Reglstered number: 07549890 Charity number- 1142138 THE TENEBRAE CHOIR (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025
THE TENEBRAE CHOIR IA company limited by guarante•l CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees. report Indep•nd•nt auditors. report on th• finan¢ial statements 9-13 Statement of financial activities 14 Balance sheet 15-16 ststement of cash flows 17 Notes to the financial statements 18-38
THE TENEBRAE CHOIR IA company limited by guarante•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 AUGUST 2025 Trustees Elizabeth Andrews Nicholas Bland Andrew Halstead Stephen Johns (appointed 17 December 2024} James Kanagasooriam Jonathan Lane, Chair Nicola Oppenheimer Kavi Pau Iresiqned 1 Auqust 20251 Sabrina Rodriguez James Tumbull (resigned 2 April 20261 Company regislored number 07549890 Charlty reglstered number 1142138 Rogi$t•rod 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 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 company limited by guarante•l TRUSTEES. REPORT FOR THE PERIOD ENDED 31 AUGUST 2025 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 (the charilyl for the period 1 April 2024 10 31 August 2025. This extended financial year. covering a period of 17 months, is the result of the Trustees, decision to revise the charity's financial year. From 2025-26. the financial year will run from September to August, rather than from April to March as before. This will bring the financial year in line with both the artistic season and Ihe academic year. helping to simplify some of the accounting and repo.n9 around restricted grants and donations. The Trustees confirm that Ihe annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charills goveming document and the provisions of the Statement of Recommended Practice ISORP} 'Accounting and Reporting by Charrties. (second edition October 20191. Since the charity qualifies as small under section 382 of the Companies Act 2006. the stralegic report required of medium and large companies under Ihe Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omtted. Oble¢tlves and actlvltles a. Policies and objectives The charity was fomed 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 its Leaming & Connection aclivilies. In seth'ng objectives and planning for activities. the Truslees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity IPB2)'. b. Objo¢tiv•s and activities The charity achieves its objectives principally by performing concerts. making recordings, and delivering a wide range of Learning & Connection programmes for people of all ages. The activity of the charity is woddwide. The Trustees are committed to the performance 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 firsl time. Since its inception Tenebrae has striven for and achieved artistic excellence through dramatic programming. flawless performances and unforgettable experiences. Wherever possible. Tenebrae performs music by candlelight and using the spatial opportunities afforded by the venue lo create an immersive audience experience. Tenebrae seeks to continue to innovate through its engagement of core audien$ and development of artisls and the expansion of its digital content and reach. Page 2
THE TENEBRAE CHOIR IA company limited by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 AUGUST 2025 A¢hievoments and porfornian¢o a. Highlights of tho year 2024-25 was a busy year. and the breadth of Tenebrae's programming and educational work reflected our ambitions lo be working with and for a wide range of people from all backgrounds. Particular highlights included.. In June 2024. an expanded choir of 40 singers performed in Ely Cathedral as part of Aldeburgh Festival. This concert was originally planned for 2020 to celebrate the 450th anniversary of Tallis, 40-part motel Spem in alium. but was postponed due to the pandemic. The highlight of the programme was a stunning performance of Eric Whilacre's When David Heard. In July 2024. BBC Radio 3 broadcast our performance from Ampleforth Abbey as part of Ryedale Festival in Yorkshire. The concert programme. A Prayer for Deliverance. was one that we had long hoped lo record, and we are grateftjl to the BBC and Signum Records for working together lo license Ihe broadcasl audio for commercial release. We would also like lo thank The Herbert Howells Trust for generously supporting this recording. The album. which featured the wodd premiere recording of Joel Thompson's eponymous work, was released in June 2025 to critical acclaim. and we are delighted that il has recently won both Recording of the Year and the Choral Award at the BBC Music Magazine Awards. Shortly after the performance at Ryedale Festival. we toured this programme lo several wonderful venues in Rocamadour. Bremen, Wiesbaden and Lucerne. We have 8 wami and long-standing relationship with Lammermuir Festival in East Lolhian, and in autumn 2024 we were invited to give particulady special performances. Joby Talbot's Path of Miracles holds an important place in Tenebrae's history, being the choir's first major commission back in 2005. These two performances look place in the Concorde Hangar al the Museum of Flight, and received a wonderful review in The Times. This sensationally beautiful meditation on pilgrimage seemed lo shimmer in the air around Concorde as the Choir moved through the vast space, creating pinpricks of sound that coalesced and separated in a way that brought the piece's spiritual message to sublime, pulsating life. It's for implausible things like this, and for the moments of tr8nscendence which they bring. that we fund the arts as a public good." Al the start of the academic year we were delighted to welcome Gifford Primary School to our Tenebrae Schools programme, through which hundreds of children at stale primary schools benefit from regular singing sessions in school. We would also like lo lake this opportunity lo congratulate Tudor Primary School on completing their 3-year partnership with us in summer 2025. We thoroughly enjoyed working with all the pupils and staff at Tudor Primary. and have been very proud lo watch them grow in confidence throughout the programme. In December 2024 we collaborated again with renowned period-inslrument orchestra Academy of Ancient Music on a four-concert tour of Handel's Messiah. with fantastic audience reception Ihroughoul. Several months later. we were honoured lo find out that our performance in Wiesbaden had won the prestigious Opus Klassik Award for 'Orchestra/Ensemble Live Perfomiance of the Year,. so in December, six of our current and former Associate Artists sang a Christmas concert alongside performers from StreeiSe Opera at their annual fundraiser. Slreelwise Opera are a wonderful charity who help lo empower people who have experienced homelessness through music. and it was a joy lo be involved with this performance. We are pleased to be talking with Streetwise Opera about ways in which we can continue lo collaborate in the future. Page 3
THE TENEBRAE CHOIR IA company limited by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 AUGUST 2025 A¢hievoments and porfornian¢o l¢ontinuod} In March 2025 we were invited to perfomi in a series of 'Surround Sound Playlisl, concerts presented by the chamber orchestra Britten Sinfonia. Taking place in Chelmsford. Ely and Peterborough Cathedrals. these concerts were designed lo offer a way in for newcomers to classical music while also appealing to seasoned concert-goers. Tenebrae and the orchestra were joined by Amy Dickson Isaxophonel. Joseph Tawadros loud}, and numerous local amateur choirs and brass bands in a varied programme which the artists performed from different locations in the venue to create an immersive experience. Audience members were invited to pay what they could afford. and encouraged lo sil or lie on the floor to enjoy the performance. Audience feedback suggested that 36./0 of groups who booked included at least one person who'd never attended a classical Concert before, and that 25'/D of bookers in Peterborough were from the 1 OYO most deprived wards in the UK. In March and April 2025 we collats)rated with Third Culture Collecb've to work with Indian classical musicians. On the face of it. these are two very different musical traditions. Indian classical music is primarily leamed by ear and features long sections of virtuosic improvisation, while the Westem choral Iradrtion is dependent on quick and accurate score-reading. Across a series of workshops, we explored the traditions and found the places where they intersect. ultimately creating a programme which we hope blends the two styles together seamlessly to create something entirely new. As well as giving an informal performance as part of Darbar Festival, we were delighted to share this music with hundreds of children from our partner primary schools in Ealing, and we are currenuy exploring the possibility of touring this programme more widely in 2027-28. We are grateful to Arts Council England and The Marchus Trust for their generous support of this period of R&D. and we look forward to developing this collaboration further. During the spring temi we introduced a new creative songwriting element to Tenebrae Schools, and had great fun working with children and teachers to create a new song for each class in our focus year groups. Feedback from teachers suggested that this new aclivty empowered some of the children who had struggled with singing. and we are excited to develop this strand for future years. In August 2025 we gave four perfomances of Bach's B Minor Mass with Kammerorchesler Basel in Switzerland and Germany. This was an artistic highlight of the year, and we hope that il will be the firsl of many collaborations with the orchestra. Throughoul the financial year. we were also privileged lo work wilh London Symphony Orchestra on performances of Ravel's Daphnis et Chloé, Holsl's The Planets, and Janacek's The Excursions of Mr. Broucek. We are incredibly grateful to all the concert promoters who work so hard and lake financial risks lo bring us lo their communities. whether that be on a world-renowned stage or in a Ioc81 parish church. We would like lo extend particular thanks to Wigmore Hall for their incredible support of Tenebrae since our debut there in 2018. often enabling us to premiere new and challenging programmes. Likewise, we are indebted to numerous granl-giving organisalions and individu81 donors, without whom we simply couldn't deliver our artistic or educational programmes. Although there isn't room lo acknowledge each and every donor in this report. we would like to thank them collectively for their belief in what we do. and their continued friendship and support. In particular, we would like lo thank the John Ellerman Foundation for supporting core operating Costs. The Fernside Trust for supporting our Associate Artists, John Lyon's Charity and Paul Hamlyn Foundation for enabling us to deliver Tenebrae Schools, and The Brindle Foundation for kindly supporting the development and launch of Tenebrae Academy (see further detsil below). Page 4
THE TENEBRAE CHOIR IA company limited by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 AUGUST 2025 Financial review a. Going COnM After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. b. SurpluslD8fi¢it While 2024-25 was a busy and successful year, it is undeniable that we are operating in a very challenging financial climate. Since 2023 we have grown our small management team lo keep up with an expanded programme of work and increased administrative demands. While this was necessary lo maintain the quality of our work and avoid staff burn-out. it has also significantly increased the charity's overheads. The cosl-of-living crisis has impacted both the cost of services and the box office income that concert promoters can expect to make from ticket sales. and the financial pressure on charities has generated increasing compelition for a limited pool of grants and donations. In 2024-25 we are reporting a loss of £60.600. This was planned for and expected as we made the decision to invest in a larger team. However. the expe¢lation was that by 2025-26 we would be able lo grow our fundraised income to bridge the gap. While this is still our aim. it has undoubtedly become much harder lo achieve. As a result, our most recent strategic review {September 20251 focused primarily on the need lo grow our membership and individual gifts. maximise revenue from our digital platforms. and avoid taking on loss-making projects which don't directly conlribule lo the charity's strategic objectives for the next three years. c. Reserves poll¢y The charity's policy is to maintsin sufficient reserves to cover six months of its core organisats'onal costs. reflecting the long-temi nature of its forward contracts and commitments lo trx)Ih musicians and promoters. For the year under review the charity made a deficit of £60.604. Total resetves of £668,161 consisting of Reslricled funds of £118,011. Designated funds of £330,500 and Unrestricted funds of £219,650 wll be carried fornard. d. Rlsk management The Trustees have assessed the major risks to which the charity may be exposed through a Risk Register and are satisfied that systems and procedures are in place to miligale its exposure to Ihose major nsks over which the Trustees have a measure of control. Stru¢ture. govomance and management a. Constitution The charity 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 conslituleé under its memorandum and articles and is a registered charity number 1142138. The Trustees of the charity are the Directors of the company. Page 5
THE TENEBRAE CHOIR IA company limited by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 AUGUST 2025 Stru¢ture. govomance and management l¢ontinuod} b. Methods of appointmont or Olection of Trust•e$ The Trustees have the power to co-opt addftional Trustees. While there are no specific 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 elc. c. Organlsatlonal stw¢ture and declslon-maklng pollcles The Trustees meet periodically to discuss the mallers affecting the charity and to review the financial posrtion of the charity. In addition. the Trustees liaise wfth 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 2024-25 we were pleased to welcome Stephen Johns lo Tenebrae's Board of Trustees. Formedy Artistic Director of the Royal College of Music. Stephen has worked as a record prcKJucer for over 30 years, and brings specialist knowledge of the classical recording industry to all Tenebrae's recording projects. We also said goodbye to Kavi Pau, who resigned as a Trustee in August 2025. Kavi was instrumental in helping us lo lake small bul meaningful steps towards a more diverse and inclusive offer. not least through spearheading 'One Voice,. an exciting collaboration which is covered in more detail above. We would like to take this opportunity to thank Kavi for his valuable contribution. and to wish him well for his next steps. We would also like lo acknowledge Lydia Brookes. who did a fantastic job as maternity cover for our Chief Executive. Alexandra Davies. Having worked with Lydia previously, we fell confident that she would be an effective leader at a time when the charity's activities are increasingly complex, and we are extremely gralefvl to her for all her time and expertise. Post a¢countlng perlod events and plans for future perlods Since the close of the financial year we have undertaken several excf(ing projects, and also begun to plan ahead for the choir's 25th anniversary season in 2026-27. In September 2025 we launched the pilot year of Tenebrae Academy.. a new programme for talented teenagers who face barriers to progressing their singing beyond secondary education. 11 is widely recognised that classical music. and choral singing in particular. still struggles to attract a diverse workforce. This is in large part due to a lack of high-qualily musical education in schools. and we hope that Tenebrae Academy. in combination with our work in primary schools, will go some way to helping to address this issue. We would like lo thank The Brindle Foundation for helping to make this pilot possible and, more recently, committing to a second year of the programme in 2026-27. Due to the generous support of a long-time donor, in October 2025 we were able to tour with 40 singers lo Windsor Festival. Elbphilharmonie Hamburg and the Church of Saint-Roch in Paris, giving three performances of our programme Mother and Child. December saw our second collaboration with Kammerorchester Basel. with 7 wonderful performances of Handel's Messiah in France. Switzerland and Germany. Ouring the autumn we were also able to record an album of works by the British-swiss composer Jessica Ulusoy-Horsley and another album of English Renaissance polyphony. for release in summer 2026 and autumn 2027 respectively. Page 6
THE TENEBRAE CHOIR IA company limited by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 AUGUST 2025 Post accounting period events and plans for future riOdS l¢ontinuod} 2026-27 will mark 25 years since Tenebrae was founded in Switzerland, and throughout the season we will celebrate the choir's journey lo dale while also looking lo the future. We are delighted to have commissioned new works from Jason Max Ferdinand, Joanna Marsh, Owain Park and Joby Talbol, all four of which will feature on new recordings lo be released in autumn 2026 and spring 2027. January 2026 saw the final of our Undiscovered Voices composition competition, through which we aimed to discover new, innovative voices in choral music. The winning piece by Sarah Henderson will also feature on a new recording. and will be performed throughout the season as part of our newest programme, The Journey. In honour of the choir's Swiss roots. in February we recorded the Mass for Double Choir by the Swiss composer Frank Martin in Kloster Fischingen Irelease dale TBC). By Coincidence. next year also marks the 1 Oth anniversary of our Associate Artists programme. and we are looking forward to celebrating this milestone wth a special concert at Wigmore Hall in January 2027. Finally, we would like lo note some recent updates lo our designated funds, which we have revised in line wth our most recent strategic review. The following funds were agreed by the Board of Trustees al our meeting on 9th February 2026.. Artlstlc Development Fund £50,000- To underwrite projects of artistic or slralegic significance. Dls¢retlonary Concert Subsldy £5,000 - To off-set relatively small losses andlor cover management fees on stralegic concert engagements where the agreed concert fee doesn't cover all our costs. Learnlng & Conne¢tlon £55.000 - To underwrite the cost of our full 3-year commitments to our current partner schools and to one year of termly sessions for London Youth Choir. Self-Promoted Concerts £78.882 - To UnderIte the development of a self-promoted lovring circuit in key locations where we feel there is a strong audience for Tenebrae. Infrastructure Growth Strategy £50,000 - To make provision for future expansion of the team if necessary. 25th Annlversary £50.000 - To support several key artistic projects in celebration of Tenebrae's 25th anniversary. The Digital Marketing fund included in our previous accounts was largely spent during 2024-25. and we have released the remainder into free reserves. Likewise. we have released the £20,000 fund for Green Touring and the £15,000 fund for EDI, as we feel that these aims are better served by embedding sustainable practices into the organisation, rather than by funding short-lerm initiatives. Members, Ilablllty The Members of the charity guarantee to Contribute an amount n(X exceeding £110 the assels of the charity in the evenl of winding up. Page 7
THE TENEBRAE CHOIR IA company limited by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 31 AUGUST 2025 Stat•mont of Tru$tee$' responsibilities The Tnjstees (who are also the directors of the charity for the purposes of company lawl 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 to prepare financial statements for each financial period. Under company law. the Tnjstees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate 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 statements. 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 lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going conrn basis unless rt is inappropriate lo 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 charitls 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 that.. so far as that Trustee is aware. there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit infomiation and to establish that the charitys auditors are aware of that infomiation. Auditors The audrtors. Lakin Rose Limited. have indicated their willingness to continue in office. The designated Tnjstees will protx)se a motion reappointing the audrtors at a meeting of the Tnjstees. Approved by order of the members of the board of Trustees on by.. 11 May 2026 and signed on their behalf JLL_ Jon81h8n Lane INlay 19, 2026. 5."37pml Jonathan Lane Chair of Trustees Page 8
THE TENEBRAE CHOIR IA company limited by guarante•l INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR Opinion We have audited the financial stalements of The Tenebrae Choir Ilhe 'charity} for the period ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the slalement 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 Standards, 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 stale of the charitable companvs affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure for the period then ended- have been properly prepared in accordance with United Kingdom Generally Accepled 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 Intemational Standards on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities 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 lo 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 Tnjslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, have not identified any malerial uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the charitable companys ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this rewrt. Page 9
THE TENEBRAE CHOIR IA company limited by guarante•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI Other information The other information comprises the infom)alion included in the annual report other than the financial statements 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 to the extent othemise explicitly ststed in our report. do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements. are required to determine whether this gives rise to 8 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infom)alion, 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 period for which Ihe financial stslements 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 ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respecl of the following mallers in relation lo which Companies Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kepl. or returns adequale 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 nol enlitled to 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 Strategic Report. Page 10
THE TENEBRAE CHOIR IA company limited by guarante•l 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 Iwho are also the d1Clor$ 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 to enable the preparation of financial statements that are free Irom material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Tnjstees are responsible for assessing the charitable companys ability to continue as a going concern. disclosing. as 8ppIic8ble. mallers related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Auditors. rospon$ibilitie$ for th• audit of the financial $tstomont$ Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in Ihe 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 prOdureS in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of delecling irregular(ties, including fraud is detailed below.. Extent to whl¢h the audlt was ¢onsldered capable of detectlng Irregularltles, Includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due lo fraué or error. and then design and perform audit procedures responsive to 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. Page11
THE TENEBRAE CHOIR IA company limited by guarante•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI As a result of these procedures, we considered the opportunities and incentives that may exist within the organisalion for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS IUKI, we are also required to perform specific procedures 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 delerminalion 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 addrtion. 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 to the company s ability to operate or lo 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 identrfied revenue recognition as a key audit risk related lo 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 lo all engagement team members including internal specialists. and remained alert lo any indications of fraud or noncompliance with laws and regulations throughout the audit. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Council's website al.. .frc.Or .uklauditorsres onsibilrties. This description forms part of our auditors, reporL Page 12
THE TENEBRAE CHOIR IA company limited by guarante•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TENEBRAE CHOIR ICONTINUEDI Use of our roport This report is made solely lo the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charity's members those matters we are required to stale lo them in an auditors. report and for no other purpose. To the fullest extent permitted by law. do not accept or assume ressx)nsibilily to anyone other than the charity and ils members, as a body. for our audit work, for this rewrt, or for the opinions we have formed. 4rii**er DoughÈrty Imay 19. 2028. 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.. 19 May 2026 Page 13
THE TENEBRAE CHOIR IA company limited by guarante•l STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 AUGUST 2025 Unrestricted funds 17 months ended 31 August 2025 Restricted funds 17 months ended 31 August 2025 Total funds 17 months ended 31 August 2025 Total funds 12 months ended 31 March 2024 Note Income from.. Donations and legacies Charitable activities Investments Other income 117,546 1,221,894 15,216 36,054 234,669 352,215 1,221,894 15,216 36,054 359,230 700, 786 24,914 Total income 1,390,710 234,669 1,625,379 1,084,930 Expenditure on.. Charitable activities 1,455,777 230,206 1,685,983 992,146 Total expendlture 1,455,777 230,206 1,685,983 902,146 Net movement in funds 165,0671 4,463 160,604) 182, 784 Reconciliation of funds- Totsl funds brought forward Net movement in funds 615,217 165.0671 113,548 4,463 728,765 160.6041 545,981 182, 784 Total funds carried forward 550,150 118,011 668,161 728, 765 The Statement of Financial Activities includes all gains and losses recognised in the period. The notes on pages 18 10 38 form part of these financial slatements. Page 14
THE TENEBRAE CHOIR IA ¢ompany limited by guarantee) REGISTERED NUMBER: 07549890 BALANCE SHEET AS AT 31 AUGUST 2025 31 August 2025 31 March 2024 Note Fixed assets Tangible assets 12 5,614 7,391 5,614 7,391 Current assets Stocks Deblors Cash at bank and in hand 13 14 4,460 209,288 665,542 2,680 98,466 699,481 879,290 800, 627 Current liabilities Creditors.. amounts falling due within one year 15 1216.7431 (79.253) Net current assets 662,547 721,374 Total net assets 668,161 728, 765 Charity funds Reslncted funds Unreslricted funds 16 118,011 113,548 Designated funds General funds 16 16 330,500 219,650 371,(100 244,217 Total unrestricted funds 16 550,150 615,217 Total funds 668,161 728, 765 The Trustees acknowledge their responsibilities for complying wth the requirements of the Act with respecl to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entrties subject to the small companies regime. Page 15
THE TENEBRAE CHOIR IA ¢ompany limited by guarantee) REGISTERED NUMBER: 07549890 BALANCE SHEET {CONTINUEDI AS AT 31 AUGUST 2025 The financial statements were approved and aulhorised for issue by the Tnjstees on 11 May 2026 signed on their behalf by.. and JLL_ Jonathan Lane IM8y 19, 2026. 5."37pml Jonathan Lane Chair of Tnjstees The notes on pages 18 10 38 form part of these financial slatements. Page 16
THE TENEBRAE CHOIR IA company limited by guarante•l STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 AUGUST 2025 17 months ended 31 Augu$t 2025 12 months ended 31 March 2024 Cash Ilows from operating activities Net cash used in operating activities 146.0131 205,237 Cash Ilows from investing activities Inleresl receivable Purchase of tangible fixed assets 15,216 13,142) (8.463) Not cash provid•d byllusod in) investing activities 12,074 (8,463) Change in ¢a$h and ¢a$h wuival•nl$ in the period Cash and cash equivalents at the beginning of the period 133,9391 699,481 196,774 502, 707 Cash and ¢a$h oquivalents at the end of tho period 665,542 699,481 The notes on pages 18 10 38 form part of these financial statements Page 17
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 General information The charrty 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 statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Gharities.. Statement of Recommended Practice applicable to 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 a public benefrt entily 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 limf(ed by guarantee. The members of the charity are the trustees listed on page 1. In the event of the Charity being wound up, the liability is respecl of Ihis guarantee is limited to £1 per member of the charity. 2.3 Going ¢oncem The financial slalements have been prepared on a going concern basis, which assumes that the charity will continue as a going concern for the foreseeable future. The Trustees have performed going concem assessment and have specifically considered the resources available lo the charity and the obligations expected lo arise over the medium term, taking into account expected operating acb'vilies in line with its charitable objectives and the investment of reserves in new hires and strategic artistic projects. On the basis of the assessment performed, 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 entitlement lo the income, il 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 entitlement to 8 legacy exists when the charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the dealh 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 musl 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 dislributed lo the charity, can be reliably measured. Other income is recognised in the period in which it is receivable and to Ihe extent the goods have been provided or on completion of the service. Page 18
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 A¢counting poli¢i•s l¢ontinuedl 2.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertakin9 each activity. Direct costs attributable to 8 single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to 8 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 lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charrtable aclivrties is incurred on directly undertaking the activities which further the charitls objectives. as well as any 8SSOCl8ted support costs. l expenditure is inclusive of irrecoverable VAT. 2.6 Interest receivable Interest on funds held on deposit is included when CeIvable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the instrtution wrth whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets are inftially recognised at cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible 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 langible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. DepciatIon is provided on the following basis.. Office equipment 33 % straight line 2.8 stocks Stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixed and variable overheads. Page 19
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 A¢counting poli¢i•s l¢ontinuedl 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the balan sheet dale as a result of a past event, it is probable that a Iransfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the charity 8nlicip8tes it wll pay lo settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of Ihe amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rale that reflects the risks specbfic 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 Ihe pension charge represents Ihe amounts payable by the charity lo the fund in respect of the period. 2.11 Fund accountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Tnjstees for particular purposes. The aim and use of each designaled fund is set out in the notes lo the financial stalemenls. Restricted funds are funds which are to be used in accordance with specific restrictions 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 fvnd. The aim and use of each restricted fund is set out in the notes to the financial statements. Inveslmenl income. gains and losses are allocaled to the appropriate fund. Page 20
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 Income from donalions and legacies Unrestricted Restricted Total funds funds funds 17 months 17 months 17 months ended ended ended 31 August 31 August 31 Augu$t 2025 2025 2025 Total funds 12 months ended 31 March 2024 Donations Legacies 17,546 100,000 234,669 252,215 100,000 229,230 130,0( 117,546 234,669 352,215 359,230 Total 2024 204, 774 154,456 359,230 Income from charitable activities Unrestricted Total funds funds 17 months 17 months ended ended 31 August 31 August 2025 2025 Total funds 12 months ended 31 March 2024 Concert income and music sales 1,221,894 1,221,894 700, 786 Total 2024 700, 786 700, 786 Page 21
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 Investment income Unrestricted Total funds funds 17 months 17 months ended ended 31 August 31 Augu$t 2025 2025 Total funds 12 months ended 31 March 2024 Interest receivable 15,216 15,216 Oth•r in¢oming resources Unrestricted Total funds funds 17 months 17 months ended ended 31 August 31 August 2025 2025 Total funds 12 months ended 31 March 2024 Royalties YouTube income 19,304 16.750 19,304 16,750 15,488 9,426 36.054 36,054 24,914 Total 2024 24,914 24,914 Page 22
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 Analysis of expondituro on ¢haritsbl• activitie$ Summary by fund typo Unrestricted Restricted funds funds Total 17 months 17 months 17 months ended ended ended 31 August 31 August 31 August 2025 2025 2025 Total 12 months ended 31 March 2024 Advancement of classical music 1,455,777 230,206 1,685,983 902,146 Total 2024 754,470 147,676 902,146 Summary by expendlture type Staff costs Depreciation Other costs Total 17 months 17 months 17 months 17 months ended ended ended ended 31 August 31 August 31 August 31 August 2025 2025 2025 2025 Total 12 months ended 31 March 2024 Advancemenl of classical music 304.158 4,919 1,376,906 1,685,983 902,146 Total 2024 155,869 1,611 744,666 902,146 Page 23
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 Analy$is of 8xponditur• by activities Activities ndertaken Support Total directly costs funds 17 months 17 months 17 months ended ended ended 31 August 31 August 31 August 2025 2025 2025 Total funds 12 months ended 31 March 2024 Advancement of classical music 1,610,569 75,414 1,685,983 992, 746 Total 2024 851,395 50,751 902,146 Auditors. remuneration 17 months ended 31 August 2025 12 months ended 31 March 2024 Fees payable lo the charrtvs auditor for the audit of the charity's annual accounts 8,250 7,875 Fees payable to the charitys audrtor in respect of.. All non-audit ServIS not included above 6,373 5,474 10. Staff costs 17 months ended 31 August 2025 12 months ended 31 March 2024 Wages and salaries Social securrty costs Contribulion to defined contn'bulion pension schemes 279,706 17,664 6,788 144,614 8,453 2,802 304,158 155,869 Page 24
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 10. Staff costs l¢ontinuod} The average number of persons employed by the charity during the period was as follows.. 17 months ended 31 Augu$t 2025 No. 12 months ended 31 March 2024 No. Employees No employee received remuneration amounting lo more than £60,000 in either period. 11. Trustees. remuneration and expenses During the period ended 31 August 2025. no Tnjstees received any remuneration or other benefits (2024 - £NIL). During the period ended 31 August 2025, expenses lolalling £556 relating lo fvndraising and concert related expenses were reimbursed or paid directly 10 2 Trustees (2024 - £NIL)- Page 25
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 12. Tangible fixed assets Office equlpment Cost or valuation Al 1 April 2024 Additions 15,794 3,142 Al 31 August 2025 18,936 Depreciation Al 1 April 2024 Charge for the period 8,403 4,919 Al 31 August 2025 13,322 Net book value Al 31 August 2025 5,614 At 31 March 2024 7,391 1& Stocks 31 August 2025 31 March 2024 Finished goods and goods for resale 4,460 2,680 Page 26
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 14 Debtors 31 August 2025 31 March 2024 Due within one year Trade debtors Other debtors Prepayments and accrued income 5,775 2,880 200,633 54,109 2,880 41,477 209,288 98,466 1& crltors. Amounts falling duo within ono y•ar 31 August 2025 31 March 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 106,865 7,617 15,071 87,190 49,896 10,371 747 18,239 216,743 79,253 Accru81s and deferred income includes income of £62,220 (2024 - £nil) which has been deferred and will be released in line with project activities in 2025126. Page 27
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Statement of funds ststomont of funds - curr•nt period Balance at 31 August 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Leaming & Connection Self-Promoted Concerts Infrastructure Growth Strategy Artistic Development Digital l Marketing 25th Anniversary Projecls Green Touring EDI Strategy Discretionary Concert Subsidy 90,000 80,000 50,000 50,000 41,000 25,000 20,000 15,000 90,000 78,882 50,000 33,689 12,929 25,000 20,000 15,000 5,000 11.118) 116,3111 128.0711 11.697) 6,697 371,000 147.1971 6,697 330,500 General funds General Funds 244,217 1,390,710 11,408,580) 16,697) 219,650 Total Unrestricted funds 615,217 1,390,710 11.455,777) 550,150 Page 28
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) Balance at 31 Augu$t 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Restricted funds Choral Development Programme 25th Anniversary Associate Artists Scheme Spem in alium tour Schools Fund l Tenebrae Schools Bach & Macmillan Tenebrae Effect Workshops Operational Costs Sl Bartholomew-Ihe-Great A Prayer for Deliverance For Ihy Creature the Bee Third Culture Collective Partnership Tenebrae Academy 3,000 2,500 46,000 25,000 3,000 2,500 45,000 25,000 45,000 146.0001 58,379 669 3,500 5,000 1,000 74,500 192.8681 16691 16.000) 145,0001 11.000) 111,1561 12.000) 40,011 5,000 40,000 2,500 11,156 2,000 21,513 4,000 121,5131 14.000) 113,548 234,669 1230,206) 118,011 Total of funds 728,765 1,625,379 11,685,983) 668,161 Page 29
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) Designated Funds for the year ended 31 August 2025 Leaming & Connection, £90,000 This fund is ring-fend lo safeguar(J the delivery of our full Learning & Connection programme for one year in the event that we miss our fundraising targets. This is particularly important because our schools programme is designed to njn over 3 academic years. Withdrawing from a school midway through their programme would compromise their overall experience and risk devaluing the work already done. Self-promotsd ¢onc•rt$. £78.882 - Historically, Tenebrae has been almost entirely dependent on paid engagements by established concert promoters. Going forward, 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., the opportunity lo perform for new audiences in locations where we are unlikely to be booked by concert promoters.. and the opportunity lo better know and understand our audience. In the longer term we expect these concerts to break even, but first we must focus on audience development. This fund represents an investment in building this self-promoled concert circuit. Infrastructure growth strategy, £50,000- The last few years have seen rapid growth in the scope of Tenebrae's work and, as a result. we have had to grow our management team. It is probable that, al some point in the next few years, we will need to add further stsff in the areas of finance and marketing. The Board has made the decision lo ring-fence these funds lo facilitate future appoinlmenls. Artistic Development Fund, £33.689- This fund is allocated to support projects which are artislically 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.11 also acts as an undemrite for projects wrth long lead-times. for which we may not have a full view of extemal funding available at the point when we need to commit. Digital l Marketing, £12,929 - This fund is allocated lo the development of Tenebrae's marketing aclivily, particularly through the appointment of WildKat PR lo grow and improve the choir's activity on social media. 25th annlversary projects, £25,000- A lump sum allocated to numerous artistic projects in celebration of Tenebrae's 25th anniversary season in 2026-27 (see 'Post Accounting Period Events and Plans for Future Periods'l. This is in addition to the rolling Arbstic Development Fund. Green lourlng, £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. Dlscretlonary Concert Subsldy £5,000 To off-set small losses on strategic concert engagements where the agreed concert fee éoesn't cover all our costs, but which we feel are beneficial lo the charills aims. Page 30
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) Restricted Fund5 for the year ended 31 August 2025 Choral Development Programme- These funds were intended to support our work with London Youth Choirs during the 2024-25 season. However. LYC couldn't accommodate us as planned, so it was agreed with the funder that we would apply the funds in 2025-26, specifically by supporting LYC'S Cambiata Boys Choir for boys in school years 7-11. 25th Annlversary - Restricted donations made towards numerous artistic projects in celebration of Tenebrae's 25th anniversary season in 2026-27 (see 'Post Accounting Period Events and Plans for Future Periods'l. Associate Artists Scheme - Funds for expenses related to Tenebrae's flagship lalenl development programme. This will subsidise the fees and training for the young professional singers enrolled on the programme. Spem in allum tour- A restn'cted donation made towards a 3-concert tour of a 40-singer programme featuring Thomas Tallis. Spem in alium, due lo take place in October 2025. Schools Fundrrenebrae Schools - Funds raised lo support the cost of delivering regular singing activity in our partner slate primary schools in Southall {West London), including major grants from John Lyon's Charrty and Paul Hamlyn Foundation. Bach & Ma¢Millan - Donations from individual supporters towards the cost of lounng and recording a new programme of music by J. S. Bach and Sir James Macmillan in spring 2023. Tenebrae Effect Workshops- These funds support the delivery of our singing workshops wth adults and young people. Operational Costs- Funding to support core operating costs. St Bartholomow-the.Great - An individual donation towards the cost of promoting a concert al St Bartholomew-the-Great in London in June 2024. A Prayer for Dellveran¢e Funding lo support the cost of making a live recording of our concert programme 'A Prayer for Deliverance, from Ryedale Festival, Yorkshire in July 2024. The album was released in June 2025. For thy Creature the Bee - A grant towards a perfomiance of Anna Semple's For Thy Cature the Bee at the City Festival of Music, Invenlion & Knowledge in October 2024. Third Culture Collective Partnership- Grants towards a collaboration between Tenebrae singers and Indian classical musicians. Specifically. these funds supported a senes of exploratory workshops, a schools sharing day. and an informal perfomiance of the resulting music in the Barbican foyer in spring 2025. Tenebrae Academy - Funding lowards a major new initiative providing high-quality choral training for approximately 20 talented young singers who face barriers to developing their singer beyond secondary education. Page 31
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) ststomont of funds - prior period Balance al 31 March 2024 Balance al l April 2023 Transfers in/oul Income Expenditure Unrestricted funds Designated funds Leaming & Connection Self-Promoted Concerts Infrastructure Growth Strategy Artistic Development Digital l Marketing 25th Anniversary Projecls Green Touring EDI Strategy 90,000 80,000 50,000 90,01 80,000 50,000 50,000 41,tlk) 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 (754,470) (321,OOOJ 244,217 Total Unrestricted funds 439,213 930,474 (754,470) 615,217 Page 32
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) Balance al 31 March 2024 Balance al l April 2023 Transfers in/oul 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 Workshops Operational Costs Sl Bartholomew-Ihe-Great (3,000) (47,000) 45,000 47,tlk) 45,000 4,684 (4, 684) 37,500 19,584 87,500 2,686 4,770 3,500 (66,621) (21,601) (4, 770) 58,379 669 3,500 1,000 106, 768 154,456 (147,676) 113,548 Total of funds 545,981 1,084,930 (902, 146) 728, 765 Page 33
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) Designated Funds forthe year ended 31 March 2024 Leaming & 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•rts, £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 lo the economic climate., and the opportunity to perform for new audiences in locations where we are unlikely lo be booked by cOnrt promoters. In the longer temi we expect these concerts to 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.11 is probable that. at some point in the nexl few years, we will need to 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 lo 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 presence as a key strategic aim. Further lo 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 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 to the rolling Arbstic Development Fund. Green tourlng, £20.(M)O- Ajlocated lo 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-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 r1Ved 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 34
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 1& Stat•m•nt of funds (Continued) Josephine Stephenson New Commission a surplus of £4,684 remaining from funding originally received towards the cost of a new commission in 2022 was applied Iwilh the consent of the funderl towards our new Christmas Conversation programme, performed in Dernber 2023. Schools Fundrrenebrao Schools - Funds raised to support the cost of delivering regular singing activity in our partner state 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 to support audience growth for a new artistic programme performed in December 2023, including in Nottingham ané Bury Sl Edmunds. Tenebrae Eff¢¢t 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-ther8at - funding lo support an own-promolion cOnrt at St Bartholomew-the- Great church in London in June 2024. 17. Summary offunds Summary offunds - current period Balance at 31 Augu$t 2025 Balance at 1 April 2024 Transfers inlout Income Expendlture Designated funds General funds Restricted funds 371,000 244,217 113,548 147,1971 1,390,710 11.408,5801 234,669 1230,2061 6,697 (6.697) 330,500 219,650 118,011 728,765 1,625,379 11,685,983) 668,161 Page 35
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 17. Summary of funds (Continued) Summary of funds- prlor period Balance al 31 March 2024 Balance al l April 2023 Transfers in/oul Income Expenditure Designated funds General funds Reslncted funds 50,000 389,213 106, 768 321,000 (754,470) (321,000) (147,676) 371,000 244,217 113,548 930,474 154,456 545,981 1,084,930 (902, 146) 728, 765 18. Analysis of net assets betweon funds Analysis of net assets between funds - current perlod Unrestricted Restricted Total funds funds funds 31 August 31 August 31 August 2025 2025 2025 Tangible fixed assets Current assets Creditors due wf(hin one year 5,614 701,279 1156.743} 5,614 178,011 879,290 160.000} 1216,7431 Total 550,150 118,011 668,161 Analysis of not ass•ts between funds - prior period Unrestricted funds 31 March 2024 Restricted funds 31 March 2024 Total funds 31 March 2024 Tangible fixed assets Current assels Creditors due wrthin one year 7,391 687,079 (79,253) 7,391 800,627 (79,253) 113,548 Total 615,217 113,548 728, 765 Page 36
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 19. Ro¢on¢iliation of net movomont in funds to not cash flow from 0ratIng activities 17 months ended 31 Augu$t 2025 12 months ended 31 March 2024 Net incomelexpenditure for the period las per Statement of Financial Aclivrtiesl 160.6041 182, 784 Adjustments for.. Depreciation charges Inleresl receivable Increase in stocks Decreasellincreasel in debtors Increase in creditors Loss on disposal of investment 4,919 115,2161 11.780) 1110,8221 137,490 1,611 (335) 2,056 19,120 Net cash provlded byllused Inl operatlng actlvltles 146,0131 205,237 Analysis of cash and ¢a$h oquivalonts 31 August 2025 31 March 2024 Cash in hand 665,542 699,481 Totsl cash and cash equlvalents 665,542 699,481 21. Analysis of changes In net debt At 1 April At31 2024 Cash flows August 2025 Cash at bank and in hand 699,481 133.9391 665,542 699,481 133,9391 665,542 Page 37
THE TENEBRAE CHOIR IA company limited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 Pension commitments The charity operales a defined contribution pension scheme. The assets of the scheme are held separately from those of the charty in an independently administered fund. The pension cost charge represents contributions payable by the charity lo the fund and amounted lo £6,788 (2024 - £2,802) Contributions of £1,026 (2024 - £nil) were payable lo the fund at the balan sheet dale and are included in creditors. Operatlng lease ¢ommltmont$ At 31 August 2025 the charity had commitments to make future minimum lease payThenls under non- cancellable operating leases as follows.. 31 August 2025 31 March 2024 Not later than 1 year 8,020 6,420 Page 38