2022-12-31-accounts

SOUTHBANK SINFONIA FOUNDATION A company limited by guarantee) FINANCIAL STATEMENTS FOR THE PERIOD OIJANUARY 2022- 31 DECEMBER 2022 Company Registration Number: 10284465 Registered Charity Nurnber.. 1169535

SOUTHBANK SINFONIA FOUNDATION (UMITED BYfjUARANTEE} LEGAL AND ADMINISTRATIVE INFORMATION Trustees M C F Monfrte5 D W Sutherland J M BermanC8E P J H S Wolff-InBham Secretary R J Grisbrook Charty Number 1169535 Company Number 10284465 Reglstered Office & Principal Addre55 St John's Smith Square London SWIP 3HA Independent Examlner Mark Cummins FCCA TC Group The Courtyard Shoreham Road Upper Beedin8 Steyning West Sussex BN44 3TN Bank Unity Trust Bank IUTBI PO Box 7193 Planetary Road Willenhall WVI 9DG Investment Managers EFG Private Bank Ltd Leconfield House Cunon Street London WIJ 5JB Solldtors Counterculture Partnèrship LLP Unit 115 Ducie House Ducie Street Manchester Ml 2JW

SOUTHBANK SINFONIA FOUNDATION (LIMITED 8YGUARANTEE) CONTENTS Page Trustee5' Report Ilncorporatlng Olrectors Report) Statement of Trustees, Responsibilitles Independent Examinerfs Report statement of Financlal Activttie5 Balance Sheet C05h Fluw Statement Notes t¢ the Flnant&al Statements

SOUTHBANK SINFONIA FOUNDATION IUMITED BY GUARANTEE) TRUSTEES, REPORT (INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees have pleasure in p￿SentIng their report and the financbal statements of the company for the financial year l January 2022- 31 December 2022. The Trustees. report also acts as the Directors. rèport forthe purposes of company law. Objectlves and activitie5 Southbank Sinfonia Foijndation I'the Foundatlon~I was establlshed In 2016 to support and further the work of the orche5trd Southbank Sinfonia. Stself a re8lStered chartty INO. 10924611 established in 2002. Slnce its launch. Southbank Sinfonla has done much to transform graduate musicians, prospects and glve them a vstal springboard inlo the profession. It has generated over £5 million that has gone dirertly Into tran5formin8 the livelihood of young mu51clans. It ha5 placed them at the heart of distinctNe prokcts that set the tempo for the future of classical music. They have collaborated with some of the world's finest artists and In turn seized their potential as role models, enabling the gfft of music entrusted to them to be safely passed on to youn8ergenerations. By accruing and being the steward of more substantial donation5 and legacies, it is hoped that the Foundatitirt may underpln and further fuel what the orchestra Is able to achieve, safeguarding it5 future and galvanising the role it plays in Br¢tain's musical ecology by enabling it tL) do thing5 that cannot be afforded in its normal budget. Speclfically, the Foundation'5 charitable objects, for the public benefit, are: l. To relieve unemployment, poverty and protect the health of young muslcians- 2. To advance the educatSon of the public in the art and science of mu51C by supporting the activities of Southbank Sinfot)la In co-operation with the orchestra's senlor managers and trustees, in particular but not exclusively by providlng financial and other s¥Jpport,' al To enable the orchestra to innovate and undertake new actlvltles- bl To extend what the orchestra offers by procuring further premlses for performance. rehearsal and other aciivities; and cl To make grants and bursarles to assist the orchestra's individual beneficiarie5. The Foundation achieves its charitable objects by making grants of financial 5UPPOrt to Southbank Sinfonia, in particular to provide Scope for the orchestra to Snnovate beyond its re8ular means, and to provide rellef from hardship for the orchestra'5 mu5ician5. Trustees of the Foundation meet at leasttwiceyearlyto review applicatlons for5UPPUrt from Southbanksinfonia, and to address the current Position of the Foundation itselF and Investments. Trustees may meet on further occasions to address any significant issues arisinB, principally any additlonal appeals for support from Southbank Sinfonia. TheTrustees have regard to the Charity Commission's guidance on public benefit: all 8rant5 are awarded to Southbank Sinfonia which, as a registered charity, is obliged to undertake its activities for the benefrt of the publlc. In awarding grants, Trustees are mindful to balance the needs of both the current and future beneficiaries of Southbank Slnfonia's worl and as such have declded for the time-being that the capital held by thè Foundation wlll only be spent toward5 applications that will 'significantly enhance the scope and ambition of Southbank Sinfonla's activlties, and that, in the absen￿ of exceptional circumstances, the majority of grdnt5 will be awarded up to the level of income or capital gain generated by the Foundation's held Investments during the year. Each grant request 15 therefore assessed against these criteria.

SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) TRUSTEES. REPORT {INCORPORATING THE DIRECTORS REPORT) FOR THE YEAR ENDED 310ECEMBER 2022 5outhbank Slnfonla's fundamental charitable ob5ects mirror those of the Foundation- as a resu￿. any Brant awarded to Southbank Sinfonia meets the charitable aims of the Foundation. In the accompanying financial statements, grant-Tnaking attivlties have been directty allocated-where possible to one of the two under￿1￿8 charitable objects of the Foundatlon stated above, for example when a grant has enabled new artistic activities. or has been glven to assist the orchestra's musician5 in financial need. Where a grant has been made that cannot be directly allocated in this way. for example grants made to support the Southbank Sinfonia's infrastructure, fundraising artivities or staff development. the value of these grants has been apportioned equally between these two charitable objects* given that such measures give the orchestra a stronger footing from which to fulfil both aim5. Year-round, in addition to fundraising for the orchestra'5 ongoing activitie5, Southbank Sinfonia's management team endeavours to raise awareness of the Foundation as a stewardship charity for legacy donations, bolh in print and through dedicated web pages on the new webstte Iwww.southbanksinfonia.co.uVlegacies and www.southbanksinfonia.co.uk/foundationl. Achlevements and performance 2022 was both an exciting and challenging year for Southbank Sinfonia I'sbs'i, wtth the completion of the merger with St john's Smlth Square Charitable Trust I'SJSS'I. Sbs is now proud to call this wonderful building at the heart of Westminster ils home, and has re-established its Fellowship programme on a revised timetable coinciding with the 'academic year.. In late Mayi following an incredibly strong field of applications and auditions, Sbs was delighted to be ableto offer 33 places on the 2022123 Fellowship programme readyto startthe full yearfs actlvlty from September 2022. There has also been the introduttion of new organSsational leadership and the development of a more exienslve and ambitious 10-year business plan to take the orchestrd through its planned capital project and beyond. During this period, the Foundation re￿Ived a number of grant appllcatlons from Sbs for finantial 5UPPOrt, to enable it to go through this period of significant transition whllst continuing to maintain and build its Fellowship activtties in sUPPOrt of its objectives. The Foundation's trustees have considered each request carefulty to ensure that it met its charitable objective5 and the trustees, 8rant-making policy. asking for supplementary information and artions from Sbs where thls was feh necessary. Future plans Having established an effective process for reviewing 8rant applications, the Foundation expects to welcome further applications for review at its regular meetings. Future grants will be made to support 5bS' delivery of its ambitlous business plan, whilst recognising that its primary fundraising focu5 15 external to the Foundation. Th Foundation will also continue to consider grant applications which enable the orchestra to pursue activltles that establish Its reputation and Impact beyund the resource5 of its normal budget and also those which alleviate hardship of indwidual musiclans. The Trustees will continue to monltor the performance of the Foundatiorb's invested funds, malntalning a view on the appropriateness of the adopted investment strategy to meet it5 objettives. Trustees will meet annually with the investment manager. Financial Review In 2022, the charity received Income of £879.25712021: £51,214) lincluding gffts-in-kindl made net realised and unrealised 1055es of -£140,437 12021: £70,451) and expende(1 £620,053 12021: £626,908) on delivering its charitable objerts and on managing its investment portfolio.

SOUTHBANK SINFONIA FOUNDATION (UMITED BY GUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS REPORn FOR THE YEAR ENDED 31 DECEMBER 2022 The charity contlnued to benefit from EFG PrNate Bank Ltd's agreement to manage the invested funds wlth a 5Sgnificant discount on their standar(l investment managemènt fee for the bespoke service provided. This fee redurtlon Is accounted for as a gift-ln-kind to the Foundatlon. Following discussions with the investment manager, the Trustees continued to adopt a 'total return, investment strategy, instructing the investment mana8er to maximise the investment return wtth no preference for income or capital gain. wlth the aspiration that this will generate the highest value to enable fulfilment of the long-tèrm objectbves of the Foundation to support both the current and future beneficiarles of Southbank Sinfonia. Given the operating structure of the Foundation, the Trustees do not feel St necessaryto adopt a formal reseNes policy. The Foundation exists exclusively to receive legacies and donatlons for and provide financial support to Southbank Sinfonia and the charity would theoretically, in exceptlonal Circumstan￿5, conslder spending down the entirety of Fts funds to thi5 end. The cost of the nom)al annual management and governance of the Foundation is small, and the charity has no dlrect employees. The Trustees would. however, should such an exceptional circumstance arise, ensure that Sufficient funds were ￿taIned to meet any outstanding costs of this nature. At the end of 2022, Southbank Sinfonla Foundatlon held total unrestricted funds of £1,013,532 12021: £1,675,788) and total restricted funds of £781,023 IZ021: £Nill. The Trustees have analysed and addressed the major risks to which the Foundatlon Is exposed, and these wlll continue to be reviewed annyally. Principal among these is the risk to the Foundation's invested capital and the level of return it generates-thls risk is managed by adopting a low-to-medium risk profile of the held investments. reviewing quarterty investment reports and meeting wtth the investment manager at least annually. In addition, the Trustee5 are aware of the need to ensure a continued strong working relationship with Southbank Sinfonia ttself to mainlain congruence of the two charities, long-term objectives. Thi5 is achieved by maintalnlng a level of commonality between the Boards of both charities, whi15t retaining the functional independence of each, and by Trustees of the Foundation maintainlng regular contact and dialogue with the orchestra's Trustees and managementteam. Structurei goveTnance and management The Foundation is a company limited by 8uarantee govemed by its Memorandum and Articles of Assoaatlon (incorporated 18 July 2016, and amended by special resolutlon on 19 September 20161. It Is reglstered as a charity with the Chartty Commisslon. The Tnjstees (Members) also act as Direclors forthe purposes of cornpany law and hold no share capital. There are currently four Members (known as Yrustees'l and the liability of each in the event of a wlnding-up is limited to £10. The entlty Is governed by the Board of Trustees. The charity employs no staff, but UtIl￿e5 the seNices of an employee of Sbs to undertake the role of Company Secretary for the charlty, In addition to expertise from Sb5' accourrting team staff, the cost of which is recharged to the Foundation by Southbank Sinfonla. The Trustees have carried out a review of the strategic and operational risks faced by the Foundation. and monitor the measures in place to manage exposure to these risks. Trustees are recruited, appointed and tralned by the existing Trustee5. No external persons are entltled to appoint Trustees. Trustee meetings are held at least twice a year to review the financlal and operational state of the Foundation, to consider grant applications and to monitor the impact of grants previousty awarded. The Trustees wlll continue to actively consider the rècommendation5 set out in the Charrty Governance Code as the Eovernance wlicles and procedur¥ of the Foundation continue to evolve.

SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Responsibilities of the Tru5tee5 The Trustee5, who are also the dirertors of the Foundation for the purposes of company law, are responsible for preparing the Trustees, Report and the accounts in accordance wtth applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Principles). Company law requires the Trustees to prepare financial statements for each financial year, which gNe a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, includinE the incowne and expenditure, of the charitable company for that year. In preparing those financial statements, the Trustees a￿ required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles In the Charities SORP (see note 2.1 on page 11 belowl; make judgements and estimates that are reasonable and prudent: and prepare the financial statements on the going concern basis unless It is inappropriate to presLTme that the charwtable company will continue in business. The Trustees are responsible for keeping adequate accounting records which disclose wtth reasonable accuraLy at anytirne the financial position of the Foundation and which enablethem to ensurethat the financial statements comply wlth the Companies Act 2006. They are also responsible forsafeguarding the assets of the Foundation and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. By order of the Trustees, Mary Monfries Chair Date.. 2710912023

SOUTHBANK SINFONIA FOUNDATION (LIMrrED BYGUARArirEE) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS I report to the charity trustees on my examlnatlon of the accounts of the Company for the year ended 31 December 2022. Responsibilities and basls of report A5 the charttls trustees of the Company land also Its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2[106 Act'l. Havin8 satisfied myself that the accounts of the Company are not required to be audlted under Part 16 of the 2006 Act and are eliglble for independent examination. I report in respect of my examination of your charws accounts as carried out under section 145 of the Charities Act 2011 1.the 2011 Act'l. In carryin8 Out my examination I have followed the Directions given by the Charity Commission under section 1451519bl of the 2011 Act. Independent examlnees statement Since thÈ companW5 gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that l am qualified to undertake the examination because l am o member of the Assoclatlon of Chartered Certified Accountants, which 15 one of the listed bodles. I have completed my examination. I confimi that no matters have come to my attentlon In connection wlth the examination giving me cause to believe: accounting records were not kept in respecl of the Company as requ1￿￿ by section 386 of the 2006 Att: 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 Aci other than any requirement that the accounts glve a 'true and fairf 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 priciples of the Statement of Recommended Practice for accounting and reportlng by charities. I have no concerns and have corne across no other matters In connection wlth the examination to whKh attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Mark Cummins FCCA fer and on behalf of TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex 8N44 3TN Dated. il 204

SOUTHBANK SINFONIA FOUNDATION {LIMITED BY GUARANTEEI STATEMENT OF FINAP4CIAL ACTIVITIES {INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds Restrf¢ted funds Totsl 2022 Total 2021 INCOME FROM: Donation5 and legarles Investment5 Tmal Inco￿ Notés 20,775 25,451 46,226 824,868 8.163 833.031 845,643 33,614 879,257 21,783 29,431 51,214 EXPENDITURE ON: Ra15ing funds Charitable activrties Total expendityre 16.139 551,906 568.045 16,139 603,914 620,053 26.734 600,174 626,9( 52.008 52.1x18 Net incomel{expendlturel {521.8191 781,023 259,204 1575.694 Net Ilossesl / galns on investments 1140,437} 1140A371 70,451 Net movement in funds 1662.2561 781A123 118,767 1505.2431 Reconc115atlon of funds Total funds brought frlrward 1,675,788 1.675.788 2,181,031 Total funds carrled forward 1.013A32 781023 L794.555 1,675,788 The Statement of Financlal Activitie5 includes all galns and losses recoBnised in the year. 2021 conslsted of unrestrirted funds only. The note5 on pages 9 to 14 form part of these financial statements.

SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) BALANCE SHEEr AS AT 31 DECEMBER 2022 2022 2021 Notès FIXEO ASSETS Investments Cash held as pat of Investment portfolio 936.784 67,662 1.01)4A46 1,673,289 62,1]01 1,735,290 CURRENT ASSETS Debtors Cash at bank and in hand 1.709 800.910 802.619 398 56,142 56,540 CURRENT LIABILITIES Credltors due within one year 112,510) {116,0421 CURRENT ASSETS I IUABIUTIESI 7￿,109 159,5021 TOTAL ASSETS 1,794.555 1,675,788 FUNDS Re5trirted funds Unrestricted funds io 781.023 1,013.532 1,794,555 1,675,788 1,675.788 The charity is entitled to the exemption from the audlt requirement contalned In section 477 of the Companies Act 2006. for the year ended 31 December 2022. No mèmber of the charity has depostted a notice* pursuant to sertlon 476, requirin8 an oudit of these accounts. The trustees acknowledge thelr responsibilitie5 for- ensuriA8 that the charlty keeps accounting records which comply wfth sections 386 and 387 of the Companie5 Art 2006 and b. preparing accounts which glve a true and fair view of the state of affairs of the charity as at the end of the financial period and of Its Sncomin8 reSoUr￿S and application of resources, including its Income and expenditure, for the tlnancial perlod in accordance with the requirement5 of sections 394 and 395 and which otherwise comply with the reoulrements of the Companles Act 2006 relating to accounts so far as applicable to the charitable company. The financlal statements have been prepared In accordance with thè special provision5 of Part 15 of the Companies Act 2006 relating to small companies. The financi41 statements were approved and authorised bythe Board of Trustees on 2710912023 and signed on their behalf by: M C F Monfrfes Chalr Company Number- 10284465

SOUTHBANK SINFONIA FOUNDATION (UMITED BY GUARANTEE) CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Cash ftows from operatlnl artlvltles Net incomellexpenditurel for the reportlng period, a5 per the Statement of Financial Activities 118.767 1505,2431 Adjustments for: Unrealised lossès/l8ainxl on investments Dividend5 and interest from investments 110.868 157.7861 129,4311 112,6651 133,6141 Lo%llgalnl on Sale of fixed asset investments Decrease/lincreasel In trade and other debtors IDocreasel[Increase in trade and other creditors 29,569 11,3111 {103,532) 10,040 103.416 120.747 1491.6691 Cash fiow5 from Inve5tSng actlvltles Dividend5 and interest from investments 33,614 29,431 Proceeds from sale of investments Purchase of investments 1.250,832 1660.425) 932.691 1422,0621 Net Cash used In investlng artivities 624.021 540,060 Change In ￿5h and cash equivalents In the year 744.768 48,391 Cash and cash equwalents at the beginning of the year 56,142 7,751 Cash and cash equlvalents at the end of the year 81K).910 56,142 The notes on pages 9 to 14 form part of these financial statements.

SOUTHBANK SINFONIA FOUNDATION (LIMrrED BYGUARANfEE) NOTES TO THE FINANCIAL sTATEmEr￿s FOR THE YEAR ENDED 31 DECEMBER 2022 5[ATL￿jRy INFORMATION Sotrthbank Sinfonia Foundation is a company limTrted by guarantee. The members of the company a￿ the Trustees named on the le8al and admin informatlon page. In the event of thè charlty being wound up, the liability in respect of the guarantee is Iimlted. ACCOUNTING POUCIES 2.1 Basls ot preparation of financlal stements The financial statements have been prepared in accordance with Charities SORP IFR51021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities p￿partng their accounts in accordance with Financial reportinB Standard applicable In the UK IFRS 1021 leffective l January 20191, the Flnancial Reporring Standard applicable in the UK IFRS 1021 and the Companies Art 2C(J6. The financial staternents arè prepared in sterling. which Is the funrtional currency of the charity. Monetsry amounts In these financial ststements are rounded tothe nearest pound. Southbank Sinfonia Foundatlon meets the definition of a public benefit entlty under FRS 102. A55ets an(J liabilities are initially recogntsed at historical cost or tro￿aCtIOn value unless otherwise stated in the relevant a¢¢ountlng pallcy. Llsted investments are held at fairvalue. 2.2 Golng Concern At the time of approving the financial statements. the trustees have a reasonable expertation that the Charity has adequate resourtes to continue in operational existence for the foreseeable future. In arriving at this conclusion, the trustees have taken Into account the on80ing econom1¢ uncertainty on Its activities and rinances. Thus the trustee5 continue to adopt the going concern basis In preparingthe financial statements. 2.3 Income Voluntary income is received by way of donations and gifts and 15 included in full In the Statement of Financial Actlvktles when receivable. Legacy income 15 recognised at the earliest date on which either.. the charity is aware that probate ha5 been granted. the ￿tate ha5 been finalised and notificatlon has been made by the executorlsl that a distribution w511 be made, or when a distribution Is received from the e5tste. Receipt of a legacy, iri whole or In part, Is only considered probable when the amount can be rneasu￿d rellably and the charity has been notlfied of the executurfs irrtention to make a distrlbution. Investment Income including dividends and Interest Is accounted for on an accruals basis. 2.4 Expendlture Expenditure is ￿CognISed in the period in which it is Incurred. Expenditure includes attributable VAT which cannot be recovered. Where possible, grants awarded are allocated directly tothe charitvs two core charitable objects.. 'to relieve unemployment poverty and protert the health of young musidans" and "to advance the educ*ion of the publi¢ in the art and sclence of music~ Where a direct allocation 15 not POS5ible, ftjr example in the case of Erants awarded to support Sovthbank Sinfonia's infrastructure, the value of suth grants Is allocated equally between these charitable objetts, given that such measures give the orchestra a stronger fc)oting from which to fulfil both aims. The analysis of charitsble expenditure between these two aims is shown in Note 5 to the accounts.

SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 2 ACCOUNTING POLICIES (continued) 2A Expendlture contlnued Support Costs are those 5n¢ur￿d directty in support of expenditure on the objects of the charity and include Bovernance costs. These costs are apportloned to the two charitable objects and fundralsing costs in proportion to the direct expenditure incurred in each area. 90% of the investment management charges stated above has been donated back to Southbank Sinfonia Foundation by EFG Prlvate Bank Ltd as a reduction In their fee. and accounted for a5 a Eift-ifvkind on the face of the SOFA. 2.5 Interest recel¥ablg Interest on funds held on deposit is lrtcluded when recewable and the amount can be measured ￿liablY by the Group.. thls Is normal￿ upon notification of the interest paid or payable by the inttr(ution with whom the fund5 are depostted. 2.6 InvestmpntS Fixed asset investment5 are afomi of financial instrument and afft initiallyrecognised attheirtransaction costand subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliab￿ in which case tt 15 measured at cost les5 impairment. Investment gains and 10$5e5, whether realised or unrealised, are combined and presented as 'Gains/lLossesl on investments. in thè consolidated Statement of Financial Attiwties. 2.7 Debtt>r5 Trade and other debtor5 are recognised atthe Settlement amount after any trade diswunt offered. Prepayments are valued stthe amount prepaSd net of any trade discourhts due. 2.8 Cash at bank and In hand Cash at bank and in hand include cash and short-term highty liquid investments with a short maturity of three months or le￿ from the date of acquisition or openlng of the deposit or similar account. 2.9 Liabllltle5 and provlslons Creditors and provisions are recoBni5ed wherethe charf(y hag a present obliBatign re5ultin8 from a past event that will probably result in a transfer of fvnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 2.10 Taxation No provision has been madefor taxation as the entlty Is a public benefit entity which 15 exemptfrom UK dirètt taxation on Sts charitable aalvities. 2.11 Fund accountlng Gèneral funds a￿ unre5trfcted funds which are available for use atthe discretion of the Tru5tee5 in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restrirted funds are funds which are to be used In accordance with specific restrictiQn5 imposed by donors or which have been raised bythe Groupfor particular purp95e5. The alm and use of èach re5trirted fund Is set in the notes to the financlal statements. 2.12 Significant Judgements and e5tlmations The Tru5tee5 have gwen consideration to the significant judgements and estimates made in compiling the financial staiements. The Trustees do not consider estimates or judgement5 made to be material to the flnancial statements. Accruals are made when ¥ttivity has occurred for which a cash outflow Is expected, but for whlch no invoice has been received. Estlmates are based on prlor experience and knowledge. io

SOUTHBANK SINFONIA FOUNDATION (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INCOME FROM DONATJONS AND LEGAaES Unrestrfrted funds 2022 Restrl¢ted funds 2022 Total funds 2022 Total funds 2021 General donatlons 20.775 20,775 824.868 824,868 845,643 845.643 21,783 21,783 INVESTMENT INCOME Unrestrlcted funds 2022 Re5trlrtpd funds 2022 Total funds 2022 Totsl funds 2021 Bank Interest receivable Income from investments 8,163 8,163 25,451 33,614 25,451 25051 29,431 29,431 8,163 EXPENDITURE Grant glvlng 2022 Investmert charges 2022 Support costs 2022 Total lund5 2022 Total fund5 2021 Raising fvnds Charitable artivities Total expendrture 16,139 16,139 603.914 620,053 26,734 600.174 626,908 595,484 595,484 8,430 8,430 16,139 Unrestrfcted lunds 2022 Restrfcted fund5 2022 Total funds 2022 568.045 52,LW 620,053 SUPPORT cosrs- INCLUDING GOVERNANCE COSTS Unrestrfrted funds 2022 Restrtcted funds 2022 Total fund5 2022 Total funds 2021 Staff recharges including Company Secretarial Independent examination fees Legal and profe55ional tharges Consultancy Inwrance Bank charges and interest 2,910 2,910 2,212 4,800 5,700 11,530 39,012 597 279 59,330 S87 133 8,430 587 133 8A30 Support Costs are apportioned among the two charitable artwitles and the cost of raising funds Inote$ 4 & 51. Direct costs are allocated wherever possible. Remaining costs are apportioned relatlve to the direct costs incurred on that activity. li

SOUTHBANK SINFONIA FOUNDATION ILIMITED BY GUARATrifEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FIXED ASSET INVESMENTS Llsted Investments Total Falr value At l January 2J22 Additions in thè year Disposals in the year Revaluations in the year At 31 December 2022 1.673,289 660.425 11,286,062} 1110,8681 936,784 1,673,289 660A25 11.286,062) 1110.868) 936.784 Orfglnal cost 942.614 942,614 The additions and disposals figures above includes movement on Forex within the investmènt portfolio managed by EFG. Capital cash is cash held for investment purposes within the Investment Portfollo. Fluctuations in the balance held are primarily as a result of the timing of sales and purchases of investments,. proteÈds from disposals are reinvested in listed investments. Capital cash Is therefore not conSide￿d part of working capital man38emÈnt of the organisation and is held. a5 per the FRS 102 SORP, as a fixed asset. Net gainslllossesl on investsnents include all realised and unrealised gains and losses. Unrealised lo55e5 were £110,$6812021.' 8ain £57,786). Realised losses on di5P05al of fixed asset investments were £29.56912021.' 8ain £12,665). DEBTORS 2022 2021 Prepayments and accrued Income 1.709 398 1,709 398 CREDITORS: AMOUNT5 FAWNG DUE WITHIN ONE YEAR 2022 2021 Trade creditors 7,710 Other creditors and accruals 116,042 116,042 12,510 12

SOUTHBANK SINFONIA FOUNDATION (UMITED BYGUARANfEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10 STATEMENT OF FUNDS Atl january-__ 2022 At31 December 2022 Incomp Expenditure Transfer5 Unrestricted 8eneral funds General funds 1675,788 1,675,788 46,226 46,226 708,4821 1708 482 1,013.532 1,013,532 Restrirted funds Fellowship fund 833,031 833.031 152.C4)8 15Z,LK181 781,023 781,023 Totsl funds 1,675,788 879.257 1760,4901 ¥794,555 RESTRICTED FUNDS The Restricted Fund I'Fellowshlp Fund'l is held specifically to support the Fellowship oblectlve5 of Sbs. 1 I ANALYSIS OF NET ASSETS BETWEEN FUNDS Analysis of net assets between funds- current period Unrestrlcted funds 202Z Restrfrted funds 2022 Total funds 2022 Fixed asset Investments Current assets Creditor5 due within one year 1004A46 21.596 112.SlO) 1.013,532 1,004A46 802.619 112.5101 1.794.555 781,023 781,023 Analysis of net assets betweèn funds- prior period Unrestrirted funds 2021 Restricted funds 2021 Total fijnds 2021 Fixed asset investments Current assets Credltors due wlthln one year 1,735,290 56.540 1116,0421 1,675,788 1,735,290 56,540 1116,0421 1.675,788 13

SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEE EXPENSES While actlng in the capactty of a Trustee, no person received remuneratlon or rÈimbur5ement of expenses in the current accountlng period. 19 RELATED PARTYTIi4NSACTIONS Trustees D Sutherland and J M Berman luntil 5 November 20221 are also Trustees of Southbank Sinfonia, a charity to which Brants of £595,48412021: £543,374) were made during the current accounting period. The balance of grants payable at the period end was £Nil12021'. £111,2421. During the yearthe tharity received donations from Southbank Sinfonia of £824,86812021'. £NIII. Southbank Slnfonla Foundatlon Is connected to Southbank Sinfonla and benefrt5 from shared space and shared Serv1￿ Duringthe year Southb3nkSinfoni3 charged £2,910 forstaff rechargesto Southbank Sinfonia FoLsndation12021: £2,212). At the period end no balance remained outstanding. 20 COMPANY UMITED BY GUARA ￿EE The chartty 15 a company limited by guarantèe and has rio Share capital. The liabillty of eech member In the event of a wlndins-up i51Smited to £10. There are currently 4 members. 21 CONTROLUNG PARTY The charitable company is ttrntrolled by the Board of Trustees. who are B150 dirertors under company law. 14

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