COMPANY REGISTRATION NUMBER: 04109942 CHARITY REGISTRATION NUMBER: 1085485 The Academy of Ancient Music Company Llmited by Guarantee Financial Statements For the year ended 31 August 2024 The Academy of Ancient Music Company Limited by Gu2r2ntee Financial Statements Year ended 31 August 2024 Pagey Trustees, Annual Report (incorporating the Directors. Report) TDdepcndent Auditoes Report lo the Members Ito13 14to17 Statemeat of Financial Activitie3 {includin¥ Income and Expenditure Account) Statemmt of Finallcial Position 18 19 Statement of Cash Flows 20 Notss. to the Financial Statemcnts 21tn33 The Academy of Ancient Music Company Limited by Guarantee Trustees, Annual Report (Incorporadng the Directors, Report) Year ended 31 August 2024 Tbe Trus￿eS, who are also the Direclorb for the purposes of eompany law, present their Report and the Financial Statements of tbe cbarity for the year ended 31 August 2024. REFERENCE AND ADMINISTRATIVE DETAiLS Reglslered charity name The Academy of Ancient Music ChArlty reghstration number 1085485 Company r¢glstrAtlon number 04109942 Prlnclpal office and reglstered office Cherry Treeq Centre Si Matthew's Street Cambr?dge CBI 2LT Trustees The Trustees who served tbe cliarity during ihe pcriod and tliosc who are currently serving are as follows: Elise Bado Helen S rott Alon Clark Jonathan Ele Jane BarkeT CBE Malcolm Gamtnie CBE KC Catherine O'Neil Paul Baumann CBE LVO Chair Kim Waldock l Fieldin Graham NiLholson (Deputy Cliair Elizabeth de Fri#nd Jose h Adams Huw Hum hr Resi Resi ned 27 October 2023 ned 25 Jul 2024 Oillted 12 Februa 2024 ointed 12 Februa ointed 12 Februa 2024 2024 Resi ed 25 Jul 2024 ?* ResignLd 31 DeLember 2024 Resi ed 25 Jul 2024 ointed 7 MarLh 2024 ointed l Janua 2025 member of Audit and Risk Committ¢¢ as at 31 August 2024 member of Nominations Committee as Ai 3 l Auqust 2024 3 • member of Dcvelopmcnt Board as at 31 August 2024 memb¥r of Invcstmenl Committee as at 31 August 2024 indicat¢s Chair of commitlee as at 31 August 2024 HoAorAry Pre51dent Christopher Purvis CBE Chlef Executive John Mcmunn Muslc Director Laurence Cummings OBE Founder Chrisloph¢r Hogwood CBE Secretary John Mcmunn The Academy of Ancient Music Company Limited by Guarantee . Th18tees' Annu&l.Report Ohcorporatlng the Dlrector$' Report) {¢oDti*Ned) Yegr ended 3 l August 2024 REFERENCE AND ADMIMSTi4TIVE DETAILS Auditor Streets Audit LLP Chaftered Accountsnts & Statutory Auditor 3 Wellbrook Court Girton Cambridge CB3 ONA Bankerj Lloyds Bank PIC 3 Sidne ),' Sirect Caiiibri(IgL CB2.IHQ The Academy of Ancient Music Company Llmlted by Guarantee Trusteesl Annull Report (Ineorporating the Dlrectors? Report) {LoNlinu¢d) Year ended 31 August 2024 VISION & MISSION, CHARITY ORIECTIVES AND PUBLIC BEIYEFIT STATEMENT Vision The Academy of Ancient Music aspires to be at the forefront of the global historically-infomied performance (HLP) mol'ement, recognised universally for tlie quality of oui. perforniances and the impact of our schol￿'ship and educational wo￿. Mission The Academy of Ancicnt Music exists to delight and inspire audiences the world oTrer with historically-lliforn]¢d perfonnances of baroque and. classical music ol Ihe highest quality. We believe that great ail is for everyL)ne, regardlebs of background or meanb, w¢ are committed to shoJtng OLLr work as widely ats Posbible through live perfonnatice, recordingb and digital media. Underpinning this mission are thi'ee core beliefs.. Music has a unique ability 10 unite people through sharcd expericnce and common purpose. We belicve that our Goinmitmenl lo audiences extend5 beyond the concert hall, and cndeavoiu lo creat¢ a sense of cominunity around our work through extra-musical ¢nrichmcnt and e]hga8ement. all delivered to the same high standard us oiir pcrforn]an¢e5. We beli￿¢ in the inh¢rL'lIt valiie of hi5torically-infonDcd perfurrnanc¥. not becE4115e it is 'auihentic' or 'cotrect'. but because of 11$ power to inove audiences with performances ofslrikin¥ vilalily and iininediacy. We value OUT P05ilion as a leader in ilie fiLld and are conimirted to furthering the HIP movement tI￿ough Scholarship, diSCQVLry, education and training, safe¥uarding> tbe future of our art for generations 10 come. Wc acknowledge the need to addr¥¥s historical in¥quities in the arts and are committed to reficcting the diverse Lommunities in which we work, both on-stage and in our audiences. We will CODtinue to Strive lo make oiir work as accessiblc and inclusive as possible while not abandoning our belief in thL timeless relevance of our repertoirc. Charlty objecllves The objectlves of thL charity are to adi'ance the education ot the public ill thL art of baroque and LIa￿lC￿l music and the allied art￿. There hal'e been no changes lo Ihe charity's objeclives since the last annual i'eporl. Publlc Benefit Statement The Trustees re￿1]￿rIY review the churily's aclivities to ensure the highest benefit to the public. The Trustees onfirm that they have cvn5idered the Cliai-ily C.ommis%ion's general guidance on public benefLi in setting the ¥harily's aims and ubjectivcs and in planning pgrticular activities. Th¢ ¢liarity cxists to enrich people's lives with hi8tori¢ally inforined baroqiie and Classical miisic per(ornJed and recorded to the high¢st stsndard, and by nurturing young audiences alld artislb. The Academy of Ancient Music Company Lflmited by Guarantee Tru8tee$' Annual Report (Incorporatlhg the Dlrectors, Report) {oiiiitnu&d) Year ended 31 August 2024 IqSION & MISSION. CHARITY O&IECTIVES AND PUBLIC BENEFIT STATEMENT (cunlinii￿) The oirhe5tra's management 8re tssked with Ln.%iiring the charity's Mctii'itiog are accessible to all merllbers of the public. Examples of 4leps taken lo ensure broad public ae¢¢ssibiliiy iiiclude.. Encouraging attendance at concert perfonnances by school children, students and young people thTough discounted tickets. FIEely accessible video ¢ontenl (via the AAM website and elsewli¢re onlin¢). Regular broadcasts of concerts on llational radio ststions both in the UK and abroad, making our music widely accessible through radio and online. Free pr¢-¢oncert talks which a￿ op¢ii to all; Free concert pro¥rai)Ime4 available online, containing detsilednotes on the music being perfonned and short biogi?phies of the principal pertornleis; Ma5terclasscs, and OrCh￿traI wurkshops in which music Studcnts and AAM profcssionalb play sidc-by-yide. YEAR IN REI'IEW AAM celebrated its 50th anniversary iii 2.1124. presenting one of its m05t successful seasons to dare. Audiences came roaring b￿k to the concert hall, thc orchestra beT]efited from significanl - and vociferously positive LON'crage in the pre55. and th￿￿ was unanimous critiial acclaim for a seiies ot celebratory projects delivered in honour of Ihc milestone, including Ihc publication of a neiv history of the orchcslrft by Ri¢liilrd Bi'aibj. th¢ complelion of the Mozart Piano Concerto cycle on L4M R￿ordS and the fwst comm155ion by the oi's8nisation in niore thali two decades. I'he orL,he8tra PLrformed .33 concerts {2023'. 281 across the UK and internatioo&lly, reaching an estimated in-person uudiLllLe of 22,000 {*023: 17,5001. Our regLilar own-promoted scason at the Barbican Centre (London) and West Ro&d Concert Flall (Cniiibrid8e) was liiled Tlte G¢)IdLJii AMnii'ei'3tllJJ I'ealured prograjnineb celebrating PLlsI Iriuiiiphs wliile also Lontinuing Lo blaze a trail for Iiisiorical p¢rroMi￿ICV. cliampioning Io¥i gild nebilLCtVLI works by feiiiiile und ¢t]in1L￿]Is, divLfbe ¢on?PU%L'f.i and prLniiL[in¥ a n￿V w()rk fur historiLal fftnslrunieulb. The series bl'gan willi u bong will) a programine of'pdrty Inii%ic': l-luiidel's Music lor. Ihe Ro)￿1 Fir￿v01-k5 ond Iyaler Mxisic. leuvcned by Ilic loo-infr¢qLienily-perfonllcd Silele I'eiiii featuring the celebrated British soprano Lucy Crow¢. Further pei'tormances in thr B8rl?ican Hall Incliided u 501d-oiit pres£ntalion of JS Bach's St Muiihew Pasts'ion w'ith hisioric¢il forces ('... for th¢ qualiiy of Ilic s"iiigiiig and pliiying I liave iiothing biit prdll%e. and foiiiid it a8 Inol'ing an experience a5 1 ever havc., Tlie An.Y De.FK-l and Hund¢l's Or1É14Ydo with st8r COLintertgnor lLStyn Dai'ies in the eponymoiis role ('...Ive needed notbing Inoi'e thun Ilie orclie51ral brilliic nce of Ihe ALf?demy of Ancieiii Music, led well bs Bojan Cièié ai)d direlled ￿,1¢1} clarity and svpplciiess from th¢ liarpsiLhord by LaurLnLL C'umniii)gs, A pM¢k¥d Barbi¢wi Hall L'lILLred. HJndel is hLr¢ lo slay., Tlie TelegiaHlI). Tlie lallcr IIiL lirsl HandLI opcra ih¢ orL.hLslra has perforiiied M.'iil) Musi¢ Direcii)I' (and noted Fl%1ndeli¢￿I Laurence C.umniings sii)cL h¢ juinLd in and points io an ex￿111ng n¢w strategic direction for future planniii8. The Academy of Ancient Music Company Limited by Guarantee Trusteesl Annual Report (Ineorporadng the Directors, Report) (CO￿11￿￿￿} Year ended 31 Allgust 2024 YEAR IN REVIEW Further own-promoted perforniances included worL$ by the lesser-kll0Th￿ fem&le composers Malia Teresa Agnesi and Marianna Martinez. forgotten gems of Ihe Jtalian concerto repertoire by Mos41, Locatelli and Valeniini. music from the court of Louis XIV by Campra, de la Giicrre, Delaland¢. Mardis alld Rebel; and 8 prograinm¢ curatcd by Ilie extraordinary American couniertenor, Reginald Mobley. exploring the compositional world of ihe freed slave and noted abolitionisl, I￿atIUS Sancho, fealuring new miisic by the Iivillg Brilish composer, Roderlck Williams. Beloved works also featured across the season, including mu?*iC by Corelli. Dowlan(L LiilEy, Moz8rt, Purcell. Vivaldi and JS Bach. wliose complete Braiidertbt4rg Concertos ivere presented foi. thc first lime in niorL than d¢cadc. Acros5 the season we were privilcged to work with guest artists Matthew Brook. Rodney Clarke, Anna Dennis, Magid El-Bu8hra, Paul Hopwood, George Humphreys. Mhall'i Lawson. Alexandra Low¢. Tim Mead. Nicholas Mulroy. Rachel Redmond and Sophie Rennert, aswell as dancers Mary Collinsaiid Sieve Player. AAM'S L¢ad¢r. Bojan titi¢ direcl¢d The Arl ofthe lialian Concerlo in Wesl Raad Concen Hall and Milton Court, as well as on tour across th¢ UK. Aiidicnc¢s receivcd the 23124 own-promotcd series warmly, rating their overall expcrience of events 4.715 and judging thL quality ot pertom]anLes 4.815. 970/0 Ot attendees reportcd hal'ing cnjoyed 'all' or 'rnost' ot thL work8 performed. Audience levels were also niarkedly improved on Ilie year, with a 39 % increase in sinall hall (Milton Couri/West Road) attendance and a 38V/o increa8L in atlendancc in Barbican Hall compured to 2J? 23. Overall. Iv achieved 84 /0 capacily across all own-promoted concerts (compared io our pre-pandemic larg￿ of 850/0 capacity). we completely sold out four of fourteen peTforrnancLS overall and liad to add a PL'rformance of JS Bach, Braiidenburg Coiicertn.Y in Milton Court to me¢t demand. Critical receplion of the s¢uson wat+ effusive, with significant coverage in broadsheets. tabloids and online, and ratings of almost ex¢lusivL.ly four- aiid five-5tsrs. Principal player attendance was 67 % in aggregate across Ihe season, down from 22123 (74 /0) but still broadly in line with target I700/y), and Laurencc Ciinunings directed 860/0 Ot-OWD-promoted perfonrlances (tsi'get 85 % ). AAM'ti doiiie5tic touring included rcturns to Th¢ Apex (Bury St Edinunds), Bath Ba¢hFest. Hall for Cornwall (Truro), King'5 College (Carnbridge), Trinity College (Cambrid8e) and the Shcldonian Theatre {Oxfoi'd). We ivere pleased lo make oiir debut at St George's Iljrislol), the lung Aliditorium ILiverpool}. the Gulldhall (City of London) aiid the Sherbome Abbey Festival, and lo collaborate with the Choir ofweslmii)slcr Abbcy for a seasonal pertonnllnce of Handel's Me.s.riah just a stone's throw trom the building's Soiith Transept, where tile comp05er is buried. The orlhcstrd continued to rebuild its Antu'national touring prntilc in 23124 with pertormances at thL Settimana di Musica Sacra di Monrealc {[￿ly)- Musica Riccrcala, Timisoara {Roniania}' Rerlin Philliarnionic {Gennany)- Musikvei'ein Wien (Auslria) and FesthallL VieryLn (Gem)anyl' and un tour ii'ith the EnsemblL Vocal de Villars- 8ur-Glane in Switzerland. The proyainmes for these perfonnances M'ere wide-rungiiig ￿]d inLluded reviv81s of previous own-promoled projects {Soiiili Anierica from 21122. Handel 3 Heroiiies from 19120 and Music.[or an Empits.s Irom 23124), great works {JS Bacli's Si Johii Passioii) as well as an ¢xciling neiv collaboration with The Wave Qudrtet, directed by Ilic dynamic young Austrian percussioni5l: Christopli Sielzen. Increasing tlie number of intenialional cngag¢inenls conlinu¢s io be a key strategiL obj¢ctive ofthe orchestra going forward. Following the adoption of a new slralegy for AAMplify, the orchestra's innov81ive educalion initiative. and the appointinent of Leo Duart¢ as AAMplify Co-ordinator in 21122, th¢ orchvstra hos bcen d¢livering educational work in conjunction with institutional partners since 22123. This a¢tivity flourished in 23124 with projccts dcliveTed at tiw Royal Aladerny of Music. Royal Colle8e of MusiL. Guildhall Sknhool of MusiL & Di'ama aud the Royal Nortliern Collcg¢ of Music exploring rnUSTC by Beer, Biber. Cooke, Handel, Haydn. Holborii. Mozart and Practoriiis, amongst others. Highlights ot this work include slde-by-side sessions at the Royal Academy ot"Music focussing on repertoire froiii oiir season project Le Roi DIiiE5e culminating in participants being'dropped in, lo our fully professional rel)Larsa]s, and a collaboration ivith the Guildhall School of Music and Drama Op¢ra School arowid tbcir fully stagrcd productioii ol- Handcl's Alcinu in Jun¢. The Academy of Ancient Music Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Directors. Report) (￿￿11￿11£1) Year ended 31 August 2024 YEAR IN REI'IEW (¢'unlintted) The OrCh￿tra continued lo ini'est in recordin(r8 and digital content in ?.3124. Acros4 the year. we released the final three volume& of our completc Mo4art Piaiio Concerto cycle with .8cholar-PlAnist Robert Levin Vol. I l K242. IQ315f & IL365., Vol.12 K238, L94? a 3 & K246' and Vol.l3 K503. K505 & K595 - to ￿'eat critical acclaim. Wriiiiig in BBC ,.Vu.sic Mcfgnyiiie, Nicliolas Kens'on stated of Vol.1 I, 'The exhilari?ling compleiioii of the LevinlAAM Mozarl piano con¢erto cycle goes from strength to sir¢ngih . This perfomit¢nce sparkles., In her double five-lilar 'Conc¢rto Choi¢e' revi¥w of Vol.12 lor ihe same publicatiou, Rebecca Franks noted thaL 'Levin intends lo be an antidote lo unitorm, mass-produced Mozan, giving th¢ life-spark back to the mus1C . I'liis fvlozart is Constantly alive, alert and SLiperbly doii¢.' Richard Fain)ian, in hTS fivL-star rL'view of Vol.13 for iliL Fiiianeznl Tiines, %ummed up the 30-year projeLt with just three ￿-OrdS. Worth the wait., The release of final disc was ccompanied by long-forni profiles of Robert Levin in The New York Tinies. The Spectalor and ihe Financial Tipne,s and radio features which were broadcast on National Public Radio acTOSS the United Slate& as well as on WorldwidL FM'S The Cla.i.¥ical Nelivni'k. AAM recorded two new discs in ?3124 for relelise in 24125- Ihe world-prerniere re¢ordii)g ofJohn Weldon's grcat E,i)glish 01)ei'a TIIL. J£icl&iiiiL'iit (Jf Pari.s. a co-pi'odiiLiion iviih CambridgL Handel Opera Conipaiiy, to be issued OTh AAM Records) lid Micliilel T.laydn's RLiqiiigiiT and mts.fll SanL'Èi Hiei-nnvmi wilh Mallhcw Marlin and the Choir of'Gonville & Caius Collcge. tor Lilln Recurds. Pre￿.10￿SlY live-sti'eamed peTtortnaDces ot-Handvl's Mey.%iah and Vivnldi's ThL, Fniir Seci&nris' (filnied a5 pari of the Li&e fioiii Ilie BcirlJi¢aii series) were aired ic nd niade ai'ailI1ble to slrearn inteniationally on Sky Arts acro.8s IIIL. yeur, und ii'L' mlld¥ a lii'e ciudiL) reLordingb OFJS Bucli's Biiiiid¢nhiirg C"oiiL'ei'io.Y io be rcle￿￿ed as purt oftlie AAM 'A-l.isl', Il)e orcheslra's new digil&l content iniiialive. Iroin 24125. With the retttrn ofin-person audiences lo the concert hall following the worst ofilie pftndemic-relA(ed disiiipiion, AAM took ihe dccision to susp¢n(l 115 IivL-slr¢amiiib platforni. AAMLivc. iiidefinil¢ly iii ?21?3. No own-pi'oiiiolid pcrloJTh in plac¥. FINANCIAL POI.ICY AIID PERFORMANCE AAM receiiies no reBiilAr piibli¢ fiindino and is entirely reliai)l on 8eneraled income and volun11¢ ry giviiig. We 47re fortuiiare lo l)llvv tii¥ benLtit ot a subsiaiitial b¢ciucsi trom our foundLr, EIIL. lalL' C]￿lStop1]cr l-logiiood, witlioui wIIiLh our position would be raLli¢r Iiioi'e cl)allcngii)g. The financial flexibility provided by Il)is b¢qucs( enubles us Ic) Inaiiitain our l¥YLI ofartibliu ainbilion dnd oiir ¢ott)InilinLnt lo exL¢ptiondl arli¥liL qualily. Tolal iiicoiiie in lh¢ pci'ic)d inLrcascd cvi)%idLr&Jlily lo £1.675k l?023.. £992k). Ivith expendiLUI'C rising lo £1,218k (20?3= £1,005k). Nel gains 011 invL'Stmi'nts lotallL'd £4Sk (20?3'. £Sk) mL'aning the Lharity ¥niJLd thL yL'nr lo 31 August 20?4 witb a net moveiiiciii in fLinds of £502k coinprising an operoling su￿TU$ of £78k. dcsignated fiinds of £258k and restricted tiiii(Js ot-£161)k. "fhL kLy varianLLS I'L.latLd (o tIi¥ SUeLes5 Ot thL 50ib annivLrsary c￿￿pIlgll, the AAMbition Fund: incrca5ed ticketed incomc for own-pmtnoled evcnls (ind Orcheslra Tax Relief. Reserves and Investment policy Iii view of fluLliiiitions in conc¢rt incotii¢ trom year to year, ¢xaL'erbaicd by the increabcd finoiictal risks crealed by Ilie UnccrI￿lDtIes of the current o¢opolilical momenl, Il)e Trublecs con8id¢r il prndenl lo mainlain gen¢ral unr¢slricted rcserves of at least six montlis, siipport costs an(1 Ilii'ee Inoni115' cxp¢ndilurc on own-promolion concerts. This Llluiltes to at l¢asl £280k currLntly. Historicu]ly, the chariiy niaintained ILS ca.sh holdings at high levels to allow il to respond to volatility in thc s¢clor. Hoivevcr. in 21122, £5QOK of il)¢ funds h¢ld as current asi*¥¢l invesLin¢iils iv¢re movcd inlo longcr-ieni) invebim¢nts (JPL'raling unJLr a 8rfiLI LthiLal mandalu. Ivilh the aim of prol¢Liing Lapiial for long-t¥mi USL ti'om iiiflatAonAIy ei'nsioi). A5 <1bnv¢. Ihebe assets iiicrLascd in V<11iie by £45k over Llie period f. ?023.. £5k). Ineaning Lhal uni'¢tsli'iclcd rL's¢ives oi) 31 August 2024 tL)lallLd £1,116k (?0?3.' £779k}- This included gencral rcscrv¢s af £340k. £218k desisn¢11ed AAMbiiioii Fundiiig and £559k remiiining from the Hogwuod legacy described above, which the TrustLL'5 liave d¢'signat¢d as a sp¢Lial tuiid 10 bc uscd 10 support activitlL'5 ll'liich ivould not oth¢nvisc bL possiblL. Iii addilioii, £267k in regtrictcd Luijds WLfL' hlld tor stralkngiic recordiii& prLij¥cts, fulurL ioilLerts and edii¥alional Wui'k. inLliiLtingy £62k relating to the AAMbilii)n Fund.. The Academy of Ancient Music Company Limited by Guarantee Trustees, Annual Report (Incoryorating the Dlrectors. Report) Year ended 31 August 2024 FINANCIAL POLICY AND PERFORMANCE (tO￿till￿a) Fundraising The charity undertakes ftindraising from individuals, tnistslfoundations and staftitory sources. led by the Head of Developmeni Liz Brinsdon. Overall, voluntary incorne for the year totalled £681k (2023.. £315k)- The 2.3124 season was a particularly Successful ycar for fundraising from individuals, primarily due to donor5, g￿￿er0$11Y in rlieir SLtpport of the 50tli anniv¢i'sari' campaigii, the LIMbition I",Iind. Tl)i$ cainpJi(7n rJised nearly £303k iii income during ?3n4, including Gift Aid restricted lo the can?paign, funds raised Ihrou81i Tlie Big Give Chrisimas CliJll¢ngc (an onlii)¢ niatch-fuiiding campaign), and fvnds raised at our Midsumnier Gala iii June not of COSLS. SL>Nperal di)i)ors al%u pledged biifts for fvture years and i)nc gift ivas received 22123, bi'ing)iog the total raised for tii¥ AAMbition Fund to just over £350k. We are extreinely grateful to everyone who contributcd. We also gi'eatly appreciate the regular gifts from our loyal fk)mily of Inembers.. Academy, Associates and Friends. Without these unrcstriLted gifts it would not be possible to deliver our w'ork. For all the success of oiir ftindraising efforts from individuals. trusvfoundation support proved distinctly chall¢nging to seciirE over thc period, yielding £60k in total {2023.' £128kl. WE ivould like to acknowlLdge gTanls from the following: The 29th May 1961 Charitable Trusl (50th anT)iversary own-promotions, received in 22123). ABO Sirens (M1￿1cfor an Empress., part receivLd in 2022-23): 11ie Anthony and Elizabeth Mellows Charilable Settlenient (SopLf ofEngland); Cockayne - Grpdllts for the Arts l London Community Foundation (Snrnf nJEngland, received in 2?ll.l)' The John S Cohen Foundation {Handel's Musicfor the Rov£il FireN'orks): Ciintilluo Foulldation (Sorts ofEnglnnd, received in 22123); Garrick Charitable Trust (AAMplify Arlists); The Golsoncott Foundation (Suns i)fEnglRrtd)' The John R Murray Charitsble TTu¥I124125 concert-giving); The Kirby Laing Foundation (AAMplify Artisls). Maria Bjornson Memorial Fund (Handel's Orlrtndo). The Well15tock Fund (Handel's Orlan(lo, received in 22123): The Polonsky Foundation (AAMplify Artists); other anonymoLlS trusts/foundations. We were fortunate to receiv¢ two grants frorn the Arts and Hiimanities Research Council (a division of UK Researcli and Innovalion) over the pei'iod, die first in siippDI'l olsoiij (?fEpiul(iiid iii May. Ilie second in support or Lliviiy froin July 2024-JLll)e 2025 Lomprisinb¥ ?4125 scxson prog1r￿nIne i)lanniiig and pLrtorinanc¢. preliiiiinary. researLh into the possibltt cutnpletion of a Haydn Syniphvny Cyule on AAM Recordb., initial d¥livery olihe AAM 'A-List' and AAMplify Artists. The Academy of Ancient Music Company Limited by Guarantee Trustees, Annual Report (incoryoratlng the Dlrector$' Report) {COnli#UeAt) Year ended 31 August 2024 FINANCIAL POLICY AND PERFORMANCE No third-party ￿ndrAiSerS were used to raise funds during the financial year. Fundraising was undertaken via lace- to-face meeiiii¥s. leleplione, e-mail, dir¢ci Imail and evenl%, in line wilh Ihe c.ode of Fundraisin& l>racii¢e sel by the fundraibiiig RegLilalor. with which the charity is regislered. We are cominill¢d to ¥nsuring that i)u one, and especially no vulnLrabl¥ person. f￿.IS subject to unreason8blL inlrusiL)n of privacy or persistent or undu¢ prcssure lo donate. No ¢OTnplainls wer¢ re¢eivcd aboui our fLindraTsing during the fin¢ln¢ial year. STRATEGY AND BUSINESS PLAN Followiiig a si811ific&nl revicw of the cl)arily'5 operi?lions. the Truslces adopled a new business plan in October 2021. Tliis clarified Ihe Inission and vision of Ihc organisalion and ai.1i¢ulated key blrftie8ic objectives For Ihe 21122. ?2123 and ?3124 seasons. Tli¢se objL.cii￿eS iiicliidL'. EsiablTt>hing a cl¢cir dominanl artistic force (LAurence Cummings) and consolidating a reputation for exLcIILnL¥ under his ILadLrship- Building on Olir r¢pululion fur distiiiciivencss in programming and presentation, and for discovery, with a fo¢iis on Engylish music. on IL4EM RLxords' Maxiinising revenue From AAM Record5 Teleases und di¥Ttal contenl. Bellei. realising the latent potential of digital followership for profile growth and increasing conversion lo ticket salg8; Ensuring the value of existing strategic purtnerships and exploring possible new partnerships. Nurturillg the n¥xt generation of audienLe8, artists and arts. rnanag6rs' InLrcasing the volurnc of und fees ats¥ociated with cxlcrnal engagements,. Regularly delivering a breakeven year-end position bcfoi'e extraordinary pmjecLs' InvLsting an appropriate proportion ot trec reserves ¢0 maximise return., Increasing the PTOPOrtion of fundraised income from individual giving; Maintainfftng trust 8nd foundation support increasing statUtory/co￿Or￿te support. Cultivating donor support fro]n Qutside the UK (with a particulai. focus on tlie U.SAI' Increasing diversity acr055 operations and ensuring oiir work is as a¢¥e55ible. incliisiN'e and eqiiitable as Possible- Ensuring all operations are deliv¢red in as environmentally sustainable a manner as pos$ibl¢. As rettcbled in Llie Ihird core b¢lief(If AAM'b niis8i()n slatenient {'dboir¢), we plan to place parliLulai' empliasis on divcrsity. tyquily and ini lusion going for¥v41rd anLI adopiLd a DEI policy in April 2022. S¥*tiing Qui our ait]bition for repi'Lsenlation aLruss Ilie coniposerb IVL pLi#urm, (lic arLis15 with whom ive ivork, and tlLe slaty and Trnsiees who nittnage our operations. t)¢5pilc ihc obi'ious anLI r¢al consti'ainls on AAMI 's uncil brings logcthcr individuals involvcd ii-irh IliL' AAM as amba5s4dors. adi'isLfs ¢ind major donors. The Council meots onnually to receiv¢ ¢in updatc on rh¢.4AM's work &lld tunire plans. and additioiiully as r¢qiiirL'd. Appr418al of the BoArds and Commltte¥6 I'he Board I'LlfiCWS Its oii'n PL.rtomi8llLe on 8 regular basis . The Trustees and the Chief ExLLUlii'e assess hois. the Board funcLlOlI.4 wliere uppi'opria(e. Inake chliiigcs. Tlicre is a siinil%ql' r¢i'i¢w of ilic r)cvelopinent Bodl'd and ¢oniniit¢Le.%. I"he respccliip¥ Chaii-s r¢iijLhw Ihe pLrti)rn)ancc (It each Inenibcr of the Board ai)d l)ei'elopii)ei)i B()¥rd, assessi118 their contribution and the possible ftirther developineiii of tlieir bkills. FollowinL) discii&sions wilh oiher Board meinbers, the Deputy Ch&ii' of the Board, who is also th¢ Chair of tile Nominations C.ommittce, similarly reviews the perforniAnce of Ilie Chair of the Board. Exetutive staff The c.hief Executive is ve81ed with daY-￿￿daY Temponsibility for the running of the orchestra. At the year-¢nd he was supported by 7 members of statt, as well as an extemdl tr#elanL¢ PR LonsiiltarLt, TRUSTEES, RESPONSIBILITIES STA TEMENT The Triislees. wlio are DireLtOl'b for Ihe piirpose% ofconipJny Iliivi 41re I'esi)oiisible lor prepai'ing Ihe Trustees, Riport and ihe I,inancial Sial a tnatLrial adjustinLiil lo ilie carrying amounts oflissels uiid liJl)iliLics iviihin the next financial year. Fund accounliog Unrestricted tunds are available for iise at the discretion of the Trustees to thithcr 8Dy of the charitsble objectives of the charity. The Tiuslees may identify certain unrestricted filnds as designated funds where )ey intend to use them for panicular ￿ttire projects or activities. 21 The Academy of Ancient Music Company Llmited by Guarantee Notes to the Financlal Statements (el>vlinN￿j Year ended 31 August 2024 Accouncing pollcies (con¢lhwed) Fulld *ccounting (coN*lNMed) Re.%tricted fiinds are subjected to restri￿10n$ on their expenditure declared by the donoT or through the ternis of an appeal. Income All income is incliided in Ihe ￿￿talenten1 of FinaDciAI Aeiivilies when entillen￿llt has passed to the charlty. it is probabl¢ that the ¥¥onomi¢ bcnbfits IiSSO¢i&led ii.-ith rlie trdnsaction will flow to the ¢l)axity and the amount can be i'eliably me&sur¢d. Tli¢ following specific policies are applied to particular categories of income: liicom¢ from donations or grauts is recogniscd ivhen there is evidence of entitlement to the gift, r¢¢eipt is probable and its amount can be measured reliably. InLomtt from grants and tundraising elforts, where related to pertor(nanLe and specitic deliverables. are accounted for as and when thc charity fvlfils these commitments. Legacy income 15 recognised after ￿.￿nt of probale. the ¢xLcutor5 have p5t&blished there are sufficient assets in the estate to pay the le&w¢y an(1 any eonclitions attachL.d to the leg8cy are under the control ot the charity or havc been mel. Investment incume is includcd wheii receivable. Iiicome from ￿haritable activities is accounted for when earn￿ aDd relates to irkcoine frojn concerts, educalioo projects Rnd recordings. Expenditure ExpendittLre is recognised on an accnjals ba5TS as a liability is incurred. Expendi￿re includes any V AT which cannot bL tully recoi'ttred. and is classified linder headings of th¥ Statement of FinanLi21 Activities to which il relates: EXpe[￿lture on raising tunds includes the costs ol-all tiindraising activities, ttvents anil non-Lh￿itab1e tradiffig activities. ExpLnditure on charitable activities includes All c.osts inLiirrL.d by a charity in undertakin&> actii'ities 1111% t fllrtlicr its charilrfible 41irns for Ihc benefil of iis bencficiaric%. includiiig Il)osc siipporl costs and cost.4 relating lo the govcrn8n¢e of th¢ chirity atportioned to charitable actii'ities. All costs are allo¢ated'to expenditure categories reflectin8 the use of the resource. Cash *nd cA$h equivalents Cash at bank and in hand 15 lield to meet the d4y to day running costs of the charity as they fall dug. C￿h equivalents are short lerni. highly liquid investments. in 125 days notice, or less, intei'est bearing sai'iiigs account5. 22 The Academy of Ancient Music ComPAny Limited by Guarantee Notes to the Finanelal StateThent$ (¢ortlinNed) Year ended 31 August 2024 Accountlng policies fconliMNed) Tangible *ssets Tangible assets with an individual value over £1,500 are capitalised, initially recorded at cosl. and depreciat¢d. Depreciatlon Depreciation is calculaled so as 10 write off the cost or valuation of an asset, less its residual value, over the u￿rUI economic life of that asset as follows: Office equipment 330/0 straight liiie Flxed a55et investments Listed investn￿ntS ar¢ m¢a5Lwcd at fair vfilue Ivith Changes in fail. valuc being reGo￿lISed in incom¢ or Lxp¥nditure. Foreign exch4Dge Foreigii Currency transactions are initially recorded in thc functioiial CUtt￿eY, by applying the spot exchange roto. as at the dat¢ of the tran5a¢tion, Monetsry assets and liabilities deDominated in foTei8n curr¢n¢ie9 are translated al the exchange rate ruling al the reporting dale. with any gains or losses being taken to the stalcinent of financial activities. FlnAnclal instrument5 A financial asset or a t-￿anCIal liabiliry is reLOgni￿d only when the entity bebomes a party ro the Lontractual provisions of the instruinent. Basic financial instruments are illilially recognised at the amounl itceivable oi. payable including any relaled trallsabtion (￿8¢$, unlegs the arrangement cr)hStibJtes a finanLing transaction, where it is reLognised at the present Vali￿ of the fvture pa￿lent8 discuunied al a market rnie ofinlerc5t for a sirnilor debt instrumeni. Curr¢n¢ &¥sels and Gurrenl liabilities 4re subsequently measured at the 01 oilier Lonsideration expelled to be p&id or received and not discounted. Government grant5 Gov¢rnment grants are reLognised at the fait value of the asset reLeived or reLeiTrable. Grants arg not recogijised until there is reasonable assurance that the company will coniply with the conditions attacliing to them and the grants will be received.. Where the grant does not impose specified future perfomiance-related conditions on the recipienL it is recognised in incotne when the gLarit proceeds a￿ received or i'eceivabl¢. Where tbe giznt doe5 impose specified fiiture perfornL2nce-relaled conditlOD5 on the recipienl. it is recognised in income only when the peifonnance-relpAted conditions bave been meL Where grants received arc prior to satisfying lh¢ revenue r¢cognition Grit¢ria, they (Ire recognised as & liability. 23- The Academy of Ancient Music .Company Llmited by Guarantee Notes to the FTnanclal StAtementS (Cts•/iituéd) Year ended 31 August 2024 Aecoundng po]iele$ Detlned cTrntributiTrn plans Tlie charity operates a defined contiibution pension scheme for einployees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities. Taxatlon No provision has b¢¢n mad¢ for corporation tsx or'def¢rred tax as the company is a r¢8lSter¢d clwiry and is therefore exempt. Orehestra tsx rellef Orchestra Tax Relief is recognised in the period to which Tt relales. Llmlted b). guarantee The company is limited by guarant¢¢ and eacb mernber'5 liability 15 restrirte.d to £1. Donatlons and legacie$ Unrestricted Funds RestriLted Totgl Funds Funds 2024 Donatlons Individual donors, including AAM Academy rnen)bers, Associates and Friends 318,571 92,343 410,914 Legaeles Legacies 20,000 20,000 Grxnts Grants tsom charirable tnists and oth¢r bodies 7,100 ?43,?50 2$0,350 345.671 335,593 681,264 Unrestricted riinds Restricted Total Fun(ts Funds 20?.3 Donatlons Itidividual donors, including AAM A¢ademy members, AssoGiulLS and Friends 150.702 35,715 186,417 Legacles Legaeies GrAllts Gran¢5 from charitable trusts and other bodies 70,000 58,350 128,350 220.702 94.065 314.767 24 The Academy of Ancient Music Company Limited by Guarantee Notes to the Financlal Statements (cortliANed) Year ended 31 August 2024 Charitable Activities Unrestricted Restricted Total Funds Funds 2024 Concert income CD sales and royalties Miscellaneous incom¢ Orchestra Tax Reli¢f 593,267 62,705 19,575 l 75,943 35,105 628.372 62.705 19,575 175,941 851,490 35.los 886,595 Unrestricted FuDds Restricted Total Funds Funds 2023 Conr¢rt incoime CD sales and royalties Miscellaneous income 0￿hestra Relief 434,88S 58.451 13,343 156,000 434.885 58,451 13,343 156,000 662,679 662.679 Other trading aclivltles UDrestricted Total Funds Funds 2024 Unrestricted Total Fiinds Fund5 2023 ]iundraisin¥ events 94,850 94,850 Investment income Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funits 2023 Dividends received Other interest reLeivable 12,133 687 12,133 687 14.556 14.556 12,820 14.556 14,556 Costs of rals5ag donations and legwcles Unrestricted TotAI Funds Funds 2024 Unr¢stricted Total Funds Funds 20?3 Costs of raising donations, grants and legacies 103.337 103,337 104,108 104,108 25- The Academy of Ancient Music Company Llmited by Guarantee Notes to the FinAnelal Statements Year ended 31 August 2024 10. Costs of other trading actlvities Unrestricted Total.Funds Funds 2024 Unrestricted Totsl Funds Funds 2023 Fundraising events 44.074 44,074 11. Expendlture on charitable activltieg by fund type Unrestricted Fiinds Restricted Total Fund8 Fuads 2024 Direct COSt5 Support Gosts 795,521 71,510 204,269 999,790 867,031 204.269 1,071JOO Unrestricted Fullds Restrleted Total Fund5 Funds 2023 Dire¢l costs Support Losts 772,579 69,616 59,408 831,987 69,616 842.195 59,408 901.603 12. Expendlture on charitAble &etivltie8 by actfvity type Activities undertaken directly Support costs Total funds 2(b24 Total fiinds 2023 Direct Losts GoN'ernance costs 999,790 61,774 9,736 1,061,564 9,736 1.071 JO(b 888,551 13,052 999.790 71,510 901,603 13. Allalysl$ of support Costs Allocaled to cost of raising funds Allocated to charitable activities Total 2024 Total 2023 Staff costs Premises Other costs 92,989 42.061 8.722 20.7?7 135,050 8,722 31,075 1 *8,683 7,565 37,476 10.348 103.337 71,510 174,847 173,724 26 The Academy of Ancient Music Company limited by Guarantee Notes to the Flnanclal StAtement$ {toiiltMM￿J Year ended 31 August 2024 14. Net gains on investments Unrestricted Total Funds Funds. 2024 Unrestricted Total Funds Funds 2023 Gains/(losses) on oiher investment assets 45.693 45,693 4,973 4.973 15. Audltor's rernuneration 2024 2023 Fee6 payable for the audit of the Financial Statemenl&i 8,773 7,975 16. Staff co8tS The total slaft costs aDd employee benefits for the reporiing period arc analys¢d as lollows: 2024 2023 Wages and salari¢s Social security ¢04ls Employer colltribution5 to pensioii plans 279,252 23.186 7,672 260,845 21.654 310.110 ?89.162 The avcrage head count of employees diiring the year was 8 (202.3: 8). The average number of fvll-tin equivalent employees during the yeai- is nnalysed as follows: 2024 2023 o. Managemcnt Admini51ralion DireL't cbaritable The number of ernployees whose remun¢ration for the year fell within the following bands, were.. 2024 2023 £70.000 to £79.999 £80,000 to £89,999 17. Trustee remunèratlon Ydnd expenses No Trustees received any remuneration in relation lo her or his services as a Tn￿1¢¢ (2023: £Nil). No TrUS￿e8 were reitnbursed expenses during the year {2023: £Nil). 27- The Academy of Ancient Music Company Limlted by Guarantee Notes to the Flnanclal Statements (costl¥NwÈdJ Year ended 31 August 2024 18. Tangible fixed assets Office Equlpment Cost At I September 2023 and 31 August 2014 Depreciatlon At I September 2023 and 31 August 2024 Carrying amount At 31 August 2024 At 31 August 2023 4JOO (300 19. Investments Other Investments Cost or valuatlon At I September 2023 Additions F8ir value movements 477,736 128,504 45.693 At 31 August 2024 Impalrm¢nl At A September 2023 and 31 Augu&t 2024 Carrylng amount At 31 August 202A At 31 August 2023 651.9.13 651,933 477.736 All investments shown above are held al valualion. 20. Debtors 2024 2023 Trade debtors Prepayments and accrued incorne 2.406 246,927 24.142 204.631 249J33 ??8,773 Prepayments and accru¢d income incliidcs Orchestra Tax Relief claimable. 28- The Academy of Ancient Music Company Llmlted by Guarantee Notes to the Flnanclal Statements Year ended 31 August 2024 21. Cash and cash equivalents Cash 8nd cash 4iiii'&lents comprise the following: 2024 2023 Cash at bank and in hand Short-ternj deposits 368,826 iso,000 287.095 518,826 287.095 22. Credl¢ors: Amounts faulng due wlihln one year 2024 Trade creditors AG¥fl￿18 and deferred incoine Soci&l scLurity and other taxes Other Lrcdilors 2J75 17,336 14,553 1.912 46,106 49,310 16,193 590 36,176 112,199 AcLruals and deferred inLome includcs £4,835 (2023: £26,998) of income for expLnditure acr05.8 the 24125 own-piDnioted 5eayon (?023: 2.3124 OWD-prorno*d season), 23. Pensions and other post retlrement benefits Defined conlrlbution plans The amoiint rccognised in income or expe[￿1￿1re as an expense in relation to def￿¢d contributlOD plans was £7,67? (20?3.. £6,663). 29 The Academy of Ancient Music Company Llmited by Guarantee Notes to the Fin2nelal Statements Year ended 31 August 2024 24. ADalysls ofchArlt4ble lunds Unrestricted funds At I Sep 2023 Gain% and 105S¢S At31 Aug 2024 Jncome Expenditure Transfers Hogwood Legacy Unrestricted funds 4Mbilion Fuud.. live perforniance AAMbition Fund: 'A-List' re¢ordings 512,850 262.092 45,693 1,0411.133 558,549 339,857 (970,368) 5.000 126,869 (44,074) 87,795 129.829 129.829 779,948 1,304,831 (1,014,442) . 45,69.1 1,116,030 At I Sep 2022 Gains and losscs A131 Aug 2023 Income Expenditure Transfers Hogwood LegaLy Unrestricted funds AAMbitioll Fund: live perfonnance AAMbition Fund.. 'A-List' recordings 533,663 288,678 7,845 885.092 (33,625) (912,67R) 4,973 512,856 26? 092 1,000 5,000 5,000 822,341 897,937 {946.103) 1,000 4,973 779,948 Tli¢ Trnsleg% li&ve dcsignated th¢ lugacy r¢¢eivcd from ChristophL'r Hogii'ood as a fund to be used by Ili¢ orcliebira in ¢i)¥41gin&T in pei'fornianccs. r¢cvrdings and oihcr projLc(b whicl) would n(Il oiliciwise be p08sible. Duri118 Ilie yLar. iio fundb wLr¢ relcased. Durii)g Ihc previo￿ year, £33.625 was released in support of the 50tii Annivei'sary J3L)ok. The Tnistees bav¢ desi&viixied donatiL)ns r¢¢Livcd as part of the 50th anniversary caini)ais7n _ the AAMbilion Fulld - lo be used tl>.411ppurl ili¢ Lre£ilii)n ora LAldlub>UL vfdigilul reLDrdinb¥s (the AAM 'A-List') and Il)c livc pcrfonnance of larg¥r' scale and lesser-known repLrtoirL, fLSPCCLively. Fund>+ will be rgleased as uclivily is delivercd. 30- The Academy of Ancient Music Company Limited by GuArgntee Notes to the Flnancial Statements (conli•w¢rf) Year ellded 31 August 2024 24. Analysis of charitable luods (tuniiNwed) Restricted funds At I Sep 2023 Gains and losses At31 Aug 2024 Income Expenditure Transfers Straiegic Recording Fund Castello Recording Fund Mozart Piano Conceilos 17.800 17.800 22,000 22,000 AAMplify The Seasons John R Murray 23124 Concerts Fun Weldon ReL'ording Fund 24125 Conrerts Fund AHRC AAMbilion Fund,. live perfOrn￿nce AAMbilion Fund.. 'A-Li5V recordings 9,548 14,900 (24.448) 22.600 56,400 {79,000) 29,509 38,305 {58,820) 20,750 150.000 20,750 136,000 (14,0001 70,172 (28,001) 42.171 20.171 20,171 101,457 370.698 (204.269) 267,886 At I Sep ?022 Gains and lusses At31 Aug 2023 Income Exp¢ndiDJre Tcansfers Strategic Recording Fund Castello Recording Flind Mozait Piano Concertos 17,800 17,800 23.0(M) (1,0001 22.000 3,706 16,000 2,250 20.000 {3,706) (22.452) (13.250) (20,000) AAMplify The Seasons John R MU￿aY 23124 Concerts Fund Weldon Recordittg Fund 24125 Concerts 16,000 11,000 9,548 22,600 22.600 29,509 29,-509 AHRC AAMbition Fund.. live p¢rformance AAMbition FuDd.. 'A-Lisl' recordings 67,800 94,06% 159.408) (1.0001 101,457 31 The Academy of Ancient Music Company Lftmited by Guarantee Notes to the Financlal Statements feo•/lnN•d) Year ended 31 August 2024 24. Analysls ol charltable ftuDd5 (cohilvvcd) The Strategic Recoidiug Fund iompri5es donations for fiitute recoi'ding Projects received in prw¥iOU5 yearg. The Castello Rwording Fund comprises donations for a Tecording of Cast¢llo's Sonate Concertate In Stil Moderno, Libvo Secondo received in previous years. Mozart Piano Concertos comprises funding for a major recording project to complele five discs of Mozart works for keyboard and orchestra and includes donations received from The Big Give Cl)rAstmas Challellge 'Complete the Cycle, campaign in 2021. AAMplify comprises funds received in support of the AAMplify education initiative. The Seasons comprises fijnds received to support 8 performance of FIaydn's The Sea.Yon.f in October 20?? John R Murray comprises a grant from Ihc John R Murray Charitable Trust tow&rd the costs of coneerts rhi'ol￿h0U[ 2023 including the oi'ch¢str#'s AAMpl!fy Audiences discount ticket sLheme t.or srudents and undcr-35s. Th¥ 2.In4 Concerts Fund cornpri5cs donations and grants received in 5UPPOrt of concert COSts across the orchestra's 23124 5ea&on. The Weldon ReLording Fund Lomprises donations and wanL% received in support of the orchestra's world- pi'¥iiitLrc recording Ot John WL'ldon'8 fhL'Jiidgyine1710l'Pfii'i,i' du¢ foi. relLa5e un AAM Records in 24125. This includes donaiions receiv¢d from Tli¢ Big Give Christmus Cliallengc 'R¢discovering The Judgment of P&ri$' caiiipaigii in ?022. Tlie 24125 Con¢erts Fund cornprises donalions and grants received in siipport of conccrt Costs across Ihc orL"hestra's 24125 season. AHRC coinprises funds receivcd in support of u range of a¥XlVlties as ¢18recd with thL funder including pn)je¢i scoping. ¢oncerls. r¢cordinWfilming and education. 4Mbition Fund.. live perfornianLe Lonipriscs donations and grants reGcived in support ot the livc perftsrrn1￿L'e of lar8er-scale and lesser-known iepertoire. 4Mbition Fund. A-Li5t' recording5 cornprigeg donations aiid grants r¢ceived in sUPPOrt of thL creation of a new catalogue of d￿11￿1 recordings.. the AAM 'A-List'. 32 The Academy of Ancient Music Company Limited by Guarantee Notes to the Fin&nclal StAtementS Year ended 31 August 2024 25. Analysls oft. net assets between fuDds Umrstricted Funds Restricted Total Funds Funds 2024 Fixed Asset Investments Current assets Creditors less than l year 651.933 500.273 (36.176) 651,933 768,159 (36,176) lJ83,916 ?67.R86 Net assets .116,030 267.886 Unrestricted Restricted Tolal Funds Funds 2023 Fixed A58et Invcbtmcnls Curreni assets CreditoiE le55 thall l year 477,736 414.411 {111 199) 779.948 477.736 515.868 (112,199) 881,40S 101,457 Iyet asB¥t 101,457 26. Anaiysls of ehAnges In net debt At 31 Aug 2024 At I Scp 2023 Cash flows Cash al bank and in hand 287.095 ?31.731 518,826 27. Related partle5 Donution¥ received without conditioiis trom reluted partiey, including TnislLes, in the ycar tothlled £94.476 (2023.. £38,295). There werc no othcr related pthy transaLtions. 33-