2025-03-31-accounts - Cambridge Music Festival Limited

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Company Number: 2852295 Charity Number: 1032421

Cambridge Music Festival Limited (a company limited by guarantee)

Report and Financial Statements

For the year ended 31 March 2025

Cambridge Music Festival Limited Contents

	Page
Company Information	i
Report ofthe Trustees	2-5
Independent Examiner’s Report	6
Statement of Financial Activities	7
Balance Sheet	8
NotestotheFinancialStatements	9-11

Cambridge Music Festival Limited Reference and Administrative Details

Trustees

Nicholas Bewes Adam Greenwood-Byrme Caroline Stenner Simon Crookall (chair) Elizabeth Winter

Festival Director Justin Lee

Registered Office 42 City Road Cambridge CBi 1DP

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 PE274WY

Independent Examiner Gilbert Holbourn FCA FCCA DChA 1, Upper Bridge Street Wye, Kent TN25 SAF

Bankers Barclays Bank Ple 9-11 St Andrew’s Street Cambridge CB2 3AA

Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2025

Review of[the][ year][and][future][plans][continued] Report of the Trustees For the year ended 31 March 2025

The Trustees present their report and accounts for the year ended 31 March 2025.

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 determine from time to time. The benefits 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 2024—2025

Cambridge Music Festival has continued to develop its model of presenting two concert series each season, across the autumn and spring. The focus is on presenting exceptional events: evenings with world-class artists across a wide range of genres, from choral and orchestral music to chamber recitals and musical traditions from around the world, Performances range from intimate concerts to large-scale events with over a hundred performers.

Larger venues and a review of ticket pricing have contributed to another strong year at the box office. These accounts show a surplus of £9,517 (2024: a loss of £1,078) and reserves rising to £55,190. Tumover has grown to £224,118 (2024: £180,935). In addition, CMF remains grateful for the generous support-in-kind provided by King’s College for two major projects conducted by their Director of Music, Daniel Hyde.

While turnover and box office income are healthy, we continue to face challenges in increasing donations from the Supporters’ Circle, and this will be a major focus for the Trustees in the coming year. CMF is especially indebted to a long-term donor whose support has not only helped to sustain the Festival finances but provided the scope to experiment and expand in recent years. Encouragingly, the number of Supporters has grown over the last year, and building on this base remains essential if CMF is to continue presenting inspiring events with the world’s greatest artists.

Behind the scenes there have been changes during the year. The board records its deep gratitude to one of the longest standing trustees, Caroline Stenner, who stepped in as interim chair of the board at very short notice in 2023, She was succeeded in September 2024 by Simon Crookall who brings a wealth of experience of arts management having run professional venues and orchestras in the UK and USA.

The small, part-time administration team, which currently includes the festival director and marketing manager, was joined by a regular events manager to looks after all arrangements from the point events come to contract through to looking after artists backstage on concert days. This has greatly improved the smooth running of the organisation and enabled CMF to take on bespoke and more complex projects. The marketing manager’s role has also expanded to include running the new in-house box office system and dealing promptly with any customer ticket sales enquiries.

Artistic Highlights The 2024/25 season offered many outstanding performances, warmly received by audiences and the press alike. © Mozart Requiem (King’s College Chapel)

“Cambridge Music Festival presented Britten Sinfonia, conductor Daniel Hyde and the Choir of King’s College in Mozart's Requiem. The event was sold out, and hardly surprising given the pedigree ofthe performers with soloists Mary Bevan, Avery Amereau, Andrew Staples and Neal Davies.” — Cambridge Independent

Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2025

Review of the year and future plans continued ® Philip Glass Ensemble (Corn Exchange) “Arriving on stage to a rush of rapturous applause from a full house ... During the interval, members of the audience seemed to be on fire with the way the night was unfolding ... it was a feast! In fact, a feast of Philip Glass like no other! ... Following frantic and ecstatic curtain-calls, members of PGE excitedly rushed to their work-desks to deliver their encore ... thereby truly rounding off Cambridge Music Festival’s brilliant and entertaining programme of the music of Philip Glass.” — Planet Hugill
© Pavel Haas Quartet (West Road Concert Hall) “The Quartet did not disappoint. It was so clear from the first few bars we were listening to something special ... their youthful enthusiasm and superb playing combine in a wordless link with each other. They play from the same spirit and the same passion for perfection. A lovely evening in the presence of brilliant players ... If we are lucky, we shall hear them again soon.” — Cambridge Critique
- Boris Giltburg (West Road Concert Hall) “Boris Giltburg is a sensational force on stage. He held the entire audience in his hands as he gave us Chopin and Rachmaninov packed with passion and precision, His technique is a form of magic ... one man and his piano ... a full-on circus high-wire act, adventurous and daring. Thank you, Boris Giltburg, for the gift ofa renewed Rachmaninov — and Chopin — realised so brilliantly.” — Cambridge Critique “The much-anticipated, multi award-winning Russian-born piano virtuoso, Boris Giltburg, arrived at the Cambridge Music Festival ... welcomed by a packed house. Each of the works was delivered by a pianist wholly in command of the keyboard, whether in the softest melodic tones or passages frightening in their power. Two encores were this wonderful pianist’s gift to the audience for the standing ovation he had so much deserved.” — Cambridge Independent
e Jordi Savail trio (Trinity College chapel)
“This was music that came straight from the heart and, judging by the reception the Trio received, had touched the hearts of the audience too. Inevitably, there was a standing acclamation of many minutes ...” — Cambridge Independent
¢ Benjamin Grosvenor (West Road Concert Hall) “Benjamin Grosvenor’s performance will remain long in the memory of those who witnessed his. You had to be there to believe it.” —- Cambridge Independent

Alongside these headline events, the Festival also featured the Anglo-Danish vocal group Theatre of Voices, folk vocal quartet Windborne, and kora-player Jali Bakary Konteh, extending the exploration of diverse musical traditions from around the world.

A particularly memorable moment for CMF’s Supporters’ Circle was a performance of Schubert’s String Quintet by the Castalian Quartet and cellist David Waterman at a private event hosted by Dame Sally Davies in the Master’s Lodge at Trinity College, Cambridge.

Looking Ahead: 2025/26 Season

The forthcoming year promises another inspiring programme, building on CMF’s reputation for innovation and exceptional quality. Highlights will include Britten Sinfonia performing Sir John Tavener’s The Protecting Veil with cello soloist Guy Johnston and Max Richter’s Recomposed: The Four Seasons with violinist Thomas Gould; major collaborations with King’s College, including Elgar’s The Dream of Gerontius (November) featuring the BBC Concert Orchestra, BBC Singers and the Choir of King’s College which will be broadcast on BBC Radio 3; a mini-series of three Shostakovich string quartet concerts performed by the Danel Quartet that explore the composer’s life and influences; a celebration of Kurt Weill and his contemporaries evoking Weimar Berlin in the 1930s with singer/actress Ute Lemper and an 8-piece band conducted by Robert Ziegler. Returning CMF favourites include recitals by pianists Boris Giltburg and Angela Hewitt, the Takacs Quartet, and the Colin Currie Group (percussion); while Danny Driver has compiled an all-Ligeti piano recital and Kaviraj Singh showcases Hindustani classical traditions in music for santoor and tabla.

Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2025

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 governed by its Articles of Association.

The Directors of the company are also charity Trustees for the purposes of charity law. A Festival Director, not a Director of the company, manages the day-to-day operations. In addition to the Annual General Meeting, the Trustees hold meetings as necessary to discuss programming, sponsorship and financial matters.

Recommendations of new Trustees/Directors are put forward and approved for appointment 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 every three years from the year of appointment.

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 which 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 surplus of £9,150 (2024: £1,078 deficit). The surplus in the general fund as at 31 March 2025 is £54,823 (2024: £45,673).

Reserves Policy

Recognising that the Festival's results are dependent on box office and sponsorship income, neither of which is sufficiently predictable, the Trustees seek to build and maintain reserves of around £45,000 to cover about nine months of running costs.

Cambridge Music Festival Limited Report of the Trustees continued For the year ended 31 March 2025

Trustees

The Trustees who served during the year were as follows:

Nicholas Bewes

Jon Gisby (resigned 6 April 2025) Adam Greenwood-Byrne Caroline Stenner Nicky Webb (resigned 26 February 2025) Simon Crookall (chair) (appointed 9 September 2024) Elizabeth Winter (appointed 20 June 2024)

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 financial 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 suitable 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 charitable 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 information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other[jurisdictions.] This report was approved on VIAN 1 25 on signed on behalf of the Board

S Crookall

Trustee

Cambridge Music Festival Limited Independent Examiner’s Report To the Trustees of Cambridge Music Festival Limited

I report to the Trustees of the Cambridge Music Festival Limited on my examination of the financial statements of the charitable company for the year ended 31 March 2025, which are set out on pages 9 to ll.

Responsibilities and basis of report As the trustees ofthe[charitable][company][(and][also][its][directors][for][ the][purpose][of][ company][law)][you] are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable 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 financial statements as carried out under section 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

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 ¢ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) have not been met: or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached

Cpl bg Lee} (arars Gilbert Holbourn FCA, FCCA, DChA 1 Upper Bridge Street

Wye Kent TN25 SAF

PELL 7ossens 2028

Cambridge Music Festival Limited Statement ofFinancial Activities (incorporating Income & Expenditure Account) for the year ended 31 March 2025

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Total|‘Total| |Funds|Funds|Funds| |Notes|2025|2025|2024| |£|£|£| |Income|3| |Donations|55,686|55,686|54,837| |Trusts &|Foundations|-|-|-| |income from charitable|activities|131,661|131,661|89,116| |Other|trading|activities|36,000|36,000|36,000| |Investment|income|TH|7m|982| |Total income|224,117|224,117|180,935| |Expenditure|4| |Expenditure|on|raising|funds|24,646|24,646|20,834| |Expenditure|on|charitable|activities|181,272|481,272|152,848| |Governance|9,049|9,049|8,331| |Total|expenditure|214,967|214,967|182,013| |Net|income/(expenditure)|9,150|9,150|(1,078)| |Balances|at|1|April 2024|43,673|45,673|46,751| |Balances|at 31|March 2025|$4,823|54,823|45,673| |All|of the|charitable|company’s|activities|derived|from|continuing|operations|in|both years.|

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The charitable company has no recognised gains and losses other than those shown above.

The notes on pages 9 to 11 form part of these financial statements.

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Cambridge Music Festival Limited
Balance Sheet
as at 31 Mareh 2025 -
Notes 2 2025& £ 2024£
766
-
6
Tangible Fixed Assets
Current assets 7 19,058 $0,009
Debtors 80,341 38,725
Cash at bank and in hand 95,369 88,734
Creditors: amounts fallin8 due within oneyenyear 8 penne(44,546)aanananie ——(43,827)
54,323 44,907

$4,823 45,673
ed ee
Net assets
54,823 45,673
Funds
Unrestricted $4,823 45,673
ee a
For the year ended 31 March 2025, the company was entitled to exemption from audit under section477 of the Companies Act 2006, relating to
smail companies.
Members have not required{he company to obtain an audit in accordance with section 476 ofthe Companies Act 2006.
The trustees, as directors, acknowledge their responsibility for:
i. ensuring the company keeps accounting records which comply with section 386 of the Companies Act 2006, and
ii preparing financial statements which give a true and fair view ofthe state of affairs ofthe company 25 at the end ofthe financial year, and of its
profit or loss for the financial year, in accordance with the requirements ofsections 394 and 395 and which otherwise comply with the
requirements ofthe Companies Act relating to financial statements, so far as applicable to the company.
The financial statements havebeen prepared in accordance with the provisions applicable to companies subject to the small companies’ regime as set
outThe in financial Part 15 statementsof the Companies were approved Act 2006.by the board on10/a/ [CG] [srened][ on][ their][ behalf][by]
$ Crookall
Company Number 2852298
The notes on pages 9 to I 4 form part of these financial statements.
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Cambridge Music Festival Limited Notes to the Accounts for the year ended 31 March 2025

1 Accounting policies

Accounting convention

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. These financial statements have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and with the Charities Act 2011,

Income and expenditure

	Income and expenditure items havebeen credited or charged in the Statement ofFinancial Activities on an accruals basis..
	Grants, donations and sponsorship income
	Incomerelatingtofutureaccountingperiods istakentothebalance sheet asdeferredincomeforrecognition inthose futureaccountingperiods.
	Taxreclaimsondonations and gifts
	GiftAid receivable is included in income when there is a valid declaration from the donor. Any GiftAid amount recovered on a donation is
	considered to be part ofthat giftand is treated as an addition to the samefund as the initial donation unless thedonor specified otherwise.
	Restricted funds
	Resources are recorded on a receivable basis and allocated to a Restricted Fund if a limitation on their use is specified by the donors and
	providers. Funds received in the direct operation ofthe Charity are treated as unrestricted finds. Other resources received without external
	restriction may be designatedby the Trustees for particularpurposes as deemed appropriate.
	Governance andsupport costs
	Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public
	accountability ofthe charity and its compliance with regulation and good practice. Support costs include central functions and have been
	allocated to activity cost categorieson a basis consistent with the useofthe resources.
	IrrecoverableVAT ischargedas acost tothe charity.
	Tangible fixed assets
	Tangible fixed assets aremeasured at cost less accumulated depreciationandanyaccumulative impairment losses. Depreciation isprovidedon
	all tangible fixed assets at rates calculated to write offthe cost, less estimated residual value, ofeach asset evenly over its expected useful life,
	as follows:
	Office equipment 20%perannumona straight-linebasis
	Debtors and Creditors
	Debtors and creditors are recognised at their settlement value and are all receivable/payable within one year.
	Financial instruments
	Thecompany onlyhas financial assets and financial liabilities ofakindthat qualify asbasic financial instruments. Basic financial instruments
	are initially recognised at transaction value and subsequently measured at their settlement value.
	Going concern
	TheTrusteeshavemade an assessment, basedon available future information, thattheaccounts should bepreparedonagoingconcern basis.
2	Directors'RemunerationandExpenses

The directors received no remuneration during the year and were not reimbursed for any expenses. The company has no employees.

Cambridge Music Festival Limited

Notes to the Accounts for the year ended 31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2025|2024| |£|£| |3|Income| |Donations| |Donations|including|Gift|Aid|55,686|-|55,686|54,837| |—|55,686|-|55,686|$4,837| |Income from|charitable|activities| |Ticket|Sales|129,591|-|129,591|86,668| |Other|Sales|en131,6612,070|-|131,6612,070|_|89,1162,448| |Investment|income| |Interest received|ee710|.|TH|982| |4|=|Tetal expenses| |Basisof|Expenditure|Charitable|Governance|2025|2024| |allocation|on|raising|Activities| |funds|(Concerts)| |Total|Total| |£|£|£|£|£| |Costs|directly allocated|to| |activities| |Consultants’|fees|Direct|16,875|16,875|3,749|37,500|32,750| |Artists’|fees and expenses|Direct|~|101,220|~|101,220|83,399| |Event Manager|Direct|-|8,454|-|8,454|-| |Fundraising|fees|Direct|1,958|-|-|1,958|-| |PRS costs|Direct|-|6,000|-|6,000|(446)| |Depreciation|Direct|-|400|-|400|400| |Loss on disposal|offixed asset|Direct|-|367|-|367|-| |Advertising|and marketing|costs.|Direct|-|26,951|-|26,951|34,844| |Support|costs|allocated|to| |activities| |Office|costs|Time|5,813|10,979|1,292|18,084|15,466| |Accountancy|fees|Direct|-|-|4,008|4,008|3,702| |Irrecoverable|VAT|Direct|-|16,025|-|10,025|11,897| |24,646|181,272|9,049|214,967|182,013| |oS REESE SESS|| nt|

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;

Cambridge Music Festival Limited Notes to the Accounts for the year ended 31 March 2025

§ Taxation

The company is a registered charity and is therefore not lable to income tax or corporation tax on funds received and expended on activities covered by its charitable status.

. 6 Tangible Fixed Assets

6		Tangible Fixed Assets
				Office
				equipment
				£
		Cost
		As at 31 March2024		2,000
		Additions		-
		Disposal		(2,000)
		At 31 March2025		-
		Depreciation
		As at3t March 2024		1,234
		Charge for the year		400
		On disposal		(1,634)
		At 31 March2025		-
		Netbook value
		At 31 March 2025	_	peepee Tee
		At 31 March2024		166
7	~~	Debtors	2025	2024
			£	£
		Trade debtors	6,000	1,086
		VAT	-	2,691
		Other debtorsand prepayments	13,058	46,232
			a
8		Creditors: amounts failingduewithinoneyear
			2025	2024
			£	z
		Trade creditors	1,563	12,244
		VAT	3,790	-
		Accruals&other creditors	39,193	31,583
			en

9 Related Party Transactions

During the year trustees made donations to the charity totalling £13, 155 (2024: £5,497). No benefits were received as a result of these donations.

In addition, sponsorship totalling £10,000 (2024: £10,000) excluding VAT was received during the year from two businesses where a Trustee is a director/parmer, The benefits given in return for the sponsorship did not differ from those given to non-related party sponsors.

10 Legal status

The charity is a company limited by guarantee and has no share capital. There are 5 members who have guaranteed to contribute up to £5 each to the assets of the company in the event of its being wound up with a net deficit of assets. The guarantee remains in force for one year after the resignation of a member.

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