as charities to ensure that they operate for the public benefit. The Trustees th0fOre conslder that the Trust's acliwlies aTe for the benefit of the public generally. Achlevemenls Pa è and Flnancial Review A summary of the year's results Is given on p8g8 10 of Ihe accounts. During the year, in respect to the unrestrictod funds. the Trust received Sncome of £513,48212024.' £582.4671 and, having applied £709,370 12024.. £605,136) towards donations and scholarships, £99,717 (2024.. £121,200) towards adminlslerlng the Trust and £7,040 12024.. £10,750) lowards govarnance costs, th@re was a nel decroase In unièstricted funds during the year of £302.64512024.. de¢rease of £154,619) Delalls of 811 scholarships, grants and donations m8dg in the year are included in notes 7 and 8 of the financial slalemenls. The Trustees believe that IheSr obleclives have been adequately mel this year. Howgver, the Trustees are aware that th8ra are èxternal factors which could affed the aehievèment of their objèetivès as thè entirety of th6 Trust's assèts are made up of inveslments and cash. the value ol which Is depond8nl on the g¢n&r81 p$rforman¢$ of the UK and OV8rs8as stock markets. To mlnlmlse the risk ol poor performanc8 of such stock markets, the Trustees havg sel prudent investment policies and pla reliance on the investment rranagers to monitor and advise on the necessary investment changes and sultablg asset allocation. Plans Fulure Perlods From 2024 the Trustees decided lo revert to just spending incomè for new gTanls agreed after Ihls date. The range of charities lo be supported will continue lo bè broadly the same. In deciding which charities lo support, the Trustees pay partl¢ular attention to where the grants would have the most impact upon the ben6fi¢iary ch8rty. Unsollclled applications will continue not lo be 8¢¢epted. Inv8Stment Poli The Trustees, investment powers are govemed by the Trust Deed. which permits th& Trust's funds to bè invested in the purchase of, or Interest in stocks, funds, Shares, securKSes or any Investment anore in the world. as the Trustees see fil in the furtherance ol tho ¢harily's objectives. Investment advisors lo th8 Trustees during the year were Rathbone Investment Management Limited. The Trustees. poll¢y Is to seek Ihe highest prudent rale of 'lol81 rèlurn, from Ilrsl class Invèstmants. Thè Trustgès havo 8greèm6nts with their investment advlsors that Ihè Trustees, investment objective is lo obtain a reasonable long term overall return, Including appropriate income. Appropriate benchmarks with the investment advisors have been agreed. The Trustees have specifically requested that, in so far as Is eompatible with securfty of capital and ils maintenance in real terms. the Tiusl's income is lo kgep pace with inflation lo ensure that its level of giving is nol diminished. Page 3
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT Durfng the year ended 31. March 2025 the Trust's Snveslmenls have confjnued lo b6 managed in conformity bmlh the Trust8ès' pollcy and the Trust Deed. WhlL41 Investment performance is reviewed quartedy, with a formal slr8to91c rèvlaw with th8 investment rnanagers each year, a detailed performance review is carried out al annually. Reserves Poli Note 14 to the accounts shows the a558ts and IlabilllSes allrSbutable lo the various funds by type. The unrestricted fund deficit will be &llminaled by a iransfer from the expendable endowment fund. The Truste88 ensure that adèqvate liquid reserve5 are maintained in order lo cover current pledges. Rlsk Poli The Trustees are rèsponslbla for the management of the risks faced by the Trust. Rl¥k8 are Idenlmed and 8ssessed, and controls are established throughout Ihg year. A formal review of th8 Trust's rfsk management proS5 is undertaken on an annual basis and the key risks identified are as follows.. Ineffective finan¢1al controls InvÈslments These risks are mttlgated by engaging independent investment managers who are regulated and In hkJh standing in the marketplace. The performance of our Snvestments Ss assessed regularly against third party benchmarks. Cash These risks are miligaled by havlng Income mandated direct lo the Trusl bank account. Expenses musl be aulhorlsed and cheoues issued musl be $[gned by 3 out of the 6 Trustees or are pa directly from the bank account bul requlre 3 Tiuslees to authorise the payments. Also, all grants are approved at Trustees, meellngs and Included in the mlnules. Inadequate financial planning o These risks are rniligaled by pr8parlng projected income and expenditure slalements regularfy which are prèsented al Trustees, meetings. Committlng lo donallons Is only undertaken on review ol projected income and even If there is an unexpected shortfall this can be compensated by either drawing from the expendabl6 ondowm¢nt or by reducing future expenditure. The koy ¢ontTols used by the Trust include formal agendas and m1nut&s for all Trustees, meellngs. CDmprehensEve plannlng. budgellng and accounting and clear authonsation and approval16vèls of all grants and other expenditure. Through the risk management processes esl8bllshed, the Truslees are sallsfied that the majof rlsks idenlilied have been adequately miligaled where necessary. 11 is reoognised that systems can only provide re8Sgnable bul nol bsolute assurance that major risks hav& been adequately managed. The majDr risks lo which the TTUSI is exp058d as identilth by the Trustees have been reviewed and systems have been est8bli8hed to mitig8tg those risks. STATEMENT OF TRUSTEES, RESPONSIBILITIES Thé Trustees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Klngdom Accounting Standards Iuriiled Kingdom Generally Accepted Accounting Praeticel. The law applScable lo charities in England & Wales requlres Ihe Trustees lo prepa financial slalemenls for each financial year which givè a trLJe and fair view of the slate of affalrs of the charity and of the incoming resoLJrces and application of resources of the charityfor Ihal period. In preparing these financial slatemenls. the Trustees are required lo.. Page 4
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT select suitable accounting policies and then apply them consislenlly.. observe the methods and prlnclples in the Char10S SORP., makejudgements and eslirnales that are reasonable and prudent.. slate whether applicable accountbng standards have been followed, subject lo any material departures dlsclosed and explained in the financiBI statements,, prop8ro the linanclal slalemonts on tho golng concem basls unless 11 is inappropriate lo presume that the charity will continue in operation. The Trustees are respollsiblg for keeping proper accounting records that dlsclose wllh reasonable accuracy al any bme thè financial positlon of thè charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions ol the trust deed. They are also responsible forsafeguar(Sing the assets of the charity and hence lor taking reasonable steps forlhe prevention and detection of fraLKJ and other irregularities. Approved by Ihe Trusleos and slgned on Ihglr bghalf 8llb Dgcemb8r 2025 Dale Trustee Phge 5
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT Independent audltor'5 report to thg trust88s of The Band Trust Oplnlon We have audited the financial slalemgnts of The Band Trust Ilhe 'charity'l for the year ended 31 MaTch 2025 which omprisè th8 Statement of Financial Aclivilies, the Balan Sheet, the Slal&ment of Cash Flows and notes to the rinancial stalemenls. including slgniflcanl accounting policles. The financlBI reportlng framework that has been applied in Iheir preparation is applieable law and United Kingdotn Accounting Sl8ndards, including Financlal Raportlng Standard 102 The Financial R6portlng Standard applicable in the UK and Republ of Ireland Iuniled King(Jom Generally A¢cepted Accounting Practice). In our opinion the financial slalemenls.. givg a true and fair view of the slate of the charivs affairs as at 31 March 2025, and of its incoming resources and application of resources, for the year Ih8n ènded., have b88n properly pr9parèd In accordance with United Kingdom Generally Accepted Accounting Practth.. and have beèn prepared in accordance with the iequlremenls of Ihg Charilles Act 2011. Basls for opinion We conducted our 8udll in a¢¢ord8nce with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities und8r th058 slandards are further described in the Auditor's responsibilities for the audit of th8 financial statements section of our report. We are indopendent of the charlly In accordance wf(h the ethical requlrements that ar8 relevant lo our audlt of the flnancial statements in the UK. Including the FRC'S Ethical Standard, and we havè fulfilled our Dlher ethical responsibilities In accordancé with thése r6quiremènts. We believe that the audit evtdence we have obtained is sufficient and appropriate lo provide a basis foT our oplnion. Conclu5ion5 relating to going concem In auditing the financial stalemenls, we havè ¢on¢luded that thetruslees, use oflhe goiro concem basis of accounting In th& preparalk)n of the flnanclal slatements is appropriate. Based on tha work we have performed, we h8ve not id&ntifi8d any tll&lerial uncertalnlSos relating to events or conditions that. individually or colleclivety, may cast significant doubl on the charitys ability to conlinug as a going concern for a period of al least twelve tnonlhs from when the financial stalements are aulhorised for issue. Our Te5ponsibilitles and Ihts responslbllSllès of Ihe trustees wlh respect to going concem a descrlbed in th8 relevant sections of this report. Othar Informatlon The other information comprlses the information included in the trustees, report, other than th8 financial slalemenls and our auditorfs report thereon. Our opinion on thè financl81 ststemènts does not cover the other information and, expt lo the exlenl otherwise exleAllY staled in our report, we do not express any form of a88uranc& con¢luslon thereon. Our Tesponslbillty Ss to read the other Information and, in dolng so, conslderwhelherlhè othèr informatlon Is malerlally nconslslenl wlh the financial slalemenls or our knowkdge obtained in the audit or otherwise appears lo be materially misstated. 11 we id8ntify such material inconsistencies or apparent material misstatements, we arè rèquired lo determine whether there is 8 malerlal mlsslatement in the financial stalem&nts or a material misslalemenl of the other inforrnation. If, based on the work we have performed, conclud8 that Ih&r8 IS 8 malerlal mlsslalemenl of Ihls oth8r Inlomalion, we are required to ieport that fact. We have nothing lo report in this rogBrd. Matters on which wè ar• requSred to report by exception We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulalions 2008 require us to repori lo you if, in OUT OPllllOn- thè inloimation given in the financial statements Is In¢LS1$10nI In any malerlal respect wllh the Iruslees, report., or sufficient accounllng TecDrds havè nol been kept,. or the finanelal slalemenls are not in agreement with the accounting r8eoids'. or we have llol received all the information and explanations we require for our audit. Page 6
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT Responsibllllie5 of trustees As explained more fully in the slalemenl of trustees, re$pons1bI111188, the Irusle8s are responslble for the preparallon of flnandal statements which give a true and fair view, and for such illlernal control as the trustees delemino is necessary lo enable the preparalK>n ol financial statennls that are fr from material misslalement. whether due lo fraud or error. In pr8paring the finanaal sialemenls. the trustees are responsible for assessing the charily's ability lo continue as a going concern, di5¢1051ng, as applicable, matters related lo gDing concern and using the gDiro concern basis of accounting unless the trustees either intend to liqUal8 th8 charity or to cease operaknons, or have no realistic allemalive but to do so. Audltor's responslbllltles for thg audlt of the flnanclal statements We have been appointed as auditor under se¢llon 144 of the CharS1598 Act 2011 and r8POrt In a¢cordance with regulations tllade under section 154 01 that Act. Our objectives are lo obtain reasonable assuTancg atxjul whether the financial st*gments as 8 whole are frfjg from material misst8lèment, whether due lo fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul Is not a guarantee that an audit conducted In accordance with ISAS IUKI wlll always detect a materlal misslalemenl when il exists. Misslalemenls can arise Irorn fraud or error and are considered material if, indwidually or in the aggregate, they could reasonabw be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irr8gularitlgs,1ncludlng fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibiSilies, outlined above, to detect material misstatements in respect of irregularities. including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detsiled below. 8ased on our understanding of the Charity and the indLJStry in which il operates. we identified the principal laws and regulatlons that directly affect the financial statements lo be the Charities Act and Trustee Act. We assessed the exlenl of compliance with these laws alld regulations as part ol our procedures on the related financial slalemenl items. In addllw)n. the Ch8iKy Is sublecl lo many other laws and regulations where the cOnsequenS of non-compliance could have a material effect on amounts or disclosures in the finan¢ial statements, for instan08 through the imposltlon of fines or liligalion. As an Investment and fLJnded granlmaker there is a limilalion lo areas most likely lo have such an effect. Auditing standards limit the required audit pro¢eclLJres to identify non-¢omplian¢e with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any. Audit procedures performed by the engagement team included.. Enquiry of those charged with governance around aetual and potentlal litigation and claims and any Instances of non-compliance with laws and regulations.. Reviewing minutes of meetings of Ihoso charged with goveman¢e', Revièwing financial slalemenl disclosures and lesling lo supporting documentation lo assess lance with applicable laws and regulations. Because of the inherent limitations of an audit. there is a risk that we will not delect all irregularities. including those leading to a material misslalemenl in the financial slalemenls or non-CQtnpliance wllh regulallon. Thls risk increases the more that compllano& with a law or regulation is removed from the events and Iransaclions reflected in the financial statements, as we will be less likely lo becotne awar8 of instances of non-wmplianeé. Tho rsk Is also graatér regardlng irregularities occurring due lo fraud rather than error, as liaijd involves intentional concealment, foruery, collusion, omlsslon or misrepresentatlon A further description of our responsibilities is availailts on the Financial Reportlng Council's webslte al.. hlt s'.Ilwv.rrc.0r .ukJaudilorslaudil-8ssur8ncelaLJditor-s-res onsibililies-for-lhe-audit-ol-the-fdesCr1 lion-of-Ihe- 99s-res onsibilities-for. This description forms part of our auditor's report. Page 7
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT Uso of our report This report is mad& solely to the charbty's trus18es, as a body, in ac¢ordan¢e wlh Part 4 of the Charities {A¢counts and Reports) Regulations 2008. Our audit work has been undertaken so thot we might slate ID the charSly's Iiuslees those rnallers we are required lo slate tD them In an audllor's report and for no other purposa. To the fullest extent permilled by law, wè do not awepl or assume responsibility lo anyong olhor than the charity and the charlty's Iru81e8S as a body, for our audit work. for this reFOrt, or for the opinions we have formed. Cawley Priory S(>uth Pall8nl Chichester West Sussex P019 1SY Blue Splre Limited. Statutory Audllor Dale Blue Splre Limlt&dis 81igibla to act £s an auditorin tem7s of sectlon f 212 of Ihe Companies Act 2006. Page 8
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVITIES 2026 Tfjtsl Fund• 2024 Tot1 FundB UnstrICted Funds Endowmtnt Funds Note INCOME AND ENDOWMENIS FROM-. Investmen18 513.482 513A82 582,487 Total 513,482 513,482 562.467 EXPENDITURE ON.. Ralshg fund8- InvB3imenlm8nag&Thnl fe88 Charflablg adiYNEgs 84,135 84.135 816.127 95,512 737.086 816,127 Toial 816,127 84.135 0.2W2 832.599 Nel kw)mel(Èxpendiiurel before in¥661rnenlgainWIIo$8etsl 02.6451 184,1351 1386,7801 Neiva1n1kn3s&SI on investmBnl as3e18 NelOa1nksseSI on foteyfi exchang 141,S561 (2.1361 141,5581 P,1361 880,683 15,4661 Net Incomèll&xpondlturel 1302.8451 1127.8271 1430,4721 425,086 TvAn6fern betWo?n funds 14 302,645 302,645 rnoyqmpnt In fuhd$ 1430,4721 1430.4721 425.086 RECOP4CILIATION OF FUNDS Total brtsughlforword 13. 14 17.312.002 17.312,2 18,886.916 Total lunds carrlod forwar¢J 13, 14 16.881,530 16,881,530 17,312.(M)2 N¢ of1hèchadtyaCbVbleSw8re wuired duEkng the8bove iwofinBncyel yoat& The rarMyh8B no rav9sed galnsorbssosothbrthan Ihosedgom%th h th? staten*ni offinClaI Page 9
THE BAND TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BALANCE SHEET AS AT 31 MARCH 2025
2025
2024
NDto
FIXED ASSETS
Investments- mandged fund8
Total flxed 4s8els
17.314.457
18.248.40S
37.314A67
18.246.4
CURRENT ASSET8
Deb10- unsqlll8d Irad85
Cash al hand In bank
Total cuwr•Dt as¥pt
?73,120
65,694
328,814
fj20,8
I20,3
CURRENT LIA81LITIES
Credilvis." atnoynl8 lalllnu due &year
NgtGvrfont#ts$ètsllll¥bllltl•81
12
553,560
1.275.218
1432,9271
1936.4041
TEItsI aBsélB Tes current Ilabllltles
16.681.530
17.312.002
Cretitors.. Arnounis 18lllng due after rnore than on8 year-grant8 PEyobL
Total I•1(11bIlIt10#)
18,881,530
17.312,002
THE FUNDS OFTHE CHARITY
Reslrfcled funds
Vnra6lrlcled fund6
Tvlal ¢harlty
13. 14
13. 14
16.881.530
17.312.002
16.881,53D
17.31Z.OD2
Th8BCC
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF CASH FLOWS 2025 2024 Moto Net ¢a• Ilowfrom opernthng activltios lJe• b?1¥} 11,350.9381 11.392.6S91 Ca¥h flowfrom Inve¥tIg a¢tfvltl Inve8lTnenl incotne Pr(xxed8 from ssle of invesknant9 Purchase DI inveslment¥ Net cash now Irom Invgstlng a£tlvltle$ 513,482 3,856.252 3.304.458 582.467 6,273.900 4,85B,171 1,065,276 1.998.196 N•T In¢r$alld•¢ro8S$l In oa$h ¢a8h •quIvaTh 1285,6601 605,537 Cash and cash 4qulval•nts brought forward 1.312.288 706,729 Cash and tash 1¥alents Crtrrd forward 1,026,$06 1,312,266 Cash and cash equfvalents con51stof.. Inveslm$nl ¢s$h Cash al bank and ID hand C¥h and ¢a¥h aqulvalonts ¢4rilod foard 905.973 120,3 1,026,6 1,246.572 SS.694 1,312.268 Reconciliatlon of net Incornèto net caoh nowfrom operatlnu actiwtieB 2D25 2024 r4et Ineorneforlhe 1430,4721 425.086 Adfv$iod for.. Inveslmenl Ineome IGalnllLos$ on knve31meni Ilncrea8eyd8Erea3e in deblLV8 IncreaselldecreaBel In CT£dltOF5 1513.4821 41,556 273.120 21,656 1582,4871 1880.6831 P73.1201 81.475 192D,4641 11.817,7451 11,350.93S1 11.392,6591 Analys1¥ olchanyes In net debt 2025 Cash and tash 04ulvalpnts 2024 Cash and cash equlvalon16 Total wt debt brou9ht Iorwgrd Ca¥h tbws Total nal debt ¢arrf8d fopward 1.312,266 1285,6601 1.026,606 706,729 605.537 1,312.266 Page 11
THE BAND TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025
ACCOUNTING POLICIES
General Inlonnatlon, scope and of the financlal 8latqment
Thg band Trust IB an unincoipDrated charity conBliluled und£r a setuemenl deed. The address ol prfnclpal 1$ gn In Iho rofr¢& and
dtnlnlslrdtNe detaU8 secuon and n8lur& of the ch8rlVs operallons and prlnclpal act11 are glven In ihe Iw818g$' report.
Th8 charilycon81ilutes B public benr Dnlitya8 defined by FRS 102. The fingncl81 slalemenls have be$n prepa in a#ordanE8 vrilh AGcounting
and Reportiw by Charities.. Sialem&nl ol Recommended PracliGe BpplICab lo charllies prep8rfng Ihelr a¢coufil¥ in 8¢Gordrte rylh ihe Financial
Reportlllg Siandard apyIGable in the UK and Republlc of Irelld iSSUEd in OGiober 2019, th& Flnancl£l RÉportlng Standard arvll¢abb In Unhgd
Klngdom RepvtAlcof Irda[ IFRS 1021, Ihe Charlligs Act 2011 and UK GweraltyAccepled Accounllng Pracfj¢b.
Thtr ffnairyul st4lemen15 2rB kepared on a golnp b&$1$ undw Ihe historical Co51¥eIlOn, rnodlned to Include rtAIn Ilerns al fslr vdw.
Thè finan¢lal ÈtaiÈm$nts arè pièonl8d In glÈrlhg whk kq fL4lCtknal Cufrtfity oflhe Charblyaj roun iolhe nBBrest£.
Tho 8lgnrfi¢¥nl a¢¢ouniing pollcl8s appll8d tha prep•rnllon of 0$$ finan 5ts1BMtsnts 89t out below. Th8se pollc]e9 have boon
ThStent appl1 lo all y&ais prestnl8d unless $toled.
Incomlny resourc95
All inc(Kning resourc85 are included in th8 StalBmBnl of FInan1 Acliwiies IS
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202$ ACCOUNTING POLICIES Forelyn currency For9ft ¢uri>rKy v8nsa¢llorB aro I$1 r8COgnlsed by llpOylng lo the for8lgn rcY amDwI 8wI oxchBnga iale beNv86n th8 fun(181 ¢wtn¢y and the forelgn wrronw allhe dalo of thg trBn98cUon. etEry a55ets and Ilabllllk$ dmomlnaled In a loNgn currenGyal Ihg b8nC 9hee1dÈ ar6lranslated vslng the ¢b91ng rote. G8lns Bnd bs$es OnfO9n rrencY are recognls8d In the Stal8m8ntofFIMndal Acbwues. D8btoy$ re¢•lv•blè •thd ¢r4dltor payabl•wEthln one year DobtOl$ and ¢r8dllor$ $18led inieiesl r81e rec8abFe or pYbIg¥[n one yggr Are r8(udad al Iransgctk)n prt¢e. Any Eo$8e5 8rf$lng from Impaimenl arÈ enISed In expendknre. wrOt aAt InvèAlm•ntB Currenl asset Invesknenl ATe deposits, hd for investrnenl puws. 1h B rnalurity date of le88 Ih8n one ygBr. They ar8 finBncLql InBlruinents and are recorded alcoslwrfh incorne aTising malurilyollhe depD511. C&sh and cash equlv2lent• Cash and cash 0qV81entS comprlB8 cpAh on hand and ca deposlts. and 0lherBhort4£rffl hhlylwthd Inve51menls that are iegdlly Convertb lo o known amount Dfcgsh and Bre subleclto an1ngntral rfsk of valug. Flnantlal Ingtrumènt8 The charfvs financlBI Insltutnenls quallfy as b8s1¢ financ1 Instrumènls, Baslc flnan1 Instsurfnts are lnllk8lly r8wgnls8d 81 tran$aGtlon and Bub59ouenUy tneaEuied al Ihgir 58ttP8m8nl vdug. Fund accountlng Unre8triGted in(xm& fu8 are aValbI8 for u$8 81 dbcrdlon of the trusle$8 th futhwsn¢8 of the general obl8dwts8 of Ihb charity atyj which have T1 been designaled forolher PUTPD&g5. EnonnI funds Tèpi8$8nl thosè 8$$8ts which We gffted lo the chèrfty lo be hek4 for Inwme gewiolK)n ¥pd in furfh8rnn¢8 of the hart1$ oed5. InEotn& ail$lng lh$ endowmént fund3 be used In Accordance wllh Ihe eCIs Df th& chsrfly and Is Ined as unrèsirltl8d Inc¢tn8. AnY(apal galns or1088trs arising on th& Invbslmonb form part of the fund. Inv8sthenl managewl charGes 0nd16gal athl¢t rlabng to IhE fvnd chaw¥d tyèlwllhe fund. Golng concern Thp finarKlal StaternlS have bBgn prep¥red ¥ golrvJ concem basFs as Irvsiees bèllé¥& th81 no m8tsd81 un¢srf¥lniiB8 OX1, Thp Irusleqs hBvg (Kn5idBrBd the level of funds held and ihe frxpecied lev81 01 In(x>mb and bxpgDdllvr$ for 12 monlh$ fiom authDil$lw thèsa flnandal 5talomBniÈ. Th8 budogled &nd 6Xp&rlIr• 1$ $ulfleIwllh Ihe Iwel ol resèNe$ forthe ¢h8rfly io be abb ioeoniinut as 8 oolng cohctrin. Page 13
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 1. Invo¥lmTrnl Income 2025 Total Fund ZlJ24 Unrg¥irl¢t*d Fund Endowmont Furtdg Unre51rl¢ted Funds Endowrn&nt Furnds Funds Incornefrom Inveslm6n15 Intorbglon (x8h dep051b baPdn¢&$ 492.087 492,D87 21,415 513,492 561.634 561.634 20.833 582,467 513,482 582.467 2. RBlslng fijndj. Invo8lmenl managTrmfj#t ¢h•rot$ 2025 Total Fund 2024 Tot41 Funds Unreatllctod Funds Endowmenl Funds Vnrestrlctgd Fndowmont F¢rnd$ FE85 Pa 10 1nvèalmI manaub 84.135 84.135 84.135 84,135 95,512 95,512 95,512 95.S12 3. Chatabl$ a¢tlvltl@ 2025 Totsl Fund9 2024 Totsl Funds UnTestrlctsd Funds Ettdovm•nt Fynds untrIcted FundB Endowment FundF ChariiabladonaiionB Isee nots 7.1 Scholarships (see note 8.1 Suwort GOSt8 Iseg nole 4.1 Governance cusls (see nDlg S.) 652.370 57.wo 89,717 7,040 16.127 652.970 57.000 $9,717 7,040 816.127 549,136 56.0 121.200 10.750 737,086 649,186 56,0 121,2 10.750 737,006 Support£o¥tF 202$ Tgtsl Funda 2024 Un$trIcted FundF EndDwmont Fundè Endo%Ymenl FuThds Funds Fund5 oincs supwrt Attgunlancy fees Lag81 and profeB6k>nal f£es Trnvel and BUbBl0c8 OffiGe and admini51ialNec0515 41 19.$60 29.3S5 1,393 6,350 99.717 42,969 1g,850 29,355 1,393 6,350 99,717 45,155 22.956 44.314 2.89D 6.883 121.200 45.155 22.958 44.314 2.890 5.883 121.200 5. Governan¢9 Cost$ 2025 Totsl Fundo 2024 Total Funds UN1rIGled Fund$ Vnrestrl£ted Funds Endowmenl Fund6 Fund& Audltorf5 fee8 7,040 7.040 7,040 7,040 10.750 10.750 10.750 10.750 Page14
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 6. Independent auditDV¥ remunwrguon 2025 Total Fund¥ 2024 Total Funds Unr¢slrlcted Fund Endowm•ni Funds Unr•8lrfct•d Funds EndowmfrTht Funds 7.500 10,750 10,750 (Mr pityAon pFh¥ y8ar 1460 7,5 7.500 10.750 10,750 7. Charitablfj dTrn8tlons' GroNts to Institutlons- #nd England and Wal•B unl•sB Annotaied 2025 2024 Tvtal Fund Unro8tr1¢1od Funils Endowmont Funds Unre51ifctsd Funds ETrLlowmont Fund8 Funds Am)yandVefgrnns Comb£1 Stress Hglp forHeroes 2$,0 25.IAO 25,WO 10,000 35,000 25.000 10.DDD 3S.000 25,0(K) 25.0 Arts Donm3rWar8hou8e Royal Nabonal Thoairo ,o(x) a8.(0 40,000 40,000 40.000 40,000 36,0(W) 36,000 Childrpn and Young Pccple FaT[S lorciiychlldrèn LoDdDn YDulh Opera FACA'AdDpl & SchoDI' Tru81 Spi88d a Smil• Yothshlre 8aMbl Young Enteryse 25,WO 23,WO 25.000 23,000 25.0 3D,000 2D,OUO 65,OUO 183,WO 30,000 20.000 65.000 163.000 25,000 25,CM)) DIs8bl8d zhelmefs SUcty blind in Busith888 Cha1Y Heritage Foundtyiion NewAdvenlure$ SpadgWDTk Thp Dlsabkd Sallors'A9soclallon 25,000 25,Cts) 2D,DOO 15,0 15,OOD 20.000 15,000 Is.000 25.000 2S,O 10,ofK) 6D,ODD 10.000 60.000 ).000 50,0 Di5odvaryl8ged t)own$e Flshar One Small ThlrwJ Feliy Project Garden Mu6eu Th2 Searamouche Sailiw Trust TL¥nbull Fatnily Tru81 45,ODD SD,Oty) 45.000 50.000 1W.OOD 34.OOD IBV,D 34.ON 25.OOD 20.000 10.OOD IsD,o 25,0 20.000 10.000 150.000 214,OCY) 214,N Eéucalion81 ArrnDnlca ¢DnsthtLlmli8d Friend3 olAshlon Opéra Holl8nd Park T•rplè 8arTru51 NalloTrg1 Siong C8nlr8 25.OOD 25.OOD 30.000 50,000 ID,0 140,OCK) 25,0 25,0(Ml 3D.O SD,OCKI ID.0 140,0 20.( 20.000 20.OOD 20,000 4,D 490.0 46B,000 468.000 Page 15
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 7. Chllrtlllble donations. Grants to Instiiiitlon¥-Onofjnd England and Y1818$ wnl•$8 amnotstod 2025 Total Fund$ 2024 rotal Fund Unrg#irlctBd Funds Endowmdnt Fund Unrè$trl¢iod Fund¥ Endowmorbt Fund¥ 490,WO 4S8.OLNJ Eldety Anlhtsny Gèll & AnlhonyBuThllro m5 Barr191ers' Ben8volenl Fund Frl8ndsof Ihe Elderty GlaId1, LeonardD 75,th0 2,WO 10.IKO 17,270 104.270 I5,0 2,MQ lo,0 17270 104.270 2,0 10,OtM) 17,886 29,B86 2,OW 10,000 17,888 29,886 H05pIc9 aRdHospftal Frfend9 dThe Royal Matsden 8t ElIz81h5 Ho6Ewce 11,DLY) 110.OWI 1,0 11,000 10,OUO Misc8118n8Gus Walk21 Foundat 10, 10,000 10.000 10.000 Museumsand Galleries T111& Hots$È MuÈèum &Art 0818ry 25.000 25,000 25,000 25,000 E¥-Rlss1wlonFd Vsrths. up to £5,f 33,fjOD 33,IOD 33.100 33.100 40,250 40,250 40.250 40.250 652.370 652.370 549.136 549.136 . Scolor5hlps,' Grants to Instllullons. One and Ewland Walfjs unlB85 annotated 2025 Tot•1 Fund$ Z024 Total Funds Vnreslricled Fund Endowmfrnt Fumd% Endowmenl FuThds FuTrds Hor So¢lsty¢fGrgVs Inn 57.f 57.[ 57.OOD 57,OOD 56.000 56,000 56,000 56.000 9. Grantcommiimpnts The eh2dty has unpft)ved oranl MMItmEnts h le5 of annual stholBrshlps of up to £57,C¥IO. The gFgnts ere not provk1ed for kn the on Ihe b35Y6 they B BLé>lect lo ong(Mng ffloFNtoiing and r8viBw bofDi¥ ¥ubqugDt payitkBnts aFa nd. Page 16
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 111. Related party Iran6octlons ad omployont costs Th6 Chaillv&s SORP d9fines Iru5tee5 ss Key Managtymènl Pétsonnel . No Iw5tee& were iamunerated for bèlng A tru81È8 durfng the yèai undgr rbvlow. ThB thaTity has nD Bmpknye85 wilh oifKe support Ptovided by an ernpbyee Df OM of Iruslees Ihls rnsl 15 shDwn wlthln nots 4. of ihesè nandal slaièmènis. Durfno thè undèr lèVW onè ol th8 Char1$ Irus18, J Dkklnson. prDvldèd atttswtaw 69T¥kgB and nnandal advlca to Iha ch9rf1y was P8kS £19,650 forlNg. In comp8rglfve year iwo ol ihe chBdlls IruGlees, R MaÈDn J Dickln80n, prov1 aoxunlancy and financl81 advlca lo the and wgrg pald £16,0 and £12,628 reSFWtffj1Y. One of lh8 chBrWs &te B Peerlefjg, b a partner of Ch8rfe5 Ru58ell Spee¢hly9 LLP $dkllDfs. Durfng the year wder rev fees lolalllnu £28,47012024.' £37,626) were paid lo Chartes Ru55ell Sp8eGhlyE LLP. During thg under TeW E1,J931%>24.. £8,027) wgs Twmburs8d lo IIuBiee5 for travel and offi¢e Ied In course of theli 11. FlxEd asset Inves¢ments. manBged fund8 2025 Total Funds 2D24 Tolal Fund5 arkdi br¢uthl foNard Add0ftE al $1 DIspog81$ pro¢eeds GalnllLossl on revBluafbn marke1vu8 tor¥Yard Plus.. InveBlmenlcash 17.OD1,834 3.304,458 13.8S8,2521 41,556 16,4OB.484 905,973 17.314.457 17,738.68D 4.858.171 16.273.900) 680.683 17,001,834 1,?48,572 18,248.AO6 An8ly8ed Wki4YE.' xed InieieBI EquilS- UK E4uits- Ovar5eas Atternalfves 1,188.168 4,804,078 8,B19.897 1.598.341 16,408.464 1,771,831 5,gB3,571 7,878,g*2 1,267.470 17.001,834 12. Cr4dltorF'. &Thvunls falllnu dug wlthln onfj yqar 2025 2024 Total Funds Fund GrBnl treditor8 Accounl8ncyfe&s Aud Fae9 Prolesslonal fees Inve51fflfml Managerngnl Fee5 Ttustefj EX[ne5 518.750 2.4 7,S 3,186 19,507 2,217 553,560 1,232,500 2.600 10,000 6.450 21,47 2.190 1,275,218 Page 17
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 13. Analy¥is of bwtwoÈn funds 2025 Totol Fund 2024 Totsl Funds UDr•slrfcted Fund5 Endowmvnl Fund Unraslrlcled Fundg End0&t Fundg Flxed asset5 Curient899e19 Currert IleNI*& 17.314,457 12D.633 1553.5601 16,881,530 17,314.457 12D,633 1553,5601 16,081,530 18,248.406 338,814 18,248,4 338,814 17,312.002 f7,312.OD2 14. ATraly5]s01 nol movern8Thts In lunds YoHTondod 31 March 2025 Nel galn$41065osI EKpoD¢Jiluro on iFbVgStmenl8 rolal funds brought forward rransfevs bgtwgen fundB Total funds carrlod forward Inwmo Endowm8nlluNds Expwdabb ÈndDKYnèDtfvnd 17.312.002 17.312.002 84,135 184,1351 43,692 143,6921 302.645 302,645 16.8B1,S30 18.881,S30 Unrnslrkl8dfw)ds G8n8r81 fund 513,482 513,482 302.645 302,645 816.127 17.312.002 513,482 D,282 143.6921 16.881,$30 Yearended 31 Mar¢h 2024 Net galnsllhisseBI on Inveslrnenls Totol ftinds brought lorwar Transler betseen funds Total lundB cArrled roThvard In¢om• Expgndllure Endokvm8ntfiMds Experb endowmEnlfund 1$.88e,916 18,886,916 ,512 95.512 875,217 875,217 154.6191 154.619 17.312,002 17,312,002 G8neFg1 fund 737.Q86 1737.0861 154,619 154,619 $82.467 18,886.916 582,467 832,598 675.2f7 17.312.002 D95tin of funds Evnda8 en<bVnIfUnd Tho 91pèrabl 8ndowmènl comprf98s arnounts Oln by g8111a, olwhlth apprDxlm?lely £SDD,O w8$ glven by on the crealknn of the Tru91 In 1976, a further £500.000 on Ihe 4¢8lh of ltsl sdllor In 1982 and E10,0o0,c on tho death of the Seco 8ettloi In 1995 and a further £280.{ In 1896. T bal8nco ropresEnlslhe growth I vtJuB overthe petiod not ol Vestm81 ttbanagetnenl l£es. Page 18
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCFI 2025 NOTES TO THE FINANCIAL STATEMENTS 15. CompyTatlvé Statem¢nt of Flnanclal Actlvlll96 2[124 Tolal Futhd8 Vnrg¥trlctTrd FwndÈ Notty INCOMEAND ENDOWME14T8 FROM.. Inv95knent8 582,467 582,467 Tot $82,467 582.467 EXPENDITURE ON.. Rai¥ing fund8- Invesiwt management fee$ ¢h3Tilablp atuvit ,512 95.512 737.086 737,086 Tot n7,086 95,512 832.598 Net ir•IlAP9ndrtUr8I befor8 inV&8trnOlltga8llk1SEStsI 1154.6191 195.5121 Nel galnslllosseGI on Investment o559ts Nel 9Blnslllosge31 on fOren exchange 680.683 15,4e61 880.683 15,4681 Not IncomBl1è]ondIrg) 1154,6191 579,705 425.086 Transfers bDlwggn lund¥ 13 154,e19 154,619 NetThovfjmont In fund$ 425,086 425.086 RECONCILIATION OF FUNDS Totsl lund$ brought foThvBrd 12. 13 18.886.916 16.886.916 Yotal funds VrI6 lo9rd 12. 13 17.312.002 17.312,002 P8g* 19
THE BAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 18. Flnancl•l 1rtgtMm•ntB The fArWng amounL8 ofthe lI3nan3t Instruwts aro a$folow$'. 2025 Yotal Funds 2024 rolal Funds Flnendalassols M8&8wed al fairv8lv9 ihrouph net InconeXped1lurel-. Flxed as$91 I$1MnIS 17.314.457 17.314.457 18,248,406 18,24B,406 Fa*V81 on ffxsd as$81 Invo&trnsnl8 1$ On Ihts basb ol mld-mtyrkpt from Illlh8 appropriBia Stock Exchange,1111 bld prlte l.< the en1 prf¢e 8 buyerK8 Willlng lo pay. fM Itre 1ekvanlfiJr m8n8ger. ty lillllhe ¥1 lrtded PTicowheieEpJrable. The kn¢c. Expense, nEt g¥ln3 and ne11035 atlributablB lo Ihe tha3finanal instruments are summartsed as followg.. ncomo and&ypfjnse FlThgnclal gsyats me8sur8d alf8lrvaluÈ knroh kncijmgll•xpBnd1rèI Inveslmenllneorne Investmenlmanagemenl fee 4.07 184,1 407,932 5el,634 95,512 466.122 NelgainsanLIID8S9s (hcluthry Ghangesln falr vakn) FinanrAal a3set8 tnea3ured al fairvaluelhrough nel cor/{eXpendI1uI9> NBlgaln&lllossps1 on InveslmEThts 41,S56 1,556 e80.683 660.683 FIX 88s•1 Invtsimenls 8T8 h8bJ 8118ir VBlue wlh valu81103 oblaintsd by referetK8 10 mthl pikes from approprfBte stock ex¢h8noe. bkj Ices dnd last Iradèd prite$whpre appll¢$ble. Page 20