THE PHILHARMONIA BENEVOLENT FUND FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 CHARITY REGISTERED NUMBER 280370 THE PHILHARMONIA BENEVOLENT FUND TABLÉ OF CONTENTS Page Legal and Administrative information Trustees Report Independent Examiners Report statement of financial activities 8alance Sheet Accounting policies Notes to the financial statements THE PHIIHARMONIA 8ENEVOLENT FUND Legal and adminlstratlve Informatlon Charity Registration number 280370 Constitution The Philharmonia Benevolent Fund is a registered charity governed by a settlement deed dated 20th May 1980 ReBlStered office 6 Chancel Street London SEI OUX Bankers Matwest Bank plt 10 Marylebone High Street London WIU 4BT Independent Examiner MHA Maclntyre Hudson Moorgate House 201 Silbury Boulevard Milton Keynes MK9 ILZ Trustees Gldeon Roblnson Ichairmanl Michael Turner Iresigned 22nd April 20211 June Scott Anne Baker Sophie Cameron Timothy Rundle Phil White Emily Davis lappointed 17th lune 20211 Treasurer Kate Collis THE PHILHARMONIA BENEVOLENT FUND Trustees report for the year ended 31 March 2022 Objects and A¢tlvltles The objects of the charity are to apply the income for the relief and asslstante of the present and former orchestral members of Philharmonia orchestra and their dependents. With the consent of all the Trustees, capital may also be applied to provide benefits for which the current income of the charity Is Insufficient. The trustees have pald due regard to the Charity Commission guidance on public benefit. When reviewing the charlty's objectives and activities set out above, the Trustees have referred to the charity commission general guidance on public benefit and complied with its duty under the Charitles Act 2011. Achievements and performance Investment Policy Under the terms of the governing document, there are no restrictions on the charity's pc>wer to invest. The overall investment policy is to achieve long term capital growth in real term5, whilst providing a yield in line with the UK equity market. Grant making policy The Trustees meet periodically to decide how to apply the capital and income in accordance with the terms of the settlement Deed. During the year £13,105 wa5 granted to 8 members of Philharmonia orchestra12021.' £ID,920 was granted to 7 membersl. Financial Review The accounts cover all of the activitles of the charity during the year. Gross income totalled £29,867 12021 £26,4741. There was a surplu5 of income funds in the year of £15,76312021- surplus £15,204). At the period end total reserves were £633,30512021'. £582,730) all of which were unrestricted. ReseNes policy and Rlsk Management It is the Trustees, intention to reserve è balance of income to enable them to respond quickly to appeals for Significant support where appropriate, the timing of which Is inherently unpredictable. Thi5 balance is represented by the Income Account, whlch contained a balance of £262,55012021 £246,787). The Trustees have considered what rlsk5 the charity faces and believes these to be rSsks of poor investment performance and demand for 5UPPOrt exceedine income. Risk of a volatlle investment market caused by the residual effects of the COVID-19 pandemic, the war in Ukraine and the cost of living crisis continue to place uncertainty on the returns expected f rom investments, but thls ha$ 50 far proven to have had minimal impact on the Benevolent Fund Investment returns. THE PHILHARMONIA BENEVOLENT FUND Revlew of the Activities and Future Developments Yearly contrlbutlons requested from members remalned at £120 per annum. Payments out to members seekinÉ assistance have increased by 20% in 2022 compared to a low 2021. The Fund contlnues to remaln stable in the current economic climate and, as such can respond promptly and adequately to relieve substantial financial burdens of members and their dependents Iri the year. The Trustees are sat15fied with the financial position of the charity and CDnfim) that they have adequate assets available to fulfil their obligations. Structurei governance and management The Philharmonia Benevolent Fund Is a reglstered charity (Wumber 2803701 and was established under a Declaratlon of Trust dated 20th May 1980. Pollcy for the Induction and training of trustees New Board members recelve a formal induction session from the existing Tru5tee5. In addition, additional external Trustee training and guidance is provided dependent on the experience and skills of the new Trustees. Method of appointment or electlon of trustees The charity 15 managed by the Trustees wlth the accounting delegated to the Treasurer. The power of appointing or removing Trustee5 Is vested in a majority of members of the Board of Philharmonla Llmlted. Related partles The charity does not have a related party relationship with any other charities or organlsations. Oyganisational structure and decision making The Trustees have delegated the accounting function to Philharmonla Llmited and the Treasurer of the Benevolent Fund 15 a member of key management personnel of the Philharmonia Llmlted. A5 such, a close relationship is maintained between the two charities. THE PHILHARMONIA BENIVOLENT FUND Tru$tees' responsibllllles Statsm•nt The Trustees are responsible forpreparing the Trusteeg Annual Report and the Ilnancial Statements In accordance with applicable law and United Klngdom Accountlng Standards Iunlted Kingdom Genèrally Accepted Accountlng Practice). The law applicable to charities In En818nd & Wales rèqUI￿S the trustèes to prèpare financial statements for each financlal year whlch gfve a true and falr vlewof the state of aflalrs of the tharlty and of the Incomln8 resources and applScatlon of resour￿5 pf the charityforthat period. In preparlng these financial statement$, the trustees are required to, select sultable accounting pollcles and then applythem conslstentty; observe the methods and prlnclples in the Charitles SORP 2015 {FRS 1021; makÈlud8ements and estimatssthat arè reasonable and prudent state whether appllcable actountlng standards havè been followed, sublettto any m&terial departures disclosed and explalned in the flnanclal statements; prepare the financlal ststements on the goin6 concern basls unless it.is Inapproprlate to presume that the charity will ¢ontinu* in operation. The Trustees are re5PDnslble for keepln8 proper accountlng records that dlsc105e wilh reasonable f-¥È accuracy at anytlme the financial posltion ofthe Gharity and enable them to ensure that the finandal statements ¢ompJy wlththe CharltlesAct2011, theChar5tles (Accountsand Reports) Regulations 2008 and the provlsions of the tru51 deed, They are also re5pon5ible for 5afe8uardlng the assets of the charity and hence for toklng reasonable stsps for the prevention and detscuon of fraud and other Irregularttles, Gldeon Roblnson Chalrman ."Oate THE PHILHARMONIA BENEVOLENT FUND INDEPENDENT EXAMINERS REPORTTO THETRUSTEES OF THE PHILHARMONIA BENEVOLENT FUND I report on the accounts of the trust for the year ended 31st March 2022 which are set out on page5 6 to 9. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried out under seclion 145 of the Act and in carrying out my examination I have followed all the appllcable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the charity as required by section 130 of the Act- or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirement5 concerning the form and content of accounts set out in the Charities IAccounts and RepDrtsl Regulations 2008 other than anv reqvirement that the accounts give a'true and falrview, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Moyser FCCA, FCA MHA Maclntyre Hudson Moorgate House 201 Silbury Boulevard Milton Keynes MK9 ILZ Date.. 27 January 2023 THE PHILHARMONIA BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022 2022 Unrestricted Funds 2021 Unrestrlcted Fund5 Note5 Incoming Resources Investment income Annual contribution from players Oonations Other income Total Incoming Resources 25,047 4,380 320 21,654 4,7Cx) 120 120 26,474 29,867 Resources Expended Grant5 awarded Accountancy fees Total Resources Expended 13,105 1,000 14,105 10,920 350 11,270 Net lexpenditurel/income for the year 15,763 15,204 Gain/lLossl on Investment assets 34,812 91,524 Balance brought forward Balance carried forward 582,730 633,305 476,002 582,730 516 THE PHILHARMONIA BENEVOLENT FUND BALANCE SHEET ASAT31ST MARCH 2022 2022 2021 Noie Investments at market value 535,481 500,669 Current Assets Ac¢rued Income Cash at bank 107,899 107,899 100,175 100,175 Current Ilabilities Due to Philharmonia Lirnited Accrued independent examiner's fee 9,075 1,000 10,075 17,764 350 18.114 Net Current Assets 97,824 633,305 82,061 582,730 Net Assets Funds Unrestricted Funds 516 633,305 633,305 582,730 582,730 Kate Collis Treasurer Date.. Ill 1113 THE PHILHARMONIA BENEVOLENT FUND ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statement5 have been prepared under the historical cost convention, with item5 recogni5ed at cost or transartion value unless otherwlse stated in the relevant note5 to these actounts. The financial 5tatement5 have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Df Ireland IFRS1021 leffective l January 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charities Act 2011.1. GOING CONCERN The trustees consider that there are no material uncertainties about the charity's ablllty to contlt)ue as a going concern. Principal accoLJnting policies adopted in the preparation of the financial statements are set out below. INCOME Voluntary income, including donations, gifts and legacies, as well as grant5 that provide core funding or are of a general nature are recognised where there 15 entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income earned through interest or investments 15 recognised in the period it is received. EXPENDITURE Expenditure is recognised when a liabllity has been incurred and on an accruals basis. Expenditure is recogni5ed in the period in which the liability is incurred. 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 to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support Costs. DEBTORS Trade and other debtors are recognised at the settlement amount. CASH ATBANKAND IN HAND Cash at bank and in hand includes cash and short term highly liquid inve5trnents with a short maturity ol three months or less from the date of acquisition or opening of the deposlt or similar account. INVESTMENTS Investments are revalued at open market value at the balance Sheet date and the gain or loss is taken to the Statement of Financial Activities. THE PHILHARMONIA BENEVOLENT FUND NOTE5 TO THE ACCOUNTS FOR THE YEAR ENDED 31ST March 2022 Donations received 2022 2021 Members of the Philharmonia orchestra 4,380 4,700 Grants awarded Total grants of £13,105 were awarded for the relief and a5SlStance of the present and former Philharmonia orchestral members in 202212021: EIO,9201. Investments at Market Value 2022 2021 Balance brought forward l April 2021 Additions to investments at cost Disposal to investments Net galn on revaluation At 31 March 2022 500,669 412,107 34,812 535,481 88,562 500,669 Funds At l Aprll 2021 Gains & At 31 March Losse5 2022 Income Expenditure Unrestricted Funds Total Funds 2022 582,730 582,730 29,867 29,867 114,1051 114,1051 34,812 34,812 633,305 633,305 At l April 2020 476,002 476,002 Gain5 & At 31 March Losse5 2021 Income Expenditure 111,2701 111,2701 Unrestricted Funds Total Funds 2021 26,474 26,474 91,524 91,524 582,730 582,730 Analysis of net assets between funds 2022 Unrestricted Funds 2022 2021 Unrestricted Funds 2021 Total Funds Total Funds Investments Qjrrent Assets Current Liabilities Total Funds 535,481 107,899 110,0761 633,304 535,481 107,899 110,0761 633,304 500,669 100,175 118,1141 582,730 500.669 100,175 118,1141 582.730 THE PHILHARMONIA BENEVOLENT FUND This page ha5 been left intentionally blank.