BUSHEY SYMPHONY ORCHESTRA BUSHEY SYMPHONY ORCHESTRA DRAFT REPORT AND ACCOUNTS 31 JULY 2025 Contents Pag¢ No Annual Report Rcport of thc Trustccs St2teiiient of Financial Activities Balanc¢ Sh¢ct Notes to th¢ Accounts Independent Examiner'8 Report BUSHEY SYMPHONY ORCHESTRA Page I ANWAL REPORT for th¢ ycar ended 31 July 2025 Chair's Report We are pleased to report a successful season. The orchestra is in good shape, both musically and in tenlls of membership. Audiences turned out to enjoy the excellent local music-makingJ offered by the orchcslra undcr G¢orgc Vass's inspiring leadcrship: we cxcccdcd thc projcLled audicncc figur¢s for every concert ive put on this season. Our professional leader Martin Smith and professional principal second violin Alison Wyatt turned out to lead and encourage the players every week. Thanks to George, Martin and Alison for all their hard work throughout the year. Our Benefactors and Friends continue to provide the orchestra with essential financial support. We are very grateful for their loyalty and generosity. The committee has remained fairly stable over recent years. The only change this year has been in the Treasurer role, which Richard Ki)ights has kindly taken over from Joaniia Buxtoi), to whoin we are very grateful for her service over the last few years. Jim Hall continues as Secretary, Karen Dore as Orchestra Manager, and Sue Stephens on publicity. Christian Paris continues to provide an invaluable service to the orchestra by rl￿ning the box office. Debbie continues to perforn] the (non-committee) Librarian role with complete reliability. Brian McAdam continues to look after the Benefactors and Friends, and we are grateful to hirn for his hard work. I am grateful to all my colleagues and friends who fulfil these vital roles, and make my job as Chair an easy one. Lana Wood Date.. January 2026 Financial Report We are continuing to benefit from the Orchestra Tax Relief scheme at the rate of 500/11 which was extended until l. April 2025 ￿hell the lei'el of relief decreased to 450/0. We are grateful to Making Music for lobbying on our behalf for the new rate to be indefinite. We also continue to benefit froni the Gift Aid schenie where we can claim back 25p for every £1 donatsd to the BSO charity. We were fortunate to receive donations of over £400 towards the costs of commissioning a piece to celebrate the 50 anniversary of the orchestra. We are very grateful to our Friends and Benefactors as well as regular audience members for their continued support for Bushcy Symphony Orchcstra. Our Income and Expenditure are dependent on many variables but overall net assets at the end of this financial ycar wcrc £22.002. up from £18,828 al thc cnd of thc pr¢vious financial ycar. Tl)is is good as althougl) wc arc faring w¢ll financially, oth¢r costs such as music hir¢, hall hirc and insiirancc arc rising. Our r¢s¢rvcs arc growing which will makc it ¢asicr tor u5 to rcact flcxibly to futur¢ situations. W¢ hope to continue niakinLT mu%ic for the benefit Df our audience, meinbership ￿nd %upporter%. Where possible we would also like to support our prot¢ssional musician collcagues in any way w¢ can. BUSHEY SYMPHONY ORCHESTRA Page 2 Finally. I'd like to thank all members, benefactors, friends, supporters and audience for their patience and continuing support. Richard Knights Dat¢.' Dcc¢mb¢r 2025 Conductor'.% Report Th¢ Bush¢y Syinphony Orchcstra prcscnt¢d its 50th-anniv¢rsary 5¢ason of four Sunday matin¢¢ concerts at its n¢w hoine, the purpo4e-built Clarendon Mu%e Con¢ert Hall, part of Watford Grammar S¢hool for Bo)'s, between Novanber 2024 and May 2025. The season's prograinine en¢oinpagsed symphonies by Haydn, Mozart, S¢hubert and Schumann, together with orchestral works by Bridge, Debussy, Dvotak, Elgar, Fauré, Jarnefelt, Rossini and Saint-saens. The orchestra also engaged a notably diverse roster of concerto soloists.. Xiaowen Shang (Grieg, Piano C.oncerto}, Sarah Bennington (Chi"i%tophei Gunniiig, Flute Concertirto), Madeleine Pickering (Beethoven, Violin Concerto} and Anglo-lranian cellist Ariana Kashefi (Tchaikovsky, Variations on a Rococo Theme). In May, the orchestra presented the world premiere of James Francis Brown's Flouriqh for Orchestra, a .%pecially cominissioned ￿llork ereaied to mark the enseiiible's 50th anniversary. The premiere was exceptionally well received by both the capacity audience and the orchestra's musicians. The BSO continued to uphold its commitment to supporting young professional musicians and early-career soloists by providing valuable perforn]ance opportuniiies. The committee continued to operate wilh notable efficiency, ensuring the effective management of the organisation and audience nunibers increased significantly over the course of the season, due in no small part to the successful transition to a new concert venue. In addition to sccuring a ncw pcrforniancc wcnuc, thc orchcstra has also cstablishcd a morc suitablc rchcarsal location in Watford. Musical standards eonunued to rise during the 2024125 season, and the BSO was pleased to welcome a new horn player to its ranks. George Vass Music Director Date.. 5 December 2025 BUSHEY SYMPHONY ORCHESTRA Page 3 REPORT OF THE TRUSTEES for th¢ year endcd 31 July 2025 The Trustees haiwe the pleasure in preseniing Iheir report and consolidated financial statetnenis of the charity and its subsidiary for th¢ y¢ar ¢nded 31 July 2025, which hav¢ be¢n prcpar¢d in accordance with the standards set out in th¢ Stat¢ment of R¢¢oinm¢nd¢d Prd¢tice for ¢haritie%, issu¢d by th¢ Charity Coinmissionerb for England and Walcs. Objective and activities The primary aiin of the Bu8hey Syinphony Orche%ts"a (BSO) 14 to advanee the education of the public in the art of music, in particular with regard to orchestral perforn)ances. All the income and property of the BSO is applied to thi% aim. When planning our activities for the yeclr we have considered the Commission's guidance on public benefit and believe IIL2I this requirement is Inet tI￿oUgh.. the prescntation of public concerts givcn by thc orchcstra. wclcoining incmbcrs of all adult dg¢s and from a wid¢ rang¢ of backgrounds and inusical capabiliti¢s- providing opportunities for members to develop their musical skills and knowledge of musical repertoire; and encouraging young peopl¢ to be involvcd in classical music with rcduc¢d price m¢mbership fees and ti¢kct pric¢s. Charity details Th¢ full name of thc charity is the'Bush¢y Symphony Orchestra,. Th¢ BSO is an unincotyorated association with d constitutloll ddoptcd 19 Fcbrudry 1985 dm¢nd¢d 24 Novcmbcr 2015 as its gop'crning docuiii¢nt and ib controlled by a eommittee of Dtyicer trnstec.%. It i% a registered Lhaiity witli the Chaiity coiiimis%ionei% under niiinber 292080. Non¢ ot th¢ trust¢¢5 r¢c¢iv¢ any r¢muncration or b¢n¢fit in resp¢ct of thcir dutics on bchalf of th¢ BSO. Thc ddre%% ot the BSO is 16 Albert Rodd North, Watford WDI 7 IQF. Th¢ tru5t¢es of th¢ BSO ar¢ its committ¢¢ m¢mbcrs clcctcd at thc AGM. Thos¢ trust¢¢s who hai'¢ s¢rv¢d during the year are as follows.._ Lana Wood {Cliair), Jim Hall (Secretary), Joani)a B￿￿tOrt (Treasurer), Karei) Dore Iorchestra Manager), Sue Stephens (Publicity) and C'liristian Paris (Box O￿lCe). In addition George Vass attended the management committee meetings held throughout the year. At the Janaury 2025 Annual General Meeting, Joaniia Buxton resigned as Treasurer and Richard Kniglits was appointed in her place, attending Subsequent meetings. The BSO'S baiikers are Barclays Bank plc. The Independent Examiner is Peter Aubusson whose address is shown at rhe foot of his report. Reserves polic), The BSO aims to start each season with a reserve at least covering the greatest total deficit that could be reasonably expected to accumulate during the season. Risk management Th¢ trustecs havc ¢xamin¢d if there are any major risks thc BSO taccs and considcr that, apart Irom public liability dgdlllst whi¢h th¢y hav¢ taken out insurdn¢¢, the BSO'S m2nag¢m¢nt L()mmitt¢¢ ￿vIeWS pldtls dnd rcccivcs rcports to cnsurc no othcr major risk is lik¢ly to arisc or if it did tl)at immcdiatc action would bc takcn to minimisc thc ¢xtcnl of any risk. BUSHEY SYMPHONY ORCHESTRA Page 4 REPORT OF THE TRUSTEES for th¢ ycar ended 31 July 2025 continued Financial structure and revie On 8, August 2017 thc Trustccs sct up a subsidiary cotnpany, BSO Production Ltd, for th¢ pUr￿s¢ of producing conccrts In order to claiin Orchcstra Tax R¢lict on prodiiction costs. Incomc and Exp¢nditur¢ for Bush¢y Syinphony Or¢h¢stra and its wholly owned subsidiary BSO Produ¢tion Ltd {¢ompany number 10904611) have been con501idat¢d for this rcport. Total income in the year ended 31 July 2025 was £32,807 wliich inelude% £6,960 expected from the HMRC Orchestra Tax Relief scheme and £1,500 from the GiftAid scheme. We perfornied four concerts this season. Total expenditure wa% £29,633. BSO fini4hed the year with L22,002 and the finaneial state of affairs of the BSO as at 31 July 2025 was satisfactory. Statement of trustees, responsibilities for the financial statements The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financicil yeclr which give a true and fair view of the BSO'S incoming resources ic nd £1pplication of resources duiing the year and of its state at the end of the year. In preparing those financial statements they are required to select suitable accounting policies and then apply them consistently, make judganents and estimates that are reasonable and prudent. state ivhether applicable accounting standards and starements of recommended practice have been follow'ed subject to any material departures disclosed and explained in the financial statements. and prepare the statctncnts on a'going conccrn, basis unlc5S It is inappropriatc to prcsumc thc BSO will continuc in opcration. The trustees, responsibilities include keeping proper accounting records which disclose with reasonable accuracy at any time th¢ financial position of th¢ charity and ¢nsuring that th¢ financial statcrn¢nts comply with thc Charities Acts. The trustees are also responsible for safeguarding the BSO'S assets and hence for taking reasonable steps for the prevention of fraud and breaches of law and regulation. We hereby approve the financial statements and notes set out on the following pages. On b¢half of th¢ trust¢¢s Lana Wood Chair Date: OG. 07. y1%6 BUSHEY SYMPHONY ORCHESTRA Page S STATEMENT of FTNANCIAL ACTIVITJES for th¢ ycar ended 31 July 2025 INCOME AND EXPENDITURE 2025 2024 2025 2024 Consolidated Consolidated Charity Total Funds Charity Total Funds Totsl Funds Total Fund5 Ineoming resourees Concert ticket%, programtnes and refre%liment Subs¢riptions- mcmb¢rs Sub&criptions- ffi.ends benefactors Advertising Bank Interest 10,414 4,210 10,072 4,265 10,414 4,210 10,072 4.265 3,475 3,995 3.475 3,995 49 49 Sponsorship, donations and oiher funding (note 51 HMRC Tax Reli¢f (not¢ 41 Oth¢r incomc Rounding Total income 6,010 9,504 189 1.860 7,076 243 6,010 1,500 189 1.860 I,o(x) 243 32,807 27,515 25J47 21,440 Resource5 expended Conductovs rehearsal and concert fees 5,310 1,600 4.820 1,275 Soloists, fees Leadels fees 2,070 1.836 Extra playcTS' fcc Hire of halls 11,225 3.315 2,591 1,458 1,647 416 8,723 4,304 1,637 1.441 1,614 262 Musicltnstllllnent hire Making Music subscripiioJVPRSlinsurance Sal¢s and publicity, printing, Ststioncry and wcbsit¢ Administrdtive and iniscellaiieous Costs BSO Produciion Commissioning Fee (Note 81 Rounding Total resources expended 22,670 19,836 29,&13 25,911 22,673 19,8.36 Net incoming resollrces for the year Balances broughi fonvard l August 2025 3,174 18.828 1,604 17.224 3.174 1,604 17.224 18,828 Balance5 carried forward 31 Julv 2025 22,002 18,8211 22,002 18,828 The Bushey Symphony Orchestra has no recognised gains or losses other than those included in the above Consolidated BUSHEY SYMPHONY ORCHESTIi4 Page 6 Statement of Financial A¢tip'ities and therefore no 8tstement of recognised gains and losses hag been presented. There is no difference bet￿'een the net incoming resources for the year as shown in the c.onsolidated Statement of Financial Activities and their historical cost equiiialents. BUSHEY SYMPHONY ORCHESTRA Page 7 BALANCE SHEET at 31 July 2025 2025 2024 Con401idated Consolidated 2025 Charity 2024 Charitv Total Funds Unrestricted fund Balance as at 31 July 2025 22,002 18.828 22,002 18,828 Total Funds Representcd by Total nct ass¢ls Amouni Owcd by BSO Subsidiary (Notc 91 10,781 7,072 Debtors and prepayment% (Not¢ 6) 9.504 7,076 2,405 1,000 Balaiices at bank cU￿¢llt account 4,156 5,179 4,156 5,179 Deposit account Sales account 1,722 2.758 4,411 13,047 323 1,722 2,758 323 4,073 1,723 11,300 4.073 BSOP account 8,636 9,576 Cash in Hand 180 180 180 180 Lcss accrucd cxpcnscs and incom¢ rcccivcd in advancc {Notc 7) (729} {727) Total net assets 22,002 18,828 22,002 18,828 The n()tes t() the A¢¢()unts f()ni) pEirt of the FinanLial gtatement%. The Finai)eial %tatements c()InPri4ing the Consolidatcd Stat¢mcnt of Financial ActivitiC5. Consolidatcd Balancc Shcct and Notcs wcrc approv¢d by thc Ttust¢¢s and wcr¢ sign¢d on bchalf of thc Bushcy Sympliony Orchcstra by'.- Lana Wood, Tnistcc IDate'. Richard Knights, T￿￿te¢ [Date'. 06.07.161 C6[rf+1￿, BUSHEY SYMPHONY ORCHESTRA Page 8 NOTES TO THE ACCOUNTS for the y¢ar ended 31 July 2025 Basis of accounting Th¢s¢ financial statcmcnts have b¢¢n pr¢pared in complianc¢ with FRS 102, 'Thc Financial R¢1-￿rting Standard applicable in the UK 2nd th¢ R¢publi¢ of Ir¢laiid', the Stateinent of Recommended Practice appli¢able to ehariti¢s pr¢paring thcir accounts in accordancc with th¢ Financial Rcporting Standard applicablc in thc UK and Rcpublic of Ircland (FRS 1021 (Charitics SORP (FRS 102) Updatc Bullctin l ) and thc Charitics Act 2011. Cash Flow Stat¢in¢nt The BSO qUdlifie% d% 8 %mall compdlly under the tem1% of the Compdnies Act dnd ]% exempt from the requirement to publish a Cash Flow Statement under Charities SORP {FRS 102) Update Bulletin I Accounting policies The financial st1£ tements have been prepared under the historical cost convention and the principal accounting policies are as follows.. All income and expenditure, including donations, sponsorship, bank and investment income is included in the Statement of Financial Activities on an accruals basis. (b) The BSO is a registered chariry and is exempi from all fornis of taxation on its charitable activities. The BSO receives assistance in the fonn of donated services or facilities comprising management serpices by the Injstees and other committee members and seTh'ices by the independent examiner. No financial quantification of thcsc intangiblc scrviccs has bccn includcd in thc financial statcincnts as thc ainount is not considcrcd tnatcrial. (d) Th¢ BSO'5 assets are reprcscntcd by one unrcstricted gencral fund. HMRC Tax Relief Consolidated Consolidated Charity Charity 2025 2024 2025 2024 Gift Aid Orchestra Tax Rclicf 1,500 I,,000 1,500 1,000 Estimate for year Adjustment for preN'ious year 6,960 1,044 6,076 9,504 7.076 1,500 1,000 Gift Aid tax rccovcrablc for a fiscal ycar to 5 April 15 includcd in th¢ financial statctllcnts cnding 31 July in which that 5 April falls. Orchcstra Tax R¢li¢t (OTR} includcd within th¢ financial statements r¢prcs¢nts th¢ Truste¢5' b¢st ¢stimat¢ of thc mount that will be recovered fi.om HMRC in re%pect Df the yedr ended 31 July. If the actual amount ieceived from HMRC diffe[4 froin the previous year'4 eqtiinate, it is gliown here as an adju4tment. Sponsorship, donations aiid other funding Consolidated and Charity 2025 2024 Sponsorship and Benefactor Scheme Donations 3,475 6.010 9,485 3,995 5,855 BUSHEY SYMPHONY ORCHESTRA Page 9 Dcbtors and Pr¢paymcnts Consolidated Consolidated Charity Charity 2025 2024 2025 2024 Estimated Gift Aid Claim 202415 tax ycar Gifi did claim adjustm¢nt (amending previous estimateg} Estimated HMRC OTR Payment 1,500 1,000 1,500 I,(￿0 1,044 905 6,960 6,076 9,504 7,076 2,405 1,000 A¢¢rn¢d Expenses and Advan¢¢ In¢om¢ Consolidgted Consolidated Charity 21125 2024 2025 Charity 2024 OTR Service Advance Income 729 727 729 727 BSO Production Coinmissioning Fee Charity. Charitv 2025 2024 BSO Production Expenditure HMRC OTR Rounding Commissioning Fee 29,633 25,911 16,960) {6.0761 22,670 19.836 Amount Owed by BSO Subsidiary Charity Charity 2025 2024 Ainount owed BIF BSO subsidiary loan Less Commissioning Fee Paymcnt already madc Rounding 7,072 6.685 26.379 20,223 {22,670) {19.8361 10,781 7,072 BUSHEY SYMPHONY ORCHESTRA Page 10 INDEPENDENT EXAMINER'S REPORT TO 'fHL I'RUSTEES OTr BUSHEY SYMPHONY ORCHESTRA (CHARITY NO. 292080) I report on the accounts of Bushey Symphony Orchestra for the year ended 31 July 2025, which are set out on pages15 10 7]. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act} and that an independent examination is needed. Jt is Illy responsibility to.. examine the accounts under section 145 of the Charities Act; follow the procedures l