Company registration number: 03350729 Charity registration number: 1179137
## **University of York Music Press**
(A company limited by guarantee)
## **Annual Report and Financial Statements**
**for the Year Ended 30 June 2021**
**University of York Music Press** (A company limited by guarantee)
## **Contents**
||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2 to 4|
|Independent examiner's report to the trustees|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8-16|
**University of York Music Press** (A company limited by guarantee)
## **Reference and Administrative Details**
|**Trustees**|Professor D L Blake|
|---|---|
||Ms S L Derbyshire MBE|
||L C East OBE|
||M Galloway|
||T M Holmes|
||N G A King QC|
||Professor N F LeFanu|
||G T F Nicholson|
||A C Rodaway|
||Professor R L A Saxton|
||M C Suckling|
|**Principal office**|Department of Music|
||Heslington|
||York|
||YO10 5DD|
|**Registered office**|Department of Music|
||Heslington|
||York|
||YO10 5DD|
|**Company registration number**|03350729|
|**Charity registration number**|1179137|
|**Bankers**|HSBC Bank PLC|
||PO Box 26|
||13 Parliament Street|
||York|
||YO1 8XS|
|**Accountants**|HPH Chartered Accountants|
||54 Bootham|
||York|
||YO30 7XZ|
1
## **University of York Music Press**
## **Trustees’ Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 June 2021.
## **Objectives and activities**
## _**Objects and aims**_
To promote and maintain the advancement of education (including the education of the public) and in particular musical education and the encouragement of the arts including the arts of music, drama, theatre, film and singing and including without prejudice to the generality of the foregoing carrying on any trade or business associated with the publication, promotion and sale of musical scores and works and anything incidental or conducive to any of the above objects.
## _**Objectives, strategies and activities**_
During the year ended 30 June 2021, the pandemic curtailed most activity in the music profession. Nevertheless, we continued to fulfil our charitable activities as far as possible. We enhanced our digital presence so that our work was not unduly impeded by the requirement to work from home. We developed our partnerships and were successful in obtaining funding from the Arts Council to provide developmental opportunities and training to regional composers. We prepared materials and resources for educational work, for when the pandemic restrictions would be lifted.
## _**Public benefit**_
UYMP selects individuals or organisations to support or partner on the basis of artistic merit and potential, in order to fulfil our strategic aims. UYMP has an experienced Board with a range of expertise, a group of advisers and an independent reading panel who assess scores. Everything is undertaken with a view to furthering our aims: broadening and enriching concert repertoire, and educational purpose.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial Review**
At the year end the total reserves amounted to £41,975, of which £18,668 were restricted. Accordingly, the free reserves at the year-end were £23,307 and the Trustees consider financial activity, impact and year-end position to be satisfactory.
## _**Reserves Policy**_
Much of the work undertaken by the Charity is project based, which has no need for a reserves buffer, although building one does provide working capital from which to launch future activity. However, we do have a commitment to staffing and seek to maintain a reserve which covers a year of this obligation. We have now achieved our minimum target reserve of £17,000 and will endeavour to maintain this going forward.
2
## **University of York Music Press**
## **Trustees’ Report**
## **Structure, governance and management**
## _**Nature of the governing documents**_
The charity is governed by Articles of Association which were adopted 18 June 2018.
## _**Recruitment and appointment of trustees**_
Trustees are recruited by word of mouth and personal connection, with high regard to ensuring that there is a broad skillset within the Board.
## _**Induction and training of trustees**_
New trustees spend time with our chairman and our paid administrator in order to gain an understanding of the charity's operations.
## _**Organisational structure**_
The Board of Trustees usually meets formally three times each year to receive reports on the progress of various matters and to steer the course ahead; the meetings are observed by the administrator. During the pandemic the Trustees have met more regularly, often monthly, in order to monitor the situation and take decisions on a timely basis.
## _**Coronavirus pandemic**_
At 30 June 2021 most music activity was still severely limited by the pandemic. However the Trustees are confident that the charity is in a stable position, with the right expertise and resources to deliver live activities when it is once again permitted.
3
## **University of York Music Press**
## **Trustees’ Report**
## **Statement of Trustees’ Responsibilities**
The trustees (who are also the directors of University of York Music Press for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the charities SORP;
- make judgements and estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basic unless it is inappropriate to presume that the charitable company will continue in business
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 24 March 2022 and signed on its behalf by:
………………………………………… A C Rodaway
4
## **Independent examiner’s report to the trustees of University of York Music Press**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2021.
This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with relevant accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Name: Charles Walker FCA Address: The Lowlights 11 Petersway Clifton York YO30 6AR
Date:
5
## **University of York Music Press**
(A company limited by guarantee)
## **Statement of Financial Activities for the Year Ended 30 June 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income**
**Income and Endowments from:**
Donations and Legacies
_3_
Charitable activities
_4_
Investment income
_5_
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
_6_
Other expenditure
_7_
**Total expenditure**
**Net income**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
_15_|**Unrestricted**
**funds**
**£**
15,895
18,559
-
34,454
(4,180)
(19,820)
(151)
(24,151)
10,303
10,303
13,004
£ 23,307|**Restricted**
**funds**
**£**
16,320
-
-
16,320
(300)
(2,699)
216
(2,783)
13,537
13,537
5,131
£ 18,668|**Total**
**2021**
**£**
32,215
18,559
-
50,774
(4,480)
(22,519)
65
(26,934)
23,840
23,840
18,135
£ 41,975|**Total**
**2020**
**£**
39,264
16,257
8
55,529
(6,945)
(20,194)
(829)
(27,968)
27,561
27,561
(9,426)
£ 18,135|
|---|---|---|---|---|
All of the charity's actvities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 15.
The notes on pages 8 to 16 form an integral part of these financial statements.
6
(A company limited by guarantee)
## **University of York Music Press**
## **(Registration number: 03350729) Balance Sheet as at 30 June 2021**
|**Note**
**Current assets**
Stock
_11_
Debtors
_12_
Cash at bank and in hand
**Creditors: amounts falling due within one year**
_13_
**Total assets less current liabilities**
**Creditors: amounts falling due after more than one year**
_14_
**Net assets**
**Funds of the charity:**
Restricted Funds
_15_
Unrestricted Funds
_15_
**Total funds**|**2021**
**£**
250
21,024
31,895
53,169
(8,194)
44,975
(3,000)
£ 41,975
18,668
23,307
£ 41,975|**2020**
**£**
250
20,361
29,583
50,194
(29,059)
21,135
(3,000)
£ 18,135
5,131
13,004
£ 18,135|
|---|---|---|
For the finacial year 30 June 2021 the charity was entitled to exemption from audit under section 477 of the companies Act 20016 relating to small companies.
## Directors' resposibilities:
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
The directors acknowledge their resposibilities for complying with the requirements of the Act with respect to the accounting records and the preparation of the accounts
The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements on pages 6 to 16 were approved by the trustees on 24 March 2022 and signed on its behalf by:
A C Rodaway Director
The notes on pages 8 to 16 form an integral part of these financial statements.
7
## **University of York Music Press**
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
University of York Music Press meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The accounts are prepared in pound sterling and are rounded to the nearest pound.
## **Going concern**
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
## **Fund accounting**
The trustees have a defined policy for the identification of different types of income: a) Designated funds are unrestricted funds but are specifically earmarked by the Trustees for a particular purpose.
b) Restricted funds are only to be used for the specific purpose laid down by the donor. Expenditure which meets this criteria is charged to the fund.
c) Unrestricted funds are the residue of income receivable or generated from the objects of the charity without further specified purposes and are available as general funds.
8
## **University of York Music Press**
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## **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.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Stock**
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
9
## **University of York Music Press**
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
10
## **University of York Mucic Press**
## (A company limited by guarantee)
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
|**3**|**Income from donations and legacies**|**Unrestricted**
**Restricted**||||
|---|---|---|---|---|---|
|||**General**
**General**||**Total**|**Total**|
|||**2021**
**2021**||**2021**|**2020**|
|||**£**
**£**||**£**|**£**|
||Government grants receivable|5,160|-|5,160|-|
||Other grants receivable|10,735
16,320||27,055|39,264|
|||15,895
16,320||32,215|39,264|
||Government grants receivable relates to amounts received under the Coronavirus Job|||Retention Scheme to cover||
||the cost of wages for staff who were unable to work due to the Covid-19 pandemic.|||||
|**4**|**Income from charitable activities**|**Unrestricted**
**Restricted**||||
||Royalties, Sales and Hire|**General**
**General**
**2021**
**2021**
**£**
**£**
18,559|-|**Total**
**2021**
**£**
18,559|**Total**
**2020**
**£**
16,257|
|||18,559|-|18,559|16,257|
|**5**|**Investment income**|**Unrestricted**
**Restricted**||||
||Other investment income|**General**
**General**
**2021**
**2021**
**£**
**£**
-|-|**Total**
**2021**
**£**
-|**Total**
**2020**
**£**
8|
|||-|-|-|8|
|**6**|**Expenditure on charitable activities**|**Unrestricted**
**Restricted**||||
||Wages and salaries|**General**
**General**
**2021**
**2021**
**£**
**£**
18,860
899||**Total**
**2021**
**£**
19,759|**Total**
**2020**
**£**
16,780|
||Accountancy fees|960|-|960|900|
||Legal and professional fees|-
900||900|85|
||Bank charges|-|-|-|6|
||Foreign currency (gains)/losses|-|-|-|5|
||Advertising|-
900||900|2,418|
|||19,820
2,699||22,519|20,194|
11
## **University of York Mucic Press**
(A company limited by guarantee)
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
|**Other expenditure**
Other resources expended|**Unrestricted**
**General**
**2021**
**£**
151
151|**Restricted**
**General**
**2021**
**£**
(216)
(216)|**Total**
**2021**
**£**
(65)
(65)|**Total**
**2020**
**£**
829
829|
|---|---|---|---|---|
## **7 Other expenditure**
## **8 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses from the charity during the year.
## **9 Staff costs**
The aggregate payroll costs were as follows:
|Wages and salaries
**Staff costs during the year were:**|**2021**
**£**
19,759
19,759|**2020**
**£**
16,780
16,780|
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
The average number of persons employed by the charity during the year was 2 (2020: 1)
12
## **University of York Mucic Press**
(A company limited by guarantee)
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
|**11 Stock**
Stocks
**12 Debtors**
Trade debtors
VAT recoverable
Other debtors
**13 Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals
**14 Creditors: amounts falling after more than one year**
Other creditors|**2021**
**£**
250
250
**2021**
**£**
20,795
115
114
21,024
**2021**
**£**
6,295
934
965
8,194
**2021**
**£**
3,000
3,000|**2020**
**£**
250
250
**2020**
**£**
19,880
275
206
20,361
**2020**
**£**
27,903
-
1,156
29,059
**2020**
**£**
3,000
3,000|
|---|---|---|
13
## **University of York Mucic Press**
## (A company limited by guarantee)
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
|**15 Funds**
Unrestricted
Restricted
Unrestricted
Restricted|**Balance at**
**01-Jul-20**
**£**
13,004
5,131
18,135
**Balance at**
**01-Jul-19**
**£**
(9,426)
-
(9,426)|**Incoming**
**resources**
**£**
34,454
16,320
50,774
**Incoming**
**resources**
**£**
44,429
11,100
55,529|**Resources**
**expended**
**£**
(24,151)
(2,783)
(26,934)
**Resources**
**expended**
**£**
(21,999)
(5,969)
(27,968)|**Balance at**
**01-Jul-21**
**£**
23,307
18,668
41,975
**Balance at**
**01-Jul-20**
**£**
13,004
5,131
18,135|
|---|---|---|---|---|
Restricted funds in 2020 represent a donation from The Mayfield Valley Arts Trust, given in respect of the Early Career Composers Cooperative project, a professional development opportunity for composers based in the north of England and in the early stages of their career.
Restricted funds in 2021 respresent £4,447 remaining of the donation from The Mayfield Valley Arts Trust, in addition to grants of £3,000 received from John S Cohen and £13,320 received from The Arts Council for The Northern Composers Network Development plan, of which £14,221 remains unspent at the year end.
Much of the grant expenditure has been delayed due to the effects of the Covid-19 pandemic, with many events being postponed, but not cancelled. Funds have been promised to particular individuals for the provision of services, which had not taken place as at 30 June 2021.
14
## **University of York Mucic Press**
(A company limited by guarantee)
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
|**16 Analysis of net assets between funds**
Current assets
Current liabilites
Creditors over 1 year
Total net assets
Current assets
Current liabilites
Creditors over 1 year
Total net assets
**17 Analysis of net funds**
Cash at bank and in hand
Total net assets
Cash at bank and in hand
Total net assets|**Restricted**
**funds**
**resources**
**£**
18,668
-
-
18,668
**Restricted**
**funds**
**resources**
**£**
5,131
-
-
5,131
**Balance at**
**01-Jul-20**
**£**
29,583
29,583
**Balance at**
**01-Jul-19**
**£**
32,238
32,238|**Unrestricted**
**funds**
**resources**
**£**
34,501
(8,194)
(3,000)
23,307
**Unrestricted**
**funds**
**resources**
**£**
45,063
(29,059)
(3,000)
13,004
**Financing**
**cash flows**
**£**
2,312
2,312
**Financing**
**cash flows**
**£**
(2,655)
(2,655)|**Total funds at**
**30 June**
**2021**
**£**
53,169
(8,194)
(3,000)
41,975
**Total funds at**
**30 June**
**2020**
**£**
50,194
(29,059)
(3,000)
18,135
**Balance at**
**01-Jul-21**
**£**
31,895
31,895
**Balance at**
**01-Jul-20**
**£**
29,583
29,583|
|---|---|---|---|
15
## **University of York Mucic Press**
(A company limited by guarantee)
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **18 Related party transactions**
During the year the charity made the following related party transactions: **HPH, Chartered Accountants**
(A C Rodaway is both a Trustee of the charity and a Partner in HPH) Accountancy services are provided on an arms length basis. Fees charged during the year were £965. At the balance sheet date the amount due to HPH, Chartered Accountants was £935 (2020 - £Nil).
16