2021-06-30-accounts - Arcangelo

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REGISTERED COMPANY NUMBER: 07299583 (England and Wales)
REGISTERED CHARITY NUMBER: 1139783

`REPORT OF THE TRUSTEES AND`

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021

FOR

`ARCANGELO`

Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

ARCANGELO

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021

	`Page`	`Page`	`Page`
`Report of the Trustees`	`1`	`to`	`5`
`Independent Examiner's Report`		`6`
`Statement of Financial Activities`		`7`
`Balance Sheet`		`8`
`Notes to the Financial Statements`	`9`	`to`	`15`

ARCANGELO (REGISTERED NUMBER: 07299583)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021`

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended30June2021.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

Toadvance,improve,developandmaintainpubliceducationin,andappreciationoftheartand science
ofmusicinallitsaspectsbyanymeansthetrusteesseefit.Thisincludespresentationsofpublic concerts
andrecitalsintheUKandabroadinwhichhistoricalperformancepracticeisappliedusinginstruments of
the period and making recordings using historical performance practice.

Thecharity'sworkcontinuestobeguidedbyourStrategicPlan,refreshedinJune2021.Theplan's four
headlineaimsareto(1)Createworld-classperformances;(2)Buildstrong,sustainedrelationships; (3)
Identify and support emerging talent and (4) Develop organisational resilience.

`Public benefit`

Thebeneficiariesofourworkareouraudienceswhomweendeavourtoinspirethroughafresh and
relevantinterpretation,andtoincreasethroughdevelopedliveanddigitalperformanceactivities and
media;thewiderClassicalMusicsectorasweadvanceartistsofthefutureanddriveinterestin repertoire
through our projects, and the musicians with whom we work, both our emerging artists and soloists;

WecontinuetoevaluateArcangelo'sactivitiesviaqualitativestatementsfromthepress,promoters, and
fans,viaquarterlyself-reviewandinternalfeedbackfromourtrustees;attendanceandrevenuefrom the
concertvenueandrecordingcompanies,andthereachofallkindsthatweachieve,including live,
broadcast and streaming audiences, and website and social media engagement.

Wearepleasedtoreportthatacrossallthesemeasures,anddespitetheongoingrestrictions, Arcangelo
has continued to strongly deliver public benefit.

`ACHIEVEMENT AND PERFORMANCE`

In2020-21wesuccessfullyrespondedtotheevolvingimpactsoftheCoronaviruspandemicwithan initial
retrenchmentintherecordingstudiofollowedbyincreasinglyambitiousandsuccessfulconcertand young
artistdevelopmentwork.Whilstthebulkofourplanned2020-21seasonfellawaythroughforce majeure,
weworkedhardandpositivelytoensurethatour2021-22seasonwouldlaunchasplanned,assuming the
returntomanageableconditionswhichhappilyproceededtoeventuate.Wealsoworkedwidely to
developArcangelo'sfoundationsandprospects,withaboardawaydaytorefreshour 'post-pandemic
approach',intensifiedrelationshipmanagementtodevelopandextendouragencynetwork,a resolved
redevelopmentofArcangelo'swebsiteandonlinegivingtools,andanextensiveinternaland external
consultation to relaunch our development and fundraising strategy.

`A. Concerts & Broadcasts`

Thepandemicnecessitatedthecancellation,postponementorreconfigurationofallscheduled 2020-21
concertandbroadcastactivity.Byandlarge,werescuedmorethanwaslost,either through
mutually-agreedpostponements,orfrequentlyshort-termreassemblyofprogrammesandpersonnel to
meetprevailingcircumstances.Inalmosteverycase,keyrelationshipswerepreserved,maintained, and
even developed.

OurconcertcomebackbeganinMarchwithback-to-backlivestreambroadcastsfromWigmoreHall with
soloistsAlinaIbragimova(26March)andCarolynSampsonandTimMead(30March).Coinciding with
peakinternationalattentionforWigmore'ssuccessfullockdownseries,theconcertsdrewa combined
totalof19,000viewsinaperiodofsixweeks.Finally,on15June,WigmoreHallwasthevenuefor our
firstconcertsinceFebruary2020toalimitedliveaudienceofaround200,withsoloistLiza Ferschtman
stepping in at short notice for Barnabas Kelemen.

Page 1

ARCANGELO (REGISTERED NUMBER: 07299583)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021`

Throughout2020-21,wemaintainedanincreasinglyintensivedialoguewiththeBBCPromsteam to
sustainandrealiseaprestigiousinvitationtopresentBach'sStMatthewPassionatthe2021 festival
(Arcangelofinancialyear2021-22)Thisinnatelychallengingprojectdevelopedmyriadcomplications as
pandemicregulationsdevelopedandrelaxed,requiringmuchofourstaff'stimeandenergiesthrough the
secondhalfoftheyear.Theannouncementoftheconcertatplannedfullcapacitywithradioand TV
broadcastaspartoftheofficialserieslaunchon29Marchwasinitselfaconsiderableachievement which
galvanisedourwholeteamandsupporterbaseandoccasionedwidespreadcelebrationfrom the
international classical music audience.

`B. Recordings`

2020-21resoundinglyprovedthewisdomofArcangelo'shistoricalcommitmenttotherecording studio.
Intheabsenceofconcerts,thereleaseofpreviously-recordedalbumsprovidedforvisibility, critical
appraisal,andreputationalandaudiencegrowth;theschedulingandexecutionofnewsessions ensured
top-qualityworkforourmusicians,repertoireresearchanddevelopment,nurturedourrelationships with
world-classsoloistsandourrecordlabels,providedmajoropportunitiesforfundraisingand supporter
growth, and restocked the release pipeline.

Two albums were released in 2020-21:

Handel: Brockes Passion (Alpha Classics) - March 2021

With soloists Sandrine Piau, Stuart Jackson, Konstantin Krimmel

RecordedattheculminationofourmajorconcertandrecordingprojectinOctober2020,our studio
recordingofHandel'sneglectedearlymasterpiecewasaBBCRadio3andSundayTimesRecordof the
WeekandaBRKlassikRecordoftheWeekinGermany.Furtherhighlypositivereviewscamefrom Res
Musica,ForumOpera(France),Crescendo(Belgium),theNeueZürcherZeitung(Switzerland) and
Gramophone Magazine. The album has received around 106,000 streams on Spotify (to January 2022).

Various: 'Tiranno' (Alpha Classics) - May 2021
With soloist Kate Lindsey

RecordedinOctober2021(seebelow),thisambitiousandimaginativerecitalprojectinstantlywon the
highestcriticalappraisals,withGramophoneMagazinedeclaringita"modelofwhatarecitalalbum can
be".FurtherawardsandcitationsincludedaBBCMusicMagazineOperaChoice,aGramophone Award
nomination,anInternationalClassicalMusicAwardsnomination,aPrestoRecordingoftheyear, and
positivereviewsfromTheTimes,OperaWire,TheGuardian,LimelightMagazine(Australia)and San
Francisco Classical Voice. The album has received around 53,000 streams on Spotify (to January 2022).

Four albums were recorded in 2020-21:

Bach: Alto Cantatas Vol.2 (Hyperion)
With soloist Iestyn Davies; recorded October 2020.

Various: 'Tiranno' (Alpha Classics)
With soloist Kate Lindsey; recorded October 2020.

Boccherini: Cello Concertos (Alpha Classics)
With soloist Nicolas Altstaedt; recorded May 2021.

Vivaldi: 'Sacroprofano' (Alpha Classics)
With soloist Tim Mead; recorded June-July 2021.

Page 2

ARCANGELO (REGISTERED NUMBER: 07299583)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021`

`C. Artist Development`

ThepandemicinevitablydisruptedourplansforourfirstcohortofArcangeloNewEnsemblists,but we
respondedwithnewprogrammeactivitiesbasedonan'Academy'conceptwhilewewaited for
performanceopportunitiestoresume,whilstalsoencouragingouryoungartiststomakeuseof other
programmebenefitsincludinganallowancetosecurenewprofessionalphotography.Atotaloffour days
ofAcademytuitionwerearrangedinFebruaryandMarch,coveringrepertoire,ornamentation and
accompanimentwithleadtutoringfromJonathanCohenwithguestmentorsKatiDebretzeni,Bojan Cicic,
JonathanMansonandNicholasMulroy.FromMarch,ourNewEnsemblistswereincludedinour live
performanceactivity;wewereespeciallyproudthatourJuneconcertatWigmoreHallafforded bassist
IsmaelCampaneroNietohisUKperformancedebut.PlansfortheNewEnsemblists'secondyear with
ArcangeloincludeastudyretreatanddedicatedrecitalplatformatWigmoreHall,alongside multiple
furtherperformanceopportunities.AuditionsforthesecondcohortofNewEnsemblistsareplanned for
January 2022.

`D. Audience & Supporters`

Thepandemicremovedallopportunitiesforliveengagementwithgeneralconcertaudiencesand our
closebodyofsupporters.Whilstwaryoffollowingotherartsorganisationsintothrowawaydigital content,
werecognisedtheimportanceofconnectingbyavailablemeansandofferedatotalofthree online
gatheringsintheyear,witha"virtualseasonlaunch"on30Septemberandspecialeventsinsupport of
ourrecordingprojectswithTimMead(3December)andNicolasAltstaedt(25April).Allofthese events
werehostedusingZoom,andattendanceatallwasgood,withaudiencesofaround50-100at every
event.Ouronlinememberswebsiteprovedpopularwithsupporters,andausefultoolto incentivise
mailinglistsign-ups.Threeself-producedArcangelopodcastepisodesdrewatotalof1,500listens to
date (January 2022).

Ourdigitalaudiencesandfollowingsgrewstrongly,partlydrivenbypandemiclifestyles amongst
audiences,butprimarilyduetoourincreasingofferofqualitycontent,especiallymusictracks and
performancevideo.OurYouTubechannelsubscriptionsgrewby32%,ourSpotifylistenersgrewby 44%
and our mailing list subscriptions grew by 24%.

`E. Financial position and fundraising`

Thepandemicandtheforcemajeurecancellationofcontractedengagementssawuslosemuchof the
year'splannedconcertrevenue,thoughourbusinessmodelmeantthatwehadrelativelylow pre-paid
costexposure.Ourbiggestriskwasthroughpre-paidflightbookings,butthecancellationof most
scheduledservicesentailedrefundsorcreditvouchers.OurongoingrelationshipwithWigmore Hall
ensuredthatwenonethelesscontinuedtodrawcommercialincome.Ourrecordingactivity,supported by
fundraising,provedhighlysuccessfulthankstoournewstrategyofco-optingalbumsoloistsas lead
fundraisers,andalsoallowedustomakeanunprecedentedinvestmentinfilmingforthecreation of
livestreamdonoreventsandpromotionalmusicvideosanddocumentaries.Allrecordingprojects secured
fullcostrecovery,andattractednewdonors,wideningourbasisforfuturesupport.Theenhanced focus
onrecordingfundraisingactivityneverthelessdivertedenergiesfromouressentialannualcore cost
fundraisingcampaign,andinayearinwhichwehadaplannedfading-outofsupportfromthe Martin
SmithFoundation.Asaresult,corefundraisingfellshortoftarget.Aboard-ledreviewagreed on
measurestorelaunchanddevelopourcorefundraisingstrategyforthenextyear,includinganew board
developmentsub-committee,newDevelopmentManagerhire,andinvestmentinfundraisingtools. The
necessaryschedulingoftworecordingprojectsaroundyearend,withrelatedincomeand expenditure
realisingafteryearend,istheprimarycauseofthehighyearonyearvariationintradeandother debtors
and creditors.

Page 3

ARCANGELO (REGISTERED NUMBER: 07299583)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021`

`FUTURE PLANS`

Ourartisticplanningremainedsubjecttotheconstantly-changingimpactsofthepandemicand the
varyingnatureofnationalandinternationalresponse.Theadvanceofpublicvaccinationsand other
measuresandindicators,andtheenduringcommercialstrengthofourkeypromotional partners,
neverthelessencouragedustocontinuetoplanconstructivelyforfutureseasons.Inadditionto firming
upourseasonplansfor2021-22,andauditionsforthesecondcohortofourNew Ensemblists
programme,wemadepreparationsforawholesalelong-termreviewofourartisticplanningin 2021-22,
andapproachedanumberofagentswithaviewtodevelopingourEuropeansalesrepresentation, with
constructive discussions ongoing at the end of the current year.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Arcangeloisacompanylimitedbyguarantee,withoutsharecapital,incorporatedon30June2010 and
registered as a charity on 12 January 2011.

ThecompanywasestablishedunderaMemorandumofAssociation,whichsetsouttheobjects and
powers of the charitable company and is governed by its Articles of Association.

`Recruitment and appointment of new trustees`

Weendeavourtohaveatrusteegroupthatoffersthecharityavariedskillset,sinceArcangelo expects
andneedspracticalhelpaswellasgovernancefromitsboard.Wehaveusedavarietyofmethods to
identifyandattracttrustees,includingtheArtsandBusinessBoardBank,Nurole,peerand sector
recommendations,andindividual-basedapproaches.Potentialtrusteesareinterviewedby several
existing trustees to ensure a fit, and their appointment is agreed by a majority of the directors.

`Organisational structure and governance`

Thecompanyismanagedandadministeredonaday-to-daybasisbyitsGeneralManager,with reference
toanagreedScheduleofAuthoritiesandDelegations.TheGeneralManagerconfersregularlywith the
ArtisticDirectorandreportsregularlytotheChairoftheTrustees.TheBoardofTrusteesmeetsevery few
monthstoreviewtheactivitiesofthecompanyandtoconsidermorecloselythefinancialand managerial
status.Therecruitmentandappointmentofonenewtrusteeandtheinstitutionofarolling quarterly
governancereviewcyclehasstrengthenedthecharity'sgovernance,includingthereview and
development of operational policies and protocols.

`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`

07299583 (England and Wales)

`Registered Charity number`

`Registered office`

82 High Street
Tenterden
Kent
TN30 6JG

`Trustees`

J Cohen
Ms A J Buck
Ms L L Rayfield
D B Rockwell
Mrs R M S Wilkinson
R G Mayhew
Professor C A Potter
Mrs M De-Fry (appointed 29/9/2020)

Page 4

ARCANGELO (REGISTERED NUMBER: 07299583)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021`

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Independent Examiner`

Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

`Principal Staff`

General Manager - J Forbes

ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompanies Act
2006 relating to small companies.

Approved by order of the board of trustees on 16 March 2022 and signed on its behalf by:

Mrs R M S Wilkinson - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
ARCANGELO

`Independent examiner's report to the trustees of Arcangelo ('the Company')`

IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
30 June 2021.

`Responsibilities and basis of report`

Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').

HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutundersection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionundersection 145(5)
(b) of the 2011 Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentionin connection
with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

Miss Samantha Whiting FCA

ICAEW
Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

28 March 2022

Page 6

ARCANGELO

`STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021`

`Unrestricted` `fund` `Notes` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `2` `62,089` `Charitable activities` `4` `Performances and recordings` `40,974` `Investment income` `3` `10` `Total` `103,073` `EXPENDITURE ON` `Charitable activities` `5` `Performances and recordings` `127,533` `NET INCOME/(EXPENDITURE)` `(24,460)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `118,744` `TOTAL FUNDS CARRIED FORWARD` `94,284`	`Restricted` `funds` `£` `97,100` `-` `-` `97,100` `96,319` `781` `7,620` `8,401`	`2021` `Total` `funds` `£` `159,189` `40,974` `10` `200,173` `223,852` `(23,679)` `126,364` `102,685`	`2020` `Total` `funds` `£` `126,057` `152,253` `10` `278,320` `281,309` `(2,989)` `129,353` `126,364`

The notes form part of these financial statements

Page 7

ARCANGELO (REGISTERED NUMBER: 07299583)

`BALANCE SHEET 30 JUNE 2021`

`Unrestricted` `fund` `Notes` `£` `CURRENT ASSETS` `Debtors` `10` `34,754` `Cash at bank` `68,979` `103,733` `CREDITORS` `Amounts falling due within one year` `11` `(9,449)` `NET CURRENT ASSETS` `94,284` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `94,284` `NET ASSETS` `94,284` `FUNDS` `12` `Unrestricted funds` `Restricted funds` `TOTAL FUNDS`	`Restricted` `funds` `£` `18,202` `27,691` `45,893` `(37,492)` `8,401` `8,401` `8,401`	`2021` `Total` `funds` `£` `52,956` `96,670` `149,626` `(46,941)` `102,685` `102,685` `102,685` `94,284` `8,401` `102,685`	`2020` `Total` `funds` `£` `17,666` `128,286` `145,952` `(19,588)` `126,364` `126,364` `126,364` `118,744` `7,620` `126,364`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 30 June 2021.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
16 March 2022 and were signed on its behalf by:

D B Rockwell - Trustee

The notes form part of these financial statements

Page 8

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
thefunds,itisprobablethattheincomewillbereceivedandtheamountcanbemeasured reliably.
Anyincomingresourcesreceivedinanaccountingperiodthatrelateexclusivelytofutureyears are
deferred on the balance sheet.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

`Debtors`

Tradeandotherdebtorsarerecognisedatthesettlementamountdueafteranydiscount offered.
Prepaymentsarevaluedattheamountprepaidattheyearendaftertakingaccountof any
discount due.

`Creditors and provisions`

Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfrom a
pasteventthatwillprobablyresultinthetransferoffundstoathirdpartyandtheamountdue to
settletheobligationcanbemeasuredorestimatedreliably.Creditorsandprovisionsare normally
recognised at their settlement amount after allowing for any discounts due.

continued...

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2021

`2. DONATIONS AND LEGACIES`

`DONATIONS AND LEGACIES`
	`2021`	`2020`
	`£`	`£`
`Gifts and donations`	`148,036`	`116,690`
`Gift aid`	`11,153`	`9,367`
	`159,189`	`126,057`

See note 13, related party disclosures, for details of donations to the charity from Trustees.

`3. INVESTMENT INCOME`

`Deposit account interest` `4.` `INCOME FROM CHARITABLE ACTIVITIES` `Performances and recordings` `Other income` `5.` `CHARITABLE ACTIVITIES COSTS` `Performances and recordings` `6.` `SUPPORT COSTS` `Performances and recordings`	`Direct` `Costs` `£` `210,152` `Other` `£` `1,558`	`2021` `£` `10` `2021` `Performances` `and` `recordings` `£` `40,683` `291` `40,974` `Support` `costs (see` `note 6)` `£` `13,700` `Governance` `costs` `£` `12,142`		`2020` `£` `10` `2020` `Total` `activities` `£` `145,537` `6,716` `152,253` `Totals` `£` `223,852` `Totals` `£` `13,700`

continued...

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2021

`6. SUPPORT COSTS - continued`

Support costs, included in the above, are as follows:

Other
2021
Performances
and
recordings
£
Insurance
905
Postage, stationery and office
653
1,558
Governance costs
2021
Performances
and
recordings
£
Bank charges
225
Foreign exchange differences
100
Professional fees - filming services
6,030
Legal and professional fees
2,592
Sundries
1,570
Accountancy
1,625
12,142
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2021
£
Independent examination fee
900 2020
Total
activities
£
1,106
521
1,627
2020
Total
activities
£
560
374
454
3,765
2,014
1,520
8,687
2020
£
875

`8. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended30June2021nor for
the year ended 30 June 2020.

Seenote13fordetailsofperformancefees(notforserviceasatrustee)paidtoJonathanCohen in
his capacity as Artistic Director.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended30June2021norfortheyear ended
30 June 2020.

continued...

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2021

`9.` `COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES` `Unrestricted` `fund` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `64,532` `Charitable activities` `Performances and recordings` `152,253` `Investment income` `10` `Total` `216,795` `EXPENDITURE ON` `Charitable activities` `Performances and recordings` `219,784` `NET INCOME/(EXPENDITURE)` `(2,989)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `121,733` `TOTAL FUNDS CARRIED FORWARD` `118,744` `10.` `DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Trade debtors` `Other debtors` `VAT` `Prepayments`		`Restricted` `funds` `£` `61,525` `-` `-` `61,525` `61,525` `-` `7,620` `7,620` `2021` `£` `23,202` `27,203` `-` `2,551` `52,956`	`Total` `funds` `£` `126,057` `152,253` `10` `278,320` `281,309` `(2,989)` `129,353` `126,364` `2020` `£` `5,764` `4,578` `308` `7,016` `17,666`

continued...

Page 12

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2021

`11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
`Trade creditors` `VAT` `Other creditors` `Accrued expenses` `Deferred income`	`2021` `£` `24,593` `1,739` `16,084` `4,525` `-` `46,941`	`2020` `£` `2,857` `-` `281` `6,350` `10,100`
		`19,588`

Deferredincomerelatestomoniesreceivedinadvance,forcertaineventswhichhavenot taken
place before the year end.

`12. MOVEMENT IN FUNDS`

`MOVEMENT IN FUNDS`
`Unrestricted funds` `General fund` `Restricted funds` `Fundraising consultancy` `Bach recording` `Kate Lindsey recording` `Boccherini recording` `Vivaldi Recording` `TOTAL FUNDS`	`At 1/7/20` `£` `118,744` `7,620` `-` `-` `-` `-` `7,620` `126,364`	`Net` `movement` `in funds` `£` `(24,460)` `-` `235` `379` `38` `129` `781` `(23,679)`	`At` `30/6/21` `£` `94,284` `7,620` `235` `379` `38` `129`
			`8,401`
			`102,685`

Net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Bach recording` `Kate Lindsey recording` `Boccherini recording` `Vivaldi Recording` `TOTAL FUNDS`	`Incoming` `resources` `£` `103,073` `17,756` `18,885` `36,068` `24,391` `97,100` `200,173`	`Resources` `expended` `£` `(127,533)` `(17,521)` `(18,506)` `(36,030)` `(24,262)` `(96,319)` `(223,852)`	`Movement` `in funds` `£` `(24,460)` `235` `379` `38` `129` `781` `(23,679)`

continued...

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2021

`12. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

`Unrestricted funds` `General fund` `Restricted funds` `Fundraising consultancy` `TOTAL FUNDS`	`At 1/7/19` `£` `121,733` `7,620` `129,353`	`Net` `movement` `in funds` `£` `(2,989)` `-` `(2,989)`	`At` `30/6/20` `£` `118,744` `7,620`
			`126,364`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Brockes Passion recording` `Buxtehude Trio Sonatas recording` `'Arianna'` `TOTAL FUNDS`	`Incoming` `resources` `£` `216,795` `41,485` `6,483` `13,557` `61,525` `278,320`	`Resources` `expended` `£` `(219,784)` `(41,485)` `(6,483)` `(13,557)` `(61,525)` `(281,309)`	`Movement` `in funds` `£` `(2,989)` `-` `-` `-` `-` `(2,989)`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Fundraising consultancy` `Bach recording` `Kate Lindsey recording` `Boccherini recording` `Vivaldi Recording` `TOTAL FUNDS`	`At 1/7/19` `£` `121,733` `7,620` `-` `-` `-` `-` `7,620` `129,353`	`Net` `movement` `in funds` `£` `(27,449)` `-` `235` `379` `38` `129` `781` `(26,668)`	`At` `30/6/21` `£` `94,284` `7,620` `235` `379` `38` `129`
			`8,401`
			`102,685`

continued...

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2021

`12. MOVEMENT IN FUNDS - continued`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Brockes Passion recording` `Buxtehude Trio Sonatas recording` `'Arianna'` `Bach recording` `Kate Lindsey recording` `Boccherini recording` `Vivaldi Recording` `TOTAL FUNDS`	`Incoming` `resources` `£` `319,868` `41,485` `6,483` `13,557` `17,756` `18,885` `36,068` `24,391` `158,625` `478,493`	`Resources` `expended` `£` `(347,317)` `(41,485)` `(6,483)` `(13,557)` `(17,521)` `(18,506)` `(36,030)` `(24,262)` `(157,844)` `(505,161)`	`Movement` `in funds` `£` `(27,449)` `-` `-` `-` `235` `379` `38` `129` `781` `(26,668)`

Fundingwasreceivedinpreviousyearsforafreelancefundraisingconsultant,thisfundis being
spentoveranumberofyearsinaccordancewiththeofthelevelofconsultancyworkrequired and
costs incurred.

Fundingwasreceivedduringtheyearfor4recordingprojects:IestynDaviesBach,Kate Lindsey,
NicolasAlstaedtBoccheriniandTimMeadVivaldi.Thisfundingwasfullyexpendedinthe reporting
year.

`13. RELATED PARTY DISCLOSURES`

Performancefees(notforserviceasatrustee)werepaidtoArtisticDirector,Jonathan Cohen
duringtheyeartotalling£6,950(2020:£11,815)grossoftaxandexcludingVAT,andbefore his
agent'scommission.ThesefeeswereconsideredindividuallyandapprovedbytheTrusteesof the
charity at a minuted meeting convened in Jonathan Cohen's absence.

DuetotheongoingextraordinarycircumstancesoftheCovidpandemictheTrusteesreviewed its
arrangementwithJonathanCohenforadditionalongoingservicesasArtisticDirectorand approved
theextensionofthisarrangementtoFebruary2021.Theseserviceswouldinclude artistic
programmingandresearch,talentsearchandsupportoftheNewEnsemblistsprogramme, and
workinsupportoffundraisingactivityincludingpromotionandperformance.£15,600waspaid to
JonathanCohenduringtheyearfortheprovisionoftheseservices.Thisarrangementwas not
renewedbeyondFebruary2021bymutualagreement,andnoprovisionhasbeenmade,or is
ongoing, for a future renewal of this arrangement subject to further resolution of the board.

ThetotalvalueofdonationsmadetothecharityintheyearfromTrusteeswas£41,130 (2020:
£30,500).

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