Registered number 05482194
National Youth String Orchestra (A company limited by guarantee having no share capital)
Report and Accounts
31 August 2020
National Youth String Orchestra (A company limited by guarantee having no share capital) Company Information
Directors
John Bimson Charles Clark Richard Davison Louise Lansdown Alison Pickard David Woodhead
Accountants
J MacArthur, FCA Amati UK Ltd 13 Cross Rise Glossop SK13 8TE
Bankers
CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Registered office
One Silk Street London EC2Y 8HQ
Registered number 05482194
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Directors' Report
The directors present their report and accounts for the year ended 31 August 2020.
Governing Document
The Company is a company limited by guarantee governed by its Memorandum and Articles of Association dated 25 May 2005. It is registered as a charity with the Charity Commission. There are currently six members (the directors) each of whom has agreed to contribute £10 in the event of the company being wound up in circumstances where its liabilities exceed its assets.
Appointment of Directors
Pursuant to the Articles of Association there shall be at least three directors. Appointments of directors are by resolution of the members or the directors (the members and directors are the same persons). If appointed by the directors, the new director is required to retire at the next annual general meeting (but may be reappointed). At each annual general meeting one third of the directors are required to retire by rotation but may be reappointed.
Objects
The objects of the Company are the furthering of the musical education of children and young people enabling them to perform in public. Its primary activity is the running of a specialist string chamber orchestra providing quality training for talented, young string players up to the age of 21 and giving them regular experience of the art of public performance.
Risk Assessments
The Company regularly reviews its child protection policy, risk assessments and critical incident response plans in the light of the venues where it is holding courses and the students who will be attending.
Activities
This year was our 25th year (NYSO had operated as an unincorporated trust for 10 years before the establishment of the Company). Sadly but inevitably Covid meant that we were unable to hold our residencies or perform our concerts. Everyone had been looking forward in particular to our Senior Orchestra performing the opening concert of the 2020 Three Choirs Festival but sadly it was not to be. Fortunately the preparation that had been done for the residencies will put us in good stead for when we are able to resume activities.
Our patron Alina Ibragimova very generously gave masterclasses to three of our violinists which was a wonderful experience for them. Damian Iorio, our Music Director, also ran online sessions for our Intermediate Orchestra players (on Piazzolla’s Libertango) and for the Senior Orchestra (on Mozart’s Eine Kleine Nachtmusik).
With this anniversary coming, it was a timely moment for fundraising for bursaries. It is central to our ethos to welcome young players without regard to their financial means. In addition to our many Friends and other generous individuals who support us we are particularly pleased to thank the Angus Allnatt Charitable Foundation, The D'Oyly Carte Foundation and the Garfield Weston Foundation together with longstanding supporter John Lewis & Partners for their generosity in providing bursary funding. Some of this funding was received before the financial year and forms part of the previous year’s results.
During the year we claimed orchestra tax relief in respect of the prior years for which this was possible. We are very grateful to Graham Suggett of Creative Tax Reliefs for his advice and
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National Youth String Orchestra (A company limited by guarantee having no share capital) Statement of financial activities for the year ended 31 August 2020
| 2020 Unrestricted funds £ Income and donations Donations 4 1,245 Charitable activities 5 45,729 Other trading activities 6 53 Investment income 7 114 Less bursary costs - Total income 47,141 Expenditure on: Direct costs 8 (17,334) Administrative expenses 8 (24,209) Other operating income Net income / (expenditure) 9 5,598 Transfers between funds - Net movement in funds 5,598 Total funds brought forward 50,694 Total funds carried forward 56,292 |
2020 Restricted funds £ 7,550 - - - - 7,550 - - 7,550 - 7,550 - 7,550 |
2020 Total funds £ 8,795 45,729 53 114 - 54,691 (17,334) (24,209) - 13,148 - 13,148 50,694 63,842 |
2019 Total funds £ 27,218 116,078 182 76 (18,250) |
|---|---|---|---|
| 125,304 (101,144) (22,928) - |
|||
| 1,232 - |
|||
| 1,232 | |||
| 49,462 | |||
| 50,694 |
There were no recognised gains or losses other than the net incoming resources for the year. All income and expenditure derive from continuing activities.
See note 3 for comparative Statement of Financial Activities analysed by funds.
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Registerednumhr: Balance Sheet as at31August2020 |
05482194 |
||||
|---|---|---|---|---|---|
| Notes | 2020 | 2020 | 2020 | 2019 | |
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
||
| 8E | E | g | |||
| Fixedassets | |||||
| Tangibleassets | 'll | 1 | 1 | 1 | |
| Gurrentassets | |||||
| Debtors | 12 | 5,714 | 5,714 | 10,639 | |
| Cash at bank and in hand | 84,354 | 7,550 | 91,904 | 68,770 | |
| 90,068 | 7,550 | 97,619 | 79,409 | ||
| Creditors: amountslalling | |||||
| duewithinoneyear | 13 | (33,777) | (33,7771 | (28,716) | |
| Netcurrent assets | 56,291 | 7,550 | 63,841 | 50,693 | |
| Totalnetassets | 56,292 | 7,550 | 63,842 | 50,694 | |
| Totallundsof thecharity | 16 |
||||
| Funds broughtfonryard | 50,694 | 50,694 | 49,462 | ||
| Net income/expenditure for year | 5,598 | 7,550 | 13,148 | 1,232 | |
| Fundscarriedlorward | 56,292 | 7,550 | 63,842 | 50,694 |
National Youth String Orchestra (A company limited by guarantee having no share capital) Notes to the Accounts for the year ended 31 August 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Charities SORP 2015 (FRS 102) and the Companies Act 2006.
Funds
The unrestricted funds represent funds which are expendable at the discretion of the directors in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds subject to specific restrictions imposed by the donors. These funds are not available for the directors to apply at their discretion. The purpose and use of the restricted funds is set out in note 5 to the financial statements.
Income
Income is recognised when the charity has entitlement to the funds on an accruals basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Harpsichord 10% straight line
Taxation
The National Youth String Orchestra is a registered charity and is thus exempt from tax on income and gains falling within Part 10 of the Income Tax Act 2007 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction.
2 Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
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National Youth String Orchestra (A company limited by guarantee having no share capital) Notes to the Accounts for the year ended 31 August 2020
| 3 Comparative Statement of Financial Activities 2019 2019 Unrestricted Restricted funds funds £ £ Income 135,464 8,090 less Bursary costs (10,160) (8,090) Total income 125,304 - Expenditure Direct costs (101,144) - Administrative expenses (22,841) (87) Total expenditure (123,985) (87) Net income / (expenditure) 1,319 (87) Reconciliation of funds Total funds brought forward 49,375 87 Total funds carried forward 50,694 - 4 Income from donations 2020 £ Donations 7,550 Gift aid on donations - Friends subscriptions 1,245 Total income from donations 8,795 Donations received from directors in the year totalled £0 (2019: £15,720). 5 Income from charitable activities 2020 £ Residency fees - CD & programme sales - Concert fees - Ticket sales - Orchestra tax relief 45,729 Total income from charitable activities 45,729 |
2019 Total funds £ 143,554 (18,250) |
|---|---|
| 125,304 (101,144) (22,928) |
|
| (124,072) | |
| 1,232 49,462 |
|
| 50,694 | |
| 2019 £ 24,110 1,494 1,614 |
|
| 27,218 | |
| 2019 £ 110,407 - 2,000 3,671 - |
|
| 116,078 |
Residency fees are stated as the gross amount before the award of bursaries. The amount received by the Company is the net amount. All income from charitable activities relates to unrestricted funds.
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National Youth String Orchestra (A company limited by guarantee having no share capital) Notes to the Accounts for the year ended 31 August 2020
| 6 Income from other activities Sale of t-shirts Donations from easyfundraising.org.uk |
2020 £ - 53 53 |
2019 £ 147 35 |
|---|---|---|
| 182 |
Income from other activities received from the directors during the year was nil (2019: nil).
| 7 Investment income Bank interest received Total investment income 8 Expenditure on charitable activities Direct costs Administrative expenses Bank charges Total expenditure on charitable activities 9 Net income/expenditure is stated after charging: Independent examiner's fee Accounts preparation 10 Employees Average number of persons employed by the company |
2020 £ 114 114 2020 £ 17,334 24,149 60 41,543 2020 £ 300 600 900 2020 Number - |
2019 £ 76 |
|---|---|---|
| 76 | ||
| 2019 £ 101,144 22,866 62 |
||
| 124,072 | ||
| 2019 £ 300 600 |
||
| 900 | ||
| 2019 Number - |
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National Youth String Orchestra (A company limited by guarantee having no share capital) Notes to the Accounts for the year ended 31 August 2020
11 Tangible fixed assets
| Cost At 1 September 2019 At 31 August 2020 Depreciation At 1 September 2019 At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 12 Debtors Trade debtors Other debtors 13 Creditors: amounts falling due within one year Trade creditors Other creditors |
2020 £ 2,220 3,494 5,714 2020 £ 1,905 31,872 33,777 |
Plant and machinery etc £ 2,400 |
|---|---|---|
| 2,400 | ||
| 2,399 | ||
| 2,399 | ||
| 1 | ||
| 1 | ||
| 2019 £ 2,220 8,419 |
||
| 10,639 | ||
| 2019 £ 1,905 26,811 |
||
| 28,716 |
14 Related party transactions
Donations received from directors in the year totalled £0 (2019: £15,720). The directors did not receive any remuneration for their services in either year nor were they reimbursed for any expenses in either year as no director expenses were incurred.
15 Other information
National Youth String Orchestra is a private company limited by guarantee and incorporated in England. Its registered office is: One Silk Street, London, EC2Y 8HQ.
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National Youth String Orchestra (A company limited by guarantee having no share capital) Notes to the Accounts for the year ended 31 August 2020
| 16 Statement of funds Balance 1st September 2019 £ Unrestricted funds: General reserve 50,694 Total unrestricted funds 50,694 Restricted funds: Bursaries - Total restricted funds - Total funds 50,694 |
Income £ 47,255 47,255 7,550 7,550 54,805 |
Expenditure £ (41,543) (41,543) - - (41,543) |
Balance 31st August 2020 £ 56,406 |
|---|---|---|---|
| 56,292 7,550 |
|||
| 7,550 | |||
| 63,842 |
Details of the restricted funds are set out below:
Bursaries
A number of donations were received in order to provide bursaries to those students who would not otherwise be able to afford to attend NYSO residencies.
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National Youth String Orchestra (A company limited by guarantee having no share capital) Detailed profit and loss account for the year ended 31 August 2020
This schedule does not form part of the statutory accounts
| Income Residency fees Donations Friends subscriptions Income from other activities Concert fees Ticket sales Gift Aid tax refunded Orchestra tax relief Interest receivable Bursary costs Direct costs Hire of concert venues Coaching Director & Assistant Housestaff Travel Music hire Auditions Accommodation CD Production Administrative expenses Employee costs: Admin support Arts administration General administrative expenses: Telephone and fax Broadband and website Postage Stationery and printing Subscriptions Bank charges Insurance Equipment expensed Sundry expenses Legal and professional costs: Accountancy fees Advertising and PR Other legal and professional |
2020 £ - 7,550 1,245 53 - - - 45,729 114 - 54,691 - 4,095 10,800 - 537 27 1,713 162 - 17,334 10,037 2,400 12,437 343 1,605 21 270 324 60 904 40 - 3,567 900 250 7,055 8,205 24,209 |
2019 £ 110,407 24,110 1,614 182 2,000 3,671 1,494 - 76 (18,250) |
|---|---|---|
| 125,304 | ||
| 3,748 26,773 10,800 9,945 5,869 1,086 1,480 40,907 536 |
||
| 101,144 | ||
| 7,113 3,793 |
||
| 10,906 | ||
| 250 7,718 217 1,000 152 62 879 - 521 |
||
| 10,799 | ||
| 900 - 323 |
||
| 1,223 | ||
| 22,928 |
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