RPS
ROYAL
PHILHARMONIC
SOCIETY
&&'i¢,,Y
I A ANNUAL
REPORT
2022-23

Trustees John Gilhooly CBE Chairman Leon Bosch Jo Buckley co-opted on 18 October 2023 Angela Dixon Honorary Secretary Sarah Gee Lady Victoria Robey CBE Rikesh Shah Honorary Treasurer Roderick Williams OBE 

Kingsley Manning till 10 May 2023 Sir Stephen Hough till 10 May 2023 

Management James Murphy Chief Executive Harriet Wybor General Manager Charlotte Smith Administrator Alison Pavier Fundraising Consultant 

Camilla Carden Programme Coordinator till 1 June 2023 

Registered Office 48 Great Marlborough Street, London W1F 7BB 

Independent Examiner Bankers TC Group Virgin Money formerly Clydesdale The Courtyard Shoreham Road Accountant Upper Beeding Clarity Chartered Accountants West Sussex BN44 3TN Investment Managers Cazenove Capital Management 1 London Wall Place London EC2Y 5AU 

The Trustees present their report and the financial statements of the charity for the year ended 31 August 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK published on 16 July 2014, updated for Bulletin 1. 

## royalphilharmonicsociety.org.uk 

Cover: His Majesty The King presents RPS Honorary Membership to composer Judith Weir (photo: Matt Crossick/PA Wire); RPS Gold Medal recipient Anne-Sophie Mutter; RPS Impact Award recipient Multi-Story’s The Endz; RPS Gamechanger Award recipient Anna Lapwood; RPS Audience Fund recipients Scottish Ensemble; all RPS Awards photography in this report courtesy of Mark Allan Photography 

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## ROYAL PHILHARMONIC SOCIETY 

(A company limited by guarantee) 


Sheku KanSheku Ka **n** neh-Mason openineh-Mason openin **g the 2** 023 RPS Awards with the world premier023 RPS Awards with the world premi **e** of  re of _Cello Sonata No.2Cello Sonata No.2_ by Leo Brouwer: commissioned by the RPS specially for the Sheku.  by Leo Brouwer, commissioned by the RPS especially for Sheku. 

## TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 

Charity Registration Number 213693  Registered Company Number 186522 

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## CONTENTS 

|Reference and Administrative Details|2|
|---|---|
|Chairman’s Introduction|5|
|Report of the Trustees|6|
|Objectives and activities|6|
|Achievements and performance|7|
|Promoting an understanding of music|7|
|Encouraging creativity in music|10|
|Giving recognition to excellence in music|19|
|Future plans|31|
|Public benefit statement|32|
|Financial Review|32|
|Investment Policy|34|
|Reserves Policy|34|
|Structure, governance and management|35|
|Risk management|37|
|Trustees’ responsibilities|38|
|Independent Examiner’s Report|39|
|Statement of Financial Activities|41|
|Balance Sheet|43|
|Cash Flow Statement|44|
|Notes to the Financial Statements|45|



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## CHAIRMAN’S INTRODUCTION 

On behalf of the Trustees of the Royal Philharmonic Society, I am pleased to present our Annual Report and Financial Statements for the year ended 31 August 2023. It has been an honour to be a Trustee of the charity since 2007 and, from 2010, its Chairman. Through these years, much has changed in classical music and society at large. As the world lurches from one challenge to another, the role of music in our lives has never felt more important. Music will fortify us through anything, so long as we invest the care, resource and imagination in ensuring it can prosper. 

Over its remarkable history, the Society has done so much to help musicians to find their voice, to break new ground, and to enrich the lives of others. In my time at the RPS, we have transformed the scope of our charitable ventures and significantly increased the range of composers we commission each year. We have raised the charity’s profile, through our international bicentenary celebrations and the launch of a new Membership offer, drawing music-lovers and music-makers to our cause. We have re-envisaged the RPS Awards for the public benefit, making them a visible and vital good news story for the sector. In the year of this report, the occasion drew our biggest audience yet of 750 at London’s Queen Elizabeth Hall, with thousands more viewers online. We also enjoyed a historic moment as His Majesty The King joined us in the month following the Coronation for a very special presentation. Underpinning all our ventures, we have steered the charity through tough financial waters, and this report accounts our third consecutive year of breaking even on unrestricted reserves. 

Through all this, our energy, resolve and faith in what the RPS can do has been emboldened by our devoted RPS Members and supporters: many thanks to all of you who have put your faith in the charity. It is time – at our 2024 Annual General Meeting – for me to step down and let others build on these successes. I will remain a devoted friend and Member of the RPS myself, and am delighted to entrust the role of Chair to my fellow Trustee and an inspirational colleague to so many of us in music: Angela Dixon. My thanks to her, to our Board and advisory Council, to Chief Executive James Murphy and the RPS staff, and to friends and colleagues old and new for your valued part in all the good that the RPS continues to do. 


**John Gilhooly CBE** Chairman Royal Philharmonic Society April 2024 

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ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

## OBJECTIVES AND ACTIVITIES 

As accounted in our Articles of Association, the charitable object of the Royal Philharmonic Society is to encourage an appreciation by the public of the art of music, in particular through activities which 

- promote an understanding of music 

- encourage creativity in music 

- give recognition to excellence in music. 

The Society was founded in 1813 when a group of musicians set out to build a wider audience for their work and established a series of orchestral concerts in London. The Society’s performances attracted world-class guest artists including Mendelssohn and Wagner, and it commissioned exhilarating new music for the public to hear: most famously, Beethoven’s Ninth Symphony. In this, the Society created a lasting culture. Other orchestras found their footing and their music resounds across the UK today. 200 years on, we continue our founders’ work proving classical music’s rightful place at the heart of life. Our activities, the people we help, and the difference we make to them, are best summarised around our three charitable objects: 

## Promoting an understanding of music 

RPS Membership has existed for 200 years but, from 2019, we set about revitalising all it has to offer, aiming to cultivate greater interest, engagement and pride in classical music, and rouse audiences to recognise the vital, valued role they play in the UK’s thriving musical heritage. Through this, and a growing range of initiatives and advocacy, our renewed aim is to foster a bigger, brighter national conversation about classical music. 

## Encouraging creativity in music 

We help a range of performers and composers, many at the start of their careers, overcome significant barriers to progress with grants, commissions, and performance and development opportunities that transform their profile and prospects. We fulfil this with partners nationally, and actively involve those who have found success to share their expertise and insights with their successors. 

## Giving recognition to excellence in music 

Through a range of honours and prizes, we celebrate and empower musicians who – like our founders – strive to enrich society with all that they do. Through the renowned RPS Awards, we present classical music’s major good news story of the year, raising vital awareness and setting a benchmark for excellence and innovation in music-making nationwide. 

Our progress in fulfilling each of these objects from September 2022 to August 2023 is accounted in this report. 

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ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

## ACHIEVEMENTS AND PERFORMANCE 

## Promoting an understanding of music 

All of us who cherish classical music know how it opens doors to new discoveries, and through those doors there is so much to lift our spirits and fuel our curiosity and pride. Since 2019, we have set about revitalising RPS Membership as a way of rousing greater appreciation of this kind for classical music. We are so grateful to our Members for their support, and warmly invite people reading this to join, as each subscription directly boosts what we can charitably do year-round for the good of music. 

In March 2023, we produced a new brochure which you can find on our website, encapsulating what each level of RPS Membership offers, and a picture of the genuine difference it makes to musicians’ lives. With this, we renamed our regular e-bulletin to Members, calling it _Discover_ to reflect the range of insights and stories in each issue, and the sense of discovery and reward that comes from engaging with classical music. We are always pleased to hear from our Members, and one based in Wales recently wrote to say ‘May I say what a wonderful sense of being among friends I get from every communication from the RPS, and how much I appreciate _Discover_ . Thank you!’ 

Alongside this, we cherish the opportunity to tell Members more about the musicians they are supporting, and musical initiatives UK-wide that may inspire them, in our dedicated magazine, _Philharmonic_ . In this year’s issues, we have reported on musical endeavours enlivening communities in Sheffield, Leeds and Cardiff, charted the impact of the Ukrainian Freedom Orchestra on its UK tour, invited celebrated artists to recommend overlooked female composers worth discovering, and heard from Members themselves about music that is particularly precious to them. 




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ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

We were pleased to welcome a number of Members to our Annual General Meeting at the Learning Room of Wigmore Hall in May 2023. At the event, percussionist Rosie Bergonzi – beneficiary both of the RPS Enterprise Fund and a mentoring weekend we presented at Snape Maltings in Suffolk – talked about the charity’s transformative support. She also performed on the handpan, an instrument she is on a crusade for more children to discover, to draw them into music-making. 

We always enjoy the opportunity to meet current and prospective Members at the conversational talks and events we organise each year. In November 2022, one such event was _A Field Guide to Vaughan Williams_ (pictured left), in which we invited writer Gavin Plumley to take listeners familiar with _The Lark Ascending_ deeper into the composer’s life and music. Within this, we invited six musicians to perform his chamber works including the Villiers Quartet, also beneficiaries of the RPS Enterprise Fund. As with many of our events, we filmed it to share with Members in their dedicated _Backstage_ area of the RPS website. In April 2023, we welcomed audiences to join two eminent, outspoken musicians for a unique conversation: mezzo soprano (and RPS Honorary Member) Dame Sarah Connolly and harpsichord player Mahan Esfahani (pictured together right). Given their passions, particularly their current concerns about arts funding, it was a memorable occasion: attendees clearly cherished meeting them and posing their own questions. 



We are also eager, as time and resources permit, to take celebrated artists to meet the public on their own turf. In January 2023, we took the acclaimed tenor Andrew Staples to a rehearsal of Brighton Festival Chorus (pictured overleaf left): to share his insights of performing J. S. Bach’s _St Matthew Passion_ as they prepared for their own performance. We filmed the experience to raise profile and recognition for the choir on our online platforms, and for them to use to rally new recruits in the locality. Ventures like this – drawing together professional and amateur musicians – are so worthwhile, and benefit the charity too, with several members of the choir signing up as RPS Members and Brighton Festival Chorus itself becoming an RPS Corporate Member to enjoy further links and profile. Their Chairman Richard Blows told us ‘We’ve had nothing but complimentary comments from all who attended such a super afternoon. We all learned a lot.’ 

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A similar encounter occurred in June 2023 when the furniture brand MillerKnoll approached us to present a conducting workshop for its staff and clients, drawing on the expertise of conductor Alice Farnham who directs our RPS Women Conductors courses. In this, a gathering of 40 people learned some of the principles of conducting and had the chance to try their hand at it, with a quintet of professional string players (pictured right). Animated discussion ensued with participants drawing links between what they observed and approaches to their own work. One participant said ‘We had an absolutely magical experience. The workshop was way beyond my expectations. As a sales leader, I found incredible parallels with management and leadership. It’s completely opened my mind, using music to demonstrate the power of teamwork and collaboration.’ Whilst the activity – which drew a welcome fee – was principally to fundraise for the RPS, it palpably aligned with our charitable object of fostering an appreciation of classical music among people who may not regularly engage with it. 



This was part of our renewed efforts to build corporate support for the charity. In this, we are pleased to have welcomed several new Corporate Members this year, including musicGuard (part of Thistle Insurance) and James Brown Management, as well as Black Lives in Music (at Advance level), and Martin Randall Travel (at Premier level). With each, we are identifying what opportunities we can shape for mutual benefit, drawing on our position, experience and insights. With Martin Randall Travel, which offers bespoke expeditions and digital learning experiences for a loyal cohort of classical music lovers, we see scope to raise their followers’ awareness of what the RPS does, planning a series of co-hosted online seminars introducing them to some of the musicians we champion. 

To help gauge our progress, we strive to keep abreast of developments and issues in membership building nationally. From this, we know that growing membership remains widely challenging after the pandemic and through the cost-of-living crisis that impacted much of the period that this report addresses. RPS Member Martin Barden – renowned expert in building memberships of cultural organisations from his work with Tate and the major museums – shared with us ALVA (Association of Leading 

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Visitor Attractions) figures that whilst membership retention nationally had increased to around 86% post-pandemic, it had slipped again since. While we have heard from several Members who have had to pause or suspend Membership when faced with limited means, we are proud that our own Membership retention figure for 2022-23 is 92.2%. We remain very grateful to all RPS Members for their faith in the charity and all we do to support classical music. 

## Encouraging creativity in music 

## _**Performers**_ 

Musicians brighten all our lives. At the RPS, we are pleased in turn to play our part in helping to brighten their prospects, helping many at key moments when they may struggle to find opportunities and overcome barriers. 

Throughout the year, our association with the Royal Northern Sinfonia bloomed, with the orchestra dedicating several days to some of the highest flyers on the RPS Women Conductors programme. In January and May, a cohort of exceptional talents had the opportunity to spend intensive and rewarding time on the podium with the orchestra and course founder and director Alice Farnham, at The Glasshouse International Centre for Music (formerly Sage Gateshead). This transformative experience not only benefitted their skills and confidence; it has raised their profile in the public eye and among organisations likely to hire them. Participant Charlotte Corderoy proceeded to make an acclaimed debut at the Three Choirs Festival with British Youth Opera and the Royal Philharmonic Orchestra. Pictured overleaf with the RNS, Charlotte says ‘RPS Women Conductors has given me an exceptional amount as I’ve transitioned from full-time study into the “real world”. It’s so rare to be given podium time with a professional orchestra, specifically designed to be focused on feedback and constructive criticism. The RPS creates a wonderful, supportive atmosphere, every time without fail.’ She and fellow participant Rita Castro Blanco have also just been named as Assistant Conductors with the City of Birmingham Symphony Orchestra. Royal Northern Sinfonia’s involvement is a great example of colleagues sector-wide being drawn by the example set by the RPS and offering their complementary expertise to the cause. Such has been its success that the association is now set to continue for a further two years. The orchestra has also made a short film capturing the spirit and impact of the collaboration, with testimony from those involved, which you can watch on their website and our own. 

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Our work here was also positively referenced in the mainstream press in January, given the publication of Alice Farnham’s book _In Good Hands: The Making of a Modern Conductor_ and the release of the feature film _Tár_ starring Cate Blanchett as a conductor. The actor, who attended the book launch, was outspoken in her praise of what Alice has achieved with RPS Women Conductors. All this has brought a fresh wave of interest for more such courses, and we are now seeking individuals, trusts, and companies who see the worth in helping us to activate more. 

Anyone who’s ever played an instrument will know that having a good quality instrument in your hands makes all the difference. Yet it is startling how many students arrive at music college without an adequate instrument of their own. This can seriously impact their progress, and risk great talent losing its way. Every year, we proudly give a number of RPS Instrument Purchase Grants to young musicians who have attained a place at college but do not own an instrument worthy of their talent. Unlike many schemes, this is not a loan: it’s a grant that we do not expect to be repaid, recognising the many financial challenges that musicians face. In June, we assembled an expert panel to review applications from all the UK music colleges and duly announced £17,000 of new grants to help 23 different students. The majority of funds for this comes from our linked charity, the Sir John Barbirolli Memorial Foundation, but we are so grateful to organisations like the Andor Charitable Trust and Kirby Laing Foundation, our new Advance Corporate Members musicGuard, and individual donors for their support too. 

Among this year’s recipients are 19-year-old flute player Lara Aisha Ali from Northamptonshire, now studying at Guildhall School of Music and Drama. Pictured overleaf, Lara says ‘To be able to purchase a flute with help from the RPS really means 

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ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

a lot to me. Already, my sound is transforming along with my confidence. It feels as though I am finally transmitting my voice through my instrument. As I am discovering who I am as a musician, it brings me so much excitement that the quality of my new flute will allow me to explore contemporary techniques and sound worlds without limits.’ 18-year-old violinist Isaac Williams from Gloucestershire, now studying at Trinity Laban, has been able to buy a new violin bow. Pictured right, Isaac says ‘I'm really grateful for the generosity of the RPS in helping me to raise funds for a new bow. The great violinist Jascha Heifetz described the bow as a paintbrush, which the musician uses to produce different colours and expressions. I’m really enjoying exploring the unique tone and colours my new bow draws out of my violin!’ 



Annually we also help a range of young musicians take their talent to new frontiers with the RPS Julius Isserlis Scholarship, enabling them to travel and learn from tutors internationally. In April, we held auditions with an expert panel and consequently announced grants totalling £30,000 to change the prospects of six exceptional talents. They include violinist Octavian Ioan-Pirlea who, following formative studies at the Purcell School and Royal Academy of Music has now, with help from the RPS, embarked on a postgraduate degree at the New England Conservatory in Boston. He says ‘It's incredible how quickly the semester has flown by. The progress I've made in just two months is astonishing. I’ve had the opportunity to perform Clara Schumann's _Three Romances_ in a high-profile recital. I was also selected to participate in a masterclass with the great Grigory Kalinovsky – an honour I'm truly grateful for. I am immensely grateful for the scholarship you've provided, making my studies here possible.’ Other recipients include flautist Katie Taunton, progressing from studies at the Royal Northern College of Music to the prestigious Accademia Nationale di Santa Cecilia in Rome, and viola player Hiroki Kasai heading to Madrid to study with the eminent Nobuko Imai at the Escuela Superior de Musica Reina Sofia. This RPS Scholarship has been changing lives since 1980 when, among its very first beneficiaries, was the teenage pianist Stephen Hough who set off to further his studies at The Juilliard School in New York. 

Over the years, the RPS has become a trusted home to a range of grants and prizes that generous individuals have helped us establish to nurture exceptional talent. Recipients of such prizes this year include Quartet Menine, an exciting young brass ensemble who have been presented the RPS Philip Jones Brass Prize, in memory of the celebrated trumpeter, established by his wife and a dear friend of the RPS, Ursula 

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Jones. The members of Quartet Menine (above) say ‘We are so grateful to the RPS for this prize, and to Ursula for sponsoring it. We plan to use it to record and release new repertoire which we have been busy arranging and rehearsing, and we have plans to commission new works from some of our favourite composers. As brass musicians, it’s important for us to appreciate what Philip Jones did to pioneer the world of brass chamber music, and we feel strongly about continuing his legacy and working with the same ethos to expand the repertoire and to reach new audiences.’ 

Violinist Jelena Horvat, pursuing her degree at the Royal College of Music, received this year’s RPS Emily Anderson Prize, established in memory of the renowned musical writer by her friends to support talented violin players to fulfil their calling. Jelena says ‘Receiving this has been a really positive push in my first year of undergraduate studies. I am incredibly thankful for the financial help and for all the support and encouragement I’ve received from the RPS team, as well as getting to learn about Emily Anderson herself.’ The RPS Henderson Chamber Ensemble Award, kindly supported each year by Charles and Rachel Henderson, was presented this year to Northern Reeds, a distinctive ensemble that has excelled at the Royal Northern College of Music. They are the UK’s first established ‘reed quintet’, different from a conventional woodwind quintet in that they comprise oboe, clarinet, bass clarinet, bassoon and saxophone. 

We were also pleased to lend our support to another initiative envisaged by Ursula Jones: the triennial Philip Jones International Brass Ensemble Competition took place in July at Royal Birmingham Conservatoire. Occurring for the first time since the pandemic, we were pleased to support the financial administration of the competition, ensuring it could be delivered at the highest possible level. The winning ensembles this year were London’s Central Brass (first prize), Spain’s KamBrass (sec- 

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ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

ond prize), Scotland’s New Antonine Brass (third prize), and Norway’s Perrongen Brass (the Clarence Myerscough Trust Award). The international panel comprised Alan Thomas (trumpet), Annamia Larsson (horn), Mayumi Shimizu (trombone), Jens-Bjørn Larsen (tuba), and Pasi Pirinen (trumpet). The competition will return in 2026. 

This year saw the fulfilment of the RPS Audience Fund, established in 2020 with generous support from the Rachel Baker Memorial Charity, giving UK orchestras the means to enact ambitious and imaginative audience development ventures. Initially challenged by the pandemic limiting audience interaction for so long, the ensembles nonetheless found ways to evolve their plans to impressive effect. Among these, Aurora Orchestra took their celebrated custom of memorising symphonies to a new immersive level. They say ‘Support from the RPS Audience Fund enabled us to take a major experimental step forward with the concept of orchestral immersion, delivering immersive performances of Beethoven’s Fifth and Seventh Symphonies at London’s iconic Printworks nightclub (pictured below). Combining an orchestra playing from memory with cutting-edge digital sound reinforcement, we were able to perform ‘exploded’ across the floor of the Printworks Press Halls, interspersed with audience members, enabling listeners to get up close to the players in a way that would be impossible in a concert hall. Over 1,000 people attended each performance, with 46% of the audience comprising the target age bracket of 25-34, and we were thrilled to receive a wealth of positive feedback.’ 


The Audience Fund also supported the pioneering Scottish Ensemble to develop a refreshed, new approach to how classical music is filmed and presented digitally, matching the verve and energy of the music itself. The funding enabled them to experiment in their methods and produce a range of different films, shared online. 

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They say ‘With the RPS Audience Fund, we have been able to spark curiosity and initiate meaningful conversations with our audiences. We are profoundly grateful to RPS and Rachel Baker Memorial Charity for their support, which has been tantamount to our ability to bring our artistic ideas to life. We look forward to continuing our ambitious mission of reimagining classical music in the digital age.’ 

As detailed in previous annual reports, we were proud to deliver – at the invitation of Harriet’s Trust – the RPS Enterprise Fund, upskilling and empowering classical musicians who in the pandemic found ways to keep connected with audiences. Our association with Harriet’s Trust continues to bear new fruit, with support for a new cello concerto by Joseph Phibbs to be performed by Guy Johnston in 2024. The Trust also assigned renowned photographer Bill Knight to meet some of the Enterprise Fund recipients, taking photos that capture their endeavours in visually distinctive ways. Pictured below: mezzo soprano Joanna Harries created the podcast _Songs of the River_ , journeying along British rivers using folksong to explore landscapes and stories surrounding us. Olivia Jageurs evolved her popular _Harpy Hour_ format of interactive recitals filmed at home and presented live online. Percussionist Rosie Bergonzi set out to transform the profile of the handpan, an instrument she cherished in lockdown, that she’s now inspiring children and beginners of all ages to play. 


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In total, we are pleased to report that £94,100 of charitable funds this year went directly to performers, as well as much bespoke guidance and mentoring. 

## _**Composers**_ 

We are proud to be one of the UK’s foremost commissioners of contemporary classical music: a position the Society has maintained for over 200 years. In the 21[st] century we have expanded this considerably, giving composers the means to bring over 100 new works to life. At the heart of our offer is the renowned RPS Composers programme that gives a commission and premiere to a cohort of exceptional talents as they established their career. Complementing this, they receive a year of professional development sessions with renowned composers and industry experts, and individual coaching from our General Manager, Harriet Wybor. In this, we are so grateful to our partners nationwide who offer prominent performance opportunities for the composers, and this year we were pleased to welcome ORA Singers and the Solem Quartet to join the likes of Cheltenham Music Festival, Manchester Camerata, Presteigne Festival, Royal Liverpool Philharmonic’s Ensemble 10/10, and Wigmore Hall Learning. Our 2022 cohort’s programme came to an end with a new innovation: a networking event we organised for them to meet a host of the UK’s foremost programmers and commissioners. It speaks to how well regarded the programme is that so many noted figures came, and useful connections were made for them and for the composers themselves. 

Following this, we were pleased to announce the 2023 RPS Composers – our biggest cohort to date – comprising eight composers (pictured left to right, around our historic bust of Beethoven): Amy Bryce, Electra Perivolaris, Philip Dutton, Florence Maunders, Blasio Kavuma, Ben Lunn and Soosan Lolavar. 


We care that opportunities like this are open and attainable to composers from all backgrounds. We are proud to adhere to Sound and Music's Fair Access Principles and to PRS Foundation’s KeyChange initiative to achieve 50:50 gender parity in the composers we support. The 2023 cohort comprises exceptional talents who are disabled, ethnically diverse, working class, transgender, gay, and non-binary. 

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We take pride in evolving the developmental programme we give composers annually, and were pleased to present sessions this year on publisher/manager relationships and models; negotiating fees and contracts; the perspective of current programmers and commissioners; building a website and online presence that authentically promotes your music; understanding music copyright and ways to maximise revenue; practicalities of editing, production and printing; insights into the fast-changing recording/streaming industry; funding sources and writing effective applications; achieving a balanced professional life and embracing teaching within it; and finding new fuel in writing for community and educational contexts. 

While some of the new commissions take months to come to fruition, fast out the gate was Florence Maunders’ _Reef_ written for the Kyan Quartet to perform at Wigmore Hall in May, Soosan Lolavar’s _The World is the Active String_ premiered by the Carice Singers at Cheltenham Music Festival in July, and Electra Perivolaris’ _Mastiha_ for string orchestra presented at Presteigne Festival in Wales in August. Florence says ‘Being part of RPS Composers has been enormously beneficial and rewarding. The chance to work directly with an ensemble over an extended period allowed for real collaboration, and the final piece massively benefitted it. As I try to establish myself as a composer, the support from RPS has been wonderful. The development sessions have been very informative and useful, and provided access to knowledge otherwise difficult to come across. I've gained some excellent connections and relationships – learning about the music of the other composers on the scheme, working with wonderful musicians, as well as meeting with and speaking with influential and experienced individuals in the wider musical community. I have nothing but praise for the whole RPS experience!’ Soosan says ‘RPS Composers is an incredibly thoughtfully structured programme which supports composers at a crucial time in their development. The sessions have been brilliantly programmed and a great opportunity to brush up on skills and connect with important people in the industry. Working with my partner organisation has allowed me to have a premiere performance at a major UK festival, and I’ve been able to experiment musically and explore ideas of spatialisation in sound which I have not previously had the time nor space to consider.’ The programme is supported by a range of individuals and trusts each year, and we hope such testimony gives them real assurance of its worth. 

When the RPS Composers programme ends, we are pleased to keep in close touch with participants, providing further direction and introductions to help them excel. This year we welcomed back Grace-Evangeline Mason who was part of the 2019 programme and has since made her name at the BBC Proms and secured a publishing contract with Boosey & Hawkes. June saw the premiere of her new choral work _A Memory of the Ocean_ that we commissioned with the Vaughan Williams Foundation as part of Ralph Vaughan Williams’ 150th birthday festivities. It was performed in June at Bristol Cathedral by recent RPS Inspiration Award-winners Bristol Choral Society who, as the year ended, were also set to record the piece for Delph- 

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ian Records. Over the Summer, we shared online a short film we made about how the work came to life, starting with a visit we paid with Grace to draw inspiration from Vaughan Williams’ childhood home at Leith Hill Place in Surrey. Other recent alumni of the programme had notable achievements throughout the year including Jonathan Woolgar who received the Tippett Medal for his RPS commission _Canzoni et Ricercari_ . We also set new commissions in motion with established composers Cassandra Miller, writing a new cello work for premiere with contemporary music group Apartment House, and a new cello concerto by Joseph Phibbs for performance by soloist Guy Johnston. 

In total, the RPS gave composers £24,500 in hand this year for the commission of new music, as well as helping them with advice, contacts and bespoke developmental opportunities. 


Filming composer Grace-Evangeline Mason at Vaughan Williams’ childhood piano, at Leith Hill Place in Surrey, gathering inspiration for her new RPS commission. 

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BBC Radio 3’s Hannah French and Petroc Trelawny presenting the 2023 RPS Awards 

## Giving recognition to excellence in music 

On 1 March 2023, we were delighted to the present Royal Philharmonic Society Awards at London’s Queen Elizabeth Hall. As part of our mission to make the Awards accessible and resonant to everyone, with tickets from only £10, the occasion drew its largest-ever live audience of over 750 people. In a profile that week, _The Sunday Times_ called the RPS Awards ‘the biggest event in UK classical music’. 

The event began with live music: cellist and 2020 RPS Young Artist Award winner Sheku Kanneh-Mason gave the world premiere performance of _Cello Sonata No.2_ by the celebrated Cuban composer Leo Brouwer. Sheku personally asked the composer to write the work for him, with support from our fund for cello music made possible by an anonymous donor. 

In a headline speech, RPS Chairman John Gilhooly conveyed the urgent concerns and convictions of the music profession following Arts Council England’s Autumn 2022 funding review. This struck a powerful chord with the audience and the nominees who took to the stage on the night, and consequently across the national media. 

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John said ‘An occasion like this allows us to send a message to government that we must cherish our composers, our musicians, and our proud musical heritage. It has been a traumatic few years for live music, and the past six months have made many musicians and devoted administrators question just how much we are valued.’ John called for a coordinated plan for live classical music and music education from government, saying ‘The arts are central to the international standing and character of the nation and bring in over £110 billion annually to the economy. We showed through the pandemic that we are central to the wellbeing and prosperity of our national life. Music’s worth has never been clearer. We need open, honest, and reasoned dialogue now with government and funders.’ The speech in full can be found on the RPS website. 

27-year-old organist and choral director Anna Lapwood received the Gamechanger Award for her remarkable artistry, advocacy, and the extraordinary social media following she has generated for classical music. She was praised by RPS Chief Executive James Murphy ‘for inspiring generations of younger musicians to see how they too might rise up to meet the world.’ Other winners included the South African cellist Abel Selaocoe who received the Instrumentalist Award following the release of his debut album and mesmeric performances nationwide, and the young British-Japanese composer Ben Nobuto who won one of two awards for composition for his electrifying _SERENITY 2.0_ . The Impact Award went to The Multi-Story Orchestra’s remarkable production _The Endz_ , created by a group of young people from Peckham who – following the death of fellow teenager Malcolm Mide-Madariola who was killed standing up for a friend in a knife fight – wanted to express their feelings and be heard through music. 

From top: John Gilhooly, Anna Lapwood, Abel Selaocoe 




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Impact Award-winners: the Peckham teenagers who created _The Endz_ with The Multi-Story Orchestra 

The English National Opera was recognised through the Conductor Award presented to its Music Director Martyn Brabbins. Further winners represented classical music enriching lives across the nation: Manchester Camerata received the Storytelling Award for their film _Untold - Keith_ charting the benefits of music for people living with dementia (pictured overleaf left); Leeds Piano Trail received the Series and Events Award for brilliantly using music to entice over 200,000 people back to the city centre following the pandemic (pictured overleaf right); Manchester Collective received the Ensemble Award for their transformative performances attracting new audiences from Birkenhead to the BBC Proms; Welsh favourites, the Tredegar Town Band and BBC National Orchestra of Wales were recognised through another composition winner – the rousing _Concerto Grosso for Brass Band and Orchestra_ written for them by composer Gavin Higgins; Devon’s Torbay Symphony Orchestra received the Inspiration Award for amateur music-making, the winner of which is chosen by the public who this year cast over 4,000 votes. 

The RPS Awards were hosted by BBC Radio 3 presenters Hannah French and Petroc Trelawny, and featured further performances by winners Manchester Collective and the soprano Anna Dennis who received this year’s Singer Award. Additionally, viola sensation Timothy Ridout won the Young Artist Award and _Bluebeard’s Castle_ by Theatre of Sound and Opera Ventures won the Opera and Music Theatre Award. 

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Once again we were pleased to draw support for every award, and introduced a new tier of Principal Supporters keen for an association with the overall event, at which level we warmly welcomed BBC Radio 3, ABRSM, PRS for Music, Yamaha, and BBC Music Magazine. We are grateful to all of them, as well as creative producer Matt Belcher and our colleagues at Rebecca Driver Media Relations for all their work on the event, and to Carol Cristiani, Event Manager at Southbank Centre. 



In BBC Radio 3’s dedicated RPS Awards broadcast, presenter Andrew MacGregor said ‘Ask anyone you meet who was at the Queen Elizabeth Hall for the RPS Awards, whether a music-maker or music-lover, and they’ll tell you there was something special about the occasion, about the organisation behind it, and what it says about the impact that classical music has in so many different ways. We were surrounded not just by starry names and great performers but by amateur musicians and enthusiasts. These are the awards that celebrate the vital musical forces that uplift us, console us, inspire us, and unite us – and all the good that’s often overlooked or undervalued.’ Philippa Steel representing Principal Supporter Yamaha told us ‘Congratulations for a fantastic event and of course to all the winners. I loved hearing and learning about so many different projects and artists across the UK, it was very inspirational and it’s clear that John Gilhooly’s speech resonated with so many, and has garnered much-needed attention.’ RPS Singer Award-winner Anna Dennis said ‘Thank you so much, RPS. I am deeply honoured and utterly thrilled to be recognised in such prestigious artistic company. The whole event was so affirmative, positive and so beautifully co-ordinated, it was simply a pleasure to sing and be part of the celebratory atmosphere.’ Among the attendees, Lisa Tregale, Director, BBC National Orchestra of Wales called it ‘an amazing night for classical music’ and composer Roxanna Panufnik said ‘What a fabulous evening – so full of joy and fizzing with positivity.’ Watching the online film from his home in Suffolk, one of the founders of the RPS Awards in the 1980s, the broadcaster and writer (and RPS Honorary Member) Humphrey Burton wrote to say ‘Bravo to the Society! It was very satisfactory for me to see our modest awards project of all those years ago transformed into a genuinely national ceremony by the RPS.’ 

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The complete list of 2023 RPS Awards winners and shortlisted nominees, and their supporters, is as follows. A short citation, drawn from the RPS Awards script, is provided for each winner: 

## CHAMBER-SCALE COMPOSITION 

## **Ben Nobuto – SERENITY 2.0** 

_supported by Boosey & Hawkes in memory of Tony Fell_ for an outstandingly imaginative and engaging chamber-scale work receiving its first UK performance 

‘A sonically dazzling tour de force, tantalising the listener with its bold tapestry of writing for strings, percussion and electronics. It’s a cutting-edge contemporary work commissioned by Manchester Collective, and acutely reflective of now. Each arresting note makes it one of the stand-out pieces of the year.’ 

Also nominated: Bára Gísladóttir – _Animals of your pasture_ ; Thomas Adès – _Alchymia_ 

## CONDUCTOR 

## **Martyn Brabbins** 

_supported by John Gilhooly_ for the outstanding quality and scope of the performances and the work in any context of a conductor 

‘Martyn Brabbins was everywhere this year: a fortifying presence. He rode with the Valkyries at the English National Opera, conducted the BBC National Orchestra of Wales, coached conductors and composers at the Royal Conservatoire of Scotland, and scaled Vaughan Williams’ _Scott of the Antarctic_ with the BBC Symphony – its firstever screening with a live orchestra. Martyn’s contribution to UK musical life is colossal.’ 

Also nominated: Karina Canellakis; Robert Ames 

## ENSEMBLE 

## **Manchester Collective** 

_supported by Wise Music Group in its 50th anniversary year_ for the outstanding quality and scope of the performances and the work in any context of a group of musicians 

‘Manchester Collective is riding an extraordinary wave, changing the vocabulary of how classical music is presented. From Birkenhead to the BBC Proms, it’s joyous to be in the audience and feel part of their collective passion. They are transforming all our perceptions of what an ensemble can be.’ 

Also nominated: BBC Singers; Ensemble 360 

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## GAMECHANGER 

## **Anna Lapwood** 

_supported by Signum Classics_ specially presented by the RPS Board and Council to an initiative, individual or organisation for their inspirational and transformative work, breaking new ground 

‘When she’s not performing in concert halls and churches nationwide, Anna Lapwood is building countless musical experiences for the community where she lives. She’s often out in the streets, captivating those who might never drift near classical music, and she’s traversing the terrain of social media with a confidence and luminosity we could all emulate. Millions are following her there. Through all this pulses her constant pursuit of artistic excellence, genuine knowledge, and authentic appreciation of music. She’s creating a new blueprint, inspiring generations of younger musicians to see how they too might rise up to meet the world.’ 

## IMPACT 

## **The Endz – The Multi-Story Orchestra** 

_supported by OUP Music in its centenary year_ for an outstanding initiative, individual or organisation that practically engaged and set out to have a lasting impact on the lives of people who may not otherwise experience classical music 

‘All of us in music have something to learn from _The Endz_ . It’s the remarkable consequence of The Multi-Story Orchestra devoting itself to its Peckham community. When local teenager Malcolm Mide-Madariola was killed, standing up for a friend in a knife fight, Multi-Story’s young participants wanted to make a piece – to express their feelings, and their views on the injustices and inequalities they face. Here is music helping a community to heal and be heard. Here we witness what energy, catharsis and unity come from giving people the opportunity to be part of the music.’ 

Also nominated: Awards for Young Musicians; Opera-tic – Second Movement 

## INSPIRATION 

## **Torbay Symphony Orchestra** 

_supported by Warner Classics_ for a non-professional ensemble or an individual who works with such groups 

‘Torbay Symphony Orchestra draws members from across South Devon with its orchestral concerts, chamber music, and an impressive commitment to music education in schools. Led by dedicated music director Richard Gonski, rehearsals have a friendly and collaborative atmosphere exploring music from all eras, including new commissions. It’s a particular lifeline for its older members, whilst welcoming the next generation.’ 

Also nominated: Bradford Festival Choral Society; Côr CF1; Tredegar Town Band; Ula Weber 

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## INSTRUMENTALIST 

## **Abel Selaocoe – cello** 

_supported by Lark Music_ for the outstanding quality and scope of the performances and the work in any context of a solo performer on any instrument 

‘Cellist Abel Selaocoe is a musical prophet. He lays bare all the joys and wonders that come from making music. It’s mesmerising to behold how he fuses being a cellist, singer, composer and improviser, and combines global traditions. His performances and collaborations blaze with creation, sending audiences home on a high. Everything he represents should be at the heart of the national curriculum.’ 

Also nominated: Adam Walker – flute; Elena Urisote – violin 

## LARGE-SCALE COMPOSITION 

## **Gavin Higgins – Concerto Grosso for Brass Band and Orchestra** 

_supported by The Boltini Trust_ for an outstandingly imaginative and engaging largescale work receiving its first UK performance 

‘ _Concerto Grosso for Brass Band and Orchestra_ by Gavin Higgins is a love letter to the bands in which he found his musical calling. Brought to life by Tredegar Town Band and the BBC National Orchestra of Wales, this visionary work unites two great national traditions, unleashing extraordinary lyricism and energy.’ 

Also nominated: George Lewis – _Minds in Flux_ ; Joe Cutler – _Concerto Grosso_ ; Rebecca Saunders – _To an utterance_ 

## OPERA AND MUSIC THEATRE 

## **Bluebeard’s Castle – Theatre of Sound and Opera Ventures** 

_supported by Jenny Hodgson_ for an outstanding production or initiative, presented digitally or for a live audience, or for the overall accomplishments of a company or individual in opera and music theatre 

‘ _Bluebeard’s Castle_ – reinvented by Theatre of Sound and Opera Ventures – was a must-see miracle of a production. Reimagined as the story of a loving couple shattered by dementia, it unlocked new relevance and relatability in Bartók’s masterwork. An ensemble tour de force – featuring Susan Bullock, Gerald Finley and the London Sinfonietta – it radiated huge emotion in an intimate setting. It’s a reminder of opera’s power to speak to modern times.’ 

Also nominated: _Orfeo_ – Garsington Opera; Scottish Opera; _The Handmaid’s Tale_ – English National Opera 

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## SERIES AND EVENTS 

## **Leeds Piano Trail** 

_supported by Decca_ for a festival, themed series of performances, or truly unique performance event, presented digitally or for a live audience, that drew fresh interest to a facet of classical music 

‘Leeds Piano Trail filled the streets with flocks of pianos, and piano-themed installations. Citizens were co-curators, with civic groups designing some of the attractions themselves. Countless local people tinkled the ivories alongside finalists from the Leeds International Piano Competition. The Piano Trail drew over 200,000 people, and millions more spectators online. What an example of how classical music can vibrantly bring people back to town and city centres post-pandemic.’ 

Also nominated: Oxford Lieder Festival; Ryedale Festival; Sound Festival 

## SINGER 

## **Anna Dennis – soprano** 

_supported by ISM, the Independent Society of Musicians_ for the outstanding quality and scope of the performances and the work in any context of an individual singer 

‘Soprano Anna Dennis is a creative chameleon. In a remarkable year, she has brought extraordinary technique, musicianship and versatility to the widest array of achievements. From revelatory performances of Bach and Handel with orchestras nationwide, to the title role of Tom Coult’s compelling new opera _Violet_ , everything she touches bursts with colour.’ 

Also nominated: Lise Davidsen – soprano; Lucy Schaufer – mezzo soprano 

## STORYTELLING 

## **Untold - Keith – Manchester Camerata** 

_supported by Schott Music_ for a compelling and imaginative entity, which newly or distinctly furthered the understanding of classical music in a lateral medium 

‘Manchester Camerata has long been a leader in the comfort and therapy it provides through music to people living with dementia. The story of one such individual is movingly told in _Untold - Keith_ . This short film – which we urge everyone to watch on YouTube – is beautifully shot, scripted and performed, with the Camerata’s musicians at its very heart. Should anyone ask why music?, the answer is right here.’ 

Also nominated: _Sound Within Sound_ – Kate Molleson; _The Great Passion_ – James Runcie 

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## YOUNG ARTIST 

## **Timothy Ridout – viola** 

_supported by Sir Simon and Victoria, Lady Robey OBE_ for a performing artist or chamber ensemble, relatively new to the profession, who has shown remarkable promise and made a strong impression 

‘Pure and simple, Timothy Ridout makes the viola sing. There is such luxury and humanity in his phenomenal playing. He compels audiences to think anew about the viola’s riches in his ingenious arrangements and commissions. He’s winning new recruits to the instrument through his dedicated educational endeavours.’ 

## Also nominated: Nardus Williams – soprano; Tangram 


Anne-Sophie Mutter receiving the RPS Gold Medal from John Gilhooly on the Royal Festival Hall stage, pictured with pianist Lambert Orkis 

At other occasions in the year, we were proud to present our two historic honours: the RPS Gold Medal and RPS Honorary Membership. The acclaimed violinist AnneSophie Mutter was presented the RPS Gold Medal by RPS Chairman John Gilhooly onstage during her concert at London’s Royal Festival Hall on 4 June 2023. On presenting the medal to Anne-Sophie, John Gilhooly gave a short citation, saying ‘I am sure everyone here will join me in thanking you for the radiant music you have given us, not just tonight, but over a luminous career. In all your performances and recordings, we have basked in the golden light you have cast across the violin repertory. Your interpretation of so many masterpieces is definitive. It is fitting in fact that we’ve just heard you play Beethoven so exquisitely, given his image is engraved on the Gold Medal, in recognition of the happy association that the Philharmonic Society had with him, notably as it commissioned his Ninth Symphony. Your own dedi- 

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cation to the composers of our time has been remarkable. Among the many new works you’ve performed are sensational pieces by four other RPS Gold Medal recipients: Sofia Gubaidulina, John Williams, Henri Dutilleux and Witold Lutosławski. You are an inspiration to so many aspiring violinists. Your care and devotion to individually helping them overcome hurdles with the Anne-Sophie Mutter Foundation is especially treasured. Let us also commend how you use your music-making to draw minds to humanitarian matters, not least through your concerts this last year in support of the people of Ukraine.’ On receiving the medal, Anne-Sophie said ‘This is such an honour. Wonderfully enough, many of the great composers of the last twenty or thirty years with whom I’ve worked have also become RPS Gold Medal recipients like Sofia Gubaidulina and Witold Lutoslawski, and their works recorded by British orchestras with me. Some of my favourite colleagues are the wonderful members of the London Symphony Orchestra and London Philharmonic Orchestra, and I’m eternally grateful that my very strong bond with the great musicians of your beautiful country has enriched my life. I hope to prove worthy in the future to have received this award. I’m in the company of all my great heroes in whose footsteps I try to follow. Thank you very much to the Royal Philharmonic Society to bestow this tremendous honour on me.’ The presentation was part of a chamber concert in which AnneSophie performed with cellist Maximilian Hornung and pianist Lambert Orkis. 

RPS Honorary Membership, which dates back to 1827 when it was first presented to the composer Weber, was this year given to two outstanding composers. Firstly, to Thea Musgrave who was born in Scotland but resides in New York. The presentation was duly made on 21 September 2022 by Vanessa Reed, President and CEO of New Music America, at the Manhattan offices of Thea’s publisher Novello & Co, part of the Wise Music Group. At the presentation, the following citation was read by Vanessa on our behalf: 


‘Born in 1928, and still hard at work writing music 94 years later, Thea is a musical icon. Over a remarkable international career, Thea has created a body of work bursting with energy, ready to leap off the page and seize our imagination. Her music abounds with such style and sophistication, constantly asking fresh and daring questions of musical forms and traditions. She lures us in by suffusing her music with so much of the world we know, drawing in particular on paintings, poems, myths and her Scottish heritage as the starting point for so many of her musical voyages. She has long been beguiled by the inherent theatre of the concert hall, compelling soloists and ensembles to assume new formations, making audiences consider anew 

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about what we are witnessing onstage – and our part in it. This was evident in her thrilling _Clarinet Concerto_ , proudly commissioned by the RPS in 1969. In presenting Honorary Membership to Thea, the RPS invites performers and audiences to delve into the extraordinary canon she has gifted us, teeming with treasure: athletic and adventurous for its players; atmospheric, suspenseful and cinematic for its listeners.’ 


His Majesty The King presents RPS Honorary Membership to Judith Weir, flanked by RPS Council member Kadiatu Kanneh-Mason and RPS Chairman John Gilhooly (photo: Matt Crossick/PA Wire) 

In a truly historic moment for the RPS, Honorary Membership was also presented on 6 June 2023 to composer Judith Weir by His Majesty The King, just a month after the Coronation, at a concert of Handel’s _Coronation Anthems_ presented by Wigmore Hall at St James’s, Spanish Place in London. As The King made the presentation to Judith Weir, the following citation was read by RPS Council member Dr Kadiatu Kanneh-Mason: ‘Musicians often seem like magicians, and this certainly comes to mind when listening to Judith’s spellbinding music. Her works shimmer and glisten with jewel-like touchstones: from folklore to Shakespeare to Chinese opera. They are rich in atmosphere and narrative, and often a glint of mysticism. It’s no wonder that they are cherished by so many orchestras, opera companies, choirs and soloists, in the UK and on the international stage.  The abundant, boundless qualities of her music are matched by her own generosity of spirit: throughout her career, Judith has devotedly 

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helped others to find their voice and fulfil their musical calling. She has created new works for countless community groups and schools from Aberdeen to Dover. She has taught extensively, sharing her wisdom at Glasgow University, Cardiff University, the Royal Conservatoire of Scotland, and further afield at Princeton and Harvard. As Master of The King’s Music, appointed to the role in 2014 by Queen Elizabeth II, she has ardently championed so many unsung heroes, from school music teachers to amateur ensembles. And of course her music has radiated on national and royal occasions, from her resplendent choral work _I love all beauteous things_ for Queen Elizabeth II’s 90th birthday, to the glorious _Brighter Visions Shine Afar_ performed last month at The King’s Coronation. Thank you Judith for all your musical gifts.’ 

We were humbled and honoured to engage His Majesty in the endeavours of the charity so early in his reign, continuing the royal association that the Philharmonic Society has enjoyed since Queen Victoria and Prince Albert came to the Society’s concerts and the subsequent conferment of its royal title on  our centenary in 1913. 

In November 2022, RPS Chief Executive James Murphy took to the stage of St David’s Hall in Cardiff where the BBC National Orchestra of Wales were set to perform Mahler’s _Symphony No.9_ , to make another presentation. Receiving the RPS/ABO Orchestra Musician Award – that we bestow with the Association of British Orchestras – was the orchestra’s Principal Percussionist Chris Stock, for the remarkable charitable venture he and his fellow players have brought to life. To a capacity audience, James said ‘Chris has been a star player and stalwart presence in the BBC National Orchestra of Wales for some decades. He’s a cherished section leader and he’s devoted to community and to education. And not just here in Wales. In 2015, the orchestra toured to South America and, as part of this, met and engaged hundreds of Patagonian children in musical workshops. Seeing how enlivened they were by a suitcase of percussionist instruments brought from Wales, Chris and his fellow players set themselves a bold ambition: to do everything they could to find and collect unused instruments back home and get them into the hands of South American children. The Patagonia Instrument Project was born, and to date has sent over £60,000 worth of musical instruments to the region. In 2021, news came of a forest fire causing huge destruction to the town of El Hoyo, in the North Western Chubut region of Patagonia. Chris got straight on the case, mobilising support here and across South America, and in just three weeks had found ways to replace all the children’s instruments lost to the fire. This whole endeavour is such a powerful illustration of the great things that can happen when the UK exports its cultural treasures – like this orchestra – worldwide, and above all, what a remarkable force for good orchestral musicians are in our lives.’ 

We also continued our initiative to nurture imaginative new writing about classical music, with the third edition of the RPS Young Classical Writers Prize, made possible with funds from the estate of music writer Gerald Larner. With this year’s guest panellists – writer Leah Broad and BBC Radio 3 presenter Donald McLeod – we were 

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inspired by the great range of contemporary and historic music that entrants aged 16 to 25 collectively surveyed, and the verve with which they did it. First Prize went to Oliver Picken, a 20-year-old undergraduate studying Music at Southampton who, loving brass bands, wrote about Gustav Holst’s _A Moorside Suite._ His words, and five more commended entries, can be found on the RPS website. 

We are so pleased to hear from others who might like to help us enact further initiatives like this that can have a lasting, positive impact. 

## FUTURE PLANS 

By August 2023, the next stage of strategic plans to bring the RPS Awards to a wider national audience were underway, with the intention of presenting them for the first time out of London. Given its classical heritage and thriving musical community, Manchester was chosen as our destination, with the event set to take place at the Royal Northern College of Music in March 2024. 

Plans for all annual charitable endeavours were advancing well. The charity was set to announce a new cohort of participants on the RPS Composers programme, and on the high-level RPS Women Conductors programme presented with Royal Northern Sinfonia, newly set to continue for a further two years. The charity was also drawing on its designated Special Projects fund to present intermediate level conducting courses in Cardiff and London for women, trans and non-binary conductors, who as yet remain significantly underrepresented in the profession. New terms were being devised for the RPS Drummond Lockyer Fund for Dance, not only for performances featuring new music and dance to reach the stage, but for composers and choreographers to get together and explore ideas with dedicated research and development funds. Plans for putting the renewed RPS Elgar Bursary Fund to use with a range of new commissions were also underway. 

Management was creating a new phase to its Membership Strategy, developing measures from recent years, complementing these with new initiatives to build the charity’s family of supporters. An event giving audiences the chance to sit within an ensemble’s rehearsal space, to witness the process and ask the artists questions, was taking shape for November 2023. A new approach to online insight events was also set to be trialled with Premier Corporate Members, Martin Randall Travel. Also, the RPS had warmly accepted an invitation from new Association of British Orchestras Director Judith Webster to present a major session at its annual Conference in Bristol in January 2024, rallying sector colleagues to address ways to build a stronger, brighter narrative for the future of classical music. 

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## Public benefit statement 

The Trustees refer regularly to the Charity Commission’s general guidance on public benefit when planning and reviewing activities. The Society was founded to foster greater public engagement with classical music, something we continue to this day in all strands of our work. The RPS Awards are intended to draw greater public awareness to outstanding musicians and the good that they do for society UK-wide. This is particularly vital at this time when most news stories about classical music dwell on negatives, particularly funding cuts and limited provision. The RPS Awards event has transformed under current management for the public benefit, welcoming music-loving audiences with cheap tickets from only £10, and freely streamed online for thousands more to enjoy. Through all the grants and commissions we give, we help musicians to prosper and make more opportunities for themselves to share their art with the public. All those to whom we give grants are asked to account their experience – to help demystify and humanise the art of making music – on the Society’s burgeoning social media channels and website, and on their own online platforms. Our renewed commitment since 2019 to transforming RPS Membership and, with it, presenting a new range of talks, events and digital insights, is wholly for the public benefit, and playing a significant part in fostering many more people’s understanding, appreciation and love of classical music. 

## FINANCIAL REVIEW 

The charity’s longstanding record of putting funds to effective use for the benefit of classical music has led it to be a trusted haven for a number of restricted funds, including three linked charities. We take pride in maintaining each of these according to the terms on which they were received, the purposes of which are precisely defined. 

The charity had a satisfactory year financially, with a small surplus on unrestricted funds, and reductions as expected on designated funds and for linked charities. While there was expected spend across restricted funds, overall these yielded a surplus from two significant legacies assigned to two particular restricted funds, to be expended over several years, as detailed below. 

Total income for the year was £840,690 (2022: £391,766). This figure varies substantially each year, based on what funds we can draw to instigate new activity or to sustain ongoing activities. This year it is boosted by two legacies, both from friends of the charity to support initiatives they played a key part in establishing: firstly from composer Anthony Payne and his partner Jane Manning to the RPS Elgar Bursary Fund, originally brought to life with royalties from Anthony’s ‘completion’ of Elgar’s 

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_Symphony No.3_ ; secondly from Bob Lockyer who helped set up the RPS Drummond Fund for music and dance in memory of his partner, the great dance impresario Sir John Drummond. We have newly named this the RPS Drummond Lockyer Fund for Dance, in recognition of John and Bob together. 

Income to unrestricted and designated funds this year was £171,503 (2022: £150,138). Income to restricted funds (including linked charities) was £669,188, in considerable part from the aforementioned legacies (2022: £241,628). 

The market value of the investment portfolio at year end was £1,804,123 (2022: £1,775,468). This small increase reflected a combination of investment of surplus cash and reductions in valuations owing to turbulent financial markets, although the value of the portfolio had recovered by early 2024. 

Total expenditure for the year was £524,607 (2022: £537,281). Again this figure naturally differs from one year to the next depending on the range of grants, awards and opportunities we are able to deliver. Expenditure from unrestricted funds was £142,585 (2022: £98,389). From designated funds it was £63,196 (2022: £80,487) and from restricted funds (including linked charities) it was £318,826 (2022: £358,405). 

From 2019, we embarked on new multi-year strategic plans to eliminate for good the charity’s longstanding annual overspend of unrestricted reserves. We are pleased to report that 2022-23 represents the third consecutive year that, before investment gains/losses, net expenditure of unrestricted general funds was less than unrestricted general income, this year by a margin of £9,711. We remain very grateful to our Members and supporters for their vital help in such progress, and in ensuring it lasts. 

Ongoing global and financial uncertainties mean these remain challenging times for charities, particularly one like ours, striving in earnest to build anew its support base without statutory funding. While we are proud of our high level of Member retention noted above, the long-term prosperity of the charity relies on a greater yield of donations from Membership and other sources. Given this, Trustees have taken care to designate a portion of funds for the present time, to help build long-term individual giving (Membership Strategy Fund) and to sustain and grow some vital areas of charitable activity (New Music Programme and Special Projects Funds) whilst management seeks a greater level of external funding for such ventures. Funds have been drawn from these at the expected level this year, contributing to the overall productivity of the RPS. An additional small fund of this nature – the Transition Fund – designated to help equip, train and strengthen staff following restructure was not ultimately drawn upon in the financial year: it took time, as new colleagues set to work, to define what measures the team would need to progress, and this fund is now being put to valued use, and is set to expend by 2025. 

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The net movement in funds for the year were as follows: 

- on general unrestricted funds before investment gains/losses, a surplus of £9,711 (2022: £18,371) and, after investment gains/losses, a surplus of £4,666 (2022: a reduction of £2,585); 

- on designated funds, after investment gains/losses, a reduction of £61,545 (2022: an increase of £298,637 when the majority of these funds were initially designated); - on restricted funds, after investment gains/losses, an increase of £394,665 (2022: a reduction of £41,323), and on linked charities, after investment gains/losses, a reduction of £89,667 (2022: £122,888). 

Unrestricted reserves carried forward at 31 August 2023 were £144,475 (2022: £139,809). Designated funds carried forward were £488,876 (2022: £550,421). Restricted reserves stood at £923,941 (2022: £529,276) and for linked charities at £613,030 (2022: £702,697). 

## Investment policy 

The Trustees have the power under the Articles of Association to invest monies in any way they think fit. The management of the Society’s investment funds is delegated to professional Investment Managers who report to the Society’s Chair and Honorary Treasurer. The Society’s investments are managed by Cazenove Capital Management (part of Schroders Group). 

The current investment target is to achieve an annual increase of inflation plus 4% based on an average over several years, through a diversified portfolio of UK and overseas equities, fixed interest, alternative assets and cash, subject to an appropriate level of risk. 

In 2022, Trustees resolved for investments to be moved to a Responsible Charity MultiAsset Fund with an explicit responsible investment policy. Environmental, social and governance factors are integrated into the investment selection process for this, plus it presents lower investment management fees than the charity’s previous arrangement. Over the medium to long term, returns are expected to meet the target specified above. 

## Reserves policy 

In years past, the charity held a particularly high reserve on which it drew year-onyear, given its limited fundraising base. Currently, Trustees seek to hold unrestricted 

34 



ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

reserves sufficient to cover six months of operating costs which for the 2023-24 financial year they measure as £160,000. Following designations for specific aims that the charity cannot fulfil otherwise, the level of unrestricted reserves at 31 August 2023 was £144,475. Trustees plan to achieve the target level in coming years if income levels are sustained. 

The charity may find itself drawing from these reserves if the measures and strategies we apply to build a broad and balanced funding base are limited or compromised. Continued fluctuation to global markets also risks diminishing in real terms the level of unrestricted reserves the charity holds. The RPS therefore remains sincerely grateful to all individuals, trusts, and corporate supporters who can help us keep on financial course and not resort to drawing on and depleting unrestricted reserves. 

Trustees commit to reviewing our policy on reserves annually. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

The Royal Philharmonic Society is a company limited by guarantee (no. 186522) governed by its Articles of Association. It is registered as a charity (no. 213693) with the Charity Commission. Membership is open to all on payment of an annual donation. At 31 August 2023, there were 506 Members. Members’ shared liability in the event of a winding-up is limited to £1. The Society's AGM was held on Wednesday 10 May 2023 at the Learning Room of London’s Wigmore Hall. 

The entity is governed by a Board of Trustees who bring an outstanding range of musical and other professional expertise to this role. Trustees of the RPS are individually and collectively its directors for the purposes of company law and its Trustees for the purposes of charity law. 

All Trustees act in a voluntary capacity. The Trustees determine the long-term direction and strategy of the organisation and delegate the day-to-day running to the Chief Executive and management team. The Chair, in consultation with other Trustees as appropriate, is responsible for setting the remuneration of the Chief Executive who, in turn, is responsible for setting the remuneration of other staff. Consideration is given to commensurate jobs in arts charities of a similar scale and to overall budgetary context when setting levels of pay. 

Shortly before the 2022-23 financial year began, the organisation welcomed Harriet Wybor as General Manager and Charlotte Smith as Administrator, working alongside James Murphy as Chief Executive, Camilla Carden as Programme Coordinator, and Alison Pavier as Development Consultant. In June 2023, Camilla departed to join the management of the RPS Award-winning Aurora Orchestra. As the year ended, the organisation was recruiting for a new colleague to take Camilla’s place. 

35 



ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

At the time of this report, the Chairman is John Gilhooly, the Honorary Secretary (also Company Secretary) is Angela Dixon, and the Honorary Treasurer is Rikesh Shah. The Chair is elected by the Trustees from among their members. The roles of Honorary Secretary and Honorary Treasurer are elected each year at the AGM. 

Following an exceptional 14 years as Chairman, and 3 prior years as a Trustee, John Gilhooly is set to step down formally at the 2024 AGM, passing the baton to Angela Dixon whom – after an open recruitment process – Trustees have elected to take John’s place as Chair. The Board and management are immensely indebted to John for all he has done for the charity. As Chair, John has overseen the bicentenary of the Society, the implementation of a new strategic direction with a new Chief Executive, notable growth in charitable activities, and the major public re-launch of RPS Membership. Angela in turn is an immensely respected figure in the music profession, from her groundbreaking work as Chief Executive of Saffron Hall, shaping a vibrant new venue and building an audience for classical music in Essex, and previously as Head of Music at the Barbican. Once Angela begins as Chair, steps will be taken to appoint a new Honorary Secretary. 

The Articles of Association permit the Board to co-opt new Trustees in-year for formal appointment at the next AGM. The Board is delighted to have co-opted Jo Buckley in October 2023. Jo is Chief Executive of IMPACT Scotland, the charity overseeing the exciting prospect of the Dunard Centre, Edinburgh’s first new concert hall for over a century, and she was previously Chief Executive of the RPS Award-winning  Dunedin Consort. 

All new Trustees meet the Chair and Chief Executive to discuss their appointment and are provided with a written brief of their responsibilities as Trustees. They also receive copies of the Articles of Association and the most recent Annual Report and Accounts. All Trustees are asked to declare any possible conflict of interest resulting from their involvement in other organisations. 

Trustees serve for an initial term of three years which is renewable. Trustees meet four times a year to review the progress of the organisation, and on further occasions as particular issues require. 

The Trustees are supported by the Council, a voluntary advisory body of around fifteen further individuals who may be called upon for their expertise, advocacy or contacts in regard to particular objectives. They also convene annually with Trustees to review nominations for the Society’s highest honours including its historic Gold Medal, proposed recipients for which are then subject to a vote by Members at the AGM. Council members also serve for an initial term of three years which is renewable. 

36 



ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

## Council members at 31 August 2023 were as follows: 

Edward Blakeman Music writer, former Head of Music Programming, BBC Radio 3 Anthony Bolton Investment fund manager and supporter of new music Dr Jerome Booth Economist, entrepreneur and investor Helena Gaunt Principal, Royal Welsh College of Music and Drama Jess Gillam MBE Saxophonist and BBC Radio 3 presenter 

Sally Groves MBE Former Creative Director, Schott Music and champion of new music Sir Stephen Hough Pianist, composer and writer 

Sam Jackson Controller, BBC Radio 3 and BBC Proms 

Dr Kadiatu Kanneh-Mason Advocate for music education and author Dr Leanne Langley Historian and RPS Honorary Librarian Louise Mitchell Chief Executive, Bristol Beacon and Bristol Music Trust Gillian Moore CBE Artistic Associate, Southbank Centre Janis Susskind OBE Managing Director, Boosey & Hawkes Kenneth Olumuyiwa Tharp CBE Renowned dance artist and cultural leader Errollyn Wallen CBE Composer, pianist and singer-songwriter 

The Articles of Association permit the Board to co-opt new Council members in-year for formal appointment at the next AGM. In March 2024, the Board was pleased to have co-opted two of the nation’s most-loved classical music broadcasters: BBC Radio 3’s Dr Hannah French and Classic FM’s Alexander Armstrong who both look forward to helping raise further awareness and followers for the charity. 

To ensure that both groups fulfil their roles to the highest possible standard, Trustees of the RPS continually strive for the Board and the Council to be reflective of society, working to ensure more diverse representation of age, gender, ethnicity, disability, religion or belief, and sexual orientation. 

## Risk management 

The charity has a comprehensive Risk Register reviewed and updated by management and Trustees regularly. The principal risk to the charity continues to be the potential for insufficient income generation – either through fundraising efforts or decline in the value of investments. Trustees have sought to fortify some areas of charitable activity with designated funds in the aftermath of the pandemic, and economic conditions continue to pose considerable uncertainty over fundraising capability and investment performance. Such measures – along with continued care in planning and financial management, and continued support from individuals, trusts, and companies who recognise the worth of the RPS to music nationally – should mitigate against this principal risk. New plans and a relatively prudent budget have been drawn up for the next financial year with the continued impositions of the costof-living crisis centrally in mind. 

37 



ROYAL PHILHARMONIC SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

## Trustees’ responsibilities 

The Trustees (who are also directors of the Royal Philharmonic Society for the purposes of company law) 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). 

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 2015 (FRS 102) 

- make judgements and estimates that are reasonable and prudent 

- state whether applicable UK 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 charitable company will continue in operation. 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

On behalf of the Board 


John Gilhooly CBE Chairman of the Board of Trustees Date: 17 April 2024 

38 



ROYAL PHILHARMONIC SOCIETY INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 

## INDEPENDENT EXAMINER’S REPORT to the Trustees of Royal Philharmonic Society 

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 August 2023 which are set out on pages 41 to 56. 

Responsibilities and basis of report 

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

Independent examiner's statement 

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Certified Chartered Accountants, which is one of the listed bodies. 

I have completed my examination. I confirm that no 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 company as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

39 



ROYAL PHILHARMONIC SOCIETY INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 

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. 


Mark Cummins FCCA, FCIE On behalf of TC Group The Courtyard, Shoreham Road Upper Beeding, Steyning West Sussex BN44 3TN 

## Date: 19 April 2024 

40 



## ROYAL PHILHARMONIC SOCIETY STATEMENT OF FINANCIAL ACTIVITIES 

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023 

||||||Restricted|||
|---|---|---|---|---|---|---|---|
|||Unrestricted|Designated|Restricted|Linked|Total|Total|
||Notes|Funds|Funds|Funds|Charities|2023|2022|
|||£|£|£|£|£|£|
|Income from:||||||||
|Donations|2|97,362|-|575,757|1,250|674,369|118,235|
|Charitable activities:||||||||
|Grants receivable|3|15,000|-|41,300|1,075|57,375|221,942|
|Sponsorship and ticket sales|4|31,110|-|-|-|31,110|14,578|
|Investments|5|5,520|19,206|24,824|24,806|74,356|36,371|
|Other||3,304|-|176|-|3,480|640|
|||___________|___________|___________|___________|____________|____________|
|Total income||152,297|19,206|642,057|27,131|840,690|391,766|
|||___________|___________|____________|____________|____________|____________|
|Expenditure on:||||||||
|Raising funds||32,296|-|-|-|32,296|37,534|
|Charitable activities:||||||||
|Events and education||16,150|63,196|-|-|79,346|80,487|
|Performers||32,300|-|92,032|94,125|218,457|260,970|
|Composers||-|-|132,669|-|132,669|104,653|
|RPS Awards||61,839|-|-|-|61,839|53,637|
|||___________|___________|____________|____________|____________|____________|
|Total expenditure|6|142,585|63,196|224,701|94,125|524,607|537,281|
|||___________|___________|____________|____________|____________|____________|
|Net income/(expenditure) before||||||||
|gains / (losses) on investments||9,711|(43,990)|417,356|(66,994)|316,083|(145,515)|
|Net gains/(losses) on investments|13|(5,045)|(17,555)|(22,691)|(22,673)|(67,964)|(75,393)|
|||___________|___________|___________|___________|____________|____________|
|Net income/(expenditure)||4,666|(61,545)|394,665|(89,667)|248,119|(220,908)|
|Transfers between funds|16|-|-|-|-|-|-|
|||___________|___________|___________|___________|____________|____________|
|Net movement in funds||4,666|(61,545)|394,665|(89,667)|248,119|(220,908)|
|||___________|___________|___________|___________|____________|____________|
|Total Funds brought forward at<br>1 September 2022||139,809|550,421|529,276|702,697|1,922,203|2,143,111|
|||___________|___________|____________|____________|____________|____________|
|Total funds carried forward at<br>31 August 2023||144,475|488,876|923,941|613,030|2,170,322|1,922,203|
|||___________|___________|___________|___________|____________|____________|



All of the charity’s transactions are derived from continuing activities. 

The Statement of Financial Activities includes all gains and losses recognised in the year. 

41 



ROYAL PHILHARMONIC SOCIETY COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 

||||||Restricted||
|---|---|---|---|---|---|---|
|||Unrestricted|Designated|Restricted|Linked|Total|
||Notes|Funds|Funds|Funds|Charities|2022|
|||£|£|£|£|£|
|Income from:|||||||
|Donations|2|78,432|30,000|9,303|500|118,235|
|Charitable activities:|||||||
|Grants receivable|3|13,000|-|200,942|8,000|221,942|
|Sponsorship and ticket sales|4|14,578|-|-|-|14,578|
|Investments|5|10,110|3,378|7,710|15,173|36,371|
|Other||640|-|-|-|640|
|||___________|___________|___________|___________|____________|
|Total income||116,760|33,378|217,955|23,673|391,766|
|||___________|___________|____________|____________|____________|
|Expenditure on:|||||||
|Raising funds||37,534|-|-|-|37,534|
|Charitable activities:|||||||
|Events and education||-|80,487|-|-|80,487|
|Performers||7,218|-|138,642|115,110|260,970|
|Composers||-|-|104,653|-|104,653|
|RPS Awards||53,637|-|-|-|53,637|
|||___________|___________|____________|____________|____________|
|Total expenditure|6|98,389|80,487|243,295|115,110|537,281|
|||___________|___________|____________|____________|____________|
|Net income/(expenditure) before<br>gains / (losses) on investments||18,371|(47,109)|(25,340)|(91,437)|(145,515)|
|Net gains/(losses) on investments|13|(20,956)|(7,003)|(15,983)|(31,451)|(75,393)|
|||___________|___________|___________|___________|____________|
|Net income/(expenditure)||(2,585)|(54,112)|(41,323)|(122,888)|(220,908)|
|Transfers between funds|16|(352,749)|352,749|-|-|-|
|||___________|___________|___________|___________|____________|
|Net movement in funds||(355,334)|298,637|(41,323)|(122,888)|(220,908)|
|||___________|___________|___________|___________|____________|
|Total Funds brought forward at|||||||
|1 September 2021||495,143|251,784|570,599|825,585|2,143,111|
|||___________|___________|____________|____________|____________|
|Total funds carried forward at|||||||
|31 August 2022||139,809|550,421|529,276|702,697|1,922,203|
|||___________|___________|___________|___________|____________|



42 



## ROYAL PHILHARMONIC SOCIETY BALANCE SHEET AS AT 31 AUGUST 2023 

||Note||2023||2022|
|---|---|---|---|---|---|
|||£|£|£|£|
|Fixed Assets||||||
|Tangible assets|12||-||-|
|Investments|13||1,804,123||1,775,468|
||||____________||____________|
||||1,804,123||1,775,468|
|Current Assets||||||
|Debtors|14|51,101||37,409||
|Cash at bank and in hand||329,642||127,340||
|||____________||____________||
|||380,743||164,749||
|Creditors:amounts falling||||||
|due within one year|15|(14,544)||(18,014)||
|||____________||____________||
|Net Current Assets|||366,199||146,735|
||||_____________||_____________|
|Net Assets|||2,170,322||1,922,203|
|||||||
||||____________||____________|
|Represented by:||||||
|Unrestricted funds:||||||
|General funds|||144,475||139,809|
|Designated funds|16||488,876||550,421|
|Restricted funds|17||923,941||529,276|
|Restricted linked charities|18||613,030||702,697|
||||____________||____________|
|Total funds|19||2,170,322<br>____________||1,922,203<br>____________|



For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors’ responsibilities: 

- The Members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 

Approved by the Board of Trustees on 17 April 2024 and signed on their behalf by: 


## John Gilhooly CBE Chairman 

Charity Registration Number: 213693 Registered Company Number: 186522 

43 



## ROYAL PHILHARMONIC SOCIETY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 

||Notes|2023|2022|
|---|---|---|---|
|||£|£|
|Cash flows used in operating activities:||||
|Net cash used in/by operating activities|21|224,565|(271,968)|
|Cash flows from investing activities:||||
|Dividends, interest and rents from investments||74,356|36,371|
|Investment of capital cash||104,308|35,544|
|Proceeds from sale of investments||-|1,728,909|
|Purchase of investments||(200,927)|(1,752,015)|
|||__________|__________|
|Net cash provided by investing activities||(22,263)|48,809|
|||__________|__________|
|Change in cash and cash equivalents in the year||202,302|(223,159)|
|Cash and cash equivalents at the beginning of the year||127,340|350,499|
|||__________|__________|
|Cash and cash equivalents at the end of the year||329,642<br>__________|127,340<br>__________|



44 



ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 1. ACCOUNTING POLICIES 

The principal accounting policies are summarised below. The accounting policies have been applied consistently in dealing with items considered material in relation to the financial statements. 

## a. 

## Basis of preparation 

The Royal Philharmonic Society is a company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1. The address of the registered office is given in the charity information on page 1 of these financial statements.  The nature of the charity’s operations and principal activities are set out on page 2. 

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015 as updated by Bulletin 1 & 2. 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. 

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

## b. 

## Income 

All income is included in the Statement of Financial Activities (SoFA) when the charitable company is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 

Voluntary income is received by way of grants, donations, legacies and membership subscriptions and is included in full in the Statement of Financial Activities when receivable. 

Income from charitable activities are received by way of event, awards, education sponsorship and ticket sales and are included in full in the Statement of Financial Activities. Income where entitlement is not conditional on the delivery of a specific performance by the charitable company, is recognised when the charity becomes unconditionally entitled to the income and it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred. 

Investment income and bank interest receivable are fully accrued at the balance sheet date. 

## c. 

## Expenditure 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: 

- Costs of raising funds are those costs incurred in attracting voluntary income. 

- Charitable activities comprise those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries.  It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. 

45 



ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

- Awards comprise prizes, grants, commissions, bursaries and donations and are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such awards being recognised as expenditure when the conditions attaching to the awards are fulfilled. Awards offered subject to conditions that have not been met at the year-end are noted as a commitment, but not accrued as expenditure. Award related support costs comprise staff and office costs. 

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 

## d.       Support costs allocation 

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are allocated on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of estimates of the proportion of time spent by staff on those activities. 

## e. 

## Funds accounting 

Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. They comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the charitable objectives of the charitable company. 

Designated funds are unrestricted funds assigned by the Trustees to be used for particular purposes. 

Restricted funds comprise monies raised for, and their use restricted to, a specific purpose, or donations subject to conditions imposed by the donor or through the terms of an appeal. 

- f.        Operating leases 

   - Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease. 

## g.       Tangible assets 

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. 

Depreciation is provided on all capitalised assets at rates estimated to write off the cost less estimated residual value, of each asset over its expected useful life as follows: 

Computer equipment - 33.33% straight line 

## h.       Fixed asset investments 

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. 

## i. 

## Cash at bank and in hand 

Cash at bank and cash 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. 

## j.        Debtors and creditors receivable / payable within one year 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

46 



ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## k. Corporation Tax 

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 

## l.        Going Concern 

The financial statements have been prepared on a going concern basis as the Trustees believe there are no material uncertainties regarding the charity’s ability to continue at this time. Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date these financial statements were authorised. Plans for the year ahead have been prudently devised and budgeted on the expectation of ongoing challenges in the wake of the current economic climate. Given such planning, Trustees are of the opinion that the RPS will continue to meet its charitable objects in the next year and continue as a going concern. 

## m.      Judgements and key sources of estimation uncertainty 

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. 

There are no other key assumptions concerning the future or other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 

## 2. DONATIONS 

|Donations – General<br>Donations – Restricted/Linked Charities<br>Donations – RPS Awards<br>Legacies received<br>Membership – Individuals<br>Membership – Corporate<br>Gift Aid receivable|2023<br>£<br>98,519<br>1,000<br>12,000<br>502,010<br>36,963<br>4,525<br>19,352<br>____________<br>674,369|2022<br>£<br>37,684<br>8,928<br>10,765<br>10,967<br>37,040<br>3,400<br>9,451<br>____________<br>118,235|
|---|---|---|



47 



ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 3. GRANTS RECEIVABLE 

|.<br> <br>Unrestricted<br>£<br>ABRSM<br>5,000<br>Adrian Swire Charitable Trust<br>-<br>Andor Trust<br>-<br>Association of British Orchestras<br>-<br>Buffet Crampon<br>-<br>Delius Trust<br>-<br>Fidelio Charitable Trust<br>-<br>Garrick Charitable Trust<br>-<br>Gerald Moore Award<br>-<br>Harriet’s Trust<br>-<br>Presteigne Fund<br>-<br>PRS Foundation<br>-<br>Rachel Baker Memorial Charity<br>-<br>Radcliffe Trust<br>-<br>RVW Trust<br>-<br>The Boltini Trust – RPS Awards<br>10,000<br>The Helen Roll Charity<br>-<br>The Kirkby Laing Foundation<br>-<br>The Prince of Wales’ Charitable Fund<br>-<br>Thistle Insurance<br>-<br>Thistle Trust<br>-<br>Vaughan Williams Foundation<br>-<br>World of Sound<br>-<br>Yamaha<br>-<br>____________<br>15,000<br>____________<br>4.<br>SPONSORSHIP AND TICKET SALES<br>RPS Awards - Sponsorships<br>RPS Awards - Ticket Sales<br>5.<br>INVESTMENT INCOME<br>Investment income receivable from securities with investment managers|Restricted<br>£<br>-<br>-<br>1,000<br>-<br>5,000<br>3,000<br>2,000<br>-<br>-<br>12,000<br>1,000<br>10,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>75<br>-<br>7,000<br>300<br>1,000<br>____________<br>42,375<br>____________|2023<br>£<br>5,000<br>-<br>1,000<br>-<br>5,000<br>3,000<br>2,000<br>-<br>-<br>12,000<br>1,000<br>10,000<br>-<br>-<br>-<br>10,000<br>-<br>-<br>-<br>75<br>-<br>7,000<br>300<br>1,000<br>____________<br>57,375<br>____________<br>2023<br>£<br>21,250<br>9,860<br>____________<br>31,110<br>____________<br>2023<br>£<br>74,356<br>_____________<br>74,356|2022<br>£<br>10,000<br>2,500<br>1,000<br>500<br>-<br>3,000<br>-<br>2,500<br>61,442<br>-<br>-<br>4,500<br>112,500<br>3,000<br>3,000<br>10,000<br>1,000<br>2,500<br>1,500<br>-<br>3,000<br>-<br>-<br>-<br>____________<br>221,942<br>____________<br>2022<br>8,500<br>6,078<br>____________<br>14,578<br>____________<br>2022<br>£<br>36,371<br>_____________<br>36,371|2022<br>£<br>10,000<br>2,500<br>1,000<br>500<br>-<br>3,000<br>-<br>2,500<br>61,442<br>-<br>-<br>4,500<br>112,500<br>3,000<br>3,000<br>10,000<br>1,000<br>2,500<br>1,500<br>-<br>3,000<br>-<br>-<br>-<br>____________<br>221,942<br>|
|---|---|---|---|---|



48 



ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 6. ANALYSIS OF EXPENDITURE 

|Raising funds<br>Charitable activities<br>Events and education<br>Performers<br>Composers<br>RPS Awards|Staff<br>costs<br>£<br>Other direct<br>costs<br>£<br>22,056<br>3,245<br>38,914<br>16,219<br>74,537<br>122,246<br>40,086<br>79,081<br>19,945<br>35,539<br>___________<br>___________<br>195,538<br>256,330|Support<br>costs<br>£<br>Total<br>2023<br>£<br>Total<br>2022<br>£<br>6,995<br>32,296<br>37,534<br>24,213<br>79,346<br>80,487<br>21,674<br>218,457<br>260,970<br>13,502<br>132,669<br>104,653<br>6,355<br>61,839<br>53,637<br>___________<br>___________<br>___________<br>72,739<br>524,607<br>537,281<br>|
|---|---|---|



All costs are allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, being, time spent. 

## 7. SUPPORT COSTS 

|SUPPORT COSTS|||
|---|---|---|
||2023|2022|
||£|£|
|Bookkeeping, accountancy and payroll admin|13,262|12,505|
|Occupancy costs|42,336|41,342|
|IT maintenance and consumables|9,621|18,971|
|Depreciation|-|787|
|Other support costs|2,760|12,417|
|Governance (see note 8)|4,760|4,000|
||_____________|_____________|
||72,739|90,022|



_____________ _____________ 

## 8. GOVERNANCE COSTS 

|Independent Examination Fee|2023<br>£<br>4,760<br>_____________<br>4,760|2022<br>£<br>4,000<br>_____________<br>4,000|
|---|---|---|



## 9. NET INCOME / (EXPENDITURE) FOR THE YEAR 

|Net income / (expenditure) is stated after charging:<br>Independent Examiner’s Fee<br>Depreciation|2023<br>£<br>4,760<br>-<br>_____________<br>4,760|2022<br>£<br>4,000<br>787<br>_____________<br>4,787|
|---|---|---|



49 



ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 10. TRUSTEE REMUNERATION 

No Trustees received or waived remuneration for their services in the year (or in 2022). Travel expenses of £Nil were reimbursed to Trustees during the year (2022: £Nil). 

|STAFF COSTS<br>Salaries and wages<br>Social security<br>Employers pension<br>The average monthly number of employees, during the year was:|2023<br>£<br>175,955<br>14,771<br>4,812<br>_____________<br>195,538<br>_____________<br>4|2022<br>£<br>128,076<br>9,209<br>3,543<br>_____________<br>140,828<br>_____________<br>3<br>|
|---|---|---|



## 11. STAFF COSTS 

The number of staff whose annualised employment benefits (excluding employer pension costs) exceed £60,000 was: 

|£70,001 - £80,000<br>£80,001 - £90,000|2023<br>Number<br>-<br>1|2022<br>Number<br>1<br>-<br>|
|---|---|---|



Key management personnel for the year was as listed on page 2. Total remuneration paid to key management personnel in the year was £195,538 (2022: £140,828). 

## 12. TANGIBLE ASSETS 

|Cost<br> <br> <br>At 1 September 2022 and 31 August 2023<br> <br>Depreciation<br>At 1 September 2022 and 31 August 2023<br> <br>Net Book Value<br>At 31 August 2022 and 31 August 2023|Computer<br>Equipment<br> <br> £<br> <br> <br> <br>2,361<br>_____________<br>_<br>2,361<br>_____________<br>_<br>-|Total<br> £ <br>2,361<br>____________<br>2,361<br>____________<br>-|
|---|---|---|



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ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 13. FIXED ASSET INVESTMENTS 

|13.|FIXED ASSET INVESTMENTS|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||Market value at 1 September 2022|1,608,974|1,661,261|
||Additions|200,927|1,752,015|
||Disposal proceeds|-|(1,728,909)|
||Gains / (losses)|(67,964)|(75,393)|
|||_____________|_____________|
||Market Value at 31 August 2023|1,741,937|1,608,974|
||Capital cash awaiting investment|62,186|166,494|
|||_____________|_____________|
|||1,804,123|1,775,468|
|||_____________|_____________|
||Historical cost at 31 August 2023|1,823,082|1,622,154|
|||_____________|_____________|
||Investments at market value are represented by:|||
||Multi–Asset Funds|1,741,937|1,608,974|
|||_____________|_____________|
|14.|DEBTORS|2023|2022|
|||£|£|
||Accrued income and prepayments|42,294|35,339|
||Other debtors|8,807|2,070|
|||____________|____________|
|||51,101|37,409|
|||____________|____________|
|15.|CREDITORS|2023|2022|
|||£|£|
||Accruals and deferred income|9,453|7,047|
||Other taxes and social security|4,820|3,009|
||Other creditors|271|7,958|
|||____________|____________|
|||14,544<br>____________|18,014<br>____________|



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ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 16. DESIGNATED FUNDS 

|2023||||Investment|Transfers||
|---|---|---|---|---|---|---|
||Balance at|Income|Expenditure|gains/|between|Balance at|
||01.09.2022|||(losses)|funds|31.08.2023|
||£|£|£|£|£|£|
|Designated funds|||||||
|Membership Strategy|282,465|10,075|(31,395)|(9,209)|-|251,936|
|New Music Programme|57,693|1,779|(21,158)|(1,626)|-|36,688|
|Special Projects|200,000|7,352|(10,643)|(6,720)|-|189,989|
|Transition Fund|10,263|-|-|-|-|10,263|
||____________|____________|____________|____________|____________|____________|
||550,421|19,206|(63,196)|(17,555)|-|488,876|
||____________|____________|____________|____________|____________|____________|



Membership Strategy – Trustees have designated such funds to seed the growth of RPS Membership which over time stands to generate an essential income stream to secure long-term stability for the charity. Funds are designated to be drawn upon to a decreasing degree over an 8-year span, through which period substantial new Membership may be built. 

New Music Programme – Trustees designated a legacy gift in 2021 to safeguard this key activity for the charity, in the event of limited fundraising ability following the pandemic. 

Special Projects – Trustees have designated such funds to preserve and establish major initiatives the charity may undertake for the benefit of the whole sector, including its nationally-valued programme for women to progress as conductors, and a new project to foster a better UK-wide culture for commissioning marginalised disabled composers. 

Transition Fund – Trustees designated a portion of a legacy gift in 2021 to meet unforeseen costs and build resource (principally much-needed audiovisual equipment) as the newly-structured management team establishes itself post-pandemic. 

## 17. RESTRICTED FUNDS 

|2023|Balance at<br>01.09.2022|Income|Expenditure|Investment gains<br>/ (losses) and<br>Transfers|Balance at<br>31.08.2023|
|---|---|---|---|---|---|
|Restricted funds|£|£|£|£|£|
|Audience Fund|47,500|-|(47,500)|-|-|
|Cello Commissions|217,006|7,819|(19,956)|(7,147)|197,722|
|Drummond Lockyer Fund|38,175|308,826|(17,267)|(6,233)|323,501|
|Elgar Bursary Fund|-|203,675|(14,874)|(3,198)|185,603|
|Enterprise Fund|-|12,000|(8,018)|-|3,982|
|Gerald Moore Award|57,002|6,226|(118)|(2,035)|61,075|
|New Music Programme|4,897|28,250|(14,228)|-|18,919|
|Philip and Ursula Jones Musicians||||||
|Fund|5,283|54,800|(55,949)|-|4,134|
|Philip Langridge||||||
|Mentoring Scheme|40,207|1,344|(9,218)|(1,229)|31,104|
|Susan Bradshaw||||||
|Composers’ Fund|90,831|3,117|(16,594)|(2,849)|74,505|
|Women Conductors|15,315|-|(10,729)|-|4,586|
|Young Musicians|-|16,000|(8,000)|-|8,000|
|Young Classical Writers Prize|13,060|-|(2,250)|-|10,810|
||____________|____________|____________|____________|____________|
||529,276|642,057|(224,701)|(22,691)|923,941|
||____________|____________|____________|____________|____________|



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ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

Audience Fund – established with funds from the Rachel Baker Memorial Charity to help five orchestras enact major new audience development initiatives. 

Cello Commissions – legacy gift received to support new compositions for the cello. 

Drummond Lockyer Fund – set up with donations and legacy gifts to support the commission of music for dance, presented in memory of Sir John Drummond and Bob Lockyer who did so much to champion music and dance in their lifetime. 

Elgar Bursary Fund - set up with royalties from composer Anthony Payne's 'completion' of Elgar Symphony No.3 to commission music in the spirit of Elgar, and recently fortified with a legacy gift from Anthony and Jane Manning's estate. 

Enterprise Fund – established with a substantial one-off donation from Harriet’s Trust to support musicians in developing new initiatives and skills to keep connected with audiences through the pandemic. 

Gerald Moore Award – funds transferred to the RPS from the discontinued charity of the same name to award piano accompanists following in the profession of its exceptional namesake. 

New Music Programme – income raised to enable the RPS to continue supporting living composers. 

Philip and Ursula Jones Musicians Fund – income to enable initiatives supporting brass musicians including the triennial Philip Jones International Brass Ensemble Competition. 

Philip Langridge Mentoring Scheme – donations received in memory of the singer Philip Langridge for the mentoring of young musicians. 

Susan Bradshaw Composers' Fund – donations received in memory of the pianist Susan Bradshaw, supporting composers and young musicians performing works by living composers. 

Women Conductors – donations received to support the Society’s initiative to address gender inequality in conducting. 

Young Musicians - income specifically raised to support young performers as they embark on their careers. 

Young Classical Writers Prize – legacy gift received to support writing about classical music. 

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ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 18. RESTRICTED LINKED CHARITIES 

|2023||||||
|---|---|---|---|---|---|
||Balance at<br>01.09.2022|Income|Expenditure|Investment gains<br>/ (losses)|Balance at<br>31.08.2023|
||£|£|£|£|£|
|Emily Anderson Prize|52,077|1,767|(10,568)|(1,615)|41,661|
|Julius Isserlis Scholarship|537,844|19,211|(58,372)|(17,559)|481,124|
|Sir John Barbirolli Memorial||||||
|Foundation|112,776|6,153|(25,185)|(3,499)|90,245|
||____________|____________|____________|____________|____________|
||702,697|27,131|(94,125)|(22,673)|613,030|
||____________|____________|____________|____________|____________|



Emily Anderson Prize _–_ given to a young violinist and awarded by competition. 

Julius Isserlis Scholarship – makes awards to young instrumentalists who want to continue their training outside the UK. 

Sir John Barbirolli Memorial Foundation – provides bursaries and grants principally to students at conservatoires of music in order that they may purchase an instrument adequate for their professional training. 

## 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 

2023 

|2023||||||
|---|---|---|---|---|---|
||Unrestricted|Designated|Restricted|Restricted linked|Total|
||Funds|Funds|Funds|Charities|Funds|
||£|£|£|£|£|
|Fixed assets investments|133,933|466,001|602,313|601,876|1,804,123|
|Net current assets|10,542|22,875|321,628|11,154|366,119|
||____________|____________|____________|____________|____________|
||144,475<br>____________|488,876<br>____________|923,941<br>____________|613,030<br>____________|2,170,322<br>____________|



## COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS 

|2022<br>Unrestricted<br>Funds<br>Designated<br>Funds<br>£<br>£<br>Fixed assets investments<br>493,525<br>164,899<br>Net current assets<br>(353,716)<br>385,522<br>____________<br>____________<br>139,809<br>550,421<br> <br>|Restricted<br>Funds<br>Restricted linked<br>Charities<br>Total<br>Funds<br>£<br>£<br>£<br>376,367<br>740,677<br>1,775,468<br>152,909<br>(37,980)<br>146,735<br>____________<br>____________<br>____________<br>529,276<br>702,697<br>1,922,203<br> <br> <br>|
|---|---|



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ROYAL PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## 20. FINANCIAL COMMITMENTS 

At 31 August 2023, the charity had annual commitments under non-cancellable operating leases, total future minimum finance lease payments are as follows: 

||2023|2022|
|---|---|---|
||£|£|
|Within 1 year|36,000|36,000|
|Between 2 – 5 years|78,000|114,000|
|More than 5 years|-|-|
||_________|_________|
||114,000<br>_________|144,000<br>_________|



21. RECONCILIATION OF NET INCOME/EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 

|Net income/(expenditure) for the year<br>Adjustments for:<br>Depreciation charge<br>(Gains)/loss on investments<br>Dividends and interest from investments<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>Net cash used in/by operating activities|2023<br>2022<br>£<br>£<br>248,119<br>(220,908)<br>-<br>787<br>67,964<br>75,393<br>(74,356)<br>(36,371)<br>(13,692)<br>(18,523)<br>(3,470)<br>(72,346)<br>____________<br>____________<br>224,565<br>(271,968)|
|---|---|



## 22. COMPANY LIMITED BY GUARANTEE 

The charity is limited by guarantee and accordingly has no share capital. 

The shared liability of Members is limited to £1. At 31 August 2023 the Membership was 506 (2022: 501). Discounting Honorary, Life and complimentary Memberships, the regularly-giving Membership at 31 August 2023 was 358 (2022: 349). 

## 23. RELATED PARTY TRANSACTIONS 

There are no related party transactions to disclose. 

56