Registered number 05482194
National Youth String Orchestra (A company limited by guarantee having no share capital)
Report and Accounts
31 August 2021
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 2021.
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 specialist string chamber orchestras 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.
Activities
After the disappointment of 2020 in which sadly but inevitably Covid meant we were unable to hold our residencies or perform our concerts we were eager to resume activities, but only if it was prudent and practicable to do so.
Our Easter 2021 residency was replaced by online sessions. While this was no substitute for the residency it was essential preparation for the summer residency and concerts and meant that the slightly extended summer residency could build on that earlier preparation. We are particularly grateful to Rachel Erdos for her vision and experience in devising the online sessions to make them both effective and enjoyable.
The summer residency was held at Stamford School in Stamford, Lincolnshire. The architectural splendours of Stamford will remain to be explored on a subsequent occasion as the residency was held subject to strict precautions to reduce the risk of Covid infection. The senior orchestra and intermediate orchestras formed separate bubbles in the school with their own accommodation, coaches, pastoral team, dining area and staggered breaks. The warm weather also meant that good ventilation and time in the school’s grounds outside was both easy and welcome. We are immensely grateful to the professionalism and dedication of Stamford School and the NYSO team and the great cooperation of all the players in making it work so well. Stamford is not only welcoming but is centrally located with excellent facilities and we are pleased to have booked to return there for both our Easter and summer residencies in 2022.
The repertoire performed this year was no less ambitious than normal. The intermediate orchestras conducted by Suzie Collier performed Vaughan Williams’ Charterhouse Suite, Bartók’s Rumanian Folk
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Dances and Grainger’s Molly on the Shore; the senior orchestra under Damian Iorio performed JS Bach’s Brandenburg Concerto No 3, Kalinnikov’s Serenade, Howells’ Concerto for String Orchestra, Schnittke’s MozArt à la Haydn and Damian’s arrangement for string orchestra of Rossini’s William Tell overture.
All three orchestras gave concerts in Stamford and the senior orchestra was delighted to return to perform at The Three Choirs Festival in the beautiful surroundings and acoustic of Worcester Cathedral.
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 and foundations who have supported and continue to support us we are particularly pleased to thank longstanding supporter John Lewis & Partners for their generosity in providing bursary funding.
Orchestra tax relief is an important element of our funding. We are very grateful to Graham Suggett of Creative Tax Reliefs for his advice and assistance and to HMRC for their promptness in handling the claims.
Public Benefit
The Company provides benefit to the public by providing world-class coaching and performance opportunities to children and young persons from across the UK regardless of background or means. Fees charged only cover part of the costs and bursaries are available in appropriate cases. The Directors confirm that they have referred to the Charity Commission's guidance on public benefit.
Result for the year
The Company made a surplus for the year of £14,630.
Reserves
The directors have established the level of reserves (that is those funds that are freely available) that the Company ought ideally to have. Reserves are needed to bridge the funding gaps between expenditure on courses and receiving resources through donations, payment of course fees and admission charges and to cover any other expenditure as well as providing funds to enable the Company to grant bursaries towards the costs of attending the Company’s courses where appropriate. The directors therefore consider that the minimum level of reserves as at the year end would be £30,000.
The reserves at 31 August 2021 were £78,472. It remains uncertain with Covid whether it will be possible or prudent in 2022 to hold residencies and perform concerts as we would wish. The experience of this last year has been invaluable. The directors have considered the implications of this and consider that these reserves will be sufficient to ensure the continued operation of the Company for the next financial year.
Small Company Provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 16 March 2022 and signed on its behalf.
Charles Clark
Director
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Independent Examiner's Report on the Accounts to the directors of National Youth String Orchestra (A company limited by guarantee having no share capital) for the year ended 31 August 2021 Registered number: 05482194
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission
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(under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention to indicate that:
• accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
- the accounts do not accord with such records:
• where accounts are prepared on an accruals basis, whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006, or are not consistent with the Charities SORP (FRS102)
- any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.
J MacArthur FCA
10 March 2021
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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 2021
| Income and donations Donations Charitable activities Other activities Investment income Less bursary costs Total income Expenditure on: Direct costs Administrative expenses Net income / (expenditure) Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward |
2021 Unrestricted funds £ 4,357 126,497 59 9 (9,562) 121,360 (78,491) (20,689) 22,180 - 22,180 56,292 78,472 |
2021 Restricted funds £ - - - - (7,550) (7,550) - - (7,550) - (7,550) 7,550 - |
2021 Total funds £ 4,357 126,497 59 9 (17,112) 113,810 (78,491) (20,689) 14,630 - 14,630 63,842 78,472 |
2020 Total funds £ 8,795 45,729 53 114 - |
|---|---|---|---|---|
| 54,691 | ||||
| (17,334) (24,209) |
||||
| 13,148 - |
||||
| 13,148 | ||||
| 50,694 | ||||
| 63,842 |
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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National Youth String Orchestra (A company limited by guarantee having no share capital) Registered number: 05482194 Balance Sheet as at 31 August 2021
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total net assets Total funds of the charity Funds brought forward 16 Net income/expenditure for year Funds carried forward |
2021 Unrestricted funds £ 1 20,243 68,803 89,046 (10,575) |
2021 Restricted funds £ - - - - - - - 7,550 (7,550) - |
2021 Total funds £ 1 20,243 68,803 89,046 (10,575) |
2020 Total funds £ 1 5,714 91,904 |
|---|---|---|---|---|
| 97,618 (33,777) |
||||
| 78,471 78,472 56,292 22,180 78,472 |
78,471 78,472 63,842 14,630 78,472 |
63,841 | ||
| 63,842 | ||||
| 50,694 13,148 |
||||
| 63,842 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Charles Clark Director Approved by the board on 16 March 2022
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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 2021
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 2021
| 3 Comparative Statement of Financial Activities 2020 Unrestricted funds £ Income 47,141 less Bursary costs - Total income 47,141 Expenditure Direct costs (17,334) Administrative expenses (24,209) Total expenditure (41,543) Net income / (expenditure) 5,598 Reconciliation of funds Total funds brought forward 50,694 Total funds carried forward 56,292 4 Income from donations Donations Gift aid on donations Friends subscriptions Total income from donations Donations received from directors in the year totalled £0 (2020: £0). 5 Income from charitable activities Residency fees CD & programme sales Concert fees Ticket sales Orchestra tax relief Total income from charitable activities |
2020 Restricted funds £ 7,550 - 7,550 - - - 7,550 - 7,550 2021 £ 3,117 - 1,240 4,357 2021 £ 105,560 - 2,200 193 18,544 126,497 |
2020 Total funds £ 54,691 - |
|---|---|---|
| 54,691 (17,334) (24,209) |
||
| (41,543) | ||
| 13,148 50,694 |
||
| 63,842 | ||
| 2020 £ 7,550 - 1,245 |
||
| 8,795 | ||
| 2020 £ - - - - 45,729 |
||
| 45,729 |
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 2021
| 6 | Income from other activities | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Sale of t-shirts | - | - | |
| Donations from easyfundraising.org.uk | 59 | 53 | |
| 59 | 53 | ||
| Income from fundraising events received from the directors during the year was nil (2020: nil). | |||
| 7 | Investment income | 2021 | 2020 |
| £ | £ | ||
| Bank interest received | 9 | 114 | |
| Total investment income | 9 | 114 | |
| 8 | Expenditure on charitable activities | 2021 | 2020 |
| £ | £ | ||
| Direct costs | 78,491 | 17,334 | |
| Administrative expenses | 20,605 | 24,149 | |
| Bank charges | 84 | 60 | |
| Total expenditure on charitable activities | 99,180 | 41,543 | |
| 9 | Net income/expenditure is stated after charging: | 2021 | 2020 |
| £ | £ | ||
| Independent examiner's fee | 300 | 300 | |
| Accounts preparation | 600 | 600 | |
| 900 | 900 | ||
| **10 ** | Employees | 2021 | 2020 |
| Number | Number | ||
| Average number of persons employed by the company | - | - |
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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 2021
11 Tangible fixed assets
| Cost At 1 September 2020 At 31 August 2021 Depreciation At 1 September 2020 At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 12 Debtors Trade debtors Other debtors 13 Creditors: amounts falling due within one year Trade creditors Other creditors |
2021 £ 3,810 16,433 20,243 2021 £ 1,905 8,670 10,575 |
Plant and machinery etc £ 2,400 |
|---|---|---|
| 2,400 | ||
| 2,399 | ||
| 2,399 | ||
| 1 | ||
| 1 | ||
| 2020 £ 2,220 3,494 |
||
| 5,714 | ||
| 2020 £ 1,905 31,872 |
||
| 33,777 |
14 Related party transactions
Donations received from directors in the year totalled £0 (2020: £0). 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 2021
| 16 Statement of funds Balance 1st September 2020 £ Unrestricted funds: General reserve 56,292 Total unrestricted funds 56,292 Restricted funds: Bursaries 7,550 Total restricted funds 7,550 Total funds 63,842 |
Income £ 113,810 113,810 - - 113,810 |
Expenditure £ (91,630) (91,630) (7,550) (7,550) (99,180) |
Balance 31st August 2021 £ 78,472 |
|---|---|---|---|
| 78,472 - |
|||
| - | |||
| 78,472 |
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 2021
This schedule does not form part of the statutory accounts
| Income Residency fees Donations Friends subscriptions Fundraising events Concert fees Ticket sales Orchestra tax relief Interest receivable Bursary costs Direct costs 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 |
2021 £ 105,560 3,117 1,240 59 2,200 193 18,544 9 (17,112) 113,810 25,025 10,800 7,105 2,426 1,000 - 31,535 600 78,491 11,063 2,988 14,051 324 2,091 199 56 35 84 1,133 231 151 4,304 900 154 1,280 2,334 20,689 |
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 |
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