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 oppI￿Coble 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
c￿￿ent 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 reCOgn￿Sed 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 pUbl￿C 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 act￿ltIeS 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 p￿sent 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 CoMpara￿ve 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