**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.
Page 1
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
Page 3
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.
continued...
Page 5
## **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...
Page 6
## **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|
continued...
Page 7
## **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**
continued...
Page 8
**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.
continued...
Page 9
## **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).
Page 10