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 2022
University of York Music Press (A company limited by guarantee) Contents Pag• Reference and Administrative Details Trustees, Report 2to4 Independent examinerfs report to Ihe trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-16
University of York Music Press IA company limited by guarantee) Reference and Administrative Details Trustees Professor D L Blake S L Derbyshire MBE L C East OBE M Galloway T M Holmes NGAKingQC Professor N F LeFanu G T F Nicho150n A C Rodaway Professor R L A Saxton M C Suckling D N Lancaster Appointed 8 April 2022 Prlnclpal office Department of Music Heslington YORK Y010 5DD R•9l$tèr•d offieè Department of Music Heslington YORK Y010 5DD Company regi3tration number 03350729 Charity registration number 1179137 Bankers HSBC Bank PLC PO Box 26 13 Parliament Street YORK Y01 8XS Accountants HPH Chartered Accountants 54 Bootham YORK Y030 7XZ
University of York Music Press Trustaes, Report The trustees, who are directors lor the purposes of company law, present their annual report together with the finan¢ial slalemenls of the ¢harilable ¢ompany for the year ended 30 June 2022. Oblèctlvès and actlvltlès Objects and aims To promote and m8intain the advancement of edu¢alion linduding the edu¢alion of the publi¢l and in particular musical education and the encouragement of the arts including the arts of mu51C. drarna. theatre. film and singing and including without prejudice lo 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 inadental or conducive to any of the above objects. Objectives. strategies and activities During the year ended 30 June 2022, the charity was able to recornmence activities that had been Postponed or cancelled due lo the pandemic. For regional composers. the online tiaining provided the previous year was PLrt into praclioe. since they were now able lo go into schools and wotkplaces In person to deliver educational projects. Our adrninistrator worked both from home and from the office, a flexible ariangemenl we shall continue. Our enhanced digital presence has pioved a very sound investment for the dissemination of our work. Our future plans include creating further opportunities for regional mid-career composers to enhan their skills and use them for the benefrt of others. Public benefit UYMP selects indiwduals or organisations to SLJPPOrt or partner on the basis of artistic merit and polenlial. in order lo fulfil our strategic aims. UYMP has an experienced Board wrth a lange of expertise. a group of adviseis and an independent leading panel who assess score5. Everything is undertaken with a view to furthering our aims.. broadening and enriching concert repertoire, and educational purpose. The trustees confimi that they have cornplied with the requirements of section 17 of the Charities Act 2011 to have due regard to the PLJblic benefit gLJidance published by the Charity Commission for England and Wales. Financial Review At the year end the total re5etve5 amounted lo £44,241. ofwhich £7.064 weie restricted. Accordingly, atthough the overall balance rernained much the same, the free reserves at the year-end were increased by £13,870 to £37,177 and the Trustees consider financial activity, impact and year-end position to be satisfactory. Reserves Poli¢y 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 obligatitsn. We have now achieved our minimum target rèsèrvè of 217.000 and will èndeavour to rllainlain this going forward. An excess has been allowed to aocumulale, allowing us lo consider projects with a greater need for working capital.
University of York Music Press Trusta•s' Report Structurè, govèmancè and managèmènt Nature of the governing documents The charity is governed by Articles of Association which were adopted 18 June 2018. Re¢ruitmentand appointment of tru$tee$ Trustees are recruited by word of mouth and personal connection, with high regard lo ensuring that there is a broad skillset within the Board. Indu¢tion and training of trustees New Iru5tees spend lime with our chairrnan and our paid adrninistralor in order lo gain an understsnding of the charity's operations. Organi53tional structure The Board ofTru51ees usually meets formallythree limes each year lo recewe reports ON the progress of various matters and to steer the course ahead., the meetings are observed by the adrninistrator. Coronavirus pandemiT At 30 June 2022 activity was still recovering from limitations imposed by the pandemic. However, the Tiuslees ale confident that the charity remains in a stable p0511ion. with the right expertise and resources and has recommenced the delivery of live activities.
University of York Music Press Trusta•s' Report ststem•nt of Trust8es' R8sponslbllltlès The Iruslees Iwho are also the director5 of University of York Music Press for the purposes of ¢otnpany lawl are responsible foi preparing the tiuslees, report and the financial stslemenls in a¢eordanTr with the United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial staternents for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a Iiue and fair view of the slate of affair5 of the ch8ril8ble company and of rf(5 incoming resources and applic*ion of resources, including rts income and expendrture. for that period. In pieparing these financial statements. the Iruslee5 are required lo.. 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 slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the finanaal statements., and piepare the financial statements on the going concèrn basic unless It is inappropriate to piesume that the charitable company will continue in business The Iruslees ale responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable companls transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial slalernenls oornply with the Companies Act 2006. They ale also iesponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. Small companies provision statement This Teport has been prepared in ac¢oidance with the sm811 mpanIeS iegime under the Companies Act 2006. The annual report wa5 approved by the IIu51ee5 of the charity on 27 March 2023 and signed on it5 behalf by.. A C Rodaway
Independent examiner's report to the trustees of University of York Music Press I report lo the charty Iruslees on Tny examination of the accoun15 of the CoTnpany for the year ended 30 June 2022. This report is madè solely to thè charitablè company's trusteès, as a body, in accordan¢e with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable CQTnpany'5 ttuslees 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 cornpany's trustees those matters l am required to state to thern 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 10 8nyone other than the charitsble cornp8ny. the ch8rit8ble 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. Re5pon5ibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you rè responsible for the preparation of the accounts in aceordancs with thè rèquirèmènts of thè Companies Act 200S I'lhe 2006 Acl'l. Having satisfied rnyself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Ad and are eligible ft)r Independent examination, I report In iespect of tny exaTnination of your charity s accounts 8s carried out undei section 145 of the Gh8rilies Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Cornmission under section 145151 Ibl of the 2011 Act. Independent examinerfs $tatement I have completed my examination. I confirm that no matters have come to my attention in connection with the ex8minab.on giving rne cause lo 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 record5.' or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any iequirerllenl that the accounts give a 'true and fair view which is not a rllalter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and prin¢iples of the Slalemenl of Recornmended Pr8clice foi 8¢counling and reporting by charities 18pplicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other rllallers in connection with the examination lo which attenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Name". Addiess.. Charfes Walker FCA The Lowlights 11 Petersway Clifton YORK Y030 6AR 27 March 2023 Date..
University of York Music Press IA company limited by guarantee) Statement of Flnanclal Actlvltles for the Year Ended 30 June 2022 Iln¢ludlng In¢omo and Expenditur8 Account and Stslemgnt of Totsl Rg¢ognlsed Gains and Losses) Unrestrlcted funds Resttlcted funds Totsl 2022 Totsl 2021 Note lThGome Income and Endowments from.. Donations and Legacies Charitable activities Investment InGorne 5,470 16,581 15,720 32,215 18,559 15,720 Toial income 26,834 5,470 32,304 50.774 Exp8nditur8 on.. Raising fun(Is Charitable activities Other Èxpenditure 14,4761 17.7141 17741 13,5001 I13,4() 17,9761 121,1231 19391 14.4801 122.5191 65 Total expondituro 112,9641 117,0741 130,0381 126,9341 Nei income 13,870 111,6041 2.286 23,840 Net movement In funds 13,870 111,6041 2,268 23,840 Reconclllatlon of funds Total funds brought forward 23,307 18,668 41,975 18.135 Tthal fund$ ¢arried forward 15 £37,177 £ 7,064 £ 44,241 £ 41.975 All of the charws aclvilies deriv& from continuing operations during the above N¥0 p8riods. The funds breskdown for 2021 15 shown in note 15.
University of York Music Press (A company limited by guarantee) (Registration number: 03350729) Balance Sheet as at 30 June 2022 Note 2022 2021 Current assets Stock Debtors Cash at bank and in hand 11 12 250 3,804 50,903 250 21,024 31,895 54.957 17.7161 53,169 {8,1941 Creditors.. amounts falling due within one year 13 Total assets less current liabilities 47,241 44,975 Creditors.. amounts falling due after more than one year 14 13.0001 {3,0001 Nèt ass•ts £ 44,241 £ 41,975 Fun(Js of the charity- Restricted Funds Unrestricted Funds 15 15 18,668 23,307 37,177 Total funds £ 44,241 £ 41,975 For the finacial year 30 June 2022 the charity was entitled to exemption from audit under section 477 of the companies Act 20016 relating to small companies. Diiedors, resposibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance wth 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 comp8nie5 regime. These finanaal ststements on pages 6 to 16 were approved by the trustees on 27 March 2023 and signed on its behalf by.. A C Rodaway Diie¢tor
University of York Music Press Notes to the Financial Statements for the Year Ended 30 June 2022 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and Consequent does not have share capital. Each of the Iruslees is liable lo contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. 2 Accounting policies Summary of $ignifi¢ant accounting poli¢igs and kgy ac¢ounling gstimatOS The principal accounting policies applied in the preparation of these financial ststemenls are sel out below. These policies have been consistently applièd lo all the years presented, unlèss otherwise stated. Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of prgparation University of York Music Press meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant ac¢ounling 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 UnrtaIntieS related lo 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 dale of approval of the financial slalements. Fund accounting The trustees have a defined poliw for the idenlificalion of different types of income. al Designated funds are unrestricted funds bul are specifically earmarked by the Trustees for a particular purpose. bl Restricted funds are only lo be used for the specific purpose laid down by the donor. Expenditure which meets this criteria is charged to the fund. cl Unreslricled funds are the residue of income receivable or generated from the objects of the charity without further specrfied purposes and are avalble as general funds.
University of York Music Press Notes to the Financial Statements for the Year Ended 30 June 2022 In¢omg and gndowmonts All income is re¢ognised once the charity has entillèmenl to the income, il 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 lo that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly allribuled lo particular headings they have been allocated on a basis consislenl with the use of resources, with central staff cos15 allocated on the basis of lime spent, and depreciation charge5 allocated on the portion of the asset's use. Other support Costs are allocated based on the spread of stsff costs. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consislenl with the use of resources, for example, allocating property costs by floor areas, or per capila, staff costs by the time spent and other costs by their usage. Govarnance 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 lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finall Act 2010 and therefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentially exempl 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 ofthe Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Stock Stock is valued al 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 firsl-in, first-oul IFIFOI. Trade dabtors 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 subsequenuy measured al amortised cost using the effe¢live 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 lo collect all amounts due according lo the original terms of the receivables.
University of York Music Press Notes to the Financial Statements for the Year Ended 30 June 2022 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highty liquid investments that are readily convertible to a known amount of cash and are subject to an insignifi'cant 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, al the end of the reporting period, to defer settlement of the creditor for al least twelve months after the reporting date. If there is an Ljnconditional right to defer settlement for at least tre1ve months after the reporting date, they are presented as non-currenl liabilities. Trade creditors are recognised initially al the transaction Pri and subsequently measured al amortised cost using the effective interest method. Borrowings Inlerest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interesl-bearing borrowings are subsequently carried al amortised cost, with the difference between the proceeds, nel of transaction costs, and the amount due on redemption being recognised as a charge lo 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 classrfied as current liabilities unless the charity has an unconditional right lo defer settlement of the liability for at least bNelve months after the reporting date. Forelgn 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 al the balance sheet dale are reported al the rates of exchange prevailing al that dale. 10
University of York Mu¢1¢ Press {A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2022 3 Income from donatlons and legacles Unrestrlcted General 2022 Restrlcted General 2022 Total 2022 Total 2021 Government grants re1vable Other grants and donations receivable Support in kind 5,160 27,055 3,000 2,470 14,111 2,470 5.470 16.581 32.215 Government gr8nts receivable relates to amounts received under the Coronavirus Job Retention Scheme to cover the cost ol wages for staff who were unable to work due to the Covid-19 pandemia In 2021 £16.320 income from donations and legacies related to restricted funds. 4 Income from Charitable activities Unrestricted General 2022 Restricted General 2022 Total 2022 Total 2021 Royalts"es, Sales and Hire 15,720 15,720 18,559 15,720 15,720 18,559 In 2021 no income from charitable activities related to restricted funds. 5 Invastmant ineoma Unrestrlcted General 2022 Restrlcted General 2022 Total 2022 Total 2021 other investment incotne In 2021 no income from Investment income lated to restricted funds. 6 Expenditure on charitsble activities Unrestricted General 2022 Restricted General 2022 Total 2022 Total 2021 Rent Wages and salaries Subcontract costs Accountancy fees Legal and professional fees Bank charges Foreign currency Igainslllosses Advertising 1,000 3,159 3,600 1,000 9,493 3.600 1.150 1,000 70 6,334 19.759 1,150 1,000 900 70 160 4,650 4,810 900 7,714 13,409 21.123 22.519 In 2021 £2,699 expenditure from charitsble activities related to restricted funds
University of York Mu¢1¢ Press {A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2022 7 Other expenditure Unre$tri¢ted General 2022 Restri¢ted General 2022 Total 2022 Total 2021 Other resour$ expended 774 185 939 1651 774 165 939 £1651 In 2021 £12161 expenditure from other expenditure related to restricted funds. 8 Trustee8 remuneration and expen8e$ No trustees. nor any persons connected with them. have reiVed any remuneration from the charity during the year. No trustees have received 8ny reimbursed expenses from the charity during the year. 9 Stsff costs The 8ggregale payroll costs were as follows.. 2022 2021 Stsff costs during the year were: Wages and salaries 9,493 19.759 9.493 19.759 No ernployee reiVed emoluments of more than £60,0(M) during the year. The average number of persons ernOyed by the charrty during the year was 112021.. 21 12
University of York Mu¢1¢ Press {A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2022 10 Taxation The charity is a registered charity and is exempt from taxation on its income and gains. 11 stock 2022 2021 Stocks 250 250 250 250 12 Debtors 2022 2021 Trade debtors VAT iecover8ble other debtois 20.795 115 114 155 113 3,804 21,024 13 Creditors.. amount8 falling due within one year 2022 2021 Trade creditors Other creditors Accruals 1,637 3,294 2.785 6,295 934 7.716 8.194 14 Credltors.. amounts falllng after more than one year 2022 2021 Other creditors 3.000 3.000 3,000 3,000 13
University of York Mu¢1¢ Press {A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2022 15 Funds Balance at 01u1-21 Incoming resources Resources expended Balance at 01u1-22 Unrestricted Restricted 23,307 18,668 26,834 5,470 112,9641 117,0741 37.177 7,Cf4 41,975 32.304 £130.0381 44.241 Balance at 01Jul-20 Incomong resources Resources expended Balance at 01Jul-19 Unrestricted Restricted 13,004 5,131 34,454 16,320 124.1511 12.7831 23.307 18.668 18,135 50,774 £126,934) 41,975 Restricted funds represent.. The Mayfield Project= A donation of £11,100 received from The Mayfield Valley Arts Trust in the 2020 accounting year, given in respect of the Early Career Composeis Coopeialive project. a professional developrnenl opportunity for Composers b8sed in the north of England and in the earfy stages of their career. of which no amount12021." £4.4471 remained unspent at the year end. Northem Composers Project Grants of £3,000 received Irorn John S Cohen in the 2021 and 2022 accounting years and a grant of £13.320 received from The Arts Council In the 2021 acoounting year. plus SLJPPOrt In Kind vslued at £2.470 in the 2022 acwunting year, foi The Northein Cornposers Network Development plan. of which £7.W12021 £14.2211 rern8ins unspent at the year end. Much of the grant expenditure was delayed due to the effects of the Covid-19 pandemic, with many events being postponed, but not cancelled. Funds had been promised to particular individuals in the 2021 accounting year lor the provision of serlCe$. which had not taken place as at 30 June 2021. 14
University of York Mucic Press IA company limited by guarantee) Notes to the Financial Statements forthe Year Ended 30 June 2022 16 Analys1$ of net aets between fund$ Re$trlcted funds resour¢e$ Unre$trlcted funds ource$ Totsl fund$ at 30 June 2022 CUrnt assets cur nt liabilrtes Creditors over 1 year 7,064 47.893 17.7161 13.0001 54,957 17,7161 13,0001 Total net asset5 7,064 37,177 44,241 Re$tri¢ted fund$ re$our¢e$ unstrICted funds our¢e$ Totsl fund$ at 30 June 2021 cUrnt assets Current liabilrte5 Creditors over 1 year 18,668 34.501 18,1941 13,0001 53,169 18,1941 13,0001 Total net asset8 18,668 23.307 41,975 17 Anatysis of net funds Balance at 01-Jul-21 Financing cash flows Balance at 01-Jul-22 Cash at bank and in hand 31,895 19,008 50,903 Total net assets 31,895 19.008 50,903 Balance at 01-Jul.20 Financing cash flows Balance at 01-Jul.21 Cash at bank and in hand 29,583 2.312 31,895 Total net assets 29,583 2.312 31,895 15
Universty of York Muci¢ Press IA company limited by guarantee) Notes to the Financial Statements forthe Year Ended 30 June 2022 18 Related paty tfdnsactlons During the yearthe charity made the following related party transactions". HPH, Charted A¢¢tsuntants IA C Rodaway Is both a Trustee of the charity and a Partner In HPHI Account8ncy services are provided on an arrns length basis. Fees charged during the year were £1,070+VAT. At the b81ance sheet date there was no amount due to HPH, Chartered Accountants12021- £9351. 16