OXFORD CHAMBER MUSIC FOUNDATION LIMITED (A company limlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS Year ended 28 February 2023 INDEX Page 1 Legal and administratrve de12ils Truslees. Rep Independent Examiner's Report ststement of Financial Activibes Balan￿ Sheet Notes to the Accounts Regtstered Charity No. 1080114 Registered Company No 03925390 OXFORD CHAMBER MUSIC FOUNDATION Um￿ED LEGAL AND ADMiNISTrATIVE DETAILS Twstees and Directors William Pouget, Chairman Nicola Brown Kalwant Gill Clare Hartjord Robert Wamer FCA Treasurer Charity Details Name of Chanty. Oxford Chamber Music Foundatw)n Limited RegiSte￿d Charify number. 1080114 Date of Charity registratiorn. 30 March 2000 . The Charity is a company limited by guarantee, registered rn Engtand as company number. 03925390 Date of incy)ryx)rat￿n. 14 February 20(YJ Registered address.. 30 St Giles Oxford OX1 3LE Company Secretary. ROl￿rt Wamer FCA Independent Examiner Lee Baker FCA Wenn Townsend Chartered Accountants and Statutory ALKlitor 30 St Giles Oxford OX1 3LE OXFORD CHAMBER MUSIC FOUNDATION LSMrrED TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2023 Objectives and activities The Company is governed by its Merywandum and Articles of Associatr"on. The principal object of the Company is stated as follows in the Memornndum of Association.. "The Company is established to WoTr￿te, maintain. improve, and advanct educkn'on by the encouragement of the arts, in particular but not exclusNety music, and to formulate, prepare and establish schernes therefor, provÉded that all obj.ects of the Company shall be of a ehariiable nature.- Activities in the year In I￿ht of the situation in Europe and many of our musical fnends being affected by the deeply distressing personal srtLBtions they were fracing, the de￿S￿￿ was taken to present a special edition feslival in support of Ukrainian musicians and arttsts. Enb"tled 'Slava Ukraini., the picKJramme featured Ukrainian performing artists, composers, wrtters and imagery. In order to adapt to a revised prc%Jramme and also artist lisL il was necessary to change the dates of the festival from our usual autumn dales to D￿Mber. This allowed time to rearrange all detsils including rebooking artist fiights and accommodation, ieleasing trTe revised programmes to our audiences and marketing tt all. As well as attering the arb"sb"c programme and artisl list. we also wanied to fundraise for Ukrainian musiaans based in Oxk)rd. The element of postponing a few months also allowed time to launch a much-needed further fvndraising c3mwgn lo gather more fvnding. based on the fact we were trying to raise not onty to cover our nom￿1 operating costs. but also to raise as much as possible for UkTaiTrian musicians who we w2111ed to support. We offered free tickets to Ukrainian nationals to all Con{￿ts, as well as our usual Under 25's free tickets as part of the CAVAMNA bcket scheme, where the fesbval [￿1Ve$ £10 Fer free bcket offered. Both free I￿ket offerings meant we had a broad range of ages in attendan￿ at all the concerts, and trtus achieved our aims to reach as many drffe￿nt groups of peop￿ in Oxford as possible. So many people attending the concerts. especialty the Ukrainian nationals. said it Yrds a complete joy for them to be able to engage witti and be inspired by fellow Ukrainians at such a d￿c￿ll time. We were so happy to be able to demonstrate this show of solidarity for a cause that part￿ularty our Artith Director felt very strongly atM)Ut. The feedback from audiences was wonderfvl and they all feli touched ITT so many ways, and happy to be able to show support to Ukrainiarss in this way by attending the concerts. It was a tnJe community event and one we were very proud to tt able to make possible. As 3￿RY5, we had the gcKMJ team of volunteers who assisted * the venues. with audien￿ management in particular. and also helped wth distribub.ng marketing flyers and Pfomoting the events around Oxford. whtch is such a vital element in achieving our b'cket sales targets. We are extremely grateful to all our volunteers who gave of their time so generousty. Individual donat￿n$ through our Friends scheme were lower than pre-pandemic, which was disappointing. However, many of our supporters wethmed the specFal Friends event hosted on the opening ftight and tt was a good opwrtunity to thank those who helped us rnake rt all y)ssible. As ever the festival was incredibty grateft]I for Ihe support of All Souls College Chapel who provided us wth our sold out opening night perfom)ance Our caterers were also very accommcKlating wslh their quotes, as they wanted to support the fests.val in light of its obJ"ective of it to SUPFXJrt the Ukrainkan musician communty. We were delighted to feel the support of the whole Oxford communrty and also play our part in making it a richer place. The 2023 Festsval was hetd in October and will be ￿pOrted on next year. OCMF remains immen5ety grateful to all the Trusts. FourMdatk)ns. busiresses and educational establishmenls, logelher wrth our Patrons, Angels and Ftiends who coM"nued to suptK)rt us financially as we emerge from this nw)st d￿cult period. The Trustees have had regard to the Charrty Commission's guidan￿ on public benefit in ca¢rying out these objects. OXFORD CHAMBER MUSIC FOUNDATION LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2023 {continuedl Flnancial Review The netresult for the Company's activities were MO￿ in line wtth pre-pandemic Feslwals. albeit that ticket sales were disapF)ointing. Expenditure budgels were very bghty controlled. As a resulL total incoming resouros for the year increased Signif￿ntty to £66,26512022'. £38,376}, while total resources expended were restricted to £60,23512022' £103.953). Net incoming resources. as shown in the Statement of Financial Ath"vities. we therefore £6,03012022." net outgoing resour￿ of £65,577). The Charity carries forward a reserves balance at 28 February 2023 of £8,16712022: £2,137), all ofwhrch is cOns￿ered to be free reserves. sin￿ the year-end, the Chanty has been able to raise sufficient hjrther funds in order to faunch a festÉval in 2023, al the mole traditional time ol year in (ktober. A5 a result of these ongoing fundraising efforts by the Trustees. and the Charity's very k)w running costs and careful financtal Managen￿n( the Trustees are satisfied that the Charity will trfynb.nue to operate as a going concem. Financial Risks and Reserves Policy Board meetings continue to te held approximately every tsvo rrK)nths. The Trustees are aware of the financial risks of the Company. particulaty in view of the limf(ed reserve fvnds, and accofdingly take great care in assessing all risks before deciding to hokj a festival. Their policy is lo try lo build the ieserves to a level equivalent to at least half of the estimated expenditure requirerj to hold the following year's festival, in order to provide some level of assuran￿ that the successful COn￿rt series will be able to continue. StruC￿re. Governance and Management The Chartty is a company limrted by guarant* which is govemed by rts Memorandum and Art￿eS ofAssociats"on. Tntsteos The Charity's goveming body is the Board of Trustees. whose NEmters are tnjstees under charity law and directors of the Company for the purposes of the Companies Act 20(￿. The Company's Arb'cles of Associab"on require that, at each Annual General Meeting. all direclors who were appoir*led since the previous Annual General Meeting. together with one third of all other directors, submit themselves foi re-election by Ihe Members. New directors are appointed as necessary by the existing board during the year and briefed on the objectives of the chafSty. and trust￿s, responsibilib.es and duties in general. The CUFrent Trustees are shown on page 1 above and the Trustees who served during the year under revEw and subsequently were as follows." Nicola Brown Kalwanl Gill Clare H2rbord (appointed 20 June 2023} Imlliam Pouget Robert Warner The Trustees recewed no payrrent frDm the Company duiing the year by way of remuneration. This report has been prepared having taken thantage of the small u)mpanies exempts.on in the Companies Act 2006. R H Warner- Trustee 29 November 2023 INDEPENDEKf EXAMINER'S REPORT TO OXFORD CHAMBER MUSIC FOUNDATION LIMITED I report to the chgrity tnjslees on my examination ofthe accounts ofthe company for the year ended 28 February 2023 which are set out on pages 5 to 9. Responsibilities and basis of report As the charty trustees of the company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements ofthe Companies Act 2006 I'the 2006 Act'}. Having satssfied. mysew that the accounts of the rx)mpany are not [￿￿][ed to be audiled under Part 16 01 the 2006 Act and are eligible for independent examinats"on, I reFM)rt in respect of my examination of your company's accounts as carried out under section 145 of the Chants"es Act 2011 1.the 2011 A¢f). In carying out my examination I have followed the Direcb"ons given by the Charty Commission under section 145{5llb) of the 2011 Act. Independent examiners statement I have completed my examination. I confinn that no matters have come io my attentK)n in cOnn￿tIon with the examination giving me cause lo believe that in any material respect accounting records were not kept in reskErt of the company as rwjired by section 386 of the 2006 Actr, OT 2. the accounts do not accord wth those re(£srds". or 3. the accounts do not cornpty wrth the ￿Xx)Unting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'twe and fair vt••l w17ich is not a matter consmlered as part of an independent examination" or 4. the accounts have not b￿n prepared in accordan￿ wth the methods and principles of the StateTnent of Recommended Practice for accounting and reporting by charibes lapplicable to charities preparing their accounts in accordance wth Ihe Financial Reporting Standard applicable in the UK and Republic of Irelarmd IFRS 102)1- I have no COn￿rnS and have come across no other matters in connection wilh the exarnination to which attention should be drawn in thts report in order to enable a proper understanding of the accounts to ￿ reached. Suned: Lee Baker FCA Wenn Townsend Chartered Accounts and Ststutory Auditor Oxford 29 November 2023 OXFORD CHAMBER MUSIC FOUNDATION LIMrrED STATEMENT OF FINANCIAL ACTMTIES {INCLUDING INCOME AND EXPEND￿uRE ACCOU1￿) FOR THE YEAR ENDED 28 FEBRUARY 2023 Unrestricted funds 2023 2022 Note Incoming resources Incoming resources from generated funds.. Donations and gifts Friends, subscripts.ons Income from charitable activities.. Sales of tickets and programnEs 31,$45 22,443 11.000 7.031 12.277 20.345 Total incoming resources 66.265 38,376 Resources expended Expendlture on charitable actrvities" Festival costs ' Support costs Governance costs $8,633 102,028 1,565 360 954 Total rgsources exp9nded 60.235 103.953 Net incoming l {outgoing) resources for the year 6.030 {65,577} Funds brought forward 2.137 67,714 Funds catried forward 8,167 2.137 None of the Companls actwth.es bfds acquired or disconlinued during the above financial years. OXFORD CHAMBER MUSIC FOUNDATION LIMtrED BALANCE SHEET AT 28 FEBRUARY 2023 2023 2022 Note c￿￿ent assets Cash at bank and in hand 13,320 4.500 5,188 5,000 Debtors 17.820 10,188 CTeditOTS: amounts falling due within one year 19,653) 18.0511 8.167 2,137 Net assets ReseTV¢S 8.167 2,137 Unrestricted funds For the year ending 28 February 2023 the Company was entitled to exempb.on trom audit under section 477 of the Companies Act 2006 relating to small compantes. Directors. reswnsibilities the member5 have not required the Company to obtain an audit of its accounts for the year in question in accordan￿ wilh see￿n 476. the Directors acknowledge Iheif resportsibilities for ￿MP￿{n9 wrth the reqLtIre￿￿rts of the Act with respect to accounting records and the preparation of ￿coUnts. The financial statements are prepared in allordan￿ wrth the provisions of the Companies Act 2006 subject to the small Companies Tegime and the Financ￿1 ReKM)rting Stsndard app6icable in the UK and Republic of Ireland {FRS 1021 and were approved ty the Trustees on 29 November 2023 and swJned on their behaff by.. R H Warner- Tmste¢ . Registered number. 03925390 OXFORD CHAMBER MUSIC FOUNDATION UMrrED NOTES TO ThE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2023 ACCOUNTING POLICIES The following accounting p)licies have used (*)nststentty in dealing with items which are cOns￿ered material in relab.on to the Company's accounts". Basis of accountin9 The financial statements have been prepared in accordance wrth the Companies Act 2006, the Chanbes Act 2011, accountsng and reporting by charrttes". Statement of Recommended Practice appltcable to charf(ies preparing their accounts in accordan￿ with the Financial Repottng Standard appliCat￿e in the UK and Republic of Ireland {FRS 102) leffecbve 1st January 20151 (Charity SORP FRS 102} and the Financial Reporting Standard applrcable in the UK and Republic of Ire￿nd IFRS 102). The company has applied Update Bulletin 1 a% published on 2 February 2016 and does not indude a cash flow statement on the grounds that li is applying FRS 102 Section 1 Oxford Chamber Music Foundatv)n Limited meets the definition of a public benefit entity under FRS 102. bl Incoming resources Donations and Income from donations and grants, indudirvJ caprtal grants. is included in incoming resources when these are recewable ex￿pt a5 follows." when donors specfy that donatK)ns and grants given to the Charity must be used in fu￿re accounting rEriods, the inc(Jme is defetred until those pemds. when donor5 impose IxinditM)ns, which have to be fvlfilled before the Charity becomes entided to use such income, the income is deferred and not included in incoming resour￿ until the pr￿and[￿OnS for use have been ￿Et. Income from friends. subscnptions Friends, subsetiptKmS are recognised on a stra￿ht4I￿e basis over thè life of the subscrtption Income from chaiitable actiwties Income from comwcial activrties is induded in the peti(xl in which the Company is entit￿1 to receipt, which is noTmalty when a performance takes place. Resources Resources expended are recognised when a liability is incurred by either a legal or consttuctive obligation arising. Charitable &tivilies indude expenditure assooated distribubon5 to projects, induding an element of SUPF¥)rt costs. Govemance costs include those costs inVo￿ed with the govemance of the Charity and are primanty assocAted wrth cL)nshtuts)nal and statutory requirements. d} Funds All funds are un￿StrIcted as they relate to the Chanty's princtpal objeth"ve. OXFORD CHAMBER MUSIC FOUNDATION LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 28 FEBRUARY 2023 Debtors and creditOf5 receivablelpayable within one year Debtors and credrtors with no stated interest rate and payable wrthin one year are recorded at transath.on p￿. Any k)sses afising from irnpaimient are rwnised in exFend1tu￿. Going concem The financial state￿Ents have been prepared on a going COn￿M basi5 as the TTUStees believe that no rnaterial ￿n￿rtaInlieS exist. The Trustees have considered the level of fijnds held and the expected level of income and expenditu￿ for 12 rrN)nlhs from authorising these financial statements, including a revision of expectstions for the potential impact of COViD-19 on the chartty. They have concluded that the budgeted income and expendtture is sufficient with the level of reserves held for the chanty to be able to continue as a going concern. FESTIVAL COSTS 2023 2022 Arb'sts, costs Festival management public￿ and programmes Concert venues. rehearsal faciliiies and pHnos 15.389 28.520 7,226 7.498 50,787 25,964 10.600 14,657 58.633 102,028 SUPPORT COSTS 2023 2022 General administraton 1.565 GOVERNANCE COSTS 2023 2022 Independent examinefs fee 954 360 The TTuslees recewed no payment from the Company during the period by way of remuneration. DEBTORS 2023 2022 Grft Aid Tax recoverable other debtors and prepayrnents 4500 5.000 4.51)0 5,000 OXFORD CHAMBER f41USIC FOUNDATION LIWiITED NOTES TO THE ACCOUNTS {continuedl FOR THE YEAR ENDED 28 FEBRUARY 2023 CREDITORS: AMOUNTS FALLING DUE ¥￿IN ONE YEAR 2023 2022 Other credttors and accruals 9,652 8,051 9,652 8,051 TRUSTEES. REMUNERATION The Trustees received no remuneration or reimbursed expenses during the current or preceding periods. KEY MANAGEMENT PERSONNEL REMUNERATION The Trustees consider that they comprise the key management personnel ofthe Charty. As all Trustees give of their freety, there is deemed to be no key management personnel remuneration payable 12022.. £nill. RELATED PARTh DISCLOSURES There were no related party transactions in the year. 10 LEGAL STATUS OF CHARITY The Chanty is a company fimited by guarantee and has no share capÈtal.