The Martin Musical Scholarship Fund ANNUAL REPORT AND FINANCIAL STATEMENTS for the Period ended 31 August 2022 Charity Registration No.. 313937
The Martin Musical Scholarship Fund INDEX Page Reference and Administrative details Report of the Trustees Trustees. responsibilities Independent Auditor's report statement of financial activities io Balance sheet Accounting policies 12 Notes to the fi'nancial statements 14 Page I
The Martin Musical Scholarship Fund REFERENCE AND ADMINISTRATIVE DETAILS The Trustee presents the report together with the financial slalements of The Marlin Musical Scholarship Fund { the Charity'l for the year ended 31 August 2022. REFERENCE AND ADMINISTRATIVE DETAILS Charity Registration number.. 313937 Registered office.. 6 Chancel Street London SE1 OUX Auditor. BDO LLP 2 City Place Beehive Ring Road Gatwick Wesl Sussex RH6 OPA Bankers.. Nalwesl Bank 125 Great Portland Street London W1W6AX Legal advisers.. McDemoll Will and Emery LLP 22 Bishopsgale London EC2N 4AY Sloneking LLP Boundary House 91 Charterhouse St Barbican London EC1M6H Trustees.. The sole Trustee of the charitable company is Philharmonia Limited J'uge 2
The Martin Musical Scholarship Fund REPOR'I. OF I'HE BOARD OF 'fRUSI'EES STRUCTURE, GOVERNANCE AND MANAGEMENT The Fund is a registered charity Inumber 3139371 and was established under a Trust Deed dated 30 March 1967, whereby all monies accepted by the Fund are to be applied al the discretion of Philharmonia Limited for the advancement of musical education. The Fund is administered by the Board of Philharmonia Limited who appoints a Panel with the function of administering and awarding Scholarships out of the Fund. Induction and training of the Board of Trustees New members of the Board of Trustees receive a formal induction session from the Chairman. the Managing Director, key employees and other members ol the Board of Philharmonia Ltd, within the terms defined by the Governance Review in 2a01-02. Ongoing training is provided as required. OBJECTIVES AND ACTIVITIES The Marlin Musical Scholarship Fund exists lo offer awards for luilion and maintenance lo talented and young performers who are al the difficult bul crucial stage between full lime study and a professional performing career, with particular emphasis on Post Graduate Students. The Board of Trustees continues to meet together and apply the income of the fund lo help outstanding musical lalenl on the threshold of a professional career. PUBLIC BENEFIT When reviewing the Fund's objectives and activities and devising the future programme of the Fund for the next year, the Board confirms that il has referred lo the Charity Commission's general guidance on public benefit and complied with its duty under the Charities Act 2011. The Fund's grant making is directed particularly al post graduate students, and ils objectives, if re81ised, will help to protect and encourage high level performance for the benefit of future generations. ACHIEVEMENTS AND PERFORMANCE In the year lo 31 August 2022 1512021.. 13) Martin Music81 Scholarship Fund individual awards were made lotalling £15,00012021.. £3,250). We are eXtmelY grateful to our supporters who have ensured the success of this programme". Help Musicians UK for the Instrumental Fellowship Programme The Sidney Perry Foundation John E Mortimer Foundation Eranda Rothschild Foundation The 21122 MMSF Inslrumenlal Fellowship Scheme (widened lo incorporale a fellowship place for every instrument for the firsl time} accepted 15 lop Conservatoire graduales, bridging the diffieull gap between full-time study and professional slalus, providing possible pathways into membership of the Orchestra. Success was measured by lake-up, diversity and number of applicalions, and diversity of participants (minimum 25 /0 from underrepresented backgrounds), as well as delailed feedback from all groups involved in the programme. During the period Fellows have engaged in a specially devised programme of support and coaching from one or two Philharmonia Menlorlsl from within their section, including career advice, orchestral repertoire coaching and audition preparation. A defined amount of paid work with the Orchestra was scheduled seeing Fellows play under the baton of many of the Philharmonia's regular and high- profile conductors, including Princip81 Conductor S8nllu-Malias Rouvali. Page 3
The Martin Musical Scholarship Fund REPORT OF THE BOARD OF TRUSTEES In addition to high-profile international tours Fellows performed 8t a range of recitals including across our Residencies, at Garsinglon Opera as well as al the Foundling Museum in London. Throughout their lime on the programme. Fellows have participated in a wide range of Learning Engagement projects to receive training and develop their skills in this aTea, working in schools and community sellings. The Fund also presented a series of recitals in the period in the Soulhbank Cenlre, London. FINANCIAL REVIEW The Statement of Financial Activities for the year ended 31 August 2022 is shown on page 10, and the Balance Sheet at the end of the period is shown on page 11. The nel expenditure for the period. was £30,65212021.' £34,676). The Fund continued to make awards and fund recitals within budgets created on the basis of donations received together with returns from ils Endowment Fund and Restricted Funds. Donations and legacies received lotalled £50,00012021'. £15,000) and grants awarded were £15,00012021. £3,250). ReseeS Policy The Board of Trustees confirms that the Fund's assets constitute ils reserves and can meet ils obligations without reference to delays or shoillalls in cash reali53lions, the commitments disclosed in the notes to the financial slalemenls and the effect of any ievalualion of fixed assets. All monies accepted by the Fund are in respect ofthe advanGemenl of musical education and a5 such are treated as unreslricled funds. Therefore, as al the balance sheet dale. lolal available reserves tolaled £67,82912021. £87,622). Investments powers and policy The Board of Trustees has discretion to invest funds in order lo increase the reserves available for distribution in accordance with the constitution of the Fund. The policy of the Board is lo make investments in a cautious way that gives protection lo capital and earns a reasonable return. Currently, all Investments are held as cash on deposit lo minimise risk bul al a low rale of return. The performance of Investments is considered by the Board on an annual basis. Ils objective is lo maximise overall return on Inveslmenls whilst protecting lo a reasonable degree against risk. GRANT MAKING POLICY The policy of the Board of Trustees is lo make grants lo young musicians in order lo assist their musical trainino and development. Outstanding young musicians are selected by means of auditions before a Board of Orchestra members and other professional musicians. Grants are awarded with reference lo individual abilities and needs. RISK MANAGEMENT The Board of Trustees of Philharmonia Ltd is responsible for the management of the risks faced by the charity. The substantial risks identified are as follows.. The assets of the Fund consist largely of cash on deposit. The 8oard of Trustees is aware of the volatile investment situation, the inherent risks and is considering the diversilicalion of ils investment assets accordingly. Uncertainly around the ability of the fund to meet its objectives due to Covld-19 has been a principal risk in 2021. The Trustees now consider that this risk has been significantly reduced based on the activity in the year. Page 4
The Martin Musical Scholarship Fund REPORI" OF THE BOARD OF I'RUS'fEES GOING CONCERN Despite the uncertainly brought about by the COVID-19 pandemic, the trustees considerthal there are no material uncerlainlies about the charity's ability lo continue as a going concern. Its risks are low and there are no fixed costs. This being considered, Trustees slate that the 'going concern, slalus of MMSF is an appropriate assumption for the preparation of these financial slalemenls FUNDRAISING STATEMENT Section 162a ol the Charities Act 2011 requires charities lo make a slalemenl regarding fundraising aclivilies. Although we do not undertake widespread fundraising from the general public, the legislation defines fund raising as'soliciting or otherwise procuring money orolher property forcharitable purposes." Such amounts receivable is presented in our accounts as 'volunlary income. and includes legacies and grants. In relation to the above we conlirm that all solicilalions are managed internally. wilhoul involvement of commercial participators or professional fund-raisers, or third parties. The day-lo-day management of all income generation is delegated to the executive team of Philharmonia Limited. who are accountable to the trustees in this area. The charity is not bound by any undertaking to be bound by any regulatory scheme however the charity is a member Df the Fundraising Regulator and complies with the relevant codes of practice. We have received no complaints in relation lo fundraising aclivilies. Our terms ofemploymenl require stsff to behave reasonably al all limes as we do not approach individuals for funds we do not have lo allribute this lo fundraising activities nor do we consider il necessary lo de51gn specific procedure51o monitor such aclivilies. CHARITY GOVERNANCE CODE The Marlin Musical Scholarship Fund recognises that good governance in a charity is fundamental lo ils success. The Marlin Musical Scholarship Fund and ils Board are continually working towards achieving the highest standards of governance, by reference lo the principles and recommended practice of the charity governance code. AUDITOR BDO LLP have expressed their willingness lo continue in office and a resolution will be proposed al the Annual General Meeting that they wi11 be reappointed. The Board of Trustees has taken all appropriate steps to make itself aware of any information needed by the charity's auditors for the purposes ol the audit, and lo establish that the auditors are aware of that information. The Board of Trustees is not aware of any relevant audit information of which the auditors are unaware. Approved by the Board of Trustees Signed Lord Mervyn Kin Date.. 7th Febr Page 5
The Martin Musical Scholarship Fund THE BOARD OF TRUSTEES, RESPONSIBILITIES IN THE PRE.PARATION OF FINANCIAI. STATEMENT8 The Board of Trustees is responsible for preparing the Trustee's Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the trustees lo prepare financial slalemenls for each financial period which give a true and fair view of the slate of affairs of the charity and of ils incoming resources and application of resources of the charity for that Period. In preparing Ihese financial statements, the Board of Trustees is required to.. seleGt suitable a¢¢ounling policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., slate whether applicable acGounling stsndards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Board of Trustees is responsible for keeping accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 and accord with applicable accounting standards, including the Statement of Recommended Practice 2015 Accounting and Reporting by Charities, and the provisions of the trust deed. 11 is 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. Page 6
The Maitin Musical Scholai'ship Fund INDEPENDENI. AUDI"I'OR'S REPORI, TO'I"HL TRUSTEE OF THE MARTIN MUSICAL SCHOLARSHIP FUND INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MARTIN MUSICAL SCHOLARSHIP FUND inion on the financial statements In our opinion, the financial slatemenls.. give a true and fair view of the slate of the Charitable Company's affairs as at 31 August 2022 and of ils incoming resources 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 accordance with the requirements of the Companies Act 2006. Vve have audited the financlal statements of The Martin Musical Scholarship Fund I'the Charitable Company I forlhe year ended 31 August 2022 which comprise the Statement of Financial Aclivilies, the Balance Sheet, and notes to the financial slalements, including a summary of significant accounting policies. The financial repoTling fiamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irelandluniled Kingdom Generally Accepted Accounting Praclieel. Basis for o inion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's respon5ibililies for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Independence We remain independent of the Charitable Company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls In the UK, including the FRC'S Ethical Standard, and we have fulfilled OUT other ethical responsibilities in accordance with these requirements. Conclusions related to oin concem In auditing the financial slalements, 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 uncerlainlies relating to events or conditions that, individually or CDlleclively, may cast significant doubl on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the Financial Slalements Report, other than the financial slalernents and our auditor's report Ihereon. Our opinion on the financial statements does not coverlhe other information and, except to the exlenl otherwise explicitly slated in ourreport. we do not express any form of assurance conclLJsion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information 15 materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo bè materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslatemenl in the financial slalemenls themselves. If, based on the workwe have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Page 7
The Martin Musical Scholarship Fund JNDFPF.NDF.NT AUDITOR'S REPORT TO THE, TRUSTEE OF THE MARTIN MUSICAL SCEIOLARSHIP FUND Other Com anies Act 2006 re ortin In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report, which includes the Directors, Report and the Strategic report prepared for the purposes ofcompany Law, for the financial year for which the financial statements are prepared is consislenl with the financial slalemenls., and the Strategic report and the Directors, Report, which are included in the Trustees, Report, have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Charitable Gompany and ils environment obtained in the ¢ourse of thè audit, we have not identified material misslalemenl in the Strategic report or the Trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Companie5 Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records h8ve not been kept. oi 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. Res onsibilities of Trustees As explained more fllY in the Trustees, responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company's ability lo continue as a going concern, disc105ing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistsc alternative bul to do so. Auditor's res on5ibilities 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 regulation5 made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from alerial misslalemenl, whether due to fraud or error. and to issue an auditor's reportthal includes ouropinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo inllltence the economic decisions of users taken on the basis of these financial slalements. Exlent lo which thg audit was capabl8 of detecting irregul8riti&s, Including fraud IrregulaTilies, including Iraud. are instances of non-compllance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The extent lo which our pradureS are capable ol delecling irregularities, including fraud is delaileLI below.. We inquired of man2gemenl, and the Finance Committee. including obtaining and reviewing supportlng documenlalion. concerning the policies and procedures relating to.. identifying, evalu21ing and complying with laws and regulations and whether they were aware of any instances ol non-compliance., delecling and responding lo the risks of fraud and whether they have knowledge ofany actual, suspected or alleged fraud., and the internal controls established lo miligale risks related lo fraud or non-compliance with laws and regulations. Page 8
The Martin Musical Scholarship Fund INDEPENDENT AUDITOR'S IiEI)ORT TO THE TRUSTEE OF THE MARTIN MUSICAL SCHOLARSHIP FUND 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, and UK GAAP. In addition, the Charity is subject lo many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial slatemenls. for instance through the imposition of fines or lib'galion. 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 opportunities for fraudulent manipulation otlhe financial slalemenls (including the risk of override of conlrolsl and determined that the prlncipal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. We also communicated relevant identified laws and regulations, potential fraud risks and the fact that there were no known mallers of significant r>on-compliance with laws and regulations, lo all engagement team members, and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit Audit response to risks entifIed We reviewed the financial statement disclosures and tested to supporting documentation lo assess compliance with relevant laws and regulations discussed above., We made enquiries of the Finance Committee and management., We performed analytlC81 procedures lo identify any unusual or unexpected relationships that may indicate risks of m21erial misslatemenl due lo fraud,. We read minutes of meetings of those charged with governance, and reviewed correspondence with HMRC and the Chaiity Commission., and In addressing the risk of fraud through management override of controls, we tested the appropriateness ofjournal entries and other adjustments,. assessed whether the judgements made in making accounting eslimales are indicative of a potential bias., and evaluated the business rationale of 8ny significant transactions that are unusual or outside the normal course of business. We challenged assumptions made by management in their significantaccounting estimates in particular in relation lo the assumptions related lo the allocation of costs including apportionment of support costs and depreciation rates for assets. Our audit procedures were designed to respond to risks of material misslatemenl in the financial slatemenls, recognising that the risk of not detecting a material misslalemenl due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresenlalions 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 financial statements, the less likelywe are to become aware of it. .A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's I"FRC's"I website at.. htt s".Ilwww.frc.or .uklaudilorsres onsibililies. This description forms parl of our auditor's report. Use of our report This reporl is made solely lo the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 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 reqLJired to slate to 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 Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. ondron (Senior Statutory Auditorl For and on behalf of BDO LLP, statutory auditor GaiCk, UK Date 17 February 2023 BDO LLP is a limited liability partnership registered in England and Wales Iwllh registered number OC3051271. Page 9
The Martin Musical Scholarship Fund BALANCE SI4EET roi. tlie Year ended 31 Au ust 2022 Charity Registration number 313937 Notes 2022 2021 FIXED ASSETS Tangible assets 10,267 10,587 CURRENT ASSETS Cash al bank 319,051 318,974 319 051 321972 CURRENT LIABILITIES Creditors 163,224} (32,8151 NET CURRENT ASSETS 255,827 286,159 NET ASSETS 266,094 296,746 RESERVES RESTRICTED FUNDS Grant Fund Donated asset fund General Fund 13,499 10.267 67,830 14,054 10,587 87,622 ENDOWMENT FUNDS 174,498 184,484 266,094 296.746 The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A- small enlilies, The notes on pages 12 10 18 were approved by the charitable company Philharfnonia Limited, signed on ils behalf by.. Signed by Mervyn King Date 7th February 2023 Page 11
The Maitin Musical Scholai'ship Fund ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial slalernenls have been prepared underlhe historical costconvenlion, and in accordance with FRS 102 Section 1A small entities. There were no material departures fiom that standard. As a qualifying entity (for the purpose of FRS 102 Sèction 1A small enlitiesl, the charity has taken advantage of the reduced disclosure framework exemption from reqtjiremenl lo prepare a slalemenl of cash flows. Princip81 accounting policies adopted in the preparation of the financial statements are set out below. TANGIBLE FIXED ASSETS Fixed assets include musi¢al instruments slated at cost less provision for depreciation. Depreciation is provided on all tangible fixed assets al rates calculated lo write each asset down to ils eslimaled reSidal value evenly over ils expected useful life, as follows.. Musical instruments 2% slraighl line GOING CONCERN Despite the unceilainly brought about by the COVID-19 pandemic, the Iruslees considerthal there are no material uncertainties aboutthe charity's ability lo continue as a going concern. Ils risks are low and there are no fixed costs. With this in mind the Trustees eonsider that the 'going concern, slalus of MMSF is an appropriate assumption for the preparation of these financial slalemenls. KEY AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION UNCERTAINTY In the application of the company's accounling policies, Board members are required lo make judgements. eslimales and assumptions about the carrying valLJe of assets and liabilities that are not readily apparent from the sources. There are no key areas of significant judgements or estimation uncertainly. CONNECTED CHARITIES The Fund is controlled by the Board of Trustees of Philharmonia Limited Iregislered charity number 2502771. DLJring the period a payment of £Nil12020'. £Nill was made lo Philharmonia Limited. INCOME Voluntary income, including donations, gifts and legacies, as well as grants that provide core funding or are ofa general nature are recognised where there is enlillement. receipt is probable and the amountcan be measured with sufficient feliabilily. EXPENDITURE Expenditure is recognised when a liability has been incurred and on an aceruals basis. Expenditure is recognised in the Period in which the liability is incurred. Expenditure on charitable a¢livilies includes an allocation of support and governance cost. Suppoil c05t are allocated on the basis of activity and are apportioned based on percentage payroll costs, area of activity and use of resources. Governance costs are those incurred in connection with the administration of the Charity and Compliance with conslitulional and stslulory requirements. DEBTORS Trade and other debtors are recognised al the selllement amount due after any trade discount has been offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. CASH Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. CREDITORS AND PROVISIONS Puge 12
The Martin Musical Scholai'ship Fund ACCOUNTING POLICIES CTedilors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer ol funds lo a third party and the amount due lo sellle the obligation Can be measurecl or estimated reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing for any trade discounts due. FUNDS Restricted funds are lo 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. The endowment funds represent those assets held permanently by the charity. Income arising on the endowment fLJnds is lo be used lo provide grants through the grant fund. Page 13
The Martin Musical Scholarship Fund NOTES TO I'HE FINANCIAL STATF,MENTS I",or the y. elided 31 Au ust 2022 DONATIONS, GRANTS AND LEGACY INCOME 2022 Total 2021 Total Restricted Grant income 50,000 50,000 15,000 GRANTS AWARDED The total number of grants awarded was 13 10 individuals and ensembles and none to inslilutions. Restricted 2022 Total 2021 Total Individual awards 15.OOQ 15.DOO 3,250 EXPENDITURE ON CHARITABLE ACTIVITIES Restricted 2022 Total 2021 Total Grant Awards (note 31 Players Fees Travel, Venue & Equipment Costs Auditor's Remuneration Legal fees Support costs (note 51 15.000 15,000 32,486 11.972 730 5.221 15,392 3,250 17.371 265 1,800 11.946 16,009 320 15,320 80,802 49,931 SUPPORT COSTS Reslricled 2022 Total 2021 Total Depreciats'on Philham)onia Staff Costs other costs 320 320 15,000 72 453 15,000 103 320 16,392 15.556 Staff Costs relate to Philhamionia staff lime spent on supporting the Institute Fellowship Programme. OTHER INCOME 2022 Total 2021 Total Reslricled Interest on deposits 150 150 255 Page 14
The Martin Musical Scholarship Fund NOTES TO TEIE FINANCIAL STATEMENTS Foi. the Year ended 31 Au ust 2022 TANGIBLE FIXED ASSETS Musical instruments Cost 1 September 2021 16,000 Depreci8tion 1 September 2021 Charged in the period 5,413 320 31 August 2022 5,733 Nel book value 31 August 2022 10,267 31 August 2021 10,587 CREDITORS.. amounts falling due wllhin one period 2022 2021 Amounts due lo Philharmonia Limited Deferred in¢ome Accrued expenditure 60,725 6.045 25,000 1,770 2,500 63,224 32,815 Fage J5
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The Martin Musical Scholarship Fund INCOME AND EXPÈNDI'I'URE ACCOUN'I. For the Yeai. ended 31 Au ust 2022 ANALYSIS OF NET ASSETS BETWEEN FUNDS Reslricled funds Endowment funds Total funds 2022 Tangible Fixed Assets Current Assets Crn1 Li8bililies 10,267 144,553 {63,2241 10,267 319,051 (83,2241 174.498 91,596 174,498 266,094 Reslricled funds Endowment funds Total funds 2021 Tangible Fixed Assets Current Assets Current Liabilities 10,587 134,490 {32,8151 10,587 318,974 132,8151 184.484 112,262 184.484 296,746 10., ULTIMATE PARENT CHARITY The Charity is owned and admini51eTed by the Board of Philharmonia Limited who appoints a Panel with the function of administering and awarding Scholarships out of the Fund. The Charity had a creditor balance with Philharmonia Ltd of £60,725 al 31 August 2022 Icredilor balance of £6,045 at 31 August 20211. Page 18