2022-03-31-accounts - Royal Philharmonic Orchestra Limited

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Company Information
Financial Headlines Charts
Report ofthe Trustees;
Strategic Report
Directors' Report
Independent Auditor's report		to the Members of			the Royal Philharmonic		Orchestra	Limited	17
Consolidated Statement ofFinancial				Activities					22
Consolidated and Charity Balance			Sheets						23
Consolidated Statement ofCash Flows									24
Notes to the Accounts:
1.	Accounting Policies								25
2.	Comparative Statement ofFinancialActivities				for the year	ended 31	March 2021		30
3.	Summary Financial Performance			ofthe Parent	Charity				31
4.	Statement ofSubsidiary's	activities							32
5.	Income analysis								32
6.	Expenditure analysis								33
7.	Support costs								33
8.	Net income/ (expenditure)								34
9.	Taxation								34
10.	Staff costs								35
11.	Key management								36
12.	Directors' emoluments								36
13.	Transactions involving directors			and other related parties					36
14.	Tangible fixed assets								38
15.	Intangible fixed assets								39
16.	Investments								39
17.	Debtors								41
18.	Creditors: Amounts falling	due		within one year					41
19.	Provisions for liabilities and charges								41
20.	Analysis ofnet assets between			funds					42
21.	Called up share capital								42
22.	Designated funds								42
23.	Restricted funds								43
24.	Reconciliation ofmovement		in	funds					44
25.	Operating lease commitments								45
26.	Capital commitments								45

					Unrestricted	Designated	Restricted	Total	Total
					Funds	Funds	Funds	Funds	Funds
				Note	2022	2022	2022	2022	2021
					f	f	f	f	f
Income
Donations, grants and legacies
Arts Council England		Grants			1,560,866			1,560,866	1,860,840
Education and Community			Grants				160,164	160,164	106,405
Sponsorship and donations					555,212	155,302	154,356	864,870	442,832
Charitable Activities
Boxoffice, orchestra		hire and fees			5,238,332			5,238,332	363,650
Other income					180,140			180,140	411,837
Investment income					435	1,839		2,274	1,098
Total income				5	7,534,985	157,141	314,520	8,006,646	3,186,662
Expenditure on:
Raising funds				6	367,654			367,654	205,305
Charitable activities				6	7,552,196	70,350	323,916	7,946,462	3,374,213
Total expenditure					7,919,850	79,360	323,916	8,314,116	3,579,518
Net unrealised losses on
investments						(9,010)		(9,010)
Net (expenditure)	/	income
before taxation				8	(384,865)	77,781	(9,396)	(316,480)	(392,856)
Tax credit				8	596,511			596,511	14.710
Net movement in funds for the
year					211,646	77,781	(9,396)	280,031	(378,146)
Total funds brought		forward			2,875,814	329,717	242,999	3,448,530	3,826,676
Total funds carried		forward			3,087,460	407,498	233,603	3,728,561	3,448,530

					Consolidated	Consolidated	Charity
				Note	2022	2021	2022	2021
						f	6	f
Fixed Assets
Tangible assets				14	231,601	277,120	231,601	277,120
Intangible	assets			15		553		553
Investments				16	172,781		172p783	2
					404,382	266,673	404,384	277,675
Current Assets
Debtors				17	1,211,947	216,781	1,209,461	213,747
Cash at bank and in		hand			3,867,464	4,603,726	3,866,423	4,603,398
					5,079,411	4,820,507	5,075,884	4,817,145
Creditors:	Amounts	falling due
within one	year			18	{1,755,232)	(1,588,467)	(1,751,707)	(1,585,107)
Net Current Assets					3,324,179	3,232,040	3,324,177	3,232,038
Total Assets less Current			Liabilities		3,728,561	3,509,713	3,728,561	3,826,676
Provisions	for liabilities		and charges	19		(61,183)		(61,183)
Net Assets				20	3,728,561	3,448,530	3,728,561	3,448,530
Funds
Called up share capital				21	71,000	71,000	71,000	71,000
Unrestricted	funds				3,016,460	2,804,814	3,016,460	2,804,814
Designated	funds			22	407,498	329,717	407,498	329,717
Restricted funds				23	233,603	242,999	233,603	242,999
Total Funds				24	3,728,561	3,448,530	3,728,561	3,448,530

				2022	2021
				6	f
Net Cash provided by operating	activities			(646,057)	1,067,115
Cash flows (to)/ from investing	activities
Bank interest				435	1,098
Proceeds from the sale of property		plant and equipment			625
Purchase offixed asset investments				(75,000)
Purchase of property, plant and	equipment			(15,640)
Net cash (used in) / provided by	investing		activities	(90,2051	1,723
Change in cash and cash equivalents				(736,726)	1,068,838
Cash and cash equivalents:
At the beginning ofthe year				4,603,726	3,534,888
At the end ofthe year				3,867,464	4,603,726

. Reconciliation of Net	movem	ent in funds to Net Cash provided by ope	rating activities
			2022	2021
			6	f
Net movement in funds			280,031	(378,146)
Depreciation charges			60,004	65,408
Amortisation ofintangible	assets		553	830
Investment income			(2,2741	(1,098)
Donations offixed asset investments			(105,302)
Management fee charged	against investments		350
Unrealised loss on investments			9,010
Loss / (Profit) on disposal	offixed assets		1,155	(603)
(Increase) / decrease in debtors			(995,166)	825,589
Increase in creditors			166,765	493,952
(Decrease) / increase in provisions for liabilities and charges			(61,183)	61,183
Net cash provided by operating		activities	(646,057)	1,067,115

Concert equipment	4years
Office fittings and equipment	5years
Warehouse fittings and equipment	10years
Motor vehicles	7years
Computer equipment	3years

			Unrestricted	Designated	Restricted	Total
			Funds	Funds	Funds	Funds
		Note	2021	2021	2021	2021
			f	E	f	E
Income
Donations, grants and legacies
Arts Council England	Grants		1,860,840			1,860,840
Grants for RPO Resound					106,405	106,405
Sponsorship and donations			360,308		82,524	442,832
Charitable Activities
Boxoffice, orchestra	hire and fees		363,650			363,650
Otherincome			411,837			411,837
Investment income			1,098			1,098
Total income		5	2,997,733		188,929	3,186,662
Expenditure on:
Raising funds		6	205,305			205,305
Charitable activities		6	3,233,674		140,539	3,374,213
Total expenditure			3,438,979		140,539	3,579,518
Net income before	taxation	8	(441,246)		48,390	(392,856)
Tax credit		9	14,710			14,710
Transfers between	funds		(304,717)	304,717
Net movement in funds for the year			(731,253)	304,717	48,390	(378,146)
Total funds brought	forward		3,607,067	25,000	194,609	3,826,676
Total funds carried	forward		2,875,814	329,717	242,999	3,448,530

				Total	Total
				Funds	Funds
				2022	2021
			Note	6	E
Income
Donations, grants and legacies
Arts Council England		Grant		1,560,866	1,860,840
Grants for RPO Resound				160,164	106,405
Sponsorship and donations				864,870	442,832
Charitable Activities
gox office, orchestra		hire and fees		5,238,332	363,650
Other income				180,140	411,837
Intercompany income				4,202,872	125,192
Investment income				2,274	1,098
Total income				12,209,518	3,311,854
Expenditure on:
Raising funds				366,862	204,466
Charitable activities				11,553,614	3,485,534
Total expenditure				11,920,476	3,690,000
Net unrealised losses		on investments		(9,010)
Net movement in funds in the year				280,031	(378,146)
Total funds brought	forward			3,448,530	3,826,676
Total funds carried forward				3,728,561	3,448,530

The trading	results of	results of	RPO Promotions	Limited and its assets, liabilities	and funds at	the year-end are summarised	the year-end are summarised
below.
						2022	2021
						E	f
Turnover						3,613,045	117,198
Cost ofSales						(3,771,182)	(106,733)
Gross Loss						(158,137)	10,465
Administration		Expenses				(438,374)	(25,175)
Operating	Loss	for the year				(596,511)	(14,710)
Taxation						596,511	14,710
Profit / (loss) for the			year after Tax
Assets						596,609	15,038
(Liabilities)						(596,607)	(15,036)
Net Funds						2	2
5. Income	Analysis
				By Source of	Funds	ByLocation	ofActivity
				2022	2021	2022	2021
				f	E	6	f
United Kingdom				6,107,449	2,952,919	6,250,051	3,186,662
Europe				436,287	60,490	329,097
USA				1,186,682	111,809	1,054,169
Other				229,460	61,444	373,329
				8,006,646	3,186,662	8,006,646	3,186,662
Intercompany income				4,202,872	125,192	4,202,872	125,192
Total Charity income				12,209,518	3,311,854	12,209,518	3,311,854
Less: intercompany			income	(4,202,872)	(125,192)	(4,202,872)	(125,192)
Total Consolidated income				8,006,646	3,186,662	8,006,646	3,186,662

			2022	2021
				Restated
				f
Cost of raising funds
Musicians' fees and associated costs			11,819
Venue costs			78,164
Travel related and other	costs		3,306
Advertising and marketing		costs	725
Support costs			273,640	205,305
Total cost ofraising funds			367,654	205,305
Cost ofcharitable activities
Musicians' fees and associated costs			4,544,293	1,141,684
Venue costs			341,990	108,148
Travel related and other	costs		1,140,644	314,929
Advertising and marketing		costs	147,749	1,498
Support costs			1,771,786	1,791,954
Total cost ofcharitable	activities		7,946,462	3,374,213

				Cost of			Total
				raising funds	Charitable	Governance	2022
				f	f	E	E
Staff and staff related costs				200,630	1,175,349	102,806	1,478,785
General office costs				23,236	294,555	5,294	323,085
Legal, professional	and marketing		costs	12,499	126,332		138,831
Finance and depreciation		charges		5,031	78,819		83,850
Audit						20,875	20,875
				241,396	1,675,055	128,975	2,045,426
Allocation ofgovernance		support	costs	32,244	96,731	(128,975)
Total support costs				273,640	1,771,786		2,045,426

				Cost of			Total
				raising funds	Charitable	Governance	2021
				f	f	f	E
Staff and staff related costs				144,207	1,141,529	80,341	1,366,077
General office costs				26,762	294,581	6,203	382,611
Legal, professional and marketing costs				3,051	91,997		95,048
Finance and depreciation	charges			5,130	130,318		135,448
Audit						18,075	18,075
				179,150	1,713,490	104,619	1,997,259
Allocation ofgovernance	support costs			26,155	78,464	(104,619)
Total support costs				205,305	1,791,954		1,997,259
taff and staff related costs		includes	salaries, national	insurance, pension,	training and	recruitment,
8. Net income
Net income is stated after	charging:
					2022		2021
					f		6
Operating lease rentals					171,000		171,000
Auditor's remuneration for annual			audit		20,875		18,075
Auditor's fees for taxation		services			4,775		4,000
Depreciation ofowned assets					60,004		65,408
Amortisation ofintangible		assets			553		830

		2022	2021
		6	f
Salaries		1,338,346	1,152,751
Social security costs		142,959	122,071
Pension costs		66,097	63,337
Redundancy	payments		26,631
Other short	term benefits	1,893	1,915
		1,549,295	1,366,705

2022	2021
Number	Number

660,000	-	E70,000
E70,001	-	E80,000
E80,001	-	E90,000
f100,001	-	6110,000
f110,001-		f120,000
E150,001	-	E160,000

		2022	2021
		Number	Number
Concerts Management		12	12
Community	and Education	4	3
Business Development		6	9
Management,	Finance and Administration	5	5
Total		27	29

The directors who	The directors who	The directors who	are playing members	are playing members	ofthe Orchestra	performance	fees on the same scale as	those paid
to other playing		members,		as permitted	under the company's	Articles ofAssociation. The performance		fees paid
during the	period		in which	they were directors are as follows:
							2022	2021
							f	E
Charlotte	Ansbergs						36,463	11,295
Benjamin	Cunningham						36,482	15,005
Shana Douglas							43,765	14,044
Patrick Flanaghan							33,049	10,463
Jonathan	Hallett						22,353	11,062
Matthew	Knight						35,414	7,785
Sali-Wyn	Ryan						38,718	13,819
Elisabeth	Varlow						19,139
						263,563		83,473

Player	Loan Purpose	Original		Balance at
		Loan	1April	31Mar	31Mar
			2020	2021	2022
			6	f
K Ayling	Purchase ofclarinets	5,000			4,472
T Milne	Purchase ofviola	5,000	1,182	1,034	380
M Perry	Purchase oftimpani	10,000	8,682	5,260
KSaunders	Purchase of horn	7,900	1,294	1,294	1,080
Total receivable			11,158	7,588	5,932

					Office and
					Warehouse
					Fittings and
	Computer	Motor		Concert	equipment
	Equipment E	Vehicles	Library E	Equipmentf	E	Total E
Cost
At 1April 2021	70,982	310,690	46,889	141,529	41,628	611,718
Additions	11,189			4,451		15,640
Disposals	(4,444)					(4,444)
At 31March 2022	77,727	310,690	46,889	145,980	41,628	622,914
Depreciation
At 1April 2021	60,278	103,563		135,322	35,435	334,598
Charge in the year	9,953	44,385		3,309	3,457	60,004
Disposals	(3,289)					(3,289)
At 31March 2022	65,842	147,948		138,631	38,892	391,313
Net BookValue
At 31March 2022	11,885	162,742	46,889	7,249	2,736	231,601
At 31March 2021	10,704	207,127	46,889	6,207	6,193	277,120

			2022
			E
Market value at 1April
Share donation			105,302
Less:
Disposal proceeds			(43,256)
Add:
Acquisitions at cost			118,256
Net cash reinvested			1,489
Net loss on revaluation			(9,010)
Market value at 31March			172,7$1
Historic cost at 31March			181,791
6.3Fixed Asset Investment	portfolio	by geography
			2022
			f
Investment assets in the UK			100,400
Investment assets outside the UK			72,381
Total Market value at 31March			172,7$1
6.3Fixed Asset Investment	portfolio	by asset class
			2022
			f
Fixed interest bonds			9,847
UK Equities			24,823
Overseas Equities			72,381
Property and alternative assets			9,464
Cash			56,266
Total Market value at 31March			172,781

		Consolidated		Charity
		2022	2021	2022	2021
		f	f	f	f
Trade debtors		440,186	50,596	440,186	50,596
Current tax recoverable		595,568	14,710
Amounts owed by group undertakings				593,082	11,676
Social security	and other taxes		9,751		9,751
Other debtors		19,233	13,080	19,233	13,080
Prepayments	and accrued income	156,960	128,644	156,960	128,644
Total Debtors		1,211,947	216,781	1,209,461	213,747

		Consolidated	Consolidated	Charity
		2022	2021	2022	2021
		f	f		f
Trade creditors		93,408	84,746	93,408	84,746
Musicians'	fees	459,120	205,993	459,120	205,993
Social security and other taxes		93,668	36,487	93,668	36,487
Other creditors		39,522	42,250	39,522	42,250
Accruals		191,441	152,969	187,916	149,609
Billings in	advance	878,073	1,066,022	878,073	1,066,022
		1,755,232	1,588,467	1,751,707	1,585,107

9.Provisions for liabilities and charges
	2022	2021
	f	f
At 1April 2021/ 2022	61,183
Additions		61,183
Utilisation	(59,004)
Released	(2,179)
At 31March 2022/ 2021		61,183

		Unrestricted	Designated	Restricted	Total
		Funds	Funds 6	Funds 6	Fundsf
As at 31March 2022
Fixed assets		404,382			404,382
Current assets		4,435,477	407,498	236,436	5,079,411
Current liabilities		(1,752,399)		(2,833)	(1,755,232)
		3,087,460	407,498	233,603	3,728,561
As at31March 2021
Fixed assets		277,673			277,673
Current assets		4,186,254	329,717	243,353	4,820,507
Current liabilities		(1,588,113)		(354)	(1,588,467)
Provisions for liabilities	and charges	(61,183)			(61,183)
		2,875,814	329,717	242,999	3,509,713

							Authorised	Allotted		and	Fully Paid
						2022	2021	2022			2021
						6	f		6		f
Ordinary shares off10each					100,000		100,000	71,000			71,000
he company's	Memorandum		of Association		prohibits the payment of dividends, return ofcapital					or	distribution
f surplus funds	to the shareholders			in the event ofthe winding		up ofthe company.		All ordinary	shares carry full
oting rights.
2. Designated	funds
							2022				2021
											f
Residency development		fund					220,000				250,000
Concert fund											40,000
Dilapidations fund							14,717				14,717
Investment fund							172,781				25,000
							407,498				329,717

		Community
		and Education	Orchestral
		projects	performances	Total Funds
		(Restated)
		E	E	f
Year to31March 2022
Balance at 1April 2021		242,999		242,999
Received during the year:
Trusts, foundations	and local authorities	100,914	63,634	164,548
Donations/sponsorship		59,250	90,722	149,972
Expenditure during the year		(169,560)	(154,356)	(323,916}
Balance at 31March 2022		233,603		233,603
year to 31March 2021
Balance at 1April 2020		194,609		194,609
Received during the year:
Trusts, foundations	and local authorities	50,824	2,000	52,824
Donations/sponsorship		55,581	80,524	136,105
Expenditure during the year		(58,015}	(82,524)	(140,539)
Balance at 31March 2021		242,999		242,999

			Total Unrestricted Funds	Total Unrestricted Funds
			Called-up	Other
			Share	Unrestricted	Designated	Restricted
			Capital f	Funds 6	Funds 6	Funds 6	Total Fundsf
Year to 31March		2022
Balance at 1April		2021	71,000	2,804,814	329,717	242,999	3,448,530
Income				7,534,985	157,141	314,520	8,006,646
Expenditure				(7,919,850)	(70,350)	(323,916)	(8,314,116)
Net unrealised	losses on
investments					(9,010)		(9,010)
Tax credit				596,511			596,511
Balance at 31	March 2022		71,000	3,016,460	407,498	233,603	3,728,561
Year to 31March		2021
Balance at 1April		2020	71,000	3,536,067	25,000	194,609	3,826,676
Income				2,997,733		188,929	3,186,662
Expenditure				(3,438,979)		(140,539)	(3,579,518)
Tax credit				14,710			14,710
Transfers between		funds		(304,717)	304,717
Balance at 31	March 2021		71,000	2,804,814	329,717	242,999	3,448,530

The company	has annual operating
		Land and	Land and
		Buildings	Buildings
		2022	2021
		f	f
Commitments	arising in:
Less than one year		108,000	168,550
Two to five years		1B9,000	297,000
		297,000	465,550