Charity Registration No. 233700
The London Symphony Orchestra
Endowment Trust
Report and Financial Statements
31 March 2025

The London Symphony Orchestra Endowment Trust
Report and financial statements 2024-25
Contents
Page
Officers and professional advisers
Trustee's report
Statement of Trustee's responsibilities
Independent auditods report
Statement of Flnancial Activities
li
Balance Sheet
12
Statement of Cash Flows
13
Note5 to the financial statements
14

The London Symphony Orchestra Endowment Trust
Report and financial statements 2024-25
Officers and professional advisers
Trustee
LSOET Corporate Trustee Ltd
Directors of the TrLrstee
Charles Clark
Mark Beddy
Hon Sir Rocco Forte
Lady Aliai Forte
Richard Hardie
james Lennox Mackenzie OBE
Dame Kathryn McDowell
Lady Wendy Parmley
Sarah Quinn
Daniel Ross
John Shakeshaft
Rahul Stanchina
(Chairl
Company Secretary of the Trustee
Rikesh Shah
Registered office
Barbican Centre
Silk Street
London
EC2Y 8DS
Professional Advisers
Investment monogers
Sarasin & Partners
Juxon House
loo st Paul's Churchyard
London
EC2M 2AN
Solicitors
Veale Wa5brough Viiards LLP
Orchard Court
Orchard Lane
Bristol
BSI SWS
Bonkers
Lloyds Bank plc
34 Moorgate
London
EC2R 6PL
Auditor
Haysmac LLP
10 Queen Street Place
London EC4R IAG

The London Symphony Orchestra Endowment Trust
Trustee's report 2024-25
Introduction
The Trustee present5 Its annual report and the audited financial statements for the year ended 31 March 2025.
Structure. governance and management
Constitution
The London Symphony Orchestra Endowrllent Trust I'the Tru5t"I was originally established by a deed of
settlement dated 12 September 1963 which has subsequently been amended by a trust deed dated
22 October 1991, a Deed of Variation dated 5 july 2006, a Deed of Amendment dated l October 2010 and a
Deed dated 27 June 2025.
Trustees ond orgunisation
Until 27 June 2025, the Trust was governed by a Board of 10 Trustees whose naThe5 are listed in Note 19.
Following a review of governance arrangements, the Trustee$ stepped down in the place of a sole corporate
trustee, LSOET Corporate Trustee Ltd which took office on 27 June 2025. All of the former Trustee5 are
Directors of LSOET Corporate Trustee Ltd together with two additional Director5, Mr Mark Beddy and Mr Rahul
Stanchina.
The Trustee 15 governed by it5 Board of Dirertors. There must be a minimum of 3 and a maximum of 12
Directors of whom not more than 4 may be directors of London Symphony Orchestra Ltd I'the LSO") or
associate companies of the LSO. Non-LSO Trustees must alway5 constitute a majority of the Trustees.
Subject to these limits, new Directors of the Trustee are recruited on the basis that by virtue of their
knowledge, experience and qualifications they will be able to rnake a contribution to the pursuit of the Objects
or the management of the Trust. Induction and training is provided as necessary.
The Trustee, through its Board of Directors, meets at least twice a year and, in addltion, an Investment
Comrnittee meets regularly with the investment managers to review the perforrnance of the investment
portfolio and to di5CUSS the investment approach.
Connected chrjrity
The LSO (Charity Number 2323911 is a connected charity of the Trust by virtue of the fact that the two charities
have shared objectives and administration. However, the Trust is fully independent of the LSO and has its own
Trustee which has it5 own Board of Directors. The LSO'S subsidiary companie5, LSO Production5 Ltd and LSO
Live Ltd are considered to be related parties to the Trust.
Objectives ond 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 music,
drama, mime, dancing and singing.
The Trust'5 main activity is to build long-term funds which will generate returns that can be used to make
grants which support the LSO as this is considered essential to being able to secure the LSO'S future. The
unrestricted General Fund is the Tnain endowment fund which has been established for this purpose.
In addition, the Trust has received funds raised from the Lord Mayor's Appeals in 2004, 2010 and in 2017, as
well as from a number of generous donor5 towards the Alway5 Playing Appeal, established to support the L50
during and in the aftermath of the Covid-19 pandemic.

The London Symphony Orchestra Endowment Trust
Trustee's report 2024-25
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 carnpaign, known as Moving
Music, are invested in the Digital Fund as a restrirted long-term endowment with the total returll generated
used to capture audio and audio-visual recordings of the LSO'S contert performances and to disseminate them
to a wider audience.
Following receipt of a generous grant from the Helen Hamlyn Trust in 2024, the Composers, Fund was
established to provide world-class development opportunities for composer5, in partictjlar by supporting the
LSO Helen Hamlyn Panufnik Composers, Scheme run by the LSO. The funds are invested for the long-term with
investrnent return5 in excess of the original grant available to be drawn down.
The Trust's principal fund5 Iwhlch are all open to further contributions1 are as follows:
This is the Trust's primary unrestricted fund from which
investment return5 are used to make grants to the LSO for areas
of partlcular need.
General Fund
This fund was created to receive income during the Covid-19
pandemic as part of the Always Playing Appeal, with the main
purpose being to provide strategic support to support the LSO
inclLJding supporting its musicians and assisting in the
development of its business model.
strateglc Fund
This fund is held for the long-term with investment returns used
to make grants to support the extensive work of LSO Discovery
and related education and community projects in the UK,
overseas and through digital projects.
LSO Discovery
Ilong-terml Fund
LSO St Luke's Fund
This fund ha5 been established to receive funds to be used to
support capital projects and other activity at LSO St Luke's.
The investment returns from this fund are used to fund audio
visual recordings of concert performances by the LSO and the
distribution of these worldwide, including to young people and
new audiences.
Digital Fund
The purpose of this fund is to provide world-class development
opportunitie5 for composers, in particular IJY 5UPPOrting the LSO
Helen Hamlyn Panufnik Composers, Scheme run by the LSO.
Composers, Fund
The grants made from the funds listed above provide an important source of regular and stable income to the
LSO, and allows investrnent in areas of particular importance.
The Trust also occasionally receive5 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 Trustee's 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 London Symphony Orchestra Endowment Trust
Trustee's report 2024-25
The Trust also make5 loans to LSO members to assist them in purchasing musical instruments, and ha5
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 seNices 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 and thereby SLJPPOrting
world class orchestra and its concert programme, as well as its wider activities intluding LSO Discovery's
education and community programrlle, 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 prices land some of which are free of charge),
some of which are broadcast on the radio, television and the internet and through audio recordings which are
widely available at low cost.
The Trustee confirms that it has referred to the Charity Commission's guidance on public benefit ènd believes
that the support provided to the LSO provide5 benefit to a wide sectioll of the public.
Achievements and performance
Investmentportfolio
The Trust invest5 Its assets with a view to both capital appreciation and the generation of income to support its
charitable activities. There are no restrictions on the Trust's power to invest.
The investment strategy is set by the Trustee in discussion with the investment manager and this strategy is
reviewed regularly. Within the overall strategy, the investment manager takes the decision5 on selection,
retention and realisation of investment5.
The value of the investment portfolio increased to £27,571,991 reflecting purchases and sales made during the
year and a net increase in market value of £1,097.516. Investment performance reflected market conditions
and porttolios are positioned to meet agreed investment mandates. At 31 May 2025. the investment portfolio
was valued at £25,128,387, reflecting changes in financial markets and withdrawals made after the year end.
From I" April 2023, a total return approach has been applied to the Digital Fund through which both income
and capital gains can be drawn within pararlleters 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 wa5 the difference between the value of the
investment fund at that date and the initial value of the fund.
Following advice from the Trust's solicitors and investment managers (see page 11, the Trust's policy 15 to draw
3.5% of the 3-year average value of the investment fund subject to sufficient unapplied total return being
available.
Fundroising
Following the major appeal during the pandemic, active fundraising activity during the year was limited.
Voluntary income reflected dofjations and legacies received and associated Gift Aid. The Trust continued to
promote legacy giving amongst the LSO'S supporters and atjdiences which is an increasingly important source
of income which allows the Trust to increase its ability to 5UPPOrt the LSO over time. The Trust did not engage
the use of third-party fundraisers.

The London Symphony Orchestra Endowment Trust
Trustee's report 2024-25
Gr¢7nts
During the year, grants of £1,406,129 12024.. £300,000) were made to the LSO Grotjp. Details of all grants
made are set out in note 10.
Louns to Ployers
The Trust continued to offer loaris to members of the LSO to assist them in the purchase of instruments. There
were 2 new loans totalling £21,486 made to player5 during the year12024: 2 loans totalling £44,0001. At the
vear-end, 10 players had outstanding Ic>ans from the Trust- further details are shown iri Note 13 to the
Financial Statements.
Financial review
Total income received in the year was £5,205,88812024.. £726,0501, almost all of which related to donations,
legacies, gift aid and income from investments. Expenditure of £1,535,12912024'. £402,417) was in line with
expectations and related primarily to grants and investment management fees.
Net gains in the value of the investment portfolio were £1,097,516 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 £27,571,99112024'. £21,726,201).
The Trusvs net assets increased from £24,044,320 to £28,306,296 at the year-end.
Reserves policy
Of the Trust's total funds of £28.3m, a total of £19.5m comprise Endowment Funds or Restricted Fund5 which
can only be used for specific purposes. Of the remaining Unrestricted Fund5, £2.3m are held for specific
purposes leaving £6.5m 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. After excluding the
investments and the other assets which are not liquid, there was a remaining balance at the year end of
£IIO,000 which the Trustee5 treat as free reserves. This is less than the target level for free re5erve5 of 5% of
the General Fund but remains sufficient to meet day-to-day need5. Additional funds will be transferred from
the investment portfolio to increase free reserves if needed.
The level of free reserves is considered suff icient given that the Trust has minimal administrative overheads
and no on-going liabilities. addition, the vast majority of investments held in the General Fund are liquid and
available for drawdown at short notice if needed. The Trustee reviews levels of reserves on an annual basis.
Risk revlew
The major risks to which the Trust is exposed, as identified by the Trustee, have been reviewed and 5VStems
have been established to mitigate those risks. The primary risk5 relate to protecting the value of the Trust's
nvestment portfolio and other a55ets. The Trustee delegates management of this risk to professional
investment manager5 Wlth oversight by the Investment Committee consisting of five Directors of the Trustee.
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.

The London Symphony Orchestra Endowment Trust
Trustee's report 2024-25
Plans for the future
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 5egacy to the Trust and the Trustees have
been notified by a number of individuals of pledged legacie5 of varying size5.
A major new campaign to significantly increase the endown)ent to help underpin the LSO'S future ambitions is
being developed, with substantial planning taking place ahead of the campaign being launched.
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 continLJe along with loans to LSO member5 to assist with instrument purchases. In
particular, major grants will be made to the LSO during the 2025126 financial year to support the costs of the
LSO'S redeveloprnent of LSO St Luke's.
Going concern
At the year-end the Trust had significant net assets and minimal liabilities and operating costs. Grants are only
awarded if sufficient funds are available to fund the necessary payments. The Trustee has a reasonable
expectation that the Trust has adequate resources to continue its activitie5 for the foreseeable future and
consider that there were no material uncertainties over the Trust'5 financial viability. Accordingly, the Trustee
continues to adDPt the going concern basis in preparing the financial staternents.
Fundraising approach
The Trust subscribes to principle5 of fundraising best Practice by committing to high standards, and being
clear, honest, open, respectful, fair and reasonable, and accountable and responsible. The Trust 15 registered
wlth the Fundraising Regulator and adheres to the standards of the Code of Fundraising Practice. No
complaint5 were received about the Trust's fundraising practices during the year.

The London Symphony Orchestra Endowment Trust
Trustees, responsibilities statement
The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generallv
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 Trustee 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
staternents, the Trustee is required to=
select suitable accounting policie5 and then apply them consistently;
observe the methods and principles in the Charities SORP,.
make judgments and estimates that are reas(>nable and prudent;
state whether applicable accounting standards have been followed,. and
prepare the financial 5taterllents on the going concern basis unles5 It 15 inappropriate to presume
that the Trust will continue in business.
The Trustee is responsible for keeping proper accounting records that disc105e 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 Reportsl Regulations 2D08 and the
provision5 of the trust deed. The Trustee is a150 responsible for safeguarding the assets of the Trust and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee 15 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
di55emination of financial statement5 may differ from legislation in other juri5diction5.
Signed on behalf of the Trustee
Charles Clark
Chair of LSOET Corporate Trustee Ltd
3 July 2025

Independent auditor's report to the Trustee of
The London Symphony Orchestra Endowment Trust
Independent auditorfs report to the Trustee of The London Symphony Orchestra Endowment Trust
Opinion
We have audited the financial statement5 of The London Symphony Orchestra Endowment Trust for the
vear ended 31 March 2025 which comprise the Statement of financial activities, the balance sheet, the
statement of cash flows and notes to the financial statement5, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and Unlted Kingdorn Accounting Standards, including Financial Reporting Standard 102 The
Finonci¢71 Reporting Stt7ndt7rd opplicuble in the UK and Republic of Ireland Iunited Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charit￿5 affairs as at 31 March 2025 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 requirement5 of the Charitie5 Act 2011.
Ba515 for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereunder. We conducted our audit i
accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with
the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requiremerTrt5. We believe that the audit evidence we have obtained 15 sufficient and appropriate to
provide a basis for our opinion.
Conclusions relating to g0Sng concern
In auditing the financial statements, we have concluded that the Trustee's use of the going concern basi5
of accounting in the preparation of the financial statement5 is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or condition5 that, individually or tollertively. 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 responsibilities of the Trustee with respect to going concern are described in
the relevant sectlQn5 of this report.
Other information
The Trustee is responsible for the other information. The other information comprises the information
included in the Trustee's Annual Report. Our opinion on the financial statements doe5 not cover the
other information and, except to the extent otherwise explicitly stated in OLJr report, we do not expre55
any form of assurance conclusion thereon.

Independent auditorfs report to the Trustee of
The London Symphony Orchestra Endowment Trust
In connection with Oltr audit of the financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or othenvise appears to be material
misstated. If we identify such material inconsistencies or apparent material misstatement5, we are
required to determine whether there is a material misstatement in the financial statements or a material
misstatement of the other inforrnatlDn. If, based on the work we have performed, we conclude that there
15 a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts
and Reports) Regulations 2008 require us to report to you if, in our opinion..
adequate accounting records have not been kept by the charity; or
sufficient accounting records have not been kept,. or
the charity financial staternents Bre not in agreement with the accounting records and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustee for the financial statements
As explained more fully in the Trustee's responsibilities statement set out on page 7, the Trustee is
responsible for the preparation of the financial statements and for being satlsfied that they give a true
and fair view, and for such internal control as the Trustee determines 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 Trustee 15 Ye5ponsible for assessing the charit¢s ability to
continue as a going concern, disclosing, as applicable, matter5 related to going concern and using the
going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease
operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always detert a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, Outlined above, to detect material misstatements in respect
of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below..
Based on our understanding of the charity and the environment in which it operates, we identified that
the principal risks of non-compliance with laws and regulation5 related to the Charities Act, and we
considered the extent to which non-compliance might have a material effert on the financial statements.
We also considered those laws and regulatlQllS that have a direct impact on the preparatiori of the
financial statements such as the Charities Act 2011 and consider other factors such as relevant taxation.

Independent auditor's report to the Trustee 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 controls). Audit procedures performed by the engagement
team included..
Inspecting correspondence with regulators,.
Discu55ions with management including consideration of known or suspected instance5 of non-
compliance with laws and regLJIBtion 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,.
Evaluating management's controls designed to prevent and detect irregularities..
Identifying and tesling journals, in particular journal entries posted with unusual account
corllbinations. 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 misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the
events and transactions reflected in the finarTrcial statements, as we will be less likely to become aware of
instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather
than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's webstte at.. www.frc.or
auditorsres
onsibilities. This description forms
part of our auditorfs report.
Use of our report
This report is made solely to the charity's Trustee, as a body, in accordance with section 144 of the
Charities Act 2011 and regulation5 made under Section 154 of that Act. Our audit work has been
undertaken 50 that we might state to the charity'5 Trustee those matters we are required to state to
them in an Auditor'5 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 Trustee as a body for our audit work,
for this report, or for the opinions we have formed.
Hy'-
Haysmac LLP
Statutory Auditors
Date..
I September2025
10 Queen Street Place
London
EC4R IAG
Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
io

The London Symphony Orchestra Endowment Trust
Statement of Financial Activities
Period ended 31 March 2025
Note
2025
Unrestricted
lunds
2025
2025
Restricted Endowment
funds
funds
2025
Total
fund5
2024
Total
fund5
Income and endowments frtsm..
Donations and legacies
Charitable attivitles
Investrllent income
48,325
4,027
203,872
2,020,000
2,500.000
4,568,325
4,027
633,536
132,125
3,485
590,440
79,400
350,264
Total Income
256.224
2,099,41Kt
2,850,Z64
5,205,888
726,050
Expendlture
Expenditure on..
Investment Managernent Fees
133,2611
116,6071
116,3971
1676,1291
162,7351
1112,3931
1730,0001 11,422,736)
192,6871
1309,7301
Total expenditure
149,8681
1692,5261
1792.7351 11,535,129)
140Z,4171
Net gains11105sesl on investments
138,878
177,353
274,986
591,217
1,521.277
Net le¥penditurell incorne
345,234
1,584,227
2.332.515
4.261.976
1,844,910
Tr8nsfers between funds
Net movement in lunds
345,234
1.584.227
2,332,515
4,261,976
1,844,910
RÈtoncillatlon of funds
Total funds brought forward
8,509.765
4,081,797
11,452,758
24.044,320
22.199.410
Totsl ftsnds tarrled forward
8,854.999
5.666,024
13,785,273
28,306,Z96 24,044,320
There were no other recogni5ed gains or105ses other than as shown above. All income and expenditure derive from continuing
See Note 3 for tomparative Statement of Flnancial Activities analysed by fund5
li

The London Symphony Orchestra Endowment Trust
Balance Sheet
As at 31 March 2025
2025
Unrestricted
funds
2025
2025
Endowment
funds
2025
2024
Totsl
funds
Restrlcted
funds
Tot31
fund5
NotÈ
Fixed assets
Tangible asset5
Investment assets
Loans
li
545.000
8,122,974
49,224
545.000
13,785,273 27,571,991
49,224
545,000
21.726,201
58,753
12
5,663,744
13
Total fixed 35sets
8,717,198
5,663,744
13,785.273 Z8,166,215
22.129,954
Current assets
Debtors.. amounts falling due within one
yÈar
Loans
Cash at bank
14
13
8,222
27,632
118,482
8,222
27,632
120,762
45,000
25.144
1.653,222
2,280
Total current asseis
154,336
2.280
156.616
1,723,366
Current Ilabilitie5
Creditors-. amounts falling due within
one year
15
116,5351
116.5351
19,0001
Net current assets
I37￿01
2,Z80
140,081
1.714.366
Total net assets
8,854,999
5,666,024
13.785.273 28,306,296 24.044.320
Tot31 funds of the charity
Funds brought forward
16
8,509.765
4.081,797
11,452,758 24,044,320 22,199,410
Exce55115hortf8111 of Income over expenditure for
the yÈar
206,356
1,406,874
2,057,529
3,670.759
323,633
Realised and unre6lised increase I Idecreasel i
the value of investment a55et5
138,878
177,353
274.986
591.217
1,521,277
Transfers between funds
Funds carrled forward
8,854,999
5.666.024
13,785,273 28,306,ZY6 24,044.320
The notÈ5 on p3ges 13 to 24 form part ol these accounts.
Approved bythÈ Trustee on 3 July 2025
Sig
donbÈh
of the Trustee
Charles C13rk
Chair of LSOET Corporate Trustee Ltd
12

The London Symphony Orchestra Endowment Trust
Statement of Cash Flows
Year ended 31 March 2025
2025
2024
Note5
Cash used In operatlng actlvltles
2.582,278
1200,0021
Cash flows from investing artivitie5
Bank intÈrest
Income from invÈstments
Cash proceeds from the sale of Investments
Purchase of inve5tment5
14,845
618.691
2,206,532
16,954,8061
590,440
17.332
1464,5151
Decrease in cash and tash equlvalents In the year
11.532,4601
156,7451
Cash and cash equivalent5 at the beginning of the year
1,653,222
1,709,967
Total cash and cash equivalent5 at the end of the year
120.762
1.653,222
Reconciliaiion ol net movement In funds to net cash flow frorn operatlng actlvltles
2025
2024
Net rnovement funds
Unrealised Igain5lllossÉs on InvÈstments
Dividend and interest income from investments
Bank interest
Decrea5e/lincrea5È1 in loèns
Decrea5e/lincrea5el in debtors
IDecrea5ellincrease in creditors
4.261,976
11,097,516)
1618,6911
114,8451
7.040
36,778
7.535
1,844,910
12,019,030>
1590,4401
20,916
550.969
17,3271
Net cash used In operating activities
2,582.278
1200,0021
Analysls ol netfunds
2025
2024
Cash at bank and in hand
120.762
1,653,Z22
13

The London Symphony Orchestra EndowmentTrust
Notes to the financial statements
Year ended 31 March 2025
l Accounting pollties
al Basis of preparation
The flnaniial statements have been prepared in accordance with the Flnan¢ial Reporting Standard applicable in the
UK and Republic of Ireland IFR51021, the Statement of RÈcomtnended Practice applic3ble to ch3rlties preparing their
acrounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021
effe£tive l January 2015. The financial statemènts have been prepared to give a 'true and fair, view and have
departed frorn the Charities (Accounts and Reports) RÈgulotions 200B only to thÈ extent required to provide 3 'true
and fair vieW. This departure has involvÈd following Accounting and Reporting by Charitie5 preparing thelr accounts
in accordance with the Flnanclal Reporting Standard applic3ble in the UK and Republic of Ireland IFRS 1021 issued on
16 July 2014 rather than the AccountlnE and Reporting by Charities.. Statement of Recornmended Prartice effective
from l April 2005 whith has Since been withdrawn. The financial ststement5 are drawn up under the historlcal cost
convention except that Investments are carried at fairvalve.
The Trust meets the definition of a Public BenÈfit Entity under FRS 102.
bl Preparation ol accounts on a going concern basls
The financial statÈTnents have been prepared on the basis that the Trust 15 and wlll remain a going concÈrn for the
foresee3ble future. At the year-end the Trust ha5 significant net asset5 and minirn31 liabilitiÈs and operating costs.
Grants are only awarded if sufficient funds ère available to fund the nece55ary payments. DÈspite the on-going
irnpact5 of the pandetnic, and havlne reviewed expected future ca5hflow5, the TrustÈÈ ha5 a rea50nablÈ Èxpertation
that the Trust has adequate resources to continuÈ its activities for the f01È5eeable future and ¢on5ider that there
were no material vncertainties over the Tru5t'5 financial viability,
cl Income
Income 15 recognised when the chèrity has entitlement to the fund5, any performènte conditions attached to the
item of income have been met, it 15 probable that the income wlll be rÈceived and the amount can be measured
Donations are recogni5ed when thÈ Trust has been notifiÈd In writing of both thè amount and settlement d3te. In the
event that a donation 15 subject to condition5 that require a level of perfoimance 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 conditlon5 15 wholly within the control of the charlty and it Is probable that those conditions will be fulfilled in
the reporting perlDd.
Legaol gift5 are recognised on a tasÈ by case basis following the grantlng ol probate when the
admi￿lstratorlexeCut0r for the estate has communicated in writing both the Brnount and sÈttletnent date. In the
event that the gift is in the form of an asset other than cash or a financi81 asset traded on 8 recognised Stock
eKchènge, recognitlon is subject to the valuÈ of the gift being rellably measurable wlth è degree of re8sonable
accuracy and the title to thÈ asset having been transferred to the charitv.
Investment income and interest receivable are recognised on an accruals basis.
dl Funds
The General Fund 15 a general unrÈstricted fund and represents fund5 which are expendable at thÈ discretion of the
Trv5tee in furthÈrance ol the general tsbjective5 of the Charlty and which have not been designated for other
purposes. Such funds reprèsent investments,103ns and working capital b31ance5.
Restricted funds are fiJnd5 subject to Spec￿[C restriitions imposed by the donor5. These funds are not available for
the Trustee to 3pply at its dlscretion. The purpose and use of the restricted funds1$ Set out in the note5 to the
fin4ncial st8temÈnts.
EndowmÈnt fund5 are funds whlch the Trustee is legally required to invest for è period of at least 25 year5 for the
Charity's purposes.
Further detsils of all funds are given in note 16.
14

The London Symphony Orchestra EndowmentTrust
Notes to the financial statements
Year ended 31 March 2025
Accounting pollcles Icontinuedl
el Expenditure
Expenditure Is recognised on accruals ba515.
Allocation of support and governance costs
General 5UPPOrt costs relating to the operation of the Char￿Y, which are minimal, are borne by thÈ London
Symphony Orchestra and are not recognised in these fin3nclal statements. Governance c05t5 comprlse all costs
nvolving the public account8bility of the charlty and its cotnplian¢e wlth regulation and good practice, includlng
Statutory avdit fees 8nd legal fees. Governance costs are rÈlated to charit3ble actlvltles and have therefore been
includÈd underthi5 heading.
gl Tangible fixed assets
Tangible flxed assets are ststed at cost and represent three high quality string Instruments. These instruments have
not been depreciated because the Trustee is of the opinion that the net residual value 45 èt le3St equal to the original
C05t.
hl Investments
Investments are stated at the market value 35 indlcated by the Report of the Investment Managers to the Trustee as
at the 8alance Shèet date. Any resulting unreali5ed gain or loss is alloc8ted to the fund to whlch it relates wf(hln the
Statement of Flnanclal Activitie5.
11 Financial instruments and concessionary loan5
Fina￿claI assets and financial liabilitles 8re reco8n15ed wh@n the charity becorne5 a party to the contrartu31 provisions
of the instrument. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Baslc flnancial instruments are initially recognisÈd at transaction valuÈ and subsequently rnealured at
their settlement value. Trade and other cfebtor5 are recognised at the settl@ment amount duÉ after any trade
discount offered. Prep3ymÈnts are valued at the amount prepaid net of any discounts due. Cash at bank and c35h in
hand include5 cash and short term highly Ilquid investment5 Wlth a short maturity of three months or less frDm the
date of acqulsltion or opening of the deposit or sirnilar account. Creditors and provisions are recognised where the
chÈrity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third
party and the amount due to settle the obligatlon can be meo5ured or estimated reliably. Creditors and provlslons
are norrnally retognlsed èt their 5ettlÈment amount aftei HllowlnÉ for any discounts due.
Conce55ionary loans made to mernbers of the LSO to a5S15t them in the purchase of instrument5 are initlèlly
reiognlsed at the 3mount paid with the carrying amount in 5ubsequ2nt perlods adjusted to reflect interest,
repayments and any impalrment.
jl Taxatlon
ThÈ London Symphony OrchÈstra Endowment Trust Is a registered charity and is thus exempt from tax on incornÈ
and g3in5 falling within Pèrt 10 ol the Income Tax Act 2007 or s256 of the Taxation of Chargeable Gains Act 1992 to
the extent that these are applled to its charitable Objects. No tax charges have arlsen in the Trust.
15

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2025
2 Crltl¢al accountlngludgements and key Sources of e5timatlon uncertainty
In the application of the charity's attounting policle5, which are dÈ5cribed in Note I, the Trustee 15 required to
tnake judÉèment5, estlmate5 and assumptions about the c8rryillg amount5 of assets and liabilities that are not
readily apparent from other sources. The estimates 3nd a550ciated assurnption5 are based on hlstorical
experiÈnce and othÈr factor5 that are considered to be relevant. Actual results may (Siffer from these estimates.
The estimate5 and underlying assumptions are revlewed on an ongoing basis. Revisions to accounting estimatÈs
are recogni5ed in the pÈriod in which the estimate Is revised if the revision affects only that period, or in the
period of the revision and future periods if thÈ revision affÈcts both current and future period5.
The Trustee does not consider there are any critical judgements or sources of e5tim3tlon uncertalnty requiring
dlsclosure beyond the accountlnE policies Ilsted Bbove.
3 Comparative Staternent of Flnancial Actlvkles and Balance Sheet
Comparative Statement of Financlal Actlvitie5
Notp
2024
Unrestricted
funds
2024
2024
Restricted Endowment
funds
funds
2024
Total
funds
Income and endtswments from..
Donatlons and legacies
132,125
3,485
184,154
132,125
3,485
590.440
InvÈ5ttnent income
70,216
336,070
Total Incomè
319,764
70,216
336,070
726,050
Expenditure
Expenditure on..
Raising funds
Charitable activities
128,0391
19,7301
112,0031
1300,0001
152,6451
192,6871
1309,7301
Total expenditure
137,7691
1312,0031
152,6451
1402,4171
Net gains on investments
433.092
194,824
893.361
1,521,277
Transfers between funds
Net movempnt in funds
715,087
146,9631
1.176,786
1.844,910
Retonciliation of funds
Total funds brought forward
7,794,678
4.128,760
10,275,972 22,199,410
Total funds carried forward
8,509.765
4,081.797
11,452.758 24,044.220
16

The London Symphony Orchestra EndowmentTrust
Notes to the financial statements
Year ended 31 March 2025
a Comparative Statement of Financial Activitles and Balance Sheet Icontinuedl
Comparative Balance Sheet
2024
Unrestrlcted
funds
2024
Restricted Endowment
funds
funds
2024
2024
Total
lunds
Note
Fixed a5set5
Tangible 85sets
Investments assets
Loan5
li
12
13
545,000
6,954,249
58,753
545,000
11.452.758 21,726.201
58,753
3,319,194
Total fixed assets
7.558.002
3,319,194
11,452,758
22A29,954
Current a5set5
Debtors.. amounts falling due wtthin one
Loan5
Cash at bank
14
13
45,000
25,144
890,619
45,000
25,144
1,653,222
762,603
Total current asset5
960,763
762,603
1,7Z3,366
Credltors.. amounts falling due wlthln
15
19,0001
19,0001
NÈt current assets
951.763
762,603
1,714,366
Total net assets
8.509.765
4,081,797
11/452.758 24,044,320
TotHI lunds of the charlty
Funds brought forw3rd
1Shortfalll/excess of income over expenditure for
17
7,794,678
4,128.760
10.275,972 22,199,410
281,995
1241,7871
283.425
323.633
ReallsÈd and unreali5ed incie35e I Idecreasel in
433,092
194,824
893.361
1,521,277
Funds carried forward
8,50Y,765
4,081.797
11,452,758
24m4.320
17

The London Symphony Orchestra EndowmentTrust
Notes to the financial Statements
Period ended 31 March 2025
2025
Z024
4 Income from donatlon5 and legacies
Donations IUnre5tricted Funds)
Donations IRÈ5tricted Funds)
Donatlons IEndowment Funds)
Legatie5
27,360
2,020.000
2,500,OOD
20,965
23,781
108,344
Total income from donations and legacies
4,568,325
132,125
The total v4lue of donation5 received from Trustee5 durlnE the year was £20,180
12024.. £12.1731.
2025
2024
5 Income from charliable activitles
Loan interest receivable from player loans
4,027
3,485
Total income from charltable artivities
4,027
3,485
All income from charitable actlvitie5 relate5 to unrestricted funds.
18

The London Symphony Orchestr3 Endowment Trust
Notes to the financial statements
Period ended 31 March 2025
2025
2024
6 Investment Income
Dlvidends and interest from Snvestrnents
Bank interest received
618,691
14,845
590,440
Totsl irbvestment incorne
633,536
590,440
2025
2024
7 Expenditure on ralslng funds
Investment management fees
112,393
92,687
Total expenditure on ralslng funds
112,393
92,687
2025
2024
8 Expendiiure on charitable activities
Grants to the LSO Group (see Note 101
Governance costs
1.406,129
16,607
300,000
9,730
Total expendltuye on rharitable activitie5
1,422,736
309,730
2025
Z024
9 Net IncomellÈxpendlturel 15 stated after charging..
Auditors. remuneration audlt fees
8,025
7,500
The Trustee5 did not recelve any remvneratlon for their services to the Trust nor were they relmbursed for any
expenses in either year.
19

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2025
Grants to institutions
2025
2024
10 Analysls of grant5 payable and related partytran5artions
LSO Discovery Short-TÉrm Fund grant to LSO Productions Ltd lor LSO Discovery
Anglo-JapanÈsÈ Fund grant for scholarships
Digital IEndowmentl Fund grant to LSO Live Ltd for Moving Muslc dlgltèl projects
Digital Ilncomel Fund Er3Trt to LSO Ltd for the reburbi5hment of LSO St LLJke's
125,000
30,000
730,000
521,129
300,000
Total Erants to the LSO Group
IA06,129
300.000
As explained in the Trustee5' report. London Symphony Orchestra Ltd IreglsterÈd charity number 2323911 is z
connected tharity. Grants made to the LSO and Its subsidiaries. Production5 Ltd and LSO Live Ltd during the
ye3r are shown above.
ThÈre were no other related party trans3rtlOll5 in the year.
11 Tanglble fixed assets
Musical
Instruments
Cost
At l April 2024
545,000
At 31 March 2025
545,000
Net book value
At l April 2024
545,000
At 31 March 2025
545,000
20

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2025
20Z5
2024
12 Investment assets
Investment portFollo
Market value brought forward at l April
Addition5
Dlsposals
21,726,201
6,954,806
12,206,532)
26,474,475
19,259,988
464,515
17,3321
19.707,171
Increase/ldecrea5el in m8rket value
1,097,516
2.019,030
Total Investmenl assets
27,571,991
21,726,201
An analysls of the market value of Investments atthe yÈar end Is provided below..
2025
2024
Cash
Llquld Short Te￿ Deposits
Fixed Incomelbonds
UK eqtjities
Overseas equitie5
Hedge funds, private equity funds and other alternatives
Property funds
346,488
6,611,275
3,224,128
1.019,237
13,467,827
2,104,301
798,735
1,612,399
1.145,939
3.795,673
871,395
12.394.662
1,261,102
645,031
Tthal
27,571,991
21,726,201
There are no Indlvidual investments Sn excess of IO% of thÈ total portfolio. The value of the investment porttollo
at 31 May 2025 was £25,128,387.
21

The London Symphony Orchestra Endowment Trust
Notes to the financial statements
Year ended 31 March 2025
2025
2024
13 Loans
Amounts owed by LSO p13yÈrs
Due wrthin oTTre year
DUÈ after one year
27,632
49,224
76,856
25,144
58,753
83,897
ThÈ LSO players to whom conce5sionary loans have been made are sh8reholders of London Symphony Orchestra
Ltd. The èmounts owed by the LSO players are repayable over v8rylng periods usually not exceeding 7 years. All
loans bear intÈrÈ5t Bt a variable rate linked to the Bank of England base ratÈ. There were no loans to players that
hèd been committed to but nottaken up 8$ ot the 31 March 2025.
2025
2024
14 Debtors.. amoLtnt5 falling due wlthln one year
Accrued Sncome
8,222
45,000
8,222
45,000
Accrued incorne primarily rÈlates to legacie5 to whlch the Trust is entitlÈd, and gift ald paytnents not yet received.
2025
2024
15 Credltors.. amounts falllng due within one yeai
Accruals
16,535
9,000
16,535
9,000
22

Thè London Symphony Orchestra Endowment Trust
Notes to the financial statements
Period ended 31 March 2025
Bèlance
l April
2024
Balance
31 March
2025
16 Statement of lunds
Gains and
losses
Income
ExpeThditure
Transfers
Unrestricted funds..
General Fund
5tr8tegic Fund
Wallis Fun
6,197,405
2,200,775
111,585
202,908
50,571
2,745
140,0941
19,2991
14751
74,917
62,554
1,407
6,435,136
2,304,601
115,262
Total unrestri¢ted funds
8.509.765
256,224
149.8681
138,878
8.854.999
Restricted funds..
LSO Discovery Ilong-tÈrml Fund
LSO Oi5cDvery1short-terml Fund
Di8ltal lincomel Fund
LSO St Luke's Fund
Japanese Student Scholarship Fund
2,248,350
537,094
521.159
600,000
175,194
63.046
11.058
2,814
2,022,482
110,6431
1127,2791
1521,9211
12,6831
130,0001
38,135
15,552
18,988
104,678
2,338,888
436,425
21,040
2.724,477
145,194
Total restricted fund5
4,081.797
2,099,4LM)
1692,5261
177,353
5.666.024
Endowment fvnd5'.
Digital Fund
Composers, Fund
11.452,758
322.617
2,527,647
1784,3151
18,4201
202,211
72,775
11,193,271
2,592.002
Total endowment funds
11,4S2,758
2.850,264
1792.7351
274,986
13,785.273
Total funds
24.044.820
5,205,888
11.535.129)
591,217
28.306.296
Det3115 of the varfous funds are Set out below..
GeneTuI Fund
Thls Is the Trust's primary unrestricted fund in which all funds, except those with specific restrictions, are held. Part of the fund
compTi5e5 instruments which are loaned to the LSO for use by Its players, the majority of funds are invested with the
Investment return used to make grant5tothe LSO.
Stroteolc F￿nd
This fund wa5 created to receive income durln8 the Covid-19 pandemlc as part of the Always Playing Appeal. Thls Is an
unrestricted fund, with the main purpose being to provide 5trateESc support to SUPPDrt the LSO during and after the pandemic,
In particular to 5UPPOrt Its musicians and assist inthe transition to a new buslne5s model over comlng year5.
Wollis Fund
This is an unrestricted fund which Ss accounted for separately In line with the requlrements of H legacythat wès received in 2021.
Income and capital Érowth frorn the fund5 invested will be used to support Lgo Discovery's work. The fund will be transftrred to
the General Fund after ten years, In March 2032.
23

The London Symphony Orthestra Endowment Trust
Notes to the financlal statements
Period ended 31 March 2025
16 Staternent of tunds Icont£nuedl
LSO Discovery Ilong-termj Fund
Thls fund is held for the long-terrn with funds invested and the investmènt rpturn used to make grants to support the work of
O DSscovery land related education and comrnunity projects).
LSO Discovery {short-termJ Fund
Thls fund is to be used to support the work of LSO DSscovery land related education and tommunity prolettsl over a defined
time framÈ, typically less thèn 10 years.
Digital Fund ond Digital lincome) Fund
These two funds are used to fund audio vlsual recordings of concert perform8nce5 by the LS0 and the distributlon of these
worldwide, including to young people and new audi&￿ceS. The funds are invested for the long-term with investment return5
avallable to be drawn down. Until March 2023, only income generated could be drawn dowTr- this income Ss held separately
in the Dlgital lincomel Fund. From April 2025, a total return approach has been applied to the Digital Fund through which
both income and capital g4ins can be drawn within p8rameters de51gned to protect thè value of the fund overtime.
LSO StLuke's Fund
This fund hè5 been established to receive funds to be used to support capital project5 and other artivity at LSO St Luke's.
Joptsne5eStudentScholLTfship Fund
This fund was established to build Anglo-japanese c￿￿u[al relatlons by supportln8 the LSO'S work in Japan and to provide
scholarships to lèpane5e music student5 to a55iSt them in studying at the Guildhall School of Music & Drama. The rem8ininÉ
funds held tan only be used for 5cholarshlps.
Composers'Fund
This fund was establlshed following a Éenerous grant from the Helen Hatlllyn Trust. The purpose of the fund is to provide
world-class dEveloprnenf Opportunities for totnposers. in particular by supporting the LSO Helen Hamlyn Panufnik
Composers. Schetne run by the LSO. The funds are invested for the long-term with investment retum5 in exce55 of the
original grant availableto be drawn down.
Comparatlve tnovements In funds for the prloryear are shown in Note 17 to these accounts.
24

The London Symphony Orchestra Endowment Trust
Notes to the fananclal statements
Perlod ended 31 March 2025
Balan
l April
2023
Balance
31 March
Z024
17 Comparative statement of
Gains and
losses
Income
Expenditure
Transfers
Unrestrfcted fund5'.
General Fund
Strategic Fund
Wallis Fund
5,586,612
2.L07,913
100,153
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
rotal unrestricted funds
7.794.678
319,764
137,7691
433.092
,509.765
Restricted funds..
LSO Discovery Ilong-terml Fund
LSO Discovery Ishort-terml Fund
LSQ Discovery lon&offl Fund
Digit31 lincornel Fund
LSO St LLJke's Fund
Japanese Student Schol3rship 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
600,000
175,194
1300.OCNJI
521,159
600,000
175,194
Total testrlcted funds
4,128,760
70.216
131Z,0031
194.824
4.081.797
Endowment funds..
10,275.972
336,070
152.6451
893,361
11,452,758
Total end¢)wrnent funds
10,275.972
336,070
152.6451
893,361
11,452,758
Total funds
22.199.410
726,050
1402A171
1,521,277
24,044,320
25

The London Symphony Orchestra Endowment Trust
Notes to the financial statement5
Perlod ended 31 March 2025
18 Di8ltal Fund-Total Return Approath
With effect from 1st April 2023, the Trust adopted 8 total return approach to the 018ltal Fund in line wlth the provi510ll5 of The
Charities ITotal Return) Regulations 2013. Under thls approach, the Oi£it81 Fund is invested with the aim of m8ximi5ing the total
return lincome and capit81 gainsl, with an 3pproprlate proportion of unapplied total return available to be drawn down each
year to Support charitable activity. Until any vnapplied total return is drawn down, it remalns invested on the same ba515 as the
rest of this fund.
Digital Fund
Opening value of fund at l April 2024
Less.. Inltlèl value of the fund15ee note below)
11,452,758
18,831,606)
Unapplied Total Return Brought Forward
2,621,152
Add.. Investtnent return Inet of fees)
470.513
Less.. Drawdowns
1730,0001
UnappllÈd Total Return carried forward at 31 March 2025
2,361,665
Add.. Initi41 value of the fund
8,831,606
Closingvalue of the fund at 31 March 2025 Including unapplled total return
11,193.271
The inltial vèlue of the fund Is the tot613mount held at the conclusSon of the fundralsing CHrnpaign that led to the creation of
this fund.
19 Post Balance Sheet Events
A5 explained in the Trustee's Report, a corporate rrustÈe- ￿0ETCOrpGrate Trvstee Ltd- wa5 appointed in June 2025 to replace
the former Trustees. For completeness, the names of all the Trustees who Served between 1st April 2024 and the date of
signing this report ère as follows..
Resl8ned 27 June 2025
Resigned 27June 2025
RÈsigned 27 June 2025
Re51gned 27 June 2025
Resigned 27 June 2025
Resigned 27June 2025
Resigned 27 June 2025
Resigned 27 June 2025
Resigne(127 June 2025
Resigned 27 June 2025
Appointed 27June 2025
Hon Sir Rocco Forte
LadyAliai Forte
Rithard Hardie
James Lennox Mackenzie OBE
Dame Kathryn McDowell
Lady Wendy Parmley
Sarah Quinn
Daniel R05S
John Sh3ke5haft
LSOET Corporate Trustee Ltd
26