THE PHILHARMONIA BENEVOLENT FUND FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 CHARITY REGISTERED NUMBER 280370 THE PHILHARMONIA BENEVOLENT FUND TABLE OF CONTENTS Page Legal and Administrative information Trustees Report Independent Exambners Report Statement of financial actlvlties Balance Sheet Accountlng policies Notes to the financial statements THE PHILHARMONIA BENEVOLENT FUND Legal and admSnlstrative Information CharSty Registration number 280370 Constitution The Phllharmonia Benevolent Fund is a registered charity governed by a settlement deed dated 20th May 1980 ReElStered office 6 Chancel Street London SEI OUX Bankers Natwest Bank plc 10 Marylebone High Street London WIU 4BT Independent Examiner MHA Moorgate House 201 Silbury Boulevard Milton Keynes MK9 ILZ Trustee5 Gideon Robinson IChaSrman June Scott Anne Baker Timothy Rundle Phil White Emily Davis Sophie Cameron resigned 20 August 2022 Gareth Sheppard appointed on 4, April 2023 Treasurer Kate Collis (resigned 27, October 20231 Rob Williams (appointed 27, October 20231 THE PHILHARMONIA BENEVOLENT FUND Trustees report for the year ended 31. March 2023 Object5 and Activities The object5 of the charity are to apply the income for the relief and assistance of the present and former orchestral members of Phllharmonla orchestra and their dependents. With the consent of all the Trustees, capltal may also be applied to provide benefit5 for which the current income of the charity is insufficient. The trustees have paid due regard to the Charity Commission guidance on public benefit. When revlewlng the charity's objectives and activities set out above, the Trustees have referred to the charity commission general guidance on public benefSt and complied with its duty under the Charities Act 2011. Achlevements and performance Investment Policy Under the terms of the governing document, there are no restrictlons on the charity's powerto invest. The overall investment policy is to achleve long term capital growth in re31 terms, whilst providing a yield in line with the UK equity market. Grant making policy The Trustees meet perlodically to decide how to apply the capital and income In accordance with the terms of the Settlement Deed. During the year £50,357 was granted to 14 member5 of Philharmonia orchestra12022'. £13,105 was granted to 8 members). Flnanclal Review The accounts cover all of the activities of the charity during the year. Gr05s income totalled £36,150 12022- £29,867). There wa5 a deficit of income funds in the year of £15.30312022- surplus £15,7631. At the period end total reserves were £585,13012022.. £633,305) all of which were nrestricted. Reserves policy and Risk Management It is the Trustees, intention to reserve a balance of incorne to enable them to respond quickly to appeals for Significant support where appropriate, the timing of which 15 Inherently unpredictable. This balance is represented by the Income Account, whlch contained a balance of £247,24712022 £262,550). The Trustees have considered what risks the charity faces Bnd believes these to be risks of pr>or investment performance and demand for support exceeding income. Ris1< of a volatile investment market caused by the residual efferts of the COVID-19 pandemic, the war In Ukraine and the cost of Ilving crisis continue to place uncertainly on Ihe ¥eturns expected from investments. THE PFIILHARMONIA BENEVOLENT FUND Review of the Activities and Future Developments Yearly contributions requested from members remained at £120 per annum. Payments out to mernbers seeking assistance have increased by 284% 2023, compared with a 20% increase in 2022. The Fund continues to remain Stable in the current economic climate and, as such czn respond promptly and adequately to relieve substantial financial burdens of members and their dependents in the year. The Trustees are satisfied with the financial p051tion of the charity and confirm that they have adequate assets avallable to fulfil their obligations. Structurej governance and management The Philharmonia Benevolent Fund Is a registered charity INumber 2803701 and was established under a Declaration of Trust dated 20th May 1980. Policy for the induction and training of trustees New Board members receive a formal induction session from the eyi5ting Trustee5. In addition, additional external Trustee tiaining and guidance is provided depeF)dent on the experience and skills of the new Trustees. Method of appolntment or election of trustees The charlty Is managed by the Trustees with the accounting delegated to the Treasurer. The power of appointing or rermoving Trustees is vested In a maloilty of members of the Board of Philharmonia Limlted. Related parties The chaTlty doe5 not have a related party relationship with any other charities or organi5ations. Organisational structure and decision making The Trustees have delegated the accounting function to Philharmonia Limited and the Treasurer of the Benevolent Fund is a member of key manaEement personnel of the Philharmonla Limited. A5 such, a c105e relationship is maintained between the two charitie5. THE PHILHARMONIA BENEVOLENT FUND Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees, Annual Report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generdlly Accepted Accounting Practice). The law applicable to Charities in England & Wales requlres the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that perlod. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2015 IFRS 1021; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statement5 on the going concern basis unless it 15 inappropriate to presume that the charity will continue in operatlon. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Account5 and Report51 Regulations 2(X)8 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Gideon Robinson Chairman Date 15th January 2024 THE PHILHARMONIA BENEVOLENT FUND INDEPENDENT EXAMINERS REPORTTOTHE TRUSTEES OFTHE PHILHARMONIA BENEVOLENT FUND I report on the accounts of the trust for the year ended 31st March 2023 which are set out on pages 6 to 9. Responsibilities and basis of report As the charlty's trustees you are responsible for the preparation of the accounts in accordance with the reqijirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carrled out under section 145 of the Act and In carrying out my examination I have followed all the applicable Directions given by the Charity CommissiDn under section 1451511bl of the Act. Independent examiner's statement I have completed my examination. I confirm that no materlal matters have come to my attentlon In connection with the examinatlon givlng me cause to believe that in any material respect- accounting records were not kept in respect of the charity as requSred by sectlon 130 of the Act; or the accounts do not accord with those records- or the accounts do not comply wlth the appllcable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gSve a'true and faif Vie￿ which is not a matter con51dered as part of an independent examination. I have no ¢oncern5 and have come across no other matter5 in connection with the examination to whlch attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Andrew Moyser FCCA, FCA MHA Moorgate House 201 Silbury Boulevard Milton Keynes MK9 ILZ Date.. 31 January 2024 MHA is the trading name of Maclnlyre Hudson LLP, a limited liabilty partnership in England and Wales (registered number OC3123131. THE PHILFIARMONIA BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023 2023 Unrestricted Funds 2022 Unrestricted Funds Note5 Intoming Resources Investment income Annual contribution from players Donations 27,890 8,160 25,047 4,380 320 Other income 120 36,150 120 Total Incoming Resources 29,867 Resources Expended Grants awarded Accountancy fee5 Total Resources Expended 50,357 1,097 51,453 13,105 1,000 14,105 Net lexpenditurellincome for the year 115,3031 15,763 GainllL0551 on investment assets 132,8721 34,812 Balance brought forward Balance carried forward 633,305 585,130 582,730 633,305 516 THE PHILHARMONIA BENEVOLENT FUND BALANCE SHEET ASAT31ST MARCH 2023 2023 2022 Note Investments at market value 502,610 535,481 Current Assets Accrued income Cash at bank 4,410 122,403 126,813 107,899 107,899 Current liabilities Due to Philharmonia Limited Accrued independent examiner'5 fee 143,2931 11,0001 144,2931 19,0751 11,0001 110,0751 Net Current Assets 82,520 585,130 97,824 633,305 Net Assets Funds Unrestricted Fund5 516 585,130 585,130 633,305 633,305 Treasurer Rob Williams Date.. THE PHILHARMONIA BENEVOLENT FUND ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared Ltnder the hlstorlcal cost convention, with items recognised at C05t or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statement5 have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financlal Reportlng Standard applicable in the UK and Republic of 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 contlnue as a going concern. Principal accountlng pollcies adopted in the preparation of the financial statements are set out below. INCOME Voluntary Income, including donations, gifts and legacies, a5 well as grants that provide core funding or are of a general nature are recognised where there is entitlement. receipt is probable and the amoLJnt can be measured with sufficient reliability. Income earned through interest or investments is recognised in the period it Is received. EXPENDITURE Expenditure 15 recognised when a liability has been incurred and on an accruals basi5. Expenditure Is recognised in the period in which the liability 5$ 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 a5 general funds. Restricted funds are to be used for specific purpose5 as laid down by the donor. Expenditure whlch meets these criteria 15 charged to the fund, togetherwlth a fair allocation of management and support ¢osts. DEBTORS Trade and Dther debtors are recognised at the settlement amount. CASH AT BANK AND IN HAND Cash at ban1< and in hand includes cash and short term highly liquid inve5tment5 Wlth a Short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. INVESTMENTS Investments are revalued at open market value at the balance sheet date and the galn or loss Is taken to the Statement of Financial Activities. THE PHILHARMONIA BENEVOLENT FUND NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31ST March 2022 Llonations received 2023 2022 Members of the Phllharmonia orchestra 8,160 4,380 Grants awarded Total grants of £50,357 were awarded for the relief arld assistance of the Present and former Philharmoniè orchestral members in 202312022.. E13,1051. Investments at Market Value 2023 2022 Balance brought forward l April 2022 Additions to Investments at cost Disposal to investments Net gainlloss) on revaluation At 31 March 2023 535,481 412,107 132,8721 502,610 88,562 535,481 5 Funds At l April 2022 Gains & At 31 March Losses 2023 Income Expenditure Unrestricted Funds Total Funds 2023 633,305 633,305 36,150 36,150 151,4531 151,4531 132,8721 132,8721 585,130 585,130 At l April 2021 Gains & At 31 March Losses 2022 Income Expendlture 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 Analysi5 of net assets between funds 2023 2023 2022 Unrestritted Fund5 2022 Unrestricted Fvnds Total Funds Total Funds Investments Current Assets Current Liabilities Total Funds 502,610 126,813 144,2931 585,130 502,610 126,813 144,2931 585,130 535,481 107,899 110,0761 633,305 535,481 ID7,899 110,0761 633,305 THE PHILHARMONIA BENEVOLENT FUND This page has been left intentionally blank.