City Music Foundation - Accounts

CITY MUSIC FOUNDATION - Company Information

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Company Registered Number

08133744

Charity Registered Number

1148641

City Music Foundation

(Company Limited by Guarantee)

Trustees' Report and Unaudited Financial Statements

31 July 2017

City Music Foundation
Report and accounts
Contents




Page

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

City Music Foundation

Company Information

Directors

Sir Michael Roger Gifford

Sir Nicholas Roger Kenyon

Dr Andrew Charles Parmley

Accountants

Ridgefield Consulting Limited

2 Hinksey Court

Church Way

Oxford

Oxfordshire

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 2017

The Management Committee presents its Directors' Report and the unaudited financial statements for the year ended 31 July 2017.

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 fifth year of the charity'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 (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 12 December 2017 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);
* 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 B.A FCCA A.C.A

Ridgefield Consulting Limited
2 Hinksey Court
Church Way
Oxford
Oxfordshire
OX2 9SX

20 November 2017

City Music Foundation
Statement Of Financial Activites (Including Income & Expenditure Account)
for the year ended 31 July 2017


Notes			2017		2016
£				£
Incoming Resources

Voluntary Income:	Donations, Grants and Sponsorship	2	62,923		79,821
	Donations, Grants and Sponsorship

Events and Recording Income			46,658		39,357
			109,581		119,178

Total Resources Expended		3
Fundraising			47,587		38,507
Artists' & Charitable Activities			140,958		177,007
International Artist			2,813		17,606
Office Costs & Governance			16,742		32,556
			208,100		265,676

Net Deficit for the year			(98,519)		(146,498)

Funds Brought Forward			244,600		391,098

Total Funds Carried Forward			146,081		244,600

City Music Foundation
Balance Sheet
as at 31 July 2017

Notes			2017			2016
£				£
Current assets
Debtors	4	10,509			14,365
Cash at bank and in hand		137,876			232,636
		148,385			247,001

Creditors: amounts falling due within one year	5	(2,304)			(2,401)

Net current assets			146,081			244,600

Net assets			146,081			244,600

Capital and reserves

Unrestricted funds
Income & Expenditure Account			134,584			232,600

Restricted funds
Donations from William Newsome			6,082			-
Grants from The Howells Trust			1,500			-
Grants from RVW Trust			1,000			-
Grants from The City of London Corporation			2,915			-
The Anglo-Mexican Foundation Scholarship Fund			-			12,000

Total Funds			146,081			244,600

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.




Sir Michael Roger Gifford
Director
Approved by the board on 12 December 2017

City Music Foundation
Notes to the Accounts
for the year ended 31 July 2017


1	Accounting policies

	Basis of preparation
	These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

	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 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	2017		2016
£			£
	Incoming Resources
	Events and Recording Income	46,658		39,357
	Restricted Grants	5,415		-
	Unrestricted Grants	8,000		-
	Sponsorship	9,520		20,910
	Restricted Donations	6,082		12,000
	Unrestricted Donations	33,906		46,911
		109,581		119,178

3	Total Resources Expended	2017		2016
£			£
	Fundraising
	Office	5,821		6,358
	Staff Costs & Payroll	13,538		11,651
	Current year events	20,452		20,498
	Last year events paid in 2017	7,776		-
		47,587		38,507


	Artists' & Charitable Activities
	Staff Costs & Payroll	68,913		52,813
	Education	14,515		16,569
	Office	20,373		22,254
	Projects	23,020		56,237
	Selection Process	4,347		3,312
	Promotional Tools	9,790		25,822
		140,958		177,007

	International Artist
	Equipment and Venue Hire	240		9,371
	Miscellaneous Expenses	2,573		8,235
		2,813		17,606

	Office Costs & Governance
	Independent Accounts Examination	3,084		3,754
	Office	2,966		3,179
	Staff Costs & Payroll	10,692		25,623
		16,742		32,556

		160,513		227,169

4	Debtors	2017		2016
£			£

	Income	4,509		125
	Donations and Sponsorship	6,000		14,240
		10,509		14,365

5	Creditors: amounts falling due within one year	2017		2016
£			£

	Outstanding credit card payment	144		88
	Accruals	2,160		2,313
		2,304		2,401

6	Other information

	City Music Foundation is a private company limited by guarantee without share capital and incorporated in England. Its registered office is:

	Church House
	Cloth Fair
	London
	EC1A 7JQ

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