Bournemouth Symphony Orchestra (A company limited by guarantee) Report and Financial Statements Year ending 31 March 2024 Company Registration No: 00538351 Charity No: 208520
Boumemouth Symphony Orchestra Annual report and financial statements for the year ended 31 March 2024 Contents Page No Trustees. report Independent auditorfs report 17 Statement of financial activities lineluding income & expenditure accounti 20 Balante sheet 21 Cash flow ststement & notes 22 Notes to the financial ststements 23
Bournemouth Symphony Orchestra Annual report and financial statements for the year ended 31 March 2024 Reference and admlnlstrallve details Charity nUrnLr Comp8ny number 208520 00538351 Trustees Mr A Flockhart Miss A Z D'Abreo Mr N Ashley-cooper Ms M M O'sullivan Mi A Dunford Ms D E Leask Mr J D Clark MsJSwft Mi M King Ms C Paige (Chairl (Deputy Ch3irl (Resigned 14th November 20231 Charity Name Bournernouth Symphony Orchestra Chief Executive MrD Wscarfe OBE DL Asse$50r5 Ms Ceri Johnson (Assessor for Arts Council England, Soulhwesll Company Secretsry Mrs Ek2leiina Pelrova Roberts FCCA lappoinled 2M January 20241 Mrs T Woolley AGMA (resigned 2nd January 20241 Registered Office 2 Seldown Lane Poole Dowel BH15 1UF Banker Nation21 Weslminsler Bank PLC Ground Floor Link House 25 We51 Sl Poole BH15 1LD
Bournemouth Symphony Orchestra Annual report and financial statements for the year ended 31 March 2024 Reference and administrative detsils Icontinuedl Solicitor ES1is Jones LLP 302 CharTninsler Rd Boumemoulh Dorsel BH8 9RU Audltor Saffery LLP Midland House 2 Poole Road Bournernouth BH2 5QY Investment Manager Quilter Cheviol London Road Office P8rk London Road Salisbury SP13HP
Bournemouth Symphony Orchestra Trustee's report The Trustees present their annual report and the audited financial slalemenls lor the year ended 31 March 2024. Structure, governance and management structure The organisalion is a ch3rilable Company limited by guarantee, incorporated on 22nd September 1954 and registered as a Charity on 24 July 1962. The Company was established under a Memorandum ol AsSOC53110n, which established the objects and powers ol the charitable Company and is govemed under ils Articles ol Association. In the event of the Company being wound up the members are required ID contribute an amount not exceeding £1, Al our AGM in November 2021 an amended version of Qui Articles ol Association was proposed and agreed under a special resolution. The most important amendmènt conc&m&d article 10.7 which was amended such that up lo two directors shall be musicians from thè orchestra appointed by the Board. The previous Articles only allowed for one tnusician lo be a diredor. Th? Board will continue lo consist of up lo twelve directors. Governance The oveiall govemance ol the Company is by the Board of Tnjstees, which consists of no tnore than twelve members. No employee can be a member of the Board except the musician Trustees. Trustees may, under normal circumstances, serve up lo two Ihree-year terms, which can be exlended ty one term in rtain instances. Trustees in office al the dale of signing these fin8nci815t8lements a disclosed on page 2. The Boaid is committed lo following best practice in all aspects of corporate governance and a manual was produced in July 2014. In June 2022 the Board accepted an upd81e ol the Govemancè m8nual as a reference document lor the roles ol BSO Board members. There are three Board Commrttees.. Finance and Resources The purpose ol the Finance 2nd Resources Committee is lo assist the Board in discharging ils responsibilities by providing a forum with the Senior Management Team that considers the overall slfftlegic planning process and makes recommendations on areas of financial planning, including the annu81 budget, audit, fundraising strategy and delivery, risk register plus any proposal of the Senior Management Team that has significant financial implications. HeaKh and Safety The Health and Safety Committee Dversees Boumemoulh Symphony Orchestra's IBSOI Health and Safety Policy and Strategy and ff ports Ihereon lo the Board.11 ensures that all systems of work and procedures IN use by the Company are monitored regulady for effeclivènoss. The Committee considers all reported injuries and accidents and, il considered necessary, makes reeommendalions relating Iherelo. 11 aims lo ensu that all persons working for, or on lhall ol the Company ale made aware of safety guidance, whether such guidance is generated wlhin the Compally 01 Imm external 80urees. Norninations and Governance The Norninations and Govemance Committee advises the Board on the op&ralK)n and effeclive discharge of the Company's resFK)nsibililies lorcorporale govemance and the appropriate delegation olihe Board's authority. Areas lor review and scrutiny include Ihe composition and membership ol the Board and its Committees, open and appropriate predureS for B03rd recruilmenl, lo determine and maintain a SUC$S1on plan lor Board member5, Offi15 of the Board and Committee Chair and lo seek and recommend candidates for election lo Ihe Board. Trustee recruitment and induction New Trustees undergo 8n induction process wlh the Chaiman and Chief ExeculDie. They are briefed on their legal obligations under Charity and Company law, the conlenl of the Metnor2ndum and Articles ol Association, the Board and decision-rnaking processes, End the budget and financial [erf0man of the Charty. New Trustees
Bournemouth Symphony Orchestra Trustee's report (continued) are introduced lo key members of the Companls management team and staff. The Board aims lo recruit new Trustees such th81 the Board llects the diversity of 3udien(E, geographically and in other respects, and has the depth and spread ol expertise lo meet ils s)nSibIlities. Organisational structure The Board ol Trustees is reswn8ible for goveming the Chaiity and directing how il is managed and run, The Board meets five limes a year.11 has delegated the day lo day running of the Charity lo the Chief Executive, vth whom il agrees the ove[311 direction and strategy, The Chief Executive leads a senior management team Covering the areas ol., concert programming 8nd planning,. education,. finance, operalions and IT,. fundraising,. HR,. and marketing. Pay policy for senior stsff The Trustees and the senior management team comprise the key managernenl personnel of the charity in ¢harye of directing and controlling, running and operating the Trust on a day-lfrday basis. All Trustees give ol their limè freely and no Twslee received remuner3lion in the year except lor the musician Iruslees who reiVed remuneration for their role as musicians lo the orchestra. The Board is responsible for setting Ihe salary of the Chief Executive. The Chief Executive is responsible lor settino the salaries of the senior rnanagemenl team. The pay of the senior staff is reviewed annualty and normally increased in line with other members of the comp8ny. Fundraising Practices Fundraising Imm private sources is an increasingty import8nl element of BSO'S funding mix, The Orchestra's fundraising strategy is overseen by its Board of Trusleès,. ils impletnenlalion is delpiered by an in-house fundraising team which seeks support from individuals, companies and charitable Irusls. BSO conducts 81101 ils fundraising activity in line with the Fundraising Regulator Code of Fundraising Practi and is pleased to Confirm that il has received no complaints in relation lo ils fundraising activity over the coutse of the 2023-24 year. Risk Management The Trustees are responsible lor ensuring that an effecb've system of inlemal financial control is maintained 8nd op8raled by the Company. The system can provide only ieasonable 2nd not absolute assuran that assets are safeguarded, transactions aulhorised and properfy recorded, and th31 material ertois or irregularities are either prevented or detected within a timely period, The system lor internal control is based on a framework of regu121 financial information, aolrninislralive procedures including th8 segregalion of duties, and a system ol delegation and 2ccount2bility. This includes a comprehensive budgeting system both long and short term. Managernenl accounts are reviewed al regular Bo8rd and Finance and ReSourS Committee meetings. As part ol the monitoring process the Trustees have implemented a risk management strategy. The Tlustees consider that the majoi risks lo the Company are.. The ongoing Imp15 of inflation from 2022-24 and subsequently the cosl-ol-living crisis that is impacting on every part ol our business, 8ffecling customers purchasing eoncert tickets anos incre85ing many costs across the company. A decline in levels of n21ional and local government Investment exarbaled by high inflation on slandslill grants., and Increased competition for voluntary incorne The risks slated above have been reviewed and the systems and prOdureS have been established lo manage these risks. In November 2022 ACE confirmed 8SO's funding for the teriod April 2023- March 2026. The funding ligu iem8ins unchanged. In May 2024 ACE inforrned all National Portfolio Organisalions INPOSI that they will L extending the current NPO Programme for a further year, from 1 April 202610 31 March 2027, providing onfirrned funding for an additional year,
Bournemouth Symphony Orchestra Trustee's report (continued) Under the aulhorilies, BCP Council, Dorsel Council and PortSmOUth City Council, local authority funding continues lo iemain under pressure. BSO have conts'nued lo work hard over the last12 months lo build on the relationships we have made Mrylh council represenlalives and lo ensure a close dialogue al the highest level wlh our principal Local Authority offi[S, Chief Executives and Leaders. A Significant fvnding s1fft8m lor BSO continues lo be Orchestra Tax Relief IOTRI which is now in ils 8th year. This scheme plays a key role in our ongoing ability lo invest in a range of work. In 2023-24 we can clairn OTR for the whole rIOd and al a temporary enhanced rale o150'h. In March 2024 HM Govemmenl confirtned that frorn 1 April 2025 OTR vllll be permanently sel a145Dk. The Board a very conscious of this in agreeing future financial plans. Objectives and activities The objec15 for which the Company is established are lo promote, maintain, improve and advance education. particularfy musical education, and lo encourage the arts, especially music. The rnission of BSO is.. To be a Cuttural Beacon al the heart of our communities, in and beyond the concerthall. 11 aims lo do this by,. Delivering a year-round, high quality, dpierse anos dislinclive progratnrne ol work in and beyond the coneert hall locally, regionally, nalion8lly, inlem21ion211y. Celebrating a full-lime contract symphony Drcheslra al the core of the Company. Maximisin9 the artistic achievements and impact of Chief Conductor Kirill Karabits. Providing the highest possible quality artistic roster on the COnrt platforrn and in the comfflunity. Preservi artistic reach - providing cuhural opwrtunity not only in regional Cent$, where investment in artistic practice matches the n81ion818verage, bul also the many sub-regional and rural 'cold-spots', where the inveslm&nl per head is much less. Developing a lrfe-long relationship wlh audien5, SUPPOrters and partners, Challenging barriers to access lo high quality music. Embedding our impacts through strong, resilient partnerships., and Using digital technology in a way which enhan$ the unique remit of the BSO. The vision of BSO is.. To be the model ola 21sl century orchestra, enhgnclng Ilves Ihrough the power of music. 11 aims lo do this by.. 8eing oulslanding advocates for the role music and cultur21 engagement has on lives of individuals and the comrnunilies we serve. Becoming recognised as a'cenlre lor excellence, in the quality ol work and in the development Of distinctive me1$ of performance, engagement and training. Exemplifying strong govemance and good busines5 prEctice. Developing thè skills and opportunities ol our staff. Being collaborative and partnership focused, Exploring new business development as a strategy lo add resilience to the tradilK)nal funding rnodel. Striving lo be diverse in everything we do,, and Celebr81ing and evalu81ing our societal and economic impacts.
Bournemouth Symphony Orchestra Trustee's report Icontinuedl The BSO seeks lo deline 3n orchestra of inlemalional standing, delivering artistic excellence across a geographically End socially varied region. The BSO aims lo be a cultural leader, and, ernbracing ils role as the largest perfoming arts organisalion lo the south and wesl of London, lo help shape local, regional, national and international agendas. The BSO'S (x)re funding remit embra8 not only regional cenlres, where investment in artistic pradice matches the national average, bul also the many sub-regional and rural 'cold spots, across the South Wesl region, where Ihe investrnenl per head is much less. Delivering great music and cultural engagement lo such a variety ol communities, across a 10,000 square mile area, makes the BSO unique amongst symphony orcheslrds in the UK. The Company looks lo achieve its mission by.. Sustaining the progress made in recent years to develop the business and improve its resilien, vthilsl increasing aCh, and irnpacl ol our work. Developing the BSO, maximising existing and new partnerships lo give increased focus, impact, efficiency and resilience lo ourwork., and Leading- embracing the responsibility ol a majDr cultural organisalion lo lead on key agendas, working vlllh the sector 2nd $18k&holders lo build a more robust, diverse and sustainable arts landscape. Public 8enefit In considering the strategS and PDlicies of the Charity, the Iruslees have had due regard lo the public benefit guidance published by the Charities Commission. In reviewing and developing the BSO'S activities and lulure plans, reful consideration is given lo the public benefit arising from the Companls work. The BSO'S core activities encourage the enjoyment of, and participation in music by the public al large. During the pandemic, where attendanee al concerts was restricted or prevented by govemmenl lockdown regulalions, BSO made 118 perfomances available online with the lowest price of a digital lickel of £5. Accessibility lo BSO'S work through digital channels is now embedded as a core part of the business, posl-pandemic. Those unable lo experience the Orchestra's performances live can also hear selected concerts, which are broadcast on BBC Radio 3 or allernalively purchase inexpensive recordings on CD or digital downloads. Through relationship vth Classic FM, wherebylhe BSO is Classic FM'S Orcheslr8in the S(Hrth ofEngl8nd, the Orcheslr2'8 concerts and recordings are promoted lo an audien in excess 015 millK)n people per week. Achievements and performance during the year In recent years, Bournemouth Symphony Orchestra has built a glittenng reputation as a resounding 'good news story,: the only employed orchestral force ol professional musicians lo the south and wesl ol London, renowned lor adventurous programming, huge geographic reach and pioneering work in the fields of inclusion, learning and creative health. In 2023-24 Bournemouth Symphony Orche51ra IBSOI continued lo bring incredible musical experiences into people's lives. Whether in wncert halls, community, school, health or care 8ettings, or online, BSO championed usic, culluie and cre81ivity in the posl-pandemic landscape. During a lime when cost ol living challenges remained a significant challenge lor so many, BSO continued lo reach people locally, nationally and inlemalionalty through ils unique perforrning pattern and sector leadi digital offer. The ongoing investment and Strategic focus in digital capacity has ensured that BSO is al the lorelronl ol exploring how live classical music and liveslreatning will co-exist in a posl-pandemic world. BSO Digital Concerts have been viewed in all parts of the UK and in 82 countries across the world. With Dver 75 lo of BSO'S main season concerts from ils home base al Lighthouse, Poole being available live digitally, BSO'S digital offer is unmatched by comparable orchestras in the UK. Alongside BSO'8 main symphonic programme ol concerts, the Company's growing series of smaller and mid- scale work- BSO on your Doorstep- reached more people in their own community venues.
Bournemouth Symphony Orchestra Trustee's report (continued) Partnership worf(ing is al the heart ol BSO'S Epproach lo engaging wlh communities and aUdIenS across 10,OOOsq miles ol the South and South Wesl ol England. In 2023-24 BSO was delighted lo celebr3le its strategic partnership vlllh Bristol Beacon al the venue's opening symphonic concert performance in December 2023 as its Orcheslm in Residence. °Boumemouth Syn7phony Orchestras concert 81 Ihe r8fvrbish8d vsnue felt like a heartening start lo a new era for Bristols cuttur81 scene." The Daily Telegraph, December 2023 Delivering on 8SO's belief that music should te accessible lo all, the Company's award winning Participate programme continued lo woik with people young and old, bringing world class music tailored lo the needs of local groups and cotnmunthes, celebrating diversity and individuality through cOnrts, workshops and other events across the region. BSO conlinuth lo be a sector leader in building a more inclusive rnusical wodd. From celebrating the inspirational &hievefflenls of Artist in Residence, the virtuosic horn player Felix Klieser 21 the BBC Proms lo working wlh National Open Youth Orchestra, or from staging Seela Palel's 8haralanatyaffl choreographed Rrfe of Spring lo developing new Wellbeing Oreheslras to inspire crealivily in those with mental health challenges. BSO continued to ensure music feels relevant and imwrtanl in more people's lives. Throughoullhe last12 months BSO has been recognised as 8 positive and conslruclive voice in the cultural sector, championing a flexibilty ol approach. The conslrudive apprOh has helped create a strong n8ttative with supporters, and key stakeholders helping achieve continued business success. Celebratlng the artistic achievements of Kirill Karabits As announced in January 2023, following a sensational 15-year partnership, Kirill Karabils, tenure as Chief Conductor of the BSO VAII conclude in August 2024. In a slalemenl of the Company's ongoing commitment lo championing the culture ol Kirill's homeland ol Ukraine and the suirounding region, he will become ConduGtor Laureale and Artsstic Director, VolS from the E8sI. 2023-24 has seen programming celebrating Kirill's many artistic achievements wth the BSO leading lo a final Ihree-week c&lebralion in Poole and London in May 2024. The BSO is pioud that il has been able lo support Kirill throughout his lime as Chief Conductor lo champion the culture ol Ukraine and the other former Soviet Slates. The championing of extr30idinary cultures Yill continue when Kirill returns lo conduct in future years in his new role. A smooth transition to a new Artistlc Team In March 2024, BSO was thrild lo announce a new Artistic Team of Mark Wigglesworth as Chief Conductor and Chloé van Soelerslède as Principal Guest Conductor frotn the start of the Qreheslra's 202425 season, each lor a lour-year term. One of the world's leading conduclors, Mark Wigglesworth is recognised for his outstanding musicianship, extraordinary inlerprelalions, and breadth of repertoiie. Having held a tilled role al BSO since 2021, Mark's appointment heralds a period of the highest quality rnusic-making as he deepens his connection wrylh the BSO'S musicians, audiences, 8nd communities. ChlDé van Soelersléde has built global recognition for her commanding and inluilive approach. A former Fellow of the Taki Alsop prograrnme, the appointment builds on her recent guest appearances, having praise from the BSO'S musicians and audiences alike. °Two exceptiona and exciting appoinfrnenls fhalbuild on the wort you have been doing with such success in recenlyears. Many Gongralulaions." Sir Nicholas Serota, Chair, Arts Council England 'Greaf work- Mart('s a serious 8ppoinlmenl and I'm verypl6as8d lo see il..,and Chloes been ra(S(ing up the posttive ieviews100- 8nolherreal 8ss81 forlhe team. Phil Gibby, Director ACE South Wesl
Bournemouth Symphony Orchestra Trustee's report (continued) Performance programme 2023.24 BSQ continued lo rebuild audEnS with a diverse and broad range of symphonic programming in the Company's re regional hubs of Barnslaple, Basingsloke, Bristol, Exeler, Poole, Portsmouth and Yeovil. Key artistic highlights included.. ExpIlOn81IY strong programming including iconic large symphonic repertoiie. This repertoire is much loved by audiences and also enabled increased work opwrtunilies lor freelan orchestral musicians and guest artists. The ongoing artistic ]egY of Kirill KaTrbits including the Company's wholehearted commitment lo his Voices from the East programming strand. Notable perforManS included,. UK pretnieres ol Glière's Violin and Harp Concertos UK premiere ol Ukrainian composei Thomas de Hartmann's ballet score The Scartel Flower Surfe UK premiere Of Turkrnenislan's most importanl symphonic composer Chary Nurymov's The Fate of Sukhovey ballet suite. An outstanding perfofmance of Shostakovich Symphony No.15 conducted by Kirill in Poole and Basingsloke. Yhis tsymphony No.751 is Shostakovich 81 his mogt enigm81ic.' mechanal and comiG, desperate and larnenling, il is all these, as Ihis Supe perfomyance revealed. Whoeverreplaces Karabils l...] will inherit an orchestra brimrning wrth style and guts,. The ObseNer, 31 January 2024 Sell-out performances ol Seela Palel's Bharalanatyam choreogr8ph&d produdion ol Siravinsky's The Rtte of Spring wlh Kirill Karabits and the BSO in a new cOnrt hall staging in Poole and Basingsloke. Over the ye8rs we've been lo hundreds of excellent shows at The Anvil. Thursd8y's Rrte of Spring, though, was I reckon the besf perfomiance of the lol.. a lif&changing revel8li0n. Audien feedback, 28 Novernber 2023 Principal Guest Conductor Mark Wigglesworth's ouls13nding condwling ol the music ol Wagner ShOaSed in performan8 ol Tris18n and Isolde.. An Orchestr81 Passion in Poole and Exeler. 'The Bournemouth Symphony Orchestra, superbly conducted by that neai FErfect Wagnerian Mark Wigglesworth.. they only added to 3 visceial excitement Ihal even I could feel, watching this 100 miles away on the BSO'S excellent live stream.. The Times, 26 October 2023 In a clear slalemenl ol BSO'S ongoing commitment lo bring mre diverse artists lo the m8in stage of a symphony orchestra, Hom player Felix Kliese¢s two years as BSO'S Artist in Residence culminated with F&lix headlining al BSO'S televised, sold-oul performance at the BBC Pioms in August 2023, 'This was Kliesels Proms debut, but ti follows Iwo years as an artisf in residence wrth fhe BSO [...] That level of engagement between soloist and orchestra is rare. The benefits showed h8re in the comfort8ble inletloGking of chamber-sized orchesfra, conductor (Kirill Karabils, the (Jkrainian chief conductor of the BSO since 2009), and horn player. They breathe logelher.. Klieseris an inspiring musician 8nd the makhing of man wrth this hairy inslmmenl 8dds an exlr8 level of adventure.. The Times, 2 August 2023 New Artist in Residence, the prodigiously talent Russian pianist Alexander Malofeev in concerto performance and recital. Sheiku Kanneh-mason's debut with the BSO in Barns12ple resulted in a sell-out COnrt0 performance and inspiralKinal recital al a local school. Another example of BSO taking the vety finest musical tslenl lo ACE Priority Places. Opening Symphonic Concert as Orchestra in ReSideTr al Bristol Beacon, December 2023. World Premiere ol Jonathan Dove's Odyssey al Bristol Beacon, using the power ol fflusic lo bring humanity into one ol the gteal challenges of our lime- war, pvjverty and migration.
Bournemouth Symphony Orchestra Trustee's report (continued) .ifkindness begins with empathy, Odyssey succeeds, as a celebration of coiJr8ge and resilienTr. The Cty of Bristol Choir, 8ristol Youth Choir, Bristol Windmsh Reggae Chr and Boumemoulh Symphony Orchestra, conducted by D8vid Ogden, gave their all.. The Times, 28 January 2024. Strength ol BSO'S partnehip vlllh Grange Festival, wlh perforrnances of two operas and two nights of jazz celebrating the legendary Duke Ellington. 103 ensefflble perfoimances ranging from care homes and schools lo outdoor perforrnances'around town. 10 BSO on your Doorstep perforManS in mmmunily venu& aCrIS the region from Sl Just in Roseland lo Freshwalei IOW, Ottery Sl Mary lo Langport, N&w Milton lo Sydling Sl Nicholas, Redrulh lo Slurminsler Newton. BSO'S popular Christmas programming including Last Night ol the Christmas Proms, Chrislm2s Carols Celebration and New Yea¢s Day Johann Strauss Ga13- ¢oncerts which attract a truly diverse audien. The success of BSO Pops including Film Nights including Symphonic spa and sell out performan5 01 the tnusic of The Best ol John Williams and Hans Zirnmer. Another successful Prorns in the Park al Meyrick Park, Boumemoulh reaching over 7,300 teople over 2 nights. BSO Participate- In and beyond the Concert Hall BSO Participate posilNely impacts the lives ol people in the South We81 and beyond through the extraordinary power of music, Every yeai the BSO'S award-winning education, community and heatth & wellbeing pmgramme creates opportunities lor over 50,000 adults, children and young people lo leam, experience and create music- building connections, improving wellbeing, enhancing aspiration5 and enriching the cultural lives of people across the region. Challenging barriers lo music, il works with a weatth of specialist partners and a network of BSO Associate music leaders embedded in comTnunilie8 across the South and South Wesl of England. Highlights 012023-24 included.. The relum lor the firsl-lime wsl-pandemic of BSO'S Comwall Residency. Building on The Companls ongoing work in the county, the whole<ompany residency enabled deepèr, richer engagement wlh TrK)re people, responding lo needs and partners, priorities. The residency was a brilliant snapshot ol the appioach BSO lakes across the region, and showth the tK)silive impacts the Company brings loi so many comrnunilies and aUdIenS who have little access to VK)Hd class culture, Highlights ol the Comwall Residency included.. Key Stage 1 children singing a song they leamed about the naluml worfd with a14-piece BSO ensemble in Rednjlh People living with defflenlia dancing with their Care al 8 Cake Concert in Hall lor Cornwall Secondary School students playing alongside BSO musicians in film and show music The audien jarnffling on Comish folk songs wlh Ihe'band, al a world premiere of BSO'S commissioned opera F8ull Lines in a Clay Mine rnuseurn An audience aged 3-80+ singing EdeAveiss and SupercalifragiltlGexalldoc1ous al a BSO on your Doorstep COnrt in Sa1185h A sell-out symphonic concert al H311 for Comwall conducted by Mark Wigglesworth featuring the remarkable pianist, Ethan Loch. Medic31 sludènls 81 Cornwall Hospital being inspired by the story ol BSO using thè power of music in acute care sellings, and so much more. BSO Voices Community Choir in Soulhamplon. 10
Bournemouth Symphony Orchestra Trustee's report (continued) Bso's full Sca Explore Ihe Orchestra schools, concerts Dance, D8ncè, D8nce giving 31mosl10,000 Key stage 2 children their first exwr1ell of a live symphonic concert in Poole, Exeler, Portsmulh and Bristol. The Poole performan was also watched online by over15,000 children from schools across the UK. National Open Youth Orchestra- leaching and mentoring young disabled musicians culminating in a ShoWse concèrt. From Ihe Hebrides lo Padstow Isle ol Wight Mini schools & families residency, May 2023, pilot a new regional model ol combining schools engagement with a BSO on your Doorstep family (y)ncert. SEND cOnrtS-14-ple ensemble irlUding BSO Resound performed lo 607 children and yourg Feople in Bristol, Comwall, Pook and Willshire. GCSE Concerts enabling an unparalleled depth of engagement with these stents 218 key tK)inl in their educational development. Symphony from Scratch. Working closely National Open Youth Qrcheslra alld BSO Resound members, BSO piloted a new approach lo side-by-side playing opportunities lo make them fully inclusDie. With brai1 parts created for visually impaid musicians, new parts for adapted instruments (Clarion and Linnslrumenll an inclusive approach co-designed with participants for this estsblished m{e1. The culmination was a performance ol Borodin's Symphony No.2 with BSO musicians perfom)ing alongside local amateur musicians IBSO'Ruslies'l, meTnbers of NOYO and BSO Resound. Ongoing SucsS of Bristol ReVery Orchestra, Exeter Fatnily Orchestra (The Auberginesl, supporting the mental health and community cohesion of participants through ciealive tnusic making plus the piloting of a new Somersel Wellbeing Orchestra & development of partners towards a Wellbeing Orchestra in Bodmin. BSO Care Home concerts and Cake COnrtS for people living with dementia and their carers. Renewal of partnership with Trinity Laban Consetvaloire with 39 students Iravelling lo Poole for 8ide-by-5ide experien with BSO. Developing the next gener3lion of diverse community music leaders through an expanded second year of BSO, Young Associates piogramme. Inclusive Orchestral weekend 'Ellie had SUGh 8 fantastic weekend ofexperiences. Being herffrsl orcheslr8lperforrnance she was full[of] anxiety going into the weekend, p8rticu181fy with the pr8gsure of having to remember the music previously learnt and coping wrfh herdisabililies. Bng amundsuch wonderfulpeople Ifive Oboislsll), all so lovelyand h8ppy lo share Iheirpassion for Oboe/music with Ellie. An in¢1ble weekend of lirsts and wonderful memories forus both. We cant Ih8nkyou enough forlhe opportunity.. Parent ofparticipanl 'As an 8dulf social workerit was refreshing lo see how seamless inclusion c8n be, Support worker Young Associates 23.24 .1 have gained so much frorn being on the Young Associates programme. Nol only have I been able lo develop lots olskills associated with music le8ding birt I have also had the opportunrty lo use these skills in re31 life settings 8nd experience many different community settings. In addifion lo this. we've rnade lols of industry conlads and have created our very own comfflunitybelween the thr68 of us young 8SSOCi81es whiGh we can continue lo grow beyond lh8 programme." Young Assoc181e SEND concert tour 'The BSO have yel again provided and oulstancling educalional andmusic81 expeiienGe for our students, Trey caplivalecl Ihe imagination of ourstudenls and brought Ihern a great d8al of happiness. The staff loved the event loo and il was theperfeGt way lo 8nd our8rts week and bring the summer term lo a clos&., Teacher
Bournemouth Symphony Orchestra Trustee's report (continued) Explore the Orchestra .1 will nev&rforgel the best lime I had there. 11 was 8n 8m8zing experience and I will always rememberit., Pupil from Pokesdown community Prim8ry School, Pokesdown, Boumemoulh Somerset Wellbeing Orchestra 'The BSO musicians are amazingly lalenled, go inspir8tion81, they've helped build my confidence. l just remernberlislening lo Alison, the cello player, even though the ffiftEI few weeks were a reel struggle forme with anxiety and stuff, jusllislening lo the celloplaying was so magical, and rt just sel such a nice lone lo the project., Participant Hall lor Cornwall Cake Concert 'Whal a wonderful concert- such 8 lovely lime with members of our communrty coming together lo enjoy the amazing music. 11 made me feel 30ye8rs young. Audience member Volunteers BSO is grateful for the unslinling efforts of ils volunteers who are involved in the running of the box office, membetship scheme adminislralion, mailing activities and helping serve refreshments lo the orchestra. 11 is eslimaled that this year we have used approximately 600 volunteer hours, If this is conseNatively valued al £12.73 an hour the volunteer effort amounts 10 £7,638. Volunteer co-ordination is carried out by a designated fflember of staff. Digital The Speklrix CRM system remains al the heart ol our proaclpie marketing strategies lo engaged customers. There has b8&n an increasing use ol bespoke, largeled emails, wlh and wlhoul offers, lo encourage purchases lo Concerts Ihal customers might not think about attending. We have had 6,656 brand new customers ded lo the database and these have been eNcour8ged lo reFeal book with special inlroduclory offers. Our email open rates remain very high amongst industry comparisons Worldwide, indicating the continued trust from our customers that emails are appropriate and revant lo Ihetn, Sales of digital lickels remain stable Yth 8 lolal of10,642 lickels being issued, plus a further viewership of over 10,000 for additional digitsl conlenl including short videos highlighting special projects in the communty, pre- concert talks and player inlervievts. Over14,000 children watched the free, annual BSO key stage 2 schoDIs' concert. The BSO website continues lo be the main portal lor lickel bookings, livestream access and other online resour8. The number of individual sessions itTrcreased lo 430,971, a further 18.5'k from the previous year and the number ol users also saw an increase lo 245,7911+1901,1. Social media engagement continues lo maintain followerlsubscriber numters with a small growth in 2023-24 figuies.. Spotify Inslagram 416,873 monthly listeners 5,326 followers 11,400 followers 16,157 followers 2,010 subscribers 1,356 followers Facebook YouTube Linkedln 12
Bournemouth Symphony Orchestra Trustee's report (continued} Fundralsing During the 2023-24 financial year we raised £1,678.792 from private Sour$, ff presenting a 2610 increase on last year. This yearfs fundraising perfomance included an exlr2ordin8ry £679,706 received from those who generously chose lo remember the BSO with a grft in their Will. We have been deeply moved by this profound expression ol SUPFK)rt and dedication, Thanks go lo The C211eva Foundation which commilled lo six yeaT5 01 funding lor our Assistant Conductor progtarllme and The Michael and Ilse Katz Foundation which has pledged a five-year grant towards a range of initiatives in and beyond the concert hall. This long-lerm support enables us lo plan ahead with confidence. The Board of Trustees would like lo take this opportunity lo thank and acknowledge the generosity of every Patron, Performance Champion, member, Irusl, foundation, Company, or individual who contributed lo the Orchestra's achievements this year. This enduring commitment to, and shared belief in our mission lo bring music into people's lives, makes everything we do wssible. Partnership5 The continued succes5 of the BSO is reliant on the partnership with Arts Council Eng12nd IACEI and a numLEr of significant Local Authority partnerships-, their investment combined with that ol the private sector provides the basis upon which the Orchestra can achieve ils mission. As an Orchestra, giving MO performances away from ils home venue than any comparable ensemble, positive, collaborative partnerships vrilh key venues and in8lilulions are key including our main strategic venues in Basingsloke, Bristol, Exeler, Portsmouth, Truro, and Yeovil. We have conl'nued lo build on and strengthen our relationship wlh our home venue Lighthouse in Poole, a relationship which is vital for both organisalions. Financial review We have had a very busy and productive year, improving both our trading position and overall outco, mainly due lo increased income due lo higher than budgeted legacy income reiVed and our investments perforrning very well. The overdll financial p8rformance shows a nel surplus for the year of £707,78612023'. deficit £47,149). If the main exceptional items ol Orchestra Tax Relief IOTRI and unre81ised gain on investments are removed, this refleds a tru& trading position deficit of £857,71612023'. delicil £1,257,878). The lolal income lor the year increased by 13Yo lo £7,054,49812022.. £6,232,633). We have continued lo build back our in-ha51 audien income achieving an 110h increase on prior year, This earned lick&l and engagement incotne was £1,902,19012023', £1,715,356) vthich included £69,97212023'. £73,871) of digital lickel sales. We performed 91 symphonic conrtS and livestreamed 18 of our weekly concerts froffl Poole, Fundraising incorne has increased by 26Yo1£341,7101 in the year 10 £1,678,792 The significant changes are an increase in legacies of £267,122. Participate income has more than doubled lo £393,309 as we continued building on all our work and more during 2023-24. Our grant income has remained slalic thi8 year lor EK)Ih Arts Council England IACEI and Local Authority funding. Local authority funding is due lo decrease in 2024-25 due lo BCP funding being cul by 10% and Dorsel Council funding b&ing cul completely. Our lolal expenditure increased by 5,610 thi5 year lo £7,912,21412023'. £7,490,5111. Cost ol raising funds has increased by 170/0 which reflects our relum lo normal fund-raising aclNily. There has been an increase in orchestral costs D128% mainly fleeting our return lo noitnal activity. Education costs have also increased by 3019 in line with the activity we have been able lo d&liv&r. Inflation has also conliibuled lo part ol the year-on- year increases in costs. This is the eighth year that BSO will accrue Orchestra Tax Relief IOTRI. Our claim lorlhe previous year has been successful, This Is lax relief on a proportion of pre-production costs incuired in concert planning and 13
Bournemouth Symphony Orchestra Trustee's report (continued) preparation ol live conrtS lo a live paying audience. In March 2024 the govemment annoUnd th31 the rale for 2024-25 will te 50Yo and going lotward from 2025-26 the rale will be permanently sel al 45Yo. OTR is a significant figure for the BSO being £1,412,438 this year12023. £1,345,372). As has been slated belor&, this funding is vital lo enable us lo continu& lo be ealIve and lo allow us lo invest in work that will help to raise our profile and attract rnore funding. We have also accwed corporation lax 01 £17,06312023.. £22,320) on the trading surplus that has been calculated on our sponsorship income. Our investments are managed by Quilter Cheviol and ale invested in their Global Income and Growth Fund for Charities. The investment landscape conl'nued lo te challenging for the first part 012023-24 with thè conlinualion ol the Ukraine war and the negative headlines regarding the banking sector. From November 2023 the fund followed the incfft8se in global markets and the dwrease in inflation in the UK and perfom)ed very well in the second part ol the financial year, This iesulted in a nel gain on investments on £170,083. The surplus lor the year reflects the outstanding stewardship of the company despite the ongoing challenging environment in which we continue lo work. The impact ol high inflation is not only increasing our underlying costs bul also the amount of disposable income our cuslDmers have lo spend. We are currently planning a deficit of £356k for 2024-25 which is still dependent on orchestra lax ff lief of £1.4m, fundraising incorne of £1.4m and our lickel sales continuing lo incre35e closer lo pre-pandemic Sevels. Going concern The Trustees acknowledge that the levels of uncertainly in continuing lo retum lo a norrnal trading environment mean that the judgernents and eslimales made in the operation of budgets and for&c8sls ntinUe lo be mre challenging than under nonnal circumstsnTr5. As sel out in the plans lor the future, included within the Report of the Tiuslees on p4e 15, the Trustees have given due regard lo the increased pressure on income streams and higher underfying costs due lo inflation as we progress lo a more normal trading enviionmenl and have concluded that the tKisilive levèl ol general reserves, the healthy cash balan, other ieluming sOUrS of incotne and the continued support ol ils major lunders, mean that the going concem basis remains appropriate for the preparation of these financi81 $18tements. Further details regarding the adoption ol the going concern basis can be found in Note 110 the fin8nci81 5talemenls. Reserves policy In 8ccord8nce with best practice and Charity Commission guidance the Charity maintains reserves lo provide for conlingeneies Ihal may arise in the future 8nd to 8el as a buffer ainSt trading fluclualions, We continue lo build activity with every season and maintaining a good level of reseNes is paramount. The challenges of maintaining public funding continue along with BSO'S dependen on variable income streams including earned lickel sales and fundraising income. For thè purposes of this tolicy, the Trustees define free reseNes lo be unrestricted funds which have not been designated for specffic putposes. The 8SO's poIY is lo sel a largel range for reseNèS of around six months core costs. The Company has general reserves of £5,630,539 al the Balance Sheet dale of which £450,000 is designated for specific projects. The level ol resetves 18 2tK)ve the defined policy, bul the Trustees consider this lo be prudent in the current economic clim81e. The Company holds a significant amunl ol ils assets as inve81menls as ter nDle 15. The investments are managed by an external fund man2gei and the risk of impaimenl is miligaled by holding a cliverse portfolio of assets. The 8SOET general unreslricled reserves will be ulilised in line Yth the original object ol 8SOET as sel out in the trust deed which is., 'lo advance the chaiilabl? purwse ol the Boumemouth Symphony Orchestra by providing or assisting in the provision ol the resources by which the Company fflay undertake activities of musical education not financed by national or local authorities and lo further other charitable purtoses directed al improving the public lasle and apprecialion of the art ol music. 14
Bournemouth Symphony Orchestra Trustee's report (continued) Plans for the future BSO has continued lo demonslrale a strong dynamie and can-do approach during 2023-24 and buitt an excellent track rOrd of delivering lor audiences and communities in the most difficult ol circumstances. This will continue. BSO'S plans for the future will be based on the followng key principles.. Maintaining BSO'S can40 approach lo delivèr great art and engagement, developing new ways ol thinking and working inspired by the experien of the last three ye8rs. U8ing the financial and business resilien developed 2015-2024 10 inve51 in the development ol new income slfftam8 and support the cornpany in what is sure to te a challenging financial year. Emphasis on'Everything is BSO, approach, which has Len al the heart ol the BSO Business Plan since 2012. Maintain and grow BSO'S leadership approach lo the Creative Case for Diversity, Inclusivity and Relevance. Setting new benchmarks and challenges lo further embed inclusion in all area5 01 the company. Maintenance of a lull, live symphonic scale programme from Lighthouse, delivered regionally, nationally and inlem81ionally through BSO Digital Livestreams. Maximising thè impact and reach ol BSO'S regional touring programme of work. Maximise the opportunity presented by BSO'S slalus as Orchestra in Residen al the newly Iransforrned Bristol Beacon and the new partnerships with Maynower Theatre Soulhamplon, and the Oct8gon Yeovil. Continue lo develop Ihe'BSO on your Dootslep, programffle ol high quality srnalvmid-scale work. Further develop BSO'S Digital Strategy to 811 alongside the live performance programme, building BSO'S success in reaching both new and existing audiences. Conlinualion of the well-esl3blished partnership approach lo d&veloping and delpiering work. Through 8SO Participate r&-focusing activity lo rneel ¢urrenl national and to1 agendas in a posl-pandemic landscape. Continued development ol an inlegraled operaling model across all departments. Understanding that an ever fflore flexible use of the lull company resource demands additional changes lo the way the Company plans, budgets and delivers ils work. The 2024-25 budget was approved by Trustees in March 2024. Acknowledgements 2023.24 The Trustees of the Boumemouih Symphony Orchestra WOU like lo extend their sincere thanks lo the individuals and organisations who svpwrted the BSO'S work this year including.. Principal Funder. Arts Council England Public Funde.. BCP Council, Dor5è1 Council 3nd Port5moulh City Council Principal Academic Partner.. University of Exeter Conservatoire Partner.. Trinity Lan ConseNatoire of Music and Dance Corporate Partners.. Allianz Musical Insurance, Invèslec Wealth & Investment (UK) Corpoiale Patrons.. Tapper Funeral Service,. Gervis Meyrick Eslale, J.P. Morgan, Tailom)ade Trusts and Foundations.. Skyrme Hart Charitable Trust, The Callèv3 Foundation, The Pointer Farnily Twsl, The Michael and Ilse Katz Foundation, Douglas Scorey Discretionary Will Trust, The Valentine Charitable Trust, The Flaghead Chari13ble Trust, The Allan & Nesla Ferguson Charitable Trust, The Reed Foundation, The Nisbel Trust, The Woodward Charitable Tnjsl, The Cr&8sy Foundation, Ouchy Health Chaiily, ABO Sir8ns, The Anthony 2nd Elizabeth Mellows Charitable Selllemenl, The Boshier-Hinlon Foundation, John Homiman's Children's Trust, Mr M E Knott 1998 Trust, The Pill-RIVe Charitable Trust 2nd one 3nonymous charitable trust Principal Media Partner.. Classic FM Broadcast Partner.. BBC Radio 3 Media Partner.. Daily Eeho In-kind Partner.. Ellis Jones Solicitors And finally, ourlhanks go lo BSO'S loyal band of supporters, members, volunteers and those individu81s who suprK)rted the BSO Ihiough donations or by remembering the Orchestra in their wlls, 15
Bournemouth Symphony Orchestra Trustee's report (continued) Trusteos, responsibilities ststement The Trustees (who are also Directors ol Bournemouth Symphony Orchestra lor the purposes ol the Companies Act 20061 are respK)nsible for preparing the Trustees, Annual R&port and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdotn Generally ACpIed Accounting Piaclicel. Company law requires the Trustees lo prepare such financial statements lor each financial year which give a true and lair view ol the stale ol affairs ol the charitable Company and ol the incoming resources and application of resouices, including the Income and Expenditure, of the charitable Company lor that period. In preparing these fin3Nci81 slalemenls, the Trustees 3re required lo.. select Suitable a(rounling pol1eS and then apply them consislenly., observe the principles in the Charities SORP., make judgements and accounting eslirnales that are reasonable and prudent., and prepafft the financial statements on the going concem basis unless Il is inappropriate lo presutne that the Company vill continue in business. The Trustees are restK)nsible lor keeping adequate aeeounling records that disclose vlllh reasonable accuracy al any lime the financial position of the charitable Company and enable them lo ensure that the financial slalemenls cornply wlh the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable Company and hence lor taking reasonable steps lorlhe prevention and detection ol fraud 8nd other In so far as the Tnjslees are aware.. there is no relev3nl audit information of which the charitable Company's audfLor is unaware., and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit infomalion and lo establish that the audilDr is aware ol that inforrn8lK)n. The Trustees are responsible foi the maintenance and integrity of the corporate and financial infomalion included on the charitable Company's website, Legislation in the Uniled Kingdom goveming the preparation and dissemination ol financial slalemenls may differ from legislation in olherjurisdiclions. By order ol the Board MrA Flo¢khart Chair 25 September 2024 16
Independent auditor's report to the members of Bournemouth Symphony Orchestra Opinion We have audited the financial slalemenls ol Bournemouth Symphony Orchestra for the year endèd 31 March 2024 vthich comprrse th& Slalemenl of Financial Aclivilies, the Balance Sheet, the Slalemenl of Cash Flows and notes lo the fin3nci31 8laletnenls, including significant accounting wlicies. The financial reporting framework that has been applied in their prepar31ion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Rewrting Standard appIable in the UK and R&publie ol Ireland (United Kingdom Generally Accepted Accounting Praclicel, In our opinion the financial slalemenls.. give a true and fair view ol the chaNlable company's slate ol affairs as al 31 March 2024 and ol its incoming resources and application of resources, including ils income an(5 expenditure, lor the year then ended," have been properly prepared in accoidance 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 accordance vAlh Inlemalional Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs iesponsibililies forlhe audit ol the financial slalemenls section ol our r&wrt. We ale independent ol the charitable company in a(Lord8nce wih the ethical requirements that are relevant lo our audit of the financial slalernenls in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical reswnsibililies in accordance vlllh these requirements. We believe that the audit evidenTr we have obtained is sufficient and appropriate to provide a basis for our opinK)n. Conelusions Telating to going concem In auditing the financial slalements, we have concluded that the Iruslees, use of the going concem basis of accounting in the pr&par21ion ol the financial statements is appropriate. Basecl on the work we have perfomed, we have not idenlrfied any material uncertainties r&181ing lo events or conditions that, individually or collectively, may cast signrficanl doubl on the charitable company's ability lo eonlinue as a going conrn lor a nod of al least twelve months frorn when the finartl81 slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Iiuslees with respect lo going concern are described in the relevant sections ol this report. Other information The Iruslees are resw)nsible for the other inforfflalion. The other inlonnalion cofflprises the information included in the annual reKK)rt, other than the financial statemen18 and oui audilorfs report Ihereon. Our opinion on the fin8ncial slalements does not cover the other information and, exp1 lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance condusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infonnalion is materially inconsislenl vilh the linanaal slalemenls, or our knowledge obtained in the course of the audit or otherwise appeats lo be maleiially misslaled. If we identity such m8leiial inconsistencies or apparent material rnisslalemenls, we are required lo determine whether this gives iise lo a fflalerial misslalemenl in the financial slalemenls Ihefflselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information we are required lo report that f8cI. We have nothing lo report 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 8udil.' the information given in the Tnjslees, Annual ReFM)rt which includes the Directo, Rewrt for the financi81 yeai for vthieh the financial slalemenls are prepared is consislenl with the financial slaleuEnls,' and the Trustees, Annual Report which Includ the Directors, Report has been prepared in &cordance with applicable legal requirements. Matter5 on which we are required lo report by exception In the light of the knoedge and understsnding of the charitable company and ils environment obtained in the course ol the audit, we have not identified material misslalemenls in the Truslees, Annual Rep)rt. We have nothing lo report in respect of the followng matters where the Companies Act 2ffl6 requires us lo reFM)rt lo you il, in our opinion.. adequate accounting records h3ve not been kept, or turnS adequate for our audit have not been received from bmnehes not visited by us., or Ihe financial slalemenls are not in agreement with the accounting COrdS 8nd reluins., or certain disclosures ol Iruslees, remuneration specified by law are not rnEde', or we have not reiVed all the information and explanations we require for our audit," or the Iruslees were nol enlilled lo prepare the financial statements in accordantt with the small companies, regirne and lo lake advantage oflhe 8m811 companies, exemption in preparing the Trustees, Annual Report and the Slialegic Report. Responsibilities of ITustge$ As explained more lully in the Truslees, Responsibilities Slalefflenl sel out on pe 16, the Iruslees (who ale also directors of the charitable company forlhe purposes of company lawl ale responsible for the preparation ol the financial slalements and lor being satisfied that they give a true and fair view, and lor such internal control as the Iwslees determine is necessary lo enable the preparation ol financial statements that are free from rnalerial missl8lemenl, whether due to fraud or error. In preparing the financial stalefflenls, the Imslees are responsible for assessing the charitable company'5 ability lo continue as a going concem, disclosing, a8 applicable, mallers related lo going concern and using the going concein basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic allemalive lo do so. Auditor'5 responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance wlh regulations made under Ihal Act. Our objeclpies are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalerTEnl, whether due lo fraud or ernor, and lo issue an auditor's report that includes our opinion. Reasonable assurall is 3 high level of assur8nce bul is nDI a guarantee Ihal an audit conducted in accordance with ISA5 IUKI will always delecl a material misslalemenl when il exists. Misslalemenls can 81ise from fiaud or error and a considered material il, individually or in the aggrègate, thèy could reasonably te expected lo Influen the economic decisions ol users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-compliance vAlh laws and regulations, We design procedures in line wlh our responsibilities, outlined above, lo delecl material misslalements in respect ol irregularities, including fraud. The specrfic procedures for this engagement and the exlenl lo which these are capable ol delecling ifftgularilies, including fraud are detsiled below. Idenlrfying and assessing risks related lo irregularities.. We assessed the susceptibility of the charitable company's financial slalemenls lo material Milatement and how fraud ighl occur, including Ihiough discussions Mlh the Iruslees, discussions wlhin our audit team planning rneeling, updating 18
Independent auditor's report to the members of Bournemoulh Symphony Orchestra our record of intern81 controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation ol the financi818181em&nls. We idenlrfied laws and rulatiOnS that are of significance in the context ol the charitable company by discussions with Iruslees and updating oui understanding of the sector in which the charitable company operatès. Laws and regulations ol direcl significance in the CDnlexl of the charitable company include The Companies Act 2ffl6, and guidarte issued by the Chaiity Commission lor England and Wales. Audit response lo risks identified.. We considered the extent ol compliance with these laws and regulations as part of our audit prOdureS on the related financial stslemenl itèms including a ieview ol financial slalemenl disclosures. We reviewed the charitable company's records ol brehe$ of laws and regulations, minutes ol meetings and Corresponden with relevant authorities lo identify polen1121 material misslatemen15 arising. We discussed the charitable company's policies 2nd procedures for cofflpliance with laws and fftgulations with tnembers ol management reswnsible lor compliance. During the planning meeting with the audit team, the engagement partner drew 8ttenlion lo the key areas which might involve non-cotnpliance with laws and regulations or fraud. We enquired of management whether they were aware ol any inslanc&s of non-compli8ncè wilh18ws and regulations or knowledge ol any actual, suspected or alleged fraud. We addressed the risk ol fraud through management override of controls by testing the 3pproprialeness of joumal entries and identifying any significant Ir3nsaclions that were unusual or outside the normal course of business. We 35sessed whether judgements Made in making accounting estimates gave rise lo a possible indication ol managemènt bias. Al the wmplelion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional sceplicism and thus the capacity lo identify nDniompli3nce with laws and regulations and fraud. There are inherent limitats'ons in the audit prOdureS described above and the further rernoved non<ompliance wlh laws and regulations is from the events and transactions reflected in the financial slaletnents, the less likety we would LEcorne ware ol rt, Also, the risk ol not delecling a material misslalemenl due lo fraud is higher than the risk ol not delecling one resulting from etror, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlalions, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.lrc.or .uklaudilorsres onsibililios. This description forms part of our audilo¢s report. Use of our report This rewrt is m8de solely lo the ¢h3ri18ble company's rllernbers, as a body, in accordan with Chapter 3 of Part16 01 the Companies Act 2006. Our audit work has been undertaken so th31 we might slate lo the charitable cornpany's members those rnatters we are required lo slate lo them in an auditor's port and lor no other purpose. To the lullesl extent permilled by13w, we do not 3ccepl or assume responsibility lo anyone other than the charitable company 3nd the charil8ble company's members as a body, for our audit work, forlhis report, orfor the opinion5 we have formed. Salay LLP Casidhe Baleri (Senior Slalulory Audilorl for and on behalf ol Saffery LLP Charterèd Accoun13nls Slalulory Auditors Midland House 2 Poole Road Bournemouth Dorsel BH2 5QY Dale.. 1 October 2024 Saffery LLP is eligible10 3cI as an auditor in terms of section 1212 01 the Companies Act 2006 19
Bournemouth Symphony Orchestra Statement of Financial Activities (including Income and Expenditure account) as at 31 March 2024 Total Funds 2024 Total Funds 2023 Unrestricted Funds Restricted Funds Note Income & endowments from- Donations 2nd legacies Grants Income Irom charitable actNities: Orchestral conrtS and ielaled work Participate Income from other trading activities Investment income Total income 1,544,722 2,920,518 1,544,722 2,920,518 1,154,294 2,920,518 1.979,418 393,309 134,071 82,252 7,054,290 208 1,979,626 393,309 134,011 82,252 7,054,498 1,763,810 156.566 183,874 53,572 6 232,634 208 Expenditure on: Costs of raising funds.. Commercial trading operations Expenditure on charitable activitie5: Oicheslial concerts and related work Education Other expenditure.. Total expenditure 338,845 338,845 396,737 6,753,110 791,412 28,847 6,781,957 791,412 6,688,482 405,292 7,883,367 28,847 7,912,214 7,490,511 Net lexpenditurel before tax Tax rEceivable 1829,0771 1,395,419 128,6391 1857,7161 1,395,419 11,257,878) 1,323,052 Nel incorne after tax before investment gainslllossesl Nel Ilossesllgains on investments Net lexpenditureyincome forthe year Transfers between funds Nel movernent in funds Reconciliation of funds.. Total funds brought lopNaid Total fuThds carrled foThYard 566 342 170,083 736,425 28,639 537,703 170,083 707,7B6 112,323 147,1491 128.6391 20 Y36,425 2B,639 707,786 47,149 4,989,242 5,725,667 63,137 34,498 5,052,379 5,760 165 5,099,528 5,052,379 The slalemenl of financial activities includes all gains and losses recognised in the year, and 811 income and expenditufe derive Imm continuing 8Ctivilies. The nel income lor Companies Act purposes includes only realised gains and amounts lo £574,557 12023 £96,6801 The notes on page$ 23 35 form part ol these financial slalemenls 20
Bournemouth Symphony Orchestra Balance Sheet For the year ended 31 March 2024 Note 2024 2023 Fixed assets Tangible assets Inveslff*nts 14 15 439,342 1,833,746 2,273,088 477,425 1,612,667 2,090,092 Current assets Stock Deblots Cash al bank and in hand 834 1,626,972 2,212,079 3,839,885 16 1,947.936 2,462.273 4,410,209 Creditors.. amounts falling due wlhin one year 17 1923,1321 1877,5981 Nel current assets 3,487,OTt 5,760,165 2,962,289 5,052,379 Creditors., 8moun18 falling due after more than one year Fillan le3ses Nel assets 5,760,165 5,052,379 Funds Unrestricted funds.. General unreslrided General unrestricted BSOET 20 5,128,857 598,810 5,725,667 4,390,432 598,810 4,989,242 RestTlCted fund5: Restricted 34,498 63,137 Total funds 5,760,165 5,052,379 The financial slalem&nls ol the Bournemouth Symphony Orchestra (rlS1e1ed number 005383511 were approved by the Board of Trustees and authoris for issue on 25 September 2024. Signed on behalf of the Board of Trustees A Flockha Chair Trustee The notes on pages 23- 35 form part of these financial statements 21
Bournemouth Symphony Orchestra Cash Flow Statement For the year ended 31 March 2024 Note 2024 2023 Cash used in operating èctlvlties.. Taxation ceiVed Net cash used in operating activltles 11,084,139) 1,331,847 247,708 11,134,419) 57T,814 556,605 Cash flows from investing activitie5= Interest income Proceeds from the sale of plant and equipment Purchase of plant and equipment Dividend received on investments Net cash provided by investing activities 31,139 7,809 1,750 133,1931 124,1091 7,030 123,6341 Cash flows from financing activities.. Capital element of lease repaid Increase in cash and cash equivalents in the year Cash and cash equivalent5 at the beginning ol the year Cash and eagh equivalents at the end of the year 4,544 250,194 2,212,079 2 462,273 6,398 586,637 2,798,716 2212079 1. Recollciliation of net income to net cash flow from operatlng activities Notes to the cash flow 5tstement 2024 2023 Net income lor the yeèr 707,786 147,1491 Adjustments for.. Depreciation charges Snveslmenl management costs (Gainslllosses on investments Interest income Tax receipt Loss Iprofill on sale ol fixed assets Decrease in Stocks Decrease in debtors Decrease in creditors Net cash used in ciperating activities 62,190 116 1170,0831 182,2521 11,395,419) 46,576 16,945 112,323 153,5731 11,323,053) 11,4751 834 1257,3921 50,D81 1,084,139 14,241 100,746 1,134,419 2. Analy515 of cash and cash equivalents 2024 2Q23 Cash in hand Total cash and cash equivalents 2,462,273 2,212,079 22
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 Accounting policies Basis of accounting Boumemoulh Symphony Orchestra is a charitable cornpany limitèd by guarantee and registered in England aTTrd Wales. The registered office, company number and chanty regislraliDn number are disclosed on page 2. Boumemouth Symphony Orchestra meets the definition of a public benefit enlily under FRS 102, The financial slalemenls have been prepared in accordance with Accounting & Rewrting Charities.. Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in acctsrdan 1th the Financial RepDrting standard applicable in the UK and Republic of Iieland IFRS102IEffeclive 1 Janu8ry 20151 Icharilies SORPIFRS10211, Financi81 Reporting Standard applicable in the UK and Republ ol Ireland IFRS1021 and the Companies Act 2006. Going Concern In preparing the financial slalemenls and the continued use ol the going eoncern assumption, the Trustees have considered th& expected financi21 performance lor the financial year ending 31 Maich 2024 taking into account exFEcled trading tertomance and the principal risks and UnrtaInlieS as sel out in the Trustee's report, including the continued impact ol high inflation on our costs and of the venues that we operate in. There will also pressure on the afflounl ol disposable income of our audiences and their willingness lo subscribe lo a series of concerts. The 2024-25 budget includes up lo 121 concerts ol which 94 are symphonic and the Othe are smaller ensembles with different communities across the Soulhwesl. 01 the 94 symphonic concerts we plan lo digitally livestream 18 from our home base al the Lighthouse in Poole. Our season 24-25 was launched in May covering conrtS Irorn October 2024 to May 2025, Our early sales indi110n8 for 24-25 sUCriptionS are wsilive, The 2024-25 budget has ACE funding remaining flat and orchestra lax relief budgeted al the temporary hher rale 015090 with costs that have been increased lo refled higher inflation rates, The nel result is a budgeted deficit of £356k. In November 2022 we received confirmation from our principal funder, ACE IArts Council England) that our 2023- 26 funding application had b&èn successful. The funding h85 now been extended lo 2027.Thè charity enters the fuluie period vrilh a solid financial base- cash held as al 30th Junè 2024 was £2,296k and the investment porttolio was valued al £1,883k. Based on the above assumptions the charity does not anlicipale a need lo have lo liquidate any part ol the investment portfolio during this period. However, the Trustees acknovAedge that the levels ol unrtainty as we continue lo move towards a normal trading environment bul with high inffalion and high interest rates mean that the judgements and eslimales made in the operation of budgets and forecasts continue lo very challenging, After ¢onsideriTrg all the ave factors, the Trustees have a reasonable expecl81ion th81 the charity has sufficient access 10 3dequ3le resources lo continue in op&r81ion31 existence lor the foreseeable future, and for al least the pEriod of tNelve months followng the dale ol approval of the financial slalemenls. The Trustees therefore consider il appropriate lo continue lo adopt the going concem basis in preparing the financial slalements. Incoming rE50urces Performance income arises on promotions, engagements and other bookings undertaken by the Orcheslfft. Perfomance income is credited lo the Income and Expenditure account in the period ID which il relates, as is income from donations, memberships, and grants relating lo specrfi¢ projects. Investment income and other incotne from non-specific donations are crlled lo the income and expenditure account in the year in which il is received. 23
Bournemouth Symphony Orchestra Note5 to the financial statements For the year ended 31 March 2024 Accounting policies Icontinuedl Legacies are accounted lor as incoming resou5 either upon reIpt or Vthe the receipt of the legacy is probable.. receipt is considered probable when there has been grant ol probate., the executors have established that there are sufficient assets in the eslale after Sellling any liabilities lo pay the Iacy., and any conditions attached lo the leg8cy a either within the control ol the charity or have been tnel. Income is deferred when il is eeiv&d in advance ol the event or the period lo which il relates. Incoming sOurS including donated seN1$ are crediled lo the Slalemenl of Financial Activities when the Company has enlillemenl lo the funds, receipt is probable, and the amount is measurable. Grants received in respeel ol a subsequent period are carried forward lo the relevant period. Resources expended Costs are included in the Slalemenl ol Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered, once there is a legal constructive obligation lo make a payment lo a third party. The costs of generating voluntary income represent the costs ol securing swnsorship and donations for the fvnds ol the Charity The cost ol tiVitieS in furtheran of the Companls charitable obj?clives indudes costs directly irred in undertaking those activities Where costs cannot be directly allribuled lo particular categories, they have LEen alloc8led lo activities on the basis of time spent by staff on those aclivilies. Govemance costs represenl the costs associated vth the govemance arrangements of the Company which relate lo the general running of the Company and are accounted proportionally across other aclivilie5, They include the costs ol exletnal audit, lègal and professional advice lor Trustees and the cosls of conslilulional and slalulory compliance. Support costs relating lo a single activity are alloealed directly lo that aclivily. Where support costs relate lo several aclivilies, they h8ve been apportioned on an eslimaled lime basis. General reseNes General reserves are unreslrided funds which are available for use al the discretion of the Directors in furtherance ol the general objectives ol the Charity and which have not been designated for other purwses. Restricted reserves Restricted reserves are atnounls th21 have been awarded and will be spent on projects as specffied by the donors. Heritage assets The Company has a music library which has been built over the past 100 years 8nd expensed through the Income and Expenditu account. The Gompany's policy is lo add lo the libiary il 8 piece of music is played on a regular basis and the cost compared lo hire charge is economic. There are no disposals, and the assets are maintsined by two librarians in a bespoke secure room. Some library pieces increase in value and cuhur21 significance over time and a subsaquenlly considered lo be heritage assets. Due lo thè signif5canl costs that would be involved in the valuation, which are onerous compared vlllh the additional benefit that would be derived by the users of the accounts, thèse have been excluded from the balance sheet, Pensions The Company operate5 a defined contribution Group Personal Pension Scheme. Employees wishing lo join this scheme pay a fixed percentage of salary into the scheme as does the Comp8ny. Costs are recognised in Ihe Statement of financial activities as contributions becotne payable. 24
Bournemouth Symphony Orchestra Notes to the financial statement5 For the year ended 31 March 2024 Accounting policies Icontinuedl Tangible fixed assets Tangible fixed assets, other than long leasehold property, costing more than £500 8re slated at hi81orieal cost less accumulated depreciation and any accumu5aled impainnenl losses. The long leasehold propety received as a donation is slated al Igir value on reIpl ol the donation less accumulated depreciation and any accumulated impaimenl losses. Depiecialion on all assets is ch31ged to allocate the cost ol value on 2cquisilion less their residual value over the estimated useful lives using the straighl-line method. The eslimaled useful lives r3nge as follows, Computer and Digit81 Equipment Motor vehicles l Fixtures & Fittings Instruments 3 years 5- 10 years 10-15 years Life of the lease Long leasehold propety Investments The Charity recognises income and fees on investments and unrealised gains and losses on the difference in book value lo market value al the end ol the financial year. Investments include cash held by the Investment manager5 as amounts are held for reinveslmenl. stocks Stocks are slated al the lower of cost and nel realisable value. Taxation As a registered Charity Boumemoulh Symphony Orchestra benefits from various exemptions Irorn laxalion afforded by the lax legislation and is therefore not liable lo corporalion18x on income or gains falling within these exemptions. Where income falls outside ol these exemptions, current tax is rewnised in the Slalernenl of Finanaal Activities for the year lo which il relates. Orchestra lax relief is recognised when the receipt is considered probable and can be reasonably measured. Leases Where assets are financed by leasing arrangements that give rights approximating lo ownership Ifinance leases) the ass&l8 are Ire21ed as if they had been purchased oulrighl. The amount capilalised is the present value of the minimum lease payments payable over the lease term. The lease commitments are shown as p8yable lo the lessee. Depreciation is charged lo the SOFA overlhe shorter ol the eslimaled useful economic life and the term ol the lease. Leas& paym&nls 8re analysed bèbNeen capital and interest, so Ih8t the interest is charged lo the SOFA over the term of the lease and the capital ieduces the capital creditor. Debtors Trade and other debtors are recognised as the settlement amount due after any Ir3de 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 malurily of three onlhs from the date of acquisition or opening of the dekK)sil account. Creditors Creditors are r&cogni8ed where the Charity has a present obligation resulting from a past event that wll result in a payment of funds to a third paty and the amounts be measured reliEbly. 25
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 l. Income Irom donations and legacies 2024 2023 Donations Legacies Membership subscriptions DDnaled services and facilities Grants IT&FI Total 531,653 679,706 92,047 21,841 219,475 473,875 412,584 91,702 34,975 141,158 1154,294 The charity tenefits greatly from the involvement ol volunteers, details of which are given in our annual report. In accordance with FRS 102 anc5 the Charities SORP IFRS 1021, the ewnomic contribution of general volunteers is not recognised in Ihe accounts. During the year, the charity benefited from the receipt ol professional seNces and the use of premises free of charge. The esb"maled value of these seNices is recognised vAlhin incotning resources as donated seNice8 8nd facililies and the equivalent charge is included vilhin charitable aclivilies. 2. In¢orne from grants 2024 2023 Arts Counul England- core funding Other Grants Furtough Incorl Tolal 2,601,798 318,720 2,601,798 318,720 2,920,518 2,920 518 3. Income from Charitable activities 2024 2023 Orchestral concerts and related work.. Ticket sales Engagetnenl lees Recording lees Programme sales other inwme Total 1,338,446 563,744 39,523 19,237 18,676 1,979 626 1,243,677 471,679 26,131 15,260 7,063 1763,810 Education.. Community tnusic Children & Young Peon$ Total 333,216 60,093 393,309 100,488 56,078 156,566 26
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 4. Income from other trading actNilies 2024 2023 Sale ol merchandise Sponsorship Totsl 1,085 182,789 183,874 134.071 134,071 5. Investrnent income 2024 2023 Quilter Bank Interest Total 51,114 31,138 82,252 45,763 7,809 53,572 6. Cost of raising funds Direct Staff Costs Othgr Governance Other Direct Support Support Costs 05ts costs Total 2024 Total 2023 Costs of raising funds Investment tnanagemenl costs Total 255,506 42,329 116 42,445 837 40,057 338,729 379,792 116 16,945 40,057 338,845 396,737 255,506 837 7. Expenditure on charitable activities Other Governance Other Direct Support Support Costs Costs costs Direct Staff Costs Total 2024 Total 2023 Orchestral and related work Education Total 3,976,309 314,708 4,291,017 1,986,631 381,158 2,367,789 16,756 802,261 6,781,957 6,688,482 1,955 93,591 791,412 405,292 18,711 895,852 7,573,369 7.093 774 8. Analysi5 01 governance and support tosts Direct Staff Costs Overheads Total Total 2024 2023 Governance costs Finan, HR and IS cost5 Management costs Premises and office cos15 Tolal 19,548 19,548 17,SlO 197,949 411,665 336,690 15,011 215,026 197,459 309,218 309,218 253,734 541,726 955,457 805,423 213,716 200,015 413,731 SupkKIrt costs for 2024 & 2023 have been allocated based on the lolal ol direct staff costs and other direct Costs. 27
Bournemouth Symphony Orchestra Notes to the financial slatements For the year ended 31 March 2024 9. Nel income for the year 2024 2023 Net income forthe year is staled after charging: Depreciation Auditor's remuneration.. Audit fees Non-audil fees 62,190 46,576 18,128 17,600 1,600 Operating lease rentals.. Plant and machinery Other operating leases 11,680 2,909 16,490 2,909 10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 2024 2023 Salaries and wages Social securty Costs Pension costs Free18nce and other (Dsts Total 2,940,240 304,017 265,087 1,450,910 4,960,254 2,917,188 318,229 265,904 1,548,208 5 049 529 The number of staff paid over £60,000 during the year was.. 2024 No. 2023 No. £ 60,001- £70,000 £140,001 £150,000 Two employees had employee benefits more than £60,00012023', 21, Pension costs are allocated lo tIVit.eS in proportion lo the related staffing costs incurred and are wholty charged lo unrestricted funds. The two Trustees who are also members of the orchestra receiv compensation, including national insufftnce and pension conlribulK)ns, lolalling £115,10012023.. £119,900), on the saThe pay scale as that paid lo other playing members in respect ol their perfoimance with the orcheslm. No extra payments were made for their services as a Trustee ol the charity. No other charity Trustees were paid nor reiVed any other benefits from employment with the charity orfor their seNices as Trustees in the year12023.. £nill, neither were they reimbursed expenses during the year12023.. £nill. The senior management personnel ol the charity comprise the Chief Executive Offir, Head of Finance, Head of HR, He8d ol Devebpmenl, Head ol Concerts and Progiamming and Head of Participation. The lotsl ernployee benefits of the key management personnel ol the Charity were £430,05112023.. £394,654). 11. Stsff numbers The average monlhly nufflLEr of lull-lime equivalent employee5 in post (including casual and part-lime slaffj during the year was 8712023'.871 and the average fflonlhly he2d count during the year was as lolbws,. 2024 2023 No. 52 40 92 Orchestra offi and management Totsl 48 43 91 28
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 12. Govemment grants Income from government grants comprise5 performance related grants made by the Arts Council and local authorities lo fund the artistic and Ihealrical programme ol the Orchestr8 8s follows.. 2024 2023 Arts CounThl England- core funding 8CP Council Dorsel Council Portsmouth City Council Total 2,601,798 273,720 20,000 25,000 2,920,518 2,601,798 273,720 20,000 25,000 2,920,518 13. Taxation 2024 2023 Or¢hgStra Tax Relief Tax credit due Adjuslmenl In respect of prior years 1,412,438 1,348,866 3,494 1,345,372 1,412,482 Corporation Tax Tax on taxable income forlhe year Adjuslmenl in resped ol prior years 117,0631 122,3191 17,063 22,319 Net tax receivable for the year 1395,419 1323 053 14. Tangiblg fixed assets Long Leasehold Buildings Flxtures, computers & Motor equipment Vehicles Instrurnent5 Total Cost blf1 April 2023 Additions in the year Disposals in the year Cost clf 31 March 2024 300,000 563,154 19,817 9,754 326,236 4,290 1,199,144 24,107 300,000 582,971 9,754 330,526 1,223,251 Dep'n blf l April 2023 Charge for the year Eliminated on disposal Dep'n clf 31 March 2024 25,417 5,000 452,270 50,829 9,134 179 234,898 6,182 721,719 62,190 30,417 503,099 9,313 241,080 783,W9 NBV 0110412023 274,583 110,884 620 91,337 477,424 NBV 3110312024 269 583 79,872 441 89,446 439,342 Included within lixlures, Compute & equipment are assets held under finance leases vAlh the cost of £40,343 12023, £40,343) and accufflulated depreciation of £40,34312023, £35,799). 29
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 15. Investments Quilter 2024 2023 Carrying value Imarkel valuel at beginning ol year 1,612,667 1,612,667 1,696,171 Addrtions lo investments al cost Disinveslmenl procèeds Disw531 proceeds Nel Ilossllgain on revaluation Ulilisalion ol cash account Carrying value Imarket value) at end of year 26,263 26,263 71,983 171,9831 194,816 194,816 183,5041 1,833,746 1,833,746 1.612,667 Historical Cost Cash manag funds- Coulls Managed funds- Ruffer Managed funds- Quilter Total 58,017 1,726,021 1784 038 1,752,287 1,752 287 1,752,287 1,752 287 Quilter 2024 2023 Analysis of Investments Listed investments Cash 1,737,316 1,737,316 36,430 1,833,746 1,601,678 10,989 1,612.667 1,833,746 16. Debtors 2024 2023 Trade debtors Orchestra tax relief Prepayments & advances Total 241,186 1,412,438 294,312 1,947,936 117,120 1,348,866 160,986 1,626,972 30
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 17. Creditors.. amounts falling due within one year 2024 2023 Trade creditors Taxation & social security Accruals Grants received in advance Other receipts in 2dvance Pension Contributions Finance lease 315,547 71,437 143,942 197,397 98,253 154,010 68,430 329,282 25,682 4,544 877,598 366,863 25,343 923,132 18. Deferred income Deferred incorne comprises advance li¢kel sales related lo performances that vllll lake place from April- May 2024 customer credit balances, rnembership in 8dvance and deferred sponsorship and Itusts and foundations income. 2024 2023 Balan as al 1 April Amount released lo income and expenditure acwunl Amount deferred in year 329,282 1329,2821 366,863 366,863 279,868 1279,8681 329,282 329,282 19.Analy$i$ of assets and liabilities befven funds Restricted Funds 2024 Unrestricted Funds 2024 Total 2024 Total 2023 Fixed assets Current assets 11,796 22,702 2,261,292 4,387,507 923,132 5,725,667 2,273,088 4,410,209 923,132 5,760,165 2,090,092 3,839,885 87f,598 5,052,379 Total 34,498 31
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 20. Movement in funds Investment Transfer Gainsl Beeen 31 March (Losses) Funds 2024 1 April 2023 Incoming Outgoing Resources Resources Restricted Funds Constantino Silveslri Will Trust Jeffrey Machin Piano Fund Total restrlcted funds 7,448 24,348 31,341 63,137 208 12081 120,0001 8,639 28.847 7,448 4,348 22,702 208 Unrestricted lund5 Designated.. New New Truck Total 200,IK)O 250,000 450,000 200,000 250,000 450,000 Unreslricled.. General unrestricted General unreslrided BSOET Total 3,940,432 8,449,709 17,883,367) 598,810 4,539,242 8,449,709 170,083 4,676,857 598,810 5 275,667 7 883,367 170 083 Total Unrestricted Funds 4 989 242 8,449,709 7 883 367 170,083 5,725,667 Total Funds 5.052,379 8,449,917 7,912,214 170,083 5,760,165 32
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 20. Movement in funds Icontinuedl Transler Incoming Outgoing Investrnent Btheen 31 March Resources Resources (Losses) Funds 2023 1 April 2022 ReslTiCted Funds Constantino Sifveslri Will Trust Jeffrey Machin Piano Fund Total restricted funds 7.448 44,348 37,372 89,168 211 7,448 24,348 31,341 63,137 120,0001 6,031 26,242 211 Unreslricled funds Designated.- Digital Infrastructure Lrft Tmck Total 1 QKI,000 200,000 250,000 1100,0Th)1 200,000 250,000 450,000 100,000 Unrestrictsd.. General unrestricted General unreslricled BSOET Total 3,781,550 7,555,476 17,464,269) 1112,3231 678,810 4,460,360 7,555,476 180,000 3,940,434 80,000 598,810 100,000 4,539,242 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 Reslricled funds All restricted funds are used in line th the original restrictions imposed by the donors. Conslanlin Silveslri Will Trust represents monies ceiVed fiom the eslale lo be invested and the income from this used lo fund the work ol th& Orchestra, Jeffrey Machin fund is lo supwrt a mefflorial concert each year and redUS each year as the funds are used lo support events in a(Lordance with the lems ol the will. Piano fund is lo supw)rt on-going rnainlenance costs related lo our pianos. Designated fund5 These are funds Iow3rds the investment ol the new.. Access Lift - this would te a conlribulion lo the capital inveslttnI for a ItFL lo provide access lo the BSO premises. Tru¢k- investment in a new vehide that complies with all environmental requ1MentS and is fil for purpose for the Dreheslia 33
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 Unrestrieled funds The BSOET general unrestricted reserves will te utilised in line vlllh the original object of BSOET as sel out in the trust deed which is. lo adv8nee the charitable purpose of the Bournemouth Symphony Orchestra by providing or assisting in the piovision of the reSoUS by which the Comp8ny may undertake activities ol tnusical education not financed by national or local authorities and lo further other charitable purposes directed 81 improving the public lasle and appreciation ol the art of music.. 21. Operating lease cornmitments The minimum operating lease payments are as follows.. 2024 2023 Within one year Between one and five years 686 686 1,372 14,425 686 15,111 22.Transaction$ with related partiQS There were no related party transactions during the year. 23. Pension scheme Since July 2001 the Company has operated a Group Personal Pension Scheme currently with Seottish Wido. The cost lo the Company ol contributions to the scheme arnounled lo £265,69712023'. £265,904). There were £25,343 of contributions oulslanding al the year*nd12023'. £25,682), 24. Legal ststus The Charity is a company limited by guarantee and has no share capital. In the event ol the company being wound up. the liability in respect of the guarantee is limited lo £1 per member, 25. Posl balance $heel evènts There are no fK)St balan sheet events, 26. Analysis of Changes in net funds l April 2023 Cash Flows 31 March 2024 Cash & Cash Equivalents 2,212,081 250,192 2,462.273 Borrowings Finance leases 119,3961 8,454 110,9421 Net lund$ 2,192,685 258,646 2,451,331
Bournemouth Symphony Orchestra Notes to the financial statements For the year ended 31 March 2024 Statement of Financial Activities as at 31 March 2023 Unrestri¢led Funds Restricted Funds Total Funds 2023 Note Incorne & endowments from: Donations and legacies Grants Income from charitable activities.. Orchestral concerts and related wod( Participate Income frorn other trading activities Investment income Total income 1,154,294 2,920,518 1,154,294 2,920,518 1,763,599 156,566 211 1,763,810 156,566 183,874 53,572 6,232,423 183,874 53,572 6,232,634 211 Expenditure on.. Costs of raising funds.. Comtnercial trading operations Expenditure on charitable activities.. Orchestral concerts and related work Education Other expenditure.. Total expenditure Net lexpenditurel belore tsx Tax reteivable 396,737 396,737 6.662,240 405,292 26,242 6,688,482 405,292 7,464,269 26,242 126,0311 7,490,511 11,257,878) 1,323,052 11,231,847) 1,323,052 Net income after tax before investment gainslllossesl Nel Ilossesllgains on investments Net lexpenditurellincome for the year Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forw31d Total lunds carried forward 65,174 112,323 112,323 126,0311 147,1491 20 21,118 26,031 47,149 5,010.360 4,989,242 89,168 63,137 5,099,528 5,052,379 35