Spitalfields Festival Limited _Trading as_ Spitalfields Music Trustees Report & Financial Statements _For the year ending_ 31 March 2024 Charity No. 1052043 Company No. 3138347 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ |Contents|| |---|---| |Introduction|3| |2023-24 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| 2 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ ## Introduction As a sector, we are facing complex challenges right now. Competition for funding remains higher than ever, as does the need for engagement with the arts in a time when the wellbeing of many of those in the communities we serve has been severely impacted. Despite these challenges, Spitalfields Music continues to deliver outstanding results. In 2023/24 we are proud to have reached almost 3,500 people from across Tower Hamlets and beyond through our Festival and Community programmes. I want to offer my thanks to our committed team, artists, music leaders, partner organisations, trainee trustees and my fellow trustees for continuing the work of this outstanding charity. I would also like to extend a huge thanks to Professor Maurice Biriotti OBE, from whom I have temporarily taken over the role of chair. Maurice served three full terms with Spitalfields Music. His loyalty and generosity to the organisation over such a long period is hugely appreciated and he will be sorely missed by all of us. On behalf of the Board, I also want to thank our donors and other supporters, including our core funder, Arts Council England for continuing to support us as a National Portfolio Organisation. In 23/24 we received a 37% increase in funding which was very welcome in these uncertain times. I would also like to thank our other major donors: Scops Arts Trust, The SHM Foundation, PRS Foundation and other trusts, foundations, companies and individual donors. We simply could not do this without you. Dr Steven Berryman Interim Chair, Spitalfields Music 3 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ ## 2023-24 in Numbers - 37% increase in NPO funding from Arts Council England - 13-day live music festival across East London including sold-out performances at the Tower of London - 100+ Artists - 20 Community Partners - 2,160 Community Participants - 76 creative workshops in 20 schools - 1,079 Festival attendees at subsidised prices - 3 World Premiere performances - 13 London premiere performances - 143 discounted Festival tickets sold to under 30s and arts workers - 15 young singers offered free access to NewYVC, an open-access vocal collective - A co-promoted concert with Bath Festival Orchestra attended by over 250 people - 9 Trainee Trustees, working alongside the Spitalfields Music Board - 4 Paid internships in partnership with Goldsmiths University of London & Queen Mary University of London ## Who we are ## We are Spitalfields Music. ## 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. 4 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ 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. 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. 5 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ 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 local 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 and further still in recent years due to rising inflation. 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. This has become even more prevalent in the last two years, as other global factors including high energy prices and high inflation have put even greater pressure on schools’ budgets. ## 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 almost 50 years, Spitalfields Music has produced and presented high-quality public performances at affordable prices in venues across East London. In 2023, all tickets were subsidised and priced between £15-£34 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. Under 30s and Arts Workers had unlimited access to £15 tickets for all events. 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 6 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ musicians to become workshop leaders; many of whom go on to serve in arts organisations around the country. In the last three years we have launched a Trainee Trustee Scheme to offer direct handson experience of working with a charity board to individuals from a variety of backgrounds. 7 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ ## Activities & Impact The past few years have been far from easy, and the challenges remain as we continue to work hard to grow income against an ever-changing fundraising climate. In the past four years, we have adapted to become a nimble, flexible organisation, finding new and innovative ways to support our staff and freelance teams and most crucially to serve our audiences and communities. We are proud and grateful to have received a 37% increase in funding from Arts Council England, an agreement which began in April 2023 and is expected to remain until March 2026. This uplift in funding is very much against current trends, particularly in London. This increased funding has enabled us to continue many of our long-running programmes including the two-week Summer Festival which reached 1,079 people in 2023 and of which 47% of bookers were new to the festival. We also continued our long-standing programme in Neighbourhood Schools, reaching 2,160 young people through performances and singing workshops. We have also moved ahead with newer programmes such as NewYVC, our open access youth choir, and the Trainee Trustee Scheme. Arts organisations such as ours continue to face significant financial challenges. Competition for grant funding from Trusts and Foundation is as fierce as ever, with funders priorities often moving away from the arts. Audience behaviour has also changed, due to hybrid working patterns coupled with squeezed household incomes. Despite the challenges, Spitalfields Music remains rocksteady in its commitment to the communities of East London at a time when engagement with the arts is needed more than ever. Read on to find out what we’ve been up to. 8 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ ## Spitalfields Music Festival 2023 Over 13 days, Spitalfields Music Festival featured 13 London premieres, 3 world premieres and over 80 artists all in a variety of venues across East London. For the first time since 2017, we returned to Shoreditch Church for three performances- one featuring the peerless Maxwell Quartet and Alasdair Beatson performing the London premiere of Sir James MacMillan’s _We Are Collective_ , co-commissioned by Spitalfields Music, Sound Festival, Cheltenham Festival and Haddo Arts. The programme also featured rarely-performed works by Eleanor Alberga and Cesar Franck. _Maxwell Quartet performing at Shoreditch Church, 7 July 2023. Photo by James Berry_ The concert received a 4* review in The Telegraph[1] and featured as part of July’s best classical concerts in the newspaper. Other highlights included two sold out performances at the Church of St Peter ad Vincula at the Tower of London, one of which featured superstar soprano Anna Dennis performing Libby Larsen’s _Try Me, Good King_ based on the final letters and gallows speeches of the first five wives of Henry VIII, mere metres from where two of them met their fate by beheading. The second marked 400 years since the death of William Byrd with three masses performed by The Odyssean Ensemble, conducted by Dr Colm Carey. > 1 https://www.telegraph.co.uk/music/what-to-listen-to/copy-of-best-classical-concerts-reviews-july-2023/ 9 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ _The Odyssean Ensemble & Dr Colm Carey performing at the Tower of London, 12 July 2023. Photo by James Berry_ _Mimi Doulton & Ben Smith performing at St Johns Hoxton, 4 July 2023. Photo by James Berry_ 10 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ British-Pakistani soprano Mimi Doulton and pianist Ben Smith treated the audience at St John’s Hoxton to two UK premieres of works by Michael Finnissy and Rasmus Zwicki. The programme concluded with a performance of Finnissy’s _Andersen-Liderkreis_ in an evening of vibrant story-telling. The performance was recorded and featured by BBC Radio 3. ## New Young Voice Collective _NewYVC performing in Shadwell, December 2023. Photo by James Berry_ Thanks to increased support from Arts Council England, New Young Voice Collective (more commonly known as NewYVC) has remained a flagship Spitalfields Music programme over the last 12 months. In June, NewYVC performed as part of _Wrenathon: A Vocal Marathon_[2] _._ With support from The National Lottery Heritage Fund, _Wrenathon_ featured two weeks of performances in churches around the Square Mile to commemorate 300 years since the passing of Sir Christopher Wren. As part of the project, NewYVC developed and performed a new piece called _If words had wings_ which developed workshops with the poet Adisa[3] . The performance took place at Wren’s St Botolph-Without-Aldgate church. Just a week later, the choir were back on the road as part of BBC’s _The Great Get Together[4]_ for a live community event celebrating music, dance and street theatre at Queen Elizabeth > 2 https://spitalfieldsmusic.org.uk/events/wrenathon-a-vocal-marathon/ > 3 https://firststory.org.uk/writer/adisa/ > 4 https://spitalfieldsmusic.org.uk/events/the-great-get-together/ 11 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ Olympic Park. The event featured a participatory vocal workshop for the audience led by NewYVC’s talented young artist, Richie. The choir faced some adversity during the year. Due to a change of operation, support from its regular rehearsal venue Stratford Youth Zone was withdrawn at 24 hours’ notice in September. After a lengthy search, an alternative venue within the Stratford area could not be sourced and the choir temporarily relocated to St Mary’s Church in Cable Street, Shadwell thanks to the generous support of Father Peter and the team there. Understandably, the group felt displaced and regular attendance numbers reduced. In spite of these challenges, throughout the term, the choir joined forces with Sing Tower Hamlets[5] and number of secondary school singers from our Neighbourhood Schools programme, Spitalfields Voices, over a period of four weeks. This culminated in a festive concert at St Paul’s Shadwell. The project offered opportunities for current choir members to meet new prospective joiners from the local area, with a view to growing membership numbers. _Sing Tower Hamlets, Spitalfields Voices and NewYVC performing at St Paul’s Shadwell, December 2023. Photo by James Berry_ In March 2024, the choir also featured in a performance in the foyers of the Queen Elizabeth Hall at the Southbank Centre, alongside their youth choir Southbank Voices. > 5 https://singtowerhamlets.com/ 12 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ Since finishing the year, the choir have relocated to Spotlight Youth Centre[6] in Langdon Park for their weekly rehearsals, initially for a term but with a view to this becoming a permanent rehearsal space. The group is already going from strength-to-strength in its new home thanks to the great support of the Spotlight team. Weekly attendance numbers are steadily growing. **----- Start of picture text -----**
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## Neighbourhood Schools Delivering creative music workshops in local schools is the backbone of our community programme, and 23/24 was no exception. During the year, we delivered 76 school workshops. 10 new pieces of music were composed in 20 different schools. This led to engagement of 2,160 young people in and around Tower Hamlets. Our key projects during the year featured singing, in line with the strategic objectives of our partner Tower Hamlets Arts & Music Education Service (THAMES) and feedback from partner schools. Primary Big Sing[7] in November 2023 comprised of 11 workshops from 4 primary schools featuring the voices of 158 primary school children. This culminated in a performance at Bishopsgate Institute, attended by an audience of more than 120. In March 2024, we worked in partnership with Swanlea School to deliver a five-week immersive singing project to the whole of Year 7. This engaged over 250 young singers and culminated in an assembly performance for their peers at school. > 6 https://wearespotlight.com/ > 7 https://spitalfieldsmusic.org.uk/events/neighbourhood-schools/ 13 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ _Naveen Arles and Leanne Sedin leading Year 7 singers at Swanlea School, March 2024_ ## Trainee Music Leaders In July, we bid a fond farewell to our most recent cohort of Trainee Music Leaders, supported by Spitalfields Music, Britten Pears Arts, Orchestras Live and Southbank Sinfonia. TML Charlie Law reflected on his experience of the scheme here.[8] For many years, the Trainee Music Leader scheme has been supported by the generous legacy Spitalfields Music was left by The Late Christopher Vaughan a number of years ago. In March 2023, these funds were fully depleted. In light of this, and faced with reduced trust and foundation income, we took the difficult decision to pause recruitment of a new cohort in Summer 2023 and took time to look back on the last 20 years of the scheme with a view to deciding how best to take it into its next phase. A rejuvenated Trainee Music Leader scheme will relaunch in May 2024 with a new line-up of partners. Watch this space! ## Trainee Trustee Scheme Now in its third year, we welcomed a new cohort of Trainee Trustees in January 2024. Trainee Trustees shadow our board of trustees over a 12-month period, attending board meetings as observers. They also have the opportunity to attend funded training courses; ‘buddy up’ with a member of the board for informal mentoring; attend debrief sessions with senior managers and represent Spitalfields Music at the festival through access to free tickets. The aim of the scheme is to demystify the world of charity governance, ensuring that individuals from a range of backgrounds have access to boards, and the sector benefits from diverse perspectives and experiences. > 8 https://spitalfieldsmusic.org.uk/my-trainee-music-leader-journey-charlie-law/ 14 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ After a rigorous recruitment process, we are delighted to be working with Dan D’Souza, Amelia Shakespeare, Elif Karlidag and Connor Guffogg throughout 2024. You can read more about them here[9] . 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 grow our income beyond the pandemic. Largely through natural churn, we have reduced the organisation’s headcount, saving on staffing costs over the last few years. The charity is led by a part-time 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. The management team are supported by a full-time Marketing Officer and parttime Programme Manager. Most other staff are contractors brought in to deliver on a project-by-project basis. Further change to the staffing structure is expected in mid-2024 when Kimberley is due to move on to another role. There are plans to grow fundraising resource in the organisation on a permanent basis. We currently have a board of nine trustees, many of whom joined the board in the last 18 months. In July 2023 we welcomed five new trustees, Daniel Nikolareas, Hannah King, Louise Williams, Zoe Armfield and Holly Holt. In October, two long-standing trustees also stepped down, Megan Gray and Stephen Madigan, both of whom served almost six years on the board. In February 2024, our long-standing chair and generous supporter of the charity, Prof Maurice Biriotti OBE stepped down at the end of his third term. Despite best efforts, we have not yet been successful in recruiting a long-term chair and the role is currently being fulfilled by existing board member, Dr Steven Berryman on an interim basis. Steven joined in the board in January 2021. In May 2024, Hannah King stepped down from the board for personal reasons. As an Arts Council England National Portfolio Organisation, we are currently in an initial three-year funding cycle of which we have just completed year one. We therefore have a business, activity and budget plan in place until 2025/26. We are currently reviewing this in light of the possibility of this arrangement being extended to 2026/27. We acknowledge there are still significant funding challenges within the organisation and a need to replenish reserves imminently. The organisation has recently approved a new fundraising strategy and has recruited a Fundraising Manager, who will join in June 2024. They will work closely with the CEO to realise our ambitions to grow income. There are also plans to set up a Development Advisory Group to further support this. 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 > 9 https://spitalfieldsmusic.org.uk/announcing-our-2024-trainee-trustees/ 15 _Spitalfields Music Trustees Report for the year ending 31[st] March 2024_ 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. A huge THANK YOU to our supporters Spitalfields Music is grateful for invaluable support from a wide range of organisations. Arts Council England The SHM Foundation Vaughan Williams Foundation The Radcliffe Trust Ernst von Siemens Trust The Hinrichsen Foundation The Marchus Trust Tower Hamlets Arts & Music Education Service The Derek Shuttleworth Educational Trust The Henry Oldfield Trust Scops Arts Trust The Samuel Gardner Memorial Trust The Three Monkies Trust Fidelio Charitable Trust French Huguenot Church of London Charitable Trust Amazon Smile The Big Give The Childhood Trust New Philanthropy for Arts & Culture 16 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 Brian Smith Keith Wallace Richard Syred & Brian Parsons Donors to the Big Give Fundraising challenges 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. SHM Productions Ltd Queen Mary University of London Swanlea School St Paul’s Way Trust Bobby Moore Academy Trust City Foundation School Bow School Osmani Primary School Canon Barnett Primary School BBC Singers The Square Mile Churches Southbank Centre Stratford Youth Zone Britten Pears Arts Southbank Sinfonia Orchestras Live Royal Academy of Music Rich Mix 16 ## Financial Review The financial result for the period is an operating deficit of £106,237 _(2023: deficit £227,881)_ , improved by the performance by our investment portfolio which increased by £24,547 _(2023: £12,029 decrease)_ , giving a final deficit of £81,690 in comparison with the prior year, which showed a deficit of £239,910. ## Income Income for the period was £332,179, an increase of £30,563 (10%) from the prior year figure of £301,616. The diversity of income sources varied from the prior year (prior year values shown in brackets) with 27% from donations (22%), 30% from trusts and foundations (29%), 29% from public sources (24%) and the remaining 14% of income earned through activities (25%). ## Expenditure Expenditure decreased by 17% to £438,416 (2023: £529,497). The majority of expenditure, 93% (2023: 89%), went directly on charitable activity including the delivery of our Learning & Participation and Festival programmes. The cost of generating funds decreased by 48% from £60,740 to £31,660 due to a significant reduction in core fundraising resource in the organisation during the period. The proportion of expenditure on Festival and Learning and Participation was 42% and 51% respectively (prior year 30% and 59% respectively). ## Reserves Policy As at 31 March 2024, the charity’s total reserves were £243,000 (2023: £324,690), consisting of Restricted Funds of £140,163 (2023: £159,868), and Unrestricted and undesignated reserves of £102,837 (2023: £164,822). 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 for unrestricted reserves at £80,000-£100,000, of which £53,000 would be required in the event of an orderly wind up of the charity. The organisation is currently within that target but recognises the need to build reserves imminently, given the challenging fundraising climate and an expectation that a drawdown from reserves will be required over the coming 12 months. Building reserves remains a key strategic focus for the organisation. 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. Given the slight increase in income in the last year compared with the prior one, there are signs that fundraising conditions are improving, however the charity is projecting a funding gap over the next 12-24 months that will likely require it to draw down on reserves. The organisation is focused on growing income as a key strategic priority and has recently approved a new fundraising strategy and invested in additional staff capacity to address this. ## 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 £50,000 as an instant access cash balance held in bank 18 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 £24,547 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 arts charity sector as a whole is facing significant funding challenges and increased competition for grant and donation income. Local schools are also facing funding challenges, which have affected their ability to financially contribute to projects. The organisation is ambitious, but run by a small team. This has led to capacity issues across the charity. 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. The organisation is going through more personnel changes as the COO stood down in June 2024. A full-time equivalent role, re-titled General Manager has been sourced and is due to bridge this gap from the summer onwards. The lack of a long-term successor for the charity’s recently departed chair also remains a risk. The board are working to appoint a successor as a priority. 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 19 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 2023-24 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. 20 ## 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. 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 statements 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: 21 - 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 24 July 2024 Dr Steven Berryman, Interim Chair Date 22 SPITALFIELDS FESTIVAL LIMITED (Limited by Guarantee) trading as Spitalfields Music REGULATORY INFORMATION BOARD Maurice Biriotti*+ (Chair until February 2024) Megan Gray*+ Stephen Madigan*+ Steven Berryman (Acting Chair as of February 2024) Melanie Fryer Naomi Lewis Tim Davy* Hannah King ^ / Jenny Hunting # Holly Holt ^ Daniel Nikolareas*^ Zoe Armfield ^ Louise Williams ^ Andrew Peck* *indicates membership of the Finance & Legal Committee # stepped down in July 2023 + stepped down in October 2023 ^ Joined in July 2023 / stepped down in May 2024 COMPANY SECRETARY Kimberley Godley-Hendon CHIEF EXECUTIVE Sarah Gee PRINCIPAL OFFICE Queen Mary University of London, Mile End Road, London, E1 4NS REGISTERED OFFICE Queen Mary University of London, Mile End Road, London, E1 4NS 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 23 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 2024. 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 Northampton Date: 9 August 2024 24 SPITALFIELDS FESTIVAL LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestri¢ted Funds Restricted Funds Total 2024 Totsl 2023 Note Income- Donations and leg8cies.- Public Authority Grants Other Grants, Donations & Gifts 97.488 52.439 97.488 187,897 71,288 155,000 135,458 Charitable 8Ctivities." Festivals Learning & Participab'on C￿aliVe Leadership 22.371 11.700 2.937 22.371 11,700 2,937 23,018 7,533 19,366 other Trading Activity 8.680 8.680 24,382 Investments 1.106 1,106 1,029 Total Income 1￿,721 135,458 332,179 301,616 Expenditure: Raising funds." Fundraising expenditure Investment Management costs 31.060 600 31.060 600 59,727 1,013 Charitable activities.. Festivals Community & Leaming Creative Leadershipl Future Talent Christopher Vaughan Legacy projects ICYPI NMCF projects {Fests"val} 93,340 32,039 76.543 59,687 80,497 34,430 153,027 112,536 110,973 128,600 136,700 110,481 62,575 30,401 30,220 30,220 Total Expenditure 233,582 204,834 438,416 529,497 Net lexpendilurellincome before unrealised gains (36,8611 (69,3761 1106,2371 1227,8811 Net Ilossesllgains on investments 8,346 16,201 24,547 112,0291 Net lexpenditure)lincome {28,5151 {53,1751 181,6901 1239,9101 Transfers between funds {33,4701 33,470 Net Movement in Funds (61.9851 (19,7051 181,6901 1239,9101 Reconciliation of funds Total funds brought forward 164,822 159,868 324,690 564,600 Total funds carried forward 102.837 140,163 243,000 324,690 The statement of financial activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing acb"vib"es. The accompanying notes fom an integral part of these financial statements. 25 SPITALFIELDS FESTIVAL LIMITED BALANCE SHEET AS AT 31 March 2024 Note 2024 2024 2023 2023 Fixed assets Tangible assets Intangible assets Investments 10 11 12 720 1,200 214,860 215,580 284,913 286,113 Current assets Debtors Cash al bank and in hand 13 14 26.068 67,084 93,152 8.974 93,491 102,465 Current liabilities Credilors falling due wthin one year 15 (49,061) (37,217) Net current assets 44,091 65,248 Creditors falling due after more than one year 16 (16.671) 26.671 Net assets 243,000 324,690 The funds of the charity: 17 Unrestricted funds Restricted funds 102,837 140,163 164,822 159,868 Total charity funds 243,000 324,690 The members acknowledge their responsibilities for complying with the requiremenls of the Companies Act 2006 with respecl 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 aulhorised for issue by the Board of Trustees on 24 July 2024 and signed on ils behalf by= Daniel Nikolareas, Chartered Accountant Trustee & Member of the Finance & Legal Committee The accompanying notes form an integral part of these financial statements. Company registration no: 3138347 26 SPITALFIELDS FESTIVAL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities- Net cash provided oufflow from operating activities 21 (111,517) (241,758} 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 (1,440) 1,029 (10,000) 51,000 40,589 1,106 (9,996> 94,000 85,110 Reconciliation of cash and cash equivalents Change in cash and cash equivalents in the year Cash and cash equivalents at beginning of year (26,407) 93,491 (201,169} 294,660 Cash and cash equivalents at end of year 14 67,084 93,491 The accompanying notes fomi an integral part of these finanaal statements. 27 SPITALFIELDS FESMVAL LIMITED NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAF ENDED 31 MAFICH 2024 al orp￿Pa￿tiUn SpItaW￿ldS Feslival ￿Mited*S a CLYnP￿IKn￿d￿￿ua[¥ntse ntsurdted ￿ng￿xn.rws￿￿lL￿e￿autt￿ UThvers￿￿ ofLonthn. Mile End Road, E1 4NS. In th••v¢nt¢fm•¢hgrity￿fiI Ihe habltyknrtspe#d**9yaw**knrtedb)£1 op¢01￿$ and priNpg1 a￿1¥ Istomaintsin Improveandathanteth88thKabDnolthe MUS￿13￿¥￿￿@s. Trthantym•oL%tr*thfinthn ofapubkcb*wfilentity ￿nde( FR8102. The￿na￿al statements have1￿ preparedin acco[danCe￿1th the FiTrar￿￿ Remn9slandarfapp￿c&ueI￿the UKand Repuw￿0fIreL?Trd FRS1021. ThBcompanyis a pu￿ b?[￿fitt￿￿￿fQrthe puTp0se5 of FRS102 andaTEg15t￿e￿th￿tyE￿a￿l5hBda5 4 o)m￿nY1￿nrted bygu4Tantee thetetrp ha5*0 pwaredrt5 fin4nci415tstemert5 1 a¢¢tydan¢¢witr tre St*tMefftt¢l Re¢omm¢rtW Pia¢b¢¢8FWtsty¢ 1¢ a¢¢¢urttsirt Finantyal R¢wtin9 StstsJèrd¥pph¢4t4¢ itsthè UK affld trh• FRS102 Chafflb•sSORP2019). andthèCurYan￿Ac12￿%.￿￿rthr￿rJ￿￿YlSG8P bl G￿n8 conc Thelwstees haveaSsessed￿2thertheUge of ts g￿ng a¢￿￿e￿ ba￿$ isapptDp￿ate¥￿hwer￿5id2redpD5Sib1e Events orcoTth5thalmightcastsignfftantdoubton theability ofthpch4ntsble cornp4nytoCo￿I￿uE￿5 r(KKem. In patboJ4r. the tru5tee5 have pavJ5PEu*atteDbon ta the C￿￿t￿￿￿UkneS aWng thefunding ofthe art5. andlhe Imp4 atthe ¢tystoflMng and ma￿￿1 ￿￿¥b￿￿have r¢ty tylthe%¥dhn9ness¥nd*hty¢lturtderS 1¢ w¢￿t$￿P￿. 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Wthete amounts bilkdi Gift5 Kind On receipl. da￿￿Ed p￿fESs￿￿ wthE Dfthe vakYofthegffttQtheL￿p?￿YyJh1u* l5the4mpu￿knP c(Knpany have b¢¢n ¥4ihng topay 10 obtsirt $eM¢¢stytsoknes¢l¢w￿è￿te¢￿￿W)￿¢fit￿W￿￿ ènwiti$fj￿ rt¢0gnis¢d its*w(￿￿re in p￿￿d olr•ttthpL Don3tiDns. 1nd￿ding￿￿tiOnSfr￿￿ C￿r￿(￿al0nS*lddy￿￿Sfr￿ bvstsandfrxthithl*Jisar• twdSed¥Jhanth8d￿￿tyISéthttbdt0thtr Income. subiéd ￿ any conditions attachedlolhe dOn￿r￿. di expenditure lexpen5e5 4re acuunted ba￿5. W¥l￿EVerPQS5l￿r0Sts aRknted Dtherovethe4d. supparf and savemance c05tscommo t¢ al a￿1V￿tI¢$ art¥PktybOnety a¢￿￿*9￿ th¢DaSiS ithl¢ a¢*wty. The id¢nbfiestht ￿501 IL% tsuppDrtlutsCb0ts6 Ind￿ding cosL% rdaling tothè9Dvémanc8 I￿n￿On. art aprthithi&l tho ktyath%ili8S undthaken0ntr*ba￿s0Ith*PrOPDruon olstaff sp8nl Dn 8ath 3dvty. re£icosis Indude all staff and matetials br0ughliogethersdetyfor*￿actt￿. andth¢ ￿#91￿ of$p￿4 funthaisiw ¢ r￿0th￿l￿n costs assorlal0dwth￿rFQStsWa1@yen1said L•*nirffj &P*lifiP3bM rryr*nm&. The ItrecovetabkekmentofVAT I$tharged￿nStthEcateWyrfre￿￿￿exFW￿lft( ￿*￿(hit￿&S •) Tangib￿ fix•daix•tsand d•PTr¢￿t1C lassèls acQ￿Ired 1￿C￿l￿n￿lM9 use by thatharitycrwrnor• th￿￿5￿ alL￿landm￿a5￿ad ythSery￿fyalCos￿￿lssd8pt￿￿On and anyimpairnwfflt DeFKeaation of langbe4ndimang*kfixedas8etsi5c&￿d￿edtuw1￿Off d￿rA￿￿tLy¥*J￿tion kn¥fI￿￿k￿lYa￿eO¥ertt￿eStiM&ted￿efU1J1Yes asfDIows Fumiiure. web51te&0ffi￿ Equiwnert ￿￿eYe￿[S Instruments. case bycasebasi% L*penLfjng on ￿01 Debtors Tr&*•￿0t￿￿etyt￿S are th¢ sttJ¢nw)t*)ltyJntth* afteranYfy*ths¢￿￿0￿wert fvep*1)￿￿¢ v*¢dattr*anwntW¢Paid ofanytrad¢ th5￿mts due. gl Cash andea&h @qU￿a￿ntS cash and ¢4sh ¥UN8￿m91r*1￿th(4$h in hand. thrN)SitshehJal(alwth banks. (dhetsWknllI n*fyrt*softhreemonthsorl$ss. and bank overdrafi h) Crèdllors othè0￿￿)al1Offt can be loranytrathosco￿nL%thO il Fin*n¢kg1 in$frum¢nts The ch4Trty ha5 555ets haknkne50ftheParfth*qUabtya5ba5￿￿n?￿￿a in51tu￿￿ts. value andsubwu¢thly vlue. lnvp5knp￿5rnP￿5￿re￿ attheirfairvdue a5atkne 5twld lotherassetsandligbilitiesate hddatcost jl knvKlrn•nts InvestmenL%ar•sLalÉd ￿ lairvakn8 ￿￿1￿9 th￿rM￿k•1 rat•as aithe b31arK•shÉÉldath. Thè skthmthit0ff*i￿￿athkn1r1JSiTh￿￿￿￿￿t9anSor1DsSOsari￿ThJ Dn maluation throughoutthestar ndgainorknss In the￿Issp[EprQ￿tsM￿rfaCroS5 therwthtr￿l8￿lnve5Ie 2B SPITALFIELDS FESMVAL LIAIITED NOTES TO THE FINANCIAL STATEMENTS ICONTrNUEDI FOR THE YEAR ENDED 31 MARCH 2024 kl Fund Generallunds areunrestrlctedfLwth%*ich￿ a¥w￿L*knu￿aEtheLf￿ebOn of￿￿trUstee￿ oftsthanty*wJ L*8ignakdfor otherputtws of raising and adMin￿tr￿ng such funds are chwauainslthe SPEufrfund. 11 Taxation The 15 ￿￿51(￿tEd tQ Pa55thete5l55EtUut￿ uttheFwwwxAd2o104ndtherEfo￿￿￿￿etsthP definthnofa L￿￿￿bI?￿Jmp5ry￿￿uKrowr￿ti￿ tsx pvrp¢sts. ACcor￿n9ty IhÉ th3nty Is p￿on￿￿ty•XQMPl[r0Mt￿ts1￿￿l1n r•sp*dolirKornÉ rafra￿l￿nSrÉc￿¥Qd *ithin ttOver&l ii, thap￿r 3 of the corpora￿ TaxAci 2010orSethion 256ofthETaAabon ofchargeatth G*nsAtt 1992 totheeAien1thai￿ ￿￿O￿￿r￿￿￿$weaW￿￿exC￿slvet￿lDthatltab￿p￿wes. rnl Th¢ cmarfy C￿￿*￿￿￿$t0aGrV P¢wal P¢n>¢n sabty. The(j￿0￿￿o¥￿￿ W$￿$￿￿¢mr4)ees is C*aryedtoy)¢St8t￿e￿ ofFin8n¢A Ad￿MieS iffl thèyinwhth th• ar•th•. arxoSStsd￿thJC￿Sforthtsèm[￿￿Qs'Conthb￿tiOns n) Opwating ka¥E¥ Critical accountingestirn4lE¥ and judgemE￿tr In the4p￿iCatiOn ofthe tharity'Sac￿fflting p￿￿12￿. the WErewredlo eStsnates¥￿￿%5￿npti0n5th￿th2Cat￿YQ amountofassets and liabi￿le$that re notteadityapparentfr0motrw50u￿.TheeSb[n￿PS￿￿d9S5(￿l￿j45SLY￿￿￿￿5ItE b45edon expenence4wwJOtt￿rl￿thS th4t4tE CQTr5vkredt0bere￿V&nL Aciual The e$tsmat*s and ba>s. Rebi$th$￿xO￿￿rfity estynwes *t rt(w¥sedinth¢ th¢ ¢stinwe is rw6¢d, rfthe revision affocts ontythat wriod. or In r•¥iSKth andhthr￿￿th T*wiSionaffedSknthc￿rr1nl*7dh￿￿r*P8￿Qd* Ther*w*no¢n￿4l￿b￿¥ ¢$bm*s￿￿(lart. 29 SPITALFIELDS FESMVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONMNUEDI FOR THE YEAR ENDED 31 MARCH 2024 Put4i¢AuthorityGrants Fwd¥ Fund¥ 2024 Jts Counul. E￿and-ReverX￿ 97.4BB 97.488 97,488 97488 Fwd¥ Fund¥ 2023 Jts Courril. E￿and-Reverll￿ 71288 71.2 Oth•rGrants. DonatlDns&GK Totsl 2024 F￿d Fund TNsL%8 F￿bidat0nS nabonsfrtyn Indiv￿￿$ E6.622 51.636 19 559 2.880 20.080 52.439 13545B 187B97 ToLI1 2023 F￿dI Funds Trusis& F￿r*￿¢m$ Don4tiDn5from Indiv￿￿9 15,(*)) 87,550 26,102 1D.ODD 31.34B 23,839 10.( 24.744 Don3tiDnsin knnd 23.867 131,133 155,000 Totaleyndfturè tMrÉel £o&ts Support eosts Totsl 2024 2024 R3i*ng Funds ¢naffttst4e athivth$. FE￿1V£￿ Leaming & Pa￿￿pa￿ll CM3tivè Lèadèrship Pftyr3rn NPACF prg¢¢ts 27P77 6.904 34281 136.382 9D251 .784 30220 152232 109.044 30 220 57.402 tMrÈct costs Support costs Total 2023 2023 R3i*ng F￿ndS .1 10.%0 60.740 Festiv4ts Leaming & Pa￿￿pathin Cré3bv• L•ad&rship Prtyrarnmè Chn$t¢Pf*rVèwhan Le9a¢y pi4¢¢1s NMCF prqect5 95.474 33.125 21.685 16,722 128.SDD 136.700 93 759 62 575 62.575 ¥7.404 82.093 529.497 3D SPITALFIELDS FESMVAL LIAIITED NOTES TO THE FINANCIAL STATEMENTS ICONTrNUEDI FOR THE YEAR ENDED 31 MARCH 2024 TotslexpEndthrElcontin AnaWdgDwmanc•and oth•r swport￿￿tr 2024 Totsl ioamln9& Pathip4ti0 CrÈatl Le4der5hip Pro9r4mTh Supportcosts Finar￿@ &Str3ttyy Offi¢e ¢04$ Prem15e5Co￿5 PuLIiw& Promoion GDvèm3nc8 Costs D¢w¢¢iatson & Amortisthn Totd SuppDrtC05ts 10.4 7540 28.057 272 2.888 1.353 1.714 6.495 480 57.4D2 15. 18793 2023 L•aming& Parti¢ipati Creati Lead¢tship Program s￿￿rt¢05ts Financ88 Strat9gy Office Costs Premises Costs PU￿1CJty & Prllmob( Govemance C￿51￿ Deweaation & Amorbsthn Totd Sup￿rte0sts 8,870 4247 7.9)7 3.B13 1.313 28.389 2.241 746 874 18.023 4.376 21.783 3.624 3.295 694 16 722 395 461 .1 10. 21,685 82.003 IncW9d In dir8Gt costs are am(wnt$ r8presenbn9donat8d wryjs. 8er¥1Usar￿ fa(anp$. The10￿ bw￿fftof hwp In kit￿ rewved ITh￿ pgrirwJwa$ £31,384 12022 £12,863). This h￿P In kind IKIL￿e$ free or disGLwnied hi￿ of vWuesaThl equi￿ res1￿dI. ￿e￿1Ve *•lership & events. as as pro bono advKe and Servi￿6. 2024 2023 Net lelpetydrtu￿>fin¢0me is Staled aiierthawg." Depreciation & Amorbsaknn In&￿nd￿nI ￿￿mIn￿￿on lees 480 2.312 OpeF*ing le4sech4tses 2.fjBB 4.37 StsMC¢sts 2024 2023 Stsff cosls comwse and saanés S(rtwl se¢vrity¢4Sts PeTr5VJTrCQsts 72.907 2.992 77.B35 3.772 79245 Fredance and Consuhancy Staff Costs 181.886 2512 Key iTKlUde1￿ tyusiges. c￿efE￿tiVB ch￿¢•￿￿ng ¢Jfficer. Thgt(la ofthgL*aWs key Mana￿￿nt ￿rsOn￿ ICE0& COO) were £125.2O2120￿." £132.2891. P￿Se Cr￿ Exerthe L% a tontrth. Theavet¥genumbErDf EmF4Oyed￿n9thE)F￿f￿￿S2 (2023.21. No emF4ws or ttontractws •aThdOVer￿.fA￿ thfingth8p￿￿￿ (2a23'. rd). Pen¥ionCornrniltllEnts Thg chanty operat8$ a dgfined con1r*Ub￿ pen$K￿ w*9rn9. (x)*trlhpwKwJ have bw at£2,992 as oU￿￿j aLM)ve12023" £3,712). Al ih8yearend, £nil w3S (rwed to the Scheme120￿. £AII. Trustees T￿t￿Sla￿srÉc￿vtsd no remuneraton thrhl9th&￿ar (20f8 ra>. Na expen5e5wete r￿mb￿Sed1￿1rL￿e5fDrtsW￿0r0tt￿rCo￿ Infu￿ed￿b￿*Of￿?l*a￿ty. ￿￿¢￿[ErI(￿￿ a55QQatedwth th5hrnents￿￿ ha5prt4lrty￿t￿￿?e me*ngs. H4p In kind vertffts was £240 IWd3 t¢fv¢shrt*nts arta hQSPtsIty thII. RElated pgrtylr¥n¥actiDns O¢naiths fv¢MtrU￿¢*s1n Ihe Ken¢d ￿ 31 11*th2WI4Qtt*lOt3,1W (2Wd3 £48161 Stsff m8rttyertwi*amtqual¢d £1 77012023 £1.6151. Tnerewa$￿¢ other rdaied partytransaclim In IhÉ pefflod K4 8¥itilb iSaL%oa￿1ÈdQr0[SH￿ P[th1tttswkn9a￿WtsknL3I1Thj￿J0(kn)t0 Fèsbval knmiiedand H￿P in ￿ndt￿li￿9 È240. ThwewenootherrdatedFwtiES12023 none). 31 **SPITALFIELDS FESTIVAL LIMITED** NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 |**10**
**Tangible Fixed Assets**
**Cost**
At 1 April 2023
Additions
Disposals
**At 31 March 2024**
**Depreciation**
At 1 April 2023
Charge for year
Eliminated on disposals
**At 31 March 2024**
**Net book value**
**At 31 March 2024**
**At 31 March 2023**|**Piano**
**£**
4,095
-
-
4,095
4,095
-
-
4,095
-
-|**Office**
**Equipment**
**£**
13,605
13,605
12,405
480
-
12,885
720
1,200|**Furniture**
**£**
3,714
-
-
3,714
3,714
-
3,714
-
-|**Total**
**£**
21,414
-
-
21,414
20,214
480
-
20,694
720
1,200| |---|---|---|---|---| 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 2023
Additions
Disposals
**At 31 March 2024**
**Amortisation**
At 1 April 2023
Charge for year
Eliminated on disposals
**At 31 March 2024**
**Net book value**
**At 31 March 2024**
**At 31 March 2023**
**12**
**Investments**
Investments as at 1 April 2023
Investment Management Costs
Sales
Net investment (losses)/gains
Total investments at 31 March 2024|**Website**
**£**
10,000
-
10,000
10,000
-
-
10,000
-
-
**2024**
**£**
284,913
(600)
(94,000)
24,547
214,860|**Total**
**£**
10,000
-
-
10,000
10,000
-
-
10,000
-
-
**2023**
**£**
347,942
(1,000)
(50,000)
-12,029
284,913| |---|---|---| At 31 March 2024, £164,860 of investments held by the charity were with the Cazenove Charities Multi-Asset Fund. This fund is registered with the Charity Commission. The remaining £50K 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
**16 Creditors: amounts falling due after more than one year**
Included within bank loans due after one year is £16,671 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.|**2024**
**£**
11,000
2,468
12,600
26,068
-
26,068
**2024**
**£**
60,443
6,641
67,084
**2024**
**£**
9,996
23,433
5,493
5,500
4,639
49,061
**2024**
**£**
-
-
5,500
5,500|**2023**
**£**
1,869
3,514
3,591
8,974
-
8,974
**2023**
**£**
57,387
36,104
93,491
**2023**
**£**
9,996
17,357
2,329
-
7,535
37,217
**2023**
**£**
4,638
(4,638)
-
-| |---|---|---| |Bank loan|**2024**
**£**
16,671
16,671|**2023**
**£**
26,671
26,671| |---|---|---| 32 SPITALFIELDS FESMVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONMNUEDI FOR THE YEAR ENDED 31 MARCH 2024 17 R•Mr¥•s Brou9ht TransfÉr Transfèrfyom Unrtsth¢ted Fund Foma 31-M&r-24 -Apr.23 EA￿dit￿re RÉstrfeted Funts New MuSi¢¢tynmiSSI￿ Furé Le4rn1ry & Fund Nvwyvq Crea￿ve Lea(*rship Programme Fund Festyvats Fund Totsi Restri¢tsd Fundts 130.2201 1804971 1344301 59687 $9.797 34.¥2 5.540 11. 103.994 33.470 33.522 36.1 159. 151 659 204 B34 33.470 Unrt$tri¢ttd Funds 164 822 180520 Totrl UnrKlricf•d Funth 164 822 209 035 33470 TDtrI Funds 324.6 332.179 413869 243.000 Transf•rfrom Unrnstrfcted Fund Carri•d FDYward 31-Mar-23 FDr*ard Q1-Apr-22 Re$tri¢ttd Funds Chn5topherV4ughan Lega Nev4 Musiccommission Fund Lé3mill9 & Part￿PaI10n F￿nd IinthoSng NewlWCI ¢rtaiive Le¥#etship Prtgomme Furt¢ Cre￿vE ETrcountet5lf0Tm￿ LivwArt51 Fund FesbvaL% TDtrI ReslhlclÈd Funds 2.$72 162 $721 1&1941 38.184 187.7631 11.329 74.675 33.251 3.375 14.7471 33.522 28S.994 291217 41.424 159.888 UnrÈstrfct•d Funds 27S.f 164,In (233.5331 184.822 TDtrI Unreslrfetsd Funds 27$ 233 533 41.424 TDtrI Funds 254.693 529497 324.800 Tr&nsf¢tstOrnStrKtsdfthJs artfoitr* &P*ipabyi F￿￿J. TTane¢ Mu*¢ Le>JeTS l¢rtabYe Legdèrship Fund). F8stival programmir•J ChnstgpherVau*an Legory-Th1515aTE5trKtedfvTrJlD EthJrabwforL*thn inthe Lvrthn 4ndpthmance5 by>vuryer rnu51riin% ThE tund5 are Inve5tedin aC¢Dr￿¢?￿￿trP IllVE5trnentpdiLyand the tru5tee5 orare4sMthKh ate ￿SIdered to -Thisfundw43 5elupbyJ￿ We￿aIthetiTh￿tt￿s￿ asAAs1ic threaorofsprtthkls MUSI￿ Funds¥einvested Inaccord￿￿￿hthp Kweslment￿￿ Fundsaretobe spenton fee& fory￿l￿ng newfflu9lcforspna￿ Music Feslvas. Leaming& Psrticipthn Fund-Th15fund 15 b45ed attvJndthe Inr4rne4ndWtyectfQ5tsfor￿rSEar￿Du￿dle4[nry & P4TtsC4p￿ p￿￿￿￿e. InL4udingoUrwo￿WrthIQC￿I SthDDI5. G￿nts are Made bylun¢erS and woied ¢￿￿$1￿￿￿¢￿ Stsffimg￿3 ¢O¥S¥rt In exp¢Thses canyltsrwarf èm¢unL% gr¢9r$nts In ￿ar￿alar0 Ifftténthd￿a In2022 SrxLaWs rÉcthWedyantf￿thry t(r*ar& rnnnin9ofNévéYVC thr. som8 Df*thith car￿dfO￿h?rd Funds tawardslhis proieth are￿￿¢￿￿1(￿ carried bet￿￿￿8￿￿81&*a[sacC0rd1￿￿￿knen aCti￿ty1$wr A*'uStr)I¢Otsfor. Depwi4bDn th4rge5 Amortisatioffl charges NètgainsoTh InvÉsbnÉnL% Inte￿$t ￿¢￿1ve Ilncre45elltk£tea5ein dpbtor5 Increas&lDecreasel in credit( Not tash used In 0pera1n9ath￿s 4BQ 596 124.5471 923 117.D941 11.844 1%.6101