2022-08-31-accounts

Philharmonia Philharmonia Limited (Limited by Guarantee) FINANCIAL STATEMENTS For the year ended 31 August 2022 Charity Registration No. 250277 Company Registration No. 00799297

Philharmonia Limited (Limited by Guarantee) Index Page Reference and adminislralive details Trustees and Officers Leller from the Chair and President Report of the Trustees, including the Strategic Report Statement of Trustees, responsibilities 20 Independent Audilorfs report 21 Consolidated statement of financial activities 24 Consolidated and Charity Balance sheets 25 Consolidated Statement of Cashflows 26 Accounting policies 27 Notes lo the financial slalemenls 30 Page I

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report REFERENCE AND ADMINISTRATIVE DETAILS Charity Reg￿Stration number.. 250277 Company Registration number.. 00799297 Registered office.. 6 Chancel Street London SE1 OUX Auditor.. BDO LLP 2 City Place Beehive Ring Road Gatwick Wesl Sussex RH6 OPA Banker5'. Barclays Bank 1 Churchill Place London E14 5HP Nalwest Bank 10 Marylebone High Street London W1U4BT Legal advisers: McDermott Will and Emery LLP Heron Tower 110 Bishopsgate London EC2N 4AY Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR Pag¢ 2

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report Directors and Trustees The directors of the charitable Company are its Iruslees for the purpose of charity law. Throughout this report they are collectively referred lo as the Board of Trustees. The Board members serving during the year and since the year end were as follows.. Chair Lord Mervyn King Deputy Chair Saul Nathan President (player member) Kira Doherty Deputy President (player member) Cheremie Hamilton-miller Other player members Laurent Ben Slimane (resigned 31 December 20221 Nuno Carapina Michael Fuller Antoine Sigure Heidi Krutzen James Buckle Lawrence Rollon Kira Doherty Other non-player members Michael Brindle (resigned 15 November 20221 Rupert Darbyshire Ichair of the Finance Commilleel Daniel Knottenbelt Iresigned 31 December 20221 Sir Peter Middleton Iresigned 15 November 20221 Lorenzo Modiano Julia Zilberman Johanne Hudson~Lell lappoinled 15 November 20221 Charlotte Hogg lappoinled 15 November 20221 Secretary Katherine Collis Independent Finance Committee member Nick Bishop The Trustees present their report together with the financial slalements of Philharrnonia Limited I'the Company") for the year ended 31 August 2022. Page 3

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report LETTER FROM THE CHAIR AND PRESIDENT The 21122 finan¢i21 year spanned the last phase of the Covid pandemic and the fragile beginnings of a recovery from it. For the Philharmonia and the wider arts sector. this has meant a year of continued uncertainly and financial stress to players and businesses alike. Due to the long forward planning needs of classical music and the physical proximity of live performance, the arts sectorfs recovery was athays going to lag behind other areas. and the 21122 season was a testament lo this. As a result of this uncertainly, the past year saw the orchestra face some of the most significant threats of its 77-year history. We have weathered the storm due in no small part lo the dedication and exceptionally hard work of our staff, players and Board members, for which we would like lo extend our ulmosl thanks. The Orchestra as a company and the Orchestra as players fell the effects of these external challenges intensely bul differently.. whilst the limited comp2ny focused on financial solvency and flexible responses to planning and budget fluclualions, the players, needs and concerns were more immediate and tangible . The Members, Support Scheme of the previous year came lo an end in September 2022 and was replaced by a more largeled Hardship Fund open lo musicians facing continuing lin2ncial difficulty. There is of course no substitute for work in the diary in order lo allow musicians to SUPPOTI themselves financially and thrive arlislically, and il was made clear that the long-lerm retention of the core of the membership was going lo be heavily conditional on this. Planning over the period was hampered in part by the ongoing effects of Covid, as well as Changes in management, both of which have now been largely resolved. In August we welcomed the arrival of our new Chief Executive, Thorben Dittes, who has already made his mark on the running of the Orchestra. We are now confident of a bright and artistically strong future for the orchestra, bul the players themselves are Still enduring a work schedule with significant gaps continuing into the 22123 season. We have nonetheless been able to ensure a consislenlly high quality of work throughout the 21122 year albeit al a reduced frequency. Sanllu-Malia5 Rouvali continues lo define his arlisb"c leadership as principal conductor, accompanied by a roster of internationally acclaimed artists such as Marin Alsop, Joshua Bell. Nicola Benedeth., Herbert Blomsledt, Jakub Hrusa, Paavo Jarvi, Pekka Kuusislo, Vikingur Olaffson, Maria Joao Pires, Jakub Hrusa, Paavo Jarvi, Joshua Bell, Pekka Kuusisto and Gil Shaham amongst others. We are confident that the artistic excellence and reputation of the orchestra has remained intact during the pandemic and beyond, due in large parl lo the loyalty, commitment, and dedication of the orchestra's most precious asset.. the players. Despite the difficulties of the 21122 year, we maintained a high-quality and high-profile sel of major UK and international concerts, a5 well as a full and successful season al Garsinglon Opera. Our work with school Ghildren Iorcheslra Unwrapped), people with dementia (Hear and Now) and young instrumental talent IMMSFI continued largely uninlerrupled thank5 to the flexibility and adaptability of the programmes and staff and players driving them. The focus in 2021122 wa5 In supporting our long-lerm recovery and sustainability, from bold new ai115tic Gommissions lo continuing our commitment lo developing diverse talent al a time whèn our sector and young artists need this more than ever. The Philharmonia is fortunate lo have a cornmitled group of individual and inslitulional donors. In 2021122, we were supported by individuals. corporates, tiusts and foundations, and through a number of government inilialives which provided us with much-needed shorl-lerm ieliefand helped us lo plan ahead with confidence. The Culture Recovery Fund and the doubling of the Orche51Ta Tax Relief have been particularly welcome. Bul we face an immediate future with high levels of inflation, reduTrd funding from Arts Council England, and greater competition for existing fLJnds. The future success of the orchestra will rely on the flexibility. vision and boldness of our management team, Board of Iruslees and player members, and our willingness to champion the relevance of classical MLJSIC and the dislincliveness of the Philharmonia over the next decade. We are confident that we will be able to meet those challenges. We know that music has the power lo sustain us and provide hope, and we know that now it might be needed more than ever. Our thanks lo everyone who has helped us during 21122. We look fO￿ard lo working with you in 22123. Lord King of Lolhbury and Kira Dohety December 2022 Page 4

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report OBJECTIVES AND ACTIVITIES The charitable objectives of the Company are as follows.. the advancement of public educ81ion through the promotion and support of the arl of music (including opera, music, drama, ballet 8nd all arl forms consisting in whole or in parl of music), particularly by the promotion and encouragement of orchestral music,. and the relief of povety and distress amongst playing members of any symphony orchestra for the time being maintained by the Charity and the dependents of such persons. The Company achieves these objectives by maintaining a sytnphony orchestra of the highest qLJalily. The Company aims to raise the public appreciation of music by maintaining and developing ils position as one of Ihe world's leading symphony orchestras, through the quality of ils playing, Ils creative programming, the commissioning of new music, the provision of ils learning & engagement programme, and the use of digital technologies to bring its performances to the largest and most diverse audience possible. The Company h88 a Mission lo create thrilling experiences in music,. and a Vision that the Philharmonia Orchestra, both live and digitally, will have a Iransformalive impact on the widest possible audience, through ils four key values.. feailess, pioneering, open, and global. Its main objectives for the period were.. the provision of"Own Promotion" ¢onGerts al the Soulhbank Cenlre., residencies in Bedford, Leicesler, Basingsloke, Canlerbljry, at the Three Choirs Festival 2nd Garsinglon Opera,. eng8gemen15 by third party promoters,. both live and online learning and engagement programmes., recorded performances of the highest standard., outreach via the website and other digital media. Underpinning all of these objectives are the Investment Principles ofArts Council England Lets Create" of Ambition and Quality, Dynamism, Inclusivity and Relevance and Environmental Sustainability. The strategies employed to achieve the Company's objectives are.. lo maintain, improve and secure the quality and slalus of the playing ensemble, through the quality of artistic opportunity and the quantity and quality of the Orchestra's schedule lo develop the Orchestra's role as an originator and producer of new work, through commissioning and collaboration across art forms lo develop, promote and market the Orchestra's live performing progM￿Me in Londgn, its residencies, throughout the UK and inlernalionally lo expand the Orchestra's role 2s a pioneer, leader and creative innovator in the use of digit81 technologies to reach the widest possible global audience lo nurture intere81 in, and knowledge of, orchestral muslc through education, work with local communities, audience development, digital activity and recordings a commitment lo being an inclusive and relevant organisalion, working lo ensure equality of opportunity., inclusion of diverse viewpoints and backgrounds., closer wort(ing with the communities the Orchestra serves,. ensuring a diverse workforce and governance,. and embedding the Creative Case for Diversity lo commit lo knowledge and experience sharing with other arts organisalions al a strategic level, notably in the fields of digital development, philanthropy, marketing, environmental sustainability and programtne-planning PUBLIC BENEFIT When reviewing the charitable Company's objectives and activities and devising the future programme of the charitable Company for the next period, the Board of Trustees confirms that il has referred lo the Charity Commission's general guidance on public benefit and compSied with its duly under the Charities Act 2011. The Company's aims and objectives slated above are directed al the public al large". the Orchestra's concertgoers throughout the UK and abroad., visitors to its website., those who listen lo its recordings,. those in the local communities where the Orchestra works, and the wider communities the Orchestra serves,. and those who participate in the Orchestra's various learning & engagement work. The Orchestra's Own Promotion concerts al Soulhbank Centre are open lo the public wilhoul reslriclion. Discounted tickets are available for disabled concertgoers, those on income support, students and under-18s. The Orchestra also offers an extensive programme of chamber concerts, contemporary music, talks and foyer events with free entry. The Orchestra performs throughout the UK in public venues that have similarly inclusive policies. The Orchestra aims lo increase the numbers and diversity of its audiences and participants through sophislicaled audience engagement strategies including ils world-leading digital programme, online content available free through ils website and other platforms,. and il's work with communities. The Orchestra will also benefit future generations through ils 5eaning & engagement programmes, ils recordings and through ils dedication lo training the nextgeneralion of orchestral musicians. Page 5

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, includin Strate ic Report STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE During the pandemic, we were partially operational, minimising outgoings, maximising income and creating new, world class music that has kept our orchestra together and playing and kept us connected to our audience. We have been dynamic and agile, maintaining and developing audiences in a new rJigit21 selling, even under challenging circumstances. We safeguarded the orchestra, ensuring that we were in the strongest possible position for when we performed to live audiences again. Although the peak of the pandemic has passed, Covid is still a reality that many of the people we work with have to navigate. We know that Some of the people wework with through our Learning and Engagement projects prefer in person events and others are much more comfortable online or being able lo alternate be￿een the two. We have addressed this by including hybridlremole options, offering parallel sessions online, and making SU￿ all sessions recognise that a greater number of people (especially older people) are still more likely to drop out last minute from individual sessions bul want lo continue with the programme. We address this by remodelling relevant projects in a way which makes iteasier to catch up if a session is missed, such as including more recap materials for participants. During the 21122 season, Covid remained a challenge in terms of travel restrictions. with some artistslconduclors still having problèms travelling lo the UK. We have, however, always been able to find replacement and have not had lo cancel any concert performances. Where we had lo replace an arlisl who is global majority or a woman, we have done OUT beslto replace the person in a way which doesn't negatively impact our ambition to plalloTm greater diversity. The fwus in 21122 was in supporting our long-lerm recovery and sustainability, keeping us relevant and dynamic, and moving us from emergency lo recovery working, delivering our organisalional vision.. to have a transformative impact on the widest possible audience. This was achieved through our ambitious Human.'Nature series and associated activities (moving to in-person delivery, in line with national public health guidance and audience feedback), and supported the long- term development ofour business.. working more sustainably,. championing diversity,. and, consolidating a more joined~up approach lo our activities which will have a long-term positive impact on the way that we work. We delivered bold programming, as a dynamiG and more connected organisalion. We are changing ourworking practices lo have a more collaborative and joined-up approach to our business. The Human'.Nalure series wa5 51ralegic, bringing together all departments, with a shared set of aims. This project brought together all deparlmenls, delivering a project which included world-class concerts in one of the UK'S most renowned concert halls., largeled learning and engagement projects Ifor example, working with KS2 pupils lo discuss environmental themes and explore some of the ways in which composers have been inspired by the natural worldl,. develop new advocacy and environmental partnerships (such as with the RSPBI,. new marketing and data capture lo understand audience development and response to such topical themes., and, a new Policy and Action Plan for environmental sustainability {see below). In 21122 we commissioned three new composition8, two within our main Royal Festival Hall season concerts and one within our Music of Today PLJrcèll Room concerts. We commissioned new works from five emerging composers (usually twollhree per year, but the Covid cohort was postponed to this yearl, performed and recorded as part of Music of Today. The broadened 21122 MMSF Instrumental Fellowship Scheme accepted 15 lop conservatoire graduates. bridging the difficult gap between full-time study and professional slalus. providing possible pathways into membership of the Orchestra. Success was measured by take-up, diversity and numberofapplicalions, and diversity ofparticipants (minimum 250/0 from underrepresented backgrounds). as well as detailed feedback from all groups involved in the programme. We created diverse programming, inspiring current audiences and the next generation of audiences and music makers. Our 2020-24 Equality Action Plan aimed lo increase representation of protected characteristics in all areas of our work. Now In ils third decade, Music of Today presents work by a dynamic and diverse range of composers and performers, artists who are defining the present and future of music. Three Music of Today free concerts were performed in 21122 in the Purcell Room in the Southbank Centre. 20D/o of our conductors identified as women and 150/0 of conductors and soloists identified as People of Colour. Our aim is that this will increase year on year lo achieve gender parity 8nd represenlalive diversity of conductors and soloists. We built back stronger, more integrated and engaged residencies. The Philharmonia's mission is lo deliver world-class music to as wide 2n audience as possible. Community engagement projeels delivered alongside our residency concerts ensure greater 8ccessibility, relevance, and imp8Ct in people's lives. We launched 3 recovery season of four concerts in UK residencies beyond London with Santtu conducting al each and associated four Orchestra Unwrapped Goncerls for Page 6

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report school IKS21 and family gudiences, focusing on female comp051ers and musicians. We deepened local stakeholder and advocacy engagement in Bedford and Leicester with Mayor's and Lord Mayor's concerts rèspectively, highlighting the value of the residencies lo the Philharmonia and our deep commitment lo our residency communities. We established permanent Community Boards in Bedford and Leicester evolving from local Steering Groups Iparl of The Virtual Orchestral, informing our programming and 51rategi¢ direction within the residencies and providing an opportunity for organisations. Communities and residents lo inform, engage with and co-creale ourwork. We re-launched Hear and Now in Bedford and Leicesler," and, Symphoniie in Leicester and scope potential for expanding lo other residencies. We delivered bold programming, as a dynamic and more connected organisalion. Human'.Nature wasn't just a concert series, il was a vehicle lor change, an opportunity lo hear new voices, connect our work across all residencies, and launch our new Principal Conductoi. We delivered 14 concerts in 21122, achieving audience largels of 16-17k lickel sales", and significant positive media coverage. Our new Arknsl in Residence programme diversifies our reperloire, workforce and audiences. Work spans the breadth of the organisalion. provides opportunities lo collaborate between arl forms, and showcases work by underrepresented artists. particularly women and BAME artists. Our 21122 Artist in Residence collaboratively devised a new cross-arts piece and produced a full audience development report examining impact on widening audiences for the Philharmonia. We launched the Featured Artist series with Pekka Kuusislo Iviolinist and conduclorl, an opportunity for an internationally renowned musician to showcase all facets of their arlislry. Kuusisto performed three Royal Festival Hall concertos as soloisL one Royal Festival Hall concert as conduGlor, and curated or performed in two Music of Today concerts. CONCERTS & PROJECTS We delivered diverse programming. inspiring current audiences and the next generation ofaudiences and music Tnakers. For the arts to thrive they musl be relevant, and we can only do that by representing the audience we wish lo serve.11 is imperative that the programme, and conductors and soloists that we engage, are diverse and relevant lo our diverse audiences. We have been incorporating inclusivity and relevance {I&RI in all areas of our business. This includes clear targets lor a more diverse repertoire such as Featured Artists, a more diverse workforce with more transparent board and staff recruilmenl processes, a more diverse lalenl pipeline Irialling the use ol screened auditions, and more diverse audiences with strong data capture and streamlined reporting. We have our most diverse group of MMSF Fellows. including our first ever female timpani player and now have the most diverse workforce in our history. We have ambitious but deliverable plans lo continue increasing diversity in our staff. Players. Board and audiences. We made il a priority lo seek out and engage a diverse range of conductors, soloists and composer5. Artists featured included". conductors Elim Chan, Xian Zhang, Roderick Cox, Marin Alsop, Tianyi Lu, Manoj Kamps, Alpesh Chauhan.. soloists Soloman Howard, Bruce Liu.. and, composers Gabrtella Smith, Anna Thorvaldsdollir, Lisa Lim. Andrea Tarrodi and Isobel Waller-Bridge. The Orchestra recorded free-lo-air concerts, our season opening concert featuring I￿0 monumental works ty Richard Strauss Also Sprach Zarathustra and Alpine Symphony.. and an all-Tchaikovsky programme including his final masterpie￿, the 61h Symphony. This year, we were able to go back to delivering live schools, concerts IhoroLJgh our Orchestra Unwrapped project Orchestra Unwrapped was generously supported in Bedford by the HarpurTrusl, Philharmonia Orchestra in Bedford Trust, and in London by the Laurence Modiano Charitable Trust, the EC Sosnow Charitable Trust and the Michael and Nicola Sacher Charitable Trust. The second year of our Artisl-in-Residence programme came to a close, marked by a final performance by House of Absolute, a woman-led hip-hop dance and arts collective. Across their second year, House of Absolute worked with seven members of the Orchestra and one MMSF fellow. Our residencies culminated in a performance al the Sadler's Wells Theatre lo an audience of1479, an audience whowould not normally allend our concerts INe have recruited our22123 and 23124 Artists in Residence and look forward lo working with them in due course. Number of projects, recordings, info re contemporary composers, dlversity of composers. Page 7

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, includin Strategic Report Across the period the Orchestra undertook over 140 different performances or recordings. Of these, 18 contemporary composers were featured from a diverse range of backgrounds {e.g. Gabriella Smith, Isobel Waller-Bridge, John Luther Adams, Bryce Dessner, Jessie Montgomery, Jonathan Dove, Anna Thorvaldsdollir, Lisa Lim}. Of the works perfom)ed by living composers, over 60¥0 of the composers were female. The artistic planning process aims lo positively increase the representation on our stages of composers and artists with protected characteristics, whilst maintaining the exceptional high level of quality for which the orchestra is known. GLJest artists included Elim Chan, Xian Zhang, Manoj Kamps, RoLlerick Cox. Marin Alsop, Nicola Benedelli, Hilary H8hn, Pekka Kuusisto, Soloman Howard, Sir John Eliot Gardiner, Bruce Liu, Benjamin Grosvenor, Lisa Lim, and many mole. The Orchestra continued ils drive lo promote new classical music. and lo develop the classical canon of tomorrow. New works were commissioned from Anna Clyne, Isobel Waller-Bridge. Grace Evangeline Mason. Bryce Dessner and Luke Styles. With the arrival of Sanllu, there were great opportunities lo build interest with the media. Across the year, the Orchestra secured extensive press coverage, from interviews and feature articles to critical reviews, an increase of almost50°A year on year. This was further enhanced by advertising campaigns that reached over 6 million. The Orchestra Continued to focus on growing online audiences and released con￿rI streams ofbolh the opening concert, featuring Santtu conducting Strauss. and the Tchaikovsky.. Piano Concerto No. 2 with Bruce Liu, which lo dale have had over 150,000 views collectively. Across the year the YouTube channel received 2.5 million views. Facebook saw 25 % growth, and Spotify reached 1 million listeners. To celebrate the theme of Human'.Nature, partnerships with RSPB and the Climate Coalition were established. E-lickels were launched al the start of the season, which resulted in 680kn of ticket buyers opting for a digital copy, and digital programme notes were created. Several key strategic projects were developed and launched across the year, with the foeus on audiènces and data, placing gre21er importance on super-serving existing 2udienees and reaching new. This led lo a collabor21ion with London Art Week, which saw the Orchestra go beyond the wncert hall and into galleries in Central London. The Orchestra also developed a data strategy and created a new role focused on data and insight. ORGANISATION During the period the Orchestra continued with their five-year strategic plan, which contains the following aims.. lo offer bolder, braver and broader programming, speaking to a gre2ter audience lo deliver significant impact through strong, season-long stories and associations lo be well-connecled and working in collaboration with the communities we serve lo build our brand through high-quality content with notable imp2Ct ID have 2 well-e51ablished 'Philharmonia family, donor-base lo demonslrale clearty our inclusive nature as an organisalion. relevant lo all lo be financially stable, increasingly able to ie-invest in the orchestra, in our communities and in our art-fomi The Board of the Philhamionia under Lord King of Lolhbury as Chair, met regularly through the period. leading the strategic direction of the Orchestra. Michael Brindle KC and Sir Peter Middleton resigned during 2022 and Chadolle Hogg and Joanne Hudson-Lell have been appointed to the Board in Oclober2022. Alexandervan Ingen stepped down as Chief Executive Officer during the period, and Thorben Dittes has been appointed as the new Chief Executive Officer. The organisalion thanks Michael, Sir Peter and Alexander for their Service, and in particular for their, and their colleagues,, subslanlial and successfijl efforts to stabilise the organisation and underpin activity through the pandemic. During the period, a further senior appointment was made, with Teddy Prout taking on the role as Director of Learning and Engagement. The Orchestra played a strong role as a sector representative, working closely with colleagues al the Association of BTltish Orchestra, the Musicians Union. and with Arts Council England IACEI. In May 2022 the Orchestra applied for renewal of funding as a National Portfolio Organisalion INPO) with Arts Council England forApril 2023-March 2026. This was awarded in November 2022 at£1.9m perannum, a reduction of12 /0 on prior years, in line with NPO funding recluclion of other major London Orchestras. As a result of the reduced funding, and increased inflation and cost of living impact on staff and players, the Orchestra will be reviewing and adapting its activity plans over the coming months as it finalises ils 3-year funding agreement with ACE. Page 8

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report AUDIENCE DEVELOPMENT Our Audience Development Plan sees diversity as a key KPI, lo be measured as proactively as lickel sales and income. Our marketing team is increasing diversity through a new lickeling strategy underpinned by rigorous data and market research (accessible price points, largeled campaigns for Ljnsold lickelsl,. initiatives such as Student Pulse and Ringside Seats., data caplurelunderslanding our audience," and free online conlenl. We now have a full time Data and Insights Manager lo help u5 monitor progress, keep us accountable, and share our findings internally and externally 18lrenglhening the sector). We now have a Data Vvorking Group, representing 811 departments, measuring progress towards ACE outcomes and investment pillars. Core lo all our audience development work is audience research, for which the Orchestra has developed practice across data insights, surveys and evaluation. and customer relationship management. Data insights research is cenlred on our ticketing system Tessilura, further complemented by use of the Audience Finder dashboard. The Orchestra's audience research now focuses on our wider residency audiences, rather than the London Own Promotion Season alone. LEARNING AND ENGAGEMENT We focused 21122 on building back stronger, more inlegraled and engaged residencies. During the pandemic our residency programmes were parlicularly affected and curlailed. Digital activity has allowed us lo continue suppoiling communities and engage with our work, but we need to use 21122 to re-eslablish our in-person work and important Learning & Engagement programmes. We consider participants in Ouf L&E programme as a parl of our core audience rather than as an additional group, This means that data capture relating to L&E participants is a parl of our organisalional data capture, will appear in our organisats'onal KPIS and data dashboard (being developed, for use internally and exlernaltyl, and will be included as a core part of our Audience Development Plan. We have been undertaking an in-depth review ol our current L&E work, are streamlining processes and are developing plans for new pilot projects and community consullalion workwhich will lake place across our residencies and incorporate Priority Places and Levelling Up Culture Places. Our planned pilot projects are ambitious Iri scope and will reach more groups of people in a more largeled way than ever before, truly responding to individual and group barriers to engagement with classical music. We will identify these barriers and address them IhroLJgh close community consultation. particularly through our existing Community Boards and new ones that will be established In Levelling Up places. To achieve this, we are strengthening our community boards, appointing chairs 2nd developing Glearer processes, including transparent iecruilment processes and I&R targets lo ensure that Ix)ards truly represent the local community and those who have least access lo Gullural activities. Our Learning & Engagement programme is at the core ofour work and engages Ihous8nds of people in the joy of music- making. The projects we create are rooted in our residency commLJnilies. As commilled collaborators, we design our projects with a wide range ol partners, from residency venues and music education hubs lo Community groups and local aulhorilies. During the pandemic we have been unable lo physically connect with project partners, communities, audiences. project beneficiaries, and performance venues. As our residencies reopened, we needed lo re-eslablish and redevelop these relationships as well as identify and address gaps in our current provision. We are pleased to report that we have successfully delivered.. Orchestra Unwrapped - our key stage 2 schools, concerts Symphonize - our fusion project collabor2b.ng with teenagers facing challenging circumstances in Leieester Hear and Now- our intergeneralional community project in Leicester and Bedford bringing together young people and adults with dementia lo create and perform together Our KS112 schools project works with some of the most marginalised children in our residencies, supporting them to access a live symphony orchestra, often for the first lime, democralising access lo culture and providing routes lo long- term musical engagement. Our focus residencies are London, Bedford and Leicester Iwhere the programme is delivered every yearl. In addition, we deliver Orchestra Unwrapped in other cities such as Basingsloke on a one-off basis. Teachers arè provided with new skills and confidence to leach music and lo use music as a pedagogical tool. supporling the wider curriculum lincluding maths, science, history, and geography). The project combined live performance, teacher training, and learning activities for inside and outside of the classroom. Page 9

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, includin strategic Report We worked with.. 10 schoo15 in Bedford, 13 schools in Leicester, 27 schools in London 54 teachers in Bedford, 104 teachers in Leicesler, 251 teachers in London 307 pupils in Bedford, 1,072 pupils in Leicesler, 1,789 students in London Orchestra Unwrapped 21122 outcomes.. Cultural provision in London, Bedford and Leicester is increased. particularly classical music Access lo culture is democralised Teachers, gain confidence including music in the classroom Teachers and pupils are more engaged with listening lolengaging with music Teachers and pupils are more engaged with music-making Schools belter understand the value of leaching music Marginalised children experience a live symphony orchestra for the lirsl time Symphonize works with marginalised children and young people from Leleester's most deprived wards, who have come into contact or are at risk of contact with the criminal justice system. We use music-making and collaboration lo Increase self-esleem, develop a sense of belonging, learn and perform music, and experience new musical genres. In partnership with Soft Touch Arts. the project enables children 2nd young people lo work with Soft Touch musicians and prodtjcers and Philharmonia musicians to collaboratively compose, produce, record and perform original, cross-genTe music. Each year, the project includes taster sessions at targeted Community and secondary schools,. a CPD training session for project practitioners., an intensive week-long erealive project,. and a final public performanee to peers, familieslcarers and VIPS. The project completed in July 2022 reaching 25 children and young people. Symphonize 21122 outcomes.. increase self-esleem and confidence amongst parlicipanls lo express themselves creatively increase participant's sense of belonging to a wider group. enabling them lo contribute their creative ideas. conlribuling lo recovery from experiences of loneliness resulting from covid-19 lockdowns participants learn and perform a new musical instrument whilst experiencing a wide range of musical genres, for CYP with nollimiled access to arts and culture H8ar and Now is delivered with people with dementia and their carers, not just for them. 11 uses music and inlergeneralional connections and friendships lo inspire and engage people with dementia, Iheircarers, and young people in culturally diverse areas in Bedford and Leicesler. People with dementia engage in a creative process with others, including carers who might rarely experience a new activity with the person that they care for, resulting in positive outcomes for people with dementia and other project parlicipanls. The project combines workshops and creatlve sessions and a final performan¢e, as well as a video which can be shared with friends and family. We worked with.. 13 people living with dementia (Bedfordl, 15 people living with dementia (Leiceslerl 15 carers (Bedford), 3 carers (Leicesterl 19 young people (Bedfordl, 5 of young people ILeicesler} 4 community participanls and 115 audience members IBedford}, 18 community participants {Leicesler) Hear and Now 2021122 outcomes for people lThiing with dementia.. Improved mental and emotional wellbeing Increased confidencelposilivily trying new things in comfortable but new surroundings Enhanced sense of inclusion - support networklmeeting others with shared experiences Motivation lo try new things- exploring a new interest (often a rare opporlunily, for people with demenlial Unlocking new learning potential- in line with growing evidence of the positive effects acquiring new knowledge can have for this audience Triggers for memory and language recall memory and communication skills Reduced anxiety sensory and conversational nature of the sessions can improve Page 10

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report EMERGING ARTISTS The Philharmonia is a hub of talent development, across all areas of classical music-making. We work collaboratively to strengthen the cultural sector through innovation and developing the next generation of musicians, composers and audiences. The Instrumental Fellowship Programme supports young inslrumenlalisls who are specifi'cally seeking an orchestral career. It connects them lo the wider life of the Philharmonia and the expertise within ils membership. The scheme not only supports Fellows, musical development bul develops their knowledge of how a modern orchestra runs and their role within il (including workwilh local communities, schools and families). Focusing on work-related skills and experience, alongside musical development addresses a particular need within the orchestral sector and is what makes this scheme distinctive. Our programme allows us lo present Fellows in a professional series of12 recitals, highlighting under-represented players, like women brass and timpani players. playing lo the general public. Additionally, we provided a series of 20 Primary School recitals for the fellows. This yearwe have also worked with the existing pool of Fellows lo develop an alumni scheme, which will launch nextyear, lo make sufft our support is not lost when they graduate. and to develop a more rounded programme of8Ctivity focussing on the CPD needs of the cohort. MMSF Instrumental Fellowship Programme directly beneliled.. 15 early-career musicians 24 Players 4 workshop leaderslprojecl collaborators MMSF Instrumental Fellowshlp Programme 21122 outcomes.. Supporting 15 new musicians lo be the best that they can be, enhancing classical music nationally and intern21ionally Supporting a more diverse future for classical music Helping musicians lo promote themselves, network, and to learn about carving out a career in classical music Providing new opportunities ftir early career musicians such as paid experience on Learning & Engagement projects, recitals, sil-ins with the orchestra and pald patches of performance work "Its been really excellent lo have mentor lessons with a member ol the orchestra as il helps the prospect of entering the mainstream profession a lol more of a reality. The advice they give is really helpful, especially with orchestral etiquette. Hearing their advice helps me go forward., Bass Trombone Fellow Composers. Academy is the Philharmonia's highly successfvl composer training programme, linked lo the Orchestra's prestigious Music of Today contemporary music series. Composers. Academy sees composers al the start oflheir careers engage in a season-long composilion-wriling, workshops, and tutorial programme. This year, we provided opporlunilies with Philharmonia Players to explore specific instrumental technique and recorded each composer's works. Composers Academy directly benefited., 5 early-career composers 19 Philharmonia Players 11 additional players The project will additionally benefit audience members who will access the composition online, as the recordings of the works are released on 24 June 2022. There were no live performances of the works due lo covid reslriclions. Composers, Academy 21122 outcomes.. Supporting three new composers lo be the best composers that they can be, enhancing contemporary classical music nationally and internationally Supporting a more diverse fulLJre for classical music composition Helping composers lo promote themselves, network. and to learn about carving out a career in classical music Providing new opportunities for composers Pagell

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report Diversifying the classical music sector Introducing audiences lo new composers Commissioning new contemporary music and contributing to the artistic qualitylheritage of the seclorlwidening access to repertoire Providing new and artistical￿ challenging opportunities lo our players Our talent development work hasn't just included our main programmes. We have also undertaken a Series of smaller pieces of work, supporting conservatoire students with their playing and with their knowledge and understanding of symphony orchestras. This year. we supported 45 students, providing them with the opportunity to.. watch a professional symphony orchestra in rehearsal. followed by small-scale workshops and discussions.. and sil with the students, instrumental counterpart, watching up close andlor play tutti parts alongside the principal. FINANCIAL REVIEW Revlew of the flnanclal year The year to 31 August 2022 saw a consolidated nel surplus of£51,768117 months ending 31 August 2021." net surplus of £6,392,982). The standalone charity result for Philharmonia Limited alone was a surplus of£g5,653117 months ending 31 August 2021.. surplus of £6,427,656). Underlying net operating surplus was £284,389117 months ending 31 August 2021.. deficit of £328,5271 including the support payments lo players during the Covid 19 pandemic of£nil117 months ending 31 August 2021.. £1,017,250). The Orchestra benefited from the temporary increase in Orchestra Tax Relief rale in the year. which has enabled more concerts and activity to be planned for the current and future Seasons. Support costs were £2,725,008117 months ending 31 August 2021.. £3,608,791). Philharmonia Trust transferred ils assets to Philharmonia Limited al 1 April 2020, thus Philharmonia Trust's resu115 are now consolidated into the group accounts. The Marlin Musical Scholarship Fund. whose financial results are also consolidated in these financial slalemenls, made a deficit of £30,652117 months ending 31 August 2021.. deficit of £34,676}. Rile Digital Limited, Philharmonia Limiled's fully owned trading subsidiary Company, made an operating deficit of £13,233117 months ending 31 August 2021.. surplus of £21.5531', in prior year Rite Digital Limited paid this surplus to Philharmonia Limited under the terms of a Qualifying Charitable Donation. Financlal management policy The Orchestra aims lo budget two to three years in advance, balancing the cost of orchestral concerts and other corework with gmnls and sponsorship income, as well as income directly generated by the work itself. If further activity is taken on once the budget has been sel for the year ahead, il is only accepted ifthe work can be funded or ifthere is any remaining subsidy lo be used. Regular communication with Arts Council England is also key lo this advance budgeting. Reserves policy Previously the Board ofTrustees has considered il unnecessary to hold an excessive level offoe reserves because of ils symbiotic relationship with the Philhaimonia Trust Limited. The Philharmonia Trust Limited supported the work of the Philharmonia Orchestra, primarily through an annual grant but also thiough the advance of additional finance when required. Following the merger with the Trust in 2020 the Trustees reviewed and refreshed their risk assessments and the Orchestra's Teserve policy, particularly in light of the Covid 19 pandemic. The Philharmonia Orchestra aims to have accessible free reserves lo coveral least 3 months ofoverhead costs al any one time and no less than £750,000. This will be maintained through cash reserves arkd investments that can be readily converted lo cash as required, any exce55 being used for designated projec15 and slrate9ic investments and in the short term lo be set aside lo cover any deficits arising from Covid-19 ove¥ the following years. An additional designated reserve will be maintained lor the nel book value of non-property fixed assets. Page 12

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report As al 31 August 2022 the total value of reserves was £8,468,528 {31 August 2021.. £8,416.7601. A breakdown of this is shown on the balance sheet and in the slalement of funds note (note 201. Restricted and Endowment Funds are £5,933,137 of this amount117 months ending 31 August 2021.. £6,128,436) including £266,094117 months ending 31 August 2021.. £296,746) of MMSF reserves. Funds of £1,000,000 have been set aside to support the Orchestra to maintain 115 activitie5 in light of the particularly challenging environment caused by the pandemic and to further invest in dynamic artistic special projects and innovation to grow fLJlure revenue and aGtivity. Free reserves in the general fund at 31 August 2022 were £1.197,793117 months ending 31 August 2021.. £847.6181. Investment policy The Orche51ra ha5 a policy of investing any surplus cash in investment vehicles that are low risk, are considered mainstream and allow for flexibility. The Finance Commiltee reviews cash forecasts on a regular basis lo identify in advance signif¢canl cash fluclualions and cash flow issues. and to ensure that reasonable returns are achieved, wilhoul risk lo the capital. and lo ensure Ihatthere is sufficient working capital for the organisalion. FUTURE PLANS Our focus in 22123 will build on our achievements in 21122, balancing the immediate financial needs of the organisalion with long term-sustainability and delivering our organisalional vision, lo have a Iransformalive impact on the widest possible audience. We know that this will be challenging in a fasl-changing lar>dscape, bul the lessons we have learned and work we have done during the last two years have laid the foundations lor a strong future. The funding reduction from Arts Council England and conlinLJed cost of living crisis creates further pressure on our players and orchestra as we continue lo deliver our ambitious artistic and education programmes. Responding lo the world around us, we will maintain this balance bebNeen long and short term needs and serving our residencies. We will identify environmentally friendly cost-S8ving measures which can support both the sustainability ofour busines5 and of the planet. Our ticket pricing will be re-slruclured in order lo both lower the starting lickel price lo make concerts affordable lo the widest possible audience, and also to grow income with dynamic pricing. New projects will be trialled in partnership with our communities. delivering what local people want in the new circumstances in which they find themselves. Talented, early-career musicians will be given the support that they need not only lo remain in the sector bul to thrive and we will continue lo invest and support our players. Inclusivity and Relevan￿ will remain Central lo who we are and what we want lo achieve. reflected across all areas ofour business, audiences, and lalentdevelopmenl programmes. Vve will continue building partnerships with cultural organisalions, broadcasting and performing 2cross the UK and beyond and will continue lo showcase the very best that classical music has to offei. Fundraising will remain at the core of the Philharmonia, undertaking to make fundabilily an essential part of project research and development, further ensuring financial resilience and relevance lo funders, interests lying increasingly in the community, outreach and impact spaces. This will be achieved through our main programming and connected wrap-around activity being programmed concurrenuy with Learning and Engagement projects, enhanced by our high-profile Featured Artists, Featured Composers, Composers, Academy, new commissions. and a broad range of world-renowned and uwand-coming soloists and conductors. sn 22123, Principal Conductor Sanllu-malias Rouvali will perforrn 10 concerts across the season, in a wicle range of repertoire from Beethoven, Dvorak and Mahlerto John Adams and Anna Clyne. With Sanllu. we will work with world clas5 soloists including Vikingur Olaffson, Igor Levil, Yuja Wang, and Randall Goosby. We are particularly excited to be working with the outstanding cellist and Phi1harmonia Featured Artist. Sheku Kanneh- Mason. He will perform 3 concertos across the season, including Ihe Beethoven Triple Concerto lo close the season, with fellow collaborators Nicola Benedelli and Benjamin Grosvenor. We a150 welcome Anna Clyne as our first Featured Composer. Works performed will include two new commissions - a clarinet Concerto for soloist Martin Frost, and her clarinet quinlel, Strange Loops Anna will also lake parl in pre-concert talks, Music of Today concerts, and will work with our Composers Academy students. In addition lo the above, we welcome back both familiar faces and newcomers- Jakub Hrusa, Paavo Jarvi, Marin Alsop, Ukrainian conductor Oksana Lyniv, Ryan Bancroft and Kazuki Yamada. Page 13

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report PRINCIPAL RISKS AND UNCERTAINTIES The environment in which the Orchestra opeTates is inherently risky with the organisation exposed lo many economic, geopolitical and artistic risks in the course of normal aclivilies. Atthe start of the season riskwas identified from COVID-19 recovery, with continued restrictions on inlemalional touring, and concern about audience levels. Whilst the landscape has improved, and audience levels have returned to pre- pandemic levels, there followed extreme uncertainty around the Orchestra's ability lo achieve its objectives,. raise additional funds through donations and grants,. as well as maintain the returns expected on inveslmenls. Vvhilstthe return to live performances in 2021 has been welcome, the p8ndemic continues lo impact on touring, logistics and audience development and remains a key risk for the foreseeable future. In April 2022 restrictions on the Catalyst Endowment fund were lifted, and the Orchestra has agreed with funders the ability to draw down money from the fund lo support the orchestra and il's players, with monthly repayments back lo an endowment fund on similar terms starling from 2027. This provides stability. cash flow support and mitigates otherexlernal financial risks. The invasion of Ukraine by Russia resulted in a review of performances, repertoire and artist engagements linked lo Russia with minor adaptions made lo programming. The orchestra also received newengagements as a resultof Russian Orchestras, unavailabilily. including performing al the Mikkeli Festival in Finland for the first lime. The Trustees are very conscious of the cost of living crisi$ 2nd its impact on musicians, staff and audiences and future costs. A hardship fund has been pul in place for players, and the orchestra is working closely with other sector organisalions lo monitor and support the workforce. A flexible lickel pricing structure has been irnplemented from January 2023 for own promotion concerts, with lickels from £1010 ensure that music performances remain accessible to the public. Inflation continues lo be a significant concern. Fuel prices for the Orchestra are fixed until 2023 bul rising cost prices and the current exchange rale position are significant. Financial scenario modelling has been done to ensure that investment is maintained in the artistic programme and the Trustees have commilled to financially support the Orchestra lo achieve its three-year plan through use of allocated reserves. In general Trustees try to minimise risk exposure lo achieve an overall lowlrnediutn risk profile. Methodology The organisalion takes a bollom-up approach lo risk management with the senior management team responsible for regularly updating the Risk Register, scanning the environment for new risks and managing existing risk. Each risk is evaluated and assigned to a senior manager who will ensure that appropriate risk miligalion is pul in place using the TARA method (Transfer, Avoid, Reduce, ￿cepti. The Risk Register is prepared on a traffic light system and those items deemed lo have a residual risk for example, risk after mitigation, of medium to high are escalated to the Finance Committee for further action. The Finance Committee reviews the Risk Register on a quarterly basis in advance of presentation lo the Board. Key Risks & Uncertainties Al the dale of signing the Principal risks facing the Orchestra currently are.. The impact ol COVID-19 recovery on our ability lo perform and deliver our objectives both now and in the future. The risk related lo our ability to maintain and increase income levels has heightened and will continue lo impact us forsome lime lo come. The Orchestra is very grateful lo have received Covid Relief Funding from Arts Council England both during the period, and in the prior year bul this is not expected lo be ongoing. The war in Ukraine and related events lake place 81 a time of significant global econcimic uncertainly and the effects are likely to interactwilh current market conditions. The investment managers for Philharmonia Limited confirmed their actions on any Russian based investments which included a reduction in exposure to Russia last year and to date. As a result of the punitive measures taken against Russia since the invasion, Russia will assume standalone market status alongside countries including Panama, Lebanon. Palestine, Botswana and Zimbabwe. There won't be any write downs reqLJired lo Philharmonia Limited's investments post year end 88 the impact of Russian sanctions is already priced into the value of the investments. In addition, the Board has reviewed ils exFK)sure lo Russia within the sanctions regime and Consider Page 14

Philharmonia Limited (Limited by Guarantee) ort of the Board of Trustees, including StrategiG Report there to be no material exposure. Given this, we believe no further adjuslmenls 10 31 August 2022 financial 51atemenls need lo be taken into consideration and the current conflict should be considered a non-adju5ti.ng event. The main source of voluntary income in 2022 iemains Arts Council England NPO funding at £2,057.000, 24.3°14117 months ending 31 Augus12021 _ 230/¢l of total income This funding has been al a standstill level for a number of periods, meaning a decrease in real terms. There is a risk that this level of funding could reduce, through future changes in governtnenl policy or otherwise. NPO funding has been confirmed for the Orchestra for the next 3-year funding cycle al £1,830,223 pei annum, a further reduclion of12'/0 on previous annual revenue. Activity plans will be adapted overlhe next months lo reftect the reduced funding levels and NPO requirements. though adaptions may not be able lo cover the full financial exposure. The Trustees remain commilled lo the long-lerm strategic plan for the Orchestra and have approved a deficit budget for the next 3 years to ensure that the Orchestra continues to invest in the Artistic Oulpul and longer-lerm growth and maximises opportunities in the UK and Inlernalionally for audiences for symphonic music and community and education work. A significant proportion of the Orchestra's income is earnecs from international touring, from tours to European countries. The current pandemic, and the exil of the UK from the EU, has raised a question as lo what tours may be possible in the future. Diffèrent countries have different requirements for Iravelling musicians, and for Iravelling goods (musical instruments, elc.), and the Eu's cabotage regulations make regular use of the Orchestra's truck difficult for European touring. The Orchestra has adopted a policy of remaining in touch with relevant Government bodies and industry represenlalives in order lo ensure Ihal we are as informed as possible, and best placed lo lake miligaling action al the appropriate lime. Income from sponsorship, donations and from Trusts and Foundations is key to every area of the Orchestra's aclivilies, from concert planning to digital, education and outreach work. We have taken steps proactively lo strengthen our ftjndraising function, including the creation of a Development Board, and the re-shaping of the Development team. The merger between Philharmonia Limited and Philharmonia Trust Limited, which completed at midnight on 31 Maich 2020 and has been more concretely bedded-in during the period. has already shown lo be a great benefit as we face the challenges brought by the pandemic. GOING CONCERN The Orchestra relies substantially on funding by grants from Arts CoLsncil England IACEI for its current and future commitments. This funding is primarily via National Portfolio Organisations INPOI annual revenue funding and also via other ACE funding programmes. In response to an application for NPO funding for 2018-22, the Orchestra received nolilication that NPO funding for this year would be maintained al existing levels, that its application for ACE'S NPO funding extension year of April 2022 10 March 2023 has been successful and believes its plans lo be robust, appealing, and deserving offunding. The Orchestra successfully submitted an application for continued NPO funding for the Ihree-year period 2023-26 as noted above. Despite the uncertainty brought about by COVID-19 pandemic, the cost of living crisis and future ACE funding levels, the merger in March 2020 between Philharmonia Limited and Philharmonia Trust Limited has boosted the Orchestfft's financi81 resilience, fundraising abilities and charitable governance. The merger increased the fixed assets held by Philhamionia Limited with the transfer of the property at Chancel Street lo Philharmonia Limiled's balance sheet. It also provided access lo draw upon the 2005 Endowment Fund1£2.8m al 31 March 20211, an endowment previously held within the investment portfolio of Philharmonia Trtjsl. Although not desirable to lake from this fund al such a lime, il is reassuring lo know Ihatthe investment fund is available to the Orchestra on demand. In addition, from April 2022 DCMS IArls Council England and the Charities Commission have removed restrictions on the usage of the Catalyst endowment fund lo improve cashflow and enable appropriate investment in the organisalion in response lo the difficulties faced during. anij after, the pandemic. This has been transferred lo designated unreslricled funds in the financial stalemenls. All usage of the original Catalyst fund will be repaid lo a restricted similar Fund with repayments commencing on a straighl-line basis from 2017 10 2035. Income from the reslricled fund will have the same conditions around income usage for touring and out of London activity as the original Catalyst Fund. A detailed budgeting process takes place every year. Across the pandemic, and in the current lime, particularscruliny has been and is being given lo budgeting and financial management. Having considered all the above mallers and regarding the value of property 2nd inveslmenls, the Trustees Consider that Ihe'going concern, status of Philharmonia Limited is an appropriate assumption for the preparation of these financial slalements. Page 15

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report INVESTMENT PRINCIPLES During the yearthe OFcheslra, led by ils Board alongside the Equalities Group. continued its strong work on Inclusivity and Relevance, Dynamism. Artistic Quality and Suslainabilily with new inilialives launched in each of these areas. and data and evaluation methodology adopted throughout. Many of these Speak directly lo the priorities identified by Arts Council England as being germane lo the Creative Case for Diversily and the 'Lel's Create, strategy, as well as helping the 0￿hestra create a more sustainable and relevant business model.. Workforce, Governance and Membership.. Philharmonia commits to achieving a more diverse workforce, Board of Trustees, and Membership of the Orchestra, ensuring we are representative of the UK'S diversity, We musl create and maintain an inclusive environmènt to ensure everyone is safe and comfortable in their workplace, can work lo the best of their abilities, and can ulilise this diversity lo co-creale a sustainable, relevant, and forward-thinking organisalion. Artists. Programme & Partnerships.. Philharmonia will programme performances, artistic series, artists and form partnerships that are relevant lo and represenlalive of our diverse residency communities. Audience & Parlicipanls.. Audiences, participants and those engaging with Philharmonia, both digitally and live, will be representative of the diversity of the communities we serve. Dynamism.. Philharmonia continues lo invest in data analysis and strategic planning, ulilising ils digital expertise to adapt musio in new formats. Artistic Planning.. Philharmonia continues to support the widest range ofpmgramming, promoting and supporting emerging artists, and bringing classical music lo new audiences. EQUAL OPPORTUNITIES Our Inclusivity & Relevance Action Plan is targeted towards growing the numbers of people and participants from protected characteristics groups whg aGcess ourwork. and on developing ourworkforce and Boards. Our focus is on age, disability, gender. ethnitsity, class and socio-economic status. We have developed our Equalitie5 Group, wilhjunior lo senior representation across all departments in the administration, and with represenlalives from the player group and Board. The Group's priorities are driven by Inclusivity & Relevance Action Plan. and inilialives are priorilised accordingly. The Philharmonia continues lo provide equality ofopportunity tocurrenl staff, applicants foradministratwe posts, Orchestra Members. extras. conductors, soloists and guest artists, outreach and engagement participants and concert allendees, and is actively engaged, through ils InclLJsivily & Relevance Action Plan, in improving ways the Orchestra interacts with, and encourages applications and p2rli¢ipalion from, those with underrepresented, protected characteristics. SUSTAINABILITY The Orchestra is commilled lo reducing the negative environmental impact of our activities, in particular those relating lo office waste and energy consumption, business travel, staff commLJling and business services. As a touring orchestra, much of our environmental impact relates lo concert touiing nationally and internationally, including Orchestra 2nd art151 travel, instrument transport {including freight) and the impact of the venues where we rehearse and perform. We have renewed our commitment to the environment and develop clear plans lo reduce our environmental impact. As a touring organisation we have a specific and acute impact on the environment, We have a responsibility lo incorporate suslainabilily as a fundamental part of OLJr ethos, something which we are working towards across the organisalion. We are using our brand as a platform for change, delivering Human.. Nature (exploring nature and our relationship with the natural worldl, and partnering with organisalions such as Reboot the Future and RSPB for events, lo raise awareness about environmental issues and increase audience for each other's work. We used the season lo relaunch our environment21 work making immediate changes to the ways we work and creating an ambitious new Policy and Action Plan with data capture al ils heart, keeping us accountable. Page 16

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, includin strate icRe Progfess during 21122.. All brochures and programmes are now on recycled paper. We've itnplemenled e-ticketing (now chosen by c.800A of our bookers). Printed tickets are now recycled and recyclable. We slopped using polywrap altogether and Isuccessfullyl fjncouTaged our mailing house lo do the same. Reception events are entirely vegetarian. Environmental suslainabilily is now part of our procLJrement process, inclLJding catering. Our wine partner is certified bee-friendly (Bumblebee Conservation Trusll. We have changed some concert timings lo allow Players lo gel public transport rather than drbving. We worked with The Climate Coalition, the RSPB and Reboot the Future lo promote the series and share audiences. New Action Plan 5ummary'. Reduce unrecycled waste by 309A by 2026. 2. Move lo 1000/0 recycled paper by 2023, recycle 100010 of paper used al events and in office, and only 5Uh of supporters lo receive paper post by 2026. 3. Switch lo 100°A renewable electricity by 2023. 4. Reduce carbon emissions from travel Ireduclion of at least 180k by 20241. 5. Cul non-green financial investments by al least 500k by 2026 and replace compulerlmobiles with greener allernalives by 2023. We will raise environmental questions in upcoming programming, including our 24125 season focusing on water Sustainability and using this theme for both concerts and commissions. including our Arlisl in Residence programme. The Orchestra's flagship project for the 2021-22 Season Isanllu-matias Rouvali's first as Principal Conductor). Human.'Nalure.' Music for a Precious Planet, focused on nature and the environment, placing environmental issues at the heart of our artistic programming and core aclivily. This season of concerts - developed across the year- allowed the Orchestra lo showcase grealworks of art inspired by the environment alongside music with a harder-hitting environmental message, bringing nature and our lives, and the inleraclion between mankind and the natural world, lo the forefront of audience's minds during the season. The Human'.Nalure Series was supported by Kate and Andrew Davis and the Shelby Cullom Davis Charitable Fund. The Artist in Residence for the upcoming 2022-23 season is Love Ssega, a London-born arlisl, songwriter, and producer, who will be exploring themes that link together social justice and climate change. Page 17

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Slrategic Report FUNDRAISING STATEMENT The 21122 fundraising year started with a sense of optimism and renewal. Optimism, as the Philharmonia opened its first uninterrupted concert season for three years, and renewal, as the orchestra welcomed Sanllu-matias Rouvali as our new Principal Conductor. Following a period of significant disruption, venue closure, social distancing and concert cancellation, we welcomed over 120 guests, donors and stakeholders to celebrate the season opening on 30th September 2021 at Royal Festival Hall. Following the success of the Keep the Philharmonia Playing appeal for unrestricted funding. fundraising activity reverted as forecast to a predominance of restricted income. Major gifts continued in growth for the period11460A increase since 2019120 period) accounting for 400/0 of total income. The Human.'Nalure series opened Santtu's tenure with a timely focus of music, the natural world, and composers, responses to the present climate crisis. We are grateful for the significant fundraising support this received, including a landmark major gift from Philhamionia Foundation Inc in New York that was enablecs by Kate and Andrgw Davis and The Shelby Cullom Davis Charitable Fund. Concert support accounted for 63Yo restricted income, 2nd 280/0 of total income was restricted to the Human.'Nature series {£341 k}. As our concert activity retLJrned to normal, so loo did the Philharmonia's sector-leading work in Learning & Engagement and our vital work wilhing our communities and residencies. We are grateful to De Montfort Univèrsity, the Harpur Trust. the Eranda Rothschild Foundation, the Sidney Perry Foundation, the Laurence Modiano Charitsble Trust, The Michael and Nicola Sacher Chari12blÈ Trust and the EC Sosnow Charitable Trust for their support of this important work. Additionally, we give our thanks lo the David and Elaine Potter Foundation for their support of the organisation. We were additionally able to reconnect in person with our Philharmon1a family during the 21122 period. The Development department held over 40 events. including Members Lounges al the Festival Hall, open rehearsals. cultivation, and stewardship events, with over 2,500 attendances across the season. Philharmonia's prospective supporter base grew significantly, with 700h allendees al events being new introductions to us, in particular through trustees and concert supporters. All voluntary fundraising at the Philharmonia is carried out by an internally managed Development department. Philharmonia Ltd. Is commilled lo ensuring that its fundraising activities are carried out with the ulm051 integrity and lakes account of the Charity Commission Code of Fundraising Practice. Philharmonia Ltd is registered with the Fundraising Regulator and works to its standards of charitable fundraising, to ensure honesty and transparency with our donors, and that fundraising activities are legal, respectful. open honest and accountable lo the public. There were no fundraising complaints recorded during the current or previous financial periods. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Philharmonia Limited is a charitable Company limited by guarantee. governed by its Memorandum of Association as amended most recently by Special Resolutions on 1 April 2020 and 26 May 2020 and ils Articles of Association as amended most recently by Special Resolutions on 19 March 2020, 1 April 2020 and 26 May 2020. It is a charity registered with the Charity Commission. At 31 August 2022 there were 72 members131 August 2021., 731. Appointment of the Board of Trustees The Board ol Iruslees comprises nine playing members of the Orchestra, plus eight non-playing members. The members of the Board of Trustees are appointed by the members of the Company. A vote is conducted at each Annual General Meeting lo elect nominated members lo fill vacancies Created by the retirement ofexisling members of the Council. Exceptionally, a member may be elected al an Extraordinary General Meeting. The non-playing members ofthe Board are co-opted at each Annual General Meeting. The Board sets and reviews orchestral policy, financial policy and strategy. It reviews agreements with Arts Council England and other major funders. The Board makes major decisions, Page 18

Philharmonia Limited (Limited by Guarantee) Report of the Board of Trustees, including Strategic Report including the appointment of titled conduclcirs, the Managing Director and orchestral members. The Board approves the financial budgets and accounts and appoints the auditor.11 receives and monitors reports from the Orchestra Committee, Artistic Committee, Development Board, Finance Committee, and Nominations Committee, and regularly reviews the skills available on sub-committees. To facilitate effective operations. the CEO has delegated authority, within terms ofdelegalion approved by the Board, ft)r operational m211ers including finance, employment and artistic performance-related activity. Induction and training of the Board of Trustees New members of the Board of Trustees receive a formal induction session from the Chair. the CEO, key employees and other members of the Board. Organisation The Board is supported by five sub-commillees.. the Orchestra Committee, the Finance Committee, the Artistic Committee, the Nominations Committee, and the Development Board. The Orchestra Committee consists ofthe player members of the Board {currently nine) chaired by the President of the Board. The Orchestra Committee meets approximately every two weeks and is responsible lor day-lo-day Orchestra mallers. 11 reports lo the Board on the management of orchestral and musical issues generally.11 deals with Orchestra issues arising in accordance with policy guidelines provided by ihe Board. The Finance Committee consists of five non-player members. four of whom are also members of the Board, plus the President and Deputy President of the Board.11 is chaired by a non-player.11 meets four limes a year prior lo the meetings of the Board. Reporting lo the Board. il proposes financial budgets, reviews financial performance against budgets and deals with financial issues arising in accordance with policy guidelines provided by the Board. It proposes guidelines for players, fees increases. The Artistic Committee consists of 5 players elected by the members of the Charity at an AGM, one non-player. and one further player appointed by the Orchestra Committee from amongst ils members. The Committee meets a minimum of 3 times per Season, with the Director of Artistic Planning andlor CEO lordelegalel in attendance. The Committee is advisory to the Board with key responsibility lo identify and collate Orchestra members, artistic views in relation lo Philharmonia Limiled's business plan and long-lerm strategy. The Development Board consists of up lo 18 members. These include a non-playing member oflhe main Board who also acts as Chair of the Development Board,. iwo playing members of the Orchestra, of whom al least one shall be a main Board member,. the Development Director., the CEO., and other personnel invited tojoin.11 meets twice a year and reports to the Board of Trustees. Ils role is lo support the Development Department in achieving budgeted fundraising targets. The Development Board helps to raise funds lor the Orchestra's programme of activity in the UK and overseas. Senior staff Day lo day operating decisions are delegated lo the Senior Management team which comprises the CEO, Director of Artistic Planning Chief Operating Officer, Director of Development, Director of Marketing & Communications and Director of Learning & Engagement. Pay for senior staff is benchmarked against industry norms and overseen by the Nominations Committee., that for the Chief Executive Officer is approved by the 8oard of Trustees. Related parties The Company has previously had a related party relationship with Philharmonia Trust Limited, which shared some of the Trustees of PhIlhaM￿nIa Limited. These two entities merged on 1 April 2020. 80th enlilies continued lo exist during the year. P3ge 19

Philharmonia Limited (Limited by Guarantee) Statement of Trustees, Responsibilities STATEMENT OF TRUSTEES, RESPONSIBILITIES The Board of Trustees {who are also the directors of the charity for the purposes of Company lawl is responsible for preparing the Trustees, Annual Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Board to prepare financial slalemenls for each financial year which give 8 true and fair view of the stale of affairs of the charitable Company and the groLJP and of ils incoming resources and application of resources, including the income and expenditure of the charitable group, for that year. In preparing these financial slatemenls, the Board is required to.. select suitable 2ccounling policies and then apply them consislenlly., make judgernenls and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls.. and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Board ofTrustees is responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charitable Company and enable it lo ensure that the financial statements comply with the Companies Act 2006. 11 is also responsible for safeguarding the assets of the charitable Company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. CHARITY GOVERNANCE CODE Philharmonia Limited recognises that good governance in a charity is fundamental lo ils success. Philharmonia Limited and ils Board are continually working towards achieving the highest standards of governance, by reference lo the principles and recommended practice of the charity governance code. The merger be￿een Philharmonia Ltd and Philharmonia Trust Ltd. referred to on page 16. will improve the governance structure lo make the organisalion more SLJStainable in the long term. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR The members oflhe Board who were present on the date ofapproval ofthese financial statements have confirmed, as fai as they are aware, that there is no relevant audit information of which the auditor is unaware. Each ofthe mÈmbers have confirmed that they have taken all the steps that they ought lo have taken as members in order lo make themselves aware of any relevant audit information and lo establish that it has been communicated lo the auditor. AUDITOR BDO LLP have expressed their willingness lo continue in office. A resolution lo re-appoint them will be proposed al the annual general meeting. This report, including the Strategic Report, was approved by the Board of Trustees on 7th February 2023 LORD KING OF LOTHBUR Y Ch8ir of the Board of Tmstees of Philharmonia Limited l)age 20

Philharmonia Limited (Limited by Guarantee) Independent Auditor's Report INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHILHARMONIA LIMITED Opinion on the financial statoments In our opinion, the financial slalemenls.. give a true and fair view of the slate of the Group's and of the Parent Charitable Company's affaiTS as al 31 August 2022 and of the Group's incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of Philharmonia Limited I'the Parent Charitable Company'l and ils subsidiaries { the Gioup I for the year ended 31 August 2022 which comprise the Consolidated Slalemenl of Financial Activities lincorporaling the Income and Expenditure Accounll, the Consolidated and Charity Balance Sheets, the Consolidated Statement ofcash Flows and notes lo the financial slalements, including a summary of 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 I￿land (United Kingdom Generally Accepted Accounting Praclicel. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKI) 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 believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Independence We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant lo 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. Conclusions related to golng concern In auditing the financial slalemen15, we have concluded that the Trustees, use of the going concem 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 signifioanl doubl on the Group and the Parent Charitable Company's ability to continue as a going concem for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Other infonnation The Trustees are responsible for the other information. The other irtfomiation comprises the information included in the Financial Slalemenls, other than the financial statements and our auditor's report thereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistentwilh the fi'nancial slalements orour knowledge obtained in the audit or otherwise appears lo be m81erially misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to rèport that fact. We have nothing to report in this regard. Other Companies Act 2006 reportlng In our opinion, based on the work undertaken in the course of the audit.. the information given in the TTuslees' Report, which includes the Directors, Report and the Strategic report prepared for the purposes of Company Law, for the financial yearforwhich the financial slalemenls are prepared is consistent with the financial slalements., and Page21

Philharmonia Limited (Limited by Guarantee) Inde endent Auditor's Report (continued) the Strategic report and the Directors. Report, which are included in the Trustees, Report, h8s been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Group 8nd the Parent Charitable Company and ils environment obtained in the course of the audit, we have not identifi'ed material misslatemenls in the Strategic report or the Trustees. report. We have nothing lo report in respect of the following mallers in relation to which the Companies Aot 2006 requires us lo report to you if, in our opinion., adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us., or the Parent Charitable Company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Directors, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit.. or the Iruslees were not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies. exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. Responslbllitles of Trustees As explained more fully in the Slalement of Trustees, responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fairview, and for stjch internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement. whether due to fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the Group's and the Parent Charitable Company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic allernalive bul lo do so. Auditor's responsibilities for the audit of the financial statem8nts We have been appointed as auditor unojer the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, 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, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS delect a material misstatement when il exists. Misstatements can arise from fraud or error and are consideied material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Extent lo which the audit was Gapable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulation5. Vve design procedures in line with our responsibilities, outlined above, to delecl material misslalemen15 in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We inquired of management. and the Finance Committee, including ob18ining and reviewing supporhng documentation. concerning the group's policies and procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.. delecling and responding lo the risks offraud and whelherthey have knowledge of any actual, suspected or alleged fraud., 8nd the internal controls established lo miligale risks related to fmud or non-compliance with laws and regulations. We obtained an understanding of the leg21 and regulatory frameworks that are applicable lo the GTOUP. These include, bul are not limited to, compliance with the Companies Act 2006, and UK GAAP. Pag¢ 22

Philharmonia Limited (Limited by Guarantee) Independent Auditor's Report (continued) In addition. the Charity is subject lo many other laws and regulations where the consequences of non-complian could have a material effect on amounts or disclosures in the financial slatemenls, for instance through the imposition of fines or litigation. We identified the following areas as those Most likely lo have such an effect.. employment law and data protection. We evaluated management's incenb'ves and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of conlrolsl, and determined that the principal risks were related lo posting inappropriate journal entries lo manipulate financial results and management bias in accounting estimates. We also communicated relevant identified laws and regulations, potential fraud risks and the fact that there were no known matters of significant non-compliance with laws and regulations. lo all engagement team members, and remained alert to any indication5 of fraud or non-compliance with laws and regulations throughout the audit Audit rgsponse to risks ￿entifIed We reviewed the financial 5talemenl disclosures and tested lo supporting documentation to assess compliance with relevant laws and regulations di5CUSsed above.. We made enquiries of the Finance Committee and management., We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud., We read minutes of meètings of those charged with governance, and reviewed correspondence with HMRC and the Charity Commission., and In addressing the risk of fraLJd through management override of controls, we lesled the appropriateness ofjournal entries and other adjustments,, assessed whether the judgements made in making accounting eslimales are indicative of a potential bias", and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We challenged assumptions made by management in their significant accounting eslimales in particular in relation to the assumptions related to the allocation of costs including apporlionmenl of support costs, deferral of income, recognition of grants, and depreciation rates for assets. Our audit procedLJres were designed to respond lo risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstalemenl due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery. misrepresenlalions or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulation5 is from the events and transactions refiecled in the financial statements. the less likely we are lo become aware of it. A further description of our responsibilities for the audit of the financial statements is located al the Financial Reporting Council's I'FRC'S I website al.. htt s'.Ilwww.frc.o res onsibilities. This description forms parl of our auditor's report. Use of our report This report is made solely to the Charitable Company'5 members. as a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charitable Company's members those matters we are required to slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled 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. 't151i'Jron (Senior Statutory Auditor) For and on behalf of BDO LLP, slatulory auditor Gatwick, UK Dale 17 February 2023 BDO LLP is a limited liability partnership registered in England and Wales {with registered number OC3051271. Page 23

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Philharmonia Limited (Limited by Guarantee) BALANCE SHEETS As at 31 August 2022 Com aratives as at 17 month eriod ended 31 Au ust 2021 Group Charity 2022 2022 2021 2021 Flxed assets Tangible assets Intangible assets Investments Total flxed assets Note 10 10 12 3,846,909 3,916,239 57,333 5.070 573 9 044 145 3,836,645 3,905,653 57,333 5,070,673 9 033 659 4,907 195 8754104 4 907,295 8,743,940 Current assets Debtors Cash at bank and in hand Total current assets 13 1,523,098 1,234,607 2,757,705 920,720 1,497,128 2,417,848 1,626,128 877.154 2.503.282 997,928 1,094,697 2,092,625 Creditors falling due <1 year Net current assets Total assets less current Ilabllltles 14 1,519025 1238 680 9,992,784 1.468,556 949,292 9,993,437 1,507.298 995.984 9,739,924 1,429 593 663.032 1,692,356 Credllors falling due > 1 year Net assets 14 1,524,256 8 468 528 1 576 677 1524 256 1576,677 8,120,014 8416760 8 215,668 The funds of the Charity: Restricted funds MMSF Reslricled funds Instrument Loans Fund Calalysl Investment Fund 22 91.596 117,338 112,262 117,338 2,915,597 3,145,197 117,338 117,338 2,915,597 3,032,935 208,934 117,338 Endowment funds MMSF Endowment funds Trust Endowment funds Catalyst Endowment Funds 174.498 2,666,463 2 883 242 184.484 2,798.755 2.666,463 2 883 242 2,798,755 5 724 203 2 983 239 5 549 705 2 798 755 Unrestricted funds Designated funds General funds 1,337,597 1,197,794 2 535,391 1.440,705 847,619 2 288,324 1,350,831 1,197 794 2,548,625 1,440,705 847 619 Total unrestrlcted funds 2 288,324 Total funds 8 468,528 8,416,760 8,215,668 8,120,014 No Slalemenl of Financial Activities ISOFAI or Income and Expenditure ofthe charity has been presented as permitted by Section 408 of the Companies Act 2006. The nel income for the Charity for the year was £95,653. The financial slalements for the compan were approved by the Board of Tr slee (Company Registration No. 00799297 and Charity Registration No. 2502771 and authori d for issue on 7th February 2023 and signed on ils behalf by.. LORD KING OF LOTH8UR Y The notes from pages 30 to 48 form an integral part of these financial 51alemenls. Page 25

Philharmonia Limited (Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 August 2022 Com aratives are stated for the 17 month eriod ended 31 Au ust 2021 17 months ending 31 August 2021 2022 Note Cashflows from operating activities Net cash used Inlprovlded by operatlng activitie$ 1199,640) 344,610 Cash flows from investing activities Dividends, interest and rent from investments Mortgage interest Proceeds from sale of fixed assets Purchase of tangible fixed assets Purchase of intangible fixed assets Net cash (used inl investlng activities 71 {49,6261 335 142,7801 (13,3251 1140,6791 162,8801 1183,1241 Cash flows from flnanclng actlvltles: Net cash provlded by flnancing actlvities Change In cash and cash equivalents in the reporting year Cash and cash equivalents at the beginning of the reporting year Cash and cash equivalents at the gnd of the reporting year 262,520 1,497.127 1,234.607 161486 1,335,641 1.497,127 16 17 months ending 31 August 2021 2022 Net operating Incomellexpenditure) for the reporting year {as per the statement of flnanclal actlvities) 51,768 6,392,980 Adjustments for,. Gift from Philharmonia Limited Nel gainsl{105sesl on investments Depreciation Amorlisation Loss on disposal of fixed assets Mortgage loan interest Interest on cash deposits Investment income Investment management fees {Gain}ILoss on investment exchange differences Ilncre8sellDecrease in debtors IncreasellDecreasel in creditors Net cash (used in)/provided by operatlng actlvltlos 15,496.941) {1,224,568) 145,740 22,667 4,560 42,780 (3351 1125,6841 232,621 77,604 57,333 5,047 49,626 1711 199,9721 31.999 11,270) 1602,3751 1,950 199,640 584,781 1,370 344,610 Page 26

Philharmonia Limited (Limited by Guarantee) ACCOUNTING POLICIES For the year ended 31 August 2022 (Comparatives are stated for the 17 month period ended 31 August 2021) A summary of the principal accounting policies for the year ended 31 August 2022. all of which have been applied consistently throughout the year and the preceding year is set out below. BASIS OF PREPARATION Thè financial slalemenls have been prepared on a going concern basis under the historic cost convention. The financial statements have been prepared in accordance with the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102 leffeclive 1 January 2015 (Charities SORP FRS 1021 the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements have been prepared for the year ending 31 August 2022 with the comparatives for the 17-month period lo 31st August 2021. The rationale of the change being that this brings the company's financial year end in line with the concert season. GOING CONCERN For the year ended 31 August 2022 the Orchestra relied subslanlially on funding by grants from Arts Council England (ACE) for its current and future commitments. This funding is primarily via National Portfolio Organisalions INPOI annu81 revenue funding, bul also via other ACE funding programmes. The current ACE funding is pla￿ lo 31 March 2023. In response to an application for NPO funding for 2023-26, the Orchestra has received notifi¢alion that NPO funding for the next funding CYC￿ would be maintained 21 a 12% reduction on previous annual funding levels. Desplte the uncertainly brought about by COVID-19 pandemic, the cost of living crisis and future ACE fLJnding levels, the merger in March 2020 between Philharmonia Limited and Philhamonia Trust Limited has hoosled the Orchestra's financial resilience, fLJndraising abilities and charitable governance. The merger increased the fixed assets held by Philharmonia Limited with the transfer of the property al Chancel Street lo Philharmonia Limiled's balance sheet.11 also provided access lo draw upon the 2005 Endowment Fund1£2.7m al 31 August 2022}, an endowment previously held within the investment portfolio of Philharmonia Trust. Although not desirable to take from this fund al such a time, il is reassuring lo know Ihatthe investment fund is available lo the Orchestra on demand. In addition, from April 2022 DCMS l Arts Council England and the Charities Commission have removed restrictions on the usage of the Calalysl endowment fund lo improve cashflow and enable appropriate investment In the organisation in response to the difficulties faced during, and after, the pandemic. This has been transferred lo designated unreslricled funds in the financial slatemenls. All usage of the original Catalyst fund will be repaid lo a restricted similar fund with repayments commencing on a slraight-line basis from 2017 to 2037, with income from the fund having the same conditions around touring and out of London activity as the original Catalyst Fund. A detailed budgeting process lakes place every year. Across the pandemic, and in the current time, particular scrutiny has been and is being given lo budgeting and financial management. Having considered all the above mallers and with particular regard lo the value of property and inveslmenls, the Trustees consider that the 'going concern, status of Philharmonia Limited is an appropriate assumption for the prepamlion of these financial slatemenls. CONSOLIDATION The consolidated financial statements include the results of Philharmonia Limited and ils subsidiary undertakings Rite Digital Lirniled, The Marlin Musical Scholarship Fund and Philharmonia Trust Limited, which are all controlled by Philharmonia Limited. All financial slalemenls for subsidiaries are made upto 31 August 2022. All intra-group transactions, balances and unrealised gains on transactions bebNeen group companies are eliminated on consolidation. KEY AREAS OF SIGNIFICANT JUDGEMENTS AND ESTIMATION UNCERTAINTY In the application of the charity's accounting policies, Trustees are required to make judgements, eslimales and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and olherfactors which are considered relevant. Actual resLJlts may differ from these eslimales. The only significanljudgemenl was to maintain the value of the music library at its existing nel book value on transfer from the Philharmonia Trust Limited. The Directors decided not to increase the value, due to the uncertainty ol the valuation. Page 27

Philharmonia Limited (Limited by Guarantee) ACCOUNTING POLICIES For the year ended 31 August 2022 (Comparatives are staled for the 17 month period ended 31 August 2021) The estimates and underlying assumptions are reviewed ori an on-going basis. Revisions lo accounting estimates are recognised in the year ol the revision and future years if the revision affects the current and future years. The directors consider that no significant judgements or estimates were made in the preparation of these financial statements. INCOME Voluntary income, including donations, gifts and legacies, a5 well as grants that provide core funding or are of a general nature are recognised where there is enlillemenl, receipt is probable, and the amount can be measured with sufficient reliability. Such income is only deferred if the donor has requested the amount to be allocated lo specific concerts, engagements or projects, in which case il is allocated lo the financial year in which the work lakes place. or the donor has imposed conditions which musl be mel before the Charity ha5 unconditional enlillemenl. Other categories of income are recognised on an accruals basis, (excluding value added tax), with income relating to advanced ticket sales bèing held as deferred income and released only when the concert lakes place. Engagement and Touring lees are recognised when the activity has taken p5ace. Rile Digital transfers ils surplus to Philharmonia Limited under the terms of Gift Aid al year end OT carries forward any deficit lo future years. EXPENDITURE Expenditure is recognised when a liability is incurred and on an accruals basis. Expenditure is classified as either Raising Funds or Exp6nditure on Charitable Activity. Both categories ol expenditure include an apportionment of support costs, which have been allocated lo activity cost categories on a headcounl basis. LEASES Rentals Ljnder operating leases are charged to the statement of financial actNities on a straighl-line basis over the yearof the lease, TANGIBLE FIXED ASSETS AND DEPRECIATION Fixed assets include musical instruments which have been valued al deemed cost al the transition date of FRS102. Other fixed assets are staled al cost less provision for depreciation. As a general rule. purchases less Ihan £1,000 are not considered for capilalisation unless for security reasons they need to be recorded in the fixed asset register le.g. laptop computers). Depreciation is provided on all tangible fixed assets except those which are considered lo be of high residual value where the annual depreciation charge WOLJld therefore be immaleri21, at rates calculated lo write off the ¢oslof the assets down lo ils eslimaled residual value evenly over ils expected useful life, on a slraighl line basis, as follows.. Flxtures and fittings Musical Instruments Computer equipment Properly improvements Property Music library 5 years 10 years 3 years 20 years 50 years 50 years The carrying v81ues of tangible fixed assets are reviewed from lime to lime for impairment should events or Changes in circumstances indicate the carrying value may not be recoverable. INTANGIBLE ASSETS Intangible assets are capilalised where il is probable that the expected economic gains that are attributable lo the asset will flow to the enlily. Website development Costs will therefore fall into this category and have been included on the balance sheet at cost. In the financial year 2022 the website has been fully depreciated on an ac￿lerated basis lo reflect the actual useful economic life of the asset. Website development costs 2-5 years FINANCIAL INSTRUMENTS The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Financial assets comprise cash al bank and in hand. short trade and other debtors. These are reviewed at regular intervals for impairment and are wrillen down accordingly if required. Financial liabilities include trade 2nd other creditor and loans and are recognised at transaction value. Page 28

Philharmonia Limited (Limited by Guarantee) ACCOUNTING POLICIES For the year ended 31 August 2022 (Comparatives are stated for the 17 month period ended 31 August 2021) INVESTMENTS Investments held as fixed assets are revalued at open marketvalue at the balance sheet date and the gain or loss is taken to the Statement of Financial Activities. DEBTORS Trade and other debtors are recognised al the selllemenl amount clue after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discoLJnts due BANK Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date ol acquisition or opening of the deposit or similar account. CREDITORS AND PROVISIONS Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Credllors and provisions are normally reco9nised al their settlementamountafterallowing forany trade discounts due. FUNDS Unreslricled funds are donations or income re￿1vable or generated for the objectives of the charity wilhoul a required purpose and are available as general funds. Designated funds are unreslricled funds designated by the Trustees for particular purposes Reslricled fLJnds are lo be used lor required purposes as laid down by the donor. Expenditure which meets these erileria is charged lo the fund. together with a fair allocation of management and support costs. The endowment fund represent8 those assets held permanently by the charity. Income arising on the endowmentftjnd is lo be used lo providè grants IhroLJgh the grant fund. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating lo the fund are charged against the fund. FOREIGN EXCHANGE TRANSACTIONS Transactions in foreign currencies are translated al the actual rate al the time of the transaction. Assets and liabilities held on the balance sheet in foreign currencies are translated al the closing rate al the balance sheet dale. All differences are taken lo the Statement of Financial Activities. PENSION CONTRIBUTIONS The charitable Company operates a defined contribution pension scheme. Contributions are charged lo the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. CONNECTED CHARITIES Philharmonia Foundation Ino is based in the United Stales and is connected to Philharmonia Limited as some of the Trustees of Philharmonia Limited are also on the Board of the US entity. The Philharmoriia Orchestra in Bedford Tru51 (registered charity number 11704951 is connected to Philharmonia Limited but has no Trustees in common. The Philharmonia Benevolent Fund (registered charity nltmber 2803701 is connected to Philharmonia Limited bul also has no Trustees in common. Page 29

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) INCOME FROM DONATIONS AND LEGACIES 17 month$ ending 31 August 2021 Total 2022 Unrestricted Restricted Total Arts Council - core grant Arts Council - cultural recovery fund Grant income -other Donations from charitable foundations Donations from Philharrnonia Trust other donations and legacies Sponsorship donations 2,057,877 412,690 2,057,877 412,690 2,968.301 1,408.099 200,288 77,979 234,342 234,342 555,035 555,035 471,262 3,731,206 973,586 444,440 6 072 694 471,262 705,604 3,025,602 la. OTHER INCOME 17 months ending 31 August 2021 Total 2022 Total Unrestricted Restricted Orchestr81 Tax Relief 852,591 994 852,591 994 Furlough Income Royalties Received 141.946 31 31 853,616 853,616 141.946 17 months ending 31 August 2021 Total 2. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted 2022 Total Own promotion concerts Recordings & Film Engagements Co Promotions Tours Education & Digital projects Other activities 949,135 159,40fj 828,866 618,383 1,270,331 50,501 2,632 3.879,249 43,175 992,310 159,401 832,747 641.683 1,270.331 50.647 2.632 3.949.751 26.447 280,617 80,875 564,894 3,881 23,300 146 80,440 1,898 1.035,171 70,502 Page 30

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 3. EXPENDITURE ON RAISING FUNDS 17 months endlng 31 August 2021 Total 2022 Total Unrestricted Restricted Allocation of support costs (see note 51 Direct expenditure 378,966 29,887 408,853 49,374 428,340 29,887 458,227 697.636 1,291 698,927 49,374 4. EXPENDITURE ON CHARITABLE ACTIVITIES 17 months ending 31 August 2021 Total 2022 Total Unrestricted Restricted Endowment Concert, relay fees and player Sltpporl Travel and transport of instruments Music and instrument hire Hall hire and box office commission Programme expenditure Grants payable Allocation of support costs (see note 5} Other expenditure Interest payable on mortgage loan Investment management fees 3.450,383 432,487 76,303 422,754 186,611 330,375 134,039 33,152 15,732 571 80,802 3,780,758 566,526 109,455 438,486 167,182 80,802 2,296,670 433.621 49.626 31,999 17,336 7,955.125 2.704,336 160,370 71,816 201,399 26,061 49,931 2,911,155 854,934 42.780 42,104 7,064,886 2,296,670 339,686 49,626 93,935 7,234,520 703,269 5. ALLOCATION OF SUPPORT COSTS 2022 Expenditure on raising funds Expenditure on charitable activities Total Employment costs Travel, subsistence and entertaining Occupation and off5ce costs Bank interest and Charges Orchestral overheads Governance cost Other costs 309,034 17,826 56,145 4,056 1.461.464 141.517 302,842 17,244 106,715 48,206 218,681 2,296,669 1,770,498 159,343 358,986 21.300 106.715 48.206 259,960 2,725.008 41,279 428,340 Page31

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 17 months endlng 31 August 2021 Expenditure on raising funds Expenditure on charitable activities Total Employment costs Travel, subsistence and entertaining Occupation and office costs Bank interest and charges Orchestral overheads Governanoe cost other costs 543,670 162 1.887,933 274,606 298,520 12,688 95.755 73,435 268,218 2,911.155 2,431,603 274,768 374,876 15,996 95,755 73,435 342,358 3,608,791 76,356 3,308 74,140 697,636 6. NET INCOME FOR THE YEAR IS STATED AFTER CHARGING.. 17 months ending 31 August 2021 2022 Auditor's remuneration - audit fee Auditor's remuneration - other fees Operaling Lease- Land and buildings Operating Lease - Plant and machinery Depociation 52,800 14,005 44.000 17.166 5,023 17,107 168,405 19,117 77.604 Page 32

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 7. INVESTMENT INCOME AND INTEREST RECEIVABLE 17 months ending 31 August 2021 2022 Investment income Interest on deposits 99,972 220 100,192 125,684 335 126,019 8. ASSET TRANSFER- PHILHARMONIA TRUST 1 APRIL 2020 The assets and liabilities transferred from Philharmonia Trust Limited to Philharmonia Limited on 1st April 2020 were.. 1 April 2020 Music library Buildings cost less leasehold improvements carrying value Cash Investment Cash Portfolio Investments Sundry Debtors Creditors brought forward Mortgage liability due lo Philharmonia Trust Limited 219,500 3,133,539 25,446 188,614 3,574,393 61,376 124,1121 1,681,815 5,496,941 The building was carried in Philharmonia Trust Limited at £3 6m and was subject lo a fair value adjustment of £466,461, reflecting the carrying value of building improvements already held in Philharmonia Limited. Page 33

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 9. EMPLOYEES Year ended 31 August 2022 17 months ending 31 August 2021 Slgff Gosls were as ft)Ilows.' Wages and salaries Employer Nl costs Employer Pension costs Temporary staff 1,475,974 158,665 72,734 64,629 1772 002 1,904,791 185,884 99.608 290 431 2 480 714 The key management personnel of the charity during the yeaT were the Senior Management team which comprises the CEO, Director of Artistic Planning , Chief Operating Officer, Director of Development, Director of Marketing & Communications and Director of Learning & Engagement. Aggregate remuneration for the year for the key management personnel was £540,786117 month period ending 31 August 2021 - £754,532 for the equivalent Senior Management Team). Year ended 31 August 2022 no. 17 months ending 31 August 2021 no. The number of employees whose salaries exceeded £60,000 are as follows.. £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001 £100,000 £110,001- £120,000 £120,001- £130,000 £130,001- £140,000 £140.001- £150,000 £150,001- £160,000 £160,001- £170,000 The average number of employee5, by headcount, during the year is as follows.. Year ended 31 August 2022 17 months ending 31 August 2021 Library Finance Marketing Education Concerts New Media Development Management 38 36 Page 34

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 {Compafatives are stated for the 17 period ended 31 August 20211 BOARD OF TRUSTEES Emoluments to any Player Member serving on the Board of Trustees (formerly Council of Management) is aulhorised in the Articles of Association. No emoluments were paid for services as Trustees. The Board of Trustees emoluments (including pension contributions} in the year were as follows.. 17 months endlng 31 August 2021 Total 2022 Total Salary Penslon Honorari8 for services as Deputy Chair of the Orchestra Victoria Irish {resigned 17 January 20211 10,006 Remuneration for services as Managing Director.. Mike Fuller (resigned 1 September 2020) 45,562 Honoraria for services as President.. Kira Doherty (appointed 11 March 20211 13.683 758 14,441 6,092 Honoraria for services as Deputy President.. Cheremie Hamillon-miller lappoinled 1 April 20201 7,012 421 7,433 9,389 None of the Trustees received any reimbursed expenses during the year117 months ending 31 August 2021- £nill. Page35

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Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 11. FIXED ASSET INVESTMENT 31 August 2022 31 August 2021 Rite Digital Limited Philharmonia Trust Limited 100 100 100 100 The charity wholly owns the entire share capilal1100 shares of £1 eachl of Rile Digital Limited which is incorporated in England and Wales Company number 07565292 and Philharmonia Trust Limited Company number 913665. 12. INVESTMENTS The movement in investments during the year was as follows.. 2022 2021 Al 1 September 2021 Addition of investment cash opening balance Additions to investments al cost Dispos81 of investments al valuation Net gain On revaluation (based on open market valuation at year endl Income from investment Management fees Exchange differences Al 31 August 2022 5.070,573 3,574,393 188,614 239.995 1137,564) 1,122,137 125.429 142,104) 13271 5.070,573 456,478 1678,4771 110,6221 99,972 131,9991 4,907,195 The nel gain on revaluation is based on open market valuation al year end. The 2022 valuation is comprised of the following.. 2022 2021 Cash Corporate bonds UK equity Global equity Emerging Markets Properly 452,062 379,664 1,215,146 1,855,657 429,957 574 709 4,907,195 161,794 460,632 1,310,776 2,198,729 451,254 487 388 5,070,573 Page 38

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 20211 13. DEBTORS Group 31 August 2021 Charity 31 August 2021 Due within one year.. 31 August 2022 31 August 2022 Trade debtors Other debtors Amounts owed by Philharmonia Foundation Amounts owed by RDL Amounts owed by MMSF Tax recoverable Prepayments and accrued income 205.310 168,938 29,022 513,554 136,056 78,617 205,210 168,938 29,022 42,405 60,725 852,591 267 237 1,626.128 475,607 136,056 78,617 109,108 6,045 852.591 267,237 1,523,098 192,493 920,720 192495 997,928 14. CREDITORS.. Group Charity Amounts falling due within one year 31 August 2022 31 August 2021 31 August 2022 31 August 2021 Trade creditors Other creditors Mortgage loan Other taxation and social security costs AccrLJals Deferred income 495,134 24,934 61.593 85,559 345,324 506,481 1,519,025 341,712 35,279 70,955 39,662 239,657 741,291 1,468,556 495,134 20,307 61,593 85,559 338,224 506 481 1,507,298 338,712 26,086 70,955 39,662 212,887 741291 1,429,593 Amounts falling due after more than one year 2022 2021 2022 2021 Creditors greater than l year Amounts repayable in 110 2 years Amounts repayable in 2 10 5 years Amounts repayable in < than 5 years 140,652 351,632 1,031,972 1,524,256 72,722 229,212 1,274,743 1,576,677 140,652 351,632 1,031.972 1,524,256 72,722 229,212 1,274,743 1,576,677 The amounts repayable relate lo a mortgage loan from Barclays Bank on the property al 6 Chancel Street. Al the year-end the oulslanding balance was £1,585,849. The loan rale is 2.49% per annum Ifixedl repayable over the loan term of 23 years. Page 39

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 15. DEFERRED INCOME Deferred income relates lo lickel sale5 in advance and various sponsorship agreements where the project or concert has not yet been delivered. Group 31 August 2021 Charlty 31 August 2021 31 August 2022 31 August 2022 Balance brought forward at 1 September 2021 Deferred income released in year Income deferred in year 741,291 1427,2971 735,524 506,481 369.839 1378,4421 749,894 741.291 741.291 1427,2971 735 524 506,482 369,839 1378,442} 749,894 741,291 16. RECONCILIATION OF NET CASHFLOWTO MOVEMENT IN NET DEBT 1 September 2021 Cash flows Non-cash changes 31 August 2022 Cash at bank and in hand Cash and cash equivalents 1497 127 1,497,127 1262,5201 1262.5201 1234 607 1,234,607 Debt due within one year Debt due after one year Total Borrowings 170,9551 11,576,678) 11.647.631) 9,362 102,046 111,408 161.593} 11,524,256} 11.585,849) 149,626) 149,626} Total movement In net debt 1150,504} 1312.1461 111,408 {351,2421 Page 40

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 17. LIABILITY OF MEMBERS All member5 have a liability not exceeding £1 per member. There were 72 members al 31 August 202212021 - 731. 18. COMMITMENTS The minimum annual lease payments under non-cancellable operating leases were as follows". 31 August 2022 31 August 2021 Office Operating leases which expire.. equipment Total Total Less than one year Between two and five years later than five years 10,608 17.444 10,608 17,444 10.608 28,053 28,052 28,052 38.661 The value of lease payments recognised as expense in the year were.. 17 months ending 31 August 2021 31 August 2022 Total Office equipment Total Lease expense payments in the year 19.117 19,117 Page41

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 period ended 31 August 2021) 19. RELATED PARTY TRANSACTIONS Payments were made to all playing members of the Board Ilormerly the Council of Managemenll, including the Chair and Deputy Chair, in respect of the work they have carried out with the Orchestra. During the year, playing members of the Board were paid no additional income for duties, however payments were made under the SEISS and MSS inilialives resulting from being members of the Board. Rile Digital Limited gifts ils profits lo the charity making a nil gain nil loss each year. Al the year-end Rite Digital owed Philharmonia Limited £42,40512021- £109,108). The Company had a related party relationship with MMSF by virtue of its Iruslees. At the year-end MMSF owed Philharmonia Limited £60,72512021- amount owed £6,0451. The Company has a related party relationship with the Philhamonia Foundation Inc. registered in the US, by virtue of having Iwo Trustees in common. During the year Philharmonia Foundation made payments lotalling £237,197117 months ending 31 August 2021 £nill in respect of a grant to support the Human Nature series and expenses repaid to Philharmonia Limited for a recital in New York in February 2022. Al the year-end Philharmonia Foundation owed Philharmonia Limited £29,02212021 £78,617) Page 42

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Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Com aratives are stated for the 17 month eriod ended 31 August 2021 Restricted Funds- Philharmonia Projects Fund.. Refers lo sponsored activity in the following areas. Own Promotion, Engagements, Residencies Concerts, Education and Digital Projects and International Touring Concerts. Martin Musical Scholarship Fund and MMSF General Fund Mailin Musical Scholarship Fund IMMSFI is a subsidiary charity of Philharmonia Ltd, which supports young musicians. Funds are split between restricted and endowment fltnds according lo their nature. MMSF Donated Assets Relates lo a piano. Rite Digital Digital and lechological income and expenditure. Instrument Loans Fund Instrument Loans Catalyst Investmgnt Fund Transferred from Philharmonia Trust Endowments: Endowment- Catalyst Fund The Fund includes investments previously within the reslricled Catalyst Endowment Fund as set out on page 28. The fund will be ulilised to support orchestra activity. Unrestricted Funds: Designatgd Fund - Property The property reserve related lo funds for the fil out of 6 Chancel Street, which have now been wrillen down as they are included wilhing the fair value of the properly transfer in 20201see note 81. Designated Fund - Fixed Assets The fixed asset reserve comprises the net book value of all fixed assets excluding properly Designat8d Fund - Special Projects and Covid Risk These funds have been set aside lo support the Orchestra to maintain ils activities in light of the particularly challenging environrnenl caused by the pandemic and lo further invest in dynamic artistic special projects and innovation to grow future revenue and aclivily. PagE 47

Philharmonia Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 (Comparatives are stated for the 17 month period ended 31 Au ust 2021 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS AT 31 AUGUST 2022 Unrestrlcted Restricted Endowment Total Tangible fixed asset Current assets Current liabilities Long term liabilities 8.743,840 (3,228.3921 11,455,800) 1524 257 10.267 261,891 163,2241 8,754,107 2,757,702 11,519,024) 1524,257 8,468,528 5,724,203 2 535,391 208,934 5.724,203 AT 31 AUGUST 2021 Unrestrlcted Restricted Endowment Total Tangible fixed asset Current assets 9,033.561 13,732,819) 11,435.7411 1,576.677 2.288.324 10,587 3,167,425 132.8151 9.044.148 2,417,845 11,468,556) 1576 677 2,983,239 Current liabilities Long term liabilities 3 145 197 2,983 239 8416,760 Page 48