SOUTHBANK SINFONIA FOUNDATION IA company limited by Euaranteel FINANCIAL STATEMENTS FOR THE PERIOD 01 JANUARY 2023- 31 DECEMBER 2023 Company Reglstratlon Number. 10284465 Registered Charlty Number: 1169535
SOUTHBANK SINFONIA FOUNDATION (UMITED BY GUARArEE) LEGAL AND ADMINisfRATIVE INFORMATION Trustees C F Monfries J M BerrnanCBE T E Long CBE P J H S Wolff-In8ham Secretary B Humphrey Charlty Number 1169535 Compony Number 10284465 Reglstered Offi¢e & Prlndpal Addres5 St John's Smith Square London SWIP3HA Independent Examlner Mark Cummlns FCCA FCIE TC Group The Courtyard Shoreham Road Upper BeedlnB Steyning Wèst Sussex BN44 3TN Bank Unity Trust Bank IUTBI PO Box 7193 Planetary Road Wlllenhall WVI 9DG Investment Mana8er5 EFG Prlvate Bank Ltd Lecunfield House Curzon Street London WIJ 5JB Solicitors Counterculture Partnèrship LLP Unit 115 Ducie House Ducie Street Manchester Ml 21W
SOUTHBANK SINFONIA FOUNDATION {LIMrrED BYGUARANTEE) CONTENTS Page Trustees, Report Ilncorporating Directors, Report) Statement of Trustees. Responsibillties Independent Examiner'5 Report Statement of Financial Activities Balancè Sheet Cash Flow Staternent Notes to the Financlal Statements
SOUTHBANK SINFONIA FOUNDATION {LIMtfED BYGUARANTEE) TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting thelr report and the financial statements of the company for the financial year l January 2023- 31 December 2023. The Trustees, report also acts as the Directors, port for the purposes of company law. Changes to the Trustees are DW Sutherland Iresigned 12th March 20241 and TE Long lappolnted 12th March 20241. Oblectlves and attivities Southbank Slnfonia Foundation I"the Found31ion"I was established in 2016 to support and further the work of the orchestra Southbank Sinfonia. itself a registered charlty (No. 10924611 established in 2002. Slnce its launch, SoLrthbank Sinfonia has done much to transform graduate musicbans, prospects by bridgin8 the g8p between education and professional careers. bringing talented youn8 player5 to learn and work intensively together for one concertseason and glvingthem a vital sprlngboard into the profession. Through this'Fellowship' programme they collaborate with some of the world's finest artists and In turn are encouraged to seize their potential a5 role models, enabling the gfft of music entrusted to them to be safely passed on to younger generations. By accruing and being the steward of MO svbstantial donations and legacles, It Is hoped that the Foundation may underpin and further fuel what Southbank Sinfonia is able to achieve, supporting Its fijture and galvanising the role it plays in Brwtain's muslcal ecology by enabling 6t to do thlngs that cannot be afforded in its nomial bud8et. Specifically, the Foundation's charitable oblects are, for the public benefit, to: relieve unemployment, poverty and protert the heahh of young musician5- advance the education of the public in the art and science of music by supporting the actwities of 5outhbank Sinfonia (the "Orchestra'l in £¢J-operation with the Orehestra's senior managers and trustees. in particular but not exclusively by providing financial and other support to al enable the Orchestra to innovate and undertake new activities, bl extend what the Orchestra offers by procuring further PmIseS for performance, rehearsal and other activitie5, and cl make grants and bursaries to aSSlSt the Orchestra's individual beneficiaries. The Foundation achieves Its charitable objerts by making grants of financial 5UPPOrt to Southbank Sinfonia, in Particular to provide Scope for the orchestra to innovate beyond its regular mean5, and to provide relief from hardship for the orchestra's muslclans. Trustees of the FoundatSon meet at lea5ttwI yearlyto review applications forsupport from Southbank Sinfonia, and to address the current position of the Foundation itself and its investments. Trustees may meet on further occasions to address any significant issues arisin& principally any additional appeals for support from Southbank Sinfonia. The trustee5 have regard to the Charity Commi55ion'5 guidance on public benefit; all grants arè awarded to Southbank Sinfonia which, as a re8lstered charity. 15 obliged to undertake its actlvities for the benefrt of the public. In awarding grants, Trustees are mindful to balance the needs of both the current and future beneficiaries of Southbank Sinfonia's work, and as such have decided for the tlme-being that the capital held by the Foundation will only be spent towards applications that will 'significantly enhance the scope and ambition of Southbank Sinfonia's activities, and that, in the absence of exceptional circumstan$ as have arisen in recent years, the majorlty of grants will generally be awarded up to the level of income or capital Bain generate(J by the Foundation's hèld investments during the year. Each grant request is assessed against ihese considerations.
SOUTHBANK SINFONIA FOUNDATION (LIMrrED BY GuARA1EE) TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Southb3nk Slnfollia'5 fundamental charitable objects mirrur those of the Foundation,. a5 a result, any grant awarded to Southbank Sinfonia for tts benefJt meets the charitable aims of the Foundation. Yèar-round, In addition to fundraising for the orchestra's ongoing activities, Southbank Sinfonia's management team endeavours to raise awareness of the Foundation as a stewardship charity for legacy donations, both in print and throuBh dedicated web pages on its website. From June 2024, Southbank Sinfonia will rebrand to become 'Sinfonia Smith Square,, following its acquisition of the concert hall 'St John's Smith Square, in April 2021. Achievements and performan In late September2022 Southbank Sinfonia I'SbS'I welcomed r(s flrst new Fellowship cohort slnce Stjohn's Smith SquaTe I'SJSS'I became rcs home, re-establishing its Fellowship programme timetable to coincide with the 'academic year, and performing a full programme of festivals and concerts (both at SJSS and further afield) culminatln8 in the annual Anghlarl Festival in July 2023. This then was followed bythe current Fellowship cohort being welcomed in Autumn 2023 2nd the start of a new programme of creative performance. During this period, the Foun(iatlon's Trustees remained in close contsct with the Trustees and senior leadership team of SBS and received a number of grant applications from Sbs for financial support. The Foundation's trustees have considèred each request carefully to ensure that it met tts charitable oblectlves and the tru5tee5' grant-making policy, asking for supplementary informatlon and actions from Sbs whère this was felt neSsary. Future plans Having established an effective process for reviewing grant applications, the Foundation expects to welcome further application5 for review at its regular meetings as 5bS continues to seek io deliver its ambltlous business plan, whilst both Sbs and the Foundation recoEnise that the primary sources and focus of Sbs. fundraising are external to the Foundation. The Foundation will continue to consider grant application5 which enable Sbs to pursue activities that establish its reputation and impact beyond the resourceg of its normal budget as well a5 continue to consider favourably those which alleviate hardship of individual musicians. The Trustees will contlnue to monitor ihe performance of the Foundation's invested funds, mèlntaining a vW on the appropriateness of the adopted investment strategy to meet its objectives. Trustee5 will meet annually with the investment manager. Flnanclal review In 2023, the charity received income of £92,74112022: £879,257), made net reali5ed and unrealised investment gains of £32,59812022.. losse5 of £140,437) and expended £231,56912022: £620,053) on delivering its charitable objecrs and on managing its Investment portfolio. The charity continues to benefit from EFG Private Bank Ltd's agreement to manage the invested funds with a $18nificant discount on their standard investment management fee for the bespoke servlce provided. This fee reduction accounted for as a gift-in-kind to the Foundation, as detailed in Note 3 to the accourbts. Following disCU55ions Wlth the investment manager, the Trustees continues to adopt a 'total return. investment strategy, instructing the investment manager to maximise the investment return with no preference for income or capital gain, with the aspiration that this will generate the highest value to enable fulfilment of the long-term objective5 of the Foundation to support both the current and future beneficiaries of Southbank Sinfonia.
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARAKfEE) TRusfEES' REPORT (INCORPORATING THE DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Glven the operating Structure of the Foundation. the Trustees do nDt feel it necessary to 3dopt a fomial reserve5 policy. The Foundatlon exlsts exclusively to receive legacies and donations fur, and provide financial support to, Southbank Sinfonia and the charity would theoretically, in exptIonal circumstances, conslder spending down the entirety of its funds to this end. The cost of the normal annual management, and governance of the Foundation is small, and the chartty has no direct employees. Should such an exceptional Circumstance arise, the Trustees wovld ensure that sufflclent funds were retained to meet any outstandlng costs of this nature, At the end of 2023, Southbank SinfonSa Foundation held total unrestrlcted fund5 Qf £898,98612022.' £1,013,532) and totsl restricted fund5 of £789,33912022: £781,023). The Trustee5 have analysed and addressed the major rlsks to whlch the Foundation is exposed, and these wlll continue to be reviewed annually. Principal among these is the rlsk to the Foundation's invested capital and the level of return it generates; this risk Ss managed by adopting a low-to-medium risk profile of the held investments. reviewing quarter investment reports aftd meeting with the investment manager at least annually. In addition, the Trustees are aware of the need to ensure a contlnued strong working relationship wlth Southbank Sinfonia itselFto maintain congruence of the two charities, long-term objectives. This is achieved by maintainin8 a level of commonality between the Boards of both charities, whilst retaining the funttional independèncè of each. and by Trustees of the Foundatlon maintaining regular contact and dialogue with the Southbank Sinfonia's Trustees and managementteam. Structurei governance and management The Foundation is a company limited by guar2ntee governed by Its Memorandum and Articles of Association lincorpoted 18July 2016, and amended byspecial resolution on 19 September 20161. It is registered as a charity with the Charity Commission. The entity 15 Eovernefl by the Board of Trustees. The Trustees also art as Direttor5 for the purposes o* company law and hold no share capital. The four Trustee5 a15Q Oct as Members of the Company) and the liability of each In the event of a winding-up i% limited to £10. The tharty employs no staff, but utilises the servlces of an employee of Sbs to undertake the role of Company Secretary for the charlty, in addition to expertise from Sbs's Finance team staff, the CO of which is recharged to the Foundation by Southbank Sinfonia. The Trustees have carrled out a review of the strategic and operatlonal rlsks faced by the Foundatlon, and monttor the measures in place to manage exposure to these risks. Trusteès are recruited. appointed and trained by the existingTrustees. No external persons are entitled to appoint Trustees. Trustee meetings are held at least vice a year to ieview the financial and operational state of the Foundation, to consider grant applications and to monitor the impact of grants previously awaTded. The Trustees will continue to actively consider the recommendatlons set out in the Charity Governance Code as the governance policies and procedures of the Foundation continue to evolve.
SOUTHBANK SINFONIA FOUNDATION {LIMITED BYGUARANTEE) TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Responslbllities of the Trustees The Trustees, who are also the Dlrectors of the Foundation for the purposes of company law, are responsible for preparing the Trustees, Report and the accounts in accordance wlth applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Principlesl. ompany law require5 the Trustees to prepare financial statements for each financial year. which give a true and fair view of the State of affairs of the Foundatlon and of the incoming resour5 and application of resour$, including the income and expenditure. of the charitable company for that year. In preparing those financial statements, the Trustees are required to-. select suitable accountin8 policies and then apply them consistently observe the methods and principles in the Charities SORP Isee note 2.1 on page 9 below}; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the golng concern basis unless it Is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records which disclose wtth reasonable accuracy at anytime the financial position o*the Foundation and which enable them to ensure thatthe financial statements comply with the Companies Act 2006. They are also responsible forsafeguardin8 the assets of the Foundation and hence for taklng reasonable steps forthe prevention and detection of fraud and other irregularities. y order of the Trustees, Mary Monfries Chair Date.. 04.06.2024
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEEI INDEPENDENT EXAMINER'S REPORTTO THE MEMBERS I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Responslbilitle5 and bas1$ of report As the charl5 trustees of the Company land a150 tts directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the rèquirements of the Companies Act 20061'the 2006 Act'l. Having satlsfied myself that the accounts of the Company are not roquired 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 chariws accounts as carried out under section 145 of the Charitles Act 2011 I'the 2011 Att'l. In carrying out my examination I have followed the Directions glven by the charity Commission under sectlon 1451519bl of the 2011 Act. Independent examlnerf5 Statement I have completed my examination. I confirm that no matters have come to my attention In connectlon wlth the examination giving me cause to believe.. accounting records were not kept In respect of the Company a5 required by section 386 of the 2006 Act; or 2. the accounts do not accord wlth those records: or the account5 do not comply with the 3ccountlng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and falrf view which is not a matter considered as part of an independent examinatlon. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting bycharities. I have no concern5 and have come across no other matters in connection with the examinatlon to whkh attention should be dTawn In this report in order to enable a proper understanding of the accounts to be reached. Mark Cummlns FCCA FCIE for and on behalf of TC Group The Courtyard Shoreham Road Upper 8eedlng Steyning West Su55ex BN443TN Dated.. It j4%
SOUTHBANK SINFONIA FOUNDATION (LIMITED BYGUARAf+lTEE) STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNTI FOR THEYEAR ENDED 31 DECEMBER 2023 Unresiricted unds Restrlcted funds Total 2023 Total 2022 INCOME FROM: Donations and legacies Invèstments Total incomè Notès 14.623 25,890 40.513 16.419 35,809 52,228 31,042 61.699 92,741 845.643 33.614 879.257 EXPENDITURÉ ON: Raising funds Charitable activltles Total expenditure 16.216 171,441 187,657 16,216 215,353 231,569 16,139 6D3,914 620,053 43.911 43,912 Not IrQMelleXpenditUreI 1147,144) 8.316 1138.8281 259,204 Net gains I Ilossesl on investments 32,598 32,598 1140,4371 Net movèment In fund5 1114,5461 8,316 1106.2301 118,767 Reconclliatlon of funds Total funds brought forward 1.013.532 781.023 1,794,555 1,675,788 Total funds carrled forward 898,986 789.339 1,688.325 1,794,555 The Statement of Financial Activities includes all galns and losses recogni5ed in the year. The notes on pages 9 to 15 form part of these financial statements.
SOUTHBANK SINFONIA FOUNDATION IUMITED BYGUARAMfEEI BALANCE SHEET AS AT 31 DECEMBER 2023 2022 Notes FIXED ASSErs Investments Cash held part of investmertt portfolio 752.737 16.562 769.299 936,784 67,662 1,004,446 CURREKfASSErs Debtors Cash at bank and In hand 131.685 816,545 1.709 800,910 802,619 CURREP LIABIUTIES Creditors due within one year {19,2041 112,5101 NEf CURRENT ASSETS 919.026 790,109 TOTAL NET AsSs 1,688,325 1,794,555 FUNDS Restrirted funds Unrestrlcted funds io 789.339 898,986 1.688,325 781,023 1,013.532 1,794,555 The charity 15 entitled to the exemption from ihe audit requirement contained in section 477 of the Companies Act 2U06, for the year Ènded 31 December 2023. No member of the charity has deposited a notice, pursuant to section 476, requiring an audlt of these accounts. The trurtees acknowledge their responsibilitie5 for: ensuring that the Charity keeps accounting records which comply with se¢tlons 386 and 387 of the Cornpanies Act 2[15 and b. preparing oUntS which give a true and fair view of the State of affairs of the d)arity as at the end of the financial period and of its incoming resOurS and application of reSoUrS, including Tts Incorne and expenditure, for the financial period in accordartcè wf(h the requirement5 of section5 394 and 395 and which otherwlse comply with the requirements of the Companies Act 2006 relatlng to accounts so far as applicable to the charitable company. The financlal statements have been prepared in accordance with the special provisions of Part 15 of the Companles Act 2006 relating to small companies. The financlal statementswere approved and authorised by the Board of Trustees on 04.06.2024 and sigrted on their behalf by: M C F Monfrles Chair Company Number- 10284465
SOUTHBANK SINFONIA FOUNDATION {LIMITED BY GUARAKfEE) CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from OperIng actlvltles Net incomellexpenditurel for the reportin8 perlod. as per the Statement of Financial Activrties 1106,2301 118,767 AdJu5tm•nts for. Unrealised1055esJlgainsl on investments Dividends and interest from investments Loss/lgalnl on sale of fixed asset investments Ilncreasel in trade and other debtors Increase/ldeease} in trade and other creditors 126,5421 161,699} {6,Q561 {129.9761 110,868 133,6141 29,569 11,3111 {103,5321 16.694 1313.809) 12CI.747 Cash flows from Investlng artlvlties Dividends and interest from investments Proceeds from sale of investments Purchase of investrnents 61,699 33,614 817,894 (550,1491 1,250,832 1660,4251 Net cash used In Investlng a¢tlvities 329.444 624.021 Change In tash and cash equlwdlents In the yèar 15.635 744,768 Cash and cash equNalents at the beginning of the year 800,910 56,142 Cash and cash eqtsivalents at the end of the year 816,545 8,910 The notes on pages 9 to 15 form part of these financial statements.
SOUTHBANK SINFONIA FOUNDATION (LIMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 STATLITORY INFORMATION Southbank Sinfonia Foundation Is a company limited bv Buarantee. The members of ihe company are the Trustee5 named on thè legal and admin Information page. In the event of the charity being wound up, the liabhlity in respect of the guarantee 15 limited. ACCOUNTING POUCIES 2.1 Basls of preparation of finandal ststÈments The financlal statement5 have been prepared in accordance with Charitles SORP {FRS1021- Accounting and Reporting by Charitles.. Statement of Recomrnended Practi applicable to charities pparIng their accounts in accordance with Flnancial Reporting Standard applioble in the UK IFRS 1021 leffective l January 20191, the Financial Reporting Standard applicable in the UK IFRS 1021 and the Companies Act 2006. The financial staternent5 are pPared in stèrlin& which is the functiona5 currency of the charity. Monetary mounts In these financlal statements are rounded to the nearest pound. Southbank Slnfonia Foundation meets the definitlon of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised at histOTical cost or transaction value unless otherwise stated in the relevant accounting policy. Listed investments are held at falr value. 2.2 Golng Concern At the time of approving the financial atements. the trustees have a reasonable expectation that the CharSty has adequate resour$ to continue in operational exi5ten¢e for thè foreseeable future. In arrNing at this condusion, the trustèes have taken into account the ongoing economic uncertainty on its actN¢ties and finances. Thu5 the trustees continue to adopt the going ncern basis in preparing the financlal statements. 2.3 Income Voluntary income 55 received by way of donatlons and gifts and is included in full in the Statement of Financial Activities when recelvable. Legacy income is recognised at the earlièst date on whlch either- the charity is aware that probate has been granted, the estate has been finalised and notificatton has been made by the executorlsl that a distribution will be made, or when a d15tribution is rÈcelved from the estate. Retèipt of a legacy, in whole or In part. is only onsldered probable when the amount can be measured reliably and the charity has been notified of the executo¢s intention to make a distrlbutS0n. Investment Income including dlvidends and interest is accounted for on an accruals basis. 2A Expendlture Expendtture Is recognlsed in the period In which It is IncUed. Expenditure inrludes attributable VAT which cannot be recovered.
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARAMfEE) NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 DECEMBER2023 ACCOUNTING POLICIES Icontlnuedl 2.5 Expendlture ¢ontlnued Support costs are those inCUrd dlrectly in support of expenditure on the objects of the charity and include governance costs. These costs are alknr6ted to expenditure on charitable activities. 90% of the investment mana8ement charge5 stated above has been donated back to Southbank 5inlonia Foundation by EFG Private Bank Ltd a5 a reduction in their fee, and accounted for as a gift-in-kind as detailed in Note 3. 2.6 Interest reab]e Interest on fund5 held on dÈF)051t is included when CeIVable and the amount can be mèasured reliably by the tharity.. thls is normally upon notiflcation of the Interest paid or payable by the Institution with whom the funds are deposited. 2.7 Investments Fixed ass investment5 are a form of financial instrument and are initially recognised at their transartion cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which tase it is measured at cosi less impairment. Investment gains and I0e5, whether reallsed or unrealised, are combined and presented as'Gains/lLos5esl on investments, in the Statement of Flnancial Activities. 2.8 Debtors Trade and other debtors arè recogn15ed at the settlement amount after any trade d15count offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and In hand includes cash and short-term highly liquid investments wlth a short maturity of three months or less from the date of a¢quisition or opening of the dep051t gr similar account. 2.10 Llabilities and provislons Creditor5 and provisions are recognised where ihe charity has a present obli8ation resulting from a past event that will probably result in a transfer of fund5 to a third party and the amount due to settle the obligation can be mè8sured or estimated reliably. 2.11 Taxatlon No provision has been made for taxation as the entlty is a public benefit entitywhich is exemptfrom UK dirèct taxation on its charitable activities. 2.12 Fund acrounting General funds are unrestricted funds which are avallable for use at thè discretlon of the Trustees in furtherance of the Eeneral objectives of the charity and which have not been designated for other purposes. Rèstricted fund5 are funds whkh ale to be used in accordance with specific restrictions imposed by donors or which have bèen raised by the charity for particular purposes. The aim and use of each restricted fund Is set in the notes to the financial statements. 2.13 SlgnMcantJudgements and ostimations The Trustees have given consideration to the slgnificant judgemen15 and estlmates made in compiling the finantial 5tatewents. The Trustee5 do not consider estimates tsr judgements made to be materlal to the financial statements. Accruals are made whèn artivity h35 occurred for which a cash outflow 15 expected, but for which no invoice h8s been received. Estimates are based on prior experience and knowledge. io
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARAfEEl NOTES TO THE FINANCIAL sfATEMErirs FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FROM DONATIONS AND LEGACIES Unrestrirted funds 2023 Restrlrted funds 2023 Total funds 2023 Total funds 2022 Genetal donations Gifts in kind 16,419 16.447 14,595 31,042 845,643 14.525 845,643 14,595 14.623 16.419 INVESTMENT INCOM£ Unre5trirted furtds 2023 Restrfrted funds 2023 Total fund$ 2023 Total funds 2022 Bank Interesi receivable 5n¢ome from inve5trnents 277 25.61a 25.890 35.809 36,086 2S,613 61.699 8,163 25,451 33,614 35.809 EXPENDITURE Grant 8lvlng 2023 Investment ¢harges 2023 Support costs 2023 Total funds 2023 Total funds 2022 Raising funds Charitable activltles Total expenditure 16.216 16.216 215,353 231.569 16,139 603,914 620,053 206,268 206,268 9.08S 9M85 16,216 Urtrestrlcted funds 2023 Restrfcted funds 2023 Total funds 2023 187,657 43,912 23169 SUPPORT COSTS- INCLUDING GOVERNANCE COSTS Unrestricted fund5 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 GovernaTr= Staff rechar8es Inclu¢Jing Company Secretarlal Governance: Independent examination fee5 IuranCe Bank charges and interest 2.910 2,910 2,910 S,645 4.800 648 1118 9.085 587 133 8,430 11181 9.085 Bank charges this year aro negative due tu a refund of fees. li
SOUTHBANK SINFONIA FOUNDATION {LIMITED BYGUARANTEE) NOTES TO THE FINAf4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESMEKrs Llsted Investments Total Fair value At l January 2023 Additions in the year Disp05als in the year Revaluations in the year At 31 December 2023 936,784 550,149 1760,7381 26,542 936,784 550,149 1760,7381 26.542 752.737 752.737 Orlglnal ¢05t 741,625 741,625 The additions and disposals figure5 above includes rnovement on Forex wSthln the investment portfolio managed by EFG. Capital cash is cash hèld for investment purpose5 Wlthin the Investment Portfolio. Fluctuations in the balancè held are prirnarily a5 3 result of the timing of sales and purchases of inve5tments.' proceeds from dlsposals are reinvested in listed investments. Capital cash Is therefore not considered part of working capital management of the organisation and is held. as per the FRS 102 SORP, as a fixed asset. Net gainslllosse51 on inve5trnents include all reallsed and unrealised gains and10$5e5. Unreglised gains were £26,542 12022= losses £110,868). Reali5ed gains on disposal of fixed assel investments were £6.05612022- I0eS £29.5691. DEBTORS 2023 2022 Loan to sOhbank Sinfonla Prepayments and accrued income 130,000 1.685 1,709 131,685 1.709 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Grants pa¥ae Other creditors and accruals 3.035 20,726 5,443 7,710 4,800 12.510 29,204 12
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARAMfEE) NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 DECEMBER2023 1Q ATEMEr OF FUNDS Ati January 2023 At31 December 2023 Income Empendlture Unrestrlrted general funds General funds 1,013.532 1,013,532 4L).513 40,513 1155,0591 {155,0591 898.986 898.986 Re#rlcted ful$ Fellowship fund 52,228 78L,023 781,023 52,228 52,228 143.912 143,9121 789,339 Total fund$ 1,794,555 91741 1198.9711 1,688,325 RESTRICTED FUNDS The restricted fund is called The Fellowship Fund, and is for the purpose5 of supporting the Fellowshlp orchestral attivitie5 of SoLrthbank Slnfonia and providing Erants to musicians. 11 ANALYSIS OF NET ASSETS 8EnNEEN FUNDS Analy515 of net assets between funds- current period Unrestrlcted fund5 2023 Restrlcted funds 2023 Total funds 2023 Flxed a55et investments Current assets Credittsrs due within one yèar 769,299 158.891 129,2041 898,986 769.299 948.230 129.2041 1.688325 789.339 789,339 Analysls of Det assets between funds- prior perlod Unrestritted funds 2022 Re5tri¢ted funds 2022 Total fijnds 2022 Fixed asset Invèstments Current assets Creditors duè within one year 1,004.446 21,596 112,5101 1.013,532 1,004,446 802.619 112.5101 1.794,555 781.023 781,023 13
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12 TRUSTEE EXPENSES While acting In the capaclty of a Trustee. no person CeIVed remuneration or relmbursement ot expense5 in the current or prior rèporting period5. RELATED PARTY TRANSAcfioNS Trustees DW Sutherland Ireslgned 12 March 20241 and TE Long (appointed 12th March 20241 were also Trustee5 of SouthlKnk SinfonSa duringthe reporting period. Duringthe yearthe charity madegrants of £206,268 12022.. £595,484) to Southbank Sinfonia. The balance of grants payable at the period end was £2D,72612022'. During thè yèar the charity made a short term loan of £130,000 to Southbank Sinfonia to a$515t with 5hortterm cash flow, is repayable on demand and is non-lnterest bearing. During the year the charity recèived donaiions from Southbank Sinfonla of £16,41912022= £824.8681. Soulhbank Sinfonia Foundation Is connected to Southbank Sinfonla benefits from shared space and share sèrvice5. During the year Southbank Sinfonia charBed £3,035 for staff and m3naÉement recharges to Southbank 5infonla Foundation12022'. £2,9101. At the period end £3,D3512022'. £2,910) remained oulstsndinB. 14 COMPANY UMITED BY GUARANTEE The charity 15 a company lirnited by guarantee and ha5 no share capital. The liability of each member in the event of a winding-up 15 limited to £10. There are currently 4 member5. 15 CONTROLLING PARTY The charitable company 15 controlled by the Btsard of Trusteps, who are also directors under company law. 14
SOUTHBANK SINFONIA FOUNDATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 STATEMEpif OF FINANaAL AcnvrriES COMPARATIVE FUNDS-31 DECEMBER 2022 Unrestrlcted nds Restricted funds Total 2022 INCOMEFROM: Donations and lega¢ies Investments Total IoMe 20,775 25,451 46.226 824A68 8.163 833,031 845.643 33,614 879,257 EXPENDITURE ON: RaIng funds Charltable activltie5 Total expendltur• 16,139 551,906 568,045 16,139 603.914 620.053 52,008 52,008 Net Incomel{expendlture) 1521.8191 781,023 259,204 Net IIos5esl / gains on investments IldO.4371 1140,4371 Net mtyement In funds 1662,256 78123 118,767 Reconclllation of funds Total funds brought forward 1.675,788 1.675,788 Total funds carrled fonvard 1.013,532 781.023 1,794,55S 15