IRIS Accounts Production v24.3.2.46 Other Company accounts True false Pounds 1.6.23 31.5.24 31.5.24 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099298672023-05-31099298672024-05-31099298672023-06-012024-05-31099298672022-05-31099298672022-06-012023-05-31099298672023-05-3109929867ns0:CharitableCompanyLimitedByGuarantee2023-06-012024-05-3109929867ns15:PoundSterling2023-06-012024-05-3109929867ns11:FRS1022023-06-012024-05-3109929867ns11:IndependentExaminationCharity2023-06-012024-05-3109929867ns11:SmallCompaniesRegimeForAccounts2023-06-012024-05-3109929867ns11:FullAccounts2023-06-012024-05-3109929867ns11:CharitiesSORP2023-06-012024-05-3109929867ns0:Trustee22023-06-012024-05-3109929867ns0:Trustee32023-06-012024-05-3109929867ns0:Trustee42023-06-012024-05-3109929867ns0:Trustee52023-06-012024-05-3109929867ns0:Trustee62023-06-012024-05-3109929867ns0:Trustee72023-06-012024-05-3109929867ns0:Trustee82023-06-012024-05-3109929867ns0:Trustee92023-06-012024-05-3109929867ns0:Trustee12023-06-012024-05-3109929867ns0:Trustee102023-06-012024-05-3109929867ns0:Trustee112023-06-012024-05-3109929867ns0:Trustee122023-06-012024-05-3109929867ns0:Trustee132023-06-012024-05-3109929867ns0:Trustee142023-06-012024-05-3109929867ns0:Trustee152023-06-012024-05-3109929867ns11:RegisteredOffice2023-06-012024-05-3109929867ns0:TotalUnrestrictedFunds2023-06-012024-05-3109929867ns0:TotalRestrictedIncomeFunds2023-06-012024-05-3109929867ns0:TotalEndowmentFunds2023-06-012024-05-3109929867ns0:Activity82023-06-012024-05-3109929867ns0:TotalUnrestrictedFundsns0:Activity82023-06-012024-05-3109929867ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-06-012024-05-3109929867ns0:TotalEndowmentFundsns0:Activity82023-06-012024-05-3109929867ns0:Activity82022-06-012023-05-3109929867ns0:TotalUnrestrictedFunds2023-05-3109929867ns0:TotalRestrictedIncomeFunds2023-05-3109929867ns0:TotalEndowmentFunds2023-05-3109929867ns0:TotalUnrestrictedFunds2024-05-3109929867ns0:TotalRestrictedIncomeFunds2024-05-3109929867ns0:TotalEndowmentFunds2024-05-3109929867ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-05-3109929867ns10:WithinOneYearns0:TotalRestrictedIncomeFunds2024-05-3109929867ns0:TotalEndowmentFundsns10:WithinOneYear2024-05-3109929867ns10:WithinOneYear2024-05-3109929867ns10:WithinOneYear2023-05-310992986722023-06-012024-05-310992986732023-06-012024-05-310992986712023-06-012024-05-310992986712022-06-012023-05-310992986762023-06-012024-05-310992986762022-06-012023-05-3109929867ns0:TotalUnrestrictedFunds2022-06-012023-05-3109929867ns0:TotalRestrictedIncomeFunds2022-06-012023-05-3109929867ns0:TotalEndowmentFunds2022-06-012023-05-3109929867ns0:TotalUnrestrictedFundsns0:Activity82022-06-012023-05-3109929867ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-06-012023-05-3109929867ns0:TotalEndowmentFundsns0:Activity82022-06-012023-05-31
REGISTERED COMPANY NUMBER: 09929867 (England and Wales)
REGISTERED CHARITY NUMBER: 1168735














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 May 2024

for

Israel Philharmonic Orchestra Foundation
UK
(A Company Limited by Guarantee)

Israel Philharmonic Orchestra Foundation
UK






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 6

Independent Examiner's Report 7

Statement of Financial Activities 8

Balance Sheet 9 to 10

Notes to the Financial Statements 11 to 18

Israel Philharmonic Orchestra Foundation
UK

Reference and Administrative Details
for the Year Ended 31 May 2024



TRUSTEES Michael Crystal - Vice Chair
Chen Dalah (resigned 24/10/2023)
Gillian Djanogly
Dame Vivien Duffield
Rabbi Joseph Dweck
Denise Esfandi
Ilana Fattal (resigned 5/3/2024)
Oded Gera (resigned 22/10/2024)
Marsha Lee - Chair
Hilary Newmark
Stephen Ross
Dr Efrat Shaoulian Sopher
Tali Gottlieb (resigned 3/9/2023)
Linda Grosse (resigned 11/9/2023)
Ayelet Elstein (appointed 8/4/2024) (resigned 3/1/2025)


REGISTERED OFFICE 1 Bentinck Street
London
W1U 2EA


REGISTERED COMPANY
NUMBER
09929867 (England and Wales)


REGISTERED CHARITY NUMBER 1168735


INDEPENDENT EXAMINER Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE


SOLICITORS Howard Kennedy
1 London Bridge
London
SE1 9BG


BANKERS CAF Bank
25 Kings Hill Avenue
Kings Hill, West Malling
Kent, ME19 4JQ

Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Report of the Trustees
for the Year Ended 31 May 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The financial statements have also been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document and the Charities Act 2011.

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Israel Philharmonic Orchestra Foundation UK (IPOF-UK) promotes peace and open dialogue through the power of music while raising awareness of the Israel Philharmonic Orchestra (IPO) as a non-religious and non political leading world-class orchestra and Israel's foremost cultural ambassador, using their global reach to bring people of every faith and background together through music.

To this end, the objectives of the IPOF-UK are the advancement of education in the art of music in Israel for the public benefit and for that purpose to encourage standards of excellence in the performance and interpretation thereof including the support of the charitable activities of the Israel Philharmonic Orchestra Foundation.

The IPOF-UK exists to raise funds and awareness for the IPO and in particular: -

a) IPO initiatives to maintain the Orchestra's standard of musical excellence for concerts in Israel and abroad, as well as to cultivate emerging talent;

b) IPO education programmes that use music to effect social change and inspire the next generation; and

c) IPO multi-faith programmes that bridge cultural divides, promoting tolerance and mutual respect amongst Jewish, Christian and Arab citizens of Israel, and while on tour worldwide

In furtherance of these objectives, the Foundation seeks donations from other charitable organisations and from the general public by organising public and private events, concerts or recitals, as well as seeking sponsorship in cash and in kind.

Public benefit
The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when
reviewing the charity's aims and objectives, in planning future activities, and setting the grant making policy for the year.

Grantmaking
The charity furthers its charitable purposes for the public benefit through its grant-making policy which aims to achieve the initiatives and programmes mentioned in the objectives and aims above.

Volunteers
The charity did not use the services of volunteers during the year.


Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Report of the Trustees
for the Year Ended 31 May 2024

ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the IPOF-UK continued holding a number of small select fundraising events as well as hosting a fundraising reception at the home of a supporter where about £2,000 was raised. As in previous years our objective was not only to raise funds to distribute to the Israel Philharmonic Orchestra in Israel but to raise awareness and involve potential new donors. A very successful Rachmaninoff evening was held in March featuring Henry Goodman. Just under £65,000 was raised for the Musicians Chair initiative started in 2021.

During the year, in accordance with its objectives, the charity made charitable grants of £114,426 in aggregate (2023: £551,326) to the Israel Philharmonic Foundation "Gala and International Board" in Israel.

The IPOF-UK continues with its plans to raise funds to bring the Israel Philharmonic Orchestra back to London as soon as practical, political situation and travel restrictions permitting

Fundraising activities
The charity promotes and raises funds for the Israel Philharmonic Orchestra by activities and fundraising events and initiatives through advertising and word of mouth, and as such does not solicit or directly contact members of the public.

All fundraising activities are initiated and monitored by the Board of Trustees.

The charity has not received any formal complaint with regards to its fundraising activities.

The charity ensures that its fundraising values and expectations, aims and objectives are clearly set out when fundraising.

Chair's Statement

The terrible events of 7 October 2023 and ongoing state of war in Israel cannot go unmentioned. Our thoughts and tears go out to all those who have lost loved ones or been affected by the massacre of 7 October and the subsequent loss of life on all sides.

As a result, we believe that some potential charitable income was understandably diverted to other worthy causes.
Nevertheless the IPOF UK continued to raise funds to distribute to the Israel Philharmonic Orchestra. During the year a number of successful smaller events were held, including:
- Hosting a concert at the Festival Hall in December
- A Luncheon at the home of a supporter in February
- A Rachmaninoff Evening featuring Henry Goodman in March

In September we recruited Sharon David a consultant fundraising manager in order to help raise the profile of the Charity and to identify new potential donors. A number of fundraising project initiatives ran along side the events mentioned above.

In the light of the horrendous events of 7 October 2023, and recognising that some existing and potential new donors perhaps chose to donate to other Israel facing causes we nevertheless believe that we had a successful year, raising £345,936 (2023: £373,778) and distributing £114,426 (2023: £551,326). A further £200,834 was distributed in June 2024, shortly after the year end.


Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Report of the Trustees
for the Year Ended 31 May 2024

FINANCIAL REVIEW
Financial position
The Statement of Financial Activities set out on page 8 of the financial statements shows how the Foundation's incoming resources have been expended in the year ended 31 May 2024.

Total incoming resources amounted to £347,817 (2023: £374,196) which compromises £345,936 (2023: £373,778) generated from donations and £1,881 (2023: 418) from bank interest.

Total resources expended amounted to £210,997 (2023: £622,379). This included expenditure on fundraising activities and events of £11,970 (2023: £25,783), grants to IPO of £114,426 (2023: £551,326) and support and governance costs of £85,601 (2023: £45,270).

The statement of financial position on page 8 of the financial statements shows the financial position of the Foundation as at 31 May 2024.

Total assets less current liabilities amounted to £245,252 (2023: £108,432), which is represented by accumulated balances on the unrestricted income fund of 45,191 (2023: £101,422) the restricted income fund of £200,051 (2023: £7,000) and the endowment fund of £10 (2023: £10). This represents assets held in order to meet ongoing overheads together with funds received that have yet to be applied towards the IPOF-UK's objectives.

Reserves policy
It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. At 31 May 2024, the unrestricted funds amounted to £45,191. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the IPOF-UK's current activities while consideration is given to ways in which additional funds may be raised. Any surplus funds will be distributed to the IPO.

FUTURE PLANS
Future plans of the charity include the following activities:

- David Broza Recital
- "Fiddler on the Roof" musical themed Dinner Event in December
- Event at home of Supporter
- Major Fundraising Campaign
- Possible Dinner Gala


STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution
The charity was incorporated on 24 December 2015 and registered with the Charity Commission for England and Wales with effect from 11 August 2016.

In the event of the charity's dissolution, the liability of the members is limited to £10.


Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Report of the Trustees
for the Year Ended 31 May 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The power of appointing and removing trustees is vested in the trustees. In exercising this power, the trustees use their own network of contacts to identify suitable candidates possessing the necessary knowledge and skills to act as trustees.

The following changes to trustees occurred during the financial year:

Ayelet ElsteinAppointed 8/4/24
Tali GottliebResigned 3/9/23
Linda GrosseResigned 11/9/23
Chen DalahResigned 24/10/23
Ilana FattalResigned 5/3/24


The following changes to trustees occured after the balance sheet date but before the date of signing of these financial statements:

Oded GeraResigned 22/10/24
Ayelet ElsteinResigned 03/01/25

Organisational structure
The charity has an office based in London, England and its activities are overseen by the trustees.

Induction and training of new trustees
Trustees are expected to identify their own training needs and to take measures to ensure that these needs are met.

Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in
place to mitigate exposure to the major risks.


Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Report of the Trustees
for the Year Ended 31 May 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees, who are also the directors of Israel Philharmonic Orchestra Foundation UK for the purpose of company law are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 11 February 2025 and signed on its behalf by:





Marsha Lee - Trustee

Independent Examiner's Report to the Trustees of
Israel Philharmonic Orchestra Foundation
UK

Independent examiner's report to the trustees of Israel Philharmonic Orchestra Foundation UK ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Andrew Hill (FCA)
The Institute of Chartered Accountants in England and Wales

Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

12 February 2025

Israel Philharmonic Orchestra Foundation
UK

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 May 2024

31/5/24 31/5/23
Unrestricted Restricted Endowment Total Total
fund fund fund funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 35,197 310,739 - 345,936 373,778

Investment income 4 1,881 - - 1,881 418
Total 37,078 310,739 - 347,817 374,196

EXPENDITURE ON
Raising funds 5 2,979 8,991 - 11,970 25,783

Charitable activities 6
Grant funding of activities 5,729 108,697 - 114,426 551,326

Other 84,601 - - 84,601 45,270
Total 93,309 117,688 - 210,997 622,379

NET
INCOME/(EXPENDITURE)

(56,231

)

193,051

-

136,820

(248,183

)


RECONCILIATION OF FUNDS
Total funds brought forward 101,422 7,000 10 108,432 356,615

TOTAL FUNDS CARRIED
FORWARD

45,191

200,051

10

245,252

108,432

CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.

Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Balance Sheet
31 May 2024

31/5/24 31/5/23
Unrestricted Restricted Endowment Total Total
fund fund fund funds funds
Notes £    £    £    £    £   
CURRENT ASSETS
Debtors 12 - 4,050 - 4,050 3,750
Cash at bank 48,920 196,541 10 245,471 108,612
48,920 200,591 10 249,521 112,362

CREDITORS
Amounts falling due within one
year

13

(3,729

)

(540

)

-

(4,269

)

(3,930

)

NET CURRENT ASSETS 45,191 200,051 10 245,252 108,432

TOTAL ASSETS LESS
CURRENT LIABILITIES

45,191

200,051

10

245,252

108,432

NET ASSETS 45,191 200,051 10 245,252 108,432
FUNDS 14
Unrestricted funds 45,191 101,422
Restricted funds 200,051 7,000
Endowment funds 10 10
TOTAL FUNDS 245,252 108,432

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Israel Philharmonic Orchestra Foundation
UK (Registered number: 09929867)

Balance Sheet - continued
31 May 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 11 February 2025 and were signed on its behalf by:





Marsha Lee - Trustee

Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. CHARITY INFORMATION

Israel Philharmonic Orchestra Foundation UK is a company limited by guarantee registered in England and Wales. The charitable company was incorporated on 24 December 2015 and registered with the Charity Commission for England and Wales with effect from 11 August 2016. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is First Floor, 1 Bentick Street, London, W1U 2EA. The nature of the charity's operations and principal activities are set out in the Trustees' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. If a legacy is notified to the charity and it is not possible to measure the amount expected to be distributed, the legacy is treated as a contingent asset and disclosed.

Resources expended
Charitable activities include costs incurred directly in pursuance of the charity's objectives and governance and support costs relating to this activity.

Support costs are those incurred in connection with running the charity that enables the charitable activity to be undertaken.

Grants payable to the Israel Philharmonic Orchestra Foundation "Gala and International Board" in Israel are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants.

Expenses include VAT where applicable as the charity cannot reclaim it.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Governance costs
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted and endowment funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net movement in funds in the period.

Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to
all of its financial instruments.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value. They are then subsequently carried at amortised cost using the effective interest rate method. Financial assets classified as receivable within one year are not amortised.

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the statement of financial activities.

Financial assets are derecognised when the contractual right to cash flows from the asset are settled or expire, substantially all the risk and rewards of the ownership of the asset are transferred to another party or,
despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value. They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. DONATIONS AND LEGACIES
31/5/24 31/5/23
£    £   
Donations 345,936 373,778

4. INVESTMENT INCOME
31/5/24 31/5/23
£    £   
Deposit account interest 1,881 418

5. RAISING FUNDS

Raising donations and legacies
31/5/24 31/5/23
£    £   
Staging fundraising events 11,970 25,783

6. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
7)
£   
Grant funding of activities 114,426

7. GRANTS PAYABLE
31/5/24 31/5/23
£    £   
Grant funding of activities 114,426 551,326
The total grants paid to institutions during the year was as follows:
31/5/24 31/5/23
£    £   
Education in art of music 114,426 551,326


All grants during the year were paid to The Israel Philharmonic Orchestra Foundation "Gala and International Board" in Israel.


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SUPPORT COSTS
Governance
Other costs Totals
£    £    £   
Other resources expended 79,914 4,687 84,601

Support costs, included in the above, are as follows:

Other
31/5/24 31/5/23
Other
resources Total
expended activities
£    £   
Donor development 64,615 30,856
Office costs 5,973 2,239
Donor database management 674 644
Website development and manage ment 1,380 690
Admin, book-keeping and accoun ts 7,272 6,946
79,914 41,375
Governance costs
31/5/24 31/5/23
Other
resources Total
expended activities
£    £   
Independent examination fee 3,582 3,360
Bank charges 1,065 495
Legal fees 40 40
4,687 3,895

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31/5/24 31/5/23
£    £   
Independent examination fee 3,582 3,360


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.


11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Endowment Total
fund fund fund funds
£    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 123,602 250,176 - 373,778

Investment income 418 - - 418
Total 124,020 250,176 - 374,196

EXPENDITURE ON
Raising funds 25,783 - - 25,783

Charitable activities
Grant funding of activities 100,388 450,938 - 551,326

Other 45,270 - - 45,270
Total 171,441 450,938 - 622,379

NET INCOME/(EXPENDITURE) (47,421 ) (200,762 ) - (248,183 )


RECONCILIATION OF FUNDS
Total funds brought forward 148,843 207,762 10 356,615

TOTAL FUNDS CARRIED FORWARD 101,422 7,000 10 108,432


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Prepayments and accrued income 4,050 3,750

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade creditors 147 570
Accruals and deferred income 4,122 3,360
4,269 3,930

14. MOVEMENT IN FUNDS
Net
movement At
At 1/6/23 in funds 31/5/24
£    £    £   
Unrestricted funds
General fund 101,422 (56,231 ) 45,191

Restricted funds
Restricted funds 7,000 193,051 200,051

Endowment funds
Endowment funds 10 - 10

TOTAL FUNDS 108,432 136,820 245,252

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 37,078 (93,309 ) (56,231 )

Restricted funds
Restricted funds 310,739 (117,688 ) 193,051

TOTAL FUNDS 347,817 (210,997 ) 136,820


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1/6/22 in funds 31/5/23
£    £    £   
Unrestricted funds
General fund 148,843 (47,421 ) 101,422

Restricted funds
Restricted funds 207,762 (200,762 ) 7,000

Endowment funds
Endowment funds 10 - 10

TOTAL FUNDS 356,615 (248,183 ) 108,432

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 124,020 (171,441 ) (47,421 )

Restricted funds
Restricted funds 250,176 (450,938 ) (200,762 )

TOTAL FUNDS 374,196 (622,379 ) (248,183 )

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:


Balance at
1/6/23
Incoming
Resources
Resources
Expended
Balance at
31/5/24
£    £    £    £   
Israel Philharmonic Orchestra - 52,925 -52,925 -
Musicians Chair 7,000 64,784 -43,952 27,832
Bronfman Auditorium - 160,000 - 160,000
Projects for the South - 11,170 -8,991 2,179
Keynote Project - 8,000 8,000
Music for the South - 12,580 -10,540 2,040
Salute to the South - 1,280 -1,280 -
7,000 310,739 -117,688 200,051


Israel Philharmonic Orchestra Foundation
UK

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. MOVEMENT IN FUNDS - continued


Israel Philharmonic Orchestra
Donations received specifically for the charity during the year were £52,925 of which the full amount was expended in the year and nothing was carried forward at the end of the year.

Musicians Chair
Donations received earmarked for specific chairs within the charity during the year were £64,784. £43,952 of earmarked funds were expended in the year. The remaining £20,832 was granted to the charity in June 2024 and, together with brought forward funds, £27,832 is carried forward to the next financial year for expending.

Bronfman Foyer

Donations received specifically for the Bronfman Foyer in the year was £160,000 in May 2023. The full amount carried forward at 31 May 2024, will be granted and distributed in June 2024.

15. RELATED PARTY DISCLOSURES

During the year donations of £12,295 (2023: £24,110) were received from the trustees of the charity.

During the year donations of £19,192 (2023: £4,024) were received from three charitable trusts which have a common trustee with the charity.