Charity Registration No. 233700
The London Symphony Orchestra
Endowment Trust
Report and Financial Statements
31 March 2023

The London Symphony Orchestra Endowment Trust
Report and financial statements 2022-23
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 Symphony Orchestra Endowment Trust
Report and financial statements 2022-23
Officers and professional advisers
Trustees
Charles Clark
Hon Sir Rocco Forte
Lady Aliai Forte
Richard Hardie
James Lennox Mackenzie OBE
Dame Kathryn McDowell
Lady Wendy Parmley
Sarah Quinn
Harriet Rayfield
Daniel Ross
John Shakeshaft
(Chairman)
lappointed 25 April 20231
(resigned 25 April 20231
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
Sollcltors
Veale Wa5brough Vizards LLP
Orchard Court
Orchard Lane
Bristol
BSI 5WS
Auditor
HaysmacintY￿ LLP
10 Queen Street Place
London EC4R IAG

The London Symphony Orchestra Endowment Trust
Trustees, report 2022-23
Introduction
The Trustees present their annual report and the audited financial statements for the year ended
31 March 2023.
Strurture. governance and management
Constitution
The London Symphony Orchestra Endowment Trust l-the Tru5t"I was originally established by a deed of
settlement dated 12 September 1963 which has subsequently been amended by a tNst deed dated
22 October 1991, 8 Deed of Variation dated 5 July 2006 and a Deed of Amendment dated l October 2010.
Trustees Gnd orgonist7tion
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 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 as necessary.
Names of the Trustees who seNed 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 meet5 during the year with
the investment managers to review the performance of the investment portfolio and to discuss the
investment approach.
Connected chorNty
The LSO Icharity Number 2323911 is a connected charity of the Trust by virtue of the fact that the two charltles
have shared objectives and administration. However, the Trust is fully independent of the LSO and has it5 own
Board of Trustees. The LSO'S subsidiary companies, LSO Productions Ltd and LSO Llve Ltd are considered to be
related parties to the Trust.
Objectives ond octivities
The general purpose of the Trust 15 to support the objects of the LSO, narnely to promote, maintain and
advance education, partictjlarly 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 ￿tUrnS that can be used to make
grants which support the LSO as thi5 15 considered essential to being able to Secure the LSO'5 fvture. The
Unrestricted General Fund is the main endowment fund which has been established for this purpose.
In addition, the Trust has received funds raised from ihe Lord Mayorfs Appeals in 2004, 2010 and in 2017, as
well as from a number of generous donors towards 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 a5
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 2022-23
The Trust also occasionally receives 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 are 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 5UPPOrting
world class orchestra and its concert programme, as well as its wider activities including LSO Discovery's
education and Community programme, and international dissemination of performance5 through LSO Live.
The LSO'S 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 land some of which are free of charge),
some of which are broadcast on the radio, television and the internet and through audio recording5 which are
widely available at low cost.
The Trustees confirm that they have referred to the Charity Commission's guidance on public benefrt 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 5UPPOrt its
charttable activities. There are no restrictions on the Trust's power to invest.
Saunderson House managed the Trust's investments until July 2022 at which point they were transferred to
S3r35in & Partners following a review and tender process.
The investment strdtegy 15 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 fell slightly to £19,259,988 reflecting purchases and sales made during
the year (including through the transfer to new investment managers) and a net decrease in market value of
£306,466. Investment performance reflected market conditions and portfolios are positioned to rneet agreed
investment mandates. At 31 May 2023, the investment portfolio was valued at £19,163,158, reflecting falls in
financial markets after the year end.

The London Symphony Orchestra Endowment Trust
Trustees, report 2022-23
During the year. the Trustees agreed a change in the terms of the funding towards the Moving Music fund
received from Arts Council England. The original restrirtion that only income generated from the whole
Moving Music fund could be drawn down has been withdrawn and a formal variation to ihis effect was agreed
between the Trustees and Arts Council England in March 2023. From April 2023, 8 total return approach will
be applied to the Moving Music fund through which both income and capital gain5 can be drawn within
parameters designed to protect the value of the fund over time.
Fundraising
The Always Playing Appeal, to support the LSO'S recovery from the Covid-19 pandemic and to support its
musicians. was completed in Summer 2022 with the target set in the early stages of the pandemic being met.
The Trustees wish to reiterate their gratitude to the lead donors to the Appeal, Alex and Elena Gerko, and to
all those others who supported the Appeal.
A number of large legacies were received or confirmed during the year and these formed the majority of
philanthropic income. The Trust continued to promote legacy giving arnongst 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.
Gronts
During the year, donations of £609.83612022- £187,5351 were made to the LSO GroLlP for a range of purpose5
in line with the purposes of various funds. The two largest grants related to support for LSO Discovery and for
the Orchestra's tour to japan. Details of all grants made are set out in note 10.
Loans to Ployers
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 year12022.. £110,973). At the year-end, 14 players had outstanding
loans from the Trust; further detai15 are shown in Note 13 to the Financial Statements.
Flnan¢lal revlew
Total income received in the year was £1,098,45212022: £1,930,790), almost all of which related to donations,
legacies, gift aid and income from investments.
Expenditure of £637,573 12022.. £294,274) was in line with expectations and related primarily to grants and
investment management fees.
Net losse5 In the value of the investment portfolio were £735.521 12022- Gains of £117,1101 reflecting
volatility in markets, particularly in the first quarter of 2023. Followine reinvestment of income and 5urplu5
cash, the value of the portfolio at the year-end was £19,259,98812022- £19,376,6681.
The Trust's net assets fell from £22,474,052 to £22,199,410 at the year-end.

The London Symphony Orchestra Endowment Trust
Trustees, report 2022-23
Reserves policy
Of the Trust's total funds of £22.2m, a total of E14.4m comprise Endowment Funds or Restricted Funds which
can only be used for specific purposes. Of the remaining Unrestritted Funds, £2.2m are held lor specific
purposes leaving £5.6m in the unrestricted General Fund.
Much of the General Fund comprises investments, which are held to Eenerate income, together with
instruments for use by the LSO and loans to Members of the LSO. Further amounts at the year end related to
legacies due but not yet received, and which are therefore not liquid funds. Excluding the investments, the
other assets which are held for the long-term, and income accrued but not yet received, leaves a balance of
£466,522 which the Trustees treat as free reserves. This amounts to slightly more than the target level for free
reserves of 5% of the General Fund1£279,3311. 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
investment5 held in the General Fund are liquid and available for drawdown at short notice if needed.
The Trustees review leve15 of reserves on an annual basis.
Risk review
The major risks to which the Trust is exposed, as identrfied 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's
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.
Many factors affecting the achievement of the Trust's objectives relate to economic factors such as movement
in share prices, interest rates, exchange rates and inflation and these 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 lor the fvture
Work continues to secure donations for general purposes and specific projects. 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 individua15 of pledged legacies of varying sizes.
Careful oversight of the investment portfolio will continue in order to increase over time the value of grants
made to support its charstable objectives. 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 ¢oncern
At the year-end the Trust has significant net assets and minimal liabilities and operating costs. Grants are only
awarded if Sufficient funds are available to fund the necessary payments. The Trustees have a reasonable
expectation that the Trust has adequate resources to continue its activities for the *oreseealJle 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 ihe standards of the Code of Fundraising Praciice. 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 Kingdorn Generally
Accepted Accounting Practice), 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 p￿pare financial
statement5 for each financial year which give a true and fair view of the stale of affairs of the Trust and of
the incoming resources and application of resources of the Trust for that period. In preparing these
financial 5tatewents, the trustee5 are required to..
select suitable accounting policies and then apply them consistentlv;
obseNe 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 Trust will continue in business.
The Trustees are responsÉble for keeping proper accounting records that disclose with reasonable
accurary at any time the financial posltion of the Trust and enable them to ensure that the financial
Statements comply with the Charrties Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and
the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and
hence for taking reasonable steps for the prevention and detection of fraud and other irre@ularities.
The Trustees are responsible for the maintenance and integrity of the Trust and financial information
included on the Trust's website. Legislation in the united Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in otherjurisdictlons.
Signed on behalf of the Tru5tee5
CLL QI
Charles Clark
Chairman
19 July 2023

Independent auditorfs 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
year ended 31 March 2023 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 has 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 Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 March 2023 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.
Basis 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 thereuftder. 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 Auditorf5 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, including the
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordante with these
requirements. We believe that the audit evidence we have obtained is sufficient ènd appropriate to
provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the tTUStees' use of the going concern basis
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 cèst significant doubt on the charity's 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 toncern 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 Trustee5' Annual Report. Our opinion on the financial statements does 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 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 materyally inconsistent with the
rinancial statements or our knowledge obtained in the audit 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 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 mi55tatement 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 respert of the following matters in relation to which the Charities IAccounts
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.
Responsibllities of Trustees for the financial statements
As explained more fully in the trustees, responsibilities statement set out on page 6, the trustee5 are
responsible for the preparation of the financial statements and for bein8 sat15fied that they give a true
and fair view, and for Such internal control as the trustee5 determine is necessary to enable the
preparation of financial 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 charitV'5 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 trustees either intend to liquidate the charity or to cease
operations, or have no realistic alternative but to do so.
Auditorfs 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 mi55tatement, whether due to fraud or error, and to issue an auditorfs report that
includes our opinion. Reasonable assurance is a high leve5 of assurance, but is not a guarantee that an
audit condutted in accordance with ISAS IUKI will alway5 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 decision5 of users taken on the
basis of these financial statements.
Irregularitie5, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our re5pon5ibilities, outlined above, to detert material misstatements in respect
of irregularities, including fraud. The extent to which our procedures are capable of deterting
irregularities, including fraud is detailed below..
Based on our understanding of the charity and the environment in which it operates, we identrfied 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 f inancial 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 20113nd consider other factors such as income tax, payroll
tax and sales tax.

Independent auditorfs report to the Trustees of
The London Symphony Orchestra Endowment Trust
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controlsl. Audit procedures performed by the engagement
team included..
Inspecting correspondence with regulators,-
Di5CUS5ions 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, posting5 by unusual users or with unusual descriptions, and
Reviewing minutes of trustee meetings.
Because of the inherent limitatlons of an audit, there is a risk that we will not detert 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 removeij from the
events and transactions reflected in the financial statements, a5 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 responsibilitie5 for the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.frc.or
.uk
audilorsre5
onsibilities. This description fomis
part of our auditor's report.
Use of our 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 Act. 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.
Hay5macintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R IAG
Date: 19th July 2023
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 Activities
Period ended 31 March 2023
Note
2023
2023
2023
Restrlcted Endowment
funds
ftsnds
2023
Total
fvnds
1022
Total
fvnds
UnreMrlrted
funds
Income and endowments from-
Donations and legacies
649,018
1,281
96,777
649,018
1,281
448,153
1,624,797
Inve5trnent income
351,376
305,993
Total income
747.076
351.376
I.IN8A52
1.930.790
Expendilure
Expenditure on..
Raising funds
Charitable activitie5
15,3691
1106,5921
13,5531
1511,8061
110,2531
119,1751
1618,3981
198,9011
1195,3731
Total expenditure
1111,9611
1515,3591
110,2531
1637,5731
1294,2741
Net gains/llossesl on investments
1165,1681
189,2411
1481,1121
1735,5211
117,110
Net lexpendlturell Income
469,947
1253,2241
1491.3651
1274.6421
1,753,626
Transfers between fund5
133,404
1133,4041
Net movement in funds
469,947
1119,8ZOI
1624,7691
IZ74,6421
1,753,626
Reconclliatlon of funds
rotsl funds broughtforward
7,324,731
4,248.580
10.900,741
22,474,052
20,720,426
Total funds carried forward
7,794,678
4,128,760 10.275.972
22,J99NIO 22.474,052
There were no other recognised gain5 or losse5 Other than as shown above. All income and expenditure derlve from contlnuing
See Note 3 for comparative Staternent of Financial Activities analysed byfunds
io

The london Symphony Orchestra Endowment Trust
Balance Sheet
As at 31 March 2023
2023
2023
2023
2023
Total
2022
Unrestrirted
furtd$
Restricted
fund5
Endowment
Total
funds
funds
funds
Note
Fixed a55ets
Tangible a55ets
Investrnent a55et5
li
545,000
5,917,859
72,740
545,000
19,259,988
72,740
545,000
19,376,668
160,614
12
3,066,157
10,275,972
Loans
13
Total Ilxed assets
6,535,599
3,066,157
10,275,972
19.877,728 20.082.282
rrent assets
Oebtors.. amounts falling due within one
year
Loans
Cash at bank
14
595,969
32,073
647.364
595,969
32.073
1,709.967
46,023
56,953
2,296,594
13
1.062.603
Totsl current a55ets
1.275.406
1.062,603
2.338,009
2,399,570
Current Ilabllhles
Creditors.. amounts lalling due w￿thin
one year
15
116,3271
116.3271
17,8CK)I
Net current a$set5
1,259,079
I￿62.603
2,321.682
2,391.770
Total net assets
7,794,678
4,128,760
10,275,972 22,199rt10
22,474,052
Total funds of the charlty
Funds broughtforward
16
7,324,731
4,248,580
10,900,741 22,474,052 20,720.426
Excessllshortfalll of incorne over expenditure tor
the year
635,115
1163,9831
110,2531
460.879
1,636,516
Reallsed and unrealised increase / Idecreasel in
the value of investment assets
1165,1681
189,2411
133,404
1481.1121
1133,4041
1735,5211
117,110
Transfers between funds
Funds carried forward
7,794,678
4,128,760
10,275.972 22,199NIO 22N74,052
The notes on page$ 13 to 24 form part of these accounts.
Approved bythe trustees on 19 July 2023.
Signed on behalf of the Board of Tru5tee5
Charles Clark
Chairman
li

The London Symphony Orchestra Endowment Trust
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
Notes
Cash used in operating artivitie5
1844.9941
1,371,374
Cash flows from inve5tin% artivities
Interest from inve5tmeDts
sh proceed5 from the sale of Investments
Purch35e of iDve5tments
Purchase of fixed assets
Increaselldecreasel In cash and ¢ash equivalents In the year
448,153
18,728,949
118,918,735)
305,993
253,856
1701.6251
1586,6271
1,229,598
Cash and cash equivalents atthe beginning of the year
2,296.594
1.066.996
Total ¢ash and cash equlvalents at the end of the year
1,709.967
2.296.594
Rewnciliation of met movement In fund5 to net cash flow from operating attivltles
2023
2022
Net moveinent in funds
Unreali*d Igainslllosses on investments
DNidend and Interest incorne frorp investments
Decreasellincrea5el in loans
Ilncreasel in debtors
Increase in creditors
1274,6421
306,466
1448,1531
IL2,754
1549,9461
8.527
1,753,626
1324,2001
1305,9931
125,1951
338,729
165,5931
cash used In operatinB attl￿ties
1844.9941
1,371,374
Analysi5 of [￿t funds
2023
2022
Cash at bank and in hand
1,709,967
2,296,594
12

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2023
l Accountlng policies
al Basls of preparatlon
The financial statements have been prepared in accordance with the Financial Reporting St8fjdard applicable in the
UK and Republlc of Ireland IFRS1021, the Statement of Recommended Prartlce applicable to charitie5 preparing their
accounts in accordènce with the Flnancial Reporting Standard applicable in the UK 8nd Republic of Ireland IFRS 1021-
effective l January 2015. The financial statements have been prepared to give a 'true and fairf view and ha¥e
depBrted from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required to provide a 'true
and fair view. This departure has involved following Accounting and Reporting by Charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on
16 July 2014 rèther than the Accounting Reporting by Charities.. Statement of Recommended Practice effective
from l April 2005 whlch has slnce been withdrawn. The financial ststements are drawn up under the historical cost
converltion except that investments are ￿rrIed at fairvalue.
The Trust ffleets the definition of a Public Benefit Entlty unéer FRS 102.
bl Preparation of accourlts on a going concem basls
The fin8ncial statements have been pre￿red on the basis that the Trust is and will remain a going concern for the
foreseeable future. At the yearend the Trust ha5 Significant net assets and minimal li8bilities and operating costs.
Grant5 are only awarded if sufficient funds are available to fund the neTr553ry p3yrnents. Despite the on-going
impatts of the pandemic, ènd having reviewed expected future c3shflows, the Trustees have a reasonable
expectation that the Trust has adequate resources to continue its activities for the foreseeable future and consider
that there were no rnaterial uncertainties over the Trust's financial viability-
cl Income
Incorne 15 recognised when the charity has entitlement to the funds, any performance condition5 attsched to the
item of income have been met, it is probable that the income will be received and the amount can be measured
Donations, are recoEnised when the Trust has been notified in writing of both the 8mount and settlement date. In
the event that a donation 15 subject to condition5 that require a level of performance before the charity is entitled to
the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of
those conditions is wholly wi(hln the control of the chaiity and it 15 probable that those condf(ions will be fuffilled in
the reporting period.
Leg3ty gifts ère recognised on a case by case basls followlng the grantlng of probate when the
administrator/executor lor the estate has comrnuni￿ted in writing both the amount and settlement date. In rhe
event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock
exchange, recognition is subjett to the value of the gift being reliably measurable with a degree of reasonable
accuracy and the title to the a55et having been tr3nsferred to the charity.
Investment income and interest receivable 8re recognised on an accruals basis.
dl Fltnds
The General Fund is a general unrestricted fund and represent5 funds which are expendable 8t the discrÈtion of
Trustees in furtherance of the general objective5 of the Ch3rity and which have not been designated for other
purposes. Such funds represent Investments, loans and working c3Pit31 balances.
Restricted funds are funds subject to speclflc restrittions imposed by the donors. These funds are not available for
the Trustees to apply at their discretion. The purpose and use of the restricted fvnd5 is set out in the note5 to the
financial 5tateTnentS.
Endowment funds are funds which the Trustees are legally reoulred to invest for a period of at least 25 years lor the
Charity's purposes.
Further details of all funds are glven in note 16.
13

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2023
Auounting policles Icontlnuedl
¢1 Expeftditu
Expenditure 15 recognised on an accruals basls.
Allocatlon of support and govema#ce cos
General support costs relatingto the operation of the charity, which are minirnal, Bre borne by the London Symphony
Orchestra and are not recognised in these fin8ncial statements. Governance costs comprise all costs involving the
public accountability of the charity and its compliance with regulation and good prartlce, Includlng statutory audit
fee5 and leg31 fee5. Go¥ernance costs are related to charitsble activfcie5 and have therefore been included under this
heading.
81 Tangible fixed asset5
Tangible fixed 3sset5 are ststed at cost and represent three high qu311ty string instruments. These instruments hove
ot been depreciated because the Trustees are of the Opinio￿ that the net residu31 value is at le35t equal to the
hl Investments
Investments are ststed at the m8rket value as Indicated by the Report of the Investment Managers tothe Trustees a5
at the Balance Sheet date. Any resulting unreali5ed gain or1055 is allocated to the fund to which it relates within the
Statement of Financial Activities.
11 Flnan¢ial instruments and concessionary loans
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions
of the instrument. The charity only has financial assets and financial liabilitie5 of a kind that qualify a5 basic financial
instruments. Basic financi31 instnjments arÈ initially recognised at tr8nsattion v81ue 8nd 5ub5equently measured at
their settlement value. Trade and other debtors are recognised at the settlement atnount due after any trade
di5COUnt offered. PrepayFnent5 are valued at the amount prepaid net of any discounts due. Qsh at bank and cash in
hand includes cash and short term highly liquid investments with a short maturity of three months or less frorn the
date of acquisfcion or opening of the deposlt or sirnilar account. Creditors and provisions are re¢o8ni5ed where the
¢h8rity has 3 present obligation re5ultinE from a past event that will probèbly result in the transfer of funds to a third
party and the èmount due to settle the oblig8tion can be measured or estim4ted reliably. Creditors and provislons
are normally recognised at their 5ettlernent amount after allowing for any discounts due.
Concessionary loans rnade to members of the LSO to assist them In the purchase of instruments are initially
recognised at the amount paid wfth the carrying amount In subsequent periods adjusted to reflect interest,
repayment5 and any Impairment.
jl Taxatits
The London Symphony Orchestra EndowmentTrust 15 a registered charity and 15 thus exemptfrom tax on income and
gains fallinE Wlthln Part ID of the ltscome Tax Act 2007 or $256 of the Taxation of Chargeable Gains Act 1992 to the
extent that these are applied to its charitable obJect5. No tax charges have arisen in the Trust.
14

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2023
2 tiitical accounting judgements and key sour¢es of t￿lInatIOn uncertainty
In the applicètion of the charity's accountinE policies, which are described in Note l. the Trustees are required to
rnake jud8ement5, estirnates and assumptions about the carrying arnount5 of a55et5 and liabilities that are not
readily apparent frorn other sources. The estimates and associated assufflptiQn5 are based on hi5toric31
experience and other fattor5 that are considered to be relevant. Attual results may differ from these estimates.
The estimate5 and underlying assumptlDns are reviewed on an ongoing ba515. Revisions to accounting estimates
are ￿cOgnISed in the period in which the estimate is revised if the revlsion affects only that period, or in the
period of the revision and future period5 rf the revision affects both current and future periods.
The Trustees do not consider thÈre are any critical judgements or sources of estimation uncertainty requiring
disclosure beyond the accounting policies listÈd 3bovÈ.
3 Comparative Statement of Financial Artlvitles and Balance Sheet
Comparatlve Statement of Financial Artivities
Note
2022
2022
Restricted Endowment
fvnds
funds
2022
2022
Unrestricted
funds
Total
funds
Income and endowments from:
DonatlOn5 and legacies
Charitable artivitie5
Investment income
703.267
921,530
1,624,797
46,116
259,877
305,993
Total Income
749,383
1.181,407
1,930,790
Expendlture
Expendlture on..
Raising funds
Charitable activi£ies
123,3631
1207,8381
115,7321
12,465
159,8061
198,9011
1195,3731
Total expenditure
1231.2011
13.2671
159,8061
1294,274
Net gains on investments
1213,2581
116,0771
346,445
117,110
Transfers between funds
Net movement In funds
304,924
1.162.063
286.639
1.753.626
Reconciliation of fund5
Total fund5 brought forward
7,019,807
3,086.517
10,614,102
20,720,426
Total funds ¢arrled forward
7,324,731
4,248,580
10,900,741
22,474.052
15

The London Symphony Orchestra Endowment Trust
Note5 to the financial statements
Yearended 31 March 2023
3 Comparative Statement of Financial Artivities and Balan¢e Sheet l¢ontlnuedl
Comparatlve Balance Sheet
2022
2022
2022
2022
Total
funds
Unrestricted
fund5
Restrirted Endowrnent
funds
funds
Note
Fixed assets
Tangible assets
Investments a55et5
li
12
545,000
5.491,542
160,614
545,0
19,376,668
160,614
2,984,385
10.900,741
Loans
13
Totsl fiKed assets
6.197,156
2.W385
10,900,741
20,082,282
Current assets
Debtors.. atnounts falling due withln one
Loans
C8sh at bank
14
46,023
56,953
1,032,399
46.023
56,953
2,296,594
13
1,264,195
Total ¢vrrent as$ets
1,135.375
1,264,195
2,399.570
Credltors.. amount5 falling due within
15
17,8001
17,8001
Net current assets
1.127,575
1,264,195
2.391.770
Tolal net assets
7.324.731
4,248.580
10,900,741
22A74,052
Total funds of the chaylty
Funds brought forward
17
7,019.807
3,086,517
10.614,102
20.720.426
IShortf3llllexcess of income over expenditure for
518.182
1,178,140
159,8061
1,636,516
Reali5ed and unreallsed Increase I Idecreasel in
1213,2581
116,0771
346,445
117,110
Fund$ Carried forward
7.324.731
4,248,S80 10.900.741
22,474,052
16

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Period ended 31 March 2023
2023
2022
4 Incomefrom donations and legacles
Donatlons
50,046
598,972
1,353,941
270,856
Legacies
Total income from donatlons and Fegacles
649,018
1.624,797
All income from donations and legacies in the year relates to Unrestrirted Fund5.
The total v31ue of donation5 received frorn Trustees during the year was £nil
12022.. £12.5001.
2023
2022
5 Income from ¢horilable artivitie5
Loan interest re￿[Vable from playei loan5
1.281
Total inwme frorn charitable artivities
1,281
All income from charltable attivltles relates to unrestricted fund5.
17

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Period ended 31 March 2023
2023
2022
6 Investment Income
Dividends and interest frorn iTrvestrnents
448.153
305.993
Total investment income
448,153
305,993
2023
2022
7 Expendlture on ralslng fvnds
Investment management costs
19,175
98,901
Total expenditure on raising funds
19,175
98,901
2023
2022
8 Ex￿Ndhure on charhable attivities
Grznts tothe LSO Group15ee Note 101
Governance c05tS
609,836
8,562
187.535
7,838
Total expendlture on charltable actlvltles
618,398
195,373
2023
202Z
9 Net in¢omellexpeTrditurel is ststed after¢har8ing=
Auditors, remuneration- audit fees
6,825
6.500
The Trustees dld not recelve any remuneration for their service5 to the Tiust nor were they reimbursed for anv
eKpense5 in either year.
18

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2023
Grants to In￿lt￿tiOnS
2023
2022
10 Analysis of grants payable and related p2rtytransathion$
Unrestricted General Fund grant to LSO Ltd
Unrestricted General Fund grant to LSO Productions Ltd for LSO Discovery
Strategic Fund grant to LSO Ltd
Strategic Fund gr3ntto LSO Productions Ltd for LSO Discovery
Anglo-Japanese Fund grant foF the LSO'S work in japan
Digit81 Fund grant to LSO Live Ltd for Moving Music digital projects
LSO Discovery lone-tsffl Fund grant to LSO Productions Ltd for LSO Discovery
Restricted Centie for Music Fund 8rant to LSO Ltd for concert at St Paul's Cathedral
28,030
30,000
200.000
40,000
140,275
12,500
124,9651
321,530
so,000
Total grant5 to the LSO Group
009￿36
187,535
As explained in the Trustees, report, London Symphony Orchestra Ltd (registered charity number 2323911 is 8
connected charity. Grants made to the LSO and ￿5 subsidlaries, LSO Productions Ltd and LSO Live Ltd during the
vear are shown above.
There were no other related party transactions in the year.
11 Tangible lixed assets
Musl¢al
Instruments
Cost
At l April 2022
545,000
At 31 March 2023
545,000
Net book value
At 31 March 2023
545,000
At l Aprll 2022
545,000
19

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2023
2023
1022
12 Ihvestment OSSÈts
Investment portlolio
M3rket value brought forward 3t l April
AdditlOnS
Disposals
19,376,668
18,918,735
118,728,949)
19,566,454
18.604,699
701,625
1253,8561
19,052,468
IDecreasel}increase in market Value
1306,4661
324,200
Total investment assets
19,259,988
19,376,668
An analysis of the Market value of investments at the year end is provided below..
2023
2022
Cash
Liquid Short Term Deposits
Fixed incomelbond5
UK equitie5
Overseas equltles
Hedge funds, private equity funds and other alternatives
Property funds
I,ILI,925
1,365,730
3,300,178
3,061,518
7,661,617
2.041,378
717,642
915,006
392,471
6,373,839
2,416,731
8,025.013
1,253,608
Total
19,259.988
19.376.668
There are no individu81 Investments in excess of io% ol the total wrtfolio. The value of the investment portfolio at
31 May 2023 was £19.163,158.
20

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2023
2023
2022
13 Loans
Amounts owed by LSO players
Due within onÈ year
Oue after one year
32,073
72,740
104,813
56,953
160,614
217,567
The LSO players to whom concesslon8ry loans have been tnade are shareholders of London Symphony Orchestr
Ltd. The amounts owed by the LSO players ère repayable over varying periods usually not exceeding 7 years. All
103ns bear Interest at a v8riable rate linked to the Bank of England base rate. However, during the Covid-lg
pandemic these terms were varied and interest was waived unt11 April 2022. There We￿ no loans to players that
had been corDmitted to but not taken up as at the 31 March 2023.
2023
2022
14 Debtors: amountsfalllng due wlthln one year
Amounts due fTOrn LSO Group Companies
Accrued income
2,133
43,890
595,969
595,969
43,890
Accrued income primarily relates to legacies to which the Trust is entitled, and grft aid payments not yet received.
2023
2022
15 Credltors.. amountsfalling due within one year
Accruals
16,327
16,327
7,800
21

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Period ended 31 March 2023
Balance
l Ap￿1
2022
Bèlan¢e
31 March
2023
16 5t8temeni oll¥nds
G•lns and
losses
Income
Expenditure
Tvanslers
Unrestrirted funds..
General Fund
Strategic Fund
Wallis Fund
5,094,883
2.122,223
107,625
698,715
52.225
13.8641
170,0641 1136,9221
141,8081
124,7271
1891
13.5191
5,586,612
2,107,913
l(K),193
Total unrestricted funds
7324.731
747.076
1111,9611 1165,1681
7,794,678
Restricted fund5'.
LSO Discovery11ong-terrnl Fund
LSO Discovery Ishort-tsrml Fund
O Discovery lonp-om Fund
2,071.128
506,d57
321,530
382,055
6LNJ,WO
317,410
50,(Kh)
39,812
4,986
11,8231
11,2601
1321,5301
189,7581
2,865
2,019,359
513,048
305,700
133,404
821,159
600,(K)D
175,194
O St Luke's Fund
J3pane5e Student Scholarship Fund
Centre for Music Fund
878
1140,7461
(so,0￿}
12,3481
Total restricted lund5
4.248.580
351,376
1515,3591
189,2411
133W4
4.IZ8.760
Endowment funds..
10,9CN),741
110,2531 1481,1121 1123.4041
10,275,972
Totsl endowment fund5
10,91¥J,741
110,Z531 1481.1121 1133.4041
10.275.972
Totsl Ivnd5
22,474,052
1,098,452
1637,5731 1735,5ZII
22,199.410
Detai15 of thevarious funds are set out below..
Generol Fund
Thi5 15 the Trust's primary unresrrlcted fund in whlch all funds, except those with spÈcific restrfrtions, are held. Part of the fund
omprises instrumÈnts which ère loaned to the LSO for use by its player5, and the tnajDrity of funds are Invested with the
inve5tfflent return used to makÈ grants to the LSO.
srrotegic Fynd- previously known 05 thEAIwuys PlayingAppeol Fund
This fund was created to receive income durin8 the Covid-19 pandemic as pèrt of the Alway5 Playing Appeal. This is an
unrestricted fund. with the maill purp95e being to provide strategic support to support the L50 during and after the paTrdemic,
in pèrtSculèr to supporr ifs mu5ici3n5 3nd 4551st in the transition to a new business model over cornin8 years.
WGIIi5 Fund
This is an unrestricted fund wfvich 1$ accounted for separately In lir* wlfh the requirements of a legary that was received i
2021. 1ncome and capiral grgwrh from the fund5 invested wlll be used to support LSO Discovery's work. ThÈ fund will be
transferred to the General Fund after ten year5, in March 2032.
22

The London Symphony Orchestra Endowment Trust
Notes to the financSal statements
Period ended 31 March 2023
16 Siatemeni of lunds lcorttinuedl
LSO Di5covery(lon9-terml Fund-previously krttrwll 05 the Lord MayorsAppeo12004 Fund
This fund 15 held for the lon8-tertn with funds invested and the investment return used to make grants to supportthe workof
LSO Discovery land related education and totnrnunity projects).
LSD DiscGvery1short-term) Fund- previotssly known LT5 theLord Muyor'5 Appea12017Fund
This fund is to be Used to support the woik of LSO Discovery lond related education and community projects) over a defined
titne frame, typically le55 than 10 years.
LSO 9￿COvery lone-offl Fund-previou51y known as the LSO Dlscovery Fund
This fund hès been established following 8 donation which was to be used to 5UPPOrt Di5covery'5 work.
DioittslFund tsndDigitol (incomel Fund- previously known tss the Movin9 Music Fund
These two funds are used to fund audio visual recordings of concert performances by the LSO and the distribution of these
worldwide, includin8 to young people and new audien￿$. The fund5 are invested for the long-term with investment returns
?vai18ble to be drawn down. Until March 2023, only income generated could be drawn down- thi5 income 15 held 5eparatelv
in the Digital lincomel Fund. From April 2023, a total return approach will be applied to the MovinÈ Music fund through
which both incotne and capital gains can be drawn withln p8rameters dèsigned to protectthe value of the fund overtime.
$0St Luke's Fund
This fund has been established to receive fund5to be used to support capital projetts and other activity at L50 St Luke'5.
JupGneseStudentScholorship Fund- previously known tss theAnolTrJuponese Fun
This fund wa5 e5tabli5hed to build Anglo-japanese cultural relations by supporbng thè LSO'S work in Japan and to provide
scholarshlps to Japanese tllU51C students to assist thern in 5tudyinE at the Guildhall School of Musit & Drama. The remaining
funds held can only be used for scholarships.
Centreformusic Fund
The Centre for Music Fund represents a donation towards the Centre for Music projert. As that project 15 now not
progre55in& it was agreed with the donorthatthe fund5 should be applied towards a joint project betsveen the LSO and the
Guildkll School of Music & Dram3 in June 2022.
Comparative movements in fund5 forthe prioryeor are shown In Note 17 to these accounts.
23

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Period ended 31 March 2023
Balance
l April
Zozi
Balance
31 Marth
2022
17 Comparative 5tatevnent of funds
Galns and
losses
Income
Expenditure
Transfer5
Unre5trirted funds..
General Fund
Strategic Fund
Wallls Fund
5,187,625
1,832,182
167,167
582,216
129,8761 1122,4081 1107,6251
1201,3251
190,8501
5,094,883
2,122,223
107,625
107,625
Total unremrlcted lunds
7,019.807
749,383
1231.2011 1213.2581
7,324,731
Restritted funds..
LSO Discovery Ilong-terml Fund
LSO DSscovery Ishort-terml Fund
LSO Distovery lone-offl Fund
DiEitIl lincotnel Fund
LSO St Luke'5 Fund
Jap3nese Student Stholèrship Fund
Centre for Music Fund
2,085,786
489.042
24,726
5,842
321,530
227.674
600,000
1,635
111.6161
12.3121
127,7681
13,885
2,071,128
506,457
321,S30
382,055
600.000
317,410
50.000
129,416
24,965
332,273
SO,￿0
114,3041
12,1941
Total restrlcted funds
3.086,517
1,181,407
13.2671
116,0771
4,248￿80
Endowment funds..
Digital Fund
10,614,102
159.8061
346,445
10,900,741
Total endowmemtlunds
10,614,102
159,8061
346.445
10,91Y),741
Total funds
20.720.426
1,930,790
1294.2741
117,110
22.474.052
24