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2023-03-31-accounts

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BRITTEN PEARS ARTS

Company Registration Number: 980281 Registered Charity Number: 261383

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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BRITTEN PEARS ARTS

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

INDEX

PAGE NO:

1 LEGAL AND ADMINISTRATIVE DETAILS
2 INTRODUCTION FROM CHAIR OF BRITTEN PEARS ARTS
3 – 16 TRUSTEES’ REPORT INCLUDING STATEMENT OF TRUSTEES’ RESPONSIBILITIES
17 – 19 INDEPENDENT AUDITORS’ REPORT
20 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
21 CONSOLIDATED AND CHARITY BALANCE SHEETS
22 CONSOLIDATED STATEMENT OF CASH FLOWS
23 – 43 NOTES TO THE CONSOLIDATED ACCOUNTS

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LEGAL AND ADMINISTRATIVE DETAILS

NAME Britten Pears Arts LEGAL STRUCTURE The Charity is a company limited by guarantee and incorporated in England and Wales, registered number: 980281 CHARITY REGISTRATION NUMBER 261383 TRUSTEES Sir Simon Robey Sir Vernon Ellis (retired 31 March 2023) Sarah Faulder Dr Scot McKendrick Angela Mallinson Jamie Njoku-Goodwin Garth Pollard (retired 31 March 2023) David Robbie Janis Susskind Alasdair Tait Laura Wade-Gery Roger Wright Sarah Zins HONORARY PRESIDENTS The Lord Stevenson of Coddenham Colin Matthews HONORARY VICE PRESIDENT The Lord Geddes CHIEF EXECUTIVE Roger Wright COMPANY SECRETARY Sarah Bardwell (appointed 8 March 2023) 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 CCLA Investment Management Limited, 85 Queen Victoria ADVISORS 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 2022/23

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Introduction

Britten Pears Arts continues to ensure that music, arts and heritage transform people’s lives, bring communities together and enhance daily life. We aim to effect powerful positive change in and for society and make the arts “useful“. We are internationally recognised yet firmly rooted in our local community and in Suffolk. During the year we have offered innovative learning and training in music and heritage and worked with freelance musicians and artists to deliver outstanding experiences.

We celebrate the commitment and determination of staff, volunteers, musicians and artists who ensure the highest level of professionalism, whilst being open and welcoming to all. We acknowledge the amazing development programmes and training for musicians, composers, young people, those in later life, emerging professionals and those working in creative health settings. The resilience of the staff team, led by Roger Wright, has been inspirational.

After a two-year hiatus as a result of Covid-19, the 73rd Aldeburgh Festival returned with a hugely successful threeweek festival as opposed to the normal two weeks in order to honour commitments to the musicians who are vital to its creativity. In August for the second year in a row, we built The Dome Stage, an outdoor structure on which we presented 20 free concerts. It attracted 40% new audiences to engage with Britten Pears Arts. The Red House continued to grow the reach of its heritage and grounds and attract more visitors. Whilst the Archive connected with the public, academics and researchers as well as providing an insightful resource for the whole organisation. Our lively series of digital engagement, year-round programming and exhibition programme included the award-winning Power of Stories exhibition in collaboration with Marvel and meant new audiences engaged with Britten Pears Arts throughout the year.

None of this could have been achieved without the important and continued support of Arts Council England and the renewal of our National Portfolio Organisation status. We are especially thankful to all our supporters, individuals, companies and public bodies, Trusts and Foundations who gave us vital support during the year. The support via our trading arm also helps to ensure that we are able to fulfil our charitable objectives and my appreciation goes to all the staff and directors of Snape Maltings Trading Limited.

Many thanks to the board of trustees who were enormously supportive with their time during the year. I particularly want to thank Sir Vernon Ellis and Garth Pollard who stepped down as trustees during the year - their work and support has been invaluable. Finally, my renewed gratitude goes to our audiences, visitors, participants, volunteers and artists for all that they do for Britten Pears Arts.

Sir Simon Robey Chair Britten Pears Arts

Britten Pears Arts Financial Statements 2022/23

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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 2023.

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 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.

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.

STRATEGIC FOCUS AND ACTIVITIES

Charitable Objects

The charity’s objects are for the public benefit:

1 To promote, and assist in the advancement of education in, the arts and crafts including the arts of music, drama, dancing, mime, painting, sculpture and graphic arts, and literature and poetry, and to extend and increase the appreciation, knowledge, and understanding of the arts and crafts in all their forms.

4 To advance education in matters related to peace for the benefit of the public.

Mission

Britten Pears Arts wants music, arts and heritage to engage with diverse audiences, participants, musicians, young people and others to enhance their lives. Simply, our mission is for the arts to be useful.

Values

Our values are :

Britten Pears Arts Financial Statements 2022/23

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TRUSTEES’ REPORT (CONTINUED)

AIMS AND OBJECTIVES

Strategic Priorities

Our strategic priorities are:

Performance against our 2022/23 Objectives

2022/23 Objectives Progress made during the year
1 Make our organisation even more inclusive, open
and accessible.		 Through free concerts and a free exhibition
programme we ensured that our organisation
reached more visitors and audience members.
2 Make new voices heard within the organisation. Regular staff meetings, email communications
and surveys enable feedback to be given. Youth
Voice work with staff, volunteers and audience
members has given an opportunity for new ideas
to flourish and impact to be celebrated.
3 Focus on our data management and processes to
help transform our effectiveness.		 An IT steering group was established with a remit
to introduce robust systems that are efficient,
appropriate and provide value for money.
4 Use technology to improve audience, participant,
customer and visitor experiences.		 Introduction of surtitling, improved web interface
and streamlined ticket booking processes have
improved experiences.
5 Working with other organisations, play an important
role in the region’s cultural leadership.		 As members of the Norfolk and Suffolk Cultural
board we have worked closely with organisations
throughout the region. As members of NPO large
arts organisation groups we have worked closely
with others on a national level.
6 Make world class music in a regional community. The 3 week long Aldeburgh Festival, year round
programming
and
extensive
community
involvement with audiences of all ages ensured
our vital position in the region, nationally and
internationally.
7 Recognise the impact our activities and those of our
many stakeholders are having on the environment
and understand and lead the need for action and
change.		 Undertaken feasibility studies to address our
environmental impact. Continued prioritising and
measurement of progress.

Britten Pears Arts Financial Statements 2022/23

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TRUSTEES’ REPORT (CONTINUED)

Objectives for 2023/24

2023/24 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 sites. The charity is 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

Activity Measures of success
Aldeburgh Festival The 73rdFestival was extended to 24 days to include 41 first performances, 11 first
UK performances and 19 Britten Pears Arts commissions. Over 21,000 tickets were
booked, there were 5 featured performers and 4 featured composers.
Year-round
performance
programme		 This programme included bespoke programmes for Easter and Christmas, the Britten
Weekend, a production of Rape of Lucretia and English Touring Opera. Over 55,000
tickets were booked. There were 20 free performances on the outdoor Dome Stage
with 40% new audience members. Two special concerts to compliment the Power of
Stories exhibition were staged to reach new diverse audiences.
Britten Pears Young
Artist Programme
(BPYAP)		 This artist development programme turned 50, which was celebrated with concerts,
articles, and a gathering of oral histories. 99 young people worked as BPYAP artists
across 7 residential touch points at Snape. They performed throughout the Festival.
Aldeburgh Young
Musicians (AYM)		 50 young musicians (aged 8–18) took part in 19 different opportunities during the
year working with composers and performers from a wide range of genres.
Archive In addition to being a central resource for work within our community and
organisation and having a growing national reputation, 54 donations were
accessioned, 4,271 records were added to the database and 447 enquiries were

Britten Pears Arts Financial Statements 2022/23

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received and answered within 5 working days. We also had 2,526 people visit the
Archive during the year.
Community The Community team ran 462 sessions or events in both formal and informal settings
for young people aged 0-25 reaching 6,352 individuals. 10 new songs were
commissioned for the online Friday Afternoon resource for schools. Work continued
in HMP Warren Hill, care home settings and with those suffering from dementia and
Parkinsons. The Community and Red House teams worked together to present The
Power of Stories exhibition in the Concert Hall Foyer.
Digital Public
Engagement		 65 online content pieces including films, website stories and other content were
generated. Alongside 41 live to digital cultural experiences these included recordings
of BPYAP concerts and residency outputs. Over 90,000 people engaged with these
activities.
Creative Health We convened 5 Think Tanks on a range of topics include Young Musicians’ Health
and Well-being, Music in Criminal Justice settings and Later Life. We ran MOTs
(residential courses which provide rejuvenation, inspiration and support for
musicians) and Recover, Recharge, Renew and training sessions for freelancers.
The Red House Over 7,000 visitors came to the house during the year. The Britten and Women
exhibition and accompanying guide was also marked by a display of all the female
artists held in the Britten Pears collection. The Red House became an Accredited
Museum as recognised by the Arts Council.
Residencies and
Retreats		 We ran 28 Snape Residencies and 59 Red House retreats which meant we engaged
with 197 individual creatives, artists and composers. Festival of New features some
of the work created during the residencies as well as a new opera “Blue Woman” in
collaboration with the Royal Opera House.

FINANCIAL REVIEW

GROUP FINANCIAL OVERVIEW FOR THE YEAR

2022/23 was the first year post-Covid that the organisation reverted to its normal financial model and while it has experienced more favourable audience numbers than many comparable organisations, demand is still below preCovid levels. The organisation started the year with a deficit budget and experienced challenges with costs, particularly staff and utilities, during the course of the year. With the help of the generosity of its donors, Britten Pears Arts achieved an overall financial performance that exceeded the budget. The Charity saw a positive movement in funds as a result of the revaluation of some of its heritage assets, however this was offset by a fall in the value of financial assets. The Statement of Financial Activities on page 20 indicates a reduction in in total Group reserves of £394,000.

The total income for Britten Pears Arts increased by £1,429,000, in the year to the end of March 2023, which was an increase of 12.6% on the £11,351,000 of income reported for the year to March 2022. After a strong performance by Snape Maltings Trading Limited in 2021/22 the operating conditions in 2022/23 have been significantly more challenging, group trading income fell to £5,365,000 compared to £5,601,000 in 2022. This reduction was partly offset by higher royalty revenue.

Britten Pears Arts holds an investment portfolio which fell in value by £198,000 in the year to 31 March 2023, while its heritage art objects yielded a revaluation surplus of £342,000. The Charity’s investment portfolio is held for the long term and the Charity sees its income from that portfolio as being the dividend return that it accrues. Individual years may show positive or negative revaluation surpluses but whilst accounting regulations require that these are recognised in the 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. The Charity revalues its heritage assets on a rolling basis and is required to recognise revaluation differences in its Statement of Financial Activities, but these assets are held on an indefinite basis and any surplus is not available for other use.

During the year to March 2023 twenty-two leases were extended by 125 years on group properties, (the freehold for 9 properties were within the subsidiary Elm Property Investments, and 13 properties sit within the charity Britten Pears Arts) the total receipt was £385,000.

Britten Pears Arts Financial Statements 2022/23

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TRUSTEES’ REPORT (CONTINUED)

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 where the relevant income recognition criteria have been met while excluding grants and donations recognised in previous years for activities undertaken in 2022/23.

Table 1 –Group income 2023 2023 2022 2022
£’000 % £’000 %
Arts Council England coregrant 1,429 11.2% 1,429
12.6%
Arts Council Englandprojectgrant - - 442
3.9%
Trusts and Foundations 1,461 11.4% 464
4.1%
Private, including memberships and Gift Aid 1,274 10.0% 1,046
9.2%
Legacies 86 0.7% 52
0.5%
Local authorityand corporate donations 119 0.9% 121
1.1%
Box Office and admissions 932 7.3% 604
5.3%
Theatre and Orchestra Tax Relief 200 1.5% 30
0.3%
Other charitable activities,includingcourse fees 341 2.7% 220
1.9%
Tradingactivities,includingretail and catering 5,365 42.0% 5,601
49.3%
Royalties 1,277 10.0% 1,050
9.2%
Investments,includinginterest,dividends and rent 296 2.3% 251
2.2%
Other income,including governmentgrants for Covid-19 - - 41
0.4%
Total income and endowments 12,780 100.0% 11,351 100.0%

Table 2 highlights Group expenditure for the year and includes costs associated with activities undertaken during 2022/23 only. More information can be found in Note 4.

Table 2 –Group expenditure 2023 2023 2022 2022
£’000 % £’000 %
Fundraising 349 2.6% 327
2.9%
Trading,includingretail and catering 4,926 37.1% 4,797
43.2%
Artistic activities 2,968 22.3% 1,641
14.8%
Artistic development 1,102 8.3% 794
7.1%
Archive, Exhibitions and The Red House 298 2.2% 307
2.8%
Community 509 3.8% 401
3.6%
Operations 1,762 13.3% 1,487
13.3%
Administration,includingIT and Finance 1,328 10.0% 1,298
11.7%
Governance,includingaudit fees and legal advice 57 0.4% 62
0.6%
Total expenditure 13,299 100.0% 11,114 100.0%

Table 3 summarises Group reserves at year end. Greater levels of detail will be found in the Statement of Financial Activities on page 20, the Balance Sheets on page 21 and notes to the accounts from page 23.

Table 3 –Group reserves 2023 2023 2022 2022
£’000 % £’000 %
Unrestricted 8,043 13.8% 8,380
14.3%
Restricted 8,132 13.9% 8,364
14.2%
Endowment 42,264 72.3% 42,089
71.5%
Total reserves/net assets 58,439 100% 58,833 100.0%

The Group’s net assets of £58,439,000 are mainly comprised of fixed assets to the value of £53,561,000, which include £25,501,000 of tangible fixed assets and £20,883,000 of heritage assets. £1,000 of intangible fixed assets reflects software used in the organisation. The remaining £7,176,000 represents income-generating investments designed to provide funding stability for the long-term.

Britten Pears Arts Financial Statements 2022/23

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TRUSTEES’ REPORT (CONTINUED)

Unrestricted reserves decreased by £337,000 which is predominantly due to the unrestricted expenditure exceeding unrestricted income in the period. Restricted reserves decreased by £232,000, predominantly due to the impact of investment losses of £65,000 and the net impact of income less expenditure in the period. Endowment funds increased by £175,000, which is represented predominantly by the £342,000 revaluation gain on artwork offset by a £138,000 loss on investments. More information in respect of the movement in reserves can be found in notes 18 and 19.

Further detail in respect of the impact of the current cost of living challenges is covered in Note 1 and the ongoing impact of the current economic environment is recognised in future forecasts. 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 fell by £1,042,000 to close at £58,597,000. Unrestricted funds fell by £985,000, predominantly as a result of unrestricted expenditure exceeding income. Restricted reserves decreased by £232,000, due to investment losses. Whilst as noted above endowment funds increased by £175,000 due to both the revaluation gains and a fall in investment values.

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 was dormant during the year to 31 March 2023. As planned, Britten Pears Arts became the sole trustee of AMEF with effect from 30 June 2022 when the previous five individual trustees tendered their resignations.

SNAPE MALTINGS TRADING LIMITED

The company, which delivers a wide range of retail and catering activities experienced a reduction in sales during 2022/23, compared to the prior year, owing to the unseasonably hot summer, which resulted in lower visitor numbers. The business also experienced higher operating costs and reduced spend per head. . Turnover dropped to £5,480,000 (2022: £5,691,000). In the year to the end of March 2023 Snape Maltings Trading Limited made a loss before taxation of £51,790, compared to a profit in the year to the end of March 2022 of £300,920.

The company has share capital of £1,000,100 from its parent company, Britten Pears Arts, £1,000,000 of which represents preference shares. .

BRITTEN ESTATE LIMITED

The company continued to promote the music of Benjamin Britten and receive income in the form of royalties. Turnover increased to £1,237,521 (2022: £1,013,134), with profit before taxation increasing to £1,203,610 (2022: £974,394). The profit generated was fully utilised within the Britten Pears Arts Group, with £700,000 being used to buy tax losses from Snape Maltings Trading Limited and £503,610 distributed to Britten Pears Arts.

FUNDS HELD AS CUSTODIAN TRUSTEE

Creditors include £24,947 (2022: £34,545) 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

Britten Pears Arts continued to benefit from annual core funding from Arts Council England. This was £1,428,835 in 2020/21, 2021/22 and 2022/23. The Charity was awarded continued funding for the new three-year period at the same level and is enormously grateful to Arts Council England for continuing to support its wide-ranging activities. The Department for Education provided £75,000 to fund part of the cost of Aldeburgh Young Musicians courses. 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. Legacy income of £86,000 was notified to the charity during the year (2022: £52,000).

Britten Pears Arts Financial Statements 2022/23

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TRUSTEES’ REPORT (CONTINUED)

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees undertake a formal process to review risks and risk management strategies proposed by the leadership team. During the year a Risk Management Framework was agreed, together with associated actions. The Group Risk Register is reviewed by the leadership team quarterly and the key risks are shared with the board at every board meeting. The full risk register is reviewed by Audit and Risk Committee twice a year. There is a separate risk register for Snape Maltings Trading Limited which is reviewed by that board and a separate IT risk register which is reviewed by the IT Steering Group. In reviewing the risk registers, the board and committees consider the financial, reputational and organisational risks the Group faces. The scale of the risks is assessed in terms of potential impact, likelihood of occurrence and means of mitigation. Management have clearly defined responsibilities in relation to their responsibility for, and the management of, all risks.

The organisation has reviewed its appetite for risk during the year and has a low or medium appetite against all risk areas. Where mitigated risks remain as ‘red’ risks, a range of actions are in place and the risks are under continuous review and assessment. The current highest risks fall within external (economic, natural and political), statutory, legal compliance and financial.

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 have received an internal assessment of financial controls compared against the Charity Commission financial controls checklist. New processes and controls have been put in place during the year to improve the budgeting and forecasting process and the new Financial Regulations have been embedded across the organisation.

Principal Risks and Uncertainties

At the start of the 2022/23 financial year there was a deteriorating economic outlook mainly owing to the war in Ukraine. During the year the impact of the UK cost of living crisis, rising inflation and rising interest rates provided a challenging operating context. Whilst the impact of Covid subsided the economic environment had far reaching consequences for many businesses (and the reduction in the broader funding of the Arts during 2022/23 will have a significant impact on the sector), including Britten Pears Arts. The table below summarises the key risks that that organisation faces.

SUMMARYOF CONSEQUENCES **SUMMARYOF MEASURES IN PLACE **
Key Risk – Major global crisis (pandemic, war)
The threat of Covid has been replaced by
the Ukrainian war and the energy crisis
Confidence is gradually being built back but
trends are as yet hard to identify
Dynamic programming

Access to unrestricted reserves

Good communication and planning (internal and
external)

Close contact with ACE

Regular board contact

Extensive networking throughout sector
Key Risk –Current and future economic uncertainty
Potential impact of lengthy recession and
cost of living crisis on the public's ability to
attend performances, spend in our shops
and support our organisation through
philanthropy
Maintaining strong fundraising team

Careful cost control

Dynamic and modern marketing

Dynamic programming and prioritisation

Stress testing of financial plans

Exploration of new ventures

Monitoring of cash flow forecasts

Retail Buyers regularly feeding back to management on
changes in costs (including shipping costs)
**Key Risk – People Risk **
Loss of expertise
Organisation and capacity stretch

Maintenance of passionate and
committed teams.
Investment in training

Investment in new processes and systems

Succession planning

Review of business model to ensure organisational
sustainability

Britten Pears Arts Financial Statements 2022/23

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Key Risk – Nationally Significant Infrastructure Projects Key Risk – Nationally Significant Infrastructure Projects
With Sizewell C having now been granted
Development Consent, there is a risk that
visitors may be put off coming to the area
for fear of traffic congestion. Furthermore,
we may struggle to recruit i.e. cleaners and
hospitality staff
Keep informed of details of the programme

Sub Committee established to work through the impact
and response in detail

Close liaison with developers and local authorities

Close liaison with opposition groups

Through tourism connections, influence tourism
mitigation fund
Key Risk – Public Funding cuts in 2027and beyond
BPA was recently awarded new NPO
funding. Risk period starts after the next
NPO round.
Close contact with ACE

Increase philanthropic income

Always monitor public need

Build relationship with other funders in the sector

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, 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), and Britten Estate Limited (company registration: 2063909). The remaining assets and liabilities of the former operating (now dormant) subsidiary 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.

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 through the operation of shops, galleries and catering outlets. The company also manages the hiring of the sites’ facilities for weddings, conferences and other non-artistic 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.

Elm Property Investments (Snape Maltings) Limited (company registration: 9641832), is a wholly owned subsidiary of Snape Maltings Trading Limited, which owns the freehold of a number of properties at Snape Maltings and receives an annual ground rent from the leaseholders.

Britten Pears Arts Financial Statements 2022/23

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TRUSTEES’ REPORT (CONTINUED)

The leadership team are responsible for the day to day operational management across the group of companies. The team meet weekly and report to the Board through committees on all aspects of governance, financial performance and risk management.

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 leadership team to achieve artistic success with stable finances. The Trustees provide guidance and knowledge across the organisation’s activities, specifically in areas including artistic, heritage, collections, 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 and Oliver Rivers. 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.

Finance Committee

A separate Finance Committee assists the board in monitoring its management accounts, budgets and forecasts and overall financial performance and in recommending 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 (resigned 4 May 2022) and Stephen Swift.

Remuneration and Nominations Committee

As at 31 March 2023 the Remuneration Committee comprised 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 Board on the appointment of new Trustees.

Collections Committee

The Collections Committee is chaired by Scott McKendrick, other members are trustee Janis Susskind, former trustee Penny Heath and BPA President Colin Matthews. The committee oversees policy proposals and decisions relating to heritage assets of BPA including the archive collections, artworks, sculpture, The Red House collection and any agreed items held at Snape Maltings. The committee will act as an advisory board on major decisions about these collections, including new acquisitions, loans, preservation and conservation.

Charity Commission Code of Governance

In February 2023 the board considered a report detailing a review against the Charity Commission Code of Governance, this report was accompanied by an action plan which will be reported on quarterly, with a full review taking place annually going forward,

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

TRUSTEES’ REPORT (CONTINUED)

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), and Angela Treagust (Chief Financial Officer) are considered to be the Group’s key management personnel.

Remuneration levels for key management personnel 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.

FUTURE PLANS

Britten Pears Arts have plans over the next twelve to eighteen months to move forward with the planning and preparation for a range of capital and maintenance works on their sites at Snape and The Red House, some of which were put on hold owing to the pandemic but which will bring improved access and fitness for purpose of existing buildings, energy efficiencies and opportunities for future revenue generation. The organisation will continue to look at ways to achieve its strategic objectives, whilst remaining financially robust, within a challenging operating environment.

FINANCIAL POLICIES

Reserves Policy

In 2020/21, following the merger of Snape Maltings and the Britten Pears Foundation, the Trustees agreed a new reserves policy for the merged organisation. 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 excluding depreciation. This is a number of about £3.6m and compares to actual free reserves of £2,943,000. Although we have fallen short of the target at the end of 2023, the business is actively working towards ensuring that the target is met.

Unrestricted General Reserves

These reserves stood at £3,344,000 at the start of the year and fell to £2,943,000 at 31 March 2023. The £401,000 decrease is the net of £11,372,000 of unrestricted income offset by £11,152,000 of unrestricted expenditure and a £607,000 transfer to designated funds, which includes £297,000 of fixed assets.

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. These funds supported activity to the value of £335,000 during the year. A designated fund is also retained for fixed assets. Further to this, a designated reserve is held for “Securing the Future”. The prime motivation for this reserve is acknowledgement of the fact that royalty income is time-limited, and provision should be made for the point at which it will start to fall away. The reserve 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 2023 it stood at £957,000. There is also £325,000 held in other designated funds relating to Red House capital projects, Aldeburgh Young Musicians and Music Makers Programme.

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.

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. A review in 2022 of the fund management policies confirmed that there were no specific ethical issues which would be in conflict with the charity’s objectives, and the responsibly of the board to protect the BPA reputation.

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.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

TRUSTEES’ REPORT (CONTINUED)

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.

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 at or below £10. Concessionary prices are available at most concerts.

Some events are undertaken to generate public interest in the Charity’s activities and are free to all. We are fortunate to have a loyal 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. New audiences are encouraged by the availability of £10 tickets which are put on sale after the supporters have booked their tickets.

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 visitors 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 209 volunteers (2022: 138) who worked a total of approximately 13,252 hours (2022: 6,425 hours) and which would otherwise have cost an estimated minimum wage of £125,894 (2022: £57,247). 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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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 (2022: £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 (2022: 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. 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. 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, who is also a member of national EDI network, 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. Its 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. From October 2022 to February 2023 we hosted the award wining exhibition The Power of Stories in partnership with Marvel Studios, Aspire Black Suffolk, the Association of Suffolk Museums, and Colchester and Ipswich Museum Service. Alongside this a range of associated activity took place including two workshops for Black and African Caribbean community members in East Suffolk who created artwork which formed part of the exhibition, unconscious bias and exhibition training for staff, there were all-age West African-drumming workshops and two performances in the Snape Maltings Concert Hall one by Hannabiell & Midnight Blue collective and one by Sefo Kanuteh and The African Choir of Norfolk. A special edition of Belongings was recorded by BBC Radio Suffolk about the entire project. These activities had a transforming influence over the audience we were able to attract. We will continue on this path of strategic audience development and encourage the return of the 1,093 new contacts who booked for the first time during the period.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

TRUSTEES’ REPORT (CONTINUED)

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, 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.

ENVIRONMENT

Britten Pears Arts recognises that the climate crisis is the most important issue facing the planet today. We acknowledge our influence as a major arts organisation and owner of two visitor destinations and embrace our responsibility and duty to reduce our carbon footprint. It is the ambition of Britten Pears Arts and Snape Maltings Trading Limited to be a force for change and to engage all our staff and visitors in the mission.

Action plan

Initiatives in 2022/23 included the installation of four electric car charging points, the trialling of electric minibus and car sharing services, a push for greater biodiversity at the Red House and a collaboration with the RSPB to increase the appreciation of the environment. Our catering team has replaced plastic water bottles with biodegradable alternatives.

In 2022/23, BPA’s music facilities at Snape Maltings generated 731 tonnes CO2e, 1.6% higher than in 2021/22 due to a greater amount of event activity.

The most impactful areas were:

35% Energy 40% Waste (-6% to 278 CO2e) 23% Audience travel

We will continue to use guidance created by the Theatre Green Book project to shape our action plan to reduce this carbon footprint and will use the upcoming capital project to help set ambitious carbon reduction targets. The capital project, scheduled to be delivered by June 2026, will have sustainability as a key pillar and will aim to make Snape Maltings a regional exemplar of arts organisations transitioning to using green energy. Key project elements include;

The local authority East Suffolk Council has pledged to support Britten Pears Arts ambitions to make Snape Maltings an exemplar of green energy use.

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.

In so far as the Trustees are aware:

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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 Charity 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 Charity 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 Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’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 9 October 2023.

Sir Simon Robey Chair

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated 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 Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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 require 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 16, 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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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, inspecting correspondence with local tax authorities and evaluating advice received from external advisors.

The group audit engagement team identified the risk of management override of controls and completeness of certain income as the areas 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 and performing tests of detail in relation to the completeness of income.

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 12 October 2023

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023
Unrest’d
Note
Funds
Income and endowments from:
£’000
Donations and legacies
2
3,094
Charitable activities
2
1,473
Other trading activities
2
6,642
Investments
2
163
Other income
2
-
Total income and endowments
11,372
Expenditure on:
Costs of fundraising
4
544
Costs of other activities (trading)
4
5,272
Charitable activities
4
5,879
Total expenditure
11,695
Net (losses)/gains on investments
11
(14)
Net (expenditure)/income
(337)
Transfers between funds
18,19
-
Other recognised gains/(losses)
18,19
-
Net movement in funds
18,19
(337)
Reconciliation of funds:
Total funds brought forward
18,19
8,380
Total funds carried forward
18,19
8,043
FOR THE YEAR ENDED 31 MARCH 2022
Unrest’d
Note
Funds
Income and endowments from:
£’000
Donations and legacies
2
3,005
Charitable activities
2
854
Other trading activities
2
6,651
Investments
2
113
Other income
2
41
Total income and endowments
10,664
Expenditure on:
Costs of fundraising
4
563
Costs of other activities (trading)
4
5,125
Charitable activities
4
4,470
Total expenditure
10,158
Net gains/(losses) on investments
11
9
Net income/(expenditure)
515
Transfers between funds
18,19
-
Other recognised gains/(losses)
18,19
-
Net movement in funds
18,19
515
Reconciliation of funds:
Total funds brought forward
18,19
7,865
Total funds carried forward
18,19
8,380
Rest’d
Funds
£’000

1,275

-

-

133
-

1,408

-

-

1,575

1,575

(65)

(232)

-

-

(232)
8,364

8,132

Rest’d
Funds
£’000

504

-

-

138

-

642

-

-

922

922

138

(142)

-

-

(142)
8,506

8,364
Endowm’t
Funds
£’000

-

-

-

-
-

-

-

-

29

29

(138)

(167)

-

342

175
42,089

42,264

Endowm’t
Funds
£’000

45

-

-

-
-

45

-

-

34

34

235

246

-

369

615
41,474

42,089
Total
2023
£’000

4,369

1,473

6,642

296
-
12,780

544

5,272

7,483

13,299

(217)

(736)

-

342

(394)
58,833

58,439

Total
2022
£’000

3,554

854

6,651

251
41

11,351

563

5,125

5,426

11,114

382

619

-

369

988
57,845
58,833		 Total
2022
£’000
3,554

854

6,651

251
41

11,351

563

5,125

5,426

11,114

382

619

-

369

988
57,845

58,833
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

The notes on pages 23 to 43 form part of these financial statements. All income relates to continuing operations.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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

AS AT 31 MARCH 2023

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
15
Net current assets
Total assets less current liabilities
Creditors:amounts falling due
after more than one year
15
Net assets
20
The funds of the Group and Charity
Unrestricted funds
18
Restricted funds
18
Endowment funds
19
Total funds
20
Group
2023
£’000
1
25,501
20,883
7,176
53,561
543
2,493
3,592
6,628

1,741
4,887


58,448

9
58,439


8,043
8,132
42,264
58,439
Group
2022
£’000
2
25,454
20,541
7,274
53,271
485
2,342
4,908
7,735
2,160

5,575


58,846

13
58,833
8,380
8,364
42,089
58,833		 Charity
2023
£’000
1
24,911
20,883
9,105
54,900
-
2,232
2,571
4,803

1,100
3,703


58,603

6
58,597


8,201
8,132
42,264
58,597		 Charity
2022
£’000

2

25,017

20,541

9,187

54,747

-

2,524

3,697

6,221

1,323
4,898

59,645

6

59,639

9,186

8,364

42,089

59,639

Net outgoing resources for the Charity were £1,042,000 (2022: incoming £690,000). 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 9 October 2023.

Sir Simon Robey Chair

The notes on pages 23 to 43 form part of these financial statements.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Note
a) Cash flows from operating activities:
Net cash (used in)/provided by operating
activities
b
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Purchase of investments
Proceeds from sale of investments
Net cash (used in)/generated by investing
activities
Cash flows from financing activities:
Repayment of borrowing
Net cash (used in)/provided by financing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
c
Cash and cash equivalents at the end of the
reporting period
c
b) Reconciliation of net income/(expenditure)
to net cash flow from operating activities
Net income/(expenditure) for the reporting
period
Adjustments for:
Depreciation and amortisation charges
(Gains)/losses on heritage assets
(Gains)/losses on investments revaluation
(Gains)/losses on disposal of investments
Dividends, interest and rents from investments
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operating
activities
c) Analysis of Cash and Cash Equivalents
Cash in hand
Total cash and cash equivalents
24
The notes on pages 23 to 43 form part of these financial statements.		 Group
Group
2023
2022
£’000
£’000
(794)
2,005
281
251
(303)
(164)
(500)
-
-
22
(522)
109
-
-
-
-
(1,316)
2,114
4,908
2,794
3,592
4,908
(394)
988
252
233
(342)
(369)
198
(382)
19
-
(296)
(251)
(58)
(69)
250
549
(423)
1,306
(794)
2,005
3,592
4,908
3,592
4,908

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

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.

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.

Reduced disclosure

The Charitable Company has taken advantage of the exemption from disclosing the following information, as permitted by the reduced disclosure regime within FRS 102:

• Section 11 ‘Basic Financial Instruments’ & Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts for financial instruments measured at amortised cost or cost less impairment, interest income/expense and net gains/losses for financial instruments measured at amortised cost, loan defaults or breaches, and descriptions of hedging relationships.

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 4. Preparation of the financial statements requires the directors to make estimates and judgements. The areas in the financial statements where these estimates and judgements have been made include:

Valuation of Property

Freehold land and buildings represent a significant proportion of the organisation’s balance sheet and therefore the estimates and assumptions made to determine the carrying value and related depreciation (Note 9) are important to Britten Pears Arts’s reported financial position and total expenditure. In deciding the expected useful life of tangible fixed assets, the organisation’s experience is considered together with generally accepted best practice. Consideration is also given as to the likelihood of impairment.

Valuation of heritage assets

Heritage assets represent a significant proportion of the organisation’s balance sheet and therefore the estimates and assumptions made to determine the carrying value (Note 10) are important to BPA’s reported financial position.

Royalty Revenue

Determining the amounts to be accrued for Royalty revenue received post year end, relating to the 2022/23 financial year.

Trading Inventories

Reviewing the inventories held at year end, in particular for the provision of slow or obsolete stock.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

Going concern

When compared to many other arts organisations our customer numbers attending performances were relatively strong during 2022/23, continuing a trend which started post-Covid, during 2021/22. However, ticket revenue still fell below budget in 2022/23 and the impact of the exceptionally warm summer was felt most acutely by our trading subsidiary, Snape Maltings Trading Ltd. Trading sales were significantly down year on year and a full reforecast was undertaken in August 2023.

The Group and Charity have performed financial modelling for the period to 31 March 2025 which takes into consideration the impact of the current cost of living challenges on the forecast position. The key assumptions used include the continuation of a two-week Aldeburgh Festival and a full programme of artistic activity. The festival in 2023, is a week shorter than 2022, however with investment in our marketing team and a focus on developing our audience reach the aim is to maximise potential revenue, both in terms of box office receipts and wider trading revenue.

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. Financial projections of Britten Pears Arts support the ability of the Charity to provide this support.

Having considered all the factors noted above, the Trustees are satisfied that there are no material uncertainties in respect of going concern and that there is 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. Legacy income is recognised when there is legal entitlement (from date of probate, or from receipt if earlier), receipt is probable (there are no material uncertainties on the estate), and the amount can be measured reliably (financial information in respect of the estate has been received). 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.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

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. 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.

Deferred tax

Deferred tax is calculated at the tax rates expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.

Deferred tax assets are recognised to the extent that the Directors consider it probable that they will be recovered by the reversal of deferred tax liabilities or other taxable profits generated in future periods.

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 and is now fully amortised.

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.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

1 ACCOUNTING POLICIES (continued)

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.

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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

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:
Government grants for Covid-19
Total income and endowments
2023
£’000

1,429
-
115
1,461
4
991
221
62
86
4,369
918
14
7
98
87
200
149
1,473
5,365
1,277
6,642
197
99
296
-
-
12,780		 2022
£’000
1,429
442
115
464
6
796
174
76
52
3,554
603
1
-
93
68
30
59
854
5,601
1,050
6,651
133
118
251
41
41
11,351

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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 8.

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 taxation of £52,000 (2022: profit of £301,000). The Company does not have distributable reserves meaning that there was no Gift Aid distribution to Britten Pears Arts (2022: nil).

Turnover
Cost of sales
Gross profit
Administrative costs excluding amortisation of goodwill
Other operating income
(Loss)/profit before taxation
Tax on (loss)/profit
Profit after taxation and retained profit for the period		 2022
£’000
5,480
(2,506)
2,974
(3,046)
20
(52)
700
648
2022

£’000

5,691
(2,579)

3,112

(2,857)

46

301

-

301

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 £1,204,000 (2022: £974,000). In 2022/23 £700,000 of the company’s profit was paid to Snape Maltings Trading Limited in return for the surrender of Snape Maltings Trading Limited’s tax losses. A Gift Aid distribution to Britten Pears Arts was made for the profit after taxation of £504,000 (2022: £974,000).

Turnover
Cost of sales
Gross profit
Administrative costs
Profit before taxation
Tax on profit
Profit after taxation and retained profit for the
period		 2023
£’000
1,238
-
1,238
(34)
1,204
(700)
504
2022

£’000

1,013
-

1,013

(39)

974

-

974

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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


Total resources expended		 Direct
costs
£’000
349
4,926
2,968
1,102
298
509
4,877
10,152		 Support
costs
£’000

195

346

1,574

602

156

274		 Total
2023
£’000

544

5,272

4,542

1,704

454

783

7,483

13,299		 Total
2022
£’000
563
5,125
2,826
1,385
526
689

2,606		 5,426

3,147		 11,114

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
1,562
991
53
2,606		 Costs of
fundraising
£’000
117
74
4
195		 Costs of
other
activities

£’000

83

263

-		 Total
2023
Total
2022
£’000
£’000

1,762
1,487

1,328
1,298

57
62
3,147
2,847
346 3,147

5 NET INCOME FOR THE PERIOD

NET INCOME FOR THE PERIOD
2022 2022
This is stated after charging/(crediting): £’000 £’000
Government grants - (41)
Stock provisions 15 6
Depreciation 251 232
Amortisation of intangible fixed assets 1 1
Auditors’ remuneration – statutory audit (Charity only) 38 35
– statutory audit (other Group entities) 17 15
– tax compliance 13 19
– tax and other advisory services 13 8
Rentals paid under operating leases 5 -
Loss on disposal of fixed assets 5 -

The Charity was grateful to receive the assistance of 209 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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

6
STAFF COSTS




Wages and salaries
Social security costs
Pension contributions
Other benefits
 Raising Funds
Fund-
Trading
raising
Activities
£’000
£’000
295
1,631
33
102
9
33
2
7
339
1,773
Charitable
Activities
£’000

1,257

118

46

3		 Support
Costs
£’000

1,430

148

56

80

Total

2023

£’000

4,613

401

144

92

5,250		 Total
2022
£’000

3,915

332

134

76
4,457
339 1,424
1,714

Termination payments in the year amounted to £18,457 (2022: £16,636). No funding was received relating to the payments.

Average number of employees during the year:
Raising funds, including fundraising and trading activities
Directly involved in furtherance of the Charity’s activities
Operations and administrative support
Average number of full-time equivalent employees during the year
The number of employees whose emoluments amounted to over £60,000 in
£60,001 to £70,000
£70,001 to £80,000
£90,001 to £100,000
£170,001 to £180,000
£180,001 to £190,000		 2023
2022
129
116
61
44
43
33
233
193
166
144
the year was as follows:
2023
2022
1
1
1
1
2
2
-
1
1
-		 2022
116
44
33
193
144
7
CHIEF EXECUTIVE, KEY MANAGEMENT PERSONNEL AND TRUSTEE EMOLUMENTS
2023
Chief Executive:
£’000
Salary
189
Pension
13
Total
202
Business expenses
£14,414		 2022
£’000
178
11
189
£9,651

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 12 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 £576,000 (2022: £512,000). 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 (2022: £nil).

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

8 INTANGIBLE FIXED ASSETS

Goodwill
£’000
Cost:
At 1 April 2022
2,113
Additions
-
At 31 March 2023
2,113
Amortisation:
At 1 April 2022
2,113
Charge
-
At 31 March 2023
2,113
Net book value:
At 31 March 2023
-
At 31 March 2022
-
9
TANGIBLE FIXED ASSETS

GROUP





Cost:
1 April 2022
Additions
Disposals
31 March 2023
Depreciation:
1 April 2022
Charge
Disposals

31 March 2023
Net book value:
31 March 2023
31 March 2022		 Group
Software
£’000
75
-
75
73
1
74
1
2

Freehold
land and
buildings
£’000
30,048
117
-		 Total

£’000

2,188
-
2,188
2,186
1
2,187
1
2




Musical
instruments
Motor and works
vehicles
of art
£’000
£’000
94
586
-
-
(20)
-
74
586
79
274
7
3
(15)
-
71
277
3
309
15
312		 Total

£’000

2,188
-
2,188
2,186
1
2,187
1
2




Musical
instruments
Motor and works
vehicles
of art
£’000
£’000
94
586
-
-
(20)
-
74
586
79
274
7
3
(15)
-
71
277
3
309
15
312		 Charity
Software
Total
£’000
£’000
75
75
-
-
75
75
73
73
1
1
74
74
1
1
2
2



Furniture,
plant and
equipment
Total
£’000
£’000

2,177
32,905

186
303

-
(20)
2,363
33,188

1,798
7,451

180
251
-
(15)

1,978
7,687
385
25,501

379
25,454		 Charity
Software
Total
£’000
£’000
75
75
-
-
75
75
73
73
1
1
74
74
1
1
2
2



Furniture,
plant and
equipment
Total
£’000
£’000

2,177
32,905

186
303

-
(20)
2,363
33,188

1,798
7,451

180
251
-
(15)

1,978
7,687
385
25,501

379
25,454
75

73
1
74
1
2


Total
£’000

32,905

303

(20)
30,165
586		 33,188
5,300
61
-
274

3
-
7,451

251
(15)
5,361
277		 7,687
24,804 309 25,501
24,748 312 25,454

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

9 TANGIBLE FIXED ASSETS (continued)

CHARITY

CHARITY
Cost:
1 April 2022
Additions
Disposals
31 March 2023
Depreciation:
1 April 2022
Charge
Disposals
31 March 2023
Net book value:
31 March 2023
31 March 2022
Freehold
Property
£’000

29,259
20
-		 Leasehold
Property
Improve’ts
£’000


409

-

-		 Motor
vehicles
£’000

71

-

(8)		 Musical
instrum’ts
£’000

586

-
-		 Furniture,
plant and
equipment
£’000

1,865

33

-
Total
£’000

32,190

53

(8)
29,279 409 63 586 1,898 32,235
5,211
41
-
28

1

-
71

-

(8)
274

3
-
1,589

114

-
7,173

159

(8)
5,252
29		 63 277
1,703		 7,324
24,027
380		 -
309		 195 24,911
24,048 381
-
312
276		 25,017

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 2023 was £2,811,286 (2022: £2,811,286).

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.

Included within freehold land and buildings are assets under the course of construction of £260,302 including costs incurred in relation to site flood defences. Following a delay, regional funding has now been allocated and the project is due to commence in 2024.

Following an examination of the Group’s tangible fixed assets, which included consideration of the use of land and buildings available to Group members, the Trustees found no indicators that require a review for impairment.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

10 HERITAGE ASSETS

GROUP AND CHARITY

GROUP AND CHARITY



Carrying amount at 1 April 2022
Revaluation
Carrying amount at 31 March 2023		 Land and
buildings
£’000
3,950
-
3,950		 Art
Objects
£’000

6,207

342		 Red House
Contents
£’000

399

-
Archives
£’000

9,985

-
9,985		 Total
£’000

20,541

342
6,549 399 20,883

Revaluation of assets

Heritage Assets were professionally valued as follows:

Date of valuation Asset Class Valuer Value £
January 2023 Art Objects Nicholas Skeaping - VMS Grosvenor Ltd 6,549,140
January 2022 Archives Francesca Franchi 9,985,142
31 March 2020 Red House Contents Gary Barfoot for Clarke and Simpson 399,096
28 February 2018 Land and buildings Peter Watson FRICS Flick & Son, 3,950,000
Chartered Surveyors

The historical cost of heritage assets as at 31 March 2023 is as follows:

Land and buildings
Art Objects
Red House Contents
Archives		 2023
£’000
3,329
1,631
78
4,548
9,586		 2022
£’000
3,329
1,631
78
4,548
9,586

Heritage assets are held for the following purposes:

Five year financial summary of heritage asset transactions

31/03/23 31/03/22 31/03/21 31/03/20 31/03/19
£ £ £ £ £
Purchases and donations
Archives - - - 167,000 10,050

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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

NOTES TO THE ACCOUNTS(continued)
11
INVESTMENTS
Market value at beginning of year
Additions
Disposals
Unrealised (loss)/gain on revaluation
Market value at end of year
Investment in subsidiary undertakings at cost
Historic or deemed historic cost at end of year
Investments are represented by:
Equities and other market investments
Properties
Subsidiary undertakings
Market value or cost at end of year
Equities and other market investments
Properties
Subsidiary undertakings
Historic or deemed historic cost at end of year		 Group
2023
2022
£’000
£’000
7,274
6,914
500
-
(400)
(22)
(198)
382
7,176
7,274
-
-

7,176
7,274
4,069
3,969

Group
2023
2022
£’000
£’000
5,141
4,839
2,035
2,435
-
-
7,176
7,274
2,904
2,404
1,165
1,565
-
-
4,069
3,969		 Charity
2023
2022
£’000
£’000
7,056
6,696
500
-
(284)
(22)
(198)
382
7,074
7,056
2,031
2,131
9,105
9,187
6,216
6,100

Charity
2023
2022
£’000
£’000
5,141
4,839
1,933
2,217
2,031
2,131
9,105
9,187
2,904
2,404
1,281
1,565
2,031
2,131
6,216
6,100
9,187
2,404
1,565
2,131
6,100

The Trustees hold market and property investments for the long-term and whilst there are no plans to liquidate these assets, during the year the leases on 22 freehold properties were extended. The freehold of the properties has been retained but the resulting discounted value of these assets is insignificant and as such has been disposed of in these accounts. 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
811

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. Aggregate Capital and Reserves % held £’000 Britten Estate Limited (Company Number 2063909) 100 21 Britten Estate 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 objectives. 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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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
15
CREDITORS
Amounts falling due within one year:
Trade creditors
Other taxes and Social Security
Other creditors
Accruals and deferred income		 Group
2023
2022
£’000
£’000
5,141
4,839
Group
2023
2022
£’000
£’000
538
472
5
13
543
485
Group
Group
2023
2022
£’000
£’000
79
344
-
-
2,380
1,970
34
28
2,493
2,342
Group
Group
2022
2022
£’000
£’000
450
553
283
216
136
223
872
1,168
1,741
2,160		 Charity
2023
2022
£’000
£’000
5,141
4,839

Charity
2023
2022
£’000
£’000
-
-
-
-
-
-
Charity
Charity
2023
2022
£’000
£’000
21
177
362
848
1,823
1,474
26
25
2,232
2,524
Charity
Charity
2022
2022
£’000
£’000
234
318
96
47
141
216
629
742
1,100
1,323		 Charity
2023
2022
£’000
£’000
5,141
4,839

Charity
2023
2022
£’000
£’000
-
-
-
-
-
-
Charity
Charity
2023
2022
£’000
£’000
21
177
362
848
1,823
1,474
26
25
2,232
2,524
Charity
Charity
2022
2022
£’000
£’000
234
318
96
47
141
216
629
742
1,100
1,323
2,524


Charity
2022
£’000
318
47
216
742
1,323

Included within other creditors are amounts held as agent of £24,947 (2022: £34,545) 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:
Rent deposit held as security
Deferred tax		 Group
2023
£’000
6
3
9		 Group
2022
£’000
6
7
13		 Charity
2023
£’000
6
-
6		 Charity
2022
£’000
6
-
6

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

16
DEFERRED TAX
Provision for deferred tax has been made as
follows:
Deferred tax liabilities
Deferred tax assets
Net position
Movements in the year:
Balance at 1 April
Additional provisions made in year
Balance at 31 March
Deferred tax is comprised as follows:
Capital gains
Fixed asset timing differences
Short-term timing differences
Losses and other deductions		 Group
2022
£’000
3
-
3
7
(4)
3

3
62
(1)
(61)
3		 Group
2022
£’000
7
-
7


7
42
(2)
(40)
7		 Charity
2022
£’000
-
-
-
-
-
-
-
-
-
-
-		 Charity
2022
£’000
-
-
-
-
-
-
-
-

Deferred tax is not recognised in respect of losses and other deductions of £44,681 (2022: £202,253) as it is not probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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
2022
£’000
3,344
175
160
3,729
872
100
5,036
8,380
1,704
538
396
5,726
8,364

Income

£’000

11,372

-

-

-

-

-

-

11,372

42

1,274

92

-

1,408
Expend.

£’000
(11,152)

(175)

(160)

(208)

-
-		 Investm’t
Gains/
(losses)

£’000

(14)

-

-

-

-
-

-

(14)

(61)

-

(4)

-

(65)


Transfers

£’000

(607)

-

-

297

85
225

607

-

-

-

-
-

-		 Balance
31 March

2023

£’000

2,943

-

-

3,818

957

325

(543)
5,100
(11,695) 8,043

(343)

(891)

(308)
(33)
1,342

921

176
5,693

(1,575)		 8,132

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

18 UNRESTRICTED AND RESTRICTED FUNDS (continued)

GROUP PRIOR 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
2021
£’000
2,802
175
160
3,761
867
100
5,063
7,865
1,546
667
536
5,757
8,506

Income

£’000

10,659

-

-

-

5

-

5

10,664

40

499

100

3
642
Expend.

£’000

(9,969)

-

-

(189)

-
-		 Investm’t
Gains/
(losses)

£’000

9

-

-

-

-
-

-

9

118

-

20

-
138


Transfers

£’000

(157)

-

-

157

-
-

157

-

-

-

-
-
-		 Balance
31 March

2022

£’000

3,344

175

160

3,729

872
100

(189)
5,036
(10,158) 8,380

-

(628)

(260)

(34)
1,704

538

396
5,726

(922)
8,364
CHARITY CURRENT 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:
Basil Coleman Memorial Fund
Other income reserves
Britten–Pears Young Artist Programme
Restricted fixed assets
Total restricted funds		 Balance
1 April
2022
£’000
4,586
175
160
3,293
872
100
4,600
9,186
1,704
538
396
5,726
8,364		 Income
£’000
5,959
-
-
-
-
-
-
5,959
42
1,274
92
-
1,408
Expend.

£’000

(6,479)

(175)

(160)

(119)

-
-		 Investm’t
Gains/

(losses)

£’000

(11)

-

-

-

-
-

-
(11)

(61)

-

(4)

-
(65)


Transfers

£’000

(364)

-

-

54

85
225

364
-

-

-

-
-
-		 Balance
31 March

2023

£’000

3,691

-

-

3,228

957

325

(454)
4,510
(6,933) 8,201

(343)

(891)

(308)
(33)
1,342

921

176
5,693
(1,575) 8,132

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

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:
Basil Coleman Memorial Fund
Other income reserves
Britten–Pears Young Artist Programme
Restricted fixed assets
Total restricted funds		 Balance
1 April
2021
£’000
4,341
175
160
3,326
867
100
4,628
8,969
1,546
667
536
5,757
8,506		 Income
£’000
5,665
-
-
-
5
-
5
5,670
40
499
100
3
642
Expend.

£’000

(5,335)

-

-

(127)

-
-		 Investm’t
Gains/

(losses)

£’000

9

-

-

-

-
-

-
9

118

-

20

-
138


Transfers

£’000

(94)

-

-

94

-
-

94
-

-

-

-
-
-		 Balance
31 March

2022

£’000

4,586

175

160

3,293

872
100

(127)
4,600
(5,462) 9,186

-

(628)

(260)

(34)
1,704

538

396
5,726

(922)
8,364

General unrestricted funds are available for use as Trustees consider appropriate. The transfer out of £607,000 represents the transfer to the designated fixed asset fund to reflect the net book value of tangible fixed assets not represented by restricted or endowment funds, unrestricted legacy income transferred to the Securing the Future fund and unrestricted funding designated to support the Aldeburgh Young Musicians and Music Makers Programme.

The designated Artist Fund was created to underpin the expansion in artist development. Having reached its target of £175,000 this fund was utilised during the year ended 31 March 2023.

The designated Opera and Commission Fund provides support for the development of opera, an area noted for high production costs. Again, this fund was utilised in the year ended 31 March 2023.

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. £85,000 of unrestricted legacies were transferred into this fund during the year.

Other designated funds represent a £100,000 capital fund, to maintain the fabric at the Red House site. A further £225,000 was transferred in during the year to support the Aldeburgh Young Musicians and Music Makers Programme.

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

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

19 ENDOWMENT FUNDS

GROUP
Expendable – Designated
Expendable – Catalyst
Total expendable endowment
Permanent endowment
Total Endowment Funds
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
Expendable – Catalyst
Total expendable endowment
Permanent endowment
Total Endowment Funds		 Balance
1 April
Invest
.
2022
Income
Expend.
Gains
Transfers
£’000
£’000
£’000
£’000
£’000
15,162
-
(26)
-
-
3,097
-
-
(129)
-		 Balance
Other
31 March
Gains
2023
£’000
£’000
-
15,136
-
2,968
-
18,104
342
24,160
342
42,264
Balance
Other
31 March
Gains
2022
£’000
£’000
-
15,162
-
3,097
-
18,259
369
23,830
369
42,089
Balance
Other
31 March
Gains
2023
£’000
£’000
-
15,136
-
2,968
18,259
-
(26)
(129)
-
23,830
-
(3)
(9)
-
42,089
-
(29)
(138)
-
Balance
1 April
Invest
.
2021
Income
Expend.
Gains
Transfers
£’000
£’000
£’000
£’000
£’000
15,148
45
(31)
-
-
2,879
-
-
218
-
18,027
45
(31)
218
-
23,447
-
(3)
17
-
41,474
45
(34)
235
-
Balance
1 April
Invest
.
2022
Income
Expend
Gains
Transfers
£’000
£’000
£’000
£’000
£’000
15,162
-
(26)
-
-
3,097
-
-
(129)
-
18,259
-
(26)
(129)
-		 -
18,104
23,830
-
(3)
(9)
-		 342
24,160
42,089
-
(29)
(138)
-		 342
42,264
Balance
1 April
Invest
.
2021
Income
Expend
Gains
Transfers
£’000
£’000
£’000
£’000
£’000
15,148
45
(31)
-
-
2,879
-
-
218
-		 Balance
Other
31 March
Gains
2022
£’000
£’000
-
15,162
-
3,097
18,027
45
(31)
218
-		 -
18,259
23,447
-
(3)
17
-		 369
23,830
41,474
45
(34)
235
-		 369
42,089

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

19 ENDOWMENT FUNDS (continued)

Expendable – Designated

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, The Red House Collection and the Snape Maltings Concert Hall.

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

20 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrest’d
Fund balances at 31 March 2023 are represented by:
£’000
Intangible assets
1
Tangible assets
3,818
Heritage assets
-
Investments
1,252
Net current assets
2,981
Creditors falling due after more than one year
(9)
8,043
Unrest’d
Fund balances at 31 March 2022 are represented by:
£’000
Intangible assets
2
Tangible assets
3,729
Heritage assets
-
Investments
1,482
Net current assets
3,180
Creditors falling due after more than one year
(13)
8,380
ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS
Unrest’d
Fund balances at 31 March 2023 are represented by:
£’000
Intangible fixed assets
1
Tangible fixed assets
3,228
Heritage assets
-
Investments
2,581
Net current assets
1,797
Long term asset
600
Creditors falling due after more than one year
(6)
8,201
Unrest’d
Fund balances at 31 March 2022 are represented by:
£’000
Intangible fixed assets
2
Tangible fixed assets
3,292
Heritage assets
-
Investments
2,698
Net current assets
2,500
Long term asset
700
Creditors falling due after more than one year
(6)
9,186
Rest’d

£’000

-

4,956

-

2,209

967

-

8,132

Rest’d

£’000

-

4,989

-

2,479

896

-

8,364

Rest’d

£’000

-

4,956

-

2,209

967

-

-

8,132

Rest’d

£’000

-

4,989

-

2,476

899

-

-

8,364		 Endow’t

£’000

-

16,727

20,883

3,715

939
-




Total
£’000
1
25,501
20,883
7,176
4,887
(9)

42,264		 58,439
Endow’t

£’000

-

16,736

20,541

3,313

1,499
-





Total
£’000
2
25,454
20,541
7,274
5,575
(13)

42,089		 58,833
Endow’t

£’000

-

16,727

20,883

3,715

939

-
-
















Total

£’000

1

24,911

20,883

8,505

3,703

600
(6)

42,264
58,597
Endow’t

£’000

-

16,736

20,541

3,313

1,499

-
-
Total

£’000

2

25,017

20,541

8,487

4,898

700
(6)

42,089
59,639

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 £143,329 (2022: £134,011).

Outstanding pension contributions, which are included within other creditors at 31 March 2023, totalled £19,389 (2022: £11,108).

22 CAPITAL COMMITMENTS

At 31 March, there were no capital commitments (2022: £nil).

Britten Pears Arts Financial Statements 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

23 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 in accordance with normal purchasing procedures.

During the year, the Group recognised donations from Trustees, other family members and closely associated charitable trusts totalling £711,050 including Gift Aid (2022: £329,138), of which £100,000 is within debtors at year end (2022: £nil).

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



Current year
Balance at 31 March 2023
Income
Management charges
Rent
Interest on loan
Utility, accommodation and other income
Gift aid distribution
Expenditure
Management charges
Catering, car parking and other charges
Rent
Prior year
Balance at 31 March 2022
Income
Grants
Management charges
Interest on loan
Utility, accommodation and other income
Gift aid distribution
Expenditure
Management charges
Catering, car parking and other charges
Rent		 Snape
Maltings
Trading
Limited
£
255,154
354,486
244,000
28,000
22,296
-
648,782
11,434
163,549
-
174,983
155,193
341,730
239,831
43,069
31,282
-
655,912
10,995
91,278
-
102,273		 Britten
Estate
Limited
£
106,558
26,113
-
-
-
503,610
529,723
-
-
-
-
474,641
25,542
-
-
-
974,394
999,936
-
-
-
-		 Elm
Property
Investments
(Snape
Maltings)
Limited
j
£
-
7,761
-
-
-
-
7,761
-
-
300
300
4,433
8,058
-
-
-
-
8,058
-
-
300
300

The organisational structure of the Group and the relationship between each Group member is highlighted on page 10 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 2022/23

DocuSign Envelope ID: C79AEC8E-E671-49E7-B041-3660190A1A5C

NOTES TO THE ACCOUNTS (continued)

24 ANALYSIS OF CHANGES IN NET DEBT

ANALYSIS OF CHANGES IN NET DEBT
Group
Cash and cash equivalents
Cash		 Other
1 April
non cash 31 March
2022
Cash flow
changes
2023
£’000
£’000
£’000
£’000
4,908
(1,316)
-
3,592
4,908
(1,316)
-
3,592

25 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 2023, the net joint VAT liability was £160,243 (2022: £147,242). Of this liability, £nil (2022: £nil) is represented by the Charity, £55,120 (2022: £57,327) by Snape Maltings Trading Limited and £105,123 (2022: £89,916) by Britten Estate Limited.

26 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 Elm Property Investments (Snape Maltings) Limited. Related income and expenditure are eliminated on consolidation.

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

Amounts due:
Within one year
Between one and five years		 2023
£’000
7
24
31		 2022
£’000
-
-
-

27 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 2023 there were 11 such members (2022: 13).

Britten Pears Arts Financial Statements 2022/23