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2021-03-31-accounts

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BRITTEN PEARS ARTS (FORMERLY SNAPE MALTINGS)

Company Registration Number: 980281 Registered Charity Number: 261383

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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BRITTEN PEARS ARTS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

INDEX

PAGE NO:

1 LEGAL AND ADMINISTRATIVE DETAILS
2 INTRODUCTION FROM CO-CHAIRS OF BRITTEN PEARS ARTS
3 – 15 TRUSTEES’ REPORT INCLUDING STATEMENT OF TRUSTEES’ RESPONSIBILITIES
16 – 18 INDEPENDENT AUDITORS’ REPORT
19 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
20 CONSOLIDATED AND CHARITY BALANCE SHEETS
21 CONSOLIDATED AND CHARITY STATEMENT OF CASH FLOWS
22 – 46 NOTES TO THE CONSOLIDATED ACCOUNTS

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LEGAL AND ADMINISTRATIVE DETAILS NAME

Britten Pears Arts (formerly Snape Maltings)

LEGAL STRUCTURE

The Charity is a company limited by guarantee and incorporated in England and Wales, registered number: 980281

CHARITY REGISTRATION NUMBER

261383

TRUSTEES Continuing Trustees:

Sir Vernon Ellis (Appointed 1 April 2020, Co-Chair 1 April 2020 to 14 May 2021, Chair from 14 May 2021) Sir Simon Robey (Co-Chair until 14 May 2021) Sarah Faulder (appointed 1 April 2020) Dr Scot McKendrick (appointed 1 April 2020) Angela Mallinson (appointed 1 April 2020) Jamie Njoku-Goodwin (appointed 20 January 2021) Garth Pollard David Robbie Janis Susskind (appointed 1 April 2020) Alasdair Tait Laura Wade-Gery (appointed 1 April 2020) Roger Wright Sarah Zins Former Trustees: Jane Hay (appointed 1 April 2020, resigned 1 December 2020) Penelope Heath (appointed 1 April 2020, resigned 1 February 2021) Professor Christopher Higgins (appointed 1 April 2020, resigned 1 December 2020) Sir Christopher Howes (appointed 1 April 2020, resigned 6 December 2020) Miranda Kendall (resigned 30 November 2020) William Kendall (appointed 1 April 2020, resigned 22 December 2020) Oliver Rivers (appointed 1 April 2020, resigned 26 February 2021) Clive Schlee (appointed 1 April 2020, resigned 16 December 2020)

Andrew Staff (appointed 1 April 2020, resigned 16 December 2020) Patricia Swannell (resigned 16 December 2020) Stephen Swift (appointed 1 April 2020, resigned 18 December 2020)

HONORARY PRESIDENTS The Lord Stevenson of Coddenham Colin Matthews HONORARY VICE PRESIDENT The Lord Geddes

CHIEF EXECUTIVE Roger Wright PRINCIPAL AND REGISTERED OFFICE Snape Maltings Concert Hall, Snape, Saxmundham, Suffolk IP17 1SP AUDITORS RSM UK Audit LLP, Blenheim House, Newmarket Road, Bury St Edmunds, Suffolk IP33 3SB COMMERCIAL BANKERS Barclays Bank Plc, Suffolk Coastal Group, 4 Church Street, Woodbridge, Suffolk IP12 1DJ

INVESTMENT MANAGERS AND ADVISORS

CCLA Investment Management Limited, 85 Queen Victoria Street, London EC4V 4ET

LEGAL ADVISORS Prettys Solicitors, 25 Elm Street, Ipswich IP1 2AD

INVESTMENT PROPERTY ADVISORS Fenn Wright Limited, 1 Buttermarket, Ipswich IP1 1BA

Britten Pears Arts Financial Statements 2020/21

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Introduction

Our first year as our newly merged organisation (Britten Pears Arts) has been challenging and unexpected. However, despite the impact of the pandemic and its attendant lockdowns we have found a way to continue to achieve our mission to make music, arts and heritage useful, and to enhance the lives of diverse audiences, musicians, young people and others at what has been an enormously challenging time for all of them.

Our unique business model with its diverse income streams means that dealing with the impact of the pandemic has been unusually complex, with each area of our activity adversely affected. It has been thanks to the significant support of Arts Council England and Department for Digital, Culture Media and Sport (DCMS) through the Cultural Recovery Fund that we have been able to continue our work. As we slowly move out of this period of such significant challenge, we can build on the lessons learnt during the pandemic. Whilst we were not able to present the annual Aldeburgh Festival in June 2020 and our performance programme was significantly impacted, with the vital support of the Cultural Recovery Fund we built an exciting and much appreciated programme from August to December. We complied with all of the various and continually changing Covid-19 related restrictions and guidelines during the year and were able safely to deliver 41 performances to 12,000 ticket buyers. We presented several free outdoor concerts and gave 2,250 visitors access to the Red House and grounds. We have engaged with audiences online and digitally in a wide variety of ways and we have reached around 500,000 listeners through our BBC broadcasts.

We were also able to deliver some community and artist development programmes digitally, offered residency and retreat opportunities and produced two virtual festivals. We played a leading role in the classical music sector in our determination to present events and provide employment to freelancers, even under the most demanding and uncertain circumstances. We have been nimble and resourceful, responding promptly to sudden changes and have taken advantage of thinking afresh about our offers and what our audiences, visitors and participants expect and need.

After extensive consultation during the year, we have developed and published our Equality, Diversity and Inclusion Action Plan which has been warmly welcomed. It is now being implemented and updated as a live document and delivery plan. In presenting all of this activity safely, we have supported our local and regional audiences and the freelance community of musicians, production and technical crews, contractors, workshop leaders and many others.

This year especially we owe a huge debt of gratitude to all our supporters, the public bodies which provide vital funding, notably Arts Council England and DCMS. We were very grateful for the government’s coronavirus job retention (furlough) scheme which supported 176 jobs and was particularly valuable within our trading businesses. We are especially thankful to all our supporters who maintained their support during this year and our ticket buyers who so generously transferred their ticket purchases to donations. Trusts and Foundations remained key supporters during the year, many generously allowing us to reallocate or un-restrict their support.

Thank you to board colleagues throughout the year who have contributed so much at such a difficult time, particularly Jane Hay, Penny Heath, Christopher Higgins, Christopher Howes, Miranda Kendall, William Kendall, Oliver Rivers, Clive Schlee, Andrew Staff, Patricia Swannell and Stephen Swift who stepped down from the board during the year.

As Co-Chairs of Britten Pears Arts, and on behalf of our fellow trustees, we salute the dedication and resourcefulness of our staff, whether they had to deal with the uncertainty of furlough, or with the significant additional workload imposed by the absence of furloughed colleagues and the constraints and uncertainties that Covid-19 imposed. We thank them, and our supporters, our audiences, our visitors and our volunteers for all that they do to ensure the ongoing success of this unique organisation.

Sir Vernon Ellis and Sir Simon Robey Co-Chairs Britten Pears Arts

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (INCORPORATING STRATEGIC REPORT)

The Trustees present their report along with the Charity’s and Group’s financial statements for the year ended 31 March 2021.

The Charity aims to promote and encourage the knowledge, study, teaching and practice of the arts in all their forms throughout the world and advance education in matters related to peace for the benefit of the public; promote and encourage any other charitable object or purpose and to engage in any field of charitable grant making activity permitted by English Law.

Britten Pears Arts was founded on 1 April 2020 when Snape Maltings and the Britten-Pears Foundation merged. It exists to ensure that the legacies of Benjamin Britten and Peter Pears continue to be enjoyed worldwide. Their legacy includes the Aldeburgh Festival, their archive, a cutting edge programme of creative health work, the BrittenPears Young Artist Programme, the house where they lived and extensive learning and inclusion work throughout Suffolk and beyond. Their legacy also incorporates their attitude, values and belief in helping communities, the disadvantaged in society and those who don’t have access to music or culture.

Britten Pears Arts uses music to change and enrich thousands of lives every year, from nurturing young emerging artists to supporting people in challenging conditions, all whilst bringing world-class music to Suffolk. Inspired by Benjamin Britten’s founding vision, it provides a place where artists at all stages of their career are given the time and space to develop. It is also home to life-changing community projects, making the most of music’s ability to help in the most difficult of circumstances. It maintains, conserves and develops The Red House as a major heritage site and uses it to encourage visitors to learn more about the life and work of Benjamin Britten and Peter Pears. It holds a unique archive of manuscripts, documents, artworks, and multimedia materials for the public. It provides access to the collections and disseminates them as widely as possible, both physically and virtually.

On 31 March 2021 a group reorganisation was completed when the assets and liabilities of the subsidiary charity, The Aldeburgh Music Endowment Fund, were transferred to Britten Pears Arts.

In setting objectives, developing strategies and undertaking activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The Charity meets the definition of a public benefit entity under the Charities SORP (FRS 102).

The information given on page 1 forms part of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

STATUS AND GOVERNING INSTRUMENT

Britten Pears Arts is a registered charity and a company limited by guarantee and the organisation is governed by its Articles of Association.

MEMBERS OF THE BOARD

The governing body of Britten Pears Arts is its Board of Directors which has responsibility to ensure the Charity is properly managed. As Britten Pears Arts is a charity, each Director is more usually referred to as a Trustee. New Trustees are appointed following a selection process, a central feature of which is our commitment to equality diversity and inclusion. Confirmation of appointment is undertaken at the subsequent Annual General Meeting.

Trustees are provided with an induction programme involving all aspects and activities of the organisation, including its relationship with its subsidiary undertakings, Aldeburgh Music Endowment Fund (incorporated into Britten Pears Arts from 31 March 2021), Snape Maltings Trading Limited and Britten Estate Limited. The Trustees recognise the need to maintain an up-to-date skillset which is applicable to today’s changing charity environment.

ORGANISATIONAL STRUCTURE

Besides the Charity, the Group’s main entities consist of Snape Maltings Trading Limited (company registration: 1519527), Aldeburgh Music Endowment Fund (charity registration: 282610) and Britten Estate Limited (company registration: 2063909). The remaining assets and liabilities of Aldeburgh Music Endowment Fund were transferred to Britten Pears Arts on 31 March 2021. The financial statements for Britten Pears Arts consolidate the Charity’s results with those of other Group members including their subsidiaries. Transactions between Group members are eliminated as part of the consolidation process.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Snape Maltings Trading Limited is a wholly owned subsidiary of the Charity and functions to generate commercial profits in support of the charitable activities of Britten Pears Arts. It undertakes retail and catering activities at Snape Maltings along with ancillary sponsorship and advertising through the operation of shops, galleries and catering outlets. The company also manages the hiring of the sites’ facilities for weddings, conferences and other nonartistic events, and operates a holiday lettings business. Its financial results are summarised in Note 3.

Britten Estate Limited is a wholly owned subsidiary of the Charity and functions to generate commercial profits in support of the charitable activities of Britten Pears Arts. The company promotes the music of Benjamin Britten and receives income in the form of royalties, and its financial results are summarised in Note 3.

Snape Maltings Trading Limited has a wholly owned subsidiary, Elm Property Management (Snape Maltings) Limited (company registration: 6371788), which undertakes the care and management of residential properties at Snape Maltings on behalf of the leaseholders. For statutory purposes, this company was dormant for the year.

Aldeburgh Music Endowment Fund is an unincorporated charity established to hold endowment and revenue funds and property of which members of the Group are the principal beneficiaries. A process to incorporate the assets and liabilities of Aldeburgh Music Endowment Fund into Britten Pears Arts started during the year to 31 March 2020 and completed on 31 March 2021.

Aldeburgh Music Endowment Fund’s wholly owned subsidiary, Elm Property Investments (Snape Maltings) Limited (company registration: 9641832), owns the freehold of a number of properties at Snape Maltings and receives an annual ground rent from the leaseholders. Elm Property Investments (Snape Maltings) Limited became a direct subsidiary of Britten Pears Arts with effect from 31 March 2021.

GOVERNANCE

Trustee Board

The activities of Britten Pears Arts are ultimately controlled by its trustee board which holds regular meetings throughout the year and is committed to the principles of the Charity Governance Code. By providing a range of experience and skills, it helps the operational management team to achieve artistic success with stable finances. The Trustees provide guidance and knowledge across the organisation’s activities, specifically in areas including artistic, financial and risk management, strategy, logistics, human resources, marketing, property and investments. They also support the organisation in maintaining a wide network of stakeholders, including existing and potential funders.

Ability to hold office

Prior to appointment, Trustees are required to confirm they are not barred from holding office as a Trustee or Director.

Declaration of interests

In order to ensure that decision-making is transparent, all Trustees and senior managers of the Group are required to sign a Declaration of Interests and a standing agenda item requires Trustees and others present to declare any interests that may arise in the course of each board meeting.

Audit Committee

The Audit Committee is chaired by David Robbie and includes board member Sarah Faulder and former trustees Christopher Higgins, Oliver Rivers, and Patricia Swannell (resigned November 2021). Any trustee may attend meetings. The Audit Committee monitors the integrity of the statutory financial statements, ensures the effectiveness of the systems of internal and risk control and manages the effectiveness, performance and objectivity of the external auditors.

The Audit Committee meets at least twice each year with at least one meeting including the Group’s external auditors. The performance and re-appointment of the auditors is reviewed each year and the Audit Committee Chairman makes an appropriate recommendation to the Trustees ahead of the Annual General Meeting.

A separate Finance Committee was established in 2020 to assist the board in monitoring its management accounts, budgets and forecasts and overall financial performance and to recommend the strategy, policies and procedures for the Group’s investments and estate assets. The Finance Committee is chaired by David Robbie and includes board members Garth Pollard and Sarah Zins and former trustees Christopher Howes, Andrew Staff and Stephen Swift.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Remuneration and Nominations Committee

As at 31 March 2021 the Remuneration Committee comprised Sir Vernon Ellis, David Robbie, Sir Simon Robey, Janis Susskind and Sarah Zins. The Committee meets as necessary to review and make recommendations relating to changes to employees’ salaries and benefits, including that of the Chief Executive. The Committee is also responsible for making recommendations to the Council on the appointment of new Trustees.

KEY MANAGEMENT PERSONNEL

All Trustees and non-executive directors of Group subsidiaries, together with Roger Wright (Chief Executive Officer), Sarah Bardwell (Executive Director), Harry Young (Chief Operating Officer), Terry Comer (Head of Finance, retired 30 June 2020) and Stephen Pugh (Chief Finance Officer, appointed 22 July 2020) are considered to be the Group’s key management personnel.

Remuneration levels for key management employees are set within the context of budgets and plans which are approved by the board before implementation and include, where appropriate, recommendations from the Remuneration Committee. Details of payments to key management personnel are provided in Note 7.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees undertake a formal process to review risks and risk management strategies proposed by the operational management team. A risk register is reviewed at least twice each year to identify the financial, reputational and organisational risks the Group faces and priority in terms of potential impact, likelihood of occurrence and means of mitigation.

The periodic closure of arts and retail activities as a result of the Covid-19 pandemic has presented a major challenge to the Group since March 2020 and there is continuing uncertainty regarding its longer-term impact.

The Trustees consider that their plans for achieving the Group’s objectives provide a satisfactory means of mitigating risk and uncertainties to the extent reasonably achievable. The Trustees have considered the adequacy of the Group’s internal controls and believe them to be appropriate.

OBJECTIVES AND ACTIVITIES

The Charity is established to promote and assist in the advancement of education in the arts and crafts including music, drama, dancing, mime, painting, sculpture, graphic and other visual arts, literature, poetry and digital arts, and to extend and increase the appreciation, knowledge and understanding of the arts and crafts in all their forms.

AIMS AND OBJECTIVES

Objectives for the coming year

The main objectives for the 2021-2022 year are:

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Achieving Objectives

The Charity’s activities and achievements in pursuit of its objectives for the past year are highlighted in the Strategic Report. The three key objectives set for 2020/21 were firstly, the successful completion of the merger between Snape Maltings and the Britten Pears Foundation, which took place on 31 March 2020, secondly the subsequent reorganisation to absorb the Aldeburgh Music Endowment Fund into Britten Pears Arts which happened on 31 March 2021 and thirdly managing the challenges of the Covid-19 pandemic, which led to rapid improvements in the Charity’s abilities to deliver its work digitally. Further objectives were:

The sections below explain the charity’s progress in meeting these objectives.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

In line with the aims and objectives of the organisation, Britten Pears Arts continues to build on the success of its reputation as a leading international creative campus across two main sites, renowned as a performance centre, an artist development hub, critically acclaimed for its learning and inclusion work, unique archive and heritage house and museum offer and developing its growing reputation as a distinctive leader in the area of creative health with music.

Artistic Activities

Performance programme

Cancelling the 73[rd] Aldeburgh Festival was unprecedented in the Charity’s history and so, when the festival should have taken place in June, it turned to its archives and took the opportunity to engage with current and new audiences through a ‘Celebration of Aldeburgh Festivals.’ The initiative included broadcasts with BBC Radio 3, BBC 4, BBC iPlayer and Classic FM, as well as sharing content on its YouTube channel. Among other things, its productions of 2016 “Les Illuminations”, 2013 “Grimes on the Beach”, 2014 “Aldeburgh MusiCircus”, the BBC TV documentary “Britten on Camera” and an extensive memories project were presented. It also curated an ‘on this day’ series on social media for each day of what would have been the Festival and subsequently produced an Aldeburgh Festival of Music and the Arts publication called Interlude.

In August, a ground-breaking series of weekend socially-distanced concerts was launched which ran until the second November lockdown. We asked musicians to perform much shorter programmes of no longer than an hour twice a day. This allowed many people to hear the concerts, despite significantly reduced seating availability for safety reasons, and for preparation of the hall with cleaning between each performance. The events were hugely popular and enormously appreciated by performers and audiences alike. These performances helped give the wider sector the confidence to present events, and audiences the confidence to attend them. Performances included the Chineke! Ensemble, the London Philharmonic Orchestra, Nicola Benedetti and the Orchestra of the Age of Enlightenment, an English Touring Opera weekend featuring staging of song cycles and Julia Bullock with The Philharmonia conducted by Esa-Pekka Salonen. A Christmas series featured free-to-all outdoor light projections and various seasonal concerts with artists including The Swingles, Alex Mendham Orchestra, Chamber Choir of London, The King’s Singers and Solus Trumpet Ensemble.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Digital Engagement

A number of digital activities were presented during the Covid-19 lockdown period, ranging from an online Festival of New, live-streamed online meetings and events to provide opportunities for audiences to engage with the Charity remotely at a time that suited them. Festival of New online, was live-streamed in February. It included a round-table discussion about the challenges of the times, a series of discussions hosted by DJ Zakia Sewell concerning twelve projects. Artists shared films from residencies that had already happened and described their forthcoming plans.

Another initiative was called #BBOpus providing short bite-size content about each of Britten’s opus numbers on twitter. This included a daily film, links to recordings, and to archival content. 20 podcasts were produced with a wide range of contributors, some with connections to Britten, including Matthew Rose, Juliet Fraser, Anna Lapwood and Reverend Richard Coles. Short films of performances in The Red House Library were made with artists including Sheku Kanneh-Mason, Lawrence Power, Jess Gillam and Imogen Cooper. A series of online events exploring aspects of the Red House and Britten’s life there were live-streamed.

Community

All the Charity’s in-person work with the community came to an abrupt halt in March 2020 but, where possible, the team swiftly tilted towards online delivery. This enabled them to continue to offer support for the wellbeing of people across Suffolk and beyond, strengthening connections between individuals in a variety of settings. The Sing to Beat Parkinson’s group – Skylarks – was able to meet once in person during the period as online activity was not possible. Group A, an un-auditioned vocal group of 8-18s in Lowestoft and Ipswich, were also unable to undertake online singing at first, but remained in close touch with the team. The group returned to inperson activity in August, with sessions running during the Autumn before the third lockdown, when the participants were able to undertake online song writing workshops.

The virtual tea dance for isolated adults and people in care homes was a huge success with over 600 people taking part remotely. The music was recorded on site in advance and the event itself took place live via Zoom in December in collaboration with Dance East, Suffolk Libraries and Creative Arts East. Resources and materials were created, including Christmas hampers for local care homes that were delivered by a team of volunteers.

Working in any prison setting was not practical during lockdowns and so a virtual exhibition was staged, celebrating artwork created by residents of HMP Warren Hill throughout 2020, including poetry, visual art and needlework, plus archive recordings of music created as part of Britten Pears Arts projects. This was hosted on the Charity’s website. Further content was developed for sharing via WayOut TV to 50 prisons nationwide (including the local HMP Warren Hill).

Support for young people in the community, regionally and nationally, continued. Mini-Music sessions (weekly, 30-minute song participatory events for 0 to 5 year olds) were held virtually on Friday mornings. They became an important fixture from April 2020 throughout the lockdown period. It returned in person but outdoors from September and through the Autumn. In addition, regular songs were posted online for the young people and their carers to enjoy.

Reaching a national audience, new Friday Afternoons songs written by Russell Heppelwhite and Michael Rosen were launched digitally during the year, with a recording by a remote choir of young people. Alongside this material, the Charity commissioned a new Signed Video resource by Dr Paul Whittaker who also led a digital session to train teachers and leaders. New composition resources for teachers were also created.

Work with schools, including SEN schools, included workshops focusing on different areas of the curriculum and were delivered online and, where possible, in person. Arts Award sessions were also continued with local primary schools and presentations were made to year 6 students.

Aldeburgh Young Musicians (AYM)

Aldeburgh Young Musicians, one of the Department for Education’s National Centres for Advanced Training for young people aged 8-18, continued its work entirely via digital means throughout the year. Participants accessed online tutorials and workshops related to various projects ranging from opera to song-writing, and continued to work with their peers to develop their musical skills and knowledge in an interactive and engaging way. New members to the scheme were auditioned online, and the mentoring programme supported young musicians on a one-to-one basis. It was possible to hold one in-person course during the period. This was led by Harry Escott, supported by professional composers, instrumentalists, narrators and sound artists. Participants explored the radio drama format, considering production, composition and narration techniques before creating their own new work.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Britten–Pears Young Artist Programme

It was impossible to run the BPYAP programme as normal throughout the year but there was an opportunity for a review of the scheme as the Charity responded to the requirements of young professionals and their hopes and needs for future training. New plans were developed and put in place for a 2022/23 cohort.

Residencies

Residencies and Creative Retreats took place but with a reduced capacity during the year. It was possible to go ahead with residences including Alex Groves working on compositional ideas, and Ben See and Dominic Stitchbury exploring their collaborative approach to writing new choral music.

The Charity worked again in partnership with Wild Plum Arts to facilitate a retreat programme in August with 13 composers/ creatives taking part. Staying in the 4 properties connected to The Red House, participants worked individually during the day on various projects, ranging from preparing scores for a recording, concluding a commission for Tête à Tête, and writing miniatures for the santoor. In the evening they gathered and ate together, socially distanced and outdoors, where they could compare notes, share ideas and form a supportive community network.

Creative Health

The Charity’s Creative Health work became even more vital during this period, particularly with so many people in our various communities thinking about their own mental health and the support they needed to provide to colleagues, friends and families.

Think Tanks and in-person workshop sessions were transferred online during the year. Sound Voice met virtually for two days to develop its longer-term strategy for working with people with a lived experience of voice loss. Performers, academics, technology, and medical experts contributed to this UK-wide cross-sector research and development project. A virtual MOT session brought together the last two cohorts of participants in a trial course which was particularly useful for musicians as they responded to the impact of the pandemic.

Britten Pears Archive

Despite the lockdowns, the Archive team continued to respond to queries, undertook cataloguing and generated articles and online content. The team produced weekly archive articles through the year which were made available on the website. These included essays about Britten and Richard Rodney Bennett, the Channel Air Bridge, Britten’s Piano Concerto and Joan Cross’ wartime cast books. The cataloguing of the Basil Coleman papers was concluded, and work began on Heather Harper’s and Joan Cross’s papers.

The archivists gave online presentations at various conferences and events, including a musicology conference in Taiwan, the Association of Performing Arts Collections AGM, the South and East Museums Federation Virtual Study Day and regular supporter events.

The Red House

The Red House was severely impacted by the pandemic and was closed for much of the period. Once it was permitted to re-open, distancing and cleaning restrictions meant that opening was reduced from 6 days per week to 4. A new exhibition called “Such an Artist to Write for: Inspiration and Collaboration” was presented. It explored performers for whom Britten wrote, focussing on Peter Pears but also other musicians such as Mstislav Rostropovich, Julian Bream and Janet Baker.

Due to the size of the rooms, no group visits or events were able to take place during 2020. However, The Red House was part of the national Heritage Open Day scheme in September with 276 visitors over four days. They were able to enjoy outdoor performances and activities for children.

During the closed period a number of site improvements were made, including renovation of the reception area and the creation of a new retail space. A pop-up café was installed outside and sculpture was moved and relocated to enhance the garden experience, along with newly laid paths, removal of trees and over 1,500 bulbs planted.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

FINANCIAL REVIEW

GROUP FINANCIAL OVERVIEW FOR THE YEAR

Britten Pears Arts is in the unusual situation of reporting a substantial surplus of £1,875,000 in a year dominated by the Covid-19 pandemic. Two exceptional circumstances have created this situation. The first is revaluations - the investment portfolio that underlies most of its reserves rose substantially in value from the depressed prices at the start of the year when the pandemic was first beginning to take hold and its investment properties were revalued after a period of years and these too show a large revaluation surplus. The second reason is that the Charity has been the fortunate beneficiary of a number of large legacies, totalling approaching £1 million. Most of these are yet to be received, but under charity accounting rules these met the income recognition criteria this year.

Britten Pears Arts holds its equity portfolio for the long term and sees its income from that portfolio as being the dividend return that it accrues. Particular years may show positive or negative revaluation surpluses, but whilst accounting regulations require that these are recognised in its accounts, they are not cash amounts (as the assets have not been sold) and the Group does not treat them as being part of their income for the year. Similarly, it does not see revaluation surpluses on investment properties as being available income, as they too can reverse and these properties are key assets held for the long term. The Charity views the relevant income as being the rental achieved.

Legacies are by their nature an unpredictable source of income. Some years may see material amounts received as legacies, but other years can show very little. Legacies may also be restricted to certain purposes defined by the legator and they are therefore not regarded by the Charity as being part of its normal income.

During a year in which many arts and trading organisations would otherwise have had to close their doors as the impact of Covid-19 took hold, the government and other bodies made a number of important grants to keep such entities afloat. Britten Pears Arts was the fortunate beneficiary of a £950,000 grant from the Arts Council as part of the first round grants from the Culture Recovery Fund. This fund has supported many arts organisations across the country and has allowed the Charity to keep artistic activity alive despite lockdowns and the natural caution of audiences at in-person events. It has also benefitted by £920,000 from the government’s Coronavirus Job Retention (Furlough) Scheme which was notably important in preserving trading operations during lockdowns, as well as by £241,000 from local authority grants and rates relief.

The Statement of Financial Activities on page 19 indicates an increase in total Group reserves of £1,875,000. Adjusting for the impact of revaluations and legacies, the year to 31 March 2021 saw a deficit of £602,000, despite the substantial support received from the Arts Council and government grants.

The group reorganisation to transfer the assets and liabilities of Aldeburgh Music Endowment Fund to Britten Pears Arts completed on 31 March 2021. The Aldeburgh Music Endowment Fund held its reserves in endowment, but on transfer to Britten Pears Arts the unrestricted element of these reserves has been moved to general reserve, which is how they would have been categorised had they been originally recognised in Britten Pears Arts.

Table 1 summarises Group income for the year from Note 2 and is stated in line with accounting requirements under the Charities SORP (FRS 102). It includes amounts relating to future periods while excluding grants and donations received in previous years for activities undertaken in 2020/21.

Table 1 – Group income
Arts Council England core grant
Arts Council England project grant
Trusts and foundations
Private, including memberships and Gift Aid
Legacies
Local authority and corporate donations
Box Office and admissions
Theatre and Orchestra Tax Relief
Other charitable activities, including course fees
Trading activities, including retail and catering
Royalties
Investments, including interest, dividends and rent
Other income, including government grants for Covid-19
Total income and endowments		 2021
2021
£’000
%
1,429
15.4%
950
10.3%
310
3.4%
550
5.9%
918
9.9%
175
1.9%
152
1.6%
-
-
123
1.3%
2,564
27.7%
806
8.7%
228
2.5%
1,053
11.4%
9,258
100.0%		 2020
2020
£’000
%
1,403
11.1%
-
-
574
4.6%
876
6.9%
808
6.4%
167
1.3%
1,102
8.7%
155
1.2%
271
2.1%
5,115
40.5%
1,782
14.1%
278
2.2%
110
0.9%
12,641
100.0%

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

TRUSTEES’ REPORT (continued)

Table 2 highlights Group expenditure for the year and includes costs associated with activities undertaken during 2020/21 only. More information can be found in Note 4.

Table 2 – Group expenditure
Fundraising
Trading, including retail and catering
Artistic activities
Artistic development
Archive, Exhibitions and The Red House
Community
Operations
Administration, including IT and Finance
Governance, including audit fees and legal advice
Other expenditure, incl. loss on disposal of fixed assets
Total expenditure		 2021
2021
£’000
%
253
2.8%
4,000
44.7%
1,200
13.4%
577
6.4%
246
2.8%
203
2.3%
1,075
12.0%
1,328
14.9%
60
0.7%
-
-
8,942
100.0%		 2020
2020
£’000
%
263
2.2%
5,029
42.1%
2,073
17.4%
1,020
8.5%
515
4.3%
332
2.8%
1,197
10.0%
1,375
11.5%
134
1.1%
11
0.1%
11,949
100.0%

Table 3 summarises Group reserves at year end. Greater levels of detail will be found in the Statement of Financial Activities on page 19, the Balance Sheets on page 20 and notes to the accounts from page 22.

Table 3 – Group reserves
Unrestricted
Restricted
Endowment
Total reserves/net assets		 2021
2021
£’000
%
7,865
13.6%
8,506
14.7%
41,474
71.7%
57,845
100.0%		 2020
2020
£’000
%
5,490
9.8%
19,406
34.7%
31,074
55.5%
55,970
100.0%

The Group’s net assets of £57,845,000 are mainly comprised of fixed assets to the value of £52,611,000, which includes £25,522,000 of tangible fixed assets and £20,172,000 of heritage assets. £3,000 of intangible fixed assets reflects software used in the organisation. The remaining £6,914,000 represents income-generating investments designed to provide funding stability for the long-term.

Unrestricted reserves increased by £2,375,000 which is predominantly the result of reanalysing reserves following the group reorganisation in which the assets and liabilities of the Aldeburgh Music Endowment Fund were assumed by Britten Pears Arts.

Restricted reserves decreased by £10,900,000, predominantly due to the transfer of the Britten Pears and Hoffman buildings from restricted reserves to expendable endowments and the transfer of the Snape Maltings Concert Hall from restricted reserves to permanent endowments, again as part of the group reorganisation.

Endowment funds increased by £10,400,000, which is again represented predominantly by the result of reanalysing reserves following the group reorganisation including the transfer in of the Britten Pears building, Hoffman building and the Snape Maltings Concert Hall and the transfer out of general endowments to unrestricted reserves, plus £873,000 legacies income received and a £805,000 revaluation gain on investments.

Further detail in respect of the on-going impact of Covid-19 on the forecast position is provided in Note 1 to the accounts. Having considered all factors explained in Note 1 and recognising the likely continuing effects of Covid19, the Trustees have a reasonable expectation that the Group and parent Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

BRITTEN PEARS ARTS

As a standalone entity, Britten Pears Arts’ total reserves rose £16,623,000 to close at £58,949,000. Unrestricted funds increased by £2,610,000, predominantly as a result of reanalysing reserves following the group reorganisation in which the assets and liabilities of the Aldeburgh Music Endowment Fund were assumed by Britten Pears Arts. Restricted reserves decreased by £4,104,000, again largely due to the group reorganisation.

Trust and foundations income for the year decreased significantly by £264,000 to £310,000 (2020: £574,000), again a substantial part of this relates to income recognition under charity accounting rules.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

ALDEBURGH MUSIC ENDOWMENT FUND

Aldeburgh Music Endowment Fund (AMEF), a separate charity, completed the transfer of its assets and liabilities to Britten Pears Arts on 31 March 2021, and became dormant. Prior to this date it held the main assets of the Group and used its income to make grants to Britten Pears Arts in support of its activities. During the year, AMEF made core and project grants to Britten Pears Arts totalling £47,890 (2020: £533,060) allowing Britten Pears Arts to provide, alongside other activities, 10 places for participants on the Britten–Pears Young Artist Programme.

Shops and office space owned by AMEF generated £69,934 (2020: £83,195) in the year from tenants. Dividend income received in the year was £127,900 (2020: £156,837).

There were no purchases or sales of market investments during the year or the prior year The revaluation of market investments at 31 March 2021 generated an unrealised gain of £865,718 (2020: loss of £63,344). The Trustees believe market investments administered through CCLA Investment Management Limited are an appropriate way of investing funds for the long-term. In the context of general stock market movements during the year, and in an extended period of low interest rates, the Trustees are satisfied that investments managed by CCLA provided a suitably secure vehicle within which to maintain and increase capital while generating sufficient returns to allow it to be a significant and reliable source of income.

SNAPE MALTINGS TRADING LIMITED

The company, which delivers a wide range of retail and catering activities was badly affected by periods of lockdown and enforced closure. Turnover decreased to £2,564,785 (2020: £5,241,890). The company acquired its trading businesses in 2015 and the goodwill acquired at that time was being written off over a ten-year period. The poor performance in the last year and uncertainty about the future path of the pandemic led the company to write-off the residual balance of goodwill as at 31 March 2021. When adjusted to exclude interest, tax, depreciation and amortisation, the company would have reported a loss of £52,256 (2020: earnings of £117,484). As there are no distributable profits after the amortisation of goodwill, the company was unable to make a distribution to Britten Pears Arts (2020: £nil).

In March 2015, the company purchased retail and other business activities through the advance of a loan of £2,312,937 from Aldeburgh Music Endowment Fund which carries a fixed annual interest rate. Ahead of the completion of the group reorganisation in March 2021, under which Aldeburgh Music Endowment Fund transferred its assets and liabilities to Britten Pears Arts, the remaining loan of £2,000,000 was assigned in March 2020 by Aldeburgh Music Endowment Fund to Britten Pears Arts. £1,000,000 was capitalised through the issue of redeemable preference shares to Britten Pears Arts. During the year a further loan from Britten Pears Arts of £200,000 was made due to the shutdown of activities as a result of Covid-19. The remaining balance of the loan at the year end was £1,200,000 (2020: £1,000,000). As the company made taxable losses, which were particularly high during the year because of the write-off of all goodwill, at the same time as its fellow trading subsidiary, Britten Estate Limited, made profits, it was paid by Britten Estate Limited for use of those losses to offset its taxable income. This receipt will allow part of the loan balance to Britten Pears Arts be repaid in the year to 31 March 2022.

BRITTEN ESTATE LIMITED

The company continued to promote the music of Benjamin Britten and receive income in the form of royalties. With the pandemic lockdowns and reduced performances, royalty income fell and turnover reduced to £794,742 (2020: £1,721,336), with profit falling to £758,809 (2020: £1,632,743). As the company made taxable profits whilst its fellow trading subsidiary, Snape Maltings Trading Limited, made losses, it has arranged to pay Snape Maltings Trading Limited for the use of its losses to offset its taxable income.

FUNDS HELD AS CUSTODIAN TRUSTEE

Creditors include £27,574 (2020: £28,096) of means tested funding provided by the Department for Education to certain members of the Aldeburgh Young Musicians for the advancement of their artistic development.

PRINCIPAL FUNDING SOURCES

In this exceptional year Britten Pears Arts and its subsidiary companies have benefitted greatly from public body grants that have helped arts organisations, and organisations more generally, to survive whilst activity has been locked-down and audiences have been hugely reduced. The importance of the Culture Recovery Fund, the Coronavirus Job Retention Scheme and local authority support is noted above and the Group is enormously grateful.

Aside from the exceptional support from the Arts Council’s Culture Recovery Fund, Britten Pears Arts continued to benefit from annual core funding from Arts Council England. In June 2017, the Charity received confirmation that it had been successful with its application to receive continued core funding of £1,403,019 per annum from Arts Council England for the years 2018/19 to 2021/22. The grant was made following their prior agreement of a fouryear business plan and the Trustees are enormously grateful to Arts Council England for its continued support.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Besides revenue generated by retail and catering operations, box office and project fees, a considerable proportion of the Group’s income is philanthropic and derives from grants and private sources, including legacies. The Trustees are indebted to many generous individuals and organisations for their support of artistic activities, including: Department for Education, Esmée Fairbairn Foundation and The Leverhulme Trust.

The Trustees gratefully acknowledge the receipt of donations and legacies from its supporters. Approaching £1 million was notified to the charity as legacy income in the year to 31 March 2021 and three legacies, from the estates of Derek Barbanell, Geoffrey Collens and Patricia Austin, each exceeded £100,000.

FINANCIAL POLICIES

Reserves Policy

In last year’s report and accounts it was noted that following the merger of Snape Maltings and the Britten Pears Foundation, the Trustees had started the process of considering the reserves policy of the merged organisation. This work has now been concluded. The Trustees considered the overall risks faced by the Charity including the extent to which each income source was at risk and the extent to which costs were fixed and unavoidable in the short term. The Trustees concluded that they would aim that unrestricted and undesignated (free) reserves, not backed by fixed assets, should cover six months of projected charitable costs. This is a number of about £3.6 million and compares to actual free reserves of £2,802,000. Future growth in unrestricted reserves will come about through increasing retained income, in particular royalty income should improve as the pandemic abates.

Unrestricted General Reserves

These reserves stood at £2,771,000 at the start of the year and grew to £2,802,000 at 31 March 2021. Though the year-on-year change is small, there were larger offsetting underlying movements. An increase of £2,521,000 resulted from the general expendable endowment reserve within the Aldeburgh Music Endowment Fund being moved to unrestricted reserve on its transfer to Britten Pears Arts. Aldeburgh Music Endowment Fund categorised all its reserves as endowment, but the general expendable endowment held no restrictions and was equivalent to unrestricted reserve within Britten Pears Arts. The main factor offsetting this change was a £2,044,000 increase in the designated fixed asset fund. Previously not all of Britten Pears Arts’ fixed assets held within unrestricted reserve were part of this fund. All such assets are now held within the designated fixed asset fund making the calculation of free reserve more straightforward.

Unrestricted Designated Reserves

The Trustees designate certain funds for specific use, including an Artist Fund which underpins the expansion in artist development and an Opera and Commission Fund to provide support for the development of opera, an area noted for high production costs and needing long-term planning. A designated fund is also retained for fixed assets and as noted above, this fund now contains all fixed assets held within unrestricted reserve.

The Britten Pears Foundation designated reserves to fund activities after copyright income ceases and the Trustees have agreed that a designated reserve for this purpose should continue, though it should be widened to a “Securing the Future” reserve that covers the need to plan for the time at which royalty income falls away, but also provides security against the potential reduction in other key income sources. This reserve will be built over a period of years, noting that the largest drop in royalty income will happen seventy years after Benjamin Britten’s death in 1976. The aim has been set to build a reserve of £15 million. At 31 March 2021 it stood at £867,000. The trustees aim to add £250,000 per annum on average to this reserve.

Restricted and Endowment Reserves

Certain reserves bear restrictions on their use imposed by donors, with some of these limiting, or barring, access to the donated capital. Details of restricted and endowment funds, including those of a permanent endowment nature, are provided in Notes 18 and 19.

On merger of Snape Maltings with the Britten Pears Foundation, restrictions were placed on some of the assets transferred as part of the merger (see note 29). Permanent endowment funds have been created firstly for the archive collection and secondly for the Red House, its outbuildings and its collection. The archive building and other property fixed assets have been transferred as Expendable endowment funds. The Aldeburgh Music Endowment Fund held the freeholds of the Snape Maltings Concert Hall, The Britten Pears Building and the Hoffmann Building on the Snape Maltings site. On the transfer of the Aldeburgh Music Foundation Limited’s assets and liabilities to Britten Pears Arts the Trustees agreed that the Snape Maltings Concert Hall, and its collections, would be held as permanent endowment and the Britten Pears and Hoffmann buildings would be held as expendable endowment.

Investments

The Trustees are responsible for setting the Fund’s investment policy and strategy and are authorised to make any investment they consider to be beneficial. The Trustees confirm they have remained within this power and continue to keep their investment policy and strategy under review.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

Investment Properties

The Trustees consider it appropriate to invest in commercial property where there is a strategic fit with the activities of the Group and such action provides a rate of return in excess of 5% of investment cost after the deduction of operational expenses. When vacant periods arise, local agents are appointed to manage new tenancy advertising and to provide advice regarding rent levels.

Market Investments

Meetings are held with investment advisors at least once during the year to monitor performance and review strategy. Key aspects of the investment policy include the achievement, within acceptable levels of risk, of at least market-rate income whilst taking a long-term view regarding capital growth. The current income target is to achieve a yield in excess of the FTSE All-Share Index yield after the deduction of management charges and for capital growth to outperform the FTSE All-Share Index over the long-term, a period defined as being not less than ten years. There is also an investment fund invested in an interest-bearing cash account with Scottish Widows.

Investment Performance

All investment properties were tenanted during the year. The target income yield of above 5% of cost was met.

The investment properties were revalued during the year and a revaluation surplus of £693,000 has been recognised.

KEY PERFORMANCE INDICATORS

Britten Pears Arts and its Group entities measure progress against a number of indicators set out in annual budgets and plans. It has been following SMART objectives agreed with Arts Council England particularly focussed on the Creative Case for Diversity. Non-financial indicators include public engagement and reach, the number of Festival commissions and targeting a rise in international collaborations. The main financial indicators include royalty income, box office performance, fundraising income, retail sales and investment returns. The Board reviews key performance indicators at its meetings during the year through receiving summary papers and within the Group’s management accounts.

PUBLIC BENEFIT

The Charity Commission has distilled a number of principles of public benefit which must be addressed by charities. Any benefit arising from an organisation’s activities must be to the public or a section of the public, in respect of which the opportunity to benefit must not be unduly restricted by ability to pay any fees charged; and that people in poverty must not be excluded from the opportunity to benefit.

In setting the level of ticket prices, fees, charges and concessions, the Trustees give careful consideration to the accessibility of concerts and other projects to those on low incomes. Britten Pears Arts’ pricing reflects its aim of enabling all members within our community, whatever their means, to take part in its activities. Ticket pricing is generally dependent on event costs and seat location. Ensuring wide access is a priority, resulting in ticket prices for many events starting below £10. Concessionary prices are available at most concerts.

Some events, such as Bandstand on Aldeburgh beach as part of past Aldeburgh Festivals, and Dome stage events in 2021 are undertaken to generate public interest in the Charity’s activities and are free to all. We are fortunate to have a loyal supporter base of Friends and other supporters who are able to access a priority booking period. However, a number of tickets are held back to allow the general public the opportunity of purchasing seats at an otherwise sold-out concert.

Activities led by the Learning and Inclusion team, including working in care homes with people with dementia, are making a positive difference to the physical and mental wellbeing of the public. Some projects undertaken by the Charity require participants to pay for their travel and other costs. Financial support is made available to those in need such that, in appropriate circumstances, all costs are waived.

The Snape Maltings and Red House sites are steeped in history and are amongst Suffolk’s most visited tourist venues. The Maltings has open access and is available to the public for recreational use such as walking, although it is anticipated that visitors will also enjoy the site’s performance, catering and shopping facilities.

VOLUNTEERS

Britten Pears Arts is grateful to have the support of a body of unpaid volunteers who perform important duties at events including ushering, programme selling, gallery and museum invigilation, archival cataloguing, gardening and learning support. During the year, we were pleased to have 164 volunteers (2020: 173) who worked a total of approximately 3,120 hours (2020: 12,300 hours) and which would otherwise have cost an estimated minimum wage of £27,000 (2020: £101,000). Without the loyalty and dedication of these people, the organisation would be forced to reduce its programme of events or increase concert prices.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

FUNDRAISING

Sections 13 and 14 of the Charities Act 2016 address public concern about how charities raise funds. The Charity Commission has issued guidance requiring trustees to confirm that fundraising activities are compliant with standards set out in the Code of Fundraising Practice as well as those required under other guidelines and legislation covering areas such as data protection.

Monitoring fundraising activities

The Director of Development for Britten Pears Arts monitors activities undertaken by this department across all Group entities. Regular reports are provided to the Chief Executive and each Board meeting of Britten Pears Arts includes a review of activities undertaken by the Fundraising team. During the year all fundraising activities were performed by Britten Pears Arts’ staff. No professional fundraisers were used to carry out fundraising activities on behalf of the Charity or any Group entity. Consequently, no fees or commission was paid to professional fundraisers (2020: £nil).

Voluntary self-regulation

The Fundraising Regulator is an independent regulator of charitable fundraising, established to strengthen the system of regulation and preserve public trust in the not-for-profit sector. The Charity has voluntarily registered with the Fundraising Regulator and supports the aims and objectives of this organisation.

Compliance with standards

The Charity’s fundraising activity complies with all relevant legislation and regulation, including the General Data Protection Regulation, and the Privacy and Electronic Communications Regulations 2003. The Trustees are not aware of any breaches of the Code of Fundraising Practice or other standards.

Complaints relating to fundraising activities

The Charity has a policy regarding complaints received in relation to its fundraising activities. No complaints were received in the year (2020: none).

Vulnerable people, unreasonable behaviour and undue pressure

The Charity has never used telephone or doorstep methods to induce donations from members of the public and stopped sharing its data with other organisations some years ago. Existing supporters and potential donors are required to provide their prior consent to the use of their data, particularly in relation to receiving communications about future events. The Charity’s website and printed brochures encourage members of the public to participate in a number of supporter schemes or to consider leaving a legacy in their Wills. The Charity does not send unsolicited mail or use other methods of contact that are not initiated first by the prospective supporter.

EQUALITY, DIVERSITY AND INCLUSION

Britten Pears Arts has published its Equality, Diversity and Inclusion Statement and Action Plan. This work is embedded across the organisation with leadership driven by the Equality, Diversity and Inclusion working group that meets regularly, by the Executive Director and by a board trustee champion. The Group aims to continue developing accessibility and diversity in all areas, whether it be for staff, volunteers, audiences, customers, performers or participants. It’s mission is to make new voices heard within the organisation, including at board level. To this end a clear programme of targets and actions has been developed, training undertaken, and the voices of those with protected characteristics listened to , taking the particular challenges of the region into account.

The programme presented by the Charity on its various stages continues to represent an extremely wide range of genres and styles delivered by a diverse group of musicians and performers. New recruitment methods have been used with the aim of diversifying the workforce. The Group is an equal opportunities employer and has appropriate policies in place. Partners include Suffolk Refugee Support, Diversity Dashboard, Inc Arts and Black Lives in Music. In addition, first interviews are offered online, together with help with travel costs for interviews in person. The Group is working to improve access to the site and to ensure access to all is extended. It is exploring how the barriers of geographical limitation, the demographic of the region and the remote locations of our sites can be overcome.

Britten Pears Arts Financial Statements 2020/21

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TRUSTEES’ REPORT (continued)

ENVIRONMENT

Britten Pears Arts recognises the importance of preserving and protecting the environment and strives to reduce the impact of its activity. Its work in this area is led by a Green Committee chaired by the Chief Operating Officer and there are three specialist subcommittees working on Waste, Energy Conservation and Biodiversity, and Transport.

New carbon-cutting initiatives had been planned for the 2020 Aldeburgh Festival, including a pioneering car-sharing scheme for audiences. These will be revived at the next Festival. The pandemic led to the cancellation of activity which significantly reduced carbon emissions during the year, but valuable lessons were learned about remote working and digital technology that will benefit future years. Business decisions were taken across the group during the year to 31 March 2021 to reduce packaging and printed materials and we also planned the installation of electric car charging points, and a scheme to modernise the Britten-Pears Building with an emphasis on energy conservation.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The Charity has made qualifying third-party indemnity provisions for the benefit of its Trustees during the year. These provisions remain in force at the reporting date.

AUDITORS

RSM UK Audit LLP have indicated their willingness to continue in office. A resolution to re-appoint RSM UK Audit LLP as auditors for the ensuing year will be proposed at the Annual General Meeting.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the Directors of Britten Pears Arts for the purpose of company law) are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Group for that year. In preparing those financial statements, Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware:

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.

By order of the Trustees and signed on their behalf on 27 January 2022.

Sir Simon Robey Chair

Britten Pears Arts Financial Statements 2020/21

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BRITTEN PEARS ARTS

Opinion

We have audited the financial statements of Britten Pears Arts (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated and Charity Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Britten Pears Arts Financial Statements 2020/21

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BRITTEN PEARS ARTS (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

Britten Pears Arts Financial Statements 2020/21

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BRITTEN PEARS ARTS (continued)

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to any new or unusual transactions which may not be in accordance with the governing documents and inspecting any correspondence with local tax authorities.

The group audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Sutherland

CLAIRE SUTHERLAND (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Blenheim House Newmarket Road Bury St Edmunds Suffolk IP33 3SB Date 27 January 2022

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021
Unrest’d
Note
Funds
Income and endowments from:
£’000
Donations and legacies
2
3,072
Charitable activities
2
275
Other trading activities
2
3,370
Investments
2
25
Other income
2
1,053
Total income and endowments
7,795
Expenditure on:
Costs of fundraising
4
511
Costs of other activities (trading)
4
4,154
Charitable activities
4
3,409
Other expenditure
-
Total expenditure
8,074
Net gains/(losses) on investments
11
300
Net income/(expenditure)
21
Transfers between funds
18,19
2,354
Other recognised gains/(losses)
18,19
-
Net movement in funds
18,19
2,375
Reconciliation of funds:
Total funds brought forward
18,19
5,490
Total funds carried forward
18,19
7,865
FOR THE YEAR ENDED 31 MARCH 2020
Unrest’d
Funds
Income and endowments from:
£’000
Donations and legacies
2
2,071
Charitable activities
2
1,527
Other trading activities
2
6,897
Investments
2
32
Other income
2
31
Total income and endowments
10,558
Expenditure on:
Costs of fundraising
4
383
Costs of other activities (trading)
4
5,236
Charitable activities
4
4,360
Other expenditure
11
Total expenditure
9,990
Net (losses)/gains on investments
11
-
Net (expenditure)/income
568
Transfers between funds
18,19
1,840
Other recognised gains/(losses)
18,19
-
Net movement in funds
18,19
2,408
Reconciliation of funds:
Total funds brought forward
18,19
3,082
Total funds carried forward
18,19
5,490
Rest’d
Funds
£’000

387

-

-

133

-

520

-

-

431
-

431

454

543

(11,443)

-

(10,900)
19,406
8,506

Rest’d
Funds
£’000

934

-

-

74

-

1,008

-

-

1,780

-

1,780

(28)

(800)

177

-

(623)

20,029
19,406
Endowm’t
Funds
£’000

873

-

-

70
-

943

-

116

321
-

437

805

1,311

9,089

-

10,400
31,074
41,474

Endowm’t
Funds
£’000

823

-

-

173
79

1,075

-

157

22
-

179

(36)

860

(2,017)

99

(1,058)
32,132
31,074
Total
2021
£’000

4,332

275

3,370

228
1,053

9,258

511

4,270

4,161
-

8,942

1,559

1,875

-

-

1,875
55,970

57,845

Total
2020
£’000

3,828

1,527

6,897

279

110

12,641

383

5,393

6,162
11

11,949

(64)

628

-

99

727
55,243

55,970		 Total
2020
£’000
3,828

1,527

6,897

279

110

12,641

383

5,393

6,162
11

11,949

(64)

628

-

99

727
55,243
55,970
Total
2019
£’000

3,723

1,522

6,456

265

11,966

331

5,292

6,400

34

12,057

318

227

-

-

227
55,016
55,243

The notes on pages 22 to 46 form part of these financial statements. All income relates to continuing operations.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

CONSOLIDATED AND CHARITY BALANCE SHEETS Company registration number: 980281 Charity registration number: 261383

AS AT 31 MARCH 2021

Note
Fixed assets
Intangible assets
8
Tangible assets
9
Heritage assets
10
Investments
11
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors:amounts falling due
within one year
16
Net current assets
Total assets less current liabilities
Creditors:amounts falling due
after more than one year
16
Net assets
20
The funds of the Group and Charity
Unrestricted funds
18
Restricted funds
18
Endowment funds
19
Total funds
20
Group
2021
£’000
3
25,522
20,172
6,914
52,611
416
2,891
2,794
6,101
856
5,245
57,856
11
57,845
7,865
8,506
41,474
57,845
Group
2020
£’000
802
25,778
20,172
5,341
52,093
536
2,982
3,148
6,666
1,945
4,721
56,814
844
55,970
5,490
19,406
31,074
55,970		 Charity
2021
£’000
3
25,087
20,172
9,327
54,589
-
2,563
2,319
4,882
516

4,366
58,955
6
58,949
8,969
8,506
41,474
58,949		 Charity
2020
£’000

10

15,546

20,172

2,872
38,600

-

2,327
2,553

4,880

1,154
3,726

42,326

-
42,326

6,359

12,610

23,357
42,326

Net incoming resources for the Charity were £16,623,000 (2020: £2,304,000). A separate Statement of Financial Activities is not presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the companies Act 2006.

Approved by the Trustees, authorised for issue and signed on their behalf on 27 January 2022.

Sir Simon Robey Chair

The notes on pages 22 to 46 form part of these financial statements.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

CONSOLIDATED AND CHARITY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Note
Group
Group
2021
2020
£’000
£’000
a) Cash flows from operating activities:
Net cash (used in)/provided by operating
activities
b
471
475
Cash flows from investing activities:
Dividends, interest and rents from investments
228
278
Proceeds from the sale of tangible fixed assets
-
301
Purchase of fixed assets
(256)
(356)
Payment of deferred consideration
-
(689)
Proceeds from the sale of investments
-
370
Purchase of investments
(14)
-
Issue of group loan
-
-
Cash received following group reorganisation
-
-
Net cash (used in)/generated by investing
activities
(42)
(96)
Cash flows from financing activities:
Repayment of borrowing
(783)
(727)
Cash inflows from new borrowing
-
700
Net cash (used in)/provided by financing
activities
(783)
(27)
Change in cash and cash equivalents in the
reporting period
(354)
352
Cash and cash equivalents at the beginning of
the reporting period
c
3,148
2,796
Cash and cash equivalents at the end of the
reporting period
c
2,794
3,148
b) Reconciliation of net income/(expenditure)
to net cash flow from operating activities
Net income/(expenditure) for the reporting
period
1,875
628
Adjustments for:
Depreciation and amortisation charges
1,311
449
(Gains)/losses on investments
(1,559)
64
Dividends, interest and rents from investments
(228)
(279)
Loss/(profit) on the sale of tangible fixed assets
-
(68)
Non cash increase in investments
-
-
Non cash increase in debtors on reorganisation
-
-
Non cash increase in creditors on reorganisation
-
-
(Increase)/decrease in stocks
120
(15)
(Increase)/decrease in debtors
91
(409)
Increase/(decrease) in creditors
(1,139)
105
Donations – transfer on group reorganisation
-
-
Net cash (used in)/provided by operating
activities
471
475
c) Analysis of Cash and Cash Equivalents
Cash in hand
2,794
3,148
Total cash and cash equivalents
25
2,794
3,148
The notes on pages 22 to 46 form part of these financial statements.		 Charity
Charity
2021
2020
£’000
£’000
(971)
786
71
10
-
-
(85)
(268)
-
-
-
-
-
-
(200)
-
951
-
737
(258)
-
-
-
-
(234)
528
2,553
2,025
2,319
2,553
16,623
2,205
126
136
(300)
-
(71)
(10)
-
11
-
(2,000)
131
-
(10)
-
-
-
(236)
244
(636)
200
(16,598)
-
(971)
786
2,319
2,553
2,319
2,553

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2020

1 ACCOUNTING POLICIES

Basis of accounting

Britten Pears Arts is a charitable company domiciled and registered in England and Wales. The principal accounting policies adopted in the preparation of the financial statements are set out below. Britten Pears Arts meets the definition of a public benefit entity under FRS 102.

These accounts have been prepared under the historical cost convention as modified by the recognition of certain financial assets measured at fair value in accordance with generally accepted accounting principles, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The combination of Snape Maltings (Company Registration Number 980281 and Registered Charity Number 261383) and the Britten Pears Foundation (Company Registration Number 02071223 and Registered Charity Number 295595) took place on 31 March 2020, the start of the comparative period. The transaction was accounted for using merger accounting principles, so that for the consolidated financial statements Britten Pears Arts is presented as if it had always been combined with Britten Pears Foundation.

As at 31 March 2021 a group reorganisation was completed under which the assets and liabilities of Aldeburgh Music Endowment Fund were transferred to Britten Pears Arts and Aldeburgh Music Endowment Fund became dormant.

Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in Sterling, which is the functional currency of the Charity. Monetary amounts are rounded to the nearest £’000.

Basis of consolidation

The Group’s financial statements comprise the financial statements of Britten Pears Arts, its subsidiary undertakings Snape Maltings Trading Limited, Aldeburgh Music Endowment Fund dormant from 31 March 2021), Britten Estate Limited, and their respective subsidiaries.

Significant judgements, estimates and uncertainties recognised in the financial statements

The Charity’s aims, objectives and strategies are identified in the Trustees’ Report on page 5. The notes to these financial statements contain information relating to judgements made by the Trustees including accounting policies such as the amortisation of goodwill and depreciation of tangible fixed assets.

A revised estimate of the residual value of freehold and long leasehold property was made in the prior year, this was set at 80% given the conservation requirements placed upon the Charity’s buildings. The impact of this change in 2019/20 was to reduce the depreciation charge by £364,143.

At 31 March 2021 Snape Maltings Trading Limited, a subsidiary of Britten Pears Arts, impaired its residual balance of goodwill amounting to £633,815 having considered the continuing uncertainties around the impact of Covid-19 on its trading business

The Trustees review their financial plans on a regular basis and manage risks through a number of means including a risk register, budgeting, forecasting and investment planning. The Trustees consider that their plans for achieving the Group’s objectives provide a satisfactory means of mitigating uncertainties to the extent reasonably achievable.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

Going concern

The Covid-19 pandemic has led to many restrictions being placed upon arts and retail organisations. This has been costly in the period since March 2020, however Britten Pears Arts has been fortunate in benefitting from government support, and in particular two large Culture Recovery Fund grants from The Arts Council. Though vaccines are now being administered it remains very difficult to project the course of future events, unexpected disruptions to trade and charitable activity have continued to happen, including disruption over Christmas 2021 and new coronavirus variants continue to arise.

The Group and Charity have performed financial modelling for the period to 31 March 2023 which takes into consideration the impact of the Covid-19 outbreak on the forecast position. The key assumptions used are the resumption of a full programme of artistic activity, with a three week Festival planned in 2022 and increased confidence amongst audiences and retail customers. Britten Pears Arts has provided letters of support to its subsidiary companies, Snape Maltings Trading Limited and Elm Property Investments (Snape Maltings) Limited confirming that it is willing to provide any necessary financial support to ensure they are able to continue to meet their liabilities as they fall due. This includes but is not limited to not seeking repayment of any Group creditors should it be required for at least 12 months from the date of signing the financial statements. Britten Pears Arts have also confirmed that further amounts can be drawn against the £500,000 facility granted to Snape Maltings Trading Limited in April 2020. Financial projections of Britten Pears Arts support the ability of the Charity to provide this support.

Having considered all the factors noted above and recognising the continuing effects of Covid-19, the Trustees have a reasonable expectation that the Group and Charity have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Income

Income from grants and donations is recognised once entitlement to the funds has been confirmed, it is probable the resources will be received and the monetary value can be measured with sufficient reliability. Income is deferred where a donor has imposed performance conditions that must be met before there is unconditional entitlement to the funds. Income is not recognised for legacies subject to a life interest.

Grants and donations received of a capital nature are held in a restricted fund, or otherwise depending on the donor’s conditions, and depreciation of the relevant assets is charged to the appropriate fund. Donations of property are professionally valued and accounted for at the time ownership passes to the Charity. Donations or legacies in the form of tradable securities are recognised at market value on the date control is passed.

Income generated from the sale of concert tickets, admissions, goods and services is stated net of Value Added Tax. Box office receipts and other income received in advance of the date of performance is deferred where it does not meet the income recognition criteria noted under the Charities SORP (FRS 102).

Royalty income is accounted for when receipt may be anticipated with reasonable probability. Rental income accounted for under other trading activities relates to income earned from letting properties that are also utilised by the Charity in delivering charitable activities. Investment income is accounted for on an accruals basis

Government grants

Income from government grants, whether 'capital' grants or 'revenue' grants, is recognised when the Charitable Group has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably.

Expenditure

Expenditure is included on an accruals basis and allocated, along with any associated irrecoverable Value Added Tax, to the appropriate heading in the accounts.

Costs of fundraising

This is the cost of Britten Pears Arts’ fundraising team, who generate income from trusts and foundations, individuals and the business sector.

Costs of other activities (trading):

This includes retail and catering expenditure incurred by Snape Maltings Trading Limited, and also service charges, repairs and legal fees associated with the creation and agreement of leases with shop tenants.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

Charitable activities:

Expenditure incurred to meet charitable aims and objectives, including artistic activity within the Concert Hall, the Red House and the archive and other venues, artistic development through the Britten–Pears Young Artist Programme, Aldeburgh Residencies, Aldeburgh Young Musicians and Learning and Inclusion’s outreach into the community.

Support costs:

Support costs represent the central services of the Group, including human resources, Finance and information technology, and costs of maintaining facilities such as repairs, insurance, business rates and utilities. Support costs have been allocated across the Charity’s activities as indicated in Note 4.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to expenditure on a straight-line basis over the length of the lease.

Intangible fixed assets

Intangible assets comprise capitalised computer software and goodwill. Capitalised computer software is amortised over its useful life, which is usually three to five years.

Goodwill represents the difference between consideration given and the fair value of separable net assets at the date of acquisition. The useful economic life was assessed as 10 years from the date of acquisition, which is supported by projected earnings over that period. During the year, the Trustees reviewed the carrying value of goodwill and its remaining useful economic life, and determined that the remaining balance should be written off as at 31 March 2021 given the impact of the pandemic.

Tangible fixed assets

Tangible fixed assets costing up to £500 are not capitalised and are written off in the year of purchase. Works of art are not subject to regular professional valuation due to the potential for the periodic rise and fall in the value of works of art as the popularity of their creator changes from one period to another.

Depreciation

Tangible fixed assets are stated at historic or deemed cost following the adoption of FRS 102, less accumulated depreciation. Depreciation is calculated to write off the cost of tangible fixed assets over the period of their expected useful life as follows:

Land No depreciation.
Freehold property 50 years straight-line basis, down to residual value.
Freehold property improvements Up to 50 years straight-line basis depending on the expected life
of the asset, down to residual value.
Long leasehold property Up to 50 years straight-line basis depending on the period of the
improvements lease, down to residual value.
Short leasehold property Up to 50 years straight-line basis depending on the period of the
improvements lease.
Motor vehicles Two to four years straight-line basis.
Office furniture and computers 4% to 50% per annum straight-line basis.
Plant and equipment 10% to 20% per annum straight-line basis.
Musical instruments No depreciation is provided where, in the opinion of the Trustees,
the estimated residual value is in excess of the net book value.
Otherwise: 10 years straight-line basis.
Works of art No depreciation as their residual valuation is considered to be at
least equal to their holding value.

A revised estimate of the residual value of freehold and long leasehold property was made in 2019/20 and this has been set at 80% of cost, given the conservation requirements placed upon the Charity’s buildings. The impact of this change in 2019/20 was to reduce the depreciation charge by £364,143.

Impairment reviews

Impairment reviews are undertaken when indicators highlight that such reviews are required. Where an asset’s holding value is considered to be impaired, the loss is taken through the Statement of Financial Activities.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

Heritage assets

Previously acquired heritage assets are recorded in the financial statements at market value. Additions to heritage assets since the last valuation are recorded at cost. The Trustees have adopted a policy of revaluation and as such the value of heritage assets is considered by the Trustees annually and is subject to a full professional valuation every five years. The Trustees consider that the depreciation charge and accumulated depreciation on manuscripts and other archival material is immaterial due to the extended useful economic life of these assets.

Investment properties

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The Trustees consider that, because investment properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view of the Charity’s financial position. As such these properties are carried at market value at each reporting date. Market value is assessed at regular intervals, or sooner in volatile economic circumstances, using a professional valuer. Surpluses or deficits arising on revaluation are charged or credited through the Statement of Financial Activities.

Listed investments

Listed investments are valued at bid price. Differences arising on market value are taken to the Statement of Financial Activities. Realised gains and losses are recognised when the investment is disposed of, unrealised gains and losses are recognised annually.

Investments in subsidiaries

Investments in subsidiaries are held in the accounts of parent entities at the value of purchased share capital and are eliminated on consolidation.

Stocks

Stocks are stated at the lower of cost and net realisable value. Obsolete items carry a corresponding provision.

Financial instruments

The Charity has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS 102 to all of its financial instruments. Financial instruments are recognised when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

Trade, Group and other debtors

Trade, Group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in the Statement of Financial Activities for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in the Statement of Financial Activities.

Trade, Group and other creditors

Trade, Group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

Foreign currency

Transactions in foreign currencies are translated at the rate of exchange ruling on the date of the transaction. Assets and liabilities expressed in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken through the Statement of Financial Activities.

2 INCOME AND ENDOWMENTS

Donations and legacies:
Arts Council England core grant
Arts Council England project grant
Local authority, public and EU grants
Trusts and foundations
Corporate
Private individuals
Gift Aid recovered on private individual donations
Membership subscriptions
Legacies
Charitable activities:
Box Office and admissions
Box Office commission and processing charges
Co-production income
Course and audition fees
Hire, recording and other site use for artistic purposes
Theatre and Orchestra Tax Relief
Programme books and other
Other trading activities:
Trading turnover, including retail, catering, advertising and sponsorship
Royalties
Investments:
Dividends and interest received on bank deposits and investments
Rents received including service charges
Other income:
Gain on disposal of fixed assets
Government grants for Covid-19
Total income and endowments		 2021
£’000

1,429
950
144
310
32
372
97
81
917
4,332
152
-
4
70
4
-
45
275
2,564
806
3,370
129
99
228
-
1,053
1,053
9,258		 2020
£’000
1,403
-
98
574
69
622
149
105
808
3,828
1,079
23
-
90
94
155
86
1,527
5,115
1,782
6,897
167
112
279
79
31
110
12,641

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

3 NET INCOME FROM ACTIVITIES OF TRADING SUBSIDIARIES

The Charity has two active wholly owned trading subsidiaries which are consolidated into the Group’s accounts, Snape Maltings Trading Limited (Company Number 1519527) and Britten Estate Limited (Company Number 2063909). The principal activities of both companies are highlighted on page 4.

A summary of Snape Maltings Trading Limited’s result is given below and is taken from the audited accounts of that company and therefore includes transactions undertaken with other Group entities which are eliminated on consolidation of the Group’s financial statements. The company generated a loss before the amortisation of goodwill of £142,000 (2020: loss of £47,000) meaning that there was no Gift Aid distribution to Britten Pears Arts (2020: nil).

Turnover
Cost of sales
Gross profit
Administrative costs excluding amortisation of goodwill
Other operating income
Loss before amortisation of goodwill
Amortisation of goodwill
Loss before taxation
Tax on loss
Loss after taxation and retained loss for the period		 2021
£’000
2,565
(1,162)
1,403
(2,224)
679
(142)
(792)
(934)
664
(270)
2020

£’000

5,242
(2,320)

2,922

(2,998)

29

(47)

(158)

(205)

(1)

(206)

A summary of Britten Estate Limited’s result is given below and is taken from the audited accounts of that company and therefore includes transactions undertaken with other Group entities which are eliminated on consolidation of the Group’s financial statements. The company generated a profit before taxation of £759,000 (2020: £1,633,000). In 2020/21 the company’s profit was paid to Snape Maltings Trading Limited in return for surrender of Snape Maltings Trading Limited’s tax losses. In 2019/20 a gift aid distribution was made to Britten Pears Arts for the amount of the profit.

Turnover
Cost of sales
Gross profit
Administrative costs
Profit before taxation
Tax on profit
Profit after taxation and retained profit for the period		 2021
£’000
795
-
795
(36)
759
(759)
-
2020

£’000

1,721
(1)

1,720

(87)

1,633

-
1,633

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

4 EXPENDITURE

EXPENDITURE
Costs of fundraising
Costs of other activities (trading)
Charitable activities:
Artistic activities
Artistic development
Archive, Exhibitions and The
Red House
Community


Other expenditure:
Loss on disposal of fixed
assets
Total resources expended		 Direct
costs
£’000
253
4,000
1,200
576
247
203
2,226
-
6,479		 Support
costs
£’000

258

270

1,005

488

251

191		 Total
2021
£’000

511

4,270

2,205

1,064

498

394

4,161

-
8,942		 Total
2020
£’000
383
5,393
3,037
1,524
1,120
481

1,935		 6,162

-		 11
2,463 11,949

Direct costs relate to expenditure required to undertake fundraising and charitable activities and include staff costs for the relevant teams and directly attributable expenditure such as trading cost of sales and overheads.

Analysis of support costs:
Type of cost:
Basis of
allocation
Operations and site running
Direct costs/time
spent
Administration, IT and finance Direct costs/time
spent
Governance
Direct costs/time
spent		 Charitable
activities
£’000
889
993
53
1,935		 Costs of
fundraising
£’000
119
132
7
258		 Costs of
other
activities

£’000

67

203

-		 Total
2021
Total
2020
£’000
£’000

1,075
1,197

1,328
1,376

60
133
2,463
2,706
270 2,463

5 NET INCOME FOR THE PERIOD

NET INCOME FOR THE PERIOD
2021 2020
This is stated after (crediting)/charging: £’000 £’000
Government grants (1,053) (31)
Stock provisions (7) 3
Depreciation 512 282
Amortisation of intangible fixed assets 799 167
Auditors’ remuneration – statutory audit (Charity only) 31 35
– statutory audit (other Group entities) 18 17
– tax compliance 11 15
– tax and other advisory services 28 34
Rentals paid under operating leases 7 10
Loss on disposal of fixed assets - 11

The Charity was grateful to receive the assistance of 164 volunteer supporters who undertook a range of duties including ushering, programme selling, gallery and museum invigilation, archival cataloguing, gardening and learning support. Volunteers, many of whom are long serving, play an important part in the smooth running of events held on site and at external locations.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

6 STAFF COSTS

STAFF COSTS




Wages and salaries
Social security costs
Pension contributions
Other benefits		 Raising Funds
Fund-
Trading
raising
Activities
£’000
£’000
210
1,316
22
74
7
28
1
9
240
1,427
Charitable
Activities
£’000

945

84

35

2		 Support
Costs
£’000

1,159

113

76

30
Total
2021
£’000

3,630

293

146

42
4,111		 Total
2020
£’000

4,099

345

173

54
240
1,066		 1,378
4,671

Termination payments in the year amounted to £193,634 (2020: £79,503). No funding was received relating to the payments.

Average number of employees during the year: 2021 2020
Raising funds, including fundraising and trading activities 114 131
Directly involved in furtherance of the Charity’s activities 42 50
Operations and administrative support 30 37
186 218
Average number of full-time equivalent employees during the year 132 157
The number of employees whose emoluments amounted to over £60,000 in the year was as follows:
2021 2020
£70,001 to £80,000 3 -
£80,001 to £90,000 - 2
£90,001 to £100,000 2 1
£150,001 to £160,000 - 1
£190,001 to £200,000 1 1
7 CHIEF EXECUTIVE, KEY MANAGEMENT PERSONNEL AND TRUSTEE EMOLUMENTS
2021 2020
Chief Executive: £’000 £’000
Salary 173 197
Pension 10 12
Total 183 209
Business expenses £611 £9,804

The authority to make payments to Trustees is contained within the Charity’s Articles of Association. The power to appoint the Chief Executive as a Trustee was confirmed by the Charity Commission. Key management personnel for the year are identified on page 5 of the Trustees’ Report. Remuneration and benefits, which include salary, pension and employer’s National Insurance, received by key management personnel for the year totalled £495,000 (2020: £627,000). Other than the Chief Executive, who received remuneration and reimbursement of his business expenses, no expenses were paid by the Charity to its Trustees during the year (2020: £284).

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

8 INTANGIBLE FIXED ASSETS

Cost:
At 1 April 2020
Additions
At 31 March 2021
Amortisation:
At 1 April 2020
Charge
Impairment
At 31 March 2021
Net book value:
At 31 March 2021
At 31 March 2020		 Goodwill
£’000
2,113
-
2,113
1,321
158
634
2,113
-
792		 Group
Software
£’000
75
-
75
65
7
-

72
3

10
 Total

£’000

2,188
-
2,188
1,386
165
634

2,185

3

802		 Charity
Software
Total
£’000
£’000
75
75
-
-
75
75
65
65
7
7
-
-
72
72
3
3
10
10		 Charity
Software
Total
£’000
£’000
75
75
-
-
75
75
65
65
7
7
-
-
72
72
3
3
10
10
75

65

7
-
72
3
10

Goodwill represents the difference between consideration given and the fair value of separable net assets at the date of acquisition. The useful economic life is ten years from the date of acquisition, which was supported by projected earnings over that period. During the year, the Trustees reviewed the carrying value of goodwill and decided that in the light of the impact of the global pandemic and its uncertain continuing impact, the residual balance should be written off in full as at 31 March 2021.

9 TANGIBLE FIXED ASSETS

GROUP




Cost:
1 April 2020
Additions
Disposals
31 March 2021
Depreciation:
1 April 2020
Charge
Impairment
Disposals

31 March 2021
Net book value:
31 March 2021
31 March 2020
Freehold
land and
buildings
£’000
29,883
140
-
30,023
4,876
55
310
-
5,241
24,782
25,007
Musical
instruments
Motor and works
vehicles
of art
£’000
£’000

83
579

-
-

-
-
83
579

64
261

9
7

-
-
-
-

73
268

10
311

19
318
Musical
instruments
Motor and works
vehicles
of art
£’000
£’000

83
579

-
-

-
-
83
579

64
261

9
7

-
-
-
-

73
268

10
311

19
318
Furniture,
plant and
equipment
£’000

1,940

116

-
2,056

1,506

131

-
-
1,637

419
434		 Total
£’000

32,485

256

-
579 32,741

261

7

-
-
6,707

202

310
-
268
7,219
311 25,522
318
25,778

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

9 TANGIBLE FIXED ASSETS (continued)

CHARITY

CHARITY
Cost:
1 April 2020
Additions
AMEF donation
Disposals
Transfers
31 March 2021
Depreciation:
1 April 2020
Charge
AMEF donation
Disposals
Transfers
31 March 2021
Net book value:
31 March 2021
31 March 2020
Freehold
Property
£’000

3,630
-
10,035
-
15,589		 Leasehold
Property
Improve’ts
£’000


15,589

-

409

-
(15,589)		 Motor
vehicles
£’000

71

-

-

-
-		 Musical
instrum’ts
£’000

284

-

295

-

-		 Furniture,
plant and
equipment
£’000

1,596

85

95

-

-		 Total
£’000

21,170

85

10,834

-

-
29,254
409		 71
579		 1,776 32,089
49
1
1,190
-
3,940
3,924

15

13

-
(3,940)
62

6

-

-
-
261

7

-

-

-
1,328

89

57

-

-
5,624

118

1,260

-

-
5,180 12
68		 268 1,474
7,002
24,074
397
3		 311
302
25,087
3,581
11,665		 9 23 268 15,546

All fixed assets are used in the furtherance of the Group’s activities.

The value of land within freehold land and buildings not depreciated at 31 March 2021 was £2,811,286 (2020: £2,811,286).

In September 2016, Aldeburgh Music Endowment Fund purchased the freehold of Bridge House, Snape, and approximately one-fifth of an acre of floodplain grazing marsh land on the north bank of the River Alde at Snape Maltings. The acquisition of Bridge House, which is located immediately adjacent to the Snape Maltings complex, allows Britten Pears Arts’ artist accommodation costs to reduce while increasing Snape Maltings Trading Limited’s opportunity to earn holiday rental income. The acquisition of Bridge House in Snape was partially financed by a mortgage of £875,000 provided by National Westminster Bank for which a first charge on the property was taken. The mortgage attracted a fixed rate of interest of 2.63% for five years but was repaid early during 2020/21. Snape Bridge House, being an asset of Aldeburgh Music Endowment Fund, was transferred to Britten Pears Arts on 31 March 2021 as part of the group reorganisation on that date (see note 1).

The £15,589,000 transfer from leasehold to freehold property in the Charity results from Aldeburgh Music Endowment Fund’s freehold assets being transferred to Britten Pears Arts, previously the leaseholder of some Aldeburgh Music Endowment Fund properties.

Musical instruments and works of art include some assets which could be considered to be of historical or artistic significance. However, these are not maintained principally for their contribution to knowledge and culture and therefore have not been classified as heritage assets.

Under FRS 102 transition arrangements, the Trustees considered it appropriate to regard the valuation of works of art by Bonhams in 2005 as the deemed cost for these assets. Due to the potential for the periodic rise and fall in the value of works of art as the popularity of their creators changes, the Trustees consider it to be inappropriate to undertake a policy to revalue these assets.

As a requirement of receiving grant funding from Arts Council England in support of the Snape Maltings Development Plan and the purchase of freehold land and buildings at Snape Maltings, the Trustees have entered into a guarantee and legal charge over its land and a fixed and floating security over its assets.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

On review of the fixed assets, the trustees decided that historic balances that had been capitalised in earlier years in anticipation of further property developments should be provided against, given the Covid-related elapse of time.

10 HERITAGE ASSETS

GROUP AND CHARITY

GROUP AND CHARITY



Carrying amount at 1 April 2020
Additions
Revaluation
Carrying amount at 31 March 2021		 Land and
buildings
£’000
3,950
-
-
3,950		 Art
Objects
£’000

6,207

-

-		 Red House
Contents
£’000

399

-

-
Archives
£’000

9,616

-

-		 Total
£’000

20,172

-

-
6,207
399		 9,616 20,172

Revaluation of assets

Heritage Assets were professionally valued as follows:

Date of valuation
Asset Class
Valuer
28 February 2018
Land and buildings
Peter Watson FRICS Flick & Son,
Chartered Surveyors
27 March 2015
Art Objects
Rohan McCulloch – St Georges Valuations
31 March 2020
Red House Contents
Gary Barfoot for Clarke and Simpson
11 March 2016
Archives
Lisa Cox Music Limited
he historical cost of heritage assets as at 31 March 2021 is as follows:
2021
£’000
Land and buildings
3,329
Art Objects
1,631
Red House Contents
78
Archives
4,548
9,586		 Value £
3,950,000
6,206,890
399,096
9,430,284
2020
£’000
3,329
1,631
78
4,548
9,586

The historical cost of heritage assets as at 31 March 2021 is as follows:

Heritage assets are held for the following purposes:

Five year financial summary of heritage asset transactions

31/03/21 31/03/20 31/03/19 31/03/18 31/03/17
£ £ £ £ £
Purchases and donations
Archives - 167,000 10,050 7,000 700

There have been no disposals in any period covered by the table above. There have been no further purchases or donations other than those detailed above.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

11
INVESTMENTS
Market value at beginning of year
Additions
AMEF donation
Disposals
Unrealised gain/(loss) on revaluation
Market value at end of year
Historic or deemed historic cost at end of year
Investments are represented by:
Equities and other market investments
Properties
Subsidiary undertakings
Market value at end of year
Equities and other market investments
Properties
Subsidiary undertakings
Historic or deemed historic cost at end of year		 Group
2021
2020
£’000
£’000
5,341
5,775
14
-
-
-
-
(370)
1,559
(64)
6,914
5,341
3,991
3,977

Group
2021
2020
£’000
£’000
4,479
3,599
2,435
1,742
-
-
6,914
5,341
2,426
2,412
1,565
1,565
-
-
3,991
3,977		 Charity
2021
2020
£’000
£’000
2,872
872
200
2,000
5,955
-
-
-
300
-
9,327
2,872
6,622
2,872

Charity
2021
2020
£’000
£’000
4,479
1
2,217
850
2,631
2,021
9,327
2,872
2,426
1
1,565
850
2,631
2,021
6,622
2,872

The Trustees hold market and property investments for the long-term and have no plans to liquidate these assets. In March 2021, investment properties at Snape Maltings were valued by Fenn Wright, Chartered Surveyors, the previous valuation was in August 2016 and assigned a value as at the date of transition to FRS102, 1 April 2014.

Subsidiary undertakings:

The Charity is supported by its subsidiary undertakings, holding all the issued share capital of those companies in the form of Ordinary shares and Redeemable preference shares:

Snape Maltings Trading Limited (Company Number 1519527) % held
100		 Aggregate
Capital and
Reserves
£’000
(139)

Snape Maltings Trading Limited is incorporated in England and Wales and donates any distributable profits under the Gift Aid scheme to Britten Pears Arts in support of its charitable objects. The Company’s results are included in these consolidated financial statements and its financial statements are separately filed at Companies House.

Britten Estate Limited (Company Number 2063909) % held
100		 Aggregate
Capital and
Reserves
£’000
21

Britten Estate Limited is incorporated in England and Wales. In 2020/21 the Company used its distributable profits to pay its fellow subsidiary, Snape Maltings Trading Limited, for use of that company’s taxable losses. In prior years it has donated any distributable profits under the Gift Aid scheme to the Charity in support of its charitable objects. The company’s results are included in these consolidated financial statements and its financial statements are separately filed at Companies House.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

12 FINANCIAL INSTRUMENTS

The carrying amount of the Group’s and Charity’s financial instruments at 31 March were:

Financial assets measured at fair value
13
STOCKS
Goods held for resale
Fuel
14
DEBTORS
Trade debtors
Amounts due from Group undertakings
Prepayments and accrued income
Other current debtors
Long-term debtor – deferred tax
15
LONG-TERM DEFERRED TAX ASSET
Balance at 1 April
Fixed asset timing differences
Short-term timing differences
Losses and other deductions
Balance at 31 March
Deferred tax is comprised as follows:
Fixed asset timing differences
Short-term timing differences
Losses and other deductions		 Group
2021
2020
£’000
£’000
4,479
3,599
Group
2021
2020
£’000
£’000
403
525
13
11
416
536
Group
Group
2021
2020
£’000
£’000
224
164
-
-
2,343
2,298
324
425
-
95
2,891
2,982
Group
Group
2021
2020
£’000
£’000
95
96
(6)
(1)
(2)
-
(87)
-
-
95

Group
Group
2021
2020
£’000
£’000
-
(26)
-
2
-
119
-
95		 Charity
2021
2020
£’000
£’000
4,479
1

Charity
2021
2020
£’000
£’000
-
-
-
-
-
-
Charity
Charity
2021
2020
£’000
£’000
83
77
460
1,007
1,712
827
308
416
-
-
2,563
2,327
Charity
Charity
2021
2020
£’000
£’000
-
-
-
-
-
-
-
-
-
-
Charity
Charity
2021
2020
£’000
£’000
-
-
-
-
-
-
-
-		 Charity
2021
2020
£’000
£’000
4,479
1

Charity
2021
2020
£’000
£’000
-
-
-
-
-
-
Charity
Charity
2021
2020
£’000
£’000
83
77
460
1,007
1,712
827
308
416
-
-
2,563
2,327
Charity
Charity
2021
2020
£’000
£’000
-
-
-
-
-
-
-
-
-
-
Charity
Charity
2021
2020
£’000
£’000
-
-
-
-
-
-
-
-
416
Group
2021
£’000
224
-
2,343
324
-
2,891
Group
2021
£’000
95
(6)
(2)
(87)
-
Group
2021
£’000
-
-
-
-
2,327
Charity
2020
£’000
-
-
-
-
-






Charity

2020

£’000

-

-
-
-

Deferred tax is not recognised in respect of losses and other deductions of £213,429 (2020: £86,192) as it is not probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

16
CREDITORS
Amounts falling due within one year:
Trade creditors
Other taxes and Social Security
Other creditors
Accruals and deferred income
Deferred consideration
Bank loan		 Group
2021
£’000
112
81
185
478
-
-
856		 Group
2020
£’000
564
249
122
982
-
28
1,945		 Charity
2021
£’000
80
63
185
188
-
-
516		 Charity
2020
£’000
242
136
122
654
-
-
1,154

Included within other creditors are amounts held as agent of £27,574 (2020: £28,096) which is means tested funding provided by the Department for Education to certain members of the Aldeburgh Young Musicians for the advancement of their artistic development. Funds are held by the Charity in a separate balance sheet control account, are subject to an annual internal review and are available for examination by the Department for Education.

Amounts falling due after more than one year:
Bank loan
Deferred Section 106 liability
Rent deposit held as security
Deferred tax		 Group
2021
£’000
-
-
6
5
11		 Group
2020
£’000
755
83
6
-
844		 Charity
2021
£’000
-
-
6
-
6		 Charity
2020
£’000
-
-
-
-
-

The bank loan represents the outstanding capital on a mortgage provided by National Westminster Bank on the purchase of Bridge House, Snape, in September 2016. It was repaid in 2020/21.

The section106 liability refers to the amounts that were paid ahead of the acquisition of the Snape site in 2015 and were returned as deferred consideration in the expectation that the relevant development would not take place.

17 TAXATION

Snape Maltings Trading Limited currently has a retained deficit due to the amortisation of goodwill and therefore has no liability to pay UK Corporation Tax. Other members of the Group have no, or minimal, liability for UK taxation due to their charitable status or lack of retained profits.

18 UNRESTRICTED AND RESTRICTED FUNDS

GROUP CURRENT YEAR
Unrestricted funds:
General
Designated Artist Fund
Designated Opera and Comm’n Fund
Designated fixed assets
Securing the Future fund
Other designated funds
Total designated funds
Total unrestricted funds
Restricted funds:
Basil Coleman Memorial Fund
Other income reserves
BPYAP and other activities
Restricted fixed assets
Total restricted funds		 Balance
1 April
2020
£’000
2,771
175
160
1,417
867
100
2,719
5,490
1,232
970
364
16,840
19,406

Income

£’000

7,795

-

-

-

-

-

-

7,795

40

240

137

103
520
Expend.

£’000

(8,074)

-

-

-

-
-		 Investm’t
Gains/
(losses)

£’000

-

-

-

300

-
-

300

300

274

-

35

145
454


Transfers

£’000

310

-

-

2,044

-
-

2,044

2,354

-

(152)

-

(11,291)

(11,443)		 Balance
31 March

2021

£’000

2,802

175

160

3,761

867
100

-
5,063

(8,074)
7,865

-

(391)

-

(40)
1,546

667

536
5,757
(431) 8,506

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

18 UNRESTRICTED AND RESTRICTED FUNDS (continued)

GROUP PRIOR YEAR Balance Investm’t Balance
1 April Gains/
31 March
2019 Income Expend.
(losses)		 Transfers 2020
Unrestricted funds: £’000 £’000 £’000
£’000
£’000		 £’000
General 743 10,558 (9,990)
-
1,460		 2,771
Designated Artist Fund 175 - -
-
-		 175
Designated Opera and Comm’n 160 - -
-
-		 160
Fund
Designated fixed assets 1,436 - -
-
(19)		 1,417
Securing the Future fund 468 - -
-
399		 867
Other designated funds 100 - - - - 100
Total designated funds 2,339 - -
-
380		 2,719
Total unrestricted funds 3,082 10,558 (9,990)
-		 1,840 5,490
Restricted funds:
Basil Coleman Memorial Fund 1,201 54 -
(23)
-		 1,232
Other income reserves 1,532 830 (1,668)
-
276		 970
BPYAP and other activities 365 110 (7)
(5)
(99)		 364
Restricted fixed assets 16,931 14 (105)
-		 - 16,840
Total restricted funds 20,029 1,008 (1,780)
(28)
177		 19,406
Transfers between funds represent consolidation adjustments required following the differing treatment of funds
between Group entities.
CHARITY CURRENT YEAR Balance Investm’t Balance
1 April Gains/ 31 March
2020 Income Expend. (losses) Transfers 2021
Unrestricted funds: £’000 £’000
£’000
£’000
£’000		 £’000
General 3,640 6,700
(4,283)
-
(1,716)		 4,341
Designated Artist Fund 175 -
-
-
-		 175
Designated Opera and Commission 160 -
-
-
-		 160
Fund
Designated fixed assets 1,417 -
-
300
1,609		 3,326
Securing the Future fund 867 -
-
-
-		 867
Other designated income funds 100 - - - - 100
Total designated funds 2,719 -
-
300
1,609		 4,628
Total unrestricted funds 6,359 6,700 (4,283) 300
(107)		 8,969
Restricted funds:
Basil Coleman Memorial Fund - 1,546
-
-
-		 1,546
Other income reserves 970 240
(390)
-
(153)		 667
Britten–Pears Young Artist 209 326
-
-
-		 535
Programme
Restricted fixed assets 11,431 5,637
(20)
-		 (11,290) 5,758
Total restricted funds 12,610 7,749 (410) -
(11,443)		 8,506

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

18 UNRESTRICTED AND RESTRICTED FUNDS (continued)

CHARITY PRIOR YEAR
Unrestricted funds:
General
Designated Artist Fund
Designated Opera and Commission
Fund
Designated fixed assets
Securing the Future fund
Other designated income funds
Total designated funds
Total unrestricted funds
Restricted funds:
Other income reserves
Britten–Pears Young Artist
Programme
Restricted fixed assets
Total restricted funds		 Balance
1 April
2019
£’000
1,405
175
160
1,436
468
100
Investm’t

Gains/


Income Expend.
(losses)
Transfers

£’000
£’000
£’000
£’000

8,062
(5,355)
-
(472)

-
-
-

-
-
-

-
-
-
(19)

-
-
-
399

-
-
-
-

-
-
-
380		 Balance
31 March

2020

£’000

3,640
175
160

1,417

867
100
2,339
2,719
3,744
8,062
(5,355)
-
(92)
6,359
1,532
201
11,454
1,106
(1,668)
-
-

90
(7)
-
(75)

-
(23)
-
-
970

209
11,431
13,187
1,196
(1,698)
-
(75)
12,610

General unrestricted funds are available for use as Trustees consider appropriate. Transfers in of £310,000 predominantly represents the transfer in of £2,521,000 from the general expendable endowment reserve within Aldeburgh Music Endowment Fund on its transfer to Britten Pears Arts to align the treatment of unrestricted reserves offset by £2,044,000 of transfers to the designated fixed asset fund to reflect the net book value of tangible fixed assets not represented by restricted or endowment funds.

The designated Artist Fund was created to underpin the expansion in artist development. With £175,000 already in this reserve the Trustees believe it holds sufficient funds to meet its aims.

The designated Opera and Commission Fund provides support for the development of opera, an area noted for high production costs. The target amount for this reserve is £200,000.

The designated fixed asset funds represent the net book value of non-heritage fixed assets and investment properties, formerly held by the Britten Pears Foundation, at the end of the year.

The Securing the Future fund is being built in anticipation of the time at which royalty income will fall away, but also provides security against the potential reduction in other key income sources.

Other designated funds represent a £100,000 capital fund, to maintain the fabric at the Red House site.

Restricted funds represent grants, donations and legacies which must be used as donors have directed.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

19
ENDOWMENT FUNDS
GROUP
Expendable – General
Expendable – Designated
Expendable – Catalyst
Total expendable
endowment
Permanent endowment
Total Endowment Funds
Expendable – General
Expendable – Designated
Expendable – Catalyst
Total expendable
endowment
Permanent endowment
Total Endowment Funds
CHARITY
Expendable – Designated
Expendable – Catalyst
Total expendable endowment
Permanent endowment
Total Endowment Funds
Expendable – Designated
Total expendable endowment
Permanent endowment
Total Endowment Funds		 Balance
Balance
1 April
Invest.
Other
31 March
2020
Income
Expend.
Gains
Transfers
Gains
2021
£’000
£’000
£’000
£’000
£’000
£’000
£’000
2,761
70
(431)
61
(2,461)
-
-
7,050
873
(6)
8
7,223
-
15,148
2,181
-
-
698
-
-
2,879
11,992
943
(437)
767
4,762
-
18,027
19,082
-
-
38
4,327
-
23,447
31,074
943
(437)
805
9,089
-
41,474
Balance
Balance
1 April
Invest.
Other
31 March
2019
Income
Expend.
Gains
Transfers
Gains
2020
£’000
£’000
£’000
£’000
£’000
£’000
£’000
4,144
169
(179)
(19)
(1,354)
-
2,761
6,980
906
-
(6)
(830)
-
7,050
2,189
-
-
(8)
-
-
2,181
13,313
1,075
(179)
(33)
(2,184)
-
11,992
18,819
-
-
(3)
167
99
19,082
32,132
1,075
(179)
(36)
(2,017)
99
31,074
Balance
Balance
1 April
Invest.
Other
31 March
2020
Income
Expend
Gains
Transfers
Gains
2021
£’000
£’000
£’000
£’000
£’000
£’000
£’000
4,435
3,489
-
-
7,223
-
15,147
-
2,880
-
-
-
-
2,880
4,435
6,369
-
-
7,223
-
18,027
18,922
198
-
-
4,327
-
23,447
23,357
6,567
-
-
11,550
-
41,474
Balance
Balance
1 April
Invest.
Other
31 March
2019
Income
Expend
Gains
Transfers
Gains
2020
£’000
£’000
£’000
£’000
£’000
£’000
£’000
4,435
-
-
-
-
-
4,435
4,435
-
-
-
-
-
4,435
18,656
-
-
-
167
99
18,922
23,091
-
-
-
167
99
23,357

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

19 ENDOWMENT FUNDS (continued)

Expendable – General

These are unrestricted funds that may be used for any charitable purpose at the discretion of the Trustees. During the year the balance of the fund was transferred to the general unrestricted fund on the transfer of Aldeburgh Music Endowment Fund to Britten Pears Arts to align the treatment of unrestricted reserves.

Expendable – Designated

The £7,223,000 transfer into this reserve in 2020/21 represents the cost of the Britten Pears and Hoffman buildings, previously held as restricted fixed assets, which have been added to expendable endowment on transfer from Aldeburgh Music Endowment Fund to Britten Pears Arts as part of the group reorganisation (see Note 1).

Expendable – Catalyst

In 2012 Arts Council England awarded a grant under the Catalyst Arts: endowments scheme. New funds totalling £1,000,000 were matched-funded by Arts Council England to create a new endowment. The grant was made subject to various conditions, including the Trustees signing a Declaration of Trust which includes a provision that the capital will be invested for a minimum of 25 years, after which it will become unrestricted.

Investment income generated by this expendable endowment may only be used to provide additional financial support to Britten Pears Arts for talent development, maximising the legacy of the Britten Centenary, developing new opera, supporting the Aldeburgh Festival and the digital distribution of music.

Permanent endowment

Permanent endowment reserves are comprised of funds, predominantly heritage assets, whose capital may not be spent. The heritage asset funds represent the net book value of the assets at the end of the year, and comprise of The Archive Collection, The Red House and Outbuildings, and The Red House Collection. The Snape Maltings Concert Hall was added to permanent endowment in 2020/21 on transfer from Aldeburgh Music Endowment Fund to Britten Pears Arts as part of the group reorganisation (see Note 1).

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

20 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrest’d
Fund balances at 31 March 2021 are represented by:
£’000
Intangible assets
3
Tangible assets
3,761
Heritage assets
-
Investments
1,475
Net current assets
2,631
Creditors falling due after more than one year
(5)
7,865
Unrest’d
Fund balances at 31 March 2020 are represented by:
£’000
Intangible assets
802
Tangible assets
1,101
Heritage assets
-
Investments
851
Net current assets
2,736
Creditors falling due after more than one year
-
5,490
ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS
Unrest’d
Fund balances at 31 March 2021 are represented by:
£’000
Intangible fixed assets
3
Tangible fixed assets
3,326
Heritage assets
-
Investments
2,688
Net current assets
1,752
Long term asset
1,200
Creditors falling due after more than one year
-
8,969
Unrest’d
Fund balances at 31 March 2020 are represented by:
£’000
Intangible fixed assets
10
Tangible fixed assets
930
Heritage assets
-
Investments
2,872
Net current assets
2,547
6,359
Rest’d

£’000

-

5,016

-

2,339

1,157

(6)

8,506

Rest’d

£’000

-

16,251

-

1,885

1,276
(6)

19,406

Rest’d

£’000

-

5,016

-

2,339

1,157

-
(6)

8,506

Rest’d

£’000

-

11,431

-

-

1,179

12,610		 Endow’t

£’000

-

16,745

20,172

3,100

1,457

-




Total
£’000
3
25,522
20,172
6,914
5,245
(11)

41,474		 57,845
Endow’t

£’000

-

8,426

20,172

2,605

709

(838)






Total
£’000
802
25,778
20,172
5,341
4,721
(844)

31,074		 55,970
Endow’t

£’000

-

16,745

20,172

3,100

1,457

-

-














Total

£’000

3

25,087

20,172

8,127

4,366

1,200
(6)

41,474
58,949
Endow’t

£’000

-

3,185

20,172

-

-
Total

£’000

10

15,546

20,172

2,872
3,726

23,357
42,326

21 PENSION COMMITMENTS

The Group operates separate defined contribution group personal pension schemes for the Charity and its subsidiary, Snape Maltings Trading Limited. The assets are held in an independently administered fund. Contributions paid during the period amounted to £145,945 (2020: £173,549), of which £25,565, (2020: £32,177) related to higher paid staff within the income bands highlighted in Note 6.

Outstanding pension contributions, which are included within other creditors at 31 March 2021, totalled £14,083 (2020: £25,743).

22 CAPITAL COMMITMENTS

At 31 March, there were no capital commitments (2020: £22,550).

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

23 RELATED CHARITY

Until 31 March 2021, Britten Pears Arts had an interest in Aldeburgh Music Endowment Fund through its right to appoint Trustees. Aldeburgh Music Endowment Fund was a separate registered charity whose primary purpose was to provide financial support to Britten Pears Arts. At 31 March 2020, the net assets of Aldeburgh Music Endowment Fund amounted to £14,507,951. The Trustees completed the transfer of the assets and liabilities of Aldeburgh Music Endowment Fund into Britten Pears Arts on 31 March 2021 and Aldeburgh Music Endowment Fund became dormant.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

24 RELATED PARTY TRANSACTIONS

Due to the nature of the Group’s operations and the composition of Trustees, transactions sometimes take place with non-Group organisations in which a Trustee will have an interest. All commercial transactions involving Trustees are conducted at arm’s length and in accordance with normal purchasing procedures.

During the year, the Group recognised donations from Trustees and other family members totalling £99,563 including Gift Aid (2020: £309,903), of which £nil is within debtors at year end (2020: £nil). One Trustee in 2019/20 paid residential accommodation ground rent to the Group of £600 (2021: £nil).

Transactions between the Charity and Group members during the current and prior periods were as follows:

Current year
Balance at 31 March 2021
Income
Grants
Management charges
Interest on loan
Utility, accommodation and other income
Donations – transfer on group
reorganisation
Expenditure
Catering, car parking and other charges
Rent
Prior year
Balance at 31 March 2020
Income
Grants
Assignment of loan
Management charges
Interest on loan
Utility, accommodation and other income
Expenditure
Management charges
Catering, car parking and other charges
Rent		 Snape
Maltings
Trading
Limited
£
450,164
-
181,892
46,734

11,963
-
240,589
12,073
-
12,073
171,712
-
-
315,546
2,150

7,715
325,411
4,520
142,995
-
147,515		 Britten
Estate
Limited
£
9,937
-
29,283
-
-
-
29,283
-
-
-
833,803
-
-
-
-
-
-
-
-
-
-		 Aldeburgh
Music
Endowment
Fund
£
-
47,890
84,428
-
2,153
16,598,027
16,732,498
-
81,560
81,560
1,178
533,060
2,000,000
123,807
-
7,038
2,663,905
-
-
81,560
81,560		 Elm
Property
Investments
(Snape
Maltings)
Limited
j
£
-
-
7,208
-
-
7,208
-
-
-
-
-
-
5,393
-
-
5,393
-
-
-
-

The organisational structure of the Group and the relationship between each Group member is highlighted on page 3 of the Trustees Report. All Group members have their registered office at Snape Maltings Concert Hall, Snape, Saxmundham, Suffolk IP17 1SP.

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

25 ANALYSIS OF CHANGES IN NET DEBT

Group
Cash and cash equivalents
Cash
Borrowings
Debt due within 1 year
Debt due after 1 year
Charity
Cash and cash equivalents
Cash		 Other
1 April
non cash 31 March
2020
Cash flow
changes
2021
£’000
£’000
£’000
£’000
3,148
(354)
-
2,794
3,148
(354)
-
2,794
(28)
28
-
-
(755)
755
-
-
(783)
783
-
-
2,365
429
-
2,794
Other
1 April
non cash
31 March
2020
Cash flow
changes
2021
£’000
£’000
£’000
£’000
2,553
(234)
-
2,319
2,553
(234)
-
2,319
2,553
(234)
-
2,319

26 CONTINGENT LIABILITY

The Charity and its wholly owned subsidiaries, Snape Maltings Trading Limited and Britten Estate Limited, share the same registration for VAT purposes, reducing administration and imposing joint and several liabilities on each party. At 31 March 2021, the net joint VAT liability was £4,912 (2020: £67,193). Of this liability, £nil (2020: £11,770) is represented by the Charity, £nil (2020: £55,423) by Snape Maltings Trading Limited and £4,912 (2020: £nil) by Britten Estate Limited.

27 OPERATING LEASE COMMITMENTS

Besides low value commitments to hire equipment for activities, the Charity and Snape Maltings Trading Limited occupy premises at Snape Maltings and Aldeburgh which were leased from Aldeburgh Music Endowment Fund and from Elm Property Investments (Snape Maltings) Limited. Related income and expenditure are eliminated on consolidation. The property leased from Aldeburgh Music Endowment Fund to the Charity was transferred by Aldeburgh Music Endowment Fund to the Charity on 31 March 2021.

The total future minimum lease payments under non-cancellable operating leases are as follows:

Amounts due:
Within one year
Between one and five years		 2021
£’000
7
7
14		 2020
£’000
26
14
40

28 GUARANTEE

The Charity is a company limited by guarantee. In the event of any winding up, each member would be required to contribute £1 towards the liabilities of the company. As at 31 March 2021 there were 13 such members (2020: 18).

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

29 MERGER WITH THE BRITTEN PEARS FOUNDATION

On the 31 March 2020 Snape Maltings undertook a merger with The Britten Pears Foundation, registered office, The Red House, Golf Lane, Aldeburgh, Suffolk. Both entities are charitable companies in the arts sector. The merged organisation was subsequently renamed Britten Pears Arts. All assets and liabilities were transferred from the Britten Pears Foundation to Snape Maltings. No adjustments to the carrying value of assets or liabilities were required during this process. Adjustments have been made to restate certain Restricted funds as Endowment funds. Permanent endowment funds have been created firstly for the archive collection and secondly for the Red House, its outbuildings and its collection. The archive building and other property fixed assets have been transferred as Expendable endowment designated funds.

Analysis of principal SOFA components for the previous reporting period

Total income
Total expenditure
Net income/expenditure
Gain on revaluation of fixed assets
Net movement in funds		 Snape
Maltings
£’000
7,373
(5,874)
1,499
-
1,499		 Britten
Pears
Foundation
£’000
1,935
(1,380)
555
99
654		 Eliminate
trading
£‘000
(50)
200
150
-
150		 Combined
total
£’000
9,258
(7,054)
2,204
99
2,303

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

29 MERGER WITH THE BRITTEN PEARS FOUNDATION (continued)

Analysis of net assets at the date of the merger

Fixed assets
Intangible assets
Tangible assets
Heritage assets
Investments
Current assets
Stock
Debtors
Cash at bank and in hand
Creditors: amounts falling
within one year
Net current assets
Total assets less current
liabilities
Net assets
Unrestricted funds
General fund
Designated funds:
Designated Artist Fund
Designated Opera and
Commission Fund
Designated fixed assets
Other designated funds
Total unrestricted funds
Restricted funds
Other income reserves
BPYAP
and
other
activities
Restricted fixed assets
Total restricted funds
Endowment funds
Expendable – Designated
Permanent endowment
Total endowment funds
Total funds		 Snape Maltings
£’000
10
11,794
-
2,000
13,804
-
1,354
1,857
3,211
(1,089)
2,122
15,926
15,926
2,990
175
160
-
-
3,325
970
200
11,431
12,601
-
-
-
15,926		 Britten Pears
Foundation
£’000
-
3,752
20,172
872
24,796
15
958
696
1,669
(65)
1,604
26,400
26,400
650
-
-
24,774
967
26,391
-
9
-
9
-
-
-
26,400		 Restatement
£‘000
-
-
-
-
-
(15)
15
-
-
-
-
-
-
-
-
-
(23,357)
-
(23,357)
-
-
-
-
4,435
18,922
23,357
-		 Combined
total
£’000
10
15,546
20,172
2,872
38,600
-
2,327
2,553
4,880
(1,154)
3,726
42,326
42,326
3,640
175
160
1,417
967
6,359
970
209
11,431
12,610
4,435
18,922
23,357
42,326

Britten Pears Arts Financial Statements 2020/21

DocuSign Envelope ID: BC004789-CBED-4F88-98EA-31E512848B98

NOTES TO THE ACCOUNTS (continued)

30 REORGANISATION WITH THE ALDEBURGH MUSIC ENDOWMENT FUND

The group reorganisation to transfer the assets and liabilities of Aldeburgh Music Endowment Fund to Britten Pears Arts completed on 31 March 2021.

The transfer has been accounted for as a combination that is in substance a gift. The assets and liabilities transferred were valued at the fair values and recognised in the balance sheet under the appropriate headings with a corresponding net amount recognised as a net gain in the Charity’s Statement of Financial Activities as donations – transfer on group reorganisation.

The Aldeburgh Music Endowment Fund held its reserves in endowment, but on transfer to Britten Pears Arts the unrestricted element of these reserves were moved to general reserve, which is how they would have been categorised had they been originally recognised in Britten Pears Arts.

Net assets transferred:

Freehold land and buildings
Leasehold land and buildings
Other tangible fixed assets
Investments
Cash
Other debtors and creditors		 2021
£’000
8,845
396
334
5,956
951
116
16,598

Britten Pears Arts Financial Statements 2020/21