Company nymber: 1692341
Charity number.. 286818
CITY OF
LONDON
SINFONIA
CITY-OF LONDON SINFONIA LIMrrED
TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
'AC155ARU
2011V2023
CCfftIPANIES HOUSE
*378

CITY OF LONDON SINFONIA LIMITED
YEAR ENDED 31 MARCH 2023
P8ge(s)
Chairman's rewt
14
Trustees, report
&12
Independent auditors. repyl
1&16
Consolidated Stateff￿nI of financial adpltties
(including income and expenditisre account)
17
Consolidated balance sheet
18
Chanty balance sheet
19
Consolidated Staterrent of cash I1￿*1
20
Note5 to the finarrial statements
21-34

CITY OF LONDON SINFONIA LIMITED
CHAIRMAN'S REPORT
As l Mwite ltr¥s, the 8oard aThJ Execulive Team have recenty been through an off.$ile strategie ￿v￿1
led by Rowan Ruttef. our CEO who joined us in Apn'l thi5 year. and mysew. Part of the day involved an
exercise in groups, each provKled with their own stsck of Lego bricks and pieces which we used to
represent our m¢Jdel ofthe CLS Orchestra going fornyard-each reflecting relevance, differentiation and
financlal sustainabillty, buifton a solid pktforni and values lo delr4er that mLssion. vision and strategy.
It is ttsj earty to share the thinking WKlefy but wh￿e it was dear that the macro and micro arts
environments have continued to change dramalicalty from that whth defined Ihe'way Ahead. strategy
we developed before COVID, our CO￿ values and obiectsves remain conslant, defining our very special
music-sharing in drflerent settings. The way in Wh￿ we achieve th￿ has already been changing -
and at an even grealer pace since Rth¥an joined us. This will posiiivety affect the current year, and is
shapin9 the budget for 2024r25, on whtch our Strateg￿ planning and 'going COr￿eM. viws are based.
So. as we are in.a transitb)na5 phase of models. let rne rew1 on 2022r23. in tenns not of a strategic
model, but of r81ovan¢e. difforentiation. financial sustslnability- ￿th what we hoped for al the time
of my last report and what has been achieved. To start al the end- at the rtsk of being a"spoilerf- we
havp ex￿eded eXFetst￿nS expressed in last yearfs Chairfs Statement. We achieved a surplus of
£45.539 for 2022123 compared to a def￿rt of£68.879 in 2021r22. IAÈ increased our reseNes to £66,656
- broken down into £50.656 in unreSt￿led funds and £16.000 in reStr￿ted funds.
So, after a year 120211221 of using part of cwr reserves lo invest in our strategy, this year the
expectstions I shared with you regarding restoring slabilrty have been more than 1ustrf￿d. How did we
gel the￿?
A. Relevance
For over a decade our focJJs has been heavily on Ihe reknn￿ of what we are doing. and h¢y•V we do
it. both on and off the stage. Vthout repealry here the messw of all those Venn dragrams of
previous years, me tum lo the current year'.-
Our Part￿1
t￿Th work has retumed ful￿ b￿k to'in Pe￿n. interaction. We have had lo Telhink
integration of this work with ￿rf01Mar￿S teyond Comfortable ClassiGS Goncerts. Our
musicons bring their whole selves into thi5 actNty wrth k)ng-Standing partners. and more recent
ones such as Tessa J(h¥ell. Health Cenlre. broèjening our rethnce geographically and by
categories of pathpant
audiences are still reiuming sw. we are using ne* communicati.on methods to draw
in rtew aud*nces and this year pwfomwd to over 35.WO frcrfn the OFera stage and concert
platforms, and wrth 1.000 partTrcipants off IL By using drfferenl sizes of ensembl8 (as small as
an (Klell we coukj open up new venues to expand our re¥h to new audiences for our music.
such as we have done al the Round Chapel in H*ney and Village Underground in Shoredilch.
Gabriele Nèuditschko. our Marketing and AUd￿nCeS Manager has been using dats lo rethink
audyance segmerrtation. applying this to nv)re reknnt messaging for our sc¢ial priorities.
We worked this year wrth 27 drfferent rtner or
anisabons - several covered in the Trustees
Report wh￿h fOlk￿S - not just on co-crealmty and cost-sharing, but aL80 to irtcrease
accessibilty to audietKes in line with the stated FX)Itcy of the Arts Council. Thes8 have
expanded the appeal and joy of CLS through increased WC*Jramming. and stwnulation of
trtinking and relevance through ne* commis￿nS and ways of making music with others such
as the"Painling with Music" kare￿oscOpe cortert.
Finalty with the Board's 89reed EDI on our websits. this has been drNing oui artistic
poli￿, programming arKI choice of those we work thL8 year. Something we will be
developing much further in the coming years. bul already consciously increasing our relevan
in society.

CITY OF LONDON SINFONIA LIMITED
CHAIRMAN'S REPORT
B. Differnnllatlon
Justifying ourexistence in a 7hy)rkl ofmary orchestras has been a eontinuous pre0￿patiOn throughout
my Chaimanship. And it led to many exciting arKI creabve Models fr(xn t￿￿gUeS during our Lego
session referred to above. Our drfterentiated projects have again made us the 'turn lo,
organi5abon for Radio 3 Music Matters and the Lan￿1 during Mental Heallh Awareness Week, lo lake
just one example. Our challenge continues to be to rr#)¥e proactwely from these drflerentiated projects
lo a clearty understood differentsted CLS brand. To help shape this brand. we empbyed brand
consultant5 who eollected data inlemalty and extemalty to synthesEe and COMMUn￿ale our essence.
missKJn and Vis￿n. Bul with Rowan's arrrval and eady driving force, we will be tranSit￿ning to a new
mre differentiated brand and projects. wthout losing the essenlial elements of our pLqlfomi. For
2022123, therefore we have been emphasi*n9 and building on our'investrnenl areas. sel out in my last
repNt-
Vve have continued inlegrab"rwJ our on-stage and ParbupatDn woth beyond Ouf 'Comfortable
Classics, work," pulb'ng Parbopation at the t*art of our work. INe drfferenl*d our musical
output through the bespoke outcomes and events we create with pathers as you will see in thg
Trustees Rewi wh￿h folkyws. However. Rry*an and Ihe ExeeutNe Team will be increasing
that inlegratK)n effort in new ways wh￿h will produce an even more differentiated methodology
and projecls.
We are looked up to by our peers in respect of hthv we train and work with our Music￿nS on
projects which Contain 5ubstsntial inpjt frorn our elite musicians- elite LM)th in terms of qualty
of playing as well as fiexibility ofoulcomes tlw appty this lo. We arefrequenlty invited to sha
this expertise and these eXp￿nCeS with other musKal grovps., and thB year, lo mention some
examples, we have done this with Britten-Pears Arts. Southbank Sinfonia and the Royal
Academy of KIUS￿.
I have ffenlioned that we have wothed with 27 ¢thffe￿nt partners this year. But rt is the breadth
and variety of these that make CLS drffe￿ftt lo m05t othets. Wle have worked with academ￿5
such as lQng's Col* and the Royal Academy of mus￿. wilh heallh service providets Such as
the Tessa Jowell Heath Centre," and in olher art fomis such as poelry with Faber & Fab¢T and
lileralure with the Lonthn Review of Books. interrfls to WKlen this differentiator v8ry
considerabty.
Twctrway communication belween musicians and audIence￿rti￿Pants has been a trademark
of CLS activtties in many ways. Sarah th>dTling. choreographer and movement director. joined
us this year as CLS Artist-In-Residen￿ to incorpornle movement to enhance OUT Storytelling
by MuS￿l8Th$ who bring their Who￿ selves into their cornmun￿n with othets.
C. Flnancial Sustainabllity
To relurn to my 'spoilerf at the start of this rep￿[ overall we have ach*ved a profft turnaround of
£114.418 this year to create a suwus of £45.539. This in lum has iwsted our reserves to £66.656.
broken down into £50.6S6 in un￿Stn.¢ted funds and £16,000 in restricted funds. This has. in "P&L'
tems, been achieved by hwJher gross irwme and margins. cc¥nbined Crucially Tmth a flexibility of
budgeting which inctudes tranSPa￿nt tiff*lines for the year of 1Snal decision-making. for events and
expenditure. allowing us to adjust progrnmming and forecasts as the year goes on. This albwed us in
my 2021122 report, togelher with other positive factors, to state the Board's confiderKe in CLS as
'going concern. despite the huge lth of clarty kM)king fO￿ard through the windscreen. And we will be
relying on many of these same factots to remain equally confident with regard to 'going concern, for the
year ah￿￿ - with overhead and VarIa￿e costs continuing under very dose swts'ny, as any arts
organisation requires in these diff￿11 times.

CITY OF LONDON SINFONIA LIMITED
CHAIRMAN'S REPORT
P4kre specrfKalty:.
Gross In¢omè rose ty 11.6% to £1,125,374 from the low base of lasl year as actNity on all
sides began to pick up after the COVID phase. IrKome from our overall charitable
aclivilieslprojects increased by 22.2% rellecting the growing confidence of partners in
promoting cor￿ertS.. more hwed engagements.. and audtences retuming to wncert halts and
publ￿ sp￿- all increasing our b)x office revenues.
Our Orchostral Tax Relifrf was almosi £74,795 Q'ust under last year's heavier inve$trnenl18vel
in new productions) as a result of increasing activty and the doubling of what can now be
C￿lMed- please maintain this Tare gesture of generosity to the arts, culture and civilisation, Mr
Chancellor of the Exchequerl
Total income from grants and do￿tionS has increased 1.8% to £540,196. lthile a vital part
of stabilisalion reached thFS year overall. it ￿ a "Tale of Many Cities.. There has bèen a
welcome and encourwJing increase in indNidual arKI partner Ilonations, with the focus for us
on stewardship and mulb".yeai pledges- the savK)ur of many arts organisalions. Bul raising
lunds trom TnJsts FourKlations has continued to be challenging in the current eeonomic
dimate. with many luThJers still concenlraling on front line charities. But we are making more
strategic applutions, and wth the setting out of a ¢￿ar way ahead plus the apFxJinlmenl
of Ellen Oelbourgo- a huhty exper*nced Philanthropy Manager from the Royal Opera House
Ihere shoLtld be more capacity and clearer messaging in the department lo cultivate deeper
relatKJnshps wrth indmdual donots.
Totsl expendlture remains underconstsnt revw and tKJhtcontrol, falling 0.2% to £1,154,630.
ile direct c￿1$ increased by 2.8% a5 a resull of increased artLstic activity, our total support
osts including stsffing and ¢)verheads continued to be carefulty controlled and fell by 12.5%
c(￿npared lo last yearfs figures.
And hence the overall surplus of £45.539 lor this year. and reseThTes rebuilt to £66,656- haI￿aY to
meeting our reserves tsr9el of 3 months operating costs. Puth'ng that in contert having a¢h￿Ved our
Strateg￿ largel of breakeven in 2019f20'. having maintained il the next year mainly because of crisis
funding,. having k)st money in 2021122 to invest in the restart of post£OVID lrfe and our Way Ahead
strategy. encouraging to be back on Ihe F#)Sttyve side,, achieving stabilisalion even in a drffi¢uli and
unpredthbje year.
D. Building the Platlorni for Qur N¢xt Phas•
In my last hvo Chairfs Reports I have addressed our consoous efforts to invest in our CLS platfomi to
prepare for future growth. A platform which l said atthe slartwas ukn"lised by each of us. in our individual
Lego-building in different ways wh￿h we exh dreamed of and de￿Sed to be re￿¥an1,￿dffrerentiaIed
and financialty sustainable as the new Strateg￿ path gpts detiried and iLTrpieraenteU uiider Row8n's
executive le•Jership. ￿ continued investing in several areas this year (wittiout raKling the piggy bank),
namely..
Investrnenl in MUs￿lan trainin
to deve
eir leadetshi
skills and the ways Ihey can make
use of their supreme music* skills. Thanks to our twstee Patricia Millett funding Musicians
Awards, we contsnued lo devd¢¥J our pioneering woth. respectèj by our pee￿- many ofwhich
have been tuming to us for their training. as reFQrted in the Trustees Report which follows.
Investrnenl in the Executive Team especialty in the CEO p￿ltion. finance department.,
philanthropy management.. and moving forward OUT marketing and web5rte this year. Our
senKJr management team have led CLS brilliantty through this tranSl￿nal ts"me. and we are SO
grateful for their energy. enthusiasm and I￿)tinUing Joyaty to CLS. Thank you so much for all
the leadership and conlinuity you bring_

CITY OF LONDON SINFONIA LIMITED
CHAIRMAN'S REPORT
Investment in new 8oard mem1￿. One of Ihe Arts Council's four mantras is the n*J for a
dynamic Board. Boards now need to possess not onty shared culture. values and objectwes:
not only governance sknlts, but aL80 the skill￿experience and new contacts required to support
the Executive Team in carrying out the stralegr mIss￿n and plan. Wrth a new 5-year plan
being fofmed. we are recruiling members under the Nominations Commrttee Chair.
Riehard Spiegelberg - but in a phased manner over the next year as those requirements
become ¢karer.
Investment in EDI r&tw. Our polw agreed by the Board. and, tN)w C￿ the website, should
make clear that th￿ is not a I￿x-I1cktn9 exercise for us." bul ralher best practice for which our
Board and ExeculNe Team he¥1 u5 to strive amongsl all our stakeholders. We will conbnue lo
budget for further 8oard training ¢>ver the eoming year.
E. N•xt Pha8• . N•xt Year
The Trustees Report sets out some of the past and future exciiirKJ programming which gNeS us great
confidence in the fvture develcpment of the Orchestra. But progre￿ needs lo be holist￿ to folbw the
"North Starf which we will be adopts.ng and following over the next year. During thal tsme, we will b
building the partnerships. inlegrated Pra￿1￿. inventve prc#Jramming and people wthin a carefulty
monito￿d fflexib￿ budgeb'ng process whth allows I￿e¢as￿ng to be reviewed against experience-to
date. Our fina14ecls￿In tirnetsb￿ ensures that we do not drift into Ioss-making actNi1￿$ without
decisions having teen made lo Ilo so. For this reason. arKI the others Set out in note 1 to the acwints,
we a￿ happy al the Board and the Executive Team to put OU￿e￿e$ forward as a going concem on
path of 51rengthening brand. audienos and relevance. with ￿refuIty consKlered growth. Regarding
risks. for any arts organisalton. finanryal Uncertaint￿ require constant monitoring. And the financial
ones have to be at the top of the lisl given the Un￿rtaIntieS all of us in the arts sector face. But we do
have a 'plan B, for each of the likeliest negative eventualrtEs. Our rBk regt5ter, which is regularly
reviewed, sets out our plans for a very broad ran9e of Fotsntial risks on the operational $Kle covering
levels of unmitigated risks.. who is resp)nstsk for them and what is b￿n9 done to reduce them. We
have a gcM)d track reojrd on rnininFsing such areas of and dealing with any 'surpii5es'.
Thi5 is truty a very exciting trne of rebirth. and adapting the *acy platfwn we have Created to b8
even more relevant, drfferent￿Ied and financially sustainable for a long and successfvl fulure for th8
CLS famity. This path involves a lot of hard work. and love for what we do and those we do tl with.
together wrth devo
n and k)yalty. And so I send my heartfelt thanks to our glorious musicians,
Executive T
oard and Sub-ccmmiliees. parbcpants. aLsdiertss. t¢nefa(lors and supporters who
mak
whil
k you all so rnuch.
John Singèr
Chairman

CITY OF LONDON SINFONIA LIMITED
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 AIARCH 2023
The trustees (who a￿ also directors ol the company for the purposes of company law} present their
repjrt and the audrted group and parent C4yTpany financial slatem8nts of Cty of London Sinfonia
Limited fof Ihe yeai ended 31 March 2023.
The Iru51ees confirm that the report and the group arKI parent company financial statements of the
harity compty with the current statutory requirements, the requirements of the goveming document.
and the Pfovisions of "Accounting and Report￿9 by Charrt￿S.' Statement of Recommended Practice
applicable lo charrties preparing thar aCLounts in accordance with the Financial Reports'ng Standard
applicable in the UK arKI Republic of Ireland {FRS 102)" (eff￿lIVe 1 January 2019) {Chariti"es SORP
IFRS 102)).
Ref0reTr￿ and administrative Inf¢>mialion
Ccffipany number
01692341 {EThJland and Vla￿)
Registered chanty numbef
286818
Chaimwn
Jthn Singer
Interim Chief Executi￿ Officer
ELgine Baines
Registe￿￿ offv and
principal office address
1st Fk
Radi580n Ccwrt
219 Long Lane
London SE14PB
Independent auditc
Linthyer Franci5 Ferguson Limttgd
Norlh House
198 High Street
Tonbridge
Kent TN9 1BE
Principal bankers
Lloyd$ Bank p
35 WhitechaFel High Street
LoThJon E1 7PH
Structure. governance and management
City of London Sinfonka Limited was incorporated ￿ 19 January 1983 and is a charitable company
limited by guarantee. 11 has no share caprtal and is govemed by a memorandum and articles of
association. In the event of a winding up. the memberfs Ikqbilty rs limited to £5. Past members who had
re$igned in the months preceding the winding up are also required lo contr￿ule up to £5 each
for debts incurred whilst they were members. The membeTS have no enttllement to surplus assets on
winding up,. any such assets wll be gi¥en ortransferred to someothercharitabl8 instrtulion or ￿$trIutIOnS
with similar charitable ot4ects.
The Bo¥d of TTUStees is resp)nsibfe for se*ting ar￿ recruiting suilable Irustees to office atthe Annual
General Meetin9. There is no maximum number of trustees that may be elected to the board. Trustees
may servefor a period of nine yeats. subjecl to re-ewion every three years. After nine years of service.
trustees fflay rernain on the tr)aTd subj.ect to an annual re-electi￿ provided more than 75% of the
trustees support thwr reolecfion. There ts no age h.mit inwed on trustees.
New trustees are Inducted through an intensive briefing by the Ch￿f Execulbve and are given a job
descript￿n, the most recent au¢Jited acthunts and the cuffent year Wet.

CITY OF LONDON SINFONIA LIMITED
TRUSTEES. REPORT
FOR fHE YEAR ENDED 31 MARCH 2023
Policy decisK)ns are made by the full b)8fd of trustees. with suLrommitteesfor Finance and Operations.
and Development and CommunKation. wrth b)th bod￿$ retxjling to the full board on a quarterty basis.
The day-trpday decIs￿n$ are made by the Chief Execub"ve and the fulktsme administratK)n slaff ofseven
othefs.
The Chief Executive's rernUne￿t￿n is set by the l>)ard of trustses and does not include any bonus or
performan￿ related remuneration. The Chief Executive then sets Ihe pay fof the remainder of the
administration. wrth annual increases for all staff agreed by the board of trustees. Only one member of
the administration stsff receives any performance related remuneratth)n IPhllanthropy and Enterpri89
Manager). and this is agreed wrth the ch￿ Ex￿tiVe.
Key Management personnel irtlude..
Elaine Baines (Chief Operating Officer and interim Chiel Executive Officer to 16 April 2023)
Rowan Rutter {Chief Executive Olfw from 17 April 2023}
Trust￿$
The trustees servirvj durtng the yew were:
John Singef CBE fCh8imMn)
Rtchard Spiegelberg (Deputy Chairman)
Iliam Spufgin (Deputy Chairnian)
Paul Cutts (resigned S Ociober 2022)
Salty Oavis
Teruko Iwanaga OBE
Joanna Livesey
Patricia Millett
Alan Morgan
Mark Redman
Julian Schild
Countess Sarah Thun-Hohenstein
Objoctives and activitie
The mission and visK>n of the orchestra. as adopted by the trustees. is as foll)ws.'
Our vislon Is of a world wh•r• rnu$ician$ ar• an int•grnl part of every community, m••ting
people across all of asp¢¢ts of r*oclety and fully r•ft•ding thg Gommunitie$ vthere they are
active.
City of London Sinfonla's musicians are at th• forgfry>nt of our vision. engaging wilh people
from all backgrounds in shared moments of connection wherever we m••t th•m. Our
ollaborative approach and prnGti¢• in h•alth￿rn. vmllbèing and 80ci•I carn settlngs underpins
all our activlty.
Our mission is manrfesled in hvo major areas ofaclivty whth are.. (il eoneert and staged performances..
and lill Part￿lpaI0ry actNity in educat•?n. community and health and S￿la1 cale setts"ngs.
In pLgnning our activities for the year. the trustees have considered the Charity CommissKJn's guidance
on public benefit and fee charging and our new mission. vi5#)n and values. The charity relies on
sponsorship. grants and the incorrE frryn fee5 and charges to cover its operating costs. In setting the
level of fees. I￿ke1 PTW, and co￿essIonS. the directors gNe careful ConS￿eration to the accessibility
of all events for those on low incomes.

CITY OF LONDON SINFONIA LIMITED
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The aim of the orchestra is to transfomi lives of individuals across all areas of society through
outstanding music making. SpeufKally. in a usual year we gNe over 75 perf0M￿nceS every year and
spend over 150 days every year in edU￿tIOn and well￿"n9 settings induding..
in environments where background often creates a barrier to musical artistic
creatwty and aMb￿On'.
in hospitals for young people with severe. liftrliniting. wchiatric and chalenging condrtions
and illnesses.,
with older PeO￿e. many wrth dementia diagnoses in en&of4ifr residential xtial care:
performances whth by taking p*e in non-lradrtional Venues. engaging with au¢Jiences in
immersNe and interactive ways. or involvin9 collabofabonswith artists from drfferent discipline5
attract those who woukl not normally attend classical music events.. and
performanees and actsvibes for communities who because of Ic￿t￿m or opportunty would not
othe￿ise experience outstsnding professional mu$￿-MakIng.
p*e equal va￿e and br"trvJ the s*ne 4)proach to everythiryJ we th: the highest qualty, and a
distsnclive, 'Se￿ilsty infomial, styk of performance that removes the barriers betsyeen musicrans and
aud*nces so that people can expe￿nce the tiansf0m￿tr¥e puwer of music.
To ensure that we are achieving these aims. we will conbnue to ask questKJns of oursefves. ensuring
that we remain at the forefront of best Pract￿, both in attracting audEnces and irb schools, hosprtals
and care homes. We will partner wrth leading research instrtutions to ask us challenging questson$, and
provide the hard evidence of the beneffts of our aclivty. spoof￿ ￿rrent eValuat￿lft methLxls include..
the use of dats frlyn our Ix)x office system lo ensure that we are reaching as wide an audience
as possible. including approaching new aud*nce members directly for feedback on our
effectsveness at bringing new al￿EnceS to dassical music,"
partrbershy with leading &ademK and clintcal research InSti￿tiOnS and best praclice
observalional evalualKJn methodology: and
partner feedback. part￿[arty as regards our WO￿ in schoo15 and hospitals. to ensure that our
projects best rneel the needs of those youryj people whose lives we seek to transfom.
In the financial year 2022-23 like all arts organisations. CLS continued to feel the impact ofthe pandemic
bul was suppjrted by retuming audiences and a clear appetile for cultural events. We maintained the
same programme approach and repeated well estsbltshed wojecl m(xlels Whi￿ anliapating new
leadership and strateg￿ direction., we used Ihis Ome andextra slaff resoUr￿t0 deeFen our partnerships
and support and develop our MuS￿lan5.
For CLS, eighteenth year of partnershp with OFwa HLqland Path. we delr¥ered a full season of five
opefas including.. new productions of Tchakovsky's Eu
On
in . Bvzeys Camien . The second
half of the season began with a doub￿ bill of Delius's Ala
ot la Rou
and Pucctni's Le Willl foll¢)wed
by the UK premiere of Mark Adamo's Little Women. The season fin￿hed with a new co-production of
Gilbert and Sullivan's HMS Pin•forn wrth Chartes Court Opera. Reviv*45 h*Jh1￿￿ted CLS energy and
PaS5ion' and 'tight musical brilliance, across the season.
At Sl Paul's Cathedral we were ddighted to present the frst orchestral Mass since C-19. under Wren's
extraordinary great dome, in Juty. wh￿h V•e followed wrth a MesS￿h in November. A Celebrnlion of
Chrislmas in the December, and an ?ddrtK￿8l concert for WaterAKI's Christmas Appeal.
CLS delNered breathlaking work for the Chiltem's - and Spitslfield's Festiva15, alongside private
concerts al Brooks's and a Hygge winter-wamier at H￿neY'S Round Chapel. Three concerts at
Soulhwark Cathedral, where CLS has a slrong audience folkrwing. were a highlight of the season.
including a double-bill celebrating and complemenkng Luke Jerram's stunning instsHation Gaia which
attracted thousands ot VL5itotS.

CITY OF LONDON SINFONIA LIMITED
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AIARCH 2023
The orche51ra continues lo Jed by Creat1￿ Director and first y￿lin A￿xandra supp)rted by
our world-class member players Princtpals. CLS musicran$ continued to grcm as individual artists not
only Ihiough our award winning part￿"pthn woik. but also through the ffirst year of our Particpation
Development & Legacy Award.
We fG￿used on outs¥ardty estsblLshing our woth and pr*ise through partripat￿n and gained natKJnal
media re¢ognf(ion featuring in Rad*) 3's MUS￿ Matters and wtscles in the Psycholcw Lancet and the
Daily Exp￿$S.
Our partnerships wilh academic in$titutKJns eontfftued to Ih)urish with talks at the Royal Academy of
Music as well as events with ￿ngS College London and the Instrtule of Psyehkqtry Psychology and
Neuroscience {loPPN) - some of which have culminated in Commis￿On$ for Radio 3 (Scoring Mentsl
Healthl and our cdlats)ration l invofvement in a 141k1lcoff￿ Twst fvnded project wrth Dr Virginia Carter
Leno of Kings COl￿e examining hLYW neurodNergenl people experience the wortd. This project
culminated in the commissionirvj ol a new work'DNergent Sounds. by neurodiverne composer Amble
Scuse and was presented at the Queen Eloabeth Hall to crilical acclaim.
We also gained r￿nitiOn from our a￿$11¢ peeTr who want to morn atr￿ut how we work with our
musicians. CLS MUs￿an5 led se￿onS at SoLtthbank Sinfon￿'s residential for their new wruits and
CLS, Participation Oeparbnent were re$￿ential tLrtors for Britten Pears Artists at Snape Malting5.
Aldebur9h. Flagship projects. Room to Rocffi Music the Mindfvl MUSK &¢ial Prescnbing project at
Tessa Jouell Health Centre and Sound Young Minds wilh Bethlem and Maudsley Hospital Schw1$
onlinue lo garner re￿gnItiOn for the groundbreaking WO￿ btheen muS￿lan$ and participants.
Our season ffinished with tsyo sold-out concerts". a faucous full house for Dan￿ with the Devrffealuring
ac£kimed Scottish folk musicians Kristen Harvey and Anna Mass* which included diabo1￿llY inspired
music by Vivaldi, Piazzolla and Locat•lli but aL80-The DevR Went down to Georgia by The Charfes
Dafti81s Band arranged for orchestra and folk musicians by lain Fa￿IngtOn at Willage Underground.
The second sokl out concert al Queen Elizabeth Hall Southbank Centre. Th& Owl and the Nightingale,
was a project delNered in cdLaboratton wilh Faber and leaturing K*Xt laureate Simon Armitsge as
narrator. and stars of the screen Kerry Godllman as the and Nina Wadla 08E as the nightingale.
The concert illumirwted the actton of Simon's avian and argumenLItNe music from
composers including." 8ach. Shoslakovth. LwetF and Pufcell.
Audienee feedback from 22-23
It was an exceptional conL*rt. Every￿￿ was COAI in the yce so s8eiry the miuMp￿S and
hats felt very egalitarian- what shone through was beautrfulplaying. The efforts Ihateveryone M9nt
lo weTr above and bey￿￿. (Coming in from the CokJ- late perf0M￿nce)
tt fell joyous and entertaffting (The Qwl and the Np3htingate)
l thoughl it was excellent DftTKult to impmve onl Thankyou. (Devifs v￿lin)
In December 2022. we appointed a new CEO Rtr•An Rutter to take up leadeishi? in 4Yil 2023. Under
her leadership we will look lo expand I￿r program￿￿ ar￿ partner5hps. ar+d grow our commitment to
our core audiences whilst ins￿nn9 new audiences. artists and partiupants to experience thejoy of City
of London Sinlonia's work. This will include 8 f￿u$ on diversty of repertoire. story. arb"s15 and theme
across our public facing wo￿. $UPF￿ted by our EEDI policy.
During a dirfKutt year of un&ar gUIda￿e on the of o)VKI restrlctKy￿ and conlinuing reduced in-
person delsvery in heathcare setts"ngs, we reached a totsl audience of 35,329. worked with over 1000
participants, and collaborated with 27 dthnl parlner organtsalions.
The d)arity's entire resource ts directed towards delNering these actpirties. with £1.051 million (2021-
22 £1.039 million) spent on realising Chartsb￿ acbvrties, compared to £103k (2021-22 £118k) spent on
raising funds.

CITY OF LONDON SINFONIA LIMITED
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Fundraising
A programffB of events for our friends, SUPF¥Yters and patrons. starling in autumn 2022 and continuing
into surrrner 2023.
Highlights include a ￿￿0X Cirdg dinner for major donots. held after St Paul's Alessiah. a fundraising
drinks event in the reliochoir at Southwart Cathedral and a wonderfrjl evening al The British Lforary
exploring Music and Idaps ￿ key supporters and the Br￿'Sh Lornry curatorial team.
CLS raises charitable income from charitsb￿ twsts and indNiduals. In doing so it makes approache5
to charitable trusts who publith slate that they seek to supwrt MUS￿ and the arts. or innovative
wellbeing measures such a$ our pathipalion programme. or Charitab￿ trusts where the trustees are
known lo CLS trustees and have wivited CLS to appty for funding.
CLS makes approaehes lo indNKluals for charrtabk income that have attended CLS performances or
events. or who are kwn pefsonally lo trustees of CLS.
CLS does not ern￿oy third party fundrnisers. and we do not make unilateral unsolicrted approaches to
individuals.
CLS is registered with Ihe Fundraising Regulator and adheres to that regulatorfs code of practti. In
addition, CLS is GDPR eomplk8nl.
CLS has not received any c(xnplaints ab)ut its fundrai%ng athty.
Financial roview
The Chairman'$ rep(¥t ¢xrtlines ￿Jr fundraising perfomiance f¢Y the year and overall financial position.
bul in summary..
Gross income- ir¢cfeased to £1,125.374 from £1.008.122 {an increase of 11.6%)
'rect ￿$1$ (excluding staff Cl￿$) inueased by 3%. as income from tharitable acbvI￿5
(concerts. $ts9ed events and ouireach pmiects) irmased by 22.6% (from £477.352 10
£585.178}.
Gfants and donations increased by 1.8% to £540.196 in 2022r23 {from £530.770 in 20211221
Overall surplus of £45,539 fof 2022r23 compared to a deficit of £68.879 in 2021r22.
Reswves al the end of March 2023 are £&S.656 trmoken dcwn as £50,656 in unrestrthd
fvnds and £16,OIYJ in feslrthd funds.
Our principal funding sources remain hired engagements. grants from trusts and foundab'ons. individual
donors. Arts Counul England. and b)x Offi￿ ino)me. and whilst there was an Ir￿eaSe in in￿rne from
the 2021-22 financial year. xtNty has not yet ￿turned to wtrpandern￿ levels.
The financial enwronmenl that the ￿chestra operates in continues to remain challenging.. charitable
trust and foundation inveslrnent dividends rernain low.. ststutory funding from central wvernment and
lottery income is decreasing I standstsll.. wIdN￿￿al and w￿ale phiknlhropy 15 affected by continuing
eeortomt and polibcal uncertainty.
This environment, h(￿￿Ver. is one that affects every PTofessK)nal perfonning arts organtsation in the
UK. and City of London sinfon￿ has taken every possi￿ step lo ensure that our brand and ViSK)n are
differentialed and as attractNe to funders as possib￿.

CITY OF LONDON SINFONIA LIMITED
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Golng Concem
After making appropriato enquwies. the tx)ard of trusteeg has a reasonab￿ expectstvjn that the
charitable company has adequate resouree$ to continue in exBlence for the foreseeable future. For Ihe
reasons detailed in Note 1 in the Siatemenl of Accwnting POL￿5. the trustees have adopted the going
concern basis in preparirMJ the financial slatements.
Priclnq pollcy
CLS own.promtion concerts are to be affordable for all with concession available for
young and okjer people. Our"51VER" scheme offers £5 tickets for 16-25 year olds al all own-piomoled
concerts. These concerts require svJniftant sponsorship anWor supwt from designated funds to
subs*Ji5e the Costs. For Season 2022-23 I￿ket have been hekl at ￿V￿v$ season levels lo
encourage past audtence memt*rs to r￿ngage with the orcheth.
The trustees have determined that the appropriate minimum level of un￿￿ted reserves shoLtkl be
equivalent to three months, oper*ional exFenditure of approximatety £124,￿0 in unrestricted funds.
which is a level of reserves that the twslees deem woukl enable the charty to find new funding for rts
charitable ath"vrties, should the very unlikety Scenar￿ eKtsJr that am current funding ￿SOurceS were to
cease, or, rf necessary. to enable the charity to ￿8$e operab.ng in a tinety an¢J pwdent manner.
The group's ￿serVeS at 31 March 2023 were £66.656 ofvjhth £16,000 is restrKted fimds and £8,963
is designated leaving unrestrKted reserves of £41,693. This represents an increase of £45,539 in the
10181 reserves on the previous year12022 £21,117). The current MU￿._year Strateg￿ plan includes a
plan of how to achieve an unrestricted reserves fvJure in excess of £124.oc￿ whKh the Trustees deem
Ihe apyopriate minrnum level.
Plans forfvlurn perlods
Ow plans for 202>24 include:
A five concert seFies featuring guest sok*ists BISHI. Ivana Gav￿. aThJ DavKI Grel￿arnmer. at King's
Place, Cadcoan Hall and Southwwk Cathedral wilh hwJhlNJhts in repertoire including rarely performed
Louise Faranc.
We will also produce Ihe first corttrt in a se￿$ with partners London Review thf Books at the
Queen ElrLabeth Hall and a series of summer masses at St Paul's C*hedral.
We will deliver a fiJS1 season of five cperas for our nineteerth year of partnership vAh Opera Holland
Park including." Rigolelto, La Boheme. Hansel & Grelel, RuddvJore and a newly commissioned chamber
opera.. Ileh by Jonathan Dove.
We will continue to deepen the impact of our work in participatw)n. collatwyating with new partners and
developing delwery in chikJM's hO¥1b￿ by partnering wilh UCHL'S play team.
Implementing our Equity. Diversity and Inclusion (EEDII strategy as refetred to in the Chaiman's
statement abjve. including trainTrrKJ at board and exeojtive lewn ￿Vels.
10

CITY OF LONDON SINFONIA LIMITED
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Ri8k8
CLS keeps a regvlarty updated RBk Register whtch iden11f￿ risk in four key area5.' Govemance:
Finan￿.. Opefalions,. and Artistsc. Each area of risk is anatysed for impact and probability to ascertain
ihe level of unmitigaled risk. An indivKlual or group wthin the or9anisatK)n is assigned re5wnsibility for
the tdenlified risk, re9uL4r mrtigating aCt￿n to be laken. and when that action should be taken, inclu¢Jing
any current actNity. Based on this mrtyting prttess. Ihe level of milyted rksk is ascertained. These
areas of risk include..
Finance.. like all arts organisations. CLS ￿lieS on charitable givirKJ. box office income and
commercial income which have an inherent degree of uncertainty. The Chaimian's Report and
this Report's sections on wing concem and finance ol￿ne the mitigab.ng actions taken to
reduce this risk. as well as the reguL¥ and dose I￿litOrry of externalty prepar&Y monthty
management accounts by the Trustees.
Child and Vulnerable Adull Saleguarding.. CLS'5 pathipatK)n actmty necessitate5 engagement
with children and vulnerable adulis. arKI while the Trustees deem any b￿ath of policy in this
area as unlikety, all CLS stsff and mus￿•an5 undergo enhanced Disclosu￿ and 8arring Service
checks. and the Director of Particrymlion keeps and reguFarty revpK6 our Child and Vulnerable
Adult Protection Polw, with all staff and musicians who into contxt with those indivwdua15
made aware of expected levels of behav￿￿r.
Health and Safety in PerformanF Areas.. the F*rfol￿n0 of rnus￿ involves very high decibel
levels whith, if {nus￿lans￿lere left.uriprotected, eoukl incur serious hearing ioss or damage.
CLS staff adhere lo best in providing protection for these noise level$, and these
protections are available at every CLS F*rformance. iicludirvJ slate of the£rt'acou5t￿ shtehJs'
that reduce noise ￿ve1$ for irtdivkdual mus￿lans.
In the 2022-23 year and ongoing. CLS'S approach to managirTrgfflsk"also ikncludes"s"¢ecrfic risk
as5essmentsfor each projectand K*rfom8nce to mrtigate the risk12ss￿I8Ied with the COVID-
19 pandemic and the need for additional pioteclion against infection for all our musicians, slaff
and audiences.
The Risk Regi8ter is fegulafty mi*wed by Ihe sen￿r management team. the Finance and Operations
Committee and the Board. and was last revivwed by the Board in February 2023.
Trnslees. rospon8lblllties
The trustees. who are also the dir&tors of the ttryany for the purposes of company law, are
responsible for preparsng the Trustees, Report and the financial statements in accordance with
applicable law and United lfjngthrt Accounting Standards (United ￿ngdorn Generally Accepted
Accounting Practtel.
Company law requires the trustees to prepare financial statements for each finanoal year. Under that
law the trustees musl not approve the financial slatements unless they are Sab"Sfi￿ thal they give a
tnje and fair view of the state of affaits of the charitsble company and of the incomin9 resoulces and
application of resour￿. I￿￿dIng the inc4Jme and.expenditure. of the charitable company for that
period. In Pfepanng these fin￿la1 statements, the trustees are required to.
sele¢l suitable accounting kx)IKies and then appty them i￿￿$tenty.
observe the methods and principles in the Charities SORP"
make judgments and accoLsnting estimates that are reasonable arKI pruden( and
prepare the financial statements on the going corKem basis un*s it is inappropriate to
presume thal the ttharilable company will contin￿ in OFeration.

CITY OF LONDON SINFONIA LIMITED
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2023 .
The trustee5 are resF*)nsible for keeping adequate xo)unting records that are suff￿￿nt to show ar#J
explain the ch8ritsble company's transact#)ns and disdose wrth r&Th)nable aC￿r￿Y al any time the
rinancial poSit￿n of the charilabk company and enab￿ them to ensure that the finaneLal ststements
comply with the crynpan￿$ kt 20¢A. They are also resp)nsIb￿ for safeguarding the assets of the
charitabk company and hence for tsking reasonabte sleps for the prevenl*)n and detection of fraud
and other irregularities.
Stat•m•nt ol dis¢losur• to auditi)rs
Each of the petsons are Imslees al the when thB Irustees. annual report is approved ha$
conffimied that..
so far as that trustee is *￿e. is relevant a￿j11 infOrMat￿N of which the charitable
companls auditors a￿ unaware
thal trustee has tsken all the steps th* ought to have been taken as a trustee in order to be
aware of any relevant audit infom)at#)n and to estsblish that the charitable company's auditors
are aware of that inftymatw.
The auditors, Lindeyer Franas Ferguson Linrted, are deemed to be reapp)inled under section 487{2>
of the Companies Act 201%.
Thi5 report has been prepared in accordance with the provisions applicable to small cMipanies subject
lo the small companies. regi￿ in Part 15
the Companies h£t 20(%.
Approved
oardoftrusteeson...............................
. aTrJ $wJned on rts behaw by..
John Singer
Chairman
12

CITY OF LONDON SINFONIA LIMITED
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023
Oplnlon
We have audited the group and parent company financial statements of City of London Sinfonia Limited
('the charitable company'l for the year ended 31 March 2023. which comprise Ihe Consolidaled
Statement of Financial Activities. the Balance Sheets. the Consolidated Stslemenl of Cash Flows and
Ihe Notes to the finawal statements. including a summary of signifunt accounting policies. The
ffinanaal reporting framewrjrk that hos been applied in their preparab.on is applicable law and United
Qngdom Accounting Standards, including Financial Repofting Standard 102 The Financial Reporting
Stsndard applicable in the UK and Republic of Irelan(J {Uniled Kingdom Generally Accepted Accounting
Practice).
In our opirmon. the fin￿¢181 statements".
give a tnJe and fair view of Ihe slate of Ihe group's and the paMt thari18b￿ company's affairs
as at 31 March 2023 and of the group's incoming resources and aPpl￿tIon of resources for
the year then ended:
have been propety p￿Pared in accordance *Arylh United Kbngdom Generalty Accepted
Accounting practi￿..
have been p￿Pared in ac￿rd8￿ wth the Tequwements of the Companw Act 2006.
Basts tr opinion
We conducted txjr audrft in acccrfdarte wilh Intwnaticwl Standards on Auditrng {UK) {ISAs {UKII and
applicable law. reswnsitm'lities under those standards are further described in the Auditor'$
responsibilities for the audit ol the financial slalements section of our reFrt)rt. We are independent of the
ch8ritsble company in accordance wth the ethical requirements that are ￿levant lo our audit of the
financial slatements in the UK, including the FRC'S Ethul St8nd8rd. and we have fulfilletl our other
ethical respOn￿bIlItieS in accordance with these requirements. We believe th81 the audit evidence we
have obtained 15 sufficient and approwiate to yovide a basis for our opinion.
Mat•rial uncartalnty relating to going C¢lllC•rn
We draw attention to Note 1 to the financial statements. in relation to goiThJ concem. This iryjicates that
the charity has free reserves bel¢)w pc4icy level and is reliant on donations from its trustees, particularly
its Chairman. As stated in Nole 1. these events or condit￿nS. along V•ith oiher matters 8$ sel forth in
Note 1. indicate Ihat a material ￿n￿rtaInty exists that may cast signfficant doubl on the company's
ability to continue as a going con¢¢
Our opinion is rnt mOdff￿d in respect of Ihese matters.
Other Infomatlon
The other infcrfMatic￿ comprises the infomiation induded in Ihe annu81 ￿pOrt, other than Ihe financial
statements and ow audttorfs repNt thereon. The trustee5 are respon￿ble for the other infomiation.
Our opinion on the finanraal ststements ¢kns not cover the other infomation and, except to the extent
otherwise explicitly stated in our rewrL we do not express any lo￿ of assurarr2 condusion there¢)n.
In connect￿n with ouraudit of the finanual stalements, our responsibility is to read the other information
and. in doing so. consider vthelher the other infomation is materially inconsistent with the financial
statements or cwjr knowledge obtained in the audit or othew5e appears to be materialty mis5tsted. If
we identify such mater￿1 inconsistencies or apparent material misstaternents. we a￿ required to
delemiine whether there is a material misstatement in Ihe financial statements or a material
misslalement of the other infom)8tion. If. based on the we have perfomied. we ¢onclLtde thal there
is a rnaterial misstslemenl of thi5 Other inft￿atiOn. we a￿ required lo rep)rt that fact. We have nothing
lo report in this regard.
13

CITY OF LONDON SINFONIA LIMITED
INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023
Oplnlons on other matters prescrlbed by th• Companies ￿ 2006
In opinic￿. based on the wryk undertaken in Ihe ¢ourse of the audiL
the infomiation given in the trustees. report includes the directors. reportforthe PUTposes
of Company law. for the financial year ILY *tMch the financial stat&nents are p￿pared is
consislent the ffinanual slalements.. arKJ
the dire¢lors' re[￿ included within the Irustees. rewrt have been prepared in ￿￿ance with
applicab￿ ￿gaI requirements.
Matter5 on which ar• rwulrod lo r•port by exception
In the Iyht of the kno￿edge and underslandin9 of the charitable company and its enwronmenl obtained
in the course of the audit. we have rw)t wjentsfied material mi8Statements w) the d1￿CtOrs, ￿N)rt included
within the trustees, report.
We have nothing lo report in respect of the frAltMing matter5 in rela￿n to which the Companies Act
2006 require us to report to you rf. in our wnion:
the parent charitable c¢)mpwy has not kept adequate and proper accounting records or relwns
8dequate for our audrt have not been re￿Ved from IKanches not visiled by us.. or
the parent charitable COmp￿Y'S financial stslements are not in agreement wilh the accounlirYJ
records and ￿turnS. or
certain discloswes of trustees, rem￿n￿l￿)n $￿ifie(l by law are not made..
we have rK*t received all the infonnation and explanations we require for our aL*Jit.' or
the Iru5tee5 were not entitled to prepare the fina￿la1 statements in accordance *ith the small
companies regime and take advantage of the small companies, exemptions in Fryaring Ihe
trustees. report and from the requirement to prepare a strategK repjrt.
Responsibilities offr￿¢￿$
As explained more fulty in the twstees. respMsikn"lrties statement set out on ptye 11, the trustees
are also Ihe directors of the charitsble company for the wrposes of L))mpany law) are responsible for
the preparation of the finanoal statements and for being satisfied that they give a true and fair view.
and for such intemal contrd as the tru51ees delennine is necessary to enable the preparatmjn of financial
ststements thal afe free from material misststemenL whethet due io frwjd 01 error.
In preparing the financial statements. the trustees are responsible for assessing the charitable
CCmP8ny's abilty to continue a5 a g￿n9 concern. disdosing. as app1Th￿e. matters related lo going
concem and u&ng the goin9 con￿rn basis of accountsng unless ts twstees either intend to liquidate
the charitable eompany or to cease operatsons. or have no rea￿'StiC altemative but to do $0.
Audltorfs responslbilities for the audlt of th• fln•nclal statements
Our objectives are lo obtsin reasonable assur8r￿ 8bcMJt whether the group financial stslemenls 8s a
whole are free from matefial misstalemeni. 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 bul is not a
guarantee that an audit ¢￿(j￿Ie0 in accordano ¥*ith ISAS (UK) v4il ahvays detect a material
misslatemenl when il exists.
MissL*ements can arise from fraud or error. and a￿ considered material if. in(lividualty or in the
aggregate, they could reasonably be expected to infiuence the ecor￿MiC decIs￿n5 of users tsken on
Ihe basis of these finanoal ststements.
14

CITY OF LONDON SINFONIA LIMITED
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023
Irregularilie5, induding fraud, are instances of non-compliance wth laws and regulations. We design
procedures in line with our responsibilities. ouuined above. lo deleci material misststements in respect
of irregularities, including fraud. The extent lo whth cwr procedures are capable of detecting
irregulaiilies. induding fraud is detsiled beh)w.
We oblained an understanding of Ihe leg* and regulaw Iramework applicable to the preparati¢)n of
the financial statements of the charity, and the procedu￿5 that management adopt lo ensure
cL)mpliance. We have ¢¢￿sIdered the extent lo which nLM-compliance might have a material effect on
the financial statements, and in particular we identrfied.. Ihe Companies Act 2006. Ihe Charity SORP
(Statement of R￿QmMended Pracb"ce) and Financial Re￿ing Standard apph"cable in the United
Kingdws and Repubjic of Ireland IFRS102).
We have also i(lenlffietl olher laws and wulabons Ihal do not have a direct effect on the amounts or
disdosures within the financial Statements, bul for which complrance is fundamental to the charity's
operations and to avoid material penalties. including ernFloyment law. health and safety law and data
protection regulations.
Having revlewed the laws 8nd regulatrons applicable to the charity. we designed and performed audit
prO￿￿TeS lo obtsin sufficienl appToprtate audil evidence. Specifically. we=
Selected a team with sector experience for complelhng the audit..
OtrAained an understsrtding of the dwrrty's wocedures for ensuring comph.ance with laws and
regulations".
Obtained and reviewed intemal policy and procedure documents",
Made enquiries of management and the truslees regarding whethw they were aware ol any
actual or suspected incidences of non4ompliance with laws and regulations:
Obtsined arKI reviewed meeting minuies..
Reviewed legal expenses accI￿nts for indications of any powble non•compliance.' and
Reviewed the completeness and accura¢y of any disclosures made in Ihe financial stslements.
We assessed the SUs￿p￿bIlity of the tharitys finanaal ststements to matenal misstatement, including
considering how fraud might occur. Thi5 was perfomied by".
Making an assessment of the tharity's contrd environment, system5 and cA>ntrc4$. induding
identifying any weaknesses ar¥J considering the risk of management override of contrc4s:
Asse$sirrfJ the sus￿PtibIlity of the thwty's finanoal sLitemenls to material Mi$staten￿n(
induding considering htw fraud could OC￿1.
COn￿dering whether tt￿re are any In￿￿tIveS or opportunities for management to manipulate
finanoal results.,
Obtsining and evaluating the trustees. assessmerrt of the risk of fra￿J. and enquiring as to
whether they were aware of any actual or suspected fraud"
Reviewing the aCC￿nting pdicies and accounting estimates for signs of management bias.,
and
Idenlrfying key risks relattng to irregulafiti.es indudrng the completeness of income.
completeness of liabilits"es, esb"males involved in the allocation of support costs and stsff costs
auoss ath"vilies. and management override of controls.
We then designed audit procedures to respond to the risks i(lentifieil. induding perforrring sub5tsnlive
testing in respect of the complelene5s of income and liabilities. assessing the estimation techniques for
Ihe allocation of costs and rwewing the related calculations. review of relevant correspondence and
minutes, discussions with management and ￿rrotsOra(1on of their statements. a ￿VIeW of systems and
contrds. and a review of joumal entries and olhef a￿Unting eslimates.
15

CITY OF LONDON SINFONIA LIMITED
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023
The audil has been planned and perfo￿e￿ in in a¢￿￿0￿e wilh audiling standards. Wever. because
of the inherent lirrilations of ￿di1 procedures there remains a risk that we wll not delect all irregularities.
including those that may lead lo material misstatements in the ffinanci81 stslements. The￿ are Inherent
difficulties in detecling irregularities. and irregularib.es that result from fraud may be ffK)re difficult to
delecl than irTegularilie5 thal result from error. lor example due to concealment. override of conlrols.
Collusic￿ or mlsrepresentslit￿$. In 8d¢Jilion, the further removed non-compliance with laws antj
regulations is from the events and transa¢ts"ons reflected in the finanual statements. the less audit
procedures are able to identify it.
A fvrlher descviption of our respons￿lI￿e$ for the avdtt of the finanoal slatemenls Is Ifxale(l on Ihe
FinarKi81 Reporting Council's websrte at..
.fr
itors
onsi
. This desuiption f0rm5
part of our audilorfs report.
Ust of our report
This report is made solety lo the Charitsble ￿mPan￿$ members, as a body, in accordance wlh Chapter
3 of part 16 01 the Companies Acl 2{￿. Our audit work has been undertaken so Ihat we might stale to
the charitable ￿MpanY'S membefs and trustees t￿tse matters are required to state to them in an
auditorfs report and for no other puw. To the fvllesl extent pemiitted by law. ¥￿ do not accept or
assume responsibilTrty to anyone other than the charitable eLJmpany. the charitable companls member8
as a boty and the Charital￿e company's trustees as a b&ty. for our a￿111 work, for this report, or for the
opinions we have formed.
A S Healty FCA CTA DChA
Senior Statutory Auditor
For and on behaw ol:
Lindeyer Francis F•rguson Limll•d
ststulory Auditors
Chartered Accountants
Dale=
North House
198 High Streel
Tonbridge
Keni TN9 1BE
16

CITY OF LONDON SINFONIA LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AIARCH 2023
Total
funds
2023
Tolal
funds
2022
funds
2023
fund8
2023
Income from:
Donations and grants
Charitable actmb.es
409.154
585.178
131.042
540,196
585.178
530,770
477,352
T¢)tal income
994.332
131.042
1,125.374
1,008.122
Expendfturn on:
Raising funds
charItsb￿ acti￿￿e5
103,159
923.411
103.159
1,051,471
117.612
1.039.099
128.(
Total expendilure
1.Q26.570
128.(￿0
1.154.630
1.156,711
N•t expenditurn before lax
{ 32.238)
129.2561
(148,589}
Corp)ratson tax credit
10
74.795
74.795
79.710
Net income 1 (axpeftdlturn
42.557
2.982
45.539
(68.8791
Trnnsfers b•tw¢en funds
Nèt mov•m*nt in fund8
42.SS7
45,539
{ 68.879)
Reconcillation of funds:
Total funds brought forward
8.099
13,018
21.117,
89,996
Total funds carr￿d foMaTd
15
The statement of finaA¢ial acliwlies Ir￿ude¥ all gains and losses recognised in the Fer￿.
All ine<Mne and expeThliIu￿ deri￿ from C￿tinury acti4ryties.
17

CITY OF LONDON SINFONIA LIMITED
CONSOLIDATED BALANCE SHEEr
ASAT31 MARCH2023
2023
2022
Flxed a$$ets:
Tangible assets
11
7.447
9.916
Curr¢nt assets:
Debtors
Cash al bank and in hand
13
128,420
100.482
220,781
16.978
228.902
237.759
Llabllitles:
Cfeditors.. amounts falling due within
one year
14
(169.693>
(226.5581
Not currnnt a88ets
59.209
11,201
Total net avJets
86.656
21.117
The funds of the chavity:
Restricted income fund$
Unrestri¢ted funds
16,000
50.656
13,018
8.099
Total funds
15
66.656
21,117
Approved by Ihe t¥)ard of truskes on ..........................
nd signed on its behall by..
J Singer
Chairnian
Cc¥npany number: 01692341
18

CITY OF LONDON SINFONIA LIMITED
CHARITY BALANCE SHEET
AS AT31 MARCH 2023
A¥ resLited
2022
2023
Fixed assets:
Tangl￿e assets
Investments
11
12
7.447
9.916
9,917
Current assets:
Debtors
Cash at bank and wi hand
13
122.500
1fy).481
220.781
16,979
222.981
237.760
Liabilities:
Creditots.. amounts falling due wilhin
one year
14
(207.010)
{ 257.331)
N•t ¢urr•nt ass•ts
15.971
119,571)
Total nèt asvts
23.419
19,6541
The funds of the charity:
Reslricled income funds
Unrestricted fLJnds
16.000
7,419
13,018
122,6721
Total fund6
15
23.419
19,6541
fv.20
the board of trustees on ..... .....
.. and svjned on its behaw by:
J Singer
Chairman
Ci)mpany number. 01692341
19

CITY OF LONDON SINFONIA LIMITED
CONSOLIDATED STATEMEMf OF CASH FLOWS
FOR THE YEAR ENDED 31 AIARCH 2023
2023
2022
Cash Il¢)ws from operating activilles:
Net cash provided by op8rating activitss
85.736
9.809
Cash flows from Investing acti¥ili•8:
Purchase of tsngible assets
{ 2,232)
(595)
Net cash used in invesling aclivil*s
{ 2.2321
15951
Chang• in ca8h and ¢ash •quiVa￿nts for th• year
83.504
9.214
Cash and cash equir41ents at the beginnir#J of the
16.978
7.764
Cash and eAsh equival•nts at th• •nd of th• y•ar
100,482
16,978
Reconcillotlon of net In¢¢)mg to not cash Ilow from opgrnting aetiviti•s
Nel income l {expenditure)
As perstalement offinan¢ial odivthes
45,539
(68.8791
Adjustments for..
Depreciation charges
Decrease l (increasel in debtors
Ilncrease) I de¢rease in credrtOTS
4.701
92,361
156,865)
6.949
(65,1331
136,872
Net eash provKled by oper*"ng
85,736
9,809
20

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 ACCOUNTING POLICIES
The principal accounting policies a¢tyed. judgements and key sources of estimation uncertainty in the
preparab'on of the finan¢io1 statements are as follo￿.
Basls of proparatlon
The financial ststements have been prepared in accordance wlh -AccountirKJ and Reporiing by Charili8S'.
Statement of Recommended Pracbce applicab￿ lo charities preparing their xcounts in a￿rdance wth
the Financial Rewrting Standard appltcable in ￿ UK and RepublK of Ireland IFRS 102}" {effeclive 1
January 20191- (Charities SORP IFRS 1021). the Finanaal Reporting St•)dard applicabk in Ihe UK and
Republic of Ireland {FRS 1021 and the C¢)mpan*s Act 2006.
City of Lon(hJ) Sinfonia Limited meets the definibon of a puL4ic benefft entity under FRS 102. Assets and
liabtlities are inilialty re￿gniSed at hislorical cost CY transact*)n value unless 01he￿•1se slated in the
relevant accounting policy note(s).
The financial ststements are kYesentsJ in pourKls sterling arKI rounded lo the nearest pound.
Consolidation
The financial ststW7)ents consolidate the resulis of the charity and its wholly owned subsi¢Jiary CLS
Producb'ons Limited on a linewine basis. A separate Slalemenl of Financial Activthes and Incomè and
ExperKiilure Account for the charity has not been presented because the tharity has taken advantsge of
Ihe exeMpth￿ afftirded by secti¢)n 408 of the Companies Act 2006.
Golng Concem
The last 12 months have seen an improvement in the exlemal market in vknich the Charitable company
operates . The Orchestra's acbwty has witinued to grow and adapt to the new dimate and the financial
position of the orchestra is teginnin9 to show stsbility, desyte the reluctance of aLKliences to retum to the
concert hall and a number of key slaffing wacan¢i8s for part of the year. Al the end of the 2022123 financial
year the 0￿hestra Significantty improved its reserves posibon, and il is anticipated that reserves will
conb.nue lo fK)kJ, into the 24-25 finanoal ￿r.
The Trustees reccgnise that. in Comm(￿ with a large wmber of organisations in the Arts sector Nthich rety
on extemal funding from a variety of styJrr£s. CLS INes Y+iih a degree of material uncertainty. Specifically.
that while free reserves v￿e badly hit in the paThjeM￿ pericxl. bjt have now been increased again in the
current year, they are slill bek)w the targeted reserves policy level of three months of operatsng
expenditure. A150. during this perirxj. thefe has been signfftant reliance on the philanthropic giving of a
generous and loyal Board . ￿d. in parlicular. the Chairnian.
However. for the reasons gNen in these report and accounts - especialty the new flexible budgeting
system with deadline5 introdueed suceessfulty this ￿ar - the Trustees are confident that with the
Slgnfficanl chawes to business and operating poltcy going fopKdrd. the Company will remain in operation
for the foreseeable future.
Financial Man
Operaling surplus at year end means thai free reserves ai Ihe balance sheet dale have improved and
. vthilsl not yet al the policy level of 3 months operab.ng ts)sts, have improved the chari￿s ability to deal with
expected costs and futu￿ outcomes.
21

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
I ACCOUNTING POLICIES Continued
8LKlgets prepared for finorKial years 202Y24 arKI 2024r25 are ftexibk avxl can be adapted for planned
activity to meet both Ihe exigencies of redwed income aThJ allow for gfffi￿h rf fun(Iraising tsrgets are
exceeded. Budget adivity is in ￿'ne wlh a conseThati¥e estimate of income.
Core overhead costs have been brwght in line V•ith OLrtpul and organiSat￿al need, and wll continue lo be
carefully controlled. The lundraising targets wrthin the budget have been set in the confidence that they are
realistic based on pledged gmng. A strong pipeli￿ of frJrKlraising requests across stslutory. trust 8nd
indMdLJal sources extends into 2025 ag8mst a deveknped pr￿r￿me of actl￿be$.
Executive and Govemance
After a competitive Fwocess managed by eonsuiiants Saxton Barnp￿de. CLS welcomed new CEO Rowan
Rutter in Aw'l 2023. Rcy•van arrived al CLS ￿￿th a considerab￿ trxk re￿r￿ in Ihe arts sector. and specific
skills in organisab.onal developmenL event produarrfJ. and ci>mpany 'tumaround. The Trustees are
confident that they have found an effective Indr￿￿val vkno has Ihe and bpadership ski115 to: revitali5e
CLS'5 profile differenliatrng it from other orchestras.. create I￿¥ markets for its concert 8nd partiCiP8tion
work capatrAe of generating ggnfficant revenues: and increase its fundraising capacty with an emphasis
on philanthropy. In 2023, the company recruite(l a Philanthropy Manager V+th demonstrable eX￿rienCe in
lassical music arKI opera. and a senior Finance Director vhwe track rewd covers boih the commercAal
and charitable sectors. These addition81 recruitinents ak)ngside the new CEO &Jd considerable and
necessary expeflise to the organisalion. These rewitments rnatth the planned overhead expenditure for
the year.
In addition to the strengthening of the CO￿ empbyee team. an Artislic Council V*ill be established to
support the ongoing creative development of ts organisation and to ensure (¥e8tive ￿abilIty and
expansion wthin the sector. broadening appeal to new audiences. ftjnders. partners and other
stakeholders. The six individuals on this courril comprise a dNeT5e and broad range of specialisms writhin
mu$1¢ and sound. participalion and p9rfrym￿.
This is Support￿ by changes in govefnarte in 23r24r25 ￿arS *ill see more diversity and
representation at 803rd and executr¥e level including the re￿￿1 of new Board members relevant
experience. backgrounds and capabilitie5.
part￿r$hI
The Opera Holland Park contract lor 2023 has been deliwed. ￿1h the 2024 eontract in final negotiation
phase, ensuring four months of perf0mlan￿ I￿rk in both financial sears. New partherships with
Pelerborough Theatres. London Review of Books and intemationally acclaimed theatre company Curious
Directive and Jc*annesburg Theatres have been estsblisw with v*)rk planned for 2023. 2024 arKI 2025,
broadening national and intemational reach. Concerts and events k￿gStsndinY p8rtners. Sl Paul's
Cathedral, Salistxjry Cathedral and C￿dIleM$ Fesbval are cMfimed for 2024 Nmth concert vK¥k planned for
Cadogan Hall. Queen Elizabeth Hall Southbank Centre and Sl John's Smilh Square.
Audi
nc
and Brand D
CLS have appointed SplitPixel lo de&gn and develop a new y￿b$ite. costs for ￿1¢h have been fully
funded. vknich ¥MII be tsjill throughout 2023 and launched in February 2024. This will also inclLKle updated
branding. 8 more conlemptxary aesthetic and a streamlined process foi prc¢essing gtfts from ¢￿nor$.
Further lo Ihis a Branding update exerose has teen delivered. making the CLS brand. logo. cdours and
'voice' more contemporary. more easily adapled to design and wlh A+++ *¢cessibiltty rating.

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 ACCOUNTING POUCIES ¢ontlnu•d
The Trustees ackrthledge that sustained resilienee must be W1￿11$ed in the fve-year strategy from 2024
onwards. Together with Ihe Board and ￿ the ir¢*Lrt of key stskeholders. the CEO is undertaking a 360
review of the organisatton. to launch a new Strategy with SUPPOTting missN)n, Msion and values in 2024.
The Board and Executive are further SUPFrfyled in this development by Avay Days. the most recent of
ich held in October 2023. V*ith a forJJs on stralegy. brir¥Jing the Board and Executive Team together
for an impassioned day of ap￿led thinkirvj. skilfumy facihtsled by an exlemal
This onwing groyhh of thin￿n9 and ideation is axompanied by a refreshed EDI strategy Wthich is
augmented by new partslerships y￿1h Reve￿ Arts,a se¢lor4eading agenry and consultsn¢y for global
majority arbsts. arKI OrganiSati￿al and Sector ¢hange-maker5 Ramps on ihe Moon specialising in
disabilty-led arts. leading to a develop*J creation methoddcgy aThJ a m¢ye i*verse porffolio of output
across the organisation.
Summa
The Trustees coThsider that continuing swrvjs on cyer*ing costs ￿1h actmty costs rigorously contromed,
the ability to adapt acti￿ty to income and the apwrbtsnent of key memkrs of staff together with synificanl
slep4hange in organisational approach. Strateg￿ thinking and planning give a reasonable expectation that
the charitable company has adequate resource5 to continue in existence for the foreseeable flrture.
The Trustees are Q￿fident thereth that the company wdl remoin in operation for the foreseeatle future,
and they have adopted ihe going Car￿eM basis in preparry the finanu81 stslements.
Incom•
Income from donations ond grants recconised Vlhen the chanty is enb'ued to the funds. the receipt is
. probable and the amount can be measured rdiatAy. For donations. this is usually on Teceipt. For gr8nts.
this rs usually when a lomal offer is made in vKiti"rKJ. un￿$ the grant contsins tem)s and Condit￿￿8
oulwde of the ¢hariVs contrd must be met before Ihe tharity is entilled to the funds. whe￿ grants
are received in ￿sponse to 8 propos81 including a budgeted timescale, SLtch that ts timescale for the
experKlilure is implot in the grant agreement. Ihe irwme is recogni5ed in accordance wilh that limescaie.
Income from charitable activibes 15 re(¥Jgnised Ihe ￿￿3d to tAffi￿h the in¢*me relates. Fees oThJ box
office reven￿$ are recogni5ed vthen the assooated evenl tskes F*e. Inwme receivgd in a¢fvance is
accounted for as deferred income.
Income is stated nel of VAT and trade discwnts.
Expenditure
Expenditure is recLyJnised a present legal or constructive oblig81ion exists at the balance sheet date
as a result of 8 past event. it is probable Ihat a transfer of e¢onomic benefts wll be required to settle the
obligation. and the amounl can be estimated reliably.
Expenditure has teen clasSif￿d heathn9s Ihal aggregate all costs related to the category.
Staff costs are allrtaled on the basis of staff ts"me.
23

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 ACCOUNTING POUCIES continued
St¥)port costs. vthich 8re those costs rekting to fthctions *lMch asstst the V•Dfk of the Charity bul do rK)I
directly relate to its activities. have bewi allocatexl to Ihe acbwties undertaken ty the charity on the basis of
direct expenditure on those acbvth5.
Taxation
The charity is exempl from Co￿9ratI¢￿t tax on its NKome and gains lo the extent that these a￿ applied lo
ils charitable objects. Orchestral Tax Relief available for qualif￿"ng projects 15 recTr3nised in the year in
which the projects take place.
Fund xcountlng
Unrestricted fvnds can be used in a(%ordance V•ith the chartsble Obl￿tIveS at the discretion of the
trustees.
Reslricted fvnds can rMly be used for ihe parttcular restricted purposes 7hiihin the objects of the charity.
RestrictKsns arise vknen spe¢rf￿d by Ihe donor or kn funds are raised far particular restricted purposes.
Tangible fixed assets and depr•clatlon
Tangible fixed assets a￿ ststed al cost less ¢ieprecIalit￿. Dweciation i5 wovKJed at rates calculated to
write off the cost less estimated realisable value of e￿h asset over its expected useful life. as followE'.
F￿tures. fittings and equiwent
Musical instruments
Straight li￿ basis over four ￿ar$
Stratght h"r* basis ONW kn years
Invostments
Invesknents in subsid1￿ mdertakings are stated at cost less provision for impairment
Financlal instruments
The charity only hès financial instruments of a kind Ihat qU￿fy ès basic finartial instrurnents. Short tem
basic financial instruments are initialty recognised at transaclion value and subsequenlly measured at
Leasing
Rentals pa￿a￿e under operating leases are charged against inc(*ne on 8 Stra￿h1 line basis over the lease
term. Th8 onty operating lease rdates to Ihe chantys premise5.
24

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 ACCOUNTING POUCIES continued
Prior period adjustrnent
The prior period comparatives have been adjusled lo gross up VAT payable by the parent charity and
coverable by the trading subsidiary ￿ inlercornpany transacbons in the absence of a VAT group. These
adjustments eliminate fulty on consolidats.on arNI so the onty effect is on the parent ¢hW balance sheet
an(J result for the JEar.
The effect on the parent chanty C￿ be summarised as folltr￿:
2023
2022
VAT liabrfity
Opening resefve5
(43.237)
30,771
{ 30,7711
17.486
Effect on re￿11
112,466)
{ 13.2851
2 INCOME FROM IKINATIONS AND GRAP4TS
2023
2022
Grants, corporate membership a￿1 ottrEr donations
Donations from individuals induding Gift Aid
Patrons
210,661
275.087
352.667
133,686
44.417
540.1
530.770
In ts prior period. £156.328 of Ihe i￿rne from grants and donatKMs was restricted.
3 INCOME FROM CHARITABLE ACTMTIES
Concerts &
•vents
2023
projects
2023
Total
2023
Total
2022
Fees and box office revenue
570,521
14,657
585.178
477.352
570.521
14.657
585.178
477.3S2
4 EXPENDITURE ON RAISING FUNDS
2D23
2022
Staff costs
Donor cultivation
Note 9
97.779
102.513
15.099
103.159
117.612
25

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
5 EXPENDITURE ON CHARffABLE ACTMTIES
Con¢¢rts &
Outreach
prolects
2023
¢v•nts
2023
Totsl
2023
Total
2022
Direct costs
Support costs
Note 6
Note 7
634.499
134,589
232.966
49.417
867.465
184,006
828.445
210,654
769.088
282.383
1.051.471
1.039.099
In the prior period, £202,829 of the experwJltu￿ on charital￿e xli￿tIeS vos from restricted fiJnd&
6 OIRECT COSTS
2023
2022
Fees lo..
Player5
Sobists
Conductors
Tutors and cc¥nposers
Staff costs
Concert and rehearsal hall hire
Instrument hire
Mug¢ hire and purchase
Advertising and marketiThJ
Production costs
Pmgrammes
Other dI￿¢t costs
491.757
21.811
2.500
42,591
239,973
29.191
2.675
4.631
450,253
10,329
6.700
27.975
217.971
24.837
1.310
38.719
11.685
8.639
700
29,187
Note 9
9.677
767
17.932
867,465
828,305

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
7 SUPPORT COSTS
2023
2022
Staff ￿$1$
Con¢Juctorfs expenses
P￿miseS costs
Other office costs
Compuler costs
Insurance
Travel and motor expenses
Legal and professional costs
Marketing, ￿n$￿￿OnCY and photcgraphy
Depreciab"on
Bad debts
Interest
Auditors, remunerati
Other fees paid to auditors.. accwntancy fees
Nol• 9
40,357
4.2cN)
17.089
33.316
8.339
11.004
6.148
23,230
9.929
4.701
48,561
4.200
36.778
31.198
10.728
9.697
4,286
415
23,976
6.949
6,290
426
4.800
22.3
293
20.6C
184,006
210,654
B NET INCOME I (EXPENDITURE)
Net incorne l (expenditure) is 5tsted after chwg'ThJ:
Auditors. remuneratbon for audit services
Auditors, remuneration for accountsncy seThices
Depreciation
Renl paid under operatin9 leases
4.800
4.701
12,303
6.949
32,760
As pemiilted by $408 Companies Acl 2006. the parent charity has not presented its own Statement of
Financial Aclivibes and ￿lated notes. The parent chwiVs net income for the year was £33.07312022: net
expenditure as ￿$tated £82.1641.
27

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
9 STAFF COSTS
2023
2022
Salaries
EMploye￿S National Insurance
Employerfs pen￿on costs
338.598
31.871
330,526
30.473
8,046
378.109
369.045
The average number of emrAosees based on h&•Jcount during Ihe ￿r was as folows:
2023
No.
2022
No.
Concerts and stsged events
Outrgach proje¢t5
Fundraising
Admirmstration a￿1 marketing
10
During the ￿ar. the emoluments received by one member of staff fell in the band £80.￿l- £90.000 (2022".
one member of stsff in the band £60.¢J)1 - £70.000).
10 TAXATION
2023
2022
(￿leStra Tax relief- payable lo subsidiary o)mpary
74,795
79,710
28

CITY OF LONDON SINFONIA LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11 TANGIBLE FIXED ASSErs
Flxture$,
Musiul
fittings &
instrumonts wuipm•nt
Group and Charity
Total
Cost
At 1 April 2022
Addilions
Disposals
10,550
46,361
2.232
19.2491
56.911
2.232
19.2491
Al 31 M8f¢h 2023
10.550
39.344
49,894
Depr•clallon
Al 1 April 2022
Charge for the year
DisFosals
6.191
727
46.995
4.701
19.249)
3,974
19.2491
At 31 March 2023
6.918
35.529
42.447
Net book value
At 31 March 2023
3.632
3.815
7,447
Al 31 M8r¢h 2022
4.359
5.557
9,916
12 INVESTMENTS AND SUBSIDIARY COMPANY
The Charity owns 100% of the Ordinary share cawta of £1 of CLS PrOd￿lI0n$ Limite(1 8 compariy
incorporated tn England and Wales {No O¥N)84330) Ihe same registered office as the charity. The
compan¥s only activity is that of a pr0dl￿110n compary. The compa￿5 results for the year and nel assets
at the end of the year We￿..
2023
2022
Tumover
Expenditure
VAT adjustrnenl
Tax recoverable
173.474
1248,2691
12.466
74.795
282.379
1362,089)
13,285
79,710
Profft forthe year
12.466
13.285
Capttsl and reserves al end of ihe pr
43.238
30.772

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 hlARCH 2023
13 DEBTORS
Group
2023
Charity
2023
2022
2022
Trade debtors
Amounts owed by grryjp urKlertakws
Tax rewverable
er debtors
Prepayments and accrued irume
4.451
27.
4.451
74.795
27.656
106,840
74.795
13.420
35.754
106.840
7.500
78.785
78.785
35.754
128.420
220.781
122.￿)
220.781
14 CREDITORS". AMOUNTS FALLING OUE WITHIN ONE YEAR
Group
2023
Charity
2023
2022
2022
Trade Creditors
Tax and SOCI￿ security
Tnjstee loans
Accruals and other ¢7editors
Defeffed In￿Me
32.932
27.364
55.866
32,932
64,681
55,866
61,355
42.375
17.022
61,326
78.782
42,375
17.022
61.328
78.782
169.693
226.558
207.010
257.331
Deferred income ￿mprises.
Income deferred from Ihe wevious year
Released lo the statement of financial acliwt*s
Arising during the cilrrent year.
Gran15 and donab"on5 required to be spent in luture peTK>Js
78,782
(78.782)
20,483
{ 20.4831
17.022
78.782
17,022
78.782

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15 MOVEMENT IN FUNDS- 2023
Al 1 Aprfl
2022- as
Trnnsf8ry1 At 31 Ma￿h
taxation
2023
Unrestrthd funds
General fund
Deslgnated funds."
Kidsspa
CrNdfundir
{ 24.547)
813.770
1790.767)
11,544)
1.875
1.875
7.088
7.088
Charity fvnds
Tradlng subsl
122.672)
30.771
820.858
173.474
1790.767)
(235.803)
7.419
43,237
74.795
Groyp funds
8,099
994,332 (1.026.570)
74,795
50,656
Reslrlcted funds
Parti¢ipatr"on projects
Artist supr4)rt & trairm
Musicians AwaTd
Staff posts
Website
10,150
{ 81.692)
{ 2.8681
{ 4,5001
(39.000)
8.000
500
7,500
Group arKI tharity funds
13,018
131.042
1128.060)
16,C(X)
Total group funds
21.117
1.125,374
(1,154.6301
74.795
66,656
Total charity funds
{ 9.654)
951.9)0
1918.827)
23.419
D•signat•d funds:
KidsSpa¢e
The tnjstees have designated f￿dS to a project entided KMYsSpace that is going lo be 8 dedicated section
of Ihe CLS website, linked to Ihe orchestras athiit*s for young thihdren aged >7 yeats. providing
interactive game-based musical activities lo be used by children in educ8tiLX) or home environments. as an
added value element to our existing projects ￿ trm's area.
Crowdfunding
This fund relates to a fundraising event in March 2023 to raise knds for actmties that will take ￿ace in the
year to 31 Marth 2024.
Rostricted fvnds:
The restricted funds arise from grants and donatws to fvTrJ partKular projects or items of expenditure.
and unused income is carried fOr￿ard to cover future expendiiure on those areas. Detsils of restricted
funds active during the year are as folkwts:
31

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IAARCH 2023
15 MOVEMENT IN FUNDS continued
Partlclpatlon prole¢ts
This lund comprises ￿an1$ donab"on5 received to suP￿rt the charitys year-round programm8
dedicated to making in sthools. hospitals and communibes ar￿ also grants and donations received
lo support the charitys ￿tIlk in hospilals arKI care homes to allow musi¢ to aid in the healing process and
prO￿dIng an outkt for those r￿d il most
Artist support & tralnlng
This fvjnd comprises lunding received to supwl the Perform￿ of emerging artists in concerts and
funding for stsff training.
Musicians Award
This fund comprises a donat￿ rec•¥ed to sw)wt perfonnance of emerging artists in concarts.
Staff posts
This fund rdates to grant fvnrfing to Cover stsff costs.
W•bsite
This fLfftd comprise5 a donati￿ from an indNxkno1 speeificalty for *ebsite develotmnent.
MOVEMENT IN FUNDS. 2022- as r•slat
At 1 Awll
At 31 March
Transfernl
taxation
2021
In¢omt Exp•nditur•
2022
UnrestrKted fund$
General fund
Designat•d lund..
KidsSpa¢e
11.116
.415
(605,078)
(24,547)
1.875
1.875
Ctsnty fvnds
Tradlng subsldlary
12.931
17.486
569.415
282.379
(605.078)
{ 348,804)
122.672)
30,771
79.710
Group funds
30.477
851.794
(953,882)
79,710
8.099
Restricted funds
Participation Projects
Artist support & training
Diary of a Youn9 Naturalist
RPS AUdIer￿ Fund
Website
21.316
5.203
8.000
25.(MXI
79.710
I ￿,876)
(5,203)
I78.(￿}
125.OXI}
I3,7￿}
lo,1￿1
70.0
3.750
Group and charity funds
59,519
156.328
(202.829)
13.018
Totsl ￿0Up funds
1.008.122
{ 1.156.711)
79.710
21,117
Totsl charity funds
72.510
725.743
{ 807.907}
(9,654)

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15 MOVEMENT IN FUNDS- 2022- ¢ontlnu
Dlary of a Young Natur*ist
This fund comprises grants from Ihe Leche Trust. PRS and ACE tOWdrd Ihe commissioned dremali¢ song
cyde Diary of a YouTrJ Naluralisl as part of Ihe CLS 2021 9)Ih Anniversary seaw.
RPS Audience Fund
This fijnd comwses a 9￿1 received from the Royal Phdham)onic SOW to support the CLS, audience
development pn)gramme.
Webshe
This fund comprises donatws from ACE SFeafKally for website development
16 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS- 2023
Unrnslrl￿Od Restricted
funds
funds
Total
funds
Fund balarKes * 31 March 2023 affj reWe￿ted ty.
T8ngible fixed assets
Nel cu￿fit assets
7.447
7.447
59.209
16.000
16.000
66.656
ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS- 2022
Total
funds
funds
fvnds
Fund balan￿S at 31 March 2022 represented ty.
Tangible fixed assets
Net current assets
9.916
11.8171
9.916
11.201
13.018
8,099
13.018
21.117
17 FINANCIAL COMMITMEP
Al 31 March 2023 the thanty was committed to fijture mir¥mum lease payments under non-cancellèble
operating leases as follows:
2023
2022
Land and buildngs
Due vAthin one year
In to five years
4,219
10,000
4.219
4,219
14.219

CITY OF LONDON SINFONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18 RELATED PARTY TRANSACTIONS
The followng are considered to be the charitys key management personnel:
The Board of Trustees
Chief EXe¢￿tive
Chief Oper81irvJ Off
The tolal amount of employee ber￿fftS receive(1 ty key management Fersonnel during the year. inluding
Employer's National Insurance aTrJ pension, £81.773 {2022: £116,2gYJI.
There were no trustee5' remLneralion. ¢)tsr benefits n(Y reim1￿rSed expenses paid during the current ¢y
prior period.
In ag￿egate. trustee ￿nati￿s £269.502 12022.. £147.5eii} w)duding gift aKI. In addition to the
donations. one trustee prwded an interest free ban of £1CQ.000 {2022.. £Nil). The baknce outstanding at
the year end was £50.000 (2022.. £Nill. Vlith Ihg other £50.(W ha￿ been ￿￿Verte¢l to a gift to ihe
harity.
19 STATUS
City of London Sinfonia Limited is a chwitable company fimited by guar8nlee incorporated in England and
Wales. In the event of the company ￿ng I￿)urKI up. the liabilty in respect of the guarantee is limited to £5
per member of the charity. The address of the regislwed 0ffi¢o is 1st Flc4y Radisson c￿rt, 219 Long
Lar￿. L(￿￿on. England. SEI 4PB.