## The Philharmonia Orchestra in Bedford Trust FINANCIAL STATEMENTS 

for the Year Ending 31 March 2025 

Charity Registration No: 1170495 



## The Philharmonia Orchestra in Bedford Trust 

## INDEX 

||**Page**|
|---|---|
|Reference and Administrative details|2|
|Trustees Report|3|
|Independent Examiners Report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Accounting policies|9|
|Notes to the financial statements|10|



_Page 1_ 



The Philharmonia Orchestra in Bedford Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025 

The Trustees present their report together with the financial statements of The Philharmonia Orchestra in Bedford Trust for the year ended 31 March 2025. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

Charity Registration number _:_ 1170495 

Constitution: The Philharmonia Orchestra in Bedford Trust is a registered Charity governed by the Declaration of Trust dated 7th April 2016. Registered Office: The Harpur Trust Princeton Court Pilgrim Centre Brickhill Drive Bedford MK41 7PZ Bankers: NatWest Bank plc 125 Great Portland Street London W1A 1GA Independent Examiner: MHA MHA House Charter Court Swansea Enterprise Park Swansea SA7 9HS Trustees: Henry Vann Chairman Ivan Flack Trustee Sarah-Jayne Gallagher Trustee Appointed 10/05/2024 Ting Kuei Trustee Appointed 30/03/2025 Georgina Murphy-Clifford Trustee David Steadman Trustee David Russell Trustee Resigned 14/02/2025 Stuart Renshaw Trustee Resigned 27/09/2024 Investment Manager: Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU 

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_Page 2_ 



The Philharmonia Orchestra in Bedford Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025 

## **Objectives and Activities** 

The objects of the charity are the advancement of the education of the public in the Borough of Bedford (the “Borough”) through the promotion and support of the art of music, in particular (but without limitation) 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 time to 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 trustees have paid due regard to the Charity Commission guidance on public benefit. 

When reviewing the charity’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** 

The charity is working towards its next target of £2m of endowment funds. 

## **Investment Policy** 

The Trustees’ objective is to invest the Trust’s assets in order to maximise the total return whilst balancing risk through a diversified assets portfolio. It is the objective of the fund to both return the value of the fund to its original capital value and to generate sufficient income to support the orchestra in its 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, Sarasin & Partners. 

Under the terms of the governing document, there are no restrictions on the charity's power to invest. 

## **Grant Making** 

A grant of £26,000 was awarded to the Philharmonia Orchestra towards concerts being held in Bedford (2024: £27,344). 

## **Financial Review** 

The financial statements cover all the activities of the charity during the year. Gross income totalled £36,848 (2024: £35,963) and there was a surplus in the period of £21,272 (2024: surplus £92,804). 

At the period end total reserves were £1,123,980 (2024: £1,102,708) of which a surplus of £1,120,036 (2024: £1,107,572) were Endowment funds and a surplus of £3,944 (2024: deficit of £4,864) of Unrestricted funds. The deficit on Unrestricted funds will be replenished from future income generated by the Endowment funds. 

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_Page 3_ 



The Philharmonia Orchestra in Bedford Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025 

## **Reserves policy and Risk Management** 

It is the Trustees' intention to reserve a balance of income generated from the Endowment Fund to enable them to provide an annual grant to support related activities. 

Risks associated with fundraising are being met with an income strategy focussed on legacy giving. Negative impacts are anticipated on investment returns related to slowing global growth and the prospect of further monetary easing (per the charity’s fund managers). 

## **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 enables the Trust to 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 the Philharmonia’s mission to create the orchestral experience of the future in Bedford. 

Plans for the future will be kept under review by the Trustees. Risks associated with income generation outlined above make it difficult to forecast, and a legacy fundraising strategy is under discussion by the Trustees and Philharmonia Ltd. 

## **Structure, governance and management** 

The Trust is a registered charity (Number 1170495) and was established under a Trust Deed dated 7[th] 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 the experience and skills of the new Trustees. 

## **Related parties** 

The Harpur Trust, Bedford Council and Philharmonia Limited are considered related parties. 

## **Organisational structure and decision making** 

The Trustees have delegated the accounting function to Philharmonia Limited. Philharmonia Limited, The Harpur Trust and Bedford Council are entitled to nominate in writing one individual for appointment as a Trustee from time to time. 

## **Method of appointment or election of trustees** 

The range of skills and experience 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_ 



The Philharmonia Orchestra in Bedford Trust TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025 

## **Trustees' responsibilities statement** 

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Henry Vann** 

Chairman Date:   26/01/2026 

_Page 5_ 



## The Philharmonia Orchestra In Bedford Trust 

## INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PHILHARMONIA IN BEDFORD TRUST 

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2025 which are set out on pages 7 to 12. 

## **Responsibilities and basis 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 (‘the Act’). 

I report in respect of my examination of the charity’s accounts 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 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set 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 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. 

ié an hee # if } : ‘ . KUGAY ye‘ aa ial‘i '"‘ jra if ra 

## **Rachel Doyle** 

ACA DChA 

MHA MHA House Charter Court Swansea Enterprise Park Swansea SA7 9HS 

Date:   26/1/2026 

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). 

_Page 6_ 



STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] MARCH 2025 

|||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
|---|---|---|---|---|---|---|---|
|||**Unrestricted**|**Endowment**|**Total**|**Unrestricted**|**Endowment**|**Total**|
|||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**Note**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income from:**||||||||
|Donations|1|-|-<br>40|40|-|-<br>40|40|
|Investment income|2|36,808|-|-<br>36,808|35,923|-|-<br>35,923|
|**Total**||36,808|40|36,848|35,923|40|35,963|
|**Expenditure on:**||||||||
|Grants made|3|26,000|-|26,000|27,344|-|27,344|
|Bank charges||-|-|-<br>-|-|-|-<br>-|
|Audit & Accountancy<br>fees|Audit & Accountancy|2,000|-|-<br>2,000|1,500|-|-<br>1,500|
|Other Expenditure||-|-|-<br>-|248|-|-<br>248|
|**Total Expenditure**||28,000|-|28,000|29,092|-|29,092|
|||8,808|40|8,848,|6,831|40|6,871|
|**Other recognised**||||||||
|**Gains/(Losses):**||||||||
|Gain/(Loss) on<br>investment assets|4|-|-<br>12,424|12,424|-|-<br>85,933|85,933|
|**Net income /**<br>**(expenditure)**||8,808|12,464|21,272|6,831|85,973|92,804|
|**Total funds**<br>**brought forward**||(4,864)|1,107,572|1,102,708|(11,695)|1,021,599|1,009,904|
|**Total funds carried**<br>**forward**|9|3,944|1,120,036|1,123,980|(4,864)|1,107,572|1,102,708|



The notes on pages 9 to 11 form part of these financial statements 

_Page 7_ 



## BALANCE SHEET 31[st] March 2025 

|||**2025**|**2024**|
|---|---|---|---|
||**Note**|**Note**<br>**£**|**£**|
|**Investments**|4|1,196,735|1,166,502|
|Cash at bank||251|7,214|
|Debtors||-|-|
|**Current Assets**||251|7,214|
|Creditors: Amounts fallingdue within oneyear|5|(73,006)|(71,008)|
|**Net Current Assets**||(72,755)|(63,794)|
|**Net Assets**||1,123,980|1,102,708|
|**Reserves**||||
|Unrestricted Fund||3,944|(4,864)|
|Trust Endowment Fund||1,120,036|1,107,572|
|**Total Funds**||1,123,980|1,102,708|



The financial statements were approved and authorised for issue by the Trustees on 26/01/2026. 

**Henry Vann** Chairman 

The notes on pages 10 to 12 form part of these financial statements 

_Page 8_ 



## ACCOUNTING POLICIES 

## BASIS OF ACCOUNTING 

The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Charities SORP (FRS 102), the financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. 

## GOING CONCERN 

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. Principal accounting policies adopted in the preparation of the financial statements are set out below. 

## INCOME 

Voluntary income, including donations, gifts and legacies, as well as grants that provide core funding or are of a general nature are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. 

Income earned through interest or investments is recognised in the period it 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 is incurred. 

## FUNDS 

Unrestricted funds are donations or other income, receivable or generated for the objects of the charity without further specified purpose and are available as general funds. 

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to 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 income arising from these funds will form part of Unrestricted funds whilst movements in the market value of investments held will form part of the Permanent Endowment funds. Expenditure incurred in support of the charitable activities of the Trust is set against the unrestricted funds with the intention that the unrestricted funds will be built up to their original level from income raised by the investing of the Permanent Endowment funds. 

## DEBTORS 

Trade and other debtors are recognised at the settlement amount. 

## CASH AT BANK AND IN HAND 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date 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 instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## INVESTMENTS 

Investments are revalued at open market value at the balance sheet date and the gain or loss is taken to the Statement of Financial Activities. 

_Page 9_ 



NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] March 2025 

|1|1<br>DONATIONS|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||Sundry donations and Gift Aid|40|40<br>40|
|||40|40<br>40|



## 2 INVESTMENT INCOME 

|INVESTMENT INCOME|INVESTMENT INCOME||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|127|127<br>110|
|Management fee rebate|Management fee rebate<br>4,684|4,215|
|Income from investment|Income from investment<br>31,997<br>|31,997<br>31,598|
||36,808|35,923|



## 3    GRANTS AWARDED 

A grant of £26,000 was awarded to the Philharmonia Orchestra to support the work undertaken in Bedford by the Orchestra in 2024 (2024: £27,344). 

|4|INVESTMENTS|INVESTMENTS||||
|---|---|---|---|---|---|
|||||**2025**|**2024**|
|||||**£**|**£**|
||Balance brought forward 1 April 2024||Balance brought forward 1 April 2024|1,166,502|1,166,502<br>1,071,971|
||Additions to investments at cost|||34,809|34,809<br>31,598|
||Sale of shares|Sale of shares||(17,000)|(23,000)|
||Net gain on revaluation (based on open market valuation at year end)|||12,424|12,424<br>85,933|
||At 31 March 2025|||1,196,735|1,196,735<br>1,166,502|



5 CREDITORS: Amounts falling due within one year 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Trade Creditors|-|1,500|
|Amount payable to Philharmonia Limited|70,798|70,798<br>67,298|
|Accruals and deferred income|2,008|2,210|
||73,006|73,006<br>71,008|



6   TRUSTEE REMUNERATION 

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). 

The charity considers its key management personnel to be the Trustees. 

_Page_ 10 



NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] March 2025 

## 7   INDEPENDENT EXAMINER’S REMUNERATION 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Fees payable to the Charity's independent examiner for|||
|the independent examination of the Charity's annual|||
|accounts|1,500|1,500<br>1,500|
|Under Accrual from previous year|500|-|
||2,000|2,000<br>1,500|



## 8   RELATED PARTY TRANSACTIONS 

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, Sarasin & Partners. 

At the year end the charity owed Philharmonia LTD £70,798 (2024: £67,298). The amount is interest free and repayable on demand. 

## 9   EMPLOYEES 

During the year, the average number of employees was Nil. (2024 : Nil) 

|10|10<br>FUNDS||||||
|---|---|---|---|---|---|---|
|||**At 1 April**|||**Gains &**|**At 31**|
|||**2024**|**Income**|**Expenditure**|**Expenditure**<br>**Losses**|**March 2025**|
|||**£**|**£**|**£**|**£**|**£**|
||**Endowment**||||||
||**Funds**|1,107,572|1,107,572<br>40|40<br>-|-<br>12,424|12,424<br>1,120,036|
||**Unrestricted Funds**|**Unrestricted Funds**<br>(4,864)|36,808|36,808<br>(28,000)|-|-<br>3,944|
||**Total Funds**|1,102,708|1,102,708<br>36,848|36,848<br>(28,000)|12,423|12,423<br>1,123,980|



Unrestricted Funds will be replenished from future income generated from the Endowment funds. 

_Page_ 11 



NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] March 2025 

||ANALYSIS OF NET|ANALYSIS OF NET||||||
|---|---|---|---|---|---|---|---|
||ASSETS BETWEEN|||||||
|11|FUNDS|||||||
|||**2025**|**2025**|**2025**<br>**2025**|**2024**|**2024**|**2024**|
|||**Unrestricted**|**Endowment**|**Endowment**<br>**Total**|**Unrestricted**|**Endowment**|**Total**|
|||**Funds**|**Funds**|**Funds**<br>**Funds**|**Funds**|**Funds**|**Funds**|
|||**£**|**£**|**£**<br>**£**|**£**|**£**|**£**|
||**Investments**|**Investments**<br>76,699|76,699<br>1,120,036|1,120,036<br>1,196,735|1,196,735<br>58,930|58,930<br>1,107,572|1,166,502|
||**Current**|||||||
||**assets**|251|251<br>-|-<br>251|251<br>7,214|7,214<br>-|7,214|
||**Current**|||||||
||**liabilities**|(72,506)|-|(72,506)|(71,008)|-|(71,008)|
|||4,444|1,120,036|1,124,480|(4,864)|1,107,572|72<br>1,102,708|



_Page_ 12