City Music Foundation - Accounts

City Music Foundation - Accounts

CITY MUSIC FOUNDATION - Company Information

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Registered number
08133744
City Music Foundation
(Company Limited by Guarantee)
Report and Accounts
31 July 2019
City Music Foundation
Report and accounts
Contents
Page
Company Information 1
Management Committee Report 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance sheet 6
Notes to the accounts 7 - 8
City Music Foundation
Company Information
Directors
Sir (Michael) Roger Gifford
Sir Andrew Charles Parmley
Dr Kate Ann Gee (appointed on 22 May 2019)
Accountants
Ridgefield Consulting Limited
2 Hinksey Court
Church Way
Oxford
OX2 9SX
Registered office
Church House
Cloth Fair
London
EC1A 7JQ
Registered number
08133744
Charity number
1148641
City Music Foundation
Company Registered number: 08133744
Charity Registered number: 1148641
Report Of The Management Committee For The Year Ended 31st July 2019
The Management Committee presents its Directors' Report and the unaudited financial statements for the year ended 31 July 2019.
Governing Document
The organisation is a charitable company limited by guarantee. The company was incorporated on 6th July 2012 and registered as a charity on 20th August 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each.
Objects
The charity's objects are specifically restricted to the following:
(1) the advancement of the arts, culture and education, and
(2) the advancement in life of young musicians (as soloists or in ensembles) as they start their
professional careers; in particular by providing sponsorship, financial assistance and performance
opportunities in London or elsewhere,
provided that all of the Objects of the charity shall be wholly charitable in nature and shall be for the public benefit.

Nothing in the articles shall authorise an application of the property of the charity for purposes which are
not charitable in accordance with Section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and/or section 2 of the Charities Act (Northern Ireland) 2008.
Achievements and Perfomance
CMF’s mission is ‘turning talent into success’. We select exceptional classical soloists and chamber ensembles, as well as jazz, folk, and world musicians, at the start of their professional careers. At this time when managing ‘the business of music’ can be a challenge, CMF supports them with a comprehensive career development programme. We arrange artistic and business mentoring, run workshops, make CDs, videos and websites, commission new music, secure airtime on BBC Radio 3 and promotion though online, print and social media, and put on our own recitals, residencies and concerts. In addition we do agency and management, fixing performances at venues and festivals throughout the UK and beyond.

CMF Alumni tell us of the many ways CMF has helped them during the very fragile early stages of their professional careers, by helping them to develop their unique creative vision, and gaining recognition and a network within the music industry.

Our aim is that CMF artists are ready for four decades or more of contributing to society’s culture and wellbeing - reaching hundreds of thousands of people through live performance, CDs, streaming, broadcasts, teaching and mentoring - giving back a thousand fold what CMF has given them.

Activities have continued to increase in all the areas listed above, in this seventh year since the charity was founded. All the artists have participated in the one to one mentoring programme, and attended a total of 12 workshops. With the appointment of a new Artist Manager in May 2019 the activity in agency and management has increased, benefitting all artists. We have increased the number of live studio appearances by our artists on BBC Radio 3 (9 in the year) and consolidated our relationships with a number of venues and festivals, as well as continuing our own concert series and residency, as well as ad hoc events. CMF has made 17 music videos, commissioned 7 photo shoots, made 9 professional recordings, made 4 artists' websites and commissioned two new pieces of contemporary classical music - all more than previous years.
Members of the Management Committee
Members of the Management Committee, who are the Directors for the purpose of Company law and Trustees for the purpose of Charity law, who served during the period and up to the date of this report are set out on page 1.
This report has been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the FRS 102 Section 1A and in accordance with the special provisions of the Companies Act 2006 relating to smaller entities.
Approved by the Management Committee on ……………………... and signed on its behalf.
Sir (Michael) Roger Gifford
Director
City Music Foundation
Accountants' Report
Independent Examiner's report to the trustees of
City Music Foundation
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) or under Regulation 10(1)(a) to (c) of The Charities Accounts (Scotland) Regulations 2006 (the 2006 Accounts Regulations) and that an independent examination is needed. The charity is required by company law to prepare accrued accounts and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
* examine the accounts under section 145 of the 2011 Act and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act);
* follow the procedures laid down in the general Directions given by the Charity
Commission under section 145(5)(b) of the 2011 Act; and
* state whether particular matters have come to my attention
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission and is in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
* to keep accounting records in accordance with section 386 of the Companies Act 2006 and section 44(1)(a) of the 2005 Act; and
* to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006, section 44(1)(b) of the 2005 Act and Regulation 8 of the 2006 Accounts Regulations; and
* which are consistent with the methods and principles of the Statement of Recommended Practice Accounting and Reporting by Charities
have not been met; and
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr Simon Thomas B.A FCCA A.C.A
Ridgefield Consulting Limited
2 Hinksey Court
Church Way
Oxford
OX2 9SX
01 November 2019
City Music Foundation
Statement Of Financial Activities (Including Income & Expenditure Account)
for the year ended 31 July 2019
2019 2018
Unrestricted funds Restricted funds Total funds Total funds
Notes £ £ £ £
Incoming Resources
Donations, Grants and Sponsorship 2 86,096 17,995 104,091 210,922
Events and Recording Income 25,310 - 25,310 82,615
111,406 17,995 129,401 293,537
Total Resources Expended
Office Costs & Governance 3 17,429 287 17,716 11,077
Artists' & Charitable Activities 4 144,993 10,648 155,641 241,580
International Artist - 5,998 5,998 7,238
Fundraising 5 9,557 - 9,557 20,412
Donations - - - 6,995
171,979 16,933 188,912 287,302
(Expenditure)/income for the year (60,573) 1,062 (59,511) 6,235
Total Funds Brought Forward 152,316 - 152,316 146,081
Total Funds Carried Forward 91,743 1,062 92,805 152,316
City Music Foundation
Registered number: 08133744
Balance Sheet
as at 31 July 2019
2019 2018
Unrestricted funds Restricted funds Total funds Total funds
Current assets
Debtors 6 600 - 600 550
Cash at bank and in hand 93,881 1,062 94,943 153,942
94,481 1,062 95,543 154,492
Creditors: amounts falling due within one year 7 (2,738) - (2,738) (2,176)
Net assets 91,743 1,062 92,805 152,316
Funds
Unrestricted funds 91,743 152,316
Restricted funds 1,062 -
Total funds 92,805 152,316
The members are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sir (Michael) Roger Gifford
Director
Approved by the board on 10 November 2019
City Music Foundation
Notes to the Accounts
for the year ended 31 July 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Incoming Resources
All incoming resources are included in the statement of financial activites when the charity is entitled to, and virtually certain to receive, the income and the amount can be quantified with reasonable accuracy.
Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred and is reported as part of the expenditure to which it relates:
*Costs of generating funds comprise the costs associated with attracting voluntary income.
*Charitable donations to other organisations.
*Charitable expenditure comprises those costs incurred by the charity in the delivery of its
activities and services for its beneficiaries.
*Governance costs include those associated with meeting the constitutional and statutory
requirements of the charity.
2 Donations, Grants and Sponsorship
2019 2018
Income type Unrestricted Restricted Total Total
£ £ £ £
Donations 42,796 1,682 44,478 178,922
Grants 43,300 15,563 58,863 32,000
Sponsorship - 750 750 -
Total 86,096 17,995 104,091 210,922
In 2018, £45,538 of donations and £22,500 of grants are restricted.
3 Office and Governance costs
2019 2018
£ £
Independent Accounts Examination 3,180 3,090
Staff Costs and Payroll 13,072 6,327
Office Costs 1,464 1,660
17,716 11,077
4 Artist and Charitable activities
2019 2018
£ £
CMF Events 9,939 77,996
Playing and Performances 20,008 27,089
Professional Development Workshops and Mentoring Programmes 4,069 3,998
Artists Individual Projects 21,361 49,278
Auditions and Selection of Artists 3,085 2,972
Promotional Tools For Artists 22,651 5,680
Staff Costs & Payroll 66,292 62,949
Office Costs 8,236 11,618
155,641 241,580
5 Fundraising
2019 2018
£ £
Events - 5,335
Staff Costs & Payroll 7,154 11,758
Office Costs 2,403 3,319
9,557 20,412
6 Debtors 2019 2018
£ £
Income, Donations and Sponsorship 600 550
7 Creditors: amounts falling due within one year 2019 2018
£ £
Accruals and pensions 2,738 2,176
8 Other information
City Music Foundation is a private company limited by shares and incorporated in England. Its registered office is:
Church House
Cloth Fair
London
EC1A 7JQ
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