THE ROYAL PHILHARMONIC ORCHESTRA TRusr Reolstered Charity Number 232370 Report of the Trustees and Hnanclal Statements Forthe Year ended 5 Aprll 2025 The Royal Philham)onic Orchestra Trust Trustees, Report and Flnancial Statement5 for the Year ended S April 2025 Contents Page Trust Information Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the accounts IIPage The Royal Philharmonic Orthestra Trust Trustees. Report and Financial Statements for the Year ended 5 April 2025 Trust Inforniatlon Trustees Sir Peter Ellwood (Chairl John Bimson Charles Fal￿eather Andrew Storey Banker Bank of Scotland Pentland House 8 Lcchside Avenue Edinburgh EH12 9DJ R¢8lStered Office 16 Clerkenwell G￿en London ECIR OQT Independent Examiner Charles Ssempiiia, FC4 NFP Accountants Ltd 3rd Floor, 86-90 Paul Street London EC2A 4NE The Royal Philharmonic Orchestra Trust Trustees, Report and Financial Statements for the Year ended 5 April 2025 Report of ihe Truslees for the Year ended 5 April 2025 The Trustee5 present their annual report and the financial statements of the Royal Philharmonic Orchestra Trust for the year ended 5 April 2025. These comply with the Charities Act 2011. The Trustees have also adopted the provisions of the Statement of Recommended Practice 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. Consthutlon and Objects The Royal Philharmonic Orchestra Trust 1.the Trust") was established on 9 November 1963 with the objective of the advancement of the musical education of mankind and in particular promoting, encouraging and supporting the study, prartice 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. Rel*ed partles Royal Philharmonic Orchestra Ltd is an independently controlled but connected charity registered wlth the Charity Commissioners for En8land and Wales Iregi5tration no. 2445331. During the year, the Trust has charged £101,209 rent to Royal Philharmonic Orchestra Ltd a5 explained in note 2 and note 10. The Trust has also purchased shares in Royal Philharmonic Orchestra Lid from four Members of the Orchestra on their departure from the Orchestra and sold shares to four Members leading to no net change in the shares in Royal Philharmonic Or¢he5tra Ltd owned by the Trust. Public 8enefit 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 Ilves. The Trustees can confirm that the Trust has complied wlth the duty in section 17 of the Charities Art 2011 to have due regard to the guidance on public benefrt published by the Charity Commission of England and Wales. The Royal Philharmonic Orthestra Trust Trustees. Report and Financial Statements for the Year ended 5 April 2025 Govefnance The Trustees during the year to 5 Aprll 2025 and up to the date of this report are: Sir Peter Ellwood (Chairl John Bimson Charles Fairweather Matthew Knight (resigned 30 May 20241 Andrew Storey lappointed 30 May 20241 Achlevements and Performance During the year. the Trust has continued to ￿nt its freehold property to the Royal Philharmonic Orchestra. Finan¢ial Revlew The results for the year to S April 2025 and the preceding financial year are set out in the Statement of Financial Activities on page 7. Total income for the year was £117,363 12024 - £118,427) comprising rent ￿ceiVed from Royal Philharmonic Orchestra Ltd of EIOI.20912024- £108.0001 and £16,154 of bank interest. Rent charged to the Royal Philharmonic Orchestra was decreased from 25 December 2024 to reflect current market rent and support the work of the Orchestra. The surplus in the year, after total costs of £4.042. was £113,32112024- £116,287). Unrestricted ￿SerVeS of £1,067.984 at 5 Aprll 202412024 - £954.6631 Include £470,585 representing the cost of the freehold property owned by the Trust. The Trustees are building reseNes in order to be able to refurbish and maintain the Trust's freehold property at a future date and continue to support the work of the Royal Phllharmonic Orchestra. Future plans The Trust has been notified by Royal Philharmonic Orchestra Ltd IRPOI that it will vacate the Trust's freehold property by 28 September 2025. The propertv 15 being marketed and it is anticipated that the premises will be occupied after September 2025 by a 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 intends to reinvest any proceeds in income generating assets, including property. After taking into account foreseeable operational needs and financial risks, the Trust plans to donate Surplus income to achieve its charitable purpose 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 Flnancial Statements for the Year ended 5 April 2025 Ernployees and volunt¢ers The Trust had no employee5 and no volunteers other than the Trustees in 2025. The Trustees were not remunerated for their services and no expenses were reimbursed. Statement of Trustees, Responsibilities The Trustees a￿ responsible for preparing the Trustees, Report and the financial statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generallv Accepted Accounting Practice). In preparing these financial statements, the Trustees are required to: Prepare financlal statementsforeach financial yearwhlch give a true and fairview of the state of the affairs of the Trust- Select suitable accounting policies and then apply them conslstentlv: Observe the methods and principles in the Charities SORP,. Make judgements estimates that are reasonable and prudent: State whether applicable UK Accounting Standards have been followed, subject to anv material departures disclosed and explained in the financial statements; Prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees a￿ responsible for keeping proper accounting records that di5c105e with reasonable accuracy at any time the financial posltion of the Trust. They are also responsible 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 y order of the Trustee5 Peter Ellwood Chair 18 July 2025 The Royal Philharmonic Orchestra Trust Trustee5' Report and Financial Statements for the Year ended 5 April 2025 Independent examlnerfs report to the Trustees of The Royal Phllhamioni¢ Orchestra Trust I report to the Trustees on my examination of the accounts the Royal Phllharnionic Orchestra Trust (the Trust) for the year ended 5 April 2025. RespO￿lbIlItieS and basls of report the charity Trustees of the Trust you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act 20111.the ACVI. I report in respect of my examination of the Trusvs accounts carried out undersertion 145 of the 2011 Ad and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Art. Inde￿ndent examiner's ststement I have completed my examlnatlon. I tonfimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- l. Accounting records were not kept in respect of the Trust as requlred by sertion 130 of the Act- or 2. The accounts do not accord with those records,. or 3. The account5 do not comply with the applicable requirements concerning the form ènd content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view, which is not a matter considered as part of an independent examinatlon. Departure from the 2008 Regulatlons l understand that the financial statements have been prepared to give a 'true and fair, view, and have departed from the Charitie5 IAccounts and Reportsl Regulations 2008, only to the extent required to provide a 'true and fair view,. This departure has invofved following SORP 2015 FRSIO2, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l Aprll 2CKJ5 ISORP 20051. which is referred to in the regulations, but has since been withdrawn. Conclusion 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 Ssempijja, FCA NFP Accountants Ltd 3 Floor, 86-90 Paul Street, London EC2A 4NE The Royal Philhamonic Orchestra Trust Trusteeg Report and Financial Statements for the Year ended 5 April 2025 Statement of Flnanclal Actlvities for the year ended 5 Aprll 2025 Unrestrlcted and Total Funds Year to 5 Aprll 2025 Unrestricted and Total Fund5 Year to 5 April 2024 Note Income from Charitable Activities Investment income 101,209 16,154 108,000 10.427 Total Income 117.363 118,427 Expendlture on Charitable Activities 4,(K12 2.140 Total Expendlture 4,042 2,140 Net Income forthe year 113,321 116.287 Unrestricted and total funds brought forward Unrestrlcted and total funds carried forward 954,663 838.376 1,067,984 954,663 There were no recognised gains and losses In the current or preceding financial year other than those dealt with in the Statement of Flnancial Activities. All income and expenditure relates to continuing activities. The notes on page5 9 to 12 form part of these financial statements. The Royal Philharmonic Orchestra Trust Trustees, Report and Financial Statements for the Year ended 5 April 2025 Balance Sheet as at S Aprfl 2025 Totsl Funds As at 5 Aprfl 2025 Total Funds As at 5 April 2024 Note Fixed A55et5 Tangible Fixed Assets 470,585 470,585 Total Flxed Assets 470,585 470,585 Current Assets Investments Cash at bank and in hand 488,000 128,770 455,677 58.325 Total Current Assets 616,770 514,IX)2 Creditor5 . Amount5 fallin8 duewlthln one year 119,371) 129.9241 Net Current Assets 597399 484,078 Total AssÈts less Current liabilities 1,067,984 954.663 Net A55ets 1,067,984 954.663 Funds Unrestrfcted Funds 1,067,984 954,663 Total Funds 1.067,984 954.663 The notes on pages 9 to 12 form part of these financial statements. Approved by the Trustees and authori5ed for i55ue on 18 July 2025. Peter Ellwood Chair The Royal Philharmonic Orchestra Trust Trustees, Report and Financial Statements for the Year ended 5 April 2025 l. Notes to the Flnanclal Statements for the year ended 5 April 2025 Accountlng convention The financial statements have been prepared in accordance with the United Kingdom Accounting Standards, in particular 'FRS 102-. The Financial Reportin8 Standard applicable in the UK and Republic of Ireland. IFRS 1021. The Royal Philharmonic Orchestra Trust I'the TrusVI is a public benefit entity for the purposes of FRS 102 and a registered tharity. its financial statements are therefore a150 prepared in accordance with the "Statement of Recommended Prattl￿ applicable to charities preparlng their accounts in accordance with FRS 102" (Charities SORP IFRS 10211. The financial statements 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 Trustees have assessed whether the use of the goi17g concern basis of preparing the accounts 15 appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Trust to continue a5 a going concern. 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 Philham)onic Orchestra Limited IRPOI. the current tenant of the property owned by the Trust, up until 28 September 2025 when the Orchestra's lease ends. The Trust is currently marketing the property and it is anticipated that the property wlll be occupied after September 2025 by either a new tenant or owner. The Trust has built its funds balance to be able to weather a period without a tenant and to refurbish the property when it is vacant. The Trustees are confident that the proportion of funds utilised whilst the property is marketed will be sustainable and that the Trust will continue to hL)Id Sufficient funds to meet Its obligations and its charitable purpose. Slgnlflcant accounting estlmates and judgements In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The treatmer7t of the property owned by the RPO Trust is considered by the Trustees to have the m05t significant effect on amounts recognised 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 its economic value at the end of each financial year. The Royal Philharmonic Orchestra Trust Trustees, Report and Financial Statement5 for the Year ended 5 April 2025 l. Notes to the Flnancial Statements for the year ended 5 April 2025 {contlnued) d. Income Income comprises rent from 16 Clerkenwell Green and interest on bank deposits. Income is reco8nised when received and the Trust is entitled to the income. e. Expendlture 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 Trust's Tanglble 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 year5, a range of central London property market Indicators has been used to determine whetherthere is a possibility that an impairment of the carrying value of the property could have occurred. g. Cash and Cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-temi liquid investments with maturities of three months or less. h. Flnanclal Instruments The Trust has elected to apply the provi5ion5 of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed 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 legallv enfor￿able right to set off the recognised amounts and there Is an intention to settle on a net basis or to reali5e the asset and settle the liability simultaneou51y. 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 tenn bank deposits of more than three months. Shares in Royal Philhamonic Orchestra Limited are avallable 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 as receivable from Royal Philharmonic Orchestra Limited when the full amount required to purchase a Memberf5 shareholding of 100 £10 shares ha5 been contributed and the share certificate issued. Contrlbutlons are repald to Members when they leave, by Royal Philharmonic Orchestra Limited and the Trust recognises the amount as refundable to Royal Philharmonic Orchestra Limited. 101 Page The Royal Philharmonic Orchestra Trust Trustees, Report and Financial Statements for the Year ended 5 April 2025 Notes to the financial staternents for the year ended 5 Aprll 2025 (continued) 2. In¢ome from Charitable Activlties Income from Charitable Activities in the year ended 5 April 2025 and 2024 is rent charged to Royal Philharmonic Orchestra Limited. 3. Investment Income Bank interest of E16.154 was earned in 202512024- £10,427). 4. Independent Examinerf$ Fee Expendrture 15 Stated after charging the Independent Examlnerfs fee of £1,14012024- £1.0401. 5. Expendlture on Charitable Artivitles Expenditure in the year ended 5 April 2025 15 £4,042 comprising legal and other professional fees. 12024-£2,1401. 6. Tanglble Flxed Assets The Trust's Tangible Fixed Asset is the freehold property 16 Clerkenwell Green. which is shown at C05t of £470.585 at both 5 April 2025 and 2024. 7. Investments-current assets As at 5 April 2025 As at 5 April 2024 Fixed term bank deposlt Shares In Royal Philharmonic Orchestra Ltd 480,0 8,OlXI 447,677 8,000 Total Investments- current assets 488,0(M) 455.677 11 |Page The Royal Philharmonic Orchestra Trust Trustees, Report and Financial Statements for the Year ended 5 April 2025 Notes to the flnanclal statements for the year ended 5 April 2025 Icontlnued) 8. Creditor5 due in les5 than one year As at S Aprll 2025 As at 5 April 2024 Deferred rental income Payable to Royal Philharmonic Orchestra Ltd Accruals 18,231 23,439 4,424 2,060 1,140 Total Credilors due In less than one year 19,371 29,924 Deferred rental income in each year represents the portion of the rent receNed for the 25 March to 24 June quarter, which is attributable to the period after 5 April. The balance owed to Royal Philhamionic Orchestra Ltd Icomprising net purchases of shares in Royal Philharmonic Orchestra Ltd and fees paid for by RPO Limited on behalf of the Trust) was settled in March 2025. The accrual at 5 April 2025 is the Independent Examinerfs fee, whilst accruals at 5 April 2024 also included a legal fee. 9. Funds The Funds held by the Trust at both 5 April 2025 and 5 April 2024 are unrestricted. 10. Operating Leases The Trust has future operating lease rental income arising a5 follow5.. A5 at 5 Aprll 2025 As at 5 April 2024 Operating lease rentals arising in- Less than one year Two to five years 21,000 81,000 21,lJOO 81,000 The Trust has leased 16 Clerkenwell Green to the Royal Philharmonic Orchestra Limited since Au8U5t 1986. The lease is expected to end by 28 September 2025. Marketing is underway to secure income beyond September 2025, as set out in the Future Plans section of the Trustee< Report on page 4. 11. Capltal commltments The Trust had no capital commitments at 5 April 2025 or 5 April 2024. 12 IPage