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 COm￿Y 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 aCcord￿ce with the Financial Re￿rtIn1 Standard applicable in the UK IFRS 1021. Ch*¢s report c￿er the prewous tWe￿e 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 fle￿ing 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 aud￿nCe 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 I￿e 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 faM￿1V 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 Kin￿5 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 t￿laborat￿e venue partner to our ￿Ident Aurora Orchestra and 8 artistic a5￿cIateS To assert our position as a catalyst for thange. A bisible and dynamK art5 de5tin*ion 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 C￿ative developmenL and ftxlocal schools events to be a Iow-CQSt and 5UPPWtive hub for a range of small art5 d￿ritIeS 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 e￿age 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 eX￿llence. We airn for the highest 5tsndards atross everything- both on and oll st￿e In t¥der to provide valve to our audience and partners. We a￿ enterprisin8. I￿r 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 va￿e5 Icontlnuedl We value dIver￿ty. The 8rtaier the Overyty of people3￿1 viewp(Mnts in ourorganisation, our perfomier& partners and audientÈs. the stronger and mtye resi1￿nt we will be as an arts chaTity. We are generou% We are rooted in patheyship. We extend our cal￿boratIve ethos to each other and share our building with everyone. We are agile. Our independenL nirrthle spirit is part of our DNA. We a￿ qU￿k to adapt to a fast-th¥sin8 Ènvironmènt and to meeting new challen8es ￿atr¥￿v. Thè iroup a￿l￿t$ Its oWctl¥es by. Provldin8 spaces for performance. rehear￿ and educaliort￿ fOcu￿n8 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 scho￿1 local residents and youth w8aniiations. CollaboratiThd with art15tic and community Partnèrs to enga8e with a dNerse raree of different audiences and practitioners. Artlstlc t￿rett0￿$ rèport: A Yew afR•￿4 Cultural Artivity In 2021-2022 Kin8s Place began the new finantial year 2021 In another lothdown. ¥Mth no pU￿1C 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 a￿1￿¢*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 con￿rtS 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 cOn￿rt 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 Festi￿1 ￿ 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 fr*urTa￿. 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 iMp￿ted 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 Stand￿Ut weekend irt March, of Estonia. in colSaboraiion ￿th the Eml>a55y. showcased the Estonian Philharmoni¢ Chamber Choir. OIModem[ Mari Kalkun and Maarja NUUL Spokèn V￿rd and podcast induded a 70th anr￿verSary 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 Cl￿ne1 Quintet Al(tyM￿ receibEd itswodd t*emiere 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 COn￿rt was the hottest ticket of the classical Season 50 far. and Kings PLYe was packed with thè 8reat and the good to Witb￿5$ 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 Maftth￿tQr 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 kniern*ional 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 t*wd 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 th￿ts £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 a￿llen￿ 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 Pl￿e to treate h"Ims and live strearn5 vthere artists or partners pay lor the seNce Ouireath and PwU*atk Kin8s Place is committed to 8rowin8 its eng￿er￿t 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 yearen*te031 Mar¢h 2022 Kin85 Place has %￿rked sthools 1￿M￿y, sec￿dary]. 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 ffl￿V 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 Farn1￿1 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 wh*h 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 ETh￿Ura￿e 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 Fe￿1¥al, something we intend todo every year. Funding was received from ACE for the ToKelheY project, which supwted local comn¥Jnity d￿lIS to sing from the gallery levL4 belore major Voice5 Unwrapped 51K)w5. The first was the ionL*Jn Show Cholr who san8 before The Swin8les and Vade concert. Others have indthled the New Lond￿1 Children'5 Choir. Constania thorus and Harrow Cornrnuntty Gospel Choir. Voices Unwr¥ped has been all aboul part￿patIon. 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 G￿en Ribbgns folk-5in8in8 workshop, online singing workshops led by Voces& This t￿tInueS 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 revenue8*Yefated- 60962 tKket5 Sotd. £1.036.502. Online tickds sold and revenue 8enw*ed throu8h on-line pro8ramme- 10359ticket5 501d. £106.259. Estimate(I focitf￿l 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￿ ba￿3. We surveyed our atjdle￿e in July 2021.. 78% of respondents had not attended an event 5ince2020 63.5% 01 respondenrs said they would considercoming back to ￿n￿5 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 attr￿ty 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 Fr￿ndS 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 re￿mn8 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 fi￿lOw1n$ areas.. capital proletts whith will InC￿aSe income.. 4k cameras inStal￿d 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 DeVelO￿ent 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 Sir*ingTogether P*iopètion and community project& Applicatlons were also made to the Marchus Trust and the Chèpman Charita￿e Trust which did not come throLWXh. Sponsorship was secured from the London P￿j(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 Iv￿1 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 repla￿d by a IO% bookln8 fee with a cap of £4.50. Whilè this will 8enerate more income overall, it will be much wrKKe fairty aP￿10ned across the r￿ge 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 Sm￿1 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 Confe￿nceS was 27% of that seen in 20121. P￿6 Kings Place Music Foundation TrUSTEES' REPORT IC014Th4UEO MuslcO•se r¢ttt*ls The Music Base continued tD Imie out desks foi the charity the Ma￿￿lty of dpsks taken by compan*s 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 I￿15 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￿ c￿li￿￿ed 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 coordir￿tor was woM)ted to tsifd on thls SUC￿$5 io inuease Private Hlre inc¢Jme 8oin8 fOrW￿d. The fv5t 12 fflonth5otth￿ p05t t&bel￿ fwthd by theCRF s￿In￿litY fI￿dIng. C•n*l-side off1￿$ 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. w*p￿deMic. 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 f￿￿WIng pie tharts Sh[￿ the rnak+up of the ticket Fe4*nue in 2¥22. firsty by h¢M the edent tould watched and seco￿lIV bygenre. BREAKDOWN OF TICKET SALES 8Y MEDIUM BREAKDOWN OF TICK￿ SALES BY GENRE 29¥ With the le￿rn offNe in.hrMJse t￿nts/conC￿ts. the ￿￿eakd￿Tr retwned to more norm4 leve15. (ln 20ni. al4￿e 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 7**re £1.03m, an Increase of£6&AV8Xlon 20ni. Due to the effert ol the pandemi4 KPIS have r¥Jt i*eh produced fort￿ b5t Z)Ear5. Kiry P￿¢* still measure the financlal performante of its artimic FYo8ramme Usi￿the follovMr6 Kpis: Contribution rickets sold Ottupancy Aud*nce de¥ebpment Kiry5 PLace mtasures the receffjty￿ of its artistic Proyanrne throwlh: Audience feertjack Crit￿al co¥erage in the media Throughout the financwl yearthe Foundation earr￿d É1.215k12021.. ￿96.6k) fromtKket sales and ¢)ther Performan￿.TelateJ and receNed £1,132k in Governmenta￿1 OlherKrants12021.. £1.636kl. Costs of charitable attN?fles for Charity ir*lude peop￿. artists. ma￿& property and financelptofesS￿)n￿l fees. and wnounted to É2.929k12021.. £2O36kl. King5 Place vrd5 one of only 11 cultural 0r8antsat*￿S MI￿n￿de who ￿le awarded ￿S￿l￿ablIty fvndinl from Arts Council England. This 5UPPOrted oui plan io create a development departmeni. to boL%ter our prr¥aie hire t￿$•nesS. to offer s¢ate-of- Ihe•art lufnkey 4kfllmin& ediiir% ar￿ strearnin8 to business e*nts in bjth ha115. to develop audie￿$ and build reseNes. We had Consistently posllfve wes5 throughout the ￿ar for t*n8 of the few venues ran a pro8r•mme. photed to onl￿e strearnin& de¥eloped our own plarform and ga¥e tywtuDit*s to more than a thousand artist5 durirrf a peri¢xl of unprecedented crisis. Team & Culture At the bel￿ning of th15 period a rtduced te•ii1211 was Workfi￿ ren￿￿e￿ 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 outb￿ak 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 s￿dI0$ No¥ 21. aNJ in Camley street N*ur31 Pawk building. Mar 221 in order to exphjietearn dynamKs. sha￿ ins*hts and dri* resi1*n￿ in the Iragibe F*)St-panderTK eDvironft*nt. 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 & RecOrd￿g 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 Ex1*r1en￿. Qr8ani5ational Cuhuie, Governance and Avdience Developn*nt. Oespte the challe￿e$ of this ￿ar. and 5towstsrt nature of attmty. progress has been made, particularty in the area of recwitrnen¢ wher• the ot • broader rar￿e 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-bi￿ry 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 R￿taMi. 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 ￿$taInabIlIty Improving the environmental sustainability of our Lwnization. buildin8 and working processes 15 a Strategic goal of Kin85 Place. Previous plan5 and targets were irttemjpted by the pandemic. An Environmental Sustainability Working Group wa5 formed. focused on auditi￿ and improvlng targets arwnd the followin8 xea5'. Independent ener8y consuftanry booked to ensure our electrKity usage 15 correctly monitored, in order to get Procurement process forchanging all lights in Hall Two and St Pantras io LEO (this was cOM￿ete￿ in the main New 5U5tainable procurement and endd-life Oioes for equip￿￿nt The use of rechargeablè batiÈries' All regularly used data moved onto the aoud on SharePoint reducirvd rdiance on high*ner8y consumin8 Instigation, communication and monitorin8 of new beha¥ityJrs in the team lusi￿ public transport w rycling to Set to work. turning off all lights and ct)mputers at the end of each day. minimisin8 printing Reduction of Single￿Se plastics in our own demise. and that used by the caterin8 tompany In the venue. Promoiion of re-usable water botdesetc in green room to artis￿ Advocating for a return to compostable cups. Lon8.term pro8ramming locvs to raise awareness of clim*e chan8e Working towardsjulie's ￿(y(le accreditation as an ￿g3n￿3tion. Labellin8 and recyding Erfn5 accurately. tutr our opinion. Con(￿S1On$ relatingto golng concern In auditing the finartcièl ststtmenty we have ¢Or*I￿￿ed that the trustees. use of the going concern basts of accountin8 in the preparatM)n of the financial Statem￿1$ isapwoproaie. 8ased on the work we have perfornEd. we have not Klentihed any matsrial Un￿rtaIntieS 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 ff￿ths from when the fi￿￿la1 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 Infc￿mJtIOn. DJr opinion on the financial ststement5 does not Ctr4tr thè other ￿f0￿rnat￿ 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$1e￿ieS Orappè￿nt mattrièl misstatemeiits. w• ai• required to determine whether there is a material misstatement in the finanEial 5tatemÈThtsor a material misstatement of the other informaiiort. If. based on the work we have performed. we ¢L￿dUde that there 15 material misstatement of this other infomution. we are reqLllfed to report that fact. Page 15 Kings Place Music Foundation InknnderrtAuthtoesRewttothe offmv Plate Mu5ir Fthwxkntion {contlN*dl Oplnlons on otlw pr•scrW I￿6 In our op￿iDn. based on the work undertaken In the course of the audit: the information gNen in the trustees, annual rewyt forthe fimncial ￿ar for whkh ihe financial 5tsternEfbts a p￿Pared lsconsfjstent with the financial 5fatemts,' and the tru5tees' annual report has been wepared in accordar￿ wth applKabbe Wl rewire1r￿t5. MItte￿ ￿ which ￿ are rpquired to rewt byeM￿* In the I￿ht of the knO￿e￿￿ ond uThlerstsnd*w of the group and parent tharitable ctynpany and its environment obtained in the course of the avdlt. we have not hJentif*d material rrM55tatertients m the trustees. annual rer Crltlcal accounting e5timute5 ondussumptions The 6roup makes estimates and assumptions cwcerning the future. The ￿$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 I￿ome Cultural reco¥eryfund Other grant IncC￿e 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 Corona￿ruS job r￿en11￿ 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 ￿re￿r￿le￿ 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 Mark￿1 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,fA*Jl. 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 adMin￿tratIve expenses Ilntludin8 8ovefnance costs). 9. Net ￿Kn￿Mert5 In IWKIS 2022 2021 Net movement in funds is stated afterchar8ing Fees payable to the group'sauditorforthe audit of the c(MMpanrfs f￿￿￿￿15tateff￿ntS Fees payable io ihe group'sauditorfortsx CoMpl￿￿e 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 1￿mber 20ZI Nurnber £60,1￿0-£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 lI￿Se l5ted on adrniThi5tration infomation page. Toral emptye benefits ol the key managernent ￿[so￿￿e1 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 f￿the 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 Gr￿P andtharlty T¥)tal At l April 2021 AdditK*ns At 31 Ma￿h 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$ha￿e¥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 a5S*ts Current liabiliti 376.167 193.S031 100.372 1216.9141 Total net assèts 116 542 The fivancial assets were as fcdbws.. 2021 Tur1￿Ver 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 $64,881 239575 390,146 16. Credltors Group Ch•thy ZOZ2 2021 Trade creditors Amounts due to fellowgroyp underta￿[￿5 Other taxation & social secur Other creditor5 Accnjals l)eferred incoffle lo3.￿)6 338.507 201.859 241,702 38.032 139.123 147,745 288.640 817 236 59,994 137.138 143.368 212.312 891 319 37.246 139.123 112.683 287.719 778 630 59.994 137.126 116,288 191,391 746 501 17. Ikfeffed income Grow ZO22 (hwSty 2022 2011 2021 Balance at l Arrf Amounis released to IT￿OrnIng resource5 Amounis deferred in the year Balance ai 31 March 212.312 236.993 11.292.1151 1228.6141 1 368.443 203.933 288 640 212 312 191.391 11.261,6951 1358 023 287 719 230.372 1221.9931 191391 Deferred income ttmnwises advan￿ t￿ke1 sales and deKosits paNI on rc*)m hir& Inccme is deferred untd the group is entitled to ihe i￿Ome. Page 31 Kings Place Music Foundation NOTES TO THE ANANCIAL5TATEMEI(IS fNihe year ended 31 l•larth 2022 18. RetIr•￿ent ber*fft s(h•ne5 Oefined buti The charlty 0￿rateS a funded def#*d contrlxrtion pensk￿ stheme em￿0￿ the Peokle'5 Pen5wn. The asseis of the scherne are held separately from tkne of thE company ￿ an independentty adMir￿ste￿d fvnd. The ¢>nlrlbubon5 by ihe charity charged to irtome aThl exrth*"ture amounted to £24.991 12021.. £28.8731. Contrit*Jtions totalkn8 £5.283 12021= £16,545I payable to the fund at thE ervj aThJ are irKluded in creditork Exper*Iitu￿and li31m￿ties are allc2.988 12.232.988) 37.246 37,246 35.LKK) Re5tr1cted Cuhurt Recovery Other Funds Art$Co￿l E￿la￿l 986.233 43.7 1S.(Kl) 1.044.933 1752.IBII 135.oml 140.2tK)I 15.0 1807.3811 135.iThX)I 199.052 3.5fy) 202.552 234.273 3 045.894 3.040.369 239,798 Transfers: The transfer in Ihe yearTtpreserttsto tho acqutsitthof fixed a55etSU5ryie5tri¢ted lunds as thefunds have been used lor the purpose for**ich it was liven. Cultural Rewvery Fund: ThisluTrJ rewe5ents mor*es recel¥*d frryn the DCMSCukural Rocimry Fund forihe sustainability graTrtWh￿h weie unspent atthe ￿ar For ¢h¢ y¢•1 effidéd 31 Marth 1021 Group I 21lU Inc(rne Expenditsre Tr*th$ 31 PAarch Z02Z General lunds Gerteral 273221 273.221 2J50,794 2.350,794 12.506,1941 117.721 117,721 Restrlckedfvnds $62.iXXI 1562MII c￿￿￿re ReCo￿ryFuOd rts Cow)¢51 Enlland 35.C 597.C#X) 1597,WOI Trtal fithds 117.721 3.103.294 117 721 Page 32 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 $52 Ge1￿￿1 FurK nds Total Charlty Intan81b￿ fixed a55ets Tangible fixed a5setS Net current liabilitie5 24.328 380.396 367.478 37246 24,328 380.396 164.926 Z02.552 202.S52 For the year ended 31 Mafch 2021 General lund5 Tvtal Intangible fixed a55ets Tangible fixed assets 38.818 410.415 331.512 117 721 38,818 410.415 331.512 117 721 Restricted f￿n0$ Funds Total tharlty Intangible r￿ed assets Tangib￿ fixèd assets Net CUr￿￿t liabihties 38A18 410.425 214.970 234273 38.818 410,425 214 970 234.273 21. Oper*tln8 lease comMiti￿entS Group and Charli¥ The charltyas a le5*e= The total future minirwm lease paymnts under ￿n