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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|
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|Trustees:|David Burbidge CBE,DL|David Burbidge CBE,DL|¹|(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|||||
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|||||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|
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|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|
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||Year|ended||Year|ended|
|---|---|---|---|---|---|
|31|March|2022|31|March|2021|
|||K'000|||K'000|
##
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|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|
##
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|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.|
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|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|
##
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|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|
##
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|||||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|
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|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)|
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