Cha¥lty roglstratlon nUM￿r 289324 Company roglstr8tlon numbor 1806898 (England 8nd Walgsl MUSIC AT OXFORD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 MUSIC AT OXFORD LEGAL AND ADMINISTRATIVE INFORMATION YTustee8 J Bond Ritchie P Rivers Dr P J Alsop CLSB￿th Dr D M Ollvor Dr R Skillon JRUnwn (Appointed 10 July 20231 (Appointed 10 July 20231 (Appointed 10 July 20231 IAppoin18d 10 July 20231 S•cr•tary R Dawson Charlty numb•r 289324 Company numb•r 1806898 R•ql8t•r•d offlco One Sl Aldale$ Oxford OX1 1DE Audltor Crttchleys Audit LLP Beaver House 2&38 Hythe Brklge Slr8el Oxford OX12EP Bank•r8 Lloyds Bank plc 1-5 Hlgh Street Oxford OX14AA MUSIC AT OXFORD CONTENTS Page Chairf5 Stat￿onI Twstoes. report Statemènt of Trustees. responsibilrfies Independenl auditorfs report ststemenl of financial adivilies 10-11 Summary SncAxne and expenditure 8ccounl 12 B81ance sheet 13 staiemerrt of cash ItOW8 14 Note$ to th8 financlal stateM￿ts 15-27 MUSIC AT OXFORD CHAIR'S STATEMENT FOR THE YEAR ENDED 31 JULY2023 Music at Oxford is now 40 years old and is deetAy rootgj in our Iccal community and the w¥Jer music community. Like any o¢ganisation. our fortunes have waxed and waned during that period. MUS￿ al Oxford started wlth a group of friends puttirrfJ on choral and organ concerts in Christ Church CathedTal. and sin￿ these humble baginning5, we have produced Ihousands of (x>￿ertS and entertalned huThJreds of thousands of people. Our enduring legacy has been based on tyjr ablity to attract wcrtjthss artists to Oxfortl and sTrhx¢ase them alongs￿e kKal and emerging talenL In our 2022-23 season. we curated and womoted a cc¥e PfDgrdmffie of 11 Tr)rthr￿ In additbon lo our much-loved Christmas at Christ Church concerts we were delighted to feature Graham Frtkrn and friends, Kitty Whateley, the World famous Cw brass band. a ￿￿rkI première of Robert SaxtLXJS'S Gilg8meth with the English Symphony chestra. Gregory Rose ￿ad1ThJ the Jupiter Orchestra in another world première, the Tibetan Tashi Lhunpo Monks on thelr Soth annivèrsary lour. Thè Marian Consort. and Quatuor Modig14ani cdébrdting thèir 20th annivèrsary. That programrn8 demonstrates that there was something to altracl everyone. After many years of preparalkn. in November 2022 we were 11naty ab* lo hokj a l￿daY fe5ttval celebrating the k)ng lrfe 8nd music Df the worfd4amous Estonlan o)mposer Arvo Part, called Arn) part...and a Lrfll6morn. Th8 festNal featU￿d many leadiry artists from acmss the WC￿ who have worked dosety WTth part. FncludirvJ 8mong olhers the Estonian PhllharmoftiG Chambef Choir. Olmodemt. and the Rasckn¢r Saxophone Quartet. Ajongside the con￿rts we also hekl a number ol tslk5. seminaFS. and film Sixeen￿95. and a series of relat8d communtty events including the UK premiè￿ of an aTrangement of Part's Songs from Ghildhwj performed by five lo¢al Chiklren's oirs. The festival was Cufated in partnership with the Estonian Embassy in London, and the tho Part Centre in Laulasmaa, Estonia. and h8d strong suppJrt supwrt fr(Mn. arrv)ng others. LHV Bank. New colle￿ Oxford. Trinity College Oxford. and TORCH. Building on the kn) part fostival. we have extended our programme ol Leaming and Partirypation activrties. These include a wide variety of pfoiects acrc6s Oxfordshire worknng with schwthddren. asylutnvseeker5 and th08e1￿[n9 th Dementia in care homes. We plan to build and extend these ￿l¥[beS in ¢￿ing ￿ar$. The financial reslllts for 2023 Show a signific8nl defidt fDr the year, IwtiuI8rty when compared wth the substantial suryAus in 2022. Income Irom donafjons and legaoes was dramaticaly reduced after the lerminauon of support from our kngstanding supwrter and the signffii2nt leg8¢y r8￿1ved last year from the Estate of Graham Pye. ml￿1¢ at Oxford, as with neaty all arts ￿gaThSatw)nS. has been dramaticalty iMpact￿j by the post Covld gffect on audience numbers and the4r dlsposable ino)me. The recent S￿ke in Infiauon has further reduced audiences and Increased t￿ts. We have also seen an increagngly (x)mpèb"b"ve lgndscapè among concèrt promoters in Oxford, with audiences h8ving more thoices for mu￿(*1 ￿rfo￿an￿*S than Èvèr bth. As a rèsponsè to all thasè gxtèmal ctors. we are hawng to adapt the vrdy in which we opgrale. We aTO enhandrrfJ our artistic progrdmmes and improwng our sdes and marketing and ftÉndratsing foc￿. During the year we appointed four Trustees. We are delwJhted to wekxyne Claire S(M)th. Dr Des Oliv8r. Dr Rob Sktlton and Judith Unwn. Behyeen them they bring a wealth of experience to the Board. Slnce the year ènd, Professof Maryarel Maden has decided to res•3n from ts Board arKI we Ihank her for h8r signrfi¢ant ￿1t￿￿1t[On OV8r recent years. It has been amther busy year, and we have dellvered some exi%llent ev9nts. thanks ¢0 thg strvng management team lead by R8becrA Dawson. The TnJstees are very gratefvl to the whc4e team. In 202&24 we enter wr 40th yew. To mark this mnestone, we have mt8d another full and varied prograrnm8 Of cMeeTis. films. and LeamNwJ and Participation actiwkne5. We look forward to the next 40 years with confidence. Paul Rlvers Chair MUSIC AT OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JULY2023 The financia statements have been prepared in accLJrdance wlh the accounting policies Sel out in note 1 to the financlal slalemenls and CA)mpJy with the challvs Artlcl&s ol Associatlon, the CompBnies Act 2006 and 'Accounting and Reporting by CharlJos= Slatamenl of Recommended Practice applicable to charllles prepadng Ihelr accounts in accord8nrA thg Financial Reportlng Standard #ppll(sble In UK ond Republic of Ireland IFRS 1021" leffectlve 1 January 20191- Th& Tfustèos pres&nt th&lr annual report and financlal statements for Ihe y8ar ended 31 July 2023, whlch are also prepared lo meet the requlremonls of the CompaniesA¢ts. 8tatu¥ of thg ￿rn￿ny Musi¢ al Oxford Is a COTHp8ny IlmSted by guarantee IComp8ny number.. 1806e981 and a reglslered charity (Charlty number.. 2893241. governed by Its Memorandum and ATUGk8 of A880datlon datgd 28 Novembtr 1983. Tre liabllily ol the m$mb&rs of th8 company Is Ilmlt8d by thèir 9uarant88 to conlributa the sum of £1 each towards the Ilabllllle3 of the company In the event of liquldalion. Al 31 July 2023 Iherts wore 9 member$12022.' 51. who ware the dlr8Ctors of tha Company. ObJ•ctlv•• and •ctlvliles The company has been ostabllshed to Promote, maintain, Improve and advance gducalion p8rt1cularly by tho en￿urageThn1 ol the Art8 Inclu(Jlng th8 AA5 01 dram8, b8ll81. mu81c. singhg, literature. sculpture and palntlng. The Trustees have be•n Mind1￿ of lh& Charfly Commlsslon's ganeral guidance on pU￿1C beneffl and lee charying wh8n managing th8 compony's objectives. The COn￿nUed provisk)n of conce99ion8ry rale8 al 50% tor all our concerts 8llow8 cruc181 access to under 18s, studants. ihos8 wllh acce8s requirements. and those on lower incomes Bndlor Universal CredlL and will remaln a comersione of Ihe company'¥ polloy In this and subseou8nl ye8r8. The comp8ny conllnugs Its pollcy of offerlng work experfence opportunllles for school 8ludonts and Internshlps and freelance opportunllley for unlver81ty 8ludeni8. Th089 8chgmg8 provlde further publlc benent. Artlstlc pollcy Muslc at Oxford 1$ comrnltted to brlnglng muslcal exceuence lo aLKltenc88 In th8 Oxford Clty Reglon bycuralingan exlrgmely broad range ofmuslcacrossa varietyof venues. We 8&ek to provvje a Welcoming envlronmenl in order to serve the wdasl posslbl8 communty. Th8 ArN8ttc and Executive Olreclor onstanuy slrfves to offtrr Ihls wltJ¢ rangg of work whllsl slmultangously lryln9 to challenge perceptions wllh n8W or le$s8r-known works so as to create exclllng and enriching experienc@g: whore appropriat¢, con¢¢rts Sndudè educational antl Infom4llv@ tolk8 or lacturas. as w811 as muKI-m8dia elements. Wo Iot)k to offgr a rarog of concerts f&8lurlng world4a88 and gmer9lng grtL81s pgrfornilng rgP8rtolro both new and old. includlng a number of Internatlonal muslclans making thelr debuts In Oxfiyd. Wo conttnue to bulld upon our bng-ièmi rglatlonships wlth 8xcellgnl Oxford City R8gion institut￿n$, 8nd to @xplore n8w kgy r8latk)nships and partnerghlps. MUSIC AT OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Flnancial pèrforniance and r¢viow A re￿eW of the year is included in the Chair's statement. As d8talled In th? Ch8Sr's stslemenl, results wore affected by a number of exlemal factors. We were able to hold 8 full year's programrne of ojncerts last year. induding the signillcanl Arvo Part feslval. Audience numbers remained lower Ih8n normal and that combinEd wlth th8 èxtra concèrt activity resulted in additional opèrats'ng costs. Our total donations and legacjès redLSced to £81.686 from £1,370.780 In the provious year when w8 received a signtftcant legacy and the final donalk)n from a longstanding supporter. The company'5 overall 0￿ratIng In￿)Ma, Includlng unrestricted and Testricted ￿lCoMe. donations and lega￿ets was £216.552 12022.. £1.469,1451, against operating expenditure of £625,325 (2022.. £333,384), giving 8 slgnrficanl operating deficll of £418,730 12022.. 8 SUr￿u5 of £1.12Q.1481. To maintain the level of unr8Stricled funds, th8 TTU5tFes allowed a transler of £368,580 from endowment lunds to unrastricted fiJnd& We retain reserves of £1,099,628 buitt on recent legacies. This alk)ws us lo plan for the fvlure with confthnce and we continue lo bulld our team alongside op9ration￿ and inwne generating capabilities. Over the next three yeaTS, we will progressively réduce our annual d8flclts. R•s•rves policy Th8 Trust88s h8va r8vlèw8d th& charlty's nood for reserves In Ine wlth Charlty Commlssion ouldelin&8 and believe the ch8rily should hold resèrvas to protect against the risks olshortfalls of funds. The TNsteeB aim to malnl8in a combtnatlon ol cash and reservgs In unrestllcted funds, $0 that together these will enable the company lo continue to operate effectively and m881 lis short-temi financial obligation in the event of revenue shortfalls. The Trustees currently aim to hcdd the equivalent of availabie funds equal lo a minimum of Ihree months of operalSng costs. The Trustees note that the 9XPBndable en(IDwment can be called upcin to serve a8 a buffer at Umes of ftnanclal volatilty. This aim and the level of reservgs is r8w8wed annualty, and ￿11 be maintained providing that doing so is consistènt with tha tharty's overall financial position and its needs lo conllnue to d￿e[Op Its charltabk activities. The reserves al the year-end were £1,099,628. Th18 ¢ompBres with £1,518,358 at the 8nd of 2022. As the invested furKJs are Intsnded to provide long-terrn security for the charity and for the coPit81 lo bg preserved In real terms, they are inciuded In the ac¢ounts as an expendable endowment fund. Thi5 means that should TnAst88s so decide. in the future the capltal Gan akn b& expènd8d in th8 Interests of the charlty. Investment policy On the basis of professional adv*8. the ¢omp8ny contlnues to Invest Its endowment In a managed ethic81 fund ith is intended to dellver a salisfadory rgtum 8t moderate risk, over a number of years. The aim is for an annual drew-down to b8 mad8 on th8 8ndowmenl, lo be transferred to unrestrictsd income. in order to contribute to the operating exp8ndSture of the company. The performBnTr of the investmgnt fund Is regulady rgviewed. MUSIC AT OXFORD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Plans for th& futuré We continue lo work on plan$ to ènsure that We 8r8 in a position to d8livèr the highest quality PTogramme posslble. F(Alowng a review we will be further developlng our digital and other sales and marketing in6tiallves lo belter promote our high-quality programmes. ensuring visibilily to the widest audience arKI comrnunity. We wlll ntinue in our gnd8avours to reach new communities and audiences in order lo better reflect the diversity of the Oxford City Region, and we are focu5sing particularly on Ihe social and (Ajliural groups that 8r8 ￿rrentlY und8r- represonted, as well 8$ famlllgs, Students and thlldren. We are doing this while akn taking great care lo l(N)k after our existing audiences, and supporteTS' musical needs. To achieve this, we continue to bro8d8n thè 5COPè of the repertoi￿ Its Incjudè non-cjassical concerts. induding jazz, fotk. and other genres of music from around the worfd. and more music by living wrnposers. We conunue lo b¢ mlndful of our responslblllty to make our performanos a¢xe8sible to all and pro￿d8 low Ucket pri￿S for 811 concèrts, espocialiy lo under 18$, slud8nts. those with access requirements, and those on lower incomes andlor Universal Credit. We also work wlth our musldans whèr6 feasible on events which have o)mmunty or educational benefft. In order to provide increased opportunittes for experf8nclng 1Sv8 muslc. whi18 also creating a number of k>[￿er-IerM wmmunity and education PfoJo¢1s. Our website gives dear accessibility information for 8V&ry V8nue we use. W8 ￿ntinu& to bè vèry d8p8nd8nt upon continued support of all our donors, S￿￿80r$ and members. We o)mmunicale regularfy with our major donors and an important part of our fijture planning is lo extend our fijndrdislng and communication capabilities and activities. StN¢turg, govèmance and managomant The company is requiTed to have a mlnimum of Iwo and not rnore th8n flft9gn directors. Th¢ dlrg¢tors are also th8 Trust885 ol th8 Charity and will be referred lo ihroughoul thi¥ report as Trustee5. The membership of the Board ofTnJstees during the year, and appointrnents, 8re Sol out bel<￿.. J Bond l Rttchl8 P Rivers Professor M Mad8n Dr P J Ajsop CLSBwth Dr D M Oliver Dr R Sklllon J R Unwin (Re$ioned 27 Novèmb8r 20231 (Appolnled 10 July 2023} (Appointèd 10 July 2023} (Appolnled 10 July 2r)231 (Appolnted 10 July 20231 Tha Board of Trustees meets approximatdy six lime$ 8 year. Théy ovèrs88 lh8 wotk of the charity and manage nd admlnlster the key financial and strateglc decisions made. Trust*s do not Yeceive remLtneration for their normal duues. Where Trustees undertake professional dubes outside the w)pe of thelr nomal dU￿ts. they are entitled to récèivè rèason8bla remuneration. Nothing was paid to any Trustse in thè year12022'. £nill- The Tru$te¢s tskg responsibility for decisions relating to the Strategy, tho artistic programme and the finances of the charty. Operational mattéts at? managed by the Artistic and Executivè Direthr, Rebe¢c& Dawson. who reports direclly to the Board of Trustee5 on a ￿gUlar basis. The Artistic and Executive Director prepare8 artistic and operational plans and budg8ls, in 8￿0rd9n￿e with a remit agreed in advance and whlch are rtrgul8rfy presented to the Board for 8pproval. There are four members of staff 8UPPOrted by addition81 freelance staff who carry out the fundraising and concert managemènt activities. MUSIC AT OXFORD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Trus￿ Induction and tralnlng New Trustees ats nominated by al least one existing Trustee or by the Artistic and Executive Dlrector arid Ih8n a vole Is taken amongst existing Trustees. Nomlnatlons are usually based on an idenltfied n89d for partlcular skills or expert189, or communlty engagemenL In the event that existing TTuslee8 identify a need for addllional experlence but cannot nominate a suitable candldale the Trustees woukl advertS88. New Trustees are brf&fed on company governan¢8, d8¢ision-m8king procgssgs and flnan¢ial performanc8. Th8 training n88ds of each Tiuslo9 ar& evaluated on an indlvldual basis. The Trustees have held senbr poslllons vlthln commerce, industy. Ihe arts or the profe85lon8, and us8 thelr &xp&rienco lo benefll the chadty. Audltor A resolution lo r&appoSnl Crflchloys Audrt LLP as audltor for thg gnsulng year wll be prop08ed at tho annual genorel meetlng In acLordance with seclkjn 489 of the Cornpanl68 Act 2006. Rl¥k •sMssment Th& Trustees contlnue to monltOT both actively and regularly the m8lor rfsks Ihol the ¢harlty may fB¢e. Over the next Ihree years It is essentl81 lo progresslvely reduce our annual deflcfts. In the current envlronment ol hlghgr costs and Inlanse compèlitson for audl&nce8 and charftable dDnatlons and legaci¢s. OUT plans for tchlevlng a balanc6 of and costs Ar8 going to bo ¢hBllenging lo achi8v8, bul we bglleve there 18 8 good prospect of Suc￿8$ ￿thin the next 3 ye8r8. Forward planning offofB a prediction of Incom& an¢J expondlture whlch 1$ monilorod an¢1 measured against acbjal results lo en9ure Trustees 8re awBro of the flnanclBI posJUon. Change8 Sn oulcoma 8re re￿&Wed and new tBrgets 89t Bs and when required. Resource8 are malntained al love15 thgt provlde suffidenl support for the tharity's adivili&8. Anolhgr slgnlfl￿nI rf8k Is the po85ible dI8rupllon of concgrts C8USgd by unaxpectad events. Th1818 mlllgated by our nègoll8te)me and expendibjre actwnL the balan￿ 3heet, the stat8rnenl of cash flows and thè notes lo the finaniia slat8ments. induding ggnificant accounting policies. The financial reporting framework that has been applied in Iheir p￿parati￿ ss appIl￿ble law and United lQng(knn Accounting Standards, including FRS 102 'The Finan￿81 ReFKYbng St3ndaTd aNAicaL49 In the UK and RepuL4ic of Ireland" (United Kingdom Genefalty Alxepted Accounting Practice). In our oplnlon, the finan¢iaE ststoments.. givè a true and fair wgw of thè ststè of th8 charitable companls affairs as at 31 thjly 2023 and of its incoming resources and application of resources, induding its income and e￿ndIt￿re, for th$ year then ended.. have been property FYeparg(l in P4xXydan￿ M¢h lQrYJdcffi Gan8raty Acc8pt8d Accounting Practice: and have been prepared in a￿)rdance the Nuirements of the CompanièsAct 21X)6. Ba$1$ for oplnlon We ￿nduCt￿￿ our audil in aceordartw Ithth InternatKThl Standards on AL#liting (UK} IISAS IUKI) and applicab law. Our responsibililies under those standards are further described in the Audtiorfs ￿￿OnsI￿111￿$ for the audit of the fin8ncJ81 st8lements sectK)n of ¢xJr ￿￿t. We are inde￿ndent of the charrty in accordance wtth the ethical reqU1￿MentS that are relevant lo ￿Jr audit of Ihe financial st8tements in the UK induding Ihe FRC'S Ethical Standard. and we have fulfilled our other ethical reSpC￿sibilIoes in accy)rElance these requirErnents. We believe that the audit evident* we have obtsine(l is suffiryent 8nd appropriate to p￿v￿le a basis for our q)iniDn. Conclyslons relatlng to going concern In audtting the finanaal statements. we have lX￿du￿$ll that the Tnjsteas, usa of the going ￿￿Corn basis of accounting in the preparation of the financid statements appropriate. Based on the work we have porf(Kmed. we have nol identifHd any material uncertainties relating to events or conditions that, individualty or collectivety, may ca51 signtficant dtsubt on th8 charity's ability to conttnue as a g￿ng concern for a pan.od of at bast Iwelve months from when the financ4al slatements are aulhwsed for (ssug. Our r8sponslbllftles and Ihe resFonsibikbes of the Trustees with respect to gowy ojnrsm arn de￿bed in the rdevant sectsorks ofthis repo other inforniation The olher infomation comws8s thé infomiatKffl induded in the annual reFM)rt other th8n thè finandal st8t8mwits and our audltor's report there￿. The Twstees are responwt4e for the other informallon contained wlthin the annual reporL Our opinion on the financxal statements does not cover the other infomwtion and, except to the extent otherwise explicitly stated in our rèKX)rL wè do not expTess any fomi of assurance condusion thereon. Our resrthsibility is to read the oltw inf(XMati￿ and, in doing so. ￿￿sider wknether the other informabon is rllaterially InconsSslent with the financial stslements or our knowl￿￿8 obtained in the course of the audit, or otherwse appears to be materialy Misstated. If we identify material in¢x)rK%iStencos or apparent material misstatements, we are required lo det8min8 wh8th8r thts gives rbse to a n￿la1 rnisstatsmenl in the financi81 statements themselves. If, based on the work we h8ve performed. we (fjndude that there is a material misstatement of this other Infom8tion, wè are required to report that lact We have Th)thing to repx)rt in this regaryl. Oplnlons on other matters prescrTbed by the C¢*npanl¢s A¢t 2006 In our oplnion, based on the work undertaken in the course of our au(SL' the inforryHb"on givan in the TnJstees' report for the financi￿ year for wh￿h th8 financial statements are p￿pared, which indudes dlre(knrs' rewrt prepargj for the purpc6es of company law. Is ￿n￿Stent wlth the finan￿3[ stalements.. and the directors. report induded ￿￿thIn th8 Truslees. report has been prepar&Y in 8czwd8nce 8p￿1¢8b1e leg81 r8qulremenls. MUSIC AT OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC AT OXFORD Matt•rs aft which wè arè r•qulr•d to rnport by •xe&ption In the I￿ht of Ihg kn￿edge and understandSng ol the tharfty and Its envlronment obtalngd In the Coursg of the audit, we have not idenbfied materi81 misstslements in the directors. retKJrt incjuded wilhhn the Trustees, report. We have nothing lo rew)rt in respect of the fdlowing matters in Tdalion to which the Companigs Act 2006 requires us to r8PQrt to you il, In OLJI oplnlon". a(lequate accountlng records have not been kepL relums ￿lequal9 for our audit havo not baen received from branches not visited by us- or Ihp financial statements ar8 not in agreement with the accounting records and relums., or cartain dlsclosures of trustees, remuneration specified by law are not made.. or we have not recelved all the Information and explanations we Tequire for our audlt; or the Trustees We￿ not entitled to preparè th8 finan¢ial stat&m&nts in accordanc8 With the small companies regime and tske advantage of the small coThpanies' exemplw)ns In preparfng the Tru8tses' report and from Ihe requ5remenl lo prepare a stratgglc report. Responsibilit1•$ of Tru8tso9 As eX￿aIned morè fully in th8 St8t8m&nt of Trusteas. responsibilities, the TTUStees. who are also the directors of the charity for the Purpose of company law. are responsible for th8 preparation of th8 finanual statemanis and for being satlsfied that they give a true and fair view, and for such inlemal control as the Trustees determine is ne¢essaiy to enablè the preparation of linancial statements that are free ffom material misstatement, whether due lo fr8ud or error. In preparing thg financlal statemènts. thè Tnjsteès ara responsible for assessing the charity's ability io continue as a going concern, disclosing, 88 applic8bl8, fflatt8rs rel8tgd to g01r￿ con¢em and using the going ￿)n￿M basls of accounting unless the Trustees either intend to liquidate the Charitsb￿ o)mpany or to cease operation3. or have no realistic 8ltemaliva but to do so. Audltorfs r•spDnslbllrtles for the audft of the financial statements Our oble¢tlves are lo obtain r8asonabl8 assurance about whether the financial stslements as 8 whole ar8 free from material misstatement, whether due to fraud or 8Tror. and to issue an auclltc¢s report that includes our opinion. ReasonaLle assurance is a high level of assurance bul Is not a guaranl8e that an audit conductéd In aecordane8 with ISAS IUKI will always d&te¢l a matèrial misslalemenl wh6n it exists. Misstalaments can arise from fraud or error and ar& considered material if. indiwdually or in the agg￿gate, they could rwdSon8￿Y be 8￿cted to influence the economlc dedsions of users taken on the basis ofthese ffinancial ststements. Irragularities. induding fraud, are instanos of non-(>)m￿l8nc$ w7lh laws and regulatk)ns. We destgn prO￿d￿reS in line with our res￿)nsIbIlities, ouuthied above. to dglect materrdl misstatements in respect of irregularities, Sn¢ludirKJ fraud. The extent to whS¢h our procedures are capable ol detecting irregularities, induding fraud, 18 detslled below. the engagement partner ensured that the engagement team coljectwely had the appropriate competence, capabilities and skills to identify or r8cognls8 n0￿cOmplI￿ntte with applicable laws and regulations.. we identified the laws and regulallonB appllcatrA8 to the company through dlw$8ion8 wSlh directors and other management. and from tsur knowi&dgo and exparience; wé focuwj on specific laws and regulation$ which w8 considered may have a direct material effect on the flnancial statements or the opera￿anS of the wmpany. we assessed Ihe extent of compliance wth the lavls and regulations identified above through rnaknrvJ enquiries of management and inspecting18gal corréspondence where applicable., and Identified laws and regulations were communicated within the audll team regularly and the team remalned alert to Instan￿ of nonwcompliance througtv)ut thg audit. We asse55ed the sus¢optibility of the CoMpan￿S financAal stalem8nls to mBterl81 mlgststèment. including obtaining an understanding of hDW fraud mbghl occur. by: making ¢nqulrtes of management as lo where they o)nsldorgd there was susceptibility to fraud, their knowledga of actual, susp6Cted and alleged fraud-, considering the inlem81 controls In place to mitigate risks of fraud and r￿n-COMpli￿n¢8 wth laws and regulatlons., and MUSIC AT OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC AT OXFORD To address the risk of fraud throvJh manag0m￿t bAs and ovèrrk40 of txMtrofs. w8.. . performeil analY￿eal procedU￿S to identity any unusuol ￿ unexpected relat*)nships: tesled Journal entries to Nlanbfy unusual transactions., assessed whelhor jlKlgém•nts and assumptions mada in determinwvJ the accounting estimates were indicative ol potential knas., and . invesUgated the rationale behIr￿ slgnlficant ty Un￿￿1 tran8adons. In r88pon8e lo the rfsk of Irregulartlles non-(>)mkllance wllh laws and regulalths. we d95NJned procedure8 which Induded. but wèrè not Ilmit6d to". agreelng flnanelal $tslemènt disdo8urè$ to Und￿rt￿n9 suppordng documgntoyon.. reading th8 rninut8s of meetings of th086 Chargod vrith ￿veMan¢0. 8nouiring of managemenl as to actual and potentsal Iitfvjat￿ and daims: . revl8vAng Tel￿an1 correspondenco. Thore are Inherent Imllatlons In OUT audit procedures described above. The more removed that laws and regulations aro from financlal tr8nsa¢tK*)s. the less likgly il is Ihal we would ￿COMe aware of nonwcompllance. AuditiThJ slandards also limit the audit procedures required to identrfy rKJnvcomF4iance laws and regulations to onquiry of thè diroctorn and other m8n8gemonl and Inspoct￿ of regulatory and189a cLJrr8spond8nca, if any. Material mlsslalemenls that all￿ du• to fraud Can be hordw lo deteci than those that arise from error as they may involvo d8libèrat& concealment or cc41usl￿t. A further deS￿PtIOn of our rn¥#Mdblltie8 avalat48 on the Financaal Reportlng CourKI's web81ts at.. httP8:11 www.fr&tro.uklauditorsresponsibiliti8s. This description lom￿ part ol our guditorfs r8port. U•• ol our r•port Thls report $5 made solely lo the charllabk c¥¥npany's M*m￿r￿. as a bDdy. In acctjrdanco wjth Chapter 3 01 Part 16 of the Comp8nies Act 2008. Our aLKlit work has bèen undert8ken 80 th81 we m¢ght 8t8le lo th8 charttablè comp8nls memb￿$ thos8 matters we are require(J lo $tst8 lo them in an audllorfs report and for no other purpo88. To tt)e lullesl 8Xtenl permltled by law. we do not y￿p1 or assume reSp￿sI￿11ty to anyone other ihan Ihe charitab company and the charftablg company's members 88 a Lx)dy, for our audlt worf(. for thi8 rèport, or for th8 oplnlDns wo have fomwd. Robèrt Klrtland {Senlor Statutory AudIt￿) for and oft b•h4fof Crltchhys Audlt LLP 211212024 Charter•d A¢¢ountsnts ststutory Audltor Beaver House 2M8 Hfft Bridge Street Oxford OX12EP MUSIC AT OXFORD STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 JULY 2023 Total Unmtrlct•d RMtrf¢t•d Endowmont fvnd* fund¥ fund8 2022 2022 2022 funds 2023 lund• 2023 fund 2023 2023 2022 In¢om• and •ndowment• from: DonaUon8 and 18gaci8s Charltsblo acilvlUe8 Investments Oih8r income 12.052 116.841 89.633 81.885 116.841 218,280 83.409 9.142 5.429 2,500 1,1 SO,CQO 1,370,780 83,409 9,142 5.814 15.699 18.024 385 Totsl Incom• and •ndownv4nts 144.594 71.958 216.552 316,260 2,500 1,1 $0,385 1,469,145 Exp•ndltur• on: Ralslng funds 8.501 8,SOI Concert Progrommg Support Cost8 434.587 108.814 71.958 234,379 234,379 108.814 Total charttabl• •xp•ndltUT• 543.401 71.958 615.359 324.883 Totsl exFenditure 543.401 71.958 625.325 324.883 8,501 333.384 Net108$88 on Investri￿nts 19.95n {9,957) {15,613) {1S,613} N•t Incom•ll•xp•ndl￿rel (398.807) (19,923) {418.730) {8,6231 2.500 1,126.271 1.120.148 TraTh8f8rn b&tr￿n funds (368,5BO} 35.000 {35,Crf)O) Net rnOTffient In funds 130,227) (3e8,s)3} 1418.730) 26.377 2,500 1,091,271 1.120.148 io- MUSIC AT OXFORD STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Unrestrlctsd Restrlcted Endomngnt funds funds lunds 2023 2023 2023 Total Unrestrictsd Rostrlcted Endowment funds funds fund¥ 2022 2022 2022 Totsl 2023 2022 R•conelIla￿0n of funds: Fund balances 011 August 2022 64,675 2,500 1,451,183 1,518,358 38,298 359,912 398,210 Fund balanc￿ at 31 July 2023 34.448 2,500 1,062,680 1,099.628 64,675 2,500 1,451,183 1.518.358 The ststement of flnanclBI aCtI￿lIeS Include8 Èll galn8 and108s8s recognlsed In th8 year. All Ineoma and exp8ftd6ture d8rfv8 from continulng acUvlUa8. MUSIC AT OXFORD SUMMARYINCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 JULY2023 All Incom• funds 2023 2022 Gross Income Transfer from endowment funds 216.552 368.580 318,760 35,000 Total Income h the repcffung perbj 585.132 353,760 Total expenditure from income *JTrJs 615.359 324,883 N•t l•xp•ndlturn)Ilncom• for th• y•ar 130227) 28,877 12- MUSIC AT OXFORD BALANCE SHEET AS A T 31 JULY 2023 2Q23 2022 Not8s Fixèd assÈt8 IntsngiiAe assets Tangible a589ts Inv6stmgnts 10 11 12 19,224 7.115 1.082,603 25.632 6,386 1,451.183 1,108,942 1.483.201 Curront ass•tg Debtors Cash al bank and in hand 13 16,101 16,991 7,348 48,202 33,092 55,550 Credltors.. amounts tslllng due wilhln one year 14 142.406) 120,3931 Net current Oiabilitiesyassets 19,3141 35,157 Total assets le55 currerrt Ilabllltles 1.099.628 1,518.358 Capital funds EX￿ndable Endowrnenl Fund Income funds Restricted funds un￿stricted funds- 9gngral 15 1.062,680 1,451.183 16 2,500 34,448 2,500 64.675 1,099,628 1.518.358 The flnancl statemè wew approved by the Trustees on ......................... P Rlvors Trust*¢ Company Rogistration No. 1806898 13- MUSIC AT OXFORD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2023 2023 2022 Note$ Cash flows from operatlng actlvltles Cash (absorbed byygenerated from operations 20 1386.3211 1.138.330 Inve5tlng activitie8 Purthase of tangible fixed a58ets Purchase of invèstments Proceed$ from dSspo3al of investments Investment income received 13,5151 11.344} 359.967 17,0781 11.150,3851 43.501 9.142 Not ￿$b goneratgd fromllused ID) investing activities 355,110 11,104,820} Net used In Ilnanclng actlvltlos Net Ide¢rea8e)lincr•a8e in ¢ash and cash equlvalents 131,2111 33.510 Ca8h and cash equlvalents at beglnnlng of year 48,202 14,692 Cash and cash equivalents at end of year 16,991 48.202 14- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2023 Accounting policies Charlty Inforniation Music at Oxford is a private company limited by guarantee inuJrpDrated in Er¥Jland and Wales. Th8 registered offic& is Ono Sl Ald8tss, Oxford, OX1 IDE. 1.1 A¢¢ounting ¢onv¢ntlon The financial ststements have been prepared in accordance wlh the Companies Act 2006, FRS 102 The Finanaal Reporting Standard appllcable In the UK and Republlc of Ireland" I"FRS 102.1 and the Charltks SORP "AcGounb"ng and Reporting by Charities.. Statement of Recommended Practi(% ap ￿1c￿bIe lo Charit￿$ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepuNic of Ireland {FRS 102)" {èffective 1 January 20191- Th charity is a Public Ben8fft Entity as deflnèd by FRS 102. The finandal statements are prepared In stertlng. whlch Is the functic￿81 currency of the chaTny. Monetary amounts In thès8 finandal statgmonts are roursded to the neargsl £. The llnandal statements have been rKepared under Ihe hlstorlcal cost o)nvenlion. The prlncipal aco)unling PL4icies adopted are sel out ￿low. 1.2 Going ¢on¢ern In ￿mmOn with othèr arts organlsations, thè flnanoal ￿8b￿ty of thè company Is d8pand8nl upon tha ralsing ol suffic4ent sponsorship income and donations. The financ4al statements have been prepared on ihe going on¢em basls, whlch assumes that such suffldent sponsorship income and donatlons wlll be ralsed. The Trustees are confident that this is the case,. however tf 8uffi¢ient fund8 are not forthcoming to enabje the company tr) (x)ntinue to 0￿rate. adjustments would havè to be made to reduce the value of assets to their recoveratAe amount and to provide ts any further liabilities that might arise. At the time of approving the financial statements. (he Trustees have a reasonable expectation that the charoty has adequate re80u(ces to continuè in operational exisl8n¢e for Ihe fcfeseeabla futur8. Thus the Trusteos ontinue to adopt the going concern basis of accounting in preparing the financial stalemenls. 1.3 Charllablt funds Unre51ricled funds are available for use at the di8cr81Son of tha Trustees In furtherance of thelr tharitabtg obledivos. Re8trlcted fvnds are lor use for thè purptsse Int8nde(l. Exp8ndabl& ondowmont tunds arg are funds invesled for the long term fvlure of the charity- 1A Income Inwme Is r8cogni8ed when the tharity is legBly entllled to It after any performance conditions have been met, the amounts can be measured reliably, and il 18 probable that in(¥mp will be r8¢xivad. Donats"ons to 8UPPOrt specMSc C￿certS are taken to Income in the period in whi(* the concerts take p5ace. Other donAlions ara t8k8n to income in the period in which they are received. Gifts-in4ond are accounted for at the Tru8tses' esumate of value to the company. 15- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 A¢countlng pollclo8 IContInu￿) 1.5 Exp•ndltur• ExperKliture is recognlsed once there Is a leg81 or constructive obligation to transfer economtc benefit to 8 third party, it Is probable that a Iransfer of economic benefits will be required In setuèmenl, and the amount of the obligation can be measured reliabty. Expenditure is Classifi￿ by actiwty. The costs of eath athity are madg up of the total of direct costs and shared costs, including support costs involved in undertaking 8ach activity. Dir8cI costs altribulabl8 10 a singlg activity 9re allocated dire¢dy to that 8¢tlwly. Sharod costs which contribute lo MO￿ than one activity and support costs whith are not attributable to a slngle actiVTty ar9 apportioned between those activities on a basis consistent with the use of resources. Central staff costs aro allocated on tha basi5 of tima s￿nt. and depreciation ch2rges are allocated on the portlon ¢f th8 8$seY$ usè. ExperKliture, which is char9ed on an accruals basis. is all￿ated be￿9￿. Expenditure incurred directly to the fulfilment of the Ch8rity's objecllves Idlrect charttsbl$l Expenditure inwrr8d dir8cUy In the effort lo raise Income Ifundrdlslng and publlclty) Expenditure incurred direcuy attributable lo the govorning of the Charity Employment c08ts are divlded belween categortes based on the best estlmale of the division of the time spent by each ernployea. 1.6 Intsngible flxed assets other than goodY•ryll Intanglble assets are recogniseij at cost and are subs8quontty measured at cost less accumulated amottisallon and accumulated Impairment loss95. Amortisalion is r8cognis8d so as to writ8 off the cost or valuat1￿ of assets less their ￿SidUal values over their useful lives on the following bases= Webslle 20% annum 1.7 Tangiblo fixed assots Tangible fixed 8s8&ts are initi811y me8sured al cost 8nd subsequenuy measured 81 cost ar v81u8lKJn, net of deprgryatlon and any Impalment10ss9s. The company h85 8 Gsplt8li88tion policy of £100 and flxpd a8sets at a cost less than this are treated as expenses. Depreclation Is recognised so as to Nvrlte off the ¢>)st or valuatlon of a8sel8 le8S thelr r83idual values over Ihelr Useful lives on the following b8se8= Fixtures 8nd fitbngs Office equipment BetW88n 10% 8nd 33% p8r annum Between 10% and 33Vh per annum The gain or loss arising on the disposal of an a85el is determined a$ the differen￿ between the sale proceeds Bnd the carying value of the asset. and is recognised in statement of finanrAal activities. 1.8 Flxed as$•t In￿Stments Investments are included al market value al the balance sheet date. All realised and unrealised investment gains and losses are included in the Stslement of FinanGLryl A¢tivhSes. Investments are dasslfiFd as fixed asset investments as the Trust￿ believe that this is a fair refledion Df the nathre Df those 8ss8ts. 1.9 Impalrniant of flxod ass&ts At each reporfng end date. the charity reiriews the carrylng amounts of fts tanglble and 5ntsnglble assets to determine wh¢ther therè is any indicatton that thos8 assets hav& suffered an Imparment loss. If any such indication e￿$t$, the re¢tsvèrab￿ amount of the ass81 Is èstimated In ord6r to det8rn1ine the extent of the Impairrnent loss (if anyl- 16- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Accountlng pollcS98 {ContJnu$d) 1.10 Cash and cash equiv41ent8 Cash and cash equivalents Indudo cash in hand. deposits held at co11 w6th banks, other short-18mi Ilquld In￿stments with original maluritiè5 of thrge months or lès5, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 1.11 Flnanclal Instrumonts The charity has elected to appty the provisions of SgclK)n 11 'Baslc FlnancSal Instrumonts, and Secdon 12 '0th8r Finanoal Instruments Issu8s' of FRS 102 to all of Its financial Instruments. Financial instruments are recognised in the charills balance sheet whgn the charity becnrnes party trj the contractual provisions of the instrument Financiat assets and liablities are offset, with the nel amounts presented in the financial staiements, when there is a legally enforce3￿e right to set off the recognised amounts and there is an intention to settle on B net basis or to re81i8e the 8&8et and 8etUe the liabilty simultaneousty. 1.12 Leases Leases are dassified as ffinan￿ leases whenever the terms of Ihe lease Iransfer substanllally all tha rlsks and rèwards of ownership to the lèsseès. Al othèr18as8s 8rè cl&gsth8d 8s 0￿ratIng18#S8$. Assets hdd under finance leases are recognised as assets al tho lower of thg gssets fair valua at thg datfr of ncepfjDn and the present V8lue of the minimum lèag8 paymnls. Thè rèlatèd liability is Included in thè balance sheet as a finance lease obluation. Leas8 payments are treated as consisting of capital and interest elemenis. The interest is charged to net incomeJlexpenditurel for the year so as to produce a constsnt periodic rale of interest on the remaining balanco of the liability. Rentals payable under operating leases. induding any tease incentives received, aTe charged a3 an expense on a straSghl line basis over the temi of the relevant lease. 17- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 kncome from donatl¢)nffi and lega￿% unrestr￿ R•&trl¢ted Endowmènt T¢)lal Unrestrfctsd Restrtctod Endowment fund5 nds funds funds 2022 2022 2022 2023 2023 2022 Donatkjns and gifts Donated goods and servkes 12.052 12.052 218.280 2.500 1.1￿).000 1.370.780 69.633 12.052 69,6&3 81.685 218.280 2.500 1,19),000 1,370,780 18- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Incamè from invèslmnts Unre$trS¢tod Unrostrl¢ted funds funds 2023 2022 Investmènt income Interest recelvab 9.142 9,142 19- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Othar Income Unrestrlct•d Restrlcted Endowrnent funds funrls nds 2023 2023 2023 Total Unrèstrlcted Rg$trlcted Endowmont nds funds funds 2022 2022 2022 2023 2022 Other income 15,699 18.024 5,429 385 5,814 -20- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Ralslng funds Endowmfjnt Endowment lunds fisnds 2023 2022 Investment management 8,501 8.501 Charltable actSvMles Concert progrnmm 2023 support costs 2023 Total Concert 2023 progrwnmg 2022 Support osts 2022 Total 2022 Deprery8lion 8nd amortisalM)n Staff Costs Rent, rates. Insurance and ectfiaty Postage. telephone and st8tionèry Travel and 5Ltb5iStgnc8 Offlce equlpmonl I IT Accounl8ncy and lag81 expenses Bank tharges, fees, servir ch8rye Misc*llaneous expenses Auditor remuneT3tion Artist and wncert management fees Commissions Hire costs 5,117 75,100 4.076 59.895 9,193 134,995 4,990 51.189 3,975 40,826 8,965 92,015 14,749 11.765 26.514 13.103 10,452 23,555 2.358 2,305 5,1S7 1.365 1.836 4,114 3,721 4,141 9,271 3,125 1,975 5,130 2.495 1,574 4,093 5,620 3,549 9,223 12,886 10,265 23.151 7.320 13.389 20.709 1,051 13,830 4,549 838 11,033 3.627 1,889 24,863 8,176 374 8,772 4,554 10.995 19.767 11,250 301.445 14,565 53,435 301,445 14,565 53.435 11Y).547 9,910 18.930 100.547 9.910 18,930 506,545 108,814 615,359 234,379 90.504 324.883 506.545 108.814 615.359 234.379 324,883 Analys55 by fund Unrestrfcted funds- general Restricted fijnds 434,587 71.958 108,814 543,401 71,958 234,379 90,504 324,883 506.545 108.814 615.359 234.379 90.504 324,883 21 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Trust995 reEglved remuneratton of £13512022.. £rblll for $8rvicg5 provided durfThJ the perlod. managemenl compri888 the TN8t898 and senlor management. Tolol romun8ralion pold io key man8g8mont personnd in the period amouniad to £53,78312022.' £47.2971. The tot81 amount of don8llon8 recewed from trustees was £1.345. All of th888 donaUon8 were unreslrfcted. Employo•s Th8 8verag8 monthly number of employees durlng the year wa8-. 2023 Numbor 2022 Numbèr AJI empioy888 wer8 Invofved In the man8gam8nl, admlnlslratbn ond wrdinollon of the Ch8dty'8 act￿11108. There wer8 no empioyeès ￿ose annual remuneralton was more than £OO.OCQ. Romuneratlon of koy m8naggm•nt personnol The r&muneratlon of key managemgnl pgrsonnells a8 follows. Galn8 and108888 on Invo8tmonts Endowm•nt Endowment fund8 fund8 2023 2022 Galn8111088e818rl8lng on: Rgvaluatlon of Investments {9,9571 115,6131 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 10 Inlanglbk fixèd a8•ets C05t At l August 2022 31 Juty 2023 32.040 Amortisatlon and Imp•lrni•nt At l August 2022 Amortisab'on charged for thg year 6.408 8A08 At 31 July 2023 12,816 C*Trylng amount At 31 July 2023 19224 At 31 July 2022 2S,632 11 Tanglblè fIX￿ ￿l•tI Flxtur•• and Ilttlngl ulpment Al 1 Augusl 2022 Addit￿n6 4,474 13,375 3,51 S 17.849 3,51 S At 31 July 2023 4,474 16,890 21.364 D•pr•clution and Impalmi•nt At 1 August 2022 Depre¢lation ¢hargod In the yaar 722 895 10,742 1,8￿) 11.464 2,785 At 31 July 2023 1,617 12,632 14.249 C4Trylng amount At 31 July 2023 2,857 4,258 7,115 At 31 July 2022 3,Y52 2,634 6,366 23- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 12 Fixed asset invèstments 2023 Cost or valuatlon At 1 August 2022 Addltlons VBluafjon ¢h8nge5 Inv8Stm&nl Mano9•menl f688 Dlsposals 1,451,183 1.344 (9.957) 19.967} 1350,000} Ai 31 JLdy 2023 1.082.603 Carylng amount Al 31 July 2023 1,082,603 AI 31 JLAY 2022 1,451,183 13 D•btor• 2023 2022 Amounts falllng duo wlthln on• y•ar: Other debtor8 Prepayments and 8ccru8d income 3.796 12.305 3.905 3.443 16.101 7.348 14 Cr•dltorn: am¢unt• falllng du• wlthln ona year 2023 2022 Other credllors Accrua13 and deferred In(a)me 659 41,747 390 20.003 42,406 20,393 15 Endowm•nt fund8 Endowment tunds represent OS5ets whl¢h must be held pernianently by the charity. Income arising on the endowment funds can be used in accordance with the oblects ol the ch8rfty and 18 Induded 88 unreslrfcted Incorne. Any capital gains or losse8 ari￿ng on the assets fom part of the fvnd. At 1 August 2022 Incomlna r•soureé8 Resources •xp•nd•d Transfers Galns and 108s•s At 31 July 2023 Pornlangnl endowments 1.451,183 19,9661 1368,5801 (9,9S71 1,062,680 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 15 Endowm•nt funds (Contlnu•d) Prwlws ygar: At 1 August 2021 Incomlng resour¢es Resourcos ex￿nded Transfars Galns and loss•s At 31 Juty 2022 PeTmanent endowments 359.912 1,150.385 18.5011 135,0001 115,6131 1.451.183 16 Rgstrtctsd fund$ The restricted funds of the charity comprise the unexpended balances of donatsons and grants hekl on trust subject to specifi¢ coTh1hions by donors as to how they may be used. At 1 August 2022 Incomlng resource$ Re8011fces expended At 31 July 2023 71,958 171,9581 2.500 Prevlous year: At 1 AuBu8t 2021 Incomlng R¢sources resources •xpend•d At 31 July 2022 2,500 2,500 17 LlnTe5tricted funql¥ Tho unrgstrictgd funds of thè tharity comprfse tha ungxp8ndad balances of donations and grants which ar not subject to specific conditsons by donors and grantors as to how they may be used. These indude deslgnalgd funds whlch have been set aslde out of unrestricted funds by the truskes for spKifiG purposgs. At l Augu$t 2022 Ineomlng rosource Rèsoure gxp¢nded Transfgrs At 31 July 2023 Gen8ral funds 64.675 144.594 1543,4011 368.580 34,448 Prevlous year: At 1 August 2021 In¢omlng rèsour¢¢$ Rgsourcgs expèndèd Transfgrs At 31 Juty 2022 Gengr81 funds 38,298 316,260 (324,8831 35,000 64,675 -25- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 18 An•ly•i* of nèt aJ*èts b•twaan fvndA Unro#trl¢tod nds 2023 R￿trIct•d Endowmènt fund• funds 2023 2023 Total 2023 Fund balanc•s at 31 Juty 2023 JT• r•pro8•nt•d by: Intangible flxed a98el$ Tanglble assets Investment8 CurTenl a880ts1lllab1￿lla8I 19.224 7,115 19,923 111,8141 19,224 7.115 1.082,603 19,314) 1,062,680 2,500 34,448 2,500 1,062,680 1,099,628 Unr•8trlct•d lund• 2022 R•strlct8d ETrdowm•nt fund• fund8 2022 2Q22 2022 Fund balance• at 31 July 2022 arn rewewnted by,. Intanglblè Ilxed a880ts Tanglble as8et8 Inveslmn18 Current assel8llllabllllle81 25,632 25,632 6,386 1,451,183 35,157 1,451,183 32,657 84,875 1,451.183 1,518,358 19 R•lat•d party tMn•actl¢n• There were no disdosabte relaled party ITan8Bcllon8 durtng tho y￿r othw thon th• trujtog don8tlon¥ dlsclosed In note 712022- rhmel. 20 Ca•h ggn•rnt•d from op•r4tl¢n• 2023 2022 IDefic4ty8urpu8 for the year 1418,730) 1,120,147 A(ljustffl¢nts for Investment Income rocognlsèd In statement of financial adivllles Falr valug galns and kjsses on Investments Depr8dallon and iwim8nl oftsnglLA8 fix8d ass8t8 121 9,957 9,193 {9,1421 15,613 8,965 Movement5 in I￿)rking capital: (Increase) in debtor8 Inc¥ga5e in creditors 18.7531 22.013 (9891 3.736 C•$h lab$orb•d byllgon•r•ted from operatlort• 1386,3221 1,138.330 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 21 Analysls of changes In not funds The charity had no material debt during the year. -27-