Regislered number.. 2040312 Charity number.. 295329 ORCHESTRA OF THE AGE OF ENLIGHTENMENT TRUSTEES, ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEARENDED 30 SEPTEMBER 2023 ORCHESTRA OF THE AGE OF ENLIG￿￿ENMENT {A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity. its Twstees and Advisers Trustees. Annual Report 2-10 Independent Auditor's Report on thè Financial Stat8mènt$ 11-13 Consolidated Statement of Financial Activities 14 Consolidated Balance Sheet 15 Charity Balance Sheet 16 Consolldat8d Statèm8nt of Cash Flows 17 Notes to the Finanual Statements 1843 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustè•s Imogen Charlton-Edwards, Chaiman Cecila Bruggemeyer. Vice-chairnian lappoinled 12 Seplember 20231 Crispin Woodhead. Chief Executive Daniel Alexander KC Adrian 8ending Steven D8vin8 Iresign8d 12 September 2023) Denys Firth Adrian Frost David Marks Alison McFadyen Andrew Roberts Katherine Spencèr18ppointèd 12 Sèptèmbèr 20231 Christine Stichar Dr Susan Tranter Company r&glsl•red numb•r Charlty rg91s1orgd nUrn￿r R•glst•rod offlc• 2040312 295329 Acland Burghley Schc 93 Burghley Road London NW51UH Cornpany secretary Ind•p•ndont audltor8 Edward Shaw Crowe UK LLP Chartered Accountsnts & Ststulory Avdrtor8 55 Ludgala Hill London EC4M 7JW Bankors Lloyds Bank 39 Piccadilly London W1VOAA CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Solicitors Thir(l Floor 8 Balts"c Strèet East London EC1Y OUP ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees present their annual report, which includes the Director5. report. together with the audited financial statements of the group an¢J the Or¢hestra for the year from 1 O¢tober 2022 to 30 Septembgr 2023. The Trustees confirm Ihat the Annual Report and financial slatements of the Orchestra comply with the current statutory requirements, the requirements of the Orchestra's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their a¢¢ounts in 8¢¢ordance with the Finan¢ial Reporting Standard applicable in the UK and Ropublic of Ireland ICh8rilies SORP.. FRS 1021 Isecond Edition- Oclober 20191. Since the Orchestra and the group qualrfies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 {Slralegic Report and Director's Report) Regulations 2013 is not reouirgd. structure, governance and managem&nt The Group consists of The Orchestra of the Age of Enlightenment I"OAE' the parent orchestral. and OAE Productions Ltd (the subsidiary). The OAE is a registered Charity and company limited by guarantee, established in 1986 and governed by ils Articles of Association. The OAE has no share capital and in the event of il being wound up the liability of Members antl those who ceased lo be Membèrs within one year is limited lo £1. As a 'self4Joverning' orchestra the majority of Members are Player Members, being those musicians who, in the opinion of the Board. 'make a significant and continuing contribution as musicians to any orchestral or musical ensemble lor the lime being maintained by the Orchestra,. Th9 Board of Directors Comprises the Players. Artistic Committee. tho Chief Exocutive. and bgtween five and ten Non-Player Directors elected by the Members. The P18yers' Artistic Committee IPACI comprises five Player Members, drawn from al least two sections of the Orchestra, elected by the Player Members. Ils fole is lo establish Ihe artistic policy and plans of the Orchestra, supervise the choice of programmes, personnel. conductors, soloists and other performers, and generally have responsibilily for the musical direction and development ol the Orchestra and the maintenance of artistic standards. PAC members aro eloctgd for a period of three years and are eligiblg for ro-election up to a maximum term ol six years. After retirement from the PAC at least three years must elapse before a Player Member is eligible for re-election lo it. Non-Playgr Dirgctors are rgcwltgd by a Nominalions Committee {C￿prising the Chair, 8 non-Playèr Director and a member of the PACI before being proposed for election by the Members. The Nominations Committee aims to ensure the Board maintains an appropriate and wide range of skills and experience lo complement those of the PAC, including individuals wilh backgrounds in leadership, governance, finance, philanthropy. arts, education. communications. law and HR. Non-Player Directors are elected for a period of three years and arg eligible for re-el¢¢tion up to a maximum term of nine years, except in the case of Ihe Chairman (who is eligible for re-election up lo a maximum term of fifteen years) and the Chief Execulive. New Board members recgive a detaile(l induction pack and meet with the Chief Exg¢utive. other B08rd 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 specrfic responsibility. ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Stru¢tur¢, gov*man¢¥ and manag•ment l¢ontlnu¢dl The Board will make deaS￿nS relating to the vision, mission and values for the OAE, carrying on the charitable purpose of the OAE in accordance with the objects of the OAE as set out in the Articles of Association and designing strategy and structure for the operation of the OAE. The day lo day management and decision making ofthe Orchestra is delegated to the Chief Executive, who is SUPt)orted by a Senior Management Team of six IProje¢ts Director- Dire¢tor ol Finance and Governan¢e', Chief Operating Officer., Education Director- Director of Mat*etin9-, Development Director) and ten other members of siaff leighl full-tsme and two part-timel, and a number of freelance individuals for project assistance from time to time. The CEO is reSPDnsible for establishing and reviewing all employee salaries with the exception of the SMT which is reviewed by the CEO with the support of the Rernunerab"on Committee. The CEO will obtain gtJidan¢e as required from relevant SMT members and the Finance Committee. Al salary amendments will be approved by the Remuneration Committee. The Remuneration Commrttee is responsible for setting the CEO and SMT rernuneTatron in the light of their performance and prevailing market conditions. The Remuneration Committee will work with the Finance Committee to ensure that all compensation changes are wrthin approved budget limits, or that such limits are duly amended. The OAE has one wholly-owned subsidiary, OAE Productions Ltd. vknich has ils own Board of Directors comprisgd ol representatives of the OAE'S Board, PAC and senior management team along Wlth an independent Director. OAE Productions Lld was the production company for the majority of the OAE'S oncerts until 18 March 2022 when this activity was transferred lo the OAE and manages aspects of its commercial activity including eorFL)rale spth)sorship. The OAE plans to make the Subsidiary dom8nl. Details ol the relationships between the OAE and related parties are included in the notes lo the financial stslements. The OAE has achieved the kgy oulcomes antl is adopting recommended pra¢¢ice for thg Charity Govgrnan¢e Code principles rglating to organisational purpose, Igadgrship, integrity, decision making and board effectlV8ness Thè OAE is working towards full compliance with thè recommendgd practice for the principles relating lo equality. diversity and inclusion and openness and acccwjntability. To achieve the recommended practice, the OAE will in Ihe Cul￿nt finanaal year. Continue to refine (he key stakeholder communicalion strategy., and 2. Continue to work on the developmenl of an equalty. diversity and inclusion policy. Objectives and activities Our mlsslon The object for which (he Orchestra is established is to advance educalion Ihrough Ihe promotion, support, encouragement of the art of music lincluding opera, music, drama. dancing, singing and all forms consisting in whole or in part ol music) and in particular the promolKJn, encouragement and appreciation of music as played on period instruments. The OAE is one of the world's leading orchestras, giving perfomiances characterised by energy, insight and viiality on period appropriate instnjments. We emtrrt)dy the values of Ihe Enlightenment, challenging existing ideas, championing innovats'on and approaching our music-making, which ranges from Monteverdi to Mahler, with a constsnl spirit of enquiry. Whilst run and artisticalty4eil by our players. we work with the world's le8ding artists, particularly our Principal Artists, as well as nurturing the nexi generation of musicians. We strive to reach the widest audience possible through perfomiance and our renowned education prograrnme. ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Our strategic priorities For the year ended 30 September 2023 are stralegi¢ aims were as fdlows.. Maintain the highest standards of artisb"¢ attainmenl". 2. Provide a compelling narrative of artistic &twity.' 3. Ensure more diverse participats'on., 4. Broaden and enrich audience particllpation.. 5. Ensure that our educalitN) programme remained re￿vant and inspir8b"onal,. and 6. Be financially ￿Si11enl. Please see the Achievements and Impact section on pages 5 10 6 for discussion of our performance against these strategic priorities. Our a¢tJvllles To support our mission, deliver our stralegic priorities and further our purposes for the public benefit. The principal activities we undertake are a worldwide programme of concerts. recordings and broadcasts, and a cornprehen5ive programme of music educats.on and outreach 8cb"vib"e5 aimed at involving, empowering and inspiring parts'cipants. Al the core of our artislic activity is our annual series ol concerts al London's Soulhbank Cenlrg. where we are one of four resident or¢hestras. and from which most of our nat*)nal and international activities flow. We aim to nurture relationships wilh audiences in olher locatM)ns Ihrough partnerships and residenci8s with venues, promoters and festivals in the UK and overseas. In addiknon, we seek lo make our work relevanl to different audiences through innovative methods of concert presentation and performances in venues not traditionally associated with classical music. In our educalion and outreach work we also aim lo focus on regions vthere the orchestra pgrfomis, nurturlng relationships with local partners and building an OAE community in those areas. Our education activities are streamlined into six distincl strands.. TOTS (for those aged 5 and under and their parents and carers), schools, special needs, nurturing lalenl, opera, and fl8g5hip Projects which integrate the other five strands, Publ1¢ B•n￿l In the preparation ol this Report, Ihe Iruslees have been aware of their responsibililies to dernonstrate Ihat the activities of the OAE offer a real and practical public benefrt as required under Section 4111 of the Charities Act 2011. The OAE Board of Trustees confirms that. in exercising its power5 and duties, It has complied with ils duty to have regard lo the guidance issued by the Charty Commission on the provision of public bgnefil by charities. The OAE'S objectives and strategic priorities are set out above. We have reported against each of these strategic priorities in relats'on lo actsvity for the financial year 202212023. The Trustees have had regard to the Commission's guidance on public benefit when reviewing activit¢es againsl objectives sel and in planning futur¢ a¢tiviti¢s, including our fundraising and charitable trading activities as detailed below. Fundraising and charitable trading play a cruual role in ￿lping us reach the widest audience, enabling us to set tickel prices and offer discounts that redu￿ finanaal barriers to attendance. Broadcasts, recordings and online streaming ofselected concerts. whelher free of charge or al low prices, increase the number of people able to experience our music beyond the performance venue. The setting of charges for educational and parbcipatory programmes is fundamentally aimed at ensuring they are accessiblè to the widest wssible community, and these are, in mosl cases, provided free to beneficiaries. This Annual Report shows that the gumlance has been n*t ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢hl¢vom•nts and Impa¢t 1. Artistic attainment and narratNe The orchestra completed a full Southbank Centre Season including the following programmes.. Rime of the Ancitrnl Mariner with musi¢ by Henry Purcell IRory Kinnearl. The M¢x>n Hares Icommunily Op&r81, Saint-saèns.. Cello Concerto (Steven Isserlisl & Organ Symphony (Maxim Emelyanychevl, Handel.. Arias & Instrumental Music (lan Bostridgel. Bach.. B Minor Mass Ivaclav Luksl, Mozart.. Piano Concerti (Krislian Bezuidenhoull, CPE Bach.. Orchestral works and Concerti {Jean-Guilhen Oueyrasl, Gilbert & Sullivan.. Princess Ida (John Wilson). There was extensive regional touring in the Unile(l Kingdom that supported cruci81 and longstanding stral8gi¢ partnerships in¢lutling at the Witshire Music Cenlre, Stsmford Arts Cenlre, Manch8sler Bridgewater Hall. Basingsloke Anvil, St Stephen's Walbrook (Festival). Darfington Hippodrome and Saffron Walden. The OAE'S performances at Glyndeboume Fesbval included productions of Handel.. Sernele and Mozart.. Don Giovanni. Inlemalional touring included concert appearances in Poland. Denmark. Germany, Malla and Spain. Thls was an Import8nt year in making the 1r8nsi1￿)n from I￿kdOwn lo nom181 operation and 11 saw 8 confident recovery in box office performance in all venues with a wnsistenuy high critical acclaim. Digital production pivoted to nomal operation in support of live perfomiance rather than substituting for it. Key digital productions from the season included the Rime ol the Ancient Mariner for Marquee TV. The OAE Continued lo maintain its administrative hèadquarters within Ad8nd 8urghley School Ithe School), a secondary school based in Ihe London Borough of Camden with growth in its outreach programmes, especially The Dreamch8sing Young Pr(Klucers, a mentoring scheme, supported by the Dreamchasing Foundation, where studenis leam essenlial skills for a life in the creative industries. Dreamchasing Young Producers played a significant role in Ihe production of commercial live evenis at the School (Live at the Hex) and in the realisation of productions al the Southbank Centre (The Moon Hares & Princess Idal. The School continued lo serve 8S 8 hub for CO￿ educalK)nal work with. for example. crucial work done in thg collaboratlvg work of our Musical Connèclions projed. This continues to have a signrficant impact on engagemenl across (he school campus with staff and pupils alike. This project interacts intensively wilh Ihe school's SEND programme lapproximalely 25% of the sludents at the school have Special EducalK)n Needs and Disabililie51"SEND'I support). 2. Diverse parb'cipation Participation in OAE acbvity conlinue(I to diversfy 8$ a result of Ihe national touring progr8mme of edLJcation which went to primary schools across London and communities in Norfolk, Durham and the SoLJth Coast. Through the residency at Acland 8urghley school, workshops, SEND programmes le.g. Musical Connectionsl and Ihe menloring programme (Dreanthsing Young Producers) maintained our offer lo underprivileged students across the campus. 3. Audience parbupation The 2022-23 season Saw strong improvement in box office performance by comparison with the previous season. This was reflected across our platfomis of aclivity. with the 8ach, The Universe and Everything season achieving a season peak of over 3(K>+ attendees and very high attendance for major SoLJthbank programmes such as the Camille Saint-saèns programme with Maxim Emelyanychev and the two performances of Princess Ida with John Wilson. Overall, we sold 7,926 18,200 of the allocated tickets for our Southbank Season. represenling a 97% achievement against target. In digital, we saw growth across all platforms. with signfficanl progress on ourflagship YouTube channel which surpassed the 1 tK)k subscriber target and finisheil the year wrth just over 111 k subscribers. ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achievements and impact {continuedl 4. EducatK>nal programming EducatK)nal work was strongly represented across our established territories.. London le.g. Newham, Brenll, the South Coast, Norfolk and County Durham. The Tange of activity followed the pattem of 2021- 22 with particular are8s of emphasi5 on e9￿Y years le.g. The OAE TOTS progr8Tllmel. Key Stages 1 and 2 and SEND support with flagship woth based around the pr¢ie¢ts such as.. Musical Connections- an innovative programme of inclusion for students and adults working together to make music with signrficanl impact on SEND parb"cipants whi15t also facilitating progress with gifted and talenled students., and Community Opera programmes- largescale participation based on seminal repertoire for the OAE le.g. Fairy Queen IPurcelll. Papageno and the &'rd that Wouldbe Free (Mozartl and The Moon Hare5 (Purcell l Redwood). 5. Financial resilience This was an important year in our gr￿led pr¢yJramme of investment in activity to facilitale Ihg rgCOVgry of the or¢h8Stra and its a¢ts'vty so that luture years can offer a stable and resilient programme. This strategy of investment ensures that relatKJnship wilh audience is maintained, ro)ts are set down in the new resident community. artlslic attainment is sUpp￿ed al the highest level wth commensurate critical reception and that, all taken together. the rèputatson of Ihe orcheslra 15 advanced. This advancemènt can then b8 translated into financi81 support and artistic invitalion. This strategy aims lo ensure th81 the fundamental missk)n of the organisatK)n continues unhampered by the many negative ¢onsequence$ ol the pandemic and the war in Ukraine le.g. in11at￿n, audiencg rfjti¢8n¢e, depression in overseas touring, enargy crisis, restriction in overseas actwity). ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Financial review Income The group's principal sources of funding are incm from ￿￿￿10n$ 8nd 1gga¢i8s and income from ¢haritsble activities, principally ticket sales for CL)ncerts given. Donation and grant in¢ome raise(l in th$ year totalled £1,258k {2022." £1,207kl, a modest increase from the prior year, including £217k from Arts Council England grants12022.' £221kl. Donation and grant income was Tai5ed from Individua15 (from Friends and Patron memberships. in addition lo unreslricled don81ions, Gift Aid claims, and project support), kn C(*J￿4 Engl*KI NatKN)tJ Pcx1fdio furKlirYJ, education partnerships, and trusts and foundabons. These amounts were £552k, £217k, £29k, £128k, and £332k respectively 12022.. £659k, £221k, £nil. £58k. and £269kl. Total direct expenditure on fundraising events in the financial year lotalled £29k12022.. £60k}. Income from charitable activities decreased slighlty from £1,542k li fv k¥by ￿ to £1,363K rth*rvJ Ihe EW0[￿ T(us in 3)21.2W2. Exp¢ndltur• The group's lolal exwndilure for the year was £3.2 millK)n. a slight tlecrease on the prior year of £3.3 million Expenditure on charitable activities and on raising funds for the financial year wa5 £2,810k and £389k respectively 12022.. £2.969k and £352kl. Of the expenditure on charitable acts'vrties. 78'k is attributable lo concert 8clivilies and 72010 lo e(lucalion aclivib"es12022.. 76% 8nd 19%, with the rtrm8inder lo grant making). The cost of raising funds in the year is composed ol direct expenditure of £29k, allocated staff costs of £250k and allocated Support costs of £110k Isee nole 6.. 2022.. £44k. £214k and £93k respectiV8lyl. Funds At 30 September 20231he group held total funds of £1.2 million12)22'.£1.5 nknlconsisling ofrestrictgd funds 01£205k12022.' £149kl and dgsignated fvnds of £749k12022'. £781 kl. UnrgStri¢ted general fundswerg £220k 12022.. £570kl Reslricled 8nd designated funds are Fyedominantly composed of the £660k designated ￿SerVe fund Isee risk and reserves section below,. 2022.. £660kl, designated Capital projects fund 1£49k,. 2022.. £73kl, restricted capital fund1£75k,' 2022.. £nill and restricted funds for education activities of £130k12022.' £90kl. The resulting nel decrease in lolal funds of £325k 12022.. £145k decreasel is in line with the Trustees, objective of expending funds on charitable aclivilies. while maintaining an appropriate level of restrrves. This investment is wnsistent the aim of 8nhar￿Ing the Or¢hgstra'$ reputatK)n, so necessary for its futur8 mission. The unrestricted general funds as al 30 Seplember 2023 of £220k {2022.' £570kl will be spenl lo deliver the OAE'S ambitious plans in 202￿2024 and beyond as it invests lo deliver its wnission. ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Rlsk and Rosor¥•s The Trustees have identified the principal risks facing the Orchestra. WTth the most important being those associated with the uncertairhty irh economic o￿l¢jOk. the failure lo maintsin p8rform8n¢e qu81ity standards. the decline in players, well-being due lo vocation81 crisis. Ihtr decline in philanthropic generosity and Ihe environment due to climate changes. The key elements of the mitigationlmanagement strategy for these risks are as follows.. Uncertainty in economic outlook Review of additional staff and player support offerings Review of surplus cash management opt#)ns Environmental impact ol touring Update OAE'S envir￿Ment wlicy and ensure communicated to all stakeholders Continue the annual carbon reporting Consider altemalives to air-travel for Euro ean tourin Comprehensive fraud resilience strategy in place including anli-fraud policy Continue staff training and engagement Fraud including ¢yl*r- fraud Deding in philanlhrop giving Stralegic lundraising plan to increase number of donors and a broader 'SPTead' of doncws Over-relian¢e on key players, staff and senior volunteers Maintain op8n communication structures Maintaining standards and conlinuous professional development programme Robust trials and auditions in operation Effective succession lannin These and other areas ol risk are monitored by Ihe Trustees and management team, and strategies are developed lo manage them as they are identified. As part of this process the polenli81 financial impact of each risk is assessed and weighted according lo ils likelihood. The Trustees, reserves policy is to hold sufficient reserves to coverthis overall level of risk, resulting in a current requiremenl to hold £660,0(K) in reserves. This anK)unt is held in a designat&d reserve fund, enabling the organisalion to take appropriate artistic risks and plan confidenuy for the futu￿. Golng Concern The ability lo secure future domestic and inlemalional perfom)an¢e may ￿ impacted by several sources of uncertainty.. the exlenl ol e¢onomi¢ uncertainty in the UK, with associated inflationary in¢re8ses and decline in philanthropic generosity., Competition in the digital licensing market., and the possibility ol a decline in perfomiance standards. The Trustees have prepared projected cash flow information, including sensitivity analyses. These &*sh flows consider projected rash inflows from both charitable 8divilitrs. 8nd grants and donations. Due to their nature, there are inherent uncertainties with regards to the valuè and liming of receipl of granis and donations. On the basis of this cash flow information. which c¥)vers a period of al least one year from the approval of the financial stalemenls, and the level of available reserves and cash funds, the Trustees consider th8t there are no m8teri81 uncertainties atyxjl the Group's ability lo conb.nue as a going con￿rn. ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Pl*n$ for future peri¢Jd$ In the 202312024 season the OAE inlends to continue to invest in recovery of a full artistic schedule. The challenges of global turbulence remain significant. but it is the Orchestra's unanimous commitment lo respw)nd with sustained activity. This implies a full 8rbslic progr8mffle at the Southbank Centre- Haydn.. First and Last Symphonies. Bach.. Complete Christmas Oratorio IMas88ki Suzuki). The Fairy aueen Icofflmunity Opera). Mozart.. Arias and Overtures (Louise ￿der, Riccardo Minasil, Bach.. Easter Oralorio (Peter Whelanl, Sibelius.. Symphony No. 5 Imaxim Emelyanychevl, Mendelssohn.. Complete Symphonies & Piano Concerti (Sir Andras Schrff). Al Kings Place, the Bach. the Universe and Everything series will continue for 8nother season as will the Night Shift programme in London pubs. The OAE will also be resident at Glyndebourne Festival for two operas IHandel.' Giulio Cesare, Mozart.. Die zaUbe￿ote). Internation81 touring will in¢lude'. Denmark. Gem)8ny, France, Belgium, Cze¢h Republic 8nd Austria. Domestic touring will include-. Basingsloke, Saffron Hall, Wiltshire Music Centre, York. Plymouth, Durham and Norfolk. The residency al Acland Burghley will see the expanshjn of ils offer across multiple strands including workshops. m8inslage coll8boralion. mentoring. antl whole sch￿1 musicianship. The OAE plans lo roll out its experience of social partnership as a model for other organisations to follow. Informatlon on fundralslng practlco8 Thg OAE is registered with the Fundraising Regulator b(yJy and our Developmenl department's work is to ensure a reliable financial plafform for the delivery of the OAE'S artists'c activity within their code of best practice. We have received no complaints v18 the Fundr8ising Regulator, and we believe that we comply with the standards sel by Fundraising Regulator. Fundraising activities are locused on tsjilding funds by.. continuing to grow major ijonor support for ono-off concerts and projects,. increasing annual individual membership income al Friend and Patron levels.. retaining and increasing tnjst and foundab'on supwrt for education and project work.. retaining key corporate supporters., cuIIIv8ling polenlial sponsors al all levels for cash and in-kind support,. using ¢on¢erts and fundr8ising events to steward existing supporters and cultivate new ones. All of this activty is monf(ored and re￿r(led on the OAE'5 CRM system, Tessilura, which il shares with the Soulhbank Centre. We work closely wilh senior volunteers lo involve their networks in our work. Wè do not Èmploy commer¢ial participators to carry out any of these activities on our behalf. Two external lundraising consuliants a￿ engaged to support with grant bid submissions and associated grant reporting. The OAE Development Team ¢ultivates and manages ￿18b'onshIpS wth supporters and has robust procedLJrès to protect vulnèrablè people and other membèrs ol thè public from behaviour which is an unreasonable intrusion on a person's privacy, is unreasonably persistent or places undue pressure on a person to give money or other property. These procedures are codffied in the OAE Privacy Policy and include transparency of o)mmunications and supporter rights around d*a handling. ORCHESTRA OF THE AGE OF ENLIGHTENMENT IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Stat•m•nt of Trust8•s' r•sponslbllltl•s The Trustees Iwho are also the directors of the Orchestra lor the purposes ol Company lawl a responsible for preparing the Trustees, RetM)rt and the financial stalements in accordance with applicable law and United Kingdom Accounts'ng Standards Iunited Kingdom Generdlly Ac￿pted Accounting PractiC81. Company law requires the Trustees lo prepare financial ststements for Èach financial year. Under Company law the TnJstees must not approve the financial statements unless they are satisfied that they give a true and lair view ol the stale of affairs of the group and Ihe Orchestra and of their incoming resources and application of reSoUr￿s. including their income and expenditure. for that period. In preparing these financi81 statgments, the Trustees are required to.. select suitable accounting pc4iuès and th•n apply thèm C￿sISten￿y,. observe the methods and principles in the Charities SORP.. make judgments and accounting estimates that are ￿asOnable and prndent.. prepare the financial statements on the wng concem basis unless it is inappropriate to presume that the charitable group wll continue in operation. The Trustees are responsible for keeping a¢countsng records vthich disdose reasonable accuracy at any time the financi81 position of the OAE and the group and which enable them to ensure that the financi81 slalern$nts cornply wilh Ihg Charili85 Act 2011 and the Stsiement of Recornmended Pr8CtiCg 'Accounting and RÈportin9 by Charities" which is applicable to charikn'ès prèparin9 thèir accounts in accordance with the 'Financial Repo￿ng Standard applicable in the United Kingdom and Republic ol Ireland. IFRS 1021. second edition effective 1 January 2019. They are also resFM)nsible for safeguarding the assets of the OAE and the group and hence for laking reasonable steps for the prevents'on and detection ol fraud and breaches of law and regulabons. Audltors A resolution to r8-appoinl Crowè U.K. LLP as th8 Orchastra's auditors will ba propos•d at thè forthcoming Annual General Meeting. Olsclosur• of Infomiatlon to audltors Each ol the persons who arg Trusl•e$ at the b'me when this Tru$t¢es' Report is approved h8$ Confirrned that.. so lar as that Trustee is aware. Ihere is no relevant audit inforniaiion of which the charitable group's auditors are unaware, and that Trustee has taken all Ihe steps thal ought to have been taken as a Trustee in order lo be aware of any relevanl audil informalion and ¢0 establish Ihat the charitable groups auditors are aware of Ihat Info￿a￿Dn. In preparing this report. th8 Trustees h8V8 taken advantagé of Ihè small companies. 8x8rnptions provided by section 415A of the Companies Act 2006. This report was approved by the Trustees and s￿ned on their behalf by.. I).GL Denys Firth Trustee D8te'. 31 Jul 2024 10 INDEPENDENT AUDITORS. REPORT TOTHE MEMBERS OFORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS FOR THE YEAR ENDED 30 SEPTEMBER 2023 OpSnlon We have audited the financial ststements of Orchestra of the Age of Enlightenment Ilhe charitable company'l and its subsidiary I'the group'l for the year ended 30 Septtrmber 2023 which ¢ompris& the Consolidated Statement of Financial Aclivitses. the Consolidaled and Charity Balance Sheets, the Consolidated and Cash Flow Siatements and notes to Ihe financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporting Standard 102 The Fin8n¢i81 Reporting Standard applicable in the UK and Republic ol 118l8rMJ IUnil8d Kingdom Generally Accepted Accounting Practice}. In our opinion the financial slatemenls= give a true and fair view of the st81e ol the group's and the ch8ritsble company's affair5 as al 30 September 2023 and of the group's income and expendilure, for the year then ended.. have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wth Ihe requirem8nts of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordancg with IntematKfflal Slandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit ol the financial statements section of our report. We are independent ol thè group in accordance with the ethical requirements that are relevant lo our audit of Ihe fin8n¢ial $¢8lements in the UK, including the FRC'S Ethical Standard, and we have futfilled our other ethical responsibilities in accordance with thes8 rgquiremgnts. We b8lièv8 that the audit evidence w8 hav8 obtained is sufficient and appropriate lo provide a basis for our opinion. C¢n¢lusl¢ns r¢latlng to golng concern In auditing the financial statements, we have conduded ihat the trustee's use of the going concern basis of accounting in the preparation ol the financial slatements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating lo events or conditions th81, individually or collectively, may cast significant doubl on the charitsble companls or the group's ability to continue as a going concem lor a ￿riod of at least ￿￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of If* trustees wlh ￿SpeCt to going concem are described in thg rglèvant sèctions ol this rèport. other Inforniation The Iruslees are responsible for the other information contained within the annual repx)rt. The other information Comprises the infomation induded in the annual report, other than the finan¢ial statements and our auditor's report thereon. Our opinion on the finanaal stalements does not cover the olher information and, except to Ihe extent olherwise explicilly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other inlomiation and, in doing so. cA)nsider whether the other infomiation is materially inconsistent with the financial statements or our knowledge oblained in the audit or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misslatemenls. we are required lo determine whether this gives rise to a material misstslernent In the financial statements themselves. If. b85ed on the work we have performed. we conclude that there is 8 material misstatement of this other infomiation, we a￿ required to report that fact. We have nothing to report in this regard. INDEPENDENT AUDITORS. REPORT TOTHE MEMBERS OFORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 OpSnlons on other matt8rs pr•scrlb•d by thè Companl•s Act 2006 In our opinion based on the work undertaken in the course of our audit the information given In the Iruslee5' report. which includes the directors, rew)rt prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with ihe financial statemenis., and the directors. report included within the trustees. re￿1 have been prepared in accordance with applicable legal requirements. Matt8rs on whlch w8 ar• r•qulr8d to rèport by •xc•ptSon In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit. we have not identified material misstatements in the directors. report included within the Iruslees, report. We have nothing to report in respect of the followng malteTS in relation to which the Companies Art 2006 requires us lo report to you rf, in our opinion= adequate and proper accounting records hav6 not been kept.. or the financial stslements are not in agreement with the accounting rewrds and relums., or certain disclosures ol Irustees. remuneralion specified by law are not made; or we have not receiv¢d all the inlomialion and explanations we require for our audit., or the trustees were not entitled to prepare the financial stalements in accordance with the small companies regime and lake advantsge of the small companies, exempts'ons in prep8ring the trustees. annual rgport. R•spon8lbllltle8 of trust••8 As explained more fully in the tru51ees' responsibilitses statement set out on page 10, the trustees (who are also the direetors ol the charitable company lor the purposes of company lawl a￿ responsible for tho preparation of the financial statements and lor being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary lo enable the preparation ol financial statements Ihal are free from malerial misstslement, whether due to fraud or error. In preparing the financial slalemenls. Ihe Iruslees are responsible for assessing the charitable company's ability lo Continue as 8 going concem. disclosing. 8$ appl￿ble, matters related lo going concem and using thg going concern basis of accounting unl8ss thè trustees eithor intend to liquidate the charitablo company or to cease operalions, or have no realistic allemalive but to do so. Auditor's responsibilities for the •udit of the finan¢ial statements Our objectives are to obtain reasonable assurance about whether the finanaal stalements as a whole are free from material misslatemenl, whether due io fraud or error, and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihat an audit conducted in accordance with ISA5 IUKI will aNvays delecl a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they COLJld reasonably be expected to influence the economic deasions of users taken on the basis of these financial statements. Details of the extent lo which the 8u¢Jrt was Considered capable of dete¢ting iT￿gular((les, including fraud and non-compliance with 18w$ and regulations 8re set oul below. A further description of our responsibilities for the audit of the financial statements is k)cated on the Financial Reporting Council's website at.. www.frc.or -uklaudrtorsres onsibilrties. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including fraud, are instsnces of non-compliance with laws and regulations. We identrfied and assessed the risks of material misststement of the finan¢ial statements from I￿¢gularitieS, whether due to fraud or error, and discussed these between our audit team members. We then designed and perfomied 12 INDEPENDENT AUDITORS. REPORT TOTHE MEMBERS OFORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 audit procedures responsive to those risks. including obtaining audit evidence suffiaenl and appropriate to provide a basis for our opinion. We obt8ined an untlerstsnding of Ihe legal 8n(I regul810ry frameworks within which the ch8ri18ble ¢omp8ny and group oper8les. focusing on those laws an¢J regulat￿n$ that have a direct effect on the deltrrminalion of material amounts and disclosures in the financial stalemenls. The laws and regulations we considered in this context were the Companies Act 2006. the Charities Act 2011. together with the Charities SORP IFRS10212019. We assessed the required compliance with these laws and regulatK)ns as part of our audit procedures on the rel8led financial statement rtems. In addition, we considered provisions of other laws and regulatM)ns that do not have a direct effect on ihe financial statements but compliance with which might be fundamental to the charitable company's and the group s ability lo operate or lo avoid 8 m8leri81 p8nalty. We also consKlered the opportunities and incentives that may exisl within the charitable company and the group lor fraud. The laws and regulations we Considered in this context lor the UK operations were health and safety legislation, taxation legislation. employment ￿gislation, and General Data Pfolection Regulatw)n IGDPRI. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the timing of recognition of income. and the override of controls by management. Our audit procedures lo respond lo these risks included enquiries ol managemènt. and the Finan¢& Committee about their own identification and assessment ol Ihe risks of i1￿9VIari11e$, sample lesling on the posling of journals, reviewing accounting estimales for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged wilh govemance. Owing lo the inherent limilats'ons of an audit. there is 8n unavoid8ble risk that we may not have detected some material misslalemenls in the financial statements, even though we have prop8dy planned and performed our audit in accordance with auditing standards. For example. the further removed non- compliance with laws and regulations lirregulariliesl is Irom Ihe events and iransactKsns reflected in the financial slalements, the les5 likely the inherenlly limited procedures required by auditing standards would identify it. In adtlilion, as wilh any audit. there remained a higher risk of non-dele¢b"on of irregularities, as thgS8 may involvg collusion, forgery. intenbonal omissions, misreprèsentations, or th8 OV8rrid& of intèrnal controls. Wg are not responsible for preventing non-complianco and cannol bo gxpe¢tod to dgtoct non- compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members. as a trM)dy, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audil work has been undertaken so Ihat we might state to the charitable company's members those matters we are required lo stale to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charilable company's members as a body and th8 charitable company's members as a body, for our audil work, for this report, or lor the opinions we have formed. Jayne Rowe Senior Statutory Auditor For and on behaw of Crowe U.K. LLP Slalulory Auditor London Date.. 31 luly 2024 13 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 UnrestrScted funds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 Notè Income from: Don8tions and 18gaci8s Charitable aetivities Investment income 762,246 1.331.016 7.396 252.607 496,122 31.801 1.258,368 1,362.817 7,396 252,607 1.206,658 1,541,767 2,347 403,474 Other income Total Income Expendlture on.. Raising funds Chadtabl8 activiti•s 2,353,265 527.923 2,881,188 3,154,246 1389.331 I2,3￿,297) 1389,3311 12,810.1681 1351.7981 12,969,248> 1509,8711 Total gxp•ndlture N•t Incom• I l•xp•ndltur•l 12.689.628 1509.871 I 13,199.4991 13.321.046) 1336,3631 18.052 1318,3111 1166,8001 Transfer5 between funds Othèr r•eognl8•d galns 1 11088e81: (Lossesl I gains on revaluation of fixed assets Effects ol foreign exchange contract movements 19 137.8081 37,808 12 I8,￿0) 18,(KJOI 24,500 860 12.679 Net movement In fund¥ {382.1711 56.740 1325,4311 1144,9791 R•conclllatlon of funds.. Total funds brought forward Nel movement in funds 1,351.052 1382.1711 148.634 56,740 1,499,686 1325,4311 1,644.665 1144,9791 Total funds carrled fonvard 968.881 205.374 1.174.255 1,499,686 The Consolidated Statement of Finanual Activities includes all gains and losses recognised in the year. The above results are from conlinving aclivrties and there are no other gains and losses except as stated abov8. The notes on pages 18 to 43 fom part of these financial statements. 14 ORCHESTRA OFTHE AGE OF ENLIGHTENMENT {A Company Limited by Guarantee) REGISTERED NUMBER: 2040312 CONSOLIOATED BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Not¢ Flxèd ass•ts Tangible 85S8ts Current assets 12 192,214 169,045 Debtors Cash at bank 8nd in han 14 1.003.699 495.020 609.624 1,280,348 1.498.719 1,889.972 Creditors.. amounts fallin9 du& within one year 1S 1516,6781 1559,3311 Ngt ¢urrgnl a¥¥gt¥ 982,041 1,330.641 Nèt ass•t$ 1.174.255 1.499,686 Charlty fund$ Restricted funds Unrèstrict$d funds 19 19 205.374 968,881 148.634 1.351,052 Total funds 1,174,255 1.499.686 The financial statements have b&en prepared in accordance with the provisions applicabl& to entities subject to the small companies, regime. The financial slalements were approved and avlhorised for issue by the Trustees and signed on their behalf by.. I).GL Denys Flrth, Trustee 31 Jul 2024 Date.. The notes on pag85 18 to 43 form p8rt of these fin8nci81 st8t8ffl8nts. 15 ORCHESTRA OFTHE AGE OF ENLIGHTENMENT {A Company Limited by Guarante81 REGISTERED NUMBER 2040312 CHARITY BALANCESHEET AS AT 30 SEPTEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investm8nts 12 192.214 121,045 13 100 100 192.314 121.145 Currgnt asset• Debtors 14 1.062,917 449.797 644,932 1.265.047 Cash at bank and in hand 1.512.714 1,909.979 Creditors.. amounts falling due within one year 1560,753 1556,1611 Nèt eurrènt a8Sèts 951,961 1,353.818 1,144,275 1,474.963 Charlty fund8 Rastrictèd funds Unrestricted funds 19 20S,374 938,901 148,634 1,326,329 Total fund• 1,144,275 1,474,963 The financial statements have been prepared in accordance with the provisions applicabl& to entities subject to the small companies, regime. The Charily has taken advantage of Ihe exemplion allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The defiat of the parent Charity for the year was £330,68812022.' deficit of the parent chanty was £171,345). The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. l).cL Denys Firth. Trustee Date.. 31 Jul 2024 The notes on pages 18 to 43 form part of Ihese financial statements. 16 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Not• Cash flows from operatlng actlvltles Net cash provided byl (used inl operating activities 23 1714.9031 1202,0851 Cash flows from investing activities Divid8nds, inler85t and rent Irorn inv8strnsnts Purchase of tangible fixed assets 7,396 177.8211 2,347 19,9781 Disposal of tangible fixed assets 8,000 Nèt cash us•d In Inv•8tlng actl¥ltles 170,4251 369 Change In cash and cash •qulvalents In th• year 1785,3281 1201,7161 Cash and cash equivalents at Ihe b8ginning of the year 1,280.348 1,482,064 Cash and cash •qulval•nts at th• •nd of th• y••r 24 495,020 1,280,348 Thè notas on pagès 18 to 43 fomi part of Ih•se financial slatemènts. 17 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policios 1.1 Basls of pr•paratlan of financlal statem•nt$ The financial statemenis have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir818nd IFRS 102112rd edition 8ffectiv8 October 20191. th8 Financial R8porting St8nd8rd applicable in th8 UK and Republic of Ir81and IFRS 1021 and th8 Cornpanies Act 2006. Orchestra of the Age of Enlightenment and its subsidiary vndertaking meets the definition of a public benefit entity under FRS 102. Assets and liabilibes are initially recognised at historical c05t or Iran8aclion value unless otherwise slatgd in the relevanl accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet include the financial statements of the Group and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has tsken advantage of the exemplion allowed under section 408 of the Companies Act 2006 and has not prasenled thè Charity Statèment ol Fingneial Aetivitias and thè Charity Cash Flow Statamènt in thèsa financial statèm8nt$. The Charity accounts are prepared in accordance with FRS 102 and Charities SORP IFRS 1021 and tha Companiès Act. The subsi¢Jiary company accounts ar& pr6parad in accordanc& with FRS 102 1A. No adjustments have been required to align the accounting policies of both entities. Tho prin¢ip81 8¢¢ounlin9 FK)lirAe$. which have t¢en ap￿1￿1 ¢onsi$lenly, are sel out below.. 1.2 Golng Cone•m The ability to Secu￿ luiure domestic and intemational perforniance may be impacted by several sources ol uncertainty.. the exlent of economic uncertainty in the UK. wilh associaled infiationary increases and decline in philarithropic generosity.. ¢ompetition in the (Jigital licensing markgt., and the possibility ol a declin9 in parforrnan(* standards. The Trustees have prepared Kwojected cash llow infom)atwJn, indudiThJ sensitivity analysas considering projected cash inflows from charitsble activities and grants and donations for which, due to their nature, there are inherent uncertainlies wlh regards to the value and liming of ￿ceIpt. On the basis of Ihis cash flow informalion. which covers a period of at least one year frorn the approval ol the financial slalernenls, and the level of availab￿ re5erve5 and cash fvnds, the Trustees con5iderthat there are no material uncertainljes a1￿ul the Group's 8bility lo continue as a gimng concem. 1.3 Company status The Chari¢y is a company limiled by guarantee. In the event of the Charily being wound up. the liability in respect of the g(Jaranlee 1$ limited to £1 per member of the Charity. As al 30 September 2023 there were 6212022.. 621 members. The registered office address and principal place of business is Acland Burghley School, 93 Burghley Road, London, NWS 1UH. 18 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (continued) 1.4 Ineorne All income is reco9nised once Ihe Charity has enlillement to the income. it is probable that the income will be received. and the amount of irbcomè receivable can be measured reliably. Income tax recoverable in relation to investment income is recogni3ed at the time the inveslrnent income is receivable. Other ineomè is reeognised in thè pèriod in which it 1$ reeèivabl& and to the extènt the goods h8Vè been provided or on complelion ol the service. Oonatlon¥ Donation5 received with imposed re81riclions are classified as rgslricled funds. Donations in kind are v8luèd and included in ineomè to thè èxtènt that théy rèpresènt goods or $8rvlcè$ which would olhemise be purchased. Th& valualion is based on what a third party would pay lor th& goods or services. An equivalent amount is charged as expenditure. Income and thè corresponding expense are recognise¢J in th6 year that the goods or s&rvices are receivedlused. Grant• r?c?Ivable Ravènuè grants arè crèditgd as in¢om8 whèn thèy arg rge8iv8bl• providèd conditlons for rècèipt havg been complied with. Ouring the year the group received £216.822 National Portfolio funding from the Arts Council England 12022.. £209,532). In accordance with our accounting policy this credit is included in Income frorn donations and legacies Wlthin the Income Stalement over the same peri¢)d as Ihe expenditure on charitabl8 8Ctiviti8s Ihat ar8 bèing fundèd by thè grants. Oreh•8tral Tax R•ll•f Orchestral Tax Relief is recognised in the period to which it relates. Charltabl¢ tradlng a¢ti¥ltle¥ Charit8bl8 trading activiliès raprèsants income récèivéd from live 8nd rècordad musical pèrftsrm8ncès, including concerts. ￿cOrdIng$ and broadcasts over various media. The income is recognised on the Completion ofthé performancè or, in th• case of royaltiès. whèn rècèivablè. Other ¢rading ac¢ivilies represenls income received from fundraising evenis. membership subscriptions and sales ol merchandise. The income is recognised when receivable. Int•r•st r•¢•ivabl• Interest on funds held on deposit is included when ￿CeIVable and the amount can be measured reliably by the Charity.. (his is normally uwn notification ol the interest paid or payable by the Bank. Inv•stm•nt ineome Investment income, gains and losses are allocated to the appropriate fund. 19 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (continued) 1.5 Exp8ndStur• Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit tts a third party, it is probable that a transfer ol economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. 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. Direcl cosls altributable to a single activity are allocated directly bthat activity Shared costs which contribute to more than one activity and support costs which are not ttributable to 8 single activity are apportioned between those acbvities on 8 basis con51Stent withthe s8 of resources. Costs ol raising funds are those incurred in seeking voluntary contributions and do not include the cos¢s of dis5emin8ting inlormalion in 5VPPOrt of Ihe charitsble activit185. Support Costs are those costs in¢urr8d directly in support of expenditure on thè objècts of the Charity and include prtsject rnanag8rnenl Costs. Governance costs arè those Incurred in conn8¢tion with administration ol thè Charity 8nd compliancè with ¢on$tilubon81 and $talulory rsquiwmonts. Expenditure on raising funds includes all expendilure incurred by the Group to raise funds lor its ¢h8ritable purposes and includes cosls 01811 fundraising activities events and n(>n-charit8ble trading. Exp9nditu￿ on ¢h8rit8ble 8¢tiviti&$ is in¢urr$d on d1￿CtlY un¢Jertaking the a¢livili$s whi¢h further the Group's objectivès. as well as any assooated support costs. Grant making charitable acbvity expenditure relates lo grants lo the Cthstra ofthe Age of Enlgmenmenl Trust roAE T￿￿)81¥) the OAE Bonevolent Fund. The grant to the OAE Trust represents the net contribub.on from th6 Gala in October 2022. 1.6 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objeciives of the Group and which have nol been designated for other purposes. Designated funds comprise unrestricted fun¢Js that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are lunds which are lo be used in accordance with Specific restrictions imposed by donors or which h8V8 been raised by th8 Group for particular purposes. Th8 costs of raising and adrninistering such lunds are charged against the specific ftbnd. The aitn and us8 of 88ch r8strict8d fund are set out in the notes to the financial statements. 1.7 Operatlng leases Rentals paid under operating lèasès are charged to the Consolidated Statement of Financial Activities on 8 Straight-line basis over lh8 lease 18rm. 20 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (continued) 1.8 Tanglble Ilx8d assets and depreelatlon Tangible fixed assets costing £500 or more are caprtalised and recogni5ed whèn fijturè èconornic bènefits a￿ probable, and the cost or value ol the asset can be measLbred feliably. Tangible fixed assets are initially recognised al cost. After recognition, U￿er the cost model, tsngible fixed assets are measured at cost less accumulated dep￿latIOn and any acctsmulated impairment losses. All costs incurred to bring a tsngible fixed asset into its intended V+rJrking condit￿ are included in the measurern8nt of cost. A review for impaimTrnt of a fixed asset is carried out rf events or char¥Jes in circvmstances indicate that the carrying value ol any fixed 8SS8t may nol be recoverable. Shortf8115 between the carying valu8 of fix8d a55et5 and their rewverablg arnounls 8re reco9nised 85 impairments. Impairment Ios59s are rgcogni59d in thè Statement Of Financial Activities. D8pr8elation is chargad so as lo allocatè thè ct)st of tangiblè fix8d ass•ts less thdr rèsldual valuè ovar thèir estimated us6fv1 lives. using the straight-line m8th0d. Dapreciation is provided on the following bases.. Long-tèm1è8s&hdd prc¥)ety Office equipment Computer equipment over S years over4 years ovèr S yèafs Th$ Charity h8$ adopted a walua1￿ Oi¢y in regard ¢0 its musical in$trurn¥n¢s. Th¥ Charity will ￿vI the value of the assets regularfy lo ensure that the carrying amount does not differ materially from that which would be detemiined usin9 laii value at the eThJ of th& repo￿n9 period. No depreciation is charged on musical instruments as the expected residual value will be equal to valuation. 1.9 Investments Investrnenl in subsidiary 13 valued atcostle33 provision for impairment. 1.10 O•btor• Trade and other deblors are recognised at the settlement amovnt after any trade discount offered. Prepayments are valued al the amounl prepaid net ol any trade discounts due. 1.11 Cash at bank and in hand Cash at bank and in hand includes c85h and short-terrn highly liquid inv8stm8nts with a short maturity of thrèè months or less from the dale of acquisits.on or opening of the deposit or similar account. 1.12 Llabllltles Liabilities are recognised when there is an obligation at the B818n¢e Sheet dat8 88 a result of 8 past event, it is probable that a transfer of economic benefit will be required in settlernent, and the amount of the settlement can be ests"mated reliably. Liabilities are recogni5ed at the amount that the Charity anticipates it will pay to settle the debt or the afflount rt has received a5 advanced payments for the goods or services it must provide. 21 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (continued) 1.13 FSnanclal Instruments The charity's basic financial instruments are initially recognised at transaction value and subsequently measured 8t their settlement Value. 1.14 Forelgn currencles Monetary assets and liabilities denominated in foreign currencies are translated into sterfing at rates of exchange ruling at the balance sheet dale. Tr4n58¢tion$ in foreign currencies are tran$lated inlo $lerfing at the rale rullng on thtr date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. 1.15 P?nslon The Group ¢onlribules to a defined ¢ontribulion pension s¢h8m& man898d by Aviva. and the pension ¢har9e represents the amounts payable by Ihe Group to the $¢heme in r8SPgCt of the ygar. 1.16 Crltleal E•tlmat•• and ar•a• of Slgnlfleant Judg•m•nt In the application of the Charily s accounting policies. Trustees are required to make judgements, estimates and assumptsons aboul Ihe carrying values of assets and liabilities that are not readily apparent from o¢her sources. The estimates and undertying assumptions 8re based on historical experience and olher lactors Ihat are considered ¢0 be relevant. Actual results may differ frorn these eslimales. The estimates and underfying assumptions are reviewed on an ongoing basis. In tha vièw of thè Trustèès, no assumptions concaming thè fulura or astimation uncèrtainty affecting assets and liabilities at the Balance Sheet date are likely to result in a material adjustment to their carrying amounts in Ihe next finanual year. Key Sources of eslimalion uncertainty thal have a significant effect on the 8¢counts are.. Depreciation Value of donaled goods and services Valuation of instruments Pla8sè rèf8r to thè rèlèvant 8eeounting policy not$s abovè for morè information. 22 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from donations and legacies Unrestricted Restricted funds fund$ 2023 2023 Total funds 2023 Apax Foundation Arts Council England INational Portlolio) Brifford Bridge De Laszlo Found8bon Drèamehasing Education Partners 5.000 216.822 49,400 5,000 216.822 49.400 s,000 25.000 127.788 40,000 429.452 e4.395 13.103 29,408 25,000 25,000 40,000 15.000 42,000 45,000 2,000 3,000 6,000 25.000 s,000 5,000 25.000 124,788 40,000 78.334 3,000 Foyle Foundation General donations and support Gift Aid 351,118 84,395 13,103 29.408 5,000 Gift in Kind L$gaei$$ Linbury Trust Ling Charitable Trust Mariamarina 20,000 25,000 40,000 10,000 42,000 45,000 2,000 3,000 6,000 25.000 s,000 Mark Allen Group Orches¢ra of the Age of Enlighlenment Trusl Skyrme Hart Ch8rit8bl¥ Trusl The 29 May 1961 Charitable Trust The Brian Milchell Charitable Trusl s,0￿) The Charfes Peel Charii8ble Trust Vernon Ellis Worshipful Company of Vintners Total 2023 762,246 496,122 1,258,368 23 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from donation5 and legacies- prior year Unrèstrlcted R•$trletèd funds funds 2022 2022 Total funds 2022 Apax Foundatson Arts Council England (Nabonal Portfolio) Arts Couneil England (Culture R8cov8ry Fund} Dreamchasing Education Partners 5,000 209.532 11,250 5,000 209,532 11.250 15,000 58,134 558.032 78,332 7,875 15,000 25,000 18,000 3,000 25,000 4,000 90,750 59,000 5.000 4,000 3,000 9,753 2,000 15.CK)O 58,134 148.596 General donations and support Gift Aid Glft in Klnd 409,436 78,332 7,875 Linbury Trust Ling Ch8ritabltr Tru$1 Mariamarina 15.000 25.000 18.000 Mark Allen Group Idlewild Trust 3,000 25,000 4,000 90.750 59,000 5,000 4,000 3,000 9,753 Michaèl Marks Charilabla Trust Orchestra of the Age of Enlighlenment Trusl P8uI H8rnlyn Foundation Stèel Ch8ritabl8 Trust Thriplow Charitable Tnjst Worshipful Company of Dyers Youth Musie Trust Thè 29" May 1961 Charilabl6 Trust 2,000 Total 2022 726,425 480,233 1,206,658 24 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Ineom• Irom eharltable aetlvltlès Unrestrlcted Restrlcted funds funds 2023 2023 Total funds 2023 Concerts 1.314,944 16,072 31,801 1,346,745 16,072 Educational 8ctivities Total 2023 1.331,016 31,801 1,362.817 Unrestricted R•strictgd fund• funds 2022 2022 Total fund$ 2022 Concerts Educatlonal 8Ctivitiès 1,467,463 74,304 1,467,463 74,304 Total 2022 1.541,767 4,419 1,541,767 Investment Income Unrestrlcted fun(Is 2023 Total funds 2023 Totsl funds 2022 Bank interest receivable 7.396 7,396 2.347 Oth•r Income Unrestrlcted Restrlcted funds funds 2023 2023 Total funds 2023 Fundraising gv8nts Other income Orchestra Tax Relief 11.232 37.672 203,703 11,232 37.672 203,703 Total 2023 252,607 252.607 25 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Other Income IcontSnued} Unrostrlcted Unrestricted fund¥ fund$ 2022 2022 Total funds 2022 Fundraising events Other inetsmé 151.306 31,565 220.603 151,306 31,565 220,603 Orchestra Tax Rellèf Total 2022 403.474 403,474 Exp•ndltur• on ralslng lunds Costs of ral8lng funds Unrestrfcted fund• 2023 Total fund$ 2023 Total funds 2022 General expenditure on raising lunds Support ¢osts- offi¢tr ronl and rates Support costs- office facilities Support costs- general administrative costs Support C05t$ - profes5ion818nd 189al féés Support costs- audit and accountancy faas Support costs- bank charges and finance costs Support co$t$- depreciation and revalu8tion Support costs- governance costs Support costs-wages. salaries and pension contributions Support cost5-Social Security cosl Wages and salariès Social Securily costs Pension costs 29,020 18,010 26.438 17.191 2,717 8,350 822 29,020 18,010 26.438 17.191 2,717 8,3SO 822 44,374 17,026 19,809 18,212 2,429 8,573 2,763 11,416 4,377 8,001 790 12,635 7,780 14.722 1,321 215,014 20.618 14,693 12,635 7,780 14.722 1.321 215,014 20.618 14.693 190,835 19,226 3,967 389.331 389.331 351.798 The 2023 amount consists solely of unreslricled expenditure12022'. amount consists solely of unrestricted 8xpenditurel. 26 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analy515 of expenditure on charrtabl8 activitie5 Summary by fund type Unrnstrlcted funds 2023 Restrleted funds 2023 Total fund5 2023 Concèrts 2.1)01.349 295.404 184,775 325,096 2,186,124 620,500 3,544 Educational activities Grant making 3,544 2,300.297 $09,871 2,810,168 Unr•strlct•d R•strlct•d Total funds 2022 funds 2022 funds 2022 Concerts Educational activitias 946.072 256.SXJ9 133.701 1,316,769 313,797 2,264,841 570,706 133,701 Grant making 1,336.682 1.632,566 2,969,248 Summary by oxp•nditur• typ• Total Funds 2023 Staff costs 2023 Othèr costs 2023 Concerts 415.344 202.903 1,733.649 454,728 2,148,993 657,631 Educational activities Grant rnaking 3,544 3,544 618.247 2.191,921 2,810,168 27 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analy515 of expenditure on charitable activitie5 Icontinuedl Summary by expendlture type (Con￿nUed) Staff costs Othgr ¢o$t$ Total funds 2022 2022 2022 Concerts Educational activities 373,117 1.891,724 405,519 2,264,841 570,706 165,187 Grant making 133,701 133,701 538.304 2.430.944 2,969,248 Analy•l• of èxpondltur• by aC￿vItI•8 Activltlè• undertaken dlreetly 2023 Support costs 2023 Total nd8 2023 Concerts Edu¢ation81 activitie$ Granl making 1.966,502 568,480 3.544 182,492 89,150 2.148,994 657,630 3,544 2.538,526 271.642 2.810.168 Actlvltles undertaken directly 2022 Support costs Total funds 2022 2022 Concerts Educational activities 2,102,022 498,623 162,819 72,083 2,264,841 570,706 Grant making 133,701 133,701 2,734.346 234,902 2.969,248 28 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysls of expendlture by activltles Icontinuedl Analysis of support costs Edueatlonal actlvltl•s 2023 Total funds 2023 Concerts 2023 Wages and salaries Office rent and rates 26.619 29.883 43,866 28,524 4.508 13,855 1,364 20.965 12.908 13.004 14.598 21,429 13,935 2.202 6,768 666 10.242 6.306 39.623 44,481 65,29S 42,459 6,710 20,623 2,030 31,207 19,214 Office facilities Ganèral administrativè costs Professional and legal lees Audit and Accoun¢ancy fees Bank chargès and finance costs Depreaalion and revalualion Governance cosl 182,492 89.150 271,642 Educatlonal actlvltlety 2022 Total funds 2022 Concertg 2022 Wages and salaries Office renl and rate8 Offieo facilitias 15,326 29.681 34,534 31,750 4,235 14,945 4.817 19.900 7,631 6,785 13,140 1S,289 14,056 1,875 6,616 2,133 8,811 3,378 22,111 42,821 49,823 45,806 fj,110 21,561 6,950 28,711 11,009 General administrative costs Professional and legal fees Audit and AccotJni8ncy fees Bank charges and finance costs Depreaalion and revaluatson Gov8rn8nc8 ¢0$ts 162,819 72.083 234,902 Support costs allocated lo costs of raising funds lotalled £109.98612022.. £89.3741. Total support costs for the y88r were £381.62812022.. £314,162). Support costs included wilhin charitable activity costs in 2023 totalled £271,642 12022.. £224,787) of which £182.492 12022: £155.8081 was allocated to concerts and £89.150 12022.. £68,979) to educational Support costs have been allocated al pe￿entage rates of 29% IFundraising costs), 48°/0 Iconcertsl and 23Yo IEducab"onal activities), which is corbSbStent wilh lh8 US8 of th8 resourc85 12022.. 28Yts, 50Vkn, and 22¥ respectively). Total depreciation for Ihe year ended 30 September 2023 was £46.651 12022.. £41,775). 29 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Auditors. remuneration 2023 2022 Fees payable to the Chaiity's audit￿ for the audit of the Charity's annual accounts F8e5 payab18 to the Charity's auditiw in res￿ ot. All non-audit serviees not included abovè 25,070 23,180 7,220 3,800 10. Staff eosts Group 2023 Group 2022 Charlty 2023 Charlty 2022 W8g*s and salariés Social security costs Contribution to defined contribulion pension schemes Fra8lane8 Individu8ls 712.S35 76.124 831,679 70,357 712,535 76,124 631,679 70,357 50,501 73,468 13,945 67,253 50,501 73,468 13,945 67.253 912.628 783,234 912,628 783,234 Total staff eosts of £868.572 12022.. £788,561) have been allo¢ated to ¢o$ts ol raising voluntary incom¥ £250,32512022.. £215,489) and Its charilablé activitiès £618,24712022.. £541,579). The average number of persons employed by the Charity during the yearwas as follows.. Group 2023 No. Group 2022 No. Fundraising Managemenl 8nd adminislratj've staff 15 14 Tha numbor of employaès whosa •mploy88 bènèfits 16xcluding èmployar pènsion costs) axcèèdèd £60,000 was.. Group 2023 No. Group 2022 No. In the band £60,001 - £70,000 In the band £80.001 - £90.000 In the band £90.001- £100.000 In the band £130.001 £140,000 Freelance individuals are engaged by the charity from lime lo time to provide assistance with projects. They are self-employed and are not included in average staff numbers. 30 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Director¥ and Key Management Pgrsonnel remuneration Key management personnel for the Group an¢J for the Charity are the same and have been determined to be the Senior Management Team. See page 3 for a list ol members of the Senior Management Team. Group 2023 Group 2022 Rèmuneration 534,677 435,729 No other remuneration. apart from as disclosed in nol8 23, was received by a director or connected party during the year12022.' £nill. No expenses {2022= £2681 were reimbursed to any direclors12022.. 11 during the year. Thè Artielès ol Association of th& Or¢hestra pèmit thè Dirèetors to rècèivè rèmun&ration for¢ertain $$rvi¢s$, which overrides th8 restrictign in the Chariti85 Acl 2011. All such services arg paid at rat&$ in line with or bèlow thos• which would bè paid to an indap•ndant suppli8r for Ihos• saThic&s. 12. Group tanglbl• flxod assets Long- t•rm Assets l•asehold Offlce Computer undor propgrty equipment equipment Intytruments cgn¥lru¢tlon Tot41 Cost or valuatlon At 1 Octobèr 2022 123.083 65,749 27,786 S6,850 273,468 Addition$ 43,019 4,521 30,281 77,821 Revaluabon 8dju$tment Disposals 18,0001 18.0001 At 30 September 2023 108 768 30 281 343 289 Oepreclallon At 1 October 2022 48,664 38,150 17,609 104,423 Charge for the year 24,617 16.392 5.643 46,652 On dispos81s At 30 September 2023 73,281 54,542 23,252 151,075 Net book value At 30 September 2023 49.802 54.226 9.055 48.850 30.281 192.214 At 30 September 2022 74,419 27,599 10,1TT 56,850 169,045 31 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 12. Tanglbl• fixèd assèts leontinu•d) CharSty tanglble Ilxed assets Long- terrn Assets l•as•hold Offleè Comput•r und•r propèrty •qulpm•nt •qulpm•nt Instrum•nts construetlon Total Cost or valuatlon At 1 October 2022 123.083 65.749 27,786 8,850 225,468 Additions 43.019 4,521 30.281 77,821 Intercomp8ny transfer 48,OCK) 48,000 Revalualion adju5tmenl 18.0001 18.0001 Disposals At 30 Septemb8r 2023 108 768 30 281 343 289 O•pr•clatlon At 1 October 2022 48.664 38.150 17,809 104,423 Charge lor the year 24.617 16,392 5,643 46,652 On disposals AI 30 September 2023 151075 Nét book valuè At 30 September 2023 49,802 54,226 9,055 48,850 30,281 192,214 A¢ 30 September 2022 74.419 27,599 121,045 Group and Charlty The office equipment and computer equipment is used in the administralion of the charitable company's activities. Assets under construction COnSiSt of the construction of a new Stora98 facility. In respect of assets stated at valuation. the keyboards were valued at a current rnarket value of £40.000 by a spe¢iali$l Ihird party instrument valuer12022.. £48.0001- The Twstees are not aware of any other rnaterial changes sinc8 the last valuation. 32 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. Fixed asset invgstmgnt$ Investments in $ub$idiary companies Charlty Cost or valuatlon Al 1 October 2022 100 At 30 S?ptemb•r 2023 100 N•t book valuè At 30 Sèpt•mb•r 2023 100 At 30 Sèpl8mber 2022 100 Prlnclpal ¥ubsldlorle¥ Tha Ch8rity owns 100% of thè ordinary sh8rè capital ol OAE Produetions Ltd IComp8ny numb&r'. 09789990 and règistarèd offic•." Acland Burghlèy Seh¢)01. 93 Burghlèy Road, London, NW5 1 UH). The financial results of the subsidiary lor the year ended 30 September 2023 were.. Tumover Expendlture Profit aftèr tax relief Aggregate capltal and r850r¥es OAE Productions Limited 21.183 14.276 6.907 30.079 The financial results of the subsidiary lor the year ended 30 September 2022 were.. Expendlture Profit after tax rellef Aggrègat• capltal and reserves Turnover OAE Produciions Limiled 448.504 539.147 1,855 23,172 33 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 14. Debtors Group 2023 Group 2022 Charity 2023 Charity 2022 Due wlthln one year Tr8d8 debtors 319.433 254.201 319,433 151,182 129.753 258,846 203,703 254,201 165,394 1.103 96,219 128,015 Amounts owed by group undertakings Other debtors 129.753 256,846 295,667 1.120 96,219 258,084 Prep8ymenl8 and accrued income Tax rècovarablè 1.003.699 609.624 1,062.917 644,932 15. Cr•dltorB'. Amounts falllng duo wlthln one y•ar Group 2023 Group 2022 Chorlty 2023 Ch¥rlty 2022 Trade creditors Oth¥r taxats'on and sw81 $g¢urity Amounts owed to group undertakings Amounts owed to associale Othér cr8ditors 103,597 111.385 104,974 125,334 103,597 111,385 48.000 44,076 11,435 242,260 104,974 125,334 44,076 11.435 246,185 153,357 7,285 168,381 153,357 8,935 163,561 Accruals and deferred income 516,678 559,331 560,753 556,161 Deterred Incom•= Deferred income relates to concert ticket income which has bèen received In advance, and to grants spanning the year end for which the corresponding activity has nol yet occurred. Deferred Income brought forward was £26k of which £22k was released and additsonal deferred income recognised of £146k in 202212023. ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 16. Flnancial instruments Group 2023 Group 2022 Chartty 2023 Charity 2022 Flnanelal assèts Fin8n¢ial assets measured at fair v81ue through income and expenditure Fin8ncial asset5 measured at amortised cost 641,166 333,380 792,348 498,756 641,166 333,380 792,348 498,756 Group 2023 Group 2022 Charrty 2023 Charlty 2022 Flnanclal Ilablll¢l?s Financial liabilities measured at lair valu8 through income and expenditure Financial liabilits'es ff￿asured at amortised cost 1255.059 1398.1691 1299,1341 1399,8191 1255,0591 1398.1691 1299,1341 1399,8191 Financial assets measured al amorb'sed cnst comprise ol trade debtors, amounts owed by group undertakings, accrued income and olher debtors. Financial liabilities rneaSU￿d al amort13ed coslccrfnpri5ed ol tr8de creditry8. amounts owed ¢0 group vndertaking3, amounts owed lo associates, accrua15 and other creditors. 17. P•nslon eommltments The group contributes to a defined contribution pansion schem6. The assets ol th6 schem6 are held separately from those of the group in an in¢Jependently administered fund. The pension cost charge represents contribuiitsns payable by the group to the fund and amounted to £50.501 12022". £13,465). No outstanding contributions12022'. nil) were payable to the lund at the balance shee( dale. 35 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 18. Operating lease commitments At 30 September 2023 the Group and the Charity had commitments to make future minimum lease payments under non 21.821 1.351,052 Restrl¢ted funds Concert actiwlies 96.875 360.200 11.318.769) 920.694 59.000 Education projects 109,164 120.033 1313,7971 174.234 89.634 Total Restricted funds 206,039 480.233 11,632.5661 1,094.928 148,634 Total of fund¥ 154.246 1 499.686 38 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 19. Statement of funds Icontlnued) D•sSgnat•d Funds.. These comprise amounts which thè charity has set aside for the following speeific purposes.. Oxford Collaboration Fund.. Funds raised through li￿et sales for a concert al Oxford which 8re to be used to support lurther ther8. Revaluation reserve.. The revaluation ￿seNe was created by the revaluation ol instruments in 2002 at open market value by various members of Ihe orchestra. directors and employees familiar with market values of the instruments in question. This reserve is increased I decreased when the instruments are revalued. Rèsarvè fund.. Funds hold to ¢ovèr amount identifièd in the charity's resèrves ￿)lIty statemènt. Capital project fund.. Funds h6ld to relaling lo the office leasehold improvements. This fund will reduce by tha value ol annual depreciab'on charge lor18asehold improvements over the next four years. Olgltal lund." Funds sat asid• lo cover the cosl of th• crèation ol th• onlinè digital plarform and lor the digital inveslm&nt over lh• next two y&ars. Education fund.. Funds set 85ide for future education projects including the ABS educakn'onal projects and the comrnerci81 educational pilol. R•strlet•d Funds.. Thosè comprise donations r￿alVed for Ihè spècific projacts thgt thè charltabl& company administers. Th6se are as follows". Concert activities.. To support speufic live or recorded perfomiances. E4u¢ats'on proj$¢¢s.. To Supwt th$ ¢harity's ¢du¢ation ansj outw¢h worf(. Capital funds.. To support specific capital improvements at ABS to promote improved player wellbeing and to enhance performances, such as the purchase of specialised rehearsal equipment and the storage ¢hereof. Thè balancè ol unrèstricl8(I funds in th8 Charity's b818ncè shèèt is £938,901 12022.. 1,326.3291. 20. Fund transf8r8 Expenditure during the year on concert activikn.es which were partly funded by restricted income exceeded that income by £37.80812022.' expenditure on concert activities and education projects exceeded restricted income by £920,694 and £174,233 ￿spectIVe1yl. Transfers totalling £37,80812022." £1,094,928) have therefore been made from unrestricted funds lo restricted funds in order (o meet this shortfall. The value of the remaintng balance of the capilal project fund as at 30 Seplernber 2023 will reduce by the value of annual deprecia¢ion charge for leasehold improvemenis over the next four years. 39 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 21. Analysis of net assgts betwegn funds Analysls of net assets botweèn funds - Currènt pèrlod Unr?strict•d fund5 2023 Restricted funds 2023 Total fund5 2023 Tangible fixed assets Current assets Crèditors due within one yèar 117.359 1,272,876 1421,3541 74.855 192.214 225,843 1,498,719 195,3241 1516,6781 Total 968.881 205,374 1.174,255 Analys1$ ol net a$¥•ts b•tween fund• - prlor perfod Unrè•trSetèd R•8trlet•d funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assels Creditors du$ within ong y&8r 169.045 1,685,908 1503,9011 169,045 204,064 1,689,972 155,4301 1559,3311 Total 1,351,OS2 148,634 1,499,686 40 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 22. Transactlons wlth Trustees and other related partles al During the year musician fees and salaries for management services were paid to the followingTrustees.' Muslclans Fees 2023 Muslclans Management Management Fees Serylces ServSces 2022 2023 2022 A Bending S Devine 38.720 48,225 2.279 798 19.731 19,170 15.589 30.092 1.899 599 M Mandel C Stich8r C Bruggemeyer K Spencgr A Roberts 798 6,536 35.843 18,823 15,808 9.735 1.279 1.466 1,268 22.728 18,324 798 K Spreckelsen C Woodhe8d 798 126,028 136,111 145.196 154.128 134,219 139.902 bl At the balance sheel date. Irade credilors include the following amounts due lo Trustees.. 2023 2022 A Bending C Bruggemeyer S Oevine M Mandel K Spencer C Sticher 625 550 150 150 323 150 1,330 780 150 1,555 The amount5 due to Trustees relate to musici8n5' fees. inslrument transport and tuning fees and fees 8nd exponses incurred as members of thè Playèrs Arts"stic Committèè. l At the balance sheet date, trdde debtry3 include the following arnwnts due from Trustees.. 2023 2022 C Sts'cher 558 41 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 22. Transactions with Trustees and other related parties Icontinuedl Thé amount due from a Trustee reflects the fees to be recouped in 202212023 arising from OAE'S payment of income tax due on fees paid in 202112022 in compliance with FEU regulations. During the year the charity received donations of £42.00012022.' £90.7501 from the Orchestra of the Age of Enlightenment Trust. a charity of which I Charflon-Edwards and A Frost are trustees. During the year donations received from Trustees and other related parties lotslled £133.30412022'. £223,764). Dunng the year, consi¢Jeralion received from Trustees in rèspèct of tick•ts for concerts and othar fundraising events was £3,951 12022". £4,505). During the year a commissioning fee of £nil12022'. £427.2651 was charged to the Charity by OAE Productions Limited. a wholly owned subsidiary. During the year income of £nil12022- £519,852) was receivable Irom OAE Productions Limited for conrRrt services 5uppligd. Al the ye8r end, an amount of £151,18212022.. £165,394) was due from OAE Produdions Lirnited. At the balanee sheet date, an amounl 01 £48.00012022'. £nill was due Irom OAE Productions Limited in respect of the acquisition of tangible fixed assets. The8e amounts are unsecured. inlere3t free and repayable on demand. 42 ORCHESTRA OF THE AGEOF ENLIGHTENMENT {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 23. Reconciliation of net movement in funds to net cash flow from operating a¢ti¥ities Group 2023 Group 2022 Charlty 2023 Charlty 2022 Net movement in funds las per Staternen¢ of Financial Activities 1325.4311 1144.9791 1330.6881 1171.3451 Deprg¢iation ¢har9$$ Losses I Igainsl on revaluation ol fixed assets Dividends, interest and rents Irom investments Decrease I lincreas&l in amounts due from group undertakings Ilnerèasel Id&cr8as& In ¢J8btors ID8creasel l increase in cr8ditors Net ¢a¥h pro¥ld•d byllu¥od Inl operatlng actSvltl8* 46.652 41,774 46,652 41,774 8.￿0 124.5001 8,￿0 (7,3961 12.3471 17.3961 12,3471 1394.0751 142.6531 1120,4681 48,435 1417,9851 4,592 1106,5681 48,437 1714.9031 1202.0851 1696,8251 1190,0491 24. Analyslj of cash and cash ?qulvaleni• Group 2023 Group 2022 Charlty 2023 Charlty 2022 Cash in hand 495.020 1.280.348 449,797 1,265.047 Total cash and cash equlvalents 495,020 1,280,348 449.797 1,265,047 25. Analysis of ehang•s in ￿t d•bt At1 Oetobèr 2022 Cash flow$ At30 September 2023 Cash at bank and in hand 1,280.348 1785,3281 495,020 1.280.348 1785,3281 495,020 43 Orchestra of the Age of Enlightenment Audit Trail Document Detalls Title OAE accounts Flle Name Orchestra ol the Age ol Enlightenment 2023 a¢c(xJnts.pdf Docurnent ID ad20dc5da85e4cdda61841075709da62 Fingerprint blOed5a1396159c11 be61c120010cc131 Status Compleled Docum8nl Hlstory Document Croatod Document Crealed by Edwarcl Shaw ledward.shaw@oae.co.ukl 31 Jul 2024 Document Sent Document Sent lo Denys Firth 1derys@firths.coml 31 Jul 2024 01.'31PM UTC Document Vlewed t)o¢umenl Viewed by Denys Firth ldenY￿firth5.cc￿n} 31 Jul 2024 Document Signed by Denys Firth 1denys@firths.coml Document Signed I).GL 31 Jul 2024 01.'35PM UTG Document Completed This dctumenl has ￿en corn￿eted. 31 Jul 2024 2001 Occ13f Procp55ed by xodo sign