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2025-03-31-accounts

BRISTOL MUSIC TRUST

TRUSTEES’ ANNUAL REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Company Number: 07531978 Charity Number: 1140898

CONTENTS

CHAIR’S STATEMENT ............................................................................................................................................... 3 TRUSTEES’ ANNUAL REPORT ................................................................................................................................... 5 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST ..............................................22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ........................................................................................26 BALANCE SHEET .....................................................................................................................................................27 STATEMENT OF CASHFLOWS .................................................................................................................................28 NOTES TO THE FINANCIAL STATEMENTS ...............................................................................................................29 ACKNOWLEDGEMENTS ..........................................................................................................................................46

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

CHAIR’S STATEMENT

The year ended 31 March 2025 marked our first full financial year of operation since the Bristol Beacon reopening in November 2023, and we are proud to look back and reflect on a remarkable twelve months.

This has been a year of significant achievements and artistic and educational highlights, alongside the challenges of fully operating and delivering activity within a brand-new building. On behalf of the Trustees, I would like to recognise the hard work and determination of our staff teams who have successfully overseen 700 events across the year, including performances, workshops, conferences, graduation ceremonies, festivals, free shows and our broader music programming across the City. We have welcomed nearly 485,000 people to Bristol Beacon during the year, and we ensure that every visit, lesson or experience is welcoming and exceptional.

We were very pleased to take part in the Bristol City Council Cultural Impact Survey which confirmed that the economic impact of Bristol Beacon for the local economy is now around £28m pa with an additional £3.3m of social impact.

During the year, the new Bristol Beacon halls were experienced by many artists and audiences for the very first time. In Beacon Hall, there is unanimous agreement that the acoustics are world-class, and ideal for everything from a solo piano recital to a large touring sound rig. For spoken word, choral, acoustic, electronic and every type of genre, our acoustics ensure that artists and audiences are experiencing music in the best possible environment.

In the Lantern Hall, the flexible layout and variety of formats ensure that we can welcome artists and audiences in an intimate, charismatic space. The Lantern programme is quite experimental, and it acts as a development space for artists from Bristol and beyond. We are often taking the artistic and financial risk as the promoter of many of these performances, which otherwise might not be presented in the South-West.

The Cellars are our new public space and, during the year, they began to evolve their own identity as the innovative environment where a range of artists can take risks and try out new things, including our own Resident Artists (Grove, Holysseus Fly and Waldo’s Gift) who were based in the Cellars and accompanying Studios this year.

Our Creative Learning and Engagement Programme continues to grow, and we are a national leader in music learning and education. As the Music Hub Lead Organisation for the West of England region, we ensure that music learning and education is accessible, inclusive and creatively ambitious, and we have worked with over 30,000 young people during the year.

We are grateful for the support of Bristol City Council and Arts Council England, and we are every bit as grateful to the many individuals, corporate supporters, trusts and foundations who have given so generously to support our work. Their continuing and growing commitment to Bristol Beacon is crucial to our future.

As we look to the future, the Leadership Team and Trustees are focused on a new five-year strategy plan to inform and shape our future vision for our work. This will act as our framework for business and budget planning and will ensure that we have a clear vision to attract and build financial support for our ambition to inspire, empower and connect through music – supporting creativity, community and culture in Bristol and beyond.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Music-making matters to all of us more than ever and is at the very heart of Bristol Beacon’s purpose. As Chair of the Trust, I am pleased to commend this Annual Report as evidence that this is our firm belief and unequivocal commitment.

Jonathan Dimbleby 6 November 2025

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

TRUSTEES’ ANNUAL REPORT

The Trustees present their report and the financial statements of Bristol Music Trust for the year ended 31 March 2025.

REFERENCE AND ADMINISTRATIVE DETAILS

Board of Trustees

The Trustees of the charity (who are also the directors of the company) holding office during the financial year as at 31 March 2025 and subsequently are given below:

Trustees/Directors Appointed/Reappointed
Jonathan Dimbleby 12 Oct 2023
Martino Burgess 22 July 2022
Katharine Finn 15 Dec 2022
Craig Gentle 14 Dec 2023
Sandeep Katwala 9 May 2024
Georgia Mann 18 July 2024
Sandra Meadows OBE 14 Dec 2023
Sonia Mills 22 Oct 2021
Louise Mitchell CBE 8 Oct 2018 (Resigned 18 July 2024)
Chris Seaton 9 May 2024
Cllr Craig Cheney* 26 July 2019 (Resigned 9 May 2024)
Nicholas Hibberd, BCC CEO* 13 Mar 2025
Stephen Peacock, BCC CEO* 14 Dec 2023 (Resigned 9 May 2024)
Cllr Ani Stafford Townsend* 10 Oct 2024
Simon Wales 10 Oct 2024
Timothy Westwell 14 Dec 2023

*Nominated Trustees appointed by Bristol City Council.

Executive Team

The executive team are responsible for the day-to-day management of the charity:

Louise Mitchell (Chief Executive) (Resigned 18 July 2024) Simon Wales (Chief Executive) (Appointed 19 Aug 2024) Andy Boreham (Director of Audiences) Nick Craney (General Manager) (Resigned 31 July 2024) Rosa Corbishley (Director of Development) (Resigned 18 Oct 2024) Alison Douglas (Head of People) Naomi Easy (Head of Commercial Business Development) Clare Jack (Chief Operating Officer) Adam Kent (Director of Creative Learning and Engagement) James Kitto (Operations & Commercial Director) (Appointed 24 Feb 2025) Lindsay Lewis (Head of People maternity cover) Siggy Patchett (Head of Strategic Change) Adrian Riches (Development Director) (Appointed 6 Jan 2025) Sarah Robertson (Communications & Special Projects Director) (Resigned 31 December 2024) Sophie Whitaker (Head of Finance) Todd Wills (Programme Director)

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Finance, Risk and Audit Committee Katharine Finn (Chair and Honorary Treasurer) Craig Gentle Sonia Mills Simon Wales Clare Jack Sophie Whitaker

Creative Learning and Engagement Committee Sandra Meadows (Chair) Sandeep Katwala Adam Kent

The Trustees have made the following professional appointments Co Secretary: Sophie Whitaker

Principal address and registered office: Bristol Beacon Trenchard Street Bristol BS1 5AR Registered charity number: 1140898 Company registration number: 07531978

Auditors Bishop Fleming Audit Limited 10 Temple Back Bristol BS1 6FL

Bankers: NatWest Bristol City Office 46-49 Broad Street Bristol BS1 3EU

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status & History

Bristol Music Trust (BMT) 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 Bristol and the South West of England. The company was incorporated on 16 February 2011 and commenced its operations on 1 May 2011.

Bristol Music Trust is a charity registered in England & Wales (no. 1140898), and a non-profit-making company limited by guarantee registered in England & Wales (no. 07531978). A trading subsidiary, BMT Enterprises Ltd (no. 07575415) was incorporated on 23 March 2011 as a company limited by shares (wholly owned by Bristol Music Trust) to manage associated commercial activities (and any activities that are “non-primary purpose trading”) for the benefit of the charity and commenced its operations on 1 May 2011. A cost sharing agreement is in place to ensure that the trading subsidiary pays Bristol Music Trust for its use of Bristol Beacon and other services. All profits of BMT 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 young people in Bristol and the South West, making music and music learning through its Creative Learning and Engagement (CLE) team.

Following the capital refurbishment project and reopening of Bristol Beacon in November 2023, Bristol City Council (BCC) leased Bristol Beacon to Bristol Music Trust for a 30-year period at a peppercorn rent. In addition, since April 2015, Bristol Music Trust has benefited from Arts Council England investment as a National Portfolio Organisation (in consortium with St George’s Bristol) to support the artistic programme and audience development objectives.

In late 2024, Bristol Music Trust was awarded the contract to operate as the Hub Lead Organisation to oversee the Music Education Hub delivery work for the region including Bath & North East Somerset and South Gloucestershire, working with WEMA (West of England Music and Arts). The aim is to deliver an exciting and coherent music educational programme that spans both formal and non-formal music education across the region. The BMT team is based both at Bristol Beacon and at the Beacon Music Centre in Southmead, which is also leased to Bristol Music Trust from BCC for a peppercorn rent. The vision of CLE is to work with strategic hub partners to make the region the UK Capital of Young People’s Music and ensure that every young person has access to music learning activities and a platform for musical expression and participation.

The concert hall is at the beating heart of culture and music in Bristol. The building has been part of the Bristol skyline for over 150 years and home to iconic performances by legendary artists, including The Beatles, Ella Fitzgerald, Duke Ellington , Bob Dylan, David Bowie, Jimi Hendrix, Bob Marley, Queen, Paul Robeson, Sergei Rachmaninoff and Yehudi Menuhin . The first Hall opened to the public in 1867, but the main auditorium was destroyed by fire in 1898. A second reconfigured hall opened on the site in 1901 and was bought from the Colston Hall Company in 1919 by Bristol Corporation for £65,000, and the building has been the property of Bristol City Council ever since. In 1935 the hall was closed for remodelling with a third hall opening in December 1936, but a further fire in 1945 robbed Bristol of its concert hall once more. The fourth incarnation of the hall was opened in 1951 to mark the Festival of Britain.

By around 2005, it was clear to BCC that the hall needed substantial investment if it were to be viable as a 21st century concert and events hall. A project was initiated to create a new foyer building and to refurbish the historic building. It was recognised that this project would require significant funding investment and so the decision was made to split the project into two phases. In 2007-2009, Phase 1 of this project was created by BCC investing £13m alongside £7m from Arts Council England, building a modern foyer (now known as Bridgehouse) containing restaurants, bars, and administrative offices as an extension to the Hall. This was designed by architects Levitt Bernstein and built by main contractors Wilmott Dixon and opened to great acclaim in 2009.

In 2015-16, BCC and BMT invested in an extensive joint investigation and feasibility study for Phase 2 which resulted in four options for the redevelopment of the main concert hall, the second hall (Lantern) and the

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

previously underused Cellars being presented by Levitt Bernstein. In June 2016 it was agreed to pursue the project as a partnership between BCC and BMT. Project management would be undertaken by BCC Major Projects Team under the supervision of a Project Board with representation from BMT and major funders. BMT would take the lead on fundraising to assemble the funding package to deliver the project.

Bristol Beacon Redevelopment Phase 2

Phase 2 aimed to transform the spaces into an international-standard concert hall, in a new and inspiring centre where all genres of music and music learning would flourish. It began with the closure of the auditoria in June 2018, the commencement of demolition works in October 2018 and the start of reconstruction in June 2019.

There was a high degree of cross-party and cultural partnership support for this key South West project. The capital project totalled £132 million, with Bristol City Council providing 67% of the total and BMT raising 33% from funding partners including £5.18 million from HM Treasury, £16.2 million from the Arts Council England, £4.75 million from the National Lottery Heritage Fund, £11.8 million from the West of England Combined Authority plus a number of generous individual donations from £25,000 to £1 million and over 450 individual seat sponsorship gifts from across the community.

The refurbishment project was completed and the venue fully reopened on 30[th] November 2023 with two gala performances of a specially commissioned work by Paraorchestra in collaboration with Surgeons Girl, Charles Hazlewood and Limbic Cinema to reconnect us to the newly transformed space. Bristol Beacon has been operating fully since then.

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. This benefit has recently been calculated by BCC to be c£28 million pa based on the first partial year of opening. A thriving and dynamic concert hall and music centre is essential to ensure the future success not just of the music industry in the region but also to the ongoing growth of the wider creative industries in the South West.

The hall’s activity, together with our wide-reaching education work, makes BMT a very significant contributor to the regional economy, sense of place, and attractiveness as a visitor destination and place to live and invest. Our show audiences come from across the region (broadly 65% Bristol, 25% the South West, 10% other UK destinations). The 2024-25 financial year is the first full year of trading post-refurbishment and has generated gross income of almost £11 million.

Organisational Structure

The non-executive Board of Trustees (directors of the charity) has responsibility for the governance and administration of the charity. The Board meets four times a year and should be composed of no fewer than five Trustees and no more than twelve Trustees (or such other maximum number determined by the Board). The Articles of Association (dated 15 February 2011) provide for there to be up to two Trustees appointed by Bristol City Council out of a maximum of twelve, subject to the number of Council appointed Trustees always being below 20% of the Board, to ensure its independence as an organisation. The Chief Executive, Chief Operating Officer, Programme Director, Development Director, Director of Audiences, Head of Finance and Director of Creative Learning and Engagement are invited to attend Board meetings, and there is a quorum comprising a minimum of three (excluding Council nominated Trustees) Trustee members.

The Finance, Risk and Audit Committee (FRAC) is a sub-committee of the Board with responsibility for assisting the Board to discharge its duties in the following areas: financial and operational performance and procedures; audit and controls oversight; risk management and compliance; property transactions; annual plans and budgets; investments; and management of reserves. The membership of FRAC comprises a minimum of three Trustee members, appointed by the Board of Trustees. The Committee includes the Honorary Treasurer, and the Board appoints the Committee Chair. The Chief Executive, Chief Operating Officer and Head of Finance attend the

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Committee, and a quorum comprises a minimum of two Trustee members. The Committee normally meets four times a year.

The Creative Learning and Engagement (CLE) Committee is a sub-committee of the Board with responsibility for oversight of the organisation’s education and community programmes. Following Bristol Beacon’s appointment as Hub Lead Organisation (HLO) for the West of England from September 2024, governance arrangements have been strengthened to meet Arts Council England requirements. A new Independent Hub Committee has been established in partnership with West of England Music and Arts (WEMA), chaired independently and including trustee representatives. This committee has scrutiny and advisory responsibilities for the regional Music Hub, making recommendations to the Board. Alongside this, a refreshed CLE Committee has been formed, comprising the same Bristol Music Trust trustees who sit on the Independent Hub Committee. Meeting quarterly, the CLE Committee focuses on Bristol Beacon’s community programme and BMT-specific matters arising from the Hub, with delegated powers to approve annual plans, targets and reports.

The Development Advisory Committee and Artistic Programme Advisory Group are non-formal groups made up of co-opted Trustees who support the Chief Executive, Development Director and Programme Director in the development of strategies in these specific areas.

Responsibility for implementation of the Trust’s strategy, and the organisation’s day to day management is delegated by the Board to the Chief Executive and the executive Leadership Team. The Board selects and appoints the Chief Executive and may be involved in the appointment of other key members of the Leadership Team.

The Trustees are confident that the governance and management structures that have been established are appropriate to the needs of the organisation.

Method of Recruitment, Appointment, Election, Induction & Training of Trustees

Recruitment, Appointment & Election

Each Trustee is asked to sign a Trustee’s Undertaking upon appointment, confirming their willingness to accept the appointment, their understanding of the associated duties and responsibilities, and their willingness to become a member of the charity. The term of office for a Trustees is four years and they are eligible for reelection by the Board for one further term of four years. This term may exceptionally be extended by the approval of the Board. The Trustees serve as volunteers and receive no payment for their work for the charity, apart from the BMT Chief Executive who is also a Trustee.

Induction & Training

All the Trustees are mindful of their duty to act solely in the interests of Bristol Music Trust and those Trustees who are members/officers of Bristol City Council understand their duty (under company law and charity law) to avoid conflicts of interest. The organisation’s Articles contain detailed provisions for declaring any interest a Trustee has and managing any conflicts arising from such interests. All Trustees are informed of their responsibilities and duties and are provided with appropriate guidance and information to carry these out effectively.

Pay Policy for Key Leadership Personnel

As directors of Bristol Music Trust, the Board of Trustees consider the Trustees and the executive Leadership Team to comprise the key management personnel of the charity in charge of directing 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. Details of Trustees’ expenses and related party transactions are disclosed in notes 10 and 24 to the accounts, respectively.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

The pay of the Leadership 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 levels and specialisms in other comparable arts and charitable organisations of a similar size.

Approach to Fundraising

Our approach to fundraising is to raise funds towards our running costs and ongoing capital investment 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 update. We also seek funds from major local philanthropists via direct approaches often via our Trustees or other contacts. We obtain grants from trusts and foundations via written applications and corporate sponsorship through providing marketing benefits and corporate social responsibility opportunities.

All our fundraising activity conforms to the standards laid down by the Institute of Fundraising and the Fundraising Regulator, to which we are a signed-up member.

We adhere to the regulator’s fundraising promise:

  1. We will commit to high standards

  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 is monitored by the Chief Executive and Chief Operating Officer. During the year we have not received any complaints about our fundraising activity. We do not use intrusive or persistent fundraising approaches.

Risk & Corporate Governance Matters

The Trustees regularly monitor progress against the strategic objectives set out in the agreed business plan. The Finance, Risk and Audit (FRAC) Committee has responsibility to the Board for reviewing in more detail the risks to which the charity is exposed and the corresponding mitigations, and for ensuring an effective risk management strategy is in place. A document setting out the risks, consequences, counter measures, and contingencies has been prepared by the executive team and is reviewed on a regular basis.

Principal risks and uncertainties identified for the organisation are as follows:

Risk Mitigation
Other and new venues create competition for shows
and conferencing income		 •
Articulate USPs of BB and continue research
and monitoring of competition
•
Proactively strengthen relationships with key
agents andpromoters
Food and beverage partner does not provide flexible
enough product to fit our programme of work,
audience expectations and commercial events		 •
Monthly monitoring of F&B partner offer and
financial results
•
Teams actively working together to maximise
income
•
Annual review, peer venue benchmarking for
pricingand spend
Building occupancy usage model between Artistic, CLE
& Commercial teams is ineffective leading to issues
allocating space		 •
Continue to develop the occupancy model to
plan and monitor usage driven by need in
three business areas, and ensure detailed
cyclical maintenance also factored into the
model

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Income dependency on unpredictable voluntary
income raised by the Development team		 •
Aim to reduce dependency on voluntary
income by building earned and commercial
income
Internet and/or power failure causes interruption to
key business systems - SAGE, Spektrix, PDQs, office
operations, SpeedAdmin, Artifax		 •
Internet line provider being replaced to
achieve 2 x1000mb lines
•
Disaster Recovery Plan in place
•
Outsourced IT provider managed security
plan.
•
Consider emergency electricity back-up
infrastructure
Building is more expensive to maintain and operate
than anticipated		 •
Restricted maintenance reserve £1m
established
•
Fixed price maintenance contracts
negotiated
•
Planned and reactive maintenance
monitored monthly against budget
•
Operational costs closely monitored and
target reductionplan inplace
Staff team numbers are insufficient to deliver the
volume of activity planned / insufficient training and
development available / productivity gains not met		 •
Manage activity delivery to meet capacity
available
•
Further investment in technology and
training to deliver productivity gains
•
Additional income sought to invest in new
development areas(e.g. digital/community)
Lack of clarity on ethical policy risks negative publicity
and increases risk of booking events that may be
challenged		 •
Develop a strong ethical policy covering
fundraising, artists presentations and
commercial business to provide clarity for
partners and staff on how we work and who
we will work with
•
Train staff in doing due diligence focusing on
commercial and development teams
DfE announced in March 2025 the creation of a new
National Centre for Arts & Music Education to be
operational by Sept 2026. Depending on the funding
model, this may threaten ongoing Music Hub funding
and deliveryactivity.		 •
Director of CLE is engaged in ongoing
discussions about the model to be
implemented.
•
Remain close to the partners involved in
developingsolutions.

AIMS AND ACTIVITIES

Charitable Aims

Launched in May 2011, Bristol Music Trust is an independent charity with two distinct aims:

The first is to manage the operations of Bristol Beacon, Bristol’s largest permanent concert venue, where people have been enjoying music since 1867, developing a diverse musical programme, and securing the commercial success of the reopened venue. The new building presents a wonderful opportunity to build a diverse concert hall and music centre, comprising a traditional and flexible concert hall, a smaller intimate hall, Cellar education and small performance spaces and an inspiring modern foyer.

The second aim is to drive forward music across Bristol and the south west of England; working in partnership with city wide organisations, leading on musical education through the CLE team, commissioning new works, supporting local musicians, and promoting music across all communities to build on the vibrant talent already in the city. We want the Bristol music scene to stand out with its own unique culture and internationally renowned reputation.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Bristol Music Trust’s vision is to integrate these two aims and put music at the heart of Bristol life, and to lead a strategic, holistic, citywide approach to promoting music so that it flourishes through performance, composition, participation, and education in our communities.

Charitable Activities

Bristol Music Trust manages the operations of Bristol Beacon to provide artistic and educational benefits to the people of Bristol and the south west of England. In the first full year of operations, BMT have delivered around 750 shows, events and educational events in the new building. The Trust’s aim is to deliver an extensive and highquality programme of creative performances across a range of musical genres. With a wide-ranging programme, the Trust will attract all age groups and reach out to the many diverse cultures of Bristol.

The FY 2024/25 was the first full year of trading since reopening. To year end 31 March 2025, we delivered around 420 live events, and curated three festival events, selling and issuing over 360,000 tickets. The commercial business has grown steadily with the team producing over 230 events in the year and the Creative Learning team have delivered 45 events in the building.

Under the umbrella of Creative Learning and Engagement (CLE), BMT has operated the Arts Council England funded Music Education Hub for the City of Bristol as well as delivering many other music education projects. This work continues under the wider regional role of Hub Lead Organisation working in a delivery partnership with WEMA (West of England Music and Arts) until September 2026 when new arrangements are expected.

Across the CLE work, BMT aims to work with its strategic partners to deliver a coherent musical educational programme spanning formal and non-formal music education and ensure that every young person has access to high quality music learning opportunities and a platform for musical expression. BMT CLE team leads music education in Bristol, providing expertise and support to schools, community, and cultural organisations, and delivering the National Plan for Music Education to schools and their communities.

CLE and the Trust will continue to work with a variety of partner organisations including performance partners such as the LSO, Bournemouth Symphony Orchestra and the Paraorchestra; education and delivery partners such as Open Up Music with the National Open Youth Orchestra and Conductive Music; and other Bristol partners and venues such as St George’s Bristol. The Trust will continue to work with a range of partners and to look to expand its partnership arrangements locally and nationally.

The Trust’s aims are also to develop a strategic and wider remit in arts and cultural provision in Bristol, working in partnership with other arts partners. The Trust’s charitable objects are therefore sufficiently wide to cover the arts in general, and this enables the organisation to advance any other charitable purposes selected by the Trustees. This gives the Trust maximum flexibility to develop its activities over time.

Public Benefit & Pricing Policy

The Trustees have taken The Charity Commission’s specific guidance on public benefit into consideration in preparing their statements on public benefit contained within this Trustees’ Annual Report. The objects of Bristol Music Trust are aimed at the general public in Bristol and the South West which reflects the focus of the concert hall and work of the CLE team in benefiting the community in Bristol and the surrounding area.

Charges are currently made to the public to attend most performances, and this will continue. 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 the educational provision, and these are set at an affordable and benchmarked level. Bristol Music Trust’s pricing policy aims to optimise the volume of sales and maximise income while maintaining a range of prices to encourage diverse and more frequent attendances from target groups.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Our headline pricing strategies are:

These strategies are varied and adapted for different genres within Bristol Beacon’s programme. Applicable pricing is dependent on the individual show, but generally we operate concessions for our International Classical Season targeted at young people, including schemes for under 26s (£10 tickets). We have a variety of other subsidised ticket schemes for young people to encourage attendance at our other jazz, folk and world music promotions.

In addition, several performances and events are free for the public, including our regular foyer performances. Many of the educational workshops run by the CLE team are also free to young people and we provided 1,800 bursaries for lessons, ensemble memberships and events in 24/25. This ensures that people on lower incomes are not excluded from being able to benefit from the charity’s activities. Anyone who requires assistance to attend an event at Bristol Beacon is invited to bring a personal assistant or companion who will be admitted free of charge.

Relationships with Related Parties

Bristol City Council originally leased Bristol Beacon (and associated assets) to Bristol Music Trust for a 25-year period at a peppercorn rent. The new lease has been negotiated for a 30-year term and is also at a peppercorn rent. Under its terms, Bristol City Council retains responsibility for structural maintenance and insurance of the whole site. Bristol Music Trust has responsibility for day-to-day maintenance of the building, contents insurance and all other operational matters.

In consideration of the investment that BCC has made in the refurbishment project, the Trustees have agreed a profit-sharing arrangement with BCC once BMT general reserves have been rebuilt to a minimum of £850,000. Thereafter, surpluses will be shared equally.

Bristol Music Trust owns 100% ordinary share capital in the subsidiary company BMT Enterprises Ltd. BMT Enterprises Ltd manages its commercial activities (including catering, hire of conferencing facilities and meeting rooms at Bristol Beacon, and the provision of box office services to other arts organisations) for the benefit of the charity, and all profits are gift-aided to Bristol Music Trust on an annual basis. A cost sharing agreement is in place to ensure that BMT Enterprises Ltd pays Bristol Music Trust for its use of Bristol Beacon and other services.

ACHIEVEMENTS AND PERFORMANCE

Bristol Music Trust has now been trading for thirteen years and is a well-established, artistically adventurous, and financially well-managed organisation, with a national reputation for excellence and innovation, central to the cultural landscape of Bristol and the South-West.

Bristol Beacon Artistic Programme

2024/25 was our first full year of continuous programming since the refurbishment and reopening. As such, we had some concerns about artists and audiences returning to the venue having been closed for so long and the

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

fact that Bath Forum and the O2 Academy had become more utilised by promoters during our closure. Thankfully, 24/25 proved to be a success not only with a varied programme returning to the hall but also financially by hitting our income target.

We presented approximately 400 shows across the year in Beacon Hall, The Lantern and the Cellars as well as continuing our programme of shows (called Beyond Beacon) in external spaces across the city including St George’s, SWX, The Mount Without, The Exchange, Trinity Centre, Strange Brew, The Victoria Rooms and The Cube. Whilst the external programme has reduced significantly since reopening it remains an integral part of the programme offering greater opportunities to expand our offer and maintain a presence beyond Bristol Beacon.

We maintained our broad multi-genre programme throughout the year to ensure we offered a rich mix of artists, music, and experiences for a range of audiences. Highlights included Paul Weller, Glen Hansard, Paloma Faith, Orbital, Johnny Flynn & Robert Macfarlane, Adrienne Lenker, Hurray for the Riff Raff, Vieux Farka Toure, Lady Blackbird, King Gizzard and the Lizard Wizard, Asleep at the Wheel, UNKLE, Mt. Joy, Nils Frahm, Jon Hopkins, Elvis Costello, Beverly Knight, Don Letts, Afro Celt Sound System, Interpol, Ibibio Sound Machine, Max Richter and Primal Scream.

Our comedy programme was also extensive throughout 24/25 with performances from Adam Buxton, Sarah Millican, Ben Elton, Mo Gilligan, The Horne Section, Rhod Gilbert, Katherine Ryan, Nish Kumar, Frank Skinnner, Marcel Lucont, Chris McCausland, David O’Doherty, Jack Dee and John Bishop.

24/25 saw our first full year of orchestral programme and the continuation of our close historical relationship with the Bournemouth Symphony Orchestra as our Orchestra in Residence and our more recent partnership with the London Symphony Orchestra with whom we present two concerts per season. We also hosted concerts with The Halle which was part of Sir Mark Elder’s farewell tour, the London Philharmonic Orchestra and the Sinfonia of London with Sheku Kanneh-Mason. International orchestras included the Dresden Philharmonic Orchestra, the Prague Symphony Orchestra and the Hungarian Radio Symphony Orchestra.

Projects and Festivals

April 2024 - Bristol New Music

In April 2024 we hosted Bristol New Music (BNM) in its tenth year. This is a contemporary and experimental music festival delivered in partnership with St George’s, Arnolfini, Spike Island, Bristol University and local agency/promoter Qu Junktions. This takes place in all the partner venues as 3well as other venues across the city and artists in 2024 included Lonnie Holley, Elaine Mitchener, Ryoji Ikeda, The Bug, Ahmed, Keeley Forsyth, Matana Roberts, Apartment House, NikNak, Sarahsson, Kathy Hinde, and Quatuor Bozzini.

May 2024 – Diaspora!

We took part in Diverse Artists Network’s inaugural Diaspora! festival hosting two concerts with Orchestra Baobab and Orchestral Qawwali. These were two of the largest concerts that took place during the Diaspora! festival and we hope to work them again in 2026.

June 2024 – Windrush Week

We worked with St Paul’s Carnival, Pegasus Opera, Karl Ritchie and Ujima Radio to curate a week of events and exhibitions around Windrush Day that included performances of the opera Pegasus are working on about Windrush, a Back A Yard event with carnival and related exhibitions. The week culminated in a seat naming ceremony for several Elders from the St Paul’s community.

August 2024 – Hand in Hand Festival

In the summer we hosted Hand in Hand festival which is one of the largest LGBTQ+ choir festivals in the UK and Ireland held every two years. The festival hosted 45 choirs and over 1,400 singers across the weekend.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

August 2024 – Hoo Ha Festival

This is our annual free children’s festival which usually takes place across the spaces we have at Beacon Hall but this year we also had an additional day festival at Bristol Music Centre in Southmead. We are looking to repeat this model combining a city centre festival with further activity outside the city centre to make it as accessible as possible.

August 2024 – BBC Proms

2024 was the first year of our partnership with BBC Proms and BBC Radio 3, hosting a new commission from the Paraorchestra called The Virtuous Circle that involved the orchestra moving around the hall on the flat floor with dancers choreographed around the players. We also hosted concerts by the Bournemouth Symphony Orchestra and Evleyn Glennie, the BBC Singers (celebrating their 100[th] anniversary) and CBeebies in concert. The regional programme for the BBC Proms is only at Bristol Beacon and Glasshouse in Gateshead and we hope these will continue for at least three years.

September 2024 – BBC Young Musician Final

Our relationship with the BBC continued when we were invited to host the BBC Young Musician Final for the first time in our history. The final was filmed for broadcast on BBC2 with Jess Gillam presenting. After such a successful event we are hoping that it will return in 2026.

October 2024 – Sign Festival Bristol

In October we hosted a small festival for Bristol’s deaf community, which included screenings, music and comedy culminating in a Deaf Rave.

November 2024 – The Takeover

In November we presented The Takeover , our flagship festival for emerging talent over three stages throughout Bridgehouse. A multi-genre festival focussing on Bristol/Southwest artists who are embarking on their career in music but have a developing profile the line up consisted of approximately 40 artists/bands. The festival was, as ever, free of charge to audiences giving the artists the opportunity to perform in front of a sizeable crowd.

February 2025 – Slapstick Festival

February saw the return of the Slapstick Festival for its second year since our reopening. Performers included Harry Enfield, Stephen K. Amos and Robert Lindsey. The Gala event also featured Martin Freeman as compere with Rick Wakeman on improvised piano.

Support For Creatives Update

Our support for creatives strand of programming continued and expanded in 2024/25 through our access to and use of our new Cellars facility. Alongside our year-round support and showcase opportunities we had two main projects in 2024/25.

Next Level

Over two weeks we hosted the third edition of the Next Level artist development project alongside Big Team CIC (Team Love) as co-producers. This has previously taken place at Pirate Studios but now takes place in our Cellars facility. The project was specifically designed to help support emerging artists’ creative and professional development while building their relationship with the music industry by placing them into professional environments to build confidence and enhance their writing, recording, performance, and promotional skills. Six artists aged between 18 and 30 were supported with guidance from six well-established artist mentors with extensive industry experience.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

The 24/25 cohort artists were: Ava Zarate, Laura Dia, Marns, Rellz & YB Micz, Sambee, and Ssadcharlie.

Resident Artists scheme

Prior to reopening the Programming Team had been keen to host a regular artist in residence scheme and with access to the new facilities in the cellar space this ambition was finally realised for the first time in 24/25. We received over 130 applications for three places on the scheme with a significant number of profile artists applying making it a challenging process to arrive at the final three. These were: vocalist, pianist and songwriter Holysseus Fly ; non-binary vocalist and producer Grove, and jazz and experimental trio Waldo’s Gift.

The aims of the artist residency project are:

Our brand-new Cellars space, complete with state-of-the art recording studios and live performance space, is where the Resident Artists are based.

Our Resident Artists project supports three music creators aged over 25, through a paid six-month residency providing:

Creative Learning and Engagement Activity 2024/25 Music Education Hub

Through our role as Bristol's Music Education Hub, we continue to provide high-quality instrumental and vocal tuition both in and out of school settings. Our offer also includes training and CPD for teachers, provision of musical instruments for schools, and inspirational music-making opportunities for children across the city.

In September 2024, Bristol Music Trust took on the role of Hub Lead Organisation for the West of England, assuming strategic responsibility for music education across a wider geographical area. This marks a significant step in expanding our impact regionally.

Our flagship primary schools programme, Earthsong , entered a new five-year phase, now reaching 11 schools across Bristol. This refreshed programme spans all year groups of primary education and introduces composition projects in the upper years. A particular highlight was welcoming 60 children from Earthsong schools to a

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

workshop with Sheku and Isata Kanneh-Mason at The Marble Factory, an unforgettable experience for the participants.

Performance Opportunities and Creative Projects

Over 10,000 children and young people performed on Bristol Beacon’s stages during the year. This included more than 500 Key Stage 2 pupils participating in The Big Sing on our main stage.

Our performance events showcased the breadth and talent of young musicians across the city. One standout moment saw the Bristol Youth Orchestra accompany a newly assembled film of historic Bristol footage, commissioned to mark the centenary of Bristol Archives.

May 2024 saw the launch of Breathe Academy , a powerful collaboration with world-renowned beatboxer and performer Shlomo. Developed alongside his UK theatre tour BREATHE , the project engaged Fairfield High, Trinity Academy, and Bristol Metropolitan schools through in-school workshops and a final performance at the Lantern. Participants also included young people from our youth ensembles such as Hope Creative and FLOW.

Our senior youth ensemble, the Bristol Youth Orchestra , continues to thrive with over 70 talented musicians aged 12–18. The orchestra provides high-level ensemble opportunities for young people and represents the pinnacle of our youth music programme.

In total, Bristol Music Trust delivered over 68,000 individual music lessons to children and young people across the city this year. 84 schools signed up to our membership scheme, enabling access to our full range of support and opportunities.

Community Engagement

Bristol Beacon’s community engagement programme continues to grow, offering creative opportunities for all communities in Bristol to share, celebrate, and participate in music and the arts.

In October 2024, we hosted Creative Health in Action , a day of workshops, panel discussions and performances exploring the vital link between creativity and wellbeing. Delivered in partnership with Creative Shift, the University of Bristol, and Culture West, the event brought together Beacon Creative Health participants, wellbeing choirs, dance groups and writing collectives from across the region. We also convened a strategic meeting with public and creative health leaders to explore investment in Bristol's Creative Health ecosystem.

In May 2024, we presented We Care Week , a four-day celebration of creativity from care-experienced young people, care leavers and foster carers. Held in partnership with Bristol City Council Children’s Services, the event welcomed over 500 participants to take part in creative workshops, craft sessions and play activities. The week also saw the launch of Different Beginnings , a powerful new album of original music and spoken word created by care leavers.

In June 2024, we welcomed 200 care home residents to Bristol Cathedral for a special performance by our orchestra in residence, the Bournemouth Symphony Orchestra. These intergenerational performances offer more than just entertainment – they provide deep connections, joy and shared experiences.

Our work with older people continues to expand. In partnership with local organisations, we are proud to support initiatives tackling loneliness and promoting positive ageing. Our Music Club , a weekly music-making group for people living with dementia in Filwood, has now launched a second group in Easton, extending its reach and impact.

ORGANISATION

The Trust 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 framework to deliver exceptional artistic and educational outcomes for our audiences and young people. An experienced executive team and skilled workforce

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

have brought creativity, passion, and commitment to the work of the organisation, and we have consistently met our strategic objectives increasing both the range and reach of our activities.

We have continued to develop our commercial operations to support the charitable work of the Trust during the closure period for redevelopment.

Bristol Beacon is recognised for achieving excellence in our customer service and providing a first-class experience for all our visitors is at the heart of our brand. We continue to work closely with the charity Attitude is Everything to review and improve our accessibility offer.

Partnership working continues to be key to both our artistic and commercial success and underpins our contribution to Bristol’s musical, cultural and economic life. We enjoy partnerships with some of the South West’s most successful businesses 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 raised over £2.4 million in voluntary, grant and earned income for our music and education programmes. BCC has recently commissioned work to assess the social and economic impact of the creative industries in Bristol. This assesses Bristol Beacon’s value at some £27m in the 2023/24 financial year.

FINANCIAL REVIEW

Financial Results

Bristol Music Trust’s year of activity from 1 April 2024 to 31 March 2025 covers the first full year after reopening following refurbishment. It is also the first year of operations without any substantial public sector revenue support as agreed following the capital project. Overall the Trust made a surplus of £1.086,795 however £1,136,558 is from a surplus of restricted funds. The Trust made a planned unrestricted deficit of £49,763. The restricted surplus arose due to the recognition of three large restricted grants awarded in the year which will fund work the Trust has committed to deliver over the next two to five years (further details of these grants is shown below).

The Trusts income increased to £14.361,982 (2024: £11.210,713) in the main due to the first full year of trading resulting in an increase in charitable activities income of £2.937,733 and an increase in trading activities income of £1.295,899. This was offset partly by a drop in voluntary income £1,239,996 due to the loss of funding from Bristol City Council and the reduction in restricted income for the capital transformation project which will be ending in 2025/26.

Despite the small unrestricted deficit of £49,763 the charity’s unrestricted funds have increased by £41,869 to £1,036,746 . This is due to the deficit being offset by a transfer of £91,632 from restricted funds (relating to the purchase of assets for the foyer capital improvement project and instruments for the Earthsong Project. Overall there has been an increase in total funds carried forward of £1,086,795 as in addition to the charity’s unrestricted funds increasing by £41,869 its restricted funds being carried forward have increased by £1,044,926. This increase in restricted fund arises in the main due to the recognition of three large multi-year grants in the year increasing our reserves by £1,660,368.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

The capital project income for the year comprised £1,760,987 (drawdown from ACE and NLHF and £20,000 from private donors). Of the income received and restricted capital project funds balances brought forward, £398,043 is bring carried forward after in-year costs of £835,335 for the Trust’s own project costs, £1,630,821 transferred to Bristol City Council (under the terms of the Collaboration Agreement for construction and design costs on the project) and the transfer of £1,000,000 into a new “Beacon Hall Maintenance Fund” agreed by the Project Board to be held by the charity after the project ends, to support the ongoing maintenance of the new halls.

Total fund balances of £4,264,158 (2024: £3,177,363) will therefore be carried forward to the next financial year.

The charity also received unrestricted NPO grant funding of £248,235 from Arts Council England. Additional unrestricted voluntary funding of £422,728 (2024: £292,945) has been generated for day-to-day activities from unrestricted grants, public donations, corporate sponsorship, and from both the membership and patron schemes.

The charity benefited from a gift-aided contribution of £339,701 (2024: £158,644) which represented the net profit of its subsidiary company BMT Enterprises Ltd for the same period. The profits of the trading subsidiary company have arisen from the provision of services in relation to conferencing and meeting-room hire, food and beverage commission payments, the production of training materials for music education and box office services to external arts organisations. This business has delivered 231 events in the year and a gross margin above target at 64% (target 56%).

During the year the Trust invested £153,438 in fixed assets (2024: £105,660).

Total net assets (total assets less total liabilities) and charity funds of £4,264,158 are reported as at 31 March 2025 (2024: £3,177,364). Cash at bank and in hand totals £12,274,975 (2024: £7,107,657) of which £3,097,891 (2024: £3,348,711) relates to advance ticket sales and £8,376,982 (2024: £3,045,891) relates to funding for the capital transformation project. The Trustees have agreed that the designated Fixed Asset Fund should be increased to cover the net book value of the organisation’s fixed assets as at the financial year end £480,874 (2024: £435,624), and therefore approved a transfer of £45,249 from the General Fund at 31 March 2025.

Reserves Policy

The Trustees have set the reserves policy such that the minimum level of free reserves (i.e. general reserves being unrestricted reserves less designated reserves) to be retained in the business reflects the risks to the business as identified in the risk register. This identifies the major business risks and likely reserves needed to mitigate or overcome the risks if they occurred. This is currently set at £850,000 as a target to work towards. Our free reserves are currently at £515,468, this is below target reflecting the impact of the pandemic and the financial pressures of reopening the hall.

Investments Policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Board of Trustees sees fit. The Trustees have agreed that cash in relation to advance ticket income for upcoming shows (including commercial hires) be held in a separate Bristol Music Trust bank account from the main operational account to manage the Trust’s operational cash flow effectively and transparently. The Trustees 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 used by the Trust to pay for capital project costs or is transferred to Bristol City Council to pay for construction costs for the project.

FUTURE PLANS

The 2024/25 financial year represents the first full year of trading post re-opening. It also represents the first year of operating without any revenue support from Bristol City Council (2023/24 £777,000).

We are completing a new 5 year strategy and business plan in Autumn 2025 which will guide the development of the business from 2026/27 onwards.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

In 2025/26 we plan a year of consolidation and a focus on operational efficiency to increase net income generation. Following the appointment of a new post, Operations and Commercial Director, the operational production and technical team and house management teams have been reviewed after a year of operating and some structural changes implemented to achieve this. This operational efficiency work will continue.

The building has been operating at around 70% capacity which is close to target, and we do not expect to be able to increase capacity in any significant way because of maintenance downtime required. We will be reviewing the occupancy model that informs how we utilise the facilities (for artistic programme, commercial events and education/community events) to ensure that we achieve the best possible balance between these three areas, whilst achieving the financial targets required. We will be working with our food and beverage contractor to improve the achievements in this area to increase audience usage of the bars and the average spend per head to benchmark levels to drive income.

There have been considerable senior management changes including the recruitment of a new Chief Executive, Development Director and Operations and Commercial Director following several long-standing executives leaving the business in 2024. The Chief Operating Officer will also retire in autumn 2025, and the Director of Audiences is a new role that combines two former senior roles.

The main assumption for the next couple of years is for operational consolidation and some inflationary price increases only but no major volume related increases in activity. Inflation is assumed to be around 3%. Cashflow is managed carefully with ticket income held in a separate bank account to operating cash. Cash balances are healthy because of advance ticket sales, and this is now actively managed to drive income from interest payments.

Trustees’ & Directors’ Responsibilities in the Preparation of Financial Statements

The Trustees (who are also the directors of Bristol Music Trust for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group as at the balance sheet date, and of the incoming resources and application of resources, including income and expenditure, for that period. In preparing those financial statements, the Trustees and directors are required to:

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with Companies Act 2006 and Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions.

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TRUSTEES’ANNUAL REPORT for the year ended 31 March 2025

Auditor

The audit was re-tendered in the year and Bishop Fleming was appointed as auditor to Bristol Music Trust.

Statement as to Disclosure of Information to the Auditor

The Trustees and directors at the date of approval of this Trustees’ Annual Report confirm that so far as each of them is aware, there is no relevant audit information of which the charity’s auditor is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report was recommended to the Board of Trustees by the Finance Risk and Audit Committee on 6 November 2025, and was signed on their behalf by:

....................................................... Jonathan Dimbleby (Chair)

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST

Opinion

We have audited the financial statements of Bristol Music Trust (the ‘group and parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Trustees’ Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information included within the Trustee’s Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST

otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on pages 20 and 21, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Group.

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

Our procedures to respond to the risks identified included the following:

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BRISTOL MUSIC TRUST

We also communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with laws and regulations, will not be detected by us. The risk increases the further removed compliance with a law or regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Butler FCA DChA (Senior Statutory Auditor) For and on behalf of

Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL

Date 19 November 2025

25

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total Funds Total Funds
Funds Funds
Notes 2025 2025 2025 2024
£ £ £ £
Income
Donations and Legacies 2 670,963 5,342,523 6,013,486 7,253,482
Charitable activities income 3 6,153,066 - 6,153,066 3,215,333
Other trading activities income 4 1,865,741 - 1,865,741 569,842
Investment income 5 329,689 - 329,689 172,056
Total income 9,019,459 5,342,523 14,361,982 11,210,713
Expenditure
Raising voluntary income 6 34,963 - 34,963 21,081
Charitable activities costs 7 7,508,218 1,739,809 9,248,027 5,921,927
Other trading activities costs 6 1,526,041 - 1,526,041 411,198
Capital transformation project 8 - 2,466,156 2,466,156 4,878,833
Total expenditure 9,069,222 4,205,965 13,275,187 11,233,039
Net income/(expenditure) 12 (49,763) 1,136,558 1,086,795 (22,326)
Transfers between funds 91,632 (91,632) - -
Net movement in funds 19 41,869 1,044,926 1,086,795 (22,326)
Total funds brought forward 994,877 2,182,486 3,177,363 3,199,689
Total funds carried forward 19 1,036,746 3,227,412 4,264,158 3,177,363

The consolidated statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure for the year derive from the charity’s continuing activities.

26

BALANCE SHEET as at 31 March 2025

BALANCE SHEET

Notes
Fixed assets
Tangible assets
13
Investment in subsidiary
14
Total fixed assets
Current assets
Debtors
15
Cash at bank and in hand
- Operational
- Advanced Ticket Sales
- Restricted Capital Funds
Total current assets
Total assets
Liabilities
Creditors: amounts falling due within one
16
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after more
than one year
17
Net Assets
The funds of the charity
Restricted funds
19
Unrestricted funds
19
- General fund
- Designated funds
Total charity funds		 Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£
480,874
435,624
389,995
339,500
-
-
1
1
480,874
435,624
389,996
339,501
2,634,572
5,414,393
2,483,199
5,394,731
800,103
713,055
786,240
709,545
3,097,891
3,348,711
3,097,891
3,348,711
8,376,981
3,045,891
8,376,982
3,045,891
14,909,547
12,522,050
14,744,312
12,498,878
15,390,421
12,957,674
15,134,308
12,838,379
(11,126,263)
(9,762,151)
(10,870,150)
(9,642,856)
3,783,284
2,759,899
3,874,162
2,856,022
4,264,158
3,195,523
4,264,158
3,195,523
-
(18,160)
-
(18,160)
4,264,158
3,177,363
4,264,158
3,177,363
3,227,412
2,182,486
3,227,412
2,182,486
515,468
519,253
515,468
519,253
521,278
475,624
521,278
475,624
4,264,158
3,177,363
4,264,158
3,177,363

The parent charitable company made a total surplus for the year of £747,094 (2023: deficit £180,970) including restricted funds.

The financial statements on pages 28 to 45 were approved by the Board of Trustees on the 6[th] November 2025 and are signed on their behalf by:

........................................................

Jonathan Dimbleby (Chair)

27

STATEMENT OF CASHFLOWS and CONSOLIDATED STATEMENT OF CASHFLOWS for the year ended 31 March 2024

STATEMENT OF CASHFLOWS

Group Group Company Company
Notes 2025 2024 2025 2024
Cash generated by operating activities 21 £
4,991,067		 £
1,601,258		 £
5,297,861		 £
1,813,529
Cash flows from investing activities
Interest Income 329,689 172,056 (10,013) 13,412
Sale of fixed Assets - - - -
Purchase of tangible fixed assets (153,438) (105,660) (130,882) (6,297)
Total cash flows from investing activities 176,251 66,396 (140,895) 7,115
(Decrease)/Increase in cash for the year 5,167,318 1,667,654 5,156,966 1,820,644
Total cash brought forward 7,107,656 5,440,002 7,104,147 5,283,503
Total cash carried forward 12,274,974 7,107,656 12,261,113 7,104,147

28

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements, and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

BASIS OF PREPARATION

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP) applicable to charities preparing their accounts and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019.

Bristol Music Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

BASIS OF CONSOLIDATION

The group Financial Statements consolidate the results of the parent charitable company and its subsidiary undertaking for the year ended 31 March 2025 using the acquisition method of accounting. Intra group transactions and profits are eliminated fully on consolidation. A separate statement of financial activities, dealing with the results of the parent charity entity only has not been presented as permitted by section 408 of the Companies Act 2006.

GOING CONCERN

The Trustees have presented the accounts on a going concern basis. In reaching this conclusion, they have reviewed the income and expenditure and cashflow forecast for the financial year 2025/26 together with a sensitivity analysis for the year and the budget and cashflow for 2026/27.

For the current financial year 2025/26, the budget shows a planned small deficit as the business continues to bed in following the changes in the senior team and consolidation following the first full year of trading post reopening. The focus is also on building voluntary income with the new strategy created by the new Development Director and the continuing focus on driving food and beverage income up to benchmarked levels. The sensitivity analysis shows the income and expenditure areas that are considered to be most at risk. The team have identified mitigation strategies in case these areas come under pressure.

The planned deficit in the sensitivity analysis will reduce free reserves to around £480k which is below the minimum to be retained as set by trustees in the reserves policy at £850k.

For the following financial year 2026/27, the budget and cashflow assume a breakeven position surplus and are based on the assumptions of steady consolidation rather than any major growth in volume of activity, together with steadily growing commercial and voluntary income following continuing focus in these areas.

29

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

The Trustees consider there are no material uncertainties that would cast significant doubt around the Group’s and the Charitable Company’s ability to operate as a going concern for a period of at least 12 months from the date of approval of the financial statements.

CAPITAL TRANSFORMATION PROJECT

The redevelopment of the Bristol Beacon is subject to and accounted for in line with a Development Agreement with Bristol City Council (BCC) which replaced the previous lease. Under this agreement, the risks and rewards of ownership of the building are retained by BCC so no asset is recognised by BMT. The final completion certificate is expected in summer 2025. A new 30 year lease was signed in December 2024 replacing the Development Agreement.

BMT has taken the lead on fundraising for the project and recognises the income received when there is evidence of entitlement, probability of receipt and the income can be reliably measured. Fundraising is now complete but some final payments are due in 2025/26 from statutory funders. The delivery of the project and its associated costs are borne by BCC and expenditure is recognised when costs incurred are invoiced by BCC in line with the agreement.

INCOME

Income from grants and donations is recognised when there is evidence of entitlement, probability of receipt and they can be reliably measured. Grant funding received in relation to specific projects (for example education projects) is recognised as restricted funding.

Income from charitable activities includes hall hire income, box office sales from BMT own promotions, income from educational activities, and box office booking fees. It is recognised as earned income in the year which the related goods or services are provided. Charitable activity income is deferred when box office sales or bookings are received or invoiced in advance of the performance or event to which they relate. Advance ticket revenue for future lettings, and therefore due to external promoters, is included in deferred income (note 18).

EXPENDITURE

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT that cannot be recovered.

Expenditure on raising voluntary income includes direct and indirect costs associated with our fundraising activity.

Expenditure on charitable activities includes costs associated with the staging of performances, events, and our educational activities, and includes both the direct costs and support costs relating to these activities (including costs incurred in the governance of the charity and its assets).

Expenditure on other trading activities includes costs associated with commercial trading operations (catering, hire of conferencing facilities and meeting-rooms at Bristol Beacon, and the provision of box office services to other arts organisations) through BMT Enterprises Ltd, and includes both the direct costs and support costs relating to these activities.

30

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

Bristol Music Trust leases the Bristol Beacon premises, and certain fixed assets within the Hall at the time of transfer of business operations, from Bristol City Council at a peppercorn rent. It is not considered possible to determine the open market value of the facility and therefore no rental charge has been recognised in the Statement of Financial Activities.

TERMINATION PAYMENTS

Termination payments are payable when employment is terminated before the normal retirement date or end of employment contract. They are recognised when the commitment to payment is made.

TANGIBLE FIXED ASSETS

All tangible assets purchased that have an expected useful economic life that exceeds one year and a value of more than £1,000 are capitalised and classified as fixed assets. Any equipment or assets purchased for less than £1,000 per item will be accounted for as expenditure in the year of purchase apart from bulk purchases of musical instruments where the cost of the group purchased exceeds £1,000. 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 life, as follows:

Furniture, fixtures and fittings 3-5 years straight line
Motor Vehicles 5 years straight line
IT equipment 3 years straight line
Plant & Machinery 3-10 years straight line
Musical Instruments 3-10 years straight line
Steinway Piano 32 years straight line

Bristol City Council has agreed that assets (plant and machinery, furniture, fixtures and fittings) associated with the running of the Bristol Beacon and contained within the building at the start of the lease will be left at the premises for the term of the new 30-year lease as part of the lease agreement. Ownership of these assets is retained by the Council and these assets (or equivalent assets in the same condition subject to wear and tear) will be returned to the Council at the end of the lease, and therefore should not be recognised as assets by the charity. Where tangible assets are purchased as replacements they will be recognised as assets by the charity and depreciated in accordance with the policy above.

31

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

LEASED ASSETS AND OBLIGATIONS

All other leases are “operating leases” and the annual rentals are charged to the statement of financial activities on a straight line basis over the lease term.

PENSION CONTRIBUTIONS

The charity has introduced a defined contribution pension scheme for employees with Royal London. The annual employer’s contributions are charged to the Statement of Financial Activities.

Bristol Music Trust employees who were TUPE transferred to the organisation from Bristol City Council retain their membership of the Local Government Pension Scheme (a defined benefits scheme). The assets of the scheme are held separately from those of the charity. The employer’s contributions rate was assessed at 14.7% at the time of transfer based upon details of the employees who transferred over. As part of the TUPE process Bristol City Council undertook to refund Bristol Music Trust for any future increases to this rate in excess of 17.2%, to cap any financial risk to the charity. As such the scheme is treated as a defined contribution scheme in accordance with FRS102 Retirement Benefits.

Bristol Music Trust employees who were TUPE transferred to the organisation as members of the Teachers’ Pension Scheme (a defined benefits scheme) retain their membership of this scheme. The company contributes to the Teachers’ Pension Scheme at rates set by the Scheme Actuary and advised to the Governors by the Scheme Administrator. The scheme is a multi-employer pension scheme, and it is not possible to identify the assets and liabilities of the scheme which are attributable to the company. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. Further details are provided in note 22.

FUND ACCOUNTING

The general fund comprises the accumulated surpluses of unrestricted incoming resources over resources expended, which are available for use in furtherance of the general objectives 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 the Trustees.

Restricted 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 sheet. Due to the material balance of the building refurbishment project, it has been split out into a separate restricted fund in note 19 under the heading ‘BB Phase 2 – Capital Transformation Project’.

32

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

2. DONATIONS AND LEGACIES

Unrestricted Restricted Total Funds Total Funds
Funds Funds
2025 2024
£ £ £ £
Core Activities
Bristol City Council – core funding - - - 777,000
Music Education Hub funding - 2,173,170 2,173,170 574,312
Other grants 248,235 83,140 331,375 286,170
Trusts and foundations 30,500 1,283,966 1,314,466 466,987
Individual donations 187,277 21,260 208,537 82,156
Memberships 88,097 - 88,097 62,104
Sponsorship 116,854 - 116,854 125,921
Core Activities: voluntary income 670,963 3,561,536 4,232,499 2,374,650
Capital Transformation Project
Other grants - 1,760,987 1,760,987 4,503,619
Trusts and foundations and other sources - 20,000 20,000 375,213
Bristol Beacon Phase 2 - Transformation
Project: voluntary income		 - 1,780,987 1,780,987 4,878,832
Total donations and legacies 670,963 5,342,523 6,013,486 7,253,482

Voluntary income was £6,013,486 (2024: £7,253,482) of which £670,963 was unrestricted (2024: £1,318,180) and £5,342,523 was restricted (2024: £5,935,302).

3. INCOME FROM CHARITABLE ACTIVITIES

Hall and space lettings
Own and co-promotions
Education activities
Other event income
Total income from charitable activities		 Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
2025
2024
£
£
£
£
2,033,233
-
2,033,233
488,895
2,456,815
-
2,456,815
1,405,416
1,072,213
-
1,072,213
901,770
590,805
-
590,805
419,252
6,153,066
-
6,153,066
3,215,333

Income from charitable activities was £6,153,066 (2024: £3,215,333), this was all unrestricted (2024: all unrestricted).

33

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

4. NET INCOME FROM TRADING ACTIVITIES (BMT ENTERPRISES LTD)

2025 2024
£ £
Turnover 1,865,741 569,842
Cost of sales (678,431) (305,361)
Gross profit 1,187,310 264,481
Administrative expenses (847,609) (105,837)
Net income from trading activities 339,701 158,644
Balance brought forward - -
Gift aid payment to Bristol Music Trust (339,701) (158,644)
Retained in subsidiary - -
Total assets 274,817 216,867
Total liabilities (274,816) (216,866)
Net assets 1 1
Share capital and reserves 1 1
5. INVESTMENT INCOME
2025 2024
£ £
Bank interest 329,689 172,056

6. COSTS OF RAISING FUNDS

Costs of trading activities
Cost of sales
Staff costs
Other support costs
Costs of raising voluntary income
Direct costs of fundraising
Total costs of raising funds		 Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
2025
2024
£
£
£
£
678,431
-
678,431
305,361
153,671
-
153,671
78,046
693,939
-
693,939
27,791
1,526,041
-
1,526,041
411,198
34,963
-
34,963
21,081
34,963
-
34,963
21,081
1,561,004
-
1,561,004
432,279

The costs of raising funds were £1,561,004 (2024: £432,279), this was all unrestricted (2024: all unrestricted). Costs of staff employed in a fundraising capacity are included in support costs of charitable activities (note 7).

34

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

7. COSTS OF CHARITABLE ACTIVITIES

Unrestricted Restricted Total Funds Total Funds
Funds Funds
2025 2024
£ £ £ £
Direct costs of charitable activities
Hall and space lettings 823,804 - 823,804 232,613
Own and co-promotions 2,462,837 - 2,462,837 1,026,381
Education activities 851,772 1,734,661 2,586,433 2,024,901
Other event income 147,567 - 147,567 141,753
4,285,980 1,734,661 6,020,641 3,425,648
Support costs of charitable activities
Staff costs 1,668,300 - 1,668,300 1,575,157
Premises costs 845,987 5,148 851,135 400,366
Other supplies and services 502,887 - 502,887 350,151
Marketing costs 205,064 - 205,064 170,605
3,222,238 5,148 3,227,386 2,496,279
Total costs of charitable activities 7,508,218 1,739,809 9,248,027 5,921,927

Costs of charitable activities were £9,248,027 (2024: £5,921,927) of which £7,508,218 was unrestricted (2024: £4,850,462) and £1,739,809 was restricted (2024: £1,071,465).

8. COSTS OF CAPITAL TRANSFORMATION PROJECT

9. GOVERNANCE COSTS
Direct costs of capital transformation
project
Funds allocated to Bristol City Council for
project delivery costs
Direct and indirect fundraising costs
Other support costs
Total costs of capital project
Audit
Accountancy fee		 Total Funds
Total Funds
2025
2024
£
£
£
£
-
1,630,821
1,630,821
2,594,601
-
-
-
15,000
-
835,335
835,335
2,269,232
Unrestricted
Funds
Restricted
Funds		 Total Funds
Total Funds
2025
2024
£
£
£
£
-
1,630,821
1,630,821
2,594,601
-
-
-
15,000
-
835,335
835,335
2,269,232
Unrestricted
Funds
Restricted
Funds
-
2,466,156		 2,466,156
4,878,833
2025
2024
£
£
22,000
22,000
1,500
2,000
23,500
24,000

9. GOVERNANCE COSTS

35

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

10. STAFF COSTS

The average monthly number of persons employed by the charity during the year was as follows:

The average monthly number of persons employed by the charity during the year was as follows:
2025 2024
No. No.
Employees 121 105
Casual workers 109 72
Monthly total 230 177

These staff numbers include members of staff contracted by Bristol Music Trust on behalf of BMT Enterprises Ltd, the costs of which are charged direct to BMT Enterprises Ltd as part of the cost sharing agreement between parent company and subsidiary.

Staff costs for the above persons:

Staff costs for the above persons:
2025 2024
£ £
Wages and salaries 3,457,028 2,786,575
Social security costs 278,169 234,211
Pension costs 234,144 198,995
Total staff costs 3,969,341 3,219,781

Staff costs for the executive team (key management personnel) including employer pension contributions totalled £625,589 for the year (2024: £679,452) for sixteen members of staff (2024: twelve). During the year no redundancy or termination payments were made (2024: £nil were made to no employees).

Three employees (2024: two) received total emoluments (excluding employer pension contributions) of more than £60,000 within the following bands:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000		 2025
2024
No.
No.
2
1
0
1
1
0
0
1
3
3

The above employees earning more than £60,000 per annum participated in the Defined Contribution Pension Scheme. During the year ended 31 March 2025, the pension contributions for staff in these bands amounted to £10,320 (2024: £12,166).

The charity has taken out a Trustees’ indemnity insurance policy that provides professional indemnity cover for the Trustees of the charity. The cost of this insurance policy to the charitable company for the year was £568 (2024: £768).

None of the members of the Board of Trustees received any remuneration except for the outgoing and new CEO who are remunerated for their role as CEO and not as Trustee. During the year Trustees received reimbursements of personal travel and subsistence expenditure that amounted to £0 (2024: £0).

36

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

11. DIRECTORS’ REMUNERATION

2025 2024
£ £
Remuneration for qualifying services 87,697 105,023
Company pension contributions to defined contribution schemes 3,890 4,029
91,587 109,052

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to two (2023: one).

12. NET INCOME/(EXPENDITURE)

2025 2024
This is stated after charging: £ £
Depreciation 108,188 102,711
Operating Leases
- Office & equipment 19,958 19,958
Audit fee 22,000 23,500

37

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

13. TANGIBLE FIXED ASSETS

Group:
Cost
01-Apr-24
Additions
Disposals
31-Mar-25
Depreciation
01-Apr-24
Charge for the year
Disposals
31-Mar-25
Net book value
31-Mar-25
31-Mar-24
Company:
Cost
01-Apr-24
Additions
Disposals
31-Mar-25
Depreciation
01-Apr-24
Additions
Disposals
31-Mar-25
Net book value
31-Mar-25
31-Mar-24		 £
£
£
£
£
£
274,228
438,558
54,995
124,845
146,499
1,039,125
56,105
80,706
-
6,621
10,006
153,438
(34,163)
(89,807)
-
(83,210)
-
(207,180)
296,170
429,457
54,995
48,256
156,505
985,383
(210,319)
(244,667)
(18,332)
(118,276)
(11,907)
(603,501)
(32,415)
(51,782)
(10,999)
(4,729)
(8,263)
(108,188)
34,163
89,807
-
83,210
-
207,180
(208,571)
(206,642)
(29,331)
(39,795)
(20,170)
(504,509)
Plant &
Machinery
Fixtures &
Fittings
Motor
Vehicles
IT Equipment
Musical
Instruments
Total
87,599
222,815
25,664
8,461
136,335
480,874
63,909
193,891
36,663
6,569
134,592
435,624
231,041
255,336
54,995
112,117
146,499
799,988
35,637
78,617
-
6,621
10,006
130,881
(26,541)
(3,019)
-
(72,788)
-
(102,348)
240,137
330,934
54,995
45,950
156,505
828,521
(181,591)
(142,343)
(18,332)
(106,315)
(11,907)
(460,488)
(23,158)
(33,468)
(10,999)
(4,498)
(8,263)
(80,386)
26,541
3,019
-
72,788
-
102,348
(178,208)
(172,792)
(29,331)
(38,025)
(20,170)
(438,526)
61,929
158,142
25,664
7,925
136,335
389,995
49,450
112,993
36,663
5,802
134,592
339,500

14. INVESTMENTS

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Investment in share capital of BMT - - 1 1
Enterprises Ltd

The above relates to an investment of 100% of ordinary share capital in the subsidiary company BMT Enterprises Ltd

38

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Trade debtors 217,454 271,528 75,309 157,391
Other debtors 157,762 253,333 154,104 253,334
Amounts owed by group - - - 97,570
Prepayments 236,610 153,046 236,610 153,046
Accrued income - Capital - 4,480,745 - 4,480,745
Accrued income 2,022,747 255,741 2,017,176 252,645
2,634,573 5,414,393 2,483,199 5,394,731

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security costs
Pension contributions payable
Other creditors
Amounts owed to group
Accruals
Deferred income (Note 18)		 Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£
647,256
747,521
605,298
692,471
64,862
63,972
64,862
63,972
29,419
28,672
29,419
28,672
8,948,513
7,225,742
8,899,432
7,209,120
-
-
18,704
-
444,824
801,539
432,593
787,336
991,389
894,705
819,842
861,285
11,126,263
9,762,151
10,870,150
9,642,856

Other creditors includes an amount of £6,225,422 capital fundraising owed to BCC (2024: £4,594,601).

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Long Term Loans Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£
-
18,160
-
18,160
-
18,160
-
18,160

The long-term loan is a 6-year loan from the social investment company Resonance Impact Investment through WCS Nominees Ltd. The loan matures annually from 1 October 2022 until 30 September 2025. The Company will make monthly repayments of the borrowings. Interest was charged at 1.75% pa until 1 October 2022 and 2.75% from then until the end of the term. All borrowings are denominated and repaid in pounds sterling.

39

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

18. DEFERRED INCOME

Group Company
£ £
Balance as at 1 April 2024 894,705 861,285
Amount released to income from charitable activities (894,705) (861,285)
Amount deferred in the year 991,389 819,842
Balance as at 31 March 2025 (Note 16) 991,389 819,842

Deferred income includes advance ticket income of £779,990 (2024:£797,69) .

19. STATEMENT OF FUNDS

Restricted funds
Music Education Hub
Youth Music
Earthsong Foundation
Paul Hamlyn Foundation
Community Engagement Programme
ACE Instrument Fund
Maintenance Fund
Bridge House Fund
Restricted funds: BB Phase 2 - Capital
Transformation Project
Arts Council Capital Funding
National Lottery Heritage Fund
Other Capital Funding Sources
Unrestricted funds:
General fund
Designated funds
CLE Reserve
Fixed Assets Fund
Total funds		 Balance at
01-Apr-24
Income
Expenditure
Transfer
between
Funds
Funds at
31-Mar-25
£
£
£
£
£
-
1,788,792
1,182,253
-
606,539
-
110,000
60,000
-
50,000
55,873
839,843
167,507
(10,006)
718,203
43,402
100,000
120,000
-
23,402
-
118,218
118,218
-
-
-
478,183
86,684
-
391,499
-
-
-
1,000,000
1,000,000
-
126,500
5,148
(81,626)
39,726
99,275
3,561,536
1,739,810
908,368
2,829,369
1,337,641
1,513,985
1,851,626
(1,000,000)
-
-
247,002
247,002
-
-
745,570
20,000
367,527
-
398,043
2,083,211
1,780,987
2,466,155
(1,000,000)
398,043
2,182,486
5,342,523
4,205,965
(91,632)
3,227,412
519,253
9,019,459
9,069,222
45,978
515,468
40,000
-
-
405
40,405
435,624
-
-
45,249
480,873
994,877
9,019,459
9,069,222
91,632
1,036,746
3,177,363
14,361,982
13,275,187
-
4,264,158

40

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

19. STATEMENT OF FUNDS (continued)

Restricted funds
Music Education Hub
Youth Music
Earthsong Foundation
Paul Hamlyn Foundation
Community Engagement Programme
Restricted funds: BB Phase 2 - Capital
Transformation Project
Arts Council Capital Funding
National Lottery Heritage Fund
Other Capital Funding Sources
Unrestricted funds:
General fund
Designated funds
CLE Reserve
Fixed Assets Fund
Total funds		 Balance at
01-Apr-23
Income
Expenditure
Transfer
between
Funds
Funds at
31-Mar-24
£
£
£
£
£
-
612,246
612,246
-
-
-
50,000
50,000
-
-
48,023
149,131
141,281
-
55,873
66,247
100,000
122,845
-
43,402
-
145,093
145,093
-
-
114,270
1,056,470
1,071,465
-
99,275
1,337,642
3,794,130
3,794,130
-
1,337,642
-
709,490
709,490
-
-
745,570
375,213
375,213
-
745,570
2,083,212
4,878,833
4,878,833
-
2,083,212
2,197,482
5,935,303
5,950,298
-
2,182,487
479,532
5,275,411
5,232,741
(2,949)
519,253
90,000
-
50,000
-
40,000
432,675
-
-
2,949
435,624
1,002,207
5,275,411
5,282,741
-
994,877
3,199,689
11,210,714
11,233,039
-
3,177,364

Music Education Hub: Arts Council England funding towards the cost of delivery of music education hub activity. Funding is utilised in the financial year to which it relates.

Youth Music: A grant from the Youth Music Foundation to support projects to transform music education in Greater Bristol for children and young people with SEND.

Earthsong Foundation: A grant from the Earthsong Foundations to deliver the Earthsong Programme which delivers enriching opportunities for young people who attend 11 primary schools in Bristol.

Paul Hamlyn Foundation: A multi-year grant to support our community development work with hard-to-reach communities to expand music education provision.

Community Engagement Programme: Funds for projects that promote community engagement and the development of new artists.

ACE Instrument Fund: Arts Council England funding to buy musical instruments.

Maintenance Fund; Arts Council England funding to support the ongoing maintenance of the rebuilt halls.

Bridge House Fund: A grant to refurbish the Bridge House foyer.

41

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

Bristol Beacon Phase 2 – Capital Transformation Project

The building refurbishment project has received restricted funds from a range of funders including statutory, donations from individuals, corporate sponsorship and grants from trusts and foundations.

National Lottery Heritage Fund: The funding is from the total grant award of £4.75m and was used for heritage and community projects.

Other funding received was sourced from Trusts and Foundations, private individuals and corporate sponsors.

Unrestricted Designated Funds

CLE Reserve for additional music community and education programmes to support specific areas to be agreed in the business plan.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General Designated Restricted Total
Funds Funds
Fund Funds
Fund balances at 1 April 2024 £
519,253		 £
475,624		 £
2,182,486		 £
3,177,363
Group:
Tangible fixed assets - 480,873 - 480,873
Current assets 14,869,142 40,405 - 14,909,547
Current liabilities (11,126,263) - - (11,126,263)
Long term liabilities - - - -
Total Net Assets 31 March 2025 3,742,879 521,278 - 4,264,157
Company:
Tangible fixed assets - 389,995 - 389,995
Investments 1 - - 1
Current assets 11,476,496 40,405 3,227,411 14,744,312
Current liabilities (10,870,150) - - (10,870,150)
Long term liabilities - - - -
Total Net Assets 31 March 2025 606,347 430,400 3,227,411 4,264,158

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NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

General Designated Restricted Total
Fund Funds
Fund balances at 1 April 2023 £
479,532		 £
522,675		 £
2,197,482		 £
3,199,689
Group:
Tangible fixed assets - 435,624 - 435,624
Current assets 12,482,050 40,000 - 12,522,050
Current liabilities (9,762,151) - - (9,762,151)
Long term liabilities (18,160) - - (18,160)
Total Net Assets 31 March 2024 2,701,739 475,624 - 3,177,363
Company:
Tangible fixed assets - 339,500 - 339,500
Investments 1 - - 1
Current assets 10,276,392 40,000 2,182,486 12,498,878
Current liabilities (9,642,856) - - (9,642,856)
Long term liabilities (18,160) - - (18,160)
Total Net Assets 31 March 2024 615,377 379,500 2,182,486 3,177,363

21. RECONCILIATION OF NET MOVEMENTS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net movement in fund
Distribution under Gift Aid
Add depreciation charge
Deduct interest income
(increase)/decrease in debtors
(decrease)/increase in creditors
Cash generated by operating activities		 Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£
1,086,795
(22,326)
1,086,795
(22,326)
-
-
339,701
158,644
108,188
-
80,386
-
(329,689)
(172,056)
(329,689)
(172,056)
2,779,821
(4,686,883)
2,911,532
(4,562,558)
1,345,952
6,375,361
1,209,136
6,325,981
4,991,067
1,494,096
5,297,861
1,727,685

22. PENSION COMMITMENTS

During the year, the charity contributed to three pension schemes for its employees and casual workers as appropriate, the Bristol Music Trust Pension Scheme, the Local Government Pension Scheme and the Teachers’ Pension Scheme. The total cost for the year amounted to £234,144 (2024: £198,995).

The charity participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”) for its music tutor employees following the transfer of the Bristol Arts and Music Service staff. The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions 2014. The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer.

43

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors.

The latest actuarial valuation of the TPS was carried out as at 26 October 2023 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2028.

The pension charge for the year includes contributions payable to the TPS of £ 59,699 (2024: £48,619).

23. OPERATING LEASES AND OTHER COMMITTMENTS

At 31 March 2025, the charity was committed to make total future lease payments under operating leases for each of the following periods:

In respect of plant and machinery leases due:
Within 1 year
In the second to fifth year		 Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£
9,064
14,161
9,064
14,161
16,078
5,794
16,078
5,794
25,142
19,955
25,142
19,955

From 1 April 2026 BMT may make an annual payment to BCC in consideration for the capital improvements made to the building by BCC based on a 50/50 profit share arrangement once general reserves are rebuilt to £850k.

44

NOTES TO THE FINANCIAL STATEMENT for the year ended 31 March 2025

24. RELATED PARTY TRANSACTIONS

Detail of the relationship with Bristol City Council is provided on page 13.

Cllr Craig Cheney (Deputy Mayor BCC) and Stephen Peacock, BCC CEO both resigned on the 9[th] May 2024 were the nominated Trustees appointed by BCC.

The current nominated Trustees appointed by BCC are Nicholas Hibberd, BCC CEO (appointed 13 March 2025 and Cllr Ani Stafford Townsend (appointed 10 October 2024).

Louise Mitchell, CEO BMT, who resigned 18 July 2024, is a member of Arts Council England SW Area Council.

During the year donations to the Trust from Trustees totalled £9,652 (2024: £12,426).

Bristol Music Trust has a wholly owned subsidiary, BMT Enterprises Ltd (see note 3). Bristol Music Trust charged BMT Enterprises Ltd staff costs of £153,671 during the year (2024: £78,048). In 2024 BMT Enterprises Ltd transferred its 2023 profits to the Trust as a gift aid payment to the value of £158,644 (2023: profits transferred of £109,581).

45

ACKNOWLEDGEMENTS – Financial Statements for the year ended 31 March 2025

ACKNOWLEDGEMENTS

We would like to thank the following funders for their generous support, which has enabled Bristol Beacon to deliver high-quality music education, foster artistic development, and broaden access to musical experiences.

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Trusts and Foundations
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Trusts and Foundations

29th May 1961 Charitable Trust | The Austin and Hope Pilkington Trust | The Anchor Society | Basil Brown Charitable Trust | The Beaverbrook Foundation | The Dolphin Society | D'Oyly Carte Charitable Trust | Earthsong Foundation | The Grateful Society | Jack and Monica Britton Trust | John Bretten Grassroots Memorial Fund administered through Quartet Community Foundation | The Linder Foundation | The Marchus Trust | The Morel Trust | The Nisbet Trust | Paragon Music Trust | Paul Hamlyn Foundation | Portishead Nautical Trust | PRS Foundation | The Raj K Soni Legacy Fund | The Rayne Foundation | St Monica Trust | St. James’s Place Charitable Foundation | Sheila Pollard Grassroots Fund administered through Quartet Community Foundation | The Society of Merchant Venturers Charity | Spielman Charitable Trust | Youth Music

Corporate Partners

Bristol Care Homes | Bristol Water | Burges Salmon | Bristol Marriott Royal Hotel | Christie & Co | Clayton Hotel Bristol | Clifton Hotels | Coutts & Co. | DAC Beachcroft | Delta Hotels by Marriott Bristol | Diana Porter | First Bus | Gleeds | Hayes Parsons | Hotel du Vin Bristol City | Ibis Bristol Centre | Mercure Bristol Grand Hotel | Precision Broking | Reflex Marine | Renishaw | RBC Brewin Dolphin | TClarke | Triodos Bank | UWE Bristol | Willmott Dixon | YTL UK Group

With heartfelt thanks to the many individuals, Members, and Patrons whose generous support has helped make our work possible this year.

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