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 2022
Burdett King Accountancy Limited
## **Cambridge University Musical Society**
## **Contents**
**----- Start of picture text -----**
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
**----- End of picture text -----**
## **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||
||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||
||Mrs J N E Reavell|(Appointed 6 July 2022)|
||Dr M J C Whitehead||
||Dr N J Yandell|(Resigned 21 September 2022)|
|**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 2022.
## 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:
David Butcher (resigned 22 February 2022)
Simon Fairclough (resigned 2 September 2021)
James Furber
Heather Hancock LVO, DL (Chair)
Stephen Johns
Jenny Reavell (appointed 6 July 2022)
Dr Jo Whitehead
Dr Nigel Yandell (resigned 21 September 2022)
Company Secretary
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. New trustees are ordinarily appointed by a resolution of the existing trustees and are subject to re-election at the next annual general meeting. In considering appointments, 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 including risk management. During the course of the year responsibility for the day-to-day operation of the charity was delegated to a small team of employees and contractors, and from December 2021 additional support was offered by employees of the University of Cambridge’s new Centre for Music Performance, initially under the terms of a Memorandum of Understanding which had been signed with the University in May 2021.
The trustees receive no remuneration for their time, but tickets are provided to enable them to attend certain concerts.
## 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.
Page 2
## **Cambridge University Musical Society**
## **Trustees' Report**
## 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.
The charity realises these objectives by enabling the operation of a number of ensembles, the delivery of rehearsals, public concerts and competitions, and the management of collections of musical instruments and sheet music.
In considering the strategies and policies of the charity the trustees have had due regard to the public benefit guidance published by the Charity Commission. The charity makes an important contribution to music education in the UK: many of its alumni have gone on to high-profile professional musical careers, and countless more current members and alumni lead fuller lives as a result of the musical training it offers. Members of the public have opportunities to participate as performers in a number of the charity’s activities, almost all its performances are open to the public, and entry to its Tuesday lunchtime concerts is offered free of charge. By operating what the trustees believe to be the largest percussion instrument hire service in East Anglia, as well as a substantial music hire library, the charity benefits musicians, musical charities and concertgoers across the region. The charity is currently collaborating with the University of Cambridge on the establishment of the University’s new Centre for Music Performance, which in the opinion of the trustees will allow these public benefits to be realised even more fully.
## Achievements and performance
The year under review saw the resumption of the majority of the charity’s activities after the worst of the Covid-19 pandemic.
The University Orchestra worked exclusively with professional conductors, enabling the finest classical instrumentalists studying at Cambridge to experience orchestral playing at the highest level possible. Its performances included Rodrigo’s _Concierto de Aranjuez_ with concerto competition winner Kevin Loh and conductor Natalia Luis-Bassa, Sibelius’ Violin Concerto and Symphony No.3 with conductor Jac van Steen, and Brahms’ Violin Concerto with soloist Francesca Dego and conductor Alpesh Chauhan. The orchestra was grateful to Martin André who stepped in at short notice at the height of the Omicron wave of the pandemic to conduct Tchaikovsky’s Symphony No.6 and a concert overture by Elfrida Andrée after a large-scale performance of Brahms’ _Ein deutsches Requiem_ had to be postponed.
Highlights for the Symphony Chorus, which is made up of students, university staff and members of the local community, included Haydn’s _The Creation_ with the East Anglia Chamber Orchestra in King’s College Chapel – the charity’s first event there since the pandemic – and a performance accompanied by a small ensemble of student instrumentalists at West Road Concert Hall.
The student-run University Sinfonia, which offers fun and high-quality student-led orchestral opportunities, performed music including Florence Price’s Symphony No.1 and partnered with the University Jazz Orchestra and Musical Theatre Society for an evening of songs from the shows at The Junction.
The University Chamber Choir aims to stretch the most able choral singers in the university. It staged a large-scale performance of music including Tallis’ _Spem in Alium_ at Girton College which was conducted by Martin Ennis and accompanied by a massed ensemble of student and professional period instrument players, and it gave a performance with the university Collegium Musicum co-directed by Nicholas Mulroy and Margaret Faultless of music by Monteverdi, Purcell and Bach.
Members of the public were invited to attend a series of Tuesday lunchtime concerts free of charge. Highlights ranged from performances by the University Gamelan Ensemble and Jazz Orchestra to a performance of Strauss’ _Metamorphosen_ organised by CUMS Conducting Scholar Jess Hoskins.
Page 3
## **Cambridge University Musical Society**
## **Trustees' Report**
For some years the trustees have been working with the University of Cambridge towards the establishment of the University’s new Centre for Music Performance, and the Centre began operations on 1 December 2021. The charity’s relationship with the Centre was managed initially in line with a Memorandum of Understanding which had been signed between with the CUMS Fund and the Chancellor, Masters and Scholars of the University of Cambridge in May 2021, and towards the end of the financial year the trustees agreed more detailed operating arrangements with the University. A member of the charity’s board of trustees sits on the University’s Music Performance Committee – the Centre’s oversight body – to ensure that the charity’s interests are represented in the Centre’s decision-making.
## 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 and by Orchestra Tax Relief payments from HMRC. 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 net income before transfers was £16,630 (2021: £1,367).
## Plans for future years
The Society is now collaborating closely with the University of Cambridge’s Centre for Music Performance under operating arrangements agreed formally in July 2022. Working with the Centre, the charity aims to continue to offer a range of opportunities for Cambridge students and others in the University and city of Cambridge to participate in and listen to a range of music. The trustees’ intention is to merge its activities and assets into the Centre in due course, subject to agreed milestones being met.
## 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 28 March 2023 and signed on its behalf by:
.........................................
Mrs H J Hancock 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 2022, 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
28 March 2023
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 2022**
|**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 before other recognised gains and losses
**Other recognised gains/losses**
(Losses)/gains on revaluation of assets
Net movements in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**£**
44,326
108,299
775
600
154,000
136,595
775
137,370
16,630
(9,517)
7,113
193,609
200,722|**Total Funds**
**2022**
**£**
44,326
108,299
775
600
154,000
136,595
775
137,370
16,630
(9,517)
7,113
193,609
200,722|**Total Funds**
**2021**
**£**
43,764
11,872
748
4,115|
|---|---|---|---|
||||60,499|
||||58,607
525|
||||59,132|
||||1,367
12,923|
||||14,290
179,319|
||||193,609|
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 2022**
|**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**|**2022**
**£**
**£**
23,689
53,595
140,403
193,998
(16,965)
177,033
200,722
133,187
67,535
200,722
200,722|**2021**
**£**
**£**
35,123
10,356
176,235
186,591
(28,105)
158,486
193,609
142,704
50,905
193,609
193,609|**2021**
**£**
**£**
35,123
10,356
176,235
186,591
(28,105)
158,486
193,609
142,704
50,905
193,609
193,609|
|---|---|---|---|
||||193,609|
||||142,704
50,905|
||||193,609|
||||193,609|
For the financial year ended 31 July 2022, 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 28 March 2023 and signed on its behalf by:
.........................................
Mrs H J Hancock Trustee
The notes on pages 8 to 16 form an integral part of these financial statements.
Page 7
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
## **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 8
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
_......... 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 9
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
_......... 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**
**£**
11,757
26,444
6,125
-
44,326|**Total Funds**
**2022**
**£**
11,757
26,444
6,125
-
44,326|**Total Funds**
**2021**
**£**
10,134
23,798
6,618
3,214|
|---|---|---|---|
||||43,764|
## **3 Grants receivable**
|Instrument grant|**Unrestricted**
**Funds**
**£**
600|**Total Funds**
**2022**
**£**
600|**Total Funds**
**2021**
**£**
600|
|---|---|---|---|
Page 10
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
_......... 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**
**£**
45,454
13,595
41,148
54,743
1,526
6,576
8,102
108,299
**Unrestricted**
**Funds**
**£**
775
**Unrestricted**
**Funds**
**£**
600
-
600|**Total Funds**
**2022**
**£**
45,454
13,595
41,148
54,743
1,526
6,576
8,102
108,299
**Total Funds**
**2022**
**£**
775
**Total Funds**
**2022**
**£**
600
-
600|**Total Funds**
**2021**
**£**
-|
|---|---|---|---|
||||11,526
-|
||||11,526|
||||20
326|
||||346|
||||11,872|
||||**Total Funds**
**2021**
**£**
748|
||||**Total Funds**
**2021**
**£**
600
3,515|
||||4,115|
Page 11
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
_......... 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
Bank charges
Depreciation of tangible fixed assets
Movement of fixed assets held for charity's own use
**Support costs**
Honoraria
Insurance
Printing, stationery and telephone
Subscriptions and donations
Miscellaneous
Costs brought forward from previous year
Accountancy fees|**Charitable**
**activity**
**£**
4,088
2
57,818
255
339
444
120
10,892
542
74,500
58,678
1,268
23
1,078
805
243
-
62,095
136,595|**Governance**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
775
775
775|**Total**
**£**
4,088
2
57,818
255
339
444
120
10,892
542|
|---|---|---|---|
||||74,500|
||||58,678
1,268
23
1,078
805
243
775|
||||62,870|
||||137,370|
## **8 Trustees' remuneration and expenses**
No trustees received any remuneration during the year.
## **9 Net income**
Net income is stated after charging:
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Loss on disposal of tangible fixed assets|542|1,086|
|Depreciation of owned assets|10,892|11,042|
Page 12
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
_......... continued_
## **10 Employees' remuneration**
The aggregate payroll costs of these persons were as follows:
|Wages and salaries|**2022**
**£**
58,678|**2021**
**£**
38,781|
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2021 - 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 2022**
_......... continued_
## **12 Tangible fixed assets**
|**Cost or Valuation**
As at 1 August 2021
Disposals
As at 31 July 2022
**Depreciation**
As at 1 August 2021
Charge for the year
As at 31 July 2022
**Net book value**
As at 31 July 2022
As at 31 July 2021
**Debtors**
Other debtors
Prepayments and accrued income|**2022**
**£**
52,825
770
53,595|**Instruments**
**£**
127,193
(542)|
|---|---|---|
|||126,651|
|||92,070
10,892|
|||102,962|
|||23,689|
|||35,123|
|||**2021**
**£**
10,356
-|
|||10,356|
## **13 Debtors**
Page 14
## **Cambridge University Musical Society**
## **Notes to the Financial Statements for the Year Ended 31 July 2022**
_......... continued_
## **14 Creditors: Amounts falling due within one year**
|Taxation and social security
Other creditors
Accruals and deferred income|**2022**
**£**
444
3,271
13,250
16,965|**2021**
**£**
-
2,605
25,500|
|---|---|---|
|||28,105|
Creditors amounts falling due within one year includes deferred income:
|As at 1 August 2021
Amount deferred in the year
As at 31 July 2022|**2022**
**£**
20,000
(10,000)
10,000|**2021**
**£**
-
20,000|
|---|---|---|
|||20,000|
## **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 2022**
_......... continued_
## **16 Related parties**
## **Controlling entity**
The charity is controlled by the trustees who are all directors of the company.
## **17 Analysis of funds**
|||||**Other**||
|---|---|---|---|---|---|
||**At 1 August**|**Incoming**|**Resources**|**recognised**|**At 31 July**|
||**2021**|**resources**|**expended**|**gains/losses**|**2022**|
||**£**|**£**|**£**|**£**|**£**|
|**General Funds**||||||
|I Concerts|(3,413)|45,454|(58,485)|-|(16,444)|
|II General|4,392|99,844|(78,291)|-|25,945|
|III Hire Services|389|8,702|(594)|-|8,497|
|V CD Production|-|-|-|-|-|
|VII Reserve Account|192,241|-|-|(9,517)|182,724|
## **18 Net assets by fund**
|Tangible assets
Current assets
Creditors: Amounts falling due within one year
Net assets|**Unrestricted**
**Funds**
**£**
23,689
193,998
(16,965)
200,722|**Total Funds**
**2022**
**£**
23,689
193,998
(16,965)
200,722|**Total Funds**
**2021**
**£**
35,123
186,591
(28,105)|
|---|---|---|---|
||||193,609|
Page 16