OXFORD CHAMBER MUSIC FOUNDATION UMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS Year ended 28 February 2021 INDEX Page 1 Legal and administratwe detsils Trustees. Rewrt lr￿epenrJenl Examiner's Report Stalefflent of Financial Activities Balan￿ Sheet Note5 to the Accounts Regislerwj Charity No. 1080114 Registered Company No. 03925390 OXFORD CHAMBER MUSIC FOUNDATION UMrrED LEGAL AND ADMINISTRATIVE DETAILS Trustees and DirectOTS William Pouget. Chaimian Nicky Brown Robert Warner FCA. TwsLtrer Charlty Detalls Name of Ch8171y. Oxford Chamber Music Foundalion RegisleiEd Charity number. 1080114 Date of Chaty reg￿tratiOn.. 30 March 2000 The Charity is a company limiled by guafantee, registered in Englar￿ as company number: 03925390 Dale of incorporation: 14 February 2000 Registèred address.. 30 St Giles Oxford OX13LE Company Secrefaw. Robert Wamer FCA Independent Examiner Lee Baker FCA Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Gdes Oxford OX13LE OXFORD CHAMBER MUSIC FOUNDATION UMITED TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021 Objectives and activities The Company is govemed by its MemLYandum and Artides of A$s￿latiOn. The prIn￿paI object of the Company is stated as lollows in the Memorandum of Association: "The Company is established to promote, maintain. Im[￿Ve, ar￿ advance &Jucation by the encour3gemenl of the arts. in particular but not exdusively music. and to formulale. prepare and estsblish schemes therefor, provided that all objects ol the Company shall be of a chaTttaL4e nature." Actlvltles in the year As a result of the Covid-19 pandemic. there no Festsval held in 2020 and, despite the best efforts of 3Jl the team, it proved impossible lo hold even a delayed Festival. which was inilially planned for December 2020 and then postponed until Aprtl 2021. However, we w8re delighted to be able to hold a Fesb"val once again in October 2021 and this will be reported on next year. OCMF remains immensely grateful to all the Trusts, Foundations, businesses and educalior*al establishments, together v4ith our Patrons, Angels and Frier￿S who continued lo support us financially during this most drffi¢ult period. In particular. we are hugely grateful to Arts Council England for grants totèlling £65.000 received duttng the peri(Kl, which allowed the Charity to conbnue to survive and plan for the future. The Trustees have had regard to the CharÉty Commission's guidan￿ on public benefit in carrying out these objects. Financial Revlew The nel result for the Company's aclNities s￿ved an improved trading posit￿ for the financial year, following the receipt of grants from the Arts Council. which mainly re￿aCed the tncome lost from tsnderstandably low donations, compared lo previous years, and the lack of ticket sales wth no Festival. As a result, total incoming resources for the year inueased sttghtly to £83,495 {2020.. £82,777), while total resources expended dec¥eased 10 £25.30712020-. £82.7241. Net incoming resources, as shown in the Statement of Financial Activrties, therefore lolalled £58.18812020.. £531. The Charity carriès forwar(l a reserves balance at 28 Febnjary 2021 of £67,714 12020: £9,526), all of which is considered to be free reseTves. Financial Risks and Res$￿e5 PolTCy Board meetings were held approximately every two months. The Trustees are aware of the financial risks of the Company, particulady in vtew ol the limited reserve funds, and aC￿rdIng]Y take great care in assessing all risks before deciding to hold a festival. Their policy is lo ty to build the reserves lo a level equwalenl to al least half of the estimated expendtiure required to hold the following year's festival, in order to provide some level of assurance that the successful concert series will be alle lo cont¢nue. Structure, Governance and l+lanagom?r>t The Charty is a company limited bygu8rant8e which is govemed by its Memorandum and Arkndes ofAssocHtion. OXFORD CHAMBER MUSIC FOUNDATION LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 29 FEBRUARY 2020 (continued) Trustees The Charity's goveming body is the Board of Trustees. whose members are trustees under charity law and directors of the Company for the purposes of the Companies Act 2006. The Company's Artides of Association require that, al each Annual General Meeting, all directors who were appointed since the previous Annual Gene¥al Meeting, together wilh one third of all other directors. submit themselves for re-electioTr by the Members. New ￿1￿ClorS are appointed as necessary by the exists.ng board dtjring the year and briefed on the objectives of the charity, and trustees. responsibilib.es and duties in general. The current Trustees are shown on page 1 above and the Trustees who seNed during the year under review a￿1 subsequendy were as follows.. Nicky Brown William Pouget Robert Wamer The Trustees receNed no payment from the Company Ouring the year by way of remuneration. This report has been prepared having taken advantsge of the small ￿mpanIeS exempb.on in the CompanEs Act 2(106. R H Wamer- Trnstee 29 November 2021 INDEPENDENT EXAMINER'S REPORT TO OXFORD CHAMBER MUSIC FOUNDATION UMITED I report to the charity trustees on my examination ofthe accouFts olthe cornpany for the year end8d 29 FebrLE8ry 2020 which are set out on pages 5 to 10. Responsibilities and basis of report As Ihe charity twstees of the company (and also its directors for the pU[F￿)se5 of company lawl you are responsible for the prep8ration of the accounts in accordan￿ with the requirements of the Companies Act 2006 {'the 2006 Act'i. Having satisfied mysew that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are e1￿ible for independent examination, I report in respect of my examination of your company's accounts as carried out urider section 145 of the Charities Act 2011 1.the 2011 ACV). In carrying out my examination I have followed the Direct50ns gNen by the Chartty Commission under seclion 14515)Ibl of the 2011 Act. Independent examinerfs statemènt I have completed my examination. I confimi Ihat no matters have come to my 8ttentior¢ in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the company as required by $￿tion 386 of the 2006 Act: or 2. the accounts do not accord with those records: 3. the accounts do not comply with the 8ccounting requirements of seclson 396 of the 2006 Act other than any requirement that the acwunts give a Irue and fair wew whith is not a matter considered as part of an independent examinatton- or 4. the accounts have not been prepared in accordarkce wth the methods and principles of the Statement of Recommended Practice for a¢counting and reporting by char5ties [8pplicable lo charities PTeparing their accounts in accordan￿ wrth the Finanaal ReportirvJ Standard applicable in the UK and Republic of Ireland (FRS 102)1. I have no con¢ems and have come across no other matters in connection with the examination ID which attention should be drawn in this report in wler to enabie a proper understanding of the accounts to be reached. Signed". Lee 8aker FCA Wenn Townsend Chartered Accounts and Stolutory Auditor Oxford 29 November 2021 OXFORD CHAMBER MUSIC FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTWITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2021 Unrestricted funds 2021 2020 Note Incoming resources Incoming resOur￿S from generated funds: Donations and gifts Friends, subscriptions Income from charitable activitses" 74.480 40,060 19.582 9.01 S Sales of tickets and programmes 23.135 Total in¢oming resources 83A95 82,777 Resources expended ExpendibJre on Ch￿Ilable aCts"V￿"es.. FestNal costs Support costs Governance costs 24.731 216 360 76,651 5,713 360 Total resouices 8xpènded 25.307 82,724 Net incoming resources for the year 58,188 9,526 9,473 Funds brotsght forward Funds c8rried forward 67,714 9,526 None of the COmpan￿S activities was acquwed or discoth.nued during the above )Inan¢ial years. OXFORD CHAMBER MUSIC FOUNDATION UMITED BALANCE SHEET AT 28 FEBRUARY 2021 2021 2020 Note Current assets Cash at bank and in hand 73.074 14,210 245 Debtors 73,074 14,455 (4.929} Creditors.. amounts falling due within one yèar 15,3601 67,714 9,526 Not assets Reserves 67.714 9,526 Unrestri¢ted funds For the year ending 28 February 2021 the Company was enbtted lo exemption from audit under seGtion 477 of the Companies Act 2006 relating to small wmpanies. Directors, reswnsibiliti8s the members have not required the Company to obtain an audit of its al￿nts for the year in questson accordance with section 476. the Directors acknowsedge their responsibilit￿5 for Com￿y1￿g the requiremenls of the Act with respect to accounting records and the preparation of accounts. The financial statements are Prepared in accord8n¢e wlh the provisions of the Companies Act 2006 subject lo the small Companies Tegime and the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and were approved by the Trustees on 29 Novevnber 2021 and signed on their khalf by.. R H Wamer- Trustee Registered number: 03925390 OXFORD CHAMBER MUSIC FOUNDATION UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2021 ACCOUNTING POLICIES The following accounting wlicies have been used consistenlty in dealing with items which 3re considered material in relakn.on to the Companys accounts.. Basis of accounting The financi81518tements have been prepared in accordance with thg Companies Act 2006. the . Charities Act 2011, accouriling and reporbng by charrties: State￿ent of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appluble in the UK and Republic of Ireland IFRS 1021 (effective 1st January 20151 (Charty SORP FRS 102} and the Financial Reporting Standard applicable in the UK and RÈpulAic of Ireland {FRS 102). The company has applied Update Bulletin 1 as published on 2 Febrijary 2016 and does not indtsde a cash flow statement on the grounds that il is applying FRS 102 Section 1A. Oxford Chamber MUS￿ Foundation Limiled meets the definIt￿n of a public benefit entity under FRS 102. b} Incoming resources Donations and grants Income from donations and grants. inducling ￿prtaI grants. is included in incoming resources when these are re￿1vable except as follows.. when donors specrfy Ihat donations and grants given to the Charity must be used in future a¢wunting peri(xJs, the income is defe￿ed ijntil those periods. wher¢ donors impose conditKJns. whith have to be fulfilled before the Charity becomes entitled to use such In￿}Me, the ￿cOMe is deferred and not Includ￿ in incom4ng resources until the pre-cOnd￿"0nS for use have been meL Income from fvends. subscnphons Friertds, subscriplions are recognised on a straigM4ine basis over the life of the subsGription Incorrje from ch8Iylable actiwties In¢0￿e from commercial activtties is included in the periLKI in which the Company is entiued to receipt. which is nom)ally when a performan￿ takes place. ResourGes Resources expervjed are recogniwj when a IBbiltty is incurred by etther a legal or ¢onstructive obligation arising. Charitable actiVIt￿S indude exp*nditure aSS￿lated wilh distributions lo projects, induding an emenl of SUPPK)rt costs. Governan￿ costs include those costs inv(Aved with the governance of the Charity and are primaiity associaled with constiiulj.onal and slalutory requirements. dl Funds AJI funds are unrestrtcted as they relate to the ChaFTty's principal objective. OXFORD CHAMBER MUSIC FOUNDATION UMITED NOTES TO THE ACCIXINTS {continued} FOR THE YEAR ENDED 28 FEBRUARY 2021 Debtors and creditors receivablelpayable within one year Debtors antl creditors wilh no slated interest rale and payable wllhin ￿e year are recorded at transactton price. Any losses arising from impairment are recognised in expen(Siture. Going concern The financial statements have beeri prepared on a going concem basis as the Twstees believe that no material uncertainties exist. The Trustees have conSide￿d the level of funds held and the expected level of income and expenditure for 12 rr¢onlhs from autlKJrisl￿g these ftnancial statements, including a revision of expeclations for the potentsal impact of COVID-19 on the ch81ity. They have conduded that the budgeted income and expÈndibJre is sufficient with the level of reserves held for the charity to be able to ¢4Mb"nue as a goin9 concem. FESTIVAL COSTS 2021 2020 Artists, costs Festival management Publicity and programmes c(￿¢￿rt venLEes. rehearsal faciltbes and pianos 470 20.323 3,063 875 31,120 14.029 12,655 18,847 24,731 76,651 SUPPORT COSTS 2021 2020 General adrr¢intstration 216 5,713 GOVERNANCE COSTS 2021 2020 Independent examinels fee 360 The Trustees received no paymentfrom the Company during the peiiod by way of remuneration. DEBTORS 2021 2020 GTft Aid Tax recoverable OtheT debtors and prepayments 245 245 OXFORD CHAMBER MUSIC FOUNDAT1014 UMETED NOTES TO THE ACCOUNTS IcoTrtinued) FOR THE YEAR ENDED 28 FEBRUARY 2021 CREDITORS. AMOUNTS FALLING DUE HIN ONE YEAR 2021 2020 Other creditors and accftjals 5,360 4,929 5.360 4,929 TRUSTEES. REMUNERATION The Trustees received no remuneration IN reimbuT5ed expenses during the cu¢rent or preceding periods. KEY MANAGEMENT PERSONNEL REMUNERATION The Trustees consider that they comprise the key managemenl personnel of the Charity. As all Trustees give of their time freely, there ts deemed ID be no key management personnel remuneration payable {2020= £nill- RELATED PARTY DISCLOSURES There were no related paty trans8Ctions in the year. 10 LEGAL STATUS OF CHARITY The Chanty is a company limited by guarantee and has no share capi1￿.