2024-08-31-accounts

Company registered number.. 00799297 Charity registered number- 250277 PHILHARMONIA LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

PHILHARMONIA LIMITED IA Company Limited by Guarantee} CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Letter from the Chair and President Trustees. Report 4-17 Statement of Trustee's Responslbllltles 18 Independent Auditors. Report on the Financial Statements 19-22 Consolidated Statement of Financial Activities 23 Consolidatgd Balance Shoet 24 Charity Balance Sheet 25-26 Consolidated Statement of Cash Flows 27 Notes to the Flnanclal Statements 28-58

PHILHARMONIA LIMITED IA Company Limited by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Lord Mervyn King, Chair Saul Nathan, Deputy Chair Cheremie Hamilton-miller, VI￿ President until 24 January 2024, President from 25 January 20241 Kira Dohety, President until 25 January 2024 (resigned 25 January 202411 James Buckle, Vice President from 25 January 20241 Charlotte Hogg Johanne Hudson-Lett Julia Zilberman Julian Milone lappoinled 25 January 202411 Lorenzo Modiano Luke Whitehead lappointed 25 January 202411 Nick Bishop lappoinled 15 February 20241 Nuno Carapina1 Paul Sloneman (appointed 25 January 202411 Soong Choo lappointed 25 January 202411 Susan Hedger lappoinled 25 January 202411 Antoine Sigure Iresigned 25 January 202411 Eunsley Park (resigned 25 January 202411 Heidi Krutzen (resigned 25 January 202411 Lawrence Rollon (resigned 25 January 202411 Rupert Darbyshire Iresigned 25 January 20241 Player member Company reglstered number 00799297 Charlty reglstered number 250277 Reglstered offlce 6 Chancel Street London, United Kingdom SE1 OUX Company secretary Katherine Collis Iresigned 25 January 20241 Rob Williams (appointed 25 January 2024, resigned 31 March 20241 Independent Flnance Committee member Nick Bishop Katherine Collis Ifrom 25 January 20241 Rupert Darbyshire {from 25 January 2024} Independent audltors MHA 6th Floor 2 London Wall Place London United Kingdom EC2Y SAU Page 1

PHILHARMONIA LIMITED IA Company Limited by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Barelays Bank 1 Churchill Place London E14 5HP Natwesl Bank 10 Marylebone High Street London W1U4BT Legal advisers McDermott Will and Emery LLP Heron Tower 110 Bishopsgate London, United Kingdom EC2N 4AY Stone King LLP Boundary House 91 Charterhouse Street London, United Kingdom EC1M 6HR Page 2

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) LE￿ER FROM THE CHAIR AND PRESIDENT FOR THE YEAR ENDED 31 AUGUST 2024 LEThER FROM THE CHAIR AND PRESIDENT 2023124 saw the first full season following the Inauguration of the Philharmonia's renewed mission.. lo create the orchestral experience of the future. Through concert series, Impacts of our Learning & Engagement projects, and key improvements lo the Orchestra's operations, the Philharmonia continues lo uphold Ils Commitment lo artistic excellence and innovation. The 2023124 season resonated deeply with audiences both at home and abroad, welcoming some of the largest and most diverse audiences in our history. With record attendance al the Royal Festival Hall and vibrant engagement across our UK residencies, the Philharmonia's work reached over 80,000 people in concert halls and millions more online. International touring returned lo strength this season, ending one of the last remaining effects of COVID. The Orchestra was the first major western orchestra lo return to China, and additional tours were undertaken to Greece, Spain and mainland Europe, including invitations to the Royal Concertgebouw and Musikverein. The mark of success is that return invitations are already in place, and plans are secure for major tours lo America, Korea and Japan in 2025. Our residency model continued to thrive, with Suc￿sS al the Edinburgh International Festival and BBC Proms, and the generosity of a major supporter facilitated the pilot of an international music development project in Mauritius. These achievements were made possible by the artistic excellence and innovative programming led by Sanllu- Malias Rouvali, in his third season as Principal Conductor, and Marin Alsop, our Principal Guest Conductor, along with Featured Artists, Nicola Benedetti Iviolinl and Julia Bullock Isopranol. Projects in the year like the Let Freedom Ring series, featuring all the above-named artists, amongst others, reflects the Orchestra's unwavering commitment lo excellence on the concert platform, and in our work to inspire the next generation of artists and audiences. We remain mindful of the financial headwinds facing arts organisations. Support from the Arts Council England's Transform programme has enabled fundamental systems upgrades this year with the impact of streamlining wormows. We commenced a comprehensive review of our business model with the goal of securing a sustainable future for another 80 years. This work is essential lo ensuring that our orchestra thrives and continues lo serve as a leader in the global orchestral music landscape Looking ahead, 2025 marks a significant milestone as we Trlebrate the Philharmonia's 80th anniversary. This anniversary invites us to reflect on our rich heritage while embracing the promise of the future. None of this WOLJld be possible without the dedication of our player members, the hard work of our staff and Iruslees, and the unwavering support of our audiences, donors, and partners. To all of you who share our belief in the Iransformalive power of music, we extend our heartfelt gratitude. Lord King of Lothbury and Cheremie Hamilton-miller March 2025 Page 3

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES The charitable objectives of the Company are as follows." the advancement of public education through the promotion and support of the art of Music (including opera, music, drama, ballet and all art forms consisting in whole or in part 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 symphony orchestra of the highest quality Ilhe 'Orchestra"l. The Orchestra aims to raise the public appreciation of music by maintaining and developing its position as one of the world's leading symphony orchestras, through the quality of ils playing, its creative programming, the commissioning of new music, the provision of Its learning and engagement programme, and the use of digital technologies lo bring its performances lo the largest and most diverse audience possible. The 23124 season saw the first application of the renewed vision and mission in actual programming and activity. The Orchestra's vision is lo see orchestral music al the beating heart of cultural life, with the strength lo help create a more equitable, sustainable, and thriving society, and ils mission is to create the orchestral experience of the future. The Board also ComMen￿d a review of the Business Model with the Chief Executive, which is expected to lead lo an adjustment of activity and financial model over the coming live years in order to move away from a deficit position. The Philharmonia's work Continues to be underpinned by the Investment Principles of Arts Council England's 'Lels Create" Strategy, namely Ambition and Quality, Dynamism, Inclusivity and Relevance and Environmental Sustainability. The application of new mission and vision will further elevate performance, off-platform work and reach lo a new level over the next five years. The activities employed lo achieve the company's objectives are.. The provision of Own Promotion" conTrrts al the Southbank Centre Residencies in Bedford, Leicesler, Basingstoke, Canlerbury, at the Three Choirs Festival and Garsinglon Opera Engagements by third party promoters in the UK and internationally Learning and engagement programmes Recorded performances of the highest standard, including via Philharmonia Records, the Company's new own label OLJtreach via the website and other digital media. 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 guidan￿ on public benefit and complied with ils duty under the Charities Act 2011. The Company s aims and objectives stated above are directed at the public at large". the Orchestra's concertgoers throughout the UK and abroad., visitors lo ils 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 and engagement work. The Orchestra's Own Promotion concerts at Southbank Centre are open lo the public wilhoul restriction. Discounted lickels 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. Page 4

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Orchestra aims to increase the numbers and diversity of its audiences and participants through sophislicaled audience engagement strategies including its world-leading digital programme, online conlenl available free through its website and other platforms, and Ils work with communities. The Orchestra will also benefit future generations through its learning and engagement programmes, its recordings and through its dedication to training the next generation of orchestral musicians. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE The Philharmonia Orchestra maintained its reputation as a world-class symphony orchestra through its performances at the Soulhbank Centre, its permanent regional residencies in Bedford, LeI￿Ster, Canterbury, Basingstoke, festival residencies al the Three Choirs Festival and Garsington Opera, and internationally in Europe and Asia. The Orchestra presented a broad range of music from mainstream core repertory lo new commissions, and collaborated with an array of distinguished conductors and soloists. In the 2023124 performance season, the Orchestra delivered.. 92 concerts or performances across residencies in London, Leicesler, Bedford, Canterbury, Basingstoke, Three Choirs Festival and Garsington Opera, including S free performances at Southbank Centre 27 non-residency concerts in the UK 33 international concerts In 10 countries.. China, Mauritius, Germany, Nelhedands, Belgium, Swilzerland, Austria. Spain. Greece and Finland. CONCER TS & PROJECTS Principal Conductor, Sanllu-malias Rouvali, and Featured Artist, Nicola Benedetti, performed in all the Orchestra's UK residencies. Marin Asop conducted the Philharmonia in her first concert since being appointed Principal Guest Conductor. The thematic concert series for the 2024125 season was Let Freedom Ring, celebrating the diversity of American music in the 20th Century and spollighling forgollen voices. The series featured concerts in all four residencies, free Chamber Player concerts al the Royal Festival Hall IRFHI, an Insights Day and performan￿$ by both Featured Artists, Nicola Benedelli and Julia Bullock. The series exemplified on stage and in its ancillary activities and reach into the residencies how innovative programming can create resonance and relevance beyond the reach of the concert hall, allowing for issues of wider societal concern, such as social justice and equality, lo be Ihemalically explored by an orchestra through its programming, offering context for lesser known composers voices lo be featured and their fascinating live stories brought to new recognition, while engaging audiences beyond traditional orchestral music lovers. The series also uniquely evoked the combination of excellence and innovation the Philharmonia is striving for in all ils work. Composers featured included Gershwin, Dvorak, Copland, Ellington, James P Johnson, Barber, Joan Towers Bernstein and a violin concerto by Wynlon Marsalis. Both Marin Alsop and Santtu-matias Rouvali conducted in the series. The Marcus Roberts Trio accompanied the Orchestra in Gershwin's Rhapsody in Blue la part usually taken by a solo pianol,. Nicola Benedelli was the soloist in the Violin Con￿rt0 by legendary jazz Irumpeler and composer, Wynlon Marsalis., and Sanllu led the debut of the Philharmonia Big Band, from the drum-kil, in a lale-nighl 30-minute posl-concert set, with music from Dizzy Gillespie to Glenn Miller. An audience of over 1,000 were dancing in the aisles. Other highlights from the Orchestm's 2023124 London season included performances by artists such as Mitsuko Uehida, Paavo Jarvi, Leonidas Kavakos, James Ehnes, Sol Gabetta, Jakub Hrusa, Bruce Liu and Manfred Honeck. Page 5

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 In the Residency season, across Basingsloke, Bedford, Canterbury and Leicester, the Orchestra's tilled artists appeared as well as Bruce Liu and Steven Osborne. Outside the M25, the 23124 season also saw the Orchestra perform in UK cities beyond ils regular residencies, including Manchester, Safron Walden and Nottingham. The Orchestra's 2020-24 Equality Action Plan aims to increase representation of protected characteristics on the concert platform. The Philharmonia made it a priority to seek out and engage a diverse range of conductors, soloists and composers. Artists featured included conductors Marin Alsop, Jordan de Souza, Tabita Berglund, Elim Chan, Eun Sun Kim and Ryan Bancroft, soloists Julia Bullock, Alice Sara Ott, Milsuko Uchida, Esperanza Spalding and The Marcus Roberts, Trio", and eomposers Jocelyn Morlock, Ana Sokolovic, Joan Tower, Caroline Shaw, Wynton Marsalis, Margaret Bonds, Louise Farrenc and Texu Kim. In 2023124, key achievements included the renewal of five-year partnership agreements with both Three Choirs Festival and Garsinglon Opera, stsrting in the 2024125 season. The return of overseas touring, with the Philharmonia being the first orchestra lo return to China for a full lour post-pandemic, both signals a return to pre- pandemic levels of activity and is a vital factor to create greater financial stability. At Garsington Opera, the Orchestra undertook ￿e1ve performances of Mozart's Le Nozze di Figaro, nine performances of Verdi's Giorno di Regno and seven of Britten's A Midsummer Night's Dream. The Orchestra then immediately travelled to Gloucester, where players gave three concerts at the Three Choirs Festival, where we begin the first of our renewed 6-year partnership, which included a performance of Elgar's The Kingdom. The Orchestra performed al the Edinburgh International Festival in a six-nighl residency. The week was incredibly successful where the Orchestra gave performances with Marin Alsop and collaborated with the National Youth Choir of Scotland in Julia Wolfe's Fire in my Mouth. Santtu revived his 2023124 London season opener Verdi'5 Requiem, and the residency concluded with a concert performance of Strauss, Capriccio conducted by Alexander Soddy Islepping in for the late Sir Andrew Davisl. The project embodied the Philharmonia's residency model, incorporating a greater depth of audience and community engagement, developed over more than 30 years in the Bedford and Leicester residencies. This included a Philhamonia Virtual Orchestra installation, a family concert with 2023124 Featured Artist and EIF Director, Nicola Benedetti, and a pop-up concert in a community hub on the outskirts of the city, featuring a quintet of Philharmonia musicians. The build up lo the residency also encompassed Philharmonia musicians tmvelling to Edinburgh in advance of the Festival to participate in NHS Fridays" bringing music-making to those who are unable to access concert halls. The Orchestra took part in over ￿enty other engagements including performances at the Royal Albert Hall and Barbican and in the recording studios for several classical BPI sessions. Highlights include a video game music festival weekend - all concerts were sold-out and was a chance to broaden audiences. One of the programmes included the music from Baldurs Gate 3 which swepl-up awards at the 2024 BAFTAS. There have also been two successful visits lo Abbey Road collaborating for the first time with Alexandre Desplal in a French animation film about the Holocaust entided The Most Precious of Cargoes and a second visit with uwnd-coming composer Dan Deacon. Internationally, overseas touring significantly increased in the 2023124 season compared to the previous year, as the long-lail effects of the pandemic on planning and programming cycles came lo an end. The Philharmonia maintained a strong international presen returning to China for the first time since pre-pandemic which included concerts in Shenzhen, Guangzhou. Shanghai and Beijing, with conductor Lan Shui. The Orchestra performed the first public performance In Beijing's new Performing Arts Cenlre. A major European tour included the long-awailed and critically acclaimed returns lo the greatest cOn￿rt halls in Europe, including the Royal Concertgebouw, Amsterdam, Elbphilharmonie, Hamburg and the Musikverein, Vienna, conducted by Santtu and with pianists Bruce Liu and Rudolf Buchbinder. Other European destinations in the season included Dortmund, Brussels, Cologne, Munich, Stuttgart, Rolle, Basel, Barcelona, Madrid, Oviedo, Valencia, Alicante, Dresden and the Epidaurus Festival, Athens. Page 6

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 In new markets, the Philharmonia launched Philharmonia Festival.. Mauritius in January 2024, an own-promoled international music development project. The three sold-oul concerts, educational activities and Virtual Orchestra showcase was a pilot project with a nimble group of ￿enty player members delivering a vibrant and community- based residency. The primary venue was the Caudan Arts Centre, Port Louis (two Con￿rtS, a schools, concert, and masterclasses and side-by-sides for local ensembles), plus a performance al the Mahatma Gandhi Institute, and the Virtual Orchestra al 10 House of Digital Art. Concertmaster Zsoll-Tihamér Visontay play-direcled the oncerts as well as performing Spring from Vivaldi's Four Seasons. Cellist, Steven Isserli5 performed Haydn's Second Cello Concerto and violinist Irène DLJval performed Méditation from Thais by Massenet. The third and final concert featured a collaboration at the MGI alongside two local artists- Arvind C. Bhujun on sitar, and Neriyen Veerlapin on tabla, in an arrangement of a piece by the Orchestra's Artist in Residence, Soumik Datta. In addition, for the last concert the Orchestra was joined local choirs.. Choir of the Conservatoire National de MusiqLJe Franwis-mitterrand and Island Voices Choir, for Va Pensiero Iverdil and the Hallelujah Chorus from Messiah IHandell. August 2024 marked the second year of the Philharmonia's four-year partnership with the Mikkeli Festival in Finland, giving orchestral concerts, chamber concerts, as well as education and outreach work. The Orchestra performed four orchestral GOn￿rtS, including under Santtu-malias Rouvali. In addition, the residency also featured a Virtual Orchestra and chamber concert pop-ups in the local community. AUDIENCE DEVELOPMENT In the 2023124 season, the Orchestra welcomed some of its largest audiences on record. Over 80,000 people heard the Philharmonia play live in London, Bedford, Leicester, Canterbury, and Basingsloke. The Orchestra's audiences are thriving, and the average attendance is the highest that Philharmonia has achieved in the Royal Festival Hall IRFHI for over more than a decade. Online, over 22 million people played more than 163 million tracks across 183 countries on the Philharmonia's online music streaming channels. The Philharmonia produced 23 films for online channels, including filmed interviews with Marin Alsop, Artist in Residence and sarod player Soumik Datta, composer Bryce Dessner, and pianist Bruce Liu. The 2023124 season included a new approach to ticketing and audien￿ development. A new pricing strategy, introduced in the second half of 2022123 season. came into full effect. This delivered SLJbslanlial growth in average yields and income. Alongside this, there was an increase in promotional offers and ticketing initiatives, resulting in the high audience turnout at RFH in 2023124. which at 71'/o capacity is 70/. higher than pre-pandemic levels. These initiatives form the backbone of a strategy named 'Projecl 2,000 Tickets,, which is expanding each season lo welcome more first timers and diversify audiences. At the Marlowe, our residency venue in Canlerbury, the Orchestra played lo almost 1 OOQ/o of capacity, as sludenl and family audiences returned lo Philharmonia concerts at the highest levels. The Guest List initiative continued in Bedford, with further expansion plans in 2024125. Tracking and reporting for residency activities were improved with feedback forms and promo codes for the pop-up series of'music in Unexpected Places, in Bedford. Audience engagement continued to be tracked through post-concert surveys, and the Impact and Insights toolkit. The results of this were shared al an all-staff 'Lunch and Learn, and changes are tracked year on year. The brand perception tracker was also re-run at the end of the season, enabling changes in audience views of the Philharmonia to be measured. This will be repeated at the end of 2024125, with the same base, lo track annual changes. A project was launched in May 2024 to audit the Philharmonia's CRM and Tessilura data, and lo create five new customer journeys which will be rolled out in spring 2025. This will support'Project 2,000 Tickets, but also create deeper engagement and customer loyalty. This also supports the new approach to marketing which will lean more heavily on online channels and CRM campaigns. Connected to this is the launch of a new purchase pathway, results of which will be shared in the next Annual Report. Page 7

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 A cross-organisalion accessibility working group was formed, lo priorilise work lo improve access for all audiences this is informed by the research into core audiences with age related disabilities. A range of activities have been created, which will be implemented across the 2024125 season. The data strategy working group continues lo prioritise the collation and analysis of data, with representatives in each department. And there has been continued progress in reporting and insight sharing. LEARNING AND ENGAGEMENT The Philharmonia's Leaming and Engagement IL&EI Work reached over 16,000 people in the UK in the 2023124 season in a range of settings and places. Eight wind, brass, piano, and percussion Instrumental Fellows graduated the scheme having taken part in dozens of orchestral concerts and taking on work throughout projects in L&E. Five string fellows and one harp fellow continued into their second year having made excellent progress throughout their fi'rst, with two fellows having been appointed lo positions for the RLPO. The programme has been renamed from MMSF lo the Philharmonia Instrumental Fellowship. The Instrumental Fellowship received 128 applications for the 2024125 cohort, consistent with previous years without strings, from which seven new Fellows were recruited and onboarded, who span a wide range of ages and backgrounds, reflecting our commitment lo diversity. A consultation with a panel of principal players and OC members was undertaken to discuss changes to be implemented in the programme. These related lo logistical questions, questions of policy, and lo bring the programme In line with the 10-point plan from ABOIBLIMIMU and the programme's public purpose. Applications for the 2024125 cohort opened on the 29th of April and three places were offered in each of the woodwind and brass sections. Timpani, harp, and piano this year were not offered, although these will be returning for the 25126 cohort. A partnership for Fellows to perform al Lei￿ster Cathedral as part of their Lunchtime recital series is now in plaTr, with Sl Paul's in Bedford, as well as expanding the opportunities in London. The Conservatoire Sit In programme saw 60 undergraduate students participate in rehearsals with the Or¢heslra, improving their confidence to play at a professional level and supporting the next generation of Instrumental Fellowship applicants, and ultimately the orchestral players of the future. Composers in the Composers, Academy explored their approach lo music making thmugh a series of 12 workshops, masterclasses, and rehearsals, working with a mnge of industry professionals, the Conductor, and an ensemble of 12 players. Composers showcased their pieces with a full ensemble of 12 players. Even with slightly higher ticket sales of 987, actual attendance was between 858, 8 fantastic result for a free event. The show was again recorded by the Philharmonia's partners at NMC, and the album of this year's compositions was released in November. Recruitment for the 2024125 cohort drew 79 applicants, down from over 100 last year, partly attributed to clearer guidance for applicants, reducing the number of undergraduates and ineligible candidates applying. Three new composers have been appointed. 2023124 Artist in Residen￿, Soumik Dalla, completed his residency with a show al the Queen Elizabeth Hall in May lo an audience of 560 people. The show yielded fantastic feedback from audien￿ members, including from ACE and the British Council. With the theme of migration and the commonality of musicians experiencing travel, the event drew 560 attendees, more than double last year's audience. Feedback from the after-show event and wrillen comments highlighted the high artistic standards and suc￿Ssful execution of the production. The music within the performance was later recorded for a 2025 album release. Two further Artists in Residence were appointed for the next season. For 2024125, Vidya Patel, an Indian DanTr specialist and mulli-art form producer, and for 25126, the collective, Thick and Tight, who will concentrate their artistic crealivily into exploring and celebrating the Philharmonia's 80th anniversary with eight short pieces, one for each decade. Page 8

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Orchestra Unwrapped la schools, conTrrt series for Key Stage 2 pupils) took pla￿ in London, Leicesler, and Bedford. Each Orchestra Unwrapped concert was accompanied by an in-person inset Ileacher training) session. Over the year this was delivered lo 31 schools. The repertoire matched the theme of the main conTrrt season Let Freedom Ring, and included Copland, Fanfare for the Common Manl, Price, Symphony in E minor, mvmt 3 Juba Dance, and Walker, Lyric for Strings. The audience participation piece for 2023124 was written by singer, composer, and workshop leader, Aga Serugo-Lugo, it was called 'Home's within my Heart,. Aga look inspiration from several pieces in the Orchestra Unwrapped repertoire. The piece was then orcheslraled by Julian Milone Imember of the 2nd violin seclionl. Three conductors led a concert each.. Kellen Gray, Matthew Lynch, and Olivia Clarke. The concerts played to 3,328 stLJdents1200 more than last yearl and supported over 350 teachers and staff. A further 19 schools were on the waiting list, with a clear and present audience who would attend if we were able to expand our capacity and resource. As part of our work with Music Hubs, the Young Composer's Project in partnership with Bedford Music Hub, culminated in a remarkable event where five Philharmonia musicians performed the GCSE and A-Level compositions of eight Bedford secondary school students. The students received valuable feedback from Composer's Academy Fellows. The feedback from both seasons has been overwhelmingly positive, with students valuing the expert insights and the unique opportunity lo hear their work performed live. In May, the Sutton Music Trust delivered a pre-concert performance on the Clore Ballroom. Conducted by Chris Kimber and supported by Philharmonia Instrumental Fellows, the ensemble featured 30 young musicians. Additionally, the first Future Brass1 Booster Session, led by Phil White (No. 2 Trombone), targeted beginner brass musicians, enhancing their skills and enthusiasm for music. The Philharmonia worked with both Kent Music and Hampshire Music Hubs as they performed incredibly well received openers for Philharmonia Christmas Brass Performances in December. The Featured Artist programme IL&E section) for 2023124 culminated in March with 81 young musicians joining the Philharmonia and the Benedelti Foundation in the Queen Elizabeth Hall Foyer for a signature strings day. Seven Philharmonia members also took part in the afternoon, supporting the workshop. This day was the culmination of three months of workshops delivered by Philharmonia musicians across the Orchestra's partner music hubs including Leicestershire Music, Sullon Music Trust, Wandsworth Music, Southwark Music, and Salem Academy. Participants in Leicester also attended an Open Rehearsal at De Montfort Hall. A major highlight for our education work was the London Summer Music Academy in August, where 18 students from the Beijing Philharmonia Youth Orchestra participated in a week-long program at the Voces8 Cenlre, culminating in a performance at the Royal Academy of Music, led by Robin O'Neill. 11 was well-received, with initial discussions about future collaborations involving youth orchestras from Shanghai and Taiwan. Our Community Boards, activities have been expanded, most notably in the CO•crealion and co-production of our participation in community festivals like the Bedford River Festival in July, the Leicester Pop Up at Highcross Shopping Cenlre, and the education programme of Three Choirs Festival. One co-produced activity in Bedford culminated in three days of Music in Unexpected Places including performances in libraries, the museum, a gym, the Harpur Shopping cenlre, and even a barbershop. Hear and Now celebrations in Bedford and Leicester concluded in June and May, respectively. In Leicesler, the project culminated in a sharing al The Curve Theatre with almost 40 participants who shared songs, personal stories spoken in multiple languages, instrumentsl jams, and dance on the theme 'Lasting Connections,. This meant doubling last year's audience size and il was allended by The Lord Mayor of Leicesler. In Bedford, the project ended with a sharing event to 138 audience members at King's House, with feedback praising it as our most inclusive show yel. Hear & Now directly engaged 135 parlicipanls, surpassing the ACE target set of 100. For the Iirsl lime, tickets were purchased through the Philharmonia website using Tessitura, achieving the ACE target of establishing a new, accessible online purchase path for L&E Performances. Page 9

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Bullfrog Orchestra project, supporting young people in the looked after system in Leicestershire, began ils creative workshops in February and culminated In July. Fusing Taiko Drumming and orchestral music, the performance was well received by the audience, and the local council team responsible for those in the care system, who praised the project for ils effect on the young people. The mulli-academy trust in which the Orchestra works has now said il wants lo expand the work to cover more vulnerable children. 19 pr& or post-concert insights events in the form of interviews. lectures. and panel discussions, attracting 1,655 people at the various events lan increase from the previous year from 1.4701 look place throughout the 2023124 season. Additionally, an all-day seminar that explored the main themes of Let Freedom Ring formed part of that series, which allowed audiences lo engage in a deep dive into American music across the whole season. Two events (the post-concert talk with Nicola Benedetti and posl-concert talk with Marin Alsop and Marcus Roberts) accounted for about 400/0 of the total audience. On average all post-concert insights had much higher attendance than pre-concert events and analysis of the number of attendees against the number of tickets sold saw an increase from 50k in 2022123 to 80kn in 2023124. ORGANISA TION The Board of the Philharmonia under Lord King of Lothbury as Chair, met regularly through the period, leading the strategic direction of the Orchestra. During the year, the Orchestra appointed a new President, existing Trustee Cheremie Hamillon-miller, following the retirement of Kira Doherty al the end of her term. Other Board members who retired in the year included Heidi Krutzen, Eunsley Park, Alexander Rollon and Antoine Siguré. These four and Kira remain players with the Orchestra. Rupert Darbyshire retired from the Board in 2023124 but remains as an independent Finance Committee member. The Philharmonia would like lo thank all departing Trustees for their voluntary service over many years and lo welcome Cheremie to her new role. The Orchestra also welcomes several new Trustees who were appointed lo the Board in the year, namely Nick Bishop Inon-Playerl, Soong Choo, Susan Hedger, Julian Milone, Paul Sloneman and Luke lthitehead (all players). There were changes to senior management during the period, with Director of Artistic Planning, Ben Larpent, and Chief Operating Officer, Kate Collis, leaving the organisalion. Kale has joined the Finance Committee as an independent member. The management team has reorganised activities and, post year-end, David Stacey has joined as Director of Finance and Resources. The Orchestra is proud to continue in its status as a National Portfolio Organisalion INPOI with Arts Council England IACEI for April 2023-March 2026, and plays a strong role as a sector representative, working closely with colleagues al the Association of British Orchestra, the Musicians Union, as well as with ACE. Page 10

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW REVIEW OF THE FINANCIAL YEAR The year lo 31 August 2024 saw a consolidated nel profil of £199,77412023.' deficit of £411,9181. The standalone charity result for Philharmonia Limited was a profil of £278,69812023'. deficit of £390,1521. Underlying net operating deficit was £103,03712023'. £342,888). The Orchestra has benefited from the extension of the higher rates of Orchestra Tax Relief in both this and the comparative year, which has enabled greater investment in concerts and activity lo be planned for the current and future seasons. Support costs were £2,277,22612023'. £2,412,9901. The Martin Musical Scholarship Fund IMMSFI, whose financial results are consolidated 1000/0 in these financial stalemenls, made a deficit of £87,12612023.' £22,144). Rite Digital Limited, Philharmonia Limiled's fully owned trading subsidiary Company, made an operating surplus of £8,20212023.' surplus of £3781. FINANICAL MANAGEMENT POLICY The Orchestra aims lo budget two lo three years in advance, balancing the cost of orchestral concerts and other core work with grants and sponsorship income, as well as income directly generated by the work itself. If further activity is taken on On￿ the budget has been set for the year ahead, il is only accepted if the work can be funded or if there Is any remaining subsidy to be used. Regular communication with Arts Council England is also key to this advance budgeting. RESER VES POLICY The Philharmonia Orchestra currently aims to have accessible free reserves lo cover al least 3 months of overhead costs al any one time and no less than £750.000. This level has been considered prudent lo cover any potential short-term disruptions or unexpected expenses, while ensuring funds are ulilised efficiently to deliver the charity's objectives. The FX)liw is in the process of being reviewed by the senior management team and Iruslees. Free resetves are calculated by taking the brought forward unreslricled reserves balance adjusted for the movement in the year, bul excluding the nel book value of fixed assets, less the propety, which is allocated lo a designated fixed asset fund. The free reserves balance is maintained through cash reserves and investments that can be readily converted lo cash as required, any excess being used for designated projects and strategic investments. As at 31 August 2024 the total value of reserves was £8,256,384 12023.. £8,056,610). A breakdown of this is shown on the balance sheet and in the ststement of funds note (note 211. Restricted and Endowment Funds are £6,468,652 of this amounl12023'. £6,019,172) including £156,82412023'. £243,950) of MMSF reserves. Free reserves in the general fund at 31 August 2024 were £1,467,69212023.' £650,217 including £1,000,000 of additional support in designated reserves to maintain activities). INVESTMENT POLICY The Orchestra has a policy of investing any surplus cash in investment vehicles that are low risk, are considered mainstream and allow for flexibility. The trustees have delegated the management of its investments to third paty professional investment managers under formal agreements which establish clear responsibilities. The trustees have agreed with the investment managers that the objective for the investment portfolios is capital preservab'on against inflation combined with the generation of a steady income and an element of real capital growth. This is done through an asset elass allocation principally lo corporate bonds, listed equities and property funds. Page 11

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Finance Committee obtains quarterly reports from its investment managers to have oversight of investment performance, which Is reviewed against the investment objectives. In doing so, the committee reviews cash forecasts on a regular basis lo Identify In advanTr significant cash fluclualions and cash flow Issues, and lo ensure that reasonable returns are achieved, without risk to the capital, and to ensure that there is sufficient working capital for the organisalion. The funds have been invested in this period in accordance with the Orchestra's policy of investing in low risk, mainstream and flexible investments, and are managed in accordance with the Charity Commission guidance on responsible investment. The investment portfolios have achieved their objectives by performing well against the benchmarks set for them whilst retaining the ability to raise cash as needed for withdrawal for operational use. FUTURE PLANS The thematic focus in 2024125 will be on the environment and the climate crisis, with a headline concert series investigating an artistic response, especially from the Nordic Countries, home of the Principal Conductor Sanllu- Malias Rouvali. The ancillary programme will be substantially expanded into a series of debates, enabling audiences lo lake part in the vital discussions with artists and community leaders to explore one of the most challenging issues of our lime. A major lour of Japan will be the second major overseas lour for the Orchestra since the pandemic. Planning in the meantime will continue for the Orchestra's 80th birthday season in 2025126 which will see tours to the United Stales, Korea and China, alongside European touring. With the continued support of the ACE Transform Programme, the Philharmonia will continue its investment in and upgrades to key business processes and systems to increase efficiency and ROI and drive commercial opportunities. This work will run in parallel with work by the Chief Executive and Board lo further embed the organisalion's new mission in a new business model. In the 2024125 yearthe Philharmonia will plan, write and submit its application for continued NPO funding by ACE. Fundraising remains at the core of the Philhamionia, in support of the organisation's financial resilience and ability lo plan for the long term. Fundability continues to be an essential part of project research and development lo ensure relevance lo funders, inleresls. This will be achieved through main programming and connected wrap- around activity being programmed concurrently with Learning and Engagement projects, enhanced by high-profile Featured Artists, Featured Composers, Composers, Academy, new commissions, and a broad range of world- renowned and up-and-coming soloists and conductors. PRINCIPAL RISKS AND UNCERTAINTIES The environment in which the Orchestra operates continues to present a range of economic, geopolitical, and artistic challenges that impact its ability to deliver its mission effectively. During the year, risks related to ongoing inflationary pressures have remained significant, affecting lickel sales, audience attendance, and the Orchestra's cost base. Partners and venues continue lo face financial conslrainls, adding pressure lo maintain existing fee slruclures. While audience levels have largely retumed lo pre-pandemic norms, uncertainty persists around securing additional funds through donations and grants, achieving expected investment returns, and mitigating price pressures. To address rising costs and support accessibility, the Orchestra has implemented a flexible lickel pricing structure for its own-promolion concerts, offering tickets starting al £10. Fee levels for players and staff were also increased in the period, demonstrating a commitment to supporting the workforce and players amid challenging economic conditions. Page 12

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 A growing concern Is the risk that ongoing financial deficits will worsen the Orchestra's long-term financial sustainability. In response, Trustees and senior management have commilled lo reviewing and refreshing the business model. This inilialive, supported in part by funding from ACE'S Transform programme, aims to drive Increased commercial and development Income while managing costs effectively lo secure the Orchestra's future. Trustees continue to Monitor financial scenarios closely, ensuring investment in the artistic programme is maintained and committing reserves where necessary lo support the Orchestra's strategic objectives. KEY RISKS AND UNCER TAINTIES At the date of signing, the principal risks facing the Orchestra include.. Financial Sustainability The Orchestra faces the risk of worsening financial sustainability due to deficit budgets over the next three years. The Trustees are addressing this through a review and refresh of the business model, supported by Arts Council England's Transform fund. Efforts focLJS on increasing commercial and development income while ensuring cost management is robust and sustsinable. Dependence on Arts Council England Funding Arts Council England NPO funding remains the primary source of voluntary income, accounting for £1,830,223 per annum for the period from 1 April 2023 to 31 March 2026. This represents a 120/0 reduction compared to previous funding levels, posing a significant risk lo fi'nancial stsbilily. Activity plans have been adapted, but full mitigation of the financial impact remains challenging. Intemational Touring and Brexil-Related Challenges A subslanlial portion of the Orchestra's income is derived from international touring. Brexil-related regulations, particularly EU cabotage rules, continue lo complicate the logistics of European touring, including the use of the Orchestra's truck. Management remains in regular contact with relevant Government bodie5 and industry representatives to address these challenges proactively. Development and Fundraising Income fmm sponsorships, donations, and Trusts and Foundations is essential to the Orchestra's activities. Efforts are ongoing to strengthen the Development Department, including a new strategic case for support and the creation of a Development Board to enhance fundraising capabilities. RISK MANAGEMENT METHODOLOGY The Orchestra employs a bottom-up approach to risk management. The senior management team regularly updates the Risk Register, identifies new risks, and assigns responsibility for miligalion using the TARA method (Transfer, Avoid, Reduce, AC￿ptI. Risks assessed as having a residual medium-to-high risk after miligalion are escalated lo the Finance Committee for review. The Finance Committee reviews the Risk Register quarterly before presentation lo the Board. The Trustees aim to maintain an overall low-to-medium risk profile while ensuring the Orchestra continues to deliver its artistic and strategic objectives effectively. GOING CONCERN The Orchestra relies substantially on funding by grants from Arts Council England IACEI for ils current and future commitments. This funding is primarily via the National Portfolio Organisalion INPOI annual revenue funding and via other ACE funding programmes. Page 13

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Despite the uncertainly brought about by the cost-of-living crisis and future ACE funding levels, the merger in March 2020 between Philharmonia Limited and Philharmonia Trust Limited boosted the Orchestra's financial resilience, fundraising abilities and charitable governan￿. The merger increased the fixed assets held by Philharmonia Limited with the transfer of the property at Chancel Street lo Philharmonia Limiled's balance sheet. 11 also provided access to draw upon the 2005 Endowment Fund should this be needed, an endowment previously held within the investment portfolio of Philharmonia Trust. Although not desirable lo lake from this fvjnd al such a lime, il is reassuring lo know that the investment fund is available to the Orchestra on demand. A detsiled budgeting process lakes place every year with particular scrutiny being given to financial management and control. Having considered all the above matters and regarding the value of propety and investments, the Trustees consider that the 'going concern, status of Philharmonia Limited is an appropriate assumption for the preparation of these financial statements. INVESTMENT PRINCIPLES During the year the Orchestra continued its strong action plans related to the ACE investment principles of Ambition and Quality, Environmental Responsibility, Dynamism, and Inclusivity and Relevance. Inilialives being undertaken speak directly lo the priorities identified by Arts Council England as being germane lo the Creative Case for Diversity and the 'Lel's Create, strategy and are supported by data and evaluation methodology Ihroughoul. WORKFORCE, GOVERNANCE AND MEMBERSHIP Philharmonia commits lo achieving a more diverse workforce, Board of Trustees, and Membership of the Orchestra, ensuring the Orchestra is representative of the UK'S diversity. 11 is essential to create and maintain an inclusive environment lo ensure everyone Is safe and comfortable in their workplace, can work to the best of their abilities, and can utilise this diversity to co-creale a sustainable, relevant, and fonMard-Ihinking organisalion. AR TISTS, PROGRAMME AND PAR TNERSHIPS Philharmonia will programme performances, artistic series, artists and form partnerships that are relevant lo and representative of the Orehestra's diverse residency eommunilies. AUDIENCE AND PAR TICPANTS Audiences, participants and those engaging with Philharmonia, both digitally and live, will be representative of the diversity of the communities that are served. DYNAMISM Philharmonia continues lo invest in data analysis and strategic planning, ulilising ils digitsl expertise to adapt music in new formats. AR TISTIC PLANNING Philharmonia continues lo support the widest range of programming, promoting and supporting emerging artists, and bringing classical music lo new audiences. DIVERSITY, EQUITY AND INCLUSION Throughout the year the Orchestra held quarterly Town Hall style meetings open lo all players and staff of the Orchestra to discuss any topic related to equality, diversity, and inclusion IEDII. These have led lo a wide number and range of topics being discussed where a steering group made up of 12 players and staff seek ways lo address any conTrrns and investigate ways of improving the Orchestra's approaches to EDI. Page 14

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Philharmonia has committed to deliver, the Inclusive Practice in Recruitment programme. The programme, which is led by the Association of Brib"sh Orchestras IABOI, Musicians, Union IMUI and Black Lives in Music IBLIMI, lakes the form of a 10-poinl plan which promotes inclusive recruitment practice in orchestras in the UK'S classical music sector. This also marks a commitment to implement all 10 points of the plan within a five-year period. Discussions focused largely on audition process and how different approaches would impact players at different stages of their careers. A central aim is to create a fair process that does not advantage or disadvantage candidates due lo any protected characlerislics, but also due to employment status, experience or financial constraints. The Orchestral Committee is committed to making the trial process as efficient and transparent as possible, which will be reflected in the proposed adoption of time limits on trials, robust record keeping and independent members on panels. SUSTAINABILITY The Orchestra is committed to reducing the negative environmental impact of activities, particularly those relating lo office waste and energy consumption, business travel, staff commuting and business services. As a touring orchestra, much of the environmental impact relates lo concert touring nationally and internationally, including Orchestra and artist travel, instrument transport {including freighll and the impact of the venues where the Orchestra rehearses and performs. Environmental commitments have been renewed with the formation of both a working group whose aims are lo steer the Orchestra and lo be compliant with the ACE'S investment pillars, and the organisation's Environmental Policy, which was created in collaboration with Julie's Bicycle and Reboot the Future. The Environmental Policy outlines and maintains an annual action plan to align the organisation with ils principles which are to be reviewed annually by the Board. The Orchestra has a responsibilty to reduce environmental impact and lo incorporate sustainability as a fundamental part of its ethos. Both the Or¢heslra and its international promoters are mindful of the environmental impact of touring. Examples of reducing impact are. the April 2024 European tour included one flight with remaining travel by buses and trains due lo careful roule planning and schedule management., and the on- boarding ofthe Philharmonia's new instrument truck which has the option lo run entirely on HVO fuel thus allowing any journeys undertaken lo be carbon neutral. FUNDRAISING STATEMENT The Philharmonia is grateful for the continued and generous support of ils major supporters and partners. Special thanks in the 2023124 season go to the Laurence Modiano Charitable Trust ILMCT}, the David and Elaine Poller Foundation, the Sidney Perry Foundation, the Fernside Trust, the Art Mentor Foundation, Lucerne and Lalifa Kosla. Additional special thanks go to all Benefactors and Leadership Donors lo the Orchestra. The leading support of the Laurence Modiano Charitable Trust enabled the Philharmonia to launch ils pilot international music development project in Mauritius in January 2024. A combination of UK-based philanthropy and Maurilius-based sponsorship, led by the LMCT and Swan Insurance respectively enabled." three sold-out concerts," maslerclasses for 44 young local inslrumentalisls", a schools, concert", and over 600 visitors to the Virtual Orchestra instsllalion, which was supported by the British Council. The Philharmonia was proud lo partner with the United Stales Embassy in London for the Let Freedom Ring concert series, celebrating the sounds of America. The Orchestra was grateful lo be a beneficiary of the Public Diplomacy Grants programme. US Ambassador Jane Hartley hosted an event at Winfield House to mark the series, with guest of honour Wnton Marsalis addressing the audienTr, and a special performance by members of the Philharmonia. Page 15

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Philharmonia would like lo thank its affiliated organisations for their support in the 2023124 season.. The Philharmonia Orchestra in Bedford Trust, who supported the Bedford Residency concerts., and The Philharmonia Foundation Inc in New York, who made a major grant In support of the Let Freedom Ring series. The Orchestra is particularly grateful to NJA Ltd, who during the 2023124 season agreed and pledged a major grant for the 2024125 Orchestra Unwrapped programme for primary schools. This Leadership gift will fully fund the project for the year. All voluntary fundraising al the Philharmonia Is carried out by an internally managed Development department. Philharmonia Ltd. Is committed to ensuring that ils fundraising activities are carried out with the utmost 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 donors, and that fundraising activities are legal, respecfful, open honest and accountable to the public. There were no fundraising eomplainls recorded during the current or previous financial periods. STRUCTURE. GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT Philharmonia Limited Is a charity registered with the Charity Commission. 11 is a charitable Company limited by guarantee, governed by its Memorandum and Articles of Association as per the Charity Commission register. At 31 August 2024, there were 66 members of the orcheslra12023.' 651. APPOINTMENT OF THE BOARD OF TRUSTEES The Board of Iruslees comprises eight playing members of the Orchestra, plus seven non-playing members. The members of the Board of Trustees are appointed by the members of the Company. A vole is conducted at each Annual General Meeting lo elect nominated members lo fill vacancies created by the retirement of existing members of the Council. Exceptionally, a member may be elected at an Extraordinary General Meeting. The non- playing members of the Board are co-opted al each Annual General Meeting. The Board sets and reviews orchestral policy, financial policy and strategy. 11 reviews agreements with Arts Council England and other major fvnders. The Board makes major decisions, including the appointment of titled conductors, the Chief Executive Officer 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, Finan Committee, and Nominations Committee, and regularly reviews the skills available on sub<ommittees. To facilitate effective operations, the CEO has delegated authority, within terms of delegation approved by the Board, for operational matters including finance, employment and artistic performanTr-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. Training and briefing ft)r new and existing Board members is undertaken to ensure Trustees are kept abreast of the latest standards and guidance. ORGANISA TION The Board is supported by four sub-committees." the Orchestra Committee, the Finance Committee, the Artistic Committee, and the Nominations Committee. The Orchestra Committee consists of the player members of the Board (currently eighll chaired by the President of the Orchestra. The Orchestra Committee meets approximately every two weeks and is responsible for day-to-day Orchesto mallers.11 reports lo the Board on the management of orchestral and musical issues generally. It deals with Orchestra issues arising in accordance with policy guidelines provided by the Board. Page 16

PHILHARMONIA LIMITED (a company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Finance Committee consists of five non-player members, four of whom are also members of the Board, plus the President and VITr President of the Orchestra. It is chaired by a non-player.11 meets at least four times a year prior to 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 ac¢ordanTr with policy guidelines provided by the Board. Non player members are responsible for approving players, fees increases recommended. The Artistic Committee consists of 5 players elected by the Members of the Charity al an AGM, and one further player appointed by the Orchestra Committee from amongst its members. The Committee meets a minimum of 3 limes per Season, with the Director of Artistic Planning andlor CEO lor delegate) in allendance. The Committee is advisory lo the Board with key responsibility to identify and collate Orchestra members, artistic views in relation lo Philharmonia Limiled's business plan and long-lerm strategy. SENIOR STAFF Day lo day operating decisions are delegated lo the Senior Management team which comprises the Chief Executive, Director of Concerts and Projects, Director of Development, Director of Finance and Resources, Director of Learning & Engagement and Director of Marketing & Communications. Pay for senior staff including the Senior Management team is benchmarked against industry norms and overseen by the Nominations Committee., that for the Chief Executive OffI￿r is approved by the Board of Trustees. This report was approved and authorised for issue by the Trustees and signed on its behalf by.. Lord Klng of Lothbury Chair Oate: Page 17

PHILHARMONIA LIMITED IA Company Limited by Guarantee} STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees (who are also the Directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in aecordance with applicable law and United Kingdom Aceounling Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the Trustees to prepare finaneial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgements and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going Gon￿rn basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the fi'nancial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the Charity's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Approved by order of the members of the Board of Trustee and signed on its behalf by.. Nick Bishop Deputy Chair Dale.. Page 18

PHILHARMONIA LIMITED IA Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PHILHARMONIA LIMITED Opinion We have audited the financial statements of Philharmonia Limited Ilhe 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balan￿ Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalements.. give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e', and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit In accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements In the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concorn In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability lo continue as a going concern for a period of at least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilib.es of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 19

PHILHARMONIA LIMITED IA Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PHILHARMONIA LIMITED {CONTINUEDI other information The other infomiation comprises the information included in the Annual Report other than the financial slalements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with the fi'nancial slalements., or the parent charitable company has not kept sufficient accounting records., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilitigs of Trusteos As explained more fully in the Statement of Trustee's 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the 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 alternative but lo do so. Page 20

PHILHARMONIA LIMITED IA Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PHILHARMONIA LIMITED {CONTINUEDI Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assuran￿, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstslemenl when il exists. Misstalemenls can arise from fraud or error and are considered 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 slatemenls. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements., Enquiry of management and those charged with governance to identify any instances of known or suspected instances of fraud., Enquiry of management and those charged with governance around actual and potential litigation and claims., Enquiry of management about any InStan￿S of non-compliance with laws and regulations., Reviewing the control systems In place and testing the effectiveness of the controls., Performing audit work over the risk of management override of controls, including testing of joumal entries and other adjustments for appropriateness", Evaluating the business ￿tiOnale of significant transactions outside the normal course of business, Reviewing accounting eslimales for bias., Reviewing minutes of meetings of those charged with governance., and Reviewing financial statement disclosures and lesling to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstslemenl in the financial ststemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial ststemenls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditors, Report. Page 21

PHILHARMONIA LIMITED IA Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PHILHARMONIA LIMITED {CONTINUEDI Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charitable company's members those mallers we are required lo slate lo them in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Sudhir Singh FCA {Senior Statutory Auditor) MHA Stalulory Auditor Dale.. MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales Iregistered nLJmber OC3123131. MHA are eligible lo act as auditors in temis of section 1212 of the Companies Act 2006. Page 22

PHILHARMONIA LIMITED IA Company Limited by Guarantee} CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other Income 2,415.013 5,269.817 8,457 665.281 3.080,294 5.269.817 8,457 113,320 1.761.864 3,051,616 4,200,965 1, 775 95,857 1,454,558 5,018 108,302 1,761.864 Total Income and endowments 9,455,151 670,299 108,302 10,233,752 8,804, 771 Expendlture on: Raising funds Charitable activities 9,10 11 650,525 9,054.332 23,497 674,022 9.662.767 628,189 8,519,470 608.435 Total expendlture 9,704,857 608,435 23,497 10,336,789 9, 147,659 Net lexpenditurell income before net gainslllossesl on investments (249.7061 61.864 84.805 1103.037) (342,888) Nel gainslllossesl on investments 302.811 302,811 {69,030J Net movement in funds 1249,7061 61,864 387,616 199,774 (411,918) Reconciliation of funds: Total funds brought forward Nel movement in funds 2,037.438 298.163 5,721.009 8.056.610 8,468,528 (249.706) 61.864 387.616 199.774 (411,918) Total funds carried forward 1,787,732 360,027 6,108,625 8,256,384 8,056,670 Page 23

PHILHARMONIA LIMITED IA Company Limited by Guarantee} REGISTERED NUMBER.. 00799297 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2024 2023 2023 Note Flxed assets Tangible assets Investments 16 17 3.727,717 3.996.710 3, 853,209 4, 109,094 7.724,427 7, 962,303 Current assets Debtors.. Amounts falling due within one year Cash al bank and in hand 18 2,490.869 633,026 1,634,380 1,119,264 3,123,895 2, 753, 644 Creditors.. Amounts falling due within one year 19 11,255.931) (1,208, 775) Net current assets 1.867,964 1,544,869 Total assets less current liabilities 9,592,391 9,507,172 Creditors.. Amounts falling due after more than one year 20 {1.336.007} (1,450,562) Total net assets 8.256,384 8,056,610 Charity funds Endowment funds Reslricled funds Unrestricted funds 21 21 6,108,625 360,027 1.787.732 5,721,009 298. 163 2, 037,438 21 Total funds 8.256,384 8,056,610 The financial statements have been prepared in accordance with the provisions applicable to entib'es subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Nick Bishop Chair of Finance and Resources Committee Dale". The notes on pages 28 to 58 form part of these financial statements. Page 24

PHILHARMONIA LIMITED IA Company Limited by Guarantee} REGISTERED NUMBER.. 00799297 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2024 2023 2023 Note Flxed assets Tangible assets Investments 16 17 3.718,090 3.996.810 3, 843,262 4, 109, 794 7.714,900 7, 952,456 Current assets Debtors.. Amounts falling due after more than one year Cash al bank and in hand 18 2,590.488 381,776 1, 718, 742 800, 627 2,972,264 2,579,369 Creditors.. Amounts falling due within one year 19 11,246.944) (1, 195, 748) Net current assets 1.725,320 1,323,621 Total assets less current liabilities 9,440,220 9,276,077 Creditors.. Amounts falling due after more than one year 20 {1.336.007} (1,450,562) Total net assets 8.104,213 7,825,515 Charity funds Endowment funds 21 5,961,333 350,495 1.792,385 5,573,717 201.505 2, 050,293 Reslricled funds Unrestricted funds 21 21 Total funds 8.104.213 7,825,515 The Charity's nel movement in funds for the year was f278,698 (2023- £(390, 152))- The Trustees attkno￿edge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entib'es subject lo the small companies regime. Page 25

PHILHARMONIA LIMITED IA Company Limited by Guarantee} REGISTERED NUMBER.. 00799297 CHARITY BALANCE SHEET ICONTINUED) AS AT 31 AUGUST 2024 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Nick Bishop Chair of Finance and Resources Committee Dale.. The notes on pages 28 to 58 form part of these financial statements. Page 26

PHILHARMONIA LIMITED IA Company Limited by Guarantee} CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operatlng actlvltles Nel cash used in operating activities 23 1884,0161 (509,306) Cash flows from Investlng actlvltles Dividends, interests and rents from investments Purchase of intangible assets Purchase of tsngible fixed assets Proceeds from sale of investments 113,320 95,857 (3,645) (113,944) 832,290 (375,000) (41,595) 16 192,9151 964,460 (1.049,2651 (37,8221 500,000 Purchase of investments Mortgage interest Drawdown of investments 17 17 Net tash provided by investing activities 397,778 393,963 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1486,2381 1,119,264 {115.3431 1,234,607 Cash and ea$h equivalents at the end of the year 24 633,026 1,119,264 The notes on pages 28 to 58 form part of these financial statements. Page 27

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information Philharmonia Limited is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 2502771 and the Registrar of Companies (Company Registration Number 007992971 in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Charity. The address of the registered office is given in the Charity information on page 1 of these financial slalements. The nature of the Charity's operations and principal activities are as shown in the Trustees Report. A summary of the principal accounting policies for the year ended 31 August 2024, all of which have been applied consistenuy throughout the year and the preceeding year is sel out as below. Accounting policies 2.1 Basis of preparation of financial Statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charities preparing their accounts in accordan￿ wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Philharmonia Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenmse stated in the relevant accounting policy. The group financial statements consolidate on a line by line basis the financial statements of.. the charitable company Philharmonia Limited., its fully owned trading subsidiary Rite Digital Limited., Philharmonia Trust, which transferred its assets lo Philharmonia Limited on the 1st April 2020, Philharmonia Limited is the sole Corporate member of this Company limited by guarantee,. The Martin Musical Scholarship Fund, whose sole Trustee is the charitable company. Excluded from the consolidation is the Philharmonia Foundation Inc, registered In the US, the Philharmonia Orchestra in Bedford Trust, and the Philharmonia Benevolent Fund, all of which are independently governed charities. The financial statements have been presented in pound sterling, which is also the functional currency of the Company, and are rounded to the nearest pound. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. Page 28

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.2 Going concern The Trustees have assessed whether the use of the going Gon￿rn basis is appropriate for the next 12 months and beyond the foreseeable future. The trustees have given consideration lo known future events or uncertainties, which they do not believe are currently material, but which should be considered closely when reviewing the Charity's ability to continue as a going concern. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial slatemenls. The Orchestra relies subslanlially on Arts Council England IACEI funding for ils current and future commitments and has been SUC￿ssful in ils application for continued NPO funding for the Ihree-year period 2023-2026. A detailed budgeting process lakes pla￿ every year with particular scrutiny being given lo budgeting and financial management. Despite the uncertainly brought about by the cost of living crisis and longer term, future ACE funding levels, the transfer of Philharmonia Trust Limited's nel assets, which included the Chancel Street property and the 2005 Endowment Fund, lo Philharmonia Limited in March 2020 helped lo boost the Orchestra's financial resilience. Having considered the above mallers, the Trustees consider that the going concern slalus of Philharmonia Limited is appropriate for the preparation of these financial statements. 2.3 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Voluntary income, including donations, gifts and legacies, as well as grants that provide core funding or are of a general nature are recognised where there is enliuement, receipt is probable, and the amount can be measured with sufficient reliability. Such income is only deferred if the donor has requested the amount lo be allocated lo specific concerts, engagements or projects, in which case it is allocated lo the financial year in which the work lakes place, or the donor has imposed conditions which must be mel before the Charity has unconditional entiuement. Other categories of income are recognised on an accruals basis, (excluding value added lax), with income relating lo adVan￿d lickel sales being held as deferred income and released only when the concert lakes place. Engagement and Touring fees are recognised when the activity has taken place. Rile Digital Limited transfers ils surplus to Philharmonia Limited under the terms of Gift Aid at year end or carries forward any deficit to future years. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entillemenl of receipt, ils recognition is deferred and included in creditors as deferred income. Where enlitlemenl occurs before income is received, the income is accrued. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the servi￿. Page 29

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group lo raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating lo tangible fixed assets are treated as deferred income and released lo the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised unless for security reasons they need to be recorded le.g. laptop computers) and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Fixed assets include musical instruments which have been valued at deemed cost at the transition date of FRS102. Long leasehold property is also recognised at deemed cost, being its fair value at the date it was gifted to the Charity. Page 30

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.7 Tangible fixed assets and depreciation Icontinuedl Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraighl-line method, unless the asset is considered lo have a high residual value where the annual depreciation charge would therefore be immaterial. Depreciation is provided on the following bases.. Music library Fixtures and fittings Musical Instruments Property improvements Computer equipment Property 50 years 5 years 10 years 20 years 3 years 50 years The element of Long leasehold property which represents land is not depreciated The assets. residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 2.8 Investments Investments are recognised initially al fair value which is normally the transaction pri￿ excluding transaction costs. Subsequently, they are continuously measured at fair value with changes recognised in 'net gainslllossesl on inveslmenls, in the Slalement of Financial Aclivilies. As investments are continuously revalued there are no realised gains or losses recorded. Investments in subsidiaries are valued al cost less provision for impaimienl. 2.9 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 31

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay lo settle the debt or the amount il has re￿iVed as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as finance cosL 2.12 Financial instruments The Company only holds basic Financial Inslrumenls. The financial assets and financial liabilities of the Company are as follows.. Debtors trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured al amortised cost as detailed in Note 18. Prepayments are not financial inslrumenls. Cash at bank- is classified as a basic financial instrument and is measured at face value. trade creditors, accruals and other creditors will be classified as financial inslrumenls, and are measured at amortised cost as detailed in Note 19 and 20. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed lo be a financial liability, as the cash settlement has already taken place and there is simply an obligation lo deliver services rather than cash or another financial instrument. 2.13 Foreign exchange transactions Transactions in foreign currencies are translated at the actual rate at the lime of the Iransaclion. Assets and liabilities held on the Balan￿ Sheet in foreign currencies are translated at the closing rale at the Balance Sheet dale. All differen￿$ are taken to the Statement of Financial Activities. 2.14 Operating leases Rentals paid under operating leases are charged to the Consolidated Slalement of Financial Activities on a slraight-line basis over the lease term. 2.15 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. Page 32

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.16 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial statements. Permanent endowments are funds which are restricted to the exlenl the Charity cannot draw down the capital but the income is used lo provide an income lo fund aclivilies, in accordance with the donors, respective wishes. Expendable endowments are funds where the capital can be disbursed in addition to income generated if the Trustees resolve lo do so. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial slalements. Investment income, gains and losses are allocated lo the appropriate fund. 2.17 Connected Charities Philharmonia Foundation Inc is based in the United Stales and is connected lo Philharmonia Limited as some of the Trustees of Philharmonia Limited are also on the Board of the US entity. The Philharmonia Orchestra in Bedford Trust (registered Charity number 11704951 is connected lo Philharmonia Limited but has no Trustees in common. The Philharmonia Benevolent Fund Iregislered Charity number 2803701 is connected lo Philharmonia Limited but also has no Trustees in common. Page 33

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounting estimates and areas of judgement Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting eslimales and assumptions.. The Charity makes eslimales and assumptions concerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Valuation of music library The only significant judgement was to maintain the value of the music library al its existing nel book value on transfer from the Philharmonia Trust Limited. The Trustees decided not lo increase the value, due lo the uncertainty of the valuation. Orchestral Tax Relief Orchestra lax relief IOTRI is elected on an annual basis in advan￿, with any subsequent, standalone event elections taking place during the year. The existence of an associated asset can therefore only be confirmed upon the finalisalion and submission of the company lax return and subsequent review and agreement by HMRC. In this way OTR relating to any financial year is likely lo be received up lo 18 months after the initial evenl{sl recorded in any claim. At the dale of the signing of these accounts, the Charity was in the process of finalising a significant OTR claim in relation lo activities performed during the year. Included within these financial statements is the Charity's current best estimate of the value that will be received from HMRC. However, as there are a number of variables associated with the claim which are subject lo HMRC review, this amount could materially differ from the value ultimately agreed by and received from HMRC. Long leasehold property The Iruslees have been required, in the absence of a split of deemed cost, to estimate the allocation of the cost of this property be￿een the relative elements attributable to land, which is not depreciated, and buildings, which are depreciated. Having consulted with property professionals, considered slatulory provisions, and researched market factors, the Iruslees consider 400/0 of the deemed cost lo represent land and 600/0 lo present buildings. As such, 40Q/o of the deemed cost is not depreciated. Page 34

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Arts Council - core grant Arts Council - transfom Donations from charitable foundations Other donations and legacies Sponsorship donations Grants 1,830,223 1,830,223 214.469 481.038 362.280 145,284 47.000 214,469 278,505 27,023 145,284 202,533 335,257 47,000 Total 2024 2,415,013 665,281 3,080.294 Unrestricted funds 2023 Restricted funds 2023 Tol81 funds 2023 Arts Council - core grant Donations from charitable foundations Other donations and legacies Sponsorship donations 1,975,814 1, 975,814 323, 793 705. 759 46,250 323, 793 705, 759 46,250 Total 2023 2,687,573 370, 043 3,051,616 In both the current and prior year, the Charity received government grants during the year. The Arts Council funding is the only such grant and there were no unfulfilled conditions al the yearend. The Charity gained entitlement to a legacy in 2024 and received during the year distributions amounting 10 £68k, which has been recognised within unrestricted other donations and legacies. Page 35

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Income from charitable activities 5,269,817 5,269,817 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Income from charitsble activities 4,166,178 34,787 4,200,965 Income from other trading activities Unrgstricted funds 2024 Total funds 2024 other trading activities 8,457 8.457 Unrestricted funds 2023 Total funds 2023 other trading activities 1, 775 1, 7T5 Page 36

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Restricted Endowment funds funds 2024 2024 Total funds 2024 Investment income Interest on deposits 108,302 108,302 5,018 5,018 Total 2024 5,018 108,302 113.320 Unreslricled funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Investment income Interest on deposits 93,042 93.042 2,815 935 7,880 Total 2023 935 1,880 93,042 95,857 Page 37

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 other income Unrestricted funds 2024 Total funds 2024 Orchestral lax relief Royalties 1,761,832 32 1,761,832 32 Total 2024 1,761,864 1.761.864 Unrestricted funds 2023 Total funds 2023 Orchestral lax relief 1,454, 558 1,454,558 Page 38

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on raising funds Unrestricted funds 2024 Total funds 2024 Costs of raising funds 650,525 650,525 Included within cost of raising funds are direct costs of £50,682 12023 £52,450) and support costs of £599,84312023 - £564,562). These are outlined below. Unrestricted funds 2023 Restrictgd funds 2023 Total funds 2023 Costs of raising funds 577,505 39,507 617,012 Raising funds- Support costs 2024 2023 Employment costs Travel, subsistence and entertaining OccLJpalion and office costs Bank interest and charges Other costs Governance costs 391,734 11,055 107,830 4,575 70,825 13,824 372,073 28,895 75. 742 4,202 83,650 599,843 564.562 Page 39

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Investment management costs Endowment funds 2024 Total funds 2024 Investment management fees 23.497 23,497 Restricted funds 2023 Total funds 2023 Investment management fees 11,177 f1.177 11. Analysis of expendituro on charitsble activitios - by fund Unrestricted funds 2024 Rgstricted funds 2024 Total 2024 Charitable activities 9,054,332 608,435 9,662.767 Unrestricted funds 2023 Restricted funds 2023 Tol81 2023 Charitable activities 8,225,467 294, 003 8,579,470 Page 40

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Analysis of expenditure on charitable activities - by type Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Direct costs 7,385,541 2,277,226 9,662.767 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Direct costs 6, 106,531 2,412,939 8,519,470 Analysis of direct costs Total funds 2024 Total funds 2023 Con￿rt, relay fees and player support Travel and transport of instruments Music and instrument hire Hall hire and box Offi￿ commission Programme expenditure Grants payable Other expenditure Interest payable on mortgage loan 5,811.272 325,468 111,029 497.584 261.936 92,144 248,286 37.822 4, 170,658 785,710 136,398 469,294 150,031 63,400 289,445 47,595 7,385,541 6, 106,531 Page41

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Analysis of expenditure on charitable activities - by type {continued) Analysis of support costs Total funds 2024 Total funds 2023 Staff costs Depreciation Travel, subsistence and entertaining Occupation and office costs Bank interest and charges Orchestral overheads Governance costs other costs 1,506,937 87,740 44.220 416.433 18,300 1,345,683 86,643 23,857 241,378 16,573 133,561 58, 771 506,473 55.296 148.300 2,277,226 2,412,939 13. Governance costs 2024 2023 Auditor's remuneration - Audit of the financial statements 49,920 7,140 12,060 48,000 6,9QO 1,800 2,071 Auditor's remuneration - Accountancy fees Auditor's remuneration - Other fees Other governance costs 69,120 58. 777 The table above discloses the Group's totsl governance costs. This total is Made up of the Charity's governance costs, as detailed in Notes 9 and 12 above. Page 42

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Staff costs Group 2024 Group 2023 Charlty 2024 Charity 2023 Wages and salaries Social security costs Pension costs 1,653.347 159.056 86,268 1,660,518 164,658 85, C169 1.653,347 159,056 86,268 1, 660,518 164,658 85,069 1,898,671 1,910,245 1,898,671 1,910,245 The average number of persons employed by the Charity during the year was as follows.. Group 2024 Group 2023 Library Finance Marketing Education Concerts New Media Development Management Artisti¢ 10 12 40 44 Page 43

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Staff costs {continued) The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. Group 2024 No. Group 2023 No. In the band £60,001 - £70,000 In the band £90,001- £100,000 In the band £170,001- £180,000 Key Management Personnel are considered to be the Trustees and Senior Management team, being the Chief Executive Officer, Director of Artistic Events, Director of Development, Director of Marketing & Communications, Director of Learning & Engagement, Concerts Director, Finance Director and Chief Operating Officer. The lotsl cost of employment of the Key Management Personnel was £674,29712023- £635,182}. The lotsl cost of termination payments in the year was £9,37512023 - £NILI. 15. Trustees. remuneratlon and expenses During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. No emoluments were paid for ServI￿S as Trustees. The value of Trustees, remuneration and other benefits was as follows.. 2024 2023 Kira Dohety Remuneration 5,396 324 11,229 674 12,949 777 io,ooo 600 Pension contributions paid Remuneration Pension contributions paid Remuneration Pension contributions paid Cheremie Hamilton-miller James Buckle 5,833 350 During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 44

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Tangible fixed assets Group Long leasehold Musical property instruments Fixtures Assets and under fittings construction Music Computer library equipment Total Cost or valuatlon At 1 September 2023 3,819,440 131,516 220,648 77.410 69,680 1.095 108,732 4,350,016 92.915 1108.732) {108.7321 Additions Disposals 14.410 At 31 August 2024 3.819,440 208.926 220,648 70.775 14.410 4,334.199 Depreciation At 1 September 2023 366,358 60.578 47.822 22.049 496.807 Charge for the year 50,058 18,468 16,236 21,457 3,456 109,675 At 31 August 2024 416,416 79.046 64.058 43.506 3.456 606.482 Net book value At 31 August 2024 3.403,024 129.880 156,590 27.269 10.954 3,727.717 At 31 August 2023 3,453,082 70,938 l T2, 826 47,631 108, 732 3,8￿,209 Assets under construction relate to the implementation of a new accounting system and the development of musical equipment. Page 45

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Tangible fixed assets (continued) Charity Long leasehold Musical property instruments Assets Musi Computer Fixtures under library equipment and fittings construction Total Cost OT valuation At 1 September 2023 Additions Disposals 3.819.440 115.516 220.648 77,410 63.244 1,095 108,732 4.327.580 92,915 1108,7321 {108,7321 14,410 At 31 August 2024 3,819,440 192,926 220,648 64,339 14,410 4,311,763 Oepreclatlon At 1 September 2023 Charge for the year 366,358 54,525 47,822 15,613 484,318 50.058 18.148 16.236 21.457 3,456 109.355 At 31 August 2024 416,416 72,673 64,058 37,070 3,456 593,673 Net book value At 31 August 2024 3,403,024 120,253 156,590 27,269 10,954 3,718,090 At31 August 2023 3,453,082 60,991 172,826 47,631 108, 732 3,843,262 Page 46

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Fixed asset investments Listed investments Group Cost or valuatlon At 1 September 2023 Additions Disposals Revaluats'ons Drawdown 4,109,094 1.049,265 1964.460) 302,811 1500,000) At 31 August 2024 3.996,710 The historic cost of the Group's listed investments is £3,204,649 (2023- £3,392,912). Investments in subsidiary Listed companies investments Totsl Charity Cost or valuation At 1 September 2023 Additions Disposals Revaluab'ons 100 4.109,094 1.049,265 1964,4601 302,811 Isoo,0001 4,109,194 1.049.265 1964,4601 302,811 Isoo,0001 Drawdown At 31 August 2024 100 3.996.710 3.996.810 Page 47

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Fixed asset investments Icontinuedl Principal subsidiaries The following were subsidiary undertakings of the Charity.. Names Company number Charity Holdingl Included in registration control consolidation number Rite Digital Limited The Martin Musical Scholarship Fund Philharmonia Trust Limited 07565292 1000/0 Yes 1000/0 Yes 1000/0 Yes 313937 254191 913665 The financial results of the subsidiaries for the year were.. Names Income Expenditure ProfiU{Lossl Net assets I Surplusl (Deficit) for the year Rite Digital Limited The Martin Musical Scholarship Fund 8,457 5.018 1255} 192.1441 8.202 187.126) {4.5531 156.824 Philharmonia Trust Limited was dormant during the year. Page 48

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade debtors Amounts owed by group undertakings Other debtors 645.770 314,559 645,670 99,719 141,454 218,645 1.485,000 314,459 84,462 158,253 61,568 1, 100,000 141,454 218.645 1,485.000 158,253 61,568 1. 100,000 Prepayments and accrued income Tax recoverable 2,490,869 1,634,380 2,590,488 1, 718, 742 19. Creditors: Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Other loans 111,352 278.105 528 70,326 178,526 2,089 11,Q72 70,604 876,158 111,352 278,105 528 70,326 178.526 2,089 11,072 65,177 868.558 Trade creditors Amounts owed lo group undertakings Other laxalion and social security Other creditors Accruals and deferred income 48.015 69,938 747,993 48,015 67,051 741,893 1,255.931 1,208, 775 1.246,944 1, 195. 748 Group 2024 Group 2023 Charlty 2024 Charity 2023 Deferred income Deferred income at 1 September Resources deferred during the year Amounts released from previous periods 333.518 506,481 269.611 881,171 1333,518) {1,054,074J 333,518 506,481 269,611 881,117 1333,5181 (1, 054,074) Deferred income at 31 August 269,611 333,518 269,611 333,518 Deferred income relates to ticket sales in advance and various sponsorship agreements where the project or concert has not yel been delivered. Page 49

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Other loans 1,336.007 1,450,562 1.336,007 1,450,562 Included within the above are amounts falling due as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Between one and two years Other loans 111.352 140,653 111.352 140,653 Between two and flve years Other loans 445,409 357,631 445,409 351,631 Over flve years Other loans 779,246 958,278 779,246 958,278 The amounts repayable relate to a mortgage loan from Barclays Bank on the property at 6 Chancel street. At the year-end the outstanding balance was £1,447,359 12023 - £1,520,8881. The loan rate is 2.49Q/o per annum (fixed for 10 years) repayable over the loan term of 23 years from March 2017. Page 50

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Consolidated statement of funds statement offunds- currentyear Balance at 1 September 2023 Transfers Gainsl Balance at 31 inlout {Lossesl August 2024 Income Expenditure Unrestricted funds Designated funds Designated Funds- Fixed Assets Designated Funds- Special Projects 400,076 75,3831 324,693 1,000.000 11,000.0001 1,400,076 11,075,383) 324,693 General funds Rite Digital Philharmonia General Fund 112.855) 8.457 {2551 650,217 9,446,694 {9.704,6021 1,075,383 14.6531 1,467,692 637.362 9,455.151 {9.704,857} 1.075,383 1.463,039 Total Unrestrieted funds 2,037,438 9,455,151 {9.704,857} 1,787,732 Endowment funds Pemianent endowmentfund MMSF Endowment Funds Endowment 2005 Funds Catalyst Endowment Funds Expendable endowment funds Endowment 2005 Funds 147,292 2,715,921 147.292 ',2,715,9211 110,8431 2,857,796 48,650 115,313 3,010,916 59,652 112,6541 2,715,921 ',2,857,7961 187,498 2,950.417 Catalyst Endowment Funds 2,857,796 5.721.009 108.302 123,4971 302.811 6.108.625 Page 51

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Statement of funds Icontinuedl Balance at 1 September 2023 Income Expenditure Transfers Gainsl Balance at 31 inlout {Lossesl August 2024 Restricted funds Instrument Loans Fund Martin Musical Scholarship Grant Fund MMSF General Fund MMSF Donated Assets Philharmonia Restricted 117,338 117.338 13,499 73,212 9,947 84,167 665.281 13,499 (13,594) 9,627 233.157 5,018 191,8241 13201 {516.2911 298,163 670,299 1608,4351 360,027 Total of funds 8,056.610 0.233,752 {10.336.7891 302,811 8.256,384 Page 52

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Statement of funds Icontinuedl Restricted Funds: Martin Musical Scholarship Fund and MMSF General Fund Martin Musical Scholarship Fund IMMSFI is a subsidiary charity of Philharmonia Ltd, which supports young musicians. Funds are split be￿een restricted and endowment funds according lo their nature. MMSF Donated Assets Relates to a piano. Instrument Loans Fund Instrument Loans Endowments: Endowment- Catalyst Fund The Fund includes investments previously wthin the reslricled Catalyst Endowment Fund as set out in the Funds note. The fund will be ulilised lo support orchestra activity. Endowment 2005 Fund The fund includes investments previously held within the Philharmonia Trust Limited, as a result of the Philharmonia Orchestra's Endowment Fund Appeal in 2003. MMSF Endowment Funds The endowment funds represent assets held by MMSF, principally representing a capital donation given by the Mortimer Foundation. Income arising from the Endowment related investments is taken to the MMSF General fund. Unrestricted Funds: Designated Fund - Fixed Assets The fixed asset reserve comprises the nel book value of all fixed assets excluding property. Rite Digital Digital and lechological income and expenditure. The Trustees are undertaking a review of the Group's Endowment and Restricted Funds. The first stage of this review is reflected in the statement of funds al 31 August 2024 above, with the 2005 Endowment Funds reclassified as expendable endowment funds, and the Catalyst Endowment Funds reclassified as permanent endowment funds. The review is ongoing and is expected lo be complete by the end of the year ended 31 August 2025. Page 53

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Statement of funds Icontinuedl statement of funds - prior year Balan￿ at I September 2022 Balance al 31 August 2023 Transfers in/out Gain (Losses) Incomg Expgnditure Unrestricted funds Designated funds Designated Funds - Fixed Assets 350,831 49,245 400,016 Designated Funds - Special Projects I,0(X),(x)o 1, 000,000 1,350,831 49,245 1,400,076 General funds Rile Digital Philharmonia General Fund (73,233) 1, 775 (7,397) (12, 855) 1, 197, 793 8,303,244 (8,801, 575) (49,245) 650,217 1, 184,560 8,305,019 (8,802,972J (49,245) 637,362 Total Unrestricted funds 2,535,391 8,305,019 (8,802, 972) 2,037,438 Endowment funds Permanent endowment fund MMSF Endowment Funds 174,498 2,666,463 (27,206) 147,292 2, 715, 921 Endowment 2005 Funds 43,007 6,451 Calalysl Endowment fund Expendable endowment funds Endowment 2005 Funds Calalysl Endowment Funds 2,883,242 50,035 (75,481) 2,857, 796 5, 724,203 93,042 (27,206) (69,030) 5, 721, 009 Page 54

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Statement of funds Icontinuedl Balance al 1 September 2022 Balance al 31 August 2023 Transfers in/oul Gainsl (Lossgsj Income Expenditure Restricted funds Instrument Loans Fund Martin Musical Scholarship Grant Fund MMSF General Fund MMSF Donated Assets Philharmonia Restricted 117,338 117,338 13,499 6T,830 10,267 13,499 73,212 9,947 84.167 41,256 (63,080) (320) (281,287) 2T,206 365,454 208,934 406, 710 (344,687) 2T,206 298, 163 Total of funds 8,468,528 8,804.771 (9. 147, 659) (69.030) 8,056,610 22. Analysis of net assets betsveen funds Analysis of net assets betsveen funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 3,727,717 3,996,710 13,344,757) 11,255,931) 11,336,007) 3,727.717 3,996.710 3,123,895 11,255.9311 11,336.0071 360,027 6,108,625 Total 1,787,732 360.027 6,108,625 8,256,384 Page 55

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Analysis of net assets between funds {continuedl Analysis of net assets between funds - prior period Unrgstricted funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 3,853,209 4, 109,094 (3,265,528) (1,208, 775) fl,450,562) 3, 853,209 4, 109,094 2, 753,644 (1,208, 775) (1,450.562) 298,163 5, 721, 009 Totsl 2, 031,438 298.163 5, 721, 009 8,056,610 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Nel expenditure for the year las per Statement of Financial Acts'vitiesl 199,774 (41 1,918) Adjustments for: Depreciation charges Movements on investments Investment income Loss on the sale of fixed assets Loss on the sale of intangible assets Increase in debtors 16 109,675 1302,8111 1113,3201 108,732 86.647 412,361 195,857) 21.003 3.645 (109, 193) (386,033) 41.595 (71,550) 18 1858,5781 165,3101 37,822 Decrease in creditors 19,20 Mortgage loan interest Income retained as investments Net cash used in operating activities 1884,0161 (509,306) Page 56

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 633,026 1,119,264 Totsl cash and cash equivalents 633,026 1,119,264 25. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 1.119.264 {70,3261 {1,450,5621 {486,2381 633.026 141,0261 {111.3521 114,555 11,336,007) 1401.6241 {412,7091 (814.3331 26. Operatlng lease commltments At 31 August 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charlty 2024 Charity 2023 Not later than 1 year Later than 1 year and not later than 5 years 5.084 11.376 10,608 6,836 5,084 11,376 10,608 6.836 16,460 17,444 16,460 17,444 The following lease payments have been re¢ognised as an expense in the Ststemenl of Financial Activib"es' Group 2024 Group 2023 Charity 2024 Charity 2023 Operating lease rentals 14,523 14, TOO 14,523 14,700 Page 57

PHILHARMONIA LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Members. liability Each member of the charitable company undertakes lo contribute lo the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases lo be member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. There were 66 members al 31 August 2024 (2023 - 65). 28. Related party transactions Payments were made to all playing members of the Board, 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. Rile Digital Limited gifts ils profits to the charity making a nil gain nil loss each year. Al the year-end Rile Digital owed Philharmonia Limited £8,395 (2023- £62,312). The Company had a related party relationship with MMSF by virtue of its Iruslees. Al the year-end MMSF owed Philharmonia Limited £91,324 (2023- amount owed £22, 150). The Charity has a related party relationship with the Philharmonia Foundation Inc, registered in the US, by virtue of having Trustees in common. During the year Philharmonia Foundation made payments lotalling £NIL {31 August 2023 £NIL). Al the yearend Philharmonia Limited owed Philharmonia Foundation £528 (2023- Foundation ow6d Philharmonia.. £2,089). The Charity re￿iVed donations in the year from 5 (2023 - 7) Trustees for the value of £157,860 (2023 - £86,900) Page 58