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2021-03-31-accounts

Registered number: 09553052 Charity number: 1165933

CHINEKE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and administrative details of the charitable company, its Trustees and 1
advisers
Trustees' report 2 - 10
Independent auditors' report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 33

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 MARCH 2021

Trustees C L Allen
D Henry Lepart FCA
D Konotey-Ahulu
Chi-chi Nwanoku OBE
J Basnage
Kenneth Olumuyiwa Tharp CBE
K Thiagarajan
I Nwokorie
Company registered
number
09553052
Charity registered
number
1165933
Registered office
3rd Floor, Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB
Artistic and executive
director
Chi-chi Nwanoku OBE
Independent auditors
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB
Bankers
HSBC
Canada Place
Canary Wharf
London
E14 5AH
Pro bono legal advisor
Hogan Lovells International LLP
Atlantic House
Holborn Viaduct
London
EC1A 2FG

Page 1

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees (who are also directors of the Chineke Foundation ("Charitable Company" or "Chineke") for the purposes of company law), present their annual report, together with the audited financial statements for the year ended 31 March 2021. The Annual Report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing documents and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Effective 1 January 2019).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

The main objectives of the Chineke Foundation are:

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The Chineke Foundation is fully committed not only to fostering diversity in classical music in the UK in Europe, but to making music of the highest quality and reaching the widest possible audience on a national and international basis.

Page 2

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

TRUSTEES

The following Trustees served the charity during the year:

C L Allen J Basnage D Henry Lepart FCA D Konotey–Ahulu C A Nwanoku OBE I Nwokorie (appointed 25 January 2021) K Tharp CBE K Thiagarajan

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Chineke Foundation is a charitable company limited by guarantee and has no share capital. In the event of a winding up, while a Member or within one year of ceasing to be a Member, the Member's liability is limited to £10. The Company was incorporated on 21 April 2015 and is governed by its Memorandum and Articles of Association. It subsequently registered as a charity on 8 March 2016.

The Board of Trustees is responsible for the overall governance of the Charitable Company. With the exception of the Founder, Artistic & Executive Director, Chi-chi Nwanoku OBE, the Trustees are not performing members of its orchestras. Trustees may be appointed at the discretion, and with the approval, of the existing Trustees. New Trustees are briefed on their duties by existing Trustees.

The Chineke Foundation is currently responsible for two main ensembles: The Chineke Orchestra and Chineke Junior Orchestra, with the former being a fully professional ensemble of adult musicians, and the latter a Junior Orchestra consisting of players below the age of 22 and a varying number of adult mentors from the Chineke Orchestra. All players in the Chineke Orchestra are paid on a freelance concert-by-concert basis and none is a permanent employee of the Foundation.

The word, Chineke! is Igbo. The Igbo people, from the Southeast of Nigeria believe that everyone has their own Chi (their god, or Guardian), it being their unique and individual spirit guardian, that guides you from your cradle to your coffin. Neke is the ‘almighty creator’. Together, Chineke is a glorious exclamation that celebrates the spirit of all creation in the world and everything good in it - including the rain, the trees, the grass, and all ‘diverse’ aspects.

When promoting its orchestras, the Chineke Foundation has a branding style which includes an exclamation mark every time the word “Chineke!” is used. Thus, in all publicity and on the website, the organisation is referred to as the “Chineke! Foundation”, “Chineke! Orchestra” and “Chineke! Junior Orchestra”. However, for formal documents, including this Report and Accounts and in our bank account, the exclamation mark is not allowable and is omitted.

Page 3

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Chineke also has a distinctive logo which was designed by the illustrator, Hannah Firmin. The logo (see below) describes the ideal of the Chineke Foundation and depicts two creatures joined at the point of nourishment. It is based on the Ghanaian Adinkra symbol for ‘Unity and Diversity’, and represents the concept that, although we are all individuals, we each derive life and sustenance from a common source.

The administration of the Foundation during the year was undertaken by the full time Artistic & Executive Director, Projects Manager and Marketing & PR Officer, and two part-time consultant administrators: a General Manager and a Learning & Participation Manager who report to the Board of Trustees either directly or via the Artistic & Executive Director and General Manager.

ACHIEVEMENTS AND PERFORMANCE

The most significant factor which the Chineke Foundation faced in the year was the devastation caused by the Covid-19 pandemic. What was to have been the busiest year in the organisation’s history with a North American tour and concerts at major Festivals in England and Scotland, and a continued schedule of concerts in London, particularly at Southbank Centre where Chineke continues to be an Associate Orchestra, turned out to be a year with few performances of which still fewer were permitted to take place with an audience. All concerts that were originally planned from 1 April 2020 to 31 March 2021 were cancelled when the UK went into lockdown in March 2020. This resulted in a significant drop in turnover from hire-engagement fees and box office income, and a resultant drop in the earnings of our freelance musicians. However, despite the challenges caused by Covid, Chineke quickly developed new ways of continuing to communicate with our audiences and to provide performance opportunities and fees for our musicians.

At the beginning of the year, Chineke screened on Youtube a film of the Chineke Orchestra’s February 2020 performance at the Queen Elizabeth Hall in London. This was, although we did not know it at the time, the Chineke Orchestra’s final public concert with a full audience before lockdown commenced. Chineke learned quickly about the technical requirements involved in creating “virtual” performances online. In May 2020 Chineke collaborated with the Sphinx Organization in the USA in bringing together 81 musicians who each performed and filmed in their own homes their orchestral part of Samuel Coleridge-Taylor’s Othello Suite . This involved creating detailed instructions for the separate films including providing a sound and vision track to which the musicians could play along. All 81 films were then brought together in a 9 x 9 grid and broadcast on Youtube under the heading “Music Across the Ocean”. A similar multi-track, separately filmed project was undertaken with the singer/songwriter Tom Hickox who wrote a short work entitled “No Human is an Island” as a response to lockdown. This, too, was screened on Youtube.

Our expertise in creating online content extended to the Chineke Junior Orchestra in three significant ways. Firstly, a “virtual” performance of the BBC’s Blue Peter theme tune was filmed and broadcast as part of Blue Peter’s “Six Badges of Summer” programme in July. Secondly, a medley of music was filmed and broadcast on ITV as the Junior Orchestra’s performance in the semi-final of “Britain’s Got

Page 4

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Talent”. It was an extraordinary achievement for the Junior Orchestra to reach this stage of the national competition, and the programme was watched by an audience of millions. Thirdly, several of the members of the Junior Orchestra rose to the “Chineke Challenge” whereby they made short home videos sharing their love of music, introducing their instrument, and talking about composers in which they were particularly interested.

The very few public concerts with audiences that were possible during the year took place in the small window between the first and second lockdowns. In August, the Chineke Chamber Ensemble gave the first performances with an audience in England since March – two separate concerts at 2.00pm and 7.00pm took place at Snape Maltings with socially-distanced audiences of 150 on each occasion, a total of 300 people. At the end of October there was a further pair of performances at St John’s Smith Square (also filmed and streamed) and at Balliol College, Oxford at the beginning of November.

The most significant work undertaken by the full Chineke Orchestra took place at the Royal Festival Hall in London. Three “behind closed doors” concerts each featuring an orchestra of over 60 players were filmed and recorded for future release on CD. With minimal audiences possible (as few as 6 attended each concert) the only way that these performances could be shared with our public was via Youtube streaming. Our Youtube views increased from 3,000 in 2019 to over 30,000 in 2020, demonstrating the appetite that exists for these online events.

Each of Chineke’s three concerts featured works by Black or ethnically diverse composers. There were two works by Florence B Price, a UK premiere of a work by Adolphus Hailstork, and a new commission from the composer James B Wilson and the poet Yomi Sode which was inspired by the act of bravery and compassion shown by Patrick Hutchinson who carried a white supremacist to safety at a demonstration outside the Royal Festival Hall in May. The inclusion of these composers of colour continues Chineke’s policy of including such works in each and every concert we perform.

These “behind closed doors” concerts were undertaken with strict observance for Covid protocols in the rehearsal venue (St John’s Smith Square) and at the Royal Festival Hall (RFH): the musicians were all 2m distanced from each other, and temperature checking, mask-wearing, hand-sanitising and one-way systems were all compulsory. There were no incidents of any musicians contracting Covid at our rehearsals or performances.

Other work undertaken by the Chineke Orchestra and Chineke Chamber Ensemble included an online “cultivation evening” for the Friends of Chineke filmed at Wigmore Hall in November, a further recording with Tom Hickox in December and chamber performances (all filmed and streamed) at the Home Concert Club and Holocaust Memorial Day in January, and in the African Concert Series in February. A string quartet from the Junior Orchestra also performed at the Man Booker ceremony in December.

The artistic legacy of 2020-21 is that, having begun the year with just one filmed “asset” (our QEH concert from February 2020 which we streamed in April), we have ended the year with three films of major RFH concerts which have already been streamed and will be shared again in the future. We have no fewer than six CD recordings currently being edited and ready for release over the coming months. The year also saw the launch of Chineke’s Google Arts & Culture platform on which we show many images, films, and recordings.

Page 5

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Our Learning & Participation programme saw a group of Chineke musicians visit schools in the Royal Borough of Greenwich in October and an online project in collaboration with Orchestras Live took place in Lincolnshire and Nottinghamshire towards the end of 2020 and into 2021.

The year was also marked by events other than Covid. Firstly, the murder of George Floyd in May saw a refocusing on the Black Lives Matter movement and Chineke was a leading voice in this initiative. Our Artistic & Executive Director, Chi-chi Nwanoku OBE, wrote a letter to the Prime Minister, Boris Johnson, exhorting him to support diverse-led arts organisations and to decolonise the curriculum. The letter was signed by over 130 leading figures from across the arts sector. Chineke’s championing of the music of composers of Black and ethnically diverse heritage, both living and from the past, was an inspiration to other Resident Orchestras at Southbank Centre. In the many “behind closed doors” concerts performed by all orchestras at Southbank in autumn, over 30% of the works were by composers of colour – an unprecedented occurrence prior to 2020.

Secondly, the UK exited the European Union in January 2021. This, together with the Covid quarantine restrictions, has made it far more difficult for Chineke to employ some of our leading orchestral musicians who are based in mainline Europe. We continue to lobby via the Association of British Orchestras for freedom of movement between the UK and Europe (in both directions) to enable Chineke to continue to engage our key musicians from abroad. Fortunately, as far as the Chineke Orchestra touring to Europe is concerned, we have no such plans until February 2022 to the Netherlands, so we have not yet been forced to test the red tape and additional travel rulings and restrictions that came into force in January 2021.

On the Chineke management team, the consultant Artistic & Executive Director, General Manager, and Learning & Participation Manager all remained in post, as did the full-time Projects Manager and Marketing & PR Officer, although these last two were furloughed in the months of April to August. A major step taken during the year was the appointment of a new Chair, Ije Nwokorie, to the Chineke board of trustees. Mr Nwokorie’s appointment has given our already-dedicated board of trustees a renewed focus and has led to a strengthening of the organisation with a review of our management needs and resources going forward, and tighter controls over all aspects of planning, including deciding on repertoire for programmes, scheduling, budgeting, and monitoring of financial forecasts.

The activities described above could not have been achieved without emergency grants from Arts Council England and several trusts and foundations whose support made possible such projects as we were able to undertake against the background of Covid, and even to emerge with a financial surplus at the year end, as described in the next section. Our particular thanks goes to Arts Council England, John Ellerman, Esmée Fairbairn Foundation, Linbury Trust, London Community Response Fund, Garfield Weston and Youth Music.

Page 6

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

Due to a significant fall in engagement fees and box office income, owing to the global pandemic, the year saw a decrease in turnover from £1,132,233 in 2020 to £877,764 in 2021. Notwithstanding this, a surplus of £154,265 was recorded in the year, increasing reserves to £270,798. Projections for the 2021-22 financial year are for a further surplus which will continue to increase reserves towards a target of £500,000 by 2025, by which time we reasonably anticipate that the organisation will have grown to a point, where this higher level of reserves is necessary, to maintain our current operating capacity.

Many individuals and organisations supported Chineke during the year including Arts Council England, John Ellerman Foundation, Esmée Fairbairn Foundation, Linbury Trust, London Community Response Fund, Garfield Weston and Youth Music, to all of whom the Chineke Foundation is most grateful.

With an accumulated surplus of £270,798, made up wholly of unrestricted funds, and of which the majority are considered to be free reserves after deducting reserves tied up in fixed assets carried forward into 2021-22, and a budgeted surplus expected in 2021-22, the Foundation is confident of achieving its reserves target of £500,000 by 31 March 2025. However, the Trustees are acutely aware that, in these still-early years of operation, much more needs to be done in the ensuing years if Chineke is to increase its reserves in order to support running costs for a 6-month period, in line with our reserves policy. Looking ahead, the Trustees intend to focus on ventures which are profitable or at least break-even, in order to keep the Foundation in surplus.

During the year, the Foundation continued to employ two full-time, permanent members of staff in its management team. These two members of staff have been paid as PAYE employees, with appropriate deductions for tax, NI and pensions (which have been set up with NEST) being deducted from their salary. The other three members of staff are engaged as consultants on a freelance basis.

PLANS FOR FUTURE PERIODS

One of the effects of the Covid-19 pandemic over the past year which persists at least partially in the 2021-22 financial year has been the impossibility of being able to plan with a degree of confidence that normally applies to future work. When we emerged from the first lockdown in August 2020, Chineke began planning with confidence only to have had those plans thwarted by the second lockdown in November 2020 and the third lockdown from January 2021. However, as the impact of the vaccine is becoming more evident and incidences of Covid cases and deaths falling, we are looking to the future with more confidence. Assuming that no further steps back into lockdown will take place over the coming months, our future plans are as follows.

On Friday 28 May 2021, the Chineke Orchestra gave the first concert at the Royal Festival Hall since March 2020 with an audience present. This was a watershed moment for Chineke and Southbank Centre and it is a testament to the esteem in which Chineke is held that we were entrusted with this important event. The audience was one quarter capacity (750 people) and the concert had no interval in order to minimise the movement of the audience front of house. Further Southbank concerts will follow in July, and from October onwards.

Page 7

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Important concerts will also take place the Edinburgh Festival and BBC Proms in August, as well as several Chineke Chamber Ensemble concerts across the country. Later in the year there will be orchestral concerts in other regional venues including Birmingham, Bristol, Cambridge, Leeds and Warwick.

Covid restrictions permitting, the Chineke Junior Orchestra will have their first Summer Residency in August 2021 which will see them rehearsing together for a week, culminating in a major performance at the Royal Festival Hall.

Our Learning & Participation programme will restart with “live” visits to schools as well as continuing some of the projects that we have begun successfully online.

A major organisational event will happen in November when Chineke will take up residence at Woolwich Works in the Royal Borough of Greenwich. Whilst still retaining our important role as an Associate Orchestra at Southbank Centre, the Woolwich Residency will provide office and instrument storage space and first refusal on the many rehearsal spaces at the venue. Our Learning & Participation programme will continue to embed Chineke in the local community and our Chineke Orchestra and Chineke Junior Orchestra will also perform in the Borough.

2022 promises to be our busiest year yet for foreign touring. Three European tours are planned in February, August and November, and to Australia in March.

2021-22 will also see the expansion of our management team with the appointment of a full time Managing Director, Development Director (funded by ACE's Elevate grant), Projects Director and Orchestra Manager.

To fund future activities, the management team, and particularly the new Development Director, will continue to apply for grants from grant-making organisations whose policies and remit overlap with those of the Chineke Foundation. In addition, the Trustees are aware of the need to secure one or more corporate sponsors and will make this a priority of the coming financial year. The organisation will continue to develop its ‘Friends’ programme, reflecting the important role individual donors have played in its first years of operation.

ASSESSMENT OF MAJOR RISKS

The Trustees have considered the significant risks to which the Chineke Foundation is exposed and have established appropriate procedures to mitigate the impact of those risks. Major areas of risk relate to factors that may affect the financial success of the orchestra including the continuing impact of the world-wide Covid-19 pandemic, the resulting uncertainty of global economies and its effect on box office income, local authority funding and income from trusts, foundations, individuals and other sponsors. The impact of the UK departure from the European Union is being scrutinised and the effects that this will have on the ability of the orchestra to tour in continental Europe, and to invite Europe-based musicians to perform with the Orchestra in the UK, are being closely considered. We also remain in close consultation with Arts Council England, who have supported Chineke since its founding in 2015 and continue to do so as the organisation continues to develop and consolidate as we enter our sixth year of operations.

Page 8

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of Chineke Foundation 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 9

CHINEKE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

The auditors, Lubbock Fine, have indicated their willingness to accept re-appointment under section 487(2) of the Companies Act 2006 and a resolution to reappoint them will be proposed at the Annual General Meeting

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees and signed on their behalf by:

I Nwokorie D Henry Lepart FCA

Trustee Trustee

21 December 2021 Date:

Page 10

CHINEKE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINEKE FOUNDATION

FOR THE YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of Chineke Foundation (the 'charitable company') for the year ended 31 March 2021 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.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 11

CHINEKE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINEKE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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:

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.

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CHINEKE FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINEKE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP 2019 and the Companies Act 2006.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.

As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to irregularities, including fraud were in respect of the revenue recognition, management override and the incorrect allocation of expenditure against grant income. Our procedures to respond to risks identified included the following:

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CHINEKE FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHINEKE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

David Chandra (senior statutory auditor)

for and on behalf of

Lubbock Fine LLP

Chartered Accountants & Statutory Auditors Paternoster House

65 St Paul's Churchyard London EC4M 8AB 21 December 2021 Date:

Page 14

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
2
Charitable activities
4
Other income
5
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
359,402
109,812
56,551
525,765
349
363,031
363,380
162,385
108,413
162,385
270,798		 Restricted
funds
2021
£
351,999
-
-
351,999
-
360,119
360,119
(8,120)
8,120
(8,120)
-		 Total
funds
2021
£
711,401
109,812
56,551
877,764
349
723,150
723,499
154,265
116,533
154,265
270,798		 Total
funds
2020
£
392,810
628,910
110,513
1,132,233
1,787
1,089,007
1,090,794
41,439
75,094
41,439
116,533

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 33 form part of these financial statements.

Page 15

CHINEKE FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 09553052

BALANCE SHEET

AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 2021
£
63,192
540,020
603,212
(332,841)		 2021
£
427
270,371
270,798
270,798
-
270,798
270,798		 2020
£
170,429
66,266
236,695
(120,856)		 2020
£
694
115,839
116,533
116,533
8,120
108,413
116,533

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

I Nwokorie Trustee 21 December 2021 Date:

D Henry Lepart FCA Trustee

The notes on pages 18 to 33 form part of these financial statements.

Page 16

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash provided by operating activities
14
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash (used in) investing 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
The notes on pages 18 to 33 form part of these financial statements		 2021
£
473,754
-
-
473,754
66,266
540,020		 2020
£
12,245
(593)
(593)
11,652
54,614
66,266

Page 17

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

1.1 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), the Charities Act and the Companies Act 2006.

Chineke Foundation 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.

1.2 Going Concern

The charitable company is mainly reliant upon donations and grant income to raise revenue to meet future expenditure. The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. This assumes that the charitable company will be successful in its fundraising activities. The financial statements do not include any adjustments that would result if insufficient funds are raised. In formulating this assessment the Trustees have taken into consideration the potential impact of the global COVID-19 pandemic on the Charitable company's ability to raise funds.

1.3 Company Status

The Charitable company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charitable company.

The registered office address is 3rd Floor, Paternoster House, 65 St Paul's Churchyard, London EC4M 8AB.

1.4 Income

All income is recognised once the charitable company 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 and facilities, including gifts in kind, are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

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

Donations received with imposed restrictions are classified as restricted funds.

Revenue grants are credited as incoming resources when they are receivable provided conditions for receipt have been complied with. Where grants awarded for specific concerts or events are received in advance of the performance, they are deferred so that concert and event costs align with related income.

Concert and event income is recognised in the period in which the performance takes place.

Page 18

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.5 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements and are included in support costs.

Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

1.6 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.

1.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.8 Tangible fixed assets and depreciation

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:

1.9 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.

Page 19

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.10 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.

1.11 Creditors 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.

Trade and other creditors are recognised at the settlement amount after any trade discounts received. Accruals are valued based on the estimated amount to be paid.

1.12 Financial instruments

The charitable company 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.

1.13 Pensions

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

1.14 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 charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company 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.

1.15 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Page 20

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2. Income from donations and grants

Unrestricted
funds
2021
£
Donations and gift aid
56,847
Grant income
171,500
Arts Council England
-
Gifts in Kind and Sponsorships
131,055
Total 2021
359,402
Unrestricted
funds
2020
£
Donations and gift aid
29,091
Grant income
1,719
Arts Council England
-
Gifts in Kind
63,500
Total 2020
94,310		 Restricted
funds
2021
£
-
89,944
262,055
-
351,999
Restricted
funds
2020
£
-
155,000
143,500
-
298,500		 Total
funds
2021
£
56,847
261,444
262,055
131,055
711,401
Total
funds
2020
£
29,091
156,719
143,500
63,500
392,810

Page 21

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

3. Grant Income

Unrestricted
funds
2021
£
The Linbury Trust
30,000
29th May 1961 Trust
-
John Ellerman Foundation
25,000
Radcliffe Foundation
2,500
Esme Fairbairn Foundation
114,000
Youth Music
-
London Community Response Fund
-
171,500
Unrestricted
funds
2020
£
The Linbury Trust
-
D'Oyly Carte Trust
-
29th May 1961 Trust
-
ABO Sirens
-
NPT Limited
-
John Ellerman Foundation
-
Radcliffe Foundation
-
PRS Foundation - New Music Biennial
-
Esme Fairbairn Foundation
-
Other grants
1,719
1,719		 Restricted
funds
2021
£
-
5,000
25,000
-
-
10,000
49,944
89,944
Restricted
funds
2020
£
30,000
3,000
5,000
4,000
2,500
50,000
2,500
18,000
40,000
-
155,000		 Total
funds
2021
£
30,000
5,000
50,000
2,500
114,000
10,000
49,944
261,444
Total
funds
2020
£
30,000
3,000
5,000
4,000
2,500
50,000
2,500
18,000
40,000
1,719
156,719

4. Income from charitable activities

Unrestricted Total
funds funds
2021 2021
£ £
Concerts 109,812 109,812

Page 22

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4. Income from charitable activities (continued)

Unrestricted Total
funds funds
2020 2020
£ £
Concerts 628,910 628,910

5. Other incoming resources

Orchestra Tax relief
Furlough Income

Orchestra Tax relief		 Unrestricted
funds
2021
£
45,663
10,888
56,551
Unrestricted
funds
2020
£
110,513		 Total
funds
2021
£
45,663
10,888
56,551
Total
funds
2020
£
110,513

6. Analysis of expenditure by activities

Concerts
Learning and participation project		 Activities
undertaken
directly
2021
£
544,836
10,008
554,844		 Support
costs
2021
£
157,297
11,009
168,306		 Total
funds
2021
£
702,133
21,017
723,150

Page 23

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6. Analysis of expenditure by activities (continued)

Concerts
Learning and participation project		 Activities
undertaken
directly
2020
£
978,478
38,469
1,016,947		 Support
costs
2020
£
68,066
3,994
72,060		 Total
funds
2020
£
1,046,544
42,463
1,089,007

Analysis of direct costs

Staff costs
Players fees
Music purchase or hire
Production marketing
Management and artistic consultancy fees
Hall rental and marketing		 Concerts
2021
Learning and
participation
project
2021
£
£
30,027
10,008
278,430
-
19,892
-
5,185
-
130,850
-
80,452
-
544,836
10,008		 Total
funds
2021
£
40,035
278,430
19,892
5,185
130,850
80,452
554,844

Included in Hall rental and marketing is a gift in kind totalling £64,000 (2020 - £56,850) for use of hall space and office.

Page 24

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Players fees
Music purchase or hire
Production marketing
Management and artistic consultancy fees
Hall rental and marketing		 Concerts
2020
£
15,248
748,585
40,175
9,572
94,496
70,402
978,478		 Learning and
participation
project
2020
£
5,083
5,000
-
-
28,386
-
38,469		 Total
funds
2020
£
20,331
753,585
40,175
9,572
122,882
70,402
1,016,947

Analysis of support costs

Staff costs
Advertising & promotional material
Sundry
Office expenses
Accountancy
Subscriptions
Auditors remuneration - Audit (governance)
Auditors remuneration - Other
Depreciation
Professional fees
Foreign exchange		 Concerts
2021
Learning and
participation
project
2021
£
£
10,011
3,337
860
45
23,026
1,212
1,377
73
391
21
1,520
-
8,075
425
3,135
165
254
13
107,812
5,674
836
44
157,297
11,009		 Total
funds
2021
£
13,348
905
24,238
1,450
412
1,520
8,500
3,300
267
113,486
880
168,306

Included in professional fees is a gift in kind totalling £45,628 (2020 - £6,650) relating to legal services.

Page 25

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Advertising & promotional material
Sundry
Office expenses
Accountancy
Subscriptions
Auditors remuneration - Audit (governance)
Auditors remuneration - Other
Depreciation
Professional fees		 Concerts
2020
Learning and
participation
project
2020
£
£
1,591
530
7,286
383
15,014
790
3,728
197
332
17
675
-
9,167
483
4,750
250
356
19
25,167
1,325
68,066
3,994		 Total
funds
2020
£
2,121
7,669
15,804
3,925
349
675
9,650
5,000
375
26,492
72,060

7. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
48,000
703
4,680
53,383		 2020
£
21,500
-
952
22,452

The average number of persons employed by the charitable company during the year was as follows:

2021 2020
No. No.
Employees 2 1

Page 26

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel remuneration

The key management personnel of the charity comprise the Artistic Director, General Manager and Projects Manager whose fees totalled £112,000 (2020 - £95,880) for the year.

8. Trustees' remuneration and expenses

The following payments were made to C A Nwanoku OBE in the year. These payments were made in respect of services provided to the Foundation, in accordance with the governing document:

Artistic consultancy fees
Expenses reimbursed
Player fees		 2021
£
63,100
62
8,500
71,662		 2020
£
42,000
94
17,172
59,266

Apart from the above transactions, no other trustees received any remuneration, benefit in kind or reimbursement of expenses

Page 27

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

9. Tangible fixed assets

Cost
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
10.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
9,029
54,163
-
63,192		 Office
equipment
£
2,021
2,021
1,327
267
1,594
427
694
2020
£
9,215
120,801
40,413
170,429

Page 28

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

11. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2021
£
800
4,419
327,622
332,841		 2020
£
786
41,762
78,308
120,856

Included in accruals and deferred income is deferred income of £319,122 (2020 - £57,929) that was received in 2020/21 or prior but relates to concerts and events taking place in 2021/22 and has therefore been deferred. Of the 2020 deferred income balance of £57,929, £nil was released in the current year. Included within deferred income is a grant of £150,000 (2020 - £nil) from the Garfield Weston Foundation.

Page 29

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Arts Council Grants
Management Team Support
Concerts
Total of funds
Statement of funds - prior year
Unrestricted funds
General Funds
Restricted funds
Arts Council Grants
Management Team Support
Learning and Participation
Concerts
Total of funds		 Balance at 1
April 2020
£
108,413
-
8,120
-
8,120
116,533
Balance at
1 April 2019
£
75,094
-
-
-
-
-
75,094		 Income
£
525,765
262,055
-
89,944
351,999
877,764
Income
£
833,733
83,500
130,000
5,000
80,000
298,500
298,500		 Expenditure
£
(363,380)
(262,055)
(8,120)
(89,944)
(360,119)
(723,499)
Expenditure
£
(800,414)
(83,500)
(121,880)
(5,000)
(80,000)
(290,380)
(1,090,794)		 Balance at
31 March
2021
£
270,798
-
-
-
-
270,798
Balance at
31 March
2020
£
108,413
-
8,120
-
-
8,120
116,533

Page 30

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

12. Statement of funds (continued)

Unrestricted reserves have been used to fund additional expenditure on projects funded by restricted reserves which have not been covered by restricted income.

Arts Council Grants

Relates to grants received from Arts Council England to support a number of Chineke orchestra performances during the year.

Management Team Support

Relates to various grants received to support the management team to aid the expansion of the Orchestra during its sixth year of operations.

Learning and Participation

Relates to income for the development of the Chineke! Junior orchestra and to support the creative music projects carried out in schools.

Concerts

Relates to a number of grants received for concerts carried out during the year.

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
427
Current assets
603,212
Creditors due within one year
(332,841)
Total
270,798		 Total
funds
2021
£
427
603,212
(332,841)
270,798

Analysis of net assets between funds - prior year

Unrestricted
funds
2020
£
Tangible fixed assets
694
Current assets
228,575
Creditors due within one year
(120,856)
Total
108,413		 Restricted
funds
2020
£
-
8,120
-
8,120		 Total
funds
2020
£
694
236,695
(120,856)
116,533

Page 31

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
15.
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
16.
Analysis of changes in net debt
At 1 April
2020
£
Cash at bank and in hand
66,266
66,266		 2021
£
154,265
267
100,913
211,985
467,430
2021
£
540,020
540,020
Cash flows
£
473,754
473,754		 2020
£
41,439
375
(98,382)
68,813
12,245
2020
£
66,266
66,266
At 31 March
2021
£
540,020
540,020

17. Related party transactions

There were no related party transactions during the year other than those detailed in notes 7 and 8.

Page 32

CHINEKE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

18. Post balance sheet events

The COVID-19 pandemic has developed rapidly in 2021, with a significant number of cases. Measures taken by various governments to contain the virus have affected economic activity and the charity’s activities in a number of ways:

The charity has been able to benefit from emergency grants provided by various trusts and foundations which have enabled the charity to run virtual concerts and provide players with an income stream.

Depending on the duration of the COVID-19 pandemic and the continued restrictions imposed by governments to curb transmission of the virus, it is unclear when the charity will be able to fully resume normal activities although the succesful rollout of vaccines and continued easing of restrictions are promising. The Trustees will continue to monitor the evolving situation and will take the necessary steps to mitigate against any significant adverse impact of COVID-19.

Page 33