The Musical Youth Company of Oxford (MYCO) Treasurer's Report and Accounts For the year to July 31.2024 Charitv number 1004081
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Independent Examiner's Report to the Trustees of The Musical Youth Company of Oxford I report to the trustees on my examination of the accounts of The Musical Youth Company of Oxford (The Charity), chartty number 100481 for the year ended 31 July 2024 which are set out on pages I to3. 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"). I 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, I have followed the applicable directions given by the Charity Commission under section 14515llb) 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 protedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whetherthe accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. Independent examlner's ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives rne 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 I 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: 1910912024 Chris Thiele FCCA 38 Campion Way Witney OX21 IES
MYCO Treasurer's Report relating to the ACCOUNTS to July 31$t 2024 Overall this year MYCO made a loss of £20,284. This was anticipated as we received a grant of £25,000 in the previous year, which was spenl over the intervening period, as planned. Our expenditure also includes a prepayment of £2,262 towards our main show for 2025. We are carrying forward a Fund Balance of £114,269 to the n¢xt year. This represents a healthy financial position, given the current prevailing economic situation. Now that the charity is in a strong financial position, complies with all Charity Commission regulations (including beinLY able to set aside the required level of reserves), we no longer need to accumulate profit. For the 2024/25 period, we will review whether we still need to relain an increased level of funds to cover any unexpected situations given the unpredictability of theatre- based activities costs and income in light of the national economic situation. Consideration of" the financial aftershock caused by the pandemic may still be relevant given that insurers are unable to cover any losses incurred due to pandemics going forward. We antiLipate that our current fund balance would fully cover our costs for 2024125 should that need arise. We will also plan to invest in long-tern] improvements, including replacing equipment as necessary, as well as continuing our successful outreach programme and bursary scheme. Boih of these initiatives further our charitable purwses of making musical theatre accessible to young people from acmss Oxfordshire. MYCO'S nomial main income streams include: Mernbership subscriptions. This year, we collected fees in April as usual. This resulted in £25,648 to be used for ongoing expenditure. Some payments are madc by instalment meaning that several trdnches will also be received and used in the next financial year. Donations and Gift Aid. This amounted to £4,124 this year, including £742 in donations from individual supporters and Friends of MYCO towards our ongoing regular activities. Friends of MYCO was rclaunched this summer and will be further promoted over coming years. We claimed £3,382 from Gift Aid, representing a claim on individual donations ld mcmbership subscriptions for the past year. We received £377 from miscellaneous other sources: £227 from bank interest. £150 from hire fees from another local musical theatre group for some of our equipmenl. Ticket sales for our shows. We were thrilled to be able to stage a production of 'Me and My Girl, at the Oxford Playhouse theatre, and to enjoy excellent reviews. We achieved g)ood ticket sales in tenns of numbers of tickets sold, raising an income of £45,483, an additional £950 in programme advertising income, £20 in respect of sales for props and £278 for tshirts and hoodies. We also used some of the grant secured last year to pay for tickets for local schoolchildren so that they could see the show free of charge. We also staged two perforniances of a summer concert at the Amey Theatre which was well receivcd and achieved £7,316 in ticket and programme sales. MYCO'S normal main expenditure includes: Show costs, including: o venue hire and services o costumes, ligyhting, sound, equipment, orchestra and sets o rehearsal costs, such as rehcarsal venue hire, and pianist fees expenses to cover travel costs etc for Directors. This year show costs totalled £63,430 for 'Me and My Girl, and £1 0,182 for the summer concert. Charity number 1004081
Administrative and professional fees, which cost £6,704. Training workshops at a residential camping event, which cost £1.704. Awards events, which cost £1,474 (including both costs for 2024 and late expense claims from 2023). Insurance. which cost £1.804. During the year we incurred storage costs for costumes, props and equipment. This had an in- year cost of £5,852. We moved stored items to a smaller unit to save on costs. Outr¢ach costs: MYCO aims to make our perforn]ances, 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 perfornnCe workshops for schoolchildren in local schools to inspire other young people in the perforniing arts. The costs included travel and meal expenses, plus traininLy workshop facilitator fees and totalled £728. We also distributed free tickels to schoolchildren both for our main production and for our summer concert. Miscellaneous costs. which are covered by three budget lines: MYCO miscellaneous company costs amounting to £679. This expenditure included items such as storage boxes, flowers and gifts for volunteers and helpers, and t'ood for an Open Mic evening for the whole company. Main show miscellaneous costs. 'I'hese totalled £923 and included: company and crew retreshments and meals. a reception event. and gifts for volunteer8. o Summer concert miscellaneous items. These cost £140 and included transport costs for stage blocks. Attention should also be drawn in the Accounts to the following: We organised an online and bucket collcclion at our summer concert for our designatLd extcrnal charity, which is chosen by the members every year. This year, the collection resulted in a donation of £173 being made to the Parasol Project. There will be a further donation in the next financial year. We have spent £2,262 on our forthcoming production of ' Everybody's Talking About Jamie, which is due to be staged at the Oxford Playhou%e jn April 2025. We spcnt £96 on hiring items for the previous year's main show, which was paid in this financial year. We spent £1,230 on the previous year's summer concer( which was paid in this financial year. MYCO would like 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 for our -tiaritabie activities. Charitv number l(K)408 I