The Philharmonia Orchestra in Bedford Trust FINANCIAL STATEMENTS for the Year Ending 31 March 2023 Charity Registration No.. 1170495 The Philhamionia Orchestra in Bedford Trust INDEX Pag8 Reference and Administrative details Trustees Report Independent Examiners Report ststemenl of financial actwities Balance sheet Stalemens of Cash Flow Accounting policies 10 Notes lo the financial slalemenls Page I The Philharn]onia Orchestra in Bedford Trust TRUSTEES, REPORT foR TEIE YEAR F,NDF.f) 31 MARCH 2023 The Trustees present their report together with the financial slalements of The Philharmonia Orchestra in Bedford Trust for the year ended 31 March 2023. REFERENCE AND ADMINISTRATIVE DETAILS Charity Registration number.. 1170495 Conslilulion.. The Philharmonia Orchestra in B¢dford Trust is a registered Charity goverried 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 W1A 1GA Independent Examiner.. MHA Moorgale House 201 Silbury Boulevard Milton Keynes MK9 1 LZ Trustees.. Henry Vann David Knapman Stuart Renshaw David Russell David Steadman David Whellon Jeremy Arthern Georgina Murphy-cirfford 5van Flack Chairman Treasurer Treasurer Trustee Trustee Trustee Trustee Trustee Trustee ¥esigned 10th hrtay 2023 resigned 10th May 2023 resigned 10th May 2023 appointed 1 Oth May 2023 appointed 1 Llth May 2023 Investment Manager.. Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 88U Page 2 The Philharmonia Orchestra in Bedford Trust TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Objectives and Activiti8S The objects ofthe Charty are the advancement ofthe education oflhe public in the Borough of Bedford Ilhe'Borough I through the plomolion and support of the art of music, in particular (but wilhoLJI limilalion) by the promotion and support of the following.. The residence of the Philharmonia in the Borough, Such other free of charge educallonal aGlivilies as may be carried oul by Philharmonia in the Borough from lime to lime., and Such other activities as the Trustees Consider will advance the education of the public in the Borough through the promotion alld support of the art of music. The trustees have paid due regard lo the Charity Commission guidance on public beneff(. When reviewing the charity's objectives and a¢livities sel out above, the Trustees have referred to the charity commission gene¥al guidance on public benefit and Complied with its duty under the ChariliesAcl 2011. Achievements and performance Review of activities The Chartty is working towards its next target of £2m of endowment funds. Investment Policy The Trustees, objective is lo invest the Trust's assets in orderlo maximise the lolal return whilst balan¢ing risk through a diversified 8ssels portfolio.11 is the objective of the fund lo both retuill the value of the fund lo ils original caprtal value and to generat¢ sufficiènt income lo support the orchestra in its activities in Bedford. The Trustees have delegated the management of the Trust's investments lo The Harpur Trust, which in turn has delegated the day lo day management lo an investment manager, Sarasin & Partners. Under the terms of the governing document, there are no rtrslriclions on the charity's power lo invest. Grant Making A grant of £24,000 was awarded to the Philharmonia Orchestra towards concerts being held in Bedford 12022.. £27,000). Flnancial R8vièw The financial statements cover all the aelivilies of the charity during the year. GTOSS income lolalled £34.75212022.' £33,274} and there was a deficit in the period of £57.08412022'. surplus £24,070). Al the period end lolal reserves were £1,009.90312022.. £1,066,987) ol which a surplus of £1,021.599 12C122.' £1,083,563) were Endowment funds and a delicil of £11,698 12022.. deficit tsf £16,576) of Unreslricled funds. The deficit on"Unrestricled funds will be replenished from future Income generated by the Endowment lunds. Page 3 The Philharn]onia Orchestra in Bedford Trust 'I"RUSTEES' REPOR"I' FOR THE YEAR ENDED 31 MARCH 2023 Reserves pollcy and Rlsk Management 11 is the TNstees' intenlion lo reserve a balance of income generated fiom the Endowrnenl Fund lo enable them lo provide an annual grant lo support related a¢livilies. Following the risks arising from the Covid pandemic and further uncertainly which has arisen from the cost of living crisis, negative impacts are anticipated in raising funds through both donations and grants 88 well as the negative impact expected on investment returns. Plans for thg futurg The bulk of funds are held in a diversifi'ed assets portfolio, managed by our Investment ManageTS, Sarasin & Partners. Income from these investments enables the Trust to promote and support the art ol music in the Borough of Bedford via the activities of Philharrnonia 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. Definite arrangements are difficult lo formulate at the present lime. due lo the ongoing financial risks outlined above. pandemic and the necessary restrictions on aclivilies. structure, governance and management The Trust is a registered charity INumber 11704951 and was established under a Trust Deed dated 7th April 2016, Policy for the Inductlon and tralnlng of trusteos 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 TTuslees. Related partles The Harpur Trust is the sole related party in 2023. Organisational structure and deci51on maklng The Trustees have delegated the accounting function to Philhamionia Limited. Philharmonia Limited, The Haipur Trust and Bedford Council are enlilled to nominate in writing one individual for appointment as a Trustee from lime lo lime. Method of appointmont or election of trustees The ranoe of skills and experience of the Board is kept under review and new appoinlmonls are recommended in order lo ensure the Board has and maintains a full range of expertise. Page 4 The Philharmonia Orchestra in Bedford Trust TRUS'IEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Trustees. re8pon¥lbllltles 8tOtemgnt The Tiuslees are responsible for preparing the Trustees, Annual Report and the financial slalements in accordance with applicable law and United Klngdom Accounting Standards {Unltèd Kingdom Genorally A¢Cept￿ Accounting Practice). The law appllcable lo charlues In England & Wales requlres the Iruslees to prepare financial statements for ea¢h financial year which give a true and fair view of the state of affairs of the ¢harity ancl of the inttiming r880ur¢ès and application of resources of Ihecharlty forthat poriod. In preparing these financial st8temenls, the Iruslees are required to.. sele¢l suitable accounllnu tN)licies alld then eppty them conslstently., ob$erve the methods Bnd principles in the Charities SORP 2015 IFRS 102}; make judgements and estimates that are reasonable and prudent-. state whether appllcable 8ccounllng standards have been followed, subject lo any materlal departu￿$ disclosed and explained in the financlal slalements-. prapar8 the financlal statements on the going conce¥n basts unless 1118 Inappropriate lo presum• that thè ¢harity will continue in Ope￿tiOn. The Trustees are responsible for keeplng proper accounting recoTds that disclose wSlh reasonable accuracy al any lime tho financial posllion of the charity and enable them lo ensur8 that the ftnancial statements compty with the Charitiès Act 2011, the Charilles IAccounts and Reports) Reguladons 2008 and the provlslons of the trust deed. They are also responslble foi safeguardlng the assets otthe charfty and hence for taking reasonable steps for the prevenllon and detecllon of fraud and other Irregularllles. Hgnry Vann Chairman LOL+ Pt7Ee J The Philharmonia Orchestra In Bedford Trust INDEPENDENT EXAMINERS REPOR'I I'O I'HE'I"KUSTEES OF THE PHILHARMONIA TN BEDFORD TRUST I report lo the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are sel out on pages 7 10 12. Responsibilltie5 and basis of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respect of my examination of the charily's a¢counls carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material mallers have come to my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by sedion 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply wrth the applicable requirements concerning the form and conlenl of accounts set out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and fair view, which is not a maller considered as part of an independent examination. I have no concems and have come across no other matters in connection with tho examination to which allention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Andrew Moyser FCCA,FCA MHA Moorgale Hous 201 Silbury Boulevard Milton Keynes MK9 1LZ Date.'31 January 2024 MHA is the trading name of Maclnlyre Hudson LLP, a limited liability partnershlp in England and Wales Iregislered number OC3123131. Page 6 Tlie Pliilliailllloiiia Oicliestia lil B edfoi'd Tiiist STATEMEN'f OF PJNANCIAL ACTIVITIES ST FOR THE YEAR F.NDF.D 31 MARCH 2023 2023 2023 2023 2022 2022 2022 Unrestrlcted endowmgnt Total Unre8trlcted Endowmant Total Funds Funds Funds Funds Funds Funds Note Income from: Donations 540 540 40 40 Investment income 34,212 34.212 33.234 33,234 Total 34.212 540 34.752 33,234 40 33,274 Expendlture on.. Grants made 24.000 24,(XlO 27.000 27,000 ank charges Audit & Accountsncy fees oth8r Expenditure 1,815 1,815 1,590 1,590 3,517 3,517 2,928 2,92B Total Expandltura 29,332 29,332 31,520 31,520 4,880 540 5,420 1.714 40 1.754 other re¢ognlsed Gain51lLosse$l'. G8inllLossI on investment ass&ls 162,5041 {62,5041 22,376 22,316 Net Income I lexpgnditurel 4,880 161,9641 {57,0841 1,714 22,356 24.070 Total fund8 brought fOn￿ard 116,5781 1,083,563 1,066.987 118,2901 1,061,207 1,042,917 Totsl fund8 Carried forward 111,6961 1,021,599 1,009,903 116,5781 1.083,563 1.066.987 The notes on pages 1110 12 form an integral part of these financial slalemenls Page 7 Tlie Plii Iliaiiiioiiia OTehesh"a Iii Bedfoi"d Tiiist BALANCE SHEET 3 I" Mai¢li 2023 2023 2022 Note Investments 1,071,648 1,103,119 Cash at bank Debtors Current Assets 7,515 34,066 7,515 34,066 Credltors: Amounts falllng due within one year Net Current Assets 169,2601 (61,7441 170,1981 136,1321 Net Assets 1,009,903 1,066,987 Reserves Unrèstri¢ted Fund 11,6951 116,5761 Trust Endowment Fund 1,021,598 1,083,563 Total Funds 1,009,903 1,066,987 The financial slalements were approved and aulhorised for Issue by the Trustees on Henry Vhhn stuart Rgn$h8W Chairman Treasurer The notes on pages 1110 12 fom part of these financlal statements Page 8 Tlie Pliilliaiiiioiiiic Oi'¢liestl'cl lil Becltoi'cl Tiii%t STATEMENT OF CASHFLOW 31 March 2023 2023 2022 Cashflows fiom operatlng actlvltles.. Net Income for the perlod Iper the statement of financial activities) 157,0841 24,070 Adjustments for.. IlncreasellDecrease in debtors Increase/lDecreasel in creditors Net cash (used inllprovided by operating a¢tivltlÈs belng nèt Change In cash and cash equlvalents 5,335 28,683 19381 158.0221 58,088 Net cash Iu5ed inl Investlng actlvltles 31,471 153,6971 Change in cash and cash equivalents In the reportlng year 126,5511 4,391 Cash and cash equlvalent brought forward 34.066 29,675 Cash and cash equlvalent carrled forward 7,515 34,066 Page 9 Tlie Pliilli