2021-03-31-accounts

Charlty Reglstration Number: 1053937 Company Registration Number: 03169600 B:MUSIC LTD (PREVIOUSLY PERFORMANCES BIRMINGHAM LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Re Tstered Office: B:Music Ltd Symphony Hall 8 Centenary Square Birmingham B1 2EA Tel. No. 0121 289 6300

IILISIC LI'D IPIILI.'IOL5LI' I'LIII.-OIIIIEI.NCLS BlllTrI II.NGH.,Kill LIllI'fEDI F'Ok'l'HL I'8.4R L.NDLI) JI INIAIICH 21)21 CONTENTS Pa .-Music Lid's officers and management Principal plate of business and ad￿Ser$ Chair'5 Report Report of the Trustee5 and strateglc report 3- 12 Independent Audiwr's Report io the members of B..Music Ltd. 13- 15 Consolidated statement of financial activities for year ended 31 March 2021 16 Balance sheets as at 31 March 2021 17 Consolldated statement of cash flow year ended 31 March 2021 18 Notes to the consolidated financial State￿￿ntS 19-36

B:,IiiI%IC LTD IPREI'IOLSL). PERFORf41A,YCES BIRIII.NGHAII LI.IIITEDI FOR THE I'&IR EN'DLD 31 IllARCH 1021 RF.FF:RLNL£.4NI l).4DIIIN15TRAnl'F. DF.T.4ILS OV THF. CH.IRITI', ITS TRLISTEE5.4YD AI)1'1SF.IIS Offlcers and Management The Trustees of the charity who were in office during the 5Ear and up to the dale of the slgnln8 of the flnanclal siatements were.. Appointed Re5i8ntdlR•tlr Ms Anlta Kurnarl Bhalla OBE DL Ichalr 27 February 20141 Ms Mary Julla Martln MA FCA Mr Vldar Paul Hlardeng MBE 8A PG Dlp Mr lan Phlllp Myatt Mr Jarne5 Talt Jcel Graharn 81ake 08E Mr Paul John Faulkner Mr Da¥Arbderpal Bansal (￿jnCIll0r Ewan Forbes Mackey Ctyjnclllor Alexander George AStken Ms Helen Ellzabeth Bates Ms Clalre Jane Evans Mr Anthony Roqer Howard Mr Oluwamayokun Alonge IIA Shtryl Andrea Miller Paul Htxw.Keeley 19 August 1996 27 May 2009 f8 June 2009 18 June 2009 13 January 2014 19 June 2014 19 June 2014 19 February 2015 24 July 2015 6 July 2018 1 April 2017 1 April 2017 1 August 2019 1 August 2019 10May2021 10 May 2021 2 September 2021 The Olrectors ol the tradlng ccmpany were in office thjrlnq the year ar￿ up to date of the slgnlng of the ftnandal statements were.. Appolnted RestyedlRetlred Mr Joel Blake OBE Ms Nlcola Keye Mr D J R Pardoe Ms Clalre Evans Mr Anthony Roger Howard Ms Katle Rouse 19 February 2015 26 November 2015 26 November 2015 l April 2017 l August 2019 Augu5l 2019 Senlor Management Team Mr Nlck Reed ICEOI Mr Nlck Loveland ICOOI Mrs Janlne Bradley IDirector of Finance) Mr Rlchard Loftus {DI￿ctOr of Sales and Marketlngl Mrs Nlcole Evans (Dlrertor of Cornrnercial Servlcesl Prlnclpal Place of Business and Advlsers R￿Istered Offlce: B:1•￿IC Ltd, Symphony Hau, 8 Centenary Square, 81rmln8ham, B1 2EA. Independent Auditor: Mazar5 LLP. Two Chamberlain Square, Blrmlngham, 83 3AX. Bankers: National Westminster Bank PLC, Solihill, Hgh Street IA) Branch, Sollhull, Blrmlngham, B91 3TF. Sollcltors: Brovme Jac¢knon, Victoria Square House, Vktorla Square, Blrmln4ham. B2 4BU. Company Secretary: Castlegate Secretarles Ltd. clo 8rowne Jac(soTr, Vktorfa Square House, Victoria Square. Bim)ingham, 82 4BLI. Country of Incorp)ration: Rw"stered and I￿oI￿ated In EnglaThJ aThJ Wales Charlty number: 1053937 Company number: 031696¢XI

B...IIUSIC LI'D IPREN'IO[ISLI' PEftfoRlI l..INCES BIRIlllNGH£l.Nl LI,IIJTED} *'OR'I'HL I ￿AR I,NI)LII 31 NI.4RCH 21121 CHAIR'.5 RF.P()RT There is no doubt that the past year has been the most challenging year ever for B..Music as ihe global coronavirus pandemic has forced the near complete closure of the cultural sector. A5 a rnu5ic charity that depends on bringing people together in person to tnake and enjoy music, this has had a prof￿n￿ effect on how 6'.Music has been able to operate. With wrtuaLly no earned Income durlng the year, the pandemic has had the potential to threaten the charity's very existence. l am delighted io report however that the charity has ended the year In a stable position and able to face the continuing uncertalnty ahead wlth confidence. Under these circumstances this is both a remarkable achievement, and a testament io the staff and trustees that calmly naifjEated the extrerne turbulence of the past year. Staying engaged with our community of audiences and musicians throughout the year has been of paramount importance, allownE some connection through music even in isolated t?rnes. The 8..Music teaFn quickly Switched to maklng these connections virtually with a rich and regular programme of online perforfflances, learning and other dlgiral actlvity. Throughout Lhe year audiences have shown their apprecialion of B..Music's work through social media, donalions and donating refunds from cancelled concert5. The Making an Entrance project has been a Lhread of positivity throughout the year as thls stunning transf(xmation of sYrnphL￿Y Hall reached il5 conclusion in January. Thi5 breaih-iaking translormatTon of the Hall's publTC spaces has unlocked huge potentlal for the charity and the positive reaction from audiences and musicians has been a heart-warming endorsement of the charity's vision. Delivered on time and on budEet this is a landmark achievernent for Ihe charity and l am Immensely grateful to the Arts Council England, Greater Birrningharn & Solihull L(￿al Enterprise Partner5hlp> West Mldlands Combined Authority ané the many trust fwndali<￿s and individual donors that Supported the project. A c￿tIcal cornponent of B'.Music's suryival during the past year has been the availability of the government's furlough scheme and subsequently the Culture Recovery Fund, both of which have benefitted Lhe charity significantly. Uslng the furlough scheme to maximurn potential has required sigllificant sacrifices from the B:Muslc staff team, some enduring reduced pay while on furl(MJgh and others endurinq long hours and high workloads. l am grateful to them all. De5Plte limited resources B.. Music was able to successfully bid for grants from the Culture Recovery Fund, recelwng the tnaxlrnum posslble award of £3m. This award feels like a resounding endorsement of the charity'5 work and a pivotal enabler of the cultural eco-system in the region. There is no doubt further uncertainty lies ahead, even as Stage 4 of the roadmap from lockdown Is achleved. The audience appetite for full capacity concert5 Is a5 yet un-tested, and the Impaci of more flexible working on city ecologie5 IS still evolving. l atn certain however that the enterprise and agility of the B'.Music staff and trustees will allow the charity to qUTckly adapt J just as It has done over the past year. Whatever challenges lay ahead we remain resolute in our mission whlch Is to Insplre a love of Ilve music through perforrnance, participation and learni￿8. Anlta Bhalla OBE, Chalr, 8:Muslc Ltd

B...IIIISIC L'I-D II'IIEK'ILIL'.%LI' PERFORhl¥lNCES BIll￿I1￿cHi1.Nl Lllll'l'L4 DI FOR'I'HF I'E..IX EYDLD 311ll..IHCH 2021 RF.POVIT OF THF. TV<UbTEES.4IND STII.4TEGIC IiF.PORT Introductlon The trustees Iwho are also the directors of B..Music Ltd IBMLI for the purposes of company lawl are pleased to present their annual trustees, report together ￿th the consolldated financial staternents of the chadty and its subsidiary for the year ending 31 March 2021 which are also prepared Lo meet the requirements for a directors, report and accounts lor Companies Act purposes. Perforrnances Birmingham Llmlted changed Its name to 8:Mu5i£ Ltd on 31 March 2021. The financial stalernents comply ￿th the Charitles Act 2011, the Companles Act 2006, the Memoranduffl and Articles of Association, and Accounting and Reporting by Charities.. Starement of Recommended Practice appllcable to charities preparfng their accounts in accordance wlth the Financial Reporting Standard appllcable in the UK and Republic of Ireland (October 20191 IF￿ 1021 leffective 1 January 20151- I'charities SORP IFR51021'1. Reference and admlnlstratlon Informatlon The Charity has a 25 year lease wlh Blrmlngham Clty Council for Syrnphony Hall which commenced on 1 May 2015. A new lease take5 effect in reversion t¢ the existing lease on 29 Septetnber 2026 and ends on 28 April 2050. The Charity has a 99 year lease with Birmingham City Councll for the Town Hall which was slgned on 24 June 2016 effective 9 February 2007. Authority to conduct the day-to-day operations of the charity 15 delegated by the Trustees to the Senior Management Team. The Senlor IAanagement Team is accountable to the Board of Trustee5 and is responsible lor the efficient running of both Town Hall and Syfflphony Hall wlth the help of their staff. The Senior Management Team is responsible for the irnplementation of pdicies and strategies on behalf of the Trustees. Sub-group and Comrnittees Finance and Scrutiny Commlttee Nomlnaiions CDmmittee Health and Safety Committee Capital Development Comrniiiee Capital Project Group COVID-19 Cotnmittee Trustee Constitutional Provlslons One third of trustees shall retire from office each year. A retiring trustee shall be eligible fc* re-election. Structure, Governance and Management Oraanisatlonal structure B.'Music Ltd 15 a company Ilmlted by guarantee by its Memorandum and Artkles of Association that were last amended on 1 September 2011. Birmingham City Council is the ￿le member. The charity has been registered wth the Charfiy Commission a5 an educational charlty to educate the public by encouraglng appreciation of the arts, In partlcular music, and to educate young people in performins and cornposing music. The charlty continues to hold the whole of the issued share capital of B..Music IEnlerpri5e51 Ltd Ipreviously Perfomiances Birmingharn (Enlerprisesl Llmftedl 1'8MEL'I. BMEL is registered wlth Companles House for England and Wales under number 03146280. Regislered Offlce.. B.'Music IEnterprisesl Lté. Symphony Hall, 8 Centenary Square, Birrningham, 612EA. BAIEL is governed by il5 Memorandum and Articles of Associatlon that were last amended on 9 March 2007.

B..Ilb.%IC LTD {PRIK'IOL'.SLI' PERfuRIl.1.4NCE4 BIlllI 11.%GHIl.11 Ll.Il1'fEDI F"OK'I"Hi l.EklR E.IDLD 31 II IAHCH 21)21 REPOR T OF THE TRLSTEKS.4NI) s'rii.4TEGIC IIEPOIiT Governance The governlng b￿lY of B:Music is the Board of Trustees. The Board consists of not les5 ihan 13 Trustees at the balance sheet date who appoint a Chairman. The 8oard are leeally responsible for the governance and management of the charlty. The Ttustees are nomfnata by the Nominations Committee and subsequently approved by the Board. They are made up of individuals chosen to represent the charity'5 Stakeholders. They have a wide-ranging experience in business, music, educatlon, and med1a and advise on all aspects of the charity's operation, giving sLrategic guSdance on future developrnenl. Charlty Governance Code The Board of Trustees has considered the Chartty Governance Code and supports the Code's seven prtnciple5 of organisational purrose.. leadership., integrity., deci5ion-making, risk and control; board effectiveness., diYer51ty,' and openne55 and accountability. The Trustees take these principles into consideration in all aspects of policy review and risk management and apply recotnrnen¢Jations where appropriate. The Board note thè Code is not rnandatory, but a practical tool for continuous improvement towards the highest sLandards. Equallty, Dlyerslty, and Inclusion IEDII ..Mu5ic has renewed Its commltment io become an organlsation where there are no barriers io entry or progressi￿, and it aspires to see the diversity of the region fully represented in it5 Staff and audiences, and in the performers on its stages. The charity recognises that It needs io work positively to achieve this. B..Mu51c has formed a trustee led EDI group that wlll lead this work, and it ha5 engaged an external Inclusfon speclalist to survey staff attitudes to create a data Set to inform further trainlng, policy formation and specific interventions. There was a really hlgh response rate to this survey suggesting a high level of engagernent wlth thls ambltlon. Employee Involvement and Employment of people wlth dlsability As an employer B..Music has a range of human resource polTcie5 Lhat support our charltable oblectfves and our artistic wsion to prowde more music for more people. Our ambition to provide a relevant and accessible prograrnme of events is matched by a need to work towards diversifsang the workforce. Ciwnmunlcation and partlclpaiion are key, to that end we have an employee representative committee who meet regularly, an employee newsletter and regular CEO updates. Ikbre widely we have an access forum; members are drawn frorn ernployee5, CUStomer5 and other experts in the field of diversity and access, and they support and gulde the organlsatlon to enable it to contlnue to work towards operaiing fully Inclusive venues. B:Music Ltd has a dIVe￿itY policy, respect in the workplace policy, and a long established open and transparent approach LO the recrultment, retention and reward of staff. Volunteers 6:￿￿$7C operate5 a volunteering programtne Whe￿bY volunteers pmide support and assistance to Customers attending events. During the year ended 31 March 2021 the venues were closed due to Cowd and therefore ￿ volunteers were required. In 202Q 14 volunteers gave up 1,572 hours of their Litne to volunteer for the charlty. Trustee Inductlon and Tralnlng t Trustees are already famlllar wlth the work of the charity been encouraged io participate In Sub Groups, Committees and Focus Groups. New Tru5tee5 are Inviied to an induction session wth the senior managers of the charity to famlllarlse themselves wih the charity and the context vrithin which it operates. A TrUs￿e induction pack has also been circulated to all Trustees contalning key documents and information about how Lhe chariiy is organlsed and how It operates. An on-golng programme of Trustee training 15 being dewsed to further enhance this area. Declslon Maklng The Chief Executive Officer has delegaLed authorfty frijn the trustees fly decision making but matters of key strateglc IMpor￿n(e are present& to Trustees for debate and to benefit from thelr speclflc expertise. In terms of programme for example, the detail of individual performances within a season would be delegated to Lhe executive but the deCi￿On on whether to introduce a new or high-risk strand of pro4rammlng would be shared wlth TrLJ5tees. In general principle the CEO 11 present the rlsks and benefits of decisions and make a recommendation for board approval.

B:IllllSIC LTD IPREI'IUIISLI, I)ERfoi<..IlilNCLS IIIIUIII.%GHIl.II Ll,III'J"LDI FOR I'HF. YFAR FNI)F.I) JI fv1.4RCH 21121 RP.POIIT OF THF. TRLSI'F.F.S.4INI) STII.4TF.Gic iir.PORT Fundraislng The fundraising team consist5 of 3 pertnanent rnernbers of Staff who raise money from trusts and fo￿ndations, individuals and companie5. On 8 February 2019 Buffalo Fundraising Consultants were appolnted to conduct a telephone campaign to raise funds for the Making an Entrance capital campaign. Buffalo Fundraising Consultant5 agree to adhere to any and all fundraTsing standards and schemes for fundraising regulation that B..Music is voluntarily subscribed to. The Capital Development Committee, vthich is designed to support the Makin£ an Entrance capital campaign, includes four external indivlduals who have volunteered Lo a55TSt in the fundraising teatn's activities. A document outlining the terms of reference for the role5 and respcmsibilities of this committee has been drawn up and agreed. The orghnlsation ha5 voluntarily signed up to the Fundraising Regulator, as a demonstrarion ol its willingness to adopt and promote best practice and to raise funds In an approprlate and ethical manner. In addilion, the fundraising teatn has drawn up Its own Ethlcs and Glft Acceptance Policy which has been approved by the Trustees and the Capital Development Committee. Number of complalnts about fundraising activity- nil. Objectlves and Actlvltles B.'Music's general aims contlnue to be those Lhat are in fulfilment of its charitable objects a5 Stated wthin its memcrandurn and articles. Broadly sutnmarised, these are: lal to protnote and present concert performances of classical, popular, and contemporary muslc, complementary to those of the City of Birmingham Symphony Orchestra ICBSOI. and of world-cla55 calibre., and Ibl to educate the public by protnoLing. fostering, and encouraging the knowledge, understanding, and appreciation of the arts, particularly music, providing an education programme for this purpose. BML continues to provide a facility of inlernatTonaL standing lor rehearsal and perfornianc￿ by the CBSO and other local music groups (both professional and amateur) from ihe City of Birtninghatn and surrounding region. More broadly, in striving for excellence In all aspects of work, BML aims to consolidate the City of Birmingham's intemational reputation for musical excellence. BML measures achievement of its objectives by using a rigorous budgeting pmcess and then reporting regularly durlng the year on Its performance agalnst thls budget In both flnanclal and qualltatlve terms. BML uses a suite of Key Perfomance Indicators to measure trading perforrnance an<J is developing reporting tools to give near real time feedback on the financial impact of its programming decisions. This granular understand1ng of how dlfferent events perform wll become increasingly important as external support for the organisation declines. The formal statement of B.'Muslc's charftable obletts are belter arLiculated to the public through it5 Vision and Mission= Vision Our vlslon Is of a strong organlsatlon where Blrmlngham's diversity and creativity are parl of everything we do- from wr 5UPPOrt of artist5 and audiences, to our respect for music from around the corner and around the globe. Mission Our mlsslon is to Insplre a love of Ilve muslc through perfomance, partlclpatlon and learnlng Achlevement5 & Performance In thls most unprecedenteé of year5- when wrtually all ear￿d income ceased - the very sunrival of the charity as a going concern must be viewed as the single most significant achievement of the year. Despite thi5 challenge the charity ha5 been able to do thls whfle remalnlng looking forward with confidence, arnbition and relative financial security. This is a remarkable testament to the both the hard work of the B..Music team and the value placed ￿ the charity's work by those that have supported Its sU￿Val. As the year started lockdown restrktlons were already In place meanlng that through t*￿ssitY 8..Muslc quickly transitloned frorn a live to digital programrne, and wth one or two exceptions, this remained the case for the whole year. Throughout the year B..Music presented muslc from the Symphony Hall stage in the form of weekly Waich Partles on Facebook and YouTubè feaiurfng performances from t￿th local and national arlists, providing work for rnusicians unable to play live. During the year local musicians were Invited to respond to the Now Is not the Tlme for Silence campaign which resulted from the outcry followng the murder of Georye Floyd, and Lhe growng mornentum of the Black Lives Matter movement. These

IIUSIC LI'D IPREI'IO{ISLI' IbERfoRIll..INCES BlllIlll.YGH£l.Nl Ll.I11I'LDI FOR TFtE I,E￿IR DED 31 111.4RCH 2021 REPORT OF THE TRVSTEES.4.ND STR.4TEGIC RF.PORT cornmissions prowded a valuable space for local artists Lo articulate their ¢)wn experience of racism and resulted in a short fllm presented by singer and Jazz FM presenter China Moses As well as specially commissioned perfomiances B'.Music continued learning actiwty digitally through the year wlth regular Comtnunity Spirit singing work5hop5 Wlth A550ciate Artisr* Black Voices, and used it's membership of the European Concert Hall Organisation to syndicate digital performances frotn concert halls across Europe. Digital broadcasts from B..Music had already atnassed 250.000 views by December and contlnued to grow during the year. Despite not being able to wèlcomè physical audiences, B..Al￿sIC quickly adapted to the digital space to keep it's community of musicians and audience5 connected. Through￿1 the year the charfty bld frequently and effeciively for every relevant relief fund available to the culLural 5eclor. The first key action of the year was to make full use of the cOr￿a￿r￿S Job Retention Scheme Ifurloughl whfch was announced in March. With no olher sector reilef announced at thai polnt It was essential to rake full advantage of the financial relief available and the majority of the charity's permanent staff were irnmediately placed on furlough with just 14 staff retained, working remotely, wlth only occasional vlslts io slte vthen required for essential maintenance or as detnanded by the Mak1ng an Entrance project. For the first few month of Lhe year thi5 srnall tearn tnanaged all of the extraordinary Tmplications of the pandemlc which Included reschedulino cancelled tours, prod￿Ing digilal content, rnanaging grant bid5. refunding can￿lLed tTckets and contributing to the national dialogue and lobbylng around sector Euidance and support. Although the furlough 5cheFne provided a S￿ft and significant reduction in staff overheads it was clear that this would not be adequate to ensure the survival of the charity in the face of the ongoing panderni£ and a complete Inablllty io trade. It becarne clear however that staff costs would need to be further reduced and a full redundancy consultation process started In Sprlng 2020. Thls resulted In the eventual loss of 20 post5 thmugh a mix of compulsory and voluntary redundancy. In July 2020 the £1.57bn Culture Recovery Fund was announced. Thls was released In two rounds during the year wth a maximum grant of £3m available to eligible organFsations. Despite a much reduced team and agalnst demandlng t1mescales. ..Mu5ic bid for and recelved the full C3m grani. Thls award was not only the key component of the charity's survival during the year but 3 key enabler for artistic partners. B..Music 5ucce55fully argued In It's CRF appllcation that alrhough partners such as the CBSO were willing to present wcially distanced concerts, the income arising frotn these- while the rest of the commercial concert sector was nol able to funcifon was Inadequate to cover the costs of remobilising. The CRF awards rherefore not only underwrote some of the charity'5 overheads but also enabled a limited programme of socially distanced performances and recordlngs by partners such as CBSO, Ex Cathedra and Birmingham Royal Ballet. On November 4th the CBSO gave the flrst publlc concert since the firsi lockdown which wa5 an emotional day for performers, audiences and staff alike. Sadly, on November 5rh the next lockdown wa5 imp05ed, effectlvely frustrating all live perfomiances for the remalnder of the year. Durlng the year the charity continued to work with design agency Pentagram to develop a new brand whlch would replace both the charity's registered name- Performances Birmingham Limited - and its public facing narne. Town Hall Symphony Hall. This was a highly p051tive partnership which Leased out some of the chariry's core values and attributes as part of the process. The new brand, B:Muslc, successfully d@-couples the work of the charity frotn the buil<Jings that it operates by using a brand architecture that allows a more cohereni presenratlon of Its work. Thi5 is illustrated in application5 such a5 'B..Cla5sical" 'B.'Ja2z" or"Symphony Hall= A B=Music ven￿e, The charity's legal name change twk place on April 151 2021 and the brand was rolled out to the publlc ¥￿th a reaser campaign and full launch over the subsequenl Months. Consldedng all of the Internal and external challenges of the pandernlc, the cornpletion of the Making an Entran￿ woject at Symphony Hall is B..Music's most 518nificanL achievement for many yea¥s. Thls Is reported fully below. Makin8 an Entrance.. The Symphony Hall Capltal Project Making an Entrance Is the charlty's ambitious project to maximlse the artistic and comrnercial irnpact of Syrnphony Hall, of its key physical assets. Despite the challenges of the pandemlc thls project was brought to a successful conclusion during the year. For sorne years B..Music has recogni5ed that the contlnued reductlon In core funding from Birmingham City Cowcil constitutes a significant challenge to the ambilion of the organisatlon. In early 2016 8..Music started to map a future where the organisation could not only endure this rÈduction but grow and become even more ambltltyjs. Maklng an Entrance, the E13.2m project to extend and remodel Symphony Hall, putlic spaces, has become the physical vehicle to achleve thls s14nlflcant organisational change project. Making an Entrance Is a physlcal openlng up of Symphony Hall that mlrrors the ambition that B..Music should be more open to- and representative of - the talent, youth and diversity of the region. The new frontage will create a more permeable relaiionsh1p with the public realm and will give the opportunity to dramatically expand the output of free, informal and

B:Il[iSIC LTD IPREI'IOI.'SLI' PEIII,-OIII%I..KNCCS BIRNI IINGHkl.II LI.IIITIDI F"OR'I'HE I L,.IR E.NI)E'.I) 31 41.4RCH 2021 REPOIIT UF'fHE'. I'IIIISTF.FS.4ND STII.ITF.GIC IIFPORT SpOn￿neOUS Music rnaking in Symphony Hall's foyers. In parallel wth this, a rnuch-expanded bar and food offer will maxirni5e the commercial potenLial of the building, positively supporting the scope of the charlty's work. Prior to the pandetnic it had been anticipated that the project would be completed while Syrnphony Hall was a 'llve" slte wlth perforrnances continuing alongside constructlon. In retrospect, the absence of audiences for the whole year was one of the few upsides of the pandemic, allowing construction to continue virtually unimpeded. Despite some initial disruption to supply of both labour and marerials, the project continued without malor incident throughout the year. 6.'Muslc was very capably represented by proje£l manager Dawd Stanley As￿￿lateS who navigated the relatlon5hips between principal contractor Galliford Try and multiple other stakeholders, protectlng the charity's interests and delivering a very poslllve experience. Practical cotnpletlon was achieved on 181h January, some four months later than planned but with full agreement from all parties. With no certainty about when live performances could resume and the agreetnent that no financial penalties would be invoked, the luxury of tlme was used for the benefil of all parLie5. Fr¢)rn January onwards B=Music commenced the clienL fil-out precess which brought more of the B..Music team back from furlough to engage ￿th the excltement of working in the new spaces for the first rime, ordering and installing furnliure, bars and kitchen equipment, sound, lighLing, and l£Kise equlpment, completing the project to a very high standard. It Is fair to say that the finished project has resiyjndlngly delivered on the arnbition for an open, welcoming and contemporary space in which to relax, learn, perform and enjoy rnusic. Every 11c￿r enloyg dramatic views across Centenary Square and trM)¢h day and night the building appears animated and inviting from outside achieving the sense of permeability thal was a key part of the brtef. Inltlal test evenrs show that the spaces work well ergonomlcally and acoustically, and the new bar and caterirbg spaces have unlccked huge polential. Reactions from audiences and musicians have been glowingly positive. The project was deliVe￿d to a very high standard, ￿￿thOut major incidents, on tlme, and to the agreed budget of £13.2m. This Is unusual in regular lime5 and femarkable In a pandemlc. This succes5 was a leatn effort for B..Music and it's partners and leaves a positive skills legacy bn the B..Music team. In the bleakest times of the pandemic, the project iiself was a modest beacon of hope that live muslc would not only return, blossom. The ongoing pandemlc frustrated successive attempts to formally launch the new spaces but despite Lhe extension of Stage 3 resrrictions, a gxially distanced launch weekend did take place over the weekend of 16th.18th July. Despite enduring social distancing requlremenrs constraining capacity, the weekend was a truly joyful communion of fflu5icians and audiences making and enjoying live muslc together, rnany for the flrst tlme in over a year. It was a resoundfng endorsement of years of work leading to that polnt. The offlclal stakehoLder launch of Making and Enirance wlll take place in September 2021.

III%IC' LTD IPIILI'IUI'.4LI' PEIII-.ORlI IA.NCIS BlllIVII.NGH..111 LIIIITEDI FOR'fHE I'F..4R F.N'DED 31 fvIARC&I 211ZI F.POIIT OF THF. TRiISTF.F.%.IINtJ STR..ITEGIC- IIFPORI. Supporting B:Music Over the past 10 years B..Music ha5 had to respond to declTninE public funding by evolwng Into an organisation Lhat is posltloned io maximise its earned income. Prior to the pandetnic, B..Music now earnt about 90% of ils income compared to about 75% 10 years ago. This fFnancial year, wth all ablllty to earn income severely curtailed, B..Muslc Is Indebted to Arts Council England for approving £3,LX)O,QOO of Culiure Recovery Fund and £300.000 ol Etnergency Response Fund which enabled the survival of the charity. Birmingham City Council relaxed reporting requirement in the Conditions of Grant Agreement ICOGAI and ratified planned Prudentlal Borrowing of £700,0(Kl, nolwthstanding the change of flnanc1al circumstances, in order io support the completion of the Making an Entrance project. Arts Council England relaxed activity reporting for National Portfolio Organi5atlons, of whTch 8'.Muslc Is one to the tune of £81,945. to eNable grants io be accessed without delay. Revenue fund-raisin£, due to the support of our patrons and general public, was able to raise Lwo-thirds of the target1£40.856 from a budget of £60,095). This is despite extending the membership terffl of our supporters by three rnonths, and a depleteé Development team. A new Head of Developtnent has been appolnred in July 2021 to plan and deliver a new revenue campaign. Further fundraising has been secured from West Midlands C£Kn￿ned Authority of up to £250.[￿] io support the dlgltal screen costs in the foyer space5 for Maklng an Entrance. Particular Ihanks are glven to Blrmlngham Clty Council, GBS Local Enterprtse Partnership, Arts Council England and our many swnsors and donors for their supwrt. Financial revlew The results of the charity for the year are set out In the Cwsolidated Slatement of Flnancial Activities on page 16. Je to cO￿d ￿th venues were closed except for a few recordings and one soclally distanced CBSO concert. Overall there was 1 ticketed event acros5 Town Hall lftill and Symphony Hall 111 in 2020121. which compares to a total of 590 in 2019120 across Town Hall 12361 and Symphony Hall 13541. The core grant from Birmingham City Cout)cll amounted to £1,388k12020.. £1,354kl and enables the charity to fylfil its current charitable purposes. Expenditure in the year totalled £5,214k12020= £13,379kl. 94% of the expenditure relates to the dellvery of the charity's objectives. 6% of the total expendlture Incurred In the year is incurred through actlvftles related to generating funds., these include income-generating activities such a5 Cotntnerclal hires and Sp￿Sarship. Due to Covld no catering actiwties took pla during the year. Subsldlary under¢aklngs The charity's wholly owned 5ubsidiary> BMEL, continues to contribute to the charity's mlsslon and its financial results are shown In note 27 to the consolidated financial 51aternents. Due to cO￿d ihe trade of BhlEL was severely curLailed thls year. In 2021122 It vrill continue to trade In the provision of food and beverage and comrnercial hires. In the year 814EL ha5 contributed £nil in Glft Aid 12020: £207kl to the charity's results after BML management fees and service charges of £56k12020.' f115kl and £2k12020- É52kl 6ML hall hire.

.I[ISIC LTD IPREI'IUL%LI' PERfuRTrI..KNLLS 1311￿lINGHA.N.f Ll.iii'fE4 DI k'OK'I'HL I'LklR L%I)LI) 31 ￿lA￿CH 2021 FiF.PORT OF'IHE'I'KiIS'1'F.ES.4NI) Sl'It..ITF.GIC RF.PORT Prlnclpal fundlng sources The principal ongoTrng funding source for the charity 15 rental and admission income. However, during thls year this income was severely curtailed due to Covid, contributing 1%12020: 58%> of the unrestricted income. The £rant received from Blrmlngham City Council constituted 25%12020.. 11%) of unrestricted income this year. Grants arising due to Covid contributed 39% of unrestricted income. The charity received £3,809k 12020..6.923kl in funding for Maklng An Entrance this year. Related party The related party during the year was Birrningharn City Cojncll. Birmingham City Council is the wle member of BML. Investrnent policy and performance The funds available for the chariiy io Invest comprfse 55% advance box office receipLs and 45% cash reserwes. In order to retain flexibillty and availability of these funds, the charity utilises shorr term, low risk financial markets treasury investrnent5. No other investrneni vehlcle is used. The charit15 Investments are also helé as a means of earning revenue on designated and restricted funds until they are required. At 31 March 2021 Énil12020.. £1.010kl was held on 12 month fixed term deposits yieldlng O%12020.. 1.15%) during the year. 12,513k12020'. £1,716kl was held on a 60 day notice account welding 0.90% 12020: 0.85%) during the year. Basts of accountlng The annual flnanclal statement5 of BML, which are attached to thls report, have been prepared under the Charities SORP IFRS1021. Pay polrey The framework compri5e5 Approved pay bands and structure Pay levels reviewed annually as part of organlsational reviews Any changes to pay levels arising from annual rewew are authorised by Finance and Scrutiny Commlttee Reserves pollcy and analysis The Trustees re*iew the reserves policy on an annual basls. Restrlcted Fund In relation to the chadty's Regtricted Fund, these contain donatTon5 Irotn trusts, foundations and indiwduals lo be used for specific charitable objectives. The total balance of these funds at 31 March 2021 was £12,601k ￿th £12,054k12020.. £8,857k th 16,318kl of Ihis balance representing donalions which were used to fund the foyer extension IMaEI and purchase the Symphony Hall oryan and other assers and, as such, do not represent '£ash' iiems. A further £151 k12020= £147kl is held in reserve to cover future funding of organ maintenance at Symphony Hall. This will be used to malntain and refurbish the instrument. The reFnalnder conslsrs of funds ralsed to support Sytnphony Hall's Educarion and Community Programrne a5 well as funds specifically donated for other purposes. A detalled analysis is given in note 19 to the accounts. Unrestrlcted Fund Policy The Unrestrlcted Fund relates to carrwng OLJI the charltvs general objectives. The Directors rewew the reserves policy every year and in the lighL of the changed economic conditions of the last few years whlch have forced our principal funder, Birmingham Clty CoL¢ncil, to cut their grants to all arts organlsatlons. The Directors have agreed w bulld a level of general reserves of at least C1M to glve thè organisation the ability to be able to deal wth unexpected events or to explolt new opportunliles. The directors expect to achleve thls ¥￿thIn flve years, however thé ongolng Impaci of the pandemic is unknown al thi5 Stage. Symphony Hall and Town Hall are iconic bulldings and a core part of Birmingharn'5 landscape. Each venue hosts a ￿de range of rnu5ic and non-music related events including party political conferences and corporate meetings which have a hlgh media profile. The Trustees believe that it is the responsibility of BML to maintain high Standards of desion and decoration at btsth venues and have therefore designated £1.3M of funds for thls purpose.

B'..IILISiC L1'D II'RLI'IULISLI. PERFORAI.4,ICES BIR￿.I1.￿GH.III LITrL Ill'EI DI F'UR-I'HL I L.4R b)'l)LD 31 fvI.4RC.'H 21121 RF.POIIT OF THF. TIIIISTF.F.S A) I) STII.4TF.6ic iir.pi)ItT The 'Designated' Fund5 at 31 March 2021 tolalled E1,453k12020.- £1,423kl, including £1.3m 12020.. £1.3ml for future building mainrenance commitments for Town Hall and Symphony Hall and £45k12020: 144kl for Maklng An Entrance, details of vthich are set out on page 7. The 'General Reserve, fund has a balance of £822k12020-. £245kl. Prlnclpal buslness and flnan¢lal rlsks and uncerta5ntles The charity's principal trading activities can be summarlsed as Own Promotlon, Co-Promotlon and Rental in the organising of event5 at Town Hall and Symphony Hall. Each of these categorie5 of event has different risk profiles. The charliy tnanages these uncertainLies and risks apyropriaLely ihrough a robust tnechani5m of contro15 which include monthly reporting of event profitability, daily monitoring of box office receiprs for future events and pre-event profitability forecasts & analysis. In April 2020 Trustees formed a COVID-19 Commitree to address the unlque rfsks faced by BML arising from the pandemic on finance, operations and the health and safety of both staff and the wslting public. This Cotnmittee meets Mce a tnonth. Rlsk managèment The tru5¢ees have a rfsk management strategy which cotnpri5e5'. a quarterly review of the principal risks and uncertainties that the charity and its trading subsidiary face the establlshrnent of pollcles, sysrems and procedures io mltlgaie those rfjs￿ Identlfled In ihe annual revlew The implementation of procedures designed to minimise or manase any potential impact on the charity should those risks materiallse. The ongoing Impact of the crmnavlrus pandemlc rernalns the single most signiflcant rlsk to the charity as it directly impacts the charfty's abllity to earn Income. If It Is not posslble to present concerts ai full capaclty, the current buslness model is fundamentally inoperable. AL the titne of writing the audience appetite for full capa£Trty £oncert5 reTnains un-tested and the final trajectory of the pandernic is as-yet unknown. Despite a high level of vaccination in the community and the lifting of legal restriclion5, there retnains a hangover of atnbiguou5 governmental adwce regarding ongoing precautionary mea5ure5. There 15 no doubt however rhat even rnodesl 5elf-regulation in audience Management measures wlll Increase costs, and lor some genres of rnusic, reduce audience5. B..Music has mitigated this risk by reducing forecast audience nutnbers for every genre using a reducing scale in the 21-22 budget. At best the pandemic could fully subside with a minimal impact on audlences.. At worst a return to ltscal or natlonal lockdowns could once agaln paral￿e the secior and calls ¢0 Isolaie could continue to impact the workforce and supply chain. The secondary risk itnpact of the pandemic 15 in the Still evolving attitudes Lo work. leisure and possibly philanthropy. With many whlte-collar workers now anticipating working from home at least two days per week, daylime footfall in cities 15 likely io reduce wirh a possible impact on B'.Music's daytime trading. Similarly there may be less city workers around to enjoy a concert after work. In wider economic Lerrns tnany corporates and individuals may have endured a lean year with reduced tumover or income, impacting on their ability or desire to support charities like B:Music. Blrmlngham Clty Councll has Indlcated that its overall fundlng settlement for its cultural clients will not reduce over the next two years but the proportional split between cllents may alter. A current significant financial risk is Lhe likely further reduction in funding from Birmingham City Council IBCCI. There is also a potential knock-on impact on smaller arts or$anisaLions that have hisiorically used boih venues. This risk is belng mitigated through a tactlcal use of the spaces created by the Making an Entrance project. With more space at it's disposal B:Mu5ic is now well placed to bring thi5 into play as a contr(butlon to rnore actlve partnershlp worklng. Another current risk is the inability to invest In building Infrastructure and long-terrn maintenance due to falling funding. A plan io accumulate a deslgnated fund lor long term malntenance of both venues Is bullt Into our flnanclal strategy. Trustees have agreed that £902,0￿ will be committed to long terrn maintenance project5 over the nexL 3 year5 Ongoing building works in the city and the extension of the Metro to Edgbaston continue to create Lhe irnpression thal the city centre Is inaccesslble to some audlences. This has been compounded in June 2021 by the introduction of the Clean Alr Z￿e which levies a Significant daily charge for non-cornpliant vehicle5 enlering the zone. Both Syrnphony Hall and Town Hall and associated parking are vrithin the CAZ. BML is also being challenged by new charges imposed by Birmingham City Council to facilitate coach disembarkatlon on Cambridge Street as Broad Sireet is no longer available. This is being mitigated through cornrnunication with potential and existing clients and maintaining conducive relatlonship5 Wth developer5 and local police. Following the terrorist attacks in Manchester and London in May 2017 the security of our venues and safety of our patrons and staff has become our hlghest rfsk. Manaqement of rhls rfsk Is ongolng wlth addltlonal plannlng and resource belnq deployed 10

B...11{Isie LTD IPREI'IOL'%LI' PERI.-OllTrltKNCES BIRIlll.IGHANI LII.II'I'LDI OR'I'HE I'EAR LINDLII 31 INIARCH 2021 RF.POIIT OF THE TRII.5'1'EF'S.4NI) STII.4TE.GIC IIEPURT per event. Thls level Is currently discretionary but ihe results of the con5ultaLion on the Protect Duty laka Martyn's Lawl may yet see great formalisation of these obligations. Llquldlly risk The charity's wlicy is to ensure continuity of available fundlng by active managernent of worklng capital. Credit Risk The charity has no significant concentration5 of c￿dIt dsk. The charity has Itnplemented policies that requlre appropriate credit checks ￿ potenlial customers before sales commence. Insurances of Dlrectors The charity tnainLained Insurance for the Trustees in respect of their duties as ￿'reCtOrS 01 the charity thr(xJ$hour the flnancial year ended 31 March 2021 and such Indemnlty Insurance was in place ar the date of approval of these financial statement5. For the financial year under review the total cosl of the indemnity insurance for the Trustees was E2.8k and the cover £2rn 12020.. C2.8k cost and É2m coverl. Public Benefit In preparing these financial statement5 the Trustees have taken into consideratlon the Charity Comrni5sion guidance on puNic benefit. All BML Chan￿ble purposes are for public benefit. All BML trustees carry oul their charity's purposes for public benefit, and reportlng tskes rlace each year to demonstrate this. Plans for future perlods Worklng towards more ways to Increase the value and Impact of B:Mus5c's work It is the Trustees. Inientlon to bulld on the successes achleved to date so thaL both venues continue to work together to.. Prowde a platform for local perfomers. amateur and professional, alongslde a forward-looking programme of national and international performances and event5, Provide a pmgramme mix that engages past audiences and develops future ones, Create performance, partlclparion and learning opportuniiles for young people, Identlfy and serve the needs of the Tnulti-cultural populat50n of the city, Engage all ￿SItOrS wth the Town Hall'5 heritage and its role in Birfflingham's contemporary ciwc and cultural Ilfe, Make both venues welcomlng and accessible to all, deliverfng a variety of culLural, tommunity, civic and corporate activitle5 ro the highest profe55ional standards with outstanding customer seNce. Fundlng Revlew Birmingham City Councll has always placed great value on culture In the clty and the organlsatlons that promote the arts B..Music has always been extremely grateful for the funding that it has received. Neverthele55, pressure on local governtnent budgets is more intense than ever and as a result the amount of money which Birrningham Clty Council can devote LO the arts has inewtably had to reduce over the past years. Making an Entrance, the project to extend Symphony Hall's foyers and public spaces was B-music's strate£ic response to thls decline in public funding and a significant step on the road to financial self-rellance. The project was the cornerstone of a flve-year business plan to increase earned income and trust and foundation support. The Impact of COVID-19 at the start of the financial year delayed our abillty io unlc(k the flnancial tK>tential of the new facilities and set the planning timeline back significantly. In July 2020 B-music was able to secure [300,000 of Arts Council England Emergency Response Fund and. as a collaborative bid wlth CBSO, a grant of E2.534,675 Culture Recovery Fund. Post balance sheet a further C465,325 Culture Recovery Fund grant Was secured, being the maximum available acmss rounds one and two. The support of the Arts Councll, together with the general reserves of the charlty, enabled B:Music to suNlve as a going concern to date. Bimiingham Clty Councll elected for the arts fundlng support to rernain static into the year to 31SI March 2022 to allow planning to continue unimpeded. The five-year plan is now being rebased for a recovery per1od and public confidence return. B-muslc received £29,402 of Loc&1 Restrictlons Support Grants in response to Tier clasures In Biimingham.

IUSIC LI'D IPREI'IOITSLI. PERfoRhltiNCES B11￿lI1.￿GHAII LlIlll'I"EDI FOR'I'HI I'EAR E.N'DED JJ I11.4KCH 11121 RF.P()RT OF THF. TRbSTEES.4ND STIIATF.blC RFPORT Trustees. responslbllltles statement The Trustees (who are also dlrectors of B..Muslc Ltd frK the purposes of cornpany lawl arÈ re5w)nsiblÈ fLY preparlmd Trustees. Annual Report, the Strateglc Report and the flnancial sratements In accordance the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFR51021- Ichartlles SORP IFRS10211. the Financlal Reporilnq Standard applScab(e in the UK and Republlc ol Ireland Ioctther 20181 IFRS1021 and the Companie5 Act 21KJ6. Company law requires the Trustees io prepare flnancial 5tateFnent5 for each flnanclal year which gSve a true and falr vlew of the State of affairs of the charitable company ané the qroup and of ihe Incomlng resources and applicatlan of resources, Induding ihe income and expendlture, of the charitable group for that pertod. In preparing Lhese financlal statements, the Tntstees are required lo: select suitable acc(￿tI￿a Fdkles and then apply than cclislstenily observe the rnethad5 and principle5 in the Charities SORP. make juégements and esrlmates that are reasonable and wudent; state whether aPFllcable UK kcwnling Standards have been followpd. sd>jecl to any material departures dlsclosed and explained in the financlal statements., and prepare the flnancial statements on the gofjng ¢￿(eM basls unless It Is InapprLN)rlaie to preyjne that ihe charftable cornpany wll ccntfjn￿ in bu51ness. The Trustees are responsible for keeping proper acc(yJnting records that dlsclose wth reasonable accuracy at any tlme the flnanclal position of the charltable company and enable rhern to ensure rhat the flnancial staternents comply vAth the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitable cornpany and the gr£￿p and hence for taking reag)nable steps for the prevention and detecti¢￿ of fraud and other Irregulariiies. Statement of dlsclosure of Inf¢rmatlon to the audltors In so far as the Trustees are aware: there 15 fK) relevant audlt InfiThation of ￿lCh the charttable cornpany's auditor is unaware" and the Trustees have taken all steps that ihey tyJghi to have taken to make ihemselves aware of any relevant audll tnf¢)rmatlon and to estab115h that the au(litor 15 aware of that Inf¢Ymation. Thls rewrt was apwoved by the Trnstees on 21 Octotw 2021 and s5y)ed on thelr behalf by: Anita Bhalla OBE Chalr 12

8...1ILSIC LTD IPREI'JOliSLI' PERfoRTriilN'CES BIIOIII.NCH_,III LIIIITEDI F'OR'I'HL I'EAH E.I'DED JI Tr1 1.41ICH 2021 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD (PREVIOUSLY PERFORMANCES BIRMINGHAM LIMITED) Oplnlon We have audited Ihe financial statements of B'.Music Ltd Ithe 'parent chadty'l and Its subsidiary (the 'group'l for the year ended 31st March 2021 which cotnprise the Group Statement of Financial Activittes, the Group and Company Balance Sheets, the Group Statement of Cash Flows and notes to the financial statements, Includlng a summary of signlflcant accountlng policies. The financial reporting framework that ha5 been applied in Lheir preparation is applicable law and United Kingdorn Accountlng Standards, including FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practlcel. In our opinion, the financial statements.. give a true and fair view of the state of the group's and of the parenr charlty's affalrs as at 31st March 2021 and of the group'5 income and expendlture for the year then ended: have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practlce,. and have been prepared in accordance wth the requirement5 of the Companies Act 21MI6. Basis for opinion We conducted our audit in accordance with International Standards on Audiiing IUKI IISAS IUKII and applicable law. Our responsibilities under those siandards are further described in the Auditor's responsibilities for the audit of the financial statetnenf5 section of our report. We are independent of the group and the parent charity in accordance with the ethical requirements that are relevant to our audlt of the Ilnanclal statements In the UK, Including Lhe FRC'S Ethical Standard Bnd 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 provlde a basis for ¢)ur opinfjc￿. Conclusions relatlng to golng concern In auditlng the financial staternents, we have concluded that the trustees, use of the going C(￿cern basls of acctyjntlng In the preparation of the financial 5LaLetnents is appropriate. Based on the work we have performed, we have not tdentified any rnalerial uncertainties relatlnq to events or cl￿dItIOnS that, indlvldually or collectively, tnay cast significant doubt on the group's and the parent charity's abillty to continue as a golng C￿cern for a period of at least twelve Months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees wlth respect to golng concern are descdbed In the relevant sections of this report. Other Informatlon The other fnformatlon comprises the information included in the Annual Report, other than the fina￿731 statements and our auditor's report thereon. The trustees are responsible for the other Information. Our opinlon on the flnanclal statements does not cover the other information and, except to the exLeni otherwse explicitly stated in our report, we do not express any form of a55urance conclusion thereon. In connectfjon ￿th our audit of the financial statements, our responsibility is to read the orher informatlon and, In dolng so. consider whether the other Inf￿matIon Is maierially inconsistent with Lhe fTnancial statements or our knowledge obtained in the course of the audlt, or othemse appears to be materially misstated. If we identify such material incTh)sistencies or apparent material misstatements, we are requir￿ to determine whether there is a malerial tni5Staternent in the financial statements or a marerlal mlsstatement of the other information. If, based on Lhe work we have performed, we coKlude that there is a tnaterial rnisstatement of this other infomiation, we are required to report that fact. We have nothing io report In th15 regard.

B:IILISIC LTD IPREI'IOLSLI, PERfoRNIA.NLE% BIR,111.NGHIl.11 Ll..l[Il'EI D) TrOH'I'HL I'LRIR E.XDED JI ￿l.1￿CH 2021 INDEPENDEKf AUDrfoR'S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD (PRE¥llOUSLY PERFORMANCES BIRMINGHAM LIMITED) {CONTINUEDI Oplnlons on other matters prescdbed by the Companie5 Act 2006 In our opinion, based on the work underlaken in the course of the audit: the Informati(H) glven In the Trustees. Report which includes the StrateRlc Reporl and Directors, Report prepared for the purposes of cornpany law, for the financial year for which the financlal statements are prepared Is C￿S(stent wlth the financial statements. and the Straieglc Report and Dlrettors, Repwl included withln the Trustee5' Report has been prepared in accordance with applicable legal requirements. IAatters on which we are requlred to report by eKeption In light of the kn(ywiedge ar￿ understanding of the gr￿p and the parent charlty aThJ Its en￿r￿ment obtaIr￿d In the course of the audit, we have not identlfled maierfal mfssiatennts In the Strategic ReFNt ￿ Dire(tor5' Rewrt included ￿thin the Trustees, Report. We have nothing lo report In resFe¢t of the following Matters In relat1￿ to whkh the Companles Acl 2(￿6 Tequlres us to report to you If, in our oplnlon.. adequate and proper ac¢ountlnE records have not been kept, or returns adequate for our audlt have not been received from branches not visited by u5., or the parent charity's flnarKlal statements are not in agreement wlth the accountlng records and returns,. or certain disclosures of trustees, remuneration speclfled by law are not made., or we have noi recel¥d all th• Infcfrnation and explanatidns wè rèqulre for our a￿lIt. RespOn￿bIlItIeS of Tnjstees As explained more fully In the trustees. respMbiliiies Sta￿ment set page 12. the trustees (who are also the directors of the Pa￿nt chartty for the purposes ol company lawl are respon51ble f¢Y the preparation of the flnancial staterrnts and for being satisfied that they give a true and fair wew, and for SLKh intemal control as the tnjstees determlne Is r(essary enable the preparatlon of flnanclal statements ihai are free fr(m ma￿rIal m155taternent. whether duè th fra￿ or ermr. In preparfn£ the flnanclal statements, the trusiees are responslble for assessTng the gr￿Jp'S and the parent charily's ability io continue a5 a golng concern, d15c1051ng, as applicable, matters related to going concern and uslns the soln8 concern basis of accounting unless the trustee5 elther Intend to Ilquidate the charlty or to cease operations, or have no reailstk altematfve t￿¢ to do so. Audltor's reS￿$1)llIt0?S for th• audlt of the flnanclal statem•nts r (tjjectives are to cètaln reasonabte asswance abwt whether the flThanclal statements as a whole are free frcn materfal rni5Statement, vthelher due to frawj or err￿, and io iswe an audllor's reFKJt that includes our opinlon. Reasonable assurance is a high level of asyJraThce but Is Th)t a guarantee that an audit {￿dUcted fn accoréance with ISAS IUKI wlll always dereci a rnaterial misstatement il exists. Misstatements can arise from fraud ￿ error and are considered rnaterfal If. Indlvidually or in the aggregate, they could reasonably be expected to Influence the ecc¥)omlc deo"s1&￿ of users taken on ihe basls of the flnancial staternents. Irregularities, includlnq fraud, are instances ol non-compllance ￿th law5 and regulat1￿5. We deslgn prttedures In 16ne wlth our responsibilitles, outllned above, to detect materfal mlsstatements In ￿spect of fr￿gUIarftIe$, Includlng fraud. Based on our understanding of the group and the parent charity and Its actlvltles, we Identlfled that the prlnclpal rtsks of n￿- ccffnpliance with laws and regulatlons related to employment regulatSon, fraud and non-c¢)mpllance wlth Irnplementatl￿ of government support schemes relatlng to COVID-19, and we (onsldered the extent to whlch non-compllance mlght have a rnaterial effect ￿ the (inancial statements. We also ccmsltjered those laws and regulations that have a dlrect Impact on the [Weparati￿ of the financial statemenls, as the C￿￿PanIeS Act 20)6. We evaluated the trustees, and rnanagement's incentlves and OP￿rtUnItieS for fraudulent manlpulatlon of the flnanclal siatements IlncludlThg the rlsk of ovuride of cty)troisl and detemlned that the pr(rKlpal rlsks %%tre related to post(ng manual Journal entries to manlpulate flnancial performance, Inapprcprlaiely shifting the timing aThJ basls of revenue recognitlLN). management blas throuqh Judgements and assM)ptI￿s In s6gn6flcani accoJnting estimates, h) partlojlar In relatoon to fund accountins, and sl8nlflcant one-off or unusual tran5actlons. 14

B:MUSIC LTD (PREVIOUSLY PERFORMANCES BlRMINCHA\1 Lr\HTED) FOR THE YEAR ENDED 31 MARCH 2021

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF PERFORMANCES BIRMINGHAM LIMITED (CONTINUED)

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

• Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations;

• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

• Considering the risk of acts by the group and the parent charity which were contrary to applicable laws and regulations, including fraud.

• Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of the audit report

This report is made solely to the charity's member 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 charity's member 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 charity and the charity's member as a body for our audit work, for this report, or for the opinions we have formed.

Ian Holder (Senior Statutory Auditor)

for and on behalf of Mazars LLP, Chartered Accountants and Statutory Auditor 2 Chamberlain Square Birmingham B3 3AX

Date: 29 October 2021

15

B-..IIUSIC LTD { PREN'IOLISLI, PERfoRtsI,INCES BII<.111.YGH.I.¥I LI.IIII'EDI c'ois01.111..i'1'1.'l) S'l'.-I'l Liklb'..N'l' Ob. k'll.4.IC'I.AI, AC-I'II I-I'ILS TINC LliDTIG INC()IllE ..IND ENPENDITC1IiE..ICC-OLNT I()R THF. I'r.41l FIDF.D.I I INI 41I(.'11 ?fj21 2021 2021 2011 2020 2020 2020 Restrlcted Unrestrlcted Total Restricted Lh)resIrfc￿d Total Fur Fund Fund Fund Fund Note £000 £000 EOOO cooo Income frorT>'. (kinatlon5 and leg￿leS 231 74 305 369 97 466 Rental & admissions Granrs recelvable 97 97 7,387 1,399 7,387 8,234 3.713 5,184 157 8.897 157 6,835 Other charitable activities oiher iradlng acilvltles Investments 3b 91 51 Total Expenthture on: Raisi￿ funds.. CoThmercial trading operations Fundralsl 2171 11051 Charltable aCtI￿tIeS 12001 14,6921 14,8921 15071 Total 200 5.014 5.214 507 12,872 13,379 Net Income l expendiwre for the year 3,744 607 4,351 6,697 6,501 Transfers between funds 191ZO 2C 12001 Net movernent In funds 607 396 Fund balances forward at 1 AWI 1020 8.857 1.668 10.525 1.960 2,064 4.024 Fund balances carrled forward at 31 March 2021 All the atove results are derived from c¢Mtinuing activities. All gains and losses In the year are included in the above. The notes on pages 19 to 36 fom part of these financlal statements 16

..￿lUSIc LI'D I PRElllail.SLI' PLIITrOllhIANCLS IIIRIl.IINGHAM LINIII'EDI GIIOLIP.4ND CHtrlRII'I' B.4LANCE SHEETS AS AT YEAR ENDED J I INIARCH 2021 Group 2021 Charity zozi Note 2020 2020 £000 £000 £000 £000 Flxed Assets Intangible fixed assets Tanglble flxed assets 12 108 128 10 128 7,070 13 13,580 7,070 13,580 Total Fixed Assets 13,688 7.198 13.688 7,198 Current A55ets Stock5 14 Debtors 985 1.302 2,726 4,562 922 1,236 2.726 4,535 Cash IDve5tments 2,513 3,174 2,513 3,155 Cash at bank and in hand Total Current Asset5 6,672 8,590 6,590 ,497 Creditors- amount5 fallin4 due withln one yea 17 14,8151 15,2631 14,7091 15.2571 Net Current Assets 3.127 1,681 3,240 Credltors- amounts falllng due after one year 16691 16691 Nt A55ets 14 876 10 525 14 900 The Funds of the Charity. Re5trlcted Income Funds 19 12,601 8,857 12,601 8.857 Unrestricted Income Funds Deslgnated funds General rerve 20 1,453 822 1,423 245 1,453 846 1,423 158 20 Total Unrestrlcted Income Funds 2.275 1.668 2,299 1,581 Total Chadty Funds 14 876 10.525 14,900 10,438 The charity has taken advantage of Sectlon 408 of the Companies Act 2006 and paragraph 397 of the SORP and has not included a separate Ststement of Flnancial Actlvltles In these financial staternents. The Slalement of Flnanclal Actlvities on page 15 include £9,460k12020- £18,497kl of income and 14,997k12020'. £12,113kl of expenditure relating to the charity. These flnancial statements were approved and authori5eil for issue by the Trustees and signed on their behalf by Ms Anita Bhalla OBE Date: 11 The notes on pages 19 to 36 form part of these financial statements 17

B-..I.IITSIC LTD I PREI'IOII.SLI' PIRFORfvIAI%C'ES BIR.NllINGH..I.I.J LINI Il'l"LDI c'o.I'.%Ol.11).4'1'Tr.1).%-I'.-I'l'F'.Nlb.N'l' ()F C.4%HF'LUII'8 IKS.QT 3111,IRCH 2021 Nole5 2021 2020 Éooo Cash flows from operating acti￿tIes. Net cash PrO￿ded by operatlng aCtI￿tleS 22 5,848 Cash flows from Investlng actlvltles.. Dlv1dends, interesl and rent5 from InveSt￿￿ntS Purchase of propertyTr plant and equiptnent Net cash (used Inl by Investments: 51 5,577 15.526 (haT￿e in cash and Cash equ1valents in the reporting perlod Cash and cash equivalents at 1 April 2020 Cash and cash equlvalents at 31 Alarch 2021 322 23 7,288 18

B...l.fLISIC LTD ( PREI'IOITSLI. PIRFORf41cliX'CES BIRilllryi GHplli I LlIlllTlI DI -No'i-p's'I'o'I'IItr'. c.'uNsoI.11)..I'I'&.'I) F'II.-I.)CI.4L S'1'1l'l'LIllF.NT'S FOR THE IE.4R ENT)r.D.3111..IRC.112U21 Account?ng policies Basls of preparatlon of accounts The financial statetnents have been prepared in accordan￿ wirh Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (Ociober 20191 IFRS1021- Icharities SORP IFR510211, the Financial Reporling Standard applicable in the LJK arKI Republic of Ireland IFR51021 and the Companies Act 2006. B..Music Ltd rneets ihe definirion of a public benefit entity under FRS102. Assets and liabilities are initially recognlsed at hlstor1cal cost or transaction Value unless othetwise stated in Lhe relevant accounting policy notelsl. The accounting policie5 mentioned have been applied consisienily across the year. Judgements and estlmatlons Management ha5 not made any significant judgements in the process of applying Lhe accounting policie5 and there are no areas of estimation uncertainty that have a significant risk of tauslng a material adjustrnent io the carrying amounts of asseis and liabilities within the next financial year. Preparatlon of accounts on a golng concern basis These accounts have been prepared t￿ the golng concern basis. Thls Is underpinned by.. Robust budgerary control mechanisms Regular review of staff retnuneraiion policies and non-pay cost review5 Regular revlew of our ￿sk register Income growth target5 In specTflc areas to mitigate the loss of public funding Basls of consolldatlon The Group's flnancial staternents include the ffnanclal statements of the charity and its trading subsidlary, BMEL and have been prepared on a line-by-line basis. Uniforrn accounting policies are adopted across the qroup. A separate Statement of Financial Activities and income and exynditure account are noi presented for the charfly Itself follovring exernplions afforded by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP. Income Incorne Is generally recognised on a recelvable basis for generatlng funds but income generated from charitable activities is recogni5ed ai the point revenue and the costs associated wth the delivery of the seNces can be rellably measured. It is rneasured at the lalr value of the consideration received or receivable. The specific bases used are as follo%￿. Donarions and legacies are accounted for on a receivable basls. Inyestrnent Income is accounted for ￿ an accruals basis. Charitable actiwty. Irading and merchandising income Is accounted for when eamed. Grants are recognised when the entitlement to the grant 15 confirrned. Investments All of the charity's investments are held as cash deposits atKJ the charity does not CUr￿nt[Y have any investment5 where losses can be incurred. Expendlture Expenditure is recogni5ed when 11 Is Incurred and 15 reporied gross of related incowne on the following bases.. Raising funds comprise5 the costs associated with attracting voluntary income and the other cosis of other Income generation e.g. costs associated wth pmvislon of catering serwces. Charltable expenditure cornpri5e5 direct expendTture, including direct staff costs attributable to Its actiwtie5 for its concert programmes and educational programme, ané indirect staff costs and overheads. Governance costs include those Incurred in the governance of lis assets and are associated with constitutional and 5Latutory requirements. 19

B:.IIIISIC LTD ( PREI'IOI'SLI, IJLRFUIII%I..I)'CI.% BIRII IlIYGHilNt LINIITkDI .No"I I.'.A'I'O I'IIF. CI)N'SOI.ll)A'l'LI) FIN..1￿Cl.￿L.ST.4l'E1fjelk TS FOR THE. TrE:.KR INDfD 31 ￿I.￿RCH 2n21 Accountlne pollcles- contlnued Operating leases Rentals payable under operating leases are charged io the Statement of Flnancial ActlVTties on the straight-line basis over the lease term. Employee benefit costs Contributions to pension schemes are charged to the Statement of Financial Activliles as Incurred (see note 81. Intangible fixed assets and amortlsation Intangible fixed assets cotnprise 50ftware and IT system licences whlch are amortised over five years. The amort1sarl￿ charge 15 included within expendlture on charitable activities within the Con501idated Statement Of Financial Activities. Tanslble flxed assets and depreclatlon It is the charlty's policy to capitalise the cost of major capital projects and to depreclate them over their estimated Useful live5. As a matter of policy expenditure is capitallsed on IndI￿dUal project5 where that expenditure Is more than £10,000 In total and it directly results in.. Generation of new economic benefit. Enhancement in the economic beneflt generated from existing assets., or Substantial Increase in the econornic Ilfe of exlstlng as*ts. Tangible fixed assers are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase prlce of the a55et and the costs attributable to bringing the asset to its working condltion for Tts intended use. The cost of the Organ (note 131, which comprises the acquisitlon and construction costs, is being depreciated and charged against the restricted fund over the term of ihe sub-lease125 years) from the date of installation 120 October 20011. IT equipment is depreclated over 2,3,5,7 or 10 years dependent on the nature of the equipment. Other a55et5 are being depreclated on a straight-line basis over thelr useful econornic life as follows.. Over flve years Box offlce system, Town Ha(1 projectors, Symphony Hall bars equipment, gift shop flxiures and fittings, diwtal media displays, di5hwa5hers, refrigeration, tables and chair5. THSH Wi-Fi, Town Hall AV equlpmenr, Symphony Hall radlo system, Syfflphony Hall productlon LK Over slx years Heineken bar Over seven years Town Hall lighting, Town Hall PA system Over twenty years Syrnphony Hall Ilghtlng Where an asset ceases to be used. or the value of that asset falls below the reported net realisable value Ic05L le55 depreclaiion to datel of that asset, an Impalrment rewew will be carried out by the charlty. 20

B...Illi8lC LTD I Pft£I'IOLISLY I'LIII'.URN,l.-IINCES BIllh4liNGTrItrlilI LlhlITEDI NO"I'ES-J'O'I"HL COINSOLiD..II'ED FlIN'.I.IC 1.41. ST.4TF.II IEliI'S roii'riic Tr'i.IR ryt)r.D 11 li l.-IRC.TI 2Q21 Accountlng pollcles - contlnued Stocks Stocks are stated at the lower of c05t, being the purchase price for items, and net realisable value, being the lowest reasonable price aLtainable upon sale. on a first in, first oul basis. Glft Shop- Due to the CQVID-19 pandefflic Lhe gift shop ha5 not traded since I￿kdOWn in March 2020 and a decision has been made to close the shop permanently. In view of the high degree ol uncertainty regarding any reali5atlon value of the stcKk full provision was made in the accounts for the year ended 31 March 2020. Catering- Due to the COVID-19 pandemlc the bar5 have nol opened since lockdown in March 2020 and majority of the stock has become out of date and ￿11 have to be destroyed. In view of this full provision was made in the accounts for the year ended 31 March 2020 and the stock has now been writien off. Deferred Income ox Office re￿iptS received in advance are recognised as deferred income and valued at the amount received lor advanced ticket sales. Flnanclal Instruments The group only has financial assets and financial liabilities of a klnd that quallfy as basic flnancial instruments. Baslc financial instruments are Inlrlally recognlsed at trallsactlon value and subsequently rnea5ured at their settlement value. Funds 8:Music Ltd has desi£nated funds whlch are unrestrfcted fund5 sel aside for Specific purposes by the Trustees and whlch would otherwlse fomi pari of the charity's general reserve. The general reserye relates to unresirlcted funds ihai are available io carry out any of the charitable objective5 of the cha￿tY. The Inccme generated from a55ets held as unrestricted funds is treated as unrestricted income. Restricted funds are funds that have restrlctlons Imposed by donors and can only ￿ applied for the particular purpose5 specified by donor5. The Income generated frorn a55ets held in restricted funds is treated as restrtcted incorne unless either the terms of Lhe original restriction specifically say5 Othetivise or rhe restrlcted fund Is an endowmeni fund, whose Incorne Is expendable at the Trustees, discretion. Donations and legacles Income frorn donations and legacies relates to donati￿$ recelved from indhdduals and trusts to further the charl¢y'S objectives. 21

B'..IILISIC LTD I PIILI'IVI'.SLI' I)LIII.'UII￿I..l￿l CL.% BIRII IlINLH*lilJ LIfvIITEDI .io'i"bs'ro i'llL C.ONI SOLIDkK'I'LI) Tr"INI ..1.NC'1.4L.ST..ITE￿1£￿Ts FOR TFIE Tr'r..QR ENDLD.11 Ill.IRC.112021 Income from charltable activities la) Rental and admissTons 2021 2020 ECrtJO io)0 Rental City of Blrmln8ham SYtnph￿Y Orchestra Local music users 82 330 234 Thlrd party primotet5 Other 459 97 1,032 Admlsslons Birmingham ClassT(al Promoted and co-promoted events Other 6,055 6,355 97 {b) Other charitable actlvltles This relates to services provided In connection with the rental of Town Hall and Symphony Hall, includin£ box offlce commission and progratntne sales, which are integral Lo the acti￿tieS and the delivery of the charity'5 objectives. Grants recelvable 2021 2020 £000 Core 8rant Capital pro]￿t IMaEI grants Cultural Recovery Fund grjnt Arl5 Councll England Emergency grant Coronawru5 Job Retention Scheme grant Other rants 1,354 6.270 3.598 2,025 300 1,442 144 46 lal The charity was awarded a core revenue operatlng grant from Birrningharn City Councll to enable B..Music Ltd Lo fulfil its charitable aims and obleciSves at Town Hall and Symphony Hall. A Se￿Ce level agreement 15 agreed annually. Ibl The chadty was awarded grants from Arts Councll England and The Local Enterprise Partnershlp In respect of the capTtal project IMaEI Icl The charlty was awar<Sed grarbts from Arts Councll England to enable its economic suNival posi co￿d. Idl The charity was awarded Coronawru5 Job Retention Scheme grant in respect of Staff furloughed during the Cor￿avIruS pandetnic. lel Thls cornprises grants received from several indiwduals, trusts, foundations and other grant giving organisations. The charity was awarded a grant from Lhe Arts Council England to enable B..Music Ltd to fulfll Its charita￿e alms and objectfjv￿ in relation to the Jazzlines sede5. A service level agreement is agreed every four year5. 22

B=.IIIISIC LI'D I PRLI'IUiISLI' PLIIFOIIfvI..KYC15 BIRIlllNI GH..Iill LIIllITLDI NOTES TO THE CONSOLIDkll'ED FIN'.IINC'I.41..SI'ATF_MFNTS roR TTIE IT.4R E%,Df.D 31 NI..IRC.1121121 Income from other trading activities 2021 2020 £000 Caterhg Income Sponsorship income Merchandlse IncoN 1,421 102 41 50 95 Rentals 533 91 Investments 2021 2020 £000 Bank interest 18 23

B...IIU.%IC LTD I PRLI.'IOLISLI' PERFORNI.4N'CES BIR￿11NcHAjl l LIIIIITIDI .NOTES I'O I'HF. COINSOI.11)Jl'l Lll I."INI A)CL4L.%'1'.41'EAIEli'I'S FnR T14f yE.￿R r.IN'Df.D.11 Ill..IRC'FI 2021 Expendlture Staff Dlrecr Support cooo £000 2021 £000 cooo Ralslng funds commerclal tradlng 165 33 217 105 105 Charitable actiwties contrrt and educatlonal programmes 2,433 10 2,324 12 4.870 22 Eovemance costs Total expenditu 132 214 Staft Dirtd Support £000 EOOO 2020 £000 £000 Raising funds COM￿£r¢ial tradlng fund ralslng 509 696 83 1,288 153 153 (haritable activities C￿cert and edut8tianal programmes 2.506 22 6.026 3,3n 11,904 - governar￿e cost5 Total expenthtvre 3.190 3 467 13 379 Direct costs are those a55￿1a¢ed wlth pro￿dIng the actlvtty, for example co-promolers share and artist fees. Support costs relate to prernlses, professlonal Se1￿CeS, markering, Informatlon technology. telephone, printing and stationery, equlpment purchase and repalr and other Sundry costs. The above costs include: 2021 2020 É(M)o £000 Audltor's remuneration - audit fee5 non aud1t fees 17 17 33 19 C¥)eratin$ lea￿S- plant and machinery Operatlng leases- land and bulldlngs DeprecIatI(￿- owned tangible fiKed J5sets Arnortisatl￿ - owned In￿n Ible flxed assets 46 268 164 20 24

B=.IIIISIC LTD I PREI'IOLSLY PERfoRAI..IN'CE.S BIRNqINGHIlNI l LlhlITEDI NOl-F.S 1.0 1'H&'. CONI SOI.11)>l'l"Ll) trl1NAN'CI.4L S'1'AIEME,N"I'S roR THF. I'r..AR r.YDf.D 3111..IIIC'II 2021 Employee information The average headcount of core employees was 6012020..751 in the financial year. Staff costs also include variable employees engaged on a dafly ba5F5 from titne to tTme a5 the fluctuation5 in the charity's business dictate. All variable employees, a5 Wlth the rnanagement team, are employed by 8..Music Ltd. Staff costs analysls 2021 2020 EOOO £(MJo Wage5 and salaries Social security costs Other nsion cosis 2,501 157 2,921 199 55 70 Frotn 1 April 2008 ceriain e¥nployee5 were transferred to Lhe cotnpany who participaLed in the NEC Limiled defined benefit pension scherne. No surplus or deficit relating to past service was transferred to the company at this date, and the company is not liable for any deficit that would Subsequently arise relating to past service. On 1 May 2015 NEC Limited wa5 replaced as principal ernployer by PETPS (Birminghaml Lirnited. The status of the defined benefit pension scheme is disclosed in the financial statements of PETPS IBirminghaml Limited. The company is unable to identify its share of the underlying assets and liabilitie5 in the scheme al the year end. In 2008 all 6.'Muslc Ltd members and new tnember5 jolned the NEC'5 Group Personal Pension Plan IGPPPI. Th15 Is a defined contribution scheme. On 31 March 2017 all members of NEC'S GPPP were transferred to a B..Music Ltd GPPP, followlng the revlew of pay and beneflis durfng 2014 and 2015. The B..Muslc Ltd schetne IS a deflned contrfbutlon scheme. Those 51aff not eligible to join the GPPP are auto-enrolled in the government's NEST scherne. Hlgher pald employees The number of em lo es whose emoluments excludln enslon contriburions fell wlthln the followln band Is.. 2021 2020 Number Number C70,LYJI £80,000 C120 001 £130 000 Emolurnents for this purpose include gross salary and benefits in kind and are stated before taking acc￿nt of charges made to thlrd partles. No retlrement beneflt contrfbutlons were made to the above employees. Staff numbers 2021 2020 Number Number Charitable attiwties 241 212 Cost of neratln funds 150 293 Staff numbers include the absolute number of staff empl¢)yed' full-time, part-time and on a variable basis. 25

B:.IILISIC LfD I PREI'EOLISLI, IIERFORtsl&lNCES BIR1￿11￿CHIl￿T LlIlJITEDI .YLI I-1.'S'1'0'1'HTr'. I.'ON%OI.11).4'1'1.'1) P'I)AliCI.41. 5'1'A'I'b.'Ii 11.'hl'S FOR THE Tr'E,IR ENDED 31 ￿l.￿RcH 2021 Key Management Personnel 2021 iozo EOOO Toial remuneratlon tharil and rou 370 362 Key rnanagernenl personnel cornprlse six employees12020'. slx employees wlth rhe sixth member of the team joining on 2 September 20191. Redundancy and Termination Payments There was one termination paytnent during the year cornprising É7k of statutory pay and £5k of discretionary pay 12020.. £18k discretionary). There were 14 redundancy payments comprising £101k of statutory payment5 and E25k of dlscretlonary payments. There were no liabilities in respect of redundancy and Lerminalion payments at rhe balance sheet date12020.' nill. Trustees, remuneratlon The Chairman of the T¥ustee5 received remuneration during the year of £10k12020= £20kl. The other Trustees of the charity do not receive any rernuneration but are reitnbursed any expenses for their servlces. In the year £nll was relmbursed for travel expenses12020-. £81 for one Trusteel. There are rD retirement benefits paid to Trustees12020'. nlll. Rernuneration and expenses are paid in accordance wth the govemlng Artlcles of Association. 10. Related party transactions - Organisations Birmingham City Council is the sde rnember of B..Music Lld. During the year the charity undertook the followins transac15ons ￿th Blmilngham Clty Councll.. 2021 2020 2021 2020 £'ooo rooo Sale of goods and servI￿S É'ooo £000 Purchase of goods and 5ervltes Birmingham City COU￿71 334 599 817 863 The purchase of goods and semces Includes the lease of Syrnphony Hall, venue serwces charges and buslness rates. The amounl due to Blrmlngham Clty Councll Included in trade creditors al 31 March 2021 was £1 k12020.. 1202kl The arnount due frorn Birrningharn City Council at 31 March 2021 was nil 12020.. nil) 26

IIITSIC LTD I PREI-IOLISLI. PERfoRL¥I..INCES BIRIlllNCHIl.lfj LlIlllTEDI i)'I'i.'b'i o'l'lll,. C.'I)NSOI.ID..I'I'F'I) Tr'INI .111 C1.4L S'1'.4'1'LNITr'N-I'S roR TI.tE I-E IR ENT)F.D.31 Tr1..IRC.H 2021 Related party transactions - Trustees and Core Staff Councillor Alex Altken Is a trustee of BML. He Is an elected member of Birmingham City Council. Ms Helen Bates is a trustee of BML and a direcror ol BMEL until 1 AuEUSt 2019. She is a director of the Greater Birminghaffl Chatnbers of Cornmerce and a board mernber of St Ba5il'5 from June 2019. M5 Anita Bhalla is a Trustee and Chair of BML. She is a Trustee of The Saintbury Trust, a council member of The University of Warwick and a non- executive director of the Greater Birtningham & Sollhull Local Enterprlse Partnership. Mr Paul Faulkner was a trustee of 8ML until 2 September 2021. He was the Chief Executive of the Greater Birmingham Chambers of Comrnerce until March 2021. Mr Nick Loveland 15 COO and a mernber of key managetnent. He was a Irustee of the Black Country Llving Museum in the prior year. Councillor Ewan Mackey is a trustee of BML. He is an elected rrEmber of Birmingharn City C(¥Jncil and Royal Sutton Coldfleld Town Council. Mr lan Myatt Is a Trustee of BML. He is an ernployee of the University of Birtningham and a board member of ihe 8Trtningharn InteTnational Plano Cornpetitlon. Mr James Tait is a Trustee of BML. He Is a partner at Browne Jacobson LLP. BMEL acts as a commerclal hlre venue and as a b)x offlce tlcket agent for graduations of locally based Universities and other organisations. For related party disclosure the naLure of the transactions is shown separately. 27

B..,11{ISiC LfD I PIIEI'IULISLI, PERIORIII..I.N'CIS BIIknIqINGHJlilI LlIlJITEDI NO-I L.%'I-U'I-H I.. C'ONI 'SOI.11)A'I'F'.I) P'II'A.SCI.4L.%'I'A'I'LIlqE;N'I'S roR THE Tr'E..KR ENDID Ji f¥l.IRCH 2D21 Transactlons Group Tradin8 2021 Oox Offlce 2020 2021 2020 £000 EOOO £000 EOOO Recelved frorn Black Country Liwng A4u5eutn Browne Jacobson Itrade exchange) Birmingham International Piano Cornpeiition St Basil'5 University of Birmingham Owed nll12020.'nlll Owed nil12020'.nill 10 Owed nil12020'.nill Owed nll12020.'nlll Owed niL12020.'nill Paid to Browne Jacobson (trade exchange) Browne Jacob50n lotherl Greater Birrningham Chafflber of c￿n￿erce Owed nll12020.'nlll Owed nil 12020'.nill 10 22 158 Owed nil12020.nill Durlng the year BML recelved a total of £925k12020'. £4,744kl in restrtcted donations from organlsatlons connected to related part?es. 11. Taxation and charltable status As a charity, BML Trs exewnpt frown tax on income and gains falling within section 505 of the Taxe5 Act 1988 or $256 of the Taxatlon of Chargeable Gains Act 1992 to the extent that these are applled io its charitable objects. No tax charges have arisen in the charity. 28

B..IIUSIC LTD I PREI-IOIISL Y pERfoR￿l..￿N,c￿s BJRilllilGHAh.l LINIITEDI .N'o'i'F'.%'I'I)'I'HI,- C.'UN'SOI.11)..I'I'&'l) b'l,N.KiSCI.11. S'1'.4'1'Tr'.%1 I￿.￿-I's roR TIIF. I'r...IR r.NDF.D.31 TrI..KRC.11 2n21 12. Intangible fixed assets- Group and Charity Total 2021 000 Cost.. At 1 April 2020 Additions 143 At 31 Parch 2021 143 Accumulated depr￿latiOn. At 1 Aprll 2020 Prorfded during year At 31 March 2021 ICI Net book value of assets as at 31 March Z021 108 Net bodi value of assets as at 31 March 2020 128 Intanglble flxed assets comprise software and IT system licences. 13. Tangible flxed assets - Group and Charlty 2021 £000 2021 Éo 2021 Éooo 2021 £O(M) Constructlon SH Organ Prolett Other Total Wark In progress Al 1 Aprtl 2020 Addltions 5.955 1,294 1,494 8,743 At 31 Mareh 2021 12,733 1.294 1.494 15.521 Accumulated ¢Jepreclatlon: At 1 Apdl 2020 Provlded durSng year At 31 Mard) 2021 16821 11,0451 18961 Net book valu@ af a5set5 as at 31 March 2021 fZ.733 149 598 13,580 7,070 Net bod< value of assets a5 ar 31 March 2020 5,955 303 812 29

B...IILISIC LTD I PREI'IULISLI. PERfuRI¥I.IlI'CL5 BIllillliNGHAlkl Llh.II'I'fDI -YO'I F'.ts'IO'I'H*'. CUINSC)I.11).-%'I'F'.I) F IN.4.,YC'I41. 5'1'.4'1'LNqLN I'S roR THF. TrT.4R ENDED.3111.IRC.H 2021 14. Stocks Group Charf¢y 2021 2021 2020 2020 £000 EOOO Finished ds Finished goods are bought in good5 for resale and are valued at the lower of cost and net realisable value on a first in, flrsr out basis. The replacement cost of stock 15 not materially different lo the purchase cost. 2021 2020 £000 Finished Goods Catedng The Sho 27 27 27 Cost of stock 27 Slow-mow stock rovi5ion 27 15. Debtors Group 2021 Grwp Charlty Charity 2020 2021 2020 EOOO ELWJO £OLK £000 Amounts Falllng Due Wlthln One Year Trade debtors 216 124 143 Other debtors 92 243 71 243 Value Added Tax 53 365 378 Prepayments Accrued Inccme 446 475 444 469 223 223 985 922 30

11:.I.ILISIC LTD I I)IILI.'1011SLI' PERFORNIrliN'CES BIRhllNGHilil.I LEINIITEDI .10 I'LS'I O"I'HL C'ONI %OLII).4"1'Tr'.1) F'I.N.4.ICI.4L %'I'AI'EIllEh'l'S FOR THC YE.IR EIDID JJ II l..IRCH IU21 16. Accrued Income GrtyJp 2021 Group Chadty Charity Z020 2021 2020 Eooo Éooo Accrued income brought forward Released in the year AccnEd ID the year 38 26 223 223 Accrued Income carried forward 223 223 17. Creditors - amounts falling due within one year Group GfOUP 2021 2020 Chadty Charfty 2021 2020 £000 £￿0 EOOO Bank overdraft 37 37 Trade creditors Secured loan 283 725 282 41 41 Amounts to group undertakings.. 6MEL Taxation and soclal se£urfty Other creditors 24 239 39 53 39 53 1.403 619 1.873 687 1.404 6Q5 1,850 639 Accruals Deferred IDcLvne 2,430 1.888 2.314 Deferred Income Group 2021 Group Chadty Chaiity 2020 2021 2020 £000 EWO cooo EQQO Deferred inccffie brought fcrfward Released In ihe year Deferred in the year 1,888 2,621 16071 12,5951 1.149 1,862 2,426 15351 12,40DI 1.098 1,n5 Deferred Income carried forward 2.430 1,888 2.314 1.751 Deferred income comprises amounts, such as hall rental, invoiced for future events iogether wlth am¢JJnts recelved for the syjrchase of tlckets for future events promoted or co-prornoted by BML. 31

B:IIiISiC LTD I I'REI'I()L,'.%LI' I'LIII..UII￿1..￿.NCLS BlllilqliNGHilli I LlIlllTEDI NOTF.S TI) I'HF. C.(I..N%OLII).4'1'LI) l.'11I.4.ICIAL.%'1'.4'1'LlI lfr'N'I'S roR THf ).T..IR r.NDED.31 II T IRC.1121)21 18. Creditors - amounts falllng due after one year Group Group 2021 2020 Charlty Charity 2021 2020 £000 £000 £000 SeoJred loan.. w11hln 2 ro 5 years after 5 year5 IQ3 103 566 566 669 669 19. Restrlcted income funds Balance Balance 1 Apdl 2020 Inco￿ ounts Tfan5fers 31 March utlllsed 2021 c￿0 £000 £000 Organ con5truciion Organ mainienance Comtnunity Spirit Islng for all) Generation Latyood project5 Project soundiounge JazzlirEs projects Gift Shop capital grant Thrfve projecr Small Èdutation projects Small n￿-education project% ital cam 303 1541 249 147 151 136 142 24 24 47 103 109 26 57 20 67 21 In accordance with the conditions of the fund category, Trustees have applied 5urplu5 funds to other charitable objectives in accordance with the terrns of the fund5 received. These funds repre5ent= 111 The net book value of the Symphony Hall Organ In0￿ 131. 121 Donalions received from Organ appeals which wll be used to malntaln and refurblsh the inslrutnenl. 131 Funding for the vocal education work of the charity with children and young peaple. 141 Funding for the purpose ol completing project5 ￿thin the Ladywood community. 151 Funding for the development of young programmers to produce a feslival for young people by young people. 161 Funding for several Jazzlines projects, Includlng the Jazzlines prograrnme funded by the Arts Council England. 171 Funding for the refurbishment of the gift shop. 18) Funding for dI￿tal tnedia dlsplays. 191 Funding for several srnaller projects to support the education and community progratnme. 1101 Funding for several ad hoc projecis. 1111 Funding lor 'Make an Entrance. the capital prole(t to extend the perfomiance and hospitaliiy space at Symphony Hall. 32

11...IILISIC LTD I PIILI'IUI'SLY PEIII.'0II￿I..t1,c.LS BlllIMINGHill41 Llil.IITEDI NOTES'fo q'H r. c.ONI %OLII)..K'I'Lt) l.'IiN.4.IC'I.41. S'I".4'1'bli ltr.￿'1S FUR THE I.'E.KR r.Ni)F.T).31 11.IRC.112021 20. Unrestrlcted Income funds 8alaTh Balance l￿ri1 2020 Income ATh)unts Transfers 31 March 2021 £000 iorKJ cooo Desl8nated Funds General ebJcation Organ educaiion Building maintenance reserve Muslc In Blrmlngham Making an Entrance THSH COVID-19 rellef 36 30 1.296 1,288 58 14 44 45 37 30 1.423 1241 1,453 General reserve 171 245 5.567 14,9901 822 Total Unrestrlcted 5,014 These funds represent- 111 Funds for support of educational work by the charity. 121 Funds for use on education work relating to the organ. 131 Funds ring fenced againsi furure commitments relating to the rnaintenance and upkeep of Town Hall and Symphony Hall buildings and ￿11 be applied at the discretion of Trustees. 141 Point of sale donailons received from custorners purchasing tickets. 151 Funds for 'Make an Entrance, the capital project to extend the Performan￿ and hospitality space at Symphony Hall. 161 Funds for supportlng actlvity during the COVID-19 pandemfc. 171 The general reserve represents unrestricted funds. 33

B...11(I%IC L'fD I PREI'IUU.%LI' I'ERfoRAI..IINC'L% Bll I.'IN.4NCI.4L S'I'.4.1'LINIL￿.E's roR TIIE Tr'E..IR ENDf.n 11 11.IRC.'H 2tJ21 21. Analysis of total furbds Unrestricted Re5tdcted Funds Funds £000 2021 Anal e of a55et arid liablli £000 £0 Intan8lble flxed assets Tangible fixed as5el5 Curreni assets 108 IOB f,526 6.125 14,8151 16691 12,054 13.580 547 6,672 14.8151 16691 Creditor5 falling due ￿thfjn the year Crediiors fa111ng due after one year 2.275 12.601 14 876 Unrestrlcted Restdcteo Fund5 Funds 20ZO Anal S15 of e of asset and liabili £000 £000 EOOO Intanglbie flxed assets Taryibie fixed asset5 Current asseis 128 128 752 6.318 1,539 7.070 6,051 15,2631 Creditors falling due wthin the year 15.2631 8,857 10,525 22. Reconclllatlon of net incomel{expenditure) to net cash flow from operating activities 2021 2020 £000 £000 Net Income for th@ reportlng perlod AdjustrTbents for.. Depreclation and amortisation charges Diwdends. Interest and rents from Investment5 Decrease in Stock DecrÈasè I Ilncreasel In debrors Increase I Idecreasel in creditor5 4.351 6,501 288 175 1181 43 317 13Q51 221 Net cash rO￿ded b eratln artfvltlès 23. Analysls of cash and cash equlvalents 31 Marth March 2021 2020 £000 £000 Cash at bank and In hand 3,174 4,562 Cash Investments 7,288 34

B...NIIISJC LTD I PREI'IUIISLI, I)ERfoR￿1.1￿1 CES 81RIlqlNGH.,IlI l Llll IITEDI o'l F'.S'l'O 1'H￿.. C'OINSOI.11).4'1'tr'.1) b'liN.4NI C'l.41. tsI'A TF.Jl.1F_￿'r. roR THE Tr'E.111 CNDCD JI Ill.IRCH 21)21 24. Pension commitments The pensions of employees of the Charity are provided by way of a defined contribution scheme. The pension cost charged to the Statement of Flnanclal Acrivltles durSn£ the period was 152k12020: £70kl. Unpaid pension contributions at the year end totalled £10k12020.. £13kl. 25. Operating lease commitments Mlnlmum lease paymenrs In respect of non-cancellable operating leases.. Plant & Egulwient 2021 2020 Land 2021 2020 £000 £000 Eooo 1 yèar 2 to S years Over 5 46 17 23 185 185 ars 1,155 BML has a 25 year lease wth Birmingharn City Council for Sytnphony Hall whlch commenced on 1 May 2015. Rent or £46K is payable annually. A new lease takes effect in reversion to the existing lease on 29 September 2026 under whlch a rent of £46k is payable annually. Under Lhese new arrangements a lease premium of E150k was pald during this year. The lease premium has been capitalised and is included in 'Construction work in progre5S" Shown at note 13 lo these account5. BML has a 99 year lease ￿th Birmlngham Clty Councll for Town Hall which cornmenced on 9 February 2007. A peppercorn rent is payable annually. 26. Security The Arts Council England holds a flxed charge over all assets of the charity, both present and future, dated 13 Augusi 2019. Bimiingham City Council holds a fixed charge over Symphony Hall daied 13 August 2019. 35

11..IJLISIC LTD I PRf.IllOLISLI' PCRfoRhl..INCE% BIll￿]Ill LHI%￿I LlIlll'l'EDI No'rc.s'ro i'HE. C.ONSOI.It).41'F.I) FlJ.IN'CI.11..%'r.,tTF.II IF.INTS roR THE I-E.IR fyi DID J I INI.IRC'H 2021 27. Subsidiary company BML owns all the issued share capital, consisting of two ordinary shares of £1 which are nil paid. of BMEL, whlch perfomis tradln4 activ1tles assoclated with events held in Town Hall and Symphmy Hall which are outside the charitable objectives, I￿ludIng the provision of catering services. The subsidiary donates Its taxable profits to the charliy by gift aid. A summary of the results for its subsidiary and the aggregate amount of their a55et5, liabilities and funds as ai 31 March 2021 Is shown below.. 2021 2020 £000 Inc(The 91 1.173 12731 12.0551 73 20 Expenditure Other operating inc(me Taxation Operating1105s1 I profit {891 96 Retained wofit brwght forward 65 176 Glft Afd to BML 12071 Retalned roflt carrled fon¥ard 24 65 A5set5 345 11361 12801 Net Assets 24 65 28. Capltal commltments At 31 March 2021 the Trustees had contracted for the purchase of equipment required for the capital pmject an amount of £76k. 29, The member B=Music Ltd 15 3 company limited by guaranLee by il5 Metnorandum and Artlcles of Association that were last amended on 1 September 2011. Blrmingham Clty Council is the sole mernber. The governlng body of BML Is the Board ol Trustees. The Board conststs of nol le55 than 13 Trustees at the balance sheet date who appoint a ChaiTrnan. The Board are legally responsible for the governance and mana8anent of the charlty. 36