Company number. 1692341 Charity number: 286818 CITY OF LONDON SINFONIA CITY OF LONDON SINFONIA LIMITED TRUSTEES, ANNUAL REPORT AND FINANaAL STATEMENTS FOR THE YEAR EAIDED 31 MARCH 2024 CITY OF LONDON SINFONIA LIMITED YEAR ENDED 31 MARCH 2024 Pago18) Chaiman's rewt 1-5 T[￿tee8, report &14 Independ8nt auditorn. report 15-18 Consolwjaled Statement of ffinanEial adivii {in¢kNJing income and expendf(ure aceount) 19 Consoltdatad balancé shèÈt 20 Charity balance sheet 21 Consolidated Statement af ¢gsh Noles to tho ffian¢i81 Btatements 23 CITY OF LONDON SINFONIA LIMITED CHAIRMAN'S REPORT A. 2024 Summary Following Last y8afs h￿hty pro(IvctNe Board offsité involving Lego brick5 to help ¢Jefine our Orchestra, stratègy going forward, Rowan Rulter, our CEO. ha$ been ￿ad1￿j tho preparation of our strategic plan, and its conversKJn to a fNe ye8r b¥Jsines5 plan. As you Mll re￿ in the Trust66s' Rèport it h•$ beèn hKJhly active year putting various elements ofthe stralew into practKe on and off tho stage. But ￿ has also been a reflective year investlgatlng Into our purpose, #J￿ sharino the thinking behind our"North Starf mi55K)n wrth key st8kèholdérg to te#t some ofth8 hypotheses wo mad8 in that plan. The progress I will be reporting on is still very much a pumey of transition - as indeed il will continue to be over th6 next yèar or so - based on a framewoth which has been ptepared with the ExecutNe Team aThJ approved by the Bo¥d wrth the blessing ofthosevA)owlll be taking part in its Nnplfrmental￿n. excellence of playingwllla￿ayS rernain a'sine qua non.. we as an Orchestrawantto drfferentiate oUrse￿e$ through an outstaThJing programme eontnbubng to 80¢ial change and imp8et in g way that an orctfvstra like ours uniquely can do. Wewill achrevethisthrough Music makmg, puitiro ourexperience¥ in our Pa￿"c￿s110n w￿k at the epicentre of all we do: and using these dfiwng for￿ to ￿nn￿l an¢J to CoMm￿￿e inyirtant stories with, our varied and diverse aud￿nceS and stakeholde￿. This fir8tye8r dourtransibonaljoumey has been frarned by two imp￿13nt guidelines. Fwstly, a respect for the plalfom) cr¢thl over the last 50 years or so - In othgr wwds an evolulion with no n*J for revolutbn- honDuring Ih8values, energy. commrtment and splrliofcollabotation created by ourfounder RKhard Hl¢kox ffom the start. Th¢ secoryj denpnl ol the fr8meNwrk. has been to ¢8rry out this iMp￿an1 year fHlad wtth 8c*vty. sharing and testing. in a N￿nnerwh1eh knes our finan￿al posit*)n strongfjr al th? fjnd of the y8ar than at Ihe be9innir¥J - justifyiTrJ our posrtive st*ments ￿ 'going CO￿e￿. that we made Lest year. An und¢rtaking not made any ea8i8r by highly lamentsble and short-termist lack of transition funding in thls country, even for th058 of u8 who have a dèarty pbnned model providing brYJ4enn financial suslainabilty. Agoin. 8$ last y￿, I will gwoth8"spoileff now on this laBtp)iritthatwenot onty increased net income from £46k last year to £166k this yèar, bu( as shtmn in the attached cons(Aidated balance she81, we have increased total fund¥lreaerve8 of our charity from £67k to £233k which means th81 we have now aGhEved ourtarget crfcovering three months of operating costs wf(h OUT reserves. Given the improvement In CLS'S 0￿rating environmentthat has yldded these re$uMs. we ant￿ipalethat re8erve3 will continue to hold into the 202¢25 financial year. all￿n9 us lo maintain same level of COnf￿enCe regarding ow ongoing oxistsn¢e. Measuring and ￿portIng on 'success' while still in the méttdfe of a loumey Invomng eonsKlèrable changes in our overall 0￿.eCtiveS and operaling model is not eaBy. Statements about our ￿har and "hcArf such as p8rfomi." we make':"we a￿ prtsyucets and nol just instigatcws of new wc¥k" In performan¢gs #nd Partiupalwjn work we plan to'make. in¢rea8ingty with othBf8 from other worbjs". are all ev¢denced by what 15 ¥el out in the TFU51ee6 Report- and by the increasing levels ofOTR (Oicheslra Tax fteliefj we are receiviig. I will instsad, in the next section B be f￿ussing on the elements of strategy that the ￿hy. of what we did right from the start of thè yg8r. Th8 folbwing section C. will lcd( at our rhain st8kehokJers on thisjoumey. and ccffisKlei whal th? impli¢aknon5 01 those elements referred to in sèctiort B bÈk)w hÈva hAd in our intera¢tts)ns Miti each of thom in 2024. In section D, as usual. w¢ will kok at the finanual results as the outeome from all of thi& ac*wity. and lastly in sections E and F our govemance and conclusKJn8 k)oking forward to Ihe year ahead. In¢luding whom we need to thank very deeply for helping to m•kg il all happen. B. Why We Did What Dkl? Armed wth a detailed plan forthe year2023-24 invoknng ￿tiOn and testing of hypotheses. we agreed on e￿rnentS of the strategy th* would guide the u8e of our energy and resour¢e$ foi 2024, and t testing a￿1 pibt projects which we would need to do dijring th* year to give us the confidence for the fotbwing iwo years of aclwty. Six principles were invo￿ed.._ Flexlblllty As oulliwj in last y8arfs report. it is this flèxibiliiy in what ￿ do and ability lo rgvi•v OUT adN& choice8 which allows us lo be very eonfident in our abilty to adapt to Gurrent clrcumstances. and a150 thal we can ¢ut our cloth in whatever way llE&J&J to surviv¢. Thi¥ CITY OF LONDON SINFONIA LIMITED CHAIRMAN'S REPORT applied this year to the programming. and to events which we did (and did put on. ensuring that proi&cts ¢ilher paid for thems¢1¥￿, or were justtfEd for central cost support as part of our transition programm8. FOCUS As 8 small bul vary amb*iaus C￿an￿58t￿?n tryino to tr8nsfom fe8ve thing5 bettÈrth8n we found them, prpJritis8lion has been key thi¥ ye8r. As you will see. our PartiCiP8tion adivilies have kKvssed heavity on the Sound Young Minds, and Rwrn to Rcom MUS￿ progrJnmes. whilg stim working with healthcare partnets who raise their own funding. On the stage, when RowAn 8nd Alexandra our Crèativa Directrjr havè béén doiThJ thèir pre/dr8mming. emphasss has been given lo planning serie5 of concerts which ret]ect CLS'S m&8saging on areas tmat matter to us and as onè8 that we hope matter lo otherB... 01 course the Ilexibrflty guidance an¢J actNe choth principles have allowed C￿e-off evenl8 as well wherejuslifiable 8ThJ consistenl with t)ur proyramme. PARTNERSHIPS These have become cnKial for maklng progress atsticaDy and financialty - nc justfof CLS, bul more 9enerally in the cuknrdl wortd, We at CLS have ourloyalfriends in all aspects of our Work. Orera Holland Park is a partnership wh￿h 18 heading into its hventth year of u8 creating amazing opera experiertas tffj￿her. St Paul's and Evelina ara lurth8r •￿￿npIès of 8th1ished partnerships which continue to meet our obl￿tIveS so successful￿. But we are also deepening more re￿nI relat￿ship¥-o¥ we have done this yearwith Faber BcM)ksand The London Ravi￿ of Books which èach combines music and poth in 8 way 8llowng the overall Èxperience lo exceed substantialty the sum of the part8 being crynbined. New initiatNe8 incliKI8 entering commUn￿eS through S￿h inityatives as the 'cc￿￿ and Sing mesS￿h.; entering w ￿atre$ lo provid$ new homes for aUd￿nCe expervènces such as P6terbomLvJh, aml our renewed relatbn8hip wlh Sinfonia Smith Square- and swral more STORYTELLING Drawin9 from our charitable status aThJ values. we want to grow our reach for soual charrfJe and impact. Doing this through music. and u$irrfJ orchestral music as the medium to comrnun￿ important Stor￿5 to our audiences and $takelb)Iders with whom we are conn￿ting. And koy to sucw¥ hwè is making Ihtsge &tori¥s el•ar, Und•r#tandab￿. and emtstionalty appe81in9. And the8e storie8 are important whether. tc tskn examples. they are *ing as a thtead in a ¥Jeiies of concerts on climate as ps due to be performed later in 2024. ￿ on the Participab'on sid8 t811ing sensory storw for chthdren with special educat￿￿31 nged$ inGorporating visual arts. RELEVANCE This drives the choice of what we do. where, wlth whom and htsw wè do it. But the ason for ft is to make a differenGe in a wide ccfflmunty of peopte's Ir¥es. hcpefulty addlng s￿)81hIng whth go￿ beyond ourtime together. Whethw with our partner Tri4orough Mus Hub, suppt)th'ng th8 next gon8ratk)n of players.. carrying out Social Prescribmg Progranmes al the Tessa Jow&ll Health Centre, Qr alluwing deaf youny paopla to be p*t of music m*ing through our ph)r￿T work through vibrations and touch. JOY This is a qu3Ety wh￿h CLS h8s always rndiated since the energy, enthusiasm and warnth ¢f its founder Richard Hi¢kox in ts earliest days. So many of those wlKim we h8¥e touched this year conlinu8 to say th8t we provide activ8 8njoym8ntthrou9h, arKI b8yond, Ihg rnusic. The six months three years who attended our 'The Wonderland Garden. tourfng - created wtth Landmark Theatres with performances in Pelwborough. tho South West and London - may not have been ablB to expm3 thi3, but their parents didl And the testimoniaJB we receNe repeatedly refer to the wamth and joy of the two-way communic8tKJn bets¥een playefs and audlence in our intsr￿￿nS both on and off thè sl89e. C. 2024 For Our Stsk¢hDldors So where has a year guided by the above six princyles left our m8in stskeholdw8?:_ OUR MUSICIANS World class excellence from the epkemre ol our famly - our members and principa15 leil by Alexandra Wood - have remained at the hKJhest qualty. 11 has been 8 busy year but. of course. never busy enough for an orcheslra who feel 'at home" at CLS. and radiate enjoyment of playing together in theFr mu5iG. And the 1200* hoLFf5 of such famity collaboration include seven op¢ra series, and 78 perfomiances which disptay and thèir playing refiects the enovNK)u6 experience our players have buitt up over th8 year5 logelheT. Wfth Alexandra. Rowan #nd FK>na Lambert's (Head of Participal￿)n) leadership, the guidelines d$¥¢ribed in saction B of llexrbility. partnership and r8knnce have all been key drivets behind ofthe changing trends for our musi¢ians in tems of doing In￿a51n9 le￿1$ of improvbatk*)- self-training and the training CITY OF LONDON SINFONIA LIMITED CHAIRMAN'S REPORT crf others suth as the Soulhbank Sinfonkq and The Royaj Academy of MUS￿ (RAM). R8garding RAM. our wamèsl congratulatitsn5 to Fiona who was awad8d an Honorary Assock*shp there this yearl AUDIENCES Arts organisations have had to rneel ConsKIerab￿ marketing and corrthun*8tkJns hallenges to regain old audiences and win new ones. BLrt this year we played lo 36,000 people whKh was an Increase of 8% Irom IBSt yeBr. From the feedback that we 98in at concerts. rt seems thg storytelling," leaminweducation eXPer￿￿￿S given., joy 8hared'. connectiro Ibro￿h bvs such as Tho Wondèrland Gard•n with LandmaTk Theatre, and work with JW3 in North L0ndc￿. Theatr Cfvd in North Wath. and St Mary's Ukrainian Sch￿1 in HdLsnd Pa￿. Lon(k•n SPONSORS AND DONORS Thts is an area where thè Art8 workl, and cutture generally. have every rYJht to Tr￿￿n - and indeed they do so. When I first joined the CLS Board 24 yoars ago, cknrporale givin9 coverad mosl core costs for CLS loaving thè variabk ¢osts of Ind[￿ld￿J1 projects still to be raised. TL>Jay. in conlrast, Trusts and Foundatlons, 8nd muGh philanthrwy hove found other 8ctivhi28 to fund outside Arts and Culture- and for most they have less cash n(yw available to em out even th868 activ¢tie¥. And this is perhaps the point to allow mè to repeat my hug8 disappointmont in the lack of crgalNg trans￿On fundlngfor greattransition nw)dg￿ that (JJuld rwJLSce the s8Ctorfs funling neays for the future... Howevar, having Ihts, moanrng does not produc* $UFPOrt, and has to be ￿re diligent and cRatNe. Our individual giving was slightty up14%} at £287.000. Whi￿ overall donalions and grants r8 slohty at £511,000 versus £540,000 last year. Ilhile fvn(ling larger pri48cts 15 rather newer to us, and is by Its nature lumpier, we are finthng that the themes thosen for the next Nvo years are resonatin9 with Trew Sources of funding, and, as an examplo, this yoarfs fvJur•s includ8 very ￿nerOuS eontribution to onè suth proièet which will not bo tskiThJ place until next year And firkily. a$ ahvays. the Board has b8&n totslly and Lrtlerty aff0zl￿j in Its belief in and financial support of all Ihal we have been doing loJelher. D. Fknanclal Out¢om¢ The fiexibilty, focus and financial aspects of partnership guide1r￿ have been in heavy use this year, nK*nitored cbsely by our (Jiligent and highty experierKed FinarKe & Operatictns Conwnittee chaied by the dilKJenl and highty experwnced W*liam Spurgin. It is worth ￿PeatIng that net income is over 3.5 tirnes higher than last year at £237k, leaving us wlth tot81 fund8 to be ¢grrEd forward. as reserves, of £326k. 11 is particulady pleasing th4tw¢ have reached our obj￿1￿0 of hsving resoN¢s covering over three rnwrths operat￿n81 costs- and the fact that this has bèen achiwed in a year of transibon makes it even more ￿MpressIve. Our actwty lévél. measured ty ts¢s ond Box Olfice revenue. rose by 15% to É674,Crf)O, wth hjmover overall rernaintng al last yeavs £1.1m figure. Costs have been very tightly contrdled under ELiine 8aine& prevN)us COO, who retired in 2023, now under Rowan's scrutiny, ended the financia year wsth lotsl oxpendlure 4% lowgr than last year * £1.1m. Staff costs have been Somewhat reClasSrf￿d befv￿n direct and support Costs. but, grouping these all logether, in total grew 5% to £294,000 with one additional member of staff CITY OF LONDON SINFONIA LIMITED CHAIRMAN'S REPORT Donations and gTrnts Tose 5bghtly from 36% to 38% of turnover. Unrestricted reserves as a prratlorts and tcKJ¢h, m￿h to th& defight of the pupi18 land Staffj in the unit. In my 20 ye&ts ofexpen.ence ￿ de8f education. il was Ilberating to see such h￿h 8xped81ws in th8 ra1￿ of inslmFnents a Ogaf st¢thnl could in tsnderry wifh extxlknl fult￿ and 8 deepty nnov8twe appro￿h. inoludingthe use of SUBPACS. To have s(#FpBthing th￿ ￿Mpreh&￿5￿9. with such h￿hqua1lty, is rare 6ndhuogly8pp￿e1S19d. hm8ans the exp￿nce fort&afslud8ntsis fransformaliva. Rather than music being somothing that is imposed Dn Ihern. they arg 8CtiVa P8rtKipants. able to load. Slaff at Springfiekl Fkjsprtal SchrKJl We continued our fLrus orTr Ayknst Developmont. wl(h 2023-24 seeirwJ the ctAnpletion of tha pibt of a Participabon Devo5opmenl & Legacy Award. Ovar y8ars. this award alowed 2 CLS mernbers to explore their own personal art&St￿ devalopment, which includod a public shrnv¢os¢ * Village Underground. CLS continued tQ 5UPPPrt the development of Svuthknnk Sinfonia rrwsician5 by ￿adIng 8e53￿$ OTr Mindful Music as part of their rèsidency programme, and br￿Jght Open Acaderny Felbws from the Rty81 k8demy of Music ond young artists from RAW MatOri81. 8rixton along as pai of our Sound Young Minds team$. dgvgloping the next generation of artists w0￿1n￿ In this field. l just want lo say thank you from my he&rtf*Jrbringing to mum. You aTr w k￿d and play fmrn Ihe heart it ￿ rnalty wonderful. Care Home Resident's famity wrarnbaf Devèloplng our Strategy Following the 8ppointmènt ¢)f CEO Rowan Rutter shortly after our 50th anniversary c8￿brat￿)nS, CLS has undertaken a year-long investigat￿ into our purpose. Drawing from our charitable status. we as an orthestra will be a more signifisanl vehide for social change and irnpact. We wll ijo this through mus¢. using orcheslral MUS￿ as the medium to communicatg unportant stories wrth, and conn8Ct wlh. audierw and slakeholdgfS. Our founder. Richafd HKkox, had a love for Gonlemporaneous English music from the very 1*19th cèrrtury to M￿-20th century. Building on his love of opera and choral we wi51 champion the inler8ectitsnality of words 8nd music, and find r￿4 ways to exploTe afKI enjoy this Ihfough CITY OF LONDON SINFONIA LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 muttidisciplinary uJnc8rts. With the energy with Vth￿h we approath perfoJmance, and the commitment 10 ¢0118boration across all our work, CLS wdl honouf th8 energy ol founder through investment into new Errfjlish repertoire where'Engli5h' 1$ defined not by birth. bvt by a shared and colthtive endèavour of peop￿ working tcoether to make the society 8nd CDmmunrty full ol music. Mission: Through music and the Stor￿ we can tell with it. our mission is to explore and connect wth our collectNe. human responsibllty to tneworfd around us. ¥nd to those we 8hare r( ￿th. Vision= A music sector that is welcoming and inclusive. A country where MUS￿ is 8cce58ibie lo an(J acce58ed by all. A workl where MUS￿ is a vehicle for equty and connectivity among all peopl Diver5ty Equ*y and ltt¢hJ#ion I w81Jted to attend tWBU8e il seemed to bg an event Ih8t would wolcryne mg as a Black WOm49tt And tt didl SingBr. GOMB and Sing! Messiah CLS appc4nted an Artlsts COU￿11 to $upport the orgoni88tk)n wlh thèir 8>p8rtis• and knowledgé from across the W￿ld of rnusic and performance. equty dwersity and indusion. and partieipation and Pedagog￿al prdctice. Th￿ Eoun¢il ry￿￿tsqU￿rty and has supportedthe 5gnigrleam on Ihe posrtlon￿9 and scope ol proieds avj paMr*rshy$. were delwJhted lo ￿eUr¢ our ongoing partnerships with Tri-borough MUS￿ Hub WNeslinp li and supporting the next generation ofyoung playorsthrough $idtsty4idè music making, knbrary sharing and mentoring. In the 2023-24 cOn￿rt series. 35% of our soloists were glctjal rn8Jority. vAih 40% soloi8ts femal identfyihg. and 120h Soloists nwrodivergent. A third of all repèrtolre playèd was composed by femal8- idèntifying cf1mp￿r$ aThY of the ne4V wmmi$sions. wor• to composers Mlenttying as having a disability. INe wgrg proud lo oFhost a sessiorb on diveww and in¢￿S￿n ai the A5sociatK)n of Bithsh Orcheslra's annual conference alongside Prclessor Nathan Holder and Revere Art& Fundral$lng Whydo I g￿e? Because I b8lhve In the woth 8nd the ifftp8Gt it h8& More Ih8n believe- l oan 809 K Donor. CLS A pwr8rnm8 of events for ourfrionds, supporters 8nd patrons, starting in $ummer2W23 and ￿ntInuIng into wring 2024 SUFVOrted ourfuntlraising effort¥. HiJhlights include a Hthox circ￿ dtrinerfor majordonors held at Mer¢h8ntT¥ylor's Hall whi¢h LqUnC￿d our successful BbJ Gwe Arts forlmpacl Csmpatgn that raised vital funds lor our 2024-25 programmSn9, a fundraising drinks event at Oper8 Holbnd P*k. gnd 8 $èrf88 of 8mall8r bespoke everts around our Autumn Concwts. CLS raises charitable income from charrt8ble trusts and indivkluals. In doing so it make5 approaches to charitatsle trusts who publicly stale th81 they Beek to $upport muslc and Ihè arts. or innovative wellbeing m88$U￿ such as our participatKin pmgramme, or chariloble tnjsts where the trustee8 are known io CLS trustees and have invited CLS lo apply for funding. CLS makes approaches lo individuals for Charttab￿ ino)rne that have attended CLS performances or evènts, (*who af• known personally lo trustees of CLS. CLS does ntst eM￿0Y third paty fvndraisefs, and WÈ do not m8ke unilateral ungolic*ed approaches to ￿ld￿IdUalS. CLS is registered with the Fundral$ing Regulator and adheres to thal re9ulator'3 code of pra¢tice. In addition, CLS i8 GDPR CryTylianl. CLS has r8c8ived any eompLalnts abo￿ tt$ fundraising 10 CITY OF LONDON SINFONIA LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Our Princyal fvnding sources remain hI￿d engagements, gr&nt$from trustsand foundalions. indivldual donors. Arts Council England. ahd box office Income. The financkal env1ronrr￿I that the orchestra oper* in crntinues to r￿Ma*n challenging.. charitable trust and foundation inve$lmenl thv•Jends ar8 recovering. but comp&lTtiJn for funding has intre8sed' ststutory fundirvJ from c•ntr81 gcwemrnenl and lottery income is d6¢re8slng l $tsnd8tlll', indNidual 8nd Cofporats philanthropy k8 affected by continuing eGon¢)m￿ and polrtlcal uncertainty. Thi$ environment. howev•r. is on• that affacts every professional perfoming arts organwlion in the UK, and Ciiy of London Sinfonia has taken every possible step lo ensure that our braftd and vlslon are drff8r¢ntialod antl as attraclN¥ to fvnders a$ pty&8ibl8. Our PoopI8 Staff Rowan Rutter- Chlef Executive EL4fft8 Bain85- Chief Operatin9 Officer Fh?na Lambert- Direclor of Part￿1pat￿n Sam Duffy- Diredor of FTrnan￿ Interim) Ernity Lloyd~ Direthir of Development and communicab.ons Ellen Debourgo- Philanthropy mar￿er Fi Johnslgn¢- Producer (projects and part￿ipation) Gabr￿19 NeudtsGhkg- Marketing anil Audiences Manager Steve Thcffias- Associate PToducer Ellie Swilhinbank- Orchestra Managerf maternty leave Orchestral L•aders and Principals AiexaThJra Wood- leader- Sponsored by Teruko Iwanaga OBE ja￿ Carwardine- principal 2nd violn F￿a Bonds- princi 11 Schof*ld- principal Joely Koo8- cxi-princip81 Lynda Houghton- prin¢tr81 Kar8n Jone6- principal Dsn 8ats8- princy)21 Katherlie SperKer- princy81 Uf8ula Leveaux- principal Stèphèn stiri￿}g - princi?al-spon8ored by John Slnger N￿h0￿$ Betts- prirKipal Dan Jenkins- princ¥Jal Stephen Wd(- princpal Jar¢my Co￿ne9- prn)cpal G￿n Matthew8- principal Trusteos John Singor ICh8irl v￿llIaM Spurgin (Deputy Chair," Chaw ol Finanlz and Operations Gommittee) Richard Spiè9èlkrg {Resign•J 31 December 20231 Teruko Iwanaga Joanna Lwesey Palneia Millett Alan MDrg8n (resigned 4 D8cembet 2024) Mark Redman Julian Sehitd 11 CITY OF LONDON SINFONIA LIIJIITED TRUSTEES, REpoirr FOR THE YEAR ENDED 31 AIARCH 2024 Sarah Thun-Hohenst¢in Danid Sanddson (appcintefl 1 June 2￿￿4) Artlsts Councll Phillipa And$ NKola T. Chang Raghad Ha(Idad Nathan Hokfgr Anahi Rayagnani Sts Thomas Matthèw Kofi l#lJaldren FlnanGkl Rwl•w The Ch8inian's rèport ¢)uIUnes our furnlraising perfomiance foT the yeai and ov8rall financbal p05rtion, bui m summary.. Gro88 inccme- increased to £1.199,059 fr￿n £1.125.37418n in¢rease of 6.5%) Income frorn tharitable ￿ti¥￿￿ Icon¢9rts, staged events and outreach projects) in¢rgased by 15.3% (from £585.178 10 £674.621). Grants 8nd donali¢)ns decfeased by 5 5% 10 £510,751 in 2023124 (from £540,196 n 2022123) Overall surplus of £237,360 for 2023124 ¢wp8red to a surplus of £68.265 in 2022123. Reseryes at the end of MaTGh 2024 are £326,742 broken down as £Z72.692 in unreslrthd funds £S4,050 in restricted funds. Golng Con¢orn After making approprU* enquiries, the board of INstees has a re&wnabk exP￿￿on that th8 charitable company has adequate resources to conlinue in exi5ten¢*forthe forg$egab￿ fvttirè. Forthe reasons detai￿ In Not8 1 In the state￿￿rtt ofAccountirrfJ Pol¢iè8. thetrustees have adopted the going concem basis in praparirg the financial st*mènts. Reserves The trustees havè d*mir& that the appropriate minimum level of unreslrthd re$8rves should ke equivalent to thr￿ months. oper81K)nal expenditure ol approximatety £163.409 In unrestricted funds. whth 18 o levol of reseNes that the trustees deem would enabl8 th8 chanty to find new fvnding for rts charitable ￿tIvities. sk)ukl the very unlskely scenario (rLur th¥t all current funding r050urce$ wère to cease. or, if necessary. ￿ enabig the charity to ￿a$9 optsratsng in a tirnely and prudent manner. e orow)'$ reseNe$ at 31 March 2024 wew £326,742 ofwhich £54.050 ts restricted funds leaving unrostrthd r8sarves of £272,692. represents an inerèasè of £237,360 in the totsl reserves on the previoug yew12023 £89.3821. Plans for future perl•)ds Our pkns for 2024-25 i1*￿8". Athfft Eontert serw with guest speakers includwig eompos•r Helen Anahita Wibon and astro-¢lkn* Scientist Dr Slmon Clark. Repertoire will i￿lUde Mahl8r, Caroline Shaw, Zhenyan Li and Bela B8rt0k. W• will alsoprothjce the See￿d concert in 3 series wlth partnersLondon Reviw(rf8ook$8t tho Queon Elizateth Hall in MarGh 2025_ We will ddiver a hjll season offive and principlès in the charit￿ SORP., make judgments and accounb'ng estimates that are reaSc￿abk and pruden( aThJ prepare the financigl statements on the going cOr￿M basis unless rt is inappropriAte to prgsume that the charitabl8 company will continue in operation. 13 CITY OF LONDON SINFONIA LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 AIARCH 2024 The Ivustees are iesponsible for keeping adequ8le 8ccrwntsng records thal ate ¥ufficient lo show and eKplBin the charilable company's transac¢ions ond disclose with reasonable accur8cy Bl any timè th8 financial powtion ol ihe charitable ¢ompany and Enable them lo ensure Ihal Ihg financral statem¢nls comply wilh Ihe Cornp8nie$ Acl 2006. They arè al￿ rÈsp)nsible for safeguarding the assets of the charitsblE company and hence for taking reasonable steps for the Prevention and detection of fraud and other wregulariiies. Stat6menl of dl¥closur• to audltorn Eo¢h of lh* p¥wns T•kno oro tw$tees at Ihe lime when th15 trustees, annual Rport is approved ha5 confwmed that so lai a$ that trusleg Is aware, the￿ Is no ￿levant audfi knformal￿n of whlth the ch8ritable componW$ audriors are unawar• that Iru$tèè h*$ taken all the Steps th91 ought to have been taken as a trustee in order lo be are of any relevant audit thfomiation and lo establish thal the thafltable G¢Ynpany'6 oudllors are awa￿ of that knlormalKJn. The auditors. Lindeyer Francis Forgi￿n Limited, 8r¢ d88med to bo rgaFoonted under ￿lI9n 487(2) of the C¢mpaniès Act 20C6. This repcrthas been preparnj in attordanca with the pwslL)ns applKabJ• to Small companies subject to the smau ¢wanies' r¢girro In Part 15 of the Compani8sPKt 2LVJ6. Approved by tha board of tru9tee5 0 .￿....205d on 118 b•hall by.. John Iny Chaim)an 14 CITY OF LONDON SINFONIA LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2024 Opinio We have audiied the group and parent company financial statement$ ofctty of London Sinfoftia Limited I'the charitabl8 company°} for thè year ended 31 M8rch 2024. which comprtye the Consolidated Statement of Fn)ancial Activstie3. the BatanrR Sheets. the Con8oIKl8t8d Stat8menl of Cash Flc>ws and the Notes to the financial 5t*ments. including a summary of 8ignifKant arcounting pdicies. The financral reporbng framevth that ha$ been applpd in th•ir preparation is applicable kny and Unrted lQngdom Accounting Standards, including Finan¢ial ReForting Standard 102 The Fit)ancial Reporting Standard applicable in tho UK and Republ￿ of Irokgnd Iunitod Kingdom Generaly Acc8Pt•d Accounting Pract￿￿1. In our opinlon. the fin8nckql statements-. gNe a true and fair view of thè stalè ot the group's and the parent charttable company's affairs as a131 March 2024 and of tha group's tn¢oming resourees and epplThtion of re¥ources for the yearthen ended., hav8 been property prepared In accordance with Unit8d Kingd(¥n Gen¢rJlty A¢cepted Accounting Pract￿,. h8va bean prwed D acC￿dance with the requirements of the c￿panI&S Act 20C6. Ba815 for oplnlon We conducted our audit in accordanoe with International Standard5 on Audllno (UK) IISAS IUKI) and applicable law, Our responsibiliti89 under Ihost standards are furthgl described in the Audrtrrfs responslbSlbti6sforthe audit of the financial slaioments section of our report. We are independenl of the h8ritabl8 CLYnpany in accordance with Ihe ethical requiren*nls that gre relevant to our audit of the financol stalemonts In the UK. including the FRC'S Ethical Standard, And we have frjffilled our other ethical responsibilities in xcordante wrth these requirements. We believe that the audrt evidence we havè obtsined i8 sufficient and approprHts to provide a bas￿ for our opinion. Coneluslons rÈlatlng to going concern In auditing the finar￿la1 statements, we have cnnduded that the Injstees, use of the goir4J concefn basi5 ofaccounling in prepar81ion of the financial 3tslements 18 appropriate. Based on the ￿rk w• ha￿ perfoTmed, we h8vg not id8nlffied any mtiterial UnCertant￿ relating to events or Conditm?r￿ Ihai, individualty or CDllectively, cast slgnlficant doubt on the chariiy'$ ability to continue as a going concem (Dt a period of al least Iwefve monthsfrom whgn thgfinan¢ial statements are aulhoTwd for Is$ug. Our responsibilthes and the rw)tsnsibililies of the Iwu$tèès with rwp8d to gowty cotxern arn described in th& rehvanl sectKJns of thi% reporL Other Information The other infomwtion comprises thé informakion included in the gnnual report other than the financHI statèments and our audilrf$ report thereon. The tiuslee$ 8Te responsiblè fu the other irrfomiation. Our opinDn on the financial statements d¢M not cover the other inf0m￿tIOn and, except to the ext￿1 otheN4is• eXpl￿111Y stated in our report, we do not express any fom of assur8n¢e cfjn¢lusion thereon. In connection wf(h our audit of Ihefinancial Btatsrnenls, OUT re5PL)nsibility 16 to read the other infoTrnation and, in Ik)ing so. conswjer whether the other Infomiation is materially in￿nSiStent with the financial statements or vur knowledge obtained in the audit or otherwise appears to be m81erially mis$lated. If w8 KlentTty such m81èrial incongistoncies or apparent materiql misslatements, we are required to delermine whethtrr there is a matèrial misstatement in the finan￿81 8tatèments ar 8 materi&l rww55tatement ofthe *)Ihw Informal￿n. If. basgd on the Work wo h8V8 perforrn￿. w• conclude thatthere 15 CITY OF LONDON SINFONIA LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2024 isa material misst8tement ofthis other inform81ion. we are required to report that fact. We have nothiryg lo report In this regard. Oplnlon* on other matters prnscribod by the Cornpanies Act 2006 In our (¥)inion, based on the work urKl$rtaken in the course ofthe audiL' the infcffli*kJn gNen in thetrustees. réport. wh￿h 1ncludesth8dir￿ts1$' reportfoithe purposes of ¢ornpany law, for the financial y8ar for vthich the financial 5tat•m8nts are prepa￿d 1$ consistent with the financial slatem¢nts', the director5. raport included within the truBtees' roport have been preparcd in atsordance with pplicable leg81 requirements. MatteTr on whKh ￿ ar9 rgqvir8d to Tep)rt by ex￿PtIon In the light ofthe knowkdgè8nd underslanding of the ch4Titable company and rts environment obtained in the course ofthe audrt, we hawe not material misststefflents in the ditoc1￿8. report in¢lud9d thin Ihe truste88' ￿pOrt. W¢ have ncthing to report in respect of the folbvA"ng mgttors in relot40n to whl¢h thè Companies Act 2006 requlre us to report to you rf, in our cginion.. the parentCharltab￿ company has not kerA 8dequate and proper accounting records or retums adequ•te for ouraudit have not been fec4ived from branches not wstsd by us., or the paient Charitab￿ cornpany's finar￿la1 statemenis af& not in agrggmgnl with Ihe accounting ords and returns: or certain éi5cID5ure5 of trustees. remurwalion specffjed by law ate not made: or we have not I￿1￿8￿ all the inforMat￿n and eXplan￿On8 we require for our authl." or thè trustees were not entrtleJJ to prepare the fina[￿lat statemeniB in accordance with the small OmPan￿S regwne and take 8dv8nt8ge of the Small cc¥npanies' exempllons In praparing the trustegs. report and frcm the rpquirement to prgpare a strglÈgic rewrt. R•6ponslbllttl8s of tru$¢0 As explabned more bJNy in the tfustees. resFonsibilTties Stateme￿ set out on page 13, the tnjstees {who are also the directors of th8 eharrtabla company for the purposes of Company lawl are resportsible for the preparation of the finanGial stalgrn¢nis and for being 8atisf*d that they gfftie 8 true and fair wew, and forsuch internal control as thetrustees detemlne is ￿e￿Sary toenable the preparation of flnanclal st8lèments that afe free from mat8rial misst*ment, W1￿1her due to fra￿j or error. In prepariro thg financial ￿ents. th8 InJ8tees responsible for astsessiry tha charitable company's ability to continue 8$ a goiro concam, dssdosing, as appfi2able. matters reLqted to going cor￿rn and using the going tx)n￿M bAsi8 of accounting unths the trustees either intend lo liquidat8 the charitable company orlo cease operatN)n5. or have no realistic atternatrve but 10 do 60. Auditor's rnspon$ibllltl8s for lh• audit of th• flnaneial statsm•llts Oui objertfves are to obtain reasonable assuran￿ about whether the group fir)an¢ial statements as a whok are free from rnaterial misstatemen( whether due to fr8wl or errol, an¢J lo Issue an auditorfs report that includes our opini￿. Reasonable assuran¢e is a hoh level of assurance but is not a guarantee that an audit Conduct&4 in accorda￿ with IW (UK) will always detect a material misstaiement when i( exists. Misststemenls can arfse from fraud or error and are cortsK1er8d material if. Èndividualty or in Ilte aggregate. Ilw Could fvasonabty be expected to infvjence the econom￿ decisions of users taken on th• basi5 ofthesa financ￿1 statements. 16 CITY OF LONDON SINFONIA LIMITED INDEPENDENT AUDtroRS' REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2024 l￿egUlar￿1eS, including fraud. are inslarKes of non-corylvdnce with laws and TegUlat￿S. We desvjn procedures in line with OUT re5ponsibllitse5, wllined 8bove. lo detect material misslatemenlg in respe(* of irregularities, including fraud. extert to wh￿h our rKocedures sre CO)8b￿ of delÈcling irre9ularitits. including fraud 16 delaikd below. We obtained an understanding of the legal and regU￿tOry framevKJrk appficable lo the preparation of the fiTranek81 8tstements of the charfty. and the procedures that management adopt to ensu compllan¢e. WÈ have ¢onsidered the extent lo vthi¢h nonkncompli8nce migm have a m8lerial effed on the financial stslemenls, and in part￿ular we Identrf￿d.' the Companies Act 2006. the Chariiy SORP (Statemert of Reconynendpj Pra¢tscel arKI Flnanclal Report#ig Standard appl*Ab￿ In the Unked 1<¥1gdom and RepUtrA￿ of IieLgnd IFRS1021. We have also iyentified other laws and regulations that do not havè a direel effect 4Jn ihe bmounts or thsciosures w￿h1￿ the financial statements, but for whth compliancè is ftjndamental to tha chartiy'$ ¢¥eratk)ns and to matw¥l p￿￿￿1¥5, induding employment law, health arKI safèty law and dats proteGtion regul8tK)ns. Having fewewed tha laws and ragu￿1￿)n$ apF4icable to the tharity, we designed and perf(￿Med audit p￿CedureS to obtatn sufficient 8ppmpriata audit 6videnc6. Specrficalty, we.. Selected a team with sector 8xp8rience forcompletng the audf(,' Obtsined an u￿lerstandIng of the chartty'$ rrfwedures for ensurir4 cc*nplrdnce wlth laws and regulations.. Obtained and rovwed intomal poly and wocgdure d￿uMents. Made enquirieg of m8n8g&m8nt and the trustees fegarding whoth•r th¢y w¢re awa￿ of any actual or suspected in¢id8n¢os of rth)n-C£JMplan￿ with laws and regubtior*; Obtained and m¢8ting mlnLrt•s", Reviewed legal expenses ￿)Unts fcf indutions of any possble non-ccfflpI'ance'. and Revrthved the rA)mpI&ten8￿ 8nd 8ccurw of8ny disdosures made in thè fina￿[318t8tornÈTbts. We assessed the $usceptibilrty of the charity's financAal slatements to mataiftl mi$slattsm8nt, in¢luding considering how frauQ m￿llt occur. This was p8rfomied by: Making an a9$8s$ment ot the ¢harrty'$ Control environment, $y8tems and contro15. in¢ll￿ing identrfying any weaknesses and considering the risk of management overrfde of ¢ontrol5", Cc￿s￿l811ng whether Ih8re are any InC￿tIMeS or Lwortunitias ts manag6m8nt to manipulate financial resutts, ob￿nIng 8nd evaluating the trustoos. assessment ￿ the r￿k of Iraud. and enqulrlng as to 8th¥ thèy were awarè of any acttjal tt Suspoctèd fraud,. Reviewing the accounting pollcies and ￿ntIng estmnates for swJns of monagernenl blgs., and Identifying key risk8 reLating to ￿egUlar￿e$ i￿luding Ihe o)mpleteress of income, compleleness of liabilities. egtwnate$ inVo￿ed in the alocation of suppc*i costs and staff co81$ across aclivitses. and management override of contro5s. We then designed audrt procedures io respond to the risks identffjed, inc4uding perfomiing substantive lesling in respect of the completeness of income and liabilities. assessing the eslimalion techniques lor the aNor￿On ot costs and Mwing the related calculations. r8M8w of relèvant u)rrespondÈnce 8NI minutes, di$￿5￿0n$ with management and ￿rrOb0r3tson of their statements, a review ofsystems and controls. and a rev¢ew ofjoumal entr*s and other acGounting estimates. 17 CITY OF LONDON SINFONIA UMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2024 The audit has boen planned and perf0m￿d in in acectydance wth auditwig standards, hcAvever. because of the inherent fimtslions o18udR procedures there ￿ mains a r*kthatw8 will not detect all irrègularities, indLJding Ihose that may lead to m8lerial mi55tat¢ments in the financial statements. Thare are inheront drfficullie8 in detecting 1rtegularil￿s. and wogularf(ies that resull ffom ftaud may ￿ more diificull to delecl than irregularities that resuil frorn error, for example du8 to cof)ceaknent, ovèrride of contTDL8, coIIu3ion or M￿repragent￿tlOns. In addition. the further removed non-compliance with 18WS 8nd Tegulation$ is from th8 ev8nts and transactvms refetxéd in the financid statements, tha ths audit p[w￿dureS a￿ able to Klfjntfy IL A further descrw)tion of tyjr re8pon$ibll(tks for Ihg audit of the financbal statemgnts ￿ bxated on the FiAancial Reportin9 Council'swebsfte aL' ww 1rc.or iloTsres onsibililies. Thks dBscriptionforms part ofour a￿￿0￿¥ report. of our rewjrt Thi$ report is made $olely tothe chwitsblt eompary'l memtets. as a bDdy, in 8ccordanc8 with Chapter 3 of part 16 of the cOmp8n￿￿ Act 20t6. Our audit has been undertaken $0 that wo might state to Ihts charltable ¢ompany'6 rr￿M￿￿T8 and trustee5 those matters we are required to state to them in aD audllorfs report an4 for no other purpose. To the ful￿1 extènt permitted by law, we do not accept or 888ume responsibilrty to anyone othorthan the Charitable company. the thaiitable company's members as a body and the charitabla company's tnthey as a bC￿y. for our 8udil wort. for this report, or for Ihe opinions we have fomied. Jonathan Heal￿ FCA Senlor Statutory Audltor FOT and on ￿hall of. Lind¢y•r Frnn¢is Fttguson Umlted statutoryAuditor8 Chartèred Acewntsnts North Houge 198 HvJh Street Tonbridge Kent TN9 1BE 18 CITY OF LONDON SINFONIA LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR ThIE YEAR ENDED 31 MARCH 2024 As unrn8tn.cted R•strlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Ineom• from: Donat*Jn$ and gr#nis Charitable xtNrlies other ltsding *tfvitw: FUr￿ra•￿iTrg events Inleresi receivab 400.858 874,621 1C6.893 510.751 674,621 540,196 585,178 11.563 2.124 11,563 2,124 Total bncoma 1.089.166 109,893 1,199.059 1.125.374 Exp•ndlturn on: Ralsing funds Charitable &tiwties 67.479 963,722 67.479 1,035.S65 103,159 1.051,471 71.843 Total eXp￿dIlure 1.031,201 71,843 1,103,044 1,154,830 Net Income l {?￿ndIt￿r•) before tax 38,050 96,015 (29,256} owporation tax cTrd 19 141,345 141,345 97,521 Nat Inc<)me 199.310 38,050 237,360 68,265 TransforJ betW￿n fund$ Ngt mov•mwt in fvnd¥ 199,310 38.050 237.360 68.265 Re¢oncili*ion of lund&" Totsl funds brought forward 73.382 16.000 89,382 21,117 Total fvnds cBri*d forvrdrd 16 272.692 54.050 3￿.742 8Q.382 The slatement ol ffinan￿1 inclth au gains and tosses recognised in the p8rioJ. All income and exP￿dItUre derives Irom ¢Omlnulng thilies. 19 CITY OF LONDON SINFONIA LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 Att r06tat•d 2023 Fix•d assets: Intangible assets Tangible a5$ets 28.437 5,162 12 7.447 33,599 7,447 Current as8•t8: Debtors Cash 81 bank and in han 14 259,084 95.226 151,146 100.482 354,310 261,628 Llablllt59$: Creditors: amounts fall#)g within one year 15 (61,1671 (169,6931 N•t ¢urrent ass•ts 293.143 81,935 Total n•t a8èOt8 326.742 89.382 The fund5 of th• charity- ReslTiLtsd uicome funds Unrestricted lunds $4,050 272.692 16.000 73,382 Totsi fvnd8 16 326.742 89.382 Appro%ed by the bjard of trustee9 on.................. . 2Sand swed OTr Its ty. J Sing¥r Chalrman Company number. 01692341 20 CITY OF LONDON SINFONIA LIMITED CHARITY BALANCE SHEET AS A T 31 MARCH 2024 As re¥tated 2023 2024 Notes Flxed assets: Intangible assets Tangible assels Inve$lmenls 11 12 13 28.437 5.162 7.447 33.6fy) 7.448 Cuffent as8ets'. D?btor& Cash ai bank Znd in hand 14 328,782 95.225 145,226 100,481 424,007 245,707 Ll8bllkles' Creditors.. amounts fallwy due wthin one year 15 (130,865) 1207.0101 N•tCUTrènt a8Jets 293,142 38,697 Totsl npt wets 326.742 46.145 The fvnd8 ofthe ¢harlty: Reslrlcted income lunds Urwestn'(aed lund$ 54.050 272.692 16.000 30,145 Totsl fund• 16 326.742 46.145 Approved ty the board of In￿tee$ on ...... .. nd s>3ned on its behaLI ty. J Singer Chaimi4n Cornpany numter. 01692341 21 CITY OF LONDON SINFONIA UMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 As mtsted 2023 2024 Cash flr)ws from op•rntlng activiliès." Net cash provKlod by cper81ing actMt*s 24.618 85.736 Catsh flows from Investlng acllvltles- Purthase ol intangibjtt assets Purchase 0ftangl￿e assets { 29.250) 1624) { 2,2321 Net cash used In investing &tNfti98 { 29.874) (2.2321 Changè in eash and ¢ash oqulval•nts forth• year (5.256) 83.504 Cash cash equivolgnts al teginning clth8 yew 1[￿1,482 16,978 Cagh and ¢ash equlvalwts atthe ond of thg year 95228 100.482 A. Reconcillatlon of net Incomo to ngt Cash ftow from op•ratlng actfvft*s Net incune As perstatement offinanci818ctivities 237,360 68,265 Adjustments for: DopreLi31ion And arnortwl￿n charges Ilncreasel I decrease in debtors (Decre￿> in cre(litors 3.722 (107.938) { 108.526) 4,701 6S,635 (56.8651 Net Ca8h provid¢d by oper¥tlThJ ￿t￿tiva& 24.618 85.736 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 AccouKfiNG POLICIES The principal a¢¢ounting pol￿1&S adoptsd. ju￿rn￿nIS and key sources of estimat¥)n unc8rtainty in the preparation of the finonckql statements are as follm.. 8asi¥ of pr¢p•Ation The financial ststemerts ha￿ be￿ prpparwj in ac￿)r￿anCe wlth 'A￿OUnti￿9 and Rep(¥tng by chall￿S. Statement of Rec(M))mended Practice applicable lo charities preparing their wunts in accordar￿ WN the Finan¢ial Reporting Standard appli¢abSe In the UK and Republ￿ of IreLand IFRS 102)- leffects've 1 Janu&ry 20191- ICharitEs SORP {FRS 10211, the Flnancial Reporting Standard 4)plrable in the UK and Republlc of Ireland IFRS 1021 and Ihe Companie5 kt 2006. Cty of Lon%Yon Sinfmia ￿MIled meet8 the d8fmftNM of g publ￿ beneff( entity under FRS 102. Assets aThJ liabilities are nrtially rwnised at hiStOr￿al cost or trnns8CtiDn value unth5 0thrri0 $1018d kn th8 relevant aCc￿ntIng polcy notelsl. The linancial statements are preS￿led ￿ wunds sterfing and rcwnded tothe nearèst pouYKJ. Consolidation The financial statem￿$ con$olhlale the f85ults of th8 charity 8nd its wholy owned subsidiary CLS Pro¢Juclion$ Limited on a lutrby-linè b8sis. A separate Stot¢m6nt of FinancHI AdNibes and In¢oma and Expenditure Account for the chardy has not been pMenled because the chanty has tskon advont8g& of the exwnpti'on allorde£J by sert￿n 408 cl the Companlas Act 2(KI6. Gc+lng Concern The last 12 months ha¥8 S8on an wnprovemenl in th8 external markd in wthich the charlable CoM￿Y operatès. Thg Orchestra'5 adivty has to grow aNI ad8Pt to the r￿¥ climate. under the 18adershp of a new CEO {in post from April 2023>. Thè fin8na21 position of the or¢hgstr8 ¥h¢)ws stsbilty. and oreas of incteased support and intgTesI from donors and Trusts and Foundations. At Iho end of the 2023124 financkgl year the Orcthestra s￿n￿lCan1ty improved f(5 reserves P05ftitJn, and it Is anticipa￿￿ that seryes wiu ¢onlinuo to hokl. into the 2025r26 financial ya¥r. Des￿ being b8dty hit durng the p3ndemi¢, the chartys re8eNts * year end have more than quadn1p￿d Sin￿ the star endmg 2022. and are wilhin th￿rnOnth cyeralwig limiL Wth inGrga8ed commeraal hires, a new oparating plan and strategic ViSiDn and strengthened relationships with donets and Trusts and FoundatKJns the Tmstees are corfiderrt that with the $ignffi¢ant ¢hangos to business and operating poky going forward. th¢ Company will Terna￿ in operatton for the fofeseeable futu￿. Financial Mana emenl Operating surplus at year end means that fr88 reserves at the bak3n¢e she•t d8te hav• #nproved to the poliGy level of 3 morths operatirvJ Go3t3. $YJnffKantty *mproMng the GhariV$ 8bilfy to dèal wf(h un•xpèeted ¢osts and future outcome8. Budgets PTepar8d for f5nan¢ial years 2024r25 and 2025126 are flexible and e8n be adapted for pl8nneLI actwty to meet t*)th the e￿genC￿S of Yeduced income and all(M for growih or fundraising largets are 8xeeeded. B￿et actwty s in line vAlh a conseTrative estimale of inc¢)me. 23 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I ACCOUNTING POLICIES Continuèd Core overhead CDsts have been brought In line outpth and organisational need, and will continue lo be Carth1￿ contrdled. The fundr8islng tsrgets within the budgei have been $8t in the confida)ce thal they are reafi$lic based on pledged gNing. A strong pipelinè of fundraising r8qu&sts across sLitutory. trust and indlvidual sources exiends into 2025 against a devewd projtamme of ￿t￿lt￿8. Executive and Goveman¢e After a Competitive process managed by consullants Saxton Bampfykle. CLS wel¢xmed new GEO Rowan Rutter in April 2023. Rowan 8ffi¥ed èt CLS with a considerable track r￿or{f in the art8 sector. arnl S￿1￿¢ skills in or9alliSatitsnal devebpment. event producing. and company turnaround. A year-long creatNe and executive audit wa8 conducted, led by the CEO, which has resutted in 8 202445 Operating Plan wh￿h will see CLS grow demons1r￿￿ through p8rtner5hips. creative ¢yJEpirt. and financial heatth in Ihe 2024-25 year. Thi& is futlher SUPPOrted by a &yeaT Slr*gy to 2030, wl*T) CLS tums 60 ￿a￿S dd. In 2023. the company r￿￿rted an intèrim F4nancA DirectrK wrth dèM¢)nstrab￿ •XpOr￿nCe in financè and aGCOUntanty. to ovèrhaul thè finance system$ and prrxesses. Thi$ financial hygiene exercise wa8 ctsmplated at year- end and in 2024 CLS recrurted a Financ￿1 Manager on a pemianent basis. In addrtion to the str￿then1ng of the empbyee tean, an ATii$tic Gwncil wa¥ estsb1Tr3heJJ to support the Dngoing Grpalive devek)pmenl ￿ the otganisalx)n and lo ensure creative viabilty an(1 expansion within the sector. broadenbng apppal to new audi8nces. fundgrs. parttsefs and olh8r stakeholder3. The seven individuals on this counca comprw a divètsè and br(& rnnge of speualisms within Ml￿1¢ and 80und, pafticipation and perfcAmarKe. Thi5 1$ 8uwrted by changes iwt g¢)v¢mance in the 2tr24-25 yeaTS vJhiGh will See rntsre diversty and representation at Board and executNe level including the recrurtment of nert Board members wih relevant experience. backgrounds and capabisrties, 5UPPOrte(I by Saxion Bam￿de LLP. Partnershl The Opera Holland Park contract for 2024 has been delvered. wilh the 2025 contract in final negotiat￿n phose. ensuring f￿r months of perf0m￿nCe work in both financkgl years. New partnership$ wth Faber 8ooks, Peterborough ThealrEs. the London Rewew of Bo¢*$ 8nd inlematiC¥naMy acclaimed theatre company curious directi¥e and Johanne8burg Theatres have been est8blished wilh work pL8nned for 2024. 2025 anrl 2026, broadenlng n8tKJnal and Inlem*ior￿I reach. Concerts ev8nts wrth longstsnding partne￿. * PaJl'B Cathedral, Salvsbury Cathedral, Wimbbdon Choral SoC￿ty and Tonbridge Wells Festival are confimed for 202425 wth Concèrt work pLannÈd for Sinfonka Smith Square. and Que8n EltiaEeth Hall Southbènk Centre. A naitinal tour cl The Wonderfand Garden, a new touring show for1>3s is programmed for ten regDnal venues in quarter one of the 2￿24-25 finanelal year. support&J byArts Coun¢il Enoland. Audiènce and Brand Develo ment CLS launched a new and improved website in March 2024, wkn updated brand and scheme orKI wilh A+++ accessibility rating. Audience numbers grew by 8% in th8 year eThJing 2024, ar￿ an improved audience developmont plan is in p&¢e for 2024-25 onwartts, supportèd by increased financial capacity and data anatysis rav￿W. 24 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POUCIES eontlnued Strate Develo mont The Twstees ackrnwledge Ihal suslaned TesdEnGe must be P￿ritiSed in the fNwèar strategy to 2031. Tha development ol the 2024r25 Operab'onal Plan was supported by Truste8 Away DayB, and extraoTdinary Twstee Nleetings. A broad stakeholder base Ms consuhed 1￿C￿dIng furthrn, croat partngr¥. doDors, aUd￿nCe members, orchestral pbyer¥. Thi5 owwofftg growth of thuikr¥3 8fKI i(*atitin is aCc￿MPanied by a refreshe(l EDI strategy which is augmented by new p8rtnerships wilh Revere Arts. a sector4&ading agency and consultancy for global majorFty artists, and Organisational and S*tor eh8ngeffjakeTS Ramps on the Moon Spec￿1151￿9 in disabifty4ed arts. leadM￿ trj a deveh)ped ¢rcati¢)n methodology and a more dNer89 F￿rtfOrD of output across the organisation. The Trustee8 ¢onslder thal continuing savjngs on opeTating costs wfth activty cos15 iigorousty corrtr01￿d, the abilty to adept a(*pity to ine¢)mt and tho appointrnent of key mambèts of staff tog8theT wf(h significant stepJn801idat8d rèsuks the ypar endod 31 March 2023 is an increase in lax recoverab and Ihe rosul hx the yoar of £22.726. For the year ended 31 March 2024. the tax recovfrable and opening re￿NeS have incrgosed by £22,726. 2 INCOME FROM DONATIOMS AND GRANTS 2023 Grants, ￿TP[fate membershLD and otherdonation¥ Donatw)ns from indi¥idual$ induding GTFt Aid P8trons 1￿,083 287,487 27.181 210.661 275,087 510,7S1 540,1 In tho prnr pu￿d, £131,042 of the incc4ne from grants and donatKffl8 was restrthd. 3 INCOME FROM CHARITABLE ACTIv￿lEs Con¢erts & staggd ev•nt8 2024 Outreach projects 2024 rotsl 2024 rotsl 2023 Fee$ and l)ox rovènué 630,900 43.721 674.621 585.178 630,900 43.721 674.821 565,178 27 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4 EXPENDITURE ON RAISING FUNDS 2024 2023 Notg 9 65.401 2.078 97.779 5,380 Donor Cutt￿a￿n 67,479 103,159 5 EXPENDITVRE ON CHARrrABLE ACTivmES Concgrts & staged Outreach events prol•cts 2024 Total 2024 Total 2023 2024 Direct costs Support costs 827.2 193,477 184.226 50.680 791.428 244.137 887.465 184,006 Note 7 820,679 214.886 1.0￿.565 1.051,471 In the prKJr per1￿J. £128.t160 of the expendrture on Gharitable activities was from resir￿ted funds. 6 DIRECT COSTS 2024 2023 Fees to.. Players Soloists Conductor8 Tutors and ecfflposers Staff costs Concert relwsal hall hire In¥twment hire Music hire and purchase Advettising and marketing Production eO8ts Programmes Other dI￿t costs 415,753 18.418 6,500 26,259 226.129 35.583 702 4,186 4.695 29,996 715 491.757 21,811 2,500 42,591 239,973 29.191 2.675 4,631 3.960 9.677 767 - ]J 22,492 17,932 791,428 867.465 28 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 7 SUPPORT COSTS 2024 2W Staff costs Freel8n¢¢ stsff Conductorfs expenses Pr8mBeg costs Othtrr office costs Computer costs lThsuran¢a Travd and motor expenses L4>Jal. prof¢s$ional and costs Markoting. consubney and photography Depre￿lat￿ and amoiti8&on Interest Auditor8, remuneralhln Olher p8KI to audftor3: xcountalGy foes Nrte9 77.521 28.316 S.840 25.531 35.941 9,722 11.694 7.399 900 7.663 3,722 513 8,700 20,675 40.357 4,200 17,089 33.31 8,339 11,004 6,148 23.230 9.929 4,701 293 4,800 20,600 244.137 184,CK)6 8 NFf INCOME Nel ints)me is ststed after chafolng: Audf(ors' remunera￿n for audr( seNc Auditor8. remunorntDn for a¢counlancy services DepTeryatsn and amorti5atiL)n Rent paid undgroperating lea￿9 8,700 20,675 3,722 20.675 4,800 20,6 4,701 12.303 As pwmitled by s408 Crmp￿1es Act 21))6, the pwent charty Iw nol preBerned tts own Statement of Financial Adivrtias and reLeted notes. The p&enl chwa￿s net income for thg y¢ar was £93.891 (2023.. £33,073). 29 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Salaries Empbyerfs N¥thJn81 Insuran¢¢ Employerfs PenS￿n co8ts 331,162 30,534 7,355 338,598 31.B71 7,640 389.051 378,109 The average number ofempbyees based on hoodwunt durin9 the yeafwa$ 88 foknv8: 2024 No. 2ff23 No. Concerts and staged events Oulreach pn)iects FUndra￿Ing Administration and Ma￿eting During the year, the emduments rgzNed by one membw of ¥t•ff f911 in the band £70,fM)1 - £80,0 (2023. one member of slaff in Ihe band £80,001- £90,000). 10 TAXATION 2024 2023 Orchestra Tax Rekef- pay*4e to sub¥idiory wmp8ny 141,345 97,521 Irthded in 2023 balarTh is a restètanent of £22.728, which i* explained furthw in note 18boYe. 30 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 INTA￿IBLE FIXED ASSETS Gft)up and Charity Wgbstt8 Cost At 1 April 2023 Addiiions 29,250 At 31 March 2024 29,250 Amortlsatlon Al 1 April 2023 Charge for the year 813 At 31 March 2024 813 N&t book valu• At 31 March 2024 28,437 Al 31 March 2023 12 TANGIBLE FIXED A3SErs Fixtur frttings & instruments equlpmert Group and Charlty Total Cost Al 1 April 2023 Addition8 10,550 39,344 624 49,894 F24 At 31 March 2024 10.550 39,968 50.518 Oepreclatlon At 1 April 2023 Charge for the year 6.918 727 35,529 2.182 4a447 2,909 At 31 March 2024 7,645 37.711 45,356 Net book value At 31 March 2024 2,257 5,162 At 31 Kqarch 2023 3.632 3,815 7,447 31 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 INVESTMEKfs AND SUBSIDIARY COMPANY Thè Charty cwms 100¢A of th& ordinary share Capital of £1 of CLS Produclions Limitad a company nc(Kporaled in England and Wales (No 09084330) with the same Tegistored offts as the Charrty. The comp8nls onty activity 18 that of a pTodu¢tion comwy. The cc¥npanls resurts for the year and nei 8s8ets at the end of th8 ￿rwe￿. 2024 2023 Tumovar Expendilure VAT adjuslmenl Tox [￿￿rab 2É7,513 (408,734) 211.078 (308.5991 12.466 97.521 141.345 Profil forthe year 2.124 11466 Capit818nd reseNe$ at end ofthe year 43,238 14 DEBTORS Group Chttrfty Ag restated 2023 2024 2023 Trade debl¢J Amounts owed by group undertaking8 Tax r￿o¥erable Other debtors Prfrpayments and accrued inc4Jm8 12.718 4,451 12.718 240,122 4,451 97.521 164.071 13.853 68,442 97,521 13.420 35,754 7,500 68,442 7,500 35.754 259,084 151,146 328.782 145,226 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 CREOITORS: APAOUNTS FALLING DUE bwfHIN ONE YEAR Group 2024 Chaiity 2024 2023 2023 rr8dè Cfédtiors Tax and sochal security rru$tee108ns A￿r￿a*S and othw er•dktors DeferTwJ incomo 24.175 5,486 32.932 27.364 50.OCIJ 42,375 17.022 24.175 75.184 32,932 64.881 50,000 42.37S 17.022 30,122 1,384 30.122 1,384 61,167 169,693 130.865 207,010 Defwrgd income comprbse8'. Incorne defened from th¢ previou8 year Released to the Statement of fiftan￿al activities Ari&n9 during th8 current ￿8r. Grants and dCffjatp￿S rgquir8d to ￿ spant in firture witids 17,022 { 17.022) 78,782 178.7821 1,3B4 17.022 17.022 33 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 UOVEMETrif IN FUNDS - 2024 At 1 April 2023- as restatsd Translersl At 31 March taxatlon 2024 Income Expendlture Unrestricted funds General fund 21,182 801.653 (615.5041 45.361 252,692 K￿$SpaCe CfthwJfLsnding Foyle Foundat*Jn 1.875 7.088 11.8751 { 7,0881 20,000 20,000 Charity fLKd# rrndlng subsldlary 30,145 43,237 821.653 267,513 1624.467) (406,734) 45,361 95,984 272,692 Group funds 73.382 1.089,166 11.040.164) 141,34S 272,692 Restrleted funds ParticipatpJn projads mUs￿l￿nS Award Website ABO Sirens Discou)I Itcket sch8me Eyoplaneta The Big Gi¥t 51,843 { 59.843) (S￿) I7.5C￿l 12,50)) 11.5C4)1 500 2,500 1.500 30.OCJO 24.050 30,000 24,OSO Group anij chatity fuThJs 16.C 109,893 { 71.843) 54.050 Total group funds 89.382 1,199.059 { 1.112,007> 141,345 32S.742 Total ch*ly frjnds 46,145 931,S46 (1,112,007) 45.361 326.742 Deslgnal•d funds: KidsSpa¢e The truste8s have deslgnated funds to a project ent￿ed Kidsspaee Ih8t L8 going tr) bè a dedicated secli?n of the CLS websita, linked ID the orch6Str89 athities young children agèd 3-7 yaars. providing Irrteractrve game-ba8￿1 musi￿1 actNitie5 to be used by chlldren in eLlucation or home eNronment3, as an added value element to our existing propcts in this area. Crowdfunding This lund ￿lateS lo a fL￿d[￿LI1ng event in March 2023 to rai9e lunds for ¥tivitfies that look take in the year to 31 Mareh 2024. This des￿nat￿rt relates to £20,000 of a £30,DOO donation givon by Tha Fo￿e Foundation for core str81egi¢ bus1r￿ develowent in the c*n(Jar ￿ar3 2023 and 2024. CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 MOVEMENT IN FUNDS ¢oThtinugd Restrtthd fvnds: r&str￿18d fund$ arlse from grants s￿1 dMation& to fund P8Tlicular projects or rtems of expendlture. and vnu8gd inGom• is carried forward to cover fubjre expendi￿re on those are8s. Detals of restrthd funds actNe during the year are as follrAVS'. This lund cDmprtses gr8nls and donation5 received to suppKJrt the ch*Ws swr-round programme dedicated to making music in sch¢ols, hospitais and c¢ynmunities and 81s0 grants and don8tions recewèd to support the chaws woth in hospitals and care h￿eS to allow music to aid in ihe healing proc985 and providing an oulet for those need it mosL This fund ￿MPr￿s a donation from an individual Sp￿lf￿￿ forwebstte devebpmgnt. Exoplanets £30,000 DOnatIc￿ gNen to thè realis*ion of The ExopL9r￿t5 - a new ￿mML881crt for th8 Stage in SgPt9mber 2024. The Big Glv• FundJatsing core indhimluals forthè artist￿ prowamme dafvery in 2024125 35 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OVEMEiif IN FUNOS- 2023 At 31 March 2023 - As restated At 1 Aprll 2022 Tran5fer51 Incomg Ex￿ndI￿r• Unrestricted fund$ Oeneral fund D851gnated lund.. Kidsspaca Crowdfunding 124.547) 776,186 (730.4371 21,182 1.875 1.875 7.088 7.088 Charity fund$ Tradlng subsldlary 122.6721 30,771 783.254 211.078 1730,43n 1296.133> 30.145 43.237 97.521 Group funds 8.099 g94.332 { 1.lJ26,5701 97.521 73.382 Rgstrlcted funds ParticlpatDn Projects Arti￿ & trainin9 Musicians Award staff posts Websit8 10.150 2,868 79,542 181.692) (2.8681 (4.5001 139.0001 8.000 s.000 39.OCQ 7,500 500 7.500 Group and charity funds 13.018 131.042 { 128.0601 16.000 Total group fvnds 21,117 1,125.374 11.154.630> 97,S21 89,382 Total charity funds { g.654} 914,296 1858.49n 46.145 CITY OF LONDON SINFONIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 17 APIALYSIS OF GROUP NET ASSEfs BFfwEEN FUNDS- 2024 Unrostrietsd R￿rIcted funds funds Total funds Fund baL8nce8 at 31 March 2024 represented ty. Tangible frxed assets Nel ¢urrerrt assets 33.599 239,093 33.S99 293.143 54.Q50 272.6¥2 54.050 326,742 ANALYSIS OF GROUP NET ASSETS BEfwEEN FUNDS- 2023 unrn$trfd￿ Restrlcted funds funds Total funds Fund balances at 31 Marth 2023 arè r8presented ty. Tangible frxèd assets Net current assets 7,447 65.935 7.447 81.935 16.000 73,382 16,000 89.382 18 FINAPKIAL COMMITMENTS At 31 March 2024 the charity was committwl to fviuw minimum leas• payments under rnn