REGISTERED COMPANY NUMBER: 01692341 (Ell%land Wales) REGISTERED CHARITY NIIMBER: 286818 Report of th• T$1$ #tyd Financial St2temeuts for the Year Ended 31 March 2025 for CÉty Of Londoll Sinfonla Llmlted Anstey Bond LLP I Cl)anerhouse M¢ws London ECIM6BB
City Of LondotE Sinfonia Limited CoTrtets ofthe Consolidited Fin#n¢ial stateents for the year tTLded 31 Mai'ch 2025 PAge Cb2irmxn'$ report Report of the Tru5te&% 7 to 16 Report of the IndependeAt Auditon 17 to 18 Con$olid8¢ed Stateellt of financial activities (aucluding 1C0Se and expenditure aCcollt) 19 Consolida¢td Balance Sheet 20 Charity Balanee Sbeet 21 CoJasoladLted Stfjtom¢nt of C&&h Flow8 Notes to the Cg$JJ Flow Stateent Notes to the Financial Statements 24 to 35
City Of London Sinfonia Limited Ch&irmAn's Report for the year ended 31 March 2025 A. Over#ll Framework Ind Conelusiorns There al'e times whtll a Chair needs to cojnbine tlie pr8gmatic with the philosopliical. As is the case in my Report th55 year oll what is the fjrstyear of a new fIve-year journey- our"Music And.... Strategy towards our 60 anniveisary in 2031. enuine i'edefjnition of the role of thc Oichcstra in delivering the highest quality MUSIC experiences to new audiences in new and traditional ways. ID this tr*nsformatioJ)aI year. how does one objectively measure su¢¢ess' and. as a se¢Dnd question, why does success Matte On the first question I will apply here ttlree litTnlls tests. Firstly"auibeDticity" as measui.ed by l)ow our founder, Richard Hickoi would reco8nise and approve of how the platforni he left ha5 now been adapted alld is being clianged for the current ¢limate. The se¢ond test is-rel¢vance" as measur¢d by how we are addressing now The hiohly Chanoed needs of all stakeholders, in pionterinu a new way forward foT orchests'as. And thirdly, how are we doing terms of'differentiation" to justify our long-term sustainability in a competitive world_ Regarding tny second question of "why does it matter?Ytr apart from 5ucce5s breeding enthusiasm, motivation, 52tisfaction and thErefore mol'e success, such journeys do require l¥ge investments of energy and funding, and we need to assess both the desirability as well as our owi capability to take this project further with the aitn of long-terni sustainability while meeting our 5trdte ic and operdtional objectives. I will address both of these questions in detail b¢low, bul in conclusion, the three lÈtmus tcsts, while teaching us impojtsnt lttssoni for improvement in the future, h&vt come out posittvely for all stakeholders, while invesiments Costs have been mched by income leaving reserves at a similar level to last year's. On the second question, based on oui. findinJo this year, we have projected forward forecasts for the next two years on a cons¢rvativ¢ basis which ailows us to feel extremely )IifiJeiit 4bouL uuj Ouiiix CuJii¢i1i sldlrIll¢iiL, [1d uur dbiliLy iv iQV#S1 in the fuLLW¢ I¢¢lI Iv we £127.500 of our reserves for that investtnentwliich will still leave us with reserves ill excess of our tai'geted tliree n)onihs of operational costs A thbute to Board, Executive Team, Musicians and all of those working with us to produce those i'esults. "MIE<it AnA_..YY strtgY. How We Cot There Before expanding oll those conclusions, I thought it may be help1 to summarise those strategic objectives set out irL the ission and vision statements of the report of the Trustees, and equally importantly how w¢ arrived the five year pl. of which this year has been ihe fSt. As get oiit in the diagram below, when I took oyer as CLS Chair in 2010- aftei" l O Yea i)f heillti (Jn the RnArd_ we hAd An active Participaction programme which Worked with tstablished partners in 5¢hools atLd healthcare settings but mainly fo¢used on 'performan¢es' and Jnore on breadth of engitreillent and audicnee numbers. IITith the TIVal of Fiona Lllbert &s Directtsr of Participation in 2017, th¢ focus switched to l0llg-ter deeper and more collaborative relationships with leading iijstitutions providing care to patients with gi'eat ne¢d for the transforniation to lives. Thig was achieved by playing wit people and dei'elop2ng our Musicians to connect and respond through music making more effectively. Our work ill this eRvironment was recognised by an award from the Royal Philharmoni¢ Society, and continues to fJrow as a global beacon of besi practice. And Intern[Y tliis was recognised by Fiona being promoted to Deputy CEO. From 2010 to 2025 the btg evolutionary change has been in the w&y that oKhestral eveiits and participation work have tnt¢rd¢ted- those involved in the]n. Since 2010 we have en¢ouratred greater and gi'eater oveFlap between the two with, at tjrst events inlluencing heavily the ove1711 frDewOrk., and. the last few y¢ars contrast participation practice becoming an ¢ver-greater influencer aud driver of all that we do at CLS. As the 2025 Gircle below depicts the OrGhestra today. our new"Nlusic And.. . journey h&q tskell illto account the huoe ¢hanues in the market for all stakeholders in CLS as listed there. And this has led to the fi]11 integration and central role of panicipatlon pracilce whlch binds tog¢ther the tsroups of LLb activity- a'eators redetininrt orchestral music- how it is made, who makes it 2nd why it matteTS. Outstanding musical skills sit alongsidc consistent and continuing CLS vaIues makints music with other th fonms such as rn1¢. science. theatre, and storyt¢lling. Those values shaping our music-m8kjn to ensure they are JOY1, conne¢tive, Ope collaborativ¢ aT]d full of wonder, reaching bo'ond the concert hall to transforni live5. But now combininrw operating as a traditiDnal oi'chestra playing musi¢ rhey love. with, in the words of the Executive Tcalli, 'bciJl8 UUIIiPallyJ improvisation, co-creatlon and lontr_iemi development jtiio our LLS orchestsal projects with our p3rthers. Frotll psychiatric hospitals to literature festivals, from r¢fiEgee ¢e]]tTes to concert stages, we don't just perfomi dots on a page- we create Enusie with people, not just for tliem" and by doing $0 we join up thos¢ dots. Thus honouring our remarkable past alld foroino a dynamic furure for CLS which hès been acknowledged by Sever of our peers in our discussiolls with them as being the way forward for orchestras in the future.
C5ty Of Lovdon Sijjfonia Limited Ch21rm#n's Report for the year ended 31 March 2025 CLS Model$ 2010-2025 Dth¥J 2010 Mad Changes In Stakeholder Need5 201fy2025 Muslcians-. Deeper ethgagement- n%eaTrinrt cre3tiwtyi participation- 2th¥ commuTricatiDn AJJdienEes', Experiences. deeper en8agement. leamng,' ease of 8ttes3- Stories Partners: CoveatioD,"widet audiert¢es,' shared c05ts.' Shared perspecLiw&5,' 1 +1>2 Donor5.' iA)rigteYm value,. beyond efften3inrneDL feel 800dladdln8 valLTe; unlty fvnpact-the Dew.. thanseihings Comtn14llitles.' More inclusioo.. Openi a¢¢es$' bb5t0 btsrfd arovnd,. $erle5 of oroffs C. Was the First Year of the"Music And... Str#legy Succe5sfulg TurRit)g now to the qualiutive and quantitative assessments of the year. starting wirh tbe three littnus ttsts.'- L Authenticity. We fr¢1 ihat Iucliard Hickox would have recognis¢d and re6pected this oiven tbat CLS is still=. Usints the exts30rdinary skills and talents of our mL)si¢ians to go beyond straighifonvard'"perfor[nl¢eS at" an audienct to'interdct with- them. Heavily ¢ommissionints eW compositions that explore British Culture with diversity as Richard did with Bi'itish composei$. Pushing furtber with storytelling theatre, op¢r4 poety as in his owrn productions of Mendelssohn's Midsummer NiJts t's Dream with the RSC. Building upon the CLS interactive and relaxed ¢on¢ert model to create immersive &t)d enriching experiences deepeDing our connection with audieD¢e9. Going fuither into the local cott)munities with events and Participation as we intend to do now in Hackney. ill a way that he did in Ettdelljon. other vèttueg lrt th¢ UK. Retaining the very special family feeling and culturelvalues of CLS going forward. ii. Relevane& It Is ¢asÈest to judge prog'ess during the by stakeholder.'- Mu8ieÉan8. Transition "artgse, eased by the fact that we wctc tran8forn)irJg cxi3ting musical activiti¢s and ski113 into our new journey - iticludinir our Musici8ns' involvement in the development workshop of The Exoplaoets aod other projects, exploring sponianeous mUSlG-m2king and theatre&l storytelling. Buildints upon the skills developed through ourParti¢ipation practice. And by the end ofthe period. we have on fLle one of ourvery experienced tnusirians referring to this wo¥k as'it's the most tmwrtant thing I do { a musiciatL)" A growing feeling within tbe Or¢hestra the Strategic implications at¢ ¢laTAfied.
Cfity Of London S5nfonlA LlmitÈd ChainaN,$ Report foi- tlie year ended 31 March 202S Already thi5 year performances were up IOQ/o to 90. Over 46,000 people saw us play, which was an increase of 25°/0 on the pi'evioug year. And the number of hours of orchestral playing was up to I1,6?7 houts- up 4D/o on the previous year. On Participation, the numbtr of intei"actlOn5 j5 1.?22, which 15 a 31 /0 illcreast otL the previous year. We had 15 hired engagements. and, fInaJly. worked with 15 strdte. ic parttiers which w&8 a considerable increase on the past. A trend in the rEght direction at least- given the importance of an increasing level of actIvtY for our orchestral family. Finally. we have pushed successfully to help the journey for individuaI musicians from'emerging" to 'pTofessionai" integratino and profJlEng mid.Ce2r musicians and providing networks as well as training and development opporttjnities. Examples include the placement of Royal Academy of Music Fellow5 on our fluhip projccts and developmellt session5 Wlth SiDfonia Smith SQu"e projects with YouE]o Sounds UK aimills to i'einove balerS for illusicians of all backgrouJds. Audiences. Building audiences always tskes time- especially w4)en opening up new IocY41 coinmunities in artas new to CLS. Apart from tbe foul and five star ci'iuc reviews, & typical piece of written audience feedbatk we ¢¢Ved wa5 "a magical ev¢nEnO with the City of London Sinfonia- familiar and new music brought to life witb storytelling, adding a whole new layer of magic" And'new layers" of audiences in llew comm[ltIeS such as Hackney. Clearly the gradual gr0h of Box Office numbets StLII reflect Work in progress, but there is clear growing alldience intrrest in ¢fOgs-dis¢iplinary collaborations integrating science, literature and theatre with cultLwal trends in interactive, infor5na] olassical experiences. P21tieipants#rttt¢rs. Hei'e the test d)is year has been add new exciting partrterships for the new type of events we are doingj Iwhile r¢taining our faithfiil loyal partner:hip" hieh we httvè hod both for playin-"muoiC we love- concerts), and our new Participation-led work. We created new hirinLT partnerships such as Ealing Choral Society and tlie Brighton Festival Chorus: international work with JobuFg Theaire- and Nonvich Theatt'e, Rtvere Ails, St Mary Ukraini)Ji School, and the Curious DiTe¢tive in exGltinu new project work. Alongside an inervasing collaboration with our Op¢r& Holland PaA<. and its Choiws,; St Paul's Cathedr&l- and other longstandi]]o partsjets in hospitals and mTniinities And finally, our new Community partner organisations such as Hackney Music, JWI, New CilZenS Gateway, and the New Generatkon Steel Orchestra in Hackney developing relationthips and audien¢¢s WAthin the ¢omrnunity to Fnake the Arts more accessible. DoDors #nd Grant Providers. This has been yet anothertou. h yea]. for those in the Arts where transition fllLallcing is sadly attd wtongly not valued and therefore not availabl¢. cerall donatiotis and gi'ants have decl&ned from 4?O/o of tuinover in (he previous year to )8/0 in this year. But still a very tnc0taging year with 5UPPOrt from funders su¢h as Arts Council England and Garfield Weston reflecting the way in which our pioneei'ing appro&¢h is meeting their ¢hangtd focussed objectives. And thos¢ of individual Ie dollors to (Trw. major projetts_ DÈfferentiatioll. Differentiation is a T&ther different'litnjus test" io th¢ two jusi discu55cd above. It is raTe that anyone would back something purely because it is differentiated. The process in ollr case is the more conventional on¢ of creating soimething which is authenii¢. relevant and achievable we believe in. and thetj testin(T whether It Is trt]ly ditTerentiated-2nd i8 valucd by all the vaTiQUS Stakeholders we liave been considerino above as suth_ If differentiated alld valued foi. its differentiation, then the hard work rigk-taking to achieve these targets are ivorthwhile. And so thi.£ hA% httr.n A vpry major tegt diTrin8 thig fitstyè9r of the'mugic And... $ts2tegic plan. Feedback fthr hits be¢ll Positive from different participattts in the illdu$ily'.- Our OWJJ feedback. Differentiators include our pra¢tice. co-creation and'makints" of things wt then perfotm, lather than followEng set repertoire (the notes on a page). Also our cross-discipliDary ¢ollaborations,' the size of projects such as Exoplanets and"Rest" described in the report of the Tnlstees" the depth of oui. participatory projects in the health field compared io the breadth and vtslume of our owll participation work before 201 7, and that of our peers tod&y. Our interactive, informal cla5sicd experi¢n¢es in welcominu, participatory music experierjces whicli involve not just an attitude of passing fads, but a puryoseful building of expertise. And orchestras for the future combining ntw collcepts for an orch¢stral eveRt tt>gethei' with perfonning traditional. musi¢ we like to play" to appeal to audiencedstakeholders of the fvtvre. Consultant Sector Review. However. in addition to our own fjndings, I would like tt> share those of a ¢omrlliSSioned consultsnt sector review of 10 comparable cliatThber or¢hestras which has reveal¢d CLS'S differenti&ting factors focussed on by othert=. Pag¢ i
City Of London Sinfonra lJÈmited Chairn)an's Report for the yr ended 31 M&rch 202) Making show5 U5iniy"re5ponsive impi'ovisation p12ttitÈs" tDgaging all its Jllusicias as'makers" "stagecraff, and pi'ogrlllnming narratv&stOryrel1ig. dramatLLrgy shows- often combined wrth ncw commissioned music., incorporating lived experien¢¢s,' two-way communication with audiences all guided by an"Artist's Coun¢il" who provide expertise in pertormance, Jnclusion and comn]unity engagemenl till¥ as criticai friends ro ¢nsure fresh perspectives and Enipactful eommunity woi'k. We tontiTrue monitoring regularly to ty to understand whether these differentiations are appreciated and valued so tliat if certain areas are undeEperfotmin&. we are able to reallocate resources. shift to new messatsints or do whatever is necessary to iry to reach our north star objectives and strategy set out earlier in this i'eport. Our journey S not a short or cary one. but it is itnportant tknat CLS is now beginning to be recOtr ised as a leading innovator in orchestral ptacticE dnd i5 attracting much gtcatci" s¢ctoi"_widc attcJ3tioii i¢sultiIig iii LLS briti¥ itivi(rJ Lu jvin iialiunal LuryveTraiivAJb a[ranS by tb¢ A5sociauon of British Orcheskns and others. D. Financial Results for the YeAr Endino 31 Maroh 2025 After fulfilling the three qualitstive'litmus tests", tlie ulllm&(e on¢ for (he year was whetheT we could break even for the year (Lnd maintain our r¢8¢rv¢3 whilc invc3ting 2n"Music Artd... Overall I liappy to r¢poitthat wc ciidcd thc ycar witli a small sutplus of £26,838, leaving operating resenres aloSt unchanged from 2023124. Expanding on SONLe of th¢ significant fjnallcial dats sliown in the Consolid*ed Statement of Firtancial A]VitieS and the aGPany1g notes-.~ Turnover incre&8ed by 6.80/fj to £1,228 ?21. Within this figwr, Charitsble Activities Income accounted for £885,OOQ, an in¢reas¢ of J1.2Q/o on 2023P4. . Fees 2nd Box Office in¢ome accounted for 72•/0 of turnover, and was up by £210.QOO. partly as a result of the higher level of activity surnmari5¢d in section C above, in this of ttansitiOIL reflecting & mix of old and new programmintr . Donations and (TTants, however, were down ?6/0 on the previous year, donations and grants both, coi]]cidentally, di)wn by the same percelltsge amounL And thereforetooether they account¢d for only ?8 /0 of the hiuhEr turnover versus 42010 in the previous y¢ar. Although a Greditable reSt in a very difficult fimdraisints cli]nat< the fEgures were hit In a tTansitiona y¢ar, by th¢ etlorinous changes in orgaois&tion- includinu the very sjnall fundraising teaFn-as well in progran]tlling, and overall redirection of the ¢ompany. Applications tD Trnsts and Foundalions were delayed until Board appiovai of "NIu5ic And... but 8tiI1220/o ofthe donors were new olles for us,. while on individual giving, chage1 in the team Itd to aps in stew2Tdship that have since been put right, but too lat¢ to affect this year. . Staff costs were held back with a 9D/o reduction at £3J7,000 helped by i shift fmtll fvlly employed to contracted hours in certain area5. Ot¢h¢stt81 TLK Relief has been estimated here at £145,000, la hAghly valued cotjtribution from Governinent to the Arts se¢tor. With increased co-cre&tion and WOAI on orioinal produ¢tions with parthers. it is likely that this fjgure should $18nifi¢atrtly incjrase in the future affording us agreater volume of own productions. The result of the above is an iR¢rea5e our unrestri¢ted fid5 to £30J,583. Given the need to continue investing in mornentum and achieveTnent of our strategi¢ objectives. the Board has decided ro allocated £127,$00 of these foi such inv¢stments next year into a designated which still leaves J.5 months of operating costs in ieserve Ttpresenting [17/0 ufthe threc month Tlllrshold wl1l¢h we are keen to r¢spe¢t. Jn sumTnary, ow Music And... financial stsbility in its ftrstyear. ' Strate has maintained E. Why Does Success Matter. and Where Do We Go From Here. Th¢ yCarbcgi. iji tLI]ess, widj aji Iuind un th¥ partof all those illvolved regardlng tmplementaiion challenges of'Thussc And.,. but certainty with a lot of question marks that needed to be resolved to justify the ellerJo alld investment ne¢essary for the five year joutney tOWdS our 60 birthday. As expected, the dtveloptoent of the llew strdtegy has requiTed fjnancial investment in order to buiId our brand, develop creative p2rtnei'ships, introduce our offer to new audience5 and participants and deepen engagement delivering meaningful impactfi'om day one. The encouragillg results setoutitt section C and D above should strengthen our stratertic positiom reinforce stakeholder confidence 2nd Euppnrt aiir fnr fiihirÈ. IVP.51ellt which we need to sustain the mo]nenrn of our pioneerino in this sector. And we are beginnints to d¢monstr&te the value of our artistic vision, our ¢otnmittnentto accessibility. and our role within developing orchestral tnusic and orchestras forthe fvture. Moving fonyard we need to do two things at this staac. (i) The first l5 to reassure all stakeholdei'3 both internal and extemal in tern]s of our financial plannintw to fid the next four years of the plan. And {ii} we need to br02den faTrth the proof of concept in the creativity and leadership of this path to orchestral relevance for the future. Pugg 4
City Of London Sinfonia Limited Chairman's Report for the yegr ended 31 March 2025 Regardino (il fin8meial planning, we have taken ow end of year posiuon described above, and piojected forwards for two years from here to sliow we c8n work within breaLeven assumptions, and maintaining the level of reserves we currently have. The basis for sustatning viability ovei. this p.10d is built on what we feel 't conserv&iive &8sumptions including Rew rules for approving fuluiE proj¢cts'.- R¢gardin8 inconie from eharitgtble activiti¥¥, tJu¥ base piDjectioJis are based on three main soui.ces of in¢otne- namely Opera Holl&nd Parl hired entsagetnents alld Participation. I4Te have historical evidence year by year for what has been achieved in these three are2s which have been quite Consistent thd re&%onably pr¢dictable over the yeaT5. These are the base Components of our projections. Regarding fLEndr#isino our predictions are based on highly competitive market assumptions. And therefore oll siilli1. r¢sults to tl)iB ycar to whitli Ive hopc to b¢ abl¢ to add additloiial fuiidiiig pivj¢¥i by yiujr¥l d5 drbii.ibrd bcluw. Overhe2d$ And stsffirng will be carefully monitored, and Set at level5 justified by the base platforni projections metltioned above. Blendin8 full time employ5 and part time consultantslsyb¢outra¢tois as required to give us the flexibility arnd e08t control that is needed here. Own produrtiOD5 whicli, by their very nature, risk losing money forthe organisation, will continue to be subjected to the di8ciplinè of htsving funding in ploce prior to ¢otnmittn£ GxpcndituiK. Clearly in this first year we have been trying to establish a modified bnknd imtge for the Orche%tr4 and this needs to be worked on very systematically during the rest of the five ye&. plan. This, In i'equires conssderable investn)eni of time and txpenditure in communrextions to cre&te a mijor uplift in our capability here. Examples will include strelltheing olli. digital presence and content planning- closa. integi'ation of fundraising. Pwticipatiotl alld artistic messa.gÉng, and a improved clarity of putpoge ¥ro$8 internal and exterttal CtsrktsnvnitatiOn5. This will brino us rL YLety of b¢n¢fit3 in tcm13 of increasing the profile and therefoi'e our brand awareness, but also income fi'om tick¢t sales. donor etLgEoFement, alld attra¢tion of partners to deliver our strategic objectives. A full communication strateJts will be delivered in yeartwo of the plan. Regarding (ii) broadening proof of concep( we Iiave had very positive feedback on several fronts to encoura2e us to tnove fonvard. There is a core piogramme which needs to be a contributor to costs. and * more challen1ng programme artistically involved in creating the orchestra of the future. Th¢ flagship p14)jects such as Exoplanets 2nd Rest have elicited not only p&rtnerships and the desire to mak¢ these con]me1'ci successes, but also provisiotl of laroer granis and gifts at a scale which we have not rtceived in the past for our norn]ai programming. To these we need to add th¢ events and satellite projeets to provide not only more work and income. but an enhted brdnd r&sulting fmm this work. The main drivers of Creativity and illitsallves here ¢ontinue to be Alex W(M)d, the Creative DErector Leader of our Orchestra; Rowan Ruttei, our CEO. Fiona Lambe¢ ourDeputy CEO, especially fi'om hei. Participation antrle, and the Artists Council which provides input from its Inembers who blino multi-sector experietlte to our thinking. F. Other Nq#tters l. Going Concern. The Trustees Report and note I to the Accounts set out the reasolls for our Board's full confidence in our Going Concern statements. Includin poiijts made above.'- After the TSte¢S deSIat10 of a production fijnd of £127.500 to invest in the artistic development of the ¢omp8Jy and ongoing partnetship5, CLS maintwns operating i'es¢rves above the three month threshold- n&nely 3.5 months of operating costs. Projections bave been done for the yegrt ending Mar¢h 2026 and March 2027 based on the consernative forecasting rules outlined in section E. these fore¢asts show year end movements in unrestri¢i¢d fund5 of £1,000 above and below break even. While the financial environment that the Oirhestra operates in ¢ontinues to remain challenLTing foi. all professional P¢rforyning Arts organisarions in the LK, City of Lortdo Sinfonia has taken every wTrssible step to ensure that our brand and vision are differentiated, and seem to be rel¢vani and therefore as attrtIVe w funders as possible. We contÉnue to be attjle and invelltive in our fundraising strategy wtli 220/D of TMsts last yearbein(t new to our fLdIng porttolio, and bi'inging in new ways of attracting 9d 2naintainin(k individual dono[5 throu811 progi'amming, inforni&l ¢vents and enteilallllllent. Pe3
City ofLondon S•t01 Limited Choirnwmls Rtpvrt for the yearended 31 Mareh 2025 2. MottitotlllE of Ri51L A key eletryentof 8ovemance for usthe Hoardof Tn1$ 15 rcgulwly updaling and revie¥Yin8 Ihc Risk liegist¢r which idcntifirs risk in 8overn2lltt- fin8tt- ¢JperatiOnS. gDd artistlE arw. Hishlighting some ol'thu Onihe finance sid< aBd isl ¢ommoD with most Alls organisitiofft$, our Box Oniee gnd comrnercial income havc inhtr¢nt dcgrce of uncerlwnty. Wr have an experienced Fthance & Operntions Commilte¢ Chaired by li'illiètn SpUTn. CLS Dq)uty Chwr. for many yeaTS. ThgTnsStees txamine man8gemenl accounts wilh fore¢asts and cashflow5 attached on iTnonthly basis. Safe8u8rd2ng isk¢y 8Lven the heavy prowrtion ofour work Participatson ¥]Jd wth the ¥uln¢rdble. Fion Lbert's leng txperience hert ensures th&t DBS and simiTAr processes )re fvlly observed bi. aIl in%olved. Hcaith and S&fay is clo$¢ly ThonitOTe¢ 3nd reports are provided to Tntts al ev¢ry BtsaTdThr¢iin8. Thr Risk RegistCT is t¢vi¢w¢d Separately by th¢ Sth?OT Mamgement Team. the Financ¢ & OpallonS ComminLY. and the Board, and wL818st r¢viowed by th¢ BooA in S¢ptrnLber2025. 3. Colltlvs5olls HeartfeltTh¥Dks. Ov¢tall I hop¢ T havt painl¢d apsthT¢of Iwd 01k by all and the lessons Ic8med as ive Creat¢ anew path thTOUBh the forest of orchestrdl relevance and SllSthinabiSity. Bvi we able lo port cxtremrly cncounging success duringthc first yc4rof-Music And... IErtn5 of significant arti51ic. social, organ15ational and rq)uiatioD8J gains. It is e4Tly days on journey. wt rtlly to xpptal to ttytslle wbo $byru 0r belief5 in thut wortby objtrtivt5 in a cr8zy ajkd difficultTvorld to joio us 00 this very ¢iritittg Ld athievable journey plt•s I do fE¢I thatth¢ organisalion today h&5 somethirlgto start slLOUtinE kbout in tertns of morn¢tKtwn, ol4rity ond cop&bility r¢4uir¢il to &livGrth¢ llGxt Pha of thc tr¢¥y. And IYG ))"1[ lo klp io show the world Ixow Arts generally 2nd music ijj partiw18r ran provide m¢aning* civilisaiion sense io pcopl¢ in today's world, mott spe¢ifLLxlly okpsolidatr CLS, w51tivn as oft¢ ofthc UK'S noss iTrnov8tiNe 2nd sociall!- responsive orchestr& And in tnaking thatstatrtneDtth8t i r¢ali5e justhow m8ny people CLS h&8 to be grntrfu] to for gettiTt8 started in this tra%" on our Journey. Flr511y our wonderfvl CEO Rowan Ruucrwho worked 50 hard 10 creait and srt lexitine implemuyatiofj of thi5 Vi55a4 8nd FionaLambert who hugely help¢dtO fO.CT¢ate itthtough the posiiioning ot her P8nicip¥iion experICe in thc ccntrc of1 we do. But withoutthc inputofour Ext¢Uli%'tTearn. Dur tiithusiostic and gellerotLS Board. ourvery specixl. brilliaThLwaTh and engaging Musicians led by oural ltsdcr¥d Crvdtiic Dire¢tor exdraW0od-wIthOtsI all of thtsc. wt Ivould be irt a po$iixon w ty ntsw kn tsk¢ on to the nlxt sge. M!. heartfelt you 811- I am Thote Ernieful th8D I can s&y. john Sing¢r Chair Page 6
City Of London Stnfonta Limited Report of the Trnstees foi- tlie year ended 31 MarelE 2025 The trustees {who are also directors of the company foi. the purposes of compally lawl peThI their i'eport and the audited gi.oup and parent ¢Otnpany rjnanci statcncnts of Ciiy of LA)ndon SinfoniaLimited for the year ended 31 M'(h 2025. The trustees GonfTh that the i'eport and the group and parent comp9Y fin$tial statements of the charity comply with the current statutory i'equirements, the requiretlleiit5 of the governing docllmet)l and the provisions of "A¢¢ountin(T and Reportin by Charities.. Statement of Recommended Practice applEcable to charities preparing their atcounts iji accordance wth the Finalleial Reporting Standard applicable in the UK and Republic of .¢I#lld (FRS 1021 (effectivc l Jwjuary 2019) (Charitie5 SORP (FRS 102)). RtfÈr¢nee and administrative information Company number 01692341 (England and Wale5) Registered charity number 286818 Board Ternko Iwanaga Joanna Livesey Patricia Millett Alan Mor. an {retired it) year) Mark. Redmall Daniel Sandelson Julian Schild John Singer (Chair) WÉlliam Spurgin Sarah Thun-Hohenstein Chief Executive Offi¢er Rowan Rutter Regi%thd office and prit)¢ipai office &ddresS l°Floor Radisson Court 219 Long Lane London SEI 4PB Independent auditors Anstey Bond LLP I Chartcrhouse Mews London ECIM 6BB Principal bankers Lloyds Bank plc 35 White¢hapel High Street LoDdoTr El 7PII Strllctur4 governanee 2nd managemeNt City of London Sinfonia LEmited was incotporated on 19 January 1983 and is a Gharitable company limited by tsuar&lltee. It has no 3harc capital aiid is aovcriittl by & ili¢JiJUliULdulli atjd artlLl¢b of a55uciation. In the eveni of a winoing up, the member's liability is limited to £5. Past members who had resi(Tned in the twelve months pr¢¢edints the winding up are also required to contribute up to £5 each for debts in¢uiTed whilst they were Jnembers. The members have no entitlejnent Éo surplus assets on a winding up- any such assets will be given or transferred to some other chlble institution or institirtions with s1jilar Charitsble objects. The Board of Trustees is responsible for selecting and recruiting sllit&ble tiustees to oKi¢e at th¢ Awiual General Meeting. There Es no maximum nymber of tNstees that miy be elected to the board. Trustees may servt for a period of nine ye8r$, subj¢¢i to Fe-election every. three years. After nine years of service, trustees tuay reinain on tIie board subj¢¢t to an annua] re- ele¢tioJ) provided more than 750/0 of the trustees support their rc-election. There is no limit impos¢d on trustees. New tStee$ are inducted tknugh an intensive briefin(p by the Chief Executive and ¥e given ajob description, the Inost recent audited aceounts and the curTentyEar budget. Pd¥¢ 7
City Of Lo]Jdon SiTLfonia Limited Report of the Trustees ror the year ended 3] M#rth 2025 Poli¢y decTrsii)ns tre tnade by the fijll board of tiustees. with subcojnmittees for Finance and Operations, and Development and CommunicatiotL, With boih bodies reporting to the full board on a quarterly basis. The day-to-day decisions are made by the Chief Executive 2nd the administsion staff. The Chief Execlltive's remuneration is set by the board ot"tnsstees and does tLOt include ally bonus or pei'fonnance related remuoeration. The Cli&ef Exccutiv¢ then sets the pay for the reinainder of the administration. with annual illci'es foi. all staff weed by thc board of trustees. Our People •ta Rowan Rutt¢r- Chief Executive Fiona Lambert- Dtputy CEO and Direcror of P&rti¢ipation Steve ThD]nas-A5sociate Produ¢¢t Beka Bee- Developmentmanager Lance Smlth- Finance Manager Fi Johnstone- Produ¢¢r {PrOJts and Participatiiin) Cheryl DaTrics- Participation Produ¢er {Maternity Cover) Gabrie16 Neuditschko- Marketg Audi¢nc¢s Manager Ellie Swithinbank- Head of Orchestnl Operations and Dtvelopnient Ajiiid Oiri- ASSiblutiL Prv(IuLgr IPrvj¢Gts and Concens) Beatrice Tinsl¢y- Projects and Ad]ninistration Assistsnt Orchestral Legders Prineipals Alexandra Wood- leader Vao&kn)cy"- prirt¢ipl 2nd violin Fiona Bonds- principal viola Will SGhofield- prin¢ipai cello Joely Koos- co.principa] cello Lynd& Houghton- pnntipal double b$ Karen JDnes- pr1C1p[ flute Dan BatE5- principal oboe Kaiherinc Spencer- principai clarinet Ursula LeyeaY- principal bas500n St6phen Stirling- principal horn Nichol&s B¢tts- PTincipal trumpet Dan Jenkins- princEpal trombone Paul Latt]bert-prin¢ipal bass trombone Jeremy Comes- principal timpani Art15ts Council PhillipaAtLders Nicola T. Chang Ragh8d Haddad Natb2n Holder Anahi Ravagnani Sita Thomas Matthew Kofi Waldren Page 8
City Of London SinfTrnia Limited Rep(brt of the Trllstees for the year ended 31 March 2025 Objectives alld activitles .lerrifEcperformoncesfrom City ofLondon SinfonEa Across a ivide range ofslyl2s KderS ihgy gave ttceounis ofihe music thal ieully Ifi red li offihepagé. {Plllnet Htsgrll, Ikinbgr 2024) "Ii s nol offte thal a classEcal Miisi¢ COfrFcei't oJter$ io £akeyou beyond ihE slr(Jlosphere (Jtsd bttck, bui ihi$ inlrigi¥ing evening fron7 thg Ciry ofLondon Slf0}IlLI didprécisÉly iJ301141iih ¢ovsiderable elan (The AFIS Desk, Oclob8r 20?4J In the fInancial year 2024-25 CLS delivered the first year of its new fjve-year strategy Mi&sicAnd... which will see the oi'ganisation through tts its 60 anniversary in 20)l. We worked with fifteett strategic partners to deliver ayear of diverse and differentiated outyut. Over the course of the vear. we delivered 90 public perforanceS. increasing output from the previou% year hy (Jver lllQ/h. tr) audiences totslling 46,000+ an increase of 25°/0, including 250 fi'¢e rickets foi. You and Nlnerable people. Including our reliearsals and cre&tive developLent S¢Ssion& our musicians played over 11,000 hours and aiso had over 1,300 interactions with partiCiP2nts in hospitsls, hospitsi Schools, care homes, and community centres. The orche5ts3 continues to be led by Creative Director and fijst violin Alexandr& Wood. supported by our world-class memb¢r playeJE. CLS musicians coounued to grow as individual artists not only through our award-willning partieipation work, but also throllgh the second year of our Participation Development & Legacy Award. ' Enlighiening, JantaFlicully engagig. apjdtti momenls IratLYceKdental. lihougkn il wos ¢omp/elgly amozing. (4udieF7cefeedback From Ptsle to Pole, J5 Oelober 2024, Smi¢h Sgtiare Hall) Music AAd...str&tegy Out strategy, Mu$it and..., builds on the belief that orchestral music can do more.. reach more people. tell larger and more complex stories. and create deeper and more lasting social impact. This strategic diredion integratg5 high-quality or¢hE5trai perfonnance with long-terni Creative d6velopmenL meaningful Community partnerships, interdisciplinary collabor&tion. City of London Sinfoni& ICLSI stands tt a pivot t¥Lornent in its history. With audience behaviours shifting, funding models ¢hanging. and the wider classical music Imdscap¢ evolving, CLS 15 responding with a boll furure-fo¢used approach. Our Music and... strategy posiiions the organisation as a pioneerltr force in 21si-century oichestral PCtice-adaptIVc, inclusive 2thd socially enged. AdienCeS, artists alld fundErs e changing t(x)-. Audiences in¢Tg1Y Seek meaning. connection. parti¢ipaiion and emotlDlla] resonance. Artists are looking for deeper engeMent, authonhip alld opportunities for creativity beyond the ttaditiona] concert model. Funder5 are prioritising inclusion, commimity iPaC( cult[1 relevan¢e and long-tenn value. Our response is a new model that fitlly integrates creation, co-production and performance. Missloll, Vision Values Our Values. tooether with the mission and vision guide every aspect of CLS'S communication, perfomian¢es, projects, alld interactions wilh audi¢nG¢5, funders, and partners Our Vision A music sector that is welcoming alld inclusive. A county wheTe ]nusic is accessible to and teSsed by all. A world where usic is a vehicle for equity and connectivity among LII people Our Missio Through music and the stories it evokes, our mission is to explore nd connect with our collective hLllnan responsibility- to ¢a¢h other- and the woild we shar¢. We embrace this tnission with opcnness, cllriosity and care, ¢ultivating MnincIfUl Ilaborations auiong our rnusicians. audiences alld pthners. Everyone is welcome here. P&ge Y
City Of Lodn Sxnfonia Limited Report of tlie Trustees for the year ended 31 March 2025 Our Values Joyous: At the heart of everything we do is joy- itt tht power of rnusic. in the collective ¢xperiEnce of making and listening to musi¢ and in the gifi that music gives u$ all to live our lives a little brighter. a little IKghter. & little nore delighted. Conne¢tive- We believe that music is the conne¢tive tissue that binds ideas and people. stories and science, facts and fictions. Live music holds a spac¢ where all people, no matter their origins, can com¢ (ogether and be connected. Courageous: We dare to ima4ine and shape new worlds, answeriJ)g big questions through tnusi¢, embrncing the unexpected 2nd pushing creative boundaries. We arnplify new voices and ideas, balallcing artistic ambition with fEnanciaI resportsibi]ity to ensure LLS ranains sUSt21nable, adaptable, and thnving tor generation5 to come. Coll2bor2tive: We believe that by working together we ¢teate Ore meaningful, ad more CoureoUS work_ We bring illdivÉduals, and or8anisations togdher foi eXtrrdinary creativity and memorable moments of music. WuUr- W¥ are deeply vurioub about the world we live In, and Ehose we share It wlTh. We carry wryth us a sense of wond¢r and are inspired by the beauiifvl, the unfamiliar and are made stronger through our desire to setk out stories aud discover. AchRevemeDts Opera Holland Park Partllership ?024 saw the ?OU' anniversary of the partnership b¢tween City of London Sinfonia and Opera Holland Pajk. Our 20 Opera Holland Park Se2son featllred.. Tasca, condu¢ted by MatthewKofE Waidrtn, with acclaimed South African soprnio. Amanda Echalaz, in the title role The Barber ofseville a double bill featuriniy Tholf-Ferrari's JISegr8to di and Leoncavallo's PaRliacci Acit and Galalea, Opera Holland Park's first production of a Handel operL directed by Louise Bakker The Yeomen ofihe Guard, in a brand.new production directed by John Savoumin and conducted by David Eaton Patterns of N2ure- Contert Series Our own-promoted work in autujnn 2024 centred on Pa¢terns ofNaÈure, a three-eDDcert series at Srnith Square Hall. Ea¢h concert ¢ombined exceptional musical perfonnance with expert guest qpeakers. irt line with nur lnno.tpmi xim tA pIAr.p storytelling and interdisciplinary thinking at the heart of the concert experience. shi7npneringlnterfweee featured musEc by Johll Adams and Bela Bart6K (l¢¢d by Alexandra Wood, with engEillg insights into Jnathetnatical patterning by Prof. James Sparks (University of Oxford). Pole to Pole explored cloud fvnnatiot)s through teTh musi¢al works from Marais to ¢ontemporary Gornposc, illuminat¢d by scientific commentary and original imagery frotn Dr Simon Clark. Song ofihe farth in¢luded a personal introduction from compogerDr Helena Anahita-wilson: conllectillg Mahler's work to themes of naturE and human fragility. Kenneth Woods conducted an intimate 16-player urangement by lain Farrin¢ton. ftaturing soloists Yvonne HnwArd qAtriyx A late pro8rammittg eh2ngÈ introduced 2 neur work by Zhenyan Li. leading to a further con)mission for the 2025126 seastsn. A ForJA of Exile- Collxboydtion with the LfjDdon Review of Books We returned to th¢ Quc¢n Elizabcth IIall in MaTGh for di¢ 5ccond iiistaliiiuii vfvui V<lltsi¢Trliip with th¥ Li)ndon Review or Books. Forpn ofEzFle.' On EdwaYdSoid a£&18 Style brought together writillgs by and associated with Edward Said. performed by four distinguished &ors and directed by Ed Madden. These texts were interwoven with late works by Beethoven, Britten and Richard SITaUS$tr perftsrm¢d by young tirtlt.- and Tn0mb¢Y of 1hc or¢hc3tr4. Th¢ ¢v¢nt wlltinucd our COmmitrtLcnt to pairing literatuie with TllUSIC lll a way that deepens audience engagement. Come and Sing.- Vivaldi %lld Handel OUT annual Good Friday'come and Sintrl1J Ghoral celebration has rapidly beco]ne a signature event. In April we psented Vivaldi's Gloria and Handel's four CoropJationAnrheTrYs at Holy Sepulchre Church, welcoming more than IJO audience singètr. The ev¢nt reached vcnu¢ ¢apa¢ity and offcrcd an upliftsttgj InclusiVB TriuJiFil ¢xpcii¢iiGc lcd by 9}iduvI Mi¢lJit¥l Papadopoulos, wilh whom we look forward to continued collaboration. Page lu
City Of London Sinfollia Limited Report of the Trustees for tlie year ended 31 Marth 2025 Wondtrlalld- Early Years Touring Produetion (0-3 years) 2024 saw the laun¢h and tt>ur of Wonderlurtd, part of Th8 WopyderluNdGu¥dén co-production with partners in Pettrborough. Directed by early-years thtttte 5pecia]ist Sarah Argent, the production combined WesteTn cla%5i¢al mu51cians, South Asian percllssionists. and a global majority actor to ¢reat¢ an imtne¥siv< musicaIly rich world for pre-verbal children. DlOpmEn1 aAd ErJJ.ly Sharing Early creative sharinos in nurseries and fatllily settillgs in London and Peterborough offered invaluable"in-the-momeni- lllSighrs inio how very yout]g children responded to souftd, movement and storytellin These sessions shaped the show's final fortn and helped perforniers develop live devising skills specific to trarly-y¢ars audienG¢5. Touv2g0tReach The pUctiOn toured London. Peterborou2h. and the South West in May-june 2024. perfnrmintr in thestre4 And e.nmmTinity v6iiues, including underserved areas where free tickets were mad¢ available. Audience reactions were overwhelmingly positive. with comments ernphasising the show's quality, imaginative sound Worl and its impact on younu children. Crilicdl andPeer Feedbaek F¢edba¢k highlights included.. "A bÈellaTk/or qual£ry Eo¥11gW0Tkf0r veiyyoung chlldren. LUU, Landmark"I'heatre'lrust "The mosl ipJcrethblÉproj6ct... real visEoi ads7¥bsÉonce. - Musicia 'li PandEd soudWOrJdS aNdminds." Musi¢1& "Mespi2grisingfor a(aults andlidg. Poelic. -Nursery carer Afy baby hodsuch agDodtime..- pure joy." Audience member "Awe-inspirEK£... word ofmouth Spreads 4uickly. Head tsf Idea 8knre, Tnwe.r NATnI¢ Due to the stregth of audience and partner response, a second tour took Pla in Spring 2025, including venues Postponed fron) th¢ first run. AdditionAI Artistte Partnerships and Engagements 1Seyond our tlagship progratnme5, the season included.. New hire partnerships with E21iJg Choral Soctety and Brighton Festival Chorus. The Continuation of four summer orchestral Masses at St Paul's Cathedral. Incre2S6d collabor&tion with the Opera Holland Park Chorus outside the opera season. An invitation to perform 8t St Paul's Cathedral as of a special service marking the 80th anniversary of IE Day on 8 May 2025. Ongolng iniernaEional work with Jot]atinesbllrg'lheres has be¢n established with wod( planned for 2026 and 2027. 'speTbPj¢VjS aklda bi'illianl evening. llie Cwordprofgssor broughijzisi ihe right Ievelofclapity 10 ihe lopi¢. Thankyo for a rewarding &ven2nLr The_4knms was a highligkL ' AiidieFJceleedback ShiMMÈi'ing Inlerfere*¢e. J7SgJplember ?n24. ,gnpiih.fqvnrp. HnPI) "Alugical. In¢lwive. Reltsyed" (4udieK¢efeedback The IYondgrluNd Gai'den) PaueIl
City Of London Sinfonia Limited Report of the Ti'ustees for th¢ yr ended 31 March 202S Participation 8nd Community We continued to Strthen and biaden oui. participation, health and wcll6cin& and conununity engagement work t11routr out 20?4125. This progi'amme rtm21r15 central to our vision and demonstrates our commitment io inclusive. socEally entsaged music-makin Continuation of Core Health & M'ellbeino Pro(prallulle We continued our core program]ne of work in health and ¢8r¢ s¢ttin¥g. iRYestitLg in both delivery 2nd communication of impact. Sound Young Minds: Our flagship programme supporting chiloren atLd youllg petsple in psychiatric hospitsl s¢hools conlinued to grow. Sessions provided Creative outlets for expression, wellb¢ing, and ¢onfiden¢e-building for partictpants fa¢ing complex challenges. Hospital Partnerships: Our fflusicians and lead artists continued to facilitate respoD5ive workshops al Evelitk&Hosps121 School and UCLH, following the interests of yollng people and offering moments ofjoy )d escape during long-term hospital stay5. RnThm MiJrt-. niir project siipporting care home regidentg With demetttsÈ Mltled its gtroTh8 ijnpact. To capture and share this work, CLS and Jewtsh Care co-commissioned filmmaker Claudia Lee to create a do¢umentary demonstrating how music supports Jnemory, collne¢tion and wellbeing. Communicating Imp#et: We str6nrthtned advocacy for this strand of work by commissioning a new impa¢t report (Sound Yotm£ MindFI and a short fi]m (Roorn to Room MusE¢), now shared a¢ross our channels and contributing to increased sector visibility. Strengthening Participatioll Practice Acros5 the Org2ni$ation Thi5 year marked significantprowss in embedding participation at the heart of our organi5ation and artistic identity- The Director of Parti¢ip8tioll role expanded to Deputy CEQ. ensuring participatory values and our"Musi¢ and... vision inforni strategi¢ de¢isiDn~making. The Participation Produ¢er n)le broadened to Producer.. Parti¢ipatioR & Projects, linking community wotk more closely with attistie inttiatives such as FhÉ Etoplonets and The Wondérland Gayden. We continued to develop our artistic workforce by Involvg ttLore CLS musiciS I participatory projects, building skills, confidence and organisational re5ilieD¢¢. Th¢s¢ developentS reflect our commitment to evolving wh&t it means to be an orchestra wlthin soci¢ty, with participation infonning perfomian¢¢, ¢reative ptzcticc. and fvture plannirne. Projects with Young People Our work with children an(1 young people expaoded across schoo15, early-y¢ars setting5. and commullity groups_ St Mary's UkrniDin School.. CLS musicians collaborated the school Choir and eomposerlchoir leader Jessie myVIl D&virs lu L-rit¢ r¥hcaT5e new songs, fosierfng creailviry alld culra1 conn¢cuon. Wood]an% Second8ry School: Weekly inclusive Open Orchestra Sessions and creative music workshops gav¢ student5 f]rsthand experien¢¢ of Iivc music-making, en&bling them to enhance skills and explore new modes of expression. The LA)ng Shop Sound Machine Projert: Children frotn six Suffolk schools worked with CLS mu5irians to co-create heritage-inspired, place-based compositions. The project culminated in a fiRal perfoTrn2nce at Snape Maltings, celebrating local history through collaborntive creativity. Wonderland Garden I Wonderland: ()ur È&Ay-yÈ5Jrq DfACtice. de.Vp.1np in*n A <iir.t.p.4$6il tniir fnr babieg and carers. Early sharing stssions in tlurseries and rallY centres informed the devislng process. allowing performers to respond in teal tits]e to pre-Verb audience interaction. The tour Teached London, Ptttrborough and the South West. offering free tickets to increase access in under5erved areas. Page 12
City Of Londoll Sinfollia Limited RÈport of the Trustees for the ye4r ended 31 March 2025 Community PartnershÉp5 and the REST Project The develop]neDt of our major REST projeci enabled us to forge new relatiOrh1ps across Commuiiity, culwral and civic sectors. Partnerships included.. JW3 Migration Museu London Metropolitan Archives Holocaust Survivors Centre St Mary's Ukninian School New Steel Generation Orchestra Car¢4Calais These collaborations helped us engage with new communities, explore themes of identity. belonging and rest through music. and open new avenues for funding and Co-oreation. Sh*ring Cre9tive PrAetice witb tho S8¢tor We continued to invest in s¢¢tor-w&de iMpt Éhrough training, partnerships 8nd shared ¢reative prartice. OUT partnership with the Royal Atttderny of Music expanded, with Open Academy Fellows joining the Roorn lo Room Music artistic teams. W¥ d¢v¢loped new links wlth Northern Slnfonia and tbe Ouildhall School of Musi¢ & Drami focusing on CTeative U5icianship atld sociaily engaged practice. With Sinfonia S1th Square, we delivered development session5 on creative musi¢-makihg CAie home& l&ying the undwork for a formalised training model to be lalln¢h¢d in 2025126 Future P12n$ LOOki¥Ahead to 2025126 The coming seastsn maTks & Significant step in our evolution towards becoming au"or¢hestr8 of tnakers". embedding collaboration. creation and commuttity ¢ngagement into every stage of our arristi¢ pro¢¢$s. The Exoplanets- A M&jor New Collabor2tive Project The ctntrepiece of the 2Q25126 season is The Exoplanels. a large-scale collaborative work with the devising theatre Company directive. The project will frame our season with perfonnance5 at the Theatre Royal. Norwich. and Ha¢kn¢y Ernpire, London. D¢velopment of tlke work has been deeply collaborative.. CLS musicialls and curious directive artists hav¢ participalcd in a shared research and development exploration day, building a common creative languag¢. CLS pl&y¢rs have attettded d¢vi$ing and rehears pro¢esses throughout May, Wntributing ideas and shaping the emerging Work. The seven newly comrnission¢d Exoplanels compositions will receive their first p]lrOugh In June, with e&ch composer 'Orkin0 ¢losely with curious directive's director. en5urino musical and theatrica] elen]ents develop i genuin¢ partnership. Poge li
City Of LoThdoTh slf01# Limited R¢port of the Truste$ foT tlie yeai- ellded 31 March 2025 New Frontier5 Seas011 at Hackney Empire With Hackney Empire a natural home foi The Exoplanet5. CLS has secured a broader relationship with the venue_ Our autunin s¢ason ¢on¢erts wll take place thtrt, forming the New Fronliers series.. Two conc¢rts at Hackney Empire A third performance at nearby Hackney Church Hackney Empire's appettre for innovative orchestt21 programmin& coupled with a reduction in touring arts organisations. Creates a significant opportunity for CLS to strengthen Dur presence in th¢ venue and build a deeper relationship with local audienc¢s. We are partnering with Ha¢kney Empire's Learning and Participation team to.. bring dancers into our p¢rfotmance of Rebel's Les Èléme$, the first known stand-alone ballet, ¢o-develop a joint cotFllnunity day for Refu£e¢ Week 2026. and explore long-term ways of embedding CLS within the local community. REST- A Futhre Mxjor Commissio Tli¥ R¥fugrr W¥rk rvuil futriiy part vf R£ST. our next major eomEnisslon and the artlsile focus of ihe season following EKoplanets. Composer Emily Levy has been cotnmissioned io write a substantial multi-mov¢m¢nt Orchestr work. In line with CLS's"oxhestra of kers. ethos and ¢omfflitttLentto co-creation.. Emily Lewy has been artending ongoing REST participation Projects to inform the spirit and themati¢ content of her mposition. Workshops with CLS u$l¢laS will take place in autumn 2025. The completed work will be premier¢d in the 2026127 season. The Collection5- New CollAbortioll with Faber Poetry Kings Plaee Our next season vrill $0 launch The CollectÈoAs. a new ¢ollaborativt series with Faber Pocty in parln¢rsbip with Kings Place. In January. LL5 held its hrst R&D workshop with ¢omptsserNicola Chang and poet Mary Jean Chan, whose coll¢¢tion Bright Fear will be the focus of tbe first of four event$. Fvrther workshops are planned for autumn, enabling deeper creative exchange between musicsans, composers and poets. Work is ¢UTreTttly underway to m&t¢h the second poet-composer pawing for the series. This initiative fiwther demonstrat¢s our ¢otnmitnientto exploring new creative t¢rritori¢s and supporting the development of original work that unites literature, fftusic vnd perfomian¢e. Fundraising CLS continues to raise charitable income prin)arily from chaYilabl¢ tnjsts and fouTrdations and iJ)dsvidual donors. whose generosity enables our artistic, edueatiixial and wellbeing work. We rernain grate] forthe belief and CtsmFnitment our supporters denionstrate.. "FF do IgFve? Becau$¢ Ibelieve En the work andihe inlpeyci Fr hiLY. More ihtm believe-lcau see Ft. CLS Donor A prOe of events for friends. supporter5 and patrons tan from su]nm¢r 2024 through spring 2025. helpTllg deepen relatioDship5 and support fundraising activity. Page 14
City Of London SiThfoDia Limited Report of the Trustees for the year ended 31 M2rch 2025 A highlightW the annua] Hickox Dinner. held in March 2025 at the Royal lllstitution of Great Britsin. an iconic home of scientific discovery. In keeping wtth our major new production The Eyoplanets, guests were introdllced to the project throiigh.. a special recorded message from our s¢ientifi¢ ¢ollaboraior, Dr Ruth, Prof¢ssor of Astrophysics at the American Mus¢um of NatUFal History live composition woikshop l¢d by The £Yopluryets ¢Otnposer. Anib&l Vidal, tsfftring guests & unique insight into the Lf¢kLIiv¥ pwLes¥ These ¢Yent5 played an important iole in strengthening engagement with ex1]ng supporten and welcoming new friend5 to the CLS community. CLS does not: employ third_paTty or professional fundraisin{r auencies: undertake Cold-callin or ullsolicited mass outtYach- purchase marketIg lists or undertake intrnsive ndlSing methods. All approaches to potential donors are respectful, proportlonate and compliant with relevant regulation. CLS i5 registered with the Fundraising Regulator and adheTes fully to th¢ Code of Fundraisi¥Jg Pr&ctice. We are also fully GDPR ¢omplianL CLS received no ¢o]nplaillts rcgarthng its fundraising activities during the reporting period. Financial Review The Chair's report outlines our fundraising perfomaDce for the yeas and overall finallciai position, but in summary.. Gross in¢ome- increased to £1:228,221 from £1,149,059 (an increase of 6.80/0) Income from ch8rifable activities {concerts, staged events and outreach pmjects) in¢re&sed by 31.20kn (from £674,6? I to £884,833). Grants and donations d¢cr¢ased by ?6Q/o to £i40,822 in 2024125 (from £460.7511 itL 2023124). Unrestrict¢d funds at ytrai end show an increase to the prior year at £30i,583 compared to £276,744. The trustees designatillg £177,500 of unrestricted fimds ro invest in the Mllsic And... own pldUCtiOns. We thei'efore hold unrestricted gene121 funds of £176,083, equivalent to J.5 months of opeixtional expenditLtre. Going Concern After mtiking appropriate enquiries, the board of tSleeS has a reasonable exp¢¢tation that the charitable company h adquate resourc¢s to continue in ¢xistenee for the foreseeable futt]re. For the reasons detailed in Note l in rhe Statement of Accounting Volicies. the trustets have adopted the Uoillg concern basis in preparintt the fin&nci8i stateTnents. Reserves The trustees have determined that the appropriate mininium level of unrestricted resetves should be equivalent to three njonihs. operational expenditLtre of approximaiely £IJU,UOU in unreszn¢ted tiinds, which is a level ol'reserves that the trnstees deem would en&ble the charity to fJ]id new funding for its Charitable activities. should the very unlikely scenario occur that all Current funding resources were to Cease, or. if ne¢essary, to etlable the charity to cease operatiug in atimely aDd pivdent manner. The group's reseThes at 31 Mar¢h 2025 were £30J,583 of which £127,500 is a designated production investm¢TAt ffid le&ving unrestrided reserves of £176,083. Risks CLS keeps a reqularly updated Risk Register which identifies risk in four key areas.. Governance. Finan¢e', OperatioDg- and Arti-tic. E4oh ar¢0 of risk 16 8Aa]ys¢d for impact attd PTobability to a5GUla tiic Icvcl of uiiiiiitigaL¢d iitsk. Ali iiidiviaudl ur group witlJin the organisation is assEgned responsibility hr the identifjed risk, regular tnitigating action lo be taken, alld when that action sl)ould be takel), tncludino any ¢WT¢nt activity. Bd on this mitigating pnxe35, the level of mitioated risk is asceitained. These 2UEas of i'isk intlude= Parwe 15
City 0[ndOll SinfoDi4 Lirnilo Rtport oftlic Trustees for Iht year etsdcd 31 March 2025 kinan¢e.' like all arts OT2anisgtion& CLS relias on Ch11¢ giving, box oifici tncomc Und mmercial incomc whiEh havc an irthcr¢nt dtgThx of urtCCTts¥nty. The Chair"s R¢portand thi5 RcpTrrt'5 5fCtion5 on going contycrn and finonce outline th¢ iniiigatingaLtion5 tsken to d¢t Ihi5 risk. &8 wcll thc regular and closc rnoniloring of¢xrnaI5Y pr¢par¢d monihly managcmertt atcowits by th¢ Tru51E¢S. Child 8ndAdults ai Risk SafLguarding- CLS'S participation activity neCeital¢S engagcml %Y)th childrcn and adtslts at risk. tsnd ivhile Uie TTU51tt5 dtun any br¢aGh of poliy in thly arca as unlikejy. all CLS staff and musirian5 und¥rgo enlian¢cd Diwlo5UT¢ and Barring s¢¢ ¢h¢ck5, and thc Director ofparticipation kceps and rcgulvJly revieiv5 our Child andAdults at Ri8k Protcction Policy, with all si&ff apd musicians who come into Lxintact with those individuals m8de awareof pected levels of bdjaviour. Hcalth S&ftly in Perfonnance Ar¢&%'. the pCrfoTmC ofrnu3ic involy¢s very high decibel Icvejs whid4 ir mvsi¢j8ns ivor l¢ft unpr(>t¢a¢4 inwJ¢riou3 hcoring 103J or dama8¢. CLS Jtoff bdhcrr bc3tpr8clico £ prowiding protection for these noise levds. and thue prolcctions are available al every CLS p¢rformHn¢e, including Stale of the art'20)U5tlC 5hield$' that rtduce noi8e levels for indiYidu31 musiciang. Th¢ RTrsk R¢gi5ter 1$ regularly rcviewed by the sellior rnanagementteam, the FinancewO Operatiorty Conjrnittee and th¢ Btsd, aftd M'&81oSt reviewedby the B03rd in Sepiernber2025. Trn$ttts' rE5ponsibiliti The tru51¢e5. who ar¢ also the ¢tirt¢tor5 of the¢4mipany f0rthepUD5¢s of tPa])Y jaw, ar¢ rwD5ibl¢ foi preparin8 the Trustees. R¢port and th¢ fItnti#l slalments in acNIncewth applicobl¢law and Uniltd Kingdatn AttountiThg Stsndards (United Kiogdom Gencrally Acccpted A¢counttn2 Prdctice). Company llw requ th¢ ttusicrt to prtpaye financial tat¢m¢ntJ foT saGh ffDanGid yw. Uiidrt ili& law thc trustr5 Q]USt ooi appwv¢ th¢ 5¢aiwll¢nts un1¢55 lh a satisfied that thty give atrJ¢and fair vicw of thestate of affairs of thc £h3Titable c4)mpany and of thE incoTDing resouTCe5 and applicationof restsur¢e4 irL¢lyding th¢ iucorneand expenditUf4 tyf the Gharitrbl¢ coJnpaDy forthat p10d. IrlppariDsth¢$t financial statcrnent4 the trust arc Twuirrd to.. * seltct suitsble accountinArA)licies and then apply thertt wmist<Jf]y: • observe the method$4nd prineiples in the Charities SOIiP. rnake judgments &ccouAting ¢stiTnat¢s ar¢rOnable andprnd¢nl" and ' wepare the flllallcial statemtnts tsn thegoins concern basisunltss it is iHappropiiale to presume that the ¢hgritable compaoy will conrinue in opcrion. The tsusiets Eut IE&putl)iblc kn-¥puw aKJwuats' records ihat are suifieieni w slxFW a¥]d explwn the ch2nrible compaoy's tr¥llWtsoDsand d&sc105e with t¢asonablraccurJcy & anytime the fllwi¢iai position ofthe charitable comyany and enablt them kn tnsure thatthr fitwiGial Stan¢] ¢omply with CompanitsAct 2006. They art aIso r5ponsible for saf2suardinsthe asset5 of th¢ oharitablepallY attdherK¢fortsking rc&8onable steps forthe prv¢ntion Ind detertion of fiaud and oth¢r iFregularitLC& Stitsmekk( of dSstloststt to udittyn EJch of th£ persons who arc trusttts at th¢ time when thi8 tntstees. annual report i5 approved confufftedthat: so far th&(.trSttt is aware. there is T¢l¢vorLt wdit infotmTOU of which the charitsbl¢ companv'$ audiÉoTS are iaw2re thai uusIee has Taken all tht sws thatoughi to have be¢n l&*¢n a tnsstee in orderto be aware of any relevant audit jnfornlation to e5tsblish that thccharilabJe tomp8rty's auditors ar¢ aware of that infomation. Tr auditor4 Ansiey Bond LLP, ate deeiTred to bc Teappointed under section 487121 Df ihe Compatsie5Act 2006. Thlg Terrt¥ hern pyreAI ID accordallce With the pr¢ivisions appIlble to small torytpont¢s $ubj¢rt vo thG compmie$'r¢gim< in Part 15 of the Companie5Aa 2006. Approved by the b0d oftnjstets on .... and STgn¢d on its behoifby.. P4ge 16
Report of the Independent Auditors to the Trustees of
City Of London Sinfonia Limited
Opinion
We have audited the financial StementS of City Of London SiREonia Limited (the 'Gharitable company'l for the ytar
ended 31 March 2025 which comprise the Statementof Financial Activitie5, the Balance She¢L ihe Cash Flow StateMet
and notes to tlie financial statements, includiiig a summary of significant accountirtg policIes. The financial repOrtg
framework ihai been applie(t in theirpi'eparation is applicable lawaDd UwtedKingrfom Accounting Stsndards (United
King(lom Genei'ally Accepted Accounting Practice).
In our opinion die financi2] ststements:
give a llue 9Jid fair view of the state of tht chamtsble compat)y's affairs as 3t 31 Marth 2025 and of its incoming
Irsourcts and application of resollrtes, including its income and expenditui'e, for the year then ended..
have been propei'ly prepared in accordance with United Kid00) GenerlY Accepted AcGOUnting PrActice- and
have beell pr¢pared in accoi'dance with the requirements ol the Lompanies Act 20U6.
Basis for opfftnion
We cottducted our audit in a¢cordanc¢ with InternatiotLal Standards on Auditing (UK) IISAS (UK)} and applicthle law.
Our responsibilities under those standards are further described in the Auditors, respoll5ibilities for the audit of the
riijdIi6idl Sthiciijrnls &eLLiUQ vfuur report. Ille are independelli of the charltable company In atcordan¢e with the ethical
requirements that are relevant to our audit of the financial ststements in the UK, Encluding th¢ PRC'S Ethical Standar
and we have fiilfjlled our other ethical responsibilities in accordance with these requirernents. We believe that the audit
evidence we have obtsined is sufficient and appi'opriate to provide a basis foi. our Opilllon.
Conclusions relating to going £oiic¢i"
In auditing the finattcial statements, we have concluded that the trustets, use of the going ¢oncern basis of aceollnting in
the preparation of the financial Statemets 15 appropriate.
Based on the work we have perfornie4 we have not identifjed any maierial uncertainties relating to ¢vents or CodItiOnS
that, individually Or eo112Ctively. moy cast Si
Report of the IndtPCTJdent Auditors to the Trustees of
City Of London Sinfonia Limited
Responsibilities of trustees
As explained mol'e fiilly in the Statcjncnt of Trustees, Responsibilities, dit trustees Iwho are also the dir¢¢tors of the
chRJ'itable company for the purposes of compally law} are responsible for tlie preparation of the financial statements and
for beintt satisfied that they gAve a true and fair view, and for such intern&1 contsL)l as the tsvstees determine is necessary
to enable the prep2t2tion of fLuancial statements thar are free from material misstatement, whether due to fraud or em)r.
In preparing the financial statements. tlie Irustees are responsible for assessingthe charittble company's ability to continue
as a going CODcem. dlsclosintr applicable, matters related to (Tointr concern and using the going con¢¢m basis of
a¢wuntints unless tht knwstees tithcr intend to liquidate the tharitable copanY or to Cease operations. OT have no realistic
alternative but to do so.
Our respoll$ibilitie5 for the audit of the financial stattmetlts
We haN'e bten appointed as &llditors under Section 144 of th¢ Charities A¢t 2011 and report in accordance with the Act
alld relevatti regulations made or having effe¢t th¢reunder.
OUJ ubjwliv¢s
City Of London SinfoTtTa LiTnited Cun501idated Statement of Financial Activities for the year ended 31 March 2025 AS restated 2024 Total fid5 2025 Total funds Unrestricted fuDds Resti'icted ds Notes INCOME AND ENDOWMENfs FROM Donations atld leuaGie5 ?93,572 47.250 340.822 460,751 Charitable Activities Fees and box offlce revenue 884,833 884,833 674,621 Other trading activities knvestment in¢ome 2.566 2,566 2,124 Tota 1.180971 28.221 1 149.059 EXPENDITURE ON Rdisiiig fuiids 30,518 iO.516 67,479 Charitablt getivities Dired costs Support costs 951,837 292.728 71,iOO 1,023,137 292,728 791,428 244.135 Totsl 1,275,083 1.346.38J 1 103042 NET INCOmE,'(ExfLNDITL[) befo]"¢ ta 194,] 12) (24.OiO) 1116.1621 46,017 Corporation Credit 145. 145 000 141345 NET INCOMEJ(IXPENDJTURE) 50,888 124.050) 26.838 187,)6? RECONCILIATION OF FUNDS Total filnds brought fonvard 252,694 24,050 276.744 89,382 TOTAL FIINDS f.AllR VF.n FnRWARD 303,5g3 203 583 j76.744 The statement of financial activities includes all uains and losses recognised ID th¢ period. All income 2nd expenditure derives from continuing activities. The notes form part of these financial staternents Page 19
city or i.Dnilon SinfonlA Llmitcd Consolidated IIBlllThco Sheet J I ,Mrth 2025 A% stated 2U25 Tolal funds 2Q2,1 UllreStriLl¢d runds Re51ricied runds rund5 Nol( FIXED ASSETS In&gIble assd$ T7Jngible MSSLIS 13 14 18.687 3.798 1 ¥.6Y7 3.798 28.437 5.162 CURRErqr ASSETS Debiors Cash at bank 22,485 22.485 13.599 16 471103 44.628 472,103 44.628 259.085 95.226 CREDITORS 516.731 516.731 354Jll Ailjuuiits r.d1lil i]u¢ wlthlnoneyear 17 (235,633) (235,633) NET CURRETrrr ASSETSIILtABILITIESI TOTAL A8F.T$ T.V.SS eURRENr LtABILfTIES 281.098 243.145 303.583 303.583 276.744 NET ASSETS 303.583 303.583 276.744 FUNDS Unrestyt¢ted funds Rcstricted fiJud$ J9 ?51694 24.050 TOTAL FUNDS 303.583 276.744 The ¢htiritabl¢ $partY 15 ¢ntirled to exunption from audit undu S¢ctioi) 477 of the C4rnpanie5 Act 2006 for the year ended 31 Mfjrch 2025. Th¢ rntmbers have not d¢posiLed nOticcTr puxsuallt to S¢ction 476 vf the CollJwi¢s Act 2006 rtqUTring an audit of these fjnancial starements. The1w$t arknowledB¢their Ttsponsibililits for (a) th$uring that the ch8rithlE company keep5 8CCnUtiting record5 thai compfv with Seciion5 386 )d 387 of the Cornp8ntes Act2006 and wEplIg finaDthal statements which give a tru¢ T fatrview of th¢ state ofaffairy of th¢ c]w?tsblc tOrnPÈny As t th¢ end of each (Jnanci year and of its surylu5 or deficit for e%ch financi&l yezr in a¢¢ordanc¢ with the requirements of Sections 394 and 395 and which ott1¥1$¢ comply with thr requsrements of the Cofftpanits Aci 2006 r¢Jing to fmanciai ststements. so faT a8 appliLl¢ lo th¢ charitable COmpv. Ib} Th¢sc finautial statemtnts have becrt audited under th¢ r¢quiretn2nts ofSe¢tion 145 ofihe ChillES ct2011. The fin¢[81 statements were approved by the Btsard of TTllste and authDrised for i58U¢M....................._...................... aDdw ned on its behalfby-. SEte The notc5 forni part of thes¢ fpnancial $tat¢m¢nts P)8¢ 20
-11 2024 .Is rc.%ldlLd IlnrtslriL1cd lund.E Rc5lric'd FIIED ASSETS 18.6%7 3.798 8.687 3.798 T¥Dgible &SSL5 Invcsirntnts 28.4J7 5,161 CURRETrif ASSETS 22,486 22.480 33.6txi DLbiors Cash at b8nL- 16 472.103 44.628 472.lQ3 44.628 3?8.782 95.226 516.73) CREDITORS 516.731 424.008 AIlluuiiLY fulling wlthlrt Ofte ye4r 17 1235.6351 (235ffj351 1180.8641 NET CURREKr AssgTSIILL4BILTTIES} 281.097 281.097 243.144 TOTAL ASSETS LESS CURREwr LIABILrriES 303.583 303,583 276.744 NET ASSETS 303.583 303J83 276.744 FUNDS 19 Unrtsiricted funds Restricted furtds 303.583 252.694 24.050 TOTAL FUNDS 303.583 The charitable tompony i5 entitled ta extP0 from audit U[rr Sei0n 477 of the Companies A¢t 2006 for the ye cnded 31 Nlar¢h 202.5. The rn¢mbus hav¢ not deptrsitcd notick pursuant to S¢ction 476 of tht Q>mp¥nits ALI 2006 qlng an audil Cplthese rjnancilli 5cents. Thetrustee5 acknowled8e thttirT¢SP)nsibilities foT 12) ensuring that ihe Chlble comparry kncps accounting rewrd$ cojnplv iviih S¢ciions 386 aTrd 387 of the Companitt Act 2006 and preparing fJ08nciaf SeMentS which give atNe fair view of ihe ststt of aifairs of the dwithbl¢ companv at the end of ¢a¢h fInancial year and of its surplus or defirit for oth financial yrdr in at¢ordance with th rcquirwents of Seciions 394 artd 395 2nd which oihern'i5e comply with ihc requircment5 of ihe Comp11¢5 Aci 2006 reatiftg ta finaJ)GSdl Statements, so faras applicable io the clwritablc romp2nv. Ib) Tlirbr flliancidl 5taTemrn15 have bten audiiea under th¢ ttquireTrents ol"Seciion 145 (pf th¢ CILaTities Art20 Thefin¥ncial stcments were approv¢d by the B08rdofTn]stees aftd4uthoris¢d for Issue on......_........... and weK si on ils behs Tntte The tyoles part ofthe5e financial ststern¢nts P8ge21
City Of London Sinfonia Limit¢d Consolidgted Cash Flow Statement for the year ended 31 March 2025 As iestated ?024 2025 Notes Lash floivs fr<Jm optrnting actÈvÉt¥ Cash geneJated from operations 46,647) 24,618 Cash flows from Éajvestillg &ctivities Puritl¢ uf inianuible fixed assets PUrchC of tsngible fixed assets {29,2JO) Net cash used in investino activities (3.9501 29 8741 Change in tAsh and $h equivalents ID the r¢portiDts period Cash aDd Cash equ1vxlets at tbe e¥ÈIuJing vf tb¢ reportAng perlod 150,5981 (5 ?54) 100 483 Cash and cash equivalents at the elld of the reporting period The notes fonn part of these financial statei*ents Page 22
City OftA)tJdon Slnfoni# Limited Notes lo the Cash Plow Statement for the year ended 31 March 2025 RECONCILIATION OF NET {ExPENDITUREyINCOl[E TO NET CASII FLOW FROM OPEBATING ACTiifiTIES As restated 2024 2025 Net (expellditure)lincome for the reporting period {as per the Ststement of Fin*neial Activities) Adjustments foT: epre¢iaiion charges LA)ss on disposal of fixed assets (In¢rease)Idecrease in debtors Increasel(decrease) in creditors 26,838 187,362 3.7L7 3.632 1143,321) 54,771 1107,940} 58 5261 et cash (used In)/provided by operntioDs ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash and cash equivalents 44,628 95,226 rots] ¢ash and cash equ1vets 44,628 95,226 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At31.3.25 Net Cash Cash at bank The notes forni part of these rm0cial sttttements Page 23
City Of London Sinfoni2 Limited Notes to the Finaueial Statements foi. the yeai. ended 31 March 2025 ACCOUNTING POLICIES Bgsis of preparing the financi21 ststemerjts The financial statethents of the charitsble company. which is a public b¢n¢fit entity under FRS 102. have been prepared in aceordance with the ChaTities SORP {FRS 1021 'Accounting and Reporting by Charities.. Statement af Recommended Practice applicable to eliarities preparing their a¢counts in a¢¢ordance with the Financial Reportinii Standard applscable in the LIK and Republic of Iielatld (FRS 102) (effective l JallUy 2019)., Financial Repoiting Standai'd l O?'The Financial Reporting Standard applicable in the Uk and Republic of Ireland, and die Compallies Act 2G06. The financial ststements have been prepared under the hE8torical cost convention, with rh¢ City ofLondon Sinfonia Limited meets the defEn&tion of a publEc entity under FRS 102. Assets and liabiliiies are initially recognised athistorical cost or transaction value unless otherwise ststed in the relevant accounting policy notels). The financial statetnents are presented pounds sterlino and rounded to the rtear¢st pound. Consolidatioo The fEnancid statements consolidate the results of the tharity and its wholly own¢d subsidiary CLS Productio Limited line-by-litte bagig._l A&Pttt Stst¢m¢nt of Finan¢ial Activities and Income ond Expenditure Account forthe ch'Ity has norbeen presented bec&use the charity bastaken advantsgeofthe exemption afforded by section 408 of the Companies Act 2006. GoiThg eoDcerJa Ther IA%t l ? tnonih% have seeJJ aD iinprovemettt in the e%tErnxI rn#rket which the clwit%ble compstyy op<rat¢s. The Orchestra's activity h&8 continued to gn)w and adapt to the new Climate, ullder the leadership of a new CEO lin post from April 2023). The financial p¢)sition of the orchestra shows stability", and areas of increased sUPPOrt and interest from donors and Trusts and Foundations. At the end of th¢ 20JJ24 financial year the Orchestra significantly improved itsreserves position, and itis anticipated that reserves will continue to hold into the20261?7 fmancial year. Despite being badly hit during the pandemic. the charity's reserves at year end have more than quadrupled since the ytar endsng 9022, and are with thr¢e.month operating lÉmit. With illCI.eed commercial hires. a new operating platl thd stsategic vision and strenothened relationships with donors atid Trusts Foundation5 the Trustee3 are ¢onfident that with the significant chano¢s to business and opernting policy gotng forward, the Company will ternain in operation for the foreseeable hture. Jneome All income is r¢¢ognised in the Statement of Financial Activities once the charity has erytitlement io the fL{ts, it Is probable that the incom¢ will be received and the amouot call be me&sured reliably. Expenditure Liabilities are recognised as expenditL]re as soon as there is a le¥ or constructive obligttiorj committin(F the charity to that expendits]re, it is probable that a transfer of e¢onomi¢ benefits be reqllired in settlement and the amouni of the oblEtsation can be MeUred reljably. Expeftdityre Is accoullted tor on an a¢¢ruals basis and has been classified und¢r headinos that aggregate ail cost I'elatrd to the cat¢goiy. Ivhere costs Cal0t be directly attributed to particular headings they have been aLlo¢ated to a¢tiviti¢s on a basis consistent with the use of resources. Tailgible fu¢d assets Depreciation is provided at th¢ following annual rates order to write offeach eL0Ver its estimated useful life. TAx#iion The charity is exempt from corpordtion tsx on its ¢haritable activities. nd #ccounting Ullrestricted fut)ds C5 be used En a¢cordanc¢ with the charitsble objectives at the dis¢retion of the trustees. continued...
City Of London SinfoRia Lin]ited Notes to the Financial Statements- eontinued foi. the yeai. ellded 31 March 2025 Restr5Cted fwid5 Gan only be used for pticular restricted pllrp0s within th¢ obje¢ts of the ¢h&rity. Rests'Èctions arise when speeified by the donor or wh¢n fimds are raised for particular restri¢ted pui'poses. Further explanation of the nature and puryose of each nd is included in the ttotes to the financial statements. Pension eosts And other post-retiremerÈt benefits The chtiritable company operates a defined contribution pension scheme. Contributions payable to the chai"itsble cojnpany's pension s¢heme are ehwged to the StatemeFJt ofFinallcial ACtivtieS io the periodto which they relate. DONATIONS AT+lD LEGACIES As restated 2024 2025 Dona0$ Grants Subs¢riptions 240,bl I 196.08i 144.808 )40 822 460,750 Grants received, included in the above. are follows-. 2075 2024 Other grants 144,808 196.083 OTHER TJL4DING AcrJvtTIES 2025 2024 Fundraising events INVESTMEIU INCOME 2025 2024 Inierest receivable- trading INCOME FROM CRITABLE ACTIVITIES 2024 Fees arjd bDX offjce revenue 884.833 674621 884,8iJ 674,621 continued...
City Of LKTrndon Sipfoni# Limited Notes to the Finaneial Statements- continued foi. the year ended 31 March 2025 RAISING FUNDS Raisino donations and legaci£8 2025 2024 Stsff costs Donor ¢ultivation L5,737 14.781 65.401 30.518 CHARITABLE ACTIVITIES COSTS 2025 2024 Direct costs Support costs Note 8 Note 9 685,625 6iO ?40 791,428 244 135 l OJ5 56J DIRECT COSTS 2025 Fees to= Players Soloists CuitduLlor Tutors 3J]d con)posers Staff costs Concen and rehearsal hail hii'e tnstrnment hire Music hire aDd purchase Advertisillg Marketing Pn)duction costs Programme5 Other direct costs 497,411 7,223 J.s1) 491,757 21,811 2,5UU 42,591 ?39,973 29,19 ?,675 267.182 74,066 5.668 15,195 11,008 808 96.941 9.677 767 1.02J 137 867 465 Vage 16 continued...
City Of tAkrJdon Sinfonia Limited Not to the Financial Statements- continued for the year ended 31 March 2025 SUPPORT COSTS 2025 2024 Stsff costs Preelance staff Conductor's expenses Premises tosts Other office costs Lotnputer costs Insurdnce Travel and ]notor expenses Legal, professional and re¢TUittnent costs Marketing, consultancy and photooraphy DcpreLicltiun and amortisation Loss oll se of tangible fixed assets Interest Auditors, remuneration Oth¢r fe¢s paid to auditors.. AccouJ)tsn¢y fees Accountanfjy f5 54,594 54.6?5 77.521 28,316 5.840 25,531 i5.941 9.722 11,694 47,230 13,005 7,625 2,090 11,263 900 7,663 ! ! 3.6i2 9,000 3,750 8,700 20.675 292 728 244 137 NET INCOMEI(EXPENDITURE) Net AnMe/(expendikn]reI is ststed after chargingl{¢redÉting).' 2025 Auditors, remuneration Depreciation- owned assets Deficit on disposal of fjxed assets Computer software amortisation 9,000 1.683 3,632 8,700 2,909 813 10. TRUSTEES, REMUNERATION AM) BENEFITS Therè were no ttugtscs, r¢muncratiort tyr otiicr buicfits fvi riiJrd 31 MarGh 2025 nor for the year ended 31 March 2024. Ti'uste¢s' expenses There wa'e JJO trugÉee4' exp¢nÈeÈ paid forthe ye. ended 31 Mar¢h 20 -5 nor for tii¢ y¢. ciidcd 37 M<uulI 2024 continued...
City Of iATrndon SiAfonia Limited Notés to the Finaneial Statements - continued for the year ended 31 Msrth 2025 STAFF COSTS 2025 2024 Waues and salaries Social security costs Other pension costs 307,301 331.162 i0.534 6.370 337.512 369,051 The &v¢rag¢ monthly number of employees during the ye¥x was as follows: 2025 2024 Cottcerts and staged events Outreach projects Fundraising AthniIiistFation and marketing Duting the yw, the emolumellts received by one m¢mbei of staff fell in the band £70,001 . £80,00012024.' one tneinber of staff in the baryd £70,001 . £80,000). Pag¢ 28 conTlnued...
City Of Londou Sinfonia Limited Notes to the Fknaneial staternets- continued for tbe yeai. elided 31 2025 12. COMPAIiATtVES FOR THE STATEMEiYf OF FINANCIAL AcrivtTIES Unrestricted funds Restricted funds Total nds INCOME AND ENDOIVMENTS FROM Donktions and legacies JSO.857 79,893 460,750 Chai'itable actiTritie8 Concerts & sttred events 030,900 6iO,900 43,721 Other trading activities InvestmenL itJCOme Other 11.563 2.124 141.i45 11,563 2,124 141 ?45 Total L 910 510 1 ?90.40i EXPENDrruRE ON Raising funds 67,479 67,479 Charitable a¢tivÉties Direct Support costs 220, L29 244,135 244,lJ5 Other 493.456 565 299 l.OJl 199 I IO) 042 NET INCOME 179,ill 8.050 187,361 RECONCILIATION OF FUNDS Total fimds brought fotward 30,147 16.000 46.147 TOTAL FUNDS CARRIED FORWARD 209,458 24,050 2J3,508 29 continued...
Ctty Of London Sinfonia LimÈted Notts to tht FinancÉal Statements- continu for the year ended 31 March 2025 13. INTANGIBLE FIXED ASSETS Cotnputer software COST At l Aptil 2024 ad J l March 2025 AMORTISATION At l April 2024 Charge foi. year 813 At 31 March 2025 10.563 NET BOOK VALUE At.i l March ?025 At 31 March 2024 14. TANGIBLE FIXED ASSETS Fixtures ¥ll]d fittings Plant machinery Totals COST At l April 2024 Additions Disposals 10,550 i9.967 14,502 2? 268) 50,517 14,502 10 550} At J l Marcli 2025 DEPREcfATION At l April 2024 Charge for year Eliminated on disposal 7,645 727 37,711 9,328 18,636) 10,055 27.0081 At 31 March 2025 28,403 NET Book VALUE AL 31 March 2025 3,798 3,798 At 31 M&r¢h ?024 ?,J6 5.161 15. FIXED ASSET INVEsfMENTS Shares in group undertakin(ps MARKET VALUE At l April 2024 and 31 Mar¢h 2025 NET BOOK VALUE At 31 March 2025 At 31 March ?0?4 There were no investmellt assets outside the UK. Page JO continued..
City Of London Sinfonia Limited Trlotes to th¢ Finiueial Statemcnts- eontinutd foi- the )'eai' ended 31 Mareli 2025 J6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grou 2024 Chari 2024 ?025 2025 Trade Debtors Anioullts Owed by group undertakings Other Debtors Prepa)ments &nd accrued income T&K Recoverable 46.054 12,718 46.054 12,718 ?40.12? 7,500 68,442 21,702 95.276 i09011 472.103 13,854 68,442 Ib4,011 259,085 21,702 95,276 Juy uii 472 IOJ 17. CRE'DI'I'ORS: ATriOUPI'lls W'ALLILIIts WI'I'HILY YEAR Grou As restated 2024 Chari As re5tsted 2024 ?025 2025 Trade Creditors Other tall0Th and social security Oth¢r Creditors Accruals and deferred income 83,223 22,977 5.482 ,201 81,506 111.160 8i,L?3 62,253 22,977 75,180 1.201 3.833 ? j5.6)5 23f ti35 18U,8ti4 18. MOVEMENT IN FUNDS As restated At 1.4.24 ovemen1 in funds At 31.3.25 Unrcstricted funds Gex)erdl fjLd Foyle Foundation Own Productions (76,612) 176,083 127500 1?7,500 ?52,694 50,888 30),583 R•strA¢tèd fullds Participation projects Exoplaners The Big Give 24,050 24 0501 24,OSO) TOTAL FUNDS 276.744 26.838 303 583 Destgnated fiElldS: Produetions This designation relates to £127,500 designated tr invest in the Music And.. progr8tnm¢ in 25126. Foyle Foundation TliiJ arbi¥iJdlisJIi rrlalri tv £20,OOD of a £30,000 donaiion glven by The Foyle Foundation for core $[r&£e"¢ business development in the calelldar years 202J ld 20?4_ Page31 ¢ontiAued...
City Of London Sinfoni# LimitÉd Notes to the Finallcial Statements- continued for the year ended 31 M#r¢h 2025 18. MOVEMENI IN FUNDS- continued Restricted funds: The restricted fiinds arise frnFn grants and dotlationsto fund particular plJectS or items ofexpenditure. and unused incoine is carried forward to cover futuie expenditure on those areas. Details of restricted funds aaive during the year are as follows-. ParttcipAtion projects This nd Comprises ants and donations received tts support the charity'5 year-round programme dedicated to 151akiJJx IiLUSlI jtL bulivulb, husPit4lb dtld Gu]nUtlCS and aIs0 an(s aiid donailons recelved w support the charity's work in hospitals and ce homes th allow mllsic to aid in the healing pnxess and providing an outlet for those who need it mosL ExoplAllets £30.000 donaticm oivcn tc> the i"calisatioii of Tli¢ Exop1]¢ts- a Jicw coii)iiiissioii fol tlje sia¥e LIJ SryiriIibci 2024. The Give Fundi'aising for core individuals forthe artisti¢ prOgralle delivery in 2024D5. Net moyetnent ii) funds. included in the above e as follows.. Incoming resoutces Resources xpended Movement in funds Unrestricted funds General fund Foyle foundatiotL Own productions 1,178,471 20.000 127.500 (1,255,08?1 (20,0001 176,612) 127.500 1,325.971 (1 ?75,08Jl 50,888 Restricted funds Participation projects Exoplanets The Bi¥ Give 17.250 30,000 {17.2501 {30,000) 24 050) (24,050 47.250 (71,JOO 24,050 TOTAL FIJNDS 1373,221 1,346.J83 eontlnlled.._
Clty Of London Sinfonia Limited Notes to the Financt&l Ststtmtnts- eontiTrued for the )'ear ended 31 Farth 2025 18. MOVEMENT IN FUNDS- ¢oNtinued Comp2r&tives for movernent in funds Net oveinent in fimds At At 1.4.23 As regtated Generaj fund Kids Space designated fund Foyle Found*ion CFowdfvndinrF 21,184 1,875 231,510 11,875) 252,694 7.088 30,147 43,237 ??9,549 {4i2i7} 252,694 Trading subsidkary Group fidS 179.312 252,694 Restrieted funds Parti¢ipaiion projects Musician aw2rd Webgit Exoplanets The Big Give 8,000 500 7.500 {8,0001 15001 {75001 24,050 24,050 TOTAL FUNDS 187,362 276.744 Page 33 ntsnued...
City Of London Sinfoni& Limited Note5 to the Finanttil Si#teE]]ellts- rfjutinued for the ywAI' tndwj 31 March 2025 18. MOVEMENT JN FUNDS- continued Comparative net movement in thnds. included in the above are as follows-. Incoming resounes Resources expended Moverllent in ndS Unresiridcd funds General fund Kids Space deslgnartd filnd Faylt Foundation Crowdfunding 1910.511 {1,022,2381 188.27J 11.¥75) {7.088 1210,511 11,Oil,201) 179,310 Rrb(IiLL¢d fulldy Participation projects MusiGian awai'd Website Exoplanets Thc Dis Giv¢ ABO Sirens Discount ticket s¢hem¢ 51,843 {59.84Jl (500) (7.500) Is,000) 1500) 17,500) 24,050 2.500 24,050 {9,5001 11 5001 171,843 TOTAL FUNDS 1.290 404 I IOJ 0441 187360 A ¢ULTenty&qr 12 months and PriDr year 12 months ¢ombin¢d position is as follows.. Net movement in fimds At 31.3.25 At 1.4.23 Unrestricted funds General fund Kids Space desigrtated fulld Foyle Foundatton Ci'owdfunding nwn productiort* 64,421 1.875 111.66? {1,8751 176,083 7,088 17,088) 1•7.500 127.500 7i.384 230,199 303,583 Restrieted fi]nds PAffir.ip%tihn projects Musician award Website Exoplanets The Big Give g,000 500 7.500 {8.0001 (7,5001 TOTAL FUNDS 214 199 303 583 Page 34 continued..-
City Of LoA)doTr Siufonia Limited NortES to tbe Pinallei21 Statements - contine for the year ended 31 Mareh 2025 18. MOVEMENT IN FUNDS- continued A current year 12 months and prioryear 12 months combined net movement in funds, included in the above are as follows.. Jncoming resources RE50UTces expended Movement in funds Unrtstrieted fund8 O¥ii¢Liil lutid Kids Space designated fund Foyle Foulldation Crowdfunding Own productions 2,i88,983 (2,277J2LI (1,8751 (20,000) (7,088) 111.titi2 (1,8751 20,000 17,0881 127,500 127 500 2,536,48" 12,J06,2841 230,199 Restricted funds Parti¢ipation projects Musician award Wcb$it¢ Exoplanets The Big Give ABO Sirens Discot]nt ticket scheme 69,093 {77,09J) {500) 17.iOO) 130,0001 {24,0501 12.500} .5001 {s,0001 1500) {7,5001 30,000 24,05Q 2,500 127,143 {143.143 TOTAL FUNDS 2,663.626 2.449 427) 214 199 19. RELATED PARTY DISCLOSURES The followints are considered to b¢ the charity's key management personnel.. The Board of Trnsttes Chief Executive The totsl amount of employee belleflts received by key management Persole1 during the year. including Employer's National Insurance alld pension was £105.721 {2024.. £136,072). Tliere were no tnEStees' remuneratiotL other bellefits nor reimbursed expenses paid during the current or prior period. In a8wgat4 trust¢¢ donations were £131,739 {2024.. L44.4091 includjng gifi aid. Paue 35