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 B*n￿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 wc*Juction 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 8c*J 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 side*y-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 cc*npound 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 c*anges. 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 th*r 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 Aw*6d 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 OL*r 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' Repc*i 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 Tecc*Jnlse 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 repc*t 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 r*0 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 c*orflY8 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 rec*lvable 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 8*Jcat6 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 $ubsequenlly
measured at their setuemgnl value with the exception of bank loans lthlch are subsequently
measured at 8morUsed c081 u8lng Ihe ellecli¥g Ini8re8t method.
2.15 P•n•lon•
The tharfty operates g defined conlribulion penston 8L*ema and the pen81cm tharge repr980nl$ 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 catalc*Jue 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.
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