## **The Band Aid Charitable Trust**
Trustees' Report and Financial Statements Year Ended 30 November 2024
Charity Number 292199
## **The Band Aid Charitable Trust**
## **Report and financial statements for the year ended 30 November 2024**
## **Contents**
## **Page:**
- 1 Legal and administrative information
- 2 Report of the trustees
- 10 Independent auditor's report
- 13 Consolidated statement of financial activities – 30 November 2024
- 14 Charity statement of financial activities – 30 November 2024
- 15 Consolidated and charity balance sheets
- 16 Consolidated cash flow statement
- 17 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 Audit, 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
1
## **The Band Aid Charitable Trust**
## **Report of the trustees for the year ended 30 November 2024**
The trustees present their report along with the financial statements of The Band Aid Charitable Trust (‘Band Aid’ or ‘the charity’) for the year ended 30 November 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice (''SORP'') 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).
## **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 Charity 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. 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 Know it’s Christmas?” was re-recorded and released in November 2004 through Band Aid Trading Limited, under the name ‘Band Aid 20'. This created a further source of income for the company in the form of sales and publishing royalties, which are distributed to Band Aid under the Gift Aid scheme. This version of the single continues to generate a modest stream of income for the Charity.
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 aimed 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 place across the globe under the banner of ‘Live 8.’ People 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.
Various DVD’s of the Live 8 concerts were released in 2006 which generated another source of income in the form of sales royalties, which were also distributed to Band Aid under the Gift Aid scheme. No income was received from the Live 8 DVD’s in this period.
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 re-record “Do They Know it’s Christmas?” under the name ‘Band Aid 30’ 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.
Within 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. A total of £4m has been awarded from the Band Aid 30 fund since FY2015. No grants were awarded from this fund in the year to 30 November 2024 (2023: £205,319).
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, creating a new source of income for the charity which now generates in excess of £500,000 per annum. In the period to 30 November 2024, income from streaming revenues totalled £566,974 (2023: £560,346).
2
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **Objectives and Activities (continued)**
In January 2024 the musical Just For One Day – which tells the story of the Live Aid concerts in 1985 and features hit songs by Bob Dylan, David Bowie, The Who, U2, Queen, Madonna, The Police, Elton John, Paul McCartney, Diana Ross and more of the iconic artists who made history at simultaneous charitable concerts in London and Philadelphia - debuted at The Old Vic in London, where it became the theatre’s fasting-selling musical ever. After a run in Toronto, Canada in early 2025 the musical returned to London at The Shaftesbury Theatre in May 2025. 10% from the sale of all tickets will be donated to the Band Aid Charitable Trust; to date this has raised in excess of £500,000 for Band Aid and the trustees are optimistic that this will reach £1m by the end of 2025. Further information can be found on the JFOD website: JUST FOR ONE DAY - The Live Aid Musical | Shaftesbury Theatre. In the year ended 30 November 2024 total income from the musical was £303,518 (2023: £nil).
To commemorate the 40th anniversary of ‘Do They Know It’s Christmas?’ the charity released a new edit of the original 1984 track under the title ‘Band Aid 40’ which mixes vocals of the many artists who have recorded the song over the decades into one seamless whole. The single was released on digital, CD and vinyl formats, and all royalties will be applied to the charitable activities of the Trust. In the year ended 30 November 2024 the charity received royalties totalling £13,610 (2023: £nil).
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 £148m (US$ 226m).
Since 1985 funds have been provided on an ongoing basis for long term development projects and emergency aid. The majority of funds raised in the early years 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 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 subsidiaries in line with the charity’s objects for each fund.
Band Aid Trading Limited has continued to receive royalty income from the Band Aid 20 and Band Aid 30, and all 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. From 2024 the charity will also account for royalties received from the Band Aid 40 track.
The charity received voluntary donations from individuals and corporate donors totalling £71,457 (2023: £110,683).
Surplus cash balances held, awaiting investment in charitable projects, placed on short term deposit, also contributed to the charity’s income.
## **Grant making policies**
The trustees' policy is to consider all applications that align with the charity’s general 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 beneficiaries to the Trust’s requirements in advance of receiving a final funding application for consideration by the trustees.
Income received has continued to be granted to various organisations who implement projects in Africa, via the established funding process.
3
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **Achievements and Performance**
## _**Charitable activities**_
During the year, the trustees authorised grants totalling £2,973,550 (2023: £2,336,534) to other charitable organisations for humanitarian projects in the Horn of Africa. Of this amount £nil (2023: £205,319) was awarded from restricted funds.
## _**Tigray emergency**_
Band Aid awarded grants of £1,662,101 in 2024 (2023: £846,359) to six organisations (Action Aid, British Red Cross, HelpAge International, Mary’s Meals, Action Against Hunger and Oxfam) delivering humanitarian relief and support to communities in Tigray region.
Activities funded by Band Aid in this category during the period include:
- emergency food distributions
- provision of life-saving medicines
- mobile clinics to support rebuilding of health care services
- provision of school meals to vulnerable children
- emergency cash distributions for vulnerable households
- construction of schools with access to clean water
- sanitation kits
## _**Food Security and Livelihood Projects**_
Grants totalling £443,860 (2023: £144,500) were awarded across four projects in the period to address food insecurity and poverty.
£200,000 was awarded to CAFOD as a contribution to an emergency response designed to provide immediate relief for 300,000 people affected by drought across Ethiopia and Sudan through the provision of cash grants, emergency food distributions, restoration of water points, sanitation kits, new livestock and drought-resistant crops and shelters.
£100,000 was awarded to Plan to support an emergency response targeting 18,000 internally displaced people and host communities in the Togdheer district of Somaliland. Activities include water trucking, cash distributions and sanitation training.
A contribution of £100,000 was awarded to Medair to provide emergency nutritional support for Sudanese refugees in Chad, with a focus on targeted supplementary feeding for children and screening for healthcare referrals.
A grant of £43,860 was awarded to Open Way to provide emergency grain supplies and drought-resistance crops to vulnerable families in the Sidama region of Ethiopia. This is part of a wider project for rural communities in the region which Band Aid has supported for many years and includes a range of activities across the other funding categories.
## _**Health Improvement**_
Band Aid awarded four grants in the period totalling £560,718 (2023: £118,350) for activities focused on general health improvement.
This includes two grants of £125,000 (total £250,000) to UNICEF to support multiple emergency interventions in Ethiopia and Sudan, including the provision of nutrition supplies, access to safe water, child protection services and emergency health care.
£291,968 was awarded to UNHCR to construct emergency shelters for Sudanese refugees arriving in the Ura camp in Ethiopia.
4
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **Achievements and Performance (continued)**
## _**Health Improvement (continued)**_
£18,750 was granted to Open Way to provide ongoing support to elderly and other vulnerable people in the Sidama region of Ethiopia through the construction of modest housing and access to basic healthcare throughout the year. This is part of a wider project for rural communities in the region which Band Aid has supported for many years and includes a range of activities across the other funding categories.
## _**Education**_
Grants totalling £82,470 (2023: £35,850) were awarded to support existing education projects in Ethiopia.
This includes a grant of £48,000 to Birhan Social Development Training & Consultancy Centre to support vocational training for adults in Addis Ababa as part of a syllabus designed in conjunction with the local Ministry for Education.
In addition, £34,470 was awarded to Open Way to support the operation of schools and libraries in the Sidama region of Ethiopia, as part of a wider programme of activities for rural communities which Band Aid has supported for many years.
Emergency relief grants for Tigray included education activities for children and communities affected by the conflict in the region (see above).
## _**Water and Sanitation**_
One grant of £224,401 was awarded to UNHCR to supply clean water and related sanitation training across three refugee camps in Ethiopia, benefitting 38,000 people.
Some projects funded across the other categories also included water and sanitation activities as part of wider humanitarian response efforts.
## _**Band Aid 30 (BA30) Projects**_
No grants were awarded from the BA30 fund in the period to support post Ebola recovery (2023: £nil).
## **Structure, Governance and Management**
The Charity'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 charity’s governing document created a separate branch of the charity to administer funds from the Band Aid 30 campaign. The initial purpose of this branch was 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. Where there is 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, and the history and philosophical approach of the charity. A new trustee would receive copies of the previous years' annual report and financial statements and a copy of the Charity Commission leaflet 'The Essential Trustee: What You Need to Know'. The charity’s advisors would also provide appropriate training and literature as required. The existing trustees have held office since the formation of the Trust in 1985.
5
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **Structure, Governance and Management**
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 the Charity Commission guidance in this area. The sections of this report relating to the Trust’s grant 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.
## **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 could arise from the use of funds by third parties for unapproved activities outside of the charity’s objects. The trustees review all funding applications presented to them for consideration to ensure the proposed activities meet the charity’s objects. The majority of organisations funded by Band Aid are UK registered charities which are 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.
## **Financial review**
The total funds of the group at 30 November 2024 stood at £4,254,402 (2023: £4,889,517), of which £4,254,402 (2023: £4,889,517) represents unrestricted reserves. The trustees will continue to monitor the level of general reserves of the Trust to assess the level of grant making in the future.
During the year, Band Aid had total incoming resources of £2,477,908 (2023: £2,398,136). A total of £3,113,023 (2023: £2,482,890) was committed to charitable activities and related expenditure.
All profits realised by the charity's trading subsidiaries, Band Aid Trading Limited and Band Aid Licencing Limited, are distributed to Band Aid under the Gift Aid scheme.
The charity continues to operate with no office or staff costs and none of the trustees or directors of its subsidiaries receive any fees or expenses. We do, however, incur non-charitable expenditure on necessary costs for the operation and governance of the entities. All such costs are reported in the Consolidated Financial Statements within ‘Total Expenditure’ and include support costs of £113,552 (2023: £123,326) and Governance Costs of £25,921 (2023: £23,030).
We have always insisted on good corporate financial governance. A full breakdown of support costs is included in Note 6 of the Financial Statements.
Governance Costs represent audit fees, which are disclosed in Note 7 of the Financial Statements. Audits are mandatory and cost us approximately £26,000 (2023: £23,000) a year.
Our accounting fees are approximately £48,000 (2023: £50,000) a year but deemed a good investment by the trustees.
6
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **Financial review (continued)**
We spend a small sum £1,593 (2023: £1,394) on storage of some Band Aid assets.
Bray and Krais generously provide our legal services for free and have done so for more than 10 years with minor exceptions for specialist work. In recent years this includes initial advice on potential future projects including a Band Aid musical and Band Aid documentary. Any future projects, if approved, are expected to generate income far in excess of their fees.
We had one legal dispute in recent years for which we had to hire litigation lawyers; the monies subsequently received were much more than the legal fees we incurred.
The charity commission insisted that we take out insurance policies; the cost of these are under £12,635 (2023: £8,800) a year and are paid from our commercial income.
As our commercial activities increase, we have made the commercial decision to register our trademarks which is funded from our commercial income, and we believe the protection and monetisation of our assets is justified by the investment.
We carefully negotiate and monitor all such fees so that we are confident that we do not spend a penny more than we need to, being mindful of the need to be compliant with regulations and to protect the interests of our donors and beneficiaries.
The accounting standards require a proportion of our annual support costs to be apportioned in line with the grants we have awarded in the period. This allocation is shown in Note 4 of the financial statements.
As we sign this report, we have celebrated in the last 9 months the 40th anniversary of the Band Aid record and the Live Aid concert. None of us ever thought we would be writing a trustees’ report 40 years later. The anniversary had many celebrations and was recognised by a 3-part documentary for the BBC, which became a 4-part documentary for CNN. Band Aid’s friend and incredible donor of time, Jill Sinclair, made an award-winning documentary about the making of the Band Aid record – it provided a wonderful insight into the great spirit, camaraderie, and generosity from the group of superstars that made that record and sent us on this journey. Everyone who watched it was thrilled by the experience.
In May 2025, the musical Just For One Day opened in the West End following a run at the Old Vic and in Toronto. Before the end of 2025, Band Aid will have made a million pounds from the musical – no mean feat – well done Jamie Wilson Productions and the team there.
When Bob and Midge sent us down this road, Bob in particular made a pledge that every penny donated would be spent wisely and, in particular, that money would not be spent on overheads. In that spirit, we have no offices, no rent, no employees, no trustees’ fees, and no trustees’ expenses.
From the beginning, we decided we would have the best and most transparent accounting, so that meant accounting fees and audit fees. Then the Charity Commission insisted we take out insurance, and occasionally for projects that require expertise, we incur legal fees. All of these costs are paid out of income from our commercial activities, and that income dwarfs the expenses.
We believe the money that Band Aid has is the public’s money, so we have been transparent in our reporting, and every single payment over 40 years has required the signature of two trustees.
In the interest of transparency, we make a disclosure today. Even though we have not changed our modus operandi for 40 years, we were told that we needed to consider the value and account for services provided pro bono. We were furious with this nonsense and didn’t want to waste our time or that of our legal consultant trying to quantify the services they provide. Due to this we were told that our audit report might be qualified this year because we were in breach of accounting rules section 6.13 to 6.15 of the Charity SORP.
This next statement is one of the biggest understatements in the history of the world—which itself is quite a claim: “The whole Band Aid project has only been able to function because thousands of people, quite possibly hundreds of thousands, have given their time and services for free.” In a huge number of cases, we don’t even know what people are doing, but we do know it’s altruism at its best.
But apparently, under the Charity SORP in certain circumstances, when people offer to help on a pro bono basis (often they don’t ask, they just do), we should have been saying: “We will only allow you to do all these great things if you keep a record of the time spent and give it to us for us to give to our auditors” (who will, of course, need to increase their fees to deal with this paperwork).
7
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **Financial review (continued)**
But we did accept that there were accounting rules of which we could be in breach of, if we didn’t provide more information and so our audit report might, for the first time in 40 years, be a qualified report. A qualified report is rarely a good thing, and “Band Aid audit report qualified” would make a great headline for some journalists.
We said to the auditors: we have not done anything differently from what we have done for 40 years. We have certainly done nothing wrong. We can see we may not have complied with the Charity SORP, but we imagine the rules were made by accountants not practising in the real world—and certainly not practising in the reality of the world in which we operate. To put an end to this matter, we have provided the requested information to our auditors who concluded that the amounts are not material from an accounting definition perspective and therefore we have not recognised the estimated value of the pro bono services.
Again, we make the point that over the years, the Band Aid model has relied on people giving their time and services for free. We never take any of it for granted—but to our shame, we rarely express our thanks.
This year, we are going to highlight two specific sources of help.
For 29 years, Bray and Krais solicitors have been our legal consultant, largely for free, available to us 24/7. There have been a few bills, but only when we insist—e.g., for Live 8 (20 years ago) and for film, TV, and musical work. In each case again, income would have dwarfed the fees.
Even then, we get a 25 per cent discount. Our day-to-day help over the 29 years has come from Mark Krais. I don’t think he has delivered a single penny of invoices in the last 20 years since Live 8—or the 9 years before Live 8. Sometimes we have urged him to do so in relation to particular pieces of complex or time-consuming advice or wisdom, but he refuses. There is no such thing as working hours when we need Mark’s wisdom. He is ably assisted on a day-to-day basis by Monica Thornell (not quite 29 years), and I don’t remember any invoice from her either. We emphasise what the accounting world considers material, does not reflect the view of the trustees who consider that there is nothing immaterial about their support to the running of the organisation.
## THANK YOU, MARK, MONICA, BRAY AND KRAIS.
Joe Cannon is a partner in our accountants, Ernst & Young. We pay them a significant but fair fee, which is regularly negotiated, but I am not sure that any of Joe’s time is included in that charge. He was 4 years old at the time of Live Aid and 18 years old when he started working on the Band Aid account. He is available to us 24/7 × 365 - yes, we have had emails on Christmas Day, Boxing Day, weekends, early in the morning, and late at night - all of this work being done in his own time and with no charge.
He has developed a unique expertise in sifting through the grant applications, asking testing questions of the applicants, and, when he has knocked the applications into shape, making a recommendation to the trustees - an extraordinarily pivotal role in our modus operandi. Again, we do not know what we would do without Joe.
## THANK YOU, JOE.
## **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 Africa to support the relief of sickness and the preservation of health generally. This includes projects designed to support Ebola prevention and recovery across Africa, as required. This policy will continue to be reviewed annually.
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.
8
## **The Band Aid Charitable Trust**
## **Report of the trustees**
**for the year ended 30 November 2024** _**(continued)**_
## **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 group’s and parent charity's financial position at the end of the year. In preparing those financial statements, the trustees are required to:
- Select suitable accounting policies and then apply consistently;
- Make judgements and estimates that are reasonable and prudent;
- Observe the methods and principles in the Charities SORP;
- 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
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 group 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Provision of Information to Auditors**
The Trustees in office on the date of approval of these financial statements confirm that as far as they are aware, there is no relevant audit information of which the auditors are unaware. The Trustees have taken all of the steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Approved by the trustees and signed on their behalf:
## **R Geldof KBE**
Chairman & Trustee
9
## **The Band Aid Charitable Trust**
## **Independent auditor's report to the trustees of the Band Aid Charitable Trust**
## **Opinion**
We have audited the financial statements of The Band Aid Charitable Trust (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 30 November 2024 which comprise the consolidated statement of financial activities, the charity statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement, and notes forming part of the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
- give a true and fair view of the state of the group’s and parent charity’s affairs as at 30 November 2024 and of the group’s and parent charity’s incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of 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 requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical 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**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
10
**Independent auditor's report to the trustees of the Band Aid Charitable Trust** _**(continued)**_
## **The Band Aid Charitable Trust**
## **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:
- the information given in the financial statements is inconsistent in any material respect with the report of the trustees; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: the Charity SORP, FRS 102 and Charities Act 2011.
- We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
11
## **The Band Aid Charitable Trust**
## **Independent auditor's report to the trustees of the Band Aid Charitable Trust** _**(continued)**_
## **Auditor's responsibilities for the audit of the financial statements (continued)**
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key income lines, in particular cut-off, for evidence of management bias.
- Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation for discussions of irregularities including fraud.
- Testing all material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts 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 responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Diccon Thornely (Senior Statutory Auditor) For and on behalf of HW Fisher Audit**
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom
Date
.........................
12
## **The Band Aid Charitable Trust**
## **Consolidated statement of financial activities for the year ended 30 November 2024**
|**Unrestricted**
**funds**
**Note**
**£**
**Income from:**
Donations and
legacies
3
71,457
Other trading
activities
3
2,325,802
Investments
3
80,649
________
**Total income**
2,477,908
________
**Expenditure on:**
Raising funds
4
52,345
Charitable activities
4
3,060,678
________
**Total expenditure**
4
3,113,023
________
**Net movement in**
**funds**
(635,115)
Funds balances
brought forward at 1
December
4,889,517
________
**Funds carried**
**forward 30**
**November**
4,254,402
|**Restricted**
**Funds**
**£**
-
-
-
________
-
________
-
-
________
-
________
-
-
________
-
|**Total**
**2024**
**Unrestricted**
**funds**
**£**
**£**
**71,457**
110,683
**2,325,802**
2,220,570
**80,649**
66,883
**________**
________
**2,477,908**
2,398,136
________
________
**52,345**
36,412
**3,060,678**
2,241,159
**________**
________
**3,113,023**
2,277,571
________
________
**(635,115)**
120,565
**4,889,517**
4,768,952
**________**
________
**4,254,402**
4,889,517
|**Restricted**
**Funds**
**£**
-
-
-
________
-
________
-
205,319
________
205,319
________
(205,319)
205,319
________
-
|**Total**
**2023**
**£**
**110,683**
**2,220,570**
**66,883**
**________**
**2,398,136**
|
|---|---|---|---|---|
|||||**________**
**36,412**
**2,446,478**
**________**
**2,482,890**
|
|||||**________**
**(84,754)**
**4,974,271**
**________**
**4,889,517**
|
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 17 to 27 form part of these financial statements.
13
## **The Band Aid Charitable Trust**
## **Charity statement of financial activities for the year ended 30 November 2024**
|**Unrestricted**
**funds**
**Note**
**£**
**Income from:**
Donations and
legacies
3
71,457
Other trading
activities
3
1,910,051
Investments
3
70,969
________
**Total income**
2,052,477
________
**Expenditure on:**
Charitable activities
4
3,050,952
________
**Total expenditure**
4
3,050,952
________
**Net movement in**
**funds**
(998,475)
Funds balances
brought forward at
1 December
4,378,341
________
**Funds carried**
**forward 30**
**November**
3,379,866
|**Restricted**
**Funds**
**£**
-
-
-
________
-
________
-
________
-
________
-
-
________
-
|**Total**
**2024**
**Unrestricted**
**funds**
**£**
**£**
**71,457**
110,683
**1,910,051**
2,344,793
**70,969**
60,200
**________**
**________**
**2,052,477**
2,515,676
________
________
**3,050,952**
2,234,020
**________**
________
**3,050,952**
2,234,020
________
________
**(998,475)**
281,656
**4,378,341**
4,096,685
**________**
________
**3,379,866**
4,378,341
|**Restricted**
**Funds**
**£**
-
-
-
**________**
-
________
203,827
________
203,827
________
(203,827)
203,827
________
-
|**Total**
**2023**
**£**
**110,683**
**2,344,793**
**60,200**
**________**
**2,515,676**
|
|---|---|---|---|---|
|||||**________**
**2,437,847**
**________**
**2,437,847**
|
|||||**________**
**77,829**
**4,300,512**
**________**
**4,378,341**
|
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 17 to 27 form part of these financial statements
14
## **The Band Aid Charitable Trust**
## **Consolidated and charity balance sheets as at 30 November 2024**
|**_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**
**Total net assets**
**Income funds**
Unrestricted funds - general
12
Restricted funds
12|**Group**
**2024**
**£**
**1,267**
**-**
**________**
**1,267**
**477,808**
**4,202,790**
**________**
**4,680,598**
**(427,463)**
**________**
**4,253,135**
**________**
**4,254,402**
**________**
**4,254,402**
________
**4,254,402**
**-**
**________**
**4,252,402**
|**Group**
**2023**
**£**
1,583
-
________
1,583
434,163
4,793,710
________
5,227,873
(339,939)
________
4,887,934
________
4,889,517
________
4,889,517
________
**4,889,517**
-
________
4,889,517
|**Charity**
**2024**
**£**
**-**
**4**
**________**
**4**
**253,706**
**3,517,170**
**________**
**3,770,876**
**(391,014)**
**________**
**3,379,862**
**________**
**3,379,866**
**________**
**3,379,866**
________
**3,379,866**
**-**
**________**
**3,379,866**
|**Charity**
**2023**
**£**
-
4
________
4
382,420
4,296,092
________
4,678,512
(300,175)
________
4,378,337
________
4,378,341
________
4,378,341
________
4,378,341
-
________
4,378,341
|
|---|---|---|---|---|
Approved by the trustees and authorised for issue on
and signed on their behalf by
J P Kennedy OBE________________________ R Geldof KBE________________________
The notes on pages 17 to 27 form part of these financial statements.
15
## **The Band Aid Charitable Trust**
## **Consolidated cash flow statement for the year ended 30 November 2024**
|**Cashflows from operating activities**
Net outgoing resources
Amortisation of intangible fixed assets
Interest received on bank deposits
Other income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Decrease in provisions
Net cash (outflow)/inflow from operating activities
**Cashflows from investing activities**
Returns on investments and servicing of finance:
Interest receivable and similar income
Net cash inflow from investing activities
(Decrease)/increase in cash in the year
Net funds at 1 December
**Net funds at 30 November**|**2024**
**£**
**(635,115)**
**316**
**(79,649)**
**(1,000)**
**(43,645)**
**87,524**
**-**
**________**
**(671,569)**
________
**80,649**
**________**
**80,649**
________
(590,920)
4,793,710
**________**
**4,202,790**
|**2023**
**£**
(84,754)
395
(66,883)
-
352,982
(38,818)
(493)
________
162,429
________
66,883
________
66,883
________
229,312
4,564,398
________
4,793,710
|
|---|---|---|
## **Analysis of changes in net funds**
The charity had no debt during the year.
The notes on pages 17 to 27 form part of these financial statements.
16
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024**
## **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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The consolidated financial statements incorporate the financial statements of the charity and all of its subsidiary undertakings. Consolidation is on a line by line basis.
## _**Going concern**_
The trustees have a reasonable expectation that the group has adequate resources to continue in operation for the foreseeable future. Thus, the trustees have continued to adopt the going concern basis of accounting in preparing the financial statements.
## _**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:
- No cash flow statement has been presented for the parent entity;
- Disclosures in respect of the parent entity’s financial instruments have not been presented as equivalent 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 financial statements net of value added tax.
Other trading activities consist of royalty income, which is recognised on a receivable basis and is included in the financial statements net of value added tax.
Investment income is recognised on a receivable basis.
17
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(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
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.
At the Consolidated balance sheets date, the Band Aid Charitable Trust had a £38,326 (2023: £51,085) unrecognised deferred tax asset in respect of short term timing differences.
18
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(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.
## _**Financial instruments**_
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
## _Basic financial instrument transactions_
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 are initially measured at transaction price (including transaction costs) and are subsequently held at amortised cost.
## _**Valuation of investments**_
In the entity’s individual financial statements, investments in subsidiaries are measured at cost less accumulated impairment.
## **2. Judgements in applying accounting policies and key sources of estimation uncertainty**
In preparing these financial statements, the trustees have concluded that there are no critical accounting estimates or judgements in the year.
## **3. Income**
|**Donations and legacies**
Individuals
Corporate grants|**Group**
**2024**
**£**
**65,750**
**5,707**
**________**
**71,457**
|**Group**
**2023**
**£**
106,503
4,180
________
110,683
|**Charity**
**2024**
**£**
**65,750**
**5,707**
**________**
**71,457**
|**Charity**
**2023**
**£**
106,503
4,180
________
110,683
|
|---|---|---|---|---|
All donations and legacies received in 2024 and 2023 were unrestricted.
19
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(continued)**_
## **3. Income (continued)**
## **Other trading activities**
## _Group_
Record, video royalties and licence fees received during the year were £2,325,802 (2023: £2,220,570), of which £2,325,802 (2023: £2,220,570) was unrestricted and £nil (2023: £nil) was restricted.
## _Charity_
Record and video royalties received during the year were £1,910,051 (2023: £2,344,793), of which £1,910,051 (2023: £2,344,793) was unrestricted and £nil (2023: £nil) was restricted.
## **Investment income**
|**Group**
**2024**
**£**
Interest on cash deposits - received gross
Other income
**79,649**
**1,000**
**________**
**80,649**
________
All investment income in 2024 and 2023 was unrestricted.
**Expenditure**
_Group_
**Relief**
**Governance**
**grants**
**costs**
**£**
**£**
**Raising funds**
- Fundraising trading
-
-
**Charitable expenditure**
- Water and sanitation
224,401
1,956
- Health improvement
560,718
4,888
- Food security/livelihoods
443,860
3,869
- Education and assistance
82,470
719
- Tigray emergency
1,662,101
14,489
________
________
Total charitable expenditure
2,973,550
25,921
________
________
Total expenditure
2,973,550
25,921
|**Group**
**2023**
**£**
66,883
-
________
66,883
________
**Support**
**costs**
**£**
52,345
4,619
11,542
9,136
1,698
34,212
________
61,207
________
113,552
|**Charity**
**2024**
**£**
**70,969**
**-**
**________**
**70,969**
________
**Total**
**2024**
**£**
**52,345**
**230,976**
**577,148**
**456,865**
**84,887**
**1,710,802**
**________**
**3,060,678**
**________**
**3,113,023**
|**Charity**
**2023**
**£**
60,200
-
________
60,200
________
**Total**
**2023**
**£**
36,412
1,247,539
123,919
151,299
37,537
886,184
________
2,446,478
________
2,482,890
|
|---|---|---|---|
## **4. Expenditure**
20
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(continued)**_
## **4. Expenditure** _**(continued)**_
All raising funds expenditure in 2024 and 2023 was unrestricted.
Charitable expenditure during the year were £3,060,678 (2023: £2,446,478), of which £3,060,678 (2023 : £2,241,159) was unrestricted and £nil (2023: £205,319) was restricted.
Charitable expenditure was £3,060,678 (2023: £2,446,478) of which £2,973,550 (2023: £2,336,534) was relief grants, £25,921 (2023: £23,030) was governance costs, £61,207 (2023: £86,914) was support costs.
|_Charity_||||||
|---|---|---|---|---|---|
||**Relief**|**Governance**|**Support**|**Total**|**Total**|
||**grants**|**costs**|**Costs**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|**Charitable expenditure**||||||
|- Water and sanitation|224,401|1,246|4,595|**230,242**|1,243,137|
|- Health improvement|560,718|3,113|11,482|**575,313**|123,483|
|- Food security/livelihoods|443,860|2,465|9,089|**455,414**|150,766|
|- Education and assistance|82,470|458|1,689|**84,617**|37,404|
|- Tigray emergency|1,662,101|9,229|34,036|**1,705,366**|883,057|
||________|________|________|**________**|________|
|Total charitable expenditure|2,973,550|16,511|60,891|**3,050,952**|2,437,847|
||________|________|________|**________**|________|
Charitable expenditure during the year were £3,050,952 (2023: £2,437,847), of which £3,050,952 (2023: £2,234,020) was unrestricted and £nil (2023: £203,827) was restricted.
Charitable expenditure was £3,050,952 (2023: £2,437,847) of which £2,973,550 (2023: £2,336,534) was relief grants, £16,511 (2023: £14,795) was governance costs, £60,891 (2023: £86,518) was support costs.
## **5. Relief grants**
|_Group and charity_
**Relief grants to institutions:**
African Children’s Education Trust
British Red Cross
Food for the Hungry
Hamlin Fistula UK
Action Aid
Help Age International
Mary's Meals
Open Way
Water Aid
Birhan Social Development Training & Consultancy Centre
Oxfam
CAFOD
Plan
Action Against Hunger
Medair
UNICEF
UNHCR|**2024**
**£**
**-**
**350,000**
**-**
**-**
**212,101**
**250,000**
**550,000**
**97,080**
**-**
**48,000**
**200,000**
**200,000**
**100,000**
**100,000**
**100,000**
**250,000**
**516,369**
**________**
**2,973,550**
|**2023**
**£**
50,000
-
81,175
146,359
300,000
150,000
200,000
109,000
500,000
-
-
-
-
-
-
250,000
550,000
________
2,336,534
|
|---|---|---|
21
## **The Band Aid Charitable Trust**
## **Notes forming part of the financial statements**
**for year ended 30 November 2024** _**(continued)**_
## **5. Relief grants** _**(continued)**_
|**5.**
**Relief grants****_(continued)_**|||||
|---|---|---|---|---|
|**Relief grants by charitable activity**:
Water and sanitation
Health improvement
Food security/livelihoods
Education and assistance
Tigray emergency
**6.**
**Support costs**
Amortisation of intangible fixed assets
Accountancy fees
Legal fees
Trademark registrations
Storage costs
Registered office costs
Bank charges
Foreign exchange loss
Insurance
Irrecoverable VAT
Miscellaneous expenses
Bad debts
Deferred taxation credit in respect of trading
subsidiary
**7.**
**Governance**
Audit fees|**Group**
**2024**
**£**
**316**
**48,224**
**14,094**
**18,689**
**1,593**
**629**
**845**
**2,290**
**12,635**
**3,572**
**2,620**
**8,045**
**-**
**________**
**113,552**
________|**Group**
**2023**
**£**
395
52,754
6,590
43,997
1,394
618
683
4,160
8,758
4,470
-
-
(493)
________
123,326
________|**2024**
**£**
**224,401**
**560,718**
**443,860**
**82,470**
**1,662,101**
**________**
**2,973,550**
________
**Charity**
**2024**
**£**
**-**
**19,244**
**2,201**
**18,689**
**-**
**239**
**378**
**837**
**9,331**
**3,572**
**-**
**6,400**
**-**
**________**
**60,891**
________
**2024**
**£**
**25,921**
|**2023**
**£**
1,191,475
118,350
144,500
35,850
846,359
________
2,336,534
________
**Charity**
**2023**
**£**
-
28,463
-
43,997
-
226
474
130
8,758
4,470
-
-
-
________
86,518
________
**2023**
**£**
23,030
|
||||__
||
The audit fee for the Band Aid Charitable Trust was £16,511 (2023: £14,795). The remaining audit fees pertains to the audits of other group entities.
22
## **The Band Aid Charitable Trust**
## **Notes forming part of the financial statements**
**for year ended 30 November 2024** _**(continued)**_
## **8. Intangible assets – Group**
|||||||**Live Aid**||
|---|---|---|---|---|---|---|---|
|||||||**DVD rights**||
|||||||**£**||
|**_Cost_**||||||||
|At 1 December 2023 and 30||November 2024||||**1,600,000**||
|||||||________||
|**_Accumulated amortisation_**||||||||
|At 1 December 2023||||||**1,598,417**||
|Provided for the|year|||||**316**||
|||||||________||
|At 30 November|2024|||||**1,598,733**||
|||||||________||
|**_Net book value_**||||||||
|At 30 November|2024|||||**1,267**
________||
|At 30 November|2023|||||1,583
________||
|**Investments in subsidiaries**||||||||
|Investments held|by the Charity include amounts||invested|in subsidiary|companies:|||
||||||||**£**|
|**_Cost_**||||||||
|At 1 December 2023 and 30 November 2024||||||**4**
________||
|||**Country of**|**Class of**|||||
||**Company**|**incorporation/**|**shares**|**Percent**|**Nature of**|||
|**Name**|**Number**|**registration**|**held**|**Held**|**business**|**Year end**||
|Band Aid|05136974|United|Ordinary|
100%|Commercial activities|30 November||
|Trading Limited||Kingdom|||including development|||
||||||of licenses|||
|Band Aid|13272500|United|Ordinary|
100%|Commercial activities|30 November||
|Licencing||Kingdom|||under development|||
|Limited||||||||
|Live 8 Limited|05429664|United|Ordinary|
100%|Dormant|30 November||
|||Kingdom||||||
## **9. Investments in subsidiaries**
23
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(continued)**_
## **9. Investments in subsidiaries** _**(continued)**_
Details of the net assets and trading activities for the year to 30 November 2024 of the subsidiary companies are as follows:
|Intangible assets
Net current
assets/(liabilities)
Provisions for liabilities
Net assets/(liabilities)
Turnover
Gross profit
Administrative expenses
Operating profit/(loss)
Interest receivable and
similar income
Taxation
Profit/(loss) for the financial
period
Gift aid donations|**Band Aid Trading**
**Limited**
**2024**
**2023**
**£**
**£**
**1,267**
1,583
**619,834**
539,020
**-**
-
**________**
________
**621,101**
540,603
________
________
**812,233**
775,776
**________**
________
**812,233**
775,776
**(41,415)**
(36,850)
**________**
________
**770,818**
738,926
**9,680**
6,683
**-**
493
**________**
________
**780,498**
746,102
________
________
**(700,000)**
(900,000)
|**Live 8 Limited**
**2024**
**2023**
**£**
**£**
**-**
-
**504**
504
**-**
-
**________**
________
**504**
504
________
________
**-**
-
**________**
________
**-**
-
**-**
-
**________**
________
**-**
-
**-**
-
**-**
-
**________**
________
**-**
-
________
________
**-**
-
|**Band Aid Licencing**
**Limited**
**2024**
**2023**
**£**
**£**
**-**
-
**252,933**
(29,929)
**-**
-
**________**
________
**252,933**
(29,929)
________
________
**303,518**
-
**________**
________
**303,518**
-
**(20,656)**
(8,685)
**________**
________
**282,862**
(8,685)
**-**
-
**-**
-
**________**
________
**282,862**
(8,685)
________
________
**-**
-
|**Band Aid Licencing**
**Limited**
**2024**
**2023**
**£**
**£**
**-**
-
**252,933**
(29,929)
**-**
-
**________**
________
**252,933**
(29,929)
________
________
**303,518**
-
**________**
________
**303,518**
-
**(20,656)**
(8,685)
**________**
________
**282,862**
(8,685)
**-**
-
**-**
-
**________**
________
**282,862**
(8,685)
________
________
**-**
-
|
|---|---|---|---|---|
|||||________
-
________
-
(8,685)
________
(8,685)
-
-
________
(8,685)
|
|||||________
-
|
## _Allocation within the consolidated statement of financial activities_
The turnover of Band Aid Trading 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 year.
Band Aid Licencing Limited was incorporated on 17 March 2021 and began trading on this date. The administrative expenses of the entity have been included within the expenditure from raising funds.
24
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(continued)**_
## **10. Debtors**
|Trade debtors
Prepayments and accrued income
Amounts owed by group undertakings|**Group**
**2024**
**£**
**95,022**
**382,786**
**-**
**________**
**477,808**
|**Group**
**2023**
**£**
28,785
405,378
-
________
434,163
|**Charity**
**2024**
**£**
**29,022**
**163,761**
**60,923**
**________**
**253,706**
|**Charity**
**2023**
**£**
22,675
253,049
106,696
________
382,420
|
|---|---|---|---|---|
All amounts shown under debtors fall due for payment within one year.
|**11.**
**Creditors: amounts falling due within one year**
**Group**
**2024**
**£**
Trade Creditors
**4,052**
Other taxes and social security costs
**31,207**
Grants payable
**357,360**
Accruals and deferred income
**34,844**
**________**
**427,463**
|**Group**
**2023**
**£**
1,810
54,420
223,359
60,350
________
339,939
|**Charity**
**2024**
**£**
**2,450**
**16,004**
**357,360**
**15,200**
**________**
**391,014**
|**Charity**
**2023**
**£**
-
42,919
223,359
33,897
________
300,175
|
|---|---|---|---|
|**12.**|**Statement of funds**
_Group_
**General**
**Restricted**
**funds**
**Funds**
**Total**
**£**
**£**
**£**
At 1 December 2023
4,889,517
-
4,889,517
Income
2,477,908
-
2,477,908
Expenditure
(3,113,023)
-
(3,113,023)
________
_________
________
At 30 November 2024
**4,254,402**
**-**
**4,254,402**
|
|---|---|
## _Restricted funds: -_
Grants totalling £nil (2023: £205,319) were awarded from the restricted fund in 2024. Of this amount, £nil (2023: £nil) was applied to post-Ebola recovery activities and preventative measures designed to minimise the risk of future Ebola. All funds were applied to an emergency water and sanitation project for Somali refugees in Ethiopia.
25
## **The Band Aid Charitable Trust**
## **Notes forming part of the financial statements**
**for year ended 30 November 2024** _**(continued)**_
## **12. Statement of funds (continued)**
|_Charity_||||
|---|---|---|---|
||**General**|**Restricted**||
||**Funds**|**Funds**|**Total**|
||**£**|**£**|**£**|
|At 1 December 2023|4,378,341|-|4,378,341|
|Income|2,052,477|-|2,052,477|
|Expenditure|(3,050,952)|-|(3,050,952)|
||________|________|________|
|At 30 November 2024|**3,379,866**
________|**-**
________|**3,379,866**
________|
## **13. 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 (2023: none).
During the year, a total of £12,635 was paid for trustee indemnity insurance (2023: £8,758) all of which was purchased directly by the Trust.
## **14. Analysis of net assets between funds**
|_Group_
**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Fixed assets
1,267
-
Current assets
4,680,598
-
Creditors falling due within one year
(427,463)
-
Provision for liabilities
-
-
________
________
**4,254,402**
**-**
________
________
_Charity_
**Unrestricted**
**Restricted**
**Funds**
**funds**
**£**
**£**
Investments in subsidiaries
4
-
Current assets
3,770,876
-
Creditors falling due within one year
(391,014)
-
________
________
**3,379,866**
**-**
|**Total**
**£**
1,267
4,680,598
(427,463)
-
________
**4,254,402**
________
**Total**
**£**
4
3,770,876
(391,014)
________
**3,379,866**
|
|---|---|
26
## **The Band Aid Charitable Trust**
**Notes forming part of the financial statements for year ended 30 November 2024** _**(continued)**_
## **15. Related party transactions**
Four of the Trustees of the charity are Directors of Band Aid Trading Limited, two of the Trustees of the charity are Directors of Band Aid Licencing 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 Live 8 Limited and Band Aid Trading Limited in their capacity as Trustees of the charity.
J Kennedy and R Geldof jointly own 100% of the share capital of Band Aid Licencing Limited in their capacity as Trustees of the charity.
During the year, Band Aid Trading Limited and Band Aid Licencing Limited, a subsidiary, distributed £700,000 (2023: £900,000) to the charity.
Band Aid Licencing Limited owes The Band Aid Charitable Trust amount totalling £1,140 (2023: £1,140). The balance was provided interest free and is repayable on demand.
Band Aid Licencing Limited owes Band Aid Trading Limited amount totalling £28,496. The balance was provided interest free and is repayable on demand.
Band Aid Trading Limited owes The Band Aid Charitable Trust totalling £59,783 (2023: 105,556). The balance was provided interest free and is repayable on demand.
27