2023-03-31-accounts

Bournemouth Symphony Orchestra (A company limited by guarantee) Report and Financial Statements Year ending 31 March 2023 Company Registration No: 00538351 Charity No: 208520

Bournemouth Symphony Orchestra Annual report and financial statements for the year ended 31 March 2023 Contents Page No Trustees, report Independent auditor's report 17 Statement of flnancial adivities lincludlng Income & expenditure aGGountl 20 Balance sheet 21 Cash flow statement & notes 22 Notes to the financial statements 23

Bournemouth Symphony Orchestra Annual report and financial statements for the year ended 31 March 2023 Reference and administrative delalls Charity number Company numter 208520 00538351 Trustees Mr A Flockhart Mis5 AZ D'AboD Mr N Ashley-CoDper MrSMEdge Ms M M O'sullivan Mr A Dunford Ms D E Leask Mr J D Clark Ms J Swift Mr M King Ms C Paige Charity Name Bournemothh Symphony Orchestra (Chairl (Deputy Chairl (Resigned 28 September 20221 (Appointed 22 June 20221 Chief Executive Mr D W Scarfe Assessors Ms Ceri Johnson IAssessorforArts Council Soulhwesll Company Secretary Mrs T Woolley ACMA Reglstered Office 2 Seldown Lane Poole Dorsel BH151UF Banker National Westminster Bank PLC Ground Floor Link House 25 Wesl Sl Poole BH151LD

Bournemouth Symphony Orchestra Annual report and financial statements for the year ended 31 March 2023 Reference and administrative details Icontinuedl SolicStor Ellis Jones LLP 302 Chaminsler Rd Boumemouth Dorsel BH8 9RU Auditor Saffery LLP Midland House 2 Poole Road Boumemoulh BH2 5QY Investment Manager Quilter Cheviol London Road Office Park London Road Salisbury SP13HP

Bournemouth Symphony Orchestra Trustee's report The Trustees present their annual report and the audited financial 51alemenls for the year ended 31 March 2023. This report has been prepared in accordanc& with the provision applicable lo companies entiued lo the small companies, exemption. Accordingly, the Trustees have eleGtsd lo take advantag8 olthe exemption from preparing a Strategic ￿Port. structure, governance and management structure The organisalion is a Gharilable Company limited by guarante&, incorF(Jraled on 22txl September 1954 and registered as a Charity on 24 July 1962. The Company was established under a Memorandum ol Association, which established the objects and powers of the charitable CoThpany and is governed under its A￿cleS of Association. In the event of the Company being wound up the members are required lo conlribule an arnounl not exceeding £1. At ourAGM in Novernber 2021 an amended version of ourArticles ofAssocialion was proposed and agreed under a special resolution. The most important amendment concerned athcle10.7 which was amended such that up lo two directors shall be musicians from the orchestra appointed by the Board. The previous Articles only allowed for one musician lo be a di¥eclor. The Board will continue lo consist of up lo twelve directors. Govemance The overall govemance of the Company is by the Board of T¥uslees, which consists of no more than twelve rnembers. No employee can be a member of the Board except the musician Trustees. Trustees may, under nomial cirGumslances, serve up to two three-year lemis, whiGh can be extended by one lemi in certain instances. Trustees in office at the dale of signing thpse financial statements are disclosed on page 2. The Board is committed lo following best practice in all aspects of corwrale governanTr and a manual was produced in July 2014.ln June 2022 the Board uepled an update ol the Governance manual as a reference docurnenl for the roles ol BSO Board memEer5. Thefft are three Board Committees,. Finance and Resources The purpD5e of the Finance and Resources Committee E lo assist the Board in discharging its responsiiilities by providing a forum with the Senior Management Team that Gonsiders the overall strategic planning process and makes recommendations on areas of financial planning, including the annual budget, audit, fundraising strategy and delivery, risk register plus any proposal of the Senior Managemenl T&atn that has significant financial implications. Health and Safety The Health and Safety Cornmittee oversees Boumemouth Symphony Orchestra's IBSOI Health and Safety Policy and Strategy and reports IhÈreon lo the Board. It ensures that all systems of work and procedures in use by the Company are monitored regulady lor effectiveness. The Committee considers all reported injuries and accidents and, if considered necessary, makes recomtllendalions relating the￿10. It aims to ensure that all persons working for, or on behalf of the Company are made aware of safety guidance, whether such guidance is generated within the Company or from extemal sources. Nominations and Governance The Nominations and Govemance Committee advises the Board on the operation and effects've discharge of the Company's responsibilities forGorsKrale governance and the appropriate delegation of the Board's authority. Areas for ￿VIeW and scrutiny include the composition an(5 membership of the Board and ils Committee5, open and appropriate procedures for Board recruilmenL lo determine arKI rnainlain a succession plan for Board members, Officers of the Board and Cornmillee Chair and to seek and recommend candidates for election to the Board.

Bournemouth Symphony Orchestra Trustee's report (continued) Trustee recrultment and Induction New Trustees undergo an induction process with the Chairman and Chief Executive. They are briefed on their SegaS obligations under Charity and Cotllpany law, the conlenl of the Memorandum and Articles of Association, the Board and decision-making processes, and the budget and firlancial FErformance of the Charity. New Trustees are introduced lo key members of the Companls managernenl team and staff. The Board aims lo recruit new Trustees such that the Board reflects the diversity of audience, geographically and in other respects, and has the depth and spread ol expertlse to meet its responsibilities. Organisational structure The Board ofTrustees is ￿$￿nsIble forgoverning the Charity and direcb.ng how it is managed and run. The Board meets five lirnes a year. It has delegated the day lo day running ol the Charity lo the Chief Executive, with whom il agrees the overall direction and Strat￿Y. The Chief Executive leads a Senior management team covering the areas ol.. concert programming and planning., education,. finance, operations and IT., fundrai5ing,' HR., and marketing. Pay policy for senior staff The Trustèes and the senior management team comprise the key management persDnnel ofthe charity in charge ol directing and controlling, running and operating the Trust on a day-lo-day basis. All Twslee5 give of their lime freely and no Trustee received remuneralDn in the year except for the musician Iruslees who received remuneration for their role as musicians lo the orchestra. The Boa￿ 15 reswnsible lorsetting the Salary of the Chief Executive. The Chief Executive is re5ponsibte forsetting the salaries of the senior managemenl team, The pay of the senior staff is reviewed annually and rbonnally increased in line with other members tsf the company. Fundraising Practice5 Fundraising Irorn private sources is an increasingly important element ol BSO'S funding mix. The Orch8slra's I￿ndraisIng stra￿Y is overseen by its Board ol Trustees,. ils implemelltab'on is delivered by an in-house fundraising team which seeks support from individuals, companies and charitable Irusls. BSO Condi￿1$ all of 115 fundraising activity in line wlth the Fundraising Regulator Code of Fundraising Practice and is pleased to confim that it has received no complaints in relat￿n lo ils lundrnising acb'vty over the cOu￿e of the 2022-23 year. Risk Management The Trustees a￿ responsible for ensuring ihal an effective system of inlemal financial oonlrol is maintained and operated by the Company. The systsm can provide only reasonable and not absolute assurance that assets are SafegUa￿ed, transactions aulhorised and properly record￿, arKi that material errors or irregularities are either prevented or delectsd wfthin a tsmely period. The system for inlemal oy)nlrol is based on a framework of regular financial infomiation, administralwe procedures incSuding the segregation oldulies, and a system of delegation and accounlabilily. This includes a comprehensive budgeting system t￿th long and short term. NQanagemenl accounts are reviewed al regular Board and Finance and Resourtes Committee meetings. A5 part of the rnoniloring process the Trustees have implernenled a risk management strategy. The Trustees consider that the tnajor risks lo the Company are.. Spirdlling wage Costs contributing to the level of inflation that remains slubbomly high and fuels the cosl-of- living crisis that is impacting on every part of our business, affecting customers purchasing concert tickets and increasing many costs acro￿ company. A decline in levels of naliollal and local govemmenl investmgnl,. and Increased competition for voluntary income The risks staled above have been reviewed and the sysl?ms and procedures havs been estsblished lo manage these risks.

Bournemouth Symphony Orchestra Trustee's report (continued) The year 2022-23 is ihe extended 12-month period lo the funding agreemonl 2018-22. In May 2022 we submitted our 2023-26 funding application lo ACE. In November 2022 ACE confimèd our funding for the period April 2023- March 2026. The funding figure remains unchanged. Under the authorities, BCP Council, Dorsel Council and Portsmouth City Council. local authority fvnding continues lo remain und&r pressure. BSO have continued lo work hard over the last12 months lo build on the relationships we have made with council representatives and lo ensure a close dialogue al the highest level with our principal Local Authority Dfficers, Chief Executives and Leaders. A significant funding stream lor BSO Continues to b& Orchestra Tax Relief IOTRI whih is now in its 71h year. This scheme plays a key role in our ongoing ability lo invest in a range of work. In 22-23 we can claim OTR for the whole period and al a temporary enhanced rate of 50 /0 compared to the nomial rale of 25 /0. The Board are very conscious of this in agreeing future financial plans. Objectives and activities The objects for which the Company is established are lo promote, maintain, improve and advance educalron, particularly musical education, and lo encourage the arts, especially music. The missi)n of BSO is: To be a Cultural Beacon at (he heart of our communities. in and beyond the concerthall. It aims to do this by.. Delivering a year-round, high quality, diverse and dislinclive programme of WQfk in and beyond the concert hall locally, regionally, nationally, lnt8ma￿na1ly', Celebratng a full-time wnlract symphony orchestra at the core ol the Company. Maximising the arbslic achievements and impact of Chief Conductor Kirill Karabits,. Providing the highest possible quality artisb'c roster on the concert platform and in the community,. Preserving artistic reach - providing culluTrl opportunity not only in regional cenlres, where investment in artistic prdctice matches the national average, but also the many sub-regional and rurdl 'cold-5poIs', where the investment per head is much less., Developing a life-long relationship audiences, supporters and partners; Challenging barriers to access to high quality music., Embedding our impacts through strong, resiliÈnl partnerships,. and Using digitsl technology in a way which enhances the unique remit of the BSO. The vision of BSQ is.. To be the model of a 2151 century orchestr8, enhancing Ilves through the powerof muslc. 11 aims lo do this by.. Being oulslanding advocates for the role muslc and cultural engagement has on lives of individuals and the communits'es we serve., Becoming recognised as a 'cenlre for excellence, in the quality of work and in the devekipment of distinctive models of performance, engagement and Irdining., Exemplifyillg strong governar￿e and good business practice., Developing the skills and opportunities of our staffr. Being collaborative and partnership focused., Exploring new business development as a strategy to add resilience to the Iradthonal funding model,. Striving lo be divers8 in everylhing we do,. and

Bournemouth Symphony Orchestra Trustee's report (continued) Celebraling and evaluating our societal and economic impacts. The BSO seeks lo define an orchestra of inlemational standing, delivering artistic excellence across a geographically and socially varied region. The BSO aims lo be a cultural leader, and, embracing its role as the largest performing arts organisalion lo the south and west of London, lo help shape local, regional, national and internalKinal agendas. The BSO'S core funding remit embraces not only regional cenlres, where investment in artistic ptEclice matches the national average, bul also the many suLkregional and rural 'cold-spols' across the South Wesl ￿gIon, where the investment per head is much less. Delivering great muslc and cultural engagement to such a variety ol communities, across a 10,000 square mile area, makes the BSO unique amongst symphony orchestras in the UK. The Company looks lo &hieve its mission by: Sustaining the progress made in recent years lo develop the business and improve ils resilience, whilst increasing reach, and impact of our work. Developing the BSO, maximising existing and new partnerships lo give increased focus, impact, efficiency and fftsilience to our work,. and Leading- embracing Ihe responsibility of a major cultural oryanisalion lo lead on key ageThlas, working with the se¢tor and 51akeholders to build a more robust, diverse and sustainable arts landscape. Public Benefit In considering the slratsgies and policies ol the Charity, the Iruslees have had due regard lo the public benef guidance published by the Charities Commission. In reviewing and d&veloping the BSO'S activities and future plans, careful consideration is gwen lo the public benefit arising from the Company's work. The BSO'S core activities encourage the enjoyment of, and participation in music by the public al large. During the pandernic, where allendance al concerts was reslricled or prevented by govemmenl lockdown regulations, BSO has made its perfomiances av8ilable online with the lowest price of a digital ticket of £5. Accessibility to BSO'S work through digital channels is now embedded as 8 core part ol the business. posl-pandetllic. In 2022-23 BSO sold a lolal of 12,273 digital ticke15 for livestreaming perfomiances with additional reach specifically for our Children & Young People. This gives a BSO toÈl reach of 74,500. Those unable to experien￿ the Orchestra's performances live can hear selected concerts, which are broadcast on BBC Radio 3 or allematively purchase inexpensive recordings on CD or digilal downloads. Through a relationship with Classic FM, whereby the BSO is Classic Fm's OKhestr8 in the South of England, the Orchestra's concert5 and recordings are promoted lo an audience in excess 015 million people per week. Achievement5 and perfomiance during the year Bournemouth Syrnphony Oicheslra IBSOI is proud lo reach the end of 2022-23, with the Cc>mpany intact, having played a leading r￿e in bringing live music and creativity lo audiences and communities in the p051-pandemic landscape. During a lime when Gost of living challenges became a signrticanl challenge for so many. BSO continued lo reach out, bringing music into th& lives of people locally, nationally and inlemalionally through its unique pertorming pattern. Having accepted the challenge presented in 201210 turn round a sINctural deficit and build a fflore resilient busirESS, BSO is proud lo have navigaled the chaSlenges ol CDvid-19 ￿thOut the need to

Bournetnouth Symphony Orchestra Trustee's report {continuedl apply for emergency funding. The success of the strategy in recent years has meant that 8SO has been able lo demonstrate the best possible value for money in extraordinary limes. Everyone at the BSO is deeply gtslefvl to DCMS and Arts Council England for remarkable support given lo cullural organisations during the pandemic and appreciates that the signrficant additsonal funding awarded lo Lighthouse was absolutely crucial in enabling BSO to continu8 to deliver ils mission. Throughout the last12 months BSO has been recognised as a positive and constructive voice in the cultural sector, championing a flexibility of approach. The constructive approach has helped create a strong narrative with supporters, and key stak&holders helping achieve continued business success. The ongoing investment made by BSO in digital capacity combined with rnaking digital a key slralegL operational focusfrom the very startoflockdown in 2020, enab￿d BSO to be a leading player in the relum oflive perfomiances. 11 has also ensured that BSO is al the forefront of exploring how live classical music and livestreaming will coexist in a posl-lockdawn world. BSO Livestreams have been viewed in all parts Df the UK and in 82 countries across the worfd. With over 75 10 of BSO'S main season Goncerts from its home bas6 al Lighthouse, Poole being livestreamed Ilruly live unlike many orchestras who record concerts and then stream them posl-edill, BSQ'S digital offer is unmatched by comparable orchestras in the UK. A key purpose of BSO'S digital strategy is lo bring lrfe affimiing musical experience lo those who for a variety of reasons cannot attend in-person. There is no doubt that BSO livestreams are a lifeline for many. "I have bought digrfal accoss to allyour concèrts since IoGkdown, and Iheyhave been Inspiring 8nd broughtm& joy through difficult lim&s. In addition, my granddaughlerhas had mental heatth pmblems since the pandemic, with huge soci31 anxiety, fearofgoffng out, missing ov&r50/0 of herschool GCSE COu￿e, and no longerbeing ab18 to talk. She has 81ways loved music and plays Ihe violin. Every Fllday evening we sil together, share a lub of popcom, and watch a concert. She even wants lo watch the pre-concert lalksl She bgcomes wrapped up in Ihe music, visibly relaxing, and allhough her response may be only a 'lhumbs up,, it is clearlhe concerts have given her enom)ous pleasure and have been benefic￿1 to her well-being. Thmughouk this time, it wouldh&ve be8n impossible forherto atten(l a live concert. Thank you kir allyou hav8 done as a team lo bring us music duiFng such dark bmes. Please continue with lh& digilal subscriplion sch8me, even when it is saf&r to mix in person. There must be others like me, forwhom it is a lil&lin&, and my Granddaughterfor whom il is Ihe only option *presenl'. BSO Member feedback on BSO liveslream season Alongside BSO'S main symphonic programme ofconcerts, the Company's growing series of smaller and mid- scale work- BSO on your Doorstep- reached more people in their own community venues. 'Absolutely incredible, especially loved the rend￿lOn of Rolling in the D8ep. My fI￿t t￿lIe of seeing the BSO, would love lo see the full orchestra soon.. Tilly lage 121 °What a pleasure lo hearsuch fine mus￿l8nS playing locally Wtih Ihe cost of tr8V81 Ihis is now even mo important. Th8nks so much.. AudienGe feedback, BSO on your D￿rsteP Concert, Sl Austell Arts Theatre, November 2022 BSO is proud lo be one of the very first orchestras to receive a'slrong, rating for the Creative Case for Diversity for the leadership and pioneering role to build a tllore inclusive musical wortd. In 2022-23 a number of key projects, which had been delayed during the pandemic reached fruition. For more detail see'Artistic Highlights, section below. In what was a very challengirYJ lunding application round, BSO received confirmation from Arts Council England IACEI in November 2022 of its ongoing National Porttolio Organisalion INPOI status for 2023-26. Strong Govemance remains al the heart of BSO, something refleGled in the feedback from ACE to BSO'S NPO application: 'Exisling ffnlellw&nce gives strong confidence Ihat gov&fflance and m8nagement is verystrong. Th& current nsk 8ssessment slates, '8SO is a strong, well founded and fomard looking organisation, providing slrong seGlor31 leadethip and making 8 clearcontribuliDn lo Ihe N81ion81 Portfolio. The SMTcontinu&s lo in strong p8rt￿e￿hip with the board andprovides effective leade￿hAp forall seclotE orth& organisalion.11 is cl8ar that all sections Df the organisabon feelpart of the organisation as a whol8."

Bournemouth Symphony Orchestra Trustee's report (continued) Arts Council England, NPO Application feedback, November 2022 During the last year BSO has continued to play a significant role in wider agendas including the development of the BCP Cultural Cotnpacl, BSO is represented on the Board ol the Cultural Compact and is conlribuling lo the stratsgy which will deliver on the ambitions sel out in the Cultural Enquiry. Kirill Karabits In January 2023. BSO announced that in summer 2024, the BSO and Kiiill Karabits will begin a new chapter following a sensational 15-year partnership. Kirill's tenure as Chief Condwlor ol the BSO will conclude in August 2024 and, in a slalemenl ollhe Company's ongoing commilmenl lo championing the culture of Kirill'5 homeland of Ukraine and the surrounding region, he wi11 become Conductor Laureate, Artistic Director, Voices from the East, The second longesl-serving conduclor in Bournemouth Symphony Orchestra's history, Kirill's work with the BSO has been characlerised by a spirit ol adventure, authenticity and incredible perfOrman￿S, whDlly committed lo the music. Together the orchestra and Kirill have shared with audiences an extraordinary range of repertoire, from rediscovered CPE Bth, remarkable concerts of core repertoire- Beethoven, Brahrns, Britten & Shostakovich, Elgar, Prokofiev, Rachmaninov, Tchaikovsky, and Walton lo name a few- through lo new music from Azerbaijan and almost everything in betrNeen. The BSO is proud that il has been able lo support Ki¥ill throughout his time as Chief Conductor lo champion the cumure of Ukraine and the other lorffler Soviet Slates As Kirill Karabils has said, the BSO has perfomed more Ukrainian Music than any orchestra the world outside Ukraine. The championing of extraordinary cultures will conkn'nue when Kirill retums lo conduct in future years wth his new tiue, Gonduclor Laureate, Attistic Direclor, Voices from the East. Performance programme 2022-23 BSO continued to rebuild audiences Mrith a diverse and broad range of symphonic programming in the Company's core regional hubs of Barnstaple, Basingsloke, Bristol, Ex&ler, Poole, Portsmouth and Yeovil. Key artistic highlights included.. The relum of the iconic large symphonic ￿perI01re. This repertOiTe is much loved by audiences and also enabled increased wotk opportunities lor freelance orchestral musicians and guest artists The ongoing artistic legacy of Kirill Karabits including the Company's wholehearted commitsnent to his Voic8S from the East pr(NJfamming strand. Nc>lable performance5 included: The wortd prerniere of Azerbaijan's leading women composer, Franghiz Ali-zadeh's BSO commission - Cosmology 'The response fmm the Dors8t audienc&. towards mus￿l￿nS, c(Mduclor, composer, was he8rtfell.' a r8minder, ifeverilwas ne8iled, of music's own cOsm￿pOWer lo connect.. The Observer Review, April 2022 The worfd premier& ol Ukrainian composerAnna Korsan's BSO commission T&rriGone. The lille relers lo the artificial mountains of mining waste that proliferate in rnuch of her homeland the Donbas region's landscape The world premiere of Ukrainian cornposer Feodor Akirnenko's rediscovered celb concerto, originally donewritten in 1912 bul never perfomied. An extraordinary programme of Glazunov, Serga Tanayev's masterpiece St John of Damascus and Shostakovich Symphony No.4. °This was Karabils and his orchestra [...J al Iheir very finest, a perf8Gt 8X8mple of whathe has achFved on the south coast... A nearperfeClp&rfOrman￿ of Shoslakovich s Fourth" The Guardian review ol Shostakovich Symphony No.4, 8 February 2023 Principal Guest Conductor Mark Wigglesworth's ciutslanding concerts wlh the BSO including a Platinum Jubilee concert as partof the Salisbury Festival. The ongoing relal'onship with Hom player Felix Klieser as BSO'S ArtEsI in Residence from 2021-23 in a clear statement of BSO'S oThJoing commilmenl lo bring Thore diverse artists to the main stage of a symphony orchestra. Highlights included concerto perfomiances in Poole, Plymouth, Barnslaple, Bradford on Avon, a

Bournemouth Symphony Orchestra Trustee's report (continued) mastsrclass in Wiltshire for young hom players, Q&A with Secondary School children in Plymouth, a chamtrer concert with BSO musicians in Soulhamplon, a concert in a caTe horne in Barton on Sea and a live perfonnance wth BSO musicians on Channel 4's cult TV programme Tre LastLeg. Perfom)ances of Seeta Palel's Bharalanatyam choreographed productlDn of Slravinsky's The Rite of Spring with Kirill Karabits and the BSO al Sadlerfs Wells. 'Seela Patel's east-meels-wesl staging of The Rile of Spring has much lo recommend il in ils own right. But add in ttle MUS￿￿1 resources of the Boumemo(rfh Symphony Orchestra and ils Chi&f Conductor Kir￿1 Karabits and you have something very speci81 indeed.. The Times ' 13 March 2023 A unique shared performance by the National Open Youth Orchestra INOYOI and BSO Resound- showcasing talent and BSO'S commitrnenl lo inclusivity, opportunity and pathways for disabled musicians. Worfd premiere of a jThnl commission by BSO and Royal Northem Sinfonia of Kate Whilley's Falling written for disabled led ensembles BSO Resound and RNS Moves alongside BSOIRoyal Northem Sinfonia. Strength of BSO'S partnership with Grange Festival, with performances of three operas and kn nights of jazz with legendary pianist Marcus Roberts. Ninety~Three ensemble perfomiances ranging Irom care homes and schools lo outdoor performances 'around town, lo BSO on your Doorstep perfomiances in community venues across the region frorn Launceslon to Swanage, Yeovil lo Alderholl, Sl Endellion to Lytchett Matravers, St Auslell lo Thorvelon. BSO'S popular Chri5trna5 programming including Last Night of the Christmas Proms, Christrnas Carols Celebration and New Yearfs Day Johann Slrausg Gala- concerts which attract a truly diverse audience. Th& success of BSO Pops including Film Nights with sell out performances of the music ofstar Wars.. The Definitive Concert to Symphonic Pink Floyd. The relum of Proms in the Parf( al Meyrick Part, Boumemoulh reaching over 7,300 people over 2 nights. 'My 8 year old son and I cam8 lo the Queen Proms in th8 P8tk concert last night and had an absolutely amazing av8ning. He had neverseen 8 Iwe orchestra before 8nd couldny believe Ihalyou were èllpl8ying live music as he w8s so impr&ssed. He actually gol quite gmolional and didny want lh8 night to end. Thank you forbeing amazing.. Audience feedback from Proms in the Park, Symphonic Queen, 6 August 2022 BSO Participate- In and beyond the Concert Hall Through the work ol the BSO'S Leaming and Participation Departrnenl BSO P8rtIClP81e the Company reaches out lo develop new relalion5hips through music with the most diverse range of people across the South and SoLrth West of England. SSO Participate is core to the mission of the Company"To be a Cultural B&acon at lh8 h88rt ofourcommunities, and beyond the concert hall.. BSO Part￿Ipate C￿aleS 'greal art, in the concert hall and in community setb'ngs, and il engages both those for whorn cultural engagement is the nom and those lo whotn it is a new experience. As a key output of the Company, BSO Participate makes a full contllbulion to the goal of building the broadest range of diverse audiences for classical music across the region in which it is resident. Highlights of 2022.23 included.. BSO is now the Le￿1 Organisalion for Active Carè Homes, a project funded by Innovate UK aiming to increase the physical activity of care home residents through digital dance and music conlenL Maximising the beyond the concert hall impact of Artist in Res￿ent, Felix Klieser. BSO Voices Commvnity Choir in Southampion including the world premieTe of Teresa Barfow's ReqU￿M 2020. 10

Bournemouth Symphony Orchestra Trustee's report {continued) Return of the lull scale Explo￿ the Orchestra schools, COn￿rtS giving almost 10,000 KS2 children their first experienc6 01 a live symphonic concert in Poole, Exeter and Portsmouth. The Poole performance was also watched online by over 27,000 children frotll 430 schoo15 acr05s Ihe UK. National Open Yovlh Orchestra- leaching and mentoring and joint concert with BSO Resound. SEND Concerts-14-piece ensemble including BSO Resound perfomed to 530 children and young people across BCP, Portsmouth, Hampshire and Somerset. GCSE Concerts enabling an unparalleled depth ol engagernenl with these students al a key point in their educational development. A brand-new Key Stage 1 prcgramme lo 900 children in Yeovil around the theme of creatures and nature. Delivered in partnership with The Octagon the projeci also involved hvo days of concerts in schoo15 in isolal areas of SOme￿et who would not be able to travel to Yeovil. Bristol Recovery Orchestra, Exelei Family Orchestra (The Auberginesl, Feel Good Friday Band and Time Together supporting the mental health and community cohesion tsf participants through creative musio making. Retum of BSO Care Home concerts and Cake Concerts for people living with dementia and their carers The return lorthe ffirsl t'me since the pandemic of the famous Dorset'Rusties', enabling 71 local musicians lo rehearse and perform alongside mernbers ol the BSO. Developing the next generation ol diverse community pathcipalion animateur talent through BSO, Young Associates programme. .1 w8s lucky enough to be with you lod5y and even louder than Ihe magnifjcenl orchestra was Ihe sound of neuralpalhways zinging & memories forming in the hearts & minds Of Ihose awestruck Children. Thank you @slaftroommug and 811 involved ft. Carer in attendance al BSO schools, concert, May 2022 'My 9-year-old son joinpdyou today al'The Lighthouse, together with the rest of Year 5 at his school. He loved ill He had beenpr8clising his Mak81on skills tor this. This is wonderful for#deafawaren&ss' Parent of child who attended BSO schoo15' concert, May 2022 'Our Year5 are not Ihe easiest bunGh Ihis yearbul 6ach and every one were on the edge of theirseats and spellboundyeslerday and Ihere is such a buzz in school today aboul it. These concerts have such an impact on chNldren, who I'm sure would nevergel the chanc& lo see a live orchestr8 perfonn.. Teacher feedback from Christ the King School who attended BSO schools, concert, ThAay 2022 .1 Ihink that Felixs story was an inspiralffon lo Ihose only just starting with Iheirmusic8ljDumey. To he8r h W8y oflhinking a￿dpe￿evering was enlightening s(Imelhing I'll definrfely be using, furtherin my music career. Obviously, wilhoul fail lo mention, his playing was impeccable, The lone and articulation was something inspiring 8nd I wish to ￿ach Ihaflevel ofexpertise on my saxophone.. Sludenl feedback following Felix Klieser perfotmance and Q&A, Plymouth September 2022 'Il's helping me with lots of things Ihat I have got worries èbout and ils been just a prniilege to be wilh people fhal I feel are really kind andsupportlV8. W8 encouillerso many people from different backgrounds in our lives. But within this sp8c&, I f881 quite safe. And thats a lovely feeling. And I'm definitely on the road to r8covery by being partof Ihis, so Ihankyou.. Participant feedback following Creative Communities surnmer concert (including BrislDI Recovery orchestral which look place in July 2022 'The Aubergffnes is 8 fantastic melling pot of old andyoung, musically afjd Fjon fflusically adept, shy and gregarious people, who inhabit a safe space in which no idea is dismissed or devalued. A dynamic 8ncl equal collective where each inclividual is allowed and encouraged to express Ihemselves. Never dull, never withoul art￿lIC merli, who coulrl possiblynol want to be an Auberginel. Participantleedback from the Aubergine sessions November 2022 11

Bournemouth Symphony Orchestra Trustee's report (continued) Volunteers BSO is grateful fr>r the unslinling efforts of ils volunteers who are involved in the nJnning of the box Off￿e, membership scheme adminislralion, mailing aclivits.es and helping serve refreshments lo the orcheslra.11 is estimated that in this year of returning to more normal activity we have used approximately 594 volunteer hours. If this is conservatively valued al £12.36 an hour the volunteer effort amounts tci £7,342. Volunteer co-ordination 15 carried out by a designated member of staff. Dlgltsl Data is key lo audience development and as the inforrnalion from sales and the inpulted BSO Participate activity continues to grow within the Speklrix database, we are now able lo increase the number of more defined and bespoke emails Iwlh an increased used of dynam￿ contenti to customers on a more regular basis. More regular upcoming concert updates- in light of a change in sU￿CriPtion purchases, these have been developed to give nudge5 to cuslotllers who book small batches of season concerts. Specific cijslomer nDlifications often accompanied by special lickel offer5 (even complimenlaryl lo encourage purchases without devaluing ticket price. The trust with our customers is obviously very high and we have a high open rale for etllails we send out. Open rates are consislenlly at beiween 550/0 and 67%. This is further translated into click rates and actual bookings with above industry average figures. Sales of BSO livestreams have remained consistent with a byal subscriber base who book all of them,. 12,273 tickets wer& issued wth a viewership 0147,553 and lolal viewing lime of 4 years, 288 days, 11 hours, 31 minutes and 57 seconds. The BSO website GDntinues to be the main portal for lickel bookings, livestream access and other online resourtts. The number of individual sessions increased to 343,155123Y.l in the year and the number of users also saw an increase to 201,0751430101. Social media engagement 3Gros5 al active plafforns continued lo see a steady I￿rease. Spotify- 415,648 monthly listeners Inslagram- 4,257 followers Twitter- 11,400 followers Facebook-15,241 followers YouTube subscribers increased lo 1,870 Fundraising A lolal of £1,330,750 was raised frorn private sources during the 2022-23 financial year representing a 26010 increase Dn the previous year. This tremendous result was driven by the incredible generosity and support of our loyal corporate supporters, Patrons, Members, donors, several new charitable Irugts and foundations, and those who chose lo remember the BSO with a gift in their Will. A total of £412,584 was received in grfts in Wills, ensuring the Orcheslrd can invest in its fvlure artistic plans with confidence. We have been truly humbled by those who have supported the OrGheslra in this way, Our special thanks go to the Skyrme Hart Charitable Trust for ils extraordinarily generous five-yearfunding award enabling the expangion of our Schools, Concerts programme, and lo both Inveslec and Allianz Musical Insurance for their continued investment and support of the BSO'S artistic programme and wider work in the community. The financial health and vitslity of the Orchestra depends on a wide range of fvnding and support lo achieve its mission. The Board of Trustees would like lo extend its thanks lo all of those who played a role in the Orchestra's achievements this year. Partnerships The continued success of the BSO is reliant on the partnership with Arts Council England IACEI and a number ol significant Local Authority partllerships., their investment Combined with that of the private sector provides the basis upon which the Orchestra can achieve its mission. 12

Bournemouth Symphony Orchestra Trustee's report (continued) As an Orchestra, giving more performances away from its home venue than any comparable ensemble, positive, ¢ollaboTative partnerships with key venues and inslilulions are key including our main strategic venues in Basingsloke, Bristol, Exeler, Portsmouth, Truro, and Yeovil. We have continued lo build on and slrenglhen our relationship with our horne venue Lighthouse in Poole, a relationship which is vital for both organisations. Finan¢lal review The overall financial performance shows a nel deficit for the year of £47,14712022.' £419,498 surplus) after orchestra lax relief IOTRI. Ilthe tllain exceptional ileffls of OTR and unrealised Ilossllgain on investments are removed, then this reflects a true trading posilon of a loss of £1,257,87612022.' IDSS £212,815). The lolal income lor the year is £6,232,63512022'. £5,670,674). This is a 10D/o increase year on year. Eamed lickel and engagement income ol E1,715,35612022-. £920,571) was achieved which included £73,879 12022.. £142,616) ol digital ticket sales. In lolal this is an 870/D increase in lickel sales1£796,485} year on year. In 2022123 we performed 113 symphonic concerts. All our concerts were performed lo an in-hall audience. We conb'nued lo build back our lickel income throughout the yeai. During the year we have livestreamed a total of 20 ol our weekly con￿rtS from Poole. Fundraising income has increased by 26¥01£275,244} in the year lo £1,330,750. The significant changes are an increase in legacies of £292,200 and Corporate Sponsorship has inC￿a$ed by £60,409. Participate income has increased by 42.1010 £156,566 as we returned lo being able to deliver all our worti. The significant change lo grant income is largely due lo there being nil furlough income in 22123 compared lo £488,192 in 21122. The SUPPDrt scheme finished in September 2021. Arts Council England IACEI funding remained flat year on year. Local authority funding is lower than last year by £15k due lo one off funding from BCP in June 202110 support our summer concerts in Bournemouth after Covid-19. Total expenditure was £7,490,51112022'. £5,883,489). This is an increase of 27Q/D year on year. Cost of raising funds has increased by 17% which reflects our relum lo normal fund-raising activity. There has been an increase in orchestral costs o128Yo Thainly reflecting our return lo normal activity. Educaknon costs have also increased by 30010 in line with the activity we have been able lo deliver. Inflation has also contributed to part of the year-on-year increases in costs. This is the seventh year that BSO will accrue Orchestra Tax Relief IOTRI. Our ctaim for the previous year has been successfvl. This is a tsx subsKly on a proportion of pre-production costs incurred in concert planning and preparation ol live Concerts lo a live paying audience. In March 2023 the government announced that il will extend the rale rises for orchestra lax relief. The rale increase to 50 10, originally expect￿ lo lapeT down from I April 2023, will continue fora further two years until 1 April 2025. The rate will then reduce to 35Q/o from 1 April 2025 before relumiRg lo original levels of 250kn from 1 April 2026. OTR is a significant figure for the BSO being £1,345,372 this year12022'. £597,543) As has been staled before. this funding is vital lo enable us lo continue lo be creative and to allow us lo invest in work that will help lo raise Dur profile and attract more funding. We have also accrued corporation tax of £22,31912022.' £8,000) on the Irdding surplus that has been calculated on our sponsorship income. Our investsnenls are managed by Quilter Cheviol and are invested in their Global Income and Growth Fund for Charities. The investment landscape continued lo be Challenging throughout 22-23 with the conlinualion ol the Ukraine war and the negative headlines regarding the banking sector. Both impacted on global markets. The fund perfo￿anCe throughout the year has resulted in a nel loss on investment of £112,323. The deficilfor the year reflects the ongoing challenging environmpnl in which we continue lo work. The impact of high inllalion is not only increasing our underfying costs bul also the atllDunl of disposable income our customers have lo spend. We are currently planning a delicit of £100k which is still dependent on orchestra lax relief of £1.3m, fundraising incorne of £1.4m and our lickel sales continuing lo increase closer lo pr&pandemic levels. Going concern The Twslees aGkmMAedge Ihal the levels ol uncertainly in continuing lo retsm lo a normal trading environrnenl tnean that Ihejudgements and estimates made in the operation of budgets and forecasts continue lo be rnore 13

Bournemouth Symphony Orchestra Trustee's report (continued) challenging than under normal circumstances. As set out in the plans for the future, included within the Report of the Trustees on page 15, the Trustees have given due rega￿ lo the increased pressule on income streams and higher underlying costs due lo inflaliDn as we progress lo a more normal trading environment and have concluded that the po$￿Ve level of general reserves, a healthy cash balance, the benerrt ofthe temporary higher rale of Orchestra Tax Relief as well as other returnlng sources of inCDme and the continued support of its major funders, rnean that the going concem basis remains appropriate for the preparation of these financial statements Further details regarding the adoption of the going concem basis can be found in Note 1 to the financial slalemenls. Reserves policy In accordance with best practice and Charity Commission guidan￿ the charity maintains reserves lo provide for contingencies that may arise in the future and lo act as a buffer against trading fluctuations. As we continue lo build activity in 2023-24 maintaining a level of reserves is even more critical. The challenges of maintaining public funding continu& along with BSO'S dependence on variable income strèams irKluding earned ticket sales and fundraising income. For the purposes of this policy, the Tnjslees definÈ free reserves lo be unreslricled funds which have not been designated lor specific purposes. The BSO'S policy is to sel a target range lor reserves of around six months core costs. The Company has general ￿serveS of £4,989,242 at Ihp Balance Sheet dale of whtch £450,000 is designated for specifiG projects. Hence the level of reserves is above the defined policy, bul the Trustees consider this lo be prudent in the current economic climate. The Company holds a significant amount of ils assets as investments per note15. Th& risk of impaimient is miligaled by a wide spread of invesbmenls. Investments held are managed by an extemal fund manager. Th& BSOET geneTal unreslrited reserve5 will be ulilised in line with the original object of BSOET as set out in the trust deed which is. to advance the charitable purwse oflhe BDumemoulh Symphony Orchestra by providing or assisting in the provision of the resources by which the Company may undertake activities of musical education not financed by national or local 3ulho¥ilies aml to further other charitable purposes directed al improwng the public tssle and appreciation of the art of music. Plans for the future BSO has contsnued lo demonstrate a strong dynamic and can-do approach during 2022-23 and bu1￿ an excellent track record ol delivering lor audiences and communities in the most difficult of circumstances. This ¥￿11 continue. BSO'S plans for the future will be based on the following key principles: Maintaining BSO'S can-do approach to deliv&r greal art and engagement, developing new ways of thinking and working inspired by the experience of the last three years. Using the financial and business resilience developed 2015-2023 to invest in the devebprnenl of new income streams and support the company in what is sure lo be a challenging financial year. Emphasis on 'Everything is BSO, approach, which has treen at Ihe heart ol the BSO Business Plan since 2012, Maintain atKI grow BSO'S leadershlp approach to the Creative Case for Diversity, Inclusivity and Relevance. Setting nèw benchtllarks and challenges to further etnbed inclusion in all areas of the company. Maintenance of a full, live symphonic scale programme from Lighthouse, delivered regionally, nationally and inlernalionally through BSO Digital Livestreams. Maximising the impact and reach of BSO'S regional touring programmè of work. Maximise the opportunity presented by BSO'S slalus as Orcheslra in Residence al the newly Iransfonned Bristol Beacon and the new partnerships with Maynower Theatre Soulhamplon, and Octagon Yeovil. Continue to develop Ihe'BSO on your Doorstep, prograrnme of high quality smalUmid-scal& work. Further develop BSO'S Digital Strategy lo sit alongside the live performance programme, building BSLYS success in reaching both new and existing audiences. Continuation of the well-eslablished partnership approach to developing and delivering work. Through BSO Participate re-focusing activity lo rneel current national and local agendas in a posl-pandemic landscape. 14

Bournemouth Symphony Orchestra Trustee's report (continued) Continued development of an inlegraled operating model across all departments. Understanding that an ever more flexible use of the fvll company resource demands additional changes lo the way the Company plans, budgets and delivers its work. The 2023-24 budget was approved by Trustees in March 2023. In May 2022 BSO submitted a funding application to ACE lorthree years of future lundirYJ 2023-26. We were advised in November 2022 that we h&1 been successful in our funding application. Acknowledgements 2022.23 The Trustees of the Bournemouth Symphony Orchestra would like lo extend their sincere thanks lo the great number of people and organisations who supported the BSO'S work this year including.. Piincipal Funder Arts Council England Public Funders.. BCP CounGiI, Dorsel Council and Portsmouth City Council Principal Academic Partner.. University of Exeter Academic Pather.. Arts University Boumetlloulh Conservatoire Partner Trinity Laban ConseNatoire ol Music and Dance Corporate Partners.. Allianz Musica5 Insurance, Investec Wealth and Investment Corporate Patrons,. Tapper Funeral Senllce., Gervis Meyrick Estate, J.P. Morgan, Tailomiade Trusts and Foundations.. The Skyrme Hartcharitable Trust, The Pointsr Family Trust, The CaSleva Foundation, Foyle Foundation, Borletti-Buitoni Trusl, The Valentine Charitable Trus( Talbol Village Trust. The Flaghead Charitable Trust, The Alice Ellen Cooper Dean Charitable Foundation. The Reed Foundation, The Marchus Trust, The W(x)tton Grange Charitable Trust, The Bedhamplon Charitable Tru51, The Pitt-Rivers Charitable Trust and two anonymous charitable trusts Principal m￿lIa Partner. Classic FM Broadcast Partner. BBC Radio 3 Media Partner, Daily Echo Music al Sl Gi￿$ Partn?r. Shaftesbury Estates In-kind partners.. Ellis Jones Solicitor5 And finally, a special ￿knOW￿dgMernt to BSO'S loyal band of supporters, members, and volunteers and lo those indiwduals who supported the BSO through donations or by remembering the OrEhestra in their wills- thank you. Trustees, responsibilllies statement The Ttusiees (who are also Directors of Boumemouth Symphony Orchestra for the purposes of the Companies Act 20061 are responsible for preparing the Trustees, Annual Report and the financial sialemenls in ￿cOrdanCe with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acoepled Accounting Praclicel. Company law requires Ihe Trustees lo prepare such financial stalemenls for eaGh financial year which give a true and laii view of the stale olaffairs ol ihe charitable Company and ol the incoming resources and application of sourTrs, including ffte Income and Expendilure, ol the chanlable Company for that peri(Kl. In preparing these r5nancial statements, the Trustees are required to.. select su((able accounting policies and Ihen apply them consislenlly., obserwe the principles in the Charities SORP,. makejudgements and accounting eslimales that are reasonable and prudent., and prepare the financial statements Dn the going concem basis unless il is inappropriate lo presume thal the Company will continue in business. The Trustees are reswnsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial posth'Dn of the charitable Cornpany and enable them to ensure that the financial slalements 15

Bournemouth Symphony Orchestra Trustee's report {continued) comply with the Companies Act 2006, They are also responsible for safeguarding the assets ofthe charitable Company and hence for taking reasonable steps for the prevention and delecliDn of frdud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitable Company's auditor is unaware,. and the Trustees have taken all steps that they ought ID have tsken lo make themselves aware of any relevant audit infonnalion and lo establish that the auditor is aware of that inft)rmab'on. The Trustees are responsible for the maintenance and inlegrty of the corpDrale and financial information included on the charitable Companys website. Legislab'on in the United Kingdom goveming the preparation and dissemination of financial slalemenls may differ from legislation in olherjurisdiclions. By order of the Board [14 MrAFI Chair 27 September 2023 art 16

Independent auditor's report to the members of Bournemouth Symphony Orchestra Opinion We have audited the financial statements of Boumemoulh Symphony Orchestra for the year ended 31 March 2023 which comprise the Slalernenl ol Financial Aclivilies, the Balance Sheet, the Stalemenl ol Cash Flows and notes to the financial slalements, Includir￿ significant accoullling policies. The financial reporting Iramewoik that ha5 been applied in their preparat￿n is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reports'ng Standard applicable in the UK and Republ￿ of Ireland (Uniled Kingdom Generally AC￿pied Accounts'ng Prdcticel. In our opinion the financial slalements-. give a true and fair view of Ihe charitable company's stale of affairs as a131 March 2023 and of ils incoming resources and application of resources, including ils income and expenditure. for the year then ended., have been properly ptepared in ac£ordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the Companies Act 2006. Basis for opinion We conducted our audit in accordall￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilits'es under those standards are further described in the Audilorfs responsibilities for the audit ol the financial slalernenls section ol our report. We are independent ol the charitable company in accordance with the ethical requirements that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibililies in accordance wilh these requiretnenis. We believe that the audit evvJenGe we have obtained is sufficient and appropnale to provide a basis for our opinion. Con¢lusions relating to going concem In auditing the financigl s￿leMentS, we have concluded that the trustees, use of the going concern basis of accounliThJ in the preparation of the financial slalements is appropriate, Based on the work we have perfortlled, we have not idents'fied any material uncertainties r&laling lo events or conditions that, individually or collectively, may cast significanl doubl on the charitable companls ability lo conb'nue as a going concern for a period ol al least hvelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are de￿ribed in the relevant sections of this report. Other information The Iruslees are responsible for the other infomialion. The other information comprises Ihe information included in the annual report, other than the financial statements and our audrtorfs reptsrt thereon. Our opinion on the financial statements does nol cover the other information and, except lo the exlenl otherwise explicilly slated in our report, we do not express any Iorm of assurance conclusion Ihereon. Our responsibility is lo read Iheolher information and, in doing so, consider whether the other infomialion is materially inconsislenl with the financial slalemenls, or our knowledge obtained in ttie cOu￿e of the audit or olherwise appears lo be materially misslaled.11 we ideniify such tnalerial incon5151encie5 or apparent material mi551alements, we are required lo deleTrnille whether this gives rise lo a rnalerial misslalemenl in the financial slalemenls themselves. If, based on the work we have perfom)ed, we conclude that there is a material misslalemenl ol this other inlomalion we are required lo report that fact. We have nothing ID rep)rt in this regard. 17

Independent auditor's report to the members of Bournemouth Symphony Orchestra Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomialion given in the Tru51ees' Annual Report which includes the Direclor5' Report br Ihp financial year foT which the financial slalements are prepared is consislenl with the financial slalemenls,. and the Trustees, Annual Report which includes the Directors, Report has been prepared in accordance with applicable al requirements. Matters on which we are requlred to report by exception In the light of the knowledge and unde￿landing of the charitable company and ils envtronment obtained in the course of the audit, we have not idenb'fied material misstalernents in the Trustees, Annual Report. We have nothing lo report in respect of the following rnatters where the Companies Act 2006 requires us to report lo you rf, in our opinion.. adequate accounhng records have not been kept, or relums adequate for our audit have nDt ken received from branches not visited by us,. or the financial slalemenls are not in agreement with the accounting records and returns,. or certain disclosures of trustees, ￿ muneration specified by law are not made,. or w8 have not received all the information and explanations we require for our audit',or the trustees were not enlilled lo prepare the financial slalements in accordance with the small companies regime and io lake advantage ofthe sm811 companies exemption in preparing the Trustees, Annual Reportand the Strategic ReporL Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement sel out on page 16, the trustees (who are also directors of the charitable cotnpany for the purposes of company lawl are responsible for the preparation ol the financial statements and for being sab'sfied that they give a true and fair view, and for Slich internal control as the trustees determine is necessary lo enable the preparation of ffnancial slalements that are free from material misslalemenl, whether du8 lo fraud or error. In prepanng the financial slalemenls, the trusi&es are responsible for assessing the chariiable cornpany's ability lo cor+tinue as a going conTrm, disclosing, a5 applicable, rnatlets related lo going conGem and using the going concem basis of accounting unless the Iruslees etther intend to liquidate the charitable company orto cease operations, or have no realist allemalive to do so. Audltorfs responsibilities for the audlt of the flnanclal statements We have been appointed as auditors under1he Companies Act 2006 and report in accordan￿ with regulabon5 made under that Act. Our objectives are b obtain reasonable assurance about whether the financial ststements as a whole are free from material misstalernent, whether due to fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance wf(h ISAS IUW will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the econornic decisions Of users taken on the basis ofthèse financial slatsrnents. Irregularities, including fraud, are insknces of non-compliance with laws and regulatons. We design procedures in line wth our responsibilities, ouuined above, lo detect material misslalements in respect of irregularities, including fraud. The specffic procedures for this engagement and the extent ID which these are capable of delecling irregularities, including fraud are detailed below. Identifying and assessing risks related lo irregularities.. We assessed the susceptibility of the charitable company's financial stslements to material misstaletnenl and how fraud rnighl ￿eur, including through discussions with the Iruslees, discussions within our audit team planning meeting, upjaling 18

Independent auditor's report to the members of Bournemouth Symphony Orchestra our record of inlemal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent rnanipulalion of the financial slalements. We identified laws and regulab'ons that are of significance in the context of the charitable company by discussions with trustees and updating our understsnding of the seclDr in which the charitable cornpany OFerales. Laws and regulations of direct significance in the context of the charitsble Gompany inGlude The Companies Act 2006, and guidance issued by the Charity CDmrnission for England and Wales. Audit response to risks identified.. We considered the exlenl of compliance wth these laws and regulations as part of our audit prccedures on the related financial staternenl items including a review of financial statement disclosures. We reviewed the charitable company s records of breaches of laws and regulations, rninules of meetings and correspondence with relevant authorities lo identify rolenlial rnalerial rnisststemenls arising. We discussed the charitable cornpany's poI￿leS and procedures for compliance th laws and regulations with members of management res￿nsIble for cornpliance. During the planning meeting with the audit tearn, the engagernenl partner drew attention lo the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of rnanagemenl whether they were aware of any instances of non-compliance wlh laws and regulatiDns or knowledge Df any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by lesling the appropriatene￿ of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estitllales gave rise la a possible indicab'on of managemerit bias. Al the cotllpleb'on stage of the audit, the engagement partner's review induded ensuring that the team had approached their wotk with appropriate professional sceplicism and thus the capacity lo identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit pr￿edureS described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely we would become aware of it. ￿S0, the risk of not detecting a material misslalernenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery Dr intentional misrepresenlalions, or through wllusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.Irc.o .uklaudilorsres onsibililies. This description forms part of our auditor's rew Usè of our rèport This rewjrt is made solely to the charitable company s rnernbers, as a body, in accordance with Chapter 3 of Part 16 of the compani￿ Act 2006. Our audit work has been undertaken sa that we tllight slate to the charitable company s tllernbers those matters we are required lo state lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not ￿ept or assume responsibility to anyone otherthan the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. S• LLP Casidhe Baleri Isenior Statutory Audilorl for and on behalf of Saffery LLP Midland House 2 Poole Road Boumemoulh Dorset BH2 5QY Chartered Accountants Slalulory Auditors Date.. 11 October 2023 Saffery LLP is eligible lo act as an auditor in lemis of section 1212 of the Companies Act 2006 19

Bournemouth Symphony Orchestra Statement of Financial Activities (including Income and Expenditure accountl as at 31 March 2023 Total Funds 2023 Total Funds 2022 Unrestricted Funds Restricted Funds Note Income & endowments from.. Donations and legaGies Grants Income from Charitable aotivities: Orchestral concerts and related work Participate Income frorn other trading activlties Investment Income Total income 1,154,294 2,920,518 1.154,294 2,920,518 933,126 3,423.710 1,763,599 156,566 211 1,763,810 156,566 1,061,481 170,219 183,874 53,572 6,232,422 183,874 53,572 6,232,633 122,386 19,752 5,670,674 211 Expenditure on: Costs of raising funds.. Commercial trading operations Expenditure on charltable activities.. Orchestral concerts and related 396,737 396,737 338,942 6,662,240 405,292 26,242 6,688,482 405,292 5,233,645 310,902 Education Other expendlture: Total expenditure 7,464,269 26,242 7,490,511 5,883,489 Net lexp8nditure) before tax Tax receivable 11,231,847) 1,323,052 126,0311 11,257,8781 1,323,052 1212,B151 589,543 Net income after tax before investment gain51llossesl Nel Ilossesllgains on investments Net lexpenditurellincome for the year Transfers between funds Net movement in funds Reconclllation of funds.. Totsl funds brought fotward Total funds carried fO￿ard 91,205 26,031 65,174 376,728 112,323 112,323 42,770 121,1181 126,0311 147,1491 419,498 20 21,118 26,031 47,149 419498 5,010,360 4,989,242 89,168 63,137 5,099,528 5,052,379 4,680,030 5 099,528 The slalement of financial aclivits'es includes all gains and losses recoyjnised in the year, and all incoffle and expenditure derive from continuing aGlivilies. The nel income for Companies AGt purposes includes only realised gains l- losses and amounts to £96,68012022 £382,221}. The notes on pages 23- 36 fotTn part of these financial statements 20

Bournemouth Symphony Orchestra Balance Sheet For the year ended 31 March 2023 Note 2023 2022 Fixed assets Tangible assets Investments 14 15 477,425 1612,667 2,090,092 491,083 1,696 171 2,187,254 Current assets Stock Debtors Cash al bank and in hand 834 1,626,972 2,212,079 3,839,887 834 895,974 2,798,716 3,695,524 16 Liabilities Creditors.. amounts falling due wilhiN one year 17 1877,5981 1778,7061 Net current assets 2.962,289 5,052,381 2.916.818 5,104,072 Creditors.. amounts falllng due after more than one year Finance leases Net assets 4,544 5,099,528 5,052,379 Funds Unrestricted funds.. General unreslricled General unrestricted BSOET 20 4,390,432 598,810 4,989,242 4,331,550 678,810 5,010,360 Reslricted funds: Reslricled 63,137 89,168 Total funds 5,052,379 5,099.528 The financial statements ofthe Boumemoulh Symphony OrGheslra Iregislered number 005383511 were approved by the Board of Trustees and aulhorised for issue on 27 September 2023. Signed on behalf of the Board of Trustees A Floc Chair M O'sulli Trustee The notes on pages 23- 36 form part of these financial statements 21

Bournemouth Symphony Orchestra Cash Flow Statement For the year ended 31 March 2023 Note 2023 2022 Cash used In operating activities.. Taxation reGeived Net cash used in operating activities 11,134,419) 577,814 556,605 1145,8091 89,869 55,940 Cash flows from investing activities., Interest income Proceeds from the sal& of plant and equiptnent Purchase of plant and equipment Dividend received on investments Net cash provided by investlng actlvltles 7.809 1,750 133,1931 267 149,8611 {23,6341 143,0711 Cash flows from financing activities: Capital element of lease repaid Increase in cash and rAsh equlvalents In the year Cash and cash equlvalents at the bèginning of the year Cash and cash equivalents at the end of the year 6,398 586,637 2,798,716 2,212,079 8,454 107,465 2,906,181 2,798 716 1. Reconclliation of net income to net cash flow from operating activities Notes to the cash flow ststement 2023 2022 Net Income for the year 147,1491 419,498 Adjustments for.. Depreciation Gharges Invesbnent management costs IGains}Ilosses on investm&nts Interest income Tax re￿Ipl Loss (profill on sale of fixed assets Decrease in sloGks Decrease in debtors Decrease in creditors Net cash used in operating activities 46,576 16,945 112,323 153,5731 {1,323,0531 11,4751 62,821 14,260 142,7701 119,7521 1589.5431 14,241 100 746 1,134,419 60,792 51,179 145,809 2. Analysls of cash and cash equivalents 2023 2022 Cash in hand Total cash and cash equivalents 2,212 079 2 798,716 22

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 Accounting policles Basis of accounting Boumemouth Symphony Orchestra is a charitable company lirniled by guarantee and registered in England and Wales. The registered offKe, company number and charity registration nurnber are disclosed Dn page 2. Boumemouth Symphony Orchestra rneets Ihe definition of a public benefit entity under FR5102. The financial stslements have been prepared in accordance with Accounting & Reporting Charities.. Slalemenl ol Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting slandatd applicable in the UK and Republic of Ireland IFRS102IEffeclive 1 January 20151- ICharilie5 SORPIFRS10211, Financial Reportsng Standard applicable in the UK and Republic of Ireland IFRS1021 and the Cornpanies AGI 2006. Going Concern In preparing the financial slalemenls and the Continu￿ use ol the going concem assumption, the Trustees have considered the expected financial performance for the financial year ending 31 March 2024 taking into account expected trading performance and the principal risks and uncertainties as sel out in the Tru51ee's report, including the continued impact of high inflats'on ON our costs and of the venues that w8 operate in. There will also be pressure on the amount of d15POsable income ol our audiences and their willingness lo subscribe lo a series of Goncerts. The 23.24 budget includes up lo 121 con￿rtS of which 90 are symphonic and the olhers are smaller ensembles th different cotnmunilies across the Southwest. 01 the 90 symphonic concerts we plan lo digitally liveslream17 from our home base al the Lighthouse in Poole. Our income for these concerts ha5 been based on approximately 10010 down on 19-20 figures. which was the last year of normal activity pre-pandefflic. Our season 23-24 was launched in May covering concerts from October 202310 May 2024. Our eady sales indications for 23124 Subscript￿nS are positive. The 23-24 budget has ACE funding remaining fiat and orchestra lax relief budgeted al the temporary higher rale 0150010 with costs that haye been increased lo reflect higher inflab'on rates. The nel result is a budgeled deficit of £96k. In November 2022 we received confirmation from our principal funder, ACE (Arts Counal England) that OUT 23-26 funding application had been successful. The charity enters the future period with a solid financial base- cash held at 31st July 2023 was £2,299k and the investment portfolio was valued al £1,652k. Based on the above assumpt￿nS the charity does not anlicipale a need lo have to liquidate any part of the investment portfolio during this period. However, the Ttustees acknowledge that the ￿velS of uncertainty as we continue to move towards 8 normal trading environment bul with high inflation and high interest rates rnean that the judgements and estimates made in the orEration of budgets and forecasts continue to be very challenging. After considering all the above factors, the Trustees have a reasonable expectation that the charity has sufficient access lo adequate resources lo continue in Operational existence for the fcireseeable futu￿, and for al least the period ol twelve months followng the dale ol approval ol the financial slalements. The Trustees therefore consider il appropriate lo continue lo adopt the going Co[￿eM basis in preparing the financial slalements. Incoming resources Performance income arises on promotions, engagements and other bookings undertaken by the Orchestra. Perfortnance income is credited lo the Income and Expenditure account in the period lo which il relates, as ts income from donations, memberships, and grants relating lo specific projects. Investsllenl income and other income from non-specific donations are credited lo Ihe incorne and expenditure account in the year in which il is rec&ived. 23

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 Accounting policies Icontinuedl Legacies are accounted for as incoming resources eiU)er upon receipt or where the receipt of the legacy is probable.. receipt is considered probable when there has been grant of probate,. the executors have established that there are suffictenl assets in the eslale after settling any liabilitiÈs lo pay the legacy,. and any condibons attached lo the legacy are either within the conlrol ol the charity or have been rnel. Income is deferred when il is received in advance Df the event or the period to which il relates. Incoming resources including donated services are credited lo the Statement of Financial Activities when Ihe Company has enlillernent lo the funds, receipt is probable, and the amount is measurable. Grants received in respect of a subsequent period are carried forward lo the relevant period. Resources expended Costs are included in the Statement of Financial Activities on an awruals basis inclusive of any VAT which Gannot be recovered, once there is a legal constructive obligation lo make a payment lo a third paty. The costs ol generating voluntary income represent the costs of securing sponsorship and donations for the funds of the Charity. The cost ol acb'vilies in furtherance ol the Company's charitable objectives includes costs directly incurred in undertaking those aclivilies. Where costs cannot be directly attributed to particular Galegories, they have been allocated to activities on the basis of lime spent by staff on those activities. Governance costs rÉprÈsenl the costs associated with the govemance arrangements of the Company which relate lo the general Nnning ol the Company and are accounted proportionally across other aGtivilies, They include the costs of extemal audit, legal and professional advice for Trustees and the costs of conslilulion81 and slabjlory compliallce. Support costs relating to a single activity are allocated directly lo that activity. Where support costs relate to several aclivibes, they have been apportioned an estimated lime basis. General reseNes General r8serves are unreslricled funds whiGh are available for use al the discretion ol the Directors in furtherance of the general objectives of the Charily and which have not been designated for other purposes. Restricted reserves Restricted reserves are amounts Ihal have been aWa￿Èd and will spent on projects as specthed by the donors. Herltage assets The Company ha5 a musiG libFary which has been built over the past100 years and expensed through the Income and Expenditure account. The Company's policy is lo add to the library if a piece of MUS￿ is played on a regular basis and the cost compared to hire charge is economic. Theff are no disposals, and the assets are maintained by two libraTians in a bespoke secure room. Sorne library pieces increase in value and cultural significance over time and are subsequenly considered lo be heritage assets. Due to the signrficant CO515 that would be involved in the valuation, which are onerous compared with the additional benefit that would be derived by the users of the accounts, these have been excluded from the balance sheet, Pensions The Company operates a defined contribution Group Personal Pension Scheme. Employees wshing to join this scheme pay a fixed percentage of salary into the scheme as does the Company. Costs are recognised in the Statement of finanGial aGlivities as Gonlribulions beGCtme payable. 24

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 Accounting policies Icontinuedl Tanglble fixed assets Tangible fixed assets, olherlhan long leasehold property, costing more than £500 are slated at historical cost less accumulated depwialion and any accumulated impaimienl Sosses. The long leasehold property received as a donation is slated al fair value on receipt of the donation less accutnulaled depreciation and any accumulated impairment losses. Depreciation on all assets is charged lo allocate the cost of value on acquisition less their residual value overthe eslimaled useftjl lives using the 51raighl-line melhod. The eslirnaled useful lives range as follows.. Cotnpuler and Digital Equiptnenl Motor vehlcles l Fixiures & Filb'ngs Instruments 3 years 5- 10 years 10-15 years Life ol the lease Long leasehold property Investment5 The Charity recogni5es income and fees on investments and unrealised gains and losses on the difference in book value lo market value al the end of the financial year. Investments include cash hekl by the Investment managers as arnounls atp held for reinvestment. Stocks Stocks are staled at the lowpr of cosi and net realisable value. Taxation As a registered Charity Boumemoulh Symphony OrGheslra benefits from various exemptions from laxalion afforded by the tax leg￿latiOn and is therefore not liable lo corporation lax on i￿ome or gains falling within these exemptions. Where incorne falls outside of these exemptions, current tax 15 recognised in the Statement of Financial Activities for the year lo which il relates. Orchestra lax relief is recogni5ed when the receipt is considered probable and can b& reasonably measured. Leases Where assets are financed by leasing arrangements that give rights approximating to ownership (finance leases) assets are treated as if they had been purchased oulrighl. The atnounl capilaSised is Ihe present value of the minimum lease payrnents payable over the lease term. The lease commitments are shown as payable lo the lessee. DeprecialioN is charged lo the SOFA over the shorter olthe estimated useful economic life and the term ol the lease. Lease paw)enls are analysed between capital and interest, so that the interest is charged lo the SOFA over the lemi of the lease and the capital reduce5 the capital creditor. Debtors Trade and other deblors are recognised as the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid. Cash at bank and in hand Cash al bank and in hand includes cash and short term highly liquid Investments with a short maturity of three months from the dale ol acquisition or opening ol Ihe deposit account. Creditors Creditors are recognised ￿Ere the Charity has a present obligation resulting from a past event that will result in a payment of lunds to a third party and the amounts can be measured reliably. 25

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 1. Income from donations and legacies 2023 2022 Donations Legacies Membership subscllptions Donated services and facilities Grants IT&FI Total 473,875 412,584 91,T02 34,975 141,158 1,154294 498,994 116,384 82,272 28,959 206,517 933,126 The Gharity benefits greatly from the involvemènt of volunteers, details ol which are given in our annual report. In accordance wlh FRS 102 and the Charities SORP IFRS 1021, the economic contribution of general volunteers is not recognised in the accounts. During the year, the charity benefited from the receipt of professional services and the use of premises free Df charge. The eslimaled value of these services is recognised within incoming resources as donated seNces and facilities and the equivalent charge is included within charitable aclvities. 2, Income from grants 2023 2022 Arts Council England- Gore fvnding Other Grants Furlough Income Total 2,601,798 318,720 2,601,798 333,720 488,192 3,423,710 2,920,518 3. Income from charitsble activities 2023 2022 Orchestral concerts and related work: Ticket sales Engagement lees Recording fees Progratntlle sales other incom8 Total 1,243,677 471,679 26,131 15,260 7,063 1,763,810 786,619 133,952 118,737 9,800 12,374 1,061,481 Educatlon.. Comrnunity music Children & Young Persons Totsl 100,488 56,078 156,566 35,675 74,544 110,219 4, Income from other tradlng actlvities 26

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 2023 2022 Sale of merchandise Sponsorship Total 1,085 182,789 183,874 122,380 122,386 5, Investment Incorne 2023 2022 Coulls & Co Ruffer Quilter Bank Interest Total 12,963 6,523 45,763 7,809 53,572 266 6. Cost of raising funds Direct Staff Costs other Direct Costs Govemance Other Support Support costs costs Total 2023 Totsl 2022 Costs of raising lunds Investment management costs Total 287,023 51,854 16,945 68,799 891 40,024 379,792 324,682 16,945 14,260 396 737 338,942 287,023 891 40,024 7. Expenditure on charitable activitie5 Governance other Support Support costs costs Direct Staff Other Direct Costs Costs Total 2022 Total 2023 Orchestral and related wod( Education Total 4,057,866 319,831 4377,697 1,909,763 41,807 1,951,570 15,698 705,155 951 42,703 16,649 747,858 6,688,482 5,233,645 405,292 310,902 7,093,774 5,544,547 8. AnalysSs of governance and support costs Direct staff Cvsts Total Total 2023 2022 Overheads Govemance costs Finance, HR and IS costs Management cosis Premises and off￿e costs Total 17,540 17,540 18,539 134,147 336,690 345,747 15,192 197,459 181,942 253,734 253,734 263,432 420,613 805,423 B09,660 202,543 182,267 384,810 Support ¢Dsts for 2023 & 2022 have been allocated based on the lolal of direct staff costs and other direcl costs. 27

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 9. Net income for the year 2023 2022 Net income for the year is stated after charging.. Depreciation Auditor's remuneration. Audit lees Non-audil fees 46,576 62,821 17,600 1,600 16,500 Operating lease rentals: Plant and machinery Olheroperaling leases 16,490 2,909 16,490 2,909 10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 2023 2022 Salaries and wag&s Social security Gosts Pension costs Freelance and other costs Totsl 2,917,188 318,229 265,904 1,548.208 5,049,529 2,698,036 273,754 285,953 801.737 4,059,480 The number of staff paid over£60,000 during the yearwas.. 2023 2022 £ 60,001- £70,000 £120,001- £130,ooo Two employees had employ* benefits morè than £60,00012022.' 21. Pension costs are allocated to activthes in proportion to the olaled staffing costs incurred and are wholly Gharged to unrestricted funds. The Trustees who are also members of the orGheslra received compensation, including national insurance and pension contributions, lolalling £119,90012022.' £51.1681. on the satlle pay scale as that paid lo other playing members in respect of their perfoThance wlh the orchestra. No extra payments were rnade for their setvices as a Trustee of the charity. No other Gharity Trustees were paid nor received any other b&nefils from employment wilh the charity or for their services as Trustees in the year12022.' £nill, neither were they reimbursed expenses during the year12022.' £nill. The senior tnanagement personnel of the charity comprise the Chief Executive Officer. Head of Flnance, Head of HR, Head of Development, Head of Concerts and Programming and Head of Participation. The total employee benefits ol the key management personnel of the Charity were £394,65412022'. £423,935). 11. Staff numbers The average monthly numberof full-lime equivalent employees in post (including casual and part-lirne staffj during the yearwas 8712022..861 and the average monthly head count during the year was as follows.. 2023 2022 Orchestra Office and management Total 52 40 92 51 38 89 28

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 12. Government grants Income from govemmenl grants comprises performance related grants made by the Arts Council and local authorities to fund the artists'c and Ihealrical programme of the Orchestra as follows.. 2023 2022 Arts Council England- cole funding BCP Council Dorsel Counril Portsmouth City Council Total 2,601,798 273,720 20,000 25,ODO 2 920,518 2,601,798 273.720 20,000 25,000 2,920,518 13.Taxalion 2023 2022 Orchestra Tax Relief Tax credit due Adjustment in respect of prior years 1,348,866 3,494 1,345,372 603,627 6.084 597,543 Corporation Tax Tax on taxable income fc>r the year Adjuslmenl in respect of prior years 122,3191 18,0001 22,319 8,000 Net tax receivable for Ihe year 1,323,053 589,543 1&Tangible fixed assets Long Leasehold Buildings Fixtures, computers & equipment Motor Vehicles Instruments Total Cost blf1 April 2022 Additions in the year Disposals in the year Cost oll 31 March 2023 300.000 535,460 28,593 899 563,154 9,754 325,636 4,600 4,000 326,236 1,170,850 33,193 4,899 1,199,144 300,000 9,754 Dep'n blf1 April 2022 Charge lor the year Eliminated on disposal Dep'n clf 31 March 2023 20.339 5,078 413,948 38,946 624 452,270 8,905 228 236,575 2,323 4.000 234,898 679,767 46,575 4,624 721,719 25,417 9,133 NBV 0110412022 279,661 121,512 849 NBV 3110312023 274,583 110,884 621 91,338 477,426 Included within fixtures, computers & equipment are assets held under finance leases with the cost of £40,343 12022., £40,343) and accumulated depNialon 01 £35,79912022.' £29.4011. 29

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 15. Investments Ruffer Quilter 2023 2022 Carying value {market value) al beginning of year 68,019 1,628,152 1,696,171 1,654,698 Additions lo investrnenls al cost Disinveslrnent proceeds Disposal proceeds Net Ilossllgain on revaluation utilisats'on ol cash account Carrying value (market value} at end of year 71,983 71,983 2,273,438 171,9831 11,618.565} 1563,4231 42,770 92.747 171,9831 3,964 {87,468} 183,5041 1,612,667 1,612,667 1,696,171 Historical cost Cash Managed funds- Coutts Managed funds- Ruffer Managed funds- Quilter Total 58,017 58,017 1,726,021 1,784,038 58,017 1,618,565 1,676,582 1,726,021 1726,021 58,017 Ruffer Quilter 2023 2022 Analysis of Investments Listed investments Cash 1,601,678 10,989 1,612,667 1,601,678 10,989 1,612,667 796,987 899,184 1,696,171 16. Debtors 2023 2022 Trade debtors Orchestra lax relief Prepayments & advances Total 117,120 1,348,866 160,986 1,626,972 51,078 603,627 241,269 895,974 30

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 17. Creditors.. amounts falling due within one year 2023 2022 Trade creditors Taxation & sccial security Accrua15 Grants received in advance Other receipts in advance Pension Contributions Finance lease 197,397 98,253 154,010 68,430 329,282 25,682 4,544 877,598 199,515 78,740 119,153 68,430 279,868 26,601 6,398 778,706 18. Deferred Income Deferred income comprises advance ticket sales related tr) performances that will lake place from April- May 2023 cusloffler credit balan￿s, membership in advance and deferred sponsorship and trusts and foundations income. 2023 2022 B21ance as al1 AptTI Amount relea*d lo income and expenditure account Amounl delerred in year Balance as at 31 March 279,868 1279,8681 329,282 329,282 412,864 1412,8641 279,868 279,868 19. Analysis of assets and liabilities between funds Restricted Funds 2023 Unrestricted Funds 2023 Total 2023 Total 2022 Fixed asse15 Current assets Current liabilities Total 31,796 31,341 2,058,296 3,808,546 877,598 4,989,244 2,090,092 3,839,887 877,598 5,052,381 2,187,254 3,695,524 783,250 5,099,528 63,137 31

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 20, Movement in funds Investment Transfer Gainsl Between ILosses1 Fund5 At31 March 2023 At 1 April 2022 Incomlng Resources Outgoing Resources Restrlcted Funds Constantino Silveslri Will Trust Jeffrey Machin Piano Fund Total re51ricled funds 7,448 44,348 37,372 89,168 211 7,448 24,348 31,341 (20,0001 6,031 211 Unrestricted funds Designated.. Digital Studio solution New Lift New Truck Total 100,000 200,000 250,000 550,000 1100,0001 200,000 250,000 450 000 100,000 Unrestrlcted,. General unreslricled General unrestricted BSOET Total 3,781,550 7,555,476 17,464,269) 1112,3231 180,000 3,940,432 678,810 4 460,360 80.000 598.810 100,000 4,539,242 7,555,476 7 464,269 112,323 Total Unrestricted Funds 5,010,360 7,555,476 7 464,269 112,323 4,989,242 Total Funds 5,099,528 7,555,687 7,490.511 112,323 5,052,379 32

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 20. Movement in funds Iconlinuedl Transfer Al1 April Incoming Outgoing Investment Between 2021 ResoLsr¢es Resources (Losses) Funds At31 March 2022 Restricted Funds Constsnt'no Silveslri Will Trust Jeffrey Machin Piano Fund Total restricted funds 7.448 64.348 43,464 115,260 107 11071 120,0001 7,448 44,348 37,372 89,168 Unrestricted funds Designated.. Digital Infrastructure Lift Truck Total 100,000 200,000 250,000 550,000 100,000 200,000 250,000 550,000 Unrestricted.. General unrestricted General unrestricted BSOET Total 3,315,960 6,260,110 5,857,290 698,810 4,014,770 6,260,110 42,770 20,000 3,781,550 20,000 678,810 4,460,360 5,857,290 42,770 5,851,290 Total Unrestricted Funds 4,564 770 6,260,110 .L_ 42,770 5,010,360 Total Funds 4,680 030 6 260,217 5,883,489 42,770 5,099,528 Restricted funds A11 reslricled funds are used in line with the original reslriGlions imposed by the donors. Constantin Silveslri Will Trust represents monies received from the estate lo be invested and the income from this used lo fund the work ol the Orchestra. Jeffrey Machin fund is to 5UPPOrt a memorial COn￿rt each year and reduces each year as the funds are usc to support events in aCco￿anCe with the terms of the will. Piano fund is lo suppOrton￿oIng maintenance costs reSaled to our pianos. Designated funds These are funds towards the inveslmenl of the new.. Acces5 Lift - this would be a contribution lo the capital investment for a lrft lo provide access lo the BSO premises. Truck- investment in a new vehicle that complies with all environmental requirements and is ff( for purpose for the orchestra 33

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 Unrestrtcted funds The BSOET general unrestricted reserves will be ulilised in line ￿th the original object of BSOET as sel out in the trust deed which is. lo advance the charitable purpose ol the Bournemouth Symphony Orchestra by providing or assisting in the provision of the resources by which the Company may undertake 3clivTbes of rnusical educalK)n not financed by national or local authorthes and lo further other charitable purposes directed al itnproving the public taste and appreciation ol the art of tllusic.. In 2022123 a transfer lo BSO of £80,000 was made lo support the continued development of our BSO on your doorstep concerts and to underpin the investment in SSO Resound rehearsals and perfomiances. 21. Operatlng lease commitmonts The minimum operating lease payments aTe as follows.. 2023 2022 Within one year Between one and five years 14,425 686 15,111 14,425 3,430 17,855 22, Transactions with related parties There were no related party tranS￿tIonS during the year. In 2020 the Company 8nd Nicholas Ashley-CoL)per, one of the Tfustees, contributed costs lo 5 events held al the Trustee's residence, free of hire charges which resulted in a deficit of 22,674. This has been agreed lo k carried fotward lo 23-24. 23. Pension scheme Since July 2001 the Company has operated a Group Personal Pension Scheme currently with Scottish Widows. The cost to tho Company of Gonlribulions to the scheme amounted to £265,904 {2022.' £285,953). There were £25,682 of contributions outstanding al the year-end12022'. £26,601). 24, Legal status The Charity is a company limited by guarantee and has na share capital. In the event ofthe company being wound UP, the liability in respect of the guarantse is limited lo £1 per member. 25. Post balance sheet events There are no post balance shtsel events. 26. Analysis of changes in net fvnds l April 2022 Cash Flows 31 Mar¢h 2023 Cash & Cash Equivalents 2,798,716 1586,6351 2,212,081 Borrowings Finance leases 133,4451 14,049 119,3961 Net funds 2,765,271 572 586 2,192,685 34

Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2023 Statement of Financlal Activities as at 31 March 2022 Totsl Funds 2022 Unrestricted Funds Restricted Funds Note Income & endowments from: tk)nations and legacie5 Grants Income from charitable activities- Orchestral Goncert5 and ielaled work Participate Income from other trading activities Investment income Total income 933,126 3,423,710 933,126 3,423,710 1,061,374 110,219 122,386 19,752 5,670,567 107 1,061,481 110,219 122.386 19,752 5,670,674 107 Expenditure on.. Costs of ralsing funds.. Commercial Iradiw operations Expenditure on charitable activities., Orchestral concerts and related work EducabotTr Other expenditure: Total expenditure 338,942 338,942 5,207,446 310,902 26,199 5,233,645 310.902 5,857,290 26,199 5,883,489 Net lexpenditurelincome before tax Tax receivable 1186,7231 589,543 126,0921 1212,8151 589,543 Net income after tax before investment gainslllossesl Net Ilossesllgains on inveglmenls Net income for the year Transfers between funds Net movem8nt in funds Reconciliation of funds: Totsl funds brought forward Totsl funds carried forwaTd 402,820 42,770 445,590 26,092 376 728 42,770 419,498 126,092 20 26,092 419,498 4,564,770 5,010,360 115,260 89,168 4,680,030 5,099,528 35