The Band Aid Charitable Trust
Trustees' Report and Financial Statements Year Ended
30 November 2020
Charity Number 292199
The Band Aid Charitable Trust
Report and financial statements for the year ended 30 November 2020
Contents
Page:
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1 Legal and administrative information
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2 Report of the trustees
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9 Independent auditor's report 12 Consolidated statement of financial activities 30 November 2020
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13 Consolidated statement of financial activities 30 November 2019
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14 Consolidated and charity balance sheets
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15 Consolidated cash flow statement
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16 Notes forming part of the financial statements
The Band Aid Charitable Trust
Legal and administrative information
Trustees
R Geldof KBE (Chairman) J Kennedy OBE M Ure OBE H Goldsmith CBE Lord M Grade CBE C Morrison
Registered Charity Number
292199 (England and Wales)
Principal Address
1 Princeton Mews, 167-169 London Road, Kingston Upon Thames, Surrey, KT2 6PT
Auditors
HW Fisher LLP, Acre House, 11/15 William Road, London, NW1 3ER
Solicitors
Bray & Krais, Suite 10, Fulham Business Exchange, The Boulevard, Imperial Wharf, London, SW6 2TL
Bankers
National Westminster Bank Plc, PO Box 158, 214 High Holborn, London, W1CV 7BX The Royal Bank of Scotland Plc, 49 Charing Cross, London, SW1A 2DX
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The Band Aid Charitable Trust
Report of the trustees for the year ended 30 November 2020
The trustees present their report along with the financial statements of The Band Aid Charitable Trust November 2020. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Structure, Governance and Management
The Trust's status was formalised in a Trust Deed dated 26 April 1985, as amended by a scheme of the Charity Commissioners dated 24 January 2005, amended on 6 September 2005 and 14 November 2014.
The amendment on 14 November 2014 to the chari charity to administer funds from the Band Aid 30 campaign. The initial purpose of this branch is to raise funds to help fight the spread of Ebola in West Africa and support those affected by the virus. However, the objects of this branch are wider and include the relief of sickness and the preservation of health among people residing permanently or temporarily in Africa or such other charitable objects relating to Africa as the trustees may from time to time determine.
The trustees who have served during the year and since the year end are set out on page 1.
The Trust deed provides for a minimum of 4 and a maximum of 6 trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees. The chair of trustees is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous years' annual report and accounts and a copy of the Charity Commission leaflet 'The aining and literature as required. The existing trustees have held office since the formation of the Trust in 1985.
The Trust continues to operate with no staff or office of its own. The trustees are responsible for all decisions and authorisation of payments made from the Trust. They are the key management personnel.
Documents are circulated to the trustees by post and email for their consideration and, where appropriate, for their authorisation. Any issues that require input or discussion from all trustees are dealt with via email.
The trustees aim to meet at least once per calendar year to review the status of the Trust and discuss any relevant issues, as well as to consider the future activities of the charity. However, matters are reviewed on an informal basis throughout the year, and any immediate issues or points for discussion are dealt with by email.
Public benefit
The trustees are aware of their responsibilities for ensuring the charity operates for the public benefit and are cognisant of making and charitable activities set out how we further achieve our charitable purpose for public benefit.
During the year the charity has not actively raised funds from the public. No professional fundraisers were used during the period and the charity has not voluntarily registered with the Fundraising Regulator.
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Report of the trustees for the year ended 30 November 2020 (continued)
The Band Aid Charitable Trust
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees consider the principal risk in this regard to be the award of grants to third party organisations and the associated reputational risk that trustees review all funding applications presented to them for consideration to ensure the proposed activities meet themselves subject to a high level of public scrutiny and audit, have worked with Band Aid over many years and have a good track record for delivering projects and reporting to the charity on a timely basis.
To the extent the trustees decide to consider a grant to an organisation it has not funded before they undertake enhanced due diligence on that organisation and its trustees. Initial grants to new organisations are also restricted in size.
Covid-19
The trustees have considered the impact of the Covid-19 outbreak management accounts for the year to date, income from the intellectual property owned by the charity remains in line with the prior period and on this basis the trustees are not expecting a significant impact on trading revenue. Donations and investment income have been minimal in recent years and on this basis the trustees do not anticipate a material impact from Covid-19 on these income streams. The trustees have engaged with the charitable organisations that were awarded grants in FY20 to understand the impact of Covid-19 on implementation of any ongoing projects and at present the trustees are comfortable that all activities will continue as planned albeit with some revision to previously agreed timelines. From April 2020 the charity has limited the number of new funding applications as the impact of Covid-19 on the countries and communities supported by Band Aid continues to d effectively. At the date of approval of these financial statements, the extent and quantum of the ongoing disruption caused by the Covid-19 pandemic remains uncertain.
Objectives and Activities
The Band Aid Charitable Trust was established by the current trustees to administer the funds generated from the sales of the single 'Do They Know It's Christmas?' which was written by Bob Geldof and Midge Ure to raise money in response to the Ethiopian famine of 1984.
The Trust was also used to collect the donations pledged by the millions of people worldwide who watched the Live Aid concerts in London and Philadelphia in July 1985.
In 2004 the charity sold the DVD rights of the Live Aid concerts to a third party, via its 100% subsidiary Band Aid Trading Limited (formerly Woodcharm Limited). The DVD was released in advance of the 20th anniversary of the concerts. No income was received from the Live Aid DVD in this period.
The charity single 'Do They K -recorded and released in November 2004 through Band in the form of sales and publishing royalties, which are distributed to Band Aid under the Gift Aid scheme.
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Report of the trustees for the year ended 30 November 2020 (continued)
The Band Aid Charitable Trust
Objectives and Activities (continued)
The 20th anniversary of Live Aid in 2005 coincided with the G8 summit in Scotland, and the trustees felt that this presented an opportunity to lend support to the Make Poverty History campaign, which aims to compel rich countries to fulfil their obligations and promises to help eradicate poverty by calling for urgent and meaningful policy change on the three inextricably linked areas of trade, debt and aid. On Saturday 2 July 2005, 10 concerts took were asked to lend their support to the Make Poverty History campaign by adding their names to a list that would be presented to Tony Blair, as chair of the G8. The Live 8 concerts were watched by an estimated 3 billion people. Whilst these concerts were free to the public, income was generated from a text lottery, sponsorship and merchandising.
concerts, in order to generate another source of income for the company in the form of sales and publishing royalties, which are also distributed to Band Aid under the Gift Aid scheme. No income was received from the Live
In November 2014 the trustees were once again moved to take action to support the poor of Africa; this time to raise funds to fight the spread of the Ebola virus which had already claimed the lives of thousands of people in Sierra Leone, Guinea and Liberia, and to raise international awareness of the crisis to encourage governments to take immediate action. A new group of current artists and musicians were enlisted by Bob Geldof and Midge Ure to resingle was recorded), with the aim of raising funds for the campaign from sales of the single. Online and SMS donation facilities were also set up for members of the public to donate directly to the Band Aid 30 campaign.
The Band Aid 30 single was released on 17 November 2014, reaching Number 1 in the charts in 69 countries.
By 20 January 2015 (two months following the release of the Band Aid 30 single) Band Aid had awarded grants in excess of £1.9m to a variety of projects in West Africa to help fight the spread of Ebola and help those affected by the disease. In the period to 30 November 2020 Band Aid awarded grants totalling £150,000 (2019: £230,000) from the Band Aid 30 fund to support ongoing Ebola related projects.
In 2019 the charity made digital tracks and footage of the Live Aid and Live 8 concerts available for streaming to the public across various platforms, via Band Aid Trading Limited. This has created another new income stream for the charity. In the period to 30 November 2020 income from streaming revenues totalled £344,146 (2019: £196,263).
The trustees wish to thank all of those who continue to give so generously and contribute towards achieving the objectives of the Trust. Total income of the Trust since inception is £139m (US$ 214m).
Since 1985 funds have been provided on an ongoing basis for long term development projects and emergency aid. The majority of funds originally raised were spent on projects in Ethiopia and Sudan, where the threat of famine was at its worst. Over the years, Band Aid has continued to support projects that benefit the poorest and most vulnerable in Africa.
The trustees favour long term projects where a contribution from Band Aid will make a lasting difference to the lives of the beneficiaries. Where possible, projects funded include the participation of the local communities so that activities can be tailored to address specific needs and to ensure that the benefits arising continue long after implementation has ceased. The trustees also believe that projects funded should have the potential for wider impact, for example, through the spread of an approach, technology or practice, and through influencing other persons, agencies and governments.
The main objective for the year was to continue to apply the income received by Band Aid and its trading
Band Aid Trading Limited has continued to receive royalty income from the Band Aid 20 and Band Aid 30 singles, and streaming revenues. Band Aid continues to receive royalties from sales of the original recording of "Do They Know It's Christmas?" and from licensing clips of the Live Aid concert, directly.
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The Band Aid Charitable Trust
Report of the trustees
for the year ended 30 November 2020 (continued)
Objectives and Activities (continued)
The charity also received voluntary donations from individuals and corporate donors totalling £9,864 (2019: £19,700).
Surplus cash balances held, awaiting investment in charitable projects, placed on short term deposit, also contributed to the rates currently available.
Grant making policies
The trustees' policy is to consider all applications received and to choose those projects that meet the Trust's general charitable objectives.
Band Aid has developed a rapid funding mechanism which is designed to efficiently manage the grant making process and provide quick decisions to organisations by reconciling their needs and those of the intended benefici
Income received has continued to be granted to various organisations who implement projects in Africa, via the established funding process.
Achievements and Performance
Charitable activities
During the year the trustees authorised grants totalling £981,064 (2019: £809,672) to other charitable organisations for projects in Africa. Of this amount, £150,000 (2019: £230,000) was awarded from restricted funds as part of the Band Aid 30 campaign. The balance of £831,064 (2019: £579,672) was awarded from general funds to a selection of projects in Ethiopia.
Band Aid 30 (BA30) Projects
In 2020 Band Aid awarded grants totalling £150,000 (2019: £230,000) from the BA30 fund.
All grants from the BA30 fund (2019: £80,000) were applied to post-Ebola recovery activities and preventative measures designed to minimise the risk of future Ebola outbreaks. This includes a grant of £50,000 as a contribution to agricultural and business education schemes in Sierra Leone, and a grant of £100,000 to support a range of targeted measures in the Democratic Republic of Congo, including water & sanitation activities, community messaging, immunisation campaigns and psychosocial support for families affected by Ebola.
Food Security and Livelihood Projects
The trustees awarded five grants to four separate organisations totalling £314,788 (2019: £198,652) to tackle malnutrition and related issues.
This includes a grant of £11,902 as a contribution to a project designed to increase access to sustainable food and income for communities in the Karamoja subfor farmers on climate resistant farming practices and enterprise value chain development, and the provision of farming equipment.
A grant of £82,500 was awarded to support over 1,500 households in Addis Ababa, Ethiopia, whose livelihoods and food security had been adversely impacted by Covid-19, via a cash transfer scheme to facilitate the purchase of essential food items, access to clean water and basic household items. The wider project also supported community awareness campaigns on Covid-19 prevention. Due to foreign exchange and other efficiencies, there was a budget surplus of £13,621 at the end of this project, which was reallocated in 2021 to support the distribution of emergency food supplies to vulnerable families in the Afar region of Ethiopia.
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The Band Aid Charitable Trust
Report of the trustees
for the year ended 30 November 2020 (continued)
Achievements and Performance (continued)
Food Security and Livelihood Projects (continued)
Band Aid continued to support a number of small communities in the Dara district of Ethiopia with a grant of £5,400 (2019: £5,090) to supply grain to help address malnourishment amongst school children, and crop seedlings to help provide a sustainable source of food and income for their families.
Grants totalling £214,986 (2019: £150,000) were awarded to support school feeding programmes in Ethiopia, helping to provide over 16,000 vulnerable children with a nutritious daily meal in their place of education every school day.
Health Improvement
Grants totalling £253,548 (2019: £63,400) were awarded in the period for projects focused on improving the health of communities in Ethiopia.
As an extension to a project funded in the prior year, Band Aid made two grants totalling £100,000 (2019: 50,000) to help over 600 women suffering from obstetric fistula access vital surgical and maternal health services in the Southern Region of Ethiopia.
An additional grant of £9,800 (2019: £11,400) was awarded to provide ongoing support to elderly and other vulnerable people in the Dara district of Ethiopia through the construction of basic housing. The project is supported by the local communities through the provision of materials and labour. A further £1,750 (2019: £2,000) was awarded as a contribution for these individuals to access basic health care throughout the year. Band Aid also contributed £2,700 to provide soap to households in the community in support of hygiene and sanitation activities.
Other grants awarded by the charity in this category include £93,500 to provide permanent shelters for refugees in the Gambella region and £45,798 to fund a project in the Goro Woreda to pilot a calendar system for use by health workers and community volunteers to help reduce death rates among pregnant women and new born children from preventable and treatable conditions; the project includes training for health workers and provision of the necessary materials.
Education
Education grants in the period totalled £180,014 (2019: £31,750).
In Ethiopia, activities were focused on providing ongoing support to existing projects, including smaller-scale education activities in the Dara district of Ethiopia, (upgrades and repairs to existing classrooms, school libraries and pre-schools and the provision of teaching materials and related equipment), totalling £8,175 (2019: £6,750) and the delivery of a structured training programme over 36 months for 50 individuals from the local community rting a range of projects designed to meet the needs of the poor and hungry in the local area, totalling £21,135 (2019: £25,000). An additional grant of £99,997 was awarded for improvements to schools and education equipment in Raya Azebo.
In Uganda, Band Aid supported two education projects. A grant of £25,316 was awarded as a contribution to provide specialised technology and adapted learning materials to improve inclusive education for children with sight and hearing impairments, and a grant of £25,391 to support over 400 girls in completing primary education via new, web-based learning tools, enabling them to progress to secondary school.
Water and Sanitation
Band Aid awarded one grant of £82,714 (2019: £285,870) as a further contribution to a water infrastructure project in Zuway Dugda, Ethiopia. Activities include the renovation of boreholes and reservoirs and the construction of rainwater harvesting systems. These activities will help provide clean water to over 25,000 community members.
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Report of the trustees for the year ended 30 November 2020 (continued)
The Band Aid Charitable Trust
Fundraising activities
During the year, the Band Aid 30 campaign raised £88,915 (2019: £137,763). Of this amount, £nil (2019: £103) represents voluntary donations and £88,915 (2019: £137,660) of royalties from the sale of the single and other associated revenue streams.
Financial review
The total funds of the group at 30 November 2020 stood at £3,834,869 (2019: £1,704,853), of which £3,544,628 reserves of the Trust to assess the level of grant making in the future.
Following the emergency grants awarded in prior periods the Trust continues to retain an emergency fund balance of £196,208 (2019: £196,208) in reserve. In the event of a major natural disaster or humanitarian crisis in or around Ethiopia this fund will be used to provide an immediate source of aid and relief to the affected area(s). The trustees did not approve any funding applications made for the emergency fund in the period. Post year end, the trustees are considering funding applications for emergency relief efforts in the Tigray region of Ethiopia, and it is possible that the emergency fund will be utilised to support appropriate activities; this will be reviewed on a case by case basis with consideration to the level of general funds available.
During the year, Band Aid had total incoming resources of £3,193,746 (2019: £1,053,251). A total of £1,063,730 (2019: £892,563) was committed to charitable activities and related expenditure.
All profits realised by the charity's trading subsidiary, Band Aid Trading Limited, are distributed to Band Aid under the Gift Aid scheme.
Plans for future periods
The trustees will continue to fulfil the objectives of the charity by applying all future income from the various sources to fund projects that aim to help relieve hunger and poverty in Ethiopia and the surrounding countries.
Income generated from the Band Aid 30 campaign will continue to be applied to projects in West Africa designed to help support post-Ebola recovery activities in the region, as well as other projects in Africa to support the relief of sickness and the preservation of health generally.
In addition, the Trustees will continue to monitor the success of the projects they have funded in earlier periods.
Band Aid and its trading subsidiary will continue to receive income from the various copyrights held which will be used to achieve the objectives of the charity.
Trustees' responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, including FRS 102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland.
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the charity's financial position at the end of the year. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply consistently;
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Make judgements and estimates that are reasonable and prudent;
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Observe the methods and principles in the Charities SORP;
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The Band Aid Charitable Trust
Report of the trustees
for the year ended 30 November 2020 (continued)
Trustees' responsibilities in relation to the financial statements (continued)
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State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on their behalf:
John p kennedy J Kennedy OBE Trustee
29 Sep 2021
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The Band Aid Charitable Trust
Independent auditor's report to the trustees of the Band Aid Charitable Trust
Opinion
(the 'group') for the year ended 30 November 2020 which comprise the Consolidated statement of financial activities, the Balance sheets, the Consolidated cash flow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the group's and parent charity's affairs as at 30 November 2020 and of the group's incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirem Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you were:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's and the parent charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the Trustees report and financial statements, other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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The Band Aid Charitable Trust
Independent auditor's report to the trustees of the Band Aid Charitable Trust (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's and parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial auditor's report.
Other matter
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2017.
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The Band Aid Charitable Trust
Independent auditor's report to the trustees of the Band Aid Charitable Trust (continued)
Use of our report
and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume respo trustees as a body, for our audit work, for this report, or for the opinions we have formed.
HW Fisher LLP
HW Fisher LLP
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London United Kingdom NW1 3ER
Date 29 Sep 2021
.........................
HW Fisher LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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The Band Aid Charitable Trust
Consolidated statement of financial activities for the year ended 30 November 2020
| Unrestricted funds Note £ Income from: Donations and legacies 3 9,864 Other trading activities 3 3,089,818 Investments 3 5,149 _ Total income 3,104,831 _ Expenditure on: Raising funds 4. 26,317 Charitable activities 4. 878,797 _ Total expenditure 4 905,114 _ Net movement in funds 2,199,717 Funds balances brought forward at 1 December 2019 1,541,119 __ Funds carried forward 30 November 2020 3,740,836 |
Restricted Funds £ - 88,915 - _ 88,915 _ - 158,616 _ 158,616 _ (69,701) 163,734 __ 94,033 |
Total 2020 £ 9,864 3,178,733 5,149 __ 3,193,746 _ 26,317 1,037,413 __ 1,063,730 _ 2,130,016 1,704,853 __ 3,834,869 |
Total 2019 £ 19,700 1,027,627 5,924 _ 1,053,251 _ 21,544 871,019 _ 892,563 _ 160,688 1,544,165 __ 1,704,853 |
|---|---|---|---|
All amounts relate to continuing activities.
All gains and losses recognised in the year are included in the Statement of Financial Activities.
The notes on pages 16 to 27 form part of these financial statements.
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The Band Aid Charitable Trust
Consolidated statement of financial activities for the year ended 30 November 2019
| Unrestricted funds Note £ Income from: Donations and legacies 3 19,597 Other trading activities 3 889,967 Investments 3 5,924 _ Total income 915,488 _ Expenditure on: Raising funds 4. 21,544 Charitable activities 4. 625,107 _ Total expenditure 4 646,651 _ Net movement in funds 268,837 Funds balances brought forward at 1 December 2018 1,272,282 __ Funds carried forward 30 November 2019 1,541,119 |
Restricted funds £ 103 137,660 - _ 137,763 _ - 245,912 _ 245,912 _ (108,149) 271,883 __ 163,734 |
Total 2019 £ 19,700 1,027,627 5,924 __ 1,053,251 _ 21,544 871,019 __ 892,563 _ 160,688 1,544,165 __ 1,704,853 |
Total 2018 £ 20,204 594,999 3,696 _ 618,899 _ 11,914 431,879 _ 443,793 _ 175,106 1,369,059 __ 1,544,165 |
|---|---|---|---|
All amounts relate to continuing activities.
All gains and losses recognised in the year are included in the Statement of Financial Activities.
The notes on pages 16 to 27 form part of these financial statements.
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The Band Aid Charitable Trust
Consolidated and charity balance sheets as at 30 November 2020
| Charity Number 292199 Note Fixed assets Intangible fixed assets 8 Investments in subsidiaries 9 Current assets Debtors 10 Cash at bank Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Provisions for liabilities 12 Total net assets Income funds Unrestricted funds - general 14 - designated 14 - restricted 14 |
Group 2020 £ 3,298 - __ 3,298 2,343,539 2,067,398 __ 4,410,937 (578,740) __ 3,832,197 __ 3,835,495 (626) __ 3,834,869 __ 3,544,628 196,208 94,033 __ 3,834,869 |
Group 2019 £ 4,123 - _ 4,123 270,720 1,537,344 _ 1,808,064 (106,633) _ 1,701,431 _ 1,705,554 (701) _ 1,704,853 _ 1,344,911 196,208 163,734 __ 1,704,853 |
Charity 2020 £ - 2 __ 2 2,225,669 1,679,893 __ 3,905,562 (562,930) __ 3,342,632 __ 3,342,634 - __ 3,342,634 __ 3,053,884 196,208 92,542 __ 3,342,634 |
Charity 2019 £ - 3 _ 3 145,717 1,248,543 _ 1,394,260 (90,214) _ 1,304,046 _ 1,304,049 - _ 1,304,049 _ 945,599 196,208 162,242 __ 1,304,049 |
|---|---|---|---|---|
29 Sep 2021
Approved by the trustees and authorised for issue on
and signed on their behalf by
John p kennedy ______ J P Kennedy OBE
______ R Geldof KBE
The notes on pages 16 to 27 form part of these financial statements.
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The Band Aid Charitable Trust
Consolidated cash flow statement for the year ended 30 November 2020
Reconciliation of net outgoing resources to net cash outflow from operating activities
| 2020 £ Cashflows from operating activities Net incoming resources 2,130,016 Amortisation of intangible fixed assets 825 Interest received on bank deposits (5,149) (Increase) in debtors (2,072,819) Increase in creditors 472,107 (Decrease) in provisions (75) __ Net cash inflow/(outflow) from operating activities 524,905 _ Cash flow statement 2020 £ Net cash inflow/(outflow) from operating activities 524,905 Cashflows from investing activities Returns on investments and servicing of finance: Interest received 5,149 __ Increase/(decrease) in cash in the year 530,054 _ Reconciliation of net cash flow to movement in net funds 2020 £ Increase in cash in the year 530,054 Net funds at 1 December 1,537,344 __ Net funds at 30 November 2,067,398 |
2019 £ 160,690 1,031 (5,924) (86,881) 17,966 (175) _ 86,707 _ 2019 £ 86,707 5,924 _ 92,631 _ 2019 £ 92,631 1,444,713 __ 1,537,344 |
|---|---|
The notes on pages 16 to 27 form part of these financial statements.
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Notes forming part of the financial statements for year ended 30 November 2020
The Band Aid Charitable Trust
1 Principal accounting policies
The financial statements have been prepared under the historical cost convention and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. There have been no changes in accounting policies and the following are the principal policies used:
The accounts have departed from the applicable regulations only to the extent required to give a true and fair view. This departure has involved following the Statement of Recommended Practice referred to above rather than the version which is referred to in the regulations but which has since been withdrawn.
The consolidated accounts incorporate the financial statements of the charity and all of its subsidiary undertakings. Consolidation is on a line by line basis.
Going concern
As stated in trustees report, the trustees have considered the impact of the Covid-19 outbreak. The trustees consider that the confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future.
Parent company disclosure exemptions
In preparing the separate financial statements of the parent entity, advantage has been taken of the following disclosure exemptions available in FRS 102:
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No cash flow statement has been presented for the parent entity;
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Disclosures in respect of the parent entity disclosures have been provided in respect of the group as a whole and;
-
No disclosure has been given for the aggregate remuneration of the key management personnel of the parent entity as their remuneration is included in the totals for the group as a whole.
The following principal accounting policies have been applied:
Income
Donations and legacies are recognised on a receivable basis and are included within the accounts net of value added tax.
Other trading activities consist of royalty income, which is recognised on a receivable basis and is included in the accounts net of value added tax.
Investment income is recognised on a receivable basis.
16
The Band Aid Charitable Trust
Notes forming part of the financial statements for year ended 30 November 2020 (continued)
1 Principal accounting policies (continued)
Expenditure
Expenditure is accounted for as and when incurred except for grants to relief and development projects, which are accounted for when approved and when payment arrangements have been made. Projects approved by the Trustees, but for which no payment arrangements have been agreed, are shown as commitments.
Raising funds costs consist of direct and support costs incurred by trading subsidiaries.
The costs of charitable activities include grants made and support costs incurred by the Trust.
Support costs policy
Support costs, as summarised in notes 4 and 6, are allocated in accordance with the underlying entities to which they relate.
All costs attributable to the operation and day-to-day running of the charity, including professional fees, insurance, irrecoverable VAT and storage costs, are disclosed within 'Charitable expenditure' and allocated against each category on a pro rata basis, proportional to the grants, issued in each category as a percentage of total grants awarded.
All other costs incurred directly by the trading subsidiaries, including professional fees, amortisation of intangible assets and exchange gains/losses, are disclosed within 'Cost of generating funds'.
Governance costs comprise those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Intangible assets
Amortisation is provided to write off the original cost, less any impairment, less estimated residual values, of licenses, evenly over their expected useful lives. It is calculated at the following rates:
| Live Aid DVD rights | - | 20% per annum reducing balance |
|---|---|---|
| Band Aid 20 rights | - | 10% per annum straight line |
| Live Aid 1 hour television rights | - | 50% per annum straight line |
| Live 8 DVD rights | - | 20% per annum straight line |
| Live 8 licence | - | 20% per annum straight line |
An impairment review will be carried out at the end of each year if events or changes in circumstances indicate that the carrying values may not be recoverable.
Foreign exchange translation
Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets are translated at the rates ruling at the balance sheet date. Any differences are taken to the statement of financial activities.
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.
Deferred tax balances are not discounted.
17
The Band Aid Charitable Trust
Notes forming part of the financial statements for year ended 30 November 2020 (continued)
1 Principal accounting policies (continued)
Restricted funds
Where funds are received for specific purposes set out by the donor, these are shown as restricted income in the statement of financial activities. Expenditure for the purposes specified is applied against the income and any amounts unexpended at the balance sheet date are shown within restricted funds.
Designated funds
The Trustees, at their discretion, may set aside funds to cover specific future costs. Such funds are shown as designated funds within unrestricted funds. Where the trustees decide such funds are no longer required for the purposes intended, they may be released by transfer to general unrestricted funds.
Financial instruments
The entity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Financial assets are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and are subsequently held at amortised cost.
Valuation of investments
In the entity red at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
2 Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the trustees have had to make the following judgements:
Determine whether there are indicators of impairment of the subsidiaries intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. The Trustees have concluded that there was no impairment.
18
The Band Aid Charitable Trust
Notes forming part of the financial statements
for year ended 30 November 2020 (continued)
3 Income
| Donations and legacies Individuals Trusts and Foundations Corporate grants |
2020 £ 840 2,440 6,584 __ 9,864 |
2019 £ 1,188 7,000 11,512 __ 19,700 |
|---|---|---|
Donations and legacies were received during the year of £9,864 (2019: £19,700) of which £9,864 (2019: £19,597) was unrestricted and £nil (2019: £103) was restricted.
Other trading activities
Record and video royalties were received during the year of £3,178,733 (2019: £1,027,627) of which £3,089,818 (2019: £889,967) was unrestricted and £88,915 (2019: £137,660) was restricted.
| Investment income Interest on cash deposits - received gross All investment income in 2020 and 2019 was unrestricted. 4 Expenditure Relief Governance grants costs £ £ Raising funds - Fundraising trading - - Charitable expenditure - Water and sanitation 82,714 1,180 - Health improvement 253,548 3,618 - Food security/livelihoods 314,788 4,492 - Education and assistance 180,014 2,569 - Band Aid 30 150,000 2,141 _ _ 981,064 14,000 |
Support costs £ 26,317 3,571 10,945 13,588 7,770 6,475 __ 68,666 |
2020 £ 5,149 ______ Total 2020 £ 26,317 87,465 268,111 332,868 190,353 158,616 __ 1,063,730 |
2019 £ 5,924 |
|
|---|---|---|---|---|
| __ | _ Total 2019 £ 21,544 307,530 68,204 213,703 34,156 247,426 _ 892,563 |
All raising funds expenditure in 2020 and 2019 was unrestricted.
Charitable expenditure was £1,063,730 (2019: £892,563) of which £905,114 (2019: £646,651) was unrestricted, £158,616 (2019: £245,912) was restricted.
19
The Band Aid Charitable Trust
Notes forming part of the financial statements
for year ended 30 November 2020 (continued)
4 Expenditure comparative breakdown (continued)
| Raising funds - Fundraising trading Charitable expenditure - Water and sanitation - Health improvement - Food security/livelihoods - Education and assistance - Band Aid 30 5 Relief grants Relief grants to institutions: Action Aid Build Africa Birhan Social Development Training Christian Aid Food for the Hungry Hamlin Fistula UK Mary's Meals Open Way Plan UK Save the Children SOS Sahel Street Child StreetInvest CAFOD Sense International UNHCR Women and Children First UNICEF |
Relief Governance grants costs £ £ - - 285,870 3,168 63,400 703 198,652 2,202 31,750 352 230,000 2,549 _ _ 809,672 8,974 _ _ |
Support costs £ 21,544 18,492 4,101 12,849 2,054 14,877 _ 73,917 _ |
Total 2019 £ 21,544 307,530 68,204 213,703 34,156 247,426 __ 892,563 __ 2020 £ 99,997 - 21,135 82,714 25,391 100,000 214,986 27,825 - 82,500 - 50,000 - 11,902 25,316 93,500 45,798 100,000 __ 981,064 |
Total 2018 £ 11,914 116,385 9,078 221,674 16,003 68,739 _ 443,793 _ 2019 £ - 57,341 25,000 - 35,000 50,000 150,000 25,240 100,000 100,000 37,091 50,000 30,000 - - - - 150,000 __ 809,672 |
|---|---|---|---|---|
20
The Band Aid Charitable Trust
Notes forming part of the financial statements
for year ended 30 November 2020 (continued)
5 Relief grants (continued)
| Relief grants by charitable activity: Water and sanitation Health improvement Food security/livelihoods Education and assistance Band Aid 30 6 Support costs Amortisation of intangible fixed assets Legal and professional fees Other Deferred taxation credit in respect of trading subsidiary (see note 12) 7 Governance Audit fees |
2020 £ 82,714 253,548 314,788 180,014 150,000 __ 981,064 _ 2020 £ 825 61,688 6,779 (626) __ 68,666 _ 2020 £ 14,000 |
2019 £ 285,870 63,400 198,652 31,750 230,000 _ 809,672 _ 2019 £ 1,031 61,093 12,494 (701) _ 73,917 _ 2019 £ 8,974 |
|---|---|---|
The audit fee for the Band Aid Charitable Trust was £10,000 (2019: £6,874).
21
The Band Aid Charitable Trust
Notes forming part of the financial statements
for year ended 30 November 2020 (continued)
8 Intangible assets Group
| Cost At 1 December 2019 and 30 November 2020 Amortisation At 1 December 2019 Provided for the year At 30 November 2020 Net book value At 30 November 2020 At 30 November 2019 |
Live Aid DVD rights £ 1,600,000 _ 1,595,877 825 _ 1,596,702 _ 3,298 _ 4,123 |
Band Aid 20 rights £ 1,200,000 _ 1,200,000 - _ 1,200,000 _ - _ - |
Live Aid TV rights £ 100,000 _ 100,000 - _ 100,000 _ - _ - |
Live 8 DVD Rights £ 40,000 _ 40,000 - _ 40,000 _ - _ - |
Live 8 Licence £ 5,000 _ 5,000 - _ 5,000 _ - _ - |
Total Licences £ 2,945,000 _ 2,940,877 825 _ 2,941,702 __ 3,298 |
|---|---|---|---|---|---|---|
| __ 4,123 |
9 Investments in subsidiaries
£
Investments held by the Charity include amounts invested in subsidiary companies:
Cost
| At 1 December 2019 Disposals At 30 November 2020 |
3 (1) __ 2 __ |
|---|---|
| Country of | Class of | |||||
|---|---|---|---|---|---|---|
| Company | incorporation/ | shares | Percent | Nature of | ||
| Name | Number | registration | held | Held | business | Year end |
| Band Aid | 05136974 | UK | Ordinary | 100% | Commercial | 30 November |
| Trading Limited | activities including | |||||
| (formerly | development of | |||||
| Woodcharm | licenses | |||||
| Limited) | ||||||
| Live 8 Limited | 05429664 | UK | Ordinary | 100% | Dormant | 30 November |
The disposals represents the dissolution of Tonewheel Limited during the year.
Tonewheel Limited was incorporated on 18 May 2005, however, the company never commenced trading. On 17 March 2020 the company was dissolved.
22
The Band Aid Charitable Trust
Notes forming part of the financial statements
for year ended 30 November 2020 (continued)
9 Investments in subsidiaries (continued)
Details of the net assets and trading activities for the year to 30 November 2020 of the subsidiary companies are as follows:
Intangible assets Net current assets/(liabilities) Provisions for liabilities Net assets Turnover Cost of sales Gross profit Administrative expenses Operating profit Interest receivable Taxation Intercompany Loan write off Profit for the financial period Gift aid donations |
Band Aid Trading Limited 2020 2019 £ £ 3,298 4,123 489,061 396,881 (626) (701) __ _ 491,733 400,303 _ _ 527,174 429,223 - (4,909) __ _ 527,174 424,314 (31,217) (22,814) __ _ 495,957 401,500 398 361 75 175 - (1,500) __ _ 496,430 400,536 _ _ (405,000) (145,000) |
Live 8 Limited 2020 2019 £ £ - - 504 (996) - - __ _ 504 (996) _ _ - - - - _ _ - - - - _ _ - - - - - - - 1,500 __ _ - 504 _ _ - - |
|---|---|---|
Allocation within the consolidated statement of financial activities
The turnover of Band Aid Trading Limited (formerly Woodcharm Limited) has been included within the incoming resources category of record and video royalties and donations as appropriate.
Live 8 Limited was dormant throughout the period.
23
The Band Aid Charitable Trust
Notes forming part of the financial statements for year ended 30 November 2020 (continued)
10 Debtors
| Trade debtors Prepayments and accrued income |
Group 2020 £ 25,247 2,318,292 __ 2,343,539 |
Group 2019 £ 42,189 228,531 __ 270,720 |
Charity 2020 £ 21,201 2,204,468 __ 2,225,669 |
Charity 2019 £ 6,401 139,316 __ 145,717 |
|---|---|---|---|---|
All amounts shown under debtors fall due for payment within one year.
11 Creditors: amounts falling due within one year
| Trade creditors Other taxes and social security costs Grants payable Accruals and deferred income |
Group 2020 £ 3,337 54,273 506,228 14,902 __ 578,740 |
Group 2019 £ 10,650 51,834 22,335 21,814 __ 106,633 |
Charity 2020 £ - 45,797 506,228 10,905 __ 562,930 |
Charity 2019 £ 4,126 47,194 22,335 16,559 __ 90,214 |
|---|---|---|---|---|
12 Provisions for liabilities
| Provisions for liabilities | ||||||
|---|---|---|---|---|---|---|
| Deferred | ||||||
| taxation | ||||||
| Group | £ | |||||
| Balance at 1 December 2019 | 701 | |||||
| Credit to statement of financial activities | (75) | |||||
| __ | ||||||
| Balance at 30 November 2020 | 626 | |||||
| __ | ||||||
| Provided | Unprovided | |||||
| As at | As at | As at | As at | |||
| 30 November | 30 November | 30 November | 30 November | |||
| 2020 | 2019 | 2020 | 2019 | |||
| £ | £ | £ | £ | |||
| Capital allowances in excess of | ||||||
| depreciation | (626) | (701) | - | - | ||
| Short term timing differences | - | - | 3,952 | 1,267 | ||
| __ | __ | __ | __ | |||
| Deferred tax (liability)/asset | (626) | (701) | 3,952 | 1,267 | ||
| __ | __ | __ | __ |
24
The Band Aid Charitable Trust
Notes forming part of the financial statements for year ended 30 November 2020 (continued)
| 13 Financial Instruments Financial assets Financial assets that are debt instruments measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
Group 2020 £ __ 2,324,531 __ __ 18,239 |
Group 2019 £ _ 177,677 _ __ 32,465 |
|---|---|---|
Financial assets that are debt instruments are measured at amortised cost comprise trade debtors, other debtors and accrued income.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.
14 Statement of funds
| At 1 December 2019 Income Expenditure At 30 November 2020 |
General funds £ 1,344,911 3,104,831 (905,114) __ 3,544,628 |
Restricted Designated Funds Funds Total £ £ £ 163,734 196,208 1,704,853 88,915 - 3,193,746 (158,616) - (1,063,730) _ _ _____ 94,033 196,208 3,834,869 |
|---|---|---|
Designated funds: -
In 2005, the trustees designated £5 million to an emergency fund. In the event of a major natural disaster or humanitarian crisis in or around Ethiopia this fund will be used to provide an immediate source of aid and relief to the affected area(s). As at 30 November 2020, the balance of the emergency fund was £196,208 (2019: £196,208).
Restricted funds: -
Grants totalling £150,000 (2019: £230,000) were awarded from the restricted fund in 2020. Of this amount, £150,000 (2019: £80,000) was applied to post-Ebola recovery activities and preventative measures designed to minimise the risk of future Ebola outbreaks in Sierra Leone and the Democratic Republic of Congo.
25
The Band Aid Charitable Trust
Notes forming part of the financial statements
for year ended 30 November 2020 (continued)
14 Statement of funds (continued)
Statement of funds comparative breakdown
| At 1 December 2018 Income Expenditure At 30 November 2019 |
General funds £ 1,076,074 915,488 (646,651) __ 1,344,911 |
Restricted Designated Funds funds £ £ 271,883 196,208 137,763 - (245,912) - ___ __ 163,734 196,208 |
Total £ 1,544,165 1,053,251 (892,563) __ 1,704,853 |
|---|---|---|---|
15 Results of The Band Aid Charitable Trust
Included in the consolidated statement of financial activities are the following amounts in respect of the Trust:
| 2020 £ Total income 3,071,173 Total expenditure (1,032,588) __ Net movement in funds 2,038,585 |
2019 £ 768,667 (865,015) __ (96,348) |
|---|---|
16 Transactions concerning Trustees
During the year, none of the trustees who are the key management personnel (or any person connected to them) received any remuneration or reimbursed expenses (2019: none).
During the year a total of £5,449 was paid for trustee indemnity insurance (2019: £2,183) all of which was purchased directly by the Trust.
17 Analysis of net assets between funds
| Unrestricted Restricted Designated funds funds funds £ £ £ Fixed assets 3,298 - - Current assets 4,120,696 94,033 196,208 Creditors falling due within one year (578,740) - - Provision for liabilities (626) - - _ _ __ 3,544,628 94,033 196,208 |
Total £ 3,298 4,410,937 (578,740) (626) __ 3,834,869 |
|---|---|
26
The Band Aid Charitable Trust
Notes forming part of the financial statements for year ended 30 November 2020 (continued)
17 Analysis of net assets between funds comparative breakdown
| Unrestricted Restricted Designated Funds funds funds £ £ £ Fixed assets 4,123 - - Current assets 1,448,122 163,734 196,208 Creditors falling due within one year (106,633) - - Provision for liabilities (701) - - _ _ __ 1,344,911 163,734 196,208 |
Total £ 4,123 1,808,064 (106,633) (701) __ 1,704,853 |
|---|---|
18 Related party transactions
Four of the Trustees of the charity are Directors of Band Aid Trading Limited and three of the Trustees of the charity are Directors of Live 8 Limited. J Kennedy and H Goldsmith jointly own 100% of the share capital of two subsidiaries in their capacity as Trustees of the charity.
During the year, Band Aid Trading Limited (formerly Woodcharm Limited) a subsidiary distributed £405,000 (2019: £145,000) to the charity.
27