THE PHILHARMONIA BENEVOLENT FUND
FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
CHARITY REGISTERED NUMBER 280370
T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
TABLE OF CONTENTS
| Page | |
|---|---|
| Legal and Administrative information | 1 |
| Trustees Report | 2 |
| Independent Examiners Report | 5 |
| Statement of financial activities | 6 |
| Balance Sheet | 7 |
| Accounting policies | 8 |
| Notes to the financial statements | 9 |
T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
Legal and administrative information
| Charity Registration number | 280370 |
|---|---|
| Constitution | The Philharmonia Benevolent Fund is a registered |
| charity governed by a settlement deed dated | |
| 20th May 1980 | |
| Registered office | 6 Chancel Street |
| London SE1 0UX | |
| Bankers | NatWest Bank plc |
| 10 Marylebone High Street | |
| London W1U 4BT | |
| Independent Examiner | MHA |
| Chartered Accountants | |
| MHA House | |
| Charter Court | |
| Swansea Enterprise Park | |
| Swansea | |
| SA7 9FS | |
| Trustees | Gideon Robinson (Chairman) |
| June Scott | |
| Anne Baker | |
| Timothy Rundle | |
| Phil White | |
| Emily Davis | |
| Treasurer | Sasha Sutherland |
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
Trustees report for the year ended 31[st] March 2024
Objects and Activities
The objects of the charity are to apply the income for the relief and assistance 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 paid due regard to the Charity Commission guidance on public benefit.
When reviewing the charity’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 Charities Act 2011.
Achievements and performance
Investment Policy
Under the terms of the governing document, there are no restrictions on the charity's power to invest. The overall investment policy is to achieve long term capital growth in real terms, 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 £52,640 was granted to 11 members of Philharmonia orchestra (2023: £50,537 was granted to 14 members).
Financial Review
The accounts cover all of the activities of the charity during the year. Gross income totalled £41,549 (2023 - £36,150). There was a deficit of income funds in the year of £12,338 (2023 – deficit £15,303). At the period end total reserves were £563,947 (2023: £585,130), all of which were unrestricted.
Reserves policy and Risk Management
It is the Trustees' intention to reserve a balance of income to enable them to respond quickly to appeals for significant support where appropriate, the timing of which is inherently unpredictable. This balance is represented by the Income Account, which contained a balance of £234,909 (2023 - £247,247).
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.
Review of the Activities and Future Developments
Yearly contributions requested from members increased to £160 per annum (2023: £120). Payments out to members seeking assistance have increased by 4% in 2024, compared to a 284% increase in 2023. The Fund continues to remain stable in the current economic climate and, as such can respond
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
promptly and adequately to relieve substantial financial burdens of members and their dependents in the year.
The Trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations.
Structure, governance and management
The Philharmonia Benevolent Fund is a registered charity (Number 280370) 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 existing Trustees. In addition, additional external Trustee training and guidance is provided dependent on the experience and skills of the new Trustees.
Method of appointment or election of trustees
The charity is managed by the Trustees with the accounting delegated to the Treasurer. The power of appointing or removing Trustees is vested in a majority of members of the Board of Philharmonia Limited.
Related parties
Philharmonia Limited is considered to be a related party.
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 management personnel of the Philharmonia Limited. As such, a close relationship is maintained between the two charities.
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also 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: 28/01/2025
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PHILHARMONIA BENEVOLENT FUND
I report on the accounts of the trust for the year ended 31st March 2024 which are set out on pages 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 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable 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 give a ‘true and fair view’ 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.
Rachel Doyle
FCCA, ACA, DcHA
MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS
Date: 28/01/2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Notes Incoming Resources Investment income Annual contribution from players 1 Donations Other income Total Incoming Resources Resources Expended Grants awarded 2 Accountancy fees Total Resources Expended Net (expenditure)/income for the year Gain/(Loss) on investment assets Balance brought forward Balance carried forward 8/9 |
2024 Unrestricted Funds £ 30,719 9,460 - 1,370 41,549 52,640 1,247 53,887 (12,338) (8,846) 585,131 563,947 |
2023 Unrestricted Funds £ 27,890 8,160 - 100 |
|---|---|---|
| 36,150 50,356 1,097 |
||
| 51,453 | ||
| (15,303) | ||
| (32,871) | ||
| 633,305 | ||
| 585,131 |
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
BALANCE SHEET AS AT 31ST MARCH 2024
| Note Investments at market value 3 Current Assets Accrued income Cash at bank Current liabilities Accrued independent examiner’s fee Due to Philharmonia Limited Net Current Assets Net Assets Funds Unrestricted Funds 8/9 |
2024 £ 493,764 - 88,240 88,240 (1,000) (17,057) (18,057) 70,183 563,947 563,947 563,947 |
2023 £ 502,610 4,411 122,403 |
|---|---|---|
| 126,814 (1,000) (43,293) |
||
| (44,293) 82,521 |
||
| 585,131 | ||
| 585,131 | ||
| 585,131 |
Gideon Robinson
Chairman Date: 28/01/2025
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements 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 of Ireland (FRS102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.).
GOING CONCERN
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. Principal accounting policies adopted in the preparation of the financial statements are set out below.
INCOME
Voluntary income, including donations, gifts and legacies, as well as grants that provide core funding or are of a general nature are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income earned through interest or investments is recognised in the period it is received.
EXPENDITURE
Expenditure is recognised when a liability has been incurred and on an accruals basis. Expenditure is recognised 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 AT BANK AND IN HAND
Cash at bank and in hand includes cash and short term highly liquid investments with 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 gain or loss is taken to the Statement of Financial Activities.
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST March 2024
| 1 | Donations received | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Members of the Philharmonia orchestra | 9,460 | 8,160 |
2 Grants awarded
Total grants of £52,640 were awarded for the relief and assistance of the present and former Philharmonia orchestral members in 2024 (2023: £50,356).
3 Investments at Market Value
| Balance brought forward 1 April 2023 Additions to investments at cost Disposal to investments Net gain(loss) on revaluation At 31 March 2024 |
2024 £ 502,610 - - (8,846) 493,764 |
2023 £ 535,481 - - (32,871) |
|---|---|---|
| 502,610 | ||
| 2023 £ 1,000 |
||
| 4 Independent Examiner’s Remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
2024 £ 1,000 |
5 Employees
During the year, the average number of employees was Nil. (2023 : Nil)
| 5 Creditors Accruals Philharmonia LTD |
2024 £ 1,000 17,057 18,057 |
2023 £ 1,000 43,293 |
|---|---|---|
| 44,293 |
6 Trustees Remuneration
[During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). ]
The charity considers its key management personnel to be the Trustees.
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T H E P H I L H A R M O N I A B E N E V O L E N T F U N D
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7 Related parties Transactions
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[The Trustees have delegated the management of the Trust’s investments to The Harpur Trust, ] which in turn has delegated the day to day management to an investment manager, Sarasin & Partners.
At the year end the charity owed Philharmonia Limited £17,057 (2023 : £43,293). The amount is interest free and repayable on demand.
| 8 Funds |
|
|---|---|
| Unrestricted Funds | At 1 April 2023 Income Expenditure Gains & Losses At 31 March 2024 |
| £ £ £ £ £ |
|
| 585,131 41,549 (53,887) (8,846) 563,947 |
|
| Total Funds 2024 | 585,131 41,549 (53,887) (8,846) 563,947 |
| Unrestricted Funds | At 1 April 2022 Income Expenditure Gains & Losses At 31 March 2023 |
| £ £ £ £ £ |
|
| 633,305 36,150 (51,453) (32,871) 585,131 |
|
| Total Funds 2023 | 633,305 36,150 (51,453) (32,871) 585,131 |
- 9 Analysis of net assets between funds
| 2024 2024 2023 2023 Unrestricted Funds £ Total Funds £ Unrestricted Funds £ Total Funds £ |
|
|---|---|
| Investments | 493,764 493,764 502,610 502,610 |
| Current Assets | 88,240 88,240 126,814 126,814 |
| Current Liabilities | (18,057) (18,057) (44,293) (44,293) |
| Total Funds | 563,947 563,947 585,131 585,131 |
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THE PHILHARMONIA BENEVOLENT FUND