Charity Registratlon No. 233700
The London Symphony Orchestra Endowment Trust
Report and Flnanclal Statement5
31 March 2021

The London Symphony Orchestra Endowment Trust
Report and financial statements 2021
Contents
Page
Officers and professSonal advisers
Trustees, report
Statement of trustee5' re5ponsibS1itles
Independent auditorfs report
Statement of Financial Actwities
io
Balance Sheet
li
Statement of Cash Flows
12
Notes to the flnancial statements
13

The London Symphony Orchestra Endowment Trust
Report and financial statements 2021
Officers and professional advisers
Trustees
Charles Clark
cla￿ Duckworth
Hon Sir Rocco Forte
Lady Aliai Forte
Rlchard Hardie
James Lennox Mackenzie OBE
Kathryn McDowell CBE
Lady Wendy Pam)ley
Harriet Rayfield
Daniel R05S
John Shakeshaft
Ichairmanl
(resigned 26 February 20201
IAppolnted 4 June 20201
Secretary
Rikesh Shah
Registered Office
Barbican Centre
Silk Street
London
EC2Y 8DS
Investment managers
Saunderson House
l Long Lane
London
ECIA9HF
UBS Wealth Management
l Fin5bury Avenue
London
EC2M 2AN
Bankers
Lloyds TSB Bank plc
34 Moorgate
London
EC2R 6PL
Sollcltors
Veale Wasbrough Vizards LLP
Orchard Court
OrchaTd Lane
rlstol
BSI 5WS
Audltor
Haysmacintyre LLP,
10 Queen Street Place,
London,
EC4R IAG

The London Symphony Orchestra Endowment Trust
Tru5tees' report
The Trustees present their annual report and the audited financial statements for the year ended 31 March
2021.
Structurei governance and management
Constitution
The London Symphony Orchestra Endowment Trust I'the Trust") was originally established by a deed of
settlement dated 12 September 1963 whlch ha5 subsequently been amended by a trust deed dated
22 October 1991, a Deed of Variation dated 5 July 2006 and a Deed of Amendment dated l October 2010.
Trustees and organisation
The Trustees have the power to appoint further Trustees, subject to there being a minimum of 3 and a
maximum of 10 Trustees of whom not more than 4 may be directors of London Symphony Orchestra Ltd 1.the
LSO"). Non-LSO Trustees must always ¢onstltute a majority of the Trustees.
Subject to these limits, new Trustees are recrulted on the basis that by virtue of their knowledge, experience
and qualifications they will be able to make a contribution to the pursuit of the objects or the management of
the Trust. Induction and training 15 provided to Trustees as necessary.
Names of the Trustees who served during the year and in office at the date of this report are listed on page
one. The Trustee5 meet twice a year and, in addStion, an Investment Comrnittee meets during the year with
the investment managers to review the perfonmance of the investment portfolio and to discuss the
nvestment approach.
Connected charity
The LSO (Charity Number 2323911 15 a connerted charbty of the Trust by virtue of the fart that the two charities
have shared objectives and administration. However, the Trust Is fully independent of the LSO and has its own
Board of Trustees. The LSO'S subsidiary companies, LSO Productions Ltd and LSO Live Ltd are considered to be
related parties to the Trust.
Objertives ond actlvities
The general purpose of the Trust is to support the objects of the LSO, namely to p¥omote, maintain and
advance education, particularly musical education and to encourage and advance the arts Including muslc,
drama, mime, dancing and singing.
The Trust'5 primary alm is to build an endowment fund which will generate a return that can be used to
5UPPOrt the LSO over the long-term as this is considered essential to being èble to Secure the LSO'S future. The
Trustees, principal focus Is therefore to ensure continued growth in the value of the endowment through
receipt and investment of donatlons as well as sound investment management which leads to capital growth.
In addltlon to the endowment fund, the Trust has received funds raised from the Lord Mayorfs Appeals Sn
2004, 2010 and in 2017.
In 2011, the Trust received a donation to build Anglo-japanese cultural relations by sijpporting initiatives such
as the LSO'S touring activity in japan and to provide support for Japanese music Students to assist them In
working with the LSO. This donation is held in a restricted fund with grants made to the LSO to 5UPPOrt
relevant activity.

The London Symphony Orchestra Endowment Trust
Trustees, report
In 2012, the Trust was successful in rts applicatlon to Arts Council England's Catalyst Endowment Scheme. This
was a matched funding initiative through which the Trust secured income of almost £6m and this in turn
released funding from the Arts Councll of a further £2.9m during the campaign which ended in July 2015. The
funds from thls campalgn, which is l(nown as Moving Music, are invested as a restricted long.term endowment
with the income generated used to capture audio and audio-visual recordings of the LSO'S concert
performances and to disseminate them to a wider audience.
The Trust also currently provldes ftnanclal support for the LSO'S core activities as well a5 loans to LSO members
to a55iSt them in purchasing musical instruments.
The Trust does not use the seNices of volunteers and the minimal operational tasks of the Trust are
undertaken by LSO staff.
Public benefit
The Trust provide5 benefit to the public indirectly by providing funding to the LSO and thereby supporting a
world class orchestra. The LSO'S core artivities encourage the education of, and participation irb, music by the
public at large. This is achieved through public concerts which have accessible ticket prl¢es, some of which are
broadcast on the radio, television and the internet and through audio recordings which are widely avallable at
low cost. A significant proportion of the Trust's grants to the LSO also support the LSO'S education and
community activities, many of which Involve no payment by participants.
The Trustees confirm that they have referred to the Charity Commlssion's guidan￿ on public benefit and they
believe that the support provlded to the LSO provldes benefit to a wide section of the public.
Achievements and performance
Investment portfolio
The Trust 15 an endowment trust and as such invests its assets with a view to both capttal appreclatlon and the
generation of income to support its charitable attlvSties. There are no restrictions on the Trust's power to
invest.
Saunderson House was appointed as the Trust's Investment managers on I, April 2016. However, UBS
continues to manage three remaining funds and as they become Ilquld are being transferred to Saunderson
House to be managed with the rest of the Snvestment portfolio; these funds are expected to be fully liquidated
by March 2022.
The investment strategy 15 set by the Trustees in dlscussion with the investment manager and this strategy is
reviewed regularly. Within the overall strategyi the investment manager takes the decisions on selection,
retention and realisation of investment5.
The value of the investment portfolio rose to £18,604,675 at the year-end reflectSng addltions of £1,517,488,
disposals of £1,172,677 and unrealised gains of £3,268,614. Investment performance reflected market
conditions and portfolios are appropriately posftio¢)ed to meet agreed investment mandates. A5 at 30
September 2021 the investment portfolio was valued at £19,866,289.
Fundraising
During the year, the Trust began a fundraising campaign known a5 the Always Playing Appeal to support the
Lso's recovery from the Covid-19 pandemic and to support its musicians. As the LSO emerge5 from the most
challenging period of a generation, it is facing the most financially challenging years in its history. To sustain
the Orchestra through the next five year5, the aim of the Always Playing Appeal is to preserve the artSstic
excellence of the LSO'5 rnusicians and allowing them to perform together again on stage, as this is the very
essence of an Orchestra.

The London Symphony Orchestra Endowment Trust
Trustees, report
As at September 2021, Some £2.3m had been rdised towards the Always Playing Appeal. The Trustees and L50
are hugely grateful to the lead donors to the Appeal, Alex and Elena Gerko, and to all those who have chosen
to 5UPPOrt the Appeal so far.
The other main focus of fundraising in recent years has been to prornote legacy giving amongst the LSO'S
supporters and audlence5. The Trust dld not engage the use of third party lundraisers.
Gronts
During the year the Trust donated £295,49912020'. £487,000) to LSO Productions Ltd which is a subsidiary of
the LSO, this grant was a contribution towards LSO Discovery'5 education and communlty projects which are in
line with the Trust's key objectives.
Donations of £186,631 were made to LSO Ltd12020-. £75,000) and a grant of £158,01612020.' £147,500) made
to LSO Live Ltd which Is a150 a subsidiary of the LSO. A further grant of £12,500 was made in the year from the
Anglo-japanese fund to support the Japanese music student5 in their work with the LSO12020.' £12,500).
Loons to Players
The Trust continued to offer loans to members of the LSO to assist them in the purchase of instruments. No
new loans were made to players during the year12020: £90,601). At the year-end, 24 players had outstanding
loans from the Trust,. further details are shown in Note 14 to the Financial Staternents.
Flnancial review
Total income received in the year was £2,312,13112020- £599,915), the majority of whith related to general
donations, legacies, gift aid and income from investments.
Expenditure of £748.97512020'. £819,805) was in line with expectations and related primarily to grants (see
above) and investment management fees.
Gains in the value of the investment portfolio were £3,048,994 12020: Losses of £2,044,546). Following
reinvestment of income and surplus cash, the value of the portfolio at the year-end was £18,604,69912020'.
£14,991,274).
The Trust's total reserve5 increased from £16,108,276 to £20,720,426 at the year-end reflecting Income and
expenditure for the year and gains on the investment portfolio.
Reserves policy
The Trust's liquid funds are considered to be its unrestricted net assets less fixed assets, ènd le55 any loans
issued to the London Symphony Orchestra or to Its members. Restricted and Endowment funds are not
considered to be part of the Trust's free reserves because of the conditions regarding the use of those funds.
As the Trust ha5 minimal administrative overheads and no on-going liabilities, the reserves policy is to maintain
liquid fund5 at a low level of up to 5% of total unrestricted net assets. However, since the start of the Covid-19
pandemic, the Trust has temporarily held Surplus cash pending payment of grants to the LSO, particularly in
relation to all funds raised as part of the Always Playlng Appeal.
At the year-end, liquid funds under the above definition amounted to £1,009,240 12020- £680,490). In
addition, a further £2.252,31712020.. £782,517) of unrestricted assets within the investment portfolio were
held a5 cash at the year-end and were available for drawdown at short notice if needed.
The Trustees review levels of reserves on an annual basls and plans for utilising free reserves to support the
objects of the LSO as outlined on pa6e 2 of this report.

The London Symphony Orchestra Endowment Trust
Trustees, report
Rlsk revlew
The major risks to which the Trust is exposed, as identified by the Trustees, have been ￿VieWed and system5
have been established to mitigate those rlsks. The primary risks relate to protecting the value of the Trust's
investment portfolio and other asset5. Trustees delegate management of this risk to professional investment
managers. Saunderson House, wlth oversight by the Investment Committee consisting of five of the Trustees.
Many factors affecting the achievement of the Trust's objectives relate to economic factDrs such as movement
in share prices, interest rates, exchange rates and inflation are largely outside the Trust's Control so can only
be mitigated to a certain degree. The Trustees are aware of the potential on-going impacts of the CDvid-19
pandemic on the value of the Investment portfollo. However, the Trust is a long-terrn investor and currenilv
has no plans to realise investments.
Plans for the future
The Trustees continue to seek to secure further donations towards the Always Playing Appeal and for other
purposes, to increase the value of the Investment portfolio in order to increase over time the value of grants
made to support its charitable objectives.
The Trust also continues to seek to increase the number of individuals who plan to donate a le8acy to the Trtjst
and the Trustees have been notified by a number of indlviduals of pledged legacles of varying slzes.
The Trust will Continue close monitoring of the investment portfolio. The policy of making grants to the LSO,
LSO Productions Ltd and LSO Live Ltd is expected to continue.
Golng concern
At the year-end the Trust has slgnificant net assets and minlmal liabilities and operatlng costs. Grants are only
awarded if sufficient funds are available to fund the necessary payments. Despite the on-going impacts of the
pandemic, and havlng revlewed expected future cashflows, the Trustees have a reasonable expectation that
the Trust has adequate resource5 to continue its activities for the foreseeable future and consider that there
were no materlal uncertainties over the Trust's financial viability. Accordlngly, the Trustees continue to adopt
the going concern basis in preparing the financial statements.
Fundraislng approach
The Trust subscribes.to principles of fundralsing best practice by committing to high standards, and being
clear, honest, open, respectful, fair and reasonable, and accountable and responsible.
The Trust is registered with the Fundraising Regulator and adheres to the standards of the Code of Fundraising
Practice. No complaints were received about the Trust'5 fundraising practices during the year.

The London Symphony Orchestra Endowment Trust
Trustees, responsibilities statement
The Trustee5 are responslble for preparlng the Trustees, Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generallv
Accepted Accounting Practlcel, including FRS 102 "The Financial Reporting Standard applicable in the UK
and Republic of Ireland"
The law applicable lo charities in England and Wales requires the trustees to prepare financial statements
for each financial year which give a true and fair vlew o* the state of affairs of the charity and Lif the
incominE resources and application of resour￿$ of the charity for that period. In preparing these
flnancial statements, the trustees are required to..
select suitable accountlng policies and then apply them consistentlvi
obseNe the methods and prlnciples in the Charlties SORP,.
make judgments and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed,. and
prepare the financial statements on the going concern basi5 unless it is inappropriate to presume
that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the fSnancial position of the charity and enable them to ensure that the financlal
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and
the provision5 of the trust deed. They are also responsible for safeguarding the assets of the charity and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5.
The tiustees are respDnslble for the maintenance and integrity of the charity and financial informatlon
included on the charlty'5 website. Legislation in the United Kingdom governing the preparation and
dis5eminatSon of financial statements may differ from legislation in other jurisdictions.
Signed on behalf of the Trustees
Charles Clark
Chairman
8 November 2021

Independent auditor's report to the Trustees of The London Symphony Orchestra
Endowment Trust
Opinion
We have audited the financial statements of The London Symphony Orchestra Endowment Trust for the
vear ended 31 March 2021 which comprlse statement of financSal artivities, the balance sheet, the
statement of cash flows and notes to the financial statements, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The
Financlal Reporting Standard app11cable In the UK and Republic of Ireland Iunited Kingdom Generally
Accepted Accounting practi￿).
In our opinion, the financial statement5-
give a true and falr view of the State of the charitvs affairs a5 at 31 March 2021 and of
the charity's net movement in funds for the year then ended,.
have been properly prepared In accordance with United Kingdom Generally Accepted
Accounting practi￿,. and
have been prepared in actordance wlth the requirements of the Charities Act 2011.
Basls for opinion
We have been appointed as auditor under section 144 of the Charltles Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereunder. We conducted our audit in
accordance with International Standards on Auditlng IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditorfs respon5ibilitie5 for the audit
of the financial statements section of our report. We are independent of the charity in accordance with
the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Conclusions relating to going concern
In auditing the firiancial statements, we have concluded that the Trustees, use of the going concern basis
of accountinE in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not IdentSfied any material uncertalnties relating to
event5 or conditions that, individually or collectively, may cast significant doubt on the charity's ability to
continue as a eoing concern for a period of at least twelve month5 from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Trustees wlth ￿Spect to going concern are described In
the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information
included in the Tru5tees' Annual Report. Our oplnion Dn the financial statements doe5 not cover the
other information and, except to the extent otherwlse explicitly stated in our report, we do not express
any form of assurance conclusion thereon.
In connection wlth our audit of the financial statement5, our responsibility is to read the other
information and, in doing so, conslder whether the other informatlon Is materially inconsSstent with the
financial statements or our knowledBe obtained in the audEt or otherwise appears to be materially

Independent auditorfs report to the Trustees of The London Symphony Orchestra
Endowment Trust
misstated. If we identify such material inconsistencies or apparent rllaterial misstatement5, we are
required to determine whether there is a material misstatement in the financlal statements or a material
misstatement of the other informat1on. If, based on the work we have performed, we conclude that there
Is a material mlsstatement of this other information, we are required to report that fact. We have nothing
to report in this regard.
Matters on which we are required to report by exceptlon
We have nothing to report in respett of the following matters in relation to which the Charities IAccounts
and Reports1 Regulations 2008 require u5 to report to you if, in our opinion..
adequate accounting records have not been kept by the charityi or
sufficient accounting records have not been kept,. or
the charSty financial statements are not in agreement with the accounting record5 and returns- or
we have not received all the information and explanations we requSre for our audit.
Responslblllties of Trustees for the financial Statements
As explained more fully in the Trustees, responsibilities statement set out on pa8e 6, the Trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a twe
and fair view, and for such internal control as the Trustees determine 15 necessary to enable the
preparation of financial statement5 that are free from rnaterlal misstatement, whether due to fraud or
error.
In preparing the financial statements, the Trustees are responsible for assessing the charlty's ability to
continue as a going concern, di5closin& as applicable, matter5 related to going concern and uslng the
going concern basis of accounting unless the Trustees elther intend to liquidate the charity or to cease
operations, or have no realistlc alternative but to do so.
Auditorfs responslbilities for the audit of the flnancial statemènts
Our objectives are to obtaln reasonable assurance about whether the financlal statements as a whole are
free from materlal misstatement, whether due to fraud or error, and to issue an auditorf5 report that
includes our opinion. Re350nable assurance Is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always detect a material rnisstatement when it exists.
Misstatements can arise from fraud or error and are considered materlal If, individually or in the
aggregate, they could reasonably be expected to influence the econornic decisions of users taken on the
bas￿ of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures In line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, Including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below..
Based on our understanding of the charlty and the environment Sn which it operate5, we identified that
the principal risks of non-compliance with laws and regulations related to the charltles act, and we
considered the extent to which non-compliance Thight have a material effect on the financial statements.
We also considered those laws and regulations that have a direct Smpact on the preparation of the
financial statements such as the Charlties Act 2011 and consider other factors such as income taxi payroll
tax and sales tax.

Independent auditor's report to the Trustees of The London Symphony Orchestra
Endowment Trust
We evaluated management's Incentives and opportunitie5 for fraudulent manipulation of the financial
statements (including the risk of override of controlsl. Audit procedures performed by the engagement
team included..
Inspectlng correspondence with regulators-
Discussion5 Wlth management including consideration of known or suspected instances
of non-compllance with laws and regulation and fraud-
Reviewing the controls and procedures of the charity relevant to the preparation of the
flnanclal statements to ensure these were in place throughout the year, including during the
Covid-19 remote working period,-
Evaluating management's controls designed to prevent and detect irregularities,.
Identifying and testing journals, in particular journal entries posted with unusual account
combinations, postings by unusual users or with unusual descriptions, and
Challenging assumptions and judgements rnade by management in their critical
accountlng estimates in particular valuation of the stock held for auction.
A further description of our responsibilities ft)r the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.frc.or
auditorsres
onsibiltties. This description forms
part of our auditor's report.
Use of our report
This report Is made solely to the charltls Trustees, as a body, in accordance wlth section 144 of the
Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been
undertaken so that we mlEht state to the charity's Trustees those matters we are required to state to
them in an Auditor's report and for no other purpose. To the fullest extent permitted hy law, we do not
accept or assume responsibility to anyone other than the charit￿$ Trustees as a body for our audit work,
for this report, or for the opinions we have formed.
Haysmacintyre LLP
Statutory Auditor5
10 Queen Street Place
London
EC4R IAG
Date.. 10 November 2021
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The London Symphony Orchestra Endowment Trust
Statement of Financial Activitles
Period ended 31 March 2021
Note
2021
Unrestrlcted
funds
2021
2021
Restrlcted Endowment
funds
f￿nrf5
2021
2020
Total
fund5
Total
funds
Incorne and endowmentsfrorn..
OonatSons 3Dd legacies
2,002,337
2,002,337
146.632
1.704
451,579
Investment Income
46.485
263,309
309,794
Total income
2,048,82Z
263,309
2,312,131
599,915
Expenditure
Expendlture on:
Ralsln8 funds
Charltable actlvltles
117,4311
1176.3101
117.2911
1482.4911
155,4521
190,1741
1658,8011
191,9501
1727.8551
Total expendlture
1193,7411
1499,7821
155,4521
1748,9751
1819,805
Net galns/llosse51 on investment5
598,977
541,2
I.￿8,727
3,048,994 12.044.5461
Net lexpendlturell Income
2,454,058
304A16
1,853,275
4,612,150 12,264,4351
Nee movement In furlds
2,454,058
304,816
1.853,27S
4,612.150 12,264,435)
Reconclllatlon of funds
Total funds brought forward
4,565,749
2,781,700
8,760,827
16,108,276
18,372,712
Total funits ¢arrled forward
7,019.807
3,086,517
10,614,102
20,720,426 16,108,276
There were no other recognlsed gains or losses other than as shown above. All Income and expertdItu￿ derNe from
continulng activities.
See Note 3 for comparative Statement of Financi31 Activitles ènalysed by funds
io

The London Symphony Orchestra Endowment Trust
Balance Sheet
As at 31 March 2021
2021
2021
2021
ZDZI
zozo
Total
Unrestricted
funds
Restrlcted
Endowment
Total
funds
lunds
funds
fund5
Note
Flxed assets
Tangible assets
Investment asset5
li
545,000
5,224,279
157,960
545,000
18,604,699
157.960
545,000
14,991,274
232,714
12
2,766.318
10.614.102
Loans
13
Total flxed assets
5,927,239
2,766,318
10,614,102
19307,659
15,76B,gB8
Current assets
Debtors.. amounts falling due within one
yÈar
Lo>ns
Cash at bank
14
122,308
34,412
1,009,241
262.444
384,752
34,412
1.066.996
51,617
13
57,755
293,491
Total current assets
1,165,961
320,199
1,486,160
345,108
Creditors.. amounts falling due wlthln
one year
15
173,3931
173,3931
15,8201
Net current as5et5
1,092.568
320,199
1,412.767
339,288
Total net a55etS
7,019.807
3,086,517
10,614,102 20,720,426
16,108,276
Total funds of the charlty
Funds broughtforward
16
4.565,749
2,781,700
8,760,827 16.108,276
18.272.712
Excessllshortfalll of Income over expenditu￿ foi
the year
1,855,081
1236,4731
155.4521
1,563,156
1219,8901
Rea115ed and unreallsed Increase I Idecre3sel In
the value of Investment assets
598,977
54L,290
1,908.727
3.048.994 12,044.5461
Funds carrled *orward
7,019,807
3,086,517
10,614,102 20,720,426 16,108,276
The notes on page5 13 to 23 forrn part of these accounts.
Approved by the trustÈes on.. 8 November 2021
Signed on behalf of the 8oard of Trustees
CLL QLI
Charles Clark
Chairman
li

The London Symphony Orchestra Endowment Trust
Statement of Cash Flow5
Year ended 31 March 2021
2021
2020
Note5
Cash used in operating actlvttles
808.522
11,088,393)
Cash flows from Inve5tln8 actlvltles
Interest from Investments
Cash proceeds from thÈ Sale of investments
Purchase ol investments
Purchase of fixed assets
Incre35e/ldecreasel In cash and cash equlvalents In the year
309,794
1.172,677
11,517,488)
451,579
892,058
1129,1461
1155,0001
128.9021
773,505
Cash and cash equivalent5 at the be8lnnln8 of the year
293,491
322.393
Total ¢?5h ond cash equlvalents 8t the end of the year
1,066,996
293,491
Reconclllatlon of net movement In lund5 to net cash flow from Dperating artivitie5
2021
2020
Net movement in funds
Unreallsed IEainsl/losses on Invesrments
Dlvidend and Interest inco￿￿ frorn investments
Decre8se/l1nc￿￿se1 in loan5
Ilncreasel In debtors
Increase in credltors
4,612,150
13,268,614)
1309.7941
40.342
1333,1351
67.573
12,264,4351
1.684,839
1451.5791
113,8521
143,7211
355
Net cash used In operdtlng actlvltles
81)8,522
11.088,3931
Analysls of net fund5
2021
2020
Cash at bank and In hand
1,066,996
293,491
12

The London Symphony Orchestra Endowment Trust
Notes to the flnancial statements
Year ended 31 March 2021
l Accountlng poll¢les
al Ba$ls of preparatlon
The linanclal statements have been prepared in 3ttordance wlth the Financial Reportlng Standard applicable In the
UK and Republic ol Ireland IFR51021. the StètemÈnt of Recommended Practice appllcable to charities prep3ring their
accounts in accordanTr wlth the Financial R@portlng Standard applicable In the UK and Republic of Ireland IFRS 1021
effectwe L January 2015. The flnanclal statements have been prepared to give a 'true and fairf view and have
departed from the Charities IAccount5 and Reports) Regulatlons 2008 only to the extent requlred to providÈ a 'true
and f81r view,. This departure has involved fo11owlng Accounting and Reportlng by Charltle5 preparing thelr account5
In 3ccordance with the Flnancial Reporting 5tand8rd applicable in the UK and Republic of Ireland IFRS 1021 issued on
16 July 2014 rather than the Accountlng and Reporting by char￿tIeS.. Ststement of Recommended PTattlo effectlve
from L Aprll 2005 which has slnce been withdrawn. The financial statements are drawn up under the hlstorlcal cost
conventlon excepr that Investrnents are carrled at falr value.
TheTrust meets the delinltlon of a Publlc Benefit Entity under FRS 102.
bl Preparatlon of account5 on a going concern ba51s
The flnancial ststements have been prepared on the basls that the Trust Is and will remain a golng concern for the
foreseeable futu￿. At the year-end the Trust has slgnllicant net assets and minimal li8bi1itles and operating costs.
Grant5 a￿ only awarded rf suffi¢lent funds are avallable to fund the necessary payments. Despite the on-Eolng
impact5 of the p4ndemlc. and having revSewed expected futu￿ cashflows. the frustees hèvÈ 3 reasonable
expectstion that the Trust has adequate resources to continue actlvltles for the foreseeable future and consider
th3t there were no material un￿rtaIntleS over the Trust's financlal viability.
I In¢ome
Incorne Is rewgnlsed when the charily hès entitlement to the funds. any performance ¢ondltlons attached to the
item of Income have been met, It Is probable that the income will be received and the amount can be measured
Donatlon5. are recogn15ed when the Trust ha5 been notlfled In wilting of both the amount and settlement date. In
the event that a donatlon Is subject to condittons that require a level of performance before the charlty Is entltled to
the funds, the income is deferred and not recognised until either those condltions are fully met, or the fulfllment of
those condlrions Is wholly withln the control of the charlty and it Is probable that those conditions will be fulfSlled In
the reporting period.
Legacy gifts are recognlsed on a case by Case bas15 followinK the granting ol probate when the
administratorlexecutor for the estate has communkated in writing both the amount Bnd sètrlement date. In the
event that the gift 15 in the form of an 355et other than cash or a flnanclal assÈt traded on a recogni5ed stock
exchange. recognition is subject to the value of the glft belng rellably measurable wlth a degree ol reasonable
accuracy and the titlÉ to the asset hawng been transferred to the charSfy.
Investment Income and interest recelvable are recognlsÈd on an accruals bas1S.
dl Funds
The fjeneral Fund is 3 general unrestrfcted fund and repTesent5 fund5 whlch are expendable at the dlscretion of
Trustees in further3n¢e of the general objectives of the Charity and whlch have not been deslgnated for other
purposes. Suth fund5 represent investments, loan5 and working capital balances.
Restrlcted funds are funds sublectto speclflc restrlctlOll5 irnposed by the donors. These funds are not available for
the Trustees to apply at thelr discretlon. The purpose and use of the restricted funds Is set out in the notes to the
linanclal statements.
Endowment funds are funds whlch the Trustees are legally required to invesr for a perlod of at least 25 years for the
CharSty's purposes.
Further detalls of the restricted and endowrnent funds are given in note 17.
13

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2021
Acwuntlng polScles Icontinuedl
el ExpeThdltu
EKpendlture Is recognised on an a¢¢iua15 basls.
fl Allocation of support and governance wsts
General 5UPPOrt ¢05t5 relating to the operatlon of the charlty. whlch are mlnlmal, are borne by the London Symphony
Orchestra and are not recognlsed In these finan¢lal statements. Governance ¢c5t5 comprlsè all costs Involvlng the
public accountabillty of the Charity and its cornpllance with regulation and good practi￿. These costs Include costs
related to statutory audit and legal fees. Governance cost5 are related to charitable activitles and have therefore
been included under thls heading.
gl Tangible fimpd a55ets
Tanglble fixed a5setg are stated at Cost and represent three hlgh quality strlnE Instruments. These Instruments have
not been depreclated because the Trustees are of the opinion that the net resldual value is at least equal to the
orlglnal cost.
h) Investment5
Investments are stated at the market vèlue as indlcated by the Report of the Investment Managers to the Tru5tee5 as
at the Balance ShÈet date. Any resulting unreallsed 8ain or loss is allocated to the fund to which it relates within the
Statement of Financial Activities.
11 Flnancial Instrurnents and COD￿5$10nary loans
Flnancl81 assets 8nd liDancial liabilities are recognlsed when the Group becomes i party to the contractual provision5
of the instrument. The charity On￿ has fin8nclal assets and financSal liabilities of a kind that qualify as basic financlal
in5twrnents. Basic linanclal Instruments are Initlally recogn15ed at transatticn value ènd 5ub5equenrly measured at
thelr settlement value. Trade and other debtors aTe recognised at the sèttlernent amount due after any trade
discount offered, Prepayments are valued at the amount prep3id nÈt of any dlscounts due. Cash at b4nk and cash In
hand includes cash and short term highly Ilquld investment5 Wlth a short maturity of three rnonths or less from the
date of acquisition Dr opening of the deposit or similar account. Credltors and provlsions are recognised whÈre the
tharlty has a Present obllg8tion re5ultlng frorn a past event that wlll probabty result In the transfer of funds to a thlrd
P8rty and the amount due to settle the obliEation can bÈ measured or estimated reliably. Creditors and provision5
are norrnalty recognised at thelr sÈttlernent amount after allowlne lor any discounts due.
Conce5sionary loans made to members of the LSO to as$15t them In the purch3sÈ of instruments are init1311y
recognised at the amount pald with the carrylng amount in subsequent periods adlusted to reflect Inrerest,
repayments and any Impalrfflent.
jl Taxation
The London Symphony Orchestra Endowment Trust is a registered charlty and Is thus @xempt from tax on Income and
galns falling wlthln Part ID of the Income Tax Act 2007 or s256 of the TaKatSon of Chargeable Gains Act 1992 to the
extent that these are applied to its charitsble objects. No tax charges have arisen In the Trust.
14

The London Symphony Orchestra EndowmentTrust
Notes to the financial ststements
Yearended 31 March 2021
2 Crltlcal ac¢ountlngludgement5 and key sources of estlmatlon uncertainty
In the appllcatlon of the charity'5 accDunting pollcles, whlch are described in Note I, the Trustee5 are requlred to
make judgements. estim3tes and assumptions about the c3rrying amounts of asset5 and liabilitie5 that are not
readily apparent from other sources. The estimates and assoclated assumptlOn5 art based on historical
experlence and other factors that are considered to be relevant. Actual results m4y diffÈr from these estimates.
The estimatss and underfying a5sumptlons are reviewed on an ongolng basis. Re￿$lOn$ to accounting e5titnatÈs
are rÈ¢ognlsed In the per￿d in whlch the estimate is revised if the revlslon affects only that period, or In the
period of the revi51on and future periods if the revlslon affects both current and future perlods.
The Trustees do not conslder there are any ¢ritlcal judgements or sources of estimation uncertainty requiring
disclo5u￿ beyond the accounting pollcles listed above.
3 Comparatlve Statement DI Finonclal Adlvitles and Balanre Sheet
Comparative Statement of Flnancial Activities
NotE
2020
Unrestrlcted
funds
2020
2020
Restricted Endowment
funds
fund5
2020
Total
funds
Income and endowments from:
Donatlons and le6atles
Charltable activities
Investrnent Incorne
62,132
1,704
74,340
84,500
146.632
1,704
451.579
377,239
Total Income
138,176
461,739
599,915
Expenditure
Expenditure on-.
R3islnB funds
CharltabSe activities
117,7781
148,3551
117.7591
I679,5￿)
156,4131
191.9501
1727,8551
Total expendlture
166,1331
1697,2591
156.4131
1819,8051
Net gains on inve5tTnents
io
1327.8661 1346,9381 11,369,742) 12,044,546)
Transfer5 between ftjnds
Net movement In*unds
1255,8231
1582,4581 11,426,1551 12,264A351
Recon¢lllatlon of funds
Total lunds brought forward
4,821,572
3,364,158
10,186,982 18,372,712
Total funds ¢arrled forward
4,565.749
2,781,700
8,760.827
16,108,276
15

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2021
3 Comparative Staternent of Flnan¢ial Actlvltles and Balan￿ Sheet lcontinuedl
CDrnparatlve Balance Sheet
2020
Unrestrl¢ted
funds
2020
2020
Restrlcted Endowment
funds
funds
2020
Total
funds
Note
Flxed assets
Tanglble a55ets
Investments assets
Loans
li
545.000
3,096,248
232,714
545,000
14,991.274
232.714
12
13
3.134,199
8,760,827
Total fixed assets
3,873,962
3,134,199
8,760,827
15,768,988
Cvrrent assets
Debtors.. 3mount5 falling due wlthln one
Cash at bank
14
17,117
680,490
34.500
1386,9991
51,617
293,491
Total current assets
697,607
1352N991
345,108
Current Ilabilities
Credltors.. amounts lalllng due wlthln
15
15.8201
15,8201
Net turrent assets
691,7B7
1352,4991
339,288
Total net assets
4,565,749
Z,781,700
8,760,B27
16,108,276
TDtal funds of the charlty
Funds brought forwBrd
17
4.821,572
3.364.158 10.186.982
18,372,712
lshorrfallllex￿ss of Income over expendlture foT
72.043
1235,5201
156,4131
1219,8901
Reallsed and unreali5ed Increase / Idecreasel in
1327,8661
1346,9381 11,369,742> 12,044,546)
FLtnd5 carrled forward
4,565,749
2.781,700
8,760,827
16,108,276
16

The London Symphony Orchestra Endowment Trust
Notes to the flnancial statements
Period ended 31 March 2021
2021
2020
4 Income from donailons and le8acle5
Donations
Legacles
1.842,576
159,761
89,408
57,224
rotal IrKome from donatlons and legacies
2,002,337
146,632
All Income from donatlons and legacle5 Ill the year re18tes to Unrestricted Fund5.
The total value of donations recelved from Trustees durlng the year was £105,000
12020.. £nill.
2021
2020
S Income from charitable a¢tlvltles
Loan Interest recelvable from player loans
1,704
Totsl l#tome from charitable artlvltles
1,704
All Incorne from charltable activities relates to unrestricted funds.
17

The London Symphony Orchestra Endowment Trust
Notes to the financial ststements
Period ended 31 March 2021
2021
2020
6 Investment Incorne
Dlvldends and Interestfrom investtnents
309.794
451.579
Total Investment Income
309,794
451.579
2021
Z020
7 Expendtture on ralslngfunds
Investment m3nagement costs
90,174
91,950
Total expÈndilure on ralsin8 lund5
90,174
91,950
2021
2020
8 Expendlture on charitable a¢tivitie5
Giants to L50 6roup
Governance cost$
652.646
6.155
722,CXX)
5.855
Total expendlture on charhable artivltles
658,801
727,855
2QZI
2020
9 Net incomellexpendlturel Is stated after £harglng'.
Audltor5' remuneration- audlt feÈ5
5,1(M)
4,850
Th@ Trustees dld not receive any remuneration for their services to the Trust nor were they relrnbursed for any
expenses in either year.
18

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2021
Grantsto institutions
2021
2020
10 Analysls of Brant5 payable and related party transactlons
Always Playlng Appèal Fund grant to LSO Ltd to provide stjpport during the pandemic
General Fund grant to LSO Productions Ltd for L50 Dlscovery
Lord Mayor's Appeal 2004 grant to LSO Production5 Ltd for LSO Olscoveryactivities
Lord Mayor's Appeèl 2017 grant to LSO Production5 Ltd for LSO Dlscoveryacrivities
Anglo-japanese Fund grant for the LSO'S work In Japan and 5cholar5hips
Endowrnent Fund grant to LSO Ltd for Moving Music digital projects
Endowrnent Fund grant to LSO Productlons Ltd for Movlng Musl¢ dlgltal projects
Endowment Fund grant to Lwe Ltd for Movlng Muslc dIE￿al projects
RestrScted Fund grantfor lunchtime concerts at LSO St Luke's
170,155
42,500
50,000
352,000
37,5CK)
75,OCKI
17,500
147,5
157.oc
LOO.000
32,975
158.016
34.500
Total grants to L50 Group
652,646
722,000
As explained in the Trustees. report, London Symphony Orchestra Ltd Ireglstered charlty number 2323911 15 a
connected charlty. Gr3nts made to the LSO and Its subsldlarles, LSO Productions Ltd and L50 Llve Ltd durfng the
year are shown above.
11 Tan8lble fixed as58t5
Mu5iral
Instrumenis
Cost
At l Aprll 2020
545,000
Al 31 March 2021
545,000
Net book value
At 31 March 2021
545,000
At l Aprll 2020
545.OIM)
19

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2021
20ZI
2020
12 Investment assets
Investment portlollo
Market value brought forward at l Aprll
Addltions
Olsposals
14,991,274
1,517,488
11,L72,6771
15,336,085
17.439.025
129,146
1892.0581
16.676,113
Increaselldecreasel In marketvalue
3.268.614
11,684.8391
Total Investment a55ets
18,604,699
14,991,274
An analysls of the marketvalue of investments at the year end Is provlded below..
2021
2020
Cash
Llquld Short Terrn Deposit5
Fixed incornelbonds
UK equltles
Overse8s equlties
Hedge funds and prlvate equity funds
Property funds
2.252.317
228,868
5,528,471
2.145,112
7,023,470
217,993
1.208,468
782,517
237,020
5.529,732
2.740,661
4,335,8LO
242,471
1,123,064
Total
18,604,699
14,9YI,274
There are no Indlvldual Investments In excess of IO% of the totsl portfollo. The value of the Investment portfollo at
30 September 2021 was £19.866,289.
20

The London Symphony Orchestra Endowment Trust
Notes to the flnancial statements
Year ended 31 March 2021
2021
2020
13 Loans
Amounts owed by LSO players
Due wlthln one year
Llue after onÈ year
34,412
157,960
192,372
232,714
232,714
The L50 players to whom concessionary loans have been made are shareholders of London Symphony Orchestra
Ltd. The amount5 owed by the LSO player5 are repayable ower varylng perlods usually not eX￿edIng 7 years. All
loans be3r interest 8t a variable rate eouating to the ￿nk of England base rate for that perlod. However, during
the Covld-19 pandemic these terms have varled interest h8s been walved untll 31 March 2022. There were
no loans ro players that had been commltted to but nottaken up a5 at the 31 March 2Q21.
2021
2020
14 Debtors.. amountslalling due within one year
Accrued Income
Other debtors
122,308
262,444
51,617
384.752
51.617
2021
2020
IS Credltors.. amountsfalllng due wlthln one year
Other credltors
Accruals
67.273
6.120
5,820
73,393
5,820
21

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Period ended 31 March 2021
alance
l Apr51
2020
Balance
ai March
2021
16 Statement of funds
Galns and
losses
Income
ExpendltLtre
Unrestricted funds..
General Fund
AIw3y5 Playing Appeal
4,565,749
46,485
2,002.337
123,5861
1170,1551
598,977
5,187,625
1,832,182
Total unTe5tTirted funds
4.565,749
2,048.822
1193.7411
598.977
7,019.807
Restrlcted funds..
Lord Mayor's Appèal 2004
Lord Mayor's Appeal 2017
Anglo-japanese Fund
Moving Muslc Income Fund
Centre for Muslc Fund
LSO St Luke's Lunchtirne Concert Fund
1,834,574
459,434
335,111
68,081
S0,(KiO
34,500
31,285
9.729
2,944
219,351
1168,4921
1103,6211
135,1531
1158,0161
388,419
123,501
29,370
2.085,786
489.042
332,273
129,416
50,CQO
134.5001
Total restrl¢ted fvnds
2,781.700
263,309
1499,7821
541,290
3,086,517
Endowments funds..
Mowng Music Capital Fund
8,760.827
155,4521
I,￿8,727
10,614,102
Total endowment funds
8,760,827
155.4521
1,908,727
10,614,102
Total fund$
16,108,276
2,312,131
1748,9751
3,048,994
20,720,426
Deta115 Uf the Restricted and Endowment funds are set out below.
Lord Muyor'sAppeul 2004
From November 2003 to NDvÈmber 2004 the endowment Trust wa5 the Major beneflclary of the Lord Mayor'5 Appeal. A
wide varlety of *und-ralslng events were held Includlng gala concerts. The funds raSsed from these events have been *t
side In a ie5tricted fund lorthe benefit of LSO Oiscovery.
Lord Muyor'sAppeal 3017
From November 2016 to November 2017 the Endowment Trvst was selectÈd by the then Lord Mayor to be a major
beneficiary of the Lord Mayor's Appe31. A wide variety of fund-raising events were held and the funds raised have been set
aside In a re5trirted fund lorthe benefit of LSO Discovery.
Anglo-joponese Fund
ThÈ purpose of this fund 15 to build Anglo-Japane5e cultural relations by supporting the LSO'S work In Japan and to prowde
scholarshlps to Japanese muslc students to asslstthem In studying at the Guildhall School of MusSc and Drama.
Mowng Muslc Fund
The fund was establlshed In 2012 to receive funds from the fundralslng campalgn of the same name. The ￿mpaIgn ended
n July 2015, and a total of £8,783,563 was raised overall. All funds have been invested In an endowrnent fund for a peri(xJ
of at least 25 years. On completlon of the campalgn the ac¢umulated net Income of £144,199 was transferred to a
separate restricted fund, and all subsequent investment income 15 a150 being treated In the same way. This reflects the fact
that the income can be s￿nt. whereas the base InvestmÈnts form an Èndowment and cannot be expÈnded. The Èxistlng
investment policy is undeT review by Trustees to address this sltuation. The Incom@ from the Investment portfolio will be
used to fund audio visual Fecordin85 of key contrrt performances by the LSO and the distribution ol these worldwide,
includinq to vouno oeoole and nèw audientes.
22

The London Symphony Orchestra Endowment Trust
Notes to the financlal statements
Period ended 31 March 2021
16 statement of funds l¢ontlnuedl
CentreforMusl¢Fund
The Centre for Music Fund reprÈsents a donation toward5 the Centre for Muslc project whlch was a lolnr Sftitiative
between the ￿0, B8rblcan Centro and Gulldhall School of Music & Drama IGSMDI. As that project Is now not
pr¢gresslftg, It has been agreed wlth the donor thatthe funds wlll be applled toward a lolnt piojecÈ between the
LSO and GSMD In the futu￿.
LSOSt Luke's Lunchtime Contertfund
Thls fund consists of 3 legary to 5UPPOrt lunchtime concerts at LSO St Luke's.
Comparative movements In funds for the prloryÈarare shown in Note 17 to these accounts.
17 Comparative statement of funds
Balance
l Aprll
2019
Balance
31 March
Galns and
losses
Income
Expenditure
2020
Unrestricted funds..
General Fund
4,821.572
138,176
166,1331
1327,8661
4,565,749
Total unrestricted funds
4,821,S72
138,176
166,1331
1327,8661
4,565,749
Restrlcted fund5'.
Lord Mayor's Appeal 2004
Lord Mayor's Appeal 2017
Anglo-japanese Fund
Moving Music Income Fund
Centre lor Muslc Fund
LSO St Luke's Lunchtime Con
2,098,710
880,729
384.719
49,229
14,954
4.975
308,081
50,QIJO
34,500
161.8841
1355,6261
139,7491
1240,0001
1251,4811
180.6231
114,8341
1,834,574
459,434
335.111
68.081
50,000
34,500
Totsl restrl¢ted funds
3,364,158
46L739
1697,2591
1346.9381
2.781,700
Endowments funds..
Moving Music Capltal Fund
10,186.982
156,4131
11,369,742)
8.760.827
Total endowment funds
10,186,982
156,4131
11,369,742)
8,760,827
Total funds
18,372,712
599,915
1819.8051
12,044,546]
16,108,276
23