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2022-08-31-accounts

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

Registered number: 08534643 Charity number: 1153685

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Chair's Report 3
Trustees' Report 4 - 12
Independent Auditors' Report 13 – 18
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash Flows 22
Notes to the Financial Statements 23 - 41

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022

Trustees

Mr David Anthony Barrs Dr Pamela Davis Ms Caroline Derbyshire Mr Nick Finlayson-Brown Mr Mark Philip Hayes Professor Sir Barry Ife CBE, Chairman Ms Polly Lankester Jane Richardson Mr John Lodge Mr Hugh Parnell Mr Dominic Wallis **

** Members of the Finance Committee

Company registered number

08534643

Charity registered number

1153685

Registered office

Council Offices London Road Saffron Walden Essex CB11 4ER

Chief executive officer

Ms Angela Dixon**

Independent auditors

Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA

Bankers

Lloyds Bank Plc 3 King Street Saffron Walden Essex CB10 1HF

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

Advisers (continued)

Solicitors

Stone King Boundary House 91 Charterhouse St London EC1M 6HR

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

CHAIR’S REPORT FOR THE YEAR ENDED 31 AUGUST 2022

I am delighted, and not a little relieved, to introduce a report that shows how well Saffron Hall has bounced back from the challenges of pandemic and lockdown. The robustness of our strategy and business plan, the resilience of our staff and artistic stakeholders, and the loyalty of our audiences and supporters have enabled us to deliver a programme whose quality, range and impact can scarcely have been equalled by any other UK venue.

Prompt and imaginative action by the management team, together with flexibility in programming and performance delivery have helped to mitigate the worst effects of lockdown and ensure a successful and inspiring schedule of concerts, dance, talks, opera, and our first ever pantomime. International artists from Joyce DiDonato to Jamie Barton, orchestras and ensembles from Les Arts Florissants to Black Dyke Band, and local partners from Jesus College, Cambridge Choir to the Saffron Opera Group have ensured that Saffron Hall maintains its excellent record of bringing some of the world’s finest musicians to an exceptional venue, linking that activity closely to community music making and in-depth work in state schools across the region.

Beyond the concert hall, Saffron Hall has continued to add value to audiences and communities in our area. Our music therapy project for those with dementia, Together in Sound , returned to live delivery and has opened up a satellite in partnership with Braintree District Museum. And we have held participatory performance workshops across a range of venues in Saffron Walden and a week-long residency under the banner of Come Together – Unlocked .

Established and developing partnerships are a key factor in our provision, especially in respect of music education and performance opportunities at primary, secondary and emerging professional levels. Saffron Walden County High School (SWCHS) has been, as always, at the heart of our activities, strengthened by increased support from Essex Music Education Hub, our resident orchestras, the LPO and Britten Sinfonia, the National Youth Orchestra and, new this year, the category finals of the BBC Young Musician of the Year. We hope that this popular and high-profile residency will be the first of many, helping to make Saffron Hall a major player in UK music education and advocacy at all levels.

Finance continues to be a challenge as rising costs outstrip income. Saffron Hall manages without regular public funding, which makes us both highly responsive to audience demand and satisfaction, but also more vulnerable to sudden changes in the national and global economy. We are therefore putting capacity building at the centre of our business plan in order to strengthen our fundraising arm and ensure the long-term sustainability of our operation.

I would therefore like to take this opportunity to thank all of our supporters who make our work possible. Uttlesford District Council, in particular, has kindly increased its ongoing provision of excellent office space. Thank you also to our audiences for your support. The number of tickets sold has grown every season at Saffron Hall and this year was no exception. We’re here for you, and it’s good to know that you’re here for us.

We would also like to pay tribute to our ex-Chairman Nigel Brown OBE. Nigel was Chair from 2013 to 2019 and played a significant role in establishing the work of the trust. He will be greatly missed by us, the music world in general and the wider East Anglian community whom he served faithfully for many years.

Finally, I pay tribute to my fellow board members who are such ardent supporters and advocates of the Trust’s w ork; and to the CEO, Angela Dixon, and her executive team who make our vision a reality. As Saffron Hall approaches its tenth anniversary we are extremely grateful to Angela for her outstanding leadership, v ision, and sensitive management.

Professor Sir Barry Ife CBE

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) are pleased to present their annual report together with the financial statements of the Trust for the year ending 31 August 2022.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: 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 (FRS 102) (2[nd] edition October 2019- effective 1 January 2019). Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

The objects of the charity are as follows:

1) The advancement of education and the promotion of the arts for the benefit of the public by the provision of facilities for music, opera, theatre and other performing arts including facilities:

2) To further benefit the residents of Saffron Walden and the neighbourhood in a common effort to advance education and to provide facilities and services for recreation and leisure.

The Trustees have taken account of the public benefit guidance published by the Charity Commission and continue to ensure that the aims of the charity meet the public benefit requirements under section 17 of the Charities Act 2011. The Trustees adhere to a policy which is designed to implement the objectives of the charity as laid down in its Articles of Association.

Achievements and Performance

The 2021/22 season overall was very successful. Against a back-drop of Covid-19 recovery, the autumn started strongly. Our policy of opening during the pandemic to retain audiences paid off and audiences returned to nonsocially distanced concerts in great numbers. The Omicron strain of Covid-19 stalled sales over the winter months and during the spring, delayed holidays and family gatherings affected sales. But we had anticipated this and presented a reduced programme, meaning that we performed well against target and exceptionally when benchmarked against other similar venues.

Artistic activity

Despite the challenges of the last few years and the current cost of living crisis, Saffron Hall continues to offer exceptional opportunities for audiences, local amateur musicians, and young people. The quality of our offering remains extremely high and is now considered one of the foremost classical programmes outside London. Our schools and community programmes are needed now more than ever and if we encounter a need that can be met through engagement with the arts, we endeavour to provide it.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Concert Programme

Our first non-socially distanced concert in the autumn season was a sold-out performance with international opera star Joyce DiDonato, immediately underlining our intention to keep artistic standards very high. The Autumn continued with presentations from some of the world’s finest musicians such as The Sixteen, Sir András Schiff, Paul Lewis, Steven Osbourne, and Jacqui Dankworth. Female representation was particularly strong with performances by conductor Dalia Stasevska, violinist Elena Urioste and mezzo-soprano Jamie Barton, with a programme featuring works by neglected composer Florence Price. Standout performances from our Resident Orchestras included the London Philharmonic with Music Director Edward Gardner performing Lutosławski’s cello Concerto with Nicholas Altstaedt and a stellar performance of the Messiah from Britten Sinfonia, accompanied by Jesus College, Cambridge Choir. The spring followed suit with an eclectic run of performances by artists who were new to the Hall, including Kodo Drummers, guitarist Miloš, Nitin Sawhney, our first brass band Black Dyke Band, the Nash Ensemble, pianist Pierre-Laurent Aimard, and William Christie with his outstanding French group Les Arts Florissants. We welcomed back the Nicola Benedetti Trio, Aurora Orchestra, Ronnie Scott’s, the National Youth Jazz Orchestra and the National Youth Orchestra, with whom we are developing a close and fruitful relationship. The programme attracts diverse audiences by incorporating dance, this year from Sadler’s Wells Associate Alexander Whitley Dance Company and award winning hip-hop company Far From the Norm and through a growing talks programme with gardener Bob Flowerdew, Amanda Owen - the Yorkshire Shepherdess - and former politician and broadcaster Michael Portillo.

During the pandemic Saffron Hall remained open by pushing the raked seating bank back and bringing in cabaretstyle socially-distanced table seating. This set-up was enjoyed by many audience members and artists and we therefore retained this format, programming three specific cabaret table weekends. This format has become part of our evolving programme that we will continue to develop for the benefit of artists and audiences. Our foyer jazz and folk concerts continue to provide a platform for local jazz and folk artists and are very popular with audiences, regularly selling out.

The other major development within the programme is a partnership with KD Theatre Productions. This delivered our first pantomime, The Wizard of Oz , and also an open-air production of Alice in Wonderland at Bridge End Gardens. Both productions were successful in making a small profit whilst also attracting a completely different audience to the Hall and organisation. We will continue to grow this area of programming as it widens our audience reach, retains our quality offer and makes commercial sense.

Our local amateur partners continue to be a key part of the programme delivering high quality work and new audiences. In particular, Saffron Opera Group presented not one but two operas this season. In the summer we worked with BBC Wales to deliver the category finals for BBC Young Musician of the Year 2022. The five category finals were presented to large audiences and the Saffron Hall team were highly praised by the BBC for their professionalism. We would like to take this opportunity to thank Saffron Walden County High School (SWCHS) for the significant role they played in making the competition possible at Saffron Hall during a school week.

Community

Following a period of online working during Covid-19, Together in Sound , our music therapy project for those living with dementia and their carers, returned to live delivery in autumn 2021. The first term saw slightly lower levels of engagement than pre-covid, but by the end of the year the programme was working with more participants than ever before. Evaluation continues to show that the project is both needed and impactful both for those living with dementia and their carers. A major development in the summer of 2022 was the pilot of the first satellite programme of Together in Sound , in partnership with Braintree District Museum. This small-scale pilot proved the potential for the project to translate into different settings. Our partnership with Anglia Ruskin University continues to be very strong, and as well as building on this work in Braintree together, we continue to explore opportunities for the long term development of this work.

Come Together – Unlocked was a programme of participatory workshops held in venues across Saffron Walden, providing opportunities for people from across the community to discover and explore their creativity, working

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

across artforms and with input from guest artists and facilitators. The programme culminated in a week-long popup residency in a local community space, including a community created art installation, free workshops and performances from local musicians, a poetry open mic event, and interactive storytelling sessions for young children. This work was very well received locally and continues to attract a small grant from the local district council.

Schools and Young Musicians

SHT has two main objectives when working with schools: to support and enrich music provision through meaningful links with Saffron Hall’s programme, and to support schools work around wider issues through artsbased learning activity. In-person work with schools this academic year did start slowly, as schools returned to normal following Covid-19 and lockdowns.

With regard to music provision in primary schools, this year we have deepened our partnership with Essex Music Education Hub, working together on a programme with recorder player Tabea Debus in which schools workshops and CPD have kickstarted a term of whole class music-making in 6 schools across Essex. We are developing this relationship further with programmes of artist visits including A4 Brass and musicians from our Resident Orchestras. At the end of this year we launched Saffron Sounds – an online resource hub for primary schools featuring filmed performances, musical explanations, games and activities from Jess Gillam and her ensemble. This free resource is available to all schools and will link into a programme of in-school workshops and performances from spring 2023.

For secondary schools, our programme this year included a National Youth Orchestra schools concert, a composition workshop with James MacMillan, and a folk workshop with Kathryn Tickell, as well as ongoing work which aims to maximise opportunities for students from SWCHS to make connections with the programme through informal open rehearsals, free tickets and meetings with artists.

Beyond work with specific musical objectives, our activity this year included a three-day project for year nine students exploring mental health and the impact of lockdowns, delivered with dance company Boy Blue Entertainment and a residency exploring attitudes to difference and diversity through drama and spoken word. We were also pleased to be able, once again, to involve pupils from a local primary school in Together in Sound , with this element including a dementia friends information session and their involvement in the end of term sharing event.

Volunteers

Saffron Hall benefits from the enthusiasm, experience and dedication of over 80 volunteers. They help in a variety of ways including stewarding concerts and schools events, and helping on our community projects such as Come Together and Together in Sound . Their support and advocacy is hugely important to us and to our audiences and participants. We pride ourselves on our interaction with volunteers and have been nominated for the Queen’s Award for Voluntary Service.

Future Plans

Concerts

The 22/23 season has started strongly with sold-out concerts including Max Richter’s The Four Seasons: Recomposed ; the London Philharmonic Orchestra with Principal Guest Conductor Karina Canellakis; the Hallé Orchestra with Sir Mark Elder and Ladysmith Black Mambazo. We have welcomed new artists such as awardwinning period instrument ensemble Dunedin Consort and Cory Band from Wales. In the spring we are looking forward to the return of Manchester Collective with versatile guitarist Sean Shibe, opera star Bryn Terfel, Black Dyke Band, Aurora Orchestra with their most ambitious project to date – Stravinsky’s Rite of Spring from memory with theatrical elements, and the BBC Concert Orchestra with a CBeebies Prom and An Afternoon at the Oscars . We have had a very successful second pantomime run with Robin Hood and already have next year’s pantomime,

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Cinderella , on sale. We are hoping to develop our outdoor programme further by repeating our summer outdoor presentation of Wind in the Willows in another Essex location such as Braintree. Much of our future development will be in under-served areas such as Braintree and Harlow, but we will continue to ensure the quality and diversity of the Saffron Hall programme.

Learning and Participation

Future plans for schools work include the delivery and development of the live elements of Saffron Sounds , and continued strategic work in partnership with Essex Music Education Hub. We also aim to work more closely with partner schools beyond Saffron Walden, and particularly to explore taking models such as the Year Nine Residency to other schools.

Building on the pilot of Together in Sound in Braintree is another priority, with the Autumn 2022 term already having seen continued growth and development of the partnership with Braintree District Museum. Our community project, Come Together, will see workshops happening at a community centre in Stansted for the first time, further extending our reach across the district.

Vision and Business Plan

In the 2020/21 season Saffron Hall developed a new Vision and Mission which informed a new three-year business plan based on capacity building. The capacity building will support a bid to expand the Trust’s work to areas outside of Saffron Walden, reframing the organisation as an arts and education charity for Essex. We have already secured 25% of our £400,000 capacity building fundraising target and are entering conversations with NESTA about an arts impact loan to cover the majority of the rest of the funds. We are grateful to Uttlesford District Council for supporting our capacity building with increased office space at their head offices in Saffron Walden. Our burgeoning relationships with organisations such as Essex County Council, Harlow Playhouse, Essex Music Education Hub and Braintree District Council together with the organisation’s strong track record and flexibility give the board many reasons to believe that the planned expansion will be successful.

Financial Review, Reserves and Going Concern

Results for the Year

Total income for the year to 31 August 2022 was £1,653,791 (2021: £1,245,399). Total expenditure of £1,842,121 (2021: £986,378) resulted in a negative net movement of funds for the year of £188,330 (2021: surplus £258,961) leaving us in a net liabilities position of £118,790 compared to net assets of £69,540 the previous year. This is primarily due to grant and restricted income received in the prior year, which was spent in 2022.

Income

Income from our charitable activities, specifically ticket sales from our own promotions, was significantly up on the previous year - £532,881 compared to £120,534, this being a direct result of the lifting of Covid-19 restrictions. Linked to the return of significant live audiences, bars and catering income increased from £13,837 to £118,591 and remains an important source of income for the Trust. Non-audience-dependent activities including Recordings and Technical Income showed an increase over the previous year.

Fundraising for the year totalled £837,437 compared to £970,458 the previous year, a number of factors contributed to this. Grant income from Arts Council England in respect of the Culture Recovery Fund was significantly reduced. Membership income continued to increase (2022: £104,803 vs 2021: £97,781) but unrestricted donations of £237,269 were down on the previous year figure of £301,038.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Restricted income fundraising was significantly up on the previous year at £348,715 (2021: £233,408). Concert sponsorship continued to grow at £187,207 (2021: £57,887) while funding for learning and participation activities showed a significant increase to £92,126 (2021: £75,521) Our Restricted Funding in the prior year had included a one-off donation of £100,000 by way of a commission for an opera by the composer Jonathan Dove and a further £50,000 was received this year.

During the year we received a final amount of £831 (2021: £103,392) from the Government’s Coronavirus Job Retention Scheme and a continued ‘in kind’ donation of £19,650 for the provision of excellent office space and facilities.

Expenditure

Total expenditure of £1,842,121 was recorded for the year, compared to £986,378 the previous year. The increase largely reflects the related increase in activities. Direct artist and concert production costs of £711,547 compared to £224,791 in 2021. Overall, Support and Governance costs showed a modest increase from £356,971 to £360,018. Fundraising costs of £100,845 were significantly up on the previous year from £67,950 along with total staff costs of £668,077 (2021: £541,850) as the Trust resumed its post-pandemic marketing and other activities.

Loan Funding

At the year-end our liabilities included loan balances outstanding of: Bounce Back Loan £43,056 with an interest rate of 2.25% and repayment extended to ten years; Cultural Impact Loan £84,988 with an interest rate of 7.75%. This latter interest rate has been reduced to 6.4% from Sept 2022 as social impact goals have been reached. We are grateful for the continued support of NESTA, further to their Cultural Impact Development Fund loan awarded in August 2019, throughout the year.

Reserves Policy and Going Concern

In the past the Trustees have agreed a Reserves Policy of maintaining general (free) reserves to a level which is equivalent to at least 3 months’ operational expenditure of £150,000.

The year-end position was:

Like others in our industry, and through no fault of own, we have suffered severe dislocation to our operations and charitable activities over the last few years. However, we have adapted to the situation, managed our way through this difficult period, kept our team intact and the Trustees are confident we are emerging stronger and well placed to realise our vision going forward.

We continue to work hard pursuing all sources of funding, building on established relationships, current support

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

and being innovative in seeking out new opportunities. The Trustees believe there are key factors that support confidence in respect of the viability of the Trust including: the flexibility and resilience of our model, our venue, and our staff; the diversity of both our activities and our income streams; the capability and experience of our management team; and the continued support of an established stakeholder community.

In assessing the Trust’s position in relation to its status as a going concern the Trustees acknowledge:

Principal Risks and Uncertainties

Financial and Cash Flow Risk

There is a risk that any issues around funding could have a significant effect on the Trust’s ability to continue as a Going Concern. To mitigate risk the Trust’s cash position is monitored by Senior Management and the Finance Committee monthly and reported to Trustees at Board meetings. A key part of the Trust’s plans involves growing the diversified nature and scale of its income streams.

The formal Finance Committee comprises three experienced Trustees and an independent member, together with the Chief Executive. The Committee provides regular oversight, review, and advice on behalf of the Board, ensuring appropriate focus on both the risks associated with the current Reserves situation and the continued application of rigorous financial controls. A quarterly ‘check-in’ by the NESTA team ensures regular independent stakeholder review.

Health and safety

In September 2022 we received the report of our Health and Safety audit. Despite the disruption of recent years we have managed to improve slightly on previous audits with an overall score of 89.5%. The executive summary states “This audit score has highlighted that the good working practices introduced in 2019 have been carried on and this is shown in the increase in the audit score.” As ever there are some areas for improvement and we will address these during the year. We have also undertaken a Fire Risk Assessment Review with RB Health and Safety, whilst we await the full report the preliminary response is favourable. Overall the risk remains at a low level and a contract with RB Health and Safety remains in place.

Safeguarding

Saffron Hall Trust works extensively with young people and adults at risk and takes safeguarding extremely seriously. All Saffron Hall office staff and all casual staff and volunteers that work closely with these two groups have appropriate disclosure and barring service checks. The Learning & Participation Director is the Safeguarding Lead within the organisation, working closely with designated board member, Polly Lankester. Saffron Hall has a safeguarding policy that is closely aligned to the safeguarding policy of Saffron Walden County High School and this is reviewed and signed off annually by the board.

Learning and Participation work is planned and delivered in accordance with the guidelines outlined in the policy and in line with best practice in the sector.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Fundraising

Saffron Hall Trust generates income from fundraising to support its work. It is broadly divided into three main areas:

Individual giving: The Trust engages with donors who have the capacity to support its work at various levels. Recent examples include sponsoring concerts, supporting the Learning and Participation department as a whole and individual projects such as Together in Sound and Saffron Sounds . Other revenue includes managing an ever-growing membership scheme, offering clearly defined benefits that are costed to comply with Gift Aid and VAT regulations set out by HMRC.

Trusts and foundations: The Trust makes a range of applications and approaches to trusts and foundations in the UK, for both core (unrestricted) and project (restricted) funding. The Trust has recently invested in developing a mid to long term trust and foundation plan and is working with external bid writers who are helping to deliver the plan.

Corporate support: The Trust continues to approach national and local companies to join the Neighbourhood Partners scheme, support Learning and Participation projects and to sponsor concerts and pantomime.

The Trust does not receive any regular public funding. The Trust continues to engage with potential public funders, including Essex County Council, Uttlesford District Council and Arts Council England.

Saffron Hall Trust is registered with the Fundraising Regulator and is bound by the Code of Fundraising Practice. The Code sets out the key principles of behaviour expected of all charitable fundraising organisations in the UK. More information about the regulator, and their role in monitoring fundraising standards, can be found on their website: www.fundraisingregulator.org.uk. The Trust also laid out a clear Commitment to Supporters (donation and sponsorship policy) and policies to protect vulnerable people. Staff and volunteers are asked to consider these policies when interacting with potential donors and these can be found on our website at https://www.saffronhall.com/support-us/our-commitment-to-supporters. The Trust also updated the gift acceptance policy. Trustees review fundraising activity at each Board meeting.

Fundraising complaints should, in the first instance, be directed to the Chief Executive Officer of Saffron Hall Trust, Angela Dixon, either by letter (Saffron Hall Trust, Council Offices, London Road, Saffron Walden, CB11 4ER) or by email (info@saffronhall.com). All complaints will be acknowledged within 72 hours, with a full reply within 21 days. If this does not resolve the issue, then the complaint can be escalated to the Fundraising Regulator for further action. There were no complaints recorded during the year.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Structure, Governance, and Management

Constitution

The charity is registered as a company limited by guarantee and was established by its Memorandum & Articles of Association dated 17 May 2013. The charity was registered with the Charity Commission on 5 September 2013 (number 1153685) and commenced activities in September 2013.

On incorporation of the charity the three subscribing members were Yellow Car Charitable Trust, Saffron Academy Trust and Saffron Educational Trust.

Method of Appointment or Election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The number of Trustees shall not be fewer than two and not more than twelve, provided that, so long as it is registered with the Commission as a Charity, the number of Trustees shall not be fewer than six. The first Trustees shall be those persons who were registered as directors on incorporation. Thereafter, Trustees shall be such persons willing to act as a Trustee of the Charity as are appointed as follows; two Trustees shall be appointed by each Member by giving notice in writing to the Charity accompanied by a consent in writing from the person appointed. Subject to the maximum number of Trustees, any other person may be appointed by ordinary resolution.

Risk Management

The Trustees are required to identify and review the major risks (governance, operational, financial, external, and regulatory) to which Saffron Hall Trust are exposed and to assess the likelihood of such risks and the possible level of impact they would have. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Organisational Structure and Decision Making

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The Trustees and officers serving during the year and since the year end were as follows:

Mr David Anthony Barrs Dr Pamela Davis Ms Caroline Derbyshire Mr Nick Finlayson-Brown Mr Mark Philip Hayes Professor Sir Barry Ife CBE, Chairman Ms Polly Lankester Mr John Lodge Mr Hugh Parnell Mrs Jane Richardson Mr Dominic Wallis (Deputy Chair)

The Trustees adhere to a policy which is designed to implement the objectives of the charity as laid down in its Articles of Association.

Chief Executive Officer

Angela Dixon

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Senior Management Team

Graham King – Fundraising & Communications Chris Wheal – Technical Thomas Hardy – Learning & Participation

Trustees’ Responsibilities Statement

The Trustees (who are also directors of Saffron Hall Trust 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 Practice).

Company law requires the Trustees to 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Board of Trustees, in their capacity as company directors, and signed on their behalf by:

Mr Hugh Parnell Trustee

Date: 15 February 2023

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFFRON HALL TRUST

OPINION

We have audited the financial statements of Saffron Hall Trust (the 'charity') for the year ended 31 August 2022 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 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 statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFFRON HALL TRUST (CONTINUED)

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

We draw attention to note 2.2 in the financial statements, which indicates that the Charity will need to achieve its targets in securing grants and donations in order to return the charity to surplus. . As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the charitable company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Trustees' assessment of the charitable company's ability to continue to adopt the going concern basis of accounting included

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFFRON HALL TRUST (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. 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 otherwise 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 inconsistent 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, we are required to determine whether this gives rise to a 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 information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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 to you if, in our opinion:

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFFRON HALL TRUST (CONTINUED)

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern 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 to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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 (UK) will always detect a material misstatement 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 taken 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFFRON HALL TRUST (CONTINUED)

knowledge of actual, suspected and alleged fraud; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company'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 state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFFRON HALL TRUST (CONTINUED)

Michael Hewett (Senior Statutory Auditor)

for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

15 February 2023 Date:

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Note
INCOME FROM:
Donations
Charitable activities
Other income
3
4
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL EXPENDITURE
NET (EXPENDITURE)/INCOME
Transfers between funds
19
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2022
£
488,722
815,523
831
1,305,076
106,049
1,619,132
1,725,181
(420,105)
272,775
(147,330)
(64,460)
(147,330)
(211,790)		 Restricted
funds
2022
£
348,715
-
-
348,715
-
116,940
116,940
231,775
(272,775)
(41,000)
134,000
(41,000)
93,000		 Total
funds
2022
£
837,437
815,523
831
1,653,791
106,049
1,736,072
1,842,121
(188,330)
-
(188,330)
69,540
(188,330)
(118,790)		 As restated
Total
funds
2021
£
970,458
171,489
103,392
1,245,339
78,990
907,388
986,378
258,961
-
258,961
(189,421)
258,961
69,540

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 41 form part of these financial statements.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 08534643

BALANCE SHEET AS AT 31 AUGUST 2022

Note
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT LIABILITIES / ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
17
TOTAL NET LIABILITIES / ASSETS
CHARITY FUNDS
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 5,963
62,404
230,283
298,650
(419,186)		 2022
£
92,285
1
92,286
(120,536)
(28,250)
(90,540)
(118,790)
93,000
(211,790)
(118,790)		 3,110
78,343
400,668
482,121
(355,264)		 2021
£
99,261
1
99,262
126,857
226,119
(156,579)
69,540
134,000
(64,460)
69,540

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.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 08534643

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr Hugh Parnell Trustee

Date: 15 February 2023

The notes on pages 23 to 41 form part of these financial statements.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
21
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowing
NET CASH USED IN FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
22		 2022
£
(98,587)
(7,865)
(7,865)
(63,933)
(63,933)
(170,385)
400,668
230,283		 2021
£
280,401
(4,936)
(4,936)
(25,619)
(25,619)
249,846
150,822
400,668

The notes on pages 23 to 41 form part of these financial statements

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. GENERAL INFORMATION

The Charity is a company limited by guarantee and incorporated in England and Wales. The members of the Company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The Charity's registered office is Council Office, London Road, Saffron Walden, Essex, CB11 4ER.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Saffron Hall Trust meets the definition of a 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 GOING CONCERN

In financial terms, the Trust has shown a deficit for the year of £188,300. This is in part due to the timing of income received in the prior year under the Culture Recovery Fund which was spent in 2022.

At 31 August 2022 the Trust had net liabilities of £118,790.

During the year, the Charity has continued to benefit from generous support from its donors. In operational terms, the Charity has continued its activities throughout the year, once again demonstrating the flexibility and resilience of its model. The Charity has been investigating and pursuing many commercial opportunities, diversifying its previous income streams and working to build its financial resilience.

With respect to the foreseeable future, and in light of the above, the Trustees have reviewed the grants and donations budgets and are confident that future targets will be met. They have also prepared cash flow forecasts to August 2024 which indicate that it will be able to manage its cash flow to continue in operation and meet its liabilities as they fall due.

However, as with other similar arts organisations, it is dependent on future unsecured grant and donations income from institutions and individuals to support its operations and return a surplus. Therefore, the Trustees acknowledge that there are material uncertainties that cast significant doubt about the Trust’s ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include adjustments that would result if the charity were unable to continue as a going concern.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees' Report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Income from ticket sales is recognised on the date of the performance.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to 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 to 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.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Support costs and costs relating to the governance of the charity are apportioned to charitable activities.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

(A Company Limited by Guarantee)

SAFFRON HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially 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 tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Technical equipment - 20% Straight line
Catering equipment - 20% Straight line
Fixtures and fittings - 20% Straight line
Computer & office equipment - 33% Straight line
Musical instruments - 10% Straight line

2.6 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.10 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle 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 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 rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at 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 set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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 fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

3. INCOME FROM DONATIONS AND GRANTS

Unrestricted
funds
2022
£
Grants
127,000
Membership income
104,803
Donations
237,269
Donations in kind
19,650
488,722
TOTAL 2021 AS RESTATED
737,050		 Restricted
funds
2022
£
30,382
-
318,333
-
348,715
233,408		 Total
funds
2022
£
157,382
104,803
555,602
19,650
837,437
970,458		 As restated
Total
funds
2021
£
393,102
97,781
459,925
19,650
970,458

Donations in kind is the provision of rent-free accommodation amounting to £19,650 (2021 - £19,650).

Included within grant income are amounts received under the Arts Council England Cultural Recovery Fund of £120,000 (2021: £259,500).

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2022
£
Own promotions - ticket sales
532,881
Own promotions - other income
41,333
Hall hires
73,014
Recordings
7,730
Technical
29,524
Bars and catering services
118,591
Other
12,450
815,523
TOTAL 2021 AS RESTATED
171,489		 Total
funds
2022
£
532,881
41,333
73,014
7,730
29,524
118,591
12,450
815,523
171,489		 As restated
Total
funds
2021
£
120,534
4,792
6,958
9,366
11,252
13,837
4,750
171,489

Page 27

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

5. OTHER INCOMING RESOURCES

CJRS
TOTAL 2021		 Unrestricted
funds
2022
£
831
103,392		 Total
funds
2022
£
831
103,392		 Total
funds
2021
£
103,392

Other income includes amounts receivable under the Coronavirus Job Retention Scheme (CJRS) of £831 (2021: £103,392) to cover salaries of furloughed staff.

6. EXPENDITURE ON RAISING FUNDS

COSTS OF RAISING VOLUNTARY INCOME

Unrestricted
funds
2022
£
Fundraising expenses
47,715
Fundraising salaries
47,200
Allocated support costs
11,134
106,049
TOTAL 2021 AS RESTATED
78,990		 Total
funds
2022
£
47,715
47,200
11,134
106,049
78,990		 As restated
Total
funds
2021
£
22,575
45,375
11,040
78,990

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2022
£
Own promotions
1,271,467
Hires, recordings and technical
98,318
L&P
154,795
Bars and catering
94,552
1,619,132
TOTAL 2021 AS RESTATED
859,655		 Restricted
funds
2022
£
71,814
-
45,126
-
116,940
47,733		 Total
2022
£
1,343,281
98,318
199,921
94,552
1,736,072
907,388		 As restated
Total
2021
£
680,523
70,734
134,817
21,314
907,388

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Own promotions
Hires, recordings and technical
L&P
Bars and catering
TOTAL 2021 AS RESTATED		 Activities
undertaken
directly
2022
£
1,064,917
61,202
159,094
90,841
1,376,054
550,417		 Support
costs
2022
£
278,364
37,116
40,827
3,711
360,018
356,971		 Total
funds
2022
£
1,343,281
98,318
199,921
94,552
1,736,072
907,388		 As restated
Total
funds
2021
£
680,523
70,734
134,817
21,314
907,388

Page 29

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Artist and concert
costs
Staff costs
Marketing and
merchandise
costs
Utilities and
commission
costs
Bars and catering
supplies
TOTAL 2021		 Own
promotions
2022
£
659,664
231,559
105,894
67,800
-
1,064,917
404,516		 Hires,
recordings
and
technical
2022
£
-
46,312
4,911
9,979
-
61,202
33,932		 L&P
2022
£
51,883
97,047
9,953
211
-
159,094
94,335		 Bars and
catering
2022
£
-
35,676
-
8,655
46,510
90,841
17,634		 Total
funds
2022
£
711,547
410,594
120,758
86,645
46,510
1,376,054
550,417		 Total
funds
2021
£
224,791
261,503
15,954
34,483
13,686
550,417

Page 30

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Marketing
Rent and rates
Printing, stationery and sundries
Telephone and computer
Travel expenses and entertaining
Maintenance and technical
General expenses
Staff training and recruitment
Professional fees
Bank charges and commissions
Loan interest
9.
AUDITORS' REMUNERATION
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts (Governance costs)
Fees payable to the Charity's auditor in respect of:
Preparation of statutory financial statements		 Total
funds
2022
£
203,971
14,396
22,569
19,650
3,826
25,161
7,456
16,037
17,326
10,670
10,647
532
7,777
360,018
2022
£
7,750
2,250		 As restated
Total
funds
2021
£
229,477
20,909
26,213
19,650
1,600
16,718
871
8,602
13,069
792
15,254
521
3,295
356,971
2021
£
7,000
1,500

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

10. STAFF COSTS, TRUSTEES EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION

Staff costs were as follows:

2022
£
Wages and salaries
590,444
Social security costs
42,704
Other pension costs
29,441
662,589
Subcontractor costs
5,488
668,077
The average number of persons employed by the charity during the year was:
2022
No.
Average headcount
45
Average headcount expressed as a full time equivalent was:
2022
No.
Full time equivalent
17		 2021
£
478,887
36,351
26,512
541,750
100
541,850
2021
No.
42
2021
No.
13

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2022 2021
No. No.
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 -
In the band £110,001 - £120,000 - -

The key management personnel comprise the Trustees and the Chief Executive Officer. Total remuneration, including employer’s pension costs and National Insurance, for the year was £117,370 (2021: £114,584).

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

11. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 August 2022, no Trustee expenses have been incurred (2021 - £NIL).

12. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2021
Additions
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for the year
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Technical &
catering
equipment
£
115,998
1,000
116,998
103,207
5,583
108,790
8,208
12,791		 Fixtures,
fittings &
computers
£
50,292
6,865
57,157
43,822
4,258
48,080
9,077
6,470		 Musical
instruments
£
100,000
-
100,000
20,000
5,000
25,000
75,000
80,000		 Total
£
266,290
7,865
274,155
167,029
14,841
181,870
92,285
99,261

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13. FIXED ASSET INVESTMENTS

COST
At 1 September 2021
AT 31 AUGUST 2022		 Investments
in
subsidiary
companies
£
1
1

PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity Principal activity
number place of business
Saffron Hall Limited 08241158 Council Offices, London Road, Dormant
Saffron Walden, England, CB11
4ER
Class of Holding Included in
shares consolidation
Ordinary 100% Yes
The financial results of the subsidiary for the year were:
Name Net assets
£
Saffron Hall Limited 1
14. STOCKS
2022 2021
£ £
Catering and merchandise stock 5,963 3,110

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

15. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
32,437
904
29,063
62,404		 2021
£
49,629
12,533
16,181
78,343

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 September 2021
Ticket sales deferred during the year
Ticket sales released from previous years
Sponsorship income deferred during the year
Sponsorship income released from previous years
Deferred income at 31 August 2022		 2022
£
5,555
31,949
52,239
16,517
31,152
281,774
419,186
2022
£
209,977
167,779
(176,414)
26,000
(33,563)
193,779		 2021
£
5,555
29,843
47,944
13,101
24,963
233,858
355,264
2021
£
146,398
70,858
(2,932)
33,563
(37,910)
209,977

The charity acts as agent for bookings made of the Hall for other external events. Monies held as agent amount to £24,804 (2021: £19,525) and are included within other creditors.

Page 35

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Other loans
Included within the above are amounts falling due as follows:
BETWEEN ONE AND TWO YEARS
Bank loans
Other loans
BETWEEN TWO AND FIVE YEARS
Bank loans
Other loans
OVER FIVE YEARS
Bank loans
Bank loans		 2022
£
37,501
53,039
90,540
2022
£
5,556
32,784
16,667
20,255
15,278		 2021
£
43,056
113,523
156,579
2021
£
5,556
30,483
16,667
83,040
20,833

The Bounce Back Loan totals £43,056 at the year end and is repayable in equal instalments over 10 years to May 2030 with interest being charged at 2.25%.

Other loans

The Cultural Impact Development Loan totals £84,998 at the year end and is repayable in equal instalments over 5 years to March 2025 with interest being charged at 7.75%, subject to reductions based on social impact offset targets. Subsequent to the year end the rate was reduced to 6.4% from 1 September 2022.

In the prior year, other loans due within two and five years included an interest free loan of £30,000 due for repayment in March 2025. This loan was waived and donated to the Charity in the year.

18. PRIOR YEAR ADJUSTMENTS

During the year the Trust has revisited and restated the analysis of income and expenditure to make the information presentation more relevant and comparable to other similar arts organisations. The net result for the prior year and balance sheet are unchanged.

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DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2021
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Designated - fixed assets
99,261
GENERAL FUNDS
General Funds - all funds
(163,721)
TOTAL UNRESTRICTED
FUNDS
(64,460)
RESTRICTED FUNDS
Corporate and individual
concert sponsorship
-
L&P
34,000
Opera
100,000
Equipment fund
-
Concert and marketing
assistant
-
134,000
TOTAL OF FUNDS
69,540		 Income
£
-
1,305,076
1,305,076
187,207
92,126
50,000
9,382
10,000
348,715
1,653,791		 Expenditure
£
-
(1,725,181)
(1,725,181)
-
(45,126)
(57,000)
(6,719)
(8,095)
(116,940)
(1,842,121)		 Transfers
in/out
£
(6,976)
279,751
272,775
(187,207)
(81,000)
-
(2,663)
(1,905)
(272,775)
-		 Balance at
31 August
2022
£
92,285
(304,075)
(211,790)
-
-
93,000
-
-
93,000
(118,790)
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Designated - fixed assets
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
Corporate and individual
concert sponsorship
L&P
Opera
Equipment fund
Concert and marketing
assistant
TOTAL OF FUNDS

Page 37

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 September
2020
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Designated - fixed assets
115,881
Designated - COVID-19
96,331
212,212
GENERAL FUNDS
General Funds - all funds
(407,845)
TOTAL UNRESTRICTED
FUNDS
(195,633)
RESTRICTED FUNDS
Public funding
1,000
Corporate and individual
concert sponsorship
-
L&P
5,212
Opera
-
6,212
TOTAL OF FUNDS
(189,421)		 Income
£
-
-
-
1,008,292
1,008,292
-
57,887
75,521
100,000
233,408
1,241,700		 Expenditure
£
-
(96,331)
(96,331)
(838,675)
(935,006)
(1,000)
-
(46,733)
-
(47,733)
(982,739)		 Transfers
in/out
£
(16,620)
-
(16,620)
74,507
57,887
-
(57,887)
-
-
(57,887)
-		 Balance at
31 August
2021
£
99,261
-
99,261
(163,721)
(64,460)
-
-
34,000
100,000
134,000
69,540
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Designated - fixed assets
Designated - COVID-19
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
Public funding
Corporate and individual
concert sponsorship
L&P
Opera
TOTAL OF FUNDS

Page 38

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. STATEMENT OF FUNDS (CONTINUED)

Designated Funds

The fixed assets fund is the value of unrestricted funds represented by fixed assets owned by the charity. The transfer represents the net movement on additions, disposals and depreciation for the year.

Restricted funds

Corporate and individual concert sponsorship

A number of individual events held during the year were generously sponsored. All income relating to these is deferred until the event takes place and then transferred to unrestricted funds.

Other – Learning & Participation

Other restricted funds included £34,000 brought forward from the previous year and spent in the current year together with further funds of £92,126 received in the year towards our Learning and Participation programme. All funds were spent in the year. The transfer from restricted funds compensates the unrestricted fund for settling restricted expenditure.

Other – Opera

The amount received (£50,000) represents a charitable donation for the purpose of funding the commission of an opera from Jonathan Dove on an environmental/sustainability theme. Saffron Hall will manage the donation and advise on the management of the Commission. £57,000 was spent during the financial year.

Equipment fund

£9,382 was received from Uttlesford District Council to fund scanners and the upgrade of digital infrastructure. All funds were spent during the year and the balance transferred to unrestricted funds at the year end represents expenditure on assets capitalised and included within tangible fixed assets.

Concert and marketing assistant fund

£10,000 was received to fund a new concert and marketing assistant. All funds were spent during the year.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2022
£
Tangible fixed assets
92,285
Fixed asset investments
1
Current assets
205,650
Creditors due within one year
(419,186)
Creditors due in more than one year
(90,540)
TOTAL
(211,790)		 Restricted
funds
2022
£
-
-
93,000
-
-
93,000		 Total
funds
2022
£
92,285
1
298,650
(419,186)
(90,540)
(118,790)

Page 39

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Unrestricted
funds
2021
£
99,261
1
348,121
(355,264)
(156,579)
(64,460)		 Restricted
funds
2021
£
-
-
134,000
-
-
134,000		 Total
funds
2021
£
99,261
1
482,121
(355,264)
(156,579)
69,540

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 21. ACTIVITIES

Net income/expenditure for the year (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Depreciation charges
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
22.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 2022
£
(188,330)
14,841
(2,853)
15,942
61,813
(98,587)
2022
£
230,383
230,383		 2021
£
258,961
21,556
167
(38,196)
37,913
280,401
2021
£
400,668
400,668

Page 40

DocuSign Envelope ID: A593A6AC-0016-49B0-A511-DA5C3D096A65

SAFFRON HALL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

23. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
September
2021
£
400,668
(35,398)
(156,579)
208,691		 Cash flows
At 31
August 2022
£
£
(170,385)
230,283
(2,106)
(37,504)
66,039
(90,540)
(106,452)
102,239

24. PENSION COMMITMENTS

The charity operates a defined contributions 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 to the fund and amounted to £29,441 (2021: £26,512). Contributions totalling £3,958 (2021: £3,888) were payable to the fund at the balance sheet date and are included in creditors.

25. RELATED PARTY TRANSACTIONS

There were no related party transactions in the current or prior year.

Page 41