The Musical Youth Company of Oxford (MYCO)
Treasurer’s Report and Accounts
For the year to July 31° 2023
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MYCO Treasurer’s Report relating to the ACCOUNTS to July 31% 2023
Overall this year MYCO made a surplus of £24,089. Our expenditure also includes a prepayment of £2,410 towards our main show for 2024. We are carrying forward a Fund Balance of £134,552 to the next year.
Now that the Charity is in a strong financial position, complies with all Charity Commission regulations {including being able to set aside the required level of reserves), we no longer need to accumulate profit. For the 2023/24 period, we will review whether we still need to retain an increased fevel of funds to cover any unexpected situations given the unpredictability of theatre-based activities, costs and income in light of the Covid-19 pandemic and the national economic situation. This may still be relevant given that insurers are unable to cover any losses incurred due to pandemics going forward. We anticipate that our current fund balance would fully cover our costs for 2023/24 should that need arise.
We will also plan to invest in long-term improvements, including:
- e Storage shelves and boxes for equipment, props and costumes e xtra equipment, including a replacement ipad and digital equipment for show music.
MYCO’s normal main income streams include:
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e Membership subscriptions. This year, we collected fees in April a usual, resuming our normal schedule following adjustments made in previous years in response to the pandemic. This resulted in £23,005 to be used for ongoing expenditure. Some payments are made by instalment meaning that several tranches will also be received and used in the next financial year.
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e Donations and Gift Aid. This amounted to £31,057 this year: £299 in donations from individual supporters and Friends of MYCO towards our ongoing regular activities; £200 covering Outreach show tickets donated to schoolchildren and their families (classified under show income); £25,000 via support from the Postcode Society Trust, a grant- giving charity funded entirely by players of People’s Postcode Lottery; and £5,558 from Gift Aid (representing a claim on individual donations and membership subscriptions for the past two years).
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e We received £2,583 from miscellaneous other sources: £219 from bar takings at an Open Mic event; £181 from bank interest; the rest from deposit refunds from venue hires and transfers relating to the opening and closing of a second bank account.
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e Ticket sales for our shows. We were thrilled to be able to stage a production of ‘The Addam’s Family’ at the Oxford Playhouse theatre, and to enjoy sell out performances and excellent reviews. We achieved record ticket sales in terms of numbers of tickets sold, raising an income of of £56,890, an additional £1,550 in programme advertising income, £193 in respect of sales for costume items and hoodies and £200 via a donation for Outreach tickets (as mentioned in the donations section above) which we gave to local schoolchildren so that they could see the show free of charge. The company members also held a charity collection on behalf of Great Ormond Street Hospital after performances of cur main show, which raised £257 for GOSH.
We also staged two performances of a summer concert at the Amey Theatre which was well received and achieved £5,623 in ticket sales.
MYCO’s normal main expenditure includes:
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e Show costs, including: © venue hire and services
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© costumes, lighting, sound, equipment, orchestra and sets o rehearsal costs, such as rehearsal venue hire, and pianist fees © expenses to cover travel costs etc for Directors.
This year these totaled £65,627 for ‘The Addam’s Family’ and £9,574 for the summer concert.
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e Administrative and professional fees, which cost £6,732. e Training workshops at a residential camping event, which cost £1,750. e Awards events, which cost £297. There is a receipt still outstanding for this which will be paid in the following financial year.
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® {nsurance, which cost £1,712.
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e During the year we incurred storage costs for costumes, props and equipment. This had an in-year cost of £6,658. We plan to move stored items to a smaller unit in the next financial year to save on costs.
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e@ Outreach costs: MYCO aims to make our performances, and musical theatre in general, accessible to young people from all backgrounds. This is in line with our charitable objectives. We ran a workshop to inspire and train our members who went on to run a performance workshop for schoolchildren in a local school to inspire other young people in the performing arts. The costs included expenses, plus training workshop facilitator fees and totaled £460. We also distributed free tickets to schoolchildren both for our production of ‘The Addam’s Family’ and for our summer concert. These were kindly provided by individual supporters or were not charged for.
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e Miscellaneous costs, which are covered by three budget lines:
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© MYCO miscellaneous company costs. These amounted to £2,416 including £1,981 relating to the transfer of funds between our existing bank account and a second bank account opened temporarily to manage costume purchases (so they are transfers or contra payments rather than actual expenditure). We incurred actual expenditure of £435 on items such as flowers and gifts for volunteers and helpers, and food for an Open Mic evening for the whole company.
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© Main show miscellaneous costs. These totaled £1,245 and included: travel and parking expenses; company and crew refreshments and meals; a reception event; and gifts for volunteers.
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o Summer concert miscellaneous items. These cost £288 and included: transport costs; costume items; and make up purchase.
Attention should also be drawn in the Accounts to the following:
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e We organised an online and bucket collection at our main show and summer concert for our designated external charity, which is chosen by the members every year. This year, the collection resulted in a donation of £257 being made to the Great Ormond Street Children’s Hospital. There will be a further donation in the next financial year.
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e We have spent £2,410 on our forthcoming production of ‘Me and My Girl’ which is due to be staged at the Oxford Playhouse in April 2024.
. MYCO would fike to thank all of our supporters including individual donors and the families of our members. We would also like to thank the People’s Postcode Trust for their support.
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MUSICAL YOUTH COMPANY OF OXFORD
Registered charity number 1004081
STATEMENT OF ASSETS AND WJABILITIES ASAT3 Ist July.
31/07/2023 31/07/2922
Unrestricted Unrestricted
Axed Asset Faulament Funds é funds 2
Assets
Other Monetary Assets . .
Petty Cash 150 150
Cash at Bank 134,402 110,313
Liabilitics 134,552 LID AE
Creditors ieee eee arn
Assetsless Liabilities 134,552 110,463
Represented by:
Fund Balance 110,463 97,430
Current period profit/{loss} 24,089 13,033
Fund Balance carried forward 234,552 10,463
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Notes to the Balance Sheet 31/07/2023 31/07/2022
1 Total donations to designated charity 257 463
MUSICAL YOUTH COMPANY Of OXFORD
Registered charity number 1004081
RECEIPTS AND PAYMENTS ACCOUNT FOR YEAR ENDED 3324 July
31/07/2023 31/07/2022
Reguler activities-income
Membership subs 23,005 32,390
Donations- corporate and grants 25,000 3,747
Donations - Friendsand private 239 855
Gift Aid 5,558 -
Other income 2,583 36
5644S 37,078
RegularactivitiesProfessional services- Expenditureinc administrator, and audition pianist 6,732 $,745
CRB/DBS costs 13 28
Hall hire 365 332
Vocal coaching 352 300
Campingworkshop costs and expenses 1,750 -
Insurance 1,712 1,636
Membership Fees 230 182
Refreshments 21 132
Award events 297 1,898
Computing& Website 374 -
Printing, postage, stationery, telephone 60 58
Equipment purchases 199 1,587
Previous Show Costs a .
Storage costs 6,658 1,061
Bank Charges 81 97
Outreach costs 450 454
Misc 2,416 810
21,720 14,270
Net Income from reguiar activities 34,725 22,808
Net Profit/Loss from Main Show (5,359) (9,752}
Net Profit/Loss from Summer Concert (2,133) 124
Expenditureon next year's show& concert (2,410) (1,024)
Net profit/loss on previous shows and concert 134) 878
Net profit/loss for shows (10,636) 15,774)
Net surplus for the year 24,089 13,033
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ReconciliationTotal funds boughtof funds forward 110,463 $7,430
Total fundscarried forward 134, a 52 1 10,463
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|MUSICAL YOUTH COMPANYOF OXFORD|
|MAINSHOW|ACCOUNT31/07/2023FOR YEAR ENDED 3ESTJULY|31/07/2022|
|income|
|Ticket sales|56,890|57,613|
|Advertising|1,550|125|
|Sponsorship|and|show|donations|200|:|
|Programme|sales|-|°|
|OVD|sales|-|.|
|Charity Collections|257|-|
|Costume|Sales|&|Hoodies|193|383|
|Other|578|
|Expenditure|~__|39,668|38,221|
|Theatre|Costs|
|Credit card commission|1422|1,440|
|Theatre|rental|7100|7,100|
|Services|3600|3,600|
|Ticket|agency fee|19s?|2.022|
|Technical staff|8894|8,209|
|Additional|lighting hire|-|2,100|
|Additional|sound|hire{inc radio|mics)||1,440|
|Projector|hire|-|420|
|Canapes|:|150|
|Programme additional|pages|-|72|
|23,013|26,553|
|Set|hire|4,454|4,336|
|OVDs|.|:|
|Costumes|3,846|3,062|
|Pianist fees|4,186|3,190|
|Hoodies|1366|1,960|
|Rehearsal|hall|hire|3,531|3,437|
|Design|630|640|
|Publicity|1,934|1,565|
|Programmes|-|.|
|Royalty|10,277|11,062|
|Licence|-|-|
|Libsand|scores|-|1,293|
|Director/MD fee|2,700|2,000|
|Choreographer fee||500|+|
|Makeup and|hair|1.053|793|
|Orchestra|4,370|5,275|
|Lighting|850|990|
|Sound|387|335|
|Van|Hire|50|-|
|Props|925|213|
|Charity|Danatian|257|id|
|Printingand|postage|47|33|
|Misc inc|gifts|1,245|1,137|
|Subtotal|42,614|41,321|
|Total expenditure|65,627|67,874|
|Show Profit/(Loss}|pane|EY|‘Se|eS:|
|SUMMER|MUSICALCONCERT YOUTHACCOUNT COMPANYFOR|YEAR OFENDEDOXFORD31ST|JULY|
|31/07/2023|31/07/2022|
|Income|Summer|Concert|
|Tickets|5,623|6,731|
|Bar|1,161|1,315|
|Charity Collection|363|A463|
|DVO|Sales|-|s|
|Programmes|284|143|
|7,441|8,652|
|Expenditure|Summer|Concert|
|Theatre Hire|2,353|1,884|
|Rehearsal|Hali|Hire|1741|1,070|
|Pianist|fee|1,002|1,445|
|Musicians Fees|600|600|
|Director/MD|expenses|1,200|1,200|
|Music|purchase,|Printing|
|Publicity|& Stationary|280860|48361|
|OVO Cost|-|:|
|Sound and|lighting|$00|400|
|Bar|646|600|
|Paypal|Fees|-|133|
|Donation|to Charity|>|463|
|Gifts|105|40|
|Misc|288|149|
|Total|expenditure|8,574|8,528|
|Tatal|profit/(loss} Summer concert|(133)|124|
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MUSICAL YOUTH COMPANYOF OXFORD: Notestothe accountsfor the year ended 31stjuly 2023
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Membership subscriptions were not collected in ffy 2020/2021 owingto the pandemic. Membership fees werecollected instead in September 2021 and as usual April 2022. Both sets of fees are represented in the 2021/2022 figures. 2. The licencefor the main show is normally paid for in the previous year- please see ‘Expenditure on next year's show and concerts’ in ‘Receipts and Payments’. 3. The second donation to MYCO'schosen charity, which isGreat Ormond Street Children’s Hospital for 2022/2023,was delayed to allow for additional income via a fundraising drive afterthe concert. The donation linked to funds collected at thesummer concert will be made in the next financial year. 4. MYCO incurred SumUpfees of £23 in 2021/22 and £39 in 2022/23
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Gift Aid was not claimed in 2021/22 and so the claim for 2022/24 represents two years’ claims.
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Independent Examiner's Report to the Trustees of The Musical Youth Company of Oxford
| report to the trustees on my examination of the accounts of The Musical Youth Company of Oxford (The Charity), charity number 100481 for the year ended 31 July 2023 which are set out on pages 1 to 6.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
| report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
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 presented with those records. it also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner's statement
i have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
- accounting records were not kept in accordance with Section 130 of the Act, or - the accounts do not accord with the accounting records
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached,
Date: 29/09/2023
Chris Thiele FCCA 38 Campion Way Witney OX21 1ES