## **Oxford Philharmonic Orchestra Trust** 

(A company limited by guarantee) 

Report and Financial Statements 

Year ending 31 August 2025 

Charity number: 1084256 

Company number: 3608496 




||**Page**|
|---|---|
|Trustees’ Report|1 - 13|
|Independent Auditor’s Report|14 - 17|
|Statement of Financial Activities|18|
|Balance Sheet|19|
|Statement of Cash Flows|20|
|Notes to the Accounts|21 - 36|






## **Oxford Philharmonic Orchestra Trust Report of the trustees for the year ending 31 August 2025** 

The trustees are pleased to present their annual directors’ report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 August 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. 

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **Our purposes and activities** 

The purposes of the charity are: 

- the running of an orchestra known as Oxford Philharmonic Orchestra; 

- the presentation of regular orchestral performances in Oxford and beyond; and 

- the bringing of music into the community in local universities, colleges, schools and hospitals. 

## **Review of activities during the year** 

The Oxford Philharmonic Orchestra’s 2024/25 Season opened on 4 October with a concert at **Olivier Hall, St Edward’s School, Oxford** featuring **Maxim Vengerov** in the role of violinist/director. 

On 17 October, the **Sheldonian Theatre** was the venue for a concert supported by the University of Oxford in celebration of the Oxford Philharmonic Orchestra’s Silver Jubilee, which featured the world première of a piece by **Alessandro MacKinnon-Botti** , an alumnus of the OPO’s Composers’ Workshop. Performances in November included a chamber concert at **Holywell Music Room** and the first of three annual FUNomusica Family Concerts at **Oxford Town Hall.** 

The artistic focus of the 2024/25 Season was a major Bach Mendelssohn Festival, which commenced with a performance of Bach Mass in B Minor on 21 November and featured the first performance by the **Oxford Philharmonic Choir** , a new initiative launched by the OPO this Season. Part I of the Bach Mendelssohn Festival featured works including The Brandenburg Concertos and Mendelssohn’s _Elijah_ . The Orchestra collaborated with the **Academy of Ancient Music** , **Crouch End Festival Chorus** , and soloists including **Sir Bryn Terfel** , **Mahan Esfahani** , **Nuron Mukumi** , and **Masabane Cecilia Rangwanasha** . On 30 November, in collaboration with the **Bodleian Library** and **Sir Nicholas Kenyon** and **Katy Hamilton** , the Orchestra convened an ‘Insight Day’ symposium at **Grove Auditorium, Magdalen College, Oxford** . 

The final performance of 2024 took place on 20 December in honour of Founder and Music Director **Marios Papadopoulos’** 70[th] Birthday, featuring conductor **Michael Papadopoulos. Martha Argerich** was soloist on 23 & 24 February at the Sheldonian Theatre and **Barbican Hall** respectively in a programme that featured works by Samuel Coleridge-Taylor, Beethoven, and Tchaikovsky. 

Part II of the Bach Mendelssohn Festival, which commenced on 28 February with a performance of Bach’s Cello Suites, featured guest conductors **Christoph Eschenbach** and **Owen Rees** , soloists **Sir András Schiff** and **Antje Weithaas** , and collaborations with **Choir of Queen’s College, Oxford, The Boys of Radley College,** and **Morningside Music Bridge, Boston** . 

On 10 April, violinist **Bomsori Kim** was soloist in works by Wieniawski and Waxman at the Sheldonian Theatre, and on 10 May at **Oxford Town Hall** , pianist **Behzod Abduraimov** performed Piano Concerto No. 1 by **Alexey Shor** , following the world première of a piece by **Marcello Palazzo** , another alumnus of the OPO’s Composers’ Workshop. The Orchestra returned to **Carnegie Hall, New York** on 26 May for a concert 

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conducted by **Sir John Rutter** and Marios Papadopoulos, and on 1 June the OPO made its debut at the **Royal Festival Hall, London** with a concert featuring violinist/director **Nigel Kennedy** . 

On 6 June, **Andrew Litton** conducted a concert featuring the world première of a piece by OPO Solo Cello **Mats Lidström** , and on 12 June **John Lubbock** conducted a programme of Haydn, Ravel and Debussy at the Sheldonian Theatre. **Angela Gheorghiu** performed at the Sheldonian Theatre on 19 June under the baton of Marios Papadopoulos. Following Baroque concerts in Oxford and at **St Martin-in-the-Fields, London** with soloist **Ziyang Huang** , the Orchestra concluded its 2024/25 Season with the Oxford Piano Festival and performances by **Isata Kanneh-Mason** , **Víkingur Ólafsson** , **Sir Stephen Hough** , and **Sophie Pacini** . 

In all, the Orchestra presented 53 public orchestral, chamber music concerts and recitals in the 2024/25 Season and continued to expand its touring and concert activities as per its strategic plan. The majority of its orchestral concerts sold out. 

_UK Concerts, 2024/25 Season_ 

- Maxim Vengerov, 4 October, Olivier Hall, St Edwards School, Oxford 

- Tchaikovsky Five, 17 October, Sheldonian Theatre, Oxford 

- The Firebird, 31 October, Sheldonian Theatre, Oxford 

- Contrasts , 2 November, Holywell Music Room, Oxford 

- Whatever the Weather (FUNomusica Family Concert), 17 November, Oxford Town Hall, Oxford 

- Bach Mass in B Minor, 21 November, Sheldonian Theatre, Oxford 

- Huw Williams Organ Recital, 22 November, Merton College Chapel, Oxford 

- The Brandenburg Concertos , 22 November, Sheldonian Theatre, Oxford 

- Mendelssohn Piano Trio, 23 November, Holywell Music Room, Oxford 

- Mendelssohn Scottish Symphony, 29 November, Sheldonian Theatre, Oxford 

- Insight Day: From Back to Mendelssohn, Grove Auditorium, Magdalen College, Oxford 

- Bach Magnificat, 30 November, Sheldonian Theatre, Oxford 

- Mendelssohn’s Elijah, 1 December, Sheldonian Theatre, Oxford 

- Christmas with Sir John Rutter, 12 December, Sheldonian Theatre, Oxford 

- Happy Birthday Marios, 20 December, Sheldonian Theatre, Oxford 

- Piano Trio Rarities, 11 January, Holywell Music Room, Oxford 

- The Incredible Voyage of Alasdair Malloy (FUNomusica Family Concert), 19 January, Oxford Town Hall, Oxford 

- Verdi Requiem, 25 January, Sheldonian Theatre, Oxford 

- Dvořák American Quartet, 1 February, TS Eliot Theatre, Merton College, Oxford 

- Martha Argerich, 23 February, Sheldonian Theatre, Oxford 

- Martha Argerich, 24 February, Barbican Hall, London 

- Bach Cello Suites Part I, 28 February, Holywell Music Room, Oxford 

- Mark Williams Organ Recital, 1 March, Magdalen College Chapel, Oxford 

- Bach Cello Suites Part II, 1 March, Holywell Music Room, Oxford 

- St Matthew Passion, 2 March, Sheldonian Theatre, Oxford 

- Mendelssohn Octet, 3 March, Sheldonian Theatre, Oxford 

- Luke Mitchell Organ Recital, 5 March, The Queen’s College Chapel, Oxford 

- Sir András Schiff, 5 March, Sheldonian Theatre, Oxford 

- Mendelssohn Violin Concerto, 13 March, Sheldonian Theatre, Oxford 

- Christoph Eschenbach conducts Bach and Mendelssohn, 20 March, Sheldonian Theatre 

- Dvořák Eight, 10 April, Sheldonian Theatre, Oxford 

- Mozart Great Mass in C Minor, 17 April, Sheldonian Theatre, Oxford 

- Mahler One, 10 May, Oxford Town Hall, Oxford 

- Nigel Kennedy: Vivaldi The Four Seasons – THE REAL DEAL, 16 May, Malvern Theatre, Malvern 

- Nigel Kennedy: Vivaldi The Four Seasons – THE REAL DEAL, 17 May, Malvern Theatre, Malvern 

- The Tuneful Toybox (FUNomusica Family Concert), 18 May, Oxford Town Hall, Oxford 

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- Beethoven Seven, 22 May, Sheldonian Theatre, Oxford 

- Nigel Kennedy: Vivaldi The Four Seasons – THE REAL DEAL, 1 June, Royal Festival Hall, London 

- • Tchaikovsky Pathétique, 6 June, Sheldonian Theatre, Oxford 

- Haydn ‘Oxford’ Symphony, 12 June, Sheldonian Theatre, Oxford 

- Angela Gheorghiu, 19 June, Sheldonian Theatre 

- Fire and Water, 11 July, St Martin-in-the-Fields, London 

- Fire and Water, 12 July, Sheldonian Theatre, Oxford 

- Vivaldi’s Venice, 18 July, Sheldonian Theatre, Oxford 

- Vivaldi’s Venice, 19 July, St Martin-in-the-Fields, London 

- Isata Kanneh-Mason, 26 July, Sheldonian Theatre, Oxford 

- Sophie Pacini, 27 July, Holywell Music Room, Oxford 

- Víkingur Ólafsson, 28 July, Sheldonian Theatre, Oxford 

- Nikolai Lugansky, 29 July, Merton College Chapel, Oxford 

- Sir Stephen Hough, 30 July, Christ Church Cathedral, Oxford 

- Andrey Gugnin, 31 July, St John the Evangelist Church, Oxford 

- Participants’ Recital, 1 August, JdP Music Building, Oxford 

- Akiko Ebi, 2 August, St John the Evangelist Church, Oxford 

## _International Concerts, 2024/25 Season_ 

- Oxford Philharmonic at Carnegie Hall, 26 May, Stern Auditorium/Perelman Stage, Carnegie Hall, New York, USA 

Special Events 

- 3 October, Musical Soirée at No. 11 Downing Street by kind permission of the Chancellor of the Exchequer, followed by dinner at Bridgewater House 

- 13 November, Celebration of Oxford Philharmonic hosted by AFOPO, Union Club, New York 

- 25 November, A musical tribute to Sir John Bell, Regius Professor of Medicine at the University of Oxford, on his retirement, Oxford Union 

- 17 February, Musical Soirée at No. 11 Downing Street by kind permission of the Chancellor of the Exchequer, followed by dinner at the House of Lords 

- 14 March, Spring Celebration of Oxford Philharmonic hosted by AFOPO, Weill Recital Hall and Weill Terrace Room, Carnegie Hall, New York 

- 8 May, Carlyle Gala, Concert & Dinner, Kensington Palace 

- 15 May, Royal Gala at Buckingham Palace 

- 26 May, Patrons’ pre-concert food and drinks reception, Rohatyn Room, Carnegie Hall, New York 

- 24 June, Soiréé at the residence of Sir Sydney & Lady Lipworth 

- 20 July, Soirée at Robert and Caroline Jackson’s home 

The Royal Gala at Buckingham Palace was attended by HRH The Duchess of Gloucester, and was supported by the Oxford Philharmonic Orchestra's Royal Patron, HRH Princess Alexandra. 

Supporters from the American Friends of the Oxford Philharmonic Orchestra, an affiliate organisation with headquarters in New York, attended several of these events, and continued to support the Orchestra in its work. 

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## **The Oxford Philharmonic Academy Programme** 

The Oxford Philharmonic Orchestra offers vital pathways into professional careers for emerging musicians through its Academy programme, which offers an exceptional range of teaching, mentoring, and performance platforms to students from all over the world. The Academy programme aims to make Oxford a centre for musical excellence. The OPO’s multi-channel engagement with the student body of the University of Oxford yields an extraordinary level of engagement by young people, who attend its concerts in high numbers. 

The Academy Programme offers life-changing opportunities to committed young musicians from ages 12 to 27. This scheme has been expanded to benefit musicians nationally and internationally. Participants in our education programmes have gone on to perform with major orchestras in the UK, and have won prizes including the Leeds International Piano Competition and BBC Young Musician. 

## **Oxford Piano Festival** 

The Oxford Piano Festival was established to bring the most talented young pianists and renowned teachers to Oxford for an intensive, world-leading series of events. In its 26-year history, the Festival has established itself as a vital part of the classical music calendar in the UK and an international destination for teachers, aspiring musicians and audience members. In 2025 we received 120 applications from participants around the globe for the 12 available places to study at the Festival. The Festival’s President is Sir András Schiff. Murray Perahia has recently agreed to become the Festival’s Patron to succeed the late Alfred Brendel. The 2025 Faculty included Lydia Connolly, Akiko Ebi, Andrey Gugnin, Rustem Hayroudinoff, Sir Stephen Hough, Stanislav Ioudenitch, Isata Kanneth-Mason, Stephen Kovacevich, Nikolai Lugansky, Vikingur Òlafsson, Sophie Pacini, Marios Papadopoulos, Kathryn Stott, Arie Vardi and Ashley Wass. 

## **Student Fellowships** 

The OPO appointed four young musicians to its Student Fellowships in Orchestra Practice ahead of the scheme’s inaugural 2025/26 Season. These musicians will take part in up to 20 Main Season concerts per year, and will receive tuition and mentorship from appointed OPO musicians. 

## **Ticket Access Scheme** 

The OPO’s commitment to accessible classical music for students and young people is demonstrated by the £5 ticket programme for students and under-18s. The Ticket Access Scheme results in over a quarter of the audience being under 25. This is significantly higher than the national average for classical music performances. 

## **Artist development scheme benefitting musicians in tertiary education in the 2024/25 Season:** 

## **Orchestral Apprenticeship** 

Three student string players of Diploma-level or higher performed in up to four concerts with the Orchestra and took part in associated rehearsals. 

## **Composers’ Workshop** 

During the 2025 Composers’ Workshop, ten student composers had their works performed by the Orchestra. They received feedback from OPO musicians and from faculty members of the University of Oxford Faculty of Music. 

## **Collaborations with the Choirs of the University of Oxford** 

This Season, the OPO collaborated in concerts with the Choir of Queen’s College, Oxford. Members of several Oxford student choirs were offered paid work in the newly established Oxford Philharmonic Choir. 

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## **Masterclasses** 

Three masterclasses for advanced students were held this Season: harpsichord with Mahan Esfahani, violin & viola with Antje Weithaas, and piano with Christoph Eschenbach. 

## **Performance Classes** 

In May 2025, OPO principal players delivered two afternoons of woodwind and brass performance classes for University of Oxford students to support preparation for summer performance exams. 

## **Tuition** 

Members of the Oxford Philharmonic Orchestra, many of whom hold teaching positions at top conservatoires, provided free lessons to University of Oxford students. The OPO covered up to £600 worth of tuition per year for each student 

## **Side-by-Side** 

This scheme offered talented instrumentalists of Grade 8 standard or higher the opportunity to perform with the Orchestra. A series of sectional and tutti rehearsals, as well as three Main Season concerts, enabled students to gain unique insights into orchestral performance. The scheme accommodates up to 20 participants. On 17 October 2024, fourteen alumni of the programme returned to perform in a concert celebrating the special relationship between the OPO and the University of Oxford. 

## **Secondary School Academy** 

A close partnership has been forged with the Oxfordshire County Music Service to provide secondary schoolaged students with performance, tuition, and apprenticeship opportunities. Secondary school students who play at a high level also take part in the Side-by-Side and Young Artist Platform schemes. 

## **Oxfordshire Junior Concerto Competition** 

Following an audition process and a semi-final, three young musicians participated in the final round of the biennial competition organised in partnership with the Oxfordshire County Music Service. Participants performed a concerto, accompanied by the Oxfordshire County Youth Orchestra. Finalists were offered the opportunity to perform in a Young Artists’ Platform pre-concert recital in the 2025/26 Season. 

## **Community & Outreach Programmes** 

Whether introducing young people to live performance or providing solace and joy to those in hospital or long-term care, the Oxford Philharmonic Orchestra’s Education & Community programmes allow everyone aged 4 to 104 to share in the magic of classical music. 

## **Family Concerts** 

There were three FUNomusica Family Concerts this Season in collaboration with Oxford City Council. The concerts were aimed at 4-8-year-olds as an introduction to classical music. They included one hour of preconcert craft activities, during which children tried out instruments under supervision from OPO staff. Concerts were presented by Alasdair Malloy. 564 young children attended these concerts this season. 

## **Work with Local Primary Schools during the 2024/25 season** 

## **Strings ‘Come-and-Play’ Day** 

## _March 2025_ 

Jamie Hutchinson, previous winner of the RPS/ABO Salomon Prize for community work with the Oxford Philharmonic, led a team of musicians who delivered rehearsal-style workshops for young string players of varying levels, before a performance for parents/guardians at the end of the day. In all, 56 students from Tyndale Community School, St. Andrew’s Primary School, St Philip & James Primary School, St. Aloysius’ 

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Primary School, Windmill Primary School, and St. Nicholas Primary School joined participants from The Dragon School, which hosted the event. 

## **Pegasus Primary School** 

A team of four OPO musicians visited Pegasus for three one-day visits, giving children an opportunity to experience a variety of music, explore the way that sound is produced on various orchestral instruments, and engage in musical activities using their voices and classroom percussion instruments. On each visit there were 4 sessions comprising children from two Year 4 classes (approx. 30 children per class). Pegasus is an academy trust reception and primary school (ages 2-11 years) currently with 482 pupils. OPO has a longstanding relationship with Pegasus, having run music projects there since 2006. 

## **William Morris School** 

OPO musicians visited William Morris School to deliver three full-day workshops with the theme ‘Circus’. Children from Years 3 and 5 met the musicians, watched demonstrations of classical instruments, and took part in ability-appropriate activities and workshops where they explored their voices and the school’s stock of percussion instruments. Approximately 60 children took part. The final day included a performance by the children for families, staff and invited guests. The OPO first visited the school in 2023. 

## **Work with Local SEN Schools** 

## **Chilworth House Lower School** 

Musicians delivered three one-day workshops with the theme ‘Water’, focussing on flute, trumpet, and string instruments. Children heard a variety of repertoire, played instruments, conducted OPO musicians, and played musical games and activities. Chilworth House Lower School is an independent specialist day school in Wheatley. 

## **Hospitals** 

OPO musicians visited hospitals and NHS care facilities thirteen times this season. Facilities included the Tarver Dialysis Unit, the City Community Hospital Rehabilitation and Palliative Care Unit, the Sanford and Cherwell Mental Health Wards at the Fulbrook Centre and the Sobell House Hospice. A quartet of OPO musicians engaged patients with ability-appropriate instruments, and performed music ranging from Handel to Elvis. 

## **Supporting the Community** 

The OPO organised a bucket collection at a concert in December for the benefit of Sobell House Hospice. 

## **Social Media and Press** 

## **Social Media** 

The Oxford Philharmonic Orchestra's Facebook, Instagram and X/Twitter pages saw steady growth again this Season, with followers increasing and engagement on posts consistently high. The largest increase was seen on Instagram: followers on the Orchestra’s main page increased by over 2,000 in this period. A new Instagram page dedicated to the Oxford Piano Festival was also created and had over 100k views over the weeks leading up to and including the Festival. 

## **Press Coverage** 

The Orchestra received coverage from the following outlets during its 2024/25 Season: _The Times, BBC Sounds, The Telegraph, The Arts Desk, Classical Music Magazine, BBC Music Magazine, Seen and Heard, Gramophone, Times of Malta, Planet Hugill, Broadway World, Thoroughly Good, Catholic Herald, Pianist,_ and _ArtMuseLondon_ . 

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## **Organisational Updates** 

## **Risk management** 

The Trustees supported by the F&R committee have made an assessment of the risks faced by the charity, and the controls that should be in place to mitigate these risks. These are reviewed regularly via a Risk Register and assessed whether they are sufficient. 

## **Support and Donations** 

The Oxford Philharmonic Orchestra continued to benefit from support from its Advisory Council, its Friends and Patrons, and the American Friends of the Oxford Philharmonic Orchestra. 

The Oxford Philharmonic Orchestra received a total of £1,815,461 in donations and grants during its 2024/25 Season (£1,591,652 in 2023/24 Season). 

## **American Friends of the Oxford Philharmonic Orchestra** 

The OPO continued to have an excellent relationship with the American Friends of the Oxford Philharmonic Orchestra. Three events were presented in New York this Season: the first took place at The Union Club Of The City Of New York and honoured Alex Gorsky, who was awarded the honorary position of Fellow of the Oxford Philharmonic Orchestra; the second followed the Orchestra’s return to Carnegie Hall for a performance of Beethoven’s Seventh Symphony; and the third was a special evening of performance at Weill Recital Hall. The Orchestra’s performance at Carnegie Hall, New York, presented an opportunity to deepen links with our USbased supporters. A number of the American Friends supported special events organised by the Orchestra in the UK. 

## **Importance of Ongoing Support** 

In the absence of government funding such as regular Arts Council England support, the Oxford Philharmonic Orchestra remains dependent on the continued goodwill of our circle of individual donors, particularly at a time when we are investing heavily in our future development. It is a normal feature of the professional music business that income from ticket sales will rarely generate more than 20% of the amount needed, so dependence on major donors together with a successful fundraising programme is an ongoing requirement. 

Donors have been asked to make commitments to cover longer periods of giving of two to four years. These longer-term commitments by a number of individuals and Foundations offer reassurance in the Orchestra’s long-term planning. 

## **Finances and Reserves** 

## **Finances** 

Revenue for the year was £3,094,814 up from £2,945,208 the previous year; total expenditure was £2,690,071 down from £2,788,719 the previous year. Earned income was £1,273,632 down from £1,352,210 the previous year. The decrease in earned income and expenditure was due to the decrease in the number of concerts and the number of concerts overseas. 

We had a surplus of £404,743 with total funds carried forward being £1,213,908. 

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## **Reserves** 

Unrestricted Income Funds £1,203,908 

Restricted Income Funds £10,000 

Total Charity Funds £1,213,908 

The Unrestricted Income Funds of £1,203,908 cover around 6 months of the budgeted concert costs and overheads for 2025/26. The Trustees aim to maintain the 6 months cover. These funds are detailed in Notes 19 and 20. 

## **The Future** 

- Continue to strengthen the quality of the Orchestra by recruiting the best players available 

- Continue to attract internationally acclaimed artists to our series of concerts in Oxford 

- Develop further the Orchestra's touring programme and appoint an International Touring Manager 

- Create new partnerships with other arts organisations and artists 

- Continue to expand the Orchestra's recording and streaming portfolio 

- Increase the number of concerts to approximately 60 per year over the next three years 

- Broaden fundraising activities to support the Orchestra 

- Maintain the Orchestra's reserves at six months' running costs 

- Maintain and expand the educational and community outreach programmes 

- Continue to strengthen the leadership of the organisation 

- Continue to work with the American Friends of the Oxford Philharmonic Orchestra 

- Promote Oxford International Opera with Sir Bryn Terfel as Artistic Director, a new venture of fullystaged opera productions beginning with _Tosca_ at the New Theatre, Oxford in September 2026 

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## **Reference and administrative details** 

Charity number: 1084256 Company number: 3608496 Registered Office: 2 The Old Estate Yard High Street East Hendred Wantage Oxfordshire OX12 8JY Auditors UHY Ross Brooke Suite I Windrush Court Abingdon Business Park Abingdon OX14 1SY Bankers NatWest 250 Bishopsgate London EC2M 4AA Principal Office 29a Teignmouth Road London NW2 4EB 

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## **Oxford Philharmonic Orchestra Trust: Trustees’ and Directors** 

The Trustees, most of whom who are also directors for the purposes of company law, who served during the year, together with subsequent appointments were: 

Sir Ivor Anthony Roberts KCMG (Chairman) Geoffrey de Jager (Deputy Chairman) Saphié Ashtiany Marco Assetto Raymond Blanc OBE (stepped down 1 December 2025 and appointed as Patron of the Orchestra)) Etienne D’Arenberg (appointed 1 July 2025) 

David Haenlein (Secretary) Lord Anthony William Hall CBE Dr Louis Russell Hirshfield Sir George Iabobescu (stepped down 27 December 2024) Rasha Khawaja (stepped down 1 December 2025) Colin Maund Marios Papadopoulos MBE Sir Jonathan Phillips Professor Sir Andrew John Pollard Lord Reginald Alexander Vane-Tempest Stewart Natalie Frances Stoneham (appointed 1 July 2025) Professor Christopher Wood 

## **Structure, Governance and Key Management** 

## _**Governing Document**_ 

Oxford Philharmonic Orchestra Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 15 July 1998, as amended 23 November 2000 and 19 December 2005. It is registered as a charity with the Charity Commission. 

Its subsidiary company, Oxford Philharmonic Orchestra Productions Limited is a registered company (Company number 3592323), governed by its Memorandum and Articles of Association. 

## _**Appointment of trustees**_ 

New Trustees are proposed upon recommendation by an existing Trustee or by the Music Director. 

The recommended number of Trustees is 15 but this may vary according to circumstances. 

## _**Trustee induction and training**_ 

There is no formal induction or training for Trustees as at present this is not considered necessary. 

The Trustees appointed recently have held senior positions within commerce, industry or the professions, and use their experience to benefit the charity. Most are already experienced Trustees of other charities. In light of this the Trustees are aware of and have given due consideration to the Charity Commission’s guidance of Public Benefit. 

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## _**Organisation**_ 

Oxford Philharmonic Orchestra Productions Limited is the trading body, and the directors act as the management committee for the orchestra. It is managed by a Board of Directors comprising: 

- the Music Director Marios Papadopoulos who is the Chair of the company; 

- the Secretary of the Trust; 

- the Chief Operating Officer, Anthi Papadopoulos: and 

- two Trustees. 

There are in addition twelve full time staff, an increase of one full time staff member in the course of the 2024/25 season. 

The Finance and Risk Committee comprising two Trustees and three other members, who have experience in senior financial roles in other companies, provide advice and guidance both to the Trust and to the trading company. The F & R committee acts as the Remuneration committee. 

The Advisory Council, chaired by a Trustee, provides advice and guidance on local matters. 

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## **Trustees’ responsibilities in relation to the financial statements** 

The charity trustees (who are also the directors of the Oxford Philharmonic Orchestra Trust for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Statement as to disclosure to our auditors** 

In so far as the trustees are aware at the time of approving our trustees’ annual report: 

- there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group’s auditor is unaware, and 

- the trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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## **Auditors** 

The auditors, UHY Ross Brooke, are deemed to be reappointed under section 487(2) of the Companies Act 2006. 

This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006. 

By order of the board of Trustees 

## **Sir Ivor Roberts** 

Trustee 

Date: 23/02/2026 

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## **Independent Auditor’s Report to the Members of The Oxford Philharmonic Orchestra Trust** 

## **Opinion** 

We have audited the financial statements of Oxford Philharmonic Orchestra Trust (the 'charitable company') for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, Balance Sheets and Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the group’s and charitable company's affairs as at 31 August 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

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## **Other information** 

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of our audit: 

- the information given in the Trustees’ Annual Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report included within the Trustees’ Annual Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees’ Annual Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report. 

15 




## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities Statement, the charity trustees (who are also the directors of the Oxford Philharmonic Orchestra Trust for the purposes of company law) are responsible for the preparation of a trustees’ annual report and financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

- 

## We have considered: 

- the nature of the charity and sector, control environment and operating performance; 

- the charity’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error; 

- any matters we identified having reviewed the charity’s policies and procedures relating to: 

   - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and 

   - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; 

- the matters discussed amongst the audit engagement team. 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. 

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charities Act and tax legislation. 

16 




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


**Caroline Webster (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor** 

Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY 

## Date: 26/02/2026 

17 



**Oxford Philharmonic Orchestra Trust** 


## **Consolidated Statement of Financial Activities (including consolidated income and expenditure accounts) For the year ended 31 August 2025** 

|**Note**<br>**Income from:**<br>Donations and grant<br>**4**<br>Income from charitable activities:<br>Income from concerts and similar productions<br>**5**<br>Investment Income<br>**6**<br>**Total income**<br>**Expenditure on:**<br>Operation of orchestra<br>**7**<br>Community projects<br>**7**<br>Educational projects<br>**7**<br>**Total expenditure**<br>**Net (expenditure)/income**<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**<br>**19**<br>**394,743**<br>**809,165**<br>**1,203,908**<br>**2,614,026**<br>**409,406**<br>**19,516**<br>**(14,663)**<br>**Unrestricted**<br>**funds**<br>**1,742,079**<br>**1,273,632**<br>**7,721**<br>**3,023,432**<br>**2,594,510**<br>**f**<br>**£**<br>**2025**<br>**£**<br>**-**|**10,000**<br>**-**<br>**-**<br>**71,382**<br>**26,045**<br>**76,045**<br>**(4,663)**<br>**10,000**<br>**-**<br>**14,663**<br>**2025**<br>**£**<br>**Restricted**<br>**funds**<br>**71,382**<br>**-**<br>**50,000**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**1,813,461**<br>**1,273,632**<br>**7,721**<br>**3,094,814**<br>**2,644,510**<br>**26,045**<br>**19,516**<br>**2,690,071**<br>**404,743**<br>**-**<br>**404,743**<br>**809,165**<br>**1,213,908**|Total<br>funds<br>2024<br>£<br>1,591,652<br>1,352,210<br>1,346|
|---|---|---|---|
||||2,945,208|
||||2,750,785<br>23,211<br>14,723|
||||2,788,719|
||||156,489|
||||-|
||||156,489|
||||652,676|
||||809,165|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

All activities derived from continuing operations during the above two financial periods. 

Page 18 




## **Oxford Philharmonic Orchestra Trust** 

## **Balance sheets** 

## **as at 31 August 2025** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>**14**<br>Investments<br>**15**<br>**Current assets**<br>Debtors<br>**16**<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within<br>**17**<br>one year<br>**Net current assets**<br>Creditors: Amounts falling due after<br>more than one year<br>**17**<br>**Total net assets**<br>**Funds**<br>Unrestricted income funds<br>Restricted income funds<br>**Total funds**<br>**19**|**Group**<br>**2025**<br>**£**<br>6,079<br>-<br>**6,079**<br>673,239<br>735,634<br>**1,408,873**<br>(201,044)<br>**1,207,829**<br>-<br>**1,213,908**<br>1,203,908<br>10,000<br>1,213,908|Group<br>2024<br>£<br>7,113<br>-<br>**7,113**<br>544,043<br>371,269<br>**915,312**<br>(94,291)<br>**821,021**<br>(18,969)<br>**809,165**<br>809,165<br>-<br>809,165|**Company**<br>**2025**<br>**£**<br>-<br>2<br>**2**<br>3,966<br>707,743<br>**711,709**<br>(3,600)<br>**708,109**<br>**708,111**<br>708,111<br>-<br>708,111|Company<br>2024<br>£<br>-<br>2|
|---|---|---|---|---|
|||||**2**<br>74,435<br>361,219|
|||||**435,654**<br>(3,600)|
|||||**432,054**|
||||||
|||||**432,056**|
|||||432,056<br>-|
|||||432,056|



The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. 

The financial statements on pages 18 to 36 were approved by the Trustees, and authorised for issue on 

23/02/2026…..................... and are signed on their behalf, by: 

## **Sir Ivor Roberts** 

Trustee 

Page 19 




## **Oxford Philharmonic Orchestra Trust** 

## **Statement of Cash Flows and Consolidated Statement of Cashflows For the year ended 31 August 2025** 

|Note<br>**Cash flows from operating activities**<br>Net cash provided by operating activities<br>22<br>**Cash flows from investing activities**<br>Interest income<br>Purchase of tangible fixed assets<br>Proceeds from sale of tangible assets<br>**Cash flows from financing activities**<br>Proceeds/(repayment) of long-term borrowings<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**2025**<br>**379,445**<br>7,721<br>(3,832)<br>-<br>**3,889**<br>(18,969)<br>**364,365**<br>371,269<br>**735,634**|2024<br>**118,077**<br>1,346<br>(9,970)<br>21,921<br>**13,297**<br>(9,998)<br>**121,376**<br>249,893<br>**371,269**|**2025**<br>2024<br>**338,803**<br>**130,935**<br>7,721<br>1,346<br>-<br>-<br>-<br>-<br>**7,721**<br>**1,346**<br>-<br>-<br>**346,524**<br>**132,281**<br>361,219<br>228,938<br>**707,743**<br>**361,219**|
|---|---|---|---|



Page 20 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **1. Accounting policies** 

Oxford Philharmonic Orchestra Trust is a private company limited by guarantee incorporated in England and Wales.  The registered office is 2 The Old Estate, High Street, East Hendred, Wantage, 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## **1.1 Basis of preparation** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Oxford Philharmonic Orchestra Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

The financial statements are prepared in Sterling, which is the function currency of the company.  Monetary amounts in these financial statements are rounded to the nearest £1. 

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view.  This departure involved following the statement of recommended practice for charities applying FRS 102 rather than the version of the Statement of Recommend Practice which is referred to in the regulations but has since been withdrawn. 

## **1.2 Going concern** 

The Trustees have prepared budgets and cash flow forecasts which show the group remains a going concern. Audience attendance has consistently remained high. We are asking our donors to commit to multi-year gifts helping the organisation to plan further ahead. The rebranding and the new IT systems are ensuring the organisation functions more efficiently. 

## **1.3 Group financial statements** 

The financial statements consolidate the results of the charity and its wholly owned subsidiary Oxford Philharmonic Orchestra Productions Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. A summary profit and loss account is included in note 3. 

Page 21 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **1.4 Income** 

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.  Income where performance conditions are pending have been deferred and is stated as deferred income within the group’s liabilities. 

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. 

For legacies, entitlement is taken as the earlier of the date on which either: 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, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. 

Income received in advance of a performance or provision of other specified service it is deferred until the criteria for income recognition are met. 

## **1.5 Donated services and facilities** 

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised. 

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

## **1.6 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. 

Page 22 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **1.7 Fund accounting** 

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for areas of the Trust’s work or for specific projects being undertaken by the Trust. 

## **1.8 Expenditure and irrecoverable VAT** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

●Expenditure on charitable activities includes the costs of performances and other educational activities undertaken to further the purposes of the charity and their associated support costs. 

- Other expenditure represents those items not falling into any other heading. 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

## **1.9 Allocation of support costs** 

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 8. 

## **1.10 Operating leases** 

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. 

Page 23 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **1.11 Tangible fixed assets and depreciation** 

Individual fixed assets costing £250 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows: 

|**Asset Category**|**Annual rate**|
|---|---|
|Plant and machinery|10%|
|Fixtures, fittings and equipment|10%|
|Motor vehicles|25%|
|Computer equipment|33%|



## **1.12 Debtors** 

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. 

## **1.13 Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a Loans and borrowings are initially recognised at the transaction price including transaction costs.  Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.  If an arrangement constitutes a finance transaction it is measured at present value. 

## **1.14 Creditors and provisions** 

Creditors and provisions are recognised where the charity 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 estimated reliably. Creditors and provisions are normally recognised at their settlement amount. 

## **1.15 Financial instruments** 

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

Page 24 




## **Oxford Philharmonic Orchestra Trust** 

**Notes to the financial statements For the year ended 31 August 2025** 

## **1.16 Pensions benefits** 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The employer’s contributions made to the scheme in 2025 were £12,224 (2024: £10,983) with an employer’s contribution rate of 3% of pensionable pay and an employee’s contribution of 5% of pensionable pay. 

## **2 Legal status of the Trust** 

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. 

Page 25 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **3. Financial Performance of the charity** 

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary which is the trading body of the group. 

The summary financial performance of the charity alone is: 

|Income<br>Expenditure on charitable activities<br>**Net income**<br>Total funds brought forward<br>**Total funds carried forward**<br>Represented by:<br>Restricted income funds<br>Unrestricted income funds<br>**4.**<br>**Income from donations and legacies**<br>Donations<br>Grants|**2025**<br>**£**<br>1,799,123<br>(1,523,068)<br>276,055<br>432,056<br>**708,111**<br>**-**<br>**708,111**<br>**708,111**<br>**2025**<br>**£**<br>1,813,461<br>-<br>**1,813,461**|2024<br>£<br>1,420,029<br>(1,275,225)|
|---|---|---|
|||144,804|
|||287,252|
|||**432,056**|
|||-<br>432,056|
|||**432,056**|
|||2024<br>£<br>1,541,652<br>50,000|
|||**1,591,652**|



The income from donations and grants was £1,813,461 (2024: £1,591,652) of which £1,742,079 was unrestricted (2024: £1,530,047) and £71,382 restricted (2024: £61,605). 

Page 26 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements** 

## **For the year ended 31 August 2025** 

## **5. Income from charitable activities** 

|**Income from concerts and similar productions:**<br>Ticket sales<br>Advertising income and programme sales<br>Engagement fees<br>Other<br>Orchestra tax relief claimed from HMRC|**2025**<br>2024<br>**£**<br>£<br>576,716<br>481,574<br>11,467<br>9,100<br>96,484<br>543,342<br>1,603<br>8,463<br>**686,270**<br>**1,042,479**<br>587,362<br>309,731<br>**1,273,632**<br>**1,352,210**|
|---|---|



## **6. Investment income** 

All of the group’s investment income of £7,721 (2024: £1,346) arises from money held in interest bearing deposit accounts. 

## **7. Analysis of expenditure on charitable activities** 

|Concert costs<br>Workshops and classes<br>Governance costs (see note 8)<br>Support costs (see note 8)|**2025**<br>2024<br>**£**<br>£<br>1,848,437<br>1,971,740<br>26,045<br>23,211<br>18,051<br>16,019<br>797,538<br>777,749<br>**2,690,071**<br>**2,788,719**|
|---|---|



Expenditure on charitable activities was £2,690,071 (2024 £2,788,719) of which £2,614,026 was unrestricted (2024: £2,715,508) and £76,045 was restricted (2024: £73,211). 

During the year the Trust made a donation to its subsidiary of £1,522,804 (2024: £1,275,139) to cover the costs incurred in meeting the Trust’s objectives. 

Page 27 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

The summary financial performance of the subsidiary alone is: 

## Oxford Philharmonic Orchestra Productions Limited 

|ord Philharmonic Orchestra Productions Limited|||
|---|---|---|
|Donation from Trust<br>Ticket sales<br>Other income<br>Cost of sales<br>Administration costs<br>Profit before tax<br>Orchestra tax relief<br>The assets and liabilities of the subsidiary were:<br>Fixed assets<br>Current assets<br>Current liabilities<br>Non-current liabilities<br>Total net assets<br>Aggregate share capital and reserves|**2025**<br>**£**<br>1,522,804<br>576,716<br>131,613<br>2,231,133<br>(1,900,596)<br>(789,212)<br>(458,675)<br>587,362<br>128,687<br>6,079<br>697,164<br>(197,444)<br>-<br>505,799<br>505,799|**2024**<br>**£**<br>1,275,139<br>481,574<br>733,874|
|||2,490,587<br>(2,013,448)<br>(775,185)|
|||(298,046)<br>309,731|
|||11,685|
|||7,113<br>479,658<br>(90,691)<br>(18,969)|
|||377,111|
||||
|||377,111|



The increase in the Orchestra tax relief is due to more activity during the year and the inclusion of direct overheads 

Page 28 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **8. Analysis of governance and support costs** 

The Trust initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Refer to the table below for the basis for apportionment and the analysis of support and governance costs. 

|Salaries and wages<br>General support<br>General office<br>General support<br>Audit fees<br>Governance<br>Accountancy services<br>Governance<br>Professional fees<br>Governance<br>Consultancy fees<br>General support<br>Depreciation<br>General support<br>Printing and stationary<br>General support<br>Promotional costs<br>General support<br>IT costs<br>General support<br>Rent<br>General support<br>Interest and charges<br>General support<br>Subscriptions<br>General support<br>Total<br>**Basis of**<br>**apportionment**|**General**<br>**support**<br>**£**<br>500,975<br>126,292<br>-<br>-<br>-<br>48,026<br>4,866<br>22,703<br>29,493<br>12,344<br>18,000<br>2,207<br>32,632<br>797,538|**Governance**<br>**function**<br>**Total**<br>**£**<br>**£**<br>-<br>500,975<br>-<br>126,292<br>6,000<br>6,000<br>12,051<br>12,051<br>-<br>-<br>-<br>48,026<br>-<br>4,866<br>-<br>22,703<br>-<br>29,493<br>-<br>12,344<br>-<br>18,000<br>-<br>2,207<br>-<br>32,632<br>18,051<br>815,589|
|---|---|---|



## **9. Net income/(expenditure)** 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Net income/(expenditure) for the year includes:|||
|Depreciation|4,866|4,379|
|Fees payable to auditor for:|||
|Audit fees|6,000|6,000|
|Accountancy services|2,000|2,000|



Page 29 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management perso** 

|Wages and salaries<br>Social security costs<br>Pension costs|**2025**<br>2024<br>**£**<br>£<br>**447,009**<br>424,571<br>**41,742**<br>40,338<br>**12,224**<br>10,983<br>**500,975**<br>475,892|
|---|---|



No employees had employee benefits (2024: £nil). Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. 

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2024: £nil) neither were they reimbursed expenses during the year (2024: £nil) other than those disclosed in note 12. No charity trustee received payment for professional or other services supplied to the charity (2024: £nil). 

The directors of the subsidiary (one of whom is also a Trustee of the Trust) received remuneration from the subsidiary of £140,000 (2024: £124,833) of which one director earned between £80,000 to £90,000 (2024: one director earned between £70,000 to £80,000). 

## **11. Staff numbers** 

The average monthly head count was 12 staff (2024: 11 staff). 

## **12. Related party transactions** 

In addition to the directors' emoluments disclosed per note 10, M Papadopoulos received from the subsidiary conductor fees of £56,120 (2024: £66,625), £18,000 (2024: £18,000) for office rent and £1,800 (2024: £1,800) towards light and heat costs. Trustees received £333 in expenses reimbursed. 

The directors, M Papadopoulos and A Papadopoulos provide additional accommodation to the company without charge, forfeiting annual rental income of £5,000 (2024: £5,000). No notional rent charge for this gift in kind is included in these accounts. 

Trustees made donations of £119,198 (2024: £108,732) to the charity during the year. 

Page 30 




## **Oxford Philharmonic Orchestra Trust** 

## **Notes to the financial statements For the year ended 31 August 2025** 

## **13. Coproration Taxation** 

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 and or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

The charity’s wholly owned subsidiary, Oxford Philharmonic Orchestra Productions Limited makes an annual claim to HM Revenue & Customs for Orchestra tax relief whereby a tax credit equal to 45% of qualifying expenditure on orchestral concerts is paid to the company. This income is shown in note 5. 

## **14. Tangible fixed assets** 

|**Group**||**Plant &**||||
|---|---|---|---|---|---|
|||**machinery,**||||
|||**fixtures,**||||
||**Land and**|**fittings &**|**Motor**|**Computer**||
||**buildings**|**equipment**|**vehicles**|**equipment**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|**Cost or valuation**||||||
|At 1 September 2024|**-**|**13,076**|**-**|**38,634**|**51,710**|
|Additions|**-**|**-**|**-**|**3,832**|**3,832**|
|Disposals|**-**|**(525)**|**-**|**(4,063)**|**(4,588)**|
|At 31 August 2025|**-**|**12,551**|**-**|**38,403**|**50,954**|
|**Depreciation**||||||
|At 1 September 2024|**-**|**12,810**|**-**|**31,787**|**44,597**|
|Charge for the year|**-**|**66**|**-**|**4,800**|**4,866**|
|On disposals|**-**|**(525)**|**-**|**(4,063)**|**(4,588)**|
|At 31 August 2025|**-**|**12,351**|**-**|**32,524**|**44,875**|
|**Net book value**||||||
|At 31 August 2025|**-**|**200**|**-**|**5,879**|**6,079**|
|At 31 August 2024|-|266|-|6,847|7,113|



Page 31 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **15. Investments** 

|**Charity**<br>**Cost**<br>At 1 September 2024<br>Movement<br>At 31 August 2025<br>**Group**<br>**Cost**<br>At 1 September 2024<br>Movement<br>At 31 August 2025|**£**<br>**2**<br>**-**<br>**2**<br>**£**<br>**-**<br>**-**<br>**-**<br>**Subsidiaries**<br>**Subsidiaries**|**£**<br>**-**<br>**-**<br>**Other**<br>**investments**|**Total**<br>**£**<br>**2**<br>**-**|
|---|---|---|---|
|||**-**|**2**|
|||**£**<br>**-**<br>**-**<br>**Other**<br>**investments**|**Total**<br>**£**<br>**-**<br>**-**|
|||**-**|**-**|



## **Oxford Philharmonic Orchestra Productions Limited** 

The charity holds 2 ordinary shares of £1 each in its wholly owned trading subsidiary company Oxford Philharmonic Orchestra Productions Limited which is incorporated in the United Kingdom and undertakes the group’s concert activities. These are the only shares allotted, called up and fully paid. The activities and results of this company are summarised in note 7. 

## **Canaval Mining Corp. SAC** 

The charity holds 117 shares in Canaval Mining Corp. SAC, a company registered in Peru (number 12758967). The shares originate from a gift of shares in 2012 from Mr Peter Earl, former Trustee, in another Peruvian company. At this stage it is not possible to determine a reliable fair value for the shares, therefore no value is recognised for the shares in the accounts. 

## **16. Debtors** 

|Trade debtors<br>Other debtors<br>Prepayments and accrued income|**2025**<br>2024<br>**£**<br>£<br>**7,070**<br>135,245<br>**570,365**<br>319,352<br>**95,804**<br>89,446<br>**673,239**<br>544,043<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>**3,966**<br>-<br>**-**<br>74,435<br>**-**<br>-<br>**3,966**<br>74,435<br>**Charity**|**2025**<br>2024<br>**£**<br>£<br>**3,966**<br>-<br>**-**<br>74,435<br>**-**<br>-<br>**3,966**<br>74,435<br>**Charity**|
|---|---|---|---|
|||**3,966**|74,435|



Page 32 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **17. Creditors: amounts falling due within one year** 

|Trade creditors<br>Other creditors & accruals<br>Deferred income<br>Taxation and social security|**2025**<br>2024<br>**£**<br>£<br>**36,498**<br>20,086<br>**11,559**<br>50,194<br>**139,620**<br>11,817<br>**13,367**<br>12,194<br>**201,044**<br>94,291<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>**-**<br>-<br>**3,600**<br>3,600<br>**-**<br>-<br>**-**<br>-<br>**3,600**<br>3,600<br>**Charity**|**2025**<br>2024<br>**£**<br>£<br>**-**<br>-<br>**3,600**<br>3,600<br>**-**<br>-<br>**-**<br>-<br>**3,600**<br>3,600<br>**Charity**|
|---|---|---|---|
|||**3,600**|3,600|



## **Creditors: amounts falling due in greater than one year** 

|Bounce Back Loan|**2025**<br>2024<br>**-**<br>18,969<br>**-**<br>**18,969**<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>**-**<br>-<br>**-**<br>-<br>**Charity**|**2025**<br>2024<br>**£**<br>£<br>**-**<br>-<br>**-**<br>-<br>**Charity**|
|---|---|---|---|
|||**-**|-|



The bounce back loan was taken during the pandemic and was fully repaid during the year. 

## **18. Deferred Income** 

|**Deferred Income**|||
|---|---|---|
|Balance at 1 September 2024<br>Amounts released from previous periods<br>Resources deferred during the year<br>Balance at 31 August 2025|**2025**<br>**£**<br>**11,817**<br>**(11,817)**<br>**139,620**|2024<br>£<br>63,320<br>(63,320)<br>11,817|
||**139,620**|11,817|



Income has been received specifically to fund concerts in 2026. The charity has deferred this income on the basis that the charity is not entitled to the income until the concert has occurred. 

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## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **19. Funds** 

## **Analysis of movements in unrestricted funds** 

|**Income**<br>**Expenditure**<br>**£**<br>**£**<br>**£**<br>General unrestricted funds<br>**809,165**<br>**3,023,432**<br>**(2,614,026)**<br>**Total**<br>**809,165**<br>**3,023,432**<br>**(2,614,026)**<br>**Funds (continued)**<br>**Analysis of movements in unrestricted funds - previous year**<br>**Income**<br>**Expenditure**<br>**£**<br>**£**<br>**£**<br>General unrestricted funds<br>652,676<br>2,883,603<br>(2,715,508)<br>**Total funds**<br>652,676<br>2,883,603<br>(2,715,508)<br>**Balance at 1**<br>**September**<br>**2024**<br>**Balance at 1**<br>**September**<br>**2023**|**£**<br>**(14,663)**<br>**Transfers**|**£**<br>**1,203,908**<br>**Balance at**<br>**31 August**<br>**2025**|
|---|---|---|
||**(14,663)**|**1,203,908**|
||**£**<br>(11,606)<br>**Transfers**|**£**<br>809,165<br>**Balance at**<br>**31 August**<br>**2024**|
||(11,606)|809,165|



## **Name of unrestricted fund Description, nature and purposes of the fund** 

General fund The ‘free reserves’ after allowing for all designated funds, of which there are none at present. 

## **Analysis of movements in restricted funds** 

|Music Director and COO<br>Scholarships<br>**Total funds**<br>Community Projects &<br>Education|**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**Balance at 1**<br>**September**<br>**2024**|**Income**<br>**£**<br>**11,382**<br>**50,000**<br>**10,000**<br>**71,382**|**Expenditure**<br>**£**<br>**(26,045)**<br>**(50,000)**<br>**-**<br>**(76,045)**|**£**<br>**14,663**<br>**-**<br>**-**<br>**Transfers**|**£**<br>**-**<br>**-**<br>**10,000**<br>**Balance at**<br>**31 August**<br>**2025**|
|---|---|---|---|---|---|
|||||**14,663**|**10,000**|



Page 34 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **Analysis of movements in restricted funds - previous year** 

|Music Director and COO<br>**Total funds**<br>Community Projects &<br>Education|**£**<br>-<br>-<br>-<br>**Balance at 1**<br>**September**<br>**2023**|**Income**<br>**£**<br>11,605<br>50,000<br>61,605|**Expenditure**<br>**£**<br>(23,211)<br>(50,000)<br>(73,211)|**£**<br>11,606<br>-<br>**Transfers**|**£**<br>-<br>-<br>**Balance at**<br>**31 August**<br>**2024**|
|---|---|---|---|---|---|
|||||11,606|-|



Community work includes work at hospitals, schools and any other appropriate projects in the community. Education includes the cost of scholarships. 

Music Director and COO - Funding towards the salaries of the Music Director and COO. This funding is included in the directors' salaries disclosed in note 10. 

## **20. Analysis of group net assets between funds** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Fixed assets<br>Cash at bank and in hand<br>Other net current assets/(liabilities)<br>**-**<br>Analysis of  group net assets between funds - prior year<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Fixed assets<br>Cash at bank and in hand<br>Other net current assets/(liabilities)<br>Creditors due in more than one year<br>-|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>**6,079**<br>**735,634**<br>**472,195**<br>**1,213,908**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>7,113<br>361,269<br>449,752<br>(18,969)<br>799,165|**Restricted**<br>**general**<br>**funds**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**6,079**<br>**735,634**<br>**472,195**|
|---|---|---|---|
|||**-**|**1,213,908**|
|||**Restricted**<br>**general**<br>**funds**<br>**2024**<br>**£**<br>-<br>10,000<br>-<br>-|**Total**<br>**funds**<br>**2024**<br>**£**<br>7,113<br>371,269<br>449,752<br>(18,969)|
|||10,000|809,165|



Page 35 




## **Oxford Philharmonic Orchestra Trust Notes to the financial statements For the year ended 31 August 2025** 

## **21. Operating lease commitments** 

## **Lessee** 

At the reporting end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 

|Within one year<br>Between two and five years|**2025**<br>2024<br>**£**<br>£<br>**23,948**<br>23,948<br>**7,931**<br>33,366<br>**31,879**<br>57,314<br>**Group**|**2025**<br>2024<br>**£**<br>£<br>**23,948**<br>23,948<br>**7,931**<br>33,366<br>**31,879**<br>57,314<br>**Charity**|**2025**<br>2024<br>**£**<br>£<br>**23,948**<br>23,948<br>**7,931**<br>33,366<br>**31,879**<br>57,314<br>**Charity**|
|---|---|---|---|
|||**31,879**|57,314|



## **22. Reconciliation of net expenditure to net cash flow from operating activities** 

|**2025**<br>**2024**<br>**£**<br>**£**<br>404,743<br>156,489<br>Adjusted for:<br>Depreciation of tangible fixed assets<br>4,866<br>4,379<br>(Profit) / loss on disposal of tangible fixed assets<br>-<br>(8,997)<br>Interest receivable<br>(7,721)<br>(1,346)<br>(Increase) / decrease in debtors<br>(129,196)<br>112,544<br>Increase / (decrease) in creditors<br>106,753<br>(144,992)<br>Net cash from Operating Activities<br>379,445<br>118,077<br>Net movement in funds<br>**Group**|**2025**<br>**2024**<br>**£**<br>**£**<br>276,055<br>144,804<br>-<br>-<br>-<br>(7,721)<br>(1,346)<br>70,469<br>(435)<br>-<br>(12,088)<br>338,803<br>130,935<br>**Charity**|**2025**<br>**2024**<br>**£**<br>**£**<br>276,055<br>144,804<br>-<br>-<br>-<br>(7,721)<br>(1,346)<br>70,469<br>(435)<br>-<br>(12,088)<br>338,803<br>130,935<br>**Charity**|
|---|---|---|
||338,803|130,935|



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