HARROW YOUNG MUSICIANS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024
HARROW YOUNG MUSICIANS INDEX TO THE ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31ST AUGUST 2024 Page No. 14 Directors. and Trustees, Report Independenl Examiner's Report Statement of Financial Activities Balance Sheet 8-12 Notes to the Financial Statements DIRECTORS AND TRUSTEES: Mr K Ferry Mr P Aplin Mrs M Abbott Mr L Davies Mr D Desmond REGISTERED OFFICE: 1A North End Road Quainton Buckinghamshire HP22 4BD COMPANY NUMBER: 033338a8 CHARITY NUMBER". 1066985 WEBSITE: www.hym.org.uk
HARROW YOUNG MUSICIANS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31ST AUGUST 2024 The directors and trustees present their annual report together with the accounts of the Charity for the year ended 31 st August 2024. PRINCIPAL ACTIVITY The principal activity of the Charity is to organise musical opportunities for young people who live in and around the Borough of Harrow. This involves weekly term lime rehearsals and regular public concerts. Harrow Young Musicians {'HYM') has gained an enviable reputation for music-making to a high level in a lively and friendly atmosphere. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a Company limited by guarantee, governed by its Memorandum and Articles of Association. GOVERNANCE The board sel strategic objectives and ensured effective controls were in place for the management ofthe Charity. The trustees have considered the Charity Commission's general guidance on public benefit in relation to the aims of the Charity. The report sets out these aims and objectives in relation to the advance of music education and describes how they have been met in the current year. DIRECTORS AND TRUSTEES HYM is managed by a committee comprising volunteers. HYM is run and managed in compliance with, and according to, the Memorandum and Articles of Association. The Directors and Trustees that held office during the period of the accounls and to the date the accounts were signed are'.- Mrs M Abbott Mr L Davies Mr P Aplin Mr D Desmond Mr K Ferry Direclor Director Director, Treasurer Director, Chair Director, Vice Chair Trustee Trustee Trustee Trustee Trustee
HARROW YOUNG MUSICIANS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31ST AUGUST 2024 OBJECTIVES The Charity's Objects are to advance public education in all aspects of music and in particular children and young people living in Harrow, Greater London. In addition, HYM have an objective to develop and improve children's behaviour, confidence and self-esteem through the experience of music in large groups. FUNDING HYM no longer receives the grant it previously received from the London Borough of Harrow. Income is now exclusively covered by fees paid by members and voluntary donations. This pays for specialisl music staff to lead weekly rehearsals and running costs of the organisation. HYM presents public concerts and receives income for these from tiGket sales. This income offsets the cost of concert hall rental, and music and instrument hire. PROJECTS AND ACTIVITIES All individual groups perform in public concerts. There are larger concerts when groups perform together including in the last four years: Harrow Speech Room. St. John Smith's Square, LSO St Luke's and St Marks Basilica, Venice. SERVICES In addition to providing the opportunity for children to improve their musical abilities, there is an indirect pastoral care benefit for the members of HYM. This pastoral care allows the children to develop in a positive environment, encouraging good behaviour and allowng their individual personalities to grow and mature. ACHIEVEMENTS HYM concerts are notable for the excellent reception that greets the end of most of its performances. It offers a shared experience for the family with children performing to local dignitaries and their parents and other family members. VOLUNTEER CONTRIBUTIONS HYM is reliant on volunteer contributions principally from parents. trustees and former students who contribute time and energy in helping HYM successfully stage concerts as well as assisting in the day-to-day operation of the charity.
HARROW YOUNG MUSICIANS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31ST AUGUST 2024 REVIEW OF THE YEAR The year ended 31st August 2024 FINANCIAL REVIEW OF THE YEAR The accounts have been prepared in accordance with the accounting policies sel out in note 110 the accounts and comply with the company's Memorandum and Articles of Association, the Companies Act 2006, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} and the Statement of Recommended Practice 'Accounting and Reporting by Charities 2nd edition, effective January 2019. The net income for the year was £1,666 (2023= £3,662). HYM was able to maintain a small surplus in the current year with increases in fees and donations offset by increased running costs. The financial statements show a net reserves position of £46,379 with all funds being unreslricled. These reserves will enable HYM to continue to offer music services to young people for the foreseeable future. FUTURE DEVELOPMENTS HYM moved into new premises in September 2023 and has maintained a small surplus in the current year. HYM is expected to continue to operate at a similar level to the current year with the opportLAnity for further growth in the future years. MANAGEMENT POLICIES The principal financial management policies are.. Set a fair and realistic fee to charge the children that attend HYM Set a fair and affordable price for entry to the concerts Sel and agree affordable rates of pay to engage musicians to direct the rehearsals and concerts Settle promptly invoices received and other costs. E.g. Hire of premises and purchase of musi¢ The financial objective is to break even or incur a small deficit or surplus and to not retain excessive reserves other management policies.. Meet responsibilities in terms of safe-guarding and child protection and child care Address complaints and whistle blowing Formulate anti bullying poliGies
HARROW YOUNG MUSICIANS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31ST AUGUST 2024 TRUSTEES, RESPONSIBILITIES Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet dale, and of its incoming resources and application of resources, including income and expenditure for the financial year. In preparing those financial statements, the Trustees should follow best practice and.. Select suitable accounting policies and then apply Ihem consistently Make judgements and estimates that are reasonable and prudent, and Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company wll continue on that basis. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and lo enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have at all times complied with the duty in section 4 of the 2006 Charities Acl to have due regard lo guidance published by the Charily Commission, including public benefit guidance. The Company is one limited by guarantee and not having a share capital. Approval In preparing this report, the directors and trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Board on 30 July 2025 and signed on its behalf. By Order of the Board Peter Aplin: Director and Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HARROW YOUNG MUSICIANS I report to the trustees (who are 81so Directors for the purpose of company law) on my examination of the financial slatemenls of Harrow Young Musicians I'the charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financlal kntiviti'es, the Balance Sheet and related notes. Thls report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters l am requifed to slate to them In this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work. for thls report, or for the opinions I have formed. Re8pon8ibilltles and basls of report As the trustees of charttsble company you are responsible for the preparation of the financial ststement$ in accordance with the requirements of the Companies Act 2006 {'the 2006 Acl'}. Having satisfied myself that the financial statements of the charitable company are not required to be au(lited untjer Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company's financial statements carried out under section 145 of the Charities Act 2011 I'the 2011 Act,) and In c4rrying out my examlnation I have followed all the applicable Directions grven by the Charity Commission under section 145{5)Ib) of the 2011 Act. An independent examination does not involve gathering all the eviden¢e that would be required in an audit and consequently does not cover all the matters thal an auditor considers in grving their oplnlon on the financial Ststemenls. The planning and Conduct of an audii goes beyond the limited assurance that an independenl examination can provide. Consequenuy l express no opinion as to whether the financial statements present a 'lrue and fairf vlew and my report is limited to those specific matters set out in the independent examiner's statement. Indgpendent èxamlnerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect
accounting records were not kept in speCt of the Charilable company as requlred by section 386 of the 2006 A¢( or the financlal statements do not accord with those records., or 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 vlew which is not a matter considered as part of an independent examination: or the finan¢lal statements hav6 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102). I have no concems and have come across no other matters in connection wtth 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. 30July 2025 Raymond Bernstein FCA i.Count Llmlted Desbox Unit 245 East Richardson Street High Wycombe Bucklnghamshlre HPII 2NP
HARROW YOUNG MUSICIANS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING AN INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31ST AUGUST 2024 Note 2024 2023 Income and endowments from". Donations and legacies Charitable activities Investments Total Income 15,403 31.208 447 47,058 14,068 29,754 186 44,008 Expenditure on: Charitable activities Total Expenditure 45,392 45,392 40,346 40.346 Net Incomel{Expenditure) 1,666 3,662 Reconciliation of funds: Brought forward Carried forward 44,713 46,379 41.051 44,713 The notes on pages 8 to 12 form an inlegral part of these financial statements.
HARROW YOUNG MUSICIANS BALANCE SHEET AS AT 31ST AUGUST 2024 Note 2024 2024 2023 2023 Current Assets: Debtors Cash at bank and in hand 10,617 40,878 11.105 37,807 51,495 48,912 Creditors: Amounts falling due within one year 10 (5,116) (4,199) Total net Assets 46,379 44,713 Accumulated funds: Unrestricted income funds 12 46,379 44.713 Total funds 46,379 44,713 The directors and trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and no notice requiring an audit has been deposited under section 476 of the Act. The directors and trustees acknowledge their responsibilities for complying with the requirements of the Act with respe¢t to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subjecl to the small companies regime. Under the Companies Act 2006. on a voluntary basis, the trustees can amend the financial statements if they subsequently prove to be defective. The financial statements were approved by the Board on 30 July 2025 and signed on its behalf. Pete plin: Director and Trustee Company number.. 03333808 Charity number.. 1066985 The notes on pages 8 to 12 form an integral part of these financial statements.
HARROW YOUNG MUSICIANS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 1. ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounting poli¢ies have been applied consistently throughout the year and in the preceding year. 1.1 Basis of accounting The financial statements have been prepared {a) under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.. and Ibl in accordance with the Companies Act 2006, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). and Accounting and Reporting by Charities.. Statement of Recommended Practice ISORP 2nd edition effective January 2019) applicable lo charities preparing their accounts in acGordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). They also include the results of the charity's operations which are described in Ihe Directors, and Trustees. Report, all of which are continuing. HYM meets the definition of a public benefit entity under FRS 102. 1.2 Fund Accounting Unre51ricted funds are available for use at the discretion of the trustees in furtherance of the general obje¢tives of the charity. Reslricled funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. 1.3 Incoming Resources Income from the company's various sources is shown gross with the associated costs included under'Resources Expended,. Unless otherwise staled, all grants, whether capital or revenue, are accounted for in the period in which they are receivable. No permanent endowments have been received in the year. 1.4 Government grant income Government grant income relates to amounts receivable under the Coronavirus Job Retention Scheme and is recognised on an accrual basis and is recognised in the same period as the related salary Costs for which the grant is intended to compensate. 1.5 Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which Gannot be fully recovered, and is reported as part ofthe expenditure to which it relates.. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly and costs of an indirect nature to support them. Governance costs include those costs associated with meeting the constilulional and slalutory requirements of the charity-
HARROW YOUNG MUSICIANS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 1. ACCOUNTING POLICIES (Continued) 1.6 Going concern The financial slalements have been prepared on a going concern basis. The trustees believe Ihal despite the ongoing losses in the current year the company has enough reserves for al least 12 months from the signing date of these accounts. 1.7 Debtors Debtors are recognised at settlement value. 1.8 Liabilities Liabilities are recognised when there is an obligation at the balance sheet date as a result of past evenl, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be reliably estimated. Liabilities are recognised at the amount that the charity anticipates it will pay lo settle the debt. 1.9 Taxation The company is not liable to taxation being a registered charity. 1.10 Financial Instruments The company has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised al transaction value and are then measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and debtors. Financial liabilities held at amortised cost are creditors (including accruals). 1.11 Judgements Preparation offinancial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Actual outcomes could differ from those estimates. No judgements made have had a significant effect on the amounts recognised in the financial statements. 2. VOLUNTARY INCOME 2024 2023 Donations Gift Aid tax refund 9,903 5,500 8,568 5,500 Total voluntary income 15,403 14,068 All voluntary income received in in the currenl and prior year was unrestricted.
HARROW YOUNG MUSICIANS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 3. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Membership fees 31,208 29,754 Total voluntary income 31,208 29.754 All income from charitable activities received in in the current and prior year was unrestricted. 4. TOTAL RESOURCES EXPENDED Charitable Governance expenditure 2024 Total Total expenditure expenditure 2024 2023 2024 Costs directly allocated to activities Conductors, tutors and admin fees Music costs Concert costs 34,297 34,297 29,884 1.161 2,736 38,194 1,161 2,736 38,194 268 1,130 31,282 Support Gosts allocated to activities Premise costs Insurance Independent examiners Accounting sofiware costs Miscellaneous Bank Charges 6,323 840 6.323 840 250 7,500 861 500 370 (3011 134 9,064 40,346 250 (329) 114 6,948 45,142 (329) 114 7,198 45,392 250 250 Total resources expended io
HARROW YOUNG MUSICIANS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 5. OPERATING SURPLUSIDEFICIT This is staled after charging 2024 2023 Employee costs (see note 6) Independent Examination fee 250 500 Total 250 500 6. ANALYSIS OF STAFF COSTS AND DIRECTOR REMUNERATION AND EXPENSES There were no employees in receipt of emolumenls greater than £60,000 (2023 - Nil). Average number of staff during the year was nil.. {2023. nil) 7. RELATED PARTY TRANSACTIONS There were no trustees and directors reimbursed for expenses during the year (2023.. Nil). 8. INVESTMENT INCOME 2024 2023 UK Bank interest- gross 447 186 Total 447 186 li
HARROW YOUNG MUSICIANS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 9. DEBTORS 2024 2023 Gift Aid tax refund Prepayments 10,305 800 10,305 800 Total 11,105 11,105 10. CREDITORS FALLING DUE WITHIN ONE YEAR 2024 2023 Taxation and social security other creditors Accruals (note 11) 1,250 1,000 2,866 2,609 831 759 Total 5,116 4,199 11. ACCRUALS 2024 2023 Independent examination Premises costs Other costs 750 2,107 750 Total 2.866 759 12. MOVEMENTS IN FUNDS sl 1 September 2023 Incoming Outgoing Transfers resources resources St 31 August 2024 Unrestricted Funds General funds 44,713 47,059 (45.392) 46,379 44.713 47,059 (45,392) 46,379 Total Funds 44,713 47,059 {45,392) 46,379 12