2022-03-31-accounts - City Of Birmingham Symphony Orchestra

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		Page
Chair's Report
Chief Executive's Report
Report ofthe Trustees
Report ofthe Auditors		21
Statement ofFinancial	Activities	25
Balance Sheet		26
Statement ofCash Flows		27
Accounting Policies		28
Notes to the Financial	Statements	32

Trustees:	David Burbidge CBE,DL	David Burbidge CBE,DL	(Chair)
	David Roper ¹		(Deputy Chair)
	Cllr Sir Albert	Bore
	Cllr Alex Yip Timothy Birchall * Tony Davis *		(appointed 3August 2021) (resigned 14March 2022)
	Helen Edgar
	Susan Foster		(resigned 3November	2021)
	Joe Godwin ¹		(resigned 3November	2021)
	Elspeth Dutch—		(resigned 3 August 2021)
	Jane Fielding	¹
	Emily Ingram
	Sundash Jassi	*
	Chris Loughran DL
	Lucy Williams	~
Senior Management	Stephen Maddock OBE		Chief Executive
Teaiil	Annmarie Wallis		Director ofFinance and Resources (resigned
			30September 2021)
			Company Secretary (resigned 25 January 2022)
	Emma Bunting		Director ofFinance and Resources (appointed
			17August 2021)
			Company Secretary (appointed			25 January
			2022)
	Gareth Beedie		Director ofMarketing	&Digital
	Simon Fairclough		Director ofDevelopment		(resigned 8
			September 2021)
	Lucy Galliard		Director ofLearning	&Engagement			(resigned
			13October 2021)
	Jenny Nicholls		Director ofConcerts
Senior Music Officers	Mirga Graiinyte-Tyla		Music Director
	Simon Halsey	CBE	Chorus Director

				Unrestricted	Designated	Restricted	Total	Total
				funds	funds	funds	funds	funds
			Notes	2022	2022	2022	2022	2021
				f'000	K'000	f'000	K'000	X'000
INCOME FROM:
Voluntary Income
Donations &		Legacies		1,697	60	742	2,499	1,213
Grant Income				3,959		198	4,157	5,435
Charitable Activities				2,460		149	2,609	197
Investments
Other Income
TOTAL				8,123	60	1,089	9,272	6,$56
EXPENDITURE ON:
Raising Funds				284			284	291
Charitable Activities				8,421	98	827	9,346	5,967
TOTAL				8,705	98	827	9,630	6,258
NET (EXPENDITURE) /				(582)	(38)	262	(358)	598
INCOME FOR THE		YEAR
BEFORETAX
Tax receivable				1,172			1,172	25
Transfers between funds			16&17	227		(227)
Other recognised gains		/(losses):
Actuarial gain /(loss)	on defined		15	672			672	(55)
benefit pension scheme
NET MOVEMENT	IN FUNDS			1,489	(38)	35	1,486	568
RECONCILIATION	OF FUNDS
Fund balances brought		forward		(6,280)	379	3,218	(2,683)	(3,251)
FUND BALANCES	CARRIED
FORWARD				(4,791)	341	3,253	(1,197)	(2,683)

			Notes	2022	2022	2021	2021
				X'000	K'000	X'000	X'000
FIXED ASSETS
Tangible assets			12		3,419		3,527
CURRENT ASSETS
Debtors			13	2,315		1,751
Cash at bank and in hand				3,538		4,199
				5,853		5,950
CREDITORS: Amounts	falling due within	one	14	(2,959)		(3,603)
year
NET CURRENT ASSETS					2,894		2,347
NET ASSETS (excluding	Pension Liability)				6,313		5,874
DEFINED BENEFIT PENSION SCHEME			15		(7,510)		(8,557)
LIABILITY
TOTAL NET LIABILITIES					(1&197)		(2,683)
THE FUNDS OF THE CHARITY
RESTRICTED FUNDS			16		3,254		3,218
UNRESTRICTED FUNDS:
General reserve			17	2,718		2,277
Designated reserve			17	341		379
Pension reserve			17	(7,510)		(8,557)
					(4,451)		(5,901)
TOTAL FUNDS					(1,197)		(2,683)

				2022	2021
				X'000	l,'000
Cash flows from operating activities:
Cash (used in)/ provided by operating		activities		(513)	1,801
Cash flows from investing	activities:
Interest receivable					2
Purchase ofproperty, plant	and equipment			(148)	(169)
Net cash used in investing	activities			(148)	(167)
Change in cash and cash	equivalents	in	the year	(661)	1,634
Cash and cash equivalents	at the beginning		ofthe year	4,199	2,565
Cash and cash equivalents	at the end	of	the year	3,538	4,199
Reconciliation ofnet (expenditure)/income			to net cash flow
from operating activities
Net (expenditure) /income	for the year			(358)	598
Tax receivable				1,172	25
Interest receivable					(2)
Depreciation charges				256	225
Defined Benefit Pension Scheme				(375)	5
(Increase) / decrease in debtors				(565)	83
Increase / (decrease) in creditors				(643)	867
Net cash provided by operating activities				(513)	1,801
Analysis ofcash and cash	equivalents
Total cash and cash equivalents				3,538	4,199

DONATION	S AND LE	GA	CIES
					Year	ended		Year	ended
				31	March	2022	31	March	2021
						K'000			K'000
Trusts						1,115			102
Donations,	Membership	and	Legacies			1,163			1,109
Sponsorship						221			2
						2,499			1,213

GRANT INC	OME
				Year ended	Year ended
				31March 2022	31March 2021
				X'000	K'000
Arts Council	England	grant		2,221	2,221
Arts Council	England	Culture Recovery Fund grant		653	671
Arts Council	England	Capital grant		198
Birmingham	City Council grant			608	608
Other grants:	Job Retention		scheme	477	1,935
				4,157	5,435

INCOME FR	OM CHARITABLE ACTIVITIES
		Year ended	Year ended
		31March 2022	31 March 2021
		X'000	f.'000
Birmingham	Concerts and promotions	1,029	20
Other UK engagements		245
Overseas engagements		942	15
Broadcasting	and recording	166	80
Learning k.Engagement		176	44
CBSO Centre	income	51	35
Other Income			3
		2,609	197

	Year	ended		Year	ended
31	March	2022	31	March	2021
		X'000			K'000

	Year	ended		Year	ended
31	March	2022	31	March	2021
		K'000			K'000

ANALYSIS OF TOTAL EXPENDIT	URE
		Support &
	Direct	governance	Total	Total
	Costs	costs (note 8)	2022	2021
	K'000	X'000	f,'000	6'000
RAISING FUNDS:
Fundraising expenses	35	249	284	291
CHARITABLE ACTIVITIES:
Birmingham concerts and
promotions	3,871	354	4,225	514
Other UK engagements	527	68	595
Overseas engagements	1,372	219	1,591	56
Concert marketing and
advertising	235	613	848	456
Broadcasting and recording	889	130	1,019	1,513
Learning &Engagement	357	225	582	325
CBSO Centre		95	95	83
Inactive period		391	391	3,020
SUBTOTAL	7,251	2,095	9,346	5,967
TOTAL	7,286	2,344	9,630	6,258

ofusage as n	oted	below:
			Support	Governance	Total	Basis of
			Costs	Costs	2022	apportionment
			f.'000	K'000	f.'000
Salaries (including		pensions)	1,244	174	1,418	Time spent
Rent, rates &service charge			119		119	Income
Maintenance,	buildings &
equipment			173		173	Income
Professional	charges			82	82	Income
Depreciation			257		257	Income
General expenses			295		295	Income
			2,088	256	2,344

		Year ended	Year ended
		31March 2022	31March 2021
		X'000	S'000
This is stated after charging:
Auditors remuneration
—for audit services		24	13
—for non-audit services		9	5
Depreciation oftangible	fixed assets	257	225
STAFF COSTS &TRUSTEE REMUNERATION
		Year ended	Year ended
		31March 2022	31March 2021
		6'000	f.'000
Wages and salaries		3,999	3,539
Social security costs		361	309
Pension costs		170	161
		4,530	4,009

The number ofemployees during the	year was as follows:
	Average	Headcount	Full Time	Equivalent
	2022	2021	2022	2021
	No.	No.	No.	No.
Senior Management	6	5	6	5
Other Office Staff	36	35	33	32
Orchestra	71	71	67	66
	113		106	103

2022	2021
No.	No.

The charity h	as included atax credit in respect ofOrches	tra Tax Relief received/receiv	able as follows:
		Year ended	Year ended
		31March 2022	31 March 2021
		Z'000	X'000
Current year	relief receivable	1,176
Over/(under)	provision ofprior years' relief	(4)	25
		1,172	25

FIXEDASSETS
			Plant,
		Technical,	fixtures,
	Long term	stage &	computers	Work of
	leasehold	musical	and motor	Art
	property	equipinent	vehicles	K'000	Total
	S'000	f.'000	X'000		X'000
COST
At 1 April 2021	4,744	1,200	1,014	18	6,976
Additions		4	144		148
Disposals			(124)		(124)
At 31March 2022	4,744	1,204	1,034	18	7,000
DEPRECIATION
At 1 April 2021	2,081	697	653	18	3,449
Charged in the year	113	56	88		257
Disposals			(124)		(124)
At 31March 2022	2,194	753	617	18	3,582
NET BOOK VALUE
At 31March 2022	2,550	451	417		3,418
At 31 March 2021	2,663	503	361		3,527
					Page 37

DEBTORS
				2022	2021
				X'000	E'000
Trade debtors				263	56
Other debtors				77	276
Prepayments and		accrued	income	1,975	1,419
				2,315	1,751
CREDITORS: Amounts			falling due within one year.
				2022	2021
				X'000	X'000
Trade creditors				528	441
Other creditors				52	180
Taxation and social security costs				37	7
Deferred income				1,384	2,511
Accruals				958	464
				2,959	3,603
Deferred income:
				2022	2021
				S'000	X'000
At 1 April 2021				2,511	1,490
Amount deferred		in year		590	1,238
Amount released		to income earned
from charitable	activities			(1,717)	(217)
At 31March 2022				1,384	2,511

		2022	2021
Discount rate (%p.a.)		2.90%	2.20%
Salary increase rate (%p.a.)		3.35%	2.50%
Rate ofrevaluation in deferment (%p.a.)
-CPI max 5%p.a.		3.35%	2.50%
-CPI max 2.5%p.a.		3.35%	2.50%
Pension increase rate (%p.a.)
-RPI, capped at 5%p.a.		3.70%	3.30%
-RPI, capped at 3%p.a.		2.75%	2.55%
-RPI, capped at 2.5%p.a.		2.35%	2.25%
-CPI, capped at 3%p.a.		2.55%	2.40%
Price inflation rate (%p.a.) Consumer inflation rate (%p.a.)		3.90% 3.40%	3.40% 2.90%
		2022	2021
		Years	Years
Life expectancy at age 65:
Current pensioners	- Men	21.4	21.4
Current pensioners	—Women	23.7	23.6
Future pensioners now 45	—Men	21.8	21.8
Future pensioners now 45	-Woinen	24.3	24.2
Mortality table —pre and post	retirement	S3PXA with CMI
		2018 —0.50%

	2022	2021
	K'000	X'000
Multi Asset Funds	545	7,434
Equities	9,475	6,850
Property	1,132	181
Gilts k.Hedging	6,708	4,730
Alternatives	3,103	951
Cash	287	159
Total	21,250	20,305

Balance sheet:	2022	202.1
	K'000	K'000
Present value ofScheme liabilities	(28,760)	(28,862)
Fair value ofScheme assets	21,250	20,305
Deficit in Scheme	(7,510)	(8,557)

Analysis	ofthe amount char	ged to the Statement ofFinancial	Activities
			2022	2021
			f,'000	K'000
Interest	on Scheme liabilities		625	628
Interest	on Scheme assets		(442)	(428)
Administration costs			167	174
Amount	charged to operating	costs	350	374
Actuarial	loss on Scheme liabilities		236	1,989
Actual (gain) on Scheme assets
			(908)	(1,936)
Total (gain)/ expense			(322)	427
Total return on Scheme assets			1,350	2,364
Changes	in the present value	ofthe defined benefit obligation	are as follows:
			2022	2021
			f,'000	K'000
Opening	defined benefit obligation		28,862	27,115
Interest cost			625	628
Benefits	paid		(963)	(870)
Actuarial	loss		236	1,989
Closing	defined benefit obligation		28,760	28,862

				2022	2021
				K'000	f.'000
Opening	scheme		assets	20,305	18,618
Expected	return		on assets	442	428
Employer	contributions			725	367
Benefits	paid			(963)	(870)
Administration		costs		(167)	(174)
Actuarial	gain			908	1,936
Closing scheme			assets	21,250	20,305

RESTRICTED FUNDS
	1 April				31 March
	2021	Income	Expenditure	Transfers	2022
	K'000	f'000	f.'000	Z'000	f.'000
CBSO Centre reserve	2,704			(84)	2,620
CBSOTruck reserve		262		(6)	256
Arts Council capital grant	491			(136)	355
Youth Orchestra reserve	23				23
Education &Chorus reserve		149	(149)
Charitable activities reserve		678	(678)
	3,218	1,089	(827)	(226)	3,254
	I April				31 March
	2020	Income	Expenditure	Transfers	2021
	K'000	X'000	Z'000	Z'000	K'000
CBSOCentre reserve	2,788			(84)	2,704
Arts Council capital grant	604			(113)	491
Youth Orchestra reserve	23				23
Education &Chorus reserve		32	(32)
Charitable activities reserve		62	(62)
	3,415	94	(94)	(197)	3,218

UNRESTR	ICTED FUNDS
				Actuarial
				gain on
		1 April	Surplus in	pension		31 March
		2021	year	scheme	Transfers	2022
		K'000	K'000	K'000	f.'.000	X'000
General reserve		2,277	214		227	2,718
Designated	reserve	379	(38)			341
Pension reserve		(8,557)	375	672		(7,510)
		(5,901)	551	672	227	(4,451)

					Actuarial
					loss on
		1 April	Surplus	in	pension		31March
		2020	year		scheme	Transfers	2021
		K'000	K'000		f,'000	K'000	K'000
General reserve		1,455		625		197	2,277
Designated	reserve	376		3			379
Pension reserve		(8,497)		(5)	(55)		(8,557)
		(6,666)		623	(55)	197	(5,901)

		Restricted	Unrestricted	Total
		2022	2022	2022
		f,'000	X'000	X'000
Funds are represented	by:
Fixed assets		3,207	211	3,418
Net Current assets		47	2,848	2,895
Defined benefit pension liability			(7,510)	(7,510)
		3,254	(4,451)	(1,197)
		Restricted	Unrestricted	Total
		2021	2021	2021
		X'000	S'000	S'000
Funds are represented	by:
Fixed assets		3,207	320	3,527
Net Current assets		11	2,336	2,347
Defined benefit pension liability			(8,557)	(8,557)
		3,218	(5,901)	(2,683)