The Philharmonia Orchestra in Bedford Trust FINANCIAL STATEMENTS for the Year Ending 31 March 2022 Charity Registration No.. 1170495
The Philharmonia Orchestra in Bedford Trust INDEX Page Reference and Administrative details Trustees Report Independent Examiners Report Statement of financial activities Balance sheet Statement of Cash Fbw Accounting policies 10 Notes lo the financi81 slalemenls Page I
The Philharmonia Orchestra in Bedford Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their report together with the financial statements of The Philharmonia Orchestra in Bedford Trust for the year ended 31 March 2022. REFERENCE AND ADMINISTRATIVE DETAILS Charity Regk8tralion number.. 1170495 Conslilulion.. The Philharmonia Orchestra in Bedford Trust is a registered Charity governed by the Declaration of Trust dated 7th April 2016. Registered Office.. The Harpur TTUSI Princeton Court Pilgrim Centre Brickhill Drive Bedford MK417PZ Bankers.. Nalwest Bank plc 125 Great Portland Street London W1A1GA Independent Examiner.. MHA Maclntyre Hudson Moorgale House 201 Silbury Boulevard Milton Keynes MK9 1 LZ Trustees-. Henry Vann David Kn8pman David Russell David Steadman David Whellon Jeremy Arthern Stuart Renshaw (Chairman) (Tieasurerl (Trusleel (Trusleel (Tfusleel ITFusleel (Trusleel Investment Manager.. Sarasin & Partners LLP Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Page 2
The Philharmonia Orchestra in Bedford Trust TRU8TEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022 Objectives and Activitiès The objects ofthe charity are the advancement of the education of the public in the Borough of Bedford {Ihe'Borough'l through the promotion 2nd support of the art of mtjsic, in particular{bul wilhoul limilalronl by the promotion and support 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 lime,. and Such other aclivilie5 as the Tiuslees 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 Tegard lo the Charity Commission guidance on public benefit. When reviewing the charity's objectives and activities sel out above, the Trustees have referred lo the charity commission general guidance on public benefit and complied with ils duly underthe ChariliesAct 2011. Achlevements and perfomiance Review of activities During the period lo 31 sl March 2021 the charity achieved ils largel of £1 m of endowment fund and is now working towards ils next largel of £2m of endowment funds. Investment Policy The Trustees, objective is lo invest the Trust's assets in orderto maximise the total return whilst balancing risk through a diversified ass&ts portfolio.11 is the obje¢live of the fund lo both return the value of the lund lo ils original capital value and to generate suffi'¢ienl income lo support the orchestra in ils activities in Bedford. The Trustees have delegated the management of the Trust's investments to The Harpur Trust, which in turn has delegated the day to day management to an investment manager. Saiasin & Partner5. Under the terms of the governing document, there are no reslriclions on the charity's power to invest. Grant Making A grant of £27,000 was awarded to the Philharmonia Orchestra towaTds concerts being held in Bedford 12021.. £10,000). Financial Review The financial slalemenls cover all the activities of the charity during the year. Gloss income lotalled £33,27412021.. £42,723) and there was a surplus in the period of £24,07012021'. £205,559). Al the perlod end total reserves were £1,066,98712021-. £1,042,917) of which a surplus of £1,083,563 (2021.. £1,061,207} were Endowment funds and a deficit of £16,576 12021. deficit of £18,290) of Unreslricled funds. The deficit on Unroslricled funds will be replenished from futur& income generated by the Endowmenl funds. Page 3
The Philharmonia Orchestra in Bedford Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Reserves pollcy and Risk Management It is the Trustees, intention lo reserve a balance of income generated from the Endowment Fund lo enable them lo provide an annual grant lo support related activities. Following the risks arising f¥om the Covid pandemic a¢)d further uncertainty which has arisen from the Cost of living crisis, negative impacts are anli¢ipaled in raising funds through both donations and grants as well as the negative impact expected on investment felurns. Plan5 for the future The bulk offunds are held in a diversified assets portfolio, managed byour Investment Managers, Sarasin & Partners. Income from these investments enables the TTUSI lo promote and support the art of music in the Borough of Bedford via the activities of Philharmonia 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 TTuslees. Definite arrangements are difficult lo formulate al the present lime, due lo the ongoing linancial risks outlined above. pandemic and the necessary restrictions on aclivilies. Structure, gov8rnan¢e and management The Trust is a registered chanty (Number 11704951 and was established under a Trust Deed dated 7th April 2016. Policy for the induction and training 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 Ihe experience and skills of tho new Trustees. Related parties The Harpur Trust is the sole related party in 2022. Organisational structure and decision making The Trustees have delegated the accounting function lo Philhaimonia Lirlliled. Philharmonia Limilecl, The Harpur Trust and Bedforcl Council are enlilled lo nominate in writing one individual for appointment as a Trustee from lime lo lime. Method of appointmènt or èle¢tion of trustees The range of skills and expeTience of the Board is kept under review and new appointments are recommended in order to ensure the Board has and maintains a full range of expertise. Page 4
Tlie Philli¢1rmonia Oi'chests'a in Bedt"oi"d Tiiist TRIJSTEE£' IiEPOR"r POR THP. YFAR E,NDED 31 fvJAIICH ?022 Triistees. re$poy)sibllltles statement The Tivslees are responsible loi prep8ring the Trust9es' Annual Report and Ihe flnanclal statements In accordance with appllcable law 8niS United Kingdom A¢countlng Standards (United Kingdom G6n61'ally A¢c&pted Accounllng Praellcal. The law applicable to charilies in England & Wales requires Ihe Irusiees lo prepare linaNcial 5t8tements for each l*nancial year which give 8 true and fair view of the slal¢ ol affairs of Ihe charity and of the incoming resources and applicalion olresources ollhe charily for that period. lo preparing Ih&sefinan¢ial sl8temenls. the Iruslees are required to.. selecl sullable accounting poli¢ies and then apply them consisl8nlly', observe the methods and priiiciples in the Charities SORP 2015 IFRS 1021-, make judgements and eslimales that are reasonable prudent., slate whether applicable accovnling standards h8ve been followed, subject to any m8leri81 depa¢lurES disclosed and expLHined in the financial slalemenls., prepare the h"nan¢ial statements on th8 going concern basis utTrlgss 11 Is inappropriate to prasum8 thal the charlly will conllnue operation. The Truslees are rtrsponslble for keeping prop8r accounting recDrd3 Ih3t di5¢1osg with reasonable aceura¢y 81 any lime the fiftancial position of lh8 charily and enable them to ensuie that the financial ststem8nls comply with the Charities Act 2011, Charities (Accounts and Reportsl Regulalions 2008 and tlie provisions ol the InEsl d88d. Th&y are also responslble lors318gu8rding the assets olthe charity and hence lortaking reasonable step8 for the prevention and detecllon of Iraud and other srregulaiities. Henry Vann Chairman Dale.. P¢ixt S
The PhiIharmonia Orchestra In Bedford Trust INDEPENDENT EXAMtNERS REPORT TO THF TRUSTFES OF THF, PHILHARMONIA LN BEDI.'OIiD I'RUS"I' I report lo the charity Iruslees on my examination of the accounts of the charity for the year ènded 31 March 2022 which are sel out on pages 7 to 12. Responsibilities and basis of report As the charity's Iruslees you are responsible for the preparalv)n of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respect of my examination of the charity's accounts carried out undersection 145 ofthe Act and in carrying out my examination I have followed all the applicable Direcliolls given by the Charity Commission under se¢lion 145151{bl of the Acl. Independent examlner's statement I have completed my examination. I confirm that no material mallers have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting recDrds were not kept in respect of tho charity as required by section 130 of the Act., or the accounts do not accord with thos& re¢ords', or the accounts do not comply with the applicable requirements concerning the form and conlenl of aoUnt$ sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and fair view, which is not a maller considered 8s part of an independent examination. I have no ¢on¢erns and have come across no other mallers in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Andrew Moyser FCCA,FCA MHA Maclnlyre Hudson Moorgate House 201 Silbury Boulevard Milton Keynes MK9 1LZ Dale.. 27 January 2023 Poge O
Tlie Plii Ilia11lloiiia Oi'eliesti'a hi Beclfoi"d Tiiist STATFMENT or riNANCIAL ACTIVITIES ST FOR THE YEAR ENDED 31 MARCH 2022 2022 2Q22 2022 2021 2021 2021 Unrestrlcted Endowment Total Unr8strlctod Endowmant Total Funds Funds Funds Fund5 Funds Fund¥ Note Income from= Donations 40 40 902 902 Investment income 33.234 33,234 41.821 41,821 Total 33,234 40 33,274 41,821 902 42,723 Expendlture on= Grants tnad8 27.000 27,000 10,000 10,000 Bank charges Audit & Accountancy fe8S 1,590 1.5 1,590 1,590 Othèr Expenditur6 2,928 2,928 5,717 5,717 Total Expendltuie 31,520 31.520 17,314 77.314 1.714 40 1,754 24,507 902 25.409 Other recognlsed GaillsllLossesl: GainllLossl on Investment assets 22,316 22,316 180,150 180,150 N8t Incomo 1 lexpenditurel 1.714 22,356 24,070 24,507 181,052 205,559 Total funds broughl forward 118,2901 1.061,207 1,042,917 142,7971 880,155 837,358 Total funds c8rrled forward 116,5761 1.083,563 1.066,987 118,2901 1,061.207 1,042.917 The notes on pages 11 to 12 form an integral part of these financial slalemenls Page 7
T lie Plii111i1'111 (iiijii (-)i'¢liebll <? Iii Be(Itoi'¢l Tlllst IIALANLE SHEET 31, MarLlI 2022 2022 2021 Note Inve5tment5 1,103,119 1,049,422 Cash at bank Debtors Current A55ets 34.066 29,675 5,335 35,010 34,066 Credltors.. Amounts falling due within onp year Net Curient Assets 170,1981 136.1321 141.5151 16,5051 Net Assets 1,066,987 1.042,917 Reserves Unrestrlcted Fund 116,5761 118,2901 Trust Endowment Fund 1.083,563 1.061,207 Total Funds 1,066,987 1,042,917 Tli& fillancial slalemenls wèr8 8pproveO and aulhorised for issue by the Ttustees oh 23 Henry Vanr) Davlfl Knapman Chalrrn8n Treasurer The notes on pages I I to 72 IOFM P8rt of these financial stalemènls P4ge 11
Tlie Pliilli?c IIIIOlll<? Oi'cliesti'a Iii Bedt-oi'(l Tiiist STATEMENT OF CASHFLOW 31" March 2022 2022 2021 Cashflows from operatlng a¢tlvlties'. Net Income lor the perlod (per the statement of flnanclal actlvitiesl 24,070 205,559 Adjustments for.. Ilncreasel/Decrease In debtors Increase/lDecreasel in Creditors Net Cash lused inllprovided by operatlng actlvltles belng net change In cash and cash equivalents 5,335 28,683 11,068 58,088 216,667 Net cash lused Inl Investlng activitie5 153,6971 1210,9091 Change in cash and cash equivalents In the reportlng year 4,391 5,758 Cash and cash equivalent brought forward 29,675 23,916 Cash and cash equSvalent carrled forward 34,066 29,675 Page 9
Tlie Pliill)tiiiiioiiia Oi'eliesti'a Ii) Becltoi'cl Tiiist ACCOUNTtNG POLICIES BASIS OF ACCOUNTING Thefinancial slalemenls have been prepared underlhe hislorfcal cost convention, with items recognlsed al cost or Iransaclion value unless otherwise slated in the relevant notes lo these accounts. The financial slalemenls have been prepared in aordan¢eW1lh the Slalement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Statement of Recommended Practice". Accounting and Reportillg by Charities preparing Iheiraccounls in accordancewilh the Charities SORP IFRS 1021, the financial Reporting Standard applicable in the United KingLlom and Republic of Ireland IFRS 1021 and Charities Act 2011. GOING CONCERN The Iruslees consider that there are no material uncertainties about the charity's ability lo ¢onlinue as a going concern. Principal accounting policies adopted in Ihe preparation oflhe financial slalements are set out below. INCOME Voluntary income, including donations, gifts and legacies, as well as grants Ihal provide co¥e funding or aTe of a general nature are recognised where there is enlillemenl, re¢eipl is probable and the amount can be measured with sufficient reliability. Income earned through interest or investments is recognised in the period il is received. EXPENDITURE Expenditurè is r6cognised when a liability has been incurred and on an accruals basis. Expenditure is recognised in the period in whh the liability is incurred. FUNDS Unreslricled funds are donations or other income, receivable or generated for the objects of the charity wilhoul further specified purpose and are availab as general funds. Reslricled funds are lo be used for specific purposes as laid down by the donor. Expendilurewhich 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 grant awards from The Harpur Trust, Bedford Council and the Arts Council Any in¢ome arising from these funds will form part of Unresliicled funds whilst movements in the market value of investments held will form part of the Permanent Endowment funds. Expendilure incurred in support of the charitable activities of the Trust is sel againsl the unreslricled funds with the intention that the unreslricled funds will be bui51 up lo their original level from income raised by the investing of the Permanent Endowment funds. DEBTORS Trade and other debtors are recognised at the selllemenl amount. CASH AT BANKAND IN HAND Cash al bank and in hand includes cash and short term highly liquid investments with a short malu¥ily of three months or less from the dale of acquisition or opening ()f 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. 8asi¢ financial inslrumellls are Initial Tecognised al transaction value and subsequently measured al Iheli settlement value. INVESTMENTS Investments are revalued al open market value al the balance sheet dale and the gain or loss is taken to the Statement of Financial Aclivilies. Page Il)
Tlie Pliilliaiiiioiiiic Oi'cliestl'<g 111 Becltoi'(l Tiiist NOTES TO TIIE FtNANCIAL STATEMENTS For the ear ended 31, March 2022 1 DONATIONS 2022 2021 Sundry donations and Gift Aid 40 902 40 902 2 INVESTMENT INCOME 2022 2021 Bank interest receivabl8 Income from investment 33,234 41,821 33.234 41,821 3 GRANTS AWARDED A grant of £27,000 was award&d lo the PhilhaTmonia Orchestra lo support the work undertaken in Bedford by the Orchestra in 2022 and sellled post year end12021.' £10,0001. 4 INVESTMENTS 2022 2021 Balance brought fOnard 1 April 2021 Additions lo investments at cost Nel gain on ievaluation (based on open market valuation at year endl 1.049,422 31,381 22.316 838,513 30,759 180.150 Al 31 March 2022 1,103.119 1049,422 5 DEBTORS 2022 2021 Gift Aid re¢eivable 5,335 5,335 Puge 11
Tlie Pliilliaiiiioiiigc Oi'cliestl'2c lil Be(It-oi'il Tiiist NOTES TO THE FtNANCIAL STATEMENTS Foi. the eai- ended 31, March 2022 6 CREDITORS.. Amounts falling due within one year 2022 2021 Grants payable Amount payable lo Philharmonia Limited Accruals and deferred income 27,000 41,383 1.815 70,198 39.925 1,590 7 TRUSTEE REMUNERATION No Trustee received any remuneTalion for their services. The charity considers ils key management personnel lo be the Trustees. 8 RELATED PARTY TRANSACTIONS The Trustees have delegated the management oflhe Trust's investments lo The Harpur Trust, which in turn has delegated the day lo day management lo an investment manager, Sarasin & Partners. There were other no related paty transactions in the year or prior year. 9 FUNDS At 1 April 2021 Income Expenditurg Gains & At31 Losses March 2022 Endowment Funds Unreslricted Funds 1,061,207 118,290} 40 33,234 22,316 1,083,563 (16,5761 131.520} Total Funds 1042,917 33,274 31,520 22 316 1,066.987 Unreslricled Funds will be replenished from future income generated from the Elldowmenl fund5. ANALYSIS OF NET ASSETS BETWEEN 10 FUNDS 2022 2022 2022 2021 2021 2021 Unrestricted Endowment Totsl Unre$trl¢ted Endowment Total Funds Funds Funds Funds Funds Funds Investments Current assets Current 19,556 1,083,563 1.103,119 1,049,422 1,049,422 34,066 34,066 23,225 11.785 35,010 70.198 41,515 41,515 1,083,563 1,066 987 1081207 1.042,917 Poge 12