Royal Philharmonic Orchestra Sickness and Benevolent Fund
Charity Registration Number: 1120462
Trustees’ Annual Report and Unaudited Financial Statements For the Year ended 31 March 2025
1 April 2024 – 31 March 2025
Trustees’ Annual Report
Reference and Administration
Charity Name Royal Philharmonic Orchestra Sickness and Benevolent Fund
Registered Charity Number 1120462
Principal Address 15 Rutherford Way, Wembley Park, London HA9 0BP
Trustees David Hirschman David Gordon Jo Marsh Stephen Payne Rachel van der Tang (resigned December 2024) Chantal Woodhouse (appointed February 2025)
Co-opted Trustee Richard Huxtable
Governance and Management
The Charity is constituted as a trust under a declaration of trust dated 11[th] July 2007. Trustees are selected from within and elected by the members of the Royal Philharmonic Orchestra. Co-opted trustees are appointed by the Trustees.
Solicitors Charles Russell LLP
Financial Adviser Vermeer Investment Management Limited
Independent Examiner Ann Firth
Objectives, Activities and Performance
The Charity makes grants in order to relieve the financial hardship of people who fall within the class of beneficiaries, defined as past and present members of the Royal Philharmonic Orchestra and their dependents.
In forming their decisions and undertaking activities, the Trustees have given careful consideration to the Charity Commission’s public benefit guidance.
Grants are made at the absolute discretion of the Trustees, whose policy on grantmaking is to award on application up to £625 for every full week of illness or incapacity for a period of 13 weeks, longer in exceptional cases. Grants may also be given to relieve hardship in other circumstances. During the year the charity made grants of £29,780 to 23 individuals.
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Trustees’ Annual Report
1 April 2024 – 31 March 2025
The Trustees’ policy on investment is to ensure that the assets of the charity are invested cautiously, to re-invest any unspent income, and to aim for sufficient capital growth to keep pace with inflation. The majority of the charity’s assets are invested in managed bond and equity funds, the remainder being held as cash. The performance of these funds is reviewed by the Trustees on a regular basis. Vermeer Investment Management Limited are appointed as professional investment advisors to the charity.
The Trustees have chosen to prepare receipts and payments accounts and have included as an unrealised loss £3,873 (2024 - gain £11,523) arising from revaluing investment assets at the market value on 31 March.
The charity’s total income for the year from charitable donations was £17,606 and the total investment gains were £8,286. The deficit for the year was £7,109.
Related party transactions and Trustees’ remuneration
The Trustees received no remuneration or expenses for their role (2024 - £nil).
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Trustees’ Annual Report
1 April 2024 – 31 March 2025
Declaration
The Trustees declare that they have approved the above report.
Jo Marsh
Stephen Payne
Chantal Woodhouse
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Trustees’ Annual Report
1 April 2024 – 31 March 2025
Independent Examiner’s Report to the Trustees of the Royal Philharmonic Orchestra Sickness and Benevolent Fund
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2025, which are set out on page 5.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:
-
The accounting records were not kept in accordance with section 130 of the Charities Act; or
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The accounts did not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report, in order to enable a proper understanding of the accounts to be reached.
Ann Firth ACA
Date: 25 January 2026
22 Kingsway, Woking, GU21 6NU
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Trustees’ Annual Report
1 April 2024 – 31 March 2025
| Receipts andpayments account | Receipts andpayments account | |||||
|---|---|---|---|---|---|---|
| for theyear to 31 March 2025 | 2025 | 2025 |
2024 | 2024 |
||
| £ | £ |
£ | £ |
|||
| Income | ||||||
| Donations received | 17,606.86 | 18,741.55 | ||||
| Gift Aid | 0.00 | 6,365.16 | ||||
| Interest on LiquidityManager account | 49.23 | 222.59 | ||||
| Investment distributions(reinvested) | 12,110.98 | 12,185.06 | ||||
| Realised and unrealisedgains | (3,873.68) | 11,523.09 | ||||
| Total investment income | 8,286.53 | 23,930.74 | ||||
| Total income | 25,893.39 | 49,037.45 | ||||
| Expenditure | ||||||
| Grantspaid | (29,780.28) | (19,380.00) | ||||
| Investment management costs | (3,207.59) | (2,911.86) | ||||
| Bank charges | (15.28) | (88.07) | ||||
| Total expenditure | (33,003.15) | (22,379.93) | ||||
| (Deficit) / Surplus in theyear | (7,109.76) | 26,657.52 | ||||
| Balance sheet as at 31 March | 2025 | 2024 | ||||
| £ | £ | |||||
| Investments | ||||||
| Value of Investment Funds | 329,272.46 | 324,242.75 | ||||
| Cash at bank | ||||||
| LiquidityManager account | 5,493.13 | 17,632.60 | ||||
| Net assets of the fund | 334,765.59 | 341,875.35 | ||||
| Balance brought forward | 341,875.35 | 315,217.83 | ||||
| (Deficit)/ Surplus in theyear | (7,109.76) | 26,657.52 | ||||
| Total funds carried forward | 334,765.59 | 341,875.35 |
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