R•g18t•r•d number. 03639339 Charfty number: 1075134 THE YOUNG MUSICIANS SYMPHONY ORCHESTRA (A Company Ilmlt•d by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2023 THE YOUNG MUSICIANS SYMPHONY ORCHESTRA (A Company Ilfflltad by guarants•l Ind•x to ￿MpanY r•port6 and flnanclal statoments. Pago Legal and administraiive inf0m￿tion Trustees, report Independent examlnefs repjrt Ststement of finandal actlvrtles Balance sheet Notes to ts acxx)unts Worklngs Notes fom)Ing Part of financlal Statements &11 The follo￿7ng pages do not fom? part ofthe statuw amnts." Detsiled Income and expendlture accounts 12-14 Page 1 THE YOUNG IAUSICIANS SYMPHONY ORCHESTRA LEGAL AND ADMIMISTRATIVE INFORMATION For th• y•ar •nd•d 31 Augu•t 2023 Rog•r Brnmblè, Chalrman Lady Browor OBE l•ln Glbbl Prof•s•or lan Jong1 Slmon C.G. Mollul$h MBE Bènlamln Pateman. Secretary Company R•gl•tgr•d Number 03639339 Charfty R•gl8t•r•d Numb•r 107$134 R•glsternd Office 11 Gunnorsbury Av•nu• London WS 3NJ Ind•p•l￿nI •xamln•r GNS ￿￿0#to• Llmlt•d Boundary Hous• Crlcket Fhld Road Uxbrldge UB8 1QG 8ankern Nallonal Wostmlnst•r Bank PLC 91 Weitmln$t•r Brfdgo Road London 8EII TLB P•y2 THE YOUNG MUSICIANS SYAIPHONY ORCHESTRA F¢rlh• y••r•nd•d 31 Auipmt 2023 The Tnjstees. arn thctorn of the Cha￿ forthe pAp080 of IM Conyanl8s Acl. 8ubn* thelr annual report and the finanoaal 5taterrEnts of The Young Wsio8ns Syrylw Orthestra (the Chalilab￿ u)mpany) for the year endtrJ 31st August 2023. The TNstsè5 czfflfwm Ihal the annual and fmancial ststerrEnt of the ¢h8ritsble company c¥ynpty oJryent sthtutory wuYeff*nts, the rEquirem2nts of th• ¢harltabb govemlng do¢ument and the provis￿ ofthe staknnt of R¢clyN￿ Prn(*e (SORPI. The m8na9en*nt of the charltsble company Is the le¥xx￿l1ty ofthe Trnstees are eleded and fMPted under Ch•rttabkn C**J•¢tfv•• The prinop81 ObJeCtp￿ of the thaiilabk ¢x)nyany 1$ th& W￿lon of a national wthestra gr¥ing CoachU￿ and perfommng opportunrt*s to ￿￿SIC sludents arh1 part¥￿laty those that ha¥e graduated and need to ￿￿taIn their 5kiU$ until they aa4uir8 a F￿SIt￿ In one oftho o>Jntys prolessK)nal Ord￿$. The ￿$vItS of the yea¢s owralion are sel out in the fmrKa81 $t•tthMts. Th• nel nwgment in funds ftw the yg8r orTh)unted to {£3.0411 ctsnpaTrd to (£24.5871 n ￿)22. Th& retsined surtis on 31 August 2023 amounle(I to £36.786. r2022- £39.827). The reason forthi5 ¥ras the in(Jease in the rate of Ort*estsa Tax Relief. %thich this year arrnunted to £39.267. The Trustees do not exr*d the Surplus to dafna8e o%wthe next finar￿la1 year. due to twr S￿¢8$81uI furKlral$lng. regarding is to make a ThKthst Surp￿ orto t￿k tréen. D[￿￿tiOnS inueasod from £116.000 to £122,790. Th• Tmslg•s arn grnteful for the siwrft of al our donors auding the Gartleld Weston Foundation {£10.CQOI and maintain thgir fundraising activibes. The Trustees C￿t￿Ue to ¢knknp ￿￿tionShipS *ilh Conservatoires and Universtt*s ￿ the UK Our sM1&by•side stheme wlth the Englsh Nat•)nal Bal￿t Philhanw¢ o)ntinwl in June 2023 wilh syeat suLxw and further sthemes will contsnue in 2024. January 2 2023 saw the return of the London Intemational Choral FestvAI Gala and on the 9 May 2023 the O￿the$tra gave a c0ft(￿ at SL John's Smiths Square in celebrn1￿ of Eumpe Day. supported by the EU funded Cultural Rela￿n$ PLqlfomi. Plan5 to repeat bjth these engag￿ts in 2024. Rknk ￿na9•Mont The Trustees have assessed the nwpr risks to Twhich the Compory is ejposed. fft parti￿larthose ￿lated to the operatK)ns and finances ofthe C￿anY aNJ are salu8￿ that systenB are in pla￿ to rr#twJatè the f))mpanYs expo8ur¢ to rtsks. Company aThJ charty law ¥ppficab5& to charll*s in England and Wales requlrns Ihe Twstees to prepare finandal stsleff*nts each firwicial yearlhthth gr￿ a tn* arKI faw view of the state of affair5 of the Charitab￿ company and ofthe ordefiot of the thwlable I￿n￿anY of thal wepamg those financial State￿￿nIS the Twstees l. Seleded N11ab￿ aC￿￿ntIng aTr* appf*d them conslstenty. i. Made pidgTh*nts estiffrates tw are reasonable ￿ wjdent '. ststed *knether appkabb acc4unling standards ha¥e been follmd. any depaityTe$ dl8do8•d d explained ￿ Ihe finandol stat•ments. rw. Prepared the Ilnancaal statements on a concem basis. The Trustee$ ¢￿trol8. finan¢lal a reasona acojra fmanrAal atsments lh• ¢h¥r com Overn￿ responwbS1ty for enwrfng Ihol the th8rlt8bl• ¢onyJ•rry h•$ On •PPToprlate syst•m of d othervAse. They ar• •180 respon$th for keepkn9 propw aCcoun￿ng record$ 4bthkh dl$¢ltsw wlth at any time the finan¢lal poslvon of the tharilabie compary and enable them to ensure that the mpty wilh the Conwnles Ad 2Cth. They are also reBpon8*¢le lor safeguarding th0 8ss&ts of ny and hen¢e for taklng r•4son8ble 8tep8 for th• d•lectlon and prn¥enlh)n of fraud and othvr W88 approved by tho IN8tse8 and S19n￿ w tt8 bohaw. ty.. B•ry•ffln P•t•nk)n. SoLyptsry q.OS.WUt ,I **Page3** I, ## **INDEPENDENT EXAMINER'S REPORT TO THE YOUNG MUSiCIANS SYMPHONY ORCHESTRA For the year ended 31 August 2023** **I report on the accounts for the year ended 31st August 2023 set out on pages 4 to 11.** ## **Respective responslbllftles of trustees and examiner.** **As described on page 2 the, Jrustees, who are also directors of the company for the purposes of the Companies Act, ·are responsible for the preparation of the accounts. The charity's trustees consider that an mination ngland** ## **It is my responsibility to:** - **examine the accounts under section 145 of the Charities Act. 2011.** **• to follow the procedures laid down In the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Aq: and** I - - **to state whether particular matters have come to my attention.** ## **Basis of independent examiner's report** **My examination was carried out In accordance with the general directions given by the Charity Commission. An examination Includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also Includes consideration of any unusual Items or disclosures given as undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is** _**to**_ **whether the ·accounts present a •true and fair view" and the report is limited to those matters set** ## **Independent examiner's statement** **ompanies Act 2006;** - **the accounts do not accord with such records:** **• where accounts are prepared on an accrual basis, vmether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006, or are not consistant with the Charities SORP:** * any **tter which the examiner believes should be drawn to the attention of the reader to gain a proper tanding** o e **accounts. L N Ghlmlre** Kuler **GNS As ociates Limited** _ZS'_ **/** _0_ 3 **/** _2_ **0** _2._ '-/ **Chartered Accountants GNS As ates Limited Boundary House Uxbridge UB81AG** P&9• 4 F<*tr• 31 2023 31 2023 31 2022 IICOIIWIG RESOURCES 167.769 140265 187,650 151513 14D.5T2 128,844 177.1110 MOVEW IN TOTAL FUNDS TrE COIW IEXPENDrruREI FOR IHE VEAR 12.99S) 124587) TOTAL FVIIDS AT 01SEPTEIIBER 2022 8V14 TOT*L FUM1>3 AT 31 XIGUST202J s (m ptye 6 10 11 Itm portofV*s8 fnarthl slat￿rts. Pw5 THE YOUNG IAUSICIANS SYMPHONY ORCHESTRA B•l*nu Sh••t A• •1 31 Augu•t 2023 2023 2022 Tarylbl• fix•d A￿ts 169 196 Fth•d IS￿￿ Cun*nt••vts 8.515 7.131 Cash kn h￿d gnd at bank 39.809 41,821 Crndltorn amounts fallkng Thllhln ong y•ar 3,148 2.190 36.832 39,827 UnTe$Irl￿Qd-GenèIaI Funds 38.832 39,827 Th• dwectors ￿nSId￿rthat the C￿enY Is entitled lo exernptlon from the requkeffenl lo have an audit underthe provision of section 477 of the Conwani8$ Ad 2¢1J6 relafjng to small conwanies, and mènknrs have not required thè uJmp8ny to obtain an audit of it$ 8¢tyJunls forthe year in qUes￿on In accordance ￿th section 478 ofthe Act. The dire(*ors ad(no%￿edge thelr reSponsI￿lIbe$ fof comp￿"ng vth the requirements of Ihe Acl respect lo aco)unting records and the preparn￿on of the accounls. gNe a true and fairview of the ststè of affaits of the ￿rnPany as at 3151 August 2023 and of its profrt for Ihe year then ended In arD)rdance vthh the PTovlslon$ of th• Act appUcaL49 to corrwiles subject to the small u)nwanles reglnw. Th& finandal sts18ments haw bgon prepared in ac￿rdanCe Vllih th& sped81 provision Telatin9 to companies and h awrdance with the Fingndal Reportlng Standarf for Small Enl11￿$ IFRS 11Y21. The fironclal staten*nts were •Fvoved by Ihe Trustees and *ned on th8ir leman. S qo3.qvur The notes on pag 0 10 fom p8rt ofth&Be flnandel 8tstenxnls. P•q• O THE YOUNG MUSICIANS 8YMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENT3 th• y••r •nd•d 31 Augu•t 2023 1. ACCOUNTING POUCIES 1.1 ￿01$ of w•parntlon •ffln•nel•l •tst•m•Thts Th8 FinAnci91 s1olom8nts havg b&gn prepargd under the hlslorkal cost ￿nVentIOn. Tho ffinonclal slalements have been prepared In a¢¢oryian￿ wlth the stst8m8nt of Recommended Prodce ISORPI,'AccounlSng and Reportlng by tharfUe8' pub115h8d In October 2000, appllt4bl8 accountkng slandarfs and the c￿panI&S Act 2006. 1.2 Company ¥t•lu• Ch8ritable Company i8 a eompany Ilmlled by guarantee. Th6 membern of Ihe company are the govemors named on pag6 1. kn tho event ofthe ¢haritable Company belng Iwund up, the118bllty In of thè guorantèe L8 Ilmlted to £1 per member ofthe ¢harllabl• Company. 1.3 Fund a¢countlng General fvnds we Un￿StrICted fvnd5 vthkh aro availabte for use at the dIscre￿n of the Trustees fUthoran￿ of thg gèneral obi8ctiV8s of thè Ch4rllabl& Company and whlch have not been designated for other purposes. OesNJnated ftJnd$ comprise unrestricted frjnds that have been set asld8 by th8 Trustees for party￿lar purposes. Thè alm and use of each deslgnaled fund Is sèl ¢)ut in the notes to the financial ststements. Investrner)ts income. ga118 •nd10559s are allocaled to the appropriate fund. 1A kn¢rynlng rn8ourc•• All incomlng resources are inchJd8d in the Slats￿￿nI of financial Acuvthès vthen the thritable company Is ￿alty entitled to the Incomo and the #mount can be quaniifrtd ￿1th reasonable ac¢uracy. 1.5 R•Sour￿l •xp•nd•d All eXpend￿ure Is aceisunt8d for on an accru81 basls and has been induded under èxpense ategories that aggregate all costs for allocatK)n lo athities. Where costs cannot bo dlrecty attributed to pathular actNilies they have been a*)cated on a basis consistent with the use of the resources. Overheads have beèn all￿￿19d on ba￿3 of tharity expendibJr•. 1A Cash flow Thè Company has taken advantage oftha exemption In Flnancial Reporty Standar(l No.1 from thg requirement to produco 8 ea$h lkn¥ slotsrnent on thè ground8 th81 Et Is a ¥mall th8rltabl ompany. 1.7 Tumover Tumovgr comprfses the Involced value of the goods and seNicos suppll&J by tha company, exdusNe of Value Added Tax and trade dlscounts. P•qo 7 THE YOUNG MUSICIANS SYMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS For lh• P•rbd End•d 31 Augu￿ 2023 1.8 T•nglbl• flx•d •M•ts Ind dow•cl•don E￿rtUrn on assets are c8Pitalised rf they aro 01 use èxc8edln9 the c￿rrent year. •re Idontmablè and tho costs eX￿d QSO. Twe f￿ad 85sets arè slatsd at ¢￿ts IBts ¢knprgdatlon. Depr￿allon is provkled at rates c•b*ted to write off thè ¢0st ol fix&J assets.188s IhelT eStSm8t&l r¢$ldual valu¥. ovw thoir •ype£led wfvl IW ￿ tha foftr*lr*J ba8es.' OffirA Equipm8nl- 30% Redudng b81gn Reduong baknce l DaMAYK>NS LeGACESMID JNIILPAWCQME RESOURce8 A• ••t out on p•g• 13 12 nwnths•nd•d 12 mMth* •nd•d 31 ￿8￿¥t 2023 31 P4JgUSt 2022 CHARifY •lCOME Donations,Glfts & Gr4nls&n8rn1 fvnds HMRC Charities Orchestra Tax Relief 122,790 5.712 39.267 118.000 14.611 Tor￿ ¢M￿lTy WCw••d a8 tru810￿. Equlpm•nl Tot•1 S TANGIBLE FIXED A88Ef8 Flttln 18.997 24 24.942 At 1st Soptèftkn 2022 Addrfions Al 1st Septerthr 2022 Charge for (he year Total D•pr•clatlon 18,922 15 24.746 51 36 N•t book v*lu• 3181 Auwst 2023 At 31•È Augu•1 2022 76 198 Page 10 THE YOUNG MUSICIANS SYMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS For the yoar •nded 31 August 2023 6. DEBTORS Due one year 2023 2022 HMRC tax refvnd 191 1.083 6.048 7.131 Pr8p8yments 6.324 6.515 7 CREDrroRS Amounts falllng due wlthln one year 2023 2022 Trade creditors Other creditors Total resources exponded 2.360 786 895 1.295 2.190 3.146 THE YOUNG MUSICIANS SYMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS For th• y••r •nd•d 31 *wgu#t 2023 Page11 8. SUAIIPARY OF FUNDS Brougm Fovdvanl InetynlThg R•*ouro•$ R•sour¢ Ewnd CaTrl•d Fordward G￿¥81 Funds 39,827 187.656 (190,652) 36,831 39,827 190,652 36,831 9. ANALYSIS OF NET ASSETS BETWEEN FUNI)S Unr•strlel•d 12 months•nd 31 August 2023 Total Fund• 12 rnonth¥ end•d 31 Au9USt 2022 Tanglble flx8d assets Current assets CreditLYs due ￿thIn one year 169 39.809 {3.1461 196 41.821 (2.190) Total 36,832 39,827 Paqo 12 THE YOUNG MUSICIANS SYMPHONY ORCHESTRA DeT￿LED INCOME AND EXPENDITIIRE ACCOUNT Forth• y••r•nd•d 31 2033 12 months •nd¢d ¥1 Augu•t 2023 12 monlh• •nded 31 AugWt 2022 TRADING IKOIAE Inc￿¥ 19.887 12,248 LESS.. TRADING COST OF ULES Fu￿j R*rYd Co#8 OJre(a *therbglrYd. Leafiets eThJ 12,174 11,Y20 11.520 12.W3 8.4￿2 Y• of Hall8•ThJ Cut•rt •XF4n 11059 19,814 r• of 4,935 7,e07 Teofm 1679 ay8ts E¥FaWS I I 28.724 10,078 37,146 3.3 3.9S2 184 6.283 Aux￿￿ *alflorganiws Remunwatll TOTAL TRADIMG COST OF SALES 1M372 128.814 GROSSTR•DING LOSS 12 NeT LOSS FROII TRADING ACTIVITIES 12 116.596 g•13 THE YOUNG MUSICL4NS SYMPHONY ORCHESTRA DETAILED INCOME AND EXPENDITURE ACCQUNT For lh• y•ar •nd•d 31 Auqust 2023 12 mr•nth• •nd•d 31 Auqust 2023 12 m¢)nths ￿d￿d 31 Augujt 2022 CMARITY INCOIIE Dwtk)n8.Glfts & GraTh￿ General fund$ 122.790 116.000 HMRC Charllles 5,712 9$tr4 Tax Rollof 39.267 14,611 TOTAL CIIARITY INCOIIE 107.7 140,285 LESS: CHARITY EXPENDITURE Totsl O¥•Th••d• of ¢MIlty TOTAL CHARITh EXPENDITURE NEf INCOME FROM CHARITABLE SOURCES NET LOSS FRCYA TRADING AcTI￿nE$ 1120.685) (116.596} NEf IEXPENDITUREV INCOME FOR THE YEAR THE YOUNG MUSICIANS SYMPHONY ORCHESTRA Page 14 SCHEDULE TO THE DETALED ACCOUNTS For th• ￿ar ended 31 August 2023 2022 17,280 17,280 12,003 1,137 11.227 3,575 Seuetarial & general exp*Mlliwe 12,046 Travd mileage and accomoda Book KeepirvJ & Accwrtlr Bank clkqryes arKI irrter8St payable Trade subxriptions Prfntirnj arnl statlon Irswar 12.656 3,946 436 1.401 273 51 71 48.256