REGISTERED COMPANY NUMBER: 09929867 (England and Wales) REGISTERED CHARITY NUMBER: 1168735
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2023
for
Israel Philharmonic Orchestra Foundation UK
(A Company Limited by Guarantee)
Israel Philharmonic Orchestra Foundation UK
Contents of the Financial Statements for the Year Ended 31 May 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | to | 10 |
| Notes to the Financial Statements | 11 | to | 18 |
| Detailed Statement of Financial Activities | 19 |
Israel Philharmonic Orchestra Foundation UK
Reference and Administrative Details for the Year Ended 31 May 2023
TRUSTEES Michael Crystal - Vice Chair Chen Dalah (resigned 24/10/2023) Gillian Djanogly (appointed 1/5/2023) Dame Vivien Duffield Rabbi Joseph Dweck (appointed 1/5/2023) Denise Esfandi Ilana Fattal Oded Gera Marsha Lee - Chair Hilary Newmark Stephen Ross Dr Efrat Shaoulian Sopher Tali Gottlieb (resigned 3/9/2023) Linda Grosse (resigned 11/9/2023)
REGISTERED OFFICE 1 Bentinck Street London W1U 2EA REGISTERED COMPANY 09929867 (England and Wales) NUMBER
REGISTERED CHARITY NUMBER 1168735
INDEPENDENT EXAMINER Cartwrights Chartered Accountants and Business Advisors Regency House 33 Wood Street Barnet Hertfordshire EN5 4BE
SOLICITORS Howard Kennedy 1 London Bridge London SE1 9BG BANKERS CAF Bank 25 Kings Hill Avenue Kings Hill, West Malling Kent, ME19 4JQ
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Israel Philharmonic Orchestra Foundation UK
Report of the Trustees for the Year Ended 31 May 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The trustees have adopted the provisions of 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).
The financial statements have also been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document and the Charities Act 2011.
OBJECTIVES AND ACTIVITIES Objectives and aims
The Israel Philharmonic Orchestra Foundation UK (IPOF-UK) promotes peace and open dialogue through the power of music while raising awareness of the Israel Philharmonic Orchestra (IPO) as a non-religious and non political leading world-class orchestra and Israel's foremost cultural ambassador, using their global reach to bring people of every faith and background together through music.
To this end, the objectives of the IPOF-UK are the advancement of education in the art of music in Israel for the public benefit and for that purpose to encourage standards of excellence in the performance and interpretation thereof including the support of the charitable activities of the Israel Philharmonic Orchestra Foundation.
The IPOF-UK exists to raise funds and awareness for the IPO and in particular: -
a) IPO initiatives to maintain the Orchestra's standard of musical excellence for concerts in Israel and abroad, as well as to cultivate emerging talent;
b) IPO education programmes that use music to effect social change and inspire the next generation;
c) IPO multi-faith programmes that bridge cultural divides, promoting tolerance and mutual respect amongst Jewish, Christian and Arab citizens of Israel, and while on tour worldwide
In furtherance of these objectives, the charity seeks donations from other charitable organisations and from the general public by organising public and private events, concerts or recitals, as well as seeking sponsorship in cash and in kind.
Public benefit
The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities, and setting the grant making policy for the year.
Grantmaking
The charity furthers its charitable purposes for the public benefit through its grant-making policy which aims to achieve the initiatives and programmes mentioned in the objectives and aims above.
Volunteers
The charity did not use the services of volunteers during the year.
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Israel Philharmonic Orchestra Foundation UK
Report of the Trustees for the Year Ended 31 May 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the IPOF-UK held small select fundraising events as well as hosting a fundraising dinner reception at the home of a supporter, where over £52,000 was raised. Our objective was not only to raise funds to distribute to the Israel Philharmonic Orchestra in Israel but to raise awareness and involve potential new donors. Additionally, over £13,000 was raided through the sale of Michal Rovner photos. The Musician's Chair initiative, started in 2021, raised over £54,000.
During the year, in accordance with its objectives, the charity made charitable grants of £551,326 in aggregate (2022: £81,523) to the Israel Philharmonic Foundation "Gala and International Board" in Israel.
The IPOF UK continues with its plans to raise funds to bring the Orchestra back to London as soon as practical, health and travel restrictions permitting.
Fundraising activities
The charity promotes and raises funds for the Israel Philharmonic Orchestra by activities and fundraising events and initiatives through advertising and word of mouth, and as such does not solicit or directly contact members of the public.
All fundraising activities are initiated and monitored by the Board of Trustees.
The charity has not received any formal complaint with regards to its fundraising activities.
The charity ensures that its fundraising values and expectations, aims and objectives are clearly set out when fundraising.
Chair's Statement
This was a very successful year.
The Pandemic of 2020/2021 resulted in a re-evaluation of our planned activities. Accordingly, we decided to raise both awareness of our work and funds for the IPO in Israel, through smaller more focused events, such as those mentioned above. In both, we were successful. I am pleased to report that, in all, the IPOF-UK raised £374,196 and thrilled to have been able to distribute £551,326 to the IPO in Israel.
Since the end of the financial year, I am pleased to report that the IPOF-UK appointed Sharon David as its Fund-Raising Consultant. It hosted a Donor's evening at the Royal Festival Hall and a Music Evening and Reception at the home of a Supporter.
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Israel Philharmonic Orchestra Foundation UK
Report of the Trustees for the Year Ended 31 May 2023
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities set out on page 7 of the financial statements shows how the charity's incoming resources have been expended in the year ended 31 May 2023.
Total incoming resources amounted to £374,196 (2022: £482,672) which comprised £373,778 (2022: £482,672) generated from donations and £418 (2022: nil) from bank interest.
Total resources expended amounted to £622,379 (2022: £164,265). This included expenditure on fundraising activities and events of £25,783 (2022: £27,862), grants to IPO of £551,326 (2022: £81,523) and support and governance costs of £45,270 (2022: £54,880).
The statement of financial position on page 8 of the financial statements shows the financial position of the charity as at 31 May 2023.
Total assets less current liabilities amounted to £108,432 (2022: £356,615), which is represented by accumulated balances on the unrestricted income fund of £101,422 (2022: £148,843), the restricted income fund of £7,000 (2022: £207,762) and the endowment fund of £10 (2022: £10). This represents assets held in order to meet ongoing overheads together with funds received that have yet to be applied towards the charity's objectives.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. At 31 May 2023, the unrestricted funds amounted to £101,422. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Any surplus funds will be distributed to the IPO.
FUTURE PLANS
Future plans of the charity include the following activities:
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A major fund-raising appeal;
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A Donor's lunch at the home of a supporter;
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A Rachmaninov concert with actor Henry Goodman and concert pianist Lucy Parham;
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A Candlelight concert at Lauderdale Road Synagogue; and
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An event at Christie's
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Charity constitution
The charity was incorporated on 24 December 2015 and registered with the Charity Commission for England and Wales with effect from 11 August 2016.
In the event of the charity's dissolution, the liability of the members is limited to £10.
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Israel Philharmonic Orchestra Foundation UK
Report of the Trustees for the Year Ended 31 May 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The power of appointing and removing trustees is vested in the trustees. In exercising this power, the trustees use their own network of contacts to identify suitable candidates possessing the necessary knowledge and skills to act as trustees.
The following changes to trustees occured during the financial year:
| Gillian Djanogly | Appointed 1/5/2023 |
|---|---|
| Rabbi Joseph Dweck | Appointed 1/5/2023 |
| David Olsson | Resigned 20/2/2023 |
The following changes to trustees occured since the balance sheet date but prior to the date of signing of these financial statements:
Tali Gottlieb Resigned 3/9/2023 Linda Grosse Resigned 11/9/2023 Chen Dalah Resigned 24/10/2023
Organisational structure
The charity has an office based in London, England and its activities are overseen by the trustees.
Induction and training of new trustees
Trustees are expected to identify their own training needs and to take measures to ensure that these needs are met.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Israel Philharmonic Orchestra Foundation UK for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Israel Philharmonic Orchestra Foundation UK
Report of the Trustees for the Year Ended 31 May 2023
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 15 February 2024 and signed on its behalf by:
Marsha Lee - Trustee
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Independent Examiner's Report to the Trustees of Israel Philharmonic Orchestra Foundation UK
Independent examiner's report to the trustees of Israel Philharmonic Orchestra Foundation UK ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Andrew Hill (FCA) The Institute of Chartered Accountants in England and Wales
Cartwrights Chartered Accountants and Business Advisors Regency House 33 Wood Street Barnet Hertfordshire EN5 4BE
16 February 2024
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Israel Philharmonic Orchestra Foundation UK
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 May 2023
| Unrestricted Restricted Endowment fund fund fund Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 123,602 250,176 - Investment income 4 418 - - Total 124,020 250,176 - EXPENDITURE ON Raising funds 5 25,783 - - Charitable activities 6 Grant funding of activities 100,388 450,938 - Other 45,270 - - Total 171,441 450,938 - NET INCOME/(EXPENDITURE) (47,421) (200,762) - RECONCILIATION OF FUNDS Total funds brought forward 148,843 207,762 10 TOTAL FUNDS CARRIED FORWARD 101,422 7,000 10 |
31/5/23 Total funds £ 373,778 418 374,196 25,783 551,326 45,270 622,379 (248,183) 356,615 108,432 |
31/5/22 Total funds £ 482,672 - |
|---|---|---|
| 482,672 | ||
| 27,862 81,523 54,880 |
||
| 164,265 | ||
| 318,407 38,208 |
||
| 356,615 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Israel Philharmonic Orchestra Foundation UK
Balance Sheet 31 May 2023
| Unrestricted Restricted Endowment fund fund fund Notes £ £ £ CURRENT ASSETS Debtors 12 - 3,750 - Cash at bank 105,352 3,250 10 105,352 7,000 10 CREDITORS Amounts falling due within one year 13 (3,930) - - NET CURRENT ASSETS 101,422 7,000 10 TOTAL ASSETS LESS CURRENT LIABILITIES 101,422 7,000 10 NET ASSETS 101,422 7,000 10 FUNDS 14 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
31/5/23 Total funds £ 3,750 108,612 112,362 (3,930) 108,432 108,432 108,432 101,422 7,000 10 108,432 |
31/5/22 Total funds £ 12,750 347,573 360,323 (3,708) 356,615 356,615 356,615 148,843 207,762 10 |
|---|---|---|
| 356,615 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Israel Philharmonic Orchestra Foundation UK
Balance Sheet - continued 31 May 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 February 2024 and were signed on its behalf by:
Marsha Lee - Trustee
The notes form part of these financial statements
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements for the Year Ended 31 May 2023
1. CHARITY INFORMATION
Israel Philharmonic Orchestra Foundation UK is a company limited by guarantee registered in England and Wales. The charitable company was incorporated on 24 December 2015 and registered with the Charity Commission for England and Wales with effect from 11 August 2016. 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. The address of the registered office is First Floor, 1 Bentick Street, London, W1U 2EA. The nature of the charity's operations and principal activities are set out in the Trustees' Report.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. If a legacy is notified to the charity and it is not possible to measure the amount expected to be distributed, the legacy is treated as a contingent asset and disclosed.
Resources expended
Charitable activities include costs incurred directly in pursuance of the charity's objectives and governance and support costs relating to this activity.
Support costs are those incurred in connection with running the charity that enables the charitable activity to be undertaken.
Grants payable to the Israel Philharmonic Orchestra Foundation "Gala and International Board" in Israel are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants.
Expenses include VAT where applicable as the charity cannot reclaim it.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
2. ACCOUNTING POLICIES - continued
Governance costs
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted and endowment funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net movement in funds in the period.
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value. They are then subsequently carried at amortised cost using the effective interest rate method. Financial assets classified as receivable within one year are not amortised.
At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the statement of financial activities.
Financial assets are derecognised when the contractual right to cash flows from the asset are settled or expire, substantially all the risk and rewards of the ownership of the asset are transferred to another party or, despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value. They are then subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the liability is discharged, cancelled or expires.
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
| 3. DONATIONS AND LEGACIES Donations 4. INVESTMENT INCOME Deposit account interest 5. RAISING FUNDS Raising donations and legacies Staging fundraising events 6. CHARITABLE ACTIVITIES COSTS Grant funding of activities 7. GRANTS PAYABLE Grant funding of activities The total grants paid to institutions during the year was as follows: Education in art of music |
31/5/23 31/5/22 £ £ 373,778 482,672 31/5/23 31/5/22 £ £ 418 - 31/5/23 31/5/22 £ £ 25,783 27,862 Grant funding of activities (see note 7) £ 551,326 31/5/23 31/5/22 £ £ 551,326 81,523 31/5/23 31/5/22 £ £ 551,326 81,523 |
|---|---|
All grants during the year were paid to The Israel Philharmonic Orchestra Foundation "Gala and International Board" in Israel.
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
8. SUPPORT COSTS
| Other resources expended Support costs, included in the above, are as follows: Other Donor development Office costs Donor database management Website development and manage ment Admin, book-keeping and accoun ts Governance costs Independent examination fee Bank charges Legal fees 9. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examination fee |
Governance Other costs Totals £ £ £ 41,375 3,895 45,270 31/5/23 31/5/22 Other resources Total expended activities £ £ 30,856 31,032 2,239 989 644 684 690 11,190 6,946 6,231 41,375 50,126 31/5/23 31/5/22 Other resources Total expended activities £ £ 3,360 3,720 495 994 40 40 3,895 4,754 31/5/23 31/5/22 £ £ 3,360 3,720 |
Totals £ 45,270 |
|---|---|---|
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |||
| fund | fund | fund | funds | |||
| £ | £ | £ | £ | |||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 199,687 | 282,985 | - | 482,672 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 27,862 | - | - | 27,862 | ||
| Charitable activities | ||||||
| Grant funding of activities | - | 81,523 | - | 81,523 | ||
| Other | 44,880 | 10,000 | - | 54,880 | ||
| Total | 72,742 | 91,523 | - | 164,265 | ||
| NET INCOME | 126,945 | 191,462 | - | 318,407 | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 21,898 | 16,300 | 10 | 38,208 | ||
| TOTAL FUNDS CARRIED FORWARD | 148,843 | 207,762 | 10 | 356,615 | ||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31/5/23 | 31/5/22 | |||||
| £ | £ | |||||
| Prepayments and accrued income | 3,750 | 12,750 |
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continued...
Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Accruals and deferred income 14. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted funds Endowment funds Endowment funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
31/5/23 31/5/22 £ £ 570 - 3,360 3,708 3,930 3,708 Net movement At At 1/6/22 in funds 31/5/23 £ £ £ 148,843 (47,421) 101,422 207,762 (200,762) 7,000 10 - 10 356,615 (248,183) 108,432 Incoming Resources Movement resources expended in funds £ £ £ 124,020 (171,441) (47,421) 250,176 (450,938) (200,762) 374,196 (622,379) (248,183) |
|---|---|
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continued...
Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1/6/21 | in funds | 31/5/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 21,898 | 126,945 | 148,843 | |
| Restricted funds | ||||
| Restricted funds | 16,300 | 191,462 | 207,762 | |
| Endowment funds | ||||
| Endowment funds | 10 | - | 10 | |
| TOTAL FUNDS | 38,208 | 318,407 | 356,615 | |
| Comparative net movement in funds, included | in the above are as follows: | |||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 199,687 | (72,742) | 126,945 | |
| Restricted funds | ||||
| Restricted funds | 282,985 | (91,523) | 191,462 | |
| TOTAL FUNDS | 482,672 | (164,265) | 318,407 |
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1/6/22 |
Incoming Resources |
Resources Expended |
Balance at 31/6/23 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Israel Philharmonic Orchestra | 18,000 | 24,555 | (42,555) | - |
| Musicians Chair | 29,600 | 54,321 | (76,921) | 7,000 |
| Bronfman Foyer | 160,162 | 171,290 | (331,452) | - |
| 207,762 | 250,166 | (450,928) | 7,000 | |
Israel Philharmonic Orchestra
Donations received specifically for the charity during the year were £24,555. £42,555 of funds were expended in the year. There was no carried forward balance into the next financial year
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
14. MOVEMENT IN FUNDS - continued
Musicians Chair
Donations received earmarked for specific chairs within the charity during the year were £54,321. £76,921 of earmarked funds were expended in the year. The remaining £7,000 was granted to the charity in June 2023 and will be expended in the next financial year.
Bronfman Foyer
Donations received specifically for the Bronfman Foyer in the year was £171,290. £331,452 of earmarked funds were expended in the year. There was no carried forward balance into the next finanical year.
15. RELATED PARTY DISCLOSURES
During the year donations of £24,110 (2022: £40,301) were received from the trustees of the charity.
During the year donations of £4,024 (2022: £10,720) were received from two charitable trusts which have a common trustee with the charity.
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Israel Philharmonic Orchestra Foundation UK
Detailed Statement of Financial Activities for the Year Ended 31 May 2023
| Detailed Statement of Financial Activities for the Year Ended 31 May 2023 |
||
|---|---|---|
| 31/5/23 | 31/5/22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 373,778 | 482,672 |
| Investment income | ||
| Deposit account interest | 418 | - |
| Total incoming resources | 374,196 | 482,672 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Staging fundraising events | 25,783 | 27,862 |
| Charitable activities | ||
| Grants to institutions | 551,326 | 81,523 |
| Support costs | ||
| Other | ||
| Donor development | 30,856 | 31,032 |
| Office costs | 2,239 | 989 |
| Donor database management | 644 | 684 |
| Website development and manage ment | 690 | 11,190 |
| Admin, book-keeping and accoun ts | 6,946 | 6,231 |
| 41,375 | 50,126 | |
| Governance costs | ||
| Independent examination fee | 3,360 | 3,720 |
| Bank charges | 495 | 994 |
| Legal fees | 40 | 40 |
| 3,895 | 4,754 | |
| Total resources expended | 622,379 | 164,265 |
| Net (expenditure)/income | (248,183) | 318,407 |
This page does not form part of the statutory financial statements
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