Charity Registration No. 1204080 The London Philharmonie Trust Report and Finaneial Slalements 31 August 2024
The London Philharmonic Trust Charity Registrati&ll No. 1204080 Report and financial statements 31 August 2024 Contents Page orricers and professional advisors Trllslees, Report Statefftent ofTrll51ees' Ye$ponsibilities' Independent #uditor's report Statement of Financial Aetivitle5 Balance Sheet 10 Statement of Cash Flows Note5 to the financial statements J2
The London Philharmonie Trust Officers and professional advisers 31 August 2024 Registered Office 4th Floor, 89 Albert Embankment Londo SEI 7TP Registered Charity Number: 1204080 Trustets David Buckley David Burke Marlin Hohmant) Cathei'ine Hogel Gai'eth Newman Laurence Watt {Chair) Our Adyilors Auditors Crowe U.K. LLP, 55 Ludgale Hill, Loiidot), EC4M 7JW Hoare & Co, 37 Fleet Stiret, London, EC4P 4DQ Charles Kussell Spe¢chly& LLP, 5 Fleet Place, London, EC4M 7RD Bankers Solicitors
The London Philharmonic Trust Trustees, Report 31 August 2024 Introductio The Trustees present their annual report and the audited financial stateinents for the yeai. ended 31 August 2024. Strueture* govern&nee and management Govei'ning dociimenl The London Philhamionic Trust ("Ihe Trust) was ¢stablished by trust deed on 15, September 1987 and is a registered harily number 1204080. Ti'iis1¥ andorgnnisalion Trustees hav¢ the power to appoint fvrther Trustees, new TTUStees are recruited on the basis that by virtue of iheir knowledge, eXp.lenCe and qualifications they will b¢ able to make a contribution to the pur8Uit of the objects tsr the management of the Trust. Induction and training 1$ provide41 to TnJsiee5 as necessary. Theie ale three Ti"ustees in common with The London Philhannonic Orchestra Ltd {"the LPO"), but they do not have the deciding vote. C'onneciedchurity The LPO (Charity Number 238(145) is a connected charity of the T]ust by virtue of the fact that the two charities have shared objeciiv¢s and administration. However, the Trn$t is independent of the LPO and has it5 Own Board of Trustees. Objecllves #nd attivities The objects of fhe Tyusi as set out in the governing document are; (a) the advancement of public musical educaiion in geDeral and (without prejudice to the generaliry gf the foregoing) in particular.. (i) by pracuring sponsoring or as¥isting th¢ performance of musical works of the hiest quality in any part of the world by the London Philharnionic or seciion oy 5ECtions of the London Philharn)oni¢- (ill by encouraging improvements in standards of performance by the London Philhannonic. {iii) by promoting the dev¢lopment of musioal appre¢iation by the geneial public by COMl$S1olng ¢ompositEon8 and by procuring sponsoring or assisting the perfomance by the London Philliarmonic of Inusical works of high quality or olhistoi'i¢ or otheT interest which aiE not fi'¢quently perfoi'med and. (iv) by the preservatEon and expansion of the library of the London Philhaiinonic. (b) to suppoit the charity called the London Philhamionic Oichestra Limited iii all or any of ils objects and a¢tiYities including (withoutprejiIdice to the generdlity of ihe foregoing) the maintenance and iinpi'ovemeni of its pittnises the supply of all su¢h things as Inay be required for thal purpost or for the objects set ot in 3la) abov¢. The Tmst's main activity is to build long-terin funds. wl)ich will generate i'etyi'ns that can be used to make grants, which suppoit the charitable object5, includinggi?ntS lo the LPO as thTS is considered essential to being able to secuiE the LPO'$ future. The Trust does not use the services of VolnteerS and LPO staff uiidertake th¢ minim31 operational tasks of the Trust. Piibli¢ BenEfiÈ The Trust provid¢s benefit to the public indirectly by PlDviding funding to the LPO and thereby supponing a world- ¢lass orchestra and its conc¢rt programme, providin¥ high-qu4lity perfomiances in London as well as on tour and digltally) alongside wider actÉvities including education and community programines. Th¢ LPO'S core aciivities encourage the education of, and paiiicipalion in, music by the public at large. The is achi¢ves thi'ough public concerts whieh liave accessible tiekei prices, some of which are broadcast on the radio, television and th¢ internet and through audio rewrdit)gs which are widely available at low cost.
The London Philharmonic Trust Trustees, Report 31 August 2024 The Truste¢s confiiin that they have referred to the Charity Commission's guidance OD public benefit and they believe that the support to be pi'ovided io the LPO provides benefit t(1 a wide section of the public. AehieYemeDtS ¥4nd performan¢¢ The Trust currently holds its funds itt a range of notite deposit accounts with a view to generate income io support Èts charitable activities ill futUlE periods. The trustees will review the most appropriate stewardsliip of funds and consider the appointment of invesbtseni fund managers in future p¢riods. Finftiicial revi¢w Total income received in the year was £103,592 l&ting to bank interest received. Expenditur¢ during Ihe year lotalled £1 1,657 expended on professional and bank fe¢s. Reserves policy Of the Tnlsl's total fuE]ds of £2,887,63812023 £2,795,702} a total of £2,163,203 (2023 £2.085,9111 comprise Kestricted Funds. which can only be used for sp¢¢ific purposes. Of the remainirkg Unrestricted Fund5, £617.047 (2023 £595,000) have been designated for spechfic purpose& leaving £107,388 (2023 £114,791} in the unresiiic*d G¢ncral Fund, which in the trustees opinion is sufficient io meet the day to day requittments of the charity, given that the Trust has minimal adininisti'alivr ovei'heads and no ongoing liabilitics. These unr¢5tri¢ted und¢sibJndted funds would also be Sufficient to make TllLKlest grant5 in litje with the tsrganisations objects should there b¢ a requirement that cannot be met from I'¢sti'i¢ted oi. designated funds. Risk review The majoi. i'isks to which the Tyust wi51 be exposed going forward relates to proteotÉng the value of the Trust's assets. cUentlY assets are h¢ld in casl) in 8 range of iiolice accounts and are not subjeot to fluctuations in nominal value, however theii. I'eal value will be impacted by inflation. To address this inflation risk the Trustees reYÈew the charity'5 JS5et5 and Whe these are held at each Trust¢e meeling, COE)sidering factors such as th¢ state of the UK econoniy while doing so. Plaus for the future The Trustees will review the Inost &ppropTiate stewardship of fund5 aThd consider the appointment of investtnent fund managers in future periods. This would expose the charities ass¢t5 to a broader range of e¢onomie factoi's such as mov¢ment in share prices and exchange i"ates, which would iTnpact the value of investment assets. Trust¢ would ¢onsider the future time horizons of grant makEng plans when setting inv¢stment mandate5. Grants to 5UPPOrt ¢he work of the LPO 'e exp¢¢ted to be in8de in future periods. Goiiig coneer At tlie year-end, the Ti'ust ha5 significant D¢t assets, miniTnal liabilities and operating costs. Grants are only warded if sufficient funds are available io fund the necessary paymeiits. The Trustees have a reasonable expe¢tatiot) that the Trust has adequate resources io continue its activities for the foreseeable future and consider that there were no matei'ial uDGei1ainties over the Trust's fithatJoiAI viability. Accordingly, the Truste¢s continue to adopt the going concern basi5 in prepai'ing the financial stat¢ments.
The London Philharmonic Trust Statement of Trustees, responsibilities 31 August 2024 The Ti'ustees are responsible for preparing the Tiustees. Rrport and the finaiicial statejnents in accordance with appliLuble law and Ullited Kingdom AccouTlting Standol'ds. Th¢ law applicable to chai'ities in England and Wales requii'es the trustees to prepare financial statements for each f2Tkan¢ial year which give a true and fair view of the slaie of affairs of the charity and of the income and application of resources, including the income and experlditure, of the charity for that period. In prepqi'ing these financial statements, the Trustees are iequired to.. seled suitable aecounting policies and th¢n apply them con51Stently; obs¢rve the methods and pi'inciples of the Charities SORP,. make judgments at)d accounlin&y estimates that are I"e2sonable and prudent; stat¢ whether applicable a¢counting Standards have been followed, subject to any d¢partur¢s disclosed and explained in the fjnancial stat¢ments' and prepare the financial statements on th¢ going eoncern basis unle&s it 15 inappropriate to presume that the harity will continue in operation. The Trustees are responsible for keeping accounting record5 which disclose with i'easonable accuracy the financial position of the charity lind enable them to ascertain to enstsre that the linancial sldteinents comply with thc Charities Aet 201 I, tht Charity {Accollnts and ReporL%) Regulations 2008 and ihe provisions of the trust deed. Tliey are also responsibl¢ for safeguarding the a$$cts of the rhai'ity and hence foi. taking reasonable steps foi. the prevention and dete¢tioTr of fraud and other ittegularities. This report w prov by the Trust on 19, June 2025 and signed on their b¢half by.. Laurence Trustee ( air)
Independent Auditor's Report to the Trustees of The London Philharmonic Trust op170n We have audil¢d the financial statements of The London Philhamonic Tyust (the'charity") for the year ended 31 Augttst 2024 whiLlI Lomprise the Statement of Financial Activities, the Balance Sheet and the Statement olcash Flows, And notes to the finiincial statements, including significant accout]ting policies. The finan¢ial i'epoi'ting fi'amework that has been applied in their pr¢paration is applicable law and Uniled Kingdom AccountiDg Standards, including Financial R¢porling Standard 102 The Financial Reporting Standard applicable in the UK and Republic of litland (United Kiiigdom O¢iitrally Accepted Accounting Practice). In our opinion the flnancial statements- give a true ai)d fail. view of the stale of the charity's affails as at 31 August 2024 atid of its income and expenditur¢, for the year ih¢n ended,. have been pi'operly prepared in accordance with United Kingdom GenBrally Accepted Accounting Pra¢tice; and have been prepared in accordance with the Tequiremenls of the Charitie5 Act 2011. B8$is for opinion We ¢onducteii our audit in accord311CE Wlth Internaiional Standhrds on Audi(ing (UK) {ISAs {UK)} and applicable law. Oui. responsibilite9 under those Standards are further described in the Audilor's responsibilities for the audÈt of th¢ finaneial stateTD¢nts section Of our report. We are indep¢ndent of the charity in accoi'dance with thc ethical requirements that are relevant to our audit of the fmaucial statements in the UK, including the FRC'S Ethical Standaid. and we have fulfilled our other ethieal responsibilities in accordance with these requir¢mtnls. We believe that the audit evkdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion$ relating to going eoncerD In auditing th¢ fiThancio15tatements, we have concluded that the trustee's use of the going toncern basis of accounting in the preparation of the fjnancial statemeDts is appropriate. Based on the work we have perfornied, we have not identified any material unceiiainties relating to events or ¢onditioiis tliat, individually or collectively, may cast signiticant doubt on the ¢harity'S ability to cotjtinue as a going concern for a period of at least twelve months fro when the financial statemetjts ale auihorised for issue. Our responsibilitl¢g and the responsibilities of ¢h¢ ts"ustees with Irspect to going con¢¢m ore described in the relevant sections of this report. Other Inlormation The trustees are responsible for the other information coniained within the annual i'eport. The other infoiillation coinpi'iscs the infonnation ineluded in th¢ &tnnual report, othei. than the financial statem¢Rts and our auditor's report thereon. Our oplliion on the financial statements does not cover the other iiifomation and. except to the ¢xteTht otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion theiEon. Our responsibility is to read the oth¢r itjformation and, in dging so, consider whether ihe other iiifoi'mation is matej'ially inconsistenl with the finatacial stateineTrts or our knowledge obtained in th¢ audit or othei'wise appears to b¢ Inaterially inisstated. If we identify su¢h inaterial in¢onsistencies oi. apparent materÈal misslateinents, we aye required to d¢¢erniine whether ihis gives rise to a material misstatement in the financial stateTn¢nts themselvts. Ir, based on the work we have pej'foi'ined, we conclude that tl)ere is a n)atoi'ial Inisstatement of this other infomiation, we are required to report that fact. Wt have nothing to repoit in this regard.
Matter5 om ivhich we ¥re required to report by exc¢plion We have nothing to report in regpect of the following matters in relation to which the Companies Act 2006 requlres u5 to repoit to you if, in oui. opinion.. the infonnation given in th¢ fmancial ststements is inconsistent in any mat¢rial respe¢l with the trustees, report., oi. sufficEent ¢lccovnting records have not been kept., oi" the financial statements are not in agreemcnt with the accounting records and retums,. OT we have not received all the inforniation and explanations we require for our atsdit Responsibilities oltrustees As explained more fully in the statement of trusrees, responsibilities set out on page 5 the trusiees (who ale also the directors Df the charitable ¢ompany for (he purposes of company law) are responsible for the pPtratIon of the financial statements snd for being satisfied that they give a tTU¢ and fair view, and fgr such inteiDo1 control as the trustees detemiine is necessary to enable the preparation of financial statements thai free from ma(eri21 misslatemenr, whether due to fraud or error. In preparing the financial statements, the ti'uslees are responsible for assessing the charity's ability to continue as a going concem, disclosin& a5 applicable, matters i'elated to going concern and using the going concem basis of a¢¢ounting unless the ts'usiees either intend to liquidate the chai'ity or to cease operations, or have no realistic alternative but to do so. Audltor's respon5ibililies for the audit of the financlAI statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with ihe Aci and relevant regulations made or having effect iher¢under. Oui. objectives are to obtain ieasonable assurance about whether the financial ststetnEEits as a whole are free from matorial misstatement, wliether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high l¢vel of assurance, but j5 Tlot a giiaTantee that an audit conducted in accordance with ISAS {UKI will always detect a tnaterial misstatement when it exists. Misstatcmenis can arise fi'om fraud or ¢rroi' and are cor15idered material if, individuftlly or in rhe aggiegate, they coiild reasonably be expected to influence the economi¢ decisions of users taken on th¢ b&sis of these finan¢ial statements. Irregularities, in¢ludllLg fraud, are it]stanceg of non-COE]ipliance with law5 and regulations. We design proeedllres in lin¢ with otjr responsibilities, outlined above, to detect materiAI misstatements respect of irregiilarities. in¢luding fraud. The extent to whi¢h oui. procedures ar¢ capable of detectiftg irregularities, including fraud is detailed below. A further description of oui. responsibilities for the audTrl of the financial Statements is located 011 the Financial Reporting Council's website at.. www.fr .or .ukl ditorsres description forms part of our auditor's repurt onsibilEties. Tl)is Extent lo which the audit ivas consid¢red cap%b]e oldetetting irregularities, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulatsons. We identified and assessed the risks of m8terial misstatement of the financial statements frotn iiyegularities, whether due to fraud or error, and dis¢ussEd these betw¢¢n our audit ieam members. We then designed and perfornied audit proc¢duiE3 responsive to thosc risks, including obtaÉniiig audit evidence Sufficient and appropi'iat¢ to provide & basis for oui. opinion. W¢ obtsined an understaTtding of the legal and regulatory frameworks Wlthin which the charity OPErates, focusing on t]iose IAws and regulations that have & dir¢¢t effect on the deterininatioTh of tnaterial amounts and disclosures in the financial statement5. The laws and I'egulations we considered in this context weY¢ the Chariti¢s Act 2011 together with the Chai'ities SORP
(FRS1021. We assessed tl)e Irquired compliance with these laws and regula1115 as part of our audit procedures on the r¢lai¢d financial statement itetns. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but complia]ic¢ with whicli might be fundan)ental to ihe chayity's ability to operate or io av02d a matei'ial penBIty. We a150 considered the opportunities and incentives that may exist wiihin the charity foi. fraud. Tl)e laws and I'egulations we eonsidered this context for the UK operations were health and safety legislation, ewnployment legislation and General Data Protection Regulation (GDPR). Auditing siandards limit the required audit procedur¢s to identify non-compliance with these laws and regulations to enquiry of tlie Trustees and other manag¢m¢nt and inspection of I'egul8tory and leg&1 Correspondence, if any. W¢ identified tlie greaiest risk of material impact on the financial statements from irregularities, includin¥ fi'aud, to be within the tiiring ofrecognition of income, und the overtide o(¢onlrols by manageinent. Our audit procedure$ to rcspond to these risks included enqllErie& of manag¢tneni, and the Board of 'frustees about theii. own identifi¢alion dnd assessment of the risks of snegularities, sample tt5ting on th¢ posting of joumals, tested ihe application of cut~off and irvenue recogi)ition. particularly around voluntary income. reviewing accounting estimates for biases. reviewing regulatory coi'r¢spondenee wEth the Charity Commissson, ai)d reading minute5 of meetings of th05¢ charged with goveniancE. Owl8 to the inlieiEni limitations of an audii, there is an unavoidable risk that we may not have d¢te¢ted sninc n)aierial mi55tatements in the financial stateinent5, even though we have properly planned and pcrfoimed our audit in acwrdance with auditing 5taE]dai'ds. For example, the further removed non-compliance with law5 and regulations (irregularities) is from the events and ti'ansacti0115 I'eflected the financial stateinents, the less likely the inher¢ntly limited pi'ocedures iyquired by auditing standards would id¢21tify it. In addstion, as with any audit, there remain¢d a higher risk of non-detection of irr¢gulariti¢s, as these may involve collusion. forgeiy, intentional oinissions, misyepi'esentations. or the override of internal Controls. We are not responsible for pr¢venting non-compliance and cannot be expected to detect non- compliance with all laws and regulations. Use of our report This r¢port is made solely to the charity's twstees, as a body, in accordance wilh Part 4 of lh¢ Charilies (Accounts and Report5) Regulation5 2008. Our audit work has been undertaken 50 that we might state to the charity's trustee5 those matters we al'e required to state to thein in an auditoi s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and th¢ charity's trnstee5 as body> for our audit work, foi. this port, or for the opinions we have fornied. Crow¢ U.K. LLP Statutory Auditor Londoii United Kingdom Date.. 24 lune 2025 Cro¥vt V.K. LLP is elTgibl¢ for 3ppoinlin¢iii lls audiiorof lh¢ £linrity by y11e of ils ¢l¢gibility for appoiniiMEnl audiiorofa coinpony undcr beclion 1212 ofih¢ Companies Act 2006.
The London Philharmonic Trust Charity Registration No. 1204080 Statement of Financial Activities Year ended 31 August 2024 Alotes 2024 Unrèstrlcted funds 2024 Restrlcted funds 2024 Total fvnds 2023 Total funds In¢ome from: Donations and legacies Charilable aclimties Instment income 2,685,911 26.301 77.292 103,593 463 Total Income 26,301 77,292 103.593 2.686,374 Expondlturè Expenditure on.. Raising fvnds Charitable aelimlies 11,657 11,657 2,220 Total exp8ndlture 11,657 11.657 2.220 Nel gainslllosse81 on InstMentS Net Incomellgxpendlturg) 14,644 77,292 91,936 2,684,154 Not movemgnt In funds 14,644 77,292 91.936 2,684,154 Re¢ohciliatlon of funds Total funds brought forwaTd 709,791 2,085,911 2,795,702 111,548 Total funds carrlgd for•vard 724,43S 2.163,203 2,887,638 2.795,702 The above SltS are from continuing activiiies and th¢re ait no other gains and losses except a5 Stated above. Th¢ ac¢oinpanying notes on pages 12 to 16 form part of these financial statements
The London Philharmonic Trust Charity Registration No. 1204080 Balance Sheet As at 31 August 2024 Notes 2024 Unrèstricted funds 2024 Restricted funds 20Z4 Totsl funds 2023 Total funds Current asggts Debtors.. amwAtg falling due within one year Cash ai bank 13,219 716,225 38,846 2.124,357 52.065 2,840,582 2,797.502 Totsl Current a659ts 729.444 2,163.203 2,892.647 2.797,502 Crgditurs Amounts talling due within one year Ngt Current assets 15.0091 15,0091 15.009) 15.0091 11,8001 11,800} Total tats 724,435 2,163,203 2,887,638 2,795,702 Totsl funds of tho charity Unrestrlctgd fvnds General Fund Desi9naled fvnd111 Premises transition Designated knd121 Capital proleet 107.388 518,527 98,520 107.388 518,527 98,520 114,791 500,000 95,000 Restricted fund$ Capil31 Project Total Funds 2.163,203 2,163,203 2,163.203 2,887.638 2,085,911 2.795,702 724,435 The Iiotes on pages 12 to 16 form part of tl)es¢ accounts. Appi'oved by the trusteef on 19, June 2025. Signed on b alf tlie Board of Ti'usiees: Laurence W Chair Jo
The London Philharmonic Trllst Statement of Cash Flows Year ending 31 August 2024 Note¢ 2024 2023 Cash usèd in operating act4vltie5 Cash flows from Investlng a¢tivitles Bank interest Incroasaldecrgasa in cash and cash equivalent In th9 year (8.447) 2,685,491 51.527 43,080 463 2.685,954 Cash and cash eqUilentS at the beginniF)g of the year Total cash and cash equivalents at the end of the year 2,7g7,502 2.840,582 111,548 2.797,502 Net M0ment in fvnds Bank interest Increase in credStors 91,936 1103,5921 3,209 18,4471 2,684,154 14631 1,800 2,685,491 2024 2023 Cash at bank and in hand 2,840.582 2,797.502 Ji
The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Period ending 31 August 2024 Accounting policies a) Basls of Prtparation The finan¢ial statemeT)ts ate prepbred in accordance with the FRS102 applicable accounting standard5 and the Charities Act 2011. The Char&ty has adopted the Statem¢nt of RecoTnmended PracÉice"Actountin8 and Reporfing by Charilie5" appliLable to charities pi'eparing thcir accounts sn accordance with the Financial Reporting Stand8rd in th¢ UK and Republic of Ireland {FRS102) {effective l January 2019). There are no matcrial departreS from FRSIO2. The London Philhannonic TIst ("the Trust") was established by trust deed on 15th S¢pt¢mber 1987 and is a Irgistered chai'lty nuniber 1204080. b) Prepardtioii of the accounts on A going concern basis. At the year-end, the Trust has signifsLanl net 85sets. minimal liabilities. and operating costs. Grants are only awarded if Sufficient funds are available to fi]nd the Mecessary pkyments. The Trust¢es have a reason&b5¢ ¢xpe¢tation that (he Trust has adequate resourLYS to continue its activities for ihe fores¢eabl¢ futui'e and ¢Qll5ider that thei'e wei'e lio matei'ial uncertainties over the Trust's financial viability. Accordingly, the Trustees Continue io adopt the going ¢onceit basis in prepai'ing the finan¢ial statements. c) Aceounling ¢onveiilion The financial stai¢nients ai'¢ prepayed unda ihe historical cost convention. d) Income Voluntary EncDIne including donations, gifts and legacies and grants that are of generdl nature are recogni5¢d where thei'e is entitlement. receipt is more probablc than not aDd the amount can be ineasured with sufficient veliability. Investmenl incoiii¢ És recogni5ed on & receivable basis. t) Expenditure Expenditure is recognised when 8 liability is Èncurred. Contractual ari'angements ai)d perforn)ance-related giants al'e recognised a5 goods or servi¢¢s are supplied. Other grant paytnents are recognis¢d when a onstructive obligation arises that iesuli ID the payment being unavoidable. liyecovci'able VAT is included witliin expendituie. rj Fund Recounting General ndS are unrestricted funds which al'e availabl¢ for use at the discretion of the Trustees in furtherance of ihe obj¢ctives of the Charity and which have not b¢en designated for other purposes Designated funds are unrestricted funds, which have been applied or i'eserved by th¢ Trustees for a specific pu]p)se. The aim and use of Each desIated fund is set out in the notes to the accounts. R¢$tricted funds ale those which are to b¢ used in accordance with Specific restrictions imptssed hy doi)ors or which have beet) Yaised by the Chai'ity for particular purpos¢s. Thc pu4x)se for whirh I'1cted funds are h¢ld is aiialy5ed iii the notes to the accounts (see note 8). g) Debtoys Trad¢ and otlier debtors are r¢w8nised at the settlement amount due after any trade diOnts offered. Prepayments ar¢ Yalued at the aTnount prepaid net of any trade discounts due. 12
The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Period ending 31 August 2024 h) Creditors Credilors are re¢ogni5ed whcro the chai'ity has a pirsent obligation resulting fi'oin a past event that will probably result in the transfci. of funds to a third party and the amount due to.%eitle the obligatioii can be measured or estimated reliably. Creditoi's are norinally re¢ognised at their s¢ttlement amount after allowing for any tr8de discounts due. i) Cish Cath at bank and in hand includes cash deposits in banks only. j) Crltl¢HI accountivg judgement5 and key sourees of estim#tion unCertltY In th¢ application of the charity's accounting policie5. wliich are described in Note la-i above, the Trustees are required to Inake judgemcnls, estimates and assumptions about ihe ¢arrying amounts of as5¢ts and liabilities that are not Iradily apparent from othersources. The estimates and associated assumptions are based on historical experience and other factors thal are con5id¢red relevallt. Actual result may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised IA the period in which the estiinate is revised if(h¢ revision affects only tliat period, or in the period of the revision and future pei'iods if the r¢vision affects both ¢urrent and fuiui'c period5. The Trustees do not consider there are any criii¢al judgeinents or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above. ID¢ome from donations and legacies Unrestr5cted funds 2024 Re5trlcted funds 2024 Total funds 2024 Total funds 2023 Donations Total income from donation¥ 2,685.911 2,6.911 Jnvestmeiit Income Unrestrlcted funds 2024 Re8trlctod funds 2024 Total funds 2024 Total funds 2023 Bank interest Total in*slmenl incrAne 26,301 26.301 77,292 77,292 103.593 103,593 463 463 Expendilure on charitable activilles Total fund$ 2024 Totsl funds 2023 Support GorananCe Costs Total eXpdIture on ch8rilable aclimties 422 11,235 11,657 420 1,800 2.220 13
The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Period ending 31 August 2024 Net ineomel {¢xpendhture) is $tated after charying Total funds 2024 Totsl funds 2023 Auditorfs Muneration - audit fees 1,920 1.920 1,800 1.800 AuditOKS remuneration includ¢s irrecovei'able VAT of £320. The tn15tees did not r¢¢eive any IEmuneration foi. their seivi¢es to the Trust nor were they reimbuTsed for any expenses. Credltor5- Amounts falling due witliin one y¢4r Total fun(Is 2024 Total funds 2023 Trade CTedilors Accruals 3,089 1,920 5,009 1,800 1,800 Debtors: AMonIS falling due witliin one year Total fund$ 2024 Total funds 2023 Accruals 52,065 52,065 Related porty ti*nsaetions As explain¢d in the Tru5tees' report. London PhiSh3mioni¢ Orchests? Lid (registered charity number 238045) is a connected ¢hai"ity. 14
The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) PerAod ending 31 August 2024 Reserves 8alanc8 at 1st Septemb4r 2023 Income Expendlturo Transfer of Balance at 31st amount Augu$t 2023 IkJreslri¢t8dFunds Genaral reserve 114.791 4,254 4,254 111,6571 111,6571 107.388 107.388 114.791 tbsvJnaled Funds tksb3nated fund111 Ptse5 transthon Cbsignal6d fund121 cap11 proJe¢l 500.000 18,527 518,527 95,000 595.000 3,S20 22,047 98,520 617.047 Reslrlctfjd FuJ7ds CHpilaf Fyopcl 2.085,911 2.085.911 77,292 77,292 2,1e3,203 2,163.203 Total Funds 2,795,702 103.593 111,6571 2,887.638 CeiierAI Fund: Tl)is is the Trust's pritnary unrestricted fund ill which all fuiids. except those with sp¢cific re5ti'i¢tion, are held. The Truslees may choose to designat¢ amounts from these fijnds fL)r specific purposes in furtheratjce of the objtiveS of the Trust. Designated funds: Premises transition to $upport LPO in buildiiig IEsiIiEnC¢ for future years with capital project is anticipated to impact London Fhilhamkonic orchestras capacity and eligibility for revenue grants. CapitHI proJeet- to rther the develop1entIobtalnrn¢nt of premises (reh¢ai'5al, perfoi'manc¢, admtni511'ation and community SPaLe) for LPO. Restricted funds Capital project. to further the acquisition at]d development of preEni8es by LPO. 15
The London Philharmonic Trust Notes to the aeeounts (forming part of the financial statements) Period ending 31 August 2024 10. Prior Year comparative Sl&temei)l of Finai)¢ial Activity Notes 2023 2023 2023 2023 Unrestrlcted funds Restricted funds Total funds Total funds Incomo from: Donations and legacies Charitable actlmlies In*slment incom8 600.000 2,,911 2,685,911 463 463 Total Ineome 600,463 2,085,911 2.686.374 Expenditure Expenditure on.. Raising funds Charitable acliifities 2,220 2,220 420 Total expendlture 2,220 2.220 420 Nel gainslllossesl on inv2stments Net Incomel{expendlturel 598.243 2,085,911 2,684,154 {420) Not movemont in fund$ S98.243 2,085,911 2.684,154 14201 R•conciliation of funds Total fvjnds brought lorward 111,548 111,548 111,968 Total funds carried fonNard Y09,791 2,085,911 2,795,702 111,548 16