Kings Place Music Foundation ANNUAL REPORT AND FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 MARCH 2022 e¥i5tered Charity 1107839 Company No. 05330318
Kings Place Music Foundation PJ Millican (Chairl A D Millican J Mitchell D Judè STwtchln 2EJtyes o tlckson Minto 8roadgate Tower 20 Primrose Street London EC2A 2EW 9 Appold Street Londm EC2A 2AP Coutts & Co 440 Strand London WC2R(nS
Kings Place Music Foundation Contents of the Consolldated financial StalemeThts for the year ended 31 March 2022 Page Report of the Trustees 1-13 Independent audltorfs report 15-18 Consolldated statement of financial activities 19 Consolidated balance sheet 20 Parent charlty balance sheet 21 Consolidated statement of cash fk)ws 22 Notes to the finanoal statements 23-35
Kings Place Music Foundation TRUSTEES. REPORT The trustèès art pleased to present the annual report together with the tonsolidated ffinanoal statements of the charity and its subsidiary for the year endin8 31 Marth 2022. The financial ststements COmY with the Charfties kt 201L the CornpanTre5 Art 2C(6. the or8anization's Mernorandum and Articles of Ass¢xiation and Accountin8 and Reporting by Charities Statement of Recommended PrartKe applicable to charityes preparin¥ their ètcounts in aCcordce with the Financial RertIn1 Standard applicable in the UK IFRS 1021. Ch¢s report cer the prewous tWee months The Foundation, Ilke every or8anisation in the arts world. has had to deal with the devasiatin& on-goin8 efletts of Co whith dramaticalty reduced the income Irom our conferertrce pro8ramme and our Mu¢ pro8ramme for a second ye3T in succes9. Despite this, 04tr team have su¢cessfully run è remarkable and diverse series of concerts. events and fe5ti¥als, both in-hall and on.linÈ. whilst many other venues were still dark. The quality of musi¢-makiry which ArtistK I)irertor Helen Wallace h35 presented, with the help of her team, is refletted in the many wonderful re¥iews in the press and the Count$5 emails of thanks and prdise that we've received from our audien. To manage iyJr way through the crisis. we have worked on a major new fund-raisin8 initiative. This was firstly with appeals to our audience, who responded in a remarkable shTh of support whith was uplifting to us all emotionally as well as ffinantially. We are deady seen as a valuable a55et for the peOe of London. This work enabled us to establish a fleing Friends xheme in June 2021. members of whith have committed regular support. Secondly. we received majcK finanoal supF Ir<)m the Arls Council and C(MS, includin8 a significant gjstainability grant in October 2021. Thi5 has gnce enabled the Foundation to remiit its first Head of Oevelopment, who will continue to develop individual 8iwn8 and appty for 8rants. The ffinantial support we received also enabled u5 to establish re5eNe& and to rebuild our events tèam ¢Jver this period so that I believe we now have the most able group of people that we have had at any time tte we opened. s we emerge from the uisis it is apparertt that some of ovrokjer audnCe are still rductant to tomè to tonterts, partly from the concerns that Still exist about co but also possibly a rethink at*Jut how oftèn they wish to 60 to Ie e¥ents after two years without thèm. We have, however. been Very 5ucces5ful in 3ttrattin8 a new audlence to both music and spoken word e¥ents whKh is really encouragin& A5 we go to print we we dealine with the efferts of th• war in Evrope whith is rreating turmoil for all setiors of the economy. Fortunately. we have a robust plan in place as well as healthy reserves so we are confident ol continuing to provide 3 fabulous programme of music and Spoken word lor our audien. Regards PetLY P•Je 1
Kings Place Music Foundation TRUSTeES' REPORT Forthe year Pnded 31 Marth 21)22 Obierti¥es and actiwtles 'Kin85 P13ce- that most adventurous and forward-thinking of London's ¥enue< Telegroph 2019 Kin8s pla is an arts cenlre with a critically-acdaimed music and spoken word pmgrarnme. the base for a faM1V ol Ènsembles and arts charities. and the home ol li¥e podcastin8 in the UL Since launching in 2009. it has become a venue loved by a diverse range of audiences.. we offer captivatin& intimate experien in our halls and people find each other in communal spaces. used freety for meetirvd% h(wnework and socialising. Kings Pla¢e Music Foundation IKPMFI operates fmm Kings Place, a mi%ed use development in Kin5 Cross completed in April 21M and operational from October 2(th. Our objectives are= to inspire. Infomi and delight a wide audience with music 1 spoken wwd e¥ent5 of international quality at accessible prices to provide platforms and opportunibes for artists to showcase rw and to join partners in commissioning new work for our Unwrapped and Luminate series to be a tlaborate venue partner to our Ident Aurora Orchestra and 8 artistic a5cIateS To assert our position as a catalyst for thange. A bisible and dynamK art5 de5tinion for audiences and artists. local wmmunity and buyness-financialtysu5tainable and a5 wbrant as our home in Kings Cross to provide spaces at no or low cost to arts and mugc educati cWities for rthearsals, mentoring. Summer Schools and Cative developmenL and ftxlocal schools events to be a Iow-CQSt and 5UPPWtive hub for a range of small art5 dritIeS to provlde a home for the podcast community in the UK the objective of the trading subsidiary. Kiw Place Foundaiion Trading Ltd. Is to genernte re¥nue from room hire, conference delivery. technical services atvj desk hire to distribute to the tharity. then used to support the tharity's objectives. Vlsion We are a welcomin8 mulli-arts ¥enue pre5entin8 an adventvrous and criticalty-acdairned Pragramme. with word5 and music at its heart. Every year we curate a series ol festiva15 to eage a breadth of dFlterent communitie5. We are a place where many audiences belon& a place where people connect with their pass and nwne is lost in the crowd. Kings P5ace w35 developed Irom a generous ad of philanthropy. Driven by a belief that arts and culture are a fundarnental part of a thrwin£ city, our wod( is as vibrant as our locatyon in Kirfs Cros> We a rooted in partnership and have developed a tollaborative tommunity of resident partnets and artistic associate5. By opening our doors. people and (reativity can floLsrfsh_ We provide sta8es lor artis space for local comrnunitlES. schools and young musici)% share our h(fft wlth partners, offer audiences unfor8ettable experiences. Values We value eXllence. We airn for the highest 5tsndards atross everything- both on and oll ste In t¥der to provide valve to our audience and partners. We a enterprisin8. Ir entrepreneurial busine55 model requires us to bt innovators. We always look fc better ways to help culture thrive. Page 2
Kings Place Music Foundation TRUSTEES. REPORT vae5 Icontlnuedl We value dIverty. The 8rtaier the Overyty of people31 viewp(Mnts in ourorganisation, our perfomier& partners and audientÈs. the stronger and mtye resi1nt we will be as an arts chaTity. We are generou% We are rooted in patheyship. We extend our calboratIve ethos to each other and share our building with everyone. We are agile. Our independenL nirrthle spirit is part of our DNA. We a qUk to adapt to a fast-th¥sin8 Ènvironmènt and to meeting new challen8es atr¥v. Thè iroup alt$ Its oWctl¥es by. Provldin8 spaces for performance. rehear and educaliort fOcun8 on musltal rf0Mlance. spoken word, podcast and comedy. Introducing Music and spoken word to the dest possible auoence. Our learThn&and participati1 Programme particularly focuses on children attendin8 local scho1 local residents and youth w8aniiations. CollaboratiThd with art15tic and community Partnèrs to enga8e with a dNerse raree of different audiences and practitioners. Artlstlc trett0$ rèport: A Yew afR•4 Cultural Artivity In 2021-2022 Kin8s Place began the new finantial year 2021 In another lothdown. ¥Mth no pU1C events permrtted, a livety on-line programme running and the team wcKknng from home until venues were pem)itted to open on 16 May. From this point. we launched a Hall One programme wth soriaiy-distancÈd a1¢5 ai 30% capaoty lapprox. 130 patrons). supported by CRF2 fundin& This cmtinued through to the end of July. taking in key festivals in reduced edition5. such as Son8lines Encouniers, a postponed Bach Weekend and International Gvitar FestNal. and conrtS in gur rnain 5erie5, 'London Unwrapped. sounds of a rnigrant ti, whith included ht5torical mugc and tree walks around London for small groups. as well as high-profile concerts from the Enwish cOnrt znd artist in residence lestyn Da¥ies, Aurora Ctychestra with Allan Clayton and Nu CiviliZa"on Orchestra celebrating the legacy of Joe Harriott. In response to an audiente survey. capacities were only increased to %YA after full capacitles became possible in earlv July. returning to ICrf)% in September in time for the London Podcast Festl¥al. A8ain. this was a reduced féstival with almost excluswety British talent. but with a range of online offerin85, induding free US streams in thÈ Battlèbridge Room, an Impresswe dÈver5ityof contributors and a INely wothop pyogramme. A full and vibrant autumn pro8ramrne ffeatur the retum of Bfodsky Quartet Ru5h-hour lates. London Chamber Music Sundays, OrchÈstra of the Ase of Enlightènment's Sunday nw)rnin8 gath. the UnNerse & Everythin& London Plano sthal featuring Gabriella Moniero, and the EFG Londrffijazz Fésiival, featuring a ran8e of international èrtists ind. Terje Isungsevs Ice Musl4 lthiko Aoba. Adnan Joubran. Kaki and Chica8o&ased collective Irreversible Entanglements. A new partnership be8an with Roots Festi1 Nthfember, whth featured Dedan O'Rourke and Kathryn Williams, and will be continued. London UnThYapped Artist-in4esidence, band-leader. saxophwist composer Cassre Kinoshi. brou8ht a new audio- Vi5uzI installation io the festival, and created frurTa. a tommission forAurwa Orchestra with her ensemb Seed. She also curate(l a night in December. 311 projects supported by an Arts Council Projett grant. which also enabled a three-ni8ht curation by Iranian produter Pouya Ehsael. featurin8 many immisrant Lond¢Jn-ba5ed artists. Ayanna Wltter- Johnson. Belle Chen. Fretwork and the Southbank *1 br¢u8ht new proietts to London Unwrapped. Oetemberfs Christmas kwogramme was cut short as the new cmicrom Variant iMpted audien There was no activity ai all between 19 DKember and 13 January. when Vokesunwrwed opened. forced the cancellation of three major opening events, but we were able to be8ln the yearwith a soaalty-distsnted installation, the stunning Sovnd Voice Project. focused on Vol loss, and Son8 Sur8eries for small 8roups on the Hall One sta8e. Page 3
Kings Place Music Foundation in85 Place's celebration of the¥oi¢e launched with a thoughtful look at what happens when ivs cruelty taken away... the Sound Voice installation wa5a challenging and beautiful exploration of loss.. Eveningstondord Page 3
Kings Place Music Foundation TRUSTEES. REPORT ICONTINUEO) For the Vear ended 31 March 2022 The Voices Unwrapped theme informed all genres in Spring 2022. contemporary sin8èrs Anna B Savage, Arooj Aftab, Colleen. FlorisL John Franus Ftynn. Group Lisienin& Wadt Vol, and a Folk Weekend dedicated to sin8in8 workshops and vocalists. intluding Cara Llilbn. Pe88y Seeger and Eliza and Martin Carthy. A StandUt weekend irt March, of Estonia. in colSaboraiion th the Eml>a55y. showcased the Estonian Philharmoni¢ Chamber Choir. OIModem[ Mari Kalkun and Maarja NUUL Spokèn Vrd and podcast induded a 70th anrverSary event from Jewsh 8ook Week in O£tober 2021. a reduced edition of Jewish Book Week in Marth 2022. with paralld on¥line programme. contributions from the Crick Crack aub and Poet in the City. regular pcdtasters Guilty Feminist and Steve fvchard% and a highly successful Empire Podcast day for their Iojth edition Iwinners of the Gdd Award at the Podtast Awards 20221. New musk A strategle aSm ofthe Kin85 Place programme is io be dynamic and distinctive. whith means presentin8new w and emerging artists. Parabola Foundation supports one major comrnisson each year,. due to covid. two were presented in 2V22. Thomas Ades's Clne1 Quintet Al(tyM receibEd itswodd temiere at Kings Place with the Oiotima Quartet and artist-in-focus Mark Sirnpstsn in Stptémber 2021 to uni¥ersal acdaim. 'A brand new piece from the wodd's most cdebrated limng composer Thomas Ades. plus the prodigious darinettist and composer Mark Simpson. plus the wonderful Pari5-based Diotima Quartet There was no doubt this was COnrt was the hottest ticket of the classical Season 50 far. and Kings PLYe was packed with thè 8reat and the good to Witb5$ it., Dai7y Tekgr¢7ph Theatre of Voices premiered A 8rieA Wolk ID Oeep fjme in February 2022. Other notsts premieres ind. Luke 8edlord son8 rytle lor Mark Padmore, 8dle Chen's Arteries. Tom Coult and Laura Moody presented new works for the Hermes Experiment. Mark Simpxffi's work for darinet and electronics MaftthtQr Collertrve brought Neon bv Hannah Peel. Amorphous Sounds showtased new w(k and Theon Cros5 perfom)ed his new Infro-l album. B8C fladio 3 teamed up with Kin8s Place on kniernional Womerfs Day for the live broadcast of nevAy-diseovered mzdryals of Maddalena Casulana11544-901 sun8 by the Fitri Consort. Diwtal Strategy Whilè the KPlayer pro8ranNne continued to deliver modest results for spoken twd pro8rammin& and for regular podcasts such as Rock n Roll PolitiC5. The Guilty Femint5t and some hi8h-perfornin8 Podcast Festfval shows, there was a steep drop in take-up for online mugcal offerings from wmmer 2021 onward Jewish Book Week moved Irom the all-online programme of 2021 to a Mixtu of online and iftthhall programmin& with 3 pass for the di8ltal-only pro8ramrr. For these type of thts £9.50 became the only licket prlce, without booklng fee, while Jewish Book Week Fesiival passessdd for £39.50. The digital strate8y wa5 Sustained at a lower level in thisyear. intimately responsive to allen demand, and based on the followin8 principle5.' to make streams available where thwe is sufficientdernand and events are sold out in thE hall to create hybrid festivals where the material is suiied to an intemational audience and the medium to archive Special events and make them available either to Iwild the n8$ Pbxe brand and or to reward those en8a£ed in supporting in Kings Ple to treate h"Ims and live strearn5 vthere artists or partners pay lor the seNce Ouireath and PwUatk Kin8s Place is committed to 8rowin8 its engert with the kol tommunlty. The venue contirsue5 to prowde SUPPOrt for music education initiatives as part of the long-terrn vision of the chèrity and a5 a core part of it5 wèèkly operations. Partners suth as Musc Work& Chamberstudio, National Youth Jau Collerti¥e and the Intemational Guitar Foundation returned to regular rehearsals in the buildin8 frorn thè autumn of 2021 onwards. Pagè 4
Kings Place Music Foundation TAusfEES' AÉPORT ICONlluNEDI Forthe yearente031 Mar¢h 2022 Kin85 Place has %rked sthools 1My, secdary]. and familles. youn8 professionats. adult educatSon institution5. local resident5. hical worker% the ddth. emnomKally disadvantaged. thostwith mèntal health conditi(ms and BAME IBlaci Asian and Mirt)rity Erhnicl. In this period, covid coniinued to impatt plans for famlly and xh(rJ15 events. with fflV bwng carKell¢d or postp¢ dueto illness. lack of conlidertce. and schools not en8¥in8 in trips. Farnily èvents indudefj Aurora's Far, far awavt Me8son Farn11 Folk Show. and Groo¥ebaby lorthe Under 5$ as part of the EFG London Jazz Festb¥al. We gave over venue 5p¥es in the earfy months of 2022 for Aurora player5 to filrn digital vetsions of one or iwo ol their Far, far away proiKts whh hève now been laurKhed as a national project available to primary schools. We pro8rammed Iree outdoor perforrnances in Coaldrops Yard as part ol the King5 Cross Stssions in Au8ust. irttludin8 EThUrae Steel eand, part of ow Lcx)don Unwrapped focus. and concens with The 12 Ensemble and Elertric Jalaba. We reached out to local Small Green Shoots charity which support5 people Th)t in education and training gel into the arts business, athl offere(I th a paid internshipin london Fe1¥al, something we intend todo every year. Funding was received from ACE for the ToKelheY project, which supwted local comn¥Jnity dlIS to sing from the gallery levL4 belore major Voice5 Unwrapped 51K)w5. The first was the ionLJn Show Cholr who san8 before The Swin8les and Vade concert. Others have indthled the New Lond1 Children'5 Choir. Constania thorus and Harrow Cornrnuntty Gospel Choir. Voices Unwr¥ped has been all aboul partpatIon. so the &ngin8 Togethw wojeu has enabled Lts to offer a variety of sin8in8 workshops for all a8es and 8enres. from Lond African Commun((y G95pel Choir to Gen Ribbgns folk-5in8in8 workshop, online singing workshops led by Voces& This ttInueS inio the De financial year and is also helping knngs Place to reach new audience5. Audienc Newsletter subscribers on 31 Mar 2022.. 72.926 So¢lal ffedla followers Followers Facebook Insta ram Twitter YouTube 5oun(kloud Linkedln 10 672.0) 7.192.00 I9.3C.00 15 8CQ.00 588.00 55.192.00 rickets sold and revenue8Yefated- 60962 tKket5 Sotd. £1.036.502. Online tickds sold and revenue 8enw*ed throu8h on-line pro8ramme- 10359ticket5 501d. £106.259. Estimate(I focitfl in ihe buiklin8 thro 21122: .lI)J- radKa1 (k)wn on 19no when the building was open to the public, when staff were using the entire builthng as a workpl¥e and when conference5 and business events were urrin8 on a Week ba3. We surveyed our atjdlee in July 2021.. 78% of respondents had not attended an event 5ince2020 63.5% 01 respondenrs said they would considercoming back to n5 Pl¥e in the autumn 67.4% rated the ¢wd measures at thttirne tt¢dlen¢ or satisfartory A survey ofthe Lonthjn Chamber Music S(Kiety in February 2022.. 22.9% had retvrned to One tonttrt since 2020 54.3% expect w attend a8ain in 1022 Page 5
Kings Place Music Foundation TRusfEES' REPORT (CONTINUED) Fortheyearffided 31 Marth 2022 Fundralslni Fundraisin8 wntinued to be a uitical attrty in 2V22 as income from bugness events did not return throu8h thls period. A decis%on was taken al 8oard level to launth the King5 Place FrndS stheme in JunÈ 2021 to create a more Sustainable, but accesyble. donation pipeline frwi whKh hi8her-kvel donor5 Could be cultyvated. The initial campaign reached thè targ of 100 Friends, representin8 arthjnd E13.5k of inton. This is a philanthrop rather than transactlonal scheme. with Friends remn8 priority booking only and exclusive communicalions and insights. The scheme is to be devdoped further in 22123 under the aego of the new Head of Development.. Individual Gwing. Culiufal Recovery Funding sYPPOrted this peri(wJ of athty 1£349kl until thÈ Ènd of June 2021 and a further applicatlon was made to CRF3 Continuity Support in Awjst 2021. which came thrtyjgh in Ottober 2021. This covered the period until Marth 312022. A further ACE Sustainability grant1£468kl was awarded to Kiny PIKÈ at this time to c(Ner the filOw1n$ areas.. capital proletts whith will InCaSe income.. 4k cameras inStald pemianently in both hal stalfln8 roles whith will increase income.. these included E¥ent Produrtion Manager to manage private hlres, and fundin8 for formation of a DeVelOent departrnertt. Audien Development.. geo.tsr8etin8 to boost reco¥ery of audiencÈs' a proiert to subsidise ticket5 for our community ¢hoir participant members. and to survey our wder audiences Further grants included an ACE Projert Grant for SiringTogether Piopètion and community project& Applicatlons were also made to the Marchus Trust and the Chèpman Charitae Trust which did not come throLWXh. Sponsorship was secured from the London Pj(aSt Festival from AcasL and Spotify sponsored the workshops. In this period the Event Produ(tion Mana8er was reuuited. but the recruitment of the Development Manager was heduled for 22123. Strate Kings Place programme opened in April 2021 with a llat priciw general admission policy as wcial distancing required between 3D% and 50% paCItie riered pricin8 retumed 8radualty in autumn 2021 lat a Iv1 similar to 20191 with flat pricin8 remainin8 in Hall Two. A full benchmarking exeru5e was done across the sertor in Marth 2022 10 astertaln new levels of priung. As a result of thls work, a decision was rnade to tweak up the vpper tier and redutt down the lower limits of tiered ticketing. in line with Other organisations. whe audience segrr*nt5 tan alford to support an event. £44.50149.50 15 Possible, but with thÈ rapidly emer8in8 £0St of living crisis. pri resistance b dear and takin8 fftnts over £20 can lead to depressed sales. While Saver Seats were phased ou¢ an allocation of Under 305 lickets at £8.50 ha¥e been added to the majority of events whèrè the deal allows it. plus Under 14 tickets aTrAilable for sdected appropriate events. There are plans now for the standard bookin8 fee of £3 tt> be replad by a IO% bookln8 fee with a cap of £4.50. Whilè this will 8enerate more income overall, it will be much wrKKe fairty aP10ned across the rge of tickÈted Lwertts. with a E12.$0 ti(ket Saving £1.80 on the ¢urrent bookn"n8 fee. This ¥MII be rolled out in ju 2022. NB It should also be noted that across the sector paperir% Ifreé tTrtktts through a8enciesl is not performing well, which su88ests confidente about attending public events has not returned. and pricing isn't the only barrier. Tradni subsldlary Conlerences In 20121 there were no tonftrentes loiher than 12 Sm1 e¥entsl and any incorne that was [Wed lar8ely related to ¢ancellation fees. With Covid related trICtIonS rdaxing at the start of 2V22. and being ¢omplelety lifted from July. business did begin to plck up from September to December 22 but then plummeted again with the arrival of the Omicron variant and the introduction of the Govemment's -H3n B- There was very little xtivity in January and February 2022 and only a relativety small uptick in Marth 22. Income from ConfenceS was 27% of that seen in 20121. P6
Kings Place Music Foundation TrUSTEES' REPORT IC014Th4UEO MuslcO•se r¢tttls The Music Base continued tD Imie out desks foi the charity the Malty of dpsks taken by compans with close relatiDnships to KPMF le.R. Auroia (Chestra. ion(kn Jau. Vofjce other mus •nd arts chawiiies and orgaTrizatiMs indudifig Chestra% LN¢ HÈ Out lknil Holt. After discouDtin8 lee5 throu8hout 20121. thargÈs retwned to their normal Fve-pandeTrwc I15 22. A of tewts left (fvrin8 Ihq y¢ar but re replaced. lea¥in8veryknv desbva¢ant by March 22. prtv•¢• Hlr•s Due to availability during the day. Private Hire booki clied to be a 8ood souTce of incc•))e 2Y22 and Induded bookings from Oisney. ml11t Wlves (Thoir. an 02 IV commwoal R)t EnSernb. Serious btsekiw from The Guaidlan returned. In No¥ember 21. • Produdon coordirtor was woM)ted to tsifd on thls SUC$5 io inuease Private Hlre inc¢Jme 8oin8 fOrWd. The fv5t 12 fflonth5otth p05t t&bel fwthd by theCRF sInlitY fIdIng. C•nl-side off1$ In 19120 it was decidEd that the oifKe5 (Kcwmed lry OrchE5tra of the * of Erdightwment London Slnfonietta should be let on a cornmeraal ba51s. to 5upprrt the fhavrty. At theend of SeplembeT 20 both orthestras moved oui )d the olnce5 were decorated and then marketed. After a km8 wrths. the offices re eventualy let from February 2022. Mo iental income will be recer¥ed until September 2022. 10 21122 tKket sales rose from 27,673 in the year to 60.962 in 21n2. Iln 19120. wpdeMic. ticket sales weie 89.46ZI. In 21122, ticket sales broken do by 77% lTrh41111% in 201211. 19% hybrid 131% In 20nii and 4% Stre•¢¢57%kn 20IZII. The fWIng pie tharts Sh[ the rnak+up of the ticket Fe4nue in 2¥22. firsty by h¢M the edent tould watched and secolIV bygenre. BREAKDOWN OF TICKET SALES 8Y MEDIUM BREAKDOWN OF TICK SALES BY GENRE 29¥ With the lern offNe in.hrMJse tnts/conCts. the eakdTr retwned to more norm4 leve15. (ln 20ni. al4e percentage of our evenls weve Word and Ctynth. e.& Jewish Book Weekand the Po&ast FestNall. In 21122 the largest pioportth)ns of incornewere fr(xTh 29x12020.. 18x1. 1%12020= 43%) Folk IS%12020.. 7%1 Contemporary 12%1202a..i%i Con*d¥ 11%1202tr.19%1. Page 7
Kings Place Music Foundation TRUSTEW REPORT ICOIITINUEO) Gt055 Ikketsales for 21122 events 7re £1.03m, an Increase of£6&AV8Xlon 20ni. Due to the effert ol the pandemi4 KPIS have r¥Jt ieh produced fort b5t Z)Ear5. Kiry P¢ still measure the financlal performante of its artimic FYo8ramme Usithe follovMr6 Kpis: Contribution rickets sold Ottupancy Audnce de¥ebpment Kiry5 PLace mtasures the receffjty of its artistic Proyanrne throwlh: Audience feertjack Crital co¥erage in the media Throughout the financwl yearthe Foundation earrd É1.215k12021.. 96.6k) fromtKket sales and ¢)ther Performan.TelateJ and receNed £1,132k in Governmenta1 OlherKrants12021.. £1.636kl. Costs of charitable attN?fles for Charity irlude peop. artists. ma& property and financelptofesS)nl fees. and wnounted to É2.929k12021.. £2O36kl. King5 Place vrd5 one of only 11 cultural 0r8antsatS MInde who le awarded SlablIty fvndinl from Arts Council England. This 5UPPOrted oui plan io create a development departmeni. to boL%ter our prr¥aie hire t$•nesS. to offer s¢ate-of- Ihe•art lufnkey 4kfllmin& ediiir% ar strearnin8 to business ents in bjth ha115. to develop audie$ and build reseNes. We had Consistently posllfve wes5 throughout the ar for tn8 of the few venues ran a pro8r•mme. photed to onle strearnin& de¥eloped our own plarform and ga¥e tywtuDits to more than a thousand artist5 durirrf a peri¢xl of unprecedented crisis. Team & Culture At the belning of th15 period a rtduced te•ii1211 was Workfi rene usirrf MKr050ft Teams a$ a conNmunlcatiDn and video conferencing 5Y5tem. onty coming into the buihJiDE for spe e%tnt hi$ or filmin& in lir with loveirtment iuidance. From September 2021, a [W hybrid worklng pollqf was rolled out for two Ik¥ed day5 to be workirvd in the oflice and ensure that ttslL4borative meetlngs could tske place irb person a8ain. Tho was wspended durin8 the omicrom outbak IDec-Feb 20221. From March 2022. a wised hybrMI working pdicy was Instigated thich qUI th 60% 01 time should be in the office, with two Ilmed days. Two away.d•ys %tre held lat Tileyard sdI0$ No¥ 21. aNJ in Camley street Nur31 Pawk building. Mar 221 in order to exphjietearn dynamKs. sha inshts and dri resi1n in the Iragibe F)St-panderTK eDvironftnt. Steps were taken towards a rebuildwi¥of the team thts perh)d. Indudtsythe recwuf(mtnt of two Event Produttion Mar&erS. new Ir technician •nd In AudKJ & RecOrdg Manager. A KKkstsrt ApprentKe (through LB Camdenl was retruited In March 2022 to assist the Marketin8 Team for slx mnrhs. Further recruitment continue5. On 31 Wi¢h 2022 the tearn stood at 23. Dl¥ersity & Induslon The new O&1 drafted earlier in 2021 has been 10fted in Prograrwne. VLsitor Ex1r1en. Qr8ani5ational Cuhuie, Governance and Avdience Developn*nt. Oespte the challee$ of this ar. and 5towstsrt nature of attmty. progress has been made, particularty in the area of recwitrnen¢ wher• the ot • broader rare of p1arfOrn ha5 enabled diverse shortlists. Sncludlng the Kthtart scheme. Pagp 8
Kings Place Music Foundation TRUSTEES, REPORT ICONTINUEDI For the year ended 31 March 2022 Diversity & Induslon {contlnued) n8s Place succeeded for the third year nJnning irt tts PRSF Keychan8e goa15 of 8ender equality in performers151YA women and nOn-biry performers) and in the working team and board lat leasl 50% women and non-binaryl. and a150 beat prewous yearfs tar8eis for ethnic divwgty in programmin& driven by 3 clear divèrsity and inclusion strategy and in building key partnerships suth as MARSM, A9an Arts Network, Content is e¢n and Adib RtaMi. A paid intem5hip for the London Pcdcasl Feslival was offered to Small Green Sh¢. a local charity who work wtth young people not in education or Irainin8whowith to enttrtht arts industry. Environmentsl $taInabIlIty Improving the environmental sustainability of our Lwnization. buildin8 and working processes 15 a Strategic goal of Kin85 Place. Previous plan5 and targets were irttemjpted by the pandemic. An Environmental Sustainability Working Group wa5 formed. focused on auditi and improvlng targets arwnd the followin8 xea5'. Independent ener8y consuftanry booked to ensure our electrKity usage 15 correctly monitored, in order to get Procurement process forchanging all lights in Hall Two and St Pantras io LEO (this was cOMete in the main New 5U5tainable procurement and endd-life Oioes for equipnt The use of rechargeablè batiÈries' All regularly used data moved onto the aoud on SharePoint reducirvd rdiance on highner8y consumin8 Instigation, communication and monitorin8 of new beha¥ityJrs in the team lusi public transport w rycling to Set to work. turning off all lights and ct)mputers at the end of each day. minimisin8 printing Reduction of SingleSe plastics in our own demise. and that used by the caterin8 tompany In the venue. Promoiion of re-usable water botdesetc in green room to artis Advocating for a return to compostable cups. Lon8.term pro8ramming locvs to raise awareness of clime chan8e Working towardsjulie's (y(le accreditation as an g3n3tion. Labellin8 and recyding Erfn5 accurately. tut<k)wn use of dishwasher. minimislng water use etcl Flnandal r•¥l•w Tot31 incoming 8roup resources for the year increased by 24%12021.. decreased by 42%) to £3.8m, an increase of £848k due to the venue re-openin8. IncofflÈ frorn trading attNit1È5 intttasÈd to E938k. an intrease of E706k12021.' decreased by 87%). Charitablè donations have decreased to £509k12021.. £684kl. Total expenditure increased by 9%12020.. deuÈasÈ of 38%) to E3.4rt art intrease of E288k due to increased activity. In 2022 this lled in net incoming resource5 of £405k12021: net outgcin8 rources of £156kl. While the economic future is so unpredictable. the tharity will ¢onbnUt to keep overhead costs to a minlmum, seek to secure furthersvpport frorn 8rant makers and l(Jk to inttèase donath)ns frcrfn the publi The deficit incurred by the Foundation is oftset by Gift dislributions from Kings Place Music Foundation Trading Ltd IKPMFfi. by the support of prwate donors and. a8ain thbs year. by the grants from the Cultural Aecovery Fund. Fundralsinz diKIosure Throughout 21122 Kings Place has continued to encourage individual donations eitherthrouzh d¢)nated tickets. through our website and throu8h roundin8 upldonatin8 when purchasing tithets. In the Surnmer of 2021, we launthed wr Friends ol Xings Wace scheme. We have rt worked with any commercial participators/professional fundraisers and our fundraisi9 conforThs to recognized standards. We have received no complaints in relatlon to our fvndraising. Pago 9
Kings Place Music Foundation TRUSTEE5' REPORT ICONTINUEDI For the yeended 31 March 2022 Prlnclple Fundin# Sour<es The principle fundift8 sourtes receNetl by the foundation were frorn private ¢JonatK)ns, tlcket sales, sponsorship. booking I transartion fees, conferencin& desk hire incorne. event spec grants, fudou8h grants and the Cultufal Recoverv Fund. The venue used the Government Coronavirus Job Retention Scheme until Au8USt 2021 and were able to rèceNe grants for up to 80% of pay or £2500 a month, reduon8 to 60% ènd £1.875 per by the end of the scheme. Permanent and casual stalf wère both fulty and flexibly fudoughed. Ai the very end of March 21, we were awarded a Culture Rec(Nery Fund grt of £365k to help wlth ttjsts over the period April to lune 2021. and for the upgrade of our lthWI-Fi system. In Ottober 21 we were awarded a further £787,190 in CRF fundin8 ¢¢mprisinE £334k in continuhty funding and £453.190 ttr•rfards supporting the sustainability of the venue in future years. Re5rn5 pohcy and con¢em The Truslees will tontinue to appty the unrestrirted fund to the Ftyjndation's objectNes. The Foundation has restrictèd funds 01 £203k representing £199k unspent fund from the Cultural ftecovery Fund and £3.5k from other lund5 both of which will be spent in 22123. Unrestricted funds at the year4nd totalled £32LTh. Free reseThe5 lexdyding fixed assets) are in deficit by £85k. but continued financkil support for future peri¢d5 15 guarante by a letter of support from a Drivatg donor. Cash flow ftsrÈtasts to December 2023 haye been prepared and shared with the a[MentIoned private donor who has confirmed theirwillingness to provide osh WPFt. The trustee5. haviTr4 a$5essed the principal risks and uncertainties and having contributed to the strateglc vision and aims ofthe tharity. have no reason to befieve that a material UnCertaty exists that may cast sSgnlficant doubt about the ability of KPMF to contTrtue as a 80in8 concem. On the basis of their assessment, the trustees have a rea50nalAe expectation thatthe charity 11 be able to Continue in operational existen for the fores¢eable fvture. and they contbnue to adopt the 80ing concern b3sbS of atcountin8 In preparing the annual financial 5tatèmenis. The charitys acti¥ities, Io8ethèrwith the factots likefy to affert its futu de0Pment and position, are set out wlthin this Financial Re¥iew. The Chari5 activities, tO8ether with the factors likelyto affed its fVre de¥elopment and position. are set out within this Finarncial Review. The Foundation's reser¥e5 poly requi 3 t7wnths of stsff costs and overheads. or E3.&)0 to be held for the purp05e of ensuring the lon8ewty of the FOUatb0n. The threshold is rèviewed quartedy at a minimum, alon8 Wlth the prin¢iple risks and uncertainties faungthe charity. The gap between current free reseryes and the le¥el offreÈ resÈrves set tyjt in the thar15 Oicy is Buaranteed by a letterof support from a prfvate donor. Thwefore, the trustees, hawng assessed the prinopal risks and uncertainlies and havirrf4 ¢¢ntributed to the strate8lC V15ion ond •m5 Of the charity* have no rea5 to believe that a material uncertainty exists that may cast significant doubt about the ability of KPMF to continue a5 a gn& concem. On the basis ol th•r assesyment. Ihe trustees have a reasonable expectstion that the charity will be able 10 continue in operational existence for the foreseealAe future. and they continue to adopt the going concern ba$ of accounting in preparfn8 the annu31 finantial statements. P# 10
Kings Place Music Foundation TRUSTEES. REPORT (cTINUED) For the year ended 31 Marth 2012 Plans forfuture perlods The impact of the pandemic had I84a$¢ing effects on the charity through 202V2 but the 5uc(essful transition from an online programrne to 50cialty-di5tanced reopening in May I) heralded a move towards recovery. After an audience conwltslion. it Wds decided to run concerts at 50% capauty p05t-Jutywtth a return to l(lJ% tapacity in September. We are building resilience with 3 focus on the lollth¥ing areas- Development - Fund-raisi has becomp a key area of zcti¥ity and revenue stream thi5 year due to the latk of income frorn busine55 events. Trustees ha¥e agreed the appointment of a Development Olficer who will build on the progress made by the successful audience appeals and the launch of King5 Pla FrndS in June 2021, and 5UPPQrt the Executive & Artistit Llrertor in making applitations to trusts & foundation Private hires- putting rnore staff restyjrte and time into wivate hires for filmi aThY retNdin8 is bringing in much- needed income while there is more access to spaces during the daytime. Until tonferencing and buslness events with numbers of delegates return more re8ularty, th will be the most COSt-effective way to dwlop revenues. Musle Base desks- we have released MO space and arraft8ed the areas in the Music ease to accommodate new clients. and expect 10 receive more indNidual bookiw for break-out spaces as small organi5ations begin to retvrn to one-off meetinR workinq. board rneet1n or davs ol inteNiewini. Rebuildin8 the team. As full Capacities return. there will be a phased rUitMent an to reinstate key operational Positions in production. technical and IT. These began in Juty 2021. to be phased throLyh the later Summer and autumn t*eriod. Tethnology and equipment renewal plan. Phase One of the new aud networkin8 proBramrne was conweted this vear with support from CRF2- the next phase will be worked through next year. inCding the installation of public Wi-Fi in KinRs Place. Futu artlStlc plans Kings Place has built a strorq reputation for bringi relevantr. innovation and future-facing thinking tD our pro8ramme. Next year we will locus on the pvwer of cornffwjnal sinEin& an actmty that becarne weaponized and ¢ensorèd durin8 tht pandtmit. to bring people together again in a safe way. In Voltes unaPPed. groups from all ethnitities. genders. genres. ages and abilities w511 be represented ihr¢xeh singin8. an expression both of identity and togetherness. This inclusive series wli I run throughout the year, inlerlea¥ed with our major fe5tNals and partnership events, which will all be enhance(I by talent devdopThent opportunilies and the creation tsf new w¢rk. DrsIty & Indusion aCtn.plan Followin8 our I'rn In or8anization.wid• audit in December 2020. we are rewewing all areas of work with a view to making our or8anization mre welcoming to a wkler ran8e of audlentes and Msitors. Ihrough specsalist visitor services and recruitment trainin& through a rewew of our Pro8raMffn8 and current partnership5, a renewed f$ on community partners and our work th Islin8ton's Cuttur31 team. This is a condition of our publtc fundin8 and P05itwe step towards buildin8 relevance and resAience into the or8aniiation. Page11
Kings Place Music Foundation TRUSTEES, REPORT ICONTIMJEDI Fty ihe ye¥ ended 31 Marth 2022 Principal Rlsks and Uncertainties The trustees have examined the major slrategiG business and operational risks faclng the charity and confirm that Steps have been taken to lessen thèse risks wherever possible. The principal risks and uncertainties facing the thty are outlined belw. Potential effects of future pandemitslrestrictions on the confertnct market The ongoing elfett of the pandemic on audwce confi.dence and ttht sales Trivel restrictions on International artists due toirysa issues The finan(ial irnpact of Brexit with the higher costs involved in brin8 in intematwial artist Non-compliance with e¥er thangin8 le81ation A reduced permanent workforte versus inueagng arti¥ity In5uffioent tapital fundin8 for technological investment and Ination Extreme Increase in inflation Lar8e increases in energy tosts The irnpaet of the cost-of.liwr4q crisis on allence behav*)ur Data breachlcyber-atlack KPMF operates a rigorous risk management strate8y and systems are in pl¥e whith ¥e designed to manage all major risks. The trustees review their risk management 5trate8y annualty or rnorè oftLM if csrcumsiances require. Strurturei 8o¥wnancè manaienwrt GOrn8 do¢ument KPMF is a company limited by guarantèe governed by its Memorandum and Articles of Associatic4) dated 12th January 20J5 as amended by speual re501utions dated 7th November 2(X17. It is registered as a chJity with the Charity Commission. Appolntfflent of iruste TnJstee5 have been appointed by the Board of Trustees. The trustees, who a also the diredor5 for the purpose of company law. and who served during theyear were: Pl Millican (Charl AD Millican J Mitchell D Judè S Twitchln Trusteo Indudlon and training The trustees have been chosen based on the skills they to offer to ensure the development of the chariws activities. New trustees receive Inducti into the cKganiiation led by the Artist & ExecutNe Dirertor. Finan Dirertor and the Deputy Managing Direttor /company Secretary. In January 2022 govemance traini was held for all the Trustees plu5 the Art15tic & Executive [AClOr. Finante Director and the Deputy Managing Director Icompany Seetary. Further tr74n1 is made available to trusteeswhen it is require. The Executl¥e Team Helen Wallace Artisti¢ Oiredor Page 12
Kings Place Music Foundation TRUSTEES. REPORT (CONTINUEOI For the onded 31 Marth 2022 Organlutlon The 8oard of Trustees administers the charity and i5 responsible for the strategic d1cti(l and pollcy of the charity. The Artistic Director ha5 been dele8ated authority by the Tntstees the day-to4ay operational matters of the Foundation. Rekted part P J Millican, Chair of the Board of Trustees. is a director and SIYA owner of Green & Fortune Limited. with whom the Foundatron has a commercial relationship. The FoUr3110n also has trade rdationships with the followln8 companie5 Wlth which P J Millican a150 has an interest.. Pèr*din (director & 50% shareholderl,. Parabola Real Estate Investment Idirtctorl: Parabola Edinburgh Ltd Itrustee of PknberTrustl and Parabola Foundation Itrusteel. D Jude Itrusteel is a director of Parabola Foundation. Publlt benefft The trustee5 have referred to the guidance contairTrEd in the Charity Commission's 8eneral guidance on public benefit when rÈvièwing its aims and objetii¥ts and in planning its future aCtIe5. In particular. the trustees have conSided how tslannèd attivities will contribute to the aims and obiectwes thev have seL Kings Place is situated in a growing hub of development whith has a thrNir4 ¢yltural and &iver5t community. The Programme offers numerovs ways for local communities to actess hi8h qualily performantès and lèaining opportunitles in an aftNdable wav. Key fflanagernent pèr50nhÈl KPMVS remuneration policy for key management personnd is designed to attract. taIn and molivate quali¢v employees. Salaries are benth-marked against othw ¢y8anizations in the charities sector. and are in line wth market rate. Remuneration for key management pwsonnel consists of ba&c Salary. statutory pension contribulion& and thè orovisitin of a mobilÈ ohone and laDtQD for business use. Audltor So far 35 the trustees are aware, there is no relevant audit Information of which the charivs audilors are unawarè. Additionally the directors have taken all the necessary steps that they oughi to have taken 35 trustees in order to make themsefves aware of all relevant audit infom)ation and to establish that the companV5 auditor is aware of that inforniation. Thè audltor, Moore Kln8ston Smith LLP, deemed to be reappointed under srftiM 487121 of the Companies Att 20C6. This report has been prepared in accordan with the pr151$ appIK3ble to companies entitled to the small companies e nptions. The trus ort ppd bythe Board ofTrustees. PJ Millita (Trustee) Dated: Page 13
Kings Place Music Foundation TRUSTEES. IIEPORT (COP4TINUED} For al ended 31 Marth 2022 TRUSTEES, RESPONSIBIIITIES STATEMENT TheTrustèes Iwho are also directors ofthe charitsble company forthe pur&eS of conwany lawl are re5ptsnsible for prèparing the Annual ftep<Yi and the finala1 statements in accordantr with applkable law and re8ulatiorts. Company law requires the director5 to prepare finantial ststements for eath finanoal year. Under thai law the Govemors have elerted to prepare the finantial statements in accordance with United ngdoM Generally Accepted Accounting Practice {United nEd Accounting Standards and applitablt Liwl. Under company law thè dirèctors must not approve the financial ststements unless they are Satisf that they give a true and fair vlew of the stale of affairs of the charitawe company and of the pfofft or loss of the charitable company for that period. In preparing these financial 51atements. the directors are required to: Select suitable accounbng policies and then appty them consistent Make judgements and accounting e51irnatÈs that ère reasonab and prudent: State whether applicable UK Accnting Standards have been followed. subjert to material departures tlisclosed and explained in the financial statements- and Prepare the linantial statements on the 80in8 concem basis unle$5 It is inappropriate to presu that the company will continue In buness. TheTrustees are responsible for keepin8 athuate ntIng re¢tyds ihat are sUentt0 show and explain the tharitable company's transaciions and disd05e vrrith reasonab accuracy at any time the ffinancial position of the charltable company and enable thern to ensure that the financial statements comply with the Companies Art 2CKJ6. They a also responsible for Safeguardi the assets of the charitable company and hence for taking reasonable steps for the prevention and detectim of fraud and other irresularilies. Pa98 14
Kings Place Music Foundation Independent Auditoe5 Report to the member5 of fing5 Place Music Foundation Oplnion We have audited the financial ststements of KI Pkce Foundatlon for the rended 31 March 2022 whKh ompri5e the Group Statement of Fina14 kti¥itEs, the Group and Parent chaiitab Cornpany Balante Sheets the Group Cash Fl¢)w Statement and ot5 to the fwurtcial thtements. induding a summary of slgnlflcant accountin8 p)licies. The th"nèncial reportkng frameYJrk that has been apFld in their preparation is applicable law and Vnited KiTradom Accounting Stsndards Iunrted KI General kcepted kcounting Prartitrl induding FRS 102 The Financial Reporting Standard )tible in the UK and Ireland. In ouropinion the finantial statements-. give a true and fail vw of the State of ihe 8up.5 and the parent Charitab mmpan7K$ affairs as at 31 March 2022 and of the group's incomw)g resour(es and applKaixin of rurCeS. including its income and expendiiure. lorthe year then ended: have been property prepared in accordance Unrted Kingdom Generally Accepted Accountlng Prartice: and have en prepared in accordance with requirements of the Ci)mpanies Att 2LVJ6 and the Charities Act 2011. Basis for oplnioD We conducted our audbt in (Ldae with lrterDational Stsndards on Audiling IUKI I1{UK)I and applKable law. Our re5ponsibili15 undpr th(15e standards are fvrthei de5tribed in the AvdTtorfs ReSpbIlitieS fcK the audlt of financial 5tstements section of Jr reF#Nt. We are indeFendeni of the charstable company in accordance with the ethlcal requirements that are relevant to thJr audit of the financial ststtments in the UK. IncludknE the FRCS Ethical Standard, and we have fulliled our Dtherethical [eswSIbIlitS in aCcordae with these requlreffnts. We bellv4e Ihat ihe aytht evldence we ha¥e Obtaed is sukn"eniand appropriate provide a basisfr>r our opinion. Con(S1On$ relatingto golng concern In auditing the finartcièl ststtmenty we have ¢OrIed that the trustees. use of the going concern basts of accountin8 in the preparatM)n of the financial Statem1$ isapwoproaie. 8ased on the work we have perfornEd. we have not Klentihed any matsrial UnrtaIntieS relatin8 to events or conditions thai, IndNidually or c01lettNe, may cast si£nifKant doubt on the charitable company's abiliry to continue as è golng concern for a perlod of at least twefve ffths from when the fila1 statements arè authorised for issue. Our responsibilitie5 and the reswJn5iEMlities of the trustee5 With re5Fert to go¥ycon¢em are desciibed in the relèvant sections of this reporL ot Intormatlon The ott[ infoTrnatTh cornwses the infmt*)n ihclLKled in the annual rep)rr, other than the fknanclal statements and otsr ayditor's report thereon. The tntstees are resrnnsible for the other InfcmJtIOn. DJr opinion on the financial ststement5 does not Ctr4tr thè other f0rnat and. except to the extent otherwtse expl1cit stated in our rewrt. we do Thjt expre55 any ola55urance conclusion the[. Our responsii¥llty1s to read the other infwnatw)n and, rn doin8 50. con5Kler whethertheother Informatlon is materially inconslsteni wr¢h the flnan(ial ststements w our knowledge obtained in the audit orotherbvise appear5 to be materfjalty rnisstated. If we identfy rnatwial Incl$1$1eieS Orappènt mattrièl misstatemeiits. w• ai• required to determine whether there is a material misstatement in the finanEial 5tatemÈThtsor a material misstatement of the other informaiiort. If. based on the work we have performed. we ¢LdUde that there 15 material misstatement of this other infomution. we are reqLllfed to report that fact. Page 15
Kings Place Music Foundation InknnderrtAuthtoesRewttothe offmv Plate Mu5ir Fthwxkntion {contlNdl Oplnlons on otlw pr•scrW I6 In our opiDn. based on the work undertaken In the course of the audit: the information gNen in the trustees, annual rewyt forthe fimncial ar for whkh ihe financial 5tsternEfbts a pPared lsconsfjstent with the financial 5fatemts,' and the tru5tees' annual report has been wepared in accordar wth applKabbe Wl rewire1rt5. MItte which are rpquired to rewt byeM In the Iht of the knOe ond uThlerstsndw of the group and parent tharitable ctynpany and its environment obtained in the course of the avdlt. we have not hJentifd material rrM55tatertients m the trustees. annual rer<rt. We have nothing to ieM in respect of the folkThing matters There the CnIeS Act 2[ and the Charltiès Att 2011 require5 US to re[rt to you if. In tyJropinion.' the parent charitable COMnY has not kept athquatr and stsifKient xcountiD¥ recor or rfums adequate for0ur31lt have not teen recwed from brarthes N)t¥i%ited ty us; ¢y the parent charltsble cornparfs liMnc41 statts a notln a%ment with the accountin8 recwds and returns: or rtaln dlsc105uresof truste remuneraiim specrfled Law are not made: or WÈ havè not retei¥ed am the informatwjn and explanat•Jns ul[e for ouraudlt. the trustees were not entitled to pr•yrtthe fiMncth1 stateftts in accordan with the srnall compan re8irr and tske a(fvanta8e ol the small mmpanies exewion in prepJringtheTrustees' Annual Report and from pparIng a strate8ic repyt. ResponbIlItIeS of trustee5 As explained rne fdly in the trustee< re5FKffi%tiili statement s•t out M page 14. the trnstees Iwho are also the dlrectors of the Charitsble corryany fot puiposes of tonyny LAWI are resp)nsible the pparatrffj of the financKal staternents and for being satisfied ihai they give a In and fair vw, arKI for such Internal control as the trustee$ deteimine is necessary to enable weparaih)n of financial siatements thai are free frDITi rnaterièl mlsststenwL Whetherd to frnud ( ernor. In preparing the ffinancial staiementy the tru5tee5 are responyble for assesslrd the group and pa1 thariiable compan(s ablllty to continue as a going concwn. disdosin& as apFAKable. rnatteTS related tts 8oing concern and using the going concern basis of accountlng unkss the trustt5 ther intend to IK4uidate the grow or parent tharitable companyor to cease operations or have no lea11st akematfft Imrtto ¢kn so. Auditorfs r•wNlltt1•5 for¢h¢aKlit olthe finanrial statem We have been aNinted as auditor Undert C&)wnies A£t and SeCft isi of the Charfttes Art 2011 and repjrt in accordarKe wiih those Acts. Our objectivesare to ¢)btsin aSonable a$9Jran atxth ¥thether the ffinartkil st•tefits as a whole aTe free from terial missiatemenL whether due to fratyj or erTOt, and to iyts art auditorfs rep)rt that includes our oplnion. Reasonab assurance 15 a hi8h level of assuran. but ts not a guaraniee thai an audit c¢)nduttÈd in accordance with ISAS ILIKI will always detect a matsrial mi55tateTrent when it ewts. Mi5st•tements can arl from fraud orerror and are Consided maierlal If. tndNiduallyor io aEcregate, they coukl reasonably be expected to InflnCe ihe econoft decisionsof user5 tsken on the basis of these financi31 statements. Page 16
Kings Place Music Foundation Indp•thrtf Audltor's Reportto membots of Plate MUSK Foundat (c¢vitinutdl As part of an audit in zccorthnce wrth ISAS IUKI we er(ise prOfeSsnaLlud8eMt and maintsin Professional sceptlC15m through£1 the aud¢. We Olso.. Identify and assess t risk50f rnateiial m155taVrt of thefin3ncial statements. whetherdue lo fraud oieiror, design and perform audit procedtsres respofft to those rlsks. and othain audll evidence that is sufflclent and approprfjate to provide a basis for our on. The ri5kof not detting a material misstaternent resultingfrom fraud 15 hi8her than ffjne ie5uhin8 erior. a5fraud may invofve collusion, forgery. intentional omissions, mlsrepresentaVon% or the 9rrth of terTraI control. Obtsin an un(nl of internal conird relevant tothe audit in orderto desi8n audit prLxedures thai are appropriate in the C1Umstances. trwjt not forthe purFoses of exwes&nKan opink)n on the effetti¥erss of the group and partnt charitat tompanrfs internal tontrd. Evaluate the appropriater$5 of accovntry used and the rea50nablenes50f aCcOtInge5t1Mate5 and related di5ck)5uies made by the tmstees. Conclude on the appropriateness of the trtsmees. use of the goin8con(ern basis of aCCnI1n83nd. based on the audit evidence obtained. thether a material urKertainty e%lS related to events orcondition5 that may tè gnificant douth on the group and parent chariiable crxwnrfs abiktyto con as 3 80in8 conrn. If we conclude thar a material uncertainty eMlSlS. * are required draw attention in ouraudiior's report to the related disclosures in the finanoal statfftnts or. IF di5dosures are inadequate. to ldIfy our opini¢Jn. Our ontlusions are based on the audft eviden Obtain to da ofour audito<s report. Fk)wever. luture events or Condit$ may cause the group or parentchariiable crKnparyiocease continue as a go1concern. Evaluate the ovdll pie5entstion, 51nKture andcontent Lrf the financval Stalen1% irKludinB the discJDsufES, and whdher the fin3ncfial ststenRnts represent the unthrlliaTr$attics and In a mannerihat achleves fair presentati. Obtain sufficient apprDWklte audit ev¥Jenre rryarding the fmuncial irrformation of the entff(iesor business att11e$ withln rhe group to express an opknh)n on thetMsolJated fiAanclal StatenIS. We are responsible for the dlrection. supervision 3nd perfOrManOf ihegroup audiL We remain solety responsibbe for our audit ieFtyJrt. We conwnunKate with those char8ed with governante regaidin& arrthigothermattws. the planr*d scope and tim1 of the audit and significarrt audit finding4 incwingany 5rlfICanterKlEo in iThteinal c(xrtrd thatWE identify during our audit. Page 17
Kings Place Music Foundation IndepehdentAudltoes ftep totr members olKh¥5 PIK Icontlnued) IwreBularibes. In<lwlkn8 fraud. are in5t•nces of rw<ornFdiaKe ith lows a1 re8¥Il0n& We desy procedures in line with our respon%bdits abo¥e. detect matenal mi55tstements 111 Te5Fert of irrequiarltie5. includin8 fraud. Theextent to whith ow ptoceilus a capae ofdEtt¢tiftg re8uLw1S. irtknlin8 fraud Isdetsled tdow. The ob)ect5 of our audli in resFa ol frwd. 4Te.' io rflentfy and assess the ri5s ol material ffltsstatement ol the hnancial statements due to fraud: to obl•m suirKt applov a't evwJen regard8 the assessed rtsks of material mlssiatement thje to fraud. tlwo4h de&) aTrJ tii)pknentY¥ apprDpriaie responses to those assessed risks: and to rwnd appropriately to inStsS of fraud or su5pecied fraLY thntsfd dwing the audlt. However. the piimary resFkyibIlity for the preventyon and detection of rests wth Lx)th m•a8ewi and those charled with gonae ol thecharitslAe¢tynpanv. Our approach wasasfollrrs'. We obtained an derSndIng of legal and reatrv requrennts aable to the tharitsb rompafty and sidered that the m05t SIlfiCant are the Compar4es kt X(6. the ce$ Art 2011. the Ch¥ity SORP, and UK financial repn8 standards as iwjed by the narK&a1 Rewt1cn¢iL 'We obtsined an understandiw of how the dritable compaw C¢WF4ies With these reqwtmertts by th'scussoons wf(h managrn1 and those charged wilh ¥emart£ We a¥essed the risk of material misstatement of the fThrKil ststements. Ird8 the risk of material misstsmert duetofraud and how it ryweht o¢¢ur, by hdi th5C5th managan1 and those charged with governance. 'We inquired of management and those chorged Yhilh as to InStsn of non4omFliènce or suspected n¢)n-¢ompliance with laws and re8ukitwns. ' Based this urtderstanth". ** de91 wofic èKwgNtate uKIrt wrtedures io Identify instarKes of TK¥n. compliance wlth laws and re8Ulatis. This mdtyjed makme entyirs of marwment and those ch•ried with 8+)vernaKe and obtsir¥ryadditional r0atbve evK1V•S There are ltherent linitations ffi thÈ audit prOdleS de5cfTbed •btye. We are kn lely io become aware ol instances of r-Compli0ct laws and regulationsthat artfi ckjsely relaied to e¥tnts transartions refiecred in the nancl3151atements. Also. the risk of not detertirqa merial rNsstatement due to Irawl is highetthan the risk ol not detecting one re5ultin8 fvcm error. asfrwd m•y dellberatecoKealnentby. kne¥•mple. ts{ery sntentioAal miyepresentations. or throuRh Collus•. Use of ouv report Thls rep)rt is rnade so1ety the charitable c(ryanrfs meftknr4 asa W. inaccordance wilh Chapter 3 of Part 16 of the Companles Att 21X)6 and. in re5pert ofthe(sCAted lThrKbal ststements. to ehariws Inlees. as a bocty, In •¢totdance vAth Chapter 3 of P4rt 8 ofthe chwi1$ Act 2011. r k has betr undertaken so that we m4%ht state io the charitable companvs members and trustees matters we are wuired kn stateto them in an auditor's reportand f other purpose.Tothe lulle51 exient permthd by low. do notaccept or assume responsibility to any party other than the rhaiilablE cornpany. the chaFitaWe companrfs memLrs, asa *d th¢ chariV5 trustees, asa body. forow oudit wowk. forthts reprt orftythe Wehl0med. 6th Hoor Appokl Street forand on behalfof KiTrdSton Snwth LLP. StatyAdkor EC2A 2AP Date.. 16 December 2022 Page 16
Kings Place Music Foundation CONSOLIDATED STATEMENT OF HNANCLAL ACTMTIES for the year ended 31 Marth 2022 UnrestrKted Ilertwirted Total 2022 Total 2021 Income from: Donatfons and Iyies 19.752 509.752 683.514 Charitable attivities.. Operation of music venue Other tradin8 a(Iniities 1.303.219 938.039 1.044.933 2.348.152 938.039 2.032.732 231.548 Total In(tye 2.751,010 1.044.933 3.795.943 2.947.794 Empendlture on: Trading activitie5 Charitsble activitie5 461.723 2,122.108 461.723 2.929.489 266.459 2,836.835 807.381 Totsl Expendllure 2.583.831 807.381 3.391.212 3.103.294 Transfer of funds 19 35.OCI) Net movement In fund5 202.179 2015S2 404.731 IIS5.5(Kll 117.721 117.721 273.221 Total fundstarried foTh¥wd 319.9rxi 202.552 522.452 117,721 The statement of finalar altIeS i1Je$ all 8ains arKI losses 08nl in the year. All income ar¥J expenditure derivefromcontinuiw tr¥ties. The statement of financial actMties•lsotomplies Wrth the requirementsfor an income and expendiiure account under the Companies A¢t 2. Page 19
Kings Place Music Foundation CONSOLIOATED 8ALANCE SHEET as at 31 Marth 2022 2021 Flxed Assets Intangible assets Tangible assets 24,328 380,386 404.714 3818 410.415 449,233 Curr•ntAss•ts Debtors Cash at bank and in hand 4.881 370.093 934.974 390,416 169,661 559.807 Cfedltoth Amounts fallin8 due within one year 16 817.2361 1891.319 Net current liatHlities 117,738 1331,5121 lotal a55•ts1•55 cwrent I11te5 $22A52 117.721 Incorne funds Vnrestrici¢d Funds Restdcted Funds 319.9C 202.552 522.452 117.721 19 IL7 721 These financial statements have been prepared in attordance with the prov151c$ applicable to companies subjed to thÈ small tompanies. regime. The financial statement were approved by the Trustees i)n ...... J Mlll Com v No. 05330318 Page 20
Kings Place Music Foundation COMPANY BALANCE SHEET as at 31 March 2022 2021 FiMÈd A5SelS Intangible assets Tangible assets Investments 24.328 380.386 io 404.724 38,818 410,415 io 449.243 14 Current Assets Dtbtors Cash at bank and in hand 15 372.535 158.996 531,531 305.6C6 613.704 Cfedltors: Amounts falling due within one year 778.630 746.5011 Net current liabilitie5 1164.9261 1214.9701 Total assets le55 current l•*iWles 239.798 234,273 Income funds Unrestricted Funds Restricted Fund5 19 19 37246 202,552 239.PJ8 234.273 234273 The financial ststernent were approved by the Twsiee5 .-..... PJ litan ICh•irl Company t40. 05330318 Page 21
Kings Place Music Foundation CONSOUDATED CASH FLOW STATEME14T lor the year ended 31 Marth 2022 202L Cash flows fiom operatlni acthltlrf Cash 8enerated from Ilabsorbed by) operations 24 404.417 113,3491 In¥estln8 actlvltles Purchase of tangible red 355ets Proceeds on disposal ol tgIe red assets 151.0301 12,5781 Ne¢<•sh us*d kn kn¥esth¢ acth4 151.0301 2.S78 Net decrease In (ash and tash equl¥alet 353,387 115,9271 Cash and cash equivalents at be8innin8 of ye¥ 169.661 185.588 Cash and $h equiTAlents atend of year 523.048 169.661 Pe 22
Kings Place Music Foundation NOTE5 TO THE FINANaAL STATEMENTS for the year ended 31 March 2022 I. ACCP4T1NG POLICIE5 Charity inforrnalion Kin8s Wace Music Foundation 15 a private Charitsb cornpany. limited by guardntee. registered and incorporated in England and Wales. The add$5 of the charity's registered office is clo Dickwn Minto. Broadgate Tower. 20 Primrose Street. London EC2A 2EW. Kings Place meets the definition of a public benefit entity under FRS102. The ch3rity exists for the benefit of the public to womote knowledAe and apprlation of the arts and in particular the art of musiL 1.1 Accountlnz con¥enthn Basls of Preparatlon These financial Statements have been prepared in ac¢ordano with "Accounti and Reporting by Charities.: Statement of Recomrnended Practice applicable to tharilies preparing their attounts in actordant• with the Financlal Aeporting Standard applicabbe in the UK IFRS 1021- (Charities SORP IFRS 10211. the Financlal Reporting Standard aoolicable in the UK IFRS 1021 and the C(noanies Act 2(XKS. The financial starements are prepared in sterfin& thith 15 the fvnctyonal currency of the group. Monetary arn1nts in these financial statements are rounded io the nearest pound. Assets and liabilities are initially rrfognised at hist¢)rtsl cost or transacbon value unless OtheISe stated in the relevant accountinrt polity note. 1.2 Goln8 coKern FRS 102 requires that, if appropriate, the 8roup's financial statements are Pared on the going concern basis, which means that the or8anisation is able to operate for the foreseeable fulure on the basis of known and aSOnable projected resour(e5. Cash flow foreca515 to March 2024 have been prepared. Management have taken Steps to reduce Costs where possible and continue to mMitor tash flow dosely. The group is dependent on support from its donors who hav* undertaken to provide suth support for the foreseeable fvre based on the laiest forecasts. As 3 consequence. not withstanding the net current Irabtlities. the trustees beliebp that the group is well plad to manage its risks successfully and thus have adopted the 8oin8 concem bas. 1.3 Group thanclal statements The finanoal statements conscdidaie the results of the charity and its whdly owned subsidiary Kings Place Music Foundatbon Trading Limited I'KPMFTL"). on a line by line s. All finanoal ststements are made up to 31 Marth 2022, and consistent accountinl policies are used. Page 23
Kings Place Music Foundation NOTES TO THE FINAPKIAL STATEMENTS lor the year ended 31 March 2022 I. ACC(XINnNG POUCIES Itt)ntinuedl 1.4 Fund ACIOtl nr ricted lun Incoming resources receivable or Benerated for the objects of the Brp without further spètified purpose are ccounted for as unrestrided funds. UntrKted funds are a¥aslable to spend on activilies that flbrther any of the 8eneral objecknves of the group. 1.5 In¢Mie Income recogni5ed In the Statement of Finanaal ArtNities when the group has entsernent to the funds. any nditions attached to the itemlsl of income have been me¢- and ttis Fyobabie that the incorne will be received and the amount tan be measured rdiably. nsandl ati Income received t)y way ol donations and ¥rfts to the group is Induded in full in the Statement of Flnancial Actiwties when the above criteria are met. Donated nd facililies The group leises the premises from whith It ¢¥)erates from Westinvest GmbH at a peppercom rent. The donated facility was established in 21J18 Parabola Land lor a period of 99 years_ It Is not ccffishlered possiblt to determine the market value ol the facllity and therefore neither income nor co$pOndIn8 rental charye have been recognised in the Statement of Flnancial Artiviti Governrnèn rant ants Grants and donations are reco8nised in incorre in the year in which thesf a rl¥able. except wn donors Impose conditions which have to be fulfilled before the tharity becom entitled to Use such income. In this case, the Sncome is deferrèd and not included in sncombnK res$ until the precondition5 for use are met and the 8rants will be rettwed. A 8rant that specifies perforniance crmdition5 15 recogned in incwe when the performance conditions a met. Where a grant does not specify perforrnan conditi5 it is reco1$ in income when the proceeds are received or receivable. A grant re¢ived befLYe the reco8nitw iriteria are satislied is recognised as a liability. from charit Income derives from ? range of sourtes. Income is reCniSed when the èbo¥e uiteria are met. Income Interest on funds held on dept is induded when receiwdble and the a4)unt can be rrasured reliably by the 8roup; this is norrnally upon notification of the interest paid orpayable bv the bank. 1.6 Expendltwe Expenditure 15 cate8orised as expenditure or CharItae actr¥ities or expenditure on trading activities. Expenditure frs retognised once there is a legal or con5trudive OblatiOn to make a payrrnt to a third party, it is probable that settlement will be reqUid and the aK)Unt of the obli8abon can be mèasured reliably. whe costs cannot be directly attrlbutsble to a particular heading they have been allocated to activit$ on a basis consistent with the use of the Governance (ts comprise extemal audits and stratwc costs. Support costs ¥e those incurred in connection with the Ministration of the Foundation and are in support of expenditure on the objerts of the Foundation. indude prnperty. finance, professiLJ)al and 8overnance. All costs are indusive of irrecoverable VAT. Page 24
Kings Place Music Foundation NOTES TO THE FINAIICIAi STATEMENTS for theyear ended 31 Marth 2022 I. ACCOuNlIG PIXICIES Iconknuedl Ible fixed assets other ihan cK)dwrll Indivldual Intangible assers costiw El,QITJ w nkxe are Ca&sed and recogni5ed future economic benefft5 are probably and thÈ tost of the assei ean bè measured reliabty. Intangible assets are infftialy re¢ognlsed at cost less accumulated fflortisatM)n and accumulated lff4)airThnt k)sses. Intanglble assets are 3rn0rtised at thw"r exFeCted useful econtinK lives on a stsa%ht li basis as follows: Software Websilt dèvèl¢)wnert 20% stsatht 20% strnem fw On disposal, the diffe rKE between net disposal the carrwry amwnt of the 1ntsngIb asset15 recognlsed as Income or expendiiure. 1.7 Tanslble ffxed Assets IndNidual tangible fixed a55ets costirrf £1.[ or more are rawtalised. Tansible fixed assets are inithilly measured at cost and subsequently measured aicost less ac(umulad depreck?ith and xcuffltslated irnpairment105ses. Oepreciation 15 provided on tangib fixed a55ets other than freehold land. at lares calculated to Ylte off thelr cost less estimaied iesidual vahje ovei their expected useful INes as fdbjws.. Leasehjld proFrty mproVentS IOX srralght line Qffice fvrniture and equlpment 10-20X straight line Computer equipment 233% 51rdh1 line Performance equInt 14-20% styaeht line SubseouentCOSts. InclUth" rea[ement parts arecapr(aksed onty when it 15 wobabtythat such costs will generate futur economic benefit5. Any replaced parts or remainirk8(arryirf antsl We¥U$ inspettKJnS a then dweco8ntsed. All other costs ol repalrs and malntenance a tharged tothe 51aiement cl Financ1 Activities a5 incurred. a55et IDvestrTnts In the separate accounts of the tharity. intevests in Subs715 are initialr measured at C05tand subsequently measured at cost less any Kcumulated impairnRnt105ses. Interests in Svbshth"ar$3re assessed for imPaiTment at eaEh re(K)rtin8 date. Any impairment k)sses or ieversals of impalml b$se$a recognised imftthiately In irKorne orexpenditure. Cash at bankand In hand Inthdescash held at bankand in hand. Financial instruments The chaiity ha5 elected to apply the of Section 11 Financial InsiiuNents' of FRS 102 to all 01 it5 fIncIal instrumenf5. Finarfial instruments a ognISed In the youps. Sent ol Ffflancial P05f(bJn then the group becomes party to the contractual prowsionsol the in5trurnent. FinarKial a55ets arwj liabilitie5 are offset. with net arTthnts wesented in the financial stateff*nts. when there Is a legalty enlofceable right to set ofl the wv&Trised arnounts and There 15 an intentn to 5etUe on a net bass orto reafise the a55et and settle the liability simultaneously. Page 25
Kings Place Music Foundation NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 Marth 202Z I. ACCOUNTING POLiaES (conUedl Basic finanaal assets 8asic finanoal assets, whbth Indje trade and other debt(Ks and cash and nk balances, are initially meawred al transaction price including tranSart1 costs and a subsequentty carriÈd at amortised cosi usin8 the effective interesl method unless ihe arranRement constitutes a finanang Ianrtion. where the transaction is measured at the present value of the futu receipts discounted at a mthet ratÈ ol interest Finanoal assets classified a5 receivable wthin one v•ar ar• not AmrlsPA Debt instruments are Subsequent carried at amortised cosL uyn8 theeffectNe interest rate method. Creditors and provision5 are recvdni5ed Whe the group has a present obligati $Itir% from a past event that will probably result in ihe transltr of all funds to a third party and the amount due to settle thè obl%ation can be measured orestimated reliably. CreditcKs ath4 provi510n5 are no¥mally reco8nised at their Set1ment anount Em The costs of short term employee benefits are recognised as a liability and an expense. Retirement ben fits For defined contribution Schemes the arrunt char8ed tts in¢ome and expenditu i5 the contributions payable in the year. Differences between ci)ntribution5 payawe in the year and contributions actually paid are shown as either aC(ruS or oreDavments. Leases The group classifies the lease of properties and equipment as operating leases. Rental thar8es are char8ed to the Statement of Financial ActiviiS on a strai8ht line basis the period of the lease. Rend free pericJs or other incentives received for enlerirs into an operating lease are toUnted for as a reduction to the expense and are recoenlsed on a 5traioht linè basi5 1)vtrthe lease iemi. Reduced disdosur In accordance wlth FRS 102. the tharily has taken advantage of the exemptions from the followin8 disdosure 'Section 7'Statement of Cash Flows.. Presentation of a Ststement of Cash Fbw and related note5 and disclosure5. 2. Critical attouniini •stlmate5 ludKrnents Estimates and jud8ments are eontinualty evaluated and are based on historical experierKe and other factors. Includln8 expectati¢)n of future events that are bdieved to be reasona} under the circumstance> Crltlcal accounting e5timute5 ondussumptions The 6roup makes estimates and assumptions cwcerning the future. The $vIting accountin8 estimates and assumptions wlll. by definition. seldom equal the related actual results. Page 26
Kings Place Music Foundation NOTESTO THE FINAPKIAL STATEMEP4TS tor thè year ended JI March 2022 3. Dtymiionsabxl lewles 2012 509.752 683.514 NJI income frtym thar6tsNe ¥tivitie5 was unrestricred in Ihxh 2022 2021. 4. Intome on Charltabl• artl¥ltl•s 2022 2r121 Operation of muslt ¥enue Ticket sales Other pro8ramme related income Governmeni grant Iome Cultural reco¥eryfund Other grant IncCe 1.035.232 180.250 87.737 986,233 58,7CKI 2,348,152 343.747 52.890 1,039.095 562.Cth) 35.COJ 2 032 732 Anaty%s by fund Unrestricted funds Restricted funds 1.303,219 1.044.933 2.348,IS2 1,435.732 597.1XKJ 2,032,732 Govemment grant irKome cornprise5 received underthe UK CoronaruS job ren11 stheme. Incomt on oth•rtrndlnK a¢thttles 1022 2021 Desk income Everrt incL¥ne Room hire Other income Total 158.110 628.093 149.461 2,375 938.039 85.756 75,16S 68,289 2,338 231.548 All income frc4n tradin8 aCti¥itfjes was rerle In both 2022 aNI 2021. 6. Expendlture on Tr•dln8 artivhle5 2022 2021 Commission Property People Support cost (see noie 81 Total 96,266 66,883 98,062 200,512 461,723 14.5341 25,918 14,424 230,651 266.459 All expenditurewas unrestricted tn t*)th 2022 and 2021. Poge 27
Kings Place Music Foundation NOTES TO THE HIW4CIAL STATEMENT5 for th• year ended 31 Marth 2022 7. Expehxlltwe on (horltable acti¥ili•s Trtal Toul 2022 20Zi People Artists Mark1 1.448.464 691.1(N) 176.916 2,316,480 1.919.202 226.962 120.208 2.266.372 Share ol supporr c05t515ee note 81 Share ol governance costs (see te 8) 1.559 11.450 S61.463 Total 2 929 489 2 836 835 £807.381 of expenditure wa5 restrited inthe year12021= É597,fAJl. 8. ExpendStU M ort cost sof 2021 alloratlon ZOZ2 Pioperty FinancelProlession* GovernarKe 652.306 131.482 652,306 131,482 29,733 813 521 722.350 &rett 60.310 DYect 18.454 Goverrsance 801 114 29.733 aly5ed between Tradin8 aritable attiwtles 182,229 601.559 783.788 18.283 200.512 613.(#)9 813.521 230.651 570.463 801 114 29.733 Govemance costs in¢de autht and luntantYleQs0f £15.16312021- E12,6511. Support Costs MKlude property rental and seryitt charyes. professh)nal and finarKecosrs and adMintratIve expenses Ilntludin8 8ovefnance costs). 9. Net KnMert5 In IWKIS 2022 2021 Net movement in funds is stated afterchar8ing Fees payable to the group'sauditorforthe audit of the c(MMpanrfs f15tateffntS Fees payable io ihe group'sauditorfortsx CoMple Fees payable io ihe group'sauthtor foraccountancy Depre(ktion of ownefl rangible fixeij 055ets Amortlsation of Intangib assets Operaiing lease charge5 17.025 16.4SO 1.375 3.9CKI 90.260 14.490 3.900 81.059 14.490 Page 28
Kings Place Music Foundation NOTESTO THE FINANCIAL STATEMENTS fortheyear ended 31 Mxch Z012 10. Ernploye•s Nurnberof eryloyees The èvera8e monihly wmber of employees during the year was= 2021 2022 2021 Number 26 22 Num[ Permanent 5tsff Casual staff 27 22 63 16 Total 30 85 48 Employment costs 202Z 2021 Wages and salaries Social security Costs Other pension costs Redundancy costs 1.404.744 IC6.393 24.991 1,760,234 115,599 24.330 45,111 1.945,274 1.536 128 Thé number of employees whose remuneM•)n wa5 £60.(*Klor more were.. 202Z 1mber 20ZI Nurnber £60,10-£7O,1K(j £70.(Y)Q-E80,(#J) Total pen5•)n costs paid behawol aFthtempknffes £2.64212021:£2.6261. The trustee's CeNed remuneTrth)n thJriry tIE year12021: Enill orKI trustee receNed paymeni for professlonal or other servicts supplied to the charity12021- £nill. No expenses were ieimbursed to the trustees dunr¢ the yearl2021= £nill. Key monagementper50nnel The key management of the charity of lISe l5ted on adrniThi5tration infomation page. Toral emptye benefits ol the key managernent [soe1 for were £295.38812021..303.9661 P4e 29
Kings Place Music Foundation NOTES TO THÉ FINANCIAI STATEMENTS forthe year ended 31 Marth IOZ2 12. lrfan85bh Ilmed asxts Web4t• evelopmeni Group and dwrfty Tot•1 At l April 2021 aNd 31 March 2022 72.460 Arnortlsation Imp•imi•it At l April 2021 Amorti5ation ch•f8ed fthe v 4.914 4.914 28.728 9,576 33.642 14.490 At 31 Marth 2022 9.828 38,304 48.132 Net Book Value At 31 March 2022 14.743 24.328 At 31 March 2021 The amortisat&)n tharge is recognised in expenditure onchantaWeactr4fitie5. There are no contractual commbimentsto wuire asset5 31 Marth 202212021.. £nill. 13. Tawibl• fixod •ss•ts Lea5elMJld property ar GrP andtharlty T¥)tal At l April 2021 AdditK*ns At 31 Mah 2022 123,786 145.567 128.6SI 886.079 11.432 897.511 1.284,083 145567 1335 113 Oepreciation & Impairrneni At l April 2021 Depreciat&)n chwged in the At 31 March 2022 49.833 11,978 61.811 136.157 77,402 11.027 88.429 610.276 873.668 81,059 954,727 144.355 660,132 Net Bwk Value Al 31 March 2022 At 31 March 2021 61.97S 1212 79.820 51.249 237.379 275x13 380,386 410.415 I tangible assetsare hehj fty charitsble purwjses. Page 30
Kings Place Music Foundation 140TES TO THE FINANCIAL sfATEMENTS forthe year ended 31 Marth ZO22 14. In¥•stmèr The charity owns IIyJ% ofthe issued Ordinary$hae¥pbIal of Kiw Pkxe Must F(t10Th Tradin8 Limited. a companv re8isrered in England and Wales Icornpany number 0659CW81. rewsteied office do Dickson Minio. Broad8ate Tower. 20 Primrose StreeL London. England. EC2A 2EW. The company ptys all ol its proffits to the charity underthe gift amj scheme. KPMFfL operates all commerckal trading camed out King5 Pkce Music Foundation premlses. The c05t of thi5 Investment is £IO12021= EIOI.. A surnmary of the company's netawts and financi activities lorthe year ended 31 March 2022 is provided below.. The a8gregate of the assets. Iwbilities and fvnds was: 2022 2021 Cvrrent a5Sts Current liabiliti 376.167 193.S031 100.372 1216.9141 Total net assèts 116 542 The fivancial assets were as fcdbws.. 2021 Tur1Ver Cost of sales ènd admiThstratlon e¥pens 1.048.919 1649.7131 342.428 1458.9801 Result fof the year 116 552 IS. DEbtsr5 Gr Charhy 2022 2022 2021 Amounts fallin8tlue wiihinoneyear.. Trade debtors Amounts due from group Underta"5 Prepaymenis and crUed tsicome 288.341 150.571 35.698 54.897 217.503 308,098 106,200 72.096 194,239 372,535 276,540 $64,881 239575 390,146 16. Credltors Group Ch•thy ZOZ2 2021 Trade creditors Amounts due to fellowgroyp underta[5 Other taxation & social secur Other creditor5 Accnjals l)eferred incoffle lo3.)6 338.507 201.859 241,702 38.032 139.123 147,745 288.640 817 236 59,994 137.138 143.368 212.312 891 319 37.246 139.123 112.683 287.719 778 630 59.994 137.126 116,288 191,391 746 501 17. Ikfeffed income Grow ZO22 (hwSty 2022 2011 2021 Balance at l Arrf Amounis released to ITOrnIng resource5 Amounis deferred in the year Balance ai 31 March 212.312 236.993 11.292.1151 1228.6141 1 368.443 203.933 288 640 212 312 191.391 11.261,6951 1358 023 287 719 230.372 1221.9931 191391 Deferred income ttmnwises advan tke1 sales and deKosits paNI on rc)m hir& Inccme is deferred untd the group is entitled to ihe iOme. Page 31
Kings Place Music Foundation
NOTES TO THE ANANCIAL5TATEMEI(IS
fNihe year ended 31 l•larth 2022
18. RetIr•ent berfft s(h•ne5
Oefined
buti
The charlty 0rateS a funded def#d contrlxrtion pensk stheme em0 the Peokle'5 Pen5wn. The
asseis of the scherne are held separately from tkne of thE company an independentty adMirsted fvnd. The
¢>nlrlbubon5 by ihe charity charged to irtome aThl exrth"ture amounted to £24.991 12021.. £28.8731.
ContritJtions totalkn8 £5.283 12021= £16,545I payable to the fund at thE ervj aThJ are irKluded in creditork
ExperIituand li31mties are allc
Kings Place Music Foundation NOTES TOTHE FINANOALSTATEMENTS for the year ended 3L Marth 2022 20. An•5 ol 8roup net •ss•ts b•tween lunds F(K the year ended 31 March 2022 rleneral ds funds To¢¥1 Group Intangible flxed a55ets Tangible fixed a55ets 24.328 24.32B 380.386 117,738 S22 452 84 319 14 202.552 202 $52 Ge11 FurK nds Total Charlty Intan81b fixed a55ets Tangible fixed a5setS Net current liabilitie5 24.328 380.396 367.478 37246 24,328 380.396 164.926 Z02.552 202.S52 For the year ended 31 Mafch 2021 General lund5 Tvtal Intangible fixed a55ets Tangible fixed assets 38.818 410.415 331.512 117 721 38,818 410.415 331.512 117 721 Restricted fn0$ Funds Total tharlty Intangible red assets Tangib fixèd assets Net CUrt liabihties 38A18 410.425 214.970 234273 38.818 410,425 214 970 234.273 21. Opertln8 lease comMitientS Group and Charli¥ The charltyas a le5e= The total future minirwm lease paymnts under n<arKe110b operatiry •S$Irt set ¢t below: 2022 2021 Within one ytar Belween one and fve years OverfNe years 26,449 56,617 25.517 108. 11.144 29.099 40.243 The okwatiry leases represent 3$e$ of eqts4Nnt.The ara8e lease leWh 15 fve al5. Page 33
Kings Place Music Foundation NOTE5 TO THE FW4ANCIAL STATEMENTS forth• year ended 31 Marth 2022 22. Rdat•d partytr4nCtknThS Tr¥niaction5 wh related Ourin8the year the group entered into the101hn8 transact•Jns Wbth rdaied parts ExpEnditw• 22 2021 Grten & Fortune limited P•rabok Édinburgh 16nted pang1n Parabola Foundati Parabola Real Estsle Investment Management iLP 538.824 113.823 26.684 26,684 11.940 475.( 6.934 1.032.698 1.224 545,C 2.IXII 692.048 26.684 26,684 The followingamounts were outstanding at the reN)rtinK end tjate Pdnourts ow¢d to reled partie5 2022 2021 Green & Fortune limited 123.997 123.997 The following arrnunts **re outstandingatthe rewttin¥end date Amourts owed by related part5e5 2021 Green & Fcrtune LiNted Pangolin PaiaiK)la FOundatn 229.079 1.2C 124,597 7.411 255J79 132.008 fjen & Fortune limited is a company part Owld by PJ MillKan la Trusteel. Paryolin and Parabola Foundation are companies with PJ Millican la Trusttel as • dirertor. D Jude laTrusthel alsoa director of ParaboL4 Foundation. 23. Leyl sta$ olthe tharliy The charity is a charity limited by guarantee and has no share tapital. In the enI of the charity being ¥nund up. the Ilablty in resPt ofthe 8uarantee limited to £1 kET rllernr dthe thorty. Page 34
Kings Place Music Foundation NOTESTOTHE HIIAIXIAL STATEMENTS for the yended 31 Marth 1022 24. Cash ynerated from operations 202Z 2021 Surplusl Idethcitl forthe yeai Adlustments for.. 404.731 1iss.sooi Arnortisat)n and impairrnent of intangible assets Depreciafjon and impairrnent of tsngible fixed assets Movements In workn'ng capxta.. Ilncteasel in debtors lJe(rease/ Ilncre8sel im creditors 14.490 81.059 14.490 90.260 170,1391 25.724 136.5911 Èlo Cash generated from I lab50rbed byl operations 13.349 2S. Analyslsof chany5 Wl Dqt dEbt l April 2021 Cashllows 31 March 2022 Cash at bankand hand 169A61 353,387 353,387 523.048 523,048 26. Taxation The charity is exempt fvorn tax on ¥Kome arKI eains fallirs within Section $05 01 Taxes Aci 1988 Sertlon 252 of the Taxation of Char8eable GalnsAd 1992 to the extent ththese are applied io tscharftsble obprt5. Page 35