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2023-12-31-accounts

Registered number 06463812 Charity number 1127932

CAMBRIDGE EARLY MUSIC (CIO)

UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

CAMBRIDGE EARLY MUSIC (CIO)

CONTENTS

Page
Reference and administrative details 2
Trustees’ report 3
Strategic Report 4
Statement of trustees’ responsibilities 5
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 13

CAMBRIDGE EARLY MUSIC (CIO)

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Term of office Trustees until Dr E A Wickham (Chair) 31st July 2024 Mr J C Bickley 31st Dec 2024 Dr P W Cains 31st Dec 2025 Mr P A Fielder 31st Dec 2024 Dr Alan Howard 31st Dec 2026 Dr G S Monsell 31st Dec 2026 Ms B Laxton 31st Oct 2025 Mr A W Morris 31st Oct 2025 Company registered number 6463812 Charity registered number 1127932 Principal Office 80 Gwydir Street Cambridge CB1 2LL Bankers CAF Bank Ltd Cambridge & Counties Bank (Restricted Funds) 25 Kings Hill Avenue Charnwood Court Kings Hill 5B New Walk West Malling Leicester ME19 4JQ LE1 6TE

Page 2

CAMBRIDGE EARLY MUSIC (CIO)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with financial statements of the Charity for the from 1st January 2023 to 31st December 2023.

Objectives and Activities

Objects and Aims

The Company's objects are:

Public Benefit

The activities undertaken by the Charity to further public benefit are the provision of public participatory courses and public concerts. The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

The Company is a Charitable Incorporated Organisation governed by a Constitution registered on the 31st December 2019 and recognised as a Charity by the Charity Commission for England and Wales in accordance with the provisions of the Charities Act 2011

Trustees and Management

Cambridge Early Music is managed by its Trustees, who form a management board. Trustees are elected by the board for a period of three years, after which time they are eligible for election for a further period of three years. In the event of a vacancy, the board may co-opt a Trustee until the next Annual General Meeting. The maximum number of board members is 12. Day to day administration is undertaken by one part time employee.

Induction and Training of Trustees

The induction process for Trustees includes providing them with copies of the Constitution, the latest Report & Accounts, guidance for Trustees published by the Charity Commission of England and Wales and details of the Company's policies and procedures.

Previous Organisation

On 31st December 2019 the organisation known as Cambridge Early Music (a company limited by Guarantee); a Charity registered with the Charity Commission, No 1127932 ceased to exist. Cambridge Early Music (CIO) took over all its assets and liabilities valued at £81,571 under the registration No 1127932 . All Trustees of the Charity company became Trustees of the CIO.

Financial Instruments

Objectives and Activities

The Charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Credit Risk

The Charity's principal financial risks are bank balances and cash, trade and other receivables and investments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings and/or the total balance with any one counterparty is always below the amount of the Financial Services Compensation Scheme (FSCS). The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

The annual report was approved by the Trustees of the Charity on 10/07/2024 and signed on its behalf by

Dr Edward Wickham - Chair Peter Fielder - Treasurer and Company Secretary

Page 3

CAMBRIDGE EARLY MUSIC (CIO)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees who are directors for the purposes of company law, present their strategic report for the year ended 31st December 2023 in compliance with s414C of the Companies Act 2006

Achievement and Performance

The year saw a pleasing revival in fortunes for the organisation, following the strictures of the COVID years. Central to this has been the resumption of the two Summer Schools; one focussed on Renaissance and the other Baroque repetory. With new teams of coaches led by Clare Wilkinson and Laurence Cummings respectively, the courses demonstrated the continuing popularity of specialist amateur music making across awide age range and geography. It was particularly gratifying to be able to attract talented young musicians, some of them surely destined for professional careers, and to support some of them through our Bursary Fund. The calendar year cuts across our concert season year. The 2021/22 season concluded with one our most successful promotions of recent years; the Irish Baroque Orchestra at Trinity College, Cambridge. For the first time in many years, we were also able to pre-plan the entire 2022/23 season, which opened with a weekend anniversary celebration of the music of Heinrich Schutz. The calendar year was rounded off with another well supported Christmas concert given by Gesualdo Six.

I am grateful, as ever, to our hard working Board of Trustees.This year we said goodbye and thank you to David McKitterick; a board member for many years and we welcomed onto the Board, two new trustees, Andrew Morris and Beck Laxton. Board members play and essential role not only in the oversight of the Charity's activities, but undertaking such tasks as running the CEM Friends Scheme (Gill Monsell), looking after the accounts (Peter Fielder) and managing the concert proramme (John Bickley). My particular thanks go to John Bickley who ably took on the role of Administrator during the maternity leave of our outstanding Beatriz Aranguren. We are grateful to our Patrons, Benefactors and Friends for their continuing financial and moral support and look forward to engaging with them further as we plan our 2023/24 season.

Financial review

The accounts for the year ended 31st December 2023 appear on pages 6 to 12. These show:

Total incoming resources amounted to £139,320 (2022: £115,415) and after deducting total resources expended of £150,156 (2022: £127,022) the net movement in funds was negative in the sum of £10,836 (2022: a deficit of £11,607) with net funds of £60,446 (2022: £71,282).

The Charity recorded an operating deficit in 2023 of £3,718 (2022: £5,022) with unrestricted reserves now amounting to £30,743 (2022: £34,461), from which an amount of interest of £662 was generated.

Policy on Reserves

The company's policy is to maintain an unrestricted reserves balance of at least £20,000 to enable to company to continue to function whilst identifying alternative sources of funding if the need arises. This sum will be reviewed in the event of a significant change in the level of administrative costs generally and any more general changes in the overall economic environment.

Policy on Investments

The board has considered the appropriate policy for investing funds and has decided to retain all funds in short term cash deposits with no more than 3 months notice for withdrawal.

The strategic report was approved by the Trustees of the Charity on 10/07/24 and signed on its behalf by

Dr Edward Wickham Chair

Peter Fielder Treasurer and Company Secretary

Page 4

CAMBRIDGE EARLY MUSIC (CIO)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees (who are also directors of Cambridge Early Music (CIO) for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

· Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees of the Charity on 10/07/2024 and signed on its behalf by:

Dr Edward Wickham - Chair

Page 5

CAMBRIDGE EARLY MUSIC (CIO)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CAMBRIDGE EARLY MUSIC (CIO)

FOR THE YEAR ENDED 31 DECEMBER 2023

I report on the financial statements of the company for the year ended 31 December 2023 which are set out on pages 6 to 12.

Respective responsibilities of Trustees and Examiner

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the Charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in in any material respect the requirements:

• to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met.

Stephen Gardner FCA, MPhil. Dated Address: Dry Drayton, Cambridge CB23 8DA 09/07/2024

Page 6

CAMBRIDGE EARLY MUSIC (CIO)

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOMING RESOURCES
Incoming resources from generated funds:
Voluntary income
2
Activities for generating funds
3
Investment income
4
Incoming resources from charitable activities
5
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Cost of generating funds
Charitable activities
7
Governance costs
8
TOTAL RESOURCES EXPENDED
6
Total Funds at 1 January
TOTAL FUNDS AT 31 DECEMBER
NET MOVEMENT IN FUNDS		 Restricted
funds 2023
Unrestricted
funds 2023
Total funds
2023
£
£
£
-
12,005
12,005
-
83
83
932
662
1,594
-
125,638
125,638
932
138,388
139,320
8,050
140,180
148,230
-
1,926
1,926
8,050
142,106
150,156
(7,118 )
(3,718 )
(10,836 )
36,821
34,461
71,282
29,703
30,743
60,446		 Total funds
2022
£
7,144
-
607
107,664
115,415
125,133
1,889
127,022
(11,607 )
82,889
71,282

All of the charity's activities derive from continuing operations

Page 7

CAMBRIDGE EARLY MUSIC (CIO)

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
CURRENT ASSETS
Debtors
11
Prepayments
Cash at Bank and in hand
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
CHARITY FUNDS
Restricted funds
Unrestricted funds
Total funds
14		 2023
£
£
2,599
383
65,155
68,137
(7,691)
60,446
60,446
60,446
29,703
30,743
60,446		 2023
£
£
2,599
383
65,155
68,137
(7,691)
60,446
60,446
60,446
29,703
30,743
60,446		 £
5,058
-
80,325
85,383
(14,101)		 2022
£
71,282
60,446 71,282
60,446 71,282
29,703
30,743		 36,821
34,461
60,446 71,282

For the financial year ending 31st Dec 2023, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies

Directors Responsibilities

  1. The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476:

and

  1. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements in pages 6 to 12 were approved by the Trustees on 10/07/2024 and signed on their behalf by:

Dr Edward Wickham Chair

Peter Fielder Treasurer and Company Secretary

The notes on the following pages form part of these financial statements.

Page 8

CAMBRIDGE EARLY MUSIC (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of Compliance

The financial statements have been prepared in accordance with Accounting and Reporting for 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 (FRS102) (effective 1st January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Basis of Preparation

Cambridge Early Music (CIO) meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised as historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Exemption from preparing a cash flow statement

The Charity opted to early adopt Bulletin 1 published on 2nd February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and Endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and Legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Investment Income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.

Subscriptions and gift aid

Subscriptions and gift aid are recognised in the year of receipt.

Page 9

CAMBRIDGE EARLY MUSIC (CIO)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

Charitable Activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an indirect nature necessary to support them.

Governance Costs

These include the costs attributable to the Charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The Charity is considered to pass the test set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Cash and equivalents

Cash an cash equivalents comprise cash on hand and call deposits.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the company.

2 INCOME FROM DONATIONS AND LEGACIES

Restricted
funds 2023
£
Donations
-
TRADING ACTIVITIES
Charity trading income
Sale of Merchandise
Net income from trading activities		 Unrestricted
funds 2023
Total funds
2023
£
£
12,005
12,005
Unrestricted
funds 2023
Total funds
2023
£
£
83
83
83
83		 Total funds
2022
£
7,144
Total funds
2022
£
-
-

3 TRADING ACTIVITIES

4 INVESTMENT INCOME

Bank Interest received
INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
Course fees
Concert sales (programmes, tickets, misc.)
Subscriptions
Advertising
Total		 Restricted
funds 2023
Unrestricted
funds 2023
Total funds
2023
£
£
£
932
662
1,594
Unrestricted
funds 2023
Total funds
2023
£
£
89,506
89,506
27,358
27,358
8,774
8,774
-
-
125,638
125,638		 2021
£
607
Total funds
2022
£
77,589
21,404
8,671
-
107,664

5 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Page 10

CAMBRIDGE EARLY MUSIC (CIO)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6
7		 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TY
Direct costs
Governance
DIRECT COSTS
Course direct costs
Professional tuition fees
Course food and accommodation
Advertising and Promotion
Office supplies
Transaction charges
Transport
Instrument hire
Total course direct costs
Concert direct costs
Venue hire - concerts
Professional concert fees
Advertising and Promotion
Equipment and instrument hire/tuning
Refreshments
Travel and Accommodation
Programme printing
Total concert direct costs
Other costs
Travel expenses
Advertising
Printing, postage and reproduction
Insurance
Office supplies
Software expenses Inc. telephone
Professional fees
Salary, Tax, NI
Bank and credit card charges
Subscriptions
Donations
Total other costs
Total costs		 PE
Restricted
funds 2023
£
8,050
-		 Unrestricted
funds 2023
Total funds
2023
£
£

140,180
148,230
1,926
1,926

142,106
150,156
Unrestricted
funds 2023
Total funds
2023
£
£
12,400
12,400

66,161
74,211
646
646
-
-
139
139
870
870
180
180
80,396
88,446
2,709
2,709
24,754
24,754
1,159
1,159
700
700
259
259
9
9
367
367
29,957
29,957
422
422
927
927
36
36
143
143
169
169
1,211
1,211
5,507
5,507
21,886
21,886
82
82
870
870
500
500
31,753
31,753

118,113
125,133		 Total funds
2022
£
125,133
1,889
8,050 127,022
Restricted
funds 2023
£
-
8,050
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2022
£
13,735
55,652
793
1,594
158
651
72,583
3,901
15,787
1,984
732
448
777
-
23,629
211
375
21
137
152
963
12,532
6,519
156
835
-
- 21,901
8,050 125,133

Page 11

CAMBRIDGE EARLY MUSIC (CIO)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

8 GOVERNANCE COSTS

Accountancy fees and regulatory costs

Unrestricted Total funds Total funds funds 2023 2023 2022 £ £ £ 2,773 2,773 1,889

9 NET INCOME / (EXPENDITURE)

During the year, Dr E Wickham received remuneration for a lecture to Summer School students £NIL (2022 - £126) During the year, Mr J Bickley (trustee) received remuneration as cover for maternity leave of £357 (2022 - £10,242) During the year, no Trustees received any benefits in kind (2022 - £NIL)

During the year, Trustees received reimbursement of expenses as follows:

Mr J Bickley £289 (2022 - £120)

One part time member of staff was employed during 2023

Salary
less Maternity Pay due from HMRC
Employers' pension contributions
11
DEBTORS
Amounts falling due within one year
Other debtors
Prepayments
12
CREDITORS
Amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Staff costs included in the financial statements are broken down as:		 2023
£
21,248
(2,599 )
637
19,286
2023
£
2,599
383
2,982
2023
£
264
124
7,303
7,691		 2022
£
11,732
(5,059 )
479
7,512
2022
£
5,059
-
5,059
2022
£
7,974
87
6,040
14,101

Page 12

CAMBRIDGE EARLY MUSIC (CIO)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13
14
15
16		 RESTRICTED INCOME FUNDS
Fund name
Student Bursaries - Memorial Fund
STATEMENT OF FUNDS
Funds
Student Bursaries - Memorial Fund
General Funds
Total Funds
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Current Assets
Creditors due within one year
Total Net Assets
RELATED PARTY TRANSACTIONS		 Purpose and Restrictions
Financial support for course students
Brought
forward
Incoming
resources
Resources
expended
£
£
£
36,821
932
8,050
34,461
138,388
142,106
71,282
139,320
150,156
Restricted
funds 2023
Unrestricted
funds 2023
Total funds
2023
29,703
38,434
68,137
-
(7,691)
(7,691)
29,703
30,850
60,446		 Carried
forward
£
29,703
30,743
60,446
Total funds
2022
85,383
(14,101)
71,282

There were no Related Party Transactions in 2023

Page 13