Philharmonia Trust Limited (Limited by Guarantee) FINANCIAL STATEMENTS For the year ended 31 August 2022 Charity Registration No. 254191 Company Registration No. 913665
Philharmonia Trust Limited (Limited by Guarantee) Index Page Board of Trustee5 and Officers Report of the Trustees Statement of Trustees, responsibilities. Independent Auditor's report Statement of financial activities 10 Balance sheet Accounting policies 12 Notes lo the financial statements 13 Page 2
' Philharmonia Trust Limited (Limited by Guarantee) BOAIiD OF TRUSTEES AND OFFICERS TRUSTEES Lord Mervyn King Philharmonia Limited COMPANY SECRETARY Kale Colli5 (appointed 13 April 20211 REGISTERED OFFICE 6 Chancel Street London SE1 OUX AUDITOR BDO LLP 2 City Place Beehive Ring Road Gatwick Wesl Sussex. RH6 OPA INVESTMENT ADVISERS Stanhope Consulting 35 Portman Square London. W1H 6LR BANKERS Barclays Bank 1 Churchill Place London. E14 5HP Nalwest Bank 125 Great Portland Street London. W1A 7GA LEGAL ADVISERS Stone King LLP Boundary House 91 Charlerhouse Street London. EC1M 6HR Page 3
Philharmonia Trust Limited (Limited by Guarantee) REPORT OF THE TRUSTEES The Board of Trustees submits its report and the financial slalemenls of Philharmonia Trust Limited for the year ended 31 August 2022. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a charitable company limited by guarantee. The Trust's governing document is ils Memorandum and Articles of Association. The main object of the Trust has been the advancement of musical education and appreciation through the Philharmonia Orchestra. OBJECTIVES AND ACTIVITIES The primary purposes and objectives of the Philharmonia Trust has been lo promote the financial and general well- being of the Philharmonia Orchestra. The principal activity of the charity in the period has been lo administer a mortgage on a properly owned by Philharmonia Limited. PUBLIC BENEFIT When reviewing the charitable company's objectives and activities and devising the future programme of the charitable ompany for the next period, the Tru51ees confirm that they have referred to the Charity Commission's general guidance on public benefit and complied with ils duty under the Charities Act 2011. GOING CONCERN The merger of Philharmonia Trust and Philharmonia Ltd in 2020 led to the assets of Philharmonia Trust being gifted lo Philharmonia Limited. Cerlain legal liabilities have remained with the Philharmonia T¥ust but will be honoured by Philharmonia Limited on an ongoing basis, with the mortgage being secured on the property transferred lo Philharmonia Limited. On the basis that PhilhaTmonia Limited is able to pay its debts as they fall due. the accounts have been prepared on a going concern basis. FINANCIAL REVIEW At 31 August 2022. nel assets were £nil l£nil al 31 March 20211. Creditors in the balance sheet include a £1,585,849 {2021'. £1,647,631) loan secured on the Chancel Street properly with a corresponding debtor with Philharmonia Limited for this balan. The Slalemenl of Financial Activities shows net expendllure on investment assets in the period of £nil {2021'. £5,963,403 for the merger gift to Phi5harmonia Limited). RISK MANAGEMENT Throughout the period the Trustees were responsible for the management of the risks faced by the charity and delegate day lo day responsibility lo the Chief Executive Offi'cer of Philharmonia Limited. With the merger and therefore the transfer of all assets to Philharrnonia Limited all risks are now managed by the Trustees of Philharmonia Limited. CHARITY GOVERNANCE CODE Philharmonia Trust Limited recognises that good governance in a chaTily is fundamental lo ils success. Philharmonia Trust Limited and ils Trustees continually worked towards achieving the highest standards of governance, by reference lo the principles and recommended practice of the charity governan code. The merger between Philharmonia Trust Limited and Philharmonia Limited has improved the governance slruGlure lo beller serve the needs of the organisalion and to make il as sustainable as possible for the long term. Page 4
Philharmonia Trust Limited (Limited by Guarantee) REPORT OF THE TRUS fEES STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR The Trustees who were in office on the dale of approval of these financial slalemenls have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the members have confirmed that they have taken all the steps that they ought to have taken as members in order lo make themselves aware of any relevant audit information and lo establish that it has been communicated to the auditor. AUDITOR A resolution to reappoint BDO LLP. Chartered Accounlanls, as auditor will be pul to the Board of Trustees al the Annual General Meeting. This report was approved by the Board of Philharmonia Limited, the Corporate Trustee Signed: Lord Mervyn King IZ_ P L46 Dated.- 7th Febr ry 2023 Page 5
Philharmonia Trust Limited (Limited by Guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES STATEMENT OF TRUSTEES, RESPONSIBILITIES The Board of Trustees is responsible for preparing the Trustees, Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Board of Trustees lo prepare financial statements for each financial period which give true and fair view of the slate of affairs of the charitable company and of ils incoming resources and application ot resources. including its income and expenditure. for that period. In preparing these financial slatemenls. the Trustees are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the flnancial statements,. and as explained in the Going Concern paragraph within the Accounting Policy section Ipage 121 to the financial statements, the Iruslees do not believe the going concern basis to be appropriate and, in consequence, these financial statements have not been prepared on that basis. The Board of Trustees is responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position ol the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 11 is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
'Philharmonia Trust Limited (Liinited by Guarantee) INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHILHARMONIA TRUST LIMITED Opinion on the financial statements In our opinion, the financial slalements.. give a true and fair view of the state of the Charitable Company's affairs as al 31 August 2022 and of its incoming resource5 and application of resources for the year then ended". have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordanee with the requirements of the Companies Act 2006. We have audited the fi'nancial statements of Philharmonia Limited I'the Charitable Company") for the year ended 31 August 2022 which comprise the Statement of Financial Activities Ilncorporating the Income and Expenditure Accounll, the Balance sheet, and notes to the linancial Statements, including a summ8ry of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Fin8nci81 Reporting Standard 102 The Financial Reporting Stand8rd 8pplic8ble in the UK and Republic of Iral8nd {Uniled Kingdom Generally Accepted Accounting Praclicel. Basis for opinion We conducted our audit in accordance with Inteinalional Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the rinancial slalements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Ind6p8ndonc8 We remain independent of the Charitable Company in accordance with the ethical requirements relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions related to going concern In auditing the financial stalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability lo conlinLJe as a going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Other infomiation The Trustees are responsible for the other information. The other information comprises the information included in the Financial Statements Report. other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls OT our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsislen¢ies or apparent material misstatements, we are required lo determine whether there is a material misstalemenl 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 to report in this regard. other Companles Act 2006 reporting In OLJr opinion, based on the work underlaken.in the course of the audit.. Page 7
Philharmonia Trust Limited (Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT contiiiued the information given in the Trustees. Report, which includes the Directors, Report prepared for the purposes of Company Law. for the financial year for which the financial statements are prepared is consislenl with the financial slalements., and the Director5, Report, which are included in the Trustees, Report, has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Charitable Company and ils environment obtained in the course of the audit, we have not identified material mis51atemenls In the Strategic report or the Trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion., adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,, or certain disclosures of Directors. remuneration specified by law are not made,, or we have not received all the information and explanations we require for our audit.. or the trustees were not enlilled lo prepare the financial statements in accordance with the small companies regime and take 2dvantage of the small companies, exemptions in preparing the directors, report. Responsibilities of Trustees As explained more fully in the Statement of Trustees, responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company 18wI are responsible for the preparalion of the financial statements and for being salislied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the 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 lo liquidate the Charitable Company or lo cease operations, or have no realistic allernalive but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under the Companies Act 2006 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 misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when it exists. Misslatemenls 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 slalemenls. Extent to which the audit was capable of detecting irregulerifies, including fratjd Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to delecl material misslalements in respect of irregularities, including fraud. The extent lo which our procedures are Capable of detecting irregularities, including fraud is detailed below.. We inquired of management, and the Fin2nce Committee, including obtaining and reviewing supporting documentation, Concerning the entity's policies and procedures relating lo.. identifying. evaluating and complying with laws and regulations and whether they were aware ol any instances of non-compliance., delecling and responding lo the risks of fraud and whether they have knowledge of any actual, SLJspecled or alleged fraud,. and the internal controls established lo miligale risks related lo fraud or non-compliance with laws and regulations. Page 8
'Philharmonia Ti'ust Limited (Limited by Guarantee) INDEPENDENT AUDI'I"OR'S REPORT eoi)tinued We obtained an understanding of the legal and regulatory frameworks that are applicable lo the entity. These include, bul are not limited lo, compliance with the Companies Act 2006. 8nd UK GAAP. In addition, the Charity is subject lo many other laws and regulations where the consequen¢eg of non-compliance Gould have a material effect on amounts or disclosures in the financial slatemenls, for instance through the imposition of fines or liligalion. We identified the following areas as those most likely to have such an effect.. employment law and data protection. We evaluated management's incentives and opporlunilies for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related lo posting inappropriate journal entries to manipulate financial results and management bias in accounting eslimales. We also communicated relevant identified laws and regulations, potential fraud risks and the fact that there were no known matters of significant non-compliance with laws and regulations, lo all engagement team members, and remained alert lo any inclicalions of fraud or non-compliance with laws and regulations throughout the audit Audit respons8 to risks entifIed We reviewed the financial slalemenl disclosures and tested to supporting documentation to assess compllance with relevant laws and regulations discussed above., We rnade enquiries of the Finance Committee 8nd management., We performed analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misslatemenl due lo fraud.. We read minutes of meetings of those charged with governance. and reviewed corres5K)ndence with HMRC and the Charity Commission., and In addressing the risk of fraud IhroLJgh management override of controls, we lesled the appropriateness of joumal entries and other adjuslmenls,. assessed whether the judgements made in making accounting estimates are indicative of a potential bias", and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of busines8. Our audit procedures were designed lo respond lo risks of material misstatement in the finanGial stslements. recognising that the risk of not delecling a material misst81emenl due lo fraud is higher than the risk of not dete¢ling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the fi'nancial slalemenls. the less likely we are lo become aware of it. A further description of our respon5ibililies for the audit of the financial statements is located al the Financial Reporting Council's l°FRC's'l website al.. hll s'.Ilwww.frc.or .uklaLJdilorsres onsibililies. This description fomis part of our auditorfs report. Use of our report This report is made solely lo the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 1 S of the Companies Act 2006. 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 auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the Chari18ble Company and the Chaiitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Oppw$4w4by. (ffbn {SenioT Statutory Audilorl For and on behalf of BDO LLP, Slatulory Auditor Gatwick. UK Dale 17 February 2023 BDO LLP is a limited liability partnership registered in England and W81es Iwilh registered number OC3051271. Page 9
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'Philharmonia Trust Limited (Limited by Guarantee) BALANCC SI-IEET As at 31 August 2022 Com aratives as at 31 Au ust 2021 Note 2022 2021 Fixed assets Tangible assets Investments Programme related investments Total fixed assets Current assets Debtors Cash 8t bank and in hand Total current assets 61,593 24,040 85,633 70,955 19,441 90,396 Creditors.. Amounts falling due < 1 period Net current assets 185,6331 (90,396} Debtors., Amounts receivable after > 1 period 1,524,256 1,576.676 Creditors.. Amounts falling due > than 1 period Net assets 11,524,256) {1,576,6761 Total funds The financial statements were approved by the Board of Philharmonia Trust Limited and aulhorised for issue on and are sign ils behalf by.. Lord Mervyn King Dated: 7th Fe ary2 The notes on pages 13 to 16 form an integral part of these financial statements Page 11
Philharmonia Trust Limited (Limited by Guarantee) ACCOUNTtNG POLICIES For the yeai. endcd 31 Augiisl 2022 Com ai?tives 8re staled foi. the 17 moiith eriod ended 31 Au ust 2021 The principal accounting policies. all of which have been applied con51Stenlly throughout the period and the preceding period, are sel out below. BASIS OF PREPARATION The accounts have been prepared in accordance with the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing IheiT accounts in accordance with the Financial Rewrling Standard applicable in the UK and Republic of Ireland IFRS102 (effective 1 January 2015 (Charities SORP FRS 1021 the Financial Reporting standard appIGab]e in the United Kingdom and Republic of Ireland {FRS 1021, and the Companies Act 2006. Philhamionia Trust Limited meets the definition of a public benefit entity under FRS 102 and have been prepared under the historical cost convention, but on the basis that the charity is no longer a going concern. GOING CONCERN The merger of Philharmonia Trust and Philharmonia Ltd in 2020 led lo the assets of Philharmonia Trust being gifted to Philharrnonia Limited. CeTlain legal liabilities have remalned with the Philharmonia Trust bul will be honoured by Philharmonia Limited on an ongoing basis, with the mortgage being secured on the property transferred lo Philharmonia Limited. On the basis that Philharmonia Limited is able lo pay ils debts as they fall due, the accounts have been prepared on a going concern basis. KEY AREAS OF ESTIMATION UNCERTAINTY In the application ol the charity's a¢¢ounling pollcies, trustees are required lo make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. There are no key areas of significant judgements or estimation uncertainty. INCOME Voluntary income, including donations, glfts and leg8cies, as well as grants that PTovlde core funding or are of a general nature are recognised where there 15 enlitlemenl, receipt is probable and the amount can be measured with sufficient reliability. Such income is only deferred if the donor has requested the amount to be allocated to specific concerts, engagements or projects. in which case il is allocated lo the financial per0d in which the work lakes place, or the donor has imposed condition whlch musl be met before the Charity has unconditional enlillemenl. Donations are credited to the slalemenl of financial activities in the period in which they are received, unless allocated to a specific period, as specified by or agreed with. the funder. EXPENDITURE Expenditure is recognised when a liability is incurred. Grants payable are recognised when the amount 2nd nature of the grant has been agreed by the Trustees and is communicated to the recipient. INTEREST RECEIVED Investment income is included when receivable. FUNDS Unrestricted funds are donations or other income, receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Restricted funds are lo be used for specific purposes as laid down by the donor, Expenditure which meets these criteria is charged lo the fund, together with a fair allocation of management and support costs. EMPLOYEES Philharmonia Trust Limited does not have any directly employed staff. Page 12
,Philharmonia Trust Limited (Limited by Guarantee) NOTES TO THF. FtNANCIAL STATEMENTS Foi. the year ended 31 August 2022 (Compai'atives ale stated for Ilie 17 moiith period endcd 31 August 2021) NET INCOMEIIEXPENDITUREI FOR THE PERIOD 12 months ending 31 August 2022 17 months ending 31 August 2021 This is slated after charging.. Auditor's remuneration Depreciation INVESTMENT INCOME 2022 2021 Income from Philharmonia Ltd - Mortgage Interest 49,626 41,776 49,626 41,776 EXPENDITURE ON CHARITABLE ACTIVITIES 2022 2021 Gift lo Philharmonia Limited on Merger Interest payable on loans 5,963,403 41,776 49,626 Total Expenditure on Charitable Activities 49.626 6,005,179 INVESTMENTS 2022 2021 At 1 September 2021 (prior period 1 April 20201 Transfer lo Philhafmonia Limited At 31 August 2022 IpTior period 31 August 20211 3.574.394 L3.574,394J CASH 31 August 2022 31 August 2021 Cash at bank and in hand 24,040 19,441 24,040 19,441 Page 13
Philharmonia Trust Limited (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Foi. the yeai- ended 31 August 2022 (CoiT]pai'ativcs ai'c statcd foi. thc 17 iT]onth pei'iod elided 31 August 2021) DEBTORS 31 August 2022 31 March 2021 Amounts falling due within one year: Amounts due from Philharmonia Limited Amounts falling due after more than one year.. Amounts due from Philharmonia Limited 61.593 70,955 1.524,256 1,576,676 1,585,849 1,647,631 The debtor from Philharmonia Limited relates to fulfilmenl of the Chancel Street mortgage. CREDITORS.. Amounts falling due within one year 31 August 2022 31 August 2021 Bank Mortgage Loan Amounts due lo Philharmonia Limited 61,593 24,040 70.955 19,441 85,633 90.396 CREDITORS.. Amounts falling after one year 31 August 2022 31 August 2021 Bank MoTlgage Loan 1,524,256 1,576,676 1,524,256 1,576,676 CREDITORS.. Bank Loan 31 August 2022 31 August 2021 Amounts repayable in one period or less (see note 71 Amounts repayable in one to periods Amounts repayable in two to five periods Amounts repayable in over five periods 61,593 140,652 351,632 1.031.972 1,585,849 70,955 72,722 229,211 1,274,743 1,647,631 The amounts repayable relate lo a mortgage loan from Barclays Bank relating to the property al 6 Chancel Street owned by Philharmonia Limited. The loan is al a rale of 2.490/0 per annum Ilixedl repayable over the lolal loan term of 23 years. The mortgage principal repayments recommenced 1 April 2021. The loan is secured on the property owned by Philharmonia Limited. Page 14
.Philharmonia Trust Limited (Limited by Guarantee) NO"fES TO 'I'HE FINANCIAL STATEMENTS For the year cndcd 31 August 2022 Comparatives are stated for the 17 month period ended 31 August 2021 10 MOVEMENT IN FUNDS- CURRENT PERIOD 1 September 2021 Galns and 31 August losses 2022 Income Expenditure Transfers Reslricled funds.. Instrument loans fund Total Restricted Funds Endowment Funds.. 2005 Fund Calalysl Fund Total Endowment Funds Unreslricled funds.. General fund 49,626 149,626) Revaluation reserve Total Unrestricted Funds 49,626 Total Funds 49,626 49,626 MOVEMENT IN FUNDS- PRIOR PERIOD Gains and 31 August losses 2021 1 Aprll 2020 Income Expenditure Transfers Restricted funds.. Instrument loans fund Total Restricted Funds 117,338 117,338 117338 1117,3381 Endowment Funds.. 2005 Fund 2,185,759 12,185,759) Calalysl Fund Total Endowment Funds 2,220,701 4,406,460 2,220.701 14,406,460) Unrestricted funds.. General fund 1280,9371 41,776 16,005,179) 6,244,340 Revaluation reserve 1720 542 1720,542 Total Unrestricted Funds 1439 605 41.776 6,005 179 4,523.798 Total Funds 5 963 403 41,776 6.005,179 4 523 798 Page 15
Philharmonia Ti'ust Limited (Limited by Guai'antee) NOTES TO THE FINANCIAL STATEMENTS Foi. tlie yeai. ended 31 August 2022 Coinpai'alives are slated foi. thc 17 ionth pei'iod ended 31 August 2021 Reslricled funds were given for particular purposes and projects. The instrument loans fund was available lo assist members of the Orchestra in purchasing new instruments. In the prior year the building appeal fund was transferred over lo unrestricted funds. Endowment funds represented two funds held by the charity. The 2005 Endowment which was expendable and the Catalyst Fund which was a peimanenl endowment fund created in 2012, intended lo be expendable after 25 years. Income generated by the 2005 Endowment Fund was used in accordance with the objects of the charity and was included as unrestricted income. Income generated by the Calalysl Fund was used in accordance with the terms ol the Catalyst Fund award made by Arts Council England in Ihe period. Any capital gains or losses arising on underlying investments form parl of the fund. Investment management charges. fundraising costs and legal advice relating to the fund were charged against the fund. The gain on investment fund was used for general purposes of the charity and was transferred accordingly. Unreslricled funds comprise those funds which the trustees We free to use in accordance with the charitable objects. The decrease in Revaluation reserve in the prior year is due lo the properly al 6 Chancel Street, being revalued downwards from £3.8m lo £3.6m. 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS (CURRENT PERIODI Unrestricted funds 2022 Restricted funds 2022 Endowment fund 2022 Total Funds 2022 Assets over one period Current assets Current liabilities Liabilities over one period 1.524,256 85,633 185.6331 1 524 256 1,524,256 85.633 185,633} 1524 256 ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR PERIODI Unrestricted funds 2021 Restricted funds 2021 Endowment fund 2021 Total funds 2021 Assets over one period Current assets Current liabilities Liabilities over one period 1,576,676 90,396 190,3961 1576 676 1,576,676 90,396 190,3961 1576 676 12 CAPITAL- LIMITED BY GUARANTEE Al 31 August 2022 all members had a liability not exceeding £1 per member. There was 1 member al 31 August 2022 (2021 11. 15 RELATED PARTY TRANSACTIONS There were no related party transactions in the current year. In the previous period the Company had a related party relationship with Philharmonia Limited, which shared some ol the Trustees ol Philharmonia Trust Limited. Philharmonia Trust Limited gifted ils assets to Philharmonia Ltd on 1 April 2020 for £5,963,403. Page 16