Bristol Music Trust BRISTOL MUSIC TRUST TRUSTEES, ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Company Number.. 07531978 Charity Number.. 1140898 Brlstol Music Trust CONTENTS CHAIR'S REPORT.................................................................................................................................................. TRUSFEES. ANNUAL REPORT........................................................................................................................ CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES......................................................................26 BALANCE SHEET..............................................................................................................................................27 STATEMENT OF CASHFLOWS.......................................................................................................................28 ACCOUNTING POLICIES...............-...................................................... -29 NOTESTO THE FINANCIAL STATEMENTS.................................................................................................33 Brlstol Music Trust TRU5TEES' ANNUAL RÉPORT for the year ended 31 Mèrth 2022 CHAIR'S REPORT We have seen a year of conts'nued significant disruption to activity from the COVID-19 pandemic. In Ihe first quarter we were still operating under full lockdown. This started to be relaxed in May 2021, but we had very limited activity at Bristol Beacon IBBI until June/July 2021 with some rehearsals and workshops at Beacon Musie Centre IBMCI By September we were seeing more external venue cOn￿rtS and artistic and commercial activity in BB with some staff starting to return to work in our buildings. We held our first all staff meeLing at the end of Soptember, and this marked our real 'return to life,. There was another shorter .'ockdown in December 2021 but by the end of January 2022. BB commercial and artistic activity Iboth in the building and in external venuesl had really started to get back to normal. The same is true at BMC where ensemble rehe3rsaLs and other teaching has b*n fully re-established face to face. We have continued a flexible approach to staff working in the buiLdiros and this seems to be working well with most staff coming in 2 or 3 days per week. We have taken the opportunity of limited activity in the buildings for the last 9 months of the year to pursue various maintenance and development projects. We started a foyer upgrade project in oarly 2022 to assess what we need to do to re-model the box office area and upgrade the other foyer areas to match the redeveloped facilities. This will help us to me@l our ambition5 to be accessible and welcoming to all our community. A lighting upgrade Is 3190 being undertaken in parallel to this. At BMC we havè mado significant improvement5 to internal roorn access to make the facilits'es more suitable for activities for special needs groups. Despite the challenges. we have had a number of notable highbghts this year. We were able to livestream two concerts by the London Symphony Orchestra ILSOI under Sir Simon Rattle to care homes around the country thanks to ihe generous support of Geoff Crocker of Bri.qtol Care Homes. We embedded our name change through a new brand across ihe business developed in partnership with Saboteur and Rising Arts Agency and launched in September 2021. We were excited to secure an award-winning live broadcast of Channel 4 News from our foyer to mark Back to Black day. We have worked hard to continue to support the National Open Youth Orchestra throuqh tho year culminaling in a performance of the orchestra at st Georges in Bristol, at thé Barbican, The Lighthouse and SAGE Gateshead. The refurbishment of Bristol Beacon is progresslng quickly now with change vi5ibt@ on a weekly basis as the ffit-out p@riod progresses. COV.'D-Ig has had a significant effect on the works, but the major structural work Is complete and now we are on track for the autumn 2023 opening. We will continue our successful capital fundraising campaign for the project which has now achieved over 96/è of targèt to end May 2022. We finished the financial year in a positive position with a small surplus a5 planned. mainly as a result of the Su￿ssfuL funding bid toArts Council Ellgiand for COVID-19 support. This ha.q enabled us to make a subskntial £300k ¢ontribution to rebuilding our reserves. We very much hope that we are at the end of COVID-19 restrictions and the consequent major business ehallenge and uncertainty. DespitÈ the problems of the last two years, our general reserves and trustee designated reserves exceed Elm. This puts us in a good position for 2022/23, our build-up year to Brlstol Muslc Trust YRUSTEES. ANNUAL REPORT lorthe year ended 31 March ZOZZ re-opening in September 2023. We expect to know about our ACE revenue funding 3-year settLement in October 2022. We will then complete the planneé implementation of our new staff structures together with our business operating systems and procedures ready for the announcement of the autumn 2023 opaning season of cowerts and activities. We are grateful for the support of Bristol City Council, Arts Council England, Nètsonal Lottery Heritage Fund, West OF England Combined Authority. HM Treasury and of course the many individuals. organisations and trusts and foundations who have given so gen8rou51y to SUPPOrt our edU￿tIon work, music promotions and capital campaign. We are fa¢ing the future in a positive fashion as we rebuild the business and tho building. We are planning an exceptional program of events to celebrate all that is so wonderful about Iwe music. None of this would be possible without the most remarkable team at Bristol Music Trust lad by Louise Mitchell. It 15 their dedication and hard work that h35 brought to reality a vision fI￿t put forward some eleven years ago whén the Trust was established. Without each and every member of the I rusL's staff none of this would be possible and we are even more grateful for thei", amazing support and dedication through all the disruption caused by COVID-19. Simon aprnan 21 July 2022 Brlstol Muslc Trust TRUSTÈÉS'ANNUAL REPORT forthe yearended 31 March 2022 TRUSTEES, ANNUAL REPORT The Trustees present their report and the financial statements of Bristol Music Trust for the year ended 31 March 2022. REFERENCE AND ADMINISTRATIVE D￿Alls Board of Trustees The Truslees or the chdrity (who are also the directors Df the company) holding office during the rinancial year as at 31 March 2022 and subsequently are given below.. TrusÉees/Directors Appointed/Reappoinled Simon Chapman (Chairl Tony Cherry Pal Connor Craig Genlle Tanya Lacey Sandra Meadows 08E Sonia Mills Louise Mitchell Andrew Nisbet Timothy Westwell Cllr Craig Cheney. 8 Oct 2019 8 Oct 2019 8 Oct 2019 19 Oct 2019 8 O¢L 2019 8 Ocl 2019 23 Oct 2017 8 October 2019 5 May 2021 3 Sept 2019 8 Ocl 2019 'Nominat@d Trustee (Executsve Member for Culture) appointed by Bristol City CoLtncil. EYE¢utive Tea The executs.ve team are responsible for the day-to-day management of the charity.. Louise Mitchell Ichief Executive) Andy Boreham IHead of Markelingl Naomi Easy (Head of Commerciall Nick Craney (Genèral Manager) Phil Castang IDirector of Creative L@arning and Engagoment) Iresigned 24 June 20221 Rosa Corbishley (Director of Oevelopmenti CLare Jack Ichief Operating OffiTrrl Naomi E3sy (Head of Commerciall Adam Kent IDirector of Creative Learning and Engagement) (appointed from l October 20221 Siggy Patchett (Head of Strategic Ch8ngèl Sarah Roberlson ICommuni¢ations & Special Projects Director) Sophie Whitaker (Head of Finance) Todd Wills IArtisiic Th'rectorl Brlslol Muslc Trust TRUSTEES'ANNUAL REPORT for the year ended 31 Marth 2022 Audit. Risk & Resources Commitleg Tony Cherry (Chairl Simon Chapman Sonia Mills Craig Gentle Louise Mitchèll Creotive Leaming and Engagement Committee Tony Cherry - (Chairl Louise Jenning5 Deshn,. Pyndiah Tanya Lacey Sandra Meadows Lloyd Coleman Brstol Beacon Capital Fundraising Group Sonia MILLS (Chairl Rosalind Kennedy Andrew Nisbet Louise Mitchell Chris Seaton Bristol Beacon Phase 2 Development Project- strJlegffc Advisory Group Charles WiLson (Chairl Sonia Mi115 Simon Chapman Louise Mitchell Principal address and registered office Bristol Beacon Trenchard Street Bristol BSI SAR 1140898 07531978 Registered charity number., Compary registration nurnber The Trustees have made the following professional appDintments". Auditor.. Bankers.. RSM UK Audit LLP Natwest Chartered Accounlants 8ristol City Office Second Floor 46-49 Broad Street l The Square 8ri5tol Temple Quay BSI 3EU Bristol BSI 6DG Brlstol Music Trust TRUSTEES'ANNUAL REPORTfor the year ended 31 Mzrch 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT ststus & History Brislol Music Trust was established to operate Bristol Beacon. to promote music and the arts, and to advance education and appreciation of music and the arts, for the benefit of the people of Eristol and the Southwest of EngLand. The company was incorporated on 16 February 2011 and cornmenced ils operations on l May 2011. Bristol Music Trust is a charity registered in Enoland & Wales Ino. 11408981. and a non-profit-making company limited by quarantee registered in Eng￿nd & Wales Ino. 075319/81. A trading subsidiary, BMT Enterprises Ltd was incorporaled on 23 March 20..1 as a company limited by sharo% (wholly Own￿ by Bristol Musi¢ Trusll lo manage associated commercièl activities land any activities that are'non-primary purpose trading'l forthe benefilof the charity, and also comrnenced its operations on l May 2011. A cost sharing agreernent is in place lo ensure that the trading subsidiary pays Bristol Music Tru5l for ils use of Bristol Beacon and other services. All profits of B.MT Enterprises Ltd are gift-aided to Bristol Music Trust Bristol Music Trust has developed a distinctive and vibrant programme of music and events at Bristol Beacon. and creatively sUPPOrts yoJng people in Bristol and the south.west. making music and music learning Ihrough its Creative Learning and Engagement ICLEI team. When 8risLol City Council's18CCI Cabinet made the decision to wtabli£h Briftol Music Trust as an independent body responsible for managing the Hall in 20ll, BCC leased Brisiol jeacon to Bristol Music Trust for a 25-year period at a peppercorn rent. The old lease will be repLaced with a new 32-year lease from completion of the ongoing re-developmenL BCC financially supports tha work of Bristol Musi Trust to deliver its charitsble objectivas and @ntrusted seriices as defined in a Service Level Agreement In addition. Sirn￿ April 2015. Bristol Music Trust has benefited from Arts Council England investment as é Nakn"onal Portfolio Organi5ation lin consorLium with St George's Bristol) to support the artistic programme and audience development objectives. On I September ?013, thp 8ri%tol Arts and Music Service IBAMSI was formally IransFcrrcd from BCC lo become an integral part of Bristol Music Trust as the Music Education Hub for the City of Bristol run by our CLE team. The aim is to deliver an exciting and coherent music educational programme that spans both formal and non-formal mus'.c éducation across the city. The team is based both at Bristol Beacon and al the music centre ill sout.￿Mead. whiGh is leased io 8ri5tol Music Trust from BCC for a peppercorn rent. The visioN of CLE is lo work with Strateg￿ hub partners to mako Bristol the UK Capitsl of Young People's Music and ensure that every young porson has access to music learning activities and a platform for rnusical expression and participation. The concert hall is at the beating heart of culture arid music in BristoL The building has been part of the Bristol styline for 150 years and home to iconic performances by some of the world's leading artists, including The Beatles. EILa Fitzgerald, Bob Oylan. David Bowie and Yehudi Menuhin, leaving Lasting momorios that live on in p&ople's minds. The first Hall opened to the public on 20 Seotember 1867, butthé main auditorium was destroyed by fire in 1898. A secorKI reconfigured hall opened on the slte in 1901 and was bought from the CoL5ton Hall Company in 1919 by Bristol Corporation for £65.000. and the building has b￿￿ the property of BNstol Cily Council over since. In 1935 the hall was c105ed for remodelling with a Ihird hall opening in December 1936. but a further fire in 1945 robbed F3rislol of its concert hall onc? more. The fourth incarnation of the hall. which exists today. was opened in 1951 to mart< the Festival of Britain. Funding constraints have mèant that Ilmited investment has been made in the building since then. By around 2005. it was clear to BCC that the hall needed substantial investment if it were to be able as a 21st century concert and events hall. A project was therefore in tiated to create a new foyer building and to refurbish the historic bailding. It was recognised thatthis projectwould require signif1cant funding investment and so the decision was mace to split the project into two phases.1n Bristol Muslc Tiust TRU￿EE5,ANNUAl REPORTfor the year ended 31 March 2022 2007-2009. Phase l of this project was created by BCC investing £13m aLong5ide £7m from Arts Council England. building a modern foyer containing restaurants. bars and administrative offices a5 an extension to the Hall. This was designed by architects Levitt Bernstein and built by main contractors Wiimott Dixon and opened to great acclaim in 2009. It was always recognised that there wa5 a need for p.qase 2 to complotcly refurbish the old building. In 2015-16 8CC and Bristol MUSIG Trust IBMTI iNvested in an extensive. joint investigation and feasibility study which resulted in four redeveiopmenloptions being presented by Levitt Bernstein. The partnershipwas formalised in June 2016 when it was agreed that the project would be rnanaged by BCC Major Projects Team under the supervision of a ?,.oject Board with representation from BMT and major funders, BMT would tske the Lead on fundraising to assembLo the funding package to deliver it Br&toL Beacon Redeveiorxnent Phase 2 Thg project lo transform the hall into a nèw and inspiring centre where all genres of music and music education activiLy can flourish started with the closure of the auditoria in June 2018, the commencÈmÈnt of demokntion works in October 2018 and the Start of reconstruction June 2019. The capital campaign aims both to transfo.'m the Victorian building into an international-slandard concert hall as well as to creaté a centre for music education and enterprise and enable Bristol to truly become the UK Capital for Young People's M(Jsic. The hall will be a completely accessible major music venue for artists amd audience alike. It is a key Strategic aim for the city to harness our cultural. historic, and artistic assets to bring social and economic benefit to the region and to underpin its reputation for creativity, live musical performance. and technological and business innovation. A thriving and dynamic concert hall and music centre is essential to ensure the future success not Just of the music indLJstry in the region but also has a fundamental part to play in the Succe￿ of the creative industries of music. film. design performance elc. as a whole. The hall's activity. together with our wide-reaching education work, makes Bristol Music Trust a very significant contributor lo the regional econorny. sense of place. and attracts'veness as a vlsltor destination and place to live and invest. Our show aud ence5 come from across the region (broadly 65°A Brlstol. 25Yo the Southwest. IOYO Other UK destinations) and when fully open. is expected to directly generate gross income of around £ll million in the fitst full year of op&rations. There is a high degree of cross-party and cultural partnership support for this key Southwest project. The Capital ￿mPaign has now raised over £102 million of the target of £107rn. including £54 million committéd from Bristol City Council. £5.18 million from HM Treasary, £16.2 million from the Arts Council EngLand. £4.75 million from the Nètional Lottery Heritage Fund, £11.8 million from WECA plus a number of generous individual donations from £25,000 to £l.000,000 and over 450 individual seat sponsorship gifts from a¢ross tho community. The project is now progressing well and is on track for opening with a fLII Autumn 2023 season. The main hall acoustic works are well ur.derway, the balconies are in place. the lift pit to take the stalls séat'ng down to the cellar has been created and the stage steelwork ha5 been installed. In the second hall, much of th& decorative plasterwork has been refurbished or replaced. painting is underway and the restaurant area beLow it ready for fi't out. Our third céllar space r)ow has music pracknee rooms and sound booth in pLace. Organisational Structure The non-executive Board of Trustees (directors of the charity) has responsibility for the governance and administration of the charity. The Board m@ets five times a year and should be composed of no fewer than five TrusLees and no rnore than tw&lve Trustees lor sueh other maximum nurnber determined by the Board). The Articlos of Associalion Idated 15 February 20111 provide for there to be up to two Trustees appointed by Bristol City Council out of a maximum of twelve. subject tr) the number of Council appointed Trustees always being below 20Yo of the 8oard, in order to ensure its Brlstol Muslc Trust TRUSTEES'ANNUAL RÉPORT torthe year ended 31 March 2022 independence as an organisatior7. The Chief Operating Officer. Communications & Special Projects Director and Director of Creative Learning and Engagement are invited to attend 8oard meetings, and there will be a quorum comprising a Ninimum of three (excluding Council nominated Trustees) Trustee members. The Audit. Risk and Resources Committee is a sub-committoo of the Board with résponsibility for assisting the Board to discharge its duties in the following areas.. financial and operational performancè and procedure5', audil and conlro15 oversight. risk managemenl and compliance., property transactions., annual plans and budgets.. investments,. and maiagernent of reserves The membership of the Audit. Risk and Resources Committee compri£e.% a minimum of three TrLJSteè members, aPFX)inted by the Board of Trustees. The Committee includes the Chair of the Board and Honorary Treasurpr. and the Board appoints the Committee Chair. The Chief Executive, Chief Operating oificer and Head of Finance attend the Committee and a quorum comprises a minimum of two Trustee rnembers. The Committco normally meets four tim@s a yaar. The Creative Learning and Engagement ICLEI Commiltee is a sub-commit".ee of the Board with responsibility for oversighl of the eduutional work of the organisation. Mattets of responsibility include. Ihe recommendaiion of education policy arKI delivory to the Board for approval.. the reeommendation of the CLE business plan to the 2oard for approvaL' monitoring and evaluation again£t kpy pÈrformanc@ indicators 2nd the music education hub core aqd extension roles,. arKI monitoring of Sar￿uarding and financial performance. The membership of this Committeé comprises a rninimurn of three Trustee mombors (including the Chair Df the CLE Committee). appointed by tho Board. and indèpendent experts may be Invited by the Chair of the CLE Committeé with the approval of the Board, The Chief Executive and Director of Crealive Learning & EngagerYer7t are invited to attend the Commitlee and a quorLAm comprises a minimum of two Trustee member5. The Committee normally Theels four times a year, O,ie of the membors of the Committee has specific responsibility for overse@ing and reporting on safeguarding issues. The Capital Fundraising Group is a sub-committee of the Board with rcsponsibility for steering the overall capital fundrai51ng for the Bristol Boacon transformation project including canvassing of political support (national and local gov@rnmentl.' applying for funds frorn Arts Council EngLand, trusts and charitable bodies., corporates and Corpora￿ finance options, individuaLs, digital and public fundraising The rnernber5 of the Committee, includ ng a minimum of two Trustee membors shall be appointed and approved by the Board annually and shall be eligible for reappointment. The Chair of the Committee is appointed by the Board and the Committee may appoint other mombers with appropriate expertiso who are not TrLJStees. The Chief Executive. Head of Development. and Chief Operating Officer are invited to attend the Committee and a quorum comprises a minirnum of three member5 of which one must be a Trustec of the Board. The Committee will normally meet four times a y&ar. The project for the Bristol Beacon redevelopmeNt Phase 2 15 jointly led by Bristol Music TrusL and Bristol City CounGil and the projeGt is managed by the 8ristol City Council Major Projects Team with Executive Director.. Growth and Regeneration. Stephen Peacock ￿ Senior Reporting Officer. The BMT Chief Executive represents Bristol Music Trust on the Project Board. with the support of an expert cts'ent representative, reporling to thè 8MT Board of Trustees. As Part of the project governance structure, a clientstrategic Advisory Group has been estsblished as an expert advisory commitÈe to the Trust, irKluding external expcrts, trustees and major stakeholders Bristol City Council and Arts Cour)cil Engtand. Thc group reviews project plans and status and advises the Trusl on design development, construction, and fit-out of the transforTnation proiecl to meet agreed clienl FaGilily requirernent5. The group is chaired by a specialist advisor to 8MT. Charles Wilson. The Chief Executive and Chief Operating Officer are invited to attend. The Committee will normally meet monthly prior to the meeting of the Project Board. Responsibility for implementation of thé Trust's strategy, and the organisation's day to day management 15 deLegated by the Board to the Chief Executive arKi the exe¢utive senior Brfstol Muslc Trust TRUSTEES'ANNUAL REPORT forthe year ended 31 March 2022 managerllentteam. The Board selects and appoints the Chief Executive and may be involved in the appointment of other key members of the senior rnanagernent team. The Trustees are confident that thè governancè and manag&m&nt structures that hav8 been established are appropriate lo the needs of the organisation. Method of RecruitmenL Appolntment Eiectlon. Induction & Trainlng of Trustees Recruitment. AppoFntment & Etection Each Trustee is asked to sign a Trustee's Undertarfing upon appointment. confirming their willingness to aceept the appointment. their understanding of the a￿oCIated duties and responsibilibes, and their willingnoss to becomo a member of the eharity. The term of office for a Trustees is four years and he or she is eligible for re-election by the Boaré for one further term of four years. This term may exceptionally be extended by the approval of the Board. The Trustees sople as volLJnteers and receive no payment for their workfor the charity. apart from the BMT Chief Executive who is also a Trustee. Induction & TrrJirring All of the Trustees are mindful of their duty to act solely in the interests of Bristol Music Trust and those Trustees who a￿ members/efficers of 8ristol City Council understand their duty (under company law and charity Lawl to avoid conflicts of inter¢sL The organisation's articles contsin detailed provisions for declaring any interest a Trustee has and managing any conflicts arising from such interests. All of thé Trustees are informed of their responsibilities and duties and are provided with appropriate guidance (including the Bristol Music Trust Handbook for charity Trustees) and information to carry these out effectively. Pay Pollcy for Key Management Personnel As diredors of Bristol Music Trust, the Board of Trustees consider the Trustee5 and the executive senior management team comprise the key management personnel of tho charity in ch3rge of irecting and controlling. running and operating the Trust on a day-to-day basis. No Trustees received remuneration in the year. apart from the BMT Chief Executive, Detaits of Trustees. expenses and related party transactions are disclosed in notes 8 and 24 to the accounts. respects'veLy. The pay of the Senior Management Team is reviewed annually and is normally increased in accordance with average earnings or inflation. In view of the nature of the charity. the Trustees benchmark against pay lev@Is and speciab'sms in other comparable arts and charitsble organisations of a similar size. Apwoach to Fundraising Our approach to fundraising is to raise funds towards our running costs and capital appeal from private sources including from individuals through voluntary donations. We identify potential individual donors through ticket saLes information and through individuals signing up to our regular weekly email updaLe. We also seek funds from rnajor loca,. phiLanthropi5ts via direct approache5 often via our Trustees or other contacts. We obtain grants from trusts and foundations via writLen appb'cations and corporato sponsorship through providing marketing benefits and outlining corporate social responsibility opportunities. Dljring the year we continued a campaign aimed at the public for our capital project, principally directed at se.ling seats in the new auditorium. All our fundraising activlty conforms to the stsndards la￿1 down by the Institut@ of Fundrai￿ng and the Fundraising Regulator, to which we are a signed-up mewber. We adhore to the regulator's fundraising promise.. io Brlslol Music Trust TRUSTEES'ANNUAL REPORT lorthe year ended 31 March 2022 l. We will commit to high stsndards 2. We will be clear. honest, and open 3. We will be respectful 4. We will be fair and reasonable 5. We will be accountable and responsible. We have a professional team of fundraisers on our staff and their activity 15 monitored by the Chief Executive and Chiéf Operating Officer. During the year we have not received any complaints about our fundraisino activity. We do not u£é intrusive or persiaent fundraising approaches. Risk & Corporate Governance Matters Thè Trustees regularly monitor progress aga￿￿5( the strategic objectives set out in the agreed busine￿ plan. The Audit. Risk and Resour¢es Cornmitteo has responsibility to the Board for reviewing In more dotail the risks lo which the charity is exposed and ihe corresponding mitigations, and for ensuring an effective risk management strategy is in place, A document setting out the risks. consequences, counter Measur￿ and contingencies has been prepared by t￿e executive toam and 15 reviewed on a regular basis. Principal risks and uncertainties identified for the organisation are as follows.. Rlsk Ongoing adverse impa(t of COVID 19 and the c05t-of- livlng crisis on hospltality and cultural bu51nesses May put significant pressure on income from ticket sales, commercial events, music lesson income and food and beverage sales Miti tlon Theteam now has 2 year5, experlence of managing COVID-19 restrictions Including 50¢ial distanceij concerts. Some Streamed events will continue. Covid secure venue measures will be maintained re hy8iene and social dlstancin8 as required. Dem8nd for muglc lessons from Sept 2L121 is strong and ihe on-line academy wlll continue. 2021122 and 2022123 forecasts adapted to Tefiect actual Income generation. Surplus in 20121 plu5 Successful revenue applitatlons to support 21122, mean the re5Èrve posr(lon at YE is c£lm Public sector art5 funding reduces A strong bid is expected for increased funding in the next national ACE NPO round from April 2023 onwards based on the investment in the new faclllties. The agreement on BCC SiA funding in the Collaboration Agreement is now finalised. On8oin8 budgets intlude an agreed SLA reduction trn opening which continues over IO+ years. StronBer growth in cornmercial and voluntary income 15 planned post-covid and r&openin8 based on ifflproved facilbties and the new programme Event and TradSng income lower than budget. Income forecasts post-opening not met. C05t5 have been tightly controlled in closure and Covid Èrlod and this will continue. Bristol Muslc Trust TRUSTEES'ANNUAL REPORTforthe year ended 31 Marth 2022 Cornmer(ial cllent bookings are building back well post-covld wlth a strong plpeline of tnquirie5 and conversion rate as previous￿. Urtll re-openin8 BMT has negotiated addltlonal iThcorne support from the refurblshment project. Commercial buslness development and investment in marketlng Is underway to secure on80ing incorne. Fundra15ed income Irevenuel Is lowerthan budget The Development team have launched a new strate8yfor both revenue and capital fundraising which is meeting targets. Inflatlonary Pressu￿ on overhtads len2rgyl and salary costs are underestimated Reforetasts are done quarterly to identify early energy and other cost increases. Contin8enry 15 bullt into the financial model. Current inflatlon in the mo(Jel is 3% for overheads and 5% for salaries in 2022123 plus a salary review across the or88nisation. Creative Learnin8 and Engagement ICLEI buslness is not properly Integrated Into 8MT causing inefFiciencles and increased costs Head of strategic Change Is doing a full operational review to make recommendations for chan8es to administratfve processes and or8anssation 5trutture. Flnancial bad debt risk has intreased slnce chan8in8 the ch8r8in¥ model to direct payrnent from parents for muslc lessons rather than through schools New admin system to be fully set up for parents to pay up front fortemis le550ns and by dirett debit Succession planning for Board fails to produce stron8 Chair znd diverse Board Executive succession plaThnin8fai1s to secure ongoing strong leadership Current Chair and Board attlvely engaged In Board sucte55ion planning Chalr and CEO assessing executhfe 5uceession planning requirements Failure to deliver Capital Tran5forrnation Projett to time or wthin budBÉt Sound prolert governance strurture involving Brlstol Music Trust IBMT) and 8Th5tol City Councll IBCCI Experienced a(fvisors and contractors Regular review of value rnanagement optlons Legal agreement between BCC contrattor to mlti8ate the rlsk to BMT AIMS AND ACTIVITIES Charitable Aims Launched in May 2011, Bristol MLJSIC Trust is an independent charity with two distinct aims.. 12 Brlstol Music Trust TRUSTEE5'ANNUAL REPORT for the ytar ended 31 Marrh 2012 The first is to manage the oporations of Brislol Beacon. Bristol's largest perrllanent concert venue. where peopLe have ￿en enjoying music since 1867. developing a diverse musical programme. leading a major capital refurbishment programmo. and securing ils commercial success. The new building prosents a wonderful opportunity to build a diverse concert hall and music centre, comprising a traditional concert halL a smaller intimate halL and an inspiring modern foyer. The second aim is to drive forward music across Brlstol and Lhe Southwest of England,. working in partnership with city wide organisations. leading on musical education through the CLE team, commissioning new works. supporting local MUs￿lans, and promoting mustc Jcross all communities to build on the vibrant talent already in the city. We wanl the Bristol music scene io stand out with its own unique culture and internationally renowned reputation. Bristol Music Trust's vision is to integrate these two aims and put music at the heart of Bristol life. and to lead a sLrategie, holistic, citywide approach to promoting music so that it flourishes th..ough performance. composits'on, participation, and education in our communities Charitable Activibes 8ristol Music TrLJSt Manages the operations of Bristol Beacon lo provide artistic and educational benefits io the people ol Bristol and the Southwest of England. During cloqure of the auditoria for the redevelopment project. BMT has continued lo pr￿ramm• an impressive and varied programme of performance events at over 30 other venDes in Bristol and to deliver music education teaching, courses. and faGilities to the region. The Trust's Jim is to deliver an extensive and high-quality programrne of creative perforrrances across a rango of musical genres. With a wide-ranging programrne, the Trust will attract all age groups and r8ach out to the many diverse cultures of Bristol. The FY 2021/22 has seen a gradual rebLJilding of the live events business following re-opening of music venues a¢ross the cily post the start of COVID-19. The commercial business has aLso gradually been rebuilt and the music education activitioq have been re-established since September 2021 enabling a small surplus to be delivered overall in the year. Undor the umbrelLa of Creative Learning and Engagemènt ICLEI. BMT operates the Arts Council England funded Music Education Hub for the City of Bristol as well as delivering many other rnuslc education projects. Across the CLE work, BMT aims to work wilh its strategie partners to deliver a coh¢rent musical educational programme spanning forrv,al and non-forrnal music education and ensure that every young person has accass to high quality music loarnir.g opportunities and a platform for musical expression. BMT CLE leam leads music education in Bristol, providing eXper￿se and support to schoots. community. and cultural organisations. and delivering the National Ptan for Music Education to s¢hoot5 and their communities. CLE work is not affeGted by the closure of the auditor￿ for redévalopment since it operates Beacon Music Centre from our Southmead site. CLE and the TrLJSt will continue lo work with a variety of partner organisations including performance partnérs sknch as Ihe LSO. Bournemouth Symphony Orchestra and thp Paraor¢hestra,' educalion and delivery partners sueh as Open Up Music and Conductive Music,. and othor Bristol partners and venues sucn as St George's Bristol. The Trust will conlinue to work with a rangè of partners and to lookto expand its partnership arrangements locally and nats'onally. Tho Trust's aims are also to develop a strategic and wider remit in arts and cultural provision in 8ristol. workiny in partnership with other arts partners. The Trust's chariLable objects aro therefore sufficiently wide to cover the arts in general, and this enables the organisation to advance any other charitable purposes selected by the Trusteos. Thi5 give5 the Trust maximum flexibiltly to develop its activities over time and include activitios such as heritage conservation as the historic Lantern is redeveloped. Brlst Muslc Trust TRUSTEES'ANNUAL REPORTfor the year ended 31 March 2022 Publlc Beneflt & ￿7C1ng Poi The Trustees have takèn The Charity Commission's spe¢ific guidan￿ on public benefit into considaration in preparing their statements on public benefit contsined within this Trustees, Annual Report. The objects of Bristol Music Trust are aimed at the general public in Bristol and the Southwest vlhich reflects the focus of the concert hall and work of the CLE tèam in benefiting the community in Bristol and the surrounding area. Charges are currently made to public to attend performances, and this will eontinue. Charges will be in line with those charged by other charitable arts organisations and will be set at a Level which reflects the ability of the public to pay for tickets. Similarly, charges will continue to be made for some of Lhe educational provision. and these are sel at an affordable and benchmarked leveL Bristol Music Trust's pricing policy aim5 to optimise the volume of sales and maximise incomg whilè maintaining a range of prices to encourage diverse and more frequenL attendar)￿S from target groupx Our headline pricing strategies are". Encouraging customers to attend less ptspular events through motivatir)g price differences and special deals. Rèwarding frequent customers and stirnulating loyalty through members. Incentives and multi-bLAy deals where appropriate. Encouraging early booklng with early bird deats and by avoiding last rninute discounting. Promoting accessibility by including Lower price tickets and providing concessions for target groups such as young people where possible. Encouraging group bookings through group deals Promoting price differentiation in the auditorium through Clear and strategic incremental price breaks. These strategies are varied and adapted for différent genres within Bristol B&acon's programme. ApplicablG pricing is dependént on the individual show, but gènorally we op&rate concessions for our International Classlcal Season tsrgeted at young people, including schemes for under 185 (£1 t￿kets) and under 25s1£8.50 tickets). 8-25-year-olds are offered free tickets for selected chamber concerts through our Cavatina scheme. We have a variety of other subsidised ticket schemes for young people to encourage attendance at our otherjazz. folk and world music promotions. In addition. several performan￿$ and events are froe for the public. including regular foyer performances and tslks. Many of the edUCatior￿1 workshops rLAn by the CLE team are also free to young people. This ensu'es that people on lower incomes are not excluded from being able to benefil frorn thè charity's activities. Anyone who requires assistance to attend an evenl al Bristol Beacon 15 invited lo bring a pèrsonal assistant or companion who will be admitted free of charge. RelatI(￿shipS wlth Related Parties Bristol City Council originally leased Bristol Beacon land associated assets) to Bristol Music Trust for a 25-year period at a peppercorn rent. Juring Ihe redevelopment pe.'iod, this lease has been surrendered and replaced with a Development Agreement covering the use of the foyer building Inot included in the redevelopment projecu, access to the old building and the terms of the r)ew l&ase to oe entered inlo on completion of the redevelopment works The new lease will be for a 32-year term and is at a peppercorn rent. Under its terms. Bristol City Council retains responsibl￿tY for structural maintenance and insurance of the whole site. Bristol Music Trust has responsibility 14 Brlslol Music Trust TRUSTEES'ANNUAL REPORT for the year ended 31 Marth 2021 for day-to-day rllalntenan￿ of the foyer building. contents insurance and all other operational mattor The operation of Bristol BeaGon and reLated music education activities IransFerred to Bristol Music Trust under the terms of a Transfer Agreement. with entrusted serV￿eS to be discharged by Bristol Music Trust defined under the torms of an Entrustment AgreemenL Compensation is payable by Bristol City Council for the provision of the entrusted sérvi¢@S Ljnder the terms of a Service Lèvel Agreement, with funding agreed in advance for a mulli-year funding period through a Deed of Variation. to deliver the entrusted services against measurable outcomes. Bristol Music Trust owns IOOYO ordinary share capital in the subsidiary company BMT Er7terprises Ltd. BP4T Enterprises Ltd mdnages ils Gommercial activities (including catering. hi￿ of conferencing facilities and meeting-rooms at Bristol 8ea¢on, and the provision of box office services to other arts Organi￿tIOnS) for the benefit of the charity. ar)d all profits are gift-aided to Bristol Music Trust on an annual basis. A cost sharing agreement is in placé to ensLJre that BMT Enterprises Ltd pays Bristol Music Trust for its use of BrisLol Beacon and other services. ACHIEVEMENTS AND PERFORMANCE BrisLol Music Trust has now been Irading for eleven years and is a well-esidblibhed, artistically curious and financially well-managed organisation, with a national reputation for excellence and innovation. central to the cultural landscape of Bristol and the SouthwesL From September 2021. we have been successfully rebuilding OLJr artistic prograrnmé and education work following re- opening of the Bristol venues we work in post COVlD-Ig. Bristol Beacon Artistic F¥ogramme The pandemic continued lo have an impact on the programme through much of 2021 and into 2022 with a significant llu.￿ber of shows being rescheduled as they were in 20/21. However. in 21/22 we saw more shows cancelled Ic301 rather than rescheduled due to tours becoming unviable for artists due to COVID-19 and travel restrictions, which led to our programme becoming lighter through the Spring and Summer and shifting our focu5 to other impactful opportunities These included a large art exhibition in our Foyer Space - Super Cool Drawng Machine - created by numerous relatively high-profile musicians who had created visual art during the lockdown period. We ais0 ¢o-commissioned a new promenade piece called Smoosh witn the Paraorchestra for two outdoor performances in Filwood in South Bristol in September 2021. The piece was led by Charles Hazèlwood and who Paraorchestra with over forty community musicians and dancers playinq a'jukebox of hits through the streets of Filwood. The project was made possible by partnering with FilW0￿ Community Centre who played a leading role in galvanising local interest and support. Due to the COVID-19 restrictions on venues we also focussed our attention on an ambitious online project called Intermission with Brislol band Scatyng and digital/visual artists Limb￿ Cffnema. This involved creating a fifteen-minute interactive film of the 8ristol geacon'Jnder construction with a soundtrack created by Scalping and featurin9 the band ￿ moving images/avatars within the film itself. The resulting interactive filrn led directly to Limbic cir.ema receiving a'On@s to Watch 2021" award from the Creative Industries Council. other events of scale in 21/22 included two concerts With The Lowlon Symphony Orchestra and Sr Simon Ratti? at Bath Forum. both of which were live streamed into care homes up and down the counlry thus reaching thousands of new audiences who otherwise wouldn't have the opportunity to experience this live event. Brlstol Music Trust TRUSTEES'ANNUAL REPORYf¢r the year ended 31 Mar¢h 2022 We aLso co-curated a weekend of music in tribute to Keith Tippett which took place at st George's involving over sixty musicians. This w3s a combination of ensembles that had either worked with Keith in the past or ensembles playing his compositions, Creatlve LearnlNJ and Engagement MUSIC EDUCATION HUB The Music Educa￿'on Hub provides instrumental and singing music lessons in school and out of sthool across Bristol. In addition, it provides training and CPD for teachers. instruments for schools and inspiradonal musical experlences all children in BristoL Although the year was punctuated by continued disruption due to COVID-19. 2021/22 saw a welcome retum to live music events for children. A staffing restructure also meant ir)creased capacity and an updating of processes and systems. Engagement with schoots and young people is stsrting to return to pre-COVID-19 levois both at music centres and in primary and secondary schooLs. We launched a new music Cernt￿ for music production and popular/¢ommeTcial music styles. based at Access Creative College's new city centre campus. The music eentre is Currèntly running at full capacity. The flagsbip musical programme for p"imary schools, Earthsong. went from strength to strength, and our's A Day Music.. A Recovery Resourcè for Schoots,. was Short￿sLed as a finab'st for the Music & Drama Education Awards 2022 in the Outstanding Music Education Resource category. During the year, 71 schools signod-up to the'musical Schools Membership, and we provided core and exiension services to over 100 schools. Over the next 12 months. we will be rèviewing our relationship with schoots as we consider the implications of a revised National Plan for Muslc Education, expectod to bo launched before the end oftho 21/22 academic year. COMMUNITY Bristol Seacon's communi'.y programme continued to grow with some standout projects which included worknng with Paraorchestra on the nationally accLaimed street party parade 'Smoosh' and A New Song for Bristol, a project that called on the public to convey their experiènces of living in Bristol during the COVIO-19 pandemic through words and music. After receiving hundreds of @ntries from Bristolians of all ages, communities. and backgrounds, WQ transformod those stories into new musical commissions, collaborative Musi￿[ projects, and a 42ft visual artwork installed onto the outside of 8ristol Beacon. In terms of our arts and health programme, the social prescribing pilot. Wellbeing Music and Movementeontinued to develop and beeome embedded as parlof Bristol'5 Thriving Communities. programme. 'OLJr MLJSIC Club,, a project for adults with dementia and their families, continues to steadily grow, with individuals referred through the Dementia Wellbeing Service and through Bristol Beacon's own marketing. We now regularly work with 6 families. each week. This year we have continued to strengthen partnerships with charities. voluntary groups. social enterprises and local authority 5UPPOrt seNices. The programme has music al its heart but aLs0 embraces art. dance, drama ar)d other forms of creative expression. The programme is eo-created with Bristol's most underrepresented and historically marginalised communities, redressing representation in our programme. INDUSTRY DEVELOPMENT The industry progrèmme continues to 'develop the music professionals of the future,, providing industry experiences 8¢ross a range of performing and non-performative professions. showcasing and promoting the quauty of Bris101's music scone. We hold industry events for young people age 16yrs + alongside a series of creative masterclasses. Funding from the PRS Foundation IPRSFI earns the Industry Development prograrNme is part of the PRSF national 'Talent Devalopment 16 Bristol Musle Trust TRUSTEES'ANNUAL REPORTfor the year ended 31 March 2022 Partner Network.. In addition. funding from the National Foundation foryouth Music. enabLes Bristol Beacon to SUPPOrt talented young perforrrer5 from Brlstol's underrepresented communities to develop their craft and get a loolhold in the industry through ihe newly taunched project, Future Proof, Fulure Proof works with participants from backgrounds curréntly unrep,'esented In the music industries on our joumey towards thé reopening of the venue. so from January 2022 to August 2023. Participants witi be matched with ay industry professional mentor for 1-2-1 sessions, attend group sessions, get to access Bristol Beacon events across our programme and be provicled with a seed-fund budget to explore a creative iaea. Organisation The Trusl has a proven track record of effectively managing the charity's resources. utilising a commercial, value for money approach within an appropriate and robust governance frameworkto delivor exceptional artistic and educational outcomes for our audiences and young people. An experienced executive tearn and skilled workforce ttave brought creativity, passion, and commitment to the work of the organisation. and we have consistently mel our strategic objectives IM¢reasing both the range and reach of our activities. We have continued to develop our commercial operations to support thè charitable work of the Trusl during Lhe ¢Losure for redevelopment and COVID-19 impact. Bristol Beacon is recognised for achieving excellence in our customer seNice and providing a first- class experience for all our visitors is at the heart of our brand. We continue to wort< closely with the charity Attitude is Everything to review and improve OJ." aecessbility offer. Partnership working eontinues to be key to both our artistic and commercial Succe￿ and undorpins our contribution to Brisiol's mugcaL cultural and economic U'fe. We onjoy partnerships With some of the Southwest's rrK)st successful bUSine￿e$ and have continued to build on Strong public and corporate support for our music and educational activity. In addition to the support we have received from Bristol City Council. we have raispd almost £3.2 million total voluntary funds for our music and education programmes. This is in addition to our capital fundraising. In 2017, KPMG calculated that the economic impact generated by the concert hall in terms of Gross Value Added IGVAI- a measure of the economic value of goods and services generated as a result of Ihe concert hall's a¢tivities- and employment lin full-time equivalent IFTEI terms), in 2015/16 was £17.4m. Of this, £ll.8m is generated within Bristol itself. FINANCIAL REVIEW Financial Results Brislol Muy¢ Trust's eleventh year of activity from l April 2021 to 31 March 2022 has resulted in an unrestricted surplus of £54k. The unr*tricted net increase in fur)ds was £354,063 on total income of £15,004,403 12021.. £15.318,7221. With funds of £702,446 broughl forward from 2021 this gives EI.056.509 in unrestricted funds lo be carried forward. There been a total not d@croase in funds over the year of £664.559 due to the timing of CLE grant activity. and grants and donations made lo the Bri5lol Beacon building project. Total fLJnd batances of £3.228.27412021.. £3.892.8331 will therefore be ¢aTied forward to the nextfinancial year. The charity received unrestricted funding of £1,026,000 from Bristol City Council and £248.235 NPO funding from Arts Council England. This was used in full to support the activities of the organisation through the year. Additional unrestricted voluntary fundiDg of £258.341 has been generated for day-to-day activities from unrestricted grants. public donations, corporate sponsorship. alld from both the membership and patron schemes. 17 Bristol Music Trust TRUSTEES'ANNUAL REPORTfor the year ended 31 March 2022 Total grants of £827,432 Irestrictedl have been received from funding organisations to support the Trust's music arKI educational programmes. including the annual music education grant from Arts Council England 1£577.4361 and the conti.nuation of funding frorr the Youth Music Foundation 1£97,0991 to Continue ou., work with disabled musicians through our National Centre for Inclusive Excellenca INCIEI and £84,397 from the Earthsong Foundatior) to fund whole class music tuitK)n in 13 prirr,ary schools across Bristol. We also received £800.000 from the ACE Cultural Recovery Fund for cultura., organisations affected by COVID-19. of which £300,000 has been transferred to an unrestricted designated ACE Business ReseNe. In addition. £10,31e,620 of grant and donation5, drawdown from ACE, NLHF and WECA capiial grants have been received in the year for the capitsl transformalion project and £330,173 from private donors and trusts and foundations. Of the income received and restricted capital pro1￿t funds baLances brought forward. Sl,796,307 is carried forward after in-year costs of £804,580 for the Trust's own project costs and £10.685,561 allocated for our future project costs and for transfer to Bristol City Council under the tsrms of the Collaboration Agreemenl for wnstruction and design costs on the project. The charity benefited from a gift-aided contribution of £78,646 12021.. £8 5821 which represented the net profit of its subsidiary company BMT Enterprises Lld for (he same period. The profits of the trading subsidiary company have arisen from the provision of services in reLation to conferencing and meet',ng-room hire, the Hall StsL￿ arKI terrace bar and box office services to external arts organisations. Totsl net assets Itotal assèts lèss totsl liabilities) and c￿￿tY funds of £3,228.274 are reported as at 31 March 202212021.. £3.892.8331 Cash at bank and in hand totals £14,584,334 12021.. £16.743.5021 of which £554,270 1202L' £496.3411 reLate5 to advance ticket sales and £12.540.461 12021". £14,555,8661 relatss to the capitsl transformation project. The Trust*s have agreed that the designa+ed Fixed Asset Fund shouLd be increased to cover the net book value ofthe organisats"on's ffixed assets as at Lhe financial year end 1£137,9711, and therefore approved a transfer of £24,648 from the General Fund as at 31 March 2022. We are very grateful to ACE for our sU￿SsfuL applicats.on to the ACE Cultural Recovèry Fund, which has prote¢ted our free or unrestricted funds (including Fixed A55etsl to £1,056,509. In July 2021 the Trustees agreed lo designate part of the general re5eNes as follows.. ACE Buginags Rgsgrve of £3(Xlt to supporL forecast income levels of the business. the inherent risks in prograrnme production costs in the core bLJsine% and to provide for the necessary strength & resilience throughout the transformation project and beyond in support of aims and activities. Programme Reserve £6IY2- for additional programming and the rtropening programme to support specific areas to be agreed in the busine￿ pLan. CLE Reserne £12aÈ- for additional music community and education programmès to support specific areas to be agreed in the business pLan. Reserve5 Policy The total level of unrestricted funds being the General Fund plus Designated Funds Iless Fixed Assets fundl as at the end of the year Is almost £lm. The Truslees reviewed the reserves policy during the year and agreed on a long-term strategy to build the charity s general reseNes further over time once the building project is compLete. It is now prowjsed to link the resarves policy on the minimum l@v@l of free reseNes to be retained. to the 18 Brislol Music Trust TRUSTEES'ANNUAL REPOATfor the year ended 31 Marth 2022 business risk register. This identifies the major business risks and likely reserves needed to mitigate or ovprcome the risks if they occurred. Investments Policy Under ihe Memorandum and Articles of A550ciation. the charity has the power to make any investment that tho Board of Trustees sees fit The Trustees have agreed that cash in rolation to advanco ticket income for upcoming shows (including cornrnercial hires) be hold in a separate Bristol Music Trust bank account from the rnain operational account to manaqe the TrusL's operational cash flow effectively and Iransparently. The TrusLees have further agreed that cash in relation to restricted income received for the capital transformation project should also be held in a separate Bristol Music Trust bank account until such time it is either usea by the Trust to pay for capital project Gosls or is transferrÈd to Bristol City Council to pay for construction costs for the project. FiJtURE PLANS We are pleased that our pLans for the financial year 2021/22 have mainly been achieved with the rebuilding of all areas of Ihe business post COVlD-19 from September 202L We continued to work with around 30 exlernal venues to promote 130 concerts acr055 the city. having had to cancel around 30 completely. Whilst we are still seeing slower ticket sales Wlth many people bogking at the last moment or on the door, we are sèeing audiences Teturn in line with industry expectations. Our commercial hire business is experiencing the same pattern and s seeing a very high level of tast-minute enquiries for space which we are working hard to convert to sales. Our @ducation work has come back strongly with a lot of demand for lessons and projects. Our challenge in this area is finding sufficient b.igh quality teaching staff. The net result is thal we have been ablo to deliver a small Surplus with no need to draw on any of our designated reserves for music education or artistic prograrnrning this yoar. This puts us in a good position with free or unrestricted fund5 lincluding Fixpd ￿Set$} of £lm to plan the build-up of the business in 2022/23 ready for opening In &.ptember 2023 During the next financial year, we will need lo invest significantly in our staff team to ensure thoy are ready and fully trained for opening. We also plan to invest in a modest but importanl upgrade to the foyer building to ensure it rnatehes the refurbished auditoria. We have alraady allO￿ted funding for this from previous unused provlslons for the renaMing/b￿ndlng project. We have modeLied different financial scenarios for 2022/23 and for a full 12 Months fonNard and are confident that even if the Least advantageous scenario o¢cJrs. the busiiess can continue operating towards readiness for opening. The next 12-month period will cover the announcem8nt of the next 3-year settlement of ACE Tevenue funding In Octobor 2022 and the planncd and agreed reduction In BCC revenue funding in 2023/24. Our 4-year business plan financial model to 2025/26 takes the BCC agreement into account and presents 2 possible scenarios for the ACE setllemenL The first is a standstill budget wbere we maintain ACE funding at standstill existirig leveLs. the second is an upllft budget where we are awarded additional funding ol £350k/£325k/£300k over the 3-years. We hope to achieve the standstill level of funding and potentially some up-knft. but we atso have plans in place if t￿1$ is not the case. This will largely mean eilher having to build our investmenl ir, the staff leam more gracually over the period with a commensurate slowor build of the artistic and lettings programme.. or trustees deciding to invest from reserves Lo support key areas. We have decided to Outsour￿ the food & beverage and events catering requirements of the business from re-owning and have appointed Graysons Ltd as preferred supplier on a commission-based contracL They wrill run all 6 bars in tho refurbished venue as well as the new r8Stauranl, the Pairons lounge and all event catoring. Bristol Loaf will continue to run the foyer 19 Brlstol Muslc Trusl TRUSTEES'ANNUAL REPORT for the year ended 31 March 2022 Café for a further 5 year5. Graysons are a very experianced contract catering operator and we have fLJlly tested their ineome budgets against their current businass as COVID-1g has re¢edod. Their expectation of incomé from the eontfftct exceeds the leveLs of revenue we woro achieving In-house and those we had previously bLJdgeted to achieve on re-opening. We are confident that Graysons will achievo thoir budgets because they are specialist providers with a strong track record and have a central salcs team who will support our events busine55. This income stream will compensate for the plannod reduction in BCC SLA payments. Our business ptan scenarios for 2022/23 and 2023/24 for both standstill funding and uplift funding aLso address the current infLab'onary pressures in the economy. We have fixed pri￿ uti￿lY contracts ill place to 2023 and have budgeted for increased costs thereafter. In January 2021 we carrièd out a saLary review across the business resulting in saLary adjustments to one-third of our roles. Trustees have also awarded a 5% inflationary increase to the remaining stsff in 2022/23. Further inflationary increases are allowed thereafter in the budgets. In this way we expect to keep our current high performing team and be able to attract additional staff as we progress towards reopening. We have invested during the closure period in a number of business irrprovement projects to increase productivity through increased operational and integration efficienciès. These will all be completed prior to opening and are expècted to deliver significant improvements in tha way wo work, ernab￿ng us to deliver more events than previously. We are well networked in the city to identify any new competitive threats. For several years we have been anticipating the opening of a new Arena in Filton on the Brabazon site. This is expected to bé around 5,000 capacity and to be open in 2023/24. We do not anticipatg this affecting our business in a major way since the programme will be larger arsna rock and pop bands. The refurbishment project is continuing as planned and w8 are confident t￿t we will open for a full opening season in autumn 2023. A5 part of the strategy for delivering the transformation project we will continue to focus on adv¢xacy, communication. and the development of key stakeho.'der relationships to 5UPPOrt our work and fundraising campaign. Thig will Continue with our individual giving campaign. the devetoprnent of more corwrate supporL a major benefactor group and building and space naming rights. Trustees. & DSrectors' Responsibl￿tieS in the Preparation of Financial Statements The Trustees (who are also the directors of Bristol Music Trust for the purposes of company Lawl are responsiblÈ for preparing the Trustees, annual report and the financial statements in accordance with appIl￿ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company taw requires the Trustees to prepare financial statements for each financial year which give a true and fair vièw of the state of affairs of the charitable company and the group as at the balanco sheet date, and of the incoming resour￿5 and application of resources, including income and expenditure. for that period. In proparing those financial statements. the TrusLees and directors are required to.. select suitable accounting policies and then apply them consistently. ob*rve Ihe methods and princip￿5 in the Charities SORP and FRS 102, make judgements and estimates that aré reasonable and prudent. 5taLe whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements. 20 Brlslol Musl¢ Trust TRUSTEE5'ANNUAL REPORTfor the year ended 31 March 2022 prepare the financial statements on the going coll￿rn basis unless it is inappropriate to presume that the charitable company witl continué in business. The Trustees are responsible for k8aping propar accounting records, which disGlose with roasonablo accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial staternents comply with Companies Act 2006 and Charities Act 2011. They are also responsible for safeguarding the assets of the charitsble company and the group, and heme for taking reasonable steps for the prevontion and detection of fraud and other irregularities. The Tru8tees are responsiblé for the maintenance and integrity of the corporate and financial information included on the charitable company's websitc. Lttgislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions. Auditor RSM UK Audit LLP was first appointed during the financial year 2011/12 and have been reengaged for the financial year 2022/23, They have indicated a willingness to continLJe in office. statement as to Disclosure of Information to the Auditor The Trustees and directors at the date of approval of this Trustees, Annual Rewrt confirm that so far as each of them ig awarc. thero is no rolevant audit information of which the chcirity's ciudiLor is unaware, and the Trustees have taken all steps that they ought to hav￿ laken Lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This report wa5 approved by the Audit Resources and Risk Committee on behalf of the Board of Trusteès on 14 July 2022. and was signed on their béhalf by,. Simon Chapman (Chairl 21 Bristol Muslc Trust INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF BRISTOL MUSIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST Opinlon We have audited the financial stateménts of Bristol Music Trust Ithe 'parent charitable company'l and its suosidiaries (the group'l for the year er￿ed 31 March 2021 which comprise the Consolidated statcmcnt of FinancialActivitics, thc Group and Company Balance Sheets. the Group and Company Cash Flow Statements and notés to the financial ststements. including significant accounting p0￿CleS. The financial reporling frarnework that has been applied in their preparation is app￿"Cable Law and United Kingdom Accounts'ng Standard5, including FRS 102 "The Financial Reporting standard applicable in the UK and Republie of Ireland. (United lfjngdorn Generally Accepted Accounkn'ng Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company s affair5 as at 31 March 2022 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 Genarally Actspted Accounb'ng Practice.. and have been prepared in accordan￿ with the requirements of the Companie5 Act 2006 and the Charities Act 2011. Basrs for opinion We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and réport in accordance with thos8 Acts. We coyducted our audlc in accordan￿ with International Standards on Auditing IUKI IISAs (UK)) ano applicable law. Our responsibilities under those standards are further described in the Audi'.or's responsibilities for the audit of the financial statements section of our reporL We are independent of the group and parent charitable company in accordance with the ethical requirements that are rclevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Stsndard and we have fulfilled our other ethical responsibilities in accordance with these requirement5 We believe that the audit evidence wo have obtained is sufFicient and appropriate to provide a basis for our opinion. ConcLuslons relating to going concern In auditing the financial ststements, we have concluded that the trustees. use of the going concern basis of accounting in the preparats'on of the financial statements is appropriate. Based on the work we have performed, we have noL identified any maierial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group s or parent charitabLe company's ability to continue as a going concern for a period of at least twelve rnonth5 frorn when the financial ststerllents 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 comprise5 thé information included in the Trust@@s' Report other than the financial statements and our auditor's report thereon. The trustees are respoNsibLe for the other inforwation contained within the Trustees, Report. Our opinion on Ihe financial statements doe5 not cover the other information and. except to the extent otherwise explieitly stated in our report, we do not express any form of ￿SUranCe conclusion thereon, 22 Brislol Muslc Trust INDEPENDENT AUDifoRS REPORT TO YHE MEMBER5 OF BRISTOL MUSIC TRUST Our responsibility is to read the other information and. in doing so. consider whether thé other inforrnation 15 materially incon5iStent with the financial statements or our knowledge obtained in the course of Ihe audit or otherwise appears lo be materially wisslated If we identify such material incongstencies or apparent material misstatements. we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a materi31 m6statement of this otkEr information, we are required to réwrt that fact We have nothlng to report in this regard. Opinions on other matters prescribed by the Cornpanles Act 2006 In our opinion, based on the work underiakon in the course of the audit.. the irnformabon given In the Trustees, Report. which includes the Directors. Report and the Strateg￿ Report prepared for the purp05e5 of cornpany Law. for the financial year for which the financial statements are prapared is consistent with the financial staLements.' and the Directors. Report and the Strategic Report included within the TrusLees' Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to rep)rt by exception In the lighl of the knowledge and understanding of the group and the parent charitable company arKI their environment obtained in the course of the audit, wo have T￿l identified material misstatements in the Directors. Report or the StrategiG Report Included within the Trustees, Report. We have nothing to report in respoct of the following matters where thè Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opiniDn'. adequate and sufficient accounting records have not been kepl by the pa￿nt charitable company, or returns adequate for our audit have not been receivod from branches not visited by us. oy the parent charitable company financial statements ère not in agreement with the aGcounting records and returns., or ceriain disclosures of trustees, remuneration specifièd by Law are not made.. or we have not received all the information and expLanations we require for our audiL Responsibilities of trustees As explained more fuLiy in the Slatement of Trustees, responsibilities set out Dn page 20 the trusie?s (who arc also the direclors of the chartlable company for the purposes of company lawl are responsible for the preoaration of the financial stateménts and for being satisfied that they give a true and fair view, and for such internal control as Ihe trustées determine is nocessary 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 abilily to continue as a going concern. disclosirg, as applicable, matters reLated to going concern and using the going concorn basis of accounting unless the trustees either intend to liquidate the group or parent eharitable compariy or lo cease operations, or have no realistic alternative but to do so. Brlstol Music Trust INDEPENCIENT AUDITORS REPORTTO THE MEMBERS OF BRISTOL MIJSIC TRUST AUd[k￿ s responslbilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are froe from material misstatemenL whether due to fraud or error. and to issue an auditorfs reF)Ort that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detect a material misststement when it exists. Misststements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be cxpectgd to Influence the economic decisions of users tsken on the basis of these financial Statements. The extent to whtch the audit was consSdered capable of detecting irregutarities, Including fraud Irregularities are instsnces of non-cornpliancewith Laws and ￿UlationS. The objectives of our audit are to obtain sufficient appropriate audit evidence rega,ding complianTr with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial stslements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a materlal effect on the financial Stater￿n1$. and to respond appropriately to identified or suspected non-comploncewith laws and regulations Identified during the audit n relation to fraud, the objectives of our aLJdit are to Identify and assess the risk of material misslatement of the financial ststements dus to fraud. to obtain sufficient appropriate audit evidence regèrding the assessed risks of material misstatement due to fffjud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during (he audit. However, it is the primary responsibility of management, with tho oversight of those charged with governance, to ensure tnat the entity's oparations are conducted in accordance with the provisions of Laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of Ir￿g￿larItIeS. includiro fraud. the group audit engagement team.. obtained an understanding of the nature of the sector. including Lhe legal and reguLatory framework that Ihe group and parent charitsble company operate in and how the group and parent charitable company are complying with the legal and regulatory frarylework.. inquired of management. and those charged wilh governance. about their OWM identification and assessment of the risks of irregularities, including any known actual. suspected or alleged instan￿5 of fraud., discussed matters about non-compliance with laws ar)d regulaknon5 and how fraud might occur including assessmént of how arKI where the financial statements may be susceptible to fraud. a result of these procedures we consider the most signifLant laws and regulations that have a direet impact on the financial slatements aro FRS 102, Charities SORP IFRS 1021, Companie5 Act 2006, Charities Act 2011. the parent ¢haritsbLe company's governing document. tax legislation Charities (Protection and Social Investmenll Act 201fj. We performed audit prO￿dureS to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Truslee5' R@porL rewaining alertto new or unusual traM￿ctionS which may not be in accordance with the governing documents. inspecting correspondénce with local lax authorities and evaluating advice recsived from internai/external advisor5. The most significant laws and regulations that have an indirect impact on the financial statements are those in re￿tIOn to Keeping Children Safe in Education under the Education Act 2002 and data 24 Brislol Muslc Trust INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF BRISTOL MUSIC TRUST protection legislabon (General Data Protection Regulab'onl. We perforrned audit procedures to inquire of management whether the group is in compliar)ce with these law and regulations and inspecled correspondenGe with regulatory authorities. The group audit engagement team identified the risk of management override of controls and income T￿OgnitIon ￿ the areas where thè financial statements were most susceptible to material misstalement due to fraud Audit procedures porformed in¢ludod but we,, e not limited to testing manual journal entries and other adjustments, evaluating tho business rationale in relation to sigriificant. unusual iransacdons and transactions entered into outside the normal course of bllsine￿, challenging judgments and estimates. testing a sample of invoices raised and income recognized In the yeor to SOUTCQ documentation including contracts. funding agreements and other donation documentdtion. A further descriplion of our responsibilitses for tho audit of Ihe financial sta+ements is provlded on the Financial RoportirvJ Council's website at htt '//www.frc. res This description forms part of our auditorfs report. Use ofour report This report is made solely to the charitable company's membars, as a body, in accordance with Chapter 3 of PdrL 16 of tho Companies Act 2006. Our audit woyk has been undertaken so that we might Stale Lo the charitable company's members those rroilters we aro required to state to them in an JuditDr's report and for no othg.r purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyono other than the charitable company and the charitabl@ company's members as a ljody, for our audit work, for this report. or for the opinions we have formed. KERRY GALLAGHER (Senior Statutory Auditor) For and on behalf of RSM UK AUD￿ LLP. Statutory Auditor Chartered Accountants Second Floor l The Square Temple Quay Bristol BSI 6DG Dato 4 Augusl 2022 25 Brlstol Muslc Trust CONSOLIDATED STATEMÈNT ￿ FINANCIAL AcllviTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNn forthe yearended 31 March 2022 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES F¥nd$ Funds Tot¥1 Funds Toral 2022 2021 Incorm Voluntary Income Charttablè actlvltles Income OthertradlwactlvFtles Income Investment In￿rne 1531576 9￿,482 220,481 3.639 11274.225 14,969,935 2￿.830 137,078 8.379 973,482 210,481 3,639 Totsl In¢omp Il274 15,914.n2 ExpoTrdltuw* Rai51ngvolJntary Income Charltable irtl¥itiÉs costs othertradlng attl￿t]eS LYJsts Capital transformatlof prDjo(t 21,558 1514,S12 139,04S 2IS58 4.017.218 139, 11,490.141 1&405 1766,052 12&496 I1.￿1656 LX12,7C6 11,4go,141 Tot•1 *ynd￿uY8 1676,115 992,847 ts.66B,962 14.145.609 PIEt IrKosnelleNpenditurel Trahsfers betweEn funds Net mo¥*A￿t In fund$ Totsi funds broughtforward li I7￿622] iao),( 354Kfj3 I1￿18,6221 702,446 3,190.387 1664J591 19 1664AS91 3,891833 ¥179.113 1719,720 Yotal fvndst>ryted fonwd 19 056.509 I17L765 3.228274 3.892A3a The consolidated statement of financial activities includes all gains and losses recognised In the year. Ali income and expenditure for the year derive from the cFiarity's continulng activities. 26 B Ylslol Trust 8ALANCf S>IEET a5 8131 M?fch 2022 BALANCE SHEET Group ZD21 Group 2021 Cc*Mp*ny 2022 Comp?ny Z021 Notes 12 7,971 113.325 12L220 107,557 Inve5tmeThtlll sub51diary T wrrent a55et5 3,190.303 3,899,6q5 3,204053 1.905,412 Total a5Set$less lFLVtrVS Ipr thp yeBf endtd 31 MHYch 2022 STATEME￿ OF CASHFLOWS Group 2022 Graup 2021 £crnpJnv 2L122 Company 2DZi lotes Cask ynuJted byope1aU￿sC￿VttlEs 21 10.55i64Z JOg884 Cash fltswsfrom In¥estlnsJttM¥es Interest Incorne Sale of Itled A55ets Purthage 0ftary￿bIe fixed ￿e*s Totsi LBSfr flows from I￿￿$tIng?￿[¥ttles 3.6J9 L120 3,639 1.120 &381 3A65 451$ &8691 4.515 (s9￿52 ecreasellkn¢¥•8seln foi theyear 15%J68 Iq557.157 11247,758 IQ710,4 rotylca5h broWtldA¥ard 16,743,502 6.186.345 16.674.587 5,964.187 Totsi Iz5h ¢Jrded forward 584,334 14143,502 1442&829 16,6745f7 28 Bristol Musle Tiust ACCOUNTING POLICIES forthe year ended 31 March 2022 ACCOUNTING POUCIES The principal accounting policies adopted, judgemÈnts. and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. BASE OF PREPARATION The financial statements have been prepared in accordance with Accounting arKI Reporting by Charities.. Statewenl of RecommÈnded Practice Icharities SORPI applicabl? to charities preparing thÈir accounts and in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 and tho Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from l January 2019. Bristol MusicTrust meetsthe definition of a public bènefit entity under FRS 102. Assets and liabilities are initially recognised at hislorical cosl or Iransaction value unless otherwise stated in the relevènt accounting policy note. BASIS OF CONSOLIDATION The group Financial Statements conqolidate the results of the parent chariBble Company and its subsidiary undertaking for the year ended 31 March 2022 using the acquisition method of accounting. Intra group transaGlions and profits are elimiN3ted fully on consolKlab'on. A separate statenEnt of financial activities, dealing with the results ofthe parent charity entity only has not been presented as permitt&d by section 408 of the Cornpanies Act 2006, GOING CONCERN The Trustees have presented the accounts on a going concern basis. reaching this conclusion, they have reviewed the income and expenditure and cashflow forecast for the financial year 2022/23 together with the bLJdget and cashfLow for 2023/24. For the current financial ycar 2022/23. the budget shows a break-even position following the return to normal business post COVlD-1g from Septernber 2021. For the CLE business", the main Arts Council Englarid grant for the provision of music education services is confirmed for the year. For the fotlowing financial year 2023/24. the budg@t and cashliow have been prepartd for a slandstill and uplift position relating to the core ACE revenLJe grant They are basod on the assumptions of continued growth and building the bu9néss throughout Ihe year towards re- opéning in September 2023. with tight control on overheads as previoLJsly delivered. The budget has been subjecl to sensitiwty analysis by the Senior Management Team and has been drawn on a conservative basis with contingoncy bLJiIt in. Both siandstill and uplift scenarios show a smati surplus. For both 2022/23 and 2023/24 funds will be drawn down from the refurbishment proj@ct to cover project reiatod costs incurred due lo the delays In completion of the project. Bristol City Council have confirmed this JrrangÈment in wribng. This 15 in addition to the ongoing SLA for rllusic service delivery that runs until 2035. 29 Brlstol Muslc Trust ACCOUNTING POLICIES lor the yeai ended 31 March 2022 The Trustees consider there are no material uncertainties that would cast slgnlficanl doubt around the Group's and the Charitabl@ Compar)y s ability to operate as a going concern for a period of at least 12 months from the date of approval of the finanoal statements. CAPtrAL TRANSFORMATION PROJECT The redevelopment of the Bristol Beacon is subjectto and accounted for in line with a DeveLopment Agreement with Bristol City Council IBCCI which replaced the previous lease, Under this agreement. the risks and rewards of ownership of the building a￿ retained by BCC so no asset is r8cognisèd by BMT at this stage of the project. Under the terms af tho agreement BMT has taken the lead on fundraising for the project and recognises the income recsived when thore is evidence of entitlemenL probability of receipt and the inco.we can be reliably measured. The delivery ofthe project and its assoeiated costs are borne by BCC and expenditure is recognised when costs incurred are invliced by BCC in line with the agreement INCOME Voluntary income includes our Service Lèvel Agreement payments from Bristol City CoLncil which is of a general nature. Income fiom grants and donations is recognised when Ihere is evidènce of entitlement, probability of receipt and they can be retiably measured. Grant runding received in relation to specific projects Ifor example education projects) is recognised as restricted funding. Income from ¢haritsble activities includes hall hire income. box office salés from our own promotions, income from our educational activities, and box ofFice booking fees. It is reeognised as oamed income in the year which the related goods or senfices are providèd. CharitabLe activity income is deferred when box office sales or bo0￿.￿g$ are received or invoiced in advance of the performan￿ or event to which they rolate. Advance ticket revenue forfuture letting5. and therefore due to external promoters. is included in deferred income (note 181. EXPENDITURE Resources expended are included in the Statémént of Financial Activities on an accruats basis. inclusive of any VAT that cannot be rocovered. Expenditure on raising voluntary income includes direct and indirect Costs associatéd with our fundraising activity. Exp8nditure on charitable activldes includes costs associated with the staging of performan￿5. events, and our educalional activities. and includes both the direct COSts and support costs relating to these activities (including costs incurred in the governance of Ihe charity and its assets). Expenditure on other trading activities include5 Costs associatod with commercial trading operations (catering, hire of conferencing facilities and meeting-rooms at Bristol Beacon, and the 30 Bristol Muslc Trust ACCOUNTING POLICIES tor the year ended 31 March 2022 provision of txjxoffice services to otherartsorganisationsl through BMT Ent&rprises Ltd, and Sncludes both the direct Costs and sUPPOrt cosis reLakn'ng to these activtkies. Bristol Mu51¢ Trust leases the Bristol Beacon prcmises. and certain fixed assets within the Hall at tho time Df transfer of business operations. from Bristol City Council at a peppercorn r&nt.1t is not Consdered possibio to determine the open market value of the facility and therefore no rental charge has been recognised in the Statement of Financial Activities. TERMINATJON PAYMENTS Termination payments ao payable when employment IS terminatpd before Ihe normal retirernent date or end of employment conlract. They are recognised whèn the commitment to payment 15 made. TANG18LE Fr￿D Assyrs All tangible assets purchased that have an expected useful economie life that exceeds one year and a value of more than Sl,000 are eapitalised and cLassified as fixed assets. Any equipment or assets purchased for less than £l.000 ￿r item will be accounted for as expenditure in the year of purchase. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calcuLated to write each asset down to its estimated residual value over its expected useful L4fe. as foLiows'. Furniture. fixtures and fitkn'ngs Computer equipment Technical equipment Plant & Machinery Caiering equipment Musical Instruments 3-5 years straighl line 3 years straight line 3-10 years straight line 3-10 years straight line 3 years straight lino 10 years straight line Bristol City Council has agreed that assets (catering equipmenL technical equipment, plant and machinery. furnitu￿, fixtures and fittings) associated with the running of the Bristol Beacon and conlained within the building at the start of tho lease will be left at the premises for the term of the n8w 32 year leasp as part of the lease agreement Ownership of these assets is retained by the Counciland these a￿etS lor equivalont assets in the same condition) will be returned to the Council at the end of the lease, and therefore should not be recognised as assÈts by the charity. It is the opinion orthe Trustees that all such ass8ts are ol a low fair value and as such would be immaterial to the financial statemonts. This excludes the Steinway piano which must ba rnaintsined by the Trust as part of the lease agreement Where tangible assets are purchased as rÈptacements they will be recognised a5 ass@ts by the charity and depreciated in accordan￿ with the ￿￿￿'¢Y above. STOCKS stocks are valued at the lower of cost and net ￿alISable value. 31 Brlstol Music Trust ACCOUNTING POUCIES forthe ytar ended 31 March 2022 LEASED ASSETS AND OBLIGATIONS All other leases are 'operating leases and the annual rentsls are charged to the statement of financial activities on a straight line ￿51S over the lease term. PENSION CONTRIBLMONS The charity has introduced a defined contribution pension schem8 for empLoyees with Royal London. and a defined contribution pension scheme for casual workers with the National EmpLoyment Savings Trust. The assets of both schemes are held separately from those of the charity. The annual employer's contributions are charged to the Ststernent of FinancialActivities. ristol Music Trust employee5 who were TUPE Iransferr&d to the organisation from Bristol City Council retain thair membership of the Local Government Pension Stheme la defined benefits sehemel. Th& assels of the scheme are held separately from those of the charity. The employér's contributions rate was assessed at14.7/0 atthe lime of transferbased upon detaiLs of the employees who transferred over. The transfer agreerllent states that potenlial increases to this rate lover 17.2%1 after futurè assessments will be covered by a corresF)onding increase in Bris101 City Council grant funding to cap any financial risk to the charity. As such the scheme is treated as a defined contribub'on scheme in accordance with FRS102 Retirement B&nefits. Bristol Music Trust employees who were TUPE transferred to the organisation as members of the reachers, Pension Schem8 la defined benefits scheme? retain their membership of this scheme. The company contribLJtes to the Teachers, Ponsion Scheme al rates set by the Scheme Actuary and advised to Lhe Governors by the Scheme Administrator. The scheme is a multi-employer pension scheme. and IL is not possible to identify the assèts and liabilities of the scheme which are attributable to the company. In accordance with FRS102 therefore, the scheme is accoL4nted for as a defined contribution scheme. Further delaiLs are provided in r)ote 22. FUND ACCOUNTING Tho general fund comprises the accumulated surpluses of unrestricted incoming resources over resources expended. which are available for use in furtherance of the general objective5 of the charity. Designated funds are a particular form of unrestricted funds consisting of amounts which have been allocated or designated for specific purposes by the Trustees. The use of designated funds remains at the discretion of thè Trustees. Restrict&d funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the accounts. Amounts unspent at the year-end are carried forward in the balance 5heeL Oue to the material balance of the building refurbishment project. it has been split out into a separate restricted fur)d in note ig under the heading 'BB Phase 2 - Capitsl Transformation Project.. 32 Brlstol Muslc Trust NOTÉS TOTHE FINANCIAL STATÉMENTS for the year ended 31 March 2021 NOTES TO THE FINANCIAL STATEMENTS L VOLUNTARY INCOME Unrestrlrtpd Fund5 Rtsirf¢ted Funds Total Fund$ Total Funds 2022 1021 Core Actlvltles Bristol City Council- core funding Music education hub fundlng Other grants Trusts and foundations Individual donatlOll5 Memberships Sponsorship Core Artlvltles: voluntarylncome 1,026,IXKJ 1,026,000 577,436 1.117,197 379.996 37,610 2,269 19,500 3.360.008 1,036,000 573,807 959,223 198.635 65,%)9 1,663 6,073 840,910 577,436 81X),000 249,996 317,197 I30,￿0 37,610 2.269 19, I￿31576 1.627.432 Capital Tr•n5formallon Proleci Other 8rants Trusts and loundatlons & other sources Brlstol Beacon Phase 2- Trnnsfomi8tlDn Project: voluntary income 10,316,620 330.173 10.316,620 330.173 11,773,244 355,781 10,646.793 10,646.793 IZ,129.OZ5 Total ¥0luntary Income 1,532.576 IZ,274.225 13106,801 14,969.935 Voluntary income was £13.806.801 (2021.. £14.969.9351 of which £1,532,576 was unrestricted 12021.. £2,0é8.4681 and £12,274,225 was restricted12021'. £12.goi.4671. 2. INCOME FROM CHARITABLE ACTIVITIES Unrestrfrted Funds ResiTirted Fund5 Total Funds Total Funds 2022 2021 Hall arsd space lettiTrÈs Education attivities Other eveot Income Total InromÈfrom tharit•ble attlthle5 10,549 5g9,011 363 922 973A82 10,549 599,011 363,922 973082 193.S21 9,809 203.J30 Income from charitable activilies was £973,48212Q21'. £203.3301, this was all unrestricted 12021". all unrestrictedl, 33 Brlstol Music Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022 3. NEf INCOME FROM TRADING ACTIVITIES (BMT ENTERPRISES LTD) 2022 2021 Turnover Cost of sales Gross profft 220,481 1117.369 103,112 137,078 112,6641 Z4.414 Admlnlstratlve expenses Net Income from trndln¥ 4ctivltSes 124,466 7B.646 15,8321 8.582 Balance brought fDrward Gift aid payment to 8rfistol Muslc Trust Retained In subsldlary 178,6461 18.5821 Total ass2ts 252,222 1252,2211 148,445 142,4441 Net asset$ Share tapftal and reser4ES 4. INVE￿MENT INCOME 2022 2021 Bank Interest 3,639 8.379 5. COSTS OF RAISING FUNDS (InrestrFrted Fund5 R•strfided Funds Total Funds Total Funds 20Z2 Z021 Cosis of ts3dlnB itti¥ltbes C05* of sales Staff cost5 Other support costs 114,580 114,580 112.664 24.465 139.045 139.045 128,496 Costs of ralsinKvolunt•ry Income Dlrett costs of fundralslng 22.558 22,558 22,558 18A05 Total costs of ft155ngfuttds 161.603 161,603 146.901 The costs of raising funds were £161,6031202L. £146.9011, this was all unre51ricted12021.' all unrestrictsdl. Costs of staff employed in a fundraising Capacity are included in support costs of c￿rItabLe activities Inole 61. 34 Brlstol Music Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March Z022 6. COSTS OF CHARITABLE ACTIVITIES Unrestrf¢*d Funds Restrltted Funds Total Fund$ Total ￿Thd5 2021 Dlrect W5ts of thorftsble adlvitles Hall and sp3tr lettin8S Own and co-promotions Education activities other event IncDme 9,237 420,737 84,988 8,648 S23￿10 9,237 588,659 794.584 È.648 IAOI,IZ8 167.922 709.596 47,054 364,403 8,975 420.432 8n,518 pport costs of tharftable actl¥lile5 Staff costs Premises costs Other supplles and seTvi¢es Marketirsg ¢o$ts 1,340.034 204.105 350.311 96.452 1,990,902 601164 1,942,198 204,105 373.335 96,452 2,616.090 L843,878 268,252 146.046 87.444 2,345,620 23.024 625.188 Total of charitable acti7Alles 2,514.512 1,502,706 4M17,218 2.766,052 Costs of charitsbla activities were £4,017.218 12020.. £2,766,052) of which £2.514.512 was unreslricted12021'. £2.029,2461 and £l,S02.706 was restricted12021." £736.8061. 7. COSTS OF CAPITAL TRANSFORMATION PROJECT IMresirf¢ted Funds Restricled Funds Total Funds 2022 Total Fund5 2021 DlreLt ¢osts of capital trdnsformatlon prolect Staff tDSts Fund5 allO￿ted to Br15tol Clty Counci1 IDT project delivery cost5 Dirert and indiiert fundralslnE costs Other support costs Total costs of (aptt•l project 48.886 48,886 27.990 10,685.561 10,685.S61 10,790,737 14,363 741.331 IIA9D,NI 14,363 741,331 11A90,￿1 15,145 398,784 11.232.656 8. GOVERNANCE COSTS Audlt AccountaThtyfee 17,200 5.650 22050 16,000 16AOO 35 Brfstol Music Trust NOTE5 TO THE FINANOAL ￿ATEmENTs for the year ended 31 March 2022 9. STAFF COSTS The average monthly numb@r of persons employed by the charity during the year was as follows.. 2022 2021 Employees Casual workers Monthly total 95 36 94 32 IZ6 Staff costs forthe above persons: 202Z 2021 Wa8es and salaries Sodal security costs Penslon costs Agency staff Trtyinlngi recrultment and allow4ntrs Temilnatlon payments Total 5t4ff ¢tssts 1,896,022 153,053 175.941 21,362 21,813 10.536 2278,727 1,611.858 123,361 115.621 7,236 13,792 6,700 1878.568 Stsff cosls for the executive team (key management personneu including employer penslon contributions totatLed £648.708 for the yèar 12021.. £5n,1191 for twelve members of staff 12021.. elevenl. During the year redundancy ard termination payments of £10.536 12021." £6.7001 were made to oné12021.' one) employee. Two employees 12021.. two) received totsl emoluments (excluding employer pension conlributionsl of more than £60,000 within the following bands,. 2022 No. 2021 No. £60,001- £80,000 £80,001- £90.000 £go,ooi- £ioo.000 The above employees earning more than £60.000 per annum participated in the Defined ContriDLJtion Pension Scheme. During the year ended 31 March 2022, the pension contributions for staff in these bands amounted to £8.17812021.' £7.081). The Charity has taken out a Trustees. indemnity Insuran￿ policy that providas prOfe￿lo￿aL indemnity cover for the Trustees of the charity, Th& cost of this insurance pob'cy to the charitable company for the year was £59712021.. £59R. None of the members of the Board of Trustées received any remuneration excepl for the CEO wh9 15 remunerated for her role a5 CEO and not as Trustee. During the yéar T¥ust*s recelved reimbursements of personal travel and subsistence expenditure that amounted to £0 12021.. £01. 36 Brlstol Muslc Trust NOTESTOTHE FINANCIAL STATEMENTS for the year ended 31 March 2022 10. DIRECTORS, REMUNERATION 2022 2021 Remuneration for qualifying servl£Es Company pension contrlbutions tD defined contribution schemes 95,259 4,763 IrJ),022 80,765 4.029 84.794 The number of directors for whorn retirement benefits are accruing urtder defined contribution schemes amounted to one12021'. one). ll. NEf INCOME/(EXPEND￿uRE) 2022 2021 This is stated after charging.. Depreciation Qperatlng Leases Plant & machlnery - offi￿ & equlpment Audit fee Stack expense 50,901 39,781 2.656 8.526 17,200 4,960 2,993 9,386 16,(XlO 3.542 12. TANGIBLE FIXED ASSEts Pl￿1& M•thln¢ry orn E9￿5PM￿* Nxture5& tfEqulprn¢nt In5tmmentS GIOUP: -Apr-21 Additlons 16?.A21 79,431 S?22 123.392 ?.197 193rn33 468.929 81.528 5J 193,8J3 961 564.476 DBpr4cWu Dl-Apr-21 (ki￿E fvrFheye4r IWZ,5861 13.5071 12481 180.4941 120.823 3.8ES 7,43 IIy31 ($531 la75.￿4} 1S4.7861 3,885 426y5 13,56 3141•r.22 i) 551 PI4tbook¥aly¢ 31.MaTr22 109MI 22m6 73Z la7 .Miw41 59J55 1715 5.299 78 3325 Cornpany.. Cost ￿l￿￿T-2] Addltlons DiSPOSals 31.DfflarQl L798 6L594 5321 IID,661 L197 6,Ogl J06,7EO IOJ.014 3961 372.769 63,791 2ts.ayi IOL024 1961 43Uh79 OI￿pr-2l Additlons th5posJIs 314￿￿22 13,6071 17D,4741 119.942) 3,885 06,53 196.3261 12,$371 Ik3831 15S31 146,9321 1117,1175 flbt 56317 1067 2Q.250 161 12ZJIO 3X-M*Tr21 75 1,715 4OA91 107J51 37 BTlst Music Trust NOTESTOTHE FINANCIAL STATEMENTS for thp year ended 31 March 2022 13. INv￿mENTs Group 21 2022" Comp*ny Compajry Investmént In Sha￿ Izpltal ef BMT Ertterprtses The above relates to an investment of IOOYts of ordinary share capital in the subsidiary company Bmf Enterprises Ltd (company number 075754151. 14. STOCKS Gmup 2022. Growp Comp•nv 2022 Cornplny 2021 5tcck 4.786 6.297 The above relates to Bristol Beacon bars and merchandise stock held by the subsidiary COM￿r)Y BMT Enterprises Ltd. 15. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2Q22' Group 2021 Cornpany Company 2011 Trnde dÈbtor5 otherdebtor5 Amaunt5 owed by group Prepayments Aurued Inwrne- Capital Acutsed In¢orne 97,1%) 288,282 95,164 247.254 48,772 287.890 225,478 136,400 102,792 208,315 Im.647 30.552 247,254 137,776 102.792 208,588 834,628 54,505 405,383 330,042 1,132,348 $4,505 405,383 330,042 117,740 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Grgup 1022 Group 1021 Company 2022 Comp4ny Z021 Trade creditors Other iax8tiorb and social seeuritYLV5t5 Pension contrfbution5 payable Other credltors Amounts owed 10 youp Acuuals Accruals. Capltal BCC Deferred Income (Note 181 11,361332 54,330 21,324 .881 12,881253 187,979 23,362 78,510 11,350.546 54,330 21,324 61,459 28,720 239,747 12,877.688 164.205 23,362 77.912 2,853 212,034 242,(￿2 230.191 485.576 11233,445 58L207 479,297 528.861 ,915 Trade credltors includes an amount of llO.685,561 of capital fundraising owed to BCC12021.. £12.594,6931, Deferred income includes advance ticket incorlle of £470.50112021.. £449,666). Natwest Bank holds a fixèd and fLoating charge over all assets of the charity. This was registered in 2015. 38 Brlstol Music Trust NOTES TO THE FINANCIAL STATEME1￿$ for the ￿ar ended 31 March 2022 17. CREDtfoRS: AMouKfs FALLING DUE A￿ER MORE THAN ONE YEAR Group 2022. Group 2021 Company 2022 Company >zi LongTem) Loans LDn8Term Finan￿ Lease I￿,0 i(K,(¥Jo ioo,ocx) 20,137 120.137 loo IZO.137 I(￿,0 The long-term loan is a 6-year loan from the social investment compaiy Resonanco Impact Investment through WCS Nominees Ltd. The loan matures annually from l October 2022 until 30 September 2024. The Compary will make monthly repayments of thÈ borrowings. Interest is charged at L.75Y pa until l OctobÈr 2022 and 2.75Y from then until the end of thc torm. All borrowings are denominated and repaid ir. pounds sterling. 18. DEFERRED INCOME Group Cornpany Balance as at l April 2021 Amount released to income from th3rftable actiwtles AmOu￿t deferred in the year Balanre as at 31 Marth 2022 (Note 161 58L207 1581.2071 485,576 528,861 1528,8611 4179,297 479297 19. ANALYSIS OF CHARITABLE FUNDS Transtpr Funds 31-Mat•22 InÉtsni• llb••r-21 EwndlbJ Fund fulturBI RecDYW Fund ll￿¢ Educatlc*n Hub Youth Mvslc Earthsofig Foundation Paul Hamlyn FDundatlun C¢rnmunYLyEn8agement & IndustrytknhprnEnt Pr¢8r4mme ,(x) 577,436 78,099 $2.647 iy)J.oJoi 13W.OJOI 11?..407 48.838 389,486 1129,6241 164,9141 114L48 gJ,882 66.571 24&005 89,￿1 {89.2511 550,731 {1 S02.706 37&45N Rf5trfcttdfvnds'. gB Ph•¥¢ 2- Ci•rtg1 Trat151ormatknnProJKt Art5 Councll Capital FundiN8 NaUon41 LDttpry Herit?8r F￿rtd West otEn￿and Combined AyihDrty OLherCapltal F￿ndIn85¢U1 9,723,22A 82.395 511.0 330,173 (9.723,2241 18l39bl 1800.ODOI 1884.S221 925,277 L714,379 636,277 1.160.03Q 1539.656 lQ,64792 41 1127422S 1171.765 GEneial fun De4an*e¢ fund5 CLE Re5etve o8rarnrn￿ Resetye ACE 8u55nessr￿eT¥2 . FiXed￿*t$ Fund S89,￿1 172o,In 12,67fjL151 1204.8461 438.538 120,OOD 3oo,rAo 137 911 24.646 3fj0 61&115 Ttital fundJ Z74 39 Brlslol Muslc Trust NOTES TO THE FINANCIAL ￿ATEmENTs lor theyear ended 31 March 2022 19. ANALYSIS OF CHARITABLE FUNDS (continued) Tr•nsF•r botwe Funds ObApf•ZO Inwrne FuTrds¥t JHtsr- R•5trlrtedfundi Mu5ir Education Hub Youth Music E¥thSono FoundatSon Paul Hamlyn Foundat1Dn Community En8aBemeni & Industry Dwel¢pmEnt prowamrne S73￿07 153.435 f573A071 11312851 112.407 48.838 389,48S 18,838 1105141 ,20 120,2rKJ} 442 550,731 ￿￿trItIed1undS'. BB Pha5•2-C*l Tt•nsformatlon Pmlett Arts Coundl Qpital F￿ndIng NatiDnal Lottery Heritsge ￿nd West of combined Autharfty Othei Capitsl Fun&SnBSDurces 1.14Q329 L29),915 Y.336.LU) 35S,781 11,146,3291 11,2909151 18,410.7231 384.689 LL23 9Z5,277 1.714.379 1.743,257 1.745307 382 Unrettrfcthd funds.. Gener41 fvrtd De518nated tunds Brf5tol PI3y5 Muslc Fund Mu5icDeYelcpment Fund - Brlstol 8eaLDn Bulld4n£ Fund - hxed Assets Fund 157.350 2fv17,255 12.176.147) s￿,121 49,747 50AX)J 149,747) 150,QLX)I 155,QOTrI 35.916 I¢￿241 461 113,3 2 171147) T•tsifutsth ISal8.721 Cultural Flecovery Fund.. Art5 Council England support for business in the cJltural sector affected by COVID-Ig. Of the £800.000 grant £500.000 was restricted lo specific purposes and £300,000 was given to be added to free reserve5 to support ongoing business activities as decided by Trustees, this amount has therefore been transferred from rostricted to unrgstricted funds. Music Education Hub.. Arts Council England funding towards the costofdeL4very of music education hub activity. Funding is utilised in the financial year to which it relates. Youth Music., A e¢ntinuing grant from tha Youth Music Foundation has been allocated to support the project to transform music education in Grèater Bristol for children and young people with SEND. E8rthsong Foundation,, A grant from the Earthsong Foundations to deliver the Earthsong Programme which delivorsÈnriching opportunities for young people who attend 13 primary schools in Bristol. Paul Hamlyn Foundation.. A rnulti-year grant to support our community development work with hard-to-reach communitiés to expand music education provision. Community Engagement & IndusLry Dev@Lopment Programrne '. Funds for projects that promote community engagement and the development of new artists. Brislol Muslc Tiust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022 Bristol Beacon Phase 2 - Capltal Transformauon ProJect The building refurbishment pioject has recewed restricted funds from o range of fundèrs including siatutory, donations from individuals. corporate sponsorship and srants from trusts and foundations. National Lottery Heritage Fund.. The funding is from the total grant award of £4.75m and was used for hertLage and comrnunity projects. Wesl of EngLand Comblned Authorily.. A grant of £11.85rn has been awarded for the projoct and Ihis represents the second instalment. otherfunding re￿iVed was wurced from Trusts and Foundations. privaie individuals and corporate sponsors. Unrestricted Designated Funds CLE Reserde for additional musie communlty and education prograrnmes to support specific area5 to be agreed in the business plan. Programme ReseNe for additional programming and the re-opening programme to support specific areas to be agreed in the business plan. ACE Business Reserve to 5UPPOrt f0￿C0st in¢ome Levets of thè businoss. the inherent risks in programme production costs in the core business and to providÉ¥ for thp necessary strengLh & resilience throughout the transformation project and beyond in support of aims and activit es. Bristol Plays Music Fund.. A designated fund to support the Charity's ongoing éducational provision including funding for holiday activities and instrument renewal. Music DÈvÈlopment Fund.. A designated fund established to support the ongoing eroative development of the Bristol Beacon music programme and audience development strategy and to provide mitigation for the associated financial risks of own promotions witnin a curated programme. Bristol Beacon Building Fund.. A designated fund to support the Trust's planning for Phase 2 Capital Transformation ProjecL 41 Bristol Muslc Trust NOTES TO THE FINANCIALSTATEMEwfs forthe year ended 31 March 2022 20.ANALYSIS OF NET ASSETS BEfwEEN FUNDS Ggnqr41 Deslgnated Funds Restykned Funds Tatal Fund Funds Fund balances at 31 March 2021 589.121 iU.325 4190A87 3,891833 Tarbgible fixed is5ets c￿r￿￿t assets 137371 137,971 15,423,748 111233A451 Ico,wJ 3.228.274 I2.77L￿3 112.233A451 Iw,000 1171.765 Lon8 t2rm li3bilities Totsi Nèt Assets 31 Marth 2022 617,971 Canwany. Tanglble Nxed asseis Investments Current assets Currenf113billti¢s Lon8 tÈrm 11?billfjÈs Total NetAssets 31 2022 122.220 122,220 12,784.711 112,230,423> 100,Luii 480.OD) 2.171.765 15,436N76 IJI230,4231 2,IU765 3,228.274 ANALYSIS OF ASSETS BETWEEN FUNDS PREVIOUS YEAR General Futhd D¢sl8nated Restslcted Fund5 Totsi Funds Fund balaft￿S at 31 Marth 2U2a 157350 31rs,988 2258382 2.719.720 fjroup: Tan&ble flxed assets Current assets Current 113bllltle5 113,3 113.325 17.882.147 113.982.5021 1120.1371 3,892,833 14,691,760 113.9815021 120,137 589.121 3.ISYJ.387 T4ts1 Net A55ets 31 Ilarch 2021 T?n8ible Ixed assets Investments Current a55ets Current Ilabljitoes 107.557 107,557 14.601,940 I13￿86,915) 120,137 3.190.387 17,792,327 113,88S,9151 120.137 3,891833 TOtsI 14etA$5ets 31 W*rch 1021 lo7￿7 42 Bristol Muslc Trust NOTESTOTHE FINANCIAL STATEMENTS for th¢ yeai ended 31 March Z02Z 21. RECONCILIATION OF NEf MOVEMEMfs TO NE[ CASHFLOW FROM OPERATING ACTIVITIES Gro41 2OZ2 Grllup 2021 Comwy 2Q21 IQ22 16645591 1,173,114 1743,2041 78￿46 Lfv77 1.164,532 8582 DSstNbution under 61ft￿O Loss ofsale olpssets Dividend recdved Add depfeciatlon charge duct lTrtere5tlncome t>ttrÈa5e/lincreBsel stock Ilncrea5el1dEcr￿Se1ndebtQrs [de£rEa5￿)￿lrn(￿5EI￿c1ed1tQr5 Cash VAeratsd bypper1tingad￿kn@5 IM77 54.78S 13,639} I￿12 297.72Q 1769.195 99 39.781 18.¥dOI a,932 4S6A12 8 887 723 io 46931 13ts391 36,212 183801 lo8￿93 1676 630 501,682 9 DD3 256 22.PENSION COMMITMENTS During the year. Ihe charity contributed to three pension schemes for its employees and casual workers a5 appropriate. the Bristol Music Trust Pension Scheme. the Local Government Pension Schemo and theTeachers' Pension Scheme. The total cost forthe year amounted to £ 175.94112021.. . £117.4891. The charity partlcipates in the Teachers, Ponslon Scheme (England and Wa'.esl I'lhe TPS") for its music tutor employees following the transfer of the Bristol Arts and Music Service staff. The Teacher5. Pension Scherne ITPSI is a statutory, contributory, defin@d benefit sehome, governed by the Teachers, Pensions 2014. The TPS is an unfunded scheme and rrewoers contribute on a 'pay as you go. basis - these contributions along with those made by employérs are crèditèd to the Exchequer. Voluai?on of the Te(th'Pension Scheme The Government Actuary. using normal actaarial principles. conducts a formal actuarial review of the TPS in accordance with the Public SeNice Pénsions (Valuations and Emptoyer Cost Capl Directions 2014 pub115hed by HM Treasury. Tne aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumpts.ons aboutthe value of future costs, design of benefits and many other factors. The Litest actuarial valuation of the TPS wa£ carried out as At 5 March ?.019 and in accordance with the Public Service Pensions IValLAations and Employer Cost Capl Directions 2014. Thé key eléments of thé valuath)n and subsequènt consultation are.. Employer contribution rates set at 23.68% of pensionable pay (including a O.08Yo employer administration charge). Total scheme liabilities pensiorls currently in payment and the estimated cost of future benefits of £218.100 million, and notional assets (éstimated future contributions together with the proceeds for the notional investments hèld at thé valuation datel of £196.100 million giving a noliollal past service deficit of £22,000 million). The SCAPE rate, set by HMT, is used to determine the national inv@stm@nt return. The current SCAPE rate is assumed real rate of return is assumed real rate of return is 2.40Yo in exco.1£ of prices and 2 0/0 in excess Df earnings. I"he rate Df real earnings growth is assumed to be 2.20°A. The assumed nominal rate of return is 4.45°A. The next valuation result is due to be implemented from l April 2023. 43 Brislol Muslc Trust N¢)TESTOYHE FINANCIAL STATEMENTS for the year ended 31 Marth 2022 The pension charge forthe year Includes contributions payable to the TPSof £51.45012021'. E91.23A. The charity has a charge of £20,000 cash deposit. dated 21 August 2013 in favour of NatWe5t Bank PIC. sufficient to cover three months. contributions to the TPS. 23. COMMITMENTS UNDER OPERATING LE4SES At 31 Marth 2022, the Charity was committed to make total future lease paymènts under 0￿ratIng leases for each of the following periods.. Group Gro¥p CompHny Con*nv In rnpett of plantand rnach1nery lÈaseg due". Within Iyear In the second iofffth yEJr 5,833 10296 6,122 9.833 10.296 2Q129 6,122 168 24. RELATED PAFttY TRANSACflONS Detail of the relationship with Brislol City Council is provided on pag8 14. Cllr Craig Cheney IOepJty Mayor BCCI is the nominated Trustees appointed by BCC. Louise MitchelL CEO 8MT, is a member of Arts Council England SW Ar8a Council. During the year the charlty made purchases otr. £13,58912021'. £01 from Nisbets PLC. Andrew Nisbet Is a Director of this company. £9,94512021' £01 from DAC Beachcroft from which Tony Cherry retired as partner on 31 March 201g. £9501202L. £8601 from Destination Bristol of which Louise Mitchell is a Trusieo. Ouring the year the Charity made sales of.. £6,200 12021,. £8.6401 to DAC Beachcroft from which Tony Cherry retired as ￿rtner on 31 March 2019 £012020.. £1.2651 to Merchants Academy. Andrew Nisbet is a Trustee for this company, £6,985 (2021.. E5.7901 to Cabot Learning Federation. Tony Cherry is a Director of this enkn"ty. There was no outstanding balar.ce due in relat"'on to these sales at the year-end. During the year donations lo the Bristol Beacon Phase 2 - Capital Transformation Project rgceived from Trustee5 totalLed £440 12021.. £10,967). During the year further doyations of £50,000 12021.. £200.0001 were received from Trusts and Foundations controlled by the Trustees. Bristol Music Trust a wholly owned subsidiary, BMT Enterprises Ltd Isee note 31. Bristol Muslc Trust charged 8MT Enterprises Ltd staff costs of £Nil during thè year 12021,. £niU. In 2021 BMT Enterprises Ltd transferred its 2021 profits to the Trust as a gifL aid payment to the value of £8.582 12020.. profits trarnsferr￿ of £127,485).