# **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 £
**----- Start of picture text -----**
9,188
14,850
1,605
Dividend income Ticket Sales Donations
**----- End of picture text -----**
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:
**----- Start of picture text -----**
…………………………… ……………………………
**----- End of picture text -----**
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