COMPAIYY REGISTRATION NUMBER: 08534643 CHARITY REGISTRATION NUMBER: 1153685 Saffron Hall Trust Company Limited by Guarantee Financial Statements For the year ended 31 August 2024
Saffton Hall Trust Company IAmltsd by GurAntee Fiti&ncil Statements Year ended 31 August 2024 Pgges Trustees, annual report (incorwtating the directors, report) tndep¢ndent audito9 report to the m¢mbtts It•14 15to19 Statement of fin8nGial a¢tivities (including incom¢ and expenditure aGcount) Statement of financial position Statement of cnsh flows 21 22 Notes to the fmancial statements 23to38
Saffron Hall Trust Company Limited by Guarantee Trn8tss' AnDual Report IIncorporating thé Dlrectors, R•port) Year ended 31 August 2024 The trst£c who are also the diTCCtors for thc puny)se5 of company law, pre5¢nt their report 8nd the fjnancial Statem of the thlty for the y¢ar ended 31 August 2024. Chalr'5 report 2023-2024 wa5 a major mi1¢stone year for the Trnst a5 we celebrat¢d our tenth birthday and a year of c4)ntinuing SUess. It has been a decade of rapid growth and we reflect on all that has b¢¢n achieved whilst looking forward to th¢ opportuniti¢S the next d¢Gade will bring. Th¢ tenth birdaY afftirded the opportslty to showcase the strong partnership5 we have built and our deep links with our CODununity. Concerts and event$ acros5 a Single weekend included IA)ndon Community Gospel Choir. Jess Gillam, Brinen Sinfoni4 local folk and jazzartists and English Conccrt. A numberof ensembles from Saffron W8Jden County High School and our Saturday mominR musi¢ School SaffTon Centre for Yow)g Musicians s0 took parL The weekend wa5 a testametLt to the breadth and diversity of the programm¢, and the unique and ¢ff¢¢tive way amateur and professional rnusicians can come tog¢ther to make music on the Saffton H811 stage. Our parlrwships deflne u5. and we aLknowledgc the resilience of our Resident Orch¢stras, the tA>ndon Philharm1¢ Orchestra and Britten Sinfonia both deliv¢rinE exc¢ptiona] concerts across the season despite their Arts Council cuts. I was also delighted to 5CC the local amateur group8 we partncr with Continue to take a strong position this season. They we a key pillar of our lo¢ai musical eco-$ystem, In addilion, we wclcomed artists such Js Nigel Kennedy and Vthingur Oiafsson to make thekr d¢buts at Saffron Hall and also $lag¢d Blood Broihcrs, our first iouring West End mu3ical. A county-wide strategy is at the heart of our objedives for th¢ next decade, we took Significant Steps towards our goals through anACE-funded scoping project arross Essex covering HloW, Ba8ildon, Chelmsford, Braintr¢¢, Brentwood and Takeley. With support from E55ex Couftty Coun¢il's Arts and Cultural Fund and Grter Essex Music Hub, Saffron Sounds, our project to support primary s¢hool leaGh¢rs to d¢liv¢r the music curriculum, supported ten primary schools in Harlow ending with a live p¢rfornianc¢ with the Jess Gillam Ensembl¢ at Harlow Playhouse. Our r¢latioJ)ship with Greater Ess¢x Music Flub (fonnerly Essex Music Hub) continucs lo flourish and we look foThYard to playing a 8rcat¢r part in their ¢ounty-wid¢ activiti¢3 ov¢r the LX)ming years. We are gratthl to Uttlesford District Council who continue to provide us with frec offiG¢ space. Th¢ir Zero Carix)n Communitie5 Grant Fund has supported our bid to replac¢ outdated stage lights with energy saving LEDS, and our volunteer sGheme 15 bein8 Significantly T¢fr¢5hed and enhanced by a grant from thc UK Shared Prosperity Fund. Finance continu¢s to be chall¢nging. It is heartenin8 to see our income lines wntinue to 9W. but Costs also continue to rise, and the cost of living crisis had a demonstrable impact on box office across th¢ country. Despite thls, box office income our highesl ever and fundr8i8ing InMe was exceptionally strong, with a number of public grants &warded.
Saffron Hall Trust Company Limlted by Guanntee Trnst¢es' ADDual Report (Incorpornthig the Directon, Rtport) (c£) Year tnded 31 August 2024 I would like lo tak¢ this opportunity to thank all of our suppK)rters who make our work p)5sible', our audiences, our members and patrons. and ow volunteers. I would aIso like to ¢xpre8s particular gratithde to our rircles of donors. who have helped drive growth in concert sponsorship. Finally, I pay tribute to my fellow board members, who are such fervent supporters and rhornpions of the TnL8t's WOTk' and to the CEO. Angela DIXO and her ¢xecullve leam, who take us into our second decade wlth a host of exciting OPFX)rtunitics and parther8hip5. Mr Dominic Wallis
Saffron Hall Trust Compiny Limited by Gu4ralltee Trurtee81 AnnuAI Report (In¢oryorting thé Directors, Report) fcottthutd) Ytar ended 31 August 2024 Reference #lld AdministrAtive d•tai]s Regijtsred thArity name Saffron Hall Tnjst ChArity registrtlon numbor 1153685 CompADy reziitratlon number 08534643 Prillcipal offitt And nglster•d offic• CounGil OtTices London Road Saffton Walden Essex CBII 4ER The truit¢ Mr David Anthony Barrs MS Caroline Derbyshir¢ Mr Hugh Parnell M5 Polly Lankester Mr John Lodg¢ Dr Pamcla Davis Mr Dominic Wai]is Mr Nick Finlayson-Brown Mrs Jan¢ Richard50n Profes50r Sir Baryy Ife CBE Mr Mark Philip Hayes Mrs Susanna Houtheusen Mr5 Lorna Rolfe (Resigncd 31 January 2024) (Resigned 3 November 2023) (Appointed 24 July 2024) (Appoint¢d 22 October 2024) Company ittr•tAry Mr Nick FiDlayson-Brown Audltor Strects Audit LLP Chartcred Accountants & ststutory auditor 3 W¢llbrook Court Cambridge CB3 ONA BaDk¢rJ Lloyds Bank Pl¢
Saffron Hall Trust CompAny Limited by Guarantee Trustee8' AnDiIAI Report Untorpor#ting the Dlrèctors, Report) (CoNded) Year ended 31 AuKu8t 2024 Strueturs govern4ne¢ and mallagement Con¥tithtloD The charity is regi$t¢red 8$ a company limited by guarantee and was tablished by 118 Memorandum & Articles of Association dated 17 May 2013 as amcnded l December 2023. The charity Kgistered with the Charity Commission on 5 September 2013 (nuEnber 1153685) and a)mmenced a¢tivitie$ in Seplember 2013. On incorporation of the chgrity the three 5ubscTibing mcmber5 wer¢ Yellow Car Charitable Tn]sL Saffron Academy Trust and Saffron Educational Trnst. Method of Appollltment or Election of Trnstees The management of the chority is the responsibility of the Tn28tees who Rr¢ ¢lccled and ¢o-opt¢d under the ternis of the Arti¢l¢s of Association. The number of Truste shall not be fcwer than two and not more than tw¢lve, provided thaL so long &8 it is regtstered with the Commission &% a Charity, the number of Truslces sh1 not be fewer than six. The first Trustees shall b¢ those persons who were regisl¢red &$ dTreaors on incorporation. Ther¢after, Trust¢es shail bc such persons willing to act as & Tru51ee of the Charity as ar¢ appinted as follows. two Trnsle¢s shall be appointed by each Member by giving notice in ivriting to the Charity accompanied by a Consent in writing from the person appointed. Subject to th¢ maximum number of Trustees, any other person may be appointed by ordinary rcsolution. Following th¢ amendment to the Arti¢le5 in Decemb¢r 2023. the number of Trusle¢s to be appointed by ¢h Membcr reduced from two to onc. Risk M4D*g¢ment The Trustees are required to identify and review the rnajor risks (goveryw)ce, operational, financi. externat, and regulatory) lo which Saffton Hall Trust (SHT) are exposed and lo assess tl)e lik¢lihood of such risks and the possible level of impact they would have. Th¢ Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems and procethrcs are in place to mitigate our exposure lo the major risks. Organisatlonal Structur• 4lld DeclsloD Making The direclors of the Charilablc company (the charity) are Its trusle¢s for the purpose of ¢harity law. The Trustees and officers serving during the year and since the year end were as follows: Mr David Anthony Barrs Dr Pamela DY4ViS Ms Caroline Derbyshire Mr Nick Finlayson-Brown Mr Mark Phtlip Haye5 (Resigned 3 November 2023) Professor Sir Barry Ife CBE, Chainnan (Resigned 31 January 2024) MS Polly Lankester Mr John Lodge Mr Hugh Parnell Mrs Jane Ilichardson Mr Dominic Wallis (Appointed Chair 31 January 2024) Mrs Susatma Houtheusen (Appointed 24 July 2024) Mr8 Lorna Rolfe (Appoint¢d 22 October 2024) The Trustees adhere to a policy which is designed to implement the objectives of the charity #s laid down in its Articles of Association.
Saffton Hall Trust CompaDy Limited by Guarantee Trusteei, Annual RepDrt (Incorpornting tbe Dir¢ctors9 Report) (coNdBAed) Yer Ènded 31 Auytst 2024 StrUth1 govérnADce and managernent (¢oMthued) Members of tht FiDXllte Committee Mr Jobn Lodge Mr Hugh Parnell (Chair) Mr Dominic Wailis Chkf Exetlltive Officer Angela Dixon S•Dlor MADAgem•nt T¢•m Angela Au- Financ¢ Thomas Hardy- Learning & Participation Graham King- Businus D¢v¢lopm¢nt Chris Wh¢al- TechDical Obj¢¢tiV•8 And aetivknj Th¢ objects of the chwity arc &8 follows: l) The advancement of education and the promotion of the arts for th¢ benefit of the public by the provision of fa¢ilities for music, oper4 theatre other performing arts including facilities.. To enhance the education provided to Students att¢nding hoolS that part of the Saffton Academy Trust and other schools in the locol are For the pcrforn)oncc of music, oper theatre, and othcr art forn8 to the general publi¢; and For reh¢8rsals, WOTkshops, masterclasses, exhibitions, recordings Bnd other educational activities. 2) To fiffther benefit the rldellts of Saffron Walden and the ncighbourl¥)od in a rnIn0n effort to advancc education and to provide facilities ond servirxs for recre,3tion and leisure. The TN$t¢es have tsken accounloflhe publi¢ benefit guid8nce published by the Cherity Commission and contknue to ensure that the aims of the charity meet the public benefit requirements under section 17 of th¢ Chariti¢$ Act 2011. The Trustees adhere to a policy which 15 d¢signed lo impl¢meni the objectives of the charity as laid down in its Arti¢les of Association.
Saffron Hall Trust Company Limited by Guarantt¢ Trustees, AnDuI Report (In¢orporiln% thé Dirt¢ton' Report) (eonthued) Ye4r ended 31 AllSt 2024 Achkvements Alld perforniaDee The 2023124 season was the Hall'5 tenth. Birthday celcbr8tions Lx)a]esced in an ¢xc¢ptionally ambitious programme of evonts showcasing l¢n years of World18$ public perforniances and llaboratIOnS alongslde tensive school and community work. Artlstle actity Despite the challenges of the1&8t few years and the on-going cost of living crisis, Saffton Hall continues to offer unique opportunities for audiences, local amateur muyicians, and young p¢ople. The quality of our offering iemains extremely high and is now ¢onsid¢red one of the forem05t classical programmes outside of Londi)n. We continue 10 divwsify our programm¢, c4)nstanily Seeking in¢reas¢ our rel¢van¢e lo local and regional audienc¢s. Our schools and community programrnes are badly needed as music education ¢ontinues to decltn¢ in schoo15 and communities stNgglc with a myri8d of social issues. SAffron Hall Cone•rt Prozramm• Resident Orchestra the London Philharnionic and Principal Conductor Edward Gardner made a strong 818rt 10 th¢ hall's ¢oncert programme with a debut perfonnance from international violinist Christian Tetzlaff perforniing Bartok's Violin Concerto No.2. Saffron Hall is the only v¢nue in Easi Anglia regularly pr¢5enting symphony orchestras and this con¢crt was swiftly follow¢d by the Halle and Sir Mark Elder, this was his final appearonce ai Saffton Hall as their Music Direclor havin8 held that posilion for twenty-four years. The following day Ihe or¢h¢stra perfonned a children's ¢oncert on the theme of Spacc to a packed hall of families across the region. Other notable or¢hestral concerts included Oxford Philharmonic with Ni8¢1 Kennedy: the Philharn)oDia with Nicola Ben¢derti.' the BBC Concert Orchestra perforn)ing a fllm mu81¢ con¢¢rt and our annual New Year celebration and iwo fijrther pcrformanees fmm the London Philharnionic including a thrilling performance of Holst'8 The Planels. Holst would have been 150 years old in 2024 and has a Close association wilh the area as he wrote part of The Planeis whilst living in the local village of Thted. Aurora Orchestra ended the season with a pre-Proms perfornignce of Bc¢thoven Nine from memory. including a theatri¢al pres¢nlalion and explanation of the music in the first half, Thes¢ Aurora perfornances are excellcnt audien dev¢lopm¢nt tools and closely align with our mission to brin8 C11C&1 music to a wider audienG¢. Joyce Di Donato made a welcome return ts the hall with a rhythm section for her stunning ¢abar¢t programme SO/llY. During the concert Joyc¢ explained thal She returns to Saffron Hail because 'it all Starts here,, she went on lo pay tribute to the Sieinway Piano tuner, who 15 also a profcssionaijau musician and ex.student at Saffton Walden County High School {SWCHS) and also io the follow-spot operator who was a Cent sixth-fomi¢r at the s¢hool. For this concert wc introduced a n¢w layout for the hail that blended rabaret tables with the main seating bank. creating a cabaret atmosphere with 8 good sealing capacity. It W&5 very suc¢essful, and we have used il s¢Yeral limes Since. Other highlights of the programme included two TfornIanCeS by charismBlic cellist Nicolas Alistaedt, one with period instrument ¢nsemble Arcangelo and Ihe other with the London PhilharmoniG. Icelandic planist Vikingur Olafsson broughi a paGked Goncert hati to their feet with his perfom]pthGe of Bach's Goldberg variations as did Guy Johnston and Resideni OKhestra Britten Sinfonia with their interpretation of John Tavener's The Protecitng Veil.
Saffron Hall Trust Company Limltsd by GuAr*ntee Trust¢es' Anllu•l Report (Incorpornting the Directors, Report) (¢onrfnued) Year tnd¢d 31 August 2024 Achiev¢mellts aDd p¢rforrnaDC¢ (conlthued) Our local Pthn¢r amateur groups continu¢ to flourish and present strong proarnMe$. Saffron Opera GTOUP off¢red two in-concert operas tbis year. Der RosenlrdV81ier in th¢ Autumn and The malage of Figaro in th¢ Spring, We are particularly proud of the int¢rsection b¢tweeD our amateur and professional partners. This year, S8ffton Waldcn Choral Society featured in a festive Christhias progr8mm¢ with the London Philharn]onic. Prior to the IAJndon PhilhaTmonic concert featuring Holst's The Planeis their Music Director. Edward Gardner, conducted a sid¢-by sid¢ rehearsal of parts of the pi¢ce with the Saffron Walden Symphony Orchestra. It was a very successful afternoon enjoycd by ail. Durin8 the evening concert our local cheber choiT, Grants Choral¢, featurcd as the off-stage ¢horus in Neptune the My8tiC- the fin81 movement. Prior to the London Philh8mioni¢ Concert featuring Holsl's Joy, a cap¢lla voG81 group Roomful of Teeth, and Oud player Joseph Tawths. Talks are increasingly popular and this Ye we presented Reverend Richard Coles, Anthony Horowilz, Simon Arniiiage and Henry Blofeld, Our Foyer Ja73 and Folk Clubs provide a strong platforni for lo¢ai artists to fcalure in our programme and their musl¢al tatenls malched with local strect food vans, keeps thes¢ events at full capacity every month. Our annual pantomime, in parmcrship with KD Theatre Productions. was Cinderella and attra¢ied many local families. Pantomime is often a child's first experience of theatr¢.style presenlations and many n¢w audience members were amongst the altendees. Through a new partnership with Saffron Wald¢n I'own Council and our existing partnership with KD Th¢atre production5, We prcsent¢d our Summer Show, Treasw¥ Island, within the beautiful ndS of Bridge End Gardens and thankfully th¢ weather was cxG¢ll¢nt for all three perforniances. Saffron Hall opened on 30th Nov¢mber 2013 and the Holl's lenth birthday therefore fell within thi8 season. Wc focused celebrations on a wcck¢nd of events and attempti:d to encapsulate the ethos of SpdffTon Hail ihroughoul. Events included a jau evening fe8rIng the h0o1 jazz band, som¢ of our regular Foyer club performer8 and J- Steps, an all-female line•UP from Saffton Centre for Young Musicians. our sardaY moming music school, A p¢rfornian¢¢ of Rodelinda by Ixglish Concert with Harry Bickert and an all-stsr ¢ast included 1¢5tyn Daviu and Lucy Crowe. The Saffton Walden CoLmty High Chambcr Choir joined th¢m on 51age for the fmal Chorus of the opera. Rcsident Or¢hestra Britten Sinfonia perfomk¢d on th¢ final evening with Saffron Hall regular Jess Gillam. Jess worked with sdentS from Saffton Centrc for Young Musicians to pr¢sent on¢ of her fovourile piec¢$ within the concert. In addition to these concerts, we held a Come and Sing with London Community Gospel Choir, a storytellift8 moming With our Pantomim¢ cast and a relaxed folk p¢rforn]ance from regul Saffron Hall collaborators H¢)They and the Bcut. Community Tog¢ther in Sound ts a musio therapy project for people living with dem¢ntl8 and their companion5, delivered in partnership wilh Anglia Ruskin University (ARU). Three 0up5 meet weekly on frid&ys, over l O week lernis. and, once again all three groups operated at 1] Caplty throughout the year, with ov¢r 50 partioipanls involved each week. Together in Sound also connects deeply into the community and the wid¢r arls 5edor, with involvement of guest musicians from both our resident orchestras, along with other young artists. and both local primary and (for the first lime) secondary school students involved in the lernjly sharing events. A priority continues to be to find sustsinable ways to incre&8e the project's re8ch and capacity as w¢ll as continuing w build on the T¢sear¢h and evidence base, in partt]ership with ARU, to support fvrth¢r advocacy for this work as Saffron Hail Trust (SHT) develops deep¢r links with parttcrs in oth¢r parts of Esse In February 2024 we worked with local parith and district Councils to d¢lffiver a weekend residency in a community centre i]1 Takeley. Activities across the weekend in¢luded childrcn'5 workshop$, a family creative music morning, a demeThtia friendly music aftcrnoon and a rel¢d evening recital. As w¢ seekio work more widely beyond Saffton Hall. this model of using our arts-b&sed activities to support local parlDers 18 one whi¢h we will seek io build on fiwth¢r.
Saffron Hall Trust CompaDy IAmlted by GuAr4nteÈ Trustees, AnnuAI Report (IneorporgtiDg tbe Directors, Report) (¢ondK4¢ Year ended JI August 2024 Achitvemtnts and p¢rformaDce (conrtRM¢dJ S¢hog15 and Youllg MuJiciau8 SHT continued lo offer scliools ¢oncerts for pupils of a]1 ages with over 2,500 students experiencing live njusic in Saffion Hall. Cbeebi¢s Stsr Yolanda Brown brought Yol8nda'3 Band Jam for younger pupils lo Saffron Hall for the first time, whilst superstar pianist Alexandra Dariescu and presenter Tim Rethnond gave two perfomiances of "Counl Me In" a concert for k¢y stsge two exploring the links b¢tween maths and music. The National Youth Or¢hestra perforn)ed their only schools ¢oncerts of the year at Saffton Hail. with two perforniances fcaluring Prokoftev's Symphony No 5, reaching s¢condary sohool students from across the region. In May ond Jun¢. we d¢liver¢d Saffron Sounds. our original progTamme for primary schools across the district of Harlow- taking this m&jor initiative outside of Saffron H811 for the ftrst time. Following workshops in 10 Harlow and Eppftng primary schools. we present¢d two schools performances at Harlow Playhouse. Saffton Sounds was develop¢d in pathership with Jess Gillam and her ensemble, and aims lo support high quality music making in the primary school classroom. along with providing inspiiationat livc music ¢xperien¢es to students and theiT t¢acher5. The programme includes an onllne suile of r¢sourc¢s fo¢ussing on mugiGa] con¢epts and perfomiances of varied rcpertoirc. The workshop and concert are delivered by musicians from the ¢nMble, using the online re8ource8 as the starting point for & d¢eper pro8ramme of work in schools. SHTS work in Saffton Walden County High School in¢ludes delivering a technical eleolive for sixth forn) drama studcnt$. and, this year, a technical work exp¢rience week for 8 studenls. Additionally, Saifron Hall Trust ¢xhibited at the Uttlesford and Harloiv schools carc¢r fair. attended by ov¢r 2,000 young ppIe from across th¢ di$tricl ond participaied in Careers events at oihcr Saffron Academy Trust Schools. Other events included workshops in local primary schools with Folk musician Finn Collinson. 8 very ¢nthusiastic&tly re¢¢ived s¢h(K)I lalk from poet laureate Simon Arniitag4 and a memorable ¢reative residency with voeal ensemble A Roomful of Teeth, who created and perfonncd new work with 30 y¢ar nin¢ students. Music students from SWCHS sixth fo continued lo ben¢fil from tickets for access lo Saffron Hall conc¢rts, along with opportunilies for meetings and Q and A sessions with artists such as Edward Gardner and musicians from our resident orchestras. Volvnts¢rJ Saffron Hail benefits from the enthusi&sm. experience and dedication of over 90 Yolunte¢rs. They help in a variety of ways including stewardin8 con¢erts and schools evcnls and helping on our comtnunity projects such as Togerher In Sound. Their sUPPOrt and advocacy is hugely important to us. our audi¢nces and p8rticipantg. Thc Saffton Hall Trust volunteers were awarded the King's Awwd for Voluntary S¢rvice during the year, thc volunteer equiVent of an MBE. A SuJt*inable Saffron Hall Community Thatiks to ndIng from Rural Engjand Prosperity Fund and the Zero Carbon Communiti¢5 Fund, both administered by Uttlesford District Council. 73Q/o of the stoge lighis above the stage are now LED. This is al$0 supported by our new reusable glas5 initialive and our plan to be a Zero waste Bar by 2027. As part of our efforts lo spread the message of sustainabllity, we have commi$5ioned a n¢w community op¢rd by world renowned composer Jonathan Dove. Uprising looks at the climate cmergen¢y through ihe eyes of those whom it will affect the most - th¢ young. Uprising was initiated by Jim Potter. a locaI phi]anthropi5t with a (kep commitment to sust8inability and a p&8sion for musi¢.
Saffron Hall Trust CompaDy Limited by Guarantee Trnsteès, ADDual Rtport (In¢orporaling thé Dtre¢tors' Report) (toR(inued) Year tDded 31 Augugt 2024 FinAn£i41 rnview Results for the Ye•r Total income forthe year to 31 August 2024 was £2,176,092 (2023: £1.763.321). Tots] expenditwe of £2.262.553 (2023: £1,897,465) resulted in a negatlv¢ nel movement of fjJnds for the y¢ar of £86.461 (2023.. £134,144)- This is a reduction of £47,683 ¢ompared to the previous year. The resulting n¢t liabilitie5 P081tion & 31 August 2024 wa5 £339,395 (2023: £252.934). IDtome Incom¢ fn)m our Gharitsble activities was £1,270,770 compared to £986,546 in the prcvious year. Ticket sales from our own promotions increased from £683,919 to £873,314. Th¢ Hall continued lo program WOTldwcIL8S Classical conceTts alongside jazz and folk and presented its first West End Musical, Blood Brothers, in October 2023 which brought many new audiences to the Hall. Increase in tick¢t sales 8150 had a positive effect on the bar 8nd catering income which increa8ed from £146,888 in the previous year to £173.292. Box office commission and other incA)me increased from £33.552 to £60.229. Strncture of th¢ booking fee changed from £1 pcr Irans&ction to £1 per ticket in April 2023 to ensure the cosl of administration is fvlly ci)vered and 23124 saw thc fst full year impact of this Change. In addition, Blood Brothcrs went on sale only ttvo months b¢fore th¢ perfornian¢es rather than over a longer pcriod of tim¢. 50 the majority of the booking fe¢ fell in 23124. Non-audience4¢pendent activiti¢s, including R¢cordings and Technical Income, d¢creased by £8,392 and yncreased by £7,294 r¢8pectively. Orch¢8tra Tax Reli¢f of £26,800 also rer¢ived in th¢ year. Fundraising income for the year totallcd £902,634 compared to £776,623 in the previou5 year. Funding in thc arts remains challenging. Whi15t membership income remained fairly stable (2024: £137,458 vs 2023,. £143.156), unrestricted donations and grant income was £45,195 lower than the previous year (2024: £319,828 vs 2023: £365,023). However, restricted donations and grants increased from £246,444 in 22123 to £398,348 in 23124. In dition to £176,180 (2023.. £176,270) for concert gponsorship and £63,933 (2023.. £69.024) for learning and participatio the Trust was succe55ful in securing fi]nding from Arls Council England, various individuals and some public funding for a number of proj¢cts (s¢e note 24 for more details). Legacy of £25,000 iv&8 also received in the year. In 2024, we continued to recelve 'in kind, donations of £22,oiX) (2023: £22,000) for the provision of ¢xcellcnt office space end facilities by Utti¢sford District Council. Expendltur• Total expendilur¢ of £2,262,553 was rccorded for Ihe year, compared to £1.897,465 in the previou5 year. Dire¢t artist and concert produclion costs wcre £1,424.062 compar¢d to £1,146,733 in 22123 whilst Support and Governanc¢ Gosls increased from £355.163 to £418.243 as fvll-year effect of v8Jious vacancies filled in th¢ previous year was reali5ed. This was also reflected in staff costs which increased from £694.303 in 22123 to £751.275 in 23124. Fundraising costs incr¢&8ed from £81043 in the previous Ye to £93,535 as there was a higher level of fundraising activities during the year.
Saffron Hall Trust CompaDy IAmlted by Guarantee Trustees, AnDul Report (Ineorporating the Dirtetor8' Report) (C¢) Year ended 31 Augu 2024 Fillancial r¢view (eonrtnued) IA)au FuDdilli At the year-end our liabilities included a balance outstanding from the Bounce Back Loan of £31,945 with an interest rate of 2.250/0 and repayment exiended to len years. In September 2023. thc Charity secured an additlQDal loan of £204,185 from NESTA (now Figurative), £54,185 was used to repay the original Culra1 Impact Development Loan from NESTA in full. At the ycar, the batancc outstanding from th¢ Cultural Impact Development Loaj) wa5 £nil whilst the bance outstanding from the new NESTAIFigurative loan was £180,701. This DCW loan is p8rt-secured on the Tnjst's Steinway piano with an interest rale of 6/0 p¢r annum rep&yable over seven ycars. Re8erves Policy And Going Coneern tn the past the Trustees have a8reed a Res¢rYa8 Policy of maintaining ger81 (free) reserves to a level whi¢h ' equiva]ent to at l¢a5t 3 months, operational exFnditure of £200,000. The year-end position was: The Trust has a net liabilities position at 31 Au8U8t 2024, of £339,395 ¢ompared to £252,934 th¢ previous ycar. The Tnjsl h8s current liabllities at 31 August 2024, of £276,344 eomparcd to £284.005 th¢ pr¢vious year. The a¢counts showed r¢stri¢ted fvnds of £119.824 on 31 Au8USt 2024 and Desi8nated Funds of £116,906, the lalter represented by fixed assets owned by the charity. General (free) reserves on 31 Au8usI 2024 were in d¢ficit by £576,125 (2023: £421,631). Lik¢ others in our industy we have suffered severe dlslocation to our operations and charifabl¢ activities over the last few years. However, we have adapted lo the situation, managed our way through this difficult period. kepi our team intact gnd the Tru8t¢es are ¢onfid¢nl w¢ are emcr8ing strong¢r and well placed io reali5e our vision 80ing forward. We continue ro work hard pursuing all sources ot'tunding. building on ¢stablished relationshtP4 ¢UTrnt Support and being innovative in 3e¢kAn8 Out new opportunities. (Se¢ not¢ 3 for more details). The Trustees believethere are key factOTS that support confidenoe in respect of the viabllity of the Trust including.. the flexibility and re5ilieiice of our model. our venue. and our stsff: the diversity of boih our activities and our income streams. the capability and experienc¢ of our m8na8emeni team. and the continued 8UPPOrt of an established slak¢holder community. In asse53ing the Tru5t'5 position in relation to it5 Status as a going concem th¢ Tn]3tees acknowlge. that it j5 dependent. in pa¢ on its continued fimthaising capability and the accuracy of its for¢casts. the significance and l¢vel of risk attached to achievÉn8 its fiuldrftising lar8ets. the Trust is in a net liabilities position. thaL because of its net liabilities balaftce Sheet position. its auditory must include an emphasis of matter in their audil repori highlighting the risk. io
Saffron Hall Trust Company Limited by Guaralltet Trllstses, Annual Report {lllcorpornting the Diréttors, Report) (conts'Ku¢dJ Year ended 31 Augu&t 2024 Plans for future periods CoDc¢rts In th¢ 24125 5ea50n, we will w¢lwme many ¢stsblished artists back to th¢ hall, building a rMmitted audience for classical music and wncerts such as The Tallis ScholgJs. Sheku and18ats Kanneh-mason in recitsl 8Dd orchestral concerts with th¢ London Phijharnioniq the Royal Liverpool Philharn]onic and the Chamber Orchestra of Europ¢. We will develop new audiences for classical music through gate-way concerts such as Friday Night is Muslc Night with the BBC Concert OKh¢stra and w¢ll-known'Classic Fm-style, programmes. Artists that cros5 a numb¢r of musical tyles. su¢h as Jess Gillam also h¢lp us to cross*ollinate audiences. We will also l¢mpt our claysi audience5 to ty something new through concerts such os the Julian Bltss Septct and Ameri¢an ensemble, So Percussion with LX)mposer Caroline Shaw. W¢ have recently piloted a new Foyer Comedy Club which went extremely well and thi8 will become a regular feature of the programme. Our partnership with Saffton Walden Town Council has enabled us to palld our horizons and wc will celeblate world piano day with a range of piano- related events across Saffton Hall, the towj hall and the market square coverin8 a wide renge of mu8iC and appealing to a number of audiences. A particular highlight in the Spring is a new La)mmunity opern commissioned from world-rcnowned compos¢r Jonathan Dove. The opera takes climate ¢haA8e and the environment as it theme and featur¢s commurrity choruses, on¢ & teenage choir, the other adult. The opeia will fratur¢ Six professional solo singers and play¢rs from the Roygl Scottish National Orthestra and will spawn a primary school creative proJt in parther5hip with Cambridge Univ¢rsity's Cambridge Zero. Sebools Commulllty Alongside continuing as)d building on our work at Saffton Hall and with Saffron Walden County High School, including schoo15 concerts for all ages, a creative residency with cns¢mble So! Percussion. and opportuniti¢s linkcd to the Saffron Ha]1 progr8mme, the 2024125 year will see us ¢onlinue to develop the work we do more widely across Essex, In November 24. we tak¢ OUT creative residency mod¢l to partner Saffton A¢¢MY Tnjst school Alec Hunt¢r A¢ademy, Braintsec, where we will also test other models and ways of working. with a view to offering such work more widely acros5 Essex in fvture yw$. We will also build on our Saffton Sounds primary School modcl, and deliv¢r gn iteration of thi5 in Che]msford, in partnership with Es8¢x Music Edu¢ation Hub. We ore testing a new type of rel&tionship with Essex Musi¢ Education Hub, in whi¢h Saffron Hall Trust will be comm153ioned to coordinate a liv¢ s¢hools musi¢ programme- with activity b¢ing deliver¢dby organisalions from ams8 the hub pwtnership. This activity is ¢xpected to grow and devclop following this initial yew. We ¢ontinue to seek ways to build on the succ¢s$ of Together in Sound and to deydop our work with music end dementi& We have been exploring a new model which has the potential to be rolled out sustainably and reach m8ny more pwpl4 and w¢ hope to be abl¢ to VKgin ¢slablishin8 this in new place5 dursng the Coming year. li
Saffton Hall Trust Comp4Dy Limited by Guar4Dtse Trustees, Annu41 Report (IntoryorAtiDg tht Dir¢etor8' Rtport} (cowthtsed) Yéar ended 31 AuEu8t 2024 Plans for futsre perlods (eonllM4¢4) Vi8lOn And Business Plan In 2023 Saffron Hall Trustb¢gan a capacity building project to make the hall activity sustainable and begin school and community ivork outside of Saffron Walden. Ther¢ is no musio Naiion&l Portfolio Organisation in Essex and therefore much of the development work for the artforni at gr&ssn)ots level is not bcing done. An Arts Council England proj¢GI grant has atlow¢d u5 to ¢xamin¢ thc music ¢cosyst¢m in Braintree, Harlow, Chelmsford Brentwood. Basildon and Takeley. It is clear that there is a substantial musical deficit in thc r¢51 of the county and therefore significant opportunity, w¢ we ¢urr¢ntly working with a number of partner5 in these are&$ to scop¢ new activities. W¢ are also thndraising for improvements to the hall and surrounding spaces to improve ¢uslomeT and artist experience and grow earned income. Prlnclpal riskg and Ull¢¢rtAlntles Flu•Dclal and Cash Flow Risk There is a risk that any issues around fimding ¢ould have a significant effect on the Trust's ability to Continue as a going concern. To mitigate risk the Trust's cash position is monilorcd by Senior Management regularly and rcported to the Financ¢ Committee and Trustees at Board m¢¢ting$, A key part of th¢ Tru51'5 plans involves 8rowing the divsified nath end scale of its income streams. The fornial Finance Cornmittee ¢ompri$¢s three cxperienc¢d Trustees and meetings are attended by ihe Chief ExeLutive and Financ¢ Director. The Committee provides regular ovcrsight. review, and advice on behalf of the Board, ensuring appropriate focus on both the risks associaied with th¢ current reserv¢s situation and the continued application of rigorou5 financia] contro15. A quarterly 'check-in' by the NESTA, now Figurative, tcam enyurcs regular independent stakeholdcr review. Heglth And safety In September 2024 we received the report of our Health and Safety audiL We have again managed to improve on previous audits with an overall score of 98.3010. The executiY¢ summary slates "Following the ci>mpletion of a significant number of oulstanding actions, this audit visit was highly positive, with Saffton H],5 clean layout and arrangements providing very linte in the way of additional action from the walk-around" As ever there are some areas for improvement and we will addr¢ss thes¢ during the yw. lllhilst we havc had no IUDDOR reportable a¢Gidents wc had a 5¢rious near miss incident. Subsequ¢ntly we have r¢viewed our policy and chamged certain conditions for operations and the u$¢ of PPE during lar8er productions. Overatl. th¢ risk remain$ at a low level and a wntract with RB Health and Saf¢ty remains in place. SafeguardlD8 Soffton Hall Twst works extensively with young people ond adults ai risk and lakes safeguarding extremely seriously. All Saffron Hall office staff and all c&sual staff and volunleers that work closely with iheye two group5 have appropriate disclosure and barring service ch¢cks. The Leaming & Participation Director is the Safeguarding Lead within the organisation, working closely with designaied board member, Polly Lankester. Saffron Ha]1 has a sBfeguardAng FK)licy that is closely aligned the safeguarding poli¢y of Saffron Walden County Hi8h School and this is r¢view¢d and signed off annually by the i%)ard. In their octob 2024 Board Meing Ihe Board agre¢d the safeguarding policy, with the next review scheduled for October 2025. Polly LanL"ester led a truslo¢ Safeguarding training session in Spring 2024. and the Board agreed that this would be off¢red each year to any truslec5 not receiving the same training elsewhere. Sta£f receive regular safeguarding training. either by joining SWCHS regular sessions or sep8ral¢ly delivered by the Trust. 12
Saffron Hall Trust Company Llmited by GuarAJltee Trustees, Aonuxl Report (Illtoryorgting the Direttors, Report) (¢oMrfAued) Yéar ended 31 August 2024 Principal risks 4Dd uncertainlies Fundraising Saffton Hall Tn]st gen¢rates i[Me from fiJDdraising to SUprt its work It 15 broadly divided into four main Indivi ual ivin The Trust engages with donors who have th¢ capacity to support its work at various levels. Reccnt example5 include sponsoring concerts, supporting lh¢ Schools omd Community programme and individual project5 such as Togeiher in S014rn1 and Saffton Soundt. Oth¢r rcvenue in¢ludcs managing an ¢ver-growing membeTship sch¢me, offering clearly defmed benefits that are costedto comply with Gift and VAT regulations Set out by HMRC. sts and dation Thc TTUSt make8 a range of applications and approaches to trusts and foundation5 in the UK, for both core (unrestrided) and proj¢ct (restrithed) funding. The Trust is working with extemal bid writers who help to shape and submit application5 and bids. LwtAiUThe Trust continues to approach local compgnies to support th¢ public programme and Schools or and Community work. The introdu¢tion of Pantomime and ihe Summer Show into thc programm¢ has had M)sitive effeGt on the numb¢r of local ¢ompanie5 5UPPOrting u5, Public Fundin .. Although the Trust does not Teceive any r¢gular public fijnding, the Trust continues to engage with pot¢nlial public funders, includin8 Essex County Council, Uttl¢sford DistriGt Council (UDC) and Arts Council England. This year the Trust r¢ceiv¢d various Project gr8Dts, which supported sp¢cific project worK r&ther thon cor¢ costs. Saffton Hall r¢¢eives free office spac¢ from UDC. S8ffton H811 Tru is iegistered with the Fundraising Regulator and is bound by the Cod¢ of Fundraising Pra¢lice. The Cfjde sets out the key prinriples of b¢haviour expected of all charitable fundraising organisations in the UK. More inforniation about the re8ulator, and their role in monitoring fidraiSing slandardg, can be found on thelr w¢bsit¢: www.fvndra1sinegulat0r.org.Uk. The Trust also laid out a clear Commitment to Supporters (donDiion d sponsorship policy) and rrf)licies to protect vulnerable pwple. Staff and volunteers are asked to lnsIder these poli¢i¢s when int¢raclin8 Iviih potential donors &nd these can be found on our website at https.. www.safft0nhall.ronsppOrt-U5Iow-cQmMitMcnt-lSUp¢rs. Thc Trust also updatcd th¢ 8ifi a¢¢eptance policy. Truste¢$ review fjjndraising activity at ea¢h Board m¢etin8. Fundraising complaints should, in the rSt instance, be directed to the Chief Executiv¢ Officer of Saffton Hall Trust, Angela Dixon, either by letter (Sathon Hall Tnjst, Council OITices, London Road, Saffton Walden, CBI I 4ER) or by ¢mail (info@5afftonhall.com). All wrnplaint5 will be acknowledged within 72 hows, with a full reply within 21 days. If this does nol resolve the issue, then the ¢omplainl ¢an be escalated to th¢ Fuftdraising Regulalor for further action. Ther¢ were no wmplaint5 recorded dwing th¢ year. Trustees, respoDsibilltles statement Th¢ trustees, who are aIso directors for the purposes of comp8ny law, are responsible for preparing the trustees, report and the financial statements in accordatiGe with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requirc5 the cFwity 1rustees to prepare fjnancial statements for Cach year which give a true and fair view of the State of affairs of the charitable company and the incoming resources and application of resowce including Ihe income 8nd expenditUTC, for that ptriod. 13
Saffi•on Hall Trust Compfiny Limked by Gll4rantee Trwtees, Annual Report (Incorporating thè Directors, Report) feèAthA¥ed) Year tnded 31 August 2024 tn pr¢paring these financial statement& the tr3 are required to: select suitable a(Younting policie8 and thcn apply thezn consistently• observe th¢ method5 and prlnciples in the applicable Charities SORP; make Jud¢nts gnd ac&)unting estimates that are r¢asonable and prudcnl. prepare the financial statements on th¢ going concern basis unla8S it Is inappropriate to presume that the charity will ¢ontinue In business. The trnstees are responsible for keeping adequat¢ accour)ting r¢¢ords that are sufficient tt) show and explain the charity's transactions and dis¢lose with rcasonable accuracy at any time the rtnancial position of th¢ oharity and enable Ihem to ensure that the financial Statements comply with the Companies Act 2006. They ar¢ also responsible for safeguarding ihe assets of the charity and hence for taking r¢asonabl¢ steps for the prevention and deterfion of fraud and oth¢r irregulariti¢s. Audltor Each of thc persons who is a trustee ai the d&t¢ of approval of this reikn confirni8 that: so far as they ¢ awar4 there 15 no relevant audit information of which the tharity'8 auditor 15 unawar¢' end they hav¢ tsken all steps that they ought to have tsken as a trust¢e to make themselves aware of any rel¢vant audit infonnation and io ¢stablAsh that the rharity'8 auditor is aware of that inforn)ation. Small ¢ompAny proviiioll8 This report has be¢n prepAred in accordanc¢ with tlic provigions applicable to mpAnieS entitlcd to th¢ lla11 mpanie8 exemption. The tr81¢¢$, arn)ual rew)rt approved on .. ..... and signed on behalf of the èK)ard of ttustces by: Mr Hugh Pamell Tru$t¢c 14
Saffron Hall Trust Company Limlted by GuAfAnt¢t IDdependtnt Auditor's Report to tbt Mèmbers of SaffroD Hall Trt Yexr tnded 31 August 2024 Opinion We have audited the financial statements of Saffron Hall TTUSt {the'charity') for the yw ended 31 Au8USt 2024 which comprise the statement of financiai activities (including kn¢ome and expenditure account), statement of financial posilioT4 Statcment of cash flows and th¢ related notes, including a summary of sl1[1¢8nt accounting policies. The fmancial r¢porting framework that has been applied in their pr¢paralion is applicable law and United Kingdom AOUnting Stsndards, in¢luding FRS 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland (United Kin8dom Generally Acccpt¢d Awounting Practic¢). In our oplnion the fuwn¢iai statements: give atrue ond fair view ofthe state ofthe¢hgrity's affairs as at 31 Au8UYt 2024 and of its incomingresour¢es and appli¢ation of resources, in¢luding it8 income and expendityre. for the year then ended. hav¢ been properly prep8Ted in acrdance with United Kingdom Generally Accepted Accounting Pra¢tl¢¢; have been pr¢pared in CordanCe with the r¢quiremcnt8 of thc Companics Act 2006. BAJIJ for opilllon W¢ conducted our Rudit in accordaDce with International Stand8rd3 on Auditing (iJK) (ISAS (UK)) and applicable law. Our responsibilities under those standords are fither described in the auditor's responsibilities for ihe audit of the f0¢181 stalemenis section of our report. We 8r¢ independ¢nt of the charity in &crdanCe with ih¢ ethical requirLments that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stondard. and we have fulfilled our other ethiGal responsibilitie3 in accordan¢e with th¢se requir¢ments. W¢ believc that the audit evidence wc have obtained is sufficient and appropriatc to provide a basis for our opinion. CoDclllsioDJ relatlng to going ¢ODcern We draw attention to note 3 in the financial statem¢nts, whith indicate3 that the Charity will need to achieve it5 tsrgols in securing grants and donations in order to return the tharity to Surplus. As stated in note 3, these events or conditions, along wAth the other matters as noted note 3, indicate that a Materi unLYrtainty exists that may cast significant doubt on the ch8ritabl¢ Gompany's #bility to continue &8 a goin8 concern. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of th¢ Tru5t¢es with r¢S¢t to golng cijnc¢m are described in the relevant seGtions of this reporL 15
Saffron Hall Trust CompAAy Limited by Gu#r4ntee Indépendènt Auditor's Report to the Mtmbers of Saffron Hall Trmst (eonthmed) Year ended 31 August 2024 Other informAtIoD The other inforniation comprises the inforn)ation included in the knnual Reportother than the financial statements and our Auditors, Report thereon. The Trustee8 are responsible for the other inforn)ation contwned within the Annual ReporL Our opinion on the fancial statements does not cover the other tnfomialion and, except to the extent otherwise explicitly stat¢d in our repor¢ we do not expr¢ss any fonn of assur8J]ce conclusion thereon, Our responsibility is io read the other infornitstion and, in in doing so, consider wh¢ther the other infornialion is materiaIly inconsislenl with the fllwicial slatemcnts or our knowledge obtained in th¢ cours¢ of the audit. or otherwise appears to be materially misstated. Ef we identify such materiat inconsisten¢ies or appareni maleri mT$slalem¢nts, we ar¢ required to delerniine wheth¢r this gives rise lo a material misslalem¢nl in the financial stal¢ment$ themselves. If, based on the work we have perfomied, w¢ nClud¢ that ther¢ is a material misststement of this other inforniation, we are required to report thai fact. We have nothing to report in this regard. Opinions OD other mttérs pr¢scribtd by the CompaDie8 A¢t 2006 Except for the possible effects of the matters described in the basi$ for qualified opinion section of our repott in our Opinio based on the work undertaken in the course of the audit: • th¢ infonnation given in the 8trategiG r¢wrt and the directors, report for the financial year for whi¢h the financial Slatem¢nls are prepared is wnsisient with the f&¢1&1 slatements. and è the 8tr8te8ic report and th¢ directors, r¢port have b¢ prepared in accK)rd8nc¢ with applicable legal requirements. Matten OD which w• are r•quir¢d to report by exception In the li8ht of the knowl¢dgc and understanding of the ¢harity and its environmfflt obtained in the course of th¢ audit, we have not idenlified materiaI mi$slaiem¢nts in the trustees, report. We have nothinglo report in respectofthe following matters in relation to whi¢h th¢ Comp8mies Act 2006 requires us to report to you if. in our opinio odequale accounting records have not been kepL or returrnq adequate for our audit have noi received from br8nch¢s not visited by us. or the financial statements are not in agrcem¢nt with the 8¢counting r¢cords and returns; or certain di3closures of truste¢5' remuner&tion 8cIfied by law are not madc; or w¢ have not received all the inforniation and explanations we require for our audit. or the trustees w¢re noi entitled to prepar¢ the fmancial statements in a¢cordanc¢ with th¢ small compani¢s regim¢ and lake advantsge of the small companig5' ¢xemption5 in preparAnB the directors, report and from the requirement to prepare a strategic report. 16
Saffron Hall Trust Company Limited by Gu4rgntee Indep¢Ddent Allditor'g Report to tbe Members of Saffron Hall Trust (tondnvd) Yer •nded 31 August 2024 Respott$ibllitie8 of trustees As ¢xplained moff fjjlly in the trnste¢s' r¢sponsibilitie$ statemenL the tnle¢S (who also the directors for ihe purpos¢s of company law) are responsible for the preparation of the fll)anGial Slalemenls and for being satisfied tliat they give atru¢ and fair view, and foi such internal control as the trustces deterniine 1$ necessary to enablc th¢ preparation of fjnancial statements that are free from meria] MisstaMen( whether due to fraud or error. In preparing the fmartcial slatements. the trustees are r¢sponsibl¢ for assessing the charity's ability to Continue &8 8 going Conce disclosiDg, &% appli¢able, marters related to going concern and using the going concern basis of accounting unless the tn15tc¢s either intend to liquidAte the Gharsty or to cease operations, or have no realistlc alternative but to do 80, Audltor's rnSPDnJ5bilitie• for the audlt of tb¢ fiD•DcIAI st#t•ments Our objectives are to obtgin reasonable &8suran¢¢ ab)ut whether the financial statements as a whole are fre¢ from material mi55tatement. whether du¢ to fraud or ¢rror, and to issue an auditor's report that includes our opinion. Reasonable &8suranc¢ is a high level of assuTance, but 15 Dot a guarantee that audit conducted in arwrdanc¢ with ISAS (UK) will always det¢¢t a material misstatement when it eXlSts. MisstV4tements oan arise from fraud or error and are nsidered material if, individually or in the aggr¢gate, they Gould rcasonably be ¢xpected to influ¢nc¢ the CnoMiC decisions of users tsk¢n on the basis of th¢5¢ fllwicial ststemcnts. Irr¢gularilie& including fraud, are Instances of non-compliance with law5 and regulations. We d¢sign pro¢¢dures in line with our r¢sp)nsibilities, outlined abov¢. to det¢ct material misstatements in respecl of irregularities. including fraud. The extent to which our proceduTes are ¢apable of detecting irregularities. including fraud is drAailed below: Our approach to idcntifyit)8 ond wsessin8 th¢ risks of material misstatement in respect of legularlts¢s, including fraud and non-compliance with laws and regulations, wa5 &8 follows.. the engagement partner ensur¢d that the engwent team collectively had the approwiate competence, capabilities and ski115 to identify or recognis¢ non•complignce with 8pplicabl¢ l&ws and rcgulation5: w¢ identified the laws and regulations Applicable to the charity through discussions with trustCC5 And other management, 8nd from ow ¢X)mmercial kMwledg¢ and expcrience of th¢ charity and sector in which it operates. we focused on spccific laws and regulations which we considcred may have a direct material effect on the fman¢i818tatcments or the operations of the charity, including the Companies Act 2006, Charittes Act 2011, t&xation legisl10n, data protethi0 anti-bribery, employmenL environmental and health and safety legislation. we L8se$sed the ¢xt¢nt of compliance with the laws and regulations identified above through making enquir1¢5 Qf mana8ement and in3pecting1¢881 wrrespond¢nce' gnd 17
Saffron Hall Trust Company Limited by Guarantee Ind•p¢Ddent Audltor's Report to the Members of S#ffron Hall Trust Year ended 31 August 2024 identified laws and Tegulations were communicated within th¢ audit team regularly and th¢ team remained aIert to instances of non-compliau¢e throughout the audiL We &8sessed the sus¢¢plibility of the charity's fmancial Staternts to material misstatem¢nL including obtainiog an understanding of how fraud might occur. by: making enquiries of management as to where they considered there w&8 susceptibility to fraud, their kIWI¢d8e of actual, 5usp¢thd 8nd a]leged fraud. and considering th¢ internal controls in plac¢ to mitigate risks of fraud and non-complianc¢ with laws and r¢8ulations. To addr¢8s the risk of fraud through m8naguDent bi&8 and ovettide of LtrOl5. we., perfonned analytical procedures to identify any unusual or uncxpected relationships, tsst¢d journal entrie$ to identify unusual transactions; ass¢ss¢d ivhetherjudgements And assumptions mth in deterniiningthe accountin8 estimat¢s were indicative of potcntial bias- and investigated th¢ rationale behind significant or unusual tr81CtIOnS. In response to the risk of irregularities and nonkncomplianK with laws and regulations, we d¢si8ned procolures which included. but were not limit¢d to: agreeing fjnancial statement disclosures to underlyimg supporting documentation. reading the minutes of meetings of those Gharged with govemanc¢,' enquiring of management &q to a¢tual and potential litigation end claim5; and r¢viewin8 cOrreSndence with HMRC, rel¢vant regulators and the clwity's1¢8al advisors. Therc are inherent limitslions in our audil procedures described above. The more removed that laws and regulations are from financial trsactiOnS, the less likely it is that we would b¢¢ome aware of nonomplIan¢e. Auditing Standards also limit the audil procedures required to identify non-compliance with laws and regulations to enquiry of the lrnstees and other managcment and the insp¢¢lion of regulalory and legal cott¢$pondenc4 if any. Malerial misstatements that arise due to fraud can k harder to detect than those that aTi5e from em)r a8 they may involve d¢liberat¢ Con&1Ment or Collusion. 18
Saffton Hall Trust CompaDy Limtted by GuarADte• IndepeDdtnt Auditor's Report to the Membtr8 of Saffron Hall Trust (conrfnued) Year ended 31 August 2024 A fiJrth¢r description of our reswn8ibilities for the audil of tho financia] st8temenls 15 located on the Financial Reporting Council's website at www.frG.org.uklauditorsre3ponsibililies. This descriplion fornis part of our auditor's report. U8¢ of our report This report is made solely to the charity's membeis, as a body. in accordance with Chapter 3 of Part 16 of the Companies A¢t 2006. Our audit work has been undertaken so thal we might state to the charity's memb¢rs those matters we are requirtd to stste lo them in an auditor's report and for Tro other purpose. To thc fullest gxtent pemitted by law, we th) not cept or assume reyp¢)nsibility to anyone other than the Charity and the charity's members 88 a body. for our audit work, for this report. or for the opinions we have fornied. Shane ThaTby (Senior Statutory Auditor) For and on behalf of Streets Audit LLP Chartered Accountsnts & statutory auditor 3 Wellbrook Court Cambridge CB3 ONA 19
Saffron Hall Trust Compgny Limltsd by GuArsnte• Statement of FinanciAI Activlties (kncluding kn¢Dmt and upenditure 4ceount) Year ended 31 August 2024 2024 RestriGted fijnds Total funds Unreslricted funds 2023 Nott Totsj funds lttcome and éndowmen Donation8 and legaGies Charitable activities Inveslment income TotAI income 504.286 1,270.770 2,688 1,777,744 398,348 902,634 1,270,770 2.688 2,176.092 776.623 986,546 152 398,348 EIp¢Ddlture Expenditure on raising funds: Costs of raijing donations and le8aGies Exp¢nditUTC on rharitsble a¢tivities Tot41 exp•Ddlture 1,763,321 93,535 2,023,092 2,116,627 9,10 93.53J 2.169.018 2,262,553 145,926 145,926 82.043 1,815,422 1,897,465 Net ¢xpèndithre (338,883) 252,422 (86.461) (134.144) TransferB between fund8 24 216,748 (216,748) N¢t movwneDt ID fund• (122,135) 35,674 (86,461) (134,144) R•collcllitioD of fundi Totsj fimds brought forward Totsl lknnds carried forwArd {337,084) (459,219) 84,150 119,824 (252,934) (339,395) (118,790) (252,934) The ststemcnt of financial activities includes all gains and losses recolSed in the year. All income and expenditure derive from conlinuing activities. The notes on pges 23 to 38 form part of these fill4nclAI statements.
Saffron Hall Trust Company Llmited by Guarantee Statsmtnt of Financial Positloll 31 August 2024 2024 2023 Note Fiied 98g¢ts Tangible fixed asscts Inve8tments 16 17 116,906 84,547 116,907 84,548 CumDt A8Jets Stocks Debtors C&qh at bank 8nd in hand 19 20 6,726 70.914 298.799 4,673 96,793 113,146 376,439 214.612 Credltors: mouDts flllng wltbln ODe y4Ar 21 652,783 498,617 Net ¢urreDt Ilabilltiei 276,344 284,005 (199,457) Total x8sets lesj tllrr•nt liabllltios (159,437) Cr•ditor&' 4mollDtJ fg1]ini due ft¢r or• tban oll• year et Ilabillties 22 179,958 (339,395) 53,477 (252.934) Funds of th• chority Restrict funds Unr¢8tricted fldS 119,824 (459,219) (339J95) 84,150 (337,084) (252,934) Total chxrlty fuDds 24 Thes¢ financial statements have been prepar in accordance with the provisions applicable to Compani subject to the small companies, regime. These fllwici818tatcm¢nts were approved by the boord oftrustees and authorised for issue on and are signed on behalf of th¢ board by: Mr Hugh Parnell Truste¢ Tb¢ notes OD pages 23 to 38 fom part of th fiDancial gt*tsm•nts. 21
Saffton Hall Trust Company Limited by GuarAntse Stat•ment of Cash Flows Yèar ended 31 Augllst 2024 2024 2023 Cash llows from operAtkn% activities N¢t expenditure (86,461) (134.144) Adj7&rfmenlsfor.' Depreciation of tangible flxed assets Other interest receivable and 8itnilar income Interest payable and similar charges Changes i Stocks Trade and other debtors Trade and Oth creditors Cash g¢ne2at¢d from operations tnt¢rest r¢ceived 12.704 (2,688) 11,531 15,132 (152) 5,492 (2,053) 25,879 159,687 118599 1290 {34,389) 78,726 (68,045) 2,688 121,287 152 N¢t cash froml(used in) operating activiti¢s (67,893) Cash Ilow$ from IDv¢stlDg Attlvitlei Purthase of tangible assets Net rash in inycsting activitics (45.063) (45,063) (7,394) (7,394) Cish Ilows from fiDaDeiDg atthritl Repayments of borrowings Proceeds from borrowing8 Interest paid Nct cash froml(used in) fin&Ing activitics (83,225) 204,185 (11,531) 109,429 (36,358) (5,492) (41,850) Net increasel(d•¢rease) ID 1h And ¢Ash equlvalents Cash 4Dd ¢45h equfvAlents At beginning of year Cjih and tx8h equlvgltnts gt ¢nd of ye2r 185,653 113,146 (117,137) 230,283 113,146 298,799 The Dotes on PaEes 23 to 38 fonn part of th¥se financial st4tem•nts. 22-
Saffron Hall Trust CompaDy Limited by Guarantee Notes to the FinAncial StAt¢ments Ytar eDded 31 August 2024 Genernl iDfom#don The charity is a public benefit entity and a private company limited by guarante4 rcgistsred in England and Wales and a registered tharity in England and Walc8. The address ofthe registered office is Coun¢il Offices, London Road, Saffton Woldefy Essex, CBI14EIL ststemèllt of compliAn¢¢ These fmancial statements have been prepared in ¢ompliance with FRS 102, 'Th¢ Financial Reporting Standard applic&ble in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparin8 thciT KountS in 2ccordancc with the FinDn¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companie8 Act 2006. Saffron Hall Trust meets the definition of a publi¢ b¢nefit entity under FRS 102. Aeeountillg pollcles BA8iJ of pr¢p*rAllon Th¢ financial statcm¢nts havc been prepared on the historical c03t basis. The financial stat¢ments arc prared in stcrling, which is th¢ fimctionai GUTreThcy of the tIty. 23-
Saffton Hall Trust Company Limlted by Guar*ntse Notes to the FknanciAI Statemtnts (eonthmed) Yegr ended 31 August 2024 Accountlng pollties Going toneern In financi terms, the Trust has shown a deficit for the year of £86,461, At 31 Au8USt 2024 the Tn1 had net liabilities of £339,395. Cash balawe at 31 August 2024 £298.799. During the year. the Charity has continued to benefit from gttnerous support from ils donors. In operational temis. the Charity has continued its a¢livities throughout the year. once again demonstrating the flexibility and resilien¢e of its model. The Charity has been investigaling and pursuing many wmmerciat oppor1t1g$, diversifying ils previous inLX)me streams and working to build its fin8nGiai ruili¢nce. The cash inje¢lion of £150,000 from the additional loan from N¢51alFigurative enabled the Charity lo begin investing in projects to improv¢ operational effi¢i¢ncy a¢ros5 th¢ organisation and generdte more income. The firsl lo benefit is the bar and catering departtnenl with an aim of improving gy05$ margin in 24125. Ticket income in QI 24125 exceeded ¢xpectations by around £IOOk omd our next West End Musical. Buddy. which will take place in Oclob¢r 2025 wcnl on salc in S¢ptcmb¢r 2024. Continued focus on cost managem¢nl h&8 also had a positive imp3Qt- the first project of chan¥ing our credil wd m¢r¢hant to reduce ¢har8es payable 1$ now Complete. The combination of these activities resulted in a net surplus in QI 24125 and the cash balance at 31 De¢ember2024 ivas £388,395. The Charity will continue to monitor chflOW care11Y against the backdrop of expected increase in employer national insurance and national minimum wage from April 2025. In light of the above, the ThJ8t¢cs hav¢ rcview¢d the grants and donations budgets and are confident that ture targets will be mel They have also prepared cash flow for¢casts lo February 2026 which indicate ihat it will be able to manage its cash flow to continue in op¢ration and meet its liabiliti as they fatl du¢. Even though therisk is continually mitigated through diver8ifi¢ation of our donor bas< as with other similar arts organisaiions, it is depcndenl on tre unsecured grant and donations InMe from institutions and individuals to support it5 operations and relurn a surplus. Therefore, the TNstee8 a¢knowledg¢ Ihat there are material uncertainties that cast significani doubi about the Tn,$ ability to conlinuc as a going con¢crn Mnd thai it may be unablc to rcalise ils assets and di5¢harge ils liabiliti¢s in the nornial Course of busin¢s5. The financiAI statements do nol include adjustments thal would result if the charity were unable to continue as a going concern. Judiem•Dts gnd soutt•y of estimAtfion uu¢•rtainty The prcparation of the financial staiements requires manag¢ment lo make judgements, estimates and assumptions that affect thc amounts reported. These eslimales and judgements are continually reviewed and e based on experience and other foctors. including exp¢clations of fuluye ¢ventS that are b¢ll¢V to be re&80nable under the circum$tanc¢s. Significant jud8ements There are no significant judgements (apart from those involving Cstimations) that management h&$ made in the pro¢ess of applying the entity's accounting policics and that have the most significant effect on the amounts r¢cognis¢d in the financial slatemenls. 24-
Saffron Hall Trust Company Limited by GuarAnte¢ Notes to the Fi08ntial Statements (coRth4ed) Y•*r ended 31 August 2024 A¢couDting policit8 fcomthued) Judgemellts alld key sourceg of estimgtion Uncertainty (coNrfN¥¢d) Key 8ourGes of estimation uncertainty AOUnting estimates and assumptions are made concerning the fvttJr¢ and. by th¢ir nature, will rarely equpl the r¢lated actual outcome. Th¢ key assumptions and oth¢r sources of estimation uncertainty that hav¢ 8 Signifiwit risk of Gausing a mat¢ri8] adjustm¢nt to the COTrying omounts of as&et5 and liabilit1¢3 within th¢ next financial year ar¢ &8 follow5: Tongible fixed set9 are recognised at cosl less accurnuiated deprcGiation. Deweciation is charged over the cstimated usefid life of the as5¢t to i¢s estimat&l residual value. Fund Aceountini General fidS ore unrestricted fiJnd8 which are available for use at the dIsl0n of the Tntstee$ in fiJrtheran¢e of the 8en¢ral objectives of the Charity and which have not been designated for other purposes. Desited ndS comprise unre$tri¢ted fijndsthat have bcenset&8ide by th¢ Ttee9 forparticul8X PWpO8. The aim and usc of ¢ach designated fund is set out in the notes to th¢ financial statements. Restricted fund5 are fimds which are to bc u8ed in accordance with 3pecific restrictions imposed by donors or which hav¢ been raiscd by the Charity for parti¢uiw pUrySe8. The costs of raisin8 and administering such fimds are charged against the specific find. The aim ond usc of ¢ath re8trict¢d fill is set out in thc notes to the fanCIal statements. Incomlng resources All income is included in the 8tAtanent of fmancial activities when entitlement h&8 P&8sed to the charity, il is probable thatthe economic benefits associated with thetransaction will t]ow to the charity and the amount an b¢ reliably measured. Th¢ following specific policies ore applied to particular cAte8orieB of income: Income from donations or grant$ IS re815¢d when there is ¢videnGe of ¢ntitlement lo the Bift, relp1 is probabl¢ 8nd its amount can bc m¢a5UTed reliabty. Donated services or faciliti¢8 ar¢ recognised when the ¢h8rity has ¢ontrol over the item, any Conditions assoGiated with th¢ donated it¢m have been met, the rer¢ipt of economic benefit from th¢ u5¢ of the charity of the itetll is probable and that ¢conomic ben¢fit can be me&8ured Tcli&bly. In acGoTdance with the Charities SORP (FRS 102), the 8en¢rai volunt¢er lime is not recognised and refer to the TnJstee5' Rcport for mor¢ information about their contribution. On receipt. donated professional services and donat¢d facllities gre recognis¢d on the basis ofthe value of the gift to the charity which is the amount th¢ charity would have b¢en willing to pay to obtain services or facilities of equivalent ¢wnomic b¢n¢fit on the open mark¢t' a coffesponding amount is then rccognised in expeThditure in the period of receipt. Income tsx recover&ble in rel70n to donations received under Gift Aid or dceds of covenant is rccogni8ed at the time of the &)nation. 25-
Saffron Hall Trust CompaDy L4mited by GuAr4ntee Notes to the Financial Statements fconrtedJ Year ended 31 Allst 2024 Accollntlng pollcie8 (conthimed) Incomini wour¢es (cowrfw#ed) Income tax r¢¢overable in rdalion to investment inwme is Tecognised at the time the investmt income is T¢G¢ivabl¢. Incom¢ from ticket sales is recognised on the date of th¢ perfonnance. Resources •xp¢nd•d Expenditure is Teco8nis¢d on(* there is a legal or constructive obligation to transfer economic b¢n¢fit to a third party. It is probabl¢ that a transfer of economic benefits will be required in settlem¢ni and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. Th¢ CO$ls of ea¢h activity are mad¢ up of th¢ total of direct costs and shared costs. including support costs involv¢d in undcrtaking each activity. Dircrt costs attributable to a single activity are allocaied dir¢cily to that activity. Shared costs which contribute to more than one activity artd support (X>sts whi¢h are not attributable to a single aclivity ar¢ apportioned between those activities on a basis consistent with the use of resourc¢s. Central siaff costs are alloe4ted on the basis of time sp¢nt, and depreciation charges a]lorated on the portion of thc &sset's use. Support costs are those costs incurred dire¢lly in support of ¢xpenditur¢ on the objects of the charity and includ¢ proje¢1 managemenl carried out and headquarters. Governance stS are those incurred in Gonneclion with administration of the chwity and wmpliance with constitutional and statutory rcquiremcnts. Costs of raising fijnds are coBts incurred in attracting voluntary in(x)me, and thos¢ incurred in trading activities that raise funds. Support costs and costs relating to the governance of the charity apportioned to charitsblc tivIties. Tangibl• A¥¥ets Tangible red assets costin8 £500 or more are capitalised and reColS¢d when futtve ewnomic benefits are probable and the c05t or valu¢ of the asset can b¢: mc&8ured reliably. Tansible assets are initially reco)1$ed at cost. After recognition, under the cost modcl, tan8ible f¢d assets are m¢asured at cosl less 4cGumulated d¢preciation and any accumulated impairment 1055es. All costs Ancurr¢d to bring a tangible fLxed asset into 11$ int¢nded worknng ndItIon should be included in the measurement of cost. Deprecialknn Depr¢ciation is calculated 80 lo write off th¢ cost or valuation of an asset, less Its residua] v8lu¢. over the use1 economic lif¢ of that asset 85 follow3: Technical and Gatering cquipm¢nt Fixtures, fittings gnd computers Muslcal ins1nJments 20% Straight line 2/th or 33Yo Straight line 5 /0 straisht line Illve8tmeDts Investments in subsidiaries are valued at cost less provision for impairnient.
Saffron Hall Trust Company Limited by Gugrantee Notes to the Finall¢iAI StAtements (conhnwed) Yt*r ended 31 August 2024 Attountin% polltSt8 [conrfn¥ed) Impairment of fixed assets A review for indicators of impairnent is carried out at each r4rtIng date, with the recoverable amoutit being estimated where such indicators exist. Where the c8rrying vaIue exceeds the r¢coverable 8mounL the asset is impaired &c£ordingly. Prior impainnents ore a150 reviewed for possible reversal at wh reporting For the purposes of impairnient testing, when it is not SsIble to cstimatc the recoverable amount of an Individu a5seL an estimate is made of the recoverable amountof the G85h-generating unit to whichthc &8sel beloDgs. The Gh-genertin8 unit is the smallcst identifiable group of assets that includes thc assel and 8en¢r8tes cash infiows that largely independ¢nt of the ¢a8h inflow5 from other assets or 8TOUPS of assets. Sto¢ks Stocks vdued at the lower of cost and net realisable value after making due allowan¢¢ for ob8ol¢te and slow-moving stocks. Cost includes all direct Costs gnd an appropriate proportion of fixed and variable overheads. Financial inJtrum¢llt8 A financial a55¢t or a financial liability iy Tecogniscd only when th¢ ¢ntity bccomes a paty to the contractual provision5 of the instnent. Basic fm8nGial instrum¢nts are initialty recognised at the amount receivabl¢ or pab]e incI1ng any related tronsaclion costs, unle55 the arrangement constitutes a fuwiring transactio where it is recogni9 at the present value of thc future paym¢nts discountcd at a markth rnte of intert ftir a similar debt instrument. Current assets 8nd current liabilities ar¢ subsequently Meured at the cash or other consideration Cxpccted to be paid or r¢ceived and not discounted. Debt instruments arc subsequently measured at 8mortised L¥JSt. Finan¢i81 &88ets th&t are measured &t cost or amortised cost are reviewed for objective evidence of impairment at the end of cach rep)rting date. If there is objective evidence of impainnent, an impairment loss is recognised under the prOprIate heading in th¢ statement of fmgncial aGtlvities in which the initial gain was rew8nis¢d. Any reversals of impaiment are rcwgnised immediately, to the extcnt that the reversal does not rcsuh in a corrying amount of the financial &8set that exceed5 what the ca1ng amount would hav¢ been hwj th¢ impairnlent not previously been recogni5ed. D•fiD¢d ¢ODtrlbutlon plans The Charity operates a defined wntrlbution pension schem¢ and the P¢D5ion cherge T¢pre8ents th¢ OUnts payabl¢ by the Chlty to the fid in Tespect of the yeer. Z7-
Saffron Hall Trust Company Limltsd by GuarAlltee Not¢s to the FiDAncial Ststem•nts ye énded 31 Augurt 2024 Limlted by gulntee The charity is a company limited by gLTaT8nte¢ and has Share capAtal. Th¢ liability of each membcr in the event of winding up is limited to £1. DoAitIon8 And legati UnrestriGted Fund5 Restricted Total VuDds 1024 DonAtIoffjs Donations Donations in kind 237,828 22,000 259,138 496.966 22,000 Legacies 25,000 25,000 GrAnts GTants 82,000 139,210 221,210 Other doDatlons and legAcieA M¢mbership income 137,458 137,458 504,286 398,348 902,634 Unrcstrictcd Funds Restricted Total Funds Funds 2023 Dontlon8 Donations Donations in kind 302,523 22,000 209,144 511,667 22,0 Ltga¢hs Le8a¢ies Grants Grants 62,500 37,300 99,800 Other dontlonA aud l•iAel•s Membership income 143,156 143,156 530,179 246,444 770,623 Donations An kind 1$ the provision of rent-free ac¢ommod&tioTh amounting to £22.000 (2023.. £22.1)00).
Saffron Hall Trust CompaDy Limited by Guar•ntee Notes to the Financial Ststtments (Co1¢&) Y¢r ended 31 AugDst 2024 Charitablt aetivihes Unrestricted Total Funds Unrestricted Total Fund8 Funds 2024 Funds 2023 promotions- ticket sales Own promotions - other income Hall hires Recordings Technic81 Bars and catering scrvices Box offi¢e commission other income Orchestra lax r¢lief 873,314 34,131 57,364 8,350 37,290 173,292 60,229 26,800 1,270,770 873,314 34.131 57,364 8,350 37,290 173.292 60,229 26,800 683,919 24.236 51213 16,742 29.996 146.888 33.552 683.919 24,236 51.213 16,742 29.996 146.888 33.552 1,270.770 986.546 986,546 IDvertmeDt IDCODI• Unr¢5trict¢d Totsl Funds Funds 2024 Unr¢5tricted Totsl Funds Fund5 2023 Bank intcr¢8t receivable 2,688 2,688 152 152 Costs of rislDg don*tlonJ and l•84Ci•S Unrestrict¢d Tot•1 Funds Funds 2024 Unrestricted Total Funds Fund5 2023 Costs of raising donations and leg8cies- Donations 93,535 93,535 82,043 82,043 2024 2023 Fundraising expeD8es Fundraising salaries Allocated support costs Donations 31,113 50,032 12.390 93,535 21.290 50,251 10,502 82,043 Z9-
Saffton Hall Trust Company Limlted by Gu4rant¢e Notes to thè Financlal Statements Ye¥r ended 31 August 2024 Expenditure on eharltsble aetivitws by fund type unTtrActed Funds R¢strict¢d Total Funds Funds 2024 Own promotions Hires, recordings and technical Learning ¥nd p¥rticipatAOn Bars and catering Support (vats 1,342,069 9J,836 48,502 122.442 418,243 2.023,092 81,993 1,424.062 91,836 112,435 122,442 418,243 2,169,018 63,933 J45,926 Unrestricted Restricted Totsl Funds Funds Funds 2023 Own promotion5 Hirey. re¢ordings and te¢lJnic81 Learning and participation Bar5 and ratering Support costs 1,136,733 69,846 70,983 103,673 355,163 1,736,398 io,( 1,146,733 69,846 140,Iy)7 103,673 355,163 1,815,422 69,024 79,024 10. Expendltur• on charlt4bl• a¢tivitle8 by activlty type Activities undertaken dItlY Supw)rt Sts Totsl fllnds 2024 Total fund 2023 Own promotio Hire4 recordings and technical Learning and participatlon Bws and catering Governomce ¢08ts 1,424,062 91,836 112,435 122,442 309,761 41,302 45,432 4,130 17,618 418.243 ,733,823 133.138 157.867 126.572 17,618 2,169,018 1,409,293 104.854 178.516 107.174 15,585 1.750,775 1,815,422
Saffron Hall Trust Company Limited by GuArAntse Notés to the FinAntlAI Statements (¢ohdwiedJ Year ended JI Augurt 2024 AnAtysis of dirert Costs r¢cording5 Learning and promotions and t¢chnical participation Bws and ¢tIng Totsl Artist and concert cost5 Staff costs Marketing and merchandi5¢ ensts Utilities and commission costs BaTS and catering c08ts 969,917 256,893 33,664 70,689 1,003,581 438,298 65,148 45.568 108.658 4,865 7,989 121.512 88,594 21,823 93 8.812 68,062 119,322 68,062 1.424,062 91,836 l12,435 122,442 1,750,775 Totsl 2023 1,146,733 69,846 140,007 103,673 1,460,259 11, Analysis Of 8llPPOrt ¢o$ts Totg12024 Total 2023 Staff costs Premises Communication8 and IT General offic¢ Depreciation Morketing Printing* Stationery and sundries Travel expenses and entein1 Maintenance technical Staff training and recruitment Profr88iong1 fees Loan int¢r¢5t Bank Gharges and Commission5 255,058 21,340 24,305 13,555 12,323 20,468 2,289 5,070 26,030 1,929 22,339 11,185 2,352 I96,(9 21,340 23.658 16,347 14.678 21,275 3,694 5,536 20,296 9,785 16,647 5,327 418,243 355.163 12. Net eJpelldlture Nct expenditur¢ is stated aft¢r Chargin(¢ditin8). 2024 2023 Depreciation of tangible Jlxed assetg 12,704 15,132 31
Saffron Hall Trust Company Limlted by Guarantee Notès to the Finaneial St4temtnts {¢othMed) Yegr ended 31 August 2024 13. Audltors rémuneration 2024 2023 Fees payable for the audit of the financial statements 8,525 7.750 l& Staff eosts The total staff costs and employee benefits for th¢ rewtin8 period are analy5ed as follows: 2024 2023 Wages and sal8ries Social security costs Employer contrlbutions to p¢nslon plans 676,114 45,006 30,155 622,256 43,587 28,460 694,303 751,275 In addition to ¢mployK cost5, subcontractor costs amount¢d to £22.943 (2023: £11.578). The average head count of employees during thc year w&8 48 (2023: 48). The average numbcr of full-time equivalent employees during the year 1$ analysed as follows. 2024 2023 Full time equivalent 16 17 Th¢ number of employees wh05c remuncration for th¢ year fcll WAthin the following band4 were." 2024 2023 £I(KI,000 to £109,999 K•y MnAz¢meDt P•rsonn¢l Key management personnel in¢lude all persons that hav¢ authority and responsibility for planning. direcling and controlling the a¢iiviti¢s of the charity. The totsl compensation paid to key managem¢nl personnel ftir s¢rYices provided to the Gharity wa8 £288,716 (2023:£276,436). 15. Trnst¢¢ remullergtlon Dd exptngtS During the year, no Twstees received w remuneration or other benefits (2023: £nil). During th¢ year ¢nded 31 Au8USt 2024, no Trustee expense$ have been incurred (2023: £nil). 32
Saffton Hall Trust Comp4Dy Llmited by Gurnteè Nott8 to the FinanclAI Ststements f¢omllnua) Ytar eDded 31 August 2024 I& TDgiblt ed assets Technical & catering equipmcnt Fixttjrcs, fittings & Musical computers Instnments Tot41 At I September 2023 Additions 121,591 38,745 59,958 6,318 66,276 loo,000 281,549 45,063 326,612 At 31 August 2024 D¢pr•cl•tion At I September 2023 Chuge for the year At 31 August 2024 C•rrylng amoullt At 31 August 2024 At 31 Au8U5t 2023 160.336 loo.000 113.679 3,949 53,323 3,755 30,000 5,000 197,002 12,704 209,706 117,628 57,078 35,000 42,708 7,912 9.198 65,000 116.906 6,635 70,000 84.547 17. Invtjtments Sb4rns ID zrollp IIDd•rtkin%J Cost At I Soptember 2023 ADd 31 Augwt 2024 ImpAirment At I S•ptsmber 2023 and 31 Augujt 2024 Carrylng amount At 31 August 2024 At 31 August 2023 All Inv¢stmeThts shown abov¢ are held at valuatio 18. Inv•stmeDt ¢ntlths Subsldiorl¢¥ and other Inv•Jlm¢nts Perntage of 5har¢¥ held Register¢d office Class of 5hgre SubsidiAry llnd¢rt8klnis Council Offices, London Roa4 Saffton Wald¢ Englgnd, CBI14ER Saffron Hall Limited Ordinary loo 33
Saffton Hall Trnst CompaDy Limited by GUartre Noteg to the Fln4ncial Ststemtntj (¢rtiRutd) Year endtd 31 A•zust 2024 19. Stocks 2024 2023 Catering and merchandise stock 6,726 4,673 20. Dtbtora 2024 2023 Trade debtorg Pr¢payments and accrued in¢ome Other debtors 23,067 47,847 59,199 26,794 10,800 70,914 96,793 21. Cror%. amounts falllllg due wlthlll OD• y¢•r 2024 2023 Other loans Bank loans Trade cr¢ditors ArnlS and deferred income Social seGurity and other tsxc5 Other creditors 27,132 5,556 51,489 498,541 33,944 36,121 32.653 5,556 12,367 387,839 33,327 26.875 652,783 498,617 2024 2023 Deferred income at I September 2023 Ticket S81¢8 defe¢d during the year Ticket sales rele&8ed from previous years Sponsorship income deferred during th¢ year Sponsorship income released from pffvious y8 Deferr¢d income at 31 August 2024 295,175 300,586 (258,975) 91,450 (36,200) 392,036 193,779 258,975 (167,779) 36200 (26,000) 295,175 The Charity acts &8 an agent for bookings madc of the Hall for oth¢r external event$. Monies held as ag¢nt nount lo £22.430 (2023: £20,608) and are Inc1j¢d within other Greditors. 22. Creditorg: amoullts falllng due after mor¢ thaD tsn¢ year 2024 2023 Oth¢r loans Bank loans 153,569 26,389 21,532 31,945 179,958 53,477
Saffron Hall Trust Company Limited by GuArAntee Note8 to thè FiDAncial StAtem¢nts fcoRth#ed) Year ended 31 August 2024 22. Cr¢ditors: AmouDts falling due after more thAD OD• ye4r (¢onllRMeA) Included within creditors.. amounts falling due aft¢r more than one Ye 15 an amount of £27242 (2023: £9,722) in respect of liabilities payabl¢ or repayable by instaiments which fall due for paym¢nt after more than five y¢ar5 from the r¢porting dat¢. B8nk IOADS The Bounc¢ Back iA)an totals £31,945 (2023: £37,501) at the year cnd and is Tepayablc in equal instthents over 10 y¢ar3 to May 2030 with int¢Test being charged at 2.25Y•. Oth•r IoAlli The Cultural Imp¥t Development Loan totsJs £nil (2023: £54,185) at the year end and wa5 r¢paid early during the year. The Nesta Loan total$ £180,701 (2023: £nil) 8t the Y end and is repayabl¢ in equal instalments over 6 years to May 2030 with interestbeing ch&r8ed at 6%. This loan is scoured on the St¢inway piano held by thc charity. 23. Penslong IDd other post retir•metst beDefrt8 Defined ¢ontrlbutlon plAn8 The amount recogniscd in income or expendilure as an expense in relation to defined contribution plafts w £30,155 (2023: £28,460). Contributions totalling £4,260 (2023: £3,793) were payable lo the fjjnd ai the bhlance sh¢et date and are includ¢d in creditors. 2& ADa]ysii of charitsble fund¥ Unrutrict•d funds Al I Seplember 2023 At 31 August 2024 Income Expcndltur¢ Transfers General fiuMIs D¢3i8nated Fund. fix¢d (421,631) 1,777,744 (2,1 16,627) 184,389 (576,125) 84,547 (337,084) 32,359 216,748 116,906 1,777,744 (1116,627) (459,219) At I Sept¢mber 2022 At 31 August 2023 Incom¢ Expenditure Transfers General funds Designated Fund- fuLed (304,075) 1,516,877 (1,818,441) 184,008 (421,631) 92,285 (7,738) 176270 84,547 (211,790) 1,516,877 (1,818.441) (337.084) 35-
Saffron Hall Trust Cornpany Limlted by Guarantèe Notes to the Finaneial StAtements {¢thiRed) Year ènded 31 August 2024 2& Antysis of thritsble funds Restrleted funds At I Semembcr 2023 Income Expenditure At 31 August 2024 Tr8nsfcrs )rpora* and individual concert Spo80r$hlp Learning & Participation: Safften Wald¢n Opera Equipment fijnd SCYM Bursary Other rpOrat¢ ACE E35ex Music Swpin8 Project Volunte¢r Proj¢¢t 176,180 (176,180) 63.933 50.000 46.000 83,000 (63.933) (56,988) 76,012 5,432 750 400 (40,568) (750) (400) 26,235 36.000 (17.855) (6,000) (145,926) 8.380 30.000 84,150 398,348 (216.748) 119,824 At I September 2022 Incijmc Expenditur¢ At 31 August 2023 Transf Coryrate and individual ncert sPO80rShip Learning & parti¢ipation: Saffreii Walden 176.270 (176,270) 69,024 93,000 (69.024) (10,000) Equipment fund SCYM Burgary Other corFM)rate ACE Essex Music Scoping Projcct Volunteer Projcot 83,000 750 400 750 400 93,OlX) 246.444 (79.024) {176.270) 84,150 36
Saffton Hall Trust Compgny Limited by Guar¥nt¢e Notts to the FIDAncial Statements feDNllnued) Year ¢ndtd 31 Aupst 2024 ADalysls of chAritAble fund5 (coxlinmed) D¢signAted Funds The fLKed assets fimd 15 the value of unrestrithed fjjnds represented by fixed assets owned by the charity. The transfer represents the net movement on additions, disposals and depreciation for the year. ReStrted Fund Coryor4ts &Dd indlvidual concert sponsor5knip A number of individual events held duryng thc year were generously sponyored. All income relaling to these is deferred until the evcnt takes placc and then transfeed to unrestrictcd fimd$. Nigcl Brown memorial concert- Fwids of £1,930 wa8 received and spent during thc year in support of this con¢¢rt. IA¥rnlng & Pirtl¢lpAtion: Siffron Walden Funds of £63,933 were r¢ceived in th¢ year towwds our L¢prnin8 and PBrticipation pro8ramm¢. All funds were spent in the ye. Learning& Participation TransFK)rt- Fun¢ts of£900 was received during theyear to subsidi5e cost of coaches for sch(1 children to attend ¢v¢nts at the H811. All fund5 were 5P¢nt in the ye9r. Opera Opera fund. which support the new communily oper4 Uprising, commissioned for 2025. include £83,(K)O brought forward from the previous year. A fijrther donation of £50,000 was reccived during th¢ year with expenditte of £56,988. le&ving a bai8nce of £76,012. Equipment funds Funds of £35,000 received during th¢ year for the upgrading of stage lights in the h811. All funds werc spent in the year. In addition, £1,000 wa5 received for conlribulion to the instsll8lion of the Trilby TV in thc foycr. This was spent during the year. £10,000 wa5 al80 receiv¢d for the backst8ge refurbishmenl project. £4.568 was spent during the year leavin8 a balanc¢ of £5,432. SCYM Buriary A donation received1&8t year of £750 was sp¢nt during the y¢or. Other torpor4ts Donations from a local business wer¢ received during the y¢ar to Subsidise pantomime tickets for those who are not able lo afford it otherwise. ACE Eys•x Mujie Scoplng Pr•Ject Funds of £26.235 was receiv¢d from Arts Council England during the yearto detennine and defme the musie needs in Essex. £17,855 was 3pent during the year l¢aving a balance of £8,380. Volunteer Projed A grant £36,000 wa5 Teceived from the UK Shared Pr05p¢rity Fund (Round 3) distribut¢d by Uttle5ford District Council during the year lo scope and refresh the Hall's volunteer scheme with the aim of improving our own s¢hcme and encouraging more volunteeting in the district. Expenditur¢ in the y¢ar was £6,000 leaving a bance of £30,000. 37-
Saffton Hall Trust Comp4Dy Limited by GuaraDte¢ Notes to the Finanelal Statements {t¢iRMtdJ Ye4r ended 31 Augllst 2024 25. ADAlysh of Det gss¢ts belween funds Unr¢5tricted R¢3trict¢d Total Fundj Funds 2024 Tangibl¢ fixed assets tnvesimcnts 116,906 116,906 Creditor5 le than l year Creditots ater than l ye4r Net liabilltie• 256,615 (652,783) (179,958} (459219) 119,824 376,439 (652,783) (179,958} (339,395) 119,824 Unrestrictcd Restri¢tcd Total Funds Funds 2023 Tangible fixed assets tnvcstments Current assets Creditors le35 ih8n l year Creditors ¢ater than l year Net libllitkJ 84.547 84,547 130,462 (498,617) (53,477) (337,084) 84,150 214,612 (498,617) (53,477) (252,934) 84,150 26. ADalyJl8 of ch*Dz•s kn ntt d•bt At At I Sep 2023 Cash flows Other changes 31 Aug 2024 113,146 185,653 (38.209) 83,225 (53,477) (204,185) 21,460 64,693 Cash at bank and in hand Debt duc within one year Debt due after one y¢ar 298,799 (32,688) (179,958) 86,153 (77,704) 77,704 27. Related partles Th¢ total amount of donations r¢1Ved ftom trustees amounted to £36.424 (2023: £45.940). There w¢re no other related paty transactions in thc ourrent or prior year. 38-