2024-03-31-accounts

BRITTENPEARS ARTS BRITTEN PEARS ARTS Company Registration Number: 980281 Registered Charity Number: 261383 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

BRIThEN PEARS ARTS ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEX PAGE NO.. LEGAL AND ADMINISTRATIVE DEfAILS INTRODUCTION FROM CHAIR OF BRITTEN PEARS ARTS 3-17 TRUSTEES, REPORT INCLUDING STATEMENT OF TRUSTEES. RESPONSIBIUTIES 18-20 INDEPENDENT AUDITOR'S REPORT 21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 22 CONSOUDATED AND CHARITY BALANCE SHEErs CONSOLSDATED STATEMENT OF CASH FLOWS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

LEGAL AND ADMINISTRATIVE DETAILS NAME Britten Pears Arts LEGAL STRUCTURE The Charity is a company limited by guarantee and incorporated in England and Wales, registered numbor. 980281 CHARITY REGISTRATION NUMBER 261383 TRUSTEES Sir Simon Robey (Chairl Sarah Faulder Dr Scot McKendrick (resigned 9.O¢lober 20231 Angela Mallinson Jamie Njoku-Goodwin David Robbie Janis Susskind Alasdair Tart Laura Wade-Gery Roger Wright (resigned 31 August 20241 Sarah Zins Lady Sarah Younger lappoinled 1 September 20231 Stephen Swtft lappoinled 9 October 20231 Dr Xerxes Mazda lappoinled 11 December 2023) EThollyn Wallen lappoinled 6 Ma￿h 20241 hlIatthew Gregory lappoinled 11 July 20241 Andrew Comben (appointed 9 September 20241 HONORARY PRESIDENTS The Lord Stevenson of Coddenham Colin Matthew5 HONORARY VICE PRESIDENT The Lor(S Geddes CHIEF EXECUTIVE Roger Wright Ir8signed 31 August 20241 Andrew Comben (appointed g September 2024) COMPANY SECRETARY Sarah Bardwell (resigned 31 August 2024) PRINCIPAL AND REGISTERED OFFICE Snape Mallings Concert Hall. Snape, Saxmundham, Suffolk IP17 1SP AUDITORS RSM UK Audit LLP Igl Floor, Platinum Building, Sl John's Innovation Park, Cowley Road, Cambridge CB4 ODS COMMERCIAL BANKERS Barclays Bank Plc, Suffolk Coastal Group, 4 Church Street, Woodbridge. Suffolk IP12 1 DJ INVESTMENT MANAGERSAND ADVISORS CCLA Investment Management Limited, 85 Queen Victoria Street, London EC4V 4ET LEGAL ADVISORS Prettys Solicitors. 25 Elm Street, Ipswch IP1 2AD INVESTldJENT PROPERTY ADVISORS Fenn Wirght Limited, 1 Buttermarkel, IpswichlP1 1BA Britten Pears Arts Financial Statements 2023124

Introduction At Britten Pears Arts {BPAI we continue to ensure that music. arts and herttage Iransfom people's lives, bring communf(ies together and enhance daily lrfe. We aim lo effect powerful positive change in and for Society and make the arts "useful We are internationally recognised yet firmly rooted in our local community and in Suffolk. During the year we have offered innovative leaming and training in music and heri(age, worked with freelance musicians and artists to deliver outstanding activities and provided audiences and visitors with memorable cultural experiences. lebrate tha commitment of staff, volunteers, musicians and artists who ensure the highest level of profession81ism, whilst being open and welcoming lo all. We ￿lebrate the amazing creative development programmes, the training for musicians, composers, young people, and emerging professionals, and the broad range of work we undertake in creative health settings. The professional resilience and rigorously high standards of the staff team, led by Roger Wnght, has been inspirational. Across the year of activities. lo March 2024. over 88,￿0 lickels were sold to 16,895 lickels buyers including visttors lo both our siles, the hugely successful and cri(ically acclaimed 74th Aldeburgh Festival and the year-round programme of performance and activities. We attracted 300h new bct)kers and continue lo develop ways lo maintain their engagement with BPA. The Red House continued to grow the reach of ils heritage and grounds and attract more visitors. The Archive connected with the public, academics and researchers as well as providing an insightful resource forlhe whole organisation and achieving accreditation in November2023. Our Community team has worked with nearly 8,000 individuals in a range of dNerse settings including the criminal justice system. care homes and schools. This has been achieved with the important and continued support of Arts Council England and our supporters. the individuals. companies and public bodies, Trusts and Foundations who gave us vital support during the year. The contribution from our trading arm also helps to ensure that we can fulfil our charitable objectives, and my appreciation 9￿S to all the staff and directors of Snape Mallings Trading Limited. Many thanks lo the Board of Trustees who were enormously supportive with their time during the year. Thanks lo the British Library nominated trustee Scol McKendrick who stepped down during the year. We welcome his replacement Xerxes Mazda alongside four further new truslges Stephen Swift, Sarah Younger, Errollyn Wallen, and Matthew Gregory. ExecutNe Director, Sarah Bardwell, left th8 or98nisation at the end of August 2024. Prior lo the merger which created BPA, Sarah was CEO of the Britten Pears Foundation. The Board of Trustees appreciate the significant role that Sarah played in driving the mergor and subsequently affecting positive change. not least in the area of Equity, Diversity, and Inclusion. whilst helping the organisalions ID integrate and consolidate. Underthe transfomiative leadership of CEO Sir Roger Vvright, BPA has continued lowork inlemalionally, positively impacting the lives of artists and aUdIen￿S with the breadth and depth of our work supporting local and regional music education and cornmissioning a large body of new work. Roger's legacy is considerable. The Board of Trustees would like lo express their heartfelt grali(ude for his dedication and his achievements over the past ten years. We a￿ also delighted and proud that he received his knighthood in the 2024 King's birthday honours list for $erviGes lo music. Finally. my renewed gratitude goes to our audiences, visitors. participants, volunteers, and artists for all that they do for BPA. Sir Simon Robey Chair Britten Pears Arts Britten Pears Arts Financial Stalements 2023124

TRUSTEES, REPORT (INCORPORATING STRATEGIC REPORT} The Trustees presenl their report along with the Charity's and GTOUP'S financial statements for the year ended 31 March 2024. The Charity airns lo promote and encourage the knowledge, study. teaching and practice of the arts in all their forms throughout the wodd and advance education in matters related to peace for the benefrt of the public,. promote and encourage any other charitable objed or p￿￿OSe and to engage in any field of charitable grant making activity permitted by English Law. BPA was founded on 1 April 2020 when Snape Maltings and the Britten-Pears Foundation merged. It exists lo ensure that the legacies of Benjamin Britten and Peter Pears continue to be enjoyed woddwide. Their legacy includes the Aldeburgh Festival, their archive. a cutting-edge programme of creative health work, the Brf(len-Pears. Young Artist Programme, the house where they lived and extensive learning and inclusion work throughout Suffolk and beyond. Their legacy also incorporates Éheir allilude, values and belief in helping cornmunilies disadvantaged in society and those who don't have access lo music or culture. BPA uses music to change and enrich thousands of Iwes every year, from nurturing young emerging artists to supporting people in challenging conditions, all whilst bringing world<lass music to Suffolk. Inspired by Benjamin Britten's founding vision, it provides a place where artists al all stages ol their career are given the lime and space lo develop. 11 is also home lo life-changing community projects. making the most of music's ability lo help in the most difficu￿ of circumstances. It maintains, consetves and develops The Red House as a major heritsge S￿le and uses il lo encourage visitors to learn MO￿ about the life and WOTk of Benjamin Britten and Peter Pears. 11 holds a unique archive of manuscripts, documents, artworks, and multimedia materials for the public.11 Provides acces$ lo the Collections and disseminate5 them as Wide￿ as possible, both physically and virtually. In Setting objeclNes, developing strategies and undertaking octivities, the Twslees have considered the Charity Commission's general guidance on public benefit. The Charity meets the definition of a public benefit entity under the Chariiies SORP IFRS 102}. The information given on page 1 fomis part of this report. STRATEGIC FOCUS AND ACTIVITIES Charltable Objects The Charity's objects ara for the public benefit.. To promolg, and assist in the advan￿ment of education in, the arts and crafts including the art5 of music. drama, dancing, mime, painting. sculpture and graphic arts, and lilersture and poetry, and lo extend and in¢rea5e the appreciation. knowledge, and understanding of the arts and crafts in all their fomis. To promote the public knowledge of the works of Benjamin Britten and Peter Pears. To promote the Conservation of the musical, historical and cultural legacies of Benjamin Britten and Peter Pears for public benefit, in particular through the maintenance and enhan¢emenl of their properties and collections. To ?dvance education in matters related lo Pea￿ for the benefrt of the public. Mission BPA wantsmusi¢, arts and herilageto engage with diverse aUdIen￿$, participants, musicians, young people and others to enhancetheir lives. Simply. our mission is for the arts lo be useful. Values Our values are-. Empowering Collaborative RigDrous Pioneering Britten Pears Arts Financial Statements 2023124

TRUSTEES, REPORT (COPMNUED) AIMS AND OBJECTIVES Strateglc Priorilles Our strategic priorities are-. Fostering Cieativty Accessibility Environmental Improvements Youth Voice Skills Development and Training Digitsl and Technol(yJical Development Performance against our 2023124 Objectives ectsves:: We will maintain an international roster of artists, leaders and creatives and connectthom lo the region lo achieve ambitious work of quality. We will focus on audience clevelopmenl lo ensure that a broad range of high4Jualily cultural experiences are available year-round which attract a diverse audience. All 4 featured artists during the Aldeburgh FeSt￿val 2023 were inlernalionally active workshop leaders, performers and ensembles connected with local audiences, communities & sch¢x)Is. Our audience development work focussed on two main a￿8$.. families 2nd firsl-lime bookers. 48'h of families attended a BPA performance for the first time. with a 37.10 year on year increase in the number of fami￿ bookers. Our year-round programme allracted 500/0 of first-time bookers. Central to achieving these high figures wa5 a £10 t￿keting strategy and a bias lowaid5 family programming. We will use existing guidance created by the Theatre Green Book project to inform our plans. We will achieve inleTmediale level in Front of House (FOH) and Back of House IBOH) operations during 2023. We will hsve ascertained and costed the potential for the Snape Mallings site to generate signrficant renewable energy through solar and Photovoltaic IPV) panel arrays. An ambitious capital programrne has been drawn up with a range of works to significantly reduce C02 emissions on the path lo net zero carbon. I The increased use of renewables, and the installation of large arrays of PV panels. The Delivery Committee will provide oversight for sustainability work. The Theatre Greenbook Continues lo be a very useful guide. and BPA has achieved intemiedialg level in operations. We will use dedicated change management resource lo leverage and enhance the skills and resources of the organisalion through co-ordination and knowledge sharing. With new systems and more effective use of existing IT we will streamline our ways ofworking and aim to reduce routine activty lo allow s ace for more creative out ut. We will Work continued throughout the year to review and improve systems and processes. The organisalion has now fully moved over to SharePoinl. Following a thorough review oflhe options. a new ital Asset Mana emenl s stem was Britten Pears Arts Financial Statements 2023124

TRUSTEES, REPORT (CONTINUED) interrogate data to provide Ihefeedbaek to infomi our decisions and enable us lo be more reactive. inlrcxluced during the year, called 'Bo￿. The system enhances collaboration and workffow, whilst providing the requirèd increased digital storage capacity. During the year Snape Maftings Trading Ltd benefited Irom the roll out of a new systern for holiday accommodation. The org8nisalion achY&ved Cyber Essentials accreditation in August 2023. We will work towards a capital building project in which physical access lo our siles and being more accessible inside and outside our buildings will be priority. The Equality, Diversity and Inclusion IEDII Committee will ensure all our sclivilies are evaluated and reviewed. and available and accessible to all. Taking recommendations from comprehensive audits. improving accessibility is a key theme of the capital programme and il is threaded through all the component parts. Now referred to a5 the Equty. Diversity and Inclusion Committee the w￿k has continued throughout the year with an updated EDI action plan and a renewed commttmenl lo training and awareness. Work closely with our communities lo continue to delFver our extensive creative health programme, arti%ttraining ané development, archive and heritage activities. Our Community and Creative Health Programme in an area of socio-economic deprivation continues to bring joy and comfort lo many bereaved and isolated people in our Communtty, and lo those suffering from Parkinsons and Dementia through OUT "Skylaiks" and "Participate" programmes. Residencies saw the highest ever application number and is clearly nationalty soughl-after. The Britten Pears Young Artist Programme IBPYAP) is thriving. including a new model of chamber musi¢ course. Aldeburgh Young Musicians IAYMI settled into a slightly changed model, with excellent results. We have extended ourdraw of future young musieians by introducing AYM to school children at our annual festwal "Celebration. Archive accred(talion was achieved during the year. Red House exhibitions We￿ very well received, and numerous successful events, such as Recitals, National Open Gardèn Scheme, and ourextensNe families & schools progiamme, won the Sandford Award. Britten Pears Arts Financial Statements 2023124

TRUSTEES, REPORT (CONTINUED) Obj8ctlves for 2024125 Range of activity and audience development We will ¢onlinue lo develop the quality and range of our offer and further develop our audienco base, both demographically and geographvlty. There will be an increased focus on our broad joined up programme across both our siles. There will be a continued plan lo encourage new audiences and to nurture repeat visits from our firsl-time bookers alongside continued famity programming. Leadership. Change and Transition Vve will wort to ensure that the senior management and board transition within 2024125 Is seamless. through detsiled and cohesive handover, excellent communication, and clarity of vision. ommencemerkt of Capltal Programme on site As we begin work on sile as part of our Capital Programme delivery. we will ensure that any impact on the visitor experience is minimised, and through strong and timely communication we will ensure that all stakeholders are kept up dale as we make progress through .the piogramme. Suslainabilily and accessibility will be key themes throughout the project. Maxlmising revenue and deliverlng valu& for money All opportunities to maxitnise revenue will be taken, including music programme ticket sales, income from, our trading subsidiary, income through the launch of a new membership scheme and philanthropic support for our annual revenue and Capiial Programme. BPA Brand Develop and deliver the next stsge of our BPA brand work. Review the relationships of brands and distinct identities required lo ensure customer clarity and commercial success. STRATEGIC REPORT ACHIEVEMENTS AND ERFORMANCE In line wrf(h the aims and objectives of the organisalion, BPA continues to build on the success of ils reputation as a leading international creative campus across siles. The Charity is renowned as a perfomiance centre, an artist development hub, critically acclaimed for its learning and inclusion work, unique archive and heritage house and museum offer, and developing ils growing reputation as a distinclNe leader in creative health with music. Artistic Activitigs cce The 2023, 74fh Festival included 35 first performances, 9 first UK performances and 21 BPA commissions. Over 20,500 tickets were btJ)ked, there were 2 featured performers and 2 featured composers. Aldeburgh Festival Year-round performance programme This programme included bespoke programmes for Easter and Christmas and the Britten Weekend, a wide-ranging Summer at Snape programme and an extensive series of programming for families and young people. Th8 relationship wtth English Touring Opera continued and they presented four operas al Snape Maltings during the year. Britten Pears YoLEng Artist Programrne BPYAP 98 young artists look part in the programme, engaging in 19 different sessions including returning for Concert perfomances. Aldeburgh Young Musicians IAYM) 51 young musicians laged 8-"181 took part in 52 days held during the year working with composers and performers from a wide range of genres. A further 105 young people engaged with BPA through AYM taster days. Brttten Pears Arts Financial Statements 2023124

TRUSTEES, REPORT (CONTINUED) Archive In addition lo being a Central resource for work within our community and organisation the Britten Pears Archive has a recognised national reputation. This has been reinforced by becoming an Accreditèd Archive during the year, a scheme managed by the National Archives. 43 donations We￿ accessioned, 2,671 records were added to the database and 455 enquiries were received and answered within 5 working days. 2.558 people visited the ArchThie during the year and there were 123 readers. Community The Communty team ran 498 sessions or events in both fomial and informal settings . for.young people aged O-25 reaching 5,847 indivtdLtals. As a development of our Friday Afternoons programme, we released a set of 5 digital training resources to support teachers lo write songs in sch¢x)Is. Work continued in HMP Warren Hill, care home settings and with those suffering from dementia and Parkinsons. 65 online conlenl pieces including film5, website stories and other content were generated. Alongside 41 live to digital cultural experien￿8 these included recordings of BPYAP concerts and residency outPLrts. Over g0.ODO people engaged with these actwities. Digital Publi¢ Engagement Crgatlve Health We convened 2 Think Tanks on Music in Criminal Justice settings and Music and End of Lrfe. We ran 2 MOTS residential courses whKh provide rejuvenation, inspiration and support for musicians- one focussing on musicians working in challenging circumstances and one bringing together aspiring leadets in the sector. Additionally, we ran 2 Spark Events {one day conference style events} including bringing together national and region31 leaders in c￿aliVe Health at Snape Mallings to launch a regional Creatwe Health Strategy. The Rgd House 8,409 visitors came lo the house during the year. Following the success of The Britten and Women exhibition in 2022123 this ran for a second year during 2023124. The Red House hosted a wide rangè of activities including Mini-music, schools visits, bereavement cafes, garden tours and increasingly popular Behind the Scenes days. We ran 13 Snape Residen¢ies and 22 Red House rolreats which meant we engaged with 87 individual creatives, artists and composers. ..Ifi￿•￿'.￿￿￿ %'- Resldencies and Retreat5 FINANCIAL REVIEW GROUP FINANCIAL OVERVIEW FOR THE YEAR In 2023124 the organisalion commenced a Capital Programme, which will run forthe period 2024 10 2026 and cover a range of modernisation and accessibility projects which will be Iransfomalwe for the site, making old buildings fi( for 218 Century requirements. During the year an exceptional and transformative gift of £6.5 million was received from the Paul Hamlyn Foundation, which accounts for the 1200A in¢rease in income from donations and legacies in the year. The donation includes a £5 million endowment for the provision of Creative health work and £2DOk of the interest generated by the capital sum will support the annual provision of the creative hearth programrne. The organisation has continued to make progress towards delivering a b￿akeVen annual budget, with a redutsd deficrt budget al the start of 2023124 and a focus on the ¢ost-offective delivery oflhe planned programme of activty, during the yeai. Increases in box office income 8nd Orchestra and Theatre Tax Relief{OThR} positively contributed to offsetting lower philanthropic operating income in the financial year. The increase in audience numbers during the year reSU￿ed in an 11Vo increase in box office income lo £1.022k, whilst a 52Vo increase in OThR look the figure for 2023124 to £304k. Staff costs for the group were up 1 Yo. at £5,315k, and included restructures within the Finan￿, Marketing and Development teams. The generosity of ils donors continues lo be ofsignificant importance lo the organisalion, CDnlribuling to the breadth and reach of work, both nationally and inlemationally. and underpinning the BPA overall financial perfomiance and sliategic aspirations. The Charity saw a posttive movement in funds as a result of gains on financial investments. The Slalemenl of Financial Activities on page 21 indicates an increase in 10181 group funds of £5,848k, which includes the Hamtyn gift of £6,500k. Britten Pears Arts Financial Statements 2023124

TRUSTEES, REPORT (CONTINUED) The 2024 Financial Slalements reflect a si9nificanl rgstricted endoyvrnent of £5m and a capital donation of £1.5m, both from the Paul Hamlyn Foundation. The gifts are restricted to the tenns of the agreement between the Foundation and BPA, with BPA able to spend out of the relum on the endowment on activty lo support BPA community engagement and creative health programme. The capital donation of £1.5m may be expended on capital projects lo repair. restore and improve buildings on the Snape Mallings site to enable the delivery of the community engagement and creative health programme. The total income for BPA increased by £5.617k, in the year to the end of Ma￿h 21r24, which was an increase of 44QA on the £12,780k of income reported for the year lo March 2023. Whilst income was mainlainod within Snape Mallings Trading Limited (SMTLI, the btjdgeled uplift in financial performance was not achieved, mainly owing to demand for catering during the summer of 2023. SMTL income r08e from £5,480k lo £5,624k. as reported in the,- audited accounts of the subsidiary. BPA holds an investment portfolio which inereased in value by £5,647k in the year to 31 March 2024, with the addition of the £S.OOOk Paul Hamlyn endowment, held in an inleresl-bearing account, with interest recewed of £28k in the financial year. and unrealised gains of £632k on the remaining portfolio. Heritage assets reduced in value by £354k, reflecting a reduction in the value of the Red House of £100k and a £254k reduction in the value of 3D art objects following revaluation. The Charity's investment portfolio is held for the long term and the Charty sees its income from that portfolio as being the dividend retum that f( accrues. IntJiyi¢Jual yearg may show posi(ive or negative revaluat￿n surpluses bul whilst accounting regulations require that these are recognised in the accounts, they are not cash amounts las the assets have not been sold} and the Group doés not Ireal them as being part of their income for the year. The Charity revalues ils heritage assets on a rolling basis and is required lo recognise revaluation differences in i(5 Statement of Financial Aclivitlos, bul these assets are held on an indefinite basis and used for r(s charitable purposes so any surplus is not available for other use. Table 1 summarises Group income for the year from Note 2 and is slated in line with accounling requirements under the Charities SORP IFRS 1021. It includes amounts relating lo future periods where the relevant income recognition Grileria have been mel while excluding grants and donations recognised in previous years for activities undertaken in 2023124. 02 £'ooo 1,429 6,821 957 283 113 1,036 304 321 5,475 1,245 413 18,397 £'ooo 1,429 1,461 1,274 86 119 932 200 341 5.365 1,277 296 12.780 rts Council En land core rusts and Foundations riv8te, includin membershi egacies ocal authority and corporate donations Box Office and admissions heatre and Orchestra Tax Relief ther charitable actNities, includin course fees radin aclivf(ies, includin retail and calerin oyalties Investments, including interest. dividends and rent otal income and endowments rant 7.8% 11.2/. 11.4W. 10.0'/ty Q.70/0 0.90 s and Grft AKJ 5.20 1.5Yo 0.6% 5.60 1.5Y. 2.70 42.0 /0 10.0, 2.3/0 1ty).0% 1.70 29.8.10 6.8D 2.20 11)0.0% Table 2 highlights Group expenditure for the year and includes costs associated with activities undertaken during 2023124 only. More information can be found in Note 4. Tablè",?," ,G￿up'ex￿ . 202 £'ooo 349 4,926 2.968 1,102 298 509 1,7e2 1,328 57 3,299 £'ooo 340 5,044 2,621 777 319 557 1,687 1,430 52 12,827 undraisin rading, includin rtislic activities rtisli¢ develo ment rchive Exhibitions and The Red House ommunity peralions mini51ralion, includin IT and Finance ovemanee, includin audrt fees and I otal expenditure 2.60A 39.2% 20.4% 2.6Yo 37.1Q 22.3D/. retail and catering 2.50 4.30 13.2% 11.2Yo 0.40/0 100.OVo 2.2¥. 3.80/, 13.3Y. 10.0/. 0.40/. 100.0% al advi Britten Pears Arts FinanGial Statements 2023124

TRUSTEES, REPORT (CONTINUED) Table 3 summarises Group reserves at year end. Greater levels of detail will be found in the Slalement of Financial Activtties on page 21, the Balance Sheets on page 22 and notes to the accounts from page 24. T.ab'le.?_" GrouEreserv_es-:' £'ooo 7,546 9,632 £'ooo 8,043 8,132 42.264 58,439 nreslricted estricted ndowment otal resorveslnet assets 13.8% 13.9/ 72.3Q/o 100.0 /ts 15.00 64,287 100.0(At The Group's net assets of £64,287k are mainly comprised of fixed assets to the value of £59,032k, which include £25,680k of tangible fixed assets and £20.529k of heritage assets. The remaining £12,823k represents income- generating inve5tmenl$ desvJned to provide funding stability for the long-temi. Unrestricted reserves decreased by £497k which is predominantly due lo unrestricted expenditure exceeding unreslricled income in the period. Restricted reserves increased by £1,500k, due lo the Capital Programme donation of £1.500k from the Paul Hamlyn Foundation. Endowment funds increased by £4,845k, owing lo the transformational £5,OOOk donation towards the delivery of the Creative Health Programme During the year 3D hertiage art and the heritage properties were revalued, Mole information in respect of the movement in reserves ean be found in notes 18 and 19. The Group and parent Charity has adequate resources to continue in operational existence for the ft)reseeable future. Thus. they continue to adopt the going concern basis of accounting in preparing the annual financial statements. BRIThEN PEARS ARTS As a Standalone entity, BPA totsl reserves incieased by £5,928k, lo close at £64,525k. Unrestricted funds fell by £417k, p￿deMinan11Y because of unrestricted expenditure exceeding income. Restricted reserves increased by £1,500k, due to a Capital Programme grft of £1,500k. Whilst. as noted above endowment funds increased by £4,845k. ALDEBURGH MUSIC ENDOWMENT FUND Aldeburgh Music Endowment Fund IAMEFI, a separate Charity, completed the tmnsfer of its assets and liabilities lo BPA on 31 March 2021, and was dormant during the year lo 31 March 2024. SNAPE MALTINGS TRADING LIMITED The company, which delivers a wide range of retail and catering activities experienced 8 3.1% growth in Tetail sales during 2023124, compared lo the prior year, owing lo increased footfall and strong demand for seasonal goods, books, cards and food. The eatering operation fell short of budget and the business continued to experience higher operating costs which impacted overall profrtability. Turnover increased lo £5.624k {2023'. £5,480kl. In the year to the end of March 2024 Snape Mallings Trading Limited made a loss before taxation of £65k. compared to a Ioss in the year to the end of March 2023 of £52k. The company ha5 Share capital of £1,000,100 from its parent company, BPA, £1.000,000 of which represents preference shares. BRITTEN ESTATE LIMITED The company continued lo promote the music of Benjamin Britten and receNe income in the foim of royalties. Tumover reduced lo £1,224k {2023'. £1,238k}, with profil before taxation reducing lo £1,194k {2023'. £1,204kl. The profil generated was fully utilised within the BPA Group. FUNDS HELD AS CUSTODIAN TRUSTEE Creditors include £21.732 12023.. £24,947) of means tested funding provided by the Department for Education to rtain members of the Aldeburgh Young Musicians for the advancement of their artislie development. PRINCIPAL FUNDING SOURCES BPA continued lo benefit from annual CO￿ funding from Arts Council England. This was £1,428.835 in 2020121, 2021122, 2022123 and 2023124. The Charity was awarded continued funding for the new three-year period at the same level and is enomously grateful lo Arts Council England for continuing lo support ils wde- ranging adNirties. The Department for Education provided £75.000 to fund part of the cost of Aldeburgh Young Musicians courses. Besides revenue generated by retail and catering operations, box office and project fees, Cons￿erable proportion of the Group's income is philanthropic and derives from grants and privalo sources, Britten Pears Arts Financial Statements 2023124

TRUSTEES, REPORT {CONTINUED} including legacies. The Trustees are indebted lo many generous individuals and Ofganisations for their support of artistic aclivilies. Legacy income of £283k was recognised by the Chaiily during the year12023'. £86kl. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees undertake a fom)81 prttess to review risks and risk management strategies proposed by the leadership team. During the year a minor amendment was agreed to the Risk Management Framework. The Group Risk Register is reviewed by the leadership team quarterly, and the key risks are shared with the board al every board meeting. The full risk register 1$ reviewed by Audit and Risk Commrf(lee bNice a year. There 15 a separate risk register for Snape Mallings Trading Limited which is reviewed by that board and a separate IT risk register which is rèviewed by the IT Steering Group. In reviewing the risk registets, the board and commritees consider the rinancial, reputational and organisalional risks the Group faces. The scale of the risk5 is assessed in terms of potential impact, likelihood of ctcurrence and means of mitigation. Management has clearty defined responsibilities in relation to their responsibility for, and the management of, all risks. The organisation has remewed its appetite for risk during the year, which remains unchanged. with a low or medium appetite against all risk areas. Wjhere mf(igaled risks remain as 'red' risks, a range of actions are in place and the risks are under continuous review and assessment. The Cur￿nt highest risks fall wrthin external leconomic, natural and politicall, stalulory, legal compliance and financial. The Trustees consider that their plans for achieving the Group's objectives provide a salisf8Ctory means of mitigating risk and uncertainties lo the extent reasonably achievable. The Trustees have considered the adequacy of the Group's inlemal controls and have received an update on the intemal assessment of financial controls ompared against the Charity Commission financial eonlrols checklist, which was initially undertaken in July 2023. Additional policies have been added during the year. Prlncipal Risks and Uncertainties The operating environment improved during 2023r24, wf(h the ongoing impad of the UK cost of living crisis. and h￿h Inte￿St rates being partial￿ offset by the reduction in inflation. The table below summarises the key risks that that organisat￿n faces. SUMMARY OF CONSEQUENCES Is The threat ol Covid has been replaced by geopolrtical instability with the ongoing conflict in Ukraine Coupled with the wide- ranging impact of the Middle Eastern conflict. SUMMARY OF MEASURES IN PLACE Dynamic programming Access to unrestricted r8serves Good e0mmun￿atr.on and planning (internal and extemall Close contact w￿h ACE Regular board contact Extensive networking with sector leadors mitruneertai Despi(e inflation coming down, economic uncertainly remains, with the potential impact of cosl-of-living crisis on the public's abilty to aitend performances, spend in our shops and support our organisalion through philanthropy Maintaining strong fundraising team Careful cost control Dynamic and modern marketing Dynamic programming and priorilisalion Stress lesling of financial plans Exploration of new ventures Monitoring of cash flow forecasts Retail Buyers regularly feeding back lo management on changes in costs (including shipping costs) ",ftovi.¢ha_1en￿eS.',' Delivery of the annual operating budget is very dependent on the delivery of fundraising targets. Risk is associated wi(h the loss of key funding, through one major donor or a range of smaller donors. Adequate Reserves Policy Detailed Cash Flow forecasting Regular reporting to Leadership Team and Board Regular ￿vieW of investments Britten Pears Arts Financial Statements 2023124 10

TRUSTEES, REPORT (coKfiNUEDI '"Pub'lic:,F.unding,cuts'in.2027,'andsbey.onL,-::;.. . . NPO Funding has reeenlly been extended Close contsct wf(h ACE by a yoar to 2027. Risk perh)d starts after the next NPO round. Increase philanthropic income A￿ayS monitor public need Build relationship with other funders in the sector AL￿0°$S of Leadership.'I:exp.ertiseLJLs Turnover of experienced staff, and recruitment of new, less experienced Inve51menl in training colleagues. Recruitment challenges. The Investment in new processes and systwms continuing impact of rising pressure'on. Focused and agile recruitment process and resources sala levels. Manage resource and output in line with available staff STRUCTURE GOVERNANCE AND MANAGEMEN STATUS AND GOVERNING INSTRUMENT BPA is a registered Charty, and a company limited by guarantee and the organisati)n is goveined by its Articles of Association. MEMBERS OF THE BOARD The governing body of BPA is ils Board of Directors which has responsibility lo ensure the Charity is propedy managed. As BPA is a Charrty, each Director is more usually referred to ss a Trustee. New Trustees are appointed following a selection Process, a central feature of which is our commitment to equty, diversity and inclusion. Confimalion of appointment is undertaken al the subsequent Annual General Meeting. Trustees are provided with an induction programme involving all aspects and activities of the organi5alion, including ils relationship with ils subsidiary undertakings, Snape Maltings Trading Limited, Britten Estate Limited and Elm Propety Investments (Snape Mallingsl Limited. The Trustees recognise the need to maintain an up-t(14ate skillset which is applicable to today's changing Charity environment. ORGANISATIONAL STRUCTURE Besides the Charity, the Group's entities consist ol Snape Maf(ings Trading Limited (company registration.. 15195271, Britten Estate Limited {company regislralion". 20639091 and Elm Property Investment (Snape Ma￿ings) Limited leompany registration.. 96418321. The financial slalemenls for BPA consolidate the Charity's res￿￿ with those of other Group members including their subsidiaries. Transactions between Group members are eliminated as part of the consolidation process. Snape Mallings Trading Limited is a wholly owned subsidiary of the Charty and functions to generate comm$r¢ial profits in support of the charttable activities of BPA. 11 undertakes retail and catering activities al Snape Maltings through the operation of shops, galleries and catering outlets. The company also manages the hirin9 of the sites, facilities for weddings, conferences and other non-artislic events, and operates a holiday lettings business. Its financial results are summarised in Note 3. Britten Estsle Limited 15 a wholly owned subsidiary of the Charity and functions lo generate commercial profits in support of the charitable activities of BPA. The company promotes the music of Benjamin Brrtlen and receives income in the form of royalties, and its finanual ￿su115 are summarised In Note 3. Elm Propety Investrnents {Snape Mallingsl Limited (company registration.. 96418321. is a wholty owned subsidiary of BPA, which owns the freehold of a number of properties al Snape Mattings and receives an annual ground rent from the leaseholders. Snape Maltings Trading Limited has a wholly owned Subs￿[ary, Elm Property Management (Snape Mallingsl Limited (company registraliDn.' 6371788), which undertakes the care and rnanagement of fftsidenlial properties at Snape Mallings on bèhalf of the leaseholders. For slalutory purposes, this company was dom)anl for the year. The leadership team are responsible for the day-to-day operational management across the group of companies. The team mèet weekly and report to the Board through committees on all aspects of governance, financial perfomiance and risk management. Britten Pears Arts Financial Statements 2023124 11

TRUSTEES. REPORT (COMtINUED) GOVERNANCE Trustee Board The activities of BPA are Ultimate￿ controlled by ils trustee board which holds regular meeting$ throughout the year and is committed lo the principles of the Chanty Governance Code. By providing a range of experience and skills, it helps the leadership team lo achieve artistic success with stable finances. The Trustees provide guidance and knowledge across the organisation's activf(ies, spec*fically in areas includin9 artistic, heritage, ¢olleclions, financial an(J risk management, strategy, logistics, human resources, marketing, property and investments. They also support the organisation in maintaining a wide ne￿Ork of stakeholders. including e￿stIng and potential funders. Ability to hold office Prior to appoinlmenl, Trustees are required to confimi they are not barred from holding Offi￿ as a Trustee or Director. Declaration of interests In order to ensure that decision-making is transparent, all Trustees and senior managers of the Group are required to Sl9n a Declaration of Inleresis, and a standing agenda item requires Trustees and others present lo declare any interests that may arise in the course of each board meebng. Finance Audit and Risk Committee TheAudil Committee was merged with the Finan￿ Committee in September 2023 and is chaired by David Robbie. It includes board members Sarah Faulder, Sarah Zin8, Stephen Swift and Sarah Younger. Any Iruslee may attend meetings. The Finallce Audit and Risk Committee monitors the integrity of the slalulory financial statements, ensures the effectiveness of ltte systems of internal and risk control and Manages the effectiveness. perfomian and objeclivily of the external auditors. The Committee also monitors the management accounts, budgets and forecasts and overall financial performan￿ and recommends the strategy, policies and pr¢xedures for the Group's investments and eslale assets. ien the Committ$es were merged former Iruslees. Christopher Higgins and Oliver RNers, retired having previously been on the Audit Commiitee. The Finance Au(Jit and Risk Committ& meets four times each yearwf(h at least one meeting including the Group's extemal audf(grs. The perfomiance and re~appoinlmenl of the auditors is reviewed each year, and the Finance Aud(( and Risk Committee Chairman makes an appropriate recommendation to the Tnjstees. Remuneration and Nominations Committee As al 31 hllarch 2024 the Remuneration Committee Comprised David Robbie, Sir Simon Robey, Janis Susskind, Sarah Faulder. and Sarah Zins. The Committee meets as necessary to review and make recommendations relating lo changes to employees, salaries and benefits, including that of the Chief Executive. The Committee is also responsible for making recommendations lo the Board on the appointmènt of new Trustees. Collections Committee The role of Chair of the Colièctions Committee was taken up by Xerxes Mazda in Mar¢h 2024, when Scot McKendrick left the board. Other members are trustee Janis Susskind, former tw$lee Penny Heath and BPA PresKlent Colin Matthews. The committee oversees policy proposals and decisions relating to heritage assets of BPA including the archive collections, artworks, sculptu￿, The Red House collection and any agreed items held al Snape Mallings. The cornmiltee will a¢1 as an advisory board on major decisions about these collections, including new acquisilions.108n5, preservation and conservation. Capital and Property Development Commlttee The Capital and Propety Development Committee was set up during the financial year to oversee the Capital Programme. The committee is chaired by trustee, Lady Sarah Younger. Other trustee members are David Robbie, Sarah Zins and CL>opled member, Crispin Kelly. Charity Commission Code of Governance In February 2024 the board considered a report detailing an updated review against the Charity Commission Code of Governance, and an update on actions from the 2023 review. The actions for the year ahead include developing the Group Business Plan, a review of subsidiaries. developing a Iruslee recruitment policy and publishing a complaints policy on our websfte. Britten Pears Arts Finan(aal Statements 2023124 12-

TRUSTEES, REPORT {CONTINUED} KEY MANAGEMENT PERSONNEL All Trustees and non-exe¢ulwÈ directors of Group subsidiaries, together with Andrew Comben (who took over as Chief Executive Officer on 9 September 2024}, Hary Young (Chief Oper*ing OffI￿rI, and Angela Treagust (Chief Financial Officer) are considered lo be the Group's key management personnel. Roger Wright (Chief Executive Offitsrl left the organisal￿n on 31 August 2024. Sarah 8ardwell (Executive Director) left the organisation on 31 August 2024. Remuneration levels for key management personnel are sot within the context of budgets and plans which are approved by the board before implementslion and include, where appropriate, fecommendalions from the Remuneration and Nominations Committee. Details of payments lo key management personnel are provided in Note 7. FUTURE PLANS BPA launched a Capital Programme during 2023124 wlh the appointment of a Project Manager in October 2024 who then conducted an extensive process lo appoint an experienced Design Team to deliver the Programme. A range of capital and maintenance works on the BPA siles al Snape and The Red House, some of which were put on hold owing to the pandemic, bul which wll bring improved access and fitness for purpose of existing buildings. energy efficieneies and opportunities for future ievenue generation. The organisalion will continue to look al ways lo achieve ils strategic objectives, whilst remaining financially robust, within a challenging operating environment. FINANCIAL POLICIES Rese￿eS Policy In 2020121, following the merger of Snape Mallings and the Briiten Pears Foundation, the Trustees agreed a new reserves policy for the merged organisalion. The Trustees concluded that they would aim that unrestricted and undesignaled (free} reserves, not backed by fixed asset5, should cover six months of projected charitable costs excluding depreciation. This is a number of about £3,600k and compaTes to actLJal free ￿SeNeS of £2,175k. Although we have fallen short of the targgl al the end of 2024, the business is actively working towards ensuring that the target is met over lime. Unrestricted General Reserves These reserves slaod at £2,943k al the start of the year and fell lo £2,175k on 31 March 2024. The £768k decreasg is the nel of £11.186k of unrestricted income offset by £11.316k of unrestricted expenditure and a £626k transfer lo designated fijnds, which includes £302k of fixed assets. There was £12k of investment and other losses. Unrestricted Designated Reserves A designated fund is retained for fixed assets, and a £240k depreeialion charge in the year, combined wi(h a £302k transfer into the fund, left a closing balance of £3,880k. Further to this, a designated reserve is held for'securing the Future. The prime motivation forthis reserve is acknowledgement of the fact that royally ineomÈ is lime-lirTiiled, and provision should be made for the point al which it will start to fall away. The reseNe also provides security against the potential reduction in other key income sources. This reserve will be built over a period of years, noting that the largest drop in royalty income will happen seventy years after Benjamin Britten's death in 1976. The aim has bean set to build a reserve of £15 million. On 31 March 2024 it stood at £1,211k. Separate lo the funds outlined above, the￿ ¢s also £280k held in other designated funds relating lo Red House capital projects. Aldeburgh Young Musicians IAYMI and Music Makers Programme. Expendrture from olher designated funds was 45k in the year with expenditure from the Syrme Hart Trust on AYM. Restricted and Endowment Reserves Certain reserves bear ￿$trIct10n8 on their use imposed by donors, with some of these limiting, or barring, access lo the donated capital. Details of reslrided and endowment funds, including those of a pemianenl endowment nature, are provided in Notes 18 and 19. Investments The Trustees are responsible for setting the Fund's investment policy and strategy and are authorised lo make any investment they consider to be beneficial. The Trustees confirm they have remained within this power and continue Britten Pears Arts Financial Statements 2023124 13

TRUSTEES, REPORT (CONTINUED to keep their investment policy and strategy under review. A review in 2022 of the fund management pDIici8s confimied that there were no specific ethical issues which would be in conflict with the Charivs objectives, and the responsibility of the board to protect BPA'S repLrtation. Investment Pro ies The Trustees Consider il appropriate to invest in commercial property Whe￿ there is a strategic fil with the activities of the Group and such action provides a rate of return in excess of 50A of investment cost after the deduction of operational expenses. ￿en vacant perrods arise, local agents are appointed lo manage new lenan¢y advertising and to provide advice regarding rent levels. Market Investments .Meelings are held with investment.advisors al least once during the year lo monitor performance and réviéw strategy. Key aspects of the investment policy include the achievement, within acceptable leve15 of risk, of al least market-rate income whilst taking a long-term view regarding capital growth. The current income target is lo achieve a yield in excess of the FTSE All-share Index yield after the deduction of management charges and for capital growth lo outperform the FTSE All-share Index over the long-lerm. a period defined as being not les8 than ten years. There is also an interest bearing 95-d8y account held with Barclays. Investment P ormance All investment propertie5 wero tenanted during the year. The tsrget income yield of above 50A of cost was mel. KEY PERFORMANCE INDICATORS BPA and its Group entities measure progress against a number of indicators sel out in annual budgets and plans. 11 has been following SMART objectwes agreed wrth Arts Council England particularly focussed on the Creative Case for Diversity. Non-financial indicators include public engagement and rea¢h, the number of Festival commissions and largeling a rise in international collaborations. The main financial indicators include royally income, box office performance, fundraising income, retail sales and investment returns. The Board reviews key performance indicators at its meetings dLtring the year through receiving summary papers and within the Group, management accounts. PUBLIC BENEFIT The Charity Commission has distilled a number of principles of public benefri which must be addressed by charities. Any benefit arislng from an organisalion's adivilies musl be to the public or a section of the public. in respect of which the opportunty to benefrf( musl not be unduly ffslricled by ability to pay any fees Gharged,. and that people in poverty musl not be excluded from the opportunity to beneffÉ. In setting the level of I￿ke1 prices. fees. charges and concessions, the Trustees give careful consideration lo the accessibilty of concerts 2nd other projects lo Ih05e on low incomes. BPA'S pricing rellects ils aim of enabling all members within our communty, whatever their means, to lake part in ils activities. Tick81 pricing is generally dependent on event costs and seat location. Ensuring wide access is a priorty, r?sulling in lickel prices for many everits starting at or below £10. Concessionary prices are available al most concerts for younger people. Some events are undertaken lo generate public interest in the Charity's acliv((ies and are free to all. We are fortunate to have a loyal base of Friends and other supporters who aro ab￿ lo access a priority booking period. However, a number of tickets a￿ held back lo allow the general public the opportunty of purchasing seals al an otherwise sold-out concert. New audiences are eneouraged by the availability of £10 t￿ketS which are put on sale after the supporters have booked their lickels. Aelivities led by the LeaTning and Inclusion team. including working in care homes with people with dement￿, are making a positive difference to the physical and mental wellbeing of the public. Some projects undertaken by the Charity require participants lo pay for their travel and other costs. Financial support 18 made available to those in need such that. in approprtale circumstances, all costs are waThied. The Snape Mallings and Red House sites are steeped in history and are amongst Suffolys most v151ted tourist venues. The Maltings has open access and is available lo the public for recreational use such as walking, atthough visitors also enjoy the site's performance, catering and shopping f¥ililies. VOLUNTEERS Briiten Pears Arts is grateful to have the support of a body of unpaid volunteers who perfomi important duties at events including ushering, programme selling, gallery and museum invigilalion, archival cataloguing, gardening and leaming support. During the year, we w$re pleased lo have 156 volunteers12023: 2091 who worked a total of Britten Pears Arts FinanGial Statements 2023124 14-

TRUSTEES, REPORT {CONTINUED} approximately 10,889 hours12023.' 13,252 hours) and which would otherwise have cost an eslimaled minimum wage of £113,46312023'. £125,894}. Wilhoul the loyally and dedication of these peop￿, the organisalion would be forced to reduce ils progomme of events or increase concert prices. FUNDRAISIN Sections 13 and 14 of the Charities Act 2016 address public concem about how charities raise funds. The Charty Commission has issued guidance requiring trustees to confim that fundraising artivilie5 are compliant ￿th standards sel out in the Code of Fundraising PraCt￿e as well as those required under other guidelines and legislation covering areas such as dats protection. Monitoring fundralslng activities The Director of Development for BPA'S monitors aelivilies undertaken by this department across all Group enlilies. Regular reports are provided lo the Chief Executive and each Board meeting of BPA includes a review of activ[t￿S undertaken by the Fundraising team. During the year all fundraising activities were performod by BPA'S staff. No professional fundraisers were used to earry out fundraising activities on behalf of the Charity or any Group entity. Consequenlty, no fees or commission were paid lo professional fundraisers {2023.' £nill. Voluntary self-regulation The Fundraising Regulator is an independent regulator of chariL9ble fundraising, estsblished lo strengthen the system of regulation and preserve public trust in the nol-for-profil sector. The Chaitly has voluntarily reg￿tered wth the Fundraising Regulator and supports the aims and objectives of this organisation. Compliance with standards The Charity's fundraising activity complies with all relevant legislation and regulation, including the General Data Protection Regulation, and the Privacy and Electronic Communications Regulations 2003. The Trustees are not aware of any breaches of the Code of Fundraising Practice or other slandords. Complaints relating to fundralsing acLTvities Tho Charity has a policy regalding complaints received in relation tr) ils fundraising aclivilies. No C¢)mplainls were received in the year12023.' none). Vulnerable people, unreasonable behaviourand unduo pressure The Charity has never Ljsed telephone or doorstep methods lo induce donations trom members of the public and stopped sharing its data with other organisalions. Existing supporters and potential donors are required lo provide their prior consent lo the use of their data, particularly in relation lo receiving communications aboLJI fulijre events. The Charity's website and printed brochures encourage members of the public to participate in a number of supporter Schemes or lo consider leaving a legacy in their Wills. The Charity does not send unsolicf(ed mail or use other melhtsjs of contact that are not initiated firsl by the prospective supporter. EQUITY DIVERSITY AND INCLUSION BPA published it5 updated Equity. Diversity and Inclusion Slalemenl and the Equty, Diversity and Inclusion Action Plan during the year. This work is embedded across the organisalion with leadership driven by the Equity. Diversity and Inclusion working group that meets regulady, by the Exe¢ulwe Director, who is also a member of national EDI ne￿rk, and by a Iruslee ohampion. The Group aims to continue developing accessibilily and diversrty in all areas, whether il be for staff, volunteers, 8udiences, customers. performers or participants. Its mission is to make new voices heard within the oiganisalion, including at board level. To this end a clear programme of largels and actions has been dev&loped, training undertaken, and the voices of those with protected char8cleristies listened to, taking the particular challenges of the region into account. The programme present￿ by the Charity on ils various stages continues lo represent an extremely wide range of genres and styles delivered by a diverse group of musicians and performers and lo maintsin strategic audience development approach that focussed on diversity. We maintained 300k of bookers as new audiences and encourage the return first lime bookers. Continued efforts have been made lo diversify our workforce ￿¢rUitMent. The Group is an equal opportunities employer and has appropriate policies in place. Partners include Suffolk Refvgee Support, Diversity Dashboard, and Black Lives in Music. In addtiion, first interviews are offered online, together wrth help with travel costs for interviews in person. The Group is working lo improve access lo the sile and to ensure access lo all is extended. It r8 exploring how the barriers of geographical limilali)n. the demographic of the region and the remote l¢xations of our siles can be overcome. Britten Pears Arts Financial Statements 2023124 15-

TRUSTEES, REPORT ICONTINUEDI ENVIRONMENT BPA rewgnises that the climate crisis is one of the most important issue facing the planet today. We acknowledge our infFuen¢e as a major arts organisalion and owner of two visitor destinations and embrace our responsibility and duty to reduce our csrbon footprint. It is the 8mbilion of BPA and Snape Maltings Trading Limited lo be a force for change an(4 lo engage all our staff and visitors in the mission. Action plan Inrtiatives in 2023124 included commissioning detailed studies and options appraisals for green energy solutions, the creation of a free (and popularl bus seNice for the Aldeburgh Festival, and an effective campaign to reduce visitor waste and increase recycling. There has been an increase in the number of events with RSPB to promote the enjoyment of the environment and local landscape. In 2023124, BPA'S music facilrties al Snape Mallings generated 832 tonnes C02e. 13Y• higher than in 2022123. Although carbon generated from energy use and waste were 8ignificanlly down, there was an increase in eslimaled Scope 3 carbon generated from audience travel due to increased visitor numbers and a change in the calculation methodology. The most impaclful areas wgre.. 246 lonnes of carbon dioxide 127 tonnes of carbon dioxid& 385 tonnes tsf carbon dioxide Energy (down from 2611 Waste (down from 2951 Audience travel (up from 1691 (Scope 3} We continue lo use guidance created by the Theatre G￿en Book project to help shape our action plan to reduce this carbon footprint and will use our upcominu capital programme to help set ambitious carbon reduction targets. The eapttal programme, scheduled to be delivered by June 2028, has sustainability as a key pillar and will aim to make Snape Mallings a regional exemplar of arts organisalions transitioning lo using green energy. Ingleton Wood has been appointed as the programme's sustsinability consultants. Key project elements include,. Providing a low carbon allernalive lo the oil-fired system that currently heats the concert hall. the Hoffmann Building and the Britten Pears Building. The current strategy is lo use the spare capacity of an existing biomass boiler, with woodchip sourced 3 miles from Snape Mallings. By following this strategy, carbon emissions for energy would be reduced by 900￿. The team remains alert lo drfferent solutions. Insulating the concert hall roof and replacing the concert hall's lighting system with LED allernalives. A grant has been awarded lo fund more than 50¥0 of the costs. Installing al least 600sqm of photovoltaic panels on soulh-facing roots at Snape Mallings, subject to Listed Building Consent. A local transport initiative to provide electric minibuses to serve the community and visitors to our sites. The capital programme'$ Delivery Committee has been given oversight responsibilily for BPA'S carbon reduction plans. UALIFYING THIRD PARTY INDEMNITY PROVISIONS The Charity has made qualifying third-paty indemnity provisions for the benefit of its Trustees during the year. These provisions remain in force al the reporting dale. UDITORS RSM UK Audit LLP have indicated their willingness to ¢onlinue in office. A resolution lo re-appoint RSM UK Audit LLP as auditors for the ensuing year will be proposed at the Annua General Meeting. In so far as the Trustees are aware.. there is no rel&vanl audit information of whih the Group's auditors are un8war8'. and Trustees have taken all steps they ought to have taken to make themselves awar& of any relevant audtt infoimalion. and to eslablTrsh that the auditors are awaro of that infomiation. Britten Pears Arts Financial Statements 2023124 16-

TRUSTEES, REPORT {COf4rriNUED) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the Directors of BPA for the purpose of company lawl are responsible for preparing the Trustees, Report and the ac¢ounls in accordance bwlh applicable jaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charrty and the Group and of the incoming resources and application of resources, ncluding the income and expenditure, of the Group for that year. In preparing those financial statements. Trustees are required to:. sele¢l suitable accounting policies and then app￿ them consislenlly- observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial stalemenls., and prepare financial slalemenls on the going concern basis unless it is inapproprfale to presume that the Group will continue in operation. The Trust¢e$ are responsible for keeping proper accounting records which disclose wtth reasonabk accuracy at any time the financial position of the Charity and which enable them lo ensure the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Lagislalion in the United Kingdom goveming thè preparation and dissemination of financial slalement5 may drffer from legislation in otherjurisdictions. By order of the Trustees and signed on their behalf on 11 October 2024. Sir Simon Robey t£KSlGN Chair 4LRJYP28-t?X15LLQ Britten Pears Arts Financial Statements 2023124 17-

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITTEN PEARS ARTS Opinion We have audited the financial slalements of Britten Pear5 Arts {the'parent charitsble company'l and its subsidiaries Ilhe'group'l for the year ended 31 March 2024 which comprise the Consolidated Slalemenl of Financial Actmties, the Consolidated and Charity Balance Sheels, the Consolidated Slalemenl of Cash Flows and notes to the financial ststemenls, including signrficant accounting policies. The financial reporting flamework that has been applied in their preparation is applicable law ané United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom GenerallyAccoptsd Accounting Praclicel. In our opinion the ffnancial slalemenls-. give a true and fair view of the state of the group's and the parent charitable company's affai¥s as at 31 March 2024 and of the group's incoming resources and application of resou¥ces, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with Untted Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 20(￿. Basls for oplnlon We conducted our audit in accordance wth International Standards on Auditing {UKI IISAS IUKII and apPI￿able law. Our responsibilities under those standards are further desciibed in the Audlcorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charilabtè company in accordance with the ethical requirements that a￿ relevant lo our audit of the financial slalemenls in the UK. ineluding the FRC'S Ethical Standard and we have fulfilled ourotherethical responsibilities in accordance with these requirements. We believe *hal the audit emdence we have obtained is SLrffi¢ienl and approprrate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of aeeounting in the preparation of the financial slalemenls is appropriate. Based on the work w6 have performed. we have not idenlffied any material uncertainties ￿lating lo events or condrf(ions that, individually or collectively, may cast significant doubl on the group's or parent charitable company's ability to continue as a going concern for a period ol al least twelve months from when the financial stslemenls are aulhorised for issue. Our responsibiifties and the responsibilities of the Iruslees wilh respect lo going concern are described in the relevant sections of this report. Other information The other infomiation comprises the information included in the Annual Report other than the financial slalemenls and our auditor's report Ih&reon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other inft)rmalion and. except to the extent othen￿lSe explicitly slated in our report. we do not express any fomi of assurance Conclusion Ihereon. Our responsibility is to read the other infomalion and, in doing so, consider whether the other infomialion is materially inconsistent w￿th the financial statements or our knowledge obtained in the course of the audit or olhemise appears to be materially misslaled. If we identfy such material incon5iStencies or apparent material misstatements, we are required to delemiine whether this gives rise lo a material misslatemenl in the financial slalemenls themselves, If, based on the Work we have performed, we conclude that there 15 a material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Britten Pears Arts Financial Statements 2023124 18-

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRirrEN PEARS ARTS (continued) Qpinlons on other matters proscribed by the Companles Act 2006 In our opinion, basecl on the work undertaken in the course of the audit: the information given in the Trustees, Report, which includes the Direclor5' Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial stslemenls are prepared is consistent ¥Mlh the financial slalements., and the Directors, Report and the Strategic Report included vnthln the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charitable company anol their environment obtained in the course of the audit, we have not tdentffied material misstalemenls in the Directors, Report. or the Strategic Report included within the Trustees, Report. We have nothing to report in re￿ct of the following matters where the Companies A¢1 2006 require us to report lo you if, in our opinion.. adequate aecounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us.. or the parent charitable company financial stslements are not in agreement with the accounting records and returns,. or certain disclosures oftrustees, remuneration specifiod by law are not made,. or we have not received all the infomalion and explanations we require for our audit. Responsibilitios of trustees As explained more fully in the Statement of Trustees, responsibilities sel out on page 17 the Iruslees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees delemiine is necessary lo enable the preparalion of financial statements that are free from material misslatemenl, whether due lo fraud or error. In preparfng the financial slalements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using tho going concern basis gf accounting unless the trustees either intend to liquidate the group or pa￿nI charitable company or to cease operations. or have no realistic allemalive bul lo do so. Audltor's responslbllltles for the audit of the flnancial statemgnts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assufance, bul is not a guarantee that an audit conducted in accordance wrf(h ISAS IUKI will always deled a material misslalemenl when il exists. Misststemenls can alise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected lo influence the econom￿ decisions of users tsken on the basis of these financial stalemenls. Thg extent to which the audit was consldered capable of detecting irregularitles. including fraud Irregularities are instances of non-complian￿ with laws and regulations. The objectives of our audit are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disc105ures in the financial slalemenls. lo perform audit procedures lo help idenlty instances of non<ompliance wV<h other laws and regulations that may have a material effect on the financial statements. and lo respond appropriate￿ to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial slalements due to fraud, lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud through designing and implementing appropriate responses and lo respond appropriately lo fraud or suspected fraud identified dufing the audit. Britten Pears Arts Financial Statements 2023124 19-

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIThEN PEARS ARTS (continued) However, it is the primary responsibilty of management. with the oversight of those charged with governance, to ensure that the entity's operations are eonducled in accordance wrth the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team.. obtained an understanding of the nature of the sector, including the legal and regulalory frameworks that the group and parent charitable company operates in and how the group and parent charitable company are eomplying with the legal and regulatory frameworks.- inquired of management. and those charged with governance, about thelr own identification and assessment of the risks of irregularities, including any known adual, suspected or alleged inslanees of fraud. discussed matters about non<ompliance with Laws and regulations and how fraud might occur. including assessment of how and where the financial slalemenls may be Susceptible to fraud. As a result of these procedures, we consider the most significant laws and regulations that have a direct impad on the linancial slalemenls are FRS 102, Char((ies SORP IFRS 1021, Companies Act 20C6, Charities Ael 2011, the parent charf(able company's governing dtxumenl, lax legislation and Charities IProleclion and Social Investment) Act 2016. We perfomed audrt procedures lo detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees. Report, remaining alert lo any new or unusual transactions which may not be in accordance with the governing documents. inspecting correspondence wyih local lax authorities and evaluating advice ffceived from extemal advisots. The group audit engagement team identified the risk of management override of controls and completeness of certain income as the areas where the financial statements were most susceptible to material misslalemenl due lo fraud. Audit procedures performed included bul were not limited to testing manual joumal entries and other adjuslmenls, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the nom)al course of business and perfomiing tests ol detail in relaly)n lo the comp￿eneSS of income. A further description of our responsibilities for the audit of the financial statemen15 is provided on the Financial Reporting Council's website al htt .'IlwMw.frc.or .uklaudilor's responsibilities. This d$scriplion folms part of our audrtor's report. Use of our report This report is made solety lo Ihg charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stsle lo the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fulle81 extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinion5 we have formed. Claire Sutherland {Senior Statutory Audilorl For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Charte￿d Accountants 1S1 Floor Platinum Building st John's Innovation Park Cowley Road Cambridge C84 ODS 4Jv&￿2024, ELUSIGN 4Q23P9YW-13XJSLLQ Date Britten Pears Arts Financial Statements 2023124 -20-

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrest'd Funds £'ooo 2,605 1,661 6,720 2QO 11,186 Rest'd Endowm't Funds Funds £'ooo £'ooo 2,000 4,998 Total 2024 £'ooo 9,603 1.661 6.720 413 18,397 Total 2023 £'ooo 4,369 1,473 6.642 296 12.780 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Totsl income and &ndowm¢nts 146 2.146 67 5,065 Expgnditure on: Costs of fundraising Costs of other actimties (trading) Charitable aclwilies Total expenditure 550 5,432 5.630 11,612 550 5,432 6.845 12,827 5.272 7.483 13,299 941 941 274 274 Net gainslllossesl on investments 11 182 451 632 12171 Net incomellexpenditurel 427 5,242 6,202 736 Transfers beh￿een funds Other recognised Ilossesllgalns 18,19 18,19 {701 113 1431 {354) 13541 342 Net movement In funds 18,19 497 1,500 4.845 394 Reconciliation of fund$: Total funds brought forward Total funds carried fonyard 18.19 18,19 8,043 7,546 8,132 9,632 42,264 47.109 58.439 64,287 58,833 58,439 FOR THE YEAR ENDED 31 MARCH 2023 Unrest'd Funds £'ooo 3,094 1,473 6.642 163 Rest'd Endowm't Funds Funds £'ooo £'ooo 1,275 Total 2023 £'ooo 4,369 1,473 6.642 Totsl 2022 £'ooo 3,554 854 6,651 251 41 11,351 Note Income and endowments from: Donations and legacies Charitable ac1wit￿S Other trading activities Investments Other income Total income and endowments 133 1.408 12.780 Expgndlture on: Costs of fundraising Costs of other aclivits'es Ilrading) Charitable activities Total expendlture 544 5,272 5,879 11,695 563 5,125 5.426 11,114 5,272 7.483 13,299 29 29 1.575 Nel Ilossesllgains on investments 11 1141 (651 1138) 12171 382 Net lexpenditurellincome 337 232 167 736 619 Transfers belween funds 18.19 Other recognised gainslllossesl 18.19 342 342 369 Net movement In funds 18,19 337 232 175 988 Reconciliation of funds: Total funds brought foiward Totsl funds carried forward 18,19 18,19 8.364 8.132 42,089 S7 845 42,264 58,833 The notes on pages 24 to 46 form part of these financial slalemenls. All income relates lo continuin9 operations. Britten Pears Arts Financial Statements 2023124 58,833 8,043 21

CONSOLIDATED AND CHARITY BALANCE SHEETS Company reglstration number: 980281 Charity registrauon number: 281383 AS AT 31 MARCH 2024 Group 2024 £'ooo Group 2023 £'ooo Charity 2024 £'ooo Charity 2023 £'ooo Note Fixed assets Intangible assets Tangible assets Heritage assets Investments 25,680 20,529 25,501 20,883 25,158 20,529 24,911 20,883 10 59,853 54,900 Current assets Stocks Debtors Cash al bank and in hand 13 14 547 2,253 4,660 7,460 543 2,493 3.592 6.628 2,271 4,061 6,332 2,232 4,803 Creditors: amounts falling due wrf(hin one year 15 2,197 1,741 1,654 1,100 Net current assets 5,263 4.887 4.678 Totsl assets less ¢urrent liabilities 64,295 58,448 64,531 58,603 Creditors: amounts falling due after more than one year 15 Net assets 20 64,287 58,439 64.525 The fund$ of the Group and Charity Unrestricted funds 18 7.546 8,043 7,784 8.201 Restricted funds 18 9,632 8,132 9.632 8,132 Endowment funds 19 47,109 42.264 47,109 42.264 Total funds 20 64.287 58.439 64.525 Nel ineoming resources for the Charity were £5,928,00012023.' outgoing £1,042.0001. A separate Statement of Financial Activities is not presented because the Chanty has taken advantage ol the exemptions afforded by Section 408 of the companies Act 2006. Approved by the Trustees. authorised for issue and signed on their behaw on 11 October 2024. Iy)X51GN 4LRJYP28-13K15LLQ Sir Simon Robey Chair The notes on pages 24 to 46 form part of these financial slalemenls. Britten Pears Arts Financial Statements 2023124 -22-

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Note Group 2024 £'ooo Group 2023 £'ooo al Cash flows from operating activitia$: Net cash provided byllused inl operatlng actlvities 5,805 794 Cash ftows from investing activities: Dividends, interest and rents from investments Purchase of fixed assets Purchase of investments Proceeds from sale of investments Net cash (used inllgeneratgd by investing actlvities 348 14581 15,0281 401 281 (3031 1500} 522 Change in cash and cash equivalents In the reportlng period Cash and cash equivalents at the beginning of the reportlng period Cash and cash equivalents at the end of the Teportlng pgrfod 1,068 11,3161 4908 b) Reconciliation of net incomellexpenditurg) to net cash flow from operating adivltles Net incomellexpenditurel for the reporting period Adlustments for: Depreciation and amortisation charges Lossesl{gainsl on heritage assets (Gainslllosses on investments revaluation (Gainslllosses on disposal of investments Lossesl{gainsl on disposal of fixed assets Dividends, interest and rents from investments Ilncreaselldecrease in stocks Ilncreaselldecrease in debtor5 Increaselldecrease} in creditors Net cash provided byllused in} operatlng activitie5 394 284 354 {6321 252 {3421 198 19 11 14131 14) 181) 438 12961 IS81 250 423 5.805 794 cl Analysis of Cash and Cash Equivalents Cash in hand Total cash and cash equivalents 4,660 4.660 3.592 3,592 24 The notes on pages 24 10 46 form part of these financial statements. Britten Pears Arts Financial Statements 2023124 -23-

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Ba$is of accountlng Brillen Pears Arts is a charitable company domiciled and registered in England and Wales. The principal a￿oUntIng policies adopted in the preparation of the financial statements are set out bek)w. Britten Pears Arts meets the definition of a public benefit entity under FRS 102. These accounts have been prepared undei the historical cost convention as modified by the recognition of certain financial assets measured at fair valuo in accordance with generalty a¢cepled accounting principles. Accounting and Reporting by Charities.. Statement of Reeommended Practice appli¢8ble lo chariti&s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- Icharilies SORP (FRS 1021}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Assets and liabilities are inf(ially recognised al historic cost or transaction value unle55 Otherwise stated In the relevant accounting policy note. The financial slalements are p￿pared in Sterfing, which is the functional currency of the Chariiy. Monetary amounts are rounded to the nearest £'OOO. Basis of Consolidation The Group's financial statements comprise the financial 51atements of Britten Pears Arts, its subsidiary undertakings Snape Malting$ Trading Limited, Brillen Estate Limited, Elm Property Management (Snape Mallingsl Limited, and their respective subsidiaries. Reduced disclosure The Charitable Company has taken thantsge of the exemption from disclosing the following information. as permilled by thè reduced disclosure regime within FRS 102.. Section 7 'Statemenl of Cash Flows, Presentation of a Ststement of Cash Flow and related notes and drscbsures. Section 11 'Basic Financial Instnjments. & Section 12 '01her Financial Instrument Issues, Carying amounts for financial instruments measured at amortised cost or cost ￿$$ impairment, interest incomelexpense and net gainsllossgs for financial instruments measured al amortised cost, loan defau115 or breaches, and descriptions of hedging relationships. Section 33 'Related Party Disclosures'_ Compensation for key management personnel. Significant judgements. e$tlmates and uncertainties recognlsed In the financial statements The Charity's aims, objeclives and strategies are identified in the Trustees, Report on page 4. Preparation ofthefinan¢ial statements requires the directors to make estimates ?ndjudgements. The areas in the financial slalements where these estimates and judgements have been made include". Valuation of Pro Freehold land and buildings represent a significant proportion of the organisalion's balance sheet and therofore the estimates and assumptions made to detemiine the carying value and related depreciation (Note 9) are important to Britten Pears Arts's reported financial position and total expendf(ure. In deciding the expected useful life of tangible fixed assets, the organisalion's experience is considered together with generally ac¢epted best practice. Consideration is also given as to the likelihood of impairment. Valuation of herila e assets Heritage assets represent a significant proportion of the organisalion's balan￿ sheet and therefore the estimates and assumptions made lo determine the carrying value (Note 101 are important lo BPA'S reported financial position. all Revenue Determining the amounts to be accrued for Royalty revenue r￿￿ed post year end, relating lo the 2023124 financial year. Tradin Inventories Reviewing the inventories held at year end, in particular for the promsion of slow or obsolete st¢xk. Britten Pears Arts Financial Statements 2023124 -24-

NOTES TO THE ACCOUNTS (continued) ACCOUNTING POLICIES (contsnued) Going concem Customer numbers continued a positive trajectory during 2023124, following a yea¥ where, compared to many other arts organisations, our numbers attending performances weff relalFvely strong. Ticket revenue was ahead of budget in 2023124, reflecting a POSTtive surnmer and sales ahead of budget for the Spring. Whilst our music programme exceeded target, philanthropic operating income was down on budget,. and despite the Retail trading operation meeting tsrgel during the year, the full year outtum for our trading subsidiary, Snape Mallings Trading Ltd {SMTLI, was impacted by lower than budgeted ¢alering sales in the summer of 2023 and lower than budgeted art gallery and accornmodation sales throughout the year. Tho Group and Charity have performed financial modelling for the.period-to 31 March 2026 which tak&s.inlo. consi¢Jeralion the impact of a range of stress tests relating to lower income and higher operallng costs on the forecast posrf(ion. The key assumptions used include the delivèry of a break-even budget for 2025126, with an uplift in box office income, minimal increase in staff costs, a continuation of a two-week Aldeburgh Festival and a full programme of artistic activity throughoutthe year, supported by an increased return fiom the trading subsidiary SMTL. The strength of the programme for the 2024 Aldeburgh Festival, coupled with an updated ticketing strategy resulted in vastly increased pre-sales during January to March 2024. There have l)een range of changes within our marketing team during 2023124. with new skills being brought into the team. The focus has been on developing ouraUdien￿ reach with the aim of MaXim￿S1ng potential revenue. both in temis of box office receipts and wider tra(Jing revenue. Brrtten Pears Arts has provided letters of supportto ils subsidiary companies, Snape Mallings Trading Limited and Elm Propety Investments (Snape Mallingsl Limited conliming that it is willing lo provide any necessary fi'nancial support lo ensure they are able lo wnlinue to meet their liabilities as they fall due. This includes bul 15 not limited lo not seeking repayment of any Group ¢reditors should it be required for at least 12 months from the dale of signing the financial statemenls. Financial projections of Brillen Pears Arts support the ability of the Chaty lo provide this support. Having considered all the factors noted above, the Trustees are satisfied that there are no material uncertainties in respect of going concern and Ihatlhere is a reasonable expectation Ih*the Group and Charity have adequate resources to continue in operational existence for the foreseeabk future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial slalemenl8. Income Income from grants and donations is recognised once enlillemenl lo the funds has been confirmed, it is probable the resources will be re￿1ve￿, and the monetary value can be me85ured with sufficient reliability. Income is deferred where a donor has imposed performance conditions that must be met before there is uncondtiional entillemenl lo the funds. Legacy income is recognised when there is legal entillemenl (from date of probate, or from re￿Ipl if earlier). receipt is probable Ithere are no material uncertainties on the eslale), and the amount can be measurecF reliably (financial information in respect of the eslale has been received). Income is not recognised for legacies Subject to a lrfe interest. Grants and donations received of a capital nature are held in a restricted fund, or otherwise depending on the donorfs condf(ions, and depreciation of the relevant assets is charged to the appropriate fund. Donations of property aTe professionally valued and accounted for at the time ownership passes lo the Charsty. Donations or legacies in the form of tradable securtiies are recognised al market value on the dale control is passed. Income generated from the sale of concert tickets. admissions, goods and sejmces is stated nel of Value Added Tax. Box office receipts and Other in¢ome received in advance of the date of performance is deferred where il does not meet the income recognition criteria noted under the Charities SORP {FRS 102). Royally income is accounted for when receipt may be anticipated wrth reasonable p¥obability. Rental income accounted for under other trading activit￿S relates lo income earned from letting properties that are also ulilised by the Charity in delivering charitable aclivilies. Investment income is accounted for on an accruals basis. Britten Pears Arts Financial Statements 2023124 -25-

NOTES TO THE ACCOUNTS (continued) ACCOUNTING POLICIES {continued) Expendtture Expenditure is inciuded on an 8ccrual$ basis and allocatèd, along with ony associated irrecoverable Value Added Tax, to the appropriate heading in the accounts. Costs of fundr This is the cost of Brillen Pears Arts, fundraising leam, who generate income from trusts and foundations, individuals and the business sector. Costs of other activities This includes retail and catering expendilure.incurred by Snape Mallings Trading Limited, and also service charge5, repairs and legal fees associated with the CTeation and agreement of leases with shop lenanls. Charitable activf(ies'. Expenditure incurred to meet charitable aims and objectives, including artistic artivity within the Concert Hall, Èhe Red House and the archive and other venues, artistic development through the Brillen-Pears Young Artist Programme, Aldeburgh ResKlencies, Aldeburgh Young Musicians and Leaming and Inclusion's outreach into the ¢ommuntty. ort costs. Supportcosls representthe ￿ntral seNices of the Group, including human resources, finance and information technology, and costs of maintsining facilities such as repairs, insurance, business rates and ulililies. Support Costs have been allocated across the Charity's activities as indicated in Note 4. Operating lease agr8gments Rentals applicable lo operating leases where Substantial￿ all of the benefits and risks of ownership remaln th the lessor are charged lo expenditure on a straight-line basis ovgr the length of the lease. Dgferrgd tax Deferred lax is calculated al the lax rates expected to apply lo the pèriod when the asset is realised or the liabilily is settled based on lax rates that have been enacted or substantively enacted by the Teporting date. Defefftd lax liabilitiès are ￿CogniSed in respect of all timing differences that exist al the reporting dale. Timing differences are differences be￿eeTr taxable profits and total comprehensive income that arise from the inclusion Df income and expenses in lax assessments in different periods from their recognf(ion in the financial slalements. Deferred lax assets are wognised to the exient that the Directors considèr it probable that they will be recovered by the reversal of dgferred tsx liabilities or other taxable proff(s generated in future periods. Intangible fixed a$$ets Intangible assets comprise c8Pit8lised wmputer software and goodwll. Capilalised compulgr software is amortised over ils useful life, which is usually three lo five years. Goodwill ￿preSentS the difference between consideration gwen and the fair value of separable nel assets at the dale of acquisition and is now fully arnortised. Tangible fixed assets Tangible fixed assets costing up to £500 are not capitalised and are written off in the year of purchase. Works of art are not subject lo iegular professional valuation due lo the potential for the periodic rise and fall in the value of works of art as the popularity of their creator changes from one peiiod lo another. Capital works in progress are held under freehold land and buildings and depreciation commenced when the asset is brought int¢ use. Britten Pears Arts Financial Statements 2023124 -26-

NOTES TO THE ACCOUNTS (continued) ACCOUNTING POLICIES Icontlnuedl Depreclatlon Tangible fLxed assets are stated at historic or deemed cost following the adoplK)n of FRS 102. less accumulated depreciation. Depreciation is calculated to write off the cost of tanglble fixed assets over the period of their expected useful life as follows.. Land No depreciation. Freehold propety 50 years slraight-line basis, down to residual value. Freehold property improvements Up lo 50 years straiohl-line basis depending on the expected life of the asset, down lo residual value. Up lo 50 years slraight-line basis depending on the period of the lease, down lo residual value. Up to 50 years $lraighl-line basis depending on the peric%J of the lease. Two to four years slraight-line basis. 4% 10 50Dh per annum slraight-line basis. 100A to 200A per annum slraight_line basis. No depreciation is provided where, in the opinion of the Trustees, the estimated residual value is in excess of the net book value. Otherwise.. 10 years straight-line basis. No depreciation as their residual valuation is considered to be at least equal to their holding value. A revised estimate of the residual value of freehold and long leasehold property was made in 2019120 and this has been set at 80Vo of ¢osl, given the conseNation requirements placed upon the Charity's buildings. Long leasehold property improvements Short leasehold propety improvements Motor vehicles Office furnrture and computers Plant and equipment Musical instruments Works ofart Impaimient reviews Impairment reviews a￿ undertaken when indicators highlight that such reviews are required. Where an asset'$ holding value is considered lo be impaired, the loss is taken through the Slalemènt of Financial Aclivilies. Heritage assets Previously acquired heritage assets are recorded in the financial slalemenls al market value. Additions to heritage assets since the last valuation are recorded at cost. The Trustees have adopted a policy of revaluation and as such the value of heritage asset5 is considered by the Trustees annually and is subject to a full professional valuation every five years. Where the valuation oblain@d is considered by management to not reflect a range of current market indicators, management will lake a view based on all available information. The Trustees consider that the depreciation charge and aceumulaled depreciation on manuscfipts and other archival material is immaterial due to the extended useful economic life of these assets. Britten Pears Arts Financial Statements 2023124 -27-

NOTES TO THE ACCOUNTS (continued) ACCOUNTING POLICIES Icontinuedl Investment propertles The Companies Act 2006 ￿qUIreS all properties lo be depreciated. However. this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The Trustees consider that, because investment properties are not held for consumption bul for their investment potential, lo depreciate them would not give a true and fair view of the Charity's financial position. As such these properties are carried at market value al each reporting date. Market value is assessed at regular inteNals, or sooner in volatile economic circumstances, using a professional valuer. Surpluses or deficits arising on revaluation are charged or ¢￿dited through the Statement of Financial Aclivilies. Listed investments Évlw￿. Listed investments a￿ valued'al bid pricé. DITferericèS ansing on rriarkel value are tsken to the Statement of Financial Aclivilies. Realised gains and losses are recognised when the investment is disposed of, unrealised gains and losses are recognised annually. Investments in subsidiaries Investments in subsidiaries are held in the accounts of parent enlilies at the value of pu¥chased share capital and are eliminated on consolidats'on. stocks Stocks are stated at the Eower of cost and net realisable value. Obsolete items carry a corresponding provision. Flnancial instruments The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslnjments. and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised when the Charity become$ party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, wrth the nel arnounls presented in the financial stalemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Trade Grou and other debtors Trade, Group and other debtors (including accrued incomel which are receivablewilhin one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured al amortised ¢osl, being the transaction price less any amounts settled and any impaimient losses. Where the arrangement with a debtor conslitules a financing transaction. the debtor is initially measured al the present value of future payments discounted al a mark81 rale of interest for a Similar debt instrument and subsequently measured at amortised cost. A provision for impairment of trade debtors is established when there is objective evidence Ihalthe amounts due will not be collected according lo the original terms of the contract. Impairment losses are recognised in the Statement of Financial Activities for the excess of the carrying value of the trade doblor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objeclivety relate lo an event occurring after the impairment loss was recognised, are recognised immediately in the Statement of Financial Activities. Trdde Grou and other creditors Trade. Group and other creditors (including accru?Isl payable within one year that do not constitute a financing transaction are initially measured al the transaCt￿n Pri￿ and subsequently measured at amortised cost, being transaction prits less any amounts sèttled. Where the arrangement with a creditor constitutes a ffnancing transaction. the creditor is initially measured at the present value of future payments discounted at a market rale of interest for a similar instrument and subsequently measured al amortised cost Britten Pears Arts Financial Statements 2023124 -28-

NOTES TO THE ACCOUNTS (continued) INCOME AND ENDOWMENTS 2024 £'ooo 2023 £'ooo Donatlons and legacies." Arts Council England core grant L¢xal aulhorily, publlc and EU grants Trusts and foundations Corporate Private individuals Gift Aid recovered on private individual donations Membership. subscriptions LegaC￿S 1,429 1,429 115 1,461 6.821 17 703 175 79 283 9,603 991 221 62 86 Charitable activhles.. Box Office and admissions Box Office commission and processing charges Co-production income Course and audition fees Hire. recording and other sile use for artistic purposes Theatre and Orchestra Tax Relief Programme books and other 1,022 14 55 90 82 304 94 1,861 918 14 98 87 200 149 1,473 Other tradlng actlvltles." Trading tumovei. including retail, catering, advertising and Sponsorship Royakies 5,475 5.365 Investments.. Dividends and interest received on bank deposits and investments Rents received including service charges 329 84 413 197 99 296 Total Income and endowments 18,397 12,780 Britten Pears Arts Flnancial Statements 2023124 -29-

NOTES TO THE ACCOUNTS (continued) NET INCOME FROM ACTIVITIES OF TRADING SUBSIDIARIES The Charity has threè aclwe wholty owned trading subsidiaries which are consolidated into the Group's accounts, Snape Mallings Trading Limited (Company Number 15195271, Britten Estate Limited {Company Number 20639091 and Elm Property Investments {Snape Mallings) Limited (Company Number 09841832). The principal activities of both companies are highlighted on page 11. A summary of Snape ma￿IngS Trading Limited's result ts gwen below and is taken from the audf(ed accounts of that company and therefore includes transactions undertaken wth other Group enlilies which are eliminated on consolidation ofthe Group's financial slalemenls. The company generated a loss before taxation of£65,000 12023.. loss of £52,OQOI. The Company does not have distributable reserves meaning that there was no Grft Aid distribution lo Brillen Pears Arts (2023.. nill. 2024 £'ooo 2023 £'ooo Turnover Cost of sales Gross profrt 5,624 2.520 3,104 5,480 2.506 2,974 Adminislralive cosls exclijding amortisalion of gocxjwill Other operating income 13,1691 13,046} 20 Loss before taxation 65 52 Tax on loss 700 (Lossllprofil after tsxation and retained Iloss)Iprofrt for the period 65 648 A Summary of Britten Eslale Limf(ed's result is given below and is taken from the audited accounts of that company and therefore includes transactions undertaken with other Group enl((ies which are eliminated on consolidation of the Group's financial ststemenls. The company generated a profil before taxation of £1,194,000 12023.. £1,204,000). In 2022123 £700,000 of the company's profil was paid lo Snape Mallings Trading Limited in relum for the surrender of Snape Mallings Trading Limrted's lax losses. A Gift Aid di51ribution lo Britten Pears Arts was made for the profil after taxation of £1,194,00012023.' £504,000). 2024 £'ooo 2023 £'ooo Tumover Cost of sales Gr08s profrt 1,224 1.238 1.224 1,238 Administrative costs {301 1341 Profil before taxation 1.194 1,204 Tax on profit (7001 Profil after taxation and retained profit for the period 1,194 504 Britten Pears Arts Financial Statements 2023124 -30-

NOTES TO THE ACCOUNTS (continued) NET INCOME FROM ACTIVITIES OF TRADING SU8SIDIARIES Icontlnuedl A summary of Elm Property Investments {Snape Majtingsl Limited's result is given beksw and is taken from the audited accounts of that company and therefore includes transactions undertaken with other Group entities which are eliminated on consolidation of the Group's financial statements. The company generated a loss before taxation of £8,00012023'. £6.0001. During the year lo 31 March 2024 a Grft Aid distribution lo Britten Pears Arts was made of £8,000 {2023'. £nill 2024 £'ooo 2023 £'ooo Tuinover Administrative costs Operating loss 16 {71 14 {3} Loss on revaluation of inve51tn8nt prop&￿e$ Loss on disposal of inv$slmenl properties {2} Loss before taxation Tax on loss Loss after taxation and retained loss for the period Britien Pears Arts Financial Statements 2023124 31

NOTES TO THE ACCOUNTS (continued) EXPENDITURE Direct Support costs £'ooo 210 Total 2024 £'ooo 550 Total 2023 £'ooo 544 £'ooo 340 Costs of fundraising Costs of other activities (trathng) 388 5,432 5.272 Charitable adlvltles." Artistic activities Artistic development Archive, Exhibitions and The Red House Community 2,621 1,539 S13. 184 4.160 1,290 503 4,542 319 454 557 4.274 335 892 6,845 783 Total resources axponded 9,658 3,169 12,827 Direct costs relate lo expenditure reqUI￿d to undertake fundraising and charitable aclivilies and include stsff costs for the relevant teams and directly attributable expenditure such as trading cost of sales and overheads. Analysls of support costs.. Costs of other actlvStSes £'ooo Charitablè Costs of activities fundraising £'ooo £'ooo Totsl 2024 £'ooo Totsl 2023 £'ooo Type of ¢osL' Basis of Ilocation Operations and sile running Direct coslsrtime spent Administration, IT and finance Direct eostsllime spent Direct coslsllime spent 1.478 120 89 1,687 1,762 1,045 299 1,430 1.328 Govemanee 48 52 57 2.571 210 388 3,169 3,147 NET INCOME FOR THE PERIOD 2024 £'ooo 161 283 2023 £'ooo 15 251 This is staled after ¢hargingllcrediling}'. Stock provisions Depreciation Amortisalion of intangible fixed assets Auditor's remuneration- slalulory audit (Charity only) slalulory audrf( {other GTOUP entities) tsx compliance tax and other advisory services Rentals paid under operating leases Loss on disposal of fixed asset5 40 18 13 38 17 13 13 11 The Charity was grateful to receive the assistan￿ of 156 volunlegr supporters who undertook a range of duties including ushering, programme selling, gallery and museum invigilalion, archival cataloguing, gardening and leaming support. Voluntee¥s, many of whom are long seNing. play an important part in the smooth running of events held on sile and at external locations. Britten Pears Arts Financial Statements 2023124 32-

NOTES TO THE ACCOUNTS (contlnued) STAFF COSTS Raising Funds Fund- Trading Charitable raising Activities Activities £'ooo £'ooo £'ooo 289 1,642 1.254 31 101 114 47 Support Costs £'ooo 1,484 144 59 Total 2024 £'ooo 4,669 390 149 107 Total 2023 £'ooo 4.613 401 144 92 5,250 Wages and salaries Social security costs Pension ¢ontribulions Other benefits 11 329 Temiination payments in the year amounted to £61,43012023.. £18.4571. No ￿ndIng was r￿eNed relating lo the payments. Average numberof employees during the year.. Raising funds, including fundraising and trading activities Diredly involved in furtheran￿ of the Charity's activities Operations and adminislratNe support 2024 133 2023 129 61 43 233 41 238 Average number of full-time equivalent employees during the year 169 166 The number of employees whose emoluments amounted to over £60,000 in the year was as follows.. 2024 2023 £60,001 to £70,000 £70,001 to £80,000 £90,001 to £100,000 £101,000 to £110,000 £110,000 10 £120,000 £180.001 to £190,000 £200,00110 £210,1)00 CHIEF EXECUTIVE. KEY MANAGEMENT PERSONNEL AND TRUSTEE EMOLUMENTS 2024 £'ooo 205 12 217 2023 £'ooo 189 13 202 Chief Executive.. Salary Pension Total Business expenses £7.786 £14,414 The authority lo make payments to Trustees Is contained within the Charity's Articles of Association. The power to appoint the Chief Executive as a Trustee was ￿nfirMed by the Charty Commission. Key management personnel fof the year are identified on page 13 of the Trustees. Report. Remuneration and benefrts, which include salary. pension and employer's National Insurance, received by key rnanagement peisonnel lor the year lolalled £610,00012023'. £576,0001. Other than the Chief Executive, who received remuneration and reimbursement of his business expenses. no expenses were paid by the Charity lo ils Trustees during the year {2023.- £nill. Britten Pears Arts Financial Statements 2023124 33-

NOTES TO THE ACCOUNTS (contlnued) INTANGIBLE FIXED ASSETS Group Software £'ooo Charlty Software £'ooo Goodwill £'ooo Total £'ooo Total £'ooo Cost: Al 1 April 2023 Additions Al 31 March 2024 2,113 75 2,188 75 75 2,113 75 2,188 75 75 Amorusatlon: . At 1 April 2023 Charge At 31 March 2024 2,113 74 2.187 74 74 75 2.188 75 75 Net book value.. Al 31 March 2024 At 31 March 2023 TANGIBLE FIXED ASSETS GROUP Musical instruments Furniture, and works plant and of art gqulpment £'ooo £'ooo Frgehold land and buildings £'ooo Motor vahicles £'ooo Total £'ooo Cost: 1 April 2023 Additions Transfer Disposals 31 March 2024 30.165 175 1501 61 30,229 74 2,363 161 so 322 2.252 33.188 473 137 387 33,274 74 719 Depreciation: 1 April 2023 Charge Disposals 31 March 2024 5,361 67 51 5.377 71 277 14 1,978 199 321 1.856 7.687 283 376 7,594 74 287 Net book value: 31 March 2024 432 396 25,680 31 March 2023 309 385 Britten Pears Arts Financial Statements 2023124 -34-

NOTES TO THE ACCOUNTS (continued) TANGIBLE FIXED ASSETS (continued) CHARITY Leasehold Freehold Property Property Improve'ts £'i)00 £'ooo Furniture, Musical plant and Instrum'ts equipment £'ooo £'ooo Motor vehlcles £'ooo Total £'ooo Cost-. 1 April 2023 Addrf£ions Transfer Disposals 31 March 2024 29,279 175 (501 61 409 63 586 137 1,898 110 32,235 422 322 387 409 63 719 Depreciation: 1 April 2023 Charge Disposals 31 hlIarch 2024 5,252 42 51 5,243 29 63 277 14 1,703 107 321 1.489 7,324 164 376 7,112 30 63 287 Net book value: 31 March 2024 24,1¢)0 379 432 247 25,158 31 March 2023 24,027 380 309 195 24.911 All fixed assets are used in the furtherance of the Group's actNilies. The value of land within freehold land and buildings not depreciated at 31 March 2024 was £2,904,61512023.' £2,811,286). Musical instrurnenls and works of art include some assets which could be considered lo be of historical or artistic s1gnrflcan￿. However. these ale not maintained principally for their contribution lo knowledge and ullure and therefore have not been cl8s5ified as heritage assets. Under FRS 102 transition arrangements. the Trustees considered r( appropriate lo regard the valuation of works of art by Bonhams in 2005 as the deemed cost for these assets. Due to the potential for the periodic rise and fall in the value of works of art as the popularity of their creators changes, the frustees consider it lo be inappropriate lo undertake a policy lo revalue these assets. As a reyuiremenl of rgceiving grant funding from Arts Council England in support of the Snape Mattings Development Plan and the purchase of freehold land and buildings at Snape Mallings, the Trustees have entered into a guarantee and legal charge over its land and a fixed and floating security over ils asset5. Included within freehold land and buildings are assets under the course of construction which are not depreciated of £163,42812023 £260,302) including costs incurred in relation lo the capital prograrnme which 11 be undertaken during the peri¢)d 2024 10 2026. Following an examination of the Group's tangible fixed assets, which included consideration of the use of land and buildings available lo Group members. the Trustees found no indicators that require a review for impaimenl. Britten Pears Arts Financial Statements 2023124 -35-

NOTES TO THE ACCOUNTS (continued) 10 HERITAGE ASSETS GROUP AND CHARITY Land and buildings £'ooo Art Red Houso Objects Contents £'ooo £'ooo Archives £'ooo Total £'ooo Carying amount al 1 Apfll 2023 Revaluation Carrying amount at 31 March 2024 3,950 100 3.850 6,549 254 6,295 9,985 20,883 354 20 529 399 Revaluatlon of assets Herrtage Assets were professionally valued as follows.. Date of valuatlon Asset Class Valuor Value £ March 2024 March 2024 January 2023 January 2022 31 March 2020 28 February 2018 Art Objects Arabella Chandos Land and btjildings Note {al Art Objects Nicholss Skeaping - VMS Grosvenor Ltd Archives Francesca Franchi Red House Contents Gary Barfool for Clarf(e and Simpson Land and buildings Peter Walson FRICS Fliek & Son. Chartered Surveyors 1,026,800 3,850,000 5,268.140 9,985,142 399.096 3,950.000 Note la} Valuations were undertaken by Fenn Wright {De￿Mber 20231 and Bedfords (March 20241. A management decision has been taken, based on a range of supporting evidence. that the valuation undertaken by Flick & Son in 2018 is more reflectwe of the current value, with a reduction of £100k for land which has changed use. The hlstorlcal cost of heritage assets as at 31 Ma￿h 2024 is as follov4S: 2024 £'ooo 2023 £'ooo Land and buildings Art Objects Red House Contents Archives 3,329 1,631 78 4.548 9.586 3,329 1.631 78 Herltage assets are held for the following purposgs: to sustain the activities of the archive.. to maintain and. when appropriate, to extentJ rts priceless colle¢lion of Britten autograph manuscripts, together with other manuscripts, books, scores and works of art, and lo encourage public use ofthe archive as a resource for educational, scholarly and relevant ommercial purposes. lo maintsin and to preserve the integrity of The Red House. Britten's home. as a heritage propety of national importance, whilst ensuring that the property is used to further the Charity's objectives in a conslruclive way. Flve year flnanclal summary of heritage asset transactions 31103124 31103123 31103122 31103121 31103120 Purcha$e5 and donations Archives 167,000 There have been no disposa15 in any period covered by the table above. There have been no further purchases or donations other than those detai￿d above. Britten Pears Arts Financial Statements 2023124 -36-

NOTES TO THE ACCOUNTS (continued) 11 INVESTMENTS Group 2024 £'ooo 7,176 5,028 113} 632 12,823 Charity 2024 £'ooo 7.074 5.028 2023 £'ooo 7,274 500 {4001 198 2023 £'ooo 7.056 500 12841 198 Market value al beginning of year Additions Disposals Unrealised {lossllgain on revaluation Market value at end of year 633 Investment in subsidiary undertakings al cost 1,431 12,823 7,176 14,166 9.105 Historic ol deemed historic cost at end of year 9.084 4,089 6,216 Group 2024 £'ooo 10,802 2,021 Charity 2024 £'ooo 10,802 1,933 1,431 14,166 Investments are represented by.. 2023 £'ooo 5,141 2.035 2023 £'ooo 5,141 1,933 2,031 9,105 Equtties and other market investment8 Properties Subsidiary undertakings Mad(el value or cost al end of year 12,823 7,176 Equities and other market investments Properties Subsidiary undertakings Historic or deemed historic cost at end of year 7,932 1,152 2,904 1,165 7,932 1,281 1,431 10,644 2,904 1,281 2.031 6,216 4,069 TheT¥ustees hold market and propety investments for the long-lerm and whilst there are no plans to liquidate these assets, during the year the lease on one freehold propety was extended. The freehold of the property has been retained bul the resulting discounted value of these assets is in5ignrfieanl and as such has been disposed of in these accounts. In March 2021, investment properties al Snape Mallings were valued by Fenn Wright, Chartered Surveyors. the previous valuation was in August 2016 and assuned a value as at the dale of transition lo FRS102, 1 April 2014. Subsidiary Lrndertakings.. The Charity is supported by its subsidiary undertakings, holding all Ihe issued share capital of those companies in the form of Ordinary share5 and Redeemable preference shares.. Aggregate Capltal and Resgrves £'ooo 746 % held 100 Snape Maltings Trading Limited (Company Number 15195271 Snape Maltings Trading Limited is incorporated in England and Wales and donates any distributable profits under the Gift Aid scheme lo Britten Pears Arts in support of ils charitable objects. The Company's results are includod in these consolidated financial statements and ils financial statements are separately filed al Companies House. Aggregate Capital and Reservgs £'ooo 21 % held 100 Brrtten Estate Limited (Company Number 2C639091 Britten Eslale Limited is incorporated in England and Wa￿S and donates any distributable pn)fils under the Grft Aid scheme to Britten Pears Arts in support of its charrtable objectives. The Company's results are included in these consolidated financial slalemenls and ts financial statements are separately filed al Companies House. Britten Pears Arts Financial Statements 2023124 -37~

NOTES TO THE ACCOUNTS (continued) 11 INVESTMENTS Icontinuedl Aggregate Capital and Reserves % held 100 £'ooo 423 Elm Propety Investménts {Snape Mallingsl Limited (Company Number 09641832) Elm Propety Investments (Snape Maltingsl Limited is incorporated in England and Wales and donates any distributable profits under the Gift Aid scheme to Britten Pears Art5 in support of rts charitable objects. The y%?￿ company's re5utts are included in these consolidated financial slalemenls and its financial statements are,- separately filed al Companies House. 12 FINANCIAL INSTRUMENTS The carrying amount of the Group's and Charity's financral instruments al 31 March were.. Group Charity 2024 £'ooo 10,802 2023 £'ooo 2024 £'ooo 10,802 2023 £'ooo 5,141 Financial assets measured at fair value 13 STOCKS Group Charlty 2024 £'ooo 533 14 547 2023 £'ooo 538 2024 £'ooo 2023 £'ooo Goods held for resale Fuel 543 14 DEBTORS Group 2024 £'ooo 114 Group 2023 £'ooo 79 Chaiity 2024 £'ooo 47 557 1.665 Charity 2023 £'ooo 21 362 1,823 26 2.232 Trade debtors Amounts due from Group undertakings Prepayment5 and accrued income Other current debtors 2,133 2,380 2,493 2,271 15 CREDITORS Group 2024 £'ooo 606 Group 2023 £'ooo 450 Charfty 2024 £'ooo 378 100 120 195 861 1,654 Charity 2023 £'ooo 234 Amounts falling due within one year: Trade Cr￿ltorS Amounts owed to group undertakings Other taxes and Social Security Other creditors Accruals and deferred income 283 136 872 1.741 96 141 629 1,100 203 1.098 2,197 Included wthin other creditors are amounts held as agent of £21,73212023.' £24,947) which is means tested funding provided by the Department for Education to certain members of Ihfy Aldeburgh Young Musicians for the advancement of their artistic development. Funds are held by the ChariLy in a separate balance sheet control account. are subject lo an annual internal review and are available forexaminalion by the Department for Education. Group 2024 £'ooo Group 2023 £'ooo Charity 2024 £'ooo Charlty 2023 £'ooo Amounts falling dug after morethan one year- Rent deposit held as security Deferred lax Britten Pears Arts Financial Statements 2023124 -38-

NOTES TO THE ACCOUNTS (contlnued) 16 DEFERRED TAX Group 2024 £'ooo Group 2023 £'ooo Charity 2024 £'ooo Charity 2023 £'ooo Provision for deferred tax has been made as follows." Deferred tsx liabilities Deferred tax assets Net posrtion Movements in the year.. Balance at 1 April Additional provisions made in year Balance al 31 March Deferred lax is comprised as follows.. Capital gains Fixed asset liming differences Short-lerm timing differences Losses and other deductions 121 55 61 Deferred lax is not recognised in respect of losses and other deductions of £70,37612023.' £44,681) as f( is not probable that they will be recovered against the reversal of deferred tax liabilili$s or other ftjlure tsxebfe profits. 17 TAXATION Snape Martings Trading Limfted currently has a retained deficit due to the amortlsation of goodwill and therefore has no liabilily to pay UK Corporation Tax. Other members of the Group have no, or minimal, liability for UK taxation due to their charitable stslus or lack of retained profits. 18 UNRESTRICTED AND RESTRICTED FUNDS GROUP CURRENT YEAR Balance Inv•$tm't 1 April Gainsl 2023 Income Expend. (losses) Transfers £'ooo £'ooo £'ooo £'ooo 2.943 11,186 111.3271 16261 Balance 31 March 2024 £'ooo 2,175 Unrestricted fund$. General Desonaled fixed assets Securing the Future fund Other designated funds Total designated funds 3,818 957 325 5,100 1240) 302 254 3,880 1,211 280 5.371 45 12851 556 Total unrestrtcted funds 8,043 11,186 11,612 70 7,546 Restricted funds: Basil Coleman Memorial Fund Other income reserves BPYAP and other activities Restricted fixed assets Capital programme Total restricted funds 1.342 921 176 5.693 38 395 124 1301 1825) 1511 1351 165 1,515 391 404 5,658 {1001 138 17 75 113 8,132 941 182 Britten Pears Arts Financial Statements 2023124 -39-

NOTES TO THE ACCOUNTS (continued) 18 UNRESTRICTED AND RESTRICTED FUNDS Icontlnuedl GROUP PRIOR YEAR Balance Investm't 1 April Gainsl 2022 Income Exp8nd. {lossesl Transfors £'ooo £'ooo £'ooo £'ooo £'ooo 11,372 111,152) 114) 16071 Balance 31 March 2023 £'ooo 2.943 Unrestrlcted funds.. General Designated Artist Fund Designated Opera and Comm'n Fund Designated fixed assets A￿. Securing the Fulurg fund Other designated funds Total designated funds 175 160 3,729 11751 11601 12081 297 3,818 85 ¥W 957 225 325 607 5,100 100 5.036 {543) Total unrestricted funds 8,380 11,372 11,695 14 8,043 Restricted funds.. Basil Coleman Memorial Fund Other incorne reserves BPYAP and other activities Reslricled fixed assets Total reslricted funds 1.704 538 42 1,274 92 (3431 18911 13081 33 1,408 ￿1575) (611 1,342 921 176 5,693 8,132 141 5,726 8,364 65 CHARITY CURRENT YEAR Balance Invgstm't 1 April Gainsl 2023 Income Expend. {lossesl Transfers £'ooo £'ooo £'ooo £'ooo £'ooo 3,691 6,487 {6,6691 1574) 3,228 (1201 250 957 254 325 4,510 8,201 Balance 31 March 2024 £'ooo 2,935 3,358 1,211 280 4,849 7,784 Unrestricted funds: General DeswJnated fixed assets Securing the Fuluo fund Other designated income funds Total designated funds Total unrestricted funds 45 (1651 504 Restricted funds.. Basil Coleman Memorial Fund Other income reseNes Britte￿pearS Young Artist Programme Reslricled fixed assets Capital programme Total restricted funds 1.342 921 176 5.693 38 395 124 130) 1825} 151) 135) 165 1.515 391 404 5,658 1100} 138 17 75 113 8,132 2,146 182 9,632 Britten Pears Arts Financial Statements 2023124 -40-

NOTES TO THE ACCOUNTS (continued) 18 UNRESTRICTED AND RESTRICTED FUNDS Icontinuedl CHARITY PRIOR YEAR Balance Investm't 1 April Gainsl 2022 Income Expend, Ilossesl Transfers £'ooo £'ooo £'ooo £'ooo £'ooo 4,586 5.959 16,4791 {3641 175 11751 160 11601 Balance 31 March 2023 £'ooo 3.691 Unrestricted funds: General Designated Artist Fund Designated Opera and Commission Fund è*¥￿. Designated fixèd assels S￿UrIng the Future fund Other designated income funds Total designated funds Total unreslricled funds 54 85 225 364 872 100 4,600 9.186 5.959 957 325 4,510 {4541 11 Restricted funds.. Basil Coleman Memoiial Fund Other income reserves BritterpPears Young Artist Programme Restricted fixed assets Total restricted funds 1,704 538 396 42 1,274 92 13431 18911 13081 33 1,575 1611 1,342 921 176 5,693 8,132 {41 8.364 65 General unrestricted funds are available for use as Trustees consider appropriate. The transfer out of £626.000 represents the transfer lo the designated fixed asset fund lo reflect the net bc)ok value of tangible fixed assets not represented by reslricled or endowment funds and unrestricted legacy income transferred to the S¥uring the Future fund. The designated Artist Fund was created lo underpin the expansion in artist develtrpment. Hamng wached s largel of £175.QDO this fund was utilised during the year ended 31 March 2023. The designated Opera and Commission Fund provides support for the development of opera, an area noted for high production costs. Again, this fund was utilised in the year ended 31 March 2023. The designated fixed asset funds represent the net book value of non-heritage fixed assets and investsment properties at the end of the year. The Securing the Future fund is being built in anlicipalion of the time al wh￿h royalty income will fall away, but also provides security against the potential reduction in other key incorne sources. £254.000 of unrestrKled legacies were transferred into this fund during the year. Other designated funds represent a £100,000 capital fund, lo maintain the fabric al the Red House sile. A further £225,000 was transferred in during the prior year to sUPPOrt the Aldeburgh Young Musicians and Music Makers Programme, of which £45,0￿ was ulilised during the year ended 31 March 2024. Restricted funds represent grants. donations and legaeies which musl be used as donors have d1￿cted. The Basil Coleman Memorial Fund provides funding in support of fully staged operas Iparticularfy those of Benjamin Britten) performed by students of the Britten4ears Young Artist Programme upon completion of opera courses. Other income reserves represent amounts received and expensed in year together with amounts recognised in advance of associated project delivery. This includes funding in support of developing the cre8twe health initialNe. Funds hekl in the BPYAP and other actThrilies reserve support specific 8CtNf(ies including the Britten-Pears Young Artist Programme. Restricted fixed assets reflect the balance of grants and donations rece￿￿, less depreciation cha¥ges. in support of the purchase of land and buildings, srte redevelopment and some wgrks of art. Capital programme reserve holds income lo support the delNery ofthe capital programrne and the accumulating asset as the project progresses. The transfer in of £75,000 represents the timing differen￿ of preliminary work prior to receipt of funding. Britten Pears Arts Financial Statements 2023124 41

NOTES TO THE ACCOUNTS (contlnued) 19 ENDOWMENT FUNDS GROUP Balance 1 April 2023 Income £'ooo £'ooo 15,136 14 2,968 18.104 Balance Oth8r 31 March Gains 2024 £'ooo 14,946 InvesL Galns Transfers £'ooo £'ooo 67 359 426 Expend. £'ooo 1271} £'ooo Expendable- Designated Expendable- Calalysl Total expendable endowment 14 12711 18,273 Pemianent endowment 24,160 5,051 131 25 1431 1354} 28,836 Total Endowment Funds 42,264 274 451 43 354 Balance 1 April 2022 Income £'ooo £'ooo 15,162 3,097 18,259 Balance other 31 March Galns 2023 £'ooo £'ooo 15,136 Invest. Gain$ Transfers £'ooo £'ooo Expend. £'ooo 126) Expendable- Designated Expendable- Calalysl Total expendable endowment 129 11291 1261 18,104 P$rmanenl endowment 23,830 {31 191 342 24.160 Total Endowment Funds 29 138 342 42.264 CHARITY Balance 1 April 2023 Income £'ooo £'ooo 15,136 14 2,968 Balance Other 31 March Galns 2024 £'ooo £'ooo 14,946 3,327 Invest. Expend Gains Transfèrs £'ooo £'ooo £'ooo 12711 67 359 426 Expendable- Designated Expendable- Calalysl Total expendable endowment 14 271 Permanent endowment 24,160 5,051 131 25 {431 13541 28,836 Total Endowment Funds 42.264 5,065 274 451 43 354 47,109 Balance 1 April 2022 Income £'ooo £'ooo 15,162 3.097 18,259 Balance Other 31 March Galns 2023 £'ooo £'ooo 15,136 Invest. Expend Gains Transfers £'ooo £'ooo £'ooo {261 Expendable- DeswJnated Expendable- Catalyst Total expendable endowment 129 129 26 Pgmianenl endowment 23.830 {3} 191 342 24.160 Total Endowment Funds 42,089 29 138 342 42.264 Britten Pears Arts Financial Statèments 2023124 -42-

NOTES TO THE ACCOUNTS (continued) 19 ENDOWMENT FUNDS Icontinuedl Expendable- Designated Briiten-Pears Young Artist Programme Funds provide financial support to the Charity to enable students from around the worfd to 811end maslerclasses held as part of the Britten-Pears Young Artist Programme. Brillen-Pears and Events Funds provide funding in support of the Britten-Pe8rs Young Artist Programme and events al Snape Maltings Concert Hall. The Rep12cemenl and Renewals Fund of £849,000 e￿St5 lo meet significant ongoing repairs and improvements to the Group's siles, including the Concert Hall and ils infrastructure. The Contingency ReSen￿.0f £943,000 is merginalty below £950,000 target. The reserve 15 intended to cover known and likely costs payabEe over a notional 12 to 24-month period during which th8 Group would be restrucluied following the OCCUTrence of one or more unforeseen risks such as the loss of support from key funders. The heritage asset and fixed a5sel funds amount lo £13.7m and represent the nel book value of specific assets which are not held as legally endowed or restricted al the year end. Expendable- Catslyst In 2012 Arts CoLtncil England awarded a grant under the Calalysl Arts.. endowments scheme. New funds lolalling £1,QQO,000 were malched-funded by Arts Council England lo create a new endowment. The grant was made subject lo various condfiions, including the Trustees signing a Declaration of Trust which includes a provision that the capttal will be invested for a Minimum of 25 years, after which it will become unrestricted. Investment ineome generated by this expendable endowment may only be used lo provide additional financial support to Britten Pears Arts for lalenl developrnenl, maximising the legacy ofthe Britten Centenary, developing new opera. supporting the Aldeburgh Festival and the digital distribution of music. Permanent endowmgnt Permanent endowment reserves are comprised of funds, predominantly heritage assets, whose capital may not be spent. The heritage asset funds represent the nel book value of the assets al the end of the year, and comprise of The Archive Collection, The Red House and Outbuildings. The Red House Collection and the Snape MaKings Concert Hall. During the year to 31 March 2024 £5m was re￿iVed lo underpin delivery of the creative health pwramme and is held in inveslmenls. Up to 40k of the original capital sum can be expensed annually from the income earned, which in the year was pro rated from the dale of receipt and Iransferr8d to and expensed through restricted reserves. Britten Pears Arts Financial Statements 2023124 -43-

NOTES TO THE ACCOUNTS (contlnued) 20 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrest'd £'ooo Rest'd Endow't £'ooo £'ooo Total £'ooo Fund balances al 31 March 2024 are represented by.. Intangible assets Tangible assets Heritage assets Investments Net current assets Credilors falling due after more than one year 3,881 5,087 16,712 20,529 9,195 673 25,680 20,529 12,823 5,263 1,238 2,435 2,390 2,155 9.632 47.109 64,287 Unrest'd £'ooo Rest'd Endow't £'ooo £'ooo Total £'ooo Fund balances al 31 March 2023 are represented by". Intangible assets Tangible assets Heritage assets Investments Net current assets Creditors falling due after more than one year 3.818 4,956 16,727 20,883 3,715 939 25.501 20,883 7,176 4,887 1.252 2,981 2,209 967 8,043 8,132 42,264 58,439 ANALYSIS OF CHARrrY NET ASSETS BETWEEN FUNDS Unrest'd £'ooo Rest'(1 £'ooo Endosrft £'ooo Total £'ooo Fund balances at 31 March 2024 are represented by.. Intangible fixed asset5 Tangible fixed assets Heritage assets Investments Net current assets Creditors falling due after more than one year 3,359 5,087 16,712 20,529 9,195 673 25,158 20,529 14.166 4.878 2,581 1,850 2,390 2,155 7,784 9,632 47,109 64.525 Unrest'd £'ooo Rest'd £'ooo Endow't £'ooo Total £'ooo Fund balancès at 31 MarGh 2023 are repres¢nted by-. Intangible fixed a55els Tangible fixed assets Heritage assets Investments Nel cu¥rent assets Long temi asset Credftors falling due after more than one year 3,228 4.956 16,727 20.883 3.715 939 24.911 20,883 8,505 3.703 61)0 2,581 1,797 600 2,209 8,201 8,132 42,264 58,597 21 PENSION COMMITMENTS The Group operates separatè defined contribution group personal pension schemes for Ihe Charity and rts subsidiary, Snape Mallings Trading Limited. The assets are held in an independently administered fund. Contributions paid during the period amunled to £148,49012023'. £143.3291. Oulslanding pension contributions. which are included wrf(hin other creditors at 31 March 2024. totalled £24,20912023.. £19,389). 22 CAPITAL COMMITMENTS At 31 March, there were no capital commitments {2023.. £nil}. Britten Pears Arts Financial Statements 2023124 -44-

NOTES TO THE ACCOUNTS (contlnued) RELATED PARTY TRANSACTIONS Due to the nature of the Group's operation8 and the composition of Trustees, transactions sometimes take place wfih non-Group organisations in which a Trustee will have an interest. All commercial transactions involving Trustees are conducted in accordance with nomial purchasing procedures. During the year. the Group recognised donations from Trustees. other famity member5 and closely associated charitable trusts lolalling £398,201 including Gift Aid {2023'. £711,050), of which £nil is within debtors at year end 12023: £100,000). Transact￿nS btheen the Charity and Group members during the current and prior periods were as follows.. Elm Property Investments (Snape Maltings) Llmited Snape Maltings Trading Limited Brttten Estate Limited Current ear Balance at 31 March 2024 97.237 459310 100 000 Incomo Management charges Rent Interest on loan Utility, accommodation and other income Gift aid distribution 403,587 250,000 7,000 17,754 26,251 7,988 1,194,362 1,220,613 7,910 15.898 678,341 Expendiiure Management charges Catering, Car parking and other charges Rent 22.518 154,187 375 375 176.705 Prlor Balance at 31 March 2023 255,154 106,558 Income Grants Managemenl chaTges Interest on loan Ulility, accommodation and other income Grft aid distribution 354,486 244,000 28,000 22,298 26,113 7,761 503,610 529,723 648,782 7.761 Expenditure Management charges Catering, car parking and other charges Rent 11,434 163,549 300 300 174,983 The organisalion?I structure ofthe Group and the relationship be￿een each Group member 15 highlighted on page 11 of the Trustees Report_ All Group members have their registered office al Snape Maf(ings cOn￿rt Hall, Snape, SaxmLEndham. Suffolk IP17 1 SP. Britten Pears Arts Financial Statements 2023124 -45-

NOTES TO THE ACCOUNTS (contlnued) ANALYSIS OF CHANGES IN NET DEBT Other non cash 31 Ma￿h Changes 2024 £'ooo £'ooo Group 2023 Cash flow £'ooo £'ooo Cash and cash equivalents Cash 3,592 1,068 1.068 4,660 25 CONTINGENT LIABIUTY The Charity and f(s wholly owned subsidiaries, Snape Maltings Trading Limrf(ed and Britten Estate Limf(ed, share the same registration for VAT purposes. reducing administration and imposing joint and several liabilities on each party. At 31 March 2024, the netjoint VAT liability was £189,32712023-. £160,243). Of this liability, £46.725 {2023: £nill is represented by the Charity, £73,559 12023.. £55,120) by Snape Mallings Trading Limited and £69,04312023.. £105,123) by Britten Eslale Limited. OPERATING LEASE COMMITMENTS Besides low value commitments lo hire equipment for activf(ies, the Charity and Snape Maltings Trading Limited occupy premises at Snape Mallings and Aldeburgh which were leased from Elm Property Investments (Snape Mallingsl Limited. Related income and expenditure are eliminated on consolidation. The total future minimum lease payments under non<ancellable operating leases are as follows= 2024 £'ooo 2023 £'ooo Amounts due.. Wrthin one year Between one and five year$ 17 24 24 31 27 GUARANTEE The Charity is a company limited by guaTanlee. In the event of any winding up, each member would be required to contribute £1 towards the liabilities of the company. As at 31 March 2024 there were 14 such members12023.. 111. Britten Pears Arts Financial Statements 2023124 -46-