Registered number: 2040312
Charity number: 295329
ORCHESTRA OF THE AGE OF
ENLIGHTENMENT AND SUBSIDIARY
UNDERTAKINGS
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2020
LUBBOCK FINE LLP
Chartered Accountants
Paternoster House
65 St Paul's Churchyard
London EC4M 8AB

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers
Trusteos. Report
Independent Auditors. Report on the Financial Statements
8-10
Consolidated Statement of Financial Activities
Consolldated Balance Sheet
12
Charity Balance Sheet
13
Consolidated Ststement of Cash Flows
14
Charity Statement of Cash Flows
15
Notes to the Financial Statements
16-39

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Trustees
Imogen Overli, Chaim)an
Roger Montgomery, Vice Chairman
Crispin Woodhead, Chief Executive
Steven Devine
Denys Firth
Nigel Jones
Max Mandel
David Marks
Rebecca Miller
Andrew Roberts
Adrian Frost
Katharina Spreckelsen
Mark Williams
Matthew Shorter
Dr Susan Tranter
Daniel Alexander QC
Company reglstered
number
2040312
Charity reglstered
number
295329
Reglstered offlce
Acland Burghley School
93 Burghley Road
London
NW5 1UH
Company secretary
Pascale Nicholls
Independent audltors
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Patefnoster House
65 Sl Paul's Churchyard
London
EC4M 8AB
Bankers
Lloyds Bank
39 Piccadilly
London
W1V OAA
CAF Bank
25 Kings Hill Avenue
Kings Hill
Wesl Malling
Kent
ME19 4JQ
Sollcltors
Swan Turton
68a Neal Street
London WC2H 9PA
Page 1

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their annual report, which includes the Directors. report, together with the audited financial
statements of the group and the Charity for the year from 1 October 2019 to 30 September 2020. The Trustees
confi'rm that the Annual Report and financial slalements of the company comply with the current slatulory
requirements, the requirements of the company's governing document and the provisions of the Statement of
Recommended Practi￿ ISORPI, applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019).
sin￿ the Charity and the group qualifies as small under section 383, the strategic report required of medium and
large companies under The Companies Act 2006 Islralegic Report and Director's Report) Regulations 2013 is
not required.
structure. governance and management
The Group consists of The Orchestra of the Age of Enlightenment IOAEI, the parent Charity, and OAE
Productions Limited, the subsidiary company.
The OAE is a registered charity and Company limited by guarantee, established in 1986 and governed by its
Memorandum and Articles of Association. The company has no share capital and in the event of il being wound
up the liability of Members and those who ￿aSed lo be Members within one year is limited lo £1.
As a 'self-governing' orchestra the majority of Members are Player Members, being those musicians who 'in the
opinion of the Board
make a signifi'cant and continuing contribution as musicians lo any orchestral or musical
ensemble for the time being maintained by the Company,.
The Board of Directors comprises the Players, Artistic Committee, the Chief Executive, and be￿en five and ten
Non-Player Directors elected by the Members.
The Players, Artistic Committee IPACI is comprised of five Player Members, drawn from at least sections of
the Orchestra, elected by the Player Members. Its role is to establish the artistic policy and plans of the
Orchestra, supervise the choice of programmes, personnel, conductors, soloists and other performers, and
generally have responsibility for the musical direction and development of the Company and the maintenance of
artistic standards.
PAC members are elected for a peri￿ of three years and are eligible for re-election up lo a maximum of six
years. After retirement from the PAC al least three years musl elapse before a Player Member is eligible for re-
election to it.
Non-Player Directors are recruited by a Nominations Committee (comprising the Chair, a non-Player Director, a
member of the PAC, and the Director of Development) before being proposed for election by the Members. The
Nominations Committee aims lo ensure the Board maintains an appropriate and wide range of skills and
experience to complement those of the PAC, including individuals with backgrounds in leadership, governance,
finance, philanthropy, arts, education, communications, law and HR.
Non-Player Directors are elected for a period of three years and are eligible for re-election up lo a maximum of
nine years, eX￿pt in the case of the Chairman (who is eligible for re-election up to a maximum of fifteen years)
and the Chief Executive.
New Board members re￿1ve a detailed induction pack and meet with the Chief Executive, other Board Members
and members of the Senior Management Team as required, and ongoing support and training is made available
in the areas in which they have specific responsibility.
The day to day management of the Company is delegated lo the Chief Executive, who is supported by a Senior
Management Team of six (Projects Director., Director of Finance and Governance., General Manager., Education
Director,. Director of Communications,. Development Director) and eight other members of staff Isix full-time and
o part-limel, and a number of freelan￿ individuals for project assistance from time lo time.
Page 2

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The remuneration of the Chief Executive and the Director of Finance and Govemance is sel and monitored by
the Finance Committee Icomprising be￿een three and five non-Player Directors and PAC members, with at
least one of each).
The OAE has one wholly-owned subsidiary, OAE Productions Ltd, which has its own Board of Directors
comprised of representatives of the OAE'S Board, PAC and senior management team along with an independent
Director. OAE Productions Ltd is the production company for the majority of the OAE'S concerts and manages
aspects of its commercial activity including corporate sponsorship.
Details of the relationships be￿een the OAE and related parties are included in the notes to the financial
stalemenls.
Trustees
The trustees who served during the year and Sin￿ the year end were..
Imogen Overfi (Chairman)
Roger Montgomery, vi￿-ChairMan
Crispin Woodhead, Chief Executive
steven Devine
Denys Firth
Nigel Jones
Max Mandel
David Marks
Rebecca Miller
Andrew Roberts
Adrian Frost
Olivia Roberts (resigned 25 May 20201
Kalharina Spreckelsen
Mark Williams
Matthew Shorter lappoinled 3 June 20201
Dr Susan Tranler lappoinled 7 July 20201
Daniel Alexander QC lappointed 27 January 20211
Objectives and activities
The object for which the Charity is established is lo advance education through the promotion, support,
encouragement of the art of music (including opera, music, drama, dancing, singing and all forms consisting in
whole or in part of music) and in particular the promotion, encouragement and appreciation of music as played
on period instruments.
The OAE is one of the world's leading orchestras, giving performances characlerised by energy, insight and
vitality inslrumenls. We embody the values of the Enlightenment, challenging existing ideas, championing
innovation and approaching our music-making, which ranges from Monteverdi to Mahler, with a constant spirit of
enquiry. Whilst run and artistically-led by our players, we work with the world's leading artists, particularly our
Principal Artists, as well as nurturing the next generation of musicians. We strive to reach the widest audience
possible through performance and our renowned education programme.
To support our mission labovel and further our purposes for the public benefit the principal activities we
undertake are a worfdwide programme of concerts, recordings and broadcasts, and a comprehensive
programme of music education and outreach activities aimed al involving, empowering and inspiring participants.
At the core of our artistic activity is our annual series of concerts at London's Southbank Cenlre, where we are
one of four resident orchestras, and from which most of our national and International activities flow.
Page 3


_Six Chapters of the Enlightenment Salvation and Damnation._ 

_Elijah Gloria Stabat Mater Odes Symphonies 2 & 3 String Concerti_ 

_Bach, The Universe and Everything_ 





_Fantasias, Holberg Suite Bach, The Universe and Everything;_ 





_Ich habe genug Apollo e Dafne Messiah , Bach, The Universe and Everything Essercizii_ 




ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Due lo the impact of Covid-19, we are following the government's guidan￿ on social distancing and are not
doing any fundraising that involves contact be￿een players, staff, volunteers and donors. All of our fundraising
activity is being conducted online for the foreseeable future.
statement of Trustees. responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for
preparing the Trustees. Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees lo prepare financial slalements for each financial year. Under company law
the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair
view of the slate of affairs of the group and the Charity and of their incoming resources and application of
resources, including their income and expenditure, for that period. In preparing these financial slalements, the
Trustees are required lo..
Select suitable accounting policies and then apply them consistently.,
Observe the methods and principals in the Charities SORP.,
Make judgments and accounting estimates that are reasonable and prudent",
Prepare the financial stslemenls on the going concern basis unless il is inappropriate to presume that the
charitable group will continue in operation.
The Trustees are responsible for keeping adequate accounting ocords that are sufficient lo show and explain
the group and the Charity's transactions and disclose with reasonable accuracy at any lime the financial position
of the group and the Charity and enable them to ensure that the financial statements comply wth the Companies
Act 2006. They are also responsible for safeguarding the assets of the group and the Charity and henee for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that".
so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors
are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee In order lo be aware of any
relevant audit information and to establish that the charitsble group's auditors are aware of that information.
In preparing this report, the Trustees have taken advantage of the small companies, exemptions provided by
section 415A of the Companies Act 2006.
This report was approved by the Trustees and signed on their behalf by..
Imogen Overli
Chairman
Date." 25 June 2021
Page 7

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ORCHESTRA OF THE AGE OF
ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
OPINION
We have audited the financial statements of Orchestra of the Age of Enlightenment and subsidiary undertakings
Ilhe 'parenl charitsble company'l and its subsidiaries (the 'group'l for the year ended 30 September 2020 which
comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity
Balance Sheet, the Consolidated Statement of Cash Flows, the Charity 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 Financial
Reporting Standard 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 slate of the Group's and of the parent charitable company's affairs as at 30
September 2020 snd of the Group's incoming resources and application of resources, including ils income
and expenditure for the year then ended.,
have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities
Act2011.
BASIS FOR OPINION
We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical
requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
We have nothing to report in respect of the following mallers in relation to which the ISAS IUKI require us lo
report lo you where..
the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is
not appropriate., or
the Trustees have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubl about the Group's or the parent charitable company's ability to continue to adopt the
going concern basis of accounting for a period of al least twelve months from the date when the financial
statements are authorised for issue.
Page 8

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ORCHESTRA OF THE AGE OF
ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS {CONTINUEDI
FOR THE YEAR ENDED 30 SEPTEMBER 2020
OTHER INFORMATION
The Trustees are responsible for the other information. The other information comprises the information inclLJded
in the Annual Report, other than the financial statements and our Auditors, Report thereon. Our opinion on the
financial statements does not cover the other information and. except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstalemenls, we are required to deletmine whether there is 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 materi81 misstatement of this other information, we a
required to report that fact.
We have nothing to report in this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees. Report for the financial year for which the financial statements are
prepared is consistent with the financi81 statements.
the Trustees, Report has been prepared in accordance with applicable legal requirements.
MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our kno￿edge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements In the Trustees, Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires
us to report to you if, in our opinion..
the parent charitable company has not kept adequate and sufficient accounting records, or relums
adequate for our audit have not been received from branches not visited by us,. or
the parent charitable company financial stslements are not in agreement with the accounting records and
returns, or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and
from the requirement to prepare a Strategic Report.
Page 9

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ORCHESTRA OF THE AGE OF
ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS {CONTINUEDI
FOR THE YEAR ENDED 30 SEPTEMBER 2020
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of
the charitable company for the purposes of company lawl are 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
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstalemenl, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent
charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going
concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group
or the parent charitable company or to cease operations, or have no realistic alternative bul to do so.
AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misslatemenl, whether due to fraud or error, and lo issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
8ccordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misstatements can arise
from fraLJd or error and are considered material if, individually or in the aggregate. they could reasonabty be
expected lo influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financi81
Reporting CoLJncil's website al." www.frc.or
.uklauditorsres
onsibililies. This description forms part of our
Auditors, Report.
USE OF OUR REPORT
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006, and lo the charitable company's Iruslees, as a body, Part 4 of the Charities
IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charitable company's members those matters we are required to state to them in an Auditors, Report and for no
other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other
than the charitable company and its members, 8$ a body, for our audit work, for this report, or for the opinions
we have formed.
David Chandra (Senior Statutory Auditor)
for and on behalf of
Lubbo¢k Fine LLP
Chartered Accountants & Statutory Auditors
Palernosler House
65 St Paul's Churchyard
London
EC4M 8AB
25 June 2021
Dale..
Page 10

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND
EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Unrestricted
funds
2020
Restricted
funds
2020
Total
funds
2020
Total
funds
2019
Note
Income from:
Donations and legacies
Charitable activities
1,252,012
742,964
2,451
207,217
574,152
506
1,826,164
743,470
2,451
217,217
1,166,137
2,575,633
3,160
391,926
Investments
other income
10,000
Total income
Expenditure on:
Raising funds
Charitsble activities
2,204,644
584,658
2,789,302
4,136,856
408,659
598,163
408,659
1,915,386
360,272
3,749,338
1,317,223
Total expenditure
1,006,822
1,317,223
2,324,045
4,109,610
Effects of foreign exchange contract
movements
11,6111
11,6111
1,366
Net ineomellexpenditurel
Transfers be￿een funds
1,196,211
1734,3361
1732,5651
734,336
463,646
28,612
20
Net movement in funds
461,875
1,771
463,646
28,612
Reconciliation of funds:
Totsl funds brought forward
Nel movement in funds
1,014,498
461,875
364,394
1,771
1,378,892
463,646
1,350,280
28,612
Total funds carrled for•vard
1,476,373
366,165
1,842,538
1,378,892
The Consolidated Statement of Financi81 Activities includes 811 gains and losses recognised in the year.
The notes on pages 16 to 39 form part of these financi81 statements.
Page11

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
REGISTERED NUMBER: 2040312
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2020
2020
2019
Note
Fixed assots
Tangible assets
Current assets
13
205,655
38,924
Debtors
Cash al bank and in hand
15
566,870
1,507,634
1,115,605
755,110
2,074,504
1,870,715
Creditors.. amounts falling due within one
year
16
1437,6211
1530,7471
Net current assets
1,636,883
1,339,968
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,842,538
1,378,892
Charity funds
Restricted funds
Unrestricted funds
20
20
366,165
1,476,373
364,394
1,014,498
Total funds
1,842,538
1,378,892
The financial statements have been prepared in accordance with the provisions applicable to entities subject lo
the small companies regime.
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Imogen Overll, Chalmian
Dale".
25 June 2021
The notes on pages 16 to 39 fomi part of these financial statements.
Page 12

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
REGISTERED NUMBER 2040312
CHARITY BALANCE SHEET
AS AT 30 SEPTEMBER 2020
2020
2019
Note
Fixed assots
Tangible assets
Investments
13
205,855
100
38,924
100
14
205,755
39,024
Current assets
Debtors
Cash al bank and in hand
15
566,871
1,444,343
1, 108,406
729,856
2,011,214
1,838,262
Creditors.. amounts falling due within one
year
16
1439,4211
1520,7471
Net current assots
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,571,793
1,317,515
1,777,548
1,356,539
Charity funds
Reslricled funds
Unreslricled funds
20
20
366,165
1,411,383
364,394
992,145
Total funds
1,777,548
1,356,539
The financial statements have been prepared In accordance wth the provisions applicable to entities subject lo
the small companies regime.
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Imogen Overli. Chaimian
Dale..
25 June 2021
The notes on pages 16 to 39 fomi part of these financial statements.
Page 13

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2020
2019
Note
Cash flows from operating activities
Nel cash provided by I (used in) operating activities
24
927,322
13,1261
Cash flows from investing activitigs
Dividends, interests and rents from investments
Purchase of tangible fixed assets
2,451
1177,2491
3,160
126,6041
Net cash used in investing activities
1174,7981
123,4441
Change in cash and cash equivalents in the year
Cash and cash equivalents al the beginning of the year
752,524
126,5701
781,680
755,110
Cash and cash oquivalents at the end of the year
25
1,507,634
755,110
The notes on pages 16 to 39 fomi part of these financial statements
Page 14

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
CHARITY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2020
2019
Note
Cash flows from operating activities
Nel cash provided by operating activities
24
889,285
3,158
Cash flows from investing activitigs
Dividends, interests and rents from investments
Purchase of tangible fixed assets
2,451
1177,2491
3,160
126,6041
Net cash used in investing activities
1174,7981
123,4441
Change in cash and cash equivalents in the year
Cash and cash equivalents al the beginning of the year
714,487
120,2861
750, 142
729,856
Cash and cash oquivalents at the end of the year
25
1,444,343
729,856
The notes on pages 16 to 39 fomi part of these financial statements
Page 15

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Orchestra of the Age of Enlightenment and subsidiary undertakings meets the definition of a public
benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or
transaction value unless otherwise slated in the relevant accounting policy.
The Consolidated Ststement of Financial Activities ISOFAI and Consolidated Balance Sheet include
the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are
consolidated on a line by line basis.
The Group has taken advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not presented its own Statement of Financial Activities in these financial statements.
The extent of the continued impact of the Covid-19 pandemic on the operational and financial
performance of the Group will depend on future developments, including the success of the
vaccination programme in the UK and overseas, the prevalence of virus mutations, continuation of
government guidance, measures and restrictions and the speed of economic recovery, all of which
are highly uncertain and unpredictable.
The Trustees have prepared projected cash flow information and the cash inflows assume receipts of
certain grants and donations which, due to their nature, cannot be quantified, both in respect of liming
and amounts, with any certainly, especially given the current pandemic.
On the basis of this cash flow information, which covers a period of at least one year from the
approval of the financial slalements, and the level of available reserves, the Trustees consider that
there are no material uncertainties about the Group's ability lo continue as a going COn￿M.
The Charity accounts are prepared in accordance with FRS 102 and Charities SORP IFRS 1021 and
the Companies Act. The subsidiary company accounts are prepared in accordance with FRS 102 1A.
No adjustments have been required lo align the accounting policies of both entities.
The principal accounting policies, which have been applied consislenlly, are sel out below..
1.2 Company status
The Charity is a company limited by guarantee. In the event of the Charity being wound up, the
liability in respect of the guarantee is limited lo £1 per member of the Charity. As at 30 September
2020 there were 6912019 - 691 members.
The registered office address and principal place of business is Acland Burghley School, 93 Burghley
Road, London, NW5 1UH.
Page 16

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Accounting policies Icontinuedl
1.3 Income
All income is recognised once the Charity has entillemenl to the income, il is probable that the
income will be received and the amount of income receivable can be measured reliably.
Income lax recoverable in relation lo investment income is recognised at the lime the investment
income is receivable.
Other income is reC(￿niSed in the period in which it is receivable and to the extent the goods have
been provided or on completion of the service.
Donations
Donations received with imposed reslriclions are classified as reslricled funds.
Donations in kind a￿ valued and included in income to the extent that it represents goods or services
which would othetwise be purchased. The valuation is based on what a third party would pay for the
good or service. An equivalent amount is charged as expenditure. Income and the corresponding
expense are recognised in the year that the goods or service are ￿ceIVed1used.
Grants receivable
Revenue grants 8re credited as incoming resources when they are receivable provided conditions for
receipt have been complied with.
Charitable trading activities
Charitable trading activities represents income received from live and recorded music81
performances, including concerts, recordings and broadcasts over various media. The income is
recognised on the completion of the performance or, in the case of royalties, when receivable.
Other trading activities represents income received from fundraising events, membership
subscriptions and sales of merchandise. The income is recognised when receivable.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Ch8rity', this is normally upon notification of the interest paid or payable by the Bank.
Investment income
Investment income, gains and losses are allocated to the appropriate fund.
Page 17

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Accounting policies Icontinuedl
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit
to a third paty, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly
to that activity. Shared costs which contribute to MO￿ than one activity and support costs which are
not attributable lo a single activity are apportioned between those activities on a basis consistent with
the use of resources.
Costs of raising funds are those incurred in seeking voluntary contributions and do not include the
costs of disseminating information in support of the charitable aclivilies. Support costs are those
costs incurred directly in support of expenditure on the objects of the Charity and include project
management costs. Governance costs are those incurred in connection with adminislralion of the
Charity and compliance with conslitulional and statutory requirements.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on ch8rit8ble activities is incurred on directly undertaking the activities which further the
Group's objectives, as well as any associated support costs.
Granlmaking charitable activity expenditure relates to a grant to the OAE Benevolent Fund.
1.5 Fund accounting
General funds are unrestricted funds which are available for use at the dIsC￿tion of the Trustees in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Designated funds comprise unrestricted funds that have been sel aside by the Trustees for p8rticul8r
PLJrposes. The aim and use of each designated fund is set out in the notes to the financi81
statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Group for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes lo the financial statements.
1.6 Operating leases
Rentals paid under operating leases are charged to the Consolidated Statement of Financial
Activities on a straight line basis over the lease term.
Page 18

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Accounting policies Icontinuedl
1.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured al cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition are
included in the measurement of cost.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate
that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying
value of fixed assets and their recoverable amounts are recognised as impairments. Impairment
losses are ￿CogniSed in the Statement of Financi81 Activities.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated Ljseful lives, using the straighl-line method.
Depreciation is provided on the following bases..
Long-term leasehold propety
Office equipment
Computer equipment
over 5 ye8rs
over 4 years
over S years
The Orchestra has adopted a ￿valuatiON policy in regards to its musical instruments. As per the
SORP. the Orchestra will review the value of the assets regularly, al least every five years. No
depreciation is charged on music81 instruments as the expected residual value will be equal lo
valuation.
1.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value
cannot be measured reliably in which case il is measured al cost less impairment. Investment gains
and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on
investments, in the Consolidated Statement of Financial Aclivilies.
Investments in subsidiaries are valued al cost less provision for impairment.
Investments in associates are recognised using the equity method. Initial rec(￿nitIon is al the fair
value of the investing charity's share of the associate's nel assets. The carrying amount in an
associate is SLJbsequently adjusted through the Statement of Financial Activities reflecting the
investing charity's share of the associate's results.
In situations where there is deemed lo be significant influence by virtue of voting power bul significant
influence is not exercised and there is no intention to exercise significant influence, then the share of
net assets of the associate is not recogni5ed in the consolidated accounts of the investing charity.
This is on the basis that the investing charity does not have entitlement to a share of the net assets of
the associate.
Page 19

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Accounting policies Icontinuedl
1.9 Debtors
Trade and other debtors a￿ recognised at the selllemenl amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deFX)Sit or similar account.
1.11 Liabilities
Liabilities are rec(￿niSed when there is an obligation at the Balance Sheet dale as a resutt of a past
event, it is probable that a transfer of economic benefit will be required in setllemenl, and the amount
of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity
anticipates il will pay to sellle the debt or the amount il has received as advanced payments for the
goods or services it must provide.
1.12 Financial instruments
The charity's b8sic financi81 instruments are inlially recognised at transaction value and subsequently
measured at their settlement Value.
The charity also holds financial instruments in the form of forward contracts, the charity has applied
hedge accounting and measures the instrument and item at fair value wth the net gain or loss
through other gains and losses in the Statement of Financial Activities.
Where the hedged instrument has been cancelled, hedge accounting has not been apllied and
measures the instrument and item at fair value with the net gain or loss through other gains and
losses in the Statement of Financial Activities and the foreign exchange gain of the instrument
measured through the Statement of Financial Activities.
1.13 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sleding at rates
of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into steding al the rale ruling on the date of the
transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.14 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the Group to the fund in respect of the year.
Page 20

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Income from donations and legacies
Unrestricted Restricted
funds
funds
2020
2020
Total
funds
2020
Apax Foundation
Arts Council England INalional Portfolio)
Arts Council England IEducalionl
Brifford Bridge Trust
Chivers Trust
Esmee Fairbairn
Foyle Foundation
Glyndebourne relief
General donations and support
Gift Aid
Gift in Kind
Linbury Trust
Henocq Law Trust
John Lyon's Charity
Orchestra of the Age of Enlightenment Trust
Peter Cundill Foundation
Pew Charitsble Trust
Radcliffe Trust
Stanley Picker Trust
Paul Bassham Charitable Trust
10,000
207,656
10,000
207,656
36,665
37,500
800
50,000
25,000
139,616
796,380
107,213
99,250
75,000
25,000
40,000
83,000
11,269
1,950
4,000
5,000
1,000
3,000
10,000
250
36,665
37,500
800
30,000
25,000
20,000
139,61 S
619,059
105,712
99,250
177,321
1,501
75,000
25,000
40,000
83,000
11,269
1,950
4,000
5,000
1,000
3,000
10,000
250
The 29th May 1961 Charitable Trust
The Brian Mitchell Charitable Foundation
The Catherine Cookson Charitable Trust
The Chades Peel Charitable Trust
The Patrick Rowland Foundation
The Rainbow Dickinson Trust
Worshipful Company of Dyers
Youth Music Trust
Vemon Ellis
6,000
5,000
600
1,000
39,015
5,000
6,000
5,000
600
1,000
39,015
5,000
1,252,012
574,152
1,826,164
Page 21

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Unrestricted Restricted
funds
funds
2019
2019
Total
funds
2019
Angus Allnall Charitable Trust
Apax Foundation
Arts Council England INalional Portfolio)
Brian Mitchell Charitable Trust
3,000
15,000
3,000
15,000
203,904
15,000
6,000
1,000
116,510
30,000
54,712
433,065
94,155
25,000
40,000
2,000
3,000
58,000
12,505
5,000
5,000
5,000
500
203,904
15,000
6,000
1,000
116,510
30,000
17,383
175,157
Charles Peel Charitable Trust
Derek Hill Foundation
Education Partners
Esmee Fairbairn
Gift Aid
General donations and support
Gift in kind
37,329
257,908
94,155
Henocq Law Trust IAnn and Peter Lawl
John Lyon's Charity
Masonic Charitable Foundation
Old Possum's Practical Trust
25,000
40,000
2,000
3,000
58,000
12,505
5,000
5,000
5,000
500
Orchestra of the Age of Enlightenment Trust
Parabola Foundation
Patrick Rowland Foundation
Peter Stebbings Memorial Charity
The Loveday Charitable Trust
The Pill-Rivers Charitable Trust
Vemon Ellis Foundation
Youth Music
5,000
32,786
5,000
32,786
Total 2019
593,296
572,841
1,166,137
Income from charitable activities
Unrestricted Restricted
funds
funds
2020
2020
Total
funds
2020
Concerts
Educational activities
726,256
16,708
726,256
17,214
506
Total 2020
742,964
506
743,470
Page 22

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Income from charitable activities {continuedl
Unrestricted
funds
2019
Total
funds
2019
Con￿rtS
Educational activities
2,556,582
19,051
2,556,582
19,051
Total 2019
2,575,633
2,575,633
Investment income
Unrestricted
funds
2020
Total
funds
2020
Total
funds
2019
Bank interest receivable
2,451
2,451
3,160
The 2019 amount consists solely of unrestricted income.
Othor incoming resourcos
Unrestricted Rostrictod
funds
funds
2020
2020
Totsl
funds
2020
Fundraising events
Other income
Orchestra Tax Relief
13,905
113,381
79,931
13,905
123,381
79,931
10,000
207,217
10,000
217,217
The 2019 amount consists solely of unrestricted income.
Page 23

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Other incoming resources {continuedl
Unrestricted
funds
2019
Total
funds
2019
Fundraising events
other income
Orchestra Tax Relief
36,243
83,308
272,375
36,243
83,308
272,375
391,926
391,926
Expenditure on raising funds
Costs of raising voluntsry income
Unrestricted
funds
2020
Total
funds
2020
Total
funds
2019
General expenditure on raising funds
Support ¢osls- office rent and rates
Support costs- office facilities
Support costs- general adminislralive costs
Support costs- professional and legal fees
Support ¢osls- audit fees
Support costs- bank charges and finance costs
Support costs- depreciation and revaluation
Support costs- governance costs
Wages and salaries
Social Security costs
Pension costs
114,126
26,949
21,253
9,511
1,432
7,767
1,734
2,810
5,552
195,132
17,025
5,368
114,126
26,949
21,253
9,511
1,432
7,767
1,734
2,810
5,552
195,132
17,025
5,368
79,117
29,325
15,056
15,565
1,976
5,839
1,133
2,031
4,073
183,466
15,339
7,352
408,659
408,659
360,272
The 2019 amount consists solely of unrestricted expenditure. The cost of raising funds in 201912020
includes the cost of raising funds from trading activities, which represents the expenditure incurred
producing digital content for the OAE Player.
Page 24

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted Restricted
funds
funds
2020
2020
Total
funds
2020
ConTrrts
Educational activities
Grantmaking
467,702
955,754
361,469
1,423,456
361,469
130,461
130,461
598,163
1,317,223
1,915,386
Unrestricted Restricted
funds
funds
2019
2019
Total
funds
2019
Concerts
Educational activities
Grantmaking
1,924,251
101,119
1,505
1,316,196
406,267
3,240,447
507,386
1,505
2,026,875
1,722,463
3,749,338
Summary by expenditure type
Total
funds
2020
Staff costs Other costs
2020
2020
Con￿rtS
Educational activities
454,918
111,445
968,538
250,024
130,481
1,423,456
361,469
130,461
Grantmaking
566,363
1,349,023
1,915,386
Page 25

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Analysis of expenditure on charitable activities (continued)
Summary by expenditure type {continuedl
Total
fund$
2019
Staff costs Other costs
2019
2019
Con￿rtS
Educational activities
427,040
103,079
2,813,407
404,307
1,505
3,240,447
507,386
1,505
Grantmaking
530,119
3,219,219
3,749,338
Analysis of expenditure by activities
Activities
undertaken
directly
2020
Support
costs
2020
Total
funds
2020
Concerts
Educational activities
Grantmaking
1,245,458
317,865
130,461
177,998
43,604
1,423,456
361,469
130,461
1,693,784
221,602
1,915,386
Activities
undertaken
directly
2019
Support
costs
2019
Total
funds
2019
Con￿rtS
3,072,740
466,905
1,505
167,707
40,481
3,240,447
507,386
1,505
Educational activities
Grantmaking
3,541,150
208,188
3,749,338
Page 26

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Analysis of expenditure by activities (continued
Analysis of Support costs
Educational
activities
Total
funds
2020
Concerts
2020
2020
Wages and salaries
offi￿ rent and rates
offi￿ facilities
General adminislralive costs
16,949
56,361
44,447
19,889
2,993
16,245
3,627
5,876
11,611
4,152
13,807
10,888
4,872
733
3,980
888
1,440
2,844
21,101
70,168
55,335
24,761
3,726
20,225
4,515
7,316
14,455
Professional and legal fees
Audit fees
Bank charges and finance costs
Depreciation and revaluation
Governan￿ costs
177,998
43,604
221,602
Support costs allocated to cost5 of raising voluntary Income tolalled £85,112 12019 £80,962). Total
support costs for the year were £306,71312019 - £289, 1491.
Support costs included within charitable activity costs in 2019 lotalled £208,188 of which £167,707 was
allocated lo concerts and £40,481 to educational aclivilies.
Support costs have been allocated at percentage rates of 28°k (Fundraising costs), 58.kn (Concerts) and
14,￿ IEdu¢ational activiliesl, which is consistent wth the use of the resouces12019 - 28'/o, 58°kn, and 14 /0
respeclivelyl.
Total depreciation for the year ended 30 September 2020 was £10,51812019- £6.9321.
Auditors. remuneration
2020
2019
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
19,250
16,000
Fees payable to the Charity's auditor in respect of..
All non-audit services not included above
8,742
5,250
Page 27

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
10. Staff costs
Group
2020
Group
2019
Charity
2020
Charity
2019
Wages and salaries
Social security costs
Contribution lo defined contribution pension
schemes
Freelance individuals
639,119
61,354
574,999
54,786
639,119
61,354
574,999
54,786
19,347
64,068
26,256
80,235
19,347
64,068
26,256
80,235
783,888
736,276
783,888
736,276
Total staff costs of £783,88812019 - £736,276) have been allocated lo costs of raising voluntary Income
£217,52512019 - £206, 1571 and to charitable acliviles £566,36312019- £530,119).
The average number of persons employed by the Charity during the year was as follows..
Group
2020
No.
Group
2019
No.
Fundraising
Management and administrative staff
12
17
18
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was.
Group
2020
No.
Group
2019
In the band £60,001- £70,000
In the band £70,001- £80,000
In the band £120,001 - £130,000
Key management personnel are considered to be only the Directors of the Charity. Their employee
benefits are detailed in note 23.
Freelance individuals are engaged by the charity from time lo time lo provide assistance with projects.
They are self-employed. are not included in average staff numbers and there are no social security costs
in respect of these Individuals.
Page 28

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
11.
Directors remuneration
No other remuneration, apart from as disclosed in note 23, was received by a director or connected party
during the year12019 £nill.
Expenses of £75912019 - £4971 were reimbursed lo 1 12019- 21 directors during the year.
The Memorandum and Articles of Association of the Orchestra permit the Directors lo receive
remuneration for certain services, which overrides the restriction given in the Charities Act 2011. All such
setvices are paid at rates in line with or below those which would be paid lo an independent supplier for
those setvices.
12.
Parent charity surplu$ for the year
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006
and has not presented ils own Statement of Financial Activities in these financial statements. The surplus
of the parent Charity for the year w8s £421,00912019 - £37,695).
13.
Tangible fixed assets
Group and Charity
Long-term
leasehold
property
Office
equipment
Computer
equipment Instruments
Total
Cost or valuation
At 1 October 2019
41,256
121,661
141,2561
42,699
24,798
123,2331
17,743
7,290
12,9661
16,850
23,500
118,548
177,249
167,4551
Additions
Disposals
At 30 September 2020
121,661
44,264
22,067
40,350
228,342
Depreciation
At 1 October 2019
Charge for the year
On disposals
41,256
31,290
6,213
123,2331
7,078
4,305
12,9661
79,624
10,518
167,4551
141,2581
At 30 September 2020
14,270
8,417
22,687
Net book value
At 30 September 2020
121,661
29,994
13,650
40,350
205,655
At 30 September 2019
11,409
10,685
16,850
38,924
Page 29

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
13.
Tangible fixed assets Icontinuedl
Group and Charity (continued)
The office equipment and computer equipment is used in the administration of the charitable company's
activities.
The Directors revalued the instruments of the Orchestm lo their open market value as at the year end.
In respect of assets stated al valuations, the comparable historical cost is £39,333.
14.
Fixed asset investments
Investments
in
subsidiary
Companies
Charity
Cost or valuatlon
At 1 October 2019
100
At 30 September 2020
100
Net book value
At 30 September 2020
100
At 30 September 2019
100
Prlnelpal subsldlarles
The Charity owns 1000A of the ordinary share capital of OAE Productions Limited (Company number..
978990 and registered offi'ce.. Acland Burghley School, 93 Burghley Road, London, NW5 1 UH).
The financial results of the subsidiary for the year were..
Turnover
Expendlture ProfitllLoss)
after tax
rellef
Aggregate
capital and
reserves
OAE Productions Limited
838,853
872,496
42,637
65,091
Page 30

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
15.
Debtors
Group
2020
Group
2019
Charity
2020
Charity
2019
Due within one year
Trade debtors
75,124
543,729
75,124
352,306
6,404
131,391
533,729
275, 176
13,625
285,737
Amounts owed by group undertakings
other debtors
Prepayments and accrued income
Tax recoverable
Hedged future re￿1vable
6,403
131,391
352,306
1,646
13,625
285,737
272,375
139
1,646
139
566,870
1,115,605
566,871
1,108,406
16.
Creditors.. Amounts falling due within one year
Group
2020
Group
2019
Charity
2020
Charity
2019
Forward contract liability
Trade creditors
Other taxation and social security
other creditors
Accruals and deferred income
3,384
136,753
28,695
8,640
260,149
266
232,335
113,304
12,702
172,140
3,384
136,753
28,695
10,440
260,149
266
232,335
113,304
12,702
162,140
437,621
530,747
439,421
520,747
Deferred income relates lo concert tickets, subsidies for concerts and OAE Player annual subscriptions
which have been received in advance. Deferred income brought forward was £131,486 of which £98,492
was released and additional deferred Income introduced of £116,586 in 2020.
Forward contract liability:
Forward contracts were entered into during the year in order to hedge the exchange risk from overseas
concerts income. The fair value of the forward contracts al 30 September 2020 decreased resulting in a
loss of £3,118. The fair value of the hedged item, the future reTrivable, increased in value resulting in a
gain of £1,507. The net loss achieved on the forward contract is £1,611 12019 - nel loss of £1271, with the
movement of £1,611 from 30 September 2019 being shown on the Statement of Financial Aclivilies.
Page 31

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
17.
Financial instruments
Group
2020
Group
2019
Charity
2020
Charity
2019
Financial assets
Financial assets measured al fair value
through income and expenditure
Financial assets measured al amortised cost
1,646
540,536
139
1,068,228
1,646
540,537
139
1,061,029
542,182
1,068,367
542,183
1,061,168
Group
2020
Group
2019
Charity
2020
Charity
2019
Financial liabilities
Financial liabilities measured at fair value
through income and expenditure
Financial liabilities measured al amortised
cost
11,6461
12661
11,6461
12661
1274,0561
1293,7851
1275,8561
1293,7851
1275,7021
1294,0511
1277,5021
1294,0511
Financial assets and liabilities measured at fair value through income 8nd expenditure comprise of the
forward contract asset and liability. Fair value of the hedged item and the forward contract is determined
by the year end spot rate. Note 16 8bove gives details of the gainslloss of the forward contract.
Financial assets measured al amortised cost comprise of trade debtors, accrued income and other
debtors.
Financial liabilities measured at amortised cost comprised of trade creditors, accruals 8nd other creditors.
18.
Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the group in an independently adMiniste￿d fund. The pension cost charge
represents contributions payable by the group to the fund and amounted to £19,34712019 £26,6561. No
conlributions12019 - nil) were payable to the fund at the balan￿ sheet date.
Page 32

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
19.
Operating lease commitments
At 30 September 2020 the Group and the Charity had commitments to make future minimum lease
payments under non-cancellable operating leases as follows..
Group
2020
Group
2019
Group and Charity
Not later than 1 year
Later than 1 year and not later than 5 years
36,367
115,914
2,172
1,272
152,281
3,444
Lease payments recognised as an expense in the year tolalled £1,62912029 - £2,172).
Page 33

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
20.
Statement of fund$
Statement of fund$ - current year
Balance at
30
Gainsl September
(Losses)
2020
Balance at 1
October
2019
Transfers
inlout
Income Expenditure
Unrestricted
funds
Designated
funds
Oxford
collaboration
fund
Revaluation
reserve
8,284
8,264
4,817
660,000
4,817
660,000
Reserve fund
Capital project
fund
165,000
143,3391
387,739
19,000
121,661
352,000
19,000
Digital fund
Education fund
45,153
180,8921
838,081
45,153
180,8921
363,400
1,165,742
General funds
General Funds
176,417
2,159,491
1925,9301 11,097,736)
11,6111
310,631
Total
Unrestricted
funds
1,014,498
2,204,644
11,006,822)
1734,3381
11,6111
1,476,373
Restricted
funds
cOn￿rt
activities
Education
projects
Capital projects
283,163
210,688
1955,7541
705,653
243,750
81,231
298,970
75,000
1361,4691
103,883
175,0001
122,415
364,394
584,658
11,317,223)
734,336
366,165
Total of funds
1,378,892
2,789,302
12,324,045)
11,6111
1,842,538
Page 34

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
20.
Statement of fund$ {continuedl
Statement of funds - prior year
Balance at
30
Gainsl September
(Losses)
2019
Balance at
1 October
2018
Transfers
inlout
Income Expenditure
Unrestricted
funds
Designated
funds
Oxford
collaboration
fund
Revaluation
reserve
8,284
8,264
4,817
600,000
4,817
660,000
Reserve fund
Capitsl project
fund
60,000
67,000
139,8531
137,853
165,000
680,081
139,8531
197,853
838,081
General funds
General Funds
244,535
3,564,015
12,347,294) 11,286,205)
1,366
176,417
Total unrestricted
funds
924,616
3,564,015
12,387,147) 11,088,352)
1,366
1,014,498
Restricted
funds
Concert
activities
324,875
273,478
11,316,196)
1,001,006
283,163
Education
projects
100,789
299,363
1406,2671
87,345
81,231
425,664
572,841
11,722,463)
1,088,352
364,394
Total of funds
1,350,280
4,136,856
14,109,610)
1,366
1,378,892
Page 35

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Desi
nated Funds". These comprise amounts which the charity has set aside for the following
specific purposes".
Oxford Collaboration Fund". Funds raised through ticket sales for a concert at Oxford which are to be used
lo support further events the￿.
Revaluation reserve.. The revaluation reserve was created by the revaluation of instruments in 2002 at
open market value by various members of the orchestra. directors and employees familiar with market
values of the instruments in question. This reserve is increased I decreased when the instruments are
valued.
Reserve fund.. Funds held to cover the amount identified in the charity's reserves policy statement.
Capital project fund". Funds held to cover the costs of planned capital expenditure in 2018-19 on website
development and box office integration, in house PA systems, and noise monitoring equipment for health
and safety purposes, and in 2019-20 and beyond on office relocation and refurbishment.
Digital fund. Funds set aside to cover the cost of the creation of the online digital plafform and for the
digital investment over the next two years.
Education fund." Funds set aside for fLItU￿ education projects including the ABS educational projects and
the commercial educational pilot.
Restricted Funds.. These comprise donations received for the specific projects that the ch8ri18ble
company administers. These are as follows".
Concert activities". To SUPFX)rt specific live or recorded performances.
Education projects.. To support the charity's education and outreach work.
21.
Fund transfers
ExpenditLJre during the year on concert 8Ctivilies and education projects which were partly funded by
restricted income exceeded that income by £705.653, and £103,683 respectively. Capital projects of
£75,000 was fully spent in the year due to the ABS fil out. Transfers lotalling £734,336 have therefore
been made from unrestricted funds to reslricled funds in order to meet these shortF811s.
During the year 8 transfer of £43,339 was made to general funds from the capital project fund. The fund
was previously designated to fil out the new premises. for which the total cost was £121,661. The value of
the remaining balance of the capital project fLJnd will reduce by the value of annual depreciation charge.
During the year transfers totalling £452,000 were made from general funds lo the Digital designated fund.
£100,000 was transferred into the digital fund from general funds however following the completion of the
project, the remaining funds totalling £84,261 were transferred to general funds resulting in a nel transfer
into the Digital fund of £35,739 in respect of the OAE Player. The second transfer of £352,000 into the
digital fund was for the purpose of setting aside funds for digital investment over next two years.
During the year 8 transfer of £19,000 was made lo the designated education fund from general funds. Of
this amount £15,000 was designated for the ABS educational projects and £4,000 was the commerci81
education81 pilot.
Page 36

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
22.
Analysis of net as$et$ between funds
Analysis of net as$et$ between funds - current period
Unrestricted Restricted
funds
funds
2020
2020
Total
funds
2020
Tangible fixed assets
Current assets
Creditors due within one year
202,155
1,648,845
1374,6271
3,500
425,659
162,9941
205,655
2,074,504
1437,6211
Total
1,476,373
368,165
1,842,538
Analysis of net assets between funds - prior period
Unrestricted Restricted
funds
funds
2019
2019
Total
funds
2019
Tangible fixed assets
Current assets
Creditors due within one year
35,424
1,454,003
1474,9291
3,500
416,712
155,8181
38,924
1,870,715
1530,7471
Total
1,014,498
364,394
1,378,892
23. Transactlons wlth Trustees and other related partles
al During the year musician fees and salaries for management services were paid lo the following
Trustees..
Musicians
Fees
2020
Musicians Management Management
Fees
Services
Services
2019
2020
2019
A Buchberger (resigned 10 November 20181
S Devine
M Mandel
20,279
30,802
18,705
9,458
22,114
15,286
75
667
856
13,564
9,117
5,622
5,144
11,449
1,797
1,992
2,193
2,004
2,005
139,162
R Montgomery
A Roberts
K Spreckelsen
C Woodhead
1,356
1,281
1,018
88,561
44,896
116,644
149,153
93,814
Page 37

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
23.
Transactions with Trustees and other related parties Iconlinuedl
bl At the balanee sheet date, trade creditors include the following amounts due lo Trustees".
2020
2019
A Roberts
S Devine
M Mandel
K Spreckelsen
1,441
1,802
3,298
1,910
1,730
4,973
5,208
The amounts due to Trustees relate lo musicians, fees and fees and expenses incurred as members of
the Players Artistic Committee.
cl During the year the charity received a donation of £83,00012019 - £58,000) from the Orchestra of the
Age of Enlightenment Trust, a charity of which l Overli is a Trustee.
dl During the year donations received from Trustees and other related parties totalled £318,207 12019
£120,5871.
el During the year a commissioning fee of £774,75312019 - £2,053,699) was charged by the Charity to
OAE Productions Limited, a wholly owned subsidiary. During the year income of £854,684 12019
£2,326,077) was receivable from OAE Productions Limited for concert services supplied. Al the year end,
an amount of £352,30612019 - £272,378) was due from OAE Productions Limited.
fl At the balance sheet date, an amount of £nil12019 - £2,801) was due from OAE Productions Limited in
respect of expenses paid by the charity on behalf of the company.
These amounts are unsecured, interest free and repayable on demand.
Page 38

ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
24.
Reconciliation of net movement in funds to net cash flow from operating activities
Group
2020
Group
2019
Charity
2020
Charity
2019
Nel income for the period las per Statement of
Financial Aclivitiesl
463,646
28,612
421,009
37,696
Adjustments for:
Depreciation charges
Effect of foreign currency hedge
Dividends, interests and rents from
investments
Decrease I lincreasel in amounts due from
group undertakings
Ilncreasel Idecrease in debtors
Increase I Idecreasel in creditors
Net cash provided byllused inl operating
activities
10,518
1,611
6,932
11,3661
10,518
1,611
6,932
11,3661
12,4511
13,1601
12,4511
13,1601
174,8171
620,172
184,4441
13,526
182,2861
31,817
552,556
196,2451
175,9621
41,818
929,635
13,1261
891,598
3,159
25.
Analysis of eash and cash equivalents
Group
2020
Group
2019
Charity
2020
Charity
2019
Cash in hand
1,507,634
755,110
1,444,343
729,856
Total cash and cash equivalents
1,507,634
755,110
1,444,343
729,856
26.
Analysis of changes in net debt
At1
October
2019 Cash flov
At30
Sgptember
2020
Cash at bank and in hand
755,110
752,524
1,507,634
755,110
752,524
1,507,634
Page 39