REGISTERED CHARITY NUMBER: 1163778
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2022
for
Bournemouth Symphony Orchestra Benevolent Fund
Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF
Bournemouth Symphony Orchestra Benevolent Fund
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
Bournemouth Symphony Orchestra Benevolent Fund
Report of the Trustees for the Year Ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To make grants to full and part time musicians and staff who are employees in the Bournemouth Symphony Orchestra (BSO). The grants are to relieve hardship caused by sickness, accident or infirmity. Funds are raised from the net proceeds of an annual concert and general donations made during the year.
Public benefit
We confirm that we have complied with our duty to comply with the guidance on public benefit published by the English Charity Commission whilst exercising our powers and duties. During the year we continued to work for the good of employees through continuing to pay benefits to employees in need. The public benefit requirement of our activities is set out in objectives and aims and achievements and performance below.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In the last 12 months we have paid several retirement grants to long serving players and supplemented the earnings of self employed players whose income was severely reduced because of the limited BSO playing schedule. These players received no additional support from BSO but some qualified for SEISS payments throughout the period but others did not. There were no requests for assistance arising from injury or illness.
FINANCIAL REVIEW
Financial position
Our expenditure on member's benefits in 2021-22 was £17,200. (2021: £16,800).
Reserves policy
As trustees we have set a reserves policy which gives us sufficient reserve equivalent to 4 to 6 months forward expenditure. The reserves held at 31st March 2022 were £160,699 (2021: £184,815) in unrestricted reserves. The charity does not have restricted reserves.
COVID-19 crisis
The impact of the virus on our last financial year was catastrophic. As predicted in 2021-22 we did not earn our own concert income in the period. We were unable to stage our annual fund raising concert because employed players were on furlough and the requirement for social distancing. We do not receive funding from Bournemouth Symphony Orchestra nor were we eligible to apply for funds from government departments or the National Lottery Community Fund. We released £20,000 from our investment portfolio to continue to pay benefits.
We are grateful to supporters who made donations and in particular to the trustees of the Broadstone Music Series who shared the proceeds of one of their outdoor summer recitals with us. More recently we were fortunate to receive generous donations from three long term supporters.
We have no employees and trustees worked from home so there was no requirement for control measures to be introduced. To avoid risk of infection trustees' meetings were conducted on screen so no face to face meetings have taken place.
In 2020 members approved a process for the way in which the funds of the charity should be distributed in the event of the orchestra collapsing and members losing their employment.
At the date of this report we had not received any applications for help as a result of illnesses or disability arising from COVID-19 diagnoses. We continue to consider all applications in the same way as in previous years.
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Bournemomth Symphony Orchestra Benevthlent Fund Report of the Trustees ror the Year rded 31 MkrLh 21122 STRucfuRE, GOVERNANCE AND MANAGEMENT Governing d(Icumellt The BoLiniemouil) Syniphony Orcheslra Benevol11 Fund is a charitable iiicorporaled or¥anisation. Recruitment and appoÉntment of new trustees All Incimbcrs ai'c circulalcd with invitstioiis to nofftinate irusiecs pi'Ror 10 the AGM udvi8in¥ Ihcm of il)L reiiring Irllsie¢b an rcqucsting iiomiJiatÈoiis for thc AGM. Wlicn caiisi(Icrin¥ co-optin¥ tru.%te¢s, the Bourd hab TCbYUI'd ti) Iho reqiiiremcnt fi)r any peLialist $kill% needed. The tiiistees have the tK>wcr kn co-opl up to two fiirther $neMbe In till specialist i'olc%. Ciii'rently Iw tjuslccs SCTve in this capacily. REFERENCE AND ADMINISTRATIVE DETAILS Rtgi$tered Chwrity nwmber 1163778 Prineipal address 2 Svldowm Lane Poolc DoTsel BH15 IUY Trustees Jacobd RaLhEI Gale - Chair Jolm FranLiS Twetd 'chard D&vid Francis Baglry- Treasurer NiLolc Buyssen Ban'y D¢d¢on BRIEF HISTORY Thc Lhdflty Wab T¢gist¢r¢d 30th Septemb¢r 2015, 56 ycai's aft¢r the b¢ncv()Icnl fund forC in 1959. In the first two yeai's 11959-611 annual in¢on¢ wls rais¢d by way L)f w¢ckly subsLripliun from musiLians plus proL¢eds fi'om dD dllnual LOnLeri, intcrcsl and donations. Subsciiptions were dropped in 1962 but the concenb hav¢ c<)ntinucd evei sillce. Foi. tn4Lny ycais thc arUal Gvncert was held at the Winter Garden¥ in Boutnen)outh an(1 it was noi Ltil the 1990,5 d]at conccrl8 wcrc Icguluily hold at the orch¢stra' new ba4e in Poole. In recent yeS falling intEI'est lates have tesulted iiethligible iTrvestmeiit ill¢om¢ so we ai'¢ more dependent than attr8Ctiiig lai.gei audienG¢% to the awiual concert. Issues with BSO scheduliiig and the eftect ot the i'ecent Covid-19 palenC m¢an5 Ihat we unable to huld an awiual concert ij) the financial year. Approved by ordei. of the board of Irustees on signed on its behallby.. Richai"d David Francis Bagley- tee Page 2
Bournemouth Symphony Orchestra Benevolent Fund
Statement of Financial Activities for the Year Ended 31 March 2022
| 2022 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 10,663 EXPENDITURE ON Raising funds 3 3,784 Charitable activities 4 Benefits paid to members 17,200 Total 20,984 Net gains/(losses) on investments (13,795) NET INCOME/(EXPENDITURE) (24,116) RECONCILIATION OF FUNDS Total funds brought forward 184,815 TOTAL FUNDS CARRIED FORWARD 160,699 |
2021 Total funds £ 3,391 3,604 16,831 20,435 23,979 6,935 177,880 184,815 |
|---|---|
The notes form part of these financial statements
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Bournemouth Symphony Orehestr2 Bertevolent Furtd Balance Sheet 31 MarLh 2022 2022 2021 Total fimds UnresLricied fiinds Noies FIXED ASSETS Investmcnts 142,563 178,944 CUIIRKNT ASSF.TS Cash al bank 18,316 6,051 CRFDITVRS Ainouiiis falling due within one year {180) (1801 NET CURRETr4T ASSETS 18,136 5,871 TOTAL ASSETS LESS CURRENT LIABILITIES 160,699 184,815 NET ASSETS 160,699 184,815 FUNDS UnrestriLtcd fiinds 160.699 184.815 TOTAL FUNDS 160,699 184,815 The finaniial siarenKnls werc approvcd by the BoaiLI of Trustec5 and authorised for issiie oll. signed on its behalf by". w¢re Richdixl David Frdiicis Bagley-'fru The notes fom pari of rhesc financial stateTnents Pagc 4
Bournemouth Symphony Orchestra Benevolent Fund
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Gift Aid
The charity is registered for gift aid claims on unsolicited donations.
Debtors and prepayments
Debtors and prepayments are recognised at the transaction price where an entity has a present obligation resulting from a past event that will probably result in the transfer of funds from a third party to the charity and the amount due to settle the obligation can be measured or estimated reliably.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their transaction price after allowing for any trade discounts due.
Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity ot three months or less from the date of acquisition or opening of the deposit or similar account.
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Bournemouth Symphony Orchestra Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES - continued
Investments
Investments are valued at the market value at the balance sheet date.
2.
3.
DONATIONS AND LEGACIES
| Donations and bequests RAISING FUNDS Raising donations and legacies Support costs Other trading activities Concert expenditure Investment management costs Portfolio management Aggregate amounts |
2022 £ 10,663 2022 £ 526 2022 £ 671 2022 £ 2,587 3,784 |
2021 £ 3,391 2021 £ 453 2021 £ 611 2021 £ 2,540 3,604 |
|---|---|---|
continued...
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Bournemouth Symphony Orchestra Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
4. CHARITABLE ACTIVITIES COSTS
5.
| CHARITABLE ACTIVITIES COSTS | ||
|---|---|---|
| Grant | ||
| funding of | ||
| activities | ||
| £ | ||
| Benefits paid to members | 17,200 | |
| SUPPORT COSTS | ||
| Raising donations and legacies | Governance Management costs £ £ 346 180 |
Totals £ 526 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
7. FIXED ASSET INVESTMENTS
| MARKET VALUE | Listed investments £ |
|---|---|
| At 1 April 2021 | 178,944 |
| Additions | 29,969 |
| Disposals | (49,482) |
| Revaluations | (16,868) |
| At 31 March 2022 | 142,563 |
| NET BOOK VALUE | |
| At 31 March 2022 | 142,563 |
| At 31 March 2021 | 178,944 |
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Bournemouth Symphony Orchestra Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 184,815 Pension Scheme - 184,815 TOTAL FUNDS 184,815 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 10,663 TOTAL FUNDS 10,663 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Net movement in funds £ (24,116) - (24,116) (24,116) Resources expended £ (20,984) (20,984) At 1.4.20 £ 177,880 177,880 |
2022 2021 £ £ 180 180 Transfers between At funds 31.3.22 £ £ (42,000) 118,699 42,000 42,000 - 160,699 - 160,699 Gains and Movement losses in funds £ £ (13,795) (24,116) (13,795) (24,116) Net movement At in funds 31.3.21 £ £ 6,935 184,815 6,935 184,815 |
|---|---|---|
9. MOVEMENT IN FUNDS
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Bournemouth Symphony Orchestra Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 3,391 | (20,435) | 23,979 | 6,935 |
| TOTAL FUNDS | 3,391 | (20,435) | 23,979 | 6,935 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Pension Scheme TOTAL FUNDS |
At 1.4.20 £ 177,880 - 177,880 177,880 |
Net movement in funds £ (17,181) - (17,181) (17,181) |
Transfers between funds £ (42,000) 42,000 - - |
At 31.3.22 £ 118,699 42,000 160,699 160,699 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Gains and resources expended losses £ £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 14,054 (41,419) 10,184 |
(17,181) |
| TOTAL FUNDS | 14,054 (41,419) 10,184 |
(17,181) |
Purpose of designated funds
Trustees have designated £42,000 to pay for members who lost part of their pension following the closure of the previous pension scheme. These funds are planned to be paid upon retirement of these members.
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Bournemouth Symphony Orchestra Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022 (2021: £nil).
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