City Music Foundation - Accounts

CITY MUSIC FOUNDATION - Company Information

Print Friendly Version

Company Registered number

08133744

Charity Registered Number

1148641

City Music Foundation

(Company Limited by Guarantee)

Trustees' Report and Unaudited Financial Statements

31 July 2016

City Music Foundation
Report and accounts
Contents




Page

Company information	1
Management Committee Report	2
Independent Examiner's Report	3
Statement of Financial Information	4
Balance Sheet	5
Notes	6 - 7

City Music Foundation

Company Information

Directors and Trustees

Sir Michael Roger Gifford

Sir Nicholas Roger Kenyon

Dr Andrew Charles Parmley

Independent Examiner

Mr Simon Thomas

Hunter, Thomas & Co

Suite C, 1st Floor, Hinksey Court

West Way

Botley

Oxford

OX2 9JU

Registered office

12 Carlton House Terrace

London

SW1Y 5AH

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 2016

The Management Committee presents its Directors' Report and the unaudited financial statements for the year ended 31 July 2016.

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

The City Music Foundation supports selected talented musicians early in their professional careers by providing business and artistic mentors, a broad professional development programme, development of promotional tools and varied performance opportunities. The charitable work of the CMF is delivered by the CMF team, equipping each soloist or ensemble with the tools, skills, experience and networks they need to build and sustain rewarding and profitable careers. These activities have gathered momentum during this fourth year of the chairty's existence.

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 Accounting by Charities (issued in March 2005) and in accordance with the special provisions of the Companies Act 2006 relating to smaller entities.

Approved by the Management Committee on 27 September 2016 and signed on its behalf.





Dr Andrew Charles Parmley
Director

City Music Foundation
Accountants' Report

Independent Examiners' 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);
* to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
* to 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 A.C.A.

Hunter, Thomas & Co
Suite C, 1st Floor, Hinksey Court
West Way
Botley
Oxon
OX2 9JU

27 September 2016

City Music Foundation
Statement Of Financial Activites (Including Income & Expenditure Account)
for the year ended 31 July 2016


Notes			2016		2015
£				£

Incoming Resources

Voluntary Income:	Donations, Grants and Sponsorship	2	79,821		53,029
	Donations, Grants and Sponsorship

Events and Recording Income			39,357		53,468
			119,178		106,497

Total Resources Expended		3
Fundraising			38,507		77,381
Artists' & Charitable Activities			177,007		242,218
International Artist			17,606		-
Office Costs & Governance			32,556		39,486
			265,676		359,085

Net Deficit for the year			(146,498)		(252,588)

Funds Brought Forward			391,098		643,686

Total Funds Carried Forward			244,600		391,098

City Music Foundation
Balance Sheet
as at 31 July 2016

Notes			2016			2015
£				£
Current assets
Debtors	4	14,365			4,990
Bank Balance		232,636			408,758
		247,001			413,748

Creditors: amounts falling due within one year	5	(2,401)			(22,650)

Net current assets			244,600			391,098

Net assets			244,600			391,098

Capital and reserves

Unrestricted funds
Income & Expenditure Account			232,600			381,098

Restricted Funds
The Anglo-Mexican Foundation Scholarship Fund			12,000			10,000

Total Funds			244,600			391,098

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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.




Dr Andrew Charles Parmley
Director
Approved by the board on 27 September 2016

City Music Foundation
Notes to the Accounts
for the year ended 31 July 2016

1	Accounting policies

	Accounting Convention
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Fund Accounting
	Unrestricted funds are available for use at the discretion of the trustess in furtherance of the general objectives of the chairty. 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 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 and Sponsorship	2016		2015
£			£
	Incoming Resources
	Events and Recording Income	39,357		53,468
	Restricted Donations	12,000		10,000
	Sponsorship	20,910		-
	Unrestricted Donations	46,911		43,029
		119,178		106,497

3	Total Resources Expended	2016		2015
£			£
	Fundraising
	Office	6,358		5,772
	Staff Costs & Payroll	11,651		29,652
	Events	20,498		41,957

		38,507		77,381

	Artists' & Charitable Activities
	Staff Costs & Payroll	52,813		91,717
	Education	16,569		8,679
	Office	22,254		20,203
	Projects	56,237		40,745
	Selection Process	3,312		5,559
	Promotional Tools	25,822		17,315
	Extraordinary Item (Set-Up Costs)	-		58,000

		177,007		242,218

	International Artist
	Equipment and Venue Hire	9,371		-
	Miscellaneous Expenses	8,235		-
		17,606		-

	Office Costs & Governance
	Independent Accounts Examination	3,754		2,400
	Office	3,179		2,886
	Staff Costs & Payroll	25,623		34,200

		32,556		39,486

		227,169		281,704

2	Debtors	2016		2015
£			£

	Income	125		180
	Donations and Sponsorship	14,240		4,810
		14,365		4,990


3	Creditors: amounts falling due within one year	2016		2015
£			£

	Outstanding credit card payment	88		113
	Other taxes and social security costs	-		20,137
	Accruals	2,313		2,400
		2,401		22,650