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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|
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||||||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|
|||||Note|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|
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|Concert equipment|4years|
|---|---|
|Office fittings and equipment|5years|
|Warehouse
fittings and equipment|10years|
|Motor vehicles|7years|
|Computer
equipment|3years|
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##
||||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|
##
##
||||Note|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|receive|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|
##
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##
|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|
##
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##
||||||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|
##
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##
||||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|lease commitments|as follows:|||
|---|---|---|---|---|---|
|||||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|
##