ROYAL LIVERPOOL PHILHARMONIC SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charlty Reprtratlon Number.. 230538 Cornpany Registration Number: 88235 Ileg￿l¢red in ErylaNI&Wa￿5 ROYAL LIVERPOOL PHILHARMONIC SOCIETY Contents Page Chair's Statement Trustees, Report (including Directors. Report and Strategic Report) 5-13 Independent AuditoI5 Report to the Members 14-17 Consolidated Statement of Financial Activities lincluding Income and Expenditure Accountl 18-19 Balance Sheet 20 Consolldated Cash Flow Statement 21 Accountln8 Policies 22-26 Notes formln8 part of the Flnancial Statemenis 27-47 Reference and Administrative Details 48-49 ROYAL LIVERPOOL PHILHARMONIC SOCIETY Chairfs Statement For the year ended 31 March 2025 The annual report sets out the Tru5tee5' report and financial statements for the year eThdeiJ 31 March 2025. Thi5 ha5 been anotheryear in which we have delivered succe55fullya8ainst our artistic and community arnbition5 whilst rnaintaining a Strong financial perfoTrnance_ Thi5 15 de5Plte the temporary c105ure of our Hall frotn May 2024 to tDid- October 2024, which enabled us to undertake critical improvefflents to our stage. ThrouEhout the year, over 230,(KK) audience members attended concerts in our Halls- including performances by our Orchestra, Choir and associated ensembles and ovèr 130.(KK) participants and audientès Èngaged with our learning and health programmes. This means thatourwork's scale and vitality continued to bring exception31 cultural, sotial and economic benefits to our City Region. even during a year when access to our venues was reduced. Flnan¢ial Perlormance The report shows that we have continued to create income in all key areas.. ticket sales. event income, bars, catering nd lundr315ing. Despite the extended closure of Liverpool Philharmonic Hall mentioned above. our headline financial performance has been strong, with Orchestra income reducing year on year by only £200,￿0 for the period. Income from hiring the Hall fell year on year by £840,(￿ which is a direct result of the closure and the unwinding of COVID. whereby the venue was in extrerne demand lor events that had been rescheduled during that period. Through careful Cost control and mana8ement. alonB Wlth the benefit ol Orchestra Tax Relief. the unrestricted deficit lor the year ha5 been contained at £494.OCMJ. With there being no extended closure planned in the year ending 31 Marth 2026, we are expectlllg income to level out and become more sustainable. We have been very grateful to receive on8oin8 SUPPOrt from our two main fundefs, Art5 Councll En8land and Liverpool Clty Council. We are proud to be one ol Arts Council En8land's National Portfolio Or8anisatlons and we are grateful for ACE'S support of our work wilh youn8 people through In Harmony liverpool Philharmonic and our en8a8ement ol audiences beyond Liverpool In Barrow-in-Furness. Liverpool City Council continued to offer $18nilicant core fundin8 lor our cross-8enerational impact as liverpool's bi88esi employer in ihe arts. In September 2024 we were delighted to receive a generous £ift from the Paul Hamlyn Foundation. This gift includes a £3.5 million endowment and a £500,IXK) grant which enables us to sustain our In Harmony Liverpool Philharmonic programme and embark on an exciting expansion plan which will allow more young people across the city to access our 11-18sYouth Hubs and Talent Development Programme.Thisexceptional support is indicative ofthe Foundation's belief in the Social impact of our work. and particularly ihe valueof our work with youngpeople. We look forward to rewarding this faith for years to come. Investment In Uverpool Phllharnionlc Hall The major redevelopment of the Liverpool Philharmonic Hall stage and choir area Inoted abovel was delivered on time, within budget and has been posilively received by musicians and audiences alike. The project has enhanced the working conditions and performance space lor the Orcheslra and Choir. improving the acoustics on stage for our musicians and increasing accessibility. giving step-lree acce55to all levels of the stagefor artlsts with physical disabilities. Thi5 year also Saw the cornpletion of necessary work5 to the roof. enabling U5 to reduce the energy consumption and overall maintenance of our horne. the Grade 2" listed Liverpool Philharmonic Hall. We were able to pay forthese work5 thTOVEh a combination of our own financial resouT¢e5, plus very generous support frorn Arts Council England'5 Capital Investtnenl Progratntne, the GaTfield Weston Foundation, the Foyle Foundation, and the Wolfson Foundation. In addition tothis. Lwerpool Citycouncil have provided a long-teim ltsan ol £l.000,000 to help us finance these essential works. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Chairfs Statement Iconikn￿dl For the year ended 31 March 2025 Arti5ti£ Prograrnme The 2024125 Orchestral season was Chief Conductor Domingo Hindoyan's fourth critically acclaimed season with the Orchestra. The concert programme featured a variety of premieres and commissions including a world premiere from Eleanor Alberga, UK prernieres frorn Robin Haigh and Daniel Freiber& and a new commi5510n from Joanna Marsh. We brought major international art15t5 to Liverpool including Sheku Kanneh-mason, Sonya Yoncheva, Nobuyuki Tsujii, Angela Hewitt. Benjarnin Appl. Kathryn Stott. DanThy Elfman. Sir 8ryn Terfel. Veronika Eberle and Sarah Wegener. The Royal Liverpool Philharrnonic Choir have presenteil performance5 of Brahms, Requiem. Joanna Marsh's Plastic Theutre, Walton's Be15huzzorf5 Fe05t, Rosephanye Powell's Ring the 8e115 anil Mahlerf5 Symphony No.3. Our tnusicians extended our programrne furtheT. perfoTrning in our En5etnble 10..10. atsse-up ané Lunchtirne concerts serie5 which featured any comp05er5 and premiere5, and some work5 Tarely or neveT-before perforrned in Liverpool. This year also saw the Orchesira's third tour iojapan, where they performed seven concerts with soloist Nobuyuki Tsulii in Tokyo's legendary Suntory Hall and major concert halls in SaRa. Osaka. Omiya, Niigata and Nagano. The Orchestra furrher promoted our activities overseas, wirh a tour to France for Flaneries Musicales de Reims Festival, and across the UK. performing the closing concert of the Cheltenham Music Festival and accompanying the finals of the 2024 Leed5 International Piano Competition. This year the Orchestra won the Gramophone Orchestral Award 2024 for our Onyx Classics recording of Vaughan Williams. Job..A Mgsquefof With our Principal Guest Conductor, Andrew Manze. Alongside this dynamic local and international programme of concerts. we completed the first season of our Arts Council England supported partnership with Barrow-in-Furness. We delivered over 84 performances in 24 unique locations acr05S the town. reaching an estimated 4.C#)O Barrgvians. In addition to our orchestral programme at Liverpool Philharmonic Hall, we continued to attract major artists Irorn acr055 musical Benre5. comedy and spoken word. including a first ever appearance by Chri5 Mccausland. and concert5 by Thè Real Thin8, 8rad Kella. Kim Wildt, David Gray, Alison Moyet and Frank Skinner. Our second venue- the Music Room- solidified its Posltion as the leadin8 small musit venue in the ¢ity with a very stron8 pro8ramme of music across classical, £ontemporary. folk, jazz. pop and other genres. As well as welcomin8 international artists. we promoted and presented talent from Liverpool and worked in partnership with a broad range of Important, Liverpool-based or8anisations such as Milap. Africa Oyé, Luma Creaiions, Liverpool Arab Arts Festival, and Writin8 on the Wall. Nurturlng talent and Invol￿￿8 young people Liverpool Philharmonic Youth Company has continued to expand with the creation of two new ensembles planned.. Liverpool Philharmonic Youth Training Orchestra and Liverpool Philharmonic Youth Training Choir. Thanks to generous contributions from our donors and regular funders. members of ￿Verpool Philharmonic Youth Orchestra had the opportunity to perform in Florence. Italy, and our ground-breaking In Harmrjny Liverpool Philharmonic programme celebrated 16 year5 of regular activities in North Liverpool. In Harmony participants worked alongside Chief Conductor Domingo Hindoyan and enjoyed a special workshop with Sheku and Isata Kanneh-mason. Our Schools, Concerts attracted I8.0￿ school children and their teachers from across the Liverpool City Region and beyond. Impact on the city We are proud to represent Liverpool on a national andglobal stage. and to play a fundamental role in the success, health and quality of life of our city. We do 50. not only through our world cla55 live performance5 at home and on tour. but also through the benefit5 we bring to the ecovomy. We employ over 3CKI people. who are all paid at least the Real Living Wage, we work with local supplie15, and every event we put on increases v151toi spend ￿VerpOOl. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Chairfs Statement Iconikn￿dl For the year ended 31 March 2025 Our Music and Health prograrrrne. which we run in collaboration with four NHS Trusts in Liverpool, continue5 to demonstrate the long-terrn positive impact our music prograrnmes (an have on the physical and mental health outcorne5 of patients and participant5. Thi5 year we were delighted to begin a collaboration with Alder Hey Children'5 NHS Foundation Trust which is funded by the Alder Hey ChildTen's Charity. Thi5 consists of weekly rllusic-rnaking 5e5510n5 lor patient5 on waTds, where we are woiknng Wlth stafl. voluDteer5. children, and young people. We are lucky to be based In a city thai believes in the social and etonomic power of Culture and music. That's why we are proud to play a role in major events, often run in collaboration with tiveipool City Council or the Liverpool Citv Region. In May 2024, the Orchesira performed alongside Andrea Botelli and Craig Charles in the naming of thÈ new Cunèrd ship. We were also proud to appear at the Labour Party Conference, with members of our Youth Companv performing and speaking aboLJt the transformative impact our programme has had on their lives. Since Liverpool's hosting of the Eurovision Song Contest in 2023. we've been delighted to continue staging our special concert Douze Poinrs. this yearwelcomingTV presenter Mel Giedroyc as host. We alsoenhance thecity's reputation through the global influence of our Orchestra'5 award-winningrecordings and broadustswhith arestreamed tg millions around the world. Funders and Suppcrters Alongside our support from Arts Council England. Liverpool City Council and Paul Harnlyn Foundation, we enjoyed superb support frorn a wide range of partner5 and hJnder5. including generou5 rnulti-year 5UPPOrt provided tr)y the Karlsson Jativa Charitable Foundation and the Esmée Fairbairn Foundation, a range of other trusts and foundatlon5, and over I,(X)O individual donors who have supported us throughout the year. Wlthoui their support we would not be able to sustain or develop the quallty, Impact and breadth of our work. We thank them all. This year we were also £rateful to recelve fvndin8 from Bloomberg Philanihroples. Di8ltal Accelerator programme for the development of our websire and digital offerin8, which will enable vs to reach even more audience members and participants, locally, nationally and internarionally. This process will extend across two years, beginning on l May 2025. People After more than 16 years of leadership. we bid larewell to Michael Eakin who retired in March 202S. His tenure was nothing short of transformative. and we are deeply grateful for his exceptional leadership. After 19 years with the organisation, Executive Director of Audiences and Development Mi11iceTrt Jones also moved on to a new chapter in her career. Millicent played an integral role in a period ol remarkable growth aThd development. We are deeply grateful lor both their contributions to the success ol the Royal Liverpool Philharmonic. With my colleagues on the Board, I was delighted to welcome four new trustees. Tom Lewis, David Lloyd, Jernice Easthope and Matthew Cooke. who represent excellent additionstoour leadership. I lookforward to workin8 Wlth the to Support the ongoinB advancement of our unique or8anisation. I would a150 like to thank Vanessa Bakewell and An8e13 Bellingham for their time on our Board and the Corntrib￿l0￿5 they have made to the Society durin8 their tenures. As always, l am grateful to all my fellow Board members for the support they have given me over the lasi year, particularly through the recruitment pl￿e$S for our new Chief Executive, Vanessa Reed. who Joined LSverpool Philharmonic on 19 May 2025. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Chairfs Statement Iconikn￿dl For the year ended 31 March 2025 Finally, on behalf ol the Board. I wish to thank everyone who has joined u5 this year for their support of Liverpool Philharfflonic's core purpose- to transform live5 thTough music. This ts what bring5 us joy. and this is what we are here for. l am honoured to be part ol this generou5 and creative community. Loulse Shtph*rd CBE Chalr ROYAL LIVERPOOL PHILHARMONIC SOCIETY Trustees, Report (including Directors, Report and Strategic Report) For the year ended 31 March 2025 The Board of Trustees 1.the Board") ol the Royal Liverpool Philharmonic Society l-the Society-l present their Annual Report lorthe year ended 31 March 2025 prepared underthe Companies Act 2￿6 and the Charities Act 2011 together with the audited group financial statement5 lor that year. The h"nancial Statements have been prepared in accordance with FRS102 and cornply with the CoTnpanies Art 2006. the Socie￿5 governing document5 and the Staternent of Recommended Practice FR5102 (the Charilies SORP FRS1021. The financial statements have been prepared in accordancewith the accouniinR policles set out in nores to the accounts and comply with the charity's governing document, the Charilies Act 2011 and Accoun¢ing and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in Ottober 2019. Structure* governance and management The Society is governed by its Memorandum aThd Articles of Association adopted on 31 March 1906 and last amended on 3 November 2014. The Society Is a company limited by guarantee. re8lStered at Companies House (registration number 882351 and a charity registered with the Charity Commission Iregistration number 2305381. The Society h3s a wholly owned subsidiary. Liverpool Philharmonic Hall and Events Limited. a private cornp3ny registered in England Ire8lStration number 31109031. The subsidiary donates all of its profits back to the Society annuallv. The Society consolidate5 into its financial Statements the results of Liverpool Philharmonic Hall and Events Lirnited. Board ol trustees The Illrectors of the charitable company are ils tfusiees foi ihe purposes of charity law. The trustees who have served during the year were as noted on page 48. The Board of Trustees undertakes an annual revlew of its 8overnance arran8ements whlch includes its effethiveness. The Board Is responsible for the overall governance of ihe Society. The total number of Trustees may not exceed 11. 10 Trustees, including two members of the Orchestra. are co-opted on the ￿¢0Mmendation of the Board, are appointed at the Annual General Meeting and may serve for a maximurn ol two consecutive three-year terms, if reappointed after the Inltial term. The Chief Executive of the Society is also a Trustee. The Board meets bi-monthly to review strategy and operational performance including Arts Council England's monitoring reports and to set operating plans and budgets at least annually. The Board has a register of Trustee interests which is Monitored at every 8oard meeting. It delegates certain powers in connection with the management ofthesociety to the Chief Executive. Delegated powers are covered in the StandingOrder5 andthe Financial Regulation5 and are reviewed periodically by the Board. The Board has a four committees which are made up of subBfoup5 of the main Board. These Cornmittees are: Audit and Performante Committee tomprising of up to three Trustèes and the Company Secretary. This tommittee reviÈws the SotieWs risk profile. its approach to and implÈmentation of risk management and internal control and is responsible lor overseeing theexternal audit. Italso examines thesociety's performance in the achievement of the objectives outlined in its business and operational plans.. Nominations Committee (omprisine as a minimum. The Chaii of the Board of Trustees. the Oeputy Chair of the Board of Trustees, the Chief Execulive and one other which looks at nominations for future Board members. Remuneration Cornrnittee comprising as a minimurn the Chair of the Board of Tru5tee5 along with two non- Salaried member5 of the Board of Trustees. The salaries of the senior management team are agreed individually but approved by the Remuneration Committee,. and ROYAL LIVERPOOL PHILHARMONIC SOCIETY Trustees, Report (including Directors, Report and Strategic Report) [CoThUtM*dl For the year ended 31 March 2025 Fundraising, Influente and Partnership Commiltee tomprising a minimum of thrÈe non-salaried Trustees and the Chief Executive which looks at fundraising strategies and facilitating donor cultivation. Trustee Inductlon and tralnlr An induction programrne is designed foreach new Trusteeto enable them to understand the Societfs operational ways of working, how its strategic objectives are delivered and the challenges it face5. Trustees are trained in accordance with their needs as assessed via a ski115 audit. Executlve The Chief Executive is responsible for the day to day mana8ement ol the Society's affair5 and for implementing policie5 agreed by the eoard ol Trustees. The Chief Executive 15 assisted by an Executive Team. The Members ol the Executive team are set out 011 Page 48. Key mana8*ment pèrsonnèl Remuneration of Key Management Personnel is negotiated on a case-by-case basis in Ilne with the standard pay structures of the Soeiety. Strate81¢ Report Alsk management The SocietW5 5V5tems of risk identili£ation and management are a key part of the responsibility ol the Executive tearn. The Executlve team prepares a detailed risk register and make necessary changes to the policies and procedure5 relating to the specific ri5k5 facing Liverpool Philharmonic. The Risk Management System is reviewed in context with the policies on Reserves and Insurance. Changes to the risk profile, including risks arising from outside the organi5ation are monitored by the Executive who take account of impacts on the organisation's incorne streams, a5se5srnent5 of the economic climate. di5CU5sions with funders and programming ac(ordin81y. The Audit and Performance Committee meets regularly throughout the year and examine5 the risk profile and Societv mitigations. The lull Board reviews the rlsk map, which give5 a graphical analy515 of the key risk5 facing the bu5ines5, provides challen8e and scrutiny and ¢)veisees mitigations and other actions. Flnancial performance The year ended 31 March 2025 has been a challen8in8 year for the Royal Lfverpool Philharmonic society (Llverpool Philharmonic) with increasing audience conlidence demonstrated by Strong income from Charitable activities despite an extended closure perioé ai Philharmonic Hall due to major staKe works bein8 completed. We continued to deliver our Learning Programme through the newly diversified delivery methods and are always looking to extend the programme further. With the uplifted recovery rate lor Orchestra Tax Relief IOTRI being another full yèar of 50%, the amount of OTR recovered has allowed Liverpool Philharnionic tocontinue todelivergreat art forall. The amount of OTR recovered was £2,690,00012024.. £2.716.0(X)i. There has been a change in the Orchestra Tax Relief recovery rate where by the recovery rate will be reduced from the temporary uplifted rate of 50% to 45%. This 15 effective for costs incurred for concert rehearsa15 on and after l April 2025. Whilst thi5 is a reduction on the temporary uplifted rate of 50%. it remain5 a significant contribution to Liverpool Philharrnonic's finance5 allowing Liverpool Philharrnonic to continue to put on great art for all. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Trustees, Report (including Directors, Report and Strategic Report) [CoThUtM*dl For the year ended 31 March 2025 Stralegl¢ Report ICwtinu¢d] Despite an extended period of closure to enable the capital works on the stage riser system to happen, an unrestricted loss of £494,00012024.. £S62.(KKJ surplus) which includes Orchestra Tax Relief credits of £2,690.00012024.. £2,716,OCK)I, was reported before actuarial gains on the defined benefit pension scheme in the year of £679,00012024.. £182.0001. The 3ctuari31 gain on the Defined Benefit Pension Scheme is primarily due to performance of the bond yields and the calculation of the discount factor that is used to calculate the present value of the future liabilities (note 231. This deficit was capped through careful cost control and the generosity of our donors. supporters and funder5 throughout the period. The Defined Benefit Pension Schemewasc105ed toluture accrual of benefiton 31 March 2013 which will cap the growth of the scherne liabilities in future. Also, the Defined Benefit Pension Scheme ha5 the abilityto utilise Guaranteed Annuity Rates IGARS) when members retire. There has been no accountof GAR5 in the calculation of the defined benefit pension liabilities and Biven the current eeonorni£ climate with hi8her interest rate5. the ability to purchase GARS means that the future liabilitie5 of the scheme May be less financially onerous than it actually appears. Fundraisin8 Income from individual donors (includin8 Gift Aid) ènd corporaie sponsorship was £4,307,000 12024.. £799,(HJOI. Liverpool Philharmonic has received extremely generous donations from many Individuèl donors., corporate donors Include Rathbones In£orporatin8 Investec Wealth & Investment IUKI, Hill Dickinson LLP and Wei8htmans LLP. In addltion to these generous donations. a si8nificani number of audience members re8ularly tlonate. Donations include a £3.$00,(KX) restricted donation from Paul Hamlyn Foundation. The purpose of this donation is to establish an Endowment Fund where the income will be used. sybjert to a8reed draw down conditions, to support the work with young people and In Harmony. Orchestra actlvltles Incorne frorn Orchestra performance5 and engagement5 showed a marginal gain on previous years incomè. 2025 2024 £'ooo Liverpool orchestral performantts admissions En8a8efflent lees 1.688 204 2,078 309 1,892 2.387 The Orchestra earns additional Income through otheractivities includinglees from broadcastlng12025.. £418,LXXJ,. 2024.. £198,000) and royalties on recording$12025.. £116,(XK),. 2024: E54.OWI. Income from Orchestral performance admissions has been imparted by ihe ertended closure period of Philharmonlc Hall when the major stageworks were compleied. The Orchesira was deployed to alternative venues and locations throughout the closure period to maintain activity and impact. Thisclosure period resulted in a temporary f311 in income which is expected to return to normal levels in the year ending 31 March 2026. Reser¥es A target for unrestricted reserve5 has been set at £2.sCKI.c4￿ before Pe￿510n reserves. The unrestricted reserve balance at 31 March 2025 was £4,801.OtMJ before the Defined Benefit Pension Scherne liability of £15,tMJO12024.. £15,000 and £694,000 deficit re5pectivelyl. With careful financial managemenl a￿d. the generous 5UPPOrt from our funders. sponsors and donor5, along with the benefit of Orchestra Taxation Relief. Liverpool Philharmonic drew upon reserves due to the extended closure period at PhilharrnO￿iC Hall the period. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Trustees, Report (including Directors, Report and Strategic Report) [CoThUtM*dl For the year ended 31 March 2025 Strztegic Report ICondnued] The surplus generated in thisyear will be transferred to resewvesto help fund knverpool Philharmonic's financial stability for the unknown luture events and continued investment in showcasin8 great art. The Board performs a review of the reseThes policy each year so that sufficient reseNes can be established in line with the future needs of the business over ihe forthcoming years. The target of £2.5(X),OLX) has been set so that Liverpool Philharmonic can coniinue to meet its charitable objects and is noi overly svsceptible to changing economi< conditions. £2,5(K),000 represents approximately four months core underlying operating costs which will protect Liverpool Philharmonic from fluttuatiorss and red￿ctionS in earned income. Unrestricted reserves are reported at 31 March 202S as surplus E4.801.cxxJ12024.. £4.616.1Y)O surplusl of which £15,0￿) deficit relates to the defined benefit pension deficit12024.. E694,0(X) deficit) reserves. The valuation of the defined benefit pensign scheme has generated an artuarial Bain of £679.C(Q12024.. £182.OCO gain). Free reserves. being total reserve5 before the Oefined 8enefit Pension Scheme liability less restricted reserve5 and unrestricted fixed assets at 31 March 2025 were.. 2025 2024 £'ooo Total reserve5 Add.. Defined benefit ptnsion deficit ss.. Restricted reserves Unrestricted fixed assets 19.052 Is 14,246 694 114,2511 15,5971 110,8741 12,4381 17811 1,628 There has been a reduction in free reserves Irom 31 March 2024 to 31 March 202S. The primary reason for this 15 the method of calculation that Liverpool Philharmonic uses for free reserves. which eliminates unrestricted fixed assets. During the year ended 31 March 2025. major capital works were completed whereby the stage riser system was replaced resulting in siBnificant additions of the order £1.8(X).CKSO to the unrestricted fixed assets creating the movement in free reserves. Net current assets are reported at £1.146.C¥)012024.. £1.354,CWI indicating that despite reporting an unrestricted operational 105s of £464.000 before actuarial revaluation5. LNerpool Philharmonic has managed to retain consistent levels of liquidity in its current as5et5. Flxed A55et Di5P05al In February 2025, the Board of Trustees agreed design5 afid plans for a capital project whereby the stage riser sy5tern would be replaced. It wa5 the decision to irnpairthe stage installed in 2014 a5 It offers no value to the ongoing bu5ine55. The staEe works were completed in 2024 and the stage riser system that wès Installed in 2014 was removed and replaced. An amount of £1,480,IJOO has been disposed of_ As the system was fully impaired. there is no impart to the Statement of Financial Activities. Penslon provlslons Liverpool Philharmonic operates a defined benefft pension scheme. The scheme is valued in accordance with Financial Reporting Standard 102. This resulted in an actuarial gain of £679.0(K>12024.. £182.0001 during the year which h3S decreased the scheme deficit from £694.1m to £15.(MY). The Defined Benefit Pension Scheme has an ability to use ROYAL LIVERPOOL PHILHARMONIC SOCIETY Trustees, Report (including Directors, Report and Strategic Report) [CoThUtM*dl For the year ended 31 March 2025 Strztegic Report ICondnued] guaranteed annuity rate5 IGAR51 on retirernent. However. the irnpact of GARS has not been calculated. Therefore. with the current actuarial rates, the liability may be le55 onerou5 than it appears in the financial Statements. The last technical triennial valuation has been eompleted during the previous year with an effective date of 31 March 2023 and a revised schedule of conrributions was agreed shortly after_ The agreed contribution level effective from I April 2022, has increased from £150,IXIO to £194.OLK) for the remaining 10 years of the ￿CoVery. This will be reviewed when the next full aituarial valuation is undertaken which is currently underway and expected to be completed during 2025. A group personal pension plan was launched on l April 2013 which is a contributoryscheme. available to all employees. This scheme is compliant with the recent pension legislation and has auto enrolled all Liverpool Philharmonic qualifying employees on I july 2014. Every three years foll¢)win8 the launch. we auto-re*nrolled the few staff who gpted out of the scheme. Investment pollcy and performance The Trustee5 seek to ensure that emer8in8 cash and other liquid resources are held and are able to be utilised lor the purposes Set out in the Re5erve5 Policy. It 15 the policy of the Trustees that, until reserve5 satisfy the leve15 set out in thè Reserve5 Policy, the reserves are held in a number Of low risk vehicles with the perforrnance of Liverptsol Philharrnonic's Investment Managers bting monitortd bytht Audit and Performantt Committee. All flnantial providers are reviewed periodically. Plans for future ￿rIodS The maln locus for Llverpool Philham)onlc Ss io £ontlnue to recover from the Impact of Covld-19 and present an outstandln8 concert pro8ramme, brin8in8 a diverse portfolioof world classartists to the Philharmonic Hall whllst tourin8 the Orchestra across the United Kingdom and overseas. We will continue to have a siRnlficanr Impact both locally and natlonally wirh our Learnlns programme. in particularthrou8h the expansion and development of In Harmony Llverpool which currently reaches 1,500 children in Everton and Anfield. As part of Liverpool Philharmonlc's Natlonal portfolio ward, we continue to be delighted to be the grateful beneficiary of levelling up funding to develop a programme of events in Barrow. The objectives and activities of the charity are discussed further below. F5nanclal r15k management Prices of goods and services purchased are subject to contract5 Wlth suppliers based on rnarket prices. and salary cost5 are subject to a lorrnal annual review. Our standard payment termsare 30days. Credit risk on amount5 owed by donors s low and audiences pay lor ticket5 at the point ol bookin8. In terms of liquidity risk, Liverpool Philharmonic has no Short term borrowin85 and our policies on the management of investments and rese￿e5 are Set out above. InOrting standard applicable in the UK IFRS 1021, the Companies Act 2006, and the Charities Art 2022. In addition, we considered provisions ol other laws and regulations that do not have a dI￿rt effett on the financial statement5 but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included Data Proteclion Regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http'.l/www.frc.org.uVauditor5responsibilities. This description forms part of our auditorfs report. Audlt response to risks identified As a result of performing the above. we identified the compliance with Health and Safety legislation- compliance with copyright and other intellectual property law.. and compliance wrth ernployment law as the key audit matter related to the potential risk of fraud. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Independent Auditorfs Report To the Members of the Royal ￿verPool Philharmonic Society Iconthwdl In addition to the above, our procedure5 to respond to risk5 identified included the following.. reviewing the financial statementdi5c105uresand testingtosupporting docurnentation to a55e55 compliance with relevant laws and regulations described above as having a dirett effeci on the financial statements., enquiring of management and members of the board concerning actual and potential litigation and claims.. perfom)ing analytical procedures io identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minute5 01 meetings of those charged with governance and reviewing £orre5pondence with relevant authorities where matters identified were 5ignilicant.' and in addressing the risk of fraud ihrou8h management override of conirols, testing the appropriateness of journal entries and other aéjustments.. assessing wheiher the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any 518nificant transactions that were unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Use of our report Thi5 report 15 made solely to the charitable compan*5 members, a5 a body. in accordance with Ch3Pter 3 of Part 16 of the Companies Act 2006 and to the charitable companws trustee5, 35 a body. in accordance with Part 4 01 the Ch3ritie5 (Accounts and Report51 Regulation5 2008. Our audit work has been undertaken 50 that we rnight state to the ch3ritable company's members and its trustees those matters we are required tts state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable £ornpany and the charitable companrfs membevs as a body and the charitable company's trustees as a body, lor our audit work, lor thi5 reptsrt. or for the opinion5 we have formed. Allson Buckley Isenlor Ststutory Audltorl For and on l)ehall of Mitchell Charlesworth (Auditl Llmlted A¢¢ountants statutory Audltor 3rd Floor 44 Peter Street Manchester M2 SGP Date: 25 09 2025 Mitthell Ch4de5VlOrth (Aud￿> Lknlted I5*1b￿rOathaSan4￿￿1to1￿tslM$Of$e(OO￿ 1212 olthe COM￿nI25 Aci Iw6 rfi trj rfj cc u ROYAL LIVERPOOL PHILHARMONIC SOCIETY Balance Sheet As at 31 March 2025 Group Company 2025 2025 Notes Fixed assets Tangible a55ets Investments 12 13 14,734 4,1(K) 13,041 54S 14,7LX) 4,1(X) 13,041 $45 18,834 13,586 18,8(X) 13,586 Current assets Stocks Debtors.. Amounts falling due within one vear Cash at bank and in hand 75 14 3,129 3,353 4.957 950 2,996 3,149 4,807 736 6.557 5.939 6,145 5,$43 Creditors.. Arnounts falling due within one year 15 15.4111 14.5851 15.0171 14,2091 Net current assets Creditor5.' Amount5 falling due within more than one year 1.146 1,354 1,128 1,334 19131 19131 Net assets excludln8 penslon Ilablllty 19,067 14,940 19,015 14,920 Deflned beneflt penslon scheme Ilabllity 22 1151 16941 16941 Totsl nel assets 19.052 14.246 19,0(X) 14,226 The funds of the tharlty Endowment funds Restricted income lund5 18 3,562 10,689 3,562 10,689 9.630 9,630 Unre5trlcted Income fund5 General funds Pension reserve fund 4.816 5.310 16941 4,764 5,290 16941 Totsl unrestrirted funds 4.801 4.616 4.749 4,596 Total funds 19.052 14.246 19,CMX) 14,226 Thefinantial ststtrntnts were approved and authorised for issue bythe Board of Trustees on 2 are $i8ned on thelr behalf by- and Lou15e shepherd CBE Chalr Stephen fjregory Deputy Chalr ReÉlstraiioTh No.98235 ROYAL LIVERPOOL PHILHARMONIC SOCIETY Consolidated Cash Flow Statement For the year ended 31 March 2025 2025 2024 £'ooo Cash flow from operatln¥ artivitses 5,340 12.8361 Orchestra tax relief received 2,6 2,716 Net ush flow from operatlng artl¥ttles 8,030 11201 Cosh flow from Investlng artl¥Stles Payments to acquire tangible fixed asset5 Movements in cash held as investments Interest and dividends received 12.2221 13.5001 95 18381 53 Net cash flow from 5nvestln8 acdvltles 15.6271 17851 Ntt In£rèastlldtcrtasèl In cash and cash e4ulvalènts 2.403 IYJ51 Cash and cash equivalents at l April 2024 950 1,855 Cash and Cash egulvalents ai Ji Mar¢h 2025 3,353 950 Recon¢lllatlon of net outgolng resources to net cash Ilow from operatlng art1v￿oe5 Net Incomellexpendlturel for the ye•Y 4,806 15871 Orchestra tax relief recelved Dlvidends and interest received Depreciation and impairment of tangible fixed assets Lossesllgainsl on investments Impairment losses Actuarial gains on defined benefit pension scheme Ilncreaselldecrease in stock Decrease in debtors Increaselldecreasel in credito 12.6901 1951 529 1551 12,7161 1531 $24 1131 1.244 11821 li 11.5671 503 16791 1431 1,828 1.739 Net cash outllow from operating 3clivitse5 5.340 12.8361 ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements For the year ended 31 March 2025 Accounting policies Basis Df preparation The Charity constitutes a public benefii entity as defined by FRS 102. The financial statements have been prepared in accordance with Accouniing and Reporting by Charities.. Statemenr of Recommended Practice applicable to charities preparing theiraccounis in accordance with the Financial Reporring Standard applicable in the UK ané Republic of I￿land issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011. and the Companies Act 2(X)6. The financial statements are prepared on a goingconcern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £'(XXI. The significant accounting policies applied in the preparatTroTr of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. bl Taxat5on The Society is 8 registered Charity and no provision5 are tonsidered necessary for taxation other than VAT. The trading subsidiary donate5 all of its profits to the Charity annually and, a5 such, does not incur a Corporation Tax charge. Orchestra tax relief is accrued based on ieasonable estimaies of recoverability. Group financlal statements These financial statemenis consolldate the results of the Soclety and lis wholly owned subsidlary, Llverpool Philharmonic Hall and Evenis Limited on a line by line bèsis. The accounting period for Liverpool Philharmonic Hall and Events Llmited is w-terminus with that of the Society. As permirted by Seaion 408 of the Companies Att 2(K)6 and paragraph 397 of the SORP, no separate Statement of Financial Attivities ISOFAI has been presented for the Charity. The net charity income for the year was £1,405.00012024.' net expenditure of £3.491.CX)01 and the net movement in funds was £4,39S,CK)O 12024.. £593,0￿1. Golng concern As noted on pa8e 6 of the Trustees, Report. the Tru5tee5 have given due regard to the pressure on income Streamsand increasin8C05ts.The Trustee5 haveconcludedthat the positive level of general reSe￿e5. a healthy cash balance, the benefit of Orchestra Tax Relief at an increased rate of 50% along with other source5 of funding and the continued 5UPPOrt of its rnajor funders. rnean that the going concern ba515 rernains appropriate for the preparation of these financial statements. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 Accounting policies IConUnuedJ In¢omin¥ resources Voluntary income including grants, donaiions, gifts, legacies and memberships including related Rift aid, that provides core funding or is of a general nature is recognised where there is certainty of receipt and where the amount (an be measured with sufficient reliability- Voluntary income is only deferred where.. the donor specifies that the income must only be used in luture accoursting periods.. or the donor has imposed conditions which must be met before the Society has unconditional entitlement to the income. Incorne from tradin8 adivities. e.g. ticket sales. is re￿gnISed in the accounting period in which the event takes place. Investrnent income is recognised on a receivable basis. Grant5 that carry specific conditions of performance. received specifically for charitable activities, are recognised a5 earned and restricted. Deferred incorne is released in line with the expenditure incurred on the projects funded by the income. Volunteers and donated ser¥kes and facllltles The value of servites rendered byvolunteers is not Intorporated in these financial staternents. Where donated services ènd facilities are regarded as material they will be reco8nised in the SOFA providing thai the beneflt to the Charity is reasonably quantifiable. Should the donation of a gift of 8oods permit resale, the income from thar sale will be reco8nised at the point ol realisaiion. 81 Resour¢es expended Expenditure is rKognised on an accruals basis and is reported 8ross of related income. Expenditure on dlrect Costs relating to evenis is matched io the period in which ihe eveni occurs. Expenditure on staff salarles Is charBed to the financial statements as incurred and is not deferred to future period5. Treatment of support costs Support services are absorbed into the relevant actNities undertaken by the Society. This 15 done on a ba51s consistent with the avera8e consumption of resources. Categorisatlon Expenditure 15 recognised in the following categorie5.' Expenditure on raising includin8 the costs inCUr￿d whilst carryin8 Out commevcial trading operatlOn5, inve5trnent rnanagement C05t5 and other fvndraisin8 Costs., and Expenditure on charitable activitie5 include5 all direct and indirect C05t a550ciated with undertaking charitable prirnary purpose activitie5. h) Irre¢o¥erable VAT Where irrecoverablÈ VAT has been incur￿d on an exempt tharttable attivity it is refletted as a cost to that charitable attivity. Where irrecoverable VAT has been inturred by a support or service function it is allocated to activities on the same basis as the support orservice lunction. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 Accounting policies IConUnuedJ Leases The Society inetsrs operating lease charges on office and specialist equipment. The title to the equipment remains with the lessor. Rentals payable and ￿ceivable under operating leases are charged to the SOFA on a straight line basis over the period ot the lease. Tanglble fixed assets Leasehold property is stated at depreciated hisiorical cost. Other fixed assets are stated at their purchase cost, togetherwith any incidental cost of acquisition. Assetsare depreciated on a straight line basis over their useful economic lives as follows.. Years Over useful economi¢ life 10-20 Le35ehold property Music31 instruments Furniture and fitting5 Computers and IT io Assets costing £1￿ or more are capitalised at cost. The purchase of musit or minor items of IT, furnllure and equipment is written off in the year in which the exptnst is inturred. kl Invèstm•nts Investments are reco8nised Snitlally ai fair value which Is normally the transartion prlce excludlng transactlon costs. Subsequently. they are measured at fair value with chan8es recognised In 'net 8ains/llossesl on invesimenis, in the SOFA if the shares a￿ publiily traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. The investment in the subsidiary is measured at cost less impairment. Stock Finished goods stocks relating to bars. catering and other tradiTr8 Stocks are valued at cost. Debtors and Cred￿DIS Debtors and creditors with no slated inteve5t rate and rettivable or payable within one year are recorded at tran5a£tion price. Any105ses arising from impairment are recognised in expenditure. Fund5 Restricted incorne funds account for income which has been raised for or Spent on a specific purpose. Grant5 and ificome that relate to specific capital expenditure are treated a5 restricted fufids. Employee beneffts When employees have rendereil a service to the Charity. short_ierm employee benefits to whlch the employees are enriiled are recoBnised at the undiscounted amount expected to be paid in exchange for that service. 241 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 Accounting policies IConUnuedJ pl Pensions The S(￿letY operated a defined benefit pension scheme for the benefit of a number of its employees, the assets of which are held separaiely Irom those of the Society in independently administered funds. The scheme was closed to new members in 2001 and was closed w future accrual of benefits in 2013. Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projetted unit actuarial rnethod and are discounted at the current rate of return on a high quality corporate bonfl of equivalent terms and currenry to the liability. The expetted return on the schemes. assets and the increase during the year in the present value of the schemes, liabilities arising from the passage of time are included within the SOFA below net movements in funds. This represents a departure from the SORP FRS 102. However. the Trustees consider that given the ngnurces Galn5, L055es and Taxat5on £'ooo At 31 March 2025 £'ty)o Group Outgolng Resources Transfer Current year Rtstrl¢tÈd funds.. Hall refurbishment fund Learning fund Paul Hamlyn Endowmtnt fund 9,359 271 12221 14641 9,137 1,552 1.745 62 3,562 9,630 S,24S 16861 62 14,251 Unre$trl¢ted funds: General funds Penslon reserve 5.310 16941 10,89S 114.0721 2,683 679 4,816 4.616 10.895 114.0721 3.362 4.801 Total funds 14.246 16.140 114.7581 3.424 19.052 381 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 18 Total funds Ic¢)￿tInUed] At l April Intomi 2024 Resour¢es Gain5, L055e5 and Taxatlon £'ooo At 31 March 2025 £'(M)o Companv Outgoin8 Resources Transfers Current year Re$trl¢ted fund$= Hall refurbishment fund Learning fund Paul Hamlyn Endowment fund 9.359 271 12221 14641 9,137 1.552 1.745 62 3.562 9.630 5.245 16861 62 14.251 Unrestrlrted funds: General fund5 Pen51on reserve 5.2 16941 7.268 110.4771 2,683 679 4.764 4.596 7.268 110.4771 3.362 4.749 Total funds 14,226 12.513 111.1631 3,424 19,000 Hall relurblshment fvnd The hall refurbishmeni lund relates to ihe capltèl works at Phllharmonic Hall where fundln8 was speclflcally donated for the project. The associated leasehold Improvements are depreciaied over thelr useful economlc Ilfe as a correspondin8 resirlthed cost. Learnlng fund The learning fund relates to all learning works ihai have received funding with restrittions. The balance at the year-end of £ll9.C￿l relates direcily to a legacy ihar was given for our learning work and will be retained until a project has insullicient lunds to continue. Paul Hamlyn Foundatlon Endowment The Paul Hamlyn Foundation Endowment relates to a donation of £3.$00,(KY) gifted in 2024 Irorn Paul Hamlyn Foundation to Liverpool Philharmonic to support the work with young people and In Harmony. The funds are invested to generate incorne of which Liverpool Philharmonic will draw down subject to condition5 agreed within the Deed of Gift. This also includes the agreed arnount of the Paul Harnlyn Foundation Endowment which may be spent each year in relation to the In Harmony projects. Pension kheme Fund The Pension Scheme fund is a fund sel up to enable the Society to honour its pension commitTnent5. An ount is transferred into and out ol the lund annually. The amount transferred is an unrealised Surplus or deficit calculated Using the rule5 Set out in sectbon 28 of FRS 102. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 18 Total funds ICon¥nwd] Gal Losses and Taxatlon £'ooo Group l April In¢omln8 2023 Resour¢es Outgoin8 Resources 31 Marth 2024 Transfers Prlor year Restrl¢ted funds.. Hall refurbishment fund Learning fund 10.853 12501 14761 11,2441 9,359 271 639 10.961 639 17261 11,2441 9.630 Unrestrlcted funds: General funds Pension reserve 4.748 18761 11.974 114.1411 2.729 182 5.310 16941 3.872 11.974 114.1411 2.911 4.616 Total lunds 14,833 12.613 114.8671 1,667 14,246 At l Aprll In¢omln8 Out£oln8 2023 Resour¢e$ Resources Galns, Losses and Taxatlon £'ooo At 31 March 2024 Companv Transfers Prlor year Restrl¢ted funds.. Hall refurbishment fund Learnin8 fund 10.853 12501 14761 11,2441 9,359 271 639 10.961 639 17261 11,2441 9,630 nrestrlrted funds: General fund5 Pension reserve 4,734 18761 8.143 110.3161 2.729 182 5.290 16941 3.858 8.143 110.3161 2.911 4.596 Total lunds 14,819 8,782 111.0421 L667 14,226 401 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 18 Analysis of group net Iliabilitieslla55ets between funds Total 2025 Current year Unrestrirted Restrirted Group Tangible fixed assets Investments Current assets 5,597 538 S.LX)5 IS.4111 19131 (isi 9,137 3,562 1,552 14,734 4,1(K) 6,557 IS,4111 19131 (isi Long term liabilities Defined pension scheme liability 4.801 14.251 19,052 Companv Tangiblt fSxed asstts InvestrnentS Current a55et5 5.563 538 4.593 15.0171 19131 1151 9,137 3,562 1.552 14,700 4,100 6,145 15.0171 19131 Lon8 term liabilities Defined pension scheme liability 4,749 14,251 19,CQO Prlor year Vnrestrlcted Restrkted Group Tangible fixed assets Investments Icurrent assets 2,438 $45 S.668 14.58SI 16941 10,603 13,041 545 5,939 14,5851 18761 271 Defined pension scheme liability 3.372 10,874 14,246 Cornpanv Tangible lixed a55et5 Investments Icurreni assets 2.438 545 5.272 14.2091 16941 10,603 13,041 545 5,543 14,2091 16941 271 IDefined pension scheme liability 3.352 10.874 14,226 ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 19 Analysis ol staff costs Group Companv 2025 2025 Wages, salaries and fees Social security costs Defined contribution pension contributions Defined benefit pension contributions 7,085 683 274 194 6,116 554 5,347 567 220 194 4,335 451 129 194 8,236 6.328 S.109 Emolume*)t of employees The number of employees of Liverpool Philharmonic whose emoluments lsalaries. wages and benefits in kindl fell within the following bands was.. 2025 No. £60.001- £70.000 £70,001- £80.000 £80,001- £90.000 £90,001- £1￿,000 £ioo,ooi . £iio,oc¥J £110,001- £120,OC £120,001- £130.0(*J £130,001- £140.oc¥J Staff numbers The number of employees durin8 the year was ès follows= Group Company 2025 2025 2014 No. No. Total staff 3(kS 261 131 129 All staff were contracted by the Society however the cost of a number of staff were recharged to the Societ￿5 Subsidiary company. Liverpool Philharr￿n1£ Hall and Events Lirnited. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 20 Trustee emoluments The Tru5tee5 did nol receive any emolument5 or expenses in respect of 5ervice5 as Trustees in the year. The remuneration paid to ernployees who were a150 Tru5tee5 of the Charity wa5.. 2025 158 19 161 Social security costs Pension costs 183 183 Those employees who were Trustees during the year were.. Sameeta Gahir as Orchestra member, Olga Smolden as Orchestra rnernber. and Michael Eakin the Sociews Chief Executive. Key managernent personnel The charitycon5iders its Key Management Personnel tocomprise. the Chief Executive. the Director5, the Heads of Department and the Department Managers. Total employee benefit5 in respect of these individuals were £855,26012024.. £875.0521. 21 Flnanclal ¢ommltments There were no coniraciual commiiments for the acquSsition of tanglble fixed assets contracted for but not provided in the financlal staiemenis. 22 Penslon$ schemes Liverpool Phllharmonlc operates penslon schemes: A defined benefit pension scheme providing benefits based on final pensionable salaries. The assets of the scheme are held separatety from those of The Sociery, bein8 invested with Clerical Medical Investment Group Limited. This scheme was closed to new members in September 2001. On 31 March 2013. the Scheme was closed to accrual ol future benefits.. and A group personal pension scheme with assets held separately from those of the Society. The scheme assets are administered and invested by kottish Life and 15 open to all employees. Defined Benefit Scheme The contribution5 to the Defined Benefit Scherne are determined by a qualified actuary, ernployed by Clerical Medical, on the projected unit basis. The pension contribution5 fTom ihe Society in the year wa5 £194,CX)J12024.. £194.CX)01. The current Schedule of ContributlOn5 agreed on 17 July 2020 with the Scheme Tiustee states agreed increasing annual contributions of initially £IW,(NXI up to 31 March 2023. £150,(KK) up to 31 March 2025 and E194,(K)O up io 31 March 2033. The 5cherne wa5 last valued a5 at 31 March 2019. ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 22 Pensions Iconisnuedl The total net income recognised in the period wa5 a5 lollows= 2025 Employer contributions recognised as expenditure Other movement recognised as oiher gains and losses 194 15191 1431 31 Net Incgmellexpendlturel re¢ognlsed 13251 1121 Amounts recognised in the balance sheet were as follows.. 2025 2024 Present value of funded obligation5 Fair value of plan assets 112,3671 12.352 113,6431 12,949 16941 Changes In the present value of the dtfined btnelit obligations were as follows.. 2025 Openin8 defined benefit obli8ation Interest expense 8enefits paid Actuarial18ainslllosses 13,643 650 17741 11.1521 13,976 662 16831 13121 Closlng dellned benefft obll8atSon 12,367 13,643 Changes in the fair value of pension plan assets were as follows: 2025 Opening plan assets Interest income Erllployer contributions 8enefit5 paid Actuarial105se5 12.949 616 194 17741 16331 13,1 619 194 16831 12811 Closing plan assets 12,352 12,949 441 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 22 Pensions Iconisnuedl The amount that each major cla55 of pension plan a55ets constitutes of the fair value of the total plan a55et5 was a5 follows.. 2025 2025 13.5 1.675 1.183 613 285 8.596 19.7 10.0 2,S57 1,290 412 Bonds Cash Propertv Insured pensions 69.6 63.7 8.246 IC¥).O 12.352 IcK).o 12.949 The actuarial return on plan asset5 was as follows.. 2025 Interest income Actuarial losses 616 16331 619 12811 Total retum on plan assets 338 ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 22 Pensions Iconisnuedl As5uinption5 and valuation The assumptions used over the last five yeaTS and in the valuation by the artuary undertaken at 31 March 2024 were.. 2025 2022 2021 Discount rate 5.75 4.85 2.80 2.10 3.25 3.35 3.35 3.85 3.353 2.90 2.95 3.45 2.95 Allowance for revaluation ol deferred pensSons of CPI or 5% pa if less Allowance for revaluation ol deferred pensions of CPI or 2.S% pa if less Allowance for pension paymeni increases of RPI or 5% pa if less Allowance for pension in payment increases of RPI or 2.5% pa if less Allowance for pension In paymeni increases of RPI or 5% pa if less, min 3% pa Allowance fgr pension in payment increases of CPI or 2.5% pa if les5 Allowance for pension in pèymeni increases of CPI or 5% pa if less, min 3% pa Allowance for commutation of pension for cast at retirement 2.95 3.45 2.95 2.50 2.50 2.50 3.10 3.10 3.10 3.55 3.20 2.05 2.05 2.05 2.25 2.15 3.70 3.70 3.70 3.95 3.75 1.95 1.95 1.95 2.20 3.55 3.55 3.75 50 50 The defined benefit pension scheme was closed to future accrual ol benefits on 31 March 2013. Salary escalation as5umptlOlls are not applicable. The scheme has a nurnber ol annuities in re5pecl of past vetirernents. These are understood to fully rnatch the associated liabilities and so have been excluded from t*)th the assets and liabilities at each accountin8 date. The impact of 8uaTanteed annuity rates (GAR51 has not been allowed lor and at the current interest rates, the pension liability may be le￿ onerous than it appears. 2025 Male (years) 2025 Female lyearsl 2024 Male Ivearsl 2024 Fernale lyearsl Life expectanry for Members aged 65 at 31 March Life expectancy for rnernbers aged 45 at 31 March from their 65th birthday 21.4 24.2 21.4 24.2 22.7 25.7 22.7 2S.6 461 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Notes to the Financial Statements ICont&M*dJ For the year ended 31 March 2025 22 Pensions Iconisnuedl 5ensitiwty analy51S The followingtable provide5 an indication ofthe 5en51tivityof thevalue of liabilitie5 to change5 In a55urnption5'. Chan8e Impact on Ilabllltles 2025 2024 Current value Discount rate-2512024...$0 pointsl Discount rate +2512024.. +50 points) Price inflation rate-25 points Price inflation rate +25 points Increase life expectancy by l year 12,367 12,680 12.066 12,283 12,440 12.779 13,643 14,464 12,897 13,546 13,757 14,102 Deflned contrlbutlon xherne The cost ol contribution5 to the defined contribution scherne was ÉI94,0￿(2024.. £194,ocKII. At the year-end £Nil12024.. £Nill was owed in respect of these contributions. 23 Relattd party transartlons MrA Cornall Is a director of Cornall Music Limited. Mr Cornall atts a freelance capaclty as Consultant Artlstlc Oirecior responsible for artistic dlrettion for Liverpool Philharmonic. Fees char8ed to Llverpool Phllharmonlc in relatSon io hSs managemeni role were £32.75712024.. £32,476). Amounts outstandln8 to Cornèll Muslc Llmlted at 31 March 2025 were £2.97012024.. £3.2211. 471 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Reference and Administrative Details For the year ended 31 March 2025 President The Right Honourable Ead of Derby DL Honorary Vke Presldents lan Wright Twstees Louise Shepherd (Chair) Michael Eakin Iresigned 31 March 20251 Olga Smolen. Vanessa Bakewell (resigned 11 Ngvember 20241 Angela Bellinghèm'lresi8ned 11 November 20241 Sameeta Gahir Stephen Gregory IDeputy Chairl. Bryan John50n Camilla Mankabadv Vane55a Reed (Chief Executive appointed 19 May 20251. Jernice E35thorp (appointed 23 September 20241 Matthew Cooke lappointed 23 December 20241 David Lloyd* (appointed 11 November 20241 Tom Lewls (appointed 23 September 20241 member ol the Audlt and Performance Committee ExeC￿l¥e team Peter Garden Chlef Operatlns Offlcer Stephan Heaton Executive Direaor- Finance. Facilities. and IT Charlle Rachwal Executive Dirertor- Audiences Sandra Roberts Artlstlc Planning Director Iorchestra and Ensembles) Company Secretary Stephan Heaton Rewstered Office Philharfflonic Hall Hope Street Liverpool LI 9BP Company re8lstration number 88235 Charlty reglstratlon number 230538 481 Page ROYAL LIVERPOOL PHILHARMONIC SOCIETY Reference and Administrative Details Icontlnuedl For the year ended 31 March 2025 Independerrt Auditors Mitchell Charlesworth IAuditl Limtted 3 Floor, 44 Peter Street Manchester M2 56P Le£al advlsors DWF LLP 5 St Pauls Square Old Hall Street Liverpool L3 9AE Prlnclpal 8anker HSBC plc Royal Liver Buildin85 Pier Head Liverpool L3 IHU Investment Manaiei Rathbones Port of Liverpcx)18uildln8 Pier Head Llverpool L3 INW 491 Page