THE ROYAL PHILHARMOI4IC ORCHESTRA TRUST
Re8i5tered Charlty Number 232370
Report of the Trustees and Financial Ststements
Forthe Year ended 5 April 2024

The Royal Philhamionic Orchestra Trust
Trustees. Report and Financial Statements for the Year ended 5 April 2024
Contents
Page
Trust Information
Report of the Trustees
Independent Examinerfs Report
Statement of Financial Activities
Balance Sheet
Notes to the actounts
IIPage

The Royal Philharmonic Orchestra Trust
Trustees, Report and Flnancial Statements for the Year ended 5 April 2024
Trust Infomiatlon
Trustees
Sir Peter Ellwood Ichalrl
John Bimson
Charles Fairweather
Andrew Storey
Banker
Bank of Scotland
Pentland House
8 Lochside Avenue
Edinburgh
EH12 9DJ
Registered Office
16 Clerkenwell Green
London
ECIR OQT
Independent Examlner
Charles Ssempiiia, FCA
NFP Accountants Ltd
3 Floor, 86-90 Paul Street
London
EC2A 4NE
21Page

The Royal Philharmonic Orchestra Trust
Tru5tees' Report and Financial Statements for the Year ended 5 April 2024
Report of the Trustees for the Year ended 5 Aprll 2024
The Trustees present their annual report and the financial statements of the Royal Philharmonic
Orchestra Trust for the year snded 5 April 2024. These comply with the Charities Act 2011. The
Trustees have also adopted the provisions of the Statement of Recommended Practite applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 updated and reissued in January 2022.
Constitution and Oblects
The Royal Philharmonic Orchestra Trust I'the TrusV'I was established on 9 November 1963 with the
objective of the advancement of the musical education of mankind and in particular promotin&
encouraging and supporting the study, practice and performance of orchestral music by the Royal
Philharmonic Orchestra. It is a charity registered with the Charity Commissioners for England and
Wales (registration no. 2323701.
Related parties
Royal Philharmonic Orchestra Ltd is an independently cor)trolled but connected charlty registered with
the Charity Commissioners for England and Wales (registration no. 2445331.
During the year, the Trust has charged £108,000 rent to Royal Philharmonic Orchestra Ltd as explained
in note 2 and note 10. The Trust has also purchased shares in Royal Philharmonic Orchestra Ltd from
six Members of the Orchestra on their departure from the Orchestra and sold shares to fovr Members
leading to a net increase in the shares in Royal Philharmonic Orchestra Ltd owned by the Trust of 200
share5 Wlth a value of £2,000, as shown in note 7. As Royal Philharmonic Orchestra Ltd has refunded
the relevant members for their shares and received the contribution for shares from the new
Members. the share ownership changes increase the balance owed by the Tnjst to Royal Philharmonic
Orchestra Ltd at the prior year end by the same amount, as explained in note 8.
Public Benefit
The principal asset of the Trust Is a freehold property which is leased to the Royal Philharmonic
Orchestra for its administrative office5. This facilitates the work of the Orchestra, which reaches the
public at large through orchestral performances, recordings and music making workshops that enrich
live5.
The Trustees can confirm that the Trust has complied with the duty in section 17 of the Charities Act
2011 to have due regard to the guidance on public benefit published by the Charity Commission of
England and Wales.
3 |Page

The Royal Philharmonit Orchestra Trust
Trustees, Report and Financial Statements for the Year ended 5 April 2024
Governance
The Trustees during the year to S April 2024 and up to the date of this report a￿.
Sir Peter Ellwood Ichair)
John Bimson
Charles Fairweather
Matthew Knight Ireslgned 30 May 20241
Andrew Storey (appointed 30 May 20241
Achievements and Perforniance
During the year, the Trust has continued to rent its freehold property to the Royal Philharmonic
Orchestra.
Financlal Review
The results for the year to 5 April 2024 and the preceding financial year are Set out in the Statement
of Financial Activities on page 7.
Total income for the year was £118,427 12023 £108,000) comprising rent received from Royal
Philharmonic Orchestra Ltd and £10,427 of bank interest. The Trustees are building reserves in order
to be able to refurbish and maintain the Trusys freehold propeity at a future date and continue to
support the work of the Royal Philharmonic Orchestra.
The surplus in the year, after total costs of £2,140. was £116,28712023 - £105,595).
Unrestricted reserves of £954,663 at 5 April 202412023 £838,3761 include £470,585 repre5enling
the cost of the freehold property owned by the Trust.
Future plans
The Trust has been notified by Royal Philharmonic Orchestra Ltd IRPOI that it will vacate the Trust's
freehold property after March 2025. The property is being marketed and it is anticipated that the
premises will continue to be occupied after March 2025, either by RPO on a rolling monthly lease, or
new tenant or a new owner. Costs in the next two financial years are forecast to be higher than in
recent years due to legal and professional costs associated with marketing and leasing or selling the
property.
In the event of a sale, the Trust intend5 to reinvest any proceeds in income generatin8 assets, including
property. After taking into account foreseeable operational needs and financial risks, the Trust plans
to donate surplus income to achieve its charitable p¥Jrpose of the advancement of musical education
of mankind and in particular, supporting the work of the Royal Philharmonic Orchestra.

The Royal Philharmonic Orchestra Trust
Trustees, Report and Financial Staternents for the Year ended 5 April 2024
Employees and volunteer5
The Trust had no employees and no volunteer5 Other than the Trustees in 2023. The Trustees were
not remunerated for their services and no expenses were reimbursed.
ststement of Trustees. Responslbllltles
The Trustees are responsible for preparing the Trustees, Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accountlng Practice).
In preparing these financial statements, the Trustees are required to..
Prepare financial statements for each financial yearwhich give a true and fairview of the state
of the affairs of the Tru5t-
Select suitable accounting policies and then apply them consistently,.
Observe the methods and principles in the Charities SORP.
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accountln8 Standards have been followed, subject to any
material departures disclosed and explained in the financial Statements;
Prepare the financial statements on the going concern ba515 unless it is inappropriate to
presume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records that di5c105e with reasonable
accurary at any time the financial position of the Trust. They are also responslble for safeguarding the
assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Trustees, Annual Report is approved by the Trustees
By order of the Trustees
Peter Ellwood
Chair
26 September2024

The Royal Philham)onic Orchestra Trust
Trustees. Report and Financial Statements for the Year ended 5 April 2024
Independent examinerfs report to the Trustees of The Royal Phllharmonic Orchestra Trust
I report to the Trustees on my examlnation of the accounts the Royal Philhamionic Orchestra Trust
Ithe Trustl for the year ended 5 April 2024.
Responsibilities and basis of report
As the charity Trustees of the Trust you are responsible for the preparation of the accounts in
accordance with the requirement5 of the Charities Att 20111.the ACV'I.
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011
Act and in carrying out my examination I have followed all the applicable Direction5 given by the
Charity Commission under 5edion 1451Sllbl of the Act.
Independent examinerfs ststement
I have completed my examination. I confirm that no material matters have come to my attention in
connection wtth the examination giving me cause to belleve that in any material respect:
l. Accounting records were not kept in respett of the Trust as required by section 130 of the
Act; or
2. The accounts do not accord with those records,. or
3. The accounts do not comply with the applicable requirements concerning the form and
content of accounts set out in the Charities IActounts and Report51 Regulations 2CX)8 other
than any requirement that the accounts give a true and fair view, which is not a matter
considered a5 part of an independent examination.
. Departure from the 2008 Regulatlons
l understand that the financial statement5 have been prepared to give a 'true and fair, view, and
have departed from the Charities (Accounts and Reports) Regulations 2008, only to the extent
required to provide a 'true and fair view,. This departure has involved following SORP 2015 FRSIO2,
rather than the Accounting and Reporting by Charities: Statement of Recommended Practite
effective from l April 2005 ISORP 20051. which is referred to in the regulations, but has since been
withdrawn,.
Con¢luslon
I have no concerns and have come across no matters in connection with the examination to which
attention should be drawn in this report in order to be enable a proper understanding of the
accounts to be reached.
Si8ned:
Charles Ssempiiia, FCA
NFP Accountants Ltd
rd
3 Floor, 86-90 Paul Street, London EC2A 4NE
Date..
0q/i,1￿/È

The Royal Philharmonic Orchestra Trust
Trustees, Report and Financial Statements for the Year ended 5 April 2024
Staternent of Financial Activitles for the year ended 5 Aprll 2024
Unrestricted and
Total Funds
Year to 5 April
2024
Unrestricted and
Total Funds
Year to S April
2023
Note
Income from
Charitable Activities
Investment income
108,0
IOA27
108,000
Total Income
118,427
108.000
Expendlture on
Charitable Activities
2,140
2.405
Total Expenditure
2.140
2,405
Net Income for the year
116,287
105,595
Unrestricted and total funds
brought forward
Unrestricted and total funds
carried forward
838,376
732,781
954.663
838,376
There were no recognised gains and1055e5 in the current or preceding financial year other than those
dealt with in the Statement of Financial Activitie5. All income and expenditure relates to continuing
activities.
The notes on pages 9 to 12 fom part of these financial statements.

The Royal Philharmonic Orchestra Trust
Trustees, Report and Firbancial Statements for the Year ended 5 April 2024
Balance Sheet as at 5 Aprll 2024
Total Funds
As at 5 April 2024
Total Funds
As at 5 April 2023
Note
Fixed Assets
Tangible Fixed Assets
470,585
470,585
Total Flxed Assets
470,585
470,585
Current Assets
Investments
Cash at barbk and in hand
455.677
58,325
300,IYX)
94,715
Total Current A55et5
514,002
394,715
Creditors . Amounts falling
due within one year
(29,924)
126,9241
Net Current Assets
484,078
367,791
Total A55ets less Current liabilities
954,661
838,376
Net Assets
954,663
838,376
Funds
Unrestrlcted Funds
954,663
838.376
Total Funds
954.663
838,376
The notes on pages 9 to 12 form part of these finantial statements.
Approved by the Trustees and authorised for issue on 26 September 2024.
Peter Ellwood
Chair

The Royal Philharmonic Orchestra Trust
Trustees, Report and Financial Statements for the Year ended 5 April 2024
l. Notes to the Financlal Statements for the year ended 5 Aprll Z024
Accounting conventlon
The financial statements have been prepared in accordance with the United Kingdom Accounting
Standards. in particular"FRS 102.. The Financial Reporting Standard applicable in the UK and Republic
of Ireland" IFRS 1021.
The Royal Philharmonic Orchestra Trust {"the Trust") is a public benefit entity for the purposes of FRS
102 and a registered charity- Its financial statements are therefore also prepared in accordance with
the "Statement of Recommended Practice applicable to charities preparing their accounts in
accordante with FRS 102. (Charities SORP IFRS 10211.
The financial statement5 have been prepared on a going concern basis and under the historical cost
convention. The principal accounting policies are set out below and have been applied consistently
throughout the year.
The financial statements are prepared in sterling, the functional currency of the Trust. Monetary
amounts are rounded to the nearest pound.
b. Going concern
The Tru5tee5 have assessed whether the use of the going concern basls of preparlng the accounts is
appropriate and have considered possible events or conditlons that might cast significant doubt on
the ability of the Trust to continue as a going concem. The Trustees have made this assessment for a
period of at least one year from the date of approval of the financial statements.
The Trust has the ability to charge rent to the Royal Philharmonic Orchestra Limited IRPOI, the current
tenant of the property owned by the Trust up until March 2025 when the Orchestra's lease ends. The
Trust is negotiating a rolling monthly lease extension, until summer 2025 with the RPO. The Trust is
currently marketing the property and it Is anticipated that the property will continue to be occupied
after summer 2025. The Trust has built its funds balance to be able to weather a period without
tenant and to refurbish the property when it is vacant. The Trustees are confident that income will
exceed cost commitments for 2025 and for the foreseeable future, other than the years of transition
to a new tenancy or property sale, when a sustalnable proportion of the funds balances may be
utilised.
Significant accounting estimates and judgements
In preparing financial 5tatement5 It is necessary to make Certain judgement5. estimates and
assumptions that affect the amount5 recognised in the financial statements.
The treatment of the property owned by the RPO Trust is considered by the Trustees to have the most
significant effect on amounts reco8nised in the financial statements. The property, 16 Clerkenwell
Green, is recognised in the financial statements as a tangible fixed asset, because it Is rented to a
related charity. It is recognised at cost and has not been depreciated because it has retained it5
economic value at the end of each financial year.

The Royal Philhamionic Orchestra Trust
Trustees, Report and Financial Statements for the Year ended 5 April 2024
l. Notes to the Financial Statements for the year ended 5 April 20241contlnuedl
d. Income
Income comprises rent from ié Clerkenwell Green and interest on bank deposits. Income is ￿CogniSed
when received and the Trust is entitled to the income.
e. Expenditure
Expenditure is incurred, either in relation to the property, 16 Clerkenwell Green or in connection
with the governance of the charity, including maintaining Trust deeds and other compliance.
f. Tangible Fixed Assets
The Trusys Tangible Fixed Asset is an office rental property 16 Clerkenwell Green, London. It is
recognised at cost and not depreciated, because it includes land in a central London location and its
residual valuation is at least equal to its cost. The last formal external independent valuation of the
property was undertaken in 2018. In subsequent years. a range of central London property market
indicators has been used to determine whetherthere is a possibilitythat an impairment of the carrying
value of the property could have occurred.
g. Cash and Cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term
liquid investments with maturities of three months or less.
h. Financial Inslruments
The Trust ha5 elected to apply the provisions of SectSon 11 'Basic Financial Instruments, of FRS 102 to
all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when
the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities
are offset, with the net amounts presented in the financial statements, when there is a legally
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneouslv.
All debtor and creditor balances are considered to be basic financial Instruments under FRS 102.
Investments
Investments include a minority shareholding In Royal Philhamionic Orchestra Limited and fixed term
bank deposit5 of more than three months.
Shares in Royal Phllharmonic Orchestra Limited are available for sale to new Orchestra Members.
Shares are purchased from Orchestra Members when they leave the Orchestra.
Contributions from new Royal Philharmonic Orchestra Members for shares are collected by Royal
Philharmonic Orchestra Limited and recognised a5 receivable from Royal Philharmonic Orchestra
Limited when the full amount required to purchase a Memberfs shareholdlng of 100 £10 shares has
been contributed and the share certificate issued.
Contributions are repaid to Members when they leave, by Royal Philharmonic Orchestra Limited and
the Trust recognises the amount as refundable to Royal Philharmonic Orchestra Limited.
10 |Page

The Royal Philharmonic Orchestra Trust
Trustees, Report and Financial Statements for the Year ended 5 April 2024
Notes to the financlal statements for the year ended 5 Aprll 2024 Icontlnued)
2. Income from Charitsble Activitie5
Income from Charitable Activitles in the year ended 5 April 2024 and 2023 is rent charged to Royal
Philharmonic Orchestra Limited.
3. Investment Income
Bank interest of £10,427 was earned in 2024. In 2023 no interest was earned as no fixed term bank
deposit reached maturity in the year.
4. Independent Examinerfs Fee
Expenditure is stated after charging the Independent Examinerfs fee of £1.04012023- £1,140).
5. ExPendI￿re on Charltable Actlvltles
Expenditure in the year ended 5 April 2024 is £2.140 comprising legal, other professional fees and
bank charges. In 2023, expenditure of £1,020 was the Independent Examinerfs fee for the financial
year of £1,140, net of a £120 reduction in the Independent Examinerfs fee charged for the previous
year (note 41.
6. Tanglble Flxed Assets
The Trusys Tangible Fixed Asset is the freehold property 16 Clerkenwell Green, which is shown at
cost of £470,585 at both 5 April 2024 and 2023.
7. Inve5tments- current asset5
As at 5 April 2024
As at 5 April 2023
Fixed term bank deposit
Shares in Royal Philhamionic Orchestra Ltd
447,677
294,￿0
6,IK)O
Totsl IDve5tments- current assets
455.677
3￿.000
11 |Page

The Royal Philharmonic Orchestra Trust
Trustees, Report and Financial Staiements for the Year ended 5 April 2024
Notes to the financial statements for the year ended 5 April 2024 Icontlnued)
8. Credltors due In less than one year
As at 5 April 2024
As at 5 April 2023
Deferred rental Income
Payable to Royal Philharmonic Orchestra Ltd
Accruals
23,439
4,424
2,060
23,439
2.345
1.140
Total Creditors due Sn less ihan one year
29,924
26,924
Deferred rental income in each year represents the portion of the rent received for the 2S March to
24 June quarter. which is attributable to the period after S April.
The amount due to Royal Philharmonic Orchestra Ltd comprises £2,000 for net purchases of shares in
Royal Philharmonic Orchestra Ltd not transferred at the year end and fees paid for by RPO Limited on
behalf of the Trust.
Accrua15 in 2024 are for legal fees and the Independent Examinerf5 fee, whereas accruals in 2023
represented only the Independent Examinerfs fee.
9. Funds
The Funds held by the Trust at both 5 April 2024 an¢J 5 April 2023 are unrestricted.
10. Operating Leases
The Trust has future operating lease rental income arising as follows..
As at 5 April 2024
As at 5 April 2023
Operating lease rentals arisin8 in-.
Le55 than one year
Two to five years
81,1)00
108,000
81,000
81,000
189,(KJO
The Trust has leased 16 Clerkenwell Green to the Royal Philharmonic Orchestra Limited Since August
1986. For several years prior to 2020. it offered a rent waiver to the Orchestra. Rent, at a current
market rate was reinstated in December 2019. The current lease is expected to end in March 2025.
The Trust is negotiatinE a rolllng monthly lease extension until summer 2025 with the RPO.
Marketing is underway to secure income beyond summer 2025, as set out in the Future Plans
section of the Trustees. Report on page 4.
11. Capit31 commltments
The Trust had no capital commitments at 5 April 2024 or 5 April 2023.
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