Company registration number: 05207175 Charity registration number: 1108339 YORKSHIRE YOUNG MUSICIANS (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2024
Yorkshire Young Musicians Contents (continued) Reference and Administrative Details 1to2 Trustees, Report 3to8 Independent Examinerfs Report 9t010 Statement of Financial Activities 11 Balance Sheet 12to13 Notes to the Financial Statements 14to25
Yorkshire Young Musicians Reference and Administrative Details Trustees J A Cameron J Dickinson P J Needham J Wilson P M Boughton P St. Hilaire J Sheriff H Croft D Allen Senior Management I Leadership Team H Murray, Head of Yorkshire Young Musicians Charity Registration Number 1108339 Company Registration Number 05207175 The charity is incorporated in England and Wales. Page 1
Yorkshire Young Musicians Reference and Administrative Details (continued) Registered Office Opera North Limited Howard Opera Centre 8 Harrison Street Leeds West Yorkshire LS16PA Independent Examlner Fox Jennings Cullen Tarn House 77 High Street Yeadon Leeds LS19 7SP Fox Jennings Cullen Tarn House 77 High Street Yeadon Leeds LS19 7SP Wrigleys Solicitors 19 Cookridge Street Leeds LS2 3AG Accountsnts Sollcltors: Bankers Barclays Bank 69 Albion Street Leeds LS15AA 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 2024. Objectlves 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 Pollcy 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.. Music Mark (formerly "Federation of Music Services, Yorkshire & Humber Region") Leeds Conservatoire (formerly "Leeds College of Music") Opera North 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.- no more than t4VO authorised representatives of Opera North no more than two authorised representatives of Leeds Conservatoire no more than two authorised representatives of Music Mark (the above three comprising the "Founder Trustees") no more than four persons appointed (and removed) by the Founder trustees ("Appointed Trustees") 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 Offi 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) Majorrisks and management of those risks Reserves The Trustees have undertaken a risk management review and consider that the current resep4es 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 govemment income The organisation is highly dependent upon Music and Dance Scheme grants for its successful operation. Other income streams are being developed, such as 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 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, 2. 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 Spa 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: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can 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 prevention and detection of fraud and other irregularities. 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 signed on its behalf by: 23 and J Wilson Trustee Page 8
Yorkshire Young Musicians Independent Examinerfs Report to the trustees of Yorkshire Young Musicians ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 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 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, I 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 I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent examiner's statement sin 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. I confirm that l am qualified to undertake the examination because l am a member of Fox Jennings Cullen, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 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. Ihe 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)]. 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 accounts to be reached. Page 9
Yorkshire Young Musicians Independent Examinerfs 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 Page 10
Yorkshire Young Musicians Statement of Financial Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Total funds Totsl funds unrestricted) unrestricted) 2024 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 273,169 63.670 9,250 3,011 227,505 65,269 4,195 4,167 Total income 349,100 301,136 Expenditure on: Charitable activities Other expenditure Total expenditure Net expenditure Net movement in funds (347,757) {359,900) 4,565 3,547 352,322 363,447 3,222 62,311 (3,222) {62,311) Reconciliation of funds Total funds brought forward Total funds carried forward 257,759 320,070 257,759 20 254,537 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 20. The notes on pages 14 to 25 fomi an integral part of these financial statements. Page11
Yorkshire Young Musicians (Registration number: 05207175) Balance Sheet as at 31 August 2024 2024 2023 Note Current assets Debtors Investments Cash at bank and in hand 15 16 17 16,391 220,000 26,447 262,838 8.301 12,605 250,000 53,305 315.910 58.151 Creditors: Amounts falling due within one year 18 Net assets 254,537 257.759 Funds of the charity: Unrestrlcted Income funds Unrestricted funds 254,537 254,537 257,759 257,759 Total funds 20 For the financial year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 14 to 25 form an integral part of these financial statements. Page 12
Yorkshire Young Musicians (Registration number: 05207175) Balance Sheet as at 31 August 2024 (continued) The financial statements on pages 11 to 25 were approved by the trustees, and authorised for issue on and signed on their behalf by: J Wilson Trustee The notes on pages 14 to 25 form an integral part of these financial statements. Page 13
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 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 LS16PA Authorised for issue date 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 2024 (continued) Accounting policies (continued) Going concern The trustees consider that there are no material UnrtaIntieS about the charity's ability to continue as a going conrn 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. Incorne 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 as a 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 2024 (continued) Accounting policies (continued) Charitable activitles 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 wrth 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 charitsble purposes. Page 16
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) Accounting policles (continued) 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 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. 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 obllgations The company's employees belong lo 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 17
Yorkshire Young Musicians Notes to the Financial Ststements for the Year Ended 31 August 2024 (continued) Accounting policies (continued) Financial instruments Classification The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther 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 re[PtS 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. Page 18
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) Income from donations and legacies Unrestrlcted funds General Total 2024 Total 2023 Grants. including capital grants; Government grants 273,169 273,169 273,169 273.169 227,505 227,505 Income from charitable activities Unrestricted funds General Total 2024 Totsl 2023 Provision of music education 63,670 63,670 65,269 Investment income Unrestricted funds General Totsl 2024 Total 2023 Interest receivable and similar income; Interest receivable on bank deposits 9.250 9,250 4.195 Other income Unrestrlcted funds General Total 2024 Total 2023 Fees for examinations and performances 3,011 3,011 4,167 Page 19
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) Expenditure on charitable activities Unrestricted funds General Total 2024 Total 2023 Note Grant funding of activities Staff costs Allocated support costs Governance costs 383 273.320 49,374 24,680 347,757 383 273,320 49,374 24,680 2,937 285,373 50,231 21,359 347,757 359,900 Other expenditure Unrestricted funds General Totsl 2024 Total 2023 Note Examination and assessment fees 4,565 4,565 4,565 3,547 3,547 4.565 9 Analysis of governance and support costs Charitable activities expenditure Unrestricted funds Total Total Basls of allocation General 2024 2023 Teaching space hire Light, heat and power 45,279 4,095 49.374 45,279 4,095 49,374 44,961 5,270 50.231 100Vo Page 20
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 9 Analysis of governance and support costs {continued) Governance costs Unrestricted funds General Total 2024 Total 2023 Independent examiner fees Examination of the financial statements Other fees paid to examiners Legal fees Allocated support costs 2,328 2,701 2,328 2,701 2,220 3,499 246 15,394 21,359 19,651 24,680 19,651 24,680 10 Grant.making Analysls of grants Grants to individuals 2024 2023 Analysis Teaching equipment and materials Student assistance Student enrichment 348 35 750 2,187 2,937 383 The support costs associated with grant-making are £Nil (31 August 2023 - £Nil). Page 21
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 11 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. 12 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs 215,842 7,321 12,071 38,086 273,320 242,412 7,764 11,283 23,914 285,373 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 No 2023 No Tuition Administration 29 33 31 35 31 (2023 - 23) 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 31 (2023 - 35). No employee received emoluments of more than £60,000 during the year. Page 22
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 13 Independent examiner's remuneration 2024 2023 Examination of the financial statements 2,328 2,220 Other fees to examiners Examination-related assurance services All other services 474 2,227 2,701 1,272 2,227 3,499 14 Taxation The charity is a registered charity and is therefore exempt from taxation. 15 Debtors 2024 2023 Trade debtors Prepayments 12,449 3,942 16,391 9,637 2,968 12,605 16 Current asset investments 2024 2023 Cash investments 220,000 250,000 17 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 56 26,391 26,447 53,305 53,305 Page 23
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 18 Creditors: amounts falling due withln one year 2024 2023 Other taxation and social security Other creditors Accruals 1,308 3,146 53.697 58,151 2,949 5.352 8,301 19 Penslon 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 £346 (2023 - £306). Yorkshire Young Musicians participates in two fomial 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 govemment carTies out periodic acluarial 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. Page 24
Yorkshire Young Musicians Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 20 Funds Balance at Balance at Incoming Resources 31 August resources expended 2024 September 2023 Unrestricted funds General 257,759 349,100 352,322 254,537 Balance at Balance at 31 August 2023 September 2022 Incoming Resources resources expended Unrestricted funds General 320,070 301,136 363,447 257,759 21 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 directorltrustee 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 {2023: £40,000). At the balance sheet date the amount due tolfrom Leeds Conservatoire was £Nil (2023 - £Nil). Hull Music Service (Hull Music Service and Yorkshire Young Musicians are both members of Music Mark, and of the company's trustees are also members of Music Mark) During the year the organisation rented Spa at The Albemarle Music Centre from Hull Music Service for the sum of £5,280 (2023: £4,960). At the balance sheet date the amount due tolfrom Hull Music Service was £Nil (2023 - £Nil). Page 25