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2020-12-31-accounts

Company no. 03602851 Charity no. 1070994

Awards for Young Musicians Report and Audited Financial Statements 31 December 2020

Awards for Young Musicians

Reference and administrative details

For the year ended 31 December 2020

Company number 03602851
Charity number 1070994
Registered office PO Box 2754
Bristol
BS4 9DA
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Lynda Beament
Chris Campbell
Mahaliah Edwards (appointed 8 September 2020)
Fiona Harvey
Karen Humphreys MBE (appointed 9 March 2021)
Philip Jones (Chair)
Caius Lee
Michael Lewin (resigned 10 March 2020)
Michael Littlechild
Beverley Mason
Elizabeth Rantzen
Thomas Sharpe QC
Laurence Watt
Chief executive officer Hester Cockcroft
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4JQ
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Investment managers Sarasin and Partners LLP
100 St Paul's Churchyard
London
EC4M 8BU

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

Overview of 2020

Progress against our 2020 strategic objectives

When the UK lockdown measures were announced in March 2020, we knew that the young people we support were more likely to be adversely affected than children from better off families. Whatever stage children and young people were at in their musical journey, the cancellation of in-person music lessons, rehearsals, and planned live performances was a real blow. They lost access to their musical education at the time when they needed it the most. And although children are now back at school, many challenges and restrictions remain. It’s therefore important to continue to adapt and increase our support to ensure that the young musicians we’re here to help get what they need.

From the perspective of running our organisation, AYM has never had an office since our founding in 1998, and so the impact on team operations has been minimal over the last year. Our 2020 income was £822,888 which although down on our 2019 total is nonetheless a testament to the strength of support for our work and our continued success in raising income from diverse sources. Whilst Trust fundraising remained strong, not being able to hold any fundraising events after early March inevitably affected our ability to attract larger numbers of new supporters, although we were hugely appreciative of the loyalty of our existing supporters. Having invested in expert input to develop our digital fundraising, we began to see the positive impact here, whilst the generous legacy we received at the end of 2019 has continued to be very welcome during a challenging period.

In terms of programme delivery we successfully took the vast majority online during 2020, whether instrumental tuition, webinars and workshops or teachers’ professional development. Uptake was very good, thanks to our bespoke assistance for individual young people and we grew our support to nearly 650 young people across our Furthering Talent and Awards programmes by the end of 2020. We also enjoyed fantastic support from our Patrons during the year, as they had more time available to work with our young people. With the exception of young musician led peer mentoring programme, Talent to Talent 2, which had to be postponed, meaning that our Mentoring Manager was put on furlough, progress on our programmes has been strong, with Furthering Talent receiving fantastic feedback from Youth Music and its External Evaluator in September. With record numbers of families applying to our Awards we also embarked on an exciting renewal of the application and adjudication process, which will see improvements in how and when we make decisions and also in how we ensure the most diverse field of applicants.

Major strides were also made in our systems during the year, the foundations on which AYM’s work and success are built. All these changes will further assist in streamlining how we work, making us more efficient and effective. We were also delighted to welcome Jessica Burroughs to the AYM team in late 2020 as our first paid Events Programmer.

Plans for future periods

Our strategic priorities are currently as follows:

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Our programmes

Awards for Young Musicians (AYM) is a national charity. Our mission is to find musical potential and give talent a chance. We know that musical talent is everywhere but opportunity isn’t - family finances and other obstacles too often get in the way. We’re here to change this in two key ways:

Whatever the genre our strategically targeted programmes help young musicians from across the UK to grow, flourish and fulfil their potential.

Each programme is designed to tackle a major obstacle faced by these young people:

  1. Identifying Talent: training teachers how to spot young people’s musical potential 2. Furthering Talent: targeting and nurturing emerging talent with sustained, strategic support

  2. Awards: funding young talent UK wide through annual grants, with tailor made help for individual musicians 4. Innovation and Research: leading new thinking and action on talent development.

1. Identifying Talent

Identifying Talent addresses a key barrier to talented young people’s musical progress: the fact that many teachers have limited experience of, and/or confidence in, how to identify young people’s musical potential and of how to support and nurture this potential once identified. This is largely because professional development for teachers tends not to focus on this issue. Musical opportunities in many schools are extremely limited, even at the earliest stage of involvement in music making. This makes it imperative that, when these opportunities are provided, teachers have some useful tools to identify children’s musical potential and help support it.

The programme has these strands:

Music leaders (e.g. class teachers, community musicians etc), and others working in music education, explore what the facets of musical potential might be by participating in practical and creative music making exercises. They also discuss footage of young people taking part in those same musical activities, which together help them explore the observable facets of musical potential. This learning has been shared broadly across the sector in two ways: initially online via the Youth Music Network and, more recently via AYM’s Practical Progression films and training (see below). We have so far trained over 1,200 teachers through this programme. In 2020 the Covid-19 pandemic meant that the programme was successfully adapted for an online context.

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Identifying Talent training also supports music leaders in identifying the most appropriate young people for involvement in our Furthering Talent programme. Our Fund C grant from Youth Music enabled us to run a Train the Trainers programme enabling a larger group of teachers to be trained and so increasing the programme’s capacity and our ability to earn income from future delivery.

Examples of feedback from teachers attending 2020 Identifying Talent and Potential sessions:

Well worth doing. I have been in the sector for 20 years but it really opened my eyes to new ways of looking at whole class settings and indicators of potential. I also liked some of the pedagogies discussed.

The course shows the process of how to identify musical potential clearly. It gives you time to think whether the activities you are using in the classroom truly allow pupils to demonstrate what they can do. (The musical activity equivalent of inspiring an 'open question' response rather than a set black and white 'closed question' answer, which often means pupils with less musical experience can be overwhelmed with a fear of being wrong or making a mistake.)

Really interesting way to think about musical potential in all children with some very useful tools to expand how to look out for this.

It is a fantastic course and it is a wonderful opportunity for new ideas and approaches in my teaching, but also for our young people.

I mainly took away how to change my approach in inspiring children and including them in musical activities in a way that would show off their true potential. Engaging in activities that gave them the space and freedom to truly express themselves shows innate musical understandings that would have been missed in a typical musical education class.

Different techniques and approaches for identifying young people with musical potential. I will definitely step back, observe and reflect much more before identifying students. The film [resources] were very interesting, and really good for demonstrating the techniques.

2. Furthering Talent

Furthering Talent enables musically talented young people from lower income families to sustain their instrumental learning when state-funded whole class lessons stop. The programme’s targeted and cost-effective approach ensures that young people with emerging musical potential don’t lose the opportunity to play an instrument in the transition from primary to secondary school. At the time of writing 450 young people are currently being supported through the programme. By the end of 2021 this will reach at least 530 participants.

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We want to give many more talented children across the country the chance to achieve in music, by transforming how musical progression is viewed by children and teachers and therefore how it is supported. In Furthering Talent - and the Individual Learning Plan which its central to its approach - we have developed a model that can effect this change.

We work closely with our partners including schools and the partner organisations within Music Education Hubs, to identify the young people who could benefit most from our help. Many are living in challenging circumstances which makes it crucial that we effectively communicate with them, their families and their schools.

The key elements of Furthering Talent currently delivered in 15 Music Education Hubs are:

Teachers involved in Furthering Talent also develop their skills through:

Examples of feedback from attendees at 2020 Practical Progression training sessions (run online):

How did you find the course?

Excellent, particularly for being delivered online I felt fully engaged and a part of the conversation.

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Very well organised and structured! Good balance between media content, talking and interaction! The best Zoom training I have attended so far!

What did you learn?

I learnt that the whole approach is a very holistic one, developing young people’s musicianship and giving experiences, rather than just the delivery of instrumental technique and getting students through exam grades.

Ideas on how to be more inclusive with the young musician, parent and school during the programme. I found out about creative and performance opportunities available in the region.

What will you do differently as a result of the training?

I find the ILP a brilliant tool and I will try to use its key features if not all of it as part of my lessons. Focusing on what the young person is interested in i.e. a particular genre, is also key.

I will talk to students about their interests more when I can, and reach out to their families and maintain contact when possible. I’ll also be braver about trying new approaches and doing my own thing.

Developments in 2020: Furthering Talent is supported by Youth Music’s top-tier funding stream, Fund C. AYM is one of only 13 organisations assisted by this fund. This support, along with support from by AYM, Music Hubs and other Trusts and Foundations enabled Furthering Talent to enter a transformative four-year £2.2m phase. As a Fund C organisation AYM is a founder member of the Alliance for a Musically Inclusive England (AMIE), a movement for change throughout music education: a growing network of organisations working together to promote equity in music education and to support others to do the same.

Partnership with Charanga: Charanga is the UK’s largest music education platform and home of the most extensive range of resources for teaching music from primary through to sixth form. Thanks to substantial funding from a corporate Trust and Youth Music, AYM and Charanga are working together in an exciting new partnership which will help us achieve our strategic goal to give many more young people the chance to achieve in music, by transforming how musical progression is viewed by children and supported by music leaders. We’re doing this by creating a visually and musically arresting online Individual Learning Plan so we can share our Furthering Talent approach with thousands of children across the nation, supporting them to lead their own musical progression and helping their music leaders embed the ILP principles into their own practice.

This will enable us to:

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As a result of Covid-19 Charanga’s user base has grown very significantly since spring 2020 to over 1.2 million young people and 41,000 teachers, so there is now even greater scope for the online Individual Learning Plan to be used very widely indeed: https://www.a-y-m.org.uk/online-ilp/

Development of the prototype continued in 2020: the full system will be launched in autumn 2021.

Impact for young people: with an 91% retention rate recorded during the Fund C phase, participants are showing considerable improvement in their instrumental proficiency and musical development, giving them the chance of a musical life (or even a musical career) and resulting in a major boost to their confidence, both within and beyond school.

Here’s a small selection of from the latest set of teacher feedback, from our external evaluation of the programme’s impact. They demonstrate the considerable progress made by Furthering Talent despite the challenges of online lessons:

Other feedback on the impact of ensemble opportunities: these are clearly also vital for children’s musical development.

Individual lessons:

Will’s engagement has increased massively since we started. Not that he wasn't involved fully at the beginning at all as he was a very questioning and curious student. It's just I feel I've seen him grow to really connect with the guitar and how it works, mostly through his energy and attitude in the lessons, and the questions he asks. The questions are always very focused and I can sense him trying to put a picture together.

Pippa has made strides with personal organisation and technical development skills as she had to deal with all these issues aged only 9. Musically we lost some weeks whilst sorting equipment and a wifi connection capable of supporting the lessons, but she managed to maintain her practice levels to keep moving forwards.

Harry was not attending school at all at the beginning of term and was in danger of becoming disengaged entirely. He is now in school, and getting involved, and the incentive of his music lessons and the chance to play music in school is a big part of that.

Playing together:

Teachers also continue to offer evidence of the increase in confidence that comes from being given the opportunity to play with others. For example July 2020 saw the culmination of a composition project led by James Redwood in the two Brighton schools whose pupils were part of Furthering Talent. The first lockdown put a stop to the live sessions and the planned concert, but an alternative event took place online, with each student playing their parts from home. The teacher of one of the students involved in the Brighton and Hove performance observed:

When Betty started learning the keyboard part a few weeks ago she was quite anxious about playing the notes and taking part in the online performance. But as it got closer to the performance date, she seemed to be able to play much more of the music and was really excited about performing. She said that she felt really good about herself after the performance and she participated very enthusiastically on the day. She also said that she'd be happy to do the performance again!

Other feedback on the impact of ensemble opportunities: these are clearly also vital for children’s musical development.

Lola was initially nervous about taking part in the virtual ensemble sessions but managed to record her part in the Christmas performance with confidence and style. She was very proud of herself.

She is now happier to play in smaller group situations, i.e. small duets, whereas before she would only have the confidence to play in large groups.

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Impact on one school: the programme’s impact is often felt beyond individual children.

A school in the North of England was going through special measures, having had four headteachers within a nine month period, when Furthering Talent launched in their area. The new headteacher wanted to create an educational strategy which would enhance students’ enjoyment of learning. He quickly embraced music education as a key driving force in this strategy, and whole-class instrumental music lessons for Year 3 started. Furthering Talent is designed to help children continue to play an instrument when their whole-class lessons end. In this case our Local Co-ordinator was already working in the school and she identified three children for support on the programme: Adam, Kim and Madison. As she told us: Adam and Kim both clearly had an aptitude for picking up musical ideas extremely quickly and played with exceptional musical maturity for their age and limited training. Madison clearly had a love of music and had demonstrated in her Year 3 lessons that she could play very well when she was motivated to practice. All were thrilled to be selected for the programme (Madison constantly bounced up and down in her seat with delight during the initial meeting) and they selected their chosen instruments – Adam and Kim chose euphonium and Madison chose to continue on the trombone. All three children became the driving forces in what at the time was a fledging lunchtime music club. The added depth of the euphoniums and trombone transformed the sound that the club were making. Spurred on by their Headteacher, they formed the school’s first ever brass band which now has 21 members. As the Furthering Talent students have continued to improve they have inspired the children in the band to increase their ambitions and effort. Similarly the improvement of the band has encouraged all the children to practice more regularly at home. All three FT pupils are also developing leadership qualities as they develop their skills, and they frequently help their less experienced peers. Madison’s attitude of frustration and defeat in class has changed to one of perseverance and enjoyment in a challenge. She is now much more inclined to persist with difficult tasks. Her confidence in her own ability has also soared: When we’re doing an assembly I know I can do it because I can play music in front of everybody. And in class when we do morning maths Miss asks us ‘who wants to volunteer to do something?’ I can go up and just volunteer to do stuff now. Having seen a professional brass player perform in the orchestra for a musical during a Furthering Talent Get Together, Adam now wants to be a professional musician. The band has performed at local events and will be performing on an even bigger stage later this year. There’s now a clamour from younger children in the school to play an instrument and join the band and the impact on the whole school has been considerable. They’re investing much more in music across the school, and they’re out of special measures.

Impact for families: Parents and carers have told us about the impact Furthering Talent has had on their child and on the wider family too.

Feedback from parents

Until you started working with my son, I didn't think it was a talent. When he started playing the violin and the organ while learning by himself, I looked at it from a different angle. I am glad that someone noticed this and helps my

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son develop his passions. I would love to invite you to one of his performances in the future. I think it would be the perfect gift for you to let you know what you are doing makes sense. Nobody motivated my son like you and nobody believed in him like you, so I owe you. Thank you.

No one has ever given such a precious gift to any of my children. I know what it feels like when you see a child have passions and you can't help your child to make his dreams come true. I don't know what to write... we cried like little children.

Rachel thoroughly enjoyed last weekend's event. She has continued to work on the VIP Studio every evening this week, even putting on mini concerts for us all. She is investigating lots of other aspects of music as well as her clarinet and this had been just right for her. Looking forward to your next event.

Impact for teachers: Teachers and other music leaders are telling us more and more about how Furthering Talent’s child-centred approach is transforming their teaching practice.

"Individual Learning Plans have made such an impact on my Furthering Talent pupil that I have decided to use them for all of my students this year. I know that by putting my pupils' interests and desires at the heart of learning we are likely to make even more progress, and I can easily differentiate my teaching to represent a diverse range of needs and aspirations." Dawn Allenby, Furthering Talent teacher, Sheffield

“Teaching on the Furthering Talent programme has helped me to connect with my pupils in a deeper, more personalised way and consider so many new approaches to teaching (and learning!) a musical instrument. As I now embark on a new career teaching secondary music in Newcastle, I know that the lessons I have learnt here will inform my future practice and hopefully reach much further than my initial Furthering Talent pupils." Jonathan Cornish, Furthering Talent teacher, Sheffield

“Parental involvement has been absolutely key to success. This year has given us a chance to engage with some of the parents who have sat in on online lessons. This has been invaluable in helping them support their child. Too often parents do not get to see the benefit of their child’s music education first hand.” Furthering Talent teacher

Instrumental teachers working with participants are also invited to take part in the programme’s termly Teachers’ Forums. They are paid for their time in attending (most now work on a freelance basis) and the forums offer the opportunity for them to discuss their students’ progress and share practice and ideas within a supportive and reflective environment. The majority of 2020 Teachers’ Forums were online due to Covid-19, the upside of which was hugely increased attendance, as time and geographical barriers were removed. Discussions included how to ensure a musically inclusive approach, and demonstrations by Charanga of how to use the prototype Online ILP. Local Co-ordinators also visited other Hubs’ Teachers’ Forums to help share learning and ideas across Furthering Talent regions. Class teachers also get involved in the programme.

3. Awards

The biggest barrier many of our young people face is a financial one: developing musical potential is extremely expensive and since

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our launch we’ve supported over 3000 young people aged 5-17 who would otherwise find their musical costs prohibitive.

Grant making policy: We make Awards to talented instrumentalists making music in any genre, who are resident and studying in the UK. Applicants send in a five-minute video of them playing their instrument and complete an online application form. Applicants are required to provide documentary evidence of financial need. (All applications are means tested.)

Applicants are asked to make clear what the Award is needed for, how much is needed, and the amount already raised. We fund instruments, music lessons and other costs such as travel and keep our funding as flexible as possible in order to meet young people’s individual needs.

An independent panel of adjudicators decides on all aspects of the grants made.

Reviewing and updating our grant making process: Following a review process in 2020 we will be making some changes to our Awards programme and feedback from young musicians and their families. Changes for 2021 onwards include:

Moving to an open application cycle : young musicians can now apply at any point in the year with grants made twice a year rather than once. This will allow young people to apply when they most need the funding, whilst also giving more young musicians the chance to seek help when they hear about the Awards, rather than having to wait for the next round.

Giving young musicians more ownership of how they use their Award : In the past we asked them to anticipate their costs: now, with our guidance, they’ll be able to spend the funds as and when they need them. In this way we will further focus our support on the individual young person's needs and give them even more ownership of how their Award is spent.

Eligibility criteria :

Evaluation: Evaluating the impact of the programme is very important to its ongoing development. All recipients of Awards are required to complete evaluation forms six months after they’ve received an Award. The following feedback comes from our Musician of the Week case studies, in which Award winners talk about the impact of our support, as well as feedback following our latest Awards Day.

I've used the Award to help pay for my fees to attend the Junior Guildhall School of Music of Drama. I was so excited when I got offered a place but my parents were worried about the fees. Now we’re all happy! Ivo, aged 15, viola

I started playing instruments later than other young musicians. The support I now receive means I’m progressing quickly and I can play in orchestras and bands. Zahabia, aged 15, guitar, Bradford

My Award will allow me to learn more, play in amazing venues, and build connections with people who could be a help in my future musical career. Megan, trumpeter, 17, Devon

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2020 has been traumatic for my family. Having my AYM Award is such a blessing in a time of uncertainty. Playing cello helps me deal with the ups and downs of life. My dream is to study at the Royal Academy of Music and I’m working hard to achieve this. Evie, cellist, 15, Northern Ireland

This Award is a fantastic boost to Hana, both financially and for her confidence. She is a nice kid and on telling her the good news yesterday evening her first thoughts were for other friends she knows who need financial assistance and support. We would like to assure you that this money will be put to extremely good use and is not taken for granted . Parents of Hana, drummer, 11, London

AYM has enabled Aileen to attend the Junior Royal Conservatoire of Scotland and is helping her achieve her ambitions to become a professional musician. It has helped her confidence that AYM believes in her as we do. Fiona, mother of 16 year old Aileen, trombone, Lanarkshire

With AYM’s support I was able to continue to take regular lessons, even during lockdown, which kept me motivated and improved my bagpiping . Kyle, 15, bagpipes, Rossmarkie, Scotland

I started playing the tuba because my teacher told me that only special people play the tuba and I wanted to be special. I played the mini tubas (tenor horn and baritone) and then finally reached my dream when I was 7 to get a proper tuba to play. It was my dream come true. My teacher thinks that it's good to be versatile and so now with the help of Awards for Young Musicians I am learning how to improvise and make it up. This is a new way of playing and is good fun! Lily, aged 11, tuba, Coventry

Support throughout the year: supporting Award winners beyond funding is a major part of this programme, and so during 2020 we worked with our Patrons to give online musical opportunities to Award winners which included:

Patrick, the father of 17-year old violinist Kayla, who took part in Thomas Gould’s masterclasses said:

AYM opportunities have been a real boost in this testing time and I cannot thank you enough: not just for the time online, which is wonderful, but for Kayla’s mental health as well. Some days she is feeling low and trapped, then when preparing for a session with AYM, Kayla is smiling and full of life again. The value of this is priceless. It gives Kayla a purpose and something to motivate herself through so much disappointment in the last few months. This is a tough time for us all, we will always remember how AYM have supported Kayla.

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AYM identifies each young person’s specific musical needs with our Music Support Questionnaires, which each Award winner is asked to complete on receipt of their Award. We match these needs against the opportunities we provide.

Awards Day

Our annual Awards Days are one of the highlights of our year. Award winners come together from across the UK for an inspiring day of music-making hosted at nationally important venues. In 2020 we made the decision to move our next Awards Day to February 2021. Working in collaboration with the BBC Symphony Orchestra and BBC Learning Team for the third time, the entire event was online due to Covid-19. Whilst nothing can match the experience of making music together, we were delighted to create an exciting programme, planned to enable the 150 Award winners who participated to choose what interested them. The day was hosted by our Alumni Trustees, Caius Lee and Mahaliah Edwards, and the BBC on Zoom and comprised 21 individual activities including:

The careers talk was an amazing session! It was so incredibly useful. The speakers were really interesting and helpful. I wrote down lots of notes and felt very inspired afterwards. It was great to see other perspectives from the musical world and hear their stories. I felt very motivated after the session and would love to keep in contact with the panel as they felt very influential and are great contacts to have! Again, it had a friendly, open and relaxed atmosphere and I especially really liked the host Caius. He was very helpful too. Having a publicist there was especially useful as that is something I was so interested in finding out more about.

The careers sessions were super interesting with people talking about their jobs which I didn't know existed. They talked in such a way that was not only informative, but which also made these kinds of jobs accessible. It also highlighted that career paths are not necessarily linear. I learnt a lot!! I thought it was interesting to see that you don’t have to go to music conservatoire to be a top-class musician, you can also study music at university. I thought this information would be quite useful for me but it was even more so for a few friends and people I know that are deciding between the two.

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Lianne La Havas was so lovely and really inspiring! The participation was amazing and I wrote down lots of notes. It was very informative and interesting but also quite relaxed so it felt like everyone was comfortable. I was happy to ask her questions and her responses were really helpful. She was also very funny and it was very exciting. It was also great to be able to have a workshop exploring something outside classical music. This aspect was my favourite part of the day as it felt like there was a huge range of activities and genres included. Overall the session was open, fun, informative, friendly, and inspiring. Congratulations on a wonderful explorative day about music-making. Fernando tells me he really enjoyed the online activities yesterday which, in the current climate of endless Zoom and remote classroom teaching is, I believe, a high compliment indeed!

The impact of the Awards programme includes:

4. Innovation and Research

We use our independent role in music education to lead new thinking and action on talent development. Our Musical Progressions Roundtable (MPR) has led to a significant shift in how progression is viewed across the sector. It has influenced our own programmes – for example leading to the creation of our Talent to Talent young musician led mentoring programme supported by Arts Council England. First piloted in 2016/17 we were delighted to be awarded a second significant grant by Arts Council England in late 2019 to build on our learning from the first phase and launch Talent to Talent 2 . This will include individual projects based in Nottinghamshire, Leicestershire, Hull and Sheffield – four of our Furthering Talent partner Music Education Hub regions. Unfortunately the Covid-19 pandemic meant that we had to put the programme on hold from March 2020: however the lifting of restrictions at the time of writing in spring 2021 mean that the project has now re-started and will be completed this year.

Once again we’re working with AYM musicians at three different stages in their musical journeys: AYM Alumni (over 18s), AYM Award winners and Furthering Talent students. A group comprising young people at all three stages will come together in each region for a series of mentoring days. With guidance from AYM’s expert partners, World Pencil and the City of London Sinfonia, alongside support from lead professional musicians in each region – plus input from AYM patron Jess Gillam (who took part in Talent to Talent 1) – each group will co-create a musical project. One-to-one mentor/mentee interactions will be encouraged to emerge organically as the process develops. In preparation for the project older mentors will receive expert training in mentoring and safeguarding. To share the learning from Talent to Talent 2, we will be producing and making available for free, a new set of film resources.

The MPR has also influenced the wider sector. For example Music Mark’s recommendations to the Department for Education on the shape of the refreshed National Plan for Music Education incorporated many of the MPR’s key findings. Furthering Talent has also incorporated many of the key learning points from the MPR. AYM is currently undertaking a strategic review prior to the launch of the next cycle of our Business Plan in January 2022. As part of this we will continue to explore new ways to improve the way talented young people from lower income families are supported through this important strand of our work.

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Fundraising

AYM’s income in 2020 was £822,888. Donations came from a variety of sources: individual donors, grant making trusts, public funders, legacies and a range of donated goods and services. Fundraising is always a challenge for arts organisations and the Covid-19 pandemic inevitably affected our ability to generate income, particularly as our in person fundraising concerts had to be paused (see below). However, we’re confident that AYM’s strategic approach and high impact will continue to attract increased funds for our work over the coming years.

Big Give Christmas Challenge 2020

We had our most successful Big Give Christmas Challenge to date, having participated in this match funding campaign every year since 2011. We raised a total of £67,583, including Gift Aid: a great achievement.

Trusts and Foundations

We are hugely appreciative of the support of the following funders during 2020:

Arts Council England, Allan and Nesta Ferguson Charitable Settlement, Andrew Lloyd Webber Foundation, Andrew Lyon Memorial Trust, Baron Davenport's Charity, Cecil King Memorial Foundation, Community Foundation for Surrey, D And H Charitable Trust, Didymus, Doris Field Charitable Trust, Edith Murphy Foundation, Edward Cadbury Charitable Trust, Four Acre Trust, Golden Bottle Trust, Gwendoline and Margaret Davies Charity, Hadrian Trust, Kathleen Beryl Sleigh Charitable Trust, Mervyn Herbert Trust, Misses Barrie Charitable Trust, Patricia Routledge Charitable Trust, Peter Sowerby Foundation, R. E. Chadwick Charitable Trust, Saintbury Trust, Sutasoma Trust, The Alan Brentnall Charitable Trust, The Andor Charitable Trust, The Ashford Trust, The Backstage Trust, The Barbour Foundation, The Britford Bridge Trust, The Castansa Trust, The Cheryl King Trust, The Chetwode Foundation, The Edward And Dorothy Cadbury Trust, The Emmanuel Kaye Foundation, The Fagus Anstruther Memorial Trust, The Gordon Fraser Charitable Trust, The Ida Carroll Trust, The John Runge Charity, The Kirby Laing Foundation, The Kitty and Daniel Nabarro Charitable Trust, The Leathersellers' Company Charitable Fund, The Liz and Terry Bramall Foundation, The Margaret and David Walker Trust, The Melissa Wides Foundation, The P & C Hickinbotham Charitable Trust, The Percy Hedley 1990 Charitable Trust, The Scarfe Charitable Trust, The Sir James Knott Trust, The Sir James Reckitt Charity, The Slater Foundation Limited, The TL Trust, The Tulip Charitable Trust, The Veronica Awdry Charitable Trust, The W E Dunn Trust, Warner Priory Charitable Trust, Youth Music

Angels

Our network of individual donors continued to widen during 2020. Our generous Angels commit to either donate or raise at least £1,000 each year, in support of the exceptional young people we help. We had the support of nine donors contributing £5,000 or more during the year and three supporting us with £10,000 or more. We would particularly like to thank:

AYM Archangels:

Anonymous, Louise Kaye, Dr Linda Patterson

AYM Guardian Angels:

Lynda Beament, Mrs Viola Bent, John Capaldi, David Gilmore and Matthew Rye, Terry Hitchcock, Philip Jones and Noel Qualter, Stephanie and Marek Kulesza, Aileen Lauler, David Turner

AYM Angels:

Sir Sebastian Anstruther and Lady Susan Walker, John Ashford, Tim Berg, Patricia and Alan Botterill, Handa Bray, Richard and Elena Bridges, Douglas Bruce, Richard and Emily Buckingham, Hywel Davies, Marilyn and Michael Dolan and Ria Hopkinson, Jon Drori, David Emmerson, Yvonne Fuller and Jenny James, Madeleine Gantley, Giles Gostwick, Christine Gough, Roger Gundry, Deborah Henderson, , Yvonne Horsfall Turner, Joy Humphreys, Mary and Peter Isaac, Heather Jarman, Kathryn Jones, Ursula Jones, Richard and Honor Juniper, Colin Kirkpatrick, Michael Lewin, Henry Lumley, Beverley Mason and Anita Richards, Henry McKenzie Johnston CB, Leela Meinertas, Primrose Metcalf, Greg Taylor and Mike Mitchell, Paul and Ruth Meyer, Rachel and Shaun Moore, Gemma and John O'Connor, Jessica Osborne, Andrew Palmer, Sue Pandit, Adam Pollock CBE, Elizabeth Rantzen, Richard Russell, Julian Schild, Janis Susskind, Thomas Sharpe QC, Benjamin and Charlotte Tansey, Robert and Debbie Taussig, Diana Toeman, Margaret and David Walker, Jean Weatherall, Richard and Alison Williams.

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

Champions

We also grew the number of AYM Champions who commit to giving at least £5 a month. We currently have 68 Champions at the time of writing and we are very grateful for their support.

Legacies

We continued to be very appreciative of a very substantial legacy from the estate of Quintin and Monica Des Clayes received in late 2019. Their generous expendable endowment has enabled the establishment of a new group of Awards and support for our Furthering Talent programme. In addition AYM was the beneficiary of a number of funeral collections.

Fundraising concerts

AYM continued to develop its network of potential donors, volunteers and friends throughout the year. We held two live concerts in January and March 2020, the former for our network of Angels at the Handel Hendrix Museum and the latter in the Old Hall at Lincoln’s Inn. Covid-19 meant that other live concert plans were put on hold, and our major autumn fundraising concert took place online in November 2020, expertly hosted by AYM Patron and BBC Broadcaster Zeb Soanes.

2021 has begun with two online concerts and from the summer onwards our live events programme will resume with events planned in London, Surrey, Oxfordshire, North Yorkshire, and Edinburgh over the coming months. In the majority of cases we aim to source our venues pro bono with catering often covered by our generous donors too. We are hugely grateful for the ongoing support of our donors throughout the pandemic and look forward to continue to welcoming new supporters to AYM in future.

AYM fundraising practices

The Charities Act (Protection and Social Investment) 2016 came into effect in November 2016. It states new requirements for annual statements about fundraising and these are covered below:

The fundraising approach taken by the charity, or by anyone acting on its behalf, and whether a professional fundraiser or commercial participator carried out any fundraising activities

We carry out the majority of our fundraising in house by employing a full time Development Manager who oversees fundraising through individuals and Trusts and Foundations. AYM’s Chief Executive also writes large strategic applications. We have also recently recruited a Fundraising Assistant on a six month work placement funded by the state’s Kickstart scheme for young people in receipt of Universal Credit support. Occasionally, we also use the services of freelancers to assist with Trust and Foundation fundraising. Committed supporters also fundraise on behalf of AYM.

Details of any fundraising standards or scheme for fundraising regulation that the charity, or any person acting on behalf of the charity, has voluntarily subscribed to

We have voluntarily chosen to be a member of the Fundraising Regulator and pay a flat fee of £50 per year. We subscribe to their Code of Conduct and review this annually.

Details of any failure by the charity, or by any person acting on its behalf, to comply with fundraising standards or scheme for fundraising regulation that the charity or the person acting on its behalf has voluntarily subscribed to

There were no incidents of non-compliance in 2020.

Whether the charity monitored the fundraising activities of any person acting on its behalf and, if so, how it did so

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

Our fundraising activities are monitored as follows:

The number of complaints received by the charity, or by a person acting on its behalf for the purposes of fundraising, about fundraising activity

We received no complaints about our fundraising practice in 2020.

What the charity has done to protect vulnerable people and other members of the public from behaviour which

We have an approved privacy notice, published on our website, which states how supporters and other members of the public can control how communications with them are managed. In compliance with GDPR regulations, we are also responsive to all communications preference updates and act according to the wishes of the supporter. We do not make persistent direct requests for donations and aim to achieve the correct balance between updating and thanking supporters and appealing for donations. We also aim to create personal relationships with our supporters and aspire to make them comfortable to know that they can raise any concerns directly with the Development Manager and/or Chief Executive. As we have had no complaints about our fundraising practice in 2020, we believe this suggests that we have managed to achieve this balance.

Patrons

We received fantastic support from our Patrons in 2020 as already outlined above:

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

The new year has seen more fantastic online support from our Patrons, with award winning jazz saxophonist Shabaka Hutchings and guitar superstar Milos Karadaglic both leading online sessions for our young musicians.

The parent of Thomas, a young guitarist who took part in the masterclass with Milos, wrote to us to say:

Thank you very much for inviting Thomas to the masterclass again! Thomas enjoyed it and was very excited to perform for Miloš. As Thomas hasn’t performed in front of people for a long time because of lockdown, Miloš' encouragement means a lot to him. We appreciate this opportunity from AYM!

AYM’s support community

AYM’s community of supporters continued to expand in 2020. They’re committed to giving their time and expertise in working with the organisation’s staff team to help us meet our objectives and make a considerable difference to our impact. Our Communications team, chaired by AYM Trustee Lynda Beament, and supported by fantastic professional photographer Edward Webb, made further valuable contributions in 2020; Julia Roth continued to provide invaluable musical expertise as our Events Programmer, whilst Stephanie Kulesza continued to organise all our orchestral mentoring work for Award winners living in London and the South East until Covid-19 put this on pause. We also once again benefited from the time and expertise of our Awards Adjudication panel. The value of volunteer time throughout the year (not included in the following accounts) although inevitably affected by Covid-19, has been calculated to be over £113k (nearly 2,000 hours) had they been paid a professional rate.

In addition, AYM’s Trustees continued to give very significant support to the staff team throughout the year, providing their time and expertise over a range of areas including business planning, fundraising, financial management, sector insight, communications support, networking etc.

Governance

Objects of the charity

As stated in our formal objects Awards for Young Musicians was established to advance public education and appreciation of the art and science of music, with particular emphasis on the promotion of specialist music education amongst children and young people under the age of eighteen through the establishment and maintenance of scholarships and other awards. Our aims fully reflect the purposes for which the charity was established: to give musically talented young people, between the ages of 5 and 17, the opportunity to realise their full creative potential where this may be limited by the financial circumstances of their parents or guardians. Initial funding for the organisation’s work came from the bequest of Robert Lewin, a musician and musical instrument collector, who left his entire instrument collection to be sold for the benefit of talented young musicians.

Organisational structure

AYM employs Hester Cockcroft as the full time Chief Executive; she is responsible for managing the charity’s programmes and for making ongoing organisational decisions. The Chief Executive makes strategic recommendations to Trustees and delivers strategy according to decisions reached by the Trustees on these recommendations. Hannah Turner is Operations and Communications Director. Sanpreet Janjua is our Development Manager, with Neil Phillips Programme Manager for our very much enlarged Furthering Talent programme. Angharad Thomas-French is AYM’s part-time Team Administrator and Naomi Wellings also works part-time as Mentoring Manager for the second phase of our Talent to Talent programme, funded until the end of 2021 by Arts Council England. Following Julia Roth’s decision to step back from her volunteer role as Events Programmer during the year we were delighted to appoint Jessica Burroughs as our first paid Events Programmer at the end of 2020 (she works part-time on a freelance basis). Maria Hemmings continues to provide expert support to AYM as our freelance part-time Finance Officer. AYM has never had an office in its 23 years and so we keep our overheads to a minimum as all staff members work from their respective homes.

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

Trustees

AYM is committed to increasing the diversity of its Board of Trustees, which is core to its Equality and Diversity Action Plan. As part of this drive, and following an open application process, AYM was delighted to recruit Alumna Trustee, Mahaliah Edwards, in September 2020, who joins Alumnus Trustee Caius Lee on the Board. All new Trustees undertake an induction process and ongoing training is arranged as necessary for good practice purposes and to ensure full compliance (e.g. safeguarding updates). The current Trustees represent a significant asset to the charity and will remain a major component of AYM’s future success.

Michael Lewin, Founding Trustee of AYM, retired from the Board in March 2020. It was Michael who spoke to his uncle Robert Lewin prior to his death, who then decided to leave his extraordinary legacy of musical instruments to enable the charity’s work to begin. Everyone at AYM is hugely grateful for all the support Michael has given to young musicians over the last two decades.

All Trustees give their time voluntarily and none have any beneficial interest in the company. All are members of the company and guarantee to contribute £1 in the event of a winding up.

Sub-committees

AYM runs a number of flexible sub-committees composed of staff and Trustees; these operate according to identified need at the time. We’re currently running four: Audit and Risk, Individual Donors Support, Trust and Public Funder Support and Communications. Each committee meets on a monthly basis by conference call, and occasionally also in person.

Review of activities and public benefit

The impact of our support for the young people we help has considerable public benefit. By enabling young musicians to overcome the financial, social and other barriers they face, our work not only benefits the recipients but also their families, schools and wider communities. Musical achievement opens doors for young people which would otherwise be closed to them. To give just one example, many of the children we help go on to gain full scholarships to highly regarded schools; this has a transformative impact on their social mobility and life chances. It also helps to create a more diverse and inclusive music industry.

We review our aims, objectives and activities annually; we ensure these are carried out effectively through our business plan, in order to make certain that our work continues to be of benefit to the public, in particular to children and young people, as set out in our Objects. We monitor all our beneficiaries on the basis of voluntary declarations so that we can continue to improve our equality and diversity outcomes.

Safeguarding

AYM ensures that all the young people it supports are kept safe. All staff, trustees, freelancers and volunteers are regularly DBS checked. Our Safeguarding policy is reviewed annually. Staff and trustees are required to undergo safeguarding training. The staff team’s latest bespoke training took place in April 2021.

Reserves policy

As of 31 December 2020 we held £160,228 in funds for 6 months running costs. We have £209,872 in restricted funds and £170,000 in designated funds which are committed to our ongoing work on our Furthering Talent and Attune programmes through 2021 and 2022. Our endowment funds (£362,876) are expendable and are intended to seed further expansion of our work.

Designated funds

The designated funds of £170,000 for our Furthering Talent programme represent funding raised against our known spending plan for this programme.

Investment policy

Trustees have decided that unrestricted funds including expendable endowment funds, the use of which is not foreseen for at least six months and which includes any free reserves designated under the reserves policy, may be invested in low-risk funds managed by specialists in handling charitable investment portfolios. Such investments must be capable of liquidation at relatively short notice.

Risk factors

The risks affecting the charity are assessed by Trustees via a Risk Register, overseen and updated every six months by the charity’s Audit and Risk Committee. All necessary steps are taken to mitigate the risks identified as priorities in terms of likelihood and impact.

Asset cover for funds

Note 16 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity’s

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

obligations on a fund by fund basis.

AYM also owns a number of high-quality violins from Robert Lewin’s original legacy, which are maintained, insured and loaned to young musicians via the Benslow Instrument Loan Scheme. AYM receives annual written confirmation from Benslow that this remains the case and that the instruments continue to be appropriately insured and maintained.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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Awards for Young Musicians

Report of the trustees

For the year ended 31 December 2020

Auditors

Godfrey Wilson Limited were re-appointed as the charitable company's auditors during the year and have expressed their willingness to act in that capacity.

This report was approved by the Board of Trustees on 8 June 2021

Philip Jones (Chair)

Fiona Harvey

Trustee

Trustee

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Independent auditors' report

To the members of

Awards for Young Musicians

Opinion

We have audited the financial statements of Awards for Young Musicians (the 'charity') for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cashflows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

21

Independent auditors' report

To the members of

Awards for Young Musicians

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

22

Independent auditors' report

To the members of

Awards for Young Musicians

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

Date: 10 June 2021

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Awards for Young Musicians

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2020

Endowment
Note
£
Income from:
Donations and legacies
3
-
Charitable activities
4
-
Investments
5,275
Total income
5,275
Expenditure on:
Raising funds
-
Charitable activities
-
Total expenditure
6
-
5,275
Net gains / (losses) on investments
7,129
7
12,404
Reconciliation of funds:
Total funds brought forward
350,472
Total funds carried forward
362,876
Net income/(expenditure)
and movement in funds
Net income / (expenditure)
before gains		 Restricted Unrestricted
£
£
150,804
451,983
212,566
2,260
-
-
363,370
454,243
-
67,521
332,173
504,494
332,173
572,015
31,197
(117,772)
-
-
31,197
(117,772)
178,675
448,000
209,872
330,228		 2020
Total
£
602,787
214,826
5,275
822,888
67,521
836,667
904,188
(81,300)
7,129
(74,171)
977,147
902,976		 2019
Total
£
1,116,624
250,059
5,798
1,372,481
67,132
781,354
848,486
523,995
7,660
531,655
445,492
977,147

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.

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Awards for Young Musicians

Balance sheet

As at 31 December 2020

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
16
Funds
17
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
124,169
686,910
811,079
(120,472)		 2020
£
52,159
160,210
212,369
690,607
902,976
362,876
209,872
170,000
160,228
902,976		 2019
£
51,191
148,404
199,595
152,098
742,325
894,423
(116,871)
777,552
977,147
350,472
178,675
300,000
148,000
977,147

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 8 June 2021 and signed on their behalf by

Philip Jones (Chair) Trustee

Fiona Harvey Trustee

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Awards for Young Musicians

Statement of cash flows

For the year ended 31 December 2020

Net movement in funds
Adjustments for:
(Gains) / losses on investments
Depreciation charges
Dividends and interest from investments
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of investments
Dividends and interest from investments
Net cash provided by investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
(74,171)
(7,129)
1,059
(5,275)
27,929
3,601
(53,986)
(2,027)
(4,677)
5,275
(1,429)
(55,415)
742,325
686,910		 2019
£
531,655
(7,660)
108
(5,798)
(115,702)
71,293
473,896
(1,299)
(5,232)
5,798
(733)
473,163
269,162
742,325

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Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Awards for Young Musicians meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. Clearly the COVID-19 pandemic has created challenges for all charities. However AYM benefits from a diverse income base, which has mitigated its impact. We have continued to apply to Trusts and Foundations over the last year and our income from this source has been largely unaffected. In terms of individual donations, we have successfully moved our fundraising events online, enabling us to continue to raise awareness of our work whilst retaining existing and attracting new support. The pandemic has also resulted in some economies e.g. travel expenses and furlough. The charity’s fundraising and finances are also closely monitored by our sub committees (see outline of these on page 18). We have therefore been able to continue to deliver our all our programmes online, maintaining high levels of engagement with the young musicians we support.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

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Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

1. Accounting policies (continued)

d) Donated services and facilities

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

Endowment funds relate to a collection of violins bequested to the charity. These are to be sold to raise funds at the discretion of the trustees. Proceeds from the sale of any instruments have been invested. Subsequent increases and decreases in value of these investments are shown in the Statement of Financial Activities as part of those funds.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional.

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Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

1. Accounting policies (continued)

i) Allocation of support and governance costs

2020 2019
General fundraising 25% 27%
Charitable activities 75% 73%

j) Tangible fixed assets

Tangible fixed assets comprise two categories of assets. Musical instruments comprise a collection of musical instruments bequested to the charity. These are held at probate value, established in 1998 upon the bequest, and are not depreciated as their residual value is likely to be at least equal to the probate value. Profits on disposal are recognised when the instruments are sold. Computer equipment comprise more conventional tangible fixed assets, depreciated on a straight line basis over 3 years.

k) Investments

Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

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Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

1. Accounting policies (continued)

p) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

q) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1j to the financial statements, there is no depreciation charged on the instruments which are held as fixed assets, as their residual value is considered to be significantly higher than their cost. Instead, they are tested annually for impairment to their value. Computer equipment is depreciated over 3 years on a straight line basis.

r) Analysis of changes in net debt

An analysis of changes in net debt has been omitted from the notes to the accounts on the basis that the charity held no debt finance in the current or prior period.

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Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

2. Prior period comparative: statement of financial activities

Endowment
£
Income from:
Donations and legacies
553,000
Charitable activities
-
Investments
5,232
Total income
558,232
Expenditure on:
Raising funds
-
Charitable activities
-
Total expenditure
-
558,232
Net gains / (losses) on investments
7,660
Net income / (expenditure)
565,892
Transfers between funds
(415,780)
Net movement in funds
150,112
Net income / (expenditure) before
gains		 Restricted
£
£
132,284
431,340
245,453
4,606
-
566
377,737
436,512
-
67,132
297,345
484,009
297,345
551,141
80,392
(114,629)
-
-
80,392
(114,629)
-
415,780
80,392
301,151
Unrestricted		 2019
Total
£
1,116,624
250,059
5,798
1,372,481
67,132
781,354
848,486
523,995
7,660
531,655
-
531,655

31

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

3. Income from donations and legacies

Income from donations and legacies
Endowment
£
Grants > £5,000:
-
-
The Emmanuel Kaye Foundation
-
Four Acre Trust
-
The Alan Brentnall Charitable Trust
-
The Britford Bridge Trust
-
Backstage Trust
-
The Kirby Laing Foundation
-
Golden Bottle Trust
-
Community Foundation for Surrey
-
-
The Cecil King Memorial Foundation
-
-
-
Anonymous
-
Grants < £5,000
-
Donation income
-
Gift aid
-
Gifts in kind*
-
-
Peter Sowerby Foundation
The Margaret and David Walker
Trust
The Leathersellers' Company
Charitable Fund
The Liz and Terry Bramall Foundation
Allan and Nesta Ferguson
Charitable Trust		 Restricted
£
£
28,000
-
24,900
-
-
20,000
-
15,000
10,000
-
10,000
-
10,000
-
-
7,500
-
7,000
5,000
-
-
5,000
-
5,000
5,000
-
5,000
-
5,000
-
28,500
16,600
19,404
135,542
-
28,586
-
211,755
150,804
451,983
Unrestricted		 2020
Total
£
28,000
24,900
20,000
15,000
10,000
10,000
10,000
7,500
7,000
5,000
5,000
5,000
5,000
5,000
5,000
45,100
154,946
28,586
211,755
602,787

*Gifts in kind include instrument hire, tuition, mentoring, venue hire and photography.

32

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

3. Income from donations and legacies (continued) - prior period comparative:

Endowment
£
Grants > £5,000:
Anonymous donor
-
The Garfield Weston Trust
-
Four Acre Trust
-
-
-
The Kirby Laing Foundation
-
Didymus CIO
-
The Barnett Trust
-
The Castansa Trust
-
The Cecil King Memorial Foundation
-
The Emerald Foundation
-
-
-
The Saintbury Trust
-
Grants < £5,000
-
Legacy income
553,000
Donation income
-
Gift aid
-
Gifts in kind*
-
553,000
The Roger and Ingrid Pilkington
Charitable Trust
The Harold Hyam Wingate
Foundation
The Kathleen Beryl Sleigh Charitable
Trust
The Andrew Lloyd Webber
Foundation		 Restricted
£
£
60,000
-
-
20,000
-
15,000
-
10,000
10,100
-
-
7,500
5,000
-
-
5,000
5,000
-
-
5,000
5,000
-
-
5,000
5,000
-
5,000
-
15,300
19,202
-
29
21,884
130,647
-
26,923
-
187,039
132,284
431,340
Unrestricted		 2019
Total
£
60,000
20,000
15,000
10,000
10,100
7,500
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
34,502
553,029
152,531
26,923
187,039
1,116,624

*Gifts in kind include instrument hire, tuition, mentoring, venue hire and photography.

33

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

4. Income from charitable activities

Grants > £5,000:
National Foundation for Youth Music
Hull Music Service
Sheffield Music Education Hub
Sunderland Music Education Hub
Lewisham Music Education Hub
Worcester Music Education Hub
Wiltshire Music Connect
Manchester Music Education Hub
Resonate, The Music Education Hub for Liverpool
Grants < £5,000
Prior period comparative:
Grants > £5,000:
National Foundation for Youth Music
Arts Council England
Wiltshire Music Connect
Grants < £5,000
SoundStorm, Bounemouth, Christchurch and
Poole Council		 Restricted
£
£
158,560
-
5,000
-
5,000
-
5,000
-
5,000
-
5,000
-
5,000
-
5,000
-
5,000
-
5,000
-
9,006
2,260
212,566
2,260
Restricted
£
£
188,674
-
32,723
-
5,000
-
19,056
4,606
245,453
4,606
Unrestricted
Unrestricted		 2020
Total
£
158,560
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
11,266
214,826
2019
Total
£
188,674
32,723
5,000
23,662
250,059

5. Government grants

The charitable company receives government grants, defined as funding from county councils and Arts Council England, to fund charitable activities. The total value of such grants in the period ending 31 December 2020 was £53,996 (2019: £56,219). The charity also received funding from the HMRC Coronavirus Job Retention Scheme of £4,704 in the year ended 31 December 2020. There were no unfulfilled conditions or contingencies attaching to these grants in 2020 or 2019.

34

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

6. Total expenditure

Total expenditure
Staff costs (note 8)
Programme delivery
Grants payable (note 15)
Office and IT
Subscriptions, licences and charges
Travel and subsistence
Event costs
Marketing
Audit and accountancy
Bank charges
Depreciation
Miscellaneous costs
Sub-total
Total expenditure*
Allocation of support and governance
costs		 Raising
funds
£
54,730
-
-
-
-
-
600
-
-
-
-
-
55,330
12,191
67,521		 Charitable
activities
£
164,901
435,341
101,497
-
-
4,445
75,884
17,867
-
-
-
-
799,935
36,732
836,667		 Support and
governance
costs
£
-
-
-
13,382
6,295
-
-
-
20,495
1,657
1,059
6,035
48,923
(48,923)
-		 2020 Total
£
219,631
435,341
101,497
13,382
6,295
4,445
76,484
17,867
20,495
1,657
1,059
6,035
904,188
-
904,188

Total governance costs were £4,380 (2019: £4,200).

*Event costs includes costs associated with the Awards programme and the Awards day, fundraising events and other events hosted during the year, partnership development and photography.

35

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

6. Total expenditure (continued) Prior period comparative:

Staff costs (note 8)
Programme delivery
Grants payable (note 15)
Office and IT
Subscriptions, licences and charges
Travel and subsistence
Event costs
Marketing
Audit and accountancy
Bank charges
Depreciation
Miscellaneous costs
Sub-total
Total expenditure
Allocation of support and governance
costs		 Raising
funds
£
51,660
-
-
-
-
-
3,000
-
-
-
-
-
54,660
12,472
67,132		 Charitable
activities
£
143,123
404,413
80,471
-
-
22,369
79,232
17,193
-
-
-
-
746,801
34,553
781,354		 Support and
governance
costs
£
-
-
-
20,695
4,928
-
-
-
16,936
1,789
108
2,569
47,025
(47,025)
-		 2019 Total
£
194,783
404,413
80,471
20,695
4,928
22,369
82,232
17,193
16,936
1,789
108
2,569
848,486
-
848,486

36

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

7. Net movement in funds

This is stated after charging / crediting:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (including VAT)		 2020
£
1,059
Nil
115
4,380		 2019
£
108
Nil
664
4,200

Trustees' reimbursed expenses comprise amounts for two trustees relating to entertainment and travel expenses.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2020
£
199,105
16,212
4,314
219,631		 2019
£
175,599
15,581
3,603
194,783

One employee earned between £60,000 and £70,000 during the year (2019: one employee earned between £60,000 and £70,000).

The key management personnel of the charitable company comprise the Trustees and Chief Executive. The total employee benefits of the key management personnel were £77,468 (2019: £72,268).

Average head count 2020
No.
6.00		 2019
No.
5.00

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

37

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

10. Tangible fixed assets

£
Cost
At 1 January 2020
50,000
Additions
-
At 31 December 2020
50,000
Depreciation
At 1 January 2020
-
Charge for the year
-
At 31 December 2020
-
Net book value
At 31 December 2020
50,000
At 31 December 2019
50,000
11. Investments
Market value at 1 January 2020
Additions
Unrealised gains / (losses)
Market value at 31 December 2020
Historical cost
At 31 December 2020
12. Debtors
Accrued income
Trade debtors
Prepayments
Musical
instruments		 £
1,299
2,027
3,326
108
1,059
1,167
2,159
1,191
2020
£
148,404
4,677
7,129
160,210
101,675
2020
£
117,451
6,125
593
124,169
Computer
equipment		 Total
£
51,299
2,027
53,326
108
1,059
1,167
52,159
51,191
2019
£
135,512
5,232
7,660
148,404
96,998
2019
£
147,851
2,500
1,747
152,098

38

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

13. Creditors : amounts due within 1 year

Trade creditors
Grants payable
Accruals
Other taxation and social security
Other creditors
Deferred income (see note 14)		 2020
£
8,619
42,828
59,923
5,760
842
2,500
120,472		 2019
£
29,448
20,420
48,518
5,197
788
12,500
116,871

14. Deferred income

At 1 January 2020
Deferred during the year
Released during the year
At 31 December 2020		 2020
£
12,500
2,500
(12,500)
2,500		 2019
£
-
12,500
-
12,500

Deferred income relates to contract income for which performance conditions had not been met before 31 December 2020.

15. Grants payable

Grants to individuals

2020 2019
£ £
101,497 80,471

Grants payable consists of grants up to £2,000 awarded to individuals to assist with a range of musical costs e.g. the purchase of instruments, to fund musical tuition, travel etc. These grants do not include any contributions to support costs.

39

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

16. Analysis of net assets between funds

£
Tangible fixed assets
50,000
Investments
160,210
Current assets
152,666
Current liabilities
-
362,876
Prior period comparative:
£
Tangible fixed assets
50,000
Investments
148,404
Current assets
152,068
Current liabilities
-
350,472
Net assets at 31 December 2019
Endowment
funds
Endowment
funds
Net assets at 31 December 2020		 £
-
-
209,872
-
209,872
£
-
-
178,675
-
178,675
Restricted
funds
Restricted
funds		 £
-
-
170,000
-
170,000
£
-
-
300,000
-
300,000
Designated
funds
Designated
funds		 £
2,159
-
278,541
(120,472)
160,228
£
1,191
-
263,680
(116,871)
148,000
General
funds
General
funds		 Total
funds
£
52,159
160,210
811,079
(120,472)
902,976
Total
funds
£
51,191
148,404
894,423
(116,871)
977,147

40

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

17. Movements in funds

Movements in funds
At 1
January
2020
£
Robert Lewin bequest
15,252
Robert Lewin instruments
50,000
Des Clayes bequest
285,220
Total endowment funds
350,472
Restricted funds
Furthering Talent
58,573
Talent to Talent
35,723
Indian Music
(435)
Attune project
8,953
Charanga
49,915
Named Awards
25,946
Total restricted funds
178,675
Designated funds:
Furthering Talent
300,000
Total designated funds
300,000
General funds
148,000
Total unrestricted funds 448,000
Total funds
977,147
Unrestricted funds
Expendable
endowment funds		 Income
£
5,275
-
-
5,275
317,356
6,704
1,610
-
-
37,700
363,370
-
-
454,243
454,243
822,888		 £
-
-
-
-
(260,270)
(9,674)
(1,890)
-
(24,554)
(35,785)
(332,173)
-
-
(572,015)
(572,015)
(904,188)
Expenditure		 £
7,129
-
-
7,129
-
-
-
-
-
-
-
-
-
-
-
7,129
Gains /
(losses) on
investment		 -
-
-
-
-
-
-
-
-
-
-
(130,000)
(130,000)
130,000
-
-
Transfers
between
funds		 £
27,656
50,000
285,220
At 31
December
2020
362,876
115,659
32,753
(715)
8,953
25,361
27,861
209,872
170,000
170,000
160,228
330,228
902,976

41

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

17. Movements in funds (continued)

Fund balances in deficit

Funds with a deficit balance at the year end relate to ongoing projects for which grant income has been secured in the next financial year.

Purposes of restricted funds

Furthering Talent

This programme finds young people with emerging talent, giving them targeted and sustainable support.

Talent to Talent

Young musician led peer-to-peer mentoring programme.

Indian Music

Partnership with Indian Arts specialists Milapfest on joint Awards for young musicians.

Attune project (previously called the Chamber Music project)

Partnership with City of London Sinfonia, Orchestra of the Swan and the Royal Academy of Music to give AYM Award winners the chance to develop their chamber music skills.

Charanga

AYM is launching an exciting new partnership with Charanga, the UK's award-winning music education platform. Together we'll be helping young people sustain their musical learning through the development of an interactive Individual Learning Plan.

Named Awards

We also offer a number of special named Awards each year which are funded by private individuals or in partnership with other trusts and organisations.

Purposes of designated funds

The designated funds of £170,000 for our Furthering Talent programme represent funding raised against our known spending plan for this programme over the next few years.

42

Awards for Young Musicians

Notes to the financial statements

For the year ended 31 December 2020

17. Movements in funds (continued)
Prior year comparative:
At 1
January
2019
£
Robert Lewin bequest
150,360
Robert Lewin instruments
50,000
Des Clayes bequest
-
Total endowment funds
200,360
Restricted funds
Furthering Talent
79,197
Talent to Talent
3,000
Indian Music
(1,120)
Chamber Music project
2,000
Charanga
-
Named Awards
15,206
Total restricted funds
98,283
Designated funds:
Furthering Talent
90,000
Total designated funds
90,000
General funds
56,849
Total unrestricted funds 146,849
Total funds
445,492
Unrestricted funds
Expendable
endowment funds		 Income
£
5,232
-
553,000
558,232
205,670
32,723
1,120
10,100
90,000
38,124
377,737
-
-
436,512
436,512
1,372,481		 £
-
-
-
-
(226,294)
-
(435)
(3,147)
(40,085)
(27,384)
(297,345)
-
-
(551,141)
(551,141)
(848,486)
Expenditure		 £
7,660
-
-
7,660
-
-
-
-
-
-
-
-
-
-
-
7,660
Gains /
(losses) on
investment		 £
(148,000)
-
(267,780)
(415,780)
-
-
-
-
-
-
-
210,000
210,000
205,780
415,780
-
Transfers
between
funds		 £
15,252
50,000
285,220
At 31
December
2019
350,472
58,573
35,723
(435)
8,953
49,915
25,946
178,675
300,000
300,000
148,000
448,000
977,147

18. Financial instruments at fair value

Financial assets measured at fair value 2020
£
160,210		 2019
£
148,404

Financial assets measured at fair value comprise listed investments.

18. Related party transactions

During the year, 4 Trustees donated a total of £11,596 to the charity (2019: £5,820 from 4 Trustees).

43