arfty Re*tr#tlon No. IIXMI82S Compan) Registratirn Ins52026 (England M".#les) -C'thP410K' V YthFL-&*J.".I.W> The Foundation for Young Musicians (A Company Limited by Guarantee) Annual Report and Financial StAtements For the Year Ended 31 March 2024 ## **The Foundation for Young Musicians (A Company Limited by Guarantee)** ## **Legal and Administrative Information** |**Trustees**|Mr Christopher Warren-Green (Chair)| |---|---| ||Mrs Lisia Bassett| ||Mr Geoffrey Harniess (appointed 4 October 2023)| ||Mrs Ruth Jenkins| ||Mr Nicholas Lawson| ||Mr Russell O’Brien| ||Mr Marcus Price| |**Secretary**|Mr Neil O’Grady| |**Charity number**|1000825| |**Company number**|02552026| |**Registered office**|Morley College| ||61 Westminster Bridge Road| ||London| ||SE1 7HT| |**Independent Examiner**|Joel Courts| ||HW Fisher Professional Services Limited| ||Acre House| ||11-15 William Road| ||London| ||NW1 3ER| |**Bankers**|CAF Bank| ||25 Kings Hill Avenue| ||West Malling| ||Kent| ||ME19 4JQ| The Foundation for Young Musicians (A Company Limited by Guarantee) Contents Chair s Report Tru5t¢¢s' R¢FQrt Sthtem¢nt of Tw*¢es' Resprnsibiliti¢s Ind¢pendLiii F.xaminer s RerK)rt St4t¢tn¢nt ofFin4n¥ial Athii'ities Balance sh￿¢1 S￿1￿￿￿1 ufCa¥b Flow¥ io Notes to Ihe financial sthtcm￿ts 11- 17 The Foundation for Young Musicians (A Company Limited by Guarantee) Chair's Report For the Year Ended 31 March 2024 l T¢main ¢xtr¢m¢lTr' ￿￿te￿I for all of th¢ supryTrrt and drnations from ei'eTh'one Connect￿ Trith the foundati(rfJ - wheth¢T il b¢ trom a Charitable trust or lthindation: orp¢rs(yial donatsoD from iDdii'iduals. This ¢ttwr¢s ihat lie ayr ableto tiill!. fvnd all requests tor bursan, support. th¥r¢bi' supporting the Centre for Young Musicigns (CYM) and ibe Lolld￿ Schwls Syniphwi" Orch¢strd (LSSO) in tl?eir end¢a￿oUrS. ottd nior¢ dtyectli. bN' helping families strnggliii8 the l-liiaDLYal commitmtnt oft n]usi¢ ttlition. We arc also most 8ratcful to th¢ CoryxTrration of Lornd￿. throush th¢ Guildh￿1 of Mus¢c and Dr8ma for thcir ¢ontinued SUPFQrt ot the lounda11c￿. The l'ear has Se￿ 4 lull pro￿raMme ola¢liiiti¢$. iiith th¢ thTe¢ LSSO ¢(￿￿ert$ ill Mai. and septL￿nbEr 2023 l￿d J4DU&n' 2024 at th¢ Barb1¢4￿. In a￿ltiM. there al4) the l.SSO Summer I(￿r lo Cambridge: Rinnin8ham and n¥ford. iithieh li'&8 wpported b) th¢ toUndati<￿. Th¢re has olso been the London Y￿th Wind Band (LYWB) concert in FebrnaTh. ?024 and ChanTber COiiLerts. in Marrh 2024 at St Gabricl$ ChuFrh. Pinilsw and ih¢Annual CYM ConL¢rt at St John thc Dii"ine. K¢nningtoTr in Mwrh 2024. lTh¢s¢ concerts hai'¢ slioii'cased th¢ Tcmarkable ?chiei"ements of smdents frow ail d¢pnments of ihe Cellire. ii'hi¥"h reflects tl)¢ir enthusiasm aBd skills ii"liilst balallLing their regular sch(dii"ork. I￿nCht1￿& efvtnis hai'e tnL.en pjace each ix'eeL-. Sthdthts oot onl!. the opportunity to F*rforni themseli'es. but al￿ benefit rrom r¢citsls w?d w'ork¥hows iiith i-tsitin8 artists the￿. hAI'e in¢lud¢d a -we￿ IDd- ￿0￿'shOP iiith Puul Saund¢r& t-rotn Wi¢k¢d. tolk ii'orL51iop and T¢Cital ￿. Frantt￿ T¢r B¢￿. and perforniances of coiJiExTr$itious ThriltaT b}" CYM 5Lud¢nts by Darra811 Mor8an. We are i'ery gratetul to these musician5. Th"ho proi'id¢ ¢l¢ell￿t eAp¢nen¢e for students. Whilst hai'e alw'als iiorL-¢d ¢los¢l!' ￿7th colleague8 at the guildh￿1. shall WlltiDue to progress this hrther in the l'ear. W* both ￿ the benetits oFa ¢los¢ iiorki08 rel2tlrylskn"p that strii'es to acbi¢i'¢ a comjllou soal ot17e1￿￿8 taleni¢d I￿7n8 iuusicions. This continues to b¢ mor• mor¢ IM￿}r￿n1 iiith ibe redu¢tion In musi￿1 edu¢8tioJi ai'uiluble ID Sch[￿]$ and IuiuiiLidl pr¢s>ll￿¥ fainilie¥. I dlyu iivlwtu¢ tu th¢ iKutd Gw11￿¥ Humi￿￿ i%hu US￿ io b¢ lh¢ H￿￿ vf CYM, Ivhu KnoTh'ledge iiill b* ini'aliigble oi'er the coming l'ears. The Foundation for Young Musicians (A Company Limited by Guarantee) Trustees, Report For the Year Ended 31 March 2024 Th¢ lrnst¢es (Ththo are also th¢ ditectors of th¢ u)n]pani" for the P￿ri￿>st5 of compam., laTh') are plea8ed to pr¢s¢nt thoir annual direclors report 108et]i¢r Thiih the t-￿anGI81 slai¢ments oftbe ¢harits' for the !"e4r ¢nding 31 March 2024. )i*ibh are a150 prepar¢d to me¢t the requirem¢D15 for a dir¢th" rewrt aDd awiMLllts lorCOm￿lieS Act wrw5¢5. Thc fmankial stal¢m¢nls compli" ￿7th thc Chariti¢5 AGI 2011. the Compalliw AGI 21X)6. the Mcrnorandun] and Arti¢lLs or AssoLialion. and the Chttriti¢$ Stal¢Thent of R¢wmmended Pr8Ltice {"Cboriiies SORW.) (applicabl¢ to charttics prepariiig thbxr ocwunt8 in aex0rdan￿ ii'ith the Fin8ncial R¢wrtino s￿dard app]i￿ble in the UK and Re￿blIC oft" Irelwid: FRS 102) (¢tt¢ctive l Jaoiian- 2019). Our purposes and a¢tiJ'itie I'he purpKJse OE the I￿1nd2tiOrt: iithich Thx5 established io 1990.. is to adiinc¢ the edu¢ati(x) 8nd tixtning of young musici8]i$ bi, ¢n¢wrngin8 die t¢abliins and ￿ornI￿¢t ot mu51¢. Th¢ principal the ftyJndatirn has whiei'ed this is through proiiding finan¢aal ￿p[￿rt to the 5thdwts and arlii'itic5 of the CYM ai?d its prin¥ipal ensembles.. Ihe LSSO and the. L YWB. The loundation a¥hiei'es its aims specitir•ll!" thrth8h ibe proi'ision or: bumri¢s tor I"(￿178 [￿pIe to att¢md CYM and be of the LSSO 8Dd LYWB: ￿n￿rUm¢￿t% and equipment ft.or CYM students: funding for some CYM 0￿￿tIonal ciJsL8 and C(￿¢£rtacIi1lti¢S. Actii'ities CYM ma5 ¢sthblished in 1970 and is an wtstandiTkg pmi"id¢rof musical education for childrBn ao¢d 5 10 19 f]Dm all oi'er tA)ndon. It has b¢en a dii"ision of the &iildhall S¥hwl ol Music and DrJma $inLe Septettiber 2009. CYM is run ¢)n Saturdai's Irom Mor1￿.. COlle￿e lli Lambeih and oftets a tull da! $ aetii"ities for oi'¢r 4(K) slud¢Dt$. Tbi8 ¢oniprises (me-to-￿e tuition on at le85l Ooe iii$tTlity¢llt, pgrtlclpthtion iD ensembles, owh¥*as and choiTS. I(￿ether iiith sUpP)￿llg swdies in mu51¢ theon. and coiuposition. $0118 IITitin8. $tage¢rall: and the use of 5wdio and r¢¢ordioo equipment. 1nstrnttl￿18l and I￿¢81 ttiitith ¢01fflS the main g¢nrE5 of music in¢ludin8 das5iGqI. ja72. musieal iheotre. folk. Re￿lIar nc¢rt¥ gnd ¢i¢nts llre or8attised: iniluding lun¢hknme wfonnances featttring th¢ S￿dents ihemse1Tr¢5 or visitsng arlTsts. espe¥ialli' from The Guildliall S¢h¢x>l ot Music *id Drama. These ¢i"enls gi1"¢ s￿dents inswralion and guidan￿ ￿ hoTh' to Èniproi-t theiT niusical sk-ill8 as ii"¢112s in$iEht inkn Tr"hat the mu8FC Thorld hAs kn nlTer them. LovdoD Sth¢xth S?7npknn) Orchestr* Top of the Piiramid at CYM. avd an asp1rni1￿ ftor 811 classical styd¢nts. is th¢ inteni&liuiall!' ren011￿￿ LSSO. The orcliestr perforn)8 a fiill cthcert pmgramnie three timesa l'ear at the Barbic8D under profes$ioD8] dire¢ti￿. wid und¢rtak¢s r¢giilaroiers¢as t￿irS. CYM pros'ide$ tree ticLds lo ihe i.ssn B8rbiLan c(￿Certs for PTimaTh' and semJOan' s¢hoolGhildrtn, wiing m8n)' o£thL th¢ir v¢ry' firnt ¢NKri¢th¢e of an or¢h¢strnl ¢￿¢¢r1 in o PTemier i"onue. ndon l.outh IVRnd B*nd CYM also m8nag¢s the LYWB. Th"hi¢h proiides additicnal ￿TOrnI￿nce and knuring opw)Ttimitieg for iirylld alld bTgSS pl￿'¢r$ (rom CYM and complem¢nts th¢ LSSO. The Foundation for Young Musicians (A Company Limited by GuarAntee) Trustees, Report For the Year Ended31 March 2024 Achievementsg performance and financial rei"ie)F The fixindatioll rais¢d £115.505 (plus £44 iti itii¢thient 88}￿5) in ih¢ i"e•r (£157.833: less £952 of ini'estsneRt105seq an 2023) iii sapwrt ol its ¢h&ritabl¢ uctii"ilies. Sin¢¢ th¢ charits" s In¢¢pli￿ in 1990 th¢ fwndatirn htss £10.610244. 'or811. th¢ f(xts)daticrf] achiei"d o sutpllls in the l'ear ot £6,878 (2023.. £75.610). Incom¢ in the l'ear I￿$ r¢duced signifi¢antls"' but lias lar8eli' attributed io the 8¢n¢rous pttsonal dcffj8tithS from Tim Bull in 2023. We also benefitt¢d from the inconie froi the gala ¢Llebrati(KJ C￿Cert in thai !'¢ar. ￿herni$¢. income streanis trom twsts and foundatith5 are larg¢ls" Un¢li￿7ged ￿"haI onipared to the previou5 I"¢ar. We did , th trustees to maJias¥ the da>'_l￿d￿N" 0￿ra￿(x]S ol-lhe ihDril!". iiith SUPFQrt PTOi'ided M. th¢ Fit]oll¢e Manager. Rdated p#rtles and eo4)per*tlon wAth other or?•Disalion$-Ani' ¢ffjn¢CtI￿ b¢theen a trustee or $¢niormgJ]a8¢rof th¢ chariti. l*tth a ￿￿tractOr or supplier myst be dI￿10$¢d to the b(xTd. The ¥harits' has close ￿lationS]11p5 iiith th¢ CeaJtr¢ for Yoiing MÈisicisns. th¢ L(￿d0￿ S¢hix)]s SI'M￿￿1" Or¢b¢stra and th¢ Guildball &hool ot'musie and Drnma. Pay poilel fthr senlor st¥ff - Th¢ remun¢rnli¢)n ot th¢ senior mana£m 15 reiiwT#rd annualli.. All trust￿$ 8ii.¢ of ih¢irtim¢ fre¥.Is' nd r¢c¢ti'e no remuneration: or paid eX￿ls¢S. Signed nn beb8lf t)t"the bo8rd ol-tnislew Christopher War re¢Tt (Chair) The Foundation for Young Musicians (A Company Limited by Guarantee) Statement of Trnstees, Responsibilities For the Year Ended 31 March 2024 I'hc Irust¢¥'s. v.ho are a150 the dire¢tOTS Ot'The Foundation for YouDg Mustcians tortbe purp)se ot'¢omrdn!"18iv. are res￿li81b1¢ torprepartngth¢Trusl¢es' Re￿1 and thL linancial statem*￿tsill a¢£ordanccv4ith applicable laTh"and United Kingdoin Ac¢oitiiting StAndard$ (unIt￿ Killgdorn G¢nernllTr Ac(Wcd Acc￿￿11￿8 Prnctice). COME￿}. laiv Fequir¢s the irustees to pryre finan¢ial 5tat¢m¢¥tts for each fmancial i'car which 8 tN¢ and lair i'irnv of th¢ stat¢ of atlaiTS ofthe charin. and ol.the in¢oming resi￿re£S and appIl￿tion of resour¢e5. including the income and ¢xpffldl￿r¢. of ib¢ cliaritsble COM￿1. lor that i'eaT. In prepllrill8 these accounts. the tTll$t¢¢s are reqiiired to.. 5¢1¢cl suitable accountins pli¢i¢5 aDd thcn appli" th¢m ¢ony1st￿t1￿-. sen'e the meth￿$ and principles ID th¢ Charities SORP: make jud8¥4Ments and Lstiniat¢s ihatare reasonable pNdent. and prepare the tLntsnci41 slat¢ments the goiog eollcern basis unless li i* inappropriate to pre5unie that the charity ivtll continu¢ in op¢rntioD. The trnstees are re5tTronsibl¢ for keeping ad¢quat¢ aw)witin8 re¢ords that disclose Mith reas(Mable at anv time the financial positson of the ¢han"h' and ￿able them to ell￿re thar the linancial statcm¢nts compli" Th"ith die Companikn5 Act 2006. I'hth. are also rcswisibl¢ tor sat¢8uarding the assets of th¢ chan"ti' and henc¢ t-01 tskin8 teasoDable st¢ps for tITe pr¢i'¢niioJi and delectioii of frniid and other irre8ul2riti¢s. **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 2024 which are set out on pages 7 to 17. ## **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: 1. accounting records were not kept in respect of the charity as required by section 386 of the Act; or 2. the financial statements do not accord with those records; or 3. 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 4. 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 Professional Services Limited Chartered Accountants** Acre House 11-15 William Road London NW1 3ER 05 Nov 2024 6 The Foundation for Young Musicians (A Company Limited by Guarantee) Statement of Financial Aetivities Including Income and Expenditure Account As al 31 March 2024 I'nrestrktrd L'nrestrtettd nd$ fuDd$ dosignated Total 2024 Totsl 2023 tknations le8ACi¢S llli'esLn)¢nts ()ther 97.627 li219 2.6)9 97.627 15219 2,6)9 150.968 4,494 2..171 3b Total I15.￿3 IiS.S05 157.833 endltu e o Raisiiig funds ch￿l￿b]e aclii'itie5 20.0(M) 792 74.862 20.792 87.879 20,062 61,209 4b Tot*1 33,017 75,65S 108,671 81271 Net gains (losses) on ini'esim¢nts (952) Iyet Ineomel(eswnththre) .532 6.878 75.610 Transfers tunds (7{1 ?)4 70.254 Net movemffltkn funds TotAI ￿ndS brou8bt fornBrd Tolgl funds c*rrled forsFaTd 12378 (5.41KII 399 j3.0?3 ￿32 65JOI 393.832 6.878 4522)5 75,610 449,133 452,255 Th¢ Skntdneni ol'FinanLial Acli1'iti￿ inclth all gains alld losses rLXO8nised lli the !"¢ar. All illcome and ¢Nyenthture derii"e Irom continui￿￿ actiiryties. ie Statetu•it ofFll]amFial A¢tii'iti¢s alx¥ complies iiith the rwuiremo]is l-or ￿ llicoine and eX￿￿lti￿e ocwunt ULider the Colnp￿lic5 Acl 21KIIi. The iiotes on pa8es I I to 17 fom] ol"these fllwic￿1 statements. The Foundation for Young Musicians (A Company Limited by Guarantee) Statement of Financial Activities Including Income and Expenditure Account As at 31 March 2024 PTiur Yeyr Cvmpurdtii, L,Mr¢strirted I'.nrestrieknl runds funds gèneral deslgnated Totsl 2011 Total 2022 tX)n8tioDs and le8aCi¢S Ini'¢sknients Other 3a 150.968 4.494 liO.%8 4,494 2_171 94.303 504 907 3b Totsl 157.833 157,833 95.714 ndlture on: Raisiiig tiiiids Cliattt#ble actii'iti¢$ 18,0Th) 1122n 2,062 49.989 20.062 61209 22.812 117,247 4b Total 29.220 52.051 81.271 140.Ib59 Net {lo&w) in%'&stmenis (9)2) {9)2) (700) Net incomel(e%R*ndithre) 127,661 75.610 (45,IMS) Tr0tt5f¢ts bctThwi fiEnds 122.978)) 122S78 P4et movementln funds 70.927 328,30) 75.610 376.(Ai (4fj,043) 421,690 l otd fvnd5 brou8ht EoThi'ard 48." Total Th￿d$ carrled forn'ard 53.OL3 399332 376.645 Tli¢ ststem¢￿1 of FiJwKial Actiiiti¢s includes all gaills and ]0&8es recouni*d in the )"¢￿. The Ststemenl ol'FinanciaiA¢tiiities also compEi&8 Thith the requir¢maits lor an income and tipenditure accollnt under tbe c.ompanies Act 21K>6. lTh¢ iioles on pages I I to 17 forni ￿ ol'the* fllwicial &ataDents. The Foundation for Young Musicians (A Company Limited by Guarantee) Balance Sheet As at 31 March 2024 2024 2023 Flxed #ssets TaAgible assets Ini ests]i¢nls 12.687 17.546 8,324 25.870 Curront Debiots Cash ￿ bank gnd in hand io 13.782 491.72) 20..131 446,166 So5,￿7 (i9:061) 466,497 (40,112) Crodltors: Amounts f￿11￿¥ due wlthift me Tear li Net currfflt •ssets 446,446 426,385 Totsl assets lesg currfftt Ilabfftlities 459,133 451255 The funds otthe eharity. Unrc8trictod Iksignat¢d tunds Cjeneral unre.stri¢ied tiind8 39.-1 8.72 199.232 459.133 452,255 Th¢ companv is tntitled to the &xetnptioN from th¢ audit re4llirem¢nt ¢ontained in Sedit￿ 477 ofthe Compani¢s Act 2006: for the i'tyar elided 31 MarLh 2024. No m¢mb¢r of tb¢ corn￿￿1. has deposited a llolice. puwant 10 s¢ctsoo 476. r¢quiring an aiidif ot the* fifi8nciol statsmettts. Tkn- trutsi¢4XS ackno)I"t¢d8L Ilicti￿a￿lSibljltl¢5 for •x$uriDs thai thL" ¢harin' k¥¢ps a¢couniin8 Eewrd5 Th"hibh Lompj!" iiiih 5ECIiOTr 386 of the ALrt and tor pr¢panii8 financial statem¢nls ii'hi¢h gti'e 8 true 9md lair i-ieii" of the slate of affw"r8 of the wmpan!. 8s at the ¢hd ot th¢ Iinoncial !'¢ar a]id ot its incoming r¢Khure¢s and applicatioll ofres(wwes. includiDS Its in1￿¢ t￿d ¢xF*nditure. for the fiiiancial io a¢coth¢ev4iih tbe requir¢M￿t5 of seLtiOD5.194 and.19) and Th'bich other￿1$¢ compli. iiith the requIr￿￿ents of lh¢ ColliFwies Act 2006 r¢latins to t￿￿￿¢1￿1 statements. far ss 4ppli¢•bl¢ ￿ the LMKOPgn!'. 11]¢s¢ tinttn¢i81 staiemepts hai'e been preprtd in a¢cord8nee iiith ihe PTOi'iSt¢Ms applicable to ￿mpa￿leS gJbje¢i to the small LY>mp&iies regim¢. Tli Iijanbithl sl¥teJnents i INs14XS Christoph l-Gr¢en (Cb8ir) CompanN Re8iStration No. 02ii2026 The notes on ￿￿-eS I l 10 17 forn] ￿ ofthese fJnan¢ial aatenKTts. The Foundation for Young Musicians (A Company Limited by Guarantee) Statement of Cash Flows For the Year Ended31 March 2024 2824 2023 Ca¥h (JoM"s fTUm operating aLtii"it Net ¢&sh ￿￿¢￿ted in opmtin8 actii'ilies 14 22234 11,729 Cash floii"s from IniesdD¥ Purclias¢ of ian8ible fixed assets Sale of ini'estillents Interest from llll'estm¢nis (262) 8.368 15219 (910) 4,494 Net cash EJroTided b). In¥esting *c¢1￿￿e5 23? 3.584 Cfr8Dge In cash e4sh equli'*lwts kn the T*porting peri4MI 4SJ59 ISJ Cash and ￿sh ¢qUAI'alents at tbe be8toning ofthe retx)rting ￿riod 446.166 4Jll,853 Cash and cash equli"alfflts at the end of the rep)rting 491.f25 446,166 The notes on pages I I to 17 fom) ol-these fmancial ¥tstemk￿ts. io The Foundation for Young Musicians (A Company Limited by Guarantee) Notes to the Financial Statements For ihe Year Ended 31 Morch 2024 Accounilng polldes c.omp￿). Inform4ti( I'he F"ounthiion for Young Musicians is a pftii?ie Itmii¢d M. 8iiar811t¢e incorporated in Ellslffjd aod Wales. I"h¢ twst¢red oftEce is Morlei. College. 61 W¢5buinster Bridge Road. lThd(m. SEI 7HT. 1.1 AccouDtin% coni"eniion Th¢ finan¢ia] 8tatem¢nts hai"e been prepawd accordan¢¢ iiith the compan!"'s Memorandum and Articles of Associ&t1￿1 dated 2) (k.t(kncr 1990 gs &m¢Dd¢d bi" sFKcial resolution Thj 2J (kt(kn 2019 alld.ao Noi"¢mb¢r 2021. thecomp￿tieS Act 2006 l￿d -Ac¢ountiii8 ond R¢prtill8 bi" Cliariltcs.. Stst¢m¢nt of R￿M￿L￿d¢d Practicc ￿pPli￿nble to ¢haritics pr¥'pttrin8 IheÈr tinan¥ial stal¢m¢nt5 in oK0rd￿Ce ii'iih Ihe Financial Reportin8 Standard applicable ill ihe UK ￿ld RgpRiblic ot Ireland (I.'KS 102)-' {Llieclii'e l JanuaTh- 201Y).-lthe clwrity. is a PublAC kjoiefit L"niits" 85 (krin￿ bi. bRS 102. The tinanciBI sloteoients are prepsred in $lerliug. n'hicb is the curren￿. of the charity.. Monetan. 8rnouiIts in thes¢ LinthtGial 5tai¥ments are roundd to th¢ nearest £. Th¢ tinancial slat¢ments hai'e been pr4Mr¢d under the histori￿] cosl c￿l'¢ntion. The principal aw(XTntillb poli¢ie adopted are set ovi b¢loM. 1.2 Going concern At the time oEupproi'in8 the aLY¢)Ullt$. th¢ Iru5tees hai"¢ a T¢S%￿able ¢Npe¢latiffi that the ¢harih' has adequak re$oU￿e8 to ￿]￿￿￿¢ iii OP¢Tational rTt51￿rc for the for¢s¢xable luttEre. 1Thus. th¢ tNstces ￿ttIn￿¢ lo ado0 the 8Otn8 ba81S of in preparing th¢ a(￿￿15. 1.3 Tharit#blt fvnds unl￿1n¥t¢d lunds at¢ a17ilabl¥ tor use at the discretioll of th¢ in furthernnc¢ of their ¢harithble objectii'es uilless the luiids h41"¢ been designai¢d tor other D¢Si￿la1¢d tiLnd5 knompri*. Ut)rcstri¢i￿ iihÈch ai"ailablc tor the g¢n¥ral purtx)sc of th¢ chtsritj". bul niust b¢ usod for specific purpJs¢& Th¢ pwtFx)s¢s and U565 of thL desi8nated thnds are sei out in th¢ li0￿ tt) the 8LC(yJnts. 1.4 luc￿￿&￿t resources ljicome iy reco￿]￿ed ii'hen thtch#nts" 1£ leg411i enlitled to it aftergni. perfoTmAM¢ery￿d$tiOu9 b*%'e b¢ert thot. the stmtsuiits ¢Gn b¢ measured reh"gbl}". it is prL*able iliat In￿￿¢ Thill be rettii'¢d. Cash d￿lationS are reco8ni8¢d r¢¢eipi. thlierdonai1onsa￿ ftCO8lli5LxI on¢¢ th¢ cbttrity" hasbe¢n notiliedofihedonation. unless F¢rforniance c￿ldi￿On9 re￿11[¢ deferral ol tbe amounl. lucon)e tax rrtoi"eRbl¢ in ￿latsOn to d￿a￿"On$ r¢ceii'e41 undLY Gift Aid or deeds ol'coi"cnanl is ffco8Jiis¢d at th¢ tsm¢ oftlie donati￿). L¢8acies gre reeo8nised on rcreÈpt or othernise iCth¢ charils. bAS been n￿lfied of 8n im￿dIng distribution. t]1¢ amount 1$ kiioikm, attd r¥c¢ipt IS CXPert4xl. Assets 811.en toi use bs" th¢ d￿rit), are I￿￿8￿lS¢d Thllen ffceii'oble. Grdnt5 are rel￿niSed in fijll ID the Ststement of Financial Actii'ities in th¢ l'ear in uthich the5." ￿e¢ll.￿bI¢ or gni. r¢wir¢lliei]t imposed ￿ th¢ 8ml 15 fulttll¢d. In1"¢￿M￿t incom¢ is r￿O￿nig¢d on a rev¢ii"able basis. The Foundation for Young Musicians (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2024 1.5 Res￿ree8 esptDded E¥p¢ndilure is rec(v&ni8¢d on an accruals basis. net ofi'alue added Mknre rel¥￿'alll Costs of raising fijnds ar¢ tb¢)3¢ Gosts inrurred in attracting i'oluntsn" inwme. io particular 8fdnt fund￿8 and th¢ ¢osts of aiordining the chorih's profile Mithin th¢ sector. Supw>rt C05t5 repres¢nl ¢osts that caunot be dir￿111. attribubj to aciiiitie5. These costs I￿1.¢ be￿ al[(th￿ to the ¢h2ritable actii"iti". C05t5 oft ¥huritabl¢ artii'ities relatt to the Centre forY(Mu)g Musi¢i8n: tb¢ London S¢hcrt)ls Svmphon)" Or¢he￿ra and th08¢ elfflii¢ttis ot"eXTr￿dI￿TC dire¢d)" ineJJrr¢d in pertorniillg these aciii'iues. 1.6 T#Bgible fixed #5Sets 'I'attgsble fixed ass¢ts are initialli. at cost and subs¢quaitli' M￿￿red #l LX)St or1.￿vatio]I. net Orde￿i8￿.0n anN' impainttthit losses. Ikprwiatson ts recognÉs¢d $0 as to ThTit¢ otTth¢ ¢05t or I'aluati￿ of assets1￿8 th¢ir residual I"alu¢s oi"¢rth¢ir uscfvl lii'e$ i th¢ folloii'in8 base5". Books. musical ￿Or¢S and 0￿h¢￿traI pprts Mu&ical ill5trumenty FI￿tureS and fittings Motor iehicles 10 l.ea￿ slraighi line 10 !-¢ars straiglit line l iars struioht line 10 lyars slrai8ht lille The or UTÉSillbi ￿ th¥ disp()sal of a￿¢1 ib d¢i¢rniin￿l Its ihe th"IYvr¢nL¢ b¢iiir¥n lh¢ bul¢ pnK&%iL¥ dt]d lh¢ I"#lueof th¢ asset: and is reLX)8nised ftn nei inwme"(eNpenditure) for the !"ear. 1.7 asgrt inTr'i*tmellts FTNd asset ini"estmeffjts sr¢ initi411!' Measur￿ 41 I￿$￿¢tion pri¢¢ ¢xeludiR8 transaction costs: and 4re sub8equentl}' mea$ured al fair i'olue at ¢ach r¢FQrting dat¢. Changw in fuiriilu¢ ar¢ rcwgnised im lneom¢l(¢xp¢nditu￿) for tlje year. Twisaciion cosis exrKDs¢d AS illaErr¢d. The ¢harin" does iiol acquire or use option& deTii"atil'¢5 or other compl¢Y financial instruni¢nts. GAÉns and losses are taken to th¢ Stat¢mcnl ot"rtnao¢ial Actii"ilies as thth. aris¢. R¢alis¢d gains and1055¢son inYeskn¢t)ts are Lalculat¢d bi. ret"Lr¢n¢¢ io lh¢ i'alue Ji ii'liich the inTreslma)t iia5 included in the prei ious ￿￿ountS. or the wsi if a¥quired duriiig the I.￿r. lJnTeolised 84ins omd losses are calL7]lat¢d 8S th¢ dilTeThce behi.een th¢ fair i"alu¢ fjt tlie 5'¢8r ¢nd qnd their carryin8 I'alue. R¢81ised and unrealised Inl'esttn<￿t gains and losses wmbined iii th¢ Statement ot FtnonLi31 Actii"ities. 1.8 C¥sh and cash equiTr'aleDts Cosh and cash equii'aleAt5 include cash in hal￿. deposi1$ held at r411 iiith banL& other short-tsrni liquid investments ii'itb orisinlll Ma￿ritieS ot 9) dai's notice. or less. C.Titical accoull¢ing estlmstes and judwnents In the applieaiion of ¢h¢ ¢harits" 5 a￿￿￿ting poliLie& th¢ trnst¢¢$ ar¢ ￿quir￿ kn makc jud8cmLXit$. cytimHtC5 and assumptions ab￿( ilie cam'in8 amwnt ot. assets and liabilities thai not readil). apparejit ITOM oth¢r sour￿. The eshmates and associated a8sumptions Jre based oo historical oKr¢nenc¢ otherfactors that Consideredto be ￿leva11t. Actual results mai. diftl¢r from these e5timate5. The estLi￿ateS and und¢di'in8 nSSUmPtEons thre Yei"itM"ed rn8OjEI8 basis. R¢i'isioiis to ow)untins ¢¥tiJnGtes tt TecoBnis￿A in thc ￿lod iii ii'hirh th¢ ¢5titllurv i$ E¢l'ised Th'hLre the r¢1-i$l￿ aile¢ts onli" tliat p¢riiyJ: or iii tli¢ period of th¢ rv4ision 4nd tutiire p￿1￿$ 1sh¢re the rei'&sion alr￿ts both current gnd futsrc peri￿ The tN5tee8 do not considerth¢reto be aTti" waterial a¢￿￿ting esiimatesorjudgem¢n15 a￿led in th¢ p￿pa￿l of the ac￿￿ntS. 12 The Foundation for Young Musicians (A CompAny Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2024 Ineome Ind ondovments Ilnrestrlci funds Total 2024 Inc()me for the )'ear endtd 31 It*Tch 2024 a) tknations attd le8acffi¢s DonatLOIiS Grant from in￿lI￿110n$ L¢ga¢ie5 59.442 28,000 10.185 59.44? 28,0(K> 10,185 97.627 97,627 b) In1.¢￿￿ents Intercgt r#K'ii"ablc li219 li219 ) Oth¢r Friends of CYM 2.6)9 2,659 Total income for the l'ear ended 31 Ilarch 2024 IiS505 113,$05 2023 Income for the )"ear ended 3111gTth 2fj23 a) Donations ond1¢8Q¢i tkniialions Grant from instiiutions LK84¢i¢s 112.%8 28.000 10.0 112.908 28,n(xi 10,Doo Is￿968 150,968 b) hi1"4￿tments 1ot¢T¢St r¢¢¢iiEd 4.494 ¢) Oth¢r Fri¢nds ofCYM Reiinbursement from CYM Other inCQTn¢ 2.013 348 io 2.01.1 .148 io 2J71 2,371 TO¢￿ incorne for th* s.ear ended 31 If*rd 2023 IS7.833 157,833 1.3 The Foundation for Young Musicians (A Company Limited by Guarantee) Notss to the Financial Statements For the Year Ended 31 March 2024 Expenditure Iinrestricted ruDds gekneral Illlrestricted Totsi 2024 designated Expendithre ftsr the s'ear ended 31 Ilar¢h 2024 a) Raising l-unds FundTaisins costs 20,C 792 20.792 b) Ch4rit4bl¢ ac.tii"iti¢s Depteoiation Cffl)tre (or YoutJ8 Musicians 1ndW￿d01t c%amÈnoti￿ fctr5 SupFK>rt 5.12E 69J85 5,121 70.045 4.iOO IE.213 660 4.i(XTr 7.¥)7 356 13.017 74.862 87.¥79 Tot￿ ¢%pendltsEro for th* Trear ended 31 llar¢h 2024 33,017 75,654 10&671 Expenditure for the lear endtd 31 IEatch 2023 ) Raisin¥ fuiids Fuiidratsinbv cosls 2023 18.(KX 2,￿2 20.062 b) ChariLible ities rkpreciatiL)n Centre ftsr y￿￿n8 Musicia￿5 IndeFadent ¢Kamination fr¢s 5.039 5.039 40.25.1 4.090 11.827 7.130 4.697 11320 49989 61,209 Totsl expendltsro fvr the !"+ar ended 31 lllrch 20LI 29320 52,051 81,271 Trrythift thndt*isuJ8 alld support ¢ty4ts 15 * ￿tal of£26.926 ￿la to knN" IlliinHsEmrnt w￿7¢] £)r (2023.. £26293). Trustees None ot. the tni%iees (ar oJ]Tr per￿$ wlln¢ct¢d Kith them) re¢¢ii"ed ani. T¢MUnor*i(￿ duTing the year: nor M'ere ibm. reimbursed gni. ¢%p¢nses. Emploi'ees There Th¢re no ¢mploi-ees durin8 the irar12023.. Nil). rièt galnslOo¥ses) Ini'egtments 2024 2023 Rei'aluation ofini¢51mfflts 9)2 14 The Foundation for Young Musicians (A Company Limited by Guarantee) Notes to the Financial Statements For ihe Year Ended 51 Morch 2024 T*ngible filed awts k& music*1 s￿re9 4Rd orchestral parts IIu5irnl Fithtres •nd Ilotor i'ehkks inStr￿Men15 fiitind5 Total C￿t Ai l April 2023 Addition$ Diswsals At31 21)24 14.701 690.n58 262 4.740 10250 719.749 262 14.701 69OJ20 L03 71i,271 Depreci#tAw Ind impalrment At l April 2023 Ikpreciation ¢har8d in the DisFK)5als 14.124 78 673.089 5.IM3 4.740 10250 702201 i,121 4,74U At31 Nlarch 2024 14302 67&132 102yI 702,584 C.arn'ing amoutyt At 31 Nlarch 2024 499 12.188 12.687 At31 Lll*rth 2023 577 16.969 ￿￿e￿ Inie¥tmen¢¥ ITnlisted ini'estments Cost or valuation At.41 Mar¢h 202_1 Valuaiion ¥haog¢s Disws¢d Ill th¢ }'¢ar 8,-124 44 (8.368) At 31 Nl4rth 21124 Carning Amount At31 Ill#reh 21124 A¢31 414rrh 2023 8?24 The historiL81 cosl ot"illi'e5Énients is ENil (2023. £9.967). JO Debtors 2024 2023 Amounts falling duemathin one Texr: Awount$ rvtsii"ubl¢ Pr¢pal'm￿￿ and accrned it1￿￿¢ Oiher d¢btL)rs i,6()0 6.913 1.269 19,236 1.09) I3.7￿2 20,331 The Foundation for Young Musicians (A Company Limited by Guarantee) Notes to the Financial Statements For the YearEnded 31 March 2024 JI Credleon: *mounts fauing due me Tre4r 2024 2023 Accruals and d¢ferr¢d inwme iSI.U61 4U,112 59,061 40,1 12 ikSi￿at￿ funds The inwme (unds of the chants includ¢ the folloThing d¢si8nat&l fundy Th'hich bai"¢ been s¢t 85id¢ out of unrestricted ￿nds bi. Ihe tntste¢s tor 5pe¢ilie wryX)￿'. loi"ement tn funds Balanc¢ gt Incoming El￿ndRIllre l.Ipril 2023 revjurces Tr￿￿reT$ Balance #¢ 31 h]aTch 2024 Centre for Youn8 Musicians Peter Croser Lffldot) S¢hwls Si.mph￿}" Orcbestrn Hanimersmsth 8nd Fulban) Sts(knts FI￿ed Ass¢t fund 156.173 iOO.(KK) 115.598 9.91) I7.￿6 148.119) 46.567 154.62 loo.000 118.889 7.635 12.687 (20:IH) (2.280) (5.121) 23.425 399232 70254 393.X32 loi'ement in fiJnd5 B•lthc* at Incwthig E%prndlthr* l Aprll 2022 resources Transfe Balance at 31 ￿ll*r¢h 2023 c¢￿t￿ for Youn8 Mu5irians Peter Croser Lond￿1 Schwls S!"mphmi' Orn'hestra H￿)im￿r5Mlth and Flllham Swdents Fixed asset t.und 96.94) 100.IWJ 99.770 9.915 21.675 (30:i88) 89.816 156.17.1 100.Ix)o 115.598 9.915 17.546 (16,424) 32ai2 (5.039} 910 328J05 (52,051) 122,97¥ 3YY232 The Lentre for Youno MusiciwL< fund r4)r￿nts income rnxeii'ejj and exT*nditure incurred to ￿lerIt Ihe I'ovtig ni￿$1¢1￿18 at the centre. Bur&￿leS ar¥ paid annualli. hDni this and C¥Yiain central Losts are paid as Incu￿￿. lThis lund inCli￿¥S the ttanstK>rt Gosts, ithich is for th¢ mailllellance ot CYM transt*rt. llie Peter Croser fj￿a represents a legAci" proi'id¢d to at the trusle¢s' di￿10￿. The l1uslee5 haie deternJin¢d that it ivill k utilised ab a last ￿SOrtIO fund defi¢its elwiltere iiithin the clwÉTh. ThL London Schools Si'mplu)n!' Orchestra fund rq)Te*nts income and exyL•dTrture to allom". the PTovision of burwies for the ￿￿val tour. burwies tor the tbree courw ￿ !"eurund swrt for the orchestra conLerts. Th¢ Haminer&nith and Full￿] Students. fund ￿)re￿t$ the balanc¢ remaining from the Mogford Legac). for the m￿s1¢al deye10pm￿t of S¢Loii&qn' suhool Childr<￿ h"i'ing in Hammersinith ond Fulham. The Fil￿ Asset fimd m8tch&s the Yalu¢ ofFiN&J A&seLs (see Note11), and initialli. creat¢yJ bi" a IrRn8f¢T fn)rn CYM to th¢ chaTiti'. 16 The Foundation for Young Musicians (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2024 t3 Anah'$b of net assets bett¥eell funds I".nrestiicted funds Designxtsd funds Tot¥1 Fund balances at.11 March 2024 ar¢ f¢pres￿ted bi-. TanBible ?ss¢ts Currellt assets 12.687 181.145 12,687 446.446 65301 65JOI 393.832 459,133 I':nrestrirted funds D¢signatfd funds Totsl FuJd balgn¢es at 31 Ma￿h 2023 are repres¢llted bi": Tangibl¢ assets Ini'¢sl0i￿Is Current oss¢ts 17,546 8.324 373,.262 17,546 8,.124 426,-385 i3,023 53.OLI 399.132 452,255 14 Cash genetsted from 2•24 2023 Net 5Utplus for the i'rar as w th¢ stsi¢m¢nt of Financi￿ Actiiiii¢s 6,87% 75,610 Adju8tm¢nts lor: tkpr¢¢iation char8e5 (Gttins).los￿s rn ini"eslments 5,121 (44) (li.219) 6.)49 18.949 5.039 952 (4.494) (17,708) (47.670) I￿r￿#Se.(1￿Cr¢aS¢) in ddjtors Increase (de¢reas¢) in ¢r¢dilors Net eash genorated in (typer*thig x¢tiiiti 22334 11.729 13 Related p¥r15e5 There no r¢lated m.. tAn￿￿tI(￿LS thrin8 thc!ear(2011.. Nill 17