Despite making a loss of over £66,000 for the year ending March 2023, Brass Bands England gave an upbeat appraisal of its ongoing financial status and activities during its recent on-line Annual General Meeting.
Although income for the reporting year was just over £554,000, expenditure amounted to over £621,000.
As a result, BBE stated that it had to move existing funds to cover extended ongoing project costs from Covid-19 and to fund the growing success of its Brass Foundations team. This resulted in a reduction in its cash reserves from over £188,000 to just over £114,000.
Increased protection
In addition, the Charity Commission has advised BBE that they should consider increasing the level of their unrestricted funds over the next few years to a level that will protect its financial position if funding streams unexpectedly end and BBE stopped operating.
It was stated that arrangements will now be made from the existing income streams to increase the balance of unrestricted funds by around £15,000 per year over the next five years from its current position of just under £67,000.
However, recently appointed BBE Treasurer Paul Beaumont made clear that this action will not affect any funding for any existing projects or initiatives that have been agreed by BBE.
Healthy and positive
In his extensive report he explained that despite the loss, the finances of BBE were healthy and that cash flow was positive.
The new Arts Council funding of £405,000 per annum (up from £210,000) for the next three years will now come on stream adding to further financial stability.
The new Arts Council funding of £405,000 per annum (up from £210,000) for the next three years will now come on stream adding to further financial stability4BR
ACE confidence
BBE Chairperson Mike Kilroy also stated that the increase in funding reflected the confidence that Arts Council England had in the organisation, following it being given Investment Principles Support Organisation (IPSO) status.
IPSOs sit within the Arts Council's National Portfolio, as a core group of organisations recognised as of national importance to arts and culture.
It is also envisaged that BBE's trading activities will also increase back to pre-covid levels from its current level of over £29,000, whilst the increase in membership numbers (reported at 503 member organisations bands at the end of March 2023) will also see an increase in membership fees from the reported figure of just over £54,000.
Salary costs
Paul Beaumont stated that salary and National Insurance costs for 16 staff and freelancers (the largest cost of BBE's expenditure) for the reporting period amounted to over £315,000 (up from over £272,000 the previous year) although it was noted that both staff expenses and offices costs had fallen, despite several new staff members being appointed.
The salary of CEO Kenny Crookston was reported as "being determined following the Chairman's recommendation" to the BBE board remuneration group, which in turn also made staff salary recommendations.
View reports
The full BBE Treasurer's Report and Accounts can be viewed at:
https://www.bbe.org.uk/brass-bands-england-agm
