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
1
## **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
2
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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.
5
##
|
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.
7
## **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.
8
## **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**
-|
9
## **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.
10
## **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.
11
## **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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