Charity Registration No. 233700 The London Symphony Orchestra Endowment Trust Report and Financial Statements 31 March 2022 The London Symphony Orchestra Endowment Trust Report and financial statements 2021-22 Contents Page Officers and professional advisers Trustees, report Statement of trustees, responsibilities Independent auditorfs report Statement of Financial Activities io Balance Sheet li Statement of Cash Flows 12 Notes to the financial statements 13 The London 5yrnphony Orchestra Endowment Trust Report and financial statements 2021-22 Officers and professional advisers Trustees Charles Clark Hon Sir Rocco Forte Lady Aliai Forte Richard Hardie James Lennox Mackenzie OBE Kathryn McDowell CBE Lady Wendy Parmley Harriet Rayfield Daniel Ross John Shakeshaft (Chairman) Secretary Rikesh Shah Registered Office Barbican Centre Silk Street London EC2Y 8DS Investment managers Saunderson House l Long Lane London ECIA 9HF Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC2M 2AN Bankers Lloyds Bank plc 34 Moorgate London EC2R 6PL Solicitors Veale Wasbrough Vizards LLP Orchard Court Orchard Lane Bristol BSI 5WS Auditor Haysmac1nty￿ LLP, 10 Queen Street Place, London, EC4R IAG The London Symphony Orchestra Endowment Trust Trustees, report 2021-22 The Trustees present their annual report and the audited financial statements for the year ended 31 March 2022. structurei governance and management Constitution The London Symphony Orchestra Endowment Trust I'the TrLJsV'I was originally established by a deed of settlement dated 12 September 1963 which has 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 t7nd organi5Qtion 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 I'the LSO"). Non-LSO Trustees must always constitute a majority of the Trustees. Subject to these limits, new Trustees are recruited 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 is provided to Trustees a5 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 Trustees meet twice a year and, in addition, an Investment Committee meets during the year with the investment managers to review the performance of the investment portfolio and to disCUSS the investment approach. Connected charity The LSO (Charity Number 2323911 is a connected charity of the Trust by virtue of the fact 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. Objectives ond activities The general purpose of the Trust is to support the objects of the LSO, namely to promote, maintain and advance education, particularly musical education and to encourage and advance the arts including music, drama, mime, dancing and singing. The Trust's main activity is to build long-term funds which will generate returns that can be used to make grant5 which support the LSO as this is considered essential to being able to secure the LSO'S future. The Unrestricted General Fund is the main endowment fund which has been estèb115hed for this purpose. In addition, the Trust has received funds raised from the Lord Mayorfs Appeals in 2004, 2010 and in 2017, as well as from a number of generous donors toward5 the Always Playing Appeal, established to SUPPOrt the LSO during and in the aftermath of the Covid-19 pandemic. In 2012, the Trust raised income of almost £6m and this in turn released funding from the Arts Council England's Catalyst Endowment Scheme of a further £2.9m. The funds from this campaign, which is known 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 London Symphony Orchestra Endowment Trust Trustees, report 2021-22 The Trust also occasionally receives from donations and legacies which are intended to be used for very specific purposes over a limited timeframe. These funds are accounted for separately in order to ensure that the wishes of the donor or legator 3re honoured. The Trustees, principal focus is to manage the various funds in the most appropriate way given the relevant purposes and timescales, and to make grants to the LSO Group based on the needs of the LSO. The largest funds are all largely invested in order to maximise returns over the medium- and long-term. The Trust also makes loans to LSO members to assist them in purchasing musical instruments, and has acquired a small number of instruments which are loaned to the LSO for use by members of the Orchestra. The Trust does not use the services of volunteers and the minimal operational tasks of the Trust are undertaken by LSO staff. Public benefit The Trust provides benefit to the public indirectly by providing funding to the LSO and thereby supporting world class orchestra and its wider activities including LSO Discovery's education and community programme, and international dissemination of performances through LSO Live. The LSO'5 core activities encourage the education of, and participation in, music by the public at large. This is achieved through public concerts which have accessible ticket prices, some of which are broadcast on the radio, television and the internet and through audio recordings which are widely available at low cost. The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit and thev believe that the sUPPOrt provided to the LSO provides benefit to a wide section of the public. Achievements and performance Investment portfolio The Trust invests its assets with a view to both capital appreciation and the generation of income to support its charitable activities. There are no restrictions on the Trust's power to invest. Saunderson House managed Trust's investments since 2016 until July 2022 at which they were transferred to Sarasin & Partners. Funds previously held with U85 were all drawn down during the year. The investment strategy is set by the Trustees in discussion with the investment manager and this strategy IS reviewed regularly. Within the overall strategy, the investment manager takes the decisions on selection, retention and realisation of investments. The value of the investment portfolio rose to £19,376,668 at the year-end reflecting additions of £701,624, disposals of £253,856 and unrealised gains of £324,200. Investment performance reflected market conditions and portfolios are positioned to meet agreed investment mandates. At 30 June 2022, the investment portfolio was valued at £17,933,654, reflecting falls in financial markets after the year end. Fundraising During the year, the Trust continued the fundraising campaign known as the Always Playing Appeal to 5UPPOrt the Lso's recovery from the Covid-19 pandemic and to support its musicians. As the LSO emerges from the most challenging period of a generation, it is facing the most financially challenging years in it5 history. To sustain the Orchestra through coming years, the aim of the Always Playing Appeal is to preserve the artistic excellence of the LSO'S musicians and support the LSO in its implementation of a new strategy responding to the changes wrought by the pandemic. The London Symphony Orchestra Endowment Trust Trustees, report 2021-22 B y july 2022, over £5m had been raised towards the Always Playing Appeal, reaching the target set in the early stages of the pandemic. This total includes donations and other income received by the Trust as well as various grants received directly by the LSO. The Trustees and LSO are hugely grateful to the lead donors to the Appeal, Alex and Elena Gerko, and to all those who have chosen to support the Appeal. The Trust also continued to promote legacy giving amongst the LSO'S supporters and audiences which is an increasingly important source of income which allows the Trust to increase its ability to support the LSO over time. The Trust did not engage the use of third party fundraisers. Grants During the year, donations of £200,00012021.' £186,631) were made to LSO Ltd from the Always Playing Fund and of £12,50012021.' £12,500) from the Anglo japanese fund to support the Japanese music students. No other grants were made during the year. Details of all prior year grants are set out in note 10. Loans to Pluyers The Trust continued to offer loans to members of the LSO to a5SlSt them in the purchase of instruments. Five new loans totalling £110,973 were made to players during the year12021= £nill. At the year-end, 21 players had outstanding loans from the Trust,. further details are shown in Note 13 to the Financial Statements. Financial review Total income received in the year was £1,930,790 12021.. £2,312,131), the majority of which related to donations, legacies, gift aid and income from investments. Expenditure of £294,27412021= £748,975) was in line with expectations and related primarily to grants and investment management fees. Gains in the value of the investment portfolio were £117,110 12021.. Gains of £3,048,994). Following reinvestment of income and surplus cash, the value of the portfolio at the year-end was £19,376,66812021'. £18,604,6991. The Trusvs total reserves increased from £20,720,426 to £22,474,052 at the year-end. Reserves policy Of the Trust's total funds of £22,474,052, a total of £15,149,320 comprise Endowment Funds or Restricted Funds and which can only be used for specific purposes. Of the remaining Unrestricted Funds, £2,229,848 are held for specific purposes leaving £5,094,883 in the unrestricted General Fund. Much of the General Fund comprises investments, which are held to generate income together with instruments for use by the LSO and loans to Members of the LSO. Excluding the investments and these other assets, which are held for the long-term, leaves a balance of £269,447 which the Trustees treat as free reserves. This amounts to slightly more than the target level for free reserve5 of 5% of the General Fund 1£254,7441. This level of free reserves is considered sufficient given that the Trust has minimal administrative overheads and no on going liabilities. In addition, the vast majority of investments held in the General Fund are liquid and available for drawdown at short notice if needed. The Trustees review levels of reserves on an annual basis. The London Symphony Orchestra Endowment Trust Trustees, report 2021-22 Rlsk review The major risks to which the Trust is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. The primary risks relate to protecting the value of the Trust'5 investment portfolio and other assets. Trustees delegate management of this risk to professional investment managers with oversight by the Investment Committee consisting of five of the Trustees, and the Trijsys Secretary. Many factors affecting the achievement of the Trust'5 objectives relate to economic factors 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. However, the Trust has long-term time horizons and is largely able to absorb fluctuations in investment markets. Plans for the future The Always Playing Appeal is due to conclude in summer 2022, and work will then continue to secure further donations for general purposes and specific projects. Careful oversight of the investment portfolio will also continue 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 legacy to the Trust and the Trustees have been notified by a number of individuals of pledged legacies of varying sizes. The policy of making grants to the LSO, LSO Productions Ltd and LSO Live Ltd is expected to continue along with loans to LSO members to assist with instrument purchases. Going concern At the year-end the Trust has significant net assets and minimal liabilities and operating costs. Grant5 are only awarded if sufficient funds are available to fund the necessary payments. The Tru5tee5 have a reasonable expectation that the Trust has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Trust's financial viability. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements. Fundraising approach The Trust subscribes to principles of fundraising 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's fundraising practices during the year. The London Symphony Orchestra Endowment Trust Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparin8 these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities 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 basis 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 financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts and Reports) Re8ulations 2008 and the provisions 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 irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Signed on behalf of the Trustees CLL Charles Clark Chairman 28July 2022 Independent auditorfs report to the Trustees of The London Symphony Orchestra Endowment Trust Oplnlon We have audited the financial statements of The London Symphony Orchestra Endowment Trust for the vear ended 31 March 2022 which comprise statement of financial activities, 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 h35 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the state of the charitls affairs as at 31 March 2022 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 Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Ba515 for opinion We have been appointed as auditor under section 144 of the Charities 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 Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includinE the FRC's Ethical Standard, and we have fulfilled our other ethical 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 financial statements, we have concluded that the trustees, use of the going concern bas15 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustee5 are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be material Independent auditorfs report to the Trustees of The London Symphony Orchestra Endowment Trust misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement 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 respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity,. or sufficient accounting records have not been kept; or the charity financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees for the financial statements As explained more fully in the trustees, responsibilities statement Set Dut on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of finèncial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charity or to cease operations, or hève no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is 3 high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulatlDns. 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 charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the charities act, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and consider other factors such as income tax, payroll tax and sales tax. Independent auditor's report to the Trustees of The London Syrnphony Orchestra Endowment Trust We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators,. Discussions with management including consideration of known or Suspected instances of non- compliance with laws and regulation and fraud,. Reviewing the controls and procedures of the charity relevant to the preparation of the financial 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 Reviewing minutes of trustee meeting5. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uk auditorsres onsibilitie5. This description forms part of our auditor's report. Use ofour report This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Att. Our audit work has been undertaken so that we might 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 by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed. Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R IAG Date: 1 August 2022 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 Ststement of Financial Activities Period ended 31 March 2022 Note 2022 2022 2022 2022 2021 Unrestrlcted funds Restrlcted Endowment funds tunds Total funds Total funds Income and endowmenislrom.. Donatlons and legacies Charltable attivitles Investment income 703,267 921,530 1,624,797 2,002,337 46,116 259,877 305,993 309,794 Totsl incorne 749,383 1,181,407 1,930,790 2,312,121 Expendlture Expenditure on.. Raising funds 123,3631 1207,8381 115,7321 12.465 159,8061 198,9011 1195,3731 190,1741 1658,8011 Total expenditure 1231,2011 13,2671 159,8061 1294,2741 1748,9751 Net galnslllossesl on Investments 1213,2581 116,0771 346,445 117,110 3,048.994 Net lexpendlturell Income 304,924 1,162,063 286,639 1,753,626 4,612,150 Net movement in funds 304,924 1,162,063 286,639 1,753,626 4,612,150 Reconciliation of fund5 Tot31 funds brought forward 7.019.807 3.086,517 10.614,102 20,720,426 16,IOB,276 Total funds caTried forward 7,324,731 4.248,580 10,900,741 22,474,052 20,720A26 There were no other recognised 83ins or losses Other th3n as shown above. All Income and expenditure derive from See Note 3 for comp4rative Statement of Financial Activities anatysed byfund5 io The London Symphony Orchestra Endowment Trust Balance Sheet As at 31 March 2022 2022 2022 2022 2022 2021 Unrestricted Restrlcted Endowrnent fund5 Total Total funds funds fund5 funds Note Flxed assets Tangible assets Investrnent assets li 545,000 5,491,542 160,614 545.000 19,376.668 160.614 545,000 18,604,699 157.960 12 2,984,385 10,900.741 Loans 13 Total fixÈd assets 6.197,156 2,984,385 lo.9￿.?41 20,082,282 19,307,659 Current assets OÈbtor5.' amounts f3llin8 due within one year Loans 14 46,023 56,953 1,032,399 46,023 56,953 2,296,594 384,752 34.412 1.066.996 13 sh at bank 1,264,195 Totsl ebtors.' amounts falllng due within one Loans 14 122,308 34,412 1,009,241 262.444 384,752 34,412 1,066,996 13 Cash at bank 57,755 Total current a55ets 1,165,961 320,199 1.486.160 Current liabilitie5 Creditors.. amounts f311ing due within 15 173,3931 173.3931 Net current assets 1,092,568 320,199 1,412,767 Total net asset5 7.r119.807 3.086.517 10.614,102 20,720,426 Total funds of the charitv Fund5 broJghtforward 17 4,565.749 2.781,700 8.760,827 16,108,276 Ishortfallllexcess of income over expenditure for 1,855.081 1236,4731 155,4521 1.563,156 Realised and unrealised increase / Idecreasel in 598,977 541,290 1,908,727 3,048,994 Funds c4rried forw4rd 7,019,807 3,086,517 10,614,102 20,720,426 16 The London Symphony Orchestra Endowment Trust Notes to the financial statements Period ended 31 March 2022 2022 2021 4 Income Irom donations and legacles Donations 1,353,941 270,856 1,842,576 159,761 Legacie5 Total Income from dorbations and legacles 1,624,797 2,002,337 All income frorn donations and legacies In thÈ year relates to Unrestricted Funds. The total value of donatlOn5 received from Trustees durlng the year was £12,500 12021.. £105,000). 2022 2021 S Incorne from chailtable attivities Loan interest receivable from player loan5 Total Income from charltable artiwtie5 All Income frotn charitable activities relates to unrestricted fund5. 17 The London Symphony Orchestra Endowment Trust Notes to the financial statements Perlod ended 31 March 2022 2022 2021 6 Investment income Dividends and interest from inve5trnentS 305,993 309,794 Total Investment Income 305,993 309,794 2022 2021 7 Expenditure on raising funds Investment management costs 98,901 90,174 Total expenditure on raising funds 98,901 90,174 2022 2021 8 Expendlture on Charitable actlvitle5 Grants to LSO Group (see Note 101 Governance r05ts 187.535 7.838 652,646 6,155 Total expenditure ofi charitsble ac¢svities 195,373 658,801 2022 2021 9 Net income/le¥pend¢turel is ststed •ftÈr thar85ng'. Audltors. remuneratlon audlt fees 6.500 5,100 The Trustees dld not recelve any remuneration for their services to the Trust nor were they reimbursed for any eKpen5es in either year. 18 The London Symphony Orchestra Endowment Trust Notes to the financial ststements Yearended 31 March 2022 Grants to Institution5 2022 2021 10 Analysls of grants payable and related partytransa¢tion5 Always Playing AppÈal Fund grant to LSO Ltd to provide support during the pandemic Lord Mayor's Appeal 2004 grant to LSO Productions Ltd for LSO Discovery activities Lord Mayor's Appeal 2017 grant to LSO Productions Ltd for LSO Dlscovery artivitie5 Anglo-Japane5e Fund grant for the LSO'S work in J3pan and Scholarships EndowmÈnt Fund grant to LSO Live Ltd for Moving Music digltal projects Restricted Fund Er3nt for lunchtirne concerts at L50 5t Luke'5 200,000 170,155 157,000 loo,000 32,975 158.016 34,500 12,500 124,9651 Total grants to iso Group 187,535 652.646 The figure Shown against Endowment Fund grantto LSO Llve Ltd in 2021-221£24,9651 reflects a partlal repayment of 3 gr8nt paid in the previous year. e¥plained in the TrustÈÉs' report, London Symphony Orchestra Ltd Iregi5teied charity number 2323911 15 a connected charity. Grants made ro the LSO and it5 5ub5idiaries, LSO Productlons Ltd and LSO Live Ltd during the year are shown above. There were no other re18ted pèrty transaction5 In the year. 11 Tangible flxed assets Musical Instrurnent5 Cost At l Aprll 2021 545,000 At 31 March 2022 545,OCM) Net book value At 31 March 2022 545,000 At l April 2021 545,000 19 The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2022 2022 2021 12 Investrnent assets Investment portfolio Market v3luÈ brought forward at l April Additlons Disposals 18,604,699 701,625 1253,8561 19,052,468 14,991,274 1,517,488 11,172,677) 15,336,085 Increa5e/ldecreasel in market value 324,21K) 3,268,614 Total Investment assets 19.376.668 18.604.699 An analysls of the market value of Snvestments at the year end Is provlded below.. 2022 2021 Cash Liquid Short Term Deposits Fixed income/bond5 UK equities Overseas equitie5 Hedge fund5 and private equityfunds Property funds 915,006 392,471 6,373,839 2,416,731 8,025,013 2,252,317 228,868 5,528,471 2,145,112 7,023,470 217,993 1,208.468 1,253,608 Total 19,376,668 18,604.699 There are no individual investments in exce55 of IO% ol the total portfolio. The value of the investment portfolio at 30 June 2022 was £17,933,654. 20 The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2022 2022 2021 13 Loans Amount5 owed by LSO p13yers Due wtthin one year Due after one year 56,953 160,614 217,567 34,412 157,960 192,372 The LSO playÈrs to whom conce5sionary loans have been made are 5hareholder5 of London Symphony Orchestr3 Ltd. The amounts owed by the LSO playÉrs are rep3yÈble over varying periods usually Dot exceeding 7 year5. All loans bear interest at a variable rate equating to the Bank of England base rate for that perlod. However, during the Covid-19 pandemic these terrns have viried and interest wa5 waived until 31 March 2022. There were no loans to players th8t h8d been committed to but not taken up as at the 31 March 2022. 2022 2021 14 Debtor5.' arnount5 falling due within one year Amounts due from L50 Group Companles Accrued income Other debtor5 2,133 43,890 122,308 262,444 46,023 384,752 2022 2021 IS Creditois: amounts falling due wlthln one year Arnounts due to LSO Group Cornpznies Other credltors Accruals 67,273 6.120 7,800 7,800 73,393 21 Thè London Symphony Orchestra Endowmént Trust Notes to the financial 5talement5 PèrÉod ended 31 March 2022 Balance Bal¥neÈ 31 Marrh 2022 16 Ststemwtoflunds G8ln5 and zoii Income Expendlture ses Transfers Unrestritted fund5'. General Fund Always PlayingAppeal Wallis Fund 5,187,625 1,832.182 167,167 582,216 129,8761 1201,3251 1122.4081 1107.6251 190.8501 5,094.883 2,122,223 107,625 107,625 Total uTrrestrlctedlunds 7,019,807 749,383 1231.2011 1113,2581 7,324.731 Restrstted funds.. Lord Mayor's Appeal 2004 Lord Mayor'5 Appeal 2017 AnBlo-Jap8ne5e Fund Moving Music Income Fund Centre for Music Fund O Discovery Fund O St Luke's Fund LSO St Luke's Lufichtime Concert Fund 2,085,786 489.042 332,273 129,416 50.(h)O 24,726 5,842 1.635 227,674 111.6161 127,7681 13,885 2,1941 2,071,128 506,457 317.410 382.055 so,000 321.530 600,( 114,3041 24,965 321,530 6W,Q(KJ Total restrkted funds 3,086,517 1,181.407 13.2671 116,0771 4.148.580 Endowment funds.. Movin8 Musiccapital Fund 10,614.102 159,8061 346,445 10,900,741 Total endowment lunds 10.614.102 159,8061 346.445 10,9fAI,741 Total fvnds 20.7ZO,4Z6 1,930,790 1294.2741 117.110 22,474,052 Detai15 ofthe variou5 funds are set out below.. GenerolFund This Ss the Trust's primary unrestricted fvnd in which all funds, eX￿pt those with specific restrittions, are held. Part of the fund comprises instruments which are loaned to the for use by Its players, and the majorty of funds are invested wlth the Investment return used to rndke grants tothe LSO. Alwuys PlayingAppeolFund Thi5 fund was created to recelve Income durin8 the Covid-19 pandemlc as part of the Always Playin8 Appeal. This is an unrestrScred fvnd, with the mtin purpose being to 5upporr the L50 during and after the panderni¢ In particular to support fts mu5ician5 and a5SlSt in the tran$￿tIon to a new business model overuming years. Wolli5 Fund This is an unrestrirted fund but Is accounted for Separately in lille wlth the ￿quIrementS of a legacy that wa5 recelved Sn 2021. Income 8nd ¢apital 8rowth from the funds invested wll be used to support ISO Discovery's work. The fund will be transferred to the General Fund after ten years, in March 2032. These funds were previously retO8ni5ed as part of the General Unrestricted Fund but have been transferred info 3 separate fund to refleth the particularway this fund wlll be managed. LordMoyor'5 Appeo12004 From November 2003 10 November 2004 the Endowrnent Trust Wa5 the malor beneficiary of that year's Lord Mayor's Appeal. A wide variety of fund-raising events were held Sncludlng 8alè eonterts. The funds raised from these events have been ser aside in a restrirted fund for the beneftt of LSO Discovery. 22 The London Symphony Orchestra Endowment Trust Notes to the financlal statements Period ended 31 March 2022 16 Statement of fvnd5 Icontinuedl LordMuyor'sAppeG12017 From November 2016 to November 2017 the Endowment Trust was Selected by the then Lord Mayor to be a major beneficiary of the Lord Mayor's Appeal. A wide variety of fund-raising Èvents were held and the funds r81sed have been Set aside In a restritted fund for the benefitof LSO Discovery. Anglo-japonese Furjd The purpose of thi5 fund 15 to bulld An81o-Japanese cultural relatlons by 5UPPOrtinE the LSO'S work in Japan and to provide scholarships to Japanese mu51c students to asslstth@m in stvdyingat the Guildhall School of Music and Drarna. Moving Music Fund The fund wa5 e5tsblished In 2012 following a fundraising campal8n of the 5Hme name. All funds have been Invested in an endowment fund for a period of at least 25 years. Income generated from the investments In thls fund 15 transferred to separate restricted fund to relect the fact that the Income tan be spert whereas the base investments forrn an endowment and cannot be expended. The income 15 Used to fund audio visual recordinÉs of concert performances by the LSO and thedistribution of these worldwide, Includln8to young people and new èudiences. CtntreAorMusic Fund The Centre for Music Fund represents a donation towards the Centre for Music project, As that project is now not progressing, It was agreed with the donorthatthefunds will be applied towards a joint project between the LSO and the Guildhall Scheol of Music & Drama inthe future. LSO Discovery Fund Thi5fund ha5 been establSshed following a donation which Is to be used to 5UPPOrt LSO Dlscovery'swork. ISO StLtske s FunLI Thi5 fund has been estèbllshed following a donation to be used to support C3Pital projects at LSO St Luke'5. LS0StLukes Lunchtlme Concertfvnd This fund consSsts of 8 le8aty to 5UPPQrt lunchtime concerts 8t LSO St Luke's. c0rnparat￿e movements Infund51orthe prior year are shown in Note 17 to these accounts. 23 The London Symphony Orchestra Endowment Trust Notes to the flnanclal statemènts Perlod ended 31 Marth 2022 IY Comparatlve 5tatementoffvnds Balance l Aprll 2020 Balante 31 March 2021 Galn5 and 105ses Income Ewthdlture Unrestricted fvnds.. General Fund AEways PlaylnE Appeal 4,565,749 46.485 2,002,337 123,5861 1170,1551 598.977 5,187.625 1,832,182 Total unrestrlrted fund5 4.S6S.749 2.048,822 1193,7411 598,977 7,019,807 Re5trirted fund5'. Lord Mayor's Appeal 2LK14 Lord Mayor's Appe312017 Anglo-japanese Fund Moving Music Income Fund Centrefor Music Fund LSO St Luke'5 Lunchtime cOn￿rt Fund L834,574 459.434 335,111 68,081 50,0(Y) 31,285 9,729 2,944 219,351 1168,4921 1103,6211 135.1531 1158.0161 388,419 124,501 29,370 2,085,786 489,042 332,273 129.416 SO.O(M) 34,S¢JO 134.5WI Totsi restrfrtedfunds 2.781.700 Z63,309 1499,7821 54L290 3.086.517 Endowment funds.. Movin8 Music Capital Fund 8,760,827 155,4S21 I,￿8,727 10,614,102 Total endowmentfvnds 8,760,827 155.4511 1,908,727 10,614,102 Total fun(Ls 16,108,176 2,312,131 1748.9751 3,048,995 20,720,426 24