Charity registration number 289324 (Ewland and Walesl Company reg15tr4tlon nurn￿r 1808898 MUSIC AT OXFORD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 MUSIC AT OXFORD LEGAL AND ADMINISTRATIVE INFORMATION Trustees MS Julig &)nd Mr lan Fl"tchie Mr Paul River8 (Chair) Dr PelerAJsop Claire Booth Dr Des aivar Dr R¢)b Sknlton Judith Unwin Secrèt Ms R J Dawson Charity number (En￿and Wales) 289324 Compary number 1806898 Registered offlcè One StAldale8 Oxford OXI IDE Audit¢r GrAvita Audrt Oxford LLP First Floor, Park Central 4041 Park End Street Oxford OX1 1Jt) Banl(or$ Lloyds Bank plc 1-5 High Streèt Oxford OX14M MUSIC AT OXFORD CONTENTS Page Chairfs ststemgnt Tru8ts88' r8wI stalemenl of Tru8tee8' re$pJnsibi1￿8 Indopendenl a￿￿rtO¢S report 8-10 Stslement of finana81 activities Summary Incorr￿ and expenditu￿ acujunl 12 Balance shèat ststament of cash tkms 14 Notes to the financial stal8monts 15-24 MUSIC AT OXFORD CHAIR'S STATEMENT FOR THE YEAR ENDED 31 JULY 2024 Music al Oxford celebrAted 40 year8 a8 a ¥uccessful. ouiw8r(l-looking mu8ic provider in Ihe year. Dseply rooted in both our loral community and the wider musc life of Ihe country, our fflission 18 to create and curate eclectic series of high-qu8lity events end projects in and around Oxford for the enjoyment of all. We a)ntinsJe lo strengthen OLbr ability to bring worfd-dass music-makj'ng to Oxford for the benefit of our audiences, schoo18, and o)rnmunity groups. In our 2023-24 anniver¥ary #•ason, which celebrated the rnajesty and beauty of the natural wodd, we held 15 live perform8n(*s. In addilion to OUT traditional Christmas concert8 at Christ Chureh Cathedral, we welcomed inlernalionally acdaimed artk81s induding Andreas Scholl and Tam8r Halperln, Europa Galante. and the 12 En#emble. AlOngs￿e our dgssical concerts we l¥)sled exrA*"ng conlemporary jazz, folk, #nd bras8 from Mammal Hands, Catrin Finch and A￿'fe Nl Bhri&in, Manchester Cdlective, and Onyx Brass. Many of tyjr concert8 wer¥ complete se15￿ut8, or very d08e, demonslraling that Music al Oxford's ecleclie arknst￿ offgrirvJ is valued by our a￿llenceS, whether local or from further afiekl_ Aieview ofouf Mammal Hands gig $8id". Taking part in tlJ& Music al Oxford concèrt series. ￿ 8 con£ert at thg Shfjldoni8n Theatfft. Brfttish jazz tr M8mm81 H8rnSs were surpiisgd to reolise that this was the lirst lffmo they had played An tfte city. 081ivering an and hypnotsc sel. it w8s prety clear th81 the assemblgd audi8nce o18round 650 peopl8 bvw8 glad that they lJadm8do tljb trip. M8mm&l Hands entranGed the audience wllh Ih&ir unique, cTralive sound. &mplg, repobtive wano p8rts CoM￿ned th complex thytllms and mekJdK saxophone lines to rJo&t& truly hypnotKPi6ces of MU￿¢. Wtr Also showed lour film8. in cdlaboration with our partners at ￿ Ultimate Pi(aure Palace, all on lopits relating to our COn￿rts. Those onema showings have introdu￿d new custc4ner8 to the mU￿e al Oxford fllmi￿. We afe delighted th* we been able to Èxpand our es8entt.al and much-valued programme of Learning and Participation IL&PI activities. We built on our musical c￿labOratIon wth a local primary 8ch(MJl Rnd also devised parb.￿pant-lèd music sessions in It>cal care IK)me$ for residents VAth Demenlia. and 8 hospice lor those receiving end-of-lrfe (*re. Our L&P prLYJramme is intsaral to Music al Oxftjrd's oulpul and sits equally along3idè our public concerts, and we aré Lxjntstanlty explortng new way8 lo bring elements of our L&P work into our public events. Two teachers who wgra involved wrth wr primary sch)ol project sakl the folowng.. W8 havg a child in th8 class who has quite complex needs and we found he would Iisltsn lo the muste and he èvenlu8lly came into th6 hall wher& we h8ving ours8Ss￿ns. Hg found Ihe mu&cal inslrurngnts inteTrsling 8nd in his limited langu8g8 h8 was able to 8¥pr8ss Ihat 'rt W8s loud, ènd she do it. when he saw H&nrJah playAng. Ho focus8d on the sessions for knnger 11)8n he ¢8n in nom7al srtuations. The olher children ttlso show8d vèry high •ngagon70nt and they would then use It￿ skills they had b88n shown the lessons when Ihey h8d fr6e lime. thèy would make up songs ￿n9 whilst thèy were playino which was Iov8ly to S60, esp8oially frDm the boys. 7PJ8nk you! 11 w88 8 Iruly gr￿* exper￿￿￿6 and ljaving t8ught for 10 years w8s on6 of Ihg b8* music le&sonsts8&wons I've 588n, tsven having workeLI in private schools with d8dlcated music teochers. What Tim. F8licAly and Hannah we Bble to provide w4soulslanth'ng. Thank you again. The financial resultg lor 2024 continue lo show a deficit frjr Ihe year. However, the deficit w8s signifKanlly reduced from £418,730 to £264,318. Our unreslricted incom8 increased from £144.594 to £179,876 as a result of Increased ket sales, increa8ed donatK)n$ and higher inv&slmerrt income_ Our unrestricted (x>sts redU￿d from £543,401 10 £520,065 on lowèr Concert costs. We enjoyed a £65,886 gain on the v8lu8 of oui investments over Ihe year. As Part of our 3-yeAr strategic F4an. we wi51 build on th8 Improvem￿1$ made in the la81 year 8nd c￿lInUe our tocus of gnh8ncing our artistic 8nd L&P prograrnmes while alw) improving our sales. markèting. and fundralsing activities. We made improvements to our markeling and digitsl markeling reBour(xs in the year, and towards the ye4r end, hirgd our first fijll-lime Head of Development and Membership8, lo grow our gr8nts ond donations. Additionally w8 storted ex￿Oring new intt)rr￿ streams in the year. and wll ccf¢linue lo do 80 in forth￿ThIng years. bE>ilding on our strong networks and partner9hips in Ihe city. MUSIC AT OXFORD CHAIR'S STATEMENT (CONTINUED FOR THE YEAR ENDED 31 JULY 2024 11 ha8 been another busy and suc(￿$$fUl year and wuld not have been achieved with￿1 the ellergy and experti88 of Ihe management le8m lead by Rebecca Dawson and the guidance and support from 811 the Trustee8. We look forward to the 2024-25 season, building on our slrofjg foundations And delNerinu 1X)we￿I musiral experiences to rrore ￿0p1*. Paul Fl"vers Chalr /LL4 2c)t) Dale.. MUSIC AT OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2024 The financial statements have been prepared in a¢coTdan¢* with the a(Lounling pdicies sel out in note 110 Ihe finanual slalerrents and mply with the charty's Artides of Association, the Cor￿anieS Act 2006 and 'Aecounling and RÉp(>rtints t>y charil￿s.. Statemenl of Recommendèd Practice ap￿ICable lo charities preparir>g their a￿Ount$ In accordan￿ with Ihg Financial Reporting Standard applirable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The Trust88s pregenl their annual report 8nd finan￿&1 stalemenls for the year ended 31 July 2024, ¥thich are 0180 prepared to meet the requiremènts of Ihe Companie8Ads. status of thè e*)mpz4ny Mustc at Oxlord is a company limited by guamnlee (Company numbpr.. 18068981 and a rggisl8rad charity ICh8nty number. 2893241, governed by ils Memorandum and Articles of ABsoaation dated 28 November 19B3. The liability of thè mombars of the (x)mpgny is limited by Iheir guAranlee to contribute the Sum of £1 each towards the IIBbilitr'es of the company in 1he event of li(•Jidalion. Al 31 July 2024 there wefe 8 mombers12023'. 91, wlv) w¥rè Ihe directors of the Company. The finan¢laS statements have been prepared in acctsrdan￿ with the accounting pdicies sel out in note 110 Ihe finan(#81 stalemenls and compty with the charity'3 ty)vemiw dcKumenl, th8 Ci)mpAnies Act 2006, FRS 102 The Financaal Rewjrting Standard appltcable in the UK and Republic of I￿land. and the Ch8riti8s SORP"A(xounling and Reporting by Charilie8.' Statement of Recx)mmended Practice applicablg to eharilies prepaThng their accounts in accordance wllh Ihe Financial Reporting Standard applicalAe the UK and Republie of ITeland IFRS 1021'_ ObJ•ctl¥os and activltle5 The company hA¥ been established lo promote, maint8in, irTprove and advance education part1￿18r1Y by the enujuragèmenl of the Arts including the Arts of drama, ballet, musc, wnging, literBture, 6cu1plure and painting. The Trustees havè been mindful of tl* Charity Commi88ionts general guidance ￿ public benelft and fee chaTging when managing the ¢ompsny'8 objectives. The continued provision of ￿nceSS1on8ry rates a150% foT all our conr*rt8 allow5 crueial access to those on lower incomes and1￿ Univer8al Credit, and wll remain a comerstone of the compan13 policy in this and Subsequent year8. The company continugs kxjly of offerfnu work experYènLZ QPSX)rtunilies for Sc￿)01 sludents and internships and freelan¢8 opportunities for univèrsity students. ThÈsè sthemes provide furlher public benefft. Artlstlc pollcy Music at Oxford is committed lo brlnolng excellent Ilve music experiences to audiences and Learning and PartiCiP8tion partiupants in the Oxford City Region by curating an extremely broad range of musicacross 8 variety of venues and partners. We seek lo provide a welcA)ming environment in order to serve the widest possible community. The Artislic and Executive Director a>nstanUy strives lo offer th4.9 wide raTrJÈ tsl whilst 8imullaneously lrying to Challen￿ ￿￿p￿.on8 wrfh new or les9er4(Tr)￿￿ worts so as to cregtè exctbng and enrKhing experiences. We wntinue to build upon our long-tern relati￿$￿IpS vAlh excellent ox￿ Crty Region Insth￿￿on8, and to 6xplore new key relationships and parlne¥ships. MUSIC AT OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Finoncial pefftinnancè and review The Tru8tee5 c*nsider the fin8nrial pertomw￿* of the charity during the year to have improved over last year bul continues to be ch811gnging , allhwgh in line wlh our plans. We are taking slep3 to retum the tharity to balan￿ position. A r&viBw of the year is Included in the Chair's stslernenl. We wore able to hold 8 fvll year's prouramme of cOn￿rtS again last year. We were deliphted to achievè hFgher lscW sales of £147,523 vp frDm £118,841 in 2023. In 2023 WÈ received restricted incomB of £71,958 that cover&S specific costs ￿lating lo the Arvo part fe8tival_ Wrt1￿11 these feslwal related tran8aclion$, our total donations and legacies iri 2024 irEcreased to £10,449 from £12.052 in 2023. Our inve8lmenl and other income increased to £28,295 from £15,699 in 2023. As a r88uII, tho ￿mpanY$ over811 operating Inco￿, induding unreslrided and restricted inry)me, donations and legar4e¥ wa5 £192,28812023.' £216,552). We ineurred operating expenditure of £522,47212023.' £e25,3251. The value of our investments increased over the year by £65,886 eompared with a reduction In value of £9,957 In 2023. ffinal resum was a signific8ntty redU￿d operating deficrt of £264,318 12023.. a defiiyl of £418,73Ql. To m8int8in the level of unre81rictsd fijnds, Ihe Trust•es allowed a transfer of £ 330,0(XJ 12023 £368,580) from èndowment fvnds to unmtricted fjJnd8. We rètain reserves of £835,310 buih on recent legac￿$. This allow8 u$ to plon for the fvlure wlh confidell(% and we continue to build our leam alongsidè operational and income generating capabilities. Over the next three years, w8 plan lo progressively rèduce our annual deficts. R￿erVeS policy The Trustees have reviewed the chority's need for reserves in line with Charities ComrniBwon guidelines 8nd believe the charity Shou￿ h￿￿ reserves to protect againsl Ihe of shorifallg of fiJnd8. The Tw8tees aim lo maintain a combinalion of cash and re3erve8 in unrestricted fund8. 80 that together Ihg$e will enable the cx)rrpany lo ￿ntinUe lo operate effeckn'vely and meet ils short-term financial oblig81ion in the event of revenue shortf811¥. The Truslees currently aim to hold the equiwalenl of avwlable fijnds equal to a minimum of Ihiee months of operating costs. The Trustees note 1hat the expendable 9ndoW￿￿nt can be called upon lo Serve as a buffer al lime8 of finanual volalilty. This aim and the level of reserves 18 reviewed annu811y. and wi11 be maintained providing Itrwt doing so is (x)n8istenl with the charity's overall posilion and ts nèeds to continue to devek)p its charitatAe aCtNIt￿8. The re8eNèS al year*nd were £835,310. This compare8 with £1,099,628 al the end of 2023_ As the invested funds are intended to provide long-lem security for Ihg tharity and for capital to b8 preserved in real lemis, they ate induded in the aco)unls 8$ expendable endowment fund. T￿.$ means that 8h(xJld the Trustees so decidè, in the hjlure the caprtal can also bo expended in the interests of the chority. Inve$tmènt policy On the ba818 of prof858ional atlwce. the company continues to invest sts endowrnent in a managed elhieal fund which is int8ndod to ddiver a satisfactory return at moderate risk, over a number of years. The aim 18 fvr an nnu81 draw-down to be made on the endowment. lo be Iransfgrrsd to unrestricted income, in order to contribute to Ihe operating exp8nditure of the company. The perforyn8n<* of the investment fund Is regularfy r￿￿ewed. MUSIC AT OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Plans for thtr luture We plan to ensure Ihal wo are in a px)8thn to deliver the highest quality prrpJramme s%>¥￿ble. We will fvrtheT devèloping our digilal and other sales and mBd¢eting inilialives to L*tter promote our high-quality prowammes, ensuring v181￿.11ty to the wdesl atsd5enct and communrty. We will r4)Tttinue Trn our endeavours Io Teach new communities and audiences in (>rder lo belter reflect the diversity of the Oxford Crfy Region, and we are ft>cussing parti￿larIY E>n the soaal and cullurd groups that are ojrrently under-representeEJ, as well as Ikmilie6, students and chi￿ren. We are doing thig while al30 taking great care to look after our existing audiences. and upporters, Musical n88d8. To achieve this, we o)nts'n￿e lo broaden %he scope of the repertoire lo indude non- assical concerts, illduding laz4 folk, and other genres of music from around Ihe worfd, and more music by living (a)mp08ern. We arè mindful of our responsibility lo make our perf0mlan￿$ acce88ible to all and provide low ticket prices tor all concert8, espe¢yally to chiltjren, students, people wrth ac￿$ requirements and Ihose on Univewl Credit. We also work wlth our mu8ician8 on B lar￿ number of projects wthich have a community or edurAlional benefit, in order to ptovid¢ increased opporlunit'es for expér1en￿ng and partiC4P8ting in live music-making. Additionally, our website gives clear a(X￿51b11ty information for every venug wè use. We are very dependent y￿n the conhnued wpport of all our donors, sponsors and members. We communicale fegularly wlh our major donor¥ and an important part of our future planning 18 to extend our fundrkis1￿j orsd cornmunicalion capabilit￿8 and activities. led by our Head of Development and Memberships. Structure, g¢mrnance and n7anagemènt The company is required lo have a minimum of tsvo and not more than fifteen dirèctors. The dirédorn arn also the Tru81ees of the ChBrity ond will be refèrr&J to Ihrough(MJllhis report as Trust8es. The mernber8h¥) ofthe Boord ofTrustee$ during Ihg year, and apFoinlments, are 80t OJI below.. Ms Julie Bond Mr lan Ritchie Mr Paul Rivers (Chairl Prof M8rgaret Maden Dr PelerA160P Claire Bocith Dr De8 Oliver Dr Rob SkStton Judith Unwn IResiEffied 27 Nt*vember 20231 The Board of Trustee¥ mets approximately six limes a year. oversee the of the charity and manage and admintster the key financi81 an¢J strategic decisions made. Trustse8 do not receive rèmuneration for Ih8ir nonnal dutss. Where Tru8lee8 undertBke profe88ional duties outside ttr￿ scope of their normal duties, they 8re entitled to receive rea80nablè remuneration. Nothing was paid tr) any Tnjstee in yeor12023.' £nlll. The Tru¥tees take re8ponsib51ty tDr decisions relabng lo the strategy, Ihe artistic programme and the fin8neAs of the charity. oper8ts.onal matters are rnanaged by the Artigtic and Executive Director, RebecrA Dawson, who reports diraetly lo the Board of Trustees on 8 regL¢lar basi8. The hrti8tic and Execlrtive D1￿clOr prep8res artistic and operabonal plans and budgets, in actordance wilh 8 femit agreed in advance and whth #re TeoJ18rly presented to the Btsard for approval. There are four ffleM￿rs ol staff supported by additional freelance staff vkno CgFry OLrt Ihe fiJndTai8ing a￿1 conL*rt and proigd manage￿￿￿1 activthes. Trustee indurtlon and training New Trugtees are nominotad by al least one existing TTUStee or by the Ariistic and Exeujtive Directr)r Ènd then vole is tsken amongst exisling Trvstees. Nominations are usually based on an identified need tor particular skills or experbse, or community engagemonl. In the event that exislino Trustees identity a need for additforral expBrience bul cannot ngminate a suitable condidale the Tru8taès would adverti8e_ New Trustee8 are briefed on company g0veman￿. deeision-making procews aThJ financial perfDimance. The training needs of each Trustee are evaluated on an individual basi8. The Trtjslees hold. QT h8ve held, senioT Positions wlhin commerce, industry, Iho arts orthe professions. and use their ex￿[wee lo benefit the thaniy. MUSIC AT OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Auditor A resduls'cffi to re4ppoint Grovita Audit Oxford LLP as auditor IOT the ensuing Ye8ry￿11 be proposed at Il* Bnnual gèneral meeting in #c￿rdance wrth 8e¢tiort 489 ofthe Comp8niesAct 20Cfj. Rlsk assessment Trustèes ￿ntinue lo monitor both actively 8nd ￿gUlarlY Ihe major risks thBI the charity may face and believe the fund8ment81 finanrikl risks lo the ry)mpany relate to a sl)ortrall in income from concert8 8nd voluntsry Inco￿￿. This is mitigated by ￿01ntaInIng reSoUr￿S at levels Ihal wll provide sufflcient SUPFth In the event of adver8e a)nditions cf incoThE shortfalls, and regular (xjmmunicalion wih major donors. We wll expttnd our fund raising aclivilies and re80ur(xs to addres8 the shortfall in donations and grants. Folward planning offets a Pfediction of income and expenditure which is moniti)r8d on a monthly ba818 with aclual results conslantty measured again8t prediction to ensure that Ihe Trustee8 are aware ol the financial p)silion. Ch8nges in outcome are revièwed by the Tw8tee8 and new targets ¥et ag and requirenpanWs affaifs as al 31 July 2024 and of rts In￿Ming re80yr￿S and applicatson of re80ufL*S, induding ils income and expenditure. forthe year then ended., have beeTI propedy prepared in ac￿rdanCe with United Ith"n￿oM Generally Accepted Ac(x)unlino Practic*- 8nd have been preparad in accordanL¥ Wth the re(Wifernent¥ of the CompaniesAd 2CrfJ6. Basis for opinlon We conducled our aLKlil in acrA>rd8nce V￿th Intem#k)nd Standard8 on Auditing (UK) (ISAS IUKII and applicablo law. Our reS￿￿81b111t￿5 under Ihose sIalldar￿S are fvrlher described in the A(￿lIOrS r8sw)rtsibilrties for th& Audit of th8 financial slatem6nls 8ection of our ￿pOrt. We are independent of Ihè charity in accordance wilh the ethic reqU1￿ments Ihal are releva#t to our audst of the financial 8tatsm8nts in the UK, incEuding the FRC'8 Elth"c41 Standard. and we have fulfilled r)ur other ethical resFunsibilitsès in accordance wrth those requiremgnls_ Wè believe Ihat Ihe Budit evidence we have obtained 18 8ufficigr¥t and appropriate to provide a basll8 for our opinion. Conclusions Telatlng to golng concern In at¢diling Ihe financial 8tBtements, we have concluded Ihat the Truste88' use of the going fA)neern ba￿9 of ac¢ounl¢ng in propaNtion of Ihe finanual slalements i# appropriate. Based on Ihe work we have perfomied, we have not 1dèntified any material un￿rtAintieS Telallnu to events or condits'ons that. indi*￿￿kIlY OT collectiveFy. may cast 8ignFficant doubl on Ihe charity's ability to ￿ntinUe as a going c￿Cern frtrr a period ofal loast t￿1¥8 rrK)nlhs from when the fina￿la1 ¥tBtgmènts are aulhorised tor issue. Our respor￿1b1Litse8 and the responsibib.￿S of the Trustees %*th respect to going concern are de8cribed in Ihe levanl sections ol t￿.$ report. Othèr Snfomiation The other infomwlion eompfises the information indthjed in Ihg annual report other 1h8n Ihe finan￿81 stalomenls and OUT 8uditorfs report Ihereon. The TnJslee8 are responsible for Ihe other infomiation contained wilhin the annu81 report. 0￿r opinion on the fin8no&l statements does not cover the other infomalion and, exeepl lo the exlenl othèrmse explialty 8tated in our report, we do not expre$8 any fomi of a$8uran(* condusion Ihereon. Our responsibilrty is to read the other inlomation and. in doing so, consider whelher the other infommlion is materially incLJll813lent wth the financial 818tements or our knowledge obtain#d in the ci)urse ol the audit, orotheNise appear8 to be materially rTp8Stated. 11 we identfy such material inrAJn8iStencie8 or apparent material mi88talemènts, we are required to detemiine whether thig gives r+Be lo a rnalerial misstatement Fn tho financi81 statements themselves. If, ba8ed on the wort( we h8V8 perfomied, we c4Jndude that there is a m*8rial migstalement of IIMS olher infomiabon, we are required to rel￿ that fact. We have nothing lo repwt in Ihly regord. Opifilons on other matters prescrlbed by th• CompanlesAct 2006 In OUT opinion, based on the w)rk undertBken in the cour8e of OLtr audit.. the inforrvatron given in the Trustees. report fw the financial year for which the financial 5talemenl$ are prepared. which indudes Ihe directors. report p￿pared for the purposes of rA)mptsny law, 18 consi8tent wilh the finanaal slalemènts," #nd the direclor8' report induded wlhin Ihe Tru8tees' rewt ha8 been prepared in 81xx>rdance with applieable legal requirements. MUSIC AT OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC AT OXFORD Matters on which we are required to rèport by exception In lh6 light of the kno￿edge and under8tandir¥J of the charity and its environment obtained in the course of Iho audit. we have not idenlifred material misstater￿nts in the dir0Ctors' report induded within Ihe Tru8lees' report. Wè have nolhiTrg lo report in T¥$￿¢* of the follg1 stotements. Irregularities. induding fraud. are insta￿8 of non-compliance with law8 and regulations. We de￿gn proc&JuTe8 in line wth our responsibililies, outlined abLwe, lo deteet Mat￿la[ misstatements in respect of irregularities, including fraud. The extent to whieh our procedurfs are capable of del8cting irregularit￿. including traud. is de1ailed bdow. the engagement pBrtner ensured Ih8t tha engagement team cdl8clively had the Appropriate Cornp8ten￿, cap8bilitifs and skills lo identify or recognise non-cornp1i8n￿ wlh appllcoble laws and regulations,. we identified the lows and regulaliorns applicable to the compBny through di8GuS8￿n9 with directors And other management, and from our knowledge and experien￿". we I0￿9ed orn specific laws and regulations which we conside￿d may have a direct moteriol effecl on the rinancial slaterTpnts or the operation8 of Ihe company. we as8e8sed the extent ol Complion￿ bwlh the law8 and regulations idgntfied above th￿Ugh making gnquiries ol management and inspecting legal Corresponden￿ where applicable,. and identified and regulations were a)mmunicaled within audit team regul8rly and the le8m remained alert lo instances of non-eompliance throughout the audit. We Bsgess&J the susceptibility of the compAnYs finanaal slatsmgnls lo material misslalemenl. inrjudirng obtaining an undeJslanding of Iv)w fraud might OCCUT, by.. making enquiries of management as lo where t1￿Y considered thbre wa8 8U8CgPtibility to fraud, Ihgir kno￿edge of adual, Suspected and alleged fr8ud,' con8i¢Jering the internal controls in pla￿ to MIt￿ate risks of fraud and non-comF4iancè Mlh la￿ and regulalions.. and MUSIC AT OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC AT OXFORD To address the risk offr&ud Ihrough management bias and owrride of controls, we." pertormed an8lytiral pr￿edureS lo identify any unusual or unexpected rel8tion4hipg', lesled joumal entriesto idenlfy unu8ual Iransacth'ons". assessed whelher judgernenls and a8sumpt¢ons made in dÈterynining the occounling estirnates werè indicative of potenb.al bias," and inve81wJaled the ralionule behind signifkgnl ￿ unusual trdnsadion8. In response lo the of irTegulavitie9 and non-compliance with laws atvl regulations, we designed pyocedures which included. but werè not limiled to.. agreeing fin8n¢i818t8temenl disdosure8 lo underfying supporting documentslion., reading the minutès of meelings ofthose charged wlh gOvernaTr￿,. enquinng of management 88 to actu81 and polenb.al lrtigalion and claim$,' reviewillg relevant cOrres￿ndence. There arè inherent linitation8 in our audil procedure8 de8cribed abovè. The more rémoved that law8 and regulations are from financial IrongÈctions, the less likely il 18 thBt we would become aware of nOn-￿MpliSn￿. Auditing standards also limit the audit procedures required to identify nor)-compli8TlCè Wth laws and regulalws lo enquiry of1he directOTS and ot￿r mAnagement and Ihe inspection of régulatory and legal (xyrre¥pondence, rf Any. Material misstslements that arise due lo fraud Ixn be harder lo ¢Jol8d than Ihose thal aris¢ from error as thÉy nmy involve doliberale concealment or collusion. A ￿rther desc¥iption of our responsibilities is 8vailable on the Fin8noal Reporting Council's website at.. https.'Il www.frc.otg.ukJauditorsre8Frf)n$ibili*'es. Th¢'s de8cnpkn.on fomis part tsf our audilorfs report. Use of our report Thhs report is made solely to the ¢h8ri18ble company's m*Mbers, as a body, in 8c&)rdance with Chapter 3 of Part 16 oflhe Companie8 Aet 20(￿. Our audit work has been undertaken so Ihal we might stale to the chhrilable ryjmpany's members those matters we 8rè required tci statè to them in an auditor's report and tr no other purpose. To the fvllesl exlenl permitted by law, we do not accept ￿ a88uffle respon8ibilrty to anyone olhw Ihon the charitable company and Ihe thari18b￿ corryDanl8 members as a body, fw our audit WI)￿, ft>r Ihi8 le￿rt. or for the opinions we have form￿1. //•• Robert KI￿and (Senlor Statutory Auditor) For and on beha￿ of Grawts Audit Oxford LLP, StaluloryAuditor Chartered Accountants First Floor, Park Central 4()41 Park End Stre8t Oxford OX1 1JD Date.. 41312025 10- MUSIC AT OXFORD STATEMENTOF FINANCIALACTIVITIES FOR THE YEAR ENOED 31 JULYW24 fvnd¥ Anth 2024 2024 2023 11412 18,449 147,5 21 12JW2 116,841 81,e85 118,841 chan￿ts￿ In¥e51niWk% 147.525 21 25.2B5 15,69 118.478 12N12 192.?fjB 144.594 71.958 216.552 2,407 2.407 0.968 9.56E 015.3 $2D.Q65 543,401 FI.￿6 520.Cffj5 2.407 522.dT2 543.401 71,958 ,966 625.325 &5.gEe &5, 19,95n 19,95n 10.1891 Il412 63.459 Iw.rANJ) (264,3181 (398.BD7} .$90 119,W 1418,lYJI 1368,580) NAtfflo¥•m*nl InfwWA 12.412 (2&5.￿1) 1284.3181 I￿,227) I￿6.5051 141è.7*> Fund b￿￿¢9$41 l AuBUSt20YJ 34.440 2.5￿* 1.002.e80 1.ng9.87B 4,675 2.500 1.451.1b3 IAI4.359 Furtdblanc•¥at3q Juty2024 24.259 14.912 ,139 .310 Y,448 2.fjQQ 1.llE2.500 I.OP9.Q28 inth8year.Al Thom MUSIC AT OXFORD SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JUL Y 2024 All Income fvnds 2024 2023 Gross irKome TTan8fer from endovrnenl fijnds 192,2B8 330,000 210,552 36B,580 Total incorrE in the rO￿rtIng p@riLyJ 522,2B8 585,132 Tol81 axpandilure from incomg funds 520,085 615,359 Net Incom￿{ex￿￿d1IUrn) for the year 2,223 130,2271 12- MUSIC AT OXFORD BALANCE SHEET ASAT31 JULY2024 2024 2023 Flxed assets Inlanw'blÈ bssets Tangible assets Investments 10 11 12 12,818 5,886 836,081 19.224 7,115 1,062.603 854,583 1,108,942 Current assfjts Debtor8 C8sh al bank and in hand 13 11,782 3,050 16,101 16.991 14,812 33,092 Creditors: amounts falllng due wbthln onp ytsr 14 134.0851 142,4061 Nel rajrrenl Ilabilities 119,2731 19,3141 Tot* assets less Current Ilabllltles B35,310 1,099.628 Capital fvnd$ Expendable Endowmen* Fund Income lunds Re8trict&l funds Unre8tricted ftJnd$- general 15 7￿,139 1,082,e80 16 14,912 24.259 2,500 34,448 835,310 1,099,628 The finan 4- Ka/LtsJ 2vu- nl8 were aFproved ty the Trustees on ...................... .. Mr Paul Rivors Ichairl T￿st Company Rryistrallt)n No. 1806898 13- MUSIC AT OXFORD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2024 2024 2023 Cash fl¢)ws from operating adlvlttes Cash absorbed by operalions 20 1325.1S)I 1380.3211 Investing activitlè8 Purchase of tangible fixed a88et Purvh8se of investments Proceeds frorn disFosal of investfflènls Inveslment ino)rre (1.1991 1201 312,407 21 (3,5151 (1,3441 359,987 Net gwwrated from Inve5Ung •ct5vltles 311,209 355,110 Net ¢￿h us•d In Ilnancing actiwlles Net decrease in ¢*sh and cash equivalents 113.9411 {31,2111 Cash and cash equivalents al beginning of yeBr 16.991 48,202 Cash aml cash •qulvalents at ond of year 3,050 1&,991 14- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accounting poll¢l•s Ch•Jity Information Music Bt Oxford is a private ￿MpanY limited by guaronlee inci)rpJral8d in England and Wale8. Th8 registered Offi￿ is One St Adales, Oxford. OXI 1DE. 1.1 Aw>untlng ¢onvenUoTr The financial 8t8ternenl¥ have been pr8pared in accordan￿ wrth the Comp8nies Act 2CK)6, FRS 102 "Th Finanrial Reporting Standard applicable in Ihe UK and RepublTC of Ireland. I"FRS 10YI and Ihe Charilies SORP "Accounlino and Reporting by ChBrities'. Statement of Recommended Practs.￿ applir3ble to charilies prèparing their a¢xounts in accordance wth the Financial Reporting Sland8rd appli¢ats48 in the UK and Republic of Irel8nd IFRS 1021" lefftsctive 1 January 20191. The charity is a Public Benefit Enlity as defined by FRS 102. The financial stal6ments are prepared in slerfing, whith is the functional cufferw of Ihè charity. Monelary amwnts in these financial 8tatements are ttjunded lo the negrèst £. The finana81 statement8 have prepared undar the historiral co8t conv¥nlion. Thg princ4pal a￿aUnts.￿g policies adopted are $et out below. 1.2 Going concem In common with other art8 organisation8. the finanual viability ol the ojtrpany 18 dewndent UFX)n Ihe rai¥lng of 8tslliuent spon80r3hip intome and donations. The financiHI statements hav8 been preparpd on Ihe going 1x￿ceM basis. which assumes that such sufficient 8ponsorship incorre and donalions will be raised. The Trustee3 are confident that this 18 the ease", however if sufficient fvnds are not forthcoming lo en8ble ltr )rnpany lo continue lo operate, adjuslmfjnls would h8ve to be made to redu￿ the value of assets lo their tel￿ver&ble amunl and to provide for any further liabiliti6$ that might ari8e. At the lime of approving tPLt finanaal statsments, the Tru81845 have a w80n8ble expectation that the charity has adeq￿ete resourc85 to continue in oporalional exislenca for the foreseeable lulure. Thu8 the Trustees Jnbnue lo adopt the ping basi8 01 acrxjuntinu in preparing the financial stalgmenls. 1J Charltable funds Unrestricted funds are available tor use al the dBcrethon of the Twslee8 in furtheTan¢e of their chaiitable objectives. Restrictèd fLmds a￿ for u¥e forlhe purp)80 irrtended. EX￿ndable endrwrngnl fLtnds are alp funds invested for the long temi fvlure ofthe charity. 1.4 In¢ome Intsjme is reccgni8èd when the charity 15 legally entilled to il after any perfomiance conditions have been nwt, th• amounts can be meosuied reliably, #nd rt 18 probab16 that income will be re￿1Ved. Eknnation8 to support specific fDn¢e￿ are takgn to income in th9 period in w￿ch tho C￿cert8 take place. other donalion8 are taken lo income in the period in which they are received_ Gifts-in-kind are 8ccounl&J for 81 the Tru&lee￿ estimate of value to thè company. 15- MUSICAT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounlng poll¢l IContbnued> 1.$ EX￿nditUTe Expenditure 13 re(¥)gni5ed On￿ Ihefe 1$ a legal or constructive obligation lo Irarsfer economic benefit to third party, il is probable that a transfer of economic b8neffls will be reqk*ired in 8ettlemenl, and thè anKJunl of the obligation can be w￿a￿Ure{l reliably. Expenditure is cla88i*ed by adivity. The (x)sts of each activity are made up of Ihe total of direct eosts and shared ct>8ts, inclu¢Jing support ¢08t$ Involved in undèrtaking each 8ctivity. Direct costs attnbutable to 8 single aclivity are allocated directly lo that activity. Shared co3ls which contribute lo more than one 8cb.mty and support cos18 which 8Te not &ttribulable lo a S￿ngle adivity arp apportioned befvleen those activitses on a basis consi81enl with the use of resour(xs. Cenlral staff costs are allocated on Ihe basis of spent. and depre(xation charge8 are all￿ted on the p¢xtion of the asset's u89. Expènditure, ￿ld] 18 (*arged on an acLruaSs basis, is allocated bètween. Expendsture incurred direcly to the fvJlfilm8nt of the Charity's obje¢ttve# (direct charitsblel Exp8ndrturB incurred direclly in the effort to r8ise income (fundraising and publicity) Expendrture incurrgd direcly allributable to the goveming of the Charity Employrnent Costs are divNJed bets￿n cateoori8s based on the best èstimate of Ihe division of the lime spent by each employ88. 1.6 Intanglble fixed a55ets other than goodwill Intangible asse18 are rewnised al cost and are 8ub$ttqUen1￿ measured at ccst leBS a￿umula{8d amorti￿l￿n 8nd accumulated imp#imienl108888. Amorh8ation is recognised so as lo write off cost or valuation of as8è1s less Ih&r re$iduo1 value8 over thèir U8eful liv$s on the fdlowing bas8$'. Web*te 20% per annum 1.7 Tanglble fixed assots Tangible fixed assets are initially measured at cost and subsequ8nlly measured al Ix>sl OT valuation, net of dewecialion and any impairment10&8e$. The company has a tspitalisation policy of £100 and fixed assets al a ¢>)sl le88 Ihan this are treated ￿ expen8e8. DeprwaliDn is recognised $0 a$ lo write off ￿ cost or valuation of a8set8 less their resldual values over their U9efiJl lives on Ihe f0t1￿1n0 bases.. F￿re8 and frtlingJ Offjee equipment Belween 10% 33Vo per annum Be￿een 10.10 and 33% Fer annum The gain or loss arising on the disposal ofan a38et detemined as the diffe{en￿ between the sale prorxedi and the c8rrying value of the asset, and is re(xJgni5ed in the statement tsf financial activrl￿s. 1.8 FIX￿ asset Investments Investments are induded al wrkel value al Ihe balance datè. All reali8ed and unrealised Investment ins and 10&88s are induded irn the Statement of Fin8neial Activihe8_ Investments are classified as fixed asset investments as Ihe Tru8tse$ believe Ihal this is a fair reflection of thé nobJTe of those ttssets. 1.9 Imp#lnnent of fixed assets Al each reporting end dale. the charity ieviews the carying arTrJunts of its tangible 8nd intangible assely to detemine whether ther8 is any indiration that those assets have suffered impairnent loss. If any such indicaliors exist8, th& recoverable amount of the asset is eslimaled in order to detemin8 the extent of thè irnp0im￿nl loss lrfanyl. 18- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting pollcl (Continugdl 1.1Q C•sh and cash equivalonts Cash and cash ewivalonts include c8*h in hand. depos￿$ held at call wlh banks, other short-term IiquKI investments wlh original maturities of Ihrvè monlhs or less, and bank overdrafts. Bank overdrafts are shown within b¢)rrth¥ings in current liabilities. 1.11 Flnonclal Instruments The charily has elected to 8pply the provi8ions of Section 11 'Basic Financial Instruments. and Section 12 'other Financi81 Ir18trumenls Issues, of FRS 102 to all of its financial inslrumenls. Finana41 instrument8 are r￿nISed in the chafivs balance $hg91 %then 1he charity bewrnes party to the eonlractual provision$ of the instrument. Finan(ag1 assets and liabilit￿¥ are offset. with the net amounts pre5enled in the fjHgncial stalemenlg, when Ihore is a legally enf(Thble right lo 8el Dff the Tecrffjnised &M￿nts and Iherelg &n inlenlion to settle on a nel b￿.5 or lo realise the asset and settle1he liability symultaneously. Income Irom donat10r￿ and le9￿[¢% Unrestrlcted R#strlcted fund5 lunds 2024 2024 Total Unrestricted Restrirtèd funds funds 20YJ 21123 Tatal 2024 2023 Donationg and gifts Donated goods and Se￿￿8 8,037 12,412 18,44 12,052 12,052 69,633 69,633 6,037 12,412 18,449 12.052 69,633 81,685 Income from inveslmènts Unrestrlcted Unrestricted funds funds 2024 2Q3 Intere81 rece1V8t4e 21 Other income Unrestrfcted Rostrlcted funds fvnds 2024 Total Unrestricted Restrf¢ted fvnds fvnds 2023 2023 Total 2023 othèr incy)me 26,295 20,295 15,899 2,325 18,024 17- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Ralslng fund Enth)wment Endowmènt fun(k funds 2024 2023 Investment manaoement 2.407 9,966 2,407 9,986 Charitable actlvllle* Concert Support programm# osts 2024 2024 Total Concert programme 2023 Suppgrt Total 2023 2023 Depre&8lion and amortisalion staff Costs Rent, rates, insurance aF eI8Ctncity Post8ge, lelephcne and stationery Travgl and subsistence Offi(% equipment I IT Acco¢Jntancy and lagal expen¥e$ Bank chargos, fees. semce charge Miscellaneaus expenses Auditor remunerali At*st and concert management fees C()mmissions HI￿ o)sls 5,029 77,828 4.007 62,072 9,036 139,goo 5,117 75.100 4,076 59,895 9,193 134,995 14.96 11,938 28, 14,749 11,765 26,514 1.542 1,008 2,092 1,231 804 1,668 2.773 1,812 3.76LI 2,358 2.305 5,157 1,385 1.836 4.114 3.721 4,141 9,271 28,794 2,940 51.734 12,886 10,265 23,151 1,875 1,496 169 3.951 3.3T1 1.051 13.83ri 4,549 838 11,033 3,627 f,889 24.883 8.176 4,955 8,9C 213,451 15,058 42,980 213,451 15.058 42.W) 301,445 14,565 53,435 301,445 14,5fj5 53,435 409,789 110,276 520.CQ5 50fj,545 108,814 615,359 409,789 110,276 520.065 506,545 108,814 615,359 Analysls by fund Unreslrided fiJnds- Q8neral Restricted fjjnd 409,789 110.27fj 520,065 434,587 71,958 108,814 543,401 71.958 18- MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Trustees Trustees re￿1ved remun8ralion 01 £10612023.. £1351 lor 8eryi¢68 provided during Iho p￿0d. Key managenEnl compri8e$ th¢ Twstee$ and senior managempnt. Totd reM￿nOratIOn paid lo key m8nagemenl per30nnel in the p8ri0d amovrted to £56,05112023.' £53,783). The totol amount ofdonatson8 received from trustees wa8 £1.000.All of1hege donation8 ￿re unrestricted. Employees The averng9 monthty number of employee8 duringthe year was.. 2024 Number 2023 Number All employe88 were involved ill tha management, odministratTh and ￿4)rdInatIOn of th? Cherity's activthes. There weré no èmployee8 whose annual Temuntrralion wa5 more1han £80,0(X). Remuneration of key management persom Thè remuneration of key management personnel wa8 88 folltrws.. 2024 2023 AoJregate ￿MpenSatIOn 56,051 53,783 Galns and 19s$•s on Inveslmwnts Endowmgnt Endo￿ne￿I fund5 funds 2024 2023 Gainslllo&8e814rising on.. Revalualion of in¥￿￿￿ntS 65,868 19,9571 19. MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 10 Intanglbl• flxed assets Website At 1 Augusl 2023 aThJ 31 July 2024 32,040 AmortiS￿on and iM￿l￿n*￿t At 1 Augusl 2023 AM￿*SaIlOn charged for the yeBr 12,81fj 6,408 Al 31 July 2024 19.224 Carrylng amaunt Al 31 July 2024 12,816 At 31 July 20rJ 19,224 11 T•glblo fixed assets FixturEB #nd fittinp oirice At 1 August 2023 At1dltions 4,474 16,890 1,199 21,364 1,199 At 31 July 2Q24 4,474 18,089 22,563 D•pr8¢latlon and impalmignt At l August 2023 Deprec4abon clk8rged in the year 1,617 12,632 1,733 14,249 2,628 At 31 July X)24 2,512 14,365 10.877 ca￿yIng amount Al 31 July 2024 1.962 3,724 5,888 Al 31 July 2023 2,857 4,258 7,115 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 12 Fixed asset investmert¥ 21J24 C05t or valuatlon At 1 Augus12023 Additions Vglualion thanges Inve81monl Management fees Disposa18 1,082.803 65,865 12,4071 1310,0001 Al 31 July 2024 836,081 Carrylng amount At 31 July 2024 836,081 At 31 July 20r3 1,082,603 13 Debtors 2024 21123 Amounts lalllng due within onè year: Olhgrdebtors Prepayments and 8c¢rued income 4,020 7,742 3.796 12.305 11,762 10,101 14 Cmdltors: amount# talling the within onè year 2024 2023 other creditor¥ Acuuals and deferred In￿Me 819 33.266 fj59 41,747 34,085 42,406 15 Endowrnnt fvnds Endowment funds represent assets which musl be held pemmnenlly by the ch#lty. Income arislng on the endowment funds can be used Trn Aecordance wth the objects of the tharity and is induded as unre8tnctÈd income. Any capitsl gains or los8ès ar¢sing on Ihe assets form part of the ftjnd. At 1 August Resources 2QZJ expended TraNferd Galns and losse At 31 July 21124 Pennanent #ndowments 1,062,660 12.4071 1330,0001 65,866 796,139 21 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 15 Endowm*nt fvntts (Continu￿) Prevlous year. At 1 August ResOu￿e5 2022 expènded Trnnsfers Gains and losses At 31 July 2023 Pwmanent endowments 1.451,183 19,9861 1368,5801 (9,9571 1,062,680 10 Rostr1¢t￿ funds The rostrkted thnds of Ihe charity Lyjmprise the unexpended balances of donations and grants held on trust 8ubJect to specific Conditions by donors as lo thoy may be used. At l August Inconyng Resources resou￿e3 expended At 31 July 2024 2,500 12,412 14,912 Pr¢vlous yur. At t August 21122 IncomlNJ Resourees resources xp&nded At 31 Juty 2023 71,958 71,958) 2.500 17 Unrestricted funds The unresln.cted ftjnds oflhg rt￿ritY eompri8e Ihe un8xpended balance$ of d￿atsOn8 and grants whic* are not subject lo specthc Ixjnditions by donors 8nd grantors as trj how they may be used_ These include de&gnalgd funds which have been s81 a￿de out of uTrr&slricled funds by thg Irustees for specific purpose8. At 1 August 2023 Incoml r•sources Resources expendod Trnn¥fefs At 31 July 2024 Gèrbèral ffijnds 179.876 1520,065) 330,000 24,259 Previous y•ar. At 1 August 2022 Inoomlw Re50urces sources expènded Tfansfors At 31 July 2023 General 64,875 144,594 1543.4011 388,580 34,448 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 18 An¥lysls of net assets betW￿Th thnds Unrestrfcted funds 2024 Restrlcted Endowmont funds fvnds 2024 2024 T¢)tsl 21Y24 At 31 July 2024: Intsngible fixed assets Tangible assets Investment Current assetsl1l1a￿'li￿9$I 12,816 5,686 45,113 (34,1851 12,81fj 5.fj88 836,081 119,2731 79),968 14,912 29,430 14.912 79).96B 8￿,310 P•rbalance shggt Balaftco to allocate 24,259 15,1711 14,912 790,139 5,171 835.310 Unr•strÉeted Restricted Endowment fund5 furKJs 2023 2023 Total 2023 2023 At 31 July 2023: Intangible fixed 858ots Tangible a￿ets Investments Current assetsllliabililie81 19,224 7,115 19,9rJ 111,8141 19,224 7,115 1,082,803 19.3141 1,062,880 2,51Y) 34,448 2,51)J 1,062.680 1,099,628 19 R•lated party transacllons There were no disdosable related paty tran¥adions during the y&ar other than thè trustee d￿atIOnS disdo8ed in note 712023- none). 20 Cash 4bsorbed by operations 2024 Deficit forthe yeAr 1284.3101 1418.noi Adjustments lor: Inve8lmtsnl ino)me reU)gni￿ in statement of f#7ancial aclivitia$ Fair value gains and1088es on investment8 Depreryalion and imp8imienl of18Ngible fixed a85ets 1211 185,8661 9,036 121 9,957 9,193 Movements In working ¢apit81- Dècreaselllncrea￿j in debtors IDecreaseYinrye8$9 iTt cr8dtlors 4,339 (8,3211 (8,7531 22,013 Cash absorbed by operations (325,1511 1386,3221 MUSIC AT OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 21 An4lysis of changes in net funds Thè charity had no material debt during the year. -24-