# 

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## 

||Page|
|---|---|
|Companylnformation|t|
|Financial Headlines Charts|2|
|RoyalPhilharmonicOrchestrayearended3LMarch2023inNumbers|3|
|Report oftheTrustees:|4|
|Strategic Report||
|Directors'Report||
|lndependentAuditor'sreportto theMembersoftheRoyalPhilharmonicOrchestraLimited|1"9|
|ConsolidatedStatementofFinancialActivities|24|
|Consolidated andCharityBalance Sheets|25|
|ConsolidatedStatement ofCash Flows|26|
|NotestotheAccounts:||
|t.AccountingPolicies|27|
|2.Comparative StatementofFinancialActivities for theyearended 31March202L|32|
|3.Summary Financial PerformanceoftheParent Charity|33|
|4.Statement ofSubsidiary'sactivities|34|
|5.lncomeanalysis|34|
|6.Expenditureanalysis|35|
|7.Supportcosts|35|
|8.Netincome/(expenditure)|36|
|9.Taxation|36|
|10.Staff costs|37|
|11.Keymanagement|38|
|1"2.Directors' emoluments|38|
|13.Transactionsinvolving directorsandotherrelatedparties|38|
|14. Tangiblefixedassets|40|
|15.lnvestments|4L|
|16.Debtors|42|
|17.Creditors:Amounts fallingduewithinoneyear|43|
|18.Provisionsforliabilitiesand charges|43|
|L9.Analysisofnetassetsbetween funds|44|
|20.Called up sharecapital|44|
|2L.Designatedfunds|44|
|22.Restrictedfunds|45|
|23.Reconciliationofmovementinfunds|46|
|24.Operatingleasecommitments|47|
|25.Capitalcommitments|47|





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## 

|||Unrestricted|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|Funds|
||Note|2023|2023|2023|2029|2022|
|||f|f|f|f|f|
|lncome|||||||
|Donations, grants andlegacies|||||||
|ArtsCouncilEnglandGrants||963,808|||963,808|1,560,866|
|Education andCommunityGrants||||107,688|107,688|t60,164|
|Sponsorship anddonations||358,852||785,743|L,L44,595|864,870|
|CharitableActivities|||||||
|Boxoffice, orchestra hireand fees||7,562,525|||7,562,525|5,238,332|
|Otherincome||244,743|||244,743|180,140|
|lnvestmentincome||8,587|2,764||11,351|<br>2,274|
|Totalincome|5|9,138,515 2,764||893,431LO,O34,7LO||9,006,646|
|Expenditure on:|||||||
|Raisingfunds|6|378,726||-|378,726|367,654|
|Charitableactivities|6|9,339,629|3,000|677,27310,018,901||7,946,462|
|Totalexpenditure||9,717,154 3,000||<br>677,27310,197,627||9,314,776|
|Net unrealisedlosseson|||||||
|investments|||lLt,727l||ltt,727l|<br>(9,010)|
|Net (expenditure)/income|||||||
|beforetaxation|8|(578,839)(11,963)2L6,1581374,6441||||(316,480)|
|Taxcredit|8|1,183,809|||1,183,809596,51.1||
|Net movement¡nfundsfor the|||||||
|year||604,970 (11,96312t6,t58809,165280,031|||||
|Totalfunds broughtforward||3,087,460407,498233,6033,728,56L||||3,449,530|
|Total funds carriedforward||8,692,430395,535449,76L|||4,537,726|3,729,567|





## 

|||Consolidated|Consolidated|Charity||
|---|---|---|---|---|---|
||Note|2023|2022|2023|2022|
|||î.|f|f|f|
|Fixed Assets||||||
|Tangibleassets|1.4|188,023|23r,601|188,023|23L,60r|
|lnvestments|15|160,818|L72,78L|160,820|172,783|
|||348,841|404,382|348,843|404,384|
|CurrentAssets||||||
|Debtors|16|t,802,77O|r,2Lr,g47|2,395,256|L,209,46t|
|Cashatbankand inhand||3,943,Ot6|3,867,464|3,345,653|3,866,423|
|||5,745,786|5,079,411|5,74t,9O9|5,075,984|
|Creditors:Amountsfallingdue||||||
|withinoneyear|L7(||(1.,755,2321(1,553,026)(I,75t,7071|||
|Net CurrentAssets||4,188,885|3,324,179|4,1gg,gg3|3,324,L77|
|TotalAssetslessCurrentliabilities||4,537,726|3,728,567|4,537,726|3,729,56',J.|
|NetAssets|L9|4,537,726|3,728,561_|4,537,726|3,729,56t|
|Funds||||||
|Called up sharecapital|20|71,000|7L,OOO|71,000|71",000|
|Unrestricted funds||3,621,43O|3,016,460|3,621,43O|3,076,460|
|Designatedfunds|2L|395,535|407,498|395,535|407,498|
|Restrictedfunds|22|449,76t|233,603|449,761|233,603|
|TotalFunds|23|4,537,726|3,729,561|4,537,726|3,729,56r|






## 

## 

||Note|2023|2022|
|---|---|---|---|
|||f|f|
|NetCashprovidedbyoperatingactivities|a|84,598|(646,057)|
|Cashflows(to)/frominvestingactivities||||
|Bankinterest||8,587|435|
|Purchaseof fixedassetinvestments|||(75,000)|
|Purchaseofproperty, plantandequipment||(17,633)|(L5,640)|
|Netcash(used in) investingactivities||(9,046)|(90,205)|
|Changeincash andcashequivalents||75,552|(736,7261|
|Cashand cashequivalents:<br>Atthebeginning of theyear||3,867,464|4,603,726|
|Attheend of theyear||3,943,OL6|3,867,464|



|||2023|2022|
|---|---|---|---|
|||f|f|
|Netmovementinfunds||809,155|280,031|
|Depreciationcharges||60,642|60,004|
|Amortisationofintangibleassets|||553|
|lnvestmentincome||(11,351)|(2,274l,|
|Donationsof fixedassetinvestments|||(105,302)|
|Managementfee charged againstinvestments||3,000|350|
|Unrealisedlosson investments||LL,727|9,010|
|Lossondisposalof fixedassets||569|1,155|
|Decrease indebtors||(590,823)|(995,166)|
|(Decrease)/lncrease increditors||(198,331)|L66,765|
|(Decrease)inprovisionsforliabilitiesandcharges|18||(61,183)|
|Netcashprovidedbyoperating activities||84,598|(646,057)|





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## 

|Computerequipment|3years|
|---|---|
|MotorVehicles|7years|
|Library|25years|
|ConcertEquipment|4years|
|Officefittingsandequipment|5years|
|Warehousefittingsandequipment|10years|



## 

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## 

|.Comparative Consolidated Statementof|F¡nancialAc|tivitiesfor they|earto31Marc|earto31Marc|h2022|h2022||
|---|---|---|---|---|---|---|---|
|||Unrestricted|Designated||Restricted||Total|
|||Funds||Funds||Funds|Funds|
||Note|2022||2022||2022|2022|
|||f||f||f|f|
|lncome||||||||
|Donations,grantsandlegacies||||||||
|ArtsCouncilEnglandGrants||L,560,866|||||1,560,865|
|GrantsforRPOResound||||||L60,164|t60,t64|
|Sponsorship anddonations||555,212155,302||||154,356|864,870|
|CharitableActivities||||||||
|Boxoffice, orchestrahireandfees||5,238,332|||||5,238,332|
|Otherincome||180,140|||||180,140|
|lnvestmentincome||435||1,839|||2,274|
|Totalincome|5|7,534,985||t57,l4L||3L4,52O|8,006,646|
|Expenditure on||||||||
|Raisingfunds|6|367,654||||-|367,654|
|Charitableactivities|6|7,552,196||70,350||323,916|7,946,462|
|Totalexpenditure||7,9L9,85O 79,360||||321,9L6|8,3L4,LL6|
|Net income beforetaxation|8|(384,865)||77,78L||(9,396)|(316,480)|
|Taxcredit|9|596,511|||||596,5LL|
|Netmovementinfunds for theYear||2!1,646||77,78r||(9,396)280,031||
|Totalfunds brought forward||2,875,8L4||329,7L7||242,999|3,448,530|
|Total funds carriedforward||3,097,460||407,498||233,603|3,728,561|





## 

## 

|3.Summary Financial Performance ofthe|Parent Gharity|||
|---|---|---|---|
|||Total|Total|
|||Funds|Funds|
|||2023|2022|
||Note|f|I|
|lncome||||
|Donations,grants andlegacies||||
|ArtsCouncil EnglandGrant||963,808|1,560,866|
|GrantsforRPOResound||107,588|160,164|
|Sponsorship anddonations||1-,t44,595|864,870|
|CharitableActivities||||
|Boxoffice, orchestrahireandfees||7,562,525|5,238,332|
|Otherincome||244,743|180,140|
|lntercompany income||4,932,67L|4,202,972|
|lnvestment income||11,351|2,274|
|Totalincome|5|14,967,381|L2,209,5L9|
|Expenditure on||||
|Raisingfunds||377,758|366,962|
|Charitableactivities||13,768,731|11.,553,61-4|
|Totalexpenditure||L4,t46,489|L1,920,476|
|Net unrealisedlosseson investments||ltL,727l|(9,0L0)|
|Netmovementin fundsinthe year||809,165|280,031|
|Total funds broughtforward||3,728,56t|3,448,53O|
|Total funds carriedforward||4,537,726|__3I28,s9r|





## 

||2023||2022|
|---|---|---|---|
||f||f|
|Turnover|3,756,4L1||3,613,045|
|CostofSales|(4,458,998)|(3,771.,L821||
|GrossLoss|1702,5871||(L58,L37)|
|AdministrationExpenses|(48L,2221||(438,374)|
|OperatingLossfor theyear|(1,183,809)||(596,5L1)|
|Taxation|1,193,909||596,511|
|Profit/(loss)for theyearafterTax||||
|Assets|t,7go,L72||596,609|
|(Liabilities)|ll,780,L7Ol||(596,607)|
|NetFunds|2||2|



## 

|.IncomeAnalysis|||||
|---|---|---|---|---|
||BySourceofFunds<br>2023<br>2022||ByLocationof<br>2023|Activity<br>2022|
||ff||ff||
|UnitedKingdom<br>Europe|6,7O8,041<br>2,794,734|6,LO7,449<br>436,287|7,848,909<br>t,757,tlt|6,250,051<br>329,O97|
|USA|222,715|L,t96,682||L,O54,L69|
|Other|309,22O|229,460|428,690|373,329|
||LO,O34,7L0|9,006,646|to,o34,7to|8,006,646|
|lntercompanyincome|4,932,671-|4,2O2,872|4,932,671|4,202,872|
|TotalChar¡tyincome|14,967,381|L2,2O9,5r8|t4,967,38t|L2,2O9,518|
|Less:intercompanyincome|(4,932,67L1|(4,202,8721|14,932,67L1(4,202,8721||
|Total Consolidated income|LO,O34,7tO|9,006,646|LO,O34,7LO8,006,646||
||Page34||||





## 

## 

## 

||Note|2023|2022|
|---|---|---|---|
|||f|f|
|Costofraising funds||||
|Musicians'fees and associated costs||2,4L2|'J,1,8L9|
|Venue costs||32,866|78,1_64|
|Travelrelatedandothercosts||16,905|3,306|
|Advertisíng and marketingcosts||1,039|725|
|Supportcosts|7|325,505|273,640|
|Total costofraising funds||378,726|367,654|
|Costof charitable activities||||
|Musicians'fees and associated costs||6,016,003|4,544,293|
|Venue costs||44O,763|34r,9gO|
|Travelrelatedandothercosts||1,433,695|r,L40,644|
|Advertising and marketingcosts||262,532|147,749|
|Supportcosts|7|1,965,909|t,771,,786|
|Total cost ofcharitableact¡v¡t¡es||10,018,901|7,946,462|



## 

||Costof|||Total|
|---|---|---|---|---|
||raisingfunds|Charitable|Governance|2023|
||r.|f|f|f|
|Staff andstaffrelatedcosts|2L5,830|1,264,487|114,664|L,594,ggt|
|Generalofficecosts|34,885|276,594|4,2rO|315,699|
|Legal,professionalandmarketingcosts|34,952|1.55,372||tgo,g24|
|Finance anddepreciationcharges|4,851_|64,493||69,344|
|Audit|||21,,075|2L,O75|
||290,5L8|L,760,9461.39,949||2,Lgt,4L3|
|Allocation ofgovernancesupportcosts|34,987|<br>LO4,962|(139,949)||
|Total supportcosts|325,505|1,865,908||2,L97.,4L3|





## 

## 

||Costof|||Total|
|---|---|---|---|---|
||raising funds<br>f|Charitable<br>f|Governance<br>f|2022<br>f|
|Staff andstaff relatedcosts|200,630|t,L75,349|102,806|L,478,785|
|Generalofficecosts|23,236|294,555|5,294|323,085|
|Legal,professional andmarketingcosts|12,499|126,332||138,831|
|Financeanddepreciationcharges|5,031|78,819||83,850|
|Audit|||20,875|20,875|
||24'J,,396|L,675,055128,975||2,045,426|
|Allocation ofgovernancesupportcosts|32,244|<br>96,731|(L28,97s\||
|Total supportcosts|273,640|L,771,786||2,O45,426|



## 

||2023|2022|
|---|---|---|
||f|f|
|Operatingleaserentals|L78,O34|17L,OOO|
|Auditor'sremunerationforannualaudit|21,o75|20,875|
|Auditor'sfeesfor taxationservices|4,275|4,775|
|Depreciation of ownedassets|60,642|60,004|
|Amortisationofintangibleassets||s53|



## 



## 

## 

||2023|2022|
|---|---|---|
||f|f|
|Salaries|1,491,759|1.;338,346|
|Socialsecuritycosts|t64,362|142,959|
|Pension costs|82,785|66,097|
|Other shorttermbenefits|2,229|L,gg3|
||t,741,t33|t,549,295|



|||2023|2022|
|---|---|---|---|
|||Number|Number|
|f60,000|-f70,000||7|
|f70,00r|-f80,000|;|1,|
|f80,001|-f90,000|t|1,|
|f100,00L|-fLL0,000|I|T|
|f150,00L|-fL60,000||t|
|î.L70,O0L|-fL80,000|L||



||2023|2022|
|---|---|---|
||Number|Number|
|ConcertsManagement|L3|t2|
|Community andEducation|4|4|
|BusinessDevelopment|8|6|
|Management,Finance andAdministration|5|5|
|Total|30|27|





## 

## 

## 

## 

## 

||2023|2022|
|---|---|---|
||f|f.|
|CharlotteAnsbergs|21,000|36,463|
|Benjamin Cunningham|22,O82|36,482|
|Shana Douglas|47,ztL|43,765|
|PatrickFlanaghan|32,O7?|33,049|
|JonathanHallett||22,353|
|MatthewKnight|34,699|35,4r4|
|Sali-WvnRyan|42,934|38,7\8|
|AndrewStorey|24,OOg||
|ElisabethVarlow|41,523|19,t39|
|AdamWright|L8,O79||
||283,604|_____263,563_|





## 

## 

## 

## 

|Player|LoanPurpose|Original||Balanceat||
|---|---|---|---|---|---|
|||Loan|3LMar|3LMar|31Mar|
||||202L|2022|2023|
|||f|î.|î.|f|
|EMcDonough|Purchaseofflute|16,000|||12,874|
|KAyling|Purchaseof clarinets|5,000||4,472|3,L45|
|TMilne|Purchaseof viola|5,000|1_,034|380||
|MPerry|Purchaseoftimpani|10,000|5,260|||
|KSaunders|Purchaseofhorn|7,900|1_,294|l_,080||
|Totalreceivable|||7,588|5,932|16,019|



## 

## 

## 



## 

## 

## 

## 

|||||||Officeand|Officeand||
|---|---|---|---|---|---|---|---|---|
|||||||Warehouse|||
|||||||Fittingsand|||
||Computer|Motor|||Concert|equipment|||
||Equipment<br>f|Vehicles<br>f|Library<br>f|Equipment<br>f|||f|Total<br>f|
|Cost|||||||||
|AtlApril2022|77,727|310,690|46,889||L45,980||4L,628|622,9L4|
|Additions|12,550||||||5,083|t7,639|
|Disposals|(25,106)||||(4,568)||793)|(33,4671|
|At31March2023|65,17L|310,690|46,889||t4t,4t2||42,9L8|607,080|
|Depreciation|||||||||
|AtlApril2022|65,842|147,948|||L38,631||38,892|391,313|
|Chargeinthe year|9,266|44,384|156||3,546||3,288|60,642|
|Disposals|(25,L06)||||(3,999)||(3,793)|(32,898)|
|At31March2023|50,002|L92,322|156||138,180||38,387|4t9,O57|
|NetBookValue<br>At31March2023|15,169|118,358|46,733||3,232||4,531|188,023|
|At31March2022|1L,885|162,742|46,889||7,349||2,736|23L,601|





## 

## 

## 

|5.1Fixed assetinvestments-Consolidated|andCharity|andCharity|||
|---|---|---|---|---|
||Consolidated||Charity||
||2023|2022|2023|2022|
||f|f|€|f|
|lnvestmentFundat marketvalue|160,818|172,78L|160,818|172,787|
|Shares ingroupcompanyatcost|||2|2|
|TotalFixedAssetlnvestments|160,818|172,78L|160,820|____u2r83_|



## 

||202E|2022|
|---|---|---|
||f|f|
|MarketvalueatlApril|t72,78t||
|Sharedonation||I05,302|
|Less:|||
|Disposal proceeds|163,7271|(43,2561|
|NetCash(withdrawn)|(4621||
|Add:|||
|Acquisitions atcost|63,727|Lr8,256|
|Netcash reinvested||t,4gg|
|Netlosson revaluation|(11,501)|(9,010)|
|Marketvalueat31March|160,818|L72,78t|
|Historiccostat31March|t8L,329|LgL,79t|





## 

## 

## 

||2023|2022|
|---|---|---|
||f|f|
|lnvestmentassets intheUK|74,569|100,400|
|lnvestmentassetsoutsidetheUK|86,249|72,38L|
|TotalMarketvalue at31March|160,818|172,78L|



## 

||2023|2022|
|---|---|---|
||f|f|
|Fixedinterestbonds|8,493|9,847|
|UKEquities|49,554|24,823|
|Overseas Equities|86,249|72,381|
|Propertyandalternativeassets|t?,571|9,464|
|Cash|2,95L|266|
|Total Marketvalue at31March|160,818|L72,781|



## 

||Consolidated|Consolidated|Charity||
|---|---|---|---|---|
||2023|2022|2023|2022|
||f|ç.|f|f|
|Tradedebtors|3LO,37t|440,186|3to,37t|440,186|
|Current taxrecoverable|1,193,909|595,568|||
|Amounts owedbygroupundertakings|||L,776,295|593,082|
|Other debtors|3L,O25|19,233|?t,o25|t9,233|
|Prepayments and accrued income|277,565|L56,960|277,565|L56,960|
|TotalDebtors|1,8o2,77O|1-,21,1,947|2,395,256|t,209,46L|





## 

## 

## 

||Consolidated|Consolidated|Charity||
|---|---|---|---|---|
||2021|2022|2023|2022|
||f|f|L|f|
|Tradecreditors|t27,791|93,408|t27,79L|93,408|
|Musicians'fees|?44,746|459,L20|344,746|459,120|
|Socialsecurityandothertaxes|296,387|93,668|236,387|93,668|
|Other creditors|28,558|39,522|28,558|39,522|
|Accruals|153,336|LgL,441"|149,46L|187,9t6|
|Billingsinadvance|666,083|878,O73|666,083|878,073|
||1,556,901|L,755,232|L,553,O26|L,75L,7O7|



|illings in advancerepresentfees andticketsalesreceived|in advanceoftheevent to whichthe|yrelate|
|---|---|---|
||202t|2022|
||f|f|
|AtlApril2022/2027|878,O73|1,,066,O22|
|Additions|31t,258|275,162|
|Released|1523,2481|(463,LLl)|
|At3lMarch202312022|666,083|878,O73|
|8.Provisionsforliabilitiesand charges|||
||2023|2022|
||î|f|
|AtlApril2022/202L||61,183|
|Additions|||
|Utilisation||(59,004)|
|Released||(2,1791|
|At3lMarch2023|2022|||





## 

## 

## 

||Unrestricted|Designated|Restricted|Total|
|---|---|---|---|---|
||Funds|Funds|Funds|Funds|
||f|f|f|f|
|Asat31March2023|||||
|Fixed assets|188,023|160,818||348,841|
|Currentassets|5,010,346|2?4,7L7|5OO,723|5,745,786|
|Current liabilities|(1,505,939)||(50,962)|(1,556,901)|
||3,692,430395,535||449,7614,537,726||
|Asat3LMarch2022|||||
|Fixed assets|23r,60r|t72,78L|-|404,382|
|currentassets|4,609,259|234,7L7|236,4365,079,4rr||
|Current liabilities|(L,752,3991||(2,833)|(t,755,232)|
||3,087,460407,498||233,6033,728,56L||



## 

|||2023|Authorised<br>2022|Allottedand<br>2023|FullyPaid<br> <br>2022|
|---|---|---|---|---|---|
|||f|f|ff||
|Ordinarysharesof fL0|each|100,000L00,000||7L,OOO|7t,000|



## 

|1.Designatedfunds|||
|---|---|---|
||2023|2022|
||f|f|
|Residencydevelopment fund|220,000|220,000|
|Dilapidationsfund|L4,7L7|L4,717|
|lnvestment fund|160,818|L72,78L|
||395,535|407,498|





## 

## 

|||Community||||
|---|---|---|---|---|---|
|||and Education||Orchestral||
|||projects|performances||TotalFunds|
|||f||f|f|
|Yearto31March2023||||||
|Balanceat1April2022||233,603|||233,603|
|Receivedduring theyear:||||||
|Trusts,foundationsand localauthorities||48,177||78,135|t26,Etz|
|Donations/sponsorshi|p|59,511||7O7,608|767,119|
|Expenditure during the year||(t7t,7991||I|$77,2731|
|Balanceat31March2023||L69,492||28O,269|449,761,|
|Yearto3LMarch 2022||||||
|BalanceatLApril2021||242,999|||242,999|
|Receivedduring theyear:||||||
|Trusts,foundations andlocal author¡t¡es||LOO,9L4||63,634|L64,548|
|Donations/sponsorsh|ip|59,250||90,722|L49,972|
|Expenditure during the year||(L69,560)||(154,356)|<br>(323,916)|
|Balanceat3LMarch2022||233,603|||233,603|





## 

## 

||Total UnrestrictedFunds|Total UnrestrictedFunds||||
|---|---|---|---|---|---|
||Called-up|Other||||
||Share|Unrestricted|Designated|Restricted||
||Capital<br>f|Funds<br>f|Funds<br>f|Funds<br>f|TotalFunds<br>f|
|Yearto31March2023||||||
|BalanceatL April2022|71,000|3,016,450|4O7,498|233,603|3,728,561|
|lncome||9,138,515|2,764|893,431|LO,O34,7tO|
|Expenditure||íp,7t7,3541|(3,000)|l$77,2731|(LO,397,6271|
|Netunrealisedlosseson||||||
|investments|||{!t,7271||(tL,7271|
|Taxcredit||1,183,809|||1,193,809|
|Balanceat31March2023|71,000|3,62L,43O 395,535||<br>449,76t|4,5?7,726|
|Yearto3tMarch2022||||||
|BalanceatlApril2021|7r,ooo|2,904,9t4|329,777|242,999|3,448,53O|
|lncome||7,534,985|t57,t+t|3L4,520|8,006,646|
|Expenditure||(7,919,850)|(70,350)|(323,916)|(8,3L4,116)|
|Netunrealisedlosseson||||||
|investments|||(9,010)||(9,010)|
|Taxcredit||596,511_|||596,51.L|
|Balanceat31.March2022|7r,000|3,016,460 407,498233,603|||3,728,56L|





## 

||Landand|Land and|
|---|---|---|
||Buildings<br>2023|Buildings<br>'2022|
||f|r.|
|Commitments arising in:|||
|Lessthanoneyear|217,8t6|L08,000|
|Twotofiveyears|42O,O76|189,000|
||637,892|297,O00|



##