AUSTRALIAN MUSIC FOUNDATION
The Australian Musical Foundation in London
Trustees’ Annual Report
for the period 1 January 2023 to 31 December 2023
OBJECTIVES
The objectives of the Australian Music Foundation (AMF) remain unchanged, namely supporting the education of young Australian musicians of outstanding potential through the provision of scholarships and awards, and through that the promotion of the cultural life of the general community. The formal statement of objects in the Trust Deed is as follows:
“educating the public and in particular increasing public knowledge and appreciation of the art and science of music and, in furtherance thereof but not otherwise, increasing the number and competence of selected musicians of Australian nationality, residence or background by the arrangement and presentation of concerts and other activities at which such musicians of sufficiently outstanding merit may be invited to perform and give recitals before the public, by the provision of scholarships and awards, and by such other means as shall further the charitable purposes of the Foundation.”
In planning our activities for the year, we have given due consideration to the Charity Commission’s guidance on public benefit at our Trustee meetings. Our criteria for making awards include both potential to pursue a musical career and demonstrated financial need, to ensure that our awards are accessible to all potential applicants, irrespective of financial circumstances.
GOVERNANCE AND MANAGEMENT
Prof. Yvonne Kenny AM continues to hold the position of Chair of Trustees, while Dr. Tim Hunter continues as Secretary and Dr Marcus Cox holds the role of Honorary Treasurer. There were no new trustees appointed in 2023. Three trustees resigned in 2023: Margaret Mayston on 7[th] June 2023, Dennis Muirhead on 20[th] November 2023 and Alec Broers on 23[rd] November 2023.
His Royal Highness The Prince of Wales continued to serve as Patron in Chief until the death of Her Majesty The Queen on 8[th] September 2022. There has been no decision yet from Buckingham Palace as to whether he will remain Patron as King Charles III.
There were no amendments to the Trust Deed in 2023. The AMF is managed by the Trustees on a voluntary basis, with the support of an administrator, Sally-Ann Shepherdson, who is retained on a consultancy basis. Sally-Ann has indicated she would like to end her consultancy in 2024 when a new administrator is recruited.
The AMF operates through two separate legal entities: The Australian Musical Foundation in London (a UK charitable trust) and the AMF Australia Foundation (a trust registered in Australia). This enables us to accept tax deductible donations in both jurisdictions. Both operate under the working or trading name of Australian Music Foundation (AMF). While the two trusts present to the public as a single organisation, each has its own board of trustees, but with some overlapping membership.
This report relates solely to the UK trust.
In 2023, the AMF made 12 awards, 11 awards of which were made from donations to the Australian trust and 1award, the inaugural Richard Bonynge Award from the UK trust. Most of the UK trust income was used for general administration, the audition process and events, all of which take place in London.
| GOVERNANCE DETAILS | |
| Charity Legal name | The Australian Musical Foundation in London |
| Working names | Australian Music Foundation, AMF |
| Legal status | Unincorporated charitable trust, constituted by deed in 1975 |
| Charity Commission registration no. |
270784 |
| Registered address | 9 Westbury Rd London N11 2DB |
| Trustees as at 31 December 2023 |
Prof. Yvonne Kenny AM (Chair) Dr Tim Hunter (Secretary) Dr Marcus Cox (Treasurer) Lord Alec Broers (President) (resigned 23 November 2023) Ms Ruth Cornett Dr Margaret Mayston AM (resigned 17 June 2023) Mr Dennis Muirhead (resigned 20 November 2023) Mr James Pitman Mrs Linnhe Robertson Prof. Peter Tregear OAM |
| Method of appointing new trustees |
By special resolution of the Trustees |
ACTIVITIES
AWARDS
The annual competitive awards process for 2023 attracted 47 applications from young Australian musicians seeking support with their studies around the world. Applications were sought through our website, advertisements on social media and information posted at relevant tertiary institutions. Applications were in the form of video auditions, supported by written applications.
18 finalists were selected for adjudication by a panel of distinguished musicians chaired by Yvonne Kenny AM (soprano; Chair of AMF UK; non-voting), including Linnhe Robertson (AMF Trustee; keyboard and vocal expert), Dene Olding AM (violin; Chair of AMF Australia Foundation), Peter Tregear (conductor / singer: principal fellow of the Melbourne Conservatorium of Music), Jeffrey Crellin (oboe; faculty at the Australian National Academy of Music) and Warwick Ross (double bass; General Manager of the Australian Elizabethan Theatre Trust). All candidates were judged via video submissions.
We awarded 12 grants amounting to approximately £90,000 at the time of this report (AUD155,000 and GBP10,000). 11 grants were made in Australian Dollars and 1 in Great British Pounds.
The 2023 Awardees are listed on the next page.
AWARDS
| AWARDS | |
|---|---|
| AMF RICHARD BONYNGE AWARD | £10,000 |
| William Shi - accompanist and collaborative pianist | |
| Doctor of Musical Arts in Piano Performance & Literature, Master of Music | |
| in Piano Accompanying & Chamber Music, Eastman School of Music, Rochester, USA | |
| AMF NORA GOODRIDGE DEVELOPING ARTIST AWARD | $20,000 |
| Charlotte Miles - cello | |
| MMus, Hochschule für Musik 'Franz Liszt' Weimar, Germany | |
| AMF NORA GOODRIDGE DEVELOPING ARTIST AWARD | $20,000 |
| Samantha Hargreaves - soprano | |
| Artist Masters (Opera Studies) Guildhall School of Music and Drama, London, UK | |
| AMF AWARD (THE GOODRIDGE FOUNDATION) | $15,000 |
| Emmalena Huning - violin | |
| MMus, Curtis Institute of Music, Philadelphia, USA | |
| AMF AWARD (THE GOODRIDGE FOUNDATION) | $10,000 |
| Raphael Masters - viola | |
| BMus, Colburn School, Los Angeles, USA) | |
| AMF NORA GOODRIDGE YOUNG ARTIST AWARD | $10,000 |
| Sebastian Pini - double bass | |
| BMus, Hochschule für Musik Freiburg, Germany | |
| AMF YVONNE KENNY AWARD (AUSTRALIAN ELIZABETHAN THEATRE TRUST) | $25,000 |
| Nathan Bryon - tenor | |
| Artist Diploma in Opera Studies, San Francisco Conservatory of Music | |
| AMF OVERSEAS STUDY AWARD (AUSTRALIAN ELIZABETHAN THEATRE TRUST) | $20,000 |
| Megan Yang - violin | |
| Master of Arts (Performance) Royal Academy of Music, London, UK | |
| AMF GUY PARSONS AWARD (PORTLAND HOUSE FOUNDATION) | $12,000 |
| Jonathan Lee - organ | |
| Senior Organ Scholar at Trinity College, Cambridge University, UK | |
| AMF AWARD (PORTLAND HOUSE FOUNDATION) | $10,000 |
| Bella Marslen - soprano | |
| Master of Performance at the Royal College of Music, London, UK | |
| AMF AWARD (PORTLAND HOUSE FOUNDATION) | $8,000 |
| Thomas Waller - percussion | |
| MMus, Codarts Hogeschool voor de Kunsten, Rotterdam, Netherlands | |
| AMF ENCOURAGEMENT AWARD (DONUS AUSTRALIA FOUNDATION) | $5,000 |
| Nicolas Margarit - piano | |
| Artist Diploma, Escuela Superior de Musica Reina Sofia Madrid, Spain |
EVENTS
Spring Showcase Thursday, 9 March 2023
We thank our donors and supporters who attended the AMF Spring Showcase at the Australian High Commission on Thursday 9th March 2023, and to all our wonderful awardees who performed so brilliantly: Waynne Kwon, cello; Katherine Allen, soprano; Robert Hao, piano; Shakira Tsindos, mezzo-soprano and James Blackford, euphonium.
We were delighted to be joined by our Guest of Honour, AMF Life President Maestro Richard Bonynge; and also His Excellency The Honourable Chris Dawson AC APM, Governor of Western Australia, and Mrs Dawson; John Langoulant AO, Agent General for Western Australia, and Richard Hains from the Portland House Foundation in Melbourne (major donors of the AMF Guy Parsons Award).
The development event was hosted by Yvonne Kenny AM, Chair of the AMF UK, and the evening began with a sparkling wine reception, followed by the concert and drinks and canapés in the magnificent Exhibition Hall.
We are very grateful to the staff at the Australian High Commission for their help and assistance.
West Green House Fundraising Lunch Sunday, 17 September 2023
The Australian Music Foundation held a special fundraising lunch on Sunday 17[th] September 2023 at West Green House near Hook in Hampshire. West Green is the home of Australian garden author and former Marketing Manager of the Sydney Opera House, Marylyn Abbott, who had generously offered to provide a five-course Sunday lunch with wines and music in her beautiful home, in aid of the AMF Awards Fund.
Since the pandemic, more and more young Australian musicians have struggled to find grants to support their studies overseas, and this event has helped us to increase the number of our awards for 2024, to help as many as possible to achieve their dreams.
West Green House is never open to the public, so this was a rare chance for a select number of guests to take in the atmosphere of this delightful Queen Anne property and enjoy an exceptional lunch prepared by John Kahout, previously Head Chef of the Orient Express.
After lunch, coffee was served and guests were treated to a short concert featuring AMF alumni - soprano Sky Ingram (Royal Opera, Opera North, Garsington Opera) and bass-baritone Jeremy Kleeman (Opera Queensland, West Australian Opera) - who kindly donated their services for this important fundraising event
Later, our guests enjoyed a walk around the beautiful gardens and saw the lake where the West Green Opera Festival takes place each year.
We thank all those who donated and bought their tickets and helped to make the event such a wonderful success.
FINANCIAL REVIEW
The Australian Music Foundation (legal name: The Australian Musical Foundation in London) is registered with the Charity Commission (UK Registered Charity Number 270784) in accordance with the Charities Act 2011.
As the charity is not a charitable company (a charitable company incorporated under company law), has gross income of less £250,000 or less, accruals accounting is not required by the charity’s governing document, a condition of funding, or for any other reason the Trustees have opted to prepare the accounts on a receipts and payments basis.
The charities reporting year runs from 1 January to 31 December. The UK Trust had total income of £25,643 including cash drawn dividend income of £9,188 from the endowment in the reporting period.
Breakdown of Income Sources in the reporting period £
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9,188
14,850
1,605
Dividend income Ticket Sales Donations
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The operating costs of the AMF were met from a combination of dividend income and capital gains from an unrestricted endowment. Management of the endowment was entrusted to a professional fund manager, Aubrey Capital Management. Under an investment policy agreed by the Trustees, the funds are invested in a diversified portfolio of investments, principally managed funds with a low risk profile, as advised by the fund manager. The AMF maintains a ‘total returns’ policy, meaning that it draws on both investment income and capital as required.
Reserves Policy
The charity operates a ‘total returns’ policy on the endowment, meaning both investment income and capital growth can be drawn to meet the operating costs of the UK trust, with the aim of being financially sustainable (in nominal terms, at least) over time. In the past two years, there has been a fall in the endowment, due to a fall in the value of the underlying investments. While some recovery in the investments is expected, the Trustees also recognise the need for additional fundraising efforts for long-term sustainability.
Summary
The endowment began the year valued at £263,128 and finished the year at £255,444 with a capital loss of £4,224 and fees of £3,436.
Total expenditure for the year came to £31,381 resulting in an overall loss of £5,738. The overall net capital movement in the endowment investment was a loss of £7,684. There were no withdrawals in the year from the capital of the endowment.
Signed on behalf of the Trustees, by:
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…………………………… ……………………………
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Yvonne Kenny AM Chairman
Dr Marcus Cox Honorary Treasurer
MUSIC FOUND AUSTRALIAN MUSIC FOUNDATION FINANCIALSTATEMENTS asat 31 DECEMBER 2023 uq Mar¢usCox HonoraryTreasurer
MUSIC FOUND AUSTRALIAN MUSIC FOUNDATION Receipts and Payments Account forthe Yearended 31 December2023 UnrestrScted funds Restrleted funds Year anding 3111212022 Totalfunds Recgiptsllncorne Oividend income Ticket Sales Donations 9,188 1.605 4.850 15.643 9,188 1,605 14.850 25,643 7,127 372 10,000 10,000 Total receipts 7.499 Panent$lExpenSes Costs of Charltable Aetlvltles Awardee Grants Awardee Development Professional Fees Office Costs 10,000 10,000 7.221 11,520 224 28.965 7.221 11,520 224 18.965 12,100 704 12.804 10.000 Costs of Raising Funds Professional Fees Office Costs Development and Promotion Fundraising Events 1.280 25 411 700 2,416 1.280 25 411 700 2,416 Totalpayments 21.381 10,000 31,381 12.804 Net of recelptsllpaymentsl Transfers between funds Cashf unds lastyear end Cashf unds this year end 15.7381 15.7381 15.3051 11.990 6.252 11.990 6.252 17.295 11.990 Dividend income relates to the endowment investment that had an annual Capital loss of £4,224 and fees of £3,436. Payments made for managingthe fund are taken from the capital ofthe investments in the fund. Dividends are paid quarterly to the AMF Natwest Account.
MUSIC FOUND AUSTRALIAN MUSIC FOUNDATION Statement of Asset and Liabilities asatthe Yearended 31 December2023 Note Y&ar èndlng 3111212023 Y88r Èndlng 3111212022 Investment 255,444 255.444 263,128 263,128 Cash at bank and in h8nd 6.252 6,252 11.990 11,990 Total Net Assets 261.696 275,118 Unrestricted f unds 261.696 261.696 275.118 275.118
MUSIC FOUND NOTES TO THE FINANCIAL STATEMENTS 1. Investment 1.1 Movementsin investment Openingvalue 0110112023 Net capital gain Dividend$ earned Dividend paid Fees Closingvalu8 3111212023 263,128 14,2241 9,164 19,1881 13,4361 255,444 The operatingcosts ofthe AMF were met from a combination of dividend income and c8Pltal gainsfrom an unreslricted endowment. Management ofthe endowment was entrusted to a professional fund manager, Aubrey Capital Management. The Endowment Investment made a net loss of £7.684 in the year ending31 st De¢ember 2023131 December 2022- net loss £44,241) The AM F maintains a'tot81 returns, policy. meaningthat it draws on both investment income and capital as required. The AMF made investment income draws of£9,188 in the year, no capital dr8wswere m8d8. 1.2Endowmenthistorical balance Y¥ar Valu¢ Lo¥¥lG$in Loss/Gain last 5 years 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 294.870 322,954 287.747 318.224 333.652 312,181 317.361 307,059 345.614 285,628 298.268 290.316 307.369 263.128 255.444 3QO 28,084 135,2071 30,477 15.428 121,4711 5.180 110,3021 38,555 159,9861 12.640 17.9521 17,053 144,2411 17.6841 2QO( loo 2019 2021 2022 2023 13),ocoi I,0(L)I 2020 2021 2022 2023 140,OIKII Z Cash atBank Y88r endlng 3111212023 Year endlng 3111212022 Business Current Account 6.252 6,252 11,990 11,990
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF THE AUSTRALIAN MUSICAL FOUNDATION IN LONDON
I report to the trustees on my examination of the accounts of The Australian Musical Foundation in London for the year ended 31 December 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER’S STATEMENT
connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
• the accounts do not accord with those records.
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.
Signed:
Name: Laura Hunter-Cross (FCCA)
Address: 9 Harthill Avenue, Liverpool L18 6HY Date: 30 October 2024