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 2021
Burdett King Accountancy Limited
Cambridge University Musical Society
Contents
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Reference and Administrative Details 1
Trustees' Report 2 to 4
Trustees' responsibilities in relation to the financial statements 5
Independent examiner's report 6
Statement of financial activities 7
Balance Sheet 8
Notes to the financial statements 9 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 | Mrs H J Hancock, Chair of the Trustees | (Appointed 22 May 2021) |
| Dame F Reynolds | (Resigned 22 May 2021) | |
| Mr D A Butcher | (Resigned 22 February 2022) | |
| Mr S N Fairclough | (Resigned 2 September 2021) | |
| 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
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 2021.
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
Mrs H Hancock (Chair - from 22 May 2021)
Mr S Johns
Dame F Reynolds (Chair - to 22 May 2021)
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 continuation of the Covid-19 pandemic and national lockdown, and all the challenges they presented. In Michaelmas Term there were strict guidelines in the University for extra-curricular performance which meant that it was not possible for some ensembles to perform. Auditions were held and concerts were planned, but we were forced to cancel them as cases rose and guidelines changed. The Faculty of Music ran online performance masterclasses and wellbeing classes and CUMS members were invited to attend. We had meetings with the student committees to monitor the situation and discuss possible on-line activities, but as the students were spending so much time on-line for their studies they preferred to wait until performing together in person was possible. The majority of students did not return to Cambridge in Lent term so there were no activities. At the end of the academic year, we held one informal concert with the New Music Group, a CUMS associate ensemble.
The Symphony Chorus held a mix of socially distanced, in person rehearsals and on-line rehearsals which were a mix of rehearsing and features on choral music by their artistic director Richard Wilberforce and guest artists. An informal performance took place in West Road Concert Hall in Michaelmas and at the end of the year the Chorus performed outside conducted by Tim Brown. These performances and rehearsals were hugely appreciated by the members as it benefited their wellbeing and developed their technique.
The CUMS team was reduced to the Executive Director and Performance Assistant and the Performance Assistant was furloughed for the majority of the year.
On 26 May 2021, a Memorandum of Understanding between CUMS, the CUMS Fund, and the Chancellor, Masters and Scholars of the University of Cambridge was signed. The document was built on the joint letter of intent, in support of a proposal to the University’s General Board, 17 November 2020, for the formation of the Centre for Music Performance (CMP). The Trustees were also involved in the drawing up of the job description for the new Director who now leads the CMP, and the make-up of the Music Performance Committee that oversees the new University department. It was agreed that a CUMS Trustee and a CUMS Fund Trustee should serve on the Music Performance Committee for the duration of the transition period.
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 despite the lack of performances as this has allowed the society to continue operating and put plans in place for the current year. The net income before ttransfers was £1,367.
Plans for future years
The Society is now collaborating closely with the CMP 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 our ensemble and activities. We are constantly looking for opportunities to control costs and improve our marketing and concert revenues. This will be in collaboration with the Centre for Musical Performance
Covid-19 is continuing to affect activities and the rebuilding of the ensembles. We are making creative plans for the coming year, but this has both artistic and financial implications which need to be managed as the situation develops.
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.
Page 3
Cambridge University Musical Society
Trustees' Report
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 22 February 2022 and signed on its behalf by:
.........................................
Mrs H J Hancock Trustee
Page 4
Cambridge University Musical Society
Trustees' Responsibilities in relation to the Financial Statements
The trustees (who are also directors of Cambridge University Musical Society for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which 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 income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that 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.
Page 5
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 2021, which are set out on pages 7 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 ;
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act ; and
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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:
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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
22 February 2022
Page 6
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 2021
| 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 Charitable activities 7 Governance costs 7 Total resources expended Net income/(expenditure) before transfers Transfers Gross transfers between funds Net income/(expenditure) before other recognised gains and losses Other recognised gains/losses Gains/(losses) on revaluation of assets Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 43,764 11,872 748 4,115 60,499 58,607 525 59,132 1,367 - 1,367 12,923 14,290 179,319 193,609 |
Total Funds 2021 £ 43,764 11,872 748 4,115 60,499 58,607 525 59,132 1,367 - 1,367 12,923 14,290 179,319 193,609 |
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 |
All incoming resources and resources expended derive from continuing activities.
The notes on pages 9 to 16 form an integral part of these financial statements.
Page 7
Cambridge University Musical Society (Registration number: 08186921)
Balance Sheet as at 31 July 2021
| 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 |
2021 £ £ 35,123 10,356 176,235 186,591 (28,105) 158,486 193,609 142,704 50,905 193,609 193,609 |
2020 £ £ 47,251 8,408 127,365 135,773 (3,705) 132,068 179,319 129,781 49,538 179,319 179,319 |
2020 £ £ 47,251 8,408 127,365 135,773 (3,705) 132,068 179,319 129,781 49,538 179,319 179,319 |
|---|---|---|---|
| 179,319 | |||
| 129,781 49,538 |
|||
| 179,319 | |||
| 179,319 |
For the financial year ended 31 July 2021, 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 22 February 2022 and signed on its behalf by:
.........................................
Mrs H J Hancock Trustee
The notes on pages 9 to 16 form an integral part of these financial statements.
Page 8
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
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.
Page 9
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
......... continued
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.
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.
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.
Page 10
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
......... continued
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.
2 Voluntary income
| Donations and legacies Transfer from CUMS Fund Appeals and donations Gift Aid tax reclaimed Fundraising |
Unrestricted Funds £ 10,134 23,798 6,618 3,214 43,764 |
Total Funds 2021 £ 10,134 23,798 6,618 3,214 43,764 |
Total Funds 2020 £ 8,554 21,860 7,223 - |
|---|---|---|---|
| 37,637 |
3 Grants receivable
| Instrument grant | Unrestricted Funds £ 600 |
Total Funds 2021 £ 600 |
Total Funds 2020 £ 4,100 |
|---|---|---|---|
Page 11
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
......... continued
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 5 Investment income Interest on cash deposits 6 Incoming resources from charitable activities Charitable activity Instrument grant Other income |
Unrestricted Funds £ - 11,526 - 11,526 20 326 346 11,872 Unrestricted Funds £ 748 Unrestricted Funds £ 600 3,515 4,115 |
Total Funds 2021 £ - 11,526 - 11,526 20 326 346 11,872 Total Funds 2021 £ 748 Total Funds 2021 £ 600 3,515 4,115 |
Total Funds 2020 £ 70,044 |
|---|---|---|---|
| 25,724 4,000 |
|||
| 29,724 | |||
| 496 7,006 |
|||
| 7,502 | |||
| 107,270 | |||
| Total Funds 2020 £ 1,065 |
|||
| Total Funds 2020 £ 4,100 - |
|||
| 4,100 |
Page 12
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
......... continued
7 Total resources expended
| Direct costs Auditions and competition judges 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 Loss/(profit) on sale of fixed assets held for charity's own use Support costs Honoraria Insurance Computers, printing and publicity Printing, stationery and telephone Subscriptions and donations Miscellaneous Costs brought forward from previous year Accountancy fees |
Charitable activity £ 450 3,470 42 517 439 240 110 11,042 1,086 17,396 38,781 750 370 220 465 400 225 - 41,211 58,607 |
Governance £ - - - - - - - - - - - - - - - - - 525 525 525 |
Total £ 450 3,470 42 517 439 240 110 11,042 1,086 |
|---|---|---|---|
| 17,396 | |||
| 38,781 750 370 220 465 400 225 525 |
|||
| 41,736 | |||
| 59,132 |
8 Trustees' remuneration and expenses
No trustees received any remuneration during the year.
9 Net income/(expenditure)
Net income/(expenditure) is stated after charging:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Loss/(profit) on disposal of tangible fixed assets | 1,086 | - |
| Depreciation of owned assets | 11,042 | 11,047 |
Page 13
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
......... continued
10 Employees' remuneration
The aggregate payroll costs of these persons were as follows:
| Wages and salaries | 2021 £ 38,781 |
2020 £ 53,904 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2020 - No. 0).
11 Taxation
The company is a registered charity and is, therefore, exempt from taxation.
Page 14
Notes to the Financial Statements for the Year Ended 31 July 2021
Cambridge University Musical Society
......... continued
12 Tangible fixed assets
| Cost or Valuation As at 1 August 2020 Disposals As at 31 July 2021 Depreciation As at 1 August 2020 Eliminated on disposals Charge for the year As at 31 July 2021 Net book value As at 31 July 2021 As at 31 July 2020 |
Instruments £ 130,282 (3,089) 127,193 83,031 (2,003) 11,042 92,070 35,123 47,251 |
|---|---|
13 Debtors
| 2021 £ Other debtors 10,356 Creditors: Amounts falling due within one year 2021 £ Other creditors 2,605 Accruals and deferred income 25,500 28,105 Creditors amounts falling due within one year includes deferred income: 2021 £ As at 1 August 2020 - Amount deferred in the year 20,000 As at 31 July 2021 20,000 |
2020 £ 8,408 |
|---|---|
| 2020 £ 3,205 500 |
|
| 3,705 | |
| 2020 £ 10,000 (10,000) |
|
| - |
14 Creditors: Amounts falling due within one year
Page 15
Cambridge University Musical Society
Notes to the Financial Statements for the Year Ended 31 July 2021
......... 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.
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 2020 £ General Funds I Concerts - II General - III Hire Services - V CD Production - VII Reserve Account 179,319 Net assets by fund Tangible assets Current assets Creditors: Amounts falling due within on Net assets |
Incoming resources Resources expended Other recognised gains/losses £ £ £ - (3,414) - 59,553 (55,159) - 946 (559) - - - - - - 12,923 Unrestricted Funds Total Funds 2021 £ £ 35,123 35,123 186,591 186,591 e year (28,105) (28,105) 193,609 193,609 |
Incoming resources Resources expended Other recognised gains/losses £ £ £ - (3,414) - 59,553 (55,159) - 946 (559) - - - - - - 12,923 Unrestricted Funds Total Funds 2021 £ £ 35,123 35,123 186,591 186,591 e year (28,105) (28,105) 193,609 193,609 |
At 31 July 2021 £ (3,414) 4,394 387 - 192,242 |
|---|---|---|---|
| e year | Total Funds 2020 £ 47,251 135,773 (3,705) 179,319 |
||
18 Net assets by fund
Page 16