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 trans￿nd 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 be￿een 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
ne￿ork 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:
perforMan￿S 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-c0n￿rt
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 Con￿rt0 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 COn￿rt0S, 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 Con￿rt0 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 COnse￿atOry 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 perforMan￿S 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 inte￿r￿latIon 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 cOn￿rt 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 cOn￿rtante 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 be￿een 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 w￿re
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 Suc￿sS 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 con￿rtS 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 re￿nt 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 reqt1l￿d 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 othe￿iSe 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 COn￿rn, 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 Pro￿dureS 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 char￿S
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 regISte￿d 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
un￿StrICted 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 incu￿ed. 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 be￿en 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
Be￿een 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