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 2025
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 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | to | 9 |
| Notes to the Financial Statements | 10 | to | 17 |
| Detailed Statement of Financial Activities | 18 |
Israel Philharmonic Orchestra Foundation UK
Reference and Administrative Details for the Year Ended 31 May 2025
| TRUSTEES | Marsha Nuriya Lee - Chair |
|---|---|
| Michael Crystal - Vice Chair | |
| Denise Esfandi | |
| Dame Vivien Louise Duffield | |
| Oded Gera (resigned 22/10/2024) | |
| Stephen Harris Ross | |
| Hilary Amanda Newmark | |
| Dr Efrat Shaoulian Sopher (resigned 18/11/2025) | |
| Gillian Djanogly | |
| Rabbi Joseph Dweck (resigned 23/12/2025) | |
| Ayelet Elstein (resigned 3/1/2025) | |
| Michal Jacobson Dahav (appointed 27/2/2025) (resigned | |
| 3/1/2026) | |
| Simon Richard Class (appointed 7/7/2025) | |
| Clive Hugh Zietman (appointed 11/12/2025) | |
| REGISTERED OFFICE | 1 Bentinck Street |
| London | |
| W1U 2EA | |
| REGISTERED COMPANY | 09929867 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1168735 |
| NUMBER | |
| 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 2025
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 2025. 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; and
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 Foundation 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 2025
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year the IPOF-UK held their Match-Funding "Sound of Hope" campaign in April, in which just over £234,000 was raised (£217,000 after associated costs) In September we were honoured to host a recital by David Broza, the internationally acclaimed Israeli Guitarist, which raised a net £34,940. A number of other smaller, more intimate events were held, raising about £27,000 net.
The Musicians Chair initiative continued, now in its fifth year, raising about £61,500.
In total during the financial year, a total of £426,799 was raised.
During the year, in accordance with its objectives, the charity made charitable grants of £238,405 in aggregate (2023: £114,426) to the Israel Philharmonic Foundation "Gala and International Board" in Israel.
The IPOF-UK continues with its plans to raise funds to bring the Israel Philharmonic Orchestra back to London as soon as practical, political situation 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
As last year, the terrible events of 7 October 2023 and ongoing state of war in Israel cannot be ignored. Our thoughts and tears go out to all those who have lost loved ones or been affected by the massacre of 7 October and the subsequent events.
Whilst we believe that some potential donation income has continued to be diverted to other worthy causes, we are encouraged by the level of generosity experienced in this financial year, resulting in our ability to support the Orchestra as we have.
By hosting, the smaller events, as well as the David Broza Concert and through our very successful Match Funding Campaign, we have been able to provide much greater support than in the previous year.
Our decision to recruit Sharon David as Consultant Head of Development to help bring in funds and raise our profile seems to have been successful.
Despite those horrific events of 7 October 2023, and recognising that some existing and potential new donors perhaps chose to donate to other Israel facing causes, we are heartened that we had such a successful year, raising £426,799 (2024: £345,936) and distributing £238,405 (2024: £114,426). A further £63,900 has been distributed in July 2025, after the year end.
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Israel Philharmonic Orchestra Foundation UK
Report of the Trustees for the Year Ended 31 May 2025
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities set out on page 7 of the financial statements shows how the Foundation's incoming resources have been expended in the year ended 31 May 2025.
Total incoming resources amounted to £428,200 (2024: £347,817) which compromises £426,799 (2024: £345,936) generated from donations and £1,401 (2023: £1,881) from bank interest.
Total resources expended amounted to £375,342 (2024: £210,997). This included expenditure on fundraising activities and events of £37,678 (2024: £11,970), grants to IPO of £238,405 (2024: £114,426) and support and governance costs of £99,259 (2024: £84,601).
The statement of financial position on page 7 of the financial statements shows the financial position of the Foundation as at 31 May 2025.
Total assets less current liabilities amounted to £298,110 (2024: £245,252), which is represented by accumulated balances on the unrestricted income fund of £255,300 (2024: £45,191) the restricted income fund of £42,800 (2024: £200,051) and the endowment fund of £10 (2024: £10). This represents assets held in order to meet ongoing overheads together with funds received that have yet to be applied towards the IPOF-UK's objectives.
Reserves policy
It is the policy of the Foundation 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 2025, the unrestricted funds amounted to £255,300 (2024: £45,191). 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 IPOF-UK'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.
POST YEAR-END EVENTS AND FUTURE PLANS
Significant post year-end events include hosting a "Fiddler on the roof" performance at the Barbican Centre in June 2025. Smaller social events were held in November and December 2025 at the homes of two major supporters.
Future plans of the charity include the following activities:
-
A "Studio Event" early in 2026
-
Various smaller social fundraising and awareness events throughout the year
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 2025
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 occurred during the financial year:
| Michal Jacobson Dahav | Appointed 27/2/25 |
|---|---|
| Oded Gera | Resigned 22/10/24 |
| Ayelet Elstein | Resigned 3/1/25 |
The following changes to trustees occured after the balance sheet date but before the date of signing of these financial statements:
| Simon Richard Class | Appointed 7/7/25 |
|---|---|
| Clive Hugh Zietman | Appointed 11/12/25 |
| Dr Efrat Shaoulian Sopher | Resigned 18/11/25 |
| Rabbi Joseph Dweck | Resigned 23/12/25 |
| Michal Jacobson Dahav | Resigned 3/1/26 |
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.
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 31 January 2026 and signed on its behalf by:
Marsha Nuriya 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 2025.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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
1 February 2026
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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 2025
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 347,045 Investment income 4 1,401 Total 348,446 EXPENDITURE ON Raising funds 5 37,678 Charitable activities 6 Grant funding of activities 1,400 Other 99,259 Total 138,337 NET INCOME/(EXPENDITURE) 210,109 RECONCILIATION OF FUNDS Total funds brought forward 45,191 TOTAL FUNDS CARRIED FORWARD 255,300 |
Restricted Endowment fund fund £ £ 79,754 - - - 79,754 - - - 237,005 - - - 237,005 - (157,251) - 200,051 10 42,800 10 |
31/5/25 Total funds £ 426,799 1,401 428,200 37,678 238,405 99,259 375,342 52,858 245,252 298,110 |
31/5/24 Total funds £ 345,936 1,881 |
|---|---|---|---|
| 347,817 | |||
| 11,970 114,426 84,601 |
|||
| 210,997 | |||
| 136,820 108,432 |
|||
| 245,252 |
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 2025
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 12 645 Cash at bank 266,439 267,084 CREDITORS Amounts falling due within one year 13 (11,784) NET CURRENT ASSETS 255,300 TOTAL ASSETS LESS CURRENT LIABILITIES 255,300 NET ASSETS 255,300 FUNDS 14 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Restricted Endowment fund fund £ £ - - 42,800 10 42,800 10 - - 42,800 10 42,800 10 42,800 10 |
31/5/25 Total funds £ 645 309,249 309,894 (11,784) 298,110 298,110 298,110 255,300 42,800 10 298,110 |
31/5/24 Total funds £ 4,050 245,471 249,521 (4,269) 245,252 245,252 245,252 45,191 200,051 10 245,252 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(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 2025
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 31 January 2026 and were signed on its behalf by:
Marsha Nuriya 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 2025
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.
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.
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
2. ACCOUNTING POLICIES - continued
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 2025
| 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 |
31/5/25 31/5/24 £ £ 426,799 345,936 31/5/25 31/5/24 £ £ 1,401 1,881 31/5/25 31/5/24 £ £ 37,678 11,970 Grant funding of activities (see note 7) £ 238,405 31/5/25 31/5/24 £ £ 238,405 114,426 31/5/25 31/5/24 £ £ 238,405 114,426 |
|---|---|
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 2025
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 £ £ £ 92,310 6,949 99,259 31/5/25 31/5/24 Other resources Total expended activities £ £ 75,324 64,615 7,634 5,973 735 674 1,020 1,380 7,597 7,272 92,310 79,914 31/5/25 31/5/24 Other resources Total expended activities £ £ 3,690 3,582 3,219 1,065 40 40 6,949 4,687 31/5/25 31/5/24 £ £ 3,690 3,582 |
|---|---|
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 35,197 Investment income 1,881 Total 37,078 EXPENDITURE ON Raising funds 2,979 Charitable activities Grant funding of activities 5,729 Other 84,601 Total 93,309 NET INCOME/(EXPENDITURE) (56,231) RECONCILIATION OF FUNDS Total funds brought forward 101,422 TOTAL FUNDS CARRIED FORWARD 45,191 |
Restricted Endowment fund fund £ £ 310,739 - - - 310,739 - 8,991 - 108,697 - - - 117,688 - 193,051 - 7,000 10 200,051 10 |
Total funds £ 345,936 1,881 |
|---|---|---|
| 347,817 | ||
| 11,970 114,426 84,601 |
||
| 210,997 | ||
| 136,820 108,432 |
||
| 245,252 |
continued...
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Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income 14. MOVEMENT IN FUNDS At 1/6/24 £ Unrestricted funds General fund 45,191 Restricted funds Restricted funds 200,051 Endowment funds Endowment funds 10 TOTAL FUNDS 245,252 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 348,446 Restricted funds Restricted funds 79,754 TOTAL FUNDS 428,200 |
31/5/25 31/5/24 £ £ 540 - 105 4,050 645 4,050 31/5/25 31/5/24 £ £ - 147 11,784 4,122 11,784 4,269 Net movement At in funds 31/5/25 £ £ 210,109 255,300 (157,251) 42,800 - 10 52,858 298,110 Resources Movement expended in funds £ £ (138,337) 210,109 (237,005) (157,251) (375,342) 52,858 |
|---|---|
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continued...
Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/6/23 £ Unrestricted funds General fund 101,422 Restricted funds Restricted funds 7,000 Endowment funds Endowment funds 10 TOTAL FUNDS 108,432 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 37,078 Restricted funds Restricted funds 310,739 TOTAL FUNDS 347,817 |
Net movement At in funds 31/5/24 £ £ (56,231) 45,191 193,051 200,051 - 10 136,820 245,252 Resources Movement expended in funds £ £ (93,309) (56,231) (117,688) 193,051 (210,997) 136,820 |
|---|---|
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 1/6/24 |
Incoming Resources |
Resources Expended |
Balance at 31/5/25 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Israel Philharmonic Orchestra | - | 14,300 | (10,519) | 3,781 |
| Musicians Chair | 27,832 | 61,554 | (58,486) | 30,900 |
| Bronfman Auditorium | 160,000 | - | (160,000) | - |
| Projects for the South | 2,179 | - | - | 2,179 |
| Keynote Project | 8,000 | - | (8000) | - |
| Music for the South | 2,040 | - | - | 2,040 |
| 5th Dec Event Chair for Life | - | 3,900 | - | 3,900 |
| 200,051 | 79,754 | (237,005) | 42,800 | |
Israel Philharmonic Orchestra
Donations received specifically for the charity during the year were £14,300 of which £10,519 was expended in the year and £3,781 was carried forward at the end of the year.
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continued...
Israel Philharmonic Orchestra Foundation UK
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
14. MOVEMENT IN FUNDS - continued
Musicians Chair
The full amount brought forward at 1 June 2024 was expended in the year. Donations received and earmarked for specific chairs within the charity during the year were £61,554, of which £30,654 was expended, leaving £30,900 at the end of the year. This was granted to the charity in July 2025.
Bronfman Foyer
The full amount brought forward at 1 June 2024 was granted and distributed in June 2024.
15. RELATED PARTY DISCLOSURES
During the year donations of £10,550 (2024: £12,295 ) were received from the trustees of the charity.
During the year donations of £7,000 (2024: £19,192) were received from three 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 2025
| Detailed Statement of Financial Activities for the Year Ended 31 May 2025 |
||
|---|---|---|
| 31/5/25 | 31/5/24 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 426,799 | 345,936 |
| Investment income | ||
| Deposit account interest | 1,401 | 1,881 |
| Total incoming resources | 428,200 | 347,817 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Staging fundraising events | 37,678 | 11,970 |
| Charitable activities | ||
| Grants to institutions | 238,405 | 114,426 |
| Support costs | ||
| Other | ||
| Donor development | 75,324 | 64,615 |
| Office costs | 7,634 | 5,973 |
| Donor database management | 735 | 674 |
| Website development and manage ment | 1,020 | 1,380 |
| Admin, book-keeping and accoun ts | 7,597 | 7,272 |
| 92,310 | 79,914 | |
| Governance costs | ||
| Independent examination fee | 3,690 | 3,582 |
| Bank charges | 3,219 | 1,065 |
| Legal fees | 40 | 40 |
| 6,949 | 4,687 | |
| Total resources expended | 375,342 | 210,997 |
| Net income | 52,858 | 136,820 |
This page does not form part of the statutory financial statements
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