Charity Reglstratlon No. 1163778 BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND ANNUAL REPORT AND UNAUDITED FINANCIALSTATEMENTS FOR THE YÉAR ENDED 31 MARCH 2025 BUSINESS ADVISORS &A¢¢tsiIIITANTS e Street Christ¢hur¢h Dorset 8H23 IEF BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND CHARITI INFORMATION Trustees Mr B Deacon MrDIDaly C Dipple R Burns Mr R 8a8lev (Appointed 31 May 20241 Charlty number 1163778 Accountants TC Group 10 Bridge Street Christchurch Dorset BH23 IEF TC Group Pr5n¢lpal address 7 Tranquillity 8 NaSrn Road Poole Dorset 8H13 7NQ BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual rèport and financlal statement for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accountlng policles set out in note I to the financial statements and comply with the Fund's constitutlon which is its governing document, the Charities Act 2011 and 'Accounting and Reportin8 by Charities., Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective I january 20191. Oblectlves and adlvltle5 To make grants to full and part time musicians and staff who are players in the 8ournemouth Symphony Orchestra IBSOI. 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 benefir We confirm that we have complied with our duty lo comply with the guidance on public benefit published by the English Charity Commission whilst exercisin8 our powers and dutie5. DurinB the year we continued to work for the 800d of players through continuing to pay benefits to players in need. The public benefit requirement of our ctivitiès is set out In objectives and performance below. Achlevements and performan¢• Significant activities and ochievement5 17qglns¢ objectlves This year we have paid two retirement 8rants to long serving player5 and met request for assistance arising from Injury or illness. Flnanclal revlew Our expenditure on member's benefits In 2024.25 was higher in the year at £4,000.12023-24.. £3,574). Reserves policy As trustees we have set a reserves policy which 8ive5 us sufficient reserve equivalent to 4 to 6 months forward expenditure. The reserves held at 31st March 2025 were £197,20912024.. £187,895) in unrestricted resetves. The charity does not have restricted reserves but on 29 lune 2022 designated reserves of £42,000 to meet future retirement grants. The purpose of these 8rant$ IS to compensate players who were previously members of the Bournemouth Orchestras Retirement Benefit Plan when, through management incompetence. it collapsed in 21X>l leaving them with a subslantlally lower annuity entitlement. We do not receive funding from Bournemouth Symphony Orchestra or from any government department or the National Lottèry Community Fund. We contSnue to fund raise by staging an annual concert and for three years now these have been staged in Christchurch Priory. A wonderful settin8 for making chamber music and showcasing the skills of our members. Our members also make a contribution of £5 per month to the Charity. We are also grateful to our many loyal supporters who make donations throu8hout the year or who have remembered us in thèlr will. We have no employees and continue to rely on volunteers many of whom are members of the fund. Trustees are not remunerated and give freely of their time throughout the year. The trustee board meets a minimum of four times a year. Structurei governance and management The Bournemouth Symphony Orchestra Benevolent Fund is a charitable incorporated organisation. BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 20Z5 The trustees who served during the year and up to date of slgnature of the financial statements were.. Mr 8 Oéacon MrDJDalv C 0￿Pple R 8urns Mr R 8a6lev (Appointed 31 May 20241 Recruitment crnd uppointment of trustees All members are circulated with invltatlons to ngmlnate trustees prlor to the AGM 8dv151ng them of the retiring tiustees anLI requestln8 nornlnation5 for the AGM. When conslderln8 eo-optlng trvst*e5, the Board has regard to the requirement lor any specialist skills needed. The trustees have the power to Cg-opt up to two further non player members to fill specialist roles.. currently two trustees serye in this capacity. The Trustèes Report was approved on behalf of the of Trustees by &nd on, Mr R Baglev Date.. >02G BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUNO STATEMENT OF FINANCIAL ACTIVITIE5 INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unrestrictèd funds 2024 Notes Incomè from: Donation5 and legacies Other trading artivities Investments 3,879 7,532 237 3,937 6.888 Total income 11,648 10.825 Expendlture on: Raising funds Charitable activities 2.931 4,486 3,377 4,264 Total expenditure 7,417 7.641 Net gainslllossesl on investment5 io 5.083 10,978 Net Income and movement in fund$ 9,314 14,162 Reconciliation of funds: Fund balances at l April 2024 187,895 173,733 Fund balances at 31 March 2025 197.209 187,895 The Statement of financial activities includes all gains and 1055es recognised in the year. All income and expènditure derive from continuing activities. BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND BALANCE SHEET AS A T31 MARCH 2025 2025 2024 Notes Fixed assets Investments 12 167,798 164,549 Current assets Cash at bank and in hand 29,711 23.616 Creditors: amounts falllng due wlthln one vear 13 3001 12701 Net current assets 29,411 23,346 Total assets less current Ilablllties 197,209 187,895 The funds of the charity Unrestricted fund5 14 197,209 187,895 197,209 187.895 02G The financial statements were approved by ihe trustees on Mr R Bagley BOURNEm0￿H SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountln8 polStles 1.1 Accountini Convention The financial statements have been prepared in accordance with the charity's Igoverning documentl, the Charities ALt 2011, FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charitie5 SORP Accounting and Reporting by Charities." Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. Thè charity is a Public Benèfit Entity as defined by FRS 102. The charity has taken advantage of the provision5 in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterlin& which is the funrtional cijrrency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policFes adopted are set out below. 1.2 Going concern At thè time of approving thè financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific condition5 by donors or grantors as to how they may be used. The purposes and uses of the re5trirted funds are set out in the notes to the financial statements. Endowment funds are SLtbject to specific Conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amoijnts can be measured reliably, and li Is probable that income will be received. Cash donations are recognised on receipt. Other donations are recogni5ed once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relatlon to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies LeBa¢les are recognised on receipt or otherwise if the charlty has been notified of an impending distribution, the amount Is known, and receipt Is expected. If the amount is not known, the legacy is treated as contingent asset. 1.5 Expendlture Expenditure is recognisèd once there is a legal or constructNe obligation to transfer economic benefit io third party, it is probable that a transfer of economic benefit5 will be fequired in settlement. and the amount of the obligation can be measured reliably. Expenditurè15 classified by artivity. The costs ol each activity are madè up of the total of direct costs and shared costs, including support costs involved in undertakinq each activity. Direct costs attributable to sin8le activity are allocated diredly to that activity. Shared cost5 which contrlbute to more than one activitv and support costs which are not attributable to a single activity are apportloned between those activitie5 on a basi5 consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on thè portion of thè asset's usè. 1.6 Flxed •sset Investments Flxed asset investments are Initlally measured at transaction price excludln8 transaction Costs, and are subsèquently measured at fair value at each reportin8 date. Changes in fair value are reco8nised in net income/lexpenditurel for the yeai. Transa¢tion Costs are expensed as incurred. 1.7 Cash and cash equlvalents CBsh ond cash equivalents include cash in hand, deposits held at call with banks, other short-term liquld investments wlth orSglnal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Debtors and prepayments Debtors and piepayments are recognised at the transaction prlce 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 charitv and the amount due to settle the obligation can be measured or estimated reliablv. 1.9 Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligatlon resultinR 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 discount5 due. BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINVEDI FOR THE YEAR ENDED 31 MARCH Z025 Income from donatlons and legacles Unrestricted funds 202S Unrestrirted funds 2024 Donations and gift5 Giftaid 3,879 1,423 2,514 3,879 3.937 Income from other trading activities Unrestricted Unrestrlrted funds funds 2025 2024 Membership subscriptions and sponsorships Concert ticket sales 2,815 4,717 2,885 4,003 Other trading activitles 7.532 6,888 Income from Investments Unrestrlcted Unrestrlcted funds funds 2025 2024 Interest receivable 237 BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Expendlture Oh ralsSng funds Unrestrlcted Unrestrlcted funds funds 202S 2024 Fundraisln8 and publicity Staging fundraising events 1,097 1,147 Investment management 1,834 2,230 Total costs 2.931 3,377 Expendlture on charltable artlvitles Ch•rlt4ble actlvlty 2025 Charlt•ble •ctlvlty 2024 Dlrect costs Grant fundin8 of activities (see note 71 3,574 Share of support ind govern•nce Costs (see note 81 Support Governance 186 3CQ 210 480 4,486 4,264 Analysls by fund Unrestricted funds 4,486 4,264 Grant5 payable Charltable actlvSty 2025 Charitable artivity 2024 Grants to indivlduals 4,0(J) 3,574 BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to actlvltles 2025 2024 Management cost5 Governance costs 186 3W 210 480 486 690 Analysed between: Charitable activltv 486 690 Trustees None of the trustees lor any persons ¢onnected with them) received any remuneratlon or benefits from the charity durSng the year. 10 G•lns and losses on Investments Unrestrfcted Unrestrlrted funds funds 202S 2024 Gains1llossesl arising on.. Revaluation of investments 5,083 10.978 11 Taxatlon The Charity is exempt from taxation on its activities because all it5 income is applied for charitable purposes. 10- BOURNEMoufH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 12 Flxed asset Investments Unlisted Investments Cost or valuation At l April 2024 Additions Valuation changes Disposals 164,549 16,271 9.899 122,9211 At 31 March 2025 167,798 Carrying amount At 31 March 2025 167,798 At 31 March 2024 164,549 13 Credltors: amounts falllng due withln one year 2025 2024 Accrua15 and deferred income 3W 270 14 Unrestrlcted tunds The unrestricted funds of the charity comprisè the unexpended balances of donations and grants which are not subject to specific conditions by donors and 8rantors as to how they may be used. Thesè include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2024 Incoming resources Resources ex￿nded Galns and At 31 March 105ses 2025 Gèneral fund Pension scheme 145,895 42,OCN) 11,648 13,417 14.OCrf)I 5.083 159,209 38.( 187,895 11,648 17,4171 5,083 197.209 BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 14 UnrestrScted fvnds Prevlous year: At l Aprll 2023 Incomlng resource5 Resources expended Galns and At 31 March losses 2024 General fund Pension s¢heme 131.733 42,(K)O 10,825 17,6411 10,978 145.895 42,000 173,733 10.825 7,641 10,978 187.89S Trustees have designated £42,000 to pay for members who lost part of theSr pension following the closure of the Previous pension scheme. These funds are planned to be paid upon retirement of those members. 15 R•l*ted party transartlon5 There were no disclosable related party transactions during the year12024- none). 12 BOURNEMOUTH SYMPHONY ORCHESTRA BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 14 Unrestricted funds Prevlous year: At l Aprll 2023 Incoming resources Resources expended Galns and At 31 March losses 2024 Gèneral fund Pension scheme 131,733 42,000 10,825 17,6411 10,978 145.895 42,000 173,733 10,825 7,641 10,978 187.895 Trustees have designated £42,￿0 to pay for members who lost part of thelr pension following the closure of the previou5 pension scheme. These funds arè planned to be paid upon retirement of those members. 15 Related party transartlons There were no dis¢losable related party transactions durin8 the year12024 - none). 12-