Registered number 08133744 gm City Music Foundation (Company Limited by Guarantee) Report and Accounts 31 July 2022 RidgefieLd Consulting ICAÉW CHARTERED ACCOUNTANTS
Clty Music FoundatSon Report and accounts Contents P•g• Company Infomation Management Commrttee Report Independent Examinerfs Report Statement of Finaneial Actiwt Balance sheet Notes to the accounts 8-10
Clty Muslc Foundation Company Infornmtion Dlrectorn Sir Andrew Charles Pam Dr Kate Ann Geo Mr Alastair John Nabbrtt lQng Mr Peter Davmj Gordon Tompkins (appointed 28 September 2021) A¢¢ountsnt8 RgefIeld Consulting Limitsd 2 Hinksey Court Chur¢h Way Oxford OX2 9SX R•gl$t•r•d offlc• Church House Cloth Fair London ECIA 7JQ Ro918tored number 08133744 Charlty number 1148641
City Music Foundatlon Company Rogistarnd nUmr. Charity Reglstor4d numbgr: 08133744 1148641 Report Of The Management Commlttee For The Year Ended 31st Juty 2022 The Managwnent Committee presents its Directors. Report and the unaudrted finanual $tatements for the year ended 31 July 2022. Governlng Document The organisatb)n is a ¢haritafJe company limit&J by guarantee. Th8 company Yras incorporated on 8th July 2012 and registered as a charity on 20th August 2012. The company vras established undèr a Memorandum of Asso¢ialion which established the objects and powers of the chantable company and is governed under its Arb"cles ofAsswation. In event of the company being wound up members are required to contribute an amount not exceeding £1 exh. Oblects The chantys objects are sp8¢rfully rostrided to the ftAk)wing'. {11 the advancement of the arts, cutture and educalion. and {21 the advancement in life of young musiuan$ las soloists or in ensembles} as they start their professional careers., in parttcular by prowding sponsorship. finanaal assistance and performance opportunities in London or elsewhere, provided that 1 of the Objects of the Charity Shall be wholty charitable In nature and Shall be for tho public benefjt. Nothing in the artides shall authorise an appltstion of the property of the charity for purpos85 which are not charitable in accordance with sect 7 of the Chanbes and Trustee Investment {ScoUand} Act 2005 andlor section 2 of the Charities Act INorthem Ireland) 2008. A¢hhv•m•nt• and P•rfomanc• CMF'8 mission IS,MIng tslent Into success,. WO select ex<W'onal dassical $ololsts and chamber ensembles, as well as jazz. folk. and worbj musicn$, at the slart of their professnal careers. At this 'me when managing 'lhe business of mus, can a challenge. CMF supports them with comprehensive career development programme. We arrange artisti¢ and business monloring, run workshops, make CDS. VKJeo8 and websrtes, o)mmi$Sn new Mus, secure airtime on BBC Radio 3 and promotion through online, print and so¢kil media. and put on our cywn recitals, residencies and concerts. In addition we do agency and management, fixing perfom)ances at venues and festsvals throughout the UK and bgyond. CMF Alumni tell us of the many ways CMF has helped them during the very fragile earty stages of their professional careers. by helping them to d6veh)p Ihoir unw4ua ¢reats"ve vision, and gaining recognition and a nefvrk within the music industy. Our aim is that CMF artists are reaty for four decades or more of ojntributing to society's culture and wellbeing - Teaching hundreds of thousands of people through Ilve perfomiance, CDS, streaming, broadcasts, teaching and mentoring - giving back a thousand fold wthat CMF has given them.
City Music Foundallon Company Regigtored nurnr. Charity Reglstorod number: 08133744 1148641 The financial yearAugust 2021 to Juty 2022 slarted dumg the last Fthase of the Covid pandemic and saw the continued struggles of the musi¢ irKlusty to reknrn to nomalty after a long pericMI of limited live perfomiing activity. Our monthly INe concert senes in Barts Greal Hall conts'nued with grajualty increasing audiences through the second half of 2021 and into 2022, all attending in person. All the concerts were videoed for later streaming online, arKI for the artists to use for promotional purposes. We also trgan a partnership with St Marb'n in the Fields wilh Iwo lunchtime concerts e*h month from January 2022. Those have been popular both wrth our artists and wth audiences. Our reSenCY at thg walla Collection was unfortunately not possible as the venue had onty just reop&ned after the pandemic in August 2021. We selected 10 artists {soloisl and ensembles) who joined u$ in September 2021, our 9th intske of CMF artists. We kept the nurnr taken to 10. equal lo the 2020 artists. and sbll the highest numbers ever. The number of applicants continues to ris8, arKI the calibre is ex¢epts'onal. Audits'ons for the 2022 intake began in May 2022. for the intake in September 2022. For the 8e¢ond time we took three singer¥ in the cohort of 2021 CMF Arts'¥ts offering them tho slightly different approach induding artistic mentoring. as Singers are unue in dealing wth an instrument that goes on changing long after they have completeAJ educats'on al the o)nseNaloires. Mentoring, Coaching and workshops ¥&pre programmed and tsng place as usual and now once more coThaucled in person. We vRre able lo host our Intemab'onal Scholar Irom Mexico, through relationship wth Anglo Arts and he was with u$ in Juty and August 2021. a year later than originalty planned. He had a very busy and productive stay. and we ho to have f1rt8ted him being able lo attend the1i4M. All the other CMF Artist Programme elements have continued, induding recording CDS. agency and third paty bookings, appearances on BBC Radio 3 InTune, commissioning of ne•V must, and buikjing of websites. By July 2022 July working patterns for our musicians had more or less normalised after the catsstrophic effects of the reswnse lo the pandemic. H(wwever some promoters are now underfunded and less able lo employ musicians, and audiences are stsll at onty about 70% of prndemIC levels. CMF artists are re-establishing their careers wrth our support- for many this has meant extending th8 usual tsvcpyear period of being on the CMF Arb$t Programme. This has financial and resource implicatsons for CMF. Fundraising has become harder again now the pandemic has ended. CMF held a successful fundraising event in the Wigmore Hall at the end of our financia year on 5th Juty 2022. It was successful in raising money. and also raising awareness of CMF is crucial in 5UPPOrting exceptsonal emerging professional mu$i¢ians.
Clty Music Foundatlon Company Registered numbor: Charity Regi8torod numbgr: 08133744 1148641 IAemberd ofthe Manag•rnont Commltt•• Marnbers ot the Management Committee. who are the Directors for the purFose of Company law and Trustees for the purF*)se of Chanty law, who served during the period and up to the date of this report are sel out on page 1. This report has been prepared in accordance wtlh the Statement of Recommended Practice ISORPI applicable to charibes preparing their accounts in aco)rdance with the FRS 102 secti 1A and in accordance the special provisiors of the Companies A¢1 2006 relating to smaller ents'ties. Approved by the Management Committee on .. Mr Alastair John Naisbitt lQng Director
Clty Muslc Foundallon Accountants, Report Ind8p8ndènt Examlnorfs report to th• trust••¥ of Clty Muslc Fiwndatlon Re3pe¢tlv6 re3pon3lbllltie8 of trustee8 and examiner The trustees are also the directors of the company for the pury)oses of company lawl are responsible for the preparation of the accounts. The trustees nSider that an audit is nol reqLtired for this year under section 144(2} of the Charitses Act 2011 {the 2011 Act) or under Regulation 1011llal to {c} of The Chartknes Accounts (Scotlandl ReguLth'on$ 2006 (the 2006 Accounts Regulations) that an independent eXaMinatn is needed. The tharity is required by company law to prepare accrued xcounts arKI l am qualified lo undertake the examination by being a qualified member of The Inslrtule of Charter1 Accountants in EngLqnd and Wal8S. Having satisfied myself that the ¢hanty 1$ not $ubje¢t to audit undor ¢ompany law and 1$ eligible for independent examination, rt is my responsibility to.. . examine the accounts under seelion 14S of thè 2011 A¢t and section 44(1)(¢) of the Charities and TnJ$tee Inve$lmenl IS¢otland) Act 2005 Ilhe 2005 A¢tl', . follow the procedures laid down in the general DireclK)ns gNen by the Char Commission under section 145{51(b) of the 2011 Act: and ' stale whether parbcular matters have rA)me to my attention Basls of Indopendant •xamln•f• report My &xamination ¥$ carried out in accordance with the general Directions given by the Charity Commission and is in accordance wtih Regulation 11 of the charits A(xounls {Scotlandl Regulations 2006. An examination includes a review of the accounting records kept by the ¢harlty and a comparison of the accounts presented with those records. 11 also includes considerabon of any unusual item5 or disclosures in th8 accounts, and seeking explanations from you as trustees concefning any such matters. The pr(edUleS undertaken do rK)I provide all the evidence that would be required in an audrt and consequenty no opinion is given a8 to whether the accoun18 present a 'tTue and fair viev/ and the report ts limited to those matters set out in the Stalement below. Indap8nd•nt •xamlnar'• 8tat8mont In connection with my examination, no matter has come to my attention". {1} which gwes me reasonable cause to bdieve that in any material respect the requirements ' lo keep accounting records in *cordance section 386 of tho Companies Act 2006 and section 4411llal of the 2005 Act., arbd ' to prepare accounts which accord wth the accounting red9. comply with the aontIng requirement5 of the Companies Act 2006, sectrt 44(1)(bl of the 2005 Act and Regulation 8 of the 2006 Accounts Regulatsons., and . which are Gonsistent with the methods and prinwles of the Statement of Re¢ommènded Practice Accounting and Reporting by Charit have not been met". and {2} to whith, in my opinion, attention should be drM in order to enable a proper understanding of the account8 to be reached. Mr Slmon Thorn BA FCCA ACA Ridgefield Consulting Limited 2 Hinksey Court Churoh Way Oxford OX2 9SX 26 January 2023
City Musi¢ Foundatlon Statement Of Finan¢lal Activltles (Includlng Income & Expondlturo Aeeount) for the year endod 31 July 2022 2022 2021 Totsl funds Totsl nd• fund¥ fun IncomSng RQUr¢•• DOnatnS, Grants and Sporworshp Legacy Funds and interest received Events, R•¢tythng and Sdaction Income 89.072 41.578 30 130.650 224,087 62.OTT 1S1,149 62.on 192,757 18,569 242,733 41.608 Totsl R•#ourcM Exp•nd•d OffieA* Costs & Gov•mance Artists, & Charitable Actsvilies International Artisl Fundraislng Hardship Funds 15.759 179.509 6.(7 25.796 15,759 194.359 12.550 152,500 8,029 20,283 14.850 25.798 227,131 14,850 241.981 193.362 In¢om•ll•xwndlbJr•l for th• y S.9821 28.758 {49224) 49.371 Total Fund• Brought Forw•nl 185,802 337.632 523,434 474,083 Total Fund• ¢arrl•d Fornard 109.820 474.210
Clty Muslc Foundatlon Registered number: Balance Sheet as at 31 July 2022 08133744 2022 Unve¥trictod R05tricted funds funds 2021 Total funds Totsl fund8 Current assots Debtors Cash at bank and in hand 1.750 112.075 113,825 1.750 476.465 478.215 880 526,655 527,515 364.390 364,390 Credttor•: amounts f•lllng du• wlthln on• y•ar (4.005) (4.005) 14,081) Not 4880ts 109.820 364.390 474.210 523,434 Funds Unrestricted funds Restricted funds.. General restricted funds Legacy funds 109,820 185,802 179,390 185.000 364,390 474,210 337,632 523,434 Total fund8 The members are satisfied that the company is to exempts'on from the requirement to obtaln an audit undèr section 477 of the Companies Act 2006. The members have not required thè company to obtaln an audit In acwrdance wlth tion 476 of the Act. Th8 directors acknowledge their responsibilities for comp.ng the reqU1ments of the Companies Act 2006 respect to accountsng records and the preparation of aCUnts. The accounts have been prepared and delivered in accordance wth the Special provisions applicable to companies subject to the small companw regime. The profft and loss account has not toen delivered to th8 Rggislrar of Companies. Mr Alastair John Naisbitt Kin9 Director Approved by the board on ... . -(date)
City Music Foundation Notès to the Accounts for the year ended 31 Juty 2022 1 Ac¢ountln9 pollcle8 Basis of proparntlon The WXJunts have been prepared under the histleI ctht nVentiOn and in accordance with FRS 102. The Financial Reporting Standard applicat4e in the UK and Republic of Ireiand (as appld to small enbties by seLtion 1A of the standard). FundAccountlng Unrestricted funds are avaikbl8 for use at the di$tic of the trustee8 in fvrtheran of the general objectives of the charity. Designated funds are unreslrithd funds earniark by the Management Committee for particular purposes. Reslricled funds are $ubie¢t to restrictions on their oxp8nditure imposed by the donor or through the temis of an appeal. Incomlng Rosoure All incoming resources a included in the statement of financial activiles en the charity Is entitled to, and virtualty certain lo receive, the income and the amount Can be qUanlrf wth reasonable accuracy. Rosources Exp•nd•d ExpendrtUTe Is recc*Jnised on an accruals basi$ as a liabilty is incurred and is reported as part of the expenditure lo which rt relates.. "Costs of generats.ng funds comprise the costs a$slated with altracty'ng voluntary income. 'Charilable donabons to other organi8th'ons. 'Charilable expenditure compnses those costs incurred by the charity in the delivery of ils activities and seryices for ts beneficiaries. 'Governance costs include Ihose associated with meets'ng the conslrtution81 and statutory requlrements of the chanty. 2 Don•tlon8, Grants and Spon•ornhlp 2022 Restrfct 2021 Total Incom• type Unr98trkted Totsl Donation8 Grants Sponsorship Total 55,572 31.01)0 2.5Th) 89.or2 28.359 13,219 83,931 44.219 2,500 130,650 178,935 45,152 41.578 224,087 In 2021, £20.474 of donattons and £18.900 of grants are restricted.
City Music Foundatlon Nots$ to tho Accounts for the yaar ended 31 Juty 2022 3 Offlce and Govemance costs 2022 2021 Independent A£counts ExaminatThi Staff Costs and Payroll Office Costs 2,856 9.909 2,994 15.759 3,096 8,136 1,318 12,550 4 Artlsl and CharltalAe actlvltl•• 2022 2021 CMF Events Playing and Perfomances Professional Developmenl Workshops and Mentoring Programmes Artists Individual Projects Auditions and Selection of Artist8 Promotional Tools For Artts Staff Costs & Payroll Office Costs 14,242 41,371 930 28.321 9,700 6,118 5,221 15.426 81,321 20,962 194,359 3.177 22,851 2,332 14,451 71,214 9,224 O Fundrnl•lng 2022 2021 Stsff Costs & Payrol Office Costs 19,807 5,989 25.7 17,647 2.836 6 Employ••s 2022 Number 2021 Number Average num[ of persons empl¢)yed by the company 7 Debtovs 2022 2021 Income. Donations and Sponsorship 1,750 860 8 Credttorn: amounts falllng due wlthln on• year 2022 2021 Taxation, pensions and social security costs Accruals 1,424 2.581 4.005 1.622 2,459 4,081
Clty Music Foundation Notes to the Accounts for the year onded 31 July 2022 9 Reslrleted 1oga¢y funds Legacy funds is a restrth donal) red in 2020. £120k resepled for Offi Refurbishment project vthich has teen delayed paruy because of the paremIC. The remaining funds are retained In resefves in line our reserves lCy. Interest recerfftl in the year was £30. 10 Other Inforniallon City Musi¢ Foundab'on is a pnvate rnPany limlled by guarantee and irwrated in England. Ils registered Offi is". Church House Cloth Falr London EC1A 7JQ 10