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 Comp*ny IJmlted by Gu•rAllte¢ FI￿￿clI] St*temeihts 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¢ a￿UllI) 12 Stat¢m¢nt of Financial Position 13 Stat¢m¢ni of Cagh Flowi 14 Notes to the Fin￿￿101 Ststernents ISto26 The Academy of Ancient Music ctsm￿ny Llmlted by GnHrHntee Trnstees, R¢pfyrt {1￿¢0￿￿rItIng the DIr¢etor'$ Report) Ye*r ended 31 August 2022 The Thstees, vkno are also th¢ Dir￿¢{￿$ for th¢ purposes of Company law, PTe8ent their Report and th¢ umudited FiJMLial S￿leMents 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¢gtstr*tlon 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 AU8￿3t 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 Gu*r4ntee Tryit¢¢i' Anngal Report Ilncorporwllng the Dffirector'8 Report) (condllued) YeAr ended 31 August 2022 REFERENCE AND ADMINISTRATIVE DETAILS {conrfnwed) Independent Ex*mlner Sh￿t 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 perf0m￿nceS and the impact of our Schol￿ShIP 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% pO￿lb]e ihrou8h liv¢ perforniancq recordin8N llnd digital media. Und¢ypinrtin¥ this mi$Bion ar¢ thr¢¢ ¢i>rc bcliefs.. Musi¢ h88 8 uniqu¢ ability to unit¢ p¢oplc through 8haTed experionce Artd ¢ommoD purw8¢. We believe th￿[ ow. ConuniljD￿I tv audi¢nG¢s cxi¢nds bryond the ctsnLert hall, and cnduvuur lu Lrvalc u 5¢nse uf community around ourwork throu8h extra-muaical cnTichmeDt thnd ¢n8Agem¢n( Ill d¢liv¢r¢d to the 8am¢ hSBh 8tHndard 08 our pcrfomLunL¢b. W¢ believe in the itih¢rent vilu¢ of histori￿]ly.]rtf0M]td perfonnallce, not beca￿ it 18 '¥lUthcntic' or 'carrcct'. but bccau8e of its power lo move &udiertccF with p¢rf(>mi8nces of striking vitolity and immediacy. We value our position leader in the field and cotTrmitted its furthering lh¢ hisioriGo11y" infomied pcrfomiancc movemcnt through scholarship, discovery. educaiion and training, Jdt¢guATding th¢ futw¢ of ow art for 8enerations to come. W¢ acknowledue the need to address hislorical inequili¢s in thc 4r1¥ 4nd Rr¢ ¢ommLti¢d to refleciinu the d1Vcr.￿ GpmTnuniti¢g in whirh we work, bDth onstft8¢ fynd in our audicnce5. W¢ will colltinue to stiiv¢ to make our work as acec85ible and iticlusivc as pDssible while nol ab4ndoJ)iD8 our ￿ll¢f in th¢ tim¢les$ 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￿,h￿str￿'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¥ All￿d￿nCe 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¢h￿traI 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 esljmu￿d 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 rea￿red 5p¢ctsGul&r sta8in¥ of HAyth's Creoilon with Bpccially commi551Dn¢d, 3D-mapped projections by Nina Dunn Studios li0-pr￿1￿Ced 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,. Tra￿l￿gUe. 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$iic tourin8 saw returns to the Chippin8 Campdcn Mu8ic Fes¢ivAI, Crtmbtid¥e Music FestLVAI, Bsth BdchFcsl. Ltbndon H￿)de] Fcsuval, Deal Feslivaj, Oxford Febtivthl of the Arts thr Miltun Abbey Sumin¢r Music TreBtival' &s well ihe CBdogan HRII (London). Sheldonian Thrt) (co*rfMMed) YeAr ended 31 August 2022 YEAR IN REVIEW fcomli4ryMedJ Theorche8tr&r¢main8 ¢ommitt¢dw digit&l ¢ontets¢ ¢r¢ation. Jtt 21122, in &ddiiion lo streaming our8easoll-op2ning O&produGtion of Hayth)'¥ The Creaiion ab Part uf th¢ Livgfrom Ihe Barbican s¢rir%, wc broadust all fiv¢ of our Milton Courtprogrdmmcsvia AAM'S propnctyry￿rearnJng portal, AAMLive. As aresuli of these and othcr digita] AClivili¢s, th¢ orLh¢btra grcw its. r¢aLh signifLLuntly both Lmlin¥ andaLr()SS¥UCiAI mcdiA. On 31 Augusi 2021 AAM had morc than 35.000 subscribers on YouTiibe liip 160/11. 47.500 followcr8 on Facchook lup s￿￿1.. 8.8UO followers on Twitt￿ lup IO/.)., 4.000 followers otl IllS￿￿Ta[ll lup 30/n); and mor¢ thHn 1.200,000 monthly lisietttrs o Spotify lup 2￿￿1, makin8 it the most lislened-to ensemble of our kind on that plattorm. Othcr highlights of the year included numerous appearnnccs on BBC Radio 3.5 Jn Tune, a BBC Radio 4 frature vur 2Q121 p¢rform4nc¢ of Yivaldi'.¥ The Four Seayojis ai Ihc BurbicBn p¥rt vf th¢ How ¢0 PI4v R¢ri¢8. delayed broadcast of our TrovÉlogue programme at Milton Court on BBC Radio 3 IBub5equendy TebroadL-a8t on WFMT Clii¢ago), a r¢broad¢oi1 of d ieric$ 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 BaYen￿hcT 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¢ I￿￿￿0￿) 4nd We8t RoHd Conccrt Ilall (Carnbrid￿c). 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 BcL*hoven'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 EnviroT￿ent IBiber'B BLYiiogltol and humon natUTe (Handel'y ri Trionfo del Tempo). UK touring will includc rrturns to Ihc Cambrid¥L. MusiL FestivAI. Chippinx C￿Mpd￿n 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 re￿rn 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¢¢$' Ants￿&1 Rqbort Ilncorpor*tkng the Dlr¢¢tor'J Report) YeAr elld*d 31 AuEU6t 2022 PLANS FOR FUTURE PERIODS (ronllfvued) While finan¢i41 h¢adwnd5 may rnak¢ it diificult to maintsin cutTent leve15 of activsty (m AAMLlve. we remAin committed to digithl ¢oJJteni criiiiun llnd rcLoTdill¥ work morc gcDcTHlly. In 21123, we will begin ￿ relcasc clips from our 21122 live•8tream series on so¢i&l meth'a YouTub¢, irLLf¢asw¥ th¢ r¢4rb and impact of the r¢coTdin8s. We will al¥0 bcgin 10 rele&se the five discs rem8ining in the M07art Piano Conccrto cytl¢ detailed above (wiih Ihe fjnal di5¢% cominB to markct in 231241. We will record a recital disc of 17th century Veneii#n lave duels with Rarbdall Sculling Itenor) and Jor¥e Navam) Colorado Ilenor) fur rtle88# un Sigmum Records. and we arc plannin5s 8 new collaborullott Wjth Cambrid¥c Handel Opcra Company lo make th¢ world PTcmieTe recordin¥ of John Weldon's 7he Judsmenl al Puri.¥ in 23124, FinHlly. whilc pl4n8 arc not yet ¢onfiTmcd duc to urti51 availability issues. we rem8in Lommilled io r¢¢urdin¥ thc sccoiid bouk vfDario C8$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 HU￿WoUd 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 Trn*tee$' Anrtu*] Rcport {itscoryoritlAg Ihe Dlreetor'• Reporl) (coMrfmKd) Y¢¥y ¢nd¢d 31 Augugt 2022 FINANCIAL POLICY AND PERFORMANCE (comrtnued) Re¥ervu #nd Invt8tmtnt polley (co#th*¢d) The charity maintained its cash holdin88 8t hi¥h levels in 20121 to allow it to Te%pond to volatility in the scctor. Ilow¢v¢r. in 21122 held as Cu￿ClIt assci illv¢slmcnts w¢rc ll￿Ved into lon¥¢i-Irrni inv¢stmenis under & ¥iri¢i ethical maTLdal¢. with the aim of protecting capital from iDflatiortary ffl>¥ion. AAM suffered a loss of £35k irt th¢ perivd ils iniliKI Inv¢stm¢nl of £500k, m¢gJiin8 thAI w￿￿￿)£1td reserves on 31 Au¥usl 2022 iotalled £822k. Thij includc5 gcncral Te5crvc% of £2t18k and £533k r¢mainittg frorn th¢ l¢¥a¢y d¢y¢rihed alM)vc. which the Trnsie¢8 h&v¢ d¢siBnHt¢(J as a Special fuDd to be uscd 10 &upwrt oilivities which Wo￿ld not oth¢rwi¥¢ possiblr. I addition, we held £68k in restricted fiJnd8 ovailable for slrale¥ic recordin8 project% fiiturc concerts And cducatio Work. FundrhtslnA The chdrity undertakt% thndrftising from individuMl¥, th181￿roUnd￿lIonts Hnd ststutory sourcca. lcd by thc Head of DevelopmenL Liz BrinsdoTh. Voluntsry ittcomt tor thr year ¢omprisinB boih grants and ¥ifts from individu4ls yloud at £308,912. The orchestra Wab gTJlcful ts) receivc a nurnbcr olrnajor ￿li￿ls, rt(rt4bly ttom th¢ Garfield Weiton Foundation ond the John R Murray Ch8rit&ble TNsr. In addition. AAM was gruteful tv reL¢ivc £20,628 in fundill¥ from Ih¢ gov¥rnm¢Dt- funded Culture Recovery Fund. distribuied ihmugh ArL8 Council Englllnd, Thi$ 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, A￿0¢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 pro￿rtion of free reserve5 to mHximisc return., In¢T￿sIng thc proportion of thTthaiJcd income from individugl givin¥+ Miini&ininy Inisl and foundNlion 8UPPOrt and incrcoslllg 5t&lutyryl4orpvr4t¢ $upport,' CultivatitJ8 donor wppom from outside the UK {wth a particular focus on the USA),. Est•bli8hinB fy clear dominant 8rts'sli¢ for¢¢ ILaurMce Cummin881 and consolidatins a reputstson for cxcell¢llc¢ under his leadership Building ort uur repulaiiun for dibtinbtivene&8 itl prowllmming drtd pre8entsiion, and for di8covery, wlth a focus on English mu.%ic, on AAM Record8: Maximising revcnuc from AAM RccordB rcl¢a8u and digithl cuntcnt., Iletter r¢ali8ing the IAt¢n¢ potentio1 of digital follow¢r6hip for profil¢ 6rowth And in¢rwing ¢unv¢r8iQtt lo tick¢t salcs., Ensuring thc valvc of ￿15￿￿8 str&te8ic partnerships and exploring POs5iblc new pHrthetship5' Nutfvrittg th¢ 8cncralion of lludiEncc5, artists and arL4 rnutsag¢rs' lTrGrwing diversity acr088 0￿￿tio[L& and ensurin8 our work 18 a8 ￿¢¢¥8]blE, in¢lu8iv¢ and cquitable a8 possiblc.. Ensuring all opcrations are dclivercd in llB environmentally BUStainable ll mdttner d8 posiiblt. As r¢fle¢ted in th¢ Ihird core belicfof AAM'S DEW mission 5tHt¢rn¢nl {Hbov¢l, we plrtn to pi4t¢ particular ¢mphH51S on diversity. equity and inclusion going forward and Jdopttyl a DEI policy in April 2022. 8eltiThg out our arnbiiion for represenllltion across the compo%er% we perform, rh¢ artists with whom we work, And iht st4ff And Tnjstees who mana¥t our operations. Despit¢ the obvious and reo1 ¢onstrAints on AAM'S ability to effect immediate And lasting ch&nge irt thi8 Brea, w¢ 8Tf n¢v¢rth¢leis comrnttt￿ to doin8 all we make hi8toricBI p¢rfomiancc 4f¢C8$ible and itt¢lu8ive 08 po￿]ble. The Academy of Ancient Music Comp*E)y Llmlted by Gll#r&nt¢¢ Tru¥tees' Atsrtu41 Report (Incorpor*iln8 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¢, Inco￿O￿ted on 17 Novemb¢r 2(MIO and govern￿ by a Memorandurn and Arti¢les of A8wci&iioti. OrRanliatlonAI Str￿cture 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 ￿ T￿O￿lI0r 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¢pr￿￿talIV1S 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 se￿e 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 th*ir 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 T￿￿teeS and Devolopment Bo8rd; it h•$ r¢88rd for Ihc %ize, compoxiiion, diversiiy and BUCC¢SSiQth n¢ed$ of both B0￿d8, 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 ch￿8¢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 h*s re$w)nsibility for ov¢rsi8hi of risk management within th¢ Or¥￿i￿tIon. Workin8 with the Exe¢uLiv¢ il r¢vi¢ws 8ignificartt riskB. ll85C55eJ their impAct (probability tll&8llitud¢l, and make¥ r￿0MmendatIOnS tv lh¢ BoFJd UTh the besi way¥ of m&nx8iJ)g mili841ing ri8k. I¢ reviews the work of tho audib)rs or itldependcnl eKamin￿ Hnd, if ncc¢ssBry. recommertd8 ¢b&rtBcs to the ￿0￿d for 3ubsequeThi approval. The moBt signifi¢4nl risks lo the charity acros5 the ycar WCTC identified lo relate lo reduced incom¢ Iii¢k¢td, volunlary and viaen¥aBem¢ni fe¢51 reBultinB from on￿Oin¥covID diatuption RndfiD4Dcial Pressures due lo ri8in8 innation. Th¢ Committee judged iniliBatioiis in place to bc sufficient to mana8¢ the cuttent iitU4tiOJL bul will continue 10 monilor Ihc ¢hurity's posilion with re88rd to thrse and othcr ri8k5 going forward. The Academy of Ancient Musi¢ Compgny Llmlt¢d by GuAr#lltee Truoteei, AnAuAI R*pDrt (Incorpor*tlni th¢ Dlrettor'i R¢port) (¢•ArtM•e4) Ytgr tDded 31 Au8UIt 20n STRUCTURE, GOVERNANCE AND MANAGEMENT Developmtut Boxrd The DeyeJoprtL¢nt Board advisory #thd 4UPPQrt furttiion in T¢lation to fundrdisin8 and 18 noi A commiik¢ of th¢ BD9rd ofTnJsl¢¢$. 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$tandirt8 of the orchestyA's workings by fyttending reh¢xrsèls as w¢ll as eoncerts supporter eveni8. Hct 88 amba5s4dors and adV￿at¢S for Ihc orch¢stra by introduGing poitn¢iJl supporteTS lo lis work., Berve on working P&rtiCS ¢siablishcd by Ihe Dev¢lopmenl Bonrd to work on spccific fvndrai$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 Ch￿Se&. 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¢p￿ed in accordtyn¢¢ with the provi$ioM •pplicabl¢ to ¢ompania ¢ntitled to th¢ in￿ll ¢omp8nies cx¢rnption. Th¢ T￿￿tte1. Arbnual Rewi was appro￿1 ort nd 8ign¢d on behalf ofthe BoATd of Tr￿1¢¢9 8fLn CBB Chgir The Academy of Ancient Music Company UnJlt¢d by Guarantee Ind￿endent 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 eX￿nin￿tion. 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 a￿Ord 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 R￿0mmend￿j 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 St*t¢m¢nt ofFIDADelg1 Aetlvltl¢& {IDtludlng Incomt and eJpenditsr¢ Yt*r 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 Expendi￿re on Charl￿ble &ctLVltie Tot*1 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 Tr*tt¥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¢$. The not¢1 Dn pagej IS to 26 forn p*rt of these Fln8nci41 Statemen 12 The Academy of Ancient Music Comp*ny Limited by Guarantee StAtemtnt of FlTr•nclfil Po8ld• JI Auguit 2022 2012 2021 Note Flxed auet8 Investmcllls 17 464.918 Current 8iiets D¢b¢ors Inv¢51m¢nls Cash at bank and irt hNnd 188,152 214,447 568,555 443,121 19 279.820 467J72 1,225.723 Crtdltorj: Im•uni• fllllng due wlthln e year 20 42,749 102,165 Ntt current oi$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 ch*rlty funds 22 89Q,141 1,123,558 For Ihe yesr endin¥ 31 Auw$t 2022 thc charity was entitled to exemption from audit under section 477 of the CompanJ¢8 Aci 2006 rel8lin8 to ¥in&ll Gonjpuiiiiy. Dir¢¢¢or5' TcNponiibilities'. The mcmbcr8 havc not r4uired the compyny io obtain Jn audi¢ of its Financial Slalements for the Ye￿ in qU¢8iion in o¢ctsrdHn¥¢ with SCLlion 476., Th¢ Di￿10￿ okknvwlcd¥c thcir rcsponsibilitics (orcomplyillg with the reqUIr￿ellts ofthe Act withre$pect to accountin8 record5 and the prepor2tion of FinA￿l#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 C*8h ¥eo¢r4tcd fro￿ op¢ri¢iutti (24J.145) 217,982 Inter￿L 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$il8 tsLk¢n out vf lh¢ money m￿k¢1 deposil inv¢81m¢nts Dryosils into investments Net cash froml{used in) investin8 aciiviti¢8 1299) s￿,155 {soo,000) 68,155 12991 Nef {detre*seYlnCreA￿ In t*slL *nd taih tqulvalenti Cilh and cAih e4ulvxlentJ At heglnnlng of y¢ar Ciih And ¢￿h equlvilents it tnd Of ye*r (163 Joi) 443,121 217.983 225,138 179,820 443,121 The notes pNge5 15 1• 26 forni p8rt of the* FlnaDclAI St*ternentS. 14 The Academy of Ancient Music Company Llmlted by GyArAlIt¢¢ No¢¢$ 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¢ llddr￿8 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 ¢$tlmAtlon un¢*rt•lnty The prcparation of Ihc FinHncial Siatcmcnts rCquIr￿ mana8cmcnt tn mdkc jud8cmcnt%. C8tirnAte8 find a￿ump(lOn￿ that ttffeLI the 4mounts rep(>rted. These estimatcs gnd jud8¢ments are continually r¢viewe(J are b&8ed i)n eXP¢Ti¢nc¢ ynd oih¢r f4clot8, including ￿p￿tatiOnS of futurc ev¢Dt5 that b¢lirvcd iv be r¢AsonAbl¢ wider the ¢itcumsiathcca. Significartt judgcments Th¢re no 5i¥nificant judgements thllt management has mad¢ in th¢ proL¢85 of applyin¥ th¢ ¢ntity'8 accounting policieB at)d that have the most .qignifi¢snt tffect on th¢ 4tiiouiii8 rtCO8nised in th¢ FiN#n¢iNI Ststements. Key Sour￿ of ¢81imitiorh unG¢rtiinty Accounting estimatu and a&sumptionA arc mide conceming ihr otsd, by their ttowr¢, wtll roftly equal the relai¥d vu*om¢. There are no key a5$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$QCi&tcd with the tr•nsaclion will tlow lo the charity and thc amount Can b¢ reliably m¢8sured. The following sp¢¢ifi¢ Jy)Ii¢i¢s 8re &ppli¢d lo particular Latc¥ori￿ vf inLume.' Income from donations or grants IB reco8nised when there i8 cvid¢nce of cntitl¢ment to the gift, re¢tLPt 18 pro￿ble and its atnouni ¢An b¢ m¢asur¢d reli&bly. Income from 8r8n18 gnd fundr8l8Ln8 effotts, where related to tKrfOrH￿ncc thd 8pErific d¢liv¢rabl¢& Mr¢ ac¢ount¢d for 1$ 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$bO¥1& a8a liability is in¢utT¢d. ExpendI￿re includeBany VATwhich cannot bc fully recovered, and 18 classified under hcadinB¥ of the St8iem¢ni of Finxn¢ial A¢tivities io whi¢h li relAI¢s'. expendibjre on raisin8 Ojllds includes the coslb of all fi￿dr￿lsln8 activiti¢s, events ethd non4hari¢able trllding aclivitif8. expct)diiur¢ ort chAritAbl¢ A¢livitst8 in¢lud¢s all costs incwred by a charity in und¢rthkitL¥ llCtiviti¢$ thai fijrther its charitsble aims for the benefit ot. ils bencfiriari¢¥, in¢luding those %upport ¢OS¢s and ¢o$ts r¢14ting io th¢ goveman¢¢ of Ib¢ ¢h￿lty apportion¢d lo chllrilable &ctsvitlC8. All ¢￿ts Ar¢ allo¢at¢d to ¢xpcnditurc cat¢8ories r¢flectLti8 the u8e of the w8ourG¢. Caih and ¢qulv•ltnti Ca8h at bank and ill hand is held to meet the day to day running costb of th¢ chwity 48 th¢y fBII due. C8sh equivalen15 are short tenn. hiBhly liquid invt5tmentS, U5UBlly up 10 30 day nvti¢¢ ini¢r¢¥¢ beuring savings ￿OUnt&. 16 The Academy of Ancient Music Complny Llmtted by Gtsarfintee Notej to the TIn8ncl￿ Statun¢nts Y¢ar tnded 31 August 2022 Accoulltlkng pollcles Current A&￿t lftv¢itm¢nt5 Cu￿e1)t A&q¢l investments Are illvestrncttts that are held with the intention of rjngfellcll￿ capital u) fwhd exceptionAI h1gh quality projedi ittd th securc the long term futUTC of ihc charity. The Inves￿ettts ore h¢ld a8 ¥hurl l¢mi. hi¥hly liquid invutsnents to protcct CRPlt&l against thr 5L8nilicant volatility of slo¢k mark¢ts worldwde. When CODJitiOD¥ permiL th¢ fund5 are moved into income 8eneratit18 inv¢5ttncnts with ihL aim ofpro￿lJnU capitsl from erosion. Tmnglble uiets TAn¥iblr ￿Sets with an individual value ovcr £1.500 are ¢apitsli8ed, ini¢iilly r¢corded at ¢0s4 ind d¥preciated. Depr¢cthtlon DeP￿tiatIO1) 15 c4loulatcd so to Write off the cost or valuation of an asset, lesB its residual v8lu¢, over the u&¢fiLI eLonomic lif¢ of that A￿¢t u$ 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 reco￿1$ed i income or cxpenditure. For¢lgn ey¢h*nge ForeLyn Gurr¢ncyir¥n5aLliuns arc initially recordcd in the fi￿Ctional currency. by applying the bPOtexLhllll8e rate 88 at the date ot the tran8action. Monctary oyyeL¥ liAbilitie.q denamiiJAicd in torcign cunen¢ie$ Ir translated dt th¢ ex¢hw¥ r#* ruling ai the r¢poMing date, with any gains or lo￿t8 bcin8 taken tsTr the stikmen¢ of financial actlvlties. FlnAn¢lAI In$trymeNtI A finttth¢i81 aks¢i vr a finllnGial liability i¥ ￿cOgniSed only when (he entitybeiomu a party tu the contr4L£tU81 proviKIon8 of the in51rum¢nt. BaBiC f￿8￿)¢141 instrumcnts Hrc initially rewgnis¢d atthc amount receivable or payable including any relat¢d tr8nsaction costs, unless th¢ orNt)gem¢nl ¢onsiiNl¢$ a firJan¢ing Ir4nsHr¢ion, wh¢r¢ it is ￿¢0￿￿1$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$8ets 8nd current liabilities subsequently measurd at the cgsh or Oth￿ consideration expected to be paid or received and not diycounted. 17 The Academy of Ancient Music Company UThlttd by Guarantee Notej to th¢ FJn8nelAI StAt¢m¢nt$ Ye*r ended JI August 2022 ACco￿￿tIng 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 S￿￿t doeB llot impos¢ sp¢¢ifJ¢d futhre perforn)8nke•r¢ixi¢¢J ¥onditions ol) the r￿1plent, 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 th￿efUre exempL OrehertrA Relkf Orchestra T4x Relief 18 ￿0¥ni¥¢d in the period lo whlch in r¢latt8. Llmlttd by iu•rAllte¢ The CoMp￿Y is limited by ¥Liaranlee and tAch mmbrr's liability 1% rc.qtAc¢d lo £1. Don*tlotti 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 Ch￿Il￿ble 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. incl￿Ain& 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 F￿hd¥ 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 Gu4r*Atet Notu to ¢b¢ FInin¢1￿ Stgtrments Ye&r ended JI Auffust 2022 ExptDdlture on th*rlt*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 LIn￿ted by Guar￿tte Notea to the Fln&ncffi*l StY4temeDts f¢o*rtM4edl 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 IMp￿r￿¢￿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 Tr￿C 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 S￿￿rity #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¢ Fln*nelAI Statemtntl Y￿r eDded 31 Auguit 2022 22. An4lyd& of ch*rlt#ble fundi The Strategic Rxording Fund includes dottalions for ￿l￿TC 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 fi￿dIng for 8 major recording project to ¢omplctc five disc& of Mozart works for keY￿)￿d and orLh￿trA 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 L￿paIgn 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 ￿8￿11 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