Company registration number: 08186921 Charity registration number: 1149534
Cambridge University Musical Society
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 July 2020
Burdett King Accountancy Limited
Cambridge University Musical Society
Contents
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Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent examiner's report 5
Statement of financial activities 6
Balance Sheet 7
Notes to the financial statements 8 to 16
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The following pages do not form part of the statutory financial statements:
Statement of financial activities per fund 17 to 21
Cambridge University Musical Society Reference and Administrative Details
| Charity name | Cambridge University Musical Society |
|---|---|
| Charity registration number | 1149534 |
| Company registration number | 08186921 |
| Registered office | West Road Concert Hall |
| 11 West Road | |
| Cambridge | |
| CB3 9DP | |
| Trustees | Dame F Reynolds, Chair of the Trustees |
| Mr D A Butcher | |
| Mr S N Fairclough | |
| Mr J W Furber | |
| Mr S M H Johns | |
| Dr M J C Whitehead | |
| Dr N J Yandell | |
| Secretary | Mrs J N E Reavell |
| Accountant | Burdett King Accountancy Limited |
Page 1
Cambridge University Musical Society Trustees' Report
CAMBRIDGE UNIVERSITY MUSICAL SOCIETY
ANNUAL REPORT, 2019-2020
The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 July 2020.
Reference and administrative details
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.
The Trustees
The trustees who served the charity during the period were as follows:
Mr D Butcher
Mr S N Fairclough
Mr J Furber
Mr S Johns
Dame F Reynolds (Chair)
Dr M J C Whitehead
Dr N Yandell
Company Secretary
Mrs Jenny Reavell
Structure, governance and management
The charitable company is incorporated as a company limited by guarantee having no share capital and, in accordance with the Memorandum and Articles of Association, every member is liable to contribute a sum of £1 in the event of the company being wound up.
The trustees are members of the board. The board keeps the skill requirements for the trustee body under review. The trustees normally meet 3 times during the year to agree and review broad strategy, to monitor past activities and to agree areas of activity for the organisation, including risk management policies and performance. In addition, the trustees are in frequent electronic contact and regularly meet to support those who are responsible for the administration of the charity. The trustees receive no remuneration for their time. Tickets are provided to enable them to attend certain concerts. The Cambridge University Musical Society (CUMS) Student President also attends board meetings as the representative of the student members of CUMS. This ensures that trustees can be kept aware of the day-to-day running of the society and its ensembles. Similarly, this also helps to ensure that the students feel that their views are being adequately represented at the highest decision-making level.
Risk management
The Charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
Objectives and activities
The company is a registered charity established for the public benefit (1) to promote and advance musical education and musical performance within the University and city of Cambridge and elsewhere (2) to promote and advance musical education and musical performance in any matter which now is or may in the future be deemed to be charitable.
Page 2
Cambridge University Musical Society
Trustees' Report
This year saw the arrival of the Covid-19 pandemic and national lockdown, and all the challenges they presented. We cancelled concerts we had planned for the Easter term and, also, cancelled the tours that were planned for the summer. In light of the new rules and restrictions for extra-curricular performance, we made radical changes to the planned artistic season 2020-2021 and moved some activities on-line.
Until the first lockdown in March 2020 the Society had a successful year operating a number of musical ensembles and putting on concerts and performances. We operate three orchestras (two chamber or symphonic and one wind), three choirs, a lunchtime series of chamber concerts, a percussion ensemble and composition conducting and concerto competitions. Two other ensembles, the Cambridge New Music Group and the Cambridge University Jazz Orchestra, are members of CUMS and receive support in marketing their programmes, as does the Instrumental Scheme Award Holders' concert. In total there were sixteen concerts and thirteen lunchtime recitals in Cambridge, including an Alumni concert.
Achievements and performance
Highlights during the season included a performance of Mahler Symphony No.2 in King’s College Chapel featuring the combined orchestral and choral forces of CUMS and several Cambridge colleges, conducted by Andrew Gourlay. For our Season Launch Concert, Cambridge University Orchestra performed Beethoven's Eroica Symphony, marking Beethoven's 250th anniversary year, and Judith Weir's Heroic Strokes of the Bow. The concert was part of the University's Festival of Ideas and had a pre-concert talk with Nicholas Marston and Master of the Queen's music, Judith Weir. In Lent term, the Cambridge University Orchestra and CUMS Concerto Competition Winner Churen Li performed Rachmaninov's Piano Concerto No.2, conducted by Jac van Steen. The New Music Group held their concert in the University's Museum of Zoology and performed works by John Luther Adams, Kaija Saariaho and new works by students, highlighting the climate emergency. The Cambridge University Symphony Chorus joined the Leeds Philharmonic Chorus and the BBC Philharmonic Orchestra to perform Elgar's The Kingdom in Leeds Town Hall and then a second performance in Ely Cathederal with the Faust Chamber Orchestra, both conducted by David Hill.
The Lunchtime Concert series in West Road Concert Hall goes from strength to strength attracting large audiences and featuring works such as Messiaen's Quartet for the End of Time and John Rutter's The Wind in the Willows which was programmed in half term to allow children to attend.
We maintain one of the largest instrument collections in East Anglia, and during the year hired out instruments to a large number of local societies and to student composers,, many at reduced rates. We also performed a concert for schools.
Financial review
The Society invests in creating excellent concerts. Even after receipts from ticket sales, these concerts often require subsidy, which is funded by our fund-raising activities. Donations of any size make a huge difference to the experience of the student performers, and the Trustees wish to express their gratitude to all who gave during the year. The deficit before transfers was £8,753.
Plans for future years
In December 2020, the University's General Board approved the establishment of a Centre for Musical Performance. Along with the Faculty of Music, CUMS is a key partner in this initiative, and it is anticipated that from autumn 2021 the Society will collaborate closely with the Centre with a view to merging into it, subject to agreed milestones being met and once it is fully operational.
Our primary objectives continue to be to maintain or to increase the current level of musical activity, and to build up the governance, management and fundraising for the society. We are constantly looking for opportunities to control costs and improve our marketing and concert revenues. This will be in collaboration with the Centre of Musical Performance.
Page 3
Cambridge University Musical Society
Trustees' Report
As part of the monitoring of CUMS activities, the trustees reviewed the relationship with the Cambridge University Symphony Chorus. As a result of the review, it was decided that the Chorus will continue as a CUMS ensemble with full membership and support from the CUMS management team, reporting to the CUMS Trustees.
We are making creative plans for the coming year but with the understanding that there may be social distancing for the ensembles and the audience. This has both artistic and financial implications which need to be considered.
Reserves policy
The trustees aim to maintain free reserves in unrestricted funds at a level that provides sufficient funds to cover management and administration and support costs and that will allow the charity to respond to any emergency funding requirements which may arise from time to time.
Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on 10 February 2021 and signed on its behalf by:
.........................................
Dame F Reynolds Trustee
Page 4
Independent Examiner's Report to the Trustees of
Cambridge University Musical Society
I report on the accounts of the company for the year ended 31 July 2020, which are set out on pages 6 to 16.
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 ;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act ; and
-
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 charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures 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 audit and consequently no opinion is given as to whether the accounts 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:
-
(1) which gives me reasonable cause to believe that 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, 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; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Lisa King Burdett King Accountancy Limited
10 February 2021
Page 5
Cambridge University Musical Society
Statement of Financial Activities (including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the Year Ended 31 July 2020
| Note Incoming resources Incoming resources from generated funds Voluntary income 2 Activities for generating funds 4 Investment income 5 Incoming resources from charitable activities 6 Total incoming resources Resources expended Costs of generating funds Costs of generating voluntary income 7 Charitable activities 7 Governance costs 7 Total resources expended Net expenditure before transfers Transfers Gross transfers between funds Net expenditure before other recognised gains and losses Other recognised gains/losses (Losses)/gains on revaluation of fixed assets for charity's own use Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 37,637 107,270 1,065 4,100 150,072 - 158,250 575 158,825 (8,753) - (8,753) (4,110) (12,863) 192,182 179,319 |
Total Funds 2020 £ 37,637 107,270 1,065 4,100 150,072 - 158,250 575 158,825 (8,753) - (8,753) (4,110) (12,863) 192,182 179,319 |
Total Funds 2019 £ 53,829 107,114 739 900 |
|---|---|---|---|
| 162,582 | |||
| (40) 175,033 525 |
|||
| 175,518 | |||
| (12,936) - |
|||
| (12,936) 8,315 |
|||
| (4,621) 196,803 |
|||
| 192,182 |
All incoming resources and resources expended derive from continuing activities.
The notes on pages 8 to 16 form an integral part of these financial statements.
Page 6
Cambridge University Musical Society (Registration number: 08186921) Balance Sheet as at 31 July 2020
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: Amounts falling due within one year 14 Net current assets Net assets The funds of the charity: Unrestricted funds Revaluation reserve Unrestricted income funds Total unrestricted funds Total charity funds |
2020 £ £ 47,251 8,408 127,365 135,773 (3,705) 132,068 179,319 129,781 49,538 179,319 179,319 |
2019 £ £ 54,580 9,206 150,701 159,907 (22,305) 137,602 192,182 133,891 58,291 192,182 192,182 |
2019 £ £ 54,580 9,206 150,701 159,907 (22,305) 137,602 192,182 133,891 58,291 192,182 192,182 |
|---|---|---|---|
| 192,182 | |||
| 133,891 58,291 |
|||
| 192,182 | |||
| 192,182 |
For the financial year ended 31 July 2020, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on 10 February 2021 and signed on its behalf by:
.........................................
Dame F Reynolds Trustee
The notes on pages 8 to 16 form an integral part of these financial statements.
Page 7
Notes to the Financial Statements for the Year Ended 31 July 2020
Cambridge University Musical Society
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP 2005)', issued in March 2005, applicable accounting standards and the Companies Act 2006.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 17.
Incoming resources
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Income derived from events is recognised as earned (that is, as the related goods or services are provided).
Amounts due but not received in the year will be accrued for - those would typically be gift aid payments and outstanding hire charges.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds are the costs associated with attracting voluntary income.
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 allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants made for expenditures incurred in future years are recognised in the period to which they relate.
Expenditures are normally recognised in the year in which they are incurred. In exceptional circumstances they may be capitalised and recognised in the period to which they relate.
Page 8
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
Governance costs
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Fixed assets
Individual fixed assets costing £0 or more are initially recorded at cost.
Small instruments are written off in the year in which they are purchased.
Instruments with an expected life time in excess of 5 years and a replacement value in excess of £100 are capitalised and provided with an expected lifetime ranging between 5 and 15 years.
Instruments are written off if lost or if damaged to a point where they cannot be repaired and are no longer fit for use.
Musical scores are written off as expenditures in the year in which they are purchased, and therefore any residual value is not included on the balance sheet.
Other fixed assets may be capitalised if significant. If so, then the item and its treatment will be described in the notes to the accounts.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Instruments
Per valuation
Investments
Investments are included in the balance sheet at estimated market value. Market valuations are normally done annually and the latest valuation is used to estimate market value.
Fundraising
All funds raised are recorded under "fundraising", even if they are specifically related to particular concerts, ensembles or events. Any such relationships will be recorded in the notes to the accounts.
All significant expenditures related to fundraising are recorded as such in Expenditures.
Page 9
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
2 Voluntary income
| Donations and legacies Transfer from CUMS Fund Appeals and donations Gift Aid tax reclaimed Fundraising |
Unrestricted Funds £ 8,554 21,860 7,223 - 37,637 |
Total Funds 2020 £ 8,554 21,860 7,223 - 37,637 |
Total Funds 2019 £ 9,206 33,549 6,431 4,643 |
|---|---|---|---|
| 53,829 |
3 Grants receivable
Instrument grant
| Unrestricted | Total Funds | Total Funds |
|---|---|---|
| Funds | 2020 | 2019 |
| £ | £ | £ |
| 4,100 | 4,100 | 600 |
4 Activities for generating funds
| I Concerts Aggregate takings II General Subscriptions Other income III Hire Services Library hire fees Instrument hire fees and grants |
Unrestricted Funds £ 70,044 25,724 4,000 29,724 496 7,006 7,502 107,270 |
Total Funds 2020 £ 70,044 25,724 4,000 29,724 496 7,006 7,502 107,270 |
Total Funds 2019 £ 75,556 |
|---|---|---|---|
| 16,315 - |
|||
| 16,315 | |||
| 640 14,603 |
|||
| 15,243 | |||
| 107,114 |
Page 10
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
5 Investment income
Interest on cash deposits
| Unrestricted | Total Funds | Total Funds |
|---|---|---|
| Funds | 2020 | 2019 |
| £ | £ | £ |
| 1,065 | 1,065 | 739 |
6 Incoming resources from charitable activities
| Charitable activity Instrument grant (Profit)/loss on sale of tangible fixed assets held for charity's own use |
Unrestricted Funds £ 4,100 - 4,100 |
Total Funds 2020 £ 4,100 - 4,100 |
Total Funds 2019 £ 600 300 |
|---|---|---|---|
| 900 |
Page 11
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
7 Total resources expended
| Direct costs Auditions and competition judges Coaching I Concerts Instrument purchases (not capitalised) and upkeep Library purchases and upkeep Advertising and promotion Legal and professional costs Bank charges Depreciation of tangible fixed assets Support costs Honoraria Insurance Computers, printing and publicity Printing, stationery and telephone Subscriptions and donations Miscellaneous Costs brought forward from previous year Refreshments Accountancy fees |
Charitable activity £ 3,656 200 81,158 2,146 47 2,961 141 125 11,047 101,481 53,904 687 472 529 475 290 141 271 - 56,769 158,250 |
Governance £ - - - - - - - - - - - - - - - - - - 575 575 575 |
Total £ 3,656 200 81,158 2,146 47 2,961 141 125 11,047 |
|---|---|---|---|
| 101,481 | |||
| 53,904 687 472 529 475 290 141 271 575 |
|||
| 57,344 | |||
| 158,825 |
8 Trustees' remuneration and expenses
No trustees received any remuneration during the year.
9 Net expenditure
Net expenditure is stated after charging/(crediting):
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Profit on disposal of tangible fixed assets | - | (300) |
| Depreciation of owned assets | 11,047 | 11,117 |
Page 12
Cambridge University Musical Society Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
10 Employees' remuneration
The aggregate payroll costs of these persons were as follows:
| Wages and salaries | 2020 £ 53,904 |
2019 £ 51,473 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2019 - No. 0).
11 Taxation
The company is a registered charity and is, therefore, exempt from taxation.
Page 13
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
12 Tangible fixed assets
| Cost or Valuation As at 1 August 2019 Additions As at 31 July 2020 Depreciation As at 1 August 2019 Charge for the year As at 31 July 2020 Net book value As at 31 July 2020 As at 31 July 2019 |
Instruments £ 126,564 3,718 130,282 71,984 11,047 83,031 47,251 54,580 |
|---|---|
13 Debtors
| 2020 £ Other debtors 8,408 Creditors: Amounts falling due within one year 2020 £ Other creditors 3,205 Accruals and deferred income 500 3,705 Creditors amounts falling due within one year includes deferred income: 2020 £ As at 1 August 2019 10,000 Amount deferred in the year (10,000) As at 31 July 2020 - |
2019 £ 9,206 |
|---|---|
| 2019 £ 9,305 13,000 |
|
| 22,305 | |
| 2019 £ 20,000 (10,000) |
|
| 10,000 |
14 Creditors: Amounts falling due within one year
Page 14
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
15 Members' liability
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
Page 15
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2020
......... continued
16 Related parties
Controlling entity
The charity is controlled by the trustees who are all directors of the company.
17 Analysis of funds
| At 1 August 2019 Incoming resources £ £ General Funds I Concerts - 48,854 II General - 89,616 III Hire Services - 11,602 V CD Producti on - - VII Reserve Account 192,182 - Net assets by fund Tangible assets Current assets Creditors: Amounts falling due within on Net assets |
Resources expended Transfers Other recognised gains/losses £ £ £ (80,992) 32,138 - (71,922) (17,694) - (5,911) (5,691) - - - - - (8,753) (4,110) Unrestricted Funds Total Funds 2020 £ £ 47,251 47,251 135,773 135,773 e year (3,705) (3,705) 179,319 179,319 |
Resources expended Transfers Other recognised gains/losses £ £ £ (80,992) 32,138 - (71,922) (17,694) - (5,911) (5,691) - - - - - (8,753) (4,110) Unrestricted Funds Total Funds 2020 £ £ 47,251 47,251 135,773 135,773 e year (3,705) (3,705) 179,319 179,319 |
At 31 July 2020 £ - - - - 179,319 |
|---|---|---|---|
| e year | Total Funds 2019 £ 54,580 159,907 (22,305) 192,182 |
||
18 Net assets by fund
Page 16