2025-03-31-accounts

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Charity Registration Number: 1053937 Company Registration Number: 03169600

B:MUSIC LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Registered Office: B:Music Ltd Symphony Hall 8 Centenary Square Birmingham B1 2EA

Tel. No. 0121 289 6300

B:MUSIC LTD FOR THE YEAR ENDED 31 MARCH 2025

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B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Introduction

The trustees (who are also the directors of B:Music Ltd (BML) for the purposes of company law) are pleased to present their annual trustees’ report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 March 2025 which are also prepared to meet the requirements for a strategic and directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (‘Charities SORP (FRS102)’).

CHAIR’S REPORT

| am delighted to introduce the financial results and artistic achievements of what has been another very positive year for B:Music, one that has seen the charity continue to thrive despite the many challenges in the wider city of Birmingham. We continue to be one of the pivotal cultural organisations in the region and our ambition is undimmed.

For a second year running B:Music has substantially improved its budgeted profit and loss position over the course of the year, allowing us to maintain the solid reserves essential for the long-term stability of the charity. With Symphony Hall and Town Hall now 34 and 189 years old respectively, the need to provide for the maintenance of these wonderful buildings is ever present, and an important part of our reserves policy. Over the coming year we will be undertaking Amplify Town Hall our capital plan to improve sustainability, access and comfort in Town Hall. This will entail a major public fund-raising campaign, matched bya significant capital sum from B:Music’s reserves, and grants from trusts and foundations. In parallel with the physical work, we will be creating a brand-new digital archive charting the rich history of Town Hall through artefacts and oral histories. We will be working in the community with a team of volunteers to explore and showcase the role that Town Hall has played over the years in music, politics and social history. We are very grateful for the generous support of the National Heritage Lottery Fund in supporting this element of the project.

Over the past year B:Music has continued 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-established pathway stretching from first musical experiences in local schools through to paid opportunities for emerging professional musicians that have been on that journey. All the while the programme on our main stages provides inspiration for these young people as leading artists from around the world come to Birmingham. We are fund raising hard to support bursaries for participants, and we continue to offer free and lowpriced tickets to events when we can.

| am grateful to B:Music’s trustees who work throughout the year to give considered oversight to the operation of the charity, and active support to the staff team. We have a great range of expertise and skill within our trustees creating a productive and helpful dialogue with the executive. | am grateful too to the Arts Council of England for our continued status as a National Portfolio Organisation, and to the many trusts and foundations that support our work on a project-by-project basis. Most of all however | am grateful to the community of staff, artists, audiences and wider stakeholders who continue to keep faith in the transformative power of music.

Anita Bhalla OBE, Chair, B:Music Ltd

B:MUSIC LTD

? REPORT OF THE TRUSTEES AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Objectives 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 City of Birmingham Symphony Orchestra (CBSO), and of world-class calibre; and
(b) to educate the public by promoting, fostering, and encouraging the knowledge, understanding, and appreciation of the arts, particularly music, providing an education programme for this purpose.

BML continues to provide a facility of international standing for rehearsal and performances by the CBSO and other local music groups (both professional and amateur) from the City of Birmingham and surrounding region. More broadly, in striving for excellence in all aspects of work, BML aims to consolidate the City of Birmingham’s international reputation for musical excellence.

BML measures achievement of its objectives by using a rigorous budgeting process and then reporting regularly during the year on its performance against this budget in both financial and qualitative terms. BML uses a suite of Key Performance Indicators : to measure trading performance and is developing reporting tools to give near real time feedback on the financial impact of , its programming decisions. This 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 charitable objects are better articulated to the public through its Vision and Mission:

Vision Our vision is of a strong organisation where Birmingham’s diversity and creativity are part of everything we do - from our support of artists and audiences, to our respect for music from around the corner and around the globe.

Mission

Our mission is to inspire a love of live music through performance, participation and learning.

Public Benefit

In preparing these financial statements the Trustees have taken into consideration the Charity Commission guidance on public benefit. All BML charitable purposes are for public benefit. All BML trustees carry out their charity’s purposes for public benefit, and reporting takes place each year to demonstrate this.

Achievements & Performance

2024-25 has been an outstanding year for B:Music financially, with an unrestricted surplus of £624k substantially exceeding the budgeted figure for the year and allowing the charity to contribute to a solid reserves position. This is even more encouraging as it has been achieved despite reduced support from Birmingham City Council which has impacted both B:Music and the wider cultural community in Birmingham. Sadly, Britain’s second city now makes no direct investment in culture which underlines the importance of the commercially driven but charitably focussed model that B:Music has developed over the past 10 years.

B:Music has outperformed targets on its key financial metrics delivering strong trading contribution across both events and food & beverage. B:Music has always operated all its bars and catering activity in-house, and this has continued to be an important part of the overall business model. Symphony Hall’s café bar - B:Eats has continued to thrive, generating daytime income, but more importantly opening up the building to visitors who might not be attending evening concerts. B:Eats offers free live music at lunchtimes in regular slots during the year as well as hosting ad hoc events such as the acclaimed music photography exhibition in partnership with Abbey Road studios.

B:Music remains one of the busiest live music organisations in the UK with over 800 events taking place in the past year across Symphony Hall, Town Hall and with partners in the community. The programme on our main stages has been the typical broad mix of classical, rock, pop, blues, soul, country and more. Although music forms the vast majority of the programme, comedians, podcasters, writers and vloggers are an important part of the mix too. Highlights included Alison Moyet, The Pretenders, Squeeze, Pat Metheny, Jamie Cullum, Bellowhead and Van Morrisson. Steve Earle’s show at Town Hall was : particularly notable for Bruce Springsteen dropping in to see his old friend perform. Classical music audiences were the slowest segment to return post pandemic but the past year has seen a steady return, both for the CBSO and in tickets sold for Birmingham Classical, B:Music’s season of visiting orchestras. 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

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Celebrating Sanctuary seasons. In addition to regular free gigs, the Jennifer Blackwell Performance Space is increasingly able to sustain paid-for performances, with artists responding positively to the intimate, almost in the round dynamic of the space.

The ongoing success of B:Music is driven by the engagement, skill and happiness of its staff team, both those on the permanent payroll and the hundreds of casual staff that support concert nights in operational roles. The B:Music staff forum - B:Heard - is the formal environment in which the executive team and representatives of the wider staff meet to discuss and develop policies that support staff engagement, progression and welfare, and this group has been active during the year. A particular focus this year has been on terms and conditions, and negotiation over the year has resulted in a significant increase in maternity and paternity allowances which will better support B:Music’s team that are starting or extending families. As a charity B:Music is not always able to compete head on with other employers in salaries offered, so improvements where possible in terms and conditions are important.

36% of B:Music’s current permanent staff started with the charity as members of the casual team, and 27% of permanent staff have progressed internally to more senior roles. 50% of the recent cohort of apprentices have progressed to permanent positions at B:Music with the other half securing permanent roles elsewhere. Many participants in our talent development projects start as students, progress as mentors and return as freelance tutors, building continuity and pathways in our music education activity.

Despite the ongoing financial turmoil and cuts to services in the wider city, B:Music mas thrived over the past year, robustly delivering on its charitable mission to inspire a love of live music through performance, participation and learning.

Financial review

The results of the charity for the year are set out in the Consolidated Statement of Financial Activities on page 15.

This year delivered 896 events including 257 in Town Hall, 576 in Symphony Hall and 63 offsite. This compares to 879 events in 2023/24 including 214 in Town Hall, 599 in Symphony Hall and 66 offsite. The core grant from Birmingham City Council amounted to £1,308k (2024: £1,388k) and enables the charity to fulfil its current charitable purposes.

Expenditure in the year totalled £13,432k (2024: £12,908k). 86% of the expenditure relates to the delivery of the charity’s objectives. 14% of the total expenditure incurred in the year is incurred through activities related to generating funds; these include income-generating activities such as commercial hires and sponsorship.

Subsidiary undertakings

The charity’s wholly owned subsidiary, B:Music (Enterprises) Ltd ("BMEL"), continues to contribute to the charity’s mission and its financial results are shown in note 28 to the consolidated financial statements.

In 2024/25 it continues to trade in the provision of food and beverage including the Symphony Hall B:Eats café, commercial hires and sponsorship.

In the year BMEL madea profit of £271k (2024: £211k) after BML management fees and service charges of £830k (2024: £744k) and £76k (2024: £52k) BML hall hire. BMEL will contribute £271k (2024: £211k) in gift aid to the charity within nine months of the year end.

Principal funding sources

The principal ongoing funding source for the charity is rental and admission income, contributing 48% (2024: 49%) of the unrestricted income. The grant received from Birmingham City Council constituted 10% (2024: 11%) of unrestricted income this year.

Principal Related party

Birmingham City Council was a related party during the year and is the sole member of BML.

: B:MUSIC LTD FOR THE YEAR ENDED 31 MARCH 2025 : REPORT OF THE TRUSTEES AND STRATEGIC REPORT Investment policy and performance | The funds available for the the charity to invest comprise | retain flexibility and availability of these funds, the : investments. No other investment vehicle is used.

The funds available for the the charity to invest comprise 52% advance box office receipts and 48% cash reserves. In retain flexibility and availability of these funds, the charity utilises short term, low risk financial markets treasury investments. No other investment vehicle is used.

In order to

The charity's investments are also held as a means of earning revenue on designated and restricted funds until they are required,

Cash diversity as at 315 March was NatWest 58%, Treasury Bills 26%, Royal Bank of Canada 12%, Rathbones 3%, and Shawbrook 1%.

Cash held with NatWest includes a special reserve account (interest 1.5%) that operates a daily sweep of the charity current account.

Surplus funds are invested into 35 day (interest 2.72%) and 95 day (interest 3.44%) notice accounts.

In June 2024 a new investment account was opened with Rathbones comprising a £250k current account (interest 2.85%) and £1.75m in Treasury Bills. In November 2024 a further £0.5m was invested in Treasury Bills and as at 31 March 2025 the total value was £2.32m. The Treasury Bills are held in four equal tranches auctioned a week apart.

Pay policy

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 line with the Pay Policy Framework.

The framework comprises

e Approved pay bands and structure e Pay levels reviewed annually as part of organisational reviews e Any changes to pay levels arising from annual review are authorised by Finance and Scrutiny Committee

Reserves policy and analysis

The Trustees review the reserves policy on an annual basis.

Restricted Fund

In relation to the charity's Restricted Fund, these contain donations from trusts, foundations and individuals to be used for specific charitable objectives. The total balance of these funds at 31 March 2025 was £11,149k with £10,967k (2024: £11,593k with £11,422k) of this balance representing donations and grants which were used to fund the foyer extension (Making An Entrance) and purchase the Symphony Hall organ and other assets and, as such, do not represent ‘cash’ items. A further £96k (2024: £101k) is held in reserve to cover future funding of organ maintenance at Symphony Hall. This will be used to maintain Programme as well as funds specifically donated for other purposes. A detailed analysis is given in note 20 to the accounts. and refurbish the instrument. The remainder consists of funds raised to support Symphony Hall’s Education and Community

Unrestricted Fund

The Unrestricted Fund relates to carrying out the charity's general objectives. The Trustees review 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, Birmingham City Council, to cut their grants to all arts organisations. The Trustees have agreed to build a level of general reserves of at least three month’s annual running costs to give the organisation the ability to be able to deal with unexpected events or to exploit new opportunities. The Trustees have therefore set aside £1,139k (2024: £1,451k) as at 31 March 2025 in general reserves.

Symphony Hall and Town Hall are iconic buildings and a core part of Birmingham’s landscape. Each venue hosts a wide range of music and non-music related events including party political conferences and corporate meetings which have a high media profile. The Trustees believe that it is the responsibility of the charity to maintain high standards of design and decoration at both venues and have therefore set a target of £1m for the Buildings Maintenance Reserve. As at 31 March 2025 the Trustees have designated £575k of funds for current and future long term maintenance projects and £200k towards the refurbishment costs as part of the Amplify Town Hall project.

New designated funds are set aside to meet the depreciation for Making an Entrance of £624k, Information Technology equipment of £398k and 52k (2024: £56k) for the Steinway piano in the Jennifer Blackwell Performance Space.

Total ‘Designated’ Funds at 31 March 2025 are £1,849k (2024: £913k).

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Fundraising

The fundraising team consists of three permanent members of staff who raise money from trusts and foundations, individuals and companies. There were a number of positives in this year and several individual giving income strands exceeded their targets. Memberships continued the growth from the previous year and once again outperformed their target by 20%. Donations at point of sale through the box office or website, reached £16k over target at £58,525. The team also continued to successfully raise funds from trusts and foundations in support of their talent development initiatives and secured support from businesses in the form of restricted project grants linked to CSR objectives.

The organisation remains signed up to the Fundraising Regulator, as a demonstration of its willingness to adopt and promote best practice and to raise funds in an appropriate and ethical manner in line with the Fundraising Code of Practice. In addition, the fundraising team has drawn up its own Ethics and Gift Acceptance Policy which has been approved by the Trustees,

Number of complaints about fundraising activity - nil.

Supporting B:Music

Over the past 16 years B:Music has had to respond to declining public funding by evolving into an organisation that is positioned to maximise its 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 88%.

Revenue fund-raising, due to the support of our patrons and membership, achieved £91k which was an increase of 18% from the prior year and budget. Unrestricted donations including gift aid has seen a decline in the last few years, but still achieved 82% of the annual target. Overall,97% of an ambitious philanthropic budget was achieved.

Particular thanks are given to Birmingham City Council, Arts Council England and our many sponsors and donors for their support.

Principal business and financial risks and uncertainties

The charity’s principal trading activities can be summarised as Own Promotion, Co-Promotion and Rental in the organising of events at Town Hall and Symphony Hall. Each of these categories of event has different risk profiles.

The charity manages these uncertainties and risks appropriately through a robust mechanism of controls which include monthly reporting of event profitability, daily monitoring of box office receipts for future events and pre-event profitability forecasts & analysis.

Risk management

The trustees have a risk management strategy which comprises:

e a quarterly review of the principal risks and uncertainties that the charity and its trading subsidiary face e the establishment of policies, systems and procedures to mitigate those risks identified in the annual review ¢ The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

These are the main areas of risk affecting the charity:

Birmingham City Council Grant

The issue by BCC of a Section 114 notice in September 2023 creates immediate direct and indirect risks for B:Music as the city progressively 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 services arising from Symphony Hallt’s status as a tenant in the ICC building, and this liability would return to BCC if B:Music were to cease trading. Under Section 114 legislation it is permitted for the city to continue to fund services if to not do so would not result in any saving.

This interpretation has been accepted by the Section 114 commissioners and a grant of £1,307,834 has been made to the charity on this basis for the 24-25 year. This amount includes an £80,118 operational grant which will be withdrawn in 25-26.

The grant from BCC to B:Music is confirmed on an annual basis and its withdrawal, although highly unlikely, remains the single biggest direct risk to the charity.

| B:MUSIC LTD FOR THE YEAR ENDED 31 MARCH 2025 | REPORT OF THE TRUSTEES AND STRATEGIC REPORT | In wider terms by 25-26 BCC will have ceased all funding to cultural organisations in the city, several of which are B:Music | stakeholders. Most significant of these are the CBSO who will lose £619k of BCC funding over two years. The CBSO has reduced | its total bookings at Symphony Hall as a consequence of this, but this potential reduction in rental income is mitigated by the opportunity to replace this diary usage with events from commercial promoters. | Post-Pandemic behavioural change | Conferences and Events: The move to virtual or hybrid meetings over the pandemic has impacted the in-person conference market which is yet to return to pre-pandemic levels. This places a small but profitable part of the charity’s events programme at ongoing risk although this has been mitigated by an increase in smaller meetings in Symphony Hall’s smaller spaces. | Recruitment and retention: The switch to home working during the pandemic has prompted a hard reset on expectations in | the labour market with existing and prospective staff viewing an element of home working almost as a right rather than a | benefit. B:Music has an informal hybrid working policy which addresses this but nonetheless the charity still competes with | other employers who can offer more relaxed expectations around working on site. B:Music salaries are also at the lower end of | expectations for the sector, sightly compounding this. | Politics and the economy | The recovery measures implemented by Birmingham City Council as a consequence of Section 114 increased council tax by 21% | in the current year, directly impacting audiences from Birmingham postcodes. Nationally, while the rate inflation has | decreased, prices are still rising and a cost-of-living crisis continues. | The Office for Budget Responsibility estimates that the impact of the Employers National Insurance rise will add 2% to

The Office for Budget Responsibility estimates that the impact of the Employers National Insurance rise will add 2% to employer’s payroll costs. Firms are likely to pass on higher costs to consumers worsening household disposable income.

City Centre issues

As hybrid working becomes normalised across many white-collar industries, footfall in the city centre has reduced from prepandemic 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 pattern across the city 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 continue to create the impression that the city | centre is inaccessible to some audiences. This has been compounded by the introduction of the Clean Air Zone (“CAZ”) in June | 2021 which levies a significant daily charge for non-compliant vehicles entering the zone. Both Symphony Hall and Town Hall | and associated parking are within the CAZ. | The ongoing completion of the Paradise project around Town Hall has required B:Music to repeatedly fight to protect vehicular | access to Town Hall, something that has already been progressively constrained as the project has progressed. The ability to | park touring vehicles and refrigerated trucks is essential to concert and banqueting activity at Town Hall and without this the | venue would rapidly become unviable. B:Music is mitigating this risk by ongoing dialogue with city centre stakeholders and careful planning with incoming event organisers.

Reserves and maintenance

Another current risk is the inability to invest in building infrastructure and long-term maintenance due to falling funding. A plan to accumulate a designated fund for long term maintenance of both venues is built into the charity’s financial strategy. Long Term Maintenance expenditure as at the balance sheet date still to be depreciated amounted to £304k. This is the first call on the Buildings Maintenance Reserve ‘Designated’ Funds of £575k, leaving £271k for future projects.

Terror threat

Following the terrorist attacks in Manchester and London in May 2017 the security of B:Music venues and safety of its patrons and staff has become the charity’s highest risk. Management of this risk is ongoing with additional planning and resource being deployed.

Liquidity risk

The charity’s policy is to ensure continuity of available funding by active management of working capital.

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Credit Risk

The charity has no significant concentrations of credit risk. The charity has implemented policies that require appropriate credit checks on potential customers before sales commence.

Insurances of Directors

The charity maintained insurance for the Trustees in respect of their duties as Directors of the charity throughout the financial year ended 31 March 2025 and such indemnity insurance was in place at the date of approval of these financial statements. For the financial year under review the total cost of the indemnity insurance for the Trustees was £3.5k and the cover £3m (2024: £3.4k cost and £3m cover).

Plans for future periods

Working towards more ways to increase the value and impact of B:Music’s work

it is the Trustees’ intention to build on the successes achieved to date so that both venues continue to work together to:

e Provide a platform for local performers, amateur and professional, alongside a forward-looking programme of national and international performances and events,
Provide a programme mix that engages past audiences and develops future ones,
e« Create performance, participation and learning opportunities for young people,
e 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 civic and cultural life, e« Make both venues welcoming and accessible to all, delivering a variety of cultural, community, civic and corporate activities to the highest professional standards with outstanding customer service.

B:MUSIC LTD FOR THE YEAR ENDED 31 MARCH 2025

| REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS | Reference and administration information

| Sub-group and Committees

| | : ‘ | | | : | | | | | | | | | | | | ||

The Charity has a 25 year lease with Birmingham City Council for Symphony Hall which commenced on 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 Birmingham 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 Trustees to the Senior Management Team. The Senior Management Team is accountable to the Board of Trustees and is responsible 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.

Finance and Scrutiny Committee Nominations Committee Health and Safety Committee Capital Development Committee People Committee

Trustee Constitutional Provisions

One third of trustees shall retire from office each year. A retiring trustee shall be eligible for re-election.

Officers and Management

The Trustees of the charity who were in office during the year and up to the date of the signing of the financial statements	The Trustees of the charity who were in office during the year and up to the date of the signing of the financial statements	The Trustees of the charity who were in office during the year and up to the date of the signing of the financial statements
were:
	Appointed	Resigned
MsAnita Kumari BhallaOBE DL (Chair 27 February 2014)	19August 1996
Mr Vidar Paul Hjardeng MBE BA PG Dip Mr lan Philip Myatt	18 June 2009 18 June 2009
MrJames Tait Mr Joel Graham Blake OBE	13 January 2014 19 June 2014
Mr Davinderpal Bansal	19 February 2015	3 July 2025
Councillor Ewan Forbes Mackey	24 July 2015	3 July 2025
Ms Claire Jane Evans	1 April 2017
MrAnthony Roger Howard	1 August 2019
Mr Oluwamayokun Alonge	1 August 2019	27 February 2025
Mrs Sheryl Andrea Miller	10 May 2021
Sir Albert Bore	2 February 2023
Mr Praveen Gupta	27 April 2023
Ms Jatinder Dhaliwal	1 December 2023
MrKennethWood	17July2025

The Directors of the trading company who were in office during the year and up to the date of the signing of the financial statements were:

		Appointed	Resigned
Mr	Joel Graham Blake OBE	19 February 2015
Ms	Nicola Keye	26 November 2015
Mr	David John Richardson Pardoe	26 November 2015
Ms	Claire Jane Evans	1 April 2017
Mr	Anthony Roger Howard	1 August 2019
Dr	Andrew James Buckley	27 April 2023
Ms	Simranjeet Kaur	27 April 2023	15 August 2024
Mr	ShaunAnselmSookoo	27April2023	22July2025

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Senior Management Team Mr Nick Reed (CEO) Mr Nick Loveland (COO) Mrs Janine Bradley (Director of Finance) Mrs Nicole Evans (Director of Commercial Services)

Principal Place of Business and Advisers

Registered Office: B:Music Ltd, Symphony Hall, 8 Centenary Square, Birmingham, B1 2EA. Independent Auditor: Cooper Parry Group Limited, 4" Floor, Two Chamberlain Square, Birmingham, B3 3AX. Bankers: National Westminster Bank PLC, Solihull, High Street (A) Branch, Solihull, Birmingham, B91 3TF. Solicitors: Browne Jacobson, Victoria Square House, Victoria Square, Birmingham, B2 4BU. Company Secretary: Castlegate Secretaries Ltd, c/o Browne Jacobson, Victoria Square House, Victoria Square, Birmingham, B2 4BU. Country of Incorporation: Registered and incorporated in England and Wales Charity number: 1053937 Company number: 03169600

Country of Incorporation: Registered and incorporated in England and Wales

Structure, Governance and Management

Organisational structure

B:Music Ltd is a company limited by guarantee by its Memorandum and Articles of Association that were last amended on 1 September 2011. Birmingham City Council is the sole member.

The charity has been registered with the Charity Commission as an educational charity to educate the public by encouraging appreciation of the arts, in particular music, and to educate young people in performing and composing music.

The charity continues to hold the whole of the issued share capital of B:Music (Enterprises) Ltd (‘BMEL’). BMEL is registered with Companies House for England and Wales under number 03146280. Registered Office: B:Music (Enterprises) Ltd, Symphony Hall, 8 Centenary Square, Birmingham, B1 2EA. 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 Trustees 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 nominated by the Nominations Committee and subsequently approved by the Board. They are made up of individuals chosen to represent the charity’s stakeholders. They have a wide-ranging experience in business, music, education, and media and advise on all aspects of the charity’s operation, giving strategic guidance on future development.

Charity Governance Code

The Board of Trustees has considered the Charity Governance Code and supports the Code’s seven principles of organisational purpose: leadership; integrity; decision-making, risk and control; board effectiveness; diversity; and openness and accountability. The Trustees take these principles into consideration in all aspects of policy review and risk management and apply recommendations where appropriate. The Board note the Code is not mandatory, but a practical tool for continuous improvement towards the highest standards.

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

| REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

| | : | |

| Morediversity widelyand weaccess, have aa n d accth e ssy support forum; andmembersguide arethe draworga n isation from employees,to enable itcustomersto continueandto otherwork expertstowardsinoperat the f i eldng offully inclusive venues. : B:Music Ltd has a diversity policy, 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 volunteering programme whereby volunteers provide support and assistance to customers attending events. | There were no volunteers during the year ended 31 March 2025 (2024: nil). | Trustee Induction and Training | Most Trustees are already familiar with with the work of the the charity having been encouraged to participate in Sub Groups,

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Equality, Diversity, and Inclusion (EDI)

B:Music has renewed its commitment to become an organisation where there are no barriers to entry or progression, and it aspires to see the diversity of the region fully represented in its staff and audiences, and in the performers on its stages. The charity recognises that it needs to work positively to achieve this. B:Music has formed a trustee led EDI group that will lead this work, and it has engaged an external inclusion specialist to survey staff attitudes to create a data set to inform further training, policy formation and specific interventions. There was a really high response rate to this survey suggesting a high level of engagement with this ambition.

| Employee Involvement and Employment of people with disability | As an employer B:Music has a range of human resource policies that support our charitable objectives and our artistic vision to | provide more music for more people. Our ambition to provide a relevant and accessible programme of events is matched by a need to work towards diversifying the workforce. Communication and participation are key, to that end we have an employee representative committee who meet regularly, an employee newsletter and regular CEO updates.

Most Trustees are already familiar with with the work of the the charity having been encouraged to participate in Sub Groups, Committees and Focus Groups. New Trustees are invited to an induction session with the senior managers of the charity to familiarise themselves with the charity and the context within which it operates. A Trustee induction pack has also been circulated to all Trustees containing key documents and information about how the charity is organised and how it operates. An on-going programme of Trustee training is being devised to further enhance this area.

Decision Making

The Chief Executive Officer has delegated authority from the trustees for decision making but matters of key strategic importance are presented to Trustees for debate and to benefit from their specific 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 will present the risks and benefits of decisions and make a recommendation for board approval. whether to introduce a new or high-risk strand of programming would be shared with Trustees. In general principle the CEO

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Trustees’ responsibilities statement

The Trustees (who are also directors of B: Music Ltd for the purposes of company law) are responsible for preparing the Trustees’ Annual Report, Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application 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;
observe the methods and principles in the Charities SORP (FRS102);
make judgements and estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure of information to the auditors

In so far as the Trustees are aware:

e there is no relevant audit information of which the charitable company’s auditor is unaware; and
e the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report was approved by the Trustees on 11 September 2025 and signed on their behalf by:

Anita Bhalla OBE Chair

| B:MUSIC LTD : FOR THE YEAR ENDED 31 MARCH 2025

| : | :

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD

Opinion

We have audited the financial statements of B:Music Limited (“the parent charitable company”) and its subsidiary (“the group”) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view of the state of the group's and parent charitable company’s affairs as at 31 March 2025, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
. have been properly prepared in accordance with 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

B:MUSIC LTD FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD

Opinions on other matters prescribed by the Companies Act 2006

in our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Annual Report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
e the Trustees’ Annual Report (incorporating the strategic report and the directors’ report) has been prepared in accordance with legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained 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 report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

e adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
° the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
e certain disclosures of trustees’ remuneration specified by law are not made; or e« we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with this Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, 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 misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Trustee Act 2000, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, Health and safety legislation and employment legislation.

the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

B:MUSIC LTD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

FOR THE YEAR ENDED 31 MARCH	2025	2025
pe	a
		2025	2025	2025	2024	2024	2024
		Restricted	Unrestricted	Total	Restricted	Unrestricted	Total
		Fund	Fund	Fund	Fund	Fund	Fund
	Note	£000	£000	£000	£000	£000	£000
i
Income from:
Donations and legacies	2	41	95	136	32	146	178
Charitable activities:
Rental & admissions	3a	-	6,517	6,517	-	6,097	6,097
Grants receivable	4	233	1,305	1,538	188	1,390	1,578
Other charitable activities	3b	-	2,279	2,279	-	1,936	1,936
Other trading activities	5	-	2,892	2,892	-	2,445	2,445
Investments	6	-	250	250	-	137	137
Total		274	13,338	13,612	220	12,151	12,371
Expenditure on:
Raising funds:
Commercial trading operations	7	-	(1,737)	(1,737)	-	(1,458)	(1,458)
Fundraising	7	-	(153)	(153)	-	(115)	(115)
Charitable activities	7	(718)	(10,824)	(11,542)	(862)	(10,473)	(11,335)
Total		(718)	(12,714)	(13,432)	(862)	(12,046)	(12,908)
Net (loss)/income fortheyear		(444)	624	180	(642)	105	(537)
Transfers between funds	20/21	-	-	-	-	:	-
Net movement in funds		(444)	624	180	(642)	105	(537)
Fund balances brought forward at 1
April 2024		11,593	2,364	13,957	12,235	2,259	14,494
Fund balances carried forward at 31
March2025		11,149	2,988	14,137	11,593	2,364	13,957

Ali the above results are derived from continuing activities. All gains and losses in the year are included in the above.

The notes on pages 18 to 36 form part of these financial statements.

B:MUSIC LTD (Company No. 03169600) GROUP AND CHARITY BALANCE SHEETS AS AT YEAR ENDED 31 MARCH 2025

:| |

| | | | | |

| | | | | | | | | | |

	Note	Group 2025	2024	Charity 2025	Charity 2025	2024
		£000	£000	£000		£000
Fixed Assets
intangible fixed assets	12	43	54	43		54
Tangible fixed assets	13	12,241	12,713	12,241	12,713
Total FixedAssets		12,284	12,767	12,284	12,767
Current Assets
Stocks Debtors	14 15	32 924	31 906	. 738		. 779
Cash Investments		3,705	1,087	3,705		1,087
Cash at bank and in hand		5,146	6,224	5,092		6,130
Total Current Assets		9,807	8,248	9,535		7,996
Creditors - amounts falling due within one year	17	(6,575)	(5,823)	(6,550)	(5,763)
Net CurrentAssets		3,232	2,425	2,985		2,233
Creditors -amountsfallingdueafteroneyear	18	(566)	(593)	(566)		(593)
Provisions for liabilities	19	(813)	(642)	(813)		(642)
NetAssets		14,137	13,957	13,890	13,765
The Funds oftheCharity:
Restricted Income Funds	20	11,149	11,593	11,149	11,593
Unrestricted Income Funds
Designated funds	21	1,849	913	1,849		913
General reserve	21	1,139	1,451	892		1,259
Total Unrestricted Income Funds		2,988	2,364	2,741		2,172
TotalCharityFunds		14,137	13,957	13,890	13,765

The charity 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 Activities in these financial statements. The Statement of Financial Activities on page 15 includes £11,820k (2024: £10,702k) of income and £11,695k (2024: £11,180k) of expenditure relating to the charity resulting in net income of £125k (2024: net expenditure of £478k).

These financial statements were approved and authorised for issue by the Trustees and signed on their behalf by

Ms Anita Bhalla OBE

The notes on pages 18 to 36 form part of these financial statements.

B:MUSIC LTD CONSOLIDATED STATEMENT OF CASHFLOWS AS AT 31 MARCH 2025

	Notes	2025	2024
		£000	£000
Cash flows from/(used) operating activities:
Net cash provided byoperating activities	23	1,611	1,653
Cash flows from investing activities:
Dividends, interest and rents from investments		250	137
Purchase of property, plant and equipment	13	(269)	(69)
Net cash provided by/(used in) investments:		(19)	68
Cash flows from financing activities
Repayment of borrowings		(52)	(52)
		(52)	(52)
Change in cash and cash equivalents in the reporting period		1,540	1,669
Cash and cash equivalents at 1 April 2024		7,311	5,642
Cashandcashequivalentsat31March2025	24	8,851	7,311

B:MUSIC LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | FOR THE YEAR ENDED 31 MARCH 2025 | 1. Accounting policies | Basis of preparation of accounts | The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of : Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) (FRS102) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

B:Music Ltd meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The accounting policies mentioned have been applied consistently across the year.

Judgements and estimations

Management has not made any significant judgements in the process of applying the accounting policies and there are no areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The amounts provided for as provisions in these financial statements are the best estimate of the charity's liability as at 31 March 2025. Management have taken into account historic invoices, a consideration of the sub-leases in effect during the relevant periods and obtained professional advice and support from the charity's solicitors in determining the balance recognised in these financial statements.

Preparation of accounts on a going concern basis

These accounts have been prepared on the going concern basis. This is underpinned by:

e Robust budgetary control mechanisms e Regular review of staff remuneration policies and non-pay cost reviews e Regular review of our risk register e Income growth targets in specific areas to mitigate the loss of public funding

Basis of consolidation

The Group’s financial statements include the financial statements of the charity and its trading subsidiary, BMEL and have been consolidated on a line-by-line basis. Uniform accounting policies are adopted across the group. A separate Statement of Financial Activities and income and expenditure account are not presented for the charity itself following exemptions afforded by Section 408 of the Companies Act 2006.

Income

Income is generally recognised on a receivable basis for generating funds but income generated from charitable activities is recognised at the point revenue and the costs associated with the delivery of the services can be reliably measured. It is measured at the fair value of the consideration received or receivable.

The specific bases used are as follows:

e Donations and legacies are accounted for on a receivable basis. e« Investment income is accounted for on an accruals basis.
e Charitable activity, trading and merchandising income is accounted for when earned.
e Grants are recognised when the entitlement to the grant is confirmed.

Investments

All of the charity’s investments are held as cash deposits and the charity does not currently have any investments where losses can be incurred.

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Accounting policies - continued

Expenditure

Expenditure is recognised when it is incurred and is reported gross of related income on the following bases:

Raising funds comprises the costs associated with attracting voluntary income and the other costs of other income generation e.g. costs associated with provision of catering services.
e Charitable expenditure comprises direct expenditure, including direct staff costs attributable to its activities for its concert programmes and educational programme, and indirect staff costs and overheads.
e Governance costs include those incurred in the governance of its assets and are associated with constitutional and statutory requirements.

Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on the straight-line basis over the lease term.

Employee benefit costs

Contributions to pension schemes are charged to the Statement of Financial Activities as incurred (see note 8).

Intangible fixed assets and amortisation

Intangible fixed assets comprise software and IT system licences which are amortised over five years. The amortisation charge is included within expenditure on charitable activities within the Consolidated Statement Of Financial Activities.

Tangible fixed assets and depreciation

It is the charity’s policy to capitalise the cost of major capital projects and to depreciate them over their estimated useful lives. As a matter of policy expenditure is capitalised on individual projects where that expenditure is more than £10,000 in total and it directly results in:

e Generation of new economic benefit; e Enhancement in the economic benefit generated from existing assets; or e Substantial increase in the economic life of existing assets.

Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use,

The cost of the Organ (note 13), which comprises the acquisition and construction costs, is being depreciated and charged against the restricted fund over the term of the sub-lease (25 years) from the date of installation (20 October 2001). IT equipment is depreciated over 2,3,5,7 or 10 years dependent on the nature of the equipment. Other assets are being depreciated on a straight-line basis over their useful economic life as follows:

Over five years

Box office system, Town Hall projectors, Symphony Hall bars equipment, gift shop fixtures and fittings, digital media displays, dishwashers, refrigeration, tables and chairs, THSH Wi-Fi, Town Hall AV equipment, Symphony Hall radio system, Symphony Hall production LX

Over six years

Heineken bar

Over seven years Town Hall lighting, Town Hall PA system

Over twenty years

Symphony Hall lighting

Where an asset ceases to be used, or the value of that asset falls below the reported net realisable value (cost less depreciation to date) of that asset, an impairment review will be carried out by the charity.

| B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

| 1. Accounting policies - continued | Debtors | Trade and other debtors are recognised at the settlement amount due after any discounts. Prepayments are valued at | the amount prepaid net of any discounts.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from 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 required to settle the obligation at the balance sheet date.

Stocks

Stocks are stated at the lower of cost, being the purchase price for items, and net realisable value, being the lowest reasonable price attainable upon sale, on a first in, first out basis.

Deferred Income

Box Office receipts received in advance are recognised as deferred income and valued at the amount received for advanced ticket sales.

Cash and Bank Balances

Cash and bank balances includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Funds

B:Music Ltd has designated funds which are unrestricted funds set aside 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 as unrestricted funds is treated as unrestricted income.

Restricted funds are funds that have restrictions imposed by donors and can only be applied for the particular purposes specified by donors.

The income generated from assets held in restricted funds is treated as restricted income unless either the terms of the original restriction specifically says otherwise or the restricted fund is an endowment fund, whose income is expendable at the Trustees’ discretion.

2. Donations and legacies

Income from donations and legacies relates to donations received from individuals and trusts to further the charity’s objectives.

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Income from charitable activities

(a) Rental and admissions

	2025	2024
	£000	£000
Rental
City of Birmingham Symphony Orchestra	497	400
Local music users	14	17
Third party promoters	1,444	1,005
Other	-	:
	1,955	1,422
Admissions
Birmingham Classical	126	155
Promoted and co-promoted events	4,433	4,515
Other	3	5
	4,562	4,675
	6,517	6,097

(b) Other charitable activities

This relates to services provided in connection with the rental of Town Hall and Symphony Hall, including box office commission and programme sales, which are integral to the activities and the delivery of the charity’s objectives.

4, Grants receivable

		2025	2024
		£000	£000
Core grant	(a)	1,308	1,388
Other grants	(b)	230	190
		1,538	1,578

(a) The charity was awarded a core revenue operating grant from Birmingham City Council to enable B:Music Ltd to fulfil its charitable aims and objectives at Town Hall and Symphony Hall. A service level agreement is agreed annually.
(pb) This comprises grants received from several individuals, trusts, foundations and other grant giving organisations. The charity was awarded a grant from the Arts Council England to enable B:Music Ltd to fulfil its charitable aims and objectives in relation to the Let’s Create Strategy as a National Portfolio Organisation.

B:MUSIC LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

| | |

5. Income from other trading activities

==> picture [323 x 102] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |£000|£000| |Catering|income|2,100|1,800| |Sponsorship|income|98|87| |Rentals|694|558| |2,892|2,445|

----- End of picture text -----

6. investments

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----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£000|£000| |Bank interest|250|137|

----- End of picture text -----

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Expenditure

			Staff	Direct	Support	2025
			£000	£000	£000	£000
i
Raising funds	- commercial trading		831	824	82	1,737
		- fund raising	153	-	-	153
Charitable activities		- concert and educational
		Programmes	2,810	4,485	4,207	11,502
	- governance costs		11	-	29	40
Total expenditure			3,805	5,309	4,318	13,432
			Staff	Direct	Support	2024
			£000	£000	£000	£000
i
Raising funds	-	commercial trading	685	663	110	1,458
	-	fund raising	115	-	-	115
Charitable activities	- concert and educational
		programmes	2,533	4,643	4,122	11,298
	-	governance costs	11	-	26	37
Totalexpenditure			3,344	5,306	4,258	12,908

Direct costs are those associated with providing the activity, for example co-promoters share and artist fees. Support costs relate to premises, professional services, marketing, information technology, telephone, printing and stationery, equipment purchase and repair and other sundry costs.

The above costs include:

i
	2025	2024
	£000	£000
i
Auditor’s remuneration - audit fees	28	26
- non audit fees	4	6
Operating leases - plant and machinery	19	19
Operating leases - land and buildings	46	46
Depreciation - owned tangible fixed assets	741	719
Amortisation-ownedintangiblefixedassets	11	15

: ; |

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

: employees, as with the management team, are employed by B:Music Ltd. | Staff costs costs analysis 2025 2024 : £000 £000 Wages and salaries 3,508 3,050 Social security costs 223 216 | Other pension costs 74 78 | 3,805 3,344 , From 1 April 2008 certain employees were transferred to the company who participated in the NEC Limited defined : benefit pension scheme. No surplus or deficit relating to past service was transferred to the company at this date, : and the company is not liable for any deficit that would subsequently arise relating to past service. On 1 May 2015 , NEC Limited was replaced as principal employer by PETPS (Birmingham) Limited. The status of the defined benefit | pension scheme is disclosed in the financial statements of PETPS (Birmingham) 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 (GPPP). This is a | defined contribution scheme. On 31 March 2017 all members members of NEC’s GPPP were transferred to a B:Music Ltd following the review of pay and benefits during 2014 and 2015. The B:Music Ltd scheme is a defined contribution scheme. Those staff not eligible to join the GPPP are auto-enrolled in the government’s NEST scheme. | Higher paid employees : The number of employees whose emoluments, excluding pension contributions, fell within the following band is:

8. Employee information

The average headcount of core employees was 75 (2024: 61) in the financial year. Staff costs also include variable employees engaged on a daily basis from time to time as the fluctuations in the charity’s business dictate. All variable employees, as with the management team, are employed by B:Music Ltd. Staff costs costs analysis

In 2008 all B:Music Ltd members and new members joined the NEC’s Group Personal Pension Plan (GPPP). This is a defined contribution scheme. On 31 March 2017 all members members of NEC’s GPPP were transferred to a B:Music Ltd GPPP, following the review of pay and benefits during 2014 and 2015. The B:Music Ltd scheme is a defined contribution scheme. Those staff not eligible to join the GPPP are auto-enrolled in the government’s NEST scheme.

: | :

			2025	2024
			Number	Number
£60,001	-	£70,000	1	1
£80,001	-	£90,000	1	1
£130,001		- £140,000	-	1
£140,001		-£150,000	1	:

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

a	a	a
	2025	2024
	Number	Number
By Activity
Charitable activities	192	197
Cost ofgenerating funds	55	47
	247	244

Staff numbers include the absolute number of permanent and casual staff employed during the year.

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Key Management Personnel

	2025	2024
a OD E000
Totalremuneration(charityandgroup)	412	402

Key management personnel comprise five employees (2024: five employees).

Redundancy and Termination Payments

There were no termination payments during the year (2024: nil).

There were no liabilities in respect of redundancy and termination payments at the balance sheet date (2024: nil).

9, Trustees’ remuneration

The Chairman of the Trustees received remuneration during the year of £11k (2024: £11k).

The other Trustees of the charity do not receive any remuneration but are reimbursed any expenses for their services.

There are no retirement benefits paid to Trustees (2024: nil).

Remuneration and expenses are paid in accordance with the governing Articles of Association. In the year £384 was reimbursed for travel expenses incurred by one trustee (2024: nil).

10. Related party transactions - Organisations

Birmingham City Council is the sole member of B:Music Ltd. During the year the charity undertook the following transactions with Birmingham City Council:

			2025	2024	2025 2024	2025	2024
			£°000	£'000	£000 £000	£000	£'000
			Sale of	goods and	Purchase ofgoods	Grant	Income
			services		and services
Birmingham	City	Council	375	811	871 893.	1,308	1,388

The purchase of goods and services includes the lease of Symphony Hall, venue services charges and business rates.

The amount due to Birmingham City Council included in trade creditors at 31 March 2025 was £1k (2024: £23k). The amount due from Birmingham City Council at 31 March 2025 was f£nil (2024: £32k).

B:MUSIC LTD : NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

| | | |

Related party transactions - Trustees and Core Staff

Mr Vidar Hjardeng is a Trustee of BML. He is the Diversity 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 Chair of BML. She is a Trustee of The Saintbury Trust, Chair of Birmingham City University and The Institute of International Visual Arts. She is a director of The Greater Birmingham & Solihull Local Enterprise Partnership Ltd. Her spouse was Chair of SAMPAD South Asian Arts and Heritage until November 2023. CouncillorColdfield TownEwan MackeyCouncil andis a Trusteethe West ofMidlands BML. HeCombinedis an electedAuthority. member of Birmingham City Council, Royal Sutton Mr lan Myatt is a Trustee of BML. He is an employee of the University of Birmingham and a board member of the Birmingham International Piano Competition and The New Streetly Youth Orchestra.

Mr James Tait is a Trustee of BML. He is a partner at Browne Jacobson LLP. Sir Albert Bore is a Trustee of BML. He is a director of Westside Partnership Limited, Colmore Business District Limited and Attwood Green Estate Services Ltd. He is an elected member of Birmingham City Council. Mr Shaun Sookoo is a Director of BMEL. He is a director of the Greater Birmingham & Solihull Local Enterprise Partnership.

Mr Andrew Buckley is a Director of BMEL. He is a director of Birmingham City University.

Mr Nick Reed is the CEO of BML. He is a director of Music beyond Mainstream Ltd.

Ms Nicole Evans is an employee of BML. She is associated with the Shakespeare Distillery Ltd.

Mrs Susan Turner is an employee of BML. Her husband is the director of Turbo Business Services Ltd.

Ms Jatinder Kaur Dhaliwal is a Trustee of BML. She is associated with Lloyds Banking Corporation.

Mr Anthony Howard is a Trustee and a Director of BMEL. He is associated with Oxford Brookes University and the partnership with Global Banking School.

BMEL acts as a commercial hire venue and as a box office ticket agent for graduations of locally based Universities and other organisations. For related party disclosure the nature of the transactions is shown separately.

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Transactions

==> picture [442 x 275] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group| |Trading| |2025|2024| |£000|£000| |Received|from| |Browne|Jacobson|(trade|exchange)|Owed|Enil|(2024:£nil)|12|12| |Browne|Jacobson|(other)|Owed|Enil|(2024: Enil)|2|-| |University|of|Birmingham|Owed|Enil|(2024:£2k)|1|2| |Birmingham|City|University|Owed|Enil|(2024:£nil)|1|3| |Global|Banking|School|Owed|£43k|(2024: £nil)|43|-| |BBC|Owed|£nil(2024:£11k)|4|11| |Greater|Birmingham|Chamber|of| |Commerce|Owed|Enil|(2024: Enil)|-|2| |SAMPAD|South|Asian|Arts|and|Heritage|Owed|Enil|(2024:E£nil)|-|5| |Paid|to| |Browne|Jacobson|(other)|Owed|Enil|(2024: Enil)|20|14| |Music|Beyond|Mainstream|Owed|Enil|(2024: Enil)|1|1| |Shakespeare|Distillery|Owed|Enil|(2024: Enil)|8|10|

----- End of picture text -----

During the year BML received a total of £50k (2024: £13k) in restricted donations from organisations connected to related parties.

11. Taxation and charitable status

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

| B:MUSIC LTD | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

| | | | | |

12. Intangible fixed assets - Group and Charity

==> picture [439 x 194] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Total| |£000| |Cost:| |1|April|2024|and|31|March|2025|143| |Accumulated depreciation:| |At|1|April 2024|(89)| |AtProvided31|March during2025 year|(100)(11)| |Net|book value|of assets|as|at|31|March|2025|43| |Net book value|of assets|as|at|31|March|2024|54|

----- End of picture text -----

intangible fixed assets comprise software and IT system licences.

13. Tangible fixed assets - Group and Charity

==> picture [408 x 218] intentionally omitted <==

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2025|2025|2025| |£000|£000|£000|£000| |Leasehold|SH|Organ|Other|Total| |Buildings|Project| |Cost:| |At|1|April|2024|12,592|1,294|2,691|16,577| |Additions|-|-|269|269| |Transfer|:|:|:| |At|31|March|2025|12,592|1,294|2,960|16,846| |Accumulated|depreciation:| |Att|April|2024|(1,134)|(1,206)|(1,524)|(3,864)| |Provided|during|year|(440)|(54)|(247)|(741)| |At|34|March|2025|(1,574)|(1,260)|(1,771)|(4,605)| |Net book value|of|assets|as|at|31|March|2025|11,018|34|1,189|12,244| |Net|book|value|of|assets|as|at|31|March|2024|11,458|88|1,167|12,713|

----- End of picture text -----

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Stocks

					Group	Charity
				2025	2024	2025	2024
				£000	£000	£000	£000
Finished	goods	-	Catering	32	31	“	-

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 different to the purchase cost.

15. Debtors

	Group	Group = Charity = Charity	Group = Charity = Charity	Group = Charity = Charity
	2025	2024	2025	2024
	£000	£000	£000	£000
Amounts Falling Due Within One Year
Trade debtors	627	491	338	266
Other debtors	1	5	1	5
Value Added Tax	(233)	(143)	(123)	(39)
Prepayments	494	539	488	533
Accrued income (note 16)	35	14	34	14
	924	906	738	779

16. Accrued Income

	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£000	£000	£000	£000
Accrued income brought forward	14	8	14	8
Released in the year	(14)	(8)	(14)	(8)
Accrued in the year	35	14	34	14
Accruedincomecarriedforward	35	14	34	14

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

| 17. Creditors - amounts falling due within one year

| | | | |

		Group	Group	Charity	Charity
		2025	2024	2025	2024
		£000	£000	£000	£000
	;
Trade creditors		811437		717361
Secured loan		27	26	27	26
Amounts owed to group undertakings:	BMEL	-	-	485	347
Taxation and social security		88	62	88	62
Othercreditors		3,079	2,685	3,068	2,678
Accruals		739	808	676	748
Deferred income		1,831	1,805	1,489	1,541
		6,575	5,823	6,550	5,763

Deferred Income

		Group	Group	Charity	—-Charity
		2025	2024	2025	2024
		£000	£000	£000	£000
Deferred	income brought forward	1,805	1,654	1,541	1,459
Released	in the year	(1,718)	(1,546)	(1,462)	(1,368)
Deferred	in the year	1,744	1,697	1,410	1,450
Deferred	incomecarriedforward	1,831	1,805	1,489	1,541

Deferred income comprises amounts, such as hall rental, invoiced for future events together with amounts received for the purchase of tickets for future events promoted or co-promoted by BML.

18. Creditors - amounts falling due after one year

	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£000	£000	£000	£000
Secured loan:
Due within 2 to 5 years	122	117	122	117
Due after 5 years	444	476	444	476
	566	593	566	593

The long term borrowing relates to a secured loan repayable quarterly over a 20 year term with a fixed interest rate of 4.165% per annum.

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Provisions for liabilities

Provisions for liabilities
a
				Group	Group		Charity Charity
				2025	2024		2025	2024
				£000	£000		£000	£000
eee
Amounts owing to BCC				813	642		813	642
i
a
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 occupies at Symphony Hall. The amounts provided for are the best estimate ofthe charity’s liability as at 31 March 2025, taking into account historic invoices, a consideration of the sub-leases in effect during the relevant periods and professional advice and support from the charity’s solicitors.
Restricted income funds
		Balance						Balance
		1 April	Income	Amounts	Transfers		31 March
		2024		utilised				2025
		£000	£000	£000	£000			£000
ee
Organ construction	(1)	88	-	(54)		-		34
Organ maintenance	(2)	101	4	(9)		-		96
Community Spirit	(3)	“	-	(10)		10		-
Generation Birmingham projects	(4)	45	22	(28)		7		16
B:Aspirational	(5)	12	11	(23)		14		14
B:and Together	(6)	21	119	(48)	(86)			6
Small education projects	(7)	2	-	”		-		2
Small non-education projects	(8)	20	44	(71)		55		48
Steinway Piano fund	(9)	47	-	(4)		”		43
Capital campaign	(10)	11,287	14	(471)		-		10,830
Town Hall fund	(11)	“	60	-		-		60
		11,593	274	(718)		:		11,149

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 occupies at Symphony Hall. The amounts provided for are the best estimate of the charity’s liability as at 31 March 2025, taking into account historic invoices, a consideration of the sub-leases in effect during the relevant periods and professional advice and support from the charity’s solicitors.

20. Restricted income funds

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:

(1) The net book value of the Symphony Hall Organ (note 13). (2) Donations received from Organ appeals which will be used to maintain and refurbish the instrument. (3) Funding for the vocal education work of the charity with children and young people. (4) Funding for the purpose of completing projects within the Birmingham community. (5) Funding for the development of young music tutors and leaders. (6) Funding for Jazz and Gospel Ensembles funded by the Arts Council England. (7) Funding for several smaller projects to support the education and community programme. (8) Funding for several ad hoc projects. (9) Funding for the new Steinway piano. (10) Funding for ‘Make an Entrance’ - the capital project to extend the performance and hospitality space at Symphony Hall.

(11) Funding for ‘Amplify Town Hall’ project which enhances and celebrates the heritage of the Town Hall.

| B: MUSIC LTD | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS : FOR THE YEAR ENDED 31 MARCH 2025

) : : |

| |

20. Restricted income funds (cont.)

		Balance				Balance
		1 April	Income	Amounts	Transfers	31 March
		2023		utilised		2024
		£000	£000	£000	£000	£000
Organ construction	(1)	142	-	(54)	-	88
Organ maintenance	(2)	152	4	(55)	:	101
Community Spirit	(3)	7	8	(14)	(1)	-
Generation Birmingham projects	(4)	75	21	(86)	5	15
B:Aspirational	(5)	11	-	(9)	10	12
B:and Together	(6)	24	103	(78)	(28)	21
Small education projects	(7)	2	-	-	-	2
Small non-education projects	(8)	37	63	(94)	14	20
Steinway Piano fund	(9)	51	-	(4)	-	47
Capital campaign	(10)	11,734	21	(468)	-	11,287
		12,235	220	(862)	-	11,593

21. Unrestricted income funds

: : :

		Balance				Balance
		1 April	Income	Amounts	Transfers	31 March
		2024		utilised		2025
		£000	£000	£000	£000	£000
Designated Funds
General education	(1)	-	-	-	-	-
Building maintenance reserve	(2)	857	-	(82)	(200)	575
Steinway funds	(3)	56	-	(4)	-	52
Town Hall Refurbishment	(4)	-	-	-	200	200
Making an Entrance Capital	(5)	-	-	-	624	624
Information Technology Equipment	(6)	:	-	”	398	398
		913	-	(86)	1,022	1,849
General reserve	(7)	1,451	13,338	(12,628)	(1,022)	1,139
TotalUnrestricted		2,364	13,338	(12,714)	-	2,988

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Unrestricted income funds (cont.)

These funds represent:

(1) Funds for support of educational work by the charity.
(2) Funds ring fenced against current and future depreciation commitments relating to the maintenance and upkeep of Town Hall and Symphony Hall buildings and will be applied at the discretion of Trustees.
(3) Funding for the Steinway piano
(4) Funds set aside as match for the Amplify Town Hall Project in Summer 2025.
(5) Funds set aside for the unfunded element of ‘Making an Entrance’ - the capital project to extend the performance and hospitality space at Symphony Hall completed in 2021.
(6) Funds set aside for prior years’ expenditure on Information Technology Equipment.
(7) The general reserve represents unrestricted funds.

		Balance				Balance
		1 April	Income	Amounts	Transfers	31 March
		2023		utilised		2024
		£000	£000	£000	£000	£000
Designated Funds
General education	(1)	-	1	:	(1)	-
Building maintenance reserve	(2)	915	-	(58)	-	857
Steinway funds	GB)	60	-	(4)	-	56
Town Hall Refurbishment	(4)	-	-	-	-	-
Making an Entrance Capital	(5)	-	-	-	-	-
Information Technology Equipment	(6)	-	-	:	:	:
		975	1	(62)	(1)	913
General reserve	(7)	1,284	12,150	(11,984)	1	1,451
TotalUnrestricted		2,259	12,151	(12,046)	-	2,364

: :

B:MUSIC LTD : NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

| | |

22. Analysis of total funds

: |

	Unrestricted	Restricted
	Funds	Funds	2025
Analysisoftype ofassetand liability	£000	£000	£000
Intangible fixed assets	43	-	43
Tangible fixed assets	1,334	10,907	12,241
Current assets	9,565	242	9,807
Creditors falling due within the year (including provisions)	(7,388)	-	(7,388)
Creditors falling due after one year	(566)	-	(566)
	2,988	11,149	14,137

	Unrestricted	Restricted
	Funds	Funds	2024
Analysis of type of asset and liability	£000	£000	£000
Intangible fixed assets	54	“	54
Tangible fixed assets	1,308	11,405	12,713
Current assets	8,060	188	8,248
Creditors falling due within the year	(6,465)	-	(6,465)
Creditors falling due after one year	(593)	-	(593)
	2,364	11,593	13,957

23. Reconciliation of net income/(expenditure) to net cash flow from operating activities

	2025	2024
	£000	£000
Net profit / (loss) for the reporting period	180	(537)
Adjustments for:
Depreciation and amortisation charges	752	735
Interest from investments	(250)	(137)
(Increase) / decrease in stock	(1)	2
(Increase) / decrease in debtors	(18)	210
Increase in creditors and provisions	923	1,354
Interest paid	25	26
Netcashprovidedbyoperatingactivities	1,611	1,653

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Analysis of cash and cash equivalents

		31	31
		March	March
		2025	2024
		£000	£000
Cash	at bank and in hand	5,146	6,224
Cash	investments	3,705	1,087
		8,851	7,311

25, Pension commitments

The pensions of employees of the Charity are provided by way of a defined contribution scheme. The pension cost charged to the Statement of Financial Activities during the period was £74k (2024: £78k). Unpaid pension contributions at the year end totalled £23k (2024: £18k).

26. Operating lease commitments

Minimum lease payments in respect of non-cancellable operating leases:

	Plant	&	Land	&
	Equipment		Buildings
	2025	2024	2025	2024
	£000	£000	£000	£000
1 year	6	6	46	46
2 to 5 years	11	17	185	185
Over5years	-	-	970	1,016

BML has a 25 year lease with Birmingham City Council for Symphony Hall which commenced on 1 May 2015. Rent of £46K is payable annually. A new lease takes effect in reversion to the existing lease on 29 September 2026 under which a rent of £46k is payable annually. Under these new arrangements a lease premium of £150k was paid. The lease premium has been capitalised and is included in “Land and Buildings” shown at note 13 to these accounts.

BML has a 99 year lease with Birmingham City Council for Town Hall which commenced on 9 February 2007. A peppercorn rent is payable annually.

27. Security

The Arts Council England holds a fixed charge over all assets of the charity, both present and future, dated 13 August 2019.

Birmingham City Council holds a fixed charge over Symphony Hall dated 13 August 2019.

B:MUSIC LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

28. Subsidiary Company

| BML owns the entire issued share capital, consisting of two ordinary shares of £1 which are nil paid, of BMEL, which : performs trading activities associated with events held in Town Halt and Symphony Hall which are outside the charitable objectives, including the provision of catering services. The subsidiary donates its taxable profits to the charity by gift aid.

A summary of the results for its subsidiary and the aggregate amount of their assets, liabilities and funds as at 31 March 2025 is shown below:

==> picture [315 x 262] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£000|£000| |Income|2,914|2,466| |Expenditure|(2,643)|(2,255)| |Other|operating|income|-|-| |Taxation|-|-| |Operating|profit|271|211| |Retained|profit|brought|forward|192|252| |Gift Aid|to BML|(216)|(271)| |Retained|profit|carried forward|247|192| |Assets|867|703| |Liabilities|(620)|(511)| |Net Assets|247|192|

----- End of picture text -----

29. Capital commitments

At 31 March 2025 B:Music Ltd has one capital commitment of £353,000 (2024: Enil) in respect of urgent lighting works in Town Hall which are to be carried out during the Summer.

30. The member

B:Music Ltd is a company limited by guarantee by its Memorandum and Articles of Association that were last amended on 1 September 2011. Birmingham City Council is the sole member.

The governing body of BML is the Board of Trustees. The Board consists of not less than 13 Trustees at the balance sheet date who appoint a Chairman. The Board are legally responsible for the governance and management of the charity.

B:MUSIC LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

CONTENTS

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Introduction

CHAIR’S REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and Activities

Mission

Public Benefit

Achievements & Performance

B:MUSIC LTD

FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Financial review

Subsidiary undertakings

Principal funding sources

Principal Related party

Pay policy

The framework comprises

Reserves policy and analysis

The Trustees review the reserves policy on an annual basis.

Restricted Fund

Unrestricted Fund

FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Fundraising

Supporting B:Music

Principal business and financial risks and uncertainties

Risk management

Birmingham City Council Grant

City Centre issues

Reserves and maintenance

Terror threat

Liquidity risk

REPORT OF THE TRUSTEES AND STRATEGIC REPORT

Credit Risk

Insurances of Directors

Plans for future periods

Trustee Constitutional Provisions

Officers and Management

B:MUSIC LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Principal Place of Business and Advisers

Structure, Governance and Management

Organisational structure

Governance

Charity Governance Code

Equality, Diversity, and Inclusion (EDI)

Decision Making

B:MUSIC LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Trustees’ responsibilities statement

Statement of disclosure of information to the auditors

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD

Opinion

In our opinion the financial statements:

Basis for opinion

Conclusions relating to going concern

Other information

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF B:MUSIC LTD

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor's responsibilities for the audit of the financial statements

B:MUSIC LTD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Judgements and estimations

Preparation of accounts on a going concern basis

Basis of consolidation

Income

Investments

Expenditure

Operating leases

Employee benefit costs

Intangible fixed assets and amortisation

Tangible fixed assets and depreciation

Over five years

Over twenty years

Creditors