## **Charity Registration No. 1204080** 

**The London Philharmonic Trust** 

**Report and Financial Statements** 

**31 August 2025** 



## **The London Philharmonic Trust** 

## **Charity Registration No. 1204080** 

## **Report and financial statements 31 August 2025** 

## **Contents** 

|**Page**||
|---|---|
|**Officers and professional advisors**|**2**|
|**Trustees' Report**|**3**|
|**Statement of Trustees' responsibilities'**|**5**|
|**Independent auditor's report**|**6**|
|**Statement of Financial Activities**|**9**|
|**Balance Sheet**|**10**|
|**Statement of Cash Flows**|**11**|
|**Notes to the financial statements**|**12**|



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## **The London Philharmonic Trust** 

## **Officers and professional advisers 31 August 2025** 

## **Registered Office** 

4th Floor, 89 Albert Embankment 

London SE1 7TP 

## **Registered Charity Number:** 

1204080 

## **Trustees** 

David Buckley David Burke Martin Höhmann Catherine Høgel Gareth Newman Laurence Watt (Chair) 

## **Our Advisors** 

Auditors Crowe U.K.  LLP, 55 Ludgate Hill, London, EC4M 7JW Bankers Hoare & Co, 37 Fleet Street, London, EC4P 4DQ Solicitors Charles Russell Speechlys LLP, 5 Fleet Place, London, EC4M 7RD 

_2_ 



## **The London Philharmonic Trust Trustees’ Report 31 August 2025** 

## **Introduction** 

The Trustees present their annual report and the audited financial statements for the year ended 31 August 2025. 

## **Structure, governance and management** 

## _Governing document_ 

The London Philharmonic Trust (“the Trust) was established by trust deed on 15[th] September 1987 and is a registered charity number 1204080. 

## _Trustees and organisation_ 

Trustees have the power to appoint further Trustees, new Trustees are recruited on the basis that by virtue of their knowledge, experience and qualifications they will be able to make a contribution to the pursuit of the objects or the management of the Trust. Induction and training is provided to Trustees as necessary. 

There are three Trustees in common with The London Philharmonic Orchestra Ltd (“the LPO”), but they do not have the deciding vote. 

## _Connected Charity_ 

The LPO (Charity Number 238045) is a connected charity of the Trust by virtue of the fact that the two charities have shared objectives and administration. However, the Trust is independent of the LPO and has its own Board of Trustees. 

## **Objectives and activities** 

The objects of the Trust as set out in the governing document are; 

(a) the advancement of public musical education in general and (without prejudice to the generality of the foregoing) in particular: 

- (i) by procuring sponsoring or assisting the performance of musical works of the highest quality in any part of the world by the London Philharmonic or section or sections of the London Philharmonic; 

- (ii) by encouraging improvements in standards of performance by the London Philharmonic; 

(iii) by promoting the development of musical appreciation by the general public by commissioning compositions and by procuring sponsoring or assisting the performance by the London Philharmonic of musical works of high quality or of historic or other interest which are not frequently performed and; 

(iv) by the preservation and expansion of the library of the London Philharmonic. 

(b) to support the charity called the London Philharmonic Orchestra Limited in all or any of its objects and activities including (without prejudice to the generality of the foregoing) the maintenance and improvement of its premises the supply of all such things as may be required for that purpose or for the objects set out in 3(a) above. 

The Trust’s main activity is to build long-term funds, which will generate returns that can be used to make grants, which support the charitable objects, including grants to the LPO as this is considered essential to being able to secure the LPO’s future. 

The Trust does not use the services of volunteers and LPO staff undertake the minimal operational tasks of the Trust. 

## _Public Benefit_ 

The Trust provides benefit to the public indirectly by providing funding to the LPO and thereby supporting a worldclass orchestra and its concert programme, providing high-quality performances in London as well as on tour and digitally, alongside wider activities including education and community programmes. 

The LPO’s core activities encourage the education of, and participation in, music by the public at large. This is achieved through public concerts which have accessible ticket prices, some of which are broadcast on the radio, television and the internet and through audio recordings which are widely available at low cost. 

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## **The London Philharmonic Trust Trustees’ Report 31 August 2025** 

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit and they believe that the support to be provided to the LPO provides benefit to a wide section of the public. 

## **Achievements and performance** 

The Trust currently holds its funds in a range of notice deposit accounts with a view to generate income to support its charitable activities in future periods. The trustees will review the most appropriate stewardship of funds and consider the appointment of investment fund managers in future periods. 

## **Financial review** 

Total income received in the year was £1,109,049 (2024 £103,592). £1,000,000 of this relates to funds received from London Philharmonic Orchestra to establish a Centenary fund, with the aim of growing this ahead of the 100[th] anniversary of the orchestra in 2032. The balance of £109,049 relates to bank interest received. 

Expenditure during the year totalled £2,501 (2024 £11,657) expended on professional and bank fees. 

## **Reserves policy** 

Of the Trust’s total funds of £3,994,186 (2024 £2,887,638) a total of £3,244,894 (2024 £2,163,203) comprise Restricted Funds, which can only be used for specific purposes. Of the remaining Unrestricted Funds, £640,349 (2024 £617,047) have been designated for specific purposes leaving £108,943 (2024 £107,388) in the unrestricted General Fund, which in the trustees opinion is sufficient to meet the day to day requirements of the charity, given that the Trust has minimal administrative overheads and no ongoing liabilities. The current unrestricted reserves are within the target range of £100,000 - £150,000. These unrestricted undesignated funds would also be sufficient to make modest grants in line with the organisations objects should there be a requirement that cannot be met from restricted or designated funds. 

## **Risk review** 

The major risks to which the Trust will be exposed going forward relates to protecting the value of the Trust’s assets. Currently assets are held in cash in a range of notice accounts and are not subject to fluctuations in nominal value, however their real value will be impacted by inflation. To address this inflation risk the Trustees review the charity’s assets and where these are held at each Trustee meeting, considering factors such as the state of the UK economy while doing so. 

## **Plans for the future** 

The Trustees will review the most appropriate stewardship of funds and consider the appointment of investment fund managers in future periods. This would expose the charities assets to a broader range of economic factors such as movement in share prices and exchange rates, which would impact the value of investment assets. Trustees would consider the future time horizons of grant making plans when setting investment mandates. 

Grants to support the work of the LPO are expected to be made in future periods, including for capital feasibility costs in relation to the securing of premises for London Philharmonic Orchestra. 

## **Going concern** 

At the year-end, the Trust has significant net assets, minimal liabilities and operating costs. Grants are only awarded if sufficient funds are available to fund the necessary payments. The Trustees have a reasonable expectation that the Trust has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Trust’s financial viability. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements. 

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The London Philbarmonic Trust
Statement of Trustees, responsibilities
31 August 2025
Th¢ TTU5t¢S5 arc rrsponsiblr for pr¢paring th6 Trust¢es' R¢port 8nd th¢ financial statements. in accordance with
applicisble law and United Kingdom Accounting Standgrds. The law applicable to chariti¢s in England atld Wal¢s
rcquirc5 thc tr￿tcc3 to prcparc financial 3talctn¢nts (or cach tiTraRcial ytar which give a ttue and fair view of the
state of atyairs of the charity and of the income application of resources includitlg the income and ¢xp¢ndilure,
of the charity for that ptriod.
In preparing th¢s¢ financid stat¢m¢nts, the Trustw5 ar¢ r¢quirEd to..
stltct suitablc accounting policies attd then apply them consistently..
observe the rnethods and principles of ihe ChaTilies SORP.,
make judgTn¢nts and aG<x)unting e51irnates that reAson&ble and prudenl
stale whether applicable accounting standards have been followed, subject to any departure5 disclosed and
explainett in Iht financial statcrncnls.. and
prepare the financEal 5tatemeDts on the goiH8 concem b35]5 unlEs5 It is inappropriate to p￿UT￿l that the
charity will continue in opcration.
The TTUStees are responsible foT keeping accountfftg records which disclose wxth reasonable accuracy the financlai
position of the charity aTrd enabl¢ thern to )5¢ertain to ensuTe that the fmantial ststements comply with the
Charities Act 2011, the Ch8rity (Accounts and Reponsl Regulaiions 2008 and the provisions of the twst deed.
They are aIso responsible foir 8&feguarding the u5set5 of the charity 8nd hence for ttking reasonknle sttps for the
prevention and detection of fraud and other irregularities.
This report
d by the Tnjsiees on 16 June 2026 ￿]d signed on their behalt by:
ence Watt
Ttrustee (Chairl

## **Independent Auditor’s Report to the Trustees of The London Philharmonic Trust** 

## **Opinion** 

We have audited the financial statements of The London Philharmonic Trust (the “charity”) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet and the Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this 

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gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charity 

_7_ 



operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charity’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, tested the application of cut-off and revenue recognition, particularly around voluntary income; reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. 

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Crowe U.K. LLP** 

Statutory Auditor 

London 

United Kingdom 

**Date:** 18 June 2026 

> Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

_8_ 



## **The London Philharmonic Trust Charity Registration No. 1204080 Statement of Financial Activities Year ended 31 August 2025** 

|**_Notes_**<br>**_2025_**<br>**Unrestricted**<br>**funds**<br>**£**<br>Donations and legacies<br>2<br>-<br>Charitable activities<br>-<br>Investment income<br>3<br>27,358<br>**27,358**<br>Raising funds<br>-<br>Charitable activities<br>4<br>2,501<br>**2,501**<br>-<br>5<br>**24,857**<br>**24,857**<br>Total funds brought forward<br>724,435<br>**Total funds carried forward**<br>**749,292**<br>**Reconciliation of funds**<br>**Net Income/(expenditure)**<br>**Net movement in funds**<br>Net gains/(losses) on investments<br>**Expenditure**<br>Expenditure on:<br>**Total  expenditure**<br>**Income from:**<br>**Total Income**|**_2025_**<br>**Restricted**<br>**funds**<br>**£**<br>1,000,000<br>-<br>81,691<br>**1,081,691**<br>-<br>-<br>**-**<br>-<br>**1,081,691**<br>**1,081,691**<br>2,163,203<br>**3,244,894**|**_2025_**<br>**_2024_**<br>**Total**<br>**Total**<br>**funds**<br>**funds**<br>**£**<br>**£**<br>1,000,000<br>-<br>-<br>-<br>109,049<br>103,593<br>**1,109,049**<br>**103,593**<br>-<br>-<br>2,501<br>11,657<br>**2,501**<br>**11,657**<br>-<br>-<br>**1,106,548**<br>**91,936**<br>**1,106,548**<br>**91,936**<br>2,887,638<br>2,795,702<br>**3,994,186**<br>**2,887,638**|
|---|---|---|



The above results are from continuing activities and there are no other gains and losses except as stated above.  The accompanying notes on pages 12 to 18 form part of these financial statements 

_9_ 



The London Philharmonic Trust
Charity Registration Iyo. 1204080
Balance Sheet
As at 31 August 2025
Notes
2025
Unrestslct¢d
fyrtds
2025
2025
Totsl
funds
2024
Totdl
fvnd5
ftJnd$
Currnnt awts
Debtors.. amounts falling du8 Within on& yaar
Cash at bank
10,850
741,862
32,398
3,212,496
43,248
3,954,358
52,1]65
2.84D.582
Yotsl Current 888ets
752,712
3,244,894
3,997,606
2,892,647
Crtsditors
Amounts falling due wthin year
Net current a￿18
(3.4201
13,4201
13,4201
13,4201
15,0091
15,0091
Totsl net as*ts
749.292
3,244,894
3,994,186
2,887,630
T(trtsl fvnd$ofthe ¢ha￿ty
Unrestrf¢ted fund5
GeneMI Fund
D&Blgnated ftJnd111 P￿miS￿￿ tr8rtsltlon
Designated fvnd121 C8pit81 proj8c(
10B.943
53B.109
102.240
10B.943
538.109
102.240
1a7.388
518.527
98.520
Restricted fund5
Gapital Project
LPO Concertlchair SLEPPOrt
Centenary Fund
Totsl Fund5
2,124,8
120,OC
1,lY)O,O
3,244,894
2.124,894
120,000
fj,000,oco
3,94186
2,163.203
749,292
2,887.638
The not¢S OD pages 12 to 18 forni part of these accounts.
Appioved bv the trustees on 16, June 2026
Signcd o
half of the BD3Td of Trllslees..
te Wgtt
Chair

## **The London Philharmonic Trust Statement of Cash Flows Year ended 31 August 2025** 


**----- Start of picture text -----**<br>
£ £<br>Cash used in operating activities A 1,004,727 (8,447)<br>Cash flows from investing activities<br>Bank Interest 109,049 51,527<br>Increase in cash and cash equivalent in the year 1,113,776 43,080<br>Cash and cash equivalents at the beginning of the year 2,840,582 2,797,502<br>Total cash and cash equivalents at the end of the year B 3,954,358 2,840,582<br>A<br>Net movement in funds 1,106,548 91,936<br>Bank interest (109,049) (103,592)<br>Increase/(Decrease) in creditors (1,589) 3,209<br>Decrease in Debtors 8,817 -<br>1,004,727 (8,447)<br>B 2025 2024<br>£ £<br>Cash at bank and in hand 3,954,358 2,840,582<br>**----- End of picture text -----**<br>


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## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

## **1. Accounting policies** 

## **a) Basis of Preparation** 

The financial statements are prepared in accordance with the FRS102 applicable accounting standards and the Charities Act 2011. 

The Charity has adopted the Statement of Recommended Practice “Accounting and Reporting by Charities” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). There are no material departures from FRS102. 

The London Philharmonic Trust (“the Trust”) was established by trust deed on 15th September 1987 and is a registered charity number 1204080. 

## **b) Preparation of the accounts on a going concern basis.** 

At the year-end, the Trust has significant net assets, minimal liabilities, and operating costs. Grants are only awarded if sufficient funds are available to fund the necessary payments. The Trustees have a reasonable expectation that the Trust has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Trust’s financial viability. Accordingly, the Trustees continue to adopt the going concert basis in preparing the financial statements. 

## **c) Accounting convention** 

The financial statements are prepared under the historical cost convention. 

## **d) Income** 

Voluntary income including donations, gifts and legacies and grants that are of general nature are recognised where there is entitlement, receipt is more probable than not and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basis. 

## **e) Expenditure** 

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance-related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable. Irrecoverable VAT is included within expenditure. 

## **f) Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes 

Designated funds are unrestricted funds, which have been applied or reserved by the Trustees for a specific purpose. The aim and use of each designated fund is set out in the notes to the accounts. 

Restricted funds are those which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The purpose for which restricted funds are held is analysed in the notes to the accounts (see note 8). 

## **g) Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

_12_ 



## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

## **h) Creditors** 

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **i) Cash** 

Cash at bank and in hand includes cash deposits in banks only. 

## **j)    Critical accounting judgements and key sources of estimation uncertainty** 

In the application of the charity’s accounting policies, which are described in Note 1a-i above, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual result may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above. 

## **2. Income from donations and legacies** 


**----- Start of picture text -----**<br>
Unrestricted Restricted Total Total<br>funds funds funds funds<br>2025 2025 2025 2024<br>£ £ £ £<br>Donations - 1,000,000 1,000,000 -<br>Total income from donations - 1,000,000 1,000,000 -<br>**----- End of picture text -----**<br>


## **3. Investment Income** 

||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|
||**2025**|**2025**|**2025**|**2024**|
||**£**|**£**|**£**|**£**|
|Bank interest|27,357|81,692|109,049|103,593|
|Total investment income|27,357|81,692|109,049|103,593|



## **4. Expenditure on charitable activities** 

|Support<br>Goveranance Costs<br>Total expenditure on charitable activities|**Total**<br>**Total**<br>**funds**<br>**funds**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>521<br>422<br>1,980<br>11,235|
|---|---|
||2,501<br>11,657|



_13_ 



## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

## **5. Net income/ (expenditure) is stated after charging** 


**----- Start of picture text -----**<br>
Total Total<br>funds funds<br>2025 2024<br>£ £<br>Auditor's remuneration - audit fees 1,980 1,920<br>1,980 1,920<br>**----- End of picture text -----**<br>


Auditors remuneration includes irrecoverable VAT of £330. 

The trustees did not receive any remuneration for their services to the Trust nor were they reimbursed for any expenses. 

## **6. Debtors: Amounts falling due within one year** 


**----- Start of picture text -----**<br>
Total Total<br>funds funds<br>2025 2024<br>£ £<br>Accrued Income 43,248 52,065<br>43,248 52,065<br>**----- End of picture text -----**<br>


## **7. Creditors: Amounts falling due within one year** 


**----- Start of picture text -----**<br>
Total Total<br>funds funds<br>2025 2024<br>£ £<br>Trade Creditors 1,440 3,089<br>Accruals 1,980 1,920<br>3,420 5,009<br>**----- End of picture text -----**<br>


## **8. Related party transactions** 

As explained in the Trustees’ report, London Philharmonic Orchestra Ltd (registered charity number 238045) is a connected charity. During the year the Trust received funds of £1,000,000 from London Philharmonic Orchestra Ltd establish a restricted Centenary fund, with the aim of growing this ahead of the 100[th] anniversary of the orchestra in 2032. There were no amounts due to/from related parties as at year end. 

_14_ 



## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

## **9. Reserves** 


**----- Start of picture text -----**<br>
  Balance at 1st  Transfer of    Balance at 31st<br>Income Expenditure<br>September 2024 amount August 2025<br>Unrestricted Funds  £           £ £ £ £<br>General reserve 107,388  4,055  (2,501) -  108,943<br>107,388  4,055  (2,501) -  108,943<br>Designated Funds<br>Designated fund (1) Premises transition 518,527  19,582  -  -  538,109<br>Designated fund (2) Capital project 98,520  3,720  -  -  102,240<br>617,047  23,302  -  -  640,349<br>Restricted Funds<br>Capital Project 2,163,203  81,691  -  (120,000) 2,124,894<br>LPO Concert/Chair Support -  -  -  120,000  120,000<br>Centenary Fund -  1,000,000  -  -  1,000,000<br>2,163,203  1,081,691  -  -  3,244,894<br>Total Funds 2,887,638  1,109,048  (2,501) -  3,994,186<br>**----- End of picture text -----**<br>


The above funds carried forward as at 31 August 2025 represent: 

|_Unrestricted funds_<br>General Fund<br>Designated fund (1) Premises transition<br>Designated fund (2) Capital project<br>_Restricted funds_<br>Capital Project<br>LPO Concert/Chair Support<br>Centenary Fund<br>Total Funds|**2025**<br>**2025**<br>**2025**<br>**2025**<br>**Debtors**<br>**Bank**<br>**Creditors**<br>**Total net assets**<br>1,608<br>101,513<br>(3,420)<br>108,943<br>7,766<br>538,109<br>-<br>538,109<br>1,475<br>100,765<br>-<br>102,240<br>32,398<br>2,060,098<br>-<br>2,124,894<br>-<br>120,000<br>-<br>120,000<br>-<br>1,000,000<br>-<br>1,000,000|
|---|---|
||43,248<br>3,954,358<br>(3,420)<br>3,994,186|



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## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

## **General Fund:** 

This is the Trust’s primary unrestricted fund in which all funds, except those with specific restriction, are held. The Trustees may choose to designate amounts from these funds for specific purposes in furtherance of the objectives of the Trust. 

## **Designated funds:** 

Premises transition - to support LPO in building resilience for future years with capital project is anticipated to impact London Philharmonic orchestras capacity and eligibility for revenue grants. 

**Capital project** - to further the development/obtainment of premises (rehearsal, performance, administration and community space) for LPO. 

## **Restricted funds** 

Capital project - to further the acquisition and development of premises by LPO. 

Centenary Fund – to support London Philharmonic Orchestra in two – premises development/obtainment and building an endowment. 

LPO concert/ chair support – to support two concerts at Royal Festival Hall and two principal chairs within London Philharmonic Orchestra. There was a transfer in year from capital project to LPO concert/ chair support  to reflect the donors wishes. 

## **9a. Reserves - Prior Year Comparison** 

|_Unrestricted Funds_<br>General reserve<br>Designated Funds<br>Designated fund (1) Premises transition<br>Designated fund (2) Capital project<br>_Restricted Funds_<br>Capital Project<br>Total Funds|**Balance at 1st**<br>**September 2023**<br>**Income Expenditure Transfer of**<br>**amount**<br>**Balance at 31st**<br>**August 2024**<br>£<br>£<br>£<br>£<br>£<br>114,791<br>4,254<br>(11,657)<br>-<br>107,388|
|---|---|
||114,791<br>4,254<br>(11,657)<br>-<br>107,388<br>500,000<br>18,527<br>-<br>-<br>518,527<br>95,000<br>3,520<br>-<br>-<br>98,520|
||595,000<br>22,047<br>-<br>-<br>617,047<br>2,085,911<br>77,292<br>-<br>-<br>2,163,203|
||2,085,911<br>77,292<br>-<br>-<br>2,163,203|
||2,795,702<br>103,593<br>(11,657)<br>-<br>2,887,638|



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## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

The above funds carried forward as at 31 August 2024 represent: 


**----- Start of picture text -----**<br>
2024 2024 2024 2024<br>Debtors Bank Creditors Total net assets<br>Unrestricted funds<br>General Fund 2,138  110,259  (5,009) 107,388<br>Designated fund (1) Premises transition 9,312  509,215  -  518,527<br>Designated fund (2) Capital project 1,769  96,751  -  98,520<br>Restricted funds<br>Capital Project 38,846  2,124,357  -  2,163,203<br>Total Funds 52,065  2,840,582  (5,009) 2,887,638<br>**----- End of picture text -----**<br>


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## **The London Philharmonic Trust Notes to the accounts (forming part of the financial statements) Year ended 31 August 2025** 

## **10. Prior Year comparative Statement of Financial Activity** 


**----- Start of picture text -----**<br>
Notes 2024 2024 2024 2023<br>Unrestricted Restricted Total Total<br>funds funds funds funds<br>£ £ £ £<br>Income from:<br>Donations and legacies 2 - - - 2,685,911<br>Charitable activities - - - -<br>Investment income 3 26,301 77,292 103,593 463<br>Total Income 26,301 77,292 103,593 2,686,374<br>Expenditure<br>Expenditure on:<br>- - - -<br>Raising funds<br>Charitable activities 4 11,657 - 11,657 2,220<br>-<br>Total  expenditure 11,657 11,657 2,220<br>- - - -<br>Net gains/(losses) on investments<br>Net Income/(expenditure) 5 14,644 77,292 91,936 2,684,154<br>Net movement in funds 14,644 77,292 91,936 2,684,154<br>Reconciliation of funds<br>Total funds brought forward 709,791 2,085,911 2,795,702 111,548<br>Total funds carried forward 724,435 2,163,203 2,887,638 2,795,702<br>**----- End of picture text -----**<br>


## **11. Post Balance Sheet Events** 

In May 2026 the trust received a significant grant of £7m from the Dunard Fund, which is restricted for purposes relating to the Centenary Fund. 

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