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2025-08-31-accounts

Consolidated Report and Financial Statements 31 August 2025

Charity number: 238045 Company number: 00357059

Contents

Executive Summary 3
Strategic Report 4
Trustees’ Report 14
Statement of Trustees’ Responsibilities 18
Independent Auditor’s Report 19
Consolidated Statement of Financial Activities 22
Consolidated and Charity Balance Sheets 23
Consolidated Cash Flow Statement 24
Notes to the accounts 25

Cover photograph: Edward Gardner conducts the LPO & LPC in Mahler’s Symphony No. 8 at the Royal Festival Hall, 26 April 2025

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Executive Summary

Over the past year, the London Philharmonic Orchestra has continued to affirm its position as one of the world’s leading symphony orchestras, driven by its constant ambition to deliver world-class artistry on stage and humanity beyond it.

The Orchestra’s concert programme showcased an ambitious and wide-ranging repertoire, spanning cornerstone works of the symphonic canon alongside contemporary compositions and new commissions. Performances at the Southbank Centre, built around the compelling theme of ‘Moments Remembered’, remained a central pillar of the LPO’s artistic life, with a fourth consecutive year of audience growth and a diverse range of programmes ranging from Mahler’s Eighth Symphony to an evening of Indian classical music by Sarod Grand Master Amjad Ali Khan and his sons. Collaborations with distinguished conductors, soloists and composers enriched the season, reinforcing the Orchestra’s reputation for versatility, precision and expressive depth.

More than two-thirds of the Orchestra’s full-scale concerts took place outside of the capital, with residencies in Brighton, Eastbourne, Glyndebourne and Saffron Walden, and further appearances at major venues across the UK from Bristol to Edinburgh. Across all strands of activity, a live audience of over 275,000 people was reached.

2024/25 was an important year for international touring, strengthening the LPO’s global profile, promoting the UK overseas and fostering cultural exchange with audiences worldwide. Tours included visits to Japan, China, the United States, and several visits to mainland Europe.

The Orchestra continues to increase its digital footprint, with over 260m streams during the year. It is one of the world’s leading orchestras on social media, including being the most followed UK orchestra on Instagram and the most followed orchestra globally on TikTok. This work extends the Orchestra’s reach far beyond the concert hall, enabling millions of followers around the globe to experience the LPO’s distinctive sound and sense of community.

Education & Community work remained at the heart of the Orchestra’s mission. This area of activity focussed around four areas:

Through workshops, school partnerships, youth ensembles and participatory projects, the LPO engaged with over 35,000 people of all ages and backgrounds during the year.

2024/25 also reflected the Orchestra’s ongoing commitment to sustainability, diversity and organisational resilience. By embracing new ways of working, strengthening partnerships, and responding creatively to the evolving cultural landscape, the London Philharmonic Orchestra continued to build a sustainable future while remaining true to its artistic values. A season theme of ‘Harmony with Nature’ shines a spotlight on this work in 2025/26.

The 2024/25 season saw several financial records broken, with the Orchestra’s highest ever box office receipts, record touring income, and a 15% increase in fundraised income all contributing to record turnover for the year.

Behind the scenes, the Orchestra undertook a long-term strategy evaluation with Boston Consulting Group, and a brand values and communication project, as plans start to build for the Orchestra’s centenary in 2032.

As the Orchestra looks ahead, it does so with confidence and ambition, dedicated to inspiring audiences, supporting musical talent, and delivering performances of the highest artistic quality. This year stands as a testament to the London Philharmonic Orchestra’s enduring excellence and its vital role in the cultural life of London, the UK and the wider world.

We would like to start by thanking everyone who made the 2024/25 season of the London Philharmonic Orchestra so special – the exceptional musicians, guest artists, staff, supporters, participants and audience. Sincere thanks to you all.

David Burke Jesús Herrera Chief Executive Artistic Director

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Strategic Report – 31 August 2025

The Trustees are pleased to present their annual Trustees’ Report together with the consolidated financial statements of the Charity for the year ended 31 August 2025, which are also prepared to meet the requirements for a Directors’ Report and accounts for Companies House purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Our Purpose and Activity

The primary purpose of the Orchestra is as an indispensable part of the UK’s cultural identity and one of the leading orchestras in the world. Driven by the twin values of artistry on stage and humanity beyond, the Orchestra delivers uncompromising musical excellence whilst pioneering deep societal connection through thoughtful curation, innovative education work, and experiences that humanise the Orchestra for a modern audience. In doing so we aim to:

This is in accordance with our charitable objects as set out in our governing document, being:

The Trustees have considered the Charity Commission’s guidance on public benefit in shaping our objectives for the year and planning our activities, including the guidance ‘Public benefit: running a charity (PB2)’. The Orchestra runs a significant number of initiatives for those who may not be able to experience the concert hall environment or will be experiencing it for the first time, is a sector leader in developing the talent pipeline for composers, conductors and orchestral musicians, and has a wide range of community-led collaborations regionally.

Accessibility and affordability are key considerations to our programmes, with a broad range of programmes and tickets available from £14 (£7 for concessions) for all self-promoted concerts. The Orchestra offers a significant digital and broadcast presence. All of the concerts filmed during 2024/25 were available for free for a limited time as part of the arrangement with Marquee TV, and several were broadcast for free on BBC Radio 3.

The Orchestra relies on grants and income from fees and charges to cover its operating costs.

The strategies employed to achieve the Charity’s aims and objectives are:

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Strategic Report – 31 August 2025 cont.

Achievement & performance

1 Performances

The London Philharmonic Orchestra gave 191 performances during the year, including 149 full-scale concerts through its residencies in London, Brighton, Eastbourne, Saffron Walden and Glyndebourne, as well as around the UK and internationally.

The artistic foundation of the year was the Orchestra’s season at the Southbank Centre, a critical partner of the Orchestra. In 2024/25, the Orchestra saw a fourth successive year of increase in audiences, resulting in record sales and a record number of sold-out performances.

The season was built around the theme of ‘Moments Remembered’, exploring the relationship between music and memory. From memorials and tributes to intimate personal reflections, the theme explored the crossroads of music and memory. Award-winning author Jeremy Eichler was the Orchestra’s first Writer-in-Residence, reflecting on the season theme through essays and two pre-concert talks. ‘Moments Remembered’ opened with Edward Gardner conducting Beethoven’s ‘Eroica’ Symphony, famously dedicated to Napoleon, before Beethoven removed the dedication after Napoleon crowned himself Emperor. Other highlights included Vladimir Jurowski’s concert featuring John Adams’s On the Transmigration of Souls, and Andrey Boreyko conducting a programme of Schoenberg’s A Survivor from Warsaw, Weinberg’s Violin Concerto with Gidon Kremer, and Shostakovich’s Symphony No. 13 (Babi Yar).

The season closed with two remarkable programmes conducted by Edward Gardner as part of the Multitudes Festival at the Southbank Centre. The first comprised two performances of Ravel’s Daphnis et Chloé in collaboration with circus company Circa, to a largely new audience of c.5,000 in total, whilst the finale was a sold-out performance of Mahler’s epic Eighth Symphony.

The Orchestra brought some of the world’s leading conductors and soloists to the UK. Soloists who worked with the Orchestra during the year included Leif Ove Andsnes, Kinan Azmeh, Colin Currie, Joyce DiDonato, Isabelle Faust, Renée Fleming, Vilde Frang, Amjad Ali Khan, Isata Kanneh-Mason, Patricia Kopatchinskaja and Víkingur Ólafsson. Conductors included Karina Canellakis, Kevin John Edusei, Sir Mark Elder, Thomas Guggeis, Paavo Järvi, Tianyi Lu, Robin Ticciati and Lidiya Yankovskaya.

Across the UK, the Orchestra performed in Bristol, Malvern, Nottingham, Manchester, Gateshead and Glasgow, and made a welcome return to the Edinburgh International Festival. In London, beyond its residencies, it reached new audiences with performances at venues including the Roundhouse, the Eventim Apollo, the Sessions Arts Club, and the BBC Proms at the Royal Albert Hall.

2024/25 was an important year for international touring, with performances at many of the world’s most prestigious halls including a three-day residency at Suntory Hall (Japan), as well as concerts at Carnegie Hall (USA), Vienna Musikverein (Austria), Elbphilharmonie (Germany) and the NCPA in Beijing. The USA tour was of particular note, as it was the first time the Orchestra had toured to the West Coast of the USA since 2014 – with particular thanks to the American Friends of the London Philharmonic Orchestra and Dunard Fund USA.

The Orchestra continued its well-established reputation for promoting contemporary and diverse composers, giving world premieres of pieces by Freya Waley-Cohen and David Sawyer, and UK premieres by Reena Esmail, Tania León and Dinuk Wijeratne. It toured Tania León’s Raíces (Origins) to the US and Europe, with its recording of the piece nominated for a Grammy. It has established a mini-series of concerts at the Queen Elizabeth Hall, which included works by Frank Zappa, Tan Dun, Julia Perry and Evan Williams. This year, two of these were followed by late-night informal performances in the Foyer. Chamber concerts offered further opportunities to reach new audiences and explore new repertoire, including a series at St John’s Waterloo and as part of our awardwinning South Coast work in Bognor Regis, Dover, and several sites around Eastbourne.

During the summer, the Orchestra continued its residency at Glyndebourne, now in its 61st season. The Festival launched with its first ever production of Wagner’s Parsifal – fulfilling the vision of its founder John Christie – to exceptional critical reviews. Other productions included The Barber of Seville, Richard Jones’s production of Falstaff, and Robin Ticciati conducting Káťa Kabanová. The Festival also experienced record sales and capacity of 97% across the four months.

Details of the Orchestra’s specific schools’ and familyfocussed concerts are included in the following sections.

The LPO performs Ravel’s Daphnis et Chloé in collaboration with circus company Circa at the Royal Festival Hall, 23 April 2025

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Strategic Report – 31 August 2025 cont.

2 Communities

The Orchestra’s work with the communities it serves, and the dialogues they produce, are an essential way of ensuring its long-term evolution and relevance. We proactively engage with, and learn from, communities new and old through performances, workshops, and a diverse range of creative-based opportunities.

2024/25 saw the consolidation and further expansion of the Orchestra’s work with its communities on the South Coast of England. In total, the Orchestra worked with 15 local organisations in the area, which can be grouped into three categories – health & wellbeing, social purpose, and artistic. Each project has been devised in genuine collaboration, led by each new partner’s needs, with collaboration based on three fundamental principles:

Examples include Soundcastle, a mental health charity running weekly music sessions, where the Orchestra has regularly joined termly full-day sessions; AudioActive’s Emerge programme, empowering young musicians and supporting their entry into an industry that is often skewed against them; the Beachy Head Ambassadors’ Mindfulness Walk; and Worthing Philharmonic Orchestra, where members of the LPO sit in with local amateur musicians to support their development and music-making;

The Orchestra has also worked with the local music education hub, offering pre-concert performance opportunities and meetings with the Orchestra’s musicians, Junior Artists Overture Days, and both inschool projects and a specially devised schools’ concert at the Congress Theatre in Eastbourne.

After researching several areas, the scheme has been expanded along the South Coast to Dover during the year. The genuinely collaborative nature of this work demands a substantial development phase, but several partners have expressed interest, and programmes are being developed to take place in 2025/26. The initial project that took place during the year was a performance in collaboration with the Port of Dover’s Annual Port Exchange – a key networking event for the port’s local stakeholders.

In London, the partnership with St John’s Waterloo continued, with three public concerts alongside performances and co-curated workshops for the organisations with which the church works.

The Orchestra has continued its longstanding partnerships with the South London Music Education Hubs of Lambeth, Southwark, Lewisham and Royal Greenwich, including delivering a programme of holiday music courses for young instrumentalists, and the Open Sound Ensemble for young disabled people and their parents and carers at the new Woolwich Works venue in southeast London. The BrightSparks schools’ concerts and FUNharmonics family concerts reached a combined audience of over 15,000, a significant proportion of whom were experiencing an orchestral concert for the first time.

The Orchestra continues to run OrchLab, one of the UK’s largest orchestral music programmes with disabled adults, devised and developed with Drake Music (experts in music, technology and disability), to make music through workshops in care centres in London and beyond. At the heart of OrchLab are our LPO values of collaboration and inclusivity. This year, the programme included developing accessible technology, bespoke web activities, a national online training session, and events including intensive series of workshops at four centres. We were delighted to be invited by Drake Music to join them at the Royal Society’s Summer Science Exhibition, showcasing the accessible instruments and technology developed as part of this project.

The Orchestra ran a series of workshops, ‘Crisis Creates’, which increased wellbeing through creativity and performance amongst people experiencing homelessness, and culminated with a performance on the Royal Festival Hall stage.

A new partnership this year was a series of workshops with Headway East London, an organisation that supports people affected by brain injury.

The Orchestra encourages its senior staff to sit on boards of other charities and schools, utilising our leadership position to offer expertise to others in the sector and beyond.

Headway workshop led by Aga Seruga-Lugo and LPO musicians at Headway East London, May 2025

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3 Equity, Diversity, Inclusion and Belonging

Our modern world must hear and sense itself in the music we perform; it must see itself in the artists that we are and the artists with whom we engage; if we are to embrace, understand and serve it, the modern world must be represented through the entirety of the Orchestra, its management and its leadership.

The Orchestra has a deep and longstanding commitment to increasing its diversity on and off the concert platform. 2024/25 was the third year of an initial five-year Inclusivity and Relevance strategy, which is led and monitored by its Equity, Diversity and Inclusion Steering Committee.

Across its self-promoted concerts, the Orchestra continued to benchmark favourably against the sector with the diversity of repertoire performed and artists and composers engaged. During the period, we performed the work of nine composers (living and historic) from the Global Majority, whilst almost one in five of our self-promoted concerts included a soloist from this demographic. Karina Canellakis continued to great acclaim in her leadership role as Principal Guest Conductor, in a season in which a third of our UK orchestral concerts featured female conductors.

The work of female composers was strongly represented in London, including a new commission, Mother Tongue, by Freya Waley-Cohen, Pasajes by Composer-inResidence Taia León, two works by Kaija Saariaho, and a new overture, RE|Member, by Reena Esmail. Away from our base, we toured Tania León’s Grammy-nominated Raíces (Origins) – an LPO commission – in the USA including at Carnegie Hall, and gave a performance of Judith Weir’s Forest at the Edinburgh International Festival.

All but one of our BrightSparks schools’ concerts and FUNharmonics family concerts featured works by female and Global Majority composers, ensuring that young people are exposed to a more diverse range of repertoire in their formative years.

Particular highlights of the year were the continuation of our partnership with St John’s Waterloo with an evening of chamber music by female composers from the Global Majority, and our performance at the Royal Festival Hall of Indian classical music by Sarod Grand Master Amjad Ali Khan and his sons. This performance attracted new audiences keen to experience his artistry alongside Bollywood scores by A R Rahman. The Live Review said of the concert:

‘What made this truly unforgettable was the sense of unity and shared purpose among the performers. The collaboration between the sarod players, tabla, sitar and the LPO was a testament to the power of music to bring people together across cultures and traditions. This was more than just a performance; it was an experience that celebrated the best of Asian music and its global influence.’

The Orchestra remains committed to building a diverse workforce in a long-term sustainable way. LPO Junior Artists has been specifically developed to support musicians from under-represented backgrounds aged 15–19. Following a successful pilot, its feeder programme, Junior Artists Overture, was expanded on a permanent basis into South Coast communities in East and West Sussex alongside London activity, with the result that over 200 young people took part. In the scheme’s eighth season, research revealed that 97% of Junior Artist alumni are either studying music at a conservatoire or university, or are working in the music industry. Alumni of the scheme are amongst the 2024/25 intake of Foyle Future Firsts, whilst others are regular extra musicians with the Orchestra and members of the Orchestra’s New Generation Board.

This season saw the second cohort of the LPO Conducting Fellowship. The programme selects two emerging conductors annually from backgrounds currently under-represented in the sector, giving them performance and Assistant Conductor opportunities, and mentoring them throughout the year. We received applications from 138 candidates, from whom Matthew Lynch and Juya Shin were selected to benefit from the opportunity.

Members of the Orchestra continue to work with Black Lives in Music (BLiM) to explore the barriers to diverse talent entering the sector. We continue as a consortium member of the award-winning Recruiting Classical (a series of auditions and professional development opportunities for musicians from the Global Majority), and have signed up to their 10-point plan for inclusive recruitment. Refinements continue to be made to the recruitment process, with screened auditions trialled for the first time. A new Player Director role of Extras & Deputies Liaison was created, and is currently held by Minn Majoe, a member of the EDI Steering Committee. This role is designed to ensure that players from outside the membership, and particularly those working with the Orchestra for the first time, have the best and most inclusive experience possible.

Outside of the workforce, the Orchestra’s Education & Community programme partners with a diverse range of participants through tailored programmes such as OrchLab and Open Sound, which engage with disabled adults and young people with Special Educational Needs and Disabilities respectively. A series of new partnerships came on stream over the year with charities working with people with mental health diagnoses (Soundcastle), people recovering from addiction (New Note Orchestra) and people with brain injury (Headway East).

Once again, in excess of 50% of attendees at our BrightSparks schools’ concerts (some 11,000 in total) were from the Global Majority, reflecting the diversity of the communities where these schools are based.

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Strategic Report – 31 August 2025 cont.

4 Rising Talent

The Orchestra believes that talent is indiscriminate, and is proactively using the expertise of its musicians to develop the next generation of artists through a series of industryleading schemes.

The flagship Foyle Future Firsts professional development scheme took on 17 new participants for the year. The scheme was launched in 2004 and research shows that 88% of participants have remained in the music profession, either as performers or teachers. Funding secured for 2025/26 will support research into a Theory of Change process for the scheme, with a specific insight into addressing barriers for those from lower socioeconomic backgrounds.

Five emerging composers worked with Composer-inResidence Tania León over the course of the season in the Orchestra’s Young Composers scheme. The pieces they created were performed at the annual Debut Sounds showcase concert at the Queen Elizabeth Hall, giving these young musicians a platform to present themselves to audiences and the industry. This season, the concert was curated in collaboration with the National Poetry Library. Alumni of this scheme have gone on to win the prestigious Siemens Prize (twice), the RPS Composition Award and BAFTA nominations, whilst others have been commissioned to write works for the Orchestra’s international concert series at the Southbank Centre.

The LPO Junior Artists and Junior Artist Overture programmes develop the pre-conservatoire area of the talent pipeline. We were delighted that several members and alumni were successful in applications to continue music at higher education and conservatoire level, and that we were able to welcome onto the Foyle Future Firsts programme one of our former Junior Artists, clarinettist Beth Crouch, who has since gone on to perform with the Orchestra in paid engagements during 2024/25.

The second year of the Conducting Fellowship scheme has completed the range of progression routes into the sector. The participants fed back very strongly, not only on the support and mentorship they received from Edward Gardner, but also how the direct experience they gained on the platform conducting the Orchestra on numerous occasions was fundamental to their artistic development. In each of the scheme’s first two years, one of the conductors has been signed to a major agency during their time with the Orchestra.

The Orchestra offered debuts at Eastbourne and Brighton to emerging artists and conductors including Adam Hickox, Alevtina Ioffe, Matthew Lynch, Vinay Parameswaran, Blake Pouliot, Martin Rajna and Juya Shin. It also offered concerto appearances to its own Co-Leader Alice Ivy-Pemberton and Principal Flute Juliette Bausor as part of their own continuing professional development.

5 Sustainability

The Orchestra considers its overall sustainability in the round, and through its work contributes to six of the United Nations’ Sustainable Development Goals. This contribution was articulated in 2024/25 for the first time through a report which will be regularly reviewed and can be found on the Orchestra’s website. The goals to which we are actively contributing are: Health & Wellbeing; Quality Education; Gender Equality; Decent Work & Economic Growth; Reduced Inequalities; and Climate Action. Whilst our work towards the first five goals can be found throughout this Annual Report, this section focuses specifically on activity in the Climate Action space.

Through its Sustainability Working Group (led with external advice from LPO Board member Deborah Dolce), the Orchestra continued to assess its environmental impact, take measures to reduce its impact, and look at how its artistic voice could be used to open up conversations in this area. We continued to measure our emissions using Julie’s Bicycle’s Creative Carbon Tools. At the conclusion of a three-year cycle of measurement, average emissions across the period were 1,262 tonnes CO2e. Just 6% of this total is within GHG reporting scopes 1 and 2, with 94% falling into scope 3, over which the organisation has less control. Mitigations and actions established in the year include:

Recognising the importance of music and the arts as a soft nudge to public opinion and a means to open up challenging topics, the Orchestra invested time, funds and energy in planning a season for 2025/26 focusing on the natural world.

We are grateful to SLR Consulting for their guidance and advice in developing a longer-term strategy for environmental sustainability.

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Strategic Report – 31 August 2025 cont.

6 Digital and broadcast

Technology enables the Orchestra to reach significant audiences, including many for whom it would not be possible to hear the Orchestra live, or who may have their first experience through this format. The LPO is committed to exploring new technologies and the opportunities they present to develop the artform, presentation and reach.

The Orchestra’s investment in this area has led to success on key platforms – it is the most followed UK orchestra on Instagram, the most followed orchestra globally on TikTok, and overall the third most followed globally on all platforms.

The LPO’s social media presence continued to increase over the year, growing by over 200,000 followers across all channels to over 1.8m overall. The quality of this work across social media was recognised within the industry and saw the Orchestra shortlisted for an Arts Council England Digital Culture Network Award.

2025 saw the 20th anniversary of the Orchestra’s CD label. The milestone was marked with an enhanced number of releases (nine over the year, with two in digital format only), a bespoke Gramophone Magazine publication, and the opening of our online LPO Label store, allowing customers to purchase directly from us.

Particular highlights were discs of works by LPO Composer-in-Residence Tania León – whose LPO commission Raíces (Origins) was nominated for a Grammy – and Thomas Adès, both of which were featured in The New York Times’s assessment of the top issues of the year. Edward Gardner’s recording of rare works by Britten garnered particular praise; this, along with his Tippett Piano Concerto release received ‘Recording of the Week’ awards from Presto Music. Meanwhile, Gardner’s all-Rachmaninov disc featuring Symphonic Dances and The Bells was made available not only online and on CD, but also as a luxurious commemorative LP set. Record levels of revenue were generated, with the label’s income in excess of £115k across digital and physical formats. Further releases followed during the autumn of the anniversary year.

Several concerts continue to be selected each season for broadcast on BBC Radio 3, and other stations offer opportunities for reach via interviews and recording excerpts.

The ’LPO Offstage’ podcast was relaunched with a new name and format, retaining host YolanDa Brown and keeping the Orchestra’s musicians front and centre. Two series of ‘Pitch Me Classical’ were produced during the season, with musicians debating a range of classical music questions from ‘Is Mozart the GOAT?’ to ‘When do I need to clap?’ and ‘Violas – what’s the joke?’ The podcast reflects the Orchestra’s personality-forward approach and brings a playful approach to some of classical music’s most-asked questions.

Digital technology also helped in the Orchestra’s community programmes: for example, Zoom has increased the reach of some of the teaching and mentoring programmes and allowed us to run a nationally available online training day for care centres wishing to use resources developed for OrchLab. The continued development of tech-led accessible instruments has benefitted both the OrchLab and Open Sound projects, with the OrchLab website sharing a range of accessible music resources for disabled people at no cost.

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Strategic Report – 31 August 2025 cont.

Financial

The Orchestra recorded record turnover during the year, of £14.55m (2023/24: £12.73m). This was helped by record box office income of £1.77m, record touring income of £2.57m, and a 15% increase in fundraised income on the prior year to £2.38m (2023/24: £1.6m, £1.78m and £2.07m respectively).

The increased activity also led to a record expenditure of £14.6m, including a £1m transfer to the London Philharmonic Trust to establish a Centenary Fund, which the Orchestra aims to grow ahead of its 100th anniversary in 2032.

With investment (paper) gains of £137k, this resulted in a modest overall increase in reserves of just £30k to a total of £9.19m.

Funding from Arts Council England totalled £1,901k, including £1,842k as part of the National Portfolio and £59k from ACE Transform, bringing total public subsidy to just 13% – one of the lowest of any European symphony orchestra. This funding continues to play a pivotal role, a crowding-in effect, underpinning the mixed economy model that sustains the organisation, combining public funding, private investment, and earned income.

The Orchestra continued to benefit from funding from Arts Council England’s Transform Programme (£59k recognised in year) to develop and implement innovative changes through the period to March 2026 to help transition to a lower public funding base following funding reduction. During the period, the funding was applied to several areas including part-funding a new Concerts & Recordings Assistant position, with a view to further exploit the commercial potential of the LPO Label; and the implementation of a new finance system which has delivered a number of improvements including streamlining and modernising processes, improved reporting and aiding staff development. Other areas funded included continued exploration of performances in alternative venues intended to broaden our audiences, and business model and fundraising capacity consultancy related to the capital project (see ‘Plans for future periods’, page 13).

Over the summer, the Orchestra carried out a number of business development initiatives including a strategic review with Boston Consultancy Group looking towards its 100th anniversary in 2032 and the branding refresh due to launch in 2025/26, with investment across these initiatives £60k. A further £100k has been set aside in a designated fund for the continuation of the brand work in 2025/26. The Orchestra also undertook the initial stages of a digital transformation project, funded by Bloomberg Philanthropies as part of the Bloomberg Digital Accelerator Programme. The project will result in improvements to digital content infrastructure, investing in new videoediting laptops and screens, alongside a high-capacity storage system supported by industry-leading software.

These upgrades will strengthen the organisation’s ability to create, manage and preserve digital content efficiently and securely.

The London Philharmonic Orchestra Trading Ltd – for noncharitable trading – generated a profit of £28,806 and has secured a number of opportunities for 2025/26.

The Orchestra has established an Innovation Fund, which stands at £500,000, in order to trial new models across all of the Arts Council England Investment Principles. This offers a defined budget specifically ring-fenced for some of the special new initiatives outlined in the 2022/23 Business Plan. This year, the Fund supported a range of projects including the brand refresh (including new marketing practices and audience research); preconcert events with inaugural Writer-in-Residence Jeremy Eichler; piloting of LPO Merchandise; and the Orchestra’s collaboration with Southbank Centre’s Multitudes Festival. The Fund has been vital in allowing the organisation to commit to projects at an early stage. Transfer to the Innovation Fund of £359,463 was therefore agreed, to maintain the Fund at £500,000. The Fund will in future be promoted to appropriate donors and provide opportunities for people with special interest in these areas to support the Orchestra to reach new audiences and trial new approaches.

The general (risk) reserve posted a surplus of £127,107, bringing this fund to £1.513m, which, while above the level of £1.1m set in the reserves policy, given the uncertain economic environment, levels of inflation and particular cashflow challenges around the Orchestra Tax Relief, will enable the Orchestra to respond appropriately in the current environment.

Every effort is being made to diversify income from a balance of sources to protect the Orchestra’s future. The establishment of the Sound Futures endowment through the Catalyst programme is one of several strategies to support the Orchestra’s longer-term ambition. The endowment has been invested in a broad range of conservative investment options, with Rathbones appointed to help manage the funds alongside a highly experienced Investment Committee. The Special Projects and Innovation funds exist to enable mid-term planning to continue appropriately (see below) in this delicate environment, alongside giving confidence and financial means to trial new models.

The Orchestra continues to welcome the Government’s commitment to maintain the Orchestra Tax Relief scheme, however the reduction of the rate from 50% to 45% of eligible costs, combined with the removal of EU costs from the calculating rate, will reduce its impact in coming years. In total, it is estimated that 2025/26 will project a small operating deficit of £65k and 2026/27 £85k, with planning continuing to evolve.

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Strategic Report – 31 August 2025 cont.

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Financial cont.

Going Concern

The Orchestra has demonstrated its ability to adapt its activities through what has continued to be a turbulent period for the economy and the sector. The confirmation of the permanent extension of the higher rate of Orchestra Tax Relief of 45% has given certainty over the expected future value of this income stream. The Orchestra considers there to be a reasonable expectation that a proportionate element of fundraising will continue, based on existing pledges, ongoing conversations and cautious expectations. In the event that projected fundraising income is not received, the Orchestra is still confident it could cover its costs, but this would be likely to impact planned activities. On this basis of ongoing receipt of Arts Council Grant, current reserve levels that can be appropriately utilised if required, and ongoing activities (including an element of fundraising), the Trustees are confident that the Company is a going concern.

Investment Policy

The establishment of the Sound Futures endowment is one of several strategies to support the Orchestra’s longer-term ambition. The £3.5m endowment has been invested in a broad range of conservative investment options, with Rathbones appointed to manage the funds on a discretionary basis alongside a highly experienced Investment Committee consisting of Trustees David Burke and Catherine Høgel, as well as Jamie Korner (charity investment specialist) and Bruno De Kegel (private wealth specialist). The investment objective of the portfolio was so designed as to produce annual income in the range of £60–£80k on a long-term basis, and preserving the real value of the capital over the longer term is also of great importance. This year it produced income of £93k. The valuation of the portfolio increased by £136k, with an additional £203k invested.

2025 Annual Gala at Battersea Arts Centre

Development Income

As a registered charity, the London Philharmonic Orchestra is grateful to all those individuals, trusts and organisations that offer financial support and in-kind goods and services which enable us to realise our bold artistic vision and drive lasting social impact.

In particular for this financial year we would like to thank the following for their generous support: Arts Council England, The American Friends of the London Philharmonic Orchestra, Steven M. Berzin, Bloomberg Philanthropies, Richard Buxton, The Candide Trust, Dunard Fund, The Foyle Foundation, Garfield Weston Foundation, the International Board of Governors, Aud Jebsen, Jerwood Foundation, JTI, Mr & Mrs Philip Kan, Lark Music, Lay & Wheeler, Sir Simon and Lady Robey, Rothschild Foundation, Scops Arts Trust, Jay and Deanie Stein, TIOC Foundation, Neil Westreich, and William & Alex de Winton. The LPO would also like to thank all those who made donations to support the Orchestra during its 2024/25 season.

This year’s Annual Gala was held at Battersea Arts Centre, and featured performances by the LPO and soloist Benjamin Grosvenor under the baton of Principal Conductor Edward Gardner. Nearly 200 guests came together to celebrate the Orchestra, and the event raised £240k to support the LPO’s work, of which £48k was restricted to support Education projects BrightSparks and Music Makers. The American Friends of the London Philharmonic Orchestra held their annual Gala at Carnegie Hall in February 2025, raising over $200k.

Development income for the year was £2.3m, alongside £203k from legacies that have been put into the endowment and £1.9m from Arts Council England (restricted). A further £962k of unrestricted income was received, and £1.374k restricted. Included in the restricted funds were £435k towards Education & Community work, £288k towards touring activity, and £651k towards the London concert season and projects including the Conducting Fellowship.

The comparative figure for the prior year was £2.1m in development income, alongside £129k legacies and £1.9m from Arts Council England. Other restricted income included £443k towards Education, and £742k towards the London concert season and projects including the Conducting Fellowship.

11

Strategic Report – 31 August 2025 cont.

Financial cont.

Fundraising

The London Philharmonic Orchestra’s Development Department solicits sponsorship, donations and membership from individuals, businesses, Government bodies and charitable foundations. The team is committed to best practice in ethical fundraising process and abides by the Funding Regulator’s Code of Fundraising Practice, which includes specific guidance to ensure the Charity does not put undue pressure on any individual to make a contribution or pledge. The Orchestra has a formal Gift Acceptance policy and does not use third-party fundraisers to make asks of members of the public. No complaints were received during the year.

We are registered with the Fundraising Regulator and are compliant with the Code of Fundraising Practice. We continue to comply with the European Union’s General Data Protection Regulation (GDPR).

Reserves Policy

The London Philharmonic Orchestra requires reserves in order to provide for contingencies as they may arise. The nature of the London Philharmonic Orchestra’s operations requires reliance on significant levels of income from sponsorship and donations that can show substantial variation due to changes in the economic climate or exceptional events after the Company’s artistic plans are formulated. The Company aims to retain general (risk) reserves at a level the Trustees anticipate will be sufficient to provide security from such unexpected variations and other risks highlighted below. This has been set at £1.1m, following detailed analysis of the risks faced. The current value is £1.512m (2024: £1.385m), which while above the level set, will help address wider ongoing economic uncertainty.

The Orchestra has designated reserves of £3.520m (2024: £3.937m) and revaluation reserves of £371k (2024: £371k), that have been set aside out of unrestricted funds by the Board. £219,627 of this, along with the revaluation reserve of £371,000, represents the value of the fixed assets. The revaluation reserve of £371,000 consists predominantly of the increased value (since acquisition) of the Sanctus Seraphin violin, but also a historic revaluation of the music library. This value can also only be realised by disposing of tangible fixed assets.

The Orchestra utilised the Innovation Fund established in 2020/21, transfers of £359k were agreed, and the Fund stands at £500k at year end. Projects supported by the Fund are detailed in the Financial review, page 10. This Fund enables the organisation to trial new models across all of the Arts Council England Investment Principles. The Fund will continue to offer a defined budget specifically ring-fenced for some of the special new initiatives outlined in the 2022/23 Business Plan. The Fund will in future be promoted to appropriate donors and provide opportunities for people with special interest in these areas to support the Orchestra to reach new audiences and trial new approaches.

The Orchestra has established an expendable endowment to allow deeper collaboration with the Southbank Centre and other venues on a long-term basis. When originally established, the endowment benefited from £1m match funding from Arts Council England. The value of the endowment at 31 August 2025 was £3,514k (2024: £3,197k), which is considered sufficient to meet the investment targets set. For clarity, the Orchestra has taken the decision to keep this endowment within the main charity rather than in a separate trust. Interest from the endowment is considered restricted for use towards strategic collaborations with key venues. The long-term aim is to maintain the capital value, whilst being able to draw down £60–£80k on an annual basis.

The Orchestra continues with preliminary steps towards an exciting capital project, with funds held for this now held and managed by The London Philharmonic Trust, which protects the Orchestra’s ongoing work and gives greater clarity to the day-to-day operations of the Orchestra through its charitable activity.

The Orchestra’s trading subsidiary, London Philharmonic Orchestra Trading Ltd, generated a profit of £28,806.

The Orchestra’s total reserves are therefore £9.188m, which is made up of designated reserves (£3.520m), revaluation reserves (£371k), restricted reserves (£271k), the Orchestra’s endowment (£3.514m), and general (risk) reserves of £1.513m. Prior Year respective figures were total reserves £9.158m, made up of designated reserves (£3.937m), revaluation reserves (£371k), restricted reserves (£267k), the Orchestra’s endowment (£3.197m), and general (risk) reserves of £1.385m.

£2.2m has been set aside to a Special Projects Fund to enable special programmes at the Royal Festival Hall such as Berg’s Wozzeck (semi-staged), Lotta Wennäkoski’s Zelo (world premiere), Tan Dun’s Choral Concerto: Nine (UK premiere) and Bartók’s The Wooden Prince. The fund will also be used to enable strategically important tours and advanced commissions to be upheld in these uncertain times. It is currently anticipated that this fund will be spent out over the next 4–5 years.

12

Strategic Report – 31 August 2025 cont.

Financial cont.

Risk Management

The Trustees have overall responsibility for ensuring that the organisation operates an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:

A detailed risk register is maintained, grading all identified risks and any actions taken to manage them. This is monitored on an ongoing basis by management and reported to the Audit Committee and Board at each meeting. The key risks that have been identified to the successful delivery of LPO’s strategy and artistic programme are:

Plans for future periods

After year end, the Orchestra commenced a busy touring year, with a tour to Bruges as part of a two-day residency in September 2025, and a tour to South Korea in October 2025, followed by trips to Germany (December 2025) and several European tours in spring 2026, including a concert in Budapest for the first time in several years.

The 2025/26 London season opened with pairs of concerts conducted by Edward Gardner and Karina Canellakis, with the season opener being Composer-inResidence George Benjamin’s breakthrough piece Ringed by the Flat Horizon. Other highlights of the first part of the season included Lili Boulanger’s rarely-performed Faust et Hélène and the world premiere of young British composer Robert Laidlow’s Exoplanets, which explores the outer reaches of our galaxy, beaming an urgent musical message back home to Earth – a special moment in our ‘Harmony with Nature’ season theme which explores the links between music and the natural world. The theme is complemented by a series of pre-concert talks: ‘The Nature Dialogues’, including presenters Kate Humble and Jeremy Wade.

‘The Nature Dialogues’ free pre-concert talk at the Royal Festival Hall, with biologist & broadcaster Liz Bonnin and oceanographer Helen Czerski

In April 2026, the Orchestra will perform Saint-Saëns’s The Carnival of the Animals with film animation by Sandra Albukrek, and Terence Blanchard’s A Tale of God’s Will: A Requiem for Katrina, Blanchard’s creative response to the devastation cause to his native New Orleans by Hurricane Katrina. The 2025/26 season concludes with a semi-staged production of Berg’s opera Wozzeck as part of the Southbank Centre’s Multitudes Festival.

Outside of London, the Orchestra continues to further build on its residencies, including the numerous partnerships now developed along the South Coast, including in Dover, an area into which the Orchestra expanded its work during 2024/25, building on our community-led co-commissioning model to integrate the Orchestra from the grassroots upwards. As an example, percussionists will be supporting Dover Council’s ‘New Hobby’ day, a project being run by Dover Council for adults suffering from loneliness, encouraging them to try new hobbies and experiences.

Further UK dates included performances in Birmingham and Gateshead, and performances of The Lord of the Rings with film at the Royal Albert Hall – a film for which the Orchestra recorded the original soundtrack.

The Orchestra will also continue its commitment to its longstanding programmes OrchLab and Open Sound Ensemble and its Rising Talent strands, furthering the development of talent and disabled music-making across the UK.

The Orchestra maintains its long-held ambition for a permanent home alongside its residency at the Royal Festival Hall. Conversations are ongoing and feasibility work is progressing, and it is hoped further news about these plans will be forthcoming during the coming year.

13

Trustees’ Report

Reference and administrative details

Charity number 238045 Company number 00357059 Registered Office 89 Albert Embankment, London SE1 7TP

Our Advisors

Auditors Crowe UK LLP, 55 Ludgate Hill, London EC4M 7JW Bankers Virgin Money, 154–158 Kensington High Street, London W8 7RL Solicitors Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M 7RD Mayer Brown International LLP, 201 Bishopsgate, London EC2M 3AF

Directors and Trustees

Emily Benn Kate Birchall†§ Vice-President Nigel Boardman#•† Vice-Chair David Buckley# Chair of Audit Committee David Burke#•‡≠§ø† Simon Burke#† Appointed 23 April 2025 Simon Carrington Appointed 23 April 2025 Deborah Dolce§ Elena Dubinets§ø Retired 30 April 2025 Simon Estell Michelle Crowe Hernandez˚• Jesús Herrera†ø Appointed 16 June 2025 Catherine Høgel•˚≠† Chair Tanya Josephø Kate Leek Retired 23 April 2025 Minn Majoeø Tania Mazzetti Jamie Njoku-Goodwin Mark Vines†#•≠‡ President Neil Westreich David Whitehouse

Secretary David Burke

14

Trustees’ Report cont.

Key Management personnel

Chief Executive Artistic Director (until 30 April 2025) Artistic Director (from 16 June 2025) Finance Director Campaigns & Projects Director Concerts Director Development Director

David Burke Elena Dubinets Jesús Herrera Frances Slack Nicholas Jackman Roanna Gibson Laura Willis/ Olivia Highland (maternity cover Jan 2025 onwards) Talia Lash

Education & Community Director Talia Lash Marketing & Communications Director Kath Trout

Governing Document

The London Philharmonic Orchestra Limited (‘The Company’) was formed as a private limited Company on 6 October 1939, registration number 357059 and is registered with the Charity Commission under Charity Number 238045. The Directors therefore carry out the role of Trustees under Charities legislation. The Company is governed by its Memorandum and Articles of Association last amended on 22 May 2012.

Board of Directors/Trustees

The London Philharmonic Orchestra is owned by its shareholding members, who are the Orchestra’s musicians whose name appears on the ‘Orchestral list’ (‘Members’). There are a maximum 80 members, and shares for any vacant position are held by the President.

Under the updated Memorandum and Articles of Association approved at the Company’s AGM on 22 May 2012, the membership can elect up to eleven NonExecutive Directors and seven Player Directors. This change ensures compliance with the latest updates to the Charities Act, whilst strengthening the Board’s capacity in key areas such as governance and fundraising. The Chair of the Orchestra is elected from the Non-Executive Directors, whilst the Chair of the Players’ Committee, a member of the Orchestra, also takes the title President.

Organisation

The Board is responsible for monitoring the Company’s core business and provides the Company with access to advice and guidance in the new areas of the Company’s operations. The level of membership is continually reviewed to ensure effective governance of the Company. Eight subcommittees of the Board have been established with delegated responsibilities for audit, development, investment, the annual Gala, nominations, marketing, premises, and player issues. Authority for the day-to-day management of the Company has been delegated to the Chief Executive and the Artistic Director.

An Advisory Council was also established on 22 May 2012, whose members advise and assist the Board on matters of strategic and/or orchestral importance without formal governance responsibility.

Governance code

Strong governance and management are critical to our success and reputation. We have a Board of Trustees that takes overall responsibility for the Charity and our work. They are responsible for ensuring we are effectively and properly run and meet our goals as a charity. Our Board is responsible for:

The Board reviews its own governance practice annually against the Charity Governance Code, with no major concerns identified.

15

Trustees’ Report cont.

Advisory Council

The members of the Advisory Council at the time of signature are below.

Roger Barron (Chair) Christopher Aldren Kate Birchall†§ Amna Boheim Richard Brass Helen Brocklebank YolanDa Brown OBE David Burke#•‡≠§ø† Simon Callow CBE Desmond Cecil CMG Jane Coulson Andrew Davenport Guillaume Descottes Cameron Doley Lena Fankhauserø Christopher Fraser OBE Jenny Goldie-Scot Jonathan Harris CBE FRICS Nicholas Hely-Hutchinson DL Jesús Herrera†ø Dr Catherine C. Høgel•˚≠† Martin Höhmann Jamie Korner‡ Andrew Neill Nadya PowellØ Sir Bernard Rix Victoria Robey CBE≠ Baroness Shackleton Thomas Sharpe KC Julian Simmonds≠ Daisuke Tsuchiya Mark Vines†#•≠‡ Chris Viney Laurence Watt Elizabeth Winter

Recruitment and training of Trustees

Player Directors are appointed by the members at the Annual General Meeting of the Company after nomination by at least two Company members as required by the Company’s Articles of Association. Non-Executive Directors are recommended to the Board by the Nominations Committee and can be appointed to the Board either to fill a vacancy or as an additional Trustee. Any Trustee so appointed shall hold office only until the next Annual General Meeting. The Articles also provide that only those persons who are named on the Orchestral List may be a member of the Company.

New Trustees and Council members undergo an orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Board and decision making processes, the business plan and recent financial performance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. New Player Board members are offered coaching from professional coaches as part of their induction.

Related Parties and co-operation with other organisations

Chief Executive David Burke and President Mark Vines hold ex-officio positions on the Board of Henry Wood Hall, a charitable rehearsal space where the Orchestra regularly rehearses. Additionally, David sits on the Board of the Association of British Orchestras, who represent the collective interest of professional orchestras, youth ensembles and the wider classical music industry throughout the UK. Catherine Høgel, David Burke and David Buckley are Trustees of The London Philharmonic Trust, to which the Charity granted £1m during the year to establish the Centenary Fund. During the year, playing members of the Board received no remuneration for the additional duties resulting from being members of the Board, with the exception of the President, Vice-President and Vice-Chair of the Player Committee, as disclosed in Note 6. David Whitehouse is director of Slidesymphony Ltd who provide musical services to the Orchestra receiving performance fees and expenses on the same scale as those paid to other playing members in respect of their performances with the Orchestra as per the MU collective agreement. Performance fees and expenses paid to seven Player Directors total £370,934 (2024: £341,721) and are outlined in Note 6, Trustee emoluments, on page 32.

During the normal course of business, payments of £109,425 and £8,831.40 were made to Henry Wood Hall and the Association of British Orchestras respectively. There was £2,370 owed to Henry Wood Hall as at year end.

16

Trustees’ Report cont.

The Orchestra has a trading subsidiary, of which David Buckley, Mark Vines, Catherine Høgel and David Burke are directors. All group transactions between the Charity and its subsidiary are eliminated on consolidation. A management charge of £1,789 (2024: £746) was charged during the year representing LPO Trading Limited’s share of group overheads and other passed on costs. The trading company generated a profit of £28,806 (2024: £1,287). At the year end the outstanding balance of £32,218 (2024: £1,981) was due to the Charity.

Trustees

The Trustees who served throughout the year and subsequent to the year end and the beneficial interests of the Trustees in the Company’s shares at 31 August 2025 and 1 September 2024 were:

Ordinary shares of £1 each
31 Aug 25 31 Aug 24
Kate Birchall 1 1
(Vice-President)
Simon Carrington 1 1
Simon Estell 1 1
Kate Leek 1 1
Minn Majoe 1 1
Tania Mazzetti 1 1
Mark Vines(President) 19 22
David Whitehouse 1 1

Employment Policy

The Orchestra is an equal opportunities employer. Full and fair consideration is given to all job applications. Regular consultation is given between all staff and their managers, with due consideration given to their training and employment needs. Meetings take place on a regular basis with all staff and departmentally to ensure all employees are aware of the Orchestra’s activities and performance.

Pay policy for senior staff

Staff salaries are set by the Chief Executive, in consultation with the Finance Director. The Chief Executive and the Artistic Director salaries are set by the Chairman and President. (The position of Chairman is an unpaid position). Payment for equivalent roles are tracked where possible and used for benchmarking purposes.

17

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of the London Philharmonic Orchestra for the purposes of company law) are responsible for preparing the Strategic Report and the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

Auditors

A resolution to re-appoint Crowe UK LLP as the Company’s auditors will be proposed at the forthcoming Annual General Meeting.

Disclosure of Information to Auditors

Insofar as each of the Trustees/Directors of the Charity at the date of approval of this report is aware there is no relevant audit information (information needed by the Charity’s auditor in connection with preparing the audit report) of which the Charity’s auditor is unaware. Each Trustee/Director has taken all of the steps that he/she should have taken as a Trustee/Director in order to make himself/herself aware of any relevant audit information and to establish that the Charity’s auditor is aware of that information.

The Trustees’ Report and Strategic Report were approved by the Board of Trustees and signed on behalf of the Board on 2 February 2026.

Catherine Høgel Trustee (Chair)

Mark Vines Trustee (President)

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

18

Independent Auditor’s Report

To the Members of the London Philharmonic Orchestra Limited

Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Conclusions relating to going concern

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

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

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

19

Independent Auditor’s Report cont.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out on page 18, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were health and safety legislation, taxation legislation, employment legislation, and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, tested the application of cut-off and revenue recognition, particularly around voluntary income and grants; reviewing accounting estimates for

20

Independent Auditor’s Report cont.

biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jayne Rowe Senior Statutory Auditor For and on behalf of Crowe UK LLP Statutory Auditor London Date: 13 March 2026

21

Consolidated Statement of Financial Activities

(incorporating an income and expenditure account) Year ended 31 August 2025

----- Start of picture text -----
Note Unrestricted Restricted Expendable Total Total
Funds Funds Endowment Funds Funds
2025 2025 2025 2025 2024
£ £ £ £ £
Income from
Donations and legacies 2 962,496 3,276,149 203,094 4,441,739 4,142,934
Charitable Activities 3 9,921,726 - - 9,921,726 8,415,983
Other trading activities 55,515 - - 55,515 23,002
Investments 4 42,135 92,988 - 135,123 154,935
Total Income 10,981,872 3,369,137 203,094 14,554,103 12,736,854
Expenditure on
Raising funds 5 573,449 33,553 - 607,002 544,746
Charitable activities 5 10,698,344 3,332,399 22,947 14,053,690 11,340,318
Total Expenditure 11,271,793 3,365,952 22,947 14,660,692 11,885,064
Net (Expenditure)/Income for the
year before investment gains (289,921) 3,185 180,147 (106,589) 851,790
Gains on revaluation of Fixed Assets - - - - 25,000
Net gains on investments - - 136,644 136,644 265,521
Net movement in funds (289,921) 3,185 316,791 30,055 1,142,311
Reconciliation of Funds
Total funds brought forward as at
1 September 2024 18 5,693,207 267,709 3,197,303 9,158,219 8,015,908
Total funds carried forward as at
31 August 2025 18 5,403,286 270,894 3,514,094 9,188,274 9,158,219
----- End of picture text -----

The above results are from continuing activities and there are no other gains and losses except as stated above. The accompanying notes on pages 25–43 form part of these financial statements.

22

Consolidated and Charity Balance Sheets

Year ended 31 August 2025

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 11 590,629 617,470 590,629 617,470
Investments 12 4,781,186 4,826,938 4,781,186 4,826,938
Current assets 5,371,815 5,444,408 5,371,815 5,444,408
Stock and Work in progress 13 79,598 89,633 79,598 89,633
Debtors 14 5,296,399 4,811,529 5,322,618 4,812,765
Cash at bank and in hand 877,030 540,271 842,861 516,714
6,253,027 5,441,433 6,245,077 5,419,112
Creditors: amounts falling due within
15 (2,436,568) (1,727,622) (2,428,618) (1,705,301)
one year
Net current assets 3,816,459 3,713,811 3,816,459 3,713,811
Creditors: amounts falling due in more
than one year - - - -
Net assets 9,188,274 9,158,219 9,188,274 9,158,219
Capital and reserves
Unrestricted funds
Called up share capital 17 80 80 80 80
General (Risk) reserve 18 1,512,577 1,385,473 1,512,577 1,385,473
Revaluation reserve 18 371,000 371,000 371,000 371,000
Designated Fund 1 : Fixed Assets 18 219,629 246,470 219,629 246,470
Designated Fund 2: Special Projects 18 2,200,000 2,200,000 2,200,000 2,200,000
Designated Fund 3: Innovation 18 500,000 500,000 500,000 500,000
Designated Fund 4: COVID appeal 18 - 490,184 - 490,184
Designated Fund 5: Premises Transition 18 500,000 500,000 500,000 500,000
Designated Fund 6: Branding 18 100,000 - 100,000 -
Restricted Funds
Endowment Fund Interest 18 162,438 149,716 162,438 149,716
Capital Campaign 18 38,456 57,993 38,456 57,993
Education, touring and concert work 18 70,000 60,000 70,000 60,000
Endowment Funds
Endowment Funds - Catalyst 18 3,514,094 3,197,303 3,514,094 3,197,303
Equity shareholders’ funds/(deficit) 9,188,274 9,158,219 9,188,274 9,158,219
----- End of picture text -----

The Trustees have prepared group accounts in accordance with section 298 of the Companies Act and section 138 of the Charities Act 2011. The Charity has taken exemption from presenting its unconsolidated profit and loss account under section 408 of the Companies Act 2006. The net gain of the Charity in 2025, after gains on investments and transfer of profits from the trading company (£28,806) was £30,055 (2024: £1,142,311 gain).

These financial statements for the Company (Company Registration Number 0035705) were approved by the Board of Trustees on 2 February 2026. The accompanying notes on pages 25–43 form part of these financial statements. Signed on behalf of the Board of Trustees:

Catherine Høgel Mark Vines Trustee (Chair) Trustee (President)

23

Consolidated Cash Flow Statement

Year ended 31 August 2025

----- Start of picture text -----
Group and Group and
charity charity
2025 2024
Cash flows from operating activities: £ £
Net cash provided by (used in) operating activities 67,700 (301,583)
Cashflows from investing activities - -
Dividends, interest and rents from investments 135,123 154,935
Proceeds from the sale of property, plant and equipment - -
Purchase of property, plant and equipment (48,459) (12,121)
Proceeds from the sale of investments 719,000 50,868
Purchase of investments (1,018,481) (58,476)
Net cash provided by (used in) investing activities (212,817) 135,206
Cash Flows from financing activities - -
Net cash provided by (used in) financing activities - -
Change in cash and cash equivalents in the reporting period (145,117) (166,377)
Cash and cash equivalents at the beginning of the reporting period 2,379,902 2,546,279
Change in cash and cash equivalents due to exchange rate movements - -
Cash and cash equivalents at the end of the reporting period 2,234,785 2,379,902
Cash held as cash 877,030 540,271
Cash held as investments 1,357,755 1,839,631
2025 2024
£ £
Net income / (expenditure) for the reporting period (as per the
statement of financial activities) 30,055 1,142,311
Adjustments for: - -
Depreciation charges 74,222 73,254
(Gains) / losses on investments (136,644) (265,521)
Dividends, interest and rents from investments (135,123) (154,935)
-
(Gain) on Revaluation of fixed assets (25,000)
Loss / (profit) on the disposal of fixed assets 1,079 -
(Increase) / decrease in stocks 10,035 1,994
(Increase) / decrease in debtors (484,870) (1,062,156)
Increase / (decrease) in creditors 708,946 (11,530)
Net cash provided by (used in) operating activities 67,700 (301,583)
----- End of picture text -----

24

Notes to the accounts

1 Company Information

London Philharmonic Orchestra Limited is a registered charity and as such is a non-profit making organisation, limited by shares. The number of members at 31 August 2025 is 62 and their liability on a liquidation is limited to £1 each.

London Philharmonic Orchestra Limited is registered as a limited liability company in England and Wales under number 357059 and its registered office is 89 Albert Embankment, London SE1 7TP. It is also a Public Benefit Entity registered with the Charity Commission under number 238045.

Accounting policies

Critical accounting judgements and key areas of estimation uncertainty

In the application of the Charity’s accounting policies, which are described below, Trustees are required to make judgements, estimates, and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. The most significant estimate within the financial statements relates to the accrued income for the Orchestral Tax Credit for the 2024/25 period. As is consistent with prior years, this claim is yet to be submitted to HMRC. The Orchestra works with professional advisors to review, prepare and submit the claim, and have prepared this year’s figures on a basis consistent with prior years. Previous years’ claims have been received in a timely manner.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

the Charity and its 100% owned subsidiary London Philharmonic Trading Ltd (Company Number 9979254).

The SORP requires, under section 9.7, the disclosure around individual remuneration to all musicians on the board (Player Directors) within Note 6, “Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel”. However, the Orchestra has opted instead to show the musicians’ payments for playing in the Orchestra in aggregate. The Trustees feel that this is necessary to avoid reducing the pool of available Trustees required to successfully govern the Orchestra. These Player-Directors are not remunerated for their services as Trustees.

The London Philharmonic Orchestra meets the definition of a Public Benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Preparation of the accounts on a going concern basis

The Orchestra has demonstrated its ability to adapt its activities through what has continued to be a turbulent period for the economy and the sector, including a period of high inflation. The confirmation of the permanent extension of the higher rate of Orchestra Tax Relief of 45% has given certainty over the expected future value of this income stream. The Orchestra considers there to be a reasonable expectation that a proportionate element of fundraising will continue, based on existing pledges, ongoing conversations and cautious expectations. In the event that projected fundraising income is not received, the Orchestra is still confident it could cover its costs, but this would be likely to impact planned activities. On this basis of ongoing receipt of Arts Council Grant, current reserve levels that can be appropriately utilised if required, and ongoing activities (including an element of fundraising), the Trustees are confident that the Company is a going concern.

c) Accounting convention

The financial statements are prepared under the historical cost convention with the exception of the revaluation of the Sanctus Seraphin violin, valuation of investments and the music library at its 1993 valuation as permitted in FRS 102.

a) Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Charities SORP (FRS 102) 2nd edition, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The consolidated financial statements incorporate the financial statements of

d) Foreign currency

The functional currency of the Orchestra is considered to be in pounds sterling because that is the currency of the primary economic environment in which the Charity/ group operates. The financial statements are presented in pounds sterling.

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances

25

Notes to the accounts cont.

denominated in foreign currencies are translated at the rate of exchange prevailing at the year end, in accordance with FRS102. Any gains or losses arising on translations are reported as part of the transaction within the SOFA and are not material; they are therefore not disclosed separately.

Income from the charitable trading operation is recognised as earned (as the related goods and services are provided).

Investment income is recognised on a receivable basis.

g) Donated services and facilities

e) Fund accounting

Unrestricted funds:

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

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

Revaluation Funds relates to revaluations of the Sanctus Seraphin violin and the music library.

Restricted funds are those which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The purpose for which restricted funds are held is analysed in the notes to the accounts (see Note 18).

The expendable Endowment comprises monies that must be held as capital and spent over a minimum 25 years. Interest from the endowment is credited to restricted funds and applied to joint projects between the Orchestra and its regular venues under the terms of the endowment.

f) Income

Voluntary income including donations, gifts and legacies and grants that are of general nature are recognised where there is entitlement, receipt is more probable than not and the amount can be measured with sufficient reliability. Such income is only deferred when:

Legacies are included in the financial statements as income in the year in which the Charity is notified and when the value and entitlement of the legacy is known with reasonable certainty.

For Pecuniary legacies this is the earlier of cash receipt or probate date; for Residuary legacies, the earlier of cash receipt or estate accounts date. Where legacies have been notified to the Charity or the Charity is aware of the granting of probate and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services and facilities are included at the value to the Charity where this can be quantified. No amounts are included in the financial statements for services donated by volunteers. Gifts in Kind are included at current market value where their value is ascertainable and material. The estimated valuation of gifts in kind is based on the value of the contribution to the Charity, or the valuation the Charity would have had to pay to acquire the assets.

h) Government Grants

Government grants are recognised on the performance model, when the organisation has complied with any conditions attaching to the grant and the grant will be received.

i) Expenditure

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

j) Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation, which is provided in equal annual instalments over the estimated useful lives of the assets.

26

Notes to the accounts cont.

The rates of depreciation are applied as allocated support costs (see Note 5) and are charged at a rate of:

o) Debtors

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

The Sanctus Seraphin violin has not been depreciated on the basis of it being an appreciating asset. The violin was last valued in 2024 and the increase in value reflected in the accounts. Assets over £1,000 are capitalised.

k) Stocks and work in progress

Own-label CDs in the course of development at the Balance Sheet date are valued at cost. Stock is stated at the lower of cost or net realisable value.

l) Operating leases

Rentals under operating leases are charged on a straightline basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term, except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.

p) Creditors

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

q) Investments

Listed investments are stated at the market closing price on 31 August 2025. Gains and losses in the year are taken to the Statement of Financial Activities.

r) Cash

Cash at bank and in hand includes all forms of cash and deposits readily available on demand, except those designated as investments. These cash balances are used in our cash flow statements and future cash projections.

m) Pensions

Pension costs are recognised in the accounts when they are paid. The Company does not operate its own pension scheme, but offers to make contributions into employees’ private schemes or alternatively contributes to an external auto-enrolment scheme. Pensions are allocated from unrestricted funds, as no restricted funding directly covers employee costs. Total payments are as per Note 6 in the accounts.

n) Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and debtors excluding prepayments. Financial liabilities held at amortised cost comprise creditors excluding other taxes and social security and deferred income and income in advance.

27

Notes to the accounts cont.

2 Income from Donations and Legacies

2
Income from Donations and Legacies
Total Funds
Total Funds
2025
2024
£
£
Gifts and memberships 2,432,607
2,130,052
Donated goods and services 83,977
84,166
Grants from government and other public bodies (see Note 8) 1,925,155
1,928,716
4,441,739
4,142,934

Development income for the year was £2.3m, alongside £203k from legacies that have been put into the endowment and £1.9m from Arts Council England (restricted). A further £962k of unrestricted income was received, and £1.374m restricted. Included in the restricted funds were £435k towards Education & Community work, £288k towards touring activity, and £651k towards the London concert season and projects including the Conducting Fellowship.

The comparative figure for the prior year was £2.1m in development income, alongside £129k legacies and £1.9m from Arts Council England (Restricted – restated see

Note 8). Other restricted income included £443k towards Education, and £742k towards the London concert season and projects including the Conducting Fellowship.

The Charity is grateful for in-kind support from, among others, Jeroboams, Argentum and Lindt. The total value of all in-kind support is estimated at £83,977 (2024: £84,166). The estimated value of these goods and services is recognised within unrestricted incoming resources as a donation, and an equivalent charge being included in unrestricted expenditure under charitable activities.

3 Income from charitable activities

----- Start of picture text -----
Total Total
Funds Funds
2025 2024
£ £
Ticket and programme sales 2,295,020 1,763,426
Performance fees 5,279,170 4,661,132
Recording Label & Streaming 178,884 162,041
Other Income 2,168,652 1,829,384
9,921,726 8,415,983
----- End of picture text -----

4 Investment income

----- Start of picture text -----
2025 2024
£ £
Dividend 82,514 83,552
Investment Interest 36,974 25,600
Bank Interest 15,635 45,783
135,123 154,935
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28

Notes to the accounts cont.

5 Analysis of Expenditure

----- Start of picture text -----
Net income stated after charging: 2025 2024
£ £
Operating Lease rentals 152,361 186,240
Depreciation 74,223 73,255
Fees payable to the Company’s auditors for taxation purposes 9,300 9,300
Fees payable to the Company’s auditors for the audit of the 34,850 33,200
Company’s annual accounts
----- End of picture text -----

----- Start of picture text -----
Charitable Activities
Concert LP Trust
Promotions Engagements Education Centenary Total Total
of Orchestra & Tours Activities Fund 2025 2024
£ £ £ £ £ £
Orchestra fees 2,126,830 2,596,082 184,197 4,907,109 4,864,320
Conductor, Soloist, & Choir fees 889,312 614,962 79,975 1,584,249 1,506,454
Travel, Hire, subsistence and 338,767 1,671,506 62,341 2,072,614 1,420,731
accommodation
Presentation, Marketing & 788,348 57,666 18,366 864,380 791,066
Programme costs
House rentals and Promoter 1,035,439 27,895 63,352 1,126,686 677,192
Commissions
LPO Recording Label 189,194 - - 189,194 140,892
-
Subscriptions and professional 36,400 51,712 88,112 56,389
assistance
Other Direct Costs 863,261 202,480 292,746 1,358,487 1,096,120
Support Costs 376,354 376,354 110,151 862,859 787,154
Centenary Fund - London - - - 1,000,000 1,000,000 -
Philharmonic Trust transfer
Total 6,643,905 5,546,945 862,840 1,000,000 14,053,690 11,340,318
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Expenditure on charitable activities was £14,053,690 (2024: £11,340,318), of which £10,698,344 was unrestricted (2024: £9,979,779) and £3,332,399 was restricted (2024: £3,189,137).

A £1m transfer to the London Philharmonic Trust was agreed to establish a Centenary Fund, which the Orchestra aims to grow ahead of its 100th anniversary in 2032.

Cost of raising funds

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Total 2025 Total 2024
£ £
Direct Costs 529,654 464,937
Support Costs 77,348 79,809
Total 607,002 544,746
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29

Notes to the accounts cont.

Allocation of Support costs

----- Start of picture text -----
Operations of Costs of Raising Total Total
Orchestra Funds 2025 2024
£ £ £ £
-
Apportioned staff costs 502,991 502,991 418,987
Rent and Rates 79,733 19,557 99,290 135,772
Office overhead costs 119,002 29,189 148,191 131,506
Legal and other professional fees 3,180 780 3,960 3,000
Audit and tax advice 44,528 - 44,528 42,795
Finance Charges 42,455 10,413 52,868 22,383
Depreciation 23,417 5,744 29,161 38,199
Travel, expenses etc. 47,553 11,664 59,217 74,321
Total 862,859 77,347 940,206 866,963
----- End of picture text -----

30

Notes to the accounts cont.

6 Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel

The number of persons employed by the Company, including Trustees with contracts of service, were as follows:

----- Start of picture text -----
2025 2024
No. No.
Average No. 44 43
----- End of picture text -----

The number of persons employed by the Company, including Trustees with contracts of service, were as follows (FTE):

----- Start of picture text -----
2025 2024
No. No.
Administration 5 5
Concert management 14 13
Education 4 4
Marketing 9 9
Development 8 8
Other 0 1
40 40
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Staff costs incurred during the year in respect of these employees were:

----- Start of picture text -----
2025 2024
£ £
Wages and salaries 1,816,251 1,722,099
Social security costs 185,608 174,260
Other pension costs 166,205 109,933
2,168,064 2,006,292
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The number of senior staff (including Trustees with contracts of service) paid over £60,000 during the year (salary plus taxable benefits excluding pension contributions) was:

----- Start of picture text -----
2025 2024
No. No.
£60,001 to £70,000 2 3
£70,001 to £80,000 2 1
£80,001 to £89,000 - 1
£90,001 to £100,000 - -
£100,000 to £110,000 - -
£110,000 to £120,000 - 1
£130,000 to £140,000 1 -
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The pension contributions for the provision of money purchase schemes in respect of the higher-paid employees above totalled £108,648 (2024: £121,236).

31

Notes to the accounts cont.

The Key Management personnel of the Charity comprises the President, Vice-President and Vice-Chair of the Player Committee, Chief Executive, Artistic Director (also Trustees), Finance Director, Campaigns & Projects Director, Concerts & Planning Director, Development Director (including maternity cover), Education & Community Director, and Marketing & Communications Director. Total remuneration paid to key management personnel was £879,344 (2024: £801,661).

The seven Trustees who are playing members of the Orchestra received performance fees and expenses on the same scale as those paid to other playing members in respect of their performances with the Orchestra as per the MU collective agreement.

In addition to fees payable to the President,Vice-President and Vice-Chair of the Player Committee, the Chief Executive and the Artistic Director, no Trustees claimed expenses in the year (2024: 1- £25).

----- Start of picture text -----
Trustees’ emoluments 2025 2025 2024 2024
£ £ £ £
Salary Pension Salary Pension
Kate Birchall 3,135 188 1,661 -
David Burke 131,710 59,979 112,503 32,098
Elena Dubinets 63,589 40,203 85,315 59,898
Jesus Herrera 22,445 4,531 - -
Martin Hohmann - - 14,252 855
Minn Majoe 1,568 94 830 -
Mark Vines 10,450 627 11,077 665
Performance fees &
expenses to seven
player directors 370,934 - 341,721 -
----- End of picture text -----

The SORP requires, under section 9.7, the disclosure around individual remuneration to all musicians on the board (Player Directors) to be presented alongside the format used above for the President, Vice-President, Vice-Chair of the Player Committee and Chief Executive. However, the Orchestra has opted instead to disclose the aggregate total of remuneration paid to its seven Player Directors, as shown above. The Trustees feel that to provide this disclosure would have an adverse effect on the effective operation of the Charity as musicians are reluctant to act as Trustees if that role requires disclosure of fees received as this can result in comparison of remuneration with their peers. This would result in reducing the pool available Trustees required to successfully govern the Orchestra. These Player Directors are not remunerated for their services as Trustees. The total amount of donations received from the Trustees directly associated with the Charity and their related parties is £301,394 (2024: £304,867).

7 Related Parties

Chief Executive David Burke and President Mark Vines hold ex-officio positions on the board of Henry Wood Hall, a charitable rehearsal space where the Orchestra regularly rehearses. Additionally, David sits on the Board of the Association of British Orchestras, who represent the collective interest of professional orchestras, youth ensembles and the wider classical music industry throughout the UK.

Catherine Høgel, David Burke and David Buckley are Trustees of The London Philharmonic Trust, to which the Charity granted £1m during the year to establish the Centenary Fund. During the year, playing members of the Board received no remuneration for the additional duties resulting from being members of the Board, with the exception of the President, Vice-President and Vice-Chair of the Player Committee, as disclosed in Note 6. David Whitehouse is director of Slidesymphony Ltd who provide musical services to the Orchestra receiving performance fees and expenses on the same scale as those paid to other playing members in respect of their performances with the Orchestra as per the MU collective agreement. Performance fees and expenses paid to seven Player Directors total £370,934 (2024: £341,721) and are outlined in Note 6, Trustee emoluments, on page 32.

During the normal course of business, payments of £109,425 and £8,831.40 were made to Henry Wood Hall and the Association of British Orchestras respectively. There was £2,370 owed to Henry Wood Hall as at year end.

The Orchestra has a trading subsidiary, of which David Buckley, Mark Vines, Catherine Høgel and David Burke are directors. All group transactions between the Charity and its subsidiary are eliminated on consolidation. A management charge of £1,789 (2024: £746) was charged during the year representing LPO Trading Limited’s share of group overheads and other passed on costs. The trading company generated a profit of £28,806 (2024: £1,287). At the year end the outstanding balance of £32,218 (2024: £1,981) was due to the Charity.

32

Notes to the accounts cont.

8 Grants receivable from government and other public bodies

Grant income

----- Start of picture text -----
2025 2025 2025 2024
£ £ £ £
Restricted Unrestricted Total Funds Total Funds
-
Arts Council of England NPO 1,842,501 1,842,501 1,830,223
-
South Bank Centre Residency subsidy 23,754 23,754 25,446
Arts Council England Transform 58,900 - 58,900 73,047
1,901,401 23,754 1,925,155 1,928,716
2024 2024 2024 2023
Grant Income - 2023/24 Restated £ £ £ £
Restricted Unrestricted Total Funds Total Funds
-
Arts Council of England NPO 1,830,223 1,830,223 1,975,814
-
South Bank Centre Residency subsidy 25,446 25,446 61,526
Arts Council England Transform 73,047 - 73,047 -
1,903,270 25,446 1,928,716 2,037,340
----- End of picture text -----

9 Changes in grants deferred

----- Start of picture text -----
Balance 31 Grants Utilised Balance 31
August 2024 received in year August 2025
£ £ £ £
Arts Council of England (Restricted) - 1,842,501 (1,842,501) -
South Bank Centre Residency subsidy - 23,754 (23,754) -
Arts Council England Transform (Restricted) 91,473 - (58,900) 32,573
91,473 1,866,255 (1,925,155) 32,573
----- End of picture text -----

10 Taxation

The LPO is eligible under Part 11 Corporation Tax Act 2010 and section 271 Taxation of Chargeable Gains Act 1992 to exemption from taxes on income, donations and capital gains arising from the pursuit of its charitable objective. LPO Trading Ltd donates its profits to the LPO and therefore is not liable to pay capital gains or corporation tax. The orchestra has taken advantage of the Orchestra Tax Relief made available by the Finance Bill 2016. See Accounting Policies within ‘Critical Accounting Judgements and Key Areas of Estimation Uncertainty for further details.

33

Notes to the accounts cont.

11 Tangible fixed assets – Group and Charity

----- Start of picture text -----
Furniture,
fixtures,
Leasehold fittings & Sanctus
improve- Music Computer office Musical Seraphin
ments Vehicle Library equipment equipment instruments Violin Total
£ £ £ £ £ £ £ £
Cost or valuation
At 31 August 2024 59,985 233,678 267,973 168,166 315,218 248,101 425,000 1,718,121
Additions - - - 39,685 5,669 3,105 - 48,459
Disposals - - - (6,356) (3,350) - - (9,706)
Revaluations - - - - - - - -
At 31 August 2025 59,985 233,678 267,973 201,495 317,537 251,206 425,000 1,756,874
Accumulated
depreciation
-
At 31 August 2024 51,175 175,275 263,107 126,604 305,403 179,087 1,100,651
Charges for the
year 2,323 35,054 381 23,651 5,645 7,168 - 74,222
Disposals - - - (6,357) (2,271) - - (8,628)
At 31 August 2025 53,498 210,329 263,488 143,898 308,777 186,255 - 1,166,245
Net book value
At 31 August 2025 6,487 23,349 4,485 57,597 8,760 64,951 425,000 590,629
At 31 August 2024 8,810 58,403 4,866 41,562 9,815 69,014 425,000 617,470
----- End of picture text -----

Musical instruments are generally contemporary, low-value instruments whose value is fairly represented by the written down cost of such instruments. The Sanctus Seraphin violin is used during performances and has aesthetic and musical qualities, but also intrinsic value. Consequently, this violin was valued at a current market value of £425,000 at 31 August 2024 by J&A Beare, London, Members of the British Antique Dealers Association; Dealers, restorers and makers of fine violins, violas, cellos and bows. The original historic cost of the violin was £35,000. The Trustees are not aware of any material changes since the last valuation.

The music library was revalued at £250,000 in 1993. No historical information is available with respect to the music library’s net book value under historic cost convention, as the cost of acquiring the bulk of the library was expensed through the income and expenditure account over a number of years. Additions to the library since 1993 have been included at cost.

34

Notes to the accounts cont.

12 Investments – Group and Charity

----- Start of picture text -----
Traded
Cash Investments Total
£ £ £
Valuation at 1 September 2024 1,839,632 2,987,306 4,826,938
Additions at cost - 1,018,481 1,018,481
-
Disposals at carrying value (719,000) (719,000)
Net decrease in cash (481,877) - (481,877)
-
Net gains/(losses) 136,644 136,644
Valuation at 31 August 2025 1,357,755 3,423,431 4,781,186
----- End of picture text -----

Valuation at 31 August 2025 are both actual and historic costs. Historic costs of traded investments as at 31 August 2025 are £3,066,132.

Investments by investment type

----- Start of picture text -----
2025 2024
£ £
UK Bonds 294,308 303,201
UK Equity 704,452 964,003
International Equity 1,603,547 989,914
International Bonds 320,916 258,971
Infrastructure 97,022 130,150
Property 198,700 194,108
Other 204,486 146,960
Cash 1,357,755 1,839,631
4,781,186 4,826,938
----- End of picture text -----

The Charity also has a 100% holding of 1 ordinary shares of £1 each in London Philharmonic Orchestra Trading Limited, a limited company incorporated and registered in England and Wales, company registration number 09979254. The subsidiary had income of £55,515 and expenditure of £26,709. Capital and reserves as at 31 August 2025 totalled £0.

13 Stocks and work in progress – Group and Charity

----- Start of picture text -----
2025 2024
£ £
Stocks of own-label recorded CDs 39,550 24,928
Work in progress of own-label CDs not released 40,048 64,705
79,598 89,633
----- End of picture text -----

35

Notes to the accounts cont.

14 Debtors

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Trade debtors 655,857 108,927 649,857 108,182
Intercompany - - 32,219 1,981
debtors
Other debtors 207,695 231,202 207,695 231,202
Prepayments 222,514 731,119 222,514 731,119
Accrued Income 4,210,333 3,740,281 4,210,333 3,740,281
5,296,399 4,811,529 5,322,618 4,812,765
----- End of picture text -----

15 Creditors: amounts falling due within one year

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Trade creditors 937,743 405,275 937,743 404,529
Intercompany creditors - - - 75
Value Added Tax 76,859 146,127 75,859 146,427
Other taxes and social security 76,237 61,449 76,237 61,449
Other creditors 104,120 92,702 104,120 92,702
Accruals 475,606 272,196 473,656 270,246
Deferred income and income in advance < 1yr 766,003 749,873 761,003 729,873
2,436,568 1,727,622 2,428,618 1,705,301
Analysis of Deferred income and income in Group Group Charity Charity
advance 2025 2024 2025 2024
£ £ £ £
Deferred income at 1st September 2024 749,873 780,451 729,873 775,451
New deferred income in the period 733,429 749,873 728,429 729,873
Deferred Income released in the period (717,299) (780,451) (697,299) (775,451)
Deferred Income as at 31st August 2025 766,003 749,873 761,003 729,873
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16 Creditors: amounts falling due in more than one year – Group and Charity

16
Creditors: amounts falling
Group and Charity		 due in more than on
2025
2024
£
£
Deferred income and income in advance > 1yr -
-
-
-

36

Notes to the accounts cont.

17 Called up share capital

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2025 2024
£ £
Authorised
200 ordinary shares of £1 each 200 200
Allotted, called up and fully paid
80 ordinary shares of £1 each 80 80
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18 Reserves – Group

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Balance at Balance at
1 September Transfer of 31 August
2024 Income Expenditure amount 2025
£ £ £ £ £
Unrestricted Funds
Called up share capital 80 - - - 80
General (risk) reserve 1,385,473 10,933,413 (10,219,444) (586,865) 1,512,577
Revaluation reserve 371,000 - - 371,000
1,756,553 10,933,413 (10,219,444) (586,865) 1,883,657
Designated Funds
Designated fund (1) Fixed Asset 246,470 48,459 (75,300) - 219,629
Designated fund (2) Special Project 2,200,000 - (617,586) 617,586 2,200,000
Designated fund (3) Innovation 500,000 - (359,463) 359,463 500,000
Designated fund (4) Covid Appeal 490,184 - - (490,184) -
Designated fund (5) Premises Transition 500,000 - - - 500,000
Designated fund (6) Branding - - - 100,000 100,000
3,936,654 48,459 (1,052,349) 586,865 3,519,629
Restricted Funds
London, Touring and Education 60,000 3,262,399 (3,332,399) 80,000 70,000
Catalyst interest 149,716 92,722 - (80,000) 162,438
Capital Campaign 57,993 14,016 (33,553) - 38,456
267,709 3,369,137 (3,365,952) - 270,894
Endowment Fund
Catalyst 3,197,303 339,738 (22,947) - 3,514,094
Total Funds 9,158,219 14,690,747 (14,660,692) - 9,188,274
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37

Notes to the accounts cont.

18 Reserves – Group cont.

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

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Tangible Fixed Investment Net current
Total
assets Fixed assets assets
Unrestricted Funds £ £ £ £
Called up share capital - - 80 80
General (risk) reserve - - 1,512,577 1,512,577
Revaluation reserve 371,000 - - 371,000
371,000 - 1,512,657 1,883,657
Designated Funds
Designated fund (1) Fixed Asset 219,629 - - 219,629
Designated fund (2) Special Project - 1,093,124 1,106,876 2,200,000
Designated fund (3) Innovation - - 500,000 500,000
Designated fund (4) Covid Appeal - - - -
Designated fund (5) Premises Transition - - 500,000 500,000
Designated fund (6) Branding - - 100,000 100,000
219,629 1,093,124 2,206,876 3,519,629
Restricted Funds
London, Touring and Education - - 70,000 70,000
Catalyst interest - 162,438 - 162,438
Capital Campaign - 11,529 26,927 38,456
- 173,967 96,927 270,894
Endowment Fund
Catalyst - 3,514,094 - 3,514,094
Total Funds 590,629 4,781,185 3,816,460 9,188,274
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38

Notes to the accounts cont.

18a Prior Year Comparison (Restated)

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Balance at 1 Balance at
September Income Expenditure Transfer of 31st August
2023 (Restated) (Restated) amount 2024
£ £ £ £ £
Unrestricted Funds
Called up share capital 80 - - - 80
General (risk) reserve 1,342,694 11,175,154 (9,623,098) (1,509,277) 1,385,473
Revaluation reserve 346,000 25,000 - - 371,000
1,688,774 11,200,154 ( 9,623,098 ) ( 1,509,277 ) 1,756,553
Designated Funds
Designated fund (1) Fixed Asset 307,604 12,121 (73,255) - 246,470
Designated fund (2) Special Project 2,000,000 - (640,591) 840,591 2,200,000
Designated fund (3) Innovation 500,000 - (168,686) 168,686 500,000
Designated fund (4) Covid Appeal 490,184 - - - 490,184
Designated fund (5) Premises Transition - - - 500,000 500,000
3,297,788 12,121 (882,532) 1,509,277 3,936,654
Restricted Funds
London, Touring and Education 60,000 3,090,242 (3,170,242) 80,000 60,000
Catalyst interest 146,164 83,552 - (80,000) 149,716
Capital Campaign - 76,888 (18,895) - 57,993
206,164 3,250,682 (3,189,137) - 267,709
Endowment Fund
Catalyst 2,823,182 394,641 (20,520) - 3,197,303
Total Funds 8,015,908 13,027,375 (11,885,064) - 9,158,219
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39

Notes to the accounts cont.

18a Prior Year Comparison cont.

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

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Tangible Investment Net current
Total
Fixed assets Fixed assets assets
Unrestricted Funds £ £ £ £
Called up share capital - - 80 80
General (risk) reserve - 478,505 906,968 1,385,473
Revaluation reserve 371,000 - - 371,000
371,000 478,505 907,048 1,756,553
Designated Funds
Designated fund (1) Fixed Asset 246,470 - - 246,470
Designated fund (2) Special Project - 990,151 1,209,849 2,200,000
Designated fund (3) Innovation - - 500,000 500,000
Designated fund (4) Covid Appeal - - 490,184 490,184
Designated fund (5) Premises Transition - - 500,000 500,000
246,470 990,151 2,700,033 3,936,654
Restricted Funds
London, Touring and Education - - 60,000 60,000
Catalyst interest - 149,716 - 149,716
Capital Campaign - 11,263 46,730 57,993
- 160,979 106,730 267,709
Endowment Fund
Catalyst - 3,197,303 - 3,197,303
Total Funds 617,470 4,826,938 3,713,811 9,158,219
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Revaluation reserve: revaluations on assets held by the Charity, principally the Sanctus Seraphin violin and the music library.

Designated fund: Designated funds are funds that have been set aside out of unrestricted funds by the Board for a specific purpose. £219,627 of this, along with the revaluation reserve of £371,000, represents the value of the fixed assets.

The designated COVID-19 Fund established in 2019/20 was an important factor in enabling the organisation to budget to carry out a range of activity, in particular as the organisation adapted to changes in audience behaviour post-COVID. The fund designation was removed during the year, and transferred to general funds, where it formed part of the £1m grant to London Philharmonic Trust to establish the Centenary Fund, which will support the long-term future and vision of the Orchestra.

40

Notes to the accounts cont.

18a Prior Year Comparison cont.

The Orchestra has established an Innovation Fund, which stands at £500,000, in order to trial new models across all of the Arts Council England Investment Principles. This offers a defined budget specifically ring-fenced for some of the special new initiatives outlined in the 2022/23 Business Plan. This year, the Fund supported a range of projects including the brand refresh including new marketing practices and audience research, pre-concert events with inaugural Writerin-Residence Jeremy Eichler, piloting of LPO Merchandise, and the Orchestra’s collaboration with the Southbank Centre’s Multitudes Festival. The Fund has been vital in allowing the organisation to commit to projects at an early stage. Transfer to the Innovation Fund of £359,463 was therefore agreed to maintain the Fund at £500,000. The Fund will in future be promoted to appropriate donors and provide opportunities for people with special interest in these areas to support the Orchestra to reach new audiences and trial new approaches.

In 2024/25, £617,586 was expended from the Special Projects Fund for the performance of several large-scale programmes including Rachmaninov’s The Bells (Choral Symphony) with Edward Gardner and the London Philharmonic Choir; John Adams’s On the Transmigration of Souls; Sarod Grand Master Amjad Ali Khan in a programme conducted by regular collaborator Lidiya Yankovskaya; and a concert with Edward Gardner combining a new commission from 2024/25 Composer-in-Residence Tania León with Strauss’s Alpine Symphony, a tone-poem for large orchestra. £617,586 was transferred to the Fund from the general (risk) reserve to maintain the Fund at the £2,200,000 level as at year end. The Fund will continue to be used to enable large-scale projects and strategically important tours and advanced commissions to be upheld in these uncertain times. It is currently anticipated that this Fund will be spent out over the next 4–5 years.

Restricted income of £3,369,137 was generated during the year and £3,365,952 was spent during the year. Included in the restricted funds were £1,843k from Arts Council England National Portfolio funding, £435k towards Education & Community work, £288k towards touring activity, and £651k towards the London concert season and projects including the Conducting Fellowship, alongside interest from the Catalyst Endowment and Capital restricted funds (£93k).

The Catalyst Endowment is an expendable endowment that has been established to enable co-programmed projects with key venues such as the Southbank Centre.

The remaining balance constitutes the Charity’s General (Risk) Reserve.

The prior year funds note has been restated to reflect the reclassification of ACE NPO grant income to restricted. The income received was fully spent in the year. Please see Note 22 for details.

19 Operating lease commitments

Aggregate minimum lease payment commitments under non-cancellable operating leases are as follows:

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Land and buildings Land and buildings
Expiry date: 2025 2024
Within one year 161,577 115,385
Between two and five years 391,310 100,099
552,887 215,484
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41

Notes to the accounts cont.

20 Prior Year comparative Statement of Financial Activity (Restated)

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Note Unrestricted Restricted Endowment Total Funds Total Funds
Funds 2024 Funds 2024 2024 2024 2023
(Restated) (Restated)
£ £ £ £ £
Income from
Donations and legacies 2 857,947 3,155,867 129,120 4,142,934 5,207,730
Charitable Activities 3 8,415,983 - - 8,415,983 7,362,197
Other trading activities 23,002 - - 23,002 22,000
Investments 4 60,120 94,815 - 154,935 166,238
Total Income 9,357,052 3,250,682 129,120 12,736,854 12,758,165
Expenditure on
Raising funds 5 525,851 18,895 - 544,746 536,353
Charitable activities 5 8,149,556 3,170,242 20,520 11,340,318 13,434,919
Total Expenditure 8,675,407 3,189,137 20,520 11,885,064 13,971,272
Net income for the year before
investment gains 681,645 61,545 108,600 851,790 (1,213,107)
Gains on revaluation of Fixed Assets 25,000 - - 25,000 -
Net (losses) on investments - - 265,521 265,521 (40,485)
Net movement in funds 706,645 61,545 374,121 1,142,311 (1,253,592)
Reconciliation of Funds
Total funds brought forward as at
1 September 2022 4,986,562 206,164 2,823,182 8,015,908 9,269,500
Total funds carried forward as at
31 August 2023 5,693,207 267,709 3,197,303 9,158,219 8,015,908
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The above results are from continuing activities and there are no other gains and losses except as stated above.

42

Notes to the accounts cont.

21 Trading Subsidiary

The London Philharmonic Orchestra is the sole shareholder of London Philharmonic Orchestra Trading Ltd, registered address 89 Albert Embankment, London SE1 7TP. Its taxable profits are donated to the London Philharmonic Orchestra Ltd except in specific circumstances. The trading result of the subsidiary and its assets, liability and funds at year end are summarised below.

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Year ended 31 Year ended 31
August 2025 August 2024
Turnover 55,515 23,002
Less: Cost of sales 24,919 20,969
Gross Profit 30,596 2,033
Operating profit 28,806 1,287
Less: Donation to parent charity (28,806) (1,287)
Retained profit for the year - -
Assets 40,169 23,932
Liabilities 40,168 23,931
Net funds 1 1
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22 Prior Year Adjustment

Grant income of £1,830,223 was incorrectly classified as unrestricted. As this is considered material to the financial statement, a prior period adjustment has been made. As the income was all utilised in year, there is no impact on the carried forward funds on the balance sheet. The restated SOFA showing the reclassification is included in Note 20 (Prior Year Comparative Statement of Financial Activity, the fund utilisation in year is restated in Note 18a (Reserves – Group – Prior Year Comparison), and grant allocation is restated in Note 8 (Grants receivable from government and other public bodies).

23 Contingent Assets

As stated in the accounting policies (Note 1), the Charity recognises income from legacies when there is probability and reliability of receipt and their value can be accurately measured. At 31 August 2025 the Charity had been notified of 3 further legacies that haven’t been included in these financial statements as they did not meet these criteria. These legacies may realise in the region of approximately £495,000.

43