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← Arcangelo

2025-06-30-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 2025

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 2025

Page Page
Report of the Trustees 1 to
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Cash Flow Statement
Notes to the Cash Flow Statement
Notes to the Financial Statements to
Detailed Statement of Financial Activities

ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

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 2025. 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 its Strategic Plan, which aims to (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 figures 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. In 2024-25 we introduced a new monitoring and evaluation framework for our Arcangelo New Ensemblists programme, which from next year will afford enhanced insights into the programme’s immediate impact on current participants, and its longer-range impact on graduates.

We are pleased to report that 2024-25 has seen Arcangelo continue to deliver strongly and vibrantly in support of its charitable purposes. Following last year’s unprecedentedly busy concert schedule, this year saw a return to a more balanced programme of activity which nevertheless sustained a trend of increasingly ambitious developed work. The breadth and quality of repertoire was particularly high, with chamber, consort, concerto and oratorio works spanning the early Baroque and early Classical periods, with top-tier soloist collaborations led by our reunion with Vilde Frang, and with the introduction of our third cohort of Arcangelo New Ensemblists. The major event of the year, artistically and organisationally, was our debut Principal Ensemble residency at the London Handel Festival. The success of this nine-day project, resoundingly welcomed by audiences and critics, was a gratifying reward for Arcangelo and LHF’s teamwork over many months, and confirmed our sense of the huge potential that this new collaboration holds for increased artistic ambition and audience impact in the years to come. The year’s other notable achievement came in our ‘digital concert hall’ of streaming audio and video, where total annual Spotify streams leapt by over 500% towards the 1 million mark for the first time.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

ACHIEVEMENTS AND PERFORMANCE

Concert activity

Date
Venue
Territory
Programme (Soloists)
Audience		 Date
Venue
Territory
Programme (Soloists)
Audience		 Date
Venue
Territory
Programme (Soloists)
Audience		 Date
Venue
Territory
Programme (Soloists)
Audience		 Date
Venue
Territory
Programme (Soloists)
Audience
18 Aug
Haus für Mozart, Salzburg
Austria
‘Tiranno’) (Kate Lindsey)
1,400
3 Oct
De Oosterpoort, Groningen
NL
Bach & Purcell (Vilde Frang, Julia Doyle)
400
4 Oct
Musis, Arnhem
NL
Bach & Purcell (Frang, Doyle)
400
6 Oct
St Marys’, Tetbury
UK
Bach & Purcell (Frang, Doyle)
300
14 Aug
Wigmore Hall
UK
Bach & Purcell (Frang, Doyle)
500
12 Dec
DeSingel, Antwerp
Belgium
Schütz: Christmas Story
700
13 Dec
Trinity College, Cambridge
UK
Schütz: Christmas Story
300
15 Dec
Wigmore Hall
UK
Schütz: Christmas Story
400
19 Feb
BOZAR, Brussels
Belgium
‘Baroque’ (Miloš)
400
21 Feb
Muziekgebouw, Amsterdam
NL
‘Baroque’ (Miloš)
300
22 Feb
Salle Philharmonique, Liege
Belgium
‘Baroque’ (Miloš)
600
6 Mar
St George’s Hanover Sq., London
UK
Handel: L ’Allegro (Various)
685
11 Mar
Foundling Museum, London
UK
Various (Arcangelo New Ensemblists)
950
14 Mar St George’s Hanover Square UK Handel: Various (Emoke Barath) 300

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

Following 2023-24’s exceptionally wide-ranging activity, this year saw us achieve a relatively compact but well-balanced schedule of touring, with three out of five projects involving itineraries of three or more concerts and all but one foreign engagement taking place in Belgium or the Netherlands. Indeed, this was a particularly successful season for our BeNeLux agent who has been working hard to develop our profile in recent years, and whose efforts came to fruition this year with four venue debuts and two return visits (Musis Arnhem, 2nd visit; DeSingel Antwerp - 3rd visit).

Of our three soloist collaborations, that with Vilde Frang and Julia Doyle was the standout success artistically. With strong residual affection for our Mozart project (2015-16), and with Frang now firmly established as one of the world’s leading concerto soloists, we entered into this reunion project with high expectations which were duly met. Another signature Arcangelo artistic partnership created in the recording studio is that with Kate Lindsey. We were delighted to finally receive an opportunity to present a concert version of 2021’s critically-acclaimed ‘Tiranno’ project at the Salzburg Festival. Both of these collaborations powerfully demonstrate the value of studio recording projects as workshops for the creation of artistic work and relationships to be carried on into the world of live performance.

Our debut residency at the London Handel Festival was significant both as the realisation of almost two years of collaborative planning work with the LHF team and as a first working prototype of a key element of Arcangelo’s artistic output in seasons to come. Our primary concern was to achieve top quality artistic results commensurate with Arcangelo's standing and the hopes invested in us by LHF as their new principal ensemble. In this we were resoundingly successful with excellent leading newspaper reviews, capacity attendance for our oratorio and young artist concerts, and overwhelmingly enthusiastic audiences receptions across the board.

A selection of critical reviews received during the year is provided in the Annexe.

Recordings

Released
Release date Format Title (Soloists) Label
Jun 2025 Audio Handel: Chandos Anthems Alpha Classics
Jul 2025 Video Various (Arcangelo New Ensemblists) n/a

Recorded
Recorded Format Title (Soloists) Label Release date
Jun 2025 Audio Various: C18th Cello Concertos
(Nicolas Altstaedt)		 Alpha Classics TBC
Jun 2025 Video Barsanti: Scottish Folk Tunes n/a Nov 2025

- Previously recorded / in post production
Recorded Format Title (Soloists) Label Release date
April 2021 -
Feb 2024		 Audio Boccherini: Cello Concertos Vol.1-3
(Nicolas Altstaedt)		 Alpha Classics TBC
Jan 2023 Audio Buxtehude: ‘Manuscript’ Sonatas Alpha Classics Summer 2025 tbc

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

Spotify streaming - headline statistics

2024-25 2023-24 Growth YoY
Listeners (full year total) 376,030 59,468 +532%
Streams (full year total) 903,081 369,714 +144%
Followers (at year end) 866 697 +24%

YouTube channel - headline statistics
2024-25 2023-24 Change
Views (full year total) 40,200 44,300 -9%
Viewing hours (full year total) 3,108 2,904 +7%
Subscribers (at year end) 1,339 1,150 +16%

This was a highly successful year for Arcangelo’s ‘digital concert hall’: our online offer of streaming audio and video. On Spotify in particular, the accumulating popularity of new and recent releases and our extensive back catalogue achieved critical mass with explosive results: a five-fold increase in listeners, 144% growth in total streams, and 24% growth in followers. In a year where we only released one new studio recording (at the very end of the year in June; see below), this represents a vindication of Arcangelo’s founding commitment to the recording studio, and our adherence to a traditional high-quality studio recording approach through a period of upheaval in audio recording distribution and consumption. It also ensures an increasingly powerful platform for each future release, with platform algorithms and usergenerated activity such as playlisting both favouring consistently productive creators.

The new release, a first volume of Handel’s ‘Chandos’ Anthems, was our eighth album to appear on Alpha Classics. Although featuring lesser-known and smaller-scale repertoire than last year’s relative blockbuster Theodora , this new album won widespread praise including five stars and a Choral Choice from BBC Music Magazine, and was submitted by Alpha Classics for consideration at the 2026 GRAMMY Awards.

This year saw no new feature-length releases to our YouTube channel, but we created and released a large quantity of short-form content as part of promotional activity introducing our Cohort 3 Arcangelo New Ensemblists (see below), and shot an ambitious new studio film at Rosslyn Chapel outside Edinburgh for release later in the year.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

Artist Training & Development

New Ensemblists - programme activity

----- Start of picture text -----
Date Activity
October 2024 Participation in Arcangelo UK and EU concerts with Vilde Frang
Individual ‘induction’ sessions with Jonathan Cohen
December 2024 ANE ‘Academy’ sessions - ‘Repertoire hack’ with Jonathan Cohen, Sophie Gent and
Jonathan Manson
February 2025 Participation in Arcangelo EU concerts with Milos Karadaglic
March 2025 Participation in Arcangelo oratorio concert at London Handel Festival
New Ensemblists showcase recital at London Handel Festival
ANE filming - individual portfolio video sessions with Will Hazell
June 2025 Participation in Arcangelo recording sessions with Nicolas Altstaedt
July 2025 Participation in Arcangelo UK and EU concerts with Iestyn Davies & Soraya Mafi
----- End of picture text -----

We were delighted to welcome our third cohort of Arcangelo New Ensemblists this season, and to afford them a strong first year of activities. Drawing on learnings from cohorts one and two, we introduced initial one-to-one coaching sessions with Jonathan Cohen, and a dedicated year one concert showcase, capitalising on our debut residency at the London Handel Festival.

The primary challenge posed by the third cohort’s increased size (five players up from three in the two previous cohorts) was to our ability to offer meaningful experience to all participants, individually and collectively. The LHF residency was particularly constructive in this regard and will be so again next year when our wider concert schedule offers particularly rich performance experience opportunities.

We continued to review the ANE programme during the year, and introduced a new monitoring and evaluation framework to better track the immediate outcomes and impacts on active programme participants, and the longer-term outcomes and impacts on graduates. We were delighted to receive strong interim feedback from the new cohort regarding their first year, and also to observe clear indirect impact in the form of increased engagements for New Ensemblists with other ensembles in the UK and internationally.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

Friends’ activity

----- Start of picture text -----
Date Project Activity (Venue)
17 Aug Salzburg Festival Post-concert dinner with Friends and ensemble
9 Sep Season Launch Event (Trinity Buoy Wharf)
1 Oct Concerts w/ Frang Open rehearsal (The Warehouse)
8 Oct Concerts w/ Frang Concert & Supper Club (Wigmore Hall & Mandeville Hotel)
9 Nov Insight Day (Clore Studio at Foundling Museum)
11 Dec Schütz Open rehearsal (The Warehouse)
15 Dec Schütz Concert & Supper Club (Wigmore Hall & Mandeville Hotel)
6 Mar London Handel Festival Open rehearsal (St George’s Hanover Square)
13 Mar Concerts w/ de Swarte Concert & Supper Club (Wigmore Hall & Mandeville Hotel)
20 May Artistic Director’s Circle Dinner
----- End of picture text -----

We continued to build on the success of our new-look Friends Events programme in its third year. Friends Events are now reliably effective forums in which we can meaningfully catch up with regular supporters, and into which new or fringe supporters can easily advance to get to know us better. Attendance at all events was healthy, and there was a strong positive correlation between events activity and Friends membership subscriptions and renewals.

The Friends Events programme is starting to demonstrate considerable added value by increasing Arcangelo’s off-stage credentials to our supporters as a purveyor of knowledge, insight and access. The Insight Day event is particularly multi-faceted, offering our supporters the benefits of ‘expert guides’ to areas of interest, and offering Arcangelo a space in which to informally and sociably meet and take first contributions from an ‘extended faculty’ of collaborators who may then be invited to further enrich and engage with our work.

The significant extra workload entailed by the Friends Events programme and noted in last year’s report was addressed during the year by the decision to appoint a new Individual Giving Manager; this role will be key to the ongoing success and development of the Friends.

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ARCANGELO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

Organisational / Governance

The board was pleased to welcome Jesús Rio Cortes and Jeremy Honeth as new trustees during the year. Further board renewal will be required next year following the scheduled retirement of Rosalyn Wilkinson.

The board conducted a staffing review during the year to ensure the charity’s ongoing ability to sustain its operations and performance in line with its growing ambitions and requirements. Following the review, the board agreed the creation of two new roles: Business Manager and Individual Giving Manager, and a rationalisation of the existing General Manager role under the new title of Executive Director. The Business Manager and Individual Giving Manager roles were advertised at the end of the year; news of the appointments will follow in next year’s report.

During the year, the charity was offered an opportunity to purchase a harpsichord from its long-serving keyboard technician Simon Neal who is entering retirement. The instrument is a highly regarded modern copy of a 17th century pattern and stands to offer Arcangelo considerable use value in future years, as well as the potential for an additional income stream throughout-hire. Following consultation, valuation checks and a pre-purchase condition inspection and report, the charity and Simon Neal agreed terms for the purchase and transfer of ownership, to take place in the charity’s next financial year: (see ‘Financial position and fundraising’ below).

Financial position and fundraising

Position at end of year

For the second year in a row, the charity ended the year with a strong surplus, aided again by our ongoing submission of backdated Orchestral Tax Relief claims. This historical exercise is now complete but future years will continue to derive additional support from ongoing OTR claims on a rolling basis.

Artistic activity budgeting proved largely robust, giving confidence in our ability to assess the financial risks of ongoing planning. Friends memberships and giving continued to display positive growth; as noted above we are aware that these developments need to be accelerated and look forward to the impact of our new Individual Giving Manager.

Our efforts in pursuit of Trust & Foundation income had variable success in line with expectations: core cost applications achieved 41% of target while New Ensemblist programme applications hit 100% of target. The fundraising environment means that any meaningful core T&F target will be stretching. T&F targets are set for the same levels next year and will continue to be an operational priority.

Financial outlook for next year

Next year’s unprecedentedly ambitious artistic activity entails equivalently high loads on our financial model. Cashflow forecasting has identified a particular pressure point in March-April 2026, which we are working to mitigate with additional fundraising, expedited OTR and Gift Aid claims, and the possibility of new revenue streams derived from our new operational site at Trinity Buoy Wharf.

Subsequent events

On 11 September 2025, subsequent to the 30 June 2025 balance sheet date, the charity confirmed its agreement to purchase a Taskin harpsichord from Simon Neal for the price of £49,250 including VAT, payable across six instalments from September - November 2025.

Reserves policy / reserves held at balance 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 £228,282.

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ARCANGELO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

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.

FUTURE PLANS

Concerts

Following last season’s front-weighted season, 2025-26 starts on the light side with two standalone concert presentations before Christmas before the spring sees our heaviest concert schedule to date, with a second residency at the London Handel Festival swiftly followed by a major five-date UK and EU tour of Bach’s St Matthew Passion . Including three prestigious venue debuts and a second appearance at Barbican Centre, this tour has the potential to raise Arcangelo’s visibility and reputation to enhanced levels, and to increase demand for future seasons. With an even larger international tour now in the offing for the start of the 2026-27 season, our small administrative team will be operating at an unusually sustained high capacity rate, and advance planning and preparation will be key to ensuring effective delivery of some extremely high-value artistic product

Looking further ahead, artistic development work during the year has seen us advance our planning through to the early 2028-29 season with a major multi-season ‘narrative’ project celebrating the English Baroque commissioned by Wigmore Hall. The final programme in this project, as conceived, would take us into the world of stage production for the first time, and would depend on a wider co-production alliance, the development of which is in progress. We are also advancing plans for a dedicated suite of accompanying project resources, including a printed book and a companion website.

Recordings

With only one new recording released since last year, and a further one made in studio, our post-production pipeline remains full. A priority for next year is thus clearing the ‘backlog’ and we will be actively working with Alpha Classics to ensure that these releases are brought to market on a mutually satisfactory schedule. One new recording project is scheduled for the coming year, which will nevertheless be a major undertaking: Handel’s Saul . A dedicated fundraising appeal will support the costs of this project, which will be of the order of those successfully raised for Theodora in 2022-23.

Artist Training & Development

2025-26 will be the second and final year for our Cohort 3 Arcangelo New Ensemblists. Our ambitious concert and recording schedule will make this a particularly rich and rewarding year of performance experience, further augmented by scheduled mentored activities including skills workshops and the graduation recital. The year will also see auditions for Cohort 4; based on previous years, we expect to see a further increase in applications.

Friends Activity

Our 2025-26 Friends programme will continue to build on the experience and learnings of recent seasons, starting with a relatively light-touch Season Launch event arranged to tie in with an early season project. The engagement of a new Individual Giving Manager will enable us to increase the quality of our event planning and delivery for Friends, and also to step up our year-round interaction and engagement with Friends on a one-to-one basis. This role will be key to meeting our requirement identified last year for a Friends community which retains personal focus and attentiveness as it grows. On an administrative level, 2025-26 will see us migrate Friends giving to a new donations platform integrated with our CRM.

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

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. We welcome expressions of interest from potential new trustees at any time, and display a standing open invitation on our website. Potential trustees are interviewed by existing trustees to ensure a fit, with appointments 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 and freelance staff team, with reference to an agreed Schedule of Authorities and Delegations. The General Manager leads the freelance staff team, 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

Tenterden Kent TN30 6JG

Trustees

J Cohen N R Kenyon R M S Wilkinson (resigned 24 September 2025) M De-Fry (resigned 4 September 2024) C A Potter C L Maddox M Brandes J Nuccio (resigned 14 February 2025) J Rio Cortes (appointed 6 May 2025) J Honeth (appointed 6 May 2025)

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ARCANGELO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

Independent Examiner

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

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 05.01.2026 and signed on its behalf by:

N R Kenyon - Trustee

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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 2025.

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: 07.01.2026

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ARCANGELO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
153,524
Charitable activities
4
Performances and recordings
325,235
Investment income
3
389
Total
479,148
EXPENDITURE ON
Charitable activities
5
Performances and recordings
381,611
Other
-
Total
381,611
NET INCOME/(EXPENDITURE)
97,537
Transfers between funds
12
5,515
Net movement in funds
103,052
RECONCILIATION OF FUNDS
Total funds brought forward
125,230
TOTAL FUNDS CARRIED FORWARD
228,282		 Restricted
funds
£
5,400
25,874
-
31,274
45,834
-
45,834
(14,560)
(5,515)
(20,075)
13,415
(6,660)		 2025
Total
funds
£
158,924
351,109
389
510,422
427,445
-
427,445
82,977
-
82,977
138,645
221,622		 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

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ARCANGELO (REGISTERED NUMBER: 07299583)

BALANCE SHEET 30 JUNE 2025

Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
10
149,086
Cash at bank
105,957
255,043
CREDITORS
Amounts falling due within one year
11
(26,761)
NET CURRENT ASSETS/(LIABILITIES)
228,282
TOTAL ASSETS LESS CURRENT
LIABILITIES
228,282
NET ASSETS
228,282
FUNDS
12
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
4,021
4,021
(10,681)
(6,660)
(6,660)
(6,660)		 2025
Total
funds
£
149,086
109,978
259,064
(37,442)
221,622
221,622
221,622
228,282
(6,660)
221,622		 2024
Total
funds
£
88,407
63,115
151,522
(12,877)
138,645
138,645
138,645
125,230
13,415
138,645

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 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 05.01.2026 an were signed on its behalf by:

N R Kenyon - Trustee

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ARCANGELO

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Net cash provided by 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		 2025
£
89,715
(43,241)
46,474
389
389
46,863
63,115
109,978		 2024
£
66,823
(56,498)
10,325
1,095
1,095
11,420
51,695
63,115

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ARCANGELO

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Interest received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 2025
£
82,977
(389)
(17,438)
24,565
89,715		 2024
£
23,709
(1,095)
53,240
(9,031)
66,823

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1/7/24
£
63,115
63,115
63,115		 Cash flow
At 30/6/25
£
£
46,863
109,978
46,863
109,978
46,863
109,978

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ARCANGELO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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 specific 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.

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

2. DONATIONS AND LEGACIES

Gifts and donations
Gift Aid		 2025
£
138,259
20,665
158,924		 2024
£
164,232
15,792
180,024

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
Orchestral Tax Relief Claims
5.
CHARITABLE ACTIVITIES COSTS
Performances and recordings
6.
SUPPORT COSTS
Performances and recordings		 Direct
Costs
£
315,633
Other
£
91,962		 2025
£
389
2025
Performances
and
recordings
£
228,830
43,079
79,200
351,109
Support
costs (see
note 6)
£
111,812
Governance
costs
£
19,850		 2024
£
1,095
2024
Total
activities
£
272,863
214
56,498
329,575
Totals
£
427,445
Totals
£
111,812

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ARCANGELO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

6. SUPPORT COSTS - continued

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

Other

2025
Performances
and
recordings
£
Other operating leases
11,389
Insurance
1,592
Postage, stationery and office
104
Consultancy fees
78,877
91,962		 2024
Total
activities
£
3,378
1,370
491
73,593
78,832

Consultancy fees were paid during the year to a total of 8 freelance administrative staff members for the provision of general management, project and artist management, financial management, and marketing and fundraising services to the charity.

Governance costs

2025
Performances
and
recordings
£
Bank charges
1,126
Foreign exchange differences
835
Business and professional service costs
14,187
Sundries
1,827
Accountancy
1,875
19,850		 2024
Total
activities
£
586
3
14,886
5,118
2,532
23,125

7. NET INCOME/(EXPENDITURE)

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

Other operating leases
Independent examination fee		 2025
£
11,389
1,095		 2024
£
3,378
1,043

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024.

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 2025 nor for the year ended 30 June 2024.

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
87,404
92,620
Charitable activities
Performances and recordings
329,575
-
Investment income
1,095
-
Total
418,074
92,620
EXPENDITURE ON
Charitable activities
Performances and recordings
382,051
93,538
Other
11,396
-
Total
393,447
93,538
NET INCOME/(EXPENDITURE)
24,627
(918)
Transfers between funds
1,286
(1,286)
Net movement in funds
25,913
(2,204)
RECONCILIATION OF FUNDS
Total funds brought forward
99,317
15,619
TOTAL FUNDS CARRIED FORWARD
125,230
13,415
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade debtors
8,149
Other debtors
29,174
Tax
99,739
VAT
5,156
Prepayments
6,868
149,086		 Total
funds
£
180,024
329,575
1,095
510,694
475,589
11,396
486,985
23,709
-
23,709
114,936
138,645
2024
£
8,000
19,092
56,498
1,705
3,112
88,407

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accrued expenses		 2025
£
16,615
5,000
15,827
37,442		 2024
£
398
169
12,310
12,877
12.
MOVEMENT IN FUNDS
Net
movement
At 1/7/24
in funds
£
£
Unrestricted funds
General fund
125,230
97,537
Restricted funds
Fundraising consultancy
7,620
(6,162)
Boccherini 2 Altstaedt
5,795
(280)
25 06 Alstaedt Recording
-
2,563
25 06 Barsanti Filming
-
(10,681)
13,415
(14,560)
TOTAL FUNDS
138,645
82,977
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
479,148
Restricted funds
Fundraising consultancy
-
Boccherini 2 Altstaedt
-
25 06 Alstaedt Recording
25,874
25 06 Barsanti Filming
5,400
31,274
TOTAL FUNDS
510,422		 Transfers
between
funds
£
5,515
-
(5,515)
-
-
(5,515)
-
Resources
expended
£
(381,611)
(6,162)
(280)
(23,311)
(16,081)
(45,834)
(427,445)		 At
30/6/25
£
228,282
1,458
-
2,563
(10,681)
(6,660)
221,622
Movement
in funds
£
97,537
(6,162)
(280)
2,563
(10,681)
(14,560)
82,977

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Fundraising consultancy
Boccherini 2 Altstaedt
23 Chandos Recordings
23 Theodora
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Nov 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		 Transfers
between
funds
£
1,286
-
-
2,463
(3,651)
1,706
1,764
(3,568)
(1,286)
-		 At
30/6/24
£
125,230
7,620
5,795
-
-
-
-
-
13,415
138,645

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

Unrestricted funds
General fund
Restricted funds
Boccherini 2 Altstaedt
23 Chandos Recordings
23 Theodora
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Nov 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

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ARCANGELO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

12. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Fundraising consultancy
Boccherini 2 Altstaedt
23 Chandos Recordings
23 Theodora
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Nov Mead Recording
25 06 Alstaedt Recording
25 06 Barsanti Filming
TOTAL FUNDS		 At 1/7/23
£
99,317
7,620
7,999
-
-
-
-
-
-
-
15,619
114,936		 Net
movement
in funds
£
122,164
(6,162)
(2,484)
(2,463)
3,651
(1,706)
(1,764)
3,568
2,563
(10,681)
(15,478)
106,686		 Transfers
between
funds
£
6,801
-
(5,515)
2,463
(3,651)
1,706
1,764
(3,568)
-
-
(6,801)
-		 At
30/6/25
£
228,282
1,458
-
-
-
-
-
-
2,563
(10,681)
(6,660)
221,622

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
Fundraising consultancy
Boccherini 2 Altstaedt
23 Chandos Recordings
23 Theodora
23 New Ensemblists Cohort 2
24 New Ensemblists Cohort 2
23 Nov Mead Recording
25 06 Alstaedt Recording
25 06 Barsanti Filming
TOTAL FUNDS
1		 Incoming
resources
£
897,222
-
40,619
5,000
5,000
5,000
10,001
27,000
25,874
5,400
123,894
,021,116		 Resources
expended
£
(775,058)
(6,162)
(43,103)
(7,463)
(1,349)
(6,706)
(11,765)
(23,432)
(23,311)
(16,081)
(139,372)
(914,430)		 Movement
in funds
£
122,164
(6,162)
(2,484)
(2,463)
3,651
(1,706)
(1,764)
3,568
2,563
(10,681)
(15,478)
106,686

Restricted funding was received during the year for two projects, and is shown above.

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ARCANGELO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

13. RELATED PARTY DISCLOSURES

Performance and recording fees (not for service as a trustee) were paid to Artistic Director Jonathan Cohen during the year totalling £28,500 (2024: £38,197) 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 £52,310 (2024: £71,287).

14. ANNEXE

Concert review highlights

“Directing from the harpsichord, Cohen ensures Arcangelo’s playing has both richness and delicacy, with a vibrantly the seal on a quietly triumphant occasion.” The Guardian reviews Arcangelo at the Tetbury Festival, October 2024

“The performances throughout the evening were of top quality, with faultless early music performing style and unquestionable dedication to music the encore concluding the concert was of indescribable beauty and simplicity. The old German Christmas carol Es ist ein Ros in Praetorius’s harmonisation – with added instrumental verses – took my breath away.” Seen and Heard International reviews Arcangelo at Wigmore Hall, December 2024

rhythms or navigating the solo turns in the work’s many pictorial displays.” - The Times reviews Arcangelo at the London Handel Festival, March 2025

“After much disputing, Moderation arrived in part three with the solution to the question: the Middle Way of moderation like intricacy, which in this fervent performance seemed as riveting as all the vividly pictorial music we’d just heard. To make Moderation seem thrilling might seem impossible, but these wonderful performers managed it.” - The Daily Telegraph reviews Arcangelo at the London Handel Festival, March 2025

- The Guardian reviews Arcangelo at the London Handel Festival, March 2025

‘Chandos Anthems’ recording review highlights

- Gramophone

- - BBC Music Magazine (Choral Choice)

The intimacy of the music-making (eight bright voices, 11 sparkling instrumentalists) is part of this album’s special joy." - The Times

“Cohen further emphasises the chamber quality of his interpretation by giving the opening of certain choruses to one or two soloists. This brings an increased transparency and, at certain moments, a magical equilibrium between the various voices and instruments, close to what one would hear in a madrigal.” - Forum Opéra (France)

“...this recording achieves a crystalensemble must be highlighted, individually— blending of voices in the choir is so smooth and homogeneous that it borders on perfection. A very good album." - Scherzo (Spain)

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ARCANGELO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

New Ensemblist Cohort 3 testimonies

-quality ensemble playing combined with a positive human working environment. Equally g on our work as a continuo player in a baroque ensemble.” Martin Egidi (Cello)

“The one-onget an opportunity to sightread baroque ensemble music (and so much of it).” Leo Appel (Violin)

Javier Sanchez (Bassoon)

— Carmen Lavada Johnson-Pájaro (Violín)

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ARCANGELO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

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
Total resources expended
Net income		 2025
£
138,259
20,665
158,924
389
228,830
43,079
79,200
351,109
510,422
177,757
52,518
10,133
67,196
8,029
315,633
11,389
1,592
104
78,877
91,962
1,126
835
14,187
1,827
1,875
19,850
427,445
82,977		 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
12,941
385,028
3,378
1,370
491
73,593
78,832
586
3
14,886
5,118
2,532
23,125
486,985
23,709

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