Registered number 06463812 Charity number 1127932
CAMBRIDGE EARLY MUSIC (CIO)
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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 2024
| Term of office | |
|---|---|
| Trustees | until |
| Dr E A Wickham (Chair) | 31st July 2027 |
| Mr J C Bickley | 31st Dec 2027 |
| Dr P W Cains | 31st Dec 2025 |
| Mr P A Fielder | 31st Dec 2025 |
| 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 2024
The Trustees present their annual report together with financial statements of the Charity for the from 1st January 2024 to 31st December 2024.
Objectives and Activities
Objects and Aims
The Company's objects are:
-
to advance the education of the public in the appreciation and practice of music (predominantly music composed before 1800) and historically-informed performance, by the provision, primarily in Cambridge, of public participatory courses and public concerts, and by such other charitable activities as the Trustees shall from time to time approve.
-
to assist deserving individuals to attend courses run by the Charity by raising money to provide scholarships contributing to their course fees.
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 17th September 2025 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 2024
The Trustees who are directors for the purposes of company law, present their strategic report for the year ended 31st December 2024 in compliance with s414C of the Companies Act 2006
Achievement and Performance
2024 proved to be one of the most successful in the recent history of Cambridge Early Music. Our larger scale concerts (including Monteverdi's Vespers with Solomon's Knot and Schutz's Christmas Story with Arcangelo) received significant support, both from generous donors and strong box office sales, while both of our Summer Schools sold out. These successes have allowed CEM to continue its support for young musicians and ensembles; most notably, through the Summer School Bursary Scheme to which, for the first time in many years, we were able to add £7000 from our unrestricted reserves to support deserving students in future years.
CEM remains committed to a programming repertoire which would not ordinarily be heard in Cambridge, and in 2024 we were able to support concerts by the French ensemble Apotropaik (winners of the CEM prize at the York Early Music Festival) and, closer to home, The Cambridge Early Music Consort, comprising students from the University. CEM thus continues to pursue its ambition of promoting education and the pursuit of artistic excellence in all aspects of early music. As ever, I am grateful to our hard working Board of Trustees. My thanks are also due our Patrons, Benefactors and Friends for their continued financial support and their encouragement in bringing our next season's plans to fruition.
Financial review
The accounts for the year ended 31st December 2024 appear on pages 6 to 12. These show:
Total incoming resources amounted to £177,161 (2023: £139,320) and after deducting total resources expended of £161,856 (2023: £150,156) the net movement in funds was positive in the sum of £15,305 (2023: a deficit of £10,836) with net funds of £75,751 (2023: £60,446). The Charity recorded an operating surplus in 2024 of £6,855 (2023: deficit £3,718) with unrestricted reserves now amounting to £37,598 (2023: £30,743), from which an amount of interest of £1,451 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 17th September 2025 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 2024
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:
· Select suitable accounting policies and then apply them consistently;
· Observe the methods and principles in the Charities SORP;
· Make judgments and estimates that are reasonable and prudent;
· State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
· 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 17th September 2025 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 2024
I report on the financial statements of the company for the year ended 31 December 2024 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:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
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 keep accounting records in accordance with section 386 of the Companies Act 2006; and
• 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 18th August 2025
Page 6
CAMBRIDGE EARLY MUSIC (CIO)
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024
| 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 All of the charity's activities derive from continuing operations NET MOVEMENT IN FUNDS |
Restricted funds 2024 £ - - 1,450 7,000 |
Unrestricted funds 2024 Total funds 2024 £ £ 29,396 29,396 11 11 1,446 2,896 137,858 144,858 168,711 177,161 161,856 161,856 - - 161,856 161,856 6,855 15,305 30,743 60,446 37,598 75,751 |
Total funds 2023 £ 12,005 83 1,594 125,638 |
|---|---|---|---|
| 8,450 | 139,320 | ||
| - - - 8,450 29,703 |
148,230 1,926 |
||
| 150,156 | |||
| (10,836 ) 71,282 |
|||
| 38,153 | 60,446 | ||
Page 7
CAMBRIDGE EARLY MUSIC (CIO)
BALANCE SHEET AS AT 31 DECEMBER 2024
| 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 |
£ - 977 85,024 |
2024 £ £ 2,599 383 65,155 68,137 (7,691) 75,751 75,751 75,751 38,153 37,598 75,751 |
2023 £ 60,446 |
|---|---|---|---|
| 86,001 (10,250) |
|||
| 60,446 | |||
| 60,446 | |||
| 29,703 30,743 |
|||
| 60,446 |
For the financial year ending 31st Dec 2024, the charity 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 Charity to obtain an audit of its accounts for the year in question in accordance with section 476: and 2. 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 17th September 2025 and signed on their behalf by:
Dr Edward Wickham Peter Fielder Chair 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 2024
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 2024
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
| Donations 3 TRADING ACTIVITIES Charity trading income Sale of Merchandise Net income from trading activities 4 INVESTMENT INCOME Bank Interest received 5 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Course fees Concert sales (programmes, tickets, misc.) Subscriptions Advertising Total |
Restricted funds 2024 £ - Restricted funds 2024 £ 1,449 |
Unrestricted funds 2024 Total funds 2024 £ £ 19,003 19,003 Unrestricted funds 2024 Total funds 2024 £ £ 11 11 11 11 Unrestricted funds 2024 Total funds 2024 £ £ 1,451 2,895 Unrestricted funds 2024 Total funds 2024 £ £ 91,461 98,461 45,500 45,500 11,285 11,285 - - 155,246 155,246 |
Total funds 2023 £ 12,005 |
|---|---|---|---|
| Total funds 2023 £ 83 |
|||
| 83 2023 £ 1,594 |
|||
| Restricted funds 2024 7000 - - - |
Total funds 2023 £ 89,506 27,358 8,774 - |
||
| 7000 | 125,638 |
Page 10
CAMBRIDGE EARLY MUSIC (CIO)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| 7 | 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 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 Refreshments Total other costs Total costs |
Restricted funds 2024 £ - - - Restricted funds 2024 £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Unrestricted funds 2024 Total funds 2024 £ £ 160,536 160,536 1,320 1,320 161,856 161,856 Unrestricted funds 2024 Total funds 2024 £ £ 12,318 12,318 66,057 66,057 204 204 12 12 158 158 1,394 1,394 391 391 80,534 80,534 3,156 3,156 44,389 44,389 441 441 530 530 962 962 190 190 917 917 50,585 50,585 696 696 522 522 190 190 153 153 102 102 1,554 1,554 2,962 2,962 21,956 21,956 60 60 987 987 - - 235 235 29,417 29,417 160,536 160,536 |
Total funds 2023 £ 148,230 1,926 |
|---|---|---|---|---|
| 150,156 | ||||
| Total funds 2023 £ 12,400 74,211 646 - 139 870 180 |
||||
| 88,446 2,709 24,754 1,159 700 259 9 367 |
||||
| 29,957 422 927 36 143 169 1,211 5,507 21,886 82 870 500 - |
||||
| - | 31,753 | |||
| - | ||||
| 125,133 |
Page 11
CAMBRIDGE EARLY MUSIC (CIO)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 8 GOVERNANCE COSTS Unrestricted funds 2024 £ Accountancy fees and regulatory costs 1,320 9 NET INCOME / (EXPENDITURE) During the year, no Trustees received any benefits in kind During the year, Trustees received reimbursement of expenses as follows: Mr J Bickley £345 (2023 - £289) 10 STAFF COSTS 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 One part time member of staff was employed during 2024 Staff costs included in the financial statements are broken down as: |
Total funds 2024 £ 1,320 2024 £ 21,316 - 639 21,995 2024 £ - 977 977 2024 £ 1,845 (110 ) 8,515 10,250 |
Total funds 2023 £ 2,773 2023 £ 21,248 (2,599 ) 637 |
|---|---|---|
| 19,286 | ||
| 2023 £ 2,599 383 |
||
| 2,982 | ||
| 2023 £ 264 124 7,303 |
||
| 7,691 |
Page 12
CAMBRIDGE EARLY MUSIC (CIO)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13 RESTRICTED INCOME FUNDS
Fund name
Student Bursaries - Memorial Fund
Purpose and Restrictions
Financial support for course students
14 STATEMENT OF FUNDS
| 14 STATEMENT OF FUNDS |
||
|---|---|---|
| Funds Student Bursaries - Memorial Fund General Funds Total Funds 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Current Assets Creditors due within one year Total Net Assets |
Brought forward Incoming resources Resources expended £ £ £ 29,703 8,450 - 30,743 168,711 161,856 60,446 177,161 161,856 Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 38,153 47,848 86,001 - (10,250) (10,250) 38,153 37,598 75,751 |
Carried forward £ 38,153 37,598 |
| 75,751 | ||
| Total funds 2023 68,137 (7,691) |
||
| 60,446 |
- 16 RELATED PARTY TRANSACTIONS
There were no Related Party Transactions in 2024
Page 13