REGISTERED CHAIUTY NUMBER: 11&1778 Report ofthe Trustees Unalldited Financial Statements for the Year Eded 31 M#rch 2024 Cor Bournemouth Svmphonv OYchestr• Benevolellt Fund 4 Cedar Pa Cobham Road Ferndown Industriai Estste Wimborne D0¥5Ct BH21 7SF
BO¥eMot Svmphonv Orfhestra BenevoleDt Fud Contents of the Financial St8teMents for the Year Elled 31 March 2024 Page Report of Ibe Trnstees Sttement of Finnel*l Aetivlties Shed Notfs to the Fin8ncial Ststements 5 10 10
B0rneollth Svjnphon!, Orcheslrn Benevolent Fund Report of the Trnstees for the Year Endtd 31 March 2024 The trustee5 present their rerth wilh the r]nancia] statements of the cllarity for the year ended 31 March 2024. The trnstees have adoptcd ihe provisions of Ac¢ow)iing and Rew)rting by Charities.. Sthiemeni of Recon)mended Practice applicable to chclritieb preparing their accounts in accordanc¢ with the Financial Reporting Standard applicable in the UK <ind Repiiblic of Ireland {FRS 1021 (effective l January 20191. 0ECTIVEs AND ACTIVITIES Obje£tives and aims To make grdnts lo full and Wdrt time Inu5icians and staff who are players in the Bournemouth Symphony Orche5trd IBSO). "nie grgnts arc to relieve hardship caLwd by ssckne&k accideni or infimiity. Funds are rnised from ihe nct pr(KYcds of an annual Loncert attd genernl donaiiotts mk during the year. Public bcncfit We corkfirm that we have Compli with our duty to comply with the guidance on public nefit published by the Englislj Lharily commiln whilst exerLising our We[S and dulle& During Ihe year we coniinued io work for the go(xl of players Ihrou¥h continuin8 to pay ncrIt5 to players in nccd. Thc public Iller11 requirement of our activitÈLS is set out in objcciivcs and LInS aTKi achievements and perf0Mnce lOw. ACIIIEVEMENT AND PERFORMANCE Charitable #Ctiwities Thi8 year wc liavc paid one retircment grant to a long scrytng playcr and met thrcc Tcquests for &8sistance arising from injury or illness. FINANCIAL REVIEW Our expcnditure OD m¢mbcfs bcnefits in 2023-24 was lowu ID y¢8r ai £3.574.12023.. £4,322). Reserves policy As irusiees we hdve sei a reserves policy which gives us sulficieni reserye wuivalent to 4 to 6 months forward expenditure. The reserves held at 315t March 2024 werc £187.895 (2023..173.333) in unrestticied reserv&8. The charity does not liave restricted reserves but on 29 jne 2022 dcsignated teserves of £42.(KX) io meet fututE reliremcnt grants. The purpx)se of grants 18 to Comnsate player8 who were previowsly mcmb¢r8 of the Bournemouth Orche51ras RetireTncnt Beiiefii Plan when. through matvdgefftent itleompetellce. it coUapsJ in 2(X)I leaving them wilh a substsntially lower annuity cntitlemcnt. We do not ieccÈve funding from Boumcmouth Symphony 0he$a or from any govemmcni departmcnt or th¢ National Lottery Community Fund. W¢ continue to fijnd rdise by staging an annual concert and for threc years now these h<ive b¥cn staged in Chrilichurch Priory. A wonderful seiiing lor making chamEw music and showcasing the skills of our membeT5. Out membEf5 also Make a conttibution of £5 per uK)Dth to the Charity. We are also ateful to our many loyal supixmlers who make donaiions thrgkni the year or who have remembered in their will. We have no eTnployees and coniknue to rety on voluners many of whom are members of the fuiid. Trustces are not remunerated and give fr¢¢ly of their time throughout the year. The tnkn board a Eninimum of four iirnes a year. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Bournemouih Syrnphony Orchcstra BLYvolent Fund is a ehatitsble incorwytated organisation. Pa8c I
Bournemouth Svmphonv Orchestra Benevolent Fund Report of the Trustees Cor the Year Ended 31 March 2024 STRucfuRE. GOVERL¥ANCE AND AGEMEN[ Recrnitment And appointmtllt of trustees All Iiiejnbers ar¢ circulated with invilations w nominate In prior to the AGM adwsing them of the retirÈng trustees and requesiing nominations for the AGM. When con5ider]ng co-opting tru5te4 the Board gard to the requirement for any SExYialisi skills needed. The iTUStets havc the pgw¢r to c¢H)pt up to two rther non play¢r mcmbers to fjll specialist roles. Cu]TeDtly two trustee5 serve in this capacity. Burns Tutti Second Violitl Join during the year and will take over as chair in autumn 2024. The trustecs would lik¢ to rewrd their grdtcfvl thanks ty Jacoba Gal¢ who rctirul as Chair of the after serving eigiit years a trustee and five 0$ chair. We are grateful foi her commanding leadet5hrp. notably during the Covid paDdemic. ber compassion and devotion to Sthvtng the need5 of BSO playa5 P&%t and prtsent. REFERENCE AND ADMINISTRATIVE DETAILS R¢gibtered Cbarity llber 1163778 Principal address 2 Scldown Lane Poole DoTset BH15 IUY Trnstees Jacoba Rachcl Gale- retired 16 May 2024 Christine Dipple- Vice Chair Richard Davld Frdnci& Bagley- Treasurtr Bary Deacon- Minute Secretary Rebccca Bums- appoinied l August 2W23 BRIEF HISTORY Tlic charity was registered on 30th Septwnt*r 2015, 56 years after the Ixnevolent fiJTrJ w&$ fomied in 1959. In the fitsi two yeajs (195941) annual income was rntsed by way of weekly 5ubsctiplion from musicians plus peedS from an aniiLial conccrt. inten1 and donations. Subscriptions were droptd tn 1962 the ¢oncerts hav¢ continued cvcr sÉnce. For inaiiy years the annual concert was held ot the Winier Gardens in BournenN)uth and li was noi until the 19W'5 that concert& were r¢gularfy held at the ord)estra's new in Pk. Approvcd by ord¢r of th¢ iM)8rd of trwtce5 On.... ..... . ...... - and signed on 115 behalf by- Richard David Francis Bagley- Tru Page 2
Bournemouth SyphOny Orcbestr# Benevolent Fund Bal#nc¢ Sheet 31 N.larth 2024 2024 Unrestrkcted 2023 Total funds Notes FIXED ASSKTS InvestmeEJts 164.549 155.801 CURRENT ASSETS C&sh ai bank 23.616 18,142 CREDITORS Amoun15 falling due within onc ycar (270) {210) NET CURRENT ASSETS 23.346 17,Y32 TOTAL ASSETS LESS CURRENT LIABILITIF.S 187.895 173.733 NET ASSETS 187.895 173.733 FUNDS Unrestricted fijnds 10 187.895 173,733 TOTAL FUNDS 187,895 173,733 The financial slaiemenis were approved by the Board of Tn]stCes aTMI &uthoriscd for issue on and were signed on its behaifby: Richard David FraThcis Bagley- Trus The notes fomi part of these financial sU•ncnts Pagc 4
Bournemouth Symphoni. Orchestra Benevolent Fund Statement of FinaDcixI Activltles for the Year Ended 31 M*reh 2024 2024 Utwtricted 2023 Total funds INCOME AND ENtKIWMENTS FROM Donations 8nd legacies 3.937 2.237 Other trading activili¢s 6,888 3,935 Total 10.825 6,172 EXPENDITURE ON Raising fimds 4,067 4,174 Charitable a£tivitie5 t3eD¢fits paid to membcrs Govcmancc costs 3J74 4,322 30 Tot81 7,641 8,526 Net gains on investments 10,978 15,388 NET INCOME 14,162 13.034 RECONCILIATION OF FUNDS Toial ndS brought fonvard 173.733 160.699 TOTAL FUNDS CARRIED FORWARD 187.895 173.73.1 The not&% fornl part of these financial statements Page 3
Bournemouth SYtnphoTh!' Orches Benevolent Fund Noles to the lanCIAl Statements for the Year ETrded 31 March 2024 ACCOUNTING POLICIES Basi$ of preparing the financial st¢emeDts Thc financ%al slatemcnts of thc charity, whi¢h is a publtc bcncfil entity under FRS 102. have been prepared in aLcordance with the Charities SORP (FRS 102) 'Accountth8 and ReportiDg by Clwiiies.. Statement of Rccommended Prdctiee applicable to charities preparing their accounts in accordance with the Fin3ncial Rewrtin Si<indard applieable tn the UK and Republic of Ireland (FRS 102) (etTtclive l January 2019),. FinanLxal Rewrtin Standard 102 The Financial Rwrtillg Stsndard applicable in the UK arml Republic of Ircland, and ilic Cliaritio8 Act 2011. The financÈal 5tatetnenls have bwi prepared under the histori Lost conveniion. with ihe excepiion of invcslni¢nts which ar¢ included at market valu¢ as m(wJificd by ihe reVaILtIOn of CCTiain asscls. Income All income is recolS¢d ID Ihe StstettKnl of FiDaDcial Activitie5 once the charity enliilenient lo th¢ funds. it is probable that the itKome will received aThl the amount can measur•J reliably. Eipenditure Liabililac5 are rccogniscd as ext&nditurc as sth)n as there is a legal or constntctive obligation comtnitting the charity lo thai cxpcnditure. li is probable thai a trarL4fer of economic benefits will bc required in settlcincnl dnd the amount of thc obli&¥ttiion fdn be measurd reliably. LxndttUre is accounlcd for on an accmals basis and has becn classified under headings that aggrewale all cosi relad io Ihc category. Wherc costs caTlllOt dircctly attributed iv particular hcadings they have been all(Kad to aciivities on a basis tonsistcnl with t1 usc of TCSQWCC5. Grdllts offer¢d subject to condilions which have been at the year elld date Ère llotcd &% a commitmellt but tLQt accrued as expenditure. Taxation The charily is cxcmpt from tax on its charitabl¢ activitEL. Fund aceounting Uwestricted funds can b¢ us¢d in x¢(Kdantt with the ch8Titsble objectives * the discrdion ofthe trusiees. Restricted funds can only used lor particular restric within th¢ objects of t] charity. R¢strictions Arise when bpecified by the (k)nor or when fvnds arc Taised for particularrestricted pur. Furthtt explanation of Ihe nature purw of cacb fund is IIllded in the nofr5 to the financial statements. Gift Aid The charity is r¢gistered forgift aid claIn on unsoliciied donation& Debtors #nd prepayment5 Debtors aTrd prepayments are recognised ai the tsansaction ptice where an entity has a prcsent obligation resulting from a pabl event thot will probably result Én the trorLsfer of ndS from a third porty lo the Lh8ri1y a1 the ainount due to settle Ihe obligation can be measllred orestima*d reliably. Creditors provlsioD5 Creditors and provtsions arc r¢cognis Whe the chariiy ha5 a ptesenl obligation resulting from a past cvcnt ihat will probably rcsuli in ihc irdnsfer of funds to a third paty and the amowii due lo se(ilc the obligalion can be measured 01 LStirnated rcliably. Creditors and Provisiors are nornully recognised at thcir trnnsaction pricc aftcr allowing for any tradc discow)L$ due. Pa5 continued...
BovrDeJDouth SvmphoDV Orebestr* Beewl¢llt Fumd Notes to the Financial Statements- ¢ontiThued for the Year Ended 31 Marth 2024 ACCOUNTING POLICIFS- tODtiDued Cash at Bank and in Cash at bank and in hand includes cash a1 sl¥)rt terni highly liquid investmts with a short maturity Ot three month5 or less from the date of wuisilion or opening of the tysit Iv similar accounL Investments Investtnents are valucd at the markct Ydluc ai iMlan sheth date. DONATIONS AND LECACILS ?024 2023 Donations and Eequests Gift aid Bank interest receivLxI ,423 2514 2,213 24 3.937 2.237 OTHER TRADING ACTtVlTILS 2024 2023 4.3 2.885 3.935 Membership Fees 6,888 3.935 RAISING Fuf4DS Raising donations Ifga¢ies 2024 2023 Supprt costs 6] 411 Other trading adivities 2024 2023 Concert expenditure 1.147 1,614 continucd...
BourDemouth Svtnphonv orthtra Benevolent Fund Notes to tht Fin#nei*l Stgtements- continued for fhe YeAr Ended 31 M#rch 21124 RAISING FUNDS- continued Inveslment costs 2024 2023 Portfolio management 2.230 2.149 Aggtc¥ate amounts 4,1kn7 4.174 CHARITABLE ACTIVITILS COSTS Grdnl funding of Beneflls paid io m¢mFtrs 3.574 All grdnts wcrc patd to jDdividua]& SUPPORT COSTS Governance Managemeni Totals Raising donations and legxies 210 480 TRUSTEES. RF.MUNF.RATION AND BENEF175 Thcrc were no tnLsiees' remuneration or other [nefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trusttt5' expenses There were no tnLsle¢s' expense5 ld for the Ye•rend 31 March 2024 M)r for ihe year ended 31 March 2023. Pag¢ 7 coniinucd...
Bournemouth Svmphon!. Orchfstra Benevolent Fund NDte5 to the Financial Statements- cDntiThued lor the Year Ended 31 March 21124 FIXED ASSET INVEgrMENrs Listed investhnents IARKET VALUE At l April 2023 Additions Disposals Revaluatiolls 155,801 33.074 (36,094) 11,768 At 31 March 2024 164.549 NET BOOKVALUE At 31 March 2024 164.549 At 31 March 2023 1 $5,1101 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 AccNed ¢xp¢D5CS 270 210 io. MOVEMENT IN FUNDS Jnovetnenl in futKk At 31.3.24 At 1.4.23 Unrestrieted funds General fund Pension Scheme 131.733 42.1 14.162 145,895 42.OnO 173,733 14,162 1117,895 TOTAL FUNDS 173.733 14.162 187.895 Net movement in fim(K included in th¢ alM)v¢ aTe &s follows: Incoming Resourca Gains and ex Moven)ent in fund5 Unrestricted fulld$ Genc]31 fund 10.825 (7,641) 10.978 14,162 TOTAL FUNDS 10.825 17.641) 10,978 14.162 Page 8 continued...
Bournemouth Symphonv Orclkes¢r* Benevolent Fund Nole5 to the Financial StatemeDts- continued lor the Year Ended 31 March 2024 MOVEMEIYT IN FUNDS- continued Compardtives for movtmeTrt in funds Net movemeni in fvnds Ai 31.3.23 Ai 1.4.22 URrestricted funds Gcticrol liind Pension sche 118.699 42.(MM> 13,034 131,733 42.1K)O Id).699 13.034 173.733 TOTAL FUNDS 160.699 lJ.034 173,733 Compardtive T]et Tnovement in fuL% ancluded in the almwe are as follows.. Iwm)ing Resounes exnded Gains and Movcmcnt in funds Unrestrlcted funds GenerLI fund 6.172 (8526} 15.388 13.034 TOTAL FUNDS 6,172 (8,526} 15,388 lJ.Q34 A current year 12 months al prior year 12 nv)nth5 combined w)5iiion is &s lollows.. Nei nuTrvemcnt in funds At 31.3.24 Al 1.4.22 Unrestri¢ted funds General nd Pcnsion Scheme 118.699 42.IMX) 27.196 145,895 42.(MK) IfA).699 27.196 187,R95 TOTAL FUNDS IfAI.699 27,196 1117,895 Pagc 9 continued...
BtsurDenaoutb Svmphonv Orche5tr Benevolent Fund Notes to the Finncial St8t¢ment5- COllt1ned f(tyr tbe Year EDded 31 M#reh 2024 MOVEMEKr IN FUNDS- contiDued A Cutreni year 12 montlts and prior year 12 months combined T1 movement in fund& ilUded in the above are as follows.. incolning R¢70UfC exFKnded Gains and 10&8ts Movement in funds Unrestrieted funds GciicTal ftind 16,997 (16.1671 26.366 27.196 TOTAL FUNDS 16.997 (16.167) 26.366 27,196 Purpose of dtsignated nd Trusiees have dcsignatcd £42.(YJO io pay for membeTS who lo PArf of their pension following the Closu of tile previou5 pension &¢heme. These fun(Ls are plannLYI io bc paid u> retircmeni of thcsc membcrs. ii. RELATED PARTY DISCLOSURLS There were no related party trawtions for the yew end¢d 31 Mah 2024 {2023: thill. Page 10