Registered number: 2053843 Charity number: 295178 ST GEORGE'S BRISTOL TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ? Bishop Fleming
ST GEORGE'S BRISTOL CONTENTS Page Reference and Administr•tiv• Dotails of th8 Charlty, Its Trustees and Advisers Chairfs StatemOTIt Trustees. Report Tru8toes' Rgspon$ibilill•s Stat•ment Independont Audltovg. Report on the Flnan¢lal Statements 9-12 Consolldated Statement of Flnanclal Actlvltles 13 Consolidated Balance She•t 14 Charity Bal•nce Sheet 15 Con801idated Ststement of Cash Flows 16 NotBs to the Finaneial Ststements 17-31
ST GEORGE'S BRISTOL REFERENCE AND ADMINISTRATIVE DETALS OF THE CHARITY, TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Richard Bacon (stepped down 27 June 20231 Douglas Bott Mark Bowers Katherine Branch Christian Cull Anna Farthing Ben Heald, Chair (stepped down 11 June 2024) Stephanie Jay Paul Kenyon, Deputy Chair (from 27 September 20231 Chris L8dkin Robert O, Leary (stepped down 29 January 20241 Olu Osinoiki Islepped down 29 January 20241 Elizabeth Raffle, Deputy Chair (until 27 September 2023) (stepped down 27 September 20231 Madeline Toy Sallie Blanksnash lappointed 29 January 20241 Jonathan Brecknell (appointed 25 March 20241 Maria Crayion (appointed 25 Mar¢h 20241 Roland Home lappointed 25 March 2024} lan Oxley (appointed 25 March 20241 Susan Rigby (appointed 11 June 20241 Simon Cook lapsy)Inted 25 March 20241 Company regi8tered number 2053843 Charity r8gist•r•d numb8r 295178 Rogistér8d offlce Great George Street Off Park Street Bristol BS15RR Company $•cr8tary Lorraine James Chief oxecutiVO Samir Savant Independent auditors Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Bankers CAF Bank Limited King's Hill West Malling Kent ME194JQ Page 1
ST GEORGE'S BRISTOL CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The chair presents her statement for the year. st George's is a vitsl, thnving hub for music in Bristcl. Some of its diverse and vaned programme of events we programme ourselves, as part of our remit to engage local crtizens with music,. some are performances on which we work in partnership with promoters and artists., and rt is also pleasing to welcome a growing range of org8nisats.ons who host their own events, meetings, conferences, lectures and workshops. Consequenuy, Sl George's is inereasingty busy throughout the day, lully justifying our long term ambition to be open all hours for people and Mus. From a finanaal perspective, there was an operational loss of £3k for the year12023.' gain of £298kl, and an decrease in funds of £94k. With moff stability lo things generally, we were able to update the St George's vision, which we have reframed as being "lo create unforgettable experiences by bringing together exceptional artists with local audiences and communities" At the same lime we cnjlted Seven new TnJstees for the Charity and freshed our long ierm strategic objectives. Finally, as is fairty well-known, there are significant complications with the roof of the new exiension, which has leaked consistendy since we took possession in 2018. Based on the irnprovemenl in St George's financial position, and with no recourse lo Midas {the prinpaI contractor on the project, who have been in administration since earfy 20221, we are now planning to undertake remedial capital works lo the roof in the summer of 2024. Additionally, we wll stsrt to tslk to donors about future capital projects to support the next stage of our ambitions. Sue Rigby Chair Date". Page 2
ST GEORGE'S BRISTOL TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are pleased to present their annual report together with the financtal statements of the Ghantable company I'the Charity,. 'the Company, or 'St George's'l for the year ended 31 March 2024. Reference and administrative details are set out on page 1 and form part of this report. The Annual Report serves the pufposes of both a Trustees. report and a Directors. report under company law. The Tfustees confimi that the Annual Report and financial statements of the charitable company comply with the curTent slatulory requirements, the requirements of the charitable company's goveming document and the provisions ol the Statement of Recommended Practice ISORPI applicable to charibes preparing their accounts in accordance with the Finanaal Reporting Stsnéard applicable in the UK and Republic of Ireland {FRS1021 {effecfive 1 January 20191. Objectives and Activities The objects ofthe Charity are to. Promote an appreciation and understanding of music through its performance and study, and Preserve for the benefit of the general public the hisloric and archiie¢lural heritage of the building and surrounding grounds. The Charity's vision is to create unforgettable experiences by bringing together exceptional artists with local audiences and communities, realised through its mission of ¢onne¢ting people through remarkable music and cultural experiences at our iconic Bristol venue by supporting outstanding arhs18, inspiring audiences and engaging with communities in Bristol and beyond. Publlc benefrt The Trustees have complied with the Chanties Act 2011 and their duty to have due regard lo the Charity Commission's public benefit guidance when exercising powers and duties to Ithich the guidance is levant Achievements and Perforniance Our past year has been dorninaled by our 200th birthday celebrations, the church that was to become the concert hall we know and love today was consecrated in 1823. We began on 23 April, St George's day, wlh events marking our herilage including the unveiling of a plaque to Canon Percy Gay, the last incumbent vicar and a performance ol Hall on the Hill, a community opera about our history. Then on 21 June we held a fijndraising gala. Midsummer Magic, sponsored by our new corporate partners Ralhbones, to raise vital funds for our community and artistic work. We finished our special year wrth our Big Birthday Bash on 16117 September when we threw open our doors to everyone to enjoy a free festive weekend of entertainment across our site, including family fn"endty activities in our garden. We held our second Festival of Voice in June, a celebration of the human voth, ranging from internationally- known artists such as Willard While who performed with the Brodsky Quartet, and the wonderful young singers of Project Zulu, to local community choirs as part of our Singing City event. Our special project this year was °Sing for the King. bringing together 650 singers and brass-players (to celebrate Bristol's 650 years as a city) for an exhilarating performance of Handel's Zadok the Priest, perfOrd at every coronation since 1727 and indeed sung for Charles 111. We also held our first Queer Song Fest during Bristol Pride working with collaborative pianist Kun?1 Lahiry and members of the Bristol Ballroom Communty, attracting new visitors lo Sl George's - who reyesented a third of the total audience. Our perfomance programme was as varied as ever, we welcomed back St George's favourites such as pianists Isata Kanneh-mason and Paul Lewis, who completed his acclaimed cycle of Schubert sonatas. folk-singer K8rine POart. Terie Insungsel Ice Quartet, playing instruments made entirely of ice, and the ground-breaking Manchester Collecb've. Artists performing for the first t'me included Southbank Sinfonia. leading electronic experimentalists KMRU and Kayla Painter, supported by the Foyle Foundation, and the many musicians perfomiing in our popular lunchb'me series, including several BBC Radio 3 New Generation Artists. Page 3
ST GEORGE'S BRISTOL TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ICONTINUEDI Our creative leaming programme and community worf( has continued to grow, including our Community Ticket Club, through which we have issued over 1,000 fe lickels lo older people from across Bristol's communities, thanks lo funding from several local charitsble trusts. We work closely with local schools and community groups encouraging them to attend live music events, and to take part in bespoke workshops. We arrange for our visiting artists 10 go into schools and inspire young people, a great exemplar of this was 17-year old violinist Leia Zhu, who gave a masterclass at Redfield Primary after making her début at Sl George's. Fundraising, commercial venue hire. and hospitality income continue to be an important part of our financial stsbility as the income generated from ticket sales only accounts for around 400A of our operating income lexcluding legacies). We are grateful lo our family of philanthropic supporters. members, commercial Glients and partners for our continued success and growth. The Trustees would also like to thank the staff at St George's and the many volunteers who enable the organisation to thrive. Investment Pollcy and Perfomlance Under the teTms of the goveming document th8 Charity has the power to make any investment that the Tnjstees see fil. The Board, having regard to the liquidity requirements of operating St George's, has a policy of holding any surplus funds as cash investments and seeks to maximise returns on such deposits whilst minimising any credit risk. Credltor Payment Pollcy It is si George's policy to pay creditors in accordance with tem7s of payment aged at the start ol business with each supplier. Stratsgic report FINANCIAL REVIEW The improvement in operational perfom)an¢e of the Charity seen last year was maintsined. However, overall income in the Current financial year was down on the previous year as a result of the significant value of legacies received in that year. Review of ihe Year St George's result for Ihe year was an oper8tional loss of £3k 12023.. £298k gain) and an overall decrease in funds of£94k. The full financial statements are set out on pages 12 10 30. Risk Managemgnt and Reservos Pollcy St George's programmes concerts and other events which necessarily have to be planned in advance. some up to 3 years ahead. Staff are employed through contracts of employment. Income and expenditure are seasonal., we promote concert seasons and many buy tickets in advance. We also have to consider risks to the Charity. The Tnjstees regularly VIeW and update the key rrsks to the Charity which include., Ihose which affect the number of tickets bought for events. Induding competition. those which affect perfomiances.. other trading risks- and estates and compliance risks, induéing health ané safety risks. All of these risks are managed continuousty, and mib'gation5 are put in place as required. These indude.. Page 4
ST GEORGE'S BRISTOL TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ICONTINUEDI mart(eting and advertising.. repairs and maintenance,. and discussion and resolvin9 issues with perfomers. funders and regulators. Many of the associated costs are already bome by the Charity in budgets. eg salaries and regular mainten8nce, but where additional cost is incuffed, rt is charged against irbcome in the year in question. The Trustees have concluded that the Charity needs to hold some fftseNes lo deal with unanticipated changes in the level of income, in particular ticket sales. The Trustees maintain insurance against business inierruption. Risk of unpl•nngd ¢losure The Charity Commission requires us to consider whether reserves are requSred to cover the possibility of unplanned closure. The Trustees plan for the long term on the basis that si George's wll grow and develop, enhancing ils services while managing the risks it fas. At the present lime, the Trustees do not foresee any significant risk of unplanned closure bul see the need to retain resetves to cover the risk of llucluations in li¢kel sales. Reserves held by the eharty The Trustees conclude that the Charity needs to hold reserves to cover the contractual commitment it makes to performers and staff in the medium term in the event that there is an unanticipated downtum in the sale of tickets for performances at St George's. The Tnjstees estimate that an equivalent of three months of artists, fees and staff salaries is the rninimum required to cover this risk and have set a minimum level of free reserves of £300k. Because of fluctuations in the actual costs of artists and staff. the Trustees have set a long term target level of reserves of £600k. At 31 March 2024, the level of free reseNes was £628k of which £500k is earmarked to fund the planned programme of remedial capital works scheduled for the Summer of 2024. A fundraising programme associated with the roof works has been launcheé subsequent lo the financial year-end in order to fund some of the planned works and maintain reseYve5 levels above minimum levels. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution St George's Bristol is a company limited by guarantee and registered as a Chaty Vth the Charty Commission. It is governed by its Arb"cles of Association. Page 5
ST GEORGE'S BRISTOL TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ICONTINUEDI Organisational Structure and DeGlslon Maklng The governing body of the charitable company is the Board. The Directors are also the Charity's Trustees for the purposes of Charity law and are generally referred to as the Trustees. The Board meets 6 times 8 year with the Chief Executive and senior staff in attendance. It is invofved in major strategic decisions and has ultimate responsibility for the Conduct and financial stabilty of St George's. Committees and working parties are established for relevant purposes. At present there is a committee in place for Finance and Operations and a Working Party to manage the capital works project. Both meet regularly and are a¢¢ountable lo the Board. The Chief Executive manages the day-to4ay oFerations of the Chanty. The Board appoints the Chief Execulwe and is also invofved in the recruilmenl of other members of the senior managernent team, determines their ontracts of employment and reviews pay and performance. Trustees are recNited for an initial term of 3 years through a process of advertisement and interview. Appointments may be exiended where appropriate to the needs of the organisalion. Th8re is an induction process for new Trustses. The Charitls wholly owned subsidiary, SGB Enterprises Limited, manages commercial activib'es. It donates its taxable profits lo the Chanty by way of Gift Aid. FUTURE PERIODS We look forward to expanding our Festival of Voice to include the launch of our 'Sing for Happiness, project bringing logelher hundreds of singers speualist researchers from the University of the West of England to look into the impact of singing on our well-being and menlal health. We will also launch ts¥o new strands - Baroque music strand, which will explore the unique and beautiful acoustics of our hall, and a Friday Jazz lunchtime series. promoting the very best emerging talent in that genre. We will also continue to experiment with the format of our Concerts lo develop new audiences. we have already had success with our 'concerts by ¢andlelighV series and will enhance this vth Classi¢ai Up Close music recitals bringing audiences closer to the aSIS in our inlimale space. INFORMATION ON FUNDRAISING PRACTICES The majority of St George's income is from tickets, trading and grants. We also offer individuals a range of ways of contributing lo our work through season tickets and membership schemes. which we promote through brochures, programme8, and our digrt21 communications. We fulty comply with the GDPR regulations and have had no complaints about any aspect of our ftjndraising. a. Financial risk management The Twstees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity, and are satisfied that systems and procedures are in pla to miligate exposure lo the major risks. Audltovs In so far as the Trustees are aware.. there is no relevant audit infomiation of which the charitable Group's auditors are unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomialion and to establish that the auditors are aware of that information. The auditcrs, 8ishop Fleming LLP, are willing to continue in office and a resolution lo appoint them will be proposed at the annual genet71 meeting. Page 6
ST GEORGE'S BRISTOL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Approved by order of the members of the board of Trustees and signed on their behalf by.. Sue Rigby Chair of Trustees Oate.. Page 7
ST GEORGE'S BRISTOL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees {who are also the directors of the Charity for Ihe purposes of company18wI are responsible for preparing the Trustees. Report and the finanual statements in accordance with applicAble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PractiGe). Company law requires the Tnjstees lo prepare financial ststements for each finanoal year. Under company law, the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their in2JJme and expenditure, for that period. In preparing these financial staternents, the Trustees are required to.. select suitable a¢counling policies and then apply them consistently., observe the Methods and principles of the Charities SORP IFRS 102)., make judgements and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial slatemenls, prepare the finanual statements on the going concem basis unless it is inappropriate lo presume that the Group will conlinue in business. The Trustees are responsible for keeping adequate accounling records that are suffi'cient to show and explain the Group and the Charity's transactions and disclose with reasonable a¢¢ura¢y at any time the financial po8ity.on of the Group and the Charty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
ST GEORGE'S BRISTOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL OPINION We have audited the finanal statements of Sl George's Bristol {the 'parent charitable companll and its subsidiaries lthe 'group'l for the year ended 31 March 2024 which comprise the Consolidated Ststemenl of Financial Activities, the Consolidated Balanr£ Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 8pplicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102 'The Financial Reports"ng Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give 8 true and fair view of the state of the GTOUP'S and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, induding ils income and expenditure for the year then ended- have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accoréance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further descnbed in the Auditors. responsibilities for the audit of the financial statements section of our reporL We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We lIeVe that the audit eviden we have obtained is sufficienl and appropriate 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 accounting in the preparation of the finanGial statements is appropriate. Based on the work we hav8 performed, we have not idenbfied any material uncertainties relab'ng lo events or nditions tha( individually or colledivety, may ¢ast significant doubt on the Group's or Ihe parent charitable Company's ability lo conbnue as a going con¢em for a period of at least e1ve months from when the financial statements are authorised lor issue. Our responsibilities and Ihe responsibilities of the Tnjstees wlh respect to going concern are described in the relevanl sections of this report. OTHER INFORMATION The other informats'cn comprises the infomiats.on induded in the Annual Report other than the financial statements and our Auditors, Report thereon. The Tnjslees are responsible for the other information contained within the Annual Report. Our opinion on the financial ststements does not cover Ihe other informabon and, except to the exlenl otherwise explicitly ststed in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to ad the other inft)miatson and, in doing so, consider whether the other infomiatson is materially incgnsistenl with the financFal stslements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi551ated. If we identify such material inconsistencies or apparent material misstatements, we are required lo delemiine whether this gives rise to a material mi551atement in the finanaal statements theTnselves. If, based on the work we have performed, we conclude that there is a material misstatsment of this other infomiation, we are required to report th* fact. We have nothing to report in this regard. Page 9
ST GEORGE'S BRISTOL INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL ICONTINUEDI OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the aud the information given in the Tnjstees, Report for the financial year for which the finanaal statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light ol our knowledge and understsnding of Ihe charita19 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records: or retum$ adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration specified by law are not made", or we have not rer£ived all the infomialion and explanations we require for our audit. RESPONSIBILMES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Ststement, the Trustees (who are also the directors of the charitable company for the purposes of umpany lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees detem)ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In pparing the financial statements, the Trustees are responsible for assessing the Group's and the parent haritsble Company's ability to continue as a going concem, disclosing, as applicable, matters related lo going on¢ern and using the going concern basis of accounting unless the Truslees either intend lo liquidate the Group or the parent charitable company or to cease operations. or have no realisti¢ alternative bul to do so. Page 10
ST GEORGE'S BRISTOL INDEPENDENT AUDtfoRS' REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL ICONTINUED) AUDrroRS' RESPONSIBILITIES FOR THE AUDft OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial slatements as a whole are free from material misststement, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high tevel of assurance, bul is not a guarantee that an audit conducted in accordanGe with ISAS {UKI WEII aayS detect a material misstatement when it e$ts. Misstatements can aiise from fraud or error and ore considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularrties. including fraud, are instances of non<ompliance with laws and gulatOnS. We design procedures in line with our responsibilities, outlined above. lo detect rnalerial misstatements in respect of IegUlarl11e$, including fraud. The extenl to which our procedures are capable of delectrng irregularities, including fraud is detsiled below. We have considered the nature of the sector, control environment and financial perfomian¢e,' We have considered the results of enquiries with management and Trustees in relation lo their own identification and assessment of the risk of irregularities within the entity., We have reviewed the documentation of key processes and controls and performed walklhrcughs of transactions to confinn that the systems are operaling in line with documentalion., and We have considered the matters discussed among the audit engagement team regarding how and where fraud Mht occur in the finanaal statements and potential indicators of fraud. As a result of these prodr&s, we have CA)nsidered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with pa'Cular risk in relab'on to year-end cul off. In common with all audits under ISAS (UK) we are also required to perfomi specific procedures to respond to the risk of management override. We have also obtained understanding cf the legal and regulatory frameworks that the Charity operates in. focusing on provisions of those laws and regulations that had a direct effect on the delemiination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this contexi induded the Charities Att 2011, Charity SORP 2019. FRS 102 and the terms and conditions attaching to material grants received by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements bLrt compliance with which may be fijndamental to the Charity's ability to operate or avoid a material penalty- These included data protecty'on regulations. heatth and safety regulations and employment Fegislation. Our procedures to respond to the risks identified induded the following.. Reviewing the financial statement disdosures and testing to supporting documentation to assess compliance with provisions of Televant laws and regulations described as having a direct effect on the financial statements., Perfomiing analytical procedure5 to identrfy unusual or unexpected relats'onship$ that may indicate risks of matenal misstatement due to fraud., Review of boar(I minutes.. Enquiring of management in relation lo actual and potential claims and liligations". Perfomiing detsiled 1ransacb.onal testing in relation to the recognition of revenue, specifically grants, with 8 particular focus around year*nd cut off., In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. We also communicated identified laws and regulallons and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-complian with laws and regulations throughout the audit. As a result of the inherent limitations Of an audit, there is a risk that not all irregularibes, induding a materi81 misstatement in the financial ststements or non-compliance with laws and regulatrons, will not be detected by us. Page11
ST GEORGE'S BRISTOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL {CONTINUED) The risk increases the further removed compliance wth a law or regulation is from the events and transactions reflected in the financial slatemenls. given we will be less likely to be aware of it, or should the Irregularity o¢cur as a sU1[ of fraud rather than a one off error, as this rnay involve intentional concealment. forgery, collusion, omission or misrepresentabon. A further descrtption of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website aL' ww.frc.or -uklauditorsres nsibilities. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solety to the charrtable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audtl work has been undertaken so that we might slate to the charitable companls members those matters we are required to slate to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume reswnsibility lo anyone other than the chantable company and its mem as a body, for our audit work, for this report. or for the opinions we have formed. Joseph Scalfe FCA DChA Isenlor Statutory Auditor) for 2nd on behalf of Bishop Fleming LLP Chartered Accountants Stalulory Auditors 10 Temple Back Bristol BS16FL Date.. Page 12
ST GEORGE'S BRISTOL CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIE8 (INCORPORATING INCOME AND ExPENDURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 £000 Restricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Note Income from: Donations and legacies Charitable activities Other trading a¢tivitie$ Investments 207 785 667 17 108 315 785 667 17 743 696 635 Total Income 1,676 108 1,784 2,079 Expendlture on: Raising fijnds Chanlable activities 329 1,490 1,468 199 1,667 Total 8xpendiluie 1,679 199 1,878 1,819 N•t movemonl in funds 131 (911 260 Reconciliation of funds: Total funds brought forward Net movement in fvnds 978 {3) 9.156 1911 10,134 194) 9.874 260 Total funds carried fonvard 975 9,065 10.040 10,134 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 10 31 fom part of these financial statements. Page 13
ST GEORGE'S BRISTOL REGISTERED NUM8ER:2053843 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 £000 2023 £000 Nole Fixed assets Tangible assets 11 9,757 9.708 .757 9,708 Current assets Stocks Debtors Cash at bank and in hand 29 29 14 246 1,237 1.233 1,379 1,512 Creditors- amounts falling due within one year 15 1700 16711 Net current assets 679 Total assets less current liabiliti8S 10A36 10,549 Creditors.. amounts falling due after more than one year 1396 {4151 Totsl net assets 10.040 10,134 Charity funds Restricted funds 17 9,065 9,156 Unreslricied funds Designated fijnds General funds 17 641 334 645 17 333 Total unrestricted funds 17 975 978 Total funds 10,040 10,134 The finanaal slatements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Sue Rigby Chair Date.. The notes on pages 17 to 31 fonn part of these financial statements. Page 14
ST GEORGE'S BRISTOL REGISTERED NUM8ER:2053843 CHARI STATEMENT OF FINANCIAL pOS10N FOR THE YEAR ENDED 31 MARCH 2024 2024 £000 2023 £000 Fixed assets Tangible assets 9,757 9,708 9.757 9,708 Currgnt assot8 Debtors Cash at bank and in hand 14 159 1,111 358 1,047 1,270 1,405 Creditors.. amounts falling due within one year 15 (591) 15641 Not current ass018 679 Totsl assets less current liabllltles 10.436 10,549 Creditors.. amounts falling due after more than one year 16 1396) 14151 Total net a88ets 10,040 10.134 Charity funds Restricted funds Unrestricted fvnds 17 9,065 9,156 Designated fvnds General funds 17 17 641 645 333 334 Total unrestricted funds 17 975 978 Total fund6 10,040 10,134 The Chariws net movement in fijnds for the year was £(94kl12023'. £260k}. The Trustees acknowledge their responsibilits'es for complying with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements were approved and Sulhorised for issue by the Trustees and signed on their behalf by. Sue Rigby Chair Date.. The notes on pages 17 10 31 form part of these financial statements. Page 15
ST GEORGE'S BRISTOL CONSOLIDATED STATEklENT OF CASH FLOWS FOR THE YEAR ENDEO 31 MARCH 2024 2024 £000 2023 £000 Cash flows from operating activitie$ Nel cash used in operats'ng activities- note 19 239 Cash flows from Invo8tlng activitie6 Purchase of tangible fixed assets 1101) (151 Net cash used in investing activilie8 1101 115 Cash flows from financing activities Repayments of borrowing 119) Nel cash used in finan¢lng a¢tMti•s {19 Chango in cash and cash equlvalents In tho year Cash and cash equivalents al the beginning of the year (41 1.237 205 1,032 Cash and cash equlvalonts at the end of tho year 1,233 1,237 The notes on pages 17 to 31 form part ot these financial statemenls Page 16
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION Sl George's Bristol is a company limited by guarantee and a charity regislere¢Y at the Charity Commission in England and Wales. The principal address is Great Georg8 Street, Bristol, BS1 5RR. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The finanual statements have been prepared in accordance wth the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Prath"ce applicable lo chants.es preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Sl George's Bristol meets the definition of a public benefit entity under FRS 102. Assets and liabili118S are initially recognised at historical Cost or transaction value unless olheNise stated in the relevant 8ccounts.ng wlicy. The Consolidated Sialement of Financial Activities {SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 20C6 and has not presented ils own Statement of Financial Activities in these financial statements. 2.2 COMPANY STATUS The Charity is a company limited by guarantee. The members of the Charity are the Tru51ees named on page 1. In the event of the Charity being wound up, the liabilityin respect of the gltarantee is limited to £1 per member of the Chanty. 2.3 GOING CONCERN The Trustees consider that there are no material uncertainties about St George's Brislol's ability to continue as a going concem and as a consequence have prepared the accounts on the going concem basts. 2A FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Tnjslees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial stalements. Restricted funds are fvnds which are lo be used in accordance with speciffic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such fijnds are charged against the specific fijnd. The aim and use of each restricted fvnd is sel out in the notes to the financial statements. Page 17
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued 2.5 INCOME l income is recognised once the Charity has entitlement to the income, il is probable that the income will be received and Ihe amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to e5b'rnate with sufficient accuracy the amount receivable. Evidence of ents'dement lo a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in queslion wll not be required to satisfy claims in the estate_ Receipt of a legacy must be recognised when il is probable that it will be received and the fair value of the amount re1Vable, which will generally be the expected cash amount io be distributed to the Charity, can be reliably measured. Other income is recognised in the period in which it is receivable and lo the extent the goods have been provided or on completion of the service. 2.6 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs invofved in undertaking each activity. Direct costs attributable to a single activity are allocated directly lo that activity. Sha costs which contnbute to more than one activity and support cost5 which are not attributable to a single acts'vity are apportioned between those activities on a basis conslstenl with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation ¢harges allocated on the poit'on of the asset's use. Fundraising costs are Ihose incurred in seeking voluntary contributions and do not indude the costs of disserninaling informabon in support of the charitable activities. Support ¢osts are those costs incurred directly in support of expenditure on the objects of the Charity. Costs of generab'ng fijnds are costs incurred in attracting volunlary income, and those incurred in trading activities that raise funds. Charitable actiwties are costs incurred on the Charitys educational operations, induding support costs and costs relab'ng lo the govemance of the Charity- All expendilure is indusive of irrecoverable VAT. 2.7 BASIS OF CONSOLIDATION The financial statements consolidate the accounts of St George's Bristol and all of its subsidiary undertakings {'subsidiaries'l. The Charity has tsken advantage of the exemption contained within seclion 408 of the Companies Act 2006 not lo present its own income and expenditure 3ccount. The deficit for the year dealt with in the accounts of Ihe Charity was £94k {2023'. £260k surplus) 2J TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are carried at cost, net of depreaation and any provision for impairment. Depreaation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value, over their expected useful lives on the following bases.. Page 18
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICES Icontlnued) 2A TANGIBLE FIXED ASSETS AND DEPRECIATION {CONTINUEDI Depreciation is Charged so as to allocate the Cost of tangible fixed assets less their residual value ovei their ests'rnated useful lives. Depreaation is provided on the following bases.. Pianos Equipment and fittirgs St1ght line over 25 years straight line over 2-15 years No depreualion is charged on leasehold propety as in the opinion of the trustees the propety has a hKJh residual value in the event of a sale in the forseeable future and any charge would not be material. 2.9 INTEREST RECEIVABLE Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the bank. 2.10 STOCKS Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow4xoving stocks. 2.11 DEBTORS Trade and other debtors are recognised ai the settlement amount after any trade discount offered. PpaYmentS are valued at the amount prepaid nel of any trade discounts due. 2.12 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of six months or less from the date ol acquisrtion or opening of the deposit or similar acLounL 2.13 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past evenl, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliabty. Liabilities are recognised at the amount that the Charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision Is based on the present value of those amounts, discounted at the pre-lax dis¢ount rale Ihat reflects the risks specific lo the liabilrty- The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cosL 2.14 FINANCIAL INSTRUMENTS The company onty has financial assets and financi81 liabilities of a kind that qualify 8s basic financial instruments. Basic financial instwments are initially recognised ai transaction value and subsequently measured at their settlement value with Ihe exception of bank loans which are subsequently measured at amorbsed cost using the effective interest method. Page 19
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (conlinued) 2.15 PENSIONS The Group operates a defined contribution pension scheme and the pension charge represenls the amounts payable by the Group to the fund in respect of the year. INCOME FROM DONATIONS AND LEGACIES Unrestricted Rgstrictod funds funds 2024 2024 £000 £000 Total funds 2024 £000 Tolal funds 2023 £000 Corporate donations Other donations Legacies Grants 156 21 25 156 21 133 138 461 108 144 SUBTOTAL 202 108 310 743 207 108 315 743 TOTAL 2023 618 125 743 An unusually high value of legacy income was received in the year ended 31 March 2023. INCOME FROM CHARITABLE ACTivrriES Unrestricted funds 2024 £000 Total funds 2024 £000 Total ftjnds 2023 £000 Promotions, hires and Learning & Participation 785 785 696 TOTAL 2023 696 696 Page 20
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM OTHER TRADING AcTlEs Income from non charilable trading activities Unr08trlctad funds 2024 £000 Tolal fund8 2024 £000 Total funds 2023 £000 Sales 667 667 635 TOTAL 2023 635 635 ANALYSIS OF EXPENDITURE BY ACTIVITIES A¢tiviti•s undertaken directly 2024 £000 Support costs 2024 £000 Total fund8 2024 £000 Total funés 2023 £aoo Promotions, hires and Leaming & Partiupation 446 1,221 1,667 1,490 TOTAL 2023 427 1,C63 1,490 ANALYSIS OF DIRECT COSTS Promotions, hires and educatio 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Marketing and box office Artists, fees, programmes and related items 102 102 38 38g 344 446 446 427 TOTAL 2023 427 427 Page 21
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTivmES (CONTINUED ANALYSIS OF SUPPORT COSTS Promotions, hires and education 2024 £000 Total funds 2024 £000 Total ftjnds 2023 £000 Staff costs Depreciation Property costs Legal and professional Office costs Bank charges Auditors. rernuneralion 895 52 177 32 28 25 12 765 54 157 24 30 21 12 52 177 32 28 26 12 1,221 1,221 1,063 TOTAL 2023 1,083 1,063 Page 22
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Wages and salanes Soaal securty costs Other pension costs 808 62 25 795 62 24 672 62 26 679 62 24 895 881 759 765 The avetzge number of persons employed by the Charty during the yearwas as follows." Group 2024 Group 2023 No. Employees 60 57 The number of employees whose employee benefits (excluding employer pension ¢05t5) exceeded £60,000 was. Group 2024 No. Group 2023 No. In the band £60,001- £70,000 In the band £70,001-£80,000 The key management personnel of the Charity comprise the Trustees {who do not receive any remuneration for Iheir role as Trusleesl and the Chief Executive, Finance Director and Operations Oireclor. The total amount of employee benefits lincluding employer pension contributions) received by key management personnel for their seNices lo the Charity was £184k12023.. £176kl. TRUSTEES. REMUNERATION AND EXPENSES Dunng ihe year. no Trustees received any remuneth'on or other benefits {2023- £NIL)- Dunng the year ended 31 March 2024, no Tnjslee expenses have been inCUrd {2023- £NILI. TRUSTEES. INSURANCE The Charity carries indemnity insurance cover both to protect it from loss arising from any neglect or defaults of its Trustees, employees or agents, and lo indemnify the Trustees and officers against the consequences of any neglect or default on their part. The annual premium in both 2024 and 2023 was £1k. 10. TAXATION No corporation tax has been provided for in these financial statements because the income of the Charity is wlhin the exemption granted by Section 505 of the Income and Corporation Taxes Aot 1988. Page 23
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS GROUP AND CHARITY Long-terni leasehold Fixture8 and property fittings £000 £000 Total £000 COST OR VALUATION At 1 Awil 2023 Additions 9,494 1,041 10,535 101 At 31 March 2024 9,494 1,142 10,636 DEPRECIATION Al 1 April 2023 Charge for the year 827 52 827 52 At 31 March 2024 879 879 NET BOOK VALUE Al 31 March 2024 9,494 263 9,757 At 31 March 2023 9,494 214 9,708 The building occupied ty St George's Bristol is being leased at a peppercom rental of £10 per annum from the Diocese of Bristol on a fijll-tenant repairing lease, which was granted lo St George's on 31 December 2012 for a period of 150 years. Page 24
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. FIXED ASSET INVESTMENTS PR14CIPAL SUBSIDIARIES The following was a subsidiary undertaking of the Chanty. Name Company numbor Registered office or principal Holding place of business SGB Enterprises Limited 04344449 Great George Street, Off Park Street, Bristol, BS1 5RR 1000 The financial Esults of the subsittiary for the year were: Name In¢ome £000 Expenditure £000 Surplus for the year £000 SGB Enterprises Limited 668 (525) 143 13. STOCKS Group 2024 £000 29 Group 2023 £000 29 Raw materials and consumables 14. DEBTORS Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 DUE WITHIN ONE YEAR Trade debtors 64 94 37 69 29 178 Amounts owed by group undertakings Other deblors Prepayments and accrued income 45 146 45 146 117 246 159 358 Page 25
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 £ooD Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Bank loans 20 20 20 20 79 Trade creditors Other taxation and social security Other creditors ArLruals 8nd deferred inrjjme 127 43 217 293 91 41 201 318 106 41 198 226 213 209 700 671 591 564 Group 2024 £000 Group 2023 £000 Charlty 2024 £000 Charity 2023 £000 Doferr8d income Deferred income at 1 April Resources deferred during the year Amounts released from previous periods 223 209 (223) 207 223 154 148 154 11481 144 12071 11541 Def8rred Income at 31 March 209 223 144 154 Defeed income relates lo deposits for events scheduled to be held in 2024125. 16. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Bank loans 396 415 396 415 The aggregate amount of h'abilities payable or repayable wholly or in part more than five years after the reporting date is.. Group 2024 £000 Group 2023 £000 Charlty 2024 £000 Charity 2023 £000 Repayable by instalments 303 327 303 327 303 327 303 327 Sl George's Bristol currently has tsvo loans secured by a floating charge over the propety and assets of the Charity. One loan for £375k repayable over 20 years until 2039 at a fixed rate of interest of 4.405Th and one loan for £125k repayable over 20 years unlil 2039 al a variable rats of interest, currently 7.25QA. The balances outstanding on these loans at 31 March 2024 were £312k and £104k respectively. Page 26
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balanee at 31 March 2024 £000 Balance at 1 April 2023 £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS DESIGNATED FUNDS Remedial Capital Works Fund Agency Fund 500 145 (41 496 145 645 {4) GENERAL FUNDS Charity 333 1,676 {1,675) 334 TOTAL UNRESTRICTED FUNDS 978 1,676 (1,6791 975 RESTRICTED FUNDS Artistic and Learning & Participation Projects Fund Fixed Assets Fund Remedial Capital Works Fund Bursary Fund 122 8,947 81 108 11601 (271 (12) 70 8,920 9,IS6 108 1199 9,066 TOTAL OF FUNDS 10,134 1,784 {1.878) 10,040 Page 27
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL sTATEMEPs FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS ICONTINUED RESTRICTED FUNDS The knslic and Leaming & Participation Projects Fund comprises funds received from Trusts and Sponsors, as well as Arts Council England towards Bristol Music Consortium activities and other Leaming & Participation projects. The Fixed Assets Fund comprises the fund oriqinally sel up for the work needed to develop the facility at st George's Bristol and other donations received for fixed asset purposes, together wilh donations received from Trusts and individuals towards the construction of the new extension. The fund balan represents the net book value of expenditure that has been capitalised, together with donated assets, mainty as leasehold propety (note 111. The fund balance is being reduced each year by the depreciation charged on the assets, where applicable. DESIGNATED FUNDS The Development Fund represents funds designated for the future development of St George's and for the recovery from the effects of the pandem. The Remed1 Capital Works Fund (restricted and designated) comprises fvnds ring-fenced for the programme of remedial capital works planned for the Summer of 2024. The Agency Fund represents funds held as Agent on behalf of Ihird pa'e$. Page 28
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS {CONTINUEDI STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 March 2023 £000 Balance at 1 April 2022 £000 Transfers inlout Income Expenditu £aoo £000 £000 UNRESTRICTED FUNDS DESIGNATED FUNDS The Development Fund Remedial Capital Works Fund Agency Fund 607 (21 16051 500 145 500 145 607 (2) 40 645 GENERAL FUNDS Charity 73 1,953 11.6531 1401 333 TOTAL UNRESTRICTED FUNDS 680 1,953 {1,655) 978 RESTRICTED FUNDS ArtistiG and Learning & Parttcipation Projects Fund Fixed Assets Fund Remedial Capital Worf(s Fund Bursary Fund 131 8,975 88 119 11281 {281 171 122 8,947 81 9,194 125 {163} 9,156 TOTAL OF FUNDS 9.874 2,078 11,8181 10.134 Page 29
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT PERIOD Unrostricted Restricted fund$ funds 2024 2024 £000 £000 Total funds 2024 £000 Tangible fixed assets Current assets Creditors due within one year Creditors due in tThJre than one year 202 1,379 {6061 9,555 9,757 1,379 17001 1396 (94) (396) TOTAL 975 9,065 10,040 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 £000 Restricted ftjnds 2023 £000 Totsl funds 2023 £000 Tangible fixed assets Current assets Credrtors due within one year Creditors due in rnore than one year 125 1,504 (651 9.583 9.708 1,512 16711 14151 1201 {4151 TOTAL 978 9,156 10,134 RECONCIUATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 19. Group 2024 £000 Group 2023 £000 Net incomelexpenditure for the pertod las per Statement of Financial Activities) 194) 260 ADJUSTMENTS FOR: Depreciation charge8 Decreasellincreasel in stocks Decreasel{increasel in debtors Increase in creditors 52 {71 1771 129 28 NET CASH PROVIDED BY OPERATING ACTivrriES 115 239 Page 30
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF CASH AND CASH EQUNALENTS Group 2024 £000 1,233 Group 2023 £000 1,237 Cash in hand TOTAL CASH AND CASH EQUIVALENTS 1.233 1,237 21. ANALYSIS OF CHANGES IN NET DEBT At l April 2023 Cash Ilows £000 At 31 March 2024 £000 £000 1,237 {201 14151 Cash at bank and in hand Debt due within 1 year Debt due after 1 year (41 1,233 1211 13961 19 802 14 816 22. RELATED PARTY TRANSACTIONS In addition to their time, Trustees gave donations lotalling £9k {2023= £6kl to St George's Bristol. Page 31