The Philharmonia Orchestra in Bedford Trust FINANCIAL STATEMENTS for the Year Ending 31 March 2021 Charily Regislralion No.. 1170495
The Philhai'monia Orcliesti"a in Bedford Trust Page Reference and Administrative details Trustees Report Independent Examiners Report Statement ol financial activities Balance sheet Statement of Cash Flow Accounting policies 10 Moles lo the financial statements Poge I
The Philhai'monia Orchestra in Bedfoi'd Ti"ust TRUSTF,F,S' RF,PORT FOR THF, YFAR b,Nl)b.D 31 MAIICH 2021 The Trustees prèsent their report together with the financial statements of The Phllharmonia Orchestra in Bedford Trust for the year ended 31 March 2021. REFERENCE AND ADMINISTRATIVE DETAILS Charity Registration number.. 1170495 Constilulion.. The Philharmonia Orchestra in Bedford Trust is a regi5tefed Charity governed by the Declaration of Trust dated 7th April 2016. Registered Office". The Harpur Trust Princeton Court Pilgrim Centre Brickhill Drive Bedford MK417PZ Bankers.. Nalwesl Bank plc 125 Great Portland Street London W1A1GA Independent Examiner.. MHA Maclntyre Hudson Moorgale House 201 Silbury Boulevard Milton Keynes MK9 1 LZ Trustees: David Whellon Ichaimianl David Knapman (Honorary Treasurer) Jeremy William Arthern Councillor Henry Vann David Russell Stuart Renshaw David Steadman (appoinled 28 May 2020) Investment Manager.. Sarasin & Partners LLP Juxon House 100 Sl Paul's Churchyaid London EC4M 8BU
The Philhai'monia Orchestra in Bedfoi"d Ti"ust TRUSTEES, REPORT POR THF. YEAR FNDF,D 31 MARCH 2021 Objectives and Activities The objects of the charity are the advancement of the education of the public in the Borough of Bedford Ilhe Borough I through the promotion and support of the art of music, in particular Ibul willioul limitation} by the promotion and SLJPPOrt of the following", The residence of the Philharmonia in the Borough, Such other free of charge educational activities as may be carried out by Philharmonia in the Borough from lime lo time., and Such other activities as the Trustees consider will advance the education of the public in the Borough through the promotion and support of the art of music. The Iruslees have paid due regard lo the Charity Commission guidance on public benefit. When reviewing the Gharity's objectives and activities set out above, the Trustees have referred to the charity commission general guidance on public benefit and complied with its duty under the Charities Act 2011. Achievements and performance Review of activities During the year. the charity achieved ils initial target of £1 m of endowment funds. We are now working towards our next largel of £2m of endowment funds. Investment Policy The Trustees, objective is to invest the Trust's assets in order lo maximise the total return whilst balancing risk IhroLJgh a diversified assets portfolio.11 is the objective of the f(Ind to both return the value of the fund lo its o¥iginal capital value and lo generate sufficient income lo support the orchestra in its activities in Bedford. The Trustees have delegated the management of the Trust's inveslmenls lo The Harpur Trust, whlch in turn has delegated the day to day management lo an investment managei, Sarasin & Partners. Under the lemis of the goveming document, there are no reslriclions on the charity's power lo invest. Grant Maklng During Ihe year a reduced giant 01 £10,000 was awarded to the Philharmonia Orchestra. due to the coronavirus pandemic pVentIng concert8 bein9 held in Bedford12019120 £22,000>. No grants were made lo the Orchestra for the Hear and Now projecl12019120 £5.000). FinancSal Revlew The financial 51alements cover all the activities of the charity durlng the year Gross income tolalled £42,723 {2019120 £30,929) and there was a surplus in the year of £205,55912019120 defi'cil £43,425) after taking into account the inveslmenl revaluation surplus. Al the year end lolal resetves were £1,042,917 12019120 £837,358) of which £1,061.207 12019120 £880, 1 $51 weie Endowment funds and a deficit of £18.290 (2019120 delicil £42,797) of Unrestricted funds. Tlie delicil on Unrestricted funds will be replenished from future income generated by the Endowment ftjnds. Page 3
The Philharinonia Orchesti"a in Bedford Trust TRUSTEES, REPORT FOR TFIE YEAR ENDED 31 MARCII 2021 Reserves pollcy and Rlsk Management 11 is the TrLtslees' intention to reserve a balance of income generated from the Endowment Fund lo enable them to provide an annual grant to support related activities. The continuing risk from the pandemic in 2020121, COVID-19, puls Ltncertainty aiound Ihe ability to raise funds through donations and grants as well as the returns expected on investments. Plans for the future The bulk of funds are held in a diversified assets portfolio. managed by our Investment Managers, Sarasin & Partners. Income from these investments enable the Trust to promote and support thè art of music in the Borough of Bedford via the activities of Philhamionia Limited. by the provision of grants in line with their 5 year vision document. Plans for the future will be kept under review by the Trustees. Definile arrangements a difficult lo formulate at the present lime, due to the COVID-19 pandemic and the necessary ieslriclions on 3clivitss. Structure, governance and management The Trust is a registered charity (Number 11704951 and was established under a Trust Deed dated 71h April 2016. Pollcy for the Induction and tralning of trustees New Board members receive a formal induction session from the existing Trustees. In addition, additional external Trustee training and guidance is provided dependent on the experience and skills of the new Trustees. Related partles There were no related party transactions in the year. Organlsatlonal structure and decision maklng The Trustees have delegated the accounting function lo Philharmonia Limited. Philharmonia Limited, the Harpur Trust and Bedford Council are enlilled lo nominate in writing one individual for appointment as a Trustee from lime lo lime. Method of appolntment or election of trustees The range of skills and experience of IhÈ Board is kept under review and new appointments are Tecommended in older lo ensure the Board has and maintains a full range of expertise. PaRe 4
The Philharmonia Orchestra in Bedford Ti'ust TRUS I'LES, RLIJOR'r FOR THE YEAR ENDED 31 MARCI-12021 Trustees. responsibilities statement The Trustees are responsible for preparing the Trustees, Annual Report and the fi'nancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2015 IFRS 1021., make judgements and eslimales that are reasonable and prudent". slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the linan¢ial slatemenls". prepare the financial statements on the going concern basis unless it is inappropriate lo plesume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position ol the charily and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions ol the trust deed. They are also fesponsible for safeguarding the assets of the chaiily and hen for taking reasonable steps fo¥ the prevention and detection ot fraud and other i¥regularitiÈs. Oavid Vvhelton Chalrman Date.. l(L- Jo>1
The Philliarmonia Orchestra In Bedford Trust INDEPENDENT LXAMINERS REPORT-10 THE TRUSI"EIS OI," I'EIE PI IILIIARMONIA IN BEDFORD "fRUS"r I report to the charity Iruslees on my examination of the accounts of the Charity for the year ended 31 March 2021 which are set out on pages 7 10 12. Responslbllltles and basls 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 I'lhe Acl'l. I report in respect ol my examination of the charity's accounts carried out underseclion 145 oflhe Actand in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material mallers have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the a¢counls do not accord with those records", or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 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. I have no COnrn5 and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Andrew Moyser FCCA,FCA MHA Maclnlyre Hudson Moorgale House 201 Silbury Boulèvard Milton Keyrbes MK9 1LZ Date: 24 September 2021 Pcige
Tlie Plii IliaiillOllic2 Oi'cliestl'<l Iii B eLqtoi'cl Tiiist STATEMF,NT OF FINANCIAT. ACTIVITIFS F()R THL YE,AR r.NDF.D 31 MAEICH 2021 2021 2021 2021 2020 2020 2020 Unrestricted Endowmeiit Total Unrèstrlcted Endownent Total Funds Funds Funds Funds Funds Fund8 Not Income frorn.. Donations 902 902 1,307 1,307 IeStMent incom8 41,821 41,821 29,622 29.622 Total 41.821 902 42,723 29.622 1,307 30,929 Expenditure on.. Grants made 10.000 10,000 27,000 27.000 Bank charges Audll & Accountancy fees 60 60 1.590 1,590 2,238 2.238 Olhei Expenditure 5.718 17.314 {4361 14381 Total Expendlture 17.314 28,862 28,862 24,507 25,409 760 1,307 2,067 Other recognised Gain$llLossesl- GainllLossl on investment assets 180,150 180.150 {45,4921 145,4921 Net incole I lexpendilurel 24,507 181,052 205,559 760 144.1851 143.4251 Total funds brought fOard 142,7971 880,155 837,358 143,5571 924.340 880.783 Total funds Carried forward 118,2901 1.061,207 1,042.917 142,7971 880,155 837.358 The notes on pages 1110 12 form an integral part of these financial slalemenls
T lie Plii Ilicll'l}l()Ilj(? { )i'cliestl'¥i Iii Becltcll'cl T I'ii%t BALANC'E SHBÉ'I, 31 Mairli 2021 2021 2020 Note Investments 1,049,422 838,513 Cash at bank 29,675 23,916 Debtor5 Current Assets 5,335 35,010 5,375 29,291 Creditors: Amounts falling due within one year Net Current Assets 141,5151 16,5051 130,4461 11,1551 Net Assets 1,042,917 837,358 Reserves Unrestyicted Fund io 118,2901 142,797 Trust Endowment Fund io 1,061,207 880,155 Total Funds 1,042,917 837,358 The financial statements were approved and aulhorised for issue by the Trustees on JOLI David Wjhellon David Knapman Chairman Treasurer The notes on pages 1110 12 form pail of these financial slalements
T lie Plii Ill,? I'iii ()iii,'i ( )i'clie%tl'i'l Iii Be(It()i'(l T I'iist STATF,MENT OF C.ASHFI,OW 31 ' M<ll'LlI 2021 2021 2020 Cashflows Irom operating activitles: Net Income for the year Iper the statement of flnancial attlvitlesl 205,559 143,4251 Adjustments for.. Ilncrea5ellDecrease in debtors Increase/lDecreasel creditors Net cash lused inllprovlded by operating activitie5 being net change in cash and tash equivalents 40 787 11,068 13,112 216,667 129,5261 Net cash (used inl investing activitiès 1210,9091 14,366 Change in cash and cash equivalents in the reporting year 5,758 115,1601 Cash and cash equlvalent brought forward 23,916 39,076 Cash and cash equlvalent carrled forward 29,675 23,916 PogLJ g
Tlie Plii I li11.]1] Olli¢9 (-_)i-cliestl'£i Iji B eclt"c)i'cI Tiiist AC.COUNTING POLICIES BASIS OF ACCOUNTING The financial slalemenls have been prepared under the historical cost convention, with item5 iecognised at cost or transaction value unless otherwise slated in the relevant notes lo these accounts. The financial statements have been prepared in accordan with the Statement ofRecommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. GOING CONCERN The tILJ5tees consider that there are no material uncertainties about the charity's abilily to continue as a going concern. Principal accounting policies adopted in the preparation of the financial slalemenls ale sel out below. INCOME Voluntary income, including donations, gift5 and legacies, as well as grants that provide core funding or are of a general naluie are recognised wherg there is enlillemenl, receipt is probable and the amountcan be measured with sufficient reliability. Income earned through interest or investments is recognised in the period il is received. EXPENDITURE Expenditure is recognised when a liability has been incurred and on an accruals basis. Expenditure is recognised in the period in which the liability 15 incurred. FUNDS Unreslricled funds are donations or other income, receivable or generated for the objects of the charity wilhoul further specified purpose and are available as general funds Resllicled funds are to be used for specific purposes as laid down by the donor. Expenditurewhich meets these criteria is charged lo the fund, together with a fair allocation of management and support costs. Permanent Endowment funds are funds that generally cannot be spent under the terms of the giant awards from The Harpur Trust, Bedford Council and the Arts Council. Any income arising from these funds will form parl of Unreslricled funds. Expenditure incurred in support of the chaiilable activities of the Trust has been sel against these funds with the intention that the funds will be built up lo Iheir original level flom income raised by the investing of the Endowment funds. DEBTORS Trade and other debtors are recognised at the settlement amount. CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short term highly liquid investments wilh a short maturily of three months or less from the dale of acquisition or opening of the deposit or similar account. FINANCIAL INSTRUMENTS The Charity only has basic financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value. INVESTMENTS Investments are revalued al open market value at the balance sheet dale and the gain or loss is taken lo the Statement ol Financial Activities. Page in
T lie Plii Iliii'iii ()iii;i l-)i-L liestl'i? I li B e(It(ii'il T i-ll%t NOTFS TO THF. FINANCIAL STATEMENTS Foi. the eai. elided 31 ' March 2021 1 DONATIONS 2021 2020 Sundry donations and Gift Aid 902 1,307 902 1,307 2 INVESTMENT INCOME 2021 2020 Bank interest receivable Income from investment 41,821 29,532 41,821 29,622 3 GRANTS AWARDED A grant of £10,000 was awarded lo the Pliilliaimonia Limited lo support the work undertaken in Bedford by the Orchestra in 2020121 1201 Q120 £22,000). No grant was awarded lo the Philharmonia Oichestra's Hear and Now project12019120 £5,000). 4 INVESTMENTS 2021 2020 Balance brought forward 1 April 2020 Additions lo inve51menls al cost Nel gain on revalualion (based on open market valuation at year endl 838,513 852,879 30,759 31,126 180.150 145,492) Al 31 March 2021 1,049,422 838.513 5 DEBTORS 2021 2020 Gift Aid receivable Cash held by investment fund 5,335 5.335 40 5,335 Page 11
T lie Plii l111l1-1110111 ci (-)i'elie%tl'ig Iii Be(Itc)]'cl T I'11st N()TF.8 TO THF. FINANC.JAL STATEMENI'S Foi. the eur elided 31 Murch 21121 6 CREDITORS.. Amounts falling due within one year 2021 2020 Amount payable lo Philharmonia Limited Accruals and deferred income 39,925 1,590 28,856 1.590 41.515 30,446 7 TRUSTEE REMUNERATION Mo Trustee received any remuneration for their services The char¢ty considers ils key management personnel lo be the Trustees 8 RELATED PARTY TRANSACTIONS The Trustees have delegated the management of the Trust's investments to The Harpur Trtjsl, which in turn has delegated the day lo day management lo an investment manager, Sarasin & Partners. There were no related party transactions in the year, or piior year. 9 FUNDS At1 Apri 2020 Income Expenditure Gains & At31 Losses March 2021 Endowment Funds Unrestricted Funds 880,155 142,7971 902 41,821 180.150 1,061,207 (18,2901 117,3141 Total Funds 837,358 42,723 17,314 180,150 1,042917 Unreslricled Funds will be replenished from future income generated from the Endowment funds. ANALYSIS OF NET ASSETS BETVVEEN 10 FUNDS 2021 2021 2021 2020 2020 2020 Unrestrlcted Endowment Total Unrestrlcted Endowment Total Funds Funds Funds Funds Funds Funds Investments Current assets Current liabilities 1,049,422 1,049,422 11,785 838,513 838,513 23,225 35,010 112.351} 41,642 29,291 41,515 18,290 41,515 t,061,207 1,042,917 30,446 30,446 880,155 837,358 Pu&FL. 12