Reglstered number: 07549890 Charity number- 1142138 THE TENEBRAE CHOIR (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees. report 2-10 Indep•nd•nt auditors. report on th• finan¢ial statements Statement of financial activities 16 Balance sheet 17-18 ststement of cash flows 19 Notes to the financial statements 20-36
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Elizabeth Andrews Nicholas Bland Andrew Halstead James Kanagasooriam Jonathan Lane, Chair Nicola Oppenheimer Kavi Pau lan Ritchie (resigned 6 December 2023} Sabrina Rodriguez James Tumbull Company reglslered number 07549890 Charity registered number 1142138 Rogisterod offi¢0 clo Lakin Rose Limited Cambridge House Camboro Business Park Girton Cambridge CB3 OQH Prlnclpal operatlng office clo Lyric Theatre Lyric Square King's Street London W6 OQL Company Secretary Alexandra Davies & Lydia Brookes Chief executive Alexandra Davies Independenl audltors Lakin Rose Limited Chartered Accountanls Statutory Auditors Cambridge House Camboro Business Park Girton Cambridge CB3 OQH Page 1
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also Directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of The Tenebrae Choir Ilhe charity} for the period 1 April 2023 10 31 March 2024. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements. the requirements of the charitvs goveming document and the provisions of the Slatemenl of Recommended Practice ISORP) 'Accountsng and Reporting by Charibes" Isecond edition October 20191. Since the charity qualifies as small under section 382, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Reportl Regulations 2013 is not required. Obj•¢tive$ and activities Pollcles and objectlves The charity was fomied for the advancement of the arts and culture. specifically by the presentation of concerts and recordings. and by engaging members of the public from a broad range of backgrounds through ils Leaming & Connection aclivilies. In setting objectives and planning for aclivilies. the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit. including the guidance 'Public benefit.. running a charity IPB2)'. b. Strategies for achieving objo¢tive$ The charity achieves its objectives principally by perfomiing concerts. making recordings, and delivering a wide range of Leaming & Connection programmes for people of all ages. The activity of the charity is worldwide. The Trustees are committed to the perfomiance and recording of new music and champion the work of up-and- coming composers. performing it all over the UK and abroad, often bringing il to audiences for the first time. Since its inception Tenebrae has striven for and achieved artistic excellence through dramatic programming. flawless perfomiances and unforgettable experiences. Wherever possible. Tenebrae perfomis music by candleli9ht and using the spatial opportunities afforded by the venue to create an immersive audience experience. Tenebrae seeks lo continue lo innovate through ils engagement of core audiences and development of artists and the expansion of its digital content and reach. Page 2
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Obj•¢tive$ and activities l¢ontinuod} c. Strategic D•v•lopment The recent growth of our Learning & Connection programmes, as well as the introduction of the Artistic Development Fund in the previous year. resulted in increased workload for our small management team. In order lo address Ihis. éuring the financial year we inlr(x1uced two new roles.. In May 2023 we were joined by Nicole Artingslall in Ihe part-time role of Leaming & Connection Producer. Not only did Nicole bring valuable expertise to this area of our work. but the creation of this role freed up the Development & Learning Coordinator to focus entirely on fundraising; something which is increasingly important as we continue to expand. Sadly (although not unexpectedly). Nicole moved on lo another role at the end of the year. but this is now a permanent position within our team and we have since recwited her successor (see 'Post Accounting Period Events and Plans for Future Periods'l. In September 2023 we hired Eleanor Hunt in the ftjll-lime role of Operations Manager. This is a varied role covering general operations. financial administration, and elements of marketing. and was designed primarily to free up the Chief Executive lo focus less on day-l04ay administration and more on strategic development. So far it has proven lo be very successful, and we are pleased with the overall shape of the management team. We continued to lake steps lo improve diversity and inclusion wherever possible. As reported last year. the most prominent example of this is our work in slate primary schools in Wesl London. Our lalesl statistics show that 83 /0 of participants speak English as an additional language, and 43,/0 of children al Key Stage 2 qualify for free school meals (compared to 19 /0 nalionallyl. Additionally. we have now begun to expand our 'Tenebrae Effect, workshop programme. By being more flexible in our offer and subsidising the cost of these workshops, we can actively engage with participants from a much wider range of backgrounds. For the first time. we also conducted screened auditions. Applicants for our latest intske of Associate Artists were shortlisted on the basis of music recordings only, and undertook their initial audition behind a screen. Only a final handful of candidates were eventually invited lo a Tenebrae rehearsal so that we could assess their ensemble skills., something which would be exceplionally difficutt to do anonyThously. We continued to try and introduce music by composers from underrepresented backgrounds inlo our programming. This remains challenging. simply because the vast bulk of choral music composed before the mid- 20th century was written by European men. Nonetheless, we were delighted wrth the warm reception for our performances of A Prayer for Deliverance by Joel Thompson. a Black American composer of Jamaican heritage. We also continued to champion works by a number of fantsslic female composers. Finally, following the unexpected receipt of a significant legacy {£130.000 during FY 2023-24 and a further £100.000 during FY 2024-251 the Board has approved a number of designated funds which will support our strategic growth over the next few years.. Leamlng & Connectlon, £90,000- This fund is ring-fenced to safegtjard the delivery of our full Learning & Connection programme for one year in the event that we miss our fundraising largels. This is particularly important because our schools programme is designed lo run over 3 academic years. Withdrawing from a school midway through their programme would compromise their overall experience and risk devaluing the work already done. Self-promoted ¢on¢ert$, £80,000- Over the next 6 years we will begin to self-promole concerts in 8-10 strategically chosen locations around the UK. Benefits of this include.. greater artistic autonomy.. partial protection against a shrinking number of paid engagements due to the economic climate.. and the opportunity to perfomi for new audiences in locations where we are unlikely to be booked by concert promoters. In the longer term we expect these concerts to break even, bul first we must focus on audience development. This fund represents an investment in building this self-promoled concert circuit. Page 3
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Obj•¢tive$ and activities l¢ontinuod} Infrastructure growth strategy, £50,000- In the past 18 months we have Created new roles {1.6 FTEI in order lo keep up with the charity's continued growth. It is probable that, at some point in the next few years. we will need lo add further staff in the areas of finance and marketing. The Board has made the decision to ring-fence these funds lo facilitate future appointments. Artistic Development Fund, £50,000- Following the ongoing success of this fund over the past two years, the Board have replenished it lo £50.000. As before. il is allocated to support projects which are artistically or slralegically important lo further our aims. but do not generate revenue or fully cover their cost. such as recordings. commissions and artistic R&D. Dlgltal l Marketlng, £41,000- In the Trustees, report to the previous set of accounts, we identified the development of our digital presence as a key strategic aim. Further to that, we have recently taken on WildKat PR lo manage our digital strategy. as well as increasing our budget for online content and web development. For the financial year 2024-25 we are forecasting a deficit due to the investment of reseNes, so the Board has allocated £41,000 lo underwrite the full cost of this important strand of work. 25th annlversary prole¢ts, £25,000- A lump sum allocated to numerous artistic projects proposed for Tenebrae's 25th anniversary season in 2026-27 (see 'Post Accounting Period Events and Plans for Future Periods'l. This is in addition lo the rolling Artistic Development Fund. Green tourlng, £20,000- Allocated to facilitate greener practices where possible and appropriate- e.g. adding ground travel days rather than flying beeen European engagements. EDI strategy, £15,000- A small fund to kick-start initial work on a more comprehensive EDI strategy. In the first instance this is likely lo involve commissioning some consultancy. and creating subsidised ticket programmes to widen access for those from underrepresented backgrounds. Page 4
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 A¢hievoments and porfornian¢o a. Main a¢hiov•m•nt$ of the charlty Following an exceptionally busy year in 2022-23. the financial year 2023-24 fell like a retum lo stability following several seasons of turbulence. That being said, we are aware that the combined economic impact of the pandemic. Brexit and the war in Ukraine is being felt across Europe, and that many concert promoters (who provide the largest portion of our revenue) are trying lo balance rising costs with stagnant or reduced box office income. During the financial year we performed 56 concerts across 11 countries. as well as taking on a number of recording projects and continuing to grow our Learning & Connection programme. We also focussed on expanding our management team to ease pressure on existing staff. whose workloads had grown along with our programme of work. We remain immensely grateful to John Ellerman Foundation for their multi-year support of our core operations. which underpin the delivery of all our artistic and educational work. We would also like lo reilerale our thanks to John Lyon's Charity and Paul Hamlyn Foundation for their continued support of our work in Tenebrae's partner primary schools in Ealing. West London. rm In April and May 2023 we gave 5 performances of a new programme of music by J. S. Bach and Sir James Ma¢Millan. The first of these performances, which look place at St John's Smith Square (London), was filmed by the BBC for broadcast on Easter Sunday. We concluded this lour at Snape Mallings ISuffolk} in May when. thanks lo the generous support of those who donated via a crowdfunding campaign. we were able to record our live performance for subsequent release as an album. We are pleased that this programme has continued to be very popular with audiences and promoters alike. and the choir has performed it multiple times in several different countries since this initial tour. In the autumn we gave 3 performances of another new programme entitled 'A Prayer for Deliverance.. This programme was inspired by a musical work of the same name by the American Composer Joel Thompson, who wrote il as a response to the murder of several Black men and women by the police in the US. Written in 16 voice parts and requiring a virtuosic choir. il fell perfect for Tenebrae, and we gave ils first UK performances at Windsor Festival, Wigmore Hall (London} and Bridgewater Hall Imanchesterl. The other centrepiece of the programme is Herbert Howells, Requiem.. a stunning work which is not performed as often as il should be. Alongside these major works the choir perfomieé music by Caroline Shaw. Cecilia McDowall and Francis Poll among others. Al Christmas 2023 we gave the first performances of a new programme for choir and actor. commissioning the writer Garth Bardsley to create an original script which would be punctuated by choral music for Advent and Christmas. The actor Clive Mantle played the role of a man recounting his memories of Christmases past, including happy events as well as poignant moments. We perfomied it to appreciative audiences al Sl Martin-in-the-Fields (Londonl, Saffron Hall IEssex}. Bury St Edmund's ISuffolk} and Nottingham Royal Concert Hall. We were particularly pleased with the perfomiance in Nottingham where, in spite of il being Tenebrae's debut performance in the city. Ihe audience numbered around 700. We would like to extend our grateful thanks lo The Marchus Trust for awarding us a grant towards this new programme. and to The London Community Foundation and Cockayne- Grants for the Arts for permitting us to rollover the unspent fvnds from a previous project to support the performance at St Martin-in-the-Fields. Page 5
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 A¢hievoments and porfornian¢o l¢ontinuod} During Holy Week 2024 we look our signalure work. Joby Talbot's Path of Miracles. lo St Marb'n-in-the- Fields ILondonl, King's College Chapel in Cambridge, and Elbphilhamonie Hamburg. This was a very special tour, featuring some incredible venues and a fantastic audience reception throughout. It was our second perfomiance al Elbphilhamonie Hamburg following our debut there in late 2021. and we hope that this relationship will continue lo develop over the coming years. As usual, we toured extensively throughout Europe, with a couple of nolable developments. Our concert in Namur in July 2023 marked our return lo Belgium for the first time since 2008. and we hope lo build on this in seasons to come. In December 2023 we made our second ever visit lo Hungary. travelling to Veszprem to perfomi our programme 'English Glories of the Renaissance,. Recordin As mentioned above. in May 2023 we recorded a live perfomiance of music by Bach and Macmillan at Snape Mallings in Suffolk. This was a new way of working for us as, until now, we have always recorded our albums in a number of closed sessions. The live recording model is significantly less expensive than the session model. and we wanted lo ascertain whether it would produce a recording of adequate quality. We released the album on Signum Records in October 2023 and. although the end result is not as polished as an album made in closed sessions, overall we were really proud of how this recording turned out. In September 2023 we were invited to re-record the iconic UEFA anthem by composer Tony Britten. This project was a lot of fun. and an encouraging boost for Tenebrae as we continue to seek more commercial session work. The new version of the anthem was subsequently released in summer 2024 as part of a wider re-branding by UEFA. Aso in autumn 2023. we were delighted lo find out Ihat our most recent Christmas album, In Winter's House. had won the choral category of the prestigious Edison Classical Music Awards. min nn Our Tenebrae Schools programme continued to grow as we took on our third partner schcK)I, taking the programme to capacity for the first time since its launch in 2021-22. Havelock Primary School enrolled on the programme in autumn 2023, joining Tudor Primary School (who were beginning their second year) and Clifton Primary School {who were embarking on their third and final year on the programmel. The administration of the programme began to benefit from the creation of a dedicated Learning & Connection role within our sm811 team. and in summer 2023 we were able to deliver some valuable training for our growing workshops delivery team of freelance musicians. Across two days. they learned new repertoire for the year ahead. recapped basic techniques for leaching young Children. and considered ways in which we can contribute lo the decolonisation of the music Curriculum. In addition to delivering fortnighlly workshops for our target year groups. in March 2023 we invited the participating classes to a specially curated concert in St Mary's, Ealing. Athough Tenebrae performs regularly for the children in their schools, we wanted them to experience the sound of a professional choir in a bigger acoustic and more of a 'concert' setting.11 was a shame that one of our three schools was unable to make il on the day due lo complications with transport. bul we received wonderful feedback from the other two schools and will aim lo repeat this in the future. In October and November 2023 we worked wth Streetwise Opera for the first lime. arranging some activity around our performances of'A Prayer for Deliverance, al Wigmore Hall (London) and Bridgewater Hall (Manchester). This was a light-touch collaboration.. we facilitated composer Joel Thompson to contribute to workshops with Streetwise Opera performers in London and Manchesler, and were also able to arrange for perfomiers from both locations lo obseNe Tenebrae in rehearsal and Page 6
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 A¢hievoments and porfornian¢o l¢ontinuod} performance. Nonetheless. it was a great success. with bolh parties feeling that the collaboralion was mutually beneficial. We are already in conversation with Ihe team at Streetwise Opera about ways in which we can build on this in future seasons. so at Bridgewater Hall in November 2023. the choir gave a curated schools, performance for over 700 local school children, leading them in communal singing aclivities as well as performing a few pieces from the evening's concert programme. We began lo lay the groundwork for an expanded 'Tenebrae Effect, programme. Historically. we have offered these vocal workshops to adult amateurs who already sing regularly and have strong sight- reading skills. Going foN4ard, we aim lo offer them to a much broader range of participants. As well as working with Streetwise Opera and with children in Manchester, during the financial year we gave workshops for the cathedral choir in Sl Asaph (Wales) and amateur singers in Nottingham, facilitated King's Junior Voices in Cambridge to observe a Tenebrae rehearsal, and opened productive conversations with a number of groups with whom we arranged activity to take place after the financial year-end. Our sextet of Associate Artists continued to make significant contributions lo the choir, appearing in concerts and recordings throughout the year as well as helping to lead workshops in our partner schools and al London Youth Choir. Financial review . Going COnM After making appropriale enquines, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. b. Surplu$ For the year under review the charity made a surplus of £182.784 which will be added lo the reserves broughl forward. Reserves of £728,765 will be carried fotward including £113,548 of restricted funds and £371.000 of designated funds. The reseNes carried fOare were achieved by the careful management of costs and overheads, strong surpluses on concert engagements. and successful fundraising for our Learning & Conneclion programmes. c. Reserves poll¢y The charty is maintaining sufficient reserves to cover six months of ils core organisational costs. reflecting the long-temi nature of its forward contracts and commitments lo both musicians and promoters. Page 7
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 d. Prlnclpal rlsks and uncertalntles The Trustees have assessed the major risks lo which the charity may be exposed through 8 Risk Register and are satisfied that systems and procedures are in place to mitigate its exposure to those major nsks over which the Trustees have a measure of control. Structure. governance and management a. Constitution The charrty is registered as a charitable company limited by guarantee, incorporated on 3 March 2011. govemed by ils memorandum and articles. The charity received ils charitable status on 27 May 2011. The charity is constituted under ils memorandum and articles and is a registered charity number 1142138. The Trustees of the charity are the Directors of the company. b. Methods of appointment or election of Trustees The Trustees have the power to co-opt additional Trustees. While there are no specrfic policies for the training of Trustees. who would be skilled in their particular field before being appointed. the Trustees have regard to any specialist skills needed when co-opting potential Trustees - for example, fundraising. musical knowledge. digital marketing etc. c. Organisational structure and decision-making policie$ The Trustees meet periodically lo discuss the matters affecting the charity and lo review the financial position of the charity. In addition, the Trustees liaise wrth the Chief Executive about any specific points that they may be interested in. Individual Trustees are not allowed to vote on any remuneration or fees Ihat they may receive from the charity- During the financial year covered by this annual report, lan Ritchie resigned from Ihe Board of Trustees after a long and fruitful tenure. The remaining Twstees would like lo take this opportunity lo offer very grateful thanks to lan for contributing his expertise over many years, particularly in the fields of choral programming and music education. Post accounting period events and plans for future periods Since April 2024 we have undertaken several notable artistic projects as well as putting in place the building blocks for future strategic development, with further exciting plans in the pipeline for future periods. In June 2024 we appointed WildKal PR to help us deliver our digital strategy. Having previously identified our digital platforms as a key opportunity for development. we are excited lo work with WildKat {inilially on a 12-month contract) lo grow our online reach and engagement. Eadier in this report we gave delails of one of our newest concert programmes. 'A Prayer for Deliverance'.This is proving popular with promoters and, since year-end. we have given performances in Perth (Scollandl, Ampleforth Iyorkshirel, Souillac (Francel, Bremen (Germany), Wiesbaden {Gemianyl and Lucerne Iswitzerlandl. In July 2024 we recorded our perfom)ance at Ampleforth Abbey live in concert, and expect the resulting album lo be released on Signum Records in July 2025. We are particularly excited lo share the premiere recording of A Prayer for Deliverance by Joel Thompson. Page 8
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Post accounting period events and plans for future riOdS l¢ontinuod} In September 2024. four new singers joined us as Associate Artists. replacing sopranos. an alto and a lenor who had all completed their time on the programme. Al the same time, we welcomed Gifford Primary School in Northoll (Ealingl as our newest partner school. Our target year group there will be Year In December 2024 we will be working again with Ihe Academy of Ancient Music {AAMI on a short tour of Handel's Messiah. Our last collaboration with AAM in 2021 was a great success, and we are looking forward lo re-visiting Handel's iconic oratorio. This tour will include our debut performances al Het Concertgebouw and SPOT Groningen (Netherlandsl as well as return visits to the Kurhaus Wiesbaden (Germany) and Saffron Hall IUKI. In lemis of staffing. in June 2024 we welcomed Gail Rimeika in the role of Leaming & Connecb'on Producer. Gail brings a wealth of experience from her previous roles at organisalions including Spitalfields Music and City of London Sinfonia. ané we are pleased that we have been able to increase her hours from 2 10 3 days per week since we initially created this role last year. In September 2024 our Chief Executive, Alexandra Davies. began a 9-month maternity leave. She will return lo work in July 2025 and. in the meantime, her role will be covered by Lydia Brookes. Lydia is well acquainted with Tenebrae, having already covered the Chief Executive role when Alexandra took a short sabbatical lasl year. and we are delighted that she is available to take on this longer period of cover. Looking further ahead. and pending the outcome of several open grant applications. in April 2025 we hope to work with three North Indian classical musicians via a collaboration with The Third Culture Collective. Through a period of R&D. we will develop a new programme which taps inlo an entirely new sound world, represenlative of the diverse musical landscape of m(Klern Britain. The 2026-27 season will mark 25 years since the choir was founded by Nigel Short in 2001. We are currently in the early planning stages and much will depend on the success of our forthcoming fundraising campaigns. but planned activities include several new commissions. an anniversary recording, and a new composition competition to identrfy new and diverse talent. Al the same lime as planning for our anniversary celebrations, and as described above. we will be focussing on building a self-promoted touring circuit. This marks a significant departure from our current business model, which relies almost exclusively on paid engagements, and SLJch a development is only possible because of improvements to the charills financial stability over the past few years. Finally, in order to optimise our reserves. eartier this year we opened a COIF deposit fund with CCLA. Cash levels will be reviewed by the audit committee on a quarterly basis, and we will aim lo retain around 6 months, operating costs in our current accounts with HSBC. Any surplus cash can be invested with CCLA until such time as il is needed lo support operating cosls or specrfic projects. Members, Ilablllty The Members of the charity gu8r8ntee lo contribute an amount not exceeding £110 the assets of the charity in the event of winding up. Page 9
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Stat•mont of Tru$tee$' responsibilities The Tnjstees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Tnjstees lo prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of ils incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial slatemenls, the Tnjstees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and pnjdent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Tnjstees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniation to auditors Each of the persons who are Tnjstees at the lime when this Trustees. report is approved has confimied Ihal.. so far as Ihal Trustee is aware, there is no relevant audit information of which the charitys auditors are unaware, and that Trustee has taken all Ihe sleps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish Ihat the chariws audrtors are aware of that infomiation. Auditors The auditors. Lakin Rose Limited. have indicated their willingness to continue in office. The designated Tnjstees will prosx)se a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of Ihe board of Tnjstees on by.. 05 Dec 2024 and signed on their behalf Jonathan Lane (Thu, 5th D8c2024 J6hatfi¥fy Lane Chair of Trustees Page 10
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR Opinion We have audited the financial statements of The Tenebrae Choir (the 'charilll for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalemenls.. give a true and fair view of the slate of the charitable companls affairs as al 31 March 2024 and of its incoming resources and application of reSoUrs. including its income and expenditure for the year then ended- have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilrties under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence Ke have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lusions r•latlng to going concem In auditing the financial statements. we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable companrfs ability lo continue as a going Concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibililies and Ihe responsibiltties of Ihe Trustees with respect to going concern are described in the relevant sections of this rewrt. Page11
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI Other information The other information comprises the infomiation included in the annual report other than the financial slatemenls and our auditors. report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl othemise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, are required lo delemiine whether this gives rise to a material misstslemenl in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Opinion on other matters pres¢ribod by the Companios Act 2006 In our opinion, based on Ihe work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial slatemenls are prepared is consislenl wrth the financial statements. the Trustees, Report has been prepared in accordance wth 8ppIic8ble legal requirements. Matters on whl¢h we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kepl, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of Twstees, remuneration specified by law are not made., or we have nol received all the infom)ation and explanations we require for our audiL or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement lo prepare a Slralegic Report. Page 12
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI Rosponsibilitios of trustees As explained more fully in the Iruslees, responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slatemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Tnjstees are responsible for assessing the charitsble companys ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditors. rospon$ibilitie$ for th• audit of the financial $tstomont$ Our objectives are to obtain reasonable assurance about whether the financial stalemenls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Extent to whl¢h the audlt was ¢onsldered capable of detectlng Irregularltles, Includlng fraud We idenlrfy and assess the risks of material misstatement of the financial slatemenls, whether due lo fraud or error. and then design and perform audit procedures responsive lo those risks. including obtaining audit evidence that is sufficient and appropriate lo provide a basis for our opinion. Identifying and assessing polential risks related lo irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. the nature of the sector, control environment and performance, results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtsined and reviewed the company's documentation of their policies and procedures relating to.. identifying. evaluating and complwng with laws and regulations and whether they were aware of any instances of noncompliance., detecting and responding to the risks of fraud and whelher they have knowledge of any actual. suspected or alleged fraud.. the intemal controls established to miligale nsks of fraud or non-compliance with laws and regulations., the discussions among the audit engagement team and involving relevant internal specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Page 13
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI As a result of these ProdUres, we considered the opportunities and inntiveS that may exist wrthin the organisalion for fraud and identified the greatest potential for fraud in relation lo revenue recognition. In common with all audits under ISAS IUKI, we are also required to perform specific ProdureS to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, the UK Companies Act and UK tsx legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental lo the companls ability lo operate or to avoid a material penalty. We identified no such laws and regulations applicable lo the company. Audit response lo risks identified As a result of performing the above, we identified revenue recognition as a key audit risk related to the potential risk of fraud. Our procedures to respond lo risks identified included the following= reviewing the financial stalemenl disclosures and lesling to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial st8lements', enquiring of managemenl concerning actual and potential litigation and claims.. performing analylical procedures lo identify any unusijal or unexpected relationships that may indicate risks of material misst8tement due to fraud; reading minutes of meetings of those charged with governance., obtained an understanding of provisions and held discussions with management lo understand the basis of recognition or non-recognilion of provisions., and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjuslmenls- assessing whether the judgements made in making accounting eslimales are indicative of a potential bias.. and evaluating the business rationale of any signbficant transactions that are unusual of outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including intemal specialists. and remained alert lo any indications of fraud or noncompliance with laws and regulations throughout the audit. A fvrther description of our responsibilities for the audit of the financial stalemenls is located on the Financial Reporting Council's website at: .frC.Or .uklauditorsres nsibiltties. This description fomis part of our auditors, reporL Page 14
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI Use of our roport This report is made solely to the charitys members. as a body, in accordan with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charity's members those matters are required lo slate lo them in an auditors. report and for no other purpose. To Ihe fullest extent pemiitted by law. we do not accept or assume reswnsibilily lo anyone other than the charity and ils members, as a body. for our audit work, for this report, or for the opinions we have formed. Christopher Dougherty (senior statutory auditor) for and on behalf of Lakin Rose Limited Chartered Accountants Statutory Auditors Cambridge House Camboro Business Park Girton Cambridge CB3 OQH Date.. 5 December2024 Page 15
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from.. Donations and legacies Charitable activities Other income 154,456 204,774 700,786 24,914 359,230 700,786 24,914 180, 739 901,855 25,513 Total income 154,456 930,474 1,084,930 1, 108, 107 Expenditure on.. Charitable activities 147,676 754,470 902,146 965,554 Total expendlture 147,676 754,470 902,146 965,554 Net movement in funds 6,780 176,004 182,784 142,553 Reconciliation of funds: Total funds brought fOard Net movemenl in funds 106,768 6,780 439,213 176,004 545,981 182,784 403,428 142,553 Total funds carried forward 113,548 615,217 728,765 545,981 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 20 to 36 form part of these financial slatements. Page 16
THE TENEBRAE CHOIR IA company limited by guarantee) REGISTERED NUMBER: 07549890 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investmenls 11 7,391 539 12 7,391 540 Current assets Stocks Debtors Cash at bank and in hand 13 14 2,680 98,466 699,481 2,345 100,522 502, 707 800,627 605,574 Creditors.. amounls falling due within one year 15 179,2531 (60, 133) Net current assets 721,374 545,441 Total net assets 728,765 545,981 Charity funds Restricted funds Unreslricted funds 16 113,548 106, 768 Designated funds General funds 16 16 371,000 244,217 50,000 389,213 Total unrestricted funds 16 615,217 439,213 Total funds 728,765 545,981 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 17
THE TENEBRAE CHOIR IA company limited by guarantee) REGISTERED NUMBER: 07549890 BALANCE SHEET {CONTINUEDI AS AT 31 MARCH 2024 The financial statements were approved and aulhorised for issue by the Tnjstees on 05 Dec 2024 and signed on their behalf by.. Jonathan Lane (Thu, 5lh Dec2024 Jéfialfiklh Lane Chair of Tnjstees The notes on pages 20 to 36 form part of these financial slatements. Page 18
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Ca$h Ilows from operating activities Net cash used in operating activities 205,237 128,614 Cash flows from Investlng actlvltles Purchase of tangible fixed assels 18.463) Not cash (used lnllprovld by investlng actlvities 18.463) Change In cash and ¢ash ¢qulval¢nts In the year Cash and cash equivalents al the beginning of the year 196,774 502,707 128,614 374,093 Cash and cash equlvalents at the end of the year 699,481 502, 707 The notes on pages 20 to 36 form part of these financial statements Page 19
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The charity is a company limited by guarantee and is incorporated in England and Wales. The address of the registered office is clo Lakin Rose Limited, Cambridge House, Camboro Business Park. Girton. Cambridge, CB3 OQH. A¢countlng pollcles 2.1 Basis of preparation of financial $tat8mont$ The financial slatemenls have been prepared in accordance with the Charities SORP IFRS 102} Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffectsve 1 January 20191 and the Companies Act 2006. The Tenebrae Choir meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Charity $tstu$ The charity is a company limrted by guarantee. The members of the charity are the Iruslees listed on page 1. In the event of the charity being wound up. the liability is respect of this guarantee is limf(ed to £1 per member of the charity. 2.3 Going ¢oncem The financial statements have been prepared on a going concem basis. which assumes that the charity will continue as a going concem for the foreseeable future. The Trustees have performed a going concern assessment and have specifically considered the resources available to the Charity and the obligations expected to arise over the medium temi. taking into account expected operating acb'vilies in line with ils charitable objectives and the investment of reserves in new hires and strategic artistic projects. On the basis of the assessment perfomied. the Trustees have reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future and that il is appropriate lo prepare the financial statements on a going concem basis. 2.4 Income l income is recognised once the charity has entillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement. the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of enlitlemenl to 8 legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the charity. can be reliably measured. Other income is recognised in the period in which it is receivable and lo the exlenl the goods have been provided or on completion of the service. Page 20
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢counting poli¢i•s l¢ontinuedl 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third paty. it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the aclivrties which further the charitls objectives. as well as any 8SSOCl8ted support costs. l expenditure is inclusive of irrecoverable VAT. 2.6 Tangible fixod as1$ and d•pr8¢iation Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following basis.. Office equipment 33 % straight line 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the balance sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether re81ised or unrealised, are combined and presented as 'GainsllLosses) on investments, in the statement of financial activities. Inveslmenls in subsidiaries are valued at cost less provision for impaim)enl. 2.8 Stocks Stocks are valued at Ihe lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cosl includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 21
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢counting poli¢i•s l¢ontinuedl 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation al the balance sheet dale as a result of a past event, it is probable Ihal a transfer of economic benefit will be required in settlement, and the amounl of the settlement can be estimated reliably. Liabilities are recognised al the amount that the charity 8nlicip8tes il will pay lo setue the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost. 2.10 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 2.11 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the Trustees for parb'cular purposes. The aim and use of each designated fund is sel out in the notes to the financial stalemenls. Reslricled funds are funds which are to be used in accordan with specific reslriclions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 22
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donalions and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Legacies 154,456 74,774 130,000 229,230 130,000 180, 739 154,456 204,774 359,230 180, 739 Total 2023 135,t50 45,589 180, 739 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Concert income and music sales 700.786 700,786 901,855 Total 2023 901,855 901,855 Oth•r In¢omlng resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Royalties YouTube income 15,488 9,426 15,488 9,426 17,454 8,059 24,914 24,914 25,513 Total 2023 25,513 25,513 Page 23
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expondituro on ¢haritsbl• activitie$ Summary by fund typo Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Advancement of classical music 147,676 754,470 902,146 965,554 Total 2023 78,916 886,638 965,554 Summary by expondituro typo Staff costs Depre¢latlon Other costs 2024 2024 2024 Total 2024 Total 2023 Advancemenl of classical music 155,869 1,611 744.666 902,146 965,554 Total 2023 121,062 753 843, 739 965,554 Analy$is of 8xponditur• by activities Activities undertaken directly 2024 Support costs Total funds 2024 Total funds 2023 2024 Advancement of classical music 851,395 50,751 902,146 965,554 Total 2023 921,234 44,320 965,554 Page 24
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Auditors, remuneration 2024 2023 Fees payable lo the charrtls auditor for Ihe audit of the charity's annual accounts 7,875 Fees payable to the charivs audrtor in respect of.. All non-audit services not included above 5,474 2, 750 Staff costs 2024 2023 Wages and salaries Social security costs Contnbulion to defined contn'bulion pension schemes 144,614 8,453 2,802 112,500 6,034 2,528 155,869 121,062 The average number of persons employed by the charity during the year was as follows.. 2024 No. 2023 No. Employees No employee received remtJner8tion amounting lo more than £60.000 in either year. 10. Trustees. remuneratlon and expenses During the year ended 31 March 2024, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Tnjslee expenses have been incurred (2023 - £NIL). Page 25
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Tangible fixed assets Office equlpment Cost or valuation Al 1 April 2023 Additions 7,331 8,463 Al 31 March 2024 15,794 Depreciation Al 1 April 2023 Charge for the year 6,792 1,611 Al 31 March 2024 8,403 Net book value Al 31 March 2024 7,391 At 31 March 2023 539 12. Fixed asset investments Investments in subsldlary companies Al 1 April 2023 Disposals (1) Net book value At 31 March 2023 Tenebrae Choir Trading Limited was dissolved on 30 May 2023. Page 26
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Stocks 2024 2023 Finished goods and goods for resale 2,680 2,345 14 Debtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 54,109 2,880 41,477 43,141 2,880 54,501 98,466 100,522 1& Creditors: Amounts falling duè within one year 2024 2023 Trade creditors Amounts owed lo group undertakings Other taxation and social security Other creditors Accruals and deferred income 49,896 16,581 10,371 747 18,239 10,327 3,396 29,828 79,253 60,133 Page 27
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Statement of funds Stat•mont of fund$ - current y•ar Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expendlture Unrestricted funds Designated funds Leaming & Connection Self-promoled concerts Infrastructure Growth Strategy Artistic Development Digital l Marketing 25th Anniversary Projecls Green Touring EDI Strategy 90,000 80,000 50,000 90,000 80,000 50,000 50,000 41,000 25,000 20,000 15,000 50,000 41,000 25,000 20,000 15,000 50,000 321,000 371,000 Gèneral funds General Funds 389,213 930,474 1754,4701 1321,0001 244,217 Total Unrestricted funds 439,213 930,474 1754.470) 615,217 Page 28
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Stat•m•nt of funds (Continued) Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Restricted funds Choral Development Programme Associate Artists Scheme Josephine Stephenson New Commission Schools Fund l Tenebrae Schools Bach & Macmillan A Christmas Conversation Tenebrae Effect Wofkshops CO Operations Sl Bartholomew-Ihe-Great 3,000 47,000 (3.000) 147,0001 45,000 45,000 4,684 (4,684) 37,500 19,584 87,500 2,686 4,770 3,500 5,000 1,000 166.6211 121,6011 (4.770) 58,379 669 3,500 5,000 1,000 106,768 154,456 1147.676) 113,548 Total of funds 545,981 1,084,930 1902,146) 728,765 Page 29
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Stat•m•nt of funds (Continued) Designated Funds forthe year ended 31 March 2024 Learning & Connection. £90.000 - This fund is ring-fenced to safeguard the delivery of our full Learning & Connection programme for one year in the event that we miss our fundraising targets. This is particularly important because our schools programme is designed to run over 3 academic years. Withdrawing from a school midway through their programme would compromise their overall experience and risk devaluing the work already done. Self-promot•d conc•rt$, £80.000 - Over the next 6 years we will begin lo self-promote concerts in 8-10 strategically chosen locations around the UK. Benefits of this include.. greater artistic autonomy.. partial protection against a shrinking number of paid engagements due to the economic climate.. and the opportunity lo perform for new audiences in locations where we are unlikely lo be booked by concert promoters. In the longer term we expect these concerts lo break even. but first we musl focus on audience development. This fund represents an investment in building this self-promoled concert circuit. Infrastructure growth strategy, £50,000 - In the past 18 months we have created new roles11.6 FTEI in order lo keep up with the charity's continued growth. It is probable that, al some point in the next few years, we will need lo add further staff in the areas of finance and marketing. The Board has made the decision to ring-fence these funds lo facilitate future appointments. Artistic Development Fund: £50,000 - Following the ongoing success of this fund over the past two years, the Board have replenished it to £50,000. As before, it IS allocated to support projects which are artistically or strategically important to further our aims, but do not generate revenue or fully cover their cost. such as recordings. commissions and artistic R&D. Digital l Marketing.. £41,000 - In the Trustees, report to the previous sel of accounts, we identified the development of our digital presen as a key strategic aim. Further to that, we have recently taken on WildKat PR lo manage our digital strategy, as well as increasing our budget for online content and web development. For the financial year 2024-25 we are forecasting a deficit due to the investment of reserves, so the Board has allocated £41,000 lo underwrite the fvll cost of this important strand of work. 25th annlversary proled& £25,000 - A lump sum allocated to numerous artistic projects proposed for Tenebrae's 25th anniversary season in 2026-27 (see 'Posl Accounting Period Events and Plans for Future Periods'l. This is in addition to the rolling Arbstic Development Fund. Green tourlng. £20,000 - Allocated to facilrtale greener practices where possible and appropriate - e.g. adding ground travel days rather than flying beeen European engagements. EDI strategy, £15,000 - A small fun(J lo kick-slart initial work on a more comprehensive EDI strategy. In the first instance this is likely to involve commissioning some consultancy. and creating subsidised lickel programmes to widen access for those from underrepresented backgrounds. Restrl¢ted Funds for the year ended 31 March 2024 Choral Development Programme - these funds were received for and applied towards our outreach work with our Choral Development Partners (London Youth Choirs and Music Centre London). Associate Artists Scheme - Funds for expenses related to Tenebrae's flagship talent development programme. This will subsidise the fees and training for the young professional singers enrolled on the programme. Page 30
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Stat•m•nt of funds (Continued) Josephin• Slephenson Now Commission - a surplus of £4,684 remaining from funding originally received towards the cost of a new commission in 2022 was applied (with the consent of the funderl towards our new Christmas Conversation programme, performed in Dernber 2023. Schools Fundrrènebrae Schools - Funds raised lo support the cost of delivering regular singing activity in our partner slate primary schools in Southall Iwest London). including major grants from John Lyon's Charity and Paul Hamlyn Foundation. Bach & Ma¢Millan - Donations from individual supporters towards the cost of touring and recording a new programme of music by J. S. Bach and Sir James Macmillan in spring 2023. A Christmas Conversation funding lo support audien growth for a new artistic programme performed in December 2023, including in Nottingham and Bury Sl Edmunds. Tfrnebrae Effect Workshops - these funds support the delivery of our singing workshops with adults and young people. Operational Costs- funding to support core operating costs. St Bartholomew-the-Great- funding lo support an own-promolion cOnrt at St Bartholomew-the-Great church in London in June 2024. Stat•mont of funds - prlor y•ar Balance al 31 March 2023 Balance al l April 2022 Income Expenditure Unrestricted funds Dosignatod funds Artistic Development Fund 50,000 50,000 General funds General Funds 302,894 972,957 (886,638) 389,213 Total Unrestricted funds 352,894 972,957 (886,638) 439,213 Page 31
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Stat•m•nt of funds (Continued) Balance al 31 March 2023 Balance al l April 2022 Income Expenditure Restricted funds Choral Development Programme Overseas Concerts Associate Artists Scheme Josephine Stephenson New Commission Swedish Tour Schools Fund l Tenebrae Schools Bach & Macmillan 3,090 (3,000) (850) (48,066) 850 45,tlk) 4,684 48,066 45,000 4,684 1,000 63,500 19,584 (1,000) (26,000) 37,500 19,584 50, 534 135, 150 (78,916) 106, 768 Total of funds 403,428 1,108,107 (965,554) 545,981 Page 32
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Stat•m•nt of funds (Continued) Designated Funds forthe year ended 31 March 2023 The Artistic Development Fund relates to a designated fund of £50,000, the purpose of which is to enable the charity lo underwrite some degree of financial risk on projects such as self- and co-promoted concerts, and invest in projects which have historically been more difficult lo fund through Iraditional fundraising. Restrl¢ted Funds for the year ended 31 March 2023 Choral Development Programme amateur singers of all backgrounds. Funds for choral outreach with Tenebrae's education partners and Overseas Concerts - Funds towards the costs of concerts overseas. The balance brought fOard has been used towards broadcast fees al a concert in Stockholm. Associate Artists Scheme Funds for expenses related to Tenebrae's flagship talent development programme. This will subsidise the fees and training for the young professional singers enrolled on the programme. Josephine Stephenson New Commission - Brought forward donations of £4,375 towards the costs of a new commission. Swedish Tour - A grant from the Anglo-swedish Society towards the cost of concerts in Kalmar and Helsingborg {Swedenl in March 2022. The funds were received in April 2022 after the lour was complete. Schools Fund - Funds raised to support the cost of delivering regular singing activity in our partner state primary schools in Southall (Wesl London). including major grants from John Lyon's Charity and Paul Hamlyn Foundation. Bach & Macmillan - Donations from individual supporters towards the cost of touring and recording a new programme of music by J. S. Bach and Sir James Macmillan in spring 2023. Page 33
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Summary offunds Summary offunds- current y•ar Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expendlture Designated funds General funds Reslncted funds 50,000 389,213 106,768 321,000 1754.4701 1321.0001 1147.6761 371,000 244,217 113,548 930,474 154,456 545,981 1,084,930 1902,146) 728,765 Summary of funds - prlor year Balance al 31 March 2023 Balance al l April 2022 Income Expendilu Designated funds General funds Restricted funds 50,000 302,894 50, 534 50,000 389,213 106, 768 972,957 135, 150 (886,638) (78,916) 403,428 1,108,107 (965,554) 545,981 18. Analysis of not a$sots botwe•n funds Analy$is of not ass•ts between funds - curr•nt period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assels Creditors due wrthin one year 7.391 687,079 179,253} 7,391 800,627 179.2531 113,548 Total 113,548 615,217 728,765 Page 34
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysis of not a$sots botwe•n funds l¢ontinuod} Analysis of not ass•ts between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due wrthin one year 539 539 106, 768 498,806 (60, 133) 605,574 (60, 133) Total 106, 768 439,213 545,981 19. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2024 2023 Net income for the per1j (as per Ststement of Financial Activiliesl 182,784 142,553 Adjustments for: Depreciation charges Decreasellincreasel in stocks Decreasellincreasel in debtors Increase in creditors Loss on disposal of investment 753 1,950 (36,063) 19,421 13351 2,056 19,120 Net cash provided by operating activities 205,237 128,614 Analysis of cash and ¢a$h oquivalonts 2024 2023 Cash in hand 699,481 502, 707 Total cash and cash equivalents 699,481 592, 707 Page 35
THE TENEBRAE CHOIR IA¢ompany limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysis of changes In net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 502,707 196,774 699,481 502,707 196,774 699,481 Pension commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity lo the fund and amounted to £2,802 (2023 - £2,528) Contributions of £nil (2023 - £nil) were payable to the fund at the balance sheel date and are included in creditors. Operating lease commitments At 31 March 2024 the charity had commitments lo make future minimum lease payments under non- cancellable operating leases as follows: 2024 2023 Not later than 1 year 6,420 6,000 Page 36