Charity Registration No. 233700 The London Symphony Orchestra Endowment Trust Report and Financial Statements 31 March 2026
The London Symphony Orchestra Endowment Trust Report and financial statements 2025-26 Contents Page Officer5 and professional advisers Tru5tee'5 report Statement of Trustee's spOnSibl11t1es Independent auditols report Statement of Financial Activities li Balance Sheet 12 Statement of Cash Flows 13 Notes to the financial statements 14
The London Symphony Orchestra Endowment Trust Report and financial statements 2025-26 Officers and professional advisers Trustee LSOET Corporate Trustee Ltd (appointed 27 June 20251 See note 19 to the accounts for a list of previous Trustees. Dlre¢tors of the Trustee Charles Clark Mark Beddy OBE Hon Sir Rocco Forte Lady Aliai Forte Richard Hardie james Lennox Mackenzie OBE Dame Kathryn McDowell DBE DL Lady Wendy Parmley Sarah Quinn Daniel Ross john Shakeshaft Rahul Stanchina (Chairl (resigned 12 July 20261 Company Secretary of the Trustee Rikesh Shah Registered Office Barbican Centre Silk Street London EC2Y 8DS Professlonal Adv15er5 Investment monGgers Sarasin & Partners 50 George St London WIU 7DY Solicitors Veale Wasbrough Vizards LLP Orchard Court Orchard Lane Bristol BSI 5WS Bankers 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 2025-26 Introduction The Trustee presents its annual report and the audited financial staternents for the year ended 31 March 2026. Structurei governance and management Constitution The London Symphony Orchestra Endowment Trust 1.the Trust") was origiy)ally established by a deed of settlement dated 12 Septernber 1963 which has subsequently been amended by a trust deed dated 22 October 1991, a Deed of Variation dated 5 July 2006. a L)eed of Amendment dated l Ortober 2010 and a Deed dated 27 June 2025. Trustees and organisotion Until 27 June 2025, the Trust was governed by a Board of io Trustees whose names are listed in Note 19. Following a review of governance arrangements, the Trustees 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 Directors, Mr Mark Beddy and Mr Rahul Stanchina. The Trustee Is governed by it5 Board of Directors. There must be a minimum of 3 and a maximum of 12 Directors Df whom not more than 4 may be director5 of London Symphony Orchestra Ltd I'the LSO") or associate companies of the LSO. Non-LS0 Directors must always constitute a majority of the Director5. Subject to these limit5, new Directors of the Trustee are recruited on the basi5 that by virtue of their knowledge, experience and qualification5 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 a5 Trecess3ry. The Trustee, through its Board of Directors, meets at least twice a year and, in addition, an Investment Committee rneets regularly with the investment manager5 to review the performance of the investment portfolio and to discuss the investment approach. Connected chority 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 15 fully independent of the LSO and has its own Trustee which has it5 own Board of Directors. The LSO'S subsidiary companies, LSO Productions Ltd and LSO Live Ltd are considered to be related parties to the Trust. Objectives £Fnd activities The general purpose of the Trust is to support the objects of the LSO, namely to promote, maintain and advance education, particularly musical education and to encourage and advance the arts including music, drama, mime, dancing and singing. The Tru5Vs main actwity 15 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 main 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 donors towards the Always Playing Appeal, established to support the LSO during and in the aftermath of the Covid-19 pandemic.
The London Symphony Orchestra Endowment Trust Trustee'5 report 2025-26 In 2012, the Trust raised income of almost £6m and this in turn released funding from the Arts Council England's Catalyst Endowment Scheme Df a further £2.9m. The funds from this campaign, known as Moving Music, are invested in the Digital Fund a5 a restricted long-term endowment with the total return generated used to capture audio and audio-visual recordings of the LSO'S concert 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 composers, in particular by 5UPPOrting the LSO Helen Hamlyn Panufnik Composer5, Scheme run by the LSO. The funds are invested for the long-term with investment returns in excess of the original grant available to be drawn down. The Trust'5 principal fund5 (which are all open to further contributionsl are currently as follows: This is the Trust's primary unrestricted fund from which investment returns are used to make grants to the LSO for areas of particular 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 including supporting it5 musician5 and a551Sting in the development of its business model. Strategic Fund This fund is held for the long-term with investment return5 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 projerts. LSO Discovery Ilong-terml Fund LSO St Luke's Fund Th>s fund has 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-clas5 development opportunities for composers. in particular by supporting the LSO Helen Hamlyn Panufnik Composers, Scheme run by the LSO. Composers, Fund The grants made from the fijnds Ilsted above provide an important source of regular and stable income to the LSO and allow investment in areas of particular importance. The Trust also occasionally receives donations and legacies which are intended to be used for very speclfic purposes over a lirnited tirneframe. 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 invested in order to maximise returns over the medium- and long-term.
The London Symphony Orchestra Endowment Trust Trustee's report 2025-26 The Trust also make5 loan5 to LSO members to a5515t them in purchasing musical instruments, and has acquired a Small number of instruments which are loaned to the LSO for use by member5 of the Orchestra. The Trust does not use the seNices of volunteers and the minimal operational tasks of the Trust are undertaken by L50 staff. Public benefit The Trust provides benefit to the public indirectly by providing funding to the LSO and thereby supporting a world class orchestra and its concert programme, a5 well as its wider activities including Discovery's education and community programme, and international d1ssemination of performances through LSO Live. The LSO'S core activities encourage the education of, and participation in, music by the public at large. This 15 achieved through public concert5 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 conflrms that it has referred to the Charity Commission's guidance on public benefit and believes that the support provided to the LSO provides benefit to a wide section of the public. Achlevements and performance Investment portfolio The Trust invests its assets with a view to both capital appreciation and the generation of income to support its charitable activities. There are no restrictions on the Trust's power to invest. 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 decisions on selection, retention and realisation of investments. The value of the investment portfolio decreased to £24,389,016 reflecting purchases and sales made during the year and a net increase in market value of £1,306,652 and drawdowns to fund grant payments. Investment performance refletted market conditions and portFolios are positioned to meet agreed investment mandates. At 31 May 2026, the investment portfolio was valued at £26,112,773, reflecting changes in financial Markets and withdrawals made after the year end. From l April 2023, a total return approach has been applied to the Digital Fund through which both income and capital gains can be drawn within parameters designed to protect the value of the fund over time. The initial value of the fund is set as the arnount held at the conclusion of the fundraising campaign that led to the creation of this fund. The unapplied total return at l April 2024 was 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 manager515ee page 11, the Trust's policy is to draw approximately 3.5% of the 3-year average value of the investment fund sijbjert to sufficient unapplied total return being available. Fundraising Active fundralsing activity during the year was Ilmited but voluntary income continued to be received fro reflected donations and associated Gift Aid, and from legacies. The Trust continued to promote legacy giving amongst the LSO'S supporters and audiences as this is an increasingly important source of income which allows the Trust to increase its ability to support the LSO over time. Plans for futLJre fundrassing campaigns were also developed. The Trust did not engage the use of third-party fundraisers.
The London Symphony Orchestra Endowment Trust Trustee's report 2025-26 Gronts During the year, grants of £4,511,673 12025.. £1,406,129) were made to the LSO Group. This was an exceptiona5 level of erants as sienificant payments were made from restricted funds to support the LSO'5 refurbishment of LSO St Luke's. Details of all grants made are set out in note 10. Loons to Plrjyers The Tru51 continued to offer loans to member5 of the LSO to a5SlSt them in the purchase of instrurnents. There were 2 new loans totalline £19,7(X) made to players durin8 the year12025'. 2 loans totalling £21,486). At the end of the financial year, 8 players had outstanding loans from the Trust; further detai15 are shown in Note 13 to the Financial Statements. Financial review Total income received in the year was £1,116,62512025'. £5,205,888), almost all of which related to donations, legacies, gift aid and income frorn investments. Expenditure of E4,641,61612025: £1,535,129) was in line with expectations and related primarily to grant5 and investment management fees. Net gains in the value of the investment portfolio were £792,998 reflecting the performance of investment rnarkets during the year. Following reinvestment of income and surplus cash, the value of the portfollo at the year-end was £24,389,01612025'. £27,571,9911. The Tru5f s net assets decreased from £28,306,296 to £25,574,303 at the year-end. Reserves policy Of the Trust'5 total fund5 of £25.6m, a total of £16.7m comprise Endowment Fund5 or Restricted Fund5 which can only be Ljsed for specific purposes. Of the remaining Unrestricted Funds, £2.Om are held for specific purposes leaving £6.9m in the unrestricted General Fund. Much of the General Fund comprises investments, which are held to generate income and capital gains, together with instrument5 for use by the LSO and loan5 to membe of the LSO. After excluding the nvestments and the other assets which are not liquid, there was a remaining balance at the year end of £619,000 which the Trustee treats as free reserves. This is higher than the target level for free reseNes of £50,000 to £150,000. Some of these free reserves were transferred to the investment portfolio shortly after the year end. The level of free reserves is CDnsidered sufficient given that the Trust has minimal administrative overheads and no on-going liabilitie5. In addition. the vast majority of investment5 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 review The major risk5 to which the Trust is exposed, as identified by the Trustee, have been reviewed and systems have been established to mitigate those risks. The primary risks relate to protecting the value of the Trust's inve5trnent portfolio and other assets. The Trustee delegates management of this risk to professional investment managers with 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 mDvement in share prices, interest rates, exchange rates and inflation and these are largely outside the Trust'5 control 50 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 2025-26 Plans for the future Work continues to develop future fundraising campaigns including effort5 to increase the number of individua15 who plan to dDn3te a legacy to the Trust which in recent months has led to a number of new 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 asslst with instrument purchases. Going concèrn At the year-end the Trust had significant net assets and minimal liabilities and operating costs. Grant5 are onlv 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 attivities for the foreseeable future and consider that there were no material uncertainties over the Trust'5 financial viability. Accordingly, the Trustee Contlnues to adopt the going concern basis in preparing the financial statement5. Fundraising approach The Trust subscribes to principles of fundraising best practice by comrllitting to high standards, and being clear, honest, open, respectful, fair and reasonable, and accountable and responsible. The Trust is registered wlth the Fundraising Regulator and adhere5 to the standards of the Code of Fundraising Practice. No complaints were received about the Trust's fundraising practices during the year.
The London Symphony Orchestra Endowment Trust Trustee's responsibilities statement The Trustee is responsible for prepèring the Trustee'5 Annual Report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accovnting 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 re50urce5 and application of resources of the Trust for that period. In preparing these financial statements, the Trustee is required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP,- make judgment5 and e5timate5 that are reasonable and prudent; state whether applicable accounting standards have been followed,. and prepare the financial statements on the going concern basi5 unles5 It 15 inappropriate to presume that the Trust will continue in business. The Trustee 15 responsible for keepin8 proper accounting records that disclose with reasonable accuracv 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 (Account5 and Reports) Regulations 2008 and the provision5 of the trust deed. The Trustee is also responsible for safeguardinE the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee is responsible for the maintenance and integrity of the Trust and financial information included on the Trust'5 web51te. Legislation in the United Kingdom governing the preparation and dissemination of financial Statements may differ from legislation in otherjurisdictions. Signed on behalf of the Trustee Charles Clark Chair of LSOET Corporate Trustee Ltd 20 July 2026
Independent auditor's report to the Trustee of The London Symphony Orchestra Endowment Trust Independent auditor's report to the Trustee of The London Symphony Orchestra Endowment Trust Oplnion We have audited the financial statements of The London Symphony Orchestra Endowment Trust for the vear ended 31 March 2026 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Fint7nciol Reporting Standard oppICoble in the UK and Republic of Irelund (United Kingdom Generally Accepted Accounting Pratticel. In our opinion, the financial statements: give a true and fair view of the state of the charity's affair5 as at 31 March 2026 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 Prartice,. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulatlOll5 made Dr having effert thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We ère independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statement5 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 evidence we have obtained 15 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 Trustee's use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 responsibilitie5 and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other information The Trustee Is re5pon5ible for the other information. The other ir)formation comprises the information included in the TrLJStee'5 Annual Report. Our opinion on the financial Statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon.
Independent auditorfs report to the Trustee of The London Symphony Orchestra Endowment Trust In connection with our audit of the financial statements, Dur responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial 5tatewents or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencies 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 mi5Statement 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 IAccounts and Reports) Regulation5 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity; Dr suff icient accounting records have not been kept,. or the charity f1nancial statements are not in agreernent with the accounting records and return5; 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 staternents and for being satisfied 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 is responsible for assessing the charity's ability to continue as a going concern, disclosin& a5 applicable, matters 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 50. Auditols responsibilities for the audit of the financial statement5 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's 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 alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial Statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our responsit)ilities, outlined above, to detect material misstatements in respect of irregularitie5, 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 risk5 of non-compliance with laws and regulations related to the Charities Act, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and consider other factors such as relevant taxation.
Independent auditorfs report to the Trustee of The London Symphony Orchestra Endowment Trust We evaluated management's incentives and opportunities for fraudulent manipulation of the financlal staternents lincluding the risk of override of controls). Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators; Discussions with manaeement including consideration of known or susperted instances of non- compliance with laws and regulation and fraud,. Reviewing the controls and procedures of the charity relevant to the preparation of the financial statements to ensure these were in place throughout the year- Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions- and Reviewing minutes of Trustee meetlngs. 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 misstaternent in the financial 5taternents or non-compliance with regulation. This risk increa5e5 the more that compliance with a law or regulation is removed from the events and transactlons reflected in the financial statements, as we will be less likely to become aware of instance5 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 15 located on the Financial Reporting Council's website at.. www.frc.o auditorsres on5ibilities. This descriptSon fom15 part of our auditorfs report. Use of our rèport This report is made solely to the charit¢s Trustee, 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 charitV'5 Trustee those matter5 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 a55ume responsibility to anyone other than the charity's Trustee a5 8 body for our audit work, for this report, or for the opiniDns we have forrlled. H*'- Haysmac LLP Statutory Auditors Date: 10 Queen Street Place London EC4R IAG 22 July 2026 Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Art 2006. io
The London Symphony Orchestra Endowment Trust Statement of Financial Activities Year ended 31 March 2026 Note 2026 2026 2026 Restrlcted Endowment funds funds 2026 Total fvnds 2025 Total funds Unrestricted funds Income and endowments from: Don4tion5 and legacie5 477,022 3,173 209,533 477,022 3,173 636,429 4,568,325 4,027 633,536 Investment Income 66,050 360,846 Total income 689,728 66,050 360,846 1,116,624 5,205,888 Expenditure Expenditure on.. Investment Management Fees Charitable activitie5 137,8231 112,4321 1819,1171 13,210,509) 165,5711 1115,8261 1112,3931 1496,1641 14,525,790) 11,422,736) Total Èxpèndlture 1856.9401 13,222.9411 1561.7351 14,641,616) 11,535,129) Net gains/llosse51 on inve5trnents 232,890 99,295 460,814 792.999 591,217 Net lexpenditurell income 65,678 13,057,596) 259,925 12,731,9931 4,261,976 Transfers between funds Net movement in funds 65,678 13,057,596) 259,925 12,731,9931 4,261,976 Reconciliation of lunds Total funds brought forward 8,854,999 5,666,024 13,785,273 28,306,296 24,044,320 Total funds carried fotv4ard 8,920,677 2,608,428 14,045,198 25,574,303 28,306,296 There were no other recognised gains or losses other than as shown above. All income and expenditure derlve from contlnulng See Note 3 for compaiatlve Statement of Flnantlal Attivitles analy*d byfunds. li
The London Symphony Orchestra Endowment Trust Balance Sheet As at 31 March 2026 2025 U#re5tricted funds 2026 Restrlcted funds 2026 2026 Total funds 2025 Total funds Endowment fupd5 Note Flxed assÈt5 Tangible Bsset5 InvestmÈnt è55ets Loans li 12 13 545,000 7,696,640 40.302 545,000 545,000 14,058,948 24,389,016 27,571,991 40,302 49,224 2,633,428 Total fixed assets 8.281,942 2,633,428 14.058.948 24,974,318 28,166,215 cent assets Debtor5.' amounts falling due within one Year Loèns Cash èt bank 14 13 111,445 19,670 518,120 111,445 19,670 479.370 8,222 27,632 120,762 125,0001 113,7501 Total current assets 649.235 125,0001 113,7501 610,485 156,616 Current Ilabllities Creditors.. 8mourtts falling due within one year 15 110,5001 110,5001 116,5351 NÈt ¢urrent assets 638.735 125,IMJOI 113,7501 599,985 140,081 Total net assets 8.920,677 2,608,428 14,045.198 25,574,303 28,306,296 Total fund5 of the charlty Fund5 brought forward 16 8.854,999 5,666,024 13,785.273 28,306,296 24,044,320 EKce55115hortfalll of IncomÈ over expenditure for the year 1167,2121 13.156,8911 1200,8891 13,524,9921 3,670,759 Reallsed and unrealised increase / Idecreasel in the vèlue of investment a55ets 232,890 99,295 460,814 792,999 591,217 Transfer5 between funds Funds Carried forward ,920,677 2.608.428 14,045,198 25,574,303 28.306.296 The notes on pages 13 to 24 forrn part of these accounts. Approved by the Trustee on 20 July 2026 Signe on behalf of the Trustee Charles Clark Chalr of Lsotr Corpor8te Trustee Ltd 12
The London Symphony Orchestra Endowment Trust Statement of Cash Flows Year ended 31 March 2026 20Z6 2025 Notes Cash used In operatlng actlvltles 14,767,448) 2,582,278 Cash flows from investing activities Bank interest Income from Investments Cash proceed5 from the sale of investments Purch3se of investments 6,950 629,479 5,886,389 11,396,762) 14,845 618,691 2,206,532 16,954,806) Decrease in 5h and cash equ(volents in the year 358,608 11,532,460) Cash and cash equivalents at the beglnnlnÈ of the year 120,762 1,653,222 Total cash a*d tash equlvalents at the Ènd of the year 479,370 120.762 Reconciliation of net movement in funds to netcash Ilow from operatln8 aCtlvltlÈs 2026 2025 Net movement in funds Movement on investments DlvidÈnd and interest incotne froTn inve5tment5 Bank interest DecrÈasellincreasel in loans Decrea5e/lincrea5el in debtor5 IDecreasel/increa5e in creditors 12,731,993) 11,306,652) 1629,4791 16,9501 16,885 1103,2241 16,0351 4,261,976 11.097,5161 1618,6911 114,8451 7,041 36,778 7,535 Net cash used in operatlng actlvltles 14.767,4481 2,582,Z78 Analysls of net debt At l Apr 2025 Cashflow At 31 MÈr 2026 C8sh and Cash @qutrrfalÈnts 120.762 358,608 479,370 13
The London Symphony Orchestra Endowment Trust Notes to the flnancial statements Year ended 31 March 2026 l Accountlng policles l Basis of preparatlon The finantial statÈments have been prepared In accordance wlth the Financièl Reporting Standaid applicable in the UK and Republic of Ireland IFRS1021, the Statement of Recommended Practlte appllcable to charities preparing their accounts in accordènce wlth the Finèncial Reporting Standard applicable in the UK and RÈpubllc of Ireland IFRS 1021 effective l January 2019. The flnanclal staternents h4ve been prepared to give a 'trtJe and fair, view and have departed frotn the Charitie5 (Accounts and Report51 Regulatlons 2008 only to the extent required to provide a 'true and fair view. Thls departure ha5 involved following Accounting and RÈportint by Charitie5 preparing their accounts in accordance with the Financlal Reporting Standard 3pplicable in the UK and Republic of Ireland IFRS 1021 issuÈd on 16 July 2014 r3ther than the Accounting and ReportinE by Charities.. Statement of Recommended Practice effective from l April 2005 which ha5 since been withdrawn. ThÈ financlal statÈment5 are drawn up under the historical c05t convention except that Investments are c3rried at fair value. The Trust moets the definition of a Public Benefit Entity under FRS 102. bl Preparatlon of accounts on a going concern basis The fin3ncial staterllents have been prepared on the ba515 thèt the Trust is and will remain a going concern for the foreseeable fvture. At the year-end the Trust has slgnlfltant net a55et5 and minitnal liabilitie5 and operating costs. Grants are only awardÈd If Sufficient fund5 are available to fund the necessary payment5. Having reviewed expected future cashflow5, the Trustee has a aSOnable expectation that the Trust h8S adequate resources to continue its actlvlties for the foreseeable future and conslder that there were no material uncertainties over the Trust'5 financial V13bility. cl Income Income is recognised whÈn the Charity has entitlement to the funds. any performance condltlons Èttathed to the item of income have been met, It Is probable that the income will be received and the amount can be measured Donatlons are retognised when the Trust has been notlfied In wrltlng of both the amount 5ettletnent d3te. In the event that 3 donatlon Is subjÈrt to conditions that require a level of performance before thÈ charity is entitled to the funds, the income is deferred and not reCOgnSed until either those conditlOn5 are fully met, or the fulfilment of those conditlons is wholly within the control of the chèrlty and It is probable thit those conditlOn5 will be fulfilled in the reporting perlod. Legacy tifts are recogni5ed on a case by case basls followine the granting of probate when the administrator/executDr for the e5tste ha5 communicated in writing both the amount and settlement d3te. In the event that the gift is in the form of an asset other th3n Cash or a financial asset traded on 3 recognlsed stock exchange, recogDitlOn 15 subject to the value of the glft being liablY measurable with a degree of reasonable accuracy and the tltle to the a55et h8ving been transferred to the charlty. Inve5trnent income and interest receivable arÈ rÈcognised on an accruals basi5. dl Funds The General Fund is a general unrestrlcted fund and Tepre5ents funds which are expendable at the dlscretion of thè Trustee in furtherance ol the general objectlves of the Charity and which have not been designated for other purposes. Such funds rÈprÈsent inve5trnent5, loans and working capital balances. Restrirted funds are funds subject to speclfic restrlctlons ImposÈd by the dotsor5. These fvnd5 4re not 8vailable for the Trustee to apply Èt its discretion. The purpose and use of the restricted funds Is set out In the notes to the financial statements. Endowment fund5 are funds which the Trustee Is legally required to invest lor a period of at lezst 25 years for the Charity's purposes. Further details of all funds are glven In note 16. 14
The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2026 Accounting policies Icontinuedl el Expenditure Expenditure is recognised on an accrua15 ba515. fl Allocation of 5UPPOft and governance costs General support costs relating to the operation of the charity. whlch are mlnimal, ar@ btsrnÈ by the London Syrnphony Orchestra and are not recogni5ed in these financial statements, Governance costs comprise 811 costs Involving the pUblC 8ccountability of the charlty and its compliÈntÈ with rÈgulation 8Trd good practice, including statutory audit fees and legal fees. Governance costs are related to charltable actltIeS and have therefore beèn included underthis heading. gl Tangible flxed assets Tangible fixed a55ets are stated at cost and represent three high quality string instruments. These instruments have not bÈÈn dÈprÈclatÈd betsusÈ thè TrustÈe is of the opinion that the net residual value 55 at least equal to the original cost. hl Investments Inve5tment5 are stated at the market value as indicated by the Report of the Investment ManagÈrs to the Trustee as at the B31oDce Sheet dote. Any resulting unreali5ed gain or1055 is allocated to the fund to which It relates within the StatÈmÈnt of Flnanclal Attivltles. 11 Flnantial instruments and tonce551on3ry loans Flnancial a5set$ 3nd finan¢i61 liabilities are recoEni5ed when the charity become5 a party to the contractual provisions of the instrument. The charity only has flnancl81 ÈssÈts and financial liabilitie5 of a kind that qu4lify as basic financial instruments. Basic lin3ncial instruments are initially recognised at transaction value and subsequently mÈasured at thÉir settlement value. Trade and other debtors are recognised at the settlement amount due after any trade discount offÈrÈd. PrÈpaymÈnts arÈ valued at the amount prepaid net of any di5COUnts due. Cash at bank and cash in hand includes cash 8nd short term highly Iiould Investments wlth a short maturity of three rnoDth5 or le55 frotn the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognlsed where thÈ charlty ha5 a psent obliEat10n Te5vlting from a past event that will probably result in the transfer of funds to a third party 8nd the amount duÈ to settle thÈ obligation can be measured or e5titnated reliably. Creditor5 and provisions are normally recognised at their settlement amDunt after allowSng for any dlscDunts due. Concessionary loans madÈ to members of the LSO to assist them In the purchase of instrutnents are initially reco8ni5ed at the amount paid with the carrying amount in subsequent periods adjusted to reflect Interest, repaytnents and any impairment. Il Taxation The London Symphony Orchestra Endowrnent Trust is a registered charity and Is thus exempt from tax on Income and gains falling Wlthin Part 10 of the Incorne Tox Act 2007 or $256 of the Tax3tion of Chargeable Gains Act 1992 to the Èxtent th8t these are applled to Its charltablÈ objetts. No tax charges have arisen in the Trust. 15
The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2026 2 Critical a£countlngludgÈmentS 3nd key sources of estlmation uncertainty In the 3pplication of the charlty's accounting policies, whlch are described in Note I, the Trustee Is required to make judgernent5, e5tirnates and assurnptlOn5 about the carrying amounts of assets liabilities that are not readily apparent frotn other sources. The e5tirDate5 and associated assumptions are based on historical experience and other factor5 th8t are considered to be leVant. Actual results may dlffer from these e5tirnates. The estlmates and underlying a5SUrnPtions are reviewed on an ongoing basis. Revlslons to a¢¢ounting estimate5 are recognised in the p@riod in which the estimate Is revisÈd if the revision affects only that perlDd, or in the pÈriod ol the revision and future pÈriod5 il the revi5i0n affects both current and fvture period5. The Trustee does not conslder there Bre any critical ludeemÈnt5 Qr sources of e5tim3tion uncert31nty requiring disclosure beyond the accounting politie5 listed 3bove. 3 Comparative Siatement of Flnanclal A£tivities and Balance Sheet Comparatlve siatement of Financlal Actlvltles Note 2025 Unrestrlcted funds 2025 2025 Restrirted Endowment funds funds 2025 Total funds Income and endowments from: DonatlOn5 and legacies Ch3ritable activities Investment IncomÈ 48,325 4,027 203,872 2,020,000 2,500,000 4,568.325 4,027 633,536 79.400 350,264 Total income 256.224 2,099,400 2,850,264 5,205,888 Expendlture ExpÈnditure on.. Raising funds 133,2611 116,6071 116,3971 1676,1291 162,7351 1112,3931 1730,0001 11,422,736) Total expenditure 149,8681 1692.5261 1792,7351 11,535,129) Net galns on investments 138.878 177,353 274,986 591,217 Transfers between funds Net movÈrnent in funds 345,Z34 1,584,227 2.332.515 4,261,976 Reconclliation of lunds Total funds brought forw3rd 8,509,765 4,081.797 11.452,758 24,044,320 Totsl fvnds carried forward 8,854,999 5,666,024 13.785.273 28,306,296 16
The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2026 3 Comparative Statement of Financial Activities and Balance Sheet Icontinuedl Comparative BalaThce Sheet 2025 Unrestricted funds 2025 2025 Restrirted Endowment funds funds 2025 Total lunds Note Fixed assets Tangible assets Investments assets Loans li 12 13 545,000 8,122,974 49,224 545,000 27,571,991 49,224 5.663,744 13,785.273 Total flxed assets 8,717,198 5,663,744 13,785.273 28,166,215 Current as5et5 Debtors.. amounts falling due wlthin one Loans Cash 3t bank 14 13 8,222 27,632 118,482 8.222 27,632 120,762 2,280 Totol current assets 154.336 156.616 Current liabiltties Creditors.. amounts falllng due within Is 116,5351 116,5351 Net current assets 137,801 140,081 Total net a55ets 8,854,999 5,666,024 13,785,273 28,306296 Total funds of the (harltv Fund5 brought forward 17 8,509,765 4,081,797 11,452,758 24,044,320 IShortfalll/exces5 of Income over expenditure for 206,356 1.406,874 2,057.529 3.670,759 Reallsed and unreallsed Increase I IdecrÈasel In 138,878 177.353 274,986 591,217 Funds carried forward 8,854,999 5,666,024 13,785,273 28,306,296 17
The London Symphony Orchestra EndowmentTrust Notes to the financial statements Yearended 31 March 2026 2025 2025 4 Income from don3tion5 and legacles Don4tions Iunrestrlcted Funds) Donations (Restrlcted Fund51 Donations (Endowment Funds) Legacie5 Iunrestricted Funds) 109,072 27,360 2,020,000 2,500,000 20,965 367,950 Total income from dortations and legacles 477,022 4,568,325 The total value of donations received from Dlrettors of the Trustee during the year was £18612025.. £20,180>. 2026 2025 5 Income from tharitsble activltles Loarl interest receivable from p13yer loan5 3.173 4,027 Total income from charitable activities 3,173 4,027 All income from ch3rltablÈ artivities relates to unrÈstritted fund5. 18
The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2026 2026 2025 6 Investmenl Intome Olvidends and interest from investment5 Bank interest rec@Ived 629,479 6,950 618,691 14,845 Total investment incorne 636,429 633,536 2026 2025 7 Expenditure on raistng funds Invèstment manègemÈnt fÈes 115,826 112,393 Total expendlture on ralslng funds 115,826 112,393 2026 2025 8 Expenditure on charitable actlvlties Giants to the LSO Group (see Note 101 Support costs 4,511,673 14,117 1,406.129 16,607 Total expenditure on charitable actlvitles 4,525,790 1,422,736 2026 2025 9 Net inwrnellexpenditurel is stèted after charging.. Audltors, remuneratlon- audlt fÈes 8,750 8,025 The Trustees dld not recelve any remunerarion for their servlces to the Trust nor were they reimbursed for any expenses in either ye3r. 19
The London Symphony Orchestra Endowment Trust Notes to the financial statements Year ended 31 March 2026 Grants to Instltutlons 2026 2025 10 Analysls of grants payable and related party transactions General Unrestricted Fvnd grant to LSO Productions Ltd for LSO Discoverv Strateglc Fvnd grant to LSO Ltd to support concert5 Strategic Fund grant to L50 Ltd to support the refurbishment of St Luke's LSO Discovery Long-Term Fund grant to LSO Productions Ltd for LSO Discovery LSO Discovery Short-Term Fund grant to LSO ProductiQn5 Ltd for LSO Discovery Digltal IlncomÈl Fund grant to LSO Ltd for the refurbishment of LSO St Luke's LSO St Luke's Fund grant for the refurbishment of LSO 5t Luke's Anglo-japanese Fund grant lor Scholarships Digital IEndowmÈntl Fund grant to LSO LIVÈ Ltd for digital projects Comp05ers' Fund grant for LSO Discovery Composers programme 275,000 380.000 150,000 140,000 280,000 21,040 2,739,469 30,000 380,000 116,164 125,000 521.129 30,000 730.000 Total grants to the LSO Group 4,511,673 1.406.129 As explained In the Trvstee's report, London Symphony Orchestra Ltd Ireeistered charity number 2323911 is a Connected charity. Grants tnade to the LSO and its subsidiaries, LSO Productions Ltd and LSO Live Ltd durlng the year 8re shown above. There were no other rel3ted pary transactions in the year. 11 Tangible flxed assets Musical Instruments Cost At l April 2025 545,000 At 31 Marth 2026 545,000 Net book value At l April 2025 545,000 At 31 March 2026 545,000 20
The London Symphony Orchestra Endowment Trust Note5 to the flnancial statements Year ended 31 March 2026 2026 2025 12 Investment assets Investment portfolio Market value brought forward at l April Additions Disposals 27,571,991 1,396,762 15,886,389) 23.082,364 21,726,201 6,954,806 12,206,532) 26,474,475 Income and interest frorn investments Invèstment management fee5 Net gains1llossesl on Investments 629,479 1115,8261 792,999 618,691 1112,3931 591,218 Tatal Investment assets 24,389,016 27,571,991 An analysi5 of the marketvalue of investments at the year end is provided below- 2026 2025 Cash Liquid Short Term Deposits Fixed income/bond5 UK equities OvÈrsÈas equlties HÈdEÈ fvnds, privBte equity funds 3nd other alternatlves Property fund5 1,076,190 3,876,730 2,503,783 917,411 13,264,000 2,03L,279 719,623 346,488 6,611,275 3,224,128 1,019,237 13,467,827 2,104,301 798.735 Total 24,389,016 27,571,991 There are no individual investments in exce55 of IO% of the total portFolio. The value of the Investment portfollo at 31 May 2026 was £26,112,773. 21
The London Symphony Orchestra EndowmentTru5t Notes to the financial statements Yearended 31 March 2026 2026 2025 13 Loafis Amounts owÈd by LSO players Due within one year Dve after onÈ year 19,670 40,302 59,972 27,632 49,224 76,856 The LSO player5 to whom conce$5ionary loans have been made arp 5hareholder5 of London Symphony Orchestra Ltd. The arnounts owed by the LSO playeT5 ère repayable over varylng PÉTiods Vsu4lly not exceeding 7 years. All loans bear IntÈre5t at a variable rate Ilnked to the Bank of England base rate. There were no loans to players that had been commltted to but not tsken up as at the 31 March 2026. 2026 2025 14 Debtors.. •rnount5 falling due wlthln one year A¢¢rued income 111,445 8,222 111,445 8,222 Accrued Income primarily relates to legacies to which the Trust is entltled, and gift ald payments not yet received. 2026 2025 15 Creditors= amountsfalllng due wtthin one year Accrua15 10,500 16,535 10,500 16,535 22
The London Symphony Orchestra Endowment Trust Notes to the financlal statements Year ended 31 March 2026 Balance l Aprll 20Z5 Balance 31 March 2026 16 Statement of funds Galns and losses Transfers Income Expendltuie Unrestricted funds.. General Fund Strategic Fund Wallls Fund 6,435,136 2,304,6DI 115,262 641,049 45,173 3,506 1318.1451 1538,6601 191,471 37,656 3,763 6,949,511 1,848.770 122,396 Total unrestricted funds 8.854,999 689,728 1856,9401 232,890 8,920,677 Restricted funds,. LSO Discovery Ilong-terml Fund LSO Discovery15hort-terml Fund Digital lincomel Fund LSO St Luke's Fund Japanese Student Scholarship Fund 2,338,888 436,425 21.040 2,724,477 145,194 62,634 3,416 1150.9191 1281,5131 12L,0401 12,739,469) 130.0001 75,698 8.605 2,326,301 166,933 14,992 115,194 Total restritted funds 5,666,024 66,050 13,222,9411 99.295 2.608.42B Endowment fund5'. 11,193,271 2,592,002 304,482 56,364 1433.1261 1128,6091 366.509 94,305 11,431.136 2,614,062 Composers, Fund Total end¢)wrnèTht funds 13.785.273 360.846 1561.7351 460.814 14,045,198 Totxl funds 28.306.296 1.116.624 14.641.616) 792,999 25,574,303 Detai15 of the various funds are set out below.. General Fund This 15 the Trust's prirnary unrE5tricted fund in which all funds, except those with specific restrictlDns, are held. Part of the fund comprlses Instruments whlch are loaned to the LSO for use by its players, and the tnalority of fund5 are invested with the investtnent return used to rnake grant5to the LSO. Strotegic Fund Thi5 fund w35 created to receivE income during the Covid-19 pandernic as p3rt of the Always Playing Appeal. Thi5 15 an unrèstrictèd fund, wlth the maSn purpose being to provide strate8ic support to support the LSO during and afterthe pandernic, in particularto support its rnu5ician5 and 395i5t in thetransition to a new business model over cominE vears. Wollis Fund This is an unrestrlcted fund whlch Is accounted for separately In Ilne wlth the requSrements of a le8ary th3tWa5 received in 2021. Income and c3Pltal growth from the funds invested will be used to support Discovery's work. The fund will be transferred to the General Fund afterten years, in March 2032. 23
The London Symphony Orchestra Endowment Trust Notes to the financlal statement5 Year ended 31 March 2026 16 Statement of funds Iwnilt)uedl LSO Discovery (long-terml Fund This fLJnd 15 hpld for the long-term with funds invested 3nd the investment return used to make gr8nts to supportthe work of LSO Dlscovery lènd related education and community projEctsl. L50 Discovery {short-teTml Fund This fund is to be used to support the work of LSO Dlscovery lènd related educètion and community projectsl over a defined tlme frame, typically less than 10 years. Dlgitol Fund ond Digltol lincornel Fund ThÈse two fund5 are used to fund audio visual recordings of concert performanc&s by the LSO and the distribution of these worldwide, includlng to young people and new aLJdience5. The fund5 are invested for the long-term with invèstmpnt returns available to be drawn down. Until March 2023, only income generated could be drawn down- this income is held separately In the Digital lincomel Fund. From Aprll 2025, a total return approach has been applied to the Digital Fund through which both Income and capital gains can be drawn wlthln paratneter5 designed to protect the value of the fund Dver timp. LSQSt Luke 5 Fund Thi5 fund has been establlshed ttr receive funds to be used to support capital project5 and other activity at St Luke's. JttpL¥nE5e StvdentSchDlorship Fund Thi5 fund wa5 establlshed to build Anglo-J4pane5e cultural relations by 5upporhng the LSO'5 work in Japan and to provlde scholar5hip5 to Japanese music student5 to asslst them in studying at the GuSldh311 Schoo1 of Music & Drama. The remaining funds held can only be use(f for 5cholarshlps. Comp05ers'Fund Thi5 fund was establlshed following a generous Erant from the Helen Hamlyn Trust. The purpose of the fund is to provSde world-cla55 development opportunitie5 for composers, in panicular by supportin8 the LSO Helen Hamlyn Panufnik Composers. Scheme run by the LSO. The fund5 are invested for the long-term wlth investment returns in excess ot the original grant available to be drawn down. Cornparative movements In funds for the prior year ore shown In Note 17 to these accounts. 24
The London Symphony Orchestra Endowment Trust Notes to the financial ststements Year ended 31 March 2026 Balance Balathce 31 March 2025 17 CoMparave statement of lunds Galns and 1055es 2024 Incorne Expenditure Transfers Ullre5tricted funds.. General Fund strategic Fund 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 unrestrlrted funds ,509,765 256,224 149,8681 138.878 ,854.999 Restricted funds.. LSO Discovery Ilong-terml Fund LSO Discovery Ishort-terml Fund Digital lincomel Fund LSO St Luke's Fund J3pane5E Student Scholarship Fund 2,248,350 537,094 S21,9 6QKI,LNJO 175,194 63.046 11.058 2,814 2,022,482 110,6431 1127,2791 1521,9211 38,135 15.552 18,988 104,678 2,338,888 436.425 21,040 2,724,477 145,194 130,0001 Total restricted fund5 4.081.797 2.099.400 1692,5261 177,153 5.666.024 Endowment funds.. 11,452,7S8 322,617 2,527,647 1784,3151 18,4201 202,211 72,775 11,193,271 2,592,W2 Comp05er5' Fund Totsl endowment funds 11.452.758 2.850.264 1791,7351 274,986 13.785.273 Totsi fvnds 24,044,320 5,205,888 11,535,129) 591,217 28,306,296 25
The London Symphony Orchestra Endowment Trust Notes to the flnancial statements Year ended 31 March 2026 18 Digital Fund- Total Return Approach With effect from 1st April 2023, the Trust adopted a total return approoch to the Dl8ltal Fund in line with the provisions of The Charities ITotal Return) ReBulatiOn5 2013. Under this approach, the Digital Fund is invested with the alm of maxlmisin8 the total retum liticorne and capital galnsl, with an appropriate proportlon of unapplied total return available to be drawn down each year to support charitable activity. Untll any unapplipd total return is drawn down, St remains invested on the sarne ba515 as the rest of this fund. Digital Fund Opening value of fund at l April 2025 Less.. Initial value of the fvnd (see note below) 11,193,271 18,831,6071 Unapplied Total Return Brought Forward 2,361,664 Add.. Investment retum Iriet of fees) 617,865 Les5.' Drawdown5 1380.0001 Unapplled Totèl Return carried forward at 31 March 2025 2,599,529 Add.. Initial v8lue of the fund 8.831,607 Closingvalue of the fund at 31 March 2026 induding unapplled total return 11,431.136 The initial value of the fund is the total amount held at the concluslon of the fundraising campaign that led to the creation of this fund. 19 Former Trustees A5 explained in the Trustee's Report, a corporate trustee - L50ET Corporate Trustee Ltd was appointed in Junè 2025 to replace tht former TTUStee5. For completeness, the name5 of all the Trustees who served betweÈn l April 2025 and 27 June 2025 are a5 follows.. ResSgTrÈd 27 June 2025 Resigned 27 June 2025 Resigned 27 June 2025 Resigned 27 June 2025 RÈ51gned 27 June 2025 Resigned 27 June 2025 Resigned 27 June 2025 Resigned 27 June 2025 Resl8ned 27 lune 2025 Resigned 27June 2025 Hon Sir Rocco Forte Lady Aliai Forte Richard Hardle James Lennox Mackenzie OBE Dame Kathryn McDowell OBE DL Lèdy Wendy Parmley Sarah Quinn Daniel R055 John Shèkeshaft 26