Registered number: 03639339 Charity number: 1075134
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA (A Company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2024
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
(A Company limited by guarantee)
Index to company reports and financial statements.
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 |
| Workings | 8 |
| Notes forming Part of financial Statements | 6-11 |
| The following pages do not form part of the statutory accounts: | |
| Detailed income and expenditure accounts | 12-14 |
Page 1
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 August 2024
Trustees Roger Bramble, Chairman Lady Brewer OBE Iain Gibbs Professor Ian Jones Simon C.G. Melluish MBE Benjamin Pateman, Secretary
Company Registered Number 03639339
Charity Registered Number 1075134 Registered Office 11 Gunnersbury Avenue London W5 3NJ Independent examiner GNS Associates Limited Boundary House Cricket Field Road Uxbridge UB8 1QG Bankers National Westminster Bank PLC 91 Westminster Bridge Road London SE11 7ZB
Page 2
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
TRUSTEES REPORT For the year ended 31 August 2024
The Trustees, who are directors of the charity for the purpose of the Companies Act, submit their annual report and the financial statements of The Young Musicians Symphony Orchestra (the Charitable company) for the year ended 31st August 2024. The Trustees confirm that the annual report and financial statement of the charitable company comply with current statutory requirements, the requirements of the charitable company's governing document and the provisions of the statement of Recommended Practice (SORP).
Method of Appointment or Election of Trustees
The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
Charitable Objectives
The principal objective of the charitable company is the provision of a national orchestra giving coaching and performing opportunities to music students and particularly those that have graduated and need to maintain their skills until they acquire a position in one of the country's professional orchestras.
Review of Activities and Future Developments
The results of the year's operation are set out in the financial statements. The net movement in funds for the year amounted to (£60,592) compared to (-£2,996) in 2023. The retained surplus on 31 August 2024 amounted to £97,423. (2023 - £36,786). The main reason for this was the increase in the rate of Orchestra Tax Relief, which this year amounted to £54,288. The policy regarding reserves is to make a modest surplus or to break even.
Donations have increased from £122,790 to £201,576. The Trustees are grateful for the support of all our donors including The Foyle Foundation (£25,000) and Garfield Weston Foundation (£10,000) and will maintain their fundraising activities. The Trustees continue to develop relationships with Conservatoires and Universities in the UK. Our side-by side scheme with the English National Ballet Philharmonic continued in June 2024 with great success and further schemes will continue in 2025. January 2nd 2024 saw the return of the London International Choral Festival Gala and on the 9th May 2024 the orchestra gave a concert at St. John’s Smith Square in celebration of Europe Day, supported by the EU Cultural Relations Platform. Plans are underway to repeat both these engagements in 2025.
Risk Management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company and are satisfied that systems are in place to mitigate the company's exposure to major risks.
Trustees' Responsibilities
Company and charity law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company of that period. In preparing those financial statements the Trustees have:
i. Selected suitable accounting policies and applied them consistently.
ii. Made judgments and estimates that are reasonable and prudent
iii. Stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
iv. Prepared the financial statements on a going concern basis.
The Trustees have overall responsibility for ensuring that the charitable company has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities. This report was approved by the trustees and signed on its behalf, by:
……...............…..................……………………………. Benjamin Pateman, Secretary Dated:
16/01/25
Page 3
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
INDEPENDENT EXAMINER'S REPORT TO THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
For the year ended 31 August 2024
I report on the accounts for the year ended 31st August 2024 set out on pages 4 to 11.
Respective responsibilities of trustees and examiner.
As described on page 2 the Trustees, 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 audit is not required for this year under section 144 of the Charities Act 2011 and an independent examination is needed .The charity is required by company law to prepare accrued accounts and I am qualifled to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales (ICAEW).
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 Act: and
- 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 undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention to indicate:
-
the accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
-
the accounts do not accord with such records:
• where accounts are prepared on an accrual basis, whether 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 matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.
L N Ghimire GNS Associates Limited Chartered Accountants
GNS Associates Limited Boundary House Uxbridge UB8 1AG
Page 4
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2024
| Unrestricted Funds 12 months ended 31 August 2024 Notes £ INCOMING RESOURCES Donations, legacies and similar incoming resources 2 261,693 Activities for generating funds: Trading activities 3 18,040 TOTAL INCOMING RESOURCES 279,733 RESOURCES EXPENDED Costs of generating funds: Charity trading expenses 4 166,562 Charitable expenditure: 52,571 Costs of activities in furtherance of the charity's objects TOTAL RESOURCES EXPENDED 219,133 MOVEMENT IN TOTAL FUNDS THE YEAR INCOME/ (EXPENDITURE) FOR THE VEAR 8 60,600 TOTAL FUNDS AT 01 SEPTEMBER 2023 36,831 TOTAL FUNDS AT 31 AUGUST 2024 97,431 |
Total Funds 12 months ended 31 August 2023 £ 167,769 19,887 |
|---|---|
| 187,656 | |
| 140,572 50,080 |
|
| 190,652 | |
| (2,996) 39,827 |
|
| 36,831 |
All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on page 6 to 11 form part of these financial statements.
Page 5
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
Balance Sheet As at 31 August 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible fixed Assets | 5 | 210 | 169 |
| Fixed assets | |||
| Current assets | |||
| Debtors | 6 | 18,381 | 6,515 |
| Cash in hand and at bank | 86,632 | 33,448 | |
| 105,013 | 39,963 | ||
| Creditors amounts falling due within one year | 7 | (1,995) | (3,146) |
| 103,018 | 36,817 | ||
| Net Assets | 9 | 103,228 | 36,986 |
| CHARITY FUNDS | |||
| Unrestricted-General Funds | 103,228 | 36,986 | |
| 103,228 | 36,986 |
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provision of section 477 of the Companies Act 2006 relating to small companies, and members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts, which give a true and fair view of the state of affairs of the company as at 31st August 2024 and of its profit for the year then ended In accordance with the provisions of the Act applicable to companies subject to the small companies regime.
The financial statements have been prepared in accordance with the special provision relating to small companies and in accordance with the Financial Reporting Standard for Small Entities (FRS 102).
The financial statements were approved by the Trustees and signed on their behalf, by:
Roger Bramble, Chairman Benjamin Pateman, Secretary Dated: 16/01/25
The notes on pages 6 to 10 form part of these financial statements.
Page 6
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The Financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the statement of Recommended Practice (SORP), "Accounting and Reporting by charities" published in October 2000, applicable accounting standards and the Companies Act 2006.
1.2 Company status
The Charitable Company is a company limited by guarantee. The members of the company are the governors named on page 1. In the event of the charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable Company.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investments income, gains and losses are allocated to the appropriate fund.
1.4 Incoming resources
All incoming resources are included in the Statement of financial Activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy.
1.5 Resources expended
All expenditure is accounted for on an accrual basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Overheads have been allocated on the basis of charity expenditure.
1.6 Cash flow
The Company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small charitable company.
1.7 Turnover
Turnover comprises the invoiced value of the goods and services supplied by the company, exclusive of Value Added Tax and trade discounts.
Page 7
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 August 2024
1 ACCOUNTING POLICIES
1.8 Tangible fixed assets and depreciation
Expenditure on assets are capitalised if they are capable of use exceeding the current year, are identifiable and the costs exceed £250.
Tangible fixed assets are stated at costs less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment- 30% Other Fixed Assets -20%
Reducing balance Reducing balance
2. DONATIONS LEGACIES AND SIMILAR INCOME RESOURCES
As set out on page 13
| As set out on page 13 | ||
|---|---|---|
| CHARITY INCOME Donations,Glfts & Grants-General funds HMRC Charities Orchestra Tax Relief TOTAL CHARITY INCOME |
12 months ended 31 August 2024 £ 201,576 5,828.57 54,288 261,693 |
12 months ended 31 August 2023 £ 122,790 5,712 39,267 |
| 167,769 |
Page 8
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024
3. TRADING ACTIVITIES
| 3. TRADING ACTIVITIES | ||
|---|---|---|
| CHARITY TRADING INCOME Sales of tickets and concert income Total Charity trading income CHARITY TRADING EXPENSES Costs of performances Net expenditure from trading activities |
Unrestricted 12 months ended 31 August 2024 £ 18,040 18,040 166,562 (148,522) |
Total Funds 12 months ended 31 August 2023 £ 19,887 |
| 19,887 | ||
| 140,572 | ||
| (120,685) |
Page 9
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024
4. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| Costs of generating funds: Charity trading expenses Subtotal costs of generating funds Charitable expenditure: Charity expenditure Subtotal charitable expenditure Total resources expended Depreciation of tangible fixed assets: Owned by charity Related Parties During the year, no trustee received any remuneration, benefit in kind or had any expenses reimbursed as trustees. |
Total Total 12 months ended 12 months ended 31 August 2024 31 August 2023 £ £ 166,562 140,572 |
|---|---|
| 166,562 140,572 |
|
| 52,571 50,080 52,571 50,080 |
|
| 219,133 190,652 79 51 Year ended Year ended 31 August 2024 31 August 2023 - - |
| 5 TANGIBLE FIXED ASSETS Cost At 1st September 2023 Additions Depreciation At 1st September 2023 Charge for the year Total Depreciation Net book value At 31st August 2024 At 31st August 2023 |
Equipment Fixtures & Fittings Other Fixed Assets Total £ £ £ 5,945 19,021 24,966 120 - 120 |
|---|---|
| 6,065 19,021 25,086 |
|
| 5,860 18,937 24,797 62 17 79 |
|
| 5,922 18,954 24,876 |
|
| 143 67 210 |
|
| 85 84 169 |
Page 10
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
6. DEBTORS
| Due within one year HMRC tax refund Prepayments 7 CREDITORS Amounts falling due within one year Trade creditors Other creditors Total resources expended |
2024 £ 5,829 12,552 18,381 2024 £ 1,995 - 1,995 |
2023 £ 191 6,324 |
|---|---|---|
| 6,515 | ||
| 2023 £ 2,360 786 |
||
| 3,146 |
Page 11
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
8. SUMMARY OF FUNDS
| 8. SUMMARY OF FUNDS | |
|---|---|
| General Funds | Brought Forward Incoming Resources Resources Expended Carried Forward £ £ £ £ 36,831 279,733 (219,133) 97,431 |
| 36,831 279,733 (219,133) 97,431 |
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted 12 months ended 31 August 2024 £ 210 99,216 (1,995) 97,431 |
Total Funds 12 months ended 31 August 2023 £ 169 39,809 (3,146) |
|---|---|---|
| 36,832 |
Page 12
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
DETAILED INCOME AND EXPENDITURE ACCOUNT For the year ended 31 August 2024
| TRADING INCOME Concert Income LESS: TRADING COST OF SALES Fund Raising Costs Direct Advertising, Leaflets and Programs Conductors fees Hire of Rehearsal Halls Hire of Halls and Concert expenses Hire of instruments Hire of Music Players Expenses ( Concert ) Tutors Soloists Auditions Programmes Recording costs and Virtual Performance cost Auxiliary staff/organisers Remuneration TOTAL TRADING COST OF SALES GROSS TRADING LOSS NET LOSS FROM TRADING ACTIVITIES |
18,040 8,305 7,999 11,520 15,235.00 19,498 4,045 2,983 29,520 36,990 2,900 12,344 2,923 5,750 6,550 12 months ended £ 31 August 2024 |
18,040 8,305 7,999 11,520 15,235.00 19,498 4,045 2,983 29,520 36,990 2,900 12,344 2,923 5,750 6,550 12 months ended £ 31 August 2024 |
19,887 7,232 5,646 11,520 12,303 13,059 4,935 2,679 26,724 37,146 4,400 - 3,952 6,184 4,792 12 months ended 31 August 2023 £ |
19,887 7,232 5,646 11,520 12,303 13,059 4,935 2,679 26,724 37,146 4,400 - 3,952 6,184 4,792 12 months ended 31 August 2023 £ |
|---|---|---|---|---|
| 166,562 | 140,572 | |||
| (148,522) (148,522) |
(120,685) | |||
| (120,685) |
Page 13
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
DETAILED INCOME AND EXPENDITURE ACCOUNT For the year ended 31 August 2024
| CHARITY INCOME Donations Donations,Gifts & Grants- General funds HMRC Charities Orchestra Tax Relief TOTAL CHARITY INCOME LESS: CHARITY EXPENDITURE Total overheads of charity TOTAL CHARITY EXPENDITURE NET INCOME FROM CHARITABLE SOURCES NET LOSS FROM TRADING ACTIVITIES NET (EXPENDITURE)/ INCOME FOR THE YEAR |
201,576 122,790 5,829 5,712 54,288 39,267 261,693 167,769 (52,571) (50,080) (52,571) (50,080) 209,122 117,689 (148,522) (120,685) 60,600 (2,996) £ 12 months ended 31 August 2023 £ 12 months ended 31 August 2024 |
201,576 122,790 5,829 5,712 54,288 39,267 261,693 167,769 (52,571) (50,080) (52,571) (50,080) 209,122 117,689 (148,522) (120,685) 60,600 (2,996) £ 12 months ended 31 August 2023 £ 12 months ended 31 August 2024 |
|---|---|---|
| 117,689 | ||
| (120,685) (2,996) |
Page 14
THE YOUNG MUSICIANS SYMPHONY ORCHESTRA
SCHEDULE TO THE DETAILED ACCOUNTS
For the year ended 31 August 2024
| CHARITY EXPENDITURE Management fees Secretarial & general expenditure Telephone, Internet and fax Travel mileage and accomodation Book Keeping & Accounting Bank charges and interest payable Trade subscriptions / licenses Printing and stationary Insurance Depreciation Total |
2024 £ 17,280 14,102 1,373 11,348 4,873 1,002 882 1,322 310 79 |
2023 £ 17,280 12,046 883 12,656 3,946 938 436 1,548 296 51 |
|---|---|---|
| 52,571 | 50,080 |