Charity registration number 1031590 Company registration number 2880224 (England and Wales) BROMLEYYOUTH MUSIC TRUST (LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
BROMLEY YOUTH MUSIC TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trust8•S L Blomstrand S Polydi¥OU MBE S M Oldfield Amoss L Richards J Walters Charlty number 1031590 Company number 2880224 Reglstered offlce Southborough Lane 8romley Kent BR2 8AA Auditor Baxter & Co Lynwood House Crofton Road Orpington Kent BR6 8QE Bankers Natwest Bank PLC 143 High Street Bromley Kent BR11YZ Metro Bank One Southampton Row London WC1B5HA Handelsbanken Northside House 69 Tweedy Road Bromley Kent England BR13WA Solicltors Wellers Tension House Tweedy Road Bromley Kenl BR13NF
BROMLEY YOUTH MUSIC TRUST CONTENTS Page Trustees. report Statement of Trustees, reswnsibilitie5 Independent au¢Jitor's report 9-10 Statement of financial activ¢ties Batance sheet 13 Statement of ¢ash fl¢>ws 14 Note5 to the finanaal statements 15-27
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are also directors of Bromley Youth Muslc Trust I'BYMf) lor the purposes oflha Conyanies Act 2006, present their annual report and financial slalements for the year ended 31 March 2023. The financial statemen15 have been prepared in accOrdaTh with the accounting poliaes sel out in note 1 to the rinan(ial sla¢errEnls and compty with the the Companies Act 2006 and 'Accounting and Reporting by Charili8s.' Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance th ihe Financial Reporting Standard applicable in the UK and Republi¢ of Irgland IFRS 1021. (effective 1 January 20191. About BYIAT Establish¢d In 1993, BYMT is 8n independent muslc service. krK)wn nationally for provlding a high quality instrumental and vocal music education lo children and young people in the London Borough of Brornley and urrounding areas. Our Music Cenlres cater for all ages and experience, including adults. We provlde a range of ensembles and groups, including oichestras, bands. choirs, musiral theatre, chamber music. keyboard dasses and 5es$ions fof infants. We also provide holiday courses, wort(shops and maslerdasses as well as aftnual concert tours for our t$t advanced musirians. The Trustees have paid due regard to guidance issued by Ihe Charity Commi5sh)n in dwding what activities BYMT should undertake. OUR VISION AND STRATEGIC AIMS BYMT vision statement: All thildren. young people and the wider community benefft from the enriching and transformative power olmusic. Our31rategi¢ alms.. Support Bromley schools In providirtg outstsndlng muslc educatlon - ALL Bromley chlldren re1ve an outstanding musi¢ education al school. D8V81op musl¢al progre$$ion pathy$ - Children and young people call access a br08d range of outstanding musical pathways which meet their needs and intérests. Ensure that everyone is included - Chrfdn and young trp1&.8 muslc Is HEARD= Holisli Placing emphasis on persollal. soclal and musical outcomes. Equitable Those facing Ihe biggest barrfers receive Ihe most support. Authentic Developed with and infomied by the people we do It for. Representalivo Partiapants and colleagues fleCt our diverse Soety. DNerse AJI musical 9enres, styles. practKes are Wdlued equalty. Nurture life-long enjoyment of muslc . All members of the Community can engage in l$land(Th9 muslcal experfences. Oevelop wder community awareness of BYMT . Everyonè In the wlder community knows that BYMT extsts, what we can offer them or their famifies, and how to access our offer. OUR ACHIEVEMENTS We are proud that BYMT was able to llY resunE its comprehensive and high-quality mvsic edutration programme for children, young people and adults. folkjwng the pandemic. As Trusteès of BYMT. it Is a privilegè to wlness Ihe Imn$9 talent of the Children and young people of Brornley.
BROMLEY YOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Suppgrting Bromley Schools In provldlng outstandlng musl¢al education: BYMT engaged with 95% of Bromley schools. prowdifig a range of prowsion Induding instrumental and vocal tuition. whole dasslschool singing projecls. and primary curriculum delivery. Our inslrurnental specialist teachers WOrt(ed in 34 schoo13 promding who18 cjass instrumental tuition for Key stage 1 and Key Stage 2 children. More than 5,CH)O students reVed IndIdual Instrumental or singing te5stsns. Dèv•loping muslcal progresslon pathways: Durlng 2022r23, BYMT ensembles rnadè great muslcal 0gs$ following Ihe cha118ng8s of online kaming, as a Tesull of the pandemic. Mofy than 850 students participaltsd in 8YMT ensèmbjes. BYMT introduced new groups such as our'RoLmdaboLrt Scheme., which provldes a pradcal Introduclon lo instrumental music making. 265 students participated ift 8YMT holiday courses. leaming keyboard, ukulele. percusslon, strfngg and songwriting as well as taking part in wnd, string and piano ensembles. BYMT repeated its Easter and Summer Sounds holiday courses in 2022, followlng the success of the previous year. The course is an exclting inlrodudion lo instrumental learnlng and singing as part of a choir. More than 100 children engaged in this exciting initiative. many of whom continued Ihelr instrumental learniag at school from September 2022. More than 60 students partiCiP8led in OUT annua5 summer musical Ihealie course, wn by a West End director, prolesslonal slnging coach and West End choreographer. Many of these students werè subsequently involved in lerm-lime produdions of Eff and Seussical. One of the performance hlghlights of 2022123 was the return of Iho BromIey Schools. Prom at Fairfièld Halls. The event was held over three nights and featured chil{Jn and young peopJÈ from more Ihan 40 Bromley schools, perfom)ing In choirs. bands, orchestras and musicxl theatre. Bromley Youth Chamber Orchestra and Bromley Youth cOnrt Band participated in 2 sttcessfijl residential tour to Wells Cathedral City. Following a hiatus due to the pandernic, the Fina15 of Ihe Advanced Instrumental CompelitK)n - BYMT Rotary Trotman, BYMT Rolary Adva[sd Singing Competition and the BYMT Young Singer ol the Year & Minting Cup were held in-person again, dernonslr81ing the outstanding musrAI accomplishments of so many children and young peop19 in Brornley. Many of our Year 13 leavers went on to study music al universitieslmuslc colleges. Ensuring that everyone15 Ineluded.. We warst everyone in the wider community of Bromley to be able lo eng8ge ond participate wlh BYMT regardless of thelr needs, Income, personal drcumslance5, age and where they live. An irnportanl part of achieving thi3 aim is our Young MusicEans' Bursary I'YMB'I. During 2022123, we sUPPOrted 316 students and familles with a YMB. induding freé or dlscounted lesson fee5, and discounted music group and instrument hire fees. 70% 01 these students were in reipl ol pupil premium and 22% had an annual household income of less than £25,000. In September 2022. we launth8d an Opan Orchestra, an inclusive ensemble that works wlh kn groups of young adults with special needs who live in Bromley. This ensemble made their debut performance In tho Spring Term 2022. The trust has planstg expand this excIng programme in 2023124 to KS2 children. Our Speclal EdueAlional Need51'SEN") consultant prowded lailored support and training for schools and BYMT staff. In addition. our SEN Consultant supported students wth additional needs to access BYMT programme5.
BROMLEYYOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Nurturlng lifv.long enjoyment of musle: 300 adutts regularly participated in music groups. BYMT delivered and parinered with a range ol adult ensent)les, including Adult Choir, Bromley Adult Musicians Orchestra, Adull Ukulele. Piano Adult Beginners, Sing Bromleyl and XBY Concert Band. In July 2022, XBY lex-Bromley Youth) Concert Band achieved a gold medal in the Wodd Music Contest In Kerkrade, Netherlands. For the fir51 tirne. XBY participated in the top division ol the conlesl. competing against professional musicians. X8Y was the only UK band lo perf¢Ym in this division. 11 Is a testament lo the continuing success of the Trust and the outstanding dedication of the whole BYMT team. over many years, that XBY has been r¢cogrni$ed as one of the be51 symphonic wind bands on the wgAd stag01 Dav•loplng wld8r communlty awareness of BYMT BYMT opened its doors for a 'Try a Musical Instrument Day., In September 2022. Thls was a Chan for families with children in school years 1-8 to vislt BYMT, try the inslrurnents. meet the teachers and make some noisel In January 2023, we held an open rehearsal week. This exciting introduction to BYMT groups enabkd new students lo experien¢e first-hand the high-quality mus(¢-making opportunities on offer at our cenlres. Our annual garden paty involved perfomiances by 19 BYMT groups and was attended by more than 1,200 family, friends and mernbers oflhe cornmunity. One of the many positive changes BYMT has made in recent years has been the implemenlalion of SpeedAdmin. a sofware package lailor-made for music servws. We are increasingly utilising the report functionality of SpeedAdmin to facilitate more targeted marketing rAmpaign5. We have been working hard to enhance our digital marketing strategy, including the developrnenl of a new and more dynamic BYMT website, which went live in ju 2023. OUR PEOPLE BYMT has a hard-working, dedicated and experienced team of permanent staff, licensed le8ehers. Trustees and volunteers. Our 208 teachers 2nd 16 support team engage with families. schools, and partner organisalions to ensu that children and young people have opportunities lo sing, play, ¢ale and perfomi music in a wide range of community settings and professional concert venues. BYMT provldes professlonal development opportunities vla staff training days, school network sessions and the introduction ol a Bromley Continuing Professional Development I"CPD'llnetsvork event for linsed teachers, Head3 of Musia and Music C¢>ordin8tor5. BYMT Is lucky to have the support ol volunteers who engage in 8 variety of pro bono actitIes, Suth as fundraising, stewarding concerts, Nnning the EK)x oiflcè. and pioviding r&fShmentS al concerts and rehearsals. We are trnmensely grateful to our Patrons and Supporters who regularty give to BYMT. In addition, we are hurn0d by the gratitude and pjsits've messages that we contsnue to re1ve from BYMT alurnni.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Restructure The combined effect of the pandernic and lockdown restrictions, grant funding remaining ststic. and risrng c051$ has meant Ih?I, like rnany charilies, BYMT has faced ehallenges in reTrnt years. Looklng lo the future, we thought long and hard about how to &dapt and evolve. to ensure we continue to do everything we can lo support all the lantsstic chlldren, young people and the wider community who 8¢Less our services - whether through Indiwdual $SOnS, membershrp of ensemble5 or work within schools. To beller 5UPPOrt our 51rategic aims and protect 8YMfs ltsng-ieTm sustainability. at the start of 2023 we undertook 8n oiganlsalional restructure. whith 8chieved payroll efficiencies of 10%. The leadership team and Tftjslees invested signific2nl lime and effort to Identify the right operating model for BYMT and minimise the impact on IndivKlual members of staff. However, we recognise that the $t1ctUre has been challenging for our people and would like to pay tribute to the whole BYMT 18arn for théir hard work, coopèration and professionalism ltrwowhotAI the process. Under expert leader$hip of the CEOIHead of serv1. the StrUctU was completed In March 2023, without any reduction in the frontline delivery of services. Moreover, the diligent rnanagernent of the Tru5V5 finances seÈ5 BYMT enter the next acadernic year in a better position to deliver a high-quality and Indusive programme wlh a morè certain finanaal position. We look to the future of BYMT wth renewed optimism. FUNDING Prlnclpal funding sources Our principal funding continues to corne from the Department for Education C'DfE I via Arts Council England I°ACE'I, whlch is supplemented by charges lo s¢ho¢ls and parents. grants. donatlons and sponsorships. Muslc Edueatlon Hub artd Arts Council England BYfvIT is the lead oiganisation in the Bromley Music Education Hub fBMEHI which was establlshed following publication ol the National Plan for Music in 2011 (The Nnportance of music". a national plan for music education). BMEH p8rtners work together to crgale joined-up music edu¢ation prowsion, responding to local need and fuffiiiing the objectives of the hub. During 2022123, our hub partnèrs warè.. Art5 Train Bromley Youth Collecllve Langley Park School for Boys James Dixon Primary School Churchill Theatre Claire fillotson Music Therapy Crystal Palace Community Trust The Music Hub (Hub Music Shopl nelika Bloco London Music Fund Maxwell Mini Music Monkey Music Sound Connectlons St George's. Beckenham All Bromley Schools and Colleges We maintained a good relationshlp with ACE and received the fuA Musle Educallon Hub fMEH? Funding, a DIE grant administered by ACE. on again, we have been placed in the lowe51 Category of rtsk by ACE. which is teslamenl lo the quality 8nd success of our seryices.
BROMLEY YOUTH MUSIC TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Sublect lo the fulfilment ol MEH grant conditions. MEH fijnding is secure untli Au9USt 2024. MEH fUnIng has been aligned wlth the a¢adgmi¢ year from Sept&mb¢r 2023. FINANCIAL SUSTAINABILITY AND MANAGEMENT BYMT aims to ensure that BMEH wlll continue to deliver an excellent musi(sl offellng tr) children aThJ young peopte across the London Borough of Bromley and surrounding areas. whllst ensuring financial sustainability, in the following ways.. Managing a cost neutral budget with some contingency to mltigate agalnst unexpected costs, e.g.. mediumnong-term stsff illness, unforeseen rises in costs. ReseNes are also in pjace for rTh)re substantial unforeseen costs. Careful monttoring of expenditure and a robust approval prO$S for all expenditure. Planned and staged Increases in fees and subscriptions. Increasing trading income. Developing new aclivilies, induding increased access for students over the age of 18. Creation of the Bromley Adult Music Education Hub. A coThsistenl and continuing recruitment drive, both for children to take up an instrurnentlsinging and to increase th6 number of children in BYMT groups and ensembles. Development ol out-of-borough and independent school traded income on request. Focus on grant applicaligns. Considered investment of SerVes. Engaging In dis¢u85ions with Brornloy Coun¢il lo negotiate a new long-lemi lease agreement or to transfer ol ownership of our Soulhborough Lane Music Centre. BYMT'S Board ol Trustee$ 1$ rPonsible for ratifying tha Trusvs budg8t, and tho Annual Report and Financial stalemenls. Rtsgryes Pollcy Under BYMT'S Reserves Policy the Trust is required lo hold 8 minimurn of three m(>nths' operating co$15 in unre5tricled reserves. Each financlal year, the Trustees review the level ol reserves and consider whether any Investments would be appropriate. stmcture. governance and management GOVERNANCE BYMTS Board comprises si¥ individuals a range ol sknlls and experien from across the Commercial. financial, charity. education and arts sectors. who give their tlme 2nd expertise voluntarily to help the Trusl achieve it5 aims. All Trustees are responsible for the strategic d1CtIOn, development aTrd governan of BYMT. Trustees also participate in one or rnore of the following committees: Flnance Oversees the financial perforrnance 8nd management of 8YMT, a3 well as approvlng vant polioes artd procedures. Buslness Development- Oversees 8YMT's fundraising and marketing activibes. Personnel Monitors all aspects of human resources, including staff wellbeing and professional development, along wlh the safeg4rd5ng aspects of staff recruitment and management. Standards & Compliance- Monitors compliance and holds BYMT'S leadership tearn to account in areas such as safeguarding and health & safety. In addition, the comrnittee plays an important role In overseeing the qLrality of teaching, inclusion and diversity.
BROMLEY YOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are also the directors for the purpose of ¢ompany18w. and who served during the year and up to the date of signature ol the financial slalements were.. L Blomstrand S Polydorou MBE V Boaden R Hardy T Jolly S M Oldfield A Mos5 L Richards J Walters (Resigned 29 June 20221 (Resigned 1 October 20221 (Resigned 1 December 20221 During the Autumn Tem 2022, Len Blomstrand indicated that he would not seek re-election as Chair of Tru51ees. Len ha5 served BYMT tirelessly since his appointment as a Trustee in 2008. He served as Chair of Trustees fiom 2019, overseeing BYMT during the vnpredented challenges of the pandemi¢. Len's fellow Tfustees are eKlremely grateful for his hard work, dedicati( and guidanc8 over so many years. Ajex Moss was appointed a5 Chair ofTruslees on 1 December 2022. Rècrultment and appointment of new Trustees BYMT has a procedure for the appointment of new Trustees. Candidates are InteNewed by rnembers of the Board of Trustees and the CEOIHead of seCe. Appolntments are subsequenlty agreed at Board level. Oryanlsattonal Strueiur• BYMT is organised such that policy decisions affectlng Its develOpnt are made 818oaid level. The TnJstee$ involve sanior staff members in developing the Trust lo meet ils charitable objectives. Gov8rnirtg Document BYMT is controlled by its goveming document, mernorandum and artkles of association, and ¢onstitutes a limited company, limited by guarantee, as (%efined by the Companies Act 2006. lrtductlon and training of new Trustees BYMT has a policy and procedures for the IndtiOn ¥n¢J trainlng of new Trustees that Is reviewed annualty. Audit and Risk Trustees regularty review, a5se5s and plan for the management of all risks faced by BYMT Ma ihe Finan Committee 8n<J Stan¢Jards & Comp1[an Committee. Bymfs finanrA81 8t81ements 8re audited annualty by k7dependenl auditors, and the examinaiton ol accounts includes a Check of BYMT'S Disclosure and Barying Service f DBS? records. Auditor In 8¢cordance wlth the companVs articles, a resolution proposing that Baxter & Co be re8ppointed as audit of the company will be ptrt at a General Meeting.
BROMLEY YOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 The Trustees. report was approved by the Board of Truste&s. A Moss Chalr of frustèès Dal¢'.
BROMLEYYOUTH MUSIC TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees. who a also the d1cl$ of Bromley Youth Music Trust for the purpose of company law, are responsible for preparing the Twslees. Report 8nd the financial statements In aewrdance wlth appNcable Liw and United KingdomAccounting Standards {Uniled Kingdom GeneraMyAccepted Accounting Praclicel. Company Law requires the Tiustees to prepare fjnancial staternents for each ffinancial year which give a true and falr view of the Slate of affairs of the Tnjst and of the IncomiTrg resources and application of resources, induding Ihe in¢ome and expenditure, of the charitable company forthat year. In preparing these financial statements, the Trustees are required lo.. select suitable accounltng policEs and then apply Ihern ¢onsisleThlly- observe the methods and principles in the Chaiilies SORP,. make judgements and estimates that are reasonable and prudenl., state whether appllcable UK Accounting Standards have been followed, subJect to any materkql departures disdosed and explained in the fin8ncial $t81ernents,- and prepare the fmancial ststemenls on the going conrn basis unless it rs inappropriate to presume that the Trnsl wll continue in operation. The Trustees are responsbi le for keeping adequate accounting COrdS that disclose wllh reasonable accuracy at any time the financial position of the Trust and enable them to ensure that Ihe fmancial Slalemernts compty th the Cornpanies Act 2006. They are also responsible for safeguarding the assèts ot the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In $0 far as the trustees are awa.. There is no relevant avdit inft*miation of whlth the charltable conyany's auditors are unaw8r8,' and The trustees have taken all Steps Ih8t they ought lo have to rnake theffl$ees aware of any relevant audit information and to establish that the auditors are aware of that irnformatton. Approved by the Board of Trustees on ........... Q0£3 and slgned on Its behalf by.. Chalr of Trustses
BROMLEYYOUTH MUSIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BROMLEY YOUTH MUSIC TRUST Oplnlon We have audited the finanual statements of B¥gmley Youth Music Trust (the Yrustj for the year ended 31 MarGh 2023 which cornprise the statement of finanual activlties, the balan sheet. the statement of cash ffows and notes to the financial 51alernenls. including significant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and Urbiled Kingdom A¢¢ounling Stsndards. Induding Flnanual Reporting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland (United King¢*)m GefterallyAccepled Accounting Practice). In our opinion, Ihe fjnancial slaternents.. gNe a true and fair view of the state of the tharltable cornpanvs affairs as at 31 March 2023 and of ils incoming resource5 and appliGg1ion of resources, for the year then ended.. have been propeity prepared in CordanCe smth United Kt'ngdom GerEerally Awepted Accounting Practi-, and have been prepared n accordance vitth Ihe requI[rOnts of the Companies Act 20C6. Basls for opinlon We conduded our audit in accordance with In(ernalional Standards on Auditing (UK) (ISAS IUIg1 and applicable law, Our responsibilities under those standards are further described in the Audilorts spOnSIbl11t{eS for the audit of the finanGi81 stslements section of our pOrt. We are independent ol the Trust in accordance with the ethical requiremanls that are relevant to our audit of the finanoal slateTnenls in the UK. induding Ihè FRC'$ Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in accordarsce vAth these requirements. We believe that th¥ audit •vidence we have obtained is sufficaenl and appropriate to provide a basis for our opinion. Conelusions relating to golng concern In auditing the financlal statements, we have concluded Ihal the Trustees, use of the going cOnrr basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any rnateri81 nrtaInlieS ielating to events or conditions that. IndlvldualEy or ¢olle¢tively, may cast significant doubt on the Trusl's abllity to continue a5 a golng concern for a period of al least 1ve months from when the financial sl8lements a aulhorised for Issue. Our responsibilities and the spOnSibl11tieS of the Trusiees wth respect to going concem are described in the revant sections of Ihi5 rew)rt. other Informatlon The other informats'on comprfses the information induded in the annual report other than the financial stslements and our 8uditorfs report thereors. The Trustees are responsible for the other information contained wthin the annual report. Our opinion on the financial stslern8n15 does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inf0mli0n and, in doin9 so, consider whether the other infomialion is materially iTrconsistenl with the finan¢i81 slat8m&nts or our knowledge obtained in the course of the audit, or otherwise appears lo be materially mi5Stated. If we identify such material inconsistencles or 8pparenl material misstatements, we are fequired to determine whether this gives 05e to a m2teri81 misstalemenl in the financial 5tstenEnts themselves. If, based on the work we have perfomiéd, conclude that there is material misstatement of this other infomiation. we are required to report that fact. We have nothing lo report in this gard. Matters on which we are requlred to report by exception We have nothing to report irn respect ol the following matters in relation to which the Charities (Aunt$ and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any rnalerial respect svilh tha Tw51ees' report,. or suffuent accounting records have not been kept.. or ihe financial statements are not in agr8ern8ntwith the accounting records.. or we have not received all the inforrnation and expL8nations we requi for our audit.
BROMLEY YOUTH MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BROMLEY YOUTH MUSIC TRUST Responsibilities of Trustees As explained rnore fulty in the statement of Trustees, responsibli ilies. the Trustees, who a also the dire¢lors of the Trust for the purpose of cornp8ny law. are responsible for the preparation of the finarKial ststemeKTrls and for bng satisfied that they give a twe and fair view. and for such intemal control as the Trustees determine is necessary to enable the preparation of finanaal statements that are free from material misstatement, whether due to fraud or error. In preparing the ffinanoal statements. the Trustees are responsible for assessirvJ the Trust's ability lo continue as a going concem. disclosing, as applicable, mallers related to going concern and using the going concein basis of accountin9 unless the Trustees either intend lo liquidate the ¢haritsbl¢ ¢ornpany or Its ¢ease operations, or have r realistic alternative bul to do so. Audrtovs responslbllltles forthe audlt of the Ilnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance with Ihe Act and relevant regulations made or hamng effect thereunder. Our objectives are lo obtain reasonable assuran about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an audilorf8 report Ih81 in¢ludes our opNnion. Reasonable assuran is a high level of assurance but is not a guarantee that an audit conducted in 8ccoidance bwth ISAS {UK) will ahmays detect a rnaterial mi5Statemenl when it exists. Misslalernents can arise from fvaud or eiror and are considered material if, individually or in the a9ate, they could reasonabty be expected lo infiuence the ecvnomic decisions of users taken on the basis ol these ffnanc4al 5taiements. The extent lo which our ProdureS are capable of detecting irregularitie5, including fraud, is detsileil below. A further description of our responsibllities is available on the Financial Reporting Council s website 81.. https'.11 www.frc.org.ukjaudl1015responsibilits. This description forms part of our auditoi's report. This report is rnade solely to the company's members, as a body, in accordan wth section 391 of the Companies Act 2014. Our audit work h8s been undertaken $0 th81 we might slate lo the wmpany's members those mattets wè are required lo slate to them irs an auditor's report and for no other purpose. To the fullest extent perFnitted by law, we do not 8¢eepl or 8$surne responsibility lo anyone other than the company and the company's members as a body, for our audit work. for this reFM)rt, or for the oplnions we have formed. Loulse Hallsworth FCA {Senlor Statutory Auditor for and on behalf of Baxter & Co 11 De¢ombèr 2023 Chartered Accountants ststutory Auditor Lynwood House Crofton Road Oiplngton Kent BR6 8QE 10-
BROMLEYYOUTH MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Current Ilnanclal year Unrestricted Restricted funds funds 2023 2023 Total Total 2023 2022 Notes lrtcome and endowments from.. Donations and legaues Charitable actiirilies Other trading activities Investments Other ineome 49,397 448.761 1.046,867 3.178 4.001 32,941 68,375 82,338 517.136 1,046.867 3,178 4,001 81.211 529,333 824,078 547 3.179 Totsl Income 1,552.204 101,316 1,653,520 1,438,348 Ex endItU on". Charilable actiwtl8S 1.635.308 121,398 1,7S8,706 1,520,881 Net gains1110sses1 on inveslmenis 13 483 483 {4951 Net rnovement In funds 183,1041 (19.599} 1102,7031 183,0281 Fund balances at 1 April 2022 601.968 130,066 732,034 815,062 Fund balances at 31 March 2023 518,864 110,467 629,331 732.034 The statement of ftnancSal activities 1cludeS all galns and losses recognlsed In the year. All income and expenthlure derive from ctsnlinulng acthhti6S. The statement of finanual adivities also Gomplie$ with the requirernents for an IncorrE and eXndItUre account under the CompaniesAct 2006. 11
BROMLEY YOUTH MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Prlor financlal year Unre¥trJeted Restrlcted funds funds 2022 2022 Total 2022 Note$ Income and endowments from.. Donations and legaues Charltable actiwties Other tradlng acllvlties lrniestments Other income 69.488 446,532 824,078 547 3,179 11.723 82,801 81.211 529,333 824,078 547 3,179 Total in¢ome 1,343.824 94.524 1,438,348 Ex endlture on. Charitable acliwties 1.396,864 124,017 1.520,887 Net gainslllossesl on investments 13 14951 14951 Gross transfers between funds Net movernertt In funds 21,534 131.5C61 (21.5341 151.5221 183.0281 Fund balances al 1 April 2021 633,474 181.588 815,062 Fund balances at 31 March 2022 601,968 130,066 732,034 12-
BROMLEY YOUTH MUSIC TRUST BALANCE SHEET AS AT31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assets Investments 15 16 82,201 10,644 97,327 10.161 92,845 107.488 Current assets Debtors Cash al bank and In hand 17 121.624 566.S26 53,229 890,607 688.150 743,836 Credltors: amounts falllng due wlthln one year 18 1151,6641 1119,2901 Nel ¢urrenl a5Sèts 536.486 624,546 Total assets less curn1 liabllitles 629.331 732,034 Income funds Restricted lunds Unrestricted funds Designated funds General unrestricted funds 20 110,467 130.066 21 272,163 246,701 259.571 342,397 518.864 601,968 629,331 732.034 Thè cornpany is entitled to the exemption from the audit requirement contained in secbon 477 of Ihè Companies Act 2006. for the year ended 31 Marth 2023, although an audit has been carried out under sèction 144 of ihe Charities Act 2013. The d1CtorS acknowledge their responsibilities for complying with the requiremènts of the Companies Act 2006 w7lh iespect lo accounting records and the preparats'on of finanual statements. These financial statefflents have been prepared in accordance wilh the provisions applicable to companies sublect to the small companies regime. s..E..mtr 2023 The ffiftandal statements were approved by the Tiustees on ......... A Moss Chalr of Tntstees Company reglstratlon number 2880224 13-
BROMLEY YOUTH MUSIC TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Noto$ Cash Ilows from operatin9 activities Cash absorbed by operations 26 1120.872) 114,7401 Inv¢stlng aetlvlties Purchase of lan9ible fixed assets Investmonl Incomo feceived 16,38n 3.1Y8 {28,3481 547 Net cash used In Investlng activlties 13,2091 127.801) Net cash used In flnanclng aetlvltles Net decrease In cash and cash èquivalents {124.0811 142,5411 Cash and cash equlvalents 81 beginning of year 690.607 733,148 Cash and eash eqLrivalents at end of year 566.526 690,607 14-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Chadey Infonnatson Bromley Youth Music Tiusl Is 8 private rnpaftY limited by gu3ranlee incorpor8l#d in England and Wales. The gistered oifKe is Soulhborough Lane, Bromley, Kenl, BR2 8AA. 1.1 Accounting convèntion The financial statements have been prepared In accocdants with the Companies Act 2006. FRS 102 'Tha Financial Rep¢)rting Standard applicable in the UK and Republic of Ireland. I'FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable lo charities preparing their accounis in accordance with the Financial Reportin9 Standard applicable in the UK and Republlc of Iréland (FRS 1021" (effective 1 January 20191. The Trust is a Public Benefit Entity as defined by FRS 102. The finanaal slalernenls are wepared in sterling, whh 13 the functional currency of the Trust. Monetary amounts in these ffin8n¢ial ststenEnts are r¢und¢d lo the nearest £. The financial stalerpenls have been prepad under the hi$lorical iy)sl convenlKJn. The princlpal accounting policies adopted are set out below. 1.2 Going con¢em At the time of approving the ffEiancial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existen for Ihe foreseeable future. Thus the Twslees coniinue to adopt the going concern basis of accounting in preparing the financial 5taternents. 1J Charftable funds Ullresliicted funds are available for use al the d¢scretion of the Tnjstees in furtherance of their charitable objectives. Restricted funds are subject lo specnlc IndItiOnS by donors a5 lo how they may be used. The purposes and uses of th8 reslricied funds are set out in the notes lo the financial 51atemenls. 1.4 Income Incorllo is COgnised when the Trust is legally entitled lo il after any perf0rrnan conditions have been mel, the amounts can be measured reliably, and it is prob2bte that inctsme ¥vill be recefiied. Cash donations are recognised on reIPt. Other donations are recognised once the Trust has been notified of the donation, unle55 pe[For[naTr conoiiion5 tequirE ueTerrai OT ine arnouni. income tsx recoverable in latiOn to donations received under Gift Aid or deed5 of wvenanl Is TgnISed al the of the donation. Legades are recognised on iè¢èipl or othèryAsè if Ihe Twsl has baèn notified of an Impending distribution, th& arnount is known, and receipt is expected. 11 the amount is not known. Ihe legacy is treated a5 3 contingent a$sel. 1.5 Expenditure Expenditu 18 recognised once Ihere is a legal Or ¢onslructive obligation to transfer e¢onoml¢ benerrt lo • third party, it is probable that a Iiansfer of ecoaomic benefit5 will be qUired its settlement, and the amount of the obligation can be measured reliably. Expendilure Is dassified by activity. The costs of each activity are made up of the total of direct cosis and shared costs, Including supwrt Costs Involved In undertaking each acilvlty. Direct costs attributable lo a sSngle a¢bwty are allocated directly to that activity. Shad costs which contribute to mre than one acliwty and support costs which are not attributable lo a single Bctivity are apportiontrd bèiwèen Ihose actimlies on a basis consistent wth the use of restsur*s. Central staff costs are allocated on the basls ol lime spenL and depreciation charges are allocated on the portion of the asset's use. 15-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Accounting policles (Continuedl 1.6 Tanglble fjxed assets Tangible fixed assets are initially rneasured al cost and $ubsequenUy measured at cost or valuation, net of deprectation and any Impairrn8nl losses. Depreciation is recognised so as to wrlte off the cost or valuation of 8SSts less their residual values over thar useful Ilves on the foll0vn9 bases- Musical instruments Fixtuies. Fittings & Equipment 10% straight line 20% straight line The gain or loss arisiro on the disposal of an asset is determined as the dIffenCe beeen the sale ped$ and the carrying value of th8 asset, and is iecognised ill the statemenl of financial 8ctivilie5. 1.7 Flxed asset Investments Fixed asset investments are inltialty measured at transaction price ex¢Jdvig transaction costs. and are subsequently measured al fair value al each reporting dale. ChageS in fair value a recogni5ed in net inc¢mellexpenditure} for the year. Transadon costs are expensed as incurred. 1.8 Impalmient of fixed assets At each reporting end date. the Trust reviews the carwng amounts of Its langlble assets to determine svhether there is any indication that those assets have suffered an impairment Ioss. If any such indication exi51s, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lilanyl. 1.9 Cash and cash equrvalents Cash and cash equivalents include cash in hond, deposits held at call wlh banks, Qther 9hort-tem liquid investments with orNJinal maturities of the months or les5, and bank over¢Jrafts. Bank overdrafts are shown within borrowings in wrrenl liabilities. 1.10 Employee benefits The cost ol any unused holiday entitlement Is recognised in the pertod In which the employee's setvices are received. Termination benefits are recognised imrnediately as an expense when the Trust is demnstrably ¢tsrnrrtted to lermin8le the employment of an ernployee or lo provide twmination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes 8rg charged a.s an expense as they fall due. Critical accounting èstimat•s and Judgèments In Ihe application gf the Trust's accounting policies. the Trustees a lequid lo Make judgements. e51imales and assumptlons about the carrying Èmount of assets and liabilities that are not readily apparent from other sources. The estimates and assoclated assumptions are based on hi5toiical experience and other factors that are considered lo be relevant. Actual sUlts differ from these estirnates. The eslimales and undertying assumptions are reviewed on an ongoing basis. Revk%ions to a(xounling estirnales are recognised in the period in which Ihe estimate Is revised where the revision affects only that period, Or rn Ihe period of the revision and fvture periods vthere Ihe revision affects both current and luture porK)ds. 16
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 tkinations and le9acies Unrestricted Restricted funds funds Total Unreslricled Restricted fvnds funds Total 2023 2023 2023 2022 2022 2022 Patron's Fund General Donations Young Musicians. Fund 15.006 34.391 15,006 34,391 32,941 13.300 56,188 13.300 56,188 11,723 32.941 11,723 49.397 32,941 82.338 69,488 11.723 81,211 Charltable &ctivlti85 2023 2022 GraNI income 517.136 529.333 Analysls by fund Unrestricted funds ReStrted funds 448.761 68,375 446,532 82,801 517.136 529.333 Arts Council Funding HRMC Furlough scheme TPA Grant Other grants Other trading activitiès 448,761 446,532 1,972 51,451 29.378 51.451 16.924 UnStrIcted Unrestrleted funds funds 2023 2022 MusSc Tulllon and related income 1.046.887 824.078 17-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investments Unrestricted Unrestricted funds funds 2023 2022 Inveslrnenl in¢ome 3,178 547 Other income Unrestricted Unre51ri¢ted funds funds 2023 2022 other incomè 4,(X)1 3.179 Charitable 8Cttvities 2023 2022 Staff costs Depreciation and impaimient Operational activities- Direct 1.287,833 1.174.795 21.513 24,660 76,000 80,723 1,385,346 1,2,178 Grant funding ot activities (see note 9} 43,278 2S.675 Share of gJpport costs (see note 101 Share of governance costs l$eo nol¢ 101 323,172 4.910 212.426 2,602 1.756,706 1,520.881 Analysls by fund Unrestricted funds Restricted funds 1.635,308 1.396.864 121.398 124,017 1.756,7¢X 1.520.881 18.
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payablè 2023 2022 Grants ¥ndAwards (Young Muslclans Fund) Other 41,594 1,684 25,675 10 Support costs Support Governance costs costs 2023 Support Governance costs Costs 2022 Operating lease charyes Other support cosis 90,797 232,375 90.797 232.375 67.435 144.991 67,435 144,991 Audit fees 4.910 4,910 2,602 2,e02 323.172 4.910 328,082 212,426 2,602 215,028 Analysed betwèan Charitable activities 323,172 4,910 328,082 212,426 2,602 215.028 Governancè ¢osts includes payments to the auditors of £2,95012022- £2.6001 for audlt fees. 11 fruste85 None of the TfUStee$ lor any persons connected wtth them) recelved ary remuneration or benefits Ir¢)m the Trust during the year. 12 Employees The average monlhty number of employees during the yearwas.. 2023 Number 2022 Number Teachers and Adrnin Staff 37 54 Employment costs 2023 2022 Wages and salaries Social se¢urity costs Other pension (xjsts 1,184,306 66.698 16.829 934,987 84,645 155,163 1.287.833 1.174,795 19-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Employee¥ (Continued) The number of employees vthose annual remuneiation was more than £60.000 1$ 0$ fofiows.. 2023 Number 2022 Number £60.CM)1- £70,000 13 Net galnslllossesl on Investmèrbts Restricted Restricted funds funds 2023 2022 Revaluatlon of investments 483 14951 14 Taxatlon The charity is exempt from tax on Micome and gains falling wthin section 505 of the Taxes Act 1988 or section 252 of the Taxationtsf Chargeab18 GainsAcl 1992 to the exlenl that Iheso we applied tts its charitsble obj'ects. 15 Tangible fixed assets Musl¢al Instruftwnts Flxturns. Fltttngs & Eqvlpment Total Cost At 1 April 2022 Additions Disposals 583,309 4,969 IS481 192,375 1,418 775,684 6,387 15481 Al 31 March 2023 587.730 193,793 781,523 Depreciation and Smpalmient At 1 April 2022 Depreciation charged tn the year Eliminated In respe¢t of disposals 499,016 16,243 1548) 179,341 5.270 678,357 21.513 1548) At 31 IAar¢h 2023 514.711 184.611 699.322 Carrying amount Al 31 March 2023 73.019 9.182 82,201 At 31 March 2022 84.293 13.034 97,327 -20-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Flxed asset Investments Llsted Investments Cost orvaluallon At l April 2022 & 31 March 2023 10,161 Carrylng amount At 31 March 2023 10,161 Al 31 Marth 2022 10,181 Flxed asset Investments r8valuèd The historic cost of the investrnents was £8,067. 21
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Debtors 2023 2022 Amounts fallSng due wthin one year Tiade debtS PpaYtnts and accrued income 72,272 49.352 44,e38 8,591 121,624 53,229 18 Credilors.. amounts falling due within one year 2023 2022 Notes Other taxation and social security Deferred tncorne OtreT creditors Accrua15 24,836 59,671 20,347 46,810 40,666 19 78,624 151.664 119,290 19 Deferred in¢ome 2023 2022 Other deferred income 59.671 Dèferred Income is in¢liJded in the financial statements as foltows.. 2023 2022 Deferred income is induded within.. Curreni fbilItIeS 59,671 Kqovemenls in the year.. Deferred incorne al 1 April 2022 Resources deferred In the year S9.671 DefÈried Income 8131 March 2023 59,671
T> 010 Q)V) (TJ UJ ¢0 ro ov) re(otrJ u) ¢5) ¢0 o rry r In
r¢L¥ £LX oci
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21 Deslgnated funds The incoffle funds of the charity include the following designated funds vthich have been sel askle out of restricted funds by the Iruslees for specific purposes-. Movement in funds Incomlng Resourcés Balan¢¢ 1¢ resouT¢e¥ oxpended 31 MarGh 2Q23 Balan¢p at 1 Aprll 2021 Transfers 1 April 2022 Inslrument Fund Instrument Replacement Fund Marnlenance Fund Patron's Fur Tour 75,201 9,092 84,293 225 84,518 45,0 10.000 84.792 45,000 10.000 84,792 35,486 45,000 10.000 99,798 32.847 15.CKJ6 30.346 23,751 11.735 132,9851 214,993 44,578 259,571 45,577 132.9851 272,163 22 Analysis of nét assets beeen funds Unrèstricted Rostricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances at 31 March 2023 are represented by= Tan9ible 8s5ets Investments Current asseIllabIlItiesI 82.201 10.644 17.622 82,201 10.644 S36,486 97.327 97,327 10,161 624,546 10,161 119.905 518,864 504.641 518.864 110,467 629,331 601,968 130,066 732,034 .25-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 23 Pension and similar obligations The trusvs employees belong to the Teachers. Pension Scheme England and Wdles (rps) for related staff. The lalesl actuarial valuation of (he TPS related lo the period ended 31 March 2018. There were outstanding contributions at the end of the financial year of £20K this amounl is included within other creditors. T&aehers' Penslon Scheme Introduetion The Teachers, Pension Schémè PS) is a statutory. ¢ontributory. defined benefit scheme. governed by Ihe Teachers, Pension S¢heme Regulations 2014. Membership is automatic for teachers. All teachers have the option lo opt out of the TPS ftillowing enrolmenl. The TPS Is an unftjnded scheme to whl¢h both the member and employer makes conlribulions. as a Pern189e of salary. These ¢onlribulions are ¢rèdilèd lo thè Exd)equer. Rebrement and other pension benefits are paid by pu1¢ fund5 provided by Parliarnenl. Valuation of the Teachers, Pension Scheme The Govemmenl Actuary, using normal a¢tu8ri81 prin¢(ples, conducts a fomial actuarial review of the TPS in accordance with the Public seice Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review 15 10 specify the level of future contributions. Actuarial scheme valuations are dependent on assurnplions about the value of future costs, design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as at 31 March 2016. The valualictrn report was published by the Department for Edu¢81ton on 5 March 2019. The key elements of the valuation and subsequent consujtalion we.. employer contribution rates set al 23.68f/tr of pensionable pay Onduding a 0.08Yo employer administration levyl total scheme liabilities (pensions currently in payrnenl and the estimated cost of future benefits) for service lo the effective date of £218,100 million. and notional assets leslimated future contributions tr)gether with the notional investments held at the valuation dale) of £196,100 million giving a nobonal P8$1 service defiul of £22.000 million the SCAPE rate, sel by HMT, is usèd to datarmine the noiional investment return. The ojrrent SCAPE rale is 2.4Yfj above the rale of CPI. The assumed real rate of retum is 2.4Yfj In excess of prices and 2% in excess of earnings. The rale of real earnings growth is assumed to be 2.2°k. The assumed nominal rale of relum including eamings growth is 4.45Qh. The nexi valualion resuli is due lo be tmplemenled from l April 2024. The employerfs pensksn costs paid lo the TPS in the period amounied lo £164,578. A copy of the Valuafy.c report and suppothng documents1n Ss on the Teachers. Pensi¢)ns webslle. Under the definitions sel out in FRS 102. the TPS is an unfunded mulli-employer pension scheme. The trust has a¢counted for ils contributions to the scheme as if11 were a defined contribution scheme. The trust has sel out above the information available on the scheme. -26-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 24 Operatlng leas¢ ¢ommitm¥nts At the reportin9 erKI date the Trust had outstanding commitments for futu minimum lease payments under non-can¢ellable ¢)peraling leases, which fall due as lollows.. 2023 2022 Imlhtn one year Belween and five years In over ffive years 82,480 249,655 66,125 261,125 21.666 332,135 348,916 25 Related party transactions There were no disclosable related party tran5adion5 during the year12022- none). 26 Cash generated from operations 2023 2022 Defiat for the year {102,7031 {83,0281 Adjuslrnenls for.. Investtnenl income recognised in statement of financial activities Fair value gains and10$5es on investments Depreaation and impaim)ent of tsngible fixed asseis (3,1781 1483) 21.513 {547) 495 24.660 Movements in working capital.. Uncreaselldecrèase in debiors (Decreasellincrease in creditors Increase in deferred income 168,3951 127,2971 59,$71 20,715 22,965 Cash absorbed by operations {120.872} 114.7401