Registered number 08133744 qm ND City Music Foundation (Company Limited by Guarantee) Report and Accounts 31 July 2023 Ridgefield Consulting ICAIW CHARTERED ACCOUNTANTS Clty Musle Foundatlon Report and accounts Contents Page Company Information Management Committee Report Indep￿dent Exanin*8 Report Statement of Finwo cla AGtNit Balance sheat N¢)tO9 to the accounts 8-10 Clty Musl¢ Foundatlon Company Information Dir•ctorJ Sir Andrew Charles Pannby {TesvJned on 30 May 2023) Dr Kale Ann Gee Mr Alastair John Nasbitl King Mr Peter Dawd Gordon Tc#npkins (Chaimian Str￿ May 2(Y23) Accountants Ridgefiekl CC￿sUm1ng Lknited 2 Hinks8yCourt Church Way Oxford OX2 9SX R•gi8torod offlco Church House Cloth Fair London EC1A 7JQ Reglsterod numb•r 08133744 Charfty numb•r 1148641 Clty Musk Foundatlon Company R•9lstsr￿ numb•r. Charlty R•gl•t•red numb•r. 08133744 1148641 Report Of Th• Managoment Cute an am(￿ oxcoed*vJ £1 ObJecl• Thè ¢har6ty¥ 4r• restr￿ed lo the fc•)wlrvJ: {11 the thorK¢ment of th• arts, ¢uMuro aTrJ ethKation, and {21 the a(fvarKemont in hf8 of young musuan$18s Solo￿ts or In •r*•mbl•s) as fvy $18rt tho[1 profe$8ion￿ careers., in parlicu&r ty pru4thJ sp(￿8￿h￿l. &wstance aThJ perfomianc• opportunities in Lotwjon or elsowhwa. provid•d th•t 81 of the Obigth of t￿ dwity ah￿ dwiita148 ￿ r￿lUTe 8haN b8 th8 put4ic Nolhlng In the arlk4e8 8h81 outhorl8e an of t￿ propoty of tho tharfty for purpowwhlth 4r• ncl charitable in 8¢tyJrdan¢6 with Secllon 7 of the Chanties aThJ TnAtee Investrn￿l (Scotlandl Acl 2005 a￿￿Or 8ectiiJn 2 of the CIwit￿8 {N￿ Ird¥￿) 2r))8. A¢hl•v•rn•nt• Ind P•rfom•nc• CMF'B Mis￿0n is'tuming taknt into 6ucc888'. We 8eleca except￿81 dassical sc4cist8 and chambar nMmbl•$. as w•ll as jazz, I￿k, aThJ W￿ld mwicians, #t the St￿ of their profesbional careers. Al th18 lime when managing'the bu%ness of mth8bC' can be o challryo, CMF SUP[￿s them with 8 CoMpre￿nI1¥￿ carter dtsvelopment Fffograrnme. We arrarvJe wtislic busine56 mentoring. run workshops, make CDS. videos and wobsrtes. Commiss￿ new musi¢. Se￿￿e alrtime on BBC Radlo 3 and promotl¢)n Ihrough onh'ne. print and ￿Kial media, and wi our recata15, residenc￿ and concerts. In addrtion we do agency and man￿efflenL fixing perf￿￿3 at venues gnd ts$tNals thrwghout th• UK arKI ￿YOr￿j. CMF Alumnl tel u8 ofthe many way8 CMF has h*8d thom thJrlN fv ¥￿fragIle earty st￿8 oflheir professional careers, by helping them to d6volop lh￿[ unKlU8 mtive visic￿. gainlng rwn1l￿ a nthoth within the music *￿UStry. Our aim 1$ that CMF artists are reafty for four decados or ms)re of contritth.ng to sodotys cuhur• wfjllÈ•ing . rea¢hlng hundr•d8 ofthousand8 of peoe through fwe perfmnce, CDS, streaming, broadcasts, te**ing and men￿ng. bac* a fold what CMF has given them. Clty Muslc Foundatlon Company Rfjglstsvgd numbor. 08133744 Charity R•gi•tsY•d numb•r. 1148641 The financAa year ALPJUSt lo 2ff23 has an been afterthe eTrJ ofthg Covi&19 pandemic and yet the fflu$i¢ industry 1$ sll st￿￿911r￿j lo rth tt> after a I￿ pericd of Imilod livé porfoming adNty. We seleded 10 arb8ts13010ist WhoiCrf￿d us in Septemter 2022. cwr 10th wtske of CMF a￿Sts. in this 11Xh AnrNvernary We kept th• rnmber taken to 10, to the 21T20 2021 aiti8ts. and still the hwhe8t number3 ever. Th8 number of aFWiL¥rts is 8u8taingd, and thè calibre ex¢optK*nal. For thg thlrd year runnkng. ¢Mlng lo ￿ vwy posthg fe•Jbac* from AJti8ts and V￿U0$ alike. we took three 8inger8 in the cohort of 21Y22 CMF Artists speuficalty offemg theffl arb8lK Ment￿ing, a8 8Sng8rs arè LW)iqu8 in d8alw)g with an instrLThwtt th81 c4w)gNJ IWJ after have completad After Ihrets ytar8 oftskrrfd h￿htr nun*•rs of 8rtMts, a8 8 wèy of 8urp)t11NJ the most em¢rG4rvJ perfomieTS thot we can within our reswrces dwing and after the Pandem￿ we opted r￿1 to audttbn dudng 2023. Th8 next apFlkth proces8 C•Jmmon￿8 In January 2024. Our rnontNy live 8orlo8 kn Barts Grtht Hal c4JntiTh*d with att8ndkng In p￿) and wrfhoul Iwe str&oms. VKleos for th& wt.sts prcffiotk)n81 p￿p0￿ werg m* b)th from the and on deduted fiknirg day8 with￿ Barts Heritage cthbrated the ￿)th Anniverswy oflhe loundiTrJ ol Ihe Prwxy th• Hospit81. A• P8rtner8 of Barts IN$ me8nl CMF 81tists p8rticl￿1￿ atryj putsrmed in a nUMt￿ of 8pec481 events, induding a spead visit from ￿ng Charle3111. CMF also ccffimmioned musi¢- Nine 8ong8 for Nine c?n￿rt•S by Dem" LeM"s using fwnd texts. ¥#J a Fanforo for St by H¥*¥lh. I￿)th 01￿1ch were Forfc¥med at a ftmdrwser in 21Y23. W• ¢on￿l￿d wr •LW88fiJl portr￿￿1* wlth St Martln In th• FW8 wlth 20 corKarts kn th8 yyar, •mpbying 38 Artists lo wfomi. The￿ bean popjlw l*)th wlth our 81ti813 and with Wdien￿. Our resid￿¢Y at thè Wdlacè Cdlaclion was unfcrtun8tsty not poMibl• as. In common whh 8rt$ org•ni$ation$, th• W￿19¢• Collxtb)n1$ 8ti1 h•41NJ to mvw Its actviO88 on a rnJuc•d Ixw Sir￿ th pandomic. Mentoring, Co￿1ng WO￿3hc¢lS were PTcyammed tsking kn as usual and nfm more condu¢ted In p¥r8on. Al ar11st8 a 8thie8 of 7 on&t¢Mne sesSic￿S with a profes61￿1 lrfe and tYJ8iM88 r￿ch, vthK* dl 0fth￿Tr found hewl at Stau• in c•r•wJ. The third trip of CMF Artist to Mexico as part of thg Intemalional EXthor￿ sthemg Ihrough Am910 Arts wa8 plannod for AUlUn￿ 2023. Our 2021 Intsmab(*pl Stholar from Mexico rounded off a successfvl ViBiI th oblaining a ￿ace for fvriher sluty al the RAM. and aoxlade for him. and I￿ tha CMF and SLipr*)rt h• had. All the other CMF A￿.31 Progr￿Me elemerrts have conliThJed, inc*JthrvJ reeorth'ng CDS. making vid￿. agenry and Ihird-party bookings, appe￿￿ on BBC Radio 3 InTLbM. (y)mmi￿C￿lrmj of r￿W mus￿. pfv)togr8phy And buihjing ofwebsiles. Our Artist Manager left CMF n June 2023. Whi15t working pattems for ￿Jr mu5tfAans hwj cf188s no￿￿￿$•d afterthe calastrophlc effo&s of the re5pon6e lo the parKI¥m￿. there remains a SI￿rtIal of funding acrnss the inthslry. and this 15 reflected in the ability to negots'ate artisls, lees surririent to make a Imng. AUd￿nCeS are sb"l at only aÈout 7￿- 80% of pre-parbjenwe levds. CMF artists are sffil r&estal￿¥ShIng their carews, and 80 for many we have extended the u3ual ts¥￿Year Fwiod of b￿"n9 on tht CMF Artlst Programme, contin￿ng to PTovhle mentoring, ￿encY and management, and day to day 6UPPOrt for longer. This has fina￿￿31 and r8swrca impli¢alions for CMF. This. the three conse(xth yews oft¥kng 10 CMF Arttsts (SLknists ￿ erthmLqe51 has ci¥thbuted lo th& d￿sKin to advanc* th• nexi T￿litMe￿ prrKess into earty 21Y24. Clty Musk Foundatlon Company Registsr￿ numbor. Charlty R•glstered number. 08133744 1148641 M•mb•Ys of th• Alanag•m•nt Commlltsè Members ol the Management Committee. ¥e Diredors forth• ofCc4npw I￿ ond Tru8tees for the purpose of Charity law, who ser¥ed knng th8 peri(>J * up to thg date of this report we setouionFV 1. Thls r8port has been ￿epar￿j in acc4)rd￿ with ts Statemwtt of Recg)mmended Pr8c*c* {SORP} aFWut4e to thaiitsgs w•parirvJ their ￿￿Unts In ar£￿￿)e* wtth the FRS 102 Section 1A and in accordance with the Speci￿ p[ovi￿Orts ofthe Cwiies Act 2(K6 rdafjn9 to smalb8r entltios. LIF4w2•.t..tdat6) and on tt8 bahaw. Apwoved by the MwAgwngnt Ccffimltl•& on ... ........ .... Mr Ptrter D•¥4d G¢¥don T(*npkini Director Clty Music Foundation Accountants, Report Indopondonl Examln•ts roport to the trustses of Clty Muslc Foundatlon RoSPeCtlv• rosponslbllttles of trustoes and •xamln•r The trusle8s are dso thg diredors of the company for th8 purposes of company lawl are responsiblo for tho weparation of the trustees consithr that an audit 1$ not roquired for this year W￿￿or section 144121 of the Chwities 2011 ltha 2011 Act) or undw Regulali 1011llal lo Ic) of The Chanbes Aco)unts (ScOllar￿ Regulations 2008 (￿ 2006 A¢￿UnIS Regulation618nd that an independ8nl oxamination is needed. The tharity is required by company to prepare a￿d account8 and l walffied to ￿￿ertake the ex￿)ination by belng a quallfied membtt ofThe In8trtute of Chartwed Acrwrrtants In Eft91￿d Wal88. Hawng satisfied myself that the ¢tharity 15 not subject to au(St WKlerc¢ryany kwi and 18 el*ible for independent examinab'on. it is my responsitmlity to.. ' examine the accounts under section 145 of the 2011 Ad arKI Secti￿ 4411}Ic) of Ihe Charities and Trustee Inveslment (Scottand) At# 2005 {the 2fy)5 Act}; ' follow the procedures laid dovm in the general Dire¢tions gNen by the Ch¥ty Commiswon under 8ecticffi 14515}Ib) of the 2011 ￿ and ' Slate wthethér p*UcLdar matt6r8 have (XrfT* to my att￿lon Bul• of Ind•p•nd•nt •xamln•¢• r•port My examinatson VMS wied out In a(wrdance the gernral Dtr¢(alon$ glven by tho Clorfty commi￿an and is in accordance RegUlath￿ 11 of the Chaniies AC￿Unts Iscoljandl Regulations 2tth. An txaminati¢)n Indudès a rev* ofth¢ act￿n￿ng recA)rd8 kept by the charlty and a comparwn of the accounts presented th0￿ rec(xd8.11 al80 inclLths c¥)n&d8ralion ol any unusual rtem8 or d18do8ure8 in the accounts. and 88ekn.ng eWanab"on8 1￿M you 88 tru8te88 nceming any suth matters. Tho procedures undertakon ￿ not providè all the evld8n¢é that uld be requlred In an audlt and ccwwquentty no oplnlon Is gr￿n as Io V•hether the 8ccoun18 present a Irue and lar and the repcA1 18 linited lo tr￿8& mattw8 881 fArt in the statement belu4V. Ind•pnd•nt •xamlnef8 $tst•m•nt In connectim ￿1th ry oxaminatlon, no matter has com8 to my atten￿On'. 111 ￿1¢h gfves me reasonable cause lo belwe that in any material respect the rewirements . to keep accounting records in a¢cordgn¢e *ilh 80(*iwb 386 of Ihe Ccrfnpani88 Act 2006 and 8¥ct￿n 44I1}{8) of the 2005 Act, 8nd ' to prepare accounts wth¢ch acC￿d V•th the ￿cOUnting reo)rds, compty ￿lIh the accounting requirèments of the Companles Act 20C6. sadion 4411Xb> of the 2005 Act and Regulaknon 8 of the 20C6 A￿oUnts Regulatson$,' and . vknsch are consisterrt ¥￿th tho meth¢)ds arKI win¢iplgs of tho StatThnl of Recomrnen Practice Accounting and Reporting by Charities have not been met". and 121 to whlch. In my opirlon. attentlon should be In ￿der to enable a Fyopgr undgrstanding of the 8¢counl8 to be reacha¢J. Mr Slmon Thomas BA FCCA ACA F￿￿gefield Con8uNing Lintted 2 Hinksey Ctyjrt Church Way Oxford OX2 9SX 11 January 2024 Clty Mu8lc Foundatlon Statement Of Flnancial Activities Ilndydlng Income & EX￿ndItUr• Account) forth• y•ar •nd•d 31 Juty 2023 2022 Total fvnd• In¢omlng R•¥ou￿ D￿ationS, Grant8 and Sp)n8cnh¥) Legacy Funds aThJ interest received Events, Recording aThJ Salaction Inwne 108.790 113,7 1,254 61,189 178.233 130,850 30 82.077 192.757 61.189 169.979 Totsl RMourcM Exp•nd Office Costs & GovemarKe Ah'sts, & Charitable A¢SNth•s Inlèm•tk)no1 Arf FundraI￿n9 Hardshlp Fund• 14,244 235.679 14,244 240,879 15.759 194,359 8,087 25.798 18.252 18.252 271.175 In¢om•ll•xp•ndStur•l forth• y••r {88.196) 1.254 94.9421 (49.2241 Totsl Fund• Brouglrt Fowwd 188,345 285,885 474.210 $23.434 Tot•1 Fund• C•rrl•d Forward 92.140 287.119 474210 Clty Muslc Foundatlon Rog1Stor￿ numbor: Balance Shgot 09 at 31 July 2023 08133744 2023 2022 Unrnstricted funds funds T¢)tal fund$ Totsl fvndB Current assots Debtors Cash at bank and in hand 2.200 97.067 99,267 2,200 384,186 1,750 476,465 478.215 287.119 287,119 Crodltorn: amounts f•lllng du• wlthln one year (T.118} 17.118) {4,005} 2,149 287.119 379,268 474,210 Funds Unrestricted funds R￿tr￿ted funds.. General restricted fvnds Legacy fund8 lincludirwa de8¢gnaled for wital proJeLt) 92.149 188.345 140,000 147,119 287,119 379,268 285.￿5 474.210 Totsl funds mwnhrs are sgtlsfl•d that th• CA)mpany Is •ntltlgd to wamptmin from the requiremènt to oblaln an audit under sect*)n 477 of the Companiè8 Act 20(￿. The membw8 havo not rwuired the cc*npary to obtain ￿ audrt in accg)rdance with 478 of the Th8 dY8ctors SCknth￿dge their rn8PM8t*ilities for comth'rwJ th• wuirements ofth• Crynpanies A¢t 2¢X6 with ros￿1 to ￿oUnting records and the preparation of ￿cOUnts. The accoun18 have ljeen prepared and delivered in accordance with the s￿181 provisions applicable to companies subject lo the small ccrfnpani•s rggwn8. The profrt and kA8 account has not been delNered lo thè Registrar of Companies. Mr Peter David Gordon Tcrfnpkins Direclor Approved by the board on ..... 14.f+*XI.(dat¢l Clty Muslc Foundatlon Notes to the Accounts for the year ended 31 Juty 2023 1 Accounting policl•s The accounts have been prewed uThJer the historical cost Conlent￿ and in a￿dance wf(h FRS 102, The Financ￿ Reports"ng Standard 4P1￿ in the UK and Republ￿ of Irdand las appl￿d to 8mall entities by 8&tion 1A of the starKlardl. FundAccounthw Unrestricted funds arg avaiLqbl8 for use at th8 di8cre11￿ ofthe trustees in further￿ crf th8 genwal (Jbjectives of charity. Designate4J fvnds are unrestrictwj fuThJs 8armark&Y by the Manag￿ent Committee for p8￿cular purp0888. Restiicted fvnd8 are subject to re8trM*ion8 on OXE￿￿liur¥ knpO￿ by the donor ¢y through the lemis of an ap￿￿. Incomlng R•sourc All incoming resourert ar• IncbJd•d In the statem￿1 of financial &tMles vAwi the charty is enli11od lo, and Mrtualty certain to receive. the uKome and the ￿OUnt can be qU8ntrf￿d wth re8¥onablg Expenditure is recognised on an accruds ba8i8 as a liabilty 18 inirred ar￿ 18 reported a8 part of tha expenditure to vthi¢h it rdales.. 'Cosls of generating funds ¢(ttnPri8• the C￿t¥ 888(*oted wlh attr*tiw voluntary Incom•. "ChaTrtable donations lo other Organisat￿$. 'Charrtable expendrture ¢￿p￿Se3 those costs incurred by the charity in the d8livwy of its actMti88 and seMce$ for its b¢nefKiarie5. 'Governance costs mclude thos& sw￿ted *ilh m0•ts'ng tho ¢on8titirtK>rwl •)d $tatulory requirements of the charity. 2 Don4tlon•, Grnnts and Spon8or•hlp 2023 Unv•strlct•d R•strictad 2022 Total Income typ8 Donations Grants Swsorship 69,￿1 38.889 69.901 43.889 83,931 44,219 2,500 130,850 108.790 In 2022. £28,359 of donations and £13,219 of grants are r8StrthJ. City Music Foundation Notes to the Accounts for tho y•ar ended 31 Juty 2023 3 Offlce and Govwnance costs 2022 Independent Accounts ExamA)atic Staff Costs and Payro Office Costs 2,856 9.909 9,639 1.257 14.244 15.759 4 Artlst and Charltable actfvitl•• 2023 2022 CMF Events Playing and Performances Profe88ional Oevdopmenl Worksw and Mentoring Prr>Jrammes Artists IrKlividual Project8 Auditions and Selection of Artist8 Promots'onal Tools ForArtists Staff CoBt¥ & Payrdl Offi¢e Costs 8,908 71,387 14,242 41.371 14,734 30.552 5,458 18,21S 82,624 8,801 240,679 9,700 6,118 5,221 15,428 81,321 20,962 194,359 S Fundrnhlng 2023 2022 Staff Costs & Payroll offic￿ C08ts 13.498 2,514 16.252 19,807 5,989 25.796 6 Employ•8• 2023 Numb•r 2022 NuM￿r Average number of persM$ wnplfftl bythe ¢(mpany 7 D•btorn 2023 2022 In¢tyne, Donati¢)ns and Sponsorship 2,2IXI 1,750 8 Credltors: amounts falllng due wlthlTr on8 yolr 2023 2022 Taxation. p￿slOn5 and sc¢i81 securty Accruals 3,610 3,508 7.118 1,424 2.581 4.005 Clty Muslc Foundatlon Notes to the Accounts for the year ended 31 Juty 2023 9 R•stTlcted *gacy fundg Legacy fuThJs ts a restric￿ dork￿1￿ T￿8p4￿d in 2￿. £120k is resemd for Office Refutbishment project which has téen delayed pa￿Y because of the pand￿￿. The remwnir¥J fvnds are retained in reserves in line with our resepm polLy. Interest in the yw wa8 £1.254. 10 Other Inforniatlon City Music Foundati¢￿ is a pnvate cL¥npany l¥nited by guawtee *)d incorpora•J in EnglarKI. Its registered offKe is: Church House Cloth Fair London EC1A 7JQ 10