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 p￿VentIng 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 COn￿rn5 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'