Bristol Music Trust r4Jllng ryxJ9c c4 WrtOf8t¢￿Yk BRISTOL MUSIC TRUST TRUSTEES, ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Numtrw 07531978 Clwity Number. 1140898 Brislol Music Trust CONTENTS CHAIVS R£PORT................--...-..-....-..--..---.---.-.-- TRUSTEES. ANNUAL REPORT.......-....................-...--- ........ .._ CONSOLIDATED STATEMENT CF FINANCIAL ACIMTIES........-.-...................................-....._...-........ BALANCE SHEET..... ... ..... . STATEMENT CF CASHFLOWS_.--..-.-.--.---. ..28 ACCOUNTINGFQUCIES..................................... ..29 NOTESTO THE FINA￿lAL STATEMENTS...........-.-.-...........-.-..-...-.......--.-.- .. -33 Brisfol Music Trust TRUSTEES. ANNUAL REPORTfor the yearended 31 Marth2024 CHAIR'S REPORT This year saw the reopening of ￿oi 8eacon after rn￿e than st* year5 of c105ure. By every reckoning, it wa5 a triumpkL In words of Phil ¢￿bby. Arts Ccwncil Er*nd Area ch￿10[. gala evening on 23 November 2023 wa& A defining moment af culturol transf0m￿t￿)n for t1￿ West ofEiulaTrY_ the 15 the project that trulycOnfim￿ Bnstols tw)utalM)n os o bstyld.do&% MUS￿ oty." Reviewing one ofthe event's highlbghts- a specially c(Mn￿$s1Oned pl￿e. Trip the Light Fantastlc, by the Paraorchestra - as'on ffttense Perf￿rna￿e fvrvently coTrknted ty Clh7rte5 Hazelwood.. The T1￿*si0￿ed a chorus ofaccoiades in describiw the Beacon as'a tsiumph.. These sentiments ￿re i￿XjlY echoed v*t)en we f(ALowed the otming night wtth a free Housewarming event for Ihe Vh￿￿e cOMrr￿n1tY vI￿h welcomed an estimated 14.¢)00 p8opLe into the egacon lo a day of MUS￿ through￿1 Ihe buiding. It wa5 progrrned in conJ￿ct￿M wilh a comnwnity ￿e1 arKI Saw LOCQ aft￿ts arKI baThls perforrrL Ma￿n9 it by far the largest event we The realisation of this wjprt has been an example of extraordinary eoLlab)rath)n between key stakeholders and fundets Bristol Cty IBCC). Arts ENJand (ACE) and many olhers w¢ykirKJ to debver the visiw of a major state-of-the-art c(K)cert hail for BrISi￿ 8rlsiol Music Trust's IBMT) staff along with BCC and their Contract¢)￿ WILlrTh)tt Dixon IWDI r¢)se to the incredible challenge of opening a very CLynpLex bulithr¥J wtth very Iwnited tinE for faMItiar￿t1?n or tyrKJ out of systems. WD are still Wo￿Tr3 ihrcwgh fv Snagging ￿'St vthh requires complex cocwdination wilh the BMT team to resolve Ihese in the coniext of a f￿LY operating concert haLL Brisioi now has a concert hall conylex that rivals any in Europe and a programme of events aimed at welcoming all the C(￿MunitieS of 8ristoi tryough dctir& The momentum has been maint&ned. In the months S￿ee ihe orening. the Beacon team have delivered 215 shows and 231 events lo March 2024. which have been very well re￿Ned. One of the very fi￿1 concerts was a Wf0mw￿ by our Resident Orchestra. the Boumermuth Symphony Orthestra IBSOI in the Beacon HalL Wo held our breath> W¢>Ad the Hali tive up to its billwig a5'a world class venue Trmth worid-class acou5tics7 We need rK)t have worried. The BSO mesmerised a sell-out aUd￿r￿fj ar¥J. among oiher critics. Fyompted an elated (￿ardian reviewer to write.. 'If tIMS biere the Bristol Beacons future. all ¥wuld be b￿li. &￿Sequent appearan￿S by the likes ofthe LSO and the Haue have eL￿ted simlar responses from revw4ÉYs and audien￿ abke. The same has been true of other geNes of MLL￿ that we are FYOLKI to wesented. Overa tkket sales have been strcry and atM)ve tarFt Y•ith 77% eapaaty St￿ for the eeacon Hall shows and 60% for Lantem Hail show& Lalw in 2024 we will expatKI our output with a full programme of rnus￿ education activities in the Vrtrfx￿lly re-created CeLiar spats& After a rkJorous assessm￿ prGWS OLW Creaiive Leaming and Engagement ICW team was debghted to be aw¥ded Musr E¢*xation Httl contract the reg*Jn by Arts c￿jncll England. Brislol Music Tfust TRUSTEES, ANNUAL REPORT for theyear ended 31 Marth 2024 The eontraet WILL now o)ver 8ristoL Bath & NothEast Somerset ar￿ South GioLfEStershke. We are workirvJ hard to estatiish Ihe deiNery wilh existing providers ￿ these areas. Eneouragingly our Hub and commwity w(Ml( in Bristd has alre• fully recovered to pTe-COVID level5. Our rw business modeL fc4Lowing the reopenirKJ re￿ ￿ iweagng amounts ofcommcial and voiuntwy incometorepiace lhep￿￿ed-for re(kKtion in pubkseclorsupport The new rest￿lant has been Launched and ha5 had a g)od receptiorn Bristol Loaf café in the Bridgehouse is as busy as ever. Our commercial c￿ferenC1rKj txtsine55 is deveiopir¥J well with both new aNJ existing customers keen to use the bJildirvJ. We finished the finanual year as FlarThd th a smau irKTease in our free reserve of around £40k after the increased èilecation to Ihe Fixed Assèt Fund to cover Ca￿taIlsed sigrw costs funded by Ihe project The free reserve now at £519.253 is below the reserve5 poucy minimum of £850,000 and we wiu be wor*ing lo resiore reserves to the minwrwjm Level over the next few We made a commitm9nt some years ago to become a earbon neutral concèrt hail by 2030. We have a cross-busw)ess work*ig ￿0Up ch&red by our EkveioprrEnt Direetor which has wc￿ked with (wr consultants Hopg S)Lubons to develop an action ￿ We are on trad( to de￿Ver this commitment through the implementstion ofthts Flan. We are grateful for the support of Bristol City ACE. National Lottery Heritage Fund. West of England Combined Authorty. arKI HM Treasury. We are every tit as ￿atefv1 to the many individuals. organisgtior& Irusts arxl foundations v￿￿1 have gNen so gener￿SlY to 5UPF￿rt our ed￿tK)nwOtrl<. music prormtions and Ca￿￿1¢an￿a1grnT￿lr¢OnbWlng- and we hcFe- growing commitrnent to the Beacon is crucial to (w futu These a￿ challenging ttrnes the Art& t￿1 V￿ ￿ cptirristic and ambitio￿ Wrth retirèment of our founding CEO. the outstandng we are delighted to have appointed as her successor. Sirnon Wales, who IC￿ up the role n August 2024. He leads a briiiiani team whose sknlis. commitmenL and tireless efforts have rThgde it ￿￿bLe to rea￿e a vision first put forward some twelve yews ago when Trust was estsblisw. For ttrws achEvemenL we are immensely grateful to @very %ngie one of them. They ￿11 be no less crucial to the reabzatK)n of our vtSK)n for the new era we havejust entered" loshare with thecommunities of &i5toL the region and the wlder pUb￿c. an unrivalLed rarvJ8 of h￿-qUalitY rnU5￿ fr¢Jm every genre. Music-making matters to all of us more than evef and is at the very heart of the Beacon's purpose. As Chair of the Trust. l am prmleged to commeNI this Annual Report as evKlence that this is our firm betiefand unequN¢)ca commttnient J¢)nathan Dimbleby 10 October 2024 Bristol Music Trust TRU5tE£S'AP4NUAL REPORT for the year ènded 31 March 2024 TRUSTEES. ANNUAL REPORT The Trusiees wesenl they report the financaal 5taterrEnts of Bristol Music Trust for year ended 31 Marth 2024. REFERENCE AND ADMINISTrATIVE DEfhJLS 8oord of Trust The Trusteès ofthe charity (W￿ are also dir9d￿5 of ihe company) holding office during the financial year as at 31 March 2024 arKI ￿bSequentiY are given below. T￿￿ee5/D{reCloTs Simon Chapman (Chairl Jtmathan Dimbieby Ichwrl Martino Burgess Tony Cherry Patsy Connor Kalhartne Finn Craig Gentle Sandeep Katwala Tanya Lacey c￿rgla Ma Sandra Meadows OBE Sonia Mills Louise Mitchell CBE ArKlrew Ni5bet Chris Seaton rimolhy Westweli 8 Ctt 2019 {Resy￿d 14 Dec 20231 12 Ocl 2023 22 JLAY 2022 8 Ctt 2018 8 Oct 2018 IS Dec 2022 14 Dec 2023 9 May2024 8 Oct 2018 18 Jdy 2024 14 Dec 2023 22 Oct 2021 8 Ctt 2018 S May 2021 9 Mèy 2024 14 Dee 2023 IRwned 29 Sept 20231 IResigned 12 Oct20231 (Rwned 14 Dee 20231 (Resigned 18 July 2024) (Resigr￿d 14 D8c 20231 Cllr Craig Cheney. Stephen Peacock. BCC CEO" Cllr Ani Stafford Townsend. 26 ￿lY 2019 14 Dec 2023 18 July 2024 (Reggned 9 May 20241 (Resigned 9 May 20241 "Nominated Trustee5 ap￿inted by Brisioi Qty CwrKiL EYecutNe Team The executNe team are reS￿￿trte for the day.ttrday ofthe charity: Louise Mitchell (Chief Executive) (Resgned 18 July 20241 Simon Wales Ichief Executive) IApp)inted 19 Au9 20241 Andy Boreham (Head of Marketryl Nick Craney (General Manager) Rosa Corbishley IDirector of D8V8iqx￿it) Naonm Easy IHe&l of Comnvciau Clare Jack Ichief Operating Offwl Adam Kent (Director of Creatrve Learrung Ervager￿￿ Siggy Patchett (Head of Strat* Changel Sarah Robertson (Communi￿tIonS & SP￿￿￿l F*O￿ts Directr￿) Sophie Whitaker (Head of FrAn￿) Bristol Music Trust TRUSTEES'ANNUAL REPORT for the year ended 31 March 2024 T¢xld WIiLs IArtlstic Dyector) Auth't, Risk & Resou￿ Comnwtiee Antony Cherry (Chair) Simon Chapman Katharine Finn (Chairl Craig Gentle Sonia MILLS Louise Mitchell (Resigned 29 Sept 2023) IReswJned 14 Dec 20231 CreotNe LearniThJ a￿En90g￿nt Conynrtt SarKtra Meadows Ichalrl Antony Cherry Tanya Lacey Suze Pole Sophie Lewi5 Lieyd Coleman IRe%gned 29 Sept 2023) Sonia MiL15 Icharl RosalirKI Kennedy Andrew Nisbgt Louise miteF￿11 Chris Sealon Paul Whit8hou5e Charles Wilson (Chairl Sonia MILLS Simon Chapman Louise MitchdL 1*K￿Ra1 addre55 ondre9iSteredoff Brtstd 8eacon Trwthard Street Brist Bsi SAR ll40898 07531978 Registeredcharity number. Compony rwstration numtw. The Trusiees have made the fcrtlow'w Wofes￿ appointmgn Co Secretary. Sophie Whitafter h￿tWe5t Brisloi Qty Ofr 4649 8road Street Brist 3EU Brlstol Music Trust TrVSTEES'ANNUAL REPORT forthé ytar*ndtd 31 Mar(h 2014 srRucTURE. GOVERNANfEAND MANAGEMENT status & HIS Bristol MusicTrust (Bfvm was estabithed tooperate BristoL Beacon. to prormte mugcand art& and to advance education and appwiation of music arKI art& for the benefit of the people of Bristol and the Southwest of Er4Jland. The company was incorporated on 16 February 2011 arKI commwK￿l its operatKYts on l May 2011 Brislol MusicTrust Is a eharity registered in Erdarvj &Wales (r￿. ll408981. and a rv)n-profit-malorwJ company limited by guarantee registered in England & Wales Ino. 075319781. A trnding subsidlary. BMT Enterprises Ltd was InC￿POrated on 23 March 20ll as a company iwniied by shares Iwholly owned by Bristol MUS￿ Trust) to manage associated eomff*rcial aCtN￿eS larKI any activities that are'non-primary purpose trading'l for be￿rit Of￿ charity and comenced its operati)ns on l May 2011. A cost sharing agreeTh￿￿t ￿ in place to ensure thal the trading subsidiary pays Bristol Music Tiust for its use of Brisiot Be8cc￿ aThJ other se￿￿ ALI proffts of 8MT Enterwises Ltd are gift-aided lo Bristol M￿C TrusL Bristol Music TTUSt has d8v8ioF*d a (ftstinctive and wbrnnt programme of music and events at Bristol Beacon. and CTeativeiy suFwis y￿r¥j Fecde in Bristol and the s￿thwest, making and music learning through its Cjeative Leamwig aNI Engagement ICLEI leam When Bristol City Council's IBCCI Cabinet made the decision to estatAish Bristol Music Tnjst as an independent body responsible for rnanaging the Hall ￿ 201L BCC leased Bristol Beacon to 8ristol Musc Trusi for a 25-year Per￿ at a peppercorn renL TIE cld lease is being replaced with a new 30-year lease whieh will be signed during 2024. In a£kJitMM since 2015. Bristol Music Trust has benefited from Arts Council Engla)d investment as a National Portfolio ffjanisation th'n consortium wilh St George's Brisloi) to supwt the art￿1¢ prc*ya7vne and audiw development objectwes On I September 2013. the &istol Artsand Musr Service IBAMSI was frnllytransferred from BCC to become an integral part of Bristol MUS￿ Trust as the MUS￿ Education Hub for the City of Bristol wn by our CLE team. Under new contract for Educat￿￿ Hub deLNery tINs will expand to regional f￿u% The aim is to de￿Veran ex¢iting andcotrwenl music educational programme thal spans both formaland non-formal Mus￿education aerosstheety. Theteam is based both at Bristol Beacon and at the Beacon mu￿ Centre ￿ Southmead. which is leased to Bristol MUS￿ Tnjst from BCC for a peppercom rent The vision of CLE s to work with stratesic hub partners to make the region the UK CaFYtal of Young People's Music and ensure thal every young person has access to learning activities and a platfonn for Mu￿al eX{￿S￿On avl paticipaticm. The wncwl hall is at Ihe bealirw3 heart of arttweatKI music in BristoL The buildiro has Ixn part of the Bristol skyline for 150 yeats and home to ￿onie performan￿S by some of the wortd'5 leading artisis, including The Beatles. Elia Fttzgerald. rxA(e Elbryton. Bob ttyiary DavTrd Bowie, Jimi Hendrix. the LSO. Paul Robeson. Sergei Rachmaninoff YehUC￿ MenuhirL The first Hau opened to the Wb(￿ on 20 September 1867. but the main auditorium was destroyed by fire in 1898. A second reconfigured hall opened on ￿ slte in 1901 and was bought from the Colston Hall C(*TN)any In 1919 by 8ristoL Corporalion for £6S.000. aThd th& bU￿d￿g has been the property of Bristol Cily Councll ever SIr￿e. In 1935 the hauwasciosed forrefl￿eLbng wtlha tlurd haiLot￿n￿g in Decemb8r 1936. but a furtherfire in 1945 robbed Bn'stoLof its ¢(￿ert hailoncg nThyg. ￿ fourth ir￿arnation of the hau was opened in 1951 to mark the Fesiivai of Britawi. By arOUr￿ 2005. it was deaT to 8CC that th9 hall negdgd substantial inv95trrvant if it were to be viable as a 2tst centL#y cwcert arKI events haLL A prgect was therefore inrtiaied lo create a new foyer building and to refurbish the historic bu￿dI￿. Itwas recognised thatthis projeci would require gnificant furKling investment and so the deasion was made to split the proj*t into two phases. In 2007-2009. Phase l of this project created by BCC investing £13m aiongsKJe £7m from Arts Couneil EnglarKI, building amcmkn foyercontsyiiro restaurants. bars. and ackninistrative office5 as an extension to the HaiL This was deggned by ardytects Levitt BerAst8n arKI built by main Jntrartorswilmott Drxcffl ar¥Jo￿￿ to￿ a￿laIM in 2C>39. In 2015-16 Bccand BMTinvested Bristol Muslc Trust TRUSTEES'ANNUAL REPORT for the year ended 31 M¥r¢h 2024 in an exien5ive. joinl investigatM)n aryl feagbilty Si￿ re￿￿ted in fwr redevelopment options being presented by Levitt Bemstan. The p9rtnership was fOrMa￿Sed in Jung 2016 wh¢n it was agreed that Ihe project wwid be managed by BCC Mapr Projects Team UfKler the supervisic of a Project Board wth representation from and major funder& BMT would tske the le￿￿ on fundraising to assemble the furKling package to delw IL 8ri5toi 88acon Redevelopment Phase 2 The woject to transform the hali into a new insFiring (*ntre where aiL gerTrs of mU￿C and MUS￿ educatmx activity can flourish started with the ciosurg of the audiloria In June 2018, the commencemgnt of denTr￿lI10￿ works in OctoLv 2018 the stsrt of recon￿ruCtion in June 2019. The project sought to transfomi the VKtorian l)uiidirwJ into an inlemational-siandard cor￿ert hali as well as to create a centre for music education arvj enterwso. There was a fvgh degree of crowpwiy and ￿lturaL partnership ￿pport for this key Southwesi proje¢l. The captal pyojeet totslled £131 ryWUi￿). with Brisioi City coun￿ providing 68% of the totsl and BMT raising 3fA from funding partners including £5.18 MIL￿0￿ from HM Treasury. E16.2 rtwllion from the Arts Council England. £4.75 mllion from the National Lotlery Heritage Fund. £11.8 ￿￿LlIOn from the West of England cOn*in￿ AutlK*ity plus a number of generous individual donations from £25,000 to £1 milbon and over 450 iTh*vhJuai seat Swn$￿sh1) gifts fv(m across the Ofrmunty. The rofurbishment proiert completed, arKI ihe venue fully reopened November 2023 with two gaia K*rformal￿ of a specially Comnysg(X￿d vn)rk by Paraorcheslra in collab￿a￿"on with Surgeons Girl. Charles Hazlewood and Limbic th"r￿ma to reconn￿1 us lo the newly transformed space. Bristol Beacon has b*n operating fully sI￿e ttrw. It15 a key 5trategt aim ferf the city lo h￿￿SS ￿r culturaL histor￿. and artistic assets to biir¥J social and economic benefit to the region to Un(￿pIn its repulation for creativity. Iwe musical formance. and tech￿L09￿al and l￿r￿sS irsnovatK)n. A thriving and dynamic concert hall and musie centre is essential to ensure future success rntiust of the music industry in the region but alsoto the SU￿esS of Ihecreativeindustr*sof musiG film. des￿n. [￿orManCe etc. as a whole. The hall's activity, logether with our wide-reacFMng educatbw work. makes BMT a very sgnificant contributor to the regional eCor￿Y. sense of Fthe. and attractiveness as a vis¢tor destination and pLace to ibve and Invest. show aUd￿nCeS come from across the resmon (broadly 65/. BristoL 25°A the Southwesl. IO% other UK destinatr)ns) and its first year of trading post-refurtrjshment is on track to generate gross Incor￿ of around £ll million. Organlsatlonal Stnthre The nonvexecutive Board of Trustees (direc￿ ofthe charttyl has resPOnStAIty forthegoverrN4nee and adminislration of the cFN4rity. The Board meets four ti￿S a year arKI should be composed of no fewer than fwe Trustees no more than twelve Trustees lor such other M￿m￿M number determned by the Board). The Athles OfAsS￿lat￿1n (dated 15 February 20111 wovlde for there to be up to two Trustees appointgd by Brislot City Council outof a maximum of twelve. subject to the number ofC(￿ne11 appoinie tkning the year we continued a CaMpa￿n aimed at the public for our witaL FxoiecL ¥AinopaiLy directed at S8iing seats in the new auditori￿ Ail our fundraising actiwty conforms to the statvjards La#d down by the Institute of Fundraising and the Fundraigng Reguktor. lo wh￿h we are a sgned-up rrember. We adhere to the le￿lat0￿S fundraisirMJ wom1s￿. L We ￿11 commit to high starthrds 2. We w511 be dear. FH)nest. and open 3. We WILL be respectful 4. We will be fair and reasonaEAe 5. We will be acccuntaNg arKI re5pC￿￿L4 We have a professional team of fundraisers on ￿￿r staff ar￿ thar activity is monitored by the Chief Executive and ChiefOperatirrfJ Officer. Dwing the yw we have not received any COMp￿ints about our fundraising activity. We do nol use ntrusive or W￿Stent fundraising aFvoaches. Rlsk & Corporate G)vemance Matters The Trust￿5 regularly monitor wfNess againsi tre stralegic objective5 set out in Ihe agreed buslness The AudiL Risk atyj Resources COmnThtt￿ ha5 responsibility to the Board for rewewng in mored8tailtherisksiowhth thectwity i5exwsed the￿Tre5Fondlng m￿gations. io Bristol Muslc Trust TRUSTEES'ANNUAL REPORT ftyf th• year ended 31 Mardl 2024 and for ensuring an effectNe risk [ror￿gOT￿nt5tralegyISln place Adocument settirvJ outthe risk& consequences, counter Measu￿5. and contiThJerties has been prepared by the executrve t￿M and is reviewed on a regular ba Principal risks and Uncertaint￿ kdentI￿ forthe Wusat￿ are as foLLows.' Public sector arts fundin8 reduces. BCC SL4fundln8 of E776k wès wbthdrawn permanently from l Dec 2023 due to kxal 8O¥t fundln8 pressure5. 8MT ACE NPO funding agreed 2023124 to 2026127 at standstfjll. Busines5 plan has shlfted balar*ce to increase corMier¢bal and voluntary Income on re- opening wlth improved facil¢tle5 and progrnmme. Need to rnanage ade4uate levd of resew¥e5 for re- openin¥ busines Risk assessment su8gest5 need c£850k General Fund Reserves are ntsw £520k. Bwiness plan akns to arow reserves steadlly over nexr few years. BMT ha5 appropriate go¥ernan¢e and performance monitoring in place with a solld Event and Tratlln8 Income lowerthan bu*t. Income fore¢asts post-openln8 noi met. Comn*ttial dient bookings dèvelopingwell Post ryntr)8 busiDess p￿n has Increased Income nÈeded from ¢ommerclèl arKI lood & beverage areas. CornmErcial bu5ine5s development and marketing lo secure ongoin8 income. Inflationary wessure on o¥orheads{onÈY8yl •Thl sahry costs are underestimaied. Ref0￿caSts undertaken quarterty reflectin¥ artval energycosts and know usa8e Contingency Iwih Into finandal model. Current ￿flatIOn in model 3% overheads and 3%5alarie5 Flrwicial model assumptii)ns not adewaie. Operating ¢osts are more than anticipated post re. openin Good trxk record of ftyecastlng Contingew I￿111 into financial model Retorecasts (%Jne quarterly Contrarts ne¥otiated for major overheads- enerKw and cleaning Malnt•nance rest1k￿ ieseNe agreed with BCC Senior Leadership Team su£ce5sion plaMin8fails to Secure on8oinB strong leadership Succession strategy is in placefor key roles. BMT lead Hub PDsibon for re8ional Hub create5 manaKefflent prublem5 with ddivery partner5 leadw to financial iisk COntr￿tWIth delr¥ery organi5ations Initial contract l year AIMS AND AcfMTIES Brislol Music Trus TRUSTEES'ANNUAi REPORT for the year ended 31 March 2014 Launched in Mty 20ll. Bristol Music Trust is an ch•ity two distind a￿.. The first 15 to manage the owations of Brisioi Beacory Bristol's largest KHmanent concert venu8. where people have been eryowng nxLSiC since 1867. dev81oping a dwerse musical programme. ensuring the reowning of the refurbished bU￿ding. ar￿ 5e¢uring its c(mmercial SU￿5& The new bUild￿g presents a WOTKaerful Opwy(￿ity to I￿lId a dNerse concert h&1 MUS￿ centre. comprising a traditional and fleX￿￿e corwt haiL a smaller mtirfiate halL 8rKJ an ingiring modern foyer. The second aim is to drive forward ￿0s5 Bristol arNJ the Scxrthwest of E￿Jand.. working in partnership with dty wide org￿lSat￿Jn& leadiry on musical educab.on though the CLE team, commissioning new W0￿S. supportirvJ Iixai mugoans. and promoting music across all communities to build on the vbrant talent atready in the aty. We want the Bristol mLtsiC scene to stand out with its own uniquevAture and intemati￿IY rerthvred reputation. Bristol Muslc Trust's vision is to integrate th858 two ains and put music al the heart of Bristd tife. and to lead a strategic. hotistic. Cityw￿ apprns arKI delNering the National Pian for Music EducatKm to SCh￿iS arKI thek commuThtie> CLE and the Twst will continue to work wilh a variety of partner organisations including Ferformanee partners such as the W, BO￿￿￿￿th Symphony Orchestra and thg Paraorehestra.. education and detivery partners gjch as Open Up Music With the National Open Youth Orchestra and C0ThJ￿tIv0 Music: and other &istoi partrws venues such as St George's Bristol The Trust will eontinue to Work with a range of partners and lo lts)k to expand rts partnership arrangemeFts locally and nationally. The Trust's aims ￿ also to develop a strategt and wder remit in arts and cultural provision In Bristol. WOr￿ng in partrwship with olher arts partrws The Trust's chariiabie objects are therefore suffic￿ntIY wide toeo¥M the arts in ge￿aLaTh1 this enatAes the organisation to a(fvanceany other 12 Bristol Music Trust TftUST£ES'ANNUAL REPORT lor the year ended 31 March 2024 charftable purposes selected by the Trustee& Ths glves the Trust maxlmum fleXIbl￿tY to develop its aetmties over time. Public Benefft & P￿1Vj Poucy The Trustees have taken The Charity C(xMission's Spea￿ o*Jance on publ￿ benefit into eonsderation in preparing th￿"r statements on public benefil contained within thi% Tnjstees, Annual ReporL The objects of Bristol Mugc Tnjst we aimed at the general public in Bristci and ihe Southwest which reflects the focus of hau WO￿ of the CLE ieam in benefiting the cor¥Thinity In 8ristol and the surrourKlirvJ area Charges are currently made to th8 to att8nd F￿rfcKrna￿ and this will continug. Charges wlll be In Une wlth those charged by otlv charitable *ts OTgar¥satK)ns arKI wlll be sei at a level which reflects the ability of to pay for tickets. &milarty. charges wiu continue to be made for some of the educational pro￿slon. and these are sèt at an affordable and benchmarked level. Bristol Musc T￿￿t'S pr￿ing p0￿cYaMS to optimise ihe voLume ofsales and maxinise ineomewhiie maintaining a range of prices lo encourasE aTrJ more frgquenl attendances from target groups Our headline pricing strateg￿5 Encouraging customers to attend certain events through rTh)tivating price differen￿ and special deals Rewarding frequent customwsaThJ siinxAating loyalty thr￿h rrEmters' incentwes aTr multi-buy deals vth8re appropriate. EncouragirvJ early IxKJknng with'ear(y lyrd. deals and by avoKling la5l Minute discounting. Promotlng accessibilty by Including lower Pri￿ tickets arKI provvjing cOn￿ss￿nS for targ8t groups such as young Fwie where pos5th. Encouraging group bookiros through grwp deal& PromoiiNJ differwtiatK)n in a￿&tO￿vM thr￿Jth clear and siraw I￿reMental pr￿e breaks. These strategies are varied and adapted for diffefent genre5 Withrn Bristol Beacon's progamme. Applicable Pr￿ing is dyndenl ￿ the irKthvidual show. Ix4t generally we owrate concessions for our Intemational CLas&cal Season targeted at yowg people. w1￿￿ng Schw￿ for under 25s 1É8.SO tickets). We have a vari8ty of other subsTrd￿d ts.cket schemes young people to encourage attendance at cw otheriaa folk and wcdd prOn￿tiOn& In addition. several pwf0mlan￿ events are free for the irthing our Housewarmwig event and reguLar foyer perforrnan￿ Mary of the educational workshops run by the CLE tèam areaLso free toyoung peopleand provKled 1.800 bUrsaT￿S for lessons. ensemble mambgrships a￿1 events in 23/24. Ths ensures thal people on lower incowe5 are not excluded from belThJ able to benefit from the charity s actmties. Anyone vtt￿ requires assistan￿ to attend an event at Bristol Bea￿￿ is inwted to bmg a pers(K￿l assstsnt CK cornpanion who wll admitted free ofcharge. ReLatbnsl*>s ￿ ReL4ted Pwtks Bristol City Courril orio¥nally leased Bristol Beacon (and assocaated assets) to Bristol Music Trust for a 25-year period at a peppercom renL The new lease has been negotiat￿1 for a 30-year ierm arKI 15 also al a peppercom rent Under its terms. Bristol City C￿nCil retains responsbility for structural mainterkqnce and nsurance of whole ￿te. Bnstol Musie Trust has respon%bility for day-t￿aY mainten￿e ofthe loyert￿IldIn9 contents insuranceand ail otheroperalional matters. In consideration of Ihe investment that BCC has rn￿￿e in the refurbishment projecL the Trust8eS have agreed a profit-shariNJ awan96￿entwith BCC 8MT free reseNes have been re￿lItt0 a minimum of £850.000. Thereafter. surpluses VAL be shared 50/50. 13 Bristol Music Trust TRUSTEES'ANNUAL REPORT for the year ended 31 Marth 20Z4 Brist(A MUS￿ Tnjst owns I￿% ordir¥yy share c4kn1 hi subsk*ry company BMT Enterwise5 Ltd. 8MT Enterprises Ltd man4es its corrwcial actNitios ￿T￿ludIng cater1￿. Nre of conferenciryJ facibties and meeting rcoms at Bristol Be￿ and the tKoMsK)n of offu seNices to other arts organisatilxts) for the benefit of cFwity. atxl ali yofits Je gift4*aed to Bristrl Musc Trust on an annual bags A cost sharing asveement 15 in to ensure ih3t BMT Entwwses Ltd pay5 Bristol Music Trust for its use of Bristol Beacon arKI ollw ser¥￿e% ACHIEVEMENTS AND PERFORMANCE Bristol MUS￿ Trust has now b88n tradirKJ for twelve years aNI is a wdi-estsblished. artistically adventurous, and financially welL-managed ￿gantSaii(Mi. wtth a national reputsti)n for excellence and winovation. central lo the ￿ltural LaTrJscaw of Brstoi arKI the Southwest 2023/24 was obwfxsly a pivotal year for Br&ot Beacon with the full reopening of the venue and welcoming audience5 back inlo ow nevAy refuth.shed 4J3ces. 8efore thal we continued our prwamme of sh)w5 n external venues ar)d spaces acr¢)ss city. maintainiThJ our Teiationshlps wilh artists, agents and. ¢ru¢iaiiy. ow aUdIen￿WhiL5t buil(tiThJ momenlwn to Ihe reopening of the haLL We presented aFproximateiy 165 showsaoT05s the year. 60 clwFuch were n exlemai space5 wior to reopening. These inelL￿d a concert ￿￿th the Ukrainian National Symphony Orchesira at Bath Forum as weuas aweekend of musr in the waiLedgarden ofthe 8elrY￿I Estale wf(h members ofthe Boumemoulh Symphony t￿chestra *)d a tri￿te to the MUS￿ of K￿th TippeL The ioopeniry ha5weLcomed theretum oford)estrai mugc lothehaiL [￿et0 the reop9nin9tsking piaee on 30th November.the23/24orchesiralseason wasSb￿lY trU￿atedWblh￿IYten concerts across the season. The eoumemouth syn1ph￿Y Orchestra conliwed thgir retationship with Bristol 8eacon as Resident Orchestra and Ihe 23/24 season with Stravirtsky's The Rite of Spnng. This was accompanied by a v*Jeo mapped film of the Seeta Patel Dance Company which was projected onto the front ofthe ￿l￿dir0 Ma￿1r￿) reowNng ofthg orchestral season. We also welcomed a new partnership with the London Symptr￿y Orcheslra. they only regular partnership vrith a cOr￿rt hail outside of London. The LSO'S concert with &r Simon Rattiè and piar)ist Gersteln was a particular hKJN￿hL ir￿Ludirwj a rEw work by eomwser John Adams. Speeièl mention nKst also go to the Bn'siol and City of Bristol Choir commission Odyssey. vthich was anolher key feature ofwr reopery'r4J Celebrat￿ Composed by J(xBihan Dove with a libretto by Ala5d￿r Middleton it can be descrl)ed as a new mu9c drama for sroers and orchestra telbng the story of a refvgee's Jwney Se￿n9 safety in another country (kawn from first-hand ccount& The corKert was part of a wider day feslivalTh128th January 2024 Ca￿¢￿ Be IOndBristol CeLebrat￿g the oty's varied cuitwai th"versity. We maintained our broad nKJiti-genre ￿0glarr¥T* thrtwghout the year to ensure we offered a rfch mix of artists, music. expgriences for a range of audien￿5 across Ihe clty. Further highbghts Included Submotion Orthestra. Yo La TerYJo, Charlle CunThngham. The Tallest Man on Earth, Lar&um. ￿ab Strap. Steve Earte. Fantastic Ne￿. Arnanda Shres. Tinèrrwern Matthew Haisall, Jesca Hoop. Martin Hayes. Ertand C¢)oper Siomoway. Show highlights Sir￿ rg)pgniTr3 Kr¢￿￿ (knrtet. JLY) A￿50￿ Paraorchestra's Drone Refractions. Bombay Bwie Club. Fatoumata t)iawara, Transatiantr Sessions. Roisin Murphy, Stewart Lee, loco Moor Mother. NKJ( Mulv8y. LcffKkJn Afrobeat C(li￿lIve. R￿meSh Ranganathan, Horace AJKly and Thundercat For the reopening concert November 2023. we ccrnissioned a work from t Paraorchesira declronic arttst Suigeorts C￿1 titled the Light Fantastic. 0fNVh￿h there were 14 Bristol Music Trust TRVSTEES'ANNVAL REPORT tor theyearended 31 March 2024 two sold out perfom)ances. This was accompanlgd by a luht and Fyojecllon show from Brfsioi- based Mdeo artists CirHna io hi￿tight the new arKI refurbished features of Beaeen HaiL. The Paraorchestra CO￿@rt was swiftly fdLowed by our other flagship reop8ning event Th8 Housewumiry. This t￿k FAace (m 2r4 December 2023 arKI de￿Vered Ewond our expeCtstTrc￿S not only in tem￿ of audwce attenda1￿e and react￿￿ lihwe were approximately 14.000 people attenda￿e throughwt the dayl but also the quaity arKI commitmenl of the artists With around 1.000 artists aNJ perfomiers part li was by fw Uirgest event we have ever programmed acro￿ all spa￿ in the halL f￿Ven the fact that we V￿re mt yet familiar with spaces due lo the lack of time between beirKJ lo xcess them and the cwing events takiry place, The HOuse￿m7￿g was a triJn￿th and a te￿aMent to vh￿t the organisation can achieve. The HOuse¥￿Tr￿lng was also broadcast iwe by Ujima RadK) wh￿h started our new and fruf(ful retationship with the statio The respo￿ from artists agent& arKI Kwnv)tersto the trk4U reopwing has been incredibly F)OSitive ih over 200 shows either confirrred or pe￿illed to the erKI or the find￿lai year 24/25 at the pjint at which the hail reopened on 30th November 2023. Support Forcreauves Update Next Lev OveT two V￿kS al ￿Tate Studios from 3rd - 15th April 2023. we debvered the second edition of the Next Level artist deveiopmenl proRci aiongsKle Big Team CIC ￿eaM Lovel as co-producers. The project was specifully destgned to help support emerging artists. crealwe and professional develoFffient W￿le ￿iLdIng their relatior￿￿p with the music irvjustry by plaang Ihem inlo professional environments to build ¢(￿fider￿e atKI ertkince tPHr writing. w(*ding, F*rformance. and promotional skills &x artists between 18 and 30 We￿ ￿pp￿1 with guidance fr¢)m six well-established &tist ment￿S ￿￿th extensive irxlustry ex￿rienCe. hti bristolbeacon.o su -for4reaiNes The artists ali took part in a showcase evenl cffl IV April 2023 to mark the culmination of all thg work put nto Ihe stLKfio oveT two intensive weeks and prowded a chance to celebrate ali of the a￿st,5 achievements in a more intimaie setting. Head￿nIng Ihe night was new Brmingham-based Rap artisl Miss Lafamilkl supported by her DJ. Bristol-based DJ Mccoy Sway. This event was held in Bridgehouse and altended by arourKI 3CK) pe(*. with il* majority of Ihe a￿lence being a 51rongly div8rse mix of1840 ygar-oidsaThJ iTrJwiduais weiiconnected in th8 lo￿[ xgr*. bristolbea what Futwg Prwf This 18-month iC￿g artist development woiect wilh euht parbcipating errETging artists aged 18-25 has now been detivered to its conciusth wilh the artists holding iheir final eoncert at The Hotssewormi￿ on 2rrt DeCern￿ 2023. Through this the cohort have enga￿d with atyl mpLeted the foliosmng 12 monthly group sessions with irKluslry guests f¢xussiThJ on top￿ oftheir Ch0￿e. Seven months of wred one too￿ mentoring vath local ITrjL￿try profe55iona15 Three professional studio da￿ to CC￿lab¢Yate. An investment of £lk each towards t￿r personal developiHrt (i.e. ec•Jipmenl. studio services attendlng events). F￿al performar￿S as part ofthe reopenirg Hr￿e4varT￿1ng event 15 Bristol Music Iiust TRUSTEES'ANNUAL REPORT for the yeap ended 31 March 2024 Now thal the trthlding Is open and we have access lo the ￿liar$ and edueation spaces we have Ixn rewewing the support for creatives WOTK looking back over the last seven years of delivery, and reflecting on our next steps with our new f￿lItIe& To ?4d this revv?w we con9Jlted with the local musc scene both through an survey and a series of in-person conversations With beneficraries arKI other loeaL regionaL and natiorngl organtsatTh& The outcomes have helped inform the shape of our programme movirKJ fomard and prov*J8 us wth a clearer understanding of the needs of the aty and region and how we ffight best support I(￿1 iaient development in the 24/25 financial year. Finally. the aprlieation we wt into the Perfoming Rghts knety FouThJation in February 2024 to fund some of our support for creatives work wa5 successful with Bristol Beacon bwng awarded the highesl amount avaiiaLle 1£15k w year) for a period of three years. This was in recognition ofthe exceLientworkthe team have in deveLopiry Ihi5 part ofthe wcgamme and the strength of our offer for the cc4iNro three year Creatvrfe Learrw¥J and Engagg Muslc Educatlon H The MUS￿ EducatKJn Hub Kwovides insirwnenlal and singing music lessons in schcd and out of schwl across BrisloL In add"rf(￿. it provides tra￿1r￿J CPD for teachers, inslrurwits f￿ schools aThJ Ins￿ra￿"0naI musical experiences ali thldren in BMT was 5uc¢essful in our èid to be the Hl￿ Lead Organlsatlon for the West of EngLand wh￿h will see us take up strategic responsd)iiity for mugc edUCalm￿ across an expanded geographical area in September 2024. Our fiagsFip tarwed programme for primwy sch)ois. Eorthw. eontinued n 13 schools ac¥oss the city and parI￿1parts from this progrènrn were thè first to take part in activit*s in the newly oFene¢J Bèacon HaiL in Septemb9r 2023. wort(iThJ ￿th the 8enedetti Foundatio er 2.800 children have been makh)g of the space5 to practice arKI perf¢ym, including 8ristolYouih Choir. wh) performed as ofthe choral prerThere ofjonathan Dove's Odyssey aiongsKle 8wTnemouth Syrryhony OrCI￿ra WKI Cty of &7st¢A Chcdr. In March 2024. maklng use of the faatities in our r*w accessble venue. we partnered with Music foryoulh and Trinilycouege lo wesent Together for Musc, ac81ebrati0n0fir￿Iu5￿e mU￿e making. Young muscians. groups Sch￿ from across Ihe counlry came to Brislol Be￿)n lo lake part in wf¢)rmaw W￿￿5}K￿S and to try cxJtaccessibLe inslrumeni& thjring ihe year, BMT has delivered 66,000 indivKlual Les9)n5 to Chldren and YourwJ People across 8ristrl and 84 sth¢)01s s13￿1 up to ow nEn*ethp scheme. Bristol 8eacon'5 communlty engagement F￿gran￿r* coniwes to flourish as we wivite all members of Bristols c(fnr￿nitle5 to share. eeiebrate partici)ate in creative [￿Jects. performances. workshops, networks. and socaal meeturs During 202>24. as part of reopenry vfftkerKI. V￿ presenled Tr Hwsewcrming. a free house party for Brislol that saw over 14.000 exP￿nce over 60 commurwty and professional acts and LOOO perfomiers in on8day. We also presenled Be K￿d 8iistol. a day of crealmty tttrcurated with members of Bristol's refugee and asylum seeker tomn￿n￿eS Ihat wove dance. art pc*try. musi crafts into a heartfelt eeiebration of 8rislol's rich tapestry of refugee and migrant hdentities. 16 Brlstol Music riust TRUSTEES'ANNUAL REPORT for the year endèd 31 Marth 2024 Our Hope C￿ltIve Fhyjrarnrne. Vth￿h suppc¥ts care exF￿r￿￿ children. care leav8rs to express themselves thro￿ ueative activity. continues lo be ￿OgnISed nalionally. In 2023-24 Hope Creative WC￿ the national Rocksteady Award for Progressive and Inclusbve Music EdU￿tIon at the Music and Drama Awards. In January 2024 we also [a￿ched a new programme that ryovides regular space for care experienced children aged 0-2 their foster carers tIw0￿ a mltsic focused support ￿0￿p aimed at red￿1r¥j anxiety and stress exper￿￿ed by fosier carers arKI supporting improved relationships with the young Ch￿dren tly care for. ¢)Jr arts aThJ health proe¢￿ usivJ ¢￿all¥lty to F>)gbveEy ￿np￿t health and Vdibel￿ outcomes for 8rLstol's mst vulneral￿e peoFle. ncluding adults Imng wilh dementia those wtth mental health and challenges and brain Mijuries. contin￿1 t1¥0￿11)ut the ￿. Working Closely in partnership with social prgscribing and hgalth care support seNices. ReferraLs trj these actiWl￿S grew week on week. as our projects becane rec(KJnised and ac*nowi8dgod across the ety. The Trust has a proven track record of effectNdy m￿ag1￿j the charit￿5 resources. utilisiry commerciaL value for money apFwoach wthin an ¥prqxkite and robust govemance framework to deliver exceptional artistic arKI e(￿￿￿tional wtcomes for our audi8nces and people. An exFwienced executive team and skiiLed V￿)rI￿orCe have brought creativity. passion. and commitment to Ihe wort( of the orgarisatiorn we haveconsisientiy met our strategic objectlves increasing LKJth the range and reach of our tLtwit We have continL￿1 to develop our commwciai operations to SUFPQrt the tharitablo WO￿ of the Trust during the closure perDJ fc￿ redeve 8ristol Beacon is rec(wised for achi8wng 8xceLLeT￿o in ourcu5tom8r service prowding a first- class experience for aLi our visitors is at he¥c of ow bra￿1 We continue to closely with the eharily Attitude is Ev*ythng to review and inyove our ac￿skn￿ty offer. Partnership Working continugsto bg key to ￿th0￿ artistic arid commerck21 S￿￿$$and L￿￿eryynS oui contribution to Biistol's musicaL cultural arKI ecorrf)mic life. We enjoy partnerships with som9 of the Southwesl'5 most successfd I￿sineSseS and have contin￿1 to build (m strong public and corporate support forour music and educational actmty. In addltton to the we have received fr￿1 Bristol CityCounaL we have raised £2.4 mil￿on in voluntary income for our mu&cand edueatth programme& This is in addition toeapitalfundraisng of £4.9 mility)n in the year. In 2017. KPMG calculated thal economic impact generated by ihe concert hall in terms of Gross Value Added IGVA)- a n￿aSUre ofthe ewnomic value of go¢)ds and services generated as a result of the Co￿ert Fk4iL's actMt*s - and employment lin full-twne equivalent ￿￿E) temw. in 2015/16 was E17.4m OftlN& £IL8m is gererated within 8ri510l itself. FINANCIAL REVIEW FInan￿1 Rogjlts Bristol Music Trust's year of activty from l Awil 2023 lo 31 March 2024 has bew focussed on completing the Tefurbis￿n8nt project and preparing growing the organ￿tiOn ready for Ihe reopening. It resulled in a small dan￿1 urveslitted deficit of £7,330. This resulled in an unrestricted net deue&se in funds on teknl income of £11.210.n3 12023.. E6.694.5381. difference ￿ income ￿ tha w is manly xcwnted for by an iKrease in charitable Income of ELSM from events ortt the venue reopened in November 2023 and a £3m drawdown ofACE fundiry for the caprtaltranSformath￿ FxojecL With funds of £i,ooa207 broughl forward from 2023 this results in E994.877 in LMreStri￿ to be carri8d forward. 17 Brlstol Music Trust TRUSTEES'ANNUAL REPORTfor tht year tnd•d 31 March 1024 There has txen a total net decrease n I￿￿S over the year of £22.326. Total fund baLinces of £3,177,3631202& £3.199.689) will thwefcye be caNie(I forward to the n8xt financialyear. The tharity received uNestricledfL￿ling0f£7T/.000fr0M ￿15101 City £248.235 NPO grant funth.ng from Arts Council EngiarKI aThJ £574.312 of restr￿ted Music Education Hub grant funding from 0￿ viaACE. Thiswas used in full to supportthe ￿lI￿lIeS of Ihèorganisation through year. Additional unrestricted vduntary fw)ding of£292945 2023.. £344.4761 ha5b￿n generated for day- to-day activities from UnreStr￿ted grants. donations, coTpxate spcnsorship. and from boih the membership and patron schemes. A furtFw £482.158 of restrictc¥J twsi and foundation and other donations was rabsed towwds thecosts of the Creative le￿￿1￿ and Engagement wwk In addition. £4.503.619 granl and donatic￿$. drawdown from ACE and NLHF capital grants have en received in the year for the ¢apitsl transfom)ation woiect and £375.213 from private donors and trusts and foundations. Of the income received arxd reStr￿ted capital project furKts balances brought fornard. £4.6m is carried fO￿ard after in-year cosls of £2.284.232 for the Trust's own proiectcosts and for transferto BristoLCityCixmcil under temisofthe Collaboralion Agreement for construction and desyn oists on proRcL The eharity benefrted froma gift-a1d￿I contht¥Jtion of£158.644 (2023.. £109.59D wh￿h represenied the net profit of its subsidiary conwy BMT Enteryises Lid for the same ￿riod. Th8 profits of the trading subsidiary cor￿nY have arisen from the provision of servKes in reLation lo conferenclng and meeting-room hire. food comvrA5son paymenls and lyJx Offi￿ se￿￿5 to extemal arts organisations This trMJsiness has been develwng F)OSt reopening with 184 events delivered and a gross margin dightly uThJertarget at 45% (target 56%). This is due mainly lo the mix in a short trading period post cferMrwJ and recovered to 56% Fy)st year eNI. During the year the Trust invested £105.W ￿ fixed assets12023.. £368.9891. Total net assets Ilctsl assets less totaL liatAliliesl and charty fur￿ of É3.177.363 are reported as at 31 March 2024 12023.. £3.199.6891. Cash at arKI in hand totsb £7.107.65712023'. £5.283,5031 of wh￿h É3.348.ni (2023.. £515.0991 relates lo advance t￿ket saLes aT*I £3.045.891 (2023.. £4,129.2311 relates to funding for the CaFMtal transformation proiecL The Trustees have agreed that the de&gnated Fixed Asset Fund STr￿1d be increased to cover the net t*)ok value of the organtsation's r￿edasSetsaS3tthe financialyearend1£435.6241. and therefore approved a transferof£2.949 from the General Fund at 31 March 2024. The total iwel of Un￿StriC1ed furKls teY¥J General FurKI plus DesKJnated Fund5 aess Frxed Assets fund) as at the end of the year is £559,253 foiiobvry an agreed drawdown from CLE Designated reseNe to wppcmt inVest￿t in community v The Trustees reviewed the reserves poiMI durirvJ the year and agreed on a iong-lerm strategy to build the charily's general reserves furtherovertine ortethe buildirKJ projeci is ￿rry[ele. li is now proposed to tink the reserves on minirwm level of free reserves lo be retained, to the business risk register. This idenlifiesthe major Tisks and likely reseNes needed to mitigate or ovgr¢om9 the risks if they ocojrred Tk¥s is currently sel al £850.CQO. Under the Memorandum Art￿LeS of Assocsation. the charity has the power to make any investmenl ihat the Board of Trustees sees fit The Trustees have agreed that eash in relation to advance ticket income for upcoming shows fjncludwy Commercial hire￿ be held in a separate Bristol Mu%c Trust bank account from the maln q)eralKMiai account to manage the Trusi's Lyèrational cash flow effectNely a￿1 transparently. The Trust￿5 have fwther agreed that cash in retation to restricted income received for the cafjtai trarlsfomwtlon project sh¢)uLd also te held in 18 Brlslol Music Tiust TRUSTEES'ANNUAL REPORTfor the year tnded 31 M3r(h 2024 a separate ￿5St01 MUS￿ Trust bank account until such tim8 it rs either used by the Trust to pay for capital woiect costs or Is transfwred to PAistoL City Cwncil to pay for construct¥)n cosis for th8 FIJTVRE PLANS We are pleased that V￿ were akle lo reopen Ihe venue successfvuy with wjequate investment in new staff recruitment and trainiry and still actrmeve a small surFius. Th8 current financial year 2024/25 will equally chaUeThJing as staff get used lo learning how to operaie efficiently a much more sophisticated tYJ￿ding. This i￿￿tat￿Y mear6 that there may be V￿xPeCted costs as it becomes dear if the slaffng mL>Jei wovKles adequate eapaaty to run at a high ¢)ecuparw rate of 70%-75% all year round BLtdgetry for other m4or yratKJnal costs in cLean￿g and ulikn.ties wlll also be tested this year. There also te income related chailengesas BMT to a nvN tAJsiness model wth no further local buthorily funthng Trms is iwng made up fr¢Jm skn"ghtly increased nLmbers of Ccmnmerckil rtxk and pop shows a tmgger ￿￿￿raisI￿ target based on (x)nverUrYJ capital donations Kito oryrfng revenue donations In additw ihe level of commercial income from food and beverage commission and cfx)ference lettings is Lxjdgeted to increase ygnifieantly. Son* of this is undeN4ritten by ihg ￿nImuM guaraniee frC￿ cw cateriThJ partner Graysons and the long- term contraci for graduall0r￿ V￿ h3ve ￿ned with UWE ttws is probably the greaiest area of risk The maln assumption for the next couple ofyears 15 for operational corwlidation and some inftationary Pri￿ increases only bul no maNx vclume reialed increases in thity. Intlalion is assumed to reduce nearer to 3% by 202& Cashflow is managed carefully wth tickel income heid in a separate bank account to operating castrL Cash baiarKes ale go(xl because of advance ticket sales. and this actively n￿nag￿ to drNg income fr¢yn interest payments. BMT i5 wdl n8tw￿￿ in the city to bjentify ary new coM￿￿ve threat& The new Arena in Filton on the Brabazon 51te is expected to be arourKI 5.000 capacity and to be open in 2025 or early 2026. 11 is not expected to affect Bmfs I￿SInesS in a maNx way since the prwamme will larger arena rock and pop bands. Tru5tee5' & Dlroct(vs' Re5porthliSYes kn the Fwratkn of Statements The Trustees (who are also the directors of Plistol Musc Tnjst for the purposes of company Law) are responsible for preparing the Trusiees. anr￿￿1 report the financial statements in accordarKe with applicable Law and United lfjwdom ACC(￿nt￿g StarKlards IUnit8d Kingdom Generally Accepted A¢￿ting Pract￿1. Company law reqUI￿S the Trustees to prepare finarKo1 statements for each finartial year whieh gwe a true and fair view of the state of affairs of the charitatAe ojmpany the group as at the balance sheet date, and of the incoming reswrces arKI applica￿On of resources. including income and experKlilure. for that perK)d In weparing th)se fin￿k￿L statements. the Trustees and directors are required to.. sdect suitatle aeecmjnting pcdKiesand then apply them consstently. observe the ￿*thodS arKI prInci￿eS tn the Cswittes SORP and FRS 102. make judgements and estimates thal are reasonatie and Fxudent state whether ap￿cabLe UK Accounting Standa￿5 have t*en followed sub￿￿ to materialdeparturesdisdosed arKI exF4airEd in the ffinanci& ststementg Ixepare the finartial statements on the wir¥J ba￿ urkn it is inappropriaie to 19 Bristol Music Trust TRUSTEES'ANNUAL REPORT for the y*at ended 31 March 2024 The TTUSt8es are reswnslble for keeplng proper accounting records. wtich disclose with reasonable accuracy at any time the finar￿la[ pwtion of the ctr53ritable company and enabLe them lo ensure that the financial 5talemenls cOn￿Y V￿¢h Companie5 2006 and tharities Act 2011. They are also respongbie f￿ safeguarding the assets of the charitaLrte company and ihe group. arKI hence for taknng reasonable steps for the prevenbon and detection of fraud ar¥J other itTegularities. The Trusiees are responsitrAe for the Maintenar￿ and integrity of the corporate and financial infcrfmalion inclLKled on the charitable company's website. Legislation in the Uniled Kingdom governing the weparatwjn &KI dissenlnat1￿ of finaThiai statements mty differ from tl legislation in other juriscktKJn& Auditor RSM UK Audlt LLP was first apprynted during the financaal year 20ll/12. They ha￿ served the maximum p9ri¢xI pemiitted and the autht 2024/25 wiLi ￿ retendered. statement as to Oisciosur• of Infomwkn to the Auditor The Trustees and d¥ectors al dale of approval of this Trustees, Annual Report confirm that SQ far as each of them is aware. there is w relevant audit inftm)alion of vthich thg charitVs auditor Is unaware. and Ihe Trustees have iaken ail steps that IW ought to have taken to make themselves aware ofany reievantaudit infomKtw andto estsbtish thaltheaudlt￿ saware orthat information. This report was recommended to the PA)ard ofTrustees by Ihe ALwJit Resources and Risk Committee on 10 October 2024. and was signed on their behalf by.. Jonathan DirnblW (Chair) Bristol Music Trust TRUSTEES'AMNUAL REPORTfor iheyearendèd 31 Marth 2024 INDEPENDENT AUDrroRS REPORT TO THE MEMBERS OF BRISTOLI4￿sc TRUST Oplnk)n We have audited the finanuai siat8rr￿nts of Bristol Music Trust (the 'parent tharitable company'l and its subsidiaries Ithe'group'l for the year ended 31 March 2024 wh￿h comprise the Consolidated statementof FinancialActivibe& the&cwi aThJ Compa)y Balance Sheets. the Gr￿P￿d Company Cash Flow Statements and notes to the fir1￿￿la1 Slaterr￿t* including significant accounting cies. The fnancial reporting frameworf( Ihat has appkn'ed in thetr preparation is applicabl8 law and United lfjngdom Aeeeunkng Standard% includiro FRS 102 'The Financial Reportlng Standard applicable in tPe UK ar#J Rewbk of Ireland. IUNted KiTrJd¢)m Generally Aeeepted AccountiTh3 PTacticel. In ow opin*)n the financi& statements gve a true and f￿r view of the stste of gr￿P.S and the parent charitable companys affair5 a5 at 31 March 2024 and of the group's incoming resources and aPpI￿atiOn of resowces, IrKiudiThJ its irKcme ex¥H￿rtUre. f(x the year then ended.. have been Properly prepared in aCCordar￿e wilh UThied Kingkni G8n8raiLy Accepted Accounting Practi￿.. a￿1 have been prepared in xc0rd￿e with the req￿rerrthts of the Compar*s Act 2006 and the Charities Act 201L Basis for cpknlon We have i￿n appoinled ati(*t￿5 urKler Companies Act 2006 and seeti)n 151 of thariiies Act 2011 and re￿t in accorda￿￿￿th those Ac WÉ conducted tyjr audit inaccordan￿vthh Intematk)rwl Standards onAuditing (UK) IISAs(UK)l and applKable taw. Our resPon￿li￿lIeS urth those siarKkns are further described in the Auditor's responsibl￿tIeS for audit of the financial statements section of our re[￿ We are independent of the gr￿P arKI parent d)aritaAe compwy in aCCordar￿e ￿th the ethi￿1 requirements that are relev￿1 to our a￿lt of the fnaThial stalements in the UK including the FRC'S Ethical Standard and we have fulfilled our oiher eth￿& reSpC￿￿bl￿tles ￿ accordance with these requiremen& We bebevethai the wdit e￿den￿ we have 0Lrtaln￿ is ￿ffi￿nt arKI appropriate lo promde a basis for our opinion. conclus1c￿ relating to goirwj corKwn In audlting the fina￿la1 ststement& we havo corth￿ that the trusiee5' use ofthe going concem basis of acC￿lI1n9 in the preparation of the financh31 statemerts is appropriate. Based on the work we have perfom)ed. we have not Klentified any material urwtainlies relating to events or conditions thaL irKlividu&ly or collectively. may significant doubt on the group's parenl charitable company's a)ilty to C￿tinUe as a going corKem for a Feriod ofal least twelve M￿th$ from whw financial staterypnts are alrt￿l￿ for issue. Our r@spon￿t￿lit￿?S th8 re5F￿n￿11t￿S of the tnLStees with respect to goiro eC￿￿n are desLYibed in the relevant sections of thi5 reporL Other Informatlon The other Informati￿ corwse5 infOrMath￿ included in t1￿ Trustees. Rewrt other than the fina￿la1 statements and w aL*thtorfs rewi therec>n. The trust*s are responsible for the other inf0M￿tiOn contained within the Tnjstees, Rewt (kjr on the financk31 statements does rK)t 21 Bristol Music Trust TRUSTEES'ANNUAL REPORT for the year ended 31 Mawch ZL114 cover the other Informatlon aNI. except to ihe extent othe1w￿ expikf(ly ststed In our report. we do nol expre55 any form ofassurarte Cond￿on thereorn Our responsilylity is to read Ihe other 1rnformati￿ ￿. in doirrfJ so. consider whether Ihe other Informat￿ is materially inc(Msistent viith the fir￿￿la1 statements or our knowledge obiained in the cowse ofthe au(til or otheThviseaFpears to be rnateri&ly misstaled. Ifwe Kdentfy such material incon￿st@naeS or apparent material misslatements. we are requwed to detemine whether Ihis gives rise to a material misstslemenl in Ihe finartk41 statements themselve& If. based on the wcffk we have performed. we eonelude ts¥gt ihere 6 a material misstatement of this other information. we are required to report that fact We have nolhk¥J to report in this regard. Opiilons on other matters pres(xA)gd by tho CWnP￿IeS 2006 In our opinion. based on the work urKlertaken in the ofthe audiL' the information given in the Truslees. Rep¢Nt. which includes the Directors. Report and the Straleglc Report prepared fcw ￿ purposes ofcmentof the Bristol Beacon iswbiecttoand accc4Jnied for in line wtth a DeveiorAnent Agreement with 8ristd City Counal IBCC) whth replaced the K*evious Lease. Under this agreement. the Tisks atKI rewards of ownership of the ￿ildiT¥j are retained by BCC so no asset is recognised by BMT. Althol￿ the refurbished bulding orened during the year on 30 November 2023. th9 defects perth njns unul 30 November 2024 so the prc¥ect s onwng until then. Under the terrns of the aweemert BMT has taken the lead on fiJndraisiThJ for the project and recognises the r￿e1Ved thwe is evKlence of entitiemenL W%knbiiity of receipt and th@ incorne can be reliably measured. ThedeLwyof the Voi￿t￿d its assctiated costs are borne by 8CC expenditure is r8cogMsed vthen costs incurred are invohxd by BCC in line wlh th8 agreemenL INCOME VO￿tary income inciL*ks the servi￿ Levd Agreeft￿t paynwnts from Bristol Ctty c(￿nCil wh￿h are ora general nature. IncorrE from grantsaTrJ donatiors LS recognised when there i59vidonce of eniitLement. prc*)al)ility of rec*pi atyl they c3n be reliably measured. Grant fur)ding received in relation to Sp￿lf￿ projects Ifor example education proj.ec￿ is recognised as restricted furKling Income from charitable activities wKLudes ha(i hi￿ incotY*. tx)x sales from BMT own promolK)ns. income fr(m ed￿at￿yo1 ￿tivit￿& and box bookn.ng fees. ft is recogntsed as eamed Income in the year which ihe related gotxls or servres we pr<)VKled. Charitable activrty income is deferred when box off¢e sales or tocA(ing5 are reeeNed or invoted n advance of the performance or event to which Ilwrelate. AdVartel￿ket ievenueforfuture lettirM¥. and therèfor• due to extemal promoters is wthded in deferred tr￿le 161. EXPENDITURE Resources exp￿Ided are induded in the Statement of Financial Actfvllles accruaLs bags. irKlusive of any VAT ihal cannot be recovered Expenditure on raising voiuntsry inccffie irtiudes dirtrt arKI indirect costs associaied with our fundraising aetivity. Expenditure on charitable activities costs as￿lated ￿￿th the st￿"ng of ￿rf￿rnènces, events. and our educationalactmties arKI includes both thedirect costs and support costs relating to these activitie5 fjncluding costs incurred in the g0Vemar￿ of the ehartiy and its assets). Exp8nditure on other trading actiwties ￿ludeS costs a55ociated with commerc¥g1 trading operations IcaterirwJ. lure of ccrf8r￿￿lTh3 f￿ArtIeS arKI meet#YJ-rco)ms at &istd Beawn. ar￿ the Bristol Music Tiust ACCOUNnNG POLlCtES lor the year ended 31 March 2014 pr￿$10n0fLx)x office ser¥icesto0therwborg￿w5atlOTr￿throUgh BMT Enterwises Ltd. and Indudes both thg direct costsand swrt(x>sts rela￿g lo these adifftt*& Bristol Music Trust leases the B￿oi Beacon premises. and certain fLxed assets within the Hall at the time of transfer of bUs￿e$S operation& from 8risioi Q"ty Council at a Feppercorn renL It is not considered pOSs￿le to determine the open market vaLue of the faciLity and therefore no rental charge has been ￿ognIsed in the Stalement of Financial Activiiies. TERMINATION pAYmE￿IrS Terminatlon payments are payable vhEn errvi0￿nt is te￿ninated before the normal retiremgnt date or end of enyioynwnt TW are recognised commltment to payment 15 made, TANGIBLE FtXED ASSErs All tsngible assets purchased that have ￿ eX￿ted useful ecorK>mic irfe that exceeds on? year and a valug of rThJre than £l.000 are capiiaiised aNI cLasSif￿d as fixed asse& Any ewipment or a55els purchased for less than £l.000 per tsm bMIL be accounted for a5 expenditure in the year of purchase. Tangible fixed assels are stated at hist￿l¢aL cost less dweciation. Depreciation is promded ￿ aiL iangibie r￿ed assets at rates e*ulated to write each asset down to its Èstimaled residualvalue over its expected tLSefui Life. as follo Fumiture. ffixiure5 and fitt¥ThJs Motor Vehicles IT equipment Plant & MachSnwy M￿lcal Instruments st￿nwaY Fiano 3.5 yews sirawt lkne 5 years strdw*t line 3 yeaTS Str?4ght line 3-10 years straight Ine 10 yws stra￿3h1 32 years stra*Jhl line Bristol City co￿￿11 has agreed that assets (pknt and maChIr￿¥. fumiture. fths and r￿tIngS) associated with ￿ wnning of the Btisloi Be￿n and ¢￿tall￿d within Ihe buitding at the start of the lease WILL be left at the premises tor the term of the new 32-year lease as part of the lease agregment. Ownership of assets is retsined by Council and these assets lor equrvalent assets in the same conditbm) v•ill be retumed to the Councl at the erKI ofthe lease. and therefore should not be reC￿3n1sed as assets by ihe charity. It is the oF4rNon of the Trustees that aLi such asseis are of a low fair value and as gjth w¢)uid be immaterNAI to the financial statements. TINS excludes a Steinway piano must be maintained by the Trust as part ofthe lease agreement Where tangible assets ae pur¢ha%d ￿ repl¥errents ihey wil te recogrmsed as assets by the charity and depreuated in accorda￿ with the polry al STOCKS St¢)cks are valued at the kn)wer of c05t ￿ net realisalle value. 31 Bristol Music Trust ACCOUNTING POLICIES for the year ethded 31 March 2024 All other leases are 'operaling leases- the annual ￿ts[s are dwged to ￿ statement of TInar￿la1 actimiies ¢)n a straighl bne basis over th8 lease term. PENSION CO￿rABLMONs Thg charity has intrc*luced a defined contribution Fension ￿heme for employees with Royal London, and a defined contri￿11￿ pensK)n scheme casual WO￿@￿S with the National Employment Savings TNSL The assets of both Scher￿ are held separately from those of the charity. The amual emthgr's ￿￿￿tionS are charged to the Statement of Fina￿la1 Activiue Brist￿ MUS￿ Trust empioy8es who were TUPE transferred Lo the txganisation from Bristd Clty Council retsln thelr memtwslyp of L￿al Govgmment Penson Scheme (a defined benefits scheme). The assets of the scheme are held separately from those of the charity. The employerfs contributions ratewasassessed atI4.7Xatt￿ lime of transfer based upon detaits of the em￿oYeeS who transferred over. The transfer agreement ststes that potential increases to this rate loverl7. after futu￿ assessments will be covered by a cOrreSp￿J1￿g IT￿reaSe n Bristol Qty Council grant funding to cap any financial risk to charity. As such Ihe sc￿M? is tseated as a d8fined ontribuiion scheme in accordaKe with FRS102 Retirement 8enefits. Bristol Music Trust employees who were TUPE transferred to the ￿ganIsation as members of the Teachers. Pension Scheme la defined benefits scheme) retain their membership of this scheme. The company crMtributes to the Teathers. Pension Scheme at rates set by the Scheme Actuary and advised to the Governors by the Scheme AdnNnislrator. ￿ stheme ts a multS-empLoyer penyon scheme. a￿1 it is ￿t possible to identfy the assets arid iiabilrf(ies of the scheme which arg attributable to the company. In ￿COrd￿Ce with FRS102 therefore. the Scheme is aceounled for as a defined contributi￿ scheme. Furth8r d8taiis provided in note 22. FUND ACCOUNnNG The gener81 fund ¢￿￿e5 the ￿cU￿￿[al@d surpiuse5 of unrestricted irKomK)g resources over resources expended. vthich are available for use in fvrt1Wa￿ of 9gngra obiectwes of the charity. Deslgnated funds ￿e a partiwlar fcxm of unrèstricted furxts congsting of amounts which have been all￿ated or desvJnated f￿ Specif￿ by the Truste8& The use of desiwated funds remains at the discretion of the Trust Restricted funds are fund5 subiecttQ 5Fttl￿ cmjitions irwsed by cknors The purpose and us of the r8strict8d funds are set out in the notes to Ihe accoun& Amounis unspent at the year-end are earTied forwwd in balance shegt. t*Je to the material batar￿ of the t￿Ilding refurbtshment rmoject. it has been Split oui into a separate restrtted fvThJ in note 19 under the heading 'BB Phase 2- Capitsl Transfwnation F*opd'. 32 Bristol Music Trust NOTES TO THE FINANCIALSTATEMENTS forthe year ended 31 March 2024 NOTES TO THE FJNANCIALSTATEMENTS L V(Lu￿ARy INCOME Totsl Funds Totsl F￿￿j 21)24 2023 C¢we Attl¥l¢l•s 6rlstol Clty Councll-core fvndirvd Music Educatron fvndinB Other 8rants Trusts and I￿ndatiOnS Indivldual donation5 Memb￿shIpS Sponsoishlp C4)re Actl¥ltles: In¢¢kne 777.L 777.Tr)0 574.312 286.170 466,987 82.156 62.104 125 921 2J74*50 lJJ26.000 577,815 286,168 370.606 331.643 7.689 574,312 37.935 429A87 14.736 148.23S 37 67.420 62.104 125 921 iJUJ80 IJJ56A70 2h56J66 pftalTrdnsformath)n Proj• Qther grants 4JQ3.619 4￿03.519 1.337.64Z Trusts and foundaVon$ and ottr*r soui¢es 375,213 375,213 686.580 grisiol Phas• 2-Tr•bkn**i¢n Proka: ¥O￿Al￿ In(•me 4J7• 4J178AJZ 2A124.ZZZ Tot•l¥olynt•rylnr4Jm• 18 80 35 02 Voiuntsry Incor￿ wa5 É7.253.48212023.. £4.681.0881 of whith ÉL318.180 was unrestrTrcted 12023.. £1.618,nii ￿ £5,935.302 was restricted1202&' £3.062.377). 2. INCOME FROM CHARITABLE AcThirriES ithre51rkted Fund5 Pastrkted Total Fub Total F￿dI 2024 2023 Hall and spa¢¢ lettlr and co"womotions Education aCUv1￿eS Other ￿ent income Total tr￿*me from tharllable •rtMtles 48$￿95 IA05,416 901.770 419 251 488.895 1.405.416 901.770 419 252 8.968 820.900 756,734 15 33 3 215 333 Ir￿)me from eharit&le acti￿l*S was £3.215.3331202>. £L647.1101. ttrys was all unrestricted12023., alt uryèslriettdl. 33 Bristol Musi Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 M•r¢h ZQZ4 3. INCOME FROM TRADING ACTIVMES IBMT ENTERPRISES LTD) 2D24 2023 Tvrnov Cost of sales Gross profft 569.842 305 361 264.411 338.806 128 210.759 mini5tratl¥e exp￿Se$ Net kncom• frnm tradin8 105 150.644 101168 109ts91 Balance br(rtyhi forward Glft ald payrrwtto Brlstol Mustc Tntst Total assets Total liabil1￿¢$ Not a￿•ts 216￿67 216 866 34S,8SO 345 49 Sh•r• aplt•l •d r•sef*S 4. INVESTMENT INCOME 2024 2023 Bank Intere51 172,056 27.534 COSTS OF RAISING FUNDS l*westrltted Funts Total Tot•1 Fynds 1024 2023 ¢ostSof tr•dk¥ •rtMths Cost of sales Staff costs Other support costs 305361 78.046 305.361 78.046 128.047 76.985 411 198 411198 229 15 Costs voluntary IrKu Dlrect Costs of fyrKlraisin$ 21 17 432 79 246 702 The costs of raiyng fvnds v￿e £432.27912023.' £246.7021. tlis was ai unrestrthd (2023: ail unrgstrictedl. Costs ofstsff employed in a fundraising capa¢ity we Incl￿ in support costs of eharitable activities (note 6). Bristol Music Trust NOTES TO THÉ FINANCIALSTATÉMENTSfor the yearended 31 Mai¢h 2024 6. COSTS OF cHAArrA￿ ACTMMES L*westrl¢led ftè5trthd Fuk T•t4 F* T￿al Funds ZOZ4 2023 Dlrort costs oftharA4bh Hall and space leibn¥s Ovm and co-promotions Educailon a¢￿￿ties Other event income 232,613 I￿26.381 953A36 141.753 83 232,613 1.026.381 2,024.901 141.753 25 8,446 857,507 2P29260 IP71h65 71 2 915 697 Support ¢05tsof (hxltablt Staff tosts Premises costs Othtr supplles Ind seThlces Marketlng costs 1575,157 4ty).366 350.151 I￿75,157 4(KJ,366 350.151 170 605 1552.192 70,044 131,149 96 23A07 Tot￿ c051s ofdwltgblÈ act[￿ 71 21 27 4 739 104 Costs of Llwitabie actmi￿S wewe £5.921.927 (202>. É4.739.1041 of vthich É4.850.462 was unrestricted Q023'. £3.439.76J and £1.07L465 was restricted (2023.. £L299.343). 7. COSTS OF CAPITAL TRANSFORMATION PROJECT Totsl Totl Fynds 2023 2D24 Dtrèrt tosts th r¥ta transforffl*t4on pr*rt Stsff costs Funds •llo¢•ted to Orisiol City Council for project dellverycosts Divectand indirertfundrai5in8costs Other support Costs Totsl o)sts ofapkal p ZS94AII 2.594.601 993,000 15WI ISA 2 269 232 31.348 7JZ 969 17 78 33 8. GOVERNANCE cosrs 2024 2021 Audlt ActountaAcy lee 22ml 24JXJO 35 Brislol Music Trust NOTES TO THE FINANCIALSTATEMENT5 for the year er￿ed 31 Mar¢h 2014 g. STAFF COSTS The4}￿•￿ ffKJnthly nurrèer ol pwsons enyloyal by the charity du￿￿theye￿T a5 follow5: 2014 2023 No. Employee5 Casual worker5 fy)nthhttot•l ios 72 177 30 128 These staff numbw$ include ff*rnbers of stsff contracted by Bristol Music Trust on behalf of 8MT Enterprises Ltd, the Costs of whlch are charged dlrect to BP&ff Enterprise5 Ltd as part of the cost shariNR ayeemeni betsleen parentcorryny and subsidiary. Staff costs for theabove pvsons.. Z024 2013 Wages and $alaiies Social securlty costs Pension costs 4ency staff Tralnin& retruiknnent and allowances Termlnatton payments Tot* st•ff tosts 2.786.575 234211 19BJ95 42289 62398 2.135,245 189.606 180A06 26.074 33,692 68 23 Staff costs lor the exe¢utiveteam Ikty managenwt personndl incl￿ding ryloyer pension contributions totalled £679NS2 for the year12023: £694.1031 for (If $taff12023..ts*Èlvel. Durln8 theyear no redundantyor I￿￿natioN payft*Thts made 12023: £n•l mède to no tmployetsl. Thrttemployee$12023.. r¢¢•¥ed totsl enolUn￿ts (WI￿1•r￿en￿Iov￿ penslon contrIbU￿onsI of nKsre than E60,000 wlthin thefollowing bands.. ZOZ4 No. 2023 No. £60,001. £70.OCKI E70.001. £80.OIXI É80.001- É90.0ts) E90,001. £ioo.rAJo Éioo.001- £iio.000 The abo¥eemployee5 earnin¥ more th•n £60POO pw •nn¥MpartiCipa￿ In the Deflned Contrlbution Pension Scheme. Ouringthe year ended 31 Klarch 2024. the ￿510￿ contrilyjtions for staff in thes• hnds amounted to £12.16612023.. £8,5871. The charity ha5 taken outa Tru5tee5' ind•Mity Insurancepollcy that provides profe55ional irtdermity cover for the Trustees of thecharity. Thec05t of thi5 •nsurance policyts the¢haritsble conwny for theyear was £76812023- E5971. Noneofthe members olthe 8oard ofTrus￿ receved anyren¥Jneration except for Ihe CEO Is remunerated lor her role a5 CEO and not a5 T￿￿te¢ Duriry the year TrustÉes rtt•¥ed rdrnbursemwts of personal travd and subslslenceexp￿dI￿re thaiaffthnted to £012023.. £01. Bristol Music Tiust NOTES TO THE FINANCIAL STATEMENTS for the ye•r •nded 31 Mai¢h 2024 10. DIREcfoRS' REMUNERATION 2024 2023 Remuneration for quzlifying seThryce5 Company penslon Contribuknons w ddlned Cohtribuiion sch•nes los￿23 IiYl.022 110274 1041151 The number ofdirectors fcff whom retirement are xcrury defI￿d contribution schemes amounted to (¥)e12023. onek 11 NEf INCOME/EXPENDrruR 1> 2024 2028 Th15 15 5tsted after thar86 Depfwlation Operatfjn8 L&ses - Plant& micNth*y - Offitè& quipm￿t Jditf•• 102.711 74385 777 9.430 20w)ty) 19.958 12.¢00 37 Brlstol Muslc Trust NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 M3r¢h Z014 12. TA￿lBLE FIXED ASSETS Tatal rM•L 01-￿-13 259502 14.726 349906 S8￿51 54395 122563 1.182 146J99 933A65 105ffi59 IAldilioD5 sposals 174 418 14 1170J751 139N431 1204.759] 139.9D81 17.3331 11132131 ILQ9991 14ffi101 Is￿.790} 172971 1102,7101 Charoefortheyear 0i5ppsals Jl-F4*r44 67 31*44 193 134 S92 435 145 47 47 4Y2 7$ 01-Apr-23 *41dlYons 015posals 231NI 151.321 4.01$ 54Jg5 109 2.282 146A99 793.691 6.397 231 255 146 799 O•prncb*lorb 01-Ppr-23 di￿0￿5 C4sposals 314lw44 1149AxII 132.1011 IIIL7811 130.5611 173331 IIOIAIYI IIOJ991 14M321 14.6091 1374.6971 172971 185,7911 91 460 31.Mw24 49 339 31.Mtr.2J si J9 47 41 13. INvESTME￿rs Gvoup fknup Cory•ny 2023 Investment In share capital of BMT Enterpwises Ltd The ¥b¢)v• relates to an in¥estment of l(MYA of ordinary share rapitsl in thp Subsidiary tampany 8MT Enterprlsqs Ltd J8 Bristol Muslc Trust NOTES TO THE FINANCIALSTAT£MENTSfor the year ended 31 March Z024 14. ￿OcKs Group COM￿ Cryhv 2023 2024 2025 2024 stock 4,452 53 The above relates ty Biistd Beacon Bar5 Stock held by thesub5idiary company BMT Enterpri5e5 Ltd. ljl stock was disposed of durin8 thevear as the Bristd B&3¢0n bars and re5tsur•nts catering has been sub. tontract￿ tt* a third party- 15. DE￿oR&. Amoumfs FALUNG DUE wrrHIN ONE YEAR Cthnparry Compnv 2024 2023 ZOZ4 2023 Tr•de d•btors 271528 253333 217.484 191331 157,391 253.334 97,570 153.046 4.480.745 68.295 191.331 275,933 83.07Z 41,542 Other debtors ArrK•unts o¥Yed by group PrepaynRnts Aecrued intome. Capital Ac¢rued Income 153W6 4.480.745 99.iy 41542 255.741 SA14393 178.019 127￿10 252,645 5394.731 172,000 832J73 16. CREDITORS.. AMouFifs FALUNG DUE wrtHIN ONE YEAR 1014 2023 2024 2023 Trade creditors 747521 63972 28.672 7225,742 401242 47,374 23￿92 Is24￿15 692.471 392,947 63.972 47,374 28.672 23￿92 7.209.120 2,466,088 Othw taxalon and soclal seturlty costs Pension toThtributions payable Othw creditors unts owed to group Accruals 801539 224.734 787.336 221,840 861,285 131,863 9￿42 J56 3M4 Dd•rred income I￿7t*1￿} 894.705 9.762JSl 131.863 3353920 Other creditots ineiudes an amount of £4.594.601 ofcaFital fuTrJraisThJ owed to BCC12023.' E2,000.0001. Nat West Bank holds a fixed arKI floabNJ d￿rge over all assets chartiy. This was registered in 2015. 39 Brlstol Music Trust NOTES TO THE FIPIANCIAL STATÉMENTS for the year ended 31 March 2024 17. CREDITORS. AMouKfs FALLI￿ DUE AFtER MORE THAN ONE YEAR 2014 2023 2024 1023 Lon8Term Loans .160 Si.030 18.160 51.030 .160 511J30 L•.160 SlJ)30 The I(￿9-terM loan is a 6-year l¢)an from the investment conwany R8sorbance Impact Investment thrc4Jgh WCS Nominees Lid. The loan matures annually from l October 2022 until 30 September 2025. The ConN)any will make n￿t￿Y rePay￿ents of the borr¢)w*ig& Interest was charged at L75% pa until I Cttober 2022 and 2.75% from then unts'l the end of the term. Ali borrowings are denominated repaid li ￿￿ndS stertw 18. DEFERRED INCOME Gmup Cornp•ny Balance as at l Aprll 2023 Amount released to ￿(oMe from tharilable 4rtbbities Amount deferred in the year 8•14n¢• as at 31 2024 131.863 {131.8631 894,705 131.863 1131,8631 861.285 Deferred income includes thance bthet of £797.69712023.. É81.8631. Bristol Music Trust 140TESTO THE FINANCLAL STATEMENTSfor the year ended 31 March 2024 19. ANALYSIS OF CHARITA8LE FUNDS DA4pr. nds )l-M¥-24 R*#rlrt•d lunds Muslc Ethjcadon Hub 612246 612246 sosjoo 141281 I22￿45 14S￿93 Youth Mu51C Earthsong Fwndation Paul Hamlyn Foundation con￿￿￿￿ty Enga8emeTht 48A23 66247 149.131 55.873 43,402 145A193 114370 U156A70 IA65 99275 Re51rkn￿ lund* 18 Ph*E• 2. C Trarthformallon Projert Arts Council Capital Fundin8 Plauonal lottwy Herlts8e Fund West of England Co1￿1ned •￿thorIty Other Capital FunthnB Sourre5 I337￿1 3.794.129 709A90 3.794.130 709A90 1337,641 745570 375213 375313 7•5￿70 2Jl83212 4￿18￿2 IO83.211 U97M2 5J35301 5J50ag8 2J824 GenLYal fund 479.S32 5275AII 5232.741 12.9491 519,253 De518nated lur#ls CLEltesef¥e 50mO 40.( 435.624 Axed Assets Fun¢$ 432.675 Im2207 2.949 5275AII 5382.741 994￿7? Total lunds 3.199￿•9 11210.713 112331J39 3J77J63 41 Bristol Music Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March Z024 19. ANALYSIS OF CHARITABLE FUNOS (continued) rr•rfer Funds 31.M¥43 -Aw42 Restrtaed funds Mu51c Éducation Hub 636.174 I33￿3 105.746 13 636.174 194.765 124.294 195,658 72,705 75.747 Youth Mu51c Earlhsan8 Foundation Paul H¥Tr￿Vrt Founda￿0￿ l•#tern Prole£ts Con￿UnIty Engaprffit Pro8rarn* 66.571 24J.IYJ5 48,023 66.247 7Z,705 75.747 375A5B lJ138.155 1399343 114270 ft•s¢rkt•d fvrnts.. 00 Phas• l. C Translorni*lon Project Alts Countll C•pital Futrdini Il•ts"ofial lottery merltapF￿d We5tof Én8land Comtlned p￿t￿OrIty Other CaWtsI F￿r￿1n0 SDufce5 1337,642 2SS.239 1,337,642 255239 636.277 845WI 636,277 1.160.030 431.341 745.570 1.796.Y07 1x124222 L737A17 ZWJ.212 2J7A.765 62377 33136.660 2.197.481 Unr*strlrt•d General fund 438.538 3*32.161 3,6B6J63 95,196 479.532 Desl¢nated fijnds CLERe5erv¢ 120 130.0001 160.0001 13fXI.0001 294.704 90.000 Progr#rM* Reserve ACE ￿J51￿$S Re5u¥e 300.OD) Flxed Assets Fund 137571 432.675 I.I)Q2.207 3h32.161 Total lunds 3228274 6.n3J23 3.199M9 Music Education Hub..Arts Cwrtil England fvndin9towardsthecost ofdebvery of musie education hub acbvlty. Fundiw is utilised in fIna￿lat year to vhmch it relate& Youth Music.. A C(￿Un￿lng ￿ant fr￿n Ywth ML￿ F￿dation has been allocated to support the prqect to transform music educat￿￿ in Grealef Bristci f¢X ctrildren and young people with SEND Earthsong F¢)uThJalion.' A grant frcrfn the Earths￿ Fth4ndations to delNW the Earthsong Programmewhich delwsemching opwknl￿fOT Y￿ThJ pec*whoattend 13 wimary schools in BristoL 42 Bristol Music Tiust NOTESTO THE FINANCIAL STATEMENTS lor theyear ended ai March 2024 Paul Hamlyn Foundation.. A rwlti-year grant lo W ¢Jur communily deveL¢¥￿￿ent wcffk with hard40-￿h Communities io expard e(kKation FWViSiOn. Lantern ProjK&' Historical ntwpretatiW F￿Jects in Lantem venue furKled by National Lottery Heritage Fu￿1 grants and other fufxknY￿. Commurity Engagement Programm8.' FuThJs for w0i￿ts that promote cxxnrwnily eroagement and the development of rw4 arti8 Bristol Beacon Phase 2 - Capllal Transfrnti¢)n Pr¢yty The building refurbishment project has received restrTrcied funds from a range of funders luding statulory. donations from indiv#Juai& corporate sP￿9y5hiP and grants from trusts and foundation& National Lottery Heritago Fund.. The fUn(￿r￿j is from the total grant award of E4.75m and was used for herltage and cOmmu￿ty woiect& Other futhding recaved was SC￿reed froMTtuStsaTr￿ Foundat*)ns. wivaie indNiduaLsand corporate sponsors. Unrestrlcted Des*nated Funds CLE ReseNe for additional nxjsic cunmunity ¥KI educatN)n rxogrammes Io SL4)Flht specffic areas to be agreed in the ￿SneSS FAarL Pr(uammÈ Reserve for3dtht￿1nai programming arKI the rw)etiw programme tr) support speeific areas to be ajreed vi the trAfyress rAa ACE Business Reserve to support forecast IT￿ levels ofthe bu51r￿. the inherent ri5k5 in programme production cosls in the core ExJsine&s and to promde for the r*cessary strength & re%Li8nce throughout the IT￿SforMatIOn yoiect and twond in support ofa1￿￿ and aclivities. 43 Bristol Music Trust NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Maich 2024 20.ANALYSIS OF ASSEfs BEfwEEN FUNDS Genernl Funds Fuhds Total Funds Fvnd balances at31 Marth 2023 479532 521675 82 3 99 Tan&￿e f4xed •sséts Current assets 435.624 40M 435,624 12.522,050 19.762.152) 18.1601 3J77362 12.482.050 19.762.152) 111.1601 1.701.738 Current li3bilitie5 Lone term liabililfjes Total Net Asset$ 31 ZlJ14 475.624 Tan8ible fixed assets Investments 339500 339500 Current assets 10.276.39Z 19,642.8561 {18.160} 615377 40j￿1 2.182.486 12.498A78 {9,642.8S61 118.1601 2.182A86 3.177.363 Current liabilities Long term liabilities Totat N¢t AMets31 Mvth 2024 3795lXI ANALYSIS OF NET ASSEfs BETWEEN FUNDS PREVIOUS YEAR Total FUMIS Fund Fund balances at 31 March 2022 454289 602220 2AyI.764 3228.274 Group: Tan£lbleflxed assets Current assets 432fi75 432.675 90WI 2,197A79 6.171.964 13.353.920] 151.0301 2.197479 3.199.689 3.884A85 13,353,920) {51X1301 479535 Current Ilabilities LO￿ term liabilities Tulal Net A￿et5 31 M¥th 2023 5Z2*75 Tangible fixed assets In¥esknY)ents 418?93 418.993 Current assets Curr￿1 liablllties 3A28250 13.284.ClJ41 151,0301 493317 2.197A79 6.IIS.729 13284,0041 151.0301 2.197A79 3.199h19 Total Ilet A55ets 31 M*th 2023 501,993 Bristol Muslc Trust NOTES TO THE FINANCLAL STAYEMENTS forthe year ended 31 Mawch 2024 2L RECONCIUATION OF NEf MOVEMEfv¥fs TO NEf CASHFLOW FROM OPERATING A￿1V￿Es Group Cmp*rty Comp• 1024 1023 14Èt movem•ii in fund IZZ?261 1285851 1223261 1138.1761 I￿,614 109,591 102.711 8S.791 P7.5341 1172.0561 1275341 334 53 1531 177.474 0lslrltr*J￿ofi under GIft￿d P•Jd deweclation char Otrjuct interest Inco 1172J1561 4.452 14,686.8831 107.118 14562.5581 6375361 18.928.4951 6.325981 .995.3901 1494548 .774A511 1,717.73J 1&7883971 Oecreasellincreasel in swck Iin¢reaseVde¢rease ln debtors Idecrease)fincrease irb crediws Cash generated by0pern￿fft8 aC16￿tieS 22. PENSION COMMrrME￿S During the year. Ihe charity contribjted to three pensicffl schemes for lis enployees and casual workers as appropriate. the Bristol Must Trust Pengw ScFwne. Ihe Local Government Pen%on Schemg and the Teachws, Penson SC￿. The t¢)tal ¢0st for the year amounied to E21L874 12023. £180.4061. The chadty partlapates in the Teachers. Pension Scheme IETrJland Wales) I'the TPS") for its music lutor employees following Ihe tr￿Sfer of the ￿15t￿ Arts aThJ Musc Service siaff. The Teachers. Pension Sthème (TPSI ts a ststutrry. conlribuw. defned benefit scheme. governed by the Teachers. Pensions 2014. The TPS is an unfunded scheN* *KI nw7knrs cOntn"￿te on a 'pay as you go. basis - these contributions along with those made by employers are credited to the Exckwuer. The ￿vernment Actu￿. Ugng n(rnl actuarial principles. cornlucts a f(YmaL actuarial review of the rps in accordance bmth the Public Service Pensiorts (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury. The airn of review 15 to speafy the level of future contributions Actuariaischemevaluationswe deE￿￿tOnaS5UmPl1on5a1Y￿ttheValUeOffUlUre eosts. de&gn of benefrts arKI mary other factors. The latest actuaiial valuation of the TPS was canied ¢)ut as at 26 ¢)ctoLw 2023 and in acCOrda￿e wlth the pUb￿C Service pensior￿ (Valuation5 and Employer Cost Capl DIreCt￿n$ 2014. The key ele￿￿ts of ￿ vaualK)n arul thequenteorwltstion ay From lrt 4Mil 2024 em￿ contri1x1ti￿ lates set at 28.68% ofpensM)nable payfjneiudlng a 0.08% employer adrrlnstration charge). Total scheme babilthe5 peng¢)ns curreniiy in payrwit and est*nated cost of fuiure benefits of £262.000 miliK)n. and notional assets lestimated future contributKffis together with the proceeds for the FK)tional Investn￿ts held at the valuation date) of £221200 millK)n giving a notional past semce deficbt of £39.800 million). 45 Bristol Music Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 SCAPE rate. set by Hwf. is used to detwnwre national investment return. The Current SCAPE rnte is curreniiy on OBR'S for8cast for L￿J-terM GDP growt The n8Xt vaiuakn resuil is due to be from l April2028. The pension charge for the year ineiudes c¢)ntributions payable to the TPS of £48.619 Q023.. £54.4361. The eharrty has a charge of £20.CQ) cash depO￿L dated 21 ALMJU5t 2013 in favour of Natwesi Bank Pic. suffic￿nt to Cover three M￿)1￿6 contritKrtw￿s to the TPS. 23. OPERATING LEASES AND OTrIER COMMirrMENTS At 31 Maieh 2024. ￿ charity wascommitted to ￿￿ke total futu￿ Lease payments under operdbng leases for each ofthe fouowing period&. •mp•ry Comp 2024 2023 2024 2023 In respectolplafttand macNnery lease5 dur. Wlthln l year In thesecond to lifth year 14.161 14,161 5,794 19.955 19J55 From l 4￿1 2026 8MT may make an annual payment to BCC in consideration for the capital Improverrwts made to the t￿IldIng by ￿c based (m a 50/50 wofii share arrangement once reserves are febullt to £85Ok 24, RELATED PARTY TRANSACnONS t)eknl of the retaticmship Bristol City Cwnul is w0vid￿ on p¥Je 14. Cllr Craig Cherw IDepuly Mayor is Ihe nominated Trustee appointed by BCC. Louise Mitchell. CEO BMT. is a member of Art5 Council England SW Area CounciL During the year the charity made purchases of. É19.692 12023.. £niD from Nis1￿1$ PLC AThJrew Ni4)el is a Drector of ihis company. The￿ was no outstanding balar￿9 due in relation to these wrchèses at ihe year-e￿I £10,051 Q023'. £4.827) from Bristol 24n. marti￿ Burgess is a tArector ofthis ccxiyany. There wa5 rKJ outstanding balance due in relat￿￿ to ltr￿ purchases at th8 yearveTr During the year the charity sales ofr. £7.43012023. £2.574I locabot Learning FederaticrfL Anth(KryCFwryisa thr￿l0r0fthls enlity.There was no outstanding batanee reialKJn to tlw sales at year*Tr* [￿rIng the year donat*Ms to the 8risioi 8eacon ph￿ 2- ca￿talTranSf[xMation Project received from Trusteestolalled £12.426 (2023.. E6L6001. thJrir4J Ihe yearfurther donations of£150,00012023.. £200.0001 were received from Trusts arKI F(￿rKlat￿)ns contrdied by the Twstees. Bristol Music Trust has a v4hoily owned subsidiary, BMT Enterprises Lid Isee note 31. Bristol Music Trust charged BMT Enterwises Ltd staff costs of £76.177 duriro the year 12023.. £78,5051. In 2023 8MT Enterp￿5 Ltd transferred its 2022 profits to the Trust as a 9.ft aid payment lo th8 value of £109.581 (2023.. prorts transferred of £78.646).