OXFORD CHAMBER MUSIC FOUNDATION LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS Year ended 28 February 2022 INDEX Page 1 arKI aJmiDistrative details Trustees. Ret Independent Examinerfs Rerx Statement of Financiat Activibes Balan Sheet Notes to the Accounts Registered Charrty No. 1080114 Registered Company No. 03925390
OXFORD CHAMBER MUSIC FOUNDATION UMrrED LEGAL AND AOMINISTrATIVE DAlLs TNstees and Dlreclors William Pouget. Chaiman Nicky Brown Kalwant Gill Robert Wamer FCA, Treasurer Chattty Details Name of Chaty. 0x[d Chamber Music Foundation Limited RegiSled Charity number. 1080114 Date of Charity Tegistralion: 30 March 20(KI The Charity is a company limited by guarantee. rwJistered in Ervjand as company number.. 03925390 Date of Inc0ration. 14 February 20(KJ Registered address: 30 Sl Giles Oxford OX13LE Company Secretary. ROlrt Wamer FCA Independent Exanvner Lee Baker FCA Wenn TownsetKI Chartered Accountsnts and Slatutory Auditor 30 St Giies Oxford OX13LE
OXFORD CHAMBER MUSIC FOUNDATION UMtrED TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022 Objectivès and adivities The C(Mnp8ny is govemed by its MemoTandurn and Arli(les of As$(latt0n. The principal objed of the Company is stated a5 folk)ws in the Memorandum of Asgxiation.. "The Company is estsblished to pr(xnole. maintain. improve. and advance edUcaln by the encouragement of the arts, in pathcular but not exdusively music, and to fomulate, prepare and eslablish schemes therefor, provided that all objecls of the Company shall be of a charttable nature." Activltles in the year Following the 'falkAY' year of 2020. wrth the Covid-19 pandemic wevenling any concerts, we were delighted to be able to hold a Fesbval again in 2021, albeit wtth SignifnI restriclions on audience numbers, which caused 8 substantial lall in our income levd and gave us new ¢jIlengeS accordingty. All the events were presented extremely safely and comments from audbence members confitmed that they fett very safe and that all precauts.ons had been tsken with great care. This was a testament to our team who managed the events. induding volunteers were inued&Ay gerwous wilh theif time. The 2021 Festival ran from 28 September to 4 October and the Festival theme was'Transcendence'. Composers ranged from Beethoven to Part and the final concert was a Schools, (y)ncert in collaboration wth D'overbroeck's School, which I[uded a p&fomiance ofthe Nwnniro pie( of the OCMF ComtM)siiion Competition 2021. Since we are an annual Festiva]. not beiThJ able to perform" it in 2020 due to lockdowns and Ihe pandemic meant we experien a slight wane in inlerest from our usual supporters. However. subsequent feedback demonstraled the interest and desi for us to present these concerts. and how much Ihe audience had missed our presence in Oxford. Some audience fflemrs saKJ these were the rrK)St memordbSe perfoTmances the 20-year history of the Festsvd. Presenting Ihe event during the pandemic meant we lo tske on mote staff than usual to handle all the extra Wofk, so our costs were higher than usual. They induded a buffef in case some key staff members fell ill just before or during the Festival, so there were team tnembers on hand who were already briefed on the project who could easily step in to fill the ro without any issues occurring. AU staff and fftusicians were tested. for Covvj every day and there Vre no cases amongst the team during the rehearsal and Festival period. This was a very satisfying oulcome for us. and a testament to the planning Ihat had to go in to ensuring averyone's safety. The 2022 Festival is being held in Drnber and will te repcrted on next year. OCMF remains immensety grateful to all the Trusts. Fwndations. businesses and educational establishments. together with Our Patrons, Angels and Friends who ntinUed to suptth us financially during this mosl difficu5t peri(Ki. The TTUStees have had regatd to the Charity C(MnmissK)n's guiyance on publ benefft w c8trying out these objects. Flnancial Revlew The net result for the Company's actNrbes showed that the much-needed reserves built up fr¢yn the previous yearwere Tnore than absortd, vrith licket Sa and all othersources ofincome seriousty reduced by the ongoing effects of the pandemic and aS$ted reStrtIonS on audn numbers. As a result, total in¢oming resouices for the year decreased signiFrAnlly to £38.376 {2021: £83.495), while totsl resour$ expended increased to
OXFORD CHAMBER MUSIC FOUNDATION UED TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022 {¢ontinued) £103.953 (2021.. £25.307). Net outgoing resfyJfc&5. as slN)wn in Ihe Statement of Financial Actrvibgs. were therefore £65,577 {2021.' net incoming resrceS of£58.188). The Charity carries fOard a reserves balance at 28 February 2022 of £2.137 (2021: £67.714). all of whKh is consKlered to be free ieserves. Since the year-end. the Charity has been able to raise fijrther fvnds tn order to boost the reserves suffiuentFy to launch a festival in 2022, albeit slighuy later than tjsual in Decernr. As a result of Ihese ongoing fundraising efforts by the Trustees. and the ChaFÉty's very low running costs and careful financial management. the Trustees are satisfied that the Charity will (x)ntinue to operate as a going concem. Financial Risks and Reserves Policy Board meetings continue to be hekl approximately every months. The TrUStS are aware of the financ1 risks of the Company. paruwlarfy in view of the limited reSee fvnds, and acix)rdingly take great care in assessing all risks before deciding to hokl a festsval. Their [IcY is to ty to build the reserves to a level equivalent to at least half of the estimated experKltture required to hold the fouowing year's feslival. in (Kder trj provide some level of assuran that the SUCssl COTrt series will be able to conb"nue. StructuTr. Govemance and Management The Charity rs a cornpany limtted by guarantee whth is ty tts MernorarKlum and Ajlicles of Association. Trustees The CharFty's goveming brxly is the Board of Trustee5. vA)ose member5 are twstees urmjer charity law aFHJ directors of the Company for the purposes of the Companies Art 2006. The Company's Atb"des of Association require that. at each Annual General Meeting. all directors who were appointed since the previous Annual General MeelirKJ. together with one third of all other directors. submil theSelVeS for re-election by the Members. New directors are appointed as necessary by the exisling board during the year and briefed on the objecbves of the charity. and trustees. responsibilittes and dUtS in general. The current TruStS are shown on page 1 atM)ve and the Truslees wkK¢ setved duting the year u18[ review and subwuenty were as follows: Ni(*y Brown Kalwant Gill (appointed 25 November 20221 Wttliam Pouget Robert Wamer The TteeS recei1 payment from the Company thting the year by way of iemuneration. This report has been prepared hawng taken advantage of the small o)mpanies exemption the Companies Act 2006. R H Warner- Trustee 30 NovembeF 2022
INDEPENDENT EXAMINER'S REPORT TO OXFORD CHAMBER MUSIC FOUNDATION UED I report lo the ChaTY twstees on my examinalbon olthe accounts of company for the year ended 28 February 2022 which are sel out on pages 5 to 10. Responsibilities and basis of rEPOrt As the charity trustees of the C7panY (and atso its diwtQTS for the purposes of company taw) you are resFKJnsible for the preparation of the actxiunts in accofdance with the requirements of the Companies Act 2006 I'the 2006 ACY). Having Satisfied that the accounts (rf the company are not required to be audited under Part 16 of the 2006 Act and are digible for independent examinat"on, I report in respect of my examination of your company's accounts as trarried out under tion 145 of the Chartties Act 2011 I'lhe 2011 Acfl. carry9 Out tny examination I have followed the Directions given by the CharTty Commission under section 14515llb) of the 2011 Act. Independent examine¢s s£itement I have comFAeted my examination. I confirm thal no matters have come to my attention in cMne¢tion wilh the examination giving me cause to believe Ihat in any material reSt accounting records were kept in reSpt of the company as required by sectK)n 386 of the 2006 ACL or 2. the accounts do rt accord with tfN)se re¢ds. or 3. the accounts do 0)M wih the accountiro requirements of section 396 of the 20C Act other Ihan any requirement that the accounts gNe a and fair view whith is not a matter considered as part of an independent examination. or 4. the accounts have rK)t been prepared in accordan Trmih the melhods and princÈples of the Statement of Recommended practi for ae(x)unling and reporting by charitie5 [applICab to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concems and have come across M other matters in conneclion wilh the examination to which attention should be drawn in ths report in orderto enable a prokEr understanding of the a(xx)unts to be reached. Signed: Lee Baker FCA Wenn Townsend Chartered Accounts and Stalut(ry AdItOr Oxford 30 November 2022
OXFORD CHAMBER MUSIC FOUNDATION UMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 28 FEBRUARY 2022 Unrestricted funds 2022 2021 Note Incoming resources InmIng resour from gewlerated fvnds: Donations and gifts Frtends. subscripbons Income from charttable activities: 11.000 74,480 7.031 9.015 SaEes of tickets and programmes 20.34S Total incoming resources 38,376 83,495 Resources expended Expendrture on charitable activitses. Festival costs Support costs Govefftance costs 102.028 1,565 360 24.731 216 360 Tolal resources expended 103.953 25.307 Net {outgoingl l incoming resources for the year {65.577) 58,188 Funds brought fofward 67.714 9.526 Funds carried forward 2.137 67.714 None of the COMEny'S activitres was wuired or dis(JJntinued dufuw the above finanryal years.
OXFORD CHAMBER MUSIC FOUNDATION UMrrED BALANCE SHE AT 28 FEBRUARY 2022 2022 2021 Note Current assets Cash at bank and in hand 5.188 s.000 73.074 Debtots 10,188 73.074 Creditors: amounts falling due within one year {8.051) (5,360) 2.137 67.714 Net assets Reserves 2.137 67.714 Unrgstricted funds For the year ending 28 Febrtry 2022 the C(xnpany was entiued to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilities the members have Th)t requiwj Ihe Company to )taIn an audit of its accounts for the year in question in accor(lance with section 476.. the Dire(kn ackvEedge t1r restx)r¢sÈbililies (xjmplying wth Ihe requirements ofthe Art with reSt to accA)unting records arKI the preparation of accounts. The finala1 statements are pparj in aaxKdan wtlh FvisK5 of the CompanTes Aca 2006 subject to the small Companies regime and the Financtal RepKFrtiro Standard applicable in the UK and Republic of Ireland IFRS 102) and were approved by the Trustees on 30 knember 2022 and slgned on their behalf by: R H Warner- Trustee 30 November 2022 Registered number: 03925390
OXFORD CHAMBER MUSIC FOUNDATION UmED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2022 ACCOUNTING POLICIES The following accounting Fh)licies have been used C(SistenY in dealing with items which are ODsideted materiai in reiation to the Company's acwjnts. Basis of accounting The financial statements have been prepared in accordance wilh the Compantes Act 2006. the Charities Act 2011. accounting and rew)rbn9 by tharities: Statement of Recornmendeij Practice applicatrAe to thafittes preparing their accounts in acci)rdance with the Financial Reporting Standard applicable in the UK ar Republic of Ireland (FRS 102) (effective 1st January 20151 (Chartty SORP FRS 102) and the Finan¢Èal Reporting Standard appli(3bie in the UK and Republic of Iietand (FRS 102). The o)mpany has applied UFJate Bulletin 1 as published on 2 Febryry 2016 and does not indude a cash flow statement on the grounds that it is apptying FRS 102 Section 1A. Oxfi)rd ChaFnLw Music FouThlation Limtte(I meets the definitxy) UF a public benefit entity under FRS 102. b) Incoming resources Donations and grants Incorne from d<)nabons and grants. irKluding capital grants, indUdl in incoming resources when these are recrvable except as tollows: when donors speufy that donations and grants gwen to th8 Charrty must be used in fijture acc11[j pericKls. the itxome is deferred until th¢)se pericKIs. when donors impose c(xMJttions. whith have to be fulfilled belore Charity becomes enttued to use such income. the income is deferred and fKrt included in incoming resources unlil the pre-condttions for use have bn meL Income fron7 fnends, subscAFplions Friends, subscriptions are recognised on a straigM44 basis over the lrfe of Ihe subscription Income fmm charrfable activths Income from COMM[al activrties is included in the perr(yJ in whith the Company ts entiti to receipt. which is normalty when a rforman tak&5 pl. Resources Resources expended are rwnised when a liabli ty ts incurred by either a legal or con5tructrve obligatron arising. Chatrtable activities indude expendifure a%wiaied I1h distributions to projects, including an element of support (y)sts. Govemance sts ifKaude those costs invofved with the governan of the Charity and are dl Funds All funds are unrestricled as they rdale to the Chanty's obj&tive.
OXFORD CHAMBER MUSIC FOUNDATION LIMrrED NOTES TO THE ACCOUNTS l¢ontinued} FOR THE YEAR ENDED 28 FEBRUARY 2022 Debtors and credltOTS r8cei¥atWpayable within one year Deblors and creditors with no 5tsted interest rate and payable within one year are recorded at trdnsactKJn pri. ktsses arising from impawment are rec(nISed in expenditure. Going concern The financÈal statements have been prepare(l a going o)ncem basis as the Trustees believe that no material uncertainties exist. The Trustees have conside1 the level of fvnds held and the expected levd of income and expendrture for 12 months from authorising these financial statements, induding a revist(m of exrectations for the FK)teniial IMpt of COVID-19 on ts7e charity. They have concluded that the budgeled incoTne arKI expenditure is sufficient with the level of reserves held f(K the charity lo be able to continue as a going concem. FESTIVAL COSTS 2022 2021 Artists, costs Festival management Publicity and programmes Concert venues, rehearsal facilrtses and Pkanos 50,787 25,984 10,600 14,657 470 20,323 3,063 875 102,028 24.731 SUPPORT COSTS 2022 2021 Ger7eral administratic 1,$65 216 GOVERNANCE COSTS 2022 2021 Independenl examinels fee 360 360 The TnJstees T&¥ved no Pat C(Mnp8ny during the 1cj by way of remunerdtion. DEBTORS 2022 2021 GTft Tax recoverable Other debtors and prepayments 5.000
OXFORD CHAMBER MUSIC FOUNDATK)N UMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 28 FEBRUARY 2022 CREDITORS: AMOUNTS FALLING DUE WtrHIN ONE YEAR 2022 2021 other creditors and accnjals 8,051 5,360 8,051 5.360 TRUSTEES, REMUNERATION The Trustees received no MuneratiOn or reimlyjtsed expenses during Ihe rrent or preceding periods. KEY MANAGEMENT PERSONNEL REMUNERATION The Trustees constder that c(Knprise the key management personnel of the ChaTity. As all Ttustees give of their time freety. there is deemed to be no key management personnel remuneration payable {2021'. £nill- RELATED PARTY DISCLOSURES There were no retated party transadmms in the y. 10 LEGAL STATUS OF CHARITY The Charity is a company lin¥ted by gUartee and has no share capital.