THE PHILHARMONIA BENEVOLENT FUND FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021 CHARITY REGISTERED NUMBER 280370 THE PHILHARMONIA BENEVOLENT FUND TABLE OF CONTENTS l- Legal and Admlnlstrative information 2- Trustees Report 3- Independent Examiners Report 4- Balance Sheet 5- Intome Account 6- Notes to the Accounts PHILHARMONIA BENEVOLENT FUND Trustees report foy the year ended 31st March 2021 Legal and admlni#ratlve Informatlon Constltution The Philharmonla Benevolent Fund Is a registered charity governed by a settlement deed dated 20th May 1980 Registered office 6 Chancel Street London SEI OUX 8ankers NatWe5t Bank plc 10 Marylebone High Street London WIU 48T Independent Examiner Howard Baker Howard Baker Limlted Chartered Accountants 25 Cecll Road Bournemouth 8H5 IDX Trustees Gideon Robinson Ichairmanl Michael Turner Christian Geldsetzer (resigned I" April 20201 lune Scott Anne Baker Sophle Cameron Timothy Rundle Phil White lappointed Ilth January 20211 Treasurer Linda Barry Ireslgned October 20201 Kate Collis (appointed March 20211 PHILHARMONIA EIF.NF_VOLENT FUI4D INDEPENDENT L¥AMINERS REPORTTOTHE TRUSTEES OFThE PHILHARMON)A BENEVOLENT FUND I report on the accounts of the trust for the year ended 31st March 2021 which are set out on pages 4 to 6. Re5pectlve responsSbllltles of Trustees and Examlner.. The charity's trustees are fesponslble for the preparatlon of the accounts. The Charity's Trustees tonsider that an audit Is n(rt requlred for this year under section 144 of the Chailty's Act 2011 Ithe Chaftties Act) an¢J that an Independent examlners report is needed. It Is my responslbilityto. Examine the accounts under sectlon 145 of the Charlties Act. To follow the procedures laid down in the general Dlrectlons 8lven by the Charity Commlsslon lundersectlon 145lSllbl of the Charitles Act) and to state whether particular matter5 have come to my attentlors. Basls of Independent examlnels statement My examination was carried out In 3¢cordanee with general Directions given by the Charity Commlsslon. An examinatlon Includes a review of the accountlng records kept by the charity and ¢omparison of the accounts presented wlth those re¢ord5. It also includes a conslderation of anv unusual Items or dlsclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The pro¢eduies undertaken do not provlde all the eviden￿ that would be requlred In an audit and consequently no opinion is glven as to whether the accounts present a'true and falr, vlew and the report Is limlted to those matters set out in the statements belaw. Independent examlner's statgment In connectlon wlth my examlnation, no Tnatter hès Come to my attention: Whlch gives me reasonable cause to believe that, in any materlal respect, the requirèment,. to keep accounting record5 in accofdance with section 130 of the Charities Act; to prepare accounts whlch accord with the accounting retords and to complywith the actountln8 requirements of thè Charltles Act have not been met; or To whlch, in my oplnion, attentlon should be drawn in orderto enable a proper understanding of the a¢counts to be reached. Howard Baker Howard Baker Llrnlted chaTte￿d Accountants 25 Cecil Road Bournemouth BH5 IDX Date-. PHILHARMONIA BENEVOLENT FUND Trustees report for the year ended 31" March 2021 Objetts The objects of the charity are to apply the income for the relief and assistance of the present and former orchestral members of Philharrnonia Llmlted Iforrnerly New PhllharmonSa Orchestra Llmitedl and their dependents. With the consent of all the Trustees, capital may also be applied to provide benefits for which the current incorne of the charity is insufficient. Grant making pollcy The Trustees meet periodically to decide how to apply the capital and income In ac¢ordan¢e with the terms of the Settlement Deed. Organlsatlon The charity Is managed by the Trustees with the accounting delegated to the Treasurer. The power of appolntlng or ￿mOvIng Trustees is vested in a majority of members of the Board of Philharmonia Limited. Flnanclal Revlew and Investment Pollcy The accounts cover all of the activities of the charity during the year. Gross income totalled £26,474 12020- £32.4171. There was a surplus of income funds in the year of £15,20412020- deflcil £5,793). Under the term5 of the governinE document, there are no restrictlons on the charity's power to invest. Thè overall investment policy Ss to achieve long temi capital growth in real terms, whilst provldlng a yleld at least in line with the UK equity market. Related parties The charity does not have a related party relationship wlth any other charities or organisations. Revlew of the A¢tlvltles and Future Development5 Yearly contributions requested from mèrnbers remained at £120 per annym. Payments out to member5 seeking assistance have fallen in 2021 compared to a particularly high 2020. The Fund continue5 to remain stable and, as such can respond promptly and adequately to relieve substantlèl financial burdens of members and their dependents in the year. The Trustees are satisfied wlth the flnanclal posltlon of the charlty and Confirm that they have adequate asset5 available to fulfll their obli8ations. Reserves pollcy and Rlsk Management It is the Trustees, intention to reseNe a balance of income to enable them to respond qulckly to appeals for significant support where appropriate, the timing of which is inherenlly unpredictable. This balance Is represented by the Income Account, whlch contalned a balance of £246,78712020- E231.5831. The Trustees have considered what risks the charity faces and believes these to be risks of poor investment performance and demand for support exceeding income. Risk of a volatile Investment market caused by COVID-19 continues to place uncertalnty on the returns expected from investments, but this has so far proven to have had mlnlmal impact on the Benevolent Fund investment returns. Gideon Robinson Chairman Date.. ILtr"• •21 PHILHARMONIA BENEVOLENT FUND BALANCE SHEET AS AT 31ST MARCH 2021 2021 2020 Note Funds Capital account 108,693 108,693 Unreallsed galns 227,250 135,726 Income account 246,787 231,583 582,730 476,002 Repiesented by.. Investment5 at market value 500,669 409,145 Current Assets Accrued ineome Cash at bank 100,175 78,402 100,175 78,402 Current Ilabllitles Due to Phllharmonla Llmlted Accrued independent examiner's fee 17,764 350 11,195 350 18,114 11,545 Net Current Assets 82,061 66,857 Net Assets 582,730 476,002 Kate Coll55 Treasurer Date.. PHILHARMONIA BENEVOLENT FUMD INCOME ACCOUNT FOR THE YEAR ENDED31ST MARCH 2021 2021 2020 Note Income Gross Investment Income Donations recelved 21,654 4,820 27,907 4,510 26,474 32,417 Fees and expenses Independent examlner's fee Bank charges 350 350 350 350 Net Income before grants 26,124 32,067 Grants awarded 10,920 37.860 Nel lexpenditurellincome for the year 15,204 IS,7931 Balance brought forwaid 231,5B3 237,376 Balance carried forward 246,787 231,583 PHILHARMONIA BENEVOLENT FUND NOTES TO THE ACCOUNTS FOR THEYEAR ENDED31ST March 2021 Basls of preparatlon The financial statements have been prepared vnder the historical cost convention, and Sn accoTdan¢e with FRS 102 Section l A small entlties. There were no mate¥ial departures from that standard. As a quallfying entity Ifor the purpose of FRS 102 Section IA small enliliesl. the charlty has tèken advantage of the reduced disclosure framework exemption from requirement to prepare a statement of Cash flow5. Capital Account 2021 2020 Balance brought forward at l Aprll 108,693 108,693 Balance carried forward at 31 March 108,693 108,693 Donations received Members of the Phllharmonla Orchestra 4,820 4.510 4,820 4,510 Investments at Markel Value M&G Charibond income units 11,547.35 units 14,263 14,225 M&G Charifund Income unlts 33.034.66 unlts 486,406 394,920 500,669 409,145 PHILHARMONIA BENEVOLENT FUND INCOME ACCOUNT FOR THE YEAR ENDED31ST MARCH 2021 2021 2020 Note Incomè Gross investment Income Donations received 21,654 4,820 27,907 4,510 26,474 32,417 Fees and expenses Independent exarnlner'5 fee Bank char8es 350 350 350 350 Net Income before Brants 26,124 32,067 Ann Baker William Bender Rebecca CarrinÉton Corrine Chappelle Llnda Kidwell Ella Rundle Nuno Mano Caraplna Emlly Hultmark lenny McLaren Annabelle Meare Shelly Organ Samantha Reagan Karen Stephenson Eleanor Wilkinson 880 1,000 I,(x)o 1,000 2,th)0 1,000 I,ooD 3,000 8,280 640 3,360 1,900 1,360 7,000 13,440 1,920 10.920 37,860 Net lexpenditurellincome for the year 15,204 15,7931 Balance broughl forwaid ai i April 231,583 237,376 Balance carried forward at 31 March 246,787 231,583 This page doe5 not form part of the statutory accounts