CharnberStud.io

a company limited by guarantee

ANNUAL REPORT

AN D FINANCIAL STATEM ENTS

FOR THE YEAR ENDED 31- AUGUST 2OL6

Company Number: 7847 L97

Charity Number: LL45544

#harnhsr$tudimffi*p*rt *f the Truste*s fwr the ysar ended S$ August tr#{S

Contents

Information

Trustees' Report

Independent Report

Statement of Financial Activities

Balance Sheet

Notes to the Financial Statements

Page

3

4-7

8

9

10

1L-L3

Chamber$tudioFleport sf the Trustees for the year ended 3t August 2S16

Company lnformation

Trustees P E Carne (Chairman)

P Boondiskulchok

SHFCook

J L Hilton

SDJTRowe

86A Florence RoaflRegistered Office

London

N4 4DP

Independent Examiner

Bankers

Hilary Seaward Limited

Chartered Accountant

9 Sherlock Road

Cambridge

CB3 OHRt ,

Lloyds TSB

PO Box 1,000

Andover

BXl. lLT

GhamberStudioReport of the Trustees for the year ended 31 August 2016

' ' The Trustees, who are also'directors of the charity for the puiposes ofthe Companies Ae! presenttheir report and

accounts for the year ended 31 August 2016.

OBJECTIVES AND ACTIVITIES

ChamberStudio is a registered charity established to advance the education, appreciation and knowledge of thepublic in tfie art of classical music by the provision of educational activities for young people, in particularbut Dotexclusively, those aged between 14 and 30years ofage.

We work mostly with talented post-college musicians devoted to performing chamber music as a core part of their

career. We provide subsidised coaching, inspiration and encouragement from some of the world's best chamberpl ayers a nd teach ers (see list at chamberstudio.orglcatepr#probiogsl!

Many of our masterclasses are open to observers, giving chamber music lovers an opportunity to gain an insight into

the detailed work involved in preparing for performance of the great chamber repertoire.

REVIEW OF THE YEAR

Study Programmes

2OtSl2O16 was the first full year of our Study Programmes scheme, which had been introduced during 2Ot4l2O15 toprovide a greater number of groups with a focussed training plan. The scheme allows us to work with every group on

an in-depth basis - each group constructs, in consultation with our Artistic Director, their series of Masterqlasses

according to their specific needs and desired outcome.

During the year we ran 15 Study Programmes for 13 groups, comprising 54 three-hour masterclasses in total.

Feedback on the Study Programmes scheme was ovenivhelmingly positive:

"ChamberStudio provided us with o wonderful plotform to leorn and grow as o group. Ploying to Alasdoir

Beotson, Krysia Osostowicz ond Richord lreland hos been o really fascinoting experience which hos given us so

many ideas to explore. At this stage in our coreers, we oppreciate the dedicotion and support of the

ChamberStudio setup, ond the opportunity to perform to on audience ot Kings Place has been a real highlight.

Wewereluc@ to be oskedtegive eeoacert by aneudience member who had very much enjoyed our

mosterclass with Alasdoir. " - Lipatti Piano Quartet

"ChamberStudio gives us an involuable framework for improving both our musicianship ond our professional

skills. The structure of the study programmes, eround both o long-term workinE relotionship ond other oneoff

sessions, allows us real consistency in finding our identity, but without dny risk of the process becoming routine!

Having regulor sessions in this critical period of eorly professional life helps us to be more ombitious, curious,

ond committed to making chamber music the focus of our coreers. " - Florian Quartet

"ChamberStudio hos been involuable os we progress fonnord os a Quartet. The coaching sessions that we have

received hove been inspirotionol and have enobled us to delve deeper into the repertoire. There is nothing else

like ChdmberStudio ovailoble to emerging musicions ond has been absolutely vitol to us as a quortet. " - Alke

Quartet

*harmber$tudtcRep*rt of the Trustees f*r the ysar smded St August *S{6

'ChamberStudio is providing an extremely valuable opportunity for us to deepen our understonding of chamber

music os a duo, and expond our knowledge regording the music and our opprooch to it. We are receiving high-

level cooching thot, ot this importont stage of our coreer, has certoinly helped us to estoblish the goal of finding

our own voice as o duo, Working intensively ond in great detail has refined our playing and leads us to continue

to strive for the finest musicianship." - Quiroga Duo

We elected not to schedule any high-profile Masterclasses during the year in order to focus on making the Study

Programmes scheme a success. For 2O1612017 we plan to develop our Visiting Professor Series' inviting artists

visiting the UK and other special guests to work with selected ensembles. ln 2O!512016 we ran one residential course

- the Consone Quartet, winners of the Royal Overseas League Ensemble Prize 2Ot6, benefitted from three days of

: ". ' ihtensive reheaisal, with coachin! from ChamberStirdio ArtistiC Director Richard lreland-in the beautifutsurroundings

of West Dean College.

We are indebted to the Kings Place Music Foundation for allowing us to use rooms free of charge for many of our

masterclasses. Groups pay a small, heavily subsidised, fee to help offset the cost of the Professors' fees and

ChamberStudio's staffing and administration.

Management and administration

ln May 2015 we were delighted to secure a new two-year core costs grant from the Monument Trust, to start in

2Ot612O17. Having anticipated that 2015/2015 would be the final year we would benefit from the Trust's support this

: was extremelfwelcomq, and together withthe Stephen Bell Tnuds much-appreciatedongoing support, this gives us

financial stability as far as core costs are concerned to September 2018. Our valued relationships with the Albert &

Eugenie Frost Music Trus! Help Musicians UK, and the Richard Carne Trust continue, their grants enabling us to

subsidise the Study Programmes at the heart of our work.

In January, ChamberStudio's Executive Director Cathy Wilson decided it was time to move on to new pastures. During

the previous nine months Cathy had been handling the day-to-day administration on top of her Executive Director

responsibilities. On her announcement of leaving it was decided ChamberStudio should advertise for a General

Manager who would take on that same combined role, so that ChamberStudio would, for best efficiency, continue to

be run by a two-person team of Artistic Director and General Manager (instead of the previous three-person model of

. , Artistic Director, Executive Director and Administrator). Andrea Robins came on board as ChamberStudio's General'

Manager in Apiil - she brings with her a wealth of previous experience in arts managemest

REVIEW OF FINANCIAT POSITION

The majority of the income comes from grants as listed in note 3. The net movement in funds for th€ year wasa

deficit of €2,294 (2015: f 1,556) leaving a general fund balance at 31 August 2OLG of EM,92l (20L5: €38,415). The

restricted fund of €5,200 (2015: f 14,000) represents grants received during 2015-2OtG for programmes that will run

and incur expenditure during 2O16-2OL7.

Reserves policy

The Trustees, in accordance with the Charity Commission's guidance {Reference: Charity Commissioners Booklet CC19

'Charity Reserves'), reviewed its reserves and after assessing the potential threats and risks agreed that its policy

should be to maintain sufficient income reserves to ensure the continued avoidance of net current liabilities and to

provide sufficient liquid resources to meet both revenue and capital needs. The Trustees monitor the position on a

regular basis.

Shamber$tudioReport of the Trustees f*r the year ended 3t August 2St6

To safeguard the core activities of the charity in periods of fluctuating income, the T;ustees have determined to

establish unrestricted reserves sufffcient to cover, as a minimum, three months operational costs. At 31 August 2015

the bafance on the general reserve was €44921 (20!5: f43,4t5), which the Trustees believe to be adequate. Reserves

at the end of 2015-2016 are healthy - a position which is forecast to be stable at the end of 2OL6-2OI7. This is the

result of a deliberate policy, to ensure we have sufficient funds to cover costs for several months if necessary.

Structure, Governance and Management

. The company was incorporated oh'14 Noverhbe12011 and reglstered as a charity on 19 January 2Ot2-

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.

The directors of the company are also charity trustees for the purposes of charity law. The existing board of directors

is responsible for the appointment of new directors. When vacancies arise potential new directors with the requisite

skills are sodght from amongst individuals, groups and organisations known to be sympathetic to and have an interest

in the charity's work. Potential candidates are briefed about the charitable company by the Chair and then invited to

become a director if the board is in favour of his or her appointment. In addition, one director is a 'player directo/ - a

current or recent participant in a ChamberStudio scheme, with a full voice on the Board but with a particular remit to

gather and reflect the views of ChamberStudio's beneficiaries. The appointment is for a fixed term of two years so

that the person in this position is always close in career stage and experience to the players we support.

The company holds board meetings at least three times a year, more frequently if the need arises. The day to day

running of the charitable company is undertaken by part-time freelance staff - the Artistic Director, Richard lreland,

and General Manager, Andrea Robins. .l

Risk Review

The Trustees have identified major risk to which the company is exposed, reviewed and implemented systems to

mitigate these risk. The major risk continues to be the reliance on project income which cannot be guaranteed.

Directorsfirustees

The directors who served during the year were as fgllows:

P E Carne (Chairman)

P Boondiskulchok

SHFCookJ L Hilton

SDJTRowe

ChamberStudioReport of the Trustees for the year ended 31 August 2016

Public Benefit

The trustees have referred to the guidance in the Charity Commission's general guidance on Public Benefit when

reviewing our aims and objectives and in planning our future activities. ln particular, the Trustees consider how

planned activities will contribute to the aims and objectives. The trustees have concluded that the charity's core

activity satisfactorily addresses the principles of identifiable pubtic benefit and demonstrates that the charityhas \

fulfilled the public benefit requirement under the Charities Act 2005:

. The fees paid by young musicians are kept as low as possible and'can be waived in cases of hardship

. Members of the general public are able to observe ChamberStudio masterclasses free of charge and these

oppsrtunities are wel.l puhlicised through Kings Place, the Londsn Charnber Music Society and the charity's

own website

Statement of Directors'/frustees' Responsibitities

Company law requires the directors to prepare financial statements for each financial year which give a true and fair

view of the charitable company's state of affairs at the end of the year and of its income and expenditure forlhat

period.

ln doing so the board members are required to select suitable accounting policies and then apply them consistently,

make judgements and estimates that are reasonable and prudent and prepare the financial statements on the going

concernbasis,-unless it is inappnopriiate to presume that the company will continueieoperation.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any

time the financial position of the charitable company and to enable them to ensure that the accounts comply with

the Companies Act 2fi)6. They are also responsible for safeguarding the assets of the company and hence for taking

reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on

the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial

statements may differ from legislation in other jurisdictions.

This report was approved and signed on behalf of the Board on 8 October 2016

of*{"P huY

P E Carne

Chairman

ChamberStudioReport of the Trustees for the year ended 31 August 2016

Independent examiner's report to the trustees of ChamberStudio

I report on the accounts of the company for the year ended 31 August 2016, set out on pages 9 to 13.

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 M4(21 ot

the Charities Act 2011 {the 2011 Act) and that an independent examination is needed. 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;

. follow the procedures laid down in the general Directions given by the Charity Commission under section

145(5Xb) ofthe 2011 Act; and. to 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. An

examination includes a review of the accounting records kept by the charity and a comparison of the accounts

prese-nted with those records. lt 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 385 of the Companies Act 2006; and

to prepare accounts which accord with the accounting records, comply with the accounting requirements of

section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended

Practice: Accounting and Reporting by Charities

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to

be reached

Hilary Seaward F,

Chartered Accounta nt

Chamber$tudioReport of the Trustees for the lrear ended 3t August 2016

ChamberStudio

Statement of Financial Activities (incorporating Income & Expenditure Account)

for the 12 months ended 31 August 2016

Notes

Unrestricted

Funds

2016

t

1,338

28,000

4,090

7,679

435

Reshicted

Funds

2016

t

5,420

Total

Funds

2016

t

Unrestricted

Funds201 5

t

2,172

33,000

4,975

6,112

1,659

Restricted

Funds

2015

f

24,000

Total

Funds

201 5

e

lncome from

Donations & Legacies

Donations

Grants

Supporters Circle

Charitable activities

Masterclass fees

Other activities

Concert income

Total incomlng resources

Expenditure on

Raising funds

Charitable activities

Total resources expended

Net incoming resources for the year

Balances at 1 September 2015

Balances at 31 August 20f 6

1,339

33,424

4,080

7,679

435

2,172

57,000

4,975

6,112

1,659

41,532 5,424 46,952 47,918 24,000 71,918

4

4

1,329

33,697 14,220

- 14,220

1,329

47,917

4,299

31,573 34,500

4,18e

66,073

35,026 49,246 35,862 34,500 70,362

6,506

38,415

(8,800)

14,000

(2,294|

52,415

12,056

26,359

(10,500)

24,500

1,556

50,859

u,921:

5,200 5A,121 38,415 14,000 52,415:- : :

The notes 0n pages 1 1 to 13 form part oJ these financial statements.

ChamberStudioReport of the Trustees for the year ended 31 August 2016

GhamberStudio

Balance $heet

as at 3{ August 2016

t{otee .2016 zors

t t t€

Cunent assels

Cash at bank and in hand 83,378 78,415

* 83,378 78,415

Creditors : amounts falling

dus within one year 6 (33,257) (26,CI00)

50,121 52,415

ilet asrcts

Funds

50,12{

44,921

5,200

38,415 \',

14,000

52,416

Unrestricted

Restricted

50,121 52,415

For the year ending 31 August 2016 the company was entitled to exemption ftom audit under section 477 of the Companies Act 2006 relating

tqsmall qp$!qrugA.__ _

The members have not required the company to obtain an audit in accordance with setion 476 of the Companies Ac{.

The dhectors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respec{ to accounting

records and the preparation of rccounts.

The accounts have been plepared in accordance with the provisions in Part 15 of the Companies Ac{ 2006 applicable to companies subject to

the small companies regime.

Approved by the Trustees on 8 October 2016

P E Came (Chairman)

Company Humber 07847197

The note$ 0n pages 1 1 to 13 form part 0f these financial statement$.

10

i Rspsrt of the Trustees fsr the year ended 3t Augu*t eCIt6i

GhamberStudio

Notes to the Financial S:hbmenb

for the 12 months ended 31 August 2016

1 Accounting policies

Basis of preparation

These financial statements are prepared on a going conern basis, under the historical mst eonveniion.

This is the first year that the charitable company has prepared its financial statements under FRS 102. The last financial statements preparedunder previous UK GAAP were for the year ended 31 August 2015 and the date of transition to FRS 102 was 1 September 201b. Noadjustments have been made to comparative data other than the reclassification of govemance costs to support msts. This has had tnil effecton net funds per the Statement of Finaheial Activitiesnor the Balance Sheet.The Charity constitutes a public benefit entity as defined by FRS 102.

Going Concem

The trustees have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as b going@ncem. The trustees have made this assessment for a period of at least one year from the date of approval of these financial statements. Inpartiollar, the trustees have considered the charity's forccast and projections and have taken account of pressures on investments. Aftermaking enquiries the trustees have oncluded that there is a reasonable expec{ation that the drarity has adequate resources to continue inoperation for the foreseeable future. The charity therefore continues to adopt the going conem basis in preparing these financial statements.

Critical accounting estimates and areas ofjudgement

In the vien of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on theamounts rccognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustrnent in thenext financial year.

lncoming rcsources and resources expended

Inmme and expenditure items have been credited or charged in the Statement of Financial Activities on an accruals basis,

Granb, donations and sponsorship income

Income relaling to future accounting periods is taken to the balance sheet as defened income for recognition in those future accountingperiods.

Recticted funde

Resources arc recorded on a receivable basis and allocated to a Restricted Fund if a limitation on their use is specified by the donors andproviders, Funds received in the direct operation of the Charity are treated as unrestricted funds, Other resources received without extemalrestriction may be designated by the Trustees for partiorlar purposes as deemed appropriate.

Dircct chan'table expenditurc

Overheads are allocated to direct charitable expenditure on the basis of the time spent on activities which dircc1y serve objectives of theBoard

Cash at bank and in hand

Cash al bank and in hand is taken to mean cash and short term highly liquid investment deposits w1h a maturity date of three months or less.

ChamberStudioReport of the Trustees for the year ended 31 August 2016

Chamber$tudio

Ndes to $e Financial Statemenb

for the 12 monfis ended 31 August 2016

2 Trustees' Remunerafionand Erpenses

The truslees received no remuneration during the year and were not reimbursed for any expeflses.

The ompany has no employees.

3 hcoming Reeourcee fnom Activities to fudrerthe Ghadtfs objeds

Unrestricted Restricted

2016 2016

tf

Total

201 5

t

Total

201 6

t

25,000

3,000

Unrestricted2015

t

s,qzo 'l,ll3 30'000

3,000 3,000

Restricted

2015

t

10,000

Grants

Monument Trust

Richard Carne Trust

Stephen Bell Charitable Trust

Help Musicians UK

A & E Frost Music Trust

4 Total Resources Expended

5,000

9,000

30,000

10,000

3,000

5,000

9,000

28,000 5,420 33,420 33,000 24,q00 57,000

201 6

c)6U'

to- !u- €.-F.=

6H2415

tn-oC.=(t,ca.F

E.

oEg

E *ocD i6.g.= EE:F E.EE (JtE

201 6

Costs directly allocated to

activities

Professor fees

Travelling costs

other':ilHffi;:l: ,,,,:nAdvertising & marketing

Support costs

Governanre

Administration

Independent Review

1,329

t

16,761

67

3,352

25,245

-47,917 49,245

Total

201 6

I

16,761

67

3,352

26,574

2015

t

23,223

669

15,391

23,314

1,280

Total

2015

t

23,223

669

15,391

24,541

4,291

1,227

3,011

B8

1,444

1,000

87

1,444

1,000

51 :zi ';?:1 ,100 1 ,100

4,289 66,073. 70,362

L2

GhamberStudioReport of the Trustees for the year ended 31 August 2016

ChamberStudio

Notee to $e Financial Stabmenb

fur the 12 montfis ended 31 Angust 2016

5 Taxaton

The company is a registered drarity and is therefore not liable to income tax or corporation tax on funds rcceived and expended on activities

covered by its ciaritable status,

0 Credltoa: anounb falling due within one year

2016 2015

tI

Acruals 3,257 1,000

Grant received^in advanoe 30,000 25,000

n,ri:- 26p00

7 Analysis of net aasets betwen funds

Unre$lcted Restdcted Tobl Tohl

funds funds funds

2016 20|5

Fund balances at 31 August 2016 are I t t t

represented by:

Cunent assets 78,178 5,200 83,378 78,415

Cunent liabilities (33,257) - (33,257) (26,000)

44,sn 5200 50JA 52A15

-=G-

8 Funda

Bmught Incoming Reeources Balance at

bruuad Resources Expended 3l August2016

tt t t

Unrcsfricted Fundc

GeneralReserve 38,415 41,532 35,026 44,921

Reetlicted Fund 14,000 5,420 14,220 5,200

re _76m:49146:@

Restric{ed Fund Balance on Restdcted Fund represents grant income received for Mcterclasses; it will be spent in the coming

financiaf year 2016-2017 .

9 Legal status

The chartty is a company limited by guarantee and has no share capital. There are 5 membem who have guaranteed to contribute up to €5

each to the assets of the company in the event of its being wound up wittr a net deficit of assets. The guanantee remains in force for one year

afterthe resignation of a member,

13