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)

Accounts

31 July 2018

City Music Foundation
Report and accounts
Contents




Page

Company information	1
Management Committee Report	2
Statement of Financial Activities	4
Balance Sheet	5
Notes	6 - 8

City Music Foundation

Company Information

Directors

Sir Michael Roger Gifford

Sir Nicholas Roger Kenyon (resigned on 31 December 2017)

Dr Andrew Charles Parmley

Sir Mark John Boleat (appointed on 20 February 2018)

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 2018

The Management Committee presents its Directors' Report and the unaudited financial statements for the year ended 31 July 2018.

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

City Music Foundation supports selected exceptional musicians early in their professional careers by providing business and artistic mentoring, professional development workshops and seminars, making websites, CDs and videos, negotiating external gigs, and organising performance and curation experience through our own events, residencies and recitals. 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 continued both to consolidate and expand in this sixth year since the charity was founded.

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 24 September 2018 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
OX2 9SX

24 September 2018

City Music Foundation
Statement Of Financial Activites (Including Income & Expenditure Account)
for the year ended 31 July 2018


Notes			2018		2017
£				£
Incoming Resources

Voluntary Income:	Donations, Grants and Sponsorship	2	210,922		62,923
	Donations, Grants and Sponsorship
Events and Recording Income			82,615		46,658
			293,537		109,581

Total Resources Expended		3
Fundraising			20,412		47,587
Donations			6,995		-
Artists' & Charitable Activities			241,580		140,958
International Artist			7,238		2,813
Office Costs & Governance			11,077		16,742
			287,302		208,100

Net Income/(deficit) for the year			6,235		(98,519)

Funds Brought Forward			146,081		244,600

Total Funds Carried Forward			152,316		146,081

City Music Foundation
Balance Sheet
as at 31 July 2018

Notes			2018			2017
£				£
Current assets
Debtors	4	550			10,509
Cash at bank and in hand		153,942			137,876
		154,492			148,385

Creditors: amounts falling due within one year	5	(2,176)			(2,304)

Net current assets			152,316			146,081

Net assets			152,316			146,081

Capital and reserves

Unrestricted funds
Income & Expenditure Account			84,278			134,584
Restricted grants and donation	6		68,038			11,497

Total Funds			152,316			146,081

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 24 September 2018

City Music Foundation
Notes to the Accounts
for the year ended 31 July 2018


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 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 and Sponsorship		2018		2017
£				£
	Incoming Resources
	Events and Recording Income		82,615		46,658
	Restricted Grants	6a	22,500		5,415
	Unrestricted Grants	7a	9,500		8,000
	Sponsorship		-		9,520
	Restricted Donations	6b	45,538		6,082
	Unrestricted Donations	7b	133,384		33,906
			293,537		109,581



3	Total Resources Expended		2018		2017
£				£
	Fundraising
	Office		3,319		5,821
	Staff Costs & Payroll		11,758		13,538
	Current year events		5,335		20,452
	Last year events paid in 2017		-		7,776
			20,412		47,587

	Donations
	Donation to Lord Mayor's Appeal		6,995		-

	Artists' & Charitable Activities
	Staff Costs & Payroll		62,949		68,913
	CMF Events		77,994		-
	Playing and Performances		27,089		-
	Professional Development Workshops and Mentoring Programmes		3,998		14,515
	Office		11,618		20,373
	Artists Individual Projects		49,278		23,020
	Auditions and Selection of Artists		2,974		4,347
	Promotional Tools For Artists		5,680		9,790
			241,580		140,958
	International Artist
	Equipment and Venue Hire		-		240
	Miscellaneous Expenses		7,238		2,573
			7,238		2,813
	Office Cost & Governance
	Independent Accounts Examination		3,090		3,084
	Office		1,660		2,966
	Staff Costs & Payroll		6,327		10,692
			11,077		16,742

			280,307		208,100

4	Debtors		2018		2017
£				£

	Income, Donations and Sponsorship		550		10,509

5	Creditors: amounts falling due within one year		2018		2017
£				£

	Outstanding credit card payment		-		144
	Accruals		2,176		2,160
			2,176		2,304


6	Restricted grants and donations		2018		2017
£				£
6a	Grants
	The Howells Trust		-		1,500
	RVW Trust		-		1,000
	The City of London Corporation		7,500		2,915
	Arts Council		15,000		-

6b	Donations
	William Newsome		-		6,082
	The Anglo-Mexican Foundation Scholarship Fund		14,000		-
	Goldmsith Company		3,538		-
	ECOMS		5,000		-
	Anonymous		23,000		-
			68,038		11,497


7	Unrestricted grants and donations		2018		2017
£				£

7a	Grants
	Goldsmith Company		-		3,000
	Leathersellers		5,000		5,000
	Austin Hope Pilkington		1,000		-
	Garrick Charitable Trust		3,500		-

7b	Donations
	Anonymous		50,000		20,000
	Lord Mayor's Appeal		30,000		-
	Other donations		53,384		13,906
			133,384		33,906


8	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

City Music Foundation 08133744 false 2017-08-01 2018-07-31 2018-07-31 VT Final Accounts July 2018 No description of principal activity 08133744 2016-08-01 2017-07-31 08133744 core:WithinOneYear 2017-07-31 08133744 core:SharePremium 2017-07-31 08133744 2017-08-01 2018-07-31 08133744 bus:PrivateLimitedCompanyLtd 2017-08-01 2018-07-31 08133744 bus:AuditExempt-NoAccountantsReport 2017-08-01 2018-07-31 08133744 bus:Director1 2017-08-01 2018-07-31 08133744 bus:Director2 2017-08-01 2018-07-31 08133744 bus:Director3 2017-08-01 2018-07-31 08133744 core:Goodwill 2017-08-01 2018-07-31 08133744 core:Vehicles 2017-08-01 2018-07-31 08133744 countries:England 2017-08-01 2018-07-31 08133744 bus:FRS102 2017-08-01 2018-07-31 08133744 bus:FullAccounts 2017-08-01 2018-07-31 08133744 2018-07-31 08133744 core:WithinOneYear 2018-07-31 08133744 core:SharePremium 2018-07-31 08133744 core:Goodwill 2018-07-31 08133744 core:Vehicles 2018-07-31 08133744 2017-07-31 08133744 core:Goodwill 2017-07-31 08133744 core:Vehicles 2017-07-31 iso4217:GBP