**REGISTERED CHARITY NUMBER: 1028304** 

**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st August 2025 for London Symphony Chorus Endowment Fund** 

**London Symphony Chorus Endowment Fund** 

**Contents of the Financial Statements for the Year Ended 31st August 2025** 

||Page|
|---|---|
|Report of the Trustees|1 to 5|
|Independent Examiner's Report|6 to 7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 to 21|
|Detailed Statement of Financial Activities|22|



**London Symphony Chorus Endowment Fund** 

## **Report of the Trustees for the Year Ended 31st August 2025** 

The Trustees present their report with the financial statements of the Charity for the year ended 31st August 2025. 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 the Republic of Ireland (FRS 102). 

As the London Symphony Chorus Endowment Fund's gross income does not exceed £250,000 and the value of its assets is less than £3.26 million, the Trustees have decided that the financial statements should be subject to independent examination (rather than audit), which is permitted by the London Symphony Chorus Endowment Fund’s Trust Deed and the relevant legal requirements and Charity Commission guidance. 

## **MEETINGS OF THE TRUSTEES** 

During the financial year 2024/2025 the Trustees held four formal meetings. In addition, there were many informal exchanges and discussions involving the Trustees and the Treasurer and numerous email exchanges: these covered the full range of the London Symphony Chorus Endowment Fund’s activities. 

## **TRUSTEES** 

Damian Day ceased to be a trustee on 11 June 2025 and Chris Straw was appointed as a trustee on 11 June 2025.  The Trustees wish to record their thanks to Damian for his contribution as a trustee.  The Council of the London Symphony Chorus has the sole right to appoint trustees to the London Symphony Chorus Endowment Fund.  All the changes to the Trustees are shown on page 5. 

## **OBJECTIVES AND ACTIVITIES** 

## **Aims and Objectives** 

The objective of the Charity is the furtherance of the objectives of the London Symphony Chorus (LSC), the public benefit of which is the study and practice of choral music aimed at fostering public knowledge and appreciation of such music through public performance. 

Within the limits set by income and the Fund's investments, and in conformity with the London Symphony Chorus Endowment Fund's Trust Deed, the Trustees stand ready to support the LSC in consultation with the Council of the LSC. The Trustees make grants to the LSC following requests from the LSC Council. 

The Trustees have had due regard to the guidance issued by the Charity Commission on public benefit when considering the funding requests made by the Council of the LSC. 

The assets of the London Symphony Chorus Endowment Fund are in two separate funds - the original _Endowment Fund_ and the _General Trust Fund_ . In these financial statements, the original _Endowment Fund_ is included within Restricted Funds and the _General Trust Fund_ is included within Unrestricted Funds. 

1 

**London Symphony Chorus Endowment Fund** 

## **Report of the Trustees for the Year Ended 31st August 2025** 

There are restrictions on the use of capital in the original Endowment Fund (which is not available for current expenditure except in extraordinary circumstances and subject to a unanimous decision of the Trustees); the General Trust Fund does not have a restriction on capital use. 

## **Charitable activities** 

During the 2024/2025 financial year the Charity made grants to the LSC of £30,000 (2024: £15,000), including £15,000 as a first instalment towards the commission of a new choral work for performance in 2027.  The Charity has committed to support the commission of this new work and for the payment of up to a further £20,000 before the end of the financial year 2026/2027 once it is completed. 

## **FINANCIAL REVIEW** 

## **Investment performance and management** 

Details of the funds and accounts in which the London Symphony Chorus Endowment Fund and its constituent funds are invested are set out in note 14 of the financial statements.  Changes in the value of these holdings on the previous year reflect a number of factors including fluctuations in the value of equities, receipts of dividends and interest, and expenditure. 

The Trustees have an agreed set of investment policies and procedures.  They regularly review the composition of the Fund’s investment portfolio, particularly the proportion of equities within total assets. They regularly assess market and legal risk.  The aim is to have a long-term investment policy that mitigates market risk through a diversified portfolio and takes account of ESG factors. 

## **Review of investment portfolio** 

## **Equity investments** 

During the 2023/2024 financial year the Trustees carried out a review of the equity-based investments and decided to allocate money previously invested in the BlackRock Charities UK Equity Fund to a larger number of funds investing in a wider range of assets (including equities and fixed income) with a wider geographical spread while meeting the Charity’s commitment to ESG investments.  The execution of this change, begun in the financial year 2023/2024, was completed in the financial year 2024/2025.  Note 14 to the financial statements shows the investment holdings of the Charity at the year end. 

2 

**London Symphony Chorus Endowment Fund** 

## **Report of the Trustees for the Year Ended 31st August 2025** 

## **Cash management** 

The Charity uses the services of a cash management provider (regulated by the Financial Conduct Authority) which allows it to gain access to a wide range of counterparties to increase opportunities for the investment of the Charity’s cash funds, alongside established relationships, and make it easier to pro-actively manage the cash portfolio.  Deposits are only made with counterparties which are covered by the Financial Services Compensation Scheme. 

## **Reserves Policy** 

The charity holds reserves in restricted and unrestricted funds as follows: 

|arity holds reserves in restricted and unrestricted funds as follows:|||
|---|---|---|
|**Endowment funds**<br>Trust Fund Endowment – Capital<br>Trust Fund Endowment – Accumulated Income<br>**Unrestricted funds**<br>General Trust fund|2025<br>£<br>842,297<br>54,038<br>896,335<br>415,555<br>1,311,890|2024<br>£<br>833,266<br>55,899|
|||889,165<br>410,637|
|||1,299,802|



The charity holds reserves to fulfil its aims of furthering the objectives of the LSC. The major risk to the income of the charity is the source of dividend and interest income. The Trustees work closely with the LSC to ensure that the Charity retains sufficient reserves to support the work of the LSC on an ongoing basis. 

On a regular basis, the Trustees review the balance between equities and other investments in the portfolio. The aim is for all the fund’s investments in bank accounts and deposits to be covered by the Financial Services Compensation Scheme, although for short periods this may not always be possible. 

3 

**London Symphony Chorus Endowment Fund** 

## **Report of the Trustees** 

**for the Year Ended 31st August 2025** 

## **POST FINANCIAL YEAR DEVELOPMENTS** 

Since the end of the financial year the Charity has made further grants to the London Symphony Chorus as follows: 

£ Restricted Funds – Endowment Fund Income 15,000 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing Document** 

The London Symphony Chorus Endowment Fund is constituted under a trust deed dated 27 October 1993 as amended by a deed of variation dated 20 March 2014 and is a registered unincorporated charity, number 1028304. 

The Endowment Fund represents moneys given to the Trust in 1993 and income that was capitalised in 2014. The Trustees can only use the capital of this fund in extraordinary circumstances if all the Trustees agree. The General Trust Fund is not subject to any restrictions on the use of capital. 

The Trustees and Officers who have served during the year and since the year end are set out on page 5. 

No expenses or remuneration were paid to Trustees or Officers. 

4 

London Symphony Chorus Endowment Fund 

Report of the Trustees for the Year Ended 31st August 2025 

## OS 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Trustees 

The power to appoint and remove Trustees is vested in The London Symphony Chorus. 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Registered Charity number 1028304 

Principal address 4 Drax Avenue London 

SW20 0EH 

## Trustees 

Vanessa Knapp OBE Denise Hoilette 

Jamie Broderick Elizabeth Webb Andrew Smith Damian Day Resigned 11" June 2025 Oliver Burrows Christopher Straw Appointed 11" June 2025 

## Officers 

Treasurer Alex Kidney 

Independent‘examiner = Lucy Hammond BSc FCA ; Kreston Reeves LLP 

9 Donnington Park 

85 Birdham Road 

Chichester West Sussex PO20 7AJ 

Approved by order of the board of Trustees on 26 January 2026 and signed on its behalf by: 

? ¥ VKnapp - Trustee 

5 

**Independent Examiner's Report to the Trustees of London Symphony Chorus Endowment Fund** 

## **Independent examiner's report to the trustees of London Symphony Chorus Endowment Fund** 

I report to the charity trustees on my examination of the accounts of the London Symphony Chorus Endowment Fund (the Trust) for the year ended 31st August 2025. 

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose.  To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work or for this report. 

## **Responsibilities and basis of report** 

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’). 

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. 

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

1. accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

6 

**Independent Examiner's Report to the Trustees of London Symphony Chorus Endowment Fund** 

## **Independent examiner's report to the trustees of London Symphony Chorus Endowment Fund (Continued)** 

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. 

Lucy Hammond BSc FCA Kreston Reeves LLP 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ 

3 February 2026 

Date: ............................................. 

7 

**London Symphony Chorus Endowment Fund** 

## **Statement of Financial Activities** 

## **for the Year Ended 31st August 2025** 

|Unrestricted<br>funds<br>Endowment<br>funds<br>Notes<br>£<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations<br>-<br>-<br>Investment income<br>3<br>5,031<br>30,963<br>Other income<br>-<br>176<br> <br>**Total Income**<br>5,031<br>31,139<br>**EXPENDITURE ON**<br>**Charitable activities**<br>London Symphony Chorus<br>-<br>30,000<br>Other<br>4<br>-<br>3,000<br>**Total Expenditure**<br>-<br>33,000<br>Net gains/(losses) on investments<br>(113)<br>9,031<br>**NET INCOME**<br>4,918<br>7,170<br>**RECONCILIATION OF FUNDS**<br>11<br>**Total funds brought forward**<br>410,637<br>889,165<br>**TOTAL FUNDS CARRIED FORWARD**<br>415,555<br>896,335|2025<br>Total<br>funds<br>£<br>-<br>35,994<br>176<br>36,170<br>30,000<br>3,000<br>33,000<br>8,918<br>12,088<br>1,299,802<br>1,311,890|2024<br>Total<br>funds<br>£<br>60,000<br>30,913<br>325<br>91,238<br>15,000<br>3,131<br>18,131<br>89,404<br>162,511<br>1,137,291<br>1,299,802|
|---|---|---|



## **CONTINUING OPERATIONS** 

All income and expenditure has arisen from continuing activities. 

8 

London Symphony Chorus Endowment Fund 

At 31st August 2025 

## Balance Sheet 

|Balance Sheet<br>At 31st AugustAugust 2025|Balance Sheet<br>At 31st AugustAugust 2025|Balance Sheet<br>At 31st AugustAugust 2025|Balance Sheet<br>At 31st AugustAugust 2025|Balance Sheet<br>At 31st AugustAugust 2025|Balance Sheet<br>At 31st AugustAugust 2025|Balance Sheet<br>At 31st AugustAugust 2025|
|---|---|---|---|---|---|---|
|a|||||||
||||||2025|2024|
||||Unrestricted|Endowment|Total|Total|
||||funds|funds|funds|funds|
|||Notes|£|£|£|£|
|FIXED ASSETS|||||||
|Investments||7|299,128|845,976|1,145,104|1,213,079|
|CURRENT ASSETS|||||||
|Debtors||8|1,893|5,764|7,657|7,912|
|Cash at bank||9|114,534|47,595|162,129|81,811|
||||116,427|53,359|169,786|89,723|
|CREDITORS|||||||
|Amounts falling due within oneyear||10|-|(3,000)|(3,000)|(3,000)|
|NETCURRENTASSETS|||116,427|50,359|166,786|86,723|
|TOTALASSETS LESS CURRENT LIABILITIES|||415,555|896,335|1,311,890|1,299,802|
|NETASSETS|||415,555|896,335|1,311,890|1,299,802|
|FUNDS||11|||||
|Unrestricted funds|||||415,555|410,637|
|Endowmentfunds|r||||896,335|889,165|
|TOTALFUNDS|||||1,311,890|1,299,802|



The financial statements were approved by the Board of Trustees on 26" January 2026 and were signed on its behalf by: 

V Knapp - Trustee 

9 

**London Symphony Chorus Endowment Fund** 

**Notes to the Financial Statements for the Year Ended 31st August 2025** 

## **1. STATEMENT OF COMPLIANCE** 

The London Symphony Chorus Endowment Fund is an unincorporated charity registered in England, charity number 1028304. The registered office is 4 Drax Avenue, London, SW20 0EH. 

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound. 

The financial statements have been prepared in compliance with FRS 102 as it applied to the financial statements for the year ended 31st August 2025. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared on the accruals basis with investments stated at market value. 

## **Going Concern** 

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **Financial reporting standard 102 - reduced disclosure exemptions** 

The charity has taken advantage of the disclosure exemption within Section 7 Statement of Cash Flows in preparing these financial statements as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

10 

**London Symphony Chorus Endowment Fund** 

**Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **2. ACCOUNTING POLICIES - continued** 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. 

## **Charitable activities** 

Costs of charitable activities are costs associated with supporting the London Symphony Chorus. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

The Trust Fund is an Endowment Fund established in 1993 and the General Trust Fund was established in 2015 when a donation was made by the London Symphony Chorus. The General Trust Fund and income generated by it, are kept separate from the original assets and income and expenditure arising therefrom for clarity of accounting. 

Both funds exist to support the achievement of the charitable objects of the London Symphony Chorus. 

## **Fixed asset investments** 

The charity holds all investments at market value. 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## **3. INVESTMENT INCOME** 

|Dividends<br>Interest|2025<br>£<br>19,529<br>16,465<br>35,994|2024<br>£<br>19,689<br>11,224<br>30,913|
|---|---|---|



11 

**London Symphony Chorus Endowment Fund** 

**Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **4. OTHER** 

||2025|2024|
|---|---|---|
||£|£|
|Support costs|3,000|3,131|



Included within Support costs is £3,000 (2024: £3,000) for the independent examination. 

## **5. TRUSTEES' REMUNERATION AND BENEFITS** 

There was no Trustees' remuneration or other benefits for the year ended 31st August 2025, nor for the year ended 31st August 2024. 

## **Trustees' expenses** 

There were no Trustees' expenses paid for the year ended 31st August 2025, nor for the year ended 31st August 2024. 

12 

**London Symphony Chorus Endowment Fund** 

**Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **6. COMPARATIVES STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET Year Ended 31[st] August 2024.** 

## **Comparative Statement of Financial Activities** 

|Unrestricted<br>funds<br>Endowment<br>funds<br>Notes<br>£<br>£<br>**INCOME AND ENDOWMENTS**<br>**FROM**<br>Donations<br>60,000<br>-<br>Investment income<br>3<br>3,238<br>27,675<br>Other income<br>-<br>325<br> <br>**Total Income**<br>63,238<br>28,000<br>**EXPENDITURE ON**<br>**Charitable activities**<br>London Symphony Chorus<br>-<br>15,000<br>Other<br>4<br>69<br>3,062<br>**Total Expenditure**<br>69<br>18,062<br>Net gains on investments<br>34,137<br>55,267<br>**NET INCOME**<br>97,306<br>65,205<br>**RECONCILIATION OF FUNDS**<br>11<br>**Total funds brought forward**<br>313,331<br>823,960<br>**TOTAL FUNDS CARRIED FORWARD**<br>410,637<br>889,165|2024<br>Total<br>funds<br>£<br>60,000<br>30,913<br>325<br>91,238<br>15,000<br>3,131<br>18,131<br>89,404<br>162,511<br>1,137,291<br>1,299,802|2023<br>Total<br>funds<br>£<br>-<br>22,938<br>-<br>22,938<br>-<br>2,640<br>2,640<br>31,919<br>52,217<br>1,085,074<br>1,137,291|
|---|---|---|



13 

**London Symphony Chorus Endowment Fund** 

**Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **6. COMPARATIVES STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET Year Ended 31[st] August 2024 - continued** 

## **Comparative Balance Sheet** 

|Unrestricted<br>funds<br>Endowment<br>funds<br>Notes<br>£<br>£<br>**FIXED ASSETS**<br>Investments<br>7<br>384,241<br>828,838<br>**CURRENT ASSETS**<br>Debtors<br>8<br>2,196<br>5,716<br>Cash at bank<br>9<br>24,200<br>57,611<br>26,396<br>63,327<br>**CREDITORS**<br>Amounts falling due within one year 10<br>-<br>(3,000)<br>**NET CURRENT ASSETS**<br>26,396<br>60,327<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>410,637<br>889,165<br>**NET ASSETS**<br>410,637<br>889,165<br>**FUNDS**<br>11<br>Unrestricted funds<br>Endowment funds<br>**TOTAL FUNDS**|2024<br>Total<br>funds<br>£<br>1,213,079<br>7,912<br>81,811<br>89,723<br>(3,000)<br>86,723<br>1,299,802<br>1,299,802<br>410,637<br>889,165<br>1,299,802|2023<br>Total<br>funds<br>£<br>814,830<br>1,935<br>323,166<br>325,101<br>(2,640)<br>322,461<br>1,137,291<br>1,137,291<br>313,331<br>823,960<br>1,137,291|
|---|---|---|



14 

**London Symphony Chorus Endowment Fund** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31st August 2025** 

## **7. FIXED ASSET INVESTMENTS** 

|Managed funds<br>Fixed term deposit accounts<br>**MARKET VALUE**<br>At 1st September 2024<br>Additions<br>Disposals<br>Revaluations<br>At 31st August 2025<br>**NET BOOK VALUE**<br>At 31st August 2025<br>At 31st August 2024<br>There were no investment assets outside the UK.<br>Fixed term deposits were as follows:<br>Brought forward<br>Additions<br>Disposals|2025<br>2024<br>£<br>£<br>913,148<br>904,204<br>231,956<br>308,875<br>1,145,104<br>1,213,079<br>Listed<br>investments<br>£<br>904,204<br>467,699<br>(475,717)<br>16,962<br>913,148<br>913,148<br>904,204<br>2025<br>2024<br>£<br>£<br>308,875<br>-<br>118,072<br>308,875<br>(194,991)<br>-<br>231,956<br>308,875|
|---|---|
|||



The cost of investment held as at 31st August 2025 is £943,028 (2024: £992,055). See Note 14 for further details and a breakdown of the investments held within each fund. 

## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

||2025|2024|
|---|---|---|
||£|£|
|Prepayments and accrued income|7,657|7,912|



15 

**London Symphony Chorus Endowment Fund** 

## **Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **9. CASH AT BANK** 

|Cash<br>Investment accounts<br>**10.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Accruals and deferred income|2025<br>£<br>8,040<br>154,089<br>162,129<br>2025<br>£<br>3,000|2024<br>£<br>1,069<br>80,742<br>81,811<br>2024<br>£<br>3,000|
|---|---|---|



16 

**London Symphony Chorus Endowment Fund** 

## **Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **11. MOVEMENT IN FUNDS** 

Statement of funds: 

|At<br>1.9.24<br>Income<br>£<br>£<br>**Endowment funds**<br>Trust Fund Endowment<br>Income<br>55,899<br>31,139<br>Capital<br>833,266<br>-<br>889,165<br>31,139<br>**Unrestricted funds**<br>General Trust Fund<br>410,637<br>5,031<br>**TOTAL FUNDS**<br>1,299,802<br>36,170<br>Comparative statement of funds<br>At<br>1.9.23<br>Income<br>£<br>£<br>**Endowment funds**<br>Trust Fund Endowment<br>Income<br>45,961<br>28,000<br>Capital<br>777,999<br>-<br>823,960<br>28,000<br>**Unrestricted funds**<br>General Trust Fund<br>313,331<br>63,238<br>**TOTAL FUNDS**<br>1,137,291<br>91,238|At<br>1.9.24<br>Income<br>£<br>£<br>55,899<br>31,139<br>833,266<br>-|At<br>1.9.24<br>Income<br>£<br>£<br>55,899<br>31,139<br>833,266<br>-|<br> <br> <br> <br>|Expenditure<br>£<br>(33,000)<br>-<br>(33,000)<br>-<br>(33,000)<br>Expenditure<br>£<br>(18,062)<br>-<br>(18,062)<br>(69)<br>(18,131)|Gains<br>/(losses)<br>£<br>-<br>9,031|<br> <br>|At<br>31.08.25<br>£<br>54,038<br>842,297<br>896,335<br>415,555<br>1,311,890<br>At<br>31.08.24<br>£<br>55,899<br>833,266<br>889,165<br>410,637<br>1,299,802|
|---|---|---|---|---|---|---|---|
||889,165<br>31,139<br>410,637<br>5,031||||<br>9,031<br>(113)|||
||1,299,802<br>36,170||||8,918|||
|||Income<br>£<br> <br>28,000<br> <br>-|<br> <br> <br> <br>||Gains<br>£<br>-<br>55,267|<br> <br>||
||823,960<br>28,000<br>313,331<br>63,238||||<br>55,267<br>34,137|||
||1,137,291<br>91,238||||89,404|||



17 

**London Symphony Chorus Endowment Fund** 

**Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **12. RELATED PARTY DISCLOSURES** 

## **The London Symphony Chorus** 

During the year ended 31st August 2025 transactions with the London Symphony Chorus were as follows: 

|**Unrestricted funds – General Trust Fund - Income**<br>Donation from the London Symphony Chorus<br>**Restricted funds – Trust Fund Endowment - Expenditure**<br>Grant to the London Symphony Chorus|2025<br>£<br>-<br>2025<br>£<br>(30,000)|2024<br>£<br>60,000|
|---|---|---|
|||2024<br>£<br>(15,000)|



## **13. CONTINGENT LIABILITY** 

During the year the London Symphony Chorus Endowment fund made a grant of £15,000 to the London Symphony Chorus towards the cost of a downpayment for the commissioning a new choral work due to be premiered in 2027.  The Charity has committed to the payment of up to a further £20,000 contingent upon the commission being completed and the unedited score being delivered. This is expected to be no later than February 2027. 

18 

**London Symphony Chorus Endowment Fund** 

## **Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **14. LONDON SYMPHONY CHORUS ENDOWMENT FUND'S HOLDINGS** 

|**Investment Assets**<br>**Trust Fund Endowment**<br>Managed Funds|**2025**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|**2025**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|**2024**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|**2024**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|
|---|---|---|---|---|
|BlackRock Charities Growth & Income|||||
|Fund Class A Inc_Nil_(2024:_9,633.911_)<br>units held||<br>-|||
||-||10,000|10,659|
|CCLA Charities Global Equity Income<br>Fund_5,861.66_(2024:_5,861.66_) units<br>held|10,000|<br>16,645|10,000|17,044|
|BlackRock Charities UK Equity Fund A Inc|||||
|_Nil_(2024:_59,828.661_) units held|-|<br>-|429,300|464,553|
|CCLA Charities Ethical Investment Fund<br>Income Units_37,301.252_(2024:<br>_36.250.6502_) units held|116,160|<br>111,311|113,000|112,707|
|Rathbone Active Income and Growth|||||
|Fund Income Units 96,975.53 (2024:<br>_Nil_) units held|138,524|<br>145,987|-|-|
||||||
|M&G Equities Investment Fund for<br>Charities (Charifund) Income Units<br>7,567.62 (2024:_Nil_) units held|112,516|<br>121,604|-|-|
|SUTL Cazenove Charity Sustainable Multi-|||||
|Asset Fund Z Income 194,845.99 (2024:<br>_Nil_) units held|113,048|<br>114,706|-|-|
||||||
|Newton Ethically Screened Fund for<br>Charities Income Units 50,243.254 (2024:<br>_Nil_) units held<br>Fixed Term Deposit Accounts<br>Santander International<br>United Trust Bank<br>United Trust Bank<br>Aldermore Bank plc<br>Cambridge & Counties Bank<br>Sainsbury’s Bank<br>Aldermore Bank plc<br>Hampshire Trust Bank<br>Investment assets|99,944|<br>103,767<br> <br>614,020<br>-<br> <br>41,669<br> <br>31,000<br> <br>49,875<br> <br>35,462<br> <br>-<br> <br>10,000<br> <br>63,950<br> <br>231,956<br> <br>845,976|-<br>562,300<br>60,000<br>40,000<br>30,000<br>49,875<br>34,000<br>10,000<br>-<br>-<br>223,875<br>786,175|-<br>604,963<br>60,000<br>40,000<br>30,000<br>49,875<br>34,000<br>10,000<br>-<br>-<br>223,875<br>828,838|
||590,192||||
||-<br>41,669<br>31,000<br>49,875<br>35,462<br>-<br>10,000<br>63,950||||
||231,956||||
||822,148||||



19 

**London Symphony Chorus Endowment Fund** 

## **Notes to the Financial Statements - continued for the Year Ended 31st August 2025** 

## **14. LONDON SYMPHONY CHORUS ENDOWMENT FUND'S HOLDINGS - continued** 

|**Investment Assets**<br>**General Trust Fund**<br>Managed Funds|**2025**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|**2025**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|**2024**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|**2024**<br>**Original**<br>**Cost**<br>**Market**<br>**Value**<br>£<br>£|
|---|---|---|---|---|
|CCLA Charities Global Equity Income|||||
|Fund Accumulation_49,981.85_(2024:<br>_49,981.85_) units held|||||
||110,880|<br>284,982|110,880|284,756|
||||||
|CCLA Charities Global Equity Fund<br>Income_4,981.57_(2023:_4,981.57_) units<br>held<br>Fixed Term Deposit Accounts<br>HSBC Bank plc<br>Investment assets<br>**Investment assets by Fund**<br>Trust Fund Endowment<br>General Trust Fund<br>**Total investment assets**<br>**Investment assets by type**<br>Total Managed Funds<br>Total Fixed Term Deposits Accounts<br>**Total Investment Assets**|10,000<br>120,880<br>-<br>-<br>120,880<br>822,148<br>120,880<br>**943,028**<br>711,072<br>231,956<br>**943,028**|14,146<br>299,128<br>-<br> <br>-<br>299,128<br> <br>845,976<br>299,128<br> <br>**1,145,104**<br> <br>913,148<br>231,956<br>**1,145,104**|10,000<br>120,880<br>85,000<br>85,000<br>205,880<br>786,175<br>205,880<br>**992,055**<br>683,180<br>308,875<br>**992,055**|14,485<br>299,241<br>85,000<br>85,000<br>384,241<br>828,838<br>384,241<br>**1,213,079**<br>904,204<br>308,875<br>**1,213,079**|



20 

**London Symphony Chorus Endowment Fund** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31st August 2025** 

## **14. LONDON SYMPHONY CHORUS ENDOWMENT FUND'S HOLDINGS - continued** 

||**2025**|**2025**|**2024**||
|---|---|---|---|---|
||**Original**|**Market**|**Original**|**Market**|
|**Cash at Bank and Investment Accounts**|**Cost**|**Value**|**Cost**|**Value**|
||£|£|£|£|
|Trust Fund Endowment|||||
|Barclays Bank plc -Current Account|6,956|6,956|369|369|
|Cambridge & Counties Bank Ltd|13,251|13,251|12,445|12,445|
|United Trust Bank Ltd|8,546|8,546|7,714|7,714|
|Hampshire Trust Bank PLC|1,092|1,092|1,083|1,083|
|Standard Chartered Bank – Term Deposit|17,750|17,750|22,000|22,000|
|Investec Bank – Term Deposit|-|-|8,000|8,000|
|Investec Bank – Term Deposit|-|-|6,000|6,000|



|General Trust Fund<br>Barclays Bank plc - Current Account<br>HSBC Bank plc – Term Deposit<br>Standard Charted Bank – Term Deposit<br>**Total Cash at Bank**|47,595<br>1,084<br>85,000<br>28,450<br>114,534<br>**162,129**|47,595<br>1,084<br>85,000<br>28,450<br>114,534<br>**162,129**|57,611<br>700<br>-<br>23,500<br>24,200<br>**81,811**|57,611<br>700<br>-<br>23,500<br>24,200<br>**81,811**|
|---|---|---|---|---|



21 

**London Symphony Chorus Endowment Fund** 

## **Detailed Statement of Financial Activities for the Year Ended 31st August 2025** 

|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Donations<br>**Investment income**<br>Dividends<br>**Other income**<br>Bank Interest Received<br>Other income<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Charitable activities**<br>London Symphony Chorus<br>**Support costs**<br>**Governance costs**<br>Accountancy and legal fees<br>Other costs<br>**Total resources expended**<br>**Net income before gains and losses**<br>Unrealised and realised gains /(losses)<br>**Net income**|2025<br>£<br>-<br>19,529<br>16,465<br>176<br>36,170<br>30,000<br>3,000<br>-<br>33,000<br>3,170<br>8,918<br>12,088|2024<br>£<br>60,000<br>19,689<br>11,224<br>325<br>91,238<br>15,000<br>3,000<br>131<br>18,131<br>73,107<br>89,404<br>162,511|
|---|---|---|



22