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

oc¢
75 oj r 4]
5 th ye44
TJ ¢4
(hry

'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 appI￿Gab]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 per￿0d 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 i￿onth 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