Docusiyn Envelope ID.. 0238D513-01694920-8CF9-58044EOECF21 Kings Place Music Foundation ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Reglstered Charlty No. 1107839 Company No. 05330318 *ADI%trIKG)* 23112r2024 COMPANIES HOUSE A30 #283 Oocusign Envelope10.' 0238D51>01694920-8CF>58CM4EOECF21 Kings Place Music Foundation Reii51ered Charlty No. 1107839 Company No. 05330318 Trustees PJ Millican (Chairl A D Mlllican l Mitchell O Jude S Twltchin M Collins Appointed on 22-09-2023 J Goldie.Scot Appointed on 01.12.2023 P Jonas Appointed on 16-06.2023 Secretary Z E Jeyes J M Prlce Reslgned on 15-03-2024 Appointed on 15-03-2024,. Resigned on 31-10-2024 Appointed on 31-10-2024 ELau Re8i5tered Address 90 York Way London Nl 9AG Audltor Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Banker5 Coutts & Co 440 Strand London WC2A OQS ()OCL*s¢gn Envefcfje ID.. o238D51>016￿92(>BCF9-S8O44E0ECF2l Kings Place Music Foundation Page Report of the Trustees 1-22 Tru5tees' responsibilities statement 23 Independent auditor's report 24-27 Consolidated statement of financial activities 28 Consolidated balance sheet 29 Parent charlty balance sheet 30 Consolidated statement of cash flows 31 Notes to the flnanclal statements 32-45 Doojsign Envelope ID." 0236D513-01894920-BCF9-58044EOECF21 Trustee Report The Trustees Iwhoare also directors of thecharityfor the purposes of the Companies Act) are pleased to present the annual report together with the consolidated financial statements of the charityand its subsidk3ry, Kings Place Music Foundation Trading Limited, for the year ending 31 March 2024. The financial statementscomplywith the CharitiesAct 2011, the Companies Act 2006, the organisations Memorandum and Articles of Assocrdtion and Accounting and Reporting by Charities Statement of Recommended Practice applicable tocharities preparing theiraccountS in accordance with the Financial Reporting Standard applicable in the UK IFRS102) leffective1 January 20151. kingsplace.co.uk Docusign Envelope10.' 0238D513-O1694g2￿8CF￿58o44e0ECF2l EXECUTIVE CHAIR'S ITRODUCTION 2023124 has been a period of hugely Scotland Unwrapped has invited some of exciting programming for Kings Place, Scotland's most ￿lebrated pertormers alongside steady progress in both ticket and including Mercury Prize-winning pianist conference income. Sadly wesaid goodbye Fergus Mccreadie, Mercury Prize nominate(I to Helen Wallace our wonderful Executive jazz ensemble corto.alto as well as a & Artistic Director who has taken a new role performance of Mendelssohn's Scottish- at the Barbican as Head of Music. We have inspired Symphony, No.3. which included a however been incredibly fortunate to recruit special collaboration with Arnerican singer Samantha Mcshane to take on the role of Sam Amidon and Scottish vocalist Robyn Artistic Director. Sam has wide experience Stapleton. Our commissioning track record in the music world and took the Manchester was strengthened with Caroline Shaw's Camerata on a fantastic journey both Concerto for Harpsichordandstrings, programmatically and geographically. Sam's performed by Aurora Orchestra and Kit impact on our programme will become more Armstrong as well as presenting the World obvious over the next couple of years. We Premiere of Oliver Leiths Halleluiahamen as were also delighted to be able to appoint Zoe part of a programme curated by the compJser Jeyes as out new Executive Director. Zoe has for Kings Place. been a key player in the charity for many years and her promotion was widely welcomed by We have strategically grown our community our team. In addition, the end of 2023124 also relationships during this difficult financial saw the creation of a Development Director time for Iccal organisations. offering our role. Fundraised income will be pivotal to world-class facilitie5 to organisations such Kings Place's future and this new role reflects asvenus Blazing Music Trust, Noahs Ark our commitment to meeting that challenge. Children's Hospice and Musicworks as well l am happy tosay that along wilh several as continuing to host Aurora Orchestra's other role changes we have a wonderful team Far Far Away programme for families. As which has never been better. we look to the future, we plan to welcome moreofourcommunity intothevenue. Our new Artistic Director is passionate about further embedding social impact into our programming and the whole team is focused on ensuring local community needs and interests are central drivers for the work wedo. Our strength in innovative programming continues to be ￿ognISed within the sector and by our audiences, particularly within the Unwrapped series. Sound Unwrapped inspired many opportunities for artists to utiliseour impressive d&b audiotechnik soundscape in Hall Two, with highlights including British artist Kuedo, who used the rwm to create a fully immersive and impressive lighting and sound experience,, pioneering electronic artist Beatrice Dillon who presented completely new material, supported by Arts Council England. as well as Voces 8 performing a spatialised performance to a sold-out Hall One. Peter Millican OBE Trustees Report including Directors, Reportand Strategic Report. For the year ended 31st March 2024 Doojsign Envelope10.' 0238O51&01694920.8CF￿S8o44E0ECF2l OBJECTIVES AND ACTIVITIES "The reaction at the end from the sold-outcapacityaudience was tumultuous- a sustainedstanding ovation forsurelyone of the most impressiveperformances of these pieces so far this century. Like Napoleons 'armyofgenerals" this consortofsoloists, this orchestra of individuals, l Fagiolini (and friends) conqueredallbefore them at Kings Place." l Fagiolini, Planet Hugill, October 2023 [1, l Fagiolini Kings Place Music Foundation IKPMFI is the charity that runs Kings Place, an arts centre with a critically acclaimed music and spoken word programme,and a communityspirit. Sinceopening in 2008, it has provided a home lor a community of ensembles, charities and audiences built around a shared passion for the arts. Kings Place is a venue loved by devotees of everythirvJ from classical music to live padcasting, offering captivating. intimate experiences in our halls and communal spaces to meet, work and socialise. At a time when many musicians are struggling to suNive and thrive, we open doors.. to young artists stepping up; to audiences in search of transformative live music: and to a family of ensembles. Cl￿rItIeS and community group5who share our mission and values. Kings Place is sited in a vibrant, socially mixed corner of the London borough of Islington. Through our year-round series of concerts and festivals, we reach around 80.000 people annually. and we make a difference by offering them something life-affirming. As one recent visitor stated in their feedback..'Just loved the atmosphere- relaxed and unpretentious. Fantastic artwork. Friendly staff. Musicians at the top of their game. Wonderful ethos." Meanwhile we benefit over1,000 musicians annually, fromjazz pianists to Tunisian vocalists and classical string quartets, many of whom are performing in aworld-class environment for the first time. And we leverage the full potential of our spaces by offering around 700 hours of free or subsidised room hire every year to local and music-based charities. Trustees Report including Direclors, Report and Strdtegic Rep￿. For yearended 31st March 2024 Docusign Envelope10'. 0238D513-0169492¢>6CF&58044EOECF21 "Rhys deliveredan intimate yetemotional performance thatresonateddeeply with newand seasoned fans alike. It was a memorable night, with Rhyss music bringing the fantastic acoustics of Kings Placealive."Gruff Rhys, Joyzine, Review, February 2024 Gruff Rhys Kings Place Music Foundatron operates from Kings Place, a mixed- use development in Kings Cross completed in April 2008 and operational from October2008, Ourobiectives ar*. to inspire, inform and delight a wide audience with music and spoken word eventsof international qualityat accessible prices; to be a collaborative partner to our resident Aurora Orchestra. resident quartet, Piatti and six artistic associates., to be a catalyst for change and development. a visibleand dynamic arts destination reflecting the diversityand creativity of our cily, as vibrant as our home in Kings Cross,. enable artists to develop and showcase newwork. arKI to join partners in commissioning new work for our Unwrapped series, as well as providing spaces at no or lowcost to arts, community and music education charities for rehearsals, mentoring, summer Schools arKI creative development. and for local schools events. to be a low-cost and supportive hub for a range of small arts charities,. to provide a home for the pcKlcast community in the UK; to have a strong business plan which ensures fi'nancial sustainability., the objective of the trading subsidiary. Kings Place Foundation Trading Ltd. is to generate revenue from room hire, conference delivery, technical services and desk hire to distribute to the charity, then used to support the charitys objectives. This report demonstrates howwe achieved these objectives in the 23124 financial year. Foyer during London Podca5tFestival w* Trustees Reportincluding Directors, Report and StrategicReport. For the year ￿ded 31st March 2024 Do¢AJslgn Envelope ID.. 0238D513-01694920-8CF>58044EOECF21 EXECUTIVE DIRECTOR'S REPORT At the end of the 23124 financial year, the KPMF team and trustees are confident and optimistic about the future. Now, fflore than ever, society needs the life changing benefits of music and spoken word, and artists need to feel valued and championed. Throughout the last year we have provided a platform for new and diverse voices to be head and appreciated. Working in partnership with ourartistic collaborators, and providing space for smaller charities and our community, we've offered a home for creativity and a welcoming environment for all. We have remained at the forefront of sound technology, thanks to our partnershipwith d&b audio, and continue to champion innovation across our programme. We consider fair treatment and opportunity forall in everythingwedo,and our EDI workhasreachedawhole new level thanks to our new partnership with Black Lives in Music, who have also moved Into our shared off ice space. Kings Place was founded with strong environmental principles at its heart with everything from a zero to landfill waste management system to bug hotelsand bat boxeson the roof.Ourcommitment is reflected in the work of our Sustainability Working Group who ensure that the venue makes ethical and environmentally-sound decisions in all lacets of the business and encourages others to follow the same processes. All of this is possible thanks to the hard work of our team, the artists who pertorm on our stages, and our many partners across the community, It has been an excellent year for quality and impact of prc¥Jramming and associated ticket sales. Significant increases were seen across tickets sold, revenue generated and sold capacity. 'It was breathtaklng1ywrtuos￿. Yetit was alsoan invigoratingreminder.. that, as we dwellincreasinglyin the virtualspaces ofthe internet, in its Zoom rooms andonstre8mingpl8tforms, seeking evermore wsceralsensory eXper￿nCeS from ourpersonal tech. nothing canmatch the shock andawe, the terrorand tenderness, of liveperformancein a sharedspace." Times Literarysupplement, Flora Wiltson, May2023 The year brought unexpected challenges. but through strategic refocusing and organisational restructure we are already seeing progress in formerly underperforming areas of income generation. Our Artistic & Executive Director. Hden Wallace, left the organisation at the end of January 2024, leaving an extraordinary artistic legacy and a flourishing, internationally renowned programme. With her departure, the organisation completed a restructure, creating two key leadership roles (an Artistic Directorand an Executive Director) working in partnership alongside an expanded senior team and new and redesigned roles throughout the team. Having a broader range of ski115 and experience at Director level allows us to support the whole team more eflectively. Helen's departure marks the end of an era at Kings Place. and the recruitment of her repla￿rnent the start of an exciting new one. We appointed Sam Mcshane. former Creative Director at Manchester Cameratato lead the venue into its TrusteesReportincluding Directors, Reportand Strategic Report. Forthe year ended 31st March 2024 Docuslgn En¥elope ID.. 0238D51>o169492￿8cF9-58o44EoECF21 next creative phase and she joined the team at the start of the 24125 financial year. We began 23124 with the expectatM?n that programme and conferencing activity would return to pre-pandemic capacity. We were able to capitalise on our successes and have learnt and adapted through our challenges. Programming outperformed ourexpectations and exceeded budget, demonstrating the enduring power of our artistic output. Corporate event sales had a challenging year, but we focused on working closely with our partners in the Event Sales team to support the conference business and have already seen marked improvements. Fundraising faced difficullies after our Head of Development left the organisation in March 2023, however the appointment of her replacement helped continue to grow this area of our work in the second half of the period. We were unable to meet Private Hire targetswithout a dedicated member of the team focused on securing that income, but since creating a dedicated Private Hire role this area of the business is growing exponentially. Income from the rental of desks in our shared off ice space remained steady throughout the year and costs were tightly controlled. Our priorities going into 23124 were longer-term and strategic. including developing a strategic artistic and commercial relationship with d&b audio, diversifying our partnerships, and improving venue sustainability and access provision. Many of those goals were achieved, but with Helen s resignation in November 23 and the financial challenges of many of our key income streams, we pivoted our focus in the later part of the year to creating and implementing a new structure whilst maintaining team stability, alongside cost saving and revenue generation. At the start of 24125 we have recruited a new Artistic Director. created and recruited for a new Development Director role to work alongside our existing Head of Development, and created and internally filled a role devoted to Private Hires. Since these changes have been put into operation we have already seen a dramatic increase in Private Hire income and are creating long-temi strategic plans to build our fundraised income. The programming team, led by our new Artistic Director, are overseeing a programme that continues to go from strength to strength. Ticket sales are up 22% on last year. with Folk, Jazz, Contemporary and Comedy performing particularlywell. 22123 was a challenging year, full of growth and change and many achievements. As we look to the future, we are f(￿used on long term strategy for the next three years and beyond. Crealivity, collaboration. innovation, equality. diversity. inclusion, and sustainability are at the heart ol these plans. We have begun the work of strategically diversifying our income streams, including significantly growing our fundraising activities. Going forward the trustees and KPMF team are united in their common purpose, a sustainable future for the charity. TrusteesReport including Directors. Report and Strategic Report. For the year ended 31sl March 2024 DorAJsign Envelope1￿. 0238D51>01694920-BCF￿58044EOECF21 CULTURAL ACTIVITY IN 2023-2024 It was a great year for ticket sales, with audience numbers returning to pr&pandemic levels. We finished 2023- 24 with ticket revenue 22% up on 2022-2023 and increases across capacity and transaction value. Folk, Jazz, Contemporary and Comedy performed particularly well, and our programme team continued to diversity our Classical offer. Sound Unwrapped and dab Soundscape Sound Unwrapped, our major series running throughout 2023. continued its run of ground-breaking sell-out performances and rave reviews. Our innovative partnership with d&b audiotechnik gave Kings Place the opportunity to develop a unique strand of programming, working with artists to deliver substantkil new creatNe projects. Artists used the d&b Soundscape system to experiment with spatialising performances, pushing the boundaries of live music. Kings Place becarne the venue for exploring new sound worlds and immersive experience5, and with these innovations came new audiences and increased press attention. d&b Soundscape 'Spoileralert.. its a game changer. probably the bestlive sound I've experienced... Moin are the perfectband to test this new way ofexperiencing live music" The Wire, Moin, May 2023 "It was one of the finalconcerts of the Sound Unwrappedseries at Kings Place, which has been host to numerous outstanding events throughout the year, inviting the audience to discovernewsonic dimensions,. This particular evening, featuring Aurora Orchestras trimmedline-up of five Musicians andonesoundengineeron electronics, indeedproved to be an absolute success, unlocking new worlds ofpure sonic ecstasy."Aurora Orchestra, Bachtrack, December 2023 Hinoko There were numerous Sound Unwrapped highlwJhts in the 23124 financial year, including the return of Moonbathing, losslgain's unique sound installation wilh a lit-up, inflatable moon magically hanging in the centre of Hall Two. Contemporary folk duo Stick in the Wheel sold out an electric performance, using Soundscape and mesmerising visuals in a new project created for the series. British artist Kuedo, gave us a shining example of 360-degree sound design along with an impressive lighting set up, showcasing the venue and its technical abilities. In Hall One, Belgian vocal ensemble Vox Luminis, moving spatial & spiritual sequence surrounded the audience in Hall One adding a magical new perspective for classical audiences, and was recorded by BBC Radio 3. The Us-based Attacca Quartet made a welcome return with an expansive contemporary classical programme featuring works from Ravel to Caroline Shaw, which Evening Standard reviewed.. 'It wasa performance tomake you want to hearitagain. immediately... . TrusteesReportincluding Directors, Reportand Strategic Report. For theyear ended 31st March 2024 Docusign Envelope ID.. 0238D51&01694920-8CF9-58044EOECF21 Artist in Residence Hannah Peel presented a special BBC Radio 3 N￿ht Tracks Live event. with installations, guest performances and a live playback of her Mercury Prize-nominated album Fir Wave. Pioneering electronic artist Beatrice Dillon presented new material in Soundscape (supported by ACE). v0￿S8 and scholars sang a spatialised programme on stage and in our balcony, including Ligeti's Lux Aeterna. to a sold-out Hall One crowd. Hannah P•el "Ihada lovely evening listening to theAttacca Quartet at Kings Place yesterday. Theyplayed a wonderfullyeclectic setofmusic oldandnew... Kings Places Suund Unwrapped'programme reallyis very wonderful."Financial Times,Attacca Quartet, April 2023 Att￿•Quartet In October 2023 we created the inaugural Lurninate Festival, expanding on our existing series, featuring a host of diverse new projects and engaged audiences. Highlights included, artists in Residence Space Afrikas album playback event via the Soundscape system (supported by ACE and PRSFI, a sell-out show from eight- piece caroline,'experimental pop, non-binary artist felicita utilising 360-degree sound, and jazz star Theon Cross, who pushed the sonic possibilities of the tuba into another dimension. rf j Theoncross "The highlight, to close, was an uplifting rendition of TerryRileys 'ln C,, in which CLS andBishi, complementing eaLh other, sent outsyncopated sparks ofsoundinto theperfect acoustics ofa packed, spellboundauditorium." City of London Sinfonia, Songlines, December 2023 TrusteesReport Including Directors. Reportand Strategic Report. For the year ended 31st March 2024 Oocusign Envelope ID.. 0238D513-01694921>8CF9-58044EOECF21 "In a January that has been so coldandbitterin many ways, she Scotland Unwrapped clearly understands exactly who In the final quarter of 23124 our 2024 Unwrapped season launched needs to hearhermusic and feel with sell-outs from Mercury Prize-nominated pianist Fergus its warmth, andshe didnothing Mccreadie, Artist in ResKlence Karine Polwart's new project centred around welcome, Duncan Chisholm's new album Black Cuillin, Band of butgive, give, give allafternoon. Burns and The Sixteens presentation of the Carver Choir Book. The She showedus how to create ever-creative Scottish Ensemble collaborated with Jasdeep Singh something magicalandliving Degun (4. review from The Observer) and presented an immersive concert introducing young people to rnusic and its performers. Jazz that willstaywith us andgrow group corto.alto performed to a packed-out standing crowd in Hall outwards. That was also clearly Two. and the next generation of poets discussed the future of Scottish herintent. Fewmusicians make SFoken word art form. We welcomed Suzi Digby's Ora Singers for the first time. as they sung music ￿lebrating the union of the Scottish such conscious, thought-through and English crowns in1603. Renowned ensemble Blazin. Fiddles choices to use their talent for returned for another sell-out show in Hall One. showing Scottish folk musicianshipat itsbest and the BBC Singersbroughtto life good. What humanity and skill she Judith Weir's crowning work Missa Del Cid. Ambient, deep-techno has." Attendee of Karine Polwart's artist Lord of the Isles sold out Hall Two twice with a sensational set, 'Come Away In, workshop, incredible Scottish vocalist Hannah Rarity made her Kings Place January 2024 debut, lauded trio Lau made a welcome return, with a sold-out show in Hall Oneand supportfromJuliette Lemone and Chris Amer. Our Resident ensemble, Aurora Orchestra delivered both a spellbinding performance of Mendelssohn's Scottish Symphony and a wonderful collaboration with American singer Sam Amidon and Scottish vocalist Robyn Stapleton featuring music from their respective countries encapsulating historical emigration 5torie5. Jasdeep SinghDegun KarinePolwart "A concertgiven by the BBC Singers was the latesteventat Kings Place in its year-long celebration ofscottish culture, musicaland spoken word, thatis 'Scotland Unwrapped" And whata range of contemporaryand traditionalriches itis proving to be." BBC Singers, Bachtrack, February2024 BBC Singers. Trustees Report including Directo￿, Reportand Strategic Report. For the year ended 31st March 2024 Docusign Envelope10.. 0238D513-01694920-8CF>S8044EOECF21 Festlvals Artistic Associates Alan Bearman Music's Folkweekend, the focus of which was on instrumental folk traditions, reached new heights this year, with captivating all-female Morris dancing troupe, Boss Morris, whose workshop and foyer performances featured on BBC Radio 4s Front Row. Other press highlights included Scottish piper Brighde Chaimbeul, one of very few female pipers, who was interviewed on 88C Radio 4's Woman's Hour ab(￿t hertrio gig. Scottish five- piece Imar sold out Hall One with an energetic set, and Kings Place favourites, Leveret, chose to celebrate their10-year anniversary here. Plus, violinist Sam Sweeney and rising star guitarist Louis Campbell launched their new, intimate duo project in Hall Two. Brighdechaimbeul Kings Place co-curated one of the most successful editions of Songfines Encounters F•stlval this year, with a variety of sensational acts from around the world descending on our halls. Of the many highlights this year was legendary Malian guitarist Vieux Farke i Tourés anticipated return to Hall One. An instant sell-out, he brought a spectacularly uplifting perlormance to the weekend. The T8qhi Lhunpo Monks of Tibet closed the festival with a sold-out dramatic presentation of sacred music, dances, and prayers, with traditional costumes and ceremonial masks. This event was covered in The Times, and a colourful photoshoot of the monks on the Kings Place roof featured in The Week in Pictures. Mariachi des Adelites. the first all-female mariachi band in Europe, wowed crowds and brought industry fans to the venue. "Tliese wcrc two distinctai7dui.iiuue musicalworlds. each an encounterexpanding to envelop their audienLes in lmmei.sivg musicalexperiences that transportas surelyas driy warp drive."The Arts De8k,.Songlines Encountcrs Festival, May 2023 I￿1￿501T1bet, ersF¢4tlval . London Podust Fe8tival returned for its eighth year with its most diverse programme yet. As well as the chance to see some of the biggest names in podcasting. the festival is all about inclusion, participation and supporting new voices in podcasling. Alongside additional events including the Podcast Maker Weekend, Content is Queen takeover and Audio Drama Day. Our official partners were Audible, Acast and Guardian Podcasts. , JamMla&MiilLondonP￿St F￿tIval "Thankyou so much forallofit, the haze, the extra- fancylighting display, theprosecco... we hada grpat time, and the fe. tival i - bigger and bettgi Ili¢4n ever. Congratulations andcheers againl"Andy Murray, No Such Thing as a Fish, London Podcast Festival,September 2023 TrusteesReportincluding Directors, Reportand StrategicReport. For Iheyear ended 31st March 2024 10 Docusign Envelope ID.. o238D513.01694920-8CF￿S8c￿4E0ECF2l Les2ekMozd2er The success of London Piano Fest•valcontinues with stellar perfOrman￿S. sold out jazz shows, and our first masterclasswith enlightening lessons on Ligetl. shows this festival is going from strength to strength. Highlights included Polish jazz artist Leszek Mozdzer's two sold out Hall One concerts I" ..nothing if not a force for nature..-' Internationai Piano). EFG LondonJau Festlval brought another brilliant year of events hosted and curated by Kings Place. Palestinian musician Nai Barghouti's performance was described as "moving and musically brilliant..., (London Jazz News). Tyshawm Sorey Trio brought world-class quality and Australian avant- gardejazz trio The Necks also sold out two Hall One performances while the iconic experimental trio Japanese GOAT sold two performances in Hall Two. 8ritish-Bahraini awafd-winning trumpeter and composer Yazz Ahmed, supported by ACE and d&b, created a fascinatino new immersive soundscape project. performed twice and we supported the stand-out Zimbabwean poet Belinda Zhawi in a showwith ajazz quintet,an event which drew a diverse audience. YazzAhmod Jewish Literary Foundation's Book Week returned for its twelfth year at Kings Place with a variety of excellent programming Ifrom 'BurtonandTaylor' to'8eing aJew in Modern 8ritain' and'Einstein.' A life in 99 Particles,) and great attendance with a number of sold- out performances. Kings Place is proud to be the home of London's longest running literature festival and provide a space for debate, culture and sharing ideas for the Jewish community and beyond. TrusteesReport including Oirectors. Report and Strategic ReporL For the yearended 31st March 2024 Docuslgn Envelope ID.. 0238DS1&01694920-BCF9-58044EOECF21 Premieres and New Projects A key part of the Kings Place identity is providing plattormsand opportunities to develop and showcase new work. This priority is reflected in the commissioning and premiering of newwork across our programme. Cafolineshaw Oli¥er Leith Commissioning in 23124 included Caroline Shaw's Concerto for harpS￿hOrd8 strings which was a Kings Place co-commission performed at thevenuebyAuroraOrchestraand KitArmstrong. We also hosted the World Premiere of Oliver Leith'sHalleluiah amen as part of a programme curated by the composer for Kings Place. New projects included East London duo Stick in The Wheel, whose intense live shows explore the raw holler of folk, electronics, spoken word and intricate psychedelic guitar fuzz. For this April 2023 show. they presented a special audio experience, created especially for Sound Unwrapped. utilising d&b aLJdiotechnik s Soundscape system. In November 2023, Orchestra-in-Residence Aurora Orchestra perfomied In Ihe Air Light for the first time, a 40-minute work performed in Hall Two with d&b soundscape system, paired with solo pieces by Takemitsu. D8bu&sy, Michael Gordon and Loeti. Auvora Orchestra performed In the AirLi9ht lorthe firsttimein Hall Two with d&bsoundscape system Arti8ti¢ As8ociate8and Partnw8 Collaboration and partnership is central to Kings Places mission. Throughout 2023124 our Orchestra-in-Flesidence, Aurora Orchestra. presented both Hall One and Hall Two performances curated lor our Sound Unwrapped and Scotland Unwrapped seasons including collaborations with Anna Meredith, lamily performances in their Far FarAway series, and performances of Mendelssohn s Scottish Symphony alongside works by Richard Strauss, Sally Beamish and Peter Maxwell Davies. Quartet-in-Residence. Piatti Quartet presented a seriesof Rush Hour Lates including Schubert's Quartetsatz and Dvorak's String Quartet in F, Op. 96 American,. Long-time Artistic Associate, London Sinfonietta's award-winning series Turning Points explored the boundaries between sound and music, with live performance in dialogue with electronics, delving into early 20th century innovations alongside those of today This special three-part evening, a pre-concert event explores Al in comFJ05ition, while a late night session in Hall Two presents spatialised versions of classic electro-acoustic works in Soundscape. i Quartet Trustees Reportincluding Directors, Reportand Strategic Report. For trE year ended 31st March 2024 12 Docusign Envelope ID.. 0238D51 M1694920.BcF￿58o44e0ECF2l ARTISTIC PLANS FOR FUTURE PERIODS Scotland Unwrappod 2024 A successful first 6 months to our Scolland Unwrapped series, with an increase in audiences, ticket income, creativity and collaboration on our stages. As per recent years, the Scottish therne branches across all genres, with folk performing particularly well in terms of audience numbers as well asvolumeof shows in theseries, We've been energised by the interest and support we've seen not just from audience but industry colleagues in ouriazz and contemporary offer, no doubt helped by the addition of d&b soundscape, aswell as excellent programmingofartistsfrom the team. We plan to focuson developing these slrands, with the help of successful series/festivals EFG London Jazz Festival, Luminate as well as d&b as we move on from Scotland Unwrapped into Memory Unwrapped 2026, a theme which will certainly lend itself to those strands. We've loved seeing the success of the folk programme, knowing it would resonate partiCLJlarly well with its folk crowd, given the Scottish influencein thatstrand since KPopened. Aparticularsuccess.along with the multiple sell-outs showsand enthusiasm from audiences, was the day of events from the brilliant Orkney Folk Festival. They set up shop in the venue in February for a couple of days of Orcadian magic. All concerts sold out. with £24k worth of tickets sold featuring Kris Drever, Fara. Gnoss and festival staples The Chair and The Gathering. The atmosphere in the building was Intoxicating and we are planning this event for a return next year! "Many, many thanks to everyone forsuch a great feeling behindsuch a wonderfulmusicalresource. Scotland Unwrappedhas broughtmuch joyalreadyandits onlyFebruary."Audience member, Orkney Folk Festival, February 2024 What we have seen most with the folk shows, is the life they bring to thehalls. Exactlywhat Kings Place isabout. Its inspiredthe programme team to ensure that the metaphorical wall that can often appear between the audience and the artist is never up. Cross genre collaboration has shone throughout the Scotland Unwrapped series. an artistic USP we will build on in the future. Trustees Report includin9 Directors, Reportand Strategic Report. For the yearended 31st March 2024 13 Cjocustyn Envelope ID.. 0238D51>016Y92O4CF￿S8o44E0ECF2l Earth Unwrapped 2025 The Earth Unwrapped brochurehas been unveiled to the public with artists-in-residence Jason Singh, Sam Lee and Gazelle Twin with artistic threads including, Terry Riley @ 90, Focus on Pauline Oliveros and a Sounds of Kings Cross Commission using d&b Soundscape. Opening weekend is Thursday16- Sunday19 January 2025 and commissions include new work from, David Lang String Quartet. Julia Wolfe/Theatre of Voices, Josephine Stevenson for voice/cello. Erland CooperlThe Peregrine. Jason Singh and Gazelle Twin. Sam Lee Outside of the Unwrapped series, we are currently working on a newseries with the music label Platoon, who are owned by Apple. This eIght-con￿rt series will bring Kings Cross residents together to present classical and contemporary music and spoken word performances. This serieswill begin inJanuary 2025and run throughout the calendar year. This is a new and exciting initiative that will act as an audience and artist development piece. Additionally we are beginning a Talent Development piece of work with the promoter Through the Noise. which will see early career musicians come on-board to develop their own promotional skills with expertise and opportunities being offered from programmersat Kings Place and Through the Noise. Jason Singh Gazelle Twin Rachel GarciaThomas Josephine Steven50n Tochnology Innovation is one of Kings Place's core values, and throughout 23124 we have continued to be at the forefront of the engagement of technology in the music industry. Leading on from the enormous success and creative power of Sound Unwrapped, a 2-year partnership with d&b audiotechnik from 2024-2026 has now been confirmed, cementing Kings Place's commitment to adventurous contemporary programming, and its key position in the UK cultural scene. The new Soundscape system was installed in February 2024 with LVRA launching the next stage of our relationship with d&b by presenting an exclusive in-the-round show utilising the new 360-degree Soundscape system. d&b Soundscap• Our current creative partnershiy dgreement with D&B will run until February 2026. We shared our plans for 2026 and wish to extend the agreeinerit and plans are underwAy for artists using the system throughout 2025 and into 2026. d&b consider Kings Place is an exemplar model for partnership which is often shared with venues across the world. We are currently looking at ways to educate the audience on its capabilities and the difference in experience between slgreo and soundscape. Before performances in Earth Uhwrapped 2025, we will use commissioned nature soundscapes as the audience enters the hall whilst also playing a short videol sound clip that gives a brief explanation and demonstration of the system. <.r Trustees Report including Directors, Report and StralegicReport. For the year ended 31st March 2024 14 Docusign Envelope ID.. 0238051>01694920-BCF9-58044EOECF21 Digital Strategy We launched our bespoke, PPV platlorm, KPlayer in 2020. Over the last 4 years, having discovered that our spoken word events, including live podcasts, are the most effective events to present on a streaming platform,we've continued to present a curated selection of online content. Feedback from UK audiences praises the continued accessibility of streaming option and data shows us that KPlayer allows audiences to join us live to watch from all overthe world. Our Digital Strategy continues to operate on the below principles.. to make streams availablewhere there is sufficient demand and events are sold out in the hall to create hybrid festivals where the material is suited to an international audien￿ and the medium to archive special events and make them available either to build the Kings Place brand andl or to reward those engaged in supporting in Kings Place to create legacy films for brand development Outr•ach & Partlclpation As a part of our community, Kings Place is committed to leveraging its potential as a space for developing young artists, providing benefit to our local area, and delivering impactful work across the charity sector. Oneof our key objectives is supporting the workof smaller charities, particularly those related to music, health and the arts. After launching a public charities and communities call-out in September, we continued to grow our offer of Iree space hire, reaching a total of Acland Burghley Secondary School fourteen arts and health-related charities and community groups, including National Youth Jazz Choir, Musicworks, Chamber Studios, Our longstanding partners the Orchestra of Kings Place Choir, Piatti Quartet, Brodsky Quartet, Noah's Ark the Age of Enlightenment (OAEI, approached Childrens Hospice, Venus Blazing. JasminKent Rodgman,Sound us to advise on what lighting equipment Voice, and Aurora Orchestra. This totalled 726 hours across the year, to purchase for their events and teaching an increase of 49% on the previous year. Whether used for rehearsals, programme within Acland Burghley. The workshops or meetings. free usage such as this is a lifeline forour relationship has developed over the last year sector during a financially challenging period, and we are proud to be with four donated training sessions on lighting delivering on our commitment to this. provided in school bythe Kings Place team. In these sessions, students have been shown A great example of this work is the music theatre partnership between the practical aspects ol set up, patching. desk composer Dr Deidre Gribbin, Venus Blazing Music Trust and Kings operation and lighting design. The students Place. By offering space. support and resources we were able to are now able to further self-learn using online help give young people with Down Syndrome and other cognitive resources and support their school's events challenges increased confidence in expressing their feelings through (plays, concerts, rehearsals) with their own composing and performing. lighting ideas. In August 2023, in a partnership between Arts Trust, King's Cross In addition to work through the OAE, we have Summer Sounds, Kings Place and Frozen Light Theatre we begun todevelop a relationship directly with presented the first iteration of'Fire Songs,, an immersive sensory the school. They have a large-scale project sound experience for audiences with profound and multiple learning to renovate their assembly hall for use by the disabilities (PMLDI. We reached 237 individualswith PMLDand their school and broader local community. As part carers over two days arid four performances at Kings Place. Audience of their"Hall for All" campaign, they organised feedback was very positive, with one parent commenting that'l wasn't an"Evening With.... fundraiser with students, sure if my son would get anything out of the experience, however we teachers and local celebrities performing. were made to feel so welcoffle. l immediately relaxed. It felt like a safe Kings Placesuppliedlighting support and space.. Another said that access was excellent- location so close to operation for rehearsal and the event itself, the station, good paths. lifts working, friendly and helpful venue staff, working further with students on the day to lots of room inside venue, clean toilets. close to changing place's toilet develop their skills. too.'The collaboration was an inspiring one for Kings Place and we greatly look forward to working with Frozen Light again in 2024. ' I thoroughlyenjoyed the whole experience. It was a life-affirming andjoyful adventure from start to finish."Fire Songs Choir Member, August 2023 Tntstees Reportin¢luding Directors, Reportand Strategic Report. For theyear ended 31st March 2024 15 Do¢usign Envelope ID.. 02380SI>0l69492￿bcF￿58O44E0ECF2l FUNDRAISING The Board began to invest more significantly in fundraising with a view to diversifying income and growing the charity s linancial resilience. A Development Director, Sam Mackay. was appointed in March 2024 with the aim of bringing senior-level fundraising experience focused on trusts, foundations and public sector funding to the organisation forthefirst time. From 2024-25theteam willthereforebenefit from two senior roles dedicated to fundraising. representing a major commitment to this revenue stream moving forwards. During 2023-24 we received project funding from the following lunders: Arts Council England for Sound Unwrapped. including technical training, staff time and artist development Parabola Foundation for Scotland Unwrapped Creative Scotland for Scotland Unwrapped Income from our Friends scheme and from individual giving campaigns continued to grow, alongside a programme of in-person events for donors, Our first campaign- the Future Fund- ran in autumn 2023 and was focused on growing the resilience of Kings Place and the wider sector, including artist development, staff training. and unlockingspace inour building forcommunityuse. Weran a second campaign in March 2024 through The Big Give, as part of their Arts For Impact match-funded scheme. Our campaign secured the funds so that we can stage a new production by theatre group Frozen Light, aimed at audiences with profound and multiple learning disabilities (PMLD). The now completed upgrade ofour CRM system, Tessitura. will improve the user experience for subscribed Friends and streamline the data processing on our side. FrozenLight Trustees Reportincluding Directors, Reportandstrategic Report. For theyear ended 31st March 2024 16 DO¢￿Sign En￿lope ID.. 0238D51&0169492O-BCF￿S8o44E0ECF2l TRADING SUBSIDIARY Conferences Though we had an excellent year for ticket sales, after returning to near pre-pandemic levels in 22123 corporate events had a disappointing performance against budget in 23124. While we hosted several large events, including the return of C21's Content London, and income from hire and technical packages was up on the previous year, we ended the financial year with a £288K shortfall in conference income vs budget. £116K of this came in the final quarter and was the impetus lor us changing strategy to focus on income generation, cost saving and supporting our partner company, Kings Place Events IKPE), doing everything we can to assist with event sales. Our initial actions to better support KPE include.. teambuilding between our organisations. repainting Hall Two, fixing panels, refurbishing lecterns, supporting show rounds technically, presentation and appearance of our spaces, and offering marketing support to the conference business. We are working with KPE to better understand the current conferencing market and how V￿ can more effectively forecast and guarantee income. Private Hires Though Private hires struggled throughout the early part of 2023124, towards the end of the year the decision was made to assign our Event Coordinator to monitor the inbox and respond to enquiries. She showed an aptitude lor sales and delivery. and we saw an immediate uptick in confirmed private hires. On this basis, we took the decision to focus all the Event Coordinator's attention on hires, changing their title to Private Hire Coordinator and backfilling her previous duties with a new part-time role. Since the creation of this new role. Private Hires are flourishing, beating budget every month and generating more income in the first three months of 24125 than was achieved in the whole of 23124. We see the Private Hire business asa key part of our income model in the future. Musi¢ Baw Rental• With the continued popularity of flexible and hybrid working the market for desk rentals has been particularly challenging. Through the efforts of our Office & HR Manager we have maintained a loyal community of tenants who appreciate our unique offer. An inclusive office solution, with ample storage, staffed reception and a welcoming arts environment is still very appealing to those seeking a London base, particularly those with ties to music and culture. Throughout 23124 we achieved consistent levels of occupancy and income and welcomed new tenants including Black Lives in Music. Ground Floor Offices In February 2023we entered into the third year of a five-year let of the Ground Floor Offices to an external company. The third anniversary (8 February 2025) will be the break date with a peppercorn rent payable 8 February 2025 to and including 7 August 2025. Trustees Reportin¢luding Dire¢tors' Reportand Strategic Report. For the yearended 31st March 2024 17 Docusign Envelope ID.. 0238D513-O189492￿BCF￿Sao44E0ECF2l TEAM AND CULTURE In the lirst hall of 23124 we continued to rebuild our team, including recruiting an Event Coordinator, House Technicians and a Front of House Manager-a role made redundant in 2020 and with our increased activity now required again. Helen Wallace gave notice in November2023andthetrusteesandseniorteam immediately started planning for the next phase of the organisation. The trustees rnade the decision to split the Artistic & Executive Director role and appointed Deputy Director Zoe Jeyes as Executwe Director, allowing a two- month handover process to begin in December 2023. Recruitment for a new Artistic Director role began before Christmas. After an excellent response to our advertisement we successfully appointed Samantha Mcshane to the role of Artistic Director. Sam was previously Creative Director at Manchester Camerata where she led on the orchestra's UK and international programming, established a ground-breaking new talent development initiative and secured ttt￿e new Artistic Partners. Prior to this Sam was Head of Creative Programming at Manchester Camerata and Head of Artistic Planning at the Royal Conservatoire of Scotland. She is currently on the board of Chamber Music Scotland. She officiallyjoined the team on the 20th of May 2024. The directorate was expanded with our Head of Marketing, taking on the new role of Audience Director overseeing Marketing and Visitor Services, our Head of ICT promoted to ICT Director, and a new Development Director role created. Alongside these changes new Assistant level roles were created for recruitment in 24125 and several team members were promoted to new roles. By the end of the 23124 financial year the new structure was in the proc￿￿ of being embedded. with new appointees due to start in early 24125. Governan Three new board members were apwinted tojoin the board in the financial year 2023124, with a focus on Fundraising and Community Partnership& Tn￿te¢S Report including Directors, Reportand Slralegic ReporL For the year ended 31st March 2024 18 DO￿$19n Envelope ID-. 0238D51&016U920-BCF9-58044EOECF21 EDI Envlronmental Sustalnablllty We recognise the scale of the climate emergencyand our programme platforms bold creative responses to this topic. We'll be exploring this further throughout our 2025 Earth Unwrapped series. As an organisation we acknowleclgeour responsibility to reduce Kings Places impact on the environment, and we are constantly seeking new ways to do this. Leading on that internally is our Sustainability Working Group who continued their work in 23124 with the focus on irnproving reporting, policy andcontrolswithin departments. Work included: Kings Place recognises that by valuing EDI we foster creativity, resilience, and ensure relevance in our work. We are committed to embracing and celebrating all voices and perspectives. Equality, Diversity and Inclusion is embedded in all areas of the organisation. One way we achieve this is through our EDI Working Groupwhich continued to meet monthly basis throughout 23124. The Working Groupdiscusses EDI in the context of all our work, including team and culture, programming. visitor experience and governance. Finalised sustainability policy that is now available on our website for our audience. Significant achievements included,. Creation of EDI Policy documents Creation of EDI Action Plan Created new reporting codes with the accounts team to better track waste and consumable use. Air con only ever used in occupied spaces with weekly rota provided to building management. We have control at a central panel if changes need to be made on an event day. Central supplier list has been created; teams are in the process of adding sustainability credentials. All old equipment has been logged and is due to be sold With the development team, looking to acquire funding for larger projects e.g. full conversion of lights to LED Becoming a member organisat¢on of Black Lives in Music, signing up to their digital charter and starting monthly catch-ups Improvernent to recruitment pr¢xesses Investing indigital totems toimprove wayfinding in the building Creation of Behaviour Policy to ensure safe and accessible working environment for staff Circulation of performer access toolkit In August 2023, after going through several rounds of design and feedback and an information and engagement campaign, we completed our first anonymous Voluntary EDI Staff Survey. This is the first time we have had demographic benchmarks for our staff. From now on the survey is completed annually. The results provide us with valuable data and inlormation to help our efforts to create a work environment that this supportive to all our staff. It will assist us to identify and keep under review any potential existence of absence of equality and help us to work towards our goal of increased representation and reflecting the communities we serve. TrusteesReport including Directors, Reportand Strategic Aeport. For year ended 31st March 2024 19 Docusign Envelope ID.. 0238D51&o169492￿BcFg-sBO44E0ECF2l FINANCIAL REVIEW Total group income for the year increased by12.5%12023.. 23%) to £5.2m, an increase of £579k. Income from trading activities remained at £2.4m, an increase of £0 (2023.. increase of £1.43m). Charitable donations have increased to £752k (2022: £360kl. Throughout the financial year the Foundation earned £1.97m {2023: £1.74m) from ticket sales and other performance-related income and received £180k in grants (2022.. £192kl. Totsl expenditure increased by10%12023: increase 0139%) to £5,2,m an increase of £477k due to increased activity. Costs of charitable activities for the Foundation include people. artists, marketing, propertyand financelprofessional fees, and amounted to £4m (2022.. £3.6m). In 2024 this resulted in net ir)come of £46k (2023: net expenditure of £56kl. As part of a three-year planning cycle, the charity will continue to keep overhead costs to a minimum, seek to secure further support from grant makers, explore corporate support, maximise commercial income and look to increase donations from the public. The deficit incurred by the Foundation is offset by Gift Aid distributions from Kings Place Music Foundation Trading Ltd IKPMFT) and by the support ol private donors. Fundraising Di8clo8ure Throughout 23124 Kings Place has continued to encourage individual donations through our website, rounding up/donating when purchasing tickets.joining our Friends Scheme and two appeals. We have not worked with any commercial participatorslprofessional fundraisers and our fundraising conforms to recognized standards. We have received no complaints in relation to our fundraising. Reserves Pollcyand Going Concern The trustees will continue to apply the unrestricted fund to the Foundation's objectives. The Foundation has restricted funds of £9.5k. Unrestricted funds at year-end increased by £53.5k to £503k. The Foundation s reserves policy requires 3 months of staff costs and overheads. or £300,000, to be held for the purpose of ensuring the longevity of the Foundation. The threshold is reviewed quarterly at a minimum, along with the principal risks and uncertainties facing the charity. At year-end, free reserves are in deficit by-£54k. The trustees are conscious of the gap between current free reserves and the reserves target. However. this gap has been closing gradually over several years and this trend is projected to continue as the charity benefits from recent investment in fundraising and private hires. This reserves position also reflects the fact thai unrestricted funds include £220k of advan￿ ticket income,which is classed Principle Fundin9 Sourc•s as liabilities but reflects posrtively on the ongoing financial health of the charity. The principle funding SoUr￿S Meanwhile, box office income and trading income remain productive and risks received by the foundation were are being appropriately managed. from private donations, ticket sales, Therefore the trustees, having assessed the principal risks and uncertainties sponsorship, booking / transaction and having contributed to the strategic vision and aims of the charity, have no fees, conferencing. desk hire income, reason to believe that a material uncertainty exists that maycast significant office rental and event specific grants. doubt about the ability of KPMF to continue as a going concern. On the basis of theirassessment, the trustees have a ￿aSonable expectation that the charity will be able to continue in operational existence for the foreseeable future, and they continue to adopt the going concern basisof accounting in preparing the annual financial statements. Trustees Report including Directors, Aeport and Strategic Report. the yearended 31st March 2024 20 tyocusign Envelope10.' 0238D51 M1694920_BCF￿5B044EoEcF2l STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documant KPMF is a company limited by guarantee governed by its Memorandum and Articles of Association dated12th January 2005 as amended by special resolutions dated 7th November 2007. It is registered as a charity with the Charity Commission. Appointment oftrustees Trustees have been appointed by the Board of Trustees. Trustee Induction and training The trustees have been chosen based on the skills they have to offer to ensure the development of the charity's activities. New trustees receive induction into the organisation led by the Executive Director and Finance Director. Further training15 made available to trustees when it is required. The trustees, who are also the directors for the purpose of company law, and who served during the year were.. PJ Millican (Chair) ADMillican Th• Exacutlv• T• J Mitchell Zoe Jeyes- Executive Director Helen Wallace- Artistic Director resigned January 2024 DJude S Twitchin PJonas Organisation The Board of Trustees administers the charity and is responsible for the strategic direction and policy of the charity. The Artistic Director has been delegated authority by the Trustees for the day-to-day operational mattersof the Foundation. J Goldie-scot Mcollins R•lat•d partk8 PJ Millican. Chair of the Board of Trustees, is adirector and 50% owner of Green & Fortune Limited, with whom the Foundation has a commercial relationship. The Foundation also has trade relationships with the following companies with which P J Millican also has an interest: Pangolin Idirector & 50% shareholder); Parabola Real Estate Investment (director).. Parabola Edinburgh Ltd Itrustee of Member Trust) and Parabola Foundation (trusteel. D Jude Itrustee) is a director of Parabola Foundation. Trustees Reportin¢ludingDirectors' Reportand Strategic Report. For yearended 31st March 2024 21 Oo¢usign Envelope ID." 0238D51 >01694920-8CF&58044EOECF21 F￿blictstneflt The trustees have referred to the guidance contained in the Charity Commission's generaj guidance on public benefit when reviewing its aims and obiectives and in planning its future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives they have set. Kings Place is situated in a growing hub of development which has a thriving cultural and diverse community. The Programme offers numerousways for local communities to access high quality performances and learning opportunities in an affordable way. Key managementpersonnel KPMF'S remuneration policy for key management personnel is designed to attract, retain and motivate quality employees. Salaries are bench-marked against other organizations in the charities sector and are in line with market rate. Remuneration for key management personnel consists of basic salary, statutory pension contributions, and the provision of a mobile phone and laptop for business use. Auditor So far as the trustees are aware. there is no relevant audit information ol which the charity s auditors are unaware. Additionally the directors have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditors are aware of that information. The auditor, Moore Kingston Smith. is deemed to be re-appointed under section 487(21 of the Companies Act 2006. This report has been prepared in accordance with the provisions applicable to companies entitled to the Small Companies Exemption. The Trustees, report was approved by the Board of Trustees. P J Millican (Trustee) 1811Z/2024 Dated: ..... Trustees Report including Dire¢tors'Reportand Strategic Report. For theyear ended 31st March 2024 22 Docuggn Envelope10.' 0238D51>O169492￿8cF￿S8o44E0ECF2l Kings Place Music Foundation TRUSTEES, REPORT ICONTINUEDI For the year ended 31 March 2014 TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of the charitable company for the purposes of company lawl are responsible for preparSn8 the Annual Report and the flnancial statements In accordance with applicable law and re8ulations. Company law requires the directors to prepare flnanclal statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of the profit or loss of the charitable company for that period. In preparin8 these financSal statements, the directors are required to.. select suitable accounting policies and then apply them consistently- rnake lud8ernent5 and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the financial statements,, and prepare the fSnanclal statements on the goln8 concern basis unle55 It is Inapproprlète to presume that the company will continue in business. The Trustees are responslble for keeping adequate accountln8 record5 that are sufflclent to show and explaln the charitable company's transaction5 and disc105e with reasonable accuracy at any time the financial position of the charltable company and enable ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable tompany and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. 23 Docusign Envelope ID.. 0238D513-016￿921￿BcF9-58044EoECF21 Kings Place Music Foundation Independent Auditor's Report to the members of Klngs Place Mu51¢ Foundation Opinion We have audited the financial statements of Kings Place Music Foundation for the year ended 31 Marth 2024 which omprise the Consolldated Statement of Flnancial Actlvlties, the Consolidated and Parent Charitable Company Balance Sheets, the Consoldiated Cash Flow Ststement ond notes to the financial statements, including a summèry of significant accounting policies. The flnancial reporting framework that has been applied in their prepaiotion is applicable law and united Kingdorn Accounting Standards (United Xingdom General￿ Accepted Accounting Practice) including FRS 102 'The Financial Reportin8 Standard Applicable in the UK and Ireland.. In our opinion the financial 5taternent5'. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure. for the year then ended,. have been properly prepared In accordance with Unlted Kln8dom Generally Accepted AccountSn8 Practice; and have been prepared in accordance with the requirements of the CompaniEs Act 2006 and the Charitles Act 2011. Basls for opinlon Wo conducted our audit In accordance with International Standards on Auditing IUKI IISASIUKII and applicable law. Our responslbllltles under those Standards are further de5crlbed In the Avdltor'5 Respon51billtles for the avdlt of financial statements sectlon of our report. We are independent of the charitable company in accordance with the ethlcal requirements that are relevarbt to our audit of the flnancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfllled ovi other ethlcal respanslbllities In accordance with these requirements. We believe that the audit evidence we have obtained is suff icient and appropriate to provide è basis for our opinion. Con¢lu$l¢)ns rel•tin8 to ioln8 concern In auditing the financial statements, we have concluded that the trustee5' use of the 80inÉ concern b0515 of accounting In the preparation of the financial statements is appropriate. Based Dn the work we have performed, we have not identilied any materlal uncertaintles relatlng to events or conditions that, individuolly or collectively, may cèst 518nificant doubt on the charitable company's ability to continue as a goin8 ¢oncern lor a period of at leJ5t twelve months from when the fln4ncial statement5 are •uthorised for 155ue. Our responsibilities and the responslbilities of the trustees with respect to goin8 concern are described in the relevant sections of thi5 leport. other tnformatlon The other information comprises the informatlon included In the Jnnual report, other thJn the financial statements and our auditor's report thereon. The trustees are responsible for the other inlormatlon. Our opinion on the financial statements doe5 not cover the other information and, except to the extent othe￿1$e explicltly stated In our report. we do not express any form of assurance conclusion thereon. Our responslbllltv IS to read the other informatlon and, In doini so, consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requlred to determine whether there Is a material misstatement in the financial statements or a material mlsstatement of the other information. If. based on the work we have performed, we conclude that there is material mi5Statement of this other information, we are required to report that fact. 24 Dc¢usign Envelep¢ 10." 0238D513-01694920-BCF>58044EOECF21 Kings Place Music Foundation Independent Audltor's Report to the members of Kbn85 Place Muslc FoundatloTh Icontlnu•dl Opinlons on other mitters ptes¢rlbed by the Companles Act 21106 In our opinion, based on the wcrk undertaken in the course ol rhe audit.. the information 8Sven in the trustee5' ar+nual report for the linanctal year lor whlch the linoncial statement5 are prepared is tonsistent with the financial ￿ateMents., and the trustees. annual report ha5 been prepared in accordance with applicable le8al requirernent5. M•ll•N on whlch T4¥• •r• r•4ulf•d to report by •xc•ptlon In the light ol the knowledge and under5tandin8 of the group and parent charitable company and its enwronment obtained in the course of the audit. we have not identified material misstatements in thÈ trustees, annual rèport. We have nothlng to report in respect ol the followin8 matters whtre the Companies Act 2OJ6 and the Charrties Act 2011 requires us to report to you If, In our opinion.. the parent (hèritable company has not kept adequate and sufficient accountin8 records, or return5 adequate for our audit have not been received from branches not visiteé by us., or the parent chailtable company's Ilnanclal statement> are nol In a8reement wlth the accountlnB I￿0rd5 and returns,. gr certain disclosures of twstees, remuneration specified by law are not made., or we have not receSved all the Informatlon and explanatlon5 we require for our audlt,. or the trustee5 were not entitled to prepare the linanclal staternents in accordance wlth the small CLynpafties re8lme and ta*e advaniage ol the small companies exemption In preparln8 the Trustees, Annual Aeport and from preparing a strategic report. R•sponslbllltl•s ol truit••s As explained more lully in the trustees. re5POThsibilltles $tstement set out on page 23, the irustee5 Iwho are also the directors ol the chaiitable company for the purpose5 01 company lawl are responsible for the preparation of the financial statemènts and lor being satisfied thai they 8i¥e a true and lalr view, and lor such internal tontrol as thè trusteés determine is necessary to enable the preparation tsf linanclal statements Ihat are free from m¥teilal mlsstatement, whether due to fravd or error. In preparini the financlal statements, the tr￿steeS are responstble for assessln8 the Broup and parent charitable tornpany's ability to continue as a @oing concern, dlstlosin8. as applicable. matters ielatèd to going tontern and using the 8oin8 concern basis ol accounting unless the trustee5 either intend to liquidate the group or parent charitable company Of to cease operatlons, or have no realistlc alternatlve but to do so. Audltor'i r•wonJlbllltlos for the •udlt of the fin•ncl•l st•tements We have been appointed as auditor under the Companies kt 2QJ6 and sertion 151 ot the Charitles Act 2011 and report In accordance wlth those Acts. Our objectives are to obtain reasonable assurance about whether the lin?n¢ial statements ès a whole are free frtsm rnaterial rnisstatement, whether due to fraud or error, and to Issue an audltor'5 report that includes our opinion. Reasonable assurance is a hi8h level ol assurance. bvt is not a 8uarantee that an audit conducted in accordance with Iskn IUKI will alway5 detect a rnaterial rnisstèternent when it exists. Mi5Statements can arise from fraud or error and are considered material il. indlvidually or in ag8r?yte, they could reasonably b* *xperted to influence the e¢onoml¢ d￿lS1on5 of users taken on the basi5 01 ¢hese financial statements. 25 Docusign Envelope ID.. 0238D513-01694920-8CF9-56044EOECF21 Kings Place Music Foundation Independent Audltor's Report to the members of Klngs Pla¢e Music Foundation {contlnuedl As part of an audlt in accordance with ISAS IUKI we exereise professlonal lud8ement and maintain professional sceptlcism throughout the audit. We also= Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error. de518n and perform audit procedures responsive to those rlsks, Jnd obtain audit evidence thar Is sufficient and appropriate to provide a basis for Our opinion. The risk of not detectrng a material mlsstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are approprlate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable companrfs internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of atcountin8 estimates and related di5c105ures made by the trustees. Conclude on the appropriatene55 of the trustees, use of the 8oln8 concern basi5 of accountlng and. based on the audit evldertce obtained, whether a material uncertainty exlsts related to events or conditions that may cast Significant doubt on the group and parent charitable company's ability to continue ès a going concern. If we conclude that a material uncertainty exlsts, we are required to draw attention in our auditor's report to the related disclosures In the financial statements or. if such disclosures are inadequate, to rnodlfy our oplnlon. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future event5 or conditions may cause the group or parent charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and wheiher the financlal statements represent the underlying transaction5 and events in a manner that achleve5 fair presentation. Obtain sufficient appropriate audit evidence regarding the flnancial Informèiion of the entitles or buslness activities within the group to expre55 an opinion on the con501idated financial statements. We are responsible for the dire¢tlon, supervlslon and performance of the Iroup Judlt. We remain solely responsible for our audlt report. We communicate with those charged with governance regardin& 8monB oiher matters, the planned scope and timing of the audit and significant audit findings. includln8 Jny si8nificant deflciencies in Intern•1 control that we identify durini our audlt. 26 D£￿￿g￿ Envelope ID.. o238DS13-016￿92D-8¢F9-S8044E0EcF2l Kings Place Music Foundation IndependeDt Audltor's Report to lfve rnembers of Klny Pl•te Muslc Found•tlon Iwfitlnu•dl Expl•n4tlon •st• wh•t*xtentthe audit w•$ tonsmlered capable of detertlng Irre￿larItleS. Includln8 Iraud IrregularltSes. including ffaud, are Instances of nofi-compllance wlth laws and reiulatlons. We desien procedures in line with our responsibilities, outlined above. to detert material missiaternents in respect ol irregularlties, Including fraud. The extent to which our procethJre5 are capable of detectln4 irfe8ular*des, Inclulini Iraud is detilled beluw. The objectives of our audit irs rospert of fraud. are", to identify and assess the risks ol rnateri•l misstatement of the flnanclal 51aternents due to Ir)ud. to obiain sufflclent apprcprlate audSt evldence re4ardini the a55e5sed risks ol materMI rnIs5taternent due to ffraud. throu8h de514nin8 and implemenrln8 appropilète responses to those •ssessed ii5k5,' and ta respond appropriatety to instances ol fraud or suspected Iraud Identlfled durink the audit. However, the primary responslbillly for the prevention and detettion ol Ir•ud rests wlth both m•na8erntnt ano ih05e charied wlth iovernince of the charitable camp•nv. Our approach wos as follows.. I We obiained an understandin4 of the legal and regulatory requirernenrs appltcable to ihe charltable companv ind consldered thai the mosi si8nillcani are the Companles Aa 20J6, the Ch•rit¢es Acr 2011. Ihe Chorlty 50RP, and UK Ilnancl)I reporrin8 St•ndards •5 Issued by ihe Flnin01894920.BCF￿s8044EoECF21 Kings Place Music Foundation CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 {IncorpgratlnÉ lftcorne and Expendlture Account) Unrestrlrted Funds Restrirted Funds Total 2024 Total 2023 Note Income fram: Donations and legacies Charitable activities.. Operatlon of music venue Other trading activities 798,462 798,462 360,217 1,988,688 2,439,644 63,2SO 2,051,938 2.439.644 1,932,048 2.372,035 Totsl Income 5,226,794 63.250 5,290,044 4,664,300 Expendlture on: TradinB activities Charitable activities 1.213.291 3.950.461 1,213,291 4,030,786 1,119,590 3,600,662 80.325 Total Empendllure 5.163,752 80,325 S.244,077 4,720,252 Transfer of funds Net movement In fvnds 63,042 117,0751 45,967 155,9521 Total funds brouiht forward 449,425 17.07S 466,SOO S22,452 Tolal fvnds carried forward 512,467 512,467 466,500 The statement of financial attivities includes all gains and losses feco8nlsed in the year. All income and expendlture derlve from contlnulni actlvStles. The Statement of Financial Activities also tomplies with the requirements for an Income and Expenditure account under the Companies Acl 2¢￿6. 28 Dopjsign Envelope I￿. 0238D51>01894920-8CF&58044EOECF21 Kings Place Music Foundation CONSOLIDATED BALANCE SHEET as at 31 March 2024 2024 2023 Flxed Assets Intangible assets Tangible assets li 12 37.310 529,571 566,881 47.623 507,763 555,386 Current Assets Debtors Investments- non01694920-8CF9-58044EOECF21 Kings Place Music Foundation COMPANY BALANCE SHEET as at 31 March 2014 2024 2023 Flxed Assets Intangible assets Tangible assets Investments li 12 13 37,310 529,571 io 566,891 47,623 507.763 io 555,396 Current Assets Debtors Investments - nonrycurrent cash deposits held Cash at bank and in hand 14 386,098 soo,000 23,499 909,597 158,745 240,842 399,587 Creditors.. Amounts fallin8 due wlthln one year Is 1964,0211 11,711,971) Net current liabillties 154,4241 11,312.3841 Total assets less cuffent liabS1St•s 512,467 1756,9881 Income fund5 Unrestricted Funds Restricted Funds 18 18 512,467 1774.0631 17.075 1756.9881 512,467 A5 permltted by $408 Companies Act 2006, the Charity has not presented its own statement of Financial Statements and related notes. The net income for the charitable company alone was É1,269,45S surplus12023. £996,785 deficill. 18/12/2024 The financlal statement were approved by the Trustees on . DL¥uS*fflqd by.. SBBC26JE17AC4AI... P J Milli8CF9.58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 I. ACCOUNTING POLICIES Charity inforrn•tion Kings Place Music Foundation is a private charitable company, limited by guarantee, reg15tered and incorporated in England and Wales. The address of the charitv's registered office is 90 York Way. London, Nl 9AG. Kings Place meets the definition of a public benefit entlty under FRS102. The charity exists for the benefit of the public to promote knowledge and appreclatlon of the arts and In particular the art of music. 1.1 Accounting conventlon Bas15 Ot Preparatlon These financial statements have been prepared in accordance with "Accounting and Reporting by Charities" Statement of Recommended Practice applitable to charStle5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS 1021 . Icharltles SORP IFRS 10211, the Flnanclal ReportlnA Standard applicable in the UK IFRS 1021 and the Companies Act 2006. The financial statements are prepared in sterllng. which Is the functlonal currency of the 8fDUP. Monetary amounts in these financial statements are rounded to the nearest pound. A55ets and liabllities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy note. 1.2 Going concern FRS 102 requlre5 that. if approprlate, the 8roup's financial statements are prepared on the 8oin8 concern basis, which means that the organlsatlon 15 able to operate for the foreseeable future on the ba51s of known and reasonable projected re50urce5. Cash flow forecasts to December 2025 have been prepared which show that the organisation will be able to meet it5 liabilities as they fall due on the basis of a grant agreement wlth the charity's principal donor under which É300,000 will be pald Sn the period to 31 March 2025 and £150,000 wlll be paid in the period to 31 March 2026. Mana8ement have taken steps io reduce costs where possible and contir)ue to monitor cash flow closely. The trustees are not aware of any circumstances under which the donorfs support might be withdrawn. As a consequence, not wlthstanding the net current liabllltles at the balance sheet date. the trustees believe that the roup is wÈll placed to manage its risks successfully and thus have adopted the going concern basis. 1.3 Group tln4ncl•l statements The flnancial statements consolidate the results of the charity and its wholly owned subsidiary Kings Place Music Foundation Trading Limited I'KPMFTL'I, on o line by line basis. All financial statements are made up to 31 March 2024, ènd cons1Stent occounting pollcies are used. 1.4 Fund A¢¢ountlng Unrestricted funds Incoming resources receivable or generated for the objects of the group without further specified purpose are accounted for as unrestrlcted funds. Unrestrlcted funds are available to spend on activities that further any of the general objectives of the group. ricted fun Restrlcted funds are donatlons recelved whlch are sublect to speclflc restrlcted condltlons imposed by the donors. Restricted funds are distributed in accordance with the terms of the applicable restriction. 32 Docwsign Envelope10'. 0238D51&01694920-BCFg-58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2024 I. ACCOUNTING POLICIES lcontinued) 1.5 Income Income is recognised in the Statement of Financial Activities when the group has entitlement to the funds. If any conditions attached to the itemlsl of income have been met. and it is probable that the income will be received and the amount can be measured reliably. Donations and le acies Income received by way of donations and gifts to the group 15 included In full In rhe Statement of Financial Activlties when the above criteria are met. Donated nd facili The group leases the Premises from which it operates from Westinvest GmbH at a peppercorn rent. The donated facility was established in 2008 via Parabola Land for a period of 99 years. It is not considered possible to determine the market value of the facility and therefore neither income nor corresponding rental char8e have been recogni5ed In the Statement of Flnancial Activities. Gifts in kind are reco8nlsed within income resources and expenditure at an estimate lo the value to the charity of the donated services or goods. Where possible the value of services/goods are confirmed directly with the supplier however in some instances this Information is not availble and a best estimate is made of the expected cost of such goods based on what the charity would be willing to pay for similar services or goods at a mafket rate Government Grants and donation5 are recognised in income in the year in which they are receivable, except when donors impose conditlon5 whlch have to be fulfllled before the charity becomes entitled to use such income. In this cèse, the income 15 deferred ond not included in incoming resources until the preconditions for use are met and the grants will be received. rants rants A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is reco8ni5ed in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability, Income from charitable Income derives from a range of Sources. Income is recognised when the above criteria are met. Income receiva Interest on funds held on deposit 15 included when receivable and the amount can be measured reliably by the group,. this is normally upon notification of the interest paid or payable by the bank. In Income from ticket sales respre5ents amounts receivable, excluding value added tax, for 8ood5 and services In the ordinary course of business. Adavnce box office income is deferred until the performance opens. 1.6 Expendlture ExpendSture is cate8orlsed as expenditure on charitable actiwties or expenditure on trading activitie5. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that 5ettlemenl will be required and the amount of the obligation can be measured reliably. Where cost5 cannot be directly attributable to a particular heading they have been allocated to activities on a basis consistent with the use of Governance costs comprise external audits and strate8lC Costs. Support cost5 are those incurred in connection with the administration of the Foundation and are in support of expenditure on the object5 of the Foundation. They include property. finance. professional and governance. Costs are inclusive of irrecoverable VAT. 33 DooJ8ign Envelope ID.. O238051>0169492(￿8CF9-S8O44E0ECF2l Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENT5 lor the year ended 31 March 2024 I. ACCOUNTING POUCIES Icontinuedl Intan ible flxed assets other than oodwill Individual intangible assets costing £1,000 or more are capitalised and reeognised when future economlc benefits are probable and the cost of the asset can be measured reliably. Intan8ible assets are initially recognised at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortlsed at their expected useful economic lives on a straight line basis as follows.. Software Web51te developrnent 20% stfalaht line 20% strai8ht Ilne On disposal, the difference between the net disposal proceed and the carrying amount of the intangible asset is recognised as Income or expenditure. 1.7 Tanilble FlJ(ed Assets Individual tangible fixed assets costing £1,000 or more are capitalised. Tangible fixed assets are initially measured at C05t and subsequently me&sured at cost less accumulated depreciatlon and accumulated impairment10sses. Oepretiatlon Is provided on tanÈible Iixed assets other than freehold land, at rate5 cJlculated to write off thelr cost less estimated residual value over their expected useful lives as follows.. Leasehold property improvements Office furniture and equlpment Computer equipment Performance equlpment IO% straight line 10-20% stralght Ilne 10-33% stralght Ilne 10.20% straight line Subsequent costs, including replacement parts are capitalised only when it Is probably that such costs wlll generate future economic benefits. Any replaced parts or remainin8 carrylng amount5 of previous inspections are then dereco8ni5ed. All other costs of repalrs and maintenance are charged to the Statement of Financial Activities as incurred. Fixed asset inv tments In the separate accounts of the tharity, Interests in subsidlarles are inltlally measured at Cost and subsequently measured at Cost le55 any accumulated impairment losses. Interests In subsldiaries are a55essed for Impairment at each ieportln8 date. Anv impairment105ses or reversals of impalrment10sses are recognised immediately in income or expenditure. Current asset investments Current asset investments Include fixed term depsolt accounts Wlth a maturity of three months or more. Cash * bank and in hand includes cash and short term, highly liquid investments with a short maturity of three months or less Fln The charity has elected to apply the provisions ol Section 11 '8asic Financial Instruments, of FRS 102 to all of its flnancial instrnments. Financial instrLJments are recognised in the groups, Statement of Financial Position then the group becomes party to the contfactual provislons of the instrument. Financial assets and liabilitie5 are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right t0 Set off the recognised amounts and there 15 an intention to settle on a net basis or to realise the asset and settle the liability sirnultaneouslv. Dowsign Envelope ID.. 0238D513-01694920-BCF￿58044EoEcF2l Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 I. ACCOUNTING POLICIES Icantlnued) Basic financial assets 8asic financial a55et5, which Include trade and other debtors and cash and bank balances. are initially measured at transaction price including transattion costs and are subsequently carried at amortised cost using the effective interest method unless the arran8ement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest financial assets classified as receivable within one year are not amortlsed. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of all funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally reco8nised at their settlement amount. The c05ts of short term ernployee benefits are recogni5ed as a liability and an expense. For defined contribution schemes the amount charged to income and expenditure is the contributions payable in the vear. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. The group classifies the lease of properties and equipment as operatin8 leases. Rental charges are charled to the Statement of Flnancial Activities on a straight line basls over the perSod of the lease. Rent free periods or other incentives received for entering into an operating lease are accounted for as a reduction to the expense and are recognlsed on a strai8ht1Sne basis over the lease term. In accordance with FRS 102, the charity has taken advantage of the exemption5 from the following disclosure Section 7 '5tatement of Cash Flows.. Presentation of a Statement of Cash Flow and related notes and disclosures. 2. Crltlcal accountlTri estlfflates and Jud8ments Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectation of future events that are believed to be reasonable under the circurn5tances. Critical accountin estimates and assum tions The 8rotsp makes estimates and assumptions concernln8 the future. The resultlng accountin8 estlmates and assumptions will, by definition, seldom equal the related actual results. 35 Docusign Envelope10'. 0238D513-01694920-8CF>58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 2024 3. Donatlons and legacles 1024 2023 798,462 360,217 No income from charitable activities was restricted in 20241£19.623- 20231. 4. Incame on Charltable artlvltle$ 2024 2023 Operation of music venu• Ticket sales Other programme related income Government 8rant income Cultural recovery fund Other grant income 1,715,304 273,384 1,488,565 251.241 90,638 101,604 1.932,048 63,250 2,051,938 Analysls by fund Unrestricted funds Restricted funds 1,988,688 63.250 2,051,938 1,739,806 192,242 1,932,048 5. Incorne on other tradin8 activities 2024 2023 Desk income Event income Room hire Sponsorship income Other income Total 185,448 2,177,955 38,538 35,000 2,703 2,439,644 190,929 2,064,591 90,995 22,000 3,520 2,372.035 All income from tradin8 activities was unrestricted in both 2023 and 2024. 6. Expendlture on TradSn8 artlvltles 2024 2023 Commlssion Property People Support cost (see note 81 Total 447,728 447.663 295,647 469,916 1,213,291 280.411 391,516 1,119.590 All expenditure was unrestricted in both 2023 and 2024. 38 Drjxjsign Envelope10." 0238D513-016N920-BCF9-58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 2024 7. Expend5ture on Charitable artlvlties Total Total 2024 2023 People Artists MarketinE 1,722.732 1,185,296 278.187 3,186.215 1,575,574 946,549 220,494 2,742,617 Share of support costs (see note 81 Share of governance costs (see note 81 829,761 14.810 842,850 15,195 Total 4 030 786 3 600 662 80,32S of expenditure was restritted in the year12023..£367,3421. 8. Empendlture on Support Cost Support Cost Governance cost Basls of alloutlon 2024 2023 Property FlnancelProfessional Governance 1,161,668 130,662 1, 161,668 130,662 22,157 1,093,420 Difect 132,701 Direct 23,440 Governance 22,157 1292 330 1 314 487 1249 561 Analysed between Tradin8 Charitable activities 462,569 829.761 1,292,330 7,347 14.810 22,157 469,916 844.571 1,314.487 391,516 858,045 1 249,561 Support costs include property rental and service charges, professional and finance costs and administratlve expenses lincludin8 8overnance cost51. 9. Net movements in fund$ 2024 2023 Net movement in funds is stated after char8ing Fees payable to the gioup's auditor for the audit of the company's flnancial statements Fees payable to the group's auditor for tax compliance Fees payable to the group's auditoi for accountancy Depreciation of owned tangible fixed assets Amortlsation of intangible assets Operating lease charges 19,666 1,040 4,505 88,105 10,313 38,726 19,680 990 4,290 64,218 14,495 26.400 37 Docuslgn En￿lOpe ID.. 0238D513.O16￿g20.8CF9-S8O44E0ECF2l Kings Place Music Foundation NOTESTO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 10. Employees Nurnber of employees The average monthly number ol employees during the year wa5: 2024 FTE 24 25 2023 FTE 28 25 2024 Number 30 85 2023 Number 28 81 Permanent staff Casual staff Total 49 53 115 109 Employment costs 2024 2023 Wages •nd salarles Soclal security costs Other pension costs 1,815.096 144,434 32,041 1,629,126 138,421 28.271 1,991,571 1,795,818 The number of employees whose annual remuneration wa5 £60,000 or more were.. 2024 Number 2023 Number £60,00fy£70,000 £70,000-£80,000 Total pension costs paid on behalf of the above employees were £6,38412023..£2,6421. The trustee's received no remuneration during the year12023- £nill and no trustee recelved payment for professional or other service5 supplied to the charity12023-. £nill. Travel expenses were ieimbtsrsed to the trustees durlng the year £1, 14112023: £nlll. Key monogement personnel The key management of the charity comprise of those listed on the administrètion information page. Total employee benefSts of the key management personnel lor the year were £407,07312023.. É290,2601 38 Do￿sIgn Envelope 10.. 0238D51 &01694921NBCF&58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 2024 11. Intangible fiJ¢ed assets Website deve14)pment Group and charlty Software Total Cost At l April 2023 Addition5 At 31 March 2024 62,361 47.889 110,250 62,361 47,889 110,250 Amortlsallon and Impalrment At l April 2022 Amortisation ch8r8ed for the year 14,742 10,313 47.885 62,627 10,313 At 31 March 2023 25,055 47,885 72,940 Net Book Value At 31 March 2024 37,306 37,310 At 31 March 2023 The amortlsatlon char8e Is recognised In expenditure on charitable activlties. There are no contractual commltments to acqulre intangible assets at 31 March 202412023.. £nill. 12. Ta￿ltsIe flxed ossets Leasehold property lrnprovements Olfl¢e furniture and equlpment Comput*f eguiprnent Perfarrnance equSpment Total Group and charlty Cost At l April 2023 Additions At 31 March 2024 123,786 145,567 1,744 147,311 173,311 1,084,044 108,169 1,192,213 1,526,708 109,913 1,636,621 123,786 173 311 Depreciation & impairment At l April 2023 Depreciation charged in the year At 31 March 2024 72,437 10,447 82,884 144,597 416 145,013 100,469 11,630 112,099 701.442 65,612 767,054 1.018.945 88.105 1.107,050 Net Book Value At 31 March 2024 40,902 51,349 2,298 970 61,211 72.842 425,159 382.602 529.571 507,763 At 31 March 2023 All tanilble assets are held for charitable purposes. 39 Docusi9n Envelope ID.. 0238D51>0169492CL8CF9-58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIALSTATEMENTS for the year ended 31 March 2024 13. Investments The charlty owns 100% of the issued ordinary share capital of Kin85 Place Music Foundation Trading Limited, a company re8lStered in England and Wales Icompany number 06590LKJ81, registered office 90 York Way, London, Nl 9AG. The company pays all of its profits to the charity under the gift aid 5cheffle. KPMFTL opeiates all commercial trading activities carried out within Kings Place Music Foundation premises. The cost of this investment is £IO12023'. £101. A summary of the company's net assets and financlal activities for the year ended 31 March 2024 is provided below.. The aggregate of the assets, liabilities and fund5 was.. 1024 2013 Current assets Current liabilitie5 293,752 1293,7421 1,302.190 172.6921 Total net assels io 1229 498 The financial assets were as follows.. 2024 2023 Turnovef Cost of sales and admlnbstratlon expenses 2,554,959 2,482,927 12,554,959) 11,253,439) Result for the year 1229.488 14. Debtors Group 2024 Charity 2024 2023 2023 Amounts falling due within one year- Trade debtors Amounts due from 8roup undertakings Prepayments and accrued Sncome 263,169 388,706 55.615 209,450 12 1,033 386,098 57.259 175,047 438,216 110,363 499,069 101.486 158.745 IS. Cr•dltor$ Group 2024 Charlty 2014 2023 2023 Trade creditors Amounts Llue to fellow 8roup undertakings Other taxation & soclal security Other creditors Accruals Deferred Income 435,295 288.713 407.487 253.818 871,190 62,742 60,386 186,413 277,422 1711971 56,677 43,597 248.658 264,086 1048 313 62,742 60,386 229,510 278,122 919,473 56,089 43,597 195,672 261,176 964 021 16. Deferred Income Group 2024 Charity 2024 2023 2Q23 8alanco at l Aprll Amounts released to income Amounts deferred in the year Balance at 31 March 278,122 1278.1221 264.086 264.086 288,640 1288,6401 278,122 278,122 186.413 1186,4131 261,176 261,176 287.719 1287.7191 186.413 186 413 Oeferred income comprlses advance tlcket sales and deposits paid on room hire. Income Is deferred untll the group Is entitled to the income. 40 Doojsign Envelope10'. 02380s1>01694920-8CF￿s8044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS forthe vear ended 31 March 2024 17. Retlrement benefft schemes Oefined contiibution schem Ihe charity operates a lunded detined contribution penslon stherne tor employees, through the People's Pension. 'I'he assets of the stheme are held separately from those of the cornpany in an independently administered fund. The contributions payable by the charity charged to income and expenditure amounted to £32,041 12023.. £28,2711. Contributions totalling £7.70712023: £6,611) were payable to the fund at the year end and are included in creditors. Expenditure and liabilities are allocated to unrestricted funds. 18. Charitable funds For the year ended 31 March 2024 8alance at l April 2023 Movemeni In funds Income Expenditure Transfers Balance al 31 March 2024 Group General funds General funds 449,425 449,425 5.226,794 15,163,752) 5,226.794 15. 163.7521 512,467 512,467 Restricted funds Other Funds Audience Fund 63,250 163,2501 117,0751 180,3251 17,075 17,075 63,250 Tot¥1 funds 5,290,044 Companv Movement In funds Eytpendhture Transfers alance •t 31 March 2024 I Apfll 2023 Incorne Gener•1 funds General funds 1774,0631 1774,0631 5,352,306 14,065,776) 5,352,306 14,065,776) 512,467 512,467 Restricted funds Other Funds Avdlence Fund 63,250 163.2501 117,0751 180,3251 17,075 17,075 63,250 Total funds 1756,9881 5,415,556 14, 146. 1011 512,467 Audience Fund: This fund represents monies received to subsidlse concessions tickets at Kings Place. For the year ended 31 March 2023 Balance at l April 2022 Movement In funds In¢ome expenditure Translers 8•lan01694920-BCF9-58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 1024 19. Analysis of aroup net assets between funds For the year ended 31 March 2024 General Funds Restrlcted funds Total Group Intangible fixed assets Tangible fixed assets Net current liabilities 37,310 529,571 154,4141 512 467 37,310 529,571 154.4141 512 467 General Funds Restricted funds Total Charlty Intangible flxed JssetS Yaniible fixed assets Net current liabilities 37,310 529,S81 154,4241 512,467 37,310 529,581 154,4241 512.467 For the year ended 31 March 2023 G•nerJl Funds Restrfrted lunds Total Group Intangible fixed a55ets Tan8ible flxed assets Net current Ilabllities 47,623 507,763 1105,9611 47,623 507,763 188,8861 466 500 17,075 Genernl Funds Reslricted funds Tot•1 Charlty Intèn8ible Ilxed assets Tangible fixed assets Net current liabilities 47,623 507,773 11,329,459) 1774,0631 47,623 507,773 11,312,3841 1756.9881 17.075 17.075 42 Docuggn Envelope ID.. 0238051 >ol69492￿BcF9-sB044EoECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 2024 20. Operatlni ￿•Se commltmenls Group and Charltv The charity a5 a lessee: The total future minimum lease payments under non-cancellable operating leases are set out below= 2024 2013 Within one year Between one and five year5 Over flve years 17,664 38,733 6,520 62.917 22.808 43,492 18.834 85,134 The operating leases represent leases ol equipment. The average lease length is five years. The charity as a lessor.. At 31 March 2024. the charity had contracted wlth tenants tor the lollowing mlnimurn lease payments, whlch tall due as follows: 2024 2023 WithSn one year 8etween one and five years 88,154 102,473 88.435 190,908 88,154 43 Docusign Envelope ID.. 0238051 &Ol69492￿CF9-58o44E0EcF2l Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 2024 21. Related party transactions Transartlons wlth related porties During the year the group entered Into the followlng transaction5 Wlth relèted partie5 lrtcorne 2024 Expendltufe 2024 2023 2023 Green & Fortune Limited Pangolin Parabola Foundation Parabolè Real Estate Investment Management LLP 1,787,313 8,013 700,000 10,489 2,505,815 1.722,279 15,926 290,000 10,080 2,038,285 47,520 32,513 4.254 51,774 32,513 The following amounts were outstanLling at the reporting end date Amoun15 owed to relat•d partles 1024 2023 Green & Fortune Llmited 32,738 32,738 33,010 33.010 The followini amounts were outstandin8 at the reporting end date Arnounts owed by related partles 2024 2023 Green & Fortune Limited Pangolin Parabola Foundatlon 181,224 2,704 330,197 2.563 183,928 332.760 Green & Fortune Limited is a company part owned by PJ Millican la Trusteel. Pangolin and Parabola Foundatitsn ère companle5 Wlth PJ Millican la Trustee) as a dlrector. O Jude la Trusteel Is also a director of Parabola Foundation. 22. Le8al status of the tharlty The chaflty Is a charily limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per mernber of the charitv. Docusign Envelope ID." 0238D51&01694920-8CF9-58044EOECF21 Kings Place Music Foundation NOTES TO THE FINANCIAL STATEMENTS for the vear ended 31 March 2024 21. C•$h lenerated from operalions 2024 2023 SLtrrplus/ Ideficitl for the year Adjustments fof-. 45,967 155,9521 Amortisatlon and Impairment of intangible assets Depreciation and impairment of tangible fixed assets Movements in Working capital= Oecrease Illncrea5el in debtors Increasel Ioecreasel in creditors 10,313 88,105 14,495 64,218 60.853 128,840 65,812 102.237 Cash generated from I labsorbed by) operations 334,078 190,810 24. Analysis of tha￿e$ in net debt l April 2023 Ca5hflows 31 March 2024 Cash at bank and In hand 331,518 31,518 1275,8351 275,835 55,683 55.683 15. Taxatlon The charity is exempt from tax on Income and galns falllng wlthln Sectlon 505 of the Taxes Act 1988 or Sectlon 252 of the Takatlon of Chargeable Galns Act 1992 to the extent thai these are applied to its charitable objects. 45