Charity Registration Number: 1053937 Company Reglstration Number: 03169600 B:MUSIC LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Re Tstered Office: B:Music Ltd Symphony Hall 8 Centenary Square Birmingham B1 2EA Tel. No. 0121 289 6300 CONTENTS Pa Chair's Report Report of the Trustees and straiegic report Reference and administratlve details of the charily, its Tru5Lee5 and advlsers 9-12 Independent Auditor's Report to the mernbers of B-music Ltd. 13- 15 Con501idated staternent of financial activities for year ended 31 March 2023 16 Balance sheeis as at 31 March 2023 17 Consolidated 5Latement of cash flows year ended 31 March 2023 18 Notes to the con501idated Ilnancial statemen15 19-37 REPORT OF THE TRUSTEES AND STRATEGIC REPORT Introduction The trustees (who are a150 the directors of B..Mu5ic Ltd IBMLI for the purposes of company lawl are pleased to present their annual trustees, report together with the consolidated financial 5taleTnentg of the charity and it5 subsidiary for the year ending 31 March 2023 which are also prepared to meet the requirements for a 5Lrategic and directors. report and accounts for Companie5 Act purposes. The financlal statements comply wlth the Charities Act 2011, the Companies Act 2CM)6, the Mernorandum and Arlicle5 of Association, and Accounling and Reporting by Charities.. Statement of Recotntnended Practice applicable to charities preparing their accounts in accordance with the Financial RetK)rLing Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- I'charities SORP IFRS1021'1. CHAIR'S REPORT 2022 - 2023 has been a very positive year for B-Mu51c desplte the significant financlal challenges arising frorn a period of 5UStained high inflation whlch has made for difficult trading conditions. The charity has conrinued to offer an ambiLiou5 full programme of concerts and music education, and it is a testament to the hard work ol our team of staff and tru5tee5 that we have been able to do this in such demanding times. Our mission Lo inspire a love ol live music through perfortnance, parlicipation and learning conLinue5 to resonate, touching the live5 of nearly so0,￿0 people. The charity's governance continues to be in safe and committed hands through our board of trustees who meet regularly through the year. Our trustee5 engage with the wider staff team either when aLtendin4 B'.Music concerts, at our annual board Awayday or in direct collaboration thri￿gh forums such a5 our Equality. Diver51ty, and Inclusion group. This year we have also established a People Comrniltee In response to the developing Staff expectations around pay and working condltlons following the pandemic and the ongolng cost of living crisis. I'm pleased to report that we have welcomed several new trustees over the past months bringing new insights from variou5 Sec￿rS across the city. Over the summer of 2022 Birmlngham welcomed thou5and5 of vi51tors from around the world io the Cotnrnonwealth Games for SO￿ thrilling perfortnances on the track, field and water. Throughout the game5 rnU5ic wa5 everywhe￿, on the TV coverage, in our halls and on open air stage5 around the city. I was delighted lo see B..Mu5ic so heavily involved throughout this marvellou5 celebration that brought Lhe whole city together. l am so grateful Lo Bfrmineham City Council, Arts Councll of England and the many Iru5ts, foundatlons, individuals and corporate friends that continue lo supporl our work. Finally, on behalf of the Board I want to say a big Lhank you io our staff for their dedication, creativity and cotnmltment to B..Music. The organlsatlon Is in good shape kecau5e of you all. AnTta Bhalla OBE, Chalr, B:Muslc Ltd REPORT OF THE TRUSTEES AND STRATEGIC REPORT Objectives and Activities B..Music's general alm5 continue to be those that are in fulfiltnent of its charitable object5 as stated wlihln Il5 rnemorandum and article5. Broadly sumtnari5ed, Lhese are: lal to promote and present concert performance5 of classical, popular, and contemporary tnu5ic, complementary to those of the City of Birmingham SympFK)ny Orche5Lra ICBSOI, and of world-class calibre., and Ibl to educate the public by promoting, fostering, and encI￿ra41n4 the knowledge, understanding, and appreciation of art5, particularly muslc, prowding an education programme for ihi5 purpose. BML continues to provlde a facility of Intemational standing for rehearsal and perforrnances by the CBSO and oLher local muslc groups (both professional and amateur) from the City of Birmingham and surrounding region. More broadly, in striving for excellence in all aspect5 of work, BML aimg to con501idat¢ the Ciiy of Birmingham's international reputation for tnusical excellence. BML measures achlevement of its objeclives by using a rigorou5 budgeting process and then reporting regularly during the year on it5 performance against ihi5 budget in both financial and qualitative terrn5. BML ugeg a suite of Key Performance Indicators to measure trading performance and 15 developing reporting too15 to give near real tltne feedback on the financial impact ol its prograrnming declslon5. Thi5 granular understanding of how different events perfortn will become increaslngly itnportant as external support for the organisation declines. The formal statement of B..Music'$ charitable objects are better articulated to the public through its Vlslots and Mission: Vision Our vlslon Is of a strong organ15allon where Birmingham's diversity and crealivity are part ol everything we dD - from our support of artists and audiences, to our respecL for music from around the corner and around the globe. Mlsslon Our rnission is to Inspire a love of live music through performance, participation and learning. Public Beneflt In preparing these financial statetnents the Trustees have taken into conslderation the Charity Corntnission guidance on publk benefit. All BML charitable purposes are for public benefit. All BML trustees carry oul their charity's purposes for public benefiL, and reporting takes place each year to demon5trale this. Achievements & Performance 2022-23 has been the flr5t full year of operation for B:Mu51C that has been free frorn any operatlonal restrictions arislng frotn the coronavTrru5 pandemic. However, the pandemic conlinues to cast a Ion8 shadow, impactlng on audience demand for some genres of music, and in wider soclety il ha5 prompted changing attitudes to how, where and when ppople Y￿rk. This has impacted fooLfall in cities a5 more people adopt hybrid working patterns, and it ha5 influenced employer'5 ability to recruit and retain staff where workin8 practice 15 increasingly as inyortanl a5 pay. In Step with ih15, the war in UkrairE has Irnpacted on utility C05t5. contributing to the highest rate of inflation Since the early nineties, and widespread socieral anxlely as a re5uIt. B:Muslc is affected both on the supply side with rising c05t5. particularly wage inflation, and on the demand side with disposable income falling for nearly all our audience sectors. Thege factor5 cornbine to reduce the tnargins delivered by our prograrnme with consequent pressure on the strand5 of our work in whlch we are able to invest. Maintainlng a vibrant programme of fTee to access music and engagement work become5 increasingly difficult when Lhe more commerclal elernents of the programme are Squeezed. Despite this challenging landscape B..Music has had a very positive year, relurning a Surplus on unre5Lricted funds of apwoximately £20k, after Ihe donations to funds recelyed in the year have been added back, against a budgeled loss of £208k for the year. Although event numbers and audiences were sllghtly down against budget14% and 10% respectively) ￿SUltIng in a reduced event contributTron, some savings on non-evenl costs and a succe55ful claim of £100k agaln5t a business interruptlo Insurance policy largely rnitigated this. In addltion to this an additional lun-budgetedl mid-year pay increase was given to ihe charity's lower paid staff, ￿c08n7S7￿g the challenge5 thal our loyal team are facing. This outturn ha5 rneant that reserve5 rernain largely stable, although Lhe charity is budgeiing for another deficlt budget in 2023-24. In July and August Birmingham h05ted the C¢)mmonwealth Garne5 and B..Music wa5 heavily involved in the BSrtninBharn 2022 Festival, the cultural programme around the Games. In June Symphony Hall produced Beyond the Brick5 of Brum, one of the blue riband events of the Festlval, a concert that broughl together the leading light5 of Lhe Birminghatn musical and spoken word scene in collaboration with the BBC Symphony OrchesLra. Es¢ab115hed artists such a5 Casey Bailey, Sanity and B..MuslC REPORT OF THE TRUSTEES AND STRATEGIC REPORT Associale Art15t5 Black Voice5 each nominated an ernerging artist to partlclpate, embodying B..Music's commitment to talent develOp￿Ent on one of the UK'S most prestigious stages. Elsèwhere in the Festival B..Mu5ic produced podcasts, programmed outdoor stages and even facllltated filming from specially designed platforms at Town Hall. The Games brought a huge influx of vi51tors to the City. particularly to Centenary square where Ozzy, the rnechanical bull featured in Lhe Games opening ceremony, was tetnporarlly located. B..Eat5, the new daytime cafe bar at Symphony Hall was launched fn earnest during thls period and benefited from great footfall from Game5 V151tor5 and excellent feedback on the food offer. B:Eats continued to develop well during the year wiLh attractive seasonal menus and a regular programme of free music and entertainrnenl during half term5 and holidays. The new performance Spaces created by the Maklng an Entrance capilal project at Symphony Hall are now a well established part ol B..Music's free and low cost programme of music. Many of these free events Sell out in advance and our relationship with partners such as Beatfreeks, Celebrating Sanctuary and Sampad Arts continue lo thrive alongside occasional unique events with other city partners such 35 Blrmingham Royal Ballet. We have again delivered a full year ol talent development activitie5 ￿th regular ensemble 5e55ions for young rnu5icians, emerging Jazz artist5 and more. Our key engagement event5 Community Spirit and Generation Ladywood Showcase remain an important part of the year bringing a deep progratnrne of engagerneni with 5cho(A5 and community group5 to the Symphory Hall S￿Se for celebratory concerts. Commercial hires continue to be an Importanl incorne siream for the charity with dinners, graduation5, training event5 and other non-concert activity making a contribution of over £0.5m to the overall trading position. Although demand for large scale conferencing rernain5 slightly reduced, the new hospitality rooms ai Symphony Hall have now gained considerable mornentum as day meeting Spaces with the5r commanding view5 of Centenary Square a unique point of difference Lo competing venue5 at rhls scale. TIE programme on B=Mu55c's main stage5 has continued to be Eoth dlverse and extensive wlth herltage arli5ts such as James, The Leveller5 and Elvi5 Costello playing to capacity houses alongslde e￿￿r£In8 new voice5 like Kae Tempest and Rupi Kaur. Although muslc remains B:Music'5 core programming strand, comedy continue5 to thrive and spoken word events around books and podca51S have become increa51ngly wpular. Classical music rernains an integral part of our programme with 76 performances presented by our resident orchesLra Lhe CBSO alongside our In-hoLtse B..Clas5ical Season of visiting international orchestras and en5ernbles. Although cla55ical tnuslc audiences have not rerurned lo pre-pandetnic levels, B..Music rernain5 committed to the genre and rhe appointment of Kazuki Yamada as incotning Chief Conducior at the CB50 is already being very positively received and brlnging fresh energy to classical audience in the ￿gIon. Despite Brexit, B:Music continues to work internationally as a tnember ol the European Conceri Hall Organisation, sharing best practice across Europe and hosting the Rising Slars programme which give5 a platform to the finest ywng classical rtlU51C taleni from across Europe. REPORT OF THE TRUSTEES AND STRATEGIC REPORT Financial review The r￿U[t$ of the charity for the year are Set out in the ConsolldaLed Statement of Financlal ActiYitie5 on page 16. Thi5 was the flrst full financlal year for B=Mu5iC WlthouL covid restrictions sirKe 2019120 and overall there were 838 events in 2022123 including 222 in Town Hall, 613 in Syrnphony Hall and 3 offsite. This compares to 136 ticketed events acr055 Town Hall and 395 on51Le in Symphony Hall, 16 delivered onlTne and 4 offsile in 2021122. The core grani frotn Birmlnghatn City Council amounted to £1,388k12022: £1,388kl and enables the charity to fulfil Its current charitable purposes. Expenditure In the year totalled £12,832k12022.. £10,567kl. 88% of the expenditure relate5 to the delivery of the charity's objectives. 12% 01 the total expenditure incurred in the year is Trncurred through activities related to generating funds., these Include income-generating actiwties such as commerc5al hires and 5ponsorshlp. Subsidlary undertakings The charity's wholly owned Subsidiary, BMEL, continues to contrlbuie to the charity's mls5ion and its financial resuli5 are shown in note 28 to the consolidated financial statements. In 2022123 it continues to trade in the provlsion of food and beverage and commercial hlres and Saw the own7ng of the Syrnphony Hall City Cafe. In the year BMEL tnade a profit of E271 k after BML managernent fees and 5erYlce charges of 1723k12022.' £329kl and £85k 12022: E24kl BML hall hlre. BMEL will contribute £271k12022: 1113KI in gift aid to the charity withln nlne rnonths of the year end. Prlnclpal funding sources The prlncipal ongoing funding source for the charTty is rental and admisslon incorne, contributlng 51%12022.' 47%) of the unrestricted income. The grant received from Birmlngham City Council constituted 11%12022.. 13%1 of unrestricied income this year. The charity received £45k12022.. E620kl in funding for Making An Entrance ihi5 year. Prlnclpal Related party Birminghatn CiLy Councll wa5 a related party durlng LIE year and is the sole tnernber of BML. Investment pollcy and performance The fund5 available for the charity to invest comprise 59% advance box office receipts and 41% cash reserves. In order to retain flexibility and availability of these fun¢Js, the charity utilises short term, low r15k finarKial markets treasury Investments. No other inve5trnent vehicle 15 Used. The charitls Investments are also held a5 a means of earning revenue on designated and restricted funds unLil they are requlred. Al 31 March 2023 £904k12022.. £2,525kl was held on a 60 day noLice account yielding 0.70%12022: 0.30%) during the year. There was a150 a balance of C1,637k12022: £nill held in a 12 month fixed rate saver account ￿e[ding 0.7%. Pay pollcy The key management personnel are responsible for the running, controlllng, and operating of the charity on a day-to-day ba515. Recruitment 15 carried out by the Head of HR and the relevani head5 of department in line with Ihe Pay Policy Framework. The framework comprlses Approved pay bands and structure Pay leve15 reviewed annually as part of organi5ational revlews Any change5 to pay leve15 arising from annual review are authorised ty Flnance and Scrutiny Committee Reserves pollcy and analysls The Tru5Lee5 revlew the reserves policy on an annual basis. REPORT OF THE TRUSTEES AND STRATEGIC REPORT Restricted Fund In relation to the charit15 Restricted Fund, these contaln donatk)ns from tru5t5, foundations and Indlviduals io be used for speclflc charitable objective5. The lolal balance of these fund5 at 31 March 2023 was £12,235k with 111,869 12022: £12,887k with £12,403kl of this balance representing donations which were used to fund the foyer exienslon (Making An Entrance) and purchase the Symphony Hall organ and other assets and, as such, do not represent 'cash' items. A further E152k12022.. É155kl is held in reserve to cover future funding of organ maintenance at Symphony Hall. Thi5 wlll be used to maintain and refurblsh the instrument. The retnainder consi9ts of funds raised to supporL Sytnphony Hall's Education and Comrnunity Programme as well a5 fund5 specifically donated for other purposes. A detailed analysis is given in nole 20 to the accounts. Unrestricted Fund The Unrestricred Fund relates to cariylng our the charity'5 general objeclives. The Trustees review the re5erve5 policy every year and in the lighl of the changed econornic conditions of the last few year5 which have forced our principal funder, BiTininghatn City Council, to cut their grants to all arts organisation5. The Trustees have agreed to build a level of general reserves of al least £1M to 8ive the organi5aLion the ability to be able to deal wlth unexpected events or to explolt new opw>rtunlties. Symphony Hall and Town Hall are iconlc bulldings and a core part of Birrnlngham's landscape. Each venue host5 a wide range of music and non-tnusic related events including party political conferences and corporaie meetines which have a high tnedla proflle. The Trustees believe ihal It Is ihe responsibility of BML lo maintaln high standards of design and decoration at both venue5 and have therefore designated E915k of funds for current and future Long Tertn Malntenance project5. The 'Designated' Funds at 31 March 2023 totalled £975k12022.' £1,455kl, including £915k12021: C1.2ml for future buildlng maintenance cornmitrnents for Town Hall and Syrnphony Hall and £Ok12022'. £45kl for Making An Entrance activity, details of which are Set out on page 7. The 'General Reserve, fund has a balance of 11,284k12022.. £831kl. Fundraising The fundraising team consists of four perrTwnent members of staff who raise tnoney from trusts and foundation5, indivlduals and companies. Thi5 year In December the fundraising leatn ran a 'December to Remember, carnpaign with the aim of creating 10,000 musical memories for young or vulnerable children. The campaign wa5 very successful raising over £45,0m. In October 2021 Buffalo Fundraising Consultants were appointed to conduct a telephone carnpaign to welcotne regular custorners and donors back to our venues. increase awareness of our rebrand and charitable objectives and to raise fund5 for (yjr learning, participation and cotntnunity engagement project5. Buffalo Fundraising Consultants agree to adhere to any and all fundrai51ng standards and schemes for fundraising regulation that B..Music is voluntarily Subscribed to. The organlsatlon has voluntarily signed up to the Fundraising Regulator, a5 a dernon5tratlon of its wllingness to adopt and promote best practice and to raise funds in an appropriate and ethical manner. In addition, the fundralslng ieam has drawn up its own Eihlcs and Gift Acceptance Policy which has been approved ty Lhe Trustees. Number of complalnts atswt fundraising aCti￿tY- nil. Supporting B:Muslc Over the past 13 years B.'Music has had lo respond to declining public fundins by evolvlng Into an organlsation that is positioned lo tnaxitnise its earned income. Prior lo the pandetnic, B.'Music earnt about 90% of it5 incorne compared to about 75% 10 year5 ago. This financial year B=Mu51c achleved earned income of 87% cotnpared to 68% during 2021122. For the second year running, Birmingham City Council relaxed rewrling requiretnent5 In the Condlilons of Grant Agreement ICOGAI and mainlained cultural grants at existing level5. Revenue fund-raising> due to the support of our paLrons and general public, was able to surpa55 target5 for memberships and unrestricted income achieving E59k lrnembership and patron income) and £174k lunrestrlcted donations and gift aid). Overall, 75% of an ambitlOU5 phllanrhropic budgel wa5 achieved. Particular thanks are glven to Birmingharn Ctty Councll, GBS Local Enterprise Partnership, Art5 Councll England and our many spon50r5 and donors for their support. REPORT OF THE TRUSTEES AND STRATEGIC REPORT Principal buslnes5 and flnancial risks and uncertalntle5 The charity's principal trading activilie5 can be 5Umtnari5ed as Own Promotlon, Co-Promotion and Rental in the organising of events at Town Hall and Symphony Hall. Each of these calegories of event ha5 differeni risk profiles. The charlly manages these uncertainties and risks appropriately through a Tobust rnechan15tn of controls which include monthly reporting of event profllability> daily mnltoring of box offlce receipts for future event5 and pre-event profitability forecasts & analysi5. Risk rnanagemenl The trust￿5 have a risk managetnent strategy which compri5e5'. a quarterly review of the principal risk5 and uncertainties that the charily and it5 Irading subgidiary face the establishrnenl of policies, systems and procedures to mitigate those risks identified in the annual review The itnplementation of procedur* designed to minlm55e or manage any potential irnpact on the charity should those risks rnaterialise. These are the rnain areas of rlsk affecting the charlty: P05t-Pandemlc behavloural change De5Plte the lifting of all formal resirlctions, the pan(kmic has left a legacy of chatY4ed behaviours whTch impact on the charity. Concert Programme.. There rernains sorne ongoing in51abilliy In the live event5 Sector causlng events to cancel or reschedule, irnpacting both incorne and audience confidence. As art15ts try to recoup two years of lost touring incotne there Is a150 the POS5ibility of over-supply, with audiences for artist5 that lour regularly likely to dwindle, as tlckel buyers prloriLise more unlque events. The charity is now re-tmdelling the ylelds arising from dTfferent event types to optimi5e the programme for an uncertain market over the next couple of years. Conferences and Events: The move to virtual or hybrid ￿￿etingS over the pandemic has impacred the in-person conference market which is yet to return to pre-pandernic levels. Thls places a small but profitable part of the chariiy's events pr0grarnrr￿ at ongoing risk. Audiences: There 15 clear evidence that audiente5 for Some genre5 of music have been slower to reLurn post-pandernic than others. This is mosl evident classical music which on average attracts the oldest audience. This directly affects B..Muslc's Income both from directly prornoted classical concert5 and from those presented by the CBSO. Recruitrnent and people: The swltch to working during the pandemic has prompted a hard reset on expectation5 in the labour market with existing and prospective siaff Yiewing an elernent of home working almost a5 a right rather ihan a benefit. :Mu5ic has an infortnal hybrid working policy which addre55es this but nonetheless the charity still competes with other employers who can offer more ￿Laxed expectatlons around working on site. Although the wont of the post-pandemic disrupLion in the casual labour market (stewards, bar staff and technician51 has abated, the charity is stlll vulnerable to market forces meaning that stafflng evenL5 can sometime5 be precarlou5. Politics and the economy A sustained peri(￿ of high inflation 15 Significantly impacting B..Music's staff and customer5, Wlth many Ilkely lo experience signlflcant mortga8e rate Increases over the coming year on top of unprecedented inflation In food and fuel costs. This climate cotnpounds speclflc p05t pandemlc i55ues with a fundarnental challenge to the affordabllity of concerts. The likelihood of reduced consumer spending on rK)n-essentlals such as leisure activities ￿Se5 a Significant risk. Clty Centre issues As hybrid working becomes normalised acr055 rnany white-collar industries, footfall in the clty centre ha5 reduced from pre- pandemic lèvels with a wssible impact on B=Music's daytltne trading. Sitnilarly there n)ay be less city worker5 around to enjoy a conceri after work. The ertErgence of a Tuesday to Thursday on sile working pattern across the clty is clearly evidenced in receipts for the B.'Eats café bar at Symphony Hall. Ongoing building works In the city and the extension of the Metro to Edgbaston conLinue to create the irnpress*)n Lhat the ctty centre is Inacce55ible to some audiences. This has been compounded by the introductlon of the Clean Alr Zone I'CAZ") in June 2021 which levTes a significant daily charge for non-cornpliant vehicles entering the zone. Both Sytnphony Hall and Town Hall and a550ciated parking are within the CAZ. REPORT OF THE TRUSTEES AND STRATEGIC REPORT Birnjingham City Council Grant B..Music receive5 a dlscretionary annual grant of c. £1.3m from Birtningham Clty Council, nominally lo tover the rent and Service charges altributable to Symphony Hall arising from its position as part of the wider ICC building. A5 these service costs increase and the grant remains 5latic, it Is likely that this grant wlll fail io cover those costs wiLhin the next couple of years. Th55 Is a significant risk to the charity. B:Mu51C 15 seeking to renegotiate the flow of funds to protect the charlty's flnancial position. In July 2023 it emerged that BiTrningham Clty Council could be liable for up to £760m in equal pay clalms and its pr￿S sLatement notes there will be significantly fewer resources ovailoble in the future compored to previous year5 ond we wlll need to reprlorltlse where we spend toxpayers, money" This con5111uies a significant risk to B..Music's annual grant. Reseryes and maintenance Another current rlsk Is the inabilily to Invest In building infrastructure and long-ierm maintenance due to falling funding. A pian to accumulate a designated fund for long terrn rnaintenance of bDth venues 15 buili Inro the charity's financial strategy. Long Term Mainrenance expendilure a5 al the balance sheet dale stlll io be depreciated arnounted to 1377k. This is the first call on the Buildings Maintenance Reserve 'De55gnated' Funds of £915k, leaving E538k for future project5. Terror threat Following the terrorisl attacks in Manchester and London in May 2017 the securlty of our venues and safety of our patrons and 5faff has become our highest rlsk. Management of this risk Is ongoing with additional planning and resource being deployed. Llquldlty rlsk The charlty's policy Is to ensure continuity of available fundlng by active management of WOTking capital. Credlt Rlsk The charily has no slgnlficanl concentrations of credit rlsk. The charTty has implernenLed pollcies that require appropriate credit checks on potential cu5Lotner5 before sales commence. Insurances of Director5 The charity maintained insurance for the Trustee5 in respect of ihelr dutles as Directors of the charily throughoui ihe financial year ended 31 March 2023 and such indetnnity insurance was in place at the date of approval of these financial statements. For the financial year under review the total cost of the itKJetnnlty Insurance for the Trustees was C2.8k and rhe cover £5m 12022= £3k cost and £2m coverl. Plans for future perlods Worklng toward5 more ways to Increase the value and Impatt of B:Muslc's work It is the Trustees, Intention to build on the succe55e5 achleved to date so that trKth venue5 continue Lo work ￿gether to: Provide a platform for local perforrner5, amateur and professional, alongside a forward-looklng programme of natlonal and international performances and event5, Provide a programme mix that engage5 past audiences and develops future ones, Create performance, pariicipation and learning opportunitle5 for young people, Identify and serve the needs of the mulii-cultural population of the city, Engage all visitors with th@ Town Hall's heritage and its role in Birmingham's contemporary civic and cultural life, Make both Yenue5 welcoming and accessible to all. delivering a variety of cultural, community, ciwc and corporate actlvltles to the highest professional standards with outstanding custorner Service. REPORT OF THE TRUSTEES AND STRATEGIC REPORT Funding Review Blrrningham City Council has alway5 placed great value on culture in the city and the organisatlon5 that promote the arts B..Mu51c has always been extremely grateful for the fundlng ihal it has received. Nevertheless, pressure on local government budgets is more intense than ever and as a result the arn￿n¢ of rnoney which Blrmingham City Council can devote to the arts has inevitably had to reduce over recent years. Making an Entrance, the project Lo extend Syrnphony Hall's foyer5 and wblic spaces wa5 B=Music's strategic re5PDnse to thls decline in publlc funding and a significant step on the road to financial self-reliance. The project wa5 the corner5Lone of a five-year business plan to increase earned incotne and trust and foundation support. The iFnpact of COVID-19 during 2020-27 delayed our ability lo unlock the flnancial potential of the new facilitie5 and set the planning tlmeline back signlflcanlly. The asset was finally brought into economic use 1 Seplemter 2021. Ourin£ the Covid pandemic, Birrningharn City Council elected for the arts funding support to rernain at 2020-21 leve15 to allow planning to continue unitnpeded. A static grant has continued in 2022-23 and 2023-24. The flve-year plan Is now being rebased for a recovery period and public confidence io return. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRu>fEES AND ADVISERS Reference and administratTon information The Charity ha5 a 25 year lease with Birmingharn City Council for Symphony Hall which COTntnenced on 1 May 2015. A new lease takes effect in reversion to ihe exlsilng lease on 29 September 2026 and ends on 28 April 2050. The Charity has a 99 year lease wilh Blrmlngham Cily CrAJncil for the Town Hall which was signed Dn 24 June 2016 effective 9 February 2007. Authority lo conduct the day-to-day operations of the charlty is delegated by the Tru5lees to the 5enlor Managernenl Teatn. The Senior Managernenl Team Is accountable to the Board of Trustees and 15 responsible for the efficient running of both Town Hall and Symphony Hall with the help of iheSr staff. The Senior Management Tearn 15 re5ponslble for the Implernentation of wlicies and strategies on behalf of the Trustees. Sub-group and Comtnlttees Finance and Scrutiny Cotntnitiee Norninations Committee Health and Safety Cornmlttee Capital DeVelop￿nt Committee People Cotnrniliee Trustee Constltutlonal Provision5 One thlrd of trustee5 shall retire fmrn office each year. A retiring twstee shall be eligible for re-election. Offlcers and Management The Trustees of charity who were In offlce durlng the year and up to the date of the signing of the financial statements were.. Appolnted ReslgnedlRetlred M5 Anita Kumari Bhalla OBE DL Ichair 27 February 20141 M5 Mary Julia Martin FCA Mr Vidar Paul Hjardeng MBE BA PG Ofip Mr lan Philip MyaLI Mr James Tail Mr Joel Graham Blake OBE Mr Davinderpal Bansal Councillor Ewan Forbes Mackey Councillor Alexander Georye Aitken Ms Helen Elizabeth Bates Ms Claire Jane Evans Mr Anthony Roger Howard Mr Oluwatnayokun Alonge Mrs Sheryl Andrea Miller Mr Paul Hooper-Keeley Sir Albert Bore Mr Praveen Gupta 19 August 1996 27 May 2009 18 June 2009 18 June 2(A19 13 January 2014 19June 2014 19 February 2015 24 July 2015 6 July 2018 1 April 2017 1 April 2017 1 August 2019 1 Augu5L 2019 10 May 2021 fo May 2021 2 February 2023 27 April 2023 9 Decernber 2022 9 December 2022 17 Jun@ 2022 15 February 2023 The Direcwf5 of the trading company who were in office durlng the year and Up to the date of the signing of the finandal statements were.. Appolnted ReslgnedlRetlred Mr Joel Blake OBE Ms Nicola Keye Mr David John Rlchardson Parthe Ms Claire Evans Mr Anthony Roger Howard Ms Katherine Elizabeth Rouse Mr Andrew Jatnes Buckley Ms Simranje@t Kaur Mr Shaun Anselm Soojoo 19 February 2015 26 Novetnber 2015 26 November 2015 1 April 2017 1 August 2019 1 August 2019 27 April 2023 27 April 2023 27 Aprll Z023 8 June 2022 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS SenTor Management Team Mr Nick Reed ICEOI Mr Nick Loveland ICOOI Mrs Janine Bradley IDirectOT of Finance) Mr5 Nicole Evans (Director of Commerclal Services) Mr Richard LoftU5 (Director of Sale5 and Markeiingl IResigned 22 December 20211 Principal Place of Business and Advisers Registered Off5ce: B..Mu5ic Ltd, Symphony Hall, 8 Centenary Square, Birtningham, B12EA. Independent Auditor: Cooper Parry Group Limited, OffTce 401, 4th Floor, Two Chamberlain Square, Biimlngham, B3 3AX. Bankers., National Wesimln5ler Bank PLC, Sollhull, High Street IA) 8ranch, Solihull, Birmingham, B91 3TF. Solicitors.. Browne Jacob50n, Victoria Square House, Vlctoria Square, Blrmingham, B2 4BU. Company Secretary: Castlegate Secretaries Ltd, clo Browne Jacob50n, Victoria Square House, Victoria Square, Blrmln4hatn, B2 4BU. Country of Incorporation.. Registered and Incorporated in England and Wales Charlty number.. 1053937 Company number: 03169600 Structure, Governance and Management Organlsatfonal structure B-Mu5ic Ltd 15 a company litniled by Euaraniee by its men￿randurn and Artitle5 of Association thai were last amended on 1 September 2011. Birmingham CiLy Council is the sole member. The charlty ha5 been registered with the Charity Comtni55ion as an educational charlty to educate the publlc by encouraging appreciaLion of the arts, In particular music, and to educate young people in performing and comp05ing rnusic. The charity continues to hold the whole of the Issued Share capital of B..Music IEnterpri5esl Ltd I'BMEL, I. BMEL is reglstered th Cornpanies House for England and Wales under number 03146280. Registered Office.. B.'Music (Enterprises) Ltd, Symphony Hall, 8 Centenary Square, Birmingham, B12EA. BMEL is governed by its Mernorandum and Articles of Association that were last amended on 9 March 2007. Governance The governing body of B..Music is the Board of Trustees. The Board consists of not le5S than 13 Trustees at the balance slEel date who apwlnt a Chairman. The Board are legally responsible for the governance and managernent of the charlty. The Trustees are notninated by the NorninaLion5 Committee and subsequently approved by the Board. They are made up of individuals chosen to represent the charily's stakeholders. They have a wide-ranging experTence in busine55, [￿SIC, education, and rnedia and advise on all aspects of the charity's owration, giving strategic guldance on future developtnent. Charfty Governance Code The Board of Trustees ha5 considered the CharTty Govemance Code and supports the Code's seven prlncTP(es of oryanlsaik)nal purpose- leadership. integrity; decision-rnaking, risk and control. board effectiveness; diver51ty.' and openne55 and accounlability. The Trustees take tktse principles into consideralion in all aspect5 of policy review and risk manage￿￿nE and apply recom￿￿TrdatlOnS where appropriale. The Board note Lhe Code is not mandatory, but a practical lool lor continuous improvetnenl towards hlghe5t standards. 10 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRu¥fEES AND ADVISERS Equality, Diverslly, and Incluslon IEDII B..Music has renewed it5 commitment to become an organisation where there are no barrlers to entry or progression, and it aspire5 to See the diversily of the region fully represented in its siaff and audiences, and in the perfOrrne￿ on its stages. The chariLy recognises Lhat it needs to work positlvely to achieve thi5. B-muslc has formed a trustee led EDI group that will lead Ih15 work, and it has engaged an extemal inclu5ioTh specialist to survey Staff attitudes to create a daia set to inform further training. policy formation and speclflc intervenLion5. There was a really high response rate to this survey suegesting a high level of enEagemenL wiLh thi5 ambition. Employee Involvement and Employment of people wlth dlsability A5 an employer B..Music has a range of human resource policies that support our charitable objectives and our art15tlC V15ion io provide mre tnu5ic for more people. Our ambition to provide a relevant and acce55ible programme of event5 is rnatched by a need to work toward5 diver5ifyin8 the workforce. Communication and parlicipation are key, to that end we have an employee representative committee who meet regularly, an ernployee newsletter and regular CEO updates. MorÈ widely we have an access fowm,. members are drawn from employee5, CUStomer5 and other expert5 in the field of dlversiiy and access, and they suptK)rL and guide the organisalion to enable it to continue lo work towards operaling fully inclusive venues. Music Ltd has a diver511y pollcy, r￿Pect in the workplace POI￿y, and a long esta￿l$hed open and transparent approach to the recruitment, retention and reward of staff. Volunteers B.'Music operates a volunteering prograrntne whereby volunteer5 provide support and assistance to customers attending events. There were no volunteers during the year ended 31 March 202312022.. nill. Trustee Induction and Tralnlng Most Trustee5 are already familiar with Lhe work of the charity having been encouraged to participate in Sub Gmups, Comtnittees and Focus Groups. New Trustees are invited to an induction session with the senior managers of the charlty to familiarise thetn5elves with the charity and the context within which it operate5. A Trustee induction pack ha5 a150 been circulated to all Trustees containing key docurnenls and information about how the chariiy Is organised and how it operates. An on-going programme of Trustee trafnlng Is being devised to further enhance this area. Declslon Maklng The Chief Executive Officer has delegaied authority from the Lrustee5 for decision making bul matters of key 5Lrategic itnportance are presented to Trustees for debate and to benefit from their specific experflse. In terms of prograrnrne for example, the detail of individual performances within a season would be delegaled to the executive bul the decision on whether to introduce a new or high-ri5k strand of programming would be shared with Trustees. In general prirriple the CEO will P￿sent the risk5 and benefll9 of decisions and rnake a recomrnendation for board approval. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Tru5tees' responsibilities statement The Trustees (who are also director5 of B:Music Ltd for the purposes of company lawl are responglble for preparing ihe Tru5tee5' Annual Report. the Strategic Report and the financial statement5 in accordance with applicable law and United Kingdorn Accountlng Standards Iunlled Kingdom Generally Accepted Accounting Practice). Company law requlre5 ihe Trustees to prepare financlal 5taternents for each financial year which give a Lrue and fair Ylew of Lhe state of affairs of the charltable company and the group and of the incomlng resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financTal 5Lalements, the Trustees are required to.. select suirable accounting pollcies and then apply them cons15tenLIy' observe the method5 and principles in the Charities SORP IFR51021' tnake judgement5 and estimate5 that are reasonable and prudenl,. and prepare the financial staterTrent5 on the going concern ba515 unless it 15 inappropriate ￿ presuffle that the charitable company will continue in busine5S. The Tru5lee5 are respDnSTble for keeping adequale accountlng records that disclose wlth reasonable accuracy at any t)￿ the financial positlon of the charitable cotnpany and enable them to ensure that the financial statement5 comply with the Companie5 Act 2006. They are a150 responsible for safeguarding the as*ts of the charitable cornpany and the group and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Statement of disclosure of informatlon to the audltors In 50 far as the Trustee5 are aware.. there 15 no relevant audll information of whlch the charltable company'5 auditor is unaware,. and the Trustees have taken all steps thaL they ought to have taken to make themselves aware of any relevant audit information and to estab115h that the auditor 15 aware ol that information. Th15 rep(Yt was approved by the Trustees on 7 September 2023 aThJ slgned on their behalf by: Anita Bhalla OBE Chalr 12 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD Oplnlon We have audit& the flnancial State￿entS of B'.Music Limlted I'the parent charStable company") and Its subsidiary I'the group'l for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activitie5, the Group and Parent Charitable Company Balance Sheets, the Con5011dated Statement of Cash Flows and the related notes, including a sumrnary of signlficaTrl accountlng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Acc¢yJnting Standard5, including Financial Rewrting Standard 102 "ThÈ Financial Reporting siandard applicable In the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounilng Praclicel. In our oplnlon the financial statements.. give a true and faiT vlew ol the 5taLe of the group's and parent charitable company's affairs as al 31 March 2023, and of the group'5 incoming resouTces and application of resources, including lis Income and expendlture, for the yeaT then have been properly prepared in accordarKe with United Klngdom Generally AccepLed Accounting Practice,. and have been prepared In accordaKe wlth the requirements of the Companie5 Acl 2006 and the ChariLie5 Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. responslblllties under those Standards are further described in the Auditor'5 responsibilities for the audit of the financlal statements Section of our report. We are independent of the group and parenl charitable company in accordance with Lhe ethical requirement5 Lhat are relevant to our audit of the financial 5tateTnents in the UK, includlng the FRC'5 Ethical Standard, and we have fulfilled our other ethical reskKinsibilities in accordance with these requirements. We believe that the audlt evldence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Con¢lus5ons relatlng to golng concern In auditing the financial statements, we have concluded that Lhe tru5tees' use of the going concem basls of accounting In the preparatlon of the financial 5taiements is appropriate. Based on the work we have performed, we have not identified any rnateiial uncertainties relating to event5 or conditions that, individually cr collectively, rnay ca51 significant thubt on the group and parent charitable company's ability Lo continue as a golng concern for a period of at least twelve tnonths from when the financial sratements are authori5ed for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to golng concern are 1*5criEed in the relevant seclion5 of thi5 report. Other Inforrnatlon The other information comprises the information I￿lUded in the Trustees, Annual Report, other than the financial statements and our auditor's report Lhereon. The trustee5 are responsible for the other information contained within Lhe annual reporl. Our opinion on the financial stateThents does not cover the other information and. except w the extent otherwise expllcltly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility 15 Lo read the other infortnaLion and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obLained in the course of Lhe audit or otheM5e appear5 to be materially misstated. If we identify Such material inconsistencies or apPa￿nt material rni55Latetnent5, we are required to determlne wheiher this gives rise to a material misstaletnent In the financial sLatements themselves. If, based on the work we have perforrned, we conclude that there 15 a material misstatement of this olher informatlon, we are required to report that fact. We have nothing Lo reporl in this regard. 13 Oplnions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In the cwrse of the audit.. the information given in the Trustees. Annual Report Ilncorporating the strategic repDrt and the dlrectors. report) for the financial year for which the flnancial statement5 are prepared 15 consistenL with the flnatKial staternen15- and the Tru5tee5' Annual Report lincorporaling the strategic rewrt and the directors, report) has been prepared in accordance with Legal requlretnents. Malters on which WÈ a￿ requlred to report by exceptlo In the light of our knowledge and understanding of the group and parent charitable cornpany and its environment obtalned in the course of the audit. we have not identified ma￿rIal rni5Statements in the Tru5tees' Annual Report lincorporaLlng strategic rewrt and the directors, report). We have nothing to report In respect of the following matters in relation to which the Companies Act 2006 requires u5 to report to you if, in our opinion.. adequate accounting record5 have not been kept by the parent charitable company, or returns adequate for our audli have not been receEved from branche5 not visited by us,. or the parent charitable cotnpany's financial sLatements ale nol in a8reetnent with the accounting record5 and returns,. or Cer￿7￿ disclosures of tru5tee5' remuneration specified by law are not tnade,. or we have not received all the information and explanations we reqUfj￿ for our audlt. Re5ponsibilltles of trustees As explained more fully in Lhe Statement of Trustees, RestK>n5ibilitie5, the trustees are resFonsible for Lhe preparatlon of the financial staternent5 and for being satisfied thal they give a true and fair vlew, and for such Internal control a5 the trustees deterrnine 15 necessary to enable the preparation of financial statements that are free frorn material mi55tatement, whether due to fraud or error. In Preparing the flnancial statements. the trustee5 are responsible for assÈs5ing the group's and parent charitable cornpanys ability to continue as a golng concern, discloslng, as applicable. rnatters related to going concem and using the going concern basis of accountlng unless the tru5tee5 either intend to liquidate the cornpany or to cease operatlon5, or have no realistic alternative but to do so. Auditor's re5ponsibiltties for the audlt of the flnanclal statement5 We have been appointed as auditor under the Companie5 Act 2[￿ and reFK)rt In accordance with thi5 Act. Our objective5 are io obtain rea50nabie assurance about whether the financial statements as a whole are free from rnaterial m1$5taternent, whether due to fraud or error, and to i55ue an auditor'5 report that include5 our opinlon. Reasonable assurance 15 a high level of assurancÈ, but 15 not a guarantee thal an audit conducted in accordance with15A5 IUKI will always detect a material tlli55tatement when It exists. Missta¢etllent5 can arise from fraud or error and are considered materlal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the ba515 of these financial statements. Irregularitie5, including fraud, are Instance5 of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to detect rnaterial misstaletnents in respecl of irregularltles, I￿lUding fraud. The specific procedure5 for this engagement and the extent to which these are capable of detecting irregularities, Including fraud are detailed below.. Our assessment focu55ed on key law5 and regulation5 the grwp and parent charitable company has to comply with and area5 of the financial statements we assessed as being more susceptible to m155tatement. These key laws and regulations included but were not limited to compllance with the Cornpanies Act 2006, Charities Act 2011, Twstee Act 20Q), Charitie5 IProtectk)n and Social Investment) ACL 2016, taxation legislation, data protection, Health and safety legislation and ernploytnent legislation. 14 We are not responsible for preventlng irregularities. Our approach to detecting irregularilies included, but was not lirnited to, the following.. obtaining an understanding of the legal and regulatory fFatnework applicable to the group and parent charitable company and the group and parent charflable company are complying wilh Lhat framework, including agreement of financial staternent di5c105ures to underlying documentation and other evidence., obtainlng an understanding of the group and parent charitable company's control environment and how Lhe graup and parent charitable cornpany have applied relevanL control procedures, through discu55ion5 Wlth tnanagement and by perlormine walkthrough testing over key areas., obtaining an unde15tandlng of the group and parent charitable company's risk assessment proce55, including the risk of fraud., reviewing rneellng mlnutes of those charged with governance ihroughout the year,. and perforrnlng audit testing to addres5 the risk of rnanagement override of contro15, including testing journal entries and other adjustrnent5 for appropriateness, evaluating the buslness rationale of 5ignificanL tran5actlons outside the nortnal course of ￿sineSS and reviewing accounting estimates for bias. Whilst COn51dering how our audit work addressed the detection of irregularitie5, we a150 considered the likelihood of delectlon based on our approach. Irregularities arising frotn fraud are Inherently more difficult to detect than those arisin8 from error. Because of the Inherent limitations of an audit. there Is a rlsk that we will not delect all irregularities, Including those leading to a material misstaternenl in the financial statements or non-compliance wlth regulation. This risk increases the more that compliance wlth a law or regulalion is rernoved fmm the events and transactions reflected in the financlal statements, a5 we will b@ Less likely to become aware of instances of non-compliance. The risk 15 algo greater regarding irregularltles occurrlng due Lo fraud rather than error, as fraud involves Intentlonal concealment, forgery, collusion, omlssion or misrepresentation. A further de5crlpilon of our responsibililie5 for the audll of the financial statement5 is located at the Financlal Rep)rting Council's I"FRC's"I website at: https..//wvM.frc.org.uklaudiLorsrespon5ibilities. This description forms part of our aud1tor's report. Use of tsur report Th15 report Is made solely to the charitable company's members, as a body, in accordance with Chapter 3 Part 16 of the Companies ACL 2006. Our audit work has been undertaken 50 that we rnight State to the company's members those matter5 we are requlred to state io them in an auditor'5 report and for no other purwse. To the fulle5l extenL peimitled by law, we do not accept or assume re5POn5ibility to anyone other than the cornpany and the cotnpany's members as a body, for our audit work, for thls report, or for the opinions we have formed. 5irnon Atklns FCA (Senlor Statutory Audiiorl for and on behalf of Cooper Parry Group Limited Statutory Auditor Cubo Birmingham Office 401, 4lh Floor Two Chamberlain Square Birmingharn 83 3AX Date.. 20 September 2023 15 2023 2023 2023 202Z 2022 202Z Restricted Unrestricted Totsi Restricted Unresiricled Fund Total Fund Fund Fund Fund Fund Note Éooo £000 £000 cooo £ocx) £(￿0 Income from.. Donallon5 and leqacles Charitable act)￿LIes. 48 177 225 34 181 216 Rental & adffllssSons Gra)ts receivable 3a 6.151 1,400 1,653 2,498 6.151 1,592 1,653 2.498 34 5.103 2,458 960 5,103 3.292 960 192 834 Other charitable actlvltle5 OtIEr tradlng actl¥ities Investments Ib 1.280 1,280 Total 240 868 9.996 Expendlture on: Ralsing funds- Commercial tradlng opEration5 Fundraising 11,4281 11.4281 11661 18271 18271 11081 Chamtable actlvltles 18921 110,3461 15821 19,0501 19,6321 Total 892 582 Net Ilosslllncome for the year 16521 1271 16791 286 297 Trar￿fer5 between funds 19120 Net movement in funds 652 27 679 286 297 Fund balances brought forward at I prll ZOZZ 12,887 2,286 15.173 12,601 2.275 14,876 Fund balance5 carrled forward at 31 March 2023 All the a￿ve regvlts are derived from continulng acLivi¢ies. Ail galns and 105se5 in the year are included in the above. The notes on page5 19 to 37 form part of t￿se financial 5LaLements 16 Group 2023 Charfry 2023 Note 21Y22 2022 £000 cooo EOOO Flxed A55et5 Intangible fixed assets Tang5ble flxed a5set5 11 69 88 69 88 13.363 13,723 13,361 13.723 Total Flxed A5set5 13 432 13 811 13 432 13 811 Current A5set5 Stocks 33 27 Debtors 1,116 2.540 3,f02 1.506 2.525 4,105 951 1,292 2.525 4.019 Cash Investments 2,540 Z,979 Cash at bank and in hand Total Current As$ets 6.791 8.163 6.470 Y,836 Creditors- amounts folllng due wlthln one year 17a 14,6721 15,8501 14,6021 15,6131 Net Current Assets Creditor5- arnounts falling due after one year 16201 14371 16461 16201 14371 16461 Net A55ets 14 494 15 173 14.243 15,083 The Fund5 of the Charity.. Restrlcted Income Funds 20 12,235 12,887 12,235 12,887 Unrestricted Income Funds Designated funds Gèneral reserve 21 975 1,455 811 975 1,455 741 21 1,2B4 1,033 Total Unrestrlcted Income Funds 2.259 2.286 2,008 Z,f97 Total Charfty Funds 14 494 15 173 14 243 15 083 The charity has taken advantage of Sectlon 408 of the Companies Act 2iJ]6 and paragraph 397 of the SORP and has not included a Separate statement of Financial ActiviLie5 in these financlal 5tatemenis. The Statement of Financial Activitie5 on page 15 includes £10,562k12022.. E9,923kl of income and £11,402k12022.. £9,740kl of exFEnditure relating to the charity re5ulilng In net expenditure of £840k12022'. net Income of 1183kl. These flnancial statements were approved and authorised for issue by the Trustees and signed on their behalf by M5 Anita Bhalla OBE Date.. The notes cfft page5 19 to 37 forfn part of these flnancial statements 17 Notes 2023 2022 £000 1000 Cash flows Iu5edllfrom operatlng actlvltles: Net cash prov5ded by operating activitles 23 604 Cash flows from Investlni acti￿tieS.. Divldends, Interest and rents from Investments Purchase of property, plant and equipment Net cash (used Inl IRvestments: 14 353 634 16221 Cash flows from flnanclng activitie5 Repayment of borri)wirY45 51 1571 Chanqe In cash and cash equlvalents in the reporting period Cath and cash equivalents at I Aprll 20ZZ Cash and cash equivalent5 at 31 March 2023 19881 943 5,687 24 18 Accounting policies Basis of preparation of accounts The financial statements have been prepared in accordance with AccountinE and Reporilng by Charities- Statement of Recomrnended Praciice applicable to charities preparing their accounts in accordance with the Financial Rewrtlng Standard applicable in Lhe UK and Republic of Ireland (January 20221 IFR51021- Icharlties SORP IFRS10211, the Finarcial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 and the Companies Acl 20rK). B..Mu5ic Lid meets the definiilon of a pubtic benefit entity under FRS102. Assets and liabilitles are initially recognlsed al historical cost or transaction value unless otherwise stated In the relevanl accounting tolicy noLelsl. The accounting Folicie5 mentioned have been applied con515tently across the year. Judgements and estimations Management ha5 nor made any signlflcant judgement5 In the process of applying the accounting policies and there are no areas of estimation uncertainty that have a significant risk of causing a malerial adjustment lo the carrying amounts of as5et5 and liabilities wilhln the next financial year. Preparatlon of accounts on a going concern basis These accounts have been prepared on the going concem basis. Th15 Is underpinned by.. Robust budgetary control tnechanisms Regular review of staff remuneration policies and non-pay c051 reviews Regular review of our risk reg15ter Income growth targets in specific areas to mltlgate the Ios5 of public funding Basis of consolidation The Group's financial Statements include the flnancial statemenl5 of the charity and ils tradln8 subsidiary* BMEL and have been consolldared on a line-by-llne basis. Uniforrn accounting rA)licies are adopted acr05S the group. A separate Slatement of Financial Activities and incorne and expenditure account are not presented for the charity itself following exernptlons afforded by Section 408 of Lhe Cotnpanies Act 2006. Income Incorne Is generally recognised on a receivable basis for generating fund5 but income generdted from charitable activities is recogni5ed at the point revenue and the cost5 assoclaied with the delivery of the service5 can be reliably measured. It Is measured at the fair value of the consideration received or receivable. The speclflc bases used a￿ a5 follows.. Donation5 and legacies are accounted for on a receivable basis. 1nvestment incorne Is accounted for on an accruals ba51S. Charitable actlviiy, trading and merchandising incorne 15 accounted for wlEn earned. Grants are recognised when the entitletnent to the grant 15 conflrmed. Investments All of the charity's inve5ltnents are held as cash deposits and the charity does not currently have any inve5ttnents where Ios5e5 can be incurred. Expenditure Expenditure is recogni5ed when it is inCu￿ed and Is reported gr055 of fftlated income on the following bases.. Raising funds cornpriges the c05t5 associated wilh attract1ng voluniary incotne and the other costs of other income generation e.g. costs associated with provision of catering services. Charitable expenditure cornpri5es direct expenditure, including direct Staff costs attributsble to its activitie5 for ils concert prograrntne5 and educational programme, and indirect Staff costs and overheads. Governance costs include those i#curred in the governance of its assets and are associated with constiiutional and statutory requirernent5. 19 Accountine pollcles . continued Operating leases Rentals payable under operating lease5 are charged to the Statement of Financlal Activitles on the straight-line ba515 over the lease terrn. Employee benefit Costs Contrlbutlons to penslon schemes are charged to the Statement of Financial Activitie5 as incurred Isee note 81. Intangible flxed assets and amortisatlon Intangible flxed assels comprise software and IT system Ikences which are arnortised over five years. The amorti5ation charge is included within expendliure on charitable activities ¥￿th7Th the Con501idated Statement Of Financial AcLivities. Tangible flxed assets and depreciation It is the charity's policy to capltalise the cost of major capital projects and to depreciate Lhern over their eslimated useful Ilves. As a matter of policy expenditure is capitali5ed on Individual proje£t5 where that expenditure 15 rnore than £I0,CKJO in total it dSrectly results In: Generation of new economic benefil. Enhancetnent in the economic benefit generaled from existing assets. or Substantlal Increase in the economic life of existing a$5ets. Tanglble fixed assets are 51ated at hi5torTC purchase c05t less accurnulated depreciation. Cost IncI￿je5 the original purchase price of the asset and Lhe costs attributable to bringing the asset to its working condition for it5 intended use. The cost of the Organ (note 131, which comprises the acquisition and conslructlon costs, is belng depreciated and charged against the restricted fund over the iertn of the sub-lease 125 year51 from the dale of installation120 October 20011. IT equipment is depreciated over 2.3,5,7 or 10 years dependent on the nature of the equlprtient. Other a55et5 are being deprecTated on a straight-line basis over their useful economic life a5 follows.. Over five years Box offlce system, Town Hall projectors, Sytnphony Hall bars equipment, gift shop flxtures and fltting5. digital media display5, dishwasher5, refrigeratlon, tables and chair5, THSH Wi-Fi, Town Hall AV equipmenti symphony Hall radlo sysLem, Symphony Hall productlon LX Over slx year5 Heineken bar Over seven years Town Hall Ilghtlng, Town Hall PA 5y5lem Over twènty years Symrthony Hall lightins Where an assel ceases to be used, or the value of that asset falls below the reported net realisable value (cost less depreciation to datel of that assei, an impairrnent review will be carried out by Lhe charity. Debtors Trade and other debtors are reco4nT5ed at the settlernent arnouni due after any discounts. Prepayrnents are valued at Lhe amount prepaid net of any discounts. Credltor5 Creditors and provisions are recognised where the charily has a present obligation resulting from a past event that will probably re5uIL in the transfer of fund5 to a ihird party and the amount due to settle the obligation can be rneasured or estimated reliably. Provision5 are measured at the best e5tirnate of the expendTrture required to settle the obligation at the balance sheet date. 20 Accountlng policies - continued Stocks Stocks are stated at ihe lower of c05l, being the wrchase price for items, and net realisable value, being the lowest reasonable price attainable upon sale, on a first in, fir5l Out basis. Deferred Income Box Office receipt5 received in advance are recogni5ed a5 deferred irKoTne and valued at Lhe amount received for advanced ticket 5ale5. Cash and Bank Balances Cash and bank balance5 Includes cash and SP￿rt terrn highly liquid investments with a Short maturity of three months or less from the date of acqui51tion. Flnancial Instruments The group only ha5 financlal assels and financial liabiliLles of a kind that qualify as basic financial insiruments. Basic financial instrurnents are initially recognised at transaction value and subsequenily measured at thelr *ttlement value. Funds B=Music Ltd has de51gnated fund5 which are unrestricted funds set aside for specific purposes by Trusiees and which would otherwise form part of the chariiy's general reserve. The general reserve relate5 10 unr￿triCted funds that are available to carry out any of the charitable objectives of the charity. The Income generated from asseLs held as unrestricted funds is treated as unrestricted income. Restricted funds are funds Lhat have restriction5 itnposed by donors and can only be applled for the parllcular purposes specified by donors. The income generated from assets held in restricted funds Is treated as restricted income unless either the terrns of the orlginal restriction speclfically say5 Otherwise or the restricted fund is an endowment fund, whose Income is expendable al the Trustees. di5cretlon. Donatlons and legacles Income from donations and legacies relates to donat1￿5 recelved from individuals and trusts to further the charity'5 objective5. Z1 Income from charitable activltles {al Rental and admi55ions 2023 2022 £000 Rental Clty of Birtninghatn Symphony Orchestra Local muslc users 366 397 30 36 Third party protnoters Other 868 427 41 1,264 901 Admlsslon5 Birmingham Classical Promoted and co. rotnoted e¥ent5 119 4,887 4,202 bl Other charitable activltles This relaie5 lo ser￿ceS provided in connectlon with the rental of Town Hall and Symphony Hall, Including tKix office commission and programtne sales, whlch are integral to the activitie5 and the delivery of the charity'5 objectives. Grants receivable 2023 2022 £ocK) £000 Core grant Cultural Recovery Fund grant Corona￿1￿5 th)b Retention Scheme grant Other rant5 1,388 1,388 810 233 204 861 1,292 lal The charity was awarded a core revenue operaliTrg grant from Birmingham City Council to enable B:Muslc Ltd to fulfil it5 charl¢able aims and objective5 at Town Hall and Sytnphony Hall. A Service level agreement is agreed annually. Ibi The charity wa5 awarded grant5 from Art5 Council England to enable its econornic survlval ￿$¢ Covid in the prior year, no such funding wa5 available in 2022123. Icl The charity was awarded Corotiavirus Job Retention sche￿￿ grant in respect of Staff furloughed durlng the coronavirus pandemic in the prior year, no such funding wa5 available in 2022123. Idl Thi5 cornprises grant5 received frorn several individuals, trusts, foundations and other grant giving organi5ations. The charity wa5 awarded a grant from the Arts Council England to enable B..Music Ltd Lo fulfil it5 charitable alm5 and objective5 in relation Lo the Let'5 Create Strdtegy as a National Portfolio OrganTsation. 22 Income from other trading attivltles 2023 2022 cooo 1000 Caterlng1nc(wne Sp(¥750rship income MercharKllse Incoffle Rentals 1,661 78 896 78 759 301 1.280 Investments 2023 2022 £000 £wo Bank Interest 34 13 23 Expendlture 5tdff Dlre£t Support 1000 tooo 2023 cooo £000 Raising fund5 commercial tradlng fund rals1ng 630 641 157 1,428 166 166 Chadtablè ¥tl¥lt1es c(￿Cert and educational programmes 2,453 4,943 3,817 11.207 20 - governante costs Total expendlture 3.988 12.832 Staff Dlrect Support £000 £000 2022 £000 £000 Ra151ng funds cotnmerclal trading fund raising 377 345 105 827 108 108 Charitable actl¥ltles - corKert ènd educatlon81 progr￿n￿e$ 2,040 10 4,044 3,527 9.61? 21 sovernance costs Total expendlture 3 643 10 567 Direcl c05ls are those as50ciaLed with providing the activity, for example co-promoters Share and arii5L fees. 5upw>rl costs relate to prerni5e5, professlonal 5ervlce5, marketing, infortnation technology, telephone, printlng and stationery. equipment purchase and repair and other sundry costs. The above cost5 include: 2023 Z022 £000 cooo Audltor's r&mU￿ratIon audlt fees non audil fee5 Operating leases- plant and machinery Operat1n$ lease5- land and buildlngs Depreciatlon- owrEd tanglble fixed assets ort15ation . owned intan 20 46 46 713 491 zo 24 Employee information The average headctyjnt of core employees was 6012022.491 in the financial year. Staff costs also include variable employee5 engaged on a daily basis from tiwne w time as the fluctuations in the charity's bu5ine55 dictate. All variable employees, a5 Wlth the management tearn, are etnFloyed by B:Mu5ic Lld. Staff costs analysis 2023 2022 £000 £000 Wage5 and salarlès Soc1al security costs Other sion c05t5 2,968 223 2.323 163 69 49 2.535 From 1 April 2008 certain ernployees were Lransferred to the cotnpany who participaied in the NEC Litnlted defined benefit pension scheme. No surplus or deficit relatlng to past service was transferred to the company at th15 date, and the cotnpany is not liable for any deficit that would Subsequently arise relating io past Service. On 1 May 2015 NEC Litnited was replaced as princlpal employer by PttPS IBirmingharnl Lirnited. The staLu5 of the defined benefit pension 5cherrE is disclosed in the financial 5latements of PEtPS (Birminghaml Litnited. The cornpany 15 unable io identify its share of the underlwng assets and liabllltles in the scheme al the year end. In 2008 all B:Mu51c Ltd members and new rnetnbers joined the NEC'S Group Personal Pension Plan IGPPPI. Thls is a defined contribution scherne. On 31 March 2017 all mernber5 of NEC'S GPPP were transferred lo a B..Music Ltd GPPP, follovring the review of pay and benefits duTing 2014 and 2015. The B..Music Ltd schetne is a defined contrlbutlon schetne. Those staff not eligible to join the GPPP are auto-enrolled in the government's NEST schetne. Higher paid employees s whose etr¥Jlumenls excludin The number of ern nsion contribution5, fell within Lhe followln 2023 band 15.. 2022 Number Number E60,001 L70,000 E70 001 £80,000 £120 001 £130,000 £130,(M)1 . [140 CIJO Ernoluments for this purFX)se include gross salary and beneflis in kind and are stated before taking actount of charge5 made to thlrd parties. Staff numbers 2023 2022 Number Number By Actlvity Charitable aciivities 232 194 Cost of eneratln funds 239 201 Staff numbers include the absolute number of staff etnployed,. full-tirne, parl-tlme and on a variable basis. 25 Key Management Personnel 2023 2022 cooo £000 Toial remuneratlLN) and rou 393 4Z1 Key management personnel comprise five employees12021'. slx employees with a member of the team leaving on 22 Decernber 20211. Redundancy and T&rmlnation Payments There were no Lerminatlon payments during the year12022'. one, £25k d15cretionaryl. There were no liabilities In respect of redundancy and termination payments at the balance sheei date12022- nill. Trustees, remuneratSon The Chalrman of the Tru5lee5 received remuneration during the year of E10k12022'. 110kl. The other Trustee5 of the charity do not receive any remuneration but are reirnbursed any expen5e5 for their servlce5. In the year £nil was reirnbursed for travel expen5e512022- £nTII. There are no retirement benef115 paid to Tru5tee$12022: nill. Remuneration and expenses are paid in accordance wlth the governing Article5 of Associailon. Related party transactlon5 - Organi5ations Blrtningham City Council is the sole member of B..Muslc Ltd. Durlng the year the charity undertook the followin8 transaction5 Wlth Birmlngham Clty Council.. 2023 2022 2023 £'ooo Purchase of goods and 5ervlces 2022 2023 2022 £'ooo cY)00 Grant Irjcome £'ooo Sale of goods and serYlo5 Birmlngham City CourKII 622 673 867 852 1,388 1,388 The purchase of good5 and seryice5 includes the lease of Symphony Hall, venue 5ervlce5 charges and bu5Fness rate5. The atnounl due to 81imTngham City Council included in trade creditors al 31 March 2023 was C1k12022.. E8kl. The amount due from Birminghatn City Council at 31 March 2023 was 110k12022.' nill. 26 Related party transactions - Trustees and Core Staff Councillor Alexander Ailken 15 a trustee of BML. He is an elected member of Birmlngham City Ctyjncil. Ms Helen Bates Is a truslee of BML and a director of BMEL until 17 June 2022. She Is a director of the Greater Birmingham Chamber5 of Commerce and a board metnber of St Basil's. Mr Vidar Hjardeng 15 a trustee of BML. He is the Diver51ty Consultant ai ITV News. Mr Oluwamayokun Alonge is a trustee of BML. He 15 a trustee of The Equal Group Corw)ration Limited. Mr Davinderpal Ban5al is a trustee of BML. He 15 a dlrector of GHA (Property) Lirnited and Glenn Howells Architects Limited and designated rnember of GHA Serwces LLP. Ms 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 Grealer Birtningham & Solihull Local Enterprise Partnership. Her spouse 15 Chair of SAIAPAD South Asian Arts and Heritage. Councillor Ewan Mackey Ss a trustee of BML. He is an elected n*mber of Birrnlngham Cily Councll and Royal Suiton Coldfield Town Council. Mr lan Myatt 15 a Trustee of BML. He is an employee of the University of Birmingham and a board member of the Birtnlngham International Piano Competition. Mr James Tait 15 a Trustee of BML. He Is a partner al Browne Jacobson LLP. Sir Albert Bore 15 a Trustee of BML. He Is a director of Westside Parlner5hlp Llmited, Colrnore Business Distrlct Limited and CSR City Limited. BMEL acts as a commerclal hlre venue and as a box office tickei agent for graduations of locally based UniveTSltie5 and other organisatlons. For relaLed parly disclosure the nature of the trans￿Li0n5 15 shown separately. 27 Transactions Group Tradln4 2023 Box Offlce 2022 2023 20ZZ £000 cooo C￿0 Recelved from Glenn Howells Architects LimiLed Browne Jacob50n (trade exchange) Browne Jacobson lotherl University of 8irmingharrF Greater Birmingham and Solihull Local Enterprise Partnership Lirnited Colrnore Busine55 District Limited SAMPAD South Aslan Art5 and Heritage Anlta Bhalla Owed £nil12022-Enill Owed Cnil12022..£nill Owed £nil12022..£nill Owed £2k12022..£3kl 14 24 Owed £nil12022'.£nill Owed £nil12022..Enill Owed Enil12022.'Inill Owed £nil 12022:£nill 18 10 Pald to Browne Jacobson lotherl s￿1PAD South Asian Arts and Heritage Greater Birmin8hatn Chamber of Commerce The Equal Group Corporation Llrnited ITV News Music Beyond Mainstream Owed £5k12022..£nill Owed £nll12022..£nill 31 Owed £1k12022..£nill Owed £nil 12022..E6kl Owed £nll12022'.£nlll Owe£J £nil12022..£1kl 19 During the year BML received a total of £10k12022.. E15kl In restricted donations from organ15ations connected to related parties. 11. Taxatlon and charTtable status The charity is an exernpt charlty within the rneanin4 of scFEdule 3 of the Charitie5 Act 2011 and Is considered to pa55 the tests *i out in Paragraph 1 Schedule 6 Finance Act 2010 and therefo￿ it meets the definition of a charitable company for UK Corporati￿ tax purposes. 28 12. Intangible flxed assets- Group and Charity Total 2023 £000 Cost: 1 Aprll 202Z and 31 March 2023 143 Accumulated depreciatien: At l April 2022 Provided durfng year At 31 March 202> 1551 Net book value of a55et5 as at 31 March 2023 69 Net book value of a5set5 as at 31 March 2022 88 Intangible flxed assets comprlse software and IT System licences. 13, Tangible flxed assets - Group and Charlty 2023 cooo 2023 cooo 2023 £000 202J £000 Leasehold SH Organ Project Other Total Bulldlng5 Cost.. At l April 2022 Addil1ons Transfer 12,592 1,294 2,269 353 353 At 31 March 2023 12,592 f,294 2.622 16,508 Accumulated deprecIatI￿. Al 1 April 2022 Prorfded dudng year At 31 March 2023 12561 12,4321 12201 11,2981 16951 13,1451 Net book value of a55ets as at 31 March 2023 et book Value of a5set5 as at 31 March 2022 11,897 1Z,336 142 1.324 13.363 196 13,723 29 14. Stocks Group 2022 Charlty 2023 2023 202Z £000 cooo Flnlshed d$- Cateri 33 27 Fln15hed goods are tM)ught In goods for resale and are valued at the lower of cost and net realisable value on a first in, first out basis. The replacement C05l of slock Is not materially differenL to the purchase cost. 15. Debtors Group 2023 Group Charlty Charity 2022 2023 2022 cooo £o(x) £000 £cx)o Amounts Fallln8 Due Wlthln One Year Trade debtor5 Other debtor5 644 526 29 399 295 Value Jldded Tax Prepayments Accrued Inc(hme Inote 161 1271 489 134 490 56 177 486 327 3Z5 951 1.292 16. Accrued Income Group 2023 Group Charlty Charity 2022 2023 2022 £000 EOOO [￿0 Accrued Inc(The brought forword Reie85ed In the year AcCr￿d in the year 327 223 325 223 13271 12231 317 13251 12231 327 Accrued irK(me carried fonvard 327 325 30 17. Creditors - amounts falllng due withln one year Group Group 2023 2022 Chariry Charily 2023 20ZZ cooo £000 £000 (o)0 Tradè credllors 206 536 129 461 Secured loan Amounts ¢Y￿d to gr(Jup Un￿rtakIng5.. BMEL Taxa11on and Social securiiy Other credltors Accruals 25 37 25 37 275 198 54 54 54 54 2.025 708 2,221 1,065 1.937 2.014 646 Z,103 995 Deferred Incthne Y,654 1,459 1,765 Deferred Income Group 2023 Group 2022 Charlty 2023 Charlly 2022 EDJO Eooo EOLK) £000 Deferred Income brought foNard Released in the year Deferred In ihe year 1,937 2,430 1,765 2,314 1,256 1,348 I,Z06 Deferred Income carrled forward 1.654 1.459 Deferred income comprise5 atnounts, such as hall rental, involced for future events together with amounts recelved for the purchase of il£kets for future events pronY)ted or co-promoted by BML. 18. Creditors- amounts falling due after one year Group Group 2023 2022 Charity Charlty 2023 2022 EL￿0 Éooo Secured loan.. Duewthin 2 to 5 years Due after 5 year5 112 108 108 538 508 538 508 620 646 620 646 The long term borrowing relaies to a secured loan repayable quarterly over a 20 year term with a fixed interest rate of 4.165% per annum. 31 19. Provisions for liabilities Group Group 2023 20Z2 Charlty Charity 2023 2022 £000 £000 Amounts owfing to BCC 437 305 437 305 The provision relates to atnount5 ry)tentlally owing to Birrningharn City Council in relation io insurance and Servi charges as calculated under the Lerms of the sub-lease that the chariiy occupies at Syrnphony Hall. The amount5 provided for are the best e5Limate of the charity's Ilability as at 31 March 2023, taking into account historlc invoices, a consideration of the sub-lease5 in effect during the relevant periods and professlonal advice and support from the charity's solicitor5. 20. Restricted income funds Balance 1 Aprll 2022 Balance 31 Mar¢h 2023 Income Amounts Transfers 10 c(¥Jo £￿0 EOOO Organ constructlon Organ MaInten￿Ce Community Splrlt 1Sing for all) Generatlon LadyWO￿ projects Project soundlounge Jazzlines project5 Small educatlon projects Small ￿(￿-edUCatIOn project5 Steifjway Plano fund Ca 'tal cam 196 142 155 152 740 17 75 24 60 139 24 94 22 37 10 12.159 45 470 240 892 In accordance with the conditions of the fund category, Trustee5 have applled Surplus fund5 to other charltable objective5 in accordance with the Lerms of the funds recelved. These funds represent- 111 The net book value of the 5yfflphony Hall Organ (note 131. 121 Donation5 recelved from Organ appea15 which will be used to maintain and refurbish the instrument. 131 Funding for the vocal education work of the charity wlth children and young people. 141 Funding for the purpose of completing project5 Wlthin the Lai5ywood comtnunity. 151 Funding for the developmenl of young prograrnmerg to produce a I￿tIval for young people by young people. 161 Funding for several Jazzlines projects, Including the Jazzline5 programme funded by the Art5 Council England. 171 Funding for Several smaller projects to support the education and coffltnunily prOgra[n￿￿. 181 Funding for several ad hoc projects. 191 Funding for the new Sleinway plano 1101 Funding for 'Make an Entrance. Hall. the capital project Lo extend rhe performance and hospitallly Space at Sytnphony 32 20. Restricted Income funds Icont.) BalarKe 1 April Z021 Balance Income Amounls rran5fer5 31 March 2022 cocx) £000 Organ construction Organ ma1ntenance Community Splrfjt IS1ng for alll Generation Lad￿￿ projects Projeci soundiounge Ja7zline5 projects Small education PToject5 small n(n-educatlon prolects Steinway Piano fund c iial carn 249 196 155 142 f40 24 24 109 107 60 67 78 94 5S 55 to 620 306 868 582 21. Unrestricted Income funds Balance Balance 1 Aprfl 2022 Income Atnounts Transfers 31 March utlllsed 2023 1000 Deslgnated Funds General educatlon Organ educaiion PAJlldlng fflaintenance reserve Music in Blrmlngham Maklng an EntrancÈ THSH COVID-19 rellef funds 141 1271 12551 30 1,209 58 1391 915 45 45 Stelnwa 65 60 1,455 14351 975 General reserve 831 435 1.284 Total Unrestrlcted 11,940 2.259 33 21. Unrestricted Income funds {cont.I These fund5 represent.. 111 Funds for support of educational work by the charity. 121 Fund5 for use on education work relating to the orean. 131 Funds ring fenced agaln5t current and future depreciation commitment5 relating to the Maintenance and upkeep of Town Hall and Symphony Hall bulldings and will be appliecl at discretion of Trustees. 141 Point of sale donalions received frorn customers purchasing tickets. 151 Funds for 'Make an Entrance, Syfflphony Hall. the capital project to extend the performance and hospitallty Space at 161 Funds for supporting activity during the COVID-19 pandemic. 171 Funding for the Steinway piano. 181 The general reserve represent5 unrestricted funds. There have been several transfers from the designated funds to ihe general fund at year end after a review of fund balances and the amounts needed going forward. This was due to thern relating ￿ historical designated kK>t5 which are no longer needed. It wa5 also felt ihe transfer of £3L¥Jk to the Building Maintenance pot in 2019 was no longer needed and as a result the atnount was moved back to the General Reserve. Balance Balance l Aprfl 2021 Income Amount5 Transfer5 31 March utlllsed 2022 c