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 st*ements
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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