Cbarky AiklO825 C•mp*My R4tstr#ti•u NfL 025S2Q26 (E*gl*id Wak•> FCUNDAION The Foundation for Young Musicians (A Company Limited by Guarantee) Annual Report and Financial Statements For the Year Ended 31 March 2023 The Foundation for Young Musicians (A Company Limited by Guarantee) Legal and Administrative Information Trus¢e¢s Mr Chri5tophcr waTrffl￿ {Chair) Mrs Lisia Ba&%tt Mrs Ruth Jenkins MrNifjknlos LawxFn M￿R￿￿]I O'Brien SetretAry N¢il O'Grady Chlrlty number lo￿825 Company numbtr 02552026 R¢tSst¢r¢d Morl¢y College 61 Westsniiiyt¢r Bridg¢ Ro￿1 London SEI 7HT Indtpendtnt Ex*mintr Joel Courts HW Fisher LLP Acre House 11-15 William Rowj Lknndon NWI 3ER B*nkera CAF Bhnk 25 King5 Hill Avfflur West Malling Kent ME19 4JQ The Foundation for Young Musicians (A Company Lfimlted by Gugrantee) Content$ P*ge Chair's Report Trus￿$, Report Statemenl of Trusttts, Responsibilities 1ndq￿dent Examiner's Re￿rt Stht¢mcnt uf Firwlcial Activities Bal&nc¢ Shect Statcmcnt of C&th Flow3 10 Notrs to th¢ $￿tt￿¢t The Foundation for Young Musicians (A Company Limited by Guarantee) Chair's Report For the Year Ended31 March 2023 The yearha8 be£n aparticularly enioy8bl¢ as J wntinur immy rtew role ￿ Chairof thefowx14tiott. Ofpatli¢UI￿ importsnce is thatttK tharity ha8 bccn able to fijlly fithd all requcsts for bursary suppo￿, th¢reby supponing Ihe Centr¢ forYowLg MusiciaDS (CYM) and the tx)ndon sch￿1$ Symphony Orchcstrd ILSSO) in th¢tr ¢ndeavour& atNJ more directly by helping familics stsu88ling with the financial Lx>mmitment of rn4JSit ujiiion. That bel￿ 5a14 thcre t¢main challengu in relation to rnising fiuyj wher¢by and foundations ¢ontinu¢ to curt￿[ their donation& We however. mo$¢grat¢fill io th¢ CorpoTrtionof London. througb the Cuildhall S¢hTr)l of Music aTLd Drama fw thew continu¢d 8W)P)rtof the fOUnd￿k>￿. The ye8J has 5¢en a full progr8mm¢of acuviti¢8, withthe highlight bcingthe 8aiaLSSO ¢on¢¢rt io May 2022 C¢1¢br￿ln8 CYM'5 s￿ aTuJiversary in2020 at)d th¢LSSO'5 70 anniversary in 2021. Additional ¢on¢¢rts by the LSSO have beffl held ID September 2022 and jat￿￿ 2023. The￿ have also bcen the Charnbcr Concert at St Ihbri¢ls' Church, Pimlico 8md the Annual Concert at St Alfegt Chwch, Greenwich l)oth in MaTth 2023. These con(%rts have shoWC￿d the achievemertts of studetts from all depaTthKnts ofthe centsc and thexr enthusiasm, 5ktll and dedicaÉion 15 lo ￿ ¢OD)mend¢d ￿ they wntinu¢to ba]art¢e theirmusical eommitments with th¢ demthT￿ of their regular schoohYorE LunGhtim¢ event5 hawe taken pla¢¢ uch week Student5 rKIt only have the opporiuDity lo perform th¢u￿]ve￿ ￿ al80 bmcfrt from recitajs aThd woJ*shops with visiting artists- these have includcd Jarnes Newby (Baritone) and Diana fi8hchenko (Violin) fn)m the ECHO Rising Stars Scheme. Lucinda maCk￿orth-YOUjIg {pErfornL￿ct aJLxiety workshop). and folk a￿sts B¢n Moss Id Johr) DippEr. We #Te very RTat¢fvl to the3¢ musi¢ian4 who provide excellent experien¢¢ for audtnt& 15hall continue to drive thc toundation forward. I sce it &8 a vital resou￿£. helping ¢0 make a hig￿U￿1]ty musical education avail8bl¢ to stthts and swportiD8 famtlles facing 8th I￿reaSed fJnancia] burden. This is especially imw>rtmt duri￿ this cost- of-lyying Crisis, and &% financial presstire on schoo15 has r¢5ult¢d in a reduction in the music s¢Tri¢es they 2r¢ able to offer. Finally. on a pcrsonsj I would like to thank Humphrcy Norrin8toii, Jtsigtted from the Board during thc year. for his WO￿ aThl ¢oJJJmi¢meni over the 183t 23 years. The Foundation for Young Musicians (A Company Limited by Guarantee) TnTStees' Report For the Year Ended3J March 2023 The ttusi¢¢s {who are ￿30 thc directors of the company for PUT￿￿3 of rompany law) are plea3ed to pre5¢nt tkir arlljuai dir¢¢tOTS' rewkrttog¢tE£rwith the financial statements of the ¢harity for th¢ y¢aretMling 31 Marth 2023, whicb are 8]soprepw¢d to meetthe rcwirunents for i dir¢dors' rept>rt and xcounts for Companies A¢t pJrr*)ses. finon¢ial statements c4)mply with th¢ {￿ltI￿ Act 2011, th¢ Q>mpan5￿ Act 2(X)6, th¢ M¢￿￿rInth]th and Article5 of Association. and th¢ Tharities Ststement of Rew]wrLcndcd Pradice ("ChaTities SORP,) (applicablt to charitie8 preparing their accounts in aceord8m¢¢ wi¢hthc Financial Reporting Standard applicable in the UK aryl R¢publkcoftrd8nd., FRS 102} (¢ffrftiv¢ l January 2019). Our purposes and activities The puryxjse of the fo￿￿tIon, which was established in 1990. is ts) advan¢¢ the ¢dy¢alion and tr&Tning of youtbg mu$i¢ians by )courawg th¢ t¢o¢hing ond PErfoTmance ofJllUSiC. Thr principal way the foundation has athieved this ts through providing financial supp)rt to the ￿dentS and activitie8 of the CYM and its principa] ens*nbl¢s: th¢ LSSO $￿d t￿ London Youth Wind Band QYWB). The foutbjation achiev&8 its aims 8tttif￿￿ty through the provision of. bursaries foryoun8 peoplc lo auend CYM and k part of the LSSO *)d LYWB,. ]￿lTUMeThts and equipment for CYM sthd¢nt5" and fimding for some CYM operationaj costs and concert activitL& Aclivitie5 Cymwas ¢Jtablish¢din 19700Th1 1$ anoutstandingpToviderofmu8icai education for¢hildM aged 5 to 19 ffom all ov¢rLondo It h&8 bcen a divi$ionofthc (iuildhall Sch￿[ ofmusic and Drnna since September 2009. CYM 1$ rwi on Saturdty5 frorn Morley Collw in Lmibeth and off¢r5 a fijll day's activities for ov¢r 400 $ttr(kN5. ThL5 COrnPriK5 on￿t0.One bJitKon on at ]￿t onc ins¢n￿¢￿E participation in ensembl¢8, orchtsrrns and ¢hoiN kngether with supporting studies in music th￿ry and comp￿1￿0 3ongwri(in& sta8e¢rafj sndth¢use of stydio and rccording cquipmenL Instruments] and voca] tsJition covers the main g¢Dr¢5 of mu51¢ in¢luding clasgie81, ioz4 musi￿1 theatre. pop ond folk. Regular )J)¢erts and events ar¢ organised including lun¢htime p¢rfoTmanrKs featiiring thc slydcnts thems¢Jves or visiling thists. especially fron The Guildhau S¢bx)l ol Mu5i¢ gnd Drama. These eve[￿ give stthts inspiration and guidance on how to improve their musica] skil]s a8 well as insight into what the mwic world has to ofiath Londoth Sehoolb, Symplony Orthe Top of the pyramid at CYM and Sn 8spirAtitsn for all cla35ical students. is thc internation￿lY renowned LSSO. The orth¢stro perfornisathll vnL¢rtpro8ramny¢thr¢¢time5 aYearattheBth&icanunderprofessAo￿1 direction, and und¢Atsk4qr¢gu1arov¢￿¢I8 tours. CYM proYid¢y treetickets to the LSSO Barbican conccrrs forprimary and sethntsy sthoolthildren, givingmany of thcm th¢iT very fwsl ¢xperi¢nc¢ of an orchestral concert in a premi¢r Y¢nu London Youth Wind Band CYM also manages the LYWB. which provides additionaj [￿ri)rnI8￿Ce and touring i)pw)ttiWlti￿ for wind and br￿ players from CYM and romplc]n¢nts th¢ LSSO. Other holiday gclivity Priorto th¢ COVID pahdemi¢ theLothn Scknols Ckamberorchestri a¢i¢d akal¢r ¢n$¢rnble for 5tringplayets lortheLSSO. Open musi¢ cour￿8 during the 8urtsmer trM>lidays helped to bring oth the tal￿t in young people across mMltipl¢ d15ciplines &)d e group5, aTwJ promote CYM membership. rt is hop¢d kn ￿0￿Men¢t th￿¢COurse$ LD 2024. The Foundation for Young Musicians (A Company Limited by Guarantee) Trustees. Report For the Year Ended 31 M4r¢h 2023 Aehievementsg perfornance and financial review The fouttd4ttiort T4i$¢d £157,833 Ilr55 £952 in invcstrrhrnt 1055cs) in thc y¢ar (£95,714, le55 £700 of irivcslm¢nt1055w ill 2022) in sUP￿rt of its ¢haTit&ble a¢tiVitics. Since the thaTity's inception in 1990the f￿ndation h&8 raised £10,494,739. Overdll. the foundation achiew&l * $UTplus in the y¢ar of £75,610 {d¢fi¢it in 2022 of £45,045). in the year h&8 riÈeti li￿lfIcant1y. butthi% is 18rgely attrribut¢d to the gewous wsonal donations from rim Bull. Wc also b¢nefittcd from the itKome from th¢ ga]a c¢l¢bration concert Othenvise. income strea￿￿ are largely unchanged, most notabty from tr￿Sts and foUnd￿n3, when compared to the prcvious ycar. In addÉtion. there has bett) a redwlion in the bursary sUPJX)rt reque￿ed by CYM for their. and LSSO s¢ud¢nts. W¢ w¢t a much hI4)err¢li8n￿on these fimd8 in th¢ ¢omingyea Duringth¢yetr. we were most 8rateful for8¢nemw donations received from.. Albcrt and Eu8ene Frost M￿sit TnLSt B8rbara IlThatmore CharitAbl¢ Trust Boltini Trust Childknd Trust City of LA>ndon Corpornuon D'oyly Cart¢ alaritsble Tn¥st Filelio ChoJilable Trust Hyde Park Plate Esta Jack Petehey Foundation Lord Lady Lurgen Trust Loui8 Watt Mtmoria] Fund N¢w(om¢n Coll¢tt Founda(i iOEighty In additi￿ we have continu￿ to bthefit from the donattotks of out Patrons and othet itwjividuois wlKTr r¢glllarty SUp￿rt the tiviti¢$ ofCYM aDd the LSSO. Thc foundation hasllow ￿dUCtd the fimd8that were held onbehaifof the CYMre8ional tentre inNorwich to £Nil (2022: £8(K)I. This cetkn is ind¢p)dently ofCYM in L4)ndon. Investment and Donatlons polleles The foundation holds its fjjnds with CAF Bat)k and other rtto8Thi￿d banking irÈtitirtions in a mix￿re of tern) dcp)sit and c￿1 curmt and dep)sit a¢cotJnts. W¢ also hav¢ a fornial InY¢stsrt¢nt Strate￿ in plo¢* against which funds m8n88ed. During y¢ar we also e514blishtd a Donation5 Policy settingoui the principles Adoptd fer all charitable donations. Rtterves polley In the abs¢nce of an iniuol et)&Jwment. th¢ foundation operates on an annual rnise and 5wd basis. Th¢ truste¢s aim to have a minirnwn of £50,000 uDre3tride4J gcTJeral fi￿￿$ available at any tirnq thi5 ￿]ng 5UtTici¢nt to coi'er at le&5t 4 full y¢a¢s ro operailng ¢osts. UDr¢styic*d generdl funds at the end ofthe financial year totsjled £53,02312022.. £48,340). Plams for future periods The foundxtion'5 ￿1n aim for th¢ rurr¢rt yehr is to str* our relationship5 ar￿ broad￿ our th with ￿sts 3nd foundthns. In ord¢rto athievethis, w¢ areworknngtogetherwith Guildhall yo￿￿ArtIStS aELdtheFTiath ofCYMto m&Ylmis¢ Ihc fundingopporluniti&8 available to us. Direttors and Trllstee8 The dir¢¢Kpn of th¢ ¢harit8bl¢ ¢ompony ar¢ its tswtees fw the pwpose of ¢h8rity law. The tru8t¢es 8T￿ offi¢¢r6 saving dwing the y¢¥ and 5in¢¢ th¢yvJ ¢nd as follows.. Lisia Bassett Ruth Jenkins Ni¢hoi8s Lawso Humphr¢y NOrT￿gI￿n (r¢sign¢d 20 Sept￿b¢r 2022) Rusxll O'Bri¢n M￿¢￿S Prite Christopher WaTrtn>t¢n {Chair) (app)inied 23 Jutse 2022) SirBob Reid (Chairl (r¢SEgm￿ 23 June 2022) The Foundatloq for Young Musielans (A Company Llmited b)" Guarantee) Trustees, Report For iht Ye4r Evdtd31 MdreA 2823 J•¢kY luvydlk Neil O'otdy Fity*tiL% M*hllser. MptkrtiDKM8ua¥er. Strncmre. Goveroanet and Mana%eLntllt GoY¢rntM% dqcuA'.#t- F•ur*d*M for Youoq Mti5i¢bEtsS ￿ z iegiKltr¢d-bwity [Re￿*￿d Cb8riEI IiKW25) x Innii¢d by. (Cory)Jy No. 02i5I026A Dbyttrtd by Ani¢l¢i rf Asw¢i•tthJ dat¢d 25 1990, - *in¢utK.J vo J1 2919 Bad 13 Dxen*¢r 2021. Yvtse trf tb¢ T￿￿*5 ¥¥yb¢￿*18l io*rst io ibe ¢omwy. All th¢ TruSk￿.￿Lr¢ ¢>f thE £1 •JiSt¢4¢r14 ofawiodiD¥UP. Aotsual Ge￿rnI third ofTbe frtsst¢¢s mirebyrntyiioD M8y &fftsibtmi¢lves ekniD TThyttt induttl•ts tr¥i4iH¥- Nov Thi*eesLttud zrn¢thiDgwllbt&e LY&ir EJO DiFetWTof £v)s *.. bri¢fth o tt*irlt￿l oblittitioJs u)&r.'knTrty &jd￿0MpaQY I￿ #￿tbe (tsorrfy c.on￿4%*￿# p5thl1rh￿.rt,' nrform tbth) ol. thtefmitDt oftb¢ ¥Bd Articlts ofAss£Ck￿I0ll. ￿ 0￿5t￿e ￿-￿10￿r(￿kl￿￿F[0QeS8￿ Th￿Itts Arecrthtsn8td erAJ rek¥aDt¢xtMRltiairAD{evéJTs wherei￿se BR tsl ¢ fvlfiheLYI oftbeit mk. <>￿￿1*411•11- The2￿d￿fin￿rees thiDi5te(s ttLt 4Dd w•rtsrfy. A Dirtctorof FurAlt¥iiing is Éttgagtdby Tw3*.￿t0 thed&Y-￿&¥ oper*:iotss ofthl ¢b￿lty. wtth supwn pro¥kkd ljttbt Fiwxe M.iikeEiD# M wsibthL%)tslTYrtororsuwliermosb£ dFK"losedththe Bo#ryl. Tbe ¢b8rity bas I4tsstrÉ]aIith￿s1￿xW•IIith¢ forYouD Mv5*iaD&the Lotsdtsg&>ools SyN4>btsDy Or(bts￿*¥￿d th¢Cwldb￿lS¢hOd of ￿..,￿$12 Dtyrna. xy poory f•r JeMT•r *t*if- Tbt'rernIw*￿)xb ofibc Sezmor )rvinb'4 aDllMHv. All Th¥'¥es 8fvÉ vf their frttl} .*od rttti¥e Dtr remumtiots. Sip*d 00 ￿bllIf ofthe boanl of ¢J w￿r0 Gr*u (Cbtyir) The Foundation for Young Musicians (A Company Limited by Guarantee) Statement of Trustee5' Reyponsibiliti For the YearEnded31 March 2023 ThE ￿Slee5. who are alg) the dire￿or8 of Th¢ FourKiation for Yo￿)g Mu5iciansforthepwp)s¢ of wmpany law, arc rcspoTh8ible forprep1tingthrTn￿c¢$,Rcp0rtand the financial statements inaccordanc¢with Applicablelawand unitedKingdomAcco￿ting Stsndths (Unit¢d Kingdom Gen¢rally Ac¢ept¢d A¢¢ouniit)g Pra¢ti¢¢l. Company Law requires thctru5trcs to prepare fjnanciaj statertserts for ¢*h fuJa￿tal ycar which 8ive a tme fair vl¢w of th¢ S￿¢ of affairs of the chajity and orth¢ incoming re8ourc¢s and appli¢"a￿on of resourc¢$, in¢luding th¢ incornc and cxprndttw4 of the charitablc company forthaty¢OT. In preposingthese accounts, the trustees ar¢ r¢quir¢d ¢0: s¢lttt suilable ¥cO￿ting poli¢i¢$ ond then apply them eonsi5tendy' observ¢ th¢ mcthod5 md principles in the ChaTitI¢s 50RP. ￿￿e judg¢ments and C￿lMateS that2re reasonable and prudcrt and ¢pat¢ the financial 8tstements on the going ¢on¢¢rn basis wjless it is inappropriak to pr<8wn¢ that th¢ tsity will . ￿￿tIn￿ inoperation. Th¢ are responsible for kceping adequale accountti)g record8 dis¢los¢ with reasonable accura¢y #t any time the finon¢saJ position of the ch&rity and ￿&ble them to tnsure that tht finanGial 5tat¢mtnts Comply with the Companies A¢t 20Q6. They are gjso responsible for saf¢guarding th¢ ass¢t5 ofthc charity aTrJ hcnce for tsking rt8$0Ttabl¢ 5tcps for the prevaltion and delectiort of fr8ud aT￿ (*her irreguJarilie& The Foundation for Young Musicians (A Company Limited by Guarantee) tndependeDt Examiner's Report To the members of the Foundation for Young Mugw¢l*Ds I report to the charity iTU5tcts on my cxamiE)atien of the fmancial statements of thr th￿lty for the year r￿jrt Én rcspect of my examination of th¢ ¢h8rity'8 fin8ncial $1ot¢ments ¢anied out wider section 145 of theChaTitiesAcl 2011 (tbe 201 l A¢0. In¢arryin8 my ¢x8Jnination Ihave follow¢d all the4yli¢abl¢ Directions 8ivèn by the Chtiriry Commi$3ion ￿d¢T se¢titsn 145(5) (b) ofthc 2011 Act. IDdepeDdent exAmIlle￿8 8t*tsment I hav¢ wmpl¢ted my examitjation. I ￿nfI￿) that Ty) rnatrTshave comcto my attmlion in cotuKction with the examinatson givin8 m¢ fHuseto FKlicve ID any matrrigl resrKct.' ounting re¢ord8 wcre noi kw respect of th¢ charity as f4UiTcd by sedion 386 of the Actr, or 2. th¢ financia] stat￿n¢￿ts &> DDt ￿roTd with thos¢ record5" or 3. the financial statements do not comply with the accourtting requirneni$ ofs¢aion 396 of the 2￿6 AGI oth¢T than any requ1rejn￿t that th¢ fJJJancl￿ stswn¢nts give a atyj fair vicw which ig not a Tnatter corL8idertd as part of an independenr exarninatioJ4 or 4. the rjn￿rial 3tat¢mats havc not prepgred in accordancc with th¢ metheds and principles of the Statement of Re￿mM￿ded Practice for acunt under the Compani¢$ Act 21)06. Thtr notes on pages l 110 17 forni plrtof these financial Statements. The Foundatlon for Youn£ MuslcE4ns (A Company Llmtted by Cuarfdntee) Balance Sheet A$ 4131 Merch X123 l¥•* ed*s%tts T*4ibk 8Jseis 17.S46 8,324 21.675 2V7(1 J&JS1 r.urYenl 20JJI 444166 l623 430,853 C￿b *ibJ¥k 9￿j io ¥bJd 33N76 {87.7821 Cr4th•rs: tsIIDi •ithiti •M y¢ar (40,112) 34S,694 Tkn* futtth •f iht rh#TIty Dr5illJ)Ned fvLK15 12 J2 328.305 48yO Iht othitled txe2W>TitiYb fttjrn ilx r.adn Ttwirme¥t ID fts*itsD4f* dtbe C"fjEnPWi¢5 14rt f￿. ye#r¥*MkdJ l N".#rebJJ23. Np T￿mb¢r0r ¢gTr4wlWsdep￿&￿dYj0tyC@p￿KSUR￿t1tr5￿1jj4￿6¥ rtqu1rlog￿ll ol th¢st J86 of tht A# Alld.or pr¢ppJlvg fID&wI￿ stat%Th¢Dts wii¢S giN* atrAt aod fait ¥icwof the ofthe £￿￿￿ttY It t ofibe yttsr 4)f sis I￿￿mIng ¢sour¢tsaJl 4yl*aEioJ of ies011K£% ils ID¢omt ¥Jd ex￿￿]it￿e. ksr ￿. f￿￿&01 >r4r i) With ttr rcqaiNneJts ofseasoDS 394 gshl 395 #Jd wbi¢b oknvise £oAryFly wiib thc irerthttsts oftht 2(AhttktiDg Its $￿ter￿ *fATXS wIKxi¥l¢ ttsibteDDVROy. lkn¢ MEmtDts ￿¥t kn Pf•AMI its wlrb tht PT0tr41iOllS ¥wli¢th ￿3¢¢1 p) ib¢ $ffl#ll ed by tbr frAs*e>O) Cb￿0P￿ W¥rr¢u- IfeD ICbAir) CornpRDy R4istrm•Jti•40. 02552026 Thenwattp88¢$ 11 w 18 fomi pan ofth¢*e.pw¢isl The Foundation for Young Musieian$ (A CompaDy Limited by Guarantee) Statement of Cash Flows For the Year Ended31 M4reh 2023 2013 2022 C8sh Aows from •per#tini ¥cliwitie8 Net cash geneNt¢dI{￿S¢d in) OF¢rating activities 14 11,729 (5.451) Pwrhase of tangible fixed a3S#S (910} 4,494 504 Net ¢Asb provid•1 by InV•st1￿ xtlvltleg 3J84 Ch••E¢ im t*gb t4sh eqwivAlents im th¢ r¢portlMg porlod 1SJ13 {4,947) Ctsh atLd ￿5h ¢quivaJ¢nts at the begllming of the rernrtin8 period 430,853 435,800 C88h and ¢•sk ¢ouiv*hMts *t the •( the r•portlDZ period 466,166 430053 Th¢ not¢$ on ppges I I to 17 form part of th￿¢ fmatt¢i81 statements. io The Foundation for Young Musieians (A Company Limited by Guaranteej Notes to the Financial Statements For the Year Ellded31 March 2023 AteoDlltiDg polities The FO￿datiOn for Young Musicians 18 a private Compony limit&q by £￿t8￿t￿ in￿r￿[*d in FA)8land and W8l¢s. Th¢ re8tstered otYJce is Morley Colle8¢, 61 Weslmins¢¢r Bridge Rold, SEI 7HT. 1.1 AcuuDtlog The fllwici*I slatements hav¢ been prwd in a￿Ord￿n￿ with tlr Gon1pan￿5 McmoTandum and ArtiG1¢5 of As%)cialion dat&1 25 O¢tober 1990 as am¢nd¢d by special T￿olutiOn on 24 Octobcr 2019 a￿A 30 November2021, the CompantesAct 2006 and"Accounting alhd Rep)rting by Charities: Statement of Re£4)Mm￿ed Practice applicable to charities preparin8 their fjnancial statements iti aceordartLt ￿'ith the FiJ]an¢ial Reporting S*andard applicabl¢ in th¢ UK and iicpublic of Ireland (FRS 102)" (¢fferfive l January 2019). The charity is aPubli¢ B¢rKfrt Entty as defme4] by l."RS 102. The financial statements are prepared in stcrlin& which 15 the functional Currency of the Charity. Monttary amounts in these fitjancial statements are rounded io th¢ ne8r¢st £ Th¢ ful￿￿18] S¢•1art¢t￿ hav¢ prepared under th¢ hisknical cost Conventio￿ modified to include the revaluatioTh ol investments at fair valu& The wincipal aceow)tin8 policies adoMed are set outbelow. la Golng CODC•rn At th¢ time of approving the accounts. the trust¢es have a r¢¥onabl¢ exp¢aation that th¢ d)arity has dd¢quak Tt801]T¢¢S to continue in operationd existe]Jtt forthe foFewablc fi]IuTt. Tbu$, thE tr￿ste¢S (on¢in￿ t(Fa(bM th¢ going ￿n￿￿baSIS 0*8¢wJniing in pttparing thc aceounts. la Cbarltsble f¥NdJ Unrestrictcd funds aTC availabk forusc at the discretion of the tr￿ttt8 in fjJrtherancc oftheir charitablc objectivu unless the fuThd5 have been desi￿ated for other pwp)s¢$. tksiwed fimd5 GouJpris¢ Unrc5trithd fiJnds which ve availablcforthrgcnera] pur￿￿Of thr charity, but must be used for sp¢¢ifir putP05¢8. Th¢ PUT￿3tS arml wesofthe designated fia￿A8 are setout in the no*S to the ￿e1)unts. IA Inc•m* resourte In¢om¢ is Tttogni$¢d wh¢nthE chgrity is legally ¢ntitledtt) LIBI￿allY￿rOm￿nee condition5 have beffl n]et,theamounts an Ix measured r¢liablyJ and it Is probable that itKom¢ will k rcccived. C&8hdOnati4￿S ar¢ ￿¢08n1￿donIr¢c]￿. Oth¢rdon*ions gr¢r¢¢o8ni8¢dOn¢¢the¢h￿lry has been￿1]fi¢dOf th¢ th)na¢io unlcss perform8nce Ctsjmlitions requir¢ d¢fqrnl of th¢ Jmount. lrtwm¢ tsx recov¢rabl¢ in r¢lation lo Ibnations rcreivcd Und￿ Gift Aid or deeds of wvenant is re¢0￿)18¢d at the time ofthe donarfo Legacie5 are rccowjised on receipt or otherwise if thc charity h&% been t)otificd of an ]mpendu￿ di￿blltiOn. the amou is and receipt is eX￿cted. Ass¢ts giTh ftthSchoo]s Symphony OrclKstra5 andtI￿¢ el¢m¢nts of ¢xpendifttre directly iwjred inperfornling these adivitie& 1.6 T•nglbk fixed x55ets Tangible fixed assets are inSdaJty ¢4)st and sub*quartty m¢a5uredata)st or va]uation, net of deprttiation atKI any imp8irnient losscs. Dewttiaiion is reco￿13¢d$0 as to write offthe CO*orvaIuati￿ of ￿Sets less theirresith￿I va]uesover theiruseful liveB on th¢ following b￿¢5.. B￿ks, musical scores atwA or¢k8trnl pgns Musica] instrumoJtS FixnRres ffttings Motor v¢tLicIcs lo y¢8rs stiaighi lin¢ 10 yws 3lrai8ht line 3 years straight line 10 Yea￿ straight line The %aiTr OT loss arising on the disN)sai of 8m assd is d¢temin¢d as th¢ differ¢TL¢e thc sale proceeds alld thc ¢arrykn8 ¥￿u¢0[the a55¢1 15 recognised in net ]nc4)md(CXE￿lIVrc} forthc ye4r. 1.7 Ftsed u$4t Snv*s¢m¢nts Fix¢J a5sei invegtrnents arc initially mcaSUTed at transaction tffitt cxcludin8 traTh8aciion COSL< and are subsequently mea4urcd at fair value8t ea¢h reportiDgdht¢. Changes iti fairva]u¢ arere¢ognised ￿ net inwm¢l(expcnditurc) fortheycar. Transadion ¢osts 8r¢ ¢xww¢d gs incunyd. The tharity doe5 not acquirc or use putoptiOA8, derivattves or other complex financial It￿ents. Gains and losses are takeD ￿ the Siatemeni of Financial A4%iVities as they aris¢. R¢alised gains and losses on investments are ca]tulate4 by reftren¢¢ to the'valu¢ at which the inv¢5tmcnl was inch]dcd in the previou5 yea¢s accourts. or the cost if arquiTEd during the year. Unr¢aJi8ed gains atMI losses are calculated 18 the dÉfference beknween the fair v￿lle 8t the y¢4r ¢nd and their Garying value. Realised ond w￿¢￿Il￿d inv¢stm¢nt 88it)s attd loss¢$ ar¢ Combined in the Sthiement of Financial Activities. 1.8 C*gh 4tsd eash equfvAl•nts Cash Cash ¢quiYal¢rrts iftclude cH5h in hatML thpjsits hcld at call with b8nks. other short4erm liquid invtsÉments with oriwnal [natUriti￿ of 95 days, notic4 or I￿. Crlti¢*l areouDtlng estlrnAttS And Judz•m•nts In the application of th¢ ¢hority's acco￿)ting policies, the trwte¢s are required to make judgcmcnts, ¢gtimatrs and a&8umpiions about th¢ ¢4rying ￿ts￿nt of as8¢ts liabiliti¢5 that aT¢ not ￿d]lY appare￿ from other sources. The ¢stimaits a550Cj4t¢da55UTnPtions￿C bascd on histori￿1 exrKrienct and other factorsthatareconsidcred tokrekvatff. A¢tuaJ T￿ll[ts may differ fromthese esthnate8. The estimatC5 and ￿derlyill8 tssumptions ¥e reviewed an ongoing basi5. Reyisions to accounting estimatcs are recognised in the wiod in which thc estimatc is revised wherethe revision affe¢t8 only that perio￿ or iti the pthod of tht revision ond fillure p¢riods Whe￿ the revision aifects iKTrth¢urrent and fubjre period Th¢ trustK8 do wnsideTthett to b¢ w matrriai riticol acCO￿lInE¢s(lnl8I¢$0r judg¢m¢nts applied in th¢pwoJ￿ots of the aCCo￿ts. 12 The Foundation for Young Musieians (A Company Limited by Cuarantee) Notes to the Finanei&l Statsments For the Year Ended31 March 2023 IntoM• **d 21)23 Income for the ytsr tmdtd 31 M¥r¢h 20LI a) Donalions and legaci¢5 112,968 28,(K)O iO,Ix)O 112,968 28,000 10,000 Lega¢k$ 150968 15(1.968 b) Inves￿ents Intercst T¢￿1Vable 4,494 4.494 ¢) (Aher Frie￿ ofCYM Reimbursement from CYM Other itkome 2,013 348 10 2.013 io 2J71 TolAI iDe0￿C for tbe yeAr emded 31 Marcl 2023 157*33 157,833 2022 Intomt for tht y¢¥r ¢nded 31 Mar¢h 2022 a) Donati0tt5 and legacies Donation8 66.003 28.0 300 66.003 28,000 300 i£gacies 94J03 94JOJ b) InV¢St￿ents 504 504 ) Oth Friethds of CYM Othcr itKome 896 907 907 Totsl ft)r lh* tDd¢d 31 M*rdt 2022 95.714 95,704 13 The Foundation for Young Musicians (A Compally Limited by Guarantee) Note5 to the Financial Statements For the Year Ended31 Mdreh 2023 Expttsditure Unrestritted funds Unrtstricted funds e￿n¥t¢d 2023 fortbt yé•r*tsded 31 M*rth 2023 a) Rai5Lng fi][￿5 FuTyJraising ¢osts i&( 20,1162 b) Charitable &#ivitits Depreciation Centrc for Young Musi¢ian$. Indwnd¢ni examination ft¢5 Sw)pTrrt costs 5,039 40,253 5,039 40,253" 4.090 7.130 4.697 11,827 11220 49989 61309 Total e4)tlldh¥t*lorthe year *d¢d 31 M*r¢h 2023 29320 osi 81371 Exptttditure f•r the y￿r ellded 31 MArch 2022 a) RaisinB filnds Fundraising costs 2022 18.000 4.8l2 22,812 b) Charitsblc activities Dcpreciation C¢ntre for Young Mwi¢ians lJKJ¢pend¢nt ex•Jin&tion fees SupN)rt costs 6.246 88,140 6246 88,140 3.685 19,176 3.085 7.505 11.671 11,1 106057 117J47 Total expemdStyr¢ hrth¢ y¢or Md•d 31 MaY¢h 1022 29,199 1111069 140,059 Included withitt fiJtslTatsing and yupport Costs is a totsl of £26293 pwd to key mana8emetrt personnel for fees (2022.. £28,543). Trustetj None of th¢ tsuste¢s (or my p¢r8ons conne¢￿1 with them) rtt¢iv¢d any rem￿¢￿10￿ ¢Jurittg the year, were they reimbursed any expet￿S. Employees Th¢r¢wett no ¢mployets during the ycar (2022.. Nil). Net Oout4} on i￿e$l￿ents 2023 2022 Rev8]uation of investtheffts (952) 1700) 14 The Foundation for Young Musicians (A Company Llmited by Guarantee) 1¥40ts t(¥ the Finan¢ial Statements For the Year Ended31 March 2023 TAniible fi3¢d w¢ts MKqlcAI Ftsl4rtJ hlol•rvtbltk¥ storts C•J¢ At l April 2022 Additions DIs￿saIS 14.701 689.148 910 4.740 10.250 718.839 910 At31 March 21J23 14,701 690.058 740 10350 719.749 D¢pretl•tltsD 4lld At l April 2022 DepTe¢iation ¢hw8¢d Inth¢y¢ar 14.1146 78 668.128 4,961 4,740 10250 697,164 5.039 A131 M#Teh 2023 14,124 673,lJ89 4,740 10350 7•2203 CArryiog Al 31 Marth 2023 577 14969 17J46 At 31 Mgreh 2022 655 21,1120 21ffj75 Unli$¢¢d COst•rv￿￿#tlo . At 31 March 2022 Valuation changcs 9,276 (952) At 31 M*r¢h 21123 8)24 Cwrrying *m•wit At31 M*r¢h 2023 8J24 At 31 M*tth lin2 9370 The historical costof inv¢51ma]t5 is £9,967 (2022.. £9,967). lil Dtbtors 2023 21112 Amounts f*111]￿ due wlthlA on• year. Prepaym¢nis and o¢ctued it)¢oJJ)e Other debtW5 19.236 1,095 1.658 965 211J31 2,623 15 The Foundation for Young Musicians (A Company Limited by Guarantee) Notes to the Financial Statements For ihe Year Ended 31 March 2023 11 Credit•rJ". falliuz d•ewbthin MeyMr 2023 2012 Accruals aftd def¢rr¢d ino)m¢ 40.112 87.782 40,112 87,782 The balance of defeTred income included abov¢ is £Nil (2022.. £14.175). This in¢ome was deferred as it was donated to FYM to support the CYM and LSSO g8la ¢elebrations in 2020. However. the planned cLmcerts were postpotted. thie to th¢ pand¢mi¢ and the donations were used to fund the BarbiG￿ concerts in May 2022, and in January 2023. 12 Dui%H4ted f￿ndS Th¢ income knd5 of thc charity include the following desizna¢d whi¢h have been aside out of Unr¢stri¢l￿ fimdj by th¢tr￿stCeS for S[￿lf1¢ pw$es.' MovemeMI in ftstsds B*laAtÈ It l April.2022 Tr*n$fer¥ . B*lAllte at 31 Matth 2011 Te¥o•rcei Centre for YowJ8 Mu51rians Pd¢r Croser Lon(kn Schools Sympknny Orthutr4 Hammersmith md Fulham Studeots Fixed ￿et 96,945 ioo.(xN) 99,770 9.915 21.675 (30.588) 89,816 156.173 loo,000 I15J98 9.915 17J46 (16,424) 32232 (5,039) 9.10 328J(Ll (52,051) 124978 399332 Movenbellt ill fuvd5 kn¢omini ExpAdithre TrADsftr Balance at 31 M*rdL 2121 l Aprll 2021 Ccntrt fory0￿8 Musicians John Lyons Charity Peter Cr05er London Sclhwls Syrnphony Orchestra Hamm¢rsmith Fulham Students Fixd a55¢t fimd 127,406 303 100.000 107.941 9.915 27.921 (69,846) 39,385 (303) 96,945 Iw,o 99,770 9,915 21.675 {34,777) (6,240} 373,4#6 {iiiJO69) 65088 328JOS The C¢ntr¢ for Young Musicians fvnd Tepresents ineonLe ￿1Ved and ¢ypeDditur¢ i￿￿Tted to ben¢fit th¢young musicigns at the ¢entr¢. Bursaries are paid annually from this and certain central costs are paid &8 incurr￿. This fund includes the tr8nSPOrt Costs, which is forthe maintenance of CYM transport. The Jobn Lyons Charity fimd was provided to extend the f￿h of CYM to all yow)g I￿nd0￿eTh and to provide specific bursary 511PPOrt to certain thdents. This fimd has now beet) ￿llY applied. The Peter Croser furtd represents a legacy provided to k used at the trustses, dis¢r¢tion. The I￿￿e9 have deterniined that it will be utilised 95 a last Tesort to fuThd d¢ficTts ¢ls¢wh¢re within the Charity. The London Schoo15 Symplwny Orth¢$tra fund repr¢s¢nts income and expenditure to allow the provision of bursaries for the annual tour, bursaries forthe three courses per year qnd support for the orchesirn collcerts. 16 The Foundation for Young Musicians (A Company Limited by Guarantee) Notos to the Financial Stst¢ments For the Year Ended31 March 2023 The Hammetsmith 4Thd Fulham Students hnd represent5 the balance remaining from the Mogford L*ga¢y for th¢ Musi￿1 development of secohdary s¢IK)ol childr¢n living in Hammersmith and F￿]hIm. The Fixed Asset fimd rn4t¢h¢5 th¢ value of Fixed Assets (see Nots g), attd wa5 initially u¢at¢d by a transfer from CYfrA to the charity. 13 Anglysts of net Assets between f￿ndS unrestri￿ Totsl Fund bala]￿ 4t 31 Marth 2023 arc rq￿esenled by: Tangible ￿Sets I￿v￿lmentS (J]rren¢ ass¢tslOiabiliti¢s) 17.546 8,324 373,362 17.546 8,324 426,385 53.023 399232 4S235S U*re5tricttl fuDd5 DMign#ttd fllnds Total Fund balon￿$ * 31 MaKh 2022 are represented by: Tangiblr 453¢ts Invegtmeilts Curmi ass¢tsl{liabilities) 21.675 9.276 297,354 21,675 9276 345.694 48.340 328J05 376h45 14 C*Bh ¥eDernt¢d from oy¢ratio 2023 Z022 Net 8urpluvJ{expa)dith) fortheyearas pcr the Statement ofFIna￿l47 Adivities 75,610 {45,045) Adiustsnents for. D¢preciation chargcs Losses on inve8kn¢ni$ Jntrr¢st fTDm iTLve5tments (In¢rea5cydccrc&8c in deFAors {D￿reas¢￿in￿e￿ in ¢r¢di￿lE 5,039 952 (4.494) (17.708} (47.670) 6,246 71)0 {504) 9.830 23.322 Net e*sh g¢#¢r4t¢dl(•sed in) operAthig 4dh4tles 11,729 (5,451) IS Related p*rtl TheT¢ wer¢ no r¢Eat&lp8rty tran98￿10th￿ duringthe yew (2022: Nil). 17