2023-03-31-accounts - Spitalfields Festival Limited

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

Spitalfields Festival Limited Trading as Spitalfields Music

Trustees Report & Financial Statements For the year ending 31 March 2023

Charity No. 1052043 Company No. 3138347

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Contents
Introduction	3
2022-23 In Numbers	4
Who we are	4
Activities & Impact	8
Regulatory Information	23
Independent Examiner’s Report	24
Statement of Financial Activities	25
Balance Sheet	26
Statement of Cash Flows	27
Notes to the Financial Statements	28

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Introduction

The multitude of challenges facing the arts charity sector right now have been well-documented. That said, the work of Spitalfields Music and other similar organisations is needed more than ever.

I am extremely proud of the charity’s efforts in bringing together full audiences to the Spitalfields Music Festival for the first time since 2018. Almost 1,500 audience members attended our groundbreaking performances. More than 2,500 community participants also engaged with the glorious work of Spitalfields Music over the last 12 months which focused heavily on singing; something that has been sorely missed throughout the pandemic.

I want to offer my heartfelt thanks to our dedicated team, artists, workshop leaders, 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 donors and other supporters, including our core funder, Arts Council England for their ongoing support. Not forgetting our major donors: Scops Arts Trust, The SHM Foundation and other trusts, foundations, companies and individuals who all help us to continue to foster passion for music throughout the East end.

Professor Maurice Biriotti Chair, Spitalfields Music

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

2022-23 in Numbers

20+ London and World Premieres
14-day live music festival across East London, including sell-out performances at Christ Church Spitalfields
36 Community Partners
2,536 Community Participants
1,463 Festival attendees
120+ Artists
15 young singers as part of NewYVC, hosted by Spitalfields Music
4 Skills Lab Academy workshops with 9 fully-funded bursary places
A co-promoted concert series with City of London Sinfonia
9 Trainee Trustees, working alongside the Spitalfields Music Board
3 Paid internships in partnership with Goldsmiths University of London & Queen Mary University of London

Who we are

We are Spitalfields Music.

We nourish the foundations of the classical music sector - in East London and beyond - by fostering passion, nurturing talent, cultivating outstanding leadership and staging innovative performances.

We are…

A small but mighty organisation

Rooted in East London

Risk-takers

Backed by decades of experience

Who put joy at the centre our work

To deliver excellence always

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

We foster passion for music through our education projects in schools and community settings in Tower Hamlets.

We work in one of the fastest growing, youngest, most ethnically diverse and most deprived boroughs in the UK.

Our relationships with local schools and collaborators have been built over decades. Because of the longevity of our relationships, our community programmes are known for their quality, their responsiveness, their artistic integrity and their high standards. We understand what our collaborators need, and they trust us to deliver it.

These long-standing partnerships have allowed us to impact generations of young people, through schools and New YVC, our open-access youth vocal collective.

We believe in excellence of process as well as excellence of outcome. We trust the musicians and music leaders in our community programmes to deliver excellent artistic processes, never sacrificing quality or ambition.

We nurture diverse talent by commissioning emerging composers and musicians and offering professional development programmes that propel them to success.

We take risks in who and what we commission. We embrace the potential of unknown artists and the creation of experimental pieces.

Our support fills gaps: we host emerging composers’ second performances as well as their premieres.

We focus on diversifying the artists who have access to high calibre professional development programmes in order to expand the talent pool of the British classical music sector.

We cultivate outstanding leadership, through our first-of-their-kind trainee music leader scheme and our trainee trustee scheme.

Our trainee music leader scheme is creative, entrepreneurial, socially relevant and known for launching people’s careers. It was the first of its kind and we have honed it over 20 years. Our alumni have a track record of success, taking up leadership roles in prestigious cultural institutions.

We prioritise financial accessibility, paying trainees for the valuable work they do. Our programme forges networks within the classical music sector. We collaborate with institutions like the Southbank Sinfonia, Orchestras Live, the Royal Academy of Music, as well as many spaces and local institutions in East London.

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Our trainee trustee scheme supports the next generation of leaders in the arts, ensuring they have access to the network, training and opportunities to fulfil their potential – and that they reflect the wide range of communities Spitalfields Music serves.

We stage innovative performances in remarkable, accessible spaces around East London during our Spitalfields Music Festival.

We stage our performances in unusual and diverse spaces in East London – and think intentionally about how each piece and each performance fits within it. In doing so, we bring classical music to the places where people live their everyday lives.

We push artistic boundaries, creating and performing music in innovative ways.

We work to welcome a more diverse range of audiences, through subsidised tickets, partnerships with local stakeholders, and performances that have relevance.

“Spitalfields Music, a charity based in east London with an international reputation for its quality, reach and innovation.” Arts Council England, June 2022

Equity, diversity, inclusion and belonging 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 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 extracurricular, 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. This has become even more prevalent in the last 12 months, as other global factors including high energy prices and general inflation have put even greater pressure on schools’ budgets.

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

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 45 years Spitalfields Music has produced and presented high-quality public performances at affordable prices in venues across East London. In 2022, tickets were priced between £10-£25 and young singers from NewYVC were invited to attend our performances for free, many of whom were attending a Spitalfields Music festival event for the first time. Our programmes often blend early music with newly commissioned pieces, offering inspiring and unique experiences to the public. During the pandemic, our online work enabled us to engage with audiences beyond our local community, attracting viewers from all over the world.

Through our education programme we offer subsidised, interactive musical workshops to participants of all ages from primary school all the way up to the age of 25 through our free, open access youth vocal collective. 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. More recently we have launched a Trainee Trustee Scheme to offer direct hands-on experience of working with a charity board to individuals from a variety of backgrounds.

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Activities & Impact

Despite the enormous challenges and disruption caused by the pandemic over the last few years, Spitalfields Music has maintained key long-standing relationships with a number of partners, including some primary schools with whom we have worked continuously since 1989. These schools are still a regular fixture in our programme. New partnerships have also been sparked since taking over the management of NewYVC, an open-access youth vocal collective for 11-25 year olds, and our recent relocation to Queen Mary University of London. Since early 2023, we have been a proud resident organisation on the Mile End campus.

Arguably, the last 12 months have been the most challenging for the charity sector as a whole, and the arts in particular. Activity levels have returned to pre-pandemic levels, but income sources have been squeezed like never before. Emergency funding sources have been withdrawn; global market instability has impacted trust & foundations income; cost of living pressures have affected individual givers and audience members. Our business model has been challenged from all angles.

Lifestyle changes sparked by the pandemic have also made audience behaviour harder to predict and has challenged our ability to accurately forecast earned income. Our CEO, Sarah Gee, reflected on the challenges for this article in Arts Professional[1] .

Despite the challenges, Spitalfields Music remains rocksteady in its commitment to the communities of East London at a time when our work is needed more than ever.

Here’s a snapshot of what we have been up to.

Trainee Trustee Scheme

Following a successful pilot in 2021-22, we welcomed five new trainee trustees to shadow our Board of Trustees in 2023. Learnings from year one enabled us to improve recruitment processes and broaden our reach. We were delighted to receive more than twenty applications from individuals with a range of skills including Fundraising, Marketing, Event Production, Education and Finance & Operations. The scheme has captured the attention of many colleagues from across the sector, leading to Sarah being invited to present at Clore Leadership: Governance Now conference in February 2023[2]

We are delighted to be working with Ama Ofori-Darko, Kenon Man, Jess Reddel, Chloe Lam and Susie Blankfield throughout 2023. You can read more about them on our website[3] .

1 https://www.artsprofessional.co.uk/magazine/361/feature/long-read-arts-leaders-look-ahead-2023 2 https://www.cloreleadership.org/news-events/events/governance-now-championing-communities 3 https://spitalfieldsmusic.org.uk/about-us/our-people/

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Spitalfields Music Festival 2022

After a socially distanced version in 2021, we were delighted to welcome full audiences back for the Spitalfields Music Festival in Summer 2022.

Ambitious as ever, the programme featured over 20 World and London premieres, showcasing the music of established and emerging composers including Arun Ghosh, Callum Au, Electra Perivolaris, Neil Luck and Laura Bowler to name but a few.

Canticle of the Sun by Arun Ghosh, 1[st] July 2022 at St John on Bethnal Green. Photo by James Berry

Highlights included a special collaboration with Cayenna Ponchione-Bailey, Arson Fahim, Oxford Philharmonic Orchestra and a number of Afghan performers and composers; many of whom have been silenced by the Taliban and have either fled the country or are living in hiding. The concert celebrated the music of Afghanistan through new commissions and new arrangements of traditional Afghan pieces.

Spitalfields Music was delighted to welcome a number of Afghan refugees to the audience, many of whom were living in temporary accommodation and attending a live event in the UK for the very first time.

“[I] was welcomed so warmly… thank you [for] such a heartfelt welcome and [for] making [us] feel loved” – Afghan audience member

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Looking Forward: The Music of Afghanistan, 5[th] July 2022 at EartH. Photo by James Berry

Distance by Laura Bowler, a co-commission between sound Festival Aberdeen, Spitalfields Music and Cheltenham Festivals featured a groundbreaking collaboration between soprano Juliet Fraser, live in London and Talea Ensemble live streaming from New York. The piece challenged audiences to consider their own carbon footprint; and to think about how we can collaborate internationally amidst the climate crisis.

Pianola virtuoso, Rex Lawson, treated audiences to a stunning performance of Stravinsky’s Rite of Spring . The pianola is a now-rare mechanical piano, operated through painstakingly prepared paper rolls.

The festival closed with a London debut performance by the wonderful Tuks Camerata, all the way from Pretoria, South Africa. The choir performed a selection of Western Classical and African traditional songs alongside beloved British vocal ensemble, VOCES8. It was the first time in several years Spitalfields Music had the pleasure of welcoming a full Christ Church crowd, and it was a fitting and emotional celebration of the power of live music.

“The closing concert of the Spitalfields summer festival was an object lesson in the joyous and healing benefits of people of all stripes standing together and singing their hearts out…”[4]

Geoff Brown, The Times ★★★★☆

4 https://www.thetimes.co.uk/article/voces8-tuks-camerata-review-christ-church-spitalfields-london-flhsc0lxs

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Tuks Camerata & VOCES8 at Christ Church Spitalfields, 13[th] July 2022. Photo by James Berry

New Young Voice Collective

Since becoming part of the Spitalfields Music family in 2021, the vocal group have gone from strength to strength under the leadership of Musical Director, Naveen Arles. 100% of NewYVC members, when surveyed, stated they felt happier since joining the group; with 91% also stating their singing, confidence and leadership skills had improved.

2022 saw multiple collaborations with BBC Singers, including a performance at the Great Get Together at Queen Elizabeth Olympic Park and a broadcast performance of contemporary Christmas carols recorded at Maida Vale Studios. NewYVC were also featured as part of Kings Place’s Voices Unwrapped, a multi-event celebration of singing, performing in the busy foyers of the venue.

In 2022, Spitalfields Music was delighted to be awarded an uplift in funding from Arts Council England specifically to support the work of NewYVC in Newham from April 2023- March 2026. We are delighted to continue offering free, open access singing opportunities to young people from across the borough and surrounding areas.

NewYVC is proud to be a resident ensemble at Stratford Youth Zone, and Spitalfields Music is extremely grateful for their invaluable support in hosting the choir for their weekly rehearsals and termly sharing events.

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

‘It feels like a family and even if I’ve had the worst day it puts a smile on my face’- NewYVC member

NewYVC in rehearsal, June 2022. Photo by James Berry

‘The choir gives me a sense of belonging, it has been helpful and good for my wellbeing’NewYVC member

Neighbourhood Schools

Music & Mindfulness

Wellbeing has been an ongoing theme throughout all of our work in the last few years, as we recognise the issues that mental ill-health is causing across the whole of society.

In 2022/23, we delivered Music & Mindfulness workshops to more than 400 Primary School children from across Tower Hamlets and beyond. Devised by Martha Wright of Mindful Music[5] , an expert in this field, we began by delivering a series of taster workshops in our neighbourhood schools before rolling this out into four-week long projects in several schools across the borough. Pupils had the opportunity to learn basic mindfulness techniques; express themselves and describe their feelings through creative exercises and develop their own songs. Teachers were also provided with resource packs to help them to introduce the theme of wellbeing and mindfulness into everyday classroom activities.

5 https://www.mindfulmusic.london/

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Spitalfields Voices

For many years, we have featured a large-scale massed singing project called Big Sing as part of our annual festival. 2022 was the first time since the pandemic that we were able to reprise this, with more than 150 Key stage 3 students invited to take part in a series of singing workshops led by Naveen Arles and Leanne Sedin. The project culminated in a joyous performance alongside a professional band at Spitalfields Market in July 2022. For the first time ever, we were also delighted to welcome some of the NewYVC Young Artists to expertly lead and perform solos to a busy marketplace.

Big Sing at Spitalfields Music Festival, July 2022. Photo by James Berry

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

Following the success of the summer’s event, we rolled Big Sing out to primary schools for a pilot project in November 2022. Over 100 young singers from two Tower Hamlets schools participated in a four-week programme followed by a lunchtime performance at Liverpool Street Station to an enormous crowd of commuters!

Primary Big Sing in rehearsal, Autumn 2022

The project was repeated with a new roster of schools in March 2023, when 220 pupils performed to an invited audience of parents and peers at Bishopsgate Institute. When surveyed, 100% of schools who took part said they would like to participate in the project again. 60% of pupils stated they felt more confident about speaking out loud in class following the project.

Spitalfields Voices will remain an integral part of our Neighbourhood Schools offering throughout 2023 and beyond, with opportunities for young singers from KS2 upwards to discover the joy of singing. This feeds into our wider strategy to significantly increasing the membership of NewYVC. Watch this space!

Trainee Music Leaders

2023 marks 20 years of Trainee Music Leaders! Since its inception in 2003, Spitalfields Music has trained over 100 professional music leaders, many of whom continue to work for music organisations, including Spitalfields Music, across the UK.

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

The 2022/23 scheme was delivered in partnership with Orchestras Live, Britten Pears Arts and Southbank Sinfonia. Five budding music leaders, all accomplished professional musicians, were selected. Each trainee went on to support and observe the aforementioned neighbourhood schools projects, as well as a series of other projects delivered by our partners. You can read more about our 2022/23 trainees on our website[6] .

Organisational Development: Programme & Business Model

The organisation has undergone a huge period of transformation in the last few years, and continues to do so as we aim to rebuild after the pandemic. Largely through natural churn, we have reduced the organisation’s headcount, therefore saving on overhead costs. The charity is now led by an all-female management team of two, Sarah Gee (Chief Executive), a consultant with expertise in fundraising, marketing and communications and Kimberley Godley-Hendon (Chief Operating Officer), a chartered management accountant. Most other staff are contractors brought in to deliver on a project-by-project basis. We have plans to grow our staff structure in the future, though due to funding constraints, this is unlikely to take place until 2024 at the earliest.

We currently have a board of nine trustees. We bid a fond farewell to stalwart Katie Tearle MBE in October 2022. We were delighted to welcome Naomi Lewis and Tim Davy, both of whom joined in February 2023. Succession planning and trustee recruitment is high priority right now, with plans to recruit several new trustees over the coming months as longstanding supporters are due to step down in the next 6-12 months.

Having recently successfully applied to Arts Council England to remain a National Portfolio Organisation from 2023-2026, we have recently reviewed our upcoming activity and accompanying three-year budget. We acknowledge there are still significant funding challenges within the organisation, however, and a need to replenish reserves imminently. The organisation will therefore be reviewing its business plan in more detail in the coming months.

The Spitalfields Music team works largely remotely, with all current team members preferring home-working to travelling to the office on a day-to-day basis. Our core activity, however, is largely delivered in-person across East London in order to best serve our beneficiaries and stakeholders. Home-working has enabled us to relocate to a small office on campus at Queen Mary University of London, helping to further reduce operating costs and ensuring more of our income goes directly towards serving our communities.

6 https://spitalfieldsmusic.org.uk/introducing-our-2022-23-trainee-music-leaders/

Spitalfields Music Trustees Report for the year ending 31[st] March 2023

A huge THANK YOU to our supporters

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

The Marchus Trust

The Henfrey Charitable Trust The Derek Shuttleworth Educational Trust Fidelio Charitable Trust Anonymous Supporters

Legacies

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

George Law Peter Lerwill Christopher Vaughan Patricia Aston Ruby Lambert Mavis Fabling Ken Blakeley

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 BBC Singers Brady Arts & Community Centre Britten Pears Arts Canon Barnett Primary School Chisenhale School Help Musicians UK John Scurr Primary School Leeds Conservatoire 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

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 deficit of £227,881 (2022: surplus £35,380) , reduced by the performance by our investment portfolio which decreased by £12,029 (2022: £25,026 increase) , giving a final deficit of £239,910 in comparison with the prior year, which showed a surplus of £60,406.

Income

Income for the period was £301,616, a decrease of £279,429 (48%) from the prior year figure of £581,045. The diversity of income sources varied from the prior year (prior year values shown in brackets) with 22% from donations (5%), 29% from trusts and foundations (38%), 24% from public sources (43%) and the remaining 25% of income earned through activities (16%).

Expenditure

Expenditure decreased by 3% to £529,497 (2022: £545,665). When adjusted for inflation, this is a significant cost reduction driven by reduced headcount and savings against operating costs. The majority of expenditure, 89% (2022: 88%), went directly on charitable activity including the delivery of our Learning & Participation and Festival programmes. The cost of generating funds decreased by 7% from £65,024 to £60,740. The proportion of expenditure on Festival and Learning and Participation was 30% and 59% respectively (prior year 40% and 48% respectively).

Reserves Policy

As at 31 March 2023, the charity’s total reserves were £324,690 (2022: £564,600), consisting of Restricted Funds of £159,868 (2022: £288,994), and Unrestricted and undesignated reserves of £164,822 (2022: £275,606). 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 currently within that target range, though acknowledges the need to increase reserves levels over the next 2-5 years with a view to sustaining the organisation’s long-term future. 22/23 was a particularly challenging year for fundraising, largely due to significant decreases in trust & foundations income. This is largely thought to be temporary due to trusts diverting their priorities during and as we emerge from the pandemic.

In recent years there have been challenges around our ability to achieve necessary levels of funding to deliver the organisation’s work. During the pandemic, the charity benefitted from additional public funding from sources including the Government’s Culture Recovery Fund and Furlough Schemes. That funding has now been spent, but trustees remain focused on diversifying income streams in future years to protect the organisation’s long-term future.

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. Taking into account all movements on our investment portfolio there was a net decrease in our investment portfolio value of £63,029 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, 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 and market instability 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 over the last few years, due to covid regulations, has undoubtedly impacted income generation and has affected relationships with our ongoing individual supporters, many of whom have lost contact with us during their absence from live events. Whilst the organisation did hold a fullcapacity 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 Russia’s invasion of 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 2022-23 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.

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, historically the organisation has also had a Programme Advisory Group made up of trustees and individuals from across the arts sector. This group is currently dormant as we assess how best to engage the local community in our programming.

Day to day management of the organisation is the responsibility of the senior leadership team, made up of the Chief Executive and Chief Operating Officer. 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:

There shall be at least three trustees at all times
The current trustees have the power to appoint, at any time, any person to be a trustee
Trustees shall serve an initial term of three years, at the end of which they will be eligible for re-appointment for a further three years. Following this term, it is possible for a 75% majority of trustees to vote to re-appoint a trustee for a further term of three years
The Board meets formally four times each year
The terms of reference for the Board and each committee are reviewed annually

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

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:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities FRS102 SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement; and
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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

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

BOARD	Maurice Biriotti* (Chair)
	Megan Gray*
	Stephen Madigan*
	Katie Tearle MBE +
	Steven Berryman
	Melanie Fryer
	Naomi Lewis^
	Tim Davy^
	Jenny Hunting
	Andrew Peck*
	*indicates membership of the Finance & Legal Committee
	+ stepped down in October 2022
	^ Joined in February 2023
COMPANY SECRETARY	Kimberley Godley-Hendon
CHIEF EXECUTIVE	Sarah Gee
PRINCIPAL OFFICE	Oxford House, Derbyshire Street, London, E2 6HG (until Jan 2023)
	Queen Mary University of London, Mile End Road, London, E1 4NS
	(from Jan 2023)
REGISTERED OFFICE	Oxford House, Derbyshire Street, London, E2 6HG (until Jan 2023)
	Queen Mary University of London, Mile End Road, London, E1 4NS
	(from Jan 2023)
INDEPENDENT EXAMINER	Glen Bott, FCA 48 Cherry Orchard Place, Northampton, NN3 2TL
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

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 2023.

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

The company's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accounts in England & Wales.

I have completed my examination. I confirm that no material matters have come to my which gives me cause to believe that:

Accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or
the accounts do not comply with the relevant accounting requirements under section 396 of the Companies Act 2006 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
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.

Glen Bott FCA

48 Cherry Orchard Place Northampton NN3 2TL

Date: 6 Sep 2023

SPITALFIELDS FESTIVAL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note Income: Donations and legacies: Public Authority Grants 3 Other Grants, Donations & Gifts 4 Charitable activities: Festivals Learning & Participation Creative Leadership 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 (expenditure)/income before unrealised gains Net (losses)/gains on investments Net (expenditure)/income Transfers between funds Net Movement in Funds Reconciliation of funds Total funds brought forward Total funds carried forward	Unrestricted Funds £ 71,288 23,867 23,018 7,533 19,366 24,382 1,029 170,483 59,727 1,013 123,856 48,937 - - - - 233,533 (63,050) (6,310) (69,360) (41,424) (110,784) 275,606 164,822	Restricted Funds £ - 131,133 - - - - - 131,133 - - 4,744 87,763 - 110,481 62,575 30,401 295,964 (164,831) (5,719) (170,550) 41,424 (129,126) 288,994 159,868	Total 2023 £ 71,288 155,000 23,018 7,533 19,366 24,382 1,029 301,616 59,727 1,013 128,600 136,700 - 110,481 62,575 30,401 529,497 (227,881) (12,029) (239,910) - (239,910) 564,600 324,690	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

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.

SPITALFIELDS FESTIVAL LIMITED

BALANCE SHEET AS AT 31 March 2023

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	2023 £ 8,974 93,491 102,465 (37,217) (26,671)	2023 £ 1,200 - 284,913 286,113 65,248 324,690 164,822 159,868 324,690	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

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

SPITALFIELDS FESTIVAL LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities: Net cash provided outflow from operating activities 21 Cash flows from investing activities: Net gains from investments: Capital expenditure 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	2023 £ (241,758) (1,440) 1,029 (10,000) 51,000 40,589 (201,169) 294,660 93,491	2022 £
		1,545
		- 186 (3,333) 1,010
		(2,137)
		(592) 295,252
		294,660

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

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting Policies

a) Basis of preparation

Spitalfields Festival Limited t/a Spitalfields Music is a company limited by guarantee in the United Kingdom, registered office at Queen Mary University of London, Mile End Road, London, E1 4NS. Until the end of January 2023, the charity was based at Oxford House, Derbyshire Street, London, E2 6HG.

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:

b) Going concern

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 ongoing effects of the global pandemic; cost of living crisis and market volatility over the last year. Trustees have met regularly throughout the year 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 various global factors. 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.

c) Income

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.

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.

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.

Fundraising expenditure comprises costs incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging of special fundraising events.

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.

e) Tangible fixed assets and depreciation All assets acquired for continuing use by the charity costing more than £500 are initially capitalised at cost and measured subsequently at cost less depreciation and any impairment losses.

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.

Investments measured at their fair value as at the balance sheet date
All other assets and liabilities are held at cost

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.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

SPITALFIELDS FESTIVAL LIMITED

1 Accounting Policies (continued)

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

The charity contributes to a Group Personal Pension scheme at the rate of 5% of annual salary. The cost of providing pensions for employees is charged to the Statement of Financial Activities in the year in which the contributions are due. The charity has no liability beyond making its contribution and paying across the deductions for the employees' contributions.

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.

2 Critical accounting estimates and areas of judgement

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.

SPITALFIELDS FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

SPITALFIELDS FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Public Authority Grants Arts Council, England - Revenue Funding Arts Council, England - Revenue Funding Culture Recovery Fund (Arts Council England/ DCMS) HMRC Coronavirus Job Retention (Furlough) Grant	Unrestricted Funds £ 71,288	Restricted Funds £ -	Total 2023 £ 71,288
	71,288	-	71,288
	Unrestricted Funds £ 71,288 163,538 7,820	Restricted Funds £ - - -	Total 2022 £ 71,288 163,538 7,820
	242,646	0	242,646

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

In the prior year, 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

Unrestricted Funds £ 15,000 2,263 - 6,604	Restricted Funds £ 72,550 23,839 10,000 24,744	Total 2023 £ 87,550 26,102 10,000 31,348
23,867	131,133	155,000
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
Direct costs 2023 £ 50,180 95,474 115,015 - 93,759 62,575 30,401	Support costs 2023 £ 10,560 33,126 21,685 - 16,722 - -	Total 2023 £ 60,740 128,600 136,700 - 110,481 62,575 30,401
447,404	82,093	529,497
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

SPITALFIELDS FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 4,309 2,241 746 1,001 1,868 395 10,560 Raising Funds 8,087 2,038 1,122 900 1,585 606 14,338	Festivals 7,583 3,988 874 18,023 2,197 461 33,126 Festivals 9,769 5,576 2,324 25,776 3,285 1,256 47,986	Learning & Participation 8,870 4,247 1,443 2,739 3,624 762 21,685 Learning & Participation 12,466 4,444 2,805 250 3,966 2,049 25,980	Creative Encounters (formerly Living Arts) - - - - - -	Creative Leadership Programme 7,607 3,813 1,313 - 3,295 694	2023 Total 28,369 14,289 4,376 21,763 10,984 2,312
				-	16,722	82,093
				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

Included in direct costs are amounts representing donated goods, services and facilities. The total benefit of help in kind received in the period was £31,384 (2022: £12,863). This help in kind includes free or discounted hire of venues and equipment for festival, creative leadership & educational 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	2023 £ 2,312 1,850 4,376 2023 £ 72,907 2,566 3,772	2022 £ 4,331 2,750 8,015 2022 £ 95,139 8,863 4,126
	79,245 173,158	108,128 161,886
	252,403	270,014

Key management personnel include the trustees, Chief Executive and the Chief Operating Officer. The total remuneration of the charity's key management personnel (CEO & COO) were £132,289 (2022: £129,967). Please note that the Chief Executive is a contractor.

The average number of staff employed during the year was 2 (2022: 5).

No employees or contractors earned over £60,000 during the period. (2022: nil).

7 Pension Commitments

The charity operates a defined contribution pension scheme. Pension costs for the period have been charged at £3,772 as outlined above (2022: £4,126). At the period end, £nil was owed to the scheme (2022: £nil).

8 Trustees

The trustees received no remuneration during the year (2022: 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. Help in kind costs towards venues was £104 for one in-person board meeting (2022: refreshments and hospitality: £nil).

9 Related party transactions

Donations from trustees in the period to 31 March 2023 came to £4,846 (2022: £2,321). Donations from the staff and management team equalled £1,615 (2022: £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 £40,000 to Spitalfields Festival Limited and Help in Kind totalling £5,104. There were no other related parties (2022 none).

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

SPITALFIELDS FESTIVAL LIMITED

10 Tangible Fixed Assets

Office Equipment £ 12,165 1,440	Furniture £ 3,714 - -	Total £ 19,974 1,440 -
13,605	3,714	21,414
11,482 923 -	3,714 -	19,291 923 -
12,405	3,714	20,214

1,200	-	1,200
684	-	684

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 2022 Additions Disposals At 31 March 2023 Amortisation At 1 April 2022 Charge for year Eliminated on disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 12 Investments Investments as at 1 April 2022 Investment Management Costs Sales Net investment (losses)/gains Total investments at 31 March 2023	Website £ 10,000 -	Total £ 10,000 - -
	10,000	10,000
	8,611 1,389 -	8,611 1,389 -
	10,000	10,000

	-	-
	1,389	1,389
	2023 £ 347,942 (1,000) (50,000) (12,029)	2022 £ 323,926 (1,010) - 25,026
	284,913	347,942

At 31 March 2023, £235,900 of investments held by the charity were with the Cazenove Charities Multi-Asset Fund. This fund is registered with the Charity Commission. The remaining £49K was held in the in the JPM GBP Liquidity LVNAV Fund, also administered by Cazenove.

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 VAT debtor 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 Notice Deposits (less than 3 months) 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	2023 £ 1,869 3,514 3,591	2022 £ 27,397 - 23,027
	8,974	50,424
	-	-
	8,974	50,424
	2023 £ 57,387 36,104	2022 £ 294,660 -
	93,491	294,660
	2023 £ 9,996 17,357 2,329 - 7,535	2022 £ 9,996 - 25,236 4,638 53,958
	37,217	93,828
	2023 £ 4,638 (4,638) -	2022 £ 39,983 (39,983) 4,638
	-	4,638

16 Creditors: amounts falling due after more than one year

Included within bank loans due after one year is £26,671 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.

2023 £ 26,671	2022 £ 36,671
26,671	36,671

Bank loan

SPITALFIELDS FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Expenditure £ (62,572) (30,401) (87,763) (110,481) - (4,747)	Transfer from Unrestricted Fund £ - - - 74,675 (33,251)	Carried Forward 31-Mar-23 £ - 115,017 11,329 - - 33,522
(295,964)	41,424	159,868
(233,533)	(41,424)	164,822
(233,533)	(41,424)	164,822

(529,497)	-	324,690
Expenditure £ (15,000) (14,400) (7,500) (89,877) (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

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. In 2021 the decision was taken to end the programme due to the pandemic significantly limiting work in care homes. Permission was granted to unrestrict these funds. 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.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

SPITALFIELDS FESTIVAL LIMITED

2023 Net Current Assets £ 482 11,329 33,522 (9,996) 29,911	2023 Non current Liabilities £ - - - (26,671) -	2023 Total £ 115,017 11,329 33,522 (36,667) 201,489
65,248	(26,671)	324,690
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
262,800	(36,671)	564,600

19 20 21	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 activities At 31 March 2023 the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which The charity is a company limited by guarantee. In the event of the company being wound up the guarantee is limited to £1 per member.	2023 £ - fall due as follows:	2022 £ -
		-	-
		£ 2,500	£ 7,824
		2,500	7,824

Net movement in funds for the year Adjustments for: Depreciation charges Amortisation charges Net gains on investments Interest received (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash used in operating activities	2023 £ (239,910) 923 1,389 12,029 (1,029) 41,450 (56,610)	2022 £ 60,406 997 3,334 (25,026) (186) (40,706) 2,726
	(241,758)	1,545

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.