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 eXt￿melY 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).
Rese￿eS 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
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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.
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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 f￿llY 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 pra￿dureS 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.
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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
Ga￿iCk, 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 reSid￿al 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

0)￿0
(31
) w) o
LV)
0 17) Lrj
o) ￿ ¢5)
0￿(0
*0

CO
0 4J) Q)
(n ￿ ¢FJ
0￿(￿
Ln o
00
rq * r
ror
rfD
o ¢J> ro
Vrfo
c£ o CJ
QOCLU

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
C￿r￿n1 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.
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