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2023-08-31-accounts

Company registration number: 052071 75 Charity registration number: 1108339

YORKSHIRE MUSICIANS

(A company limited by guarantee) Annual Report and Financial Statements

for the Year Ended 31 August 2023

Yorkshire Young Musicians

Contents (continued)

Reference and Administrative Details 1 to 2
Trustees' Report 3 to 8
Independent Examiner's Report 9 to 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
NotestotheFinancialStatements 14to26

Yorkshire Young Musicians

Reference and Administrative Details

Trustees J A Cameron
A Keogh
J Dickinson
P J Needham
J Wilson
P M Boughton
P St. Hilaire
SeniorManagement/
Leadership Team		 HMurray, HeadofYorkshireYoungMusicians
Charity Registration 1108339
Number
Company Registration 05207175
Number
ThecharityisincorporatedinEnglandandWales.

Page 1

Yorkshire Young Musicians

Reference and Administrative Details (continued)

Registered Office Opera North Limited Howard Opera Centre 8 Harrison Street Leeds West Yorkshire LS1 6PA Independent Examiner Fox Jennings Cullen Tarn House 77 High Street Yeadon Leeds LS19 7SP Accountants Fox Jennings Cullen Tarn House 77 High Street Yeadon Leeds LS19 7SP Solicitors: Wrigleys Solicitors 19 Cookridge Street Leeds LS2 3AG Bankers Barclays Bank 69 Albion Street Leeds LS1 5AA

Page 2

Yorkshire Young Musicians

Trustees’ Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2023.

Objectives and activities

Objects and aims

The objects of Yorkshire Young Musicians ("YYM") are to advance the education of musically talented children and young people and to afford access to music education to young people in particular by the provision of a music school and centre of excellence in music education and performance.

Public benefit

The charity provides a music school and centre of excellence in music education and performance, in order to advance the education of musically talented children and young people, and to afford access to music education to young people.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Financial review

Policy on reserves

The Directors and Trustees endeavour to maintain a minimum level of free reserves adequate to provide sufficient funding to cover their expectations of YYM’s operating expenditure after taking account of its future known and anticipated income, in particular to ensure reserves are sufficient to cover the immediate expenditure required to meet the specific risks facing the organisation (see below).

Plans for future periods

Aims and key objectives for future periods

The aims for future periods are: * continuing to develop the YYM curriculum to ensure it meets the varied needs, interests and aspirations of all students; * developing closer collaboration with our partners including music hubs in The Yorkshire and Humber region, incorporating an outreach programme; and * ensuring that the current funding from the Department for Education, Music and Dance Scheme is secured beyond the current agreement.

Page 3

Yorkshire Young Musicians

Trustees’ Report (continued)

Structure, governance and management

Nature of governing document

YYM was established as a company limited by guarantee on 16 August 2004 and was registered as a charity on 1 March 2005.

The company was established under a Memorandum of Association which established the object and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the trustees are elected at the AGM.

The Founder trustees were:

Recruitment and appointment of trustees

The Trustees when complete consist of at least three and not more than 10 individuals, all of whom must be members.

The Board of Trustees shall consist of the following.-

The subscribers to the Memorandum are the first Trustees (and the first Founder Trustees).

Every Trustee after appointment or reappointment must sign a declaration of willingness to act as a charity trustee of the Charity before he or she may vote at any meeting of the Trustees. An Appointed Trustee's term of office shall be set by the founder Trustees, and the maximum term of office for any Trustee without a one year break is nine years.

The Trustees may at any time co-opt any individual who is qualified to be appointed as a Trustee, to fill a vacancy in the Trustees' number. Such "Co-opted Trustee" holds office only until such vacancy is filled by a Founder Trustee or Appointed Trustee as the case may be.

Page 4

Yorkshire Young Musicians

Trustees’ Report (continued)

Major risks and management of those risks

Reserves

The Trustees have undertaken a risk management review and consider that the current reserves of YYM provide an appropriate cushion against adverse outcomes. The key risks identified along with key mitigation measures (other than the holding of appropriate reserves) are set out below.

Reliance on government income

The organisation is highly dependent upon Music and Dance Scheme grants for its successful operation. Other income streams are being developed, such an increasing the number of fee paying students. In addition, the Director is in regular contact with the Department for Education to ensure long term availability of grant funding is understood.

Student numbers

The number of students is maintained at an appropriate level through an active programme of student auditions, re-auditions and marketing of the organisation's activities.

Key person risk and succession

The Head (previously the Director) holds a key position in terms of the operation of the organisation as well as overseeing the musical education of the students over the long term.

Management information

The Trustees ensure there is appropriate management information to make decisions relating to the operation of the organisation through: 1. Monitoring and reporting on student attendance,

  1. Central monitoring of the recruitment process, 3. Review of regular finance information provided by the Leeds Conservatoire finance team.

Safeguarding

Yorkshire Young Musicians is committed to the protection and safeguarding of children and young people, and believes the responsibility held in this regard, to promote their interests and well-being, to be of paramount concern. The Board of Trustees of YYM acknowledges its responsibilities for the safeguarding and protection of children and young people under its care, and will monitor and evaluate the policies and procedures on an annual basis in line with current government advice and legislation.

Page 5

Yorkshire Young Musicians

Trustees’ Report (continued)

Student satisfaction and success

Students (and their parents where appropriate) are invited to feed back on their experience of YYM. The low number of students dropping out of tuition mid-year and the number who progress to higher education (in particular to study music at conservatoire level or music related degrees) is a testament to the success of the Head (previously the Director), teachers and other staff.

Space management

Currently both centres provide sufficient space for the successful operation of the Sunday morning centres. The Head (previously the Director) provides regular operational updates to the Trustees so that any issues can be highlighted and addressed.

Stakeholder management

There is a good working relationship between the founding organisations. There are Trustee representatives form each organisation as well as independent Trustees. This structure ensures that any issues or conflicts can be dealt with satisfactorily.

Page 6

Yorkshire Young Musicians

Trustees’ Report (continued)

Statement of trustees’ responsibilities

The trustees (who are also the directors of Yorkshire Young Musicians 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Page 7

Yorkshire Young Musicians

Trustees’ Report (continued)

The annual report was approved by the trustees of the charity on 26. Aoril Zea and signed on its behalf by:

ieee Trustee

Page 8

Yorkshire Young Musicians

Independent Examiner's Report to the trustees of Yorkshire Young Musicians (‘the Company’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.

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 accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of Fox Jennings Cullen, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Yorkshire Young Musicians as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts 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)).

| 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 accounts to be reached.

Page 9

Yorkshire Young Musicians

Independent Examiner's Report to the trustees of Yorkshire Young Musicians (‘the Company’) (continued)

A D Ormondroyd FCA Fox Jennings Cullen

Tarn House 77 High Street Yeadon Leeds LS19 7SP Date:.29..Apal2o2k.....

Page 10

Yorkshire Young Musicians

Statement of Financial Activities for the Year Ended 31 August 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Total|funds|Total|funds| |(all|(all| |unrestricted)|unrestricted)| |2023|2022| |Note|E|£| |Income|and|Endowments|from:| |Donations and|legacies|kK|227,505|263,122| |Charitable|activities|4|65,269|71,785| |Other trading|activities|5|-|27| |Investment|income|6|4,195|3,613| |Other income|7|4,167|5,341| |Total|income|301,136|343,888| |Expenditure|on:| |Charitable|activities|8|(359,900)|(419,304)| |Other expenditure|9|(3,547)|(3,751)| |Total|expenditure|(363,447)|(423,055)| |Net expenditure|(62,311)|(79,167)| |Net movement|in|funds|(62,311)|(79,167)| |Reconciliation|of funds| |Total|funds|brought forward|320,070|399,237| |Total funds|carried|forward|21|257,759|320,070|

----- End of picture text -----

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 21.

The notes on pages 14 to 26 form an integral part of these financial statements. Page 11

Yorkshire Young Musicians

(Registration number: 05207175) Balance Sheet as at 31 August 2023

2023 2022
Note £ z
Current assets
Debtors 16 12,605 7,f16
Investments
Cash at bankand in hand		 17
18		 250,000
53,305		 250,000
73,869
315,910 331,645
Creditors: Amounts falling duewithin oneyear 19 (58,151) (11,575)
Net assets 257,759 320,070
Funds ofthe charity:
Unrestricted income funds
Unrestricted funds 257,759 320,070
Totalfunds > 257,759 320,070

For the financial year ending 31 August 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The notes on pages 14 to 26 form an integral part of these financial statements. Page 12

Yorkshire Young Musicians

(Registration number: 05207175) Balance Sheet as at 31 August 2023 (continued)

The financial statements on pages 11 to 26 were approved by the trustees, and authorised for issue on 24.Ap%1.2024 and signed on their behalf by:

Tae ennelinennen Trustee

The notes on pages 14 to 26 form an integral part of these financial statements. Page 13

Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its registered office is: Opera North Limited Howard Opera Centre 8 Harrison Street Leeds West Yorkshire LS1 6PA

Authorised for issue date

2 Accounting policies

Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Yorkshire 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 notes.

Page 14

Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

2 Accounting policies (continued)

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised asa liability and included on the balance sheet as deferred income to be released.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Page 15

Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

2 Accounting policies (continued)

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

2 Accounting policies (continued)

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Office equipment 25% on cost

Current asset investments

Current asset investments are included at the lower of cost and net realisable value / market value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

2 Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Pensions and other post retirement obligations

The company’s employees belong to the Teachers' Pension Scheme ("TPS") for academic and related staff. This is an independently administered defined-benefit scheme.

Under the definitions set out in Financial Reporting Standard ("FRS") 102 (28), the TPS is a multi-employer pension scheme. The company is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the company has taken advantage of the exemption in FRS 102 and has accounted for the scheme as if it were a defined contribution scheme.

Page 18

Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

2 Accounting policies (continued)

Financial instruments

Classification

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's Balance Sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Recognition and measurement

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

3 Income from donations and legacies Income from donations and legacies
Unrestricted
funds
General		 Total
2023		 Total
2022
£ £ 3
Grants, including capital grants;
Government grants 227,505 227 50S 263,122
227,505 227 505 263,122
4 Income from charitable activities
Unrestricted
funds
General		 Total
2023		 Total
2022
£ £ £
Provision of music education 65,269 65,269 71,785
5 Income from othertrading activities
Total Total
funds 2022
£ £
Trading income;
Merchandise sales - 27
1.
6 Investment income
Unrestricted
funds
General		 Total
2023		 Total
2022
z £ £
Interest receivable and similar income;
Interestreceivableonbankdeposits 4,195 4,195 3,613

Page 20

Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

7 Other income

Unrestricted funds Total Total General 2023 2022 £ £ z Fees for examinations and performances 4,167 4,167 5,341

8 Expenditure on charitable activities

Unrestricted
funds
General		 Total
2023		 Total
2022
Note £ = 3
Grantfunding of activities 2,937 2,937 1,763
Staffcosts 285,373 285,373 320,884
Allocated support costs 10 90,231 50,231 49,895
Governance costs 10 21,359 21,359 46,762
359,900 359,900 419,304

In addition to the expenditure analysed above, there are also governance costs of £21,359 (2022 - £46,762) which relate directly to charitable activities. See note 10 for further details.

9 Other expenditure

Unrestricted
funds
General		 Total
2023		 Total
2022
Note z = £
Other resources expended 3,547 3,547 3,751
3,547 3,547 3,751

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

10 Analysis of governance and support costs

Governance costs

Unrestricted
funds Total
General funds
£ £
Independent examinerfees
Examination ofthe financial statements 2,220 2,220
Otherfees paid to examiners 3,499 3,499
Legal fees 246 246
Allocated support costs 15,394 15,394
Total for 2023 21,359 21,309
Total for 2022 46,762 46,762
11.
Grant-making

Analysis of grants

Analysis of grantsgrants
Grants to individuals
2023 2022
£ E
Analysis
Teaching equipment and materials 29 29
Exam fees 3,066 3,066
Student assistance 458 458
Student enrichment 549 549
4,102 4,102

The support costs associated with grant-making are ENil (31 August 2022 - £Nil).

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

12 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

13 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
2023 2022
£ £
Staffcosts during the yearwere:
Wagesand salaries 265,165 268,578
Social security costs 7,764 7,979
Pension costs 11,283 42,493
Other staffcosts 1,161 1,834
285,073 320,884

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2023 2022
No No
Tuition 33 33
Administration 2 2
35 35

23 (2022 - 41) of the above employees participated in the Defined Contribution Pension Schemes.

The average number of employees as required for disclosure under Companies Act 2006 was 35 (2022 - 35).

No employee received emoluments of more than £60,000 during the year.

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

14 Independent examiner's remuneration

14
Independent examiner's remuneration
2023 2022
& £
Examination ofthe financial statements 2,220 2,112
Other fees to examiners
Examination-related assurance services 1,272 1,248
All other services 2,227) 1,687
3,499 2,935

15 Taxation

The charity is a registered charity and is therefore exempt from taxation.

16 Debtors

2023 2022
= £
Trade debtors 9,637 3,390
Prepayments 2,968 4,386
12,605 7,776
17 Current asset investments
2023 2022
£ £
Cash investments 250,000 250,000
18 Cash and cash equivalents
2023 2022
£ £
Cash atbank 53,305 73,869

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

19 Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors - 540
Other taxation and social security 1,308 507
Other creditors 3,146 6,020
Accruals 53,697 4,508
58,151 11,575

20 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £11,283 (2022 - £42,493).

Yorkshire Young Musicians participates in two formal pension schemes, being the Teachers’ Pensions Scheme, and a workplace pension scheme operated by “The People’s Pension”.

The scheme operated by The People’s Pension is clearly a defined contribution scheme and, as such, no pension liabilities will arise from its implementation.

The Teachers’ Pension Scheme is a statutory, unfunded, defined benefit occupational scheme that is a multi-employer plan. Contributions on a “pay as you go” basis are credited to the exchequer under arrangements governed by the Superannuation Act 1972. The government carries out periodic actuarial valuations on a notional set of investments. However, the arrangements for the Teachers’ Pension Scheme mean that the liabilities for employee benefits cannot be identified specifically to the charity. The pension costs are therefore accounted for as if the scheme were a defined contribution scheme under FRS102.

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Yorkshire Young Musicians

Notes to the Financial Statements for the Year Ended 31 August 2023

(continued)

21 Funds

Balance at
1 Balance at
September Incoming Resources 31 August
2022 resources expended 2023
s £ £ £
Unrestricted funds
General 320,070 301,136 (363,447) 257,759
Balance at
1 Balance at
September Incoming Resources 31 August
2021 resources expended 2022
£ £ £ z
Unrestricted funds
General 399,237 343,888 (423,055) 320,070

22 Related party transactions

During the year the charity made the following related party transactions:

Leeds Conservatoire

(A company with whom Yorkshire Young Musicians has a director/trustee in common, and out of whose property the charitable company operates) During the year the organisation rented space from Leeds Conservatoire for the sum of £40,000 (2022: £40,000). At the balance sheet date the amount due to/from Leeds Conservatoire was ENil (2022 - ENil).

Hull Music Service

(Hull Music Service and Yorkshire Young Musicians are both members of Music Mark, and two of the company's trustees are also members of Music Mark) During the year the organisation rented space at The Albemarle Music Centre from Hull Music Service for the sum of £4,960 (2022: £4,960). At the balance sheet date the amount due to/from Hull Music Service was ENil (2022 - ENil).

Page 26