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