OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Festival Limited Trading as Spitalfields Music

Trustees Report & Financial Statements For the year ending 31 March 2022

Charity No. 1052043 Company No. 3138347

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Contents
Introduction 3
2021-22 In Numbers 4
Who we are 4
Activities & Impact
 6
Regulatory Information 24
Report of the Examiners 25
Statement of Financial Activities 26
Balance Sheet 27
Statement of Cash Flows 28
Notes to the Financial Statements 29

2

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Introduction

Despite the continued disruption and challenges of the pandemic, Spitalfields Music has flourished in the last year. We have continued to deliver impactful work in our local schools and other community settings; and even presented a live Summer Festival, our first in 3 years, to socially distanced audiences. This report illustrates that against all odds, we have continued to bring diverse communities together through music.

I want to thank our team, artists, workshop leaders and partner organisations, and my fellow trustees for their work in expertly guiding the charity through this period and continuing to deliver outstanding results.

On behalf of the Board, I also want to thank our supporters, including our core funder, Arts Council England; and HM Government for their support via the Culture Recovery Fund, which has proved crucial over the period. Not forgetting our major donors: City Bridge Trust, Scops Arts Trust, The SHM Foundation and other trusts, foundations, companies and individuals who all help us achieve our vision of a harmonious East End connected through music.

Thank you, all. As the world continues to emerge from covid restrictions, we look forward to welcoming full audiences to our 2022 Summer Festival.

Professor Maurice Biriotti Chair, Spitalfields Music

3

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

2021-22 in Numbers

Who we are

Spitalfields Music is a registered charity (no. 1052043) that exists to build communities across London’s East End through music.

Our vision is for a thriving and harmonious East End with open hearts, minds and ears.

We are Ambitious – we challenge ourselves to create unforgettable music experiences that reimagine how people from all backgrounds can connect with classical music

We are Inclusive – we are richer as an organisation and as a community when everybody has an opportunity to share their creative voice and nobody faces barriers to our work

We are Curious – we consciously seek opportunities to view the world from different perspectives, bringing new insights and relevance to our work and to those who share it

We are Adaptable – we work flexibly and responsively enabling us to reflect and celebrate the diverse audiences, artists and participants we work with

We are Collaborative – we look for opportunities to work in partnership with others, sharing knowledge, and challenging and inspiring each other to find new and creative approaches

We were founded in 1976 for a fundraising concert to save Hawksmoor’s masterpiece, Christ Church Spitalfields; ran our first summer music festival in 1977; and began our learning & participation programme in local schools in 1989, extending our impact into the wider community in 1992 with a music project for homeless men.

Equality, diversity and inclusion has always been at the heart of our work. Spitalfields as an area is a microcosm of the story of immigration to England over the past 400 years, hosting successive generations of French Huguenot, then Irish, weavers; Jewish refugees; and latterly Bangladeshi immigrants. More recently, we are experiencing gentrification in the west of our borough, which is changing the demographics of our local communities once again.

Our work in neighbourhood schools - where over 50% of pupils are eligible for free school meals and over 80% don’t speak English as a first language - highlights the challenges experienced by those

4

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

living in Tower Hamlets. An estimated 44% of households are in income poverty (living below 60% of UK median household income), the highest rate across all local authorities in England/Wales and double the National average. Tower Hamlets also has the highest rate of child poverty in the UK, where young people are disproportionately affected by the high unemployment rate and low levels of arts engagement. Total school spending per pupil in England has fallen by 8% in real terms between 2009–10 and 2019–20. This means having to prioritise core salaries and building repairs, rather than extra-curricular, language or pastoral support – hence our drive to support local children and young people to give them life chances that otherwise would be denied to them.

Our commitment to creative development of artists and music sector support more generally is also integral to our mission. Since 2000, we have run the Trainee Music Leader scheme, the acknowledged industry leading training programme for musicians wishing to lead workshops in schools and community settings. More recently, we have provided well-being sessions for freelance musicians and music leaders, and one-off CPD opportunities during Lockdowns Two and Three in 2020/21 to equip musicians and workshop leaders for returning to work in hybrid-presentation community settings.

Finally, our artistic vision has always been bold, yet supportive – spotting gaps in the ecology of the music sector, such as the need for second performances of commissions – and has championed the work of emerging and established composers and performers from all musical traditions from our earliest days. We have won multiple awards from the Royal Philharmonic Society over the last two decades for our artistic, education and audience development impact.

Public benefit

The trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

For over 40 years Spitalfields Music has produced and presented high-quality public performances at affordable prices in venues across East London. Our programmes often blend early music with newly commissioned pieces, offering inspiring and unique experiences to the public. Our recent online work has enabled us to engage with audiences beyond our local community, attracting viewers from all over the world.

Through our learning & participation programme we offer subsidised, interactive musical workshops to participants of all ages from our local community, from young children to elderly care home residents living with dementia. We also run a renowned Trainee Music Leadership programme, training talented musicians to become workshop leaders; many of whom go on to serve in arts organisations around the country.

5

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Activities & Impact

After two years of the pandemic, it has become abundantly clear that the communities with which we work in and around Tower Hamlets have been disproportionately affected by covid. Our local communities are still dealing with profound loss of life, as well as other factors that have impacted their mental health, including working in environments that have put them at greater risk of contracting the virus, concerns about the health and wellbeing of family members, loss of income, home-schooling and challenging living conditions.

The arts have proved a great comfort for so many over this time, and continue to do so as we emerge from lockdown restrictions. We are now beginning to make sense of what we have lived through and are seeing signs of the wellbeing crisis left behind by the pandemic.

We have continued with our focus on wellbeing and mindfulness, a theme that cuts across the whole of our programme. Here’s a snapshot of what we have been up to.

6

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Equality, Diversity, Inclusion & Belonging

EDIB has always been an integral part of the organisation’s identity, and our work in this area continues at pace. Since making a public declaration[1] of our commitment to EDIB in 2021, we have furthered our discussions and consulted a broader range of stakeholders on a range of EDIB matters through our inclusion in the I’M IN[2] programme. Our discussions have included staff, artists, freelance project staff, trustees and paid interns and covered topics such as Audience Diversity, Recruitment and Managing Talent.

We firmly believe that board diversity is key to seeing real change within the sector. In 2021 to further commit to addressing this issue, we launched our Trainee Trustee Scheme . This innovative programme consists of four elements: a funded place on an ‘essentials of trusteeship’ course; observer status at four board meetings across a year; a board ‘buddy’ and pre and post online meetings with members of the Spitalfields Music management team to fully understand the papers and decision-making processes of the board. The initiative is available to individuals aged under 35, d/Deaf, disabled and neuro-diverse people and those from Asian, Black and other minority ethnic groups.

In 2021 we welcomed four young budding trustees to the scheme- Holly Holt, Kieran Jones, Chris Bell and Carol Cristiani.

A return to live: Spitalfields Music Festival July 2021

After a hiatus of almost three years, Spitalfields Music Festival returned to in-person events throughout East London. One of the first festivals out of lockdown, it featured an ambitious programme of events across 11 days to select, socially distanced audiences.

“Fortune favours the brave. The summer classical music festivals that have taken the plunge and gone ahead with full (or nearly full) programmes have been rewarded with capacity attendances, at least at the 50 per cent level currently allowed under coronavirus restrictions.

The plucky Spitalfields Festival, which has had plenty of opportunity to show its mettle over the years, is also back in force. Its summer programme is offering 15 premieres and an unfettered

determination to get out and about among its East End community with cross-cultural events and music in pubs.” – Richard Fairman, Financial Times 5 July 2021[3]

1 https://spitalfieldsmusic.org.uk/equality-diversity-inclusion/ 2 https://musicmasters.org.uk/im-in/

3 https://www.ft.com/content/c3789631-4e0a-407b-a0cd-f080cf458515

7

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Never to Forget , 1[st] July 2021, photo by James Berry

Highlights included the opening concert, Never to Forget , an aural memorial celebrating the kindness of strangers and commemorating the health care workers who lost their lives during the pandemic. The concert featured music by Festival Curator Errollyn Wallen, Howard Goodall & Franz Schubert, performed by musicians from London Symphony Chorus, City of London Sinfonia, directed by Simon Halsey, with Roderick Williams and Christopher Glynn.

“I went to Howard Goodall’s Never to Forget, a beautiful if sobering tribute to all those we have lost to the pandemic.” – Audience Member

The concert received significant press coverage, including two 4* reviews in The Evening Standard[4] & The Arts Desk[5] , and a beautiful write up by the Byline Times[6] . Since its premiere at the Spitalfields Festival, Never to Forget has also been performed in a special concert marking the second ’ anniversary of the UK s lockdown[7] .

The festival was also an opportunity to showcase our award-winning Learning & Participation programme with a series of free Music & Mindfulness workshops in Canary Wharf for families with babies and toddlers. We also created The Mindfulness Corner[8] on our website for visitors to try the techniques at home.

4 https://www.standard.co.uk/culture/music/spitalfields-festival-never-to-forget-errollyn-wallen-howardgoodall-concert-review-b943753.html

5 https://theartsdesk.com/classical-music/never-forget-spitalfields-festival-review-%E2%80%93-moving-musical-tributes-lost-care-and

6 https://bylinetimes.com/2021/07/07/never-to-forget-remembering-the-health-workers-who-gave-their-lives-toprotect-us/

7 https://www.stpauls.co.uk/press-release/never-to-forget-concert-st-pauls-cathedral-covid-19-memorial-concert

8 https://spitalfieldsmusic.org.uk/the-mindfulness-corner/

8

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Music & Mindfulness Workshops, 3rd July 2021, photo by James Berry

Other highlights included a critically-acclaimed performance by the dynamic Manchester Collective, curated by Edmund Finnis. This intimate concert of music for strings featured Finnis’s own music, alongside gems such as Mica Levi’s astonishing and richly textured quartet, and Igor Stravinsky’s three quirky and contrasting miniatures.

‘Finnis’s own String Quartet No 2 was given its world premiere, a finely balanced work in four short movements that uses all the timbres and mysterious overtones of four strings, four instruments without hurry or urgency, and with minimal use of vibrato’. Fiona Maddocks, The Guardian[9]

To hear more about the 2021 Festival and to relive some of those special moments, listen to our specially-commissioned podcast series[10] created by writer and podcaster, Jon Jacob of Thoroughly Good[11] .

9 https://www.theguardian.com/music/2021/jul/17/houses-slide-london-sinfonietta-laura-bowler-premiere-bikepowered-bicycles-manchester-collective-edmund-finnis-spitalfields-festival-elias-string-quartet-wigmore-halldonald-grant-haydn-mendelssohn

10 https://spitalfieldsmusic.org.uk/spitalfields-music-festival-2021-podcast-series/

11 https://blog.thoroughlygood.me/

9

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Manchester Collective x Edmund Finnis, 10th July 2021, photo by James Berry

We are particularly grateful to HM Government for their support of the 2021 Festival via the Culture Recovery Fund. This crucial funding enabled us to offer all festival tickets at £15, ensuring as many people are possible could experience music after months in lockdown. #HereForCulture

Welcoming the NewYVC Choir

NewYVC performing at Newham Youth Empowerment Service, March 2022

10

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Following the closure of Stratford Circus Arts Trust in November 2021, Spitalfields Music was delighted to take the reins as the host organisation for New Youth Voice Collective , a nonauditioned mixed age youth choir in Newham led by Musical Director Naveen Arles[12] . The choir teaches a programme of music with a clear focus on excellence, values of diversity, inclusion, and social responsibility through choral singing. The choir rehearse weekly during term time and are given opportunities to further their development through conducting courses, performance opportunities and learning from selected guest artists. The choir has recently partnered with BBC Singers and Britten Pears Arts. The choir has continued to flourish under Spitalfields Music’s direction, with regular membership growing by more than 60% over our first quarter, and completing three external engagements. The choir looks forward to next performing at the Great Get Together 2022[13] at the Queen Elizabeth Olympic Park in July 2022.

Expansion of our Neighbourhood Schools programme

Spitalfields Music is renowned for its work in schools, some of whom we have worked with continuously since 1989. The organisation favours building long-term meaningful relationships over dropping in for one-off workshops. Changing demographics has significantly affected some schools in the borough, and has even led to closures amongst some of those with whom we have the closest relationships.

With that in mind, we launched an open call to schools in and around Tower Hamlets and the City, inviting new partners to become part of our Neighbourhood Schools[14] network. We were astonished and humbled by the number of schools keen to work with us, and in 2021 grew our network to 9 schools to whom we delivered workshops across the year. New partners included Arnhem Wharf Primary School, Redriff Primary School, The Aldgate School, John Scurr Primary School and City of London Primary Academy Islington. All of the schools in our refreshed network participated in Music & Mindfulness workshops led by Martha Wright, Joe Holtaway and Raph Clarkson; enjoyed performances by Royal Academy of Music students and worked with our esteemed Trainee Music Leaders in one-off workshops.

“that felt so good”

“can we stay like this all afternoon” - pupils after Music & Mindfulness sessions

12 https://naveenarles.com/

13 https://www.queenelizabetholympicpark.co.uk/whats-on/events/2022/07/the-great-get-together

14 https://spitalfieldsmusic.org.uk/events/neighbourhood-schools/

11

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

Charly Jolly, TML, with students from Thomas Buxton Primary School in March 2022

A Song for London and Conversations About Music

Alongside our regular Neighbourhood Schools programme, we regularly seek opportunities to respond to the needs of our local community partners. Existing partners Swanlea School approached us with a request to deliver singing and song-writing workshops to Year 8, a group of pupils for whom their musical education had been significantly interrupted by the pandemic. Cocommissioned by Sound UK[15] , we invited singer, songwriter and electric sitarist extraordinaire BISHI[16] to compose a brand-new Song for London[17] . As well as premiering online in November 2021, students from Swanlea were given the opportunity to perform the song live as part of Conversations About Music[18] at the Crossrail Roof Garden in Canary Wharf alongside students from Stepney All Saints School. Both schools also devised and performed other original songs, led by experienced workshop leader Jesse Maryon Davies and delivered alongside a spellbinding performance by BISHI.

15 https://www.sounduk.net/

16 https://www.bishi.co.uk/

17 https://asongforus.org/commissions/bishi-a-song-for-london/

18 https://spitalfieldsmusic.org.uk/events/a-song-for-us-swanlea-secondary-school/

12

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

BISHI with students from Swanlea School, photo by Benjamin Reason

Trainee Music Leaders

Following a fallow year in 2021, we were delighted to welcome a new cohort of five Trainee Music Leaders in January 2022.

Since its inception in 2003, Spitalfields Music has supported over 80 emerging music leaders as part of the highly-acclaimed scheme. The programme supports musicians as they gain experience and skills which will enable them to deliver exceptional creative work in education and community settings. It has launched some of the UK’s most skilled music leaders, including Sam Glazer, Jessie Maryon Davies, Abimaro Gunnell, Sam Chaplin and Neil Valentine. Since 2017, the scheme has expanded and now has national reach by working in partnership with some of the UK’s leading music organisations, currently Britten Pears Arts, Orchestras Live, Southbank Sinfonia, and Welsh National Opera.

Photo credit: Barry Macdonald

Luisa Gerstein – Supported by Spitalfields Music

Luisa Gerstein is a vocalist, producer and composer living and working in London. Her work centres on the human voice, with a deep passion for harmony, polyphonic singing and rhythm. Collaboration is at the heart of her practice as one fourth of the band Landshapes, founder and musical director of Deep Throat Choir, and member of Blood Moon Project. The choir’s third album,

13

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

In Order to Know You, was released December 2021, on Bella Union Records. She has also recently co-founded the label Amorphous Sounds, and is working on a program of gigs and releases for 2022.

Raye Harvey – Supported by Orchestras Live and Spitalfields Music

Manchester based RNCM graduate, violinist and singer-songwriter, Raye comes from a large IndianCaribbean family, loves travel, collaboration, working in different genres, and is passionate about making music accessible for all and increasing diversity in classical music. She has been a mentor for young creative musicians from London, Manchester and Sheffield, and workshop facilitator in Sheffield schools and the Manchester Band of Boroughs project. Raye also performs extensively as an orchestral and session musician, as well as releasing solo material.

Cathy Hare – Supported by Southbank Sinfonia and Spitalfields Music

Flautist Catherine Hare was a member of Southbank Sinfonia 2020-21 and regularly leads concerts and workshops as a part of Live Music Now, having graduated from the Master of Performance course at the Royal College of Music with Distinction in 2018.

In addition to her orchestral work with Southbank Sinfonia, Catherine is committed to widening access for live classical music through a series of concerts and workshops. Her chamber ensemble Campana Duo, with violinist Emma Purslow, specialises in accessible performance and was a Wigmore Hall Chamber Tots ensemble for the 18/19 season. The Campana Duo are delighted to be

14

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

musicians on the prestigious Live Music Now scheme, regularly performing to a diverse range of people that rarely, if ever, have the opportunity to experience live music.

Ben Knight – Supported by Welsh National Opera and Spitalfields Music

British bass-baritone Ben Knight completed his Masters in Voice with Distinction at the Royal Academy of Music and was a 2020/21 Fellow with the Open Academy at the Royal Academy where he had the opportunity to work with Glyndebourne Opera, English National Opera and Wigmore Hall.

Ben has performed as a soloist and chorus member on numerous occasions with The Royal Academy as well as with British Youth Opera and Wexford Opera Festival; in which he will be returning again for the 2022 season.

In 2022, he’ll be performing in the spring season operas at English Touring Opera and leading workshops with Great Ormond Street Hospital as well as continuing work as an undergraduate vocal teacher at Kings College London.

Charly Jolly – Supported by Britten Pears Arts and Spitalfields Music

Charly is a clarinet and saxophone player and singer who works creatively and collaboratively with different groups in a wide mix of styles and genres including classical, classical contemporary, jazz, folk and rock including improvisation and devising work.

She has been a member of the avant-rock brass troupe Perhaps Contraption for 10 years and is also a founding member of the Anglo-Italian swing group Hetty and the Jazzato Band, performing in the UK and Italy.

15

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

She has also performed as a freelance musician and is passionate about performing as an onstage musician in theatrical work including working as a songwriter and workshop leader for educational theatre projects in Suffolk. She has a deep interest in working in community settings and particularly with people with dementia, leading some intergenerational music sessions in care homes before the pandemic.

New projects include working as a lead vocalist with Mikibos with Mickey Bones from Perhaps Contraption, being part of Christo Squier’s Subatomic residency with Kings College London about cosmic ray data. And her solo project Beekabop, an Early Years interactive show for 0-5 year olds first performed at the Aldeburgh Festival in 2019 which will return to the festival again in 2022.

Organisational Development: Programme & Business Model

The organisation has undergone a huge period of transformation in the last few years, not least of all during the pandemic which saw significant change in the staff team. Having reduced the organisation’s headcount in favour of a more flexible approach with the added bonus of a reduction in overheads, the charity is now led by an experienced management team of two, Sarah Gee (Chief Executive) and Kimberley Godley-Hendon (Chief Operating Officer) with most other staff being contractors brought in to deliver on a project-by-project basis.

We currently have a board of eight trustees, of which we have a 50/50 gender split. We bid a fond farewell to long-standing trustee Lindsey Glen in January 2022. We will begin recruiting for new trustees in June 2022 to ensure good succession planning for some board members whose terms are due to expire within the next two years.

Having launched a new three-year business plan and budget just a month before the first lockdown in February 2020, strategic goals were re-visited and updated in February 2022 to ensure their relevance in light of organisational changes. Given the ongoing challenges of the post-pandemic bounce back in the sector, we will review this once again in Autumn 2022.

The Spitalfields Music team continues to deliver work both remotely and in-person having adapted well to hybrid working over the pandemic, and working with a smaller core team has enabled us to become nimble and adaptable in responding to the needs of our local community, ensuring we can better serve our beneficiaries.

16

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Spitalfields Music Trustees Report for the year ending 31[st] March 2022

A huge THANK YOU to our supporters

Spitalfields Music is grateful for invaluable support from a wide range of organisations.

The Derek Shuttleworth Educational Trust The Henry Oldfield Trust, The Thistle Trust John R Murray Charitable Trust

17

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Legacies

We are eternally grateful to those who have left legacies beyond their lifetime:

George Law Peter Lerwill Christopher Vaughan Patricia Aston Ruby Lambert

Individual donors

Major donors to Festival performances and other community projects Donors to the Big Give Christmas Challenge

Spitalfields Music Members, Patrons and Champions whose individual generosity contributes to the sustainability of our work

Donations in kind

We also receive support from companies and individuals who enable us to maintain our level of activity. To all of our supporters, we are very grateful for this vital help and involvement in our work.

Performance and rehearsal

Arnhem Wharf Primary School The Aldgate School Brady Arts & Community Centre Britten Pears Arts Canary Wharf Group Canon Barnett Primary School Chisenhale School City of London Primary Academy Islington John Scurr Primary School Leeds Conservatoire The Multi-Story Orchestra Mindful Music Osmani Primary School Orchestras Live Queen Mary University of London Redriff Primary School Rich Mix Royal Academy of Music Sound UK Southbank Sinfonia Stepney All Saints School St Matthias Primary School Stratford Youth Zone Swanlea School Thomas Buxton Primary School Tower Hamlets Arts & Music Education Service Welsh National Opera

18

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Legal and professional services

Volunteers The charity often benefits from the help of volunteers during the festival and at other events throughout the year. Spitalfields Music did not receive support from volunteers within the period but we look forward to welcoming volunteers soon.

Financial Review

The financial result for the period is an operating surplus of £35,380 (2021: surplus £74,053) , improved by the performance by our investment portfolio which increased by £25,026 (2021: £23,929) , giving a final surplus of £60,406 in comparison with the prior year, which showed a surplus of £97,982. Please note, due to a change in our financial year in 2021, figures for the prior year represent a 7-month period.

Income

Income for the period was £581,045, an increase of £208,462 (56%) from the prior year figure of £372,583. Though please note the prior year figures reflect a 7-month period only. The diversity of income sources varied from the prior year (prior year values shown in brackets) with 5% from donations (16%), 38% from trusts and foundations (36%), 43% from public sources, including Culture Recovery Fund, increased Arts Council England Emergency funding and Coronavirus Job Retention Scheme funding (44%) and the remaining 16% of income earned through activities (4%).

Expenditure

Expenditure increased by 30% to £545,665 (2021: £298,530). The majority of expenditure, 88% (2021: 89%), went directly on charitable activity including the delivery of our Learning & Participation and Festival programmes. The cost of generating funds increased by 95% from £32,612 to £64,014, due to increasing need for fundraising resource during the period due to increased activity, though please note the difference in length between the two periods. The proportion of expenditure on Festival and Learning and Participation was 40% and 48% respectively (prior year 36% and 52% respectively).

Reserves Policy

As at 31 March 2022, the charity’s total reserves were £564,600 (2021: £504,194), consisting of Restricted Funds of £288,994 (2021: £285,353) which this year include £53,000 carried between financial years to account for funding that has been received in year ending 2022 with the majority of activity taking place in 2022-23, and Unrestricted and undesignated reserves of £275,606 (2021: £218,841). The trustees’ policy for reserves is to protect the continuity of the organisation’s work and to provide the capital needed for changes or expansion of the charity. When setting the level of unrestricted reserves, the trustees considered the plans for activity in the coming year and beyond, and the likelihood of the organisation being able to meet earned and raised income targets. Taking into account the level of activity and the risk to income over the coming year, trustees have set a target range of unrestricted reserves at £150,000-£200,000. The organisation is slightly ahead of this

19

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

target at present, but given the ongoing challenges of the pandemic, and the potential future knockon effects on fundraising caused by a global cost of living crisis, trustees feel it is prudent to hold this additional level of reserves.

In recent years there have been challenges around our ability to achieve necessary levels of funding to deliver the organisation’s work. In the last three years it has been possible to rebuild unrestricted reserves through a surplus, putting us in a strong position for the future. In 2021-22, it has not been necessary to draw down from unrestricted reserves to fund activity, largely thanks to the Culture Recovery Fund and Arts Council England funding. The organisation was also able to claim under the Coronavirus Job Retention (Furlough) Scheme to further support core costs.

Investment Policy

The charity has the power to invest monies not immediately required for the furtherance of its objects. Sufficient cash must be held for the charity to meet its regular operating commitments, and the trustees have set this level at no less than £100,000 as an instant access cash balance held in bank accounts. Other investments are restricted to instruments easily traded on recognised exchanges. Investments may be made direct, but currently are made through intermediaries, our fund manager. Any fund managers used will be registered with and authorised by a recognised Stock Exchange or equivalent financial authority such as the UK FCA.

The trustees have set a target investment return of LIBOR plus 3.5% over a period of three to five years. An annualised volatility level has been set at no more than 5% on a long-term basis compared with target performance on the overall portfolio to ensure the protection of the value of the charity’s investment assets. In the year 2016-2017, the Trustees took the decision to remove all funds from one of our fund managers and invest everything in a single portfolio for the time being, due to the amount that we have available to invest. This portfolio was able to out-perform our target of LIBOR plus 3.5% over three, six- and twelve-month periods during the year. Taking into account gains on our investment portfolio there was a net increase in our investment portfolio value of £25,026 at the year end.

While the charity’s investment policy has been agreed by the trustees, responsibility for ongoing investment issues has been delegated to the Finance & Legal sub-committee.

The Restricted Funds are included in the investment portfolio, further details of which can be found in the notes to the accounts.

Risk Management

The trustees acknowledge their responsibility to assess and manage the risks that the organisation faces and have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks. However, such systems can only provide reasonable and not absolute assurance against errors, fraud, operations failures and the impact of external events.

Throughout the year, particularly during the COVID-19 pandemic, the trustees have met regularly and reviewed the way risks are tracked and assessed. This has involved an exercise in which the senior management team has identified risks and made recommendations to the board of trustees for ways to mitigate these risks.

Ongoing risks to the organisation are related not only to ongoing global uncertainty but also to specific challenges within the industry relating both to the artists and communities we work with. The reduction in the number of audience members able to attend live events during the period, due

20

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

to covid regulations, has undoubtedly impacted income generation and has affected relationships with our ongoing individual supporters, many of whom engage with us through live public-facing concerts. Whilst the organisation intends to hold a full-capacity festival in 2022 to reconnect with these people, the sector is still experiencing hesitation amongst core audiences to return to live events. This has affected the classical music sector in particular, and covid recovery in this area has been slow.

The organisation is ambitious, but run by a small team. In the past this has led to capacity issues in some areas, with recruitment for some roles proving a challenge. Much work has been done to mitigate this risk, such as overhauling the staffing structure and identifying experienced freelance project staff to run projects on a more flexible basis, both according to funding being in place and to need in the community. This has also helped to bridge gaps in core funding and improve the overall financial position.

External influences will undoubtedly continue to increase risks to the organisation. Cuts in local authority and central government budgets have been well documented and have a direct impact on the schools, community centres, libraries and care homes where we work. More recently, the impact of the war in Ukraine and the cost-of-living crisis, with high inflation rates, continues to put further pressure on the voluntary sector and on society as a whole. The need within the community is likely to increase, whilst funding remains tighter than ever. Spitalfields Music acknowledges and will continue to monitor these risks carefully.

Fundraising

Spitalfields Music undertakes all fundraising itself and team members are trained in and monitored in making asks by the senior management team, in particular the Chief Executive who is an experienced fundraiser. We raise money from members of our audiences and from individuals who have shown an interest in our work by signing up for our mailings.

In 2021-22 Spitalfields Music received no complaints about fundraising practices. Team members are trained in appropriate behaviour when making fundraising asks, and these are usually done in writing. We ensure that everyone can opt out of hearing from us in every mailing. We do not sell or exchange lists of data with other companies, and will only pass on information with the explicit consent of the data subject.

Spitalfields Music has not signed up with the Fundraising Regulator as currently our status means that we are below the recommended threshold in terms of fundraising spend.

21

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Structure

Spitalfields Festival Limited is a company limited by guarantee and was incorporated on 15 December 1995. It is registered with the Charity Commission for England and Wales and is governed by its memorandum and articles of association.

The affairs of the organisation are managed by the trustees who meet at least four times each year as the Spitalfields Music Board. The trustees are also the directors and the only members of the company. The Board is ultimately responsible for the strategic direction of the charity, supported by a sub-committee for Finance & Legal matters. The company information set out on page 23 of this report contains details of current membership of the Board. Outside the governance structure, a Programme Advisory Group meets up to four times a year to advise the senior leadership team on programming. The Programme Advisory Group contains both trustees and associate members, drawn from the local community, education and arts worlds.

Day to day management of the organisation is the responsibility of the senior leadership team, led by the Chief Executive. The Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and programming.

The Board has arrangements to support the appointment of trustees who have the skills, knowledge and networks to govern the organisation effectively. Under the company’s articles of association:

When a requirement for new trustees is identified due to a need to expand the skills base or to replace trustees who are stepping down, a committee is formed of current trustees to recruit via various avenues which could include advertising within the arts sector, using pro bono head-hunting services or networking through existing artistic partners, trustees and staff. New trustees undergo an induction to clarify their legal obligations under charity and company law, the content of the memorandum and articles, the current financial state of the organisation, the most recent business and strategic plans and the delegation and decision-making process. They are invited to meet all members of staff and to be briefed by the leadership team on their roles within the charity. Both internal and external training is offered to trustees as necessary.

Senior management pay is benchmarked against similar organisations in the sector and is discussed and agreed by the Spitalfields Music Finance & Legal Committee.

Statement of Responsibilities

The trustees (who are also directors of Spitalfields Festival Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statement for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming

22

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report, including the strategic report, was approved by the trustees.

Signed on behalf of the trustees

Maurice Biriotti, Chair

Date

23

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED (Limited by Guarantee) trading as Spitalfields Music REGULATORY INFORMATION

BOARD Maurice Biriotti (Chair) Lindsey Glen^ Megan Gray Stephen Madigan Katie Tearle MBE Steven Berryman Melanie Fryer Jenny Hunting Andrew Peck *indicates membership of the Finance & Legal Committee ^ Stepped down in January 2022 COMPANY SECRETARY Kimberley Godley-Hendon CHIEF EXECUTIVE Sarah Gee PRINCIPAL OFFICE Oxford House, Derbyshire Street, London, E2 6HG REGISTERED OFFICE Oxford House, Derbyshire Street, London, E2 6HG INDEPENDENT EXAMINERS Cooper Parry Group Limited, Sky View, Argosy Road, East Midlands Airport, Castle Donington, Derby, DE74 2SA SOLICITORS Field Fisher Waterhouse LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT BANKERS CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent ME19 4JQ Barclays Bank, 1 Churchill Place, London E14 5HP Nationwide Building Society, Pipers Way, Swindon, SN38 1NW COMPANY REGISTRATIONS Charity number: 1052043 Registered in England & Wales: 3138347 VAT number: 524 7309 51

24

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

Independent Examiner’s Report to the Trustees of Spitalfields Festival Limited

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity’s trustees of the company (and also its directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2001 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the Charities SORP (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Glen Bott FCA Cooper Parry Group Limited

Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

Date:

25

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note
Income:
Donations and legacies:
Public Authority Grants
3
Other Grants, Donations & Gifts
4
Charitable activities:
Festivals
Learning & Participation
Other Trading Activity
Investments
Total Income
Expenditure:
Raising funds:
Fundraising expenditure
Investment Management costs
Charitable activities:
Festivals
Learning & Participation
Creative Encounters (formerly Living Arts)
Creative Leadership Programme
Christopher Vaughan Legacy projects
NMCF projects
Total Expenditure
5
Net income/(expenditure) before unrealised gains
Net gains on investments
Net Income/(Expenditure)
Transfers between funds
Net Movement in Funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
242,646
85,997
33,027
37,850
20,051
186
419,757
64,014
1,010
195,043
51,411
-
-
-
-
311,478
108,279
8,398
116,677
(59,912)
56,765
218,841
275,606		 Restricted
Funds
£
-
161,288
-
-
161,288
-
-
8,831
96,344
7,723
91,889
15,000
14,400
234,187
(72,899)
16,628
(56,271)
59,912
3,641
285,353
288,994		 Total
2022
£
242,646
247,285
33,027
37,850
20,051
186
581,045
64,014
1,010
203,874
147,755
7,723
91,889
15,000
14,400
545,665
35,380
25,026
60,406
-
60,406
504,194
564,600		 Total
2021
NB: 7 months
£
195,104
163,329
2,066
6,960
5,098
26
372,583
32,612
559
108,724
87,052
39,226
30,357
-
-
298,530
74,053
23,929
97,982
-
97,982
406,212
504,194

The statement of financial activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing activities.

The accompanying notes form an integral part of these financial statements.

26

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

BALANCE SHEET AS AT 31 March 2022

Note
Fixed assets
Tangible assets
10
Intangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
14
Current liabilities
Creditors falling due within one year
15
Net current assets
Creditors falling due after more than one year
16
Net assets
The funds of the charity:
17
Unrestricted funds
Restricted funds
Total charity funds		 2022
£
50,424
294,660
345,084
(93,828)
(36,671)		 2022
£
684
1,389
347,942
350,015
251,256
564,600
275,606
288,994
564,600		 2021
£
9,718
295,252
304,970
(81,106)
(50,000)		 2021
£
1,681
4,723
323,926
330,330
223,864
504,194
218,841
285,353
504,194

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board of Trustees on and signed on its behalf by:

Stephen Madigan FCCA

Chair of the Finance & Legal Committee

The accompanying notes form an integral part of these financial statements.

Company registration no: 3138347

27

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities:
Net cash provided outflow from operating activities
21
Cash flows from investing activities:
Net gains from investments:
Interest from investments
Repayment of borrowings
Proceeds from the sale of investments
Net cash provided by investing activities
Reconciliation of cash and cash equivalents
Change in cash and cash equivalents in the year
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
14		 2022
£
1,545
186
(3,333)
1,010
(2,137)
(592)
295,252
294,660		 2021
£
189,159
26
-
559
585
189,744
105,508
295,252

The accompanying notes form an integral part of these financial statements.

28

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting Policies

a) Basis of preparation

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The nature of the charity's operations and principal activity is to maintain, improve and advance the education of the public through musical activities. The charity meets the definition of a public benefit entity under FRS102.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The company is a public benefit entity for the purposes of FRS102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with 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 (The FRS102 Charities SORP 2019), and the Companies Act 2006. The functional currency is GBP sterling.

The principal accounting policies adopted in the preparation of the financial statements are set out below:

The trustees have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. Special attention has been paid to this throughout the year in light of the global COVID-19 pandemic which has had significant impact on the sector. Trustees have met regularly throughout the pandemic and reviewed the way risks are monitored. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the charitable company’s forecasts and projections and have taken account of additional pressures on income, particularly in light of the pandemic. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charitable company has adequate reserves to sustain the charitable company's future plans. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

Income is accounted for as unrestricted unless restrictions exist under the terms on which they are received or solicited. Voluntary income and donations are accounted for on an accruals basis. All income in the Statement of Financial Activities is shown gross of the associated costs and is accounted for where there is entitlement to the income, it is probable that the benefits associated with it will flow to the charity and it can be reliably measured. Income from charitable activities is recognised as it is earned. Where amounts are billed in advance of the activity being carried out, the income is deferred. Legacy income is recognised when its amount and receipt is probable.

Help/Gifts in Kind: On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Donations, including donations from individuals, corporate donations and donations from trusts and foundations are recognised when the charity is entitled to the income, subject to any conditions attached to the donation.

There were no unfulfilled conditions or contingencies in respect of any of the above grants. The only other government assistance during this period was from the HMRC Coronavirus Job Retention Grant which arose as a result of some staff members being furloughed due to the delivery of work being postponed by the COVID-19 pandemic.

d) Expenditure All expenses are accounted for on an accruals basis. Wherever possible costs are allocated directly to the appropriate activity; other overhead, support and governance costs common to all activities are apportioned between those activities on the basis of the proportion of staff time spent in each activity. The charity initially identifies the costs of its support functions including those costs relating to the governance function. These are apportioned between the key activities undertaken on the basis of the proportion of staff time spent on each activity. Direct costs include all staff and materials brought together solely for that activity.

Expenditure incurred in connection with the specific objects of the charity is included under the heading Charitable activities . This includes funds spent on artists, practitioners and production costs associated with our Festival events and Learning & Participation programme.

The irrecoverable element of VAT is charged against the category of resources expended for which it was incurred.

Depreciation of tangible and intangible fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows:

Furniture, Website & Office Equipment: three years

Musical Instruments: case by case basis depending on type of instrument.

f) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

g) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

h) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

i) Financial instruments The charity only has financial assets and financial liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

j) Investments

Investments are stated at fair value using their market rate as at the balance sheet date. The statement of financial activities includes the net gains or losses arising on revaluation throughout the year. Any net gain or loss in the year is split proportionally across the funds that are invested.

29

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

k) Funds General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

l) Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by part 11, chapter 3 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

m) Pensions

n) Operating leases

Rentals payable under operating leases are charged to the income and expenditure account on a straight-line basis over the term of the lease.

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no critical accounting estimates to declare.

30

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

SPITALFIELDS FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
3
Public Authority Grants
Arts Council, England - Revenue Funding
Culture Recovery Fund (Arts Council England/ DCMS)
HMRC Coronavirus Job Retention (Furlough) Grant
Arts Council, England - Revenue Funding
Arts Council England- Emergency CV-19 Funding
Culture Recovery Fund (Arts Council England/ DCMS)
City of London - Revenue Funding
London Borough of Tower Hamlets
HMRC Coronavirus Job Retention (Furlough) Grant		 Unrestricted
Funds
£
71,288
163,538
7,820		 Restricted
Funds
£
-
-
-		 Total
2022
£
71,288
163,538
7,820
242,646 - 242,646
Unrestricted
Funds
£
41,585
10,911
93,154
20,000
5,000
9,454		 Restricted
Funds
£
-
-
-
10,000
5,000
-		 Total
2021
£
41,585
10,911
93,154
30,000
10,000
9,454
180,104 15,000 195,104

There were no unfulfilled conditions or contingencies in respect of any of the above grants.

The charity received government assistance in the form of grants from the Culture Recovery Fund and Job Retention Furlough Scheme. Both were directly related to the pandemic.

4
Other Grants, Donations & Gifts
Trusts & Foundations
Donations from Individuals
Donations in kind
Trusts & Foundations
Donations from Individuals
Legacies
Donations in kind
5
Total expenditure
Raising Funds
Charitable activities:
Festivals
Learning & Participation
Creative Encounters (formerly Living Arts)
Creative Leadership Programme
Christopher Vaughan Legacy projects
NMCF projects
Raising Funds
Charitable activities:
Festivals
Learning & Participation
Creative Encounters (formerly Living Arts)
Creative Leadership Programme
Christopher Vaughan Legacy projects
NMCF projects		 Unrestricted
Funds
£
72,000
1,539
12,458		 Restricted
Funds
£
144,840
16,448
-		 Total
2022
£
216,840
17,987
12,458
85,997 161,288 247,285
Unrestricted
Funds
£
15,000
15,661
-
2,155		 Restricted
Funds
£
77,600
22,550
17,500
12,863		 Total
2021
£
92,600
38,211
17,500
15,018
32,816 130,513 163,329
Direct costs
2022
£
50,686
155,868
125,743
6,318
73,684
15,000
14,400		 Support costs
2022
£
14,338
47,986
25,980
1,405
14,257
-
-		 Total
2022
£
65,024
203,854
151,723
7,723
87,941
15,000
14,400
441,699 103,966 545,665
Direct costs
2021
£
25,849
87,631
71,487
31,686
25,034
-
-		 Support costs
2021
£
7,322
21,093
15,565
7,540
5,323
-
-		 Total
2021
£
33,171
108,724
87,052
39,226
30,357
241,687 56,843 298,530

31

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

5 Total expenditure (continued)

Analysis of governance and other support costs

Analysis of governance and other support costs
Support Costs
Finance & Strategy
Office Costs
Premises Costs
Publicity & Promotion
Governance Costs
Depreciation & Amortisation
Total Support Costs
Support Costs
Finance & Strategy
Office Costs
Premises Costs
Publicity & Promotion
Governance Costs
Depreciation & Amortisation
Total Support Costs		 Raising Funds
8,087
2,038
1,122
900
1,585
606
14,338
Raising Funds
1,551
1,943
3,411
1,138
312
734
9,089		 Festivals
9,769
5,576
2,324
25,776
3,285
1,256
47,986
Festivals
4,297
2,795
4,896
1,262
519
1,226
14,995		 Learning &
Participation
12,466
4,444
2,805
250
3,966
2,049
25,980
Learning &
Participation
3,575
3,497
6,122
1,578
648
1,534
16,954		 Creative
Encounters
(formerly
Living Arts)
673
258
160
-
227
87		 Creative
Leadership
Programme
6,737
2,784
1,604
-
2,266
866		 2022
Total
37,732
15,100
8,015
26,926
11,329
4,864
1,405 14,257 103,966
Creative
Encounters
(formerly
Living Arts)
3,231
3,496
6,121
1,578
648
1,534		 Creative
Leadership
Programme
2,328
2,517
4,408
1,135
466
1,104		 2021
Total
17,262
8,297
11,133
10,433
7,290
2,428
16,608 11,958 56,843

Included in direct costs are amounts representing donated goods, services and facilities. The total benefit of help in kind received in the period was £12,863 (2021: £15,018). This help in kind includes free or discounted hire of venues and equipment for festival and learning & participation events, as well as pro bono advice and legal services.

Net (expenditure) /income is stated after charging:
Depreciation & Amortisation
Independent Examination fees
Operating lease charges
6
Staff Costs
Staff costs comprise:
Wages and salaries
Social security costs
Pension costs
Freelance and Consultancy
Total Staff Costs		 2022
£
4,331
2,750
8,015
2022
£
95,139
8,863
4,126		 2021
£
2,428
2,500
11,133
2021
£
89,367
6,305
5,028
108,128
161,886		 100,700
60,275
270,014 160,975

Key management personnel include the trustees, Chief Executive and two senior members of staff reporting directly to the Chief Executive. The total remuneration of the charity's key management personnel (Chief Executive and two senior staff) were £129,967 (2021: £67,110). Please note that the Chief Executive is a contractor.

The average number of staff employed during the year was 5 (4.1 FTE) (2021: 5).

No employees or contractors earned over £60,000 during the period. (2021: nil).

7 Pension Commitments

The charity operates a defined contribution pension scheme. Pension costs for the period have been charged at £4,126 as outlined above (2021: £5,028). At the period end, £nil was owed to the scheme (2021: £nil).

8 Trustees

The trustees received no remuneration during the year (2021: nil).

No expenses were reimbursed to trustees for travel or other costs incurred on behalf of the charity. There were no direct costs associated with refreshments and hospitality at trustee meetings and no venue costs or help in kind as all meetings took place remotely during the period due to the pandemic (2021: refreshments and hospitality: £nil).

9 Related party transactions

Donations from trustees in the period to 31 March 2022 came to £2,321 (2021: £11,650). Donations from the staff and management team equalled £1,090. There was one other related party transaction in the period. M Biriotti is also a director of SHM Productions who gave grants totalling £70,000 to Spitalfields Festival Limited. There were no other related parties (2021 none).

32

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Tangible Fixed Assets

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for year
Eliminated on disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Piano
£
4,095
-
-
4,095
4,095
-
-
4,095
-
-		 Office
Equipment
£
12,165		 Furniture
£
3,714
-
-		 Total
£
19,974
-
-
12,165 3,714 19,974
10,484
997
-		 3,714
-		 18,293
997
-
11,481 3,714 19,290
684 - 684
1,681 - 1,681

All assets relate to the charitable activities. The piano was valued by the trustees on 31 December 2000, having been donated to the charity in 1995.

11 Intangible Fixed Assets
Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Amortisation
At 1 April 2021
Charge for year
Eliminated on disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
12
Investments
Investments as at 1 April 2021
Investment Management Costs
Additions
Net investment gain
Total investments at 31 March 2022		 Website
£
10,000
-		 Total
£
10,000
-
-
10,000 10,000
5,277
3,334
-		 5,277
3,334
-
8,611 8,611
1,389 1,389
4,723 4,723
2022
£
323,926
(1,010)
-
25,026		 2021
£
300,556
(559)
-
23,929
347,942 323,926

At 31 March 2022, all investments held by the charity were with the Cazenove Charities Multi-Asset Fund. This fund is registered with the Charity Commission.

The investments are listed on a recognised stock exchange in accordance with the charity's investment policy. Investments held during the year were not income bearing.

13
Debtors
Debtors: amounts falling due within one year
Trade debtors
Prepayments and Accrued Income
Debtors: amounts falling due over more than one year
Other debtors
14
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
15
Creditors: amounts falling due within one year
Bank loan
Trade creditors
Other taxes and social security costs
Deferred Income
Accruals
Movements in deferred income in the year were as follows:
Balance brought forward
Amounts released in the year
Amounts deferred in the year
Balance carried forward		 2022
£
27,397
23,027		 2021
£
-
9,718
50,424 9,718
- -
50,424 9,718
2022
£
294,660		 2021
£
295,252
294,660 295,252
2022
£
9,996
-
25,236
4,638
53,958		 2021
£
-
-
7,184
39,983
33,939
93,828 81,106
2022
£
39,983
(39,983)
4,638		 2021
£
71,568
(60,000)
28,415
4,638 39,983

16 Creditors: amounts falling due after more than one year

Included within bank loans due after one year is £36,671 received from Barclays Bank UK plc in respect of a Bounce Back loan. Interest on this loan is charged at 2.5% per annum with the UK government paying interest on the loan for the first 12 months. The term of the loan is 6 years with repayments commencing 13 months from the date of drawdown at a rate of £833 per month.

Bank loan

2022
£
36,671		 2021
£
50,000
36,671 50,000

33

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

17
Reserves
Restricted Funds
Christopher Vaughan Legacy
New Music Commission Fund
Learning & Participation Fund (including NewYVC)
Ruby Lambert Legacy Fund (Soundbox)
Creative Leadership Programme Fund
Creative Encounters (formerly Living Arts) Fund
Festivals Fund
Total Restricted Funds
Unrestricted Funds
General Fund
Total Unrestricted Funds
Total Funds
Restricted Funds
Christopher Vaughan Legacy
New Music Commission Fund
Ruby Lambert Legacy Fund (Soundbox)
Learning & Participation Fund
Creative Leadership Programme Fund
Living Arts Fund
Festivals Fund
Total Restricted Funds
Unrestricted Funds
General Fund
Total Unrestricted Funds
Total Funds		 Brought
Forward
01-Apr-21
£
71,955
153,137
11,544
7,500
37
40,974
206
285,353
218,841
218,841
504,194
Brought
Forward
01-Sep-20
£
66,709
141,944
-
11,713
2,794
(287)
15,356
238,229
167,983
167,983
406,212		 Transfer
Between
Funds
£
-
-
-
-
-
-
-
-
-
Transfer
Between
Funds
£
-
-
-
-
-
-
-
-
-
-		 Income
£
5,617
12,875
116,517
0
31,940
0
12,000
178,949
428,155
428,155
607,104
Income
£
5,246
4,432
7,500
65,113
27,600
40,000
5,497
155,388
234,363
234,363
389,751		 Expenditure
£
(15,000)
(14,400)
(89,877)
(7,500)
(91,889)
(7,723)
(8,831)		 Transfer from
Unrestricted
Fund
£
-
-
59,912		 Carried
Forward
31-Mar-22
£
62,572
151,612
38,184
-
-
33,251
3,375
(235,220) 59,912 288,994
(311,478) (59,912) 275,606
(311,478) (59,912) 275,606
(546,698) - 564,600
Expenditure
£
-
(65,282)
(30,357)
(39,226)
(29,274)		 Transfer from
Unrestricted
Fund
£
-
-
-
-
-
40,487
8,627		 Carried
Forward
31-Mar-21
£
71,955
153,137
7,500
11,544
37
40,974
206
(164,139) 49,114 285,353
(134,391) (49,114) 218,841
(134,391) (49,114) 218,841
(298,530) - 504,194

Transfers to restricted funds are for the Neighbourhood Schools programme (Learning & Participation Fund), Trainee Music Leaders programme (Creative Leadership Fund), Creative Encounters (formerly Living Arts Fund) and Festival programming delayed to the following financial period due to the COVID-19 pandemic (Festivals Fund)

Restricted funds represent funds donated for a specific project, and are allocated as shown above.

Christopher Vaughan Legacy — This is a restricted fund to support musical education for children in the London Borough of Tower Hamlets and performances by younger musicians. The funds are invested in accordance with the investment policy and the trustees aim to draw on this fund for new areas of activity which are being developed or areas which are considered to be important but cannot attract external funding. New Music Commission Fund — This fund was set up by Judith Weir at the time that she stepped down as Artistic Director of Spitalfields Music. Funds are invested in accordance with the investment policy. Funds are to be spent on fees for writing new music for Spitalfields Music Festivals.

Early Years Music Fund — This fund is based around the income and project costs for the Musical Rumpus and Sound Explorers series. Grants are made by funders and project costs including staffing and a proportional contribution towards wider support costs are included in expenses. The final project currently planned in this series took place in 2017-18.

Learning & Participation Fund - This fund is based around the income and project costs for our year round Learning & Participation programme, including our work with local Schools. Grants are made by funders and project costs including staffing and a proportional contribution towards wider support costs are included in expenses. Carry forward amounts are grants made in year that are intended for a future year's expenditure. In 2022 Spitalfields Music received grant funding towards the running of NewYVC choir, some of which has been carried forward for use in future years.

Creative Leadership Programme Fund - This fund represents grant income made for our Open Call and Trainee Music Leaders Programmes. Project costs include a contribution towards staffing and wider support costs. Carry forward amounts are grants made in year that are intended for a future year's expenditure.

Creative Encounters (formerly Living Arts) Fund - This fund represents grant income made for our three year programme working with residents in care homes in London Borough of Tower Hamlets. Project costs include a contribution towards staffing and wider support costs. Carry forward amounts are donations and grants made in year that are intended for a future year's expenditure,

Festivals Fund — This fund represents grant income made to support specific projects during Spitalfields Music Festivals. Grants are made by funders and project costs including staffing and a proportional contribution towards wider support costs are included in expenses.

34

DocuSign Envelope ID: 41C505A9-01D9-4892-A01C-A1B45191EBFF

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18
19
20
21		 Analysis of Net Assets between Funds
Tan
At 31 March 2022
Restricted: Christopher Vaughan Legacy
Restricted: NMCF
Restricted: Learning & Participation
Restricted: Ruby Lambert Legacy Fund (Soundbox)
Restricted: Creative Leadership Programme
Restricted: Creative Encounters (formerly Living Arts)
Restricted: Festivals
Coronavirus Bounce Back Loan
Unrestricted
Tan
At 31 March 2021
Restricted: Christopher Vaughan Legacy
Restricted: NMCF
Restricted: Learning & Participation
Restricted: Creative Leadership Programme
Restricted: Creative Encounters (formerly Living Arts)
Restricted: Festivals
Coronavirus Bounce Back Loan
Unrestricted
Financial Commitments
Equipment:
Within one year
Buildings:
Within one year
Control and Share Capital
Reconciliation of net movement in funds to net cash flow from operating activiti
Net movement in funds for the year
Adjustments for:
Depreciation charges
Amortisation charges
Net gains on investments
Interest received
Capital expenditure
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash used in operating activities
The charity is a company limited by guarantee. In the event of the company being wou
At 31 March 2022 the company had outstanding commitments for future minimum leas		 2022
gible & Intangible
Fixed
Assets
£
-
-
-
-
-
-
2,073
2,073
2021
gible & Intangible
Fixed
Assets
£
0
0
0
0
0
0
6,404
6,404
es
nd up the guarantee
e payments under n		 2022
Investments
£
62,248
149,401
-
-
-
-
136,293
347,942
2021
Investments
£
71,019
151,516
-
-
-
101,391
323,926
is limited to £1 per
on-cancellable oper		 2022
Net
Current
Assets
£
324
2,211
38,184
-
-
33,251
3,375
(9,996)
183,907		 2022
Non current
Liabilities
£
(36,671)		 2022
Total
£
62,572
151,612
38,184
-
-
33,251
3,375
(46,667)
322,273
251,256 (36,671) 564,600
2021
Net
Current
Assets
£
936
1,621
7,500
37
40,974
206
161,046		 2021
Non current
Liabilities
£
(50,000)		 2021
Total
£
71,955
153,137
7,500
37
40,974
206
(50,000)
268,841
223,864 (50,000) 504,194
member.
ating leases, which		 2022
£
-
fall due as follows:		 2021
£
-
- -
£
7,824		 £
8,772
7,824 8,772
2022
£
60,406
997
3,334
(25,026)
(186)
-
(40,706)
2,726		 2021
£
97,982
484
1,944
(23,929)
(26)
(507)
73,109
40,102
1,545 189,159

The Charity has one Coronavirus Bounce Back bank loan with Barclays Bank which will be repaid over five years. A reconciliation of movements in cash is shown above.

35