2022-03-31-accounts - Bournemouth Symphony Orchestra

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`BournemouthSymphonyOrchestra` `Annualreportandfinancialstatementsfortheyearended`	`31March20`
`Contents`	`PageNo`
`Trustees'report`	`4`
`Independentauditor’sreport`	`18`
`Statementoffinancialactivities(includingincome& expenditureaccount)`	`21`
`Balancesheet`	`22`
`Cashflowstatement& notes`	`23`

5 October 2022

					`Total`		`Total`
		`Unrestricted`		`Restricted`	`Funds`		`Funds`
	`Note`	`Funds`		`Funds`	`2022`		`2021`
		`£`		`£`	`£`		`£`
`Income& endowmentsfrom:`
`Donationsandlegacies`	`1`	`933,126`		`-`	`933,126`		`863,996`
`Grants`	`2`	`3,423,710`		`-`	`3,423,710`		`4,296,950`
`Incomefromcharitableactivities:`
`Orchestralconcertsandrelatedwork`	`3`	`1,061,374`		`107`	`1,061,481`		`342,954`
`Participate`	`3`	`110,219`		`-`	`110,219`		`50,092`
`Incomefromothertradingactivities`	`4`	`122,386`		`-`	`122,386`		`97,167`
`Investmentincome`	`5`	`19,752`		`-`	`19,752`		`17,100`
`Totalincome`		`5,670,567`		`107`	`5,670,674`		`5,668,258`
`Expenditureon:`
`Costsofraisingfunds:`
`Commercialtradingoperations`	`6`	`338,942`		`-`	`338,942`		`302,996`
`Expenditureoncharitableactivities:`
`Orchestralconcertsandrelatedwork`	`7`	`5,207,446`		`26,199`	`5,233,645`		`4,000,427`
`Education`	`7`	`310,902`		`-`	`310,902`		`236,244`
`Otherexpenditure:`
`Totalexpenditure`		`5,857,290`		`26,199`	`5,883,489`		`4,539,666`
`Net(expenditure)/incomebeforetax`		`(186,723)`		`(26,092)`	`(212,815)`		`1,128,592`
`Taxreceivable`		`589,543`		`-`	`589,543`		`138,271`
`Netincomeaftertaxbeforeinvestment`
`gains/(losses)`		`402,820`		`(26,092)`	`376,728`		`1,266,863`
`Netgainsoninvestments`		`42,770`		`-`	`42,770`		`265,478`
`Netincomefortheyear`		`445,590`		`(26,092)`	`419,498`		`1,532,341`
`Transfersbetweenfunds`	`20`		`-`	`-`		`-`		`-`
`Netmovementinfunds`		`445,590`		`(26,092)`	`419,498`		`1,532,341`
`Reconciliationoffunds:`
`Totalfundsbroughtforward`		`4,564,770`		`115,260`	`4,680,030`		`3,147,689`
`Totalfundscarriedforward`		`5,010,360`		`89,168`	`5,099,528`		`4,680,030`

`Fortheyearend`	`ed31Ma`	`rch2022`
	`Note`	`2022`	`2021`
		`£`	`£`
`Fixedassets`
`Tangibleassets`	`14`	`491,083`	`504,042`
`Investments`	`15`	`1,696,171`	`1,654,698`
		`2,187,254`	`2,158,741`
`Currentassets` `Stock` `Debtors`	`16`	`834` `895,974`	`838` `457,093`
`Cashatbankandinhand`		`2,798,716`	`2,906,181`
		`3,695,524`	`3,364,113`
`Liabilities`
`Creditors:amountsfallingduewithinoneyear`	`17`	`(778,706)`	`(831,881)`
`Netcurrentassets`		`2,916,818`	`2,532,231`
		`5,104,072`	`4,690,972`
`Creditors:amountsfallingdueaftermorethanoneyear` `Financeleases`		`(4,544)`	`(10,942)`
`Netassets`		`5,099,528`	`4,680,030`
`Funds`
`Unrestrictedfunds:`
`Generalunrestricted` `GeneralunrestrictedBSOET`	`20`	`4,331,550` `678,810`	`3,865,961` `698,810`
		`5,010,360`	`4,564,771`
`Restrictedfunds:` `Restricted`		`89,168`	`115,260`
`Totalfunds`		`5,099,528`	`4,680,030`

`Cashusedinoperatingactivities:` `Taxationreceived` `Netcashusedinoperatingactivities`	`2022` `£` `(145,809)` `89,869` `(55,940)`	`2021` `£` `1,219,108` `688,318` `1,907,426`
`Cashflowsfrominvestingactivities:`
`Interestincome`	`267`	`285`
`Proceedsfromthesaleofplantandequipment`
`Purchaseofplantandequipment` `Dividendreceivedoninvestments`	`(49,861)` `6,523`	`(50,407)` `4,498`
`Netcashprovidedbyinvestingactivities`	`(43,071)`	`(45,624)`
`Cashflowsfromfinancingactivities:`
`Capitalelementofleaserepaid`	`(8,454)`	`(14,049)`
`Increaseincashandcashequivalentsintheyear`	`(107,465)`	`1,847,752`
`Cashandcashequivalentsatthebeginningoftheyear` `Cashandcashequivalentsattheendoftheyear`	`2,906,181` `2,798,716`	`1,058,428` `2,906,181`
`1.Reconciliationofnetincometonetcashflowfrom`
`operatingactivities`
`Notestothecashflowstatement`
`Netincomefortheyear`	`2022` `£` `419,498`	`2021` `£` `1,532,341`
`Adjustmentsfor:`
`Depreciationcharges` `Investmentmanagementcosts` `(Gains)/lossesoninvestments` `Interestincome` `Taxreceipt`	`62,821` `14,260` `(42,770)` `(19,752)` `(589,543)`	`75,624` `11,849` `(265,478)` `(17,100)` `(138,271)`
`Loss(profit)onsaleoffixedassets`
`Decreaseinstocks` `Decreaseindebtors` `Decreaseincreditors` `Netcashusedinoperatingactivities`	`4` `60,792` `(51,119)` `(145,809)`	`139` `136,935` `(116,932)` `1,219,108`
`2.Analysisofcashandcashequivalents`	`2022` `£`	`2021` `£`
`Cashinhand`
`Totalcashandcashequivalents`	`2,798,716`	`2,906,181`

	`2022`	`2021`
	`£`	`£`
`Donations`	`498,994`	`671,232`
`Legacies`	`116,384`	`46,915`
`Membershipsubscriptions`	`82,272`	`67,514`
`Donatedservicesandfacilities`	`28,959`	`9,075`
`Grants(T&F)`	`206,517`	`69,261`
`Total`	`933,126`	`863,996`

	`2022`	`2021`
	`£`	`£`
`ArtsCouncilEngland— corefunding`	`2,601,798`	`2,601,798`
`OtherGrants`	`333,720`	`367,683`
`FurloughIncome`	`488,192`	`1,327,469`
`Total`	`3,423,710`	`4,296,950`
`ncomefromcharitableactivities`
	`2022`	`2021`
	`£`	`£`
`Orchestralconcertsandrelatedwork:`
`Ticketsales`	`786,619`	`293,042`
`Engagementfees`	`133,952`	`-`
`Recordingfees`	`118,737`	`22,143`
`Programmesales`	`9,800`	`708`
`Otherincome`	`12,374`	`27,060`
`Total`	`1,061,481`	`342,954`
`Participate:`
`Communitymusic`	`35,675`	`11,860`
`Children& YoungPersons`	`74,544`	`38,232`
`Total`	`110,219`	`50,092`

		`2022`	`2021`
		`£`	`£`
	`Saleofmerchandise`	`6`	`-`
	`Sponsorship`	`122,380`	`97,167`
	`Total`	`122,386`	`97,167`
`5.`	`Investmentincome`
		`2022`	`2021`
		`£`	`£`
	`Coutts& Co`	`12,963`	`12,317`
	`Ruffer`	`6,523`	`4,498`
	`BankInterest`	`266`	`285`
	`Total`	`19,752`	`17,100`

	`Direct`	`Other`	`Governance`	`Other`
	`Staff`	`Direct`	`Support`	`Support`	`Total`	`Total`
	`Costs`	`Costs`	`costs`	`costs`	`2022`	`2021`
	`£`	`£`	`£`	`£`	`£`	`£`
`Costsofraisingfunds`	`246,553`	`33,436`	`1,023`	`43,670`	`324,682`	`291,147`
`Investmentmanagementcosts`	`-`	`14,260`	`-`	`-`	`14,260`	`11,849`
`Total`	`246,553`	`47,696`	`1,023`	`43,670`	`338,942`	`302,996`
`xpenditureoncharitableactivities`
	`Direct`	`Other`	`Governance`	`Other`
	`Staff`	`Direct`	`Support`	`Support`	`Total`	`Total`
	`Costs`	`Costs`	`costs`	`costs`	`2022`	`2021`
	`£`	`£`	`£`	`£`	`£`	`£`
`Orchestralandrelatedwork`	`3,227,540`	`1,283,969`	`16,535`	`705,601`	`5,233,645`	`4,000,427`
`Participate`	`229,063`	`39,008`	`981`	`41850`	`310,902`	`236,244`
`Total`	`3,456,603`	`1,322,977`	`17,516`	`747,451`	`5,544,547`	`4,236,671`
`nalysisofgovernanceandsupportcosts`
			`Direct`
			`Staff`		`Total`	`Total`
			`Costs`	`Overheads`	`2022`	`2021`
			`£`	`£`	`£`	`£`
`Governancecosts`			`-`	`18,539`	`18,639`	`17,363`
`Finance,HRandIScosts`			`187,516`	`158,231`	`345,747`	`301,929`
`Managementcosts`			`168,809`	`13,133`	`181,942`	`165,149`
`Premisesandofficecosts`			`-`	`263,432`	`263,432`	`207,059`
`Total`			`356,325`	`453,335`	`809,660`	`691,501`

	`2022`	`2021`
`Netincomefortheyearisstatedaftercharging:`	`£`	`£`
`Depreciation`	`62,821`	`75,624`
`Auditor'sremuneration:`
`Auditfees`	`16,500`	`15,500`
`Non-auditfees`	`-`	`-`
`Operatingleaserentals:`
`Plantandmachinery`	`16,490`	`18,363`
`Otheroperatingleases`	`2,909`	`2,909`

	`2022`	`2021`
	`£`	`£`
`Salariesandwages`	`2,698,036`	`2,682,048`
`Socialsecuritycosts`	`273,754`	`262,501`
`Pensioncosts`	`285,953`	`259,162`
`Freelanceandothercosts`	`801,737`	`362,483`
`Total`	`4,059,481`	`3,566,195`
`Thenumberofstaffpaidover£60,000duringtheyearwas:`
	`2022`	`2021`
	`No.`	`No.`
`£60,001` `-£70,000`	`1`	`1`
`£120,001` `-£130,000`	`1`	`1`

	`2022`	`2021`
	`No.`	`No.`
`Orchestra`	`51`	`53`
`Officeandmanagement`	`38`	`37`
`Total`	`89`	`90`

`uthoritiestofundtheartisticandtheatricalprogrammeo`	`ftheOrchestraasfollows:`
	`2022`		`2021`
	`£`		`£`
`ArtsCouncilEngland— corefunding`	`2,601,798`		`2,601,798`
`BCPCouncil`	`273,720`		`273,720`
`DorsetCouncil`	`20,000`		`68,963`
`PortsmouthCityCouncil`	`25,000`		`25,000`
`Total`	`2,920,518`		`2,969,481`
`axation`
	`2022`		`2021`
	`£`		`£`
`OrchestraTaxRelief`
`Taxcreditdue`	`603,627`		`103,953`
`Adjustmentinrespectofprioryears`	`(6,084)`		`44,508`
	`597,543`		`148,461`
`CorporationTax`
`Taxontaxableincomefortheyear`	`(8,000)`		`(10,190)`
`Adjustmentinrespectofprioryears`		`-`
	`(8,000)`		`(10,190)`
`Nettaxreceivablefortheyear`	`589,543`		`138,271`

	`Long`		`Fixtures,`
	`Leasehold`		`computers&`	`Motor`
	`Buildings`		`equipment`	`~~Vehicles`		`Instruments`		`Total`
	`£`		`£`	`£`		`£`		`£`
`Costb/f1 April2021` `Additionsintheyear` `Disposalsintheyear`	`300,000`	`-` `-`	`503,543` `48,882` `(16,965)`	`8,775` `979`	`-`	`325,636`	`-` `-`	`1,137,954` `49,861` `(16,965)`
`Costc/f31March2022`	`300,000`		`535,460`	`9,754`		`325,636`		`1,170,850`
`Dep'nb/f1 April2021`	`15,254`		`379,144`	`8,775`		`230,738`		`633,911`
`Chargefortheyear` `Eliminatedondisposal`	`5,085`	`-`	`51,769` `(16,965)`	`130`	`-`	`5,837`	`-`	`62,821` `(16,965)`
`Dep'nc/f31March2022`	`20,339`		`413,948`	`8,905`		`236,575`		`679,767`
`NBV01/04/2021`	`284,746`		`124,399`			`94,898`		`504,042`
`NBV31/03/2022`	`279,661`		`121,512`	`849`		`89,061`		`491,083`

	`Coutts`	`Ruffer`	`Quilter`	`2022`	`2021`
	`£`	`£`	`£`	`£`	`£`
`Carryingvalue(marketvalue)at`
`beginningofyear`	`885,220`	`769,478`	`-`	`1,654,698`	`1,388,752`
`Additionstoinvestmentsatcost`	`369,847`	`285,026`	`1,618,565`	`2,273,438`	`836,367`
`Disinvestmentproceeds`	`(899,184)`	`(719,381)`	`-`	`(1,618,565)`	`-`
`Disposalproceeds`	`(354,724)`	`(208,699)`	`-`	`(563,423)`	`(831,912)`
`Net(loss)/gainonrevaluation`	`7,363`	`25,820`	`9,587`	`42,770`	`265,477`
`Utilisationofcashaccount`	`(8,522)`	`(84,225)`	`-`	`(92,747)`	`(3,986)`
`Carryingvalue(marketvalue)at`
`endofyear`	`-`	`68,019`	`1,628,152`	`1,696,171`	`1,654,698`
`Historicalcost`
`Cash`	`-`			`-`	`7,737`
`Managedfunds` `-Coutts`	`-`			`-`	`776,365`
`Managedfunds` `-Ruffer`		`58,017`		`58,017`	`654,250`
`Managedfunds` `-Quilter`			`1,618,565`	`1,618,565`	`-`
`Total`	`-`	`58,017`	`1,618,565`	`1,676,582`	`1,438,352`
	`Coutts`	`Ruffer`	`Quilter`	`2022`	`2021`
`AnalysisofInvestments`	`£`	`£`	`£`	`£`	`£`
`Listedinvestments`	`-`	`68,019`	`728,968`	`796,987`	`1,562,698`
`Cash`	`-`	`-`	`899,184`	`899,184`	`92,000`
		`68,019`	`1,628,152`	`1,696,171`	`1,654,698`

	`2022`	`2021`
	`£`	`£`
`Tradedebtors`	`51,078`	`7,324`
`Otherdebtors`	`-`	`80,101`
`Orchestrataxrelief`	`603,627`	`103,953`
`Prepayments& advances`	`241,269`	`265,714`
`Total`	`895,974`	`457,093`

`Fortheyearen` `reditors:amountsfallingduewithinoneyear`	`ded31March2022`
	`2022`	`2021`
	`£`	`£`
`Tradecreditors` `Taxation& socialsecurity` `Accruals` `Grantsreceivedinadvance` `Otherreceiptsinadvance` `PensionContributions` `Financelease`	`199,515` `78,740` `119,153` `68,430` `279,868` `26,601` `6,398` `778,706`	`176,336` `48,322` `72,545` `88,355` `412,864` `25,003` `8,454` `831,881`

`DeferredincomecomprisesadvanceticketsalesrelatedtoperformancesthatwilltakeplacefromApril— May` `2022,customercreditbalances,membershipinadvanceanddeferredsponsorshipandtrustsandfoundations`
`income.` `2022` `2021`
`£` `£`
`Balanceasat1 April` `412,864` `353,624` `Amountreleasedtoincomeandexpenditureaccount` `(412,864)` `(353,624)` `Amountdeferredinyear` `279,868` `412,864`
`Balanceasat31March` `279,868` `412,864`

`Fixedassets` `Currentassets`	`Restricted` `Funds` `2022` `£` `51,796` `37,372`		`Unrestricted` `Funds` `2022` `£` `2,135,458` `3,658,152`	`Total` `2022` `£` `2,187,254` `3,695,524`	`Total` `2021` `£` `2,158,741` `3,364,352`
`Currentliabilities`		`-`	`(783,250)`	`(783,250)`	`(843,062)`
`Total`	`89,168`		`5,010,360`	`5,099,528`	`4,680,030`

	`At1 April` `2021`	`Incoming` `Resources`	`Outgoing` `Resources`		`Investment` `Gains/` `(Losses)`		`Transfer` `Between` `Funds`	`At` `31` `~~March` `2022`
	`£`	`£`	`£`		`£`		`£`	`£`
`RestrictedFunds`
`ConstantinoSilvestriWillTrust` `JeffreyMachin`	`7,448` `64,348`	`107` `-`	`(107)` `(20,000)`			`-` `-`	`-`	`7,448` `44,348`
`PianoFund`	`43,464`	`-`	`(6,092)`			`,`	`-`	`37,372`
`Totalrestrictedfunds`	`115,260`	`107`	`(26,199)`				`-`	`89,168`
`Unrestrictedfunds`
`Designated:`
`DigitalStudiosolution` `NewLift` `NewTruck`	`100,000` `200,000` `250,000`	`-` `»` `-`		`-` `>` `-`		`-` `-` `-`	`-` `-` `-`	`100,000` `200,000` `250,000`
`Total`	`550,000`	`-`		`-`		`-`	`-`	`550,000`
`Unrestricted:`
`Generalunrestricted`	`3,315,960`	`6,260,110`	`(5,857,290)`		`42,770`		`~~20,000`	`3,781,550`
`GeneralunrestrictedBSOET` `Total`	`698,810` `4,014,770`	`-` `6,260,110`	`(5,857,290)`	`-`	`42,770`	`-`	`(20,000)` `-`	`678,810` `4,460,360`
`TotalUnrestrictedFunds`	`4,564,770`	`6,260,110`	`(5,857,290)`		`42,770`		`-`	`5,010,360`
`TotalFunds`	`4,680,030`	`6,260,217`	`(5,883,489)`		`42,770`		`-`	`5,099,528`

`.Movementinfunds(contin`	`ued)`
								`Transfer`	`At` `31`
	`At1April` `2020`		`Incoming` `Resources`	`Outgoing` `Resources`	`Investment` `(Losses)`			`Between` `Funds`	`March` `2021`
	`£`		`£`	`£`		`£`		`£`	`£`
`RestrictedFunds`
`ConstantinoSilvestriWill` `Trust` `JeffreyMachin` `PianoFund` `DigitalProject` `Totalrestrictedfunds`	`7,448` `64,348` `45,224` `2,686` `119,706`		`104` `-` `-` `-` `104`	`(104)` `-` `(1,760)` `(2,686)` `(4,550)`			`-` `:` `-` `-` `-`	`-` `-` `-` `-` `-`	`7,448` `64,348` `43,464` `-` `115,260`
`Unrestrictedfunds`
`Designated:` `DigitalInfrastructure` `Lift` `Truck` `Total`		`-` `-` `-` `-`	`-` `-` `-` `-`	`-` `-` `-` `-`			`-` `-` `-` `-`	`100,000` `200,000` `250,000` `550,000`	`100,000` `200,000` `250,000` `550,000`
`Unrestricted:` `Generalunrestricted` `GeneralunrestrictedBSOET` `Total`	`2,329,173` `698,810` `3,027,983`		`1,536,787` `-` `1,536,787`	`-` `-` `-`			`-` `-` `-`	`(550,000)` `-` `(550,000)`	`3,315,961` `698,810` `4,014,771`
`TotalUnrestrictedFunds`	`3,027,983`		`1,536,787`	`-`			`-`	`-`	`4,564,771`
`TotalFunds`	`3,147,689`		`1,536,891`	`(4,550)`			`-`	`-`	`4,680,030`

					`Total`
		`Unrestricted`		`Restricted`	`Funds`
	`Note`	`Funds`		`Funds`	`2021`
		`£`		`£`	`£`
`Income& endowmentsfrom:`
`Donationsandlegacies`	`2`	`863,996`		`-`	`863,996`
`Grants`	`3`	`4,296,950`		`-`	`4,296,950`
`Incomefromcharitableactivities:`
`Orchestralconcertsandrelatedwork`	`4`	`342,850`		`104`	`342,954`
`Participate`	`4`	`50,092`			`50,092`
`Incomefromothertradingactivities`	`5`	`97,167`			`97,167`
`Investmentincome`	`6`	`17,100`		`-`	`17,100`
`Totalincome`		`5,668,154`		`104`	`5,668,258`
`Expenditureon:`
`Costsofraisingfunds:`
`Commercialtradingoperations`	`7`	`302,996`			`302,996`
`Expenditureoncharitableactivities:`
`Orchestralconcertsandrelatedwork`	`8`	`3,995,877`		`4,550`	`4,000,427`
`Education`	`8`	`236,244`		`-`	`236,244`
`Otherexpenditure:`
`Totalexpenditure`		`4,535,116`		`4,550`	`4,539,666`
`Net(expenditure/incomebeforetax`		`1,133,038`		`(4,446)`	`1,128,592`
`Taxreceivable`		`138,271`		`-`	`138,271`
`Netincomeaftertaxbeforeinvestment`
`gains/(losses)`		`1,271,309`		`(4,446)`	`1,266,863`
`Net(losses)/gainsoninvestments`		`265,478`		`-`	`265,478`
`Netincomefortheyear`		`1,536,787`		`(4,446)`	`1,532,341`
`Transfersbetweenfunds`	`20`		`-`	`-`		`-`
`Netmovementinfunds`		`1,536,787`		`(4,446)`	`1,532,341`
`Reconciliationoffunds:`
`Totalfundsbroughtforward`		`3,027,983`		`119,706`	`3,147,689`
`Totalfundscarriedforward`		`4,564,770`		`115,260`	`4,680,030`