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 prin￿paI 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, perfOr￿d 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 PO￿art. 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 f￿e 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 ag￿ed 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 fa￿s. 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 V￿th 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 a￿SIS 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 finan￿al 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 charita1￿9 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 p￿paring 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 a￿ayS 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