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
COn￿rt-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
pre￿dIng year of lockdown, the May and July concerts, as well as three further Southbank con￿rtS
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 be￿een 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 Ne￿Ork 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 cOn￿rt 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 202￿21, 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 Ma￿h 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' pr￿rarnMe,
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 Practi￿1.
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 prepa￿d 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 re￿iVed 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 reqU1￿MeNtS 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 c￿dited 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 p￿Paid 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 the￿f0
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
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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