Registered number 08133744 ND Cty Music Foundation (Company Limited by Guarantee) Report and Accounts 31 July 2021 RidgefieLd Consulting ICAEW CHARTERED CCOUIITANTS
Clty Muslc Foundatlon Report and a¢Gounts Contents Page Company Information Management Committee Report Indend•ll1 Examine¢s Rer4)rt Statement of Financial A¢tiwbes Balare sheet Notes to the accounts 8-10
Clty Muslc Foundatlon Company Infomiation Directors Sir {Michaell Roger Grfford (deceas on 25 May 20211 Sir Andrew Charles Pannley DT Kate Ann Gee Mr Alastair John Naisbitt King lapp)inttyJ on 1 November 2019) Accountants RgefIeld Consulb'ng Limited 2 Hinksey Court Church Way Oxford OX2 9SX R•glstarod offlc• Church House Cloth Falr London EC1A7JQ Regl•t•rnd numb•r 08133744 Charlty nUMr 1148641
City Music Foundation Company Registered numbor: Charity Rogistsrod number: 08133744 1148641 Report Of The Managamont Commlttao For Thè Year Ended 31 st July 2021 The Management Committee presents its Directors. Report and the unaudited financial statements for the year ended 31 Juty2021. Governlng Documènt The organisation is a charitable company limited by guarantee. The wmpany was incorporated on 6th July 2012 and registered as a charity on 20th August 2012. The company was established under a Memorandum of AsscKiats'on which established the objects and powers of the charilable company and is governed under its Articles of Association. In the event of the company being wound up members are required to ¢onlribute an amount not exc68ding £1 each. Objects The charity's objects are $pe¢ifi¢ally restricted to the folhjwng: 111 the advancement of the arts, culture and education. and 121 the advancement in lrfe of young musician$ {a$ soloists or in ensembles) as they stsrt thelr professional careers,. in parts"¢ular by provwjing sp)nsorship. financial assistance and perfomiance opportunities in London or elsewhere, provided that all ol the Objects of the charity shall be charitable in nature and shall be the public benefiL Nothing in th8 articles shall authorise an appiicats'on of the property of the charity for purposes which are not charitable in accordance with Section 7 of the Charities and Trustee Investment (Scotlandl Act 2005 andlor section 2 of the Charitses Act (Northem Ireland) 2008. A¢hl•v•rnonts and Perfomance CMF'S mission is'lurning tatent into su¢¢ess'. We select exceplKJnal classical soloists and chamber ensembles, as well as jazz, folk. and wodd musicians, at Ihe start of their professional careers. At this time when managing 'the business of music, can be a challenge. CMF supports them wth a comprehensive career development programme. We arrange artistic and business mentoring, run workshops, make CDS, videos and websites, commission new Mus, secu airb'me on B8C Radio 3 and promotion though online, print and social media. and pul on our own recitals, residencies and concerts. In addition we do agency and management. fixing pertomiances at venues and festivals throughout the UK and beyond. CMF Alumni tell us of the many ways CMF has helped them during the very fragile eady stages of their profe$$ional careers, by helping them to develop their unique creative vision. and gaining recognition and a neIOrk wthin the music industy. Our aim is that CMF artists are ready for four de¢*Jes or more of o)ntributing to society's culture and wellbeing - reaching hundreds of thousands of people through live perfomance, CDS, streaming. broadcasts. leaching and mentoring - giving back a Ihousand fokl what CMF has gNen them.
City Muslc FOUndaOn Company R•gistor•d number: Charity Rogisterad numbor: 08133744 1148641 This financial year August 2020 to Juty 2021 started and ended during the Covid-19 pandemic, and induded being under lockdown for Large swathes of that time. As trICOn$ were rdieved during the late summer and autumn we were able to Irve. in erson auditions lo select our 8th intake of CMF artists in September 2020. We increased the number taken lo 10. the highest number ever. We had more applicants than ever before. and of an exceptional calibre and selection was particularty difficult We look three singers, which was also a first. and offered them a slKJhliy different approach in¢luding artistic menlorirvj, as singers are unique in dealing with an instrument that g¢)8s on changing long after they have completed edueabon at the conservatoires. Mentorin9 and workshops wer8 programmed and laking Fla as usual, although all were conducted on zoom. While restrictions were ljht8d. we were thrilw to curate and produce a performance in St Paul's Cathedral, to a 'full' house Isocialty distanced and masked) of Messiaen's Quartet for the End of Time. This achieved 5. reviews in the broadsheet arts pages, and the VKleo we made of11 has bean view 37.000 limes via Face8ook and 3000 tsmes on YouTube. The 2019 artists had all performed in the previous Clo¢k Tower series of live Stream in the first half of 2020. The new intake of 2020 Artists perfoed in a series in Barts Great Hall, through CMF'S new partnership wrth Barts Heritage. January to April were live streamed with no audience, May lo June th& with audience and livtrstream, and July onwards have been videoed and with full in-person audience$. Number are slowAy returning lo pre-pandemK levels. Other aclivilies have continued. including recording CDS. thlrd paty bookings have increased, appearances on BBC Radio 3 InTune, rMiSsiOn1ng of new music, and websrtes. The work of CMF, and the INes of our artists, have been aftered beyond recognition since March 2020, bul as the financial year drew to a close in Juty 2021 things were starting to nomialise. CMF are using the release from lockdown as an opportunty for our artists to reestablish their ¢areers, and for CMF to re-arrange postponed concert and r&book third party work for our afts"sts. Many ol our artists have used the time to develop their ski115 and repertoires. CMF'S support via the Hardship Fund was crucial. The Mexican Intemalional Scholar due to join CMF in June-August 2020 was abl8 to join CMF from late June lo earty August 2021 and had an immensety fruitrul and productive stay. CMF secured fvnding from the Arts cou1 Cutture Recovery Fund. and donations have continued to come in. CMF is in as gocxj a positi'on going forward as it could expecL
City Music Foundation Company Rogistorod numb•r: Charity Rogisterod numbor: 08133744 1148641 M•mbern of the Managem•nt Committee Members of the Management Committee. who are the Directors for the purpose of Company law and Trustees for the purpose of Chanty law, who served during the perir)J and up to the date of this report are set out on page 1. This report has been prepared in accordance the Statement of Recommended Practice ISORP) applicable lo charities preparing their accounts in accordance the FRS 102 Section 1A and in accordance with the special provisions of the COmpanS Act 2006 relakn.ng to smaller entsties. Approved by the Management Committee on l*. Sfthj A.#....{date) and signed on its behalf. Mr Alastair J Director n Naisbitt lQng
City Music Foundation Accountants. Report Indopondont Examln•fs report to th• tru8t••B of Clty Muslc Foundatlon Rospectlvo r•spon8lbllltle8 of trnslee8 and examlner The trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The tnjstees consider that an audit is not required for this year undef section 144{2) of the CharItS Act 2011 {Ihe 2011 Act) or under Regulation 10111{a) to (c) of The Charit5 Accounts {ScOand) Regulations 2006 (the 2006 AtLounl$ Regulations) and that an independent examination is needed. The charity is required by company law to prepare accruèd ac£ounls and l am qualified lo undertake the examinats'on by being a qualified member of The Institute of Charter&J Accountants in England and Wales. Having satisfied myself that the charity is not subject to audit under ¢ompany L*v arKI 1$ eligible for independent examination, it is my responsibilty to.. . examine the accounts under section 145 of the 2011 A¢t and se¢b'on 44(11{¢l of the Charits'es and Trustee Investment IScotland} Act 2005 Ilhe 2005 Act)., ' follow the pr¢)cedures laid d¢)wn in the general DIrectn5 given by the Charity Commission under section 14515}Ibl of the 2011 Act. and . state whether particular matters have come lo my attention Basls of Independent examlnerfs report My examination was carried out in a¢dance with the general Directions given by the Charity Commi$$ion and 1$ in accordance wth Regulats'on 11 of the Charities Accounts IScollarKII Regulations 2006. An examination includes a review of the accounting records kept by the charty and a comparison of Ihe accounts presented wih those reGord$. 11 also includes con$iderabon of any unLrsual item8 or disclosure$ in the accounts, 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 audrt and consequenty no opinion is given as to whether the accounts present a 'lrue and fair view and the report is limited to those matters sel out in the statement below. Indepondont •xamln•rfs •tat•m•nt In connection with my examination. no matter has CA)me to my attention.. 111 which gives me reasonable cause to believe that in any material respect the requirements ' lo keep a¢ctsunting rerdS in aGcordance with section 386 of the Companies Act 20C6 and section 44{11{a) of the 2005 AGt,' arKI ' lo prepare accounts which accord with the accounting records. o3mply with the a(%ountsng requirements of the Companies Act 2006. 8e¢tion 4411}Ib) of the 2005 Act and Regulation 8 of the 2006 Accounts Regulatsons,. and . which are consistent wth the methods and principles of the Statement of Remmended PraGlice knwunting and Repgrbng by Charits'es have nol been met,. and 121 lo which, in my opinion, attention should be drawn in order to enab a proper understanding of the accounts lo be reached. Mr Slmon Thomas BA FCCA KCA Ridgefield Consulting Limited 2 Hinksey Court Church Way Oxford OX2 9SX 07 December 2021
Clty Muslc Foundatlon Statement Of Flnantlal AthIU¢s Iln¢ludlng Income & Expendlture Account) for tho year 0nd0d 31 Juty 2021 2021 Unr•strl¢l•d Rsstrl¢t 2020 Total Totsl fund8 In¢omlng R•sourc•s DOnatnS, Grants and Sponsorship Legacy Funds and intsrest received Events and Recuding Incom 186.713 37,374 77 224,087 215.421 300.009 24,743 18,569 205.282 18,569 242.733 37.451 Totsl RVou•S Expgnd•d Officè Costs & Gov•mane• Arti$ts' & Charitable Actsvths Internabonal Artsst Fundraising Hardship Fund¥ 12.550 118.079 8.029 17,330 12,550 155,453 8.029 17,330 11,231 121,045 150 15,054 11,435 158,915 37,374 155,988 37.374 193.362 InComlxP•ntUT•1 for th• y•r 49.294 49.371 381,258 ToLg1 Fund• Brought FoN*rd 138.431 337.832 474.083 92.805 Totsl Funds Carrl•d Fotrw•nl 185,72S 337.709 523.434 474,063
City Music Foundation Registered number: Balance Shaat a• at 31 July 2021 08133744 2021 Restrlcted fund8 2020 Unr•slrlcled funds Totsl funds Total funds Current a8s•t8 Debtors Cash at bank and in hand 860 526,655 527.515 188,946 337.709 337.709 476.921 476,921 Credltors: amount8 falllng du• wlthin one year {4,0811 {4.0811 {2,858) Net a880ts 185,725 337.709 523,434 474,063 Funds Unreslricled funds Restn'cted funds Totsl funds 185,725 337.709 523,434 136,431 337,632 474,063 The members are satisfied that the company is entilled to exemption frijm the requirement to obtain an audit under section 477 of the Companies A¢1 2006. The members have not required the company to obtaln an audit in aco)rdance section 476 of the The directors acknowledge their responsibiliti'es for complwng with the requirements of the Companles Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared and delNered in a¢¢ordan¢e vith the $pe¢ial provisions applicab18 to companie5 subject lo the small companies regime. The profil and account has not been delNered to the Registrar of Companies. Mr Alastair John Nai$bitt King Director Approved by the board on .1.4.Jfvl..74..IF....Idate)
City Muslc Foundation Notes to tha Accounts for the year ended 31 July 2021 1 A¢¢ountlng pollcl Basls of prvpaTrtlon The accounts have been prepa under the historical cost nVention and in acrdance vith FRS 102, The Financial RepcKtin9 Standard applicable in the UK and Republic of Ireland las applied to Small entities by wtion 1A of the standard). FundA¢countln9 Unrestri¢ted funds are available lor use at the discretion of tre truslees in fvrtherance of the general objectives of the charity. Designated fvnds are unTrstri¢ted fvnds earmarked by the Management Committee for parb'cular purposes. Reslri¢led funds a subject to trIctIonS on thelr expendrture imposed ty the donor or Ihrough the tenns of an appeal. Incomlng Rosour¢ All incoming resources a included in the statement of financial activite$ wthen the charity enti118d to, 8nd virtualty certain to receive. the income and the amount can be quantified with reasonable accuracy. ROur¢8$ EXpded Expenditure ts recognised on an accruals basis as a liabilty is irKurred and is rewrted a$ part of the expenditure lo which it relates.. "Costs of generating funds comprise the costs associated with attradng voluntary income. 'Charitable donations to other organisations. "Charitable expenditure comprises those costs incurred by the charity in tha delivery of Its activities and services for its beneficiaries. 'Govemance costs indude those as$c¢iated with meeting the constitutional and statutory requirements of the charty. 2 Donatlom, Grnnts and Sponsornhlp 2021 Unmtrktgd Ro8trlcted 2020 Total InGom• typo Total Donations Grants Total 158,461 28.252 186.713 20,474 16,900 37,374 178,935 45.152 224.087 148,721 66,700 215.421 In 2020, £28,226 of donats'ons and £30.700 of grants are restricted. Legacy funds is a rectricled donation for speafc capital projects which have been delayed because of Covid-19. Interest retyved in the year was £77.
Clty Muslc Foundation Notes to the Accounts for the year anded 31 Juty 2021 3 Office and Governance costss 2021 2020 Independent Accounts Examination staff Costs and Payroll Office Costs 3,096 8,138 1,318 12.550 3,198 6,512 1,521 11,231 4 Artlsl and Charltabh actlvltle• 2021 2020 CMF Events Playing and Perfomances Professional Development Workshops and Mentoring Programmes Artists Individual Projects Auditions and Selection of Artists Promotional Tools For Artists Staff Costs & Payroll Office Costs 930 28.321 28.987 3,177 22.851 2,332 14.451 74.167 9.224 155.453 1.942 8.297 900 9.709 61,118 10,648 121,045 3 Fundrdlslng 2021 2020 Staff Costs & Payroll Office Costs 14,694 2,636 11,g72 3,082 15,054 8 Employees 2021 Nurnr 2020 Numbgr Average number of persons employed by the company 7 Debtor* 2021 2020 Income. Donats'ons and Sponsorship 860 8 Credltorn: amounts falllng due wlthln one year 2021 2020 Taxation and social security costs Accruals and pensions 1.431 2,650 4,081 2,858 2,858
Clty Muslc Foundation Notes to the Accounts for the year ended 31 July 2021 9 Other Informatlon Crty Musrc Foundation is a prI81e company limited by guarantee and rporated in England. Its registered office is.. Church House Cloth Fair London EC1A 7JQ