2025-08-31-accounts

Reglsl¢rnd number: 04109942 Charfty numbèr: 1085485 THE ACADEMY OF ANCIENT MUSIC (Company Llmlted by Guarant￿> TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

THE ACADEMY OF ANCIENT MUSIC (Company Umited by Guarantee) CONTENTS Page Refer•nc• and Admlnlstrntive Delalh of th• Charfty. h Trustses and Ad¥ls•rs Trustses, Report 3-13 Indèpond•nt Audltorn. R•port on tho Flnanclal S¢Jt•m•nts 14-18 Stal•m•nt of Fln•nclal Actlvllles 19 Balanc• Sh••t 20 8tat•m•nt of Cash Flow• 21 Not￿ to lh• Flnanclal Statwmnts 22-42

THE ACADEMY OF ANCENT MUSIC (Company Umlted by Guarnntee) REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE CHARITY, trs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 TTu8t••s Joseph Adams (1) Elise Badoy (2, 3, 4") Jane Ba￿er CBE (1.. 21 Paul B8um8nn CBE LVO, Chatr (4) Jonalhan Eley11, 2") DarW Fielding Malcolm Gammie CBE KC {3) Pauline Gin8stié13')- appolnted 1 Soptembw 2025 Huw Humphreys- appoinlgd 1 January 2025 Catherine O'Nelll (1) Graham Nlcholson- reslgned 31 De(xmb8r 2024 1- Audit & Rlsk Commlttee 2= Nominations Committe8 3 = Development Board 4 - Inv881menl Commltteé ' Indlcates Chalr of commltte8 C¢Mnyny r•glgt•r•d numb•r 04109942 Charfty r•glst•r•d nUM￿r 1085485 R•glst•r•d offlc• Chery Trees Centre St M8tthev/s Street Cambridge C812LT Company S•cr•tary John Mcmunn Chlof Ex•cutlv• Jthn Mcmunn Honorary Prgsldent ChristQFthr Purvb C8E Mu8lc Olrector Laurence Cummlngs OBE Founder Chrlstothr Hogwood CBE Ind•p•nd•nt Audltorn Streets Audil LLP Chartered Accounlants StatutoryAuditor 3 we1lbr￿k CcAHt Girton Cambridge CB3 ONA Bank•rs U0￿1$ Bank P 3 Sidney Street Cambridge CB2 3HQ Pag8 1

THE ACADEMY OF ANCIENT MUSIC (Company UM1t￿ by G￿r￿n￿￿) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountants Lakln Rose Umited Chartered Accountsnts Cambridge House Camb(Ko Business P8rk Girton Cambridge CB3 OQH Poge 2

ThE ACADEMY OF ANCIENT MUSIC (Company Limitgd by Guarnnteo) TRUSTEES. REPORT FOR ThE YEAR ENDED 31 AUGUST 2025 Th& Trustees present their Annu81 Reixmt tog8ther wlth the Audlted Flnandal Statements of the charity for th8 year 1 September 2024 to 31 August 2025. The Annual Report sefves the purposes of both a Twstees, Report and 8 Olrectors, Report urKler coMp￿Y law. The Trustees confimi that the Annual Report and Flnancl81 Stsloments of the charitable company compty with the current st8tuW requlrements. the requlrements of the charrtable companls governing document and the provisicffls of the Stalement of Recommended Practice (SORP) oppwcable to tharilies preparing thwr accounts in acc£Jrdanc Ihe Flnancial Reportlng Slandard pplicable in the UK 8nd Republic of Ireland IFRS1021 (effective 1 January 20191. Slnca th8 chadty qU81ffi8s as small under sec￿Tr 382 of the Cornpani88 Act 2006. th8 Strabjic Report requtred of medium and large companles under the Companks ALt 20C6 IStratsglG Raport and Diroctors, Report) Rog[￿ati￿3 2013 has bewb omitted. Obl•ctlvM and A¢tlvltk• a. Vl•lon & MIMlon, Charlty ObJ•ctlvM and Publlc B•nefit Statoment Vl•lon The Academy of Andent Music asplre8 to bè at the forefront of thg global hl5torka1￿lrrfo￿8d perfomance IHIP) movement. r8cogn18ad unfver8dly tor lh8 quauty of our pwfomiances and the Impact of our scholar8hlp and educauonal work. Mlulan The Academy of Andeirt MU￿¢ e￿$ts to delght and insplre 8udiences the thDTkl over wlth hlst0rfcall￿1nforMed performances of baroque and classkal music of the h￿hoSt quality. W6 b8litve thet great ¥rt Is for everyone, regardl8S8 of background or me8ns. 8nd V+ are CfAnmthd to $haAng I￿r work a8 widely aB posslble through IIv8 p8rfoman¢e, rewrdings and dlgilol media. Und¢rpinnlng Ihls ml88ion are threo corn bdigts: Mu¥iG has a unique ability to unlte people through shared experlence and common purw88. We believg that our commilmenl to audl8n¢xs 8xtend8 trwnd the corKert hall, ar￿ we endeavour to create a sense of communrty around our work through extrarfnuslcal enrithment and engagement, all deltvered to the same hlgh stsndard as our [￿0Mlancts. We believe In th8 Inh8r8nt valug of hlstorlca1l￿lnlorm8d performance, not becau88 It 18 'authentic' or 'correct', but because of Its power lo move aUdIen￿ with perfom78nces of stdklng ￿tality and immediacy. We value cmjr p0S￿On as 8 leader Sn the fiekl and are committed to furtherfng the HIP mov&rnenl throuGh scholarship. disGovery. education and training, safeguarding the future of our art for gen8rations to come. We aCkrKA￿e￿ge the need to 8d(Iress hlsknrfc81 Ir￿VItreS In the arts and are commrtted to refiecting the diverse communities in whlch we wjrk, Ix)th on-5tsge arKI in our audiences. We wtll rxjnlinue to strive to make our work as aecesslble and as FxBsible whlle not obandoning our befief in Iho Umel8ss relevance of repertrrfre. Charlty Oblectlves In setting ofyectives and planning for 8Ctiwties, the Twstees have gfven due conshyerauon to general guidan publL%hed by the Chaty Commisslon relating to put￿lC benefiL induding th8 guidance 'PutrJlc benefit.. running a charty {PB2)'. Page 3

THE ACADEMY OF ANCIENT MUSIC (Company Umlted by Guarant••) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Objectlves and ACtfvttl￿ Icontlnu•d) The oblectives of the ¢haTity are to advance the aducation of the publ￿ In the art of baroque and classlcal muslc nd the allied arts. There have been no changes to the chantys oblectlves slnc8 the last annual rewrt. Publlc Bn￿lt Slal•m•nt The Trustees regularty remew the thaiitys actlvlbes to ensu￿ Ihe highest benefit to the publlc. The Trustees ¢onfimi that they have considered the Charity Commlssth's general guidance on public benefft in setting the charitvs aims arKI obl6¢t￿o$ 8nd In plannlng parilcular acdvitS8S. The charlty exl8ts to ¢nrlch peopia'8 lives with histiYicaly4nformgd baroque and Gla6$l¢al mu$lt performed and recorded to the hlghe$t stsndard, ar￿ by nurturlng ￿ng audbences, grllsts and a$pl￿n9 manag6r8. The ofcheslra's management Is tssk8d ¥￿th ensuring the charitys aGtivities aro ac¢a86lbla to am m8mb8rs of the publlc. Examples of steps taken to onsur8 broad pubuc acc888ilxtity indude: Encouraglng attendance at c￿ncert Perf￿￿anCeS by 8chocA chlklren, students and young pgople through discounted tld(ets; Freety acce881ble vkleo content (vla th¢ A4M and el8ev#kn onllnel; Regular broadcasts of concerts ￿ natiLThl radlo $tsth)ns both kn ihe UK and abroad, maklryj muslc dety acc88slble through r8(iio and onlne.. Free prfrconcert tsk6 vknith are cpon to alt Free concert programme8, availaw [￿lIne. Djntalnlng detslled notes on Ihe muslc b8lng perforned and short blographle8 of the prfndp81 performers: Ma8tercla8se8, orvj orchestral workshops music 8tudents and A4M prole88lonals play SId￿b￿SIde. Achlevem•nt• and P•rfomianc• Yoar In R•vl•w The 24125 season consolldatsd the successes of AAM'S 50th onnlvers8ry in 23f24, with vibrant perfom8nces In London, C8mbrtdge and further afield: significant new recordlngs with the Americ8n countertenor R8ndall Scotting arKI Mm's Leader Bolan respectiv, and Ihe launth of the AAM 'A-Llst', the orthestra's new eatalogue of hI￿￿qual￿ music videos. The orchestra performed 33 concerts 12024: 33) 8cross the UK and intemath)nally. reaching an estimated in- perSC￿ audience 0123,50012024.. 22,0001. thjr regular owmoted seas(m at the 88rbican Cenlre (London} and West Road cOr￿rt Hall (Cambridge) was bued, Transfonnation. and featured programmes exploring music's transformativ& powers in repertoire ranging frcKn lh& familiar to the unknovm. The series began in Octo￿r with sold-OLrt perfofmances of Charpentierf5 AGféon and Rameau's Pygmalion in double-bill at West Road Concert Hall, Cambridge and Milton Cour( London. Writing in the Cambridge IndependenL John Gilroy descrtbed the orchestra as being 'in a class of its own. and the sequence of dance meosures Il was able to perform ... a gift lo the ensemble to exhibit . . just how outstanding it can be.. Bachtrack remarked of the London P8rfomiance.' The AAM were their ever-atxompllshed selves, savouring the dan￿ numbers. metrically alert in the repeated notes of th8 tssl seCt￿)n of the Pygmalim overture. Laurence Cummings directed from the harpsich¢yd Lwjal unobtrusive manner and skdl., Tha saason (>)ntinued in West Road and m￿tOn Court Page 4

THE ACADEMY OF ANCIENT MUSIC (Company Umited by Guarant••) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Achlevements and P•rforniance (contlnued) In November Vlenngsg Virtuosty, a survey of SyTnphonies by Mozar( Haydn and their lesser-known conlemporarfes Vanhal and Dlttersdorf. The programme ￿1Ved effusive praise from Ivan Hewett who remarked in The T818gr8plr. 'Yhe pa$t is never dead. It's not even pasL' Great perfonnan¢es of ¢las$i¢al music show the truth of Faulknerfs li￿ every bme, but it's &speu8k¥ true of performances from the Academy of Ancient MUSK. Its mlsslon is to delve into long4osl music. and. by ￿stOri￿g its original ttjlours and playing sWes, the ensemble makes it seem as rf iv$ being bom right ncrw. before 0￿,3 very ears., In February. Bojan Cicic directed an inlrigulng evening of 18th century English music. including wort(s by Ame, Gemlniani, Mudge, Linley and Boyce. His performance of the Linley v￿lIn Concerto in F major was particulady nol8WOrthy, promptSng one audience member to remath in their feedback: 'AIthough I have head recordinos of Thomas Lin￿1$ music this was the first Ilme I had heard hi5 violln rAJncerto INe- vthal a treat!, In March. AAM'S prinGipal clarinot. Kalh8rine SpenGor, performed Mozart's Clarinet Concerto in A major on a sP￿1011Y commissioned basset Qlarinet in a programm8 highlighting the life end work of the Braalian C>)fflF￿r José Mauricto Nunes Garcia. Nunes Garda r088 from poverty lo become one of the most Importsnt musical ￿NceS of the Portugugse empire. Desplte thls. his music is largely unknown today outside of Brazd, and AAM'S programme was one of only a handful of perfomances of hls works to date In the UK. Flnaly. In May A4M dosed the 'small hall, portIC￿ of the 24125 own- promolad season with a newty ¢ommissloned wcJuction frryn BIU Barclay and COr￿￿rt Theatre Works Ltd around JS Bach's The Art of Fugue. Four aCt￿S presented a series of eschalologlcal vignettes skelchlng Bach's fe and proposing way8 of Ihlnklng about the meanlng of hls famou$ land famousty mysterlousl flnal work. The productlon dlvlded oplnlon. Ivan Hewett of The Talegraph pralsed the 'homespun qualltl of th8 productlon's final Sequence and ils ability to '[remlndl us that music doesnl have to be lofty and abstract to glve us a foretaste of heaven., Andrew Benson-wilson of Eaty Music Revlews thought otherwise.. 'JS Bach's Art of Fugu8 Is one of the greatest monuments of Western musbc. You mess wilh r( at your peril., But while opinion In the hall may have been dlvlded, the box office resuli was not. JS Ba¢h's The Art of Fugue sok4 out in C8mbrfdge and London. bookendlng the W&st Roadlmilton Court 8erig9 Y4ilh 8cJ out P￿duCtiOns- an un8quivoc41 re8uIt, both for Bach and MM. AAM'B 88rbic8n H811 $grie8 twn in Dec8mbgr V•ith 8nothw 801&0th p8rfomian(, Ihts lime of H8n(181'8 gr8at seasonal oratorio, Messiah. B8chtr8ck dti￿bed thè porformance as 'majestic', ￿lIe Planet Hugill praised 'a Satisfying, yel thought-provoking. MeSS￿h, one wbich seemed to havo a distinct sense of message and was worrled nelther about showlng off nor dolng th8 uncmventional.. Our perfornanee of JS Bach's Sl John Passlon on Good Frlday at the Barbican was similarly wel￿rew¥ed. Selling out the Hall once more end eliciting a fwe-star revigw In The Arts Desk. 'Cummings and the AAM have this work in their muslc81 DNA. so the threat of 8 blunting famllarity must lurk every time. woukj never suspect th8L' excitement, dismay, dread, horror and precarious consolotron raced through their a¢counL aways onthryed in choral work of quicksifver agility and gllnting preclsion., The own-promoted season over81 closed a rlvelllig perforniance of Beethov8n'8 Symphony No.5 in June. Whlle the pr￿ect dldn't sell wt.11 was our best resuli for simNar repertolre In the Hall In recent memory, playlng lo a 77% capauty crowd. The performance - whlch also featured the first performance In m¢x1orn limes of a bal￿t by Marfa Theres¢a Ah￿fekIl and Ha￿n.$ Trumpel Concerto AAM pdncSpal trumpet. David Blackadder, in the sdo role- wa5 filmed ts eventual rele￿e online and a$ part of the AAM 'A- Llst, initiative Isee below). Despite being heavity tr8iled In the press, wth a feature in BBC Music Magain& ('Should period orchestras play Beethoven?'18nd a spot on BBC Radio 3,5 In Tune, there was only one rewew of the performance itself. Andrew 8enson-WiL8on of Earfy IAusic Rewews noted that 'one of the magical aspects of Beethoven's 5th is Its frequent, and often mysleflous, translLion81 passages, the most FKomlnent belng the Ilnk between the third and fourth movements. These require excelent wrtrol by a conductor, something LaurenGe Cummings certainty achieved in his 8ssured reading of the work., All in au, the perfom7ance was a fittingly transformational close to the swon, wth one audience memb8r dubbing it Ihe hiost exciiing p8rfomiance of a well-known symphony I've heard for a long tim8.. Audiences received the 24125 oWnY￿0t￿j series wamify. rating their overdll experience of events 4.515 and judging the qualty of performances 4.715. 93Yo of attendees reported h8ving enjoyed 'all' or 'most' of the Works perfom)ed. Perhaps unsurprislngly, audlence lev fell slighty from the previous (Solh anniversary) ye8r. We achieved 82% capacity across aH tAwromoted cijncerts12024: 84% caPa￿ty) Lxmnprising a fall in small h?N Page 5

THE ACADEMY OF ANCIENT MUSIC (Company Llmlted by Guarnntoe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Aehl•v•m•nts and P•rfornianu l¢ontlnu•dl attendance of 100A {2024'. 39% Increase) offset by an Increase In Barblcan Hall attendance of 13% 12024.. 38% Increase). We completely sold cwt four of thirteen performances overall arKI had partlcular drfficulty me8Ung demand for 'seasonal' promoiions in the Bartycan Hall. Criliral receplion continu8d to be po$ilN8, and we benefitted from sustained coverage in broadsheets. tai4olds and orillne, with ratings of overwhelmingly ftMJr- and five-starn. Prin￿paI player attendan￿ was 75% in aggregate across Ihe season. up from 23124167%) and ahead of target {70%), and Laurence CummlThJs dwerled 85% of 0¥4n-promoted perfomianrKs (target 85%). A4M's domestic t(yJring included retum8 lo Westminsler Abbey (Lornlonl, the Sheldonian The8tre {Oxfordl, Malvem Theatres (Great Mafveml. London Handd Festsval, St George's (8ristoll, Cadogan Hall (London), King's College IC8mtsidgel. Chipping Campden Music Festival and the York Early Music Festival as well as thg orthestra's debut at Saffron Hall (Saffron Waklenl. International perfoTmances induded app8arancos al the Kolner Phllharrnon￿ ICologn81. Kuthaus (Witssbaden). D8 Oostarpoort (Gronlngenl, H81 Concertgebouw IAmsterd8ml, Auditorio Alfredo Krous (Las Palma$) arKI Herrenhausen IHannov8rl. Increasing the numb6r of Intemallon81 engagements contlnues to be a kay slral8glc objective of the orchaslra going foThvard. Followsng the adoptlon of a new strategy for AAMpI￿. the orchestra's innovative ￿ucatIoN Initlgtlve. and tho appolnlm8nt of Leo Duarte as AAMplSfy Ci>ordlnator In 21122, the orchestra has been d8lN8ring educallonal work In conjunctlon wllh 1nsJtutl￿aI partners slnce 22123. In 24125. thls Included projects delivered wrth th8 Royal Academy of MusSc, Royal College of Mus4c and the Guiklh8¥ Sthool of Muslc & Drama. Notable amongst these 8diMtles were two prolects offering students the opportunlty to explore tsvo works of the core rep8rtolr8 - Handel's Messloh and JS Bach's St John P•sskJn - in a level of detsil seldom posslble In the profes$lon. Followng fulkday'deep dlves. into the works them88lves. ￿Ung pla￿r$ were invited lo play sidey-side with our 8¢claimgd principals as we rehearsed the Drks ahead of our own funy professional perfomiances as p8rt of our 24125 series In the Barblcan Hall. We ￿le also delighted to lake part in the GSMD'S summer opera ￿1￿ctiOn, Purcell's OAdo & Aenea8. AAM Leg¢Jer 8ojan Cicic 18d 8ll orchestra comprising students and professlonals in run of four fulty staggd perfonnances of thg fAJmposols ￿knVed work at Mllton Court Theatre. In a four-star revlew In Opera Now, Robert Thickn888e commented.. The band was on fire. a b8auUfully grungy but musically Oxgd performanG8. ￿￿th Bolan Cldc'8 educated alehouse vlolln tsylrllng away... A hell of a show.. Tho orchestra Continued to Inve6t In rectydings and digltal contsnt in 24125. On 7 March 2025, wo r8lea88d Weldon's Tho Judgment of Paris on A4M Records to great cribeal aeclaim. The recording, a second collabor8tlon wlth Cambrfdge Handel Opera and dlrector Julian Perkins after 2021's Gramophon￿nOrnlnated Ecdes, Sem818. was a world premiere, remarkabty so glven the vth's popularlty at its first perfomiance In 1701 and rts modem rediscovery for the BBC Proms in 1989. In ts re￿eW of the recording. 88C Music Magazin8 remarked.. 'Perkins gets enomioug buy4n from hls band, made up of top Eaty Music instrumentalists. The drarna of thèlr drunken slides. caressing soft Ines and rdtscklng ccnpound rh￿hrns al ￿rneS wlthly exceeds that of vocal parts. The w)wer and precision of the thorus conveys the shock of Weldon's textural contrasts. But the palm must go to Perkins himsell, whose conducling Ixiros out the finest detsils of Weldon's beauliftjl, tongufrin- cheek and previously unrecorded score., Meanvthile. Gr8mophone praised the 'sparkling playng from the Academy of Ancient Music under Perkins.. The release was celebrated by a fealur6 spot on the GramoplKJno podcast and a fulmength feature Interview wilh Jullan Perkkns in the Cambrklge IndependenL AAM rewrded two new discs in 24125 for reknse in 25126.. Imwesaiio." wrtUOSO 8rias for the castrato Nicohni the American countertenor Randan Scotling for SMJnum. and JS Bach's w￿lin Concertos with Molinist 8ojan Clctc for Delphian. Our previously INe-slre8med performances of Handel's Messiah and Vivaldi's The Fiwr Seasons (filmed as part of the L￿e from the Barbican series in 2020 and 2021, respectivetyl continued to be available on- demand intemationally across Sky Arts platrorms. In 24125. the orchestra atso began work to deliver its new digital content initiative, lh8 AAM 'A-List'. A central strand of the 50th anniversary campaign, the NAMbition Fund, the 'A-List' new eatah)gue of IM"gh-quaNty music vKleos of welkknown ths by Bach, H8ndel, Mozart and Beethoven, alongside music by less0r-k￿wn comrA)5ers - will be made avaikible for free online via YouTube and other ￿deL￿driven platf(ms and seeks to ensure AAM'S continues lo be a¢￿sIble to all regardless of geogratthy. background or a5 rnuS￿ consurnptiL￿ rrK)ve5 irtreasingly online. In March 2025, we fdmed Page 6

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarwteel TRUSTEES. REPORT {coirriNUED} FOR THE YEAR ENDED 31 AUGUST 2025 A¢hlevements gnd Performance (contlnued) the flrst music video In the Series - JS Bach's Srnndenburg Concerto No.3, Allegro - to audlo captured Ilve Sn 23124, and we recorded audlo for fLbrlher fllms including Handel's W81er Muslc, Alla Homplpe, Pachelbel's Canon In D major, JS Bach's Double Violln Concerto in D nvrw and C￿￿11,9 ConGerto Grosso Op.6 No.8 Chrfstm8s Conc6rto'. In June 2025. we fllmed our se8son4k>sing perf0m￿nCe of Beethoven's Symphony No.5 and H8ydn's Twmpgt Conc8rt0 In E418t maN for inclusion in Ihe 'AilsV as well. Films are due to be releasèd on quarterty basis from autumn 2025. AAM cont5nued lo foster a livety dlgltsl communlty a￿￿nd its 8rthttl8s durfrvJ the perfc•J. and Its reach both online and on 50&81 medl? grew modeslty awss tho wsm. On 31 Aug 2025. AAM had more than 63k 8ub8criber8 on YouTube12024.' 56k).' 54k followers on Facebcok {2024.' 50k)'. 7k followers on In5tagram (2024.. Skl,. and 8k followers on Twitter￿[2024'. 8k). On streamirvj seNces, our (knnnols toasted 932k Il¥tenars and 5.5M slrgam$ on Arnazon Muslc: 10.8k averag6 dalty listenars and 10M totsl streams on ￿1@ Muslc,. and 7.9M Ilsteners and 39.3M streams on Spoufy. We 8njoyed more than 1M monthly lislenern i)n SP￿ con818kntly ac¥o88 the pariod, making u8 the most li8t8n8d40 en88mbl& of tyjr ￿nd on the (Aatt￿n. The orchestra contlnuod to feature widely on radk). both In the UK 8nd internauonally, a¢ros$ thè pèrlod as well. Notabl6 broadc88ts Induded two appearances on BBC Radio 3's 'ln Tune., In support ol Itallan Leg8¢185 In January 2025 8￿ our p8rfornance of Beethoven's s￿lphOnY No.5 In June 2025. reSpeCt￿ely,. And 8 'Record of the Week. feature for Wehjon's Th6 Judgment of Parts on 'Record In March 2025. We e5￿M￿le r8dlo broadcasts in 24125 to have reached a gh)bal audlerth of at least 16.2M12024: 15MI. Flnalty, 24125 saw th8 ￿￿InatIon of a muNI-swr ret)randlng exerclse, the Ilrst In the oryanl8atlon'3 morg than 50-ye8r history. Following detailed custryner rese8rth, dèlivered through in4Jèpth inte￿￿8w$ with classlcal music audiences In London and Cambridge {AAM attenders and noTrattender81, and anatysi$ of AAM'S key competitlys gnd cwr positlon in the market ralalivo to them. a new brand manlfeslo wa8 artlculaled, encouraglng audiences to 'crealg your bon(J with the exlraordinarl. A wsual desNJner was brfef8d to update AAM'S logo and m8rk8ting collatsral more generally in line with this 8hlft in emphasis, and 8 copy vmter was 8ngag8d to adlust tone of voice f¢y our standard corporate comrnunications. AAM'S 'naw look, was 80ft launched in 8prfng 2025 when we announced ￿an8 for thè 25126 8e880n and il cominue to be c4)n801Klated in coming years. Flnancl•l Pollcy and P•rforman a. Introductlon AAM rocalvas no regular public fundlng and Is entirdy relvant ￿ generdted income and voluntary giving. We ar8 fortunate lo have the benefit of a 8ubstsnlial bequest trom our founder, the late Christopher Hogwood, wlthoLrt which our posillon woukl ￿ rather more thallenglng. The finanaal fiexlblllty provlded by thls bequest enables us to maintaln our level of artlstic amlyyon and our wmmitment to exception?1 artistic quality. In line ￿th expectAtion. followsng the su¢ce5s of our 50th anniversary year. totsl Ince￿8 In the pertod decreased lo £1,151k (2024: £1,675kl, with 8xpenditure also faI￿n9 to £1.19Th12024: £1.218kl. Net galn5 on Investrnent5 totalled £35k (2024: £45k) Tneaning the charfty ended thg ￿ar to 31 August 2025 a modest shcrfall of £12k. broadly in line with the approved budget for the year. b. Going Concem After making appropriate enquiries. the Tfustees have a reasonable expectatlon that the charfty has adequate resources lo continue in operational existen￿ I(￿ the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Financlal Statements. Furlher detslls ragardlng tho adoption of the going Goncem basis can be f(MJnd in the a￿Unt￿￿ policies. Page 7

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarnnte•) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR E14DED 31 ALIGUST 2025 RoioNo8 and Inv•stment Pollcy In ￿eW of IhJLtuation¥ in concert income from ypar to yew. exacerbated by ￿ increased financial risks created by th8 uncertointi8s of the current geowlrticel mcffienL th8 Truslees consider it prudent to m8lntain general unrestrlcted reserves of at least six months, 5UPP)rt costs and thrée rnonths, expendlture on own-promotlon concerts. This equoles to at18ast £290k uJrrenty. Historically, the charity malntained its cash hokllngs at hbjh levots to allow it to respond to volatlllly in the sector. However, In 21122, £500K of the funds held as current asset investrnenls wer8 moved into longar-lerm Investments operallng under a stslct ethlc81 mandate. vAth thè aim of protècting capital lor long-temi use from Inflationary erosion. As atK)ve. these assets increased in value by £35k over the period {2024'. £45kl, meanlng th8t unrostricted resgryes on 31 August 2025 totsled £1,304k12024'. £1,116k). This Included general res8rvos of £458k and deslgnated re88rves of £846k Indudlng £594k rem8inlng from the ￿gacY descrlbed above. which the TnJstees have deslgnated a5 a speual fuTrJ to be used to support activities which would not othemlse be posslble. In addltlon, £68k In restrfcted funds were held for straleglc recordlng prclects, future Concerts and oduGallon81 work. d. Fundral8lng The charty undertakes fundral8lng Imm hJlNlrfJuaL%, tr￿ts￿oUndakn8 and statutory 8ourc6s, led by the Head of Development, Llz Brln8don Ito 20 February 2025) and Andrew Chamb8rlaln (from 1 Juty 20251. Over811, vI)￿ntary Income for Ihe Trar total8d £297k12024.' £881k). Fundra￿Ing In the Fwevknu8 ￿8r Indud8d generous support from our communty of donorn for the 50th annlversary campaign. th8 AAMblUon Fund. as well as inGome associated with the Midsummer Gala held In June 2024. Funds raised In 24125 more c￿$@1Y augn wllh historlc levels12023.' £315kl and are In Ilne *ith expectatknn8. Wo5 grg18ful to recelve several major grants 8LYOSS the perlod, notably from the Garfield W88ton Found8tlon, Mario Blomson Mem(Klal Fund, Contlnuo Foundation, Welnstock Fund, Polonsky Foundati(Jn. A80 Sirens, Consuelo and Anthony Brooke Charitable TWSL Thriplow Ch8rit8blo Trust, Thlstle Trust, Mary May Sheward Charitstde Trust and D'OOY Carta Charilabla Trust. The AJts & Humanities Research CouncTI served 88 Prindp81 Sponsc¥ of our 24125 ￿n-proMOted season and further supwted the cornmlsslon of a new basset larinet for our performances of Mozarfs Claiinet concerto in March 2025. We C￿tinued to benefit from the 8UPPOrt of our loyal famlly of Individual donors- ACad￿Y members, Associates and Friends- vtho make largely unrestricted gffts. without which we could not delwer our work. We received additional donations for our AAM 'A- List, initiatsve (S￿ 3bove) as part of The BVJ Gwe Christsnas Challe￿9 in December 2024 and w8 continued lo receiv8 g￿S as part of multi-year pledges lo our 50th anniversary campaign, the A4Mbltlon Fund. We would Ilke to thank everyone who has supported AAM with a grfi in the p85l ypar. No Ihlrd-party fundralsers were used to ralse fund8 during the ffflandal ￿r. Fundralslng w8$ undertakèn vla fac￿l￿faCe meetings, telephone. frmail, direct mail and events, in Ilne wlth the Code of Fundralslng Practice set by the Fundralslng Regulator, wlth whlch the tharlty Ls regSstered. We are commltted to ensuring that no one, and especialty no vulnerable persC￿. feds sutiect to unreasonable intrusion of privacy or persistent or undue pressure to dr￿al8. No complaints received atrf)ut fundraising durirwJ the financid year. Page 8

THE ACADEMY OF ANCIEKf MUSIC (Company Umlted by Guarantee TRUSTEES. REPORT (coiifiNUED} FOR THE YEAR ENDED 31 AUGUST 2025 e. Strategy and 8UsIn￿ Plan Followng a significant review of the charitys Operat￿S, th8 Trustees adopted a new trtjsiness pl8n in October 2021. This clarified the mission and wsion of the organlsatlon art￿lalad key Strategic objedves through the Soth annlversary season kn 23124. In October 2024, the ￿sinesS plan was revtewad, and new 0￿.eCtiveS were kIentl￿d for Ihe 24r25 and 25126 seasorn. Those ctycttves includo: Conlinulng lo increase eamed Incom8 {Icket sales) and Income a8scthted èxtamal engagemènts., Contlnulng to delNer a breakeven yaar4nd poslllon beth oxtraordlnary prc4ects', Conllnu5ng lo incr8a88 the proporkn of fundr818ed In¢tyne the ¢harty re¢elve6 from lThJlvhlual glvlng.. DeveloFdng an Investrnont Strategyto pro￿(* and profib? In North Amerfcè., Develo￿ng a re￿￿atiOn for yratlc colaboraUon vAth Musk Director L8urnnc6 CummlngB; Refreshlng the orchestra'g vlsu81 and brand Idenuty botter to alw vAth our art18ti¢ rewrtatlon; Dellvgring key recording and d￿￿tal proJects InttlatlveB Indudlng tho Ha￿n Symphony Cyel8 and the AAM 'A￿ls1,. As reflected in the third core belief of A4M's mls8ion statement labov8). we place partlcular èmpha$18 on dlversrty, equlty and Inchjsion, and this 1$ refflected in the DEI poticy adoptod by the Tru5t888 in April 2022 Se￿ng out our ambition for represenlalion across the comw)sers we Fwform, the artists whom w8 work, and the staff and Trustees who manage our oper8tkx)s. Desplte thè Ob￿$jUS and real constraints on AAM'B abillty lo ffect Smm8di8te and lasting change in thls area. ￿ aro nevertheless commrt¢ed to maklng hlstorlcal perfom7ance as acc88slbk and Induw 0$ rthslblo. 8tructurn, Gov•rn4n¢e •nd Manag•m•nl a. Statu• and Gov•rnlng IMtrum•nt The Academy of AncAenl Musi¢ (AAMI a charitst18 Company Llmliad by Guarontee, Incorporated cffl 17 November 2000 and governed by a Memorandum and Articl&s ofA880ciation. b. Methods of Appolnlment or Electlon of Trnstws The management of the charity Is the responsibility of the Tnjstees vAK> are e￿cted and Covopied under the terms of the Trust deed. c. Oryanl•atlonal Structure and Dechlon4laking Policle8 Board of Trustsos The aclrvities of the A4M are ulbmately contrdled by the Board of Tnjstees. whith meets at regular intervals to provide strategic dwecbon and to monitor the work of exeoJtiv6 and the C￿eStIg. During the year there were f￿r Board meelings. The orthestra's Chief Executive. MUS￿ Director and F4ayer rewesentatlves regulady attend Board meetings. Other staff memb8TS attand me8ty.ngs as apw(4yiate. Pag8 9

THE ACADEAIY OF AMCIENT PAUSIC (COm￿nY Limit￿ by Guarants•) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2025 Struclur•, Govemance and Management (¢ontlnu•d) New TTUSteos are appthed by the Board thè rec£thmendatk)n of the Nomlnatlorts Commntee. Trust88s ar8 nomially expected to serve for a maximum of nine years. and th￿r Continued mernbershlp of the Board Is reviewed every three years from the date of apwyntmenl. Prior to icmning the Boar(I, new Trustees have mealings with the Chair of the Board. the Chair and members of the Nomlnations Commlttèe, and the Chief ExeDJlfv8. Nomlnatlon8 Commltt•e T17e Nomlnations Committee is a ccwnmlttee of tha Board of TNste89 whos¢ rolo 18 to ensur¢ that procedures are In place for the nomlnalion and selection of members of the Board of Trustsgs and Davolopmanl B(th,' 11 has regard for the 5128. compwtlon. diversty and Succession needs of both B08rds. tsking Into account thelr required balance of swlls, knowledg8 and experience. Audlt and Rl•k Commltte• Tho Audlt and Rlsk CommStt88 Is a c4)mmhlea of the 808rd of Trusto88. It provld68 OVeTslght of th• 8¢COUntlng systems, accounung Follcies, financial rerthng and Intemal ¢￿trOl$ of the organlsatlon and It m8kes recommènd8tlon5 to the Board on any changes that are requlrg(l. W¢yklng wllh tho 8xecutive. 51 ra￿eWS thg budgets, forecasts. management accounts and the amual accounts 8nd recommends them to th8 Board for approval. The Committee 81so has resp￿sIbl￿ty for overslght of risk managemenl wilhln the organSsallon. Worklng wSth the axeculfve 11 rewews significant risks. assesses their Impact Iwcl)ability and magnltudel. and makos recomrnendallons to the 8oard on thè best wa￿ of managing and miU9a￿ng rfsk. It revlews the work of the audltor8 or independent examin8r and. rf nec888wy, reC￿MendS th8n98S to the Board for subsaqu8nt approval. The m08t 81gnlllcant rf8k to charfty 8U088 w06 hkntifiad as rèl8ttn9 to finandal vuknarablNty r88ulllng from dgcllning income {Ma ticket sales, voluntary glving and kyivate fundlng tK)dlesl, high fixed 008ls and wider economic pressures. The Committee judged MItigat￿S in p18ce to be sufficient to m8nagg the ￿rr￿ftt situation and wll continue to monitor the charity5 POSFthJn regard to these and other risks going foTrvard. Inve¥lment Commltt•e The Inveslm8nt Commlttee Is a committee of the 80grd cl Trustee5. ft advises the Board M the level of AAM. resource5 Ithleh shoull be commltted to long-terni Investment and the strategy for Investmenl of those resour￿5. It recommends to the Board Investrnenl advisers for appointment, includlng their temis of appolntrmenl, and monitor5 their porfom)artce. rep￿9 to the Board at each meellng as to the performance of AAM'S investrnents. The Chair and members of the Investment Commiltee are appointed by the Board for thre year tsmis of office. Members of the Commiltee may be revapwinted for additional lemis. Meetings of the Investrnent Committee are n¢)mialy held four times a yE8r Pri￿ to sChe(lU￿ meotings of the Board and shall be convened by the Chair of the Investment Commitle Devglopmont Board The Devek)pYnent Board has an ad￿90ry and 8UPPJrt functi￿ wi rglallon to fundraising and 1$ r￿￿ a commlttaè of the Board of Trustees. ft brings together AAM SUPF(rfteTS who are adivety engaged in introducing potential donors and raising funds for the orthestra. Members are appointed for three-year tem)s of office by the Development Board Chair. On 31 August 2025. Ihe Development Board comprised Marianne Aston, Elise Badoy, Hugh 8urkitt, IAalcokn Gammie, Paulne Ginestio (Chair), Agnets Lan￿ThJ and ETIC Ny6. Page 10

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 8truGture, Governance •nd Manag•in•nt {¢onllnu•dl The Development Board mel four Imes dudng the spaT. Develowerrt 8oard members gain an understanding of the orchestra's worklngs by attending rthearsals as as concerts and supwrter events., act as ambassadors and advocat8s for the ￿CheStra by Intriyjucing ￿)ten￿81 supporters to its work., serve on Working parties established by the Devebpment Board to on spethG fundraising projects as approprkite from ts'me to time; and support the vAeculive fundraising staff in their vth. AAM Coun¢ll The AAM Coundl brlng5 tcgether Indmduals InKJfved ¥￿th the AAM as ambassadors, adwser5 and malor onor8. The Councll meets annu81ty to receive an update on the AAM'S vth and future plans, and addftionally as requlred. ADpral8al of th• Board• and Commlttee• The Board revtew5 Its pWI￿anCe on a regl￿ basis. The Tru8tee8 ar￿ the Chlef Executlve a88888 how the Board fvndons and, vthere approtKlale, make canges. There Is a 8hnllaf revlew of tha Development Board and commltt88s. The respedve Chalrs r8vl¢w the perfoman¢X of each member of the B08rd and Development Board, a5sesslng Ihelr conlrfbutlon and the posslble ftjrther development of their skills. FollDwng dlscusslon$ with other 808rd rnombgrn, ts Chair ofthe Ncffilnalion8 C(xnrnitt8e thew8 thg Chalr of the Board. Ex•cutlv• Staff The Chlef Executiva is vested ¥￿th daY-l￿aY r8spon8iblltty for the runnlng of the orchestra. At the year-end he was 8uprpJrted by 6 members of staff, as as on ¢xl¢mo1 Ilnance team and a frselan¢e PR ￿n$Y￿ant. Pl•n• for Futur• P•rlods Artlsllc excellenca on thè concert platfcm. in dlgllal and recorded conten( and nurturfrva the audiences and artists of the future r￿afjn (ntral io the ckniitys vAYk In 25126. The 25126 ¥ea5on ¢n¢e •galn feature5 8 fvll progr8rnme of ow{w￿ted everrt8 al tho Barblcan Centre (London) end West Road Concert Hall (Camb￿e). There is no 8xpliclUy staled theme for the year. though the sedes. vari¢)us programmes an have at thr core the 'ancient yet fresh, idg8 which forms the heart of the organisation's new brand manifesto. In the Barbican Hall, highlights include Handol's Mesw8h ￿th soloists Nardus Wllllams, Reglnakl Mobley, Thomas Walker and Ash Rtches,. and Handel's Setse featurin9 an Inlemational cast led by acclaimed Irish mezzoThsoprano. PauLa Murrihy. in the epon￿ouS role. Remarkably, the performance wll bg the firsl-ever lo bo le(1 by Music Director Laur8nc& Cummings, d&8pile the work's kK)puladty and Cumming8' extens￿9 experience in the repert￿re. In West RC￿ and Mikon Court. W8 presènt Haydn in Pans, a musical snapshot of Paris in th@ 1780s featuring works by Hawjn, Mozart and Bologne. Songs of Love & War, 'great08t hit8, from Monteverdi's genre-defwng èKJhth book of madrigals: ￿gliSh Impresana. 8 programme of works written for arKI by Eli%abetta da Garnbarini.. The Cl￿￿ One. cantatas submitfrd in support of applKotions the role of Thomaskantor in 1723 by JS Bach, Telemann, Graupner and others: and Rhythm Acmss Tlme, an audaelous ￿llabOratIOn WFlh the acclaimed Wave Quartet featurfng musle by Bertali. Geminiani and Festa. Touring plans indude retums to Westminster Abbey (London), the Sheldonian Theatre Ioxfordl, University Church of St Mary the Virgin (Oxford), King's Col*e (Cambridge) and a collaborauon wth the BBC Singers to mark the end of Sofi Jeannin's tenure as th￿r Chief Conductor. The orchestra also retums lo th8 London Handel Festwal for their fulty stsged ￿luCtion of the c(ffiposerfs famerfano at Shoreditch Town Hall In March 2026. 8nd we make our debut at Longbortyjgh Festtval Opera in Handel's Orlando In June 2026 in production directed by Sinéad O'N￿11. Page 11

ThE ACADEPAY OF AMCIENT MUSIC (Company Umtted by Guarants81 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Plan• for Futurè Perl¢xlA {conllnu•d) The orchestra also continues to invest in recordings and dlgilal content creatlon In 25126. As above, we release Impresarlo.. virtUOSO 8rf8s for th8 C88tr8to Nlcolini and JS Bad)'s Vioun Concertos on Signum and Delphian Records, respective￿, and ￿ record a recital disc of arias and songs by Arthur sulliv￿ wlih tènor David Webb and conductor John Andrews for Resonus clas￿CS. A4M Records, w8 begin the compl8tion of our landmark project lo record all of Haydn's Symphonies on perlod instruments, an er￿eav01Jf begun in 1993 bul paused Indefinitely in 2￿0. Across the year. we capture Symphonles Nos. 7&81. the r￿t works from Haydn's Eslerh8Zy year8 for whlch he was granted pemiission lo puLlish. These wcrfks bMII compris8 Volume 11 of the planned 1 S volume cycle and be released from the 26127 season. We rekase the first AAM 'A-Llst' mu8ic ￿de0 - JS Bach's 8r8nd9nbu￿ Concerto No.3, Allegro - and film Pachelbel's Canon in D rna￿, Handel's Wat8r Music, Alla Hompipg. Cordll's Concerto Gmsso Op.6 No.8 Chrfstm88 Concerto, and Weslhoff s Imllazlon8 dell8 Campan8. Finally, while plans arg not yet Gwfimied due to artlst ava1lab1￿ty issu88. we remain committed lo r8cording the Second book of Dar¢o Castelb's Son8te concertale In sbl modomo former Muslc DlreGlor Rlchard Egarr lour recwdlng of the first book wa8 rele8s*J In 20161. In 25126 A4MplWy. our Inr#)v8tfve educatlm InlU8tlv8. contlnues to do1￿ sld&by•slde work wKh the Ro￿1 Academy of Mu%c. the Royal Cc41egè of Muslc 8nd the Guiklhall Schod of Muslc & Drama. W8 hope that further projects might be dellvered wlth our other e¥lstlng pather, the Royal Northern Comege ol Mu$l¢, 8$ well as wllh the Royal W¢lsh Collog¢ of Mu$l¢ & Drama. but no kn Flans ar8 uJrr8ntly In place. Stat•m•nt of Tru•tw•' RMpon•lbllltl•• The Trustees arts also the Directors of the ¢h8rity for the pury)oses of ￿)MpanY law) ar8 re8PDn8lfr￿e for preparfng the Tru8lees' Report and the Financial Stalements in Occ￿lenCe vAth ¥pplicablg law and United Kingdom A¢￿untIng StsrKlards (Untted Klngdcffi Generalty Accepted Accounttng Practlcel. Company law requlres the Trustees lo pwore Fln8ncl81 Ststements eath finandal ￿or. Und8r company law, thè Trusteès must not approve the Fln8ncaal Slalements ￿n￿S are satisfied that they give 8 true and fair view of the state of affairs of the charity and of its inc(Nning resourcgs and application of resources. induding Its Income and expenditure, for that perbod. In preparing these Finandal Statements, the Trustees are required Select suitable accounting policies and then apply them consistently, Observe the methods and principles of the chari￿$ SORP (FRS 1021: Make judgements and acrx)unllng 8Stlmates that are reasonatAe and pruden( S18te whether appllcable UK Accwnting Standards IFRS 102) hov8 bogn folkn￿Wd, subject to any material dèpartufès dlsdosed and explained in the Flnandal Statements; Prepare the Financlal Statements on the going concem unless il Is Inappn)prtale to pre8ume Ihat the chartty vlll continue in i￿Siness. The Trusl8es are r8sponsibk for keeFMng adequate accrMJnling record8 that are 8uffid8nt to show and explain the chariWs transacbons and disclose ¥￿th reasonatle accuracy at any time the financial position of the Gharity and onab18 them to ensure Ihat the Flnandal Statements comply vAth the CompanSes Act 20c￿. They are also rosponsible safeguarding the assots of the tharity and hence reasonable steps for th6 preven￿On ond detection of fraud and other iffeguL8rilies. Page 12

THE ACADEMY OF ANCIENT MUSIC (Company UM1t￿ by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Dlsclosurn of Inl¢*mation to Audilors Each of the persons 8re Trustees al the bme ￿then this Trustees, Report is approved ha8 c￿fiMi8d that.. So far 8S that Trustse Is 8WBre. there Ss no relevant audit Infcrfm8tion of vthlth th& cha￿l￿S audltors ar un8ware, 8nd That Tru8tee has taken al the steps that ￿ to have been taken 88 8 Trustee In order to be aware of any relevant aud￿ thfomathjn arKI to estabush ttrAt the audltor8 are aware of that Informath)n. Approved by order of Ihe members ol the Board of Trustees on behalf by. 20 April 2026 and signed on thelr mann CBE LVO Chalr Page13

THE ACADEMY OF ANCIENT MUSIC (Company Limlted by Guarantee) INDEPENDENT AUDrroR8' REPORT TO THE MEMBERS OF THE ACADEMY OF ANCIENT MUSIC Oplnlon We h8ve 8udited the Financial Ststements of The Academy of Anuenl Music (the 'charWI for the year ended 31 August 2025 whSch compdse the Statement of Flnancial Actmties, the Balance Sheet, the Statement of Cash Flows and the related noles, induding a wmmary of svJnthcant accounting policies. The financi81 reporting framework that has been applied in Iheir preparati￿ is applicaNe 18w and United Kingdom Accountsng Standards, I[￿UdIng Flnanclal RepL¥tlng Stsndard 102 Yh8 FinanGial R8pthng SI￿dard appllcable in the UK and Republic of Ireland, (Unitod Klngdryn G8noTaly Aw6d Actsjuntlng PrACt￿). In our OF4nlon the Finanual Stslements: Glve a truo and falr viaw of the 8tate of the charitable companrfs affalrn as al 31 August 2025 and of h8 incoming resources and applicatlon of resour¢¢$. Induding rts In¢cffie artd expendhure for the year then ended., Have been propety wepar&l h accord￿ vAth United lQngdom Generaly Accepted Accountlng Prodce: and Have been P￿per8d In 8¢oydan¢e the requlremarrt8 of th8 Companb88 Act 2006. B••l• for Oplnlon Wa conducted our 8udrt In accordance rfth Internatbonal St8ndord8 ￿ Auditlng {UKI IISAS {UKII and applicoble law. Our responslbililie$ under those standards are further described in the Auditor8. r8spon8ibilrties for Ihe 8udll of the Flnanclol Statements section of our r8wt. We are iThJep9ndanl of th6 tharitablo tsjmpany In a¢cordan¢6 ¥￿th the ethlcal ￿qUIreMentS that are relevant lo our audrt of lh8 Financi81 Stat8m8nts In the United Klngdom, Indudlng the Financial Reportin9 C¢)unc41's Elhi(xl Standard. 8nd w8 have fuifillad our other elhlcal responsibilithes In accordance the89 roqulrements. We be￿eve th8t the audit evidgn¢e wo hove obtained is $ufficlenl and 8pproprt8te to provlde a basls for our op1n1c￿. Conclu•lon8 R•l•tlng to Golng Concern In aud￿ng th8 Flnancial Ststements. we have concluded that the Tntstee8' Use of the odng concem bas18 of accounting in the preparation of the Financial Statements apprcyriate. Based on the work we have performed. ￿ have not hlenlified any material uncertalnlies re18tlng to events or conditions that, indivKlu81ty or cdlectivety. may cast significant doubt on the charitable companls ability to conllnue as a golng concem for a perf(Kl of at least twelve months from vthen the Fin8ncl81 Ststement5 are authorised for issue. Our responsibilities and the resFth8iLllliles of the Trustees respect lo going concem are de6crlbed in tha relevant se¢tiCff$8 of this r¢F￿rt. Page 14

THE ACADEMY OF ANCIENT MUSIC (Compony Lknlted by Guarantee) INDEPENDENT AuD￿oRs. REPORT TO THE MEMBERS OF THE ACADEMY OF ANCIENT MUSIC ICONTINUEDI Other Irrforniatlon The olher Infomiallon Comprises th8 lnforrnatb￿ included in the knnual Report othor than the FlTrancial Statements and OLr Audf(ors' Report thoreon. The TNstees are responsible for the other information ¢ontsined within the Annual Report. (Xsr oplnTon C￿ the Financial Statements does not cover Ihe other infomiation and, 6XC8Pt to the exlent otheThlse 8xplicity SLlled in cyjr r8porL we do not express 8ny fomi of a88uranc8 conclu81on thereon. Our ￿Sponsibl￿ty is to read the other inform8tion and, In doing so, ¢Xsn8lder ￿ether the other Information is mal8ri8lly Inconsistent wtlh the Finanual Statements or c4Jr know￿8 obtsined In the ctyJrs8 of the audit, or otherwse appears to be matsrialy misstsled. N we Idént￿ such matedal inconsistencies or apparent mat8ri81 mi8518lements, we are reqyirod to (J8termlne wbether this gives rise to a matèrfal misstatement In the Flnandal Ststemont8 th8msdvos. If. b05ed on the woth we have perfom6d, w¢ conclude that there is a mateTial misstatem8nl of thi8 other Snfomi8tion, we are requlrad to report that fad. We havo nothlng to report In regard. Oplnlon on Oth•r Matt•rn Pre•crfb•d by th• C¢)m￿nIel Acl 21J08 In ¢)ur opFnlon, based on the th urKlertaken h th8 cl tho audlt Tha Infomdon gfven In Trustse8' Rep)rt for thè flnarKAd ywr f¢y Vthlth the Flnondal Statements are prepared Is consistent with the Finandal Statements. The Tru8tee8' Repci ha8 beèn prepared in ac¢(Kdance wllh appllcabkl legal requlrements. Matt•rn on Whlch W• •w• R•qulred to R•port by Ex¢•ptlon In Ihts Ilght of our knovledge and urKlerstanding of the thayltable (xjmpany and rt8 an￿rOnment obtained In the course of the 8udll, we have Trjt klen16fied materlal mi881atements In the Trustees, ReporL We h8ve nothlng to rep(xt In r88P8Ct of the frAkMAng Matt￿ In relation to whth Comp8nie¥ Act 2006 requlre8 U8 to report to If. in our oplnlon.. Ad8qu8te 8ccoun￿n9 records have not bèan kOPL or returns ad￿Uate lor our audli have not bean rece￿ed from branches not vistied by us: or The Financial Statements are not in agreement with tha ac[￿u￿￿ng records and retums,. or Certain disdosures of Trustees. remvnerallon spec¢fied by18w are not made., or We have nol received all the infonn8tion and exptanations we require for our audtt,. or The Trustees were not entilled to prepare the Finanoal Slalemenls in accordonce the 8mall companles reglme and take advantage of the small companie8. eXamp￿on8 in preparlng the Trustees. Report and from Ihe requiremert to wep8re a Str8tegl¢ Rep¢ Page 15

THE ACADEMY OF ANCIENT MU81 (Company Umltod by Guarantsg) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE ACADEMY OF ANCENT MUSIC ICONTINUEDI R•sponslbilltles of Truxté•s As eX￿aIned more fvlly in the Trustees, Resp￿sI￿rIbeS Statement. the Trustèes I￿0 are also the directors of the Gharitsble ryjmpany for the purpK)s8s of company lawl are responsiblo the preparation of the Flnancl81 St8lemenls and for being Satisfied that they give a true and falr llew, and for such inlemal control as the Trustees detemilne Is necessary to enth the weparalion of Flnandaj Ststoments that are free from material misststement, lthethgr due to fraLrd or error. In prgparlng th6 Flnanclal Stat8m8nts, the Truste88 are resp￿￿blO for assesslng thè charltable compan1$ abillty to contlnue as a going concam. dlsdoskn9. as a￿l¢able, matters related to golng conc8m and u51ng the going conc8m basls of acc¢wnlirsg unless the Trustees eEther Intend to I¥]U￿at8 the tharitablg company or to ease operatlons. or have no realistic altem81ive but to do so. Audltor•' Re•pon•lbllltl•• lor th• Audlt of th• FlnanGlal Stat•m•nts Our objectives are to obtaln rnasonable assurance about %thether thg Finandal Slatsmènts as * tho18 are fr8e from materlal mlsstslement, wheth8r duè to fraud or error, and to Issue an AUd￿Or5, Report that Indudes our oplnlon. R¢asonable assufancè Is a hlgh level of assurance. bul 18 not a gUar￿tee thot an audlt ¢ondu¢ted In accordance ISAS (UK) wll alway3 dètect a m8terlal mlsstatement %then 11 exists. Mlsststements can arfse from fraud or error and are considwed matorlal If. IndNidualty or In thè 8ggregata, they could reasonably be expected to Influenc¢ the economlc dedsion8 of users taken the basb of thesg Flnanclal Stslaments. Irregularrtte8, Indudlng fraud, are hthces of vAth Im and regulallon8. W8 de81gn pr￿edure& In line with our rgsponsibililie¥. ¢￿Ined above, to detect material mi86181ements in respect of Irregularitle5, Including fr8ud. Th8 extenl to whith are capth of detectlng INag￿a￿les, including traud is delalled below. OLFf approach to Jentfy'rvJ and 8880S81ThJ tha r18ks of materfal m168tstsment In rospact of Irregularltles, Includlng traud 8nd non-¢¢￿pIIanC8 With laws and regulation8, Vds as folk)ws: The engagement paTlrw enBurtrJ that the engagement team collecllvety had the 8ppropdate comrAenGe, capab111ts8 and 8klU8 to Nlentify or TeccJnlse rKJnwcOm￿nc wllh applk£ble kws and regula￿On8' We identified the laws arKI regLdalion8 applcat48 to the charity through dlscussions with Trustees and other managemwrt, arKI Irom our commerd81 knowledge and experfe￿e of the ¢arity and sethr In whlGh it operates., Wo focused on specrflc and regulatlons which we considered may have a (Jirect material effect on th8 Financial Statements or the operati￿S of Ihe charity. induding the Companies Act 2006, Charities Act 2011. laxatic￿ leglslation. data protection. anlithibery. employmenL enwronmental 8nd he81th end s8fety legl8latlon' W8 assessed the extent of wnpliance ¥Ath tha law8 and regulations Klentified 8bov8 through maklng nquirles of mon8gemgnt and inst*cting legal O)ffeSrthder￿. and Identified lav4B and re9ulations wer& c#)mmunicated wthin the oudit twn rggulaty arKI thè team remalned alert to instsnce5 of nC￿￿COMpliance througPtht the audiL Page 16

THE ACADEMY OF ANCIENT MUSIC (Company Limitod by Guar4ntsel INDEPENDENT AUDITORS. REPORT TO ThE MEM8ERS OF ThE ACADEMY OF ANCIENT MUSIC (CONTINUED) We assesBed the 5U5ceptibilty of the charitls Financial Statements to material misstatem8nt. induding obtalning an underslanding of hcfyv fraud might owjr, ty. Maklng enqulrf6s of management a8 to wlwe they eonsldered there w88 8usceptst￿ity to fraud, thelr knowkdge of aGtual. SUSF¢Gted arKI alkg&J fraud: and Consideflng the Intemal Contr￿ In place to MI￿18 iisks of fraud and nonvcomplianrx with laws and regUla￿an$. To address tha rtsk offraud through fflanagement t488 and oveffhje trf ¢ontrol$. wo: Performed anatybcal PTocedur8S to klenufy ony unusual ￿ unoxpectad rekitlonshlps; Tested loumal enlrl8s to klènty unusual transactlcTh: As8888ed syhether luijgements and assumption8 rnade In detemilning the accoUn￿ng estlmate8 Were Indicative of potenti81 bias: and Investlgated the rationale behlnd slgniftcant or unu8ual tran8octi(m8. In r85pons8 to the r15k irf irrggulariti98 and non<￿pIl￿r￿? *rylh lav•B rggul8th)ng, w6 dgslgngd Pfocodur88 which included, bul V+we not limiled to: Agrè8lng Flnanclal Ststgm•nt dI8ch)¥U￿ to underlyng SUFpNUng dowm•ntstlon: Readlng the mlnutes of meetlngs of those charged vAth governar￿,. Enquiring of rnanagemont a5 to actual aThJ Fthtial Ilugalicfi aTrJ daims., and Re￿e%￿n9 correspondence wlth HMRC. relevant regulators arKI the ch8rtVs leg81 advlsors. There are inherent limitaltony in our audit procedures described above. The more removed that laws and regulations are from ffinancial transactions. the less likely it is that we WOU￿ become aware of non•compllance. Auditing stsndards also ￿￿11 the audit procedures required lo i¢Jentify nonpcompliance wth laws and regulations to enqulry of the Trustees and other management and the Inspection of regulalory and legal correspondence, if any. Matedal mlsstslements that arise due to fraud ￿ be hardtt to deteca than those that arise from error as they may Invofve deliberate conc88lment or colhjsion. A further description of our resrMJns1￿111leS for the audit of the Financial Statements is located on the Financial Reporting Council's website al.. www.frc. .uklauditorsros nsits'lities. This description forrns part of our Audltors, Repart. Page 17

THE ACADEMY OF ANCIENT MUSIC (Company Umlt•d by Guarant•g INDEPENDEKf AUDrroRS' REpoKf TO THE MEMBERS OF THE ACADEMY OF AJ4CIENT MUSIC (CONTINUED) Us• of Our R•port Thls repct is made solety to the charitable CoMpan￿S members. as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audil wofk has been undertaken so that we might state to the charitable companls members those matters V￿ are required to state to them in an Audrtors, Report and for r0 other purpose. To the fullest extent permitted by taw. we do not accept ￿ assume responsibility to anyone other than the ch8rilable comp8ny and its members, as a b(vJy, for our 8udf( V•rJrk, for this report, or for the opinions we have lormed. Shan• Tharby (Senlor Statutory Audltor) for 8nd on b8half of Str••t• Audlt LLP Chartered Accountsnts Sl8lulory Auditor 3 Wellbrook C¢xsrt Glrton Cambridge CB3 ONA Dattr.. 21 April 2026 Page 18

THE ACADEMY OF ANCIENT MUSIC (Company LIMIt￿ by Guaranto•) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025 Total fund$ 2025 Total funds 2024 funds 2025 funds 2025 Incom• from: Donatlons and legac6es Charltable acti￿￿e¥ Other trading actM1188 Inv88tment8 213,005 820,974 15,226 13.922 296,849 824575 15.226 13,922 681,264 886,595 94,850 12.820 3,601 Totsl InGom• 1,063,127 87,445 1,150.572 1,675.529 Exp•ndhur• on: Ralslng funds Ch8rtt8bb actiMtiè8 140,233 792,680 140,233 1,057,208 147,411 1,071.300 10 261,528 Totsl •xp•ndltur• 932,913 264,528 1,197,441 1,218,711 Net Incomel{expendltur•) n•t galn• on Inv••tm&nts Net goln8 on Inve5tm8nts 130.214 (177.083 148,169) 35,111 456,818 45,693 Net Incomèl{•x￿ndltUv• Transfers bets488n funds 105,325 23.229 1177,083) (23.229 111,758) 502,511 19 Net movement In fvnd• 188.554 1200,312 111,758) 502,511 Reconclllatlon of fund8'. Total lunds brought foThvard Net movement In funds 1.116.030 1M554 267.886 1200,312 1￿83,916 111,758) 881,405 502,511 Total funds urrl•d forward 1.304.584 67.574 1.372.158 1,383.916 The Statement of Finanryal Activitles ￿dudeS all galns and1058es recogni8ed in the wr. The notes on pag6s 22 to 42 fomi part ofthèse Finan¢io1 Statements. Page 19

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarantee) REGISTERED NUMBEFL" 04109942 BALANCE SHEEr 8 AT 31 AUGUST 2025 2025 2024 Nota Flxed auets Tangible assets Investments 15 16 69S233 651,933 69Q214 651,933 Curr•nt aM•t• Debtors Ca8h al bank and In hand 17 218.037 $02,145 249,333 518.828 720,182 768.159 Curr•nt Ilabllltl•i Credltors: aM￿J￿ts faNlng duo wlthln LN)O year 18 (443381 (38,176) N•t currnnt aM•t• 873,944 731,983 Total net a•s•t• 1,372.158 1.383,916 Charlty fund• Rostricled funds UnrestriGt¢d fvnds 19 19 67,574 1.304.584 267,886 1, 116,030 Totsl funds 1,372,158 1,383,916 The Tnjslees aCkn￿adge their responsiblffties for coMpl￿r￿j wlth the requlrements of the Act wlth respect to accounUng records an¢J preparaJon of FSnancial Ststements. The Financlal Statements have been wepared accordance vAth the wowslon8 apyllcable to entltles 8ubiect to the Small companies regime. The Flnandal Ststements were apwoved and autho￿ for issue by the Trustses 20 April 2026 and signed on their behalf ty. Paul Baumann CBE LVO Chair The notes on pages 22 to 42 foryn part of thes8 Financial Ststemerts. Page 20

THE ACADEMY OF ANCIEKf MUSIC IC¢xnpany Limited by Guarantse) STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2024 Cash flow8 from operating activltl•s Net ca8h used in oper8lMg actl¥ll•s {15.672) 348, 102 Cash Ilow¥ from Inv•sllng actlvltl•s Purchas8 of tangible fixed assets Transfer into other investrnents 11,1)09) (116.371) Net ¢ash u••d lfi Inv•tSng acllvttle• 11,0091 1116,3711 Ca8h flo￿ from flnanclng aclMII Nol cath provld•d by flnan¢lng •ctlvltl•• Chang• In w4•h and ￿h oqulvalents In the Cagh and cash equfvalents at ts b8glnnlng of the ypar 116,681) 518,826 231.731 28Y,095 Ca•h and cash equlv•knt• at th• and of th• y••r 501145 518,826 Th8 notè8 on pag06 22 to 42 fcm part of these Flnandal statem￿ts. Pago 21

THE ACADEMY OF ANCIENT MUSIC (Company Lrmited by Guarantso} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 G•neral Infomiatlon The charity is a publlc benofrt entity and a prrvate Company Umtted by Guarantee, regis18rod In England and Wales. The address of the reglstered office is Cheny Trees Cenlre, St Matth•Vs Str881. C8mbridge, CBI 2LT. A¢¢ountlng pollcl 2.1 Basls of prep•r•tlon of Flnanclal Stat•meDts The Fln8ncial Statements have been prep8red In aecordance th the Ch8dtles SORP IFRS 102) - Accounbng and Repor￿ng by CharltSe8: Stslement of Recommended Prartlce appllcable to charits'e8 preparfng Ihelr accounts in accordano with the Financial Reportlng Standard appllc8ble In the UK and RepUb￿C of Ireland {FRS 1021 leffecbve 1 January 20191, the Flnancial Reporting Stsndard applicable bn the UK and Republk of Ireland (FRS 1021, the Ch8ritl98 A£t 2011 and th8 Compan188 A¢t 20(￿. The Academy ol Ancient Mu51c meets the definitson of a publlc benèfit entlty und&r FRS 102. Assets and liabllhies are initially recognlsed at h15lori¢￿ ¢ost ￿ transaction value unles8 other￿Se slated In the relevant accounting polw. 2.1 Golng conurn Th¢r¢ aro no materiol uncertalntlo8 abtyrt the corflY8 ablllty to c4)ntinuo. 2J Income All income 1$ recognised once the charity has entitlement to Income, It Is probable that the Income wtu be received and the amwnt of Income reclvable can be measured reliably. The recognltlon of income from Segacies Is dèpendent on establishlng enlitl8ment, the probablllty of receipt and Ihe abllity to estimate Imlh sufficient accuracy Ihe amount receivable. Evldence of entitlement to a legacy exists when the charity has suffiaenl evidence that 8 glft has been left to them (through knowledge ol the existence ol a valid wlll and the death of the benefaGtorl and the executor is satisfied that the propety in question will not be required to sa￿Sfy claims In the estste. Receipt of a legacy musl be recognised when It is wobotrAe Ihgt 11 wll be received and the falr value of the mount receivaNe, which will generalty be the expected cash amount to distributed lo the charity, can bg rellabty m&￿Ured. Grants are Included In the Statement of Finandal ALXl%rfti88 ￿ a receivabk basis. The balance trf Income received specffic purposes but nol exp8nded during thè pariod Is shown In the relevant fvnd5 on the Balance Sheet. Where ir￿orne Is recelved in advance of entiuement of receipt. its recognition is deferred and Induded in creditors aB deferred Income. WheTr enliU8ment occurs before income is received. the fftcome 18 acc￿￿1. Income tax recoverablè In relatk)n to In￿SIment income 19 rwnls&Y at the tlme the Investment Income Is receivable. Investment income is Ir￿￿ded receiv8tle. Income from c*aritable aclivities is aCcO￿ted for eamed and relates to income from concerts, ucatiun projecls and recordings. Page 22

THE P£ADEMY OF ANCIENT MUSIC (Conwy Umiled by GuarJnte•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles (contlnu•d) 2A Exp•ndltur• Expenditure Is recogni8ed On￿ there 18 8 legal ￿ (xJnstNctlve oblig81i¢m to transfer economic benefit to a third paty. it is probable that a transfer of ecLVKJmic benefi18 wll be required in settlement and the amount of the oblsgation can b8 measurad rèllaw. Expendlture Is classrf48d by a￿￿ty. The cost8 of each acuwty are made up of the total of d￿0¢1 costs and shared c051$, induding support Costs involved in undertAking each acbvlty. Direct costs attributablo 10 8 slngl8 8ctsvity are 8ll¢xated dlrectly to that actimty. Shared costs vA)ich contribute lo more than 8CtMty and support Costs which ore not attributsbl8 to a single aCti￿ty are aPpthc￿ed betsveen those Scti￿lieS on a ba81s consistent wth the use of resources. Central sloff costs arg aloGatsd ￿ tho ba818 of tlm8 spenl. and depr$clatlon charg88 alocated on the ￿rtson of the asset's us8. Expenditure on ralshg funds Indudes al eXpe￿IllUT8 Incuff6d by tha ¢h8rlty to r81se funds for Its charnable wrpose$ and Indudes costs of 81 fundralslng aL11￿tte$ events and non-charltable tradlng. Expendlture on c*arltabS8 actlvltkn18 Incurred on directy undertaklng the a¢tivrt16s whl¢h lurthor thtt Charrty's obJeGllves, a6 well as any 8s¥odated suppcrft ¢cAts. AU expendItU￿ 1$ Induthe (rf Irrecoverable VAT. 2￿ Gov•rnment grw Government grants rel8ttry lo tanglblo fixed 0589ts are tr08t8d a8 dèf•rr&J Income and rn188$ed to the SL3temenl of Finanual Actfvities Up¢￿ the ccfflklelion ol the relevant perfomianG8vr8lated corKlilions. Other grants that aro not subject to pert￿ance•re1ated condltK)ns are credlled to the Ststemenl of Flnancl81 Athibes 86 Ihe granl proceeds are re¢eived. Gr8nts re¢oived prior to tho rovenue recognltlon crliwla belng 8a11sfi￿ are reo3gnlsed a8 8 liabllty. 2.6 Int•r••t r•c•lvabl• Interest on lurKls hvjd on de[￿ bs bndudgd recdvable and the amount eAn be m8￿ured reh'ably by the charity, this is nLm8Hy upon notlficatlon of the hterest pakj or payable by Ihe bn8tllulion th whom the lunds are deFQ&ted. 2.7 Forglgn Gurwencles M¢Jnetary assets and liabilities denc¥ninated in foveign cuThenogs are translated into sterfing at rats$ of exchange rulng at the reportj'ng data. Transacb'on? in f¢)reign wrrencies are translated into Sterling at the rate rullng on the dat8 of tho tran88Ction. Exthange gairF8 and losses are recogrmsed rn the Statemént of Flnandal Acll¥Aties. Pap 23

THE ACADEMY OF ANCIENT MUSIC (Company Umrted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 countlng pollcles (contlnued) 2.8 Taxatlon The ctharfty L8 cJ)n81dered to pass the tests 8et in Paragraph 1 Sthedute 6 of the Flnance Act 2010 and therefore il meets the definitiw of a charitable comp8ny for UK corporation lax purposes. Accordingty, the charity is potentiaty exempl from taxation in respect of income or c8pItsI galns recefved vAthH7 categorl8s covered ty Chapter 3 Part 11 of th8 Corporation Tox Ad 2010 or Section 256 of the Taxati￿ of Ch8rgeabte Gains Acl 1992. lo lh8 extent that such income or galn8 8re appllad exclu8ivety to charftatA8 purpose$. or¢￿¥tra Tax R•ll•f Or¢he8tr8 Tax R8W 1$ rocogTh80d In the pwityj to It relates. 2.9 Tanglbl• flx•d a8••ts and d¥S￿e1atIon Tangl￿e 888ets co8tlrrfJ £5￿ cff m￿8 are Ca￿113•d and r8cwl8ed when future economlc beneffts are woboble and the cost or value of the asset can be M￿ured rellably. Tangible flxed assets arn Inllialty recognlsed at cost. After Tecognltlffi, under the wst model, tsnglblg flxed assets are me83ured at (x)st less accumulated de[￿eCIatIon and any accumulated Impalrmenl losses. Al costs incurred lo bnng a tangible fixed asset into Its Intended worklng condltlon should b8 Included tn the m8a$uremont of ¢osL Depr8clalon Is ch8rged 80 a8 to 8Jcat6 tho C¢￿t of tsngitlg fixed 86$0ts 1955 thelr residual value over th￿[ estimoied Usel￿ Depredalon18 p￿ded on Ihe ba81s: Offlca equlpment 33% stralght lino 2.10 Inv•4lm•nts Flxed asset In￿31m8nts are a f(wm of finandal Instrument arnl are Inltl8Hy recognlsed at thelr transaction cosl and subsequenty meagured al f81r value at the Balanc8 Sheet date. unless the value cannot be measured reliabfy in vknich case il is measured at C05t less impairment. Investment gains ond los$es. ￿elher realise(l or unrealised. are combined and presented as 'Gainsl{Lossesl on Investments, kn the Stat￿ent of Flnanca81 Activltl88. 2.11 D•btorn Trade arKI other debtors are TeccwJni8ed at the settlement amount alter any trade dlscount offer8d. Prepayments are valued at the amount prepahd net of any trade dlscojnts due. 2.12 Cash at bank and In hand Cash at bank and in hand is held to meet the dayto day runniT¥J costs of the charity as they fall due. Cash equfvalents are short temi. highly l]urd investrnents. in 125 da￿ Th￿te. or less. Interest bearing accounts. Page 24

THE ACADEMY OF ANCIENT MUSIC (Company Umlted by Guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Ac¢ounting pol1cl￿ (contlnued) 2.13 Ll•bllStles and provi8lon¥ Liabilibes Bre recognised when there Is an obligation at tho 881ance Sheet date as a r95uIt of a past event, it is probable that a Ir8nsfer of economic t￿nefrt will b8 required in settlemert and the amount of th8 881Uemant can be estimated reli8bty. Llabllilies are recognlsed at th6 amount thal Ihe tharrty anliapates ft wll pay to setua the debt or the amount il has recenied as 8dvancad payynénts for the goods or services il must provlde. Provlslons ar8 mea8ur8d at Ihe best estlm8te of the amounts r8qulred to 8ethe Ihe obllgatlon. Where the effect of thg time vdu8 of money Is matwlal, the prowsion is based on the present value of those amounts, discounted at the prfrtax dis￿Unt rale that reffl8cts the risks specific to the liability. Tho unl￿ndIng of the discount 1$ r8wnised in the Statement of Finan¢lal Activttles as a flnance cost. 2.14 Flnanclal Instrum•nts The charlty onty has finandal assets and financial Ilabil￿a8 of a kind thal qualrfy as basic flnanclal instruments. Basic financial in5trurnents are in￿81￿ recognised al transactign value and $ubsequenlly measured at their setuemgnl value with the exception of bank loans lthlch are subsequently measured at 8morUsed c081 u8lng Ihe ellecli¥g Ini8re8t method. 2.15 P•n•lon• The tharfty operates g defined conlribulion penston 8Lema and the pen81cm tharge repr980nl$ th8 amounts payebla by th8 charlty to th8 fuThJ in [9$F￿ of the 2.16 Fund accountlng General fund8 are unrestrlcted frjnds ￿1¢h are avallable for u6e 8t the discretion of the Truste95 In further8nc of the general oblerthe8 of Ihe and whith have not been deslgnat•d for othor purp059s. Deslgnaled lund3 comwl8e unrestrlcted funds that h8v8 been sèt aslde by the Trustees for parNcular purposes. The aim and use of each deslgnated fvnd Is set out in the notes to the Financlal ststements. Restricl8d funds are funds which are to be used in accordance with specific restrictions Imposed by donors c which have been raised ty the tharity for partluj￿r purposes. The costs of raising and administering such funds are charged against the Specif￿ funtl. The airn and use of each restricted fund is 8et wl In the notes lo the Flnancial Ststements. Investment ino)me, ggins and h￿Se$ are alkncated to the approwate fvnd. Page 25

THE ACADEMY OF ANCIENT MUSIC (Company Limlted by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Critical accountlng estlmat•s and ar•u ofjudgement Estimates and judgements are continualty evaluated and are based on historical experlence and other lactors, induding expectations of future events that are bdleved to be reasonable under the circJJm8t8nc68. Cdfjcal accoundng estlmates and assumplC*￿'. The chadty makés eS￿Matss 8fKi assumptiorts ccffiC￿Ing the future. The resultlng aw)untlng estlmates and 8ssumptle)n5 wlll, by definit6on. sehjom equal the related actual results. The eslimales and assumptions that have a signfficant fisk of causlng a material adjustrnent to the G8rryYng amounts of assets and lia￿lItIeS %thin the next financlal year are discussed below. There 8re no 8ignhlc8nt judgements that m8nag8menl has mad8 In thè pr¢Kess of app￿ng the entbtls 8ccounting pJlSdes and that have thè most $6gnificant eff￿1 on the amounts recognised In the Flnanctal Statements. Umlted by guarantsfr Thg company Is kmbted by guarante• and each memW• Ilat41ty 1$ rnstrlcted to £1. In¢om• from donatlon• and legacl•• Unr••trlct•d R•strlctgd funds funds 2025 2023 Total lund8 2025 Donatlons- Indfvldual don(Ks, Ind￿lIng AAM Academy Members, As80oat8s and Fri8n Grants from charltaNe trusts and other bodleg 148,505 64.$00 29,144 54,700 177,649 119,200 213,005 83,844 296,849 UnrnStrrf￿ Resfrycted nds funds 2024 2024 Total funds 2024 Donations- Indbvldu81 donors. indudlNJ A4JA Academy Members, Assoclate5 and FrlerKIs Legacies Grants from charttable trusts and other tthies 318.571 92,343 410.914 20,000 250,350 7. 100 243,250 345.671 335,593 687,264 Page 26

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarnnteel NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S Incomo from charitable •ctivili Unrestrlct•d R•strlct•d funds funds 2025 2025 Total fund8 2025 Concert income CD sales and roy8tt188 Miscellan80us income Orch6slra tax rdlet 552.920 81.338 2.067 184.649 3,000 601 555.920 81,939 2.067 184,649 820.974 3,601 824,575 Unrnstrfcted Re8￿Cted funds funds 2024 2024 To181 fvnds 2024 Concert income CD Sal8s and royolU6s Miscemaneous incomo Orchaslra tsx relef 593,267 62,705 19,575 175.943 35, 105 628,372 62, 705 19,575 175,943 851,490 34105 886,595 P8ge 27

THE ACADEMY OF ANCIENT MUSIC (Company Limit•d by Guaranta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AiIGU8T 2025 Incom• from oth•r tradlng actmtl In¢omè from fvndralslng events Unre•trFcted funds 2025 Totsl funds 2025 Fundralsing events 15,226 15.226 Unre8trfctod funds 2024 Total fvnds 2024 Fundr8l$lng evonts 94,850 94,850 Inv•#tm•nt Incom• Unr•8trbct•d funds 2025 Total lunds 2025 Dmdends re¢¢lved Other Interest recefvab 8,189 5,733 8,189 5,733 13.922 13.922 Unresfrictgd funds 2024 Totsl fvnds 2024 Eividends received Other irrter88t Trcefvab 12, 133 687 12.133 12,820 12,820 Page 28

THE ACADEMY OF ANCIENT MUSIC (Company Umlt8d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 EyndltUT• on ralslDg funds Costs of ralslng voluntary Incom• Unrnstrtcted funds 2025 Totsl funds 2025 Other costs Salarles National In￿rance Pen810n8 41,963 85,764 5.820 6,686 41,963 85,764 5,820 6.686 140,233 140,233 Tot81 funds 2024 fvnd8 2024 other co8t8 Sal8rf88 Nadonal Insuran¢¢ Pènslong Other Staff ￿81S 10,348 80.377 6,956 2,302 3,354 10,348 80,377 6,956 2,302 3.354 103,337 103,337 Page 29

THE ACADEMY OF ANCIENT MUSIC Icompany Limited by Guaranleo) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR E14DED 31 AUGUST 2025 Expendlturn on ralllng funds (contIni￿Al Fundralslng tradlng expenses Total fund8 2025 Fundralslng events Unrnstricted fvnds 2024 Total funds 2024 Fundralslng events 44.074 44,074 10. Anal￿1* of •xp•ndltur• on Gh#rltable actlvltl•s Summary by fund typ• Unro•trlcted Restrfct•d funds fund# 2025 2025 Totsl 2025 Charttsble aclfvlles 792,680 264,528 1,057.208 Unres￿￿ R&stric16d fvnds funds 2024 2024 Total 2024 Ch8rftable actfvthes 867.031 204,269 1,071,300 Page 30

THE ACADEMY OF ANCIENT MUSIC (Company Llmlted by Guarantèè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Anaty¥i¥ of •xpondltyr• by acllvllio• A¢tlvftl undertaktrn dlrnctty 2025 Support cost• 2025 Total funds 2025 Charttable actiNits5 929,103 128,105 1,057,208 undertaken dire¢ty 2024 Support Total funds 2024 2024 Charftat4e aclNitb6 999,790 71,510 1,07t,3C Afi1￿1• of Support Tot•1 funds 102S AGtlvltl 2025 Staff costs Depreclali Other costs Premlg88 Govemance costs 60,154 28 19,664 3,495 44,764 60,154 19,664 3A95 44,764 128,105 128,105 Page 31

THE ACADEMY OF ANCIENT MUSIC (Company Llmltsd by Guarantsg) NOTES TO ThE FINAJ4CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Analy•ls of •xp•ndrlure by actlvitiu (contlnu•d) An•tysls of support costs (contlnu•d) Total funds 2Q24 AGtlvttl66 2024 42,061 10,991 8,722 9, f36 42.061 10,991 8, 722 9,736 other cost$ Premlses Govemance c06t8 71,510 71.510 12. ￿dItors. v•mun•rntlon 2025 2024 Fee8 payable to the charfvs audlfy for the audlt of the th8rty8 annual a¢counts 7,400 8,773 13. 8tsff co•t• 2025 2024 Wage$ and sal8rte8 Sodal securtty costs Employer contrlbuthjns to pen8bon plans 247,974 16,859 21,262 279,252 23,186 7,672 286,095 310. 110 The aver￿ number of porsc￿8 empw by the ch8rfty durlng the wa8 88 follows: 2025 2024 Management Administration Direct charitable P8ge 32

THE ACADEMY OF ANCIENT MUSIC Icompany Lirnlt￿ by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGiIST 2025 13. Staff costs Icontlnu•d The nurnb8r of wtrw)se empw b￿efft3 (excluding empbyer pènsion costs) exceeded £60,000 was.. 2025 No. 2024 No. In the band £80.￿l- £9),0 Trust•￿. r•muMradon and •xp•n Durfng the ended 31 August 2025, no Tru$l088 roe•ived any remuneradon or other bgnoflts (2024 - £NIL). Durfng the year ended 31 Auwst 2025. no Trustso èxp8n8a8 have been inpjrred {2024- £NILJ. 15. Tanglblo fix•d 4••¢ts Offlco oqulpm•nt Co•t or v•lu*tlon At 1 September 2024 Add￿lOn8 Dlsposals 4,300 1,009 14,3001 At 31 August 2025 1.009 Doprnclallon At 1 September 2024 Charge for the ypar On dlsposals 4,300 28 {4300) At 31 August 2025 Not book value At 31 August 2025 981 At 31 August 2024 Page 33

THE ACADEMY OF ANCIENT MUSIC (Company Limit•d by Guarantse) NOTES TO ThE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1& Flxod a$8•t Investments Llsted Investments o•t or valuatlon At 1 September 2024 Additions Rev8ludon¥ 651,933 8.189 35,111 At 31 August 2025 695.233 N•t book valu• Al 31 August 2025 695,233 At 31 August 2024 651,933 17. D•btov• 2025 2024 Oue wlthln ono YW Tmde debt￿5 Olhgr debtors PrepayTherrts and accrued inc(¥r 3,788 708 213.541 2.406 246,927 218,037 249.333 Prepaymerrts and accrued Income InC￿deS Orchestra Tax Reliof claimable. Page 34

THE ACADUIY OF ANCIENT MUSIC (Company Lhnitod by Guar•ntu) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. Cr•dltorn: Amounts falllng du• wllhln on• y••r 2025 2024 Trade creditor5 Other taxation and sothal seuJrlty Olher credStor5 Accrn818 and deferred Incomo 16,226 2.3T5 14,553 1,912 t7.336 2,231 26,781 44.238 36,176 Accwats and doférrod kncome kndude8 £7.472 (2024 - £4,835) of Inojme f(Y exp6ndlture across 25126 own.promoted seasLVJ (2024.. 24r25 season). 19. 3tatem•nt of fvnd• Statem•nt of fund• - cuvr•nt ymr Balanc• at I Balan¢fj •t Galn•l 31 August {LosJe•) 2025 Trnn•f•r* Inlout 2024 Incom• Expendllur• Unrestrlct•d funds D•slgnat•d funds HCOV￿1 Lego AAMbillon Fund.. 'Aiist' rewrdings AAMbilion Fund: live PerfO￿nanCe 31111 593,880 129,829 17A89 147,318 17A89 104284 6.173 34.978 3S.111 841262 G•n•ral fvnds Gener81 Funds 339,857 1,028,149 (932,913) 23.229 458,322 Totsl Unrestrfctod funds 1,116.030 I,lJ63,127 (932.913) 35,111 1,304,584 Page 35

THE ACADEMY OF ANCIENT MUSIC (Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Stat8mant of fvnds Icontinu•d) B•l•nc• al 1 September 2024 Balan¢• at Galnsl 31 August (Louesl 2025 Transf•rs Inlout kn￿Me Expendliur• fund• AAMbltlon Fund: 'A-Llst' recordln98 A4Mbrtl¢)n Fund: ve performance AHRC Weldon Rec(Ydlng Fund 24125 Concert Fund Caslello Recordlng Fund Sirateglc Re¢oding Fund AAMplrfy 20.171 29.144 (U584) 2,063 17.796 41171 134000 122,785) 19,386 {141,5001 19,1511 20.750 25,61)0 (46.3501 22,000 17000 {15,735) {18.208) <2,065 8,392 267,886 87,445 (264,528) (23,2291 67,574 T•l•l of fvnd• 1,383,916 1.150.572 11.197.441) 3&111 1,372.158 Page 36

THE ACADEMY OF ANCIENT MUSIC Icompany Llmlted by GuaT•nt8•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Statement of funds l¢ontlnu•d Doslgnatsd Funds The Trust8es have designated the ￿acY receNed from Chrlslosther Hogwood as a fund to b8 usgd by the orchestra to engage in performances, recordings and other wolècts vthich would Th)t oth8Nise be ssible. No funds were released durfng the ￿ar ending 31 August 2025 or indeed in the previous year. The Trustees have deslwaled donatIc￿8 re￿fved as part of the 50th anniversary campalgn - Ihe A4Mblllon Fund - to be used to support Ihe ¢reation of a new catalcJue of digital recordlngs {tho AAM 'A- sl'l and the live performance of larger-scde and lasser-known repertryre. respectively. Funds b released as actim'ty is delivered. R•trlctod Fund• AAMbition Fund.. 'Ailst' recordlngs comprlses donations and grants racalvad In support of the creallon of a new catslogue of digital recordings.. the AAM 'A-LlsV. AAMbitton Fund: Ilve wf¢ymane• c(Thpri8e8 donations and grants rocolved In 8UPPOrt of the 1fv6 p8rforniance ol larger-scale and 18sSerthncfi￿ repgrtoire. Th8 Trustees have agrèed a methanism for Idenlifwng expenditure assoc48t8d with live perf0mlar￿$ of18s88r-known and larger sc8le works whlch Is ellglble lo be underwritten by the restricled AAMbilion Fund: Iivo Pgrfomiance fund. Tho transfer shown from tho reslrlcted AAM￿'tion Fund.. 1fv6 p8rfonn•rKe fund to the Ge￿ra1 Unrestrlcted fvnd refl￿8 ellgible expendlture identified for the pgrlod. AHRC comprfses funds recelved In thg wevlous year to support a range of a¢tlvlUes as agreed wtth the funder Includlng proieGt ¥co￿ng, ￿ncerts, recordinglfilmlng and *lucation. The Weldon Recordlng Fund compvises dr￿81￿$ and grants rec8lv8d In SUFF￿t of the orchestra's world-wemiere recording of John Wddon's The Judgment of Palis which was released on 7 March 2025 on AAM Records. Th15 IndLKles donatsons recoived from The 819 Gfve Christrn8s Chall8ng8 'Rediscovering The Judgment of Parfs, campalgn in 2022. The 24125 Concert8 Fund comwises d¢)nall¢Th and grants reedved in 8UPPOrt of ￿nCert costs acro88 the orchestra's 24125 season. The Ca8tdlo Re(>Jrrling Fund comwises donations for a r￿dIng of Ca$tslk>'s Sonate Concertate In Stll M¢)Jerno. Llbro Seeondo received in pYevicMJ8 >e8r8. The Strateglc Recording Fund compris8s donallon8 for recordlng projects received in premous years. Funds were ulilised during the year for the creation of A4M 'A-List' recthing8. AAMpllfy eompri6es lurKls recoived In Supp￿ of the A4filphfy educatlon Inthtive. Page 37

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Statemont ol fund¥ l¢ontlnu•d) Stat•menl of funds - prlor ye•r Balanc8 8t 1 Sept8mber 2023 Balance al 31 Augusl 2024 Gain (Losses) Unr•strlct•d funds D•8lgnatod funds Hogwood Legacy AAMbilion Fund.. 'A-Lksf recordings Amblllon Fund.. lfve pw[C￿anCe 512.856 45,693 558,549 129,829 129,829 126.869 (44,074) 87,795 517,856 256,698 (44,074) 45.693 776,173 G•n•r•l fvnd• General Funds 262,092 1.048. 133 (970.368) 339,857 Total Unrv4trlct•d fvnd• 779,948 1.304,831 (1.014.442) 45,693 1.116,030 Pag8 38

THE ACADEMY OF ANCIENT MUSIC (company Umlted by Guarant•e) NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Ststement of fund• IcontlnU￿) 8818nce at 31 Augusl 2024 I September 2023 G8in IncY>m8 Ex￿dth (Losse8) R•8trlct•d fvnd8 AAMbltion Fund.. 'Ai15V recordings AAMblUon Fund.. 1fv8 performanca AHRC Weldon Recordlng Fund 24125 Concert Fund Caslelto Recordlng Fund StrategiG Recoding Fund AAMplify 23r24 Concerts FurKI 20.171 20.171 70.172 150.C 38,305 2Q.75Q (28,￿1) (14,￿) (M820} 42,171 136,000 8,994 20.750 22,000 17.800 22,000 17,8 14.¥lXI (24,448) (T9,LXI)) 22.8CL) 101.457 370,698 (204,269) 267,886 Totsl of funds 881,405 1.675.529 (1,214711) 893 1,383,916 20. Summary of fund• Summary of funds . Gurr•nt y￿r 8alanGe at 1 8oPtembor 2024 Balanc• at GaIn￿ 31 August {Los$esl 2025 Transfers Inlout Dgsignaled funds General funds Restricted funds 778.173 339.857 267,888 ¥978 1,028,149 87,445 35,111 846,262 458.322 67,574 (932,913) (264.528) (23,229) 1.383.916 1,150,572 {1,197.441) 35,111 1.372.158 Page 39

THE ACADEMY OF ANCIENT MUSIC (Company Lknit•d by Gu•rantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Summary of funds IcontInu￿) 8umm•ry of funds . prlor y•ar 8alance al 1 Septemb 2023 8818nce al 31 August 2Q24 Galn (Losses) Designated funds General funds Restrfoted funds 517,856 262,092 101,457 256,698 1,048, 133 3TO,698 (44,074) (970,368) (204,269) 45,693 776,173 339,857 267.886 881.405 1.675,529 (1,218.71f) 45,693 1,383,916 21. Analys1# of n•t 1s•6ts b•twe•n fund Analysls of n•t ••••ts b•tw••n fvnd• . cumint y• Unmtrlcted R•slrfcted funds fund• 2025 202S Totsl funds 2025 Tangible fixed assets Flxed asset inv88trnerrt8 Current assets Creditors due W￿hkn one ye 981 695,233 720,182 (44,2381 69S.233 652,608 144,238) 67.574 Total 1,304,584 67,574 1,372,158 Anal￿1* of n•t as8•ts between fund• . prfor ye•r Unrnstrlct8d Restiioted funds funds 2024 2024 Totsl funds 2024 Flxed asset inv8strnenls Cu￿ent assets Creditors due within one yp8r 651.933 500,273 (36. 176) 651,933 768, 159 (36,176) 267,886 Total 1,116,030 267,886 1,383,916 Page 40

THE ACADEMY OF ANCIENT MUSIC (Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21 R8conclllatlon of not movement in funds to net flow from operntlng •Ctlvltles 2025 2024 Net Incomelexpendlture fc the year (as per Statement of Financial Actlvlles) (11,758) 502,511 AdJu8tmonts for: Depreciation charges Dlvidends. interest5 and rents from Inv851ments DeGrea8ellincreas8} in d8btors Increas8lldecrease) In txedltors Othar Inlergst receivab￿ and ￿mIlar IrKomè Interest recelved Net gains on investments 18,189) 31,296 8.062 {5,733) 5,733 {35,1t11 {12. 133) (20,560J {76,023) (687) (45.693) N•t ush provlded byl(u8•d In) op•ratlng actl¥lllo8 (15.6721 348, 102 23. malysls of cath and cash •qulval•nts 2025 2024 Cash In hand 346,686 155,459 368,826 150,000 Nc￿ce depO￿ts {le88 than 3 months) Totsl ¢uh •nd cmh •qulval•nt• 502.145 518,826 24. Anatysl8 of eh*ng•x In net debt September At31 2024 Cash flows August 2025 Cash at bank artd in hand 518,826 116,681) 502,145 518.826 116,681) 502,145 Page 41

THE ACADEMY OF ANCIENT MUSIC (Company Limlted by Guaranto91 NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2025 2& P•nslon commltrnents The ¢harlty op6rat8s 8 d8fined contritxrtion pensi¢)n scheme. The assets of the scheme are held separately from those of the chanty In an ind8p8ndenty adminislered fund. The pension c08t charge represents contributions paydtle by the charity to the fund and amounted to £21,262 (2024 - £7,672) Contributions of £578 {2024- £NIL) were payaNe to tho fund at the Balance Sheet date and are Induded In creditors. 26. Relatod party tran¥octlons Donatlons received wthout conditions fr¢￿ related parties, induding Trustees, In the year totslled £45,048 (2024 - £94,476). There were no other related p8ty transaGtions. Page 42