Oxford Philhannonic Orchestra Trust (A company limited by guarantee) Report and Financial Statements Year ending 31 August 2020 Charity number 1084256 Company number 3608496 111 •A9)L3NfA* 1011212020 COMPANIES HCXJSE A14
Oxford Philharmonic Orchestra Trust Report of the trustees for the year ending 31 August 2020 The trustees are FAeased to wtsent annual dett$. repLYl together the consolidated finanaal stsiements of the charity and its subgdiary for the year ding 31 Au9USt 2020 which are also prepared to meet the requirements for a directots. report and accounts for Companies Act purposes. The finanual ststements ccffiply Vlith the Charities Act 2011. the Companies Art 2[. the Memorandum l Article5 01 Assooation. and Accounting and Reporting by ChaFities'. Ststement of Recomrnended Practice applicable to charities preparing thar accounts in accordance with the Finanaal Reportin9 Stsndard applicable in the UK and Republic of treland (FRS 1021 (effecbve 1 janu 20191. The purposes of the charity aW. the eststrJishff*nt and running ofan orthestra as Oxford philhamKl¢ Orchestra.. the presentstion of regular PfnceS of dassical symphonic wcxks in Oxford and bryond.. and to brirrfJ ThsIC into the ccffimunity in local uniVetieS colleges. sthools and hospitsls. Re¥lew of a¢tlvlii•s durfn9 the ye¥ Concertortiwty The season opened on Saturday S Octckner at the SheldMI Theatre. This concen launched the Orchestra's Side-by-side stheme. as seleaed students sat next to OPO players to perf¢)m) Brahms. Academic Fesiiv81 Overture, which wa5 conducted by A"Stsnt Cond14clor Hannah Sthneider. Marios Papadopoulos conducted the rest of the programme which featured 8rahws sYmpY No. 2 and knszt's Piano Concerto No. 2 with guest so1$t Ev9eny Kissin. The concert was sYe5ented by Radio 3's Katie Defham. who also intetmewed Marios atut the seasijn in a pre-concert tslk The was recorded for deferred broadcast on Classi Later in the month Marcvs du Sautoy IUNversiry of Oxfoftl's Simonyi Professor for the Public Understanding of Science) presented a Fwramme of'music & Maths. for the perfonnances in Saffron Hall116 October 2019) and the Sheldonian Theatre (17 Ortober 2019). The pro9ramme induded Del$$ Prelude a I'wès-midi d'un faune. Stravinsws sYmF#Y in Three Movements and Bartok's Music for Strings, Percussion and Celeste. At Saffron Hall Marcus du Sautoy and OPO mugoans put togetheran educati performance for the maths and music GCSE students of Saffron Walden County High sdKl. On 31 October at Cheltwham Town Hall ar¢d Satur<lay 2 Noventhr at the Oxford TOn Hall. the Orchestra was joined by Sheku Kanneh-mason made his Oxford Philharmonic Orthestra debut performing Saint- Saèns Cello Concerto l. The perf¢m)ance Oxford irKluded a Side tyside perf0MnCe of Rossini's erture to L'italiano in Al9eri, which was conducted ty Hannah Schneider. The rest of the programme was canducted by Marios Papadopou1 induding Mendelssohn's'itslian, SyTryhony.
On Thursday 14 November the Orchestra welcorned guest soloist Paul Merkelo. for a programrne entitled The Enlightened Trumpet,. The concert tied in with the Orchestra'5 recording of the same name. vknith was released on the Sony Classrcal label in September 2019. Underthe baton of Marw)s Papadowulos. Merkelo performed tnjmpet concertos by Han and Leopold Mozart and the pro9ramme also featured Marf$ Symphony No. 39. Hannah Sthneider cOrU(led HaIn's.0XIQrth shonY to open the concert. The Oxford Philharmoni<s Patron VladimirAshkenazy returned to the Slwldonian to condurt the Orchestra on Sunday 24 Norfember. The [graM induded Tchaikovsky Serenddefvr Strings and Elgarfs'Enigma' Variatlons. The soloist was the Oxford Philharrrthils Sdo Pip Eastop. who wfornied Richard Strauss, first hom crmcerto. In December John Rutter led the Ctheth and the thoiry of Magdalen arKI New College5 in a Christma5 concert. featuring a sdertion of card Vaughan Will•ams' Fantosio on aDrsim05 Camts with baritcne Roderick Williams and I[10$ by Rutter hiN6df. The concert was corded for deferred Ixoadcast on Oassic Ffri Friday 20 December Sir Antonio Pappano cmducted the Orchestra fty the first time in a programme feabjring OPO Concertmaster Carmine Lauri as the soloist in the Glazunov Violin Concerto. The programme opened with Tchaikovsws Romeo undjuliet Font(Jsy 0?rtUre. Wbth the conwrfs fourth 5nphonY in the second half . On Friday 17 Jantjary Lig Batia51Mli made her delt *ith the trchestra wryth a perfommnce of the Ber9 Violin Concerto. The programme opened wtth Schubtrfs'unfinished. aTKI cenduded Brahms. fourth symphony. The ¢tCert was conducted by Marios Papadopoul January also saw the start of the Oxford 8eeth(y•en Festival. wthith was launcw at the Gemian Embassy on the 215¢ The evening was hosted by the Honorary Patron. His Excellency Dr Peterwitkng. the German Ambassodof and induded reatal perfofmances from Marios Papadopoulos and Nètslia Lomeiko. and baritone 8enjamin Appl and pianist Manon Fisther-Dieskau. The erfenirKJ also featured a conversation about the Festival with Marios Papadopoulos. Malte Boeker (Head of 8eetIWn-HS Bonn} led by John Suthel and the Festival's Patron Ajfred Brendel 9•4e a shcrt speeth The Oxford Beethoven Festival was due to f&iture the full 5yrry)hony and Ctxcerto Cyde. and the first three concerts of the Cycle took place at the Sheldonian in January and Febrvay featuring Marios Papadopoulos directing piano concertos 1. 3, and 4 from the ker, and conduc17ThJ 5ymphonie5 1, 3, 5 and 7. The first concert ofthe Cle on Saturdty 25 January was presented bj John Such On ThdaY 27 FebNary at the Sheldonian Marios Papadopou105 COlUtted a progrwrffie irduding the Tchaikovsky Violin Corert0. with OPO Co-CcYKertmaster Yuft Zhislin as sdoisL and Rachminov Symphony No.1 l)) Thursday 12 Marth, guest conduct¢Y tglaS Boyd made his debut with the Chftrd Philhamionic He conducted a programme of Sibdiu% including Finlondio. the fifth SJTrolw. K1 the Wdin Concerto wth OPO Associate Concertmaster. Anna-Lirsa Bezrodry as soloisL OPO'S chamber series began on Sunday 19 January Tth the annual thaffthr concert at Merton. OPO sdoists Natalia Lomeiko. Yuri Zhislin. Jon Thorne and Mats Lidslrom perffynxd Janaceys String Quartet No. 2 'Intimate Lettets,. and Oxford Piano Festival alumnus Alexander Ujlman was the Ixanist forArvo parfs Frotres with Natalia Lomeiko, and Lknrak's third piano trio with Natslia Lomeiko Mats Lidstro
In addition to the main seri. 2020 included extra reatas and events as part of the Oxford Beethoven Festival. January and February Saw piano recitals from Jonathan Biss and Freddy Kempf14%tho ePPed in at the last- minute for an injured John Liu) a5 part of the OPO'S Piam knata Cyde Series. There were two quartet concefty one given by OPO SO1$ts on Sathrday 1 February. in a COrrt which also featured Jeremy Irons retiting T.S. Eliofs Four Quartets in the half. The SeCd wa5 9tven by the Takacs Quartet on Sunday 2 Fetrxuary. On the 6 and 7 Marth the first three Tecit of the.BeethOv and his C¢lleagues' rttitsls were givth This sttie5 was curated by OPO Sdo Cello Mats Lidstr(>m and induded Beethoven'5 Sonatas for WKlin and for Cello. as well as wo5 by the Corr¥$ c¢)ntemporavie> The reCItS were given ty OPO violinists Tamas Andras Evgenia Epshtein. Anna-Liisa Bezrodny. and Charlotte ScotL and OPO Solo Cello Peter Adams. with pIanis Katya Apelushev4 Diana eer, arKI magdalW Nasidlak February also Saw the I10rd B¢eth¢Mn Festival Study at the Jacqueline de Pré Musi¢ Bubldin featuring chamber mu&c marterdasses and tslks %ith Alfred Brendel, a piano masterclass wth Marios Papadopoulos and an exPlbl of'Beethovffi on C15< tmth Classic Fm's Rob On the 6-7 February the Oxford Beethoven Festival took place with intemational a&enN<s (for details see Residency Sertion). The remainder of concerts and events for the 2019-20 season ¥e cancelled due to Covid-19. AMERICAN FRIENDS OF THE OXFOPD PHILHARMONIC We celebratsd the Orthestra's 20th arnivwry in New YO on 18 September 2019 at the Frick Collection with a concert and black tie dinner. Fourteen members of the Orchestra travelled to New York for the occasion arid-performed-a-concerrwhich featured baroque music-This-concert warto-bE-the-prelude-for our Camegie Hall debut on 4 May 2020 which had to be postponed due to the pandemic A new date for our debut at Camegie has been agreed for 7 June 2021 CLASSIC FM COLLABORATION In the 2019-20 season Jr collaboration with Classic FM c£tinued, starting with a broadcast of Brahms Symphony No. 2 from our toncert on S October and 'A Christmas Celebration with John Rutterf concert on 12 December on their Full Works Concert (Xsr arthNal T(haikovsty Widin Concerto ¥thih soloist Maxim Vengerov was strearned on their Facebook page, attrath.ng over 135.CKQ ¥ieA& We also visited the cfassic FM studio to interview John &Jthet for our Oxford Beethoven Festival l•Jnch wde Finances Revenue for the year was £1371397 t#th due to the impact of the Coronavlrus pandemic was 33% down on the pmious year. 76% of trms revenue was due to donations which once again demonstrates how dependent we are on fundraising. Orchestra Tax Relief and Aid. ExpwKliture was £1Jao.857. d¥n 28% on the premous year, in line wth decreased adivity. Net Loss was £9.460 with totsl funds cwried fww¥d being £411.479. a decrease of 2% on the previous year. ReSeS Policy A5 the profile of the orthestra continues to rise, the Celebrity C(rtS are fomiing an irKreasingly important part of the orchestra's activity. To secure the semces of these very high-profile celebrity artists, we are having to book further and further ahead. frequentty Iwo or three years in advance. As a result. the re5wves need to be at a level to ensure we can meet these future cc1nfftments. Furthermore we have to recognise that we operate in a context of uncertainty, as evidenced by the impact of the Coronavirus pandemic on Arts organisations. The Trustees belieNt the cUrrt led to be too low.
Sped•l Events On 12 October 2019, RosarrKJnd Brown hosted 53 Patrons of the OPO at her home. woo1t1 House in Newbury. The programme was Mendelssohn Piano Trio in D minor and Haydn liano Trio Na 39 and was perfomed by Marios Papadopoulos, CCertMaSter Natalia Lomeiko and Solo Cello Peter Adams. On 14 October. the Oxford PPMlharmoruc Orthestra and 60 of its Patrons hosted Muhtar Kent at Exeter College where the Sc40ists of the OPO perfoml Wwaldi's Fourseosons in the College Chapel. Afterthe concerL a sit down three course dinner was served in the Main Hall. On 6 November 2019. 30 lntematilaI Patrons of the OPO arrived in Brussels for a 2-day Patrons. Trip centred arourJ our concert at the NATO Headquarte to cdetffate their 7 AnnNersary. On the first evening, were welcomed into the Agora of the NATO Headquarter5 ¥the the OPO under tl baton of Marios Papadopoulos perfomied NATO'S anthffn lo11Thl by Bnjch Widin c¢¢ert0 With concertmaster Natalia Lomerko as soloisL This was foll(Med ith a pufomwce of Beethtyéem's fifth syynphony and ended with a version of Happy &rthday for NATO'S anniversary. After the (celL our Patrons were hosted for dinner_and the following daywe were given a tr of the NATO Headquarters were hosted for lurth. On 22 June 2020, were due to have our annu event at thewafiace Colthion in London. [e to the pandernic sadty, it was cancelled. On 24 June 2020 we were invried to 8u¢kingham Palace. but thje to the pandemi4 this has been p¢)stponed. A new date to be agreed vknen it's safe to hold an EDUCATIONAL Acnvrry Univew5ity Residency In the 2019-20 season. V ct)ntinued to offer speoal opportunities to UnThw5ity of Oxford students with our Residency pro9ramme. Training on offer irKluded masterdasses from OPO Music Director Marios Papadopoulos (Conducting and Piano). Paul Merkelo ffrumpetl. Flp Eastop {Homl. Tony Robb (Wir#J Chamberl and a strings masterdass from Chadotte Scott and Jon Thome. A Thsterda5S tmth Maxim Vengerov was due to take place in the summer but had to be cancelled. Our Composers. Workshop Offe c(wwition siudents the opprytunity to hear a Ire perfce of the wor and to recave constructive feedback from OPO musioans p¥fomiing IL Our Orchestral Apprenticeship Scheme also contlnued. a wogramme wPMch enables a select number of students to perforni live in s¢me of the Cchestra's concerts and to recerve orthestral training by its professional nMJSio% Coert0 Corryetrtson The winner of last yearf5 Junior Concerto Coffpetition. aaire EdrNston perfomied a recital in the sec(K half of this yearfs cCert0 Competiti final. This is the first year of a slightly than9ed frffiiat for the competition. vthich. othff benefits gives greater to the Juni<* Competition wnner. The Senior Concerto Coirwition retumed yw. After two prdirrinary round% three Oxftrd students played a rnovement of thr chosen concerto in the final. The Mvnnff, Ewan Millar loboe), will perfom) a full concerto vmth the OXfd PhilhamniC in a future concert seas.
University College Choir5 We a150 collaborated wth several Uni¥er5ity College gi¥iTrJ their students the than to perform with a profesyonal ensemble. In the 2019-20 season the Choirs of Magdalen and New Cdle9e joined us for our Christrnas concert A anned perfcm)ance of Stjthn Posston with The Choir of the ¢&een's College Thursday 9 Awil was canceued 8eethoven Symposium As part of the Oxford Beethoven Festival 2020. the OPO promoted an ècademic symposium dedicated to Ihe life and work of the great conyosff. er a two-day period, elv4en reno4vned academics from around the UK Eurc¥>e and the Uruted States presented papers wious theffs from 8eethoven's under5tsnding of death to his mathemab.cal approach to Variatio The was convened by Professor Eric aarke (Heather Profesxff of Musi¢ and featured talks by Laura Tunbridge {Henfrey Fellow Ml Tutor at St Catherine's Colle9el and aaire Holden (AHRC Fellow in the Creative and Performing ATts}. Family Concerts Our regular FUNomusrca farThty concerts. ffganis in collaborJiion with Oxford Oty Council. provide an introduction to music for a growing constituency of Yn9 li5tenw5 in our a3. aimed particulady at 4 to 8- year-oJd5. We promote one lamity CCert a tenr. 1th the music focussed on a different theme each time. 80th tsjr FUNomugca concerts in the 2019-20 season were CornetelY sold oul at capacity of 6. Our third family concert in June 2020 sadty had to be cancelled. Oxford Piano Festival It wa5 not possible to go ahead with the 2020 Oxford Piano Fe1¥al as planned but the Orchewa used its various intemet plarfornis to tske the Fests"val online in a modified forrrL Five recent alumni of the Festival recorded recit$ in their homes were pomed on the Orthestra's yTbe thannel. Radio presenter Rob can gave a record review on Zom Prof. lan Jcw gave a 'Piano aini< on IGTV and some dassic masterdasses by Marios Papadowulos were streamed Facebook Liv& Social Media We have a sooal Trla presence on Instsgrafft Face1 and T¥itter, vthich we have maximised during the 2019-20 season. This season also saw the creation of our Cfo blog which documents our outreath and education work as well as behind the scenes of special events and intervies with musioans and compose Thi5 exwse5 ovr non-concert WO to a wider audience. All of our recordings a Tr)w on Spotsfy. Our YouTube channel followng has increased at a rate of 1SXJ% overthe 2019-20 Seas(,. we are now èligible for and are utilising tr YouTube Pathership Schem4 in kntmch can generate redenue from our monetised videos. Oxfordshire Music Education Partneip IOMEP) We are a founder member of the Oxlordshire Music Education Partnership IOMEP), a cdlaboration with the County Music SeNce and other music organisations in the City whith provides and signposts a wide range of mUt services and will( to yourrfj people in ¢Tr¥fordshire. The educati and outreach wograff#Ms offered by the OPO ffi an iffwrtant contributThy part of ttr colleaive outwt ofthe OMEP.
Young Artrsts. Watlorn) arKI Coaching Our Young Artists. pfatFonn prnfjdes a pre<oneert opportuw for taented soung sthool.age musiciars to perform in a short recital at the Sheldonian Theatre. The OPO Flaye pro¥Yde coadwng OppOrtlI1eS to thanthr groups andlor OCMS studenty a5 requested by the OCMS. Side-by-side Scheme This is a new venture that create5 a unique opportunity for talented swdents from local $dlS and Universities to sit next to professtonal musiaans in the rehearsals and perf(wrnances of public concerts. There were two Side-by-&de p•fomwnces in the 2019-20 season, ith the third being cancelled. By perfoming in the rThdst of a prOfval orthestra 5ftents can be thallenged to ath levels of artistic prowess beyond what ordinary educational experieftces prthryde. OUTREACH ke so rNth ds¢ the dreadful impart ofthe Coronabryws pandeftic this ar has had a devastatyng effect on our wular programmes to tske muc crtrt into the commuryty wl)ere it is so much needed. In many ways, the schools shutdown tcgether with the igSating effect of lockdown has made it wen more important for u5 to try to find altemative wajs to reath otst to thtte communities. We consulted music teadws classroom teatheys and parents on what mwjht be most apweoated at thi5 challenging time for schools and familie5. As a resul( we deloPed a di¥erse series of vldeos for primary 5th001 thildren called 'OP at Home.. The Mde05 were ueated by cwr musicians ¥•Drking alone from home during lockdown. in the hope of sending fIS14 fvn and creativity to thildTen watching at home and in school. The series was desrgned to be used in various setting¥ feabjring different instruments and themes as well as encouraging lots of interactiwty. Using an easily acces5itrAe platform availae to an. and tAfjde Oistribution through social media, reached a large audience and we were ddighted to record a total number of views approachbn9 10.000. As a re5uIL we are. at Septernber 2020. aboirt to launth a new swies ol %rydeos but this tim¢ taknng adVts9e of the slightly more relaxed social distanang gUlations. cwr nsicianS have been ale to play together in srnal groups to add an extra dimension to the r*w video& But the year was not a totsl wipe-OLrt for us. and up to IkdOW in March 2020, we did manage to deliver much of our nonnal planned programme. We concentrate on local Special S(1)d$ catering fcK thildfen with special needs suffering from extreme emotional. leaming and behavioural corlon5. We tend to work the Sarr schools on a regular basis and this enables us to estsblish a strcry bond with the teaching and pastonl staff. We have worked in the Mulbry P4Jsh Sthool in S&mdlake. a national prrylision for seriously psythologically disbjrbed thildrern for 15 years. Ery year we run a week-kng programme for the entve school, based on an original theme su99ested ty the $th0 itsdl. Plans were in plxe for this yearfs workshop from 11 to 15 May 2020. but of course had to be cancelled. It will be some time before xhools are in a position to welcome outside wsitors again. and in place of this we are runnin9 a remote. digitsl series of InnOtr¥e and interacti¥e workshops specially de%gned forthe Mulbery Bush sthool. beginning in October 2020.
We have a similar relationship at Ntheffl House. anoiher speoal needs 5thool in North Okford. Whe we always involve additionally a local mainstream Fvimary 5chocA, a sharirvj experience highly valued by both sthools We ran a one4ay at the sthoc4 in October 2019. which was a link feature between last years week-lon9 programme and our Fanned retum visit rnmeT 2020. This of course suffered the same fate as our other ¥1Sh>S The sthod itself dosed some time before the general shutdown. but we are pleased to see ihat they are plaNung to Teow shortty. under the management of a new TWSL This will. we hope, open the prospect of renewing our relationship with the sthool in the nearfuture. It is in environments like these that we feel ourwork is most valuable. and evaluation forrns and feedback from the teather5 confinn the hugety ¥aale beneficial impact that the children deri¥ from these project As a resuli this yearwe expanded our Special Schools to tae in the mat lChard school on the Blackbird Leys Estate. which like Mulberry Bush and Northem H¢se schools wovides wonderful specialist care to severely damaged yourrfj thildren. Fotlowiw a one-day plot on 4 November 2019. our introductory week-long programme for Marth 2020 got off to a wonderhjl start on day one. but had then to be abandoned due to the pandemic We are of coutse l(x)khrwJ foThwd to a resumOion as soon as condithrms permit We also established a strgI>)nd the yYar5 with the three primary schools on the Blackbird Leys estèt¢ an area e¥perienortg high levels of unemploymenL criff and scKial inteThention, and we hope to be able to continue to work there as >On as Twe can. Additionally. we offer OP days for LEginrnr instrumentslists from local state primary schods utilising as host venue the premises of both the Oxfordshire County Music SeThice and occasionally the Dragon School in North_Oxford.Typicalty.one.of_these open.days attracts UP.tL1_ycx1ng.(hl1dr.en_WlItLlitoe.orQrnuSl experience, from up to 7 or 8 local stste primary 5dK This year our musician5 Started off ith a (me-day wind and brass open day hosted by the Dragon School on 10 March just befo lockdown. The involvement and engagement of the children was a welation to all the tsachets and supwt staff. Again, lurthff pl)rung has had to be wt on hold. WTrt in l¢xal hospitals is the other main aa of actimty for our musicians. and sadty too our outreath prograrnme5 have been curtailed by the pdern1 In November December 2019. we had another mund of our regular. eagerfy antsopated. highly participative hospital wo1 taking in as usual the Centre for Enablement at the Nuffield Orthopaedic for severely physically disadvantaged diens the Cherwell Ward at the Fulbrook Centre, providing care for patients sufferin9 from acute age-related corKlIti& and the Tarverward of the renal unit in the Churchill Hospitsl. We awaiL in hope, a lin soorL when will be able to resume these prts3ramme> In the meantime. we are taking ad¥ants9e of the opponunities oftefed by technology to provide us with an alternative, digitsl means of making contact ith our friends in hospitats. We are currently recording a programme of musi¢ muth ot which will be selected by the patients themsdve will be distributed ithin the trwitsls thrr>ugh a user-friendly platfofTTh and 9i¥e the patients acce55 to a Thde range of mu51C from whith they can individuaiy ()0$e their personal friteS and listen as often as they wish. As a final word. we would like to thank cwrwMderful musicians whose livelihcods have been so brutally hit by the pandemic. for the dedication and re5cvrcefulness they have shown. using new on4ine streaming (ypprrtunities, in helF¥ng to develop imagini¥e •id innovative way5 of reathing out with music into areas where it is most neede
THE FUTVRE The prin¢ipal objective OU1ned in the Business pl 15 to bjild M the Success of the 20 years of the Cychestra. More specifically. Survive the impact of the CorOna¥in PeMiC to be financialty artistically fit then stsbility returns. gain wider recognblion. n10ftaIty and intemationally, a5 (fft of the toffttys lding orchestras continue to strengV)en the quality of the Orchestra by recruiting the best •YS availabte and increasing rehearsal time promote r Celebrity swies to attract internationalty acdaimed artists to Oxf(xd develop a broad repertoire In all forms indudin9 the thamber and, subject to the availability of fundrng. operaiic range launth the two new fecordings already mad¢ and seek collaboTrtions th other artists f¢Y further recorditVJS In(aSe the number of crts about 60 a yew over tt next three year5 cmtinue to seek paid tours and engagements at home and abad to redvce the heavy cost of self-FYomoted even and relieve the InSe eSsUre on lundfaising rnatntsin and exp our education and c(¥nmunity Kyojrarnme develop a regvlar funding model to meet the ¢on9dtrable costs needed to athiebr our arntsknous objettive& The thafity needs to be restrudured so that it becom an effective fundraising both rwew the managernent structu of the CheStra in vithv of the enhanced scale of arti¥ryties. In particular we are currentty in the wocess of tteating a successi Plan to fThide Cfmtinuity and ensure smooth and timety transtiry) to new leadership Continue to dErfdop the rel*ionship with theAmerican Frrends of the Oxf¢xd Philhamioni¢ Orchestra
Charity number. IW256 Company number. Registered Officv. 3 TheOII EA Yd Je OX12 &PI Audii¢rs Ross Brooke Liffmted OX14 1SY Bankffs Union Bancare Prbvée U8P SA Seymwr Mews Howe. 26-37 Me4VS London W1H6BN Prinopal Office 29a Teignmc4Jth Road Lond Nvf2 4E8 The Tfustees, most of whom who are also directors for the purposes of cry law. who Seed during the year, together with SLthuent appointments r. Peter Earl {Chaimian until 31 Au9USt 20191 Donald Fotheryill {Chaiman from I Septunter 2019. resigned 24 May 20201 Geoffrey de Jager IDewty Chairman) Elena Ambrosiadou Saplwé Ashtiany Marco A55etto Raond Blanc OBE Professor Michael Earf Pehr Gustaf Glenharnrnar David Haenlein {Secretary) Aviad Meitar (Resigned 2 January 2020} Marios Papadopoulos MBE Sir Jonatharb Phillips (university membef) r Ivor Roberts {Appointed as Tntstee and Chamwi 8 June 2020} James Shery400d (Resigned 19 May 2020) George Tsavliris Christots Wright (Resigned 24 May 2020) 10
Structure. Governance and M•na9ement Oxford Philhamionic Orchestra Trust is a ccthpany limited ty guarantee go¥emed by its Memorandum and Articles of Assooation dated 1 S Juty 199& It is registered as a charity With the Charity Ccmmission. Its subsidiary compary. Cmord Philharmonic Orthestra Productions limited is a registered compary (Company number 35923231. gcwemed by its Mernrandum and Artides of Associatio Appothtnxrt oltrnstees New TnJstees 4re prcy05ed upon rec0mftdati0n by exisling Trustee or ty the Music Director. The recommended number ot Trustee5 is 15 Iwt this mayvary accrydiry to circumstances New Chalr ot the Trust With effect from I September 2079 Donald Fothergrll succeeded Petff Earl as the Chair of the Trust For business reasons Donald Fothergill resigned as Chair on 24 May 2020 and Sir Ivor Roberts former pIdent of Trinity College, OXICd and British diplomat succeeded hinl Tw5tee Indurtion ondtrolnlng There is no fomial indudion or training for Twstees as at present this is not consideTrd necessary. The TnJstees appointed recenty have held senior positions within commerc£ industy CY the professions and use theirexperience to benefit the charity. Most are already experienced Tnjstees of other tharIti In light of this the Trustee5 are aware of and have gNen due consideration to the Charity Commission's guidance of PthAic Benefit Oxford Philhamionic Orthestra Productions Linited Y& the tradirKJ body. and the directors act as the management committee for the orthestra It is managed tty a Board of Directors corrpri9ng: the Music Director Marios Papadopoulos is the Chair ofthe compaw, the Secretary of the Trust and the lef Openting Officer. Anthi PapadopY)ubs The are in addition eight fvN tiffo staff. The Finance and General PuTfnses CoffwTwttee coryisir¥J Trustees and two other rrwnbers who have experience in senior financial rotes in other companies. W0de advice and guidarKe both to the Trust and tt> the tradiftg coryany. The Advisory CounciL chald bl a Twstee, F0deS athce and guidan on local matters 11
In the absence ol institutional funding suth the Arts C(11. we rem•n deptndent on the continued goodwill of our arde of individual donors particulady at a time vknen are investing heawly in our future dtwelopmenL It is a nonnal feature of the wofessional music business that income from ticket sale5 will rarely gerwate more than 20% of the amtrjnt needed, so dependence on major donors together with a successful fundraising prograrrffie is an on.goiThJ requirernenl We are now asking donors to make committtts to cover lon9er F)ersods of giving of at least two or three year% We continue to reap mutual benefits from formal relationship with the Uni¥ersity of Oxfcrfd, and it should be noted that the programmes offered by the OPO constitute a significant benefrt to the student body {see above Univw5ity Residu The Trustees have made an assetsment of the risks faced by the tharity. and the controls that Should be in place to mili9ate tht risk& These a rthled re9ularly ¥ia a Risk Re9iSter and assessed whether they are suffiaent The charity trustees (who are also the dirertors of the Oxford Phrfharmonic Orthestra Trust for the purpose5 of company lawl are responsible for preparing a trustees. annual reKXYt and financial staiements in auordan¢e with applicable law United Kingdom ActtIng StarKlards {United Kingdom Generally Accepted Accountirw Practice). Company law requi$ the trustees to Fyepare finala1 s&itements for eath year gtve a true nd fair vie4¥ of the state of affairs of the tharitatAe cmpany and the grc¥Jp and of the incoming resources and application of reswrces. including the itKome and expenditure. of the charitable group for that period. In preparing the finanaal ststernen the trustees are required select 5table accounting poliaes and then theMC$1$tsnt c5erve the methods and principles in the Chariiies SORP. make judgemerrts and estimates that are reasonable and rKudent state whether apFAicable UK accounting stsndards have been Idl(h¥ed. subject to any maierial departures disdosed and explained in the financial ststemen prepare the financial statemerts on the gn9 concern bags unle55 It is inappfopriale to presume that the charity will continue in busines& 12
The trustees a responsible for keepirMJ proper accoting re(d$ that disdose with reasonable accuracy at any time the finanoal position of the charity and to enable them to ensure that the financial statements compty with the Conwanies Act 2W6. They are also reswnsible for safeguarding the assets of the charity and the group and hence taking 3$oae steps for the werfention and detection of fraud arKI other iffegvlaritie The twstees a responsible for the mantenance and inteiJity of the c(Yporate and finarKial inf0mtIOn included on the charitable cOrrpan$ website. Legislatim in the United Kingdom governing the preparation and di55eminotion of financial statements may differ from legislakn.on in other juri5diction& Statemeftt as to dlsclosur• to autht¢fs In so far as the trustees are aware at the time of al¥pr9 our trustee5' rep¢Yt there is no relevant infomiatim. bery information needed by the auditor in connertI ryth preparing their rem ofwhith the group's auditor is unThIaand the trustees. haying made enquiries of fellow direct(xs and the gr(w's auditor that they ought to have individually tsken. have eath tsken all steps that helshe is 014iged to tske as a director in orderto make themselves awa of any rdevantaudit infmnation and to establish that the auditor is aware ot that infcfftiètio Audltors During the year We informed by Chapman Worth th thej had ceased to be registered auditor5 and thus wshed to resign frorn beiThJ the thestra.$ audit5. Ross Brooke Limited were app)inted to replace them. A $tion to reappoint Ross Brooke Linmted as aKlitor5 to the charitywill be woposed at the next meeting of the trvstee This report has been kyepared ffi attordance 1th the special provw( relating to small COmpre$ v•ithin part 15 of the Companies Act 200& ty order of the board of Trustees Slr Ivor Roberts Trustee J._ DatE. 17 Nry4ffnber 2020 13
Independent Auditorfs Report to the Members of The Oxford Philharnionic Orthestra Trust Oplnlon We have audited the financial statements of (knrd Ph1hamKlc (>chestra Trust (the 'tharitable companY) forthe year ended 31 August 2020 Athith ¢PriSe the Consolidated Staterrnt of Financial Activities, Balance Sheets and Statemtrffs of Cash Nows and notes to the financial stateffnls induding a summary of significant accounting wliaes. The finanoal reF>Oning framewth that has been applied in their preparation is applicable law and United ngdorn Accounting Standards. induding FRS 102 The Fin¢7nciol Reportingstondord Gpplicoble in the UK ond Rewb&c of Irelond (United dorn Genèyalty Accepted Accounting Practice). In opinion the ffinancial staternentr gbve a true and fair view of the state of the grcyjp's and tharitable c(wnpans affaits as at 31 August 2020 and of the group's incoming resources and application of resources induthng its income and eyThliture. for the year then ended: have been woperly prepared in acconlance Tmth United ngdorn Generally Accepted Accounting Practice,. and have been prepared in accordance ihe reqUireMts ofthe Corwues Acl 20. Oas1$ for 4ylnlon We conducted our audit in acc(Kdance with Intematicwl Standards on Auditing {UK) 0&4s (UK)) and applicaUe law. Our respongbilities under those standards are fvrther destiiiEd in the Auditorfs responsibilities for the audit of the financial ststenxts section of our We are independent of the charitable ccNnpany in accordance the ethical requirements thèt are rdevant to our audit of the finanoal statements in the UK induding the FRC'S Ethical StarKlarf and we have fulfilled our other h1(al responsibilities in attordance with thÈ5e requirement& We believ2 that the audit evidence we have obtained is sufficient and approprie to provide a basis for our opin11. Condusions relatin9 to goln9 <onc•rn We have nothing to rewt in respect of the folloing matters in rdation to whith the ISAS IUKI require us to report to vthere: the tNstee< use of the gohn9 concern basis ol aCCnting tn the preparation of the finanoal statements is not appropriat¢ or the trustees have not disdosed in the financial statements any identified material unCwlAtieS that may cast significant doubt about the tharitable cornpanys ability to continue to adopt the 90ing concem basis of accounting fcff a pwicml of at le twelve months from the date when the financial statements a authorised for is5U 14
Other Infv)rmion The Trustees (who are a150 the directors of ttr tharitae compary for the purposes ofcompany law) are responsible for the other information. The other infomation cornwises the information included in the annual report other than the finanaal statsments and our auditorfs rePt thereon. Our opinion on the financial ststements does not c¢Mr the other information and. except to the extent othemse explrcitly stated in our repor( we do not express ary ftym of a55urance ctyKknsion lIe0 In connecblm with our audit of the finanaal statements our respon5ibrlity is to read the other information and, in doing so, consider whether the other intrnatIon is materially In¢51Stent %4ith the finanaal statements or our knowledge obtained in the avdit ly otheTh¥ise appea to be materially misstated. If we identify suth material inconsistencFes ty app?nt material misstatementy we a required to detemiine whether there is a material rnisstaternent in the financial statements or a material misstatement of the other information. If, based on the work we have perfornd. ccbdude that the 15 a material misstatement of this other infom)ation. we are required to report that fart We have nothing to Pt in this regard. Oplnions on other matters pr•xvV•ed by the c1•S Art 2006 In our opinion, based on the uThYertaken in the cr$t of our audit the information given in the Trustee¥ Annual whith indudes the Directors. Report prepared for the purposes of (cnpanY law. for the finanoal year forl)ith the finala1 statements are prepwed 15 consistent with the ffinancial staterr and the Dirertors. Report induded ithin the Trustees. Annual Repxyt has been prepared in accordance with applicable legal requirement In the light of the knuwledge and understsnding of the tharitable company and its enmronment obtained in the course of the audiL we have not identified material SSt?tnts in the Tntee5, ReF)Ort inclLtded within the Trustees, Annual Rep We have nothin9 to report in respect of the follov•ing matter5 where the Cornpanies Art 2fy)6 requires us to report to you if. in t)ur opinion: adequate accounting records have not bn kept retums adequate for ojr audit have not been received from branthes not Nlsited by u5; or the parent charitable Clryany fin¥Kial stat•nents are not in agreeff*nt V•ith the accounting records and retum¥. or certain disdOsu of trustees. TenratIOn specrfied ty Ixf are not made.. or we have not recaved all the InfOnnati and exp[anati we require for our audit or the trustees were not entitled to prye the finarKial s&itenYnts in accordance with the small companies regime and take advantage of the synall companies, exemption in preparing the Tfustees, Annual Report and tske advantsge of the small companies exenytion from the requirnent to prepare a Strategic Report 15
Resp1b11ltI•S al dlr•c As explained more lully in the Tru5tees' Responsibilities Statement the tharity trustees (who are also the directors of ihe Oxford Philhamionic Orchestsa Trust for the purposes of company law) are responsible for the Fyeparation of a trustees. annual and ffinancial stsiements for being Sèiisfied thai they give a true and lair view. and for such intemal control as the tnJstees determine is necessary to enable the preparation ol financial statements that are free from material rThsstatemenL whether due to fraud or error. In preparing the financial statementy the trustees are fesponsible for assessing the charitae companys ability to continue as a going disdosing as applicat4e. matters related to going concem and using the going concem basis of accomting unless the trustees either intend to liquidate the charitable company or to 4$e operations, or have no realistbc atemaiive but to do so. Audt<v's reSPts11ft1eS for the the flnan¢ial statem Our objectives a to obtsin reasonable assur•ce about vthether the financia statema)ts a5 a whole are free from rnaterial misststemenl ¥fvthether due to fraud or error. * to issue an auditors report that indudes our opinion. Rea5<able assurance is a high level of assuranc¢ l>Jt is not a 9uawtee that an audit conducted in accordance with ISAS IUKI wll afvlays detect a material misststement when it exist& Misstatements can arise Irom fraud or error and are cOdered matwial if. individually or in the aggregate. they could reasonably be expected to influence the econorric decisions of Use taken on the basis of these financial ststemen A furthef description of our re$ ibililies for the audit of_the_finanoal Statents is located on the Financial Reporting Counal's website at httpgIww.frc.uk/adit0fSre$pOnSIb1lltleS This description fornis part of ¢)ur auditorfs reFl Use •to¥r rept)rt This report is made soldy to the tharitable companls as • body. in accwdance yth Ch8pter 3 of Part 16 of the Companies Act 2(1)6. Our audit woik has tr*en urKlertaken $0 that we might stsie to the charitable tory>an5 members trSe mattws we are required io state to them in an auditorfs repxjrt and for no other purpose. To the fvllest extent perniitted by law. do not accept or assume responsibility to anyone other than the tharitable company and the dwritable compan$ Mem as a body, for our audit wo. for this port, or for the optnions t¢. n¢ W•knr (Swlor Statutory Autho for and on 1lf of Rw$ 8r(¥)ke Limltsd. Si•tutory Aydits¥r Suits I Winthush Clrt Abingdon Business Park Abingdon Oxfordshire OX14 ISY Dafr... 16
Oxford PhilharnK)nic Orchestra Trust Consolldated Ststement of Rnan¢•al Actsvfties (IlUdIng consolidated irKome and expenditure a¢¢ount) for year ending 31 August 2020 Unve5tr1ded R•strlcted Totsl Fund5 Total Funds Funds 2020 2019 Note Donations and legaoes Income from charitable Grtivitie Inctyne from concerts and similar productions %1.098 88,C63 1.049.161 1,535 321236 321236 525.484 Investrnent inccffie 121 Total income 1283.334 88.063 1.371,397 1061467 EwTrdltllT Expenditure on choritable artivitie& Operation of orchestrè Community projects Educational proierts 1269.459 71013 15.962 1.341.472 15,%2 23.423 1,857,067 27,275 24,154 23,423 Totsl expendlture 1291882 87,975 7,3.857 1.908.496 Net income / (expenrfiture) I invment galThs/ Ooss•s) 19 (9.460) 151971 Net Incorn• l (exp•ndltsn) and net mov•m• In fvThds for the > Rec•ft¢lllatlon ol fvnds Total Funds brought forward 19.548) [9.460) 151971 411429 8.510 420.939 267,968 Totsl funds rarriod forwxd 402.881 8.598 411,479 420,939 The rtatement of financial acti¥itie5 includes all gains and1055 ognIsed in the year. All income and eypendituie derive from continuing activitie& 17
Oxford Philharmonic Orchestra Trust Balance Sheets a5 at 31 August 2020 Group 2020 Group 2019 Charity 2020 Charity 2019 Nots Tangible assets Investments 14 15 9,516 5.836 9.516 Debto Cash at bank arKI in hd Total Curr•nt AsMts 16 215.955 383.525 599A80 314.931 235.324 550.255 122.135 355,276 477.411 145,251 223.S20 368.771 Uabllltl•s Creditors falling due within one year Net Current Olabmltles) / assets 17 {143.837) 11x8321 (71,587) 178.856} 455.643 411.423 405.824 289.915 Creditots fallin9 due after or yw Net as#ts 17 (so,( 411.479 420.939 405.826 289.917 The funds of the tharlty. Unrestricted income funds Resthcted income funds Totsl <h•rfty funds 19 19 402.881 8.598 411.479 411429 8.510 420.939 397228 8.598 405.826 281.407 8,510 289.917 The trustees have prepared 9roup ac£cnts in aC(dance with section 398 of the Comparrfes Act 2006 and section 138 of the Charities Act 201 l. These accwnts are wepared in accordance with the special provisions of Part 15 of the Companies Act lating to Sm1 companies and constitute the annual accounts required by the Companies Ad 2(K6 and ¥e for orculation to member5 of the compny. The notes at pages 20 to 32 fom part ofthese accounts J.. Sir Ivor Roberts Trustee on behalf of the Board of Tnte¢S Apwoved by the trustees on 17 2020 18
Oxford Philharmonic Orthestra Trust Statement of Cash Flow5 and Consolidated Ststement of Cash Flows for year ending 31 Au9USt 2020 Grnup 2019 2020 2020 2019 Note 100.616 74664 107 191 adivltles Interest income Purchase of tangible fixed assets 121 121 A15) Cash ProvId by (used In) (1415 121 Cash flows from fln•nclng activitie5 Proceeds of long-temi bornings Cash used In artfvI$ Increaselldecreasel in cash and cash equivalents in the year 148201 74785 131,756 107 312 Cash and cash equivalents at the beginning of the year 235324 15Q539 223.520 at the end of the y••r 383.$25 235.324 355.276 223.520 19
Notss on the accounts Accounting Pofid¢s Oxford Philhamonic Orchestrd Trust is a private conyany linited ty guarantee irKorporated in England and Wale& The registered office is 3 The Old Estat¢ High StreeL East Hendred, Want4e, OX12 8JY. The Fyincipal accounting poiioes adopte4ierynts kej styjrces of estimatiort uncertainty in the vep¥ation of the finanaal st•ttrnents are as follow Basis of yepar•tion The financial statements have been Fryjared in accordance with Accounting and Reporting by Charitie> Statement of Recommended Practice appJKable to tharities weparing their accounts in accordance with the Financial Reporting Standard op1(able in the UK and RUbliC of Ireland {FRS 1021 las amended lor accounting periods commencing from l January 2019) - {Charities SORP (FRS 102)}. tt)e Finanoal Reporting Standard applicable in the UK and Republic of keland {FRS 102) and the Companies Art 21X)6. Oxford Philharnionic Orchestra Twst weets the definilion of a PiC btfit entity under FRS 102. Assets and liabilities are initially recognised at Imstorica cost or tsansaction yue unless othewse stated in the relevant accounting policy notetsl. The finanoal statements are prepared in Sterfing. wthich is the function cuffency of the company. Monetary nounts in these financial statements are rounded to the nearest £1. The finanoal Statementswdeptrln-the ChantieslfvZcUnIs.&ntrePtsrRegU1ationsE-ortlYttrth--- extent reqUId to provide a true •)d fair View. This departure involved following the staternent of recommended wactice lor tharities aFWJing FRS 102 rnther than the version of the Ststement of Recommend practi which is refed to in the reguLations bJt has since been withdra b) Preparaiion of the accounts on a goiry concem basis The results for the year ended 31" Augu have been signifiGinty affected by the cancellation of events due to Cowid-19. The Trustees have prep¥ed budgets and cash Ilows which show that the group rernains a going oncem due to a conination of reduction in costs, reipt of govemment suppor¢ grant funding awarded and donations expected. There is some uncertainty in these foreusts x it is not known how many concerts wll tske pla in the coming year. However the Trustees will continue to dosely rnonitor and mrye cash flow and believe that the reserves will be maintained at a level to continue a5 a going concem. Group finanoal statements The finanoal stat)ertts consdidate the results of the tharity its vthoHy rth¥ned subsidiary Oxford Philharmonic Orthestra Projuctions rINted on a line-by-line basi& A separate Statement of Financial Activities and Incor and Exwditure Account for the charity has Th)t been presented because the Trnst has tsken advantage ol the exemption afforded lry 5edion 408 of the Companies ki 2006. dl Income is recognised when the charity has entiernent to the funds any wfomunce conditions attached to the itemlsl of income have been rrrt it is wobable thai the income will be recaved. and the amount Can be measured rebiabiy. Income where pfOrrnance conditions a peThling have been deferred and is stated as deferred income within the group's liabilibes.
Income frn govemment and other srants thethLY'capit4 grants or'rn•w' granty is rtcognised when the charity has entitlement to the funds ary wfornunceconditlLS attached to the grants have been mrt it Is probable that the income will be recerwed the amount can be measured reliably and is not deferred. For legacies. entittement is taken as the e441ier of the date on which rither. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made. tywhen a distribution is e•Ve from the estat& Receipt ol a legaty, in v•tde in parl is only considered batsIe wtn the amount can be measured rdiably and the charity has been notified ofthe exet05 intention to make a distribution. Where legacies have been notified to the tharity. or the tharity is aware of the granting of probate. and the uiteria for income recognFtion not been meL then the legxy is a treated as a contingent a55et and disdowl if material. Income received in advance ol a performance or Fxovision of other SF>ecified servKe it is deferred until the criteria for income recogniti are meL Donated serwces and facilities DCated professional sernc and donated facilitie5 a recognised as inclme Twhen the tharity has control over the item. any conditions assoaated with the donated itern have been mei the receipt of econornic benefit from the use by the charity of the item is prtht4e and that econoffmc benefit be measured refiably. In accordaftce with the Chities SORP (FRS 1021, general volunteer time is not recognised. On receipt donated profesonal services and donated faulities are recognised on the basis of the value of the gift to the charity which is the arnnt the Charity would have been willing to pay to obtain seryices or facilities of equivalent econryTMC benefft cffi the open marker a CTrTespor#ding amount is then rttogni5ed in expenditure in Ihe period of recpL Interestreceivable Interest fvnds hdd on deposit is included then receivable and the arnnt can be nasured reliably ty the charity, this is n¢xmally upon notification of the interesi paid payai4e by the Bank g) Fund accounting Unrestricted funds are available to spend on aclivitres that fvrther any of the pJrposes of charity. Designated funds a unStrICted funds of the tharity 7hthich the trustees have decided at their discretion to set aside to use for a speofic purpose. Restricted furKls are donations thich the donor has specified are to te solely used for areas of the Trust's wot or for spe<iffic projects being undertaken by the Tru5L h) Expenditure and irrecovernble VAT Expenditure is recognised once there is a legal or constructive oblr9ation to me a pajrnent to a third party. it is probable that settjement will be required, and the arYKyJnt of the. obligalyon can be ffasured reliabty. Expenditu is classified under the following actFNityheadirys Expenditure on charitable actmties indudes the costs of perfc¥mances and other educational actvitles undertaken to furtherthe purp05e5 of the chty and their a5$0ciated 5UPPOrt C051& OtherexpeThJiture wesents those items faling into anyother hea¢*n Irrecoverajle VAT is tharyed as a cost against the actsvity for whith the eypen¢ffibJre was incurred. 21
Allocation of support costs Support costs are those funclions that a$t the Work of the charity do not dbredy undertake charitsble activities. Support Costs indude back office costs. ffinance, personnel. payrdl and govemance costs which pport the Trust's programmes and artivitie& These costs have been allocated btheen cost of raising funds and expenditwe on charitable Ktswties The ba on which support costs have been allwted are set out in note & Operating leases Rentsls payable under operating leas induding any lease incentives recaved. are charged to income on a straight line basis over the terni of the relelant lease except where another rrK>re systematic basis is more representative of the time pattem in thith ecorK)mic benefrts fr¢)m the lease asset are consumed. k) Tangle fixed assers Individual fixed assets costing £250 or more are CaFitalised at cost and a deprKiatsd over th•r estimated usefvl economtc lives on a strai9ht line basis as foll(Ps. Ass•t Categtyy Plant and maL-hinery Fixlur¢& fittings arKI equipment Motor vehicle5 25% -33% DebtOf5 Trade other debtors ¥e recognised at the settlemwrt due. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and cash in hand indudes cash and short term hi9hly liquMI investments Trth a short maturity of three months or less from the date of acquisitic or opening of the deposit or similar accoJnt Creditors FXOViSions Creditors and prow%ons ao (09n1$ed whue the tharity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estirnated rdiabiy. Creditors and prw5iors are nomMUy recognised at their settlement amouni. Financial irrents The trust only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instrurn•Jts are inilially recognised ai transaction value sUbseqUenY measured at their settlement value with the exception of bank loans which are subsequentty measured at amortlsed cost usrn9 the effective interest nthoLt p) Pensions Payments to defined contritIon retirement beneffit schemes are tharged as an e4>ense as thty fall due. The ernOye$ contributions made to the 5ckne in 2020 were £&&J212019. £6,679) with an employerfs contribution rate of 3% of pensionable pay and an eryAoyees contriktiOn of 5% of pensionable pay.
Legal status ¢)f the Trust
The Trust 15 a compary limited ty guarantee and has share capital. In the event of the charity being
wound up. the liability in respect of the 9uaraniee is limited to £10 per member of the charity.
Flnandal Perfornwn¢e of the
UnKestri¢ted
funds
2019
nds
2020
Ticket sale5
Piano Festival income
Advertisin9 incon* and wogramme sales
Engagnent fees
Orthestra tsx ¢yedit damed Irom HMRC
Other
182,801
296.%7
47.997
5.931
37.206
81.365
14,933
31.728
123,323
16.605
322.236
525.484
Invostme•t Inc
The summary finanoal perflymance ofthe subsidiary alone is 2020 2019 Don*ion frcm Tnjst rid(et sales 875,712 181801 114.435 1.171948 1.365.501 296,968 175,052 1,837,521 Cost ol sales Administralion costs Interest payable Profit before tax Orchestra tax fJetht 1810.096) 1569.586) 11,306,823) {600,333) 1206,734) 81.365 125,369) (69,6351 123.323 The assets and liaExliiies of the sU1¥ry V•W¢ Fixed assets Current assets Curreni liabilities Non-cutrent liabrlities Total net assets 5,836 121070 (71250) 150,0 5.656 9,516 181.485 (59.976) 131.025 Aggregate share capital and resern 5,656 131.025 knalysis 01 govenwice and suppart costs The Trust initially identifies the costs of its support fundion& It then identtfies those costs vthich relate to the govemance fvnctiorL Refer to the table below for the bas for apportruiment and the analysis of supp)rt and govemance cos Salaries and wages General office Audit fee5 Accountrncy seryices Professional fees Consultancy lees Depreciation Priniing and Stationary ProMotial costs IT costs Rent Interest and charges Sub5CTiPtions Total General supwrt General support 354,594 56.081 354.594 56,081 SC Generdl support Gtmeral support General support General support General sUPPOrt Genera suppjrt General support General support 11899 6,095 20,985 53.492 15,496 18,ThXI 7.923 17,396 561961 11899 6.095 20,985 53.492 15.496 la> 7.923 17,396 570,761 25
Net Incomel{expendlturnl for the year 2019 OperatiThJ leaSes~equi)1tnt Depreciation Bank Inte5t payable Auditorfs remuneraticffi: Audit f Accountsncy serlices 3,151 6.095 3.541 6,882 1500 2.5C S.$88 2019 Salaries and wages Social security costs 317.325 28A67 287.448 26,456 6.679 320.585 354.594 No employees had employee benefits (201 £nil). Per)n costs are allo¢ated to activittes in proportion to the related staffir¥J costs incuffed and ¥e tholty tharged to unrestritted fvnd The charity tNStees were not paid c rec•ved any other benefits from empioyment with the Trust or its subsidiary in the yeariai19. £nifJ nvtherwere thvy rebffibursed expensoduring the year12019. £nl) other than those dithsed in note 12. No charity trustee received payment for professional or ¢xher Swvi$ SUP10 tt> the tharity (3)1 The directors of the subsidiary recei%*d remunwaiion from the Subsilary of £114.CW 12019. £714,1)} of Tht¥th one POI>. (fft) director eamed between £70.orKI to £80,(XJ). 11 St•ff Nymbots The average monlhly head count was 9 staff (2019. 1 I sraff). 12 Rel•ted prty trans#4)$ In addition to the disdosed directois. emoluments M Papadopoulos receNed from the subsidiary conductor fees of £30,S(KI12019. £55.1. £18W)12019. £1&OW for office rent and £l.800 (2019. £3.6001 towards li9ht and heat cost The direciors, M Papadopoulos and A PapadoEKJulos prnde additional accomm¢)dation to the ctsry)any wiihout chaige. f(Mfeitin9 annual rentsl income of £5,Cth {2019.. £S.000). No notional rent charge for this gift in knnd is induded in these accounts. 26
13 Corporntion Taxalion The charity is exerrpt from tsx on income orxl gains falling rythin settion 505 of the Taxes Art 1988 and or sertion 252 of the Tay311 of Owrgeaue Gains Act 1992 to the extsnt that these are applied to its charitable objects. The charitys wholty tr4med subsidiwy. Oxf<yd Philharn)onic Orthestra Produrtiors ted makes an annual daim to HM Revenue & Customs for ¢kn tax relief wherety a tax credit equal to 25% of qualifying expenditure on orchestral concts is to the ccnpany. This income 15 shown in note 5. 14 Tangible fixed •ss•ts- thwlty (also axnprfdn9 that of th• group) fittln9s at Cost As at 1 Septber 2019 Additior Disposals As at 31 August 2020 14292 499 14.7CM) 23,959 1.916 52.951 2A15 14.791 14.700 25.875 55.366 Deprecialiorr As at 1 September 2019 Charge for ttie year Disposals As at 31 Auglt 2020 11233 14.7(Xl 1fi502 5,495 43.435 6.095 12.833 14.7 21.997 49.530 Net book valutr. As at 1 September 2019 1059 7,457 9.516 As at 31 August 2020 1.958 3,878 5,836 27
16 Inv•slm•nts Shar•s In Oth•r Tatsl Cost As at 1 September 2019 Movement As at31 Au9Urt2020 Grwp Shares In Oth•r 5ub5idtwy inv¢#mènts und•rtakings Total As at 1 Seplernber 2019 Movement As at 31 August 2020 The charity holds 2 ordinary shares of £1 eath in its wholly tradiNJ sthidiary corrpany Oxlord Philhamwic Orthestra Produciions Limited is inrpOrated in the United Kingdom and undertakes the group's ¢oncwt aciibrylie& These a the (lY shares allotted, cald up and fvuy paid The actiV7ties and results of thbs company are sumrrorised in note 7. Canaval Mlnlng Cthp. SAC The charity hd5 117 shares in Canaval Mining Cwp. SAC. a company registered in Peru Inumber 1275896n. The shares originate fr(Yn a gift of shares from Mr Peter Ead. Trusiee, in another Peruvian At this stage it is not possiUe to detttmine a rdiable fair value for the shares. 4knip Charity 2020 2019 2019 Trade debtors Other debtors PrepaYnis & accnjed income i 10.c 924 731 145.687 140.907 2&337 110,OtKI 11135 145,251 215.955 314.931 122,135 145.251 28
17 Cr¢filor amounts f•Mlng *ithin one y•ar 2020 2019 2020 2019 Trade credito Other creditor5 e4 accruals Defwred income {re 18) Taxation & social security 3,107 19.164 111.421 40.231 14.050 75.256 95 IM832 67.987 75,256 143.837 71.587 78.856 credIto amounts falllng due after morn than line y Ch•rfty 2020 2020 2019 2019 Bounce Bank Loan 18 Def•rr¢d incom• Ch•rfty Balance as at 1 Septemlxr 2019 Arrnunt released to income earned from tharitsble Ktivities Amount deferred in Balance as at 31 August 2020 75256 (75256) 111.421 111A21 75256 (15256) 67,987 67.987 Inco has been received specifically to fund a redurtion in ticket sales on offerto students. The charity has deferred this income on the basis that the charity is not entitled to the income until the student tickets have purthased and subsequently subsidised. It is antiopated that the deferred incorne wth be fvlly released wthin one Jtar. as stated in note 17.
19 AnYS of dwrhabh funds Funds 31 August 2020 2019 General fund 412,429 1.283.334 (1291882) 402,881 412.429 1.283,334 {12918821 402,881 Balarbt• 1 Fund5 31 Augusl 2019 2018 General lund 248,533 1045.117 (7M1221) 412,429 248,533 2.045,117 {1.881.221) 412,429 Nam• of unr•slrf¢t•d fvnd D•sqlptlon. naturn and puvpos•s of th• fund General fvnd The'free reseNes' after allcwing for all de9Trated funds, of whith there are none at presenL 04ance 1 In¢wne Expendhure Tr•1*1$ Fund$ 31 August 2020 2019 Community Projects & Education osio 1&050 {15.962) 8.598 Concert Access Fund 71013 (71013) 8.510 88,(3 187.9751 8,598
Analysls of movements In restvlrted funds . pre¥laus yew Balaft¢e 1 S•ptemb•r 2018 In¢fffje Expendiure Transfers Funds 31 August 2019 Community Projects Education 19.435 1&350 R7.275) 8,510 Concert Access Fund 64.744 (64,7441 Total 43,350 23.915 19,435 Community work indudes work at hwtsl% schools and any other apKYopriate byoiects in the comrnunity. Education indLKles the cost of sdh)larships. Concert Accets Fund is to provide discounted tickets for student& 20 ATralysls of group fbet •s*ts bemen fvnds fvnds Fixed assets Cash at bank and in hand 376,940 6.585 383,525 Other net current assets/iiiabililies) 70.10S 1013 71118 Non-current liabilitie5 (50,(K) (50.IJ))I Totsl 401881 8,598 411,479 31
Totsl funds funds Fixed assets 9.516 9,516 Cash at bank and in hand 291.558 156.234) 235.324 Other net current assetsllliabilitiesl Totsl 111.355 64.744 176.099 411429 8.510 420.939 At the reporting end date. the group had tsndIrt9 commitinents lor fvture mirumum lease payments under non-cancellable operaling leases which fall due as follo Gvoup 2020 2019 2020 2019 Within one year 18.505 2.1 eetween five yws 18.505 2.001 Chav 2020 2020 2019 2019 Net mo4ement in funds 19,460) 151971 99,284 Add back deweaation tharge 6,095 Add back10ss on disposal of assets 24 Dedutt interesi income sho¥m in investing acti¥ities 1121) Deueasellincrease) in debtws 9&976 275 23.116 49.713 Increase/ldecreasÈ) in credbtor5 S.(M)S 11y).616 83.36 76,664 7269 131,756 141.6851 107.191