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||Page|
|---|---|
|Referenceandadministrativedetails|1|
|Trustees'annualreport(incorporatingthedirector'sreport)|2-6|
|Independentauditor'sreporttothemembers|7-9|
|Statementoffinancialactivities(includingincomeandexpenditureaccount)|10|
|Statementoffinancialposition|11|
|Statementofcashflows|12|
|Notestothefinancialstatements|13-25|





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Pgge 9
Academy of St Martin fin the Flelds
Company lamited by Cu%irantee
Independomt Auditor's Rep)rt to the Manbers of A¢ademy of St Mydrtin in the Fields
Ye#r ended 31 August 2023
Ive assessed the wlil>ilty of the thsrity's sthtsments to rnaterial mi55tatemenL i￿l￿din
obtaining an ￿nderstandIng of how frnud miRbt occur. by:
Aud1¢ wo#dur¢5 undutak¢n u) wons¢ to the ri5k5 ￿1￿ing to Arre￿I￿lt*S (whi¢h include fra￿1 and
nonvcomplianc¢ with18ws and reguiatioAsI whith tomyd iDquiri¥ of Manage￿￿1 8nd the Board of Tnjstees
as to whether the Eharity ¢Omp￿¢S with such law5 aod regulatioTh% enquiTies wilh the same o)n¢¢rning any a¢tttsl
or poteniioi litigtttion or Clar￿ ILIP￿tiOn ofrrl¢vall k￿1 rcvicw me¢ting minutes: 1¢stlnB th¢
appmwia¢¢D¢SS ofioumal entr¢es' and th< wf(KmanCeof￿l￿l(al r¢vi¢w kn id*￿Ify unexpected movememts in
ar￿Unt b￿anCeS which m8y be indlcativeof fra￿[. docwnentation and revitw Df the internal CODtrols over funds
r¢¢¢ived and expenditure p8MI sampling and both inDJmp and expeDditure traThsactiors for accuracy
alld ¢omplctuK4' rewew and audit ba5d anaty￿S of the Underlyi￿ ac¢(AwtiO8 Te￿0￿. dK¢kin8 sampling
No irtsranees of materioi nonwcompliance were identifxd. However. the likelihood of de*￿1￿8 iff¢8uloritl￿.
Inrluding fraul is limited by the illherent diffi¢ulry in dEfe￿ing irregulwbiies. the effettiveness of the entity's
¢onuols •nd Ihc nDIuTC. timin8 exkni ofthr uudit pwEcduTE5 pErfOrn￿l. IrregutBritie5 that r¢5ul¢ from fr￿d
mi81ii be inhcrtntly more diifth to de*ct tii4n ifTe8ularilie5 that r¢sul¢ fron) error. As explained above. there is
an unawjidable risk tha¢ m4teitol rnisstytemertts may not be detetted. even 1kn￿ th¢ audit h8s been pknn¢d ond
perfornied in acknwith ISAS (UK).
Audlior's respo￿lbIlItIeS for tbe audttof ihe Iln**tialst*tsthoDts
Ow obje¢tiYes obtsiD rwonoble assurnnc¢ bbjtst wh¢thczthe fllwKial statements ￿ a whole ar¢ fr¢¢ froill
m*erial mi5StatanenL wh¢ther due kn fraud or error. afMI ty i%sue ao auditor's rqjort thtst includes our opinion.
Rwonable 8$Surd￿ 15 ¥ high level of assyrnth￿ 1$ not a gtsawantee that an audrt ￿nd￿ted in accordance
Iviih ISAS (UK) will always defrct a mattr1￿ miss￿￿ it e￿Sts. Mt55tatements e2rt Ar￿e fmtli frawl or
¢rNJr and are ¢onswJE￿I if. individually or in ibe they wuld reJ50n4bly be expKted
inflwn<¢thc CCOnDntc deci5ion5 of laken on the basisoftk5E fLn8nci81 sWavenl&
A further de5criplion of our r£S￿nsIbl11[ieS for the audit of the fwrKtol 15 lorated rjn ihe Financiat
RewJrtiD8 Coun¢il's websik at wwwIKor&wk14wii*￿￿bIjI1￿& This description fonns part of our
audilor'5 report.
Mogthen Pilkny'CThelvanAy FCCA (Seniorstatstory Auditor)
Forand on behalf of Wesdake L1arkAudil LLP
7 Lynwood Court
iestlpllds Place
Lyrnington
Hampshire
S0419GA
Daiv. O
05
so*.

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|||**Unrestricted**|**Restricted**|Total|Total|
|---|---|---|---|---|---|
||**Note**|**funds**|**funds**|funds|funds|
|||**2023**|**2023**|2023|2022|
|||**£**|**£**|**£**|**£**|
|**Incomeandendowments**||||||
|Donationsandlegacies|5|494,604|45,717|540,321|319,398|
|Charitableactivities|6|2,233,496||2,233,496|1,971,127|
|Othertradingactivities|7|50,067||50,067|26,825|
|Otherincome|8|496,701||496,701|353,343|
|Totalincome||3,274,868|45,717|3,320,585|2,670,693|
|**Expenditure**||||||
|Expenditureonraisingfunds|9|212,930||212,930|131,113|
|Expenditureoncharitableactivities|10,11|2,847,116|45,717|2,892,833|2,443,415|
|Totalexpenditure||3,060,046|45,717|3,105,763|2,574,528|
|Netincome||214,822||214,822|96,165|
|Transferbetweenfunds||||||
|Netmovementinfunds||214,822||214,822|96,165|
|Reconciliationoffunds||||||
|Totalfundsbroughtforward||832,540||832,540|736,375|
|Totalfundscarriedforward||1,047,362||1,047,362|832,540|





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||Note|2023|2022|
|---|---|---|---|
|Fixedassets||||
|Tangiblefixedassets|17|16,941|1,550|
|Currentassets||||
|Debtors|18|857,675|560,934|
|Cashatbankandinhand||564,894|540,734|
|||1,422,569|1,101,668|
|Creditors:Amountsfallingduewithinoneyear|19|392,148|270,678|
|Netcurrentassets||1,030,421|830,990|
|Netassets||1,047,362|832,540|
|Fundsofthecharity:||||
|RestrictedFund||||
|UnrestrictedFund|21,22|1,047,362|832,540|






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||2023|2022|
|---|---|---|
|Cashflowsfromoperatingactivities|||
|Netincome|214,822|96,165|
|Adjustmentsfor:|||
|Depreciationoftangiblefixedassets|2,560|1,865|
|_Changesin:_|||
|Tradeandotherdebtors|(296,741)|(325,707)|
|Tradeandothercreditors|121,470|152,902|
|Cashconsumedbyoperations|42,111|(74,775)|
|Netcashfromoperatingactivities|42,111|(74,775)|
|**Cashflowsfrominvestingactivities**|||
|Purchaseoftangibleassets|(17,951)|(947)|
|**Netcashusedininvestingactivities**|(17,951)|(947)|
|**Netincrease/(decrease)incashandcashequivalents**|24,160|(75,722)|
|**Cashandcashequivalentsatbeginningofyear**|540,734|616,456|
|**Cashandcashequivalentsatendofyear**|564,894|540,734|





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||Yearended31|August2023|||
|---|---|---|---|---|
|5.|<br>Donationsandlegacies||||
|||Unrestricted|Restricted|TotalFunds|
||2023|funds|**funds**|2023|
||**Donations**||||
||Trustsandfoundations|2,000|7,139|9,139|
||Generaldonations|180,117||180,117|
||DonationsfromAmericanfriendsoftheAcademy|292,487||292,487|
||Sponsorship|20,000||20,000|
||**Grants**||||
||**Grants**||38,578|38,578|
|||494,604|45,717|540,321|
|||**Unrestricted**|Restricted|TotalFunds|
||**2022**|**funds**|funds|2022|
||**Donations**||||
||Trustsandfoundations|2,000||2,000|
||Generaldonations|165,993||165,993|
||DonationsfromAmericanfriendsoftheAcademy|136,518||136,518|
||Giftaid|9,000||9,000|
||**Grants**||||
||**Grants**||5,887|5,887|
|||313,511|5,887|319,398|





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|**Incomefromcharitableactivities**||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|TotalFunds|
||**funds**|**funds**|2023|
||£|£|£|
|UKConcerts&Tours|82,014||82.104|
|Discretionaryreceiptsfromoverseaspromotors|2,106,047||2.106,047|
|Self-Promotedconcerts(UK)|28,186||28,186|
|Recordings|17,249||17,249|
||2,233,496||2,233,496|
||**Unrestricted**|Restricted|**TotalFunds**|
||**funds**|funds|2022|
||£|£|£|
|UKConcerts&Tours|97,535||97,535|
|Discretionaryreceiptsfromoverseaspromotors|1,838,238||1,838,238|
|Self-Promotedconcerts(UK)|24,354||24,354|
|Recordings|11,000||11,000|
||1,971,127||1,971,127|



|7.|Othertradingactivities|||||
|---|---|---|---|---|---|
|||Unrestricted|TotalFunds|Unrestricted|TotalFunds|
|||funds|2023|funds|2022|
|||£|£|£|£|
||Fundraisingevents|36,904|36,904|12,551|12,551|
||Royaltiesandotherincome|13,163|13,163|14,274|14,274|
|||50,067|50,067|26,825|26,825|





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|8.<br>Otherincome|||||
|---|---|---|---|---|
||Unrestricted|**TotalFunds**|**Unrestricted**|TotalFunds|
||funds|**2023**|funds|**2022**|
||**£**|**£**|**£**|**£**|
|Orchestraltaxrelief|**496,701**|**496,701**|**353,343**|**353,343**|
||**496,701**|**496,701**|**353,343**|**353,343**|
|9.<br>Expenditureonraisingfunds|||||
|||Unrestricted|**Restricted**|**TotalFunds**|
|||**funds**|**funds**|**2023**|
|||**£**|**£**|**£**|
|Raisingfunds-directcosts||75,940||75,940|
|Raisingfunds-supportcosts||136,989||136,989|
|||212,929||212,929|
|||**Unrestricted**|**Restricted**|**TotalFunds**|
|||**funds**|**funds**|**2022**|
|||**£**|**£**|**£**|
|Raisingfunds-directcosts||**20,481**||**20,481**|
|Raisingfunds-supportcosts||**110,632**||**110,632**|
|||**131,113**||**131,113**|
|**10.**<br>**Expenditure**oncharitableactivities|byfundtype||||
|||**Unrestricted**|**Restricted**|**TotalFunds**|
|||**funds**|**funds**|**2023**|
|||**£**|**£**|**£**|
|**UK**concertsandtours||36,878||36,878|
|Overseasconcertsandtours||2,134,071||2,134,071|
|Learning&participation||1,366|38,578|39,944|
|Recordingsandcommissions||41,300||41,300|
|Self-promotedconcerts||71,960||71,960|
|Supportcosts||539,898||539,898|
|Marketing&Publicity||21,643|7,139|28,782|
|||2,847,116|45,717|2,892,833|





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||Unrestricted|Restricted|TotalFunds|
|---|---|---|---|
||funds|funds|2022|
||£|£|£|
|UKconcertsandtours|92,277||92,277|
|Overseasconcertsandtours|1,788,947||1,788,947|
|Learning&participation|4,468||4,468|
|Recordingsandcommissions|78,828||78,828|
|Self-promotedconcerts|54,139||54,139|
|Supportcosts|394,985|5,887|400,872|
|Marketing&Publicity|23,884||23,884|
||2,437,528|5,887|2,443,415|



||**Artistic**|**Support**|Marketing|**Total**|Total|
|---|---|---|---|---|---|
||**Fees**|**costs**|**&**|**funds**|funds|
||||Publicity|**2023**|2022|
||£|£|£|**£**|**£**|
|UKConcertsandtours|36,878|45,104|456|82,438|112,302|
|OverseasConcertsandtours|2,134,071|462,627|26,431|2,623,129|2,166,750|
|LearningandParticipation|39,944|8,387|494|48,825|5,343|
|RecordingsandCommissions|41,300|8,671|511|50,482|94,269|
|SelfPromotion|71,960|15,109|890|87,959|64,751|
||2,324,153|539,898|28,782|2,892,833|2,443,415|



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||Unrestricted|**Restricted**|**TotalFunds**|TotalFunds|
|---|---|---|---|---|
||**funds**|**funds**|**2023**|2022|
||£||£|£|
|Generaloffice|73,305||73,305|30,244|
|Financecosts|32,623||32,623|(23,322)|
|Informationtechnology|8,405||8,405|14,945|
|Staffcosts|367,322||367,322|450,567|
|Communication costs|4,274||4,274|1989|
|GovernanceCosts(SeeBelow)|51,409||51,409|35,216|
|Depreciation|2,560||2,560|1,865|
|Total|539,898||539,898|511,504|



||Unrestricted|Restricted|TotalFunds|TotalFunds|
|---|---|---|---|---|
||funds|funds|2023|2022|
||£||£|£|
|Audit|11,695||11,695|8,700|
|Legal&professional|2,353||2,353|6,654|
|Staffcosts|37,361||37,361|19,862|
|Total|51,409||51,409|35,216|



|Ne|<br>texpenditureisstatedaftercharging/(crediting):|||
|---|---|---|---|
|||**2023**|2022|
|||£|£|
|Depreciationoftangiblefixedasset||2,560|1,865|
|||2,560|1,865|
|14.|Auditorsremuneration|||
|||**2023**|**2022**|
|||**£**|**£**|
|Feespayablefortheauditofthefinancialstatements||13,495|10,100|
|||13,495|10,100|





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||**2023**|**2022**|
|---|---|---|
|Wagesandsalaries|416,173|351,397|
|Socialsecuritycosts|43.040|35,635|
|Employercontributionstopensionplans|10,646|7,401|
||469,859|394,433|



||**2023**||**2022**||
|---|---|---|---|---|
|Fundraising||2||2|
|Governance||1||1|
|Charitableactivities||7||6|
|||10||9|



|||**2023**|**2022**|
|---|---|---|---|
|£60,000|to£70,000||1|
|£70,001|to£80,000||1|
|£80,001|to£90,000|||
|£90,001|to£100,000|1||
|||1|2|



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|17.<br>Tangiblefixedassets|||||
|---|---|---|---|---|
||**Office**|**Computer**|**Orchestral& **||
||**Equipment**|**Equipment**|**Theatrical**|**Total**|
||||**equipment**||
|**Cost**|||||
|At1September2022|9,137|43,834|3,636|56,607|
|Additions||5,483|12,468|17,951|
|**At31August2023**|9,137|49,317|16,104|74,558|
|**Depreciation**|||||
|At1September2022|8,773|42,648|3,636|55,057|
|Chargefortheyear|364|1,339|857|2,560|
|**At31August2022**|9,137|43,987|4,493|57,617|
|**Carryingamount**|||||
|**At31August2023**||5,330|11,611|16,941|
|At31August2022|364|1,186||1,550|
|18.<br>Debtors|||||
||||**2023**|**2022**|
|Tradedebtors|||111,211|3,561|
|Prepaymentsandaccruedincome|||80,423|139,821|
|Otherdebtors|||666,041|417,552|
||||857,675|560,934|
|19.<br>Creditors:Amountsfalling**due**|**withinoneyear**||||
||||**2023**|**2022**|
|Tradecreditors|||83,183|14766|
|Accrualsanddeferredincome|||245,375|242,764|
|Socialsecurityandothertaxes|||9,212|11,526|
|Othercreditors|||54,378|1,622|
||||392,148|270,678|





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||Unrestricted|Restricted|TotalFunds|TotalFunds|
|---|---|---|---|---|
||funds|funds|2023|2022|
||£|£|£|£|
|Tangiblefixedasset|16,941||16,941|1,550|
|Currentassets|1,422,569||1,422,569|1,101,668|
|Creditorslessthan1year|(392,148)||(392,148)|(270,678)|
||1,047,362||1,047,362|832,540|



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||2023|2022|
|---|---|---|
||£|£|
|Within1year|2,396|2,640|
|Between2and5years|2,468|5,674|
||4,864|8,314|



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