Charity Registration No. 233700
The London Symphony Orchestra
Endowment Trust
Report and Financial Statements
31 March 2024

The London Symphony Orchestra Endowment Trust
Report and financial statements 2023-24
Contents
Page
Officers and professional advisers
Trustees, report
Statement of trustees, responsibilities
Independent auditor's report
Statement of Financial Actlvlties
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 2023-24
Officers and professional advisers
Trustee5
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 R055
john Shakeshaft
Ichairrnanl
lappointed 25 April 20231
Iresigned 25 April 20231
Secretary
Rikesh Shah
Reglstered Office
Barbican Centre
Silk Street
London
EC2Y 8DS
Investment managers
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
Haysmacintyre LLP
10 Queen Street Place
London EC4R IAG

The London Symphony Orchestra Endowment Trust
Trustees, report 2023-24
Introductlon
The Trustees present their annual report and the audited financial statements for the year ended
31 March 2024.
Structurei govemance and management
Constitution
The London Symphony Orchestra Endowment Trust 1.the Trust") 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 ond organisotion
The Trustees have the power to appoint further Trustees, subject to there being a minimum of 3 and a
maximum of 10 Trvstees 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 qualificatior15 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 Trustee5 as necessary.
Names of the Trustees who served dLFring the year and in office at the date of thi5 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 Icharity Number 2323911 is a connected chartty 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 5ub5idiary companies, LSO Productions Ltd and LSO Live Ltd are consldered to be
related parties to the Trust.
Objectives and octivities
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 musSc,
drama, mime, dancing and singing.
The Trust's main actNity 15 to build long-term funds which will generate retum5 that can be used to make
grants which support the LSO as this 15 considered essential to being able to secure the LSO'S future. The
unrestricted General Fund is the main endowment fund which has been established for thi5 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 donor5 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, known as Moving
Music, are invested in the Digital Fund as a restricted long-term endowment with the income generated used
to capture audio and audio-visual recordings of the LSO'S concert perfom)ances and to disseminate them to a
wider audience.

The London Symphony Orchestra Endowment Trust
Trustees, report 2023-24
The Trust also occasionally recetves donations and legacies which are intended to be used for very speciflc
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 focvs 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 sm811 number of instfuments which are loaned to the LSO for use by members of the Orchestra.
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 provides beneflt to the public indirectly by providing funding to the LSO and thereby supporting
world Class orchestra and its concert programme, as well as it5 wider activities including LSO Discoverfs
education and community programme, and international dissemination of performances 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 prices13nd some of which are free of chargel,
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 Chartty 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.
Achlevements and perfom)ance
Investment portfolio
The Trust Invest5 its assets with a view to both capttal appreciation and the generation of income to support its
charitable activities. There are no rest¥ictions on the Trust'5 power to invest.
The Investment Strategy is set by the Trustees in discussion with the investment manager and thi5 Strategy is
reviewed regularly. Within the overall strategy, the investment manager takes the decisions on selectlon,
retention and realisation of investments.
The value of the investment portfolio increased to £21,726,201 reflecting purchase5 and sales made during the
year and a net increase in market value of £2,019,030. Investment performance reflected market conditions
and portfolios are positioned to meet agreed investment mandates. At 31 May 2024, the investment portfollo
was valued at £24,157,671, reflecting changes in financial markets and additional sums invested after the year
end.

The London Symphony Orchestra Endowment Trust
Trustees, report 2023-24
From I, April 2024, a total return approach has been applied to the Digital Fund through which both income
and capital gains can be drawn within pararneter5 designed to protect the value of the fund over time. The
initial value of the fund is set as the amount held at the conclusion of the fundraising campaign that led to the
creation of this fund. The unapplied total return at I, April 2024 was the difference between the value of the
investment fund at that date and the initial value of the fund.
Following advice frDrn the Trust's solicitors and investment managers (see page 11, the Trust's policy is to draw
3.5% of the 3-year average value of the investment fund subject to sufficient unapplied total return being
available. No drawdown was made in the year as charitable artivity was funded from previously accumulated
income, held separately in the Digital lincomel Fund.
Fundmising
Following the major appeal during the pandemic, active fundraising activity during the year was limited.
Voluntary income reflected donations and legacies received and associated Gift Aid. The Trust continued to
promote legacy giving amongst the LS0'5 SUPPOrters and 3udience5 which is an increasingly important source
of income which allows the Trust to increase tts ablllty to 5UPPOrt the LSO ovey time. The Trust did not engage
the use of third-party fundraisers.
Gronts
During the year, a grant of £300,00012023'. £609,836) from the Digital Fund was made to the LSO Group.
Details of all grants made are set out in note 10.
Loons to Players
The Trust continued to offer loans to members of the LSO to assist them in the purtha5e of instruments. There
were 2 new loans were made to players during the year 12023.. £nill. At the year-end, 11 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 £726,05012023- £1,098,452), almost all of which related to donatlons,
legacies, gift aid and income from investments.
Expenditure of £402,41712023- £637,573) was in line with expectations and related primarity to Brants and
investment management fees.
Net gains in the value of the investment portfolio were £1,521,277 reflecting strong performance of
investment markets during the year. Following reinvestment of income and surplus cash, the value of the
portfolio at the year-end was £21,726,20112023.. £19,259,988).
The Trust's net assets Increased from £22.199,410 to £24,044,320 at the year-end.

The London Symphony Orchestra Endowment Trust
Trustees, report 2023-24
Reserves pollcv
Of the Trusys total funds of £24.Om, a total of £15.5m comprise Endowment Funds or Restricted Funds which
can only be used for specific purposes. Of the remaining Unrestricted Funds, £2.3m are held for specific
purposes leaving £6.2m in the unrestricted General Fund.
Much of the General Fund comprises investments, which are held to generate income and capital gains,
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 also not liquid funds. Excluding the
investments and the other assets which are not liquid, leaves a balance of £870,250 which the Trustees treat
as free rese￿es. This arnounts to more than the target level for free reseNes of 5% of the General Fund
1£310,0001 and the surplus is being transferred to the investment portfolio and deposit accounts.
The 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 ba51S.
Risk 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'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 ha5 long-term time horizons and is largely able
to absorb flurtuations in investment markets.
Plans for the future
Work continues to secure donations for general purposes and speciflc projects. The Trust also continues to
seek to increase the nurnber 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.
Careful oversight of the investment portfolio will continue in order to increase over time the value of grants
made to support its charitable 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 concem
At the year-end the Trust had significant net assets and minimal liabilities and operating costs. Grants are onlv
awarded if sufficient funds are available to fund the necessary payments. The Trustee5 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 fundralsing best practice by committing to high standards, and being
clear. honest, open, respectful, fair and reasonable, and accountable and responsible. The Trust 15 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 Trustees are responsible for preparing the Trustee5' Annual Report and the financial Statements in
accordance with applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally
Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK
and Republic of Ireland"
The law applicable to charlties in England and Wales require5 the Trustees to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the Trust and of
the incoming resources and application of resources of the Trust for that period. In preparing these
financial statements, the trustees are reqUI￿d to..
select Sultable accounting policies and then apply them conslstently.
obsenje the methods and principles in the Charrties SORP-
make judgrnents 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 unle55 It is inappropriate to presume
that the Trust will continue in business.
The Trustees are responsible for keepin8 proper accounting records that disclose with reasonable
accuracy at any time the financial position of the Trust and enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and
the provisions of the trust deed. They are also ￿sponsIble for safeguarding the assets of the Trust and
hence for taking reasonable steps for the preventSon and detection of fraud and other irregularities.
The Trustee5 are responsible for the maintenance and integrity of the Trust and fin8ncial information
included on the Trust's webslte. Legislation in the Untted Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Signed on behalf of the Trustees
Charles Clark
Chairman
8 July 2024

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 2024 which comprise statement of financial activitie5, 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 Generallv
Accepted Accounting Practice).
In our opinion, the financial statements-
give a trve and fair view of the state of the charity'5 affairs a5 at 31 March 2024 and of the
tharity's net movement in funds for the year then ended-
have been properly prepared in accordance wwth United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011.
8asls for opinion
We have been appointed as auditor under settion 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 Auditin8 IUKI (15￿ IUKII and applicable law. Our
responslbilities under those standards are further described in the Auditols responsibilities for the audit
of the financial statements sectlon of our report. We are independent of the chartty 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 accordance with these
requirements. We believe that the audit eviden￿ we have obtalned 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 g0Sng concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identkfied any material uncertainties relating to
events or conditions that, individually or collectively, may cast 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 responsibillties of the trustees with respect to going con￿rn 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 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 audft of the financial statements. our responsibllity Is to read the other
information and, in doing $0, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or othen￿lSe appears to be materially

Independent auditorfs report to the Trustees of
The London Symphony Orchestra Endowment Trust
misstated. If we identlfy such materlal 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 rnisstatement of this other information, we are required to report that fact. We have nothing
to report in this regard.
Matters on whlch we are requlred 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 rf, In our opinion..
adequate accountlng records have not been kept by the charity; or
SLsfficient accountin@ 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 explanation5 we require for our audit.
Respon5ibilitie5 of Tru5tee5 for the financial statements
As explained more fully in the trustees, responsibilities statement set out on page 6, the trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true
ond fair view, ond for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from material mi5Statement. whether due to fraud or
error.
In preparing the financial statements, the trustees are responsible for assessing the charlttys ability to
continue as a going concern, disclosin8, 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 Ilo so.
Auditorfs responsibilities for the audit of the financial statements
Our objective5 are to obtain reasonable assuran￿ about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditols report that
include5 our opinion. Reasonable assurance 15 a high level of a55urance, but is rlot a guarantee that an
audit conducted in accordance with Is￿ 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 firiancial statements.
Irregularities, inclyding fraud, are instances of non-compliance with laws and regulations. We design
procedure5 in line with our responsibilities, outlined above, to detect material mi55tatements 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 financSal statements.
We also considered those laws and regulation5 that have a direct impact on the preparation of the
financial statements such as the Charities Art 2011 and consider other factors such as relevant taxation.

Independent auditorfs report to the Trustees of
The London Symphony Orchestra Endowment Trust
We evaluated management'5 incentives and opportunlties for fraudulent manipulation of the financial
statements (including the risk of override of controls). Audit procedures performed by the engagement
team included..
Insperting correspondence with regulator5;
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 ￿levant to the preparation of the financial
statements to ensure these were in place throughout the year;
Evaluating management's controls designed to prevent and detect irregularities,.
Identlfylng 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 meetings.
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 rnisstatement 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 transartions 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 alfdit of the financial Statements is located on the
Financial Reporting Council's website at.. www.frc.or
auditorsres
onsibilities. This description forms
part of our auditorfs report.
Use of our report
Thi5 report is made solely to the Char￿￿$ 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 responsibilkty 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: If J4 lo Z*
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 Actlvlties
Period ended 31 March 2024
Note
2024
UnreMrl¢ted
fvnds
20VI
2024
Re5trlrted Endowment
fvnd$
funds
2024
Total
funds
2023
Total
lunds
Income and endowments from..
Donations and leg3cles
Ch3ritable actlvitles
Investment incorne
132,125
3.485
184,154
132.125
3,485
590,440
649.018
1,281
448,153
70,216
336.070
Total income
319,764
70,216
336,070
726.050
1,098,452
Expendlture
Expenditure on..
Ralslng fund5
Charitable actNities
128,0391
19,7301
112,0031
1300.0001
152.6451
192,6871
1309,7301
119,1751
1618,3981
Total expendltu
137,7691
1312,0031
152,6451
1402.4171
1637,5731
Net eainslllossesl on Invèstments
433,092
194,824
893,361
1.521,277
1735.5211
Net lexpendituiell income
715,087
146,9631
1,176,786
IW,910
1274,6411
Transfers between funds
Net movement In lunds
715,087
146.9631
1,176,786
1,844,910
1274,6421
A￿On([lIatIon of funds
Tot31 funds brought forward
7.794,678
4.128.760
10,275,972
22,199,410 22,474,052
Total funds carrted forward
8,509,765
4,081,797
IIA52.758
24,IM4320 22,199AIO
There were no other recognlsed gains or losses Other than a5 shown above. All Incorne and expendlture derwe from contlnulng
actwities.
See Note 3 for comparative Ststement of Flnancial Activities analysed byfunL15
io

The London Symphony Orchestra Endowment Trust
Balance Sheet
As at 31 March 2024
2024
Unrestri¢ted
funds
2024
2024
2024
Total
funds
2023
Total
funds
Restrlcted
Endowment
funds
funds
Note
Flxed assets
Tangible a55ets
Investment assets
li
545,000
6.954,249
58.753
$45,000
11.452,758 21,726,201
58,753
545,000
19,259.988
72,740
12
3,319.194
Loan5
13
Total fixed assets
7,558,002
3.319,194
11.452,758 22,329,954
19,877,728
Current assets
Oebtors= amounts falllng due within one
Year
Loans
14
45,000
25,144
890,619
45,OlX)
25,144
1.653,222
595,969
32,073
1.709,967
13
sh at bank
762,603
Total current assets
960,763
762,603
1,723,366
2.338.009
Current Ilabllltles
Creditor5.' arnount5 falling due within
one year
Is
19,0001
19,0001
116,3271
Net ¢urrent assets
95L763
762,603
1,714,366
2,321,682
Total net assets
8,509.765
4.081.797
IIN52,758 24,044,319 22,199rt10
Total funds of the charity
Funds brought forward
16
7,794,678
4.128,760
10.275,972 22,199,410 22,474,052
Excessllshortfalll of income overexpendvcure for
the year
281,995
1241.7871
283,425
323,633
460,879
Rea1ised and unreali5ed increase I Idecreasel in
the value of Investment assets
433,092
194,824
893,361
1,521,277
1735,5211
Funds carried forward
8.509.765
4,081.797
11.452,758 Z4.044320 22.199,410
The notes on page5 13 to 24forrn p3rt of these accounts.
Approved bythe Trustees on 8 July 2024.
Signed on behalf of the Board of Tru5tee5
CLLO
Charles Clark
Chairman
li

The London Symphony Orchestra Endowment Trust
Statement of Cash Flov
Yearended 31 March 2024
2024
2023
Notes
Cash used In operating actlvitie$
1200,0021
1844.9941
Cash flowsfrom investing actl¥ltie5
Incorne from Investments
Cash proceeds from the Sale of Investrnents
Purchase ot investments
590,440
448,153
17,332
18,728,949
1464,5151 118,9L8,7351
Deuease In ¢ash and cash equivalents In the year
156,7451
1586,6271
Cash and cash equDialents at the beginning of the year
1,709,967
2.296,594
Total cash and cash equivalents at the end of the year
1.653,222
1,709,967
Recon¢iliation of net movement In funds to net cash fiowfrorn operatlng a¢tivltie5
2024
2023
Net movement in funds
Unre811sed Igain5l/losses on investments
Dividend 8nd interest inco￿￿ froTn investments
Decreasellincreasel in loans
Decrea5e/lincreèsel In debtors
IDecrÈasellincrease In creditors
1,844,910
12,019,030)
1590.4401
20.916
550,969
17,3271
1274,6421
306,466
1448.1531
112,754
1549,9461
8,527
Net cash used In oper¥tin¥ actlvltles
1200,0021
1844,9Y41
Analys1$ of nei funds
2024
2023
Cash at bankand in hand
1.653,222
1,709,967
12

The London Symphony Orchestra Endowment Trust
Notes to the flnancial ststements
Year ended 31 March 2024
l Accountin¥ policie5
#18a$i$ of preparatlon
The financial 5tatement5 have been prepared In accordance with the Financial Reporting Standard applicable in the
UK Republic of Ireland IFRS1021. the Statement of Recommended Practitr applicable to charities preparing their
a¢counts In accordance with the Financial Reportin8 Stsndard applicable ID the UK and Republlc of Irel8nd IFRS 1021
effective l January 2015. The financial stèternent5 have been prepared to give a 'true and fairf view and have
departed frorn the Charities (Accounts and Reportsl Regu13tions 2008 only to the extent required to provlde a 'true
and f31r vie￿. Thls departure has involved following Atcounting 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 rather than the Accounting ènd Reporting by Charities.. Statement of Recommended Practlce effective
from l April 2005 which h3s since been withdrawn. The financial 5taternents are drawn up under the historical cost
conventlon except that investments are carried at fairvalue.
TheTrust meets the definition of a Public Benefit Entity under FRS 102.
bl Preparatlon of accounts on a going concern basi5
The financi315tatements h)ve been prepared on the bèsis that the Trust is and will remain a going concern for the
forÈseÈable future. At the year-end the Trust has signrficant net a55ets and rninimal liabilltles and operating costs.
Gr8nts are only awarded if sufficient fund5 are available to fund the necessary p8yment5. De5Plte the on-going
irnpacts of the pandemic, and having reviewed expected future £ashllow5, the Trustees have a reasonable
expectation that the Trust has adequate resource5 to continue its 3Ctivities for the foreseeable future and consider
that there were no material uncertainties overthe Trust's financial viabillty-
I Income
Income is recognised when the charity h?5 entitlement to the funds, any performance conditions attached to the
itern of income have been met, It Is probable that the income will be received and the arnount can be measured
Donations are recoÉnlsed when the Trust has been notified in writing of both the amount and settlement date. In the
event that a donation is subjert to conditions that require a level of performance before the charity Is entltled to the
fund5, the income 15 deferred and not recogni5ed until either those conditlons are fully met. or the fulfilment of those
conditions 15 wholly within the control ol the charity and it is probable that those conditions will be fullilled in the
reporting period.
Legacy gift5 are recognised on a case by case basls fr>llowlng the granting of probate when the
adrninistratorlexecutor for the estate has communlcated In wrrting both the arnount and 5ettlernent date. In the
event th8t the gift is in the form of an asset other than cash or a financial asset traded on 8 recognised stock
exchange, recognition is Subject to the value of the Elft belng rellably measurable with a degree of reasonable
accuracy and the title to the assÈt havlng been transferred to the charity.
Investment income and interest receivable are recoEni5ed on an accruals basls.
dl Funds
The General Fund Is a general unrestritted fund and represents fund5 which are expendable at the discretion of
Trustees in furtherance of the general objectives of the Charity and which have not been deslEnated frir other
purposes. Such fund5 represent investrnent5,104ns and working capit31 balances.
Restricted funds are fund5 subject to 5pecrfic re5triction5 imposed by the donors. ThesÈ funds are not avallable for
the TrusteÈs to apply atthelr dlscretlon. The purpose and use of the restricted funds 15 set out in the notes to the
financial ststements.
Endowment funds are funds whlch the Trustees are legally required to Invest for a period of at least 25 ye8rs for the
Charity's purposes.
Further details ol all funds are glven In note 16.
13

The London Symphony Orchestra Endowment Trust
Notes to the financial Statements
Yearended 31 March 2024
Accounting pollcles l¢ontinuedl
el Expendlture
Expenditure 15 recognlsed on accru81s basis.
fl Allotstion of support and 8overTran￿ costs
General 5UPPOrt Costs relatingto the operation of the charity* which are minimal. are borne by the London Symphony
Orchestra and are not recognised in these financial 5tstements. Governance costs cornprlse all costs involvlng the
public accountability of the charity and its compliance with regulation and good practice, includlng Statutory audit
fees and legal fee5. Governance costs are related to Charitable 3Ctlvlties and have therefore been included under this
heading.
81 TangSble flxed a55et5
Tangible fixed assets are ststed at cost and ￿present three hiEh quality string instruments. These instruments have
not been depreciated because the Trustees a￿ of the opinlon that the net resldual value is at least equal to the
ori8inal c05t.
h) Investment$
Investments are ststed atthe market value as indicated by the Report of the Investment Managers to the Trustees as
at the Balance Sheet date. Any resulting unrea115ed gain or loss Is allocated to the fund to which ￿ ￿lateS within the
Statement of Financial Activities.
11 Financlal InstYument5 and concesslonary loans
Flnancl#l 35sets and financial liabilities are recogni5ed when the charity becomes a partyto the contrattual provisions
of the instrument. The charity Dnly has financial assets Bnd financlal Ilabilitie5 of a kind that ou&lify as baslc flnancial
Instruments. Baslc financial instruments are initially recognised at tran5attion value and subsequently measured at
their Settlement value. Trade and other debtor5 are recognlsed at the settlement amount due after any trade
discount offered. Prepayments are valued at the amount prepaid net of any discounts due. Cash at bank and cash in
hand includes cash and short term highly liquid invesiments with a shorr maturity of three months OT less from the
date ol acquisition or opening of the deposit or similar 3CCOUnt. Creditors and provision5 are recogni5ed where the
char￿Y has a present obllgation resulting from a past event th8t wlll probably result in the transfer of funds to a third
party the amount due to settle the obligation can be measured or estlmated reliably. c￿ditorS and provisions
are normal￿ recognised at their settlement amount after allowing for any discounts due.
Conce55ionary loans made to members of the LSO to assist them in the pur¢ha5e of Instruments are ini(ially
recognised at the 3moynt paid with the Carrying amount In subsequent periods adjusted to reflect interest,
repayments and any irnpairment.
jl Taxatlon
The London Symphony Orchestra EndowrnentTrust is a registered ¢h3rity and is thus exetnpt from tsx on incorne and
gains falling wrchin Part 10 of the Income Tax Act 2007 or 5256 of the Taxation of Chargeèble Gain5 Act 1992 to the
extent that these are 8pplied to its charitable obje¢t5. No tsx charges have 3risen In the Trust.
14

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2024
2 Critical account4ng judgements and key sources ol estlmatlon uncertainty
In the application of the charity'5 accounting pollcles, which are described in Note I, the Trustees are requlred to
make judgements, estirnates and assumptions about the carrying amounts of assets and Ilabilltles that are not
readily appaient from other sources. The estimates and assixiated assumptions are based on historical
experience and other factors that are considered to be ￿levant. Actual restslts may differfrom these estimates.
The estimètes and underlyin8 a55umptiong arÈ reviewed on an ongoing basis. Revisions to accountlng estSm3tes
are recognised in the period In which the estimate is revised if the revislon aff@tts only that period. or in the
period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any trrtlcal judgements or sources Df e5tirnation un￿rtainty requirlng
(tisclosure beyond the accounting policies Ilsted èbove.
3 Comparative Statement of Flnanclal Actlvlties and Balance Sheet
Comparatlve Statement of Flnancial Activities
Note
2023
2023
2023
2023
Totsl
Unrestrkted
funds
Restricted Endi)wmÈnt
funds
fvnds
funds
l•¢ome and endowmentsfrorn..
Donations ènd legacies
Charitable activitie5
Investment income
649,018
1,281
95,777
649,018
1,281
448,153
351,376
Total IncoTh
747,076
351376
1,098.452
Expenditure
Expenditure on..
Raising funds
Charitable attwities
15,3691
1106,5921
13.5531
1511.8061
110,2531
119,1751
1618,3981
Totol expendlture
1111,9611
1515.3591
110,2531
1637,5731
Net Ealns on investments
1165,1681
189,2411
1481,1121
1735.5211
Transfers between funds
133,404
1133,4041
Net movement In fund5
469.947
1119,8201
1624.7691
1274.6421
Reconciliation of funds
rotal funds brought fotwafd
7.324.731
4.248,580
10.900,741
22.474,052
Totalfunds carrled forward
7,794,678
4,128.760 10.275.972
22,199NIO
15

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Yearended 31 March 2023
3 Comparatlve Statement of Financial Actlvltles and Balance Sheet Icontlnuedl
Comparatlve Balance Sheet
2023
Unrestrlcted
funds
2023
2023
Restrirted endowment
funds
funds
2023
Total
funds
Note
FIKed assets
Tangible assets
Investments assets
Loans
li
$45,000
5,917,859
72,740
545.000
19.259,988
72,740
12
3.066,157
10,275,972
13
Totalfixed a55et5
6,535,599
3,066,157
10,275,972
I9￿77.728
Current asset$
DebtOf5.' arnounts falllng due wtthin one
Loan5
14
595,969
32,073
647,364
595,969
32,073
1,709,967
13
Cash at bank
1,062,603
Total ¢utrent assets
1,275,406
1.062,603
2.338,(
Current Ilabilitie5
Creditors.. artbounts falllng due within
15
116,3271
116.3271
Net current asset$
1,259.079
1,062,603
2,321,68Z
T￿al fjet assets
7,794,678
4.128,760
10,275,972 22.199AIO
Total funds of the charity
Fund5 brought forward
17
7,324,731
4.248.580
10,900,741 22,474.052
(shortfall)/e¥￿SS of income over eXpendItu￿ for
635,115
1163,9831
110,2531
460,879
Reallsed and unrealised increase / Idecreasel in
1165,1681
189,2411
1481,1121
1735,5211
Transfers between funds
133,404
1133,4041
Funds carrledforward
7.794,678
4,128,760
10,275.972
22,199,410
16

The London Symphony Orchestra Endowment Trust
Notes to the flnanclal statements
Period ended 31 March 2024
2024
2023
4 Irk£ome from donotlOn5 and le&acies
Donations
23.781
108.344
50,046
598.972
Legacles
Totsl income from donatlons and lega¢ies
132,125
649,018
All Income from donatlons and legacles In the year relates to Unre5trlcted Funds.
The total value ol donations received from Trustees during the year was £12.173
12023.. £nill.
2024
2023
S Income Irom charltable actlvltles
Loan interest receivable from player loan5
3.485
1,281
Total Income from charStable actlvltles
3,485
1,281
All InCoW￿ from charltable attivitles relatÈs to unrestritted funds.
17

The London Symphony Orchestra Endowment TTUSt
Notes to the financial statements
Perlod ended 31 March 2024
2024
2023
6 Investment Income
Dividends and interestfrom investments
590,440
448,153
Totsl investment Income
590,440
448,153
2024
2023
7 Expenditure on raisingfunds
Investment management Costs
92.687
19,175
Total expenditure on ralslngfunds
92,687
19,175
2024
2023
8 Expemllrure on charltable actlvltles
Grants to the LSO Group (see Note 101
Govemance costs
300.000
9,730
609,836
8,562
Total expendItU￿ on Charitable actlvltles
309,730
618,398
20Z4
2023
9 Net Incomellexpenditurel Is stated after ¢hargin¥'.
Audltors, remuner*ion- audit fees
7,500
6,825
The Trustees dld not receive any rernuneratlon for their Services to the Trust nor were they reimbursed for any
expenses in either year.
18

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2024
Grantsto Instltutlons
2024
2023
10 Analysis of Krants payable and ￿lated party tran$artions
Vnrestritted General Fund grant to LSO Ltd
Unrestricted GÈneral Fund grant to LSO Prtsduttions Ltd for LSO Discovery
Strategic Fund grant to LSO Ltd
StratsÉlc Fund grant to LSO Produttions Ltd for LSO Dlscovery
Anglo-japanese Fund grant for the LSO'S work in Japan
DSgltal Fund grant to LSO Llve Ltd for Movlng Muslc dlgltal prolecis
L50 Dlscovery lone-offl Fund grant to LSO Produrtlons Ltd for LSO Dlscovery
Restritted Centre for Muslc Fund grant to LSO Ltd for concert Bt St Paul's Cathedral
28,030
30,000
40,000
140,275
300,000
321,530
50,000
Total grants to the LSO Group
300,000
609￿96
As explalned In the Trustees, report, London Symphony Orchestra Ltd Ireeistered charity nurnber 2323911 is a
connected charity. Grants made to the LSO and Its subsldlarfes, LSO Productlons Ltd and ISO Lfve Ltd during the
year are shown above.
There were no other related partytTansactions in the year.
11 Tangible r￿ed a$5et5
Musical
Instrument5
At l April 2023
545.000
At 31 March 2024
545,000
Net boDkvalue
At 31 March 2024
545,000
At l April 2023
545,000
19

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Yearended 31 March 2024
2024
2023
IZ Investment a55ets
Investment portfolio
Market value brought forward at l Aprll
Additions
0i5posa15
19,259,988
464,515
117,3321
19,707,171
19,376.668
18,918,735
118,728,9491
19,566,454
Increase/ldecreasel In market value
2,019,030
1306,4661
Total irwe5tment assets
21,726,201
19,259,98B
An anatysis of the m8rket value of investments at the year end Is provided below..
2024
2023
sh
Liquid ShortTerm Depos￿$
Fixed income/bond5
UK equrcies
Overseas equities
Hedge funds, private equity funds and other alternat￿e$
Property funds
1.612,399
1,145.939
3.795,673
871,395
12,394,662
1.261,102
645,031
1,111,925
1,365,730
3,300,178
3,061,518
7,661,617
2,041,378
717,642
Total
21,726,201
19,259,988
There are no indwidual investments In excess of IO% of the total portfolio. The value of the Investment portfolio at
31 May 2024 wa5 £24,157,671.
20

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2024
2024
2023
13 Loans
Amounts owed by LSO players
Due wf(hin one year
Due after one year
25,144
58,753
83,897
32,073
72,740
104,813
The LSO players to whom conce55ionary loan5 have been made are shareholders of London Symphony Orchestra
Ltd. The amounts owed by the LSO players are ￿pay￿ble over varying periods usually not exceedlng 7 years. All
loan5 bezr interest at a variable rate linked to the Bank of England base rate. There were no loan5 to players that
h8d been committed to but not taken up as at the 31 March 2024.
2024
2023
14 Debtors.. amountsfalllng due wlthln one year
Accrued incorne
45.000
595,969
45,000
595,969
Accrued income prirn8rily relates to legacles to whlch the Trust is entitled, and gift aid payment5 not yet recelved.
2024
2023
15 Creditors.. amountsfalllng due wlthln ortè year
Accruals
9,0
16.327
16,327
21

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Perlod ended 31 March 2024
Balance
alance
31 March
1024
16 Ststernem oflunds
IApTII
2023
Galns and
Income
Expendltsre
Trath512r5
Unrestricted funds..
General Fund
Strate8ic Fund
Wallis Fund
5,586,612
2.107,913
I￿,153
267,415
49,421
2,928
128,9721
18,3341
14631
372,350
51,775
8,967
6,197,405
2,200,775
111,585
Total unrestrirted fvnds
7.794.678
319,764
13Y.7691
433,092
8.509.765
Restricted funds..
LSO Discovery Ilong-rerml Fund
LSO Discovery Ishort-terml Fund
LSO DSscovery lone-offl Fund
Di8ltal lintornpl Fund
LSO St Luke's Fund
Japanese Student Scholarship Fund
2,019,359
513,048
60,773
9,443
19,8331
12,1701
178,051
16,773
2,248,350
537.094
821,159
6￿,0
175,194
13(YJ,WOI
521,159
600,0(
175,194
Totsi rertrirtedfund5
4,128,760
70.116
131Z,0031
194,824
4081,797
Endowment funds..
Oi8ital Fund
10.275,972
336,070
152,6451
893,361
11,452,758
Total etTrt*)wmethtfund5
10,275,97Z
536￿70
152.6451
893,361
II452,758
Total funds
22,199AIO
726.050
1402,4171
1,521,277
24.044,310
Detai15 Of the variou5 funds are set out below..
Gerteml Funé
This is the Trust's primary unrestricted fund Sn whlch all funds. excÈptth05e with specific restrfctSons, are held. Part of the fund
COtnpri5es instruments which a￿ 103ned to the LSO for use by its players. 3nd the malorSty of funds are invested with the
investrnent return used to make grants to the LSO.
Strategic Fund
This fund was created to reEeive income during the Covid-19 pandemlc as part of the Alway5 Playing hppeal. Thls Is an
unrestricted fund, with the main purp05e being to provide strateÉlc support to support the LW during 3nd after the pandemk,
in partScular to support it5 rllusic13ns and a551St in the transltlon to a new businÈss model oveTcoming ye8r5.
Wtsllis Fund
This Ss èn unrestricted fund which is accounted for separately In Ilne with the ￿qU]reMents of 3 legacy th3t was recelved In
2021. Income and capit31 growth from the fund5 Invests(S will be usèd to 5UPWIrt LSO Discovery's work. The fund w511 be
tranSfer￿d to thÈ General Fund after ten years, in March 2032.
22

Thè London Symphony Orchestra Endowment Trust
Note5 to the financlal ststement5
Period ended 31 March 2024
16 Statement of fvnds Icontinuedl
SO Discovery (long-term} Fund
This fund is held for the long-terrll with funds invested and the investrnent return used to make grants to support the work of
LSO Discovery13nd related education and community projett51.
LSO Discovery Ishort-term) Ftsnd
This fund Is to be used to support the work of LSO Dlscovery land related education and community projectsl over a defined
time frame, typically less than 10 yeark
ISO Discovery lone-Dffl Fund
This fund has been established following a donation which w35 to be used to support Distovery'5 work.
Digitol FtsndtsndDigitol lincome) Ftsnd
These two funds are used to fund audio visual recordings of concert performance5 by the LSO and the dlstribution of these
worldw￿de, including to young people and new audiences. The funds are Invested for the long-term with investment returns
available to be drawn down. Until March 2023, only income generated could be drawn down- thi5 income is held separately
in the Digital Ilncomel Fund. From April 2024. a total return approach been applled to the Digital Fund through which
both income and capital galns can be drawn within pararneters desi8ned to protectthe value of the fund overtime.
LSO Stluke's Fund
This fund has been established to recewe funds to be used t0 5UPPOrt capital projects and other activity3t tso St Luke's.
JaponeseStudentScholorship Fund
This *und was established to build Angltrjapanese cultural relotions by 5upportin6 the LSO'5 work in Japan and to provide
scholar5hip5 to Japanese music students to 3951st them In studying èt the Guildhall School of Music & Drama. The remaining
funds held can only be used for scholarshlps.
Centrefor Music Fund
The Centre for Music Fund represents a donation towards the CÈntrÈ for Music project. As that project 15 now not
progressln& itwas agreed with the donor that thefunds should be applied toward5 ajoint projert between the LSO and the
Guildhall School of Music & Drama in June 2022.
Comparative movements in fundsforthe prior year are shown in Note 17 to these accounts.
23

The London Symphony Orthestra Endowment Trust
Notss to the Ilnanclal statements
Period ended 31 March 2024
Balance
l April
2022
Balance
31 Marth
2023
17 Comparatlve statement olfunds
Galns and
losses
Imcome
Expendlture
Transfers
Unrestricted 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
100,153
Total unre5trlcted funds
7,324,731
747.076
1111.9611 1165,1681
7,794,678
Restricted funds..
LSO Dlscovery Ilon$-terml Fund
LSD Discovery Ishort-terml Fund
LSO Dlscovery lone-offl Fund
Digital lincomel Fund
LSO St Luke'5 Fund
Japanese student Stholarshlp Fund
Centre for MusSc Fund
2.071,128
506,457
321.53D
382,055
600.000
317,410
50,000
39,812
4,986
11,8231
11,2601
1321,5301
189.7581
2,865
2.019,359
513,048
305.7(M)
133,404
821,159
600,0
175,194
878
1140,7461
150,0001
12.3481
Total restrlcted funds
4.248,580
351,376
15153591
189,Z411
133.404
4128.760
Endownent funds..
10,900,741
110,2531 1481.1121 1133.4041
10,275,972
Total endowment funds
10.90CI.741
110.2531 1481,1121 113a,4041
10,275,972
Total funds
22,474,052
1,098N52
1637,5731 1735,5211
22.199.410
24

The London Symphony Orchestra Endowment Trust
Notes to the flnancial ststemènts
Perlod ended 31 Marth 2024
18 Dlgital Fund- Total Return Approach
With Effect from 1st April 2023, the Trust adopted a total retuin approach to the Digit31 Fund in line with the pro￿510￿$ of The
Charitie5 (Total Return) Regulations 2013. Under thi5 3ppr03ch, the Digital Fund is invested with the aim of m?ximi5ing the total
rerurn (income and capital gain51, with an appropriate proportlon of unapplied total return available to be drawn down each
vear to Support charitable activity. Until any unapplied total leturn is drawn down, It remains invested on the same bèsis as the
rest of thls fund.
No drawdown of UTFapplipd total return was tnade during the year as charitable 3CtNity ha5 been funded from previously
attumulated income held in the Digital lincomel Fund.
Dl8lt•l Fund
Openingvalue of fund at l Aprll 2023
Less.. Inlfjal value of thefund Isee note below)
10.275,972
18,831.6061
Unapplied Total Return Brought forward
IA44,366
Add.. Investment return (net of fees)
1,176.786
Less.. Drdwdowns
Unapplied Total Return carried fotward Bt 31 March 2024
2,621,152
Add.. Initi41 value of the fund
8,831,606
Closlngvalue of the fund at 31 March 2024 Includlng unapplled total reN¥n
IL452,758
The initial value of the fund Is the total amount held at the conclusion of the fundrai5in6 (ampai8n that led to the creation of
thi5 fund.
19 PostBalante Sheet Events
Shortly 3fter the year end, the Trust recelved formal conflrmafjon of è restrfcted 8r3ntof £2.Sm from the Helen Hamlyn TAJstto
create an endowment fund. The return from thi5 fund will be used to 5UPPOrt the London Symphony Orchestr3'5 work with
young composers through The LSO HelÈn Hamlyn Panufnik Young Composers Scheme.
The Trust also recelved a restrirted donètion of £2m in June 2024 the purpose of which is to support the costs of the LSO'S
refurbishment of LSO St Luke's durin8 2025.
25