OXFORD CHAMBER MUSIC FOUNDATION LIMITED (A company IlmÉted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS Year ended 29 February 2024 INDEX Page 1 Legal and administrative details Trustees, Report Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Accounts . Registered Charity No. 1080114 Registered Company No. 03925390 OXFORD CHAMBER MUSIC FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE DETAILS Trustees and Directors Nicola Brown Kalwant Gill Clare Harbord Brian Hardy William Pouget Robert Warner FCA, Treasurer Charlty Detalls Name of Charity.. Oxford Chamber Music Foundation Limited Registered Charity number. 1080114 Date of Charity registration.. 30 March 2000 The Charity is a company limited by guatantee, registered in England as company number: 03925390 Date of in00￿OratIOn'. 14 February 2000 Registered address.. 30 St Giles Oxford OX13LE Company Sacretary. Robert Warner FCA Independent Examiner Lee Baker FCA Wenn Townsend Chartered Accountsnts and Ststutory Auditor 30 St Giles Oxford OX13LE OXFORD CHAMBER MUSIC FOUNDATION LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 Objectives and activities The Company is governed by its Memorandum and Articles of Association. The principal object of the Company is stated as follows in the Memorandum of Association.. 'The Company is established to promote, maintain, improve, and advance education by the encouragement of the arts, in particular but not exclusively music, and to formulate, prepare and establish schemes therefor, provided that all objects of the Company shall be of a charitable nature. Activities in the year It was a delight to be able to return to our usual autumn concert dates following successful fundraising efforts. Audience numbers were slightly lower than expected, but supplemented by the offering of free tickets to Ukrainian nationals (which we started last year and have continued due to popularity), and free tickets to Under 25's as part of the CAVATINA ticket scheme where the Festival receives £10 per free ticket offered. This meant we had a broad range of ages in attendance at all the concerts, thereby achieving our aims to reach as many different groups of people in Oxford as possible. The feedback from audiences was incredibly positive and the response to a new audience management system was very welcomed also. We had the largest team of volunteers that we've ever had, and they were a fantastic asset at audience management and ticketing at all the events. We are so grateful to all our volunteers who gave of their time so generously. It has continued to be a difFicult year in relation to attracting individual donations for our Friends scheme, where donations are generally lower than pre-pandemic. We will continue to re8ch out to individuals in Oxford to garner interest in the scheme, as the Festival really is a highlight of many local residents, annual diaries. The Friends event hosted on the opening night ha¢ a very convivial atmosphere and was a great chance to thank those who have supported us in 2023 to make the Festival possible. We are incredibly grateful for the support of both New College Oxford and Christ Church Cathedral who provided us with rehearsal space before and during the festival days. We are hoping to build more associations with local Oxford organisations as it is wonderful to ￿lebrate the work of other local organisations and reaffirm our connections with the Oxford community, The 2024 Festival was held in October and will be reported on next year. OCMF remains immensely grateful to all the Trusts, Foundations, businesses and educational establishments, together with our Patrons, Angels and Friends who continued to support us financially as we emerge from this most difficult period. The Trustees have had regard to the Charity Commission's guidance on public benefit in carrying out these objects. Financial Review The income generated by the Company's activities is still significantly below that achieved by pre-pandemic Festivals. Although ticket sales were well up on last year, income from Friends and major donors was disappointing. Expenditure budgets continue to be very tightly controlled, accordingly. As a result, total incoming resources for the year decreased to £54,542 (2023: £66,265}, while total resources expended were restricted to £56,079 (2023.. £60,235). Net outgoing resources, as shown in the Statement of Financial Activities, were therefore £1,537 {2023: net incoming resources of £6,030). The Charity carries forward a reseNes balance at 29 February 2024 of £6,630 (2023.. £8,167}, all of which is considered to be free reserves. OXFORD CHAMBER MUSIC FOUNDATION LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 (continued) Since the year*nd, the Charity has been able to raise sufficient further funds in order to launch a festival in 2024. As a result of these ongoing fundraising efforts by the Trustees, and the Charity's very low running costs and careful financial management, the Trustees are satisfied that the Charity will continue to operate as a going concern. Financial Risks and Reserves Policy Board meetings continue to be held approximately every two months. The Trustees are aware of the tlnancial risks of the Company, particularly in view of the limited reserve funds, and accordingly take great care in assessing all risks before deciding to hold a festival. Their policy is to try to build the reserves to a level equivalent to at least half of the estimated expenditure required to hold the following year's festival, in order to provide some level of assurance that the successful concert series will be able to continue. Structur6, Govornance and Management The Charity is a company limited by guarantee which is governed by its Memorandum and Articles of Association. Trustses The Charity's governing 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 Articles of Association require that, at each Annual General Meeting, all directors who were appointed since the previous Annua General Meeting, together with one third of all other directors, submit themselves for re-election by the Members. New directors are appointed as necessary by the existing board during the year and briefed on the objectives of the charity, and trustees, responsibilities and duties in general. The current Trustees are shown on page 1 above and the Trustees who served during the year under review and subsequently were as follows.. Nicola Brown Kalwant Gill Clare Harbord Brian Hardy {appointed 22 February 2024) William Pouget Robert Warner The Trustees received no payment from the Company during the year by way of remuneration. This report has been prepared having taken advantsge of the small companies exemption in the Companies Act 2006. R H Wamer- Trustee 26 November 2024 INDEPENDENT EXAMINER'S REPORT TO OXFORD CHAMBER MUSIC FOUNDATION LIMITED I report to the charity trustees on my examination of the accounts ofthe company for the year ended 29 February 2024 which are set out on pages 5 to 9. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'i. 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 company's accounts 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 Cgmmission under section 145(5}(b) of the 2011 Act. Independent examlner's ststemont I have completed my examination. I confirm that no matters have come to my attention 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 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 other 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 lapplicable 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 connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Lee Baker FCA Wenn Townsend Chartered Accounts and Statutory Auditor Oxford 26 November 2024 OXFORD CHAMBER MUSIC FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024 Unrestrlcted funds 2024 2023 Note Incomlng rosources Incoming resources from generated funds., Donations and gifts Friends, subscriptions Income from charitable activities: 23,063 10.321 31,545 22,443 Sales of tickets and programmes 21,158 12,277 Total incoming resources 54,542 66,265 Resources expended Expenditure on charitable activities.. Festival costs Support costs Governance costs 55,112 307 660 58,633 648 954 Total r880urces expended 66,079 60,235 Net Incomlng resources for the year (1,537) 6,030 Funds brought fO￿ard 8,167 2,137 Funds carried foNard 6,630 8,167 None of the Company's activities was acquired or discontinued during the above financial years. OXFORD CHAMBER MUSIC FOUNDATION LIMITED BALANCE SHEET AT 29 FEBRUARY 2024 2024 2023 Note Current assets Cash at bank and in hand 8,241 ?,210 13,320 4,500 Debtors 10,451 17,820 Creditors: amounts falling due within one year (3,821) (9,653) Net assets 6,630 8,167 Reserves Unre$trlcted fund8 6,630 8,167 For the year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities the members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476., the Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements are prepared in accordance with the provisions of the Companies Act 2006 subject to the small Companies regime and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and were approved by the Trustees on 26 November 2024 and signed on their behalf by.. R H Warnet- stee Registered number: 03925390 OXFORD CHAMBER MUSIC FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company's accounts.. Basis of accounting The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, accounting and reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015) (Charity SORP FRS 102> and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. Oxford Chamber Music Foundation Limited meets the definition of a public benefit entity under FRS 102. b) Incomlng resources Donations and grants Income from donations and grants, including capital grants, is included in incoming resources when these are receivable except as follows.. when donors specify that donations and grants given to the Charity must be used in future accounting periods, the income is deferred until those periods. when donors impose conditions, which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met. Income f￿M friends, subscriptions Friends, subscriptions are recognised on a straight-line basis over the life of the subscription Incomg from charitable activities Income from commercial activities is included in the period in which the Company is entitled to receipt, which is normally when a performan￿ takes place. Resources Resources expended are recognised when a liability is incurred by either a legal or constructive obligation arising. Charitable activities include expenditure associated with distributions to projects, including an element of support costs. Governance costs includè those costs involved with the governancÈ of the Charity and are primarily associated with constitutional and statutory requirements. d) Funds All funds are unrestricted as they relate to the Charity's principal objective. OXFORD CHAMBER MUSIC FOUNDATION LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 29 FEBRUARY 2024 Debtors and creditors receivablelpayable within one year Debtors and creditors with no ststed interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern. FESTIVAL COSTS 2024 2023 Artists, costs Festival management Publicity and programmes Concert venues, rehearsal facilities and pianos 17,714 24,289 4,885 8,224 15,389 28,520 7,226 7,498 56,112 58,633 ' SUPPORT COSTS 2024 2023 General administration 307 648 GOVERNANCE COSTS 2024 2023 Independent examiner's fee 660 954 The Trustees received no payment from the Company during the period by way of remuneration. DEBTORS 2024 2023 Gift Aid Tax recoverable Other debtors and prepayments 2,210 4,500 2,210 4,500 OXFORD CHAMBER MUSIC FOUNDATION LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 29 FEBRUARY 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors and accruals 3,821 9,652 3,821 9,652 TRUSTEES, REMUNERATION The Trustees re￿iVed no remuneration or reimbursed expenses during the curreht or preceding periods, KEY MANAGEMENT PERSONNEL REMUNERATION The Trustees consider that they comprise the key management personnel of the Charity. As all Trustees give of their time freely, there is deemed to be no key management personnel remuneration payable (2023: £nil). RELATED PARTY DISCLOSURES There were no related party transactions in the year. 10 LEGAL STATUS OF CHARITY The Charity is a company limited by guarantee and has no share capital.