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 2023
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 |
|---|---|
| S L Derbyshire MBE | |
| L C East OBE | |
| M Galloway | |
| T M Holmes - Resigned 17 September 2023 | |
| N G A King KC | |
| Professor N F LeFanu | |
| G T F Nicholson | |
| A C Rodaway | |
| Professor R L A Saxton | |
| M C Suckling | |
| D N Lancaster | |
| 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 their annual report together with the financial statements of the charitable company for the year ended 30 June 2023.
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 June 2023, the charity has continued to rebuild its programme of support for developing composers following the years adversely affected by the Coronavirus pandemic, during which many activities and events were severely curtailed. Our administrator has continued to divide their work between home and office, supported by a graduate assistant. Our future plans include extending the support to regional composers through the Northern Composers Network, and the recruitment of staff to provide additional administrative support which will include the extension of digital dissemination and the building of effective performer-composer networks.
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 £75,878, of which £3,540 were restricted. Accordingly, although the overall balance remained much the same, the free reserves at the year-end were increased by £35,161 to £72,338 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 anticipate increasing our human resource, so are anticipating maintaining a reserve of £25,000 as a buffer to ensure a smooth exit in the event of closure. In the meantime, our free reserves at 30 June 2023 amounted to £72,338, well in excess of the £25,000 target, and we look forward to funding future projects with a greater need for working capital.
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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.
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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:
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select suitable accounting policies and 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 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 18 March 2024 and signed on its behalf by:
………………………………………… A C Rodaway
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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 2023.
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 matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of 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
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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: 18 March 2024
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(A company limited by guarantee)
University of York Music Press
Statement of Financial Activities for the Year Ended 30 June 2023 (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 £ 22,055 33,941 417 56,413 (8,240) (12,474) (538) (21,252) 35,161 35,161 37,177 £ 72,338 |
Restricted funds £ 1,480 - - 1,480 (125) (4,879) - (5,004) (3,524) (3,524) 7,064 £ 3,540 |
Total 2023 £ 23,535 33,941 417 57,893 (8,365) (17,353) (538) (26,256) 31,637 31,637 44,241 £ 75,878 |
Total 2022 £ 16,581 15,720 3 32,304 (7,976) (21,123) (939) (30,038) 2,266 2,266 41,975 £ 44,241 |
|---|---|---|---|---|
All of the charity's actvities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 15.
6
University of York Music Press (A company limited by guarantee)
(Registration number: 03350729) Balance Sheet as at 30 June 2023
| 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 |
2023 £ 250 12,156 69,661 82,067 (6,189) 75,878 - £ 75,878 3,540 72,338 £ 75,878 |
2022 £ 250 3,804 50,903 54,957 (7,716) 47,241 (3,000) £ 44,241 7,064 37,177 £ 44,241 |
|---|---|---|
For the finacial year 30 June 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' resposibilities:
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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
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The directors acknowledge their responsibilities 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 18 March 2024 and signed on its behalf by:
A C Rodaway Director
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University of York Music Press
Notes to the Financial Statements for the Year Ended 30 June 2023
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.
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University of York Music Press
Notes to the Financial Statements for the Year Ended 30 June 2023
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.
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University of York Music Press
Notes to the Financial Statements for the Year Ended 30 June 2023
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.
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(A company limited by guarantee)
University of York Mucic Press
Notes to the Financial Statements for the Year Ended 30 June 2023
| 3 Income from donations and legacies Gift aid claims Other grants and donations receivable Support in kind |
Unrestricted General 2023 £ 10,069 11,986 - 22,055 £ |
Restricted General 2023 £ - 1,480 - 1,480 £ |
Total 2023 £ 10,069 13,466 - 23,535 £ |
Total 2022 £ - 14,111 2,470 16,581 £ |
|---|---|---|---|---|
In 2022 £5,470 income from donations and legacies related to restricted funds.
| 4 Income from charitable activities Royalties, Sales and Hire |
Unrestricted General 2023 £ 33,941 33,941 £ |
Restricted General 2023 £ - - £ |
Total 2023 £ 33,941 33,941 £ |
Total 2022 £ 15,720 15,720 £ |
|---|---|---|---|---|
In 2022 no income from charitable activities related to restricted funds.
| 5 Investment income Other investment income |
Unrestricted General 2023 £ 417 417 £ |
Restricted General 2023 £ - - £ |
Total 2023 £ 417 417 £ |
Total 2022 £ 3 3 £ |
|---|---|---|---|---|
In 2022 no income from investment income related to restricted funds.
| 6 Expenditure on charitable activities Rent Wages and salaries Subcontract costs Accountancy fees Bookkeeping fees Legal and professional fees Bank charges HMRC charges Advertising |
Unrestricted General 2023 £ - 8,952 - 1,140 1,920 - 98 28 336 12,474 £ |
Restricted General 2023 £ - 1,579 - - - - - - 3,300 4,879 £ |
Total 2023 £ - 10,531 - 1,140 1,920 - 98 28 3,636 17,353 £ |
Total 2022 £ 1,000 9,493 3,600 1,150 - 1,000 70 - 4,810 21,123 £ |
|---|---|---|---|---|
In 2022 £13,409 expenditure from charitable activities related to restricted funds.
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University of York Mucic Press
(A company limited by guarantee)
Notes to the Financial Statements for the Year Ended 30 June 2023
| 7 Other expenditure Other resources expended |
Unrestricted General 2023 £ 538 538 £ |
Restricted General 2023 £ - - £ |
Total 2023 £ 538 538 £ |
Total 2022 £ 939 £ 939 |
|---|---|---|---|---|
In 2022 £165 expenditure from other expenditure related to restricted funds.
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: |
2023 £ 10,531 10,531 £ |
2022 £ 9,493 9,493 £ |
|---|---|---|
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 1 (2022: 1)
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University of York Mucic Press (A company limited by guarantee)
Notes to the Financial Statements for the Year Ended 30 June 2023
10 Taxation
The charity is a registered charity and is exempt from taxation on its income and gains.
11 Stock
| Stocks 12 Debtors Trade debtors Accrued income 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 |
2023 £ 250 250 £ 2023 £ 8,853 3,198 105 - 12,156 £ 2023 £ 4,266 783 1,140 6,189 £ 2023 £ - - £ |
2022 £ 250 250 £ 2022 £ 3,536 - 155 113 3,804 £ 2022 £ 1,637 3,294 2,785 7,716 £ 2022 £ 3,000 3,000 £ |
|---|---|---|
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University of York Mucic Press (A company limited by guarantee)
Notes to the Financial Statements for the Year Ended 30 June 2023
| 15 Funds Unrestricted Restricted Unrestricted Restricted |
Balance at 01-Jul-22 £ 37,177 7,064 44,241 £ Balance at 01-Jul-21 £ 23,307 18,668 41,975 £ |
Incoming resources £ 56,413 1,480 57,893 £ Incoming resources £ 26,834 5,470 32,304 £ |
Resources expended £ (21,252) (5,004) £ (26,256) Resources expended £ (12,964) (17,074) £ (30,038) |
Balance at 01-Jul-23 £ 72,338 3,540 75,878 £ Balance at 01-Jul-22 £ 37,177 7,064 44,241 £ |
|---|---|---|---|---|
Restricted funds represent:
Northern Composers Project
Grants of £3,000 received from John S Cohen in the 2021 and 2022 accounting years and grants of £13,320 and £1,480 received from The Arts Council in the 2021 and 2023 accounting years respectively, plus Support in Kind valued at £2,470 in the 2022 accounting year, for The Northern Composers Network Development plan, of which £3,540 (2022: £7,064) remains unspent at the year end.
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(A company limited by guarantee)
University of York Mucic Press
Notes to the Financial Statements for the Year Ended 30 June 2023
| 16 Analysis of net assets between funds Current assets Current liabilites 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 £ 3,540 - 3,540 £ Restricted funds resources £ 7,064 - - 7,064 £ Balance at 01-Jul-22 £ 50,903 50,903 £ Balance at 01-Jul-21 £ 31,895 31,895 £ |
Unrestricted funds resources £ 78,527 (6,189) 72,338 £ Unrestricted funds resources £ 47,893 (7,716) (3,000) 37,177 £ Financing cash flows £ 18,758 18,758 £ Financing cash flows £ 19,008 19,008 £ |
Total funds at 30 June 2023 £ 82,067 (6,189) 75,878 £ Total funds at 30 June 2022 £ 54,957 (7,716) (3,000) 44,241 £ Balance at 01-Jul-23 £ 69,661 69,661 £ Balance at 01-Jul-22 £ 50,903 50,903 £ |
|---|---|---|---|
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University of York Mucic Press
(A company limited by guarantee)
Notes to the Financial Statements for the Year Ended 30 June 2023
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 £3,265+VAT. At the balance sheet date £360 (2022 - £nil) was due to HPH, Chartered Accountants.
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