COMPANY REGISTRATION NUMBER.. IM109942 CHARITY REGISTRATION NUMBER: I(185485 The Academy of Anclent Music Company Llmlted by Guarantee Unaudited Financial Statements For the year ended 31 August 2022
The Academy of Ancient Music Compny IJmlted by Gu•rAllte¢ FIclI] Sttemeihts Ye•r e•d¢d 31 Au£u8t 2022 TrusteeB' Anuuai Rtport (incoTP)raling the DiTe4toVI Rwrt) lttdepend¢nt ExATnin¢V8R¢pon to the Trn•t¢¢8 li Stat¢Tneot of Finati¢id Activities lin¢ludiDg incom¢ •Dd expeuditur¢ aUllI) 12 Stat¢m¢nt of Financial Position 13 Stat¢m¢ni of Cagh Flowi 14 Notes to the Fin101 Ststernents ISto26
The Academy of Ancient Music ctsmny Llmlted by GnHrHntee Trnstees, R¢pfyrt {1¢0rItIng the DIr¢etor'$ Report) Yer ended 31 August 2022 The Thstees, vkno are also th¢ Dir¢{$ for th¢ purposes of Company law, PTe8ent their Report and th¢ umudited FiJMLial SleMents of th¢ ¢harily for the ycareTMlcd 31 August 2022. REFERENCE AND ADMINISTRATIVE DETAILS REglstered chxrlty nxrne The Academy of Anci¥Jt Musi¢ Chirlty rtglstratlon burnber 108S485 Corfjpgny r¢gtstrtlon number 04109942 Tru•tee8 The Trustee8 who Served th¢ ¢h8rity during the year and th08¢ whth ar¢ currcntly ¥¢TVinX are A8 folluw5.' Eli%e Flido Jane Harkcr LBE Paul Baumllnn CBE Chair Hugh BILrkiii (Deputy Choir unlil 28 Jul 2022 AIAn Clork Elizabeth de Friend Graham Nicholson (Dcpyty Chair- trtiin 28 Jul 2022 Helcii S rotl MJdeleitt¢ TArt¢NII Kiln Wlllduck Da 3** ointed 13 JAnU 2022 Rrsi¥ncd 28 July 2022 1, 241 oinl¢d 13 Jul 2U22 I x m¢mb¢r of Audil pnd Risk Commillce u at 31 Au¥u8t 2U22 2 v m¢mb¢r ofNominAtion$ Committ¢¢ al At 31 August 2022 3- m¢mb¢r of DeveloJ)meni Buurd u8 al 31 AUgll 2tJ22 indicates Chair of cornmittee as at 31 AU83t 2022 ** indi¢ai¢b Chmir vf D¢vrlvpm¢ni Board 05 al 31 Auguit 2022 PrIthe1p aThd rtglitered offlce Chetry Trees Centre St MUtth'S Street Cambridgc CBI 2LT Honorary Pre8ldeDt Christopher ]4Jrvi8 CBE Chlef Eiecutlve John Mcmunn Mu•l¢ Dlrtt¢or Laurence Cummin8B Fo¥Dd¢r Chri8¢ophcr Hogwood CBE SecretAry John MGMurtn
The Academy of Anclent Music Comp4ny Llmlted by Gur4ntee Tryit¢¢i' Anngal Report Ilncorporwllng the Dffirector'8 Report) (condllued) YeAr ended 31 August 2022 REFERENCE AND ADMINISTRATIVE DETAILS {conrfnwed) Independent Exmlner Sht Tharby FCA For and on behHlf of Streets Chartcrcd Accountant% 3 W¢llbrook Court Girknn CambridBe CB3 ONA VISION & MISSION, CHARiTY OWECTIVES AND PUBLIC BENEFIT STATEMITrIT VWOD Th¢ ALid¢my of An¢ieni Music a%pir&s lo be al the forefrunt uf thc global hi51uTicolly-infonned p¢rfomion¢¢ movcm¢nL recogniscd univevsally for rhe quality of our perf0mnceS and the impact of our ScholShIP and e41u¥uiionlll work. The Academy of Ancient Musi¢ exilts to deli¥ht *Nd inspire audienceB the world over with hi8tOTically-informed perfornionces of barr>que ond clas8ical music of the highebl quttlity. W¢ b¢lieve IhAi sreal aft 18 lor cveryone, re8aTdl¢¥s of boik8roynJ or m¢an%, and we are eommiiied 8hArin8 our work a¥ widely a% pOlb]e ihrou8h liv¢ perforniancq recordin8N llnd digital media. Und¢ypinrtin¥ this mi$Bion ar¢ thr¢¢ ¢i>rc bcliefs.. Musi¢ h88 8 uniqu¢ ability to unit¢ p¢oplc through 8haTed experionce Artd ¢ommoD purw8¢. We believe th[ ow. ConuniljDI tv audi¢nG¢s cxi¢nds bryond the ctsnLert hall, and cnduvuur lu Lrvalc u 5¢nse uf community around ourwork throu8h extra-muaical cnTichmeDt thnd ¢n8Agem¢n( Ill d¢liv¢r¢d to the 8am¢ hSBh 8tHndard 08 our pcrfomLunL¢b. W¢ believe in the itih¢rent vilu¢ of histori]ly.]rtf0M]td perfonnallce, not beca it 18 '¥lUthcntic' or 'carrcct'. but bccau8e of its power lo move &udiertccF with p¢rf(>mi8nces of striking vitolity and immediacy. We value our position leader in the field and cotTrmitted its furthering lh¢ hisioriGo11y" infomied pcrfomiancc movemcnt through scholarship, discovery. educaiion and training, Jdt¢guATding th¢ futw¢ of ow art for 8enerations to come. W¢ acknowledue the need to address hislorical inequili¢s in thc 4r1¥ 4nd Rr¢ ¢ommLti¢d to refleciinu the d1Vcr. GpmTnuniti¢g in whirh we work, bDth onstft8¢ fynd in our audicnce5. W¢ will colltinue to stiiv¢ to make our work as acec85ible and iticlusivc as pDssible while nol ab4ndoJ)iD8 our ll¢f in th¢ tim¢les$ r¢levHncc of OUT r¢p¢rtoirc. Chgrlty olJJettlvei Thc objectTrvcs of the GhaTity are lo advance ihe education of the public in thc art of baroquc alld ¢arly Gla85ical Music &nd thc allicd arts. Therc h&v¢ bc¢ll no chang¢5 to th¢ charity's objeeuv¢$ since the last lla1 reporL
The Academy of Ancient Music Company Llmlted by Guargntee Tru•tee•l Annual Report (incorporating Ibe Dlrector'i Report) {eontth¥¢d) Ye*v ended 31 Augu811022 VISION & MISSION, CHARITY OBJECTIVES AND PUBLIC BENEFIT STATEMENT {coJJdnued) Publlc Benefit StNterncnt The Tn]stccs regularly review the charity'8 a¢tivitiu ts) ensure the high¢& bertefir w the public. The Trustees nfim) thHI they have eonsidered thc Charity CLimmi5sion's ¥¢n¢ral guidan¢e on publiL bcncfit in settin thr charity'5 aims and objectives and in plannirlg purti¢ulur activities. The chbrity exi8ts to enrich pwplc'¥ liv¢¥ with historically infornied baroque and cl8s8ical music p¢rforni¢d re¢ordtd lo the hi8hesl standard. and by Thurturing youny uudi¥n¢¢s, atlisis and aSPiTLn8 manA¥crs. Th¢ u,hstr'S mattagement tll5ked with ensurinu th¥ Charity'8 8¢tiviti¢s ar¢ Ce851bIe to Mll member8 of the publi¢. Example8 of sty tsken lo ensure broad public accc&sibility inElud¢.' En¢ourAgin¥ AlldnCe at Concert perfornianccs by School ¢hildren. student5 and young pcopl¢ thruu¥h discount tiLkcts' FrcEly a¢eessible vid¢0 conl¢nt {viA the AAM webaits and elwhere Online). Re8ul8r broadco8ts of coftccrts on natiortol radio ¥thtions both in the UK and abTOAd. rnAking our musi¢ widely E¢s8]bIg throu¥h rsdio 8nd online; Frcc prc-¢on¢crt tAlk$ whith &r¢ Dpen to 1,. Free conc¢rt programme8. avai18blc online, contsinitlg d¢tail¢d note8 th¢ music bein8 pcrfomied Jhort bio¥raphits of thr pi'it)Gip#l perfomi¢rs,' Mu¥terela88¢8, and Or¢htraI workshops in whiLh musi¢ sNdottts MDd AAM professional8 pluy sidc-by- Bide. YEAR IN REVIEW Dupitc very rcal challcn¥es, in¢ludirtg ongoing COVID diBruption, war in Ukr4in¢ and SCpAfin¥ inflation, 21A2 provcd to bo &tLoth¢r y¢4r of a¢hicvern¢nl for AAM. Und¢r th¢ leaderBhip of new N4u51G DiT¢c¢or L&ur¢nG¢ CumminBS, the or¢he8tra performc45 29 ¢onc¢rrs i¢ros8 th¢ UK. reaching an esljmud audictsce of 12,500. Thi$ th¢luded our fJTht fi]11 own-PTomvtcd 8caBon at the BArbi¢4n Cerbtre {LondoTh) andWc¥t Road Con¢ert H411 Icambridgcl since I8119. Therned'NewWorlds'. the Renc5 reared 5p¢ctsGul&r sta8in¥ of HAyth's Creoilon with Bpccially commi551Dn¢d, 3D-mapped projections by Nina Dunn Studios li0-pr1Ced with the Barbicdn}', a perfoThanc¢ of JS Bath's & John Pas.vtoA in its. rarely hcard 1725 ver.4ion,' and an evening Ot. Mozartian fJTCWQTk.4 wlminjtins in on electrifying reading of Symphony No.41 Jupltgr . Othei. own-promotcd pmgrammcs included The EnchiTntffd Fgre.ii, a sequence of words ond music by Haftdgl, Rameau and G¢mini4ni on ma¥icBI th¢m¢fj; South a sn&pshot of 6aci¢d mu8ic-mokithg in 18th cenwry Pcnj,. TralgUe. a progr4mmc trHfln8 th¢ voyagc of Ni¢hol&s Lanicr. the fir8t Ma8t¢r of the King, Mujic. Rcro&s Europc in1625., Fxile, a night of thrillin8 emotional cxtrem¢6 in lh¢ music of Haydn.. andLo T#rquie. cvocotson of th¢ Ottomart Empire from A distinctly Frenchp¢T8PKtiv¢. We were privileged to work with gu¢s¢ arti%L% Mary Bcvan, R8¢hel Redmond. Strjart Jack8on. Ashley Riches, Matthew Brook. Zoe Waites, VOCES8, Anna Dcnni8. ThomB8 Walker. Ann Hallcnberg, Ni¢holLq Mlllroy, Dillgle Yattdeil. Carolyn S#mp8on, Anihony Gregory. Marcus F8rn8WOrth and Poolo z[1, atrtorjgsi others.
The Academy of Ancient Music Comp•ny Llmlt¢d by Guarglltee Tryitee8' Report Ilncorporatlng the Dtrettor's Report) Year tndtd 31 August 2022 YEAR IN REVIEW Audienccs received OUT 21122 owTr-promoird ¥eHstsn wamily, with 900/0 rating thcmsclves 'v¢ry satisfied, 'sulisfi¢d' with Iheir overllll experiente. 960/0 judged ariisiiL quality lo be either 'v¢ry high, or 'hi8h', and 83Y reptsrted fetling inspired by the mu&iL either'a great deal, or'a lol. CritiL&l r¢L¢plion af til¢ s¢&son w45 similarly effMive, with si8nific8ni covera8¢ in the broadsheets.. tabloid5 and onliDC, and r811n8S dt. ¢xclusively four- and five-stars. We achicved gO¢KJ Htt¢ndancc across prornotion5 from our principal playcTS arKi hir our busincs5 plan tHr¢t uf 850A of own-promolions dircclcd by LautenLe CutnmiThg$ in his firsi year as Music Director. AAM'B th)mc$iic tourin8 saw returns to the Chippin8 Campdcn Mu8ic Fes¢ivAI, Crtmbtid¥e Music FestLVAI, Bsth BdchFcsl. Ltbndon H)de] Fcsuval, Deal Feslivaj, Oxford Febtivthl of the Arts thr Miltun Abbey Sumin¢r Music TreBtival' &s well ihe CBdogan HRII (London). Sheldonian Th<Htr¢ (Oxford), The Ap¢x (Bury St Edmund81. King's College (cmbridgcI, and Britl¢n PcllT5 Art5 ISJ)&pr Maliings). After two y¢iTh of 5igvifi¢Niil disruption. AAM b¢¥Jrt to rebuild its interndtional louring profilr in 21122. Th¢ orBhrstrH h4d debu1 a¢ ih¢ ElbphilhtstThonie (Hambur81 with Tenebrae Choir and ¢onducior Nigel Short; snd MuBikfe8tION INurember81 with VOCESI. and rdurned lu Soli D¢u GloriA {Brauns¢hwei¥l And the Korkyr Baroque Festival IKvrLulal. Regrettably. pl&iuJed perfonnanccs in the Con¢erlgebouw IAm$l¢rd&ml the Tchoikov5ky HHII (Moscow) w¢rc euncelled due to C()VID nnd internuiionil contlici reypeclively. Increasing th¢ number of ini¢rJ)aiionAI enga¥¢ments ¢on(inu¢s lo b¢ o kcy slr&legJc objeclivc of th¢ orclic5¢TA goin¥ forwmrd, In April 2U21, th¢ Trustees Rdoptcd a new 8tralcgy for AAMplify, Ihc orch¢str4'1 innovative ¢du¢ation initiative, rcoTicntin8 Ihc 4chcm¢ 4Tound dcv¥lupitt¥ thi audience$, Jnist8 and rt8 managcrs of the future. 111 21122 AAM dppuinied ll part-time player facilit4tOT to inanagc and d¢liv¢r our work with youn¥ &rti6r8 speciflLally Part of thr ncw slratr¥y, in ronsullin with lh¥ Chiif Exwuiive and the Head of Plunnin¥ & Op¢r8lion$. ACTQSS th¥ year. w¢ reactivated pHrtncrship8 with the Royal North¢m Coll¢g¢ of Mu81¢ IMonche%ter). Royul We15h Collegc f Mu5iL & Drama (Cardiffj. ROYHI Acadctny of Mu&iL {Londun) the Gtsildhall School of Music & Drama ILondon}, wilh whoikn we l¢d 8idc-by-side proj¢¢ts in London, Oxford aiid Sandwich. Wc hope for ihexe È¢tivitiLs tu f¢cd intu lltjnual AAMplify orch¢5tral projrrt in furE SE4SVJ)¥. Allowin¥ youn¥ PTofe55ioiJa15 thc opportunity to perform l#rger-scdle works usuglly bcyond ihc scopc of music collc8cs and ullivpr$iii¢s ¥ide4y-$id¢ with our acLi4imrd pro(¢ssionai¥. In ¢he rtcording Studio, 21122 AAM muuni a Imrk projcci 10 Lumplct¥ the Gyrle vfMozHrl Pi4nv cutrt rccordinB¥ bcgun nc*rly 3¢) yeHrs •gth by {r tollndtr Christopher Ho8wand and ychol&r"pi8nist Robcrt Lcvin. In¢ludin& sessions in late AubTusI 2021. the orchestru reLord¢d no fewer than 17 ionLerti)S scrotsb the ye, which ai¢ duc Ioi TcI¢u5c on AAM R¢Gord¥ a¢ro¥s five dis¢s from 22123. To help us realisc thi¥ lon¥-h<ld ambition, we were dclighted to work with our forni¢r Mu51¢ Dir¢rtvr Richard Egan {Gondu¢torl, wejl as our current MusiL Director Laurence Curnminy (conduclorlpiano}, Leader Bojan eièié IvioliN}, 8nd guest ortiBls Louis¢ Aldcr I¥opTanol and Y&-F¢i Chuww Ipidthul. All works w¢r¢ recorded on inbtruments similar lo Ihvbe Bvyilable to the corn8¢r St the timc of composition, &nd wc are gratcful to p&rtncT% at Piunos Maene {Bel¥iuml and the ])ulwich E$tste {Lortdtsn), well sts Chrisiopher BuLknall f th¢ provisign of fortepianos IWal¢¢rs-, Si¢in- 4nd Spthth- types). orsan and harpsichordrc%pectively. AAM did no( releAse any new re¢ording$ in 21122, but r¢¢orditt8s released the Previous ycarwcr¢ rccogni8cd with dw8rds nominations Jnd wink. spttbifically Dussek's Metrse Sf)lemnelle IBBC Music Ma8atitJe Choral Award nomit)¢¢- (iramophon¢ clos511 Mu51c Awards winncrl and Eccle5' Semele (Gramophone Clasoicul my.fic Aw47rdt nominee. produced in association with Cambridge Handcl Opcr# Company ld Cambridge Early Music). In recogniiion of both relesse4 and of the a¢hievem¢nls of tornier Music Director RiGhard Egatr, AAM was nominatcd for Gromophone Orcheslra offhe Yeay 2021.
The Academy of Ancient Music C•mpny Llmlted by GuArHntee Trn$te¢8' ATrnul Roport Ilneoryortthg the Dlre¢tor'$ Rep>rt) (corfMMed) YeAr ended 31 August 2022 YEAR IN REVIEW fcomli4ryMedJ Theorche8tr&r¢main8 ¢ommitt¢dw digit&l ¢ontets¢ ¢r¢ation. Jtt 21122, in &ddiiion lo streaming our8easoll-op2ning O&produGtion of Hayth)'¥ The Creaiion ab Part uf th¢ Livgfrom Ihe Barbican s¢rir%, wc broadust all fiv¢ of our Milton Courtprogrdmmcsvia AAM'S propnctyryrearnJng portal, AAMLive. As aresuli of these and othcr digita] AClivili¢s, th¢ orLh¢btra grcw its. r¢aLh signifLLuntly both Lmlin¥ andaLr()SS¥UCiAI mcdiA. On 31 Augusi 2021 AAM had morc than 35.000 subscribers on YouTiibe liip 160/11. 47.500 followcr8 on Facchook lup s1.. 8.8UO followers on Twitt lup IO/.)., 4.000 followers otl IllSTa[ll lup 30/n); and mor¢ thHn 1.200,000 monthly lisietttrs o Spotify lup 21, makin8 it the most lislened-to ensemble of our kind on that plattorm. Othcr highlights of the year included numerous appearnnccs on BBC Radio 3.5 Jn Tune, a BBC Radio 4 frature vur 2Q121 p¢rform4nc¢ of Yivaldi'.¥ The Four Seayojis ai Ihc BurbicBn p¥rt vf th¢ How ¢0 PI4v R¢ri¢8. delayed broadcast of our TrovÉlogue programme at Milton Court on BBC Radio 3 IBub5equendy TebroadL-a8t on WFMT Clii¢ago), a r¢broad¢oi1 of d ieric$ of lunchtime r¢Gital$ givcn ai LSO Si Luk¢'i in 2U16 vn BBC Rudio 3. at)d a live broadcast of Handel's Messiah with VOCF.S8 at Mu5ikfestlON INiirvmbcTgl on BaYenhcT Rundfijnk. The Tmgt¢es ar¢ gratefvl ¢0 the or¢he5tr&'a plgycr8. ifs ¢X¢¢Utiv¢ and Biaff for th¢ir loyalty, det¢miinAiion and on8uin Lre8tLvity in challen8ino circumstances. PLANS FOR FUTURE PERIODS Ar¢i81i¢ ex¢elletbCt on theconcertplatform. investhientin dl8itsl recorded contenl andnurnring the Audi¢nces, llriists 8nd arts mAnag¢rs nl'the tUre will remain ¢eniral 10 the ¢hArity'8 work as th¢ itJdu8try ¢ontinu¢¥ io r¢turn lo mvr¢ nomial modes of operAIiOn PO&¢thCOVID. The 22123 season will once a¥ain feoture a 11 Programme of own"promoted cycnts at thc Barbican Ccnlr¢ I0) 4nd We8t RoHd Conccrt Ilall (Carnbridc). The thcme for thc yeHr will bc 'TiJ nulure i vtpice, wilh programming fo¢u¥in¥ on th¢ natural world and our placc within it. Highligh¢s will irtclude Haydn'K Tke Sed.TOIU with immer8iVt, 3r).mapped projetiiotiA lonct Q8oin COvproduc¢d with the B&rbic3nl, Hnndel's Messitth. and BcLhoven's Sympho Nn.O 'Pa.¥rnrol'. Ilongside programm¢8 ¢xpli)ring natsre herself IRebel'5 Les ÈicmeK), the nlltUTe of music IJS Bach'B The Musical Offerlng), mubic as nature (Purcell's Haill Bright Cecilia}, the human EnviroTent IBiber'B BLYiiogltol and humon natUTe (Handel'y ri Trionfo del Tempo). UK touring will includc rrturns to Ihc Cambrid¥L. MusiL FestivAI. Chippinx CMpdn Music Festival, Bud) BachF¢5L Th¢ Ap¢x (Bury St Edmunds). Cudogan Hall (London), Sheldonian Theatr¢ Ioxford) and Kin¥,5 Coll¢g¢ ICombrid8e} as well #s a coIIoIK)r&litsrt with the BBL Singers part of their Mil¢on Court s¢rie5. Dis¢u$$ions Are Also underivay io rern Lu Ihc mALn BFIC Proms Series ai the ROYAI Albert Hall (London) for Ihe first lime since 2004. Inlcrnational en¥agcmcn18 include rets]rns to CoKceTlS de I'Avent {Fribourgl. Auditorio Nacion41 IM4dridl Palaciu de Congir%xs Principc Felipe (Oviedo) a8 well as AAM'S debut at AMUZ {Antwery)I with a revivil of ¢)ur 21122 South Americu pro¥ramtn¢.
The Academy of Ancient Music CompAfvy liimited by Guarantee Tru8t¢¢$' Ants&1 Rqbort Ilncorportkng the Dlr¢¢tor'J Report) YeAr elldd 31 AuEU6t 2022 PLANS FOR FUTURE PERIODS (ronllfvued) While finan¢i41 h¢adwnd5 may rnak¢ it diificult to maintsin cutTent leve15 of activsty (m AAMLlve. we remAin committed to digithl ¢oJJteni criiiiun llnd rcLoTdill¥ work morc gcDcTHlly. In 21123, we will begin relcasc clips from our 21122 live•8tream series on so¢i&l meth'a YouTub¢, irLLf¢asw¥ th¢ r¢4rb and impact of the r¢coTdin8s. We will al¥0 bcgin 10 rele&se the five discs rem8ining in the M07art Piano Conccrto cytl¢ detailed above (wiih Ihe fjnal di5¢% cominB to markct in 231241. We will record a recital disc of 17th century Veneii#n lave duels with Rarbdall Sculling Itenor) and Jor¥e Navam) Colorado Ilenor) fur rtle88# un Sigmum Records. and we arc plannin5s 8 new collaborullott Wjth Cambrid¥c Handel Opcra Company lo make th¢ world PTcmieTe recordin¥ of John Weldon's 7he Judsmenl al Puri.¥ in 23124, FinHlly. whilc pl4n8 arc not yet ¢onfiTmcd duc to urti51 availability issues. we rem8in Lommilled io r¢¢urdin¥ thc sccoiid bouk vfDario C8$tello's Stsmule conc¥rlaie i slil moderno with forni¢r Mu&1¢ Director Ri¢h4rd Egwr lour rccording of th¢ first bNbk w&q relcosed in 2016). In 22123 AAMplily, our iTinuvaiivc educalion initiatLV¢, will d¥liv¢r 8Ld¢-by-side wot with th¢ Royal Acodemy of Music {LA)ndonl th¢ Guildhull School of MwiL & {Lundon), us wcll as the inauKural AAMplify M05tcrclASS Series. with &e%siot)$ led by key orthe5tral prin¢ipal¥ Rachvl Brown (music for flult by Johann Juachim Quanlzl, Joseph Cruuch (cello and th¢ arl vf a¢rvmp&tLi¥d rrlitsiivrl and BojJts ticié {Ih¢ stylms phanla%ticusl. Urther Loll8boralions arc also bel planned with the Ruyal CulleBe of Mugic (London), tht lioythl Nor¢hem Cpll¢Be of Music IManGheMcrl and the Royal Welsh College of Music & Drama Icardift). LixTrkin8 beyond th¥ immedi01¢ fuDJre, li is worth noting thlll the 23124 se180tt will be AAM'& Soth Anniversary. PIRny for ¢hi¥ significant niilc&lone are slill developin¥ but will include the publication of An account of the rchcstra'8 history iu date by noted author And form¢1 HUWoUd F¢lluw Riihllrd Braiby, th¥ fi?1 r¢leN5¢5 of Ihc complete Moz8rtPi4no Con¢¢rto ty¢l¢ with Robert Levin, and otherpTogrammc$ And ev¢n15dc5ignedio rnllximise the FJtis¢ic uppor¢unilic¥ tha15uch occasions offer while siren¥thenin¥ our reserves lur fulure ijivexlmeni. Ill the mednlime, thc Trustees look forward to continuing tr> build uptsn Ibe execllent crc&tive pfyrtncrship dcvclopin beiwe¢n thv vr¥hrtstra's player8 Htld Music DireLtor Laurence Cummin¥8. FINAt4CIAL POLICY AND PERFORMANCE AAM receives no regul&r public fijnding at¥1 is ¢ntir¢ly reliuni on g¢YJernted in¢om¢ ond voluntAry giving. We arL' fortllllOt¢ 10 have tlie 'liefIt uf È sub&iantial bcquest from our founder, the llllc Chri51ophu Hogw0. wiihoul whtch our po811ion would be txtstn)ely ¢hill¢ngin¥. Th¢ fin#n¢iAI fl¢xibility provided by thi4 b¢qu¢s1 cnable8 us 10 mainiain uur Icv¢l of artistic Hmbilion und our Lommiimcnl to exceptional arti8tiL quulity. Total inGom¢ in ¢hc period incTc&sed to 845k12021.. £757kl however expenditurc also increased lo £1,043 (2021.. £57Ok) mcaning the chirily ertded the year to 31 August 2022 with a ii¢l loss of 1198k, of which £123k was aitribut¥Lble to plonned inve%kneN¢ in th¢ M07Art Piano Concerto completion and £75k to lowcr than furecast tick¢lin8 and other revenue. Rti¢rve$ Ind Inveitment pollcy In view of fluetU*tionB in conccn incorne from year to ye&r, cxAcerbBted by the increased fJnanci21 ri8k8 ¢reated by the unLertainti¢$ in the imm¢dial¢ pvst-pHDd¥mic P¢Tiod, the Tru8t¢C8 consid¢[ it prud¢nt lo maintain generBI unresrrici¢d re5¢rv¢s of at I¢t six months, support costs 8nd thrcc months, expcnditUTC on own-promotion ¢onG¢rts. This equates lo It l¢ast £280k cyrr¢lltiy.
The Academy of Ancient Music Cornpany Llrnlted by Gulrantse Trntee$' Anrtu] Rcport {itscoryoritlAg Ihe Dlreetor'• Reporl) (coMrfmKd) Y¢¥y ¢nd¢d 31 Augugt 2022 FINANCIAL POLICY AND PERFORMANCE (comrtnued) Re¥ervu #nd Invt8tmtnt polley (co#th*¢d) The charity maintained its cash holdin88 8t hi¥h levels in 20121 to allow it to Te%pond to volatility in the scctor. Ilow¢v¢r. in 21122 held as CuClIt assci illv¢slmcnts w¢rc llVed into lon¥¢i-Irrni inv¢stmenis under & ¥iri¢i ethical maTLdal¢. with the aim of protecting capital from iDflatiortary ffl>¥ion. AAM suffered a loss of £35k irt th¢ perivd ils iniliKI Inv¢stm¢nl of £500k, m¢gJiin8 thAI w)£1td reserves on 31 Au¥usl 2022 iotalled £822k. Thij includc5 gcncral Te5crvc% of £2t18k and £533k r¢mainittg frorn th¢ l¢¥a¢y d¢y¢rihed alM)vc. which the Trnsie¢8 h&v¢ d¢siBnHt¢(J as a Special fuDd to be uscd 10 &upwrt oilivities which Wold not oth¢rwi¥¢ possiblr. I addition, we held £68k in restricted fiJnd8 ovailable for slrale¥ic recordin8 project% fiiturc concerts And cducatio Work. FundrhtslnA The chdrity undertakt% thndrftising from individuMl¥, th181roUndlIonts Hnd ststutory sourcca. lcd by thc Head of DevelopmenL Liz BrinsdoTh. Voluntsry ittcomt tor thr year ¢omprisinB boih grants and ¥ifts from individu4ls yloud at £308,912. The orchestra Wab gTJlcful ts) receivc a nurnbcr olrnajor lils, rt(rt4bly ttom th¢ Garfield Weiton Foundation ond the John R Murray Ch8rit&ble TNsr. In addition. AAM was gruteful tv reL¢ivc £20,628 in fundill¥ from Ih¢ gov¥rnm¢Dt- funded Culture Recovery Fund. distribuied ihmugh ArL8 Council Englllnd, Thi$ in¢ome, th¢ 8¢¢0nd ot. two tn61almcnls. 18 shuwn wthin UUT ¥LLuunt5 uftder Charit&blc Activities and fund¢d (¥rt-1}iYitt&1v livL'.8¢rcyming and markcting &ctivilie% across the Course of2021. Wc continucd to bencfit from thc Support of pur loyal family of donor8 . Academy member8, A0¢181¢¥ ond Friends- who msk¢ IMr¥¢ly unre8triCted 8ift$. without which we could not deliver uur work. Furthcr, we rccetved additional donNlions to complcl¢ OUT T¢GordiD¥s of Mozan'5 Piano Lon¢¢rtns, in¢ludin8 throu8h a match-fiJndin8 campaign ds pAr( ot'The Bi8 Give Chris(mths Challenge in Dccernber 2021. We would like to thotLk eryOn# whv ha8 ¥upported AAM with a ¥ift in the p¢ year. third-party fundTaiscTS WCTC used to Tai5e furtdu during the firt&nGikl year. Fundraiéin8 was undertaketh vii telephon¢, e-mail. direLI mHil and evrnt8, in line with the Code of Fundrsi8in8 PraLuce sel by the Fundraising Rcgulator, with which the ch8rity is Tegistercd. Wc arc commiltcd Ip C115UTiiig thHI no-one, ond c$p¢¢ially vukncr8ble person. feels subject to unrejsonablc intru8ion of privllcy orpersi8ien¢ orundue pr¢88ux¢ 10 donate. NO tompl)ints were re¢civ¢d &boui our fvndrai4ing during the fin8n¢iAI yesr.
The Academy of Ancient Music Company Llrnlted by GuHrantet Try8t¢ei' AJwuAI Report (IDcorporatlDg the Dlrector'5 Report) Yelr ended 31 Au811St 2022 STRA1EGY AND BUSIiYESS PLAN Following a significant vIeW of the chaTity'% i)peration%, the Tru5t¢¢5 Adopt¢d a h¢w bu$in¢ss plan itt O¢tsbEr 2021. This clarificd the missionandvi%ion of the organisaiion dnd articulated kcy stratcgic objectives for the 21Q2. 22123 and 23124 8easons. These objectives include.. Incre48ing the volume of and fees 0¢iatrd with ext¢rnal en8aBement8'. Rcgularly delivering a bTegkeven year-endposition trkfore extraordTnllry project8; Invcslill8 An approprilltc prortion of free reserve5 to mHximisc return., In¢TsIng thc proportion of thTthaiJcd income from individugl givin¥+ Miini&ininy Inisl and foundNlion 8UPPOrt and incrcoslllg 5t&lutyryl4orpvr4t¢ $upport,' CultivatitJ8 donor wppom from outside the UK {wth a particular focus on the USA),. Est•bli8hinB fy clear dominant 8rts'sli¢ for¢¢ ILaurMce Cummin881 and consolidatins a reputstson for cxcell¢llc¢ under his leadership Building ort uur repulaiiun for dibtinbtivene&8 itl prowllmming drtd pre8entsiion, and for di8covery, wlth a focus on English mu.%ic, on AAM Record8: Maximising revcnuc from AAM RccordB rcl¢a8u and digithl cuntcnt., Iletter r¢ali8ing the IAt¢n¢ potentio1 of digital follow¢r6hip for profil¢ 6rowth And in¢rwing ¢unv¢r8iQtt lo tick¢t salcs., Ensuring thc valvc of 158 str&te8ic partnerships and exploring POs5iblc new pHrthetship5' Nutfvrittg th¢ 8cncralion of lludiEncc5, artists and arL4 rnutsag¢rs' lTrGrwing diversity acr088 0tio[L& and ensurin8 our work 18 a8 ¢¢¥8]blE, in¢lu8iv¢ and cquitable a8 possiblc.. Ensuring all opcrations are dclivercd in llB environmentally BUStainable ll mdttner d8 posiiblt. As r¢fle¢ted in th¢ Ihird core belicfof AAM'S DEW mission 5tHt¢rn¢nl {Hbov¢l, we plrtn to pi4t¢ particular ¢mphH51S on diversity. equity and inclusion going forward and Jdopttyl a DEI policy in April 2022. 8eltiThg out our arnbiiion for represenllltion across the compo%er% we perform, rh¢ artists with whom we work, And iht st4ff And Tnjstees who mana¥t our operations. Despit¢ the obvious and reo1 ¢onstrAints on AAM'S ability to effect immediate And lasting ch&nge irt thi8 Brea, w¢ 8Tf n¢v¢rth¢leis comrnttt to doin8 all we make hi8toricBI p¢rfomiancc 4f¢C8$ible and itt¢lu8ive 08 po]ble.
The Academy of Ancient Music CompE)y Llmlted by Gll#r&nt¢¢ Tru¥tees' Atsrtu41 Report (Incorporiln8 tkt Dlrtttor's Report) (conthiu¢4) Year eDded JI Augult 2022 STRUCTURK, GOVKRNANCE AND MANAGKMENT Statu• amd govendDg IDitrytth¢nt Th¢ Aeadcmy of Ancient Music IAAM) i5 N Gharirable company limited by suarante¢, IncoOted on 17 Novemb¢r 2(MIO and govern by a Memorandurn and Arti¢les of A8wci&iioti. OrRanliatlonAI Strcture BoArd of Tryit¢¢i Th¢ •¢livities of the AAM &r¢ uliimately ¢ontrolle¢J by th¢ Bo4Td of Tru8t¢e8, which meets at re8ular interv•J8 provide 8trnle8ic diTe¢iion and TOlI0r thf work of the ex¢¢uiive and the QTchcs¢r4, Durin8 the year th¢re were four Board thc¢ting8. The orchesirn'i Chi¢fEx¢rulive, Music Director ind pl4yet r¢prtalIV1S hav¢ standin8 invitglionj to Board rneeling5. Othor staff mernb¢r8 aii¢nd m¢¢lin8J 43 appropriile. N¢w Trujtees are apputnlod by Iho Board on lh¢ rt¢omm¢Th]atifjn ofthe Nominations Committee, Tru&locJ Ire normally cxpe¢led lo see foT4 maximum of nine y¢8rSAnd Iheir¢olllinu mombcrship of ihe Board is revi¢wed every Ihr¢o y¢ars from the dgt¢ of 4ppoinlm¢nt. Prior lo joininx ihe Boird, rt¢w TruBtoeJ have n)eelin8s with th¢ Chair, the thir knd mimbers of the Nominations Commit¢e¢, and the Ctlief Executlv¢. Nomln•dotti Commltttt The NominAIi0tt8 Committee is a eommiltm of the Board of TN$lees whos¢ Tv1¢ is to Msur¢ Ih4t procedures are ill plac¢ for Ihe nominaiion 5¢1eclion of memb¢r$ of Ih¢ Bolrd of TteeS and Devolopment Bo8rd; it h•$ r¢88rd for Ihc %ize, compoxiiion, diversiiy and BUCC¢SSiQth n¢ed$ of both B0d8, 1#k¥ into account Iheir requ¢ balance of Skills. kthowl¢d8c and experien¢e. Audll And Rlik Commlltee Tho Audit and Risk Committee i¥ a commiitee of tho Boird of Trn81¢¢9. It Provide8 oversi8hi of the 4¢¢0untln8 SyBtenJs. A¢¢OUThlLll8 poli¢ie%. finth¢io1 roportiTh8 ond ini¢rnal controlj of th¢ org4nisalion 4nd it makes TecomnwJdBIions lo Ihe Board on Bny ch8¢5 Ihdl are required. Working with the Executiv¢, it reviews the budgets. fore¢88ts, tnana8eincnl accounts at the k1#¢Coun andrecommeDds them lothe1108rd forapproval. The Committee 41so hs re$w)nsibility for ov¢rsi8hi of risk management within th¢ Or¥itIon. Workin8 with the Exe¢uLiv¢ il r¢vi¢ws 8ignificartt riskB. ll85C55eJ their impAct (probability tll&8llitud¢l, and make¥ r0MmendatIOnS tv lh¢ BoFJd UTh the besi way¥ of m&nx8iJ)g mili841ing ri8k. I¢ reviews the work of tho audib)rs or itldependcnl eKamin Hnd, if ncc¢ssBry. recommertd8 ¢b&rtBcs to the 0d for 3ubsequeThi approval. The moBt signifi¢4nl risks lo the charity acros5 the ycar WCTC identified lo relate lo reduced incom¢ Iii¢k¢td, volunlary and viaen¥aBem¢ni fe¢51 reBultinB from onOin¥covID diatuption RndfiD4Dcial Pressures due lo ri8in8 innation. Th¢ Committee judged iniliBatioiis in place to bc sufficient to mana8¢ the cuttent iitU4tiOJL bul will continue 10 monilor Ihc ¢hurity's posilion with re88rd to thrse and othcr ri8k5 going forward.
The Academy of Ancient Musi¢ Compgny Llmlt¢d by GuAr#lltee Truoteei, AnAuAI RpDrt (Incorportlni th¢ Dlrettor'i R¢port) (¢•ArtM•e4) Ytgr tDded 31 Au8UIt 20n STRUCTURE, GOVERNANCE AND MANAGEMENT Developmtut Boxrd The DeyeJoprtL¢nt Board advisory #thd 4UPPQrt furttiion in T¢lation to fundrdisin8 and 18 noi A commiik¢ of th¢ BD9rd ofTnJsl¢¢$. 11 brin8J 108¢therAAMsuppon•rs who are activelyen8a¥cd itl inlrodu¢in8 poienlial donoT8 •tLd raiJing for th¢ orchestra. Mcmbcr8 AT¢ iPW)inled ffrr thr¢¢-year l¢n)Js of office by ¢h¢ Developmcnl Board Chair. A8 11 31 August 2022, the Dev¢lopment Board eompTiRd Ellie Badoy {¢hairl, Huth Burkitt. Elizabcih de Friend. ÈmmHnu¢lle Dot¢%, Pauline Gineslié, Agncli L4nsing, Tcrthcc Sinclair and Flo SICWAM. Th¢ Dev¢lopm¢nt Board met three tkme5 duritt8 Ihe y¢•r. Dev¢lopm¢rti Board member8 gairt an under$tandirt8 of the orchestyA's workings by fyttending reh¢xrsèls as w¢ll as eoncerts supporter eveni8. Hct 88 amba5s4dors and adVat¢S for Ihc orch¢stra by introduGing poitn¢iJl supporteTS lo lis work., Berve on working P&rtiCS ¢siablishcd by Ihe Dev¢lopmenl Bonrd to work on spccific fvndrai$ing projects 85 ippropriAt¢ from tim¢ to time.. and 5UPPOrt th¢ ¢xetutiYc fiuthising stsff in th¢if work. AAM Countll The AAM Council brin88 together individu418 involved with the AAM •$ Imbassadon, advi5eT8 and major donora. Th¢ Council mects annually to rtc¢iv¢ in updat¢ on tht AAM'8 work, and additionally as required, ApprAlul oftho Board• and Commltttti Tb¢ Bo•rd rewewa its own p¢rfonnanc¢ ort a reBularhiis. The ThJ5t¢¢8 &nd thc Chief Exe¢u¢ive AM¢S8 knw th Bo2rd n¢t10n5 And, where approprillie. make ChSe&. Th¢r¢ is a $imilar r¢vi¢w of ibc D¢v¢lopmenl Doard and ¢ommi¢te¢8. The Tt8p¢clive Chiir revi¢w$ the perforra4nc¢ of tA¢h rnember of ihc Board D¢velopmenl BoArd, *sse88in8 Ih¢iT conlribulioD pnd ihe poJsibl¢ further dev¢lopment oftheir skills. Followiny diKu55ionJ with othcr Bo•rd mernberB, the Deputy Chair inwor Chair o( the Nominalioll8 Committ¢¢ 8Lmil4rly rCVL& the PCTfotmon¢e orth¢ Chair of the Do. Ex¢cu¢lve ltaff Tbe ChiefBxo¢uiiv¢ Li veatrd with day-104oy rcjptsnsibility for th¢ running ofihe orches¢ra. At the year end h Bupported by 7 member8of 8i•ff, 88 well as an cxlern41 fro¢l•rt¢¢ PR consul¢•ftt. SmAll oompiny pr•vlilooi Th15 roport ha8 been pr¢ped in accordtyn¢¢ with the provi$ioM •pplicabl¢ to ¢ompania ¢ntitled to th¢ inll ¢omp8nies cx¢rnption. Th¢ Ttte1. Arbnual Rewi was appro1 ort nd 8ign¢d on behalf ofthe BoATd of Tr1¢¢9 8fLn CBB Chgir
The Academy of Ancient Music Company UnJlt¢d by Guarantee Indendent Ex4mlner'& Rcport to the TruJteei of The Ac4demy of Alltlent Mllslt Ye•r end¢d 31 August 2022 I rcrth to the Trustccs on my cxaminauott of th¢ Financial St&temEntN of Thc Academy of Aneient Music I'the ¢h•rity'l for the year ¢nd¢d 31 Au8ust 2022. Rup•n•lbllltlei •nd bails ofreptsrt As th¢ TTUStecs of thc compgjjy land Hlso irs DirectOT8 foT the purposes of company law) you ar¢ Te5ponsiblc for the prLp8ration of the Fin8ncial St&lem¢uts iti aGGordan¢e with tbe requirements of th¢ Companies Act 2(XJ6 ('the 2006 Acl'l. H8Vin¥ Sati¥fi¢d my8¢lf Ihgt th¢ a¢¢wnts of thc compirty Are not r¢quir¢d to be lludited unthrPxrt 16 of the 2006 Act and UTC cligibl¢ for iDd¢pendent eXnintion. I report irt respe¢t of my exdminalion of the charity's i¢¢ouThts s caLTied out under section 145 of th¢ Charilies Act 2011 I'the 2011 Act.). Its currying oui tny examination I hllvt folltswed th¢ Dir¢¢tion¥ 8iv¢n by the Charity Commission under section 145{5iib) of thc 2011 Act. lffjdep¢Dd¢nt Eiomln¢r'x StAtement Sin¢e the ch4rLty'S 8fosB income excocdd L230.000 your examiner must bc & mrmb¢r of R body li4led in %Llion 145 of th¢ 2011 A¢t. I wnfirm that I qualifiEd lo undertake the examinalinn because l ttm a member (Trt. thc Irk%litute of Charlcrrd ArbL>uttiants in Enul¥nd and W4lc5 IICAEWI, whi¥h is one of the lisled bodi¢¥. I hiv¢ ¢ompltl¢d my ¢x#min#tion. J confirni tha¢ no mthtters have come to my attctttion in ¢onnttlion with the cxamination givin¥ m¢ t4) believe.. oun¢in¥ r¢ths w¢r¢ not kept in respect uf the thariry &¥ iequired by bection 386 of th¢ 200fi A¢t' thc Financilll Siatcmcnts do noi aOrd with thox rccord5' or thc Firt8n¢ial StaiemenL¥ not comply with dic ac¢ountin8 quIrements of scotion 396 of th¢ 2006 Acl h¢r th any requirement that thc accounts give A 'true dnd fair, vicw which is nut H matl¢r onsidercd part of an ind¢pcndMt examination. or the Financial Siatements have noi been prepared in aecordance with Ihe method$ 2nd principle5 of thc Sthi¢m¢ul of R0mmendj PraLlice for UWOUDlin¥ llnd r4)orting by charitic& &pplicabl¢ 10 Lhuritj¢8 preparing thcira¢¢outtLs in accordance with the Financial R¢portitl8 Siondard applicablc itt the UK and RepublLL of ireland IFRS 1021. I have no conccrns and have rome Bcross no othcr matter5 in conncc¢ion with the examin¥tion to which att¢ntiO Should b¢ drawn in this report in order lo cnable H prupcr utt(JcrstJtMlin8 Ut'the llccoun15 to b¢ rMGb¢d. Shan¢ Th8rby FCA Indcpcndcni Examiner For and oll behalf of S¢T¢¢ts ChyTI¢T¢d A¢¥vuntants 3 Wcllbrook Court Girton Cambridge CB3 ONA 17 February 2023 li
The Academy of Ancient Musie CoJnpAny Llmlted by CuArantee Stt¢m¢nt ofFIDADelg1 Aetlvltl¢& {IDtludlng Incomt and eJpenditsr¢ Ytr ended 31 August 2012 2022 2021 Unr¢stri¢¢¢d fimds R¢striCted fimd8 Totxl fundi Tothl thnd5 Not¢ Income #nd eDdoivment• Donation% &nd leg&¢i¢$ ctlaritable activitic5 Inv¢stsncnt inwne 188.031 500,572 9,689 120,881 25.628 308,912 526 J(K) 9,689 431,014 325,341 31Y) TDtAI Income 698.292 146,509 844001 756.655 F4Apendttuve Expcndillre on raising fiJnd8= C0518 of rdi5in¥ dim41iull8 and IcBacieB Expendire on Charlble &ctLVltie Tot1 expendltsre 74,464 691,57 74.464 968.672 89.675 480.438 9.11 277,094 766.042 277,094 1,043,136 570.113 N¢¢ losses on investsnents {35,0821 (35,082) N¢¢ l¢ip¢ndlture)Antom 1102,832) 1130.5851 {233A17) 186.542 Trtt¥feTS be¢¢n fund {56,8071 56,807 Net rnovemellt In fulldi 1159,639) (73.7781 1233A17) 186.542 Rteonclllatloth of flllld Tutal funds brought foTward T•tAI funds cmrrled forward 981,980 141.578 1,123,SS8 937,016 822.341 67.800 890,14] .123,IS8 The statement of financial 8ctivitie8 includeB all galns and108sc8 re¢o8ni8ed in th¢ yeRr. All income and ¢xp¢udiluT¢ d¢riv¥ fr¢)m ¢ontinuin8 8¢liVIti¢$. The not¢1 Dn pagej IS to 26 forn prt of these Fln8nci41 Statemen 12
The Academy of Ancient Music Compny Limited by Guarantee StAtemtnt of FlTr•nclfil Po8ld• JI Auguit 2022 2012 2021 Note Flxed auet8 Investmcllls 17 464.918 Current 8iiets D¢b¢ors Inv¢51m¢nls Cash at bank and irt hNnd 188,152 214,447 568,555 443,121 19 279.820 467J72 1,225.723 Crtdltorj: Im•uni• fllllng due wlthln e year 20 42,749 102,165 Ntt current oi$e¢• 425,223 ,123.558 Tolil •¥ets lui current Ilwbllltles 890,141 1,123,558 Nel 890,141 1,123,558 Md¥ of the ¢hArlty RestriLied fvnd8 Unrestricted funds 07,800 822.J41 141,57A 981.980 Totxl chrlty funds 22 89Q,141 1,123,558 For Ihe yesr endin¥ 31 Auw$t 2022 thc charity was entitled to exemption from audit under section 477 of the CompanJ¢8 Aci 2006 rel8lin8 to ¥in&ll Gonjpuiiiiy. Dir¢¢¢or5' TcNponiibilities'. The mcmbcr8 havc not r4uired the compyny io obtain Jn audi¢ of its Financial Slalements for the Ye in qU¢8iion in o¢ctsrdHn¥¢ with SCLlion 476., Th¢ Di10 okknvwlcd¥c thcir rcsponsibilitics (orcomplyillg with the reqUIrellts ofthe Act withre$pect to accountin8 record5 and the prepor2tion of FinAl#l Stot¢ments. Thesc FinNnGial StatLtncnLs hllvc hcen prepared in occordfynct with thc pr(TrVi5Luns applicable to companies iubje¢t to th¢ ¥mHII ¢ompanies' rcwme. These Finon¢ial Stsicments werc upprovcd by the Board of Trustees and authoriBed for issuc on Hnd are signed on behAlf of th¢ Bosrd by.. BaUMaT CBE Trn¥k¢ The Dotes on p#geB IS to 26 lorni pArt Of th¢ge FIDantAAI StAt¢meot& 13
The Academy of Ancient Music Company Umlted by Gu4rAtytse StAt¢rnent Caib Flow8 Yexr ended 31 AuRVrt 2022 21122 2021 CAsh flowi from operxtlng tIVItI• Net lexpenditureyincome 033317 186542 Adju&imertl$Jor.' N¢t lo¥s¢$ on itiY¢stsn¢nts OthLY illt¢rut reGcivabl¢ and Similar income 35,082 19.689) 1300) TTNd¢ Hnd othcr debtors Trode 8nd Dih¢r cre41itoro 20.295 159At6) 113.75U) 45,490 C8h ¥eo¢r4tcd fro op¢ri¢iutti (24J.145) 217,982 InterL rrfeiv¢d 9,689 300 Net cash (used inyfrojn operating activitie4 (231056) 218,2¥2 CA•h flowi from Invtidnl i¢tlYltlu Dcp081t8 into ffloncy market deposit jnveBtments Dry$il8 tsLk¢n out vf lh¢ money mk¢1 deposil inv¢81m¢nts Dryosils into investments Net cash froml{used in) investin8 aciiviti¢8 1299) s,155 {soo,000) 68,155 12991 Nef {detreseYlnCreA In tslL nd taih tqulvalenti Cilh and cAih e4ulvxlentJ At heglnnlng of y¢ar Ciih And ¢h equlvilents it tnd Of yer (163 Joi) 443,121 217.983 225,138 179,820 443,121 The notes pNge5 15 1• 26 forni p8rt of the FlnaDclAI St*ternentS. 14
The Academy of Ancient Music Company Llmlted by GyArAlIt¢¢ No¢¢$ io th¢ Flnanrl41 Statements Ye&r ended 3] Auguit 2022 GcDeril Informatlon Thc charity IB a puhlic bencfil cth(ity and a wivate compathy limit¢d by 8llorort1¢¢, r¢8iStered in F.ngland fjnd Wales and s regisored charity irt En¥lHnd and Wa]¢8. Th¢ llddr8 of th¢ T¢8i¥t¢red offic¢ is CIL¢Try TrtC5 C¢ntr¢, Sl M4tthcw's Stre. CHmbTid¥L. CBI 2LT. Statement o(compllante Th&4e Financiul Statements have been prepared in compliance with FRS 102, The Financial ReportitlB Stattdarij ttpplicable in the UK and thc Rcpubli6 of Tr¢land', thc Charitics SORP {FRS 102) Sccond Edilion 'Thc A¢¢outtting and Reporting by ChorilieN.' StateTnent ot. Recommended Practice applicable to charities prepaTittg their gcLwnts iii acLordanc¢ wiib the Findnci31 K¢portin8 &andard gpplicabl¢ in th¢ UK and Republlc of Ireland {FRS 1021,, the Ch&ri¢i¢s A¢1 2011 And the Companiu Aet 2006. Aceountln8 poll¢le• BA¥li of preparadon The Financial Statcrnents have been Prepared on the historical cost ba8iB. The FitianciAI.Statem¢nts arc prcparcd in 8terling. which is thc thnctional CUTrcncy of thc cnlity. Golni ¢onetrn There 8r¥ no makrial ufteertdlttlie¥ obuut the chyrity'& ability to continue. JudKoment% And key iollr¢e8 of ¢$tlmAtlon un¢rt•lnty The prcparation of Ihc FinHncial Siatcmcnts rCquIr mana8cmcnt tn mdkc jud8cmcnt%. C8tirnAte8 find aump(lOn that ttffeLI the 4mounts rep(>rted. These estimatcs gnd jud8¢ments are continually r¢viewe(J are b&8ed i)n eXP¢Ti¢nc¢ ynd oih¢r f4clot8, including ptatiOnS of futurc ev¢Dt5 that b¢lirvcd iv be r¢AsonAbl¢ wider the ¢itcumsiathcca. Significartt judgcments Th¢re no 5i¥nificant judgements thllt management has mad¢ in th¢ proL¢85 of applyin¥ th¢ ¢ntity'8 accounting policieB at)d that have the most .qignifi¢snt tffect on th¢ 4tiiouiii8 rtCO8nised in th¢ FiN#n¢iNI Ststements. Key Sour of ¢81imitiorh unG¢rtiinty Accounting estimatu and a&sumptionA arc mide conceming ihr otsd, by their ttowr¢, wtll roftly equal the relai¥d vuom¢. There are no key a5$ump¢iork¥ and oai¢r source5 of c5¢im#lion urtccrtainly Ihat havc a significantrisk of causinB amdteTiHI adjustrnent to thecarryin8 smoiints of as¥ets and liabiliti¢s withi the ncxl fin9n¢i&l yeBr. Fund Accountlllg U[¢Stricted funds are available for use at the discretion of the Trustees tljrthtt any of the ¢b8ritable objEBtives of the charity. Th¢ Trustee5 m&y identify certain unrulricted fundE as dcsignatcd fiuth where th¢y in¢¢nd to use them forparticular future projects or activities. 15
The Academy of Aneient Musie Comp•ny Llmlt¢d by Gu•r•ut¢¢ Note4 to the FlnanclAI StattThents lthirt#Medl Y¢ar ¢nd¢d 31 A¥t 2022 A¢countlng pvll¢les (¢ovliryw Rcstrictcd fund5 are 5ubJ¢ctcd to rcslrirtions on thcir expendittW¢ d¢¢l&red by the donoror through the iern]B of An appesl. Incam¢ All ineomc i8 included in the Statemettt of Finattci81 Activities when entitlementlLllS pussed ty the Lhon'ry, it is probablc tliatthc economi¢ bencfits 8s$QCi&tcd with the tr•nsaclion will tlow lo the charity and thc amount Can b¢ reliably m¢8sured. The following sp¢¢ifi¢ Jy)Ii¢i¢s 8re &ppli¢d lo particular Latc¥ori vf inLume.' Income from donations or grants IB reco8nised when there i8 cvid¢nce of cntitl¢ment to the gift, re¢tLPt 18 proble and its atnouni ¢An b¢ m¢asur¢d reli&bly. Income from 8r8n18 gnd fundr8l8Ln8 effotts, where related to tKrfOrHncc thd 8pErific d¢liv¢rabl¢& Mr¢ ac¢ount¢d for 1$ and wh¢n the ¢hATity fvlfil$ th¢$¢ ¢0mmits¢nts. iD¢vm¥ i8 rxo¥nis¢d afi¢r sroni of probAl¢. the ¢xecutOTS have establish¢d lh¢ are 5UtTici¢nl a&8Ct3 in th¢ ¢Sfaie 10 pay the legA¢y and any condition$ aitached io the legacy are under the control of the charity or have been mel. Invcstsnent income is included whcn rcccivable. Inc•me from ehAritabl¢ o¢tiYiti¢$ is deco¢¢ for when e8Tn¢d And relDte& to income from concerti, oducatioTh projccls and recordings. Expendlture Expendiftif¢ 18 r¢¢o¥ni.%ed orh an cTual$bO¥1& a8a liability is in¢utT¢d. ExpendIre includeBany VATwhich cannot bc fully recovered, and 18 classified under hcadinB¥ of the St8iem¢ni of Finxn¢ial A¢tivities io whi¢h li relAI¢s'. expendibjre on raisin8 Ojllds includes the coslb of all fidrlsln8 activiti¢s, events ethd non4hari¢able trllding aclivitif8. expct)diiur¢ ort chAritAbl¢ A¢livitst8 in¢lud¢s all costs incwred by a charity in und¢rthkitL¥ llCtiviti¢$ thai fijrther its charitsble aims for the benefit ot. ils bencfiriari¢¥, in¢luding those %upport ¢OS¢s and ¢o$ts r¢14ting io th¢ goveman¢¢ of Ib¢ ¢hlty apportion¢d lo chllrilable &ctsvitlC8. All ¢ts Ar¢ allo¢at¢d to ¢xpcnditurc cat¢8ories r¢flectLti8 the u8e of the w8ourG¢. Caih and ¢qulv•ltnti Ca8h at bank and ill hand is held to meet the day to day running costb of th¢ chwity 48 th¢y fBII due. C8sh equivalen15 are short tenn. hiBhly liquid invt5tmentS, U5UBlly up 10 30 day nvti¢¢ ini¢r¢¥¢ beuring savings OUnt&. 16
The Academy of Ancient Music Complny Llmtted by Gtsarfintee Notej to the TIn8ncl Statun¢nts Y¢ar tnded 31 August 2022 Accoulltlkng pollcles Current A&t lftv¢itm¢nt5 Cue1)t A&q¢l investments Are illvestrncttts that are held with the intention of rjngfellcll capital u) fwhd exceptionAI h1gh quality projedi ittd th securc the long term futUTC of ihc charity. The Invesettts ore h¢ld a8 ¥hurl l¢mi. hi¥hly liquid invutsnents to protcct CRPlt&l against thr 5L8nilicant volatility of slo¢k mark¢ts worldwde. When CODJitiOD¥ permiL th¢ fund5 are moved into income 8eneratit18 inv¢5ttncnts with ihL aim ofprolJnU capitsl from erosion. Tmnglble uiets TAn¥iblr Sets with an individual value ovcr £1.500 are ¢apitsli8ed, ini¢iilly r¢corded at ¢0s4 ind d¥preciated. Depr¢cthtlon DePtiatIO1) 15 c4loulatcd so to Write off the cost or valuation of an asset, lesB its residual v8lu¢, over the u&¢fiLI eLonomic lif¢ of that A¢t u$ fvll¢)wN'. OffLC¢ equipment 33DA 8tral8hi lin¢ Flxed A8Jet InveslmeDt• Listed inv¥s¢m¢nls are meH5urcd at mid-markcl value with chan8e8 in mid-markel value beins reco1$ed i income or cxpenditure. For¢lgn ey¢hnge ForeLyn Gurr¢ncyir¥n5aLliuns arc initially recordcd in the fiCtional currency. by applying the bPOtexLhllll8e rate 88 at the date ot the tran8action. Monctary oyyeL¥ liAbilitie.q denamiiJAicd in torcign cunen¢ie$ Ir translated dt th¢ ex¢hw¥ r# ruling ai the r¢poMing date, with any gains or lot8 bcin8 taken tsTr the stikmen¢ of financial actlvlties. FlnAn¢lAI In$trymeNtI A finttth¢i81 aks¢i vr a finllnGial liability i¥ cOgniSed only when (he entitybeiomu a party tu the contr4L£tU81 proviKIon8 of the in51rum¢nt. BaBiC f8)¢141 instrumcnts Hrc initially rewgnis¢d atthc amount receivable or payable including any relat¢d tr8nsaction costs, unless th¢ orNt)gem¢nl ¢onsiiNl¢$ a firJan¢ing Ir4nsHr¢ion, wh¢r¢ it is ¢01$ed Ht the prcseni value of the futurr paym¢n15 di&countc(J Rt a markcl rate of intcrest for a similar debt instrument. Other finanrinl inFtrumcllts, inGluding invcstmcnts, arc initially rccogniscd at cost and arc Bubsequenily meA&ured at fair value. with any LhMn&res r¢LO8nised in profit or 108s. Curr¢nl 0$8ets 8nd current liabilities subsequently measurd at the cgsh or Oth consideration expected to be paid or received and not diycounted. 17
The Academy of Ancient Music Company UThlttd by Guarantee Notej to th¢ FJn8nelAI StAt¢m¢nt$ Yer ended JI August 2022 ACcotIng polltles f¢oJwliw¢4J Defined contrlbutlon plani The ch8riry opewAl¢S a d¢ eontributiott pen8lon 8cheme for employees. The assets of the 5chemedreheld 8Epuratcly trom Ihosc ot. th¢ ¢harity. The annual eoniribution$ payAble ire chargd to the statcment of fittayJGial activiticB. Covernm•nt gr•llti Govemmcnt 8ranls are recoyni8ed 81 Ihe t#lT valuc of thc asset re¢eiv¢d or T¢¢eivdble. Grants arc Thot re¢ogni%¢d until thcrc 18 rcawftable suranC¢ that the companyws11 comply with th¢ ¢ondiiion8 M¢¢hIng to them and the Bronts will b¢ received. Where the St doeB llot impos¢ sp¢¢ifJ¢d futhre perforn)8nke•r¢ixi¢¢J ¥onditions ol) the r1plent, it L8 TCCOBni8ed in income when thc sroni prr¢¢¢d& are i¢¢¢iY¢d or r¢¢¢ivabl¢. Wiere the gv4n¢ docs irnposc 8p¢¢ified fvwre perfum)¥nLC-rclul¥d condiiioTrs Lin the recipient. it Is recognised in inLome only when the perfoTJnJncc-rclatcd condilions hdve been mei. Wh¢r¢ antS received are prior ¢0 BAts8fying th¢ revenu¢ r¢cogThitiun criteria. th¢y ar¢ r¢¢o8lli8¢d liibility. TaxAtloh ND provision h85 been made lor CQTPOrntion t&x or deferr¢d tax &8 the company is 8 rc8l%t¢rcd ¥harity and 18 thefUre exempL OrehertrA Relkf Orchestra T4x Relief 18 0¥ni¥¢d in the period lo whlch in r¢latt8. Llmlttd by iu•rAllte¢ The CoMpY is limited by ¥Liaranlee and tAch mmbrr's liability 1% rc.qtAc¢d lo £1. Dontlotti 4nd leg4deB UnrutrictGd Funds Restricted To¢*1 FundB FuDds 2022 DonA¢loni Jndividuhl donor%, ineludin8 AAM Society members 158.031 63,131 221,162 Grants from ChIlble mists and othw bodi¢s 30.000 57,750 87.750 188.U31 12U.8BI 308,912 Unrestricted Fund$ Rtstrictcd Total Funds Fund8 2t)21 onatloni Individual donors. inclAin& AAM Swi¢ty nJ¢mb 169,581 121,933 291,514 Grants Oranis from Ch[bAC Irusls other b¢)di¢s ItM>,000 39,500 139,500 269,581 161,433 431,014 18
The Academy of Ancient Music C•mp•ny Llmlted by Gu8rathtse Note5 to the FJnAndal Stat¢m¢nts f¢oHliwdJ Y¢ir ended 31 Auguit 1022 Chxrltable gcllwltlti Utsrestricted Funds Re8tricted TDtAI Fhd¥ Funds 2022 Concert income CD 8ul¢¥ and royalties Misccllan¢ov$ income OTR rclicf Coronavinw job r¢tsthtion ¥¢h¢mr 313,793 64,021 8.644 5.000 318,793 04,021 29,272 20.628 500.572 25.628 526,2011 Unrestricted Funds Re8tricted Tot41 Fund$ Futtds 2021 Cvn4¢rt inwrn¢ CD &aleB und roy81iieB Mi$cellanwu8 tth¢om¢ OTR r¢lief CoroiuLviruBjob reienlion Bcheme 130.42S 130,425 1,680 57.602 27,33 48,133 49,R13 57.fi62 27,330 277,208 48,133 325,341 Investment lThtome Unre$triLted T•tg1 Full Unrestricted Tothl Funds Futtds 2022 Futhdi 2021 Bank inteTe8t receivable Dividends received 29 9,660 29 9,660 300 300 9,689 9.689 300 300 Co•ti of r•lJln% donAtIon8 And 4A£le• Unrc8kncted Total Unrc8tricted Tot41 Funds 2022 Futhd¥ 2021 C0518 ofraisin8 donntigns, 8rants and legaciex 74,464 74,464 89,675 89,675 19
The Academy of Ancient Music Compaby Limlted by Gu4rAtet Notu to ¢b¢ FInin¢1 Stgtrments Ye&r ended JI Auffust 2022 ExptDdlture on thrlt*ble Aetlvltlei by fund tyTrt Unrcstrlctcd FutJds Resirict¢d Totil Fun Fund5 1012 Dire¢l ¢09¢8 Support ¢0518 628,490 63,088 276,193 899 904,685 63,9 691.578 277.094 968.672 Unre8tricled Funds R¢otricwd Toial Fund$ nda 2021 Dire£t colts Support COBts 309,723 63,427 104,36S 2.923 414,088 66.350 373,150 107,2118 480.438 10. Expendlture on thArltsble Acdvl¢lti by #cllwlty type Aelivitic widertaken dir¢¢tly Suptx)r( Loa1¥ Tot•1 fund8 2022 Tothl fvnd 2021 Diff¢t ¢08ts Gov¢rnan¢¢ ¢osts 904.683 55.599 8,388 960,284 8J88 473.784 6,654 904,685 63,9¥7 968.672 480.438 11. Analy•l• of iw>pDrt eoits Allo¢at¢d 10 Allocoted to cost of rai5Lll8 ¢harii&ble funds actsvillC8 Total 2022 Tot412021 Staff COBts Pr¢miseS Other co&tS 69,709 41,431 5.035 17,521 124289 7,019 24,717 5,035 22,270 A38hSI 4,755 74,464 63,987 156,025 12. Net108w luvvtmextJ Ut¢strICt¢d Totsl Fund8 FuDds 2022 Unr¢$trict¢d Totsl Funds Fund6 2021 GAinsl{lows} OJJ other xttvestment 488ets (35.082) {35,D82) 20
The Academy of Ancient Music Company Lfmlttd by GugT4ntee Notes to th¢ FIDand•l St*t¢meTrts Ytlr eDded 31 Auyst 2022 13. IJLdependent examknatlon fees 2022 2021 Fe payablr to the IndcpcDdcnt Ex&mincr for.. Ir2d¢p¢ndent examination of the Fittancial stsi¢mcnts 3AID 3.lou 14. Stxff eoit8 Thc tothl staff cost8 ulld employee benefits for the reportin8 period are 4nAlysed 48 follows.. 2022 2021 Waxes and salari¢8 Social secllriry c()sis Einploycr contribulions lo pension pian 233A23 1#.9.15 3,093 222,334 18,579 2.188 255,451 243,101 The avLr&¥e head count of employe#8 duriny Lh¥ year was 7 (2021.. 7). Th¢ #v¢ri¥¢ numbrr of fvii-time equivalent ¢mploy¢¢$ during the ycar IN analy&¢d ai follows.. 2012 2021 Manay¢mrnl Admini$¢rAtion Direct charitabl¢ The number of ¢mployee$ whose remun¢rAtitsn for th¢ y¢Ar fell within the following b•nd8, wer¢.. 2011 2021 £70,000 to £79,999 IS. Tru8te¢ r¢myn¢ratlou 8Dd ¢XP¢D•¢• No Truutees received Ally remuneration in re14uon lo her or his s¢rvi¢¢¥ a8 M Ttust¢¢12021.. £Nil). No Tru8tCC5 were reimbursed expense8 duriThB the year{2021.. £Nill. IA Tinllble flAed 18Beti Offl¢e Equlpmettt Colt At I September 2021 And JI Auguit 2022 Depr¢ciatioR At I September 202] 4nd 31 Auffu5t 2022 Carrylng At 31 August 2022 At 31 Au8ll812021 4JOO 4JOO 21
The Academy of Ancient Music CoTh)pany LInted by Guartte Notea to the Fln&ncffil StY4temeDts f¢ortM4edl YeNr ¢nd¢d 31 AuRusi 2022 17. Ftsed Asstt Investments Total Coot Of Vgluadon Al I September 2021 Addiii0118 Fair valuc moven)ents 500,000 (35,082) A¢ 31 Apglllt 2022 IMpr¢I At I September 2011 31 Auguit 2021 464.918 C•rrylni *mount At 31 2022 464,918 At 31 AuBu8L 2021 All Investments abovt Br¢ h¢ld at valuation. A& Debtori 2022 2021 TrC debtors Pr¢pnym¢nts gnd •¢¢nwd income Otljer debiors 29.801 156J80 1.971 62,633 76,875 74,Y39 188,IS2 214,447 19. Illveitrntnts 2Q22 2021 Short t¢mJ bthk depo8its Above 30 dAyA notice 568,155 20. Cr¢dltorJ: Amounti f•llln8 due wlthln one yur 2022 2021 Trllde creditor5 AccnJal8 and defetTed income Social Srity #tyd other taxes Other creditors 28.047 5,858 7.001 1.843 66,152 25,239 7,481 L.293 42,749 102,165 Acctua18 and deferr income includc8 £2.49012021.. £3.718) of itt¢om¢ for ¢xpenditsr¢ in th¢ 2022-2Q23 on¢¢rt s¢ason12021.. 2021_22 Loncert sea8oDI. 22
The Academy of Ancient Music Company Llmlted by Guarantee Notes to the FIDon¢l•l Slatsmentl (e•wthw6d) Yeor ended JI August 2022 21. Pendons other Pll$t retlrement hertcflt8 Dcfilled ¢ontrlbutlon pl*D$ Th¢ amount te¢ogtsised in inromc or¢xpendith as an ¢xp¢n$¢ in r¢ialion to defined Contribution plans w&s £3,093 (2021.. £2,188), 22. AnAlyili of ¢bAritable tsnds Unrektrlcted fllAdi A¢ I S¢p 2021 Gains and At 1088¢s 3] Aug 2022 Income Expcnditsre TranBf¢r8 tksignalcd fund Unre8triLied fund 624.552 357.428 155,807) {35,082) 11.O(N)) 156.807) 533.663 288,618 822 J41 698,292 {766.042) 981,980 698,292 {766.042) 135,0821 At I Sep 2020 Gains attd Ai 1056u 31 Aug 2021 TransfeTB Designated bJnd% Uttrcstrictcd funds 624.552 268,164 624,552 357.428 547,089 1462,825) {462,8251 5,0(X) 5,000 ¥92,716 547,OA9 981,980 Thc Tru5tC¢5 have dc5igDHt¢d the Ic¥acy re¢¢iv¢d from ChriKtopher HoKwood as a fund to bc used by the or¢h¢sirA ill ¢n8a8ins in perforniances, recordings and uihcr pfojcL15 wthich would tsotothetivise be possible. Dur5ng th¢ y¢8r £55,807 was rel¢a8¢d in 8UPPOrt of th¢ Moy4rt rccordin¥ project. Durittg th¢ pr¢vious y¢ar £45,000 w&sreloascd for cxtraordLDNry COVID-19 r¢lief8 formusi¢i?n$ in¢ludin8C4ncellalion (eesandoiher payments. 23
The Academy of Ancient Music CompAny Llmited by Gu*rgntee Note8 to the Stliements iumrlowedj Year ended JI August 2022 22. An•]yJli of ch•rltsble funds (¢onthweé) Rutrlet¢d At I Sep2021 04in8 w)d At 1088¢s 31 Avg 2022 Income Expenditurc TTHll5fcr5 S¢ratcgic Recording Fund Casiello R¢wrding Futtd The Creation ACE Culwral ReGuv¢ry 11 Mozart Piano ConG¢rtos Big Give Fit for the Future AAMplify The S¢ason8 Concert8 and Di8jlal Support Fund I8.8• (I,O(N)) 17,800 20.5 34,5(> soo 5.750 23,000 140.2501 20,628 120,6281 67.778 62,535 1186,1201 55.807 26.096 11,000 110.0961 20.000 120.(KIOI 1277,0941 141,578 146.509 56,807 67,8QO At I Sep 2020 GaiDS and A¢ 1055e5 31 Aug 2021 IncDm¢ Expenditure TT&Mfers S¢rBlegic Recordin Fund Co8t¢llo Re¢ordittg Fund The Cr¢&tion ACE Cultural Recovcry II moy.art Piano Concertos Bi8 Oive Fit for the Futyr¢ AAMplify Th¢ S¢AsonA Concerts ahd Digilul Support Fund 18,800 18.81 20.500 20.500 34.500 34.500 48.133 148,1331 102,752 134,9741 67,778 24.181 124,1811 5,000 {5,0001 15,000) 209.566 {107.2811) 141,578 24-
The Academy of Ancient Music CompAlly Limlttd by GugrkDtse otu to th¢ FlnnelAI Statemtntl Yr eDded 31 Auguit 2022 22. An4lyd& of chrlt#ble fundi The Strategic Rxording Fund includes dottalions for lTC rccording projccts reccivcd in Previous yethrs. Th¢ Castello Recording Fut)d i8 for a recording of Cas(¢llo'$ Son#t¢ Conc¢rta¢c In Stil Moduno, Libro Secondo. The cr¢yon was fundiDg to iupport & pufomMnc¢ ond Iivc-stream of H&ydn'8 The Creailnn tth S¢ptrmbcr 2021. The ACE Culiure Recovery IJ is grant fijnthrtg from Art8 Council En8land, a8 part of Culttwe R¢cov¢ry initiitivcs, to fund work on building our live-streamin8 Audi¢ncc. The Mozart Piano Con¢¢rtos fvnd 18 fidIng for 8 major recording project to ¢omplctc five disc& of Mozart works for keY)d and orLhtrA and in¢lud¢s donNtions received from the 2021 Bi8 fjiv¢ Cvmpl¢t¢ the Cycle campai¥n. Fvnds from thc Big Givc Fil for the Futurc LpaIgn wcrc u¥ed to 8llPPOrt 2020121 LunLert perfoman¥e5 •nd live-itreams durin8 the pandemic. The AAMplify tljnd relates lo fijnds receivcd in 5UPPOrt nf our AAMplhfy educational initiativ¢. The Scason8 fimdr¢lat¢s lo fvnds ¢¢Ived in Bupport of the wformunc¢ ofHaydn'8 The Sea&SQll.f in October 2022. The Concerts and Digital Support Futtd rel&810 funds received in BUPPOTlof the coBts of our owty-promotlon ¢LTrnc¢rt8. 23. AnAly•Js of nel 811 botween fundi UnreBtricted Funds Rcxtricied Total Fun Funds 2022 Fix¢d A8¥el Invcslment8 Curreni #gsets Lreditors1&85 than l year Net gueti 464,918 41K>,172 142,7491 812,341 464,918 467,972 142,749) 890,141 67.8 67,800 Unrestri¢tcd Fund5 R¢stri¥t¢d Tot*l Fund5 Fundi 2021 Fixed Asset Investments CutTent &tt8 Credilurs lets (han l year Net as8el• 1,084.145 1102,1651 981,980 141.578 1,225,723 1102,165) 1,123,558 141,578 25
The Academy of Ancient Music CoMp*hy Umlted by GugrADt¢¢ Nott4 to th¢ SthterneAts Yewr ttsded 31 August 2022 24. AnAlyih ofthAnBes kn caih current •M¢t Inyutments At 31 Au% 2022 At I Sep 2021 C8gh flow$ Ca8h atbllnk and in hand Curr¢nt 888¢t inve8tments 443,121 568,155 1163.301) 1568,155) (731,456) 279J20 1,011,276 279,820 25. Related p•rtle4 Donotion8 received without conditions fron) r¢l8ted paffi¢4 iDcluding T$¢$, in the year totslled £37,450 12021.. £41,153). There wv¢ no other related paty trBn4lldion8. 26