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← Arcangelo

2024-06-30-accounts

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 2024

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 2024

Page
Report of the Trustees 1 to 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 26
Detailed Statement of Financial Activities 27 to 28

ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

To advance, improve, develop and maintain public education in, and appreciation of the art and science of music in all its aspects by any means the trustees see fit. This includes presentations of public concerts and recitals in the UK and abroad in which historical performance practice is applied using instruments of the period, as well as to further such charitable purpose(s) as the trustees may think fit (including by making grants and donations).

The charity's work in fulfilment of its objects is guided at an operational level by the headline aims of its Strategic Plan, which are (1) to create world-class performances; (2) to build strong, sustained relationships; (3) to identify and support emerging talent and (4) to develop organisational resilience.

Public benefit

The beneficiaries of our work are (1) our audiences, whom we endeavour to inspire through fresh and relevant interpretations, and to increase through live and digital performance activities and media; (2) the wider Classical Music sector as we advance artists of the future and drive interest in repertoire through our projects; and (3) the musicians with whom we work, both our emerging artists and our soloists.

We continue to evaluate Arcangelo's activities via qualitative statements from the press, promoters, and fans; via quarterly self-review and internal feedback from our trustees; via review of attendance and revenue figure from the concert venue and recording companies and via analysis of the reach of all kinds that we achieve, including live, broadcast and streaming audiences, as well as website and social media engagement.

We are pleased to report that the 2023-24 year has seen Arcangelo continue to deliver and develop its activities in favour of its beneficiaries with an unprecedentedly wide-ranging schedule of live concert activity and significant achievements across recording work and young artist development, and strong development of our Friends events programme. The year also saw Arcangelo continue to develop its organisational strength and capacity, with continued strong progress in the area of fundraising building on the achievements, and the appointment of three new trustees including Sir Nicholas Kenyon as Chair of Trustees in succession to Rosalyn Wilkinson. The standout achievement of the year was both organisational and artistic, with extensive negotiations leading to a formal agreement with the London Handel Festival for Arcangelo to take up the new position of Principal Ensemble in Residence from 2025.

Page 1

ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

ACHIEVEMENT AND PERFORMANCE

Concert activity

Date Venue Territory Programme (Soloists) Audience
7 Aug Teatro Colón, Buenos Aires Argentina Bach & Vivaldi (Avi Avital) 2,500
8 Aug Teatro El Circulo, Rosario Argentina Bach & Vivaldi (Avital) 250
10 Aug Auditorio del Sodre, Montevideo Uruguay Bach & Vivaldi (Avital) 750
12 Aug Theatro Municipal, Rio de Janeiro Brazll Bach & Vivaldi (Avital) 1,500
14 Aug Sala São Paulo, São Paulo Brazil Bach & Vivaldi (Avital) 1,000
16 Aug Auditorio Santa Ursula, Lima Peru Bach & Vivaldi (Avital) 600
18 Aug Teatro Colsubsidio, Bogota Colombia Bach & Vivaldi (Avital) 200
24 Aug Santander International Festival Spain Boccherini & Haydn (Nicolas
Altstaedt)		 750
25 Aug Pollença International Festival Mallorca Boccherini & Haydn (Altstaedt) 400
4 Nov Wigmore Hall, London UK Boccherini & Haydn (Altstaedt) 400
5 Nov Saffron Hall, Saffron Walden UK Boccherini & Haydn (Altstaedt) 200
12 Nov De Bijloke, Ghent Belgium Boccherini & Haydn (Altstaedt) 500
14 Jan Norwich Festival Theatre UK ‘Baroque’ (Miloš) 685

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
17 Jan Cadogan Hall, London UK ‘Baroque’ (Miloš) 950
18 Jan Middlesbrough Town Hall UK ‘Baroque’ (Miloš) 300
19 Jan Sheffield City Hall UK ‘Baroque’ (Miloš) 750
20 Jan St George’s Hall, Bradford UK ‘Baroque’ (Miloš) 350
21 Jan Usher Hall, Edinburgh UK ‘Baroque’ (Miloš) 1,200
16 Feb Trinity College Chapel,
Cambridge		 UK Bach (Théotime Langlois de
Swarte)		 400
17 Feb Bath Abbey UK Bach (de Swarte) 425
7 Mar National Concert Hall, Dublin ROI ‘Baroque’ (Miloš) 800
9 Mar Warwick Arts Centre UK ‘Baroque’ (Miloš) 500
13 Mar Wigmore Hall, London UK Bach (de Swarte) 450
21 May Auditorio Principe Felipe, Oviedo Spain ‘The Art of Improvisation’ 250
22 May Auditorio Nacional de Música,
Madrid		 Spain ‘The Art of Improvisation’ 600
24 May Fidelio Café, London UK ‘The Art of Improvisation’ 20

2023-24 was Arcangelo's busiest-ever year in terms of live concerts, with 27 performances across the UK and 9 further international territories including a remarkable 21 venue and six territory debuts. This was more than double the number of live concerts given in 2022-23, and equal to the total number of concerts given in the three previous years (2020-2023) combined,

Major artist tours with Avi Avital (7 dates across South America, Aug 2023) and Milos (8 dates across the UK and ROI, Feb-Mar 2024) were the principal drivers of this performance, but the year also saw also saw developed live concert collaborations with established partner Nicolas Altstaedt (4 dates across Spain and the UK, Aug-Nov 2023) and with a new partner, rising star violinist Theotime Langlois de Swarte (3 UK dates, FebMar 2024). With soloist feature programmes there is a risk that the ensemble can be relegated to a subordinate role; we applied our 'chamber ethos' to programme development to ensure that soloists appeared as much as integrated partners as standout heroes. This approach was popular with soloists and ensemble members alike, and was also recognised by several of our critical reviewers.A selection of concert review highlights is provided in the Annexe at the end of this report. The ongoing artistic and commercial importance of small-format work was evidenced by our new chamber programme, 'The Art of Improvisation', which enabled us to secure two Spanish venue debuts including an important first appearance at the Auditorio Nacional in Madrid, and established some new repertoire for further exploration.

Overall, the live concert schedule represented a very strong achievement against our ongoing wish to develop concentrated concert projects of at least 3 performances within a 7-10 day period. As with last year, this success has been built on increasingly long-range artistic planning and sales work in partnership with our sales agent network, whose chances of success are greatly increased when they can work from the start of any given sales cycle.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Recordings

Released
Release date Format Title (Soloists) Label
Sep 2023 Video Telemann: Paris Quartet No.6 n/a
Feb 2024 Audio Handel: Theodora (Louise Alder, Anna
Stéphany, Tim Mead, Stuart Jackson, Adam
Plachetka)		 Alpha Classics

Recorded
Recorded Format Title (Soloists) Label Release date
Feb 2024 Audio Boccherini: Cello Concertos Vol.3
(Nicolas Altstaedt)		 Alpha Classics TBC
Recorded Format Title (Soloists) Label Release date
April 2021 -
May 2023		 Audio Boccherini: Cello Concertos
Vol.1-2 (Nicolas Altstaedt)		 Alpha Classics TBC
Jan 2023 Audio Buxtehude: ‘Manuscript’ Sonatas Alpha Classics Summer 2025 tbc
Jun 2023 Audio Handel: ‘Chandos’ Anthems Alpha Classics Apr 2025

Spotify streaming - headline statistics

2023-24 2022-23 Growth YoY
Listeners (full year total) 59,468 40,965 +45%
Streams (full year total) 369,714 173,791 +113%
Followers (at year end) 697 453 +53%

YouTube channel - headline statistics
2023-24 2022-23 Change
Views (full year total) 44,300 30,200 +47%
Viewing hours (full year total) 2,904 2,224 +30%
Subscribers (at year end) 1,150 902 +27%

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

The release in February of our 'Theodora' recording was a major event. Since giving the work its BBC Proms premiere in 2018, Arcangelo and our cast, notably title role soprano Louise Alder, have evolved a special custody of 'Theodora' with three further major-venue concerts all drawing large audiences and critical praise. The recording was a natural next step and a significant challenge, requiring our biggest-ever fundraising campaign and 100+ hours of recording and production. The release therefore represented a high stakes moment, which we supported with special promotional investment including a launch party with live performance. The critical reception was happily outstanding, with praise across print, web and radio from France, Germany, Belgium, Italy, Spain, the Netherlands, Poland, the USA and Australia. In the UK, the album received Editor's Choice and Critics' Choice citations from Gramophone, and was picked as the outright best recording of the work by BBC Radio 3. A selection of the review highlights is provided in the Annexe at the end of this report.

The year also saw another significant recording milestone with the self-promoted release on our YouTube channel of our first dedicated studio film, featuring Telemann's Paris Quartet No.6. In contrast to 'Theodora' our approach here was to test the unaided organic power of YouTube as a distribution and promotional medium. The film has so far secured some 11,000 views in the UK and further territories including several (the US, Japan, Australia) where Arcangelo has no immediate concert prospects. Feedback from viewers has been highly positive, both in respect of the quality of the performance "A better rendition than this one? Just impossible. All the performers are perfect." (YouTube viewer) and of the decision to film: "So useful for those supporters… who find it difficult to get to London for Arcangelo events." (Arcangelo Friend via email).

The year also saw the release on Sony Records of 'Baroque' by star solo guitarist Milos Karadaglic, featuring Arcangelo as a supporting ensemble. The popularity of this artist, supported by major label distribution and promotion, ensured high streaming activity for this album from release in October 2023, although audience attention inevitably focused on the Milos solo tracks.

All of this activity contributed towards an extremely successful year for our Spotify profile and YouTube channel, which collectively represent a sort of 24/7 'digital concert hall'. Our Spotify profile enjoyed especially strong growth supported by the strength of our new releases led by 'Theodora' and the ongoing popularity of our back-catalogue, now fully available on streaming services as reported last year.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Artist Training and Development

New Ensemblists - programme activity

Date Activity
August 2023 Participation in Arcangelo tour with Avi Avital
Participation in Arcangelo concerts with Nicolas Altstaedt
November 2023 Participation in Arcangelo concerts with Nicolas Altstaedt
December 2023 New Ensemblists standalone recital visit to Sofia Baroque Festival
January 2024 Auditions for New Ensemblists Cohort 3
New Ensemblists academy sessions with Carolyn Sampson, Colin Scobie & David
Watkin
Participation in Arcangelo tour with Milos
February 2024 Participation in Arcangelo recording sessions with Nicolas Altstaedt
Participation in Arcangelo ‘Theodora’ recording launch event
March 2024 Participation in Arcangelo tour with Milos
(July 2024) New Ensemblists Cohort 2 graduation recital week

New Ensemblists - audition statistics

Jan 2024
(for Cohort 3)		 Jan 2022
(for Cohort 2)		 Nov 2019
(for Cohort 1)
Total applicants 193 94 95
Of which non-UK resident 133 (69%) 29 (31%) 37 (39%)
Invited to audition 69 36 31
Selected 5 3 3

2023-24 saw our second cohort of Arcangelo New Ensemblists (Violinists Cristina Prats-Costa and Yaoré Talibart and cellist Madeleine Bouissou) complete their two-year programme across a range of standalone ANE projects and opportunities to appear as part of Arcangelo projects. All three musicians testified to the value and impact of the ANE programme on their artistic and professional development; sample testimonies are provided in the Annexe at the end of this report.

Auditions held during the year for the third cohort (2024-26) drew more applications than the previous two cohort auditions combined, including unprecedentedly high applications in absolute and proportional terms from non-UK resident musicians. These figures clearly demonstrate the impact of three years of activity on the ANE's programme profile and also speak to an international scarcity of comparable programmes for early career period instrumentalists.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

With the ANE programme now firmly established as a positive contributor to Arcangelo's artistic and organisational model across the board, and with a high level of quality applications, we were emboldened to select five musicians including the programme's first wind player to form the ANE third cohort from September 2024: Leo Appel (Violin), Carmen Lavada Johnson-Pájaro (Violin), Jaume Pueyo Solà (Viola), Martin Egidi (Cello) and Francisco Javier Sánchez Castillo (Bassoon).

Friends Activity
Date Project Activity (Venue)
16 Oct Season Launch Event (Foundling Museum)
3 Nov Concerts w/ Altstaedt Open rehearsal (Warehouse)
4 Nov Concerts w/ Altstaedt Concert & Supper Club (Wigmore Hall & Mandeville Hotel)
16 Nov Artistic Director’s Circle Dinner (Cheyne Walk)
17 Jan Tour w/ Milos Pre concert reception (Cadogan Hall)
5 Feb Theodora Launch Party (Goodenough College)
8 Feb Boccherini 3 recording Open rehearsal (St Jude-on -the-Hill)
17 Feb Concerts w/ de Swarte Pre concert reception (Bath Abbey)
13 Mar Concerts w/ de Swarte Concert & Supper Club (Wigmore Hall & Mandeville Hotel)
24 May Art of Improvisation Insight Session (Fidelio Cafe)
10 Jul New Ensemblists Lunchtime Recital (Wigmore Hall)
12 Jul New Ensemblists Lunchtime recital (Burgh House)

2023-24 was the all-important second year for our new-look Friends Events programme, supported by new CRM software incorporating an events module with end-user sign-up forms and back office attendance registers. The FE programme creates a significant extra workload; with flagship events also entailing substantial venue, catering and performer costs. On the whole, however, the Friends Events programme drew demonstrably improved contacts with Friends and Supporters in London and the SE, and increased numbers of donations and renewals. The post-Wigmore 'Supper Club' at the Mandeville Hotel has been a particular success, and now feels like an essential forum.

Organisational / Governance

In November 2023 we signed an agreement with Askonas Holt Ltd for representation in Germany, Austria, Switzerland and Eastern Europe. We have high hopes of this arrangement which complements the longstanding relationship between Askonas and our Artistic Director Jonathan Cohen, and which has the potential to significantly develop our concert presence in the agreed territories.

Following the launch of an appointment process in the previous year, the board was pleased to welcome Sir Nicholas Kenyon as the new Chair of Trustees with formal effect from 21 February 2024. Outgoing Chair Rosalyn Wilkinson remained on the board as a regular trustee to assist with transition, including board work on the scheduled update to the charity's Strategic Plan.The board was also pleased to welcome Maren Brandes and Justin Nuccio as new trustees. Over the course of the year the board's work had a particular focus on a new proposed collaboration with the London Handel Festival (see below).

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

In March 2024 the charity was able to take advantage of a leasehold opportunity arising at Trinity Buoy Wharf to finally secure a proper home for Arcangelo's music library and artistic planning activities. The TBW site is a creative hub with much potential for further use for events and activities which we look forward to exploring. The lease represents a substantial new contribution to our annual core costs, placing added emphasis on our annual core cost fundraising work; these changes are assessed to be sustainable at present levels of financial and fundraising performance.

FINANCIAL REVIEW Financial position and fundraising

Position at end of year

The charity’s financial position at the end of the year is healthy, aided considerably by its first applications for unclaimed Orchestral Tax Relief. Overall the year saw good performance against targets for commercial income, and notable success in applications to Trusts and Foundation grants, with £30,000 of awards for core and programme costs endorsing our eligibility, capacity and approach in this area, and creating a strong basis for ongoing pipeline work. We also welcomed developments in the numbers of Friends signing up for annual standing orders supported by our improved online facilities and enhanced programme of events and activities. This programme was itself developed considerably over the course of the year on an experimental basis; the charity approved around £20,000 of unbudgeted expenditure across the year in support of this activity, including seven reception and hosting events, notably a launch event for the recording of ‘Theodora’.

Financial outlook for next year

The financial outlook for next year is promising, with further applications for unclaimed Orchestral Tax Relief, and the commencement of rolling claims for ongoing eligible activity, offering the prospect of a significant increase in reserves. A strong artistic season, although weighted towards the first half of the charity’s financial year, will provide excellent opportunities for the charity to develop its success in drawing new and renewed individual donations, while our now developed artistic and programme planning gives us a solid prospectus on which to work through our T&F pipeline. The charity will nevertheless need to continue to work hard across all areas of activity to ensure continued strong financial performance, as its present strong organisational development entails growth in its operational cost base, notably through its new commercial lease and an increased staff, and as its increasing artistic ambitions entail increasingly-challenged commercial budgets.

Reserves policy / reserves held at the balance sheet date

The Charity aims to maintain free unrestricted reserves of £50,000 to provide a level of working capital that protects the continuity of the Charity’s work, to provide a level of funding for unexpected opportunities, and to provide cover for risks such as unforeseen expenditure or unanticipated loss of income, and which should be sufficient to meet not less than six months of operational costs. At year end, the charity held unrestricted reserves of £125,230.

Going concern

At the time of approving the annual accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

ARCANGELO

FUTURE PLANS Concerts

At the beginning of the year the charity was invited into a new artistic collaboration by the London Handel Festival, whose proposal encompassed a Principal Residency for Arcangelo at the heart of the annual festival, and a separate role as LHF Artistic Adviser for our Artistic Director Jonathan Cohen. Following extensive board and management discussions we were pleased to sign a Heads of Agreement document in March 2024 setting out key principles and parameters for an initial two-year period and including a commitment to work together to explore renewal and further development beyond this period. The agreement creates major new concert prospects for 2025 and 2026 which from 2026 will be offered as touring productions to EU promoters. Early work also commenced during the year on a major new multi-season programming project with Wigmore Hall which extends our planning schedule forward to 2028.

The 2024-25 season is strong artistically and includes major collaborations with Kate Lindsey and Vilde Frang, the revival of our 2021 festive programme based on Schuetz's Christmas Story, and our debut appearances at the London Handel Festival crowned by the festival flagship oratorio performance of 'L'Allegro, Il Penseroso ed il Moderato.' The season calendar is front-weighted with a large gap in live concert activity following the LHF performances before our summer festival programme in July. Some of this gap will be covered by new recording release activity (see below), around which it will be important to coordinate increased efforts.

Recordings

Last year's intensive recording studio activity has left us with a full post-production pipeline and so we held only two sets of new sessions in the year. The first, with soloist Tim Mead, had to be cancelled at the eleventh hour due to ill health. Exceptional understanding and generosity on the part of the project's financial supporter ensured that all participating musicians and committed production costs were paid in full. In February 2024, we were pleased to complete our studio work on the complete Boccherini cello concertos with soloist Nicolas Altstaedt. This project now joins the extensive release queue which will ensure a strong wave of new release activity, and attendant publicity, in the next 18 months. There is accordingly no immediate pressure to develop new recording plans, but various ideas are under early consideration.

Artist Training & Development

In 2024-25 we look forward to welcoming our largest-ever cohort of Arcangelo New Ensemblists. An outline schedule for this cohort's two-year programme is already established, based on the schedule developed for cohort 2. There will be novel opportunities for the third cohort thanks to Arcangelo's new collaboration with the London Handel Festival. Care needs to be taken to ensure that the cohort 3 programme takes account of learnings from cohort 2, and reflects the particularities of the new cohort. The increased cohort size brings increased administrative requirements, and increased funding requirements which will place increased emphasis on our work on Trust and Foundation applications, where the ANE programme does however enjoy a strong basis of support. On this basis, our case for support for the programme is sound.

Friends Activity

2024-25 will be the third year of our relaunched Friends programme. With two successful years behind us, the challenge will be to maintain momentum and ensure that heightened expectations in this area are met. As our Friends community continues to grow, increased care needs to be taken to maintain a genuinely personal level of interaction with each individual, ensuring that each individual continues to sense that their contribution and support is valued and remembered.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Arcangelo is a company limited by guarantee, without share capital, incorporated on 30 June 2010 and registered as a charity on 12 January 2011. The company was established under a Memorandum of Association, which sets out the objects and powers of the charitable company and is governed by its Articles of Association.

Recruitment and appointment of new trustees

We endeavour to have a trustee group that offers the charity a varied skill set, since Arcangelo expects and needs practical help as well as governance from its board. We have used a variety of methods to identify and attract trustees, including the Arts and Business Board Bank, Nurole, peer and sector recommendations, and individual-based approaches. Potential trustees are interviewed by several existing trustees to ensure a fit, and their appointment is agreed by a majority of the board.

Organisational structure and governance

The company is managed and administered on a day-to-day basis by its General Manager, with reference to an agreed Schedule of Authorities and Delegations. The General Manager confers regularly with the Artistic Director and reports regularly to the Chair of the Trustees. The Board of Trustees meets quarterly to review the activities of the company; Finance and Development sub-committees also meet quarterly to review these areas ahead of full board meetings and to provide targeted support and insight across the year.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07299583 (England and Wales)

Registered Charity number

1139783

Registered office

c/o 82 High Street Tenterden Kent TN30 6JG

Trustees

J Cohen A J Buck (resigned 2/10/2023) D B Rockwell (resigned 25/10/2023) R M S Wilkinson R G Mayhew (resigned 11/10/2023) C A Potter M De-Fry (resigned 4/9/2024) C L Maddox M Brandes (appointed 4/12/2023) J Nuccio (appointed 4/12/2023) N R Kenyon (appointed 21/2/2024)

Independent Examiner

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

Page 10

ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Principal Staff

General Manager - J Forbes

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on Thursday 13[th] February 2025 and signed on its behalf by:

Nicholas Kenyon, Chair of Trustees

Page 11

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARCANGELO

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

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in 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)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr David Ashby FCCA ACA

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

Date: 24.02.25

Page 12

ARCANGELO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
87,404
Charitable activities
4
Performances and recordings
329,575
Investment income
3
1,095
Total
418,074
EXPENDITURE ON
Charitable activities
5
Performances and recordings
382,051
Other
11,396
Total
393,447
NET INCOME/(EXPENDITURE)
24,627
Transfers between funds
13
1,286
Net movement in funds
25,913
RECONCILIATION OF FUNDS
Total funds brought forward
99,317
TOTAL FUNDS CARRIED FORWARD
125,230		 Restricted
funds
£
92,620
-
-
92,620
93,538
-
93,538
(918)
(1,286)
(2,204)
15,619
13,415		 2024
Total
funds
£
180,024
329,575
1,095
510,694
475,589
11,396
486,985
23,709
-
23,709
114,936
138,645		 2023
Total
funds
£
247,699
265,440
878
514,017
514,758
-
514,758
(741)
-
(741)
115,677
114,936

The notes form part of these financial statements

Page 13

ARCANGELO (REGISTERED NUMBER: 07299583)

BALANCE SHEET 30 JUNE 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
CURRENT ASSETS
Debtors 10 88,407 - 88,407 85,149
Cash at bank 49,700 13,415 63,115 51,695
138,107 13,415 151,522 136,844
CREDITORS
Amounts falling due within one year 11 (12,877) - (12,877) (21,908)
NET CURRENT ASSETS 125,230 13,415 138,645 114,936
TOTAL ASSETS LESS CURRENT
LIABILITIES 125,230 13,415 138,645 114,936
NET ASSETS 125,230 13,415 138,645 114,936
FUNDS 13
Unrestricted funds 125,230 99,317
Restricted funds 13,415 15,619
TOTAL FUNDS 138,645 114,936

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on Thursday 13[th] Februar y 2025 and were si g ned on its behalf b y :

Nicholas Kenyon, Chair of Trustees

The notes form part of these financial statements

Page 14

ARCANGELO

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period		 2024
£
66,823
(56,498)
10,325
1,095
1,095
11,420
51,695
63,115		 2023
£
(87,751)
-
(87,751)
878
878
(86,873)
138,568
51,695

continued...

Page 15

ARCANGELO

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024 2023
£ £
Net income/(expenditure) for the reporting period (as per
the Statement of Financial Activities) 23,709 (741)
Adjustments for:
Interest received (1,095) (878)
Decrease/(increase) in debtors 53,240 (67,844)
Decrease in creditors (9,031) (18,288)
Net cash provided by/(used in) operations 66,823 (87,751)
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1/7/23
Cash flow
At
£
£
Net cash
Cash at bank
51,695
11,420
51,695
11,420
Total
51,695
11,420		 30/6/24
£
63,115
63,115
63,115

continued...

Page 1�

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Any incoming resources received in an accounting period that relate exclusively to future years are deferred on the balance sheet.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings 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

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes, such as for example a specfic recording.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid at the year end after taking account of any discount due.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

continued...

Page 1�

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

2. DONATIONS AND LEGACIES
2024 2023
£ £
Gifts and donations 164,232 221,728
Gift aid **15,792 ** 25,971
180,024 247,699
See note 13, related party disclosures, for details of donations to the charity from Trustees.
3. INVESTMENT INCOME
2024 2023
£ £
Deposit account interest 1,095 878
4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Performances
and Total
recordings activities
£ £
Performances and recordings 272,863 261,863
Other income 214 3,577
Orchestral Tax Relief Claims 56,498 -
329,575 265,440
5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Performances and recordings 385,028 90,561 475,589
6. SUPPORT COSTS
Governance
Other costs Totals
£ £ £
Other resources expended 1,861 9,535 11,396
Performances and recordings 76,971 13,590 90,561
**78,832 ** 23,125 101,957

continued...

Page 1�

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

6. SUPPORT COSTS - continued

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

Other

Other
Performances
resources
and
expended
recordings
£
£
Other operating leases
-
3,378
Insurance
1,370
-
Postage, stationery and office
491
-
Consultancy fees
-
73,593
1,861
76,971
Governance costs
Other
Performances
resources
and
expended
recordings
£
£
Bank charges
564
22
Foreign exchange differences
-
3
Business and professional service costs
1,321
13,565
Sundries
5,118
-
Accountancy
2,532
-
9,535
13,590		 2024
Total
activities
£
3,378
1,370
491
73,593
78,832
2024
Total
activities
£
586
3
14,886
5,118
2,532
23,125		 2023
Total
activities
£
-
1,411
328
72,506
74,245
2023
Total
activities
£
3,342
(1,581)
2,723
5,538
1,380
11,402

Governance costs

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Other operating leases
Independent examination fee		 2024
£
3,378
1,043		 2023
£
-
1,043

continued...

Page 1�

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.

See note 13 for details of performance fees (not for service as a trustee) paid to Jonathan Cohen in his capacity as Artistic Director.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.

9.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
113,552
Charitable activities
Performances and recordings
250,179
Investment income
878
Total
364,609
EXPENDITURE ON
Charitable activities
Performances and recordings
361,601
NET INCOME/(EXPENDITURE)
3,008
Transfers between funds
(11,749)
Net movement in funds
(8,741)
RECONCILIATION OF FUNDS
Total funds brought forward
108,057
TOTAL FUNDS CARRIED FORWARD
99,316		 Restricted
funds
£
134,147
15,261
-
149,408
153,157
(3,749)
11,749
8,000
7,620
15,620		 Total
funds
£
247,699
265,440
878
514,017
514,758
(741)
-
(741)
115,677
114,936

continued...

Page ��

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Tax
VAT
Accrued income
Prepayments
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accrued expenses
12.
LEASING AGREEMENTS		 2024
£
8,000
19,092
56,498
1,705
-
3,112
88,407
2024
£
398
169
12,310
12,877		 2023
£
26,348
25,841
-
5,517
5,000
22,443
85,149
2023
£
8,639
659
12,610
21,908

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Fundraising consultancy
23 Boccherini 2 Recording
23 Chandos Recording
23 Theodora Recording
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Tim Mead Recording
TOTAL FUNDS		 At 1/7/23
£
99,317
7,620
7,999
-
-
-
-
-
15,619
114,936		 Net
movement
in funds
£
24,627
-
(2,204)
(2,463)
3,651
(1,706)
(1,764)
3,568
(918)
23,709		 2024
£
-
Transfers
between
funds
£
1,286
-
-
2,463
(3,651)
1,706
1,764
(3,568)
(1,286)
-		 2023
£
-
At
30/6/24
£
125,230
7,620
5,795
-
-
-
-
-
13,415
138,645

continued...

Page ��

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

13. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
23 Boccherini 2 Recording
23 Chandos Recording
23 Theodora Recording
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Tim Mead Recording
TOTAL FUNDS		 Incoming
resources
£
418,074
40,619
5,000
5,000
5,000
10,001
27,000
92,620
**510,694 **		 Resources
expended
£
(393,447)
(42,823)
(7,463)
(1,349)
(6,706)
(11,765)
(23,432)
(93,538)
**(486,985) **		 Movement
in funds
£
24,627
(2,204)
(2,463)
3,651
(1,706)
(1,764)
3,568
(918)
23,709

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Fundraising consultancy
23 Boccherini 2 Recording
23 Buxtehude Telemann Jan
23 Chandos Recording
23 Theodora Recording
TOTAL FUNDS		 At 1/7/22
£
108,057
7,620
-
-
-
-
7,620
115,677		 Net
movement
in funds
£
3,009
-
7,999
(15,926)
1,719
2,458
(3,750)
(741)		 Transfers
between
funds
£
(11,749)
-
-
15,926
(1,719)
(2,458)
11,749
-		 At
30/6/23
£
99,317
7,620
7,999
-
-
-
15,619
114,936

continued...

Page 2�

ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

13. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
23 Boccherini 2 Recording
23 Buxtehude Telemann Jan
23 Chandos Recording
23 Theodora Recording
TOTAL FUNDS		 Incoming
resources
£
364,609
31,272
21,856
20,690
75,590
149,408
514,017		 Resources
Movement
expended
in funds
£
£
(361,600)
3,009
(23,273)
7,999
(37,782)
(15,926)
(18,971)
1,719
(73,132)
2,458
(153,158)
(3,750)
(514,758)
(741)

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

Unrestricted funds
General fund
Restricted funds
Fundraising consultancy
23 Boccherini 2 Recording
23 Buxtehude Telemann Jan
23 Chandos Recording
23 Theodora Recording
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Tim Mead Recording
TOTAL FUNDS		 At 1/7/22
£
108,057
7,620
-
-
-
-
-
-
-
7,620
115,677		 Net
movement
in funds
£
16,042
-
5,795
(15,926)
(744)
6,109
2,936
5,188
3,568
6,926
22,968		 Transfers
between
funds
£
(6,993)
-
-
15,926
744
(6,109)
-
-
(3,568)
6,993
-		 At
30/6/24
£
117,106
7,620
5,795
-
-
-
2,936
5,188
-
21,539
138,645

continued...

Page 2�

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

ARCANGELO

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
23 Boccherini 2 Recording
23 Buxtehude Telemann Jan
23 Chandos Recording
23 Theodora Recording
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Tim Mead Recording
TOTAL FUNDS
1		 Incoming
resources
£
782,683
71,891
21,856
25,690
80,590
5,000
10,001
27,000
242,028
,024,711
(1		 Resources
Movement
expended
in funds
£
£
(755,047)
27,636
(66,096)
5,795
(37,782)
(15,926)
(26,434)
(744)
(74,481)
6,109
(6,706)
(1,706)
(11,765)
(1,764)
(23,432)
3,568
(246,696)
(4,668)
,001,743)
22,968

Restricted funding was received during the year for four recording projects (Handel: Theodora, Boccherini Concertos Volume 2, Handel: Chandos Anthems, and the cancelled album with Tim Mead). Funds remaining after the completion of these activities were transferred to the general fund, with the consent of the donors. Restricted funding was also received during the year for the Arcangelo New Ensemblists Programme. This funding was fully expended.

14. RELATED PARTY DISCLOSURES

Performance and recording fees (not for service as a trustee) were paid to Artistic Director Jonathan Cohen during the year totalling £38,197 (2023: £21,300) gross of tax and excluding VAT, and before his agent's commission. These fees were considered individually and approved by the Trustees of the charity in Jonathan Cohen's absence at a minuted meeting.

The total value of donations made to the charity in the year from Trustees was £71,287 (2023: £51,500).

continued...

Page 2�

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

ARCANGELO

15. ANNEXE

Concert review highlights

"Haydn not only gave prominence to the soloist, but also offered a wide range of opportunities to the orchestra, such as a ritornello that makes you wait for the entrance of the cello and with which Arcangelo made their prestige, class, and talent evident." - Ara Balears reviews Arcangelo at the Pollença Festival, August 2023

"After the break, the ensemble offered something I thought barely possible: a creative, wry, angular and surprisingly pacey interpretation of Pachelbel's Canon - a work whose ubiquity has been in danger of making it tired. This brought it to life for me." - The Edinburgh Review reviews Arcangelo at Usher Hall, January 2024

"Arcangelo is now one of the most acclaimed ensembles in the world, and it's not difficult to see why. Launching with a palpable verve and gusto into their all-Bach evening, and the first of the 6 Brandenburg Concertos, it was difficult to fix the focus of one's attention because everywhere demanded it…" - The Cambridge Independent reviews Arcangelo at the Cambridge Music Festival, February 2024

"The ensemble 'Arcangelo' brought the Oviedo Baroque Spring cycle to a brilliant close before an audience captivated by their technical skill…the audience rose to their feet and with shouts of "Bravo!" applauded the effort and quality of the performers…" - La Nueva España reviews Arcangelo at the Auditorio Principe Felipe, Oviedo, May 2024

'Theodora' recording review highlights

"Handel's standout masterpiece, in a recording that validates why we keep buying records and writing about them… Refreshing, moving and profound." - Gramophone

It's just on another level ... There's just so many exquisite musical and dramatic moments and it's not just from the soloists it's across the full recording, the chorus, the orchestra and that absolutely wonderful response of continuo that just underpins the whole thing." - BBC Radio 3

"Arcangelo's Theodora soars above all other accounts of Handel's masterpiece…" - Limelight Magazine (Australia)

"The precision of the colors, their variety, the depth of the breath, the concentration of the silences, create a musical fervor of a rare dramatic relevance." - Opera Magazine (France)

"Overall, Arcangelo's internalized, sonorous, and balanced interpretation of 'Theodora' ranks among the most coherent and moving versions of this extraordinary work." - Musikansich.de (Germany)

"On the one hand, a delightful warmth in the sound of the orchestra and the soloists' voices, and on the other, a feeling of constant momentum: the music seems to be constantly moving forward with clear direction. [...] Also, the historical instruments of Cohen's ensemble Arcangelo are a delight to the ear." - Luister Magazine (Netherlands)

New Ensemblist Cohort 2 testimonies

"One of the most important things for us is to have the opportunity to learn from great musicians, and Jonny and the whole team are giving us something that we don't get in school which is playing at a professional level, in professional concerts, and having this support and knowing that they trust in us and believe in us… that we are not left on our own." - Cristina Prats-Costa (Violin)

continued...

Page 2�

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

ARCANGELO

14. ANNEXE - continued

"I found it cool to be given an opportunity to create our own programming, I've always played with someone, now it's my programme, for my personality, I've been trying to find a balance between historical choices and a way to show that I can play as a musician. I had to really think about these choices, making choices settles the vision I have of myself, knowing better who I am!" - Yaoré Talibart (Violin)

"Performing in big projects with Arcangelo has greatly influenced my playing, as learning on the job and in the hot-seat can be more impactful than learning in a one-on-one lesson. These experiences have also introduced me to fantastic colleagues, who have been vital for me to build my career as a cellist living and working in a new country far from home." - Madeleine Bouïssou (Cello)

Page 2�

ARCANGELO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

INCOME AND ENDOWMENTS
Donations and legacies
Gifts and donations
Gift aid
Investment income
Deposit account interest
Charitable activities
Performances and recordings
Other income
Orchestral Tax Relief Claims
Total incoming resources
EXPENDITURE
Charitable activities
Artist fees
Event costs
Equipment hire
Travel and subsistence
Project production expenses
Support costs
Other
Other operating leases
Insurance
Postage, stationery and office
Consultancy fees
Governance costs
Bank charges
Foreign exchange differences
Business and professional service costs
Sundries
Accountancy		 2024
£
164,232
15,792
180,024
1,095
272,863
214
56,498
329,575
510,694
206,517
37,627
18,650
109,293
������
3������
3,378
1,370
491
73,593
78,832
586
3
������
5,118
2,532
������		 2023
£
221,728
25,971
247,699
878
261,863
3,577
-
265,440
514,017
269,900
45,844
20,282
64,786
28,299
429,111
-
1,411
328
72,506
74,245
3,342
(1,581)
2,723
5,538
1,380
11,402

This page does not form part of the statutory financial statements

Page 2�

ARCANGELO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Total resources expended
Net income / (expenditure)		 2024
£
486,985
23,709		 2023
£
514,758
(741)

This page does not form part of the statutory financial statements

Page 2�