Registered number: 09553052 Charity number: 1165933 CHINEKE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 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 companyj its Trustees and advisers Trust99s' report Independent auditors. report on the financial statements 10-13 statement of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-31
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 2022 Trustees C L Allen Chi-chi Nwanoku CBE Kenneth Olumuyiwa Tharp CBE Company registered number 09553052 Charity registgrgd number 1165933 Rogistered office 3rd Floor, Patemoster House 65 St Paul's Churchyard London EC4M 8AB Artistic and executive director Chi-chi Nwanoku CBE Independent auditors Lubbock Fine LLP Chartered Accounlanls & Slatulory Auditors Palernosler House 65 St Paul's Churchyard London EC4M 8AB Bankers HSBC Canada Place Canary Wharf London E14 SAH Pro bono legal advisor Hogan Lovells International LLP Allanlic House Holborn Viaduct London EC1A 2FG Page 1
CHINEKE FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees (who are also directors of the Chineke Foundation I Charitable Company" or"Chineke"I for the purposes of company lawl, present their annual report, together with the audited financial statements for the year ended 31 March 2022. 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 slalulory requirements, the requirements of the Charity's governing document and the provisions of the Slalement of Recommended Practi ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Effective 1 January 20191. Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Islralegic Report and Direclorfs Report) Regulations 2013 is not required. OBJECTIVES AND ACTIVITIES The main objectives of the Chineke Foundation are.. to promote diversity in classical music and the performing arts for the public benefit, particularly through the advancement and promotion of Black and ethnically diverse classical musicians aged 7 10 26 and residing in the UK and Europe., to advance the arts and culture for the public benefit by supporting and developing the musical careers of Black and ethnically diverse classical musicians, aged 7 to 26, living in the UK and Europe, particularly but not exclusively through the promotion of concerts, annual competitions, and mentoring programmes., to advance the arts and culture for the public benefit by supporting and providing career opportunities lo Black and ethnically diverse classical musicians aged 7 10 65 living in the UK and Europe, particularly but not exclusively through the establishment ofjunior and professional orchestras., to promote education in classical music for the public benefit in the UK and Europe by providing, particularly bul not exclusively, educational programmes and scholarships for Black and ethnically diverse classical musicians, by campaigning for the reintroduction of music into the school curriculum. The Trustees confirm that they have complied with the duty in section 17 of the Charities act 2011 to have due regard to the Charities Commission's general guidance on public benefit. The Chineke Foundation is fully committed not only to fostering diversity in classical music in the UK and 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 IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES The following Trustees served the charity during the year. C L Allen J Basnage (resigned 7 September 20221 F Douglas appointed 1 December 2022 D Henry Lepart FCA (resigned 7 September 20221 D Konotey-Ahulu (resigned 7 September 20221 C A Nwanoku CBE l Nwokorie (Chairl (resigned 7 September 20221 K O Tharp CBE K Thiagarajan (resigned 2 September 20221 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 lo be a Member, the Member's liability is limited lo £10. The Company was incorporated on 21 April 2015 and is governed by its Memorandum and Articles of Association. It subsequendy 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 CBE, 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 of their duties from existing Trustees. The Chineke Foundation is currenuy responsible for Iwo 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 Orchestm. Al players in the Chineke Orchestra are paid on a freelance COnrt-by-conaert basis and none is a permanent employee of the Foundation. The word, Chinekel 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 YOLJ 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. Vvhen promoting its orchestras, the Chineke Foundation has a branding style which includes an exclamation mark every lime the word 'Chinekel Is used. Thus, in all publicity and on the website, the organisation is referred to as the 'Chinekel Foundation., "Chinekel Orchestra" "Chinekel Chamber Ensemble. and "Chinekel 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 IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Chineke also has a dislinclive 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. 11 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. CHINEKEI FOI.'liT)ATlI)Y The administration of the Foundation during the yearwas undertaken by the full time Artistic & Executive Director, Projects Manager and Marketing & PR Officer, and two part-lime consultant administrators.. a General Manager and a Learning & Participation Manager who all report to the Board of Trustees. ACHIEVEMENTS AND PERFORMANCE The year saw the Chineke Foundation emerging from the dev8Station eaused by the Covid-19 pandemic which had so adversely impacted on the previous year where very few public concerts had been possible. Adhering to the strict government protocols which were still in place al the beginning of the year, where mask-wearing, temperalur&checking, socia14istancing, hand-sanitising, on&way systems were observed, public concert-giving resumed in April 2021. The Chinekel Orchestra gave the first performance before a live audience in over a year at the Royal Festival Hall on 28 May with Sheku Kanneh-mason as soloist in Dvorak's Cello Concerto alongside repertoire by Black composers, thus continuing Chineke's policy of programming works by composers of diverse heritage in each programme. On this occasion, the Orchestra gave the UK premiere of Carlos Simon's Fate Now Conquers and the first performance with an audience present, ofcomposerJames Wilson's Remnants setting words, written by and performed live, by poet and spoken word artist Yomi Sode, which was commissioned by Soulhbank Centre in 2020 and was inspired by Patrick Hulchinson's bravery in saving the life of an anti-BLM protester in June 2020. A further Royal Festival Hall concert followed on 10 July with symphonies by William Grant Still and Florence B Price, and Grieg's Piano Concerto perfomied by the young pianist Amiri Harewood. Following our experience during the predIng year of lockdown, the May and July concerts, as well as three further Southbank conrtS during the year, were recorded for future release on CD and filmed for subsequent streaming on Chineke's Youtube channel. The earty months of the year also saw the Chineke Chamber Ensemble performing several concerts at Sl Martin-in-Ihe-Fields, Wigmore Hall, the Pavilion of the African Diaspora at Somerset House, Lauderdale House in north London, and at Festivals in Brighton, Cambridge, Petsvorth and Shaldon in Devon where the musicians also led a workshop with pupils from the local primary school. An important event took place at Sl Paul's Cathedral on 18 May, where the Chineke Orchestra gave a virtual lie filmed, with no audience) concert to mark the 751n anniversary of the founding of Christian Aid. The performance featured a new commission entitled Song of the Prophets which was written as a collaboration beeen four composers of colour.. Daniel Kidane, Shirley Thompson, Roderick Wlliams and Ayanna Willer-Johnson. Page 4
CHINEKE FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Recordings also featured in the first quarter.. a day al Abbey Road recording for Audio NeOrk was followed by three days at St John's Smith Square recording Samuel Coleridge-Taylor's Violin Concerto and Romance for Orchestra with Elena Urioste as soloist, conducted by Kevin John Edusei. This is soon to be released on the new Chinekel Records label in association with Decca. A recording of the Chopin Piano Concertos with Emmanuel Despax as soloist and the works arranged for string quintet look place in May at the Yehudi Menuhin School and has been released to critical acclaim. Later in the summer, the Chineke Orchestra gave another virtual concert from the Voces8 Centre in central London which was streamed to a worldwide audien as part of Voces8's °Live from London" series. Two major Festival appearances in August were a pair of programmes Iboth performed 1 and filmed and recorded) al the Edinburgh Festival which included a new commission entitled 'Blush" by composer Ayanna Witter-Johnson. The BBC Promenade concert on Tuesday 24 August, conducted by Kalena Bovell, was the first in Proms history lo present a programme entirely of works by Black composers. Concerts over the autumn and winter included further appeafftnces al Soulhbank Centre where Chineke's ststus as an Associate Orchestra has recently been promoted lo that of "Resident Orchestra a "rehearsed reading of works by composer Dominique Le Gendre and concerts elsewhere in London at Kings Pla Ichineke's debut at the venue), a corporate event al Credit Suisse and regional concerts in Bristol, Birmingham and Coventry lat the Warwick Arts Cenlrel. In March 2022, the Chineke Chamber Ensemble performed for the first lime in Australia with concerts at the Adelaide Festival which garnered 5-slar reviews. In December 2021, the Chineke Orchestra was pleased lo collaborate in a recording with the composer, Max Richler, of his re-im8gining of Vivaldi's The Four Seasons entitled Recomposed. Recorded on location at Max Richter's studio in Oxfordshire, the recording was released in June 2022 at the same time as a public performance al the Royal Hospital in Chelsea. One disappointment In the year was that a lour to three venues on mainland Europe in February 2022 was cancelled owing to the resurgence of Covid and the promoters, worry over the safety of their audience, and the Orchestra. Fortunately, two of the three cancelled concerts lin Eindhoven and Rotterdam) have been reinstated as part of a new European tour in November 2022. Despite concerns over the still-present threat of Covid, the Chineke Junior Orchestra undertook ils first Residential course at Uppingham School in August which culminated in a cOnrt al the Royal Festival Hall. Our Learning & Participation programme saw a group of Chineke musicians working online with schoolchildren in Lincolnshire and Nottinghamshire in the autumn and winter in collaboration with Orchestras Live, and a project with English Heritage. On the Chineke management team, the Ath'stic & Executive Director and General Manager remained in post, bul there were changes in our Marketing, Projects and Learning departments. New appointments have been made in Marketing and Projects, with the Learning role yet lo be filled. During the year, the Trustees remained commilled to furthering the artistic ambitions, and good governan of Chineke. A new Finan Committee of the Board was created during the year which enabled closer scrutiny and lighter controls of budgeting, and monitoring of financial forecasts. Page 5
CHINEKE FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 The activities described above could not have been achieved without the support of the Cultural Recovery Fund, via Arts Council England, and several trusts and foundations whose emergency grants supported many of the projects and our core costs. The result was that we were able to emerge with a financial surplus at the year end, as described in the next section. Our particular thanks goes lo John Ellerman Foundation, Esmée Fairbairn Foundation, Paul Hamlyn Foundation, Linbury Trust, London Community Response Fund and Garfield Weston. FINANCIAL REVIEW Following the drop in turnover experienced in 20221, the year saw an increase in turnover from £832,229 in 2021 10 £1,632,445 in 2022 which is the highest level since the organisation's foundation in 2015. A surplus of £240,844 increased reserves to £511,642. Many individuals and organisations supported Chineke during the year including Arts Council England, John Ellerman Foundation, Esmée Fairbairn Foundation, Paul Hamlyn Foundation, Linbury Trust, London Community Response Fund and Garfield Weston, lo all of whom the Chineke Foundation is most grateful. In 2022-23 projections are that Chineke will be drawing down on reserves lo fund artistically important activities including a Residential and European tour by the Chineke! Junior Orchestra in August, visiting Amsterdam, Berlin and Lucerne.. and a lour by the Chineke! Orchestra to Hamburg, Helsinki and Lucerne in Augususeptember. Current projections are for a deficit of£350,000 in the current year which will redu our projected reserves to £161,642. The target Is lo rebuild these reserves to £500,000 by 31 March 2026. Free reserves stood al £511,363 at the balance sheet dale, after deducting the value of tangible fixed assets from unreslricled reserves. During the year, the Foundation continued to employ 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 lax, Nl and pensions (which have been set up with NESTI being taken from their salary. The other three members of staff were engaged as consultants on a freelance basis, bul will be paid as PAYE employees from April 2022 onwards. PLANS FOR FUTURE PERIODS Having emerged from the slriclures of the Covid-19 pandemic which affected much of our work over the past two years, 2022-23 will be one of the busiest since Chineke was founded in 2015. In April 2022 Southbank Centre announced that, following five years as Associate Orchestra, Chineke would become full"Residenl Orchestra" enhancing still further its close connection with the venue where the Chineke Orchestra presents its show-case concerts in London. On Thursday 28 April 2022, the Chineke Orchestra will perform at the Royal Festival Hall with conductor Andrew Grams making his debut with Chinekel and who will return to conduct a tour to North America in Mah 2023. Further concerts al the Queen EIEabeth H811 will follow In May. O¢lober. November and March, all of which will undedine our commitment lo working al Soulhbank Cenlre. Important concerts will also take place al the Edinburgh Festival and BBC Proms in August, as well as several additional conTrrts by the Orchestra both regionally and in London, including Basingstoke, Birmingham, Bristol la total of 4 performances), Chipping Campden, Cranleigh School and Warwick. Other London performances will include a concert with Max Richter at the Royal Hospital, Chelsea, which will include the composer's Recomposed re-imagining of Vivaldi's The Four Seasons which we recorded in Page 6
CHINEKE FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 December 2021 and has been released lo great acclaim in June 2022, going straight to the top of the classical charts. The Chineke Chamber Ensemble will also give concerts across the country including at Champs Hill, Manchester, Nollingham and Winchester, and at Wigmore Hall in London. The Chineke Junior Orchestra will have their second Summer Residency in August 2022 which will see them rehearsing together for a week al Dulwich College in London, followed by an important tour giving performances in Amsterdam, Berlin and Lucerne. Our Learning & Participation programme will continue with visits to schools. Having moved our instrument storage to Woolwich Works in November 2021, the move to this exciting new development in the Royal Borough of Greenwich will be completed when we move to new offices there in January 2023. As well as providing office and instrument storage, the Woolwich Residency will see Chineke rehearsing in the many rehearsal spaces at the venue and our Learning & Participation programme will continue lo embed Chineke in the local community and our Chineke Orchestra and Chineke Junior Orchestra will also perform in the Borough. 2022-23 promises to be our busiest year yet for foreign touring, with two European tours planned in August and November 2022. 2022-23 will also see the expansion of our management team with the appointment of a fulltime Managing Director, Projects Director, Development Director. and Orchestra Manager. The year will also see the appointment of a new Marketing & Communications Manager and Learning & Participation Manager, both of which roles became vacant towards the end of 2021-22. To fund future aclivilies, the management team, and particularly the new Development Director, will continue lo apply for grants from granl-making organisalions whose policies and remit ovedap with those of the Chineke Foundation. The organisation will continue to develop Ils 'Friends' prrarnMe, reflecting the important role individual donors have played in its first years of operation. Financially, the increase in activity in 2022-23 has resulted in a reduction in reserves but the plan is to rebuild these lo the level of at least £500,000 by 2026. A key initiative in May 2022 will be the submission of an application to Arts Council England for Chinekel to become a National Portfolio Organisation INPOI from 2023-2026. With Chinekel having been reliant on Arts Council pmject funding for its fi'rst seven years of existence, to receive Ihree-year funding as a member of Arts Council England's National Portfolio, would be transformational, and would enable the organisalion to operate on a more sustainable basis and broaden the scope of ils work. Al the time of finalising these accounts, the NPO bid was successful. ASSESSMENT OF MAJOR RISKS The Trustees have considered the significant risks to which the Chineke Foundation is exposed and have established appropriate proTrdures 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 uncertainly 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 scrulinised and the effects that this Page 7
CHINEKE FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 will have on the ability of the orchestra lo lour in continental Europe, and to invite Europe-based musicians lo 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 ils founding in 2015 and continue lo do so as the organisation continues to develop and consolidate as we enter our sixth year of operations. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees Iwho are also directors of Chineke Foundation for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel- Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, induding the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly", observe the methods and principles in the Charities SORP., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue In operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo 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 8
CHINEKE FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 DISCLOSURE OF INFORMATION TO AUDrroRS Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that". so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charitable company's auditors are aware of that information. The auditors, Lubbock Fine, have indicated their willingness to accept re-appointment under section 487121 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.. K O Tharp CBE C A Nwanoku CBE Trustee Trustee Dale". 2 3 December 2022 Page g
CHINEKE FOUNDATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CHINEKE FOUNDATION FOR THE YEAR ENDED 31 MARCH 2022 Oplnlon We have audited the financial statements of Chineke Foundation (the 'charitable company'l for the year ended 31 March 2022 which comprise the statement of financial aclivilies, the balance sheet, the ststemenl 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. Iunited Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been property prepared in accordan with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements 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 lo 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 lo 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 al least e1ve 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 10
CHINEKE FOUNDATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CHINEKE FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Other information The other information comprises the information included in the annual report other than the financial statements and our auditors, report Ihereon. The Trustees are responsible for the other information contained within the annLJal report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or olhenmse appears lo 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 misslatemenl 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.. the information given In the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statement5. the Trustees, report has been prepad in 8ccord8nce with applicable legal requiomenls. atters 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 lo report in respect of the following matters in relab'on to which Companies Act 2006 requires us to reF)Ort to you if, in our opinion. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneotion specified by18w are not made, or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. 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 lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial ststemenls, 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 lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. 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 2022 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 misslatemenl, whether due lo fraud or error. and lo issue an auditors, reFlOrt that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when it exists. Misslatemenls 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 resFionsibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below. In identifying and assessing risks of material misstatement in respect of irregularib'es, including fraud and non- compliance with laws and regulations, we considered the following". Enquiries of management, including obtaining and reviewng supporting documentation, concerning the charity's policies and procedures relating lo". identifying, evaluating and complying with18ws and regulations and whether they were aware of any instances of non-compliance detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations, and DiscLJSSiOnS among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experience of working with entities in similar sectors and this experience was relevant to the discLJSSiOn about where fraud risks might arise. We also obtained an understanding of the leg81 and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the delerminalion of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, 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 bul compliance with which may be fundamental to the charity's ability to operate or lo avoid a material penalty. Page 12
CHINEKE FOUNDATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CHINEKE FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to irregularities, including fraLJd 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". Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements, Enquiring of management conceming actu81 and potential litigation and claims., Performing analytical procedures to identify any unusu81 or unexpected relationships that may indicate risks of material misstalemenl due to fraud., Reading minutes of meetings of those charged with governance., Reviewing recognition of grant income on a sample b8SlS to verify appropriate recognition and classification., In addressing the risk of fraud through management override of controls", assessing whether the judgements made in making accoLJnting estimates are indicative of a potential bias," and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charity's operations., Reviewing allocation of expenditLJre between unrestricted and restricted funds and performing subsl8nlive testing on a sample of expenditure. Because of the inherent limitations of an audit, there is 8 risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional conce8lmenl, ft)rgery, collusion, omission or misrepresentation. 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.or .uklauditorsres onsibililies. This description forms part of our auditors, reporL 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 lo the charitable company's members those matters we are required to state lo 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 {¥enior statutory auditor) for and on behalf of Lubbock Fine LLP Chartered Accountants & Stslutory Auditors Paternoster House 65 Sl Paul's Churchyard London EC4M 8AB 23 December 2022 Date.. Page 13
CHINEKE FOUNDATION {A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Restricted fund$ 2022 Total fund$ 2022 Total funds 2021 Note Income from: Donations and legacies Charitable activities Other income 310,531 600,076 527 721,311 1,031,842 600,076 527 711,401 109,812 11,016 Totsl Income 911,134 721,311 1,632,445 832,229 Expenditure on- Raising funds Charitable activities 1,358 832,308 1,358 1,553,619 349 723,150 721,311 Totsl expenditure 833,666 721,311 1,554,977 723,499 Net income before taxation Taxation 77,468 77,468 108,730 163,376 163,376 45,535 Net movement In funds 240,844 240,844 154,265 Reconciliation of funds: Total funds brought forward Net movement in funds 270,798 240,844 270,798 240,844 116,533 154,265 Totsl funds carried forward 511,642 511,642 270,798 The Statement of fin8nci818ctivities includes all gains and losses COgnised in the year. The notes on pages 17 10 31 form part of these financial $18tements. Page 14
CHINEKE FOUNDATION {A Company Limited by Guarantee) REGISTERED NUMBER: 09553052 BALANCE SHEET AS AT 31 MARCH 2022 2022 2022 2021 2021 Note Fixed assets Tangible assets Current assets 10 279 427 Debtors Cash al bank and in hand 369,005 421,933 63,192 540,020 17 790,938 603,212 Creditors.. amounts falling due within one year 12 1279,5751 1332,8411 Net current assets 511,363 270,371 Total assets less current liabilities 511,642 270,798 Total net assets 511,642 270,798 Charity funds Reslricled funds Unrestricted funds 14 14 511,642 270,798 Totsl funds 511,642 270,798 The financi81 statements have been prepared in accordance with the provisions applicable lo entities subject to the small companies regime. The financi81 statements were approved and 8Uthorised for issue by the Trustees and signed on their behalf by.. K O Tharp CBE Trustee Date.. 23 December 2022 C A Nwanoku CBE Trustee The notes on pages 17 10 31 form part of these financial statements. Page 15
CHINEKE FOUNDATION {A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Cash flows from opgrating activitios Net cash used in operating activities 16 1118,0871 473,754 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 1118,0871 540,020 473,754 66,266 Cash and cash equlvalents at the end of the year 17 421,933 540,020 The notes on pages 17 10 31 form part of these financial statements Page 16
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, 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 slated in the relevant accounting policy. 1.2 Going Concern The charitable company is mainly reliant upon donations and grant income lo raise revenue lo meet future expenditure. The Trustees consider that it is appropriate to prepare the financial ststemenls on a going concern basis. This assumes that the charitable company will be successful in its fundraising aclivilies. The financial ststemenls do not include any adjustments that would result if insufficient funds are raised. 1.3 Company Status The Charitsble 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 lo £10 per member of the Charitable company. The registered office address is 3rd Floor, Patemosler House. 65 Sl Paul's Churchyard, London EC4M 8AB. 1.4 Income All income is recognised On the charitable company has entillemenl lo 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 lo the Charity where this can be quantified and a third paty is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Donations reiVed with imposed reslriclions 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 performan takes place. Page 17
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {continuedl 1.5 Expènditure 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. Govemance costs are those incurred in connection with administration of the Charity and compliance with conslitulional and statutory reqU1MeNtS 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 non- charitable trading. 1.6 Govemment grants Govemment grants relating to tangible fixed assets are Irealed as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are cdited to the statement of financial activities as the related expenditure is incurred. 1.7 Interest receivable Interest on funds held on deposit is inclLJded 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 Taxation The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. 1.9 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised al cosL 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. Page 18
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {continuedl 1.9 Tangible fixed assets and depreciation Icontinuedl Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraight-line method. Depreciation is provided on the following basis.. Office equipment 250A straight line 1.10 Debtors Trade and other debtors are recognised al the setuement amount after any trade discount offered. Prepayments are valued at the amount pPaid nel of any trade discounts due. 1.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL 1.12 Creditors and provisions Liabilities are recognised when there is an obligation al 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 selllemenl can be eslimaled reliably. Liabilities are reC(niSed al the amount that the Charity anlicipales il will pay to setue the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo 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 lo be paid. 1.13 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 al their selllemenl value with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest method. 1.14 Pension$ The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company lo the fund in respect of the year. 1.15 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 designatèd for other purposes. Restricted funds are funds which are lo 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. Page 19
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {continuedl 1.16 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 al the rate ruling on the dale of the transaction. Exchange gains and losses are recognised in the Statement of Financi81 Activities incorporating Income and Expenditure Account. Income from donations and grant$ Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Donations and gift aid Grant income Arts Council England Gifts in Kind and Sponsorships 73,459 155,000 73,459 411,866 414,445 132,072 256,866 414,445 50,000 82,072 Totsl 2022 310,531 721,311 1,031,842 Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Donations and gift aid Grant income Arts Council England Gifts in Kind 56,847 171,500 56,847 261,444 262,055 131,055 89,944 262,055 131,055 Total 2021 359,402 351,999 711,401 Page 20
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Grant Income Unrestricted Restricted funds funds 2022 2022 Total funds 2022 The Linbury Trust 29th May 1961 Trust Ashley Family Foundation Esmee Fairbairn Foundation The London Community Foundation Garfield Weston Foundation Paul Hamlyn Foundation Dyers Company Charitable Trust Charityworks Charitable Company Other grants 50,000 50,000 5,000 4,000 100,000 20,000 150,000 70,000 5,000 1,000 6,866 5,000 4,000 100,000 20,000 150,000 70,000 5,000 1,000 6,866 155,000 256,866 411,866 Unrestricted Restricted funds funds 2021 2021 Total funds 2021 The Linbury Trust 29th May 1961 Trust John Ellerman Foundation Radcliffe Foundation Esmee Fairbairn Foundation Youth Music London Community Response Fund 30,000 30,000 5,000 50,000 2,500 114,000 10,000 49,944 5,000 25,000 25,000 2,500 114,000 10,000 49,944 171,500 89,944 261,444 Income from charitable activities Unrestricted funds 2022 Total funds 2022 Concerts 600,076 600,076 Page 21
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from charitable activities Icontinuedl Unrestricted funds 2021 Total funds 2021 Concerts 109,812 109,812 Other incoming resources Unrestricted funds 2022 Total funds 2022 Other income 527 527 Unrestricted funds 2021 Total funds 2021 Other income Furlough income 128 128 10,888 10,888 11,016 11,016 Analysis of expenditure by activities Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Concerts 1,328,612 13,223 14,244 151,653 10,131 35,756 1,480,265 23,354 50,000 Learning and participation project Website 1,356,079 197,540 1,553,619 Page 22
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities Icontinuedl Activities undertaken directly 2021 Support costs Total funds 2021 2021 Concerts Learning and participation project 544,836 10,008 157,297 11,009 702,133 21,017 554,844 168,306 723,150 Analysis of direct costs Learning and participation project 2022 Total funds 2022 Concerts 2022 Website 2022 Staff costs 39,670 990,851 54,818 14,099 132,443 96,731 13,223 52,893 990,851 54,818 14,099 146,687 96,731 Players fees Music purchase or hire Production marketing Management and artistic consultsncy fees H811 rental and marketing 14,244 1,328,612 13,223 14,244 1,356,079 Included in Hall rental and marketing is a gift in kind tolalling £62,98012021 £64,000) for use of hall space and offi. Page 23
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities Icontinuedl Analysis of direct costs (continued) Learning and participation project 2021 Total funds 2021 Concerts 2021 Website 2021 Staff costs Players fees Music purchase or hire Production marketing Management and artistic consultancy fees Hall rental and marketing 30,027 278,430 19,892 5,185 130,850 80,452 10,008 40,035 278,430 19,892 5,185 130,850 80,452 544,836 10,008 554,844 Analysis of support costs Learning and participation project 2022 Total funds 2022 Concerts 2022 Website 2022 Staff costs Advertising & promotional material Sundry Office expenses Accountancy Subscriptions Auditors remuneration - Audit Igovemancel Auditors remuneffttion - Other 8,202 7,496 32,769 1,925 430 2,735 395 10,937 7,891 34,433 2,026 453 1,664 101 23 1,780 8,550 3,966 141 1,780 9,000 4,175 148 126,057 640 450 209 Depreciation Professional fees Property Costs 85,786 608 4,515 32 35,756 151,653 10,131 35,756 197,540 Included in professional fees is a gift in kind totalling £14,09212021 £45,6281 relating lo legal seNices. Page 24
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl Learning and participation project 2021 Total funds 2021 Concerts 2021 Website 2021 Staff costs Advertising & promotional material Sundry Office expenses Accountancy Subscriptions Auditors remuneration - Audit Igovemancel Auditors remuneration - Other 10,011 860 23,026 1,377 391 1,520 8,075 3,135 254 107,812 836 3,337 45 1,212 73 13,348 905 24,238 1,450 412 1,520 8,500 3,300 267 113,486 880 21 425 165 Depreciation Professional fees Foreign exchange 13 5,674 44 157,297 11,009 168,306 Staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 57,497 4,540 1,793 48,000 703 4,680 63,830 53,383 The average number of persons employed by the charitable company during the year was as follows.. 2022 No. 2021 No. Employees Page 25
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Staff costs (continued) No employee received remuneration amounting lo more than £60,000 in either year. Koy management Porsonnel remuneration The key management personnel of the charity comprise the Artistic Director, General Manager and Projects Manager whose fees tolalled £116,10012021- £112,000) for the year. Trustees. remuneration and exponses The following payments were made lo C A Nwanoku CBE in the year. These payments were made in respect of services provided lo the Foundab"on, in a¢cordanTr with the governing document.. 2022 2021 Artistic consultancy fees Expenses reimbursed Player fees 60,000 1,800 31,422 63,100 62 8,500 93,222 71,662 Apart from the above transactions, no other trustees received any remuneration, benefit in kind or reimbursement of expenses Taxation 2022 2021 Corporation tax Corporation tax credit for the year 1163,3761 145,5351 There were no factors that affected the lax credit for the year which has been calculated on net income at the standard rate of COfFX)ration 18x in the UK of 1 gOA (2021- 19%). The are no factors likely to affect futu tax credits. Page 26
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Tangible fixed assets Office equipment Cost At 1 April 2021 2,021 At 31 March 2022 2,021 Depreclatlon At 1 April 2021 Charge for the year 1,594 148 At 31 March 2022 1,742 Net book value At 31 March 2022 279 At 31 March 2021 427 11. Debtors 2022 2021 Due within one year Trade debtors 12,502 348,971 7,532 9,029 54,163 Other debtors Prepayments and accrued income 369,005 63,192 Page 27
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Creditors: Amounts falling due within one year 2022 2021 Trade creditors Other creditors 877 7,082 271,616 800 4,419 327,622 Accruals and deferred Income 279,575 332,841 Included in accruals and deferred income is deferred income of £263,11712021 £319,122> that was received in 2021122 or prior but relates lo concerts and events taking place in 2022123 and has thef0 been deferred. 2022 2021 Deferred income at 1 April 2021 Resources deferred during the year Amounts released from previous periods 319,122 220,390 1276,3951 57,929 261,193 263,117 319,122 13. Pension commitments The charitable company operates a defined contribution pension scheme. The assets of the scheme are held seperalely from those of the charitable company in an independently administered fund. The pension cost charye represents contributions payable by the charitable company lo the fund and amounted to £1,79312021 £4,680). Contributions tolalling £4,97912021 £4,419) were payable lo the fund al the balan sheet date and are included in creditors. Page 28
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of funds Statement of funds - current year Balance at 31 March 2022 Balance at 1 April 2021 Income Expenditure Taxation Unrestricted funds General Funds 270,798 911,134 1833,6661 163,376 511,642 Rostricted funds Arts Council Grants Concerts Website 414,445 256,866 50,000 1414,4451 1256,8661 150,0001 721,311 1721,3111 Total of funds 270,798 1,632,445 11,554,977) 163,376 511,642 statement of funds - prior year Balance at 31 March 2021 Balance at 1 April 2020 Income Expenditure Taxation Unrestricted funds General Funds 108,413 480,230 1363,3801 45,535 270,798 Restricted funds Arts Council Grants Management Team Support Concerts 262,055 1262,0551 18,1201 189,9441 8,120 89,944 8,120 351,999 1360,1191 Totsl of funds 116,533 832,229 1723,4991 45,535 270,798 Page 29
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of funds Icontinuedl Unrestricted reserves have been used to fund additional expenditure on projects funded by restricted reserves which have not been covered by reslricled income. Arts Council Grant$ Relates lo 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 lo support the management team to aid the expansion of the Orchestra during its sixth year of operations. Concerts Relates to 8 number of grants received for concerts carried out during the year. Website Relates to work on the redevelopment of the Chineke! website during the year. 15. Analysis of net assets between fund$ Analysis of net assets between fund$ - current year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 279 279 790,938 1279,5751 790,938 1279,5751 Total 511,642 511,642 Analysis of net assets betsveen funds - prior year Unrestricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 427 427 603,212 603,212 1332,8411 1332,8411 Total 270,798 270,798 Page 30
CHINEKE FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Net income for the year las per Slalement of Financial Activities) 240,844 154,265 Adjustments for: Depreciation charges Ilncreaselldecrease in debtors (Decreasellincrease in creditors 148 1305,8131 153,2661 267 107,237 211,985 Net cash provided byllused inl operating activities 1118,0871 473,754 17. Analysis of cash and cash equivalents 2022 2021 Cash al bank and in hand 421,933 540,020 Total cash and cash equivalents 421,933 540,020 18. Analysis of changes in net debt At 1 Aprll 2021 Cash flov At 31 March 2022 Cash al bank and in hand 540,020 1118,0871 421,933 540,020 1118,0871 421,933 19. Related party transactions There were no related party transactions during the year other than those detailed in notes 7 and 8. Page 31