ACADEMY OF ST MARTIN IN THE FIELDS (A company limited by guarantee) TRUSTEES, ANNUAL REPORT And AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Company registration number.. 01808488 Registered Charity number.. 289294 AcadeTlly ol SI MBrtin In the FiehJ$ I bA811hew Johnson
ACADEMY OF ST MARTIN IN THE FIELDS CONTENTS Page Legal and Administrative information TTUStees' Report 3-13 Auditor's Report 14-18 Statement of Financial Activib8S 19 Statement of Financial Position 20 Statement of Cash Flow8 21 Note8 to the Accounts 22-35
ACADEMY OF ST MARTIN IN THE FIELDS LEGAL & ADMINISTRATIVE INFORMATION The twstees, who are also the dir8Ctors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2025. Trusteeg The trustees serving during the year and Sin the year end were as follows.. Mari8-Anne Aym8rich Sara Boyes Ross Cattell (Appolnted 29 October 20241 Sir Peter Coulson (Resigned 4 December 2024) Isabelle Deschamps Robert Dow (Resigned 4 December 2024) Martin Fraenkel (chairl Julie Garner (Appointed 29 October 2025) Jennifer Godson Joanna Hensel (Appointed 4 December 2024) Thomas Lessels Ruth Lipper Andrew Mackintosh Andrew Marriner (Appointed 29 October 2024) Williarn O'sullivan (Resigned 4 December 2024) Gary Powell (chair of finan committee) Robert Smissen Arthur Wang (Appointed 24 March 2025) Comp•ny Secretary Ross Cattell Muslc Dlractor Joshua Bell Management team Annie Lydford (Chief Executive Officer) Tim Davy (Executive Director, Performance and Planning) Chris Martin (Director of Development and External Affairs) Philip Knight (Finance Manager) Registered OffiGo 54 Dean Street London W1D6AF page1
Bankers National Westminster Bank plc PO Box No 305 Spring Garden8 Manchester, M60 2DB Audltorn Streets Audit LLP Chartered Accountants and Ststutory Auditor 3 Wellbrook Court Girton Cambridge CB3 ONA page2
ACADEMY OF ST MARTIN IN THE FIELDS TRUSTEES, REPORT ( FOR THE YEAR ENDED 31 AUGUST 2025 inwrporating the Directors, Report) STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrnlng Document The company is an incorporated company with charitable status and is limited by guarantee. The company and its activities are governed by it5 articles of association. Governlng Bodle8 The Charily is governed by a Board of Trustees. Racrultment and Tralnlng of Tru8tee8 The trustees (also known as the directors) comprise player directors, elected by the player members from amongst their number, and non-player directors, who are recruited from a variety of backgrounds. Non-player directOTS must always COTnpri5e th8 majority of trustees. Trustees may be appointed mid-year to fill a vacancy and, rf so, are subsequently elected at the Company's Annual General Meeting by simple majority. Election at the Annual General Meeting is for a three-year initial term, which can be extended for a second term of three years, after which the tnjstee must stand down from the Board. All membets of the Board have been provided with a summary of the duties of trustees of charitable companies and furnished with copies of Charity Commission guidance on risk managemenl, together with copies ofthe company's policies on risk management and safeguarding. On election to the Board, new trustees are provided with copies of these documents and receive an introduction to the organisation, including induction and briefing meetings with the Chair of the Board and the Chief Executive. Oryan1*4tlonal Management The Board meets regularly to oversee the affairs of the Charity. The day-to-day operations of the Charity are undertaken by its management team, led by the Chief ExecLrtive. Risk Management The trustees examine the major risks that the Charity faces regularly, and the Charity has developed systems to monitor and control these risks to mitigate where possible impacts that they may have on the Charity in the future. The Board with the executive team has put in place simple financial modelling for the next three years to identify and mitigate the main foreseeable risks relating to the reduction of some income streams (crucially. changes to the eligibility criteria around orchestra tax reliefj. A risk register is maintained by the management team and considered by the trustees regularly throughout the year. page3
Related Partles The directors J Godson, J Hen5el, T Lessels, R Srnissen, and W O'sullivan, who held office during the year as the player-directors, had interests relating to payments to and from the Charity as players in the orchestra. Transactions with related parties are disclosed in note 21 in accordance with Section 33 of FRS 102 and Charity SORP. OBJECTIVES. IDENTITY and ACTIVITIES The 2024125 season of the Academy of St Martin in the Fields (ASMF) built on the success of 2023124's Marriner100 celebrations to deliver a full year of performances in the UK and around the world,. ccntinued growth of the orchestra's social purpose programme., a range of new initiatives designed to empower the ensemble, musicians. and digital and community-building initiatives to grow its audience globally. 'Wh8t I have always loved about ASMF 15 how effortlessly human they feel. There's 8 certain humility in how they play." no grandstanding, no ego, just deep musical intelligence and generosity of spin-t. It IS the kind of brilliance that doesn't shoul but radiates. If I were to sum up how music should be shared in the 21st century, it would b8 this.. world-class ta18nt, Mth zero pret8nc8.' A Younger Perspective, May 2025 Charitable Objgctive8: The objectives of the Charity are to.. advance the perfomiance of classical music of the highest possible standard and to advance the apprècialion and education of the general public in all aspects ofthe art of classical music, primarily through performing concerts in the United Kingdom and abroad to provide and support teaching and community initiative5 Wlth people of all ages in all aspects of the art of music through performance, coaching and music workshops in schools and in local community establishments Mlsslon.. The Academy of St Martin in the Fields believes creative empowerment improves lives. Through the creative freedom of its musicians it shares Joyful, inspiring performances and delivers meaningful social impacL Vision.. The Academy of St Martin in the Fields will.. give excellent performances around the wodd, which transnd a more traditional conductor-led model and that deliver a direct connection to audiences put the creative empowemient and ideas of its musicians at the heart of all it does hamess the talents of our musicians to deliver on our social purpose, rooted in the belief that creative empowerment improves lives build upon its rich global legacy to foster a music-loving community and continue to inspire audiences around the world play its part in the development of the next generation of brilliant, empowered musicians page4
The Academy of St Martin in the Fiolds has six priorlty plllars which gulde Its work: An orchestra where creatlve empowemient leads to Joyful, inspiring performances The musical freedom of our players fuels inspiring, collaborative performances wher8 every orchestra member shares artistic responsibility and where extraordinary communication is key. We are changing the orchestral landscape by pushing the boundaries for perfomiances that are possible without a conductor. This player-led performing style creates a direct line beeen the rnusiGians and audience to thrilling effect. An orchestra where our 801oists are our long-tenn partners Our orchestra's collective artistic responsibility fosters enduring collaborations with world-renowned soloists. Exemplrfied by the 15-year partnership with our Music Direclor and virtuoso violinist Joshua Bell, tTusI and true collaboration with our partners developed over time changes the perfomances we bring to our audiences. An orchèstra wh•r• musician8' creatlve ambltlons and Ideas are reallsed ASMF is an orchestra where musician5' creative ambitions and ideas ar8 r8alised, to exciting effect for audiences and communities globally. Musicians sit on the orchestra's Board of Directors, a musician-led Creative Planning Group directs our choices of repertoire and collaborators, our Social Purpose steering group of players guides our work beyond the Concert hall, and our Marriner Projects fund specific ventures and proj8cts masterminded by ASMF musicians. An orcho8tra bulldlng on a rlch global legacy In 1958, the violinist Neville Marriner founded the Academy of St Martin in the Fields to give more musical freedom to London's greatest players. Since then, ASMF has become one of the most-recorded orchestras- with Tecordings and digital initiatives that continue to spark a love of classical music in people around the world. Today. the orchestra has a significant UK footprint, performs internationally with r8pertoire from the 1700s to the present day and is one of the UK'S most celebrated cultural exports. An orchestra wlth a •oclal purpose We harness music's ability to empower people, extending the creative freedom of our players beyond the concert hall. Decades of impactful work has connected with people experiencing homelessness, while projects with emerging musicians nurture autonomy, creativity and talent development worldwide. An entrepreneurial orche8tra wlth flnancial independenea We have never been the recipient of regular public funding, so an entrepreneurial approach has always been in this orchestra's DNA. Wrth thanks to our wonderful neork of friends and supporters around the world, we prioritise and nurture our independence, the resilience we have built up over lime, our ability to take decisions we believe in and deliver projects that truly matter. The or¢hestra'$ major areas of actlvity are: perforManS in the UK and overseas social purpose and educational projects in the UK social purpose and education projects, including education residencies, overseas page5
digrtal adivities designed to reach a wider audience advancing player-led music making and creative initiatives ACHIEVEMENTS and PERFORMANCE Operational performance of tha charity International touring: ASMF'S international season enjoyed a strong start with a tour of Prague, Zurich, Basel and Geneva with Joshua Bell performing Dvorak's Violin Concert in A minor and Mozart's Symphony No.41 in C Major. The programme also featured a new version of Kevin Puts, Earth- a piece commissioned initially by Joshua Bell as part of his large-scale work "The Elements. featuring movements from five different US composer5, and presented here as a standalone piece in a special ASMF- commissioned rearrangement for chamber orchestra. Next, ASMF'S Chamber Ensemble {string octet) travelled to the US for a nine-c0nrt tour across the ¢ounlry, with repertoire including Shostakovich's Two Piece for String Octet, Op.11 and Mendelssohn's Octet for strings, Op.20. A5 part of ASMF'S commitment to delivering a5 POSltive an impact as possible to the places which it tours, this project also featured various masterclasses, Q&A and coaching opportunrties for young musicians alongside the concert performances. Atour to Korea and China in November and December sadly saw pianist Khatia Buniatishvili forced to withdraw from concerts in Korea due to illnes5. ASMF was extremely grateful to pianist Federico Colli for stepping in to perform with the orchestra for a number of these dates, and toASMF Principal Trumpet Mark David who performed Haydn's Trumpet Conrt0 on more occasions than had originally been scheduled to highly appreciative audiences. 2025 began with one of the most extensive tours in ASMF's history - 19 concerts across Germany with pianist Jan Lisiecki, directed by ASMF DirectorlLeader Tomo Keller. Throughout this tour, Lisiecki and the orchestra performed all five Beethoven Piano COnrt0S, as well as the Triple Concerto Op.56 for which he was joined as soloist by Tomo Keller {violin) and Daniel Muller-schott (cello). Munich, Hamburg and Cologne each hosted three-concert residencies with all six Beethoven works performed across the three days. Reflecting Ihe orchestra's commitment to lesser- known and new works, each concert opened with a piece from a British female composer which had been inspired in some way by Beethoven. Anna Clyne's "Stride. was directly inspired by Beethoven's Piano Sonata No.8 in C Minor, and Errollyn Wallen's wrote of herAcademy of St Martin-in-the-Fields commission "Parade. that it features "Stylistic associations, references and inflections" inspired by Beethoven and Mozart. Ruth Gipps, whose "Seascape" was performed, was the first woman ever to conduct at London's Royal Festival Hall, choosing Beethov8n's 9th Symphony for this groundbreaking concert. As a child proéigy, she notably performed the Emperor Conrt0 to great acclaim across the country. As an orchestra that is dedicated to representing the best of British mu5iC4naking on the world stage, we were honoured to be the first orchestra to perform music by Errollyn Wallen, Master of the King's Music, to Hamburg's iconic Elbphilhamionie. February sawASMF on tour asain to the US, this time with pianists Inon Barnatan, Jeremy Denk and Conrad Tao performing Mozart and Shostakovich, joined byASMF page6
Principal Trumpet Mark David for the Shostakovich Concerto No.1 Op.35. The orchestra also performed works by Copland, Janacek, Mozart and Adams. As part of this tour, ASMF joined Joshua Bell in San Francisco for an ambitious partnership with the San Francisco COnseatOry of Music. Over a period offour days, ASMF worked closely with the conservatory's students to prepare a performance of Rimsky-Korsakov's Scheherazade directed by Joshua Bell from the violin, which took place at Davies Symphony Hall to a capacity audience. Joshua also welcomed student violinist Fiona Cunnighame-murray to join him and the orchestra for a performance of Bach's Double Violin Concerto in D Minor, following a competition amongsl students earlier in the season. Fiona described the experience as "probably the most exciting thing that has ever happened to me" and another student remarked that "everyone was absolutely in awe of this 8xperienc8.. It's something that gives me goosebumps, just to even think or talk about." As part of this partnership with the San Francisco Conservatory of Music. ASMF mu5iGians taught students valuable skills for delivering workshop5 for individuals with lived experience of homelessness, culminating in side-by-side informal chamber perforManS at St Francis Living Room in the city. ASMF is sincerely grateful to Maria Cardamone and Paul Matthev for the generous support which enabled thi5 landmark collaboration to go ahead. "The Academy of St M8rtin in thg Fields leaves you wanting more. Inon Bam8tan proved hin7self a prodigious artist of impeccable taste" Ben Nyb8rg, Th8 M8rcury, February 2025 "Under the focused 8nd hypnotic first-violin188d8rship of stephan Gonley, the whole concert connected acmss works with a gestural strength and a perfectly articulated approach to interlatIon that left no measure ill-fomied. Daniele Sehr, Seen and Heard, March 2025 In May the orchestra retumed to Germany with rising-star Korean violinist Bomsori Kim. Performances took place in Viersen, Coesfeld and Leverkusen with the final concert paving the way to a long-term residency partnership in the region. A third return to Gerrnany this season came in July, for concerts with Joshua Bell in Kiel and Meldorf and then from theASMF Chamber Ensemble in Kappeln and Rellingen. UK concerts: The season began with a BBC Proms performance of Handel's Messiah, arranged by Mozart, at the Royal Albert Hall. Conducted by John Butt, and with soloists Nardu8 Williams- Helen Charlston., Benjamin Hulett and Ashley Riches, the perfomiance fealured massed choruses: Fourth Choir. Jason Max Ferdinand Singers; LYC Chamber Choir., Bath Minenfa Choir; Philhamonia Chorus and Voices of the River's Edge. On 18 October, ASMF returned to the Royal Albert Hall for the venue's first "Podcast with Live Orchestra concert- a perforrnan from the vastly popular The Rest is History podcast, conducted by Oliver Zeffman, and with hosts Tom Holland and Dominic Sandbrook telling the stories of Mozari and Beethoven to a sold-out audience. ASMF invested in recording the performance and it was subsequently released on The Rest is History's channel, with more than 850.000 downloads. A collaboration with the podcast also led to more than 900 new friends signing up lo ASMF for a special Membership. Afull season of ¢on¢erts atASMF's historic home, the Church of St Martin4n-the- Fields. began on 1 November with a cOnrt featuring ri5ing-star cellistAnastasia page7
Kobekina perfoming Stravinsky and Haydn. Throughout th8 season ASMF performed as the venue's Principal Orchestra Partner, wtth soloists including pianist Alexandra Dariescii fnr a cnnrp.rt f•.atiJring miisip by Clara Schumann, Nadia Boulanger and Anna Clyne,. countertenorAnthony Roth Costanzo for a programme built around Golijov's beautiful 'Laika" which tells the story of the first dog sent to space,. and viola player Timothy Ridout for Mozart's Sinfonia cOnrtante with ASMF LeaderlDirector Tomo Keller, and then Hummel's Potpourri mit Fantasie, op.94. ASMF wa5 fortunate to be joined by two wonderful soloists who stepped in after the schedul8d artists were indisposed due to illness - pianist Peter Donohoe kindly Stepped in for a concert of Mozart and Shostakovich in February 2025, and violinist Bomsori Kim performed Mendels50hn and Wieniawski in May. The 20 December saw the return of the hugely popular'chrislmas with the Academy" concerts at the Church of St Martin-in-the-Fields, conduct8d by Andrew Earls and in partnership with St Martin's Voices. Further collaboration with Andrew Earls and St Martin's Voices saw a performance of Bach's St John Passion on Good Friday in April 2025. Further concerts throughout the UK included a collaboration with horn player Ben Goldscheider at the Barnes Music Festival,. a concert at Chichester Cathedral featuring countertenorAnthony Roth Costsnzo,. and a performance of Brahms's"A German Requiem" with the Royal Choral Society conducted by Richard Cooke at The Anvil in Basingstoke. Pianist Khatia Buniatishvili joined ASMF at the Barbican in December for a concert of Mozart and Haydn, which was broadcast on BBC Radio 3. ASMF joined the Ukrainian community at the Ukrainian Cathedral in London second year celebrating Christmas, as well as performing for the Eurapean premiere of'crouching Tiger, Hidden Dragon in Concert" at the Royal Albert Hall and the world premiere of "Silence of the Larnbs with Live Orchestra" as part of the inaugural London Soundtrack Festival. The season closed with a day of free workshops and performances given by m8mbers of the orchestra to an audience of more than 800 in the gardens at StAnne's Church, Soho-ASMF's registered address- as part of Westminster Council's popular Inside Out Festival. °Ono of the most exciting live music perfom78nces I have been to in 8 very long tlme" Audience Member, June 2025 Marrlnèr Projects: In 2023124 ASMF launched its new Marriner Projects- initiatives which place funding and administrative support behind ideas masterminded by the orchestra's musicians. During the 2024125 season, Marriner Projects were led by Catherin8 Morgan at the Lamb and Flag pub in Oxford and by Fiona Bonds in Hertford. Rebecca Scott-smissen, Bob Smissen and Juliet Welchman Greated string- trio perfomiances in Suffolk, alongside additional satellite performances in their local community. Soclal Purpose: ASMF'S social purp05e work focuses on areas.. 1. Working in partnership with The Connection and other charities to deliver programme and projects to support people experiencing homelessness, and 2. Interventions to support the talent pipeline and projects with young musicians, with a particular focus on the skills needed to perform as part of a "player led" orchestra. A mission-led commitment to tripling our investment in this area at the start of the 2023124 season and placing it at the ntre of our work was a decisive moment for the orchestra, alongside an aim to page8
increase the impact of our touring by more comprehensively integrating education opportunities in the drfferent cities we visit alongside our concert programme. This season, ASMF deepened its long-standing commf(ment to social purpose by connecting with More centres and individuals than ever before in its programme of work with people expersencing homelessness. Between May and July 2025, musicians from ASMF visited eight London homelessness centres, offering music- making sessions that welcomed everyone - from those picking up an instrument for the first time to seasoned players reconnecting with their creativity. Those we met within the centres were invited for the first time to a creative offer where ASMF took the lead on both creative and pastoral activities= our first trial of 'an orchestra for people experiencing homelessness. The project culminated in a joyful performance and amplified the positive impact5 of our work. One support worker described the experien as "life changing" for their client, and several participants have since become regular concertgoers. The success of the trial projed, building on over 25 years of practice in working with this community, is the next step in ASMF'S aim to deliver a permanent, year-round offer for those who are most vulnerable. It was season of connection, creativity, and rediscovery for everyone involved. In supporting the next generation of brilliant, empowered players along their journeys, we continued our annual partnership with Sinfonia Smith Square and worked for the first time with the Junior Department ofTrinity Laban Conservatoire, alongside inviting Schools to join us at Open rehearsals in London. Our ongoing collaboration with Royal Academy of Music's Open Academy saw players work alongside students at The Connection at st Martins, developing skills in community workshop delivery. Internationally, our full-scale side-by-side project with San Francisco ConseNatory of Music was also complèmented with mentoring players to deliver performances in local homelessness centres, and members, coaching at the Macao International Children's Camp saw students raise their horizons through expèrt tuition. CASE STUDY: Hom8l•••ness Orchestra ASMF has worked with people experiencing homelessness through improvisatory music-making workshops for over 25 years. Those we work with experience many challenges and have limited access to basic services, let alone classical music. Our newest project was drfferent., connecting with more people than ever before through a tour of eight London homèlessness centres (May 2025), we launched a new way for those at the margin5 of society to engage - an orchestra for people experiencing homelessness (July 2025). We used ASMF'5 unique approach to create an ensemble comprising musicians of all experience levels-. from new performers living on the slreels to ASMF'S principal players. The project engaged with 90 people experiencing homelessness, 18 of which formed the orchestra, in which participants leamed violins, brass, guitar and percussion and built toward a joyful musical performance for an invited audien. The project had profound impacts on the wellbeing of those who took part, buili lasting bonds beeen new and experienced players, and established connections which now means a new group of audience members regularly attend ASMF'S concerts independently. Testimony fmm a participant's Senior Support Work.. As Senior Support Worter (and also a qualif18d Mental H&affh Nurse) supporting on8 of our community members who recently accessed the programme, I have witnessed an extraordinary and deeply moving shift in th8ir w811b8ing. From the moment th8y returned from that first Orchestra session, there was a remarkable change in Iheir deme8nour. They page9
cam8 back energised, joyful, and animated, excitedly r8counting every detail of the session, from the people they met to the instrument they had the chance to try that week. The Orchestra provided them not just with a creative outlet, but with a sense of community, grounding, and hope. Thair ability to focus, whiGh had prgviously been impacted by the stress of Iheir cirGumstances, noticeably impmved, and their confidence began to grow. This confidence has since spilled over into other activities of their1rf8. The Orch8Stra sessions have begn a powerful protective f8Ctor at 8 critical lime in their recovery joumey. Your work has made a tangible differen, not only in lffting someone from a place of despair but also in helping them reconnect wilh their strengths and potential. Thank you forproviding such a life-affim?ing, inclusive, and empowering spa. It's not an exaggeration to say it has been life changing." Fundralslng The trustees are extremely gratefijl to each of the orchestra's friends and supporters around the World who enable OUT work to tske place. The 2024r25 Season saw ASMF Fundraising reach similar levels to that which wre achieved through the Marriner100 year and the accompanying £500,000 Match Campaign. The most significant aspect of the year was the cornmencement of The Berry Chartlable Trust's generous support of the Music Director's Chair, as 11 as their und8Nriting of the orch8Stra's visit to Carnegie Hall, which will take place in 2026. In addition, Maria Cardamone and Paul Matthews continued their generous friendship of ASMF with support of the San Francisco Residency in Spring 2025. Overall, philanthropy from the USAthrough theAmerican Friends of the Academy of St Martin in the Fields continued to provide an invaluable contribution to ASMF'S lif8 and work. The year saw a significant uplrft in support reGeived from Trust5 and Foundations, as well Bs from individual donors, for the orchestra's growing social purpose programmes. We were pleased to welcome a number of new members to ASMF'5 Music Director's Circle, as well as to our Corporate Club- including our Opening and Closing Night Sponsor, Larry's and the Daisy Green Collective. Fruitful fundraising events were held throughout the year including, with grateful thanks, at the home of Sir lan McKellen and we mounted an equally successful Christmas Online Auction. Fundraising was supported byASMF's UK and US Boards as well as by the orchestra's International Advisory Board. In Ihe 2025126 season we will further increase our focus on and investment in audience development, ensuring not only that we are seNing ASMF'S existing audience but also playing our part in welcoming the next generation of classical music enthusiasts across the globe. FINANCIAL REVIEW The financial results for the year are sel out in the Statement of Financial Activities on Page 19 and the financial position at the end of the year is shown in the Statement of Financial Position Sheet on page 20. The results for the year are a surplus of £423,308, which reflected the SucsS of the season and the generosity of fri8nds and supporters around the worfd. The Charity continues to receive no on-going public subsidy, and indeed is one of the UK'S busiest and most ambitious orchestras not in regular receipt of funding from page10
Arts Council England. The majority offvnding must be generated by the orchestra's concert and recording activities and through the support of individual donors, Trusts and Foundations and corporate sponsorship. ASMF has benefited for a number of years as a recipient of HMRC'S Orchestra Tax Relief. This tax relief has enabled the orchestra to significantly grow its activities in the UK and acros5 the globe, to represent the UK on the world stage, and to earn fees and fundraise donations around the world which we can bring back to the UK. From April 2025, changes to the eligibilty of the Orchestra Tax Relief meant that international work was no longer eligible for this relief. Vbfftile the impact of this change is seen to a degree in the 2024125 season (for projects POSt-April 20251, the real impact will come from the 2025126 season onwards. This will resutt in an anticipated tax relief reduction of up to c.£300,000 per year based on ASMF'S current leve15 of activity. The impact of this will be significant- threatening th8 potential for the UK'S orchestras to be great ambassadors for the country's Culture around the world, as well as undermining the economic benefits of raising fees and funds internationally which are then returned to the UK. ASMF estimates that for every £1 of international Orchestra Tax Relief it receives, it brings £10 back to the UK through fees paid and fundrai5ed income. With the support of a number of MPS and political stakeholders, we continue to call for government to reverse thi5 change as a matter of urgency. At the year*nd the Charity had reserves of£1,915,058, all of which is held in unrestricted funds. Re¥gNe Funds The Charity accounts for two types of fund8: Restricted funds consist of donations either earmarked by the donor for specific defined or limited use or donations or other income arising from appeals for funding particular projects or for supporting specific charitable objectives., Unrestricted funds are funds which can be used without restriction, at the discretion of the Board, in the furtheran of the Charity's objectives. Reserves Pollcy: The current Reserves Policy agreed by the trustees takes into account.. The significant reduction in Orchestra Tax Relief which will impact ASMF from the 2025126 season onwards, following the removal of eligibility from international work. That a large proportion of ASMF'S reserves are not held a5 cash, due to Orchestra Tax Relief requiring submission following the audit of the previous season's accounts, as well as £358,180 held as Gennan Withholding Tax, which is currently taking up to three years to be processed and returned to the orchestra. That despite these challenges, the trustees agreed that it would be appropriate for the long-term success of the orchestra to continue to invest in meaningful activity, resuliing therefore in pre-planned deficit budgets for up to three years while retuming sustainably to a balanced budget. page11
These factors meant that the trustees agreed that reserves should be built up as much as reasonably possibly by the end of the 2024125 season before up to three years of antiripatp.d dp.fir.it bijdgots from the 2025126 season onwards. PLANS FOR THE FUTURE The orchestra has an ambitious plan for the coming years, which has been focused by the Board and executive team through the articulation of a 5-year strategy. The 2025126 season will see the delivery of a full season of conrtS as the Principal Orchestra Partner of the Church of St Martin-in-the-Fields,' a busy touring schedule including four separate tours to the US, three across Germany, and more throughout Europe., continued growth of our Social Purpose programme; continued support of three existing initiatives and the launch of two new Marriner Projects, putting financial and administrative support behind the ideas and initialives of our players- and ever more ambitious fundraising targets. We continue to advocate lo government for the reversal of the rent change in Orchestra Tax Reli8f which narrows the eligibility of orchestral projects which can claim valuable financial benefit for their WOTk. Now, only activities that take place °within the UK" rather than 'from within the UK. are eligible. We are working hard to demonstrate the economic, cultural, societal and soft power benefits that our international programme and the fees and fundraised income that we raise around the world deliver back to the UK. RESPONSIBILITIES OF THE BOARD OF TRUSTEES The trustees, who are also diredors for the purposes of the Companies Act, are responsible for preparing the Annual Report and th8 financial statements in accordance with applicable law and regulations. Company law requires the tTUStees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of Ihe Charty for that period. In preparing those financial statements, the trustees are reqt1ld to.. select suitable accounting policies and then apply them consi5t8ntly', observe the methods and principles ofthe Charitie5 SORP., make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unles5 it is inappropriate to presume the company will continue its activities. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act P8ge12
2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulation 2008. The trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularf(ies. In accordan with company law, as the Charity trustees. we rtify that". so far as we are aware, there is no relevant audit information of whidi the Charity's auditors are unaware., and as Ihe trustees of the Charity, we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevanl audit information and to establish that the Chartys auditors are aware of that information. AUDITORS A resolution to appoint Streets Audit LLP as auditors for the ensuing year will be proposed at the annual general meeting in accordancè bmth section 487{21 of the Companies Act 2006. SMALL COMPANY PROVISIONS This report ha5 been prepared in accordance with the special provision for small companies under Part 15 of the Companies Act 2006. The trustees, annual report was approved on and signed on behalf of the Board of Trustees by: G. A. Powell trustee and Chair of the Finance Committ88 page13
ACADEMY OF ST MARTIN IN THE FIELDS AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Opinion We have audited the Financial Statements of The Academy of St Martin in the Fields (the 'charty'l for the year ended 31 August 2025 which comprise the statement of financial activities (including income and expenditure account), statemenl of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Financial Statements: give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resourGe5, including its income and expenditure, for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practi., have been prepared in accordance wlth th8 requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent ofthe charity in accordance with the ethical requirements that are relevant to our audit of the Financial Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu81ons relatlng to golng concern In auditing the Financial Statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charivs ability to continue as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue. page14
Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this r8POrt. Other Inforniation The other infomiation comprises the information included in the annual report, other than the Financial Statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the Financial Statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not expre55 any fomi of a55urance Gonclu5ion Ihereon. In Connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon51Stent with the Financial Statements or our knowledg8 obtained in the audit or otherwise appears to be materially misstated. If we identify such material inGonsistencies or apparent material misststements, we are required to detemine whether there 15 a material misstatement in the Financial Statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we ar8 required to report that fact. We have nothing to report in this regard. Opinions on other mattern proscribed by tho Companles Act 2006 In our opinion, based on th8 work undertaken In the course ofthe audit: the information given in the trustees, report for the finanGial year for which the Financial Statements are prepared is consistent wrth the Financial Statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Mattèrs on whleh we are requlred to roport by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identrfied material misstatements in the trustees, report. We have nothing to report in respect of the following matter5 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the Financial Statements are not in agreement with the accounting records and returns., or certain disclosure5 of trustees, remuneration specified by law are not made., or page15
we have not received all the inforrnation and explanations we require for our audit- or the trustees were not entitlèd to prepare the Financial Statements in accordance with Ihe small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report Ra8pon8lbllities of trustees As explained more fully in the trustees, responsibilitie5 ststement, the trustees (who are also the directors for the puTp05es of company law) a responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the trustèes detemiine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whethar due to fraud or error. In preparing the Financial Statements, the trustees are responsible for assessing the charity's ability to continue as a going COnrn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernative but to do so. AudStorf8 re8pon8lbllltlè• for tho audlt of the flnanclal 8tatem•nts Our objectives are to obtain reasonable assurance about whether th8 Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's ieport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteo thal an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. Irregularities, including fraud, are instances of n0nwcompl1an with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows-. the engagement partner ensured thal the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations; we identified the laws and regulation5 applicable to the charity through discussions with directors and other management, and from our commercial knowledge and experience of the academy music charity sector., page16
we focused on spe¢ifi¢ laws and regulations which we considered may have direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, taxation legislation, data protection, anti- bribery, employment, environmental and health and safety legislation., we assessed the extent of compliance with the laws and regulations identifi8d above through making enquiries of management and inspecting legal corresponden. and identthed laws and regulations were communicated within the audit team regularty and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the char-ty's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was su$pIlblIIty to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected lationships., tested joumal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In response to the ri8k of irregularities and non-compliance with laws and regulations, we designed ProdureS which included. but were not limited to.. agreeing financial statement disclosures to underlying supporting doGumentation', reading the minutes of meetings of those charged with governance" enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC, relevant regulator5 and the charS legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to page17
enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misststements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilitie5 forthe audit of the Financlal Stalements 18 located on the Financial Reporting Council's website at www.frc.org.uklauditorsr8sponsibilities. This doscription forms part of our auditor's r8POrt. U80 of our report This report is made solely to the charity's rnember5, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters wè are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, wè do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work, for this report, or for the opinions we have formed. Shane Tharby (Senior Statutory Auditor) For and on behalf of Streets Audit LLP Chartered accountants & statutory auditor 3 Wellbrook Court Girton Cambridge CB3 ONA page18
ACADEMY OF ST MARTIN IN THE FIELDS STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 UnreBtTictsd fvnds 2025 R••lrl¢t•d lund 2026 Note Total fund• 2026 Total Fund• 2024 Income and endowments Donations & Legacies Charitable Actiwties other tradlng acts"vllie8 Other incom 828,902 2.791,512 42,170 840,293 68.871 897,773 2,791,S12 42,170 840,293 1.086.192 3.465,784 23.943 671,303 Total Incom• 4.502,877 4 671748 5 227 222 Expendltur• Raislng FundB Charitable Activltie Total Expendlture 292.479 3,787,090 4 079 569 292,479 3.855,961 4 148.440 308,220 4,474,614 4 7B2.834 68.871 423,308 423,308 444,388 N•t mov•m•nt In fund• 423,308 423,308 444,388 Total fundB at 31 Augu812024 1,491.750 1,491,750 1.047.362 Total fund8 8131 Augu8t 2025 1.915,058 1.916,058 1.491,750 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure d8rive from continuing activities. page19
ACADEMY OF ST MARTIN IN THE FIELDS STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2025 Nots 2026 2024 Fixed assets Tangible fixed assets 13 14,590 16,942 Current assets Debtors Cash al bank and in hand 14 1,395,829 842,690 2,238,519 984,387 681,034 1,665,401 Credltors: Amounts falllng due wlthln one year 15 338,051 190.593 Net current assets 1,900,468 1,474,808 Net asset• 1,916,068 1,491,760 Fund8 for the charlty: 17,18 Unrestricted Fund 1,915.068 1,491,760 These financial statements Were approved by the Board of Trustees and authorised for issue on 2¥ Lts and Signed on behalf of the Board by: Gary Powell page20
ACADEMY OF ST MARTIN IN THE FIELDS STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cashllows from operatlng actSvltles Net income 423,308 444,388 Adjuslmenls for.. Depreciation of tangible fixed assets Changes in.. Trade and other debtors Trade and other creditors 5,164 4.638 (411,462) 147,459 (126,6921 (201,5S5) Net cash from operatlng actlvltle• 164,469 120 779 CaShflO from Investing actlvltles Purchase of tangible assets Net cash used In Snvestlng actlvltles (2.812) 2,812 4,639 4,639 Net Increas8Ildecrea8•1 In cash and cash equlval8nts Cash and cash equivalents at beginning of y8ar 161.658 681,034 116,140 564,894 Cuh and cuh eqvlvalents at end of ye•r 842,690 681,034 page21
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 STATUTORY INFORMATION The charity is a public benefit entity and a private Company limited by gu8rantee, registered in England and Wales, and a registered charity in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. ACCOUNTING POLICIES 2.1 STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accord8n¢e with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland. Charrties Act 2011 and Companies Act 2006 BASIS OF PREPARATION The financial statements have been Prepared on the historical cost basis. The financial slalements are wepared in steding, which 18 the functional currency of the entity. 2.2 GOING CONCERN Desplte ongoing challeng88 relating to the cost of livlng crisis, and the arts funding environment in the UK the 2024-25 season saw a continued return to ¥ignificanl touring, concerts and social purpose activity. Tha or¢he5tra ended the 2024-25 financial year wth a significant 8urplu5 and strong reserves position, and the trustees are confident that these reserves should enable the charity lo continue lo operate and achieve its objectives throughout the 202&28 season and beyond. There are accordingly no material uncertainties about the charity's ability to continue a$ a going Gonc8rn for at least twelve months from Ihe dale these account$ a approved by the Board. Based on the above, the tnjslees consider it appropriate for these financi81 slalements to be prepared on a Going Concern basis. 2.3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the financial statements requires management lo make judgernenls, eslimales and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events Ihal are believed to be reasonable under the circumstances. 2.4 INCOME TAX The Academy of St Martin in the Fields is a regISted charty and is thus exempt from tax on income and gains, falling within part 11 of the Corporation Taxes A¢t 2010 or s256 of the Taxation of Chargeable Gains Act 1992, to the extent that these applied lo ts charitable objectives. No tax charges have arisen in the charity. page22
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 2.5 FUND ACCOUNTING Unrestrided fund$ a available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds are subjected to restrictions on thelr expenditure declared by the donor or through the temis of a fund-raising appeal. 2.6 INCOME l income is included in the statement of financial activities when enlitlemenl has passed to the charity. It is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can b8 reliably measured. The foll¢)wing Speclfic policieg are applied to particular categorie5 of income.. income from donations or grants is recogni5ed when there is evidence of enbuement to the gift. receipt 18 probable and its amount can be measured reliably. legacy income is reGognised when receipt is probable and entitlement is established. income derived from donated good5 is measured at the auction value attained al the associated fundraising event. Donated facilitie8 and seThice8 are recognised in the account5 when received if the value can be reliably measured. No amounts are Included for the contribution of genèral volunteers. income from contracts for the supply ol services 18 recognised net of VAT, and 18 recognised on delivery of the contracted service. Such income is classrfied as unStrICted funds unless there is a contraGlual requirement for it lo be spent on particular purpose and returned if unspent, in which casè it may be regarded as r8stricted. 2.6 FOREIGN EXCHANGE Transactions in foréign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rales of exchange prevailing at that date. 2.7 EXPENDITURE Expenditure is cOgnised on an accruals basis as a liability is incued. Expenditure indude5 any VAT which cannot be fully recovered, and is classified under headings of the statement ol financial activitie5 to which it relates.. èxpenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertak'ng activities that further its charitable aims for the benefit of ils page23
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 beneficiarie8, including those support costs and costs relating to the govemance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that 18 neither related to raising funds for the charity nor part of ils expenditure on chanlable activttie8. All costs are allocated to expenditure Categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned been the activlties they contribute to on a reasonable. justifiable and consistent basig. 2.8 OPERATING LEASES Lease payments are recognised as an expense over the lease term on a straighl-liné b08is. The aggregate benefit of lease incentives is recognised 85 a reduction lo expense over the lease tem, on a straight-line ba51S 2.9 FIXED ASSETS AND DEPRECIATION Tangible assets arè initially recorded al cost. and subsequently stated al cost les8 any aGGumulaled depreciation and any impairmenl108ses. Depreciation is calculated so as to write off the cost or valuallon of an 898et, le58 Its residual value, over the useful economic life of that asget a$ follows.. oirice equipment 15% 8traight line Comput8r equipment 25% straight lin8 Orchestra & theatrical equipment 15% straight line A review for indicators of impairment 18 Carried out at each reporting date, with the recoverable amount being eslimaled where such indic8lor8 exist. Where the carrying value exceeds the cOVerable amount, the asset is irnpaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting dale. 2.10 DEBTORS Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 CASH AT BANKAND IN HAND Cash at bank and in hand indudes cash and short tenn highly liquid investments. 2.12 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 page24
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 party and the amount due to settle the obligation can be measured or estimated reliably. 2.13 DEFINED CONTRIBUTION PLANS Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. INCOPIE FROM DONATIONS AND LEGACIES Unrestrlcted 2025 Restrlcted 2025 Total 2025 Donatlons Trusts and foundations 8,334 8,334 General donations 265,918 265.918 Donations from American friend8 532,984 532,984 Sponsorship 10,000 10,000 Grants 20,000 80,537 80,537 828,902 68,871 897,773 Unr•8lrf¢tod 2024 R08trlctsd 2024 Total 2024 Donatlons Trusts and foundations 9,910 9,910 General donation 212,649 2.100 214.749 Donations from American friends 755,399 755,399 Spon80r8hip 7.500 7,500 Grants 78,634 78,634 975,548 90,644 1,066,192 The charity did not have any services of volunteers during the period to assist with concert and lour planning and with learning and participation projects and therefore they had no value. page25
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 INCOME FROM CHARrrABLE ACTMTIES Total 2025 Total 2024 UK concerts 275,539 253.399 Overseas concerts & tours 2,472,491 3,080,280 Recordings and Royalties 43,482 132,105 2,791,512 3,465,784 All income from ¢harilable acts'vilies was unrestricted in both 2025 and 2024. Of Ihe total income of the Charity from Chantable activities, 89% {2024- 89%) was attributable lo overseag concerts and lour3. page26
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THEYEAR ENDED 31 AUGUST2025 INCOME FROPI OTHER TRADING ACTIVITIES Total 2025 Total 2024 Fundraising events 42,122 23,425 Other income 48 518 42,170 23,943 All other trading income was unrestricted in both 2025 and 2024. Othor Incom• Total 2026 Tolal 2024 Orche8tra Tax Relief 840,293 671,303 840,293 671,303 All other income was unrestricted in both 2025 and 2024 Co•t 01 Ral•lng Fund• Total 2026 Total 2024 Direct Gosts 102,203 133,67Q Support Costs 190,276 174,550 292,479 308,220 All cost5 related to raising funds were unrestricted in both 2025 and 2024 page27
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 CHARrrABLE ACTIVITIES EXPENDITURE BY FUND Unr•strictsd funds fte¥trlcted fund8 Total funds 2025 UK concert8 337,074 8,334 345,408 Overseas concerts & tour8 2,439.547 2,439,547 Social Purpose 18,976 60,537 79,513 Recording & commissions 68,181 68,181 Support Costs 832,760 832,760 Marketing & publicity 90.552 90,552 3,787,090 68,871 3,855,961 Unr••trlctsd fund• Re•trlct•d funds Total funds 2024 UK concerts 472,433 33,333 505,766 Over58a8 concerts & toura 3,075,403 3,075,403 Socigl Purpose 416 39,511 39,927 Recording & commissions 83,049 83,049 Support CO8ts 643,220 643,220 Markets'ng & putlicity 109,449 17,800 127,249 4,383,970 4,474,614 page28
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Artistic Fees Support costs Marketlng Total fvnds 2025 Total funds 2024 Publicity UK concert8 345,408 101,404 19,070 465,882 628.123 Oversea8 concerts & tours Leaming & Participats'on Recording & ommission8 2,439,547 692,730 67,474 3,199,751 3,887,987 79,513 19.150 2,262 100,925 81,805 68,181 19,476 1,746 89,403 96,899 2,932,649 832,760 90,552 3,855,961 4,474.614 page29
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 SUPPORT COSTS The charity allocates rts 5UPPOrt costs as shown in the table below and then further apportions those costs behveen charitable adivities undertaken and voluntary income (see note 81. Support costs, wherever possible, are allocaled directly to the main types of income resources. Ihen the remaining items are apportioned on the basis of unrestricted inGome to total unrestricted income received for charitable activilies and fundraising events. Staff costs are allocated on the basis of time spent on typ88 of incoming reserves. 2025 2024 Staff costs 574,979 457,047 General offiGe & insur8nce 77,967 98,796 Finance, IT & communications 51,609 22.387 Oepreciatlon 5,164 4,638 Exchange gainsnoss88 41,373 2,397 Governance (see below) 81,668 57,975 832,760 643,220 Gov•rnanco costs 2026 2024 Audit 12,550 11,450 Legal & professional 26,837 13.191 staff costs 42,281 33,333 81,668 57,975 All support costs related to unrestricted expenditure. 10. NET MOVEMENT IN FUNDS This is stated after charging 2025 2024 Auditor's remuneration 12.550 11,450 Depreciation 5.164 4,638 page30
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THEYEAR ENDED 31 AUGUST 2025 11. STAFF COSTS 2025 2024 Wages & salaries 562,770 481,019 Social securfty costs 49,280 31,739 other pension cost8 27.529 13,600 639,579 526.358 The average number of full-time equivalenl employees during the period wa8 as follows.. 2025 2024 No. Fundraising Govemance Charitable activities 12 11 Staff earning in excess of £60.000 in thé period are shown in the following bands.. 2025 No. 2024 £60,000 to £70,000 £70,00110 £80,000 £90,001 to £100.000 £100,001 to £110,000 12. TRUSTEE REMUNERATION AND EXPENSES No trustee received any remuneration or expenses for acting as a trustee. During the year to 31 August 2025 five trustees, namely J Godson. J Hensel, T Lessels, R Smi5sen and W O'sullivan were paid fees as players of the Orchestra - See note 21 for more details. page31
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 13. TANGIBLE FIXED ASSET8 Compuler Orche8tral Equlpment & theatrical Total equlpment Coat At 1 September 2024 11,069 12,468 23,537 Addrtions 2,812 2,812 Disposals At 31 August 2025 13,881 12,468 26.349 Depreclatlon At 1 September 2024 3,868 2,727 6,595 Charge for the year Eliminated on disposal 3,294 1,870 5,164 Al 31 Augu&t 2025 7,162 4,597 11,759 Net book valu• At 31 August 2025 6,719 7,871 14,590 At 31 August 2024 7,201 9,741 16,942 14. DEBTORS 202S £ 2024 £ Trade debtors 15,502 20,137 Prepayments and accrued income 118,313 55,489 Other debtors 1,262,014 908,781 1,395,829 984,387 2025 Debtors less than one year £1,118.330. 2 - 3 years £277,49912024 Debtors less than one year £769,422, 2- 3 years £214,946) page32
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 1& CREDITORS: amounts falling du• wlthln one year 2025 2024 Trade credrtors 162,908 83,146 Accruals and deferred income 109,376 72,219 Soual s&curity and other taxes 19,383 Other Greditors 9,703 15,845 338,051 190,593 Deferred income: 2025 2024 Brought forward 20,833 201,155 Income released in the year 12,550 201.155 Income defeThed in the year 53,686 20,883 Carried forward 82,019 20,883 Deferred income relates to revenue streams from Development Events scheduled in 2028. 16. PENSIONS AND OTHER POST-RETIREMENT BENEFITS The amount recogni8ed in income or expenditure as an expense in relation to d8fined contribution plans was £27,52912024.' £13,600). 17. MOVEMENT OF FUNDS Unrestricted funds 1 September 2024 Incorne Expenditur• Transfers 31 August 2025 General funds 1,491,750 4,502,877 (4,079,569) 1,915,058 Total unrestricted fvnds 1,491,750 4,502,877 {4,079,569) 1,915,058 page33
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Restrictsd funds 1 September 2024 Income Exponditure Transfers 31 Augu¥t 2025 Donats'ons for concerts projects Grant and donations for leaming and participalion projects Donation for marketing expenditure Total restricted funds B,334 18,334) 60,537 (60,537) 68,871 (68,871) Unro8trlct•d fund• 1 Septemb•r 2023 Income Exp•ndlture Tran•fer• 31 August 2024 General funds Total unrestricted lunds 1,047,362 5,136,578 (4,692,190) 1,491.750 1,047,362 5,136,578 (4,692,190) 1,491.750 Re•trlct•d fund• 1 Septemb•r 2023 Incomo Exp•ndltur• Tran•fors 31 August 2024 Donations for concerts projects Grant and donations for leaming and participation projects Donation for marketing expenditure Total restn'cted fund5 33,333 133,333) 39,511 (39,511) 17,800 117.8001 90,644 190,6441 page34
ACADEMY OF ST MARTIN IN THE FIELDS NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS All net assets are unrestricted in 2025, as they were in 2024. 19. ANALYSIS OF CHANGES IN NET DEBT At 1 Sept 2024 Cash Ilows At 31 Aug 2020 Cash at bank and in hand £681,034 £161,656 £842,690 20. OPERATING LEASE COMMITMENTS The total future minimum lease payment5 under nonryc8n¢ellable operating lea888 ar8 as follow8.. 2025 2024 Wthin one year 15,670 15,670 Beeen 2 and 5 yoars 4,441 5,726 20,111 21,398 21. RELATED PARTIES Of the Trustees who held office during the year, J Godson, J Hensel, R Smissen, W O'SulSivan, and T Lessels were players in concerts performed by the orchestra, and accordingly had interest in contracts with the Charity. Included in the Charity's charitable expenditure are payments to these related parties of £98,830 {2024 - £110,735). The contracts of the directors as players are individually negolialed on an arns-length ba818 on 8imilar terms to those available to other player8 who are not director8. Directors {who are also trustees) made donations tolalling £54,523 in the year12024 - £81.2901. page35