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 Un￿rtaIntieS about the charity's
ability to continue as a going con￿rn 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).
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