COMPANY REGISTRATION NUMBER: 04109942 CHARITY REGISTRATION NUMBER: 1085485
The Academy of Ancient Music Company Limited by Guarantee Unaudited Financial Statements
For the Year Ended
31 August 2021
The Academy of Ancient Music
Company Limited by Guarantee
Financial Statements
Year Ended 31 August 2021
| Pages | |
|---|---|
| Trustees' Annual Report (incorporating the Directors’ Report) | 1 to 9 |
| Independent Examiner's Report to the Trustees | 10 |
| Statement of Financial Activities (including Income and Expenditure Account) | 11 |
| Statement of Financial Position | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 to 25 |
The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report)
Year Ended 31 August 2021
The Trustees, who are also the Directors for the purposes of company law, present their Report and the unaudited Financial Statements of the charity for the year ended 31 August 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
The Academy of Ancient Music
Registered charity name Charity registration number 1085485 Company registration number 04109942
Trustees
The Trustees who served the charity during the year and those who are currently serving are as follows:
----- Start of picture text -----
Elise Badoy 3 Appointed 28 January 2021
Jane Barker CBE Appointed 13 January 2022
Paul Baumann CBE (Chair from 1 1
September 2021)
Hugh Burkitt (Deputy Chair) 2, 3
Alan Clark Appointed 29 April 2021
Elizabeth de Friend 3
Philip Jones (Chair to 31 August 2021) 3 Resigned 31 August 2021
Graham Nicholson 1, 2
John Reeve Resigned 28 January 2021
Terence Sinclair 3 Resigned 28 January 2021
Helen Sprott 1 Appointed 28 January 2021
Madeleine Tattersall 2
Janet Unwin Resigned 29 April 2021
Kim Waldock
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1 = member of Audit and Risk Committee as at 31 August 2021 2 = member of Nominations Committee as at 31 August 2021 3 = member of Development Board as at 31 August 2021 * indicates Chair of committee as at 31 August 2021 ** indicates Chair of Development Board as at 31 August 2021
| Principal and registered | Cherry Trees Centre |
|---|---|
| office | St Matthew's Street |
| Cambridge | |
| CB1 2LT | |
| Honorary President | Christopher Purvis CBE |
| Chief Executive | John McMunn |
| Music Director | Richard Egarr (to 31 August 2021) |
| Laurence Cummings (from 1 September 2021) | |
| Founder | Christopher Hogwood CBE |
| Secretary | John McMunn |
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
REFERENCE AND ADMINISTRATIVE DETAILS (continued)
Independent Examiner Shane Tharby FCA For and on behalf of Streets Chartered Accountants 3 Wellbrook Court Girton Cambridge CB3 0NA
VISION & MISSION, CHARITY OBJECTIVES AND PUBLIC BENEFIT STATEMENT
Vision
The Academy of Ancient Music aspires to be at the forefront of the global historically-informed performance movement, recognised universally for the quality of our performances and the impact of our scholarship and educational work.
Mission
The Academy of Ancient Music exists to delight and inspire audiences the world over with historically-informed performances of baroque and classical music of the highest quality. We believe that great art is for everyone, regardless of background or means, and we are committed to sharing our work as widely as possible through live performance, recordings and digital media.
Underpinning this mission are three core beliefs:
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Music has a unique ability to unite people through shared experience and common purpose. We believe that our commitment to audiences extends beyond the concert hall, and endeavour to create a sense of community around our work through extra-musical enrichment and engagement, all delivered to the same high standard as our performances.
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We believe in the inherent value of historically-informed performance, not because it is ‘authentic’ or ‘correct’, but because of its power to move audiences with performances of striking vitality and immediacy. We value our position as a leader in the field and are committed to furthering the HIP movement through scholarship, discovery, education and training, safeguarding the future of our art for generations to come.
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We acknowledge the need to address historical inequities in the arts and are committed to reflecting the diverse communities in which we work, both onstage and in our audiences. We will continue to strive to make our work as accessible and inclusive as possible while not abandoning our belief in the timeless relevance of our repertoire.
Charity objectives
The objectives of the charity are to advance the education of the public in the art of baroque and early classical music and the allied arts. There have been no changes to the charity's objectives since the last annual report.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
VISION & MISSION, CHARITY OBJECTIVES AND PUBLIC BENEFIT STATEMENT (continued)
Public Benefit Statement
The Trustees regularly review the charity's activities to ensure the highest benefit to the public. The Trustees confirm that they have considered the Charity Commission's general guidance on public benefit in setting the charity's aims and objectives and in planning particular activities.
The charity exists to enrich people's lives with historically informed baroque and classical music performed and recorded to the highest standard, and by nurturing young audiences, artists and aspiring managers.
The orchestra's management are tasked with ensuring the charity's activities are accessible to all members of the public. Examples of steps taken to ensure broad public accessibility include:
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Encouraging attendance at concert performances by school children, students and young people through discounted tickets;
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Freely accessible video content (via the AAM website and elsewhere online);
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Regular broadcasts of concerts on national radio stations both in the UK and abroad, making our music widely accessible through radio and online;
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Free pre-concert talks which are open to all;
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Free concert programmes, available online, containing detailed notes on the music being performed and short biographies of the principal performers;
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Masterclasses, and orchestral workshops in which music students and AAM professionals play side-by-side.
YEAR IN REVIEW
COVID-19 continued to cause significant disruption to AAM's activities across the 20/21 season, though there were also significant creative opportunities resulting from the challenges of the pandemic. Building upon the orchestra's good work developing digital audiences with free media and live-streaming in the immediate pre-pandemic period, we commissioned, designed and launched AAM Live: a proprietary, paywalled live-streaming portal. This new portal allowed us to present three ticketed concerts - both live and on-demand - to a global audience from West Road Concert Hall in Cambridge. These performances, featuring AAM principals, incoming Music Director Laurence Cummings, guest directors Steven Devine and Peter Whelan, and mezzo-soprano Helen Charlston, were viewed by more than 1,150 people live or 'as live', and will reach thousands more in perpetuity as shareable digital content on social media and via the AAM website.
In addition to own-promoted live-streamed programming, the organisation continued to work closely with partners at the Barbican Centre, presenting a seasonal performance of Handel's Messiah in December 2020 and Vivaldi's The Four Seasons in June 2021 on the Barbican's own Live from the Barbican platform. These performances reached digital audiences of 3,000 and 500 respectively; in-person audiences were allowed back in the Hall for the Vivaldi, which sold out at the government mandated maximum capacity of 50% (or c.1,000 audience members). The orchestra also returned to VOCES8's Live from London digital festival in March 2021 with a performance of JS Bach's Mass in B minor , released on Easter Sunday 2021. Surpassing viewership for AAM's previous festival appearance, this 'as live' on-demand performance reached nearly 5,000 people across individual and season ticket sales, and excerpts from the concert have now been viewed nearly 100,000 times on YouTube.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
YEAR IN REVIEW (continued)
As a result of these activities, digital followership for the orchestra grew significantly in the year both online and across social media. On 31 August 2021, AAM had more than 30,000 subscribers on YouTube; 45,000 followers on Facebook; 8,000 followers on Twitter; 3,000 followers on Instagram, and more than 1,000,000 monthly listeners on Spotify, making us the most listened-to ensemble of our kind on that platform.
External, in-person engagements were significantly down on previous years because of government restrictions on live events, but the orchestra nevertheless performed publicly at the Stour Music Festival and the University of York, with the Choir of the Queen's College, Oxford, at the Deal and New Malden festivals, and at Milton Court in London and Iford Manor in Wiltshire. Further, we undertook a significant international tour - to Pollença, Santander and Burgos - in August 2021, our first since 2020 and the first tour to Spain by any UK orchestra since Brexit.
Recordings made across the 20/21 season included Haze , a collaboration with the composer Daniel Kidane and guitarist Sean Shibe, as part of the Barbican Sessions series; a collection of works for choir and orchestra by Giovanni Bononcini with the Choir of the Queen's College, Oxford for release on Signum Records; and the first of the final five discs of our ongoing Mozart Piano Concerto cycle (featuring K467 and K491), planned for release on AAM Records in the 22/23 season. In addition to these new recordings, two recordings were released on AAM Records across the year: Dussek's Messe Solemnelle ( BBC Music Magazine Choral Award nominee; Gramophone Classical Music Awards winner) and Eccles' Semele (Gramophone Classical Music Awards nominee, produced in association with Cambridge Handel Opera Company and Cambridge Early Music). In recognition of both releases, and of the achievements of outgoing Music Director Richard Egarr, AAM was nominated for Gramophone Orchestra of the Year 2021 .
Other highlights of the year included a BBC Radio 4 feature on our performance of Vivaldi's The Four Seasons at the Barbican as part of the How to Play series, the rebroadcast of an earlier performance on Classic FM as part of Live Music Month in October 2020, and the broadcast of our recording of Anna Amalia's Overture to Erwin und Elmire on BBC Radio 3's Early Music Show on International Women's Day.
The Trustees are grateful to the orchestra's players, its executive and staff for their loyalty, determination and ongoing creativity in challenging circumstances.
PLANS FOR FUTURE PERIODS
Artistic excellence on the concert platform, investment in digital and recorded content, and nurturing the audiences, artists and arts managers of the future will remain central to the charity's work as COVID restrictions are lifted and our industry returns to more normal modes of operation.
The 21/22 season is the first under our next Music Director, Laurence Cummings, and features a full programme of own-promoted events at the Barbican Centre, London and West Road Concert Hall, Cambridge organised around the theme: New Worlds . While domestic engagements and foreign touring opportunities continue to be limited, we are returning to the Chipping Campden International Music Festival, the Cadogan Hall (London), the Sheldonian Theatre (Oxford), King's College (Cambridge), The Apex (Bury St Edmunds), the Bath Bachfest and Snape Maltings over the course of the season. International touring engagements include the orchestra's debut at the Elbphilharmonie (Hamburg), as well as returns to Soli Deo Gloria (Braunschweig) and Musikfest ION (Nuremberg). The orchestra has had to withdraw from planned performances in Moscow and St Petersburg due to the ongoing conflict in Ukraine.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
PLANS FOR FUTURE PERIODS (continued)
The orchestra remains committed to digital content creation, including live-streaming as many of its own-promoted performances as possible. In 21/22, in addition to streaming our season-opening co-production of Haydn's The Creation as part of the Live from the Barbican series, we are broadcasting all five of our Milton Court promotions via AAM's proprietary streaming portal, AAM Live . We also plan to complete the Mozart Piano Concerto cycle begun nearly 30 years ago by our founder Christopher Hogwood and scholar-pianist Robert Levin and restarted after a pause of several years in August 2021. Finally, while plans are not confirmed due to artist availability issues, we hope to record the second book of Dario Castello's Sonate concertate in stil moderno with our former Music Director, Richard Egarr.
In April 2021, the Trustees adopted a new strategy for AAMplify, the orchestra's innovative education initiative. After more than a year of COVID disruption, this document reoriented the scheme around developing the audiences, artists and arts managers of the future. As part of this larger strategy, by the end of the 21/22 season we hope to have identified five key institutions amongst current and potential tertiary partners to deliver our work with young artists specifically. We plan to appoint a part-time player facilitator (45 days per annum) to manage and deliver this work, in consultation with the Chief Executive and Head of Planning and Operations, and we hope for these activities to feed into an annual AAMplify orchestral project in future seasons, allowing young professionals the opportunity to perform larger-scale works usually beyond the scope of music colleges and universities side-by-side with our acclaimed professionals.
Looking beyond the immediate future, it is worth noting that the 23/24 season will be AAM's 50th Anniversary. Plans for this significant milestone are still developing but will include the publication of an account of the orchestra's history to date by noted author and former Hogwood Fellow Richard Bratby, the release of the complete Mozart Piano Concerto cycle with Robert Levin, and other programmes and events designed to maximise the artistic opportunities that such occasions offer while strengthening our endowment for future investment. In the meantime, the Trustees look forward to continuing to build upon the excellent creative partnership already begun between the orchestra's players and Music Director Laurence Cummings.
FINANCIAL POLICY AND PERFORMANCE
AAM receives no regular public funding and is entirely reliant on generated income and voluntary giving. We are fortunate to have the benefit of a substantial bequest from our founder, the late Christopher Hogwood, without which our position would be extremely challenging. The financial flexibility provided by this bequest enables us to maintain our level of artistic ambition and our commitment to exceptional artistic quality. Our reserves were initially reduced by the global pandemic but during the year ended 31 August 2021 we benefitted both from government support and high levels of voluntary income, in particular in support of our ongoing Mozart recording project. Total income in the period amounted to £757k (2020: £934k), but with expenditure reduced to £570k (2020: £1,089k) we finished the year to 31 August 2021 with a net surplus of £187k, of which £103k was income received for recordings and productions in 21/22.
Reserves and investment policy
In view of fluctuations in concert income from year to year, exacerbated by the increased financial risks created by the uncertainties in the immediate post-pandemic period, the Trustees consider it prudent to aim to maintain general unrestricted reserves of at least six months' support costs and three months' expenditure on own-promotion concerts. This amounts to a target of at least £300k currently.
The charity maintained its cash holdings at high levels in the period to allow it to respond to volatility in the sector. Since the year-end, funds held as current asset investments have been moved into longer-term investments under a strict ethical mandate, with the aim of protecting capital from inflationary erosion.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
FINANCIAL POLICY AND PERFORMANCE (continued)
Reserves and investment policy (continued)
Unrestricted reserves on 31 August 2021 totalled £982k, including general reserves of £357k and £625k remaining from the legacy described above, which the Trustees have designated as a special fund to be used to support activities which would not otherwise be possible. In addition, we have £141K in restricted funds available for strategic recording projects and future concerts.
Fundraising
The charity undertakes fundraising from individuals, trusts/foundations and statutory sources, led by the Head of Development, Liz Brinsdon, with support from the Development and Events Manager, Alice Pusey.
Voluntary income for the year comprising both grants and gifts from individuals stood at £431,000. The orchestra was grateful to receive several major grants, notably from Cockayne - Grants for the Arts, the John Armitage Charitable Trust, the John Ellerman Foundation, the John R Murray Charitable Trust and the J Paul Getty Jr General Charitable Trust. In addition, AAM was grateful to receive £48,133 in funding from the government-funded Culture Recovery Fund, distributed through Arts Council England. This income, the first of two instalments, is shown within our accounts under Charitable Activities and funded our concert-giving and live-streaming programme in spring 2021.
We continued to benefit from the support of our loyal family of donors - Academy members, Associates and Friends - who make largely unrestricted gifts, without which we could not deliver our work. Further, we received additional donations to complete our recordings of Mozart's Piano Concertos, featuring pianist and notable Mozart scholar, Robert Levin. We also ran a match-funding campaign as part of The Big Give Christmas Challenge in December 2020 to raise funds for our programme of concerts and live-streaming. We would like to thank everyone who has made a gift to any of our campaigns in the past year.
No third-party fundraisers were used to raise funds during the financial year. Fundraising was undertaken via telephone, e-mail, direct mail and events, in line with the Code of Fundraising Practice set by the Fundraising Regulator, with which the charity is registered. We are committed to ensuring that no-one, and especially no vulnerable person, feels subject to unreasonable intrusion of privacy or persistent or undue pressure to donate. No complaints were received about our fundraising during the financial year.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
STRATEGY AND BUSINESS PLAN
Taking advantage of decreased levels of activity and new executive leadership, AAM undertook a significant strategic review of its operations over the year. This resulted in a new business plan (adopted by the Trustees in October 2021) clarifying the mission and vision of the organisation and articulating key strategic objectives for the 21/22 season through to the 50th Anniversary season in 23/24. These objectives include:
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Increasing the volume of and fees associated with external engagements;
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Regularly delivering a breakeven year-end position before extraordinary projects;
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Investing an appropriate proportion of free reserves to maximise return;
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Increasing the proportion of fundraised income from individual giving;
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Maintaining trust and foundation support and increasing statutory/corporate support;
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Cultivating donor support from outside the UK (with a particular focus on the USA);
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Establishing a clear dominant artistic force (Laurence Cummings) and consolidating a reputation for excellence under his leadership;
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Building on our reputation for distinctiveness in programming and presentation, and for discovery, with a focus on English music, on AAM Records;
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Maximising revenue from AAM Records releases and digital content;
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Better realising the latent potential of digital followership for profile growth and increasing conversion to ticket sales;
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Ensuring the value of existing strategic partnerships and exploring possible new partnerships;
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Nurturing the next generation of audiences, artists and arts managers;
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Increasing diversity across operations and ensuring our work is as accessible, inclusive and equitable as possible;
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Ensuring all operations are delivered in as sustainable a manner as possible.
As reflected in the third core belief of AAM’s new mission statement (above), we plan to place particular emphasis on diversity, equity and inclusion going forward and will adopt a DEI policy in 21/22, setting clear targets for representation across the composers we perform, the artists with whom we work, and the staff and Trustees who manage our operations. Despite the obvious and real constraints on AAM’s ability to effect immediate and lasting change in this area, we are nevertheless committed to doing all we can to make historical performance as accessible and inclusive as possible.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status and governing instrument
The Academy of Ancient Music (AAM) is a charitable company limited by guarantee, incorporated on 17 November 2000 and governed by a Memorandum and Articles of Association.
Organisational structure
Board of Trustees
The activities of the AAM are ultimately controlled by the Board of Trustees, which meets at regular intervals to provide strategic direction and to monitor the work of the executive and the orchestra. During the year there were four Board meetings. The orchestra's Chief Executive, Music Director and player representatives have standing invitations to Board meetings. Other staff members attend meetings as appropriate.
New Trustees are appointed by the Board on the recommendation of the Nominations Committee. Trustees are normally expected to serve for a maximum of nine years and their continued membership of the Board is reviewed every three years from the date of appointment. Prior to joining the Board, new Trustees have meetings with the Chair, the Chair and members of the Nominations Committee, and the Chief Executive.
Nominations Committee
The Nominations Committee is a committee of the Board of Trustees whose role is to ensure that procedures are in place for the nomination and selection of members of the Board of Trustees and Development Board; it has regard for the size, composition, diversity and succession needs of both Boards, taking into account their required balance of skills, knowledge and experience.
Audit and Risk Committee
The Audit and Risk Committee is a committee of the Board of Trustees. It provides oversight of the accounting systems, accounting policies, financial reporting and internal controls of the organisation and it makes recommendations to the Board on any changes that are required. Working with the Executive, it reviews the budgets, forecasts, management accounts and the annual accounts and recommends them to the Board for approval. The Committee also has responsibility for oversight of risk management within the organisation. Working with the Executive it reviews significant risks, assesses their impact (probability and magnitude), and makes recommendations to the Board on the best ways of managing and mitigating risk. It reviews the work of the auditors or independent examiner and, if necessary, recommends changes to the Board for subsequent approval.
The most significant risks to the charity across the year were identified to relate to reduced income (ticketed, voluntary and via engagement fees) resulting from COVID disruption. The Committee judged mitigations in place to be sufficient to manage the current situation, but will continue to monitor the charity's position with regard to these and other risks going forward.
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The Academy of Ancient Music
Company Limited by Guarantee
Trustees' Annual Report (incorporating the Directors’ Report) (continued)
Year Ended 31 August 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Development Board
The Development Board has an advisory and support function in relation to fundraising and is not a committee of the Board of Trustees. It brings together AAM supporters who are actively engaged in introducing potential donors and raising funds for the orchestra. Members are appointed for three-year terms of office by the Development Board Chair. As at 31 August 2021, the Development Board comprised Elise Badoy (chair), Hugh Burkitt, Elizabeth de Friend, Andrew Gairdner, Philip Jones, Agneta Lansing, Terence Sinclair and Fiona Stewart.
The Development Board met four times during the year. Development Board members gain an understanding of the orchestra's workings by attending rehearsals as well as concerts and supporter events; act as ambassadors and advocates for the orchestra by introducing potential supporters to its work; serve on working parties established by the Development Board to work on specific fundraising projects as appropriate from time to time; and support the executive fundraising staff in their work.
AAM Council
The AAM Council brings together individuals involved with the AAM as ambassadors, advisers and major donors. The Council meets annually to receive an update on the AAM's work, and additionally as required.
Appraisal of the Boards and Committees
The Board reviews its own performance on an annual basis. The Trustees and the Chief Executive assess how the Board functions as a whole, and, where appropriate, make changes. There is a similar review of the Development Board and committees. The respective Chair reviews the performance of each member of the Board and Development Board, assessing their contribution and the possible further development of their skills. Following discussions with other Board members, the Deputy Chair and/or Chair of the Nominations Committee similarly reviews the performance of the Chair of the Board.
Executive staff
The Chief Executive is vested with day-to-day responsibility for the running of the orchestra. At the year-end he was supported by 5 additional staff, as well as external freelance marketing and PR consultants.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees' Annual Report was approved on 19 May 2022 and signed on behalf of the Board of Trustees by:
Paul Baumann CBE Chair
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The Academy of Ancient Music
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Academy of Ancient Music
Year Ended 31 August 2021
I report to the trustees on my examination of the financial statements of The Academy of Ancient Music ('the charity') for the year ended 31 August 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Shane Tharby FCA Independent Examiner
For and on behalf of Streets Chartered Accountants 3 Wellbrook Court Girton Cambridge CB3 0NA
23 May 2022
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The Academy of Ancient Music
Company Limited by Guarantee
Statement of Financial Activities (including Income and Expenditure account)
Year Ended 31 August 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 269,581 | 161,433 | 431,014 | 384,813 |
| Charitable activities | 6 | 277,208 | 48,133 | 325,341 | 546,039 |
| Investment income | 7 | 300 | – | 300 | 3,283 |
───────── |
───────── |
───────── |
───────── |
||
| Total income | 547,089 | 209,566 | 756,655 | 934,135 | |
═════════ |
═════════ |
═════════ |
═════════ |
||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | 89,675 | – | 89,675 | 94,510 |
| Expenditure on charitable activities | 9,10 | 373,150 | 107,288 | 480,438 | 994,237 |
───────── |
───────── |
───────── |
──────────── |
||
| Total expenditure | 462,825 | 107,288 | 570,113 | 1,088,747 | |
═════════ |
═════════ |
═════════ |
════════════ |
||
───────── |
───────── |
───────── |
──────────── |
||
| Net income/(expenditure) | 84,264 | 102,278 | 186,542 | (154,612) | |
═════════ |
═════════ |
═════════ |
════════════ |
||
| Transfers between funds | 5,000 | (5,000) | – | – | |
───────── |
───────── |
───────── |
──────────── |
||
| Net movement in funds | 89,264 | 97,278 | 186,542 | (154,612) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 892,716 | 44,300 | 937,016 | 1,091,628 | |
───────── |
───────── |
──────────── |
──────────── |
||
| Total funds carried forward | 981,980═════════ |
141,578═════════ |
1,123,558════════════ |
937,016════════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 25 form part of these financial statements.
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The Academy of Ancient Music
Company Limited by Guarantee
Statement of Financial Position
31 August 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 16 | 214,447 | 200,697 | ||
| Investments | 17 | 568,155 | 567,856 | ||
| Cash at bank and in hand | 443,121 | 225,138 | |||
──────────── |
───────── |
||||
| 1,225,723 | 993,691 | ||||
| Creditors: amounts falling due within | |||||
| one year | 18 | 102,165 | 56,675 | ||
──────────── |
───────── |
||||
| Net current assets | 1,123,558 | 937,016 | |||
──────────── |
───────── |
||||
| Total assets less current liabilities | 1,123,558 | 937,016 | |||
──────────── |
───────── |
||||
| Net assets | 1,123,558 | 937,016 | |||
════════════ |
═════════ |
||||
| Funds of the charity | |||||
| Restricted funds | 141,578 | 44,300 | |||
| Unrestricted funds | 981,980 | 892,716 | |||
──────────── |
───────── |
||||
| Total charity funds | 20 | 1,123,558════════════ |
937,016═════════ |
For the year ending 31 August 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 19 May 2022, and are signed on behalf of the board by:
Paul Baumann CBE Chair
The notes on pages 14 to 25 form part of these financial statements.
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The Academy of Ancient Music
Company Limited by Guarantee
Statement of Cash Flows
Year Ended 31 August 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 186,542 | (154,612) |
| Adjustments for: | ||
| Other interest receivable and similar income | (300) | (3,283) |
| Bank charges from investing activities | – | 88 |
| Changes in: | ||
| Trade and other debtors | (13,750) | 60,172 |
| Trade and other creditors | 45,490 | (74,274) |
───────── |
───────── |
|
| Cash generated from operations | 217,982 | (171,909) |
| Interest received | 300 | 22 |
───────── |
───────── |
|
| Net cash from/(used in) operating activities | 218,282 | (171,887) |
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|
| Cash flows from investing activities | ||
| Deposits into money market deposit investments | (299) | – |
| Deposits taken out of the money market deposit investments | – | 200,065 |
| Bank charges from money market deposit investment transactions | – | (88) |
───────── |
───────── |
|
| Net cash (used in)/from investing activities | (299) | 199,977 |
═════════ |
═════════ |
|
| Net increase in cash and cash equivalents | 217,983 | 28,090 |
| Cash and cash equivalents at beginning of year | 225,138 | 197,048 |
───────── |
───────── |
|
| Cash and cash equivalents at end of year | 443,121═════════ |
225,138═════════ |
The notes on pages 14 to 25 form part of these financial statements.
- 13 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements
Year Ended 31 August 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Cherry Trees Centre, St Matthew's Street, Cambridge, CB1 2LT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Charities SORP (FRS 102) Second Edition 'The Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)', the Charities Act 2011 and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
There are no significant judgements that management has made in the process of applying the entity's accounting policies with no consequent significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charitable objectives of the charity. The trustees may identify certain unrestricted funds as designated funds where they intend to use them for particular future projects or activities.
- 14 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
3. Accounting policies (continued)
Fund accounting (continued)
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Income from grants and fundraising efforts, where related to performance and specific deliverables, are accounted for as and when the charity fulfils these commitments.
Legacy income is recognised after grant of probate, the executors have established there are sufficient assets in the estate to pay the legacy and any conditions attached to the legacy are under the control of the charity or have been met.
Investment income is included when receivable.
Income from charitable activities is accounted for when earned and relates to income from concerts, education projects and recordings.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events and non-charitable trading activities.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource.
Cash and cash equivalents
Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due.
Cash equivalents are short term, highly liquid investments, usually up to 30 day notice interest bearing savings accounts.
- 15 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
3. Accounting policies (continued)
Current asset investments
Current asset investments are investments that are held with the intention of ringfencing capital to fund exceptional projects and to secure the long term future of the charity.
The investments are held as short term, highly liquid investments to protect capital against the significant volatility of stock markets world wide. Since the year end, some of the funds have been moved into income generating investments with the aim of protecting capital from the erosion of inflation.
Tangible assets
Tangible assets with an individual value over £1,500 are capitalised, initially recorded at cost, and depreciated.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
- Office equipment 33% straight line
Foreign exchange
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Defined contribution plans
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities.
- 16 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
3. Accounting policies (continued)
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Taxation
No provision has been made for corporation tax or deferred tax as the company is a registered charity and is therefore exempt.
4. Limited by guarantee
The company is limited by guarantee and each member's liability is restricted to £1.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Individual donors, including AAM Society members | 169,581 | 121,933 | 291,514 |
| Grants | |||
| Grants from charitable trusts and other bodies | 100,000 | 39,500 | 139,500 |
───────── |
───────── |
───────── |
|
| 269,581 | 161,433 | 431,014 | |
═════════ |
═════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Individual donors, including AAM Society members | 200,017 | 57,046 | 257,063 |
| Grants | |||
| Grants from charitable trusts and other bodies | 91,250 | 36,500 | 127,750 |
───────── |
──────── |
───────── |
|
| 291,267 | 93,546 | 384,813 | |
═════════ |
════════ |
═════════ |
- 17 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
6. Charitable activities
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Concert income | 130,425 | – | 130,425 | ||
| CD sales and royalties | 60,111 | – | 60,111 | ||
| Miscellaneous income | 1,680 | 48,133 | 49,813 | ||
| OTR relief | 57,662 | – | 57,662 | ||
| Coronavirus job retention scheme | 27,330 | – | 27,330 | ||
───────── |
──────── |
───────── |
|||
| 277,208 | 48,133 | 325,341 | |||
═════════ |
════════ |
═════════ |
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Concert income | 370,931 | – | 370,931 | ||
| CD sales and royalties | 89,790 | – | 89,790 | ||
| Miscellaneous income | 5,565 | – | 5,565 | ||
| OTR relief | 79,753 | – | 79,753 | ||
| Coronavirus job retention scheme | – | – | – | ||
───────── |
──── |
───────── |
|||
| 546,039 | – | 546,039 | |||
═════════ |
════ |
═════════ |
|||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 300 | 300 | 3,283 | 3,283 | |
════ |
════ |
═══════ |
═══════ |
||
| 8. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations, grants and | |||||
| legacies | 89,675 | 89,675 | 94,510 | 94,510 | |
════════ |
════════ |
════════ |
════════ |
- 18 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
9. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Direct costs | 309,723 | 104,365 | 414,088 |
| Support costs | 63,427 | 2,923 | 66,350 |
───────── |
───────── |
───────── |
|
| 373,150 | 107,288 | 480,438 | |
═════════ |
═════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Direct costs | 562,807 | 82,296 | 645,103 |
| Support costs | 349,134 | – | 349,134 |
───────── |
──────── |
───────── |
|
911,941═════════ |
82,296════════ |
994,237═════════ |
10. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Direct costs | 414,088 | 59,696 | 473,784 | 978,881 |
| Governance costs | – | 6,654 | 6,654 | 15,356 |
───────── |
──────── |
───────── |
───────── |
|
414,088═════════ |
66,350════════ |
480,438═════════ |
994,237═════════ |
11. Analysis of support costs
| Allocated to | Allocated to | |||
|---|---|---|---|---|
| cost of raising | charitable | |||
| funds | activities | Total 2021 | Total 2020 | |
| £ | £ | £ | £ | |
| Staff costs | 87,583 | 36,706 | 124,289 | 325,319 |
| Premises | – | 7,019 | 7,019 | 99,028 |
| Other costs | 2,092 | 22,625 | 24,717 | 14,276 |
──────── |
──────── |
───────── |
───────── |
|
89,675════════ |
66,350════════ |
156,025═════════ |
438,623═════════ |
12. Independent examination fees
Fees payable to the independent examiner for the independent examination of the financial statements in the current year is £3,100.
In the previous year the financial statements were subject to an audit and the fees payable to the auditor were £5,100.
- 19 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 222,334 | 241,313 |
| Social security costs | 18,579 | 20,138 |
| Employer contributions to pension plans | 2,188 | 4,896 |
───────── |
───────── |
|
243,101═════════ |
266,347═════════ |
The average head count of employees during the year was 7 (2020: 8). The average number of full-time equivalent employees during the year is analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Management | 1 | 1 |
| Administration | 3 | 2 |
| Direct charitable | 3 | 3 |
──── |
──── |
|
| 7 | 6 | |
════ |
════ |
The number of employees whose remuneration for the year fell within the following bands, were:
| 2021 | 2020 | ||
|---|---|---|---|
| No. | No. | ||
| £70,000 | to £79,999 | 1 | – |
| £80,000 | to £89,999 | – | 1 |
──── |
──── |
||
| 1 | 1 | ||
════ |
════ |
14. Trustee remuneration and expenses
No trustees received any remuneration in relation to her or his services as a trustee (2020: £Nil).
No trustees were reimbursed expenses during the year (2020: £Nil).
15. Tangible fixed assets
| Office | |
|---|---|
| Equipment | |
| £ | |
| Cost | |
| At 1 September 2020 and 31 August 2021 | 4,300 |
═══════ |
|
| Depreciation | |
| At 1 September 2020 and 31 August 2021 | 4,300 |
═══════ |
|
| Carrying amount | |
| At 31 August 2021 | – |
═══════ |
|
| At 31 August 2020 | – |
═══════ |
- 20 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
16. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 62,633 | – | |
| Prepayments and accrued income | 76,875 | 91,345 | |
| Other debtors | 74,939 | 109,352 | |
───────── |
───────── |
||
| 214,447 | 200,697 | ||
═════════ |
═════════ |
||
| 17. | Investments | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Short term bank deposits above 30 days notice | 568,155 | 567,856 | |
═════════ |
═════════ |
||
| 18. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Trade creditors | 68,152 | 14,249 | |
| Accruals and deferred income | 25,239 | 34,049 | |
| Social security and other taxes | 7,481 | 6,218 | |
| Other creditors | 1,293 | 2,159 | |
───────── |
──────── |
||
102,165═════════ |
56,675════════ |
Accruals and deferred income includes £3,718 (2020: £nil) of income for expenditure in the 2021-2022 concert season (2020: 2020-21 concert season).
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,188 (2020: £4,896).
- 21 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 September | At 31 August | ||||
| 2020 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 624,552 | – | – | – | 624,552 |
| Unrestricted funds | 268,164 | 547,089 | (462,825) | 5,000 | 357,428 |
───────── |
───────── |
───────── |
─────── |
───────── |
|
| 892,716 | 547,089 | (462,825) | 5,000 | 981,980 | |
═════════ |
═════════ |
═════════ |
═══════ |
═════════ |
|
| At | |||||
| 1 September | At 31 August | ||||
| 2019 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 714,552 | – | – | (90,000) | 624,552 |
| Unrestricted funds | 344,026 | 840,589 | (1,006,451) | 90,000 | 268,164 |
──────────── |
───────── |
──────────── |
──────── |
───────── |
|
1,058,578════════════ |
840,589═════════ |
(1,006,451)════════════ |
–════════ |
892,716═════════ |
The Trustees have designated the legacy received from Christopher Hogwood as a fund to be used by the orchestra in engaging in performances, recordings and other projects which would not otherwise be possible. During the previous year £45,000 was released in support of the world premiere performance and recording of JL Dussek's Messe Solemnelle . A further £45,000 was released for extraordinary COVID-19 reliefs for musicians including cancellation fees and other payments.
- 22-
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
20. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| 1 September | At 31 August | ||||
| 2020 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Specific Grants and | |||||
| Donations | 5,000 | – | – | (5,000) | – |
| Strategic Recording Fund | 18,800 | – | – | – | 18,800 |
| Musicians' Support Fund | – | – | – | – | – |
| Castello | 20,500 | – | – | – | 20,500 |
| The Creation | – | 34,500 | – | – | 34,500 |
| ACE Cultural Recovery II | – | 48,133 | (48,133) | – | – |
| Mozart Piano Concertos | – | 102,752 | (34,974) | – | 67,778 |
| Big Give Fit for the Future | – | 24,181 | (24,181) | – | – |
──────── |
───────── |
───────── |
─────── |
───────── |
|
| 44,300 | 209,566 | (107,288) | (5,000) | 141,578 | |
════════ |
═════════ |
═════════ |
═══════ |
═════════ |
|
| At | |||||
| 1 September | At 31 August | ||||
| 2019 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Specific Grants and | |||||
| Donations | 14,250 | 36,500 | (45,750) | – | 5,000 |
| Strategic Recording Fund | 18,800 | – | – | – | 18,800 |
| Musicians' Support Fund | – | 36,546 | (36,546) | – | – |
| Castello | – | 20,500 | – | – | 20,500 |
| The Creation | – | – | – | – | – |
| ACE Cultural Recovery II | – | – | – | – | – |
| Mozart Piano Concertos | – | – | – | – | – |
| Big Give Fit for the Future | – | – | – | – | – |
──────── |
──────── |
──────── |
──── |
──────── |
|
33,050════════ |
93,546════════ |
(82,296)════════ |
–════ |
44,300════════ |
- 23 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
20. Analysis of charitable funds (continued)
There were several specific grants and donations received in the previous year which were all individually less than £30,000. The £5,000 balance on this fund as at 1 September 2020 was a grant to support live-streaming of concerts in the 2020/21 season.
The Strategic Recording Fund includes donations for future recording projects received in previous years.
The Musicians' Support Fund ran from 1 April 2020 and 10 June 2020 as a discrete campaign during the first COVID-19 lockdown period. Funds raised were paid directly to players.
Castello denotes funds for a recording of Castello's Sonate concertate in stil moderno, libro secondo .
The Creation denotes funds to support a performance and live-stream of Haydn's The Creation in September 2021.
ACE Culture Recovery II denotes funding from Arts Council England, as part of DCMS’s Culture Recovery initiatives, to fund work to build our live-streaming audience.
Mozart Piano Concertos denotes funds for a major project to record five discs of works for keyboard and orchestra by WA Mozart.
Big Give Fit for the Future denotes funds raised in support of concert performances and live-streams in the 20/21 season.
21. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Current assets | 1,084,145 | 141,578 | 1,225,723 |
| Creditors less than 1 year | (102,165) | – | (102,165) |
──────────── |
───────── |
──────────── |
|
| Net assets | 981,980 | 141,578 | 1,123,558 |
════════════ |
═════════ |
════════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Current assets | 949,391 | 44,300 | 993,691 |
| Creditors less than 1 year | (56,675) | – | (56,675) |
───────── |
──────── |
───────── |
|
| Net assets | 892,716 | 44,300 | 937,016 |
═════════ |
════════ |
═════════ |
- 24 -
The Academy of Ancient Music
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31 August 2021
22. Analysis of changes in net debt
| Analysis of changes in net debt | ||||
|---|---|---|---|---|
| At | ||||
| At | 1 Sep 2020 | Cash flows | 31 Aug 2021 | |
| £ | £ | £ | ||
| Cash at bank and in hand | 225,138 | 217,983 | 443,121 | |
| Current asset investments | 567,856 | 299 | 568,155 | |
───────── |
───────── |
──────────── |
||
792,994═════════ |
218,282═════════ |
1,011,276════════════ |
23. Other financial commitments
The charity had other financial commitments of £nil (2020: £9,000) due for payment within 12 months of the balance sheet date.
24. Related parties
Donations received without conditions from related parties, including trustees, in the year totalled £41,153 (2020: £30,430). There were no other related party transactions.
- 25 -