Charity Registration Number: 1053937 Company Registration Number: 03169600 B:MUSIC LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Re fstered Office: B:Music Ltd Symphony Hall 8 Centenary Square Birmingham B1 2EA Tel. No. 0121 289 6300 13:MIISIC I.-I'D I,-OI£ I'HL YIIAII F.NDLI) 31 MAIICII 2024 CONTENTS Chair's Report Report of the Trustees and strateglc report Reference and administrative details of the charity. its Trustees and advisers 8- 11 Independent Auditor's Report to the members of B:Music Ltd. 12- 14 Consolidated statement of financlal activities for year ended 31 March 2024 15 Balance sheets as at 31 March 2024 16 Consolldated statement of cash flows year ended 31 March 2024 17 Notes to the conx)lidaled financlal statements 18-36 11: ￿,111s1(.. Ll'D roR I'IIL I'LAII LNDLD 31 N,IARC:Fl 2n24 REPORT OF THE TRUSTEES AND STRATEGIC REPORT Introduction The trustees Iwho are also the directors of B:Music Ltd (BMLI for the purposes of company lawl are pleased to present their annual trustees. report together with the consolidated fTnanclal statements of the charity and its subsidiary for the year ending 31 March 2024 which are also prepared to meet the requirements for a strategic and directors. report and accounts for Companie5 Act purposes. The flnancial statements comply with the Charities Act 2011, the Companies Act 2Q06, the Memorandum and Artlcles of Assoclatlon, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191- {'Charities SORP {FRS1021'1. CHAIR'S REPORT l am dellghted to Introduce the flnanclal results and artlstlc achievements of what has been a very encouragTng year for B:Muslc. The highlights of the year are significant: we have increased the number of events presented by the charityi we have increased audiences and we have comfortably improved our anticipated profit and loss position for the year. As cu5todlans of two aging h15toric buildings, we need significant reserves to maintain them and our performance thls year has allowed us to maintain that reserve. Our real achlevements are of course nol In the numbers but in the connections that we make and the lives that we touch through the transfomiatlve power of music. I'm proud that even wlth relatively Ilttle public subsidy 8:Music is still able to make a big impact on the lives of the young people and communities that we work with through our engagement programmes. We now have a well-establlshed pathway stretchlng from flrst musical experiences in local schools through to paid opportunities for emerging professional musicians thai have been on that journey. All the while the programme on our maln stages provldes Insplration for these young people a5 leading arti5t5 from around the world come to Blrmingham. The governance of B:Music has remalned secure and supportive of the executive during the year wlth some new trustees joining the board bdnginq enthusiasm and f resh perspectlves. Trustees are actlvely engaged wlth the work of the charlty¥ frequently attending events, meetlng In our spaces, and advocating for B:MusTC across the clty. The issue of the Section 114 notice by Birmlngham City CoLsncil in September has cast a shadow across Birmingham as we now antlcipate an end to all cultural funding by the City Council. The withdrawal of wider community services and a 21% increase in councll tax over the next two years wlll a150 combine to make life harder for everyone in the city. Against this backdrop B:Music is renewed in its commitment to present Impactful work and to ensure that those most at rlsk are still able to take part. We are fund raising hard to support bursaries for participants, and we continue to offer free and low-priced tickets to events when we can. B:Music will need to work even harder to absorb the Impact of lost fundlng but l am confldent In the ability of the B:Muslc team to adapt and thrive. As the last vestlges of direct support from BCC fall away, we are even more Indebted to the many trusts, foundatlons, Individuals and corporate friends that contlnue to support our work. We are grateful too to Arts Council of England who support us as a Natlonal Portfolio Organisation. Flnally, I would Ilke to say thank you to fellow trustees for their tlme and expertlse and a very big heartfelt thank you to our Staff for their hard work, creativlty, dedication and commitment. The organisation 15 only as strong as its people, and despSte the challenges facing us we are in a strong place. Antta Bhalla OBE, Chair, B:Music Ltd B:N,IIISIC L'fD roii'rFif YEAR CNDCD 31 MARC14 2024 REPORT OF THE TRUSTEES AND STRATEGIC REPORT Objectlves and Activities B,'Music's general aims continue to be those that are in fulfilment of its charitable objects as stated within its memorandum and articles. Broadly summarised, these are: {a) to promote and present concert performances of classical, popular, and contemporary music, complementary to those of the Clty of Binningham Symphony Orchestra ICBSO), and of world-class calibre,, and {bl to educate the public by promoting, fostering, and encouraging the knowledge, underslandlng, and appreciation of the arts* particularly music, providing an educatlon programme for thls purpose. BML continues to provide a facility of international standing for rehearsal and performances by the CBSO and other local music groups (both professional and amateur) from the City of Bim)ingham and surrounding region. More broadly* in strivlng for excellence in all aspects of work, BML aims to consolidate the City of Birmingham's internatlonal reputation for musical excellence. BML measures achievement of Tts Objectives by using a rlgorous budgeting process and then reporting regularly during the year on its performance against thi5 budget In both financial and qualitative terms. BML uses a suite of Key Performance Indicators to measure tradlng performance and Is developing reporting too15 to give near real tFme feedback on the financial impact of its programming decisions. Thls granular understanding of how different events perform will become increasingly Important as external support for the organisation declines. The formal statement of B:Music's charltable objects are better articulated to the public through its Vlslon and Mission: Vlslon Our Vi5Ton 15 of a strong organlsatlon where Birmingham's diverslty and creativity are part of everything we do - f rom our support of artlsts and audiences, to our respect for muslc from around the corner and around the globe. Mission Our mission Is to Inspire a love of Ilve music through performance, participation and learning. Public 8eneflt In preparlng these flnanclal statement5 the Truslees have taken into consTderatlon the Charity Commls51on guldance on publlc bencflt. All BML charitable purposes are for public benefit. All BML trustees carry out thelr charity's purposes for public benefit, and reporting takes place each year to demonstrate thls. Achlevements & Performance 2023-24 has been a strong year for B:Mu5ic wlth a record breaking 879 events taking place across the stages of Symphony Hall, Town Hall, the Jennifer Blackwell Performance Space and the many other informal Spaces inside and outside our bulldln4S. Despite cost of living challenges In the w?der economy and a bleak outlook for Birmingham City Councll, B:Muslc has continued to bring people together through music with a programme that has been busSer than ever. B:Muslc has contlnued to attract artists from around the corner to around the world to the stages of Symphony Hall and Town Hall in a programme whlch leads with music but welcomes other genres too. Thls year sell out perfDrmance5 from Beverley Knight, U5tad Rahat Fateh Ali Khan, Robert Plant & Suzi Dian. Panjabi MC, Christine and the Queens and Suede stood alongside Edd7e Izzard, Grayson Perry and Mlriam Margolyes. In the Jennifer Blackwell Performance Space our commitment to free and low-priced music has been sustained by our regular Free Jazz Fridays and global music with our Midday Mantra and Celebrating Sanctuary seasons. This year we have expanded our programme of free music in our B:Eats café too, giving paid opportunlties to emerging performers during school holidays and encouraging family audiences into our Spaces. Having played a leading role In programming outdoor stages during the 2022 Commonwealth Games, B:Music wa5 again heavily involved with Festival 2023 which took place across the city, marking a year on from the games. The City of Birmingham Symphony Orchestra, B.'Mu5ic's resident orchestra. have continued to Shine, and their recently appointed Music Director Kazuki Yamada has forged a strong l)ond with both players and audlences. The orchestra has also been active in exploring new audience development initiatives to welcome younger audience5. 11:rvi[ISlC. L'I'D roR'ri.Ir YEIAR 31 MAIICH 2024 REPORT OF THE TRUSTEES AND STRATEGIC REPORT Talent development has ￿mained a key part of B:Music's work and our B'And Together jazz and gospel ensembles provide regular group tuition for 11-19 year-olds, and our annual summer school ha5 now extended the range of genres and styles from purely jazz to include synths. electronics tabla and more. Working with students studying in levelLing up areas, our B:Aspirational programme has given performance space, work experience and insight to hundreds of young people, several of whom who have gone on to pald roles as part of the B:Music technical team. B:Music is proud to have sustained and extended its engagement work through effective fund raislng and a renewed commitment to ampllfying the organisation's charitable mlssion. Wherever possible, B,'Muslc leverages the opportunities of artists performing on its main stages to create opportunlties for young people particlpating in engagement programmes, Thi5 year students from our tabla ensemble had the opportunity to perfomi for guests attending the Symphony Orchestra of India at Symphony Hall, In front of the sololst for that concert, tabla maestro Zakir Hussaln. The 2023-24 financial year at B:Music has been financially the strongest year slnce Covid with a surplus of £167k Ibefore designated fund movement) achieved against a significant budgeted loss for the year. Thls turnaround has been driven in the main by Increased contrlbution from event5, F&B sales and box office commlsslon alongside improved non tradlng revenue from funds on dep05Tt. The charity has been able to achieve thls performance by malntaining a commercial and entrepreneurial approach to its actlvities in support of its charitable objective5. In practice this has meant maximlsing event numbers, working hard on ticket sales and ensuring that food and bar sales are optimised once audlences are in our halls. Although tastes and booking patterns have changed, the demand side of the business in now aLmost back at pre-pandemic leve15, although cost Inflation on the supply side has conlinued to erode marglns. In September 2023 Blrmingham City Council issued a Sectlon 114 notlce which formally declared that the council wa5 unable to meet its flnancial commitments and was therefore bankrupt in all but name. This action arose from the accumulatlon of nearly £800m in single pay claim liabilitie5, overspends on Its IT system and an inablllty to balance its revenLbe budget. The issue of the Sectlon 114 notice effectively barred BCC from funding any non-slatutory se￿Ice$ (such as the arts} and placed B:Muslc's grant f rom BCC lalrnost C1.4ml at Immediate risk. Over several anxious months of uncerlalnty J B:Music was ultimately able to argue that the vast proportion of Its grant from BCC goes to cover lease and service charges at symphony Hall, and these costs would revert to 8CC If B:Music were to become unvlable. Thls proportlon of the grant was therefore effectlvely ringfenced from cuts, something that was confirmed in early 2024. However, the balance of the grant from BCC will reduce by 50% in 2024-25 and be withdrawn completely from 2025-26, a loss in grant revenue of £160k over the two years. A slmilar grant cutting process has been applied to all arts organisations In Birmingham that were hlstorlcally f unded by the clty, Sncluding the CBSO and other B:Music stakeholder organisations. This reduction in fundlng to the sector of almost £3m means that by 2025-26 Birmingham, the UK'S second city, will be making no direct Investment into the cultural sector at all. B:Music is now working wlth sector partners to engage BCC, the West Mldlands Combined Authority, the buslness community and other stakeholders in a dialogue to create a new paradigm where even if the arts are not dlrectly funded, but they are actively enabled by policy and strategy in the region. Although the loss of £160k will be a challenge, over the last 7-8 years B:Music has already evolved to a model where earned income 15 by far the charity's biggest income stream and this reduction In the small amount of grant Income that B:Music receive5 wlll therefore be merely palnful, rather than fundamentally de-stabilising. B:￿1 IISIC LI'D -,OR'I'14E YfiAR LNI)ED31 fvlIlllCII 21)24 REPORT OF THE TRUSTEES AND STRATEGIC REPORT Flnancial review The results of the charity for the year are set out in the Consolidated Statement of Financial Activities on page 15. ThSs year delivered 879 events includlng 214 in Town Hall, 599 in Symphony Hall and 66 offsite. This compares to 838 events in 2022123 including 222 In Town Hall, 613 in Symphony Hall and 3 offsite. The core grant from Birmingham City Councll amounted to £1,388k12023: C1,388kl and enables the charity to fulfil its C￿r￿nt charitable purposes. Expenditure in the year totalled £12,908k12023: £12,832k). 88% of the expenditure relates to the delivery of the charity's objectives. 12% of the total expendlture Incurred In the year is incurred through actlvlties related to generating fund5. these include income-generating activities s￿h as commercial hires and sponsorship. Subsldlary undertaklngs The charity's wholly owned subsldiary, BMEL, continues to contrlbute to the charity's mission and its financSal results are shown in note 28 to the consolidated financial Statel￿ntS. In 2023124 It continues to trade in the provislon of food and beverdge includin8 the Symphony Hall B:Eats café, commercial hires and sponsorshlp. In the year BMEL made a proflt of £Z11 k12023: £271 kl after BML management fees and servlce charges of 1744k12023: £723kl and £52k12023: £85kl BML hall hlre. BMEL wlll contribute £211k12023: C271k) in glft aid to the charity within nine months of the year end. Prlnclpal fundlng source5 The principal ongoing funding source for the charity is rental and admission income, contributlng 49%12023: 51%) of the unrestricted Income. The grant received from Birmingham City Council constltuted 11 %12023: 11%) of unrestricted income thls year. Prlncipal Related party Blrmlngham City Councll was a related party during the year and Is the sole member of BML. Investment policy and performance The fund5 avallabLe for the charity to Invest comprise 55% advance box office recelpts and 45% cash reserves. In order to retaln f lexibility and avallability of these funds, the charity utilises short term, low risk financlal markets treasury investments. No other investment vehicle is used. The charIt￿S Investments are also held as a means of earning revenue on designated and restricted funds until they are required. In 2023 a new investment account was opened with Royal Bank of Canada and at 31 March 2024 Elm was held on a slx month fixed term accounts yieldlng 4.4%. At 31 March 2024 £nil12023.. £904kl was held on a 60 day notice account yielding 0.70% {2023: 0.70%) during the year. There was also a balance of £87k12023: £1,637kl held in a 12 month fixed rate saver account yielding 0. 70% (2023: 0.70%). Funds in the fTxed 12 month saver account were withdrawn early following the $114 announcement from Birmingham City Council. Pay pollcy The key management personnel are responsible for the running, controlling, and operating of the charity on a day-to-day basis. Recruitment is carried out by the Head of HR and the relevant heads of department in Ilne with the Pay Policy Framework. The framework comprises Approved pay bands and structure Pay levels reviewed annually as part of organlsational reviews Any changes to pay levels arlsing from annual review are authorised by FI￿ar￿e and scrutiny Committee 11:MUSIC I.,TD IOR THf, YLI AR CI NDTr.D JI ￿1}IRcl4 2024 REPORT OF THE TRUSTEES AND STRATEGIC REPORT Reserves policy and analysis The Trustees review the reserves policy on an annual basis. Restricted Fund In relation to the charilys Restricted Fund. these contaTn donatlons from trusts, foundations and Individuals to be used for speclflc charitable objectives. The total balance of these f unds at 31 March 2024 wa5 E11,593k wth £11,422k {2023: £12,235k with £11,927k) of thls balance representing donations and grants which were used to fund the foyer extension Imaking An Entrance) and purchase the Symphony Hall organ and other assets and, as such, do not represent 'cash' item5. A further £101 k12023: £152k} is held in reserve to cover future funding of organ maintenance at Symphony Hall. This will be used to maintain and refurbish the instrument. The remainder consists of fund5 raised to support Symphony Hall'5 Educatlon and Community Programme as well as funds specifically donated for other purposes. A detailed analysis is given in note 20 to the accounts. Unrestricted Fund The Unrestrfcted Fund relates to carrylng out the charity's general objectlves. The Trustees revlew the reserves policy every year and in the light of the changed economic conditions of the last few years which have forced our principal funder, Blrmingham City Council, to cut theTr grants to all arts organisatlons. The Trustees have agreed to bLtlld a level of general reseryes of at least £IM to give the organisation the ability to be able to deal with unexpected events or to exploit new opportunilie5. Symphony Hall and Town Hall are iconTC buildlngs and a core part of Birmingham's landscape. Each venue hosts a WTde range of music and non-music related events including party polltlcal conferences and corporate meetings whlch have a high media profile. The Trustees believe that it Is the responsibility of BML to malntain hlgh standards of deslgn and decoratlon at both venue5 and have therefore designated £857k of funds for current and future Long Term Maintenance projects. The ' Designated, Funds at 31 March 2024 totalled £913k12023: C975k), including 1857k12023: C915kl for future building maintenance CDnimltments for Town Hall and Symphony Hall, and £56k12023: 160kl for the Steinway plano In the Jennifer Blackwell Performance space. The 'General ReseNe' fund has a balance of E1,451k12023: £1,284kl. Fundralslng The fundraising team consists of three permanent members of staff who ralse money from trusts and foundation5, individuals and companies. There were a number of posltlves In this year and several income strands exceeded thelr targets. Memberships were 35% above target by year end and donations at polnt of sale through the box office or website. reached £15k over target at C45,500. In December 2023, the team launched the Gift of Music Appeal as the year's Chrlstmas fundralslng carnpalgn. It was very successful, ralsing a total of c20,8￿ agalnst an initial target of £15,000, all of which was additional Income on top of ongoing Individual givin£ schemes. A particular success of the appeal was the response of audiences to post-show collections, which alone contributed over £4,000. The organisation remalns slgned up to the Fundralslng Regulator, as a demonstration of its willingness to adopt and promote best practice and to ralse funds in an appropriate and ethical manner In line with the Fundraising Code of Practlce. In additlon, the fundraising team has drawn up its own Elhics and Glft Acceptance Pollcy which ha5 been approved by the Trustees. Number of complaints about f undraising activity - nll. Supporting B:Music Over the past 14 year5 B:Music has had to ￿SpOnd to declTning public funding by evolving into an organisation that is positioned to maximise it5 earned income. Prior to the pandemic, B:Music earnt about 90% of Its Income compared to about 75% 10 years ago. This financial year B:Music achieved earned income of 87%. Revenue fund-raising, due to the support of our patrons and general public. was able to surpass targets for membershlps and Ltnrestricted incorne achieving £76k Imembership and patron Tncomel and £220k (unrestricted donations and gift aid}. Overall, 87% of an ambitlous philanthropic budget was achieved. Particular thanks are given to Birmingham City Council, Arts Council England and our many sponsors and donors for their Support. U:fvIUSIC L'fD ",Qlt 'l-Fl r, I'LAII ENDLI) 31 fvIAItc.I121124 REPORT OF THE TRUSTEE5 AND STRATEGIC REPORT Prlnclpal business and flnanclal risks and uncertafnties The charity's principal trading activities can be 5ummarised as Own Promotion, Co-Promotion and Rental in the organislng of events at Town Hall and Symphony Hall. Each of these categories of event ha5 different risk proflle5. The charity manages these uncertainties and risks approprialely through a robust mechanism of controls which include monthly reporting of event profitabllity, daily monitorlng of box offlce receipts for future events and pre-event profitability forecasts & analysis. Risk management The trustees have a risk management strategy which comprises: a quarterly review of the principal risks and uncertainties that the charity and its tradlng subsidiary face the establishment of policies, systems and procedures to mitigate those risks identified in the annual review The implementation of procedures designed to minlmise or manage any potential impact on the charity should those risks materia115e. These a￿ the main areas of rlsk affectlng the charity: Birmingham Clty Council Grant The issue by BCC of a Section 114 notlce in September 2023 creates immedlate dTrect and Indlrect risk5 for B:Music as the clty progresslvely ceases to fund any non-statutory services such as culture. To date, B:Music has successfully made the case to BCC that the vast majority of Its grant from the city goes directly to pay the rent and servlces arising from Symphony Hall's status as a tenant in the ICC building, and ihls liablllty would return to BCC If B;Muslc were to cease trading. Under SectTon 114 legislatlon It Is permitted for the city to continue to fund services if to not do so would not result In any saving. Thi5 interpretatlon has been accepted by the Sectlon 114 commissioners and a grant of C1, 307, 834 has been made to the charity on this basis lor the 24-25 year. This amount includes an £80,118 operational grant which will be wlthdrawn In 25.26. The grant from BCC to B.'Muslc Is conf irmed on an annual basls and Its withdrawal, although highly unlikely• remalns the single blggest direct risk to the char5ty. In wider terms by 25-26 BCC wlll have ceased all funding to cultural organlsations Tn the city, several of which are B:Mus5c Stakeholders. Most signif icant of these are the CBSO who will lose 1619k of BCC funding over two years. Although CBSO booklngs remain unaffected at the moment, this loss of income may impact the orchestra's ablllty to ￿nt B.'Mu51c spaces or reduce Its overall ambltlon, resulting in a loss of Income to B:Music. Post-Pandemlc behavloural change Conferences and Events: The move to virtual or hybrid meelings over the pandemic has Impacted the In-person conference market which is yet to return to pre-pandemlc levels. This places a small but prof itable part of the charity's events programme at ongolng risk although this has been mitigated by an Increase in smaller meetlngs in Symphony Hall's smaller spaces. Recruitment and retentlon., The switch to home working during the pandemic has prompted a hard re*t on expectations in the labour market wlth exlsting and prospectlve staff viewing an element of home working almost as a right rather than a benefil. B:Muslc has an Informal hybrid working pollcy which addresses thls but nonetheless the charity still competes with other employers who can offer more relaxed expectalions around worklng on site. B:Music Salaries are also at the lower end of expectatlons for the sector, sightly compounding thls. Polltlcs and the economy The recovery measures implemented by Blrmingham City cour￿11 as a consequence of Section 114 will see an increase in councll tax of 21% over two years. directly impacting audiences from Birmingham p05tcodes. Nationally, although inflation Is expected to fall during 2024 there remains a perception that prlces are high and a cost of Ilvlng crlsls continues, The impact of the electlon of a Labour Government in July 2024 is yet to be determined. 11:N,IIISIC LTD FOIII'IIC YC4AII CNDCD31 ￿,]ARc11 2024 REPORT OF THE TRUSTEES AND STRATEGIC REPORT CTty Centre Issues As hybrid working becomes normalised across many white-collar industries, fooefall in the city centre has reduced f rom pre- pandemic levels with a possible impact on B:Music's daytime trading. Similarly there may be less city workers around to enjoy a concert after work. The emergence of a Tuesday to Thursday on site working pattem acros5 the city is clearly evidenced in receipts for the B: Eats café bar at Symphony Hall. Ongoing building works Tn the city and the extension of the Metro to Edgbaston continue to create the impression thal the city centre is inaccessible to some audlences. This has been compounded by the intri)duction of the Clean Air Zone {"CAZ"} in June 2021 which levie5 a significant daily charge for non-compliant vehicles entering the zone. Both Symphony Hall and Town Hall and associated parking are within the CAZ. Reserves and malntenance Another current rlsk is the inability to invest in building infrastructure and long-term malntenance due to falllng funding. A plan to accumulate a designated fund for long term maintenance of both venues 15 built into the charity's financlal strategy. Long Term Maintenance expenditure as at the balance sheet date still to be depreciated amounted lo £331 k. Thi51s the first call on the Bulldlngs Maintenance Reserve 'Designated' Funds of C857k, leaving £526k for future projects. Terror threat Following the terrorlst attacks in Manchester and London In May 2017 the securlty of B:Music venues and safety of its patrons and Staff has become the charity's highest risk. Management of this risk 15 ongoing wlth additional planning and resource being deployed. Llquldlty rlsk The charity's policy is to ensure continuity of avallable fundlng by active management of worklng capltal, Credlt Risk The charity has no significant concentratlons of credit rSsk. The charlty has Implemented pollcles that requlre approprlate credlt checks on potential customers before sales commence. Insurances of Dlrectors The charity maintained Insurance for the Trustees in respect of their duties as Directors of the charity throughout the financlal year ended 31 March 2024 and such indemnity insurance was in place at the date Df approval of these financial statements. For the financiaL year under review the total cost of the indemnity Insurance for the Trustee5 was C3.4k and the cover C3m 12023: C2.8k cost and 12m cover}. Plans for future perlods Workln8 toward5 more way5 to Increase the value and Impact of B:Aluslc's work It Is the Trustees, intention to bulld on the successes achieyed to date so that both venues contlnue to work together to: Provide a platform for local performers. amateur and professional, alongside a forward-looking programme of national and International performances and events, Provlde a programme mix that engages pasl audiences and develops future ones, Create performance, partTcipation and learning opportunities for young people, Identify and serve the needs of the multi-cultural population of the city, Engage all visitors with the Town Hall's heritage and its role in Birmingham's contemporary civlc and cultural life, Make both venues welcoming and acces5Tble to all, delivering a variety of cultural, community, civic and corporate activities to the highest professional standards with outstanding customer service. B:MIISIC L'I'D FOR TIIC YEAR LNDfi,D 31 N,IAIICFI 2U24 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Reference and admlnlstration informatlon The Charity has a 25 year lease with Birmingham City Council for Symphony Hall which commenced Dn 1 May 2015. A new lease takes effect in reversion to the existing lease on 29 September 2026 and ends on 28 April 2050, The Charity has a 99 year lease with Birmlngham City Council for the Town Hall which was signed on 24 June 2016 effective 9 February 2007. Authority to conduct the day-to-day operations of the charity is delegated by the Trustee5 to the Senior Management Team. The Senior Management Team Is accountable to the Board of Trustees and is responslble for the efficient running of both Town Hall and Symphony Hall with the help of their staff. The Senior Management Team Is responsible for the Implementation of policies and strategies on behalf of the Trustees. Sub-group and Commlttees Flnance and Scrutiny Committee Nomination5 Committee Health and Safety Committee Capital Development Committee People Commlttee Trustee Constltutlonal Provislons One third of trustees shall retlre from office each year. A retiring trustee shall be eligible for re.electlon. Offlcers and Management The Trustees of the charity who were In offlce durln8 the year and up to the date of the signing of the flnanclal statements were: Appolnted Re51gDedlRetired M5 Anita Kumarl Bhalla OBE DL (Chalr 27 February 20141 Mr Vldar Paul Hjardeng MBE BA PG Dip Mr lan Philip Myatt Mr James Tait Mr Joel Graham Blake OBE Mr Davinderpal Bansal Counclllor Ewan Forbes Mackey Ms Clalre Jane Evan5 Mr Anthony Roger Howard Mr Oluwamayokun Alonge Mrs Sheryl Andrea Mlller Sir AlberL Bore Mr Praveen Gupta Ms Jatinder Dhaliwal 19 August 1996 18 June 2CX)9 18 June 21X)9 13 January 2014 19 June 2014 19 February 2015 24 July 2015 1 April 2017 1 August 2019 l August 2019 10 May 2021 2 February 2023 27 Aprll 2023 1 December 2023 The Directors of the trading company who were in office during the year and up to the date of the siening of the flnanclal statements were: Appolnted Reslgned Mr Joel Graham Blake OBE M5 Nicola Keye Mr David John Richardson Pardoe M5 Claire Jane Evans Mr Anthony Roger Howard Dr Andrew James Buckley Ms Slmranjeet Kaur Mr Shaun Anselm Sookoo Mr Arron Jon Wincott 19 February 2015 26 November 2015 26 November 2015 1 April 2017 1 August 2019 27 April 2023 27 April 2023 27 April 2023 7 September 2023 24 October 2023 B..N4USIC LT i()Ii'ri IL I'F.AII ENI)I,D 3111,IARCII 21124 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Senlor Management Team Mr Nick Reed (CEO) Mr Nlck Loveland (COO} Mrs Janlne Bradley IDirector of Finance) Mrs Nicole Evans (Director of Commercial Seryices) Princlpal Place of Business and Advlsers RegT5tered Offlce: B.,Music Ltd, Symphony Hall, 8 Centenary Square, Birmingham, B12EA. Independent Audltor: Cooper Parry Group Limited, Floor, Two Chamberlain Square, Birmlngham, B3 3AX, Bankers: National Westminster Bank PLC, Sollhull, High Street IA) Branch, Solihull, Birmingham, B913TF. Sollcltors: Browne Jacobson, Victoria Square House, Victoria Square, Birmingham, 62 48U. Company Secretary: Castlegate Secretaries Ltd, clo Browne Jacobson, Victoria Square House, Victoria Square, Bfrmingham, B2 4BU. Country of Incorporation: Reglstered and incorporated in England and Wales Charlty number: 1053937 Company number: 03169600 Structure, Governance and Management Organlsatlonal structure B,'MusTC Ltd is a company limited by guarantee by Its Memorandum and Artlcles of Association that were last amended on 1 September 2011. Birmingham City Council is the 501e member. The charity has been registered wlth the Charlty Commission a5 an educatlonal charity to educate the publlc by encouraging appreclation of the arts, in particular music, and to educate young people in performing and composing music. The charlty contlnues to hold the whole of the issued share capital of B:Music IEnterprlsesl Ltd {'BMEL'). BMEL Is registered wlth Companles House for England and Wales under number 03146280. Registered Office: B..Music (Enterprlsesl Ltd, Symphony Hall, 8 Centenary Square, Birmingham, B12EA. BMEL is governed by Its Memorandum 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 less than 13 Trustee5 at the balance sheet date who appoint a Chairman. The Board are legally responsible for the governance and management of the charity. The Trustees are nomlnated by the Nomination5 Committee and subsequently approved by the Board. They are made up of Individuals chosen to represent the charlty's stakeholders. They have a wide-ranging experience in buslness, music, education, and media and a(fvise on all aspects of the charity's operation, glving strategic guidance on future development. Charity Governance Code The Board of Trustees has considered the Charity Govemance Code and supports the Code's seven princlples of organisatlonal purpose: leadership., integrity; decislon-making, risk and control. board effectiveness. diversity. and openness and accountabllity. The Trustees take these princTples into consideration in all aspects of policy ￿VIeW and rlsk management and apply recommendations where appropriate. The Board note the Code is not mandatory, but a practical tool for continuous improvement toward5 the highest standards. ￿:￿lUSIc LTD FOII 'I'I IE I'EAII F.NIIED 31 ￿.lArIc}I 202 REFERENCE AND ADMINISTRATIVE DFfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Equalityi Diverslty, and Incluslon (EDI) B.'Muslc has renewed Its commitment to become an organisation where there are no barriers to entry or progression, and it aspires to See the diverslty of the region fully represented in its Staff and audiences, and in the performers on its stages. The charity recognises that it need5 to work p051tively to achieve this. B:Music has formed a trustee led EDI group that will lead this worf(, and it has engaged an external inclusion speclalist to survey staff attitude5 to create a data set to inform further training, policy forThation and specific interventions. There was a really high response rate to thls survey suggesting a high level of engagement with this ambition. Employee Involvement and Employment of people with disabllity an employer B'.Music has a range of human resource po15cTes that support our charitable objectives and our artistlc Vision to provide more music for more people. Our arnbltion to provide a relevant and accessible programme of events is matched by a need to work towards diversifying the workforce. CommunicatTon and partlclpation are key, to that end we have an employee representative commlttee who meet regularlyi an employee newsletter and regular CEO updates. More widely we have an access forum. members are drawn from employees, customer5 and other experts In the field of diversity and access, and they support and guide the organi5atlon to enable it to contTnue to work towards operating fully inclusive venues. B.'Muslc Ltd ha5 a dlversity pollcy, respect in the workplace policy? and a long established open and transparent approach to the recruitment, retention and reward of staff. Volunteers B:Music operates a volunteerlng programme whereby volunteers provlde support and assistance lo customers attending events. There were no volunteers during the year ended 31 March 202412023: nlll. Trustee Inductlon and Tralnlng Most Trustees are already famlllar with the work of the charity having been encouraged to parlicipate in Sub Groups, Committees and Focus Group5. New Trustees are invited to an inductlon session with the senior managers of the charity to familiarise themselves wlth the charity and the context withln which It operates. A Trustee inductlon pack has also been clrculated to all Trustees containing key documents and information about how the charity is organlsed and how it operates. An on-going programme of Trustee tralning is belng devised to further enhance thls area. Decislon Making The Chief Executive Officer has delegated authority f rom the trustees for decision making but matters of key strategic importance are presented to Trustees for debate and to benefit from their 5peclflc expertise. In terms of programme for example, the detail of individual performances within a season would be delegated to the executive but the decision on whether to introduce a new or hlgh.risk strand of programming would be shared with Truslees. In general principle the CEO wlll present the rlsks and beneflts of declslons and make a recommendation for board approval. io B:11,IU.SIC L'fD riOII I"I.IE YEAR fi NDL4 D 31 ￿l&IRCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE5 AND ADVISERS Trustees. responsibilities statement The Trustees (who are also directors of B:Music Ltd for the purposes of company lawl are responsible for preparlng the Trustees, Annual Report, Strategic Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Tru5tee5 to prepare financial statements for each financlal year which give a true and fair view of the state of affairs of the charitable company and the group and of the incomlng resources and appllcatlon of resources, including the income and expenditure. of the charitable group for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; obsetve the methods and principles in the Charities SORP (FRS1021" make judgements and estimates that are ￿aSOnabLe and prudent. and prepare the linancial statements on the going concem basls unless it is inappropriate to presume that the charitable company will continue in buslness. The Trustees are respon51ble for keeping adequate accounting records that disclose with reasonable accuracy at any time the flnanclal position of the charitable company and enable them to ensure that the financial Statements comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and the group and hence for taklng reasonable steps for the preventTon and detectlon of fraud and other Irregularities. Statement of disclosure of Informatlon to the audltors In so far as the Trustees are aware: there Is no relevant audlt InforrnatTon of whlch the charitable company's auditor Is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Information and to establish that the audltor Is aware of that informatlon. This report was approved by the Trustees on 5 September 2024 and slgned on their behalf by: Anlta Bhalla OBE Chair 11 B:MUSIC LTD IOR TII E I'LI All LINDCD 31 P+'lARCFI 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD Opinion We have audlted the financial statements of B:Music Lim7ted {"the parent charitable company") and its subsidiary I'the group") for the year ended 31 March 2024 which comprise the Con501idated Statement of FinancSaL Actiwties, the Group and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and the related note5, including a summary of significant accounling policies. The flnancial reporting framework that has been applied in their preparation is applicable law and United KTngdom Accounting Standards, including Financial Reporting Standard 102 "The Flnancial Reportlng Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our oplnlon the financial statements". give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 March 2024, and of the group's incomlng resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice. and have been prepared In accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basls for opinlon We conducted our audit in accordance with International Standards on Audltlng (UK) IISAS IUKII and appllcable law. Our responsibilitles under those standards are further described in the Auditor's responsibTllties for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance wlth the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Standard, and we have f ulfilled our other ethical responslbilities in accordance with these requirements. We believe that the audlt evldence we have obtalned Is sufficlent and approprlate to provide a basls for our opinion. Conclusions relatlng to golng concern In auditing the financlal statements, we have concluded that the trustees, use of the going concern basis of accounting In the preparailon of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertalntles relatlng to events or conditions that, Indlvldually or colleclivelyp may cast significant doubt on the group and parent charltable company's abillty to conllnue as a going concern for a perlod of at least twelve months from when the flnanclal statements are authorlsed for Issue. Our responsibilitles and the responsibllities of the trustees with respect to going concem are descrlbed in the relevant sections of thls report. Other Informatlon The other Information comprises the Infomiation included in the Tru5tees' Annual Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contalned within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our re5ponslbillty is to read the other information and, in doing 50, consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained In the course of the audit or otherwise appears to be materially misstated. If we idenllfy such material Inconslstencies or apparent material mlsstatements, we are required to detem)ine whether this gives rlse to a materlal mlsstatement in the flnancial statements themselve5. If, based on the work we have performed, we conclude that there Is a material misstatement of thls other information, we are required to reporl that fact. We have nothlns to report in this regard. 12 11:MU.%IC L"fD I()R'I'IIE Yfi AR ENDED 31 MIIRCH 2024 IIYDII PF.NDCNT ALIDII'OR'S RF.l)oii'r'ro Tlllr.'l-IIUSTECS AND N,Ifi N'IBLiiS or B:￿lUSIc I.I'I) Oplnions on other matters prescribed by the Cornpanlès Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees. Annual RetKtrt lincorporating the strategic report and the dlrectors. report) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, *knnual Report lincorporatlng the strategic report and the director5, report) has been prepared In accordance with legal requirements. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the group and parent charitable company and its envlronment Dbtained In the course of the audit, we have not identified material misstatements In the Trustees, Annual Report (incorporating the strategic report and the directors, report). We have nothing to reporl in respect of the following matters in relatfon to which the Companles Act 2006 requires us to report to you If, in our opinion: adequate accounting records have not been kept by the parent charitable c¢)mpany, or returns adequate for our audit have not been received from branches not visited by u5; or the parent charitable company's flnanclal statements are not in agreement with the accountlng records and retums. or certain disclosures of trustees, remuneratlon speclfled by law are not made; or we have not received all the informalion and explanations V￿ requlre for our audit. Re5ponslbllltles of trustees As explalned more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the flnancial statcments and for belng satisfied that they give a true and fair view, and for such internal control as the trustees determlne is necessary to enablc the preparation of financial statement5 that are f ree f rom material mi5Statement, whether due to fraud or error. In preparlng the flnancial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, diKlosing, as appllcable, matters related to going concern and using the going concern basis of accounting unless the trustees elther intend to liquldate company or to cease operatlons, or have no realistlc alternatlve but to do so. Audltor's responslbilities for the audit of the flnanclal statements We have been appointed a5 audltor under the Companles Act Z006 and report in accordance with this Act. Our objectlves are to obtaln reasonable assurance about whether the financial staterrEnts as a whole are free f rom material misstatement, whether due to fraud or error, and to 155ue an auditor's report that includes our OPTnion. Reasonable assurance is a hlgh level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a malerlal misstatement when It exists. Misstatements can arise from fraud or error and are considered malerlal if, individually or in the aggregate, they could reasonably be expected to inf luence the economic decisions of users taken on the basis of these flnancial statements. Irregularitles, including fraud, are instances of non-compllance with laws and regulations. We design procedures in line with our responsibilities, outllned above, lo detect material misstatements in respect of irregularities, including f raud. The specific procedures for this engagement and the extent to which these are capable of detecting Irregularitles, including fraud are detailed below; Our assessment focussed on key laws and regulations the group and parent charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to mi55tatement. These key laws and regulatlon& included but were not limited to complFance with the Companies Act 2LK16, Charities Act 2011, Trustee Act 2000, CharTlies (Protection and Social Investment} Act 2016, taxation legislat70n, data protection, Health and safety legislation and employment legislation. 13 B.. ￿l[l￿1c LI'D IOR'I'IIE I'EAR LNDED JI NIARCH 2024 INI)Ei'fi,NDCI Nl. AIIDII'OR'S RF.I)ORT TO'I'IIE TRUS'I-II fi,S AND ￿lE￿IllERs OF B:hlUSIC LTD We are not responsible for preventTng irregularities. Our approach to detecting irregularities included, but was not limlted to, the following: obtaining an understanding of the legal and regulatory framework applicable to the group and parent charitable company and how the group and parent charitable company are complying with that framework, including agreement of financial statement disclosures to underlying docufflentation and other evidence. obtaining an understanding of the group and parent charitable company's control envlronment and how the group and parent charitable company have applied relevant control procedures, through dlscussions with management and by performing walkthrough testing over key areas" obtaining an understanding of the group and parent charitable company's risk assessment process, including the risk of fraud. reviewing meeting minutes of those charged with governance throughout the year,, and performing aL¢dit testing to address the risk of management override of controls, Including tesling journal entries and other adjustments for approprlateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for blas. Whilst consldering how our audit work addressed the detection of irregularSties, we al￿ considered the likelihood of detection based on our approach. Irregularlties arising f rom fraud are Inherently more difficult to detect than those arislng from error. Because of the inherent limitations of an audlt, there is a rlsk that we will not detect all irregularities, includlng those leadlng to a material misstalement in Ihe financial statements or non.compliance with regulation. Thls risk Increases the more that compliance with a law or regulation is removed f rom the events and transactions reflected In the financial statements, as we will be less Ilkely to become aware of instances of non.compliance. The risk is also greater regarding irregularities occurrlng due to fraud rather than error, as fraud Involves Intentlonal concealment, forgery, collusion, omlsslon or rnisrepresentatlon. A further descriptlon of our responsibilities for the audit of the flnanclal State￿￿ntS is located at the Financial Reportlng Councll's I"FRC's"I web51te at., https: I Iwww.frc.or¥.uklaudltorsresp)nsibilities. Thls description forms part of our auditor's report. Use of our report This report Is made solely to the charltable companys members, as a body, in accordance with Chapter 3 Part 16 of the CompanTes Act 2006, Our audlt work has been undertaken so that we mlght state to the companls members those matters we are requlred to state to them in an audltorfs 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 company and the companys member5 as a body, for our audit work, for thls report, or for the opinions we have formed. Glen Bott FCA (Senior Statutory Audltor) for and on behalf of Cooper Parry Group Limited Statutory Audltor Cubo Birmlngham 3rd Floor Two Chamberlain Square Birmingham B3 3AX Date: 11 September 2024 14 11.. fvl USIC. L-I'D CONSOLIDATED STill"cNir.Nl' OF fiNANCIAL klCTIVITIIS INCLUDINC, INCO￿,11=, AND LXPENDII'IIRE ACCOUNT roil i'HE Yfi All ENDEI D 31 M*KIIC.FI 2U24 2024 2024 2024 2023 Total Restricted Unrestricted 2023 2023 Restrlcted Unrestricted Total Fund Fund Fund Fund Fund Fund Note £000 £000 £000 £000 cooo Income from.. Donations and legacies Charltable activltles: Rental & admi5510ns 32 146 178 48 177 225 6.097 1,390 1.936 2,445 137 6,097 1.578 1,936 2,445 137 6,151 1,400 1,653 2,498 34 6,151 1.592 1,653 2,498 34 Grants recelvable Other char5table activities 188 192 3b Other tradlng activltles Investments Total 220 240 Expendlture on: Ralslng fund5'. Commercial tradlng operation5 Fundraising 11,4581 (1151 {1,4581 {115> 11,428 11661 11,4281 11661 Charltable actlvltles (8621 110,4731 111,33S) 1892 {10,346> 111,2381 Total 862 892 Net IIoss)/lncome for the year {6421 105 1537) 16521 127) 16791 Transfers between fund5 20121 Net movement In funds 642 105 537 652 Z7 679 Fund balances brought forward at 1 April 2023 12,235 2.259 14.494 12,887 2,286 15,173 Fund balance5 carrled forward at 31 March 2024 All the above results are derived from continuing activities. All galns and losses in the year are included Sn the above. The notes on pages 18 to 36 form part of these financlal statements 15 11:N,IIISIC L'I'D IC.oiiiiiniiy Nu.113169CIl)01 GROUP ANI) C.'FIAIIIT)' IIALANC.I:, SIILL'I'S A8 A'l- I'fi A R LNDLI) 31 fi'lARC.I121124 Group 2024 Charity 20Z4 Note 2023 2023 EOOO £000 EOOO Flxed Assets Intangible fixed assets Tangible fixed assets 12 54 69 54 69 12.713 13,363 12,713 13,363 IJ Total Flxed Assets 12767 13432 12767 13432 Current Assets Stocks 14 31 33 Debtors 15 906 1,116 2,540 3,102 779 951 Cash Investments 1,087 6,224 1,087 6,130 2,540 2,979 Cash at bank 3nd In hand Total Current Assets 8,248 6.791 7,996 6,470 Credltrjrs - arnounts falllng due wlthln one year 17 15,8231 14.6721 {5,763) 14,6021 Net Current Assets Credltors - amounts fallln8 due after one year Provlslons for Ilabllltles 18 1593} 16421 16201 14371 {5931 16421 16201 1437) 19 Net Assets 13957 14494 13765 14243 The Funds ol the Charlty: Restrlcted Incom& Funds zo 11,593 12,235 11.593 12,235 Unre5trlcted Income Funds Deslgnated funds General reserye 21 913 975 913 975 21 1,451 1,284 1,259 1,033 Total Unrèstrl¢ted Income Funds 2,364 2,259 2,172 2,008 Total Charlty Funds 13 957 14494 13765 14243 The charlty has taken advantage of Section 408 of the Companies Act 2006 and paragraph 397 of the SORP and has not included a separate Statement of Financial Activltles in these financtal statements. The Statement of Financial ActivitSes on page 15 Includes £10,702k12023: £10,562kl of income and £11,180k12023: 11,402k) of expenditure relating to the charlty resultlng in net expendlture of £478k12023: net expendlture of E840k). These financial statements were approved and authori5ed for issue by the Trustees and slgned on their behalf by Ms Anita Bhalla OBE Date: The notes on pages 18 to 36 form part of these financial statements 16 :￿luSiC i,'rD CONSOI,ID,I'rr.D STJlTEfvif.Nl" of+ CA.%HfLOIVS kls AT JI ￿,lAR(H 2024 Notes 2024 2023 £000 Cash flows fromllusedl operatlng actlvlties: Net cash provlded by operatlng actlvlties 23 604 Cash flows from Inve5tln8 actlvities: Divldends, interest and rents from investments Purchase of property, plant and equipment Net cash provlded byllused Inl Investments: 137 34 13 69 353 68 {3191 Cash flows from flnancln8 actlvltles Repayment of borrowlngs 52 65 1521 1651 Change in cash and cash equlvalents in the reporting perlod Cash and cash equlvalenl5 al 1 Aprll 2023 Cash and cash equlvalents at 31 March 2024 1,669 19881 24 17 B:MIISIC. L'I'I) IYOI'LS I"O'I'IIE CONSOLIDA'I"r.D fiNplNClIlL STATEMEN'IB liOR TIIL I'LAII I=,NDI,=D 31 MIlRC.112024 Accounting pollcles Basis of preparation of accounts The financlal statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing the7r accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (January 2022} IFRS102) - Icharities SORP IFRS102)I, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FR51021 and the Companies Act 2006. B:Mu5ic Ltd meets the defTnition of a public benefit entity under FR5102. Assets and liabilities are inltlally recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. The accountlng policies mentioned have been applied conslstently across the year. Judgèments and estimatlons Management has not made any significant Judgements in the process of applying the accounting pollcies and there are no areas of estimation uncertainty that have a significant risk of causlng a material adjustment to the carrylng amounts of assets and liabilities within the next financlal year. The amounts provided for as provislons in these financial statements are the best estimate of the charity's Ilability as at 31 March 2024. Management have taken Into account historlc Invoices, a consideration of the 5ub-lease5 in effect during the relevant periods and obtained professional advice and support from the charitys solicitors in determinlng the balance recognlsed In these financial statements. Preparatlon of accounts on a going concern basis These accounts have been prepared on the going concern basls. This 15 underplnned by: Robust budgetary control mechanisms Regular revlew of staff remuneratlon policies and non.pay cost reviews Regular review of our risk register Income growth targets In specific areas to mitlgate the loss of publlc funding Basls of consolldatlon The Group's financial statements include the financial statements of the charity and Its trading subsldlary, BMEL and have been consolidated on a line.by-line basi5. Unlform accountlng policies are adopted acr055 the group. A separate Statement of Financial Activities and income and expenditure account are not presented for the charity Itself followlng excmptions afforded by Section 408 of the Companies Act 2006. Income Income Is generally recognised on a receivable basis for generatlng f unds but income generated from charltable actlvltles is recognised at the polnt revenue and the costs assoclated with the delivery of the seryices can be rellably measured. It is measured at the faTr value of the consideratlon received or receivable. The specific bases used are as follow5: Donations and legacles are accounted for on a receivable bas15. Investment Tncome is accounted for on an accruals basis. Charltable actlvity. trading and merchandisTng income is accounted for when earned. Grants are recognised when the entitlement to the grant is confirmed. Investments All of the char?ty's investments are held as cash dewslts and the charity does not currently have any investments where losses can be Incurred. 18 11:tVlllSlC LTI) NOTLS TO 1'14L CONSOLIDIlTED I.'INANCIAI. S'I"ATEMLN'I'.S ,'OR TI11,= I'£A R F.Nl)L4 D 31 ￿lA IICkl 2&24 Accounting policies - continued Expendlture ExpenditLtre is recognlsed when it is incurred and is reported gross of related income on the following bases: Raising funds comprtses the costs associated with attracting voluntary income and the other cost5 of other Income generation e.g. costs associated with provision of catering services. ChaNtable expenditure comprises direct expenditure. including direct staff costs attributable to its activities for it5 concert proerammes and educational progfamme, and indirect staff costs and overheads. Governance costs include those incurred in the governance of its assets and are associated wlth constitutlonal and statutory requirement5. Operatlng leases Rentals payable under Dperatlng leases are charged to the Staternent of Financial ActivitTes on the straight-llne basss over the lease term. Employee benefit costs Contributions to pension schemes are charged to the Statement of Financlal Activities as Incurred (see note 81. Intanglble fixed assets and amortlsation IntanglbLe fixed assets comprise soflware and IT system Ilcences which are amort15ed over five years. The amortisatTon charge Is included within expenditure on charltable activities within the Consolldated Statement Of Flnancial Activltles. Tangible flxed assets and depreclatlon It Is the charlty's pollcy to capitalise the cost of major capital projects and to depreciate them over their estirnated useful lives. As a matter of policy expenditure is capitalised on Indivldual projects where that expendlture 15 more than £10,000 In total and it dlrectly results in: Generation of new economic beneflt. Enhancement In the economic beneflt generated from exlstlng assets. or Substantlal increase In the economlc life of existing assets. Tangible fixed assets are stated at hlstorlc purchase cost less accumulaled depreclatlon. Cost includes the orlginal purchase prlce of the asset and the costs attributable to bringlng the asset to its worklng condition for Its Intended use. The cost of the Organ Irbote 13}, whlch comprises the acquisition and constructlon costs, 15 being depreciated and charged against the restricted fund over the term of the sub-lease125 years) from the date of installation IZO October 20011. IT equipment Is depreciated over 2,3,5,7 or 10 years dependent on the nature of the equlpment. Other assets are being depreciated on a straight.line basis over their u*ful economic life as follows: Over flve years Box offlce system, Town Hall projectors, Symphony Hall bars equipment, gift Shop fixtures and flttings, digiLal media displays, dishwashers, refrigeration, tables and chairs. THSH WI-FI, Town Hall AV equipment, Symphony Hall radlo system, Symphony Hall production LX Over Six years Helneken bar Over seven years Town Hall lighting* Town Hall PA system Over twenty years Symphony Hall lighting Where an asset cease5 to be used, or the value of that asset falls below the reported net realisable value Ic05t less depreclation to datel of that asset, an impairment revTew will be carried out by the charity. 19 11: ￿,7()sIc L'I'D NO'I'fp % TO 'I'FI L C()f4lSOLII)A Tl4.1) fi INIINCIAL S-I'ATEhq EN'rs -,OII'I-HI,: I'LAII LNDI,'D 31 ￿,lARC]llQ24 Accountlng policies - contlnued Debtors Trade and other debtors are recogni5ed at the settlement amount due after any discounts. Prepayments are valued at the amount prepaid net of any discounts. Creditors Creditors and provislon5 are recognised where the charity has a present obligation resulting f rom a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Provisions are measured at the best estimate of the expenditure requlred to settle the obligatlon at the balance sheet date. Stocks Stocks are stated at the lower of cost, being the purchase price for Item5, and net realTsable value, being the lowest reasonable price attainable upon sale, on a flrst in, first out basis. Deferred Income Box Offlce receipts received in advance are recognlsed as deferred Income and valued at the amount received for advanced tTcket sales. Cash and Bank Balances Cash and bank balances Includes cash and sl)ort term highly ITquid investments with a short maturity of three fflonths or less f rom the date of acquisition. Flnancial Instruments The group only has f inanclal assets and financlal Ilabilities of a kind that qualify as baslc flnanclal instruments. Basic financial Instrument5 are initlally recognised at transactlon value and subsequently measured at their settlement value. Funds B:Music Ltd ha5 designated funds whlch are unrestricled funds set aslde for specific purposes by the Trustees and which would otherwise form part of the charity's general reserve. The general reserve relates to unrestricted funds that are available to carry out any of the charitable objectives of the charity. The Income generated from assets held a5 unre5trlcted funds Is treated as unrestricted Income. Restricted funds are funds that have restrictions Imposed by do￿r5 and can only be applied for the particular purposes specified by donors. The income £enerated from assets held in restricted funds Is treated as restricted income unless elther the tems of the original restrlctlon speciflcally say5 Otherwise or the restricted fund Is an endowment fund, wh05e income Is expendable at the Trustees. di5crelion. Donatlons and legacles Income f rom donations and legacies relates to donations recelved from indlvlduals and trusts to further the charity's objectTve5. 20 B.￿,[US1c I.TD N()'I'LS TO TIIL CONSOLIDFITCD FINANCIAL s'fAI'EMCNTS ls'OR TFI L Yfi AR II iNI)LD 31 II.IAIICI12024 Income from charitable activities (a> Rental and admisslons Z024 2023 £000 cooo Rental Cily of Birmingham Symphmy Orthestra Local rnusic users Third party prwioters Other 400 366 30 1,005 868 1,422 1,264 Adm1551ons Birmlngham Cla551cal Promoted and co-promoted events Other 155 119 4,515 4,768 4,675 4,887 (b) Other charitable actlvltles Thls relates to servlce5 provided in connection wlth the ￿ntaI of Town Hall and Symphony Hall, Including box office commisslon and programme sales, which are integral to the actlvlties and the delivery of the charlty's objectives. Grants receivable 2024 2023 £000 Core grant other rant5 (al 1,388 190 1,388 204 lal The charity wa5 awarded a core revenue operatlng grant from BTrmingham City Councll to enable B:Muslc Ltd lo f ulfil its charitable aim5 and objectives at Town Hall and Symphony Hall. A service level agreement is agreed annually. Ibl This comprTses grants received from several Individua15, trusts, foundations and other grant giving organi5atlons. The charity was awarded a grant from the Arts Council England to enable B:Music Ltd to fulfil its charitable alms and objectives in relation to the Let's Create Strategy as a National Portfolio Organisatlon. 21 11:11,IIISIC Ll'D NOTLI.% TO TFIL CONSal,IDA'I'I,:D FIN.4NCIAL STATLfvIEN'IS F()R TFIL Yfi.All LNI)LL) 31 tI,IAIICI12024 Income from other trading activ7ties 2024 2023 Eooo £000 Catering Income Sponsorship NKome Renta15 1,800 87 1.661 78 558 759 2,445 Investments 2024 2023 Eooo EOOO Bank interest 137 34 22 11:NIII8IC LTD NOI'I,S I'O I'llf CONSOLIDfvl'l'f.D FINIINCIAL STA'fEh.IENTS -,011 I'll L I'r.,IR ENI)LD 31 fvltrlllC:I121124 Expenditure Staff Dlrect Support £000 £0 2024 Eor £000 Ralslng fund5 - commercial trading fund ralslng 685 663 110 1,458 115 115 Charitable activitTes concert and educatfjonal Programme5 - gtsverna￿e costs 2,533 11 4,643 4.1Z2 11,298 26 37 Total expendlture 3,344 4 258 12 908 Staff Dlrect Support £000 £o¢]o 2023 cooo £000 Raising funds . commerclal tradlng fund raising 630 641 157 1,428 166 166 Charitable activitie5 . concert and ethKatknal programmes govemance cosls 2,453 11 4,943 3,811 11,207 20 31 Total expendilure 3 988 12 832 Direct costs are those a5soclated with providing the actlvity, for example co-promoter5 share and artist fees. Support costs relate to premises, professlonal services, marketing, infom)ation technology, telephone, printing and stationery, equipment purchase and repalr and other sundry costs. The above costs Include: 2024 2023 £000 £000 Audltor's remuneration - audlt fee5 - non audit fees 26 20 Operating leases - plant and machinery Operating leases - land and buildings Depreclatlon - owned tangible fixed assets Arnortisation owned intan ible fixed assets 46 46 719 713 19 23 11:N,111.%IC L'I'D NOl'L8'fo Tllb: CONSOI.IDèl'i'f.i) FINIlNC.IAL STAI-Lh.IEN-rs ,'OR T14E Yf•èlJl I:, Nl)LD 31 h,IIlllCII 2024 Employee informatlon The average headcount of core employees was 61 {2023 . 601 In the financial year. Staff costs also include variable employees engaged on a daily basi5 from tirne to time as the fluctuatiotbs in the charily's bu5ine5s dictate. All variable employees, as with the management team, are employed by B:Music Ltd. Staff costs analysis 2024 2023 £000 £000 Wages and salaries SocTal 5ecurlty costs Other ension costs 3,050 216 2,968 223 7B 69 From 1 April 2008 certaln employees were transferred to the company who particlpated in the NEC LTmited defined benefit pension scheme. No surplu5 or deficit relating to past service was transferred to the company at thls date, and the company is not liable for any deficit that would 5ub5equently arise relating to past seNice. On l May 2015 NEC Limited wa5 replaced a5 princlpal employer by PETPS IBirmingham} Limited. rhe status of the deflned benefit pension scheme Is disclosed in the financlal statements of PETPS (Birminghaml Limited. The company Is unable to Identify its share of the underlying assets and liabilities In the scheme at the year end. In 2008 all B;Music Ltd members and new members Joined the NEC'S Group Personal Pension Plan IGPPPI. Thls Is a defined contribution scheme. On 31 March 2017 all members of NEC'S GPPP were transferred to a B.'Mu51c Ltd GPPP, followlne the review of pay and beneflts during 2014 and 2015. The B',Music Ltd scheme is a defined contrlbution scheme. Those Staff not eliglble to joln the GPPP are auto.enrolled Sn the government's NEST scheme. Hlgher paid employees The number of em lo ees whose emoluments excludin nslon contrfbutions fell wSthin the followln 2024 Number band 5s: 2023 Number £60 CK11- £70 000 £70 001 £80 000 £80 001 £90 000 £130 CNJI £140 000 Emoluments for this purpose Include gross salary and benefits In kind and are stated before taking account of charges made to third parties. Staff numbers 2024 2023 Number Number By Actlvlty Charitable activities 236 232 Cost of eneratin funds 244 239 Staff numbers include the ab501ute number of staff employed. full-time. part-time and on a variable basis. 24 ]J:fvIII%IC: L'ri) NOTf.s'i"O T14L CONSOI,IDti'fED FINANCIAL STAI'LI r4'lENTS roR'IIII YLIlll LNDCD 31 ￿lARc11 2n24 Key Management Personnel 2024 2023 £000 Eooo Total remunerati chari and rou 402 393 Key management personnel comprise five employees (2023: five employees}. Redundancy and Termlnation Payments There were no termination payments durlng the year (2023: nil). There were no Ilabilities in respect of redundancy and terfflination payments at the balance sheet date (2023: nill. Trustees, remuneratlon The Chalrman of the Trustees received remuneration during the year of £11 k12023: £10k). The other Trustees of the charlty do not receive any remuneration but are relmbursed any expenses for thelr seNices. In the year £nll was reimbursed for travel expenses {2023: £nill. There are no retirement benefits paid to Trustees12023: nll). Remuneration and expenses are pald in accordance with the governing Artlcles of Association. 10. Related party transactlons . Organlsatlons Birmingham Clty Councll Is the sole member of B:Music Ltd. Durlng the year the charity undertook the following transactions wlth Birmingham Cily Councll: 2024 2023 c'ooo £YJOO Sale of goods and 5ervlces 2014 20Z3 £'ooo cooo Purchase of good5 and services 2024 2023 £'ooo E'OOO Grant Income Blrmingham City C(MJncll 811 622 893 867 1,388 1,388 The purchase of qoods and seNices Includes the lease of SymptK)ny Hall, venue services charge5 and business rate5. The amount due to Birmingham City Council included In trade credltors at 31 March 2024 wa5 £23k (2023: £1kl. The amount due from Birmingham City Council at 31 March 2024 was L32k12023: E110kl. 25 B..N,IUSIC I,I'D N()TES I'C) TIIL CQNSOLIDATED ItlNANClIlLsTAI'E￿.lENTs liOII I-FI L I'LAII CNDCD 31 f¥,IARCH 2024 Related party transactions - Trustees and Core Staff Mr Vidar Hjardeng is a trustee of BML. He is the Diversily Consultant at ITV News. Mr Oluwamayokun Alonge is a trustee of BML. He Is a trustee of The Equal Group Corporation Limited. Mr Davinderpal Bansal is a trustee of BML. He is a director of GHA (Property) Limited and Glenn Howells Architects Limited and designated member of GHA Services LLP. Ms Anita Bhalla is a Trustee and ChaTr of BML. She is a Trustee of The Saintbury Trust, Chair of Birmlngham City University and a governor of the RSC. Councillor Ewan Mackey15 a trustee of BML. He 5s an elected member of Blrmrngham City Council and Royal Sutton Coldfield Town Council. Mr lan Myatt is a Trustee of BML. He is an employee of the University of Birmlngham and a board member of the Birmingham International Piano Competltlon. Mr James Taft Is a Trustee of BML. He is a partner at Browne Jacobson LLP. Slr Albert Bore T5 a Trustee of BML. He is a director of Westside Partnership Limlted, Colmore Buslness Dlstrlct Limited and CSR City Limited. Mr Shaun Sookoo Is a Director of BMEL. He Is a director of the Greater Birmingham & Sollhull Local Enterprlse Partnershlp. Mr Andrew Buckley is a Director of BMEL. He Is a director of Bimiingham C51y UnlversTty. Mr Nick Reed is the CEO of BML. He Is a director of Muslc beyond Mainstream Ltd. Ms Nicole Evans Is an employee of BML. She is assoclated with the Shakespeare Dlstillery Ltd. BMEL acts as a commerclal hire venue and as a box offTce tlcket agent for graduations of locally based Unlversities and other organlsations. For related party disc105ure the nature of the transacllons is shown separately. 26 IJ:MIISIC LTD NOTI,:S I'o'f14E CONSOI.IDATID filNIlNCIAL SI'A'fEMfi N'rs IIOR'fiii YEAR LNDf.D31 N,IIlllCII 2024 Transactlons Group Trading 2024 2023 £000 £fy)o Recelved from Glenn Howells Architects Limited Browne Jacobson (trade exchange) Browne Jacobson (other) Unlversity of Bimilngham Birmingham City University Colmore BusiDes5 Dlstrict Llmited BBC Greater Blrmingham Chamber of Commerce SAMPAD South Aslan Arts and Herltage Anita Bhalla Owed Cnil12023: £nill Owed Inil12023:Enil} Owed £nil12023: £nil) Owed E2k (2023: £2k) Owed £nil (2023: £nil) Owed £nil12023:Inil) I￿ed £11 k 2023: Enlll 12 14 18 Owed Enil (2023:Cnill Owed CnTI {2023: £nill Owed £nil12023:Cnill 10 Pald to Browne Jacobson lotherl Greater Birmlngham Chamber of Commerce The Equal Group Corporatlon Limlted ITV News MUSTC Beyond Malnstream Shakespeare Distillery Owed £nll12023: £5kl 14 Owed £nil12023:£1k) Owed £nil {2023: £nil) Owed Cnil 12023: Cnill Owed Cnil12023: £nill Owed Enil (2023:Enlll 10 During the year BML received a total of £13k12023: C10kl in restrlcted donatlons from organlsations connected to related parties. 11. Taxation and charitable status The charlty is an exempt charity within the meaning of schedule 3 of the Charitles Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the deflnltTon of a charitable company for UK corporatlon tax purpose5. 27 B..￿.lUS1c I,I'D NO'fEI S'l'C)'I'IIL CONSOI,IDtl'l'Tr:D I,-INIlNCIAL STIITEMCNTS iOlI 'fi i L I'LI Alt CNDCD 31 NIAIIC.'I12n24 12. Intangible f7xed assets - Group and Charity Total 2024 £000 Cost,. l Aprll 2023 and 31 March 2024 143 Accumulated depreclatlon: At 1 April 2023 Provlded during year At 31 IAarch 2024 174} 15 {89) Net book value of assets a5 at 31 March 2024 Nel book value of assets a5 at 31 March 2023 54 69 Intanglble fTxed a55ets comprlse software and IT system Ilcences. 13. Tanglble flxed assets - Group and Charfty 2024 £000 2024 £000 2024 Éooo Other 2024 £000 Leasehold SH Organ Project Total Bulldlngs Cost: At 1 April 2023 Additlons Transfer 12,592 1,294 2,622 69 16,508 69 At 31 Mar¢h 2024 12.59Z 1,294 2,691 16,577 Accumulated depreclatlon: At 1 Aprll 2023 Provided during year At 31 March 2024 {6951 14391 (1,1341 11.1521 1541 11,2061 11,2981 12261 11,5241 13,1451 17191 {3,8641 Net book value of assets as at 31 March 2024 Net book value of a55ets as at 31 March 2023 11,458 17,897 88 1,167 1,324 12,713 13,363 142 28 B:fvIUSIC I,-I'D N()TLI S I'Q'l'III,- CONSOLIDAI'LD I,'INI &lNCIAL STil'fEMCI N'rs roR"I'l I I,: Yr.All ENDLD 31 ￿l&ll1clI 2024 14. Stocks GrrAJP 2023 Charity 2024 2024 2023 £000 EOOO Flnished oods - Caterin 31 33 Finished goods are bought 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 cost of stock is not materially dlfferent to the purchase cost. 15. Debtors Group 2024 Group Charlty Charity 2023 2024 2023 £000 £000 £000 Amounts Fallln8 Due Wlthln One Year Trade debtors other debtors 491 644 266 399 Value Adéed Tax 11431 539 1271 489 {391 533 56 Prepayments Accrued income (note 161 486 14 14 906 779 951 16. Accrued Incorne Group 2024 Group Charlty Charity 2023 2024 2023 EIJOO £000 £000 £000 Accrued incune brought fO￿ard Released in the year Accrued In the year 327 325 {81 14 (3271 {81 14 13Z51 Accrued Inci)me carried forward 14 14 29 11:Il,I IISIC I.'I'D NOTLI S'l'o TIIL C:ONSOI,IDFI'I'I,:D I,"IN&lNC.IklL STklTF.i1IEN'rs' II'OII 1'14L )'CI All ENDED 31 fvlIlRC'.I12024 17. Creditors amounts falling due within one year Group Group 20Z4 2023 Charlty Charity 2024 2023 £000 £0 £000 £000 Trade creditors 437 206 361 129 Secured loan 26 25 26 25 Amounts owed to group undertakings: BMEL Taxation and soclal securlly Other credltors 347 275 62 54 62 54 2,685 808 2025 2,678 748 2,014 646 Accrua15 Deferred IncLKne 708 1,805 1,654 1.541 1,459 4,672 Deferred Income Group 20Z4 Group Charlty 2023 2024 Charlty 2023 £000 00 £000 EC￿)0 Deferred income brwght forward Released In the year Deferred In the year 1,654 1,937 1,459 1,765 11,5461 11,7961 11,3681 11,6541 1,697 1,513 1,450 1,348 Deferred Income carried forward Deferred Income comprTses amounts, such as hall rental, Invoiced for future events t()gether wlth amounts received for the purchase of tickets for future events promoted or co-promoted by BML. 18. Credltors - amounts falllng due after one year Group Group 2024 2023 £000 Charlty ChaTIty 2024 2023 £000 £000 Eooo Secured loan: Due withln 2 to 5 years Due after 5 years 117 112 117 112 476 508 476 508 593 620 593 620 The long term borrowTrig relates to a secured loan repayable quarterly over a 20 year temi with a flxed interest rate of 4.165% per annum. 30 .￿,111.%1C LTD NOI'LI S'l'o THE CONSOI.IDATCI) I,'If+lATrICIAL s'fATEfvif.NT.S IOR TFIC I'LAR LNDED 31 ￿,jAlI(..I42u2l 19. Provisions for liabllities Group Group 2024 2023 Charlty Charlty 2024 2023 £000 £000 £000 Amounts owing to BCC 642 437 642 437 The provision relates to amounts potentially owing to Birmingham City Council in relation to insurance and service charges as calculated under the terms of the sub-lease that the charity occuple5 at Symphony Hall. The amounts provided for are the best estimate of the charity's liability as at 31 March 2024, taking into account hlstoric involces, a conslderation of the sub.leases in effect durlng the relevant periods and professional advice and support from the charity's sollcltors. 20. Restrlcted Income funds Balance 1 April 2023 Balance 31 March 2024 Inc(rfne Amounts utlllsed Transfers £000 c￿0 £000 Organ constwction Organ mairitenance Communlty Splrlt Islng for all) Generalion Ladywood projects Project soundlounge Jazzllnes projects Small education project5 Small non-education projects Stelnway Plano fund Ca ital cam 142 1541 155) 1141 1861 191 1781 88 121 131 14) 151 161 171 18) 152 101 75 21 15 10 12 24 103 1281 21 37 63 (941 (41 468 14 zo 51 47 10 21 12.235 220 862 In accordance with the conditions of the fund category, Trustees have applied surplus funds to other charitable objectives in accordance with the terms of the funds received. These funds represent: 11) The net book value of the Symphony Hall Organ (note 13). {21 Donations received from Organ appeals which will be used to maintain and refurbish the instrument. (31 Funding for the vocal education work of the charity with children and young people. 141 Funding for the purpose of completing projects within the L3dywwd community. 151 Funding for the developtnent of young programmers to produce a festival for young people by young people. 161 Funding for several Jazzllnes project5, Including the Jazzlines programme funded by the Arl5 Council England. 171 Funding for several smaller projects to support the education and community programme. 181 Funding for several ad hoc projects. 19) Funding for the new Steinway piano (101 Funding for 'Make an Entrance. the capital project to extend the perfomiance and hospitallty space at Symphony Hall. 31 11:ri,Iiisic L'I'D NOI'L4.4'ro I'HL C.ONSOI,IDA"fF.I) FINANCIAI. STA'I'ChqLNTS II OR TFIL YTr.AII LNDED 31 fvlIlRC.'l-12024 20. Restrfcted income funds (cont.) Balance 1 April 2022 Balance Incorne Amounts utilised Transfers 31 March 2023 EOOO £000 £000 EOOO Organ construction Organ maintenance Contmunity Spirit Ising for all) Generatlon Lad￿00d projects Project soltndlounge Jazzlines projects Sfflall educatlon projects Small non.ediJcatlon projects Stelnway ptar￿ fund Ca ital cam ai 196 1541 {7) 18} {821 1131 1175) 142 {21 155 152 13 140 17 75 151 16) 171 181 24 60 139 24 94 22 179) 141 470 37 55 51 10 45 240 892 21. Unrestrlcted Income funds Balance Balance 31 IAarch 1 Aprll 2023 Incthne Am(￿ntS Transfers utlllsed £000 2024 £0 Eooo £000 Designated Funds General education Organ educallon Buildlng maintenance reserve Mu51c In 8Smiln8ham Maklng an Entrance THSH COVID-19 rellef {31 41 15) 915 1581 857 Stelnwa funds 60 56 975 1621 913 General reserve 1,284 12,150 111,9841 1,451 Total Unre5trlcted 32 B.￿,lUSI{. L"fD NOTfi S'l'o TIIL CONSOLIDA1'f.i) I,'INAYI C".IAL SI-A'rLr*lCNTS roii'i'iiE YLIIR EINI DED 31 MAIICII 21124 21. Unrestricted Income funds (cont.) These funds represent: (11 Funds for support of educational worf( by the charity. 121 Fund5 for use on education work relating to the organ, undesignated in the year. 13} Funds ring fenced against current and future depreciation cofflmitment5 relating to the maintenance and upkeep of Town Hall and Symphony Hall buildin£s and will be applied at the discretion of Trustees. 141 Point of sale donattons received from customers purchasing tickets. undesignated in the year. (51 Funds for 'Making an Entrance, the capital project to extend the performance and hospltality space at Symphony Hall. which was transferred to the Buildings Maintenance reserve in year, 16) Fund5 for supporting activity during the COVID-19 pandemic, undesignated in the year. (71 Funding for the Steinway piano. 18) The general reserve represent5 unrestricted funds. Balan Balance Inc