Registered number: 2053843 Charity numbèr: 295178 ST GEORGE'S BRISTOL TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ? Bishop Fleming
ST GEORGE'S BRISTOL CONTENTS Page Reference and Admlnislrativo Detalls of tho Charlty, It$ Twstegs and Advisers Chairfs Statement TTustee5' Report Twustees. Responsibllltles Statement Indgpondont Audltors, Report on the Flnanclal Statements 8-11 Consolldated Statement ot Flnanelal A¢tlvltle6 12 Consolidated Balance Sheet Charlty Balance Sheet 14 Consolidated Stat•ment of Cash Flows 15 Notes to the Flnanc131 Ststements 16-30
ST GEORGE'S BRISTOL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARifi. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Douglas Boti Mark Bowers Katherine Branch Christian Cull Anna Farthing Ben Heald, Chair Istepped down 11 June 2024) Stephanie Jay Paul Kenyon. Chair {appointed 4 July 20251 Chris Ladkin Istepped down 29 May 2025) Madeline Toy Sallie Blanks Nash Jonathan Brecknell Maria Croyion Roland Home 18n Oxley Susan Rigby, Chair (appointed 11 June 2024, stepped down 25 Febfuary 2025 Simon Cook Company reglst•red number 2053843 Charlty registered numb•r 295178 Registered office Great Georgo Street Off Park Street Bristol BS15RR Company Socrgtsry Loffain8 James Chief •xe¢utivo Samir Savant Independent auditors Bishop Flerlling LLP Chartered Accounlanls 10 Temple Back Bristol BS16FL 8anker8 CAF Bank Llmiled King's Hill Wesl Malling Kent ME194JQ Page 1
ST GEORGE'S BRISTOL CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The Chair presents his stslemenl for thé year. St George's is a vital, thrNing hub for music in Bristol. Some of its diverse and varied programme of events we programme ourselves, as part of our remit lo engage local alizens with music., somè are performances on which we work in partnership with promoters and artist5,' and il is also pleasing lo welcome a growing range of organls8lk)ns who host their own events, meetings, conferences, lectures and workshops. Consequently, Sl George's is increasingly busy throughout the day. fully Juslify'ng our long term ambition to be open all hours for pp1S and musi The year was significantly impacted by the programme of works carried out to the roof of the new extension, whith necesstlated a longor period of closure over the surnmer than is usual. l am delighted to be able lo say that the works were completed on schedulè despite some increases in scope and came in slightly below Ihe budgeted cost. This was due lo the ex¢e15enl collaboration belween the Sl George's team and the contractors, and the Trustees would like to lake this opportunity of recording their sincere thanks lo both teams for resolving this long-running issue. The trustees would also like lo thank the very loyal group of supporters who contributed lo the "Roof Stars. campaign lo fund the works, led by our former Chair, Ben Heald, who also kindly stayed on Ihe steering group to See the project through lo completion. From a financ¢81 perspectiv8, there was an op8rational loss of £20k for the ye8r 12024-. bss of £3kl. and an increase in funds of £127k. The Board believes that thi5 was a creditable performance on the part of Ihe management team given the impact of the roof repairs noted above. Lastly the Iruslees would like lo record their thanks lo Sue Rigby for her brief tenure 8$ Chair. Subsequent to joinin9 Sl George's, Sue was offered the role of Vi¢e-Chancellor al Edinburgh Napier University and, given that her long-held ambition was lo retire to that eity. understsndably d8cided to accept il and due to the need to focus on hei new role regrethjlly tendered her IgnatiOn in February of Ihis year. A recruitment process for Ihe position of Chair has beén launched with the expectslion of having the new incumbent in place for September. Paul Ken Chair Dale.. %9 o 1,1 Pag& 2
ST GEORGE'S BRISTOL TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are pleased lo present their annual report together with the financial slalemenls of the charitable company {Ihe Charity,, 'Ihe Companl or 'SI George's'l for thè year ended 31 March 2025. Reference and adminislr8tive detsils are sel out on pagg 1 and form part of this report. The Annual R8PQrt serves the purposes of both a Trustees. report and a Directors, report under company law. The Twslees confirm that the Annual Report and financial statements of the charitable company compty with the current statutory requirements, the requirements of the charitable companls governing document and the provisions ol the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS1021 leffective 1 January 20191. Objective5 and Activities The objectives of the Charity are to= Promote an appreciatn and understsndiro of music through its performance and study. and Preserve for the bertfil of the general public the historic and archileclural herilage of the building and surrounding grounds. The Charity's vision is to LTeate unforgettable experiences by bringing together exceptional artisls with Focal aLtdien$ and communities, realised through its mission of connecting people through remarkable music and cultural experiences al our iconic Bristol venue by supporting outstanding arkn'sts, inspiring aLtrdiences and engaging with cornmunilies in Bristol and beyond. Publlc benefft Thè Trustee5 have complied with the Charities Act 2011 and their duty lo have due regard lo the Charity Commission's public benefit guidance when exercising powers and duties to which the guidance is relevant. Achiovemgnts and Porfofflianc• We have had the usual busy year of live music and spoken word events, alongside our thriving creative leaming and communty engagement programme. In total, some 300 events, including our cultural programme and private hires, welcoming over 120.000 people through our doors. Our classical programme byds as vibrant as ever. Our piano wncerts are always popular - we welcomed the 2024 Leeds Inleinational Piano CoTnpeblion winner, Jaeden Izik-Dzurko. alongside international stars Pavel Kolesnikov and Anna Tsybuleva. Our new "Classical Up Close" series worked well, with audiences sat in the round close to tho artists in our intimat8 spac&. We had a particular focus on baroque music, which induded Academy of Ancient Music with countertenor Reginald Mobley, and the relum of Rachel Podger wtth Brecon Baroque. We a150 celebrated the anniversaries of Holsl, with a performance of hrs ever-popular The Planets with Hans Zimmerfs Interstellar performed by Bristol Ensemble, and then Palestrina and Arvo Part. in a sold-out concert by the Tallis Scholars which was crowned by &star Teview in the Guardian. In our broader music offer, including folk, jazz and roots, a highlight was Courtney Pine's 60th birthday party, with a pack8d standing gig. We also welcomed a variety of artists lo Sl G80rg8's for the first time, including sitarist Jasdeep Singh Degun, various artists as part of our 'Rising Folk. strand, and also Llghtime Musi¢. a new series of daytime concArts in partn8rship with Mothers in Music. Our Thursday lunchtime classical recital series is flourishing with the very best lalenl on display with everything from solo percussion lo baroque ensernble. Aongside. we are also building audiences for OLsr new Friday jazz strand, again promoting emerging talent. In January we collaborated with researchers from the southwesl-based Myworld project lo present two lunchtime recitals, one classical. one jazz. A team of scienlisls investigated how live musb affects both audiences and performers, and what sets this experience apart frorn listening lo a recording or watching a video. Page 3
ST GEORGE'S BRISTOL TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 ICONTINUEDI We held our third Festival of Voice in June. A key initiative was our new Sing for Happiness project bringing together hundreds of singers togethèr with specialist researchers from the University of the West of England lo look into the impact of singing on our well-being and mental health. We have been pleased with the results so far, with a third of the participants sawng they have not sung since they were children, if at a. The summer project was so successful we repealed it al Christmas. Our creative leaming programme and community work continues lo expand. Cosmos is flourishing. this is our weekly children's community singing project, based out of two schools in the Knowle West area of Bristol. We were pleased lo arrange performance opportunities for them, including al Tte5field. Our Community Ticket Club has grown lo indude more partners. Fundralsing, commercial venue hire, and hospitality income continLJe to be an important part of our financial success as the income generated from lickel sales only accounts for around 400A of our operating income. We relauncharj our Membership programme, with revised levels and a refshed range of benefits. We are grateful lo our family ol philanthropic supporters, members, commercial clients and partners for our continued succe&s and growth. Thè Trustees would also like to thank the staff al Sl Georges and the many volunteers who enable the organis81ion to thrive. Investment P¢llcy and PerfomanGg Under the lerms of the goveming document the Chorily has the power lo make any investment that the Trustees see fil. The Board, having regard lo the liquidity reqLsiremenls of operating Sl George'5, has a policy of holding ny surplus funds as eash investments and seeks to maximise returns on such deposits whilst minimising any credit risk. Crodltor Payment Policy 116s St George's pollcy lo pay creditors in accordance with terms of Panent agreed al thfj start of business with each supplier. STRATEGIC REPORT FINANCIAL REVIEW The improvement in operational performance of the Charity seen lasl year was maintained. However. income from trading activities in the currenl financial year was down on the PrevijS year as a result of the longer summei shutdown period to enable the roof works on Ihe new exlension lo be carried out. The project was delivered on lime and, desprte a sm811 increase in scope, came in slightly below dgeted costs. Revlew of the Year Sl George's result for the year was an operational loss of £20k12024.. £3k lossl and an overall increase in funds of £127k. The full financial statements are sel out on pages 12 to 30. Risk Management and Reserves Pollcy Sl George's programmes concerts and other events which necessarily have to be planned in advance. some up 10 3 years ahead. Staff are employed through contracts of employment. Income and expenditure are seasonal we piomole concert seasons and many buy lickels in advarKe. We also have to consider risks lo the Charity- . The Trustees regularly review and update the key risks to th& Charity which include.. Ihose which affect the number ol tickets bought for events, including compelitson., Page 4
ST GEORGE'S BRISTOL TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) those which affect perfoimanees.. other trading risks", atNJ estates and compliance risks. induding health and safety risks. All of these risks are managed conts'nuously, and mitigations are pul in place as required. These include= marketing and advertising- repairs and maintenance., and discussion and $01vIng Issues th performers. fvnders and regulators. Many of the assoaaled costs are already rne by the Charity in budgets, eg salaries and regular maintenance, Ixrt where additlonal cost Is incurred, it is charged against income in the year in que5kn"on. The Trustees have concluded that the Charity needs to hold some res8rv8S to deal with unanticipated changes in the level ol income, in particular ticket sales. The Tnjstees maintain insurance against business interruption. Risk of unplanned closure The Charity Commission requires us to cmsidef wh81her reserves are required to cover the possibility of unplanned closure. The Trustees plan for the long temi on the basis that st George's wll grow and develop, enhancing its seNces while managing th8 risks it faces. Al the present lime, the Trustees do not foresee any significant risk of unplanned dosure bul see the need lo retsin reserves to cover the risk of fluclualions in tid(el sales. Reserves held by the charlty The Truslees Conclude that the Charity needs lo hdd r8seNes lo cover the conlr8clual commitment il makes to perfomiers and staff in the medium term in the event thal there is an unantscipaled downtum in the sale of lickels lor p&rfomiances at Sl George's. The Trustees estimate Ihal an equivalent of three months of artisis, fe8s and staff salaries is the minimum required lo cover this risk and have set a minimum level of free reserves of £300k. Al 31 March 2025, the level of free r8s8rves was £239k. STRUCTURE. GOVERNANCE AND MANAGEMENT Constltutlon Sl George's Bllstol 15 a company limited by guarantee and registered as a Charity with the Charity Commission. It is govèmed by its Artid8s of Association. Page 5
ST GEORGE'S BRISTOL TRUSTEES. REPORT {CONTINUEDI FOR THEYEAR ENDED 31 MARCH 2025 ICONTINUEDI Organlsational Structure and DKision Making The governing body of th¢ charitable company is the Board. The Directors are also the Charity's Trustees for the purposes of Charity law and are generally referred lo as the Trustees. The Board meets 6 times a year wlh the Chief Executive and senior stsff in attendance. 11 is involved in major strategic decisions and has ultimate responsibility for the conduct and financial stability of Sl George's. Committees and working parties are established for relevant purposes. At present there is a committee in place foT Finance and Operations, a Working Party lo manage the reeruilment of a new chair and a sepafale Working Party for the new membership schem8. All meet regularly and are acctyJntabl8 to the Board. The Chief Executive manages the day-lo-day operations of the Charity. The Board appoints the Chief Executive and is also invofved in the recruilmenl of other members of the senior management team, determines their contracts of employment and reviews pay and performanc8. Trustees are recruited for an initial term of 3 years through a process ol advertisement and interview. Appointments may be extended wher8 appropriate to th8 needs of the Organisat. There is an induction proS8 for new Trustees, The Charitys wholly owned subsidiary, SG8 Enterprises Limlte¢J, manages commerdal activities. It donates ils taxable profits to the Charity by way of Grft Aid. FUTURE PERIODS We look forward to our ever-varied progTamm&. bringing back Sl George's favouriles and welcoming new artists lo help keep our programme fresh and tslevant, and attract nèw and mora divers8 audiances. We will be working even d05er with our partners al BBC Rad 3, including a Prom and further engagement with the New Generation Artisls. A particular highlight will be inlemational Make Musi¢ Day. when we wll tske the lead In filling Bristol with music from a wide range of groups. INFORMATION ON FUNDRAISING PRACTICES The majority of Sl George's income is from lickels. trading and grants. We also offer individuals 8 range of ways of conlribuling to our work through season tickats and membership schemès. which we promote through brrLhures, programmes. and our digital communications. We fully comply with the GDPR regulallons and have had no wmplaints about any aspe¢l of our fundraising. Fingnclal rlsk management The Trustees have assessed the major risks lo 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 ar8 in place lo mitigate exposure lo Ihe major risks. Auditors In so far as the Trustees are aware.. there is no relevant audit information of whith the charitable Group's auditors are unaware., and Ihe Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audil information and lo estsblish that the auditors are aware of that infomiation. Th8 auditors. Bishop Fleming LLP. are willing to continue in office aThJ a resrAution to appoint them will bg prowsed at the annual general meeting. Ap0ved by order of the MberS of the board of Tru51ees and signed on their behalf by. Paul Kenyon Chair of Trustees Date.. 29 OL'L Page 6
ST GEORGE'S BRISTOL sTATEmETr OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of the Charity for the purposes of company lay¥l are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Kingdom ACcntIng Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare financial slalements lor each financial ar. Under company law, the Trustees musl not approve the financial statements unless thay are satisfied that they give a true and fair view of th8 Stale of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statemen13, the Tru51ees are required to.. select Suitable accounting policies and then apply them consislenlly., obsgrve th8 methods and principles of the Charities SORP IFRS 1021., make S1gements ané accounting estimates that are reasonable and pNJdenl'. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subjeel to any material departures disclosed and explained in Ihe finanual stalemenls.. pr8pare the financial statemènts on the going concem basis unless it is inappropriate to presume that the Group will Continue in business. The TNslee$ are responsible for keeping adequat8 accounting rerA)rds that are SLrfficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any lirne the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Cornpanigs Act 2006. They are also responsible for safeguarding the assets of the Group and the ChaTity and hence foi taking reasonable slèps for the prevention and detection of fr8ud and oth8r irregularities. Page 7
ST GEORGE'S BRISTOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL OPINION We have audited the financial stslemenls of Sl George's Bristol Ilhe 'parenl charilable company,) and ils subsidiaries Ilhe 'group'l for the year ended 31 March 2025 which cornprise Ihe Consolidated Statement of Financial Activf(ies. the Consolidated Balance Sheet, the Charity Balonce Sheet, th8 Consolidated Statement of Cash Flows and the related notes. including a summary of signifbcanl accounlir4J policies. The financial reporting tramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland. Iunitgd Kingdom G&nerally Accepted Accounting Practicel- In our opinion the financial slatemenls.. give a true and fair wew of the state of the Group's and of the parent charitsble companls affairs as at 31 March 2025 and of the Group's incoming resources and application of resources. including its income and expenditure for the year then 8nd8d. have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Pracli¢e', and have been prepared in accordance wrth the requiremanls of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in arance wth Inl8mational Standards on Au(liling IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with th& ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial R8porting Council's Elhic81 Standard. and we have fulfilled our other ethical Sponsibl11t1es in accordance with these requirements. We believe that the audit evidenGe we have obtained is sufficient and apwropriate to provide a basis for wr opinion. CONCLUSIONS RELATING TO GOING CONCERN In audiliThJ the finanual ststements. we have concluded that the Trustees, us8 of the going concern basis of accounting in the preparalr)n of the finanaal slalements is appropriate. Based on the work we have performed. we have not identified any material uncertaintses re181ing to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable companys ability to continue as a going concem for a period of at I8ast e1ve months from when the financial stslements are aulhorised for issue. Our responsibiliti8s and the responsibilrties of the Trustees with respect lo goirvJ concgm ar& described in the retevant sections of this report. OTHER INFORMATION The other information comprises the infomalion inclutjed in the Annual Report other than the financial slalemfints and our Auditors, Report Ihereon. Th8 Trustees are rèsponsibl8 lor the other information contained within the Annual Report. Our opinion on the financial slalements does not cover Ihe other informatior) and, except to the extent otherwise explicitly slated in our report. we do not express any fomi of assurance condusion thereon. Our responsibility is lo read the other informatron 8nd, in doing so, consider whether the other infomialion is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identrfy such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material misslalement in the financial statements thomselves. If, based on the work we have perfomed, we conclude that there is a material misslalemenl of thi5 Other information. we are required lo report that fact We have nothing to report in this regard. Page 8
ST GEORGE'S BRISTOL INDEPENDENT AUDITORS. 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 audit.. the information given in the Trust88s' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Truste8s' Report has been prepar8d in accordance with applicable legal requirements. AERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understsnding of the tharitable company and its environmgnl obtained in Ihs course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing lo rewrt in respect of the following matters in relation lo which Cornpanies Act 2006 requires us to report to you if. in our opiniori.. the parent charitable eompany Pias not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us. or the parent charitable company financial stalernen15 are not in agreement wtth the accounting records and relums., or certain disdosures of Trustees, remuneration specified by law are not mad8'. or we have not received all the infomiation and explanatsons we require for our audit. RESPONSIBILITIES OF TRUSTEES As 6xplain8d more fully in the Trustees. Responsibilities St818menl, the Trustges (who are also the directors of Ihe charitsble company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisffied that they give a true and fair view, and for such internal control a5 the Trust88s del8rmine is necessary lo enable the preparation of financial statements that are free from material misstslgment, whether due lo fraLbd or eOr. In preparing the financial stslemenls, the Trustees are responsible for assessing the Group's and the parent charitable companls ability lo continue as a going concem, disclosing. as applicable, matters related lo going concern and using the going wncern basis of accounting unless the Trustees eith&r int8nd to liquidate the Group or the parenl charitable company or to cease operations. or have no realistic altematNe but to do so. Page 9
ST GEORGE'S BRISTOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL ICONTINUEOI AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Qur objectives are to Dblain reasonable assurance about whether the financial slalements as a whol8 are free from material misstalemenl, whether due lo fraud or errof, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that ari audit Conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materfal if, individually or in the aggregate, they could reasonably be expected to inftuence the economic decislons of users taken on the basis of these financial slalemenls. Irrggularilias. Induding fraud, are instancas of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect m8leri31 misslatemenls in respect of irr¢gularities, including fraud. The extent to which our pr¢x8dures are capable of deleding irregularities, including fraud 15 detailed below.. We have considered the nature of the sector, control envlronment and financial performanc8,' We have considered the results of enquiries wtlh management and Trustees in relalv)n lo their own idenlificalion and assessment of thfr risk of irregularth8s within the entity., We have reviewed the documentation of key processes and controls and perfomed walkthroughs of transactions lo confimi that the systems are operating in line with documentation- and We have considered the matters diseussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result ol these proCedUs, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation lo revenue r8cognilion. with a partiCLJlar risk in relation to year-end cut off. In common with all audits under ISAS IUKI we 8re also required lo perfomi specthc procedures to resporKI to the risk of management override. We have also obtsined understsnding of the legal and gulatOry frameworks that the Chafity operates in, focusing on provisions of those laws and regulats'ons that had a direct effect on the determination ol tnalerial amounts and disclosures in the financial slat8menls. The kay laws and regulations we considered in this context included the Charitses Act 2011, Charity SORP 2019. FRS 102 and the terms and conditions attaGhing to material grants received by the Charity. In addition, we consid8red thè provlsions of other laws and regulations that do not have a dI¢t effect on Ihe financial statements bul compliance with which may be fundamental lo the cha5 ability to 0rat8 or avoid a material penalty. These inclutjed data proleclvjn regulations, health and safely regulations and employment legislation. Our prOdureS to Spoj to the risks identified included the following- Reviewing the financial stslgment disclosur8s and testing to supporting documantalion to assess compliance with provisions of relevant laws and regL51alions described as havlng a direct effect on the financial stalèmenls., Performing 8nalytScal procedures lo idenllfy unusual or unoxpe¢ted relatDnships that may indute risks of material missiatemenl due lo fraud.. Review of board minutes., Enquiring of management in Telation lo actual and potential daims an¢J litigal¥Ms', Performing detailed Iransaclional testing in relation to the recognition of rev8nue, specifically grants, with a particular focus around year-end cut off.. In addressing the risk of fraud through management override of controls. lesling the appropatenesS of journal entries and olhor adjustments. We also communicated identified laws and regulations and potential fraud risk5 to 811 engagement team membèrs and remained alert to any indiealions of fraud or non-compliance with laws and regulations throughiyJt the audit. As a result of Ihe inherent limitations of an audit. there is a risk that not all irregularities, including a material misstatement in the financial stalemenls or non-compliance with laws and regulations, will not be detected by us. Page 10
ST GEORGE'S BRISTOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST GEORGE'S BRISTOL (CONTINUED) The risk increases the further removed compliance with a law or regulation Is from the events and transactions reflected in the financial slalgments, given we will be less likely lo be aware of it, or should the irgUI8r1fy occur as a result of fraud rather than a one off error, a5 this may involve intentional Conalment. forgery, collusi¢)n, omission or misreprosentalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres nsibilities. This description form5 part of our Auditors, Report. USE OF OUR REPORT This report is made solely lo the charitsble companrfs members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has b86n undertaken so that we might slate to th8 charilab companls members those matters we are required lo stale lo them in an Auditors. Report and for no other purpose. To the fulle51 extent permitted by law, we do not accept or assume responsibility to anyone other than thè charitable company a rts mèmbèrs, as a body, for our audit work, for this report. or for the opinions we have formed. Joseph S¢a5fe FCA DChA (Senior Statutory Audltor) for and on behalf of Blshop Fleming LLP Chartered A¢¢ounlants ststutory Auditors 10 Temple Back Brist BS16FL Date.. l? (Zo Page 11
ST GEORGE'S BRISTOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Unrgstrictod funds 2025 £000 Restricted funds 2025 £000 Total funds 2025 Éooo Total funds 2024 £000 Note Income from: Donations and legacies Charitable activities Other Ir&llng actlvltles Investments 356 234 590 315 842 785 592 47 592 47 17 Totsl income 1,837 234 2,071 1.784 Exp&nditure on: Raising funds charitab activities 197 1,660 197 1,747 211 87 1,667 T¢tal expenditure 1,857 87 1,878 Net movement in funds (20} 147 127 {94) Rèconciliation of funds: Total funds brought forward Net movement in funds 975 9.065 147 10.040 127 10,134 194) {20 T¢)tal fund5 carriod forward 955 9.212 10,167 10,040 The ConsolKJated Statement ol Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 10 30 fom part ol these financial statements. Page 12
ST GEORGE'S BRISTOL REGISTERED NUM8ER:2053843 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 £000 2024 £000 Note Fixed assets Tangible asse15 11 10,247 9,757 10,247 9,757 Current assets stod(s 13 23 29 117 1,233 Debtors Cash at bank and in hand 14 87 1,004 1,114 1,379 Creditors.. amounts falling due within one 15 {8141 (700) Net current assets 300 679 Total ass•ts l•ss current liabilities 10,547 10,436 Creditors.. amounts falling due after mor8 than one year 16 {3801 1396) Total net assets 10,167 10,040 Charlty fund5 Reslricled funds.. Restricted funds 17 9,212 9,065 Totsl reslricled funds 17 9,212 9,065 Unrestricted funds.. Designated funds General funds 17 716 641 334 239 Total unreslricled funds 17 955 975 Tolal funds 10,167 10.040 The financial Statements were approved and aulhorised for issue by the Trustees and stgned on their behalf by. Dale.. 29 JL,£ The notes orb pages 16 10 30 form part of these financial ststements. Page 13
ST GEORGE'S BRISTOL REGISTERED NUMBER:2053843 CHARifY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2025 2025 £000 2024 £000 Note Flxod assets Tangible assets 11 10.247 9.757 10,247 9,757 Current assets Debtors 14 132 866 159 Cash al bank and ir) hand 998 1.270 Creditors.. amounts falling due within one 15 {6981 {5911 Net Current assèts 300 679 Totsl assets less current Ilabilitios 10,547 10.436 Creditors.. amounts falling due after more than one year 16 1380) 13961 Total net as$•ts 10,167 10,040 Charity fund5 Reslricte(i funds- Restricted funds 17 9,212 9,065 Total restricted funds Unrestricted funds= 17 9,212 9.065 Designated fiJnd$ General funds 17 716 239 641 334 17 Total unrestricted funds 17 955 975 Total lunds 10,167 10,040 Th8 Charitys net movement in fvnds for the year was £127k12024'. £194kll. The Trustees aCknOedge their responsibilities for complylng with the requirements of the Act with respect to accounting records and preparation of financial slalements. The financial slalements were approved and authorised for issue by the Trustees and signed on their behalf by.. Dale.. 2et al'L4 The notes on pages 16 to 30 fonn part of these financial $tatements. Page 14
ST GEORGE'S BRISTOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 klARCH 2025 2025 £000 2024 £orKJ Cash Ilows from operating activities Net cash used in operats'ng activities- note 19 328 115 Cash flows from investing activities Purchase of tangible red a55els ($391 11011 Nel cash u$8d in investing actlvltles (5391 11011 Cash flows from financing activities Repayments of borrowing 118) (181 N•1 ¢a$h used in financing activities 118) 118) Chang8 in cash and Cash equivalents in the year Cash and cash equivalents al the beginning of the year {229> 1.233 14) 1,237 Cash and ¢a$h aquivalents at the end of thè yaar 1.004 1.233 The notss on pages 16 to 30 fom) part of these financial slatem6nls Page 15
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GENERAL INFORMATIOM St Georg8'$ 8rislol is a company limited by guoranlee and a charity registered al the Charity Commission in England and Wales. The principal address Is Greal George Street, Bristol, BS1 5RR. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financi81 statements have been prepared in accordance with the Charitl8s SORP IFRS 1021 Accounting and Reporting by Charities.. Statemènt ol R8comrn8nd8d Pra¢li¢8 applicable lo charities preparing their accoLJnts in accordance with the Financial Reporting Standard 8ppl¢cable in the UK and R8publiG of Ireland {FRS 1021 leffective 1 January 20191, the Finarscial Reporling Stan(Jard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. St George's Bristol meets the definition of a public benefit entity unéer FRS 102. Assets and liabilities are inttially recognised at historical cost or Iransaetlon value unless otherwise staled in the relevant 8ccounling policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet consolidat8 tha financial statements of the Group and its subsidiary undertaking. The results of the subsidiary ar& consolidated on a line by line basis. The Group has taken advantage of the exemptlon allowed under sedion 408 of the Companies Act 2006 and has not presented ils own Stalernenl of Financial Activitie5 in thes8 financial statem&nts. 22 COMPANY STATUS The Charity 15 a company limiled by guarantee. The members of the Charity are the Trustees named on page 1. In the event of the Charity being wound up, the liabilityin respect of the guarantée is limited to £1 per member of the Charity. 2.3 GOING CONCERN The Trustees consider that there are no rnaterial UT)certainlies about St George's 8ristol's ability to continue as a going concem and as a consequence have prepared the accounts on the going concem basis. 2.4 FUND K¢OUNTING General funds are unrestricted funds which are available for use at the dlscretlon of the Trnslees in furtherance of the general objectives of the Group and whlch have not been designated for other purposes. Designated funds cornprise 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 lo the financial stslemenls. Restricted funds are funds which are to be used in accordance with specific Testrictions Imposed by donors or which have been rais8d by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslrict8d fund is sel out in the notes lo the financial statements. Pag8 16
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Icontinu•d} 2.5 INCOAIE AJI income is recognised once the Charity has enliuemenl lo the Income, it is probable that the Income wlll be received and the amount of income receivable can be measured feliably. The recognition of income from legacies is dependent on establishirbg entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount re1Vable. Evidence of entitlement lo a legacy exists when the Charity has sufficient ewdence that a gift has been left to them Ilhrough knowledge of the existen of a valid will and the death of the benefaclorl and the executor is satisfied that the propgrty in question will not be required to 5allsfy claims in the eslale. Receipt of a legacy must be recognised when il is probable that it will be received and the fair valu8 of the amount receivable, which will generally be the expéc16d cash amount lo be distributed to the Charity. can be reliably measured. Other income is recognise(l in the period in which it 15 r8c8ivable and lo the extent Ihe goods have been provided or on completion of the servi. 2.6 EXPENDrruRE Expenditure is recognised once there is a legal or constructive obligation to transfer economic tsene171 to a third party, it is probable that 8 transf8r of economic benefits w1 be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The Costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct eosls attributsble lo a single activity are allocalerl directly lo that activity. Shared costs %thi¢h contribLJt8 to more than one activity and support costs which are nDt attributable lo a single activity are 8PPOrtioned behveen those activities on a basis consistent with the use of resources. Central staff costs are allDcaled on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary ntribUtIOnS and do not include the costs of disseminating information in support of the charttable aGlivities. Support costs are those costs incurred direcuy in support of exp8ndilure on the objects of the Charsty. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities are costs incurred on Ihe Charills educational operations, including support costs and costs relating to the governance of the Charity. All expenditure is inclusive of irrocovgrable VAT. BASIS OF CONSOLIDATION The financial statements consolldate the accounts of St George's Bristol and all of ils subsidiary undertakings I'subsidiaries'l. The Charity has taken advantsge of the exemption contained within section 408 of the Companies Ad 2¢X16 not to present ils own income and expenditure account. The surplus for the year dealt with in the accounts of the Charity was £127k12024- £94k deficit) 18 TANGIBLE FIXEDASSETS MID DEPRECiATION Tangible fixed assets are carried al cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to wrlte off the cost of Xed assets, less their eslimaled residual value. over their expected useful lives on the following bases.. Pag8 17
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 ACCOUNTING POUCIES {continuod 2.8 TGIBLE FIXED ASSETS ANO DEPREcIATN ICONTINUEDI Depreciation is charg8d so a5 to allocate the cost of tsnglble fixed assets less their residual value over their estimated useful lives. Deprecialion is provided on the following bases.. Pianos Equipment and rth'ngs straight line ov&r 25 years straight line over 2-15 years No dèpreciation is charged on le8sehold propety as in the opinion of the trustees the propety has a high residual value in the event of a sale in the forseèable 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 thg Charity.. this is normally upon notification of the interest paid or payable by th8 bank. 2.10 STOCKS Stocks a valued al Ihe lower of cost and net realisable value 8fter making due allowance fof obsolela and slow-moving stocks. 2.11 DEBTC Trade and other debtOTS are recognised al the settlement amount after any trade discount offered. PrepayTnenls are valued at the amount prepaid nel of any trade discounts due. 2.12 CASH AT BK AND 14 Cash al bank ar in hand includes cash and short-temi htghly liquid investments with a short malurily of stx months or less from the (Jale of 8cquisilion or opening of the deposit or similar account. 2.13 LIABILITIES AND PROVISIONS LK4bilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will b8 required in settlement, and the amount of the settlement can be 8Stimaled reliably. Liabilities are recognised al the amount that the Charity ants'apales it will pay lo settl8 the debt or the arnounl il has recewed as advanced payments for the goods or services It must provide. Provisions are rneasud 81 the best estimale of the amounts reqUId to setue the obligation. Where the effect of th8 time value of money is material, the provision is based on the present value of those arnounls, discounted at the pre-tsx discount rale that rellecls the risks specific lo the liability. The urMiThling of the discount is recognised in the Consolidated Slalement of Financial Activities as a rinanc8 Cost. 2.14 FINANC INSTRUMENTS The company only has financial assets and financial liabilities of a kind that qualify as basi¢ financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl value with the excepti¢)n of bank loans which are subsequently measured al amortised cost using the effective interest method. Page18
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 2.15 PENSIONS The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of thè year. INCOME FROM DONATIONS AND LEGACIES Unrestricted R*strlctad nds funds 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 £000 Corporate donations Other donations Legacies Grants 46 186 41 83 51 196 382 156 21 41 33 116 133 TOTNL 2025 356 234 590 315 TOTAL 2024 207 108 315 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds 2025 £000 Total funds 2025 £000 Totsl funds 2024 £000 Promotions, hires and Learning & Participation 785 TOTAL 2024 785 785 Page 19
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM OTHER TRADING ACTIVITIES Incom• from non charltable trading activltles Unrestrlcted funds 2025 £000 Total funds 2025 £000 Totsl funds 2024 £000 Salas 592 592 667 TOTAL 2024 667 667 ANALYSIS OF EXPENDrruRE BY ACTIVITIES Activities undertaken dlrÈ¢tly 2025 £000 Support ¢osts 2025 £000 Total funds 2025 £000 Total fund5 2024 £ODO Promotions, hires and Leaming & Participation 466 1,281 1.747 1,667 TOTAL 2024 446 1,221 1.667 ANALYSIS OF DIRECT COSTS Promotions. hir8s and education 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Marketing and box office Artists. fees. prc*Jrammes and related items 122 344 122 344 102 344 466 466 446 TOTAL 2024 446 446 Page 20
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE BY ACTMTIES ICONTINUEDI ANALYSIS OF SUPPORT COSTS Promotlons. hirès and education Total funds 2025 £000 Totsl lunds 2024 £000 2025 £000 Staff costs Depfedatlon Property costs Legal, professional and consultsncy costs Office costs 936 49 173 936 49 173 56 30 23 14 895 52 177 32 28 25 12 Bank charges Auditors, remuneration 14 1.281 1.281 1.221 TOTAL 2024 1,221 1,221 Page 21
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS Group 2025 £000 Group 2024 £000 Charlty 2025 £000 Charity 2024 £000 Wages and salarie5 Social security costs Other pension costs 844 66 26 808 62 25 716 66 672 62 25 26 936 895 808 759 The average number of persons employed by the Charity duriThJ the year was as follows.. Group 2025 No. Group 2024 Employees 60 60 The number of empk)yees wlM)se emrAoy88 b8n8fils {8xduding employer pension costs) exceeded £60,000 was: Group 2025 No. Group 2024 No. In the band £70.001- £80,000 The key management personnel of the Charity comprise the Tnjslees (who do nol receive any remunerabon for their role as Trustees) and the Chief Executive, Finance Director and Operations Director. The lolal amount of employee benefits lincludiro employer pension cor)Iributionsl recetV8d by key management personnel for their service5 to the Chaiity was £198k12024'. £184kl. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees received any remuneration or other ben8fits12024- £NILI. During the year ended 31 March 2025. no Trustee expenses have been incurred12024- £NIL). TRUSTEES. INSURANCE The Chaiity carries indemnity insurance cover both to protect il from loss arising from any neglect or defaults of Sls Trustees, employees or 8gents, and to indemnify the Trustees and offiGers against the conseqLFences of any neglect or default on their part. The annual premium in both 2025 and 2024 was £1k. 10. TAXATION No corporation lax has been provided for in these financial statements because the income of Ihe Charity is within the exemption granted by Sects'on 505 of the Income ané Corporation Taxes Act 1988. Page 22
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS GROUP AND CHARITY Long-temi leasehold FixtUTes and property fittings £000 £000 Total £000 COST OR VALUATION Al l April 2024 Additions 1,142 10.636 539 (31) 534 Disposals Transfers between classes (311 {651 6$ Al 31 March 2025 10,093 1,051 11.144 DEPRECIATION At 1 April 2024 Charge for the year On disposals 879 49 131) 879 49 131) At 31 March 2025 897 897 NET BOOKVALUE At 31 March 2025 10,093 154 10.247 At 31 March 2024 9.494 263 9,757 The buikJin9 occupied by Sl George's BristcA is being leased al a peppercom rental of £10 per annum from the Diocese of Bristol on a full-lenanl repairing leasg, which was granted lo St George's on 31 D9¢9mber 2012 for a period of 150 yaars. Page 23
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2025 12. FIXED ASSET INVESTMENTS PRINCIPAL SUBSIOIARIES The following was a subsidiary undertaking of the Charily.. Name Company number Reglstered office or prfncipal Holding plac$ of business SGB Enterprises Limited 04344449 Greal George Street. Off Park Street, Bristol, BS1 5RR 100° The linancial resLtlls of the subsidiary for the year were.. Nam8 Incorne Expendlture £000 Surplu$ fov the year £000 £000 SGB Enterpris8s Limited $92 15591 13. STOCKS Group 2025 £000 23 Group 2024 £000 Raw materials and consumables 29 14. DEBTORS Group 2025 £000 Group 2024 £000 Charity 2025 £000 Charity 2024 £000 DUE IMTHIN ONE YE*R Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accwed income 41 28 65 17 37 69 16 45 45 87 117 132 159 Page 24
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 202S £000 Group 2024 £000 Charity 2025 £000 Charity 2024 £000 Bank loans Trade credilois Other taxation and social security Other creditors Accruals and dgfgrred income 18 103 41 332 320 18 20 127 43 217 293 106 43 213 209 41 329 226 814 700 698 591 Group 2025 £000 Group 2024 £000 Charity 2025 £000 Charity 2024 £000 Dpfevred in¢om¢ Deferred income at 1 April Resources deferred during the year Amounts released from previous pertods 209 213 223 209 144 137 (144) 154 144 (2091 12231 11541 Défèrrèd Incamè at 31 March 213 209 137 144 Deferred income relates to deposits for gvgnts s¢hgdulgd to be held in 2025126. 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2025 £000 Group 2024 £000 Charity 2025 £000 Charity 2024 £000 Bank loans 380 396 380 396 The aggregate amount of liabilities payabl8 or repayable wholly or in part more than five y8ars aft8r the reporting dale 15.. Group 2025 £000 Group 2024 £000 Charlty 2025 £000 Charity 2024 £000 Repayable by instalmenls 285 303 285 303 285 303 285 303 St George's 8rislol curwntly has Iwo 108ns secured by a floating charge over the prop8ty and asseis of the Charity- One loan for £375k repayable over 20 years until 2039 at a fixed rate of interest of 4.405010 and one loan for £125k repayable over 20 years until 2039 at a variable rate of interest, currently 7.250/.. The balanS outstanding on these loans al 31 March 2025 were £297k and £101 k respectively. Page 25
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2025 £000 Balance at 1 April 2024 £000 Transfers inlout £000 Income Expenditure £000 £000 LIMIESTCTÉO FUNDS DESIGNATED FUNDS Remedial Capital Works Fund Agency Fund Fixed Asset Fund 496 145 (4961 {1451 742 (26) 716 641 126) 101 716 GENERAL FUNDS Charity 334 1.837 11,831> {1011 239 TOTAL UNRESTRICTEO FUNDS 975 1.837 11.8571 955 RESTRKTED FUNDS Artistic and Leamiru & Participation Projects Fund Fixed Assets Fund Remedial Capitsl Works Fund Bursary Fund Other Reslri¢ted Funds 70 8,920 38 142) 145) 66 260 (2601 9.135 191 9,065 234 1871 9,212 TOTAL OF FUNDS 10.040 2,071 {1,944) 10,167 Page 26
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 17. STATEMENT OF FUNDS {CONTINUEDI RESTRICTED FUNDS The Artistic and Leaming & P8rttcipalion Projects Fund comprises fvnds received from Trusts and Sponsors, as well as Arts Council England towards Bristol Music Consortium activities and other Leaming & ParticIpatn projècts. The Fixed Assets Fund comprises the fund originally sel up for the work needed to develop the facility al Sl George's Bristol and other donations received for fixed asset purposes. together with donalions received from Trusts and IndivalS towards the constnjdion of the new extension. The fund balance represents the net book value of expenditu that has been Gapilali58d, together with donaled assets, mainly as leasehold property (note 111. The fund balan is being reduced each year by the depreciation charged on th8 assets, where appllcable. The Remedi81 Capitsl Works Fund comprises funds received for the programme of remedial ca'tal works planned for, and completed in the summer of 2024. On completion. these were subsequently capitalised and a shown within the fixed asset fund. The 8ursary Fund represents funds reIVed foi the purpose of supporting the development of talented young musicians. The Other Restricted Fund relates lo donations received for the upgrading and refurbishing of external areas of Sl Georges Bristol VNRESTRICTED DESIGNATED FUNDS The Remedial Capital Works Fund comprises funds ring-fenced for the programme of remedial capital works planned for, and completed in the summer of 2024. On completion, these were subsequently capitali5ed and are shown within lh8 fixed asset fund. The Agency Fund represents income received and held on behalf of third parties. Thè Fixed Assats Fund comprises those capital projects and purchases carried out to develop the facility al Sl George's Bristol, and purchased through unreslricled funds. UNRESTRICTED GENERAL FUNDS Charity funds r8pr8S8nl the income that is received through donations, grants, fundraising and other forms of income. to assist with the overall wnning of Sl George's Bristol. Page 27
ST GEORGES BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2024 £000 Balan at 1 April 2023 £000 Income Exp8ndilur8 £000 £000 UNRESTRICTED FUNDS DESIGNATED FUNDS Remedial Capital Works Fund Agency Fund 500 145 141 496 145 645 141 GENERAL FUNDS Charty 333 1.676 11.6751 334 TOTPL UNRESTRICTED FUNDS 978 1,676 {1,6791 975 RESTRICTED FUNOS Artistic a1 Learning & Participalit Projects Fund Fixed Assets Fund Remgdial Capital Works Fund Bursary Fund 122 8.947 81 108 1601 1271 {121 70 8,920 69 9.156 108 1199) 9,065 TOT OF FVNOS 10.134 1,784 {1,8781 10.040 Page 28
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2025 £000 Restricted funds 2025 £000 Totsl funds 2025 £000 Tangible fixed assets CuTrent assets Creditrn due within one year Creditors dug in more than one year 716 1,037 17981 9,531 77 10.247 1,114 1814) 1380) 116) 13801 TOTAL 955 9,212 10.167 ANALYSIS OF NET ASSETS BETWIEEN FUNDS - PRIOR YEAR Unrestrided funds 2024 £000 Restricted funds 2024 £000 Tolal funds 2024 £000 Tangible fixed 8ssets Current assets Creditors due within ong year Creditors due in more than one year 202 9.555 9,757 1.379 17LNJ) {3961 1,379 (6061 (94) {3961 TOTAL 975 9,065 10,040 RECONCILIATION OF NET MOVEMEKf IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 19. Group 2025 £000 Group 2024 £000 Net IncMe1eXpendl1ur8 for the year las per Ststemenl of Financial Activiliesl 127 1941 JLISTMENTS FOR: Depreciation charges Decrease in stocks Decrease in debtors Increase in creditors 49 52 30 129 116 28 NETCASH PROWDED BY OPERATING ACTivmES 328 115 Page 29
ST GEORGE'S BRISTOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2025 £000 Group 2024 £000 Cash al bank and in hand 1.004 1,233 TOTAL CASH ANO CASH EQUWALENTS 1.004 1.233 21. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2024 Cash flows £000 At 31 March 2025 £000 £th)o 1,233 1211 1396) Cash at bank and in hand Debt due within 1 year Debt due after 1 year 1229) 1,004 {17) 1380) 16 816 1209} 607 22. RELATED PARTY TRANSACTIOMS In addition to their time. Trustees gave donations lotalling £54k12024.. £9k} to Sl George's Bristol. During the year. purchases lotalling £584.01812024.' £Nil) were made from CI8V8r Spac8 Constructi(*) Limited, a Company owned by one of the Trustees. In order to manag8 this conffict of interest. the Board pul in place a numb8r of m88sures.' 1. The nflIcted Iruslee reeused themselves from all Board discussions regarding the tendering process and any associated financial and ¢ontraclu81 discussions in connection with the roof works. 2. A competitive tender process was run. overseèn by a suitably qualified trustee supported by exlemal consultants there relèvant, and ihe tender award was ratified by the full Board, less the conflicted Iruslee. 3. An appropriately qualifi8d steering group was estsblished to oversee the project comprislng appropriatety experiencod Iruslees, management and Clever Space representatlves. As noted in the Chair Statement eadier in the Annual Report. the project was completed to time despite some expansion of %ope and came in slighlty below the budgeted Cost. Page 30