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 d￿ett￿$. repLYl together the consolidated finanaal stsiements of the charity and its subgdiary for the year ￿ding 31 Au9USt 2020 which are also prepared to meet the requirements for a directots. report and accounts for Companies Act purposes. The finanual ststements ccffiply Vlith the Charities Act 2011. the Companies Art 2[￿. the Memorandum l Article5 01 Assooation. and Accounting and Reporting by ChaFities'. Ststement of Recomrnended Practice applicable to charities preparing thar accounts in accordance with the Finanaal Reportin9 Stsndard applicable in the UK and Republic of treland (FRS 1021 (effecbve 1 janu￿ 20191. The purposes of the charity aW. the eststrJishff*nt and running ofan orthestra as Oxford philhamK￿l¢ Orchestra.. the presentstion of regular P￿f￿nceS of dassical symphonic wcxks in Oxford and bryond.. and to brirrfJ Th￿sIC into the ccffimunity in local uniVe￿tieS colleges. sthools and hospitsls. Re¥lew of a¢tlvlii•s durfn9 the ye¥ Concertortiwty The season opened on Saturday S Octckner at the SheldMI￿ Theatre. This concen launched the Orchestra's Side-by-side stheme. as seleaed students sat next to OPO players to perf¢)m) Brahms. Academic Fesiiv81 Overture, which wa5 conducted by A￿"Stsnt Cond14clor Hannah Sthneider. Marios Papadopoulos conducted the rest of the programme which featured 8rahws sYmp￿Y No. 2 and knszt's Piano Concerto No. 2 with guest so1￿$t Ev9eny Kissin. The concert was sYe5ented by Radio 3's Katie Defham. who also intetmewed Marios at￿ut 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 sdK￿l. On 31 October at Cheltwham Town Hall ar¢d Saturm and induded Beethoven'5 Sonatas for WKlin and for Cello. as well as wo￿5 by the Corr¥￿￿$ c¢)ntemporavie> The reCIt￿S were given ty OPO violinists Tamas Andras Evgenia Epshtein. Anna-Liisa Bezrodny. and Charlotte ScotL and OPO Solo Cello Peter Adams. with pIani￿s Katya Apelushev4 Diana ￿e￿er, arKI magdalW￿ Nasidlak February also Saw the I￿￿10rd 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 exPl￿b￿l of'Beethovffi on C15< tmth Classic Fm's Rob On the 6-7 February the Oxford Beethoven Festival took place with intemational a&enNe and the Uruted States presented papers wious theff*s 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 Y￿n9 li5tenw5 in our a￿3. aimed particulady at 4 to 8- year-oJd5. We promote one lamity C￿Cert a tenr*. ￿1th the music focussed on a different theme each time. 80th tsjr FUNomugca concerts in the 2019-20 season were Corn￿etelY 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 Fe￿1¥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 y￿T￿be thannel. Radio presenter Rob c￿an 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 Tr￿la 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 intervie*s 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 Partne￿ip 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 mU￿t services and will(￿ to yourrfj people in ¢Tr¥fordshire. The educati￿ and outreach wograff#Ms offered by the OPO f￿fi an iffwrtant contributThy part of ttr colleaive outwt ofthe OMEP. Young Artrsts. Watlorn) arKI Coaching Our Young Artists. pfatFonn prnfjdes a preS 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 ¥a￿al￿e 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 str￿gI>)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.or_￿QrnuSl 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 a￿a of actimty for our musicians. and sadty too our outreath prograrnme5 have been curtailed by the p￿dern1 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 f￿￿riteS 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 imagin*i¥e •id innovative way5 of reathing out with music into areas where it is most neede THE FUTVRE The prin¢ipal objective OU￿1ned 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￿ P￿￿eMiC to be financialty artistically fit *then stsbility returns. gain wider recognblion. n￿10ftaIty and intemationally, a5 (fft of the toffttys ￿lding orchestras continue to strengV)en the quality of the Orchestra by recruiting the best ￿•Y￿S 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 c￿￿rts ￿ about 60 a yew over tt* next three year5 cmtinue to seek paid tours and engagements at home and ab￿ad to redvce the heavy cost of self-FYomoted even￿ and relieve the In￿Se ￿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* Y*d 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 c￿ry law. who Se￿ed 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 Ra￿ond Blanc OBE Professor Michael Earf Pehr Gustaf G￿lenharnrnar 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 rec0mft￿dati0n 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 p￿Ident of Trinity College, OXIC￿d 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. W0￿de advice and guidarKe both to the Trust and tt> the tradiftg coryany. The Advisory CounciL chal￿d bl a Twstee, F￿0￿deS 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 committt￿ts 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 th￿t risk& These a￿ rthle￿*d 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 Act￿￿tIng StarKlards {United Kingdom Generally Accepted Accountirw Practice). Company law requi￿$ the trustees to Fyepare fina￿la1 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 5￿table accounting poliaes and then theMC￿$1$tsnt c*5erve 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 g￿n9 concern bags unle55 It is inappfopriale to presume that the charity will continue in busines& 12 The trustees a￿ responsible for keepirMJ proper acco￿ting 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$o￿a￿e steps for the werfention and detection of fraud arKI other iffegvlaritie The twstees a￿ responsible for the mantenance and inteiJity of the c(Yporate and finarKial inf0m￿tIOn included on the charitable cOrrpan￿$ 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¥pr￿￿￿9 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 unThIa￿and 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.$ audit￿5. Ross Brooke Limited were app)inted to replace them. A ￿$￿￿tion to reappoint Ross Brooke Linmted as aKlitor5 to the charitywill be woposed at the next meeting of the trvstee This report has been kyepared ffi attordance ￿1th the special provw(￿ relating to small COmp￿re$ 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 Ph1hamK￿lc (>chestra Trust (the 'tharitable companY) forthe year ended 31 August 2020 *Athith ¢￿￿PriSe the Consolidated Staterr*nt of Financial Activities, Balance Sheets and Statemtrffs of Cash Nows and notes to the financial stateff*nls 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(wnpan￿s 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 reqUireM￿ts 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 ststenx￿ts 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 appropri*e to provide a basis for our opin1￿1. Condusions relatin9 to goln9 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 cO￿dered 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 State￿nts is located on the Financial Reporting Counal's website at httpgIw*w.frc￿.uk/a￿dit0fSre$pOnSIb1lltleS This description fornis part of ¢)ur auditorfs reF￿l 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 $0 that we might stsie to the charitable tory>an￿5 members tr￿Se mattws we are required io state to them in an auditorfs repxjrt and for no other purpose. To the fvllest extent perniitted by law. do not accept or assume responsibility to anyone other than the tharitable company and the dwritable compan￿$ 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 ￿1￿lf of Rw$ 8r(¥)ke Limltsd. Si•tutory Aydits¥r Suits I Winthush Cl￿rt Abingdon Business Park Abingdon Oxfordshire OX14 ISY Dafr... 16 Oxford PhilharnK)nic Orchestra Trust Consolldated Ststement of Rnan¢•al Actsvfties (I￿lUdIng 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 inv￿ment 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 h￿d 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 Statement of Recommended Practice appJKable to tharities weparing their accounts in accordance with the Financial Reporting Standard op￿1(able in the UK and R￿UbliC 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 P￿iC b￿tfit entity under FRS 102. Assets and liabilities are initially recognised at Imstorica cost or tsansaction y￿ue 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 Statementswdep￿t￿rl￿n-the ChantieslfvZc￿UnIs.&ntr￿eP￿tsrRegU1ations￿￿E-ortlYttrth￿--- extent reqUI￿d 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 refe￿d 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 con*ination of reduction in costs, re￿ipt 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 enti￿ernent 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 p￿fOrrnance conditions a￿ peThling have been deferred and is stated as deferred income within the group's liabilibes. Income fr￿n govemment and other srants *thethLY'capit4 grants or'rn•w' granty is rtcognised when the charity has entitlement to the funds ary wfornunceconditlL￿S 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 wt*n the amount can be measured rdiably and the charity has been notified ofthe exe￿t0￿5 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 DC￿ated 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 Ch*ities SORP (FRS 1021, general volunteer time is not recognised. On receipt donated profes*onal services and donated faulities are recognised on the basis of the value of the gift to the charity which is the arn￿nt 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 rec*pL Interestreceivable Interest fvnds hdd on deposit is included *then receivable and the arn￿nt can be n*asured 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￿ un￿StrICted 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 spere systematic basis is more representative of the time pattem in *thith ecorK)mic benefrts fr¢)m the lease asset are consumed. k) Tangl￿￿e 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(P￿s. 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$ed whue the tharity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estirnated rdiabiy. Creditors and prw5iors are nomMUy recognised at their settlement amouni. Financial i￿rrents The trust only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instrurn•Jts are inilially recognised ai transaction value sUbseqUen￿Y measured at their settlement value with the exception of bank loans which are subsequentty measured at amortlsed cost usrn9 the effective interest n*thoLt p) Pensions Payments to defined contri￿tIon retirement beneffit schemes are tharged as an e4>ense as thty fall due. The ern￿Oye￿$ contributions made to the 5ckne in 2020 were £&&J212019. £6,679) with an employerfs contribution rate of 3% of pensionable pay and an eryAoyees contrik￿tiOn 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 . £1.535,862) of £961.098 was unrestrtcted12019.. £1.454.768) and £68,063 restricted (2019: £81.094). 23 UnKestri¢ted funds 2019 nds 2020 Ticket sale5 Piano Festival income Advertisin9 incon* and wogramme sales Engag￿nent 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. £1365,501) to cover the costs incurred in meeting the Trusfs obJ"e(tr 24 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 sU￿￿1¥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 ProMoti￿al 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 Inte￿5t payable Auditorfs remuneraticffi: Audit f Accountsncy serlices 3,151 6.095 3.541 6,882 1500 2.5C S.$88 2019 Salaries and wages Social security costs 317.325 28A67 287.448 26,456 6.679 320.585 354.594 No employees had employee benefits (201* £nil). Per￿￿)n costs are allo¢ated to activittes in proportion to the related staffir¥J costs incuffed and ¥e *tholty tharged to unrestritted fvnd The charity tNStees were not paid c* rec•ved any other benefits from empioyment with the Trust or its subsidiary in the yeariai19. £nifJ nvtherwere thvy rebffibursed expensoduring the year12019. £nl) other than those dithsed in note 12. No charity trustee received payment for professional or ¢xher Swvi￿$ SUP￿10￿ tt> the tharity (3)1* The directors of the subsidiary recei%*d remunwaiion from the Subsi￿lary 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 prn￿de 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