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 nUrnL￿r 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 l￿hall 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 pr￿edureS for B03rd recruilmenl, lo determine and maintain a SUC￿$S1on plan lor Board member5, Offi￿15 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, v￿th 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 re￿iVed 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 ReSour￿S 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 Imp￿15 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 exa￿rbaled by high inflation on slandslill grants., and Increased competition for voluntary incorne The risks slated above have been reviewed and the systems and prO￿dureS 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 COn￿rt platforrn and in the comfflunity. Preservi￿ artistic reach - providing cuhural opwrtunity not only in regional Cent￿$, where investment in artistic practice matches the n81ion818verage, bul also the many sub-regional and rural 'cold-spots', where the inveslm&nl per head is much less. Developing a lrfe-long relationship wlh audien￿5, SUPPOrters and partners, Challenging barriers to access lo high quality music. Embedding our impacts through strong, resilient partnerships., and Using digital technology in a way which enhan￿$ 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 m￿e1$ 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 embra￿8 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 strateg￿S 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 v￿th 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 aUdIen￿S 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 cOn￿rts, 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 apprO￿h 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, Vol￿S 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 thril￿d 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 audEn￿S 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.. Ex￿pIlOn81IY 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 ]eg￿Y of Kirill KaTrbits including the Company's wholehearted commitment lo his Voices from the East programming strand. Notable perforMan￿S 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.' mechan￿al 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 cOn￿rt 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 ShO￿aSed in performan￿8 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 COn￿rt0 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 Ch￿r and Boumemoulh Symphony Orchestra, conducted by D8vid Ogden, gave their all.. The Times, 28 January 2024. Strength ol BSO'S partne￿hip 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 perforMan￿S in mmmunily venu& aCrI￿S 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 performan￿5 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