## **Youth Music Centre**
**Charity No. 1077495**
**Company No. 03816808**
**Trustees' Report and Unaudited Accounts**
**31 July 2024**
**Youth Music Centre Contents**
||Pages||
|---|---|---|
|Trustees' Annual Report|2 to 4||
|Independent Examiner's Report||5|
|Statement of Financial Activities||6|
|Balance Sheet||7|
|Notes to the Accounts|8 to|13|
|Detailed Statement of Financial Activities|14 to|15|
Page 1
**Youth Music Centre Trustees Annual Report**
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 July 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Company No. 03816808**
## **Charity No. 1077495**
## **Registered Office**
29 Whitehall Lodge Pages Lan London N10 1NY
## **Directors and Trustees**
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
A. Burch I. Byrne Brito A.P. Craig J.C. Edwards M.L. Hurwitz T.E. Longstaff A. Sharpe S.C. Warner
## **Accountants**
Pollock Accounting Ltd 3 - 4 Sentinel Square London NW4 2EL
## **OBJECTIVES AND ACTIVITIES**
The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association.
The charity's object and its principal activity is to provide a happy environment in which young people can come together to realise their musical potential. This is achieved through the provision of a Saturday morning music school, the Youth Music Centre, offering a variety of musical activities and classes ranging from musicianship, choir and instrumental tuition to orchestras and ensemble work.
The charity wishes to give opportunities to all young people irrespective of ability or financial situation, therefore entry is open to anyone who wants to take part and assisted places are provided where necessary.
Page 2
**Youth Music Centre**
## **Trustees Annual Report**
The charity is so organised that its Council Members/Directors meet regularly with the Artistic Director, the Administrator and the Finance Assistant to offer their support in the running of the school and to oversee its financial management. Steps have been taken to allocate specific appropriate roles to Council Members/Trustees to ensure appropriate oversight in the interests of good governance.
## **ACHIEVEMENTS AND PERFORMANCE**
The regular Saturday morning activities continue at Bigwood House. Student numbers are between 120-130 which is at or about the break-even target. Successful, well attended concerts have taken place at the end of each term. Additional events include a Masterclass by our Patron, Gyorgi Pauk, and a concert hosted by Mike Hurwitz at his home. There has also been a much appreciated and well attended a teachers’ concert. A Bring a Friend Day’ was also successful.
The individual lessons for students and a new sight-reading skills class have continued to be popular. The café has reopened and is increasingly busy. Our students continue to thrive and achieve prizes, and we have increased our profile in the locality, including performances on Family Day at the St. Jude’s Proms.
In the last financial year, the challenge of the cost of living crisis has continued, but we have still managed to achieve a surplus of income over expenditure.
The Bursary Fund remains the focus of our fund-raising activities, and the charitable donations which this generates are essential to YMC’s ability to offer assisted places. We have been able to use the funds raised to help students from families suffering financial hardship in the current financial climate. We maintain an annual target to ensure the sums raised are adequate to meet the calls on the fund.
There have been donations this year from a number of organisations and foundations to which applications were made, as well as from individuals. The names of the donors are included on the Bursary Fund page of YMC’s website https://www.youthmusiccentre.uk/bursary-fund/. YMC remains extremely grateful to the generosity of all these donors. A significant donation over a 5-year period has now run its course, and the loss of this annual sum will be a challenge if it is not renewed or replaced. The Bursary sub-committee continues to oversee our fund-raising activities, and report to the Trustees/Board of Directors.
We wish to express our appreciation for the outstanding work undertaken by the Artistic Director, Marina Solarek . She has also worked tirelessly for the students and also on behalf of the Bursary Fund. She has been supported by the dedicated members of the teaching staff; they have also made innovative suggestions such as ‘Bring a Friend Day’. Particular mention should be made of the essential work of YMC’s support staff; our Administrator Henry Hargreaves, and also Natasha Dedic (Finance Assistant).
The Trustees/Board of Directors receive regular and comprehensive financial reports. In the coming year, we plan to continue and consolidate the various activities by continuing to recruit more students, and by maintaining and expanding existing classes and the opportunities that we offer. However, we are also aware of the importance of being realistic when setting the budget for the following year.
## **FINANCIAL REVIEW**
Page 3
## **Youth Music Centre**
## **Trustees Annual Report**
The statement of financial activities shows an excess of income over expenditure for the first time for a number of years, and has justified the projections in last year’s report that we were on course for a surplus. However, the challenges we face mean that we continue to monitor our financial position term by term. We aim to set our annual budget for the next academic year at our May meetings, where we seek to set the fees at a level which is realistic but affordable. We also review expenditures, especially payments to staff. Taking all this into account, together with the level of our reserves, our funds are at a level at which the directors feel is appropriate for the stability of the charity going forward.
Taking this into account, together with the level of our reserves, our funds are at a level at which the directors feel is appropriate for the stability of the charity going forward.
## PRINCIPAL RISKS AND UNCERTAINTIES
The reduction in student numbers from previous years remains the principal risk. We are also monitoring whether the possible introduction of VAT on fees, should this taken place, would adversely impact on our finances. The risks, and responses to them, are reviewed at each meeting of YMC's council members. Subject to these matters, the directors are satisfied as to the continuing viability of the charity.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
## Stephen Warner
S.C. Warner Trustee 03 November 2024
Page 4
**Youth Music Centre Independent Examiners Report**
## **Independent Examiner's Report to the trustees of Youth Music Centre**
I report to the charity trustees on my examination of the financial statements of Youth Music Centre for the year ended 31 July 2024.
## **Responsibilities and basis of report**
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
- accounting records were not kept in accordance with section 386 of the 2006 Act ; or
- the financial statements do not accord with those records; or
- the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
- the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
David Pollock FCMA Institute of Chartered
Management Accountants Pollock Accounting Ltd 3 - 4 Sentinel Square London NW4 2EL
03 November 2024
Page 5
**Youth Music Centre Statement of Financial Activities**
## **for the year ended 31 July 2024**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
Investments
5
**Total**
**Expenditure on:**
Other
6
**Total**
Net gains on investments
**Net income/(expenditure)**
7
Transfers between funds
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
89,264
119|**Restricted**
**funds**
**2024**
**£**
24,784
-|**Total funds**
**2024**
**£**
114,048
119|**Total funds**
**2023**
**£**
88,289
109|
|---|---|---|---|---|
||89,383
76,858|24,784
24,784|114,167
101,642|88,398
100,706|
||76,858
-|24,784
-|101,642
-|100,706
-|
||12,525
-|-
-|12,525
-|(12,308)
-|
||12,525|-|12,525|(12,308)|
||12,525
20,403|-
18,422|12,525
38,825|(12,308)
51,133|
||32,928|18,422|51,350|38,825|
Page 6
**Youth Music Centre**
## **Balance Sheet**
## **at 31 July 2024**
|**Company No.**
**03816808**
**Notes**
**2024**
**£**
**Fixed assets**
Tangible assets
9
355
355
**Current assets**
Debtors
10
3,763
Cash at bank and in hand
50,089
53,852
**Creditors:**Amount falling due within one year
11
(2,857)
**Net current assets**
50,995
**Total assets less current liabilities**
51,350
**Net assets excluding pension asset or liability**
51,350
**Total net assets**
51,350
**The funds of the charity**
**Restricted funds**
12
Restricted income funds
18,422
18,422
**Unrestricted funds**
12
General funds
32,928
32,928
**Reserves**
12
**Total funds**
51,350|**2023**
**£**
474|
|---|---|
||474
2,429
39,480|
||41,909
(3,558)|
||38,351
38,825|
||38,825|
||38,825|
||18,422|
||18,422
20,403|
||20,403|
||38,825|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 03 November 2024
And signed on its behalf by:
Stephen Warner
S.C. Warner Trustee
03 November 2024
Page 7
**Youth Music Centre Notes to the Accounts**
## **for the year ended 31 July 2024**
- 1 **Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Change in basis of accounting or to previous accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **Fund accounting**
- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
- Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
- Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
## **Income**
- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
**Youth Music Centre Notes to the Accounts**
## **Expenditure**
- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
- Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
- Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
- Other expenditure These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Tangible fixed assets and depreciation**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Equipment 25% Reducing balance
## **Trade and other 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.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other 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.
Page 9
**Youth Music Centre Notes to the Accounts**
## 2 **Company status**
The company is a private company limited by guarantee and consequently does not have share capital.
## 3 **Statement of Financial Activities - prior year**
|3
**Statement of Financial Activities - prior year**|||||
|---|---|---|---|---|
|**Income and endowments from:**
Donations and legacies
Investments
**Total**
**Expenditure on:**
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
4
**Income from donations and legacies**
Tuition fees
Bursary funding
5
**Income from investments**
Interest received|**Unrestricted**
**£**
89,264
-
89,264|**Unrestricted**
**funds**
**2023**
**£**
72,410
109
72,519
85,825
85,825
(13,306)
(13,306)
(13,306)
33,709
20,403
**Restricted**
**£**
17,702
7,082
24,784
**Unrestricted**
**£**
119
119|**Restricted**
**funds**
**2023**
**£**
15,879
-
15,879
14,881
14,881
998
998
998
17,424
18,422
**Total**
**2024**
**£**
106,966
7,082
114,048
**Total**
**2024**
**£**
119
119|**Total funds**
**2023**
**£**
88,289
109|
|||||88,398
100,706|
|||||100,706|
|||||(12,308)|
|||||(12,308)|
|||||(12,308)
51,133|
|||||38,825|
|||||**Total**
**2023**
**£**
87,541
748|
|||||88,289|
|||||**Total**
**2023**
**£**
109|
|||||109|
Page 10
**Youth Music Centre Notes to the Accounts**
6 **Other expenditure**
|Consultant fees
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
7
**Net income/(expenditure) before transfers**
This is stated after charging:
Depreciation of owned fixed assets
8
**Staff costs**
Fees paid to staff
No employee received emoluments in excess
9
**Tangible fixed assets**
**Cost or revaluation**
At 1 August 2023
At 31 July 2024
**Depreciation and**
**impairment**
At 1 August 2023
Depreciation charge for the
year
At 31 July 2024
**Net book values**
At 31 July 2024
At 31 July 2023
10 **Debtors**
Trade debtors|**Unrestricted**
**£**
40,199
13,850
118
2,106
20,585
76,858
of £60,000.|**Restricted**
**£**
24,784
-
-
-
-
24,784
**2024**
**£**
118
**2024**
64,983
64,983
**2024**
**£**
3,763
3,763|**Total**
**2024**
**£**
64,983
13,850
118
2,106
20,585
101,642
**Equipment**
**£**
7,922
7,922
7,449
118
7,567
355
473|**Total**
**2023**
**£**
63,747
13,295
157
2,797
20,710|
|---|---|---|---|---|
|||||100,706|
|||||**2023**
**£**
157
**2023**
63,483|
|||||63,483|
|||||**Total**
**£**
7,922|
|||||7,922|
|||||7,449
118|
|||||7,567|
|||||355|
|||||473|
|||||**2023**
**£**
2,429|
|||||2,429|
Page 11
**Youth Music Centre Notes to the Accounts**
## 11 **Creditors:**
amounts falling due within one year
|Trade creditors
Other creditors
Accruals
12 **Movement in funds**
**Restricted funds:**
**Restricted income funds:**
Bursaries
_Total_
**Unrestricted funds:**
**General funds**
**Total funds**|**At 1 August**
**2023**
18,422
18,422
20,403
38,825|**2024**
**£**
267
455
2,135
2,857
**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
24,784
24,784
89,383
114,167|**Resources**
**expended**
**£**
(24,784)
(24,784)
(76,858)
(101,642)|**2023**
**£**
1,421
-
2,137|
|---|---|---|---|---|
|||||3,558|
|||||**At 31 July**
**2024**
**£**
18,422|
|||||18,422|
|||||32,928|
|||||51,350|
Purposes and restrictions in relation to the funds:
Restricted funds: Bursaries This fund is there to give the charity the ability to offer assisted places.
13 **Analysis of net assets between funds**
|Fixed assets
Net current assets|**Unrestricted**
**funds**
**£**
355
50,995
51,350|**Total**
**£**
355
50,995|
|---|---|---|
|||51,350|
## 14 **Reconciliation of net debt**
|Cash and cash equivalents
Net debt|**At 1 August**
**2023**
**£**|**Cash flows**
**£**|**At 31 July**
**2024**
**£**|
|---|---|---|---|
||39,480|10,609|50,089|
||39,480
39,480|10,609
10,609|50,089|
||||50,089|
Page 12
**Youth Music Centre Notes to the Accounts**
## 15 **Related party disclosures**
## _**Controlling party**_
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 13