Registered number |
(Company Limited by Guarantee) |
City Music Foundation | |
Report and accounts | |
Contents | |
Page | |
Company Information | 1 |
Management Committee Report | 2 - 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance sheet | 7 |
Notes to the accounts | 8 - 10 |
Company Information |
Directors |
Accountants |
Ridgefield Consulting Limited |
2 Hinksey Court |
Church Way |
Oxford |
OX2 9SX |
Registered office |
Church House |
Cloth Fair |
London |
EC1A 7JQ |
Registered number |
Charity number |
1148641 |
City Music Foundation | |||||||
Company Registered number: | 08133744 | ||||||
Charity Registered number: | 1148641 | ||||||
Report Of The Management Committee For The Year Ended 31st July 2022 | |||||||
The Management Committee presents its Directors' Report and the unaudited financial statements for the year ended 31 July 2023. | |||||||
Governing Document | |||||||
The organisation is a charitable company limited by guarantee. The company was incorporated on 6th July 2012 and registered as a charity on 20th August 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each. | |||||||
Objects | |||||||
The charity's objects are specifically restricted to the following: (1) the advancement of the arts, culture and education, and (2) the advancement in life of young musicians (as soloists or in ensembles) as they start their professional careers; in particular by providing sponsorship, financial assistance and performance opportunities in London or elsewhere, provided that all of the Objects of the charity shall be wholly charitable in nature and shall be for the public benefit. Nothing in the articles shall authorise an application of the property of the charity for purposes which are not charitable in accordance with Section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and/or section 2 of the Charities Act (Northern Ireland) 2008. |
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Achievements and Perfomance | |||||||
CMF’s mission is ‘turning talent into success’. We select exceptional classical soloists and chamber ensembles, as well as jazz, folk, and world musicians, at the start of their professional careers. At this time when managing ‘the business of music’ can be a challenge, CMF supports them with a comprehensive career development programme. We arrange artistic and business mentoring, run workshops, make CDs, videos and websites, commission new music, secure airtime on BBC Radio 3 and promotion through online, print and social media, and put on our own recitals, residencies and concerts. In addition we do agency and management, fixing performances at venues and festivals throughout the UK and beyond. CMF Alumni tell us of the many ways CMF has helped them during the very fragile early stages of their professional careers, by helping them to develop their unique creative vision, and gaining recognition and a network within the music industry. Our aim is that CMF artists are ready for four decades or more of contributing to society’s culture and wellbeing - reaching hundreds of thousands of people through live performance, CDs, streaming, broadcasts, teaching and mentoring - giving back a thousand fold what CMF has given them. |
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The financial year August 2022 to July 2023 has all been after the end of the Covid-19 pandemic and yet the music industry is still struggling to return to normality after a long period of limited live performing activity. We selected 10 artists (soloist and ensembles) who joined us in September 2022, our 10th intake of CMF artists, in this our 10th Anniversary year. We kept the number taken to 10, equal to the 2020 and 2021 artists, and still the highest numbers ever. The number of applicants is sustained, and the calibre is exceptional. For the third year running, owing to the very positive feedback from Artists and venues alike, we took three singers in the cohort of 2022 CMF Artists specifically offering them artistic mentoring, as singers are unique in dealing with an instrument that goes on changing long after they have completed education at the conservatoires. After three years of taking higher numbers of artists, as a way of supporting the most emerging performers that we can within our resources during and after the pandemic, we opted not to audition during 2023. The next application process commences in January 2024. Our monthly live concert series in Barts Great Hall continued with all audiences attending in person and without live streams. Videos for the artists promotional purposes were made both from the concerts, and on dedicated filming days without audiences. Barts Heritage celebrated the 900th Anniversary of the founding of the Priory and the Hospital. As partners of Barts Heritage this meant CMF artists participated and performed in a number of special events, including a special visit from King Charles III. CMF also commissioned music - Nine songs for Nine Centuries by Derri Lewis using found texts, and a Fanfare for St Bartholomew by Ken Hesketh, both of which were performed at a fundraiser in June 2023. We continued our successful partnership with St Martin in the Fields with 20 concerts in the year, employing 38 Artists to perform. These have been popular both with our artists and with audiences. |
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Our residency at the Wallace Collection was unfortunately not possible as, in common with many arts organisations, the Wallace Collection is still having to manage its activities on a reduced budget since the pandemic. Mentoring, coaching and workshops were programmed and taking place as usual and now once more conducted in person. All artists received a series of 7 one-to-one sessions with a professional life and business coach, which all of them found incredibly helpful at this stage in their careers. The third trip of CMF Artist to Mexico as part of the International Exchange scheme through Anglo Arts was planned for Autumn 2023. Our 2021 International Scholar from Mexico rounded off a successful visit with obtaining a place for further study at the RAM, and enormous accolade for him, and for the CMF experience and support he had. All the other CMF Artist Programme elements have continued, including recording CDs, making videos, agency and third-party bookings, appearances on BBC Radio 3 InTune, commissioning of new music, photography and building of websites. Our Artist Manager left CMF in June 2023. Whilst working patterns for our musicians had more or less normalised after the catastrophic effects of the response to the pandemic, there remains a shortfall of funding across the industry, and this is reflected in the ability to negotiate artists’ fees sufficient to make a living. Audiences are still at only about 70% - 80% of pre-pandemic levels. CMF artists are still re-establishing their careers, and so for many we have extended the usual two-year period of being on the CMF Artist Programme, continuing to provide mentoring, agency and management, and day to day support for longer. This has financial and resource implications for CMF. This, plus the three consecutive years of taking 10 CMF Artists (soloists or ensembles) has contributed to the decision to advance the next recruitment process into early 2024. |
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Members of the Management Committee | |||||||
Members of the Management Committee, who are the Directors for the purpose of Company law and Trustees for the purpose of Charity law, who served during the period and up to the date of this report are set out on page 1. | |||||||
This report has been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the FRS 102 Section 1A and in accordance with the special provisions of the Companies Act 2006 relating to smaller entities. | |||||||
Approved by the Management Committee on 1st February 2024 and signed on its behalf. | |||||||
Mr Peter David Gordon Tompkins | |||||||
Director | |||||||
City Music Foundation | ||||
Accountants' Report | ||||
Independent Examiner's report to the trustees of | ||||
City Music Foundation | ||||
Respective responsibilities of trustees and examiner | ||||
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) or under Regulation 10(1)(a) to (c) of The Charities Accounts (Scotland) Regulations 2006 (the 2006 Accounts Regulations) and that an independent examination is needed. The charity is required by company law to prepare accrued accounts and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales. | ||||
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: | ||||
* examine the accounts under section 145 of the 2011 Act and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act); | ||||
* follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and |
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* state whether particular matters have come to my attention | ||||
Basis of independent examiner's report | ||||
My examination was carried out in accordance with the general Directions given by the Charity Commission and is in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. | ||||
Independent examiner's statement | ||||
In connection with my examination, no matter has come to my attention: | ||||
(1) which gives me reasonable cause to believe that in any material respect the requirements | ||||
* to keep accounting records in accordance with section 386 of the Companies Act 2006 and section 44(1)(a) of the 2005 Act; and | ||||
* to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006, section 44(1)(b) of the 2005 Act and Regulation 8 of the 2006 Accounts Regulations; and | ||||
* which are consistent with the methods and principles of the Statement of Recommended Practice Accounting and Reporting by Charities | ||||
have not been met; and | ||||
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. | ||||
Mr Simon Thomas BA FCCA A.C.A | ||||
Ridgefield Consulting Limited | ||||
2 Hinksey Court | ||||
Church Way | ||||
Oxford | ||||
OX2 9SX | ||||
01 February 2024 | ||||
Statement Of Financial Activities (Including Income & Expenditure Account) | |||||||||
for the year ended |
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2023 | 2022 | ||||||||
Unrestricted funds | Restricted funds | Total funds | Total funds | ||||||
Notes | £ | £ | £ | £ | |||||
Incoming Resources | |||||||||
Donations, Grants and Sponsorship | 2 | 108,790 | 5,000 | 113,790 | 130,650 | ||||
Legacy Funds and interest received | - | 1,254 | 1,254 | 30 | |||||
Events, Recording and Selection Income | 61,189 | - | 61,189 | 62,077 | |||||
169,979 | |
|
192,757 | ||||||
Total Resources Expended | |||||||||
Office Costs & Governance | 3 | 14,244 | - | 14,244 | 15,759 | ||||
Artists' & Charitable Activities | 4 | 235,679 | 5,000 | 240,679 | 194,359 | ||||
International Artist | - | - | - | 6,067 | |||||
Fundraising | 5 | 16,252 | - | 16,252 | 25,796 | ||||
Hardship Funds | - | - | - | - | |||||
266,175 | |
|
241,981 | ||||||
Income/(expenditure) for the year | (96,196) | |
( |
(49,224) | |||||
Total Funds Brought Forward | 188,345 | 285,865 | 474,210 | 523,434 | |||||
Total Funds Carried Forward | 92,149 | 287,119 | 379,268 | 474,210 | |||||
Registered number: | ||||||||
Balance Sheet | ||||||||
as at |
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2023 | 2022 | |||||||
Unrestricted funds | Restricted funds | Total funds | Total funds | |||||
Current assets | ||||||||
Debtors | 7 | - | 1,750 | |||||
Cash at bank and in hand | 287,119 | 476,465 | ||||||
287,119 | 478,215 | |||||||
Creditors: amounts falling due within one year | 8 | ( |
- | ( |
(4,005) | |||
Net assets | 92,149 | 379,268 | ||||||
Funds | ||||||||
Unrestricted funds | 92,149 | |||||||
Restricted funds: | ||||||||
General restricted funds | 140,000 | |||||||
Legacy funds (including designated for capital project) | 9 | 147,119 | ||||||
287,119 | 285,865 | |||||||
Total funds | 379,268 | |||||||
Mr Peter David Gordon Tompkins | ||||||||
Director | ||||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Fund Accounting | ||||||||
Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes. Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. |
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Incoming Resources | ||||||||
Resources Expended | ||||||||
*Costs of generating funds comprise the costs associated with attracting voluntary income. *Charitable donations to other organisations. *Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. *Governance costs include those associated with meeting the constitutional and statutory requirements of the charity. |
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2 | Donations, Grants and Sponsorship | |||||||
2023 | 2022 | |||||||
Income type | Unrestricted | Restricted | Total | Total | ||||
£ | £ | £ | £ | |||||
Donations | 69,901 | - | 69,901 | 83,931 | ||||
Grants | 38,889 | 5,000 | 43,889 | 44,219 | ||||
Sponsorship | - | - | - | 2,500 | ||||
Total | 108,790 | 5,000 | 113,790 | 130,650 | ||||
In 2022, £28,359 of donations and £13,219 of grants are restricted. | ||||||||
3 | Office and Governance costs | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Independent Accounts Examination | 3,348 | 2,856 | ||||||
Staff Costs and Payroll | 9,639 | 9,909 | ||||||
Office Costs | 1,257 | 2,994 | ||||||
14,244 | 15,759 | |||||||
4 | Artist and Charitable activities | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
CMF Events | 8,908 | 14,242 | ||||||
Playing and Performances | 71,387 | 41,371 | ||||||
Professional Development Workshops and Mentoring Programmes | 14,734 | 9,700 | ||||||
Artists Individual Projects | 30,552 | 6,116 | ||||||
Auditions and Selection of Artists | 5,458 | 5,221 | ||||||
Promotional Tools For Artists | 18,215 | 15,426 | ||||||
Staff Costs & Payroll | 82,624 | 81,321 | ||||||
Office Costs | 8,801 | 20,962 | ||||||
240,679 | 194,359 | |||||||
5 | Fundraising | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Staff Costs & Payroll | 13,498 | 19,807 | ||||||
Office Costs | 2,514 | 5,989 | ||||||
16,252 | 25,796 | |||||||
6 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
7 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Income, Donations and Sponsorship | ||||||||
8 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Taxation, pensions and social security costs | ||||||||
Accruals | ||||||||
4,005 | ||||||||
9 | Restricted legacy funds | |||||||
Legacy funds is a restricted donation received in 2020. £120k is reserved for Office Refurbishment project which has been delayed partly because of the pandemic. The remaining funds are retained in reserves in line with our reserves policy. Interest received in the year was £1,254. | ||||||||
10 | Other information | |||||||
City Music Foundation is a private company limited by guarantee and incorporated in England. Its registered office is: | ||||||||
Church House | ||||||||
Cloth Fair | ||||||||
London | ||||||||
EC1A 7JQ |