Company Number: 2852295 Charity Number: 1032421 Cambridge Music Festival Limited (a company limited by guarantee) Report and Fxnancial Statements For the year ended 31 March 2024
Cambridge Music Festival Limited Contents Page Company Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11-13
Cambridge Music Festival Limited Reference and Administrative Details Trustees Nicholas Bewes Jon Gisby Adam Greenwood-Byrne Caroline Stenner (Chair) Nicky Ivebb Elizabeth Winter (appointed 20 June 2024) Festival Director Justin Lee Regsstered Office 42 City Road Cambridge CBI IDP Charity Registration Number 1032421 Company Registration Number 2852295 Accountants N.TRUST Accountancy Ltd Suite 3a Kings Hall St Ives Business Park Parsons Green St Ives PE27 4WY Independent Examiner AB Accountancy Ltd 57A Great Fen Road Soham CB7 5UH
Cambridge Music Festival Limited Report of the Trustees For the year ended 31 March 2024 The Trustees present their report and accounts for the year ended 31 March 2024. Objectives and Activities The company is a registered charity established to promote, improve, develop and maintain public education in and appreciation of the art and science of music by the presentation of public concerts, recitals, events for young people and by such other means as the Trustees shall detennine from time to lime. The beneflts of these activities are enjoyed by people in the City of Cambridge and the surrounding area together with members of the University of Cambridge. Public Benefit The Trustees have considered the Charity Commission's general guidance on Public Benefit when reviewing their aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives set. Review of the year and future plans As CMF emerged from Covid-19 in 2021, it adopted an open schedule of concerts in the autLunn and spring. This allowed more flexibility not only in the event of short- terni cancellations but in enabling broader artistic options, which also led to increased ticket sales. Given this artistic and financial success, CMF continues to promote events broadly in October/November and February/March each season, and ticket sales have increased again in the 2023124 season. However, since Covid, it is also true to say that annual donations and corporate sponsorship have fallen by approximately ttventy-five percenL making CMF more reliant on a separate emergency ftmd provided by a generous long-terni donor. Developing sources of private Éncome remains a priority if CMF is to continue presenting inspiring events by some of the world's greatest artists. These accounts report a small loss of £1,078 for the year. Reserves have reduced to £45,67), a level that is still in line with the charity's Reserves policy. The 2023124 accounts show a turnover of just over £180k compared to £220k in 2022123. However. this does not llY reflect CMF, s activity foi the year since three projects were presented in partnership with King's College (Conccrts at King's) and one of these eventually went through the Coll¢ge's books. Take this into account and the year's level of activity is equivalent to a tLirnover of over £220k, similar to the previous year. The parÈn¢rship witb King's College and in particular the support of their director of music, Daniel Hyde, has been invaluable in bringing to fruition ambitious Festival projects that are especially powerful when perfomied in King's College Chapel.
Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2024 Review of the year and future plans continued The events at King's College were among the higblights of the year. Daniel Hyde conducted two of these: first, a perfonnance of Haydn's Creation for which the Choir of King's College was joined by the Choir of New College Oxford and the Philhannonia Orchestra. seconilly, a project devised by the Festival Director (with vuable programme suggestions from Daniel Hyde and Jonathan Manners of the BBC) to mark the tenth anniversary of the death of the composer, Sir John Tavener. For the Tavener concerL the BBC Singers (buoyed by the BBC'S decision to reverse its plan to disband the group) were joined by cellist Natalie Clein for a varied programme that combined works by Tavener with composers he knew or who were importallt to him - influences such as Messiaen and Tippett sat alongside music from his schoolfriend, John Rutter, and a fornier pupil, Judith Weir, Master of the King's Music. Lady Tavencr, Sir John RutteT and Dame Judith Weir were all present at the concert which was broadcast on BBC Radio 3 and received a 4-star review from Richard Morrison- 'a spine-tingling tribute, THE TIMES. The third event in King's closed the CMF season and took place in Holy Week (March 2024). The choir Tenebrae (director Nigel Short) perfornied Joby Talbot's Path ofmiracles, a choral meditation on the pilgrimage to Santiago de Compostela. As the Cambridge Independent reported: 'The power of the perforniance brought the entire audience to its feet. What an amazing and unforgettable experience we had shared., Other larger-scale events included the 12 Ensemble perforn]illg Strauss's Metamorphosen for 23 solo Strings and the period-instrument group, Arcangelo (director Jonathan Cohen), led by violinist Théotime Langlois de Swarte joined by vocal soloists Anna Dennis, Anita Monserrat, Guy Cutting and Edwatd GrinL gave an alI-Bach progran)Jne of cantatas and concertos. 'The Cambridge Music Festival has always presented the highest standards of acluevement in the guests it includes for each seasoo and Arcangelo was an enviable example of that standard. The ensemble produced an evening that can only be described as magical., CAMBRJDGE INDEPENDENT The critÈcal acclaim continued for three world-renowned chamber music artists". the Takacs Quartet gave works by Haydn, Hough and Beethoven ('astonishing' as one CMF donor described it). Stephen Hough perfonned a programme of Chaminade, Liszt and Chopin ('There is no other word for it. Stephen Hough is simply an outstanding pianist., CAMBRIDGE INDEPENDEND" and Angela Hewitt brought her renowned interpretation of Bach's Goldberg Variations. (At dinner afterwards, we discovered tbat 2023 marked the fiftieth anniversary of ber fst perfonnance of this work, at her hometown church in Canada where her father was director of music for many years.)
Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2024 Review of the year and future plaus continued 'Extraordinary recital this evenKng. The Goldberg is my favourite of Bach's great keyboard works, and I can't remember ever having heard it played better. Wonderful that we all held the silence for so long after the fmal note., AUDIENCE MEMBER (by emaÉl) More contemporary fare was featured in another programrne devised by the Festival Director which explored the jazz-inflected complexity of Conlon Nancarn)w's piano player studies. Through their arrangements of these studies, the Bugallo-williams piano duo from the USA were able to bring works that are humanly impossible to perfomi into the concert hall - even with two pianos and four hands, this was a feat of hire-wire virtuosity. The Nancarrow was placed in the context of contemporary works (from the late 1960s and '70s) by Gyorgy Ligeti and Steve Reich. 'Congratulations to the Cambridge Music Festival for an original, exciting event- a real rarity., CAMBRIDGE CRITIQUE A new departure for CMF this season has been to explore the classical or art-music traditions of other parts of the world. The Syrian-born Maya Youssef came to London a decade aoo in the wake of civil war in her homeland. She brought to Cambridge a programme for qanun- a 78-string zither-like instnllnent - that combined her own compositions with the traditional melodies and modes (or rnaqam) of Arabic music. Later in the season, the award-wining sxtarist Jasdeep Singh Degun (in the week of his concert he was awarded RPS Soloist of the Year) was joined by tabla-player Harkiret Babra in a 70-minute improvisation rooted in North Indian raga. The uncertainty over whether CMF would be able to attract an audience for this work was unfounded: both concerts sold out in advance and attracted an enthusiastic and appreciative audience. 'At Cambridge Music Festival, Degun and Balva offered a phenomenal evening, received with enthusiasm by the capacity audience., CLASSICAL EXPLORER The 2024125 season opens with a return by the Philip Glass Ensemble, a decade after their last appearance at CMF. Choral projects in King's College chapel include Mozart's Requiem and Stravinsky Mass with the Choir of King's College and Britten Sinfoni4 and a perforniance of Mendelssohn's Elijah with Simon Keenlyside in the 'title role, alongside soloists Carolyn Sampson, Sarah CoDnolly and Andre Staples. BBC Concert Orchestra and an expanded BBC Singers - the concert will be broadcast on BBC Radio 3.
Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2024 Review of the year and future plans continued Other choral events range from Theatre of Voices, the Anglo-Danish supergroup who specialise in the music of Arvo Part, to the American folk quartet in a programme that explores the theme of Midwinter through singing traditions in the USA (' Sacred HaLTJ'), southern France (Occitan), and the driving percussion and polyphony of Lithuania. Chamber music artists include the pianist Boris Giltburg, Pavel Haas Quartet, and the viol player Jordi Savall who returns after his 5-star (The Times) concert two seasons ago. On a slightly larger scale, the Festival welcomes the young string ensemble, United Strings of Europe, who are making a name for themselves at major venues across Europe. And the Festival continues its exploration of art-music traditions from around the world with an appearance by Jali Bakary Konteh, the tl]ird generation of legendary Gambian kora players. The season is completed with a free public installation, 'VR Orchestra,. The Philhannonia Orchestra, s award-wirLning vÉrtual reality installation puts members of the public at the heart of an orchestr& People sit on a revolving stool, are set up a VR headset and earphones, choose one of three pieces and as they look around them, they can see and hear the full force of a symphony orchestra. The last year has seen significant changes in the leadership of the CMF board. Andy Swarbrick stood down from the board after over three decades, involvement in CMF, Including the last nine years as Chair. He has been a huge support to the current Festival Director (since 2012), offering positive advice professionally and personally, and in particul introducing the charity to individual donors and corporate sponsors whose financial support has proved vital in the continued success of the charity and in attracting world-class artists. Andy also brought extensive musical knowledge and, as a former partner at Deloitte, rigorous fmancial oversÈght. CMF is deeply indebted to Andy for his many years of service and the significant impact he has made. In October 2023 Caroline Stenner, a current CMF trustee and partner at Birketts (a longstanding sponsor of CMF). kindly stepped in as Interim Chair. In September 2024. Simon Crookall is to be appointed as Chair of the board. Simon brings considerable experience of arts manaoement and fun(traising, and is famkliar with the MUSIC life of Cambridge. He studied Economics at King's College Cambridge, where he was also a choral scholar, before taking up Toles at The Queen's Hall Edinburgh (General Manager), the Royal Scottish National Orchestra (CEO), Indianapolis Symphony Orchestra (President & CEO) and Hawaii Opera Theatre (General DÉrector). Since his rettmi to the UL Simon has held fimdraising roles at Lincoln Cathedral and Oxford Univcrsity, and is currently director of development at Wolfson College Cambridge. CMF is fortLLnate to have secured a new chair of such high calibre wbo is so well placed to help lead the charity through the con]ing years.
Cambridge Music Festival Limited Report of the Trustees continued For the year ellded 31 March 2024 Structure, Governance and Management The organisation is a charitable company limited by guarantee, incorporated on 10 September 1993 and registered as a charity on 31 January 1994. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is govemed by its Articles of Association. The Directors of the company are also charity Trustees for the purposes of charity law. A Fcstival Director, not a Director of the company, manages the day-to-day operations. In addition to the Annual General MeetKng, the Trustees hold meetings as necessary to discuss programmtng, sponsorship and financial matters. Recommendations of new Trustees/Directors are put fonvard and approved for appoKntment by the current board. Trustees are expected to attend as many of the board meetings as possible throughout the year. Terms of Trustees, membership are reviewed on rotation. Risk Review The Trustees have identified the major risks to which the company is exposed and reviewed and implemented systems to mitigate these risks. The major risk continues to be the reliance on project income Nvhich cannot be guaranteed, festival to festival, and which may not necessarily cover the overhead costs and essential fees to the Festival Director and other members of the festival's team. The Trustees continue to believe that the risks of unknowable box office income must be safeguarded by an adequate contingency fund in each overall festival budget. Review of Financial Position The net movement of funds for the year was a deficit of £1,078 (2023: £3,340 surplus). The surylus in the general fund as at 31 March 2024 is £45,673 (2023: £46,751). Reserves Policy Recognising that the Festival's results are dependent on box office and sponsorship income. neither of which is sufficiently predictable, the Trnstees seek to build and maintain reserves of around £45,000 to cover about ninc months of running costs.
Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2024 Trustees The Trustees who served during the year were as folkows: Nicholas Bewes Jon Qisby Adam Greenwood-Byrne Louise Hudson (resigned 27 November 2023) Julia lent (resigned 3 October 2023) Caroline Stenner (Chair) Andy Swarbrick (resigned 3 October 2023) Nicky Webb Small Company Exemption This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small company regime. Statement of Trustees, Responsibilities Company law requires the Trustees to prepare financial statements for each fmancial year which give a true and fair view of the charitable company's state of affairs at the end of the year and of its income and expenditure for the year. In doing so the Trustees are required to select suitsble accounting policies and then apply them consistently, to make judgements and estimates that are reasonable and prudent and to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the Charity, s wcb51te. Legislation in the United Kingdom governing tE]e preparation and dissemination of fmancial ststements may differ from legislation in other jurisdictions. This report was approved on q 4t 20)oand signed on behalf of the Board aThJfrth4J C Stenner Trustee
Cambridge Music Festival Limited Independent ExAminer's Report To the Trustees of CAmbridge Music Ftival Limited AB ACCOUNTANCY I report on the accounts for the company for the year ended 31 March 2024, which are set out on pages 9 to 13. Responsibilities and basis of report As the ¢harity's trustees of the Company (and also its directors for the purposes of company lawyou are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as callied out under s¢ction 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirn] the no matters have come to my attention in connection with the examination giving me cause to believe: l. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. or 2. The accounts do not accord with those records. or 3. The accounts do not comply with the accounting requirements of section 396 of the 2006 Act oth¢r than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. or 4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in conn¢ction with the examination to which attention should be drawn in this report in order to enable aproper understanding of the accounts to be reached. Amy Bugg FCA AB Ac¢ountan¢y Address $7A Great Fen Road, Soham, Cambridgeshire, CB7 5UH Date £ Ilo IloLLt
Cambridg¢ Music Festiv81 Limited StattmeDt of FiDatLcial Activities IiDtorporating ID¢ome & ExpendÉture Account) for the year ellded 31 March 2024 Uttrestrieted Fuods Restricted Funds Totsl Fuads Totsl Funds Note5 2024 2024 2024 2023 IEtcome Doultious 54037 54.837 102.812 Come fron) ¢h¥ritable Actlvltles 89.116 89,116 77.607 Ottler tr4ding Hcttvitie5 360 36,000 40.000 ILve$tmell¢ itttome 982 982 154 Totsl io¢om¢ [80,935 180,935 220.573 Expellditure ExpeDditsre OD r8isiDg fuDd$ 20034 20,834 19,8 Expenditure th¥ritsblÈ activiti li2W48 152,848 189.389 Governgllce 8J31 8J31 7,952 Totsl eipend5ture 182,013 182,013 217233 Net Rncomel{txpeDditure) (1,078} {1,078) 3.340 Ba]ances at l April 2023 46.751 46,751 43,411 Balancu #t 31 M4r¢h 2024 4S,673 45,673 46.751 The notes on pages 10 10 12 fonn part of these flnancial statwnents.
Cambrid*7e Music Festival Limiteil Bal8nce SILeet as at31 imareh 2024 rlotes 2024 2023 T8Jgible Fixed Assets 766 ,166 Cllrrtnt assets Debtors Cash at bank and in hand 50,009 38,725 40,781 64.153 88,734 104.934 Creditors: amollnts f211Èng due witltill one yEar (43,827} (59.349) 44,907 45585 Net assets 45,673 46.751 Restricted Unrestricted 45,673 46,751 4S,673 46.751 For the year ending 31 March 2024 the Company w&8 entided to exemption from audit und¢F section 477 of the Companics Act 2006 relats"n8 to small ¢omtAnies. The members have not Fequired the company to on an audit in a¢coTrlance with section 476 of the Companies Act. The directors acknowledge their responsibilities for complying with th¢ r¢quirements of th¢ compie$ Act 2006 with T¢$t to accountin8 records 2n0 the preparation of a¢¢ounts. The gccounts have been prepared in a¢¢ordan¢e with the provisions applicable to companies subject to the small co]npanieg r¢8U)J¢ and in accordance with FRS 102 SORP. Approved bythe board on C St¢ttner CompallyNumb¢r 2852295 The notes on p38e5 10 to 12 form of these financial 5tatem¢nts. io
Cambrldge Music Festival Limitcd Notts to the Accounts for the year ended 31 Marth 2024 Atcoulltlllg polieles Accountiug ¢oDvention These accounts have been prep&red under the hislorsca] cost convention with iierns recwised at cosi for tr2nsaction value unless othernise 5tat¢d sn the relevant not¢ to thesc accounts. These fingncial Sfdtemeftts have been prepared io accordance with FRS 102, The Fingncial ReF4)rting Stand8rd appli¢8ble in the UK and Republic of Ireland and with the Charities Act 2011. Inf 0¢ aDd expEnditure Income and expenditure iterns have been credited or ¢h8rg&l in the Statement of Financial A¢iivities on an accrua15 basis. Exp¢ndiLure item5 in¢lude an el¢m¢nt of non-r¢¢laiTnable VAT. Grnllts doll4tiotL$ attd spottsorslLiP illeOJth Inwme relatlrtg to tUre accowiiing periods is taken to the balance sheet as defe¥red income for Tecognitson in those future accounting peTiods. Tax reelASms on dollitions Ittd gifts Gift Aid r1VAble is included in income when there i5 a volid declaration from the donor. Any Gift Aid amount re¢overed on a donaiion is considered to be part of that gift and is treated as an addition lo the same thd &8 the initial donation unles$ th¢ donor sp¢cifi¢d othen¥is¢. Re5tri¢ted fullds Resources are recorded ort a re¢eivabl¢ basis 2nd all¢)cated to a Restrieled Fund if 2 limitation on their use is sp¢¢ified by the donors 2nd provider5. Fund5 received in the direct opetation of the Charity are treated as Unrestrict fi]Hd5. Oth¢r resources received without external restriction may bedesignated by th¢ TnJst¢es For particul PLwposes as deeraed appropriat¢. Governance and 511PPOrt coBts SuppM)rt costs have been allocaled between 8ovemance tosts and other support Govcrn8nce costs compris¢ all costs involvin8 public aountablIlty of the charity and ils compliance with regulation and 8ood prdctice. Supwrt costs includ¢ ¢entral fimctions and have been located to activity c051c8legories on ab&%15 consistent with th¢ us¢ of the resourccs. IetOWerable VAT is char8ed as a Cost to the charity. T&nglble fixed assets Tangibl¢ fixed assets are Mured at cost15 accumulative depreciation and any accumulative impairn)¢ni losses. DeprecL2tion is provided on 8]1 taft8ible fixed &ssets &t te5 calculated to w¥ite off the cost. less estimated resTdual vdu4 of each tt evenly over its expeeted use1 Ilfr, &5 follows.. Officeeouipment 2 per annum on a str&i8ht line b¥is D¢btor5 Creditors Dcbtor5 and CredItorsarere¢ojsc4 at their settlement value and are ail r#eivablelpayable within oneyear. FiDall¢ial Ih$trum¢nts The company only has financi &%sets and financial liabilities of a kind that qualify &$ b]C fjnpmcial i[ertts. B1¢ financial instruments Initially reco8nised attransaction value and subs¢quetLtly measwed at their setdernent wallle. Going CODcer The Yru5tecs have made sn 8ssessmenL based on ttv&slable future inform*ion. that the accounts should be prepared on a going con¢em 15. Directors Remunergtion and ExpeDSES The dire¢iors re¢eived no remuneration dwing the yearand wer¢ not r¢llllburscd for any exp¢nses. The ¢ompany no employees.
C3mbridgt l*fwsie Festival Limited Note5 to the Accounts for the year ettded 31 March 2024 Income Unrestricted Restri¢ttd 2024 2023 Doll8tions Donations including GiftAid 54,837 S4037 54.837 102.812 102 812 Trus¢s & Foulld#¢lott$ Grani Intome from charitable activiti¢5 Other Sal& Tscket Soles 2,448 86,668 ,668 77.607 89,116 89.116 Oiber tradill8 9ttivities Sponsorship 36.000 3d,000 40.000 Investment iDCOTRt Int¢r¢st r¢wiv¢d 982 982 154 Total exptnses 024 O¢al 2023 Tots] Cost5 directTy allocated to
tttvities
ConsulwiLS fees Artis fe¢s and expet Outdoor arL8 PRS costs Depreciation Advertising Camival ptoject Dire¢t 14,738 l4,738 83?99 3274 ,750 99 33,000 108222 8290 446 400 19,359 14.410 Direct Dirxt Dire¢1 Direct Direct (446) 400 34,844 446) 400 ,844 Supporteosts alloc8ted to gftlvities Offic¢ costs Accountanry feES 1Ce0v¢[able VAT Tim¢ Direct 6,096 8,015 IJSS 3,702 15,466 3,702 IE,897 12,409 3.S3l 17.166 11,897 20 152.848 182,013 217233 aC¢N of £5(X> has been in¢luded in the accounts forthe year in respect of the indeFendeni ex2tnine¢s fce (2023. £500). 12
Cambrldge MLtsie Festtval Limited 'ote5 to the Accounts for the year eAded 31 Mareb 2024 TAKation Th¢ company is a Tegistered charity and is therefore not liable to income tax or ¢orpoTalion tax on funds reeeived and expended on activities ¢ov¢r¢d by its charitable statu5. Tanglble Flxed Assets Otrice equipment Cost As at 31 M8rch 2023 Additions At 31 March 2024 2.0110 2.0110 Depreciation As at 31 Mareh 2023 Charge for the year Ai 31 ?h 2024 834 400 1234 Net bookv81ue At 31 March 2024 766 Ai 31 March 2023 1.166 Debtors 2024 2023 TTadE debiors VAT Oth¢F d¢btor5 8nd prepayrnents 1,086 2,691 46.232 7,508 33.273 40.781 Crtditors: amounts fg11iDg due within one y¢ar 2024 2023 Trade creditors VAT AccNals &other creditors 12,244 3.271 50.212 31.583 43,827 59,349 Relattd PArty Trgflsactions During the year trustees tnad¢ donatiort5 to the ch8rity totalllns £>.497 {2023: £7,495). No beneflts w¢r¢ TeceLVEd a result of these donations. In addition. sponsorship tot8]ling £IO,QOO12023.. £10.IXIO) excluditlg VATwas reeeived during th¢year frorn l>usin&8ses where a TTU5tee 15 & directorlF4ther. The knefits given in iettjm forthe sponsorship did not differ from those 8iven to non r¢Jai¢d party sponsors. 10 1481 ststlls The charity is a comp2LW limited by 8u2rant¢e and ha5 Do share capit. There arc 8 mernb¢rs who have guarantced to contribute up to £5 each io the 2sseL8 of the company in the eveni of its bein8 wouttd up with 8 net deficit of assets. The guaran*e ietnain5 in force for onc ye8 ftthe r¢si8Hatson of a member.