| Page | |
|---|---|
| Trustees'report | |
| StatementofTrustees'responsibilities | 5 |
| Independentexaminer's report | 6 |
| Statementof FinancialActivities | 7-8 |
| BalanceSheet | 9 |
| StatementofCashflows | l0 |
| Notestothefinancialstatements | 11-19 |
The Foundation for Young Musicians (A Company Limited by Guarantee)
Independent Examiner’s Report
To the members of the Foundation for Young Musicians
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2021 which are set out on pages 7 to 19.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 386 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Joel Courts
Joel Courts HW Fisher LLP Chartered Accountants
Acre House 11-15 William Road London NW1 3ER
08 Oct 2021
6
| UnrestrictedUnrestricted | UnrestrictedUnrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2021 | 2020 | ||
| Notes | generatdesignated cf |
f | f | f | ||
| Income andendowmentsfrom: | ||||||
| Donationsand legacies | 3a | 9',7,004 | 97,004 | 180,566 | ||
| Investments | 3b | 528 | 528 | 869 | ||
| Other | 3c | 11,974 | 11,974 | 17,355 | ||
| Total | 109,506 | 109,506 | 198,790 | |||
| Expenditureon: | ||||||
| Raisingfunds | 4a | 18,008 | 9,000 | 27,008 | 32,198 | |
| Charitable activities | 4b | 10,397 | 91,039 | 101,436 | 147,972 | |
| Total | 28,405 | 100,039 | 128,444 | 180,170 | ||
| Netgains/(losses) on investments | 7 | 434 | 434 | (327) | ||
| Net income/(expenditure) | 81,535 | (100,039) | (18,504) | 18,293 | ||
| Transfers befweenfunds | 12 | (78,716) | 78,716 |
|||
| Netmovementinfunds | 2,819 | (21,323| | (18,504) | 18,293 | ||
| Reconciliation of funds: | ||||||
| Totalfundsbrought forward | 45,385 | 394,809 | 440,194 | 421,901 | ||
| Totalfundscarriedforward | 48,204 | 373,486 | 421,690 | 440,194 |
| UnrestrictedUnrestricted | UnrestrictedUnrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2020 | 2019 | ||
| generaldesignated | ||||||
| Notes | ff | f | f | f | ||
| Income andendowmentsfrom: | ||||||
| Donationsand legacies | 3a | 180,566 | 180,566 | 299,363 | ||
| Investments | 3b | 869 | 869 | 513 | ||
| Other | 3c | 17,355 | 17,355 | 9,371 | ||
| Total | 198,790 | 198,790 | 309,247 | |||
| Expenditureon: | ||||||
| Raisingfunds | 4t | 32,198 | 32,198 | 47,709 | ||
| Charitable activities | 4b | 10,082 | 137,890 | 147,972 | 160,781 | |
| Total | 42,280 | 137,990 | 180,170 | 208,490 | ||
| Net(losses) oninvestments | 7 | (327) | (327) | (26) | ||
| Net income/(expenditure) | 156,183(137,890) | 18,293 | 100,731 | |||
| Transfers betweenfunds | t2 | (159,022)483,625 | (324,603) | |||
| Net movementinfunds | (2,839) | 345,735 | (324,603) | 18,293 | 100,731 | |
| Reconciliation of funds: | ||||||
| Totalfundsbroughtforward | 48,224 | 49,074 | 324,603 | 421,901 | 321,t70 | |
| Totalfundscarriedforward | 45,385 | 394,909 | 440,194 | 421,901 |
| Notes | 2021 | 2020 | |
|---|---|---|---|
| f, | c | ||
| Fixedassets | |||
| Tangibleassets | 8 | 27,921 | 33,802 |
| Investments | 9 | 9,976 | 9,542 |
| 37,897 | 43,344 | ||
| Currentassets | |||
| Debtors | 10 | 12,453 | 9,146 |
| Cashatbankandinhand | 435,800 | 490,649 | |
| 448,253 | 499,795 | ||
| Creditors:amountsfallingduewithinon€year | 11 | (64,460) | (102,945) |
| Netcurrentassets | 383,793 | 396,850 | |
| Totalassetslesscurrent liabilities | 421,690 | 440,194 | |
| The fundsof thecharity | |||
| Unrestricted funds | |||
| Designatedfunds | t2 | 373,486 | 394,809 |
| Generalunresffictedfunds | 48,204 | 45,385 | |
| 421,690 | 440,194 | ||
| 421,690 | 440,194 |
| Notes | 2021 | 2020 | |
|---|---|---|---|
| c | f | ||
| Cashflowsfromoperating activities | |||
| Netcash (usedin)/provided by operating activities | l4 | (54,598) | 165,467 |
| Cashflowsfrominvesting activities | |||
| Purchaseoftangible fixedassets | (77e) | (8es) | |
| Interestfrominvestments | 528 | 869 | |
| Netcash(usedin)investing activities | (2s1) | (26) | |
| Netcashprovidedby/(usedin)financing activities | |||
| Changeincashandcashequivalentsinthereporting | period | (54,849) | 165,441 |
| Cash and cash equivalentsatthebeginningofthereporting period | 490,649 | 325,208 | |
| Cashandcash equivalents at the endofthereporting | period | 435,800 | 490,649 |
| 3 | Income andendowments | ||||
|---|---|---|---|---|---|
| Unrestricted | Unrestricted | Restricted | Total | ||
| funds | funds | funds | 2021 | ||
| general | designated | ||||
| f | f | f | f | ||
| Incomefortheyearended3lMarch2021 | |||||
| a)Donationsand legacies | |||||
| Donations | 69,004 | 69,004 | |||
| Grants | 28,000 | 28,000 | |||
| Legacies | |||||
| 97,004 | 97,004 | ||||
| b)Investments | |||||
| Interest receivable | 528 | 528 | |||
| c)Other | |||||
| Friends ofCYM | 2,974 | 2,974 | |||
| ReimbursementfromCYM | 9,000 | 9,000 | |||
| 11,974 | 11,974 | ||||
| Totalincomeforthe year ended31March2021 | 109,506 | 109,506 | |||
| 2020 | |||||
| Incomefortheyearended31March2020 | I | f | t | f | |
| a)Donations andlegacies | |||||
| Donations | 150,868 | 150,868 | |||
| Grants | 28,000 | 28,000 | |||
| Legacies | l,69g | 1,699 | |||
| 180,566 | 180,566 | ||||
| b)Investments | |||||
| Interest received | 869 | 869 | |||
| c)Other | |||||
| Profiton saleof fixedassets | 5,500 | 5,500 | |||
| Friends ofCYM | 2,820 | 2,820 | |||
| ReimbursementfromCYM | 9,000 | 9,000 | |||
| Royalties | 35 | 35 | |||
| 17,355 | 17,355 | ||||
| Totalincomeforthe yearended 31March2020 | 198,790 | 198,790 |
| 4 | Expenditure | UnrestrictedUnrestricted funds funds |
UnrestrictedUnrestricted funds funds |
Restricted funds |
Total 2021 |
|---|---|---|---|---|---|
| Expenditurefortheyearended 31March2021 | generaldesignated cf |
t | f, | ||
| a)Raising funds | |||||
| Fundraisingcosts | 18,008 | 9,000 | 27,008 | ||
| b)Charitable activities | |||||
| Depreciation | 6,660 | 6,660 | |||
| CentreforYoungMusicians | 45 | 77,310 | 77,355 | ||
| Independentexaminationfees | 3,590 | 3,590 | |||
| Governance | 6,762 | 7,069 | 13,831 | ||
| 10,397 | 91,039 | 101,436 | |||
| Totalexpenditurefortheyearended 31March2021 | 28,405 | 100,039 | 128,444 | ||
| Expenditurefortheyearended31March2020 a)Raisingfunds |
t | s | f | 2020 f |
|
| Fundraisingcosts | 32,198 | 32,198 | |||
| b)Charitable activities | |||||
| Depreciation | 9,401 | 9,401 | |||
| Centrefor Young Musicians | t4 | t19,679 | 119,693 | ||
| Independentexaminationfees | 3,495 | 3,495 | |||
| Governance | 6,573 | 8,810 | 15,383 | ||
| 10,082 | 137,890 | 147,972 | |||
| Totalexpenditurefortheyearended 31March2020 | 42,280 | 137,890 | 180,170 |
| Tangible fixedassets | |||||||
|---|---|---|---|---|---|---|---|
| Books, rnusical | Musical | fixturesandMotor | vehicles | Total | |||
| scoresand | instruments | fittings | |||||
| orchestral parts | |||||||
| f | c | f | f | c | |||
| Cost | |||||||
| NlApil2020 | 13,922 | 689,148 | 4,740 | 10,250 | 718,060 | ||
| Additions | 7'79 | 779 | |||||
| Disposals | |||||||
| At31March2021 | 14,701 | 699,149 | 4,740 | 10,250 | 719,939 | ||
| Depreciation andimpairment | |||||||
| AtIApril2020 | 13,922 | 657,458 | 4,678 | 8,200 | 684,258 | ||
| Depreciationchargedintheyear | 46 | 5,545 | 44 | 1,025 | 6,660 | ||
| Disposals | |||||||
| At31March2021 | 13,968 | 663,003 | 4,722 | 9,225 | 690,918 | ||
| Carryingamount | |||||||
| At31March2021 | 733 | 26,145 | 18 | 1,025 | 27,921 | ||
| At31March2020 | 31,690 | 62 | 2,050 | 33,802 |
| Fixedassetinvestments | |
|---|---|
| Unlisted | |
| investments | |
| f | |
| Costor valuation | |
| At3lMarch 2020 | 9,542 |
| Valuationchanges | 434 |
| At31March2020 | 9,976 |
| Carryingamount | |
| At31March2021 | 9,976 |
| At31March2020 | 90542 |
| Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| Amountsfallingduewithinoneyear: | f | f |
| Accounts receivable | 8,250 | 3,750 |
| Prepayments and accruedincome | 2,773 | 4,193 |
| Other debtors | 1,430 | 1,203 |
| 12,453 | 9,146 |
| Creditors:amountsfallingduewithinoneyear | ||
|---|---|---|
| 2021 | 2020 | |
| f | f | |
| Accrualsand deferredincome | 64,460 | 102,945 |
| 64,460 | 102,945 |
| The incomefundsofthecharity includet bythe Trusteesforspecificpurposes: |
hefollowingdesign | atedfunds whichhave been set as | atedfunds whichhave been set as | ideout of unrestr | icted funds |
|---|---|---|---|---|---|
| Movementinfunds | |||||
| Balanceat | Incoming | Expenditure | Transfers | Balanceat | |
| IApril2020 | resources | 31March2021 | |||
| f | ff | f, | f, | ||
| CentreforYoung Musicians | 146,308 | - | (76,546) | 57,644 | t27,406 |
| JohnLyons Charity | 303 | 303 | |||
| Peter Croser | 100,000 | 100,000 | |||
| LondonSchoolsSymphony Orchesffa | 104,481 | (16,833) | 20,293 | 107,941 | |
| HammersmithandFulhamstudents | 9,915 | 9,91s | |||
| Fixedassetfund | 33,802 | (6,660) | 779 | 27,921 | |
| 394,809 | (100,039) 78,716 | 373,486 |
| 394,809 | (100,039 | (100,039 | 78,7 | 16 373,486 |
|
|---|---|---|---|---|---|
| Movementinfunds | |||||
| Balanceat | Incoming | ExpenditureTransfers | Balanceat | ||
| IApril2019 f |
resources f |
f | s. | 31March2020 f |
|
| Centrefor Young Musicians | (59,229) | 200,105 | 140,876 | ||
| JohnLyons Charity | (28,992) | 29,295 | 303 | ||
| Peter Croser | 100,000 | 100,000 | |||
| LondonSchoolsSymphonyOrchestra | (38,e34) | 143,415 | 104,481 | ||
| HammersmithandFulhamstudents | 9,915 | 9,915 | |||
| Fixedassetfund | 42,308 | (9,401) | 895 | 33,802 | |
| CYMtransport | 6,766 | (1,334) | 5,432 | ||
| 49,074 | (137,890) 483,625394,809 |
| Unrestricted | Designated | Restricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | ||
| f | f | f | t, | |
| Fund balances at3lMarch 2021arerepresentedby | ||||
| Tangibleassets | 27,921 | 27,921 | ||
| Investments | 9,976 | 9,976 | ||
| Currentassets | 48,204 | 335,589 | 383,793 | |
| 48,204 | 373,486 |
421,690 | ||
| Unrestricted | Designated | Restricted | Total | |
| funds | funds | funds | ||
| t | f | s | c | |
| Fund balances at3IMarch 2020arerepresentedby: | ||||
| Tangibleassets | 33,802 | 33,802 | ||
| Investments | 9,542 | 9,542 | ||
| Currentassets | 45,385 | 351,465 | 396,850 | |
| 45,385 | 394,809 |
440,194 |
| 14 | Cash generatedfromoperations | 2021 f |
2020 s |
|---|---|---|---|
| Net(expenditure/incomeforthereporting periodasper the statenientoffinancial activities |
(18,504) | 18,293 | |
| Adjustments for: | |||
| Depreciationcharges | 6,660 | 9,401 | |
| (Gains)/Losseson investment | (434) | 327 | |
| Interestfrominvestments | (s28) | (86e) | |
| (Increase)/Decreaseindebtors | (3,307) | 108,832 | |
| (Decrease)/Increaseincreditors | (38,485) | 29,483 | |
| Netcash(usedin)/providedby operating activities | (54,598) | 165,467 |
Issuer
Issuer HW Fisher Document generated Fri, 8th Oct 2021 15:38:18 BST Document fingerprint 6ac2ac94e88cd15be94474072fdb2328
Parties involved with this document
| Document processed | Party + Fingerprint |
|---|---|
| Fri, 8th Oct 2021 16:08:02 BST | Joel Courts - Signer (39e7dd1f9786bea5925db08fc22fae2f) |
| Audit history log | |
| Date | Action |
| Fri, 8th Oct 2021 16:08:02 BST | The envelope has been signed by all parties. (217.207.100.70) |
| Fri, 8th Oct 2021 16:08:02 BST | Joel Courts signed the envelope. (217.207.100.70) |
| Fri, 8th Oct 2021 16:07:43 BST | Joel Courts viewed the envelope. (217.207.100.70) |
| Fri, 8th Oct 2021 16:07:37 BST | Joel Courts viewed the envelope. (45.95.23.64) |
| Fri, 8th Oct 2021 16:07:32 BST | Joel Courts opened the document email. (217.207.100.70) |
| Fri, 8th Oct 2021 15:39:05 BST | Document emailed to jcourts@hwfisher.co.uk (3.8.135.42) |
| Fri, 8th Oct 2021 15:39:04 BST | Sent the envelope to Joel Courts (jcourts@hwfisher.co.uk) for signing. |
| (217.207.100.70) | |
| Fri, 8th Oct 2021 15:38:42 BST | Joel Courts has been assigned to this envelope (217.207.100.70) |
| Fri, 8th Oct 2021 15:38:26 BST | Document generated with fingerprint |
| 6ac2ac94e88cd15be94474072fdb2328 (217.207.100.70) | |
| Fri, 8th Oct 2021 15:38:18 BST | Envelope generated by Kim Liu (217.207.100.70) |