REGISTERED COMPANY NUMBER: 02446126 (England and Wales) REGISTERED CHARITY NUMBER: 1001474 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for Birniingham Contemporary Music Group Locke Williams Associates LLP Chartered Accountants clo Blackthorn House St Pauls Square Birmingham West Midlands B31RL
Birnlingham Contemporary Music Group Contents of the Financial Ststements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet 8 to 9 Cash Flow Statement 10 Notes to the Financial Statements 11 to 21
Birniingham Contemporary Music Group (Registered number: 02446126 Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their reportwith the financial statements ofthe charity for the yearended 31 March 2024. The trustees have adopted the provisions of 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)- OBJECTIVES AND ACTIVITIES Objectives and activities The Charity was established to advan the infomiation and education of the public by promoting and developing the artistic taste, knowledge, understanding and appreciation of contemporary music and music theatre. Its activities continue to achieve this objective, and this has remained unchanged throughout the year under review. The strategy employed to achieve the Charity's objectives is to undertake the major activities listed below: The perfOrrnan and promotion of concerts at the CBSO Centre and other venues The commissioning of new work Engagements in the UK and abroad Broadcasting and recording A wide-ranging leaming programme Fundraising to achieve the above Our Mission is to bring composers, musicians and aUdIenS together, in all their diversity, regionally, nationally and internationally to celebrate the music of today and nurture the music and musicians of tomorrow. We do this from our Bimingham base through an integrated programme of performances, commissions, and learning activity, and by encouraging research, dialogue and the exchange of ideas. Our core aim to commission and perform new work is shaped by our responsibilities to: PRODUCE work to the highest quality standards; BRING TOGETHER composers and audiences from all over the world", PRESENT new music that is connected to the circumstances of today and to the music that came before SELECT performance methods and venues that complement the music, enhance the audience experience, and increase its accessibility., SUPPORT the next generation of musicians and composers through education, mentoring, and other practical experiences., ENGAGE with young people and families., and MAINTAIN a strong, financially secure organisation that has the stafFing, resources, and management policieslpractices needed to achieve its mission and aims. ENGAGE with young people and families., and MAINTAIN a strong, financially secure organisation that has the staffing, resources, and management policieslpractices needed to achieve its mission and aims. Public benefit In setting ourobjectives and planning ouractivities ourTrustees have given careful consideration to the Charity Commission's general guidance on public benefit. Page 1
Birniingham Contemporary Music Group (Registered number: 02446126 Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Achievements and performance The arts in the UK were badly hit by the pandemic years.. even after the lifting of restrictions, audiences were understandably cautious over returning to live events- engagements and touring in the UK and abroad took time to become re-established; and funding was limited when trusts and foundations and indeed the Arts Council - had devoted substantial resoUrS simply to keep organisations going. l am very pleased to say that the year under review presented strong eviden of recovery. Our open-air concert in Brindley Pla, Bimiingham - now an annual event - attracted some 650 people., a cross%enre event led by the artist Haroon Mirza early in 2024 was sold-OUt', and visits across the UK resumed, including to established partners in Kent, Bristol and Coventry, where the Cathedral has become a much-appreciated BCMG venue. The ensemble made its first visit to the Tongyeong Intemational Music Festival in South Korea., and the composers Hollie Harding and Ben Nobuto immersed themselves in the Noh Theatre tradition in Japan in preparation for Noh Reimagined in Birmingham. It was a great pleasure to welcome the CBSO'S Music Director, Kazuki Yamada, to conduct BCMG and its early-career training ensemble NEXT. We were very pleased that he was able to continue the tradition established by his predetsssors and very much hope and plan that his involvement with BCMG will prove to be a regular feature. Since its founding in 1987, BCMG has developed a wide range of partnerships. We are grateful to the trusts and foundations which have supported the Group's work. often over many years,. and express our warm thanks for sustained support to Arts Council England. without whom it would not have been possible to build an ensemble of international distinction outside London. The relationship with the BBC has also been of central importance.. during the year, first perforManS of works by Christian Mason, Daniel Kildane and Julian Anderson reached a considerably wider audience thanks to BBC broadcasts. A more recent association allowed BCMG to be involved in selecting the winner of the Voices of Black Opera's Samuel Coleridge-Taylor Award. In October, the winner- Thando Mjandana-joined soprano Mimi Doulton with BCMG at the University of Birmingham. A memorable event was conducted by Vimbayi Kaziboni. BCMG has built up a core group of loyal supporters and it was gratifying to see some of these participating as performers on the metronome to mark, in the Exchange Birmingham, the centenary of Ligeti's birth. During the pandemic years, BCMG internationally recognised learning programme continued online. It is gratifying to see it now retuffling to live workshops, regularly overbooked, and to schools, actively developing good practice which can be a national model. Our action research project, Listen Imagine Compose Primary, involving 500 children from 5 Birmingham and 3 Bristol primary schools, resulted in a printed Toolkit for that behalf. Flourishl saw BCMG commissioning new works for youth and non-professional ensembles. The work of the learning and participation team has been recognised overthe years, and Nancy Evans, the director, has established an international reputation. Further recognition came during the year - BCMG won the National Music and Drama Education Awards for exllenCe in primarylearly years education. BCMG was fortunate that it went into the pandemic years with - for an arts organisation - substantial reserves. It now plans to rebuild these= a handful of generous supporters of the ensemble have helped create a designated fund, which it is planned to build from year to year. This will give BCMG the security to continue to innovate in its wide range of guises. BCMG has an engaged and hard-working board who bring differing skills to the organisation. I record my warmest thanks to my fellow board members for this commitment. In November. board members retired - Lara Coffey, who brought in4epth knowledge of marketing,. and Aftab Rahman, who has a strong knowledge of the arts and cultural sector in the West Midlands. We thank them most warmly for their service. During the year, Sophia Johnson joined the board, bringing new expertise in the cultural sector. The board benefits from the advice of 0 musicians. who are able to represent the views of the wider group of instrumentalists that make up the ensemble. Melinda Maxwell and Anthony Howe bring invariably constructive suggestions and these are valued. Finally, the board records its thanks to BCMG'S small executive team under the inspirational leadership of Stephan Meier. Karen Foster skilfully acted as executive director immediately post- pandemic, and during the year handed over to George Lee who brings experience of working at three nationally recognised arts organisations. We also welcomed during the year. Rabina Begum as Head of Finance., Rabina brings wide experience of finance in the charity sector. Page 2
Birniingham Contemporary Music Group (Registered number: 02446126 Report of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Principal funding sources The Company's principal funding sources were revenue grant income from Arts Council England of £325,535 (2023.. £325,535) and from City of Birmingham Symphony Orchestra of £12,08412023: £12,084); sponsorship and donations of £165,851 (2023.. £300,289),. and earned income arising from charitable activities of £53,951 (2023. £79,540) Results Notwithstanding the continuing backdrop of cuts in the public fvnding of arts organisations and continued financial pressure on grant-making bodies and individuals, the Company pursued an ambitious programme of work that sought to demonstrate its commitment to innovation and excellence in artistic performance. The Company's net deficit for the year after transfers was £15,909. Reserves policy The Charity is run in accordan with a medium to long-tem financial framework of a baland budget. Therefore, whilst within any one financial year a surplus or deficit may be recorded, it is the Trustees, intention that the Company will always be in a financial position to settle its liabilities as they fall due. For this reason, whilst the Company's core grant and revenue funding is relatively stable, the Company operates a reserves policy that seeks to protect against unexpected costs or shortfalls in project funding with respect to its artistic programme. Consistent with the last years, the Trustees have taken the view that reseNes should equate to three months, support costs in the medium term. The general (unrestricted) reserves carried foNard at 31 March 2024 of £66,449 (2023. £82,358). meet this target. Free resees, excluding fixed assets, were £62,449 (2023. £74,205) of which £17,750 are designated. The Directors will continue to monitor the adequacy of reseNes in the light of the Company's funding status and will replenish them as required over the medium term. Reserves are set out in Note 18 to the Financial Statements. Going concern The financial statements have been prepared on a going conrn basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going cOnrn. FUTURE PLANS 2023-24, BCMG are looking forward enormously to premiere a double bill of commissions by Hilda Paredes "Young Person's Guide to the Contemporary Music Ensemble" and Ondrej Adamek,. we'll send young British composers Hollie Harding and Ben Nobuto to Japan experiencing Noh theatre in performances and workshops, and premier their musical reactions "Noh Reimagined" We will bring to life Joe Cutlerfs dark humoured chamber opera "Sonata for broken fingers" and Peter Eofvos, long postponed melodram Secret Kiss with Meg Kubota at Wigmore Hall. We will celebrate in style Arnold Schonberg's 150th birthday, and Pierre Boulez, centenary., we are looking foNard to another season's NEXT cohort's contributions, and a rich Learning program. We are pleased to welcome The Open University as our new long term partner. Page 3
Birniingham Contemporary Music Group (Registered number: 02446126 Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Birmingham Contemporary Music Group is a Company and is therefore governed by its Memorandum and Articles ofAssociation. The Company is limited by guarantee. The Directors of the Company are also members and as such they guarantee to contribute to the assets of the Company, in the event of it being wound up, such amount as may be required and not exceeding £1. The Company is also registered as a Charity with the Charity Commission and is therefore subject to the Charity Commission's rules. As a Charity, the Company, in the opinion of its Directors, complies with the requirements of Section 60 of the Companies Names Act 2006 which exempts the Charity from the requirement to include "Limited" as part of its name. Recruitment and appointment of new trustees The identification of suitable Trustees considers the skills required by the Board at the time. Trustees are limited to serving terms of three years each. Organisational structure The Board of Trustees, of which the minimum number is two, governs the Charity. The board meets on a formal basis at least four times a year. In addition, and where necessary, separate sub-committees are formed as required to examine specific aspects of the Charity's work. The Board's responsibilities include the review and approval ofthe quarterly and annual accounts. approval ofartistic plans and adoption of Company policies. The Board appoints an Artistic Director who is also Chief Executive Officer. to manage the day-to-day operations of the Charity. Induction and training of new trustees Each Trustee receives an induction pack and has an introductory meeting with staff. Each Trustee has the right to receive training, at the Company's expense. in order that they may understand their legal obligations and fulfil their roles. In addition. the Trustees are encouraged to meet the Company's employees and players on a regular basis in order to understand the organisation better and thus facilitate the undertaking of their duties. Key management remuneration The Board of Directors (Trustees) and the Chief Executive comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. All Directors give of their time freely and no director reiVed remuneration during the year. The pay of staff is reviewed annually. Relationship with the CBSO Vvhilst a separate organisation, the Company has a close working relationship with the City of Birmingham Symphony Orchestra ("CBSO")'. Several of the Company's players have contracts of employment with the CBSO., The Company rents office Spa from the CBSO and the tsvo companies share many of the same facilities provided by the CBSO. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have a risk management strategy which comprises: A periodic review of the risks which the Charity faces., The establishment of systems and procedures to mitigate identified risks-, The implementation of procedures to minimise the impact of any risks which materialise. Page 4
Birniingham Contemporary Music Group (Registered number: 02446126 Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02446126 (England and Wales) Registered Charity number 1001474 Registered office CBSO Centre Berkley Street Birmingham West Midlands B12LF Trustees K W Baird J Chamberlain L Coffey (resigned 17.11.231 A D Jackson N Jonah A Rahman {resigned 17.11.23) G J Spruce B R Winton J C Cochrane R J Hopkins WPCBarry S A Johnson (appointed 19.7.23) Independent Examiner Locke Williams Associates LLP Chartered Accountants clo Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL This report has been prepared in accordance with the special provisions of Part 15 ofthe Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 1211012024 and signed on its behalf by.. A D Jackson - Trustee Page 5
Independent Examinerfs Report to the Trustees of Bimiingham Contemporary Music Group (Registered number: 02446126) Independent examinerfs report to the trustees of Bimiingham Contemporary Music Group {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) {b) of the 2011 Act. Independent examinerfs statement sin your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. David Williams FCA FCCA Locke Williams Associates LLP Chartered Accountants clo Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL Date. 14110/2024 Page 6
Birnlingham Contemporary Music Group Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Grants and donations 470,484 19,984 490,468 637,908 Charitable activities Box Office and performances Learning and participation Sector development 26,468 27,484 13.002 26.468 27.484 13.002 64,276 6,128 9,136 Other trading activities Investment income Other income 608 351 82.970 608 351 82,970 3,155 331 61,185 Total 621.367 19,984 641,351 782,119 EXPENDITURE ON Raising funds 158 158 32,377 Charitable activities Box Office and performances Learning and participation Recordings and media Sector development Commissioning 349,907 184,448 349,907 204,432 284,044 413,689 4,295 72,532 43,552 19,984 31,810 70,953 31,810 70,953 Total 637.276 19.984 657.260 850,489 NET INCOMEI(EXPENDITURE (15,909 115,909) {68,370) RECONCILIATION OF FUNDS Total funds brought forward 82.358 82,358 150,728 TOTAL FUNDS CARRIED FORWARD 66,449 66,449 82,358 The notes fomi part of these financial statements Page 7
Birniingham Contemporary Music Group (Registered number: 02446126 Balance Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible assets 14 4,000 4,000 8,153 CURRENT ASSETS Debtors Cash at bank and in hand 15 133.901 3.616 133.901 3.616 169,827 11,930 137,517 137,517 181,757 CREDITORS Amounts falling due within one year 16 (75,068) 175,068) (107,5521 NET CURRENT ASSETS 62.449 62,449 74,205 TOTAL ASSETS LESS CURRENT LIABILITIES 66,449 66,449 82,358 NET ASSETSI(LIABILITIES) 66,449 66,449 82,358 FUNDS Unrestricted funds.. General fund Designated fund 18 48,699 82,358 66.449 82,358 TOTAL FUNDS 66,449 82,358 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes fomi part of these financial statements Page 8
Birniingham Contemporary Music Group (Registered number: 02446126 Balance Sheet - continued 31 March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 1211012024 and were signed on its behalf by= A D Jackson - Trustee The notes fomi part of these financial statements Page 9
Birnlingham Contemporary Music Group Cash Flow Statement for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated from operations 21 196,694) Net cash used in operating activities 44.383) 196,694) Cash flows from investing activities Purchase of tangible fixed assets Interest received (2,296) 331 351 Net cash provided byl{used in) investing activities 351 1,965) Cash flows from financing activities New loans in year 30.000 Net cash provided by financing activities 30,000 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period {14,032) (198,659) 22 11,930 210,589 Cash and cash equivalents at the end of the reporting period 22 2,102) 11,930 The notes fomi part of these financial statements Page 10
Birnlingham Contemporary Music Group Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP (FRS 1021 '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 1021 (effective 1 January 2019)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be reiVed and the amount can be measured reliably. For grants and donations to be recognised, the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those condib'ons is within the control of the charity and it is probable that they will be fulfilled Income from charitable activities includes ticket and fee income earned from undertaking performances, engagements and recordings. Income is received in exchange for supplying goods and services in furtherance of the charitable objectives and is recognised when entitlement has occurred. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the Bank. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings thataggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Costs are shown net of any recoverable VAT. Allocation and apportionment of costs Charitable activity costs include those direct costs incurred in the furtherance of the charitable actives and are analysed between the significant activities undertaken. Support (core) costs are those that assist the work of the charity but do not directly represent charitable activities and include Offi costs, govemance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Payroll costs been allocated to activities on the basis of employees involvement in each activity and other overheads. including general marketing and governance costs, have been allocated in proportion to incoming resources by activity. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Intangible fixed assets Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. Page11
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Intangible fixed assets Other intangible assets (Sofvare) - 33. on cost Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment 33 % on cost and 200h on cost Office equipment Musical equipment 33 % on cost Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease. GRANTS AND DONATIONS 31.3.24 31.3.23 Sponsorship and donations Grants 152,849 337,619 300,289 337,619 490,468 637,908 Sound Investment Charitable Trusts and foundations General Donations and Gift Aid Designated Fund Donations 8.010 112,094 14,995 17,750 19,124 249,217 31,948 152,849 300,289 Page 12
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 GRANTS AND DONATIONS - continued Grants received, included in the above, are as follows.. 31.3.24 31.3.23 Arts Council England, West Midlands CBSO 325,535 12.084 325,535 12,084 337,619 337,619 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Sales of CDS, music scores etc Other fees 608 1,655 1,500 608 3,155 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 351 331 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Box office Performances Learning & Participation Sector development 5,706 20,762 27,484 13,002 3,369 60,907 6,128 9,136 66,954 79,540 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 7) Support costs (see note 8) Totsls Box Office and performances Learning and participation Sector development Commissioning 234,990 70,358 9,465 23,068 114,917 134,074 22,345 47,885 349,907 204,432 31,810 70,953 337,881 319,221 657,102 Page 13
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Staff costs Musicians, and artists, fees cOnrt expenses Commissioning Marketing 44,396 167,323 90,121 20,700 15.341 69,592 133,224 256,553 51,459 22,661 337,881 533,489 SUPPORT COSTS Management Box Office and perfomiances Learning and participation Sector development Commissioning 114.917 134.074 22.345 47.885 319,221 Support costs are those that assist the work of the charity but do not directly represent charitable activities and include Offi costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Support costs, included in the above, are as follows: Box offi Leaming and and Sector perforManS participation development Wages Social security Pensions Rent, rates and insurance Other Office Expenses Other Depreciation of tangible and heritage assets Auditors, remuneration 75,129 5,154 5,073 8,634 12,608 6,824 1,495 87.651 6.013 5.919 10,074 14,711 7,962 1,744 14,608 1,002 986 1,679 2,452 1,327 291 114.917 134,074 22,345 Page 14
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 SUPPORT COSTS - continued 31.3.24 Total Commissioning activities 31.3.23 Total activities Wages Social security Pensions Rent, rates and insurance other Office Expenses Other Depreciation of tangible and heritage assets Auditors. remuneration 31,304 2,148 2,114 3,598 5,254 2,844 623 208,692 14,317 14.092 23.985 35.025 18.957 4.153 137,894 16,861 19.094 22.843 35.372 42.197 7.362 3.000 47,885 319,221 284,623 NET INCOMEI{EXPENDITURE} Net incomel(expenditure) is stated after chargingl(crediting)'. 31.3.24 31.3.23 Auditors. remuneration Depreciation - owned assets Independent Examination 3,000 7,362 4.153 1,950 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 253,088 14,317 14,092 234,148 16,861 19,094 281,497 270,103 The average monthly number of employees during the year was as follows: 31.3.24 31.3.23 Management Project stsff Administration 13 Page 15
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 11. STAFF COSTS - continued No employees received emoluments in excess of £60,000. The total amount of employee benefits received by key management personnel is £98,468 (2023 £45,103). The charity considers its key management personnel comprise the board of directors, who are the charity's trustees and are unpaid, and the senior management team. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Grants and donations 436,439 201,469 637,908 Charitable activities Box Office and performances Learning and participation Sector development 64,276 64,276 6,128 9,136 6,128 9,136 Other trading activities Investment income Other income 3,155 331 61,185 3,155 331 61,185 Total 574,522 207,597 782,119 EXPENDITURE ON Raising funds 32.377 32,377 Charitable activities Box Office and performances Co-Promotions Performances Learning and participation Recordings and media Sector development Core Salaries - to be recoded! Commissioning 284,044 284,044 182,744 4,295 72,532 230,945 413,689 4,295 72,532 43,552 43,552 Total 619,544 230,945 850,489 NET INCOMEI{EXPENDITURE} (45,022} (23,348) (68,370) RECONCILIATION OF FUNDS Total funds brought forward 127,380 23,348 150,728 TOTAL FUNDS CARRIED FORWARD 82,358 82,358 Page 16
Birnlingham Contemporary Music Group Notes to the Financial Ststements - continued for the Year Ended 31 March 2024 13. INTANGIBLE FIXED ASSETS Other intangible assets COST At 1 April 2023 and 31 March 2024 AMORTISATION At 1 April 2023 and 31 March 2024 6,080 NET BOOK VALUE At 31 March 2024 At 31 March 2023 14. TANGIBLE FIXED ASSETS Computer equipment offi equipment Musical equipment Totals COST At 1 April 2023 and 31 March 2024 85.318 13,362 58.010 156.690 DEPRECIATION At 1 April 2023 Charge for year 77,688 3,892 12,839 261 58,010 148,537 4,153 At 31 March 2024 81.580 13,100 58.010 152.690 NET BOOK VALUE At 31 March 2024 3,738 262 4,000 At 31 March 2023 7,630 523 8,153 All assets are used in direct furtherance of the Charity's objects. 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Prepayments and accrued income 178 10,882 122,841 16,350 153,477 133,901 169,827 Page 17
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 16. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 31.3.24 31.3.23 Bank loans and overdrafts (see note 17) Other loans (see note 17) Trade creditors Social security and other taxes other creditors Accruals and deferred income 5,718 30,000 28,576 3,482 1.292 6.000 69,479 5,237 1,167 31,669 75,068 107,552 17. LOANS An analysis of the maturity of loans is given below= 31.3.24 31.3.23 Amounts falling due within one year on demand: Bank overdrafts Other loans 5.718 30.000 35,718 During the year the charity received a short tem loan of £30,000. The loan is repayable on demand and is interest free. 18. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund Designated fund 82,358 (33,659) 17,750 48,699 17,750 82.358 15,909 66,449 TOTAL FUNDS 82,358 15,909 66,449 Net movement in funds, included in the above are as foll0v. Incoming resources ReSoUrS expended Movement in funds Unrestricted funds General fund Designated fund 603,617 17,750 (637.276) (33,659 17,750 621,367 (637,276) {15,909) Restricted funds Donor specified 19,984 (19,984 TOTAL FUNDS fA1,351 657.260) 15,909 Page 18
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 18. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 127,380 (45,022} 82,358 Restricted funds Donor specified 23,348 (23,348} TOTAL FUNDS 150,728 68,370) 82,358 Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 574,522 (619,544) (45,022) Restricted funds Donor specified 207,597 (230,945) (23,348) TOTAL FUNDS 782,119 850,489) 68,370} Designated Funds The funds will be fully used to support the activities of BCMG on special release by the board. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 20. ULTIMATE CONTROLLING PARTY The ultimate controlling paty is considered to be the Board of Directors. Page 19
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 21. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net expenditure for the reporting period (as per the Statement of Financial Activities Adjustments for: Depreciation charges Interest received Decreasel(increase) in debtors Decrease in creditors 115,909) {68,370) 4,153 (351) 35,926 68,202 7,362 (3311 (64,4471 70,9081 Net cash used in operations 44,383) 196,694) 22. ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.24 31.3.23 Cash in hand Notice deposits {less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 640 11,290 3.616 5,718) Total cash and cash equivalents 2,102 11,930 23. ANALYSIS OF CHANGES IN NET FUNDSI(DEBT) At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand Bank overdraft 11.930 {8.314) 5.718 3,616 5,718 Debt Debts falling due within 1 year 30,000 30,000 30,000 30,000) Total 11,930 44,032 32,102 Page 20
Birnlingham Contemporary Music Group Notes to the Financial Statements - continued for the Year Ended 31 March 2024 24. MEMBERS. GUARANTEES The number and amounts of guarantees given by the members at 31 March 2024 were as follows: Total Maximum£ 10 Number 10 Guarantees not exceeding £1 each Page 21